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Net employee defined benefit | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Net employee defined benefit |
|  | 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 |
In accordance with Panamanian law, the Company contributes to the following defined benefit plans: Seniority premium plan: is a contingent liability that companies must pay to their employees according to article 224 of Panama´s Labor Code according to the following:
Eligibility: |  | All employees
Benefit: |  | One week of salary per years of service
Salary: |  | Average of the 5 prior years of the monthly base salary
Payment: |  | Lump sum
Indemnity plan: it covers all employees eligible for the indemnity plan as provided by the Company. The benefits consist of 6.54% of eligible earnings accumulated for each year of service. The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. 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 |
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 | )
As of December 31, 2020 and 2019, plan assets are comprised totally by fixed term deposits. For the year ended December 31, 2020 actuarial losses of $15.5 million (2019: $4.4 million and 2018: $0.3 million) were recognized in other comprehensive income. As of December 31, 2020, employer contributions are a net amount of regular contributions by $2.8 million (2019: $4.4 million and 2018: $4.8 million) and retirement of interest earned by $1.1 million (2019: 2.5 million and 2018: null). 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 |
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 | )
The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. 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 |
The average duration of the defined benefit plan obligation at the end of the reporting period is 9.0 years.

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- Definition Text block [abstract] + References No definition available. + Details
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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2020-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2020-01-01 + Details
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