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Retirement plans (Tables)
12 Months Ended
Dec. 31, 2024
Employee Benefits [Abstract]  
Schedule of net defined benefit liability (asset) Information concerning the Company’s defined benefit pension plans, in aggregate, is as follows:
As at
Dec 31
2024
Dec 31
2023
Accrued benefit obligations:
Balance, beginning of year
$55,181 $53,586 
Current service cost
3,395 2,246 
Past service cost
 2,479 
Interest cost on accrued benefit obligations
2,436 2,549 
Benefit payments
(3,657)(4,280)
Settlements
(12,246)(3,738)
Actuarial (gain) loss
(206)2,074 
Foreign exchange (gain) loss
(4,856)265 
Balance, end of year
40,047 55,181 
Fair values of plan assets:
Balance, beginning of year
38,208 38,347 
Interest income on assets
1,680 1,901 
Contributions
2,536 5,687 
Benefit payments
(3,657)(4,280)
Settlements
(13,305)(3,680)
Return on plan assets
45 (705)
Foreign exchange gain (loss)
(2,258)938 
Balance, end of year
23,249 38,208 
Unfunded status
16,798 16,973 
Minimum funding requirement
 — 
Defined benefit obligation, net
$16,798 $16,973 
Schedule of 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, 2024 and 2023 is as follows:
For the years ended December 31
20242023
Net defined benefit pension plan expense:
Current service cost
$3,395$2,246 
Past service cost
2,479 
Net interest cost
756648 
Cost of settlement
1,059(58)
Total net defined benefit pension plan expense$5,210$5,315 
Schedule of expense recognized in other comprehensive income
The Company’s current year actuarial gain (loss), recognized in the consolidated statements of comprehensive income for the years ended December 31, 2024 and 2023, are as follows:
For the years ended December 31
20242023
Actuarial gain (loss)
$1,353$(2,827)
Schedule of fair value of plan assets
The asset allocation for the defined benefit pension plan assets as at December 31, 2024 and 2023 is as follows:
As at
Dec 31
2024
Dec 31
2023
Equity securities
23%15%
Debt securities
14%52%
Cash and other short-term securities
63%33%
Total
100%100%