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Net employee defined benefit (Tables)
 12 Months Ended
Dec. 31, 2020
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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