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Pension and other post-retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Benefit Obligations Fair Value of Plan Assets and Funded Status | The following table sets forth the projected benefit obligations, fair value of plan assets, and funded status of the Company’s plans as of December 31:
| Pension benefits |  | OPEB
| 2018 |  | 2017 |  | 2018 |  | 2017
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 523,743 |  |  | $ | 247,246 |  |  | $ | 176,975 |  |  | $ | 61,888 |
Projected benefit obligation assumed from business combination | — |  |  | 256,486 |  |  | — |  |  | 97,761 |
Service cost | 15,481 |  |  | 14,747 |  |  | 5,791 |  |  | 4,838 |
Interest cost | 18,717 |  |  | 20,191 |  |  | 6,727 |  |  | 6,642 |
Actuarial (gain) loss | (29,845 | ) |  | 35,696 |  |  | (14,800 | ) |  | 10,263 |
Contributions from retirees | — |  |  | — |  |  | 1,920 |  |  | 1,821 |
Gain on curtailment | (1,875 | ) |  | (849 | ) |  | — |  |  | (4 | )
Benefits paid | (49,429 | ) |  | (49,774 | ) |  | (8,288 | ) |  | (6,234 | )
Projected benefit obligation, end of year | $ | 476,792 |  |  | $ | 523,743 |  |  | $ | 168,325 |  |  | $ | 176,975 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | 403,945 |  |  | 176,040 |  |  | 130,487 |  |  | 21,701 |
Plan assets acquired in business combination | — |  |  | 184,510 |  |  | — |  |  | 91,532 |
Actual return on plan assets | (36,987 | ) |  | 63,250 |  |  | (10,603 | ) |  | 19,733 |
Employer contributions | 21,570 |  |  | 29,919 |  |  | 2,068 |  |  | 2,068 |
Benefits paid | (49,429 | ) |  | (49,774 | ) |  | (6,410 | ) |  | (4,547 | )
Fair value of plan assets, end of year | $ | 339,099 |  |  | $ | 403,945 |  |  | $ | 115,542 |  |  | $ | 130,487 |
Unfunded status | $ | (137,693 | ) |  | $ | (119,798 | ) |  | $ | (52,783 | ) |  | $ | (46,488 | )
Amounts recognized in the consolidated balance sheets consists of: |  |  |  |  |  |  |
Non-current assets | — |  |  | — |  |  | 3,161 |  |  | 3,936 |
Current liabilities | (872 | ) |  | (861 | ) |  | (850 | ) |  | (1,172 | )
Non-current liabilities | (136,821 | ) |  | (118,937 | ) |  | (55,094 | ) |  | (49,252 | )
Net amount recognized | $ | (137,693 | ) |  | $ | (119,798 | ) |  | $ | (52,783 | ) |  | $ | (46,488 | )
Information for pension and OPEB plans with an accumulated benefit obligation in excess of plan assets:
| Pension | OPEB
| 2018 | 2017 | 2018 | 2017
Accumulated benefit obligation | 439,458 |  | 462,943 |  | 163,375 |  | 171,175 |
Fair value of plan assets | 339,099 |  | 376,276 |  | 107,430 |  | 121,561 |
Information for pension and OPEB plans with a projected benefit obligation in excess of plan assets:
| Pension | OPEB
| 2018 | 2017 | 2018 | 2017
Projected benefit obligation | 476,791 |  | 523,743 |  | 163,375 |  | 171,175 |
Fair value of plan assets | 339,099 |  | 403,945 |  | 107,430 |  | 121,561 |
Amounts Recognized in Accumulated Other Comprehensive loss |
Change in AOCI (before tax) | Pension |  | OPEB
| Actuarial losses (gains) |  | Past service gains |  | Actuarial losses (gains) |  | Past service gains
Balance, January 1, 2017 | $ | 27,572 |  |  | $ | (5,617 | ) |  | $ | (3,861 | ) |  | $ | (732 | )
Additions to AOCI | (2,652 | ) |  | — |  |  | (3,066 | ) |  | — |
Reclassification to regulatory accounts (note 7(b)) | 1,136 |  |  | — |  |  | 3,515 |  |  | — |
Amortization in current period | (928 | ) |  | 622 |  |  | 230 |  |  | 262 |
Balance, December 31, 2017 | $ | 25,128 |  |  | $ | (4,995 | ) |  | $ | (3,182 | ) |  | $ | (470 | )
Additions to AOCI | 34,916 |  |  | (1,875 | ) |  | 3,254 |  |  | — |
Reclassification to regulatory accounts (note 7(b)) | (22,166 | ) |  | — |  |  | (14,232 | ) |  | — |
Amortization in current period | (1,074 | ) |  | 649 |  |  | 272 |  |  | 262 |
Gain (loss) on plan settlements | (2,547 | ) |  | — |  |  | — |  |  | — |
Balance, December 31, 2018 | $ | 34,257 |  |  | $ | (6,221 | ) |  | $ | (13,888 | ) |  | $ | (208 | )
Weighted Average Assumptions Used to Determine Net Benefit Obligation | Weighted average assumptions used to determine net benefit obligation for 2018 and 2017 were as follows:
| Pension benefits |  | OPEB
| 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate | 4.19 | % |  | 3.43 | % |  | 4.26 | % |  | 3.60 | %
Interest crediting rate (for cash balance plans) | 4.43 | % |  | 4.50 | % |  | N/A |  |  | N/A |
Rate of compensation increase | 4.00 | % |  | 3.00 | % |  | N/A |  |  | N/A |
Health care cost trend rate |  |  |  |  |  |  |
Before age 65 |  |  |  |  | 6.25 | % |  | 6.25 | %
Age 65 and after |  |  |  |  | 6.25 | % |  | 6.25 | %
Assumed ultimate medical inflation rate |  |  |  |  | 4.75 | % |  | 4.75 | %
Year in which ultimate rate is reached |  |  |  |  | 2031 |  |  | 2024 |
Effect of One Percent Change in Assumed Health Care Cost Trend Rate (HCCTR) | Weighted average assumptions used to determine net benefit cost for 2018 and 2017 were as follows:
| Pension benefits |  | OPEB
| 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate | 3.57 | % |  | 4.01 | % |  | 3.60 | % |  | 4.12 | %
Expected return on assets | 7.13 | % |  | 7.01 | % |  | 6.52 | % |  | 3.88 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | N/A |  |  | N/A |
Health care cost trend rate |  |  |  |  |  |  |
Before Age 65 |  |  |  |  | 6.25 | % |  | 6.25 | %
Age 65 and after |  |  |  |  | 6.25 | % |  | 6.25 | %
Assumed Ultimate Medical Inflation Rate |  |  |  |  | 4.75 | % |  | 4.75 | %
Year in which Ultimate Rate is reached |  |  |  |  | 2024 |  |  | 2023 |
Components of Net Benefit Costs For Pension Plans and OPEB Recorded as Part of Administrative Expenses |
| Pension benefits |  | OPEB
| 2018 |  | 2017 |  | 2018 |  | 2017
Service cost | $ | 15,481 |  |  | $ | 14,747 |  |  | $ | 5,791 |  |  | $ | 4,838 |
Non-service costs |  |  |  |  |  |  |
Interest cost | 18,717 |  |  | 20,191 |  |  | 6,727 |  |  | 6,642 |
Expected return on plan assets | (27,820 | ) |  | (24,842 | ) |  | (7,451 | ) |  | (6,404 | )
Amortization of net actuarial loss (gain) | 1,119 |  |  | 1,140 |  |  | (272 | ) |  | (230 | )
Amortization of prior service credits | (649 | ) |  | (622 | ) |  | (262 | ) |  | (262 | )
Amortization of regulatory assets/liability | 9,823 |  |  | 13,031 |  |  | 3,982 |  |  | 391 |
Net benefit cost | $ | 16,671 |  |  | $ | 23,645 |  |  | $ | 8,515 |  |  | $ | 4,975 |
Target Asset Allocation | The Company’s target asset allocation is as follows:
Asset Class |  | Target (%) |  | Range (%)
Equity securities |  | 69 | % |  | 49% - 78%
Debt securities |  | 31 | % |  | 22% - 51%
|  | 100 | % |  |
The fair values of investments as of December 31, 2018, by asset category, are as follows:
Asset Class |  | Level 1 |  | Percentage
Equity securities |  | $ | 338,946 |  |  | 75 | %
Debt securities |  | 115,695 |  |  | 25 | %
Other |  | — |  |  | — | %
|  | $ | 454,641 |  |  | 100 | %
Expected Benefit Payments | The expected benefit payments over the next ten years are as follows:
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024—2028
Pension plan | $ | 31,101 |  |  | $ | 29,366 |  |  | $ | 32,508 |  |  | $ | 33,415 |  |  | $ | 35,111 |  |  | $ | 183,338 |
OPEB | 6,077 |  |  | 6,686 |  |  | 7,172 |  |  | 7,731 |  |  | 8,241 |  |  | 47,119 |

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2439-114920 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2410-114920 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=77993564&loc=d3e4179-114921 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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