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Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Employee benefits [Abstract]  
Expenses recognized for employee benefits
The expenses recognized for employee benefits are:
 
  
2017
  
2016
  
2015
 
Salaries, benefits and inherent
 
$
550,491
  
$
654,677
  
$
674,512
 
Pensions – defined benefit plans
  
21,284
   
(14,764
)
  
22,805
 
  
$
571,775
  
$
639,913
  
$
697,317
 
Liabilities recognized for pensions and other remunerations
The liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position are comprised as follows:
 
  
2017
  
2016
 
Long-term:
      
Pensions and seniority premium
 
$
150,873
  
$
142,398
 
Termination of employment
  
24,687
   
21,809
 
  
$
175,560
  
$
164,207
 
Details of net cost for the period
The details of the net cost for the period for seniority premiums and termination of employment, and also the basic actuarial estimates for the calculation of these labor obligations is shown as follows:
 
  
2017
  
2016
 
  
Pensions and
seniority
premiums
  
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
Current service cost
 
$
5,460
  
$
1,868
  
$
(29,914
)
 
$
(1,717
)
Interest cost
  
12,015
   
1,941
   
15,072
   
1,795
 
Net cost for the period
 
$
17,475
  
$
3,809
  
$
(14,842
)
 
$
78
 
Reserve for pensions and seniority premiums
At December 31, 2017 and 2016, the reserve for pensions and seniority premiums, and also for the termination of employment, is comprised as follows:
 
  
2017
  
2016
 
  
Pensions and
seniority
premiums
  
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
Defined benefit obligations
 
$
153,572
  
$
24,687
  
$
144,049
  
$
21,809
 
Plan assets
  
(2,699
)
  
-
   
(1,651
)
  
-
 
Total reserve
 
$
150,873
  
$
24,687
  
$
142,398
  
$
21,809
 
Defined Benefit Obligation
At December 31, 2017 and 2016, the DBO for pensions and seniority premiums, and also for the reserve for termination of employment, are comprised as follows:
 
  
2017
  
2016
 
  
Pensions and
seniority
premiums
  
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
DBO at period start
 
$
144,049
  
$
21,809
  
$
191,134
  
$
22,029
 
Current service cost
  
5,460
   
1,868
   
(29,914
)
  
(1,717
)
Interest cost
  
12,015
   
1,941
   
15,072
   
1,795
 
Benefits paid
  
(296
)
  
-
   
(1,128
)
  
-
 
Benefits paid from plan assets
  
(9,272
)
  
-
   
(13,739
)
  
-
 
Miscellaneous
  
908
   
-
   
(269
)
  
(1
)
Actuarial losses and gains
  
708
   
(931
)
  
(17,107
)
  
(297
)
DBO at period end
 
$
153,572
  
$
24,687
  
$
144,049
  
$
21,809
 
 
The plan assets at December 31, 2017 and 2016 are comprised as follows:
 
  
2017
  
2016
 
Value of the fund at year start
 
$
1,651
  
$
1,921
 
Expected return on assets
  
908
   
(294
)
Plan contributions
  
9,272
   
13,739
 
Benefits paid
  
(9,272
)
  
(13,739
)
Interests of plan assets
  
140
   
24
 
Value of the fund at year end
 
$
2,699
  
$
1,651
 
Effects of changes to actuarial assumptions
The changes in the pension plan, seniority premium, and termination of employment plan at December 31, 2017 and 2016 are as follows:
 
  
2017
  
2016
 
Reserve for obligations at year start
 
$
164,207
  
$
211,242
 
Total cost for the year
  
21,284
   
(14,764
)
Contributions to the plan
  
(9,272
)
  
(13,739
)
Benefits paid charged to the reserve
  
(296
)
  
(1,128
)
Actuarial gain
  
(223
)
  
(17,404
)
Reserve for obligations at year end
 
$
175,560
  
$
164,207
 
 
The significant actuarial assumptions used for the valuation are:
 
  
2017
  
2016
 
Discount rate
  
9.25
%
  
9.00
%
Salary increase rate
  
4.00
%
  
4.00
%
Inflation rate
  
3.50
%
  
3.50
%
Average working life expectancy
  
19.80
   
19.80
 
 
The following table summarizes the effects of changes to these actuarial assumptions on the defined benefits obligations at December 31, 2017:
 
  
1.0% increase
  
1.0% decrease
 
Discount rate
      
(Decrease) increase in the defined benefits obligation
 
$
(6,161
)
 
$
6,565
 
         
  
1.0% increase
  
1.0% decrease
 
Salary increase rate
        
Increase (decrease) in the defined benefits obligation
 
$
4,416
  
$
(4,173
)
 
  
One year
Increase
  
One year
decrease
 
Average life expectancies
      
Increase (decrease) in the defined benefits obligation
 
$
5,583
  
$
(5,736
)