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Employee benefit plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Components of net periodic benefit cost

The components of net periodic benefit cost include the following:

			2021						2020						2019
Retirement Plans
Service cost			$	3,916					$	3,969					$	3,968
Interest cost			24,186						51,297						57,348
Expected return on plan assets			(22,888)						(50,733)						(65,143)
Amortization of prior service cost			900						1,006						1,022
Amortization of net actuarial loss			16,503						28,833						30,681
Effect of settlement loss			550,706						854						2,377
Effect of curtailment loss			—						32						—
Net periodic benefit cost			$	573,323					$	35,258					$	30,253
Retiree Health and Life Insurance Plans
Service cost			$	374					$	358					$	308
Interest cost			197						336						467
Expected return on plan assets			(444)						(371)						(718)
Amortization of prior service credit			—						(279)						(498)
Amortization of net actuarial gain			(744)						(834)						(823)
Net periodic benefit income			$	(617)					$	(790)					$	(1,264)

Plans' obligations

The following tables set forth the Plans’ obligations and assets at December 31:

			Retirement Plans												Retiree Health and Life Insurance Plans
			2021						2020						2021						2020
Change in Benefit Obligation
Benefit obligation at January 1			$	2,092,297					$	1,976,197					$	14,880					$	14,495
Service cost			3,916						3,969						374						358
Interest cost			24,186						51,297						197						336
Plan participant contributions			14						165						—						443
Plan amendments			608						419						—						—
Actuarial (gain)/loss			(138,157)						149,264						(939)						356
Benefits paid			(66,641)						(96,257)						(768)						(1,122)
Impact of foreign exchange rates			(4,999)						13,482						1						14
Effect of settlements			(1,396,494)						(2,463)						—						—
Effect of curtailments			(97)						(3,776)						—						—
Benefit obligation at December 31			$	514,633					$	2,092,297					$	13,745					$	14,880

Fair value of plan assets

			Retirement Plans												Retiree Health and Life Insurance Plans
			2021						2020						2021						2020
Change in Plan Assets
Fair value of plan assets at January 1			$	1,799,109					$	1,683,520					$	14,026					$	12,881
Actual return on plan assets			(46,148)						188,695						(84)						1,372
Company contributions			140,226						17,282						768						626
Plan participant contributions			14						165						—						443
Benefits paid			(66,641)						(96,257)						(768)						(1,122)
Impact of foreign exchange rates			(4,630)						13,667						—						—
Effect of settlements			(1,396,494)						(2,752)						—						—
Expenses paid			(8,331)						(5,211)						—						(174)
Fair value of plan assets at December 31			$	417,105					$	1,799,109					$	13,942					$	14,026
Funded Status of the Plans			$	(97,528)					$	(293,188)					$	197					$	(854)

Recognized amounts in consolidated balance sheets

			Retirement Plans												Retiree Health and Life Insurance Plans
			2021						2020						2021						2020
Total Recognized Amounts in the Consolidated Balance Sheets
Noncurrent assets			$	70,221					$	26,814					$	1,758					$	553
Current liabilities			(10,375)						(150,310)						(1,055)						(849)
Noncurrent liabilities			(157,374)						(169,692)						(506)						(558)
Net liability			$	(97,528)					$	(293,188)					$	197					$	(854)

Amounts recognized in other comprehensive loss/(income)

Items not yet recognized as a component of net periodic pension cost that are included in Accumulated Other Comprehensive Loss as of December 31, 2021 and 2020, are as follows:

			Retirement Plans												Retiree Health and Life Insurance Plans
			2021						2020						2021						2020
Net actuarial loss/(gain)			$	111,481					$	742,374					$	(6,357)					$	(6,689)
Prior service cost			6,288						6,351						—						—
			$	117,769					$	748,725					$	(6,357)					$	(6,689)

The amounts recognized in Other Comprehensive Loss/(Income) include the following:

			Retirement Plans																		Retiree Health and Life Insurance Plans
			2021						2020						2019						2021						2020						2019
Adjustments arising during the period:
Net actuarial loss/(gain)			$	(63,684)					$	12,452					$	146,414					$	(412)					$	(468)					$	(914)
Prior service cost/(credit)			$	837					$	1,229					$	1,667					$	—					$	—					$	—
Net settlements/curtailments			$	(550,706)					$	(886)					$	(2,377)					$	—					$	—					$	—
Reversal of amortization:
Net actuarial (loss)/gain			$	(16,503)					$	(28,833)					$	(30,681)					$	744					$	834					$	823
Prior service (cost)/credit			$	(900)					$	(1,006)					$	(1,022)					$	—					$	279					$	498
Total recognized in other comprehensive loss/(income)			$	(630,956)					$	(17,044)					$	114,001					$	332					$	645					$	407
Total recognized in net periodic benefit cost and other comprehensive loss/(income)			$	(57,633)					$	18,214					$	144,254					$	(285)					$	(145)					$	(857)

Company's projected benefit payments

The following table sets forth the Company’s projected benefit payments for the next ten years:

Year			Retirement Plans						Retiree Health and Life Insurance Plans
2022			$	23,934					$	1,183
2023			$	23,564					$	1,163
2024			$	23,999					$	1,141
2025			$	25,129					$	1,116
2026			$	27,620					$	1,096
2026-2030			$	129,131					$	4,971

Major actuarial assumptions used in determining PBO, ABO and net periodic cost

The following tables set forth the major actuarial assumptions used in determining the benefit obligation and net periodic cost:

Weighted-average assumptions used to determine benefit obligations at December 31			U.S. Retirement Plans						U.S. Retiree Health and Life Insurance Plans						Foreign Plans
Discount Rate
2021			2.77		%				2.48		%				2.22		%
2020			2.32		%				2.04		%				1.70		%
Rate of Compensation Increase
2021			—		%				3.01		%				3.21		%
2020			—		%				3.03		%				3.20		%

 

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31			U.S. Retirement Plans						U.S. Retiree Health and Life Insurance Plans						Foreign Plans
Discount Rate
2021			2.32		%				2.04		%				1.70		%
2020			2.87		%				2.89		%				2.28		%
2019			4.24		%				4.02		%				3.11		%
Expected Long-term Rate of Return
2021			3.27		%				2.01		%				3.69		%
2020			2.93		%				2.93		%				4.10		%
2019			6.63		%				6.73		%				4.62		%
Rate of Compensation Increase
2021			—		%				3.03		%				3.20		%
2020			—		%				3.04		%				3.37		%
2019			—		%				3.06		%				3.65		%

Health care cost trend rates related to U.S. plan

The U.S. Retiree Health and Life Insurance Plan makes up approximately 95% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only.

Healthcare Cost Trend Rate			Pre-age 65						Post-age 65
2021			6.91		%				8.27		%
2020			6.00		%				6.00		%
Ultimate Trend Rate			Pre-age 65						Post-age 65
2021			4.45		%				4.40		%
2020			4.50		%				4.50		%
Year at which the Rate Reaches the Ultimate Trend Rate			Pre-age 65						Post-age 65
2021			2030						2030
2020			2026						2026

Retirement Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted-average asset allocations

The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at 2021 and 2020, by asset category.

Asset Category									U.S.						U.K.						Canada
Equity securities			2021						23.5		%				32.8		%				33.6		%
			2020						0.6		%				41.4		%				34.8		%
Debt securities			2021						72.0		%				66.6		%				66.4		%
			2020						92.2		%				58.1		%				55.4		%
Cash and short-term investments			2021						4.5		%				0.6		%				—		%
			2020						7.2		%				0.5		%				9.8		%
Total			2021						100.0		%				100.0		%				100.0		%
			2020						100.0		%				100.0		%				100.0		%

Retiree Health and Life Insurance Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted-average asset allocations

The following table sets forth the weighted-average asset allocations by asset category of the Company’s retiree health and life insurance plan.

Asset Category			2021						2020
Equity securities			—%						—%
Debt securities			100.0%						100.0%
Cash			—%						—%
Total			100.0%						100.0%

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