XML 54 R33.htm IDEA: XBRL DOCUMENT
v3.23.1

Note 22 - Other Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure of Other Liabilities [Abstract] |
Note 22 - Other Liabilities | 22 Other liabilities (i) Other liabilities – Non current
| Year ended December 31, |
| 2022 |  |  | 2021 |
Post-employment benefits | 108,936 |  |  | 111,904 |
Other long-term benefits | 71,446 |  |  | 71,345 |
Miscellaneous | 49,760 |  |  | 48,432 |
| 230,142 |  |  | 231,681 |
Post-employment benefits
| Year ended December 31, |
| 2022 |  |  | 2021 |
Unfunded | 103,822 |  |  | 103,841 |
Funded | 5,114 |  |  | 8,063 |
| 108,936 |  |  | 111,904 |
Unfunded
| Year ended December 31, |
| 2022 |  |  | 2021 |
Values at the beginning of the year | 103,841 |  |  | 115,774 |
Current service cost | 6,810 |  |  | 5,728 |
Interest cost | 7,610 |  |  | 5,997 |
Curtailments and settlements | (64 | ) |  | (422 | )
Remeasurements (*) | (4,228 | ) |  | 3,174 |
Translation differences | (5,657 | ) |  | (3,716 | )
Benefits paid from the plan | (5,111 | ) |  | (13,539 | )
Reclassified to current liabilities | (461 | ) |  | (8,884 | )
Other | 1,082 |  |  | (271) |
At the end of the year | 103,822 |  |  | 103,841 |
(*)For 2022 a gain of $0.1 million is attributable to demographic assumptions and a gain of $4.1 million to financial assumptions. For 2021 a loss of $0.7 million is attributable to demographic assumptions and a loss of $2.5 million to financial assumptions. The actuarial assumptions for the most relevant plans were as follows:
| Year ended December 31, |
| 2022 |  |  | 2021 |
Discount rate | 4% - 7% |  |  | 1% - 7% |
Rate of compensation increase | 2% - 3% |  |  | 0% - 3% |
As o f December 31, 20 2 2, 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 $5.2 million and $5.9 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 $3.2 million and $2.9 million respectivel y. The above sensitivity analyse s 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, |
| 2022 |  |  | 2021 |
Present value of funded obligations | 116,617 |  |  | 159,528 |
Fair value of plan assets | (126,842 | ) |  | (160,504 | )
Asset (*) | (10,225 | ) |  | (976 | )
(*)In 2022 and 2021, $14.6 million and $9 million corresponding to plans with surplus balances that were reclassified within other non-current assets, respectively. The movement in the present value of funded obligations is as follows:
| Year ended December 31, |
| 2022 |  |  | 2021 |
At the beginning of the year | 159,528 |  |  | 176,309 |
Translation differences | (6,635 | ) |  | 356 |
Current service cost | 154 |  |  | 222 |
Interest cost | 4,293 |  |  | 4,190 |
Remeasurements (*) | (30,349 | ) |  | (7,019 | )
Benefits paid | (10,374 | ) |  | (14,530 | )
At the end of the year | 116,617 |  |  | 159,528 |
(*)For 2022 a gain of $4.8 million is attributable to demographic assumptions and a gain of $25.6 million to financial assumptions. For 2021 a gain of $0.4 million is attributable to demographic assumptions and a gain of $6.6 million to financial assumptions. The movement in the fair value of plan assets is as follows:
| Year ended December 31, |
| 2022 |  |  | 2021 |
At the beginning of the year | (160,504 | ) |  | (157,335 | )
Translation differences | 6,639 |  |  | (250 | )
Return on plan assets | (4,319 | ) |  | (3,793 | )
Remeasurements | 20,987 |  |  | (10,817 | )
Contributions paid to the plan | (435 | ) |  | (3,338 | )
Benefits paid from the plan | 10,374 |  |  | 14,530 |
Other | 416 |  |  | 499 |
At the end of the year | (126,842 | ) |  | (160,504 | )
The major categories of plan assets as a percentage of total plan assets are as follows:
| Year ended December 31, |
| 2022 |  |  | 2021 |
Equity instruments | 28.8% |  |  | 49.2% |
Debt instruments | 67.2% |  |  | 46.7% |
Others | 4.0% |  |  | 4.1% |
The actuarial assumptions for the most relevant plans were as follows:
| Year ended December 31, |
| 2022 |  |  | 2021 |
Discount rate | 3% - 5% |  |  | 2% - 3% |
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, 2022, 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 $10.3 million and $11.9 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 $0.7 million and $0.7 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. There are no expected employer contributions for the year 2023. The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the previous period. (ii) Other liabilities –C urrent
| Year ended December 31, |
| 2022 |  |  | 2021 |
Payroll and social security payable | 224,630 |  |  | 174,794 |
Miscellaneous | 35,984 |  |  | 28,931 |
| 260,614 |  |  | 203,725 |

X
- Definition The disclosure of other liabilities. [Refer: Other liabilities] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfOtherLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ts_DisclosureOfOtherLiabilitiesAbstract
Namespace Prefix: | ts_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration