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Employee benefits (Tables)

12 Months Ended

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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