That would be my understanding. I know that at least part of one of the major writedowns in the last few years at Canada Post had to do with the fact that Canada Post was ordered to repay a certain pay equity figure in the neighbourhood of $200 million in order to satisfy, I believe, a ruling by the Federal Court. Canada Post took a one-year writedown on that figure, I believe, and as a result it declared a loss. My understanding is that it then projected those losses to continue, as opposed to realistically projecting what its financial performance was going to be.
On October 18th, 2016. See this statement in context.