Air Canada 2011 Annual Report Download - page 104
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2011 Air Canada Annual Report
104
Benefit Obligation and Plan Assets
The net benefit obligation is recorded in the statement of financial position as follows:
2011 2010
Accrued benefit liabilities for
Pension benefits obligation $4,519 $ 2,398
Other employee future benefits 1,116 1,000
Net benefit obligation 5,635 3,398
Current portion (72) (70)
Pension and other benefit liabilities $5,563 $ 3,328
The current portion of the net benefit obligation represents an estimate of other employee future benefits claims to be paid
during 2012. The current portion is included in Accounts payable and accrued liabilities.
The following table presents financial information related to the changes in the pension and other post-employment benefits
plans:
Pension Benefits Other Employee Future Benefits
2011 2010 2011 2010
Change in benefit obligation
Benefit obligation at beginning of year $ 13,619 $ 11,937 $ 1,000 $ 851
Current service cost 204 160 58 53
Interest cost 736 748 55 53
Employees' contributions 75 76 – –
Benefits paid (740) (770) (53) (59)
Actuarial loss 558 1,501 51 110
Foreign exchange (gain) loss 9 (33) 5 (8)
14,461 13,619 1,116 1,000
Change in plan assets
Fair value of plan assets at beginning of year 11,542 10,751 – –
Expected return on plan assets 775 726 – –
Actuarial gain (loss) on plan assets (137) 544 – –
Employer contributions 385 243 53 59
Employees' contributions 75 76 – –
Benefits paid (740) (770) (53) (59)
Foreign exchange gain (loss) 7 (28) – –
11,907 11,542 – –
Deficit at end of year 2,554 2,077 1,116 1,000
Additional minimum funding liability 1,965 321 – –
Net benefit obligation $ 4,519 $ 2,398 $ 1,116 $ 1,000
Weighted average assumptions used to determine the
accrued benefit liability
Discount rate 5.20% 5.50% 4.90% 5.35%
Rate of compensation increase 2.50% 2.50% not applicable not applicable
The actual return on plan assets was $638 (2010 – $1,270).