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Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2022
IfrsStatementLineItems [Line Items]  
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
   
    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
                       
    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
                                   
    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
                                   
    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
                       
  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)
                   
    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
           
    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
   
    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
                               
    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
                               
    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)
                     
    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
   
    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
           
    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   -