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1043 - Disclosure - Retirement plans (Tables)
(http://www.analogic.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlockTables)
TableStatement [Table]
Slicers (applies to each fact value in each table cell)
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