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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Employee benefits |
Schedule Of Allocation Of Plan Assets |
| Minimum allotment | Maximum allotment | 2020 | 2019
Equity | 0 | % | 70 | % | 38 | % | 36 | %
Debt securities | 0 | % | 100 | % | 60 | % | 62 | %
Popular related securities | 0 | % | 5 | % | 1 | % | 1 | %
Cash and cash equivalents | 0 | % | 100 | % | 1 | % | 1 | %
|  | 2020 |  | 2019
(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 | $ | - | $ | 187,065 | $ | - | $ | 7,377 | $ | 194,442 | $ | - | $ | 171,744 | $ | - | $ | 7,239 | $ | 178,983
Corporate bonds and debentures |  | - |  | 326,344 |  | - |  | 8,180 |  | 334,524 |  | - |  | 304,958 |  | - |  | 7,730 |  | 312,688
Equity securities - Common Stocks |  | 101,081 |  | - |  | - |  | - |  | 101,081 |  | 116,254 |  | - |  | - |  | - |  | 116,254
Equity securities - ETF's |  | 94,009 |  | 38,229 |  | - |  | - |  | 132,238 |  | 52,083 |  | 35,559 |  | - |  | - |  | 87,642
Foreign commingled trust funds |  | - |  | - |  | - |  | 98,431 |  | 98,431 |  | - |  | - |  | - |  | 82,030 |  | 82,030
Mutual fund |  | - |  | 4,526 |  | - |  | - |  | 4,526 |  | - |  | 4,490 |  | - |  | - |  | 4,490
Mortgage-backed securities |  | - |  | - |  | - |  | - |  | - |  | - |  | 5,777 |  | - |  | - |  | 5,777
Private equity investments |  | - |  | - |  | 70 |  | - |  | 70 |  | - |  | - |  | 74 |  | - |  | 74
Cash and cash equivalents |  | 9,626 |  | - |  | - |  | - |  | 9,626 |  | 7,401 |  | - |  | - |  | - |  | 7,401
Accrued investment income |  | - |  | - |  | 3,847 |  | - |  | 3,847 |  | - |  | - |  | 4,596 |  | - |  | 4,596
Total assets | $ | 204,716 | $ | 556,164 | $ | 3,917 | $ | 113,988 | $ | 878,785 | $ | 175,738 | $ | 522,528 | $ | 4,670 | $ | 96,999 | $ | 799,935
Schedule of changes in plan assets |
(In thousands) |  | 2020 |  | 2019
Balance at beginning of year | $ | 4,670 | $ | 5,092
Purchases, sales, issuance and settlements (net) |  | (753) |  | (422)
Balance at end of year | $ | 3,917 | $ | 4,670
Schedule Of Information Popular Inc Shares Of Common Stock Held By The Plans |
(In thousands, except number of shares information) |  | 2020 |  | 2019
Shares of Popular, Inc. common stock |  | 162,936 |  | 156,444
Fair value of shares of Popular, Inc. common stock | $ | 9,177 | $ | 9,191
Dividends paid on shares of Popular, Inc. common stock held by the plan | $ | 238 | $ | 177
Components of Net Periodic Pension/Postretirement Benefit Cost |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Personnel costs: |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | - | $ | - | $ | - | $ | 713 | $ | 759 | $ | 1,028
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 23,389 |  | 28,439 |  | 25,493 |  | 4,913 |  | 5,955 |  | 5,562
Expected return on plan assets |  | (38,104) |  | (32,388) |  | (40,240) |  | - |  | - |  | -
Amortization of prior service cost (credit) |  | - |  | - |  | - |  | - |  | - |  | (3,470)
Recognized net actuarial loss |  | 20,880 |  | 23,508 |  | 20,260 |  | 567 |  | - |  | 1,282
Net periodic benefit cost | $ | 6,165 | $ | 19,559 | $ | 5,513 | $ | 6,193 | $ | 6,714 | $ | 4,402
Termination benefit loss |  | - |  | - |  | - |  | - |  | - |  | 1,790
Total benefit cost | $ | 6,165 | $ | 19,559 | $ | 5,513 | $ | 6,193 | $ | 6,714 | $ | 6,192
Schedule Of Aggregate Status Of The Plans And The Amounts Recognized In The Consolidated Financial Statements |
|  |  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 852,551 | $ | 754,558 | $ | 168,681 | $ | 153,415
Service cost |  | - |  | - |  | 713 |  | 759
Interest cost |  | 23,389 |  | 28,439 |  | 4,913 |  | 5,955
Actuarial loss[1] |  | 83,277 |  | 113,642 |  | 11,247 |  | 15,752
Benefits paid |  | (44,864) |  | (44,088) |  | (6,344) |  | (7,200)
Benefit obligation at end of year | $ | 914,353 | $ | 852,551 | $ | 179,210 | $ | 168,681
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 799,935 | $ | 685,823 | $ | - | $ | -
Actual return on plan assets |  | 123,484 |  | 137,970 |  | - |  | -
Employer contributions |  | 230 |  | 20,230 |  | 6,344 |  | 7,200
Benefits paid |  | (44,864) |  | (44,088) |  | (6,344) |  | (7,200)
Fair value of plan assets at end of year | $ | 878,785 | $ | 799,935 | $ | - | $ | -
Funded status of the plan: |  |  |  |  |  |  |  |
Benefit obligation at end of year | $ | (914,353) | $ | (852,551) | $ | (179,210) | $ | (168,681)
Fair value of plan assets at end of year |  | 878,785 |  | 799,935 |  | - |  | -
Funded status at year end | $ | (35,568) | $ | (52,616) | $ | (179,210) | $ | (168,681)
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |  |
Net loss |  | 265,899 |  | 288,882 |  | 32,152 |  | 21,472
Accumulated other comprehensive loss (AOCL) | $ | 265,899 | $ | 288,882 | $ | 32,152 | $ | 21,472
Reconciliation of net (liabilities) assets: |  |  |  |  |  |  |  |
Net liabilities at beginning of year | $ | (52,616) | $ | (68,735) | $ | (168,681) | $ | (153,415)
Amount recognized in AOCL at beginning of year, pre-tax |  | 288,882 |  | 304,330 |  | 21,472 |  | 5,720
Amount prepaid at beginning of year |  | 236,266 |  | 235,595 |  | (147,209) |  | (147,695)
Net periodic benefit cost |  | (6,165) |  | (19,559) |  | (6,193) |  | (6,714)
Contributions |  | 230 |  | 20,230 |  | 6,344 |  | 7,200
Amount prepaid at end of year |  | 230,331 |  | 236,266 |  | (147,058) |  | (147,209)
Amount recognized in AOCL |  | (265,899) |  | (288,882) |  | (32,152) |  | (21,472)
Net liabilities at end of year | $ | (35,568) | $ | (52,616) | $ | (179,210) | $ | (168,681)
[1] | For 2020, significant components of the Pension Plans actuarial loss that changed the benefit obligation were mainly related to a decrease in discount rates partially offset by a greater return on the fair value of plan assets. For OPEB Plans significant components of the actuarial loss that change the benefit obligation were mainly related to a decrease in discount rates partially offset by the per capita claim assumption at year-end which was lower than expected and the healthcare trend rate assumption which was updated at year-end. For 2019, significant components of the Pension Plans actuarial loss that changed the benefit obligation were mainly related to updates in discount and mortality rates. For OPEB Plans significant components of the actuarial loss that change the benefit obligation were mainly related to updates in discount and mortality rates partially offset by update in healthcare election rates and expected annual healthcare costs.
Schedule of defined benefit plan amount recognized in other comprehensive income loss |
(In thousands) |  | Pension Plans |  | OPEB Plan
|  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Accumulated other comprehensive loss at beginning of year | $ | 288,882 | $ | 304,330 | $ | 21,472 | $ | 5,720
Increase (decrease) in AOCL: |  |  |  |  |  |  |  |
Recognized during the year: |  |  |  |  |  |  |  |
| Amortization of actuarial losses |  | (20,880) |  | (23,508) |  | (567) |  | -
Occurring during the year: |  |  |  |  |  |  |  |
| Net actuarial (gains) losses |  | (2,103) |  | 8,060 |  | 11,247 |  | 15,752
Total (decrease) increase in AOCL |  | (22,983) |  | (15,448) |  | 10,680 |  | 15,752
Accumulated other comprehensive loss at end of year | $ | 265,899 | $ | 288,882 | $ | 32,152 | $ | 21,472
Schedule of Assumptions Used |
|  | Pension Plans |  | OPEB Plan
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |
Discount rate for benefit obligation | 3.22 - 3.27 | % | 4.20 - 4.23 | % | 3.54 - 3.56 | % | 3.38 | % | 4.30 | % | 3.62 | %
Discount rate for service cost | N/A |  | N/A |  | N/A |  | 3.72 | % | 4.49 | % | 3.74 | %
Discount rate for interest cost | 2.81 - 2.83 | % | 3.87 - 3.90 | % | 3.16 - 3.20 | % | 2.98 | % | 3.99 | % | 3.32 | %
Expected return on plan assets | 5.00 - 5.80 | % | 5.30 - 6.00 | % | 5.50 - 6.00 | % | N/A |  | N/A |  | N/A |
Initial health care cost trend rate | N/A |  | N/A |  | N/A |  | 5.00 | % | 5.00 | % | 5.50 | %
Ultimate health care cost trend rate | N/A |  | N/A |  | N/A |  | 5.00 | % | 5.00 | % | 5.00 | %
Year that the ultimate trend rate is reached | N/A |  | N/A |  | N/A |  | 2020 |  | 2019 |  | 2019 |
|  |  |  |  |  | Pension Plans | OPEB Plan
Weighted average assumptions used to determine benefit obligation at December 31: | 2020 |  | 2019 |  | 2020 |  | 2019 |
Discount rate for benefit obligation |  |  |  |  | 2.41-2.48 | % | 3.22-3.27 | % | 2.65 | % | 3.38 | %
Initial health care cost trend rate |  |  |  |  | N/A |  | N/A |  | 5.00 | % | 5.00 | %
Ultimate health care cost trend rate |  |  |  |  | N/A |  | N/A |  | 4.50 | % | 5.00 | %
Year that the ultimate trend rate is reached |  |  |  |  | N/A |  | N/A |  | 2023 |  | 2019 |
Schedule of Accumulated and Projected Benefit Obligations |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Projected benefit obligation | $ | 914,353 | $ | 852,551 | $ | 179,210 | $ | 168,681
Accumulated benefit obligation |  | 914,353 |  | 852,551 |  | 179,210 |  | 168,681
Fair value of plan assets |  | 878,785 |  | 799,935 |  | - |  | -
Schedule of employer contribution to benefit plan |
(In thousands) | 2021
Pension Plans | $ | 229
OPEB Plan | $ | 6,333
Schedule of expected benefit payments |
(In thousands) |  | Pension Plans |  | OPEB Plan
2021 | $ | 47,553 | $ | 6,333
2022 |  | 45,392 |  | 6,462
2023 |  | 45,542 |  | 6,609
2024 |  | 45,732 |  | 6,788
2025 |  | 45,841 |  | 6,955
2026 - 2030 |  | 227,986 |  | 37,686
Schedule Of Breakdown Postretirement Health Care Benefit Plan Liabilities |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Current liabilities | $ | 229 | $ | 227 | $ | 6,328 | $ | 6,456
Non-current liabilities |  | 35,339 |  | 52,389 |  | 172,882 |  | 162,225

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