Results and Outlook
TOTAL COMPREHENSIVE INCOME (LOSS)
|(in thousands of Canadian dollars)||For the year ended March 31|
|Net results for the year||(47,391)||(17,953)||N/M|
|Other comprehensive income|
|Remeasurements of defined benefit plans||187,457||203,812||(8.0)|
|Total comprehensive income for the year||140,066||185,859||(24.6)|
|N/M = not meaningful|
Total comprehensive income recognized this year was $140.1 million, compared to $185.9 million in the prior year. In addition to net results, total comprehensive income includes remeasurements of pension plan values. These remeasurements are driven by significant non-cash fluctuations in our pension plan’s obligations and assets that occur when actual results or interest rates differ from our actuarial assumptions. We recognize these movements immediately in other comprehensive income each reporting period.
This year’s $187.5 million in other comprehensive income was driven by a higher return on plan assets than that used in our assumptions. The higher return on plan assets was partly offset by an increase in our plan obligations due mainly to a 75-basis-point decrease in the discount rate used to value these long-term liabilities.