Statement [Line Items] | Period [Axis] |
---|
2015-08-01 - 2016-07-31 |
---|
Change in Benefit Obligation |
Change in Benefit
Obligation
|
|
|
|
|
|
|
|
|
|
|
For the Year ended July 31, |
|
|
|
2016 |
|
|
2015 |
|
(in millions) |
|
|
|
|
|
|
Balance at beginning of
year
|
|
$ |
17.0 |
|
|
$ |
18.1 |
|
Current service
cost
|
|
|
0.6 |
|
|
|
1.3 |
|
Foreign currency exchange
loss (gain)
|
|
|
0.1 |
|
|
|
(3.2 |
) |
Interest cost
|
|
|
0.7 |
|
|
|
0.7 |
|
Net actuarial
loss
|
|
|
2.1 |
|
|
|
0.3 |
|
Plan participant
contributions
|
|
|
0.1 |
|
|
|
0.2 |
|
Benefit payments
|
|
|
(1.5 |
) |
|
|
(0.4 |
) |
Transfer from other
plans
|
|
|
0.2 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Balance at end of
year
|
|
$ |
19.3 |
|
|
$ |
17.0 |
|
|
|
|
|
|
|
|
|
|
|
Change in Plan Assets |
Change in Plan
Assets
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
(in millions) |
|
|
|
|
|
|
Fair value at beginning of
year
|
|
$ |
15.0 |
|
|
$ |
15.7 |
|
Actual return on plan
assets
|
|
|
0.4 |
|
|
|
1.5 |
|
Employer
contributions
|
|
|
1.0 |
|
|
|
0.8 |
|
Plan participant
contributions
|
|
|
0.1 |
|
|
|
0.2 |
|
Benefits paid
|
|
|
(1.5 |
) |
|
|
(0.4 |
) |
Foreign currency exchange
gain (loss)
|
|
|
0.1 |
|
|
|
(2.8 |
) |
Transfer from other
plans
|
|
|
0.2 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Fair value at end of
year
|
|
$ |
15.3 |
|
|
$ |
15.0 |
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
$ |
(4.0 |
) |
|
$ |
(2.0 |
) |
|
|
|
|
|
|
|
|
|
Recognized Long-term
liability
|
|
$ |
(4.0 |
) |
|
$ |
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|
Net Periodic Benefit Cost |
The components
of our net periodic benefit cost are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year ended July 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
(in millions) |
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
0.6 |
|
|
$ |
1.3 |
|
|
$ |
1.1 |
|
Interest cost
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
0.6 |
|
Expected return on plan
assets
|
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(0.8 |
) |
Amortization of net
actuarial loss recognized
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net periodic benefit
cost
|
|
$ |
0.5 |
|
|
$ |
1.3 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Recognized in Accumulated Other Comprehensive Income, Pretax |
Amounts Recognized in
Accumulated Other Comprehensive Income, Pretax
|
|
|
|
|
|
|
|
|
|
|
For the Year ended July 31, |
|
|
|
2016 |
|
|
2015 |
|
(in millions) |
|
|
|
|
|
|
Net loss
|
|
$ |
6.4 |
|
|
$ |
3.9 |
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive loss
|
|
$ |
6.4 |
|
|
$ |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
Actuarial Assumptions |
Actuarial
assumptions for the Analogic Canada Plan are described below. The
discount rates at July 31 were used to measure the fiscal year
end benefit obligations and the earnings effects for the subsequent
year. The discount rate is based on high quality corporate bond
spot rates with cash flows that match the timing and amount of
expected benefit payments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year ended
July 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Discount rate
|
|
|
4.0 |
% |
|
|
4.2 |
% |
|
|
4.8 |
% |
Expected return on
assets
|
|
|
6.0 |
% |
|
|
6.0 |
% |
|
|
6.0 |
% |
|
Plan Assets Held in Trust |
The Analogic
Canada Plan assets are held in trust, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31,
2016 |
|
|
July 31, 2015 |
|
(in millions) |
|
Target
Allocation |
|
|
Actual
Allocation |
|
|
Actual
Allocation |
|
Equity securities
|
|
|
60.0 |
% |
|
|
61.1 |
% |
|
|
59.9 |
% |
Debt securities
|
|
|
40.0 |
% |
|
|
38.9 |
% |
|
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Analogic Canada Plan Pension Assets by Asset Category |
The fair value
of the Analogic Canada Plan pension assets by asset category at
July 31, 2016 and 2015 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Fair Value Measurements
at July 31, 2016 |
|
|
|
Total |
|
|
Quoted Prices in
Active
Markets
for Identical
Assets (Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (a)
|
|
$ |
15.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair
value
|
|
$ |
15.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Fair Value Measurements
at July 31, 2015 |
|
|
|
Total |
|
|
Quoted Prices in
Active
Markets
for Identical
Assets (Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (a)
|
|
$ |
15.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair
value
|
|
$ |
15.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
This comprises units of
segregated pooled funds with an insurance company. These funds have
underlying values primarily derived from mutual funds that have
debt and equity securities, which are traded on an active market
based on the closing price of each trading day. |
|
Fair Value Measurements Using Significant Unobservable Inputs |
|
|
|
|
|
|
|
|
|
|
|
Fair Value
Measurements
Using
Significant
Unobservable
Inputs
(Level
3) |
|
(in millions) |
|
July 31,
2016 |
|
|
July 31,
2015 |
|
Balance at beginning of
fiscal year
|
|
$ |
15.0 |
|
|
$ |
15.7 |
|
Actual return on plan
assets
|
|
|
|
|
|
|
|
|
Relating to assets still
held at end of fiscal year
|
|
|
0.4 |
|
|
|
1.5 |
|
Purchases, sales and
settlements
|
|
|
(0.2 |
) |
|
|
0.6 |
|
Foreign currency exchange
losses
|
|
|
0.1 |
|
|
|
(2.8 |
) |
|
|
|
|
|
|
|
|
|
Balance at end of fiscal
year
|
|
$ |
15.3 |
|
|
$ |
15.0 |
|
|
|
|
|
|
|
|
|
|
|
Estimated Future Benefit Payments |
Estimated Future Benefit
Payments
Estimated future
benefit payments under the Analogic Canada Plan are as
follows:
|
|
|
|
|
(in millions) |
|
|
|
2017
|
|
$ |
0.3 |
|
2018
|
|
|
0.4 |
|
2019
|
|
|
0.4 |
|
2020
|
|
|
0.4 |
|
2021
|
|
|
0.4 |
|
2022-2026
|
|
|
2.5 |
|
|