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Note 21 - Other Liabilities | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of other liabilities [text block] |
| 21 | Other liabilities
| (i) | Other liabilities – Non current
|  | Year ended December 31,
|  | 2019 |  | 2018
Post-employment benefits |  |  | 144,993 |  |  |  | 115,087 |
Other-long term benefits |  |  | 85,473 |  |  |  | 78,492 |
Miscellaneous |  |  | 20,917 |  |  |  | 19,550 |
|  |  | 251,383 |  |  |  | 213,129 |
Post-employment benefits
|  | Year ended December 31,
|  | 2019 |  | 2018
Unfunded |  |  | 125,573 |  |  |  | 97,318 |
Funded |  |  | 19,420 |  |  |  | 17,769 |
|  |  | 144,993 |  |  |  | 115,087 |
| § | Unfunded
|  | Year ended December 31,
|  | 2019 |  | 2018
Values at the beginning of the year |  |  | 97,318 |  |  |  | 101,889 |
Translation differences |  |  | (1,567 | ) |  |  | (3,849 | )
Current service cost |  |  | 7,978 |  |  |  | 7,400 |
Interest cost |  |  | 5,526 |  |  |  | 5,070 |
Remeasurements (*) |  |  | 7,010 |  |  |  | (3,946 | )
Increase due to business combinations |  |  | 15,660 |  |  |  | - |
Benefits paid from the plan |  |  | (9,328 | ) |  |  | (9,719 | )
Other |  |  | 2,976 |  |  |  | 473 |
At the end of the year |  |  | 125,573 |  |  |  | 97,318 |
(*) For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions. For 2018 a gain of $0.2 million is attributable to demographic assumptions and a gain of $3.7 million to financial assumptions. The actuarial assumptions for the most relevant plans were as follows:
|  |  | Year ended December 31, |
|  |  | 2019 |  |  |  | 2018 |
Discount rate |  |  | 1% - 7% |  |  |  | 2% - 7% |
Rate of compensation increase |  |  | 0% - 3% |  |  |  | 0% - 3% |
As of December 31, 2019, 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 $7.4 million and $7 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 $4.5 million and $4.5 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.
| § | 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,
|  | 2019 |  | 2018
Present value of funded obligations |  |  | 160,412 |  |  |  | 146,885 |
Fair value of plan assets |  |  | (145,160 | ) |  |  | (132,438 | )
Liability (*) |  |  | 15,252 |  |  |  | 14,447 |
(*) In 2019 and 2018, $4.2 million and $3.3 million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively. The movement in the present value of funded obligations is as follows:
|  | Year ended December 31,
|  | 2019 |  | 2018
At the beginning of the year |  |  | 146,885 |  |  |  | 165,485 |
Translation differences |  |  | 4,542 |  |  |  | (8,182 | )
Current service cost |  |  | 721 |  |  |  | 1,328 |
Interest cost |  |  | 5,754 |  |  |  | 5,691 |
Remeasurements (*) |  |  | 12,769 |  |  |  | (7,984 | )
Benefits paid |  |  | (10,259 | ) |  |  | (9,453 | )
At the end of the year |  |  | 160,412 |  |  |  | 146,885 |
(*) For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions. For 2018 a loss of $0.4 million is attributable to demographic assumptions and a gain of $8.4 million to financial assumptions. respectively. The movement in the fair value of plan assets is as follows:
|  | Year ended December 31,
|  | 2019 |  | 2018
At the beginning of the year |  |  | (132,438 | ) |  |  | (145,692 | )
Translation differences |  |  | (4,137 | ) |  |  | 7,514 |
Return on plan assets |  |  | (5,018 | ) |  |  | (4,936 | )
Remeasurements |  |  | (10,507 | ) |  |  | 3,967 |
Contributions paid to the plan |  |  | (3,589 | ) |  |  | (3,108 | )
Benefits paid from the plan |  |  | 10,259 |  |  |  | 9,453 |
Other |  |  | 270 |  |  |  | 364 |
At the end of the year |  |  | (145,160 | ) |  |  | (132,438 | )
The major categories of plan assets as a percentage of total plan assets are as follows:
|  | Year ended December 31,
|  | 2019 |  | 2018
Equity instruments |  |  | 49.0 | % |  |  | 53.5 | %
Debt instruments |  |  | 47.0 | % |  |  | 42.8 | %
Others |  |  | 4.0 | % |  |  | 3.7 | %
The actuarial assumptions for the most relevant plans were as follows:
|  |  | Year ended December 31,
|  |  | 2019 |  |  |  | 2018 |
Discount rate |  |  | 3 % - 4 % |  |  |  | 4 % - 5 % |
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, 2019, 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 $16.1 million and $19.8 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 $1.8 million and $1.6 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 2020 amount approximately to $5.1 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,
|  | 2019 |  | 2018
Payroll and social security payable |  |  | 153,009 |  |  |  | 148,069 |
Miscellaneous |  |  | 23,255 |  |  |  | 17,624 |
|  |  | 176,264 |  |  |  | 165,693 |

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