XML 104 R35.htm IDEA: XBRL DOCUMENT
v3.25.1

Note 23 - Other liabilities | 12 Months Ended
--- | ---
Dec. 31, 2024
Note 23 - Other liabilities |
Note 23 - Other liabilities | 23 Other liabilities (i) Other liabilities – Non-current
| Year ended December 31, |
| 2024 |  |  | 2023 |
Post-employment benefits | 131,564 |  |  | 117,506 |
Other long-term benefits | 101,260 |  |  | 91,435 |
Miscellaneous | 68,927 |  |  | 62,327 |
| 301,751 |  |  | 271,268 |
Post-employment benefits
| Year ended December 31, |
| 2024 |  |  | 2023 |
Unfunded | 129,032 |  |  | 112,532 |
Funded | 2,532 |  |  | 4,974 |
| 131,564 |  |  | 117,506 |
At December 31, 2024 and 2023 the weighted average duration of liabilities related to post-employment benefits was 7 and 6 years, respectively. Unfunded
| Year ended December 31, |
| 2024 |  |  | 2023 |
Values at the beginning of the year | 112,532 |  |  | 103,822 |
Current service cost | 7,206 |  |  | 6,537 |
Interest cost | 14,692 |  |  | 11,707 |
Curtailments and settlements | (131 | ) |  | (675 | )
Remeasurements (*) | 7,506 |  |  | 8,899 |
Translation differences | (6,865 | ) |  | (12,687 | )
Increase due to business combinations (**) | - |  |  | 4,531 |
Benefits paid from the plan | (8,345 | ) |  | (8,762 | )
Other | 2,437 |  |  | (840 | )
At the end of the year | 129,032 |  |  | 112,532 |
(*) For the year 20 2 4 a loss of $1.6 million is attributable to demographic assumption s and a loss of $5.9 million to financ ial assumptions. For the year 202 3 a loss of $0.6 million is attributable to demographic assumptions and a loss of $8.3 million to financial assumptions. (**) For the year 2024, r elated to Mattr’s pipe coating business unit acquisition. For more information see note 34. For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. The actuarial assumptions for the most relevant plans were as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
Discount rate | 3% - 8% |  |  | 3% - 7% |
Rate of compensation increase | 2% - 6% |  |  | 2% - 5% |
As o f December 31, 20 2 4, 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 $6.6 million and $5.7 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 $4.3 million and $4.8 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, |
| 2024 |  |  | 2023 |
Present value of funded obligations | 91,698 |  |  | 123,234 |
Fair value of plan assets | (102,653 | ) |  | (134,052 | )
Asset (*) | (10,955 | ) |  | (10,818 | )
(*) In 20 2 4 and 20 2 3, $13.5 million and $15.8 million corresponding to plans with surplus balance s that w ere reclassified within other non-current assets, respectively, consequently the net post-employment benefits funded exposed as liabilities amounted to $2.5 million and $5.0 million respectively. The movement in the present value of funded obligations is as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
At the beginning of the year | 123,234 |  |  | 116,617 |
Translation differences | (5,627 | ) |  | 1,940 |
Current service cost | 176 |  |  | - |
Interest cost | 5,424 |  |  | 5,715 |
Remeasurements (*) | (182 | ) |  | 2,142 |
Increase due to business combinations (**) | - |  |  | 4,708 |
Benefits paid | (8,300 | ) |  | (8,459 | )
Other | (23,027 | ) |  | 571 |
At the end of the year | 91,698 |  |  | 123,234 |
(*) For the year 202 4 a loss of $0.1 million is attributable to demographic assumptions and a loss of $0.1 million to financial assumptions. For the year 202 3 a loss of $0.9 million is attributable to demographic assumptions and a loss of $1.3 million to financial assumptions. (**) For the years 2024 and 2023, r elated to Mattr’s pipe coating business unit acquisition. For more information see note 34. The movement in the fair value of plan assets is as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
At the beginning of the year | (134,052 | ) |  | (126,842 | )
Translation differences | 7,047 |  |  | (1,897 | )
Return on plan assets | (6,010 | ) |  | (6,121 | )
Remeasurements | (302 | ) |  | (4,225 | )
Increase due to business combinations (*) | - |  |  | (3,903 | )
Contributions paid to the plan | (1,269 | ) |  | - |
Benefits paid from the plan | 8,300 |  |  | 8,459 |
Other | 23,633 |  |  | 477 |
At the end of the year | (102,653 | ) |  | (134,052 | )
(*) For the years 2024 and 2023, r elated to Mattr’s pipe coating business unit acquisitio n. For more information see note 34. The major categories of plan assets as a percentage of total plan assets are as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
Equity instruments | 3% |  |  | 18% |
Debt instruments | 60% |  |  | 33% |
Others (*) | 37% |  |  | 49% |
(*) For the years 2024 and 2023, mainly include annuities purchased from an insurance company for the benefit of current and future retirees. There are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans. The actuarial assumptions for the most relevant plans were as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
Discount rate | 5% - 6% |  |  | 5% - 5% |
Rate of compensation increase | 3% - 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, 20 2 4, 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 $8.8 million and $7.4 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 $0.6 million and $0.7 million respectively. Th e 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. The expected employer contributions for the year 202 5 are not material. The methods and types of assumptions used in p reparing the sensitivity analyse s did not change compared to the previous period. (ii) Other liabilities – C urrent
| Year ended December 31, |
| 2024 |  |  | 2023 |
Payroll and social security payable | 270,016 |  |  | 301,213 |
Shares to be settled under buyback program | 243,264 |  |  | 86,240 |
Miscellaneous | 72,495 |  |  | 35,192 |
| 585,775 |  |  | 422,645 |

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 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfOtherLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022: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