Rendering

Component: (Network and Table)
Network
081500 - Disclosure - Employee Benefit Plans (Tables)
(http://intrawest.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001587755 (http://www.sec.gov/CIK)
Employee Benefit Plans [Abstract]Period [Axis]
2015-07-01 - 2016-06-30
Employee Benefit Plans [Abstract]
 
Benefit Obligations and Funded Status
A summary of the funded status of the Company's pension plans at June 30, 2016 and 2015 is as follows (in thousands):
 
 
Executive plans
 
Employee plans
 
 
2016
 
2015
 
2016
 
2015
Change in benefit obligations:
 
 
 
 
 
 
 
Benefit obligation at beginning of year:
$
34,547

 
$
40,730

 
$
11,161

 
$
11,530

 
Interest cost
1,199

 
1,358

 
417

 
419

 
Actuarial (gains) losses
1,981

 
(89
)
 
1,080

 
(36
)
 
Benefits paid
(1,810
)
 
(2,025
)
 
(448
)
 
(752
)
 
Foreign currency translation
(1,425
)
 
(5,427
)
 
—

 
—

Benefit obligation at end of year
$
34,492

 
$
34,547

 
$
12,210

 
$
11,161

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year:
$
5,550

 
$
6,256

 
$
7,008

 
$
6,906

 
Actual return of assets
56

 
91

 
(68
)
 
57

 
Employer contributions
1,887

 
2,145

 
1,202

 
797

 
Benefits paid
(1,810
)
 
(2,025
)
 
(448
)
 
(752
)
 
Foreign currency translation
(225
)
 
(917
)
 
—

 
—

Fair value of plan assets at end of year
$
5,458

 
$
5,550

 
$
7,694

 
$
7,008

Funded status as of June 30:
 
 
 
Fair value of plan assets
$
5,458

 
$
5,550

 
$
7,694

 
$
7,008

Benefit obligations
34,492

 
34,547

 
12,210

 
11,161

Funded status
$
(29,034
)
 
$
(28,997
)
 
$
(4,516
)
 
$
(4,153
)
 
  
Amounts Recognized in Statements of Financial Position
Amounts recognized in Statements of Financial Position:
 
 
 
 
 
 
Noncurrent liabilities
$
29,034

 
$
28,997

 
$
4,516

 
$
4,153
 
Net amount recognized
$
29,034

 
$
28,997

 
$
4,516

 
$
4,153
 
 
  
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts recognized in Accumulated Other Comprehensive Income:
     
Net actuarial loss
 
$
9,584
  
$
8,273
  
$
4,656
  
$
3,676
 
 
  
Components of Net Periodic Benefit Cost
The net periodic benefit cost of the Company's pension plans for the years ended June 30, 2016, 2015 and 2014 was as follows (in thousands):
 
Executive plans
 
Employee plans
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Interest cost
$
1,199

 
$
1,358

 
$
1,549

 
$
417

 
$
419

 
$
442

Expected return on assets
(67
)
 
(93
)
 
(133
)
 
(269
)
 
(389
)
 
(382
)
Amortization of net actuarial loss
381

 
433

 
305

 
314

 
346

 
261

Settlement cost
—

 
—

 
—

 
123

 
206

 
248

Net periodic benefit cost
$
1,513

 
$
1,698

 
$
1,721

 
$
585

 
$
582

 
$
569

Current year actuarial (gain) loss
$
1,992

 
$
(87
)
 
$
3,681

 
$
1,417

 
$
296

 
$
849

Foreign currency translation
(300
)
 
(1,359
)
 
(85
)
 
—

 
—

 
—

Amortization of net actuarial loss
(381
)
 
(433
)
 
(305
)
 
(436
)
 
(552
)
 
(509
)
Total recognized in other comprehensive income
$
1,311

 
$
(1,879
)
 
$
3,291

 
$
981

 
$
(256
)
 
$
340

Total recognized in net periodic cost and other comprehensive income
$
2,824

 
$
(181
)
 
$
5,012

 
$
1,566

 
$
326

 
$
909

  
Weighted-Average Assumptions
The weighted average assumptions used to determine the Company's benefit obligations at June 30 were as follows:
 
Executive plans
 
Employee plans
 
2016
 
2015
 
2016
 
2015
Discount rate
3.3
%
 
3.8
%
 
3.2
%
 
3.9
%
Expected rate of return on plan assets
1.9
%
 
2.0
%
 
4.2
%
 
4.1
%
The weighted average assumptions used to determine the Company's net periodic benefit cost for the years 2016, 2015 and 2014 were as follows:
 
Executive plans
 
Employee plans
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
3.8
%
 
3.8
%
 
4.3
%
 
3.9
%
 
3.8
%
 
4.4
%
Expected rate of return on plan assets
2.0
%
 
2.4
%
 
2.0
%
 
4.1
%
 
6.1
%
 
6.0
%
  
Fair Value of Plan Assets
The fair value of plan assets as of June 30, 2016, by asset category, is as follows (in thousands):
 
Fair Value Measurements Using:
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
 
Investments Measured at Net Asset Value
 
Total
Executive plans:
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
Cash (1)
$
813

 
$
—

 
$
813

Restricted cash (2)
3,809

 
—

 
3,809

Investments measured at net asset value (3)
—

 
836

 
836

Executive plan total
$
4,622

 
$
836

 
$
5,458

Employee plans:
 
 
 
 
 
Cash and cash equivalents (4)
$
305

 
$
—

 
305

Investments measured at net asset value (3)
—

 
7,389

 
7,389

Employee plan total
$
305

 
$
7,389

 
$
7,694

The fair value of plan assets as of June 30, 2015, by asset category, is as follows (in thousands):
 
Fair Value Measurements Using:
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
 
Investments Measured at Net Asset Value
 
Total
Executive plans:
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
Cash (1)
$
739

 
$
?

 
$
739

Restricted cash (2)
3,850

 
—

 
3,850

Investments measured at net asset value (3)
—

 
961

 
961

Executive plan total
$
4,589

 
$
961

 
$
5,550

Employee plans:
 
 
 
 
 
Cash and cash equivalents (4)
$
198

 
$
—

 
$
198

Investments measured at net asset value (3)
—

 
6,810

 
6,810

Employee plan total
$
198

 
$
6,810

 
$
7,008

(1)
This category is cash held in Canadian dollars used to pay benefits and the fair value is the carrying amount.
(2)
This category includes funds that are held in a non-interest bearing refundable tax account by the Receiver General of Canada.
(3)
Certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to total plan assets, which is presented net of the benefit obligation on the consolidated balance sheets. Within the Executive plan, investments measured at NAV include:
•Canadian equity pooled funds: Investments in pooled funds that invest in diversified portfolio of equity securities of Canadian companies. The funds are benchmarked against the S&P/TSX Total Return index.
Within the Employee plan, investments measured at NAV include:
•Large cap growth funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of all market capitalizations, including high quality companies with larger market capitalizations. The funds are benchmarked to the Russell 1000 Value index and the Russell 3000 Growth index.
•Large cap value funds: Investments in pooled funds with the aim to achieve long-term capital appreciation by investing in the common stocks of well-established companies. The funds invest a majority of the fund’s net assets in equity securities of large capitalization companies and may also invest assets in equities of foreign issuers through ADRs and similar investments. The funds are benchmarked to the Russell 1000 Value index.
•Large cap blended funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P 500 index. The funds are benchmarked to the S&P 500 index.
•Small cap funds: Investments in pooled funds with the aim to achieve long-term capital appreciation. The funds invest a majority of the fund’s net assets in equity securities of U.S. small-cap companies and may also invest its net assets in foreign securities or derivatives including futures contracts, options and swaps and exchange traded funds. The funds are benchmarked to the Russell 2000 Growth and Value index.
•Mid cap funds: Investments in pooled funds with the aim to achieve capital appreciation by investing primarily in equity securities of companies that compose the S&P mid-cap 400 index. The funds are benchmarked to the S&P 400 mid-cap index.
•International equities: Investments in pooled funds with the aim to achieve long-term total return, principally from growth of capital. The funds invest primarily in common and preferred stocks of foreign companies, including those located in emerging market countries. The majority of the funds’ net assets are invested in stocks of international companies that fall within the market capitalization of the MSCI EAFE index. The funds are benchmarked to the MSCI EAFE index.
•Total return bond funds: Funds seeks total return, consisting of income and capital appreciation. Under normal circumstances, the funds invest at least 80% of their net assets in investment-grade bonds or fixed grade income securities, up to 25% of the funds’ total assets in asset-backed securities, and up to 20% of the funds’ total assets in U.S. dollar denominated debt securities of foreign issuers. The funds are benchmarked to the Barclays Capital U.S. Aggregate Bond index.
(4)
This category includes investments in short term U.S. denominated money market instruments of domestic and foreign issuers. The fund is benchmarked to Lipper Institutional Money Market Funds Average and the Citigroup 3-months T-bill.

 
  
Asset Allocations
The following table reflects the 2016 target asset allocation, as well as the actual asset allocations, by asset category, for the Company's pension plans as of June 30, 2016 and 2015:
 
2016 Target Allocation
 
Executive plans
 
2016 Target Allocation
 
Employee plans
Asset Category
 
2016
 
2015
 
 
2016
 
2015
Equity securities
3
%
 
4
%
 
4
%
 
40
%
 
41
%
 
43
%
Fixed income securities
12
%
 
11
%
 
13
%
 
57
%
 
55
%
 
54
%
Cash
84
%
 
85
%
 
83
%
 
3
%
 
4
%
 
3
%
  
Estimated Undiscounted Future Benefit Payments
As of June 30, 2016, the estimated undiscounted future benefit payments for the next 10 fiscal years are as follows (in thousands):
 
Executive plans
 
Employee plans
2017
$
1,880

 
$
1,405

2018
1,946

 
1,256

2019
1,965

 
1,092

2020
1,955

 
853

2021
1,945

 
738

2022 – 2026
9,523

 
3,418