Telus 2011 Annual Report Download - page 143
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TELUS 2011 ANNUAL REPORT . 139
FINANCIAL STATEMENTS & NOTES: 14
The plan surplus (deficit) is reflected in the Consolidated Statements
of Financial Position as follows:
December 31, December 31, January 1,
As at (millions) 2 0 11 2010 2010
(adjusted – (Note 25(d))
Note 25(d))
Funded status – plan surplus (deficit)
Pension benefit plans $ß(1,002) $ß(198) $ß (65)
Other benefit plans (51) (46) (41)
$ß(1,053) $ß(244) $ß(106)
Presented in the Consolidated
Statements of Financial Position as:
Other long-term assets (Note 24(a)) $ß – $ 179 $ 251
Other long-term liabilities (Note 24(a)) (1,053) (423) (357)
$ß(1,053) $ß(244) $ß(106)
The measurement date used to determine the plan assets and
accrued benefit obligation was December 31.
(b) Defined benefit pension plans – details
Expense
The Company’s defined benefit pension plan expense was as follows:
Years ended December 31 (millions) 2 0 11 2010
(adjusted – Note 25(c))
Employee Other Employee Other
benefits comprehensive benefits comprehensive
Recognized in expense income Total expense income Total
Current service cost $ 80 $ – $ 80 $ 73 $ß – $ß 73
Return on plan assets net of interest
Interest cost on accrued benefit obligation 360 – 360 368 – 368
Return on plan assets(1) (474) 461 (13) (454) (169) (623)
(114) 461 347 (86) (169) (255)
Actuarial loss (gain) arising from:
Demographic assumptions – (26) (26) – (32) (32)
Financial assumptions – 700 700 – 484 484
– 674 674 – 452 452
$ß(34) $ß1,135 $ß1,101 $ß (13) $ß283 $ß270
(1) The return on plan assets included in employee benefits expense reflects management’s expected long-term rate of return, as discussed further in (f).
Experience adjustments
The Company’s defined benefit pension plan experience adjustments were as follows:
As at, or for the years ended, December 31 (millions) 2 0 11 2010 2009 2008 2007
Funded status
Fair value of plan assets $ 6,746 $ß6,760 $ß6,311 $ß5,649 $ß6,908
Accrued benefit obligation 7,748 6,958 6,376 5,243 6,347
Plan surplus (deficit) $ß(1,002) $ß (198) $ß (65) $ 406 $ 561
Actuarial loss (gain) arising from:(1)
Fair value of plan assets $ß 461 $ß (169) $ß (364) $ß1,596 $ 236
Accrued benefit obligation
Demographic assumptions (26) (32) 61 96 38
Financial assumptions (f) 700 484 930 (1,376) (446)
674 452 991 (1,280) (408)
Net $ 1,135 $ 283 $ 627 $ 316 $ß (172)
(1) The actuarial losses (gains) experienced subsequent to December 31, 2009, have been recognized in other comprehensive income, as set out in Note 1(n) and Note 10;
those experienced prior to January 1, 2010, have been recognized in retained earnings, as discussed further in Note 25.