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Employee benefit plans (Tables)

12 Months Ended

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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