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Commitments and contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of debt covenant ratios The ratios for the periods mentioned, were as follows:
Fixed Charge Coverage RatioLeverage Ratio
March 31, 20231.913.35
June 30, 20232.113.30
September 30, 20232.113.24
December 31, 20232.163.22
Schedule of line of credit The following table presents information related to the standby letters of credit:
BankCurrencyAmount
Itaú$15,000
Credit Suisse (i)$45,000
JPMorgan (i)$20,000


(i) Maintained through its wholly-owned subsidiary ADBV.


These letters of credit contain a limited number of customary affirmative and negative covenants, including a maximum indebtedness to EBITDA ratio, as follows:

Bank
Ratio
Required Maximum Ratio
As of December 31, 2023
Itaú
Net indebtedness to EBITDA
4.5
1.00
Credit Suisse (i)
Indebtedness to EBITDA
4.0
0.67
JPMorgan (i)
Indebtedness to EBITDA
4.5
0.67

(i) Maintained through its wholly-owned subsidiary ADBV.
Schedule of provision for contingencies
The breakdown of the provision for contingencies is as follows:
DescriptionBalance at beginning of periodAccruals, netSettlementsReclassifications and increase of judicial depositsTranslationBalance at end of period
Year ended December 31, 2023:      
Tax contingencies in Brazil (i)$28,505 $10,697 $(151)$— $1,532 $40,583 
Labor contingencies in Brazil (ii)14,095 14,231 (17,377)556 1,169 12,674 
Other (iii)10,145 (668)(4,494)(3)949 5,929 
Subtotal52,745 24,260 (22,022)553 3,650 59,186 
Judicial deposits (iv)(7,906)— — 80 (741)(8,567)
Provision for contingencies$44,839 $24,260 $(22,022)$633 $2,909 $50,619 
Year ended December 31, 2022:      
Tax contingencies in Brazil (i)$16,642 $11,166 $(12)$— $709 $28,505 
Labor contingencies in Brazil (ii)13,270 12,426 (13,449)1,094 754 14,095 
Other (iii)10,766 3,449 (2,763)— (1,307)10,145 
Subtotal40,678 27,041 (16,224)1,094 156 52,745 
Judicial deposits (iv)(6,592)— — (953)(361)(7,906)
Provision for contingencies$34,086 $27,041 $(16,224)$141 $(205)$44,839 
Year ended December 31, 2021:  
Tax contingencies in Brazil (i)$10,662 $7,472 $— $(517)$(975)$16,642 
Labor contingencies in Brazil (ii)14,514 11,319 (12,080)522 (1,005)13,270 
Other (iii)9,907 3,764 (1,708)(136)(1,061)10,766 
Subtotal35,083 22,555 (13,788)(131)(3,041)40,678 
Judicial deposits (iv)(8,135)— — 1,030 513 (6,592)
Provision for contingencies$26,948 $22,555 $(13,788)$899 $(2,528)$34,086 
    

(i)In 2023, 2022 and 2021, it includes mainly INSS (Instituto Nacional do Seguro Social) and CIDE (Contribuições de Intervenção no Domínio Econômico).
(ii)It primarily relates to dismissals in the normal course of business.
(iii)It relates to tax and labor contingencies in other countries and civil contingencies in all the countries.
(iv)It primarily relates to judicial deposits the Company was required to make in connection with the proceedings in Brazil.