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Lease liabilities
 6 Months Ended
Jun. 30, 2022
Finance Debt  
Lease liabilities

 

24.Lease liabilities

Changes in the balance of lease liabilities are presented below:

 

  In Brazil Abroad Total
Balance at December 31, 2021 4,604 18,439 23,043
Remeasurement / new contracts 962 548 1,510
Payment of principal and interest (784) (1,897) (2,681)
Interest expenses 162 481 643
Foreign exchange gains and losses (152) (1,177) (1,329)
Cumulative translation adjustment 262 1,115 1,377
Transfers − (36) (36)
Balance at June 30, 2022 5,054 17,473 22,527

 

 

  In Brazil Abroad Total
Balance at December 31, 2020 4,340 17,310 21,650
Remeasurement / new contracts 324 477 801
Payment of principal and interest (753) (2,146) (2,899)
Interest expenses 108 492 600
Foreign exchange gains and losses (98) (584) (682)
Cumulative translation adjustment 148 576 724
Transfers 3 (17) (14)
Balance at June 30, 2021 4,072 16,108 20,180

 

 

 

A maturity schedule of the lease arrangements (nominal amounts) is set out as follows:

Nominal Future Payments 2022 2023 2024 2025 2026 2027 onwards Total
Balance at June 30, 2022 2,861 4,686 3,528 2,586 2,062 15,285 31,008
Balance at December 31, 2021 5,567 3,944 3,027 2,309 1,972 14,608 31,427

 

 

 

Payments in certain lease agreements vary due to changes in facts or circumstances occurring after their inception other than the passage of time. Such payments are not included in the measurement of the lease obligations. Variable lease payments in the six-month period ended June 30, 2022, amounted to US$ 598, representing 22% in relation to fixed payments (US$ 371 and 13% in the same period of 2021).

In the six-month period ended June 30, 2022, the Company recognized lease expenses in the amount of US$ 83 relating to short-term leases (US$ 46 in the same period of 2021).

At June 30, 2022, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under construction or not yet available for use, is US$ 77,064 (US$ 79,557 at December 31, 2021).

The sensitivity analysis of financial instruments subject to exchange variation is presented in note 27.3.