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POST-EMPLOYMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of consolidated actuarial information

Schedule of consolidated actuarial information 

2021		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Present value of obligations			12,026				3,469				66				—				15,561
Fair value of plan assets			(9,378	)			—				—				—				(9,378	)
Initial net liabilities			2,648				3,469				66				—				6,183
Adjustment to asset ceiling			22				—				—				—				22
Net liabilities in the statement of financial position			2,670				3,469				66				—				6,205

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

Schedule of changes in present value of defined benefit obligation

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

Schedule of changes in present value of defined benefit obligation 

		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
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
Due to changes and adjustments			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
Due to changes and adjustments			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
Cost of current service			2				21				1				3				27
Past service cost (1)			—				—				—				(415	)			(415	)
Interest on actuarial obligation			883				232				5				39				1,159
Actuarial losses (gains):
Due to changes in demographic assumptions			378				122				1				(15	)			486
Due to changes in financial assumptions			(2,393	)			(252	)			(5	)			(127	)			(2,777	)
Due to adjustments based on experience			828				200				3				(26	)			1,005
Due to changes and adjustments			(1,187	)			70				(1	)			(168	)			(1,286	)
Benefits paid			(980	)			(173	)			(3	)			(10	)			(1,166	)
Defined-benefit obligation at December 31, 2021			12,026				3,469				66				—				15,561

(1) Due to the alterations made in the Collective Work Agreement for 2021–23, for offer and payment of life insurance for the employees and former employees, the Company understood that the post-retirement benefit in question had been entirely canceled, and as a result wrote down the balance of the obligation, remeasured using the revised actuarial assumptions.

Schedule of changes in the fair value of plan assets

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

Schedule of changes in the fair value of plan assets 

		Pension plans and retirement supplement plans
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
Return on investments			(298	)
Contributions from employer			236
Benefits paid			(980	)
Fair value of the plan assets at December 31, 2021			9,378

Schedule of defined benefit plans expense recognised in income statement

The amounts recognized in 2021, 2020 and 2019 statement of income are as follows:

Schedule of defined benefit plans expense recognised in income statement 

2021		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Current service cost			2				21				1				3				27
Past service cost (1)			—				—				—				(415	)			(415	)
Interest on the actuarial obligation			883				232				5				39				1,159
Expected return on the assets of the Plan			(685	)			—				—				—				(685	)
Expense in 2021 according to actuarial calculation			200				253				6				(373	)			86

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 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 in 2019 according to actuarial calculation			197				222				5				40				464

Schedule of changes in net liabilities

Schedule of changes in net liabilities 

		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
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
Expense recognized in Statement of income			200				253				6				42				501
Past service cost (1)			—				—				—				(415	)			(415	)
Contributions paid			(236	)			(173	)			(3	)			(10	)			(422	)
Actuarial gains (losses)			(203	)			70				(1	)			(168	)			(302	)
Net liabilities at December 31, 2021			2,670				3,469				66				—				6,205
															2021				2020
Current liabilities															347				305
Non-current liabilities															5,858				6,538

Schedule of independent actuaries estimate for the expense amount

The independent actuary’s estimation for the expense to be recognized for 2022 is as follows:

Schedule of independent actuaries estimate for the expense amount 

		Pension plans and retirement supplement plans				Health plan				Dental plan				Life insurance				Total
Current service cost			2				16				—				—				18
Interest on the actuarial obligation			1,224				363				7				—				1,594
Expected return on the assets of the Plan			(941	)			—				—				—				(941	)
Estimated total expense in 2022 as per actuarial report			285				379				7				—				671

Schedule of expectation for payment of benefits

The expectation for payment of benefits for 2022 is as follows:

Schedule of expectation for payment of benefits 

		Pension plans and retirement supplement plans – Forluz				Health plan				Dental plan				Life insurance				Total
Estimated payment of benefits			1,064				208				4				—				1,276

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:

Schedule of average periods of the obligations under the benefit plans 

Pension plans and retirement supplement plans
Plan A			Plan B				Health plan				Dental plan				Life insurance
10.04			12.86				14.44				15.47				—

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:

Schedule of principal categories percentage of plan assets 

		2021				2020
Shares			7.77	%			9.25	%
Fixed income securities			73.95	%			72.17	%
Real estate property			5.04	%			3.71	%
Others			13.24	%			14.87	%
Total			100.00	%			100.00	%

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

		2021				2020
Non-convertible debentures issued by the Company			302				338
Shares issued by the Company			277				4
Real estate properties of the Foundation, occupied by the Company			—				285
			579				627

Schedule of actuarial assumptions

This table provides the main actuarial assumptions:

Schedule of actuarial assumptions 

											2021
			Pension plans and retirement supplement plans				Health plan and Dental plan				Life insurance
Annual discount rate for present value of the actuarial obligation			10.60	%			10.75	%			10.73	%
Annual expected return on plan assets			10.60	%			Not applicable				Not applicable
Long-term annual inflation rate			5.03	%			5.03	%			5.03	%
Estimated future annual salary increases			5.03	%			Not applicable				6.29	%
General mortality table			AT-2000 S10% by sex				AT-2000 M&F S10% D20%				AT-2000 M&F S10% D20%
Disability table			Not applicable				Tasa 1927 100%				Tasa 1927 100%
Disabled mortality table			AT-83 IAM Male				MI-85 Female				MI-85 Female
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.

									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.

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, 2021 is shown below:

Schedule of sensitivity analysis of the effects of changes in the principal actuarial assumptions used to determine the defined-benefit obligation 

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			264				59				(1	)			—				322
Increase of one year in the mortality table			(269	)			(60	)			1				—				(328	)
Reduction of 1% in the discount rate			1,120				476				9				—				1,605

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The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]

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