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Employee benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
IfrsStatementLineItems [Line Items] |
Schedule of changes in benefit obligation |
Schedule of changes in benefit obligation |  |  |  |  |
| Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Benefit obligation as at December 31, 2020 | 3,105 |  | 4,632 |  | 1,733
Service costs | 10 |  | 68 |  | 1
Interest costs | 196 |  | 122 |  | 33
Benefits paid | (235) |  | (257) |  | (56)
Participant contributions | - |  | (31) |  | -
Effect of changes in the actuarial assumptions | (330) |  | (246) |  | (261)
Translation adjustment | (208) |  | (10) |  | (23)
Transfer | 295 |  | (295) |  | -
Benefit obligation as at December 31, 2021 | 2,833 |  | 3,983 |  | 1,427
Service costs | 45 |  | 40 |  | 13
Interest costs | 325 |  | 39 |  | 60
Benefits paid | (534) |  | (58) |  | (57)
Participant contributions | - |  | (30) |  | -
Effect of changes in the actuarial assumptions | (784) |  | (109) |  | (343)
Translation adjustment | 5 |  | (5) |  | (24)
Other | - |  | - |  | (19)
Transfer | 3,252 |  | (3,252) |  | -
Benefit obligation as at December 31, 2022 | 5,142 |  | 608 |  | 1,057
Schedule of measurement of plan assets at fair value with no observable market variables |
Fair value of assets and liabilities assumed |  |
|  | June 22, 2021
Acquired assets |  |
Cash and cash equivalents |  | 172
Inventory, recoverable tax, and other assets |  | 423
Intangible |  | 2,219
Property, plant, and equipment |  | 1,363
Assumed liabilities |  | (158)
Net identifiable assets acquired |  | 4,019
Fair value adjustments (i) |  | (1,590)
Total identifiable net assets at fair value |  | 2,429
Pre-existing relation (Loans receivable from NLC) |  | 859
Loss on pre-existing relation |  | (771)
Total identifiable net assets at fair value |  | 2,517
Cash consideration |  | 2,517
(-) Balances acquired |  |
Cash and cash equivalents |  | 172
Net cash outflow |  | 2,345
(i) | Of this amount, US$441 was allocated to property, plant, and equipment and US$791 was allocated to intangible and the remaining amount was allocated to other assets.
Summary of reconciliation of net liabilities recognized in the statement of financial position |
Summary of reconciliation of net liabilities recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
|  | Plans in Brazil
|  | December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Balance at beginning of the year |  | 876 |  | - |  | - |  | 864 |  | - |  | -
Interest income |  | 83 |  | - |  | - |  | 58 |  | - |  | -
Changes on asset ceiling |  | (89) |  | - |  | - |  | 16 |  | - |  | -
Translation adjustment |  | 54 |  | - |  | - |  | (62) |  | - |  | -
Balance at end of the year |  | 924 |  | - |  | - |  | 876 |  | - |  | -
Amount recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | (2,634) |  | (246) |  | (321) |  | (2,572) |  | (237) |  | (301)
Fair value of assets |  | 3,558 |  | 101 |  | - |  | 3,448 |  | 94 |  | -
Effect of the asset ceiling |  | (924) |  |  |  |  |  | (876) |  | - |  | -
Liabilities |  | - |  | (145) |  | (321) |  | - |  | (143) |  | (301)
Current liabilities |  | - |  | (3) |  | (16) |  | - |  | (40) |  | (5)
Non-current liabilities |  | - |  | (142) |  | (305) |  | - |  | (103) |  | (296)
Liabilities |  | - |  | (145) |  | (321) |  | - |  | (143) |  | (301)
|  | Foreign plan
|  | December 31, 2022 |  |  |  | December 31, 2021
|  | Overfunded pension plans (i) |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Movements of assets ceiling |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, |  | 44 |  | - |  | - |  | - |  | - |  | -
Interest income |  | 1 |  | - |  | - |  | - |  | - |  | -
Changes on asset ceiling and onerous liability |  | 160 |  |  |  |  |  | 44 |  | - |  | -
Translation adjustment |  | (15) |  | - |  | - |  | - |  | - |  | -
Balance at December 31, |  | 190 |  | - |  | - |  | 44 |  | - |  | -
Amount recognized in the statement of financial position |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | (2,508) |  | (362) |  | (736) |  | (261) |  | (3,746) |  | (1,127)
Fair value of assets |  | 2,782 |  | 238 |  |  |  | 305 |  | 3,685 |  | -
Effect of the asset ceiling |  | (190) |  |  |  |  |  | (44) |  | - |  | -
Assets (liabilities) |  | 84 |  | (124) |  | (736) |  | - |  | (61) |  | (1,127)
Current liabilities |  | - |  | (7) |  | (40) |  | - |  | (7) |  | (47)
Non-current assets (liabilities) |  | 84 |  | (117) |  | (696) |  | - |  | (54) |  | (1,080)
Assets (liabilities) |  | 84 |  | (124) |  | (736) |  | - |  | (61) |  | (1,127)
|  | Total
|  | December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans (i) |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Balance at beginning of the year |  | 919 |  | - |  | - |  | 864 |  | - |  | -
Interest income |  | 84 |  | - |  | - |  | 58 |  | - |  | -
Changes on asset ceiling |  | 65 |  | - |  | - |  | 60 |  | - |  | -
Translation adjustment |  | 46 |  | - |  | - |  | (63) |  | - |  | -
Balance at end of the year |  | 1,114 |  | - |  | - |  | 919 |  | - |  | -
Amount recognized in the statement of financial position
Present value of actuarial liabilities |  | (5,142) |  | (608) |  | (1,057) |  | (2,833) |  | (3,983) |  | (1,428)
Fair value of assets |  | 6,340 |  | 339 |  | - |  | 3,752 |  | 3,779 |  | -
Effect of the asset ceiling |  | (1,114) |  | - |  | - |  | (919) |  | - |  | -
Assets (liabilities) |  | 84 |  | (269) |  | (1,057) |  | - |  | (204) |  | (1,428)
Current liabilities |  | - |  | (10) |  | (56) |  | - |  | (47) |  | (52)
Non-current assets (liabilities) |  | 84 |  | (259) |  | (1,001) |  | - |  | (157) |  | (1,376)
Assets (liabilities) |  | 84 |  | (269) |  | (1,057) |  | - |  | (204) |  | (1,428)
(i) | The pension plan asset is recorded as “Other non-current assets” in the balance sheet.
Summary of costs recognized in the income statement |
Summary of costs recognized in the income statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Service cost |  | 45 |  | 40 |  | 13 |  | 10 |  | 68 |  | 1 |  | 7 |  | 52 |  | 18
Interest expense |  | 325 |  | 39 |  | 60 |  | 196 |  | 122 |  | 33 |  | 222 |  | 134 |  | 64
Interest income |  | (412) |  | (17) |  | - |  | (253) |  | (102) |  | - |  | (297) |  | (107) |  | -
Interest expense on effect of (asset ceiling)/ onerous liability |  | 84 |  | - |  | - |  | 58 |  | - |  | - |  | 74 |  | - |  | -
Total of cost, net |  | 42 |  | 62 |  | 73 |  | 11 |  | 88 |  | 34 |  | 6 |  | 79 |  | 82
Summary of costs recognized in the statement of comprehensive income |
Summary of costs recognized in the statement of comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Balance at beginning of the year |  | (93) |  | (92) |  | (172) |  | (101) |  | (400) |  | (363) |  | (173) |  | (459) |  | (238)
Effect of changes actuarial assumptions |  | 784 |  | 109 |  | 343 |  | 330 |  | 246 |  | 261 |  | (118) |  | (271) |  | (243)
Return on plan assets (excluding interest income) |  | (752) |  | (31) |  | - |  | (269) |  | 181 |  | - |  | (114) |  | 305 |  | -
Change of asset ceiling |  | (65) |  | - |  | - |  | (60) |  | - |  | - |  | 278 |  | - |  | -
Other |  | (3) |  | - |  | - |  | (5) |  | 3 |  | (4) |  | - |  | 9 |  | 11
Total |  | (36) |  | 78 |  | 343 |  | (4) |  | 430 |  | 257 |  | 46 |  | 43 |  | (232)
Deferred income tax |  | 12 |  | (26) |  | (102) |  | 5 |  | (130) |  | (83) |  | (15) |  | (12) |  | 82
Others comprehensive income |  | (24) |  | 52 |  | 241 |  | 1 |  | 300 |  | 174 |  | 31 |  | 31 |  | (150)
Translation adjustments |  | (7) |  | (5) |  | (7) |  | 7 |  | 8 |  | 17 |  | 41 |  | 28 |  | 25
Accumulated other comprehensive income |  | (124) |  | (45) |  | 62 |  | (93) |  | (92) |  | (172) |  | (101) |  | (400) |  | (363)
vi. Risks related to plans
Schedule of actuarial and economic assumptions and sensitivity analysis |
Schedule of actuarial and economic assumptions and sensitivity analysis |  |  |  |  |  |  |  |  |  |  |  |
| Brazil
| December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Discount rate to determine benefit obligation |  | 9.77% - 9.88% |  | 10.66% |  | 9.81% - 9.90% |  | 8.62% - 8.82% |  | 10.25% |  | 8.68% - 8.86%
Nominal average rate to determine expense/ income |  | 9.77% - 9.88% |  | 10.66% |  | N/A |  | 8.62% - 8.82% |  | 10.25% |  | N/A
Nominal average rate of salary increase |  | 3.50% - 5.36% |  | 6.86% |  | N/A |  | 3.25% - 5.32% |  | 7.50% |  | N/A
Nominal average rate of benefit increase |  | 3.50% - 4.02% |  | 6.86% |  | N/A |  | 3.25% |  | 7.50% |  | N/A
Immediate health care cost trend rate |  | N/A |  | N/A |  | 6.35% |  | N/A |  | N/A |  | 6.35%
Ultimate health care cost trend rate |  | N/A |  | N/A |  | 6.35% |  | N/A |  | N/A |  | 6.35%
Nominal average rate of price inflation |  | 3.50% |  | 4.25% |  | 3.50% |  | 3.25% |  | 5.00% |  | 3.25%
|  | Foreign
|  | December 31, 2022 |  | December 31, 2021
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits |  | Underfunded pension plans |  | Other benefits
Discount rate to determine benefit obligation |  | 5.10% |  | 5.10% |  | 5.14% |  | 2.84% |  | 3.03%
Nominal average rate to determine expense/ income |  | 2.84% |  | 2.84% |  | 3.03% |  | 2.62% |  | 2.62%
Nominal average rate of salary increase |  | 3.23% |  | 3.23% |  | N/A |  | 3.28% |  | N/A
Nominal average rate of benefit increase |  | 3.00% |  | 3.00% |  | N/A |  | 3.00% |  | N/A
Immediate health care cost trend rate |  | N/A |  | N/A |  | 5.11% |  | N/A |  | 5.11%
Ultimate health care cost trend rate |  | N/A |  | N/A |  | 4.57% |  | N/A |  | 4.57%
Nominal average rate of price inflation |  | 2.06% |  | 2.06% |  | N/A |  | 2.10% |  | N/A
For the sensitivity analysis, the Company applies the effect of 1.0% in nominal discount rate to the present value of the Company´s actuarial liability. The effects of this analysis on the Company´s actuarial liability and assumptions adopted are as follows:
|  | Brazil
|  | December 31, 2022
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Nominal discount rate - 1% increase |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,451 |  | 237 |  | 413
Assumptions made |  | 10.83% |  | 11.66% |  | 10.86%
Nominal discount rate - 1% reduction |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,845 |  | 257 |  | 320
Assumptions made |  | 8.83% |  | 9.66% |  | 8.86%
|  | Foreign
|  | December 31, 2022
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Nominal discount rate - 1% increase |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,244 |  | 322 |  | 649
Assumptions made |  | 6.11% |  | 6.11% |  | 6.14%
Nominal discount rate - 1% reduction |  |  |  |  |  |
Actuarial liability adjusted for sensitivity test |  | 2,799 |  | 403 |  | 832
Assumptions made |  | 4.11% |  | 4.11% |  | 4.14%
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |  |  |  |  |  |  |  |  |  |
|  | Private equity funds |  | Real estate funds |  | Real estate |  | Loans to participants |  | Total
Balance as at December 31, 2020 |  | 126 |  | 5 |  | 255 |  | 105 |  | 491
Return on plan assets |  | 10 |  | - |  | (15) |  | 16 |  | 11
Assets purchases |  | - |  | - |  | 4 |  | 67 |  | 71
Assets sold during the year |  | (25) |  | - |  | (14) |  | (74) |  | (113)
Translation adjustment |  | (8) |  | - |  | (18) |  | (8) |  | (34)
Balance as at December 31, 2021 |  | 103 |  | 5 |  | 212 |  | 106 |  | 426
Return on plan assets |  | (5) |  | (2) |  | 15 |  | 26 |  | 34
Assets purchases |  | 10 |  | - |  | 25 |  | 280 |  | 315
Assets sold during the year |  | (36) |  | - |  | (22) |  | (292) |  | (350)
Translation adjustment |  | 4 |  | - |  | 14 |  | 8 |  | 26
Transfer |  | 164 |  | - |  | 49 |  | - |  | 213
Balance as at December 31, 2022 |  | 240 |  | 3 |  | 293 |  | 128 |  | 664
Schedule of expected benefit payments |
Schedule of expected benefit payments |  |  |  |  |  |
|  | December 31, 2022
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
2023 |  | 248 |  | 31 |  | 22
2024 |  | 252 |  | 30 |  | 24
2025 |  | 256 |  | 30 |  | 24
2026 |  | 259 |  | 29 |  | 26
2027 |  | 261 |  | 29 |  | 27
2028 and thereafter |  | 1,326 |  | 138 |  | 153
Summary of assumptions used for the Monte Carlo simulation |
Summary of assumptions used for the Monte Carlo simulation |  |
|  | 2021
Granted shares |  | 1,474,723
Date shares were granted |  | 01/03/2021
VALE (BRL) |  | 109.02
VALE ON (USD) |  | 20.12
Expected volatility |  | 39.00% p.y
Expected term (in years) |  | 3
Expected shareholder return indicator |  | 51.20%
Expected performance factor |  | 60.96%
Overfunded Pension Plans [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of measurement of plan assets at fair value with no observable market variables |
Schedule of measurement of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | - |  | 55 |  | - |  | 55 |  | - |  | 1 |  | - |  | 1
Equity securities |  | 1,115 |  | - |  | - |  | 1,115 |  | - |  | - |  | - |  | -
Debt securities - Corporate |  | 1 |  | 367 |  | - |  | 368 |  | 1 |  | 74 |  | - |  | 75
Debt securities - Government |  | 3,354 |  | 435 |  | - |  | 3,789 |  | 2,042 |  | - |  | - |  | 2,042
Investments funds - Fixed Income |  | 1,040 |  | 133 |  | - |  | 1,173 |  | 1,910 |  | 175 |  | - |  | 2,085
Investments funds - Equity |  | 455 |  | 1 |  | - |  | 456 |  | 452 |  | - |  | - |  | 452
International investments |  | 23 |  | 231 |  | - |  | 254 |  | 91 |  | - |  | - |  | 91
Structured investments - Private Equity funds |  | - |  | 188 |  | 240 |  | 428 |  | - |  | 129 |  | 103 |  | 232
Structured investments - Real estate funds |  | - |  | - |  | 3 |  | 3 |  | - |  | - |  | 5 |  | 5
Real estate |  | - |  | - |  | 293 |  | 293 |  | - |  | - |  | 212 |  | 212
Loans to participants |  | - |  |  |  | 128 |  | 128 |  | - |  | - |  | 106 |  | 106
Total |  | 5,988 |  | 1,410 |  | 664 |  | 8,062 |  | 4,496 |  | 379 |  | 426 |  | 5,301
Funds not related to risk plans (i) |  |  |  |  |  |  |  | (1,722) |  |  |  |  |  |  |  | (1,549)
Fair value of plan assets at end of year |  |  |  |  |  |  |  | 6,340 |  |  |  |  |  |  |  | 3,752
(i) | Financial investments not related to coverage of overfunded pension plans. Funds are related to the Company´s unconsolidated entities and former employees.
Underfunded Pension Plans [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of measurement of plan assets at fair value with no observable market variables |
Schedule of measurement of plan assets at fair value with no observable market variables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents |  | - |  | 2 |  | - |  | 2 |  | 5 |  | 70 |  | - |  | 75
Equity securities |  | 55 |  | - |  | - |  | 55 |  | 1,708 |  | 3 |  | - |  | 1,711
Debt securities - Corporate |  | - |  | 24 |  | - |  | 24 |  | - |  | 556 |  | - |  | 556
Debt securities - Government |  | 46 |  | 19 |  | - |  | 65 |  | 133 |  | 683 |  | - |  | 816
Investments funds - Fixed Income |  | 40 |  | - |  | - |  | 40 |  | 38 |  | - |  | - |  | 38
Investments funds - Equity |  | 7 |  | 6 |  | - |  | 13 |  | 3 |  | 173 |  | 53 |  | 229
Structured investments - Private Equity funds |  | - |  | - |  | 8 |  | 8 |  | - |  | - |  | 181 |  | 181
Real estate |  | - |  | - |  | 6 |  | 6 |  | - |  | - |  | 3 |  | 3
Loans to participants |  | - |  | - |  | 1 |  | 1 |  | - |  | - |  | 1 |  | 1
Other |  | - |  | - |  | 125 |  | 125 |  | - |  | - |  | 168 |  | 168
Total |  | 148 |  | 51 |  | 140 |  | 339 |  | 1,887 |  | 1,485 |  | 406 |  | 3,778
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |
Schedule of measurement of plan assets at fair value with no observable market variables (Level 3) |  |  |  |  |  |  |  |  |  |  |
|  | Private equity funds |  | Equity pool |  | Real estate |  | Loans to participants | Other |  | Total
Balance as at December 31, 2020 |  | 250 |  | - |  | 5 |  | 2 | 180 |  | 437
Return on plan assets |  | 11 |  | 14 |  | - |  | - | (14) |  | 11
Assets purchases |  | 28 |  | 39 |  | - |  | - | - |  | 67
Assets sold during the year |  | (108) |  | - |  | (1) |  | - | - |  | (109)
Translation adjustment |  | - |  | - |  | (1) |  | (1) | 2 |  | -
Balance as at December 31, 2021 |  | 181 |  | 53 |  | 3 |  | 1 | 168 |  | 406
Return on plan assets |  | 1 |  | - |  | - |  | - | (33) |  | (32)
Assets purchases |  | - |  | - |  | 1 |  | - | - |  | 1
Assets sold during the year |  | (2) |  | - |  | (1) |  | - | - |  | (3)
Translation adjustment |  | (8) |  | - |  | (2) |  | - | (10) |  | (20)
Transfer between surplus and deficit plans |  | (164) |  | (53) |  | 5 |  | - | - |  | (212)
Balance as at December 31, 2022 |  | 8 |  | - |  | 6 |  | 1 | 125 |  | 140
Fair Value 2022 Plan [Member] |
IfrsStatementLineItems [Line Items] |
Summary of assumptions used for the Monte Carlo simulation |
Summary of assumptions used for the Monte Carlo simulation |  |
|  | 2022
Granted shares |  | 1,709,955
Date shares were granted |  | 01/03/2022
VALE (BRL) |  | 78.00
VALE ON (USD) |  | 13.81
Expected volatility |  | 39.00% p.y.
Expected term (in years) |  | 3
Expected shareholder return indicator |  | 51.20%
Expected performance factor |  | 53.08%
Employee Benefits [Member] |
IfrsStatementLineItems [Line Items] |
Schedule of measurement of plan assets at fair value with no observable market variables |
Schedule of evolution of assets fair value |  |  |  |  |  |
|  | Overfunded pension plans |  | Underfunded pension plans |  | Other benefits
Fair value of plan assets as at December 31, 2020 |  | 3,969 |  | 3,992 |  | -
Interest income |  | 253 |  | 102 |  | -
Employer contributions |  | 29 |  | 40 |  | 56
Benefits paid |  | (235) |  | (257) |  | (56)
Return on plan assets (excluding interest income) |  | (269) |  | 181 |  | -
Translation adjustment |  | (276) |  | 2 |  | -
Transfer |  | 281 |  | (281) |  | -
Fair value of plan assets as at December 31, 2021 |  | 3,752 |  | 3,779 |  | -
Interest income |  | 412 |  | 17 |  | -
Employer contributions |  | 45 |  | 14 |  | 57
Benefits paid |  | (534) |  | (58) |  | (57)
Return on plan assets (excluding interest income) |  | (752) |  | (31) |  | -
Translation adjustment |  | 44 |  | (9) |  | -
Transfer |  | 3,373 |  | (3,373) |  | -
Fair value of plan assets as at December 31, 2022 |  | 6,340 |  | 339 |  | -

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