INTERTAPE POLYMER GROUP INC | CIK:0000880224 | 3

  • Filed: 3/29/2018
  • Entity registrant name: INTERTAPE POLYMER GROUP INC (CIK: 0000880224)
  • Generator: Workiva (WebFilings)
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/880224/000088022418000016/0000880224-18-000016-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/880224/000088022418000016/itp-20171231.xml
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    • ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory

    A reconciliation of the defined benefit obligations and plan assets is presented in the table below for the years ended:
     
    Pension Plans
     
    Other plans
     
    December 31, 2017
     
    December 31, 2016
     
    December 31, 2017
     
    December 31, 2016
     
    $
     
    $
     
    $
     
    $
    Defined benefit obligations
     
     
     
     
     
     
     
    Balance, beginning of year
    79,821

     
    76,172

     
    2,867

     
    3,365

    Additions through business acquisitions
    —

     
    57

     
    —

     
    —

    Current service cost
    1,076

     
    1,176

     
    46

     
    22

    Interest cost
    3,096

     
    3,139

     
    111

     
    143

    Benefits paid
    (3,406
    )
     
    (3,260
    )
     
    (246
    )
     
    (14
    )
    Actuarial gains from demographic assumptions
    (1,052
    )
     
    (1,131
    )
     
    (565
    )
     
    (21
    )
    Actuarial losses from financial assumptions
    3,989

     
    1,901

     
    133

     
    141

    Experience losses (gains)
    2,077

     
    1,383

     
    707

     
    (835
    )
    Foreign exchange rate adjustment
    861

     
    384

     
    99

     
    66

    Balance, end of year
    86,462

     
    79,821

     
    3,152

     
    2,867

    Fair value of plan assets
     
     
     
     
     
     
     
    Balance, beginning of year
    51,856

     
    50,245

     
    —

     
    —

    Interest income
    2,025

     
    1,965

     
    —

     
    —

    Return on plan assets (excluding amounts included in net interest expense)
    5,591

     
    1,705

     
    —

     
    —

    Contributions by the employer
    3,956

     
    1,357

     
    —

     
    —

    Benefits paid
    (3,406
    )
     
    (3,260
    )
     
    —

     
    —

    Administration expenses
    (507
    )
     
    (487
    )
     
    —

     
    —

    Foreign exchange rate adjustment
    801

     
    331

     
    —

     
    —

    Balance, end of year
    60,316

     
    51,856

     
    —

     
    —

    Funded status – deficit
    26,146

     
    27,965

     
    3,152

     
    2,867


    The defined benefit obligations and fair value of plan assets broken down by geographical locations is as follows for the years ended:
     
    December 31, 2017
     
    US
     
    Canada
     
    Total
     
    $
     
    $
     
    $
    Defined benefit obligations
    72,643

     
    16,971

     
    89,614

    Fair value of plan assets
    (46,835
    )
     
    (13,481
    )
     
    (60,316
    )
    Deficit in plans
    25,808

     
    3,490

     
    29,298

     
     
     
     
     
     
     
    December 31, 2016
     
    US
     
    Canada
     
    Total
     
    $
     
    $
     
    $
    Defined benefit obligations
    68,584

     
    14,104

     
    82,688

    Fair value of plan assets
    (40,521
    )
     
    (11,335
    )
     
    (51,856
    )
    Deficit in plans
    28,063

     
    2,769

     
    30,832