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Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components of net periodic benefit cost
The components of net periodic benefit cost include the following:
201920182017
Retirement Plans
Service cost$3,968  $18,652  $18,543  
Interest cost57,348  54,970  55,873  
Expected return on plan assets(65,143) (91,021) (81,212) 
Amortization of prior service cost1,022  916  910  
Amortization of net actuarial loss30,681  37,391  39,209  
Effect of settlement loss2,377  730  32,761  
Effect of curtailment loss—  256  —  
Net periodic benefit cost$30,253  $21,894  $66,084  
Retiree Health and Life Insurance Plans
Service cost$308  $297  $313  
Interest cost467  452  463  
Expected return on plan assets(718) (1,135) (1,636) 
Amortization of prior service credit(498) (498) (499) 
Amortization of net actuarial gain(823) (1,120) (759) 
Net periodic benefit income$(1,264) $(2,004) $(2,118) 
Plans' obligations
The following tables set forth the Plans’ obligations and assets at December 31:
 Retirement Plans
Retiree Health
and
Life Insurance Plans
  
2019201820192018
Change in Benefit Obligation
Benefit obligation at January 1$1,684,277  $1,837,938  $14,048  $15,691  
Service cost3,968  18,652  308  297  
Interest cost57,348  54,970  467  452  
Plan participant contributions224  429  680  620  
Plan amendments1,343  155  —  —  
Actuarial loss/(gain)316,547  (115,153) 589  (398) 
Benefits paid(92,636) (93,053) (1,621) (2,569) 
Impact of foreign exchange rates11,952  (21,636) 24  (45) 
Effect of settlements(8,101) (2,210) —  —  
Effect of curtailments—  (253) —  —  
Acquisitions1,275  4,438  —  —  
Benefit obligation at December 31$1,976,197  $1,684,277  $14,495  $14,048  
Fair value of plan assets
 Retirement Plans
Retiree Health and
Life Insurance Plans
  
2019201820192018
Change in Plan Assets
Fair value of plan assets at January 1$1,318,832  $1,494,713  $10,919  $27,177  
Actual return on plan assets242,823  (78,447) 2,327  (915) 
Company contributions215,979  24,524  682  (13,302) 
Plan participant contributions224  429  680  620  
Benefits paid(92,636) (93,053) (1,621) (2,569) 
Impact of foreign exchange rates12,869  (22,380) —  —  
Effect of settlements(8,101) (2,210) —  —  
Expenses paid(7,084) (6,670) (106) (92) 
Acquisitions614  1,926  —  —  
Fair value of plan assets at December 31$1,683,520  $1,318,832  $12,881  $10,919  
Funded Status of the Plans$(292,677) $(365,445) $(1,614) $(3,129) 
Recognized amounts in consolidated balance sheets
The negative contribution reported in 2018 for the Company's Retiree Health and Life Insurance Plans reflects $14,025 of cash withdrawn from a collectively bargained VEBA in 2018 pursuant to an IRS private letter ruling dated April 1, 2018, permitting the Company to amend the VEBA to provide benefits to active, non-collectively bargained employees in addition to retired collectively bargained employees.
 Retirement Plans
Retiree Health and
Life Insurance Plans
  
2019201820192018
Total Recognized Amounts in the Consolidated Balance Sheets
Noncurrent assets$24,196  $18,520  $—  $—  
Current liabilities(13,913) (12,935) (784) (983) 
Noncurrent liabilities(302,960) (371,030) (830) (2,146) 
Net liability$(292,677) $(365,445) $(1,614) $(3,129) 
Component of net periodic pension cost that are included in accumulated other comprehensive loss (income)
Items not yet recognized as a component of net periodic pension cost that are included in Accumulated Other Comprehensive Loss (Income) as of December 31, 2019 and 2018, are as follows:
 Retirement Plans
Retiree Health and
Life Insurance Plans
  
2019201820192018
Net actuarial loss/(gain)$759,610  $646,254  $(7,055) $(6,964) 
Prior service cost/(credit)6,159  5,514  (279) (777) 
 $765,769  $651,768  $(7,334) $(7,741) 
Amounts recognized in other comprehensive loss/(income)
The amounts recognized in Other Comprehensive Loss/(Income) include the following:
 Retirement Plans
Retiree Health and
Life Insurance Plans
  
201920182017201920182017
Adjustments arising during the period:
Net actuarial loss/(gain)$146,414  $58,544  $(10,732) $(914) $1,738  $(3,525) 
Prior service cost/(credit)1,667  2,906  639  —  —  —  
Net settlements/curtailments(2,377) (986) (32,761) —  —  —  
Reversal of amortization:
Net actuarial (loss)/gain(30,681) (37,391) (39,209) 823  1,120  759  
Prior service (cost)/credit(1,022) (916) (910) 498  498  499  
Total recognized in other comprehensive loss/(income)$114,001  $22,157  $(82,973) $407  $3,356  $(2,267) 
Total recognized in net periodic benefit cost and other comprehensive loss/(income)$144,254  $44,051  $(16,889) $(857) $1,352  $(4,385) 
Accumulated other comprehensive loss/(income) expects to recognize as components of net periodic benefit cost
Of the amounts included in Accumulated Other Comprehensive Loss/(Income) as of December 31, 2019, the portions the Company expects to recognize as components of net periodic benefit cost in 2020 are as follows:
Retirement
Plans
Retiree Health and
Life Insurance Plans
Net actuarial loss/(gain)$22,486  $(808) 
Prior service cost/(credit)1,037  (279) 
 $23,523  $(1,087) 
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
2020$96,448  $1,344  
2021$93,436  $1,305  
2022$94,786  $1,269  
2023$95,830  $1,230  
2024$97,372  $1,173  
2025-2029$508,354  $5,344  
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 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
20192.87 %2.89 %2.28 %
20184.24 %4.02 %3.11 %
Rate of Compensation Increase
2019— %3.04 %3.37 %
2018— %3.06 %3.65 %
 
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
20194.24 %4.02 %3.11 %
20183.59 %3.36 %2.78 %
20174.12 %3.70 %2.95 %
Expected Long-term Rate of Return
20196.63 %6.73 %4.62 %
20186.87 %6.95 %4.84 %
20176.86 %6.98 %4.52 %
Rate of Compensation Increase
2019— %3.06 %3.65 %
20183.40 %3.28 %3.62 %
20173.60 %3.32 %3.65 %
Health care cost trend rates related to U.S. plan
The U.S. Retiree Health and Life Insurance Plan makes up approximately 96% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only.
Healthcare Cost Trend RatePre-age 65Post-age 65
20196.25 %6.25 %
20186.50 %6.50 %
Ultimate Trend RatePre-age 65Post-age 65
20194.50 %4.50 %
20184.50 %4.50 %
Year at which the Rate Reaches
the Ultimate Trend Rate
Pre-age 65Post-age 65
201920262026
201820262026
Retirement Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average asset allocations
The following table sets forth the weighted-average asset allocations of the Company’s retirement plans at 2019 and 2018, by asset category.
Asset Category
  
U.S.U.K.Canada
Equity securities2019— %42.1 %67.9 %
201848.3 %38.9 %55.4 %
Debt securities201991.6 %57.3 %31.6 %
201838.4 %60.5 %44.0 %
Alternative20195.7 %— %— %
201813.3 %— %— %
Cash and short-term investments20192.7 %0.6 %0.5 %
2018— %0.6 %0.6 %
Total2019100.0 %100.0 %100.0 %
2018100.0 %100.0 %100.0 %
Retiree Health and Life Insurance Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average asset allocations
The following table sets forth the weighted-average asset allocations by asset category of the Company’s retiree health and life insurance plan.
Asset Category20192018
Equity securities—%  48.3%  
Debt securities91.6%  38.4%  
Alternative5.7%  13.3%  
Cash2.7%  —%  
Total100.0%  100.0%