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Employee benefit plans (Tables)
12 Months Ended
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:
202420232022
Retirement Plans
Service cost$3,456 $2,878 $3,266 
Interest cost19,097 18,101 10,562 
Expected return on plan assets(11,133)(9,451)(10,302)
Amortization of prior service cost864 926 913 
Amortization of net actuarial loss4,472 4,300 6,240 
Effect of settlement loss530 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 cost919 507 258 
Expected return on plan assets(392)(313)(439)
Amortization of prior service credit385 — — 
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
  
2024202320242023
Change in Benefit Obligation
Benefit obligation at January 1$413,340 $352,767 $22,571 $11,244 
Service cost3,456 2,878 178 230 
Interest cost19,097 18,101 919 507 
Plan participant contributions31 60 — — 
Plan amendments615 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)
Effect of settlements(2,218)(2,373)— — 
Effect of curtailments— — — — 
Acquisitions74,078 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
  
2024202320242023
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 contributions18,798 13,908 835 754 
Plan participant contributions77 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)
Acquisitions21,223 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
  
2024202320242023
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
  
2024202320242023
Net actuarial loss/(gain)$109,718 $114,957 $(7,706)$(6,120)
Prior service cost5,020 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
  
202420232022202420232022
Adjustments arising during the period:
Net actuarial (gain)/loss$(238)$10,709 $4,839 $(2,485)$(451)$(761)
Prior service cost327 430 678 — 11,637 — 
Net settlements/curtailments(530)(1,010)(522)— — — 
Amortization recognized during the period:
Net actuarial (loss)/gain(4,472)(4,300)(6,240)899 768 681 
Prior service cost
(864)(926)(913)(385)— — 
Total recognized in other comprehensive (income)/loss$(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:
YearRetirement 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
20245.52 %5.32 %6.52 %
20234.84 %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
20244.84 %4.68 %4.79 %
20235.01 %4.92 %4.97 %
20222.77 %2.48 %2.22 %
Expected Long-term Rate of Return
20243.08 %3.05 %4.36 %
20232.48 %2.45 %4.70 %
20223.27 %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 RatePre-age 65Post-age 65
20246.17 %7.28 %
20236.25 %7.25 %
Ultimate Trend RatePre-age 65Post-age 65
20244.50 %4.50 %
20234.50 %4.50 %
Year at which the Rate Reaches
the Ultimate Trend Rate
Pre-age 65Post-age 65
202420352035
202320332033
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.RTSU.K.Canada
Equity securities202419.5 %22.2 %21.0 %31.4 %
202322.2 %18.6 %20.0 %29.4 %
Debt securities202478.0 %77.8 %77.1 %68.6 %
202376.6 %81.2 %79.1 %70.6 %
Cash and short-term investments20242.5 %— %1.9 %— %
20231.2 %0.2 %.9 %— %
Total2024100.0 %100.0 %100.0 %100.0 %
2023100.0 %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 Category20242023
Equity securities—%—%
Debt securities100.0%100.0%
Cash—%—%
Total100.0%100.0%