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Pension and other post-employment benefits (Tables)

12 Months Ended

Dec. 31, 2023

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
			2023						2022						2023						2022
Change in projected benefit obligation
Projected benefit obligation, beginning of year			$	628,135					$	765,618					$	217,330					$	292,646
Projected benefit obligation assumed from business combination			—						87,933						—						5,195
Plan settlements			(3,226)						(112)						—						—
Service cost			11,954						16,309						3,253						6,277
Interest cost			33,687						24,787						11,510						9,146
Actuarial loss (gain)			20,172						(198,074)						(10,913)						(82,991)
Contributions from retirees			—						—						2,189						2,220
Plan amendments			—						—						—						(2,452)
Medicare Part D			—						—						355						367
Benefits paid			(42,801)						(68,197)						(14,226)						(13,078)
Foreign exchange			(53)						(129)						—						—
Projected benefit obligation, end of year			$	647,868					$	628,135					$	209,498					$	217,330
Change in plan assets
Fair value of plan assets, beginning of year			569,255						648,864						172,167						192,375
Plan assets acquired in business combination			—						74,532						—						8,577
Actual return on plan assets			65,272						(109,118)						22,620						(30,105)
Employer contributions			22,326						23,296						10,677						11,811
Plan settlements			(3,226)						(112)						—						—
Contributions from retirees			—						—						2,189						2,220
Medicare Part D subsidy receipts			—						—						355						367
Benefits paid			(42,801)						(68,197)						(14,226)						(13,078)
Foreign exchange			2						(10)						—						—
Fair value of plan assets, end of year			$	610,828					$	569,255					$	193,782					$	172,167
Unfunded status			$	(37,040)					$	(58,880)					$	(15,716)					$	(45,163)
Amounts recognized in the consolidated balance sheets consist of:
Non-current assets (note 11)			12,598						12,264						35,879						14,218
Current liabilities			(1,416)						(1,907)						(3,164)						(3,039)
Non-current liabilities			(48,222)						(69,237)						(48,431)						(56,342)
Net amount recognized			$	(37,040)					$	(58,880)					$	(15,716)					$	(45,163)

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

			Pension												OPEB
			2023						2022						2023						2022
Accumulated benefit obligation			$	425,842					$	413,041					$	71,089					$	198,463
Fair value of plan assets			$	393,857					$	364,229					$	18,793					$	139,368

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

			Pension												OPEB
			2023						2022						2023						2022
Projected benefit obligation			$	507,612					$	489,140					$	71,089					$	198,463
Fair value of plan assets			$	458,497					$	417,994					$	18,793					$	139,368

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 losses (gains)						Actuarial losses (gains)						Past service losses (gains)
Balance, January 1, 2022			$	15,807					$	(4,195)					$	(15,630)					$	310
Additions to AOCI			(47,473)						—						(41,527)						(24)
Amortization in current period			(3,429)						1,584						56						(2,476)
Amortization due to plan settlements			15						—						—						—
Reclassification to regulatory accounts			34,409						(752)						23,551						—
Balance, December 31, 2022			$	(671)					$	(3,363)					$	(33,550)					$	(2,190)
Additions to AOCI			(12,600)						—						(23,797)						853
Amortization in current period			617						1,491						2,554						—
Recognition of settlement gain			235						—						—						—
Reclassification to regulatory accounts			5,517						(755)						19,518						—
Balance, December 31, 2023			$	(6,902)					$	(2,627)					$	(35,275)					$	(1,337)

Schedule of Weighted Average Assumptions Used to Determine Net Benefit Obligation

Weighted average assumptions used to determine net benefit obligation for 2023 and 2022 were as follows: 

			Pension benefits												OPEB
			2023						2022						2023						2022
Discount rate			5.19		%				5.48		%				5.22		%				5.49		%
Interest crediting rate (for cash balance plans)			4.48		%				4.50		%				N/A						N/A
Rate of compensation increase			3.60		%				3.70		%				N/A						N/A
Health care cost trend rate
Before age 65															7.00		%				6.00		%
Age 65 and after															6.00		%				6.00		%
Assumed ultimate medical inflation rate															4.50		%				4.75		%
Year in which ultimate rate is reached															2034						2033

Schedule of Weighted Average Assumptions Used to Determine Net Benefit Cost

Weighted average assumptions used to determine net benefit cost for 2023 and 2022 were as follows: 

			Pension benefits												OPEB
			2023						2022						2023						2022
Discount rate			5.35		%				2.94		%				5.49		%				3.00		%
Expected return on assets			6.38		%				6.19		%				6.45		%				6.48		%
Rate of compensation increase			3.99		%				3.91		%				n/a						n/a
Health care cost trend rate
Before Age 65															6.00		%				5.88		%
Age 65 and after															6.00		%				5.88		%
Assumed ultimate medical inflation rate															4.75		%				4.75		%
Year in which ultimate rate is reached															2033						2031

Summary of 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 Pension and other post-employment non-service costs 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
			2023						2022						2023						2022
Service cost			$	11,954					$	16,309					$	3,253					$	6,277
Non-service costs
Interest cost			33,687						24,787						11,510						9,146
Expected return on plan assets			(31,990)						(41,226)						(9,736)						(11,359)
Amortization of net actuarial loss			(852)						3,452						(3,559)						(56)
Amortization of prior service credits			(1,491)						(1,584)						(853)						24
Amortization due to plan settlements			—						(15)						—						—
Amortization of regulatory accounts			16,258						22,952						6,965						4,829
			$	15,612					$	8,366					$	4,327					$	2,584
Net benefit cost			$	27,566					$	24,675					$	7,580					$	8,861

Schedule of Target Asset Allocation

The Company’s target asset allocation is as follows:

Asset class						Target (%)						Range (%)
Equity securities						41.6		%				30% - 100%
Debt securities						48.6		%				20% - 60%
Other						9.8		%				0% - 20%
						100		%

The fair values of investments as of December 31, 2023, by asset category, are as follows:

Asset class												2023						Percentage
Equity securities												$	376,158					47		%
Debt securities												377,272						47		%
Other												51,180						6		%
												$	804,610					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, 2023												$	21,904
Contributions into funds												4,603
Return on assets												2,205
Distributions												(2,331)
Balance, December 31, 2023												$	26,381

Schedule of Expected Benefit Payments

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

			2024						2025						2026						2027						2028						2029-2033
Pension plan			$	48,271					$	49,652					$	49,389					$	50,443					$	50,751					$	255,465
OPEB			$	11,718					$	12,303					$	12,623					$	13,105					$	13,487					$	71,230

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