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Employee benefits (Tables) | 12 Months Ended
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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

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