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Employee benefits | 6 Months Ended
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Jun. 30, 2024
Employee Benefits |
Employee benefits |
| 13. | Employee benefits
Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees or for the termination of employment. It also includes expenses with directors and management. Such benefits include salaries, post-employment benefits, termination benefits and other benefits.
Schedule of employee benefits |  |
| 06.30.2024 | 12.31.2023
Liabilities |  |
Short-term employee benefits | 1,418 | 1,986
Termination benefits | 102 | 143
Post-employment benefits | 14,620 | 16,382
Total | 16,140 | 18,511
Current | 2,299 | 2,932
Non-current | 13,841 | 15,579
| 13.1. | Short-term employee benefits
Schedule of short term employee benefits |  |
| 06.30.2024 | 12.31.2023
Variable compensation programs | 193 | 464
Accrued vacation and 13th salary | 683 | 574
Salaries and related charges and other provisions | 248 | 343
Profit sharing | 294 | 605
Total | 1,418 | 1,986
Current | 1,379 | 1,944
Non-current (1) | 39 | 42
(1) | Remaining balance relating to the four-year deferral of 40% of the PPP portion of executive officers and the upper management.
The Company recognized the following amounts in the statement of income:
Schedule of recognized the statement of income |  |  |  |
Expenses recognized in the statement of income | Jan-Jun/2024 | Jan-Jun/2023 | Apr-Jun/2024 | Apr-Jun/2023
Salaries, accrued vacations and related charges | (1,867) | (1,604) | (943) | (857)
Variable compensation programs (1) | (179) | (271) | (100) | (131)
Profit sharing (1) | (311) | (67) | (135) | (32)
Management fees and charges | (7) | (5) | (4) | (3)
Total | (2,364) | (1,947) | (1,182) | (1,023)
(1) | It includes adjustments to provisions related to previous years.
| 13.1.1. | Variable compensation programs
Performance award programs (Programa de Prêmio por Desempenho - PRD and Programa de Prêmio por Performance - PPP) In the six-month period ended June 30, 2024, the Company:
· |  | paid US$ 413 relating these programs, since the metrics relating to the Company’s and individual performance were achieved in 2023; and
· |  | provisioned US$ 180 relating to these programs for the six-month period ended June 30, 2024 (US$ 270 for the same period of 2023), recorded in other income and expenses, including variable compensation programs from consolidated companies.
Profit Sharing (Participações nos lucros ou resultados - PLR) In the six-month period ended June 30, 2024, the Company:
| · | paid US$ 571, considering the current agreement for this program, which provides individual limits according to employee remuneration; and
| · | provisioned US$ 311 relating to this program for the six-month period ended June 30, 2024 (US$ 67 for the same period of 2023), recorded in other income and expenses.
| 13.2. | Termination benefits
Termination benefits are employee benefits provided in exchange for the termination of labor contract as a result of either: i) the Company’s decision to terminate the labor contract before the employee’s normal retirement date; or ii) an employee’s decision to accept an offer of benefits in exchange for the termination of their employment. Voluntary severance programs The Company has voluntary severance programs (PDV), specific for employees of the corporate segment and of divestment assets, which provide for the same legal and indemnity advantages. These programs are currently closed for enrollment. Recognition of the liability and the expense for termination benefits occur as employees enroll to the programs. The Company disburses the severance payments in two installments, one at the time of termination and the remainder one year after the termination. As of June 30, 2024, from the balance of US$ 102, US$ 7 refers to the second installment of 146 retired employees and US$ 95 refers to 944 employees enrolled in voluntary severance programs with expected termination by 2027.
| 13.3. | Employee benefits (post-employment)
The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents (“Saúde Petrobras”), and five major post-employment pension plans (collectively referred to as “pension plans”). The following table presents the balance of post-employment benefits:
Schedule of post employment benefits |  |
| 06.30.2024 | 12.31.2023
Liabilities |  |
Health Care Plan - Saúde Petrobras | 8,758 | 9,662
Petros Pension Plan - Renegotiated (PPSP-R) | 3,665 | 4,221
Petros Pension Plan - Non-renegotiated (PPSP-NR) | 1,170 | 1,338
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) | 459 | 519
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) | 410 | 461
Petros 2 Pension Plan (PP-2) | 158 | 181
Total | 14,620 | 16,382
Current | 885 | 907
Non-current | 13,735 | 15,475
Health Care Plan The health care plan Saúde Petrobras – AMS is managed and run by Petrobras Health Association (Associação Petrobras de Saúde – APS), a nonprofit civil association, and includes prevention and health care programs. The plan offers assistance to all employees, retirees, pensioners and eligible family members, according to the rules of the plan and the Collective Bargaining Agreement (ACT), and is open to new employees. Benefits are paid by the Company based on the costs incurred by the participants. The financial participation of the Company and the beneficiaries on the expenses are provided for in the plan rules and in the ACT, being 60% by the Company and 40% by the participants until March 31, 2024. As provided in clause 37 paragraph 2 of the ACT, if the resolutions No. 42/2022 and No. 49/2023 of the Commission on Corporate Governance and the Administration of Corporate Holdings of the Brazilian Federal Government (Comissão de Governança Corporativa e de Administração de Participações Societárias da União – CGPAR) were revoked or amended, allowing adjustments in the cost-sharing of health care plans, the Company and the labor unions would discuss a new cost-sharing arrangement, in order to minimize the impact on the income of its beneficiaries. On April 26, 2024, the aforementioned resolutions were revoked and, for this reason, the Company and the unions entered into an agreement, in June 2024, via amendment to the current collective bargaining agreement, to resume the costing relationship previously practiced, with 70% covered by Petrobras and 30% by the beneficiaries, effective since April 2024. Due to this change, the Company carried out an intermediate remeasurement of the actuarial liabilities of this plan. Intermediate remeasurement The intermediate remeasurement of this post-employment plan made in the June 2024 resulted in a US$ 23 increase in actuarial liabilities, as follows: (i) a US$ 1,291 expense within other income and expenses, due to the change in the benefit costing; (ii) a US$ 1,265 gain within other comprehensive income due to the revision of actuarial assumptions, mainly the increase in the discount rate applied to actuarial liabilities, from 5.45% as of December 31, 2023 to 6.48% as of June 30, 2024, and to the reduction in the estimated change in medical and hospital medical costs, from 13.11% as of December 31, 2023 to 12.70% as of June 30, 2024; and (iii) a US$3 gain within translation adjustments. The other actuarial assumptions used to carry out the intermediate remeasurement had no change.
| 13.3.1. | Sensitivity analysis of the defined benefit plans
The effect of a 100 basis points (bps) change in the discount rate and in the estimated future medical costs is set out below:
Schedule of change in the discount rate |  |  |  |  |  |
| Discount Rate | Expected changes in medical and hospital costs
|  | Medical Benefits | Medical Benefits
|  |  | +100 bps | -100 bps | +100 bps | -100 bps
Pension Obligation |  |  | (896) | 1,092 | 1,215 | (1,003)
Current Service cost and interest cost |  |  | (25) | 30 | 87 | (71)
Pension plans The Company’s post-retirement plans are managed by Petros Foundation (Fundação Petrobras de Seguridade Social), a nonprofit legal entity governed by private law with administrative and financial autonomy. The net obligation with pension plans recorded by the Company is measured in accordance with the requirements of IFRS which has a different measurement methodology to that applicable to pension funds, regulated by the Post-Retirement Benefit Federal Council (Conselho Nacional de Previdência Complementar – CNPC). On March 28, 2024, the Deliberative Council of Petros Foundation approved the financial statements of the pension plans for the year ended December 31, 2023, sponsored by the Company. The following table below presents the reconciliation of the deficit of Petros Plan registered by Petros Foundation as of December 31, 2023 with the net actuarial liability registered by the Company at the same date:
Schedule of reconciliation of deficit |  |
| PPSP-R (1) | PPSP-NR (1)
Deficit registered by Petros | 353 | 101
Ordinary and extraordinary future contributions - sponsor | 4,735 | 1,392
Contributions related to the TFC - sponsor | 791 | 477
Financial assumptions (interest rate and inflation), changes in fair value of plan assets and actuarial valuation method | (1,139) | (171)
Net actuarial liability recorded by the Company | 4,740 | 1,799
(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
• Sponsor Contributions – in the calculation of the obligation, Petros considers the future cash flow of ordinary and extraordinary sponsor and participants contributions, discounted to present value, according to the CNPC criteria, while the Company only considers them as they are made. • Financial Assumptions - the main difference is the definition of the real interest rate established by Petros, which is according to the expected profitability of the current investment portfolios and the parameters published by the CNPC, considering a moving average of recent years in setting safety limits. On the other hand, the Company determines the real interest rates through an equivalent rate that combines the maturity profile of pension and health care obligations with the future yield curve of long-term Brazilian Federal Government securities (“Tesouro IPCA”, formerly known as NTN). • Changes in the fair value of plan assets – Petros measures government securities based on its curve, with a portfolio immunization strategy, while in the Company measures at market value.
| 13.3.2. | Changes in the actuarial liabilities recognized in the statement of financial position
Net actuarial liabilities represent the obligations of the Company, net of the fair value of plan assets (when applicable), at present value. Changes in the actuarial liabilities related to pension and health care plans with defined benefit characteristics is presented as follows:
Schedule of changes in the actuarial liabilities |  |  |  |  |
|  |  |  |  | 2024
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Balance at December 31, 2023 | 4,740 | 1,799 | 181 | 9,662 | 16,382
Recognized in the Statement of Income | 210 | 80 | 7 | 1,838 | 2,135
Past service cost | − | − | − | 1,291 | 1,291
Current service cost | 4 | 1 | − | 115 | 120
Net interest | 206 | 79 | 7 | 432 | 724
Recognized in Equity - other comprehensive income | − | − | − | (1,265) | (1,265)
Remeasurement effects (2) | − | − | − | (1,265) | (1,265)
Cash effects | (215) | (66) | (6) | (195) | (482)
Contributions paid | (201) | (59) | (6) | (195) | (461)
Payments related to Term of financial commitment (TFC) | (14) | (7) | − | − | (21)
Other changes | (611) | (233) | (24) | (1,282) | (2,150)
Translation Adjustment | (611) | (233) | (24) | (1,282) | (2,150)
Balance at June 30, 2024 | 4,124 | 1,580 | 158 | 8,758 | 14,620
(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | Effects of the intermediate remeasurement on the health care plan, which changed the benefit costing.
|  |  |  |  | 2023
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Balance at December 31, 2022 | 3,890 | 1,380 | 163 | 5,813 | 11,246
Recognized in the Statement of Income | 242 | 82 | 15 | 420 | 759
Current service cost | 5 | 1 | 5 | 71 | 82
Net interest | 237 | 81 | 10 | 349 | 677
Recognized in Equity - other comprehensive income | 109 | − | − | − | 109
Remeasurement effects (2) | 109 | − | − | − | 109
Cash effects | (198) | (60) | (3) | (190) | (451)
Contributions paid | (184) | (54) | (3) | (190) | (431)
Payments related to Term of financial commitment (TFC) | (14) | (6) | − | − | (20)
Other changes | 334 | 116 | 14 | 493 | 957
Others | − | − | − | 1 | 1
Translation Adjustment | 334 | 116 | 14 | 492 | 956
Balance at June 30, 2023 | 4,377 | 1,518 | 189 | 6,536 | 12,620
(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It relates to a complement of 2022.
The net expense with pension and health care plans is presented below:
Schedule of net expenses relating to benefit plans |  |  |  |  |
|  | Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras
Related to active employees (cost of sales and expenses) (2) | (19) | (5) | (1) | (508) | (533)
Related to retirees (other income and expenses) (3) | (191) | (75) | (6) | (1,330) | (1,602)
Net costs for Jan-Jun/2024 | (210) | (80) | (7) | (1,838) | (2,135)
Related to active employees (cost of sales and expenses) | (24) | (4) | (7) | (147) | (182)
Related to retirees (other income and expenses) | (218) | (78) | (8) | (273) | (577)
Net costs for Jan-Jun/2023 | (242) | (82) | (15) | (420) | (759)
(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 291.
(3) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 1,000.
|  | Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras
Related to active employees (cost of sales and expenses) (2) | (11) | (3) | − | (395) | (409)
Related to retirees (other income and expenses) (3) | (92) | (36) | (3) | (1,162) | (1,293)
Net costs for Apr-Jun/2024 | (103) | (39) | (3) | (1,557) | (1,702)
Related to active employees (cost of sales and expenses) | (12) | (2) | (4) | (75) | (93)
Related to retirees (other income and expenses) | (112) | (40) | (4) | (140) | (296)
Net costs for Apr-Jun/2023 | (124) | (42) | (8) | (215) | (389)
(1) | It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 291.
(3) | It includes the effects of the intermediate remeasurement on the health care plan, which changed the benefit costing by US$ 1,000.
| 13.3.3. | Contributions
In the six-month period ended June 30, 2024, the Company contributed with US$ 482 (US$ 451 in the same period of 2023), to the defined benefit plans (reducing the balance of obligations of these plans, as presented in note 13.3.2), and with US$ 115 and US$ 1, respectively, to the defined contribution portions of PP-2 and PP-3 plans (US$ 102 for PP-2 and US$ 1 for PP-3 in the same period of 2023), which were recognized in the statement of income.

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