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## NOTE 23. EMPLOYEE FUTURE BENEFITS (CONT ’ D) 

The reconciliation of the funded status of the pension plans to the amounts recorded on the consolidated balance sheets was as follows as at January 31: 

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$^{(1)}$For the year ended January 31, 2003, the accrued benefit asset (liability) includes a liability of $8 million for the Canadian plans and $42 million for the foreign plans relating to the recreational products segment. These amounts are presented in liabilities related to assets held for sale. 

Included in the above are plans with projected benefit obligation in excess of plan assets as follows: 

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The most recent actuarial valuation for funding purposes of the Corporation’s funded pension plans was prepared with an effective date of December 31, 2002, and the next valuation will be completed during the second quarter of the fiscal year ended January 31, 2005 with an effective date of December 31, 2003, except for U.K. plans, for which the most recent actuarial valuation dates range between December 2001 and September 2003 and the next required valuation dates range between June 2004 and June 2006. 

Plan assets are held in trust and their weighted average allocations were as follows as at the measurement date: 

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The expected return on plan assets is determined by considering long-term historical returns, future estimates of long-term investment returns and asset allocations. 

As at December 31, 2003, the publicly-traded equity securities did not include any of the Corporation’s shares. As at December 31, 2002, the publicly-traded equity securities included 160,000 Class A Shares (Multiple Voting) and 1,105,000 Class B Shares (Subordinate Voting) with a fair value of $1 million and $6 million respectively. 

