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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Employee benefits |
Schedule of changes in benefit obligation |
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Benefit obligation as at December 31, 2018 |  | 3,577 |  | 3,929 |  | 1,280
Service costs |  | 6 |  | 55 |  | 10
Interest costs |  | 305 |  | 153 |  | 59
Benefits paid |  | (433) |  | (249) |  | (62)
Effect of changes in the actuarial assumptions |  | 718 |  | 373 |  | 176
Translation adjustment |  | (167) |  | 160 |  | 42
Benefit obligation as at December 31, 2019 |  | 4,006 |  | 4,421 |  | 1,505
Service costs |  | 7 |  | 53 |  | 18
Interest costs |  | 222 |  | 134 |  | 64
Benefits paid |  | (368) |  | (248) |  | (53)
Effect of changes in the actuarial assumptions |  | 118 |  | 271 |  | 243
Translation adjustment |  | (880) |  | 1 |  | (44)
Benefit obligation as at December 31, 2020 |  | 3,105 |  | 4,632 |  | 1,733
Schedule of evolution of assets fair value |
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Fair value of plan assets as at December 31, 2018 |  | 4,737 |  | 3,273 |  | —
Interest income |  | 416 |  | 123 |  | —
Employer contributions |  | 27 |  | 56 |  | 62
Benefits paid |  | (433) |  | (247) |  | (62)
Return on plan assets (excluding interest income) |  | 757 |  | 382 |  | —
Translation adjustment |  | (200) |  | 139 |  | —
Fair value of plan assets as at December 31, 2019 |  | 5,304 |  | 3,726 |  | —
Interest income |  | 298 |  | 109 |  | —
Employer contributions |  | (39) |  | 54 |  | 53
Participant contributions |  | — |  | — |  | —
Benefits paid |  | (368) |  | (248) |  | (53)
Return on plan assets (excluding interest income) |  | (114) |  | 305 |  | —
Translation adjustment |  | (1,112) |  | 46 |  | —
Fair value of plan assets as at December 31, 2020 |  | 3,969 |  | 3,992 |  | —
Summary of reconciliation of net liabilities recognized in the statement of financial position |
|  | Plans in Brazil
|  | December 31, 2020 |  | December 31, 2019
|  | Overfunded |  | Underfunded |  | Other |  | Overfunded |  | Underfunded |  | Other
|  | pension plans |  | pension plans |  | benefits |  | pension plans |  | pension plans |  | benefits
Balance at beginning of the year |  | 1,298 |  | — |  | — |  | 1,220 |  | — |  | —
Interest income |  | 74 |  | — |  | — |  | 110 |  | — |  | —
Changes on asset ceiling |  | (278) |  | — |  | — |  | 59 |  | — |  | —
Translation adjustment |  | 1,172 |  | — |  | — |  | (91) |  | — |  | —
Balance at end of the year |  | 2,266 |  | — |  | — |  | 1,298 |  | — |  | —
Amount recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | (3,105) |  | (317) |  | (465) |  | (4,006) |  | (412) |  | (303)
Fair value of assets |  | 3,969 |  | 109 |  | — |  | 5,304 |  | 163 |  | —
Effect of the asset ceiling |  | (864) |  | — |  | — |  | (1,298) |  | — |  | —
Liabilities |  | — |  | (208) |  | (465) |  | — |  | (249) |  | (303)
Current liabilities |  | — |  | (32) |  | (49) |  | — |  | (7) |  | (20)
Non-current liabilities |  | — |  | (176) |  | (416) |  | — |  | (242) |  | (283)
Liabilities |  | — |  | (208) |  | (465) |  | — |  | (249) |  | (303)
|  | Foreign plan
|  | December 31, 2020 |  | December 31, 2019
|  | Overfunded |  | Underfunded |  | Other |  | Overfunded |  | Underfunded |  | Other
|  | pension plans |  | pension plans |  | benefits |  | pension plans |  | pension plans |  | benefits
Amount recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | — |  | (4,315) |  | (1,268) |  | — |  | (4,009) |  | (1,202)
Fair value of assets |  | — |  | 3,883 |  | — |  | — |  | 3,563 |  | —
Liabilities |  | — |  | (432) |  | (1,268) |  | — |  | (446) |  | (1,202)
Current liabilities |  | — |  | (7) |  | (47) |  | — |  | (6) |  | (46)
Non-current liabilities |  | — |  | (425) |  | (1,221) |  | — |  | (440) |  | (1,156)
Liabilities |  | — |  | (432) |  | (1,268) |  | — |  | (446) |  | (1,202)
|  | Total
|  | December 31, 2020 |  | December 31, 2019
|  | Overfunded |  | Underfunded |  | Other |  | Overfunded |  | Underfunded |  | Other
|  | pension plans |  | pension plans |  | benefits |  | pension plans |  | pension plans |  | benefits
Balance at beginning of the year |  | 1,298. |  | — |  | — |  | 1,220 |  | — |  | —
Interest income |  | 74 |  | — |  | — |  | 110 |  | — |  | —
Changes on asset ceiling |  | (278) |  | — |  | — |  | 59 |  | — |  | —
Translation adjustment |  | 1,172 |  | — |  | — |  | (91) |  | — |  | —
Balance at end of the year |  | 2,266 |  | — |  | — |  | 1,298 |  | — |  | —
Amount recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | (3,105) |  | (4,632) |  | (1,733) |  | (4,006) |  | (4,421) |  | (1,504)
Fair value of assets |  | 3,969 |  | 3,991 |  | — |  | 5,304 |  | 3,726 |  | —
Effect of the asset ceiling |  | (864) |  | — |  | — |  | (1,298) |  | — |  | —
Liabilities |  | — |  | (641) |  | (1,733) |  | — |  | (695) |  | (1,504)
Current liabilities |  | — |  | (47) |  | (96) |  | — |  | (13) |  | (76)
Non-current liabilities |  | — |  | (594) |  | (1,637) |  | — |  | (682) |  | (1,428)
Liabilities |  | — |  | (641) |  | (1,733) |  | — |  | (695) |  | (1,504)
Summary of costs recognized in the income statement |
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Overfunded |  | Underfunded |  |  |  | Overfunded |  | Underfunded |  |  |  | Overfunded |  | Underfunded |  |
|  | pension |  | pension |  | Other |  | pension |  | pension |  | Other |  | pension |  | pension |  | Other
|  | plans |  | plans |  | benefits |  | plans |  | plans |  | benefits |  | plans |  | plans |  | benefits
Service cost |  | 7 |  | 52 |  | 18 |  | 7 |  | 55 |  | 10 |  | 5 |  | 101 |  | 36
Interest on expense on liabilities |  | 222 |  | 134 |  | 64 |  | 317 |  | 153 |  | 57 |  | 282 |  | 158 |  | 59
Interest income on plan assets |  | (297) |  | (107) |  | — |  | (432) |  | (123) |  | — |  | (406) |  | (127) |  | —
Interest expense on effect of (asset ceiling)/ onerous liability |  | 74 |  | — |  | — |  | 114 |  | — |  | — |  | 124 |  | — |  | —
Total of cost, net |  | 6 |  | 79 |  | 82 |  | 6 |  | 85 |  | 67 |  | 5 |  | 132 |  | 95
Summary of costs recognized in the statement of comprehensive income |
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Overfunded |  | Underfunded |  |  |  | Overfunded |  | Underfunded |  |  |  | Overfunded |  | Underfunded |  |
|  | pension |  | pension |  | Other |  | pension |  | pension |  | Other |  | pension |  | pension |  | Other
|  | plans |  | plans |  | benefits |  | plans |  | plans |  | benefits |  | plans |  | plans |  | benefits
Balance at beginning of the year |  | (173) |  | (459) |  | (238) |  | (166) |  | (468) |  | (128) |  | (163) |  | (496) |  | (189)
Effect of changes actuarial assumptions |  | (118) |  | (271) |  | (243) |  | (718) |  | (373) |  | (176) |  | (679) |  | 172 |  | 32
Return on plan assets (excluding interest income) |  | (114) |  | 305 |  | — |  | 757 |  | 385 |  | — |  | 479 |  | (144) |  | —
Change of asset ceiling |  | 278 |  | — |  | — |  | (60) |  | — |  | — |  | 172 |  | — |  | —
Others |  | — |  | 9 |  | 11 |  | — |  | — |  | — |  | (1) |  | — |  | (1)
|  | 46 |  | 43 |  | (232) |  | (21) |  | 12 |  | (176) |  | (29) |  | 28 |  | 31
Deferred income tax |  | (15) |  | (12) |  | 82 |  | 7 |  | (5) |  | 63 |  | 10 |  | (7) |  | (8)
Others comprehensive income |  | 31 |  | 31 |  | (150) |  | (14) |  | 7 |  | (113) |  | (19) |  | 21 |  | 23
Translation adjustments |  | 41 |  | 28 |  | 25 |  | 7 |  | 2 |  | 3 |  | 23 |  | 11 |  | 10
Transfers/ disposal / others |  | — |  | — |  | — |  | — |  | — |  | — |  | (7) |  | (4) |  | 28
Accumulated other comprehensive income |  | (101) |  | (400) |  | (363) |  | (173) |  | (459) |  | (238) |  | (166) |  | (468) |  | (128)
Schedule of actuarial and economic assumptions and sensitivity analysis |
|  | Brazil |
|  | December 31, 2020 |  | December 31, 2019 |
|  | Overfunded |  | Underfunded |  |  |  | Overfunded |  | Underfunded |  |  |
|  | pension plans |  | pension plans |  | Other benefits |  | pension plans |  | pension plans |  | Other benefits |
Discount rate to determine benefit obligation |  | 6.62% - 7.18 | % | 6.50 | % | 6.16% - 7.17 | % | 6.99% - 7.32% |  | 7.10 | % | 6.99% - 7.39% |
Nominal average rate to determine expense/ income |  | 6.62% - 7.18 | % | 6.50 | % | N/A |  | 6.99% - 7.32% |  | 7.10 | % | N/A |
Nominal average rate of salary increase |  | 3.80 | % | 6.00 | % | N/A |  | 5.88% |  | 6.00 | % | N/A |
Nominal average rate of benefit increase |  | 3.80 | % | 6.00 | % | N/A |  | 3.80% |  | 6.00 | % | N/A |
Immediate health care cost trend rate |  | N/A |  | N/A |  | 6.35% - 6.91 | % | N/A |  | N/A |  | 6.91% |
Ultimate health care cost trend rate |  | N/A |  | N/A |  | 6.35% - 6.91 | % | N/A |  | N/A |  | 6.91% |
Nominal average rate of price inflation |  | 3.31% - 3.80 | % | 3.50 | % | 3.25% - 3.80 | % | 3.80% |  | 4.00 | % | 3.80% |
|  | Foreign |
|  | December 31, 2020 |  | December 31, 2019 |
|  | Underfunded |  |  |  | Underfunded |  |  |
|  | pension plans |  | Other benefits |  | pension plans |  | Other benefits |
Discount rate to determine benefit obligation |  | 2.43 | % | 2.62 | % | 2.96 | % | 3.04 | %
Nominal average rate to determine expense/ income |  | 3.04 | % | 3.04 | % | 3.57 | % | 3.66 | %
Nominal average rate of salary increase |  | 3.21 | % | N/A |  | 3.17 | % | N/A |
Nominal average rate of benefit increase |  | 3.00 | % | N/A |  | 3.00 | % | N/A |
Immediate health care cost trend rate |  | N/A |  | 5.35 | % | N/A |  | 5.58 | %
Ultimate health care cost trend rate |  | N/A |  | 4.56 | % | N/A |  | 4.55 | %
Nominal average rate of price inflation |  | 2.08 | % | N/A |  | 2.10 | % | N/A |
|  | December 31, 2020 |
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |
Nominal discount rate-1% increase |  |  |  |  |  |  |
Effect on actuarial liability balance |  | 2,838 |  | 4,064 |  | 1,509 |
Assumptions made |  | 7.62 | % | 4.20 | % | 4.64 | %
Nominal discount rate-1% reduction |  |  |  |  |  |  |
Effect on actuarial liability balance |  | 3,424 |  | 5,295 |  | 2,016 |
Assumptions made |  | 5.62 | % | 2.20 | % | 2.64 | %
Schedule of expected benefit payments |
|  | December 31, 2020
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
2021 |  | 215 |  | 239 |  | 17
2022 |  | 220 |  | 237 |  | 18
2023 |  | 224 |  | 238 |  | 19
2024 |  | 227 |  | 239 |  | 20
2025 |  | 230 |  | 238 |  | 21
2026 and thereafter |  | 1,177 |  | 1,175 |  | 119
Overfunded pension plans |
Employee benefits |
Schedule of evolution of assets fair value |
|  | December 31, 2020 |  | December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Debt securities-Corporate |  | — |  | 42 |  | — |  | 42 |  | — |  | 48 |  | — |  | 48
Debt securities-Government |  | 1,840 |  | — |  | — |  | 1,840 |  | 2,716 |  | — |  | — |  | 2,716
Investments funds-Fixed Income |  | 2,242 |  | — |  | — |  | 2,242 |  | 2,668 |  | — |  | — |  | 2,668
Investments funds-Equity |  | 396 |  | — |  | — |  | 396 |  | 556 |  | — |  | — |  | 556
International investments |  | 32 |  | — |  | — |  | 32 |  | 28 |  | — |  | — |  | 28
Structured investments-Private Equity funds |  | — |  | — |  | 126 |  | 126 |  | — |  | — |  | 157 |  | 157
Structured investments-Real estate funds |  | 124 |  | — |  | 5 |  | 129 |  | 160 |  | — |  | 17 |  | 177
Real estate |  | — |  | — |  | 255 |  | 255 |  | — |  | — |  | 323 |  | 323
Loans to participants |  | — |  | — |  | 105 |  | 105 |  | — |  | — |  | 141 |  | 141
Total |  | 4,633 |  | 42 |  | 491 |  | 5,166 |  | 6,128 |  | 48 |  | 638 |  | 6,814
Funds not related to risk plans (i) |  |  |  |  |  |  |  | (1,197) |  |  |  |  |  |  |  | (1,510)
Fair value of plan assets at end of year |  |  |  |  |  |  |  | 3,969 |  |  |  |  |  |  |  | 5,304
(i) Financial investments not related to coverage of overfunded pension plans. Funds are related to the Company´s unconsolidated entities and former employees.
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |
|  | December 31, 2020
|  | Private equity funds |  | Real estate funds |  | Real estate |  | Loans to participants |  | Total
Balance as at December 31, 2018 |  | 159 |  | 15 |  | 339 |  | 160 |  | 673
Return on plan assets |  | 8 |  | — |  | 8 |  | 19 |  | 35
Assets purchases |  | 1 |  | 2 |  | 4 |  | 46 |  | 53
Assets sold during the year |  | (4) |  | — |  | (13) |  | (79) |  | (96)
Translation adjustment |  | (7) |  | — |  | (15) |  | (5) |  | (27)
Balance as at December 31, 2019 |  | 157 |  | 17 |  | 323 |  | 141 |  | 638
Return on plan assets |  | 18 |  | (8) |  | 9 |  | 19 |  | 38
Assets purchases |  | 1 |  | 1 |  | 10 |  | 117 |  | 129
Assets sold during the year |  | (15) |  | — |  | (14) |  | (141) |  | (170)
Translation adjustment |  | (35) |  | (4) |  | (72) |  | (32) |  | (143)
Balance as at December 31, 2020 |  | 126 |  | 5 |  | 255 |  | 104 |  | 491
Underfunded pension plans |
Employee benefits |
Schedule of evolution of assets fair value |
|  | December 31, 2020 |  | December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | — |  | 102 |  | — |  | 102 |  | — |  | 56 |  | — |  | 56
Equity securities |  | 1,565 |  | — |  | — |  | 1,565 |  | 1,409 |  | 2 |  | — |  | 1,411
Debt securities-Corporate |  | — |  | 519 |  | — |  | 519 |  | — |  | 507 |  | — |  | 507
Debt securities-Government |  | 132 |  | 690 |  | — |  | 822 |  | 156 |  | 634 |  | — |  | 790
Investments funds-Fixed Income |  | 36 |  | 158 |  | — |  | 194 |  | 49 |  | 339 |  | — |  | 388
Investments funds-Equity |  | 1 |  | 350 |  | — |  | 351 |  | 2 |  | 135 |  | — |  | 137
Structured investments - Private Equity funds |  | — |  | — |  | 250 |  | 250 |  | — |  | — |  | 212 |  | 212
Real estate |  | — |  | — |  | 5 |  | 5 |  | — |  | — |  | 55 |  | 55
Loans to participants |  | — |  | — |  | 2 |  | 2 |  | — |  | — |  | 3 |  | 3
Others |  | — |  | — |  | 179 |  | 179 |  | 2 |  | — |  | 165 |  | 167
Total |  | 1,735 |  | 1,819 |  | 437 |  | 3,991 |  | 1,618 |  | 1,673 |  | 435 |  | 3,726
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |
|  | Private equity funds |  | Real estate |  | Loans to participants |  | Others |  | Total
Balance as at December 31, 2018 |  | 213 |  | 51 |  | 3 |  | 165 |  | 432
Return on plan assets |  | 11 |  | 4 |  | — |  | 5 |  | 20
Assets purchases |  | 18 |  | — |  | — |  | — |  | 18
Assets sold during the year |  | (32) |  | — |  | (1) |  | (4) |  | (37)
Translation adjustment |  | 2 |  | — |  | 1 |  | (1) |  | 2
Balance as at December 31, 2019 |  | 212 |  | 55 |  | 3 |  | 165 |  | 435
Return on plan assets |  | 1 |  | (1) |  | — |  | — |  | —
Assets purchases |  | 20 |  | — |  | — |  | — |  | 20
Assets sold during the year |  | (33) |  | — |  | — |  | — |  | (33)
Translation adjustment |  | 50 |  | (49) |  | (1) |  | 15 |  | 15
Balance as at December 31, 2020 |  | 250 |  | 5 |  | 2 |  | 180 |  | 437

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