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OTHER LIABILITIES - NON CURRENT AND CURRENT | 12 Months Ended
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Dec. 31, 2023
Disclosure of other liabilities [Abstract] |
OTHER LIABILITIES - NON CURRENT AND CURRENT | OTHER LIABILITIES – NON CURRENT AND CURRENT
|  | As of December 31,
|  | 2023 |  | 2022
(i) Other liabilities - Non current |  |  |  |
Post-employment benefits |  | 673,453 |  |  | 405,018 |
Other employee benefits |  | 93,194 |  |  | 84,028 |
Asset retirement obligation (note 19) (1) |  | 104,455 |  |  | 38,104 |
Put option liability (note 3 (e)) |  | 249,264 |  |  | — |
Other |  | 28,632 |  |  | 11,064 |
Other liabilities – Non-current |  | 1,148,998 |  |  | 538,214 |
(1) The asset in connection with this liability is included in Property, plant and equipment. Post-employment benefits The amounts recognized in the consolidated statement of financial position are determined as follows:
|  | Post-employment benefits
|  | As of December 31,
|  | 2023 |  | 2022
Present value of obligations |  | 1,975,462 |  |  | 405,018 |
Fair value of plan assets |  | (1,525,330) |  |  | — |
Asset ceiling |  | 223,321 |  |  | — |
Net liability (asset) in the statement of financial position |  | 673,453 |  |  | 405,018 |
The amounts recognized in the consolidated income statement are as follows:
|  | Post-employment benefits
|  | Year ended December 31,
|  | 2023 |  | 2022
Current service cost |  | 14,876 |  |  | 13,721 |
Interest cost (income), net |  | 30,686 |  |  | 32,660 |
Interest on Asset ceiling/ Onerous liability |  | 20,973 |  |  | — |
Reversal of prior service cost - Saúde Usiminas healthcare plan |  | (108,696) |  |  | — |
Net (income) loss included in income statement |  | (42,161) |  |  | 46,381 |
The amounts recognized in other comprehensive income are as follows:
|  | Post-employment benefits
|  | Year ended December 31,
|  | 2023 |  | 2022
Remeasurements |  |  |  |
Effect of changes in demographic assumptions |  | (31,024) |  |  | 3,990 |
Effect of changes in financial assumptions |  | 26,509 |  |  | (36,927) |
Effect of experience adjustments |  | 66,817 |  |  | 8,370 |
Change in asset ceiling |  | 32,707 |  |  | — |
Expected return on assets |  | (42,882) |  |  | — |
Net loss (income) included in other comprehensive income |  | 52,127 |  |  | (24,567) |
21. OTHER LIABILITIES – NON CURRENT AND CURRENT (continued) Changes in the liability recognized in the consolidated statement of financial position are as follows:
|  | Post-employment benefits
|  | As of December 31,
|  | 2023 |  | 2022
At the beginning of the year |  | 405,018 |  |  | 390,942 |
Acquisition of business (note 3) |  | 1,529,949 |  |  | — |
Transfers, new participants and funding of the plan |  | 30,116 |  |  | (508) |
Total expense |  | 79,396 |  |  | 46,381 |
Remeasurements |  | 62,302 |  |  | (24,567) |
Translation differences |  | 40,168 |  |  | 21,088 |
Contributions paid |  | (171,487) |  |  | (28,318) |
At the end of the year |  | 1,975,462 |  |  | 405,018 |
Changes in fair value of the plan assets are as follows:
|  | Fair value of plan assets
|  | As of December 31,
|  | 2023 |  | 2022
At the beginning of the year |  | — |  |  | — |
Acquisition of business (Note 3) (1) |  | 1,462,147 |  |  | — |
Expected return on assets |  | 42,882 |  |  | — |
Interest income |  | 142,529 |  |  | — |
Translation differences |  | (5,933) |  |  | — |
Funding of the plan |  | 14,848 |  |  | — |
Contributions paid |  | (131,143) |  |  | — |
At the end of the year |  | 1,525,330 |  |  | — |
(1) The asset ceiling at the acquisition date amounted to $169.7 million. The major categories of plan assets are as follows:
|  | Fair value of plan assets
|  | As of December 31,
|  | 2023 |  | 2022
Usiminas shares |  | 64,819 |  |  | — |
Non-US government securities |  | 1,054,671 |  |  | — |
Fixed income |  | 99,602 |  |  | — |
Investments funds |  | 241,481 |  |  | — |
Others |  | 64,757 |  |  | — |
At the end of the year |  | 1,525,330 |  |  | — |
As of December 31, 2023, the pension plan assets included 34,109,762 common shares of Usiminas (34,109,762 common shares of the Usiminas as of December 2022). 21. OTHER LIABILITIES – NON CURRENT AND CURRENT (continued) The principal actuarial assumptions used were as follows:
|  | Year ended December 31,
Mexico |  | 2023 |  | 2022
Discount rate |  | 9.00% |  | 9.00%
Compensation growth rate |  | 6.00% - 7.00% |  | 6.00% - 7.00%
|  | Year ended December 31,
Argentina |  | 2023 |  | 2022
Discount rate |  | 6.00% - 7.00% |  | 6.00% - 7.00%
Compensation growth rate |  | 2.00% - 3.00% |  | 2.00% - 3.00%
|  | Year ended December 31,
Brazil |  | 2023 |  | 2022
Discount rate |  | 5.23% -5.40% |  | — |
Compensation growth rate |  | 0.50%- 2.90% |  | — |
Long-term increase in medical service costs |  | 4.75% |  | — |
Expected return on plan assets |  | 9.28% - 9.46% |  | — |
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows:
|  | Impact on defined benefit obligation
|  | Change in assumption |  | Increase in assumption |  | Decrease in assumption
Discount rate |  | 1.00% |  | -7.6% |  | 9.1%
Compensation growth rate |  | 1.00% |  | 0.4% |  | -1.0%
Pension growth rate |  | 1.00% |  | -1.0% |  | -0.5%
Life expectancy |  | 1 year |  | 1.4% |  | -1.4%
The estimated future payments for the next five years will be between $178.9 million and $197.3 million per year. The post-retirement benefits related to Usiminas are guaranteed with property, plant and equipment up to the amount of $275 million.
|  | As of December 31,
|  | 2023 |  | 2022
(ii) Other liabilities - Current |  |  |  |
Payroll and social security payable |  | 174,188 |  |  | 150,378 |
VAT liabilities |  | 68,178 |  |  | 113,842 |
Other tax liabilities |  | 70,815 |  |  | 55,622 |
Termination benefits |  | 100 |  |  | 761 |
Related Parties (Note 26) |  | 3,588 |  |  | 515 |
Asset retirement obligation (Note 19) |  | 7,332 |  |  | 3,303 |
Dividends payable |  | 51,249 |  |  | — |
Others |  | 54,263 |  |  | 20,422 |
Other liabilities – Current |  | 429,713 |  |  | 344,843 |

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