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Employee benefits (Tables)
12 Months Ended
Dec. 31, 2022
Employee benefits  
Schedule Of Allocation Of Plan Assets
Minimum allotment
Maximum allotment
2022
2021
Equity
0
%
70
%
27
%
30
%
Debt securities
0
%
100
%
69
%
67
%
Popular related securities
0
%
5
%
2
%
2
%
Cash and cash equivalents
0
%
100
%
2
%
1
%
2022
2021
(In thousands)
Level 1
Level 2
Level 3
Measured
at NAV
Total
 
Level 1
Level 2
Level 3
Measured
at NAV
Total
 
Obligations of the U.S.
Government, its agencies,
states and political
subdivisions
$
-
$
8,113
$
-
$
130,397
$
138,510
$
-
$
9,259
$
-
$
188,377
$
197,636
Corporate bonds and
debentures
-
268,641
-
6,291
274,932
-
375,875
-
8,485
384,360
Equity securities - Common
Stock
32,906
-
-
-
32,906
41,414
-
-
-
41,414
Equity securities - ETF's
51,836
20,276
-
-
72,112
111,365
25,446
-
-
136,811
Foreign commingled trust
funds
-
-
-
64,630
64,630
-
-
-
82,912
82,912
Mutual fund
-
3,471
-
22,106
25,577
-
5,262
-
-
5,262
Private equity investments
-
-
-
-
-
-
-
56
-
56
Cash and cash equivalents
7,637
-
-
-
7,637
7,523
-
-
-
7,523
Accrued investment income
 
-
-
3,581
-
3,581
-
-
4,510
-
4,510
Total assets
 
$
92,379
$
300,501
$
3,581
$
223,424
$
619,885
$
160,302
$
415,842
$
4,566
$
279,774
$
860,484
Schedule of changes in plan assets
(In thousands)
2022
2021
Balance at beginning of year
$
4,566
$
3,917
Purchases, sales, issuance and settlements (net)
(985)
649
Balance at end of year
$
3,581
$
4,566
Schedule Of Information Popular Inc Shares Of Common Stock Held By The Plans
(In thousands, except number of shares information)
2022
2021
Shares of Popular, Inc. common stock
171,931
167,182
Fair value of shares of Popular, Inc. common
 
stock
$
11,402
$
13,716
Dividends paid on shares of Popular,
 
Inc. common stock held by the plan
$
355
$
280
Components of Net Periodic Pension/Postretirement Benefit Cost
Pension Plans
OPEB Plan
(In thousands)
2022
2021
2020
2022
2021
2020
(in thousands)
Service cost
$
-
$
-
$
-
$
485
$
642
$
713
Other operating expenses:
Interest cost
19,199
15,993
23,389
3,931
3,573
4,913
Expected return on plan assets
(35,388)
(38,679)
(38,104)
-
-
-
Recognized net actuarial loss
15,644
18,876
20,880
-
1,873
567
Net periodic benefit cost
$
(545)
$
(3,810)
$
6,165
$
4,416
$
6,088
$
6,193
Other Adjustments
-
-
-
60
-
-
Total benefit cost
 
$
(545)
$
(3,810)
$
6,165
$
4,476
$
6,088
$
6,193
Schedule Of Aggregate Status Of The Plans And The Amounts Recognized In The Consolidated Financial Statements
Pension Plans
OPEB Plan
(In thousands)
2022
2021
2022
2021
Change in benefit obligation:
Benefit obligation at beginning of year
$
851,471
$
914,353
$
159,958
$
179,210
Service cost
 
-
-
485
642
Interest cost
 
19,199
15,993
3,931
3,573
Actuarial (gain)/loss
[1]
(194,473)
(34,297)
(39,479)
(17,286)
Benefits paid
(48,022)
(44,578)
(6,619)
(6,181)
Other adjustments
-
-
60
-
Benefit obligation at end of year
$
628,175
$
851,471
$
118,336
$
159,958
Change in fair value of plan assets:
Fair value of plan assets at beginning of year
$
860,484
$
878,785
$
-
$
-
Actual return on plan assets
(192,807)
26,049
-
-
Employer contributions
230
228
6,619
6,181
Benefits paid
(48,022)
(44,578)
(6,619)
(6,181)
Fair value of plan assets at end of year
$
619,885
$
860,484
$
-
$
-
Funded status of the plan:
Benefit obligation at end of year
$
(628,175)
$
(851,471)
$
(118,336)
$
(159,958)
Fair value of plan assets at end of year
619,885
860,484
-
-
Funded status at year end
$
(8,290)
$
9,013
$
(118,336)
$
(159,958)
Amounts recognized in accumulated other comprehensive
 
loss:
Net loss/(gain)
243,434
225,356
(26,486)
12,993
Accumulated other comprehensive loss (AOCL)
$
243,434
$
225,356
$
(26,486)
$
12,993
Reconciliation of net (liabilities) assets:
Net liabilities at beginning of year
$
9,013
$
(35,568)
$
(159,958)
$
(179,210)
Amount recognized in AOCL at beginning of year,
 
pre-tax
225,356
265,899
12,993
32,152
Amount prepaid at beginning of year
234,369
230,331
(146,965)
(147,058)
Total benefit
 
cost
545
3,810
(4,476)
(6,088)
Contributions
230
228
6,619
6,181
Amount prepaid at end of year
235,144
234,369
(144,822)
(146,965)
Amount recognized in AOCL
(243,434)
(225,356)
26,486
(12,993)
Net asset/(liabilities) at end of year
$
(8,290)
$
9,013
$
(118,336)
$
(159,958)
[1]
For 2022, significant components of the Pension Plans
 
actuarial gain that changed the benefit obligation were
 
mainly related to an increase in the
single weighted-average discount rates partially offset
 
by a lower return on the fair value of plan assets. For OPEB
 
Plans significant components of
the actuarial gain that change the benefit obligation
 
were mainly related to an increase in discount rates and
 
the per capita claim assumption at year-
end which was lower than expected partially offset
 
by the health care cost trend assumption which
 
was updated to reflect inflationary pressures in
the health care industry.
 
For 2021, significant components of the Pension Plans
 
actuarial gain that changed the benefit obligation
 
were mainly
related to an increase in the single weighted-average discount
 
rates partially offset by a lower return on the
 
fair value of plan assets. For OPEB
Plans significant components of the actuarial gain that change
 
the benefit obligation were mainly related to an increase
 
in discount rates and the per
capita claim assumption at year-end which was lower than
 
expected.
 
The per capita claim methodology for the fully insured
 
Medicare Advantage
plans changed from age-based per capita cost to cost that
 
do not vary by age.
Schedule of defined benefit plan amount recognized in other comprehensive income loss
(In thousands)
Pension Plans
OPEB Plan
2022
2021
2022
2021
Accumulated other comprehensive loss at beginning of year
$
225,356
$
265,899
$
12,993
$
32,152
Increase (decrease) in AOCL:
Recognized during the year:
Amortization of actuarial losses
(15,644)
(18,876)
-
(1,873)
Occurring during the year:
Net actuarial (gains)/losses
33,722
(21,667)
(39,479)
(17,286)
Total (decrease) increase
 
in AOCL
18,078
(40,543)
(39,479)
(19,159)
Accumulated other comprehensive loss at end of year
$
243,434
$
225,356
$
(26,486)
$
12,993
Schedule of Assumptions Used
Pension Plan
OPEB Plan
Weighted average assumptions used to
determine net periodic benefit cost for the
years ended December 31:
2022
2021
2020
2022
2021
2020
Discount rate for benefit obligation
2.79
 
-
2.83
%
2.41
 
-
2.48
%
3.22
 
-
3.27
%
2.94
%
2.65
%
3.38
%
Discount rate for service cost
N/A
N/A
N/A
3.21
%
3.09
%
3.72
%
Discount rate for interest cost
2.3
0 -
2.33
%
1.76
 
-
1.8
0
%
2.81
 
-
2.83
%
2.51
%
2.03
%
2.98
%
Expected return on plan assets
4.3
0 -
5.40
%
4.6
0 -
5.50
%
5
.00 -
5.8
0
%
N/A
N/A
N/A
Initial health care cost trend rate
N/A
N/A
N/A
4.75
%
5.00
%
5.00
%
Ultimate health care cost trend rate
N/A
N/A
N/A
4.50
%
4.50
%
5.00
%
Year that the ultimate trend
 
rate is reached
N/A
N/A
N/A
2023
2023
2020
Pension Plans
OPEB Plan
Weighted average assumptions used to determine
 
benefit obligation at
December 31:
2022
2021
2022
2021
Discount rate for benefit obligation
5.34
-
5.37
%
2.79
-
2.83
%
5.42
%
2.94
%
Initial health care cost trend rate
N/A
N/A
7.50
%
4.75
%
Ultimate health care cost trend rate
N/A
N/A
4.50
%
4.50
%
Year that the ultimate trend
 
rate is reached
N/A
N/A
2035
2023
Schedule of Accumulated and Projected Benefit Obligations
Pension Plans
OPEB Plan
(In thousands)
2022
2021
2022
2021
Projected benefit obligation
$
628,175
$
851,471
$
118,336
$
159,958
Accumulated benefit obligation
 
628,175
851,471
118,336
159,958
Fair value of plan assets
 
619,885
860,484
-
-
Schedule of employer contribution to benefit plan
(In thousands)
2023
Pension Plans
$
228
OPEB Plan
$
5,924
Schedule of expected benefit payments
(In thousands)
Pension Plans
OPEB Plan
2023
$
48,472
$
5,924
2024
45,590
6,149
2025
45,750
6,429
2026
45,847
6,754
2027
45,843
7,053
2028 - 2032
225,107
38,873
Schedule Of Breakdown Postretirement Health Care Benefit Plan Liabilities
Pension Plans
OPEB Plan
(In thousands)
2022
2021
2022
2021
Non-current assets
$
-
$
17,792
$
-
$
-
Current liabilities
 
222
227
5,779
5,959
Non-current liabilities
8,068
8,552
112,557
153,999