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Note 21 - Other Liabilities
 12 Months Ended
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