YEAR IN REVIEW – OUR RESULTS
TOTAL COMPREHENSIVE INCOME (LOSS)
Total comprehensive loss recognized this year was $31.2 million, compared to a gain of $140.1 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.
A gain of $32.7 million was recognized this year on remeasurements of defined benefit plans as a result of a decrease in our plan obligations due to a 25 basis-point increase in the discount rate used to value these long-term liabilities. This decrease was partly offset by a lower return on plan assets than estimated as part of our actuarial assumptions.
In 2014-2015, a gain of $187.5 million was recognized from remeasurements of our defined benefit plans. This gain was due to a higher return on our plan assets than the return used in our plan assumptions, partly offset by the impact of reducing the discount rate used to value the pension obligations by 75 basis-points.
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