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Employee benefits | 12 Months Ended
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Dec. 31, 2024
Employee Benefits |
Employee benefits |
| 18. | Employee benefits
Employee benefits are all forms of consideration given by the Company 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 |  |
| 12.31.2024 | 12.31.2023
Liabilities |  |
Short-term employee benefits | 1,517 | 1,986
Termination benefits | 72 | 143
Post-employment benefits | 11,398 | 16,382
Total | 12,987 | 18,511
Current | 2,315 | 2,932
Non-current | 10,672 | 15,579
| 18.1. | Short-term employee benefits
Schedule of short term employee benefits |  |
| 12.31.2024 | 12.31.2023
Profit sharing | 384 | 605
Performance award program | 349 | 464
Accrued vacation | 519 | 574
Salaries and related charges and other provisions | 265 | 343
Total | 1,517 | 1,986
Current | 1,486 | 1,944
Non-current (1) | 31 | 42
(1) Remaining balance relating to the four-year deferral 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 | 2024 | 2023 | 2022
Salaries, accrued vacations and related charges | (3,652) | (3,478) | (3,006)
Management fees and charges | (14) | (14) | (14)
Variable compensation programs (1) | (932) | (1,011) | (678)
Performance award program (2) | (468) | (416) | (547)
Profit sharing (2) | (464) | (595) | (131)
Total | (4,598) | (4,503) | (3,698)
(1) It includes adjustments to provisions related to previous years. |
(2) Amount recognized as other income and expenses - see note 11. |
| 18.1.1. | Variable compensation programs
The Company recognizes the contribution of employees to the results achieved through two programs: Profit sharing and results sharing and Performance award program. For 2024, the variable compensation programs are limited to 5% of the adjusted EBITDA. Profit Sharing (Participações nos lucros ou resultados - PLR) Profit sharing (PLR) is a variable remuneration mechanism that aims to share the Company's results with its employees. From 2023, considering the change implemented in the Company's variable compensation programs, the PLR also included employees with managerial functions, becoming the main variable compensation program of the Company. For the payment of PLR (approved by the Secretariat of Management and Governance of State-owned Companies - SEST), the Company needs to meet the following triggers:
| • | Declaration and payment of distribution to shareholders approved by the Company’s Board of Directors;
| • | Net income for the year and achieving at least 80% of the weighted average of a set of proposed indicators;
| • | The total amount is limited to the lower of 6.25% of the net income and to 25% of the dividends distributed to shareholders. In 2024, the PLR calculated corresponded to 6.19% of the net income of the year, according to the average percentage of achievement of the indicators.
In relation to the PLR, in 2024, the Company:
| • | Settled US$ 577, considering the agreement and individual limits according to their remuneration.
| • | Provisioned US$ 464 referring to 2024 (US$ 591 in 2023), recorded in other income and expenses.
Performance award program (Programa de Prêmio por Desempenho - PRD) The PRD intends to recognize the effort and individual performance of each employee to achieve the Company’s results. The amounts to be paid to each employee continues to be defined by the achievement of the key metrics (which currently are Delta Valor Petrobras - VALOR, Greenhouse Gas Emissions Target Achievement Indicator - IAGEE, and Indicator of Commitment to the Environment - ICMA) and of the individual goals (performance management score for all employees, with exception of executive managers, for whom the scorecard of their respective departments will be considered). The PRD establishes that, in order to trigger this payment, it is necessary to have a declaration and payment of distribution to shareholders approved by the Company’s Board of Directors, as well as net income for the year. The total amount is limited to a percentage of the net income or the Adjusted EBITDA for the year (a non-GAAP measure defined as net income plus net finance income (expense); income taxes; depreciation, depletion and amortization; results in equity-accounted investments; impairment of assets; results on disposal/write-offs of assets; and results from co-participation agreements in bid areas). This program was revised in 2023, replacing the Programa de Prêmio por Performance (PPP), to complement the PLR. In relation to the PRD, in 2024, the Company:
| · | Settled US$ 498, of which US$ 412 in relation to 2023, since the metrics relating to the Company’s and individual performance were achieved in that year, and US$ 86 as an advance made in December 2024 relating to the program for 2024;
| · | Provisioned US$ 468 referring to 2024 (US$ 415 for the same period of 2023), recorded in other income and expenses, including variable compensation programs from consolidated companies.
Accounting policy for variable compensation programs (PLR and PRD) The provisions for variable compensation programs are recognized on an accrual basis, during the periods in which the employees provided services. They represent the estimates of future disbursements arising from past events, based on the criteria and metrics of the PRD and PLR, provided that the requirements for activating these programs are met and that the obligation can be reliably estimated.
| 18.2. | 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 December 31, 2024, termination liabilities amounts to US$ 72, relating to 743 employees enrolled in voluntary severance programs with expected termination by December 2027, in addition to the second installment of 23 retired employees.
| 18.3. | Post-employment benefits
The Company maintains a health care plan for its employees in Brazil (active and retiree) and their dependents (Saúde Petrobras - AMS), and five other major plans of post-employment benefits (collectively referred to as “pension plans”). The following table presents the balance of post-employment benefits:
Schedule of post employment benefits |  |
| 12.31.2024 | 12.31.2023
Liabilities |  |
Health Care Plan - Saúde Petrobras | 7,499 | 9,662
Petros Pension Plan - Renegotiated (PPSP-R) | 2,289 | 4,221
Petros Pension Plan - Non-renegotiated (PPSP-NR) | 779 | 1,338
Petros Pension Plan - Renegotiated - Pre-70 (PPSP-R Pre 70) | 395 | 519
Petros Pension Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre 70) | 379 | 461
Petros 2 Pension Plan (PP-2) | 57 | 181
Total | 11,398 | 16,382
Current | 808 | 907
Non-current | 10,590 | 15,475
| 18.3.1. | Nature and risks associated with defined benefit plans
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 in the Collective Bargaining Agreement (ACT) and is open to new employees. Sponsored by Petrobras, Transpetro, PBIO, TBG and Termobahia, this plan is primarily exposed to the risk of increase in medical costs due to inflation, new technologies, new types of coverage and an increase in the utilization of medical benefits. The Company continuously improves the quality of its technical and administrative processes, as well as the health programs offered to beneficiaries in order to mitigate such risks. Employees, retirees and pensioners make monthly fixed contributions to cover high-risk procedures and variable contributions for the cost of medical procedures, both based on the contribution tables of the plan, which are determined based on certain parameters, such as salary and age levels. The plan also includes assistance towards the purchase of certain medicines through reimbursement or acquisition and home delivery, with co-participation of beneficiaries. Benefits are paid by the Company based on the costs incurred by the beneficiaries. 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 on the health care plan The intermediate remeasurement of this post-employment plan made in 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 the actuarial liability, from 5.45% as of December 31, 2023 to 6.48% as of June 30, 2024, and to the reduction in the estimated changes in medical and hospital 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 in the second quarter of 2024 had no change in relation to those used in the annual remeasurement made as of December 31, 2023. Annual revision of the health care plan At December 31, 2024, this obligation was revised using the updated actuarial assumptions, which results are shown in note 18.3.2. 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. Pension plans in Brazil are regulated by the National Council for Supplementary Pension (Conselho Nacional de Previdência Complementar – CNPC), which establishes all guidelines and procedures to be adopted by the plans for their management and relationship with stakeholders. Petros Foundation periodically carries out revisions of the plans and, when applicable, establishes measures aiming at maintaining the financial sustainability of the plans. 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 in Brazil, which are regulated by the CNPC. The main difference between these methodologies is that, in the CNPC criterion, Petros Foundation considers the future cash flows of normal and extraordinary sponsor’s contributions, discounted to present value, while the Company considers these cash flows as they are realized. In addition, Petros Foundation sets the real interest rate based on profitability expectations and on parameters set by PREVIC - Superintendência Nacional de Previdência Complementar (National Supplementary Pension Authority), while the Company uses a rate that combines the maturity profile of the obligations with the yield curve of government bonds. Regarding the plan assets, Petros Foundation marks government bonds at market or on the curve, while the Company marks them at market value. The major post-retirement pension benefits sponsored by the Company are:
| · | Petros Plan - Renegotiated (PPSP-R);
| · | Petros Plan - Renegotiated - Pre-70 (PPSP-R Pre-70);
| · | Petros Plan - Non-renegotiated (PPSP-NR);
| · | Petros Plan - Non-renegotiated - Pre-70 (PPSP-NR Pre-70);
| · | Petros 2 Plan (PP-2); and
| · | Petros 3 Plan (PP-3)
PPSP-R, PPSP-NR, PPSP-R Pre-70, PPSP-NR Pre-70 and PP-3 are sponsored by Petrobras, and PP-2 by Petrobras, Transpetro, PBIO, TBG, Termobahia and Termomacaé. The PPSP-R and PPSP-NR were created in 2018 as a split of Petros Plan (PPSP) originally established by the Company in July 1970. On January 1, 2020, PPSP-R Pre-70 and PPSP-NR Pre-70 were created as a split of PPSP-R and PPSP-NR, respectively. Pension plans supplement the income of their participants during retirement, in addition to guaranteeing a pension for the beneficiaries in case of the death of a participant. The benefit consists of a monthly income supplementing the benefit granted by the Brazilian Social Security Institute. The following table provides other characteristics of these plans:
Schedule of other characteristics |  |  |  |  |  |
| PPSP-R | PPSP-R | PPSP-NR | PPSP-NR | PP-2 | PP-3
Pre-70 | Pre-70
Modality | Defined Benefit | Defined Benefit | Defined Benefit | Defined Benefit | Variable Contribution (defined benefit and defined contribution portions) | Defined Contribution
Participants of the plan | Generally covers employees and former employees who joined the company after 1970 that agreed with changes proposed by the Company in its original pension plan (P0) and amendments. | Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted. | Generally covers employees and former employees who joined the company after 1970 that did not agree with changes proposed by the Company in its original pension plan (P0) and amendments | Generally covers employees and former employees hired prior to July 1, 1970, who enrolled in the P0 until January 1, 1996 and remained continuously linked to the original sponsor obtaining the condition of assisted and did not agreed with changes in in its original pension plan (P0) and amendments. | This Plan was established in 2007, covering employees and former employees coming from new contests that moved from other existing plans. | This plan was implemented in 2021, exclusive option for voluntary migration of employees and retirees from the PPSP-R and PPSP-NR plans.
New enrollments | Closed | Closed | Closed | Closed | Open | Closed
Retirement payments | Lifetime monthly payments supplementing the benefit granted by the Brazilian National Institute of Social Security. | Lifetime defined benefit monthly payments or non- defined benefit monthly payments in accordance with the participant's election. | Undefined benefit with monthly payments, in accordance with the participant election.
Other general benefits | Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion. | Lump sum death benefit (insured capital) and monthly payments related to the following events: death, disability, sickness, and seclusion.
Indexation of Retirement payments by the plan | Based on the Nationwide Consumer Price Index. | Based on the current index levels applicable to active employees’ salaries and the indexes set out by the Brazilian National Institute of Social Security. | Lifetime defined benefit monthly payments: based on the Nationwide Consumer Price Index. | Undefined benefit monthly payments: based on the variation of individual account quota.
Undefined benefit monthly payments: based on the variation of the individual account quota. | Undefined benefit monthly payments: based on the variation of individual account quota.
Parity contributions made by participants and the Company to the plans | It is comprised of: | It is comprised of: | It is comprised of: | It is comprised of: | It is comprised of: | Regular parity contributions during the employment relationship, saving for the undefined benefit, accumulated in individual accounts
i) normal contributions that cover expected cost of the plans in the long term; and | normal contributions that cover expected cost of the plans in the long term. | i) normal contributions that cover expected cost of the plans in the long term; and | normal contributions that cover expected cost of the plans in the long term. | i) normal contributions that cover expected cost of the plans in the long term; and
ii) extraordinary contributions that cover additional costs that are generally derived from actuarial deficits. | Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. | ii) extraordinary contributions that cover additional costs that are generally derived from actuarial deficits. | Participants are exempt from paying any extraordinary contributions in case of deficit until the settlement of the TFC. | ii) extraordinary contributions that cover additional costs derived from actuarial deficits (as provided for in the plan rules for the defined benefit portion of the plan.
Deficit Settlement Plan (PED) (1) | Petros' Foundation Deliberative Council approved a plan to settle the deficit registered by the PPSP-R in 2021. On April 1, 2023, this plan was implemented, following a favorable decision held on March 17, 2023 by the SEST. | N/A | Petros' Foundation Deliberative Council approved a plan to settle the deficit registered by the PPSP-NR in 2022. On April 1, 2024, this plan was implemented, following a favorable decision held on April, 09, 2024 by the SEST. | N/A | N/A | N/A
Debt Assumption Instrument relating to Deficit Settlement Plan 2015 (PED 2015) - referring these contributions were not previously made due to court injunctions. Amounts to be paid to Petros Foundation (1). | Financial obligations with a principal amounting to US$89 at 12/31/2024. | N/A | Financial obligations with a principal amounting to US$32 at 12/31/2024. | N/A | N/A | N/A
Terms of Financial Commitment - TFC (debt agreements) assumed by the Company to settle the deficits. Amounts to be paid to Petros Foundation (1) | Financial obligations amounting to US$93 at 12/31/2024. | Financial obligations amounting to US$475 at 12/31/2024. | Financial obligations settled early in 2021. | Financial obligations amounting to US$410 at 12/31/2024. | N/A | N/A
Annually remeasured in accordance with actuarial assumptions, with semi-annual payment of interest based on the updated balance and maturing in 2028.
(1) This obligation is recorded in these financial statements, within actuarial liabilities.
| 18.3.2. | Net actuarial liabilities and expenses, and fair value of plans assets
| a) | 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. For information on actuarial assumptions used to determine the defined benefit obligation, see the table in Note 18.3.6. Changes in the actuarial liabilities related to pension and healthcare 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 |
Amounts recognized in the Statement of Financial Position |  |  |  |  |
Present value of obligations | 9,992 | 3,233 | 874 | 7,498 | 21,597
(-) Fair value of plan assets | (7,308) | (2,075) | (816) | − | (10,199)
Net actuarial liability as of December 31, 2024 | 2,684 | 1,158 | 58 | 7,498 | 11,398
Changes in the net actuarial liability |  |  |  |  |
Balance as of January 1, 2024 | 4,740 | 1,799 | 181 | 9,662 | 16,382
Recognized in the Statement of Income | 399 | 153 | 13 | 2,369 | 2,934
Past service cost (2) | − | − | − | 1,291 | 1,291
Current service cost | 10 | 2 | − | 198 | 210
Net interest | 389 | 151 | 13 | 880 | 1,433
Recognized in Equity - other comprehensive income | (1,053) | (281) | (84) | (1,861) | (3,279)
(Gains)/losses arising from the remeasurement (2) | (1,053) | (281) | (84) | (1,861) | (3,279)
Cash effects | (382) | (121) | (13) | (485) | (1,001)
Contributions paid | (355) | (108) | (13) | (485) | (961)
Payments related to Term of financial commitment (TFC) | (27) | (13) | − | − | (40)
Other changes | (1,020) | (392) | (39) | (2,187) | (3,638)
Translation Adjustment | (1,020) | (392) | (39) | (2,187) | (3,638)
Balance at December 31, 2024 | 2,684 | 1,158 | 58 | 7,498 | 11,398
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes 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 |
Amounts recognized in the Statement of Financial Position |  |  |  |  |
Present value of obligations | 14,941 | 4,806 | 1,357 | 9,662 | 30,766
(-) Fair value of plan assets | (10,201) | (3,007) | (1,176) | − | (14,384)
Net actuarial liability as of December 31, 2023 | 4,740 | 1,799 | 181 | 9,662 | 16,382
Changes in the net actuarial liability |  |  |  |  |
Balance as of January 1, 2023 | 3,890 | 1,380 | 163 | 5,813 | 11,246
Recognized in the Statement of Income | 490 | 169 | 30 | 853 | 1,542
Current service cost | 11 | 2 | 10 | 144 | 167
Net interest | 479 | 167 | 20 | 709 | 1,375
Recognized in Equity - other comprehensive income | 433 | 253 | (14) | 2,902 | 3,574
(Gains)/losses arising from the remeasurement (2) | 433 | 253 | (14) | 2,902 | 3,574
Cash effects | (385) | (115) | (12) | (415) | (927)
Contributions paid | (357) | (103) | (12) | (415) | (887)
Payments related to Term of financial commitment (TFC) | (28) | (12) | − | − | (40)
Other changes | 312 | 112 | 14 | 509 | 947
Others | − | − | − | 1 | 1
Translation Adjustment | 312 | 112 | 14 | 508 | 946
Balance at December 31, 2023 | 4,740 | 1,799 | 181 | 9,662 | 16,382
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.
| b) | Changes in present value of the obligation
Schedule of changes in present value of the obligation |  |  |  |  |
|  |  |  |  | 2024
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Present value of obligations at the beginning of the year | 14,941 | 4,806 | 1,357 | 9,662 | 30,766
Recognized in the Statement of Income | 1,241 | 397 | 112 | 2,369 | 4,119
Interest expense | 1,231 | 395 | 112 | 880 | 2,618
Service cost | 10 | 2 | − | 1,489 | 1,501
Recognized in Equity - other comprehensive income | (1,949) | (577) | (233) | (1,861) | (4,620)
Remeasurement: Experience (gains) / losses | (8) | 15 | 190 | (464) | (267)
Remeasurement: (gains) / losses - demographic assumptions | − | − | 7 | 1 | 8
Remeasurement: (gains) / losses - financial assumptions | (1,941) | (592) | (430) | (1,398) | (4,361)
Others | (4,241) | (1,393) | (362) | (2,672) | (8,668)
Benefits paid, net of assisted contributions | (999) | (354) | (79) | (488) | (1,920)
Contributions paid by participants | 24 | 5 | 16 | − | 45
Translation Adjustment | (3,266) | (1,044) | (299) | (2,184) | (6,793)
Present value of obligations at the end of the year | 9,992 | 3,233 | 874 | 7,498 | 21,597
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
|  |  |  |  | 2023
| Pension Plans | Health Care Plan | Total
| PPSP-R (*) | PPSP-NR (*) | Petros 2 | Saúde Petrobras-AMS |
Present value of obligations at the beginning of the year | 12,771 | 4,119 | 1,102 | 5,813 | 23,805
Recognized in the Statement of Income | 1,559 | 496 | 141 | 853 | 3,049
Interest expense | 1,548 | 494 | 131 | 709 | 2,882
Service cost | 11 | 2 | 10 | 144 | 167
Recognized in Equity - other comprehensive income | 737 | 274 | 73 | 2,902 | 3,986
Remeasurement: Experience (gains) / losses (2) | (318) | (107) | (94) | 54 | (465)
Remeasurement: (gains) / losses - demographic assumptions | 929 | 80 | (1) | 127 | 1,135
Remeasurement: (gains) / losses - financial assumptions (2) | 126 | 301 | 168 | 2,721 | 3,316
Others | (126) | (83) | 41 | 94 | (74)
Benefits paid, net of assisted contributions | (1,165) | (413) | (61) | (413) | (2,052)
Contributions paid by participants | 25 | 6 | 9 | − | 40
Translation Adjustment | 1,014 | 324 | 93 | 507 | 1,938
Present value of obligations at the end of the year | 14,941 | 4,806 | 1,357 | 9,662 | 30,766
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
(2) It includes a complement of US$ 109 related to 2022.
| c) | Changes in the fair value of plan assets
Petrobras has four pension plans (PPSP-R, PPSP-NR, PPSP-R Pre-70) which are currently making use of plan assets, and one plan (PP-2) in which most of participants are in the phase of accumulating funds. Therefore, changes to the fair value of plan assets reflect these effects, including inflows of contributions, outflows of funds for payment of benefits, and the return of these assets.
Schedule of changes in the fair value of plan assets |  |  |  |  |
|  |  |  |  | 2024
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Fair value of plan assets at the beginning of the year | 10,201 | 3,007 | 1,176 | − | 14,384
Recognized in the Statement of Income | 842 | 244 | 99 | − | 1,185
Interest income | 842 | 244 | 99 | − | 1,185
Recognized in Equity - other comprehensive income | (896) | (296) | (149) | − | (1,341)
Cash effects | 382 | 121 | 13 | 485 | 1,001
Contributions paid by the sponsor (Company) | 355 | 108 | 13 | 485 | 961
Term of financial commitment (TFC) paid by the Company | 27 | 13 | − | − | 40
Other Changes | (3,221) | (1,001) | (323) | (485) | (5,030)
Contributions paid by participants | 24 | 5 | 16 | − | 45
Benefits paid, net of assisted contributions | (999) | (354) | (79) | (488) | (1,920)
Translation Adjustment | (2,246) | (652) | (260) | 3 | (3,155)
Fair value of plan assets at the end of the year | 7,308 | 2,075 | 816 | − | 10,199
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
|  |  |  |  | 2023
| Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |
Fair value of plan assets at the beginning of the year | 8,881 | 2,739 | 939 | − | 12,559
Recognized in the Statement of Income | 1,069 | 327 | 111 | − | 1,507
Interest income | 1,069 | 327 | 111 | − | 1,507
Recognized in Equity - other comprehensive income | 304 | 21 | 87 | − | 412
Remeasurement: Higher/(lower) return on plan assets compared to discount rate | 304 | 21 | 87 | − | 412
Cash effects | 385 | 115 | 12 | 415 | 927
Contributions paid by the sponsor (Company) | 357 | 103 | 12 | 415 | 887
Term of financial commitment (TFC) paid by the Company | 28 | 12 | − | − | 40
Other Changes | (438) | (195) | 27 | (415) | (1,021)
Contributions paid by participants | 25 | 6 | 9 | − | 40
Benefits paid, net of assisted contributions | (1,165) | (413) | (61) | (413) | (2,052)
Translation Adjustment | 702 | 212 | 79 | (2) | 991
Fair value of plan assets at the end of the year | 10,201 | 3,007 | 1,176 | − | 14,384
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
Investment management of pension plan assets Petros Foundation prepares annually Investment Policies (PI) specific to each plan, following two models:
| (i) | for Petros 2, the achievement of the actuarial goal with the lowest value at risk; and
| (ii) | for defined benefit plans, the minimal mismatch in net cash flows, conditioned to the achievement of the actuarial target.
Pension plans assets follow a long-term investment strategy based on the risks assessed for each different class of assets and provide for diversification, in order to lower portfolio risk. The portfolio profile must comply with the Brazilian National Monetary Council (Conselho Monetário Nacional – CMN) regulations. Petros Foundation establishes investment policies for 5-year periods, reviewed annually, using an asset liability management model (ALM) to address net cash flow mismatches of the benefit plans, based on liquidity and solvency parameters. Pension plan assets by type of asset are set out as follows:
Schedule of pension plan assets by type of asset |  |  |  |  |  |
|  |  |  | 2024 |  | 2023
Type of asset | Quoted prices in active markets | Unquoted prices | Total fair value | % | Total fair value | %
Receivables | − | 954 | 954 | 9% | 1,466 | 10%
Fixed income | 1,780 | 6,150 | 7,930 | 78% | 10,910 | 75%
Government bonds | 5 | 6,148 | 6,153 | − | 9,450 | −
Fixed income funds | 1,162 | − | 1,162 | − | 786 | −
Other investments | 613 | 2 | 615 | − | 674 | −
Variable income | 324 | 155 | 479 | 3% | 945 | 5%
Common and preferred shares | 324 | − | 324 | − | 735 | −
Other investments | − | 155 | 155 | − | 210 | −
Structured investments | 151 | 22 | 173 | 4% | 216 | 4%
Real estate properties | − | 418 | 418 | 4% | 541 | 4%
| 2,255 | 7,699 | 9,954 | 98% | 14,078 | 98%
Loans to participants | − | 245 | 245 | 2% | 306 | 2%
Fair value of plan assets at the end of the year | 2,255 | 7,944 | 10,199 | 100% | 14,384 | 100%
There is no plan asset for the health care plan. Loans to participants of pension plans are measured at amortized cost, which is considered an appropriate estimate of fair value. As of December 31, 2024, the investment portfolio included Company’s common shares in the amount of US$ 1 (US$ 1 in 2023) and real estate properties leased by the Company in the amount of US$ 21 (US$ 26 in 2023).
| d) | Net expenses relating to benefit plans
Schedule of net expenses relating to benefit plans |  |  |  |  |
|  | Pension Plans | Health Care Plan | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS
Related to active employees (cost of sales and expenses) | (34) | (10) | (2) | (692) | (738)
Related to retirees (other income and expenses) | (365) | (143) | (11) | (1,677) | (2,196)
Net expenses for 2024 | (399) | (153) | (13) | (2,369) | (2,934)
Net expenses for 2023 | (490) | (169) | (30) | (853) | (1,542)
Net expenses for 2022 | (457) | (129) | (33) | (609) | (1,228)
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
| 18.3.3. | Contributions
In 2024, the Company contributed US$ 1,001 to the defined benefit plans (US$ 927 in 2023), reducing the balance of obligations of these plans, as presented in note 18.3.2. In addition, the Company contributed with US$ 239 and US$ 2, respectively, to the defined contribution portions of PP-2 and PP-3 plans (US$ 232 for PP-2 and US$ 2 for PP-3 in 2023), which were recognized in the statement of income. For 2025, the expected contributions for the PPSP-R, PPSP-NR, PPSP-R pre-70, PPSP-NR pre-70 and for the defined benefit portion of PP-2, amounts to US$ 432, while for the defined contribution portion of PP-2 amounts to US$ 232.
| 18.3.4. | Expected future cash flows
The estimate below reflects only the expected future cash flows to meet the defined benefit obligation recognized at the end of the reporting period.
Schedule of expected future cash flows |  |  |  |  |  |
| 2024 | 2023
| Pension Plan | Health Care Plan | Total | Total
| PPSP-R (1) | PPSP-NR (1) | Petros 2 | Saúde Petrobras-AMS |  |
Up to 1 Year | 911 | 313 | 71 | 381 | 1,676 | 1,084
1 to 5 Years | 3,820 | 1,221 | 286 | 1,909 | 7,236 | 8,955
6 to 10 Years | 2,511 | 769 | 192 | 1,713 | 5,185 | 6,970
11 To 15 Years | 1,593 | 458 | 126 | 1,293 | 3,470 | 5,112
Over 15 Years | 1,157 | 472 | 199 | 2,202 | 4,030 | 8,645
Total | 9,992 | 3,233 | 874 | 7,498 | 21,597 | 30,766
(1) It includes the balance of PPSP-R pre-70 and PPSP-NR pre-70.
| 18.3.5. | Future payments to participants of defined benefit plans that are closed to new members
The following table provides the period during which the defined benefit obligation associated with these plans are expected to continue to affect the Company's financial statements.
Schedule of defined benefit obligation |  |  |  |
| PPSP-R | PPSP-R Pré-70 | PPSP-NR | PPSP-NR Pré-70
Number of years during which benefits must be paid to participants of defined benefit plans | 9.71 | 6.52 | 9.51 | 6.45
| 18.3.6. | Measurement uncertainties associated with the defined benefit obligation
The significant financial and demographic actuarial assumptions used to determine the defined benefit obligation are presented in the following table:
Schedule of actuarial assumptions |  |  |  |  |  |
|  |  |  |  |  | 2024
|  |  |  |  | Pension Plans | Health Care Plan
Assumptions | PPSP-R | PPSP-NR | PPSP-R Pré-70 | PPSP-NR Pré-70 | PP2 | Saúde Petrobras-AMS
Nominal discount rate (including inflation)(1) | 12.95% | 12.95% | 13.07% | 13.07% | 12.95% | 12.93%
Real discount rate | 7.48% | 7.48% | 7.59% | 7.59% | 7.48% | 7.46%
Nominal expected salary growth (including inflation)(2) | 6.16% | 6.15% | n/a | 6.15% | 8.72% | n/a
Expected changes in medical and hospital costs(3) | n/a | n/a | n/a | n/a | n/a | 13.69% a 3.25% p.a.
Mortality table | Petros Experience 2016 | Petros Experiences 2025 | Petros Experiences 2020 | Petros Experiences 2023 | AT-2012 IAM basic fem 10% smoothed | Employees: according to pension plan Assisted: Petros 2016
Disability table | American group | American group | n/a | n/a | Disability Experience PP-2 2022 | Disability Experience PP-2 2022
Mortality table for disabled participants | AT-49 male | AT-83 Basic by gender | MI 2006, by gender, 20% smoothed | Petros Experience 2014 | MI-85, male, 10% smoothed | AT-49 male
Age of retirement | Male, 56,36 years Female, 55,42 years | Male, 57,71 years Female, 55,88 years | Male, 56,36 years Female, 55,42 years | Male, 57,71 years Female, 55,88 years | 1st eligibility according to RGPS Male, 65 years / Female, 60 years | Male, 56,86 years Female, 55,75 years
(1) Inflation reflects market projections: 5.09% for 2025 and converging to 3.25% in 2029 onwards.
(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.
(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.
|  |  |  |  |  | 2023
|  |  |  |  | Pension Plans | Health Care Plan
Assumptions | PPSP-R | PPSP-NR | PPSP-R Pre-70 | PPSP-NR Pre-70 | PP2 | Saúde Petrobras-AMS
Nominal discount rate (including inflation)(1) | 9.53% | 9.52% | 9.46% | 9.46% | 9.56% | 9.56%
Real discount rate | 5.42% | 5.41% | 5.35% | 5.35% | 5.45% | 5.45%
Nominal expected salary growth (including inflation)(2) | 4.89% | 4.63% | 4.89% | 4.63% | 7.07% | n/a
Expected changes in medical and hospital costs(3) | n/a | n/a | n/a | n/a | n/a | 13.11% a 3.75% p.a.
Mortality table | Petros Experience 2016 | Petros Experiences 2025 | Petros Experiences 2020 | Petros Experiences 2023 | AT-2012 IAM basic fem 10% smoothed | Employees: according to pension plan Assisted: PPSP-R: Ex Petros 2016
Disability table | American group | American group | n/a | n/a | Disability Experience PP-2 2022 | Assets: PP-2: Disability Experience PP-2 2022 Assisted: n/a
Mortality table for disabled participants | AT-49 male | AT-83 Basic by gender | MI 2006, by gender, 20% smoothed | Petros Experience 2014 | IAPB-57 strong, 30% smoothed | PPSP-R: AT-49 male
Age of retirement | Male, 56 years / Female, 55 years | Male, 58 years / Female, 56 years | Male, 56 years / Female, 55 years | Male, 58 years / Female, 56 years | 1st eligibility according to RGPS Male, 65 years / Female, 60 years | Male, 56 years / Female, 55 years
(1) Inflation reflects market projections: 3.90% for 2024 and converging to 3.75% in 2031 onwards.
(2) Expected salary growth only of Petrobras, the sponsor, based on the Salaries and Benefits Plan.
(3) Decreasing rate, converging in 30 years to the long-term expected inflation. Refers only to Petrobras (sponsor) rate.
The most significant assumptions are described in Note 4.4.
| 18.3.7. | 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 and hospital costs is set out below:
Schedule of change in the discount rate |  |  |  |  |  |
|  | Discount Rate | Expected changes in medical and hospital costs
| Pension Benefits | Medical Benefits | Medical Benefits
| +100 bps | -100 bps | +100 bps | -100 bps | +100 bps | -100 bps
Pension Obligation | (1,045) | 1,169 | (722) | 868 | 911 | (762)
Current Service cost and interest cost | (12) | 6 | (51) | 61 | 150 | (63)
Accounting policy for post-employment defined benefits The obligations related to post-employment defined benefit plans and health-care plans are recognized as liabilities in the statement of financial position based on actuarial calculations which are revised annually by an independent qualified actuary (updating for material changes in actuarial assumptions and estimates of expected future benefits), using the projected credit unit method, net of the fair value of plan assets, when applicable, from which the obligations are to be directly settled. Under the projected credit unit method, each period of service gives rise to an additional unit of benefit entitlement and each unit is measured separately to determine the final obligation. Actuarial assumptions include demographic and financial assumptions, medical costs estimate, historical data related to benefits paid and employee contributions, as set out in note 4. Service cost are accounted for within the statement of income and comprises: (i) current service cost, which is the increase in the present value of the defined benefit obligation resulting from employee service in the current period; (ii) past service cost, which is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction, modification, or withdrawal of a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan); and (iii) any gain or loss on settlement. Net interest on the net defined benefit liability is the change during the period in the net defined benefit liability that arises from the passage of time. Such interest is accounted for in the statement of income. Remeasurement of the net defined benefit liability is recognized in shareholders’ equity, in other comprehensive income, and comprises: (i) actuarial gains and losses and; (ii) return on plan assets, excluding net interest on the net defined liability, net of defined benefit plan assets. The Company also contributes to defined contribution plans, on a parity basis in relation to the employee's contribution, that are expensed when incurred.

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