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v3.21.1

Financial assets and liabilities | 12 Months Ended
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Dec. 31, 2020
Financial assets and liabilities |
Financial assets and liabilities | 20. Financial assets and liabilities The Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according to the following categories:
|  | December 31, 2020 |  | December 31, 2019
|  |  |  |  |  | At fair value |  |  |  |  |  |  |  | At fair value |  |
|  |  |  | At fair value |  | through |  |  |  | Amortized |  | At fair value |  | through profit |  |
Financial assets |  | Amortized cost |  | through OCI |  | profit or loss |  | Total |  | cost |  | through OCI |  | or loss |  | Total
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (note 22) |  | 13,487 |  | — |  | — |  | 13,487 |  | 7,350 |  | — |  | — |  | 7,350
Short-term investments (note 22) |  | — |  | — |  | 771 |  | 771 |  | — |  | — |  | 826 |  | 826
Derivative financial instruments (note 19) |  | — |  | — |  | 134 |  | 134 |  | — |  | — |  | 288 |  | 288
Accounts receivable (note 10) |  | 4,499 |  | — |  | 494 |  | 4,993 |  | 2,452 |  | — |  | 77 |  | 2,529
Related parties (note 29) |  | 195 |  | — |  | — |  | 195 |  | 319 |  | — |  | — |  | 319
|  | 18,181 |  | — |  | 1,399 |  | 19,580 |  | 10,121 |  | — |  | 1,191 |  | 11,312
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Judicial deposits (note 26) |  | 1,268 |  | — |  | — |  | 1,268 |  | 3,133 |  | — |  | — |  | 3,133
Restricted cash |  | 38 |  | — |  | — |  | 38 |  | 151 |  | — |  | — |  | 151
Derivative financial instruments (note 19) |  | — |  | — |  | 66 |  | 66 |  | — |  | — |  | 184 |  | 184
Investments in equity securities |  | — |  | 757 |  | — |  | 757 |  | — |  | 726 |  | — |  | 726
Related parties (note 29) |  | 923 |  | — |  | — |  | 923 |  | 1,600 |  | — |  | — |  | 1,600
|  | 2,229 |  | 757 |  | 66 |  | 3,052 |  | 4,884 |  | 726 |  | 184 |  | 5,794
Total of financial assets |  | 20,410 |  | 757 |  | 1,465 |  | 22,632 |  | 15,005 |  | 726 |  | 1,375 |  | 17,106
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Suppliers and contractors |  | 3,367 |  | — |  | — |  | 3,367 |  | 4,107 |  | — |  | — |  | 4,107
Derivative financial instruments (note 19) |  | — |  | — |  | 328 |  | 328 |  | — |  | — |  | 94 |  | 94
Loans, borrowings and leases (note 22) |  | 1,136 |  | — |  | — |  | 1,136 |  | 1,439 |  | — |  | — |  | 1,439
Dividends payable |  | 1,220 |  | — |  | — |  | 1,220 |  | 1,560 |  | — |  | — |  | 1,560
Liabilities related to the concession grant |  | 209 |  | — |  | — |  | 209 |  | — |  | — |  | — |  | —
Related parties (note 29) |  | 725 |  | — |  | — |  | 725 |  | 980 |  | — |  | — |  | 980
Other financial liabilities |  | 644 |  |  |  |  |  | 644 |  | 330 |  |  |  |  |  | 330
|  | 7,301 |  | — |  | 328 |  | 7,629 |  | 8,416 |  | — |  | 94 |  | 8,510
Non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (note 19) |  | — |  | — |  | 689 |  | 689 |  | — |  | — |  | 307 |  | 307
Loans, borrowings and leases (note 22) |  | 13,891 |  | — |  | — |  | 13,891 |  | 13,408 |  | — |  | — |  | 13,408
Related parties (note 29) |  | 943 |  | — |  | — |  | 943 |  | 956 |  | — |  | — |  | 956
Participative stockholders' debentures (note 21) |  | — |  | — |  | 3,413 |  | 3,413 |  | — |  | — |  | 2,584 |  | 2,584
Liabilities related to the concession grant |  | 2,103 |  | — |  | — |  | 2,103 |  | — |  | — |  | — |  | —
Financial guarantees |  | — |  | — |  | 877 |  | 877 |  | — |  | — |  | 525 |  | 525
|  | 16,937 |  | — |  | 4,979 |  | 21,916 |  | 14,364 |  | — |  | 3,416 |  | 17,780
Total of financial liabilities |  | 24,238 |  | — |  | 5,307 |  | 29,545 |  | 22,780 |  | — |  | 3,510 |  | 26,290
b) Hierarchy of fair value
|  | December 31, 2020 |  | December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | 771 |  | — |  | — |  | 771 |  | 826 |  | — |  | — |  | 826
Derivative financial instruments |  | — |  | 182 |  | 18 |  | 200 |  | — |  | 448 |  | 24 |  | 472
Accounts receivable |  | — |  | 494 |  | — |  | 494 |  | — |  | 77 |  | — |  | 77
Investments in equity securities |  | 757 |  | — |  | — |  | 757 |  | 726 |  | — |  | — |  | 726
Total |  | 1,528 |  | 676 |  | 18 |  | 2,222 |  | 1,552 |  | 525 |  | 24 |  | 2,101
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  | 998 |  | 19 |  | 1,017 |  | — |  | 281 |  | 120 |  | 401
Participative stockholders' debentures |  | — |  | 3,413 |  | — |  | 3,413 |  | — |  | 2,584 |  | — |  | 2,584
Financial guarantees |  | — |  | 877 |  | — |  | 877 |  | — |  | 525 |  | — |  | 525
Total |  | — |  | 5,288 |  | 19 |  | 5,307 |  | — |  | 3,390 |  | 120 |  | 3,510
There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the years presented. b.i) Changes in Level 3 assets and liabilities during the year
|  | Derivative financial instruments
|  | Financial assets |  | Financial liabilities
Balance at December 31, 2019 |  | 24 |  | 120
Gain and losses recognized in income statement |  | — |  | (79)
Translation adjustments |  | (6) |  | (22)
Balance at December 31, 2020 |  | 18 |  | 19
c) Fair value of loans and financing Loans and financing are recorded at their contractual values. To determine the market values of these financial instruments traded in public markets, the closing market quotations on the balance sheet dates were used. The Company considers that for the other financial liabilities measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being presented.
|  | December 31, 2020 |  | December 31, 2019
|  | Carrying amount |  | Fair value |  | Carrying amount |  | Fair value
Quoted in the secondary market: |  |  |  |  |  |  |  |
Bonds |  | 7,448 |  | 10,025 |  | 5,948 |  | 7,484
Eurobonds |  | 920 |  | 985 |  | 843 |  | 916
Debentures |  | 496 |  | 496 |  | 995 |  | 995
Debt contracts in Brazil in: |  |  |  |  |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI |  | 860 |  | 857 |  | 1,332 |  | 1,379
R$, with fixed interest |  | 34 |  | 35 |  | 88 |  | 88
Basket of currencies and bonds in US$ indexed to LIBOR |  | 56 |  | 56 |  | 101 |  | 100
Debt contracts in the international market in: |  |  |  |  |  |  |  |
US$, with variable and fixed interest |  | 3,225 |  | 3,278 |  | 3,194 |  | 3,280
EUR, with variable interest |  | — |  | — |  | 224 |  | 211
Other currencies, with fixed interest |  | 120 |  | 134 |  | 120 |  | 131
Total |  | 13,159 |  | 15,866 |  | 12,845 |  | 14,584
Accounting policy Classification and measurement-The Company classifies financial instruments based on its business model for managing the assets and the contractual cash flow characteristics of those assets. The business model test determines the classification based on the business purpose for holding the asset and whether the contractual cash flows represent only payments of principal and interest. Financial instruments are measured at fair value through profit or loss (“FVTPL”) unless certain conditions are met that permit measurement at fair value through other comprehensive income (“FVOCI”) or amortized cost. Gains and losses recorded in other comprehensive income for debt instruments are recognized in profit or loss only on disposal. Investments in equity instruments are measured at FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never recycled to profit or loss. All financial liabilities are initially measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective interest rate method. Excepts for Participative stockholders' debentures and Derivative financial instruments that are measured at fair value through profit or loss. Fair value hierarchy-The Company classifies financial instruments within the fair value hierarchy as: Level 1: The fair value of financial instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices at the end of the financial statements period. Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data. If all significant data required for the fair value of an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives classified as level 3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates, stock prices and commodity prices.

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