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Lease liabilities | 12 Months Ended
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Dec. 31, 2022
Lease liabilities [abstract] |
Lease liabilities |
32. | Lease liabilities
The Company is the lessee in agreements primarily including oil and gas producing units, drilling rigs and other exploration and production equipment, vessels and support vessels, helicopters, lands and buildings. Changes in the balance of lease liabilities are presented below:
Summary of changes in lease liabilities |  |  |
| In Brazil | Abroad | Total
Balance at December 31, 2021 | 4,604 | 18,439 | 23,043
Remeasurement / new contracts | 2,730 | 2,219 | 4,949
Payment of principal and interest (*) | (1,785) | (3,638) | (5,423)
Interest expenses | 365 | 991 | 1,356
Foreign exchange gains and losses | (169) | (1,221) | (1,390)
Translation adjustment | 287 | 1,170 | 1,457
Transfers | (12) | (135) | (147)
Balance at December 31, 2022 | 6,020 | 17,825 | 23,845
Current |  |  | 5,557
Non-current |  |  | 18,288
(*) The Repayment of lease liability, disclosed in the Statements of Cash Flows, includes US$ 7 related to assets classified as held for sale.
| In Brazil | Abroad | Total
Balance at December 31, 2020 | 4,340 | 17,310 | 21,650
Remeasurement / new contracts | 1,655 | 4,474 | 6,129
Payment of principal and interest | (1,560) | (4,267) | (5,827)
Interest expenses | 243 | 990 | 1,233
Foreign exchange gains and losses | 151 | 1,288 | 1,439
Translation adjustment | (272) | (1,310) | (1,582)
Transfers | 47 | (46) | 1
Balance at December 31, 2021 | 4,604 | 18,439 | 23,043
Current |  |  | 5,432
Non-current |  |  | 17,611
A maturity schedule of the lease arrangements (nominal amounts) is set out as follows:
Summary of main information by class of underlying assets |  |  |  |  |  |  |  |
Nominal Future Payments | up to 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | 5 years onwards | Total | Recoverable taxes
Without readjustment |  |  |  |  |  |  |  |
Vessels | 2,813 | 2,000 | 1,141 | 491 | 340 | 1,695 | 8,480 | 255
Others | 93 | 40 | 19 | 5 | − | − | 157 | 14
With readjustment - abroad (*) |  |  |  |  |  |  |  |
Vessels | 238 | 213 | 179 | 158 | 131 | 17 | 936 | −
Platforms | 1,546 | 1,539 | 1,461 | 1,368 | 1,358 | 10,992 | 18,264 | −
With readjustment - Brazil |  |  |  |  |  |  |  |
Vessels | 609 | 464 | 288 | 109 | 18 | 10 | 1,498 | 120
Properties | 159 | 209 | 163 | 156 | 175 | 1,365 | 2,227 | 93
Others | 252 | 156 | 129 | 107 | 100 | 419 | 1,163 | 73
Nominal amounts on December 31, 2022 | 5,710 | 4,621 | 3,380 | 2,394 | 2,122 | 14,498 | 32,725 | 555
Nominal amounts on December 31, 2021 | 5,567 | 3,944 | 3,027 | 2,309 | 1,972 | 14,608 | 31,427 | 346
(*) Contracts signed in the U.S. Dollars.
The following table presents the main information on leases by class of underlying assets, where platforms and vessels represent 92% of the lease liability:
Summary of maturity schedule of the lease arrangements |  |  |  |  |
Present Value of Future Payments | Discount rate (%) | Average Period | Recoverable taxes | Closing Balance | Opening Balance
Without readjustment |  |  |  |  |  |  |  |
Vessels |  |  |  | 4,0518 | 5.8 years | 255 | 7,421 | 6,201
Others |  |  |  | 2,5774 | 2.6 years | 14 | 149 | 202
With readjustment - abroad (*) |  |  |  |  |  |  |  |
Platforms |  |  |  | 5,7393 | 13.9 years | − | 12,340 | 13,059
Vessels |  |  |  | 4,4127 | 4.2 years | − | 838 | 1,431
With readjustment - Brazil |  |  |  |  |  |  |  |
Vessels |  |  |  | 7,8958 | 2.8 years | 120 | 1,298 | 850
Properties |  |  |  | 8,0496 | 22.7 years | 93 | 1,010 | 590
Others |  |  |  | 9,8752 | 7.7 years | 73 | 789 | 710
Total (**) |  |  |  | 5,5127 | 11.4 years | 555 | 23,845 | 23,043
(*) Incremental nominal rate on company debt calculated from the yield curve of bonds and credit risk of the Company, as well as terms .
(**) Total amount, except for the average period column.
In certain contracts, there are variable payments and amounts less than 1 year recognized as an expense:
Schedule of variable payments and amounts less than 1 year recognized as an expense |  |  |
|  | 31.12.2022 | 31.12.2021
Variable payments |  | 1,060 | 898
Variable payments x fixed payments |  | 20% | 15%
Up to 1 year maturity |  | 118 | 110
At December 31, 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$ 79,913 (US$ 79,557 at December 31, 2021). The sensitivity analysis of financial instruments subject to exchange variation is presented in note 34.3. Accounting policy for lease liabilities Lease liabilities, including those whose underlying assets are of low value, are measured at the present value of lease payments, which includes recoverable taxes, non-cancellable periods and options to extend a lease when they are reasonably certain. These payments are discounted at the Company's nominal incremental rate on loans, as the interest rates implicit in lease agreements with third parties usually cannot be readily determined. Lease remeasurements reflect changes arising from contractual rates or indexes, as well as lease terms due to new expectations of lease extensions or terminations. Unwinding of discount on the lease liability is classified as finance expense, while payments reduce their carrying amount. According to the Company’s foreign exchange risk management, foreign exchange variations on lease liabilities denominated in U.S. dollars are designated as instruments to protect cash flow hedge relationships from highly probable future exports (see note 34.3). In the E&P segment, some activities are conducted by joint operations with partner companies where the Company is the operator. In cases where all parties to the joint operation are primarily responsible for the lease payments, the Company recognizes the lease liability in proportion to its share. When using underlying assets arising from a specific contract in which the Company is solely responsible for the lease payments, the lease liabilities remain fully recognized and the partners are charged in proportion to their interests. Payments associated with short-term leases (term of 12 months or less) are recognized as an expense over the term of the lease.

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