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Pension and other post-employment benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
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
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 647,092 |  |  | $ | 627,668 |  |  | $ | 209,498 |  |  | $ | 217,330 |
Plan settlements | — |  |  | (3,226) |  |  | — |  |  | — |
Service cost | 13,625 |  |  | 11,725 |  |  | 2,901 |  |  | 3,253 |
Interest cost | 33,260 |  |  | 33,633 |  |  | 11,052 |  |  | 11,510 |
Actuarial loss (gain) | (32,568) |  |  | 20,085 |  |  | (11,106) |  |  | (10,913) |
Contributions from retirees | — |  |  | — |  |  | 2,018 |  |  | 2,189 |
Medicare Part D | — |  |  | — |  |  | 314 |  |  | 355 |
Benefits paid | (45,343) |  |  | (42,740) |  |  | (13,596) |  |  | (14,226) |
Foreign exchange | (100) |  |  | (53) |  |  | — |  |  | — |
Projected benefit obligation, end of year | $ | 615,966 |  |  | $ | 647,092 |  |  | $ | 201,081 |  |  | $ | 209,498 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | 610,209 |  |  | 568,982 |  |  | 193,782 |  |  | 172,167 |
Actual return on plan assets | 33,371 |  |  | 65,235 |  |  | 16,379 |  |  | 22,620 |
Employer contributions | 22,600 |  |  | 21,956 |  |  | 2,801 |  |  | 10,677 |
Plan settlements | (98) |  |  | (3,226) |  |  | — |  |  | — |
Contributions from retirees | — |  |  | — |  |  | 2,018 |  |  | 2,189 |
Medicare Part D subsidy receipts | — |  |  | — |  |  | 314 |  |  | 355 |
Benefits paid | (45,343) |  |  | (42,740) |  |  | (13,596) |  |  | (14,226) |
Foreign exchange | — |  |  | 2 |  |  | — |  |  | — |
Fair value of plan assets, end of year | $ | 620,739 |  |  | $ | 610,209 |  |  | $ | 201,698 |  |  | $ | 193,782 |
Funded (unfunded) status | $ | 4,773 |  |  | $ | (36,883) |  |  | $ | 617 |  |  | $ | (15,716) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |
Non-current assets (note 11) | 32,608 |  |  | 12,598 |  |  | 51,882 |  |  | 35,879 |
Current liabilities | (1,647) |  |  | (1,416) |  |  | (3,896) |  |  | (3,164) |
Non-current liabilities | (26,188) |  |  | (48,065) |  |  | (47,369) |  |  | (48,431) |
Net amount recognized | $ | 4,773 |  |  | $ | (36,883) |  |  | $ | 617 |  |  | $ | (15,716) |
Information for pension and OPEB plans with an accumulated benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation | $ | 38,855 |  |  | $ | 425,842 |  |  | $ | 69,617 |  |  | $ | 71,089 |
Fair value of plan assets | $ | 11,339 |  |  | $ | 393,857 |  |  | $ | 18,351 |  |  | $ | 18,793 |
10.Pension and other post-employment benefits (continued) (a)Net pension and OPEB obligation (continued) Information for pension and OPEB plans with a projected benefit obligation in excess of plan assets:
| Pension |  | OPEB
| 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation | $ | 39,494 |  |  | $ | 507,612 |  |  | $ | 69,617 |  |  | $ | 71,089 |
Fair value of plan assets | $ | 11,339 |  |  | $ | 458,497 |  |  | $ | 18,351 |  |  | $ | 18,793 |
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, 2023 | $ | (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) |  |
Additions to AOCI | (31,048) |  |  | — |  |  | (16,958) |  |  | 853 |  |
Amortization in current period | 1,499 |  |  | 1,468 |  |  | 3,499 |  |  | — |  |
Reclassification to regulatory accounts | 15,425 |  |  | (755) |  |  | 15,257 |  |  | — |  |
Balance, December 31, 2024 | $ | (21,026) |  |  | $ | (1,914) |  |  | $ | (33,477) |  |  | $ | (484) |  |
Schedule of Weighted Average Assumptions Used to Determine Net Benefit Obligation | Weighted average assumptions used to determine net benefit obligation for 2024 and 2023 were as follows:
| Pension benefits |  | OPEB
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.73 | % |  | 5.19 | % |  | 5.77 | % |  | 5.22 | %
Interest crediting rate (for cash balance plans) | 4.45 | % |  | 4.48 | % |  | N/A |  | N/A
Rate of compensation increase | 3.64 | % |  | 3.60 | % |  | N/A |  | N/A
Health care cost trend rate |  |  |  |  |  |  |
Before age 65 |  |  |  |  | 6.75 | % |  | 7.00 | %
Age 65 and after |  |  |  |  | 9.53 | % |  | 6.00 | %
Assumed ultimate medical inflation rate |  |  |  |  | 4.50 | % |  | 4.50 | %
Year in which ultimate rate is reached |  |  |  |  | 2034 |  | 2034
Schedule of Weighted Average Assumptions Used to Determine Net Benefit Cost | Weighted average assumptions used to determine net benefit cost for 2024 and 2023 were as follows:
| Pension benefits |  | OPEB
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.19 | % |  | 5.35 | % |  | 5.22 | % |  | 5.49 | %
Expected return on assets | 6.27 | % |  | 6.38 | % |  | 5.64 | % |  | 6.45 | %
Rate of compensation increase | 5.10 | % |  | 3.99 | % |  | 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 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
| 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 13,625 |  |  | $ | 11,725 |  |  | $ | 2,901 |  |  | $ | 3,253 |
Non-service costs |  |  |  |  |  |  |
Interest cost | 33,260 |  |  | 33,633 |  |  | 11,052 |  |  | 11,510 |
Expected return on plan assets | (34,555) |  |  | (31,990) |  |  | (10,527) |  |  | (9,736) |
Amortization of net actuarial loss | (1,499) |  |  | (852) |  |  | (3,499) |  |  | (3,559) |
Amortization of prior service credits | (1,468) |  |  | (1,491) |  |  | (853) |  |  | (853) |
Amortization of regulatory accounts | 15,603 |  |  | 16,258 |  |  | 6,583 |  |  | 6,965 |
| $ | 11,341 |  |  | $ | 15,558 |  |  | $ | 2,756 |  |  | $ | 4,327 |
Net benefit cost | $ | 24,966 |  |  | $ | 27,283 |  |  | $ | 5,657 |  |  | $ | 7,580 |
Schedule of Target Asset Allocation | The Company’s target asset allocation is as follows:
Asset class |  | Target (%) |  | Range (%)
Equity securities |  | 44 | % |  | 30% - 100%
Debt securities |  | 46 | % |  | 20% - 60%
Other |  | 10 | % |  | —% - 20%
|  | 100 | % |  |
The fair values of investments as of December 31, 2024, by asset category, are as follows:
Asset class |  |  |  | 2024 |  | Percentage
Equity securities |  |  |  | $ | 396,341 |  |  | 48%
Debt securities |  |  |  | 377,755 |  |  | 46%
Other |  |  |  | 48,741 |  |  | 6%
|  |  |  | $ | 822,837 |  |  | 100%
Schedule of Changes in Fair Value of Plan Assets | The following table summarizes the changes in fair value of these Level 3 assets as of December 31:
|  |  |  | Level 3
Balance, January 1, 2024 |  |  |  | $ | 26,380 |
Contributions into funds |  |  |  | 4,650 |
Return on assets |  |  |  | 1,101 |
Distributions |  |  |  | (2,398) |
Balance, December 31, 2024 |  |  |  | $ | 29,733 |
Schedule of Expected Benefit Payments | The expected benefit payments over the next ten years are as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
Pension plan | $ | 50,348 |  |  | $ | 49,571 |  |  | $ | 50,557 |  |  | $ | 50,748 |  |  | $ | 51,613 |  |  | $ | 249,743 |
OPEB | $ | 12,866 |  |  | $ | 12,713 |  |  | $ | 13,233 |  |  | $ | 13,662 |  |  | $ | 13,928 |  |  | $ | 73,004 |

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