XML 70 R43.htm IDEA: XBRL DOCUMENT
v3.21.1

Pension and other post-retirement benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
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
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 564,970 |  |  | $ | 484,707 |  |  | $ | 219,217 |  |  | $ | 168,325 |
Projected benefit obligation assumed from business combination | 195,231 |  |  | 20,196 |  |  | 44,950 |  |  | 11,646 |
Modifications to plans | (191) |  |  | (7,705) |  |  | — |  |  | — |
Service cost | 15,450 |  |  | 12,351 |  |  | 6,175 |  |  | 4,587 |
Interest cost | 19,281 |  |  | 20,222 |  |  | 7,695 |  |  | 7,575 |
Actuarial loss | 76,618 |  |  | 65,443 |  |  | 34,507 |  |  | 33,605 |
Contributions from retirees | 171 |  |  | — |  |  | 2,037 |  |  | 1,913 |
Medicare Part D | — |  |  | — |  |  | 377 |  |  | 414 |
Benefits paid | (37,020) |  |  | (30,244) |  |  | (8,434) |  |  | (8,848) |
Foreign exchange | 403 |  |  | — |  |  | — |  |  | — |
Projected benefit obligation, end of year | $ | 834,913 |  |  | $ | 564,970 |  |  | $ | 306,524 |  |  | $ | 219,217 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | 407,074 |  |  | 339,099 |  |  | 158,873 |  |  | 115,542 |
Plan assets acquired in business combination | 179,600 |  |  | 8,004 |  |  | — |  |  | 15,688 |
Actual return on plan assets | 52,876 |  |  | 68,025 |  |  | 21,219 |  |  | 25,464 |
Employer contributions | 26,099 |  |  | 22,190 |  |  | 2,583 |  |  | 8,628 |
Contributions from retirees | 171 |  |  | — |  |  | 1,998 |  |  | 1,913 |
Medicare Part D subsidy receipts | — |  |  | — |  |  | 377 |  |  | 414 |
Benefits paid | (37,020) |  |  | (30,244) |  |  | (8,434) |  |  | (8,776) |
Foreign exchange | 357 |  |  | — |  |  | — |  |  | — |
Fair value of plan assets, end of year | $ | 629,157 |  |  | $ | 407,074 |  |  | $ | 176,616 |  |  | $ | 158,873 |
Unfunded status | $ | (205,756) |  |  | $ | (157,896) |  |  | $ | (129,908) |  |  | $ | (60,344) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets (note 11) | 488 |  |  | — |  |  | 10,174 |  |  | 8,437 |
Current liabilities | (1,989) |  |  | (1,415) |  |  | (2,835) |  |  | (1,168) |
Non-current liabilities | (204,255) |  |  | (156,481) |  |  | (137,247) |  |  | (67,613) |
Net amount recognized | $ | (205,756) |  |  | $ | (157,896) |  |  | $ | (129,908) |  |  | $ | (60,344) |
Information for pension and OPEB plans with an accumulated benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
Accumulated benefit obligation | $ | 727,981 |  |  | $ | 504,403 |  |  | $ | 288,594 |  |  | $ | 202,422 |
Fair value of plan assets | $ | 578,143 |  |  | $ | 407,074 |  |  | $ | 148,496 |  |  | $ | 133,711 |
Information for pension and OPEB plans with a projected benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
Projected benefit obligation | $ | 833,846 |  |  | $ | 564,971 |  |  | $ | 288,594 |  |  | $ | 202,422 |
Fair value of plan assets | $ | 627,601 |  |  | $ | 407,074 |  |  | $ | 148,496 |  |  | $ | 133,711 |
Amounts Recognized in Other Comprehensive Loss | Pension and post-employment actuarial changes
Change in AOCI (before tax) | Pension |  | OPEB |
| Actuarial losses (gains) |  | Past service gains |  | Actuarial losses (gains) |  | Past service gains |
Balance, January 1, 2019 | $ | 34,257 |  |  | $ | (6,221) |  |  | $ | (13,888) |  |  | $ | (208) |  |
Additions to AOCI | 17,905 |  |  | (7,705) |  |  | 14,871 |  |  | — |  |
Amortization in current period | (3,530) |  |  | 784 |  |  | 409 |  |  | 208 |  |
Reclassification to regulatory accounts | (10,122) |  |  | 6,962 |  |  | (10,538) |  |  | — |  |
Balance, December 31, 2019 | $ | 38,510 |  |  | $ | (6,180) |  |  | $ | (9,146) |  |  | $ | — |  |
Additions to AOCI | 50,026 |  |  | (191) |  |  | 22,036 |  |  | — |  |
Amortization in current period | (5,430) |  |  | 1,609 |  |  | (509) |  |  | — |  |
Reclassification to regulatory accounts | (25,875) |  |  | (544) |  |  | (16,680) |  |  | — |  |
Balance, December 31, 2020 | $ | 57,231 |  |  | $ | (5,306) |  |  | $ | (4,299) |  |  | $ | — |  |
Weighted Average Assumptions Used to Determine Net Benefit Obligation | Weighted average assumptions used to determine net benefit obligation for 2020 and 2019 were as follows:
| Pension benefits |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.49 | % |  | 3.19 | % |  | 2.58 | % |  | 3.29 | %
Interest crediting rate (for cash balance plans) | 4.15 | % |  | 4.48 | % |  | N/A |  | N/A
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | N/A |  | N/A
Health care cost trend rate |  |  |  |  |  |  |
Before age 65 |  |  |  |  | 6.00 | % |  | 6.125 | %
Age 65 and after |  |  |  |  | 6.00 | % |  | 6.125 | %
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 Rates (HCCTR) | Weighted average assumptions used to determine net benefit cost for 2020 and 2019 were as follows:
| Pension benefits |  | OPEB
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 3.19 | % |  | 4.19 | % |  | 3.29 | % |  | 4.25 | %
Expected return on assets | 6.85 | % |  | 6.87 | % |  | 5.57 | % |  | 6.51 | %
Rate of compensation increase | 3.96 | % |  | 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
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
| 2020 |  | 2019 |  | 2020 |  | 2019
Service cost | $ | 15,450 |  |  | $ | 12,351 |  |  | $ | 6,175 |  |  | $ | 4,587 |
Non-service costs |  |  |  |  |  |  |
Interest cost | 19,281 |  |  | 20,222 |  |  | 7,695 |  |  | 7,575 |
Expected return on plan assets | (26,285) |  |  | (20,485) |  |  | (8,748) |  |  | (6,725) |
Amortization of net actuarial loss (gain) | 5,430 |  |  | 3,530 |  |  | 509 |  |  | (409) |
Amortization of prior service credits | (1,609) |  |  | (784) |  |  | — |  |  | (208) |
Amortization of regulatory accounts | 16,272 |  |  | 12,082 |  |  | 1,527 |  |  | 2,534 |
| $ | 13,089 |  |  | $ | 14,565 |  |  | $ | 983 |  |  | $ | 2,767 |
Net benefit cost | $ | 28,539 |  |  | $ | 26,916 |  |  | $ | 7,158 |  |  | $ | 7,354 |
Target Asset Allocation | The Company’s target asset allocation is as follows:
Asset class |  | Target (%) |  | Range (%)
Equity securities |  | 47 | % |  | 30% -100%
Debt securities |  | 43 | % |  | 20% - 60%
Other |  | 10 | % |  | 0% - 20%
|  | 100 | % |  |
The fair values of investments as of December 31, 2020, by asset category, are as follows:
Asset class |  |  |  | 2020 |  | Percentage
Equity securities |  |  |  | $ | 479,506 |  |  | 59 | %
Debt securities |  |  |  | 255,975 |  |  | 32 | %
Other |  |  |  | 70,292 |  |  | 9 | %
|  |  |  | $ | 805,773 |  |  | 100 | %
Schedule of Changes in Fair Value of Plan Assets | The following table summarizes the changes fair value of these level 3 assets as of December 31:
|  |  |  | Level 3
Balance, January 1, 2020 |  |  |  | $ | — |
Contributions into funds |  |  |  | 6,726 |
Unrealized gains |  |  |  | 1,188 |
Distributions |  |  |  | (169) |
Balance, December 31, 2020 |  |  |  | $ | 7,745 |
Expected Benefit Payments | The expected benefit payments over the next ten years are as follows:
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026—2030
Pension plan | $ | 46,858 |  |  | $ | 44,993 |  |  | $ | 46,358 |  |  | $ | 47,028 |  |  | $ | 48,197 |  |  | $ | 241,151 |
OPEB | 10,414 |  |  | 11,033 |  |  | 11,601 |  |  | 12,165 |  |  | 12,687 |  |  | 68,826 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration