Air Canada 2013 Annual Report Download - page 115
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2013 Consolidated Financial Statements and Notes
115
The current portion of the net benefit obligation represents an estimate of other employee future benefits claims to be paid
during 2014. 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
2013 2012 2013 2012
Change in benefit obligation
Benefit obligation at beginning of year $16,446 $ 14,461 $ 1,230 $1,116
Current service cost 264 215 60 62
Interest cost 704 737 53 55
Employees' contributions 71 71 – –
Benefits paid (850) (775) (50) (51)
Remeasurements:
Experience loss (gain) 30 (42) (28) (61)
Loss (gain) from change in demographic assumptions 764 79 32 2
Loss (gain) from change in financial assumptions (1,245) 1,829 (101) 116
Plan amendments (82) (123) – (4)
Plan settlements – (9) (26) –
Foreign exchange (gain) loss 45 3 13 (5)
16,147 16,446 1,183 1,230
Change in plan assets
Fair value of plan assets at beginning of year 13,253 11,907 – –
Return on plan assets, excluding amounts included in
Net financing expense 1,199 1,021 – –
Interest income 563 607 – –
Employer contributions 475 433 50 51
Employees' contributions 71 71 – –
Benefits paid (850) (775) (50) (51)
Plan settlements – (9) – –
Administrative expenses paid from plan assets (7) (7) – –
Foreign exchange gain (loss) 41 5 – –
14,745 13,253 – –
Deficit at end of year 1,402 3,193 1,183 1,230
Additional minimum funding liability 176 335 – –
Net benefit obligation $1,578 $ 3,528 $ 1,183 $1,230
The actual return on plan assets was $1,762 (2012 – $1,628).
The net benefit obligation for pension benefits was $1,578 (2012 – $3,528). The decrease is mainly the result of the increase
in plan assets and the reduction in accrued benefit obligation resulting from the increase in discount rates, partially offset by
the impact of the change in mortality assumptions as further described below.
The weighted average duration of the defined benefit obligation is 13.3 years (2012 – 13.8 years).