Valuation adjustments

Fair value of cash flow hedging instruments

Fair value of financial instruments classified as available for sale

Actuarial gains (losses) of post-employment benefits

Non-controlling shareholders interest change

Total

Cumulative translation adjustment

Balance on 12/31/2014

-

51

7,098

-

7,149

43,192

Translation of foreign subsidiaries, net of income tax

-

23,733

Changes in fair value

6,261

1,472

-

7,733

-

Actuarial gains of post-employment benefits

-

6,321

-

6,321

-

Income and social contribution taxes on actuarial gains

-

(2,250)

-

(2,250)

-

Balance on 12/31/2015

6,261

1,523

11,169

-

18,953

66,925

Translation of foreign subsidiaries, net of income tax

-

(59,406)

Changes in fair value

(46,470)

(1,523)

-

(47,993)

-

Income and social contribution taxes on fair value

13,326

-

13,326

-

Actuarial losses of post-employment benefits

-

(12,435)

-

(12,435)

-

Income and social contribution taxes on actuarial losses

-

4,162

-

4,162

-

Balance on 12/31/2016

(26,883)

-

2,896

-

(23,987)

7,519

Translation of foreign subsidiaries, net of income tax

-

45,542

Changes in fair value of hedge instruments

(2,550)

-

(2,550)

-

Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest

-

202,188

-

Income and social contribution taxes on fair value

2,069

-

2,069

-

Actuarial losses of post-employment benefits

-

(27,658)

-

(27,658)

-

Income and social contribution taxes on actuarial losses

-

9,581

-

9,581

-

Balance on 12/31/2017

(27,364)

-

(15,181)

202,188

159,643

53,061