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OTHER LIABILITIES - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Disclosure of other liabilities [Abstract]  
OTHER LIABILITIES - NON CURRENT AND CURRENT OTHER LIABILITIES – NON CURRENT AND CURRENT
As of December 31,
20232022
(i) Other liabilities - Non current
Post-employment benefits673,453 405,018 
Other employee benefits93,194 84,028 
Asset retirement obligation (note 19) (1)104,455 38,104 
Put option liability (note 3 (e))249,264 — 
Other28,632 11,064 
Other liabilities – Non-current1,148,998 538,214 
(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,
20232022
Present value of obligations1,975,462 405,018 
Fair value of plan assets(1,525,330)— 
Asset ceiling223,321 — 
Net liability (asset) in the statement of financial position673,453 405,018 

The amounts recognized in the consolidated income statement are as follows:
Post-employment benefits
Year ended December 31,
20232022
Current service cost14,876 13,721 
Interest cost (income), net30,686 32,660 
Interest on Asset ceiling/ Onerous liability20,973 — 
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,
20232022
Remeasurements
Effect of changes in demographic assumptions(31,024)3,990 
Effect of changes in financial assumptions26,509 (36,927)
Effect of experience adjustments66,817 8,370 
Change in asset ceiling32,707 — 
Expected return on assets(42,882)— 
Net loss (income) included in other comprehensive income52,127 (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,
20232022
At the beginning of the year405,018 390,942 
Acquisition of business (note 3)1,529,949 — 
Transfers, new participants and funding of the plan30,116 (508)
Total expense79,396 46,381 
Remeasurements62,302 (24,567)
Translation differences40,168 21,088 
Contributions paid(171,487)(28,318)
At the end of the year1,975,462 405,018 

Changes in fair value of the plan assets are as follows:
Fair value of plan assets
As of December 31,
20232022
At the beginning of the year— — 
Acquisition of business (Note 3) (1)1,462,147 — 
Expected return on assets42,882 — 
Interest income142,529 — 
Translation differences(5,933)— 
Funding of the plan14,848 — 
Contributions paid(131,143)— 
At the end of the year1,525,330 — 
(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,
20232022
Usiminas shares64,819 — 
Non-US government securities1,054,671 — 
Fixed income99,602 — 
Investments funds241,481 — 
Others64,757 — 
At the end of the year1,525,330 — 
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,
Mexico20232022
Discount rate9.00%9.00%
Compensation growth rate
6.00% - 7.00%
6.00% - 7.00%
Year ended December 31,
Argentina20232022
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,
Brazil20232022
Discount rate
5.23% -5.40%
— 
Compensation growth rate
0.50%- 2.90%
— 
Long-term increase in medical service costs4.75%— 
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 assumptionIncrease in assumptionDecrease in assumption
Discount rate1.00%-7.6%9.1%
Compensation growth rate1.00%0.4%-1.0%
Pension growth rate1.00%-1.0%-0.5%
Life expectancy1 year1.4%-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,
20232022
(ii) Other liabilities - Current
Payroll and social security payable174,188 150,378 
VAT liabilities68,178 113,842 
Other tax liabilities70,815 55,622 
Termination benefits100 761 
Related Parties (Note 26)3,588 515 
Asset retirement obligation (Note 19)7,332 3,303 
Dividends payable51,249 — 
Others54,263 20,422 
Other liabilities – Current429,713 344,843