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Pension and other post-retirement benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of 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
			2021						2020						2021						2020
Change in projected benefit obligation
Projected benefit obligation, beginning of year			$	834,913					$	564,970					$	306,524					$	219,217
Projected benefit obligation assumed from business combination			—						195,231						—						44,950
Plan Settlements			(1,294)						—						—						—
Service cost			14,673						15,450						7,307						6,175
Interest cost			20,676						19,281						8,048						7,695
Actuarial loss (gain)			(36,597)						76,618						(18,977)						34,507
Contributions from retirees			—						171						2,040						2,037
Plan amendments			237						(191)						310						—
Medicare Part D			—						—						373						377
Benefits paid			(66,800)						(37,020)						(12,979)						(8,434)
Foreign exchange			(190)						403						—						—
Projected benefit obligation, end of year			$	765,618					$	834,913					$	292,646					$	306,524
Change in plan assets
Fair value of plan assets, beginning of year			629,157						407,074						176,616						158,873
Plan assets acquired in business combination			—						179,600						—						—
Actual return on plan assets			58,721						52,876						15,200						21,219
Employer contributions			29,058						26,099						11,178						2,583
Plan Settlements			(1,294)						—						—						—
Contributions from retirees			—						171						1,988						1,998
Medicare Part D subsidy receipts			—						—						372						377
Benefits paid			(66,800)						(37,020)						(12,979)						(8,434)
Foreign exchange			22						357						—						—
Fair value of plan assets, end of year			$	648,864					$	629,157					$	192,375					$	176,616
Unfunded status			$	(116,754)					$	(205,756)					$	(100,271)					$	(129,908)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets (note 11)			84						488						11,879						10,174
Current liabilities			(1,902)						(1,989)						(699)						(2,835)
Non-current liabilities			(114,936)						(204,255)						(111,451)						(137,247)
Net amount recognized			$	(116,754)					$	(205,756)					$	(100,271)					$	(129,908)

Information for pension and OPEB plans with an accumulated benefit obligation in excess of plan assets:

			Pension												OPEB
			2021						2020						2021						2020
Accumulated benefit obligation			$	489,043					$	727,981					$	274,649					$	288,594
Fair value of plan assets			$	396,679					$	578,143					$	162,592					$	148,496

Information for pension and OPEB plans with a projected benefit obligation in excess of plan assets:

			Pension												OPEB
			2021						2020						2021						2020
Projected benefit obligation			$	580,841					$	833,846					$	274,649					$	288,594
Fair value of plan assets			$	452,333					$	627,601					$	162,592					$	148,496

Schedule of 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, 2020			$	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)					$	—
Additions to AOCI			(59,754)						237						(24,126)						24
Amortization in current period			(13,130)						1,626						(2,021)						310
Amortization pursuant to plan settlements			(210)						—						—						—
Reclassification to regulatory accounts			31,670						(752)						14,816						—
Balance, December 31, 2021			$	15,807					$	(4,195)					$	(15,630)					$	334

Schedule of Weighted Average Assumptions Used to Determine Net Benefit Obligation

Weighted average assumptions used to determine net benefit obligation for 2021 and 2020 were as follows: 

			Pension benefits												OPEB
			2021						2020						2021						2020
Discount rate			2.94		%				2.49		%				2.92		%				2.58		%
Interest crediting rate (for cash balance plans)			4.00		%				4.15		%				N/A						N/A
Rate of compensation increase			4.00		%				4.00		%				N/A						N/A
Health care cost trend rate
Before age 65															5.875		%				6.00		%
Age 65 and after															5.875		%				6.00		%
Assumed ultimate medical inflation rate															4.75		%				4.75		%
Year in which ultimate rate is reached															2031						2031

Schedule of Weighted Average Assumptions Used to Determine Net Benefit Cost

Weighted average assumptions used to determine net benefit cost for 2021 and 2020 were as follows: 

			Pension benefits												OPEB
			2021						2020						2021						2020
Discount rate			2.49		%				3.19		%				2.58		%				3.29		%
Expected return on assets			6.20		%				6.85		%				4.79		%				5.57		%
Rate of compensation increase			3.99		%				3.96		%				n/a						n/a
Health care cost trend rate
Before Age 65															5.122		%				6.125		%
Age 65 and after															5.122		%				6.125		%
Assumed ultimate medical inflation rate															4.05		%				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
			2021						2020						2021						2020
Service cost			$	14,673					$	15,450					$	7,307					$	6,175
Non-service costs
Interest cost			20,676						19,281						8,048						7,695
Expected return on plan assets			(35,972)						(26,285)						(10,052)						(8,748)
Amortization of net actuarial loss			13,126						5,430						2,021						509
Amortization of prior service credits			(1,626)						(1,609)						11						—
Settlement Loss Recognized			198						—						—						—
Amortization of regulatory accounts			19,665						16,272						218						1,527
			$	16,067					$	13,089					$	246					$	983
Net benefit cost			$	30,740					$	28,539					$	7,553					$	7,158

Schedule of Target Asset Allocation

The Company’s target asset allocation is as follows:

Asset class						Target (%)						Range (%)
Equity securities						48		%				30% -100%
Debt securities						43		%				20% - 60%
Other						9		%				0% - 20%
						100		%

The fair values of investments as of December 31, 2021, by asset category, are as follows:

Asset class												2021						Percentage
Equity securities												$	429,147					51		%
Debt securities												350,834						42		%
Other												61,259						7		%
												$	841,240					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, 2021												$	7,745
Contributions into funds												6,233
Unrealized gains												4,257
Distributions												(921)
Balance, December 31, 2021												$	17,314

Schedule of Expected Benefit Payments

The expected benefit payments over the next ten years are as follows: 

			2022						2023						2024						2025						2026						2027-2031
Pension plan			$	47,802					$	43,760					$	44,478					$	46,318					$	47,554					$	238,011
OPEB			10,465						11,064						11,646						12,060						12,543						68,454

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