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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee benefits |
Schedule Of Allocation Of Plan Assets | Minimum allotment Maximum allotment 2023 2022 Equity 0 % 70 % 22 % 27 % Debt securities 0 % 100 % 74 % 69 % Popular related securities 0 % 5 % 2 % 2 % Cash and cash equivalents 0 % 100 % 2 % 2 % 2023 2022 (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 $ - $ 3,711 $ - $ 154,459 $ 158,170 $ - $ 8,113 $ - $ 130,397 $ 138,510 Corporate bonds and debentures - 295,141 - 7,042 302,183 - 268,641 - 6,291 274,932 Equity securities - Common Stock 34,334 - - - 34,334 32,906 - - - 32,906 Equity securities - ETF's 42,798 17,173 - - 59,971 51,836 20,276 - - 72,112 Foreign commingled trust funds - - - 51,392 51,392 - - - 64,630 64,630 Mutual fund - 1,610 - 22,642 24,252 - 3,471 - 22,106 25,577 Mortgage-backed securities - 9,289 - - 9,289 - - - - - Cash and cash equivalents 8,908 - - - 8,908 7,637 - - - 7,637 Accrued investment income - - 3,927 - 3,927 - - 3,581 - 3,581 Total assets $ 86,040 $ 326,924 $ 3,927 $ 235,535 $ 652,426 $ 92,379 $ 300,501 $ 3,581 $ 223,424 $ 619,885
Schedule of changes in plan assets | (In thousands) 2023 2022 Balance at beginning of year $ 3,581 $ 4,566 Purchases, sales, issuance and settlements (net) 346 (985) Balance at end of year $ 3,927 $ 3,581
Schedule Of Information Popular Inc Shares Of Common Stock Held By The Plans | Information on the shares of common stock held by the pension plans is provided in the table that follows. (In thousands, except number of shares information) 2023 2022 Shares of Popular, Inc. common stock 178,611 171,931 Fair value of shares of Popular, Inc. common stock $ 14,659 $ 11,402 Dividends paid on shares of Popular, Inc. common stock held by the plan $ 384 $ 355
Components of Net Periodic Pension/Postretirement Benefit Cost | Pension Plans OPEB Plan (In thousands) 2023 2022 2021 2023 2022 2021 (in thousands) Service cost $ - $ - $ - $ 191 $ 485 $ 642 Other operating expenses: Interest cost 31,548 19,199 15,993 6,082 3,931 3,573 Expected return on plan assets (34,365) (35,388) (38,679) - - - Recognized net actuarial loss 21,465 15,644 18,876 (2,212) - 1,873 Net periodic cost (benefit) $ 18,648 $ (545) $ (3,810) $ 4,061 $ 4,416 $ 6,088 Other Adjustments - - - - 60 - Total cost (benefit) $ 18,648 $ (545) $ (3,810) $ 4,061 $ 4,476 $ 6,088
Schedule Of Aggregate Status Of The Plans And The Amounts Recognized In The Consolidated Financial Statements | Pension Plans OPEB Plan (In thousands) 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 628,175 $ 851,471 $ 118,336 $ 159,958 Service cost - - 191 485 Interest cost 31,548 19,199 6,082 3,931 Actuarial (gain)/loss [1] 16,861 (194,473) (1,180) (39,479) Benefits paid (40,790) (48,022) (6,384) (6,619) Other adjustments - - - 60 Benefit obligation at end of year $ 635,794 $ 628,175 $ 117,045 $ 118,336 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 619,885 $ 860,484 $ - $ - Actual return on plan assets 73,101 (192,807) - - Employer contributions 230 230 6,384 6,619 Benefits paid (40,790) (48,022) (6,384) (6,619) Fair value of plan assets at end of year $ 652,426 $ 619,885 $ - $ - Funded status of the plan: Benefit obligation at end of year $ (635,794) $ (628,175) $ (117,045) $ (118,336) Fair value of plan assets at end of year 652,426 619,885 - - Funded status at year end $ 16,632 $ (8,290) $ (117,045) $ (118,336) Amounts recognized in accumulated other comprehensive loss: Net loss/(gain) 200,094 243,434 (25,454) (26,486) Accumulated other comprehensive loss (AOCL) $ 200,094 $ 243,434 $ (25,454) $ (26,486) Reconciliation of net (liabilities) assets: Net liabilities at beginning of year $ (8,290) $ 9,013 $ (118,336) $ (159,958) Amount recognized in AOCL at beginning of year, pre-tax 243,434 225,356 (26,486) 12,993 Amount prepaid (liability) at beginning of year 235,144 234,369 (144,822) (146,965) Total benefit cost (18,648) 545 (4,061) (4,476) Contributions 230 230 6,384 6,619 Amount prepaid (liability) at end of year 216,726 235,144 (142,499) (144,822) Amount recognized in AOCL (200,094) (243,434) 25,454 26,486 Net asset/(liabilities) at end of year $ 16,632 $ (8,290) $ (117,045) $ (118,336) [1] For 2023, the significant component of the Pension Plans actuarial gain were mainly related to a higher return on the fair value of plan assets partially offset by an increase in the obligation due to a decrease in the single weighted-average discount rates. For OPEB plans, significant components of the actuarial gain that changed the benefit obligation were mainly related to the per capita assumption at year end that improved the funded position and the gain associated with census data updates and plan experience better than expected offset by the decrease in discount rates. 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.
Schedule of defined benefit plan amount recognized in other comprehensive income loss | (In thousands) Pension Plans OPEB Plan 2023 2022 2023 2022 Accumulated other comprehensive loss at beginning of year $ 243,434 $ 225,356 $ (26,486) $ 12,993 Increase (decrease) in AOCL: Recognized during the year: Amortization of actuarial losses (21,465) (15,644) 2,212 - Occurring during the year: Net actuarial (gains)/losses (21,875) 33,722 (1,180) (39,479) Total (decrease) increase in AOCL (43,340) 18,078 1,032 (39,479) Accumulated other comprehensive loss at end of year $ 200,094 $ 243,434 $ (25,454) $ (26,486)
Schedule of Assumptions Used | Pension Plan OPEB Plan Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2023 2022 2021 2023 2022 2021 Discount rate for benefit obligation 5.34 - 5.37 % 2.79 - 2.83 % 2.41 - 2.48 % 5.42 % 2.94 % 2.65 % Discount rate for service cost N/A N/A N/A 5.66 % 3.21 % 3.09 % Discount rate for interest cost 5.23 - 5.24 % 2.3 0 - 2.33 % 1.76 - 1.80 % 5.28 % 2.51 % 2.03 % Expected return on plan assets 5.9 0 - 6.50 % 4.3 0 - 5.40 % 4.6 0 - 5.5 0 % N/A N/A N/A Initial health care cost trend rate N/A N/A N/A 7.50 % 4.75 % 5.00 % Ultimate health care cost trend rate N/A N/A N/A 4.50 % 4.50 % 4.50 % Year that the ultimate trend rate is reached N/A N/A N/A 2035 2023 2023 Pension Plans OPEB Plan Weighted average assumptions used to determine benefit obligation at December 31: 2023 2022 2023 2022 Discount rate for benefit obligation 5.02 - 5.05 % 5.34 - 5.37 % 5.10 % 5.42 % Initial health care cost trend rate N/A N/A 7.25 % 7.50 % 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 2035
Schedule of Accumulated and Projected Benefit Obligations | The following table presents information for plans with a projected benefit obligation and accumulated benefit obligation in excess of plan assets for the years ended December 31, 2023 and 2022. Pension Plans OPEB Plan (In thousands) 2023 2022 2023 2022 Projected benefit obligation $ 35,965 $ 628,175 $ 117,045 $ 118,336 Accumulated benefit obligation 36,965 628,175 117,045 118,336 Fair value of plan assets 29,193 619,885 - -
Plan assets in excess of accumulated benefit obligations | The following table presents information for plans with plan assets in excess of its projected benefit obligation and accumulated benefit obligation for the years ended December 31, 2023 and 2022. Pension Plans OPEB Plan (In thousands) 2023 2022 2023 2022 Projected benefit obligation $ 599,829 $ - $ - $ - Accumulated benefit obligation 599,829 - - - Fair value of plan assets 623,233 - - -
Schedule of employer contribution to benefit plan | The Corporation expects to pay the following contributions to the plans during the year ended December 31, 2024. (In thousands) 2024 Pension Plans $ 228 OPEB Plan $ 5,744
Schedule of expected benefit payments | Benefit payments projected to be made from the plans during the next ten years are presented in the table below. (In thousands) Pension Plans OPEB Plan 2024 $ 49,072 $ 5,744 2025 45,790 6,003 2026 45,906 6,301 2027 45,907 6,582 2028 45,818 6,865 2029 - 2033 223,097 37,503
Schedule of breakdown of the plans' assets and liabilities | The table below presents a breakdown of the plans’ assets and liabilities at December 31, 2023 and 2022. Pension Plans OPEB Plan (In thousands) 2023 2022 2023 2022 Non-current assets $ 23,404 $ - $ - $ - Current liabilities 222 222 5,595 5,779 Non-current liabilities 6,550 8,068 111,451 112,557

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