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POST-EMPLOYMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Disclosure Of Consolidated Actuarial Information

Actuarial information

2018		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Present value of obligations			11,073				2,344				48				427				13,892
Fair value of plan assets			(9,062	)			—				—				—				(9,062	)
Initial net liabilities			2,011				2,344				48				427				4,830
Adjustment to asset ceiling			159				—				—				—				159
Net liabilities in the statement of financial position			2,170				2,344				48				427				4,989

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

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 at December 31. 2015			8,049				1,323				30				554				9,956
Cost of current service			5				9				—				3				17
Interest on 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 at December 31. 2016			9,743				1,711				38				814				12,306
Cost of current service			5				11				—				3				19
Interest on 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 at December 31. 2017			10,545				1,809				39				270				12,663
Cost of current service			3				10				—				2				15
Interest on actuarial obligation			959				173				4				25				1,161
Actuarial losses (gains):
Due to changes in demographic assumptions
Due to changes in financial assumptions			467				402				8				26				903
Due to adjustments based on experience			(20	)			68				—				113				161
			447				470				8				139				1,064
Benefits paid			(881	)			(118	)			(3	)			(9	)			(1,011	)
Defined-benefit obligation at December 31. 2018			11,073				2,344				48				427				13,892

Disclosure of Changes in the Fair Value of Plan Assets

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

		Pension plans and retirement supplement plans
Fair value of plan assets at December 31, 2015			6,703
Return on investments			2,105
Contributions from employer			127
Benefits paid			(807	)
Fair value of plan assets at December 31, 2016			8,128
Return on investments			1,100
Contributions from employer			159
Benefits paid			(841	)
Fair value of plan assets at December 31, 2017			8,546
Return on investments			1,220
Contributions from employer			178
Benefits paid			(881	)
Fair value of the plan assets at December 31, 2018			9,063

Disclosure of Defined Benefit Plans Expense Recognised in Income Statement

The amounts recognized in 2018, 2017 and 2016 statement of income are as follows:

2018		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Current service cost			4				10				0				1				15
Interest on the actuarial obligation			959				172				4				26				1,161
Expected return on the assets of the Plan			(771	)			—				—				—				(771	)
Expense (recovery of expense) in 2018 according to actuarial calculation			192				182				4				27				405

2017		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Current service cost			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
Current service cost			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

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 at 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 ( 1 )			274				305				6				196				781
Net liabilities at 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) ( 1 )			374				22				(1	)			(5	)			390
Net liabilities at December 31, 2017			2,068				1,809				38				271				4,186
Expense recognized in Statement of income			193				183				4				25				405
Contributions paid			(178	)			(118	)			(2	)			(9	)			(307	)
Actuarial losses ( 1 )			87				470				8				140				705
Net liabilities at December 31, 2018			2,170				2,344				48				427				4,989

		2018				2017
Current liabilities			253				232
Non-current liabilities			4,736				3,954

(1) 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 2019 is as follows:

		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Current service cost			1				14				—				3				18
Interest on the actuarial obligation			978				208				4				38				1,228
Expected return on the assets of the Plan			(782	)			—				—				—				(782	)
Estimated total expense in 2019 as per actuarial report			197				222				4				41				464

Summary of Expectation for Payment of Benefits

The expectation for payment of benefits for 2019 is as follows:

		Pension plans and retirement supplement plans – Forluz				Health plan				Dental plan				Life insurance				Total
Estimated payment of benefits			863				127				3				17				1,010

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
9.59		11.31			12.72				12.67				16.50

Summary of Principal Categories Percentage of Plan Assets

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

		2018				2017
Shares of Brazilian companies			7.11	%			6.63	%
Fixed income securities			71.92	%			74.12	%
Real estate property			4.69	%			8.05	%
Others			16.28	%			11.20	%
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, measured at fair value, are related to the Company:

		2018				2017
Non-convertible debentures issued by the Company and subsidiaries			380				363
Shares issued by the Company			35				10
Real estate properties of the Foundation, occupied by the Company and subsidiaries			662				725
			1,077				1,098

Summary of Actuarial Assumptions

This table provides the main actuarial assumptions:

		2018
		Pension plans and retirement supplement plans				Health plan and Dental plan				Life insurance
Annual discount rate for present value of the actuarial obligation			9.02%				9.13%				9.16%
Annual expected return on plan assets			9.02%				9.13%				9.16%
Long-term annual inflation rate			4.01%				4.01%				4.01%
Estimated future annual salary increases			4.01%				Not applicable				5.26%
General mortality table			AT-2000 M S10% D10%				AT-2000 M S10% D20%				AT-2000 M S10% D20%
Disability table			Not applicable				Álvaro Vindas D30%				Álvaro Vindas D30%
Disabled mortality table			AT 49 M				Winklevoss D30%				Winklevoss D30%
Real growth of contributions above inflation (1)			—				1.00%				—

(1) Starting in 2018, Company adopted the assumption of real growth of the contributions above inflation at the rate of 1% p.a.

2017

Pension plans and retirement supplement plans

Health and Dental plans

Life insurance

Annual discount rate for present value of the actuarial obligation

9.48%

9.60%

9.57%

Annual expected return on plan assets

9.48%

9.60%

9.57%

Long-term annual inflation rate

4.00%

4.00%

4.00%

Estimated future annual salary increases

4.00%

Not applicable

6.08%

General mortality table

AT-2000 M S10% D10%

AT-2000 M S10% D20%

AT-2000 M S10% D20%

Disability table

Not applicable

Álvaro Vindas D30%

Álvaro Vindas D30%

Disabled mortality table

AT 49 M

Winklevoss D30%

Winklevoss D30%

2016

Pension plans and retirement supplement plans

Health and Dental plans

Life insurance

Annual discount rate for present value of the actuarial obligation

10.47%

10.40%

10.50%

Annual expected return on plan assets

10.47%

10.40%

10.50%

Long-term annual inflation rate

4.50%

4.50%

4.50%

Estimated future annual salary increases

4.50%

Not applicable

6.59%

General mortality table

AT-2000 M S10% D10%

AT-2000 M S10% D20%

AT-2000 M S10% D20%

Disability table

Álvaro Vindas

Álvaro Vindas D10%

Álvaro Vindas D10%

Disabled mortality table

AT 49 M

Winklevoss D30%

Winklevoss D30%

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 at December 31, 2018:

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			229				45				1				(15	)			260
Increase of one year in the mortality table			(233	)			(45	)			(1	)			16				(263	)
Reduction of 1% in the discount rate			1,183				327				7				78				1,595

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