ATS Corp /ATS
For the period ended Mar 31, 2024. Filed May 16, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed May 16, 2024
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EX-99.3 · Sensitivity analysis
Sensitivity analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are the discount rate and life expectancy. The sensitivity analyses have been performed based on reasonably possible changes in the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
As at March 31, 2024, the following quantitative analysis shows changes to the significant actuarial assumptions and the corresponding impact on the accrued benefit obligations:
| Discount rate · Life expectancy | ||||
|---|---|---|---|---|
| 1% increase | 1% decrease | Increase by 1 year | Decrease by 1 year | |
| Accrued benefit obligations | $(2,988) | $2,146 | $625 | $(638) |
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the changes in assumptions would occur in isolation from one another as some of the assumptions may be correlated.
The weighted average allocations of plan assets were:
| As at | March 312024 | March 312023 |
|---|---|---|
| Other | 100.0% | 100.0% |
No plan assets were directly invested in the Company’s securities.
The net employee benefits expense included the following components:
| Years ended | March 312024 | March 312023 |
|---|---|---|
| Defined benefit plans | ||
| Service cost | $610 | $553 |
| Interest cost | 1,015 | 579 |
| 1,625 | 1,132 | |
| Defined contribution plans | 9,871 | 7,250 |
| Net employee benefits expense | $11,496 | $8,382 |
The Company expects to contributenil to its defined benefit plans during the year ending March 31, 2025.
The cumulative actuarial losses, net of income taxes, recognized in retained earnings as at March 31, 2024 were $2,797 (March 31, 2023 - $2,390).
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