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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFITS

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

​

​	​	​	​	​
​		2023		2022
Plan assets - Defined contribution pension plan		11,695	​	9,179
Total assets		11,695	​	9,179
​		​	​	​
Actuarial liabilities - Defined benefit pension plan		498,732	​	658,492
Acturial liabilities - Post-employment health care benefit		196,446	​	224,180
Retirement and termination benefit liabilities		11,798	​	11,222
Total liabilities		706,976	​	893,894
​	​	​	​	​
Current	​	209	​	516
Non-current		706,767	​	893,378

Post-employment defined benefit pension plans

EMPLOYEE BENEFITS

Summary of sensitivity analysis

​

​	​	​	​	​
​		1% Increase		1% Decrease
Discount rate		(17,449)		14,636

Defined benefit pension plan

EMPLOYEE BENEFITS

Schedule of current expenses of benefit plans

​

​	​	​	​	​	​	​
​		2023		2022		2021
Cost of current service		46,176	​	63,616		74,840
Interest expense		204,604	​	169,526		170,897
Return on plan assets		(187,247)	​	(150,700)		(136,933)
Past service cost		—	​	—		7,093
Settlement		—	​	—		(847)
Interest cost on unrecoverable surplus		13,645	​	10,440		4,371
Net pension cost		77,178	​	92,882		119,421

Schedule of reconciliations of assets and liabilities of benefit plans

​

​	​	​	​	​
​		2023		2022
Present value of defined benefit obligation		(3,573,044)	​	(3,841,213)
Fair value of plan assets		3,383,887	​	3,499,475
Asset ceiling restrictions on recognition of net funded assets		(309,575)	​	(316,754)
Net	​	(498,732)	​	(658,492)
Defined benefit obligation		(498,732)	​	(658,492)

Schedule of variation of plan obligations and assets

​

​	​	​	​	​	​	​
​		2023		2022		2021
Variation of the plan obligations	​	​	​	​	​	​
Obligation at the begining of the year		3,841,213		5,409,065		5,921,285
Cost of service		46,176	​	63,616		74,840
Interest expense		204,604	​	169,526		170,897
Payments of the benefits		(410,621)	​	(317,779)		(486,310)
Past service cost		—	​	—		7,093
Settlement		—	​	—		(228,881)
Acturial remeasurements		117,644	​	(1,058,898)		(457,421)
Exchange Variance	​	(225,972)	​	(424,317)	​	407,562
Obligation at the end of the year		3,573,044		3,841,213		5,409,065

​

​	​	​	​	​	​	​
​		2023		2022		2021
Variation of the plan assets	​	​	​	​	​	​
Fair value of the plan assets at the begining of the year		3,499,475		4,647,361		4,652,000
Return of the plan assets		187,247	​	150,700		136,933
Contributions from sponsors		75,321	​	173,316		244,123
Settlement		—	​	—		(228,034)
Payments of benefits		(413,565)	​	(317,779)		(486,310)
Remeasurement		214,503	​	(791,672)		25,498
Exchange Variance	​	(179,094)	​	(362,451)	​	303,151
Fair value of plan assets at the end of the year		3,383,887		3,499,475		4,647,361

Summary of actuarial gains and losses recognized in other comprehensive income

​

​	​	​	​	​	​	​
​		2023		2022		2021
Return of the plan assets	​	(214,503)	​	791,672		(25,498)
Actuarial Remeasurements		117,644	​	(1,058,898)		(457,421)
Restriction recognized in Other Comprehensive Income		(22,456)	​	4,965		178,941
Remeasurements recognized in Other Comprehensive Income		(119,315)	​	(262,261)		(303,978)

Summary of historical actuarial remeasurements

​

​	​	​	​	​	​	​	​	​	​	​
​		2023		2022		2021		2020		2019
Present value of defined benefit obligation		(3,573,044)	​	(3,841,213)	​	(5,409,065)		(5,921,285)		(4,601,965)
Fair value of the plan assets		3,383,887	​	3,499,475	​	4,647,361		4,652,000		3,656,891
Surplus (Deficit)		(189,157)	​	(341,738)	​	(761,704)		(1,269,285)		(945,074)
Experience adjustments on plan liabilities (Gain)		117,644	​	(1,058,898)	​	(457,421)		467,106		546,911
Experience adjustments on plan assets (Gain)		(214,503)	​	791,672	​	(25,498)		(334,675)		(386,767)

Summary of allocation for plan assets

​

​	​	​	​	​
​	​	2023
​		Brazilian Plans		American Plans
Fixed income		99.7%	​	83.6%
Variable income		—	​	11.6%
Others		0.3%	​	4.8%
Total		100.0%	​	100.0%

​

​	​	​	​	​
​	​	2022
​		Brazilian Plans		American Plans
Fixed income		99.5%	​	48.1%
Variable income		—	​	41.2%
Others		0.5%	​	10.7%
Total		100.0%	​	100.0%

Summary of assumptions

​

​	​	​	​	​
​		2023
​	​	Brazilian Plan		North America Plan
Average discount rate		9.03%	​	4,12% -5,11%
Rate of increase in compensation		Not applicable		1.50%
Mortality table		AT-2000 per sex		RP-2006 and MP-2023
Mortality table of disabled		AT-2000 per sex		RP-2006 and MP-2023
Rate of rotation		Null		Based on age and/or the service

​

​	​	​	​	​
​	​	2022
​		Brazilian Plan		North America Plan
Average discount rate		9.81%	​	5.05% - 5.11%
Rate of increase in compensation		Not applicable		3.00%
Mortality table		AT-2000 per sex		RP-2006 and MP-2022
Mortality table of disabled		AT-2000 per sex		RP-2006 and MP-2022
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

​

​	​	​	​	​	​	​
​		2023		2022		2021
Current service cost		2,069	​	3,005		3,458
Interest expense		10,127	​	8,102		8,239
Past service cost		—	​	—		(32,434)
Net cost pension benefit		12,196	​	11,107		(20,737)

Schedule of reconciliations of assets and liabilities of benefit plans

​

​	​	​	​	​
​		2023		2022
Present value of obligations		(196,446)	​	(224,180)
Total net liabilities		(196,446)	​	(224,180)

Schedule of variation of plan obligations and assets

​

​	​	​	​	​	​	​
​		2023		2022		2021
Change in benefit obligation	​	​	​	​	​	​
Benefit obligation at beginning of the year		224,180		318,181		362,944
Cost of service		2,069	​	3,005		3,458
Interest expense		10,127	​	8,102		8,239
Past service cost		—	​	—		(32,434)
Contributions from participants		1,096	​	1,472		2,032
Payment of benefits		(20,265)	​	(17,488)		(17,431)
Remeasurements		(7,232)	​	(61,524)		(36,938)
Exchange variations		(13,530)	​	(27,568)		28,311
Benefit obligation at the end of the year		196,445	​	224,180		318,181

​

​	​	​	​	​	​	​
​		2023		2022		2021
Change in plan assets	​	​	​	​	​	​
Contributions from sponsors		19,168	​	16,016		24,713
Contributions from participants		1,096	​	1,472		2,032
Payments of benefits		(20,264)	​	(17,488)		(26,745)
Fair value of plan assets at end of the year		—	​	—		—

Summary of actuarial gains and losses recognized in other comprehensive income

​

​	​	​	​	​	​	​
​		2023		2022		2021
Losses / Gains on actuarial obligation		(7,232)	​	(61,524)	​	(36,938)
Actuarial losses recognized in Equity		(7,232)	​	(61,524)	​	(36,938)

Summary of historical actuarial remeasurements

​

​	​	​	​	​	​	​	​	​	​	​
​		2023		2022		2021		2020		2019
Present value of defined benefit obligation		(196,445)	​	(224,180)	​	(318,181)		(362,944)		(298,989)
Deficit		(196,445)	​	(224,180)	​	(318,181)		(362,944)		(298,989)
Experience adjustments on plan liabilities		(7,232)	​	(61,524)	​	(36,938)		(23,533)		11,202

Summary of assumptions

​

​	​	​	​	​
​		2023		2022
Average discount rate		4,63% - 4,92%	​	5.05% - 5.11%
Health treatment - rate assumed next year		4,84% - 7,60%	​	5.01% - 6.70%
Health treatment - Assumed rate of decline in the cost to achieve in the years of 2032 to 2041		3,26% - 4,50%	​	3.30% - 3.75%

Summary of sensitivity analysis

​

​	​	​	​	​
​		1% Increase		1% Decrease
Effect over total service costs and interest costs		(425)		240
Effect over benefit plan obligations		(16,877)		20,149

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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 historical actuarial remeasurements 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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