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24. POST-EMPLOYMENT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of defined benefit plans [abstract]  
Schedule of consolidated actuarial information
2020   Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
Present value of obligations     13,308       3,319       64       551       17,242  
Fair value of plan assets     (10,420 )     —         —         —         (10,420 )
Initial net liabilities     2,888       3,319       64       551       6,822  
Adjustment to asset ceiling     21       —         —         —         21  
Net liabilities in the statement of financial position     2,909       3,319       64       551       6,843  

 

2019   Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
Present value of obligations     13,285       3,102       61       574       17,022  
Fair value of plan assets     (10,366 )     —         —         —         (10,366 )
Initial net liabilities     2,919       3,102       61       574       6,656  
Adjustment to asset ceiling     53       —         —         —         53  
Net liabilities in the statement of financial position     2,972       3,102       61       574       6,709  
Schedule 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, 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  
Cost of current service     1       14       —         3       18  
Interest on actuarial obligation     963       208       4       38       1,213  
Actuarial losses (gains):                                        
Due to changes in demographic assumptions     6       —         —         —         6  
Due to changes in financial assumptions     2,058       576       11       130       2,775  
Due to adjustments based on experience     83       91       —         (14 )     160  
      2,147       667       11       116       2,941  
Benefits paid     (899 )     (131 )     (2 )     (10 )     (1,042 )
Defined-benefit obligation at December 31, 2019     13,285       3,102       61       574       17,022  
Cost of current service     1       21       1       3       26  
Interest on actuarial obligation     887       215       4       41       1,147  
Actuarial losses (gains):                                        
Due to changes in demographic assumptions     135       395       4       —         534  
Due to changes in financial assumptions     (375 )     (152 )     (4 )     (34 )     (565 )
Due to adjustments based on experience     289       (119 )     1       (23 )     148  
      49       124       1       (57 )     117  
Benefits paid     (914 )     (143 )     (3 )     (10 )     (1,070 )
Defined-benefit obligation at December 31, 2020     13,308       3,319       64       551       17,242  
Schedule 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, 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  
Return on investments     2,003  
Contributions from employer     199  
Benefits paid     (899 )
Fair value of the plan assets at December 31, 2019     10,366  
Return on investments     757  
Contributions from employer     211  
Benefits paid     (914 )
Fair value of the plan assets at December 31, 2020     10,420  
Schedule of defined benefit plans expense recognised in income statement

The amounts recognized in 2020, 2019 and 2018 statement of income are as follows:

 

2020   Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
Current service cost     1       21       1       3       26  
Interest on the actuarial obligation     887       215       4       41       1,147  
Expected return on the assets of the Plan     (682 )     —         —         —         (682 )

Expense (recovery of expense) in 2020

according to actuarial calculation

 

     206       236       5       44       491  

 

2019   Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
Current service cost     1       14       —         2       17  
Interest on the actuarial obligation     963       208       5       38       1,214  
Expected return on the assets of the Plan     (767 )     —         —         —         (767 )

Expense (recovery of expense) in 2019

according to actuarial calculation

 

     197       222       5       40       464  

 

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  
Schedule of changes in net liabilities
    Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
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 gains (losses)     87       470       8       140       705  
Net liabilities at December 31, 2018     2,170       2,344       48       427       4,989  
                                         
Expense recognized in Statement of income     197       222       5       40       464  
Contributions paid     (200 )     (131 )     (2 )     (10 )     (343 )
Actuarial gains (losses)     805       667       10       117       1,599  
Net liabilities at December 31, 2019     2,972       3,102       61       574       6,709  
                                         
Expense recognized in Statement of income     206       236       5       44       491  
Contributions paid     (211 )     (143 )     (3 )     (10 )     (367 )
Actuarial gains (losses)     (58 )     124       1       (57 )     10  
Net liabilities at December 31, 2020     2,909       3,319       64       551       6,843  
                                         
                              2020       2019  
Current liabilities                             305       288  
Non-current liabilities                             6,538       6,421  
Schedule of independent actuaries estimate for the expense amount

The independent actuary’s estimation for the expense to be recognized for 2021 is as follows:

 

    Pension plans and retirement supplement plans   Health plan   Dental plan   Life insurance   Total
Current service cost     2       21       1       3       27  
Interest on the actuarial obligation     884       231       5       39       1,159  
Expected return on the assets of the Plan     (685 )     —         —         —         (685 )
Estimated total expense in 2020 as per actuarial report     201       252       6       42       501  
Schedule of expectation for payment of benefits

The expectation for payment of benefits for 2021 is as follows:

 

    Pension plans and retirement supplement plans – Forluz   Health plan   Dental plan   Life insurance   Total
Estimated payment of benefits     928       172       3       18       1,121  
Schedule 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  
11.58     12.81       13.8       15.01       18.66  
Schedule of principal categories percentage of plan assets

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

 

    2020   2019
Shares     9.25 %     9.51 %
Fixed income securities     72.17 %     72.28 %
Real estate property     3.71 %     3.79 %
Others     14.87 %     14.42 %
Total     100.00 %     100.00 %

 

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

 

    2020   2019
Non-convertible debentures issued by the Company     338       398  
Shares issued by the Company     4       24  
Real estate properties of the Foundation, occupied by the Company     285       503  
      627       925  
Schedule of actuarial assumptions

This table provides the main actuarial assumptions:

 

    2020
    Pension plans and retirement supplement plans   Health plan and Dental plan   Life insurance
Annual discount rate for present value of the actuarial obligation     6.83%     7.14%     7.25%  
Annual expected return on plan assets     6.83%     Not applicable     Not applicable  
Long-term annual inflation rate     3.32%     3.32%     3.32%  
Estimated future annual salary increases     3.32%     Not applicable     4.56%  
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     MI-85 F     MI-85 F  
Real growth of contributions above inflation (1)     —       1%     —    
  (1) Starting in 2018, Company adopted the assumption of real growth of the contributions above inflation at the rate of 1% p.a.

 

    2019
    Pension plans and retirement supplement plans   Health plan and Dental plan   Life insurance
Annual discount rate for present value of the actuarial obligation     6.87%     7.09%     7.19%  
Annual expected return on plan assets     6.87%     Not applicable     Not applicable  
Long-term annual inflation rate     3.61%     3.61%     3.61%  
Estimated future annual salary increases     3.61%     Not applicable     4.85%  
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     MI-85 F     MI-85 F  
Real growth of contributions above inflation (1)     —       1%     —    
  (1) Starting in 2018, Company adopted the assumption of real growth of the contributions above inflation at the rate of 1% p.a.

 

    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%     9.60%     9.57%  
Annual expected return on plan assets     9.02%     Not applicable     Not applicable  
Long-term annual inflation rate     4.01%     4.00%     4.00%  
Estimated future annual salary increases     4.01%     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%  
Real growth of contributions above inflation (1)     —       1%     —    
  (1) Starting in 2018, Company adopted the assumption of real growth of the contributions above inflation at the rate of 1% p.a.
Schedule of sensitivity analysis of the effects of changes in the principal actuarial assumptions used to determine the defined-benefit obligation

The sensitivity analysis of the effects of changes in the main actuarial assumptions used to determine the defined-benefit obligation at December 31, 2020 is shown below:

 

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     336       79       1       (15 )     401  
Increase of one year in the mortality table     (338 )     (80 )     (1 )     16       (403 )
Reduction of 1% in the discount rate     1,513       483       10       111       2,117