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Financial assets and liabilities | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
Financial assets and liabilities | 21. Financial assets and liabilities a) Classification 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:
Schedule of financial instruments classification based on its recognition |  |  |  |  |  |  |  |  |
|  | December 31, 2023 | December 31, 2022
Financial assets | Notes | Amortized cost | At fair value through OCI | At fair value through profit or loss | Total | Amortized cost | At fair value through OCI | At fair value through profit or loss | Total
Current |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 23 | 3,609 | - | - | 3,609 | 4,736 | - | - | 4,736
Short-term investments | 23 | - | - | 51 | 51 | - | - | 61 | 61
Derivative financial instruments | 20 | - | - | 271 | 271 | - | - | 342 | 342
Accounts receivable | 11 | 362 | - | 3,835 | 4,197 | 538 | - | 3,781 | 4,319
|  | 3,971 | - | 4,157 | 8,128 | 5,274 | - | 4,184 | 9,458
Non-current |  |  |  |  |  |  |  |  |
Judicial deposits | 28(d) | 798 | - | - | 798 | 1,215 | - | - | 1,215
Restricted cash | 14 | 4 | - | - | 4 | 77 | - | - | 77
Derivative financial instruments | 20 | - | - | 544 | 544 | - | - | 196 | 196
Investments in equity securities | 14 | - | 45 | - | 45 | - | 7 | - | 7
|  | 802 | 45 | 544 | 1,391 | 1,292 | 7 | 196 | 1,495
Total of financial assets |  | 4,773 | 45 | 4,701 | 9,519 | 6,566 | 7 | 4,380 | 10,953
Financial liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Suppliers and contractors | 13 | 5,272 | - | - | 5,272 | 4,461 | - | - | 4,461
Derivative financial instruments | 20 | - | - | 36 | 36 | - | - | 90 | 90
Loans and borrowings | 23 | 824 | - | - | 824 | 307 | - | - | 307
Leases | 24 | 197 | - | - | 197 | 182 | - | - | 182
Liabilities related to the concession grant | 14(a) | 591 | - | - | 591 | 416 | - | - | 416
Other financial liabilities - Related parties | 31 | 290 | - | - | 290 | 400 | - | - | 400
Contract liability and financial liabilities | 14 | 759 | - | - | 759 | 766 | - | - | 766
|  | 7,933 | - | 36 | 7,969 | 6,532 | - | 90 | 6,622
Non-current |  |  |  |  |  |  |  |  |
Derivative financial instruments | 20 | - | - | 95 | 95 | - | - | 186 | 186
Loans and borrowings | 23 | 11,647 | - | - | 11,647 | 10,874 | - | - | 10,874
Leases | 24 | 1,255 | - | - | 1,255 | 1,349 | - | - | 1,349
Participative shareholders' debentures | 22 | - | - | 2,874 | 2,874 | - | - | 2,725 | 2,725
Liabilities related to the concession grant | 14(a) | 3,278 | - | - | 3,278 | 2,554 | - | - | 2,554
Financial guarantees | 32 | - | - | - | - | - | - | 103 | 103
|  | 16,180 | - | 2,969 | 19,149 | 14,777 | - | 3,014 | 17,791
Total of financial liabilities |  | 24,113 | - | 3,005 | 27,118 | 21,309 | - | 3,104 | 24,413
b) Hierarchy of fair value
Schedule of assets and liabilities measured and recognized at fair value |  |  |  |  |  |  |  |  |
|  | December 31, 2023 | December 31, 2022
| Notes | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Financial assets |  |  |  |  |  |  |  |  |
Short-term investments | 23 | 51 | - | - | 51 | 61 | - | - | 61
Derivative financial instruments | 20 | - | 815 | - | 815 | - | 538 | - | 538
Accounts receivable | 11 | - | 3,835 | - | 3,835 | - | 3,781 | - | 3,781
Investments in equity securities | 14 | - | 45 | - | 45 | - | 7 | - | 7
|  | 51 | 4,695 | - | 4,746 | 61 | 4,326 | - | 4,387
Financial liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments | 20 | - | 131 | - | 131 | - | 276 | - | 276
Participative shareholders' debentures | 22 | - | 2,874 | - | 2,874 | - | 2,725 | - | 2,725
Financial guarantees | 32 | - | - | - | - | - | 103 | - | 103
|  | - | 3,005 | - | 3,005 | - | 3,104 | - | 3,104
There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the period presented. c) Fair value of loans and borrowings Loans and borrowings 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.
Schedule of fair value and carrying amounts of loans and financing |  |  |  |
| December 31, 2023 | December 31, 2022
| Carrying amount | Fair value | Carrying amount | Fair value
Quoted in the secondary market: |  |  |  |
Bonds | 7,253 | 7,404 | 6,256 | 6,253
Debentures | 221 | 213 | 240 | 225
Debt contracts in Brazil in: |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 250 | 250 | 280 | 278
R$, with fixed interest | - | - | 2 | 2
Basket of currencies and bonds in US$ indexed to SOFR | 153 | 168 | - | -
Debt contracts in the international market in: |  |  |  |
US$, with variable and fixed interest | 4,504 | 4,950 | 4,304 | 4,391
Other currencies, with variable interest | 9 | 9 | 9 | 9
Other currencies, with fixed interest | 81 | 85 | 90 | 91
| 12,471 | 13,079 | 11,181 | 11,249
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 shareholders’ debentures and Derivative financial instruments that are measured at FVTPL. 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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