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Post-retirement benefit plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of pension plan participants The following table presents the total pension plan participants:
As of December 31, 2021
Actives88
Frozen actives1
Deferreds93
Pensioners38
Number of participants at end of period220
Schedule of pension plan benefit
Year Ended December 31, 2021
Service cost for benefits earned$1,258 
Interest cost on benefit obligations 352 
Expected return on plan assets(856)
Curtailment gain (a)(7,951)
Pension plan cost (benefit)$(7,197)
(a)A number of exits from active status took place during the period which resulted in a curtailment gain as a result of a reduction in PBO.
Schedule of assumptions used to measure pension benefit obligations and pension costs
The actuarial assumptions as of December 31, 2021 used to measure the year-end benefit obligations and pension cost are described in the following tables:
Assumptions used to measure pension benefit obligations and costs:
Year Ended December 31, 2021
Weighted average
Compensation increases3.95 %
Expected return on plan assets3.70 %
Discount rate1.30 %
Schedule of net funded status
Funded status:
As of December 31, 2021
Projected benefit obligations$(188,697)
Fair value of plan assets140,152 
Defined benefit obligation$(48,545)
Year Ended December 31, 2021
Funded status at beginning of period $— 
GECAS Transaction(64,801)
Net periodic pension income7,197 
Changes in funded status recognized in other comprehensive income5,855 
Company contributions during the period 1,981 
Exchange rate adjustment1,223 
Funded status at end of period $(48,545)
Schedule of of projected benefit obligations
Projected benefit obligation:
As of December 31, 2021
Projected benefit obligation at beginning of period$— 
GECAS Transaction206,660 
Service cost for benefits earned1,258 
Interest cost on benefit obligations352 
Benefits paid(318)
Exchange rate adjustment(3,515)
Actuarial gain(7,789)
Curtailment gain (a)(7,951)
Projected benefit obligation at end of period$188,697 
(a)A number of exits from active status took place during the period which resulted in a curtailment gain as a result of a reduction in PBO.
Schedule of allocation of plan assets
The fair value of the pension plan’s investments is presented below, by class:
As of December 31, 2021
Debt securities$47,074 
Equity securities21,352 
Other 71,726 
Total plan assets$140,152 
Asset allocation:
As of December 31, 2021
Target allocationActual allocation
Debt securities35 %34 %
Equity securities15 %15 %
Other 50 %51 %
Schedule of changes in fair value of plan assets
Fair value of plan assets:
As of December 31, 2021
Fair value of plan assets at beginning of period$— 
GECAS Transaction141,859 
Employer contributions1,981 
Benefits paid(318)
Actual return on plan assets(1,077)
Exchange rate adjustment(2,293)
Fair value of plan assets at end of period$140,152 
Schedule of expected future benefit payments
202220232024202520262027-2031
Estimated future benefit payments$1,474 $1,554 $1,674 $1,736 $1,917 $14,113