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Net employee defined benefit (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Employee Defined Benefit Plan |
|  | 2020 |  |  | 2019 |
Fair value of plan assets |  | $ | 25,783 |  |  | $ | 29,086 |
Defined benefit obligation |  |  | (39,466 | ) |  |  | (28,195 | )
Other employee benefits |  |  | (649 | ) |  |  | (642 | )
|  | $ | (40,115 | ) |  | $ | (28,837 | )
Benefit (liability) assets |  | $ | (14,332 | ) |  | $ | 249 |
Summary of Components of Net Benefit Expense | The following table summarizes the components of net benefit expense included under “Wages, salaries, benefits and other employees´ expenses” in the accompanying consolidated statement of profit or loss:
Year ended December 31,2020 |  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Current service cost |  | $ | 2,393 |  |  | $ | — |  |  | $ | 2,393 |
Interest cost on net benefit obligation |  |  | 706 |  |  |  | (731 | ) |  |  | (25 | )
Past service cost |  |  | 457 |  |  |  | — |  |  |  | 457 |
Curtailment / Settlement |  |  | (2,026 | ) |  |  | — |  |  |  | (2,026 | )
Net benefit expense |  | $ | 1,530 |  |  | $ | (731 | ) |  | $ | 799 |
Year ended December 31,2019 |  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Current service cost |  |  | 2,192 |  |  |  | — |  |  |  | 2,192 |
Interest cost on net benefit obligation |  |  | 887 |  |  |  | (979 | ) |  |  | (92 | )
Net benefit expense |  | $ | 3,079 |  |  | $ | (979 | ) |  | $ | 2,100 |
Year ended December 31,2018 |  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Current service cost |  |  | 2,105 |  |  |  | — |  |  |  | 2,105 |
Interest cost on net benefit obligation |  |  | 642 |  |  |  | (666 | ) |  |  | (24 | )
Net benefit expense |  | $ | 2,747 |  |  | $ | (666 | ) |  | $ | 2,081 |
Summary of Reconciliation of Net Employee Defined Benefit Liabilities | The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components:
|  | Defined benefit obligation |  |  | Fair value of assets |  |  | Other employee benefits liability |  |  | Defined benefit assets (liability) |
At January 1, 2018 |  | $ | (19,997 | ) |  | $ | 23,794 |  |  | $ | (612 | ) |  | $ | 3,185 |
Current service cost |  |  | (2,105 | ) |  |  | — |  |  |  | — |  |  |  | (2,105 | )
Interest (cost) income |  |  | (642 | ) |  |  | 666 |  |  |  | — |  |  |  | 24 |
Return on plan assets |  |  | — |  |  |  | 483 |  |  |  | — |  |  |  | 483 |
Experience gain (loss) |  |  | (1,943 | ) |  |  | — |  |  |  | — |  |  |  | (1,943 | )
Invesment return |  |  | — |  |  |  | 67 |  |  |  | — |  |  |  | 67 |
Actuarial changes arising from changes in financial assumptions |  |  | 877 |  |  |  | — |  |  |  | — |  |  |  | 877 |
Employer contributions |  |  | — |  |  |  | 4,780 |  |  |  | — |  |  |  | 4,780 |
Benefits paid |  |  | 1,242 |  |  |  | (1,451 | ) |  |  | — |  |  |  | (209 | )
Adjustments |  |  | — |  |  |  | — |  |  |  | (68 | ) |  |  | (68 | )
At December 31, 2018 |  | $ | (22,568 | ) |  | $ | 28,339 |  |  | $ | (680 | ) |  | $ | 5,091 |
Current service cost |  |  | (2,192 | ) |  |  | — |  |  |  | — |  |  |  | (2,192 | )
Interest (cost) income |  |  | (887 | ) |  |  | 979 |  |  |  | — |  |  |  | 92 |
Experience gain (loss) |  |  | (1,681 | ) |  |  | — |  |  |  | — |  |  |  | (1,681 | )
Invesment return |  |  | — |  |  |  | 138 |  |  |  | — |  |  |  | 138 |
Actuarial changes arising from changes in financial assumptions |  |  | (1,874 | ) |  |  | — |  |  |  | — |  |  |  | (1,874 | )
Employer contributions |  |  | — |  |  |  | 1,903 |  |  |  | — |  |  |  | 1,903 |
Benefits paid |  |  | 1,007 |  |  |  | (1,086 | ) |  |  | — |  |  |  | (79 | )
Adjustments |  |  | — |  |  |  | (1,187 | ) |  |  | 38 |  |  |  | (1,149 | )
As of December 31, 2019 |  | $ | (28,195 | ) |  | $ | 29,086 |  |  | $ | (642 | ) |  | $ | 249 |
Current service cost |  |  | (2,393 | ) |  |  | — |  |  |  | — |  |  |  | (2,393 | )
Interest (cost) income |  |  | (706 | ) |  |  | 731 |  |  |  | — |  |  |  | 25 |
Past service cost |  |  | (457 | ) |  |  | — |  |  |  | — |  |  |  | (457 | )
Curtailment / Settlement |  |  | 2,026 |  |  |  | — |  |  |  | — |  |  |  | 2,026 |
Return on plan assets |  |  | — |  |  |  | 374 |  |  |  | — |  |  |  | 374 |
Experience gain (loss) |  |  | (4,001 | ) |  |  | — |  |  |  | — |  |  |  | (4,001 | )
Actuarial changes arising from changes in demographic assumptions |  |  | (11,285 | ) |  |  | — |  |  |  | — |  |  |  | (11,285 | )
Actuarial changes arising from changes in financial assumptions |  |  | (1,028 | ) |  |  | — |  |  |  | — |  |  |  | (1,028 | )
Employer contributions |  |  | — |  |  |  | 1,709 |  |  |  | — |  |  |  | 1,709 |
Benefits paid |  |  | 6,573 |  |  |  | (6,117 | ) |  |  | — |  |  |  | 456 |
Adjustments |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
As of December 31, 2020 |  | $ | (39,466 | ) |  | $ | 25,783 |  |  | $ | (649 | ) |  | $ | (14,332 | )
Summary of Sensitivity Analysis for Actuarial Assumptions | The following were the principal actuarial assumptions at the reporting date:
|  | 2020 |  | 2019 |  |  | 2018 |
Economic assumptions - |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.0% |  |  | 2.5% |  |  |  | 3.9% |
Compensation - salary increase |  | 4.0% |  |  | 4.0% |  |  |  | 4.0% |
Demographic assumptions - |  |  |  |  |  |  |  |  |  |
Mortality |  | Panama expirence |  |  | RP - 2000 no collar |  |  |  | RP -2000 no collar |
Termination |  | 2003 SoA pension plan |  |  | 13% all ages |  |  |  | 13% all ages |
Retirement |  |  |  |  |  |  |  |  |  |
Males |  | 62 years |
Females |  | 57 years |
Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions | Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below:
|  | December, 31 2020 |  |  | December, 31 2019 |  |  | December, 31 2018 |
|  | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |
Discount rate (0.5% movement) |  | $ | 2,318 |  |  | $ | (2,554 | ) |  | $ | 709 |  |  | $ | (751 | ) |  | $ | 538 |  |  | $ | (569 | )
Summary of Expected Contribution Payments to Defined Benefit Plan | The following payments are expected contributions to the defined benefit plan in future years:
|  | 2020 |  |  | 2019 |
Up to one year |  | $ | 2,299 |  |  | $ | 5,169 |
One to five years |  |  | 8,777 |  |  |  | 14,008 |
Over five years |  |  | 14,112 |  |  |  | 14,049 |
Total expected payments |  | $ | 25,188 |  |  | $ | 33,226 |

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