Interest rates charged on the credit lines are based on rates varying with London Interbank Offered Rate (“LIBOR”), the prime rate and similar market rates for other currencies. There were no borrowings under the $95.0 million unsecured revolving line of credit as at December 31, 2011, December 31, 2010, and January 1, 2010. However, it is also utilized to support letters of credit. The unused portion of this revolving line of credit was $91.4 million at December 31, 2011 (December 31, 2010, and January 1, 2010 – $91.2 million). Other loans include term bank loans and industrial revenue bonds at various rates and repayment terms. In March 2011, the Company made a scheduled debt repayment of US$60.0 million. The US dollar amount had been converted into euro-based debt using two cross-currency interest rate swap agreements (“CCIRSAs”). The two CCIRSAs matured the same day as the US$60.0 million debt. In September 2011, the Company made a scheduled debt repayment of US$9.4 million. Half of the U.S. dollar amount had been converted into euro-based debt using two CCIRSAs. The two CCIRSAs matured the same day as the US$9.4 million debt. As at December 31, 2011, the carrying amount of financial and non-financial assets pledged as collateral, against $4.3 million of long-term debt, amounted to $20.1 million. 21. FINANCE INCOME AND COST Recognized in income statement 22. EMPLOYEE BENEFITS CCL Industries Inc. 2011 Annual Report 69 2011 2010 Interest expense on financial liabilities measured at amortized cost $ 22,914 $ 28,211 Interest recognized on other financial instruments (87) (1,855) Finance cost 22,827 26,356 Interest income on cash and cash equivalents 1,370 919 Interest income on loans and receivables and other financial instruments 73 152 Finance income 1,443 1,071 Net finance cost recognized in income statement $ 21,384 $ 25,285 The above financial income and expense includes the following in respect of assets (liabilities) not at fair value through profit or loss: Total interest income on financial assets $ 1,443 $ 1,071 Total interest expense on financial liabilities $ 22,827 $ 26,356 The Company maintains a registered funded defined benefit pension plan in Canada for designated executives and a registered funded defined benefit pension plan in the U.K. that is closed to new members. It also maintains non-registered, unfunded supplemental retirement arrangements for designated Canadian executives and four retired U.S. executives, and a post-employment deferred compensation plan for designated executives in the U.S. In Germany and Austria, it has unfunded defined benefit plans. In France, Italy, Mexico and Thailand, the Company accrues for unfunded legislated retirement benefits. The Company has defined contribution post-employment plans in Canada, the U.S., Austria, Australia, Thailand, the U.K. and Vietnam. The Company also has long-term incentive plans with cash and share-based payments, long-service leave plans and jubilee plans in various countries around the world. The expense for the defined contribution post-employment plans for continuing operations was $8.5 million in 2011 (2010 – $8.2 million) of which $0.1 million (2010 – $0.1 million) was for key management personnel. In 2008 and 2009, the Company offered enhanced transfer values to certain members of the U.K. defined benefit pension plan. Assets and the associated accrued benefit obligation for 75% of the members accepting the offer were transferred out of the plan in 2009. Assets and the associated accrued benefit obligation for the remaining 25% of members accepting the offer were transferred out in early 2010. The total payout in 2010 was $2.9 million (£1.7 million) and in 2009 was $10.7 million (£6.0 million). A further offer was made in late 2011. The full amount of the payout will not be known until the second quarter of 2012.