YEAR IN REVIEW – OUR RESULTS
TOTAL COMPREHENSIVE INCOME (LOSS)
|For the year ended March 31|
|Net results for the year||(12,564)||(70,768)||82.2|
|Other comprehensive income|
|Remeasurements of defined benefit plans||98,187||169,696||(42.1)|
|Total comprehensive income for the year||85,623||98,928||(13.4)|
Remeasurements of defined benefit plans 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 year.
Total comprehensive income recognized this year was $85.6 million, compared to $98.9 million in the prior year. In addition to net results, total comprehensive income includes remeasurements of pension plan values as defined above.
A gain of $98.2 million was recognized this year on remeasurements of defined benefit plans as a result of a higher return on plan assets than estimated in our actuarial assumptions. This gain was partly offset by a loss on the defined benefit obligation as a result of a 22 basis-point decrease in the discount rate used to value this long-term liability.
Last year, a gain of $169.7 million was recognized from remeasurements of our defined benefit plans as a result of a higher return on plan assets than estimated in our actuarial assumptions.