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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

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