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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2021

EMPLOYEE BENEFITS

Schedule of total assets and liabilities of all types of employee benefits granted

​

​	​	​	​	​
​		2021		2020
Plan assets - Defined contribution pension plan		4,942	​	39,196
Total assets		4,942	​	39,196
Actuarial liabilities - Defined benefit pension plan		1,083,719	​	1,441,592
Acturial liabilities - Post-employment health care benefit		318,181	​	362,944
Retirement and termination benefit liabilities		13,290	​	56,903
Total liabilities		1,415,190	​	1,861,439
Current		39	​	208
Non-current		1,415,151	​	1,861,231

Post-employment defined benefit pension plans

EMPLOYEE BENEFITS

Summary of sensitivity analysis

​

​	​	​	​	​
​		1% Increase		1% Decrease
Discount rate		(17,822)		10,392

Defined benefit pension plan

EMPLOYEE BENEFITS

Schedule of current expenses of benefit plans

​

​	​	​	​	​	​	​
​		2021		2020		2019
Cost of current service		74,840	​	69,323		54,518
Interest expense		170,897	​	191,326		189,544
Return on plan assets		(136,933)	​	(156,475)		(163,148)
Past service cost		7,093	​	3,967		2,302
Settlement		(847)	​	(11,609)		(4,712)
Interest cost on unrecoverable surplus		4,371	​	7,413		16,247
Net pension cost		119,421	​	103,945		94,751

Schedule of reconciliations of assets and liabilities of benefit plans

​

​	​	​	​	​
​		2021		2020
Present value of defined benefit obligation		(5,409,065)	​	(5,921,285)
Fair value of plan assets		4,647,361	​	4,652,000
Asset ceiling restrictions on recognition of net funded assets		(322,015)	​	(172,307)
Net		(1,083,719)	​	(1,441,592)
Defined benefit obligation		(1,083,719)	​	(1,441,592)

Schedule of variation of plan obligations and assets

​

​	​	​	​	​	​	​
​		2021		2020		2019
Variation of the plan obligations	​	​	​	​	​	​
Obligation at the begining of the year		5,921,285		4,601,965		4,391,251
Cost of service		74,840	​	69,323		54,518
Interest expense		170,897	​	191,326		189,544
Payments of the benefits		(486,310)	​	(434,650)		(309,817)
Past service cost		7,093	​	3,967		2,302
Settlement		(228,881)	​	(190,948)		(498,493)
Acturial remeasurements		(457,421)	​	467,106		546,911
Exchange Variance		407,562	​	1,213,196		225,749
Obligation at the end of the year		5,409,065		5,921,285		4,601,965

​

​	​	​	​	​	​	​
​		2021		2020		2019
Variation of the plan assets	​	​	​	​	​	​
Fair value of the plan assets at the begining of the year		4,652,000		3,656,891		3,568,934
Return of the plan assets		136,933	​	156,475		163,148
Contributions from sponsors		244,123	​	224,979		162,650
Settlement		(228,034)	​	(179,339)		(493,781)
Payments of benefits		(486,310)	​	(434,650)		(309,817)
Remeasurement		25,498	​	334,675		386,767
Exchange Variance		303,151	​	892,969		178,990
Fair value of plan assets at the end of the year		4,647,361		4,652,000		3,656,891

Summary of actuarial gains and losses recognized in other comprehensive income

​

​	​	​	​	​	​	​
​		2021		2020		2019
Remeasurements	​	(25,498)	​	(334,675)		(386,767)
Actuarial Remeasurements		(457,421)	​	467,106		546,911
Restriction recognized in Other Comprehensive Income		178,941	​	(42,317)		(94,198)
Remeasurements recognized in Other Comprehensive Income		(303,978)	​	90,114		65,946

Summary of historical actuarial remeasurements

​

​	​	​	​	​	​	​	​	​	​	​
​		2021		2020		2019		2018		2017
Present value of defined benefit obligation		(5,409,065)	​	(5,921,285)	​	(4,601,965)		(4,391,251)		(4,314,592)
Fair value of the plan assets		4,647,361	​	4,652,000	​	3,656,891		3,568,934		3,456,613
Surplus (Deficit)		(761,704)	​	(1,269,285)	​	(945,074)		(822,317)		(857,979)
Experience adjustments on plan liabilities (Gain)		(457,421)	​	467,106	​	546,911		(370,083)		235,549
Experience adjustments on plan assets (Gain)		(25,498)	​	(334,675)	​	(386,767)		253,301		(232,214)

Summary of allocation for plan assets

​

​	​	​	​	​
​	​	2021
​		Brazilian Plans		American Plans
Fixed income		99.2%	​	50.4%
Variable income		—	​	43.0%
Others		0.8%	​	6.6%
Total		100.0%	​	100.0%

​

​	​	​	​	​
​	​	2020
​		Brazilian Plans		American Plans
Fixed income		99.1%	​	46.6%
Variable income		—	​	47.1%
Others		0.9%	​	6.3%
Total		100.0%	​	100.0%

Summary of assumptions

​

​	​	​	​	​
​		2021
​	​	Brazilian Plan		North America Plan
Average discount rate		8.82%	​	2.80% -2.90%
Rate of increase in compensation		Not applicable		3.00%
Mortality table		AT-2000 per sex		RP-2006 and MP-2021
Mortality table of disabled		AT-2000 per sex		RP-2006 and MP-2021
Rate of rotation		Null		Based on age and/or the service

​

​	​	​	​	​
​	​	2020
​		Brazilian Plan		North America Plan
Average discount rate		6.56%	​	2.25% - 2.50%
Rate of increase in compensation		Not applicable		3.00%
Mortality table		AT-2000 per sex		RP-2006 and MP-2020
Mortality table of disabled		AT-2000 per sex		RP-2006 and MP-2020
Rate of rotation		Null		Based on age and/or the service

Post-employment health care benefit

EMPLOYEE BENEFITS

Schedule of current expenses of benefit plans

​

​	​	​	​	​	​	​
​		2021		2020		2019
Current service cost		3,458	​	4,964		3,302
Interest expense		8,239	​	11,311		10,656
Past service cost		(32,434)	​	(660)		(2,717)
Net cost pension benefit		(20,737)	​	15,615		11,241

Schedule of reconciliations of assets and liabilities of benefit plans

​

​	​	​	​	​
​		2021		2020
Present value of obligations		(318,181)	​	(362,944)
Total net liabilities		(318,181)	​	(362,944)

Schedule of variation of plan obligations and assets

​

​	​	​	​	​	​	​
​		2021		2020		2019
Change in benefit obligation	​	​	​	​	​	​
Benefit obligation at beginning of the year		362,944		298,989		272,959
Cost of service		3,458	​	4,964		3,302
Interest expense		8,239	​	11,311		10,656
Past service cost		(32,434)	​	(660)		(2,717)
Contributions from participants		2,032	​	2,349		2,088
Payment of benefits		(17,431)	​	(20,870)		(15,331)
Remeasurements		(36,938)	​	(23,533)		11,202
Exchange variations		28,311	​	90,394		16,830
Benefit obligation at the end of the year		318,181	​	362,944		298,989

​

​	​	​	​	​	​	​
​		2021		2020		2019
Change in plan assets	​	​	​	​	​	​
Contributions from sponsors		24,713	​	19,150		13,243
Contributions from participants		2,032	​	2,349		2,088
Payments of benefits		(26,745)	​	(21,499)		(15,331)
Fair value of plan assets at end of the year		—	​	—		—

Summary of actuarial gains and losses recognized in other comprehensive income

​

​	​	​	​	​	​	​
​		2021		2020		2019
Losses / Gains on actuarial obligation		(36,938)	​	(23,533)	​	11,202
Actuarial losses recognized in Equity		(36,938)	​	(23,533)	​	11,202

Summary of historical actuarial remeasurements

​

​	​	​	​	​	​	​	​	​	​	​
​		2021		2020		2019		2018		2017
Present value of defined benefit obligation		(318,181)	​	(362,944)	​	(298,989)		(272,959)		(316,364)
Deficit		(318,181)	​	(362,944)	​	(298,989)		(272,959)		(316,364)
Experience adjustments on plan liabilities		(36,938)	​	(23,533)	​	11,202		(40,841)		(14,452)

Summary of assumptions

​

​	​	​	​	​
​		2021		2020
Average discount rate		2.80% - 2.90%	​	2.25% - 2.50%
Health treatment - rate assumed next year		4.99% - 6.20%	​	6.10% - 6.50%
Health treatment - Assumed rate of decline in the cost to achieve in the years of 2028 to 2041		3.20% - 4.50%	​	4.00% - 4.40%

Summary of sensitivity analysis

​

​	​	​	​	​
​		1% Increase		1% Decrease
Effect over total service costs and interest costs		1,710		(1,327)
Effect over benefit plan obligations		32,082		(26,573)

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The disclosure of allocation of the defined benefit plan assets.

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The disclosure of amounts recognized as actuarial gains and losses in the Statement of Comprehensive Income.

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The disclosure of assumptions used to calculate the defined benefit plans.

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The disclosure of Changes in plan assets and plan obligations of the defined benefit plans.

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The disclosure of current expenses of the defined benefit plans.

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The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]

+ References

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The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]

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