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Employee benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit cost include the following:
| 2023 |  | 2022 |  | 2021
Retirement Plans |  |  |  |  |
Service cost | $ | 2,918 |  |  | $ | 3,304 |  |  | $ | 3,916 |
Interest cost | 18,101 |  |  | 10,562 |  |  | 24,186 |
Expected return on plan assets | (9,451) |  |  | (10,302) |  |  | (22,888) |
Amortization of prior service cost | 926 |  |  | 913 |  |  | 900 |
Amortization of net actuarial loss | 4,300 |  |  | 6,240 |  |  | 16,503 |
Effect of settlement loss | 1,010 |  |  | 479 |  |  | 550,706 |
Effect of curtailment loss | — |  |  | 43 |  |  | — |
Net periodic benefit cost | $ | 17,804 |  |  | $ | 11,239 |  |  | $ | 573,323 |
Retiree Health and Life Insurance Plans |  |  |  |  |
Service cost | $ | 230 |  |  | $ | 320 |  |  | $ | 374 |
Interest cost | 507 |  |  | 258 |  |  | 197 |
Expected return on plan assets | (313) |  |  | (439) |  |  | (444) |
Amortization of prior service credit | — |  |  | — |  |  | — |
Amortization of net actuarial gain | (768) |  |  | (681) |  |  | (744) |
Net periodic benefit income | $ | (344) |  |  | $ | (542) |  |  | $ | (617) |
Plans' obligations | The following tables set forth the Plans’ obligations and assets at December 31:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at January 1 | $ | 352,843 |  |  | $ | 514,633 |  |  | $ | 11,244 |  |  | $ | 13,745 |
Service cost | 2,918 |  |  | 3,304 |  |  | 230 |  |  | 320 |
Interest cost | 18,101 |  |  | 10,562 |  |  | 507 |  |  | 258 |
Plan participant contributions | 60 |  |  | 50 |  |  | — |  |  | — |
Plan amendments | 306 |  |  | 665 |  |  | 11,637 |  |  | — |
Actuarial loss/(gain) | 15,663 |  |  | (124,982) |  |  | (266) |  |  | (1,825) |
Benefits paid | (26,703) |  |  | (22,268) |  |  | (788) |  |  | (1,224) |
Impact of foreign exchange rates | 8,707 |  |  | (27,273) |  |  | 7 |  |  | (30) |
Effect of settlements | (2,373) |  |  | (1,736) |  |  | — |  |  | — |
Effect of curtailments | — |  |  | (112) |  |  | — |  |  | — |
Acquisitions | 43,934 |  |  | — |  |  | — |  |  | — |
Benefit obligation at December 31 | $ | 413,456 |  |  | $ | 352,843 |  |  | $ | 22,571 |  |  | $ | 11,244 |
Fair value of plan assets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 253,125 |  |  | $ | 417,105 |  |  | $ | 12,750 |  |  | $ | 13,942 |
Actual return on plan assets | 15,968 |  |  | (119,714) |  |  | 553 |  |  | (532) |
Company contributions | 13,908 |  |  | 14,677 |  |  | 754 |  |  | 652 |
Plan participant contributions | 60 |  |  | 50 |  |  | — |  |  | — |
Benefits paid | (26,703) |  |  | (22,268) |  |  | (788) |  |  | (1,224) |
Impact of foreign exchange rates | 10,388 |  |  | (33,800) |  |  | — |  |  | — |
Effect of settlements | (2,373) |  |  | (1,736) |  |  | — |  |  | — |
Expenses paid | (1,108) |  |  | (1,189) |  |  | (56) |  |  | (88) |
Acquisitions | 32,322 |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 295,587 |  |  | $ | 253,125 |  |  | $ | 13,213 |  |  | $ | 12,750 |
Funded Status of the Plans | $ | (117,869) |  |  | $ | (99,718) |  |  | $ | (9,358) |  |  | $ | 1,506 |
Recognized amounts in consolidated balance sheets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Total Recognized Amounts in the Consolidated Balance Sheets |  |  |  |  |  |
Noncurrent assets | $ | 26,599 |  |  | $ | 30,322 |  |  | $ | — |  |  | $ | 2,919 |
Current liabilities | (9,797) |  |  | (9,478) |  |  | (1,801) |  |  | (1,049) |
Noncurrent liabilities | (134,671) |  |  | (120,562) |  |  | (7,557) |  |  | (364) |
Net (liability)/asset | $ | (117,869) |  |  | $ | (99,718) |  |  | $ | (9,358) |  |  | $ | 1,506 |
Amounts recognized in other comprehensive loss/(income) | Items not yet recognized as a pre-tax component of net periodic benefit cost that are included in Accumulated Other Comprehensive Loss as of December 31, 2023 and 2022, are as follows:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Net actuarial loss/(gain) | $ | 114,957 |  |  | $ | 109,558 |  |  | $ | (6,120) |  |  | $ | (6,437) |
Prior service cost | 5,557 |  |  | 6,053 |  |  | 11,637 |  |  | — |
| $ | 120,514 |  |  | $ | 115,611 |  |  | $ | 5,517 |  |  | $ | (6,437) |
The pre-tax amounts recognized in Other Comprehensive Loss/(Income) include the following:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Adjustments arising during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss/(gain) | $ | 10,709 |  |  | $ | 4,839 |  |  | $ | (63,684) |  |  | $ | (451) |  |  | $ | (761) |  |  | $ | (412) |
Prior service cost | 430 |  |  | 678 |  |  | 837 |  |  | 11,637 |  |  | — |  |  | — |
Net settlements/curtailments | (1,010) |  |  | (522) |  |  | (550,706) |  |  | — |  |  | — |  |  | — |
Amortization recognized during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (loss)/gain | (4,300) |  |  | (6,240) |  |  | (16,503) |  |  | 768 |  |  | 681 |  |  | 744 |
Prior service (cost)/credit | (926) |  |  | (913) |  |  | (900) |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive loss/(income) | $ | 4,903 |  |  | $ | (2,158) |  |  | $ | (630,956) |  |  | $ | 11,954 |  |  | $ | (80) |  |  | $ | 332 |
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ | 22,707 |  |  | $ | 9,081 |  |  | $ | (57,633) |  |  | $ | 11,610 |  |  | $ | (622) |  |  | $ | (285) |
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
2024 | $ | 29,104 |  |  | $ | 1,853 |
2025 | $ | 29,914 |  |  | $ | 1,885 |
2026 | $ | 32,028 |  |  | $ | 2,044 |
2027 | $ | 31,621 |  |  | $ | 1,906 |
2028 | $ | 31,606 |  |  | $ | 2,159 |
2029-2033 | $ | 160,293 |  |  | $ | 9,793 |
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 |  |  |  |  |
2023 | 4.84 | % |  | 4.68 | % |  | 4.79 | %
2022 | 5.01 | % |  | 4.92 | % |  | 4.97 | %
Rate of Compensation Increase |  |  |  |  |
2023 | — | % |  | 3.03 | % |  | 3.11 | %
2022 | — | % |  | 2.99 | % |  | 3.29 | %
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 |  |  |  |  |
2023 | 5.01 | % |  | 4.92 | % |  | 4.97 | %
2022 | 2.77 | % |  | 2.48 | % |  | 2.22 | %
2021 | 2.32 | % |  | 2.04 | % |  | 1.70 | %
Expected Long-term Rate of Return |  |  |  |  |
2023 | 2.48 | % |  | 2.45 | % |  | 4.70 | %
2022 | 3.27 | % |  | 3.18 | % |  | 3.00 | %
2021 | 3.27 | % |  | 2.01 | % |  | 3.69 | %
Rate of Compensation Increase |  |  |  |  |
2023 | — | % |  | 2.99 | % |  | 3.29 | %
2022 | — | % |  | 3.01 | % |  | 3.21 | %
2021 | — | % |  | 3.03 | % |  | 3.20 | %
Health care cost trend rates related to U.S. plan | The U.S. Retiree Health and Life Insurance Plan makes up approximately 98% 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
2023 | 6.25 | % |  | 7.25 | %
2022 | 5.80 | % |  | 6.50 | %
Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2023 | 4.50 | % |  | 4.50 | %
2022 | 4.50 | % |  | 4.50 | %
Year at which the Rate Reaches the Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2023 | 2033 |  | 2033
2022 | 2030 |  | 2030
Weighted-average asset allocations | The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at 2023 and 2022, by asset category.
Asset Category |  |  | U.S. |  | RTS |  | U.K. |  | Canada
Equity securities | 2023 |  | 22.2 | % |  | 18.6 | % |  | 20.0 | % |  | 29.4 | %
2022 |  | 23.4 | % |  | N/A |  | 22.6 | % |  | 34.0 | %
Debt securities | 2023 |  | 76.6 | % |  | 81.2 | % |  | 79.1 | % |  | 70.6 | %
2022 |  | 72.9 | % |  | N/A |  | 76.3 | % |  | 66.0 | %
Cash and short-term investments | 2023 |  | 1.2 | % |  | 0.2 | % |  | 0.9 | % |  | — | %
2022 |  | 3.7 | % |  | N/A |  | 1.1 | % |  | — | %
Total | 2023 |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
2022 |  | 100.0 | % |  | N/A |  | 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 | 2023 |  | 2022
Equity securities | —% |  | —%
Debt securities | 100.0% |  | 100.0%
Cash | —% |  | —%
Total | 100.0% |  | 100.0%

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