22 Other liabilities

(i) Other liabilities – Non current

		Year ended December 31,
(all amounts in thousands of U.S. dollars)	2020		2019
Post-employment benefits		136,811		144,993
Other-long term benefits		64,928		85,473
Miscellaneous		43,896		20,917
		245,635		251,383

Post-employment benefits

		Year ended December 31,
(all amounts in thousands of U.S. dollars)	2020		2019
Unfunded		115,774		125,573
Funded		21,037		19,420
		136,811		144,993

Unfunded

		Year ended December 31,
(all amounts in thousands of U.S. dollars)	2020			2019
Values at the beginning of the year		125,573			97,318
Current service cost		4,796			7,978
Interest cost		6,496			5,526
Curtailments and settlements		(1,237	)		-
Remeasurements (*)		(2,230	)		7,010
Translation differences		(415	)		(1,567	)
Increase due to business combinations		1,566			15,660
Benefits paid from the plan		(22,955	)		(9,328	)
Other		4,180			2,976
At the end of the year		115,774			125,573

(*) For 2020 a loss of $1.6 million is attributable to demographic assumptions and a gain of $3.8 million to financial assumptions. For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions.

The actuarial assumptions for the most relevant plans were as follows:

	Year ended December 31,
	2020	2019
Discount rate	1% - 7%	1% - 7%
Rate of compensation increase	0% - 3%	0% - 3%

As of December 31, 2020, 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 $6.0 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 $3.1 million and $2.8 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.

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,
(all amounts in thousands of U.S. dollars)	2020			2019
Present value of funded obligations		176,309			160,412
Fair value of plan assets		(157,335	)		(145,160	)
Liability (*)		18,974			15,252

(*) In 2020 and 2019, $2.1 million and $4.2 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,
(all amounts in thousands of U.S. dollars)	2020			2019
At the beginning of the year		160,412			146,885
Translation differences		2,148			4,542
Current service cost		850			721
Interest cost		5,009			5,754
Remeasurements (*)		18,025			12,769
Benefits paid		(9,266	)		(10,259	)
Other		(869	)		-
At the end of the year		176,309			160,412

(*) For 2020 a loss of $3.7 million is attributable to demographic assumptions and a loss of $14.3 million to financial assumptions.

For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions.

The movement in the fair value of plan assets is as follows:

		Year ended December 31,
(all amounts in thousands of U.S. dollars)	2020			2019
At the beginning of the year		(145,160	)		(132,438	)
Translation differences		(1,729	)		(4,137	)
Return on plan assets		(4,411	)		(5,018	)
Remeasurements		(10,396	)		(10,507	)
Contributions paid to the plan		(5,017	)		(3,589	)
Benefits paid from the plan		9,266			10,259
Other		112			270
At the end of the year		(157,335	)		(145,160	)

The major categories of plan assets as a percentage of total plan assets are as follows:

		Year ended December 31,
	2020			2019
Equity instruments		49.3	%		49.0	%
Debt instruments		46.8	%		47.0	%
Others		3.9	%		4.0	%

The actuarial assumptions for the most relevant plans were as follows:

	Year ended December 31,
	2020	2019
Discount rate	1 % - 3 %	3 % - 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, 2020, 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 $19.7 million and $24.2 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 $1.9 million and $1.7 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 2021 amounts approximately to $2.8 million.

The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the previous period.

(ii) Other liabilities – current

		Year ended December 31,
(all amounts in thousands of U.S. dollars)	2020		2019
Payroll and social security payable		175,175		153,009
Miscellaneous		27,651		23,255
		202,826		176,264