Post-Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Consolidated Actuarial Information

The actuarial information is as follows:


2017	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance		Total
Present value of funded obligations		10,545			1,809		39		270		12,663
Fair value of plan assets		(8,546	)		—		—		—		(8,546	)

Initial net liabilities		1,999			1,809		39		270		4,117
Adjustment to asset ceiling		69			—		—		—		69

Net liabilities in the statement of financial position		2,068			1,809		39		270		4,186


2016	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance		Total
Present value of funded obligations		9,743			1,711		38		814		12,306
Fair value of plan assets		(8,128	)		—		—		—		(8,128	)

Initial net liabilities		1,615			1,711		38		814		4,178

Adjustment to asset ceiling		64			—		—		—		64

Net liabilities in the statement of financial position		1,679			1,711		38		814		4,242

Disclosure of Changes In Present Value of Defined Benefit Obligation

The changes in the present value of the defined benefit obligation are as follows:


	Pension plans and retirement supplement plans			Health Plan			Dental Plan			Life insurance			Total
Defined-benefit obligation on December 31, 2014		8,124			1,120			32			680			9,956
Cost of current service		6			7			1			3			17
Interest on the actuarial obligation		934			135			3			81			1,153
Actuarial losses (gains):
Due to changes in demographic assumptions		8			43			1			(71	)		(19	)
Due to changes in financial assumptions		(822	)		128			(1	)		(122	)		(817	)
Due to adjustments based on experience		533			(33	)		(4	)		69			565
		(281	)		138			(4	)		(124	)		(271	)
Plan amendment—Past service		—			—			—			(74	)		(74	)
Benefits paid		(734	)		(77	)		(2	)		(12	)		(825	)

Defined-benefit obligation on December 31, 2015		8,049			1,323			30			554			9,956
Cost of current service		5			9			—			3			17
Interest on the actuarial obligation		1,013			174			4			72			1,263
Actuarial losses (gains):
Due to changes in demographic assumptions		(1	)		—			—			—			(1	)
Due to changes in financial assumptions		1,253			391			9			175			1,828
Due to adjustments based on experience		231			(87	)		(3	)		21			162

		1,483			304			6			196			1,989

Benefits paid		(807	)		(99	)		(2	)		(11	)		(919	)

Defined-benefit obligation on December 31, 2016		9,743			1,711			38			814			12,306

Cost of current service		5			11			—			3			19
Interest on the actuarial obligation		980			178			3			85			1,246
Actuarial losses (gains):
Due to changes in demographic assumptions		191			—			—			—			191
Due to changes in financial assumptions		414			66			2			55			537
Due to adjustments based on experience		53			(44	)		(2	)		(60	)		(53	)

		658			22			—			(5	)		675

Plan amendment – Past service		—			—			—			(619	)		(619	)
Benefits paid		(841	)		(113	)		(2	)		(8	)		(964	)

Defined-benefit obligation on December 31, 2017		10,545			1,809			39			270			12,663

Disclosure of Changes in the Fair Value of Plan Assets

Changes in the fair values of the plan assets were as follows:


	Pension plans and retirement supplement plans
Fair value at December 31, 2014		8,051
Real return on the investments		(730	)
Contributions from the Employer		116
Benefits paid		(734	)

Fair value of the plan assets at December 31, 2015		6,703
Real return on the investments		2,105
Contributions from the employer		127
Benefits paid		(807	)

Fair value of the plan assets at December 31, 2016		8,128
Real return on the investments		1,100
Contributions from the employer		159
Benefits paid		(841	)

Fair value of the plan assets at December 31, 2017		8,546

Disclosure of Defined Benefit Plans Expense Recognised in Income Statement

The amounts recognized in the 2017, 2016 and 2015 Statement of income are as follows:


2017	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance			Total
Cost of current service		5			11		—		3			19
Interest on the actuarial obligation		980			178		3		85			1,246
Expected return on the assets of the Plan		(810	)		—		—		—			(810	)
Past service cost		—			—		—		(619	)		(619	)

Expense (recovery of expense) in 2017 according to actuarial calculation		175			189		3		(531	)		(164	)


2016	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance		Total
Cost of current service		5			9		—		3		17
Interest on the actuarial obligation		1,014			173		4		72		1,263
Expected return on the assets of the Plan		(833	)		—		—		—		(833	)

Total expense in 2016 according to actuarial calculation		186			182		4		75		447


2015	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance			Total
Cost of current service		6			7		1		3			17
Interest on the actuarial obligation		934			135		3		81			1,153
Expected return on the assets of the Plan		(933	)		—		—		—			(933	)
Past service cost		—			—		—		(74	)		(74	)

Expense as per actuarial opinion		7			142		4		10			163

Adjustment relating to debt to Forluz		122			—		—		—			122

Expense in 2015		129			142		4		10			285

Summary of Changes in Net Liabilities

Changes in net liabilities were as follows:


	Pension plans and retirement supplement plans			Health Plan			Dental Plan			Life insurance			Total
Net liabilities on December 31, 2014		798			1,120			33			680			2,631
Expense Recognized in Statement of income		129			142			4			84			359
Contributions paid		(116	)		(77	)		(3	)		(12	)		(208	)
Plan amendment—Past service		—			—			—			(74	)		(74	)
Actuarial losses (gains)		535			138			(4	)		(124	)		545

Net liabilities on December 31, 2015		1,346			1,323			30			554			3,253
Expense recognized in Statement of income		187			182			4			75			448
Contributions paid		(128	)		(99	)		(2	)		(11	)		(240	)
Actuarial losses (gains) ( * )		274			305			6			196			781

Net liabilities on December 31, 2016		1,679			1,711			38			814			4,242
Expense recognized in Statement of income		175			189			3			88			455
Contributions paid		(160	)		(113	)		(2	)		(7	)		(282	)
Plan amendment – Past service		—			—			—			(619	)		(619	)
Actuarial losses (gains) ( * )		374			22			(1	)		(5	)		390

Net liabilities on December 31, 2017		2,068			1,809			38			271			4,186


										2017			2016
Current liabilities											232			199
Non-current liabilities											3,954			4,043

(*)	Recognized directly in Comprehensive income.

Summary of Independent Actuaries Estimate for the Expense Amount

The independent actuary’s estimation for the expense to be recognized for 2018 is as follows:


	Pension plans and retirement supplement plans			Health Plan		Dental Plan		Life insurance		Total
Cost of current service		3			10		—		2		15
Interest on the actuarial obligation		959			173		4		25		1,161
Expected return on the assets of the Plan		(771	)		—		—		—		(771	)

Total expense in 2018 as per actuarial opinion		191			183		4		27		405

Summary of Expectation for Payment of Benefits

The expectation for payment of benefits for 2018 is as follows:


	Pension plans and retirement supplement plans – Forluz		Health Plan		Dental Plan		Life insurance		Total
Estimate of payment of benefits		875		117		3		8		1,003

Summary of Average Periods of the Obligations Under the Benefit Plans

The average maturity periods of the obligations of the benefit plans, in years, are as follows:

Pension plans and retirement supplement plans

Health Plan

Dental Plan

Life insurance

Plan A

Plan B

9.28

11.55

13.68

11.55

Summary of Principal Categories Percentage of Plan Assets

The main categories of assets of the plan, as a percentage of the total of the plan’s assets, are as follows:


	2017			2016
Shares in Brazilian companies		6.63	%		3.84	%
Fixed income securities		74.12	%		74.96	%
Real estate property		8.05	%		8.14	%
Others		11.20	%		13.06	%

Total		100.00	%		100.00	%

Summary of Fair Value of Pension Plan Assets Issued by Sponsors and Subsidiaries

The following assets of the pension plan, valued at fair value, are related to the Company:


	2017		2016
Non-convertible debentures issued by the Company and subsidiaries		363		397
Shares issued by the Company		10		7
Real estate properties of the Foundation, occupied by the Company and subsidiaries		725		710

		1,098		1,114

Summary of Actuarial Assumptions

This table gives the main actuarial assumptions:


	2017	2016	2015
Annual discount rate for present value of the actuarial obligation	9.48%	10.50%	13.20%
Annual expected return on plan assets	9.48%	10.50%	13.20%
Long-term annual inflation rate	4.00%	4.50%	5.50%
Estimated future annual salary increases	6.08%	6.59%	7.61%
General mortality table	AT-2000 D10%	AT-2000	AT-2000
Disability table	Not adopted	Álvaro Vindas	Álvaro vindas
Disabled mortality table	AT 49	AT 49	AT 49

Summary of Sensitivity Analysis of the Effects of Changes in the Principal Actuarial Assumptions Used to Determine the Defined-benefit Obligation

Below is a sensitivity analysis of the effects of changes in the main actuarial assumptions used to determine the defined-benefit obligation on December 31, 2017:


Effects on the defined-benefit obligation	Pension plans and retirement supplement plans		Health Plan		Dental Plan		Life insurance			Total
Reduction of one year in the mortality table		273		36		1		(16	)		294
Increase of one year in the mortality table		—		—		—		15			15
Reduction of 1% in the discount rate		1,103		244		5		43			1,395