Air Canada 2014 Annual Report Download - page 110
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110 2014 Annual Report
The net benefit obligation for pension benefits was $1,183 (2013 – $1,578). The decrease is mainly the result of
the increase in plan assets and the employer contributions of $445.
The weighted average duration of the defined benefit obligation is 14.1 years (2013 – 13.3 years).
PENSION AND OTHER EMPLOYEE FUTURE BENEFIT EXPENSE
The Corporation has recorded net defined benefit pension and other employee future benefits
expense as follows:
PENSION BENEFITS
OTHER EMPLOYEE
FUTURE BENEFITS
2014 2013 2014 2013
CONSOLIDATED STATEMENT OF OPERATIONS
Components of cost
Current service cost $ 213 $ 264 $ 55 $ 60
Past service cost (13) (82) (1) -
Gain on settlements (10) ---
Administrative and other expenses 8 7 - -
Actuarial gains - - (15) (16)
TOTAL COST RECOGNIZED IN WAGES,
SALARIES AND BENEFITS $ 198 $ 189 $ 39 $ 44
NET FINANCING EXPENSE RELATING TO
EMPLOYEE BENEFITS $ 78 $ 155 $ 56 $ 53
TOTAL COST RECOGNIZED IN STATEMENT
OF OPERATIONS $ 276 $ 344 $ 95 $ 97
CONSOLIDATED OTHER COMPREHENSIVE (INCOME) LOSS
Remeasurements:
Experience loss (gain), including foreign exchange (3) 35 (87) (23)
Loss (gain) from change in demographic assumptions (66) 764 (1) 32
Loss (gain) from change in financial assumptions 2,117 (1,245) 146 (98)
Return on plan assets (2,353) (1,199) - -
Minimum funding liability 80 (174) - -
TOTAL COST (INCOME) RECOGNIZED IN OCI $ (225) $ (1,819) $ 58 $ (89)
The funding of employee benefits as compared to the expense recorded in the consolidated statement of
operations is summarized in the table below.
2014 2013
NET DEFINED PENSION AND OTHER FUTURE EMPLOYEE BENEFITS EXPENSE
RECORDED IN THE CONSOLIDATED STATEMENT OF OPERATIONS
Wages, salaries and benefits $ 245 $ 314
Net financing expense relating to employee benefit liabilities 134 208
$ 379 $ 522
EMPLOYEE BENEFIT FUNDING BY AIR CANADA
Pension benefits $ 445 $ 475
Other employee benefits 51 50
$ 496 $ 525
EMPLOYEE BENEFIT FUNDING (GREATER) LESS THAN EXPENSE $ (117) $ (3)