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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee benefits |
Schedule Of Allocation Of Plan Assets | The Pension Plans weighted average asset allocation as of December 31, 2024 and 2023 and the approved asset allocation ranges, by asset category, are summarized in the table below. Minimum allotment Maximum allotment 2024 2023 Equity 0 % 70 % 10 % 22 % Debt securities 0 % 100 % 85 % 74 % Popular related securities 0 % 5 % 1 % 2 % Cash and cash equivalents 0 % 100 % 4 % 2 % The following table sets forth by level, within the fair value hierarchy, the Pension Plans’ assets at fair value at December 31, 2024 and 2023. Investments measured at net asset value per share (“NAV”) as a practical expedient have not been classified in the fair value hierarchy, but are presented in order to permit reconciliation of the plans’ assets. 2024 2023 (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 $ - $ 6,956 $ - $ 125,476 $ 132,432 $ - $ 3,711 $ - $ 154,459 $ 158,170 Corporate bonds and debentures - 364,900 - 10,734 375,634 - 295,141 - 7,042 302,183 Equity securities - Common Stock 3,821 - - - 3,821 34,334 - - - 34,334 Equity securities - ETF's 32,372 6,503 - - 38,875 42,798 17,173 - - 59,971 Foreign commingled trust funds - - - 20,097 20,097 - - - 51,392 51,392 Mutual fund - 9,833 - - 9,833 - 1,610 - 22,642 24,252 Mortgage-backed securities - 14,160 - - 14,160 - 9,289 - - 9,289 Cash and cash equivalents 17,034 - - - 17,034 8,908 - - - 8,908 Accrued investment income - - 5,289 - 5,289 - - 3,927 - 3,927 Total assets $ 53,227 $ 402,352 $ 5,289 $ 156,307 $ 617,175 $ 86,040 $ 326,924 $ 3,927 $ 235,535 $ 652,426
Schedule of changes in plan assets | The following table presents the change in Level 3 assets measured at fair value. (In thousands) 2024 2023 Balance at beginning of year $ 3,927 $ 3,581 Purchases, sales, issuance and settlements (net) 1,362 346 Balance at end of year $ 5,289 $ 3,927
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) 2024 2023 Shares of Popular, Inc. common stock 40,619 178,611 Fair value of shares of Popular, Inc. common stock $ 3,821 $ 14,659 Dividends paid on shares of Popular, Inc. common stock held by the plan $ 360 $ 384
Components of Net Periodic Pension/Postretirement Benefit Cost | The following table presents the components of net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022. Pension Plans OPEB Plan (In thousands) 2024 2023 2022 2024 2023 2022 (in thousands) Service cost $ - $ - $ - $ 127 $ 191 $ 485 Other operating expenses: Interest cost 30,234 31,548 19,199 5,686 6,082 3,931 Expected return on plan assets (34,376) (34,365) (35,388) - - - Recognized net actuarial loss 16,664 21,465 15,644 (2,193) (2,212) - Net periodic cost (benefit) $ 12,522 $ 18,648 $ (545) $ 3,620 $ 4,061 $ 4,416 Other Adjustments - - - - - 60 Total cost (benefit) $ 12,522 $ 18,648 $ (545) $ 3,620 $ 4,061 $ 4,476
Schedule Of Aggregate Status Of The Plans And The Amounts Recognized In The Consolidated Financial Statements | The following table sets forth the aggregate status of the plans and the amounts recognized in the consolidated financial statements at December 31, 2024 and 2023. Pension Plans OPEB Plan (In thousands) 2024 2023 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 635,794 $ 628,175 $ 117,045 $ 118,336 Service cost - - 127 191 Interest cost 30,234 31,548 5,686 6,082 Actuarial (gain)/loss [1] (31,747) 16,861 (16,787) (1,180) Benefits paid (44,523) (40,790) (6,899) (6,384) Benefit obligation at end of year $ 589,758 $ 635,794 $ 99,172 $ 117,045 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 652,426 $ 619,885 $ - $ - Actual return on plan assets 9,042 73,101 - - Employer contributions 230 230 6,899 6,384 Benefits paid (44,523) (40,790) (6,899) (6,384) Fair value of plan assets at end of year $ 617,175 $ 652,426 $ - $ - Funded status of the plan: Benefit obligation at end of year $ (589,758) $ (635,794) $ (99,172) $ (117,045) Fair value of plan assets at end of year 617,175 652,426 - - Funded status at year end $ 27,417 $ 16,632 $ (99,172) $ (117,045) Amounts recognized in accumulated other comprehensive loss: Net loss/(gain) 177,017 200,094 (40,048) (25,454) Accumulated other comprehensive loss (AOCL) $ 177,017 $ 200,094 $ (40,048) $ (25,454) Reconciliation of net (liabilities) assets: Net liabilities at beginning of year $ 16,632 $ (8,290) $ (117,045) $ (118,336) Amount recognized in AOCL at beginning of year, pre-tax 200,094 243,434 (25,454) (26,486) Amount prepaid (liability) at beginning of year 216,726 235,144 (142,499) (144,822) Total benefit cost (12,522) (18,648) (3,620) (4,061) Contributions 230 230 6,899 6,384 Amount prepaid (liability) at end of year 204,434 216,726 (139,220) (142,499) Amount recognized in AOCL (177,017) (200,094) 40,048 25,454 Net asset/(liabilities) at end of year $ 27,417 $ 16,632 $ (99,172) $ (117,045) [1] For 2024, the significant component of the Pension Plans actuarial gain were mainly related to an decrease in the obligation due to an increase in the single weighted-average discount rates and a change to certain demographic assumptions partially offset by a lower return on the fair value of plan assets. 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, a change to certain demographic assumptions, a favorable demographic experience from larger than expected reductions and an increase in discount rates. For 2023, the significant component of the Pension Plans actuarial loss 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.
Schedule of defined benefit plan amount recognized in other comprehensive income loss | The following table presents the change in accumulated other comprehensive loss (“AOCL”), pre-tax, for the years ended December 31, 2024 and 2023. (In thousands) Pension Plans OPEB Plan 2024 2023 2024 2023 Accumulated other comprehensive loss at beginning of year $ 200,094 $ 243,434 $ (25,454) $ (26,486) Increase (decrease) in AOCL: Recognized during the year: Amortization of actuarial losses (16,664) (21,465) 2,193 2,212 Occurring during the year: Net actuarial (gains)/losses (6,413) (21,875) (16,787) (1,180) Total (decrease) increase in AOCL (23,077) (43,340) (14,594) 1,032 Accumulated other comprehensive loss at end of year $ 177,017 $ 200,094 $ (40,048) $ (25,454)
Schedule of Assumptions Used | The following table presents the discount rate and assumed health care cost trend rates used to determine the benefit obligation and net periodic benefit cost for the plans: Pension Plan OPEB Plan Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: 2024 2023 2022 2024 2023 2022 Discount rate for benefit obligation 5.02 - 5.05 % 5.34 - 5.37 % 2.79 - 2.83 % 5.10 % 5.42 % 2.94 % Discount rate for service cost N/A N/A N/A 5.37 % 5.66 % 3.21 % Discount rate for interest cost 4.95 - 4.96 % 5.23 - 5.24 % 2.3 0 - 2.33 % 4.99 % 5.28 % 2.51 % Expected return on plan assets 5.6 0 - 6.60 % 5.9 0 - 6.50 % 4.3 0 - 5.4 0 % N/A N/A N/A Initial health care cost trend rate N/A N/A N/A 7.25 % 7.50 % 4.75 % 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 2035 2023 Pension Plans OPEB Plan Weighted average assumptions used to determine benefit obligation at December 31: 2024 2023 2024 2023 Discount rate for benefit obligation 5.54 - 5.57 % 5.02 - 5.05 % 5.65 % 5.10 % Initial health care cost trend rate N/A N/A 7.00 % 7.25 % 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, 2024 and 2023. Pension Plans OPEB Plan (In thousands) 2024 2023 2024 2023 Projected benefit obligation $ 33,993 $ 35,965 $ 99,172 $ 117,045 Accumulated benefit obligation 33,993 36,965 99,172 117,045 Fair value of plan assets 28,177 29,193 - -
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, 2024 and 2023. Pension Plans OPEB Plan (In thousands) 2024 2023 2024 2023 Projected benefit obligation $ 555,765 $ 599,829 $ - $ - Accumulated benefit obligation 555,765 599,829 - - Fair value of plan assets 588,998 623,233 - -
Schedule of employer contribution to benefit plan | The Corporation expects to make the following contributions to the plans during the year ended December 31, 2025. (In thousands) 2025 Pension Plans $ 227 OPEB Plan $ 5,428
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 2025 $ 49,495 $ 5,428 2026 45,628 5,656 2027 45,603 5,878 2028 45,475 6,111 2029 45,207 6,311 2030 - 2034 218,548 33,950
Schedule of breakdown of the plans' assets and liabilities | The table below presents a breakdown of the plans’ assets and liabilities at December 31, 2024 and 2023. Pension Plans OPEB Plan (In thousands) 2024 2023 2024 2023 Non-current assets $ 33,233 $ 23,404 $ - $ - Current liabilities 222 222 5,304 5,595 Non-current liabilities 5,594 6,550 93,868 111,451

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