The total cash amount paid or payable for employee future benefits in 2012, including defined benefit and defined contribution plans, was $14,269 (2011 - $11,929).
The Company expects to contribute up to $5.6 million to its defined benefit pension plans in 2013. These contributions may be reduced to the extent the Company provides a letter of credit.
The cumulative actuarial losses recognized in OCI as at December 31, 2012 was $20,610 (2011 - $14,840).
20.CAPITAL MANAGEMENT
The Company defines capital as the aggregate of shareholders' equity and long-term debt less cash and cash equivalents.
The Company's capital management framework is designed to maintain a flexible capital structure that allows for optimization of the cost of capital at acceptable risk while balancing the interests of both equity and debt holders.
The Company generally targets a net debt to total capitalization ratio of 33%, although there is a degree of variability associated with the timing of cash flows. Also, if appropriate opportunities are identified, the Company is prepared to significantly increase this ratio depending upon the opportunity.
The Company's capital management criteria can be illustrated as follows:
December 31 December 31 2012 2011----------------------------------------------------------------------------Shareholders' equity $ 476,575 $ 403,861Long-term debt 159,767 134,095Less cash and cash equivalents (2,383) (75,319)----------------------------------------------------------------------------Total capitalization $ 633,959 $ 462,637--------------------------------------------------------------------------------------------------------------------------------------------------------Net debt as a % of total capitalization 25% 13%Net debt to equity ratio 0.33:1 0.15:1
The Company is subject to minimum capital requirements relating to bank credit facilities and senior debentures. The Company has comfortably met these minimum requirements during the year.
There were no changes in the Company's approach to capital management during the year.
21.SUPPLEMENTAL CASH FLOW INFORMATION
2012 2011----------------------------------------------------------------------------Net change in non-cash working capital and other Accounts receivable $ (22,275) $ (623) Inventories (25,848) (77,521) Accounts payable, accrued liabilities and provisions (73,486) 35,490 Deferred revenues 6,514 4,031 Other (9,380) (1,108)---------------------------------------------------------------------------- $ (124,475) $ (39,731)--------------------------------------------------------------------------------------------------------------------------------------------------------Cash paid during the year for: Interest $ 9,097 $ 8,788 Income taxes $ 47,578 $ 31,412Cash received during the year for: Interest $ 3,776 $ 3,214 Income taxes $ 308 $ 740
