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Note 23 - Other liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other non-current liabilities [text block]

	Year ended December 31,
	2023	2022
Post-employment benefits	117,506	108,936
Other long-term benefits	91,435	71,446
Miscellaneous	62,327	49,760
	271,268	230,142

Disclosure of net defined benefit liability (asset) [text block]

	Year ended December 31,
	2023	2022
Unfunded	112,532	103,822
Funded	4,974	5,114
	117,506	108,936

	Year ended December 31,
	2023		2022
Values at the beginning of the year	103,822		103,841
Current service cost	6,537		6,810
Interest cost	11,707		7,610
Curtailments and settlements	(675	)	(64	)
Remeasurements ^(*)	8,899		(4,228	)
Translation differences	(12,687	)	(5,657	)
Increase due to business combinations (**)	4,531		-
Benefits paid from the plan	(8,762	)	(5,111	)
Reclassified to current liabilities	-		(461	)
Other	(840	)	1,082
At the end of the year	112,532		103,822

(*) For 2023 a loss of $0.6 million is attributable to demographic assumptions and a loss of $8.3 million to financial assumptions.

For 2022 a gain of $0.1 million is attributable to demographic assumptions and a gain of $4.1 million to financial assumptions.

(**) Related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. For more information see note 34.

	Year ended December 31,
	2023		2022
Present value of funded obligations	123,234		116,617
Fair value of plan assets	(134,052	)	(126,842	)
Asset (*)	(10,818	)	(10,225	)

(*) In 2023 and 2022, $15.8 million and $15.3 million corresponding to plans with surplus balances that were reclassified within other non-current assets, respectively, consequently the net post-employment benefits funded exposed as liabilities amounted to $5.0 million and $5.1 million respectively.

	Year ended December 31,
	2023		2022
At the beginning of the year	116,617		159,528
Translation differences	1,940		(6,635	)
Current service cost	-		154
Interest cost	5,715		4,293
Remeasurements ^(*)	2,142		(30,349	)
Increase due to business combinations ^(**)	4,708		-
Benefits paid	(8,459	)	(10,374	)
Other	571		-
At the end of the year	123,234		116,617

(*) For 2023 a loss of $0.9 million is attributable to demographic assumptions and a loss of $1.3 million to financial assumptions.

For 2022 a gain of $4.8 million is attributable to demographic assumptions and a gain of $25.6 million to financial assumptions.

(**) Related to Mattr’s pipe coating business unit acquisition. For more information see note 34.

Disclosure of sensitivity analysis for actuarial assumptions [text block]

	Year ended December 31,
	2023	2022
Discount rate	3% - 7%	4% - 7%
Rate of compensation increase	2% - 5%	2% - 3%

	Year ended December 31,
	2023	2022
Discount rate	5% - 5%	3% - 5%
Rate of compensation increase	0% - 3%	0% - 3%

Disclosure of fair value of plan assets [text block]

	Year ended December 31,
	2023		2022
At the beginning of the year	(126,842	)	(160,504	)
Translation differences	(1,897	)	6,639
Return on plan assets	(6,121	)	(4,319	)
Remeasurements	(4,225	)	20,987
Increase due to business combinations ^(*)	(3,903	)	-
Contributions paid to the plan	-		(435	)
Benefits paid from the plan	8,459		10,374
Other	477		416
At the end of the year	(134,052	)	(126,842	)

(*) Related to Mattr’s pipe coating business unit acquisitions. For more information see note 34.

	Year ended December 31,
	2023	2022
Equity instruments	18%	29%
Debt instruments	33%	67%
Others	49%	4%

Disclosure of other current liabilities [text block]

	Year ended December 31,
	2023	2022
Payroll and social security payable	301,213	224,630
Shares to be settled under buyback program	86,240	-
Miscellaneous	35,192	35,984
	422,645	260,614