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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Employee benefits |
Schedule Of Allocation Of Plan Assets |
| Minimum allotment | Maximum allotment | 2021 | 2020
Equity | 0 | % | 70 | % | 30 | % | 38 | %
Debt securities | 0 | % | 100 | % | 67 | % | 60 | %
Popular related securities | 0 | % | 5 | % | 2 | % | 1 | %
Cash and cash equivalents | 0 | % | 100 | % | 1 | % | 1 | %
|  | 2021 |  | 2020
(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 | $ | - | $ | 9,259 | $ | - | $ | 188,377 | $ | 197,636 | $ | - | $ | 187,065 | $ | - | $ | 7,377 | $ | 194,442
Corporate bonds and debentures |  | - |  | 375,875 |  | - |  | 8,485 |  | 384,360 |  | - |  | 326,344 |  | - |  | 8,180 |  | 334,524
Equity securities - Common Stocks |  | 41,414 |  | - |  | - |  | - |  | 41,414 |  | 101,081 |  | - |  | - |  | - |  | 101,081
Equity securities - ETF's |  | 111,365 |  | 25,446 |  | - |  | - |  | 136,811 |  | 94,009 |  | 38,229 |  | - |  | - |  | 132,238
Foreign commingled trust funds |  | - |  | - |  | - |  | 82,912 |  | 82,912 |  | - |  | - |  | - |  | 98,431 |  | 98,431
Mutual fund |  | - |  | 5,262 |  | - |  | - |  | 5,262 |  | - |  | 4,526 |  | - |  | - |  | 4,526
Private equity investments |  | - |  | - |  | 56 |  | - |  | 56 |  | - |  | - |  | 70 |  | - |  | 70
Cash and cash equivalents |  | 7,523 |  | - |  | - |  | - |  | 7,523 |  | 9,626 |  | - |  | - |  | - |  | 9,626
Accrued investment income |  | - |  | - |  | 4,510 |  | - |  | 4,510 |  | - |  | - |  | 3,847 |  | - |  | 3,847
Total assets | $ | 160,302 | $ | 415,842 | $ | 4,566 | $ | 279,774 | $ | 860,484 | $ | 204,716 | $ | 556,164 | $ | 3,917 | $ | 113,988 | $ | 878,785
Schedule of changes in plan assets |
(In thousands) |  | 2021 |  | 2020
Balance at beginning of year | $ | 3,917 | $ | 4,670
Purchases, sales, issuance and settlements (net) |  | 649 |  | (753)
Balance at end of year | $ | 4,566 | $ | 3,917
Schedule Of Information Popular Inc Shares Of Common Stock Held By The Plans |
(In thousands, except number of shares information) |  | 2021 |  | 2020
Shares of Popular, Inc. common stock |  | 167,182 |  | 162,936
Fair value of shares of Popular, Inc. common stock | $ | 13,716 | $ | 9,177
Dividends paid on shares of Popular, Inc. common stock held by the plan | $ | 280 | $ | 238
Components of Net Periodic Pension/Postretirement Benefit Cost |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Personnel costs: |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | - | $ | - | $ | - | $ | 642 | $ | 713 | $ | 759
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 15,993 |  | 23,389 |  | 28,439 |  | 3,573 |  | 4,913 |  | 5,955
Expected return on plan assets |  | (38,679) |  | (38,104) |  | (32,388) |  | - |  | - |  | -
Recognized net actuarial loss |  | 18,876 |  | 20,880 |  | 23,508 |  | 1,873 |  | 567 |  | -
Net periodic benefit cost | $ | (3,810) | $ | 6,165 | $ | 19,559 | $ | 6,088 | $ | 6,193 | $ | 6,714
Total benefit cost | $ | (3,810) | $ | 6,165 | $ | 19,559 | $ | 6,088 | $ | 6,193 | $ | 6,714
Schedule Of Aggregate Status Of The Plans And The Amounts Recognized In The Consolidated Financial Statements |
|  |  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 914,353 | $ | 852,551 | $ | 179,210 | $ | 168,681
Service cost |  | - |  | - |  | 642 |  | 713
Interest cost |  | 15,993 |  | 23,389 |  | 3,573 |  | 4,913
Actuarial (gain)/loss[1] |  | (34,297) |  | 83,277 |  | (17,286) |  | 11,247
Benefits paid |  | (44,578) |  | (44,864) |  | (6,181) |  | (6,344)
Benefit obligation at end of year | $ | 851,471 | $ | 914,353 | $ | 159,958 | $ | 179,210
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 878,785 | $ | 799,935 | $ | - | $ | -
Actual return on plan assets |  | 26,049 |  | 123,484 |  | - |  | -
Employer contributions |  | 228 |  | 230 |  | 6,181 |  | 6,344
Benefits paid |  | (44,578) |  | (44,864) |  | (6,181) |  | (6,344)
Fair value of plan assets at end of year | $ | 860,484 | $ | 878,785 | $ | - | $ | -
Funded status of the plan: |  |  |  |  |  |  |  |
Benefit obligation at end of year | $ | (851,471) | $ | (914,353) | $ | (159,958) | $ | (179,210)
Fair value of plan assets at end of year |  | 860,484 |  | 878,785 |  | - |  | -
Funded status at year end | $ | 9,013 | $ | (35,568) | $ | (159,958) | $ | (179,210)
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |  |
Net loss |  | 225,356 |  | 265,899 |  | 12,993 |  | 32,152
Accumulated other comprehensive loss (AOCL) | $ | 225,356 | $ | 265,899 | $ | 12,993 | $ | 32,152
Reconciliation of net (liabilities) assets: |  |  |  |  |  |  |  |
Net liabilities at beginning of year | $ | (35,568) | $ | (52,616) | $ | (179,210) | $ | (168,681)
Amount recognized in AOCL at beginning of year, pre-tax |  | 265,899 |  | 288,882 |  | 32,152 |  | 21,472
Amount prepaid at beginning of year |  | 230,331 |  | 236,266 |  | (147,058) |  | (147,209)
Net periodic benefit cost |  | 3,810 |  | (6,165) |  | (6,088) |  | (6,193)
Contributions |  | 228 |  | 230 |  | 6,181 |  | 6,344
Amount prepaid at end of year |  | 234,369 |  | 230,331 |  | (146,965) |  | (147,058)
Amount recognized in AOCL |  | (225,356) |  | (265,899) |  | (12,993) |  | (32,152)
Net asset/(liabilities) at end of year | $ | 9,013 | $ | (35,568) | $ | (159,958) | $ | (179,210)
[1] | 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. 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.
Schedule of defined benefit plan amount recognized in other comprehensive income loss |
(In thousands) |  | Pension Plans |  | OPEB Plan
|  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Accumulated other comprehensive loss at beginning of year | $ | 265,899 | $ | 288,882 | $ | 32,152 | $ | 21,472
Increase (decrease) in AOCL: |  |  |  |  |  |  |  |
Recognized during the year: |  |  |  |  |  |  |  |
| Amortization of actuarial losses |  | (18,876) |  | (20,880) |  | (1,873) |  | (567)
Occurring during the year: |  |  |  |  |  |  |  |
| Net actuarial (gains)/losses |  | (21,667) |  | (2,103) |  | (17,286) |  | 11,247
Total (decrease) increase in AOCL |  | (40,543) |  | (22,983) |  | (19,159) |  | 10,680
Accumulated other comprehensive loss at end of year | $ | 225,356 | $ | 265,899 | $ | 12,993 | $ | 32,152
Schedule of Assumptions Used |
|  | Pension Plans |  | OPEB Plan
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |
Discount rate for benefit obligation | 2.41 - 2.48 | % | 3.22 - 3.27 | % | 4.20 - 4.23 | % | 2.65 | % | 3.38 | % | 4.30 | %
Discount rate for service cost | N/A |  | N/A |  | N/A |  | 3.09 | % | 3.72 | % | 4.49 | %
Discount rate for interest cost | 1.76 - 1.80 | % | 2.81 - 2.83 | % | 3.87 - 3.90 | % | 2.03 | % | 2.98 | % | 3.99 | %
Expected return on plan assets | 4.60 - 5.50 | % | 5.00 - 5.80 | % | 5.30 - 6.00 | % | N/A |  | N/A |  | N/A |
Initial health care cost trend rate | N/A |  | N/A |  | N/A |  | 5.00 | % | 5.00 | % | 5.00 | %
Ultimate health care cost trend rate | N/A |  | N/A |  | N/A |  | 4.50 | % | 5.00 | % | 5.00 | %
Year that the ultimate trend rate is reached | N/A |  | N/A |  | N/A |  | 2023 |  | 2020 |  | 2019 |
|  |  |  |  |  | Pension Plans | OPEB Plan
Weighted average assumptions used to determine benefit obligation at December 31: | 2021 |  | 2020 |  | 2021 |  | 2020 |
Discount rate for benefit obligation |  |  |  |  | 2.79-2.83 | % | 2.41-2.48 | % | 2.94 | % | 2.65 | %
Initial health care cost trend rate |  |  |  |  | N/A |  | N/A |  | 4.75 | % | 5.00 | %
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 |  | 2023 |  | 2023 |
Schedule of Accumulated and Projected Benefit Obligations |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation | $ | 851,471 | $ | 914,353 | $ | 159,958 | $ | 179,210
Accumulated benefit obligation |  | 851,471 |  | 914,353 |  | 159,958 |  | 179,210
Fair value of plan assets |  | 860,484 |  | 878,785 |  | - |  | -
Schedule of employer contribution to benefit plan |
(In thousands) | 2022
Pension Plans | $ | 227
OPEB Plan | $ | 5,971
Schedule of expected benefit payments |
(In thousands) |  | Pension Plans |  | OPEB Plan
2022 | $ | 48,339 | $ | 5,971
2023 |  | 45,409 |  | 6,117
2024 |  | 45,598 |  | 6,293
2025 |  | 45,742 |  | 6,458
2026 |  | 45,824 |  | 6,667
2027 - 2031 |  | 226,642 |  | 35,807
Schedule Of Breakdown Postretirement Health Care Benefit Plan Liabilities |
|  | Pension Plans |  | OPEB Plan
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Non-current assets | $ | 17,792 | $ | - | $ | - | $ | -
Current liabilities |  | 227 |  | 229 |  | 5,959 |  | 6,328
Non-current liabilities |  | 8,552 |  | 35,339 |  | 153,999 |  | 172,882

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