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Note 20 - Other Liabilities
 12 Months Ended
Dec. 31, 2018
Statement Line Items [Line Items]  
Disclosure of other liabilities [text block]
20
Other liabilities
 
(i)
Other liabilities – Non current
    Year ended December 31,
    2018   2017
Post-employment benefits    
115,087
      
125,012
  
Other-long term benefits    
78,492
      
68,244
  
Miscellaneous    
19,550
      
24,040
  
     
213,129
      
217,296
  
Post-employment benefits
 
§
Unfunded
    Year ended December 31,
    2018   2017
Values at the beginning of the year    
101,889
      
96,229
  
Translation differences    
(3,849
 )    
2,893
  
Current service cost    
7,400
      
7,851
  
Interest cost    
5,070
      
5,462
  
Curtailments and settlements    
-
      
21
  
Remeasurements (*)    
(3,946
 )    
10,907
  
Benefits paid from the plan    
(9,719
 )    
(22,107
 )
Other    
473
      
633
  
At the end of the year    
97,318
      
101,889
  
 
 
(*) For
2018
a gain of
$0.2
million is attributable to demographic assumptions and a gain of
$3.7
million to financial assumptions. For
2017
a loss of
$0.09
million is attributable to demographic assumptions and a loss of
$10.8
million to financial assumptions.
 
The principal actuarial assumptions used were as follows:
     
Year ended December 31,
  
     
2018
      
2017
  
Discount rate    
2% - 7%
      
1% - 7%
  
Rate of compensation increase    
0% - 3%
      
0% - 3%
  
 
As of
December 31, 2018,
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
$7
million and
$6.2
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
$3.4
million and
$3.0
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,
    2018   2017
Present value of funded obligations
      
146,885
      
165,486
  
Fair value of plan assets
      
(132,438
 )    
(145,692
 )
Liability (*)
      
14,447
      
19,794
  
 
(*) In
2018
and
2017,
$3.3
million corresponding to an overfunded plan were reclassified within other non-current assets, respectively.
 
20
Other liabilities (Cont.)
 
Post-employment benefits (Cont.)
 
§
Funded (Cont.)
 
The movement in the present value of funded obligations is as follows:
    Year ended December 31,
    2018   2017
At the beginning of the year    
165,485
      
159,612
  
Translation differences    
(8,182
 )    
7,300
  
Current service cost    
1,328
      
592
  
Interest cost    
5,691
      
6,034
  
Remeasurements (*)    
(7,984
 )    
3,602
  
Benefits paid    
(9,453
 )    
(11,654
 )
At the end of the year    
146,885
      
165,486
  
 
(*) For
2018
a loss of
$0.4
million is attributable to demographic assumptions and a gain of
$8.4
million to financial assumptions. For
2017
a gain of
$0.4
million is attributable to demographic assumptions and a loss of
$4.1
million to financial assumptions. respectively.
 
The movement in the fair value of plan assets is as follows:
    Year ended December 31,
    2018   2017
At the beginning of the year    
(145,692
 )    
(132,913
 )
Translation differences    
7,514
      
(6,802
 )
Return on plan assets    
(4,936
 )    
(5,849
 )
Remeasurements    
3,967
      
(5,874
 )
Contributions paid to the plan    
(3,108
 )    
(6,230
 )
Benefits paid from the plan    
9,453
      
11,654
  
Other    
364
      
323
  
At the end of the year    
(132,438
 )    
(145,692
 )
 
The major categories of plan assets as a percentage of total plan assets are as follows:
    Year ended December 31,
    2018   2017
Equity instruments    
53.5
 %    
53.4
 %
Debt instruments    
42.8
 %    
42.9
 %
Others    
3.7
 %    
3.7
 %
 
The principal actuarial assumptions used were as follows:
    Year ended December 31,
    2018   2017
Discount rate    
4 % - 5 %
      
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, 2018,
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
$17.2
million and
$14.1
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
$1.6
million and
$1.5
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
2019
amount approximately to
$3.3
million.
 
The methods and types of assumptions used in preparing the sensitivity analysis did
not
change compared to the previous period.
 
20
Other liabilities (Cont.)
 
(ii)       Other liabilities – current
 
    Year ended December 31,
    2018   2017
Payroll and social security payable    
148,069
      
141,886
  
Miscellaneous    
17,624
      
15,819
  
     
165,693
      
157,705