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Employee benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Benefit Cost/(Income) | The components of net periodic benefit cost/(income) include the following:
| 2024 |  | 2023 |  | 2022
Retirement Plans |  |  |  |  |
Service cost | $ | 3,456 |  |  | $ | 2,878 |  |  | $ | 3,266 |
Interest cost | 19,097 |  |  | 18,101 |  |  | 10,562 |
Expected return on plan assets | (11,133) |  |  | (9,451) |  |  | (10,302) |
Amortization of prior service cost | 864 |  |  | 926 |  |  | 913 |
Amortization of net actuarial loss | 4,472 |  |  | 4,300 |  |  | 6,240 |
Effect of settlement loss | 530 |  |  | 1,010 |  |  | 479 |
Effect of curtailment loss | — |  |  | — |  |  | 43 |
Net periodic benefit cost | $ | 17,286 |  |  | $ | 17,764 |  |  | $ | 11,201 |
Retiree Health and Life Insurance Plans |  |  |  |  |
Service cost | $ | 178 |  |  | $ | 230 |  |  | $ | 320 |
Interest cost | 919 |  |  | 507 |  |  | 258 |
Expected return on plan assets | (392) |  |  | (313) |  |  | (439) |
Amortization of prior service credit | 385 |  |  | — |  |  | — |
Amortization of net actuarial gain | (899) |  |  | (768) |  |  | (681) |
Net periodic benefit cost/(income) | $ | 191 |  |  | $ | (344) |  |  | $ | (542) |
Schedule of Plans' Obligations | The following tables set forth the Plans’ obligations and assets at December 31:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at January 1 | $ | 413,340 |  |  | $ | 352,767 |  |  | $ | 22,571 |  |  | $ | 11,244 |
Service cost | 3,456 |  |  | 2,878 |  |  | 178 |  |  | 230 |
Interest cost | 19,097 |  |  | 18,101 |  |  | 919 |  |  | 507 |
Plan participant contributions | 31 |  |  | 60 |  |  | — |  |  | — |
Plan amendments | 615 |  |  | 306 |  |  | — |  |  | 11,637 |
Actuarial (gain)/loss | (18,935) |  |  | 15,663 |  |  | (2,389) |  |  | (266) |
Benefits paid | (28,263) |  |  | (26,703) |  |  | (1,418) |  |  | (788) |
Impact of foreign exchange rates | (8,926) |  |  | 8,707 |  |  | (29) |  |  | 7 |
Effect of settlements | (2,218) |  |  | (2,373) |  |  | — |  |  | — |
Effect of curtailments | — |  |  | — |  |  | — |  |  | — |
Acquisitions | 74,078 |  |  | 43,934 |  |  | — |  |  | — |
Benefit obligation at December 31 | $ | 452,275 |  |  | $ | 413,340 |  |  | $ | 19,832 |  |  | $ | 22,571 |
Schedule of Fair Value of Plan Assets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 295,587 |  |  | $ | 253,125 |  |  | $ | 13,213 |  |  | $ | 12,750 |
Actual return on plan assets | (5,203) |  |  | 15,968 |  |  | 535 |  |  | 553 |
Company contributions | 18,798 |  |  | 13,908 |  |  | 835 |  |  | 754 |
Plan participant contributions | 77 |  |  | 60 |  |  | — |  |  | — |
Benefits paid | (28,263) |  |  | (26,703) |  |  | (1,360) |  |  | (788) |
Impact of foreign exchange rates | (7,200) |  |  | 10,388 |  |  | — |  |  | — |
Effect of settlements | (2,218) |  |  | (2,373) |  |  | — |  |  | — |
Expenses paid | (1,976) |  |  | (1,108) |  |  | (48) |  |  | (56) |
Acquisitions | 21,223 |  |  | 32,322 |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 290,825 |  |  | $ | 295,587 |  |  | $ | 13,175 |  |  | $ | 13,213 |
Funded status of the Plans | $ | (161,450) |  |  | $ | (117,753) |  |  | $ | (6,657) |  |  | $ | (9,358) |
Schedule of Recognized Amounts in Consolidated Balance Sheets |
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Total Recognized Amounts in the Consolidated Balance Sheets |  |  |  |  |  |
Noncurrent assets | $ | 24,919 |  |  | $ | 26,599 |  |  | $ | — |  |  | $ | — |
Current liabilities | (11,382) |  |  | (9,797) |  |  | (817) |  |  | (1801) |
Noncurrent liabilities | (174,987) |  |  | (134,555) |  |  | (5,840) |  |  | (7,557) |
Net (liability) | $ | (161,450) |  |  | $ | (117,753) |  |  | $ | (6,657) |  |  | $ | (9,358) |
Schedule of 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, 2024 and 2023, are as follows:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Net actuarial loss/(gain) | $ | 109,718 |  |  | $ | 114,957 |  |  | $ | (7,706) |  |  | $ | (6,120) |
Prior service cost | 5,020 |  |  | 5,557 |  |  | 11,251 |  |  | 11,637 |
| $ | 114,738 |  |  | $ | 120,514 |  |  | $ | 3,545 |  |  | $ | 5,517 |
The pre-tax amounts recognized in Other Comprehensive Loss/(Income) include the following:
| Retirement Plans |  | Retiree Health and Life Insurance Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Adjustments arising during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain)/loss | $ | (238) |  |  | $ | 10,709 |  |  | $ | 4,839 |  |  | $ | (2,485) |  |  | $ | (451) |  |  | $ | (761) |
Prior service cost | 327 |  |  | 430 |  |  | 678 |  |  | — |  |  | 11,637 |  |  | — |
Net settlements/curtailments | (530) |  |  | (1,010) |  |  | (522) |  |  | — |  |  | — |  |  | — |
Amortization recognized during the period: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (loss)/gain | (4,472) |  |  | (4,300) |  |  | (6,240) |  |  | 899 |  |  | 768 |  |  | 681 |
Prior service cost | (864) |  |  | (926) |  |  | (913) |  |  | (385) |  |  | — |  |  | — |
Total recognized in other comprehensive (income)/loss | $ | (5,777) |  |  | $ | 4,903 |  |  | $ | (2,158) |  |  | $ | (1,971) |  |  | $ | 11,954 |  |  | $ | (80) |
Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $ | 11,509 |  |  | $ | 22,707 |  |  | $ | 9,081 |  |  | $ | (1,780) |  |  | $ | 11,610 |  |  | $ | (622) |
Schedule of 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
2025 | $ | 33,734 |  |  | $ | 1,642 |
2026 | $ | 34,132 |  |  | $ | 1,790 |
2027 | $ | 34,027 |  |  | $ | 1,709 |
2028 | $ | 35,391 |  |  | $ | 1,956 |
2029 | $ | 34,788 |  |  | $ | 1,829 |
2030-2034 | $ | 184,106 |  |  | $ | 8,773 |
Schedule of 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 |  |  |  |  |
2024 | 5.52 | % |  | 5.32 | % |  | 6.52 | %
2023 | 4.84 | % |  | 4.68 | % |  | 4.79 | %
Rate of Compensation Increase |  |  |  |  |
2024 | — | % |  | 3.02 | % |  | 3.59 | %
2023 | — | % |  | 3.03 | % |  | 3.11 | %
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 |  |  |  |  |
2024 | 4.84 | % |  | 4.68 | % |  | 4.79 | %
2023 | 5.01 | % |  | 4.92 | % |  | 4.97 | %
2022 | 2.77 | % |  | 2.48 | % |  | 2.22 | %
Expected Long-term Rate of Return |  |  |  |  |
2024 | 3.08 | % |  | 3.05 | % |  | 4.36 | %
2023 | 2.48 | % |  | 2.45 | % |  | 4.70 | %
2022 | 3.27 | % |  | 3.18 | % |  | 3.00 | %
Rate of Compensation Increase |  |  |  |  |
2024 | — | % |  | 3.03 | % |  | 3.11 | %
2023 | — | % |  | 2.99 | % |  | 3.29 | %
2022 | — | % |  | 3.01 | % |  | 3.21 | %
Schedule of Health Care Cost Trend Rates | The U.S. Retiree Health and Life Insurance Plan makes up approximately 90% 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
2024 | 6.17 | % |  | 7.28 | %
2023 | 6.25 | % |  | 7.25 | %
Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2024 | 4.50 | % |  | 4.50 | %
2023 | 4.50 | % |  | 4.50 | %
Year at which the Rate Reaches the Ultimate Trend Rate | Pre-age 65 |  | Post-age 65
2024 | 2035 |  | 2035
2023 | 2033 |  | 2033
Schedule of Weighted-Average Asset Allocations | The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at 2024 and 2023, by asset category.
Asset Category |  |  | U.S. |  | RTS |  | U.K. |  | Canada
Equity securities | 2024 |  | 19.5 | % |  | 22.2 | % |  | 21.0 | % |  | 31.4 | %
2023 |  | 22.2 | % |  | 18.6 | % |  | 20.0 | % |  | 29.4 | %
Debt securities | 2024 |  | 78.0 | % |  | 77.8 | % |  | 77.1 | % |  | 68.6 | %
2023 |  | 76.6 | % |  | 81.2 | % |  | 79.1 | % |  | 70.6 | %
Cash and short-term investments | 2024 |  | 2.5 | % |  | — | % |  | 1.9 | % |  | — | %
2023 |  | 1.2 | % |  | 0.2 | % |  | .9 | % |  | — | %
Total | 2024 |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
2023 |  | 100.0 | % |  | 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 | 2024 |  | 2023
Equity securities | —% |  | —%
Debt securities | 100.0% |  | 100.0%
Cash | —% |  | —%
Total | 100.0% |  | 100.0%

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