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Retirement plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefits [Abstract] |
Disclosure of net defined benefit liability (asset) | Information concerning the Company’s defined benefit pension plans, in aggregate, is as follows:
As at | Dec 31 2023 | Dec 31 2022
Accrued benefit obligations: |  |
Balance, beginning of year | $ | 53,586 |  | $ | 62,208 |
Current service cost | 2,246 |  | 2,329 |
Past service cost | 2,479 |  | — |
Interest cost on accrued benefit obligations | 2,549 |  | 2,007 |
Benefit payments | (4,280) |  | (5,760) |
Settlements | (3,738) |  | — |
Actuarial (gain) loss | 2,074 |  | (4,047) |
Foreign exchange (gain) loss | 265 |  | (3,151) |
Balance, end of year | 55,181 |  | 53,586 |
Fair values of plan assets: |  |
Balance, beginning of year | 38,347 |  | 46,608 |
Interest income on assets | 1,901 |  | 1,221 |
Contributions | 5,687 |  | 4,457 |
Benefit payments | (4,280) |  | (5,760) |
Settlements | (3,680) |  | — |
Return on plan assets | (705) |  | (5,173) |
Foreign exchange gain (loss) | 938 |  | (3,006) |
Balance, end of year | 38,208 |  | 38,347 |
Unfunded status | 16,973 |  | 15,239 |
Minimum funding requirement | — |  | — |
Defined benefit obligation, net | $ | 16,973 |  | $ | 15,239 |
Expense recognized in the income statement | The Company’s net defined benefit pension plan expense charged to the consolidated statements of income for the years ended December 31, 2023 and 2022 is as follows:
For the years ended December 31 | 2023 | 2022
Net defined benefit pension plan expense: |  |
Current service cost | $ | 2,246 | $ | 2,329 |
Past service cost | 2,479 | — |
Net interest cost | 648 | 786 |
Cost of settlement | (58) | — |
Total net defined benefit pension plan expense | $ | 5,315 | $ | 3,115 |
Expense recognized in other comprehensive income | The Company’s current year actuarial losses, recognized in the consolidated statements of comprehensive income for the years ended December 31, 2023 and 2022, are as follows:
For the years ended December 31 | 2023 | 2022
Actuarial loss | $ | (2,827) | $ | (726)
Disclosure of fair value of plan assets | The asset allocation for the defined benefit pension plan assets as at December 31, 2023 and 2022 is as follows:
As at | Dec 31 2023 | Dec 31 2022
Equity securities | 15% | 20%
Debt securities | 52% | 49%
Cash and other short-term securities | 33% | 31%
Total | 100% | 100%

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- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_142&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_140_a&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition Disclosure Of Defined Benefit Plan Expense Recognized In Other Comprehensive Income Explanatory [Table Text Block] + References No definition available. + Details
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- Definition Disclosure Of Defined Benefit Plan Expense Recognized In Profit Or Loss Explanatory [Table Text Block] + References No definition available. + Details
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