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Employee benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit cost include the following:
| 2022 |  | 2021 |  | 2020
Retirement Plans |  |  |  |  |
Service cost | $ | 3,304 |  |  | $ | 3,916 |  |  | $ | 3,969 |
Interest cost | 10,562 |  |  | 24,186 |  |  | 51,297 |
Expected return on plan assets | (10,302) |  |  | (22,888) |  |  | (50,733) |
Amortization of prior service cost | 913 |  |  | 900 |  |  | 1,006 |
Amortization of net actuarial loss | 6,240 |  |  | 16,503 |  |  | 28,833 |
Effect of settlement loss | 479 |  |  | 550,706 |  |  | 854 |
Effect of curtailment loss | 43 |  |  | — |  |  | 32 |
Net periodic benefit cost | $ | 11,239 |  |  | $ | 573,323 |  |  | $ | 35,258 |
Retiree Health and Life Insurance Plans |  |  |  |  |
Service cost | $ | 320 |  |  | $ | 374 |  |  | $ | 358 |
Interest cost | 258 |  |  | 197 |  |  | 336 |
Expected return on plan assets | (439) |  |  | (444) |  |  | (371) |
Amortization of prior service credit | — |  |  | — |  |  | (279) |
Amortization of net actuarial gain | (681) |  |  | (744) |  |  | (834) |
Net periodic benefit income | $ | (542) |  |  | $ | (617) |  |  | $ | (790) |
Plans' obligations | The following tables set forth the Plans’ obligations and assets at December 31:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at January 1 | $ | 514,633 |  |  | $ | 2,092,297 |  |  | $ | 13,745 |  |  | $ | 14,880 |
Service cost | 3,304 |  |  | 3,916 |  |  | 320 |  |  | 374 |
Interest cost | 10,562 |  |  | 24,186 |  |  | 258 |  |  | 197 |
Plan participant contributions | 50 |  |  | 14 |  |  | — |  |  | — |
Plan amendments | 665 |  |  | 608 |  |  | — |  |  | — |
Actuarial gain | (124,982) |  |  | (138,157) |  |  | (1,825) |  |  | (939) |
Benefits paid | (22,268) |  |  | (66,641) |  |  | (1,224) |  |  | (768) |
Impact of foreign exchange rates | (27,273) |  |  | (4,999) |  |  | (30) |  |  | 1 |
Effect of settlements | (1,736) |  |  | (1,396,494) |  |  | — |  |  | — |
Effect of curtailments | (112) |  |  | (97) |  |  | — |  |  | — |
Benefit obligation at December 31 | $ | 352,843 |  |  | $ | 514,633 |  |  | $ | 11,244 |  |  | $ | 13,745 |
Fair value of plan assets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 417,105 |  |  | $ | 1,799,109 |  |  | $ | 13,942 |  |  | $ | 14,026 |
Actual return on plan assets | (119,714) |  |  | (46,148) |  |  | (532) |  |  | (84) |
Company contributions | 14,677 |  |  | 140,226 |  |  | 652 |  |  | 768 |
Plan participant contributions | 50 |  |  | 14 |  |  | — |  |  | — |
Benefits paid | (22,268) |  |  | (66,641) |  |  | (1,224) |  |  | (768) |
Impact of foreign exchange rates | (33,800) |  |  | (4,630) |  |  | — |  |  | — |
Effect of settlements | (1,736) |  |  | (1,396,494) |  |  | — |  |  | — |
Expenses paid | (1,189) |  |  | (8,331) |  |  | (88) |  |  | — |
Fair value of plan assets at December 31 | $ | 253,125 |  |  | $ | 417,105 |  |  | $ | 12,750 |  |  | $ | 13,942 |
Funded Status of the Plans | $ | (99,718) |  |  | $ | (97,528) |  |  | $ | 1,506 |  |  | $ | 197 |
Recognized amounts in consolidated balance sheets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Total Recognized Amounts in the Consolidated Balance Sheets |  |  |  |  |  |
Noncurrent assets | $ | 30,322 |  |  | $ | 70,221 |  |  | $ | 2,919 |  |  | $ | 1,758 |
Current liabilities | (9,478) |  |  | (10,375) |  |  | (1,049) |  |  | (1,055) |
Noncurrent liabilities | (120,562) |  |  | (157,374) |  |  | (364) |  |  | (506) |
Net (liability)/asset | $ | (99,718) |  |  | $ | (97,528) |  |  | $ | 1,506 |  |  | $ | 197 |
Amounts recognized in other comprehensive loss/(income) | Items not yet recognized as a component of net periodic benefit cost that are included in Accumulated Other Comprehensive Loss as of December 31, 2022 and 2021, are as follows:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Net actuarial loss/(gain) | $ | 109,558 |  |  | $ | 111,481 |  |  | $ | (6,437) |  |  | $ | (6,357) |
Prior service cost | 6,053 |  |  | 6,288 |  |  | — |  |  | — |
| $ | 115,611 |  |  | $ | 117,769 |  |  | $ | (6,437) |  |  | $ | (6,357) |
The amounts recognized in Other Comprehensive Loss/(Income) include the following:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Adjustments arising during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss/(gain) | $ | 4,839 |  |  | $ | (63,684) |  |  | $ | 12,452 |  |  | $ | (761) |  |  | $ | (412) |  |  | $ | (468) |
Prior service cost/(credit) | $ | 678 |  |  | $ | 837 |  |  | $ | 1,229 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net settlements/curtailments | $ | (522) |  |  | $ | (550,706) |  |  | $ | (886) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization recognized during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (loss)/gain | $ | (6,240) |  |  | $ | (16,503) |  |  | $ | (28,833) |  |  | $ | 681 |  |  | $ | 744 |  |  | $ | 834 |
Prior service (cost)/credit | $ | (913) |  |  | $ | (900) |  |  | $ | (1,006) |  |  | $ | — |  |  | $ | — |  |  | $ | 279 |
Total recognized in other comprehensive loss/(income) | $ | (2,158) |  |  | $ | (630,956) |  |  | $ | (17,044) |  |  | $ | (80) |  |  | $ | 332 |  |  | $ | 645 |
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ | 9,081 |  |  | $ | (57,633) |  |  | $ | 18,214 |  |  | $ | (622) |  |  | $ | (285) |  |  | $ | (145) |
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
2023 | $ | 21,712 |  |  | $ | 1,172 |
2024 | $ | 22,129 |  |  | $ | 1,167 |
2025 | $ | 23,259 |  |  | $ | 1,149 |
2026 | $ | 24,859 |  |  | $ | 1,130 |
2027 | $ | 24,359 |  |  | $ | 1,080 |
2028-2032 | $ | 119,072 |  |  | $ | 4,912 |
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 benefit 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 |  |  |  |  |
2022 | 5.01 | % |  | 4.92 | % |  | 4.97 | %
2021 | 2.77 | % |  | 2.48 | % |  | 2.22 | %
Rate of Compensation Increase |  |  |  |  |
2022 | — | % |  | 2.99 | % |  | 3.29 | %
2021 | — | % |  | 3.01 | % |  | 3.21 | %
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 |  |  |  |  |
2022 | 2.77 | % |  | 2.48 | % |  | 2.22 | %
2021 | 2.32 | % |  | 2.04 | % |  | 1.70 | %
2020 | 2.87 | % |  | 2.89 | % |  | 2.28 | %
Expected Long-term Rate of Return |  |  |  |  |
2022 | 3.27 | % |  | 3.18 | % |  | 3.00 | %
2021 | 3.27 | % |  | 2.01 | % |  | 3.69 | %
2020 | 2.93 | % |  | 2.93 | % |  | 4.10 | %
Rate of Compensation Increase |  |  |  |  |
2022 | — | % |  | 3.01 | % |  | 3.21 | %
2021 | — | % |  | 3.03 | % |  | 3.20 | %
2020 | — | % |  | 3.04 | % |  | 3.37 | %
Health care cost trend rates related to U.S. plan | The U.S. Retiree Health and Life Insurance Plan makes up approximately 96% 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
2022 | 5.80 | % |  | 6.50 | %
2021 | 6.91 | % |  | 8.27 | %
Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2022 | 4.50 | % |  | 4.50 | %
2021 | 4.45 | % |  | 4.40 | %
Year at which the Rate Reaches the Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2022 | 2030 |  | 2030
2021 | 2030 |  | 2030
Weighted-average asset allocations | The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at 2022 and 2021, by asset category.
Asset Category |  |  | U.S. |  | U.K. |  | Canada
Equity securities | 2022 |  | 23.4 | % |  | 22.6 | % |  | 34.0 | %
2021 |  | 23.5 | % |  | 32.8 | % |  | 33.6 | %
Debt securities | 2022 |  | 72.9 | % |  | 76.3 | % |  | 66.0 | %
2021 |  | 72.0 | % |  | 66.6 | % |  | 66.4 | %
Cash and short-term investments | 2022 |  | 3.7 | % |  | 1.1 | % |  | — | %
2021 |  | 4.5 | % |  | 0.6 | % |  | — | %
Total | 2022 |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
2021 |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
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 | 2022 |  | 2021
Equity securities | —% |  | —%
Debt securities | 100.0% |  | 100.0%
Cash | —% |  | —%
Total | 100.0% |  | 100.0%

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