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Pension and other post-employment benefits (Tables)

12 Months Ended

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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