content_image/183127.jpg
## E) Commitments and Other Contractual Obligations 

The Company’s obligations relating to debt, leases and other liabilities at the end of 2011 were as follows: 

<img src='content_image/183127.jpg'>

* accrued post-employment benefit liability of $3.1 million, accrued interest of $7.1 million on unsecured senior notes and accrued interest of $0.1 million on derivatives are reported in trade and other payables in 2011 (2010-$2.9 million, $8.1 million and $1.9 million, respectively). 

## Defined Benefit Post-Employment Plan Obligations 

The Company is the sponsor of a number of defined benefit plans in nine countries that give rise to accrued post-employment benefit obligations. The accrued benefit obligation for these plans at the end of 2011 was $92.5 million ($84.3 million in 2010) and the fair value of the plan assets was $20.7 million ($19.5 million in 2010), for a net deficit of $71.8 million, compared to $64.7 million at the end of 2010. 

In 2011 and 2010, the Company’s net earnings were $84.1 million and $71.1 million, respectively. At the end of 2011, the Company had $140.7 million of cash and cash equivalents on hand and significant unused lines of credit. Compared to the Company’s other financial obligations and its current financial resources, described above, these post-employment plan obligations are relatively small. In addition, the Company is not adding new members to the U.K. and Canadian plans so the risk of future growth in the liability of the plans and related financial exposure is materially reduced over time. 

The Company has elected to record all defined benefit post-employment plan actuarial gains or losses in other comprehensive income immediately. Certain key assumptions have been made to determine the accrued benefit obligation, future funding requirements and plan expenses. They are as follows and vary based on the country location and plan specifics: 

GLYPH<129> Discount rate: 1.4% to 8.3% 

GLYPH<129> Expected long-term rate of return on assets: 6.3% to 6.5% 

There are three major components to the defined benefit post-employment plans: 

