XML 57 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Shareholders' equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
Authorized capital

The Company is authorized to issue a maximum of 500,000,000 shares, consisting of 420,000,000 Class A shares and 80,000,000 Class B shares of no par value each.

Issued and outstanding capital

As of December 31, 2020, the Company had 207,265,773 shares issued and outstanding with no par value, consisting of 127,265,773 class A shares and 80,000,000 class B shares.

During fiscal years 2023, 2022 and 2021, the Company issued 60,424, 116,223 and 251,623 Class A shares, respectively, in connection with the partial vesting of restricted share units under the 2011 Equity Incentive Plan.

On May 22, 2018, the Board of Directors approved the adoption of a share repurchase program, pursuant to which the Company may repurchase from time to time, along one year, up to $60,000 of issued and outstanding Class A shares of no par value of the Company.

As of February 15, 2019, the Company purchased 7,993,602 shares amounting to $60,000 and the program concluded. The shares reacquired were recorded at cost within “Common stock in treasury” in the Consolidated Statement of Changes in Equity.
In 2020 and 2021, the Company used 2,723,614 and 2,960,926 of treasury shares, respectively, to satisfy a distribution of class A shares to the Company’s shareholders.

As of December 31, 2023, 2022 and 2021 the Company had 210,654,969; 210,594,545 and 210,478,322 outstanding shares, consisting of 130,654,969; 130,594,545 and 130,478,322 Class A shares, respectively, and 80,000,000 for Class B shares for each year.

Rights, privileges and obligations

Holders of Class A shares are entitled to one vote per share and holders of Class B shares are entitled to five votes per share. Except with respect to voting, the rights, privileges and obligations of the Class A shares and Class B shares are pari passu in all respects, including with respect to dividends and rights upon liquidation of the Company.

Distribution of dividends
 
The Company can only make distributions to the extent that immediately following the distribution, its assets exceed its liabilities and the Company is able to pay its debts as they become due.

On March 14, 2023, the Company approved a cash dividend distribution to all Class A and Class B shareholders of $0.19 per share to be paid in four installments, as follows: $0.05 per share in March 30, June 28 and September 28, 2023, respectively and $0.04 per share on December 27, 2023, amounting a total of $40,022.
22.    Shareholders’ equity

Accumulated other comprehensive loss

The following table sets forth information with respect to the components of “Accumulated other comprehensive loss” as of December 31, 2023 and their related activity during the three-years in the period then ended:

 
 
 
Foreign currency translation
 
Cash flow hedges
 
Securities available for sale (i)
Post-employment benefits (ii)Total Accumulated other comprehensive loss
Balances at December 31, 2020$(587,804)$3,443 $— $(499)$(584,860)
Other comprehensive (loss) income before reclassifications(37,267)19,698 — (190)(17,759)
Net (income) loss reclassified from accumulated other comprehensive loss to consolidated statement of income— (5,301)— 152 (5,149)
Net current-period other comprehensive (loss) income(37,267)14,397 (38)(22,908)
Balances at December 31, 2021(625,071)17,840 — (537)(607,768)
Other comprehensive income (loss) before reclassifications16,192 (26,255)(3,624)236 (13,451)
Net loss reclassified from accumulated other comprehensive loss to consolidated statement of income— 7,669 — 90 7,759 
Net current-period other comprehensive income (loss) 16,192 (18,586)(3,624)326 (5,692)
Balances at December 31, 2022(608,879)(746)(3,624)(211)(613,460)
Other comprehensive income (loss) before reclassifications53,745 (17,393)(1,780)(518)34,054 
Net loss reclassified from accumulated other comprehensive losses to consolidated statement of income — 15,124 1,119 82 16,325 
Net current-period other comprehensive income (loss)53,745 (2,269)(661)(436)50,379 
Balances at December 31, 2023(555,134)(3,015)(4,285)(647)(563,081)

(i)Related to unrealized results on available for sale securities. As of December 31, 2023, the Company maintains Securities classified as available for sale in accordance with guidance in ASC 320 Investments – Debt and Equity Securities amounting to $5,105, included within “Short-term investments” in the Consolidated Balance Sheet. The amortized cost amounted to $9,968, which is included within “Investing Activities” in the Consolidated Cash Flow.

(ii)Mainly related to a post-employment benefit in Venezuela established by the Organic Law of Labor and Workers (known as “LOTTT”, its Spanish acronym) in 2012. This benefit provides a payment of 30 days of salary per year of employment tenure based on the last wage earned to all workers who leave the job for any reason. The term of service to calculate the post-employment payment of active workers run retroactively since June 19, 1997. Periodically, the Company obtains an actuarial valuation to measure the post-employment benefit obligation, using the projected unit credit actuarial method and measures this benefit in accordance with ASC 715-30, similar to pension benefit.