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Pension and other post-retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
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
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 484,707 |  |  | $ | 531,694 |  |  | $ | 168,325 |  |  | $ | 176,975 |
Projected benefit obligation assumed from business combination | 20,196 |  |  | — |  |  | 11,646 |  |  | — |
Modifications to plans | (7,705 | ) |  | — |  |  | — |  |  | — |
Service cost | 12,351 |  |  | 15,481 |  |  | 4,587 |  |  | 5,791 |
Interest cost | 20,222 |  |  | 19,077 |  |  | 7,575 |  |  | 6,727 |
Actuarial (gain) loss | 65,443 |  |  | (29,986 | ) |  | 33,605 |  |  | (14,800 | )
Contributions from retirees | — |  |  | — |  |  | 1,913 |  |  | 1,878 |
Gain on curtailment | — |  |  | (1,875 | ) |  | — |  |  | — |
Medicare Part D | — |  |  | — |  |  | 414 |  |  | 42 |
Benefits paid | (30,244 | ) |  | (49,684 | ) |  | (8,848 | ) |  | (8,288 | )
Projected benefit obligation, end of year | $ | 564,970 |  |  | $ | 484,707 |  |  | $ | 219,217 |  |  | $ | 168,325 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | 339,099 |  |  | 403,945 |  |  | 115,542 |  |  | 130,487 |
Plan assets acquired in business combination | 8,004 |  |  | — |  |  | 15,688 |  |  | — |
Actual return on plan assets | 68,025 |  |  | (36,987 | ) |  | 25,464 |  |  | (10,603 | )
Employer contributions | 22,190 |  |  | 21,825 |  |  | 8,628 |  |  | 2,026 |
Medicare Part D subsidy receipts | — |  |  | — |  |  | 414 |  |  | 42 |
Benefits paid | (30,244 | ) |  | (49,684 | ) |  | (6,863 | ) |  | (6,410 | )
Fair value of plan assets, end of year | $ | 407,074 |  |  | $ | 339,099 |  |  | $ | 158,873 |  |  | $ | 115,542 |
Unfunded status | $ | (157,896 | ) |  | $ | (145,608 | ) |  | $ | (60,344 | ) |  | $ | (52,783 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets (note 11) | — |  |  | — |  |  | 8,437 |  |  | 3,161 |
Current liabilities | (1,415 | ) |  | (873 | ) |  | (1,168 | ) |  | (850 | )
Non-current liabilities | (156,481 | ) |  | (144,735 | ) |  | (67,613 | ) |  | (55,094 | )
Net amount recognized | $ | (157,896 | ) |  | $ | (145,608 | ) |  | $ | (60,344 | ) |  | $ | (52,783 | )
Information for pension and OPEB plans with an accumulated benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2019 |  | 2018 |  | 2019 |  | 2018
Accumulated benefit obligation | $ | 504,403 |  |  | $ | 439,458 |  |  | $ | 202,422 |  |  | $ | 163,375 |
Fair value of plan assets | $ | 407,074 |  |  | $ | 339,099 |  |  | $ | 133,711 |  |  | $ | 107,430 |
Information for pension and OPEB plans with a projected benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2019 |  | 2018 |  | 2019 |  | 2018
Projected benefit obligation | $ | 564,971 |  |  | $ | 476,791 |  |  | $ | 202,422 |  |  | $ | 163,375 |
Fair value of plan assets | $ | 407,074 |  |  | $ | 339,099 |  |  | $ | 133,711 |  |  | $ | 107,430 |
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, 2018 | $ | 25,128 |  |  | $ | (4,995 | ) |  | $ | (3,182 | ) |  | $ | (470 | )
Additions to AOCI | 34,916 |  |  | (1,875 | ) |  | 3,254 |  |  | — |
Amortization in current period | (1,074 | ) |  | 649 |  |  | 272 |  |  | 262 |
Loss on plan settlements | $ | (2,547 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification to regulatory accounts (note 7(b)) | (22,166 | ) |  | — |  |  | (14,232 | ) |  | — |
Balance, December 31, 2018 | $ | 34,257 |  |  | $ | (6,221 | ) |  | $ | (13,888 | ) |  | $ | (208 | )
AOCI from business acquisition | — |  |  | (285 | ) |  | — |  |  | — |
Additions to AOCI | 17,905 |  |  | (7,705 | ) |  | 14,871 |  |  | — |
Amortization in current period | (3,530 | ) |  | 784 |  |  | 409 |  |  | 208 |
Reclassification to regulatory accounts (note 7(b)) | (10,122 | ) |  | 7,247 |  |  | (10,538 | ) |  | — |
Balance, December 31, 2019 | $ | 38,510 |  |  | $ | (6,180 | ) |  | $ | (9,146 | ) |  | $ | — |
Weighted Average Assumptions Used to Determine Net Benefit Obligation | Weighted average assumptions used to determine net benefit obligation for 2019 and 2018 were as follows:
| Pension benefits |  | OPEB
| 2019 |  | 2018 |  | 2019 |  | 2018
Discount rate | 3.19 | % |  | 4.19 | % |  | 3.29 | % |  | 4.26 | %
Interest crediting rate (for cash balance plans) | 4.48 | % |  | 4.43 | % |  | N/A |  |  | N/A |
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | N/A |  |  | N/A |
Health care cost trend rate |  |  |  |  |  |  |
Before age 65 |  |  |  |  | 6.125 | % |  | 6.25 | %
Age 65 and after |  |  |  |  | 6.125 | % |  | 6.25 | %
Assumed ultimate medical inflation rate |  |  |  |  | 4.75 | % |  | 4.75 | %
Year in which ultimate rate is reached |  |  |  |  | 2031 |  |  | 2031 |
Effect of One Percent Change in Assumed Health Care Cost Trend Rate (HCCTR) | Weighted average assumptions used to determine net benefit cost for 2019 and 2018 were as follows:
| Pension benefits |  | OPEB
| 2019 |  | 2018 |  | 2019 |  | 2018
Discount rate | 4.19 | % |  | 3.57 | % |  | 4.25 | % |  | 3.60 | %
Expected return on assets | 6.87 | % |  | 7.13 | % |  | 6.51 | % |  | 6.52 | %
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 |
Components of Net Benefit Costs For Pension Plans and OPEB Recorded as Part of Administrative Expenses | The following table lists the components of net benefit cost for the pension and OPEB plans. Service cost is recorded as part of operating expenses and non-service costs are recorded as part of other net losses in the consolidated statements of operations. The employee benefit costs related to businesses acquired are recorded in the consolidated statements of operations from the date of acquisition.
| Pension benefits |  | OPEB
| 2019 |  | 2018 |  | 2019 |  | 2018
Service cost | $ | 12,351 |  |  | $ | 15,481 |  |  | $ | 4,587 |  |  | $ | 5,791 |
Non-service costs |  |  |  |  |  |  |
Interest cost | 20,222 |  |  | 19,077 |  |  | 7,575 |  |  | 6,727 |
Expected return on plan assets | (20,485 | ) |  | (27,820 | ) |  | (6,725 | ) |  | (7,451 | )
Amortization of net actuarial loss (gain) | 3,530 |  |  | 1,074 |  |  | (409 | ) |  | (272 | )
Amortization of prior service credits | (784 | ) |  | (649 | ) |  | (208 | ) |  | (262 | )
Amortization of regulatory assets/liabilities | 12,082 |  |  | 10,584 |  |  | 2,534 |  |  | 3,982 |
| $ | 14,565 |  |  | $ | 2,266 |  |  | $ | 2,767 |  |  | $ | 2,724 |
Net benefit cost | $ | 26,916 |  |  | $ | 17,747 |  |  | $ | 7,354 |  |  | $ | 8,515 |
Target Asset Allocation | The Company’s target asset allocation is as follows:
Asset class |  | Target (%) |  | Range (%)
Equity securities |  | 68 | % |  | 50% - 78%
Debt securities |  | 32 | % |  | 22% - 50%
|  | 100 | % |  |
The fair values of investments as of December 31, 2019, by asset category, are as follows:
Asset class |  | Level 1 |  | Percentage
Equity securities |  | $ | 414,985 |  |  | 73 | %
Debt securities |  | 141,229 |  |  | 25 | %
Other |  | 9,732 |  |  | 2 | %
|  | $ | 565,946 |  |  | 100 | %
Expected Benefit Payments | The expected benefit payments over the next ten years are as follows:
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025—2029
Pension plan | $ | 34,461 |  |  | $ | 34,385 |  |  | $ | 35,383 |  |  | $ | 36,897 |  |  | $ | 37,848 |  |  | $ | 192,648 |
OPEB | 7,469 |  |  | 7,867 |  |  | 8,379 |  |  | 8,903 |  |  | 9,361 |  |  | 52,864 |

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