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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefits |
Schedule of of employee related liabilities |
Schedule of of employee related liabilities |  |  |  |  |
|  | Current liabilities | Non-current liabilities
| Notes | December 31, 2023 | December 31 ,2022 | December 31, 2023 | December 31 ,2022
Payroll, related charges and other remunerations | 29(a) | 867 | 831 | - | -
Share-based payment | 29(b) | 27 | 33 | - | -
Employee post-retirement obligation | 29(c) | 70 | 66 | 1,381 | 1,260
|  | 964 | 930 | 1,381 | 1,260
Schedule of fair value of the matching program |
Schedule of fair value of the matching program |  |
| 2023 | 2022
Granted shares | 1,330,503 | 1,437,588
Share price | 15.94 | 20.03
Schedule of assumptions used for the monte carlo simulation |
Schedule of assumptions used for the monte carlo simulation |  |
| 2023 | 2022
Granted shares | 1,177,755 | 1,709,955
Date shares were granted | January 2, 2023 | January 3, 2022
Share price | 16.6 | 13.81
Expected volatility | 48.33% | 39.00%
Expected term (in years) | 3 | 3
Expected shareholder return indicator | 72.42% | 51.20%
Expected performance factor | 79.32% | 53.08%
Schedule of present value obligation |
Schedule of present value obligation |  |  |
| Overfunded pension plans | Underfunded pension plans | Other benefits
Benefit obligation as of 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)
Others | - | - | (19)
Transfer | 3,252 | (3,252) | -
Benefit obligation as of December 31, 2022 | 5,142 | 608 | 1,057
Service costs | 16 | 15 | 8
Interest costs | 322 | 103 | 68
Benefits paid | (479) | (126) | (56)
Participant contributions | - | - | -
Effect of changes in the actuarial assumptions | 468 | 130 | 44
Settlement | - | (836) | -
Transfer to assets held for sale | - | (28) | (12)
Other | 3 | 10 | (2)
Translation adjustment | 246 | 41 | 43
Transfer | (1,201) | 1,201 | -
Benefit obligation as of December 31, 2023 | 4,517 | 1,118 | 1,150
Schedule of evolution of assets fair value |
Schedule of evolution of assets fair value |  |  |
| Overfunded pension plans | Underfunded pension plans | Other benefits
Fair value of plan assets as of 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 of December 31, 2022 | 6,340 | 339 | -
Interest income | 429 | 85 | -
Employer contributions | 22 | 25 | 56
Benefits paid | (479) | (126) | (56)
Return on plan assets (excluding interest income) | 286 | 44 | -
Settlement | - | (841) | -
Translation adjustment | 320 | 28 | -
Transfer | (1,261) | 1,261 | -
Fair value of plan assets as of December 31, 2023 | 5,657 | 815 | -
Schedule of reconciliation of assets and liabilities recognized in the statement of financial position |
Schedule of reconciliation of assets and liabilities recognized in the statement of financial position |  |  |  |  |  |
| Plans in Brazil
| December 31, 2023 | December 31, 2022
Movements of assets ceiling | Overfunded pension plans | Underfunded pension plans | Other benefits | Overfunded pension plans | Underfunded pension plans | Other benefits
Balance at beginning of the year | 924 | - | - | 876 | - | -
Interest income | 95 | - | - | 83 | - | -
Changes on asset ceiling | (194) | - | - | (89) | - | -
Translation adjustment | 68 | - | - | 54 | - | -
Balance at end of the year | 893 | - | - | 924 | - | -
Amount recognized in the statement of financial position |  |  |  |  |  |
Present value of actuarial liabilities | (3,152) | (272) | (389) | (2,634) | (246) | (321)
Fair value of assets | 4,045 | 94 | - | 3,558 | 101 | -
Effect of the asset ceiling | (893) | - | - | (924) |  |
Liabilities | - | (178) | (389) | - | (145) | (321)
Current liabilities | - | (3) | (22) | - | (3) | (16)
Non-current liabilities | - | (175) | (367) | - | (142) | (305)
Liabilities | - | (178) | (389) | - | (145) | (321)
| Foreign plan
| December 31, 2023 |  | December 31, 2022
| Overfunded pension plans (i) | Underfunded pension plans | Other benefits | Overfunded pension plans | Underfunded pension plans | Other benefits
Movements of assets ceiling |  |  |  |  |  |
Balance at beginning of the year | 190 | - | - | 44 | - | -
Interest income | 8 | 1 | - | 1 | - | -
Changes on asset ceiling and onerous liability | 2 | (28) | - | 160 | - | -
Translation adjustment | 5 | - | - | (15) | - | -
Transfer | (27) | 27 | - |  |  |
Balance at end of the year | 178 | - | - | 190 | - | -
Amount recognized in the statement of financial position |  |  |  |  |  |
Present value of actuarial liabilities | (1,365) | (846) | (759) | (2,508) | (362) | (736)
Fair value of assets | 1,611 | 721 | - | 2,782 | 238 | -
Effect of the asset ceiling | (178) | - | - | (190) | - | -
Assets (liabilities) | 68 | (125) | (759) | 84 | (124) | (736)
Current liabilities | - | (6) | (39) | - | (7) | (40)
Non-current assets (liabilities) | 68 | (119) | (720) | 84 | (117) | (696)
Assets (liabilities) | 68 | (125) | (759) | 84 | (124) | (736)
| Total
| December 31, 2023 | December 31, 2022
Movements of assets ceiling | Overfunded pension plans (i) | Underfunded pension plans | Other benefits | Overfunded pension plans | Underfunded pension plans | Other benefits
Balance at beginning of the year | 1,114 | - | - | 919 | - | -
Interest income | 103 | 1 | - | 84 | - | -
Changes on asset ceiling | (192) | (28) | - | 65 | - | -
Translation adjustment | 73 | - | - | 46 | - | -
Transfer | (27) | 27 | - | - | - | -
Balance at end of the year | 1,071 | - | - | 1,114 | - | -
Amount recognized in the statement of financial position |  |  |  |  |  |
Present value of actuarial liabilities | (4,517) | (1,118) | (1,148) | (5,142) | (608) | (1,057)
Fair value of assets | 5,656 | 815 | - | 6,340 | 339 | -
Effect of the asset ceiling | (1,071) | - | - | (1,114) | - | -
Assets (liabilities) | 68 | (303) | (1,148) | 84 | (269) | (1,057)
Current liabilities | - | (9) | (61) | - | (10) | (56)
Non-current assets (liabilities) | 68 | (294) | (1,087) | 84 | (259) | (1,001)
Assets (liabilities) | 68 | (303) | (1,148) | 84 | (269) | (1,057)
(i) The pension plan asset is recorded as “Other non-current assets” in the financial position.
Schedule of costs recognized in the income statement |
Schedule of costs recognized in the income statement |  |  |  |  |  |  |  |  |
| Year ended December 31,
| 2023 | 2022 | 2021
| 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 | 16 | 15 | 8 | 45 | 40 | 13 | 10 | 68 | 1
Interest expense | 322 | 103 | 68 | 325 | 39 | 60 | 196 | 122 | 33
Interest income | (429) | (85) | - | (412) | (17) | - | (253) | (102) | -
Interest expense on effect of (asset ceiling)/ onerous liability | 103 | 1 | - | 84 | - | - | 58 | - | -
Others | 3 | 10 | (2) | - | - | - | - | - | -
Total of cost, net | 15 | 44 | 74 | 42 | 62 | 73 | 11 | 88 | 34
Schedule of costs recognized in the statement of comprehensive income |
Schedule of costs recognized in the statement of comprehensive income |  |  |  |  |  |  |  |  |
| Year ended December 31,
| 2023 | 2022 | 2021
| 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 | (124) | (45) | 62 | (93) | (92) | (172) | (101) | (400) | (363)
Effect of changes actuarial assumptions | (468) | (130) | (44) | 784 | 109 | 343 | 330 | 246 | 261
Return on plan assets (excluding interest income) | 286 | 44 | - | (752) | (31) | - | (269) | 181 | -
Change of asset ceiling | 192 | 28 | - | (65) | - | - | (60) | - | -
Others | - | - | (12) | (3) | - | - | (5) | 3 | (4)
Total | 10 | (58) | (56) | (36) | 78 | 343 | (4) | 430 | 257
Deferred income tax | (3) | 19 | 20 | 12 | (26) | (102) | 5 | (130) | (83)
Others comprehensive income | 7 | (39) | (36) | (24) | 52 | 241 | 1 | 300 | 174
Translation adjustments | (10) | (6) | (9) | (7) | (5) | (7) | 7 | 8 | 17
Accumulated other comprehensive income | (127) | (90) | 17 | (124) | (45) | 62 | (93) | (92) | (172)
Schedule of assumptions were adopted |
Schedule of assumptions were adopted |  |  |  |  |  |  |
| Brazil
| December 31, 2023 | December 31, 2022
|  | Overfunded pension plans | Underfunded pension plans | Other benefits | Overfunded pension plans | Underfunded pension plans | Other benefits
Discount rate to determine benefit obligation |  | 8.57% - 8.63% | 10.15% | 8.59% - 8.74% | 9.77% - 9.88% | 10.66% | 9.81% - 9.90%
Nominal average rate to determine expense/ income |  | 8.57% - 8.63% | 10.15% | N/A | 9.77% - 9.88% | 10.66% | N/A
Nominal average rate of salary increase |  | 3.08% - 4.94% | 4.50% | N/A | 3.50% - 5.36% | 6.86% | N/A
Nominal average rate of benefit increase |  | 3.08% - 3.60% | 4.50% | N/A | 3.50% - 4.02% | 6.86% | N/A
Immediate health care cost trend rate |  | N/A | N/A | 6.17% | N/A | N/A | 6.35%
Ultimate health care cost trend rate |  | N/A | N/A | 6.17% | N/A | N/A | 6.35%
Nominal average rate of price inflation |  | 3.08% | 4.50% | 3.08% | 3.50% | 4.25% | 3.50%
| Foreign
| December 31, 2023 | December 31, 2022
| Overfunded pension plans | Underfunded pension plans | Other benefits | Overfunded pension plans | Underfunded pension plans | Other benefits
Discount rate to determine benefit obligation | 4.63% | 4.63% | 4.64% | 5.10% | 5.10% | 5.14%
Nominal average rate to determine expense/ income | 5.10% | 5.10% | 5.14% | 2.84% | 2.84% | 3.03%
Nominal average rate of salary increase | 3.31% | 3.31% | N/A | 3.23% | 3.23% | N/A
Nominal average rate of benefit increase | 3.00% | 3.00% | N/A | 3.00% | 3.00% | N/A
Immediate health care cost trend rate | N/A | N/A | 4.85% | N/A | N/A | 5.11%
Ultimate health care cost trend rate | N/A | N/A | 4.49% | N/A | N/A | 4.57%
Nominal average rate of price inflation | 2.08% | 2.08% | N/A | 2.06% | 2.06% | 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, 2023
| Overfunded pension plans | Underfunded pension plans | Other benefits
Nominal discount rate - 1% increase |  |  |
Actuarial liability adjusted for sensitivity test | 2,940 | 262 | 501
Assumptions made | 9.60% | 11.15% | 9.67%
Nominal discount rate - 1% reduction |  |  |
Actuarial liability adjusted for sensitivity test | 3,399 | 283 | 387
Assumptions made | 7.60% | 9.15% | 7.67%
| Foreign
| December 31, 2023
| Overfunded pension plans | Underfunded pension plans | Other benefits
Nominal discount rate - 1% increase |  |  |
Actuarial liability adjusted for sensitivity test | 1,237 | 745 | 677
Assumptions made | 5.63% | 5.63% | 5.65%
Nominal discount rate - 1% reduction |  |  |
Actuarial liability adjusted for sensitivity test | 1,506 | 957 | 880
Assumptions made | 3.63% | 3.63% | 3.64%
Schedule of overfunded pension plans |
Schedule of overfunded pension plans |  |  |  |  |  |  |  |
| December 31, 2023 | December 31, 2022
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | - | 14 | - | 14 | - | 55 | - | 55
Equity securities | 261 | - | - | 261 | 1,115 | - | - | 1,115
Debt securities - Corporate | - | 396 | - | 396 | 1 | 367 | - | 368
Debt securities - Government | 3,814 | 361 | - | 4,175 | 3,354 | 435 | - | 3,789
Investments funds - Fixed Income | 1,391 | 162 | - | 1,553 | 1,040 | 133 | - | 1,173
Investments funds - Equity | 483 | 1 | - | 484 | 455 | 1 | - | 456
International investments | 59 | 186 | - | 245 | 23 | 231 | - | 254
Structured investments - Private Equity funds | - | 51 | 72 | 123 | - | 188 | 240 | 428
Structured investments - Real estate funds | - | - | - | - | - | - | 3 | 3
Real estate | - | - | 235 | 235 | - | - | 293 | 293
Loans to participants | - | - | 162 | 162 | - |  | 128 | 128
Other | - | - | 187 | 187 | - | - | - | -
Total | 6,008 | 1,171 | 656 | 7,835 | 5,988 | 1,410 | 664 | 8,062
Funds not related to risk plans (i) |  |  |  | (2,178) |  |  |  | (1,722)
Fair value of plan assets at end of year |  |  |  | 5,657 |  |  |  | 6,340
(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 |
Schedule of measurement of plan assets at fair value with no observable market variables |  |  |  |  |
| Private equity funds | Real estate funds | Real estate | Loans to participants | Total
Balance as of 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 between Overfunded pension and Underfunded pension plans | 164 | - | 49 | - | 213
Balance as of December 31, 2022 | 240 | 3 | 293 | 128 | 664
Return on plan assets | 5 | - | 9 | 22 | 36
Assets purchases | 11 | - | 8 | 211 | 230
Assets sold during the year | (6) | (3) | (16) | (210) | (235)
Translation adjustment | 8 | - | 18 | 11 | 37
Transfer between Overfunded pension and Underfunded pension plans | (58) | - | (18) |  | (76)
Balance as of December 31, 2023 | 200 | - | 294 | 162 | 656
Schedule of assets by category |
Schedule of assets by category |  |  |  |  |  |  |  |
| December 31, 2023 | December 31, 2022
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | - | 6 | - | 6 | - | 2 | - | 2
Equity securities | 112 | - | - | 112 | 55 | - | - | 55
Debt securities - Corporate | - | 215 | - | 215 | - | 24 | - | 24
Debt securities - Government | 60 | 150 | - | 210 | 46 | 19 | - | 65
Investments funds - Fixed Income | 41 | - | - | 41 | 40 | - | - | 40
Investments funds - Equity | 8 | 11 | - | 19 | 7 | 6 | - | 13
Structured investments - Private Equity funds | - | - | 55 | 55 | - | - | 8 | 8
Real estate | - | - | 27 | 27 | - | - | 6 | 6
Loans to participants | - | - | 1 | 1 | - | - | 1 | 1
Others | - | - | 131 | 131 | - | - | 125 | 125
Total | 221 | 382 | 214 | 817 | 148 | 51 | 140 | 339
Schedule of measurement of underfunded plan assets at fair value |
Schedule of measurement of underfunded plan assets at fair value |  |  |  |  |  |
| Private equity funds | Equity pool | Real estate | Loans to participants | Others | Total
Balance as of 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 of December 31, 2022 | 8 | - | 6 | 1 | 125 | 140
Return on plan assets | 4 | - | - | - | 3 | 7
Assets purchases | 3 | - | 2 | - |  | 5
Assets sold during the year | (19) | - | - | - |  | (19)
Translation adjustment | 1 | - | 1 | - | 3 | 5
Transfer between surplus and deficit plans | 58 | - | 18 | - |  | 76
Balance as of December 31, 2023 | 55 | - | 27 | 1 | 131 | 214
Schedule of expected benefit payments |
Schedule of expected benefit payments |  |  |
| Overfunded pension plans | Underfunded pension plans | Other benefits
2024 | 275 | 30 | 26
2025 | 277 | 30 | 27
2026 | 279 | 31 | 28
2027 | 280 | 31 | 30
2028 | 281 | 31 | 30
2029 and thereafter | 1,387 | 161 | 167

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