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Retirement plans (Tables)
12 Months Ended
Jul. 31, 2017
Compensation And Retirement Disclosure [Abstract]  
Change in Benefit Obligation

Change in Benefit Obligation

 

 

 

For the Year ended

 

 

 

July 31,

 

(in millions)

 

2017

 

 

2016

 

Balance at beginning of year

 

$

19.3

 

 

$

17.0

 

Current service cost

 

 

-

 

 

 

0.6

 

Foreign currency exchange loss

 

 

0.8

 

 

 

0.1

 

Interest cost

 

 

0.7

 

 

 

0.7

 

Net actuarial (gain) loss

 

 

(1.6

)

 

 

2.1

 

Plan participant contributions

 

 

-

 

 

 

0.1

 

Benefit payments

 

 

(0.2

)

 

 

(1.5

)

Transfer from other plans

 

 

-

 

 

 

0.2

 

Balance at end of year

 

$

19.0

 

 

$

19.3

 

 

Change in Plan Assets

Change in Plan Assets

  

(in millions)

 

2017

 

 

2016

 

Fair value at beginning of year

 

$

15.3

 

 

$

15.0

 

Actual return on plan assets

 

 

0.9

 

 

 

0.4

 

Employer contributions

 

 

-

 

 

 

1.0

 

Plan participant contributions

 

 

-

 

 

 

0.1

 

Benefits paid

 

 

(0.2

)

 

 

(1.5

)

Foreign currency exchange gain

 

 

0.7

 

 

 

0.1

 

Transfer from other plans

 

 

-

 

 

 

0.2

 

Fair value at end of year

 

$

16.7

 

 

$

15.3

 

Funded status

 

$

(2.3

)

 

$

(4.0

)

Recognized Long-term liability

 

$

(2.3

)

 

$

(4.0

)

 

Net Periodic Benefit Cost

Net Periodic Benefit Cost

The components of our net periodic benefit cost are as follows:

 

 

 

For the Year ended

 

 

 

July 31,

 

(in millions)

 

2017

 

 

2016

 

 

2015

 

Service cost

 

$

-

 

 

$

0.6

 

 

$

1.3

 

Interest cost

 

 

0.7

 

 

 

0.7

 

 

 

0.7

 

Expected return on plan assets

 

 

(1.0

)

 

 

(0.9

)

 

 

(0.9

)

Amortization of net actuarial loss recognized

 

 

-

 

 

 

0.1

 

 

 

0.2

 

Total net periodic benefit cost

 

$

(0.3

)

 

$

0.5

 

 

$

1.3

 

 

Amounts Recognized in Accumulated Other Comprehensive Income, Pretax

Amounts Recognized in Accumulated Other Comprehensive Income, Pretax

 

 

 

For the Year ended

 

 

 

July 31,

 

(in millions)

 

2017

 

 

2016

 

Net loss

 

$

4.7

 

 

$

6.4

 

Accumulated other comprehensive loss

 

$

4.7

 

 

$

6.4

 

 

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,

 

 

 

2017

 

 

2016

 

 

2015

 

Discount rate

 

 

3.5

%

 

 

4.0

%

 

 

4.2

%

Expected return on assets

 

 

6.2

%

 

 

6.0

%

 

 

6.0

%

 

Plan Assets Held in Trust

The Analogic Canada Plan assets are held in trust, as follows:

 

 

 

July 31, 2017

 

 

July 31, 2016

 

 

 

Target

 

 

Actual

 

 

Actual

 

(in millions)

 

Allocation

 

 

Allocation

 

 

Allocation

 

Equity securities

 

 

60.0

%

 

 

60.5

%

 

 

61.1

%

Debt securities

 

 

40.0

%

 

 

39.5

%

 

 

38.9

%

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, 2017 and 2016 are as follows:

 

 

 

Fair Value Measurements at July 31, 2017

 

(in millions)

 

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)

 

$

16.7

 

 

$

-

 

 

$

-

 

 

$

16.7

 

Total assets at fair value

 

$

16.7

 

 

$

-

 

 

$

-

 

 

$

16.7

 

 

 

 

Fair Value Measurements at July 31, 2016

 

(in millions)

 

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

 

 

(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, 2017

 

 

July 31, 2016

 

Balance at beginning of fiscal year

 

$

15.3

 

 

$

15.0

 

Actual return on plan assets

 

 

 

 

 

 

 

 

Relating to assets still held at end of fiscal year

 

 

0.9

 

 

 

0.4

 

Purchases, sales and settlements

 

 

(0.2

)

 

 

(0.2

)

Foreign currency exchange gain

 

 

0.7

 

 

 

0.1

 

Balance at end of fiscal year

 

$

16.7

 

 

$

15.3

 

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

Estimated future benefit payments under the Analogic Canada Plan are as follows:

 

(in millions)

 

 

 

 

2018

 

$

0.4

 

2019

 

 

0.4

 

2020

 

 

0.4

 

2021

 

 

0.4

 

2022

 

 

0.4

 

2023-2027

 

 

2.8