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19. EMPLOYEES BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of information about defined benefit plans [abstract] |
Schedule of assets and actuarial liabilities | The assets and actuarial liabilities, as well as the movement of the related rights and obligations are presented below:
| FAF |  | Plan II
| 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19
Composition of actuarial assets and liabilities |  |  |  |  |  |  |
Present value of actuarial liabilities | 3,377,234 |  | 3,412,120 |  | 23,256 |  | 19,550
Fair value of assets | (3,553,215) |  | (3,771,792) |  | (24,170) |  | (29,580)
(Surplus) Deficit | (175,981) |  | (359,672) |  | (914) |  | (10,030)
Irrecoverable surplus - (asset ceiling) | 175,981 |  | 359,672 |  | 167 |  | 6,777
Net actuarial (assets) liabilities | - |  | - |  | (747) |  | (3,253)
Rollforward of irrecoverable surplus |  |  |  |  |  |  |
Beginning balance of irrecoverable surplus | 359,672 |  | 695,367 |  | 6,777 |  | 8,502
Interest on irrecoverable surplus | 26,184 |  | 64,113 |  | 476 |  | 782
Changes in irrecoverable surplus during the year | (209,875) |  | (399,808) |  | (7,086) |  | (2,507)
Ending balance of irrecoverable surplus | 175,981 |  | 359,672 |  | 167 |  | 6,777
Rollforward of present value of actuarial liabilities |  |  |  |  |  |  |
Beginning balance of the present value of liabilities | 3,412,120 |  | 2,498,564 |  | 19,550 |  | 17,447
Interest on actuarial obligations | 242,746 |  | 223,848 |  | 1,324 |  | 1,544
Current service cost | 42,106 |  | 28,172 |  | - |  | -
Past service cost - plan changes | (4,223) |  | - |  | - |  | -
Benefit paid | (154,096) |  | (142,390) |  | (1,612) |  | (1,353)
Actuarial losses - experience | 148,984 |  | 85,002 |  | 5,273 |  | (1,176)
Actuarial losses - hypothesis | (310,403) |  | 718,924 |  | (1,279) |  | 3,088
Ending balance of actuarial liabilities | 3,377,234 |  | 3,412,120 |  | 23,256 |  | 19,550
Rollforward of the fair value of the assets |  |  |  |  |  |  |
Beginning balance of the fair value of plan assets | (3,771,792) |  | (3,193,931) |  | (29,580) |  | (27,819)
Interest income on assets plan | (268,930) |  | (287,961) |  | (2,028) |  | (2,497)
Benefit paid | 154,096 |  | 142,390 |  | 1,612 |  | 1,353
Return on assets higher (lower) than projection | 333,411 |  | (432,290) |  | 5,826 |  | (617)
Ending Balance of the fair value of the assets | (3,553,215) |  | (3,771,792) |  | (24,170) |  | (29,580)
Rollforward of comprehensive income |  |  |  |  |  |  |
Beginning balance | 28,172 |  | 27,972 |  | 1,213 |  | (567)
Reversion to accumulated losses | (28,172) |  | (27,972) |  | (1,213) |  | 567
Actuarial gains (losses) | 161,419 |  | (803,925) |  | (3,994) |  | (1,911)
Return on assets higher (lower) than projection | (333,411) |  | 432,289 |  | (5,826) |  | 617
Changes on irrecoverable surplus | 209,875 |  | 399,808 |  | 7,086 |  | 2,507
Ending balance of comprehensive income | 37,883 |  | 28,172 |  | (2,734) |  | 1,213
Costs recognized in statement of income |  |  |  |  |  |  |
Current service costs | (42,106) |  | (28,172) |  | - |  | -
Interest on actuarial obligations | (242,746) |  | (223,848) |  | (1,324) |  | (1,544)
Projected return on assets | 268,930 |  | 287,961 |  | 2,028 |  | 2,497
Interest on irrecoverable surplus | (26,184) |  | (64,113) |  | (476) |  | (782)
Past service cost - plan changes | 4,223 |  | - |  | - |  | -
Costs recognized in statement of income | (37,883) |  | (28,172) |  | 228 |  | 171
Estimated costs for the next year |  |  |  |  |  |  |
Costs of defined benefit | (26,741) |  | (42,106) |  | 54 |  | 228
Estimated costs for the next year | (26,741) |  | (42,106) |  | 54 |  | 228
Schedule of actuarial assumptions and demographic data | The main actuarial assumptions and demographic data used in the actuarial calculations are presented below:
| FAF |  | Plan II
| 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19
Actuarial assumptions |  |  |  |  |  |  |
Economic hypothesis |  |  |  |  |  |  |
Discount rate | 7.49% |  | 7.28% |  | 7.25% |  | 7.02%
Inflation rate | 3.25% |  | 3.80% |  | 3.25% |  | 3.80%
Wage growth rate | 3.49% |  | 4.47% |  | N/A |  | N/A
Demographic hypothesis |  |  |  |  |  |  |
Schedule of mortality | AT-2000 smoothed by 10% |  | AT-2000 |  | AT-2000 smoothed by 10% |  | AT-2000
Schedule of disabled mortality | CSO-58 |  | RRB-1983 |  | CSO-58 |  | RRB-1983
Demographic data |  |  |  |  |  |  |
Number of active participants | 6,495 |  | 6,796 |  | - |  | -
Number of beneficiary participants assisted | 7,206 |  | 6,834 |  | 51 |  | 51
Schedule of composition of the investment portfolio | The composition of the investment portfolios is presented below:
|  | FAF |  | Plan II
|  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19
Composition of the fund's portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income |  | 2,330,909 |  | 65.6% |  | 2,542,188 |  | 67.4% |  | 22,382 |  | 92.6% |  | 28,396 |  | 96.0%
Variable income |  | 579,174 |  | 16.3% |  | 524,279 |  | 13.9% |  | 870 |  | 3.6% |  | 444 |  | 1.5%
Real estate |  | 358,875 |  | 10.1% |  | 369,636 |  | 9.8% |  | - |  | - |  | - |  | -
Structured investments |  | 262,938 |  | 7.4% |  | 313,059 |  | 8.3% |  | 918 |  | 3.8% |  | 740 |  | 2.5%
Transactions with participants |  | 21,319 |  | 0.6% |  | 22,630 |  | 0.6% |  | - |  | - |  | - |  | -
|  | 3,553,215 |  | 100.0% |  | 3,771,792 |  | 100.0% |  | 24,170 |  | 100.0% |  | 29,580 |  | 100.0%
% of nominal return on assets |  | 7.49% |  |  |  | 9.36% |  |  |  | 7.25% |  |  |  | 7.50% |  |
Schedule of expected benefit payments and average terms of plan obligations | The following amounts represent the expected benefit payments for future periods and the average duration of the plan’s obligations:
| FAF |  | Plan II
2021 | 183,771 |  | 1,617
2022 | 194,992 |  | 1,658
2023 | 204,958 |  | 1,700
2024 | 211,397 |  | 1,740
2025 | 218,510 |  | 1,778
2026 to 2030 | 1,219,130 |  | 9,380
Weighted average duration - in years | 13.50 |  | 9.78
Schedule of quantitative sensitivity analysis regarding relevant assumptions of defined benefit plan | The quantitative sensitivity analysis regarding the relevant assumptions of defined benefit plan – FAF on December 31, 2020 is presented below:
|  | Assumptions utilized |  | Variation of (+1%) |  | Variation of (-1%)
Relevant assumptions |  |  | Average rate |  | Actuarial liabilities (1) |  | Average rate |  | Actuarial liabilities
Benefit plan - FAF |  |  |  |  |  |  |  |  |  |
Discount rate |  | 7.49% |  | 8.49% |  | 2,992,764 |  | 6.49% |  | 3,852,966
Wage growth rate |  | 3.49% |  | 4.49% |  | 3,451,715 |  | 2.49% |  | 3,314,607
Schedule of description and characteristics of benefits and associated risks |
19.2. | Employee benefits: description and characteristics of benefits and associated risks
| Liabilities
| 12.31.20 |  | 12.31.19
Medical assistance | 185,802 |  | 187,274
F.G.T.S. Penalty (1) | 282,229 |  | 247,485
Award for length of service | 108,908 |  | 103,284
Other | 199,616 |  | 151,431
| 776,555 |  | 689,474
Current | 125,230 |  | 95,919
Non-current | 651,325 |  | 593,555
| (1) | FGTS – Government Severance Indemnity Fund for Employees
Schedule of liabilities related to other benefits | The rollforward of actuarial liabilities related to other benefits, which was prepared based on actuarial report reviewed by the Management, are as follows:
|  | Medical plan |  | F.G.T.S. penalty |  | Award for length of service |  | Other (1)
|  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19
Composition of actuarial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Present value of actuarial liabilities |  | 185,802 |  | 187,274 |  | 282,229 |  | 247,485 |  | 108,908 |  | 103,284 |  | 199,616 |  | 151,431
Net actuarial liabilities |  | 185,802 |  | 187,274 |  | 282,229 |  | 247,485 |  | 108,908 |  | 103,284 |  | 199,616 |  | 151,431
Rollforward of present value of actuarial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance of present value of actuarial liabilities |  | 187,274 |  | 149,046 |  | 247,485 |  | 167,588 |  | 103,284 |  | 55,134 |  | 151,431 |  | 96,384
Interest on actuarial liabilities |  | 13,586 |  | 13,503 |  | 13,993 |  | 11,840 |  | 6,275 |  | 4,366 |  | 8,883 |  | 4,260
Current service costs |  | - |  | - |  | 12,718 |  | 6,471 |  | 5,741 |  | 2,574 |  | 23,174 |  | 22,237
Past service costs - plan change² |  | - |  | - |  | - |  | (61,871) |  | - |  | - |  | - |  | -
Benefits paid directly by the Company |  | (7,122) |  | (4,262) |  | (4,225) |  | (10,791) |  | (13,887) |  | (14,056) |  | (18,902) |  | (9,268)
Actuarial (gains) losses - experience |  | 1,167 |  | (7,235) |  | 14,725 |  | 7,897 |  | 10,759 |  | 11,142 |  | 10,548 |  | 10,462
Actuarial (gains) losses - demographic hypothesis |  | 13,462 |  | - |  | 10,195 |  | 84,158 |  | 5,717 |  | 34,950 |  | 1,535 |  | 14,066
Actuarial losses - economic hypothesis |  | (22,565) |  | 36,222 |  | (12,662) |  | 42,193 |  | (8,981) |  | 9,174 |  | 4,778 |  | 13,290
Actuarial (gains) losses - exchange variation |  | - |  | - |  | - |  | - |  | - |  | - |  | 18,169 |  | -
Ending balance of liabilities |  | 185,802 |  | 187,274 |  | 282,229 |  | 247,485 |  | 108,908 |  | 103,284 |  | 199,616 |  | 151,431
Rollforward of the fair value of the assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits paid directly by the Company |  | 7,122 |  | 4,262 |  | 4,225 |  | 10,791 |  | 13,887 |  | 14,055 |  | 18,902 |  | 9,268
Contributions of the sponsor |  | (7,122) |  | (4,262) |  | (4,225) |  | (10,791) |  | (13,887) |  | (14,055) |  | (18,902) |  | (9,268)
Ending Balance of the fair value of the assets |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Rollforward of comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | (76,232) |  | (47,245) |  | (228,345) |  | (94,097) |  | - |  | - |  | (58,617) |  | (20,799)
Actuarial gains (losses) |  | 7,936 |  | (28,987) |  | (12,258) |  | (134,248) |  | - |  | - |  | (16,861) |  | (37,818)
Ending balance of comprehensive income |  | (68,296) |  | (76,232) |  | (240,603) |  | (228,345) |  | - |  | - |  | (75,478) |  | (58,617)
Costs recognized in statement of income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on actuarial liabilities |  | (13,586) |  | (13,503) |  | (13,993) |  | (11,840) |  | (6,275) |  | (4,366) |  | (8,883) |  | (4,260)
Current service costs |  | - |  | - |  | (12,718) |  | (6,471) |  | (5,741) |  | (2,574) |  | (23,174) |  | (22,236)
Past service costs - plan change (2) |  | - |  | - |  | - |  | 61,871 |  | - |  | - |  | - |  | -
Immediate recognition of reduction |  | - |  | - |  | - |  | - |  | (7,495) |  | (55,266) |  | - |  | -
Cost recognized in statement of income |  | (13,586) |  | (13,503) |  | (26,711) |  | 43,560 |  | (19,511) |  | (62,206) |  | (32,057) |  | (26,496)
Estimated costs for the next year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service costs |  | - |  | - |  | (14,833) |  | (12,718) |  | (6,319) |  | (5,741) |  | (22,021) |  | (15,911)
Interest on actuarial liabilities |  | (13,975) |  | (13,586) |  | (15,711) |  | (13,993) |  | (6,656) |  | (6,275) |  | (11,217) |  | (8,201)
Estimated costs for the next year |  | (13,975) |  | (13,586) |  | (30,544) |  | (26,711) |  | (12,975) |  | (12,016) |  | (33,238) |  | (24,112)
(1) | Considers the retirement compensation and life insurance benefits.
(2) | Refers to a change in the legislation related to F.G.T.S. penalty. The Law Nº 13,932, of December 11, 2019, extinguished the social contribution due by the employer of 10%.
Schedule of actuarial assumptions and demographic data | The main actuarial assumptions and demographic data used in the actuarial calculations are summarized below:
|  | Medical plan |  | F.G.T.S. penalty |  | Other (1)
Actuarial assumptions |  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19 |  | 12.31.20 |  | 12.31.19
Economic hypothesis |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 7.68% |  | 7.39% |  | 6.51% |  | 6.07% |  | 6.51% |  | 6.07%
Inflation rate |  | 3.25% |  | 3.80% |  | 3.25% |  | 3.80% |  | 3.25% |  | 3.80%
Medical inflation |  | 6.35% |  | 6.91% |  | N/A |  | N/A |  | N/A |  | N/A
Wage growth rate |  | N/A |  | N/A |  | 3.25% |  | 4.02% |  | 3.25% |  | 4.02%
F.G.T.S. balance growth |  | N/A |  | N/A |  | 3.80% |  | 3.90% |  | N/A |  | N/A
Demographic hypothesis |  |  |  |  |  |  |  |  |  |  |  |
Schedule of mortality |  | AT-2000 smoothed by 10% |  | AT-2000 |  | AT-2000 smoothed by 10% |  | AT-2000 |  |  |  |
Schedule of disabled |  | N/A |  | N/A |  | RRB-44 |  | RRB-44 |  |  |  |
Schedule of turnover - BRF's historical |  | 2,020 |  | 2,019 |  | 2,020 |  | 2,019 |  |  |  |
Demoraphic data |  |  |  |  |  |  |  |  |  |  |  |
Number of active participants |  | 1,245 |  | 1,115 |  | 93,245 |  | 86,849 |  |  |  |
Number of assisted beneficiary participants |  | 559 |  | 572 |  | - |  | - |  |  |  |
| (1) | Includes retirement compensation and life insurance benefits.
Schedule of expected benefit payments for future | The following amounts represent the expected benefit payments for future years (10 years), from the obligation of benefits granted and the average duration of the plan obligations:
Payments |  | Medical plan |  | F.G.T.S. penalty |  | Award for length of service |  | Other |  | Total
2021 |  | 7,675 |  | 81,789 |  | 13,329 |  | 22,335 |  | 125,128
2022 |  | 8,282 |  | 14,552 |  | 8,855 |  | 13,480 |  | 45,169
2023 |  | 8,940 |  | 18,353 |  | 10,970 |  | 15,556 |  | 53,819
2024 |  | 9,665 |  | 19,815 |  | 13,952 |  | 16,936 |  | 60,368
2025 |  | 10,439 |  | 21,916 |  | 12,553 |  | 18,603 |  | 63,511
2026 to 2030 |  | 64,829 |  | 132,454 |  | 66,195 |  | 125,521 |  | 388,999
Weighted average duration - in years |  | 14.26 |  | 6.73 |  | 6.70 |  | 8.47 |  | 8.35
Schedule of sensitivity analysis of post-employment plans | The Company prepared sensitivity analysis regarding the relevant assumptions of the plans as of December 31, 2020, as presented below:
|  | Assumptions utilized |  | (+) Variation |  | (-) Variation
Relevant assumptions |  |  | Average (%) |  | Actuarial liabilities |  | Average (%) |  | Actuarial liabilities
Medical plan |  |  |  |  |  |  |  |  |  |
Discount rate |  | 7.68% |  | 8.68% |  | 164,011 |  | 6.68% |  | 212,435
Medical inflation |  | 6.35% |  | 7.35% |  | 211,694 |  | 5.35% |  | 164,224
F.G.T.S. penalty |  |  |  |  |  |  |  |  |  |
Discount rate |  | 6.51% |  | 7.51% |  | 265,825 |  | 5.51% |  | 301,077
Wage growth rate |  | 3.25% |  | 4.25% |  | 286,139 |  | 2.25% |  | 278,672
Turnover |  | Historical |  | +3% |  | 233,001 |  | -3% |  | 356,695

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