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Pension and other post-retirement benefits (Tables)
 12 Months Ended
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