At December 31, 2024 and 2023 the weighted average duration of liabilities related to post-employment benefits was 7 and 6 years, respectively.

	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 2024 a loss of $1.6 million is attributable to demographic assumptions and a loss of $5.9 million to financial assumptions.

For the year 2023 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, related 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.

As of December 31, 2024, 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 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 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 2024 and 2023, $13.5 million and $15.8 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 $2.5 million and $5.0 million respectively.

	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 2024 a loss of $0.1 million is attributable to demographic assumptions and a loss of $0.1 million to financial assumptions.

For the year 2023 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, related to Mattr’s pipe coating business unit acquisition. For more information see note 34.

	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, related to Mattr’s pipe coating business unit acquisition. 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 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, 2024, 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. 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 methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the previous period.