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Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Employee benefits [Abstract]  
Expenses Recognized for Employee Benefits
The expenses recognized for employee benefits are:
 
  
2020
  
2019
  
2018
 
Salaries, benefits and inherent
 
$
317,776
  
$
320,827
  
$
347,403
 
Pensions – defined benefit plans
  
23,623
   
22,873
   
21,211
 
  
$
341,399
  
$
343,700
  
$
368,614
 
Liabilities Recognized for Pensions and Other Remunerations
The long-term liabilities recognized for pensions and other employee remunerations in the consolidated statement of financial position are comprised as follows:
 
  
2020
  
2019
 
Long-term:
      
Pensions and seniority premium
 
$
136,832
  
$
141,014
 
Termination of employment
  
13,365
   
10,467
 
  
$
150,197
  
$
151,481
 
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:
 
  
2020
  
2019
 
  
Pensions and
seniority
premiums
  
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
Current service cost
 
$
4,541
  
$
1,727
  
$
4,709
  
$
2,178
 
Interest cost
  
11,892
   
867
   
13,643
   
2,343
 
Net cost for the period
 
$
16,433
  
$
2,594
  
$
18,352
  
$
4,521
 
Reserve for Pensions and Seniority Premiums
At December 31, 2020 and 2019, the reserve for pensions and seniority premiums, and also for the termination of employment, is comprised as follows:

  
2020
  
2019
 
  
Pensions and
seniority
premiums
  
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
Defined benefit obligations
 
$
139,763
  
$
13,365
  
$
144,044
  
$
10,467
 
Plan assets
  
(2,931
)
  
-
   
(3,030
)
  
-
 
Total reserve
 
$
136,832
  
$
13,365
  
$
141,014
  
$
10,467
 
Defined Benefit Obligation
As of December 31, 2020, and 2019, the defined benefit obligations (DBO) for pensions and seniority premiums, and also for the reserve for termination of employment, are comprised as follows:
 
  
2020
  
2019
 
  
Pensions and
seniority
premiums
   
Termination
of
employment
  
Pensions and
seniority
premiums
  
Termination
of
employment
 
DBO at beginning of period
 
$
144,044
   
$
10,467
  
$
154,128
  
$
25,604
 
Current service cost
  
4,541
    
1,727
   
4,709
   
2,178
 
Interest cost
  
11,892
    
867
   
13,643
   
2,343
 
Benefits paid
  
(2,072
)
   
(70
)
  
(338
)
  
-
 
Benefits paid from plan assets
  
(7,315
)


 
-
   
(7,617
)
  
-
 
Miscellaneous
  
-
    
-
   
(304
)
  
-
 
Past service cost
  
-
    
-
   
(16,822
)
  
(21,365
)
Actuarial gain or losses
  
(11,327
)
   
374
   
(3,355
)
  
1,707
 
DBO at end of period
 
$
139,763
   
$
13,365
  
$
144,044
  
$
10,467
 
 
The plan assets as of December 31, 2020 and 2019 are comprised as follows:
 
  
2020
  
2019
 
Value of the fund at beginning of year
 
$
3,030
  
$
3,126
 
Expected return on assets
  
(356
)
  
310
 
Plan contributions
  
7,315
   
7,617
 
Benefits paid
  
(7,315
)
  
(7,617
)
Interests on plan assets
  
257
   
208
 
Miscellaneous
  
-
   
(614
)
Found value at end of the year
 
$
2,931
  
$
3,030
 
Effects of Changes to Actuarial Assumptions
The changes in the pension plan, seniority premium, and termination of employment plan as of December 31, 2020 and 2019 are as follows:
 
  
2020
  
2019
 
Reserve for obligations at the beginning of the period
 
$
151,481
  
$
176,606
 
Cost for the period
  
19,027
   
22,873
 
Interest income
  
(257
)
  
(208
)
Contributions to the plan
  
(7,315
)
  
(7,617
)
Benefits paid on pension plan
  
(2,142
)
  
(338
)
Miscellaneous
  
356
   
-
 
Actuarial gain or losses
  
(10,953
)
  
(1,648
)
Past service cost
  
-
   
(38,187
)
Reserve for obligations at the end of the period
 
$
150,197
  
$
151,481
 
 
The significant actuarial assumptions used for the valuation are:
 
  
2020
  
2019
 
Discount rate
  
7.50
%
  
8.50
%
Salary increase rate
  
4.00
%
  
4.00
%
Inflation rate
  
3.50
%
  
3.50
%
Average working life expectancy
  
16.10
   
18.30
 
 
The following table summarizes the effects of changes to these actuarial assumptions on the defined benefits obligations at December 31, 2020:
 
  
1.0% increase
  
1.0% decrease
 
Discount rate
      
(Decrease) increase in the defined benefits obligation
 
$
(54
)
 
$
6,958
 
         
Salary increase rate
        
Increase (decrease) in the defined benefits obligation
 
$
5,711
  
$
(678
)

  
One year
Increase
  
One year
Decrease
 
Average life expectancies
      
Increase (decrease) in the defined benefits obligation
 
$
3,426
  
$
(3,940
)