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Note 21 - Other Liabilities
 12 Months Ended
Dec. 31, 2017
Statement Line Items [Line Items]  
Disclosure of other liabilities [text block]
21
 Other liabilities
 
(i)
Other liabilities – Non-current
    Year ended December 31,  
    2017     2016  
Post-employment benefits    
125,012
      
125,161
  
Other-long term benefits    
68,244
      
66,714
  
Miscellaneous    
24,040
      
21,742
  
     
217,296
      
213,617
  
 
Post-employment benefits
 
§
Unfunded
 
    Year ended December 31,  
    2017     2016  
Values at the beginning of the year    
96,229
      
107,601
  
Translation differences    
2,893
      
(2,204
 )
Current service cost    
7,851
      
4,625
  
Interest cost    
5,462
      
6,371
  
Curtailments and settlements    
21
      
24
  
Remeasurements (*)    
10,907
      
(4,501
 )
Benefits paid from the plan    
(22,107
 )    
(13,921
 )
Other    
633
      
(1,766
 )
At the end of the year    
101,889
      
96,229
  
 
(*) For
2017
a loss of
$0.08
million is attributable to demographic assumptions and a loss of
$10.6
million to financial assumptions. For
2016
a loss of
$0.6
and a gain of
$5.1
million is attributable to demographic and financial assumptions, respectively.
 
The principal actuarial assumptions used were as follows:
 
Year ended December 31,
 
2017
2016
Discount rate
1% - 7%
1% - 7%
Rate of compensation increase
0% - 3%
0% - 3%
 
As of
December 31, 2017,
an increase / (decrease) of
1
%
in the discount rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of
$8.2
million and
$7.2
million respectively, and an increase / (decrease) of
1%
in the rate of compensation assumption of the main plans would have generated an increase / (decrease) impact on the defined benefit obligation of
$4.0
million and
$4.2
million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may
be correlated.
 
§
Funded
 
The amounts recognized in the statement of financial position for the current annual period and the previous annual period are as follows:
 
    Year ended December 31,  
    2017     2016  
Present value of funded obligations    
165,486
      
159,612
  
Fair value of plan assets    
(145,692
 )    
(132,913
 )
Liability (*)    
19,794
      
26,699
  
 
(*) In
2017
and
2016,
$3.3
million and
$2.2
million corresponding to an overfunded plan were reclassified within other non-current assets, respectively.
 
The movement in the present value of funded obligations is as follows:
 
    Year ended December 31,  
    2017     2016  
At the beginning of the year    
159,612
      
153,974
  
Translation differences    
7,300
      
384
  
Current service cost    
592
      
162
  
Interest cost    
6,034
      
6,403
  
Remeasurements (*)    
3,602
      
7,753
  
Benefits paid    
(11,654
 )    
(9,064
 )
At the end of the year    
165,486
      
159,612
  
 
(*) For
2017
a gain of
$0.4
million is attributable to demographic assumptions and a loss of
$4.1
million to financial assumptions. For
2016
a gain of
$0.9
and a loss of
$8.7
million is attributable to demographic and financial assumptions, respectively.
 
The movement in the fair value of plan assets is as follows:
 
    Year ended December 31,  
    2017     2016  
At the beginning of the year    
(132,913
 )    
(128,321
 )
Translation differences    
(6,802
 )    
365
  
Return on plan assets    
(5,849
 )    
(7,022
 )
Remeasurements    
(5,874
 )    
(3,022
 )
Contributions paid to the plan    
(6,230
 )    
(4,374
 )
Benefits paid from the plan    
11,654
      
9,064
  
Other    
323
      
397
  
At the end of the year    
(145,692
 )    
(132,913
 )
 
The major categories of plan assets as a percentage of total plan assets are as follows:
 
    Year ended December 31,  
    2017     2016  
Equity instruments    
53.4
 %    
52.4
 %
Debt instruments    
42.9
 %    
43.9
 %
Others    
3.7
 %    
3.7
 %
 
The principal actuarial assumptions used were as follows:
 
    Year ended December 31,  
    2017     2016  
Discount rate    
4
 %    
4
 %
Rate of compensation increase    
0 % - 3 %
      
0 % - 3 %
  
 
 
The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of return as of the end of the reporting period.
 
As of
December 31, 2017,
an increase / (decrease) of
1%
in the discount rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of
$17.0
million and
$20.9
million respectively, and an increase / (decrease) of
1%
in the compensation rate assumption of the main plans would have generated an increase / (decrease) on the defined benefit obligation of
$2.2
million and
$1.8
million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may
be correlated.
 
The employer contributions expected to be paid for the year
2018
amount approximately to
$3.5
million.
 
The methods and types of assumptions used in preparing the sensitivity analysis did
not
change compared to the previous period.
 
(ii)
Other liabilities – current
 
    Year ended December 31,  
    2017     2016  
Payroll and social security payable    
141,886
      
125,991
  
Liabilities with related parties    
51
      
135
  
Derivative financial instruments    
39,799
      
42,635
  
Miscellaneous    
15,768
      
15,126
  
     
197,504
      
183,887