| |
Notes to Financial Statements
February 29, 2004 and February 28, 2003 |
|
| |
|
|
| |
5. |
Property and Equipment |
|
| |
|
|
|
| |
|
| (IN THOUSANDS OF DOLLARS) |
 |
2004 |
|
2003
|
|
|
|
|
|
|
|
|
|
| |
Cost |
Accumulated
Amortization |
Carrying
Value |
Carrying
Value |
|
|
|
|
|
| Land |
$ 2,061 |
$ — |
$ 2,061 |
$ 2,070 |
| Land improvements |
3,890 |
1,568 |
2,322 |
2,353 |
| Buildings |
25,708 |
8,808 |
16,900 |
15,138 |
| Equipment |
43,889 |
36,111 |
7,778 |
8,532 |
|
|
|
|
|
| |
75,548 |
46,487 |
29,061 |
28,093 |
| Leasehold improvements |
1,760 |
1,538 |
222 |
117 |
|
|
|
|
|
| |
$ 77,308 |
$ 48,025 |
$ 29,283 |
$ 28,210 |
|
|
|
|
|
|
|
| |
|
|
|
| |
6. |
Provision for Employee Future Benefits |
|
| |
|
The Corporation has a number of defined benefit plans providing pension and other benefits to eligible employees. The results from the latest valuation as at December 31, 2003 projected to February 29, 2004 and the major assumptions used are as follows: |
|
| |
|
|
|
| |
|
| |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
|
|
| |
Pension Benefit Plan |
|
Other Benefit Plans |
|
|
| Economic assumptions: |
|
|
|
|
|
|
|
| Discount rate |
5.75% |
6.00% |
5.75% |
6.00% |
| Inflation rate |
2.00% |
2.75% |
— |
— |
| Expected salary increase |
2.75% |
2.75% |
— |
— |
| Expected health-care cost increase |
— |
— |
5.00% |
4.00% |
|
|
| |
(IN THOUSANDS OF DOLLARS) |
|
|
| Plan valuations: |
|
|
|
|
|
|
|
| Present value of plan benefits |
$ 102,257 |
$ 93,241 |
$ 19,726 |
$ 14,716 |
| Unamortized actuarial losses |
(12,497) |
(11,796) |
— |
— |
|
|
| Provision for employee future benefits |
$ 89,760 |
|
$ 81,445 |
|
$ 19,726 |
|
$ 14,716 |
|
|
| |
|
|
|
|
|
|
|
| Financial information: |
|
|
|
|
| Plan expense |
$ 10,413 |
$ 8,267 |
$ 5,624 |
$ 3,206 |
| Allocated to investment income (Note 10) |
(5,821) |
(4,648) |
— |
— |
|
|
| |
$ 4,592 |
|
$ 3,619 |
|
$ 5,624 |
|
$ 3,206 |
|
|
| Employee contributions |
$ 3,851 |
|
$ 3,544 |
|
$ — |
|
$ — |
| Benefits/premiums paid |
$ 2,098 |
|
$ 1,758 |
|
$ 614 |
|
$ 640 |
|
|
|
| |
|
|
| |
|
|
|
Responsibility