v3.26.1
EMPLOYEE BENEFITS OBLIGATIONS (Tables)
 12 Months Ended
Mar. 31, 2026
Employee Benefits [Abstract]  
Disclosure of net defined benefit liability (asset)
The employee benefits obligations are as follows:
20262025
Funded defined benefit pension obligations$591.3 $599.2 
Fair value of plan assets635.8 585.9 
Funded defined benefit pension obligations (surplus) – net$(44.5)$13.3 
Unfunded defined benefit pension obligations106.1 109.2 
Employee benefits obligations - net$61.6 $122.5 
Employee benefit assets$(44.5)$(11.6)
Employee benefit obligations$106.1 $134.1 

Changes in funded defined benefit pension obligations and fair value of plan assets are as follows:
  2026  2025
CanadianForeignTotalCanadianForeignTotal
Pension obligations, beginning of year$593.8 $5.4 $599.2 $471.3 $5.0 $476.3 
Current service cost34.5 — 34.5 32.9 — 32.9 
Interest cost25.7 0.3 26.0 22.4 0.3 22.7 
Actuarial (gain) loss arising from:    
Experience adjustments0.6 — 0.6 43.3 0.1 43.4 
Economic assumptions(66.0)— (66.0)23.3 (0.1)23.2 
Employee contributions8.3 — 8.3 12.9 — 12.9 
Pension benefits paid(10.9)(0.4)(11.3)(12.3)(0.3)(12.6)
Foreign currency exchange differences— — — — 0.4 0.4 
Pension obligations, end of year$586.0 $5.3 $591.3 $593.8 $5.4 $599.2 
Fair value of plan assets, beginning of year$578.3 $7.6 $585.9 $535.0 $7.0 $542.0 
Interest income25.1 0.4 25.5 26.0 0.4 26.4 
Return on plan assets, excluding amounts    
included in interest income6.1 — 6.1 14.3 (0.1)14.2 
Employer contributions22.3 — 22.3 1.8 — 1.8 
Employee contributions8.3 — 8.3 12.9 — 12.9 
Pension benefits paid(10.9)(0.4)(11.3)(12.3)(0.3)(12.6)
Settlements— — — 1.4 — 1.4 
Administrative costs(0.9)— (0.9)(0.8)— (0.8)
Foreign currency exchange differences— (0.1)(0.1)— 0.6 0.6 
Fair value of plan assets, end of year$628.3 $7.5 $635.8 $578.3 $7.6 $585.9 
Changes in unfunded defined benefit pension obligations are as follows:
  2026  2025
 CanadianForeignTotalCanadianForeignTotal
Pension obligations, beginning of year$97.4 $11.8 $109.2 $86.2 $12.5 $98.7 
Current service cost3.1 0.4 3.5 4.1 0.7 4.8 
Interest cost4.0 0.3 4.3 4.0 0.4 4.4 
Past service cost— 0.8 0.8 3.6 (1.2)2.4 
Actuarial (gain) loss arising from:  
Experience adjustments(2.5)— (2.5)(0.2)(1.0)(1.2)
Economic assumptions(4.7)(0.6)(5.3)2.8 0.3 3.1 
Pension benefits paid(3.3)(0.8)(4.1)(3.1)(0.7)(3.8)
Foreign currency exchange differences— 0.2 0.2 — 0.8 0.8 
Pension obligations, end of year$94.0 $12.1 $106.1 $97.4 $11.8 $109.2 
Disclosure of additional information about defined benefit plans
Net pension cost is as follows:
  2026  2025
 CanadianForeignTotalCanadianForeignTotal
Funded plans      
Current service cost$34.5 $— $34.5 $32.9 $— $32.9 
Interest cost25.7 0.3 26.0 22.4 0.3 22.7 
Interest income(25.1)(0.4)(25.5)(26.0)(0.4)(26.4)
Settlement gain— — — (1.4)— (1.4)
Administrative cost0.9 — 0.9 0.8 — 0.8 
Net pension cost of funded plans$36.0 $(0.1)$35.9 $28.7 $(0.1)$28.6 
Unfunded plans     
Current service cost$3.1 $0.4 $3.5 $4.1 $0.7 $4.8 
Interest cost4.0 0.3 4.3 4.0 0.4 4.4 
Past service cost— 0.8 0.8 3.6 (1.2)2.4 
Net pension cost of unfunded plans$7.1 $1.5 $8.6 $11.7 $(0.1)$11.6 
Total net pension cost$43.1 $1.4 $44.5 $40.4 $(0.2)$40.2 
Disclosure of fair value of plan assets
Fair value of the plan assets, by major categories, are as follows:
 (amounts in millions)
20262025
  QuotedUnquotedTotalQuotedUnquotedTotal
Canadian plans       
Equity funds
      
Canadian$— $52.6 $52.6 $— $43.5 $43.5 
Foreign— 186.9 186.9 — 157.8 157.8 
Bond funds
Government— 152.1 152.1 — 135.3 135.3 
Corporate— 62.8 62.8 — 63.4 63.4 
Private and property investments— 147.8 147.8 — 151.6 151.6 
Cash and cash equivalents
— 7.2 7.2 — 14.6 14.6 
Other
— 18.9 18.9 — 12.1 12.1 
Total Canadian plans $— $628.3 $628.3 $— $578.3 $578.3 
Foreign plans       
Equity instruments
$0.4 $— $0.4 $0.4 $— $0.4 
Debt instruments
Corporate6.8 — 6.8 6.9 — 6.9 
Other
— 0.3 0.3 — 0.3 0.3 
Total Foreign plans $7.2 $0.3 $7.5 $7.3 $0.3 $7.6 
Total plans $7.2 $628.6 $635.8 $7.3 $578.6 $585.9 
Disclosure of Assumptions for defined benefit plans
Significant assumptions (weighted average) used are as follows:
 CanadianForeign
 2026202520262025
Pension obligations as at March 31:    
Discount rate5.19 %4.71 %4.57 %4.25 %
Compensation rate increases3.50 %3.67 %2.54 %2.48 %
Net pension cost for years ended March 31:
Discount rate4.71 %5.00 %4.25 %4.43 %
Compensation rate increases3.67 %3.69 %2.48 %2.68 %

Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows:
As at March 31, 2026Life expectancy over 65 for a member
(in years)
 Male  Female
CountryMortality tableat age 45at age 65 at age 45at age 65
CanadaCPM private tables23.922.526.425.1
GermanyHeubeck RT2018G23.921.226.724.5
United KingdomS4PFA M CMI 2024 22.921.625.023.5
United StatesCPM private tables25.123.726.625.3

As at March 31, 2025Life expectancy over 65 for a member
(in years)
   Male Female
CountryMortality tableat age 45at age 65at age 45at age 65
CanadaCPM private tables 23.922.526.325.0
GermanyHeubeck RT2018G23.821.026.624.4
United KingdomS3PFA M CMI 202322.621.224.923.4
United StatesCPM private tables25.123.726.525.2
Disclosure of sensitivity analysis for actuarial assumptions
The impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2026 are as follows:
 Funded plans Unfunded plans 
Canadian ForeignCanadianForeignTotal
Discount rate:       
Increase$(25.6)
$
(0.1)
$
(2.6)
$
(0.3)
$
(28.6)
Decrease27.6 0.1 2.7 0.4 30.8 
Compensation rate:      
Increase10.9 — 0.4 — 11.3 
Decrease(10.4)— (0.4)— (10.8)
Disclosure of Expected future employer contribution
Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected employer contributions and expected benefits paid for the next fiscal year are as follows:
CanadianForeignTotal
Expected employer contributions in funded plans

$24.2 $— $24.2 
Expected benefits paid in unfunded plans3.3 0.8 4.1