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Employee benefit plans (Tables)

12 Months Ended

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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