Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | ERJ | |
Entity Registrant Name | EMBRAER S.A. | |
Entity Central Index Key | 0001355444 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-15102 | |
Entity Voluntary Filers | No | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | D5 | |
Entity Address, Address Line One | Avenida Dra. Ruth Cardoso, | |
Entity Address, Address Line Two | 8501, 30th floor (part), | |
Entity Address, City or Town | São Paulo, | |
Entity Address, Country | BR | |
Entity Address, Postal Zip Code | 05425-070 | |
Entity Common Stock, Shares Outstanding | 734,632,806 | |
Title of 12(b) Security | Common shares, without par value | |
Security Exchange Name | NYSE | |
Document Accounting Standard | International Financial Reporting Standards | |
ICFR Auditor Attestation Flag | true | |
Auditor Name | KPMG Auditores Independentes Ltda | PricewaterhouseCoopers Auditores Independentes Ltda. |
Auditor Firm ID | 1124 | 1351 |
Auditor Location | São Jose dos Campos , Brazil | São José dos Campos, Brazil |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Contact Personnel Name | Antonio Carlos Garcia | |
Contact Personnel Email Address | investor.relations@embraer.com.br | |
Entity Address, Address Line One | Investor relations department, | |
Entity Address, City or Town | São Paulo, | |
Entity Address, Country | BR | |
City Area Code | (55) | |
Local Phone Number | 11 3040 6874 | |
Entity Address, Postal Zip Code | 05425-070 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position R$ in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
CURRENT | ||
Cash and cash equivalents | $ 1,816.9 | $ 1,818.3 |
Financial investments | 494.4 | 750.8 |
Trade accounts receivable, net | 202.9 | 189 |
Derivative financial instruments | 5.4 | 0.1 |
Customer and commercial financing | 50.8 | 9.6 |
Contract assets | 505.4 | 582.3 |
Inventories | 2,329 | 1,986 |
Income tax and social contribution | 105.5 | 114.5 |
Other assets | 246.3 | 194.3 |
Current assets | 5,756.6 | 5,644.9 |
Assets held for sale | 230.9 | |
Total current assets | 5,756.6 | 5,875.8 |
NON-CURRENT | ||
Financial investments | 170 | 65.6 |
Trade accounts receivable, net | 2.3 | |
Derivative financial instruments | 5.7 | |
Customer and commercial financing | 50.4 | 22.4 |
Contract assets | 0.7 | |
Deferred income tax and social contribution | 48.1 | 97.6 |
Other assets | 135.2 | 128 |
Investments | 12.3 | 4.4 |
Property, plant and equipment, net | 1,649.2 | 1,687.6 |
Intangible assets, net | 2,246.5 | 2,213.4 |
Right of use | 65.1 | 60.2 |
Total non-current assets | 4,385.5 | 4,279.2 |
TOTAL ASSETS | 10,142.1 | 10,155 |
CURRENT | ||
Trade accounts payable | 739.5 | 495.2 |
Trade accounts payable - Supplier finance | 27.5 | 14.8 |
Lease liability | 12 | 11.5 |
Loans and financing | 308.5 | 574.2 |
Other payables | 319.9 | 257.1 |
Contract liabilities | 1,469 | 1,204.6 |
Derivative financial instruments | 57.4 | 2.9 |
Taxes and payroll charges payable | 47.2 | 40.4 |
Income tax and social contribution | 107.2 | 71.6 |
Unearned income | 2.6 | 2.5 |
Provision | 126.5 | 108.9 |
Current Liabilities | 3,217.3 | 2,783.7 |
Liabilities held for sale | 45.1 | |
Total Current Liabilities | 3,217.3 | 2,828.8 |
NON-CURRENT | ||
Lease liability | 59 | 52.3 |
Loans and financing | 2,894.7 | 3,452.7 |
Other payables | 51.1 | 60.5 |
Contract liabilities | 495 | 308.7 |
Derivative financial instruments | 40.1 | 3 |
Taxes and payroll charges payable | 13.2 | 10 |
Income tax and social contribution | 4 | |
Deferred income tax and social contribution | 370.6 | 505.8 |
Unearned income | 22.6 | 37.7 |
Provision | 150.2 | 120.5 |
Total non-current liabilities | 4,100.5 | 4,551.2 |
TOTAL LIABILITIES | 7,317.8 | 7,380 |
SHAREHOLDERS' EQUITY | ||
Capital | 1,551.6 | 1,551.6 |
Treasury shares | (28.2) | (28.2) |
Revenue reserves | 1,116.1 | 1,301.5 |
Share-based remuneration | 40.3 | 37.4 |
Other comprehensive loss | (189.7) | (167.7) |
Result in transactions with non controlling interest | 77.4 | (26.7) |
Shareholder's equity excluding non-controlling interest | 2,567.5 | 2,667.9 |
Non-controlling interests | 256.8 | 107.1 |
TOTAL SHAREHOLDERS' EQUITY | 2,824.3 | 2,775 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 10,142.1 | $ 10,155 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
REVENUE | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
Cost of sales and services | (3,628.2) | (3,537.6) | (3,293.5) |
GROSS PROFIT | 912.2 | 659.6 | 477.6 |
OPERATING INCOME (EXPENSE) | |||
Administrative | (184.9) | (153.2) | (143.4) |
Selling | (274.4) | (226.4) | (194) |
Expected credit (losses) reversals over financial assets and contract assets | (17.4) | 13 | (61.8) |
Research | (110) | (43) | (29.8) |
Other operating expense, net | (444.5) | (49.8) | (374.7) |
Equity in associates | 8.5 | 1.1 | 2.7 |
OPERATING INCOME (LOSS) BEFORE FINANCIAL RESULT | (110.5) | 201.3 | (323.4) |
Financial income | 121.9 | 74.8 | 29.1 |
Financial expenses | (245.4) | (274.2) | (261.8) |
Foreign exchange gain (loss) , net | 28.2 | 25.5 | (79.1) |
INCOME (LOSS) BEFORE INCOME TAX | (205.8) | 27.4 | (635.2) |
Income tax expense | 2.3 | (70.9) | (93.1) |
LOSS FOR THE YEAR | (203.5) | (43.5) | (728.3) |
Attributable to: | |||
Owners of Embraer | (185.4) | (44.7) | (731.9) |
Non-controlling interests | $ (18.1) | $ 1.2 | $ 3.6 |
Earnings (loss) per share - basic in US$ | $ (0.25) | $ (0.06) | $ (0.99) |
Earnings (loss) per share - diluted in US$ | $ (0.25) | $ (0.06) | $ (0.99) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
LOSS FOR THE YEAR | $ (203.5) | $ (43.5) | $ (728.3) |
ITEMS THAT WILL NOT BE RECLASSIFIED THROUGH PROFIT OR LOSS | |||
Remeasurement of post-employment benefit | 7.2 | (9.5) | |
Listing expenses | 135.7 | ||
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED THROUGH PROFIT OR LOSS | |||
Financial instruments - Cash flow hedge | 4.2 | (8.9) | 9 |
Other comprehensive income | 3.5 | ||
Translation adjustments | (30.6) | (67.8) | 62.1 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX EFFECTS | 116.5 | (86.2) | 74.6 |
TOTAL OF COMPREHENSIVE LOSS | (87) | (129.7) | (653.7) |
Attributable to: | |||
Owners of Embraer | (207.4) | (124.2) | (669.4) |
Non-controlling interests | 120.4 | (5.5) | 15.7 |
TOTAL OF COMPREHENSIVE INCOME | $ (87) | $ (129.7) | $ (653.7) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Capital [member] | Treasury shares [member] | Share-based remuneration [member] | Government grants [member] | Legal Reserve [member] | For investment and working capital [member] | Result in transaction with non-controlling interest [member] | Retained earnings [member] | Post- employment benefit | Cumulative translation adjustments [member] | Financial instruments | Total | Non-controlling interest [member] |
Beginning balance at Dec. 31, 2019 | $ 3,583 | $ 1,551.6 | $ (26.5) | $ 37.4 | $ 49 | $ 204.4 | $ 1,856.7 | $ (4.2) | $ (31.6) | $ (39.2) | $ (110) | $ (1.5) | $ 3,486.1 | $ 96.9 |
Statement [Line Items] | ||||||||||||||
Loss for the year | (728.3) | (731.9) | (731.9) | 3.6 | ||||||||||
Translation adjustments | 62.1 | 53.5 | 53.5 | 8.6 | ||||||||||
Financial instruments - Cash flow hedge | 9 | 9 | 9 | |||||||||||
Other comprehensive income | 3.5 | 3.5 | ||||||||||||
Total of comprehensive loss | (653.7) | (731.9) | 53.5 | 9 | (669.4) | 15.7 | ||||||||
Stock options grants exercised | 0.4 | 0.8 | (0.4) | 0.4 | ||||||||||
PUT options of non-controlling interest | (22.2) | (22.2) | (22.2) | |||||||||||
Absorption of reserves by loss for the year | (732.3) | 732.3 | ||||||||||||
Ending balance at Dec. 31, 2020 | 2,907.5 | 1,551.6 | (25.7) | 37.4 | 49 | 204.4 | 1,124.4 | (26.4) | (31.6) | (39.2) | (56.5) | 7.5 | 2,794.9 | 112.6 |
Statement [Line Items] | ||||||||||||||
Loss for the year | (43.5) | (44.7) | (44.7) | 1.2 | ||||||||||
Actuarial loss on post employment benefit obligation | (9.5) | (9.5) | (9.5) | |||||||||||
Translation adjustments | (67.8) | (61.1) | (61.1) | (6.7) | ||||||||||
Financial instruments - Cash flow hedge | (8.9) | (8.9) | (8.9) | |||||||||||
Total of comprehensive loss | (129.7) | (44.7) | (9.5) | (61.1) | (8.9) | (124.2) | (5.5) | |||||||
PUT options of non-controlling interest | (0.3) | (0.3) | (0.3) | |||||||||||
Repurchases of common shares | (2.5) | (2.5) | (2.5) | |||||||||||
Absorption of reserves by loss for the year | (76.3) | 76.3 | ||||||||||||
Ending balance at Dec. 31, 2021 | 2,775 | 1,551.6 | (28.2) | 37.4 | 49 | 204.4 | 1,048.1 | (26.7) | (48.7) | (117.6) | (1.4) | 2,667.9 | 107.1 | |
Statement [Line Items] | ||||||||||||||
Loss for the year | (203.5) | (185.4) | (185.4) | (18.1) | ||||||||||
Actuarial loss on post employment benefit obligation | 7.2 | 7.2 | 7.2 | |||||||||||
Translation adjustments | (30.6) | (33.4) | (33.4) | 2.8 | ||||||||||
Financial instruments - Cash flow hedge | 4.2 | 4.2 | 4.2 | |||||||||||
Listing expenses | 135.7 | 135.7 | ||||||||||||
Total of comprehensive loss | (87) | (185.4) | 7.2 | (33.4) | 4.2 | (207.4) | 120.4 | |||||||
Share-based remuneration | 2.9 | 2.9 | 2.9 | |||||||||||
Result in transactions with non controlling interest | 133.4 | 104.1 | 104.1 | 29.3 | ||||||||||
Absorption of reserves by loss for the year | (185.4) | $ 185.4 | ||||||||||||
Ending balance at Dec. 31, 2022 | $ 2,824.3 | $ 1,551.6 | $ (28.2) | $ 40.3 | $ 49 | $ 204.4 | $ 862.7 | $ 77.4 | $ (41.5) | $ (151) | $ 2.8 | $ 2,567.5 | $ 256.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Loss for the year | $ (203.5) | $ (43.5) | $ (728.3) |
ADJUSTMENT TO NET INCOME FOR ITEMS NOT AFFECTING CASH | |||
Depreciation of property plant and equipment | 106.6 | 122 | 163.6 |
Realization of government grants | (0.5) | (3) | (4.6) |
Amortization of intangible assets | 103.7 | 86.6 | 128.5 |
Realization of contribution from suppliers | (21.1) | (10.1) | (8.3) |
EVE transaction | 239.2 | ||
Gain and loss on shareholding | (1.4) | ||
Loss (reversal) for inventory obsolescence | (28.1) | (55.7) | 16.6 |
Adjustment to fair value, inventory, property plant and equipment and intangible | 11.6 | (20.3) | 4.2 |
Adjustment to fair value - Financial investments | (1.7) | (39.1) | 4.1 |
Expect credit losses (reversal) and receivables written-off | 17.4 | (13) | 37.4 |
Losses on fixed assets disposal | 41.1 | 31.6 | 15.2 |
Deferred income tax and social contribution | (87.5) | 38.4 | 104.7 |
Accrued interest | 201 | 227.6 | 197.8 |
Interest on marketable securities, net | (9.8) | (2.4) | (0.4) |
Share-based remuneration | 2.9 | ||
Equity in associates gains and losses | (8.5) | (1.1) | (2.7) |
Foreign exchange gain (loss), net | (24.8) | (21.4) | 77.1 |
Mark to market of the residual value guarantees | (51.5) | (9.7) | |
Other provisions | 38.7 | 32.3 | 23.6 |
Non-controlling interests | 18.1 | (1.5) | (3.2) |
CHANGES IN ASSETS | |||
Financial investments | 181.3 | (41.7) | (513) |
Derivative financial instruments | (5.6) | 5.4 | (2.1) |
Accounts receivable | (1.1) | 13.9 | 42.6 |
Contract assets | 75.2 | (119.3) | 33.9 |
Customer and commercial financing | (87.5) | 11.4 | (38.4) |
Inventories | (294.3) | 474.4 | (34.6) |
Other assets | 10.5 | (40.4) | (73.2) |
CHANGES IN LIABILITIES | |||
Trade accounts payable | 244.9 | (10) | (314) |
Trade accounts payable - Supplier finance | 12.7 | 14.7 | |
Other payables | (3.5) | (39.1) | (52.5) |
Income tax and social contribution paid | (50.2) | (22.5) | (86.9) |
Interest paid | (183.7) | (207.4) | (173.2) |
Contract liabilities | 450.8 | 216.8 | (134.5) |
Taxes and payroll charges payable | 39.1 | 24.4 | 48.7 |
Financial guarantees | (15.7) | (55) | (5.4) |
Unearned income | (15) | 13.8 | (3.2) |
NET CASH GENERATED (USED) IN OPERATING ACTIVITIES | 751.3 | 515.3 | (1,290.2) |
INVESTING ACTIVITIES | |||
Acquisition of property, plant and equipment | (136.2) | (101.7) | (102.3) |
Proceeds from sale of property, plant and equipment | 5.4 | 3.6 | 10.7 |
Additions to intangible assets | (119.8) | (166.5) | (121.4) |
Additions investments in subsidiaries and affiliates | (0.4) | (0.8) | (1.8) |
Investment sale | 158.2 | ||
Acquisition of subsidiary, net of cash acquired | (4.1) | ||
Acquisition of non controlling interest | (3.8) | ||
Financial investments | (17.6) | 135.9 | 113.1 |
Dividends received | 0.9 | 1.7 | 0.5 |
NET CASH USED IN INVESTING ACTIVITIES | (109.5) | (131.6) | (105.3) |
FINANCING ACTIVITIES | |||
Proceeds from borrowings | 145.4 | 60.4 | 2,079.1 |
Repayment of borrowings | (961.8) | (478.2) | (1,061.8) |
Proceeds from stock options exercised | 0.4 | ||
Receipt in the offering of subsidiary shares | 207 | ||
Costs in the offering of subsidiary shares | (47.9) | ||
Repurchases of common shares | (2.5) | ||
Lease payments | (11.9) | (10.3) | (9) |
NET CASH GENERATED (USED) IN FINANCING ACTIVITIES | (669.2) | (430.6) | 1,008.7 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (27.4) | (46.9) | (386.8) |
Effects of exchange rate changes on cash and cash equivalents | 4.4 | 2.4 | (37.8) |
Cash and cash equivalents at the beginning of the period | 1,838.6 | 1,883.1 | 2,307.7 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 1,815.6 | 1,838.6 | 1,883.1 |
Included in cash and cash equivalents per the statements of financial position | 1,816.9 | 1,818.3 | $ 1,883.1 |
Included in assets held for sale - Evora Companies | 0 | $ 20.3 | |
Including cash overdraft classified as liability | $ (1.3) |
Operations
Operations | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Operations | 1. Operations Embraer S.A. (“Embraer” or “the Company”) is a publicly held company incorporated under the laws of the Federative Republic of Brazil (“Brazil”) with headquarters in São José dos Campos, State of São Paulo. The corporate purpose of the Company is: (i) To design, build and market aircraft and aerospace materials and related accessories, components and equipment. (ii) To perform and carry out technical activities related to the manufacturing and servicing of aerospace materials. (iii) To contribute to the training of technical personnel as necessary for the aerospace industry. (iv) To engage in and provide services for other technological, industrial, commercial and service activities related to the aerospace industry. (v) To design, build and trade in equipment, materials, systems, software, accessories and components for the defense, security and energy industries, as well as promote and carry out technical activities related to the manufacturing and servicing thereof. (vi) To conduct other technological, manufacturing, trading and services The Company’s shares (B3: EMBR3, NYSE: ERJ) are listed in the enhanced corporate governance segment of the Stock Exchange in Brazil (“B3”), known as the New Market (“Novo Mercado”). Embraer S.A. has also issued American Depositary Shares (evidenced by American Depositary Receipts - ADRs) which are registered with the Securities and Exchange Commission (“SEC”) and listed on the New York Stock Exchange (“NYSE”). These financial statements were authorized by Management on March 30, 2023. 1.1 Significant events in the fiscal year and its impacts in the consolidated financial statements 1.1.1 Impacts of the COVID-19 The updated status and related impacts on the Company’s segments are detailed below. Defense & Security In the last quarter of 2022, the Defense & Security segment continues to be impacted by the COVID-19 pre-pandemic COVID-19 COVID-19. On Executive Aviation During 2022, the Executive Aviation segment COVID-19 On the date of this report, the production lines of our Executive Aviation products are able to maintain planned supply levels without further shortages. The Company continue to oversee risks and control the supply chain, accommodating demand to avoid obstacles that may yet arise from this global crisis. In 2022 no postponements or cancellations of orders were observed. The Company delivered a total of 102 executive jets in 2022, thus achieving a 9.6% increase over the volume delivered in the previous year. Commercial Aviation In the Commercial Aviation segment, the extensive traffic disruption caused by COVID-19 affected our supplier’s and customer’s operations throughout the world, similar to the effects observed in the market worldwide. As a result of COVID-19, industrial sector is suffering impacts related to the supply chain, which has affected Embraer in the same way. In 2022, the most significant impacts were attributable by supplier delays. Services & Support Embraer Services & Support is a segment focused on providing parts, flight hour solutions, maintenance, training, and engineering products and services for Embraer operators in the Commercial, Executive, Defense & Security segments. Embraer has maintained positive results through its ability to support customer needs, convert commercial opportunities into new businesses, and contract renewals as the market had gradually and cautiously been recovering its activities. The slight year-over-year revenue improvement comes despite ongoing challenges in the aerospace industry as a reflection of the pandemic. The most critical of these are worldwide materials shortages and supply chain constraints which are affecting availability of spare parts inventories, delaying repair turnaround time, and increasing the quantity of back-ordered items. The trend is the increase in international and domestic commercial flights. In the executive jet aviation, the numbers are already higher than pre-pandemic 1.1.2 Completion of transaction with Zanite Acquisition Corporation and listing of Eve on the NYSE On May 9, 2022, in accordance with terms of the Business Combination Agreement entered into on December 21, 2021, between Embraer, two of its wholly owned subsidiaries Embraer Aircraft Holding, Inc. (“EAH”) and Eve UAM, LLC (“Eve”), and Zanite Acquisition Corp. (“Zanite”), a Special Purpose Acquisition Company – SPAC incorporated in 2020, the closing of the Business Combination occurred, pursuant to which Zanite issued 220,000,000 shares to EAH in exchange for the transfer by EAH to Zanite of all of the issued and outstanding equity interests of Eve. As a result, Eve is now a wholly owned subsidiary of Zanite, which has changed its name to Eve Holding, Inc. Eve Holding, Inc. (EVEX) is an emerging growth company and non-accelerated filer with securities listed on the NYSE. Embraer holds 90.2% of EVEX ownership interests upon the completion of Business Combination. Further details in relation to the accounting impacts of Business Combination process to Embraer consolidated financial statements are presented on Note 12.3. In the 4th quarter of 2022, due to the new warrants for PIPE investors, as well as the exercise of some warrants, EAH’s final interest on December 31, 2022, decreased to 89.7% . 1.1.3 Completion of the divestment plan related to the Évora (Portugal) industrial facilities The Company concluded on May 2, 2022, the sale of all the shares of the subsidiaries Embraer Portugal Estruturas Metálicas S.A. and Embraer Portugal Estruturas em Compósitos S.A. to Aernnova Aerospace, SAU , based on the terms of the binding agreement signed on January 11, 2022. The final adjusted price for the transaction was US$ 175.0, resulting in a cash inflow of US$ presented as investin g . 1.1.4 Russia - Ukraine conflict The Company has suspended the supply of parts, maintenance and technical support services for certain customers to comply with the sanctions imposed on Russia, Belarus and certain regions of Ukraine by laws of jurisdictions to which Embraer is subject. The Company continues to monitor its supply chain in view of the uncertainties related to the conflict between Russia and Ukraine and the challenges of the current macroeconomic scenario, as well as the impacts of inflation, gas and energy prices. Embraer will continue to monitor the evolution and developments of the conflict and its impacts on the Company’s operations, customers and suppliers. The Company has no material assets or liabilities exposed to Russia, Belarus, or Ukraine as of December 31, 2022, therefore no relevant accounting impact was identified at the date of authorization for issuance of these consolidated financial statements. 1.1.5 Pause in the E175-E2 jet development program The Company’s Board of Directors approved on February 18, 2022, a three-year pause in its E175-E2 jet development program. As in previous years, the re-programing of activities is associated with the ongoing US mainline scope clause discussions with the pilot unions regarding the maximum take-off weight (MTOW) limitation for aircraft with up to 76 seats, together with current global market conditions for commercial aviation and the continuing interest in the current E175 jet in the US market. The Company expects to resume the program development activities following the aforementioned period, which will result in a re-programming of the aircraft entry into service between 2027 and 2028. The impacts on the future cash flows of the E2 Platform cash-generating unit (CGU) related to the pause in the E175-E2 jet development program were considered by Management in the impairment test of this CGU on December 31, 2022, and no impairment losses were identified. In addition, there were no impairment indicators in this CGU for the year ended on December 31, 2022 (Note17). 1.1.6 Tender Offer On March 1, 2022, under a Tender Offer, Embraer S.A. repurchased and canceled US$ 287.8 in principal amount of notes issued, in which US$ 59.2 are notes issued by Embraer S.A. maturing in 2022 with an interest of 5.15% p.a. and US$ 228.6 are notes issued by Embraer Overseas Limited and guaranteed by Embraer S.A., with an interest of 5.696% p.a., and maturing in 2023. In 2022, the Senior unsecured notes repurchased were derecognized. The Company recognizes as a financial expense the difference between the carrying amount of the repurchased portion (amortized cost) and the amount paid, totaling US$ 12.1 (Note 32). 1.1.7 Investment agreement for non-controlling interest in XMobots On September 16, 2022, the Company signed an investment agreement for non-controlling interest in XMobots, a company specializes in the development and manufacture of high-performance VTOL drones and related technologies. By the application of resources in XMobots, the Company holds, in the amount of US$ 3.8 million (R$ 20 million), 158,508 class A3 preferred shares, convertible into common shares and with voting rights, representing 10.24% of the voting and total share capital of XMobots. The closing term of the transaction between the parties was signed on November 8, 2022. |
Presentation of the Financial S
Presentation of the Financial Statements and Accounting Practices | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Presentation of the Financial Statements and Accounting Practices | 2. Presentation of the Financial Statements and Accounting Practices 2.1 Presentation and preparation of the financial statements The consolidated financial statements have been prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) which include (i) IFRS, (ii) the International Accounting Standard (“IAS”), and (iii) the International Financial Reporting Interpretations Committee (“IFRIC”). 2.1.1 Basis of preparation These consolidated financial statements have been prepared under the historical cost convention, except when the account requires different criteria and adjusted for assets and liabilities measured as at fair value in subsequent measurement, when applicable. The preparation of financial statements requires the use of certain estimates. It also requires the management of the Company to exercise judgment in the process of applying the Company’s accounting policies. These consolidated financial statements include accounting estimates for certain assets, liabilities and other transactions. The areas which involve higher degree of judgments or complexities, or assumptions and significant estimates to the consolidated financial statements, are disclosed in Note 3. 2.1.2 Consolidation These consolidated financial statements include the balances as of December 31, 2022 of the Company and all subsidiaries in which the Company has control, directly or indirectly. All accounts and balances arising from transactions between controlled entities are eliminated during the consolidation process. Unrealized profits generated by intercompany transactions are eliminated in the consolidation process, both for sales operations from subsidiaries to the Parent Company (upstream transactions) or from the Parent Company to subsidiaries (downstream transactions). Subsidiaries are entities over which the Company has control, which means exposure and rights to variable returns, the ability to use its power over these entities to affect those returns and ability to manage its relevant activities. The control assessment considers, in addition to who holds the majority of voting rights, the shareholders agreement in place between the Company and other non-controlling shareholders with voting rights, any rights arising from other contractual agreements and potential voting power. Subsidiaries are fully consolidated from the date on which control is acquired until the date in which the Company losses control. Balances associated to the non-controlling non-controlling 2.1.3 Corporate structure Below is presented information regarding the consolidated subsidiaries: As of December 31, 2022: Entity Interest Country Core activities Airholding S.A. 100 % Portugal Coordinates investments in subsidiaries in Portugal OGMA - Indústria Aeronáutica de 65 % Portugal Aviation maintenance and production ELEB Equipamentos Ltda. 100 % Brazil Sale of hydraulic and mechanical equipment for the aviation Embraer Aircraft Holding, Inc. 100 % USA Concentrates corporate activities in the USA Embraer Aircraft Customer Services, 100 % USA Sale of spare parts and support services in North America and the Embraer Aircraft Maintenance 100 % USA Maintenance of aircraft and components Embraer Business Innovation Center, 100 % USA R&D of technological innovations in the aerospace sector and related areas Embraer Executive Jet Services, LLC 100 % USA After sale support and aircraft maintenance Embraer Executive Aircraft, Inc. 100 % USA Final assembly and delivery of executive jets Embraer Engineering & Technology 100 % USA Engineering services related to aircraft research and development Embraer Defense and Security, Inc. 100 % USA Supply of Super Tucano aircraft to the American Air Force (LAS) Embraer CAE Training Services, LLC 51 % USA Pilot, mechanic and crew training EVE Holding, Inc 89.7 % USA Publicly held company, with shares traded on the NYSE, which owns EVE UAM, LLC. 100 % USA Development, design, manufacture, marketing, certification and EVE Soluções De Mobilidade Aérea 100 % Brazil Eve subsidiary with operations in Brazil. Embraer Aviation Europe – EAE 100 % France Concentrates corporate activities abroad, specifically Europe Embraer Aviation International – EAI 100 % France Sale of parts and after sale services in Europe, Africa and the Middle Embraer Europe SARL 100 % France Commercial representation of the Company in Europe, Africa and the Embraer Defesa e Segurança 100 % Brazil Coordinates investments in the Defense & Security segments Atech - Negócios em Tecnologias S.A. 100 % Brazil Development and control, communications, computer and Visiona Tecnologia Espacial S.A. 51 % Brazil Supply and development of satellite solutions Visiona Internacional B.V. 100 % Netherlands International subsidiary of Visiona Tempest Serviços de Informática S.A. 61 % Brazil Research, development and services in the areas of Information Tempest Security Intelligence 100 % UK Retail trade of computer products, maintenance, repair and related EZS Informática S.A. 100 % Brazil Retail trade of computer products, maintenance, repair and related ID IT Tecnologia da Informação 100 % Brazil Development and licensing of customizable computer programs, Embraer GPX Ltda. 100 % Brazil No operations Embraer Netherlands Finance B.V. 100 % Netherlands Financial operations raising and investing funds of the Embraer Embraer Netherlands B.V. 100 % Netherlands Concentrates corporate activities in Europe for leasing and selling Embraer Asia Pacific PTE. Ltd. 100 % Singapore Sale of spare parts and support services in Asia Embraer Portugal S.A. 100 % Portugal Coordinates investments and economic activities in subsidiaries in Embraer (China) Aircraft Technical 100 % China Sale of spare parts and support services in China EZ Air Interior Limited 50 % Ireland Fabrication of interiors for commercial aircraft Embraer Overseas Ltd. 100 % Cayman Islands Financial operations raising and investing funds of the Embraer Embraer Spain Holding Co. SL 100 % Spain Concentrates corporate activities abroad ECC Investment Switzerland AG 100 % Switzerland Coordinates investments in subsidiaries abroad ECC Insurance & Financial 100 % Cayman Islands Covers financial guarantees offered in aircraft sale structuring Embraer Finance Ltd. 100 % Cayman Islands Support to the Company in structuring specific operations Fundo de Investimento em 100 % Brazil Exclusive fund created with the objective of technological and Yaborã Indústria Aeronáutica S.A. 100 % Brazil Concentrates the production and commercialization of As of December 31, 2021: Entity Interest Embraer Country Core activities Airholding S.A. 100 % Portugal Coordinates investments in subsidiaries in Portugal OGMA - Indústria Aeronáutica de 65 % Portugal Aviation maintenance and production Yaborã Indústria Aeronáutica S.A. 100 % Brazil Concentrates the production and commercialization of ELEB – Equipamentos Ltda. 100 % Brazil Sale of hydraulic and mechanical equipment for the aviation industry Embraer Overseas Ltd. 100 % Cayman Islands Financial operations raising and investing funds of the Embraer Group Embraer Netherlands Finance B.V. 100 % Netherlands Financial operations raising and investing funds of the Embraer Group Embraer Netherlands B.V. 100 % Netherlands Concentrates corporate activities in Europe for leasing and selling used Embraer Asia Pacific PTE. Ltd. 100 % Singapore Sale of spare parts and support services in Asia Embraer Portugal S.A. 100 % Portugal Coordinates investments and economic activities in subsidiaries in Embraer - Portugal Estruturas 100 % Portugal Fabrication of steel parts and products for the aviation industry Embraer - Portugal Estruturas 100 % Portugal Fabrication of composite parts and products for the aviation industry Embraer (China) Aircraft Technical 100 % China Sale of spare parts and support services in China EZ Air Interior Limited 50 % Ireland Fabrication of interiors for commercial aircraft Embraer Aircraft Holding Inc. 100 % EUA Concentrates corporate activities in the USA Embraer Aircraft Customer Services, 100 % EUA Sale of spare parts and support services in North America and the Embraer Aircraft Maintenance 100 % EUA Maintenance of aircraft and components Embraer Business Innovation Center, 100 % EUA R&D of technological innovations in the aerospace sector and related areas Embraer Executive Jet Services, LLC 100 % EUA After sale support and aircraft maintenance Embraer Executive Aircraft, Inc. 100 % EUA Final assembly and delivery of executive jets Embraer Engineering & Technology 100 % EUA Engineering services related to aircraft research and development Embraer Defense and Security Inc. 100 % EUA Supply of Super Tucano aircraft to the American Air Force (LAS) Embraer CAE Training Services LLC 51 % EUA Pilot, mechanic and crew training Embraer Solutions, LLC 100 % EUA Sale of spare parts and support services for the Executive Aviation EVE UAM, LLC. 100 % EUA Aircraft development, design, manufacturing, selling, certification and EVE Soluções De Mobilidade 100 % Brazil Eve’s subsidiary with operations in Brazil Embraer Aviation Europe - EAE 100 % France Concentrates corporate activities abroad, specifically Europe Embraer Aviation International - EAI 100 % France Sale of parts and after sale services in Europe, Africa and the Middle Embraer Aviation France - EAF 100 % France Sale of spare parts and support services in Europe Embraer Europe SARL 100 % France Commercial representation of the Company in Europe, Africa and the Embraer Defesa & Segurança 100 % Brazil Coordinates investments in the Defense & Security segments Atech - Negócios em Tecnologias 100 % Brazil Development and control, communications, computer and intelligence Visiona Tecnologia Espacial S.A. 51 % Brazil Supply and development of satellite solutions Visiona Internacional B.V. 100 % Netherlands International subsidiary of Visiona Tempest Serviços de Informática S.A. 61 % Brazil Research, development and services in the areas of Information Tempest Security Intelligence 100 % UK Retail trade of computer products, maintenance, repair and related EZS Informática S.A. 100 % Brazil Retail trade of computer products, maintenance, repair and related ID IT Tecnologia da Informação 99 % Brazil Development and licensing of customizable computer programs, Embraer GPX Ltda 100 % Brazil No operations Embraer Spain Holding Co. SL 100 % Spain Concentrates corporate activities abroad ECC Investment Switzerland AG 100 % Switzerland Coordinates investments in subsidiaries abroad ECC Insurance & Financial 100 % Cayman Islands Covers financial guarantees offered in aircraft sale structuring Embraer Finance Ltd. 100 % Cayman Islands Support to the Company in structuring specific operations Fundo de Investimento em 100 % Brazil Exclusive fund created with the objective of technological and 2.1.4 Associates Águas Azuis Construção Naval SPE Ltda. of % by Embraer. The transactions performed by this entity are recognized using the equity method and are presented as operating income of the Company. Equity Investment Fund ( “ FIP ” ) Aeroespacial Desenvolve SP 2.2 Summary of significant accounting policies We present below the significant accounting policies adopted in the preparation of these consolidated financial statements. 2.2.1 Functional and presentation currency A Company’s functional currency is the currency of the primary economic environment in which it operates and is the currency that best reflects company’s business and operations. Based on our analysis, management has concluded that the U.S. dollar (“US$” or “Dollar”) is the Company’s functional currency, of the following indicators: • Currency that most influences the prices of goods and services; this is the currency in which the sales price of its goods and services are expressed and settled. • Currency of the country whose competitive forces and regulations most influence the Company’s business. • Currency that most influences the costs of providing goods or services, i.e., the currency in which the Company’s costs are normally expressed and settled. • Currency in which the Company largely obtains funds for financial operations and in which it normally receives for its sales and accumulates cash. 2.2.2 Transactions in foreign currencies Transactions in other currencies (other than the functional currency) are translated into the functional currency at the foreign exchange rates in force on the transaction dates. The amounts in other currencies are updated at the exchange rates of the reporting dates. Foreign exchange gains and losses resulting from this translation (in relation to monetary assets and liabilities indexed in currencies other than the functional currency) are recognized in the consolidated statements of income as foreign exchange gain (loss), net. Customer advances and advances to suppliers for goods and/ or services in foreign currencies are translated to the Company’s functional currency in the transaction date and no subsequent translation is recognized. The results and financial position of foreign subsidiaries that have a functional currency different from the Company’s functional currency are translated into the functional currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statements of financial position. • Income and expenses for each statement of income and statements of comprehensive income are translated at monthly average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • All resulting exchange differences are recognized in the statements of comprehensive income in the line of translation adjustments. Goodwill 2.2.3 Financial Instruments a) Financial assets a.1) Recognition and measurement Financial assets are recognized when the Company becomes part of the instrument’s contractual arrangements. They are initially measured at fair value, plus transaction costs attributable to their acquisition or issuance, except for instruments measured at fair value through profit or loss, for which these costs are recognized immediately in the consolidated statements of income. The Company classifies its financial assets under the following categories: (i) measured as at amortized cost, (ii) measured as at fair value through other comprehensive income and (iii) measured at fair value through profit or loss. Financial assets are not reclassified subsequent to initial recognition, unless the Company modifies the business model for the management of these financial assets, in which case all affected assets are reclassified on the first day of the new business model. Financial assets are derecognized when the contractual rights to receive cash flows from the asset expires or are transferred in a transaction in which substantially all the risks and benefits of ownership of the financial asset are transferred by the Company. a.2) Classification and subsequent measurement The Company classifies financial assets as measured at amortized cost only if both criteria are met: • The asset is held within a business model whose objective is to collect the contractual cash flows; and • The contractual terms give rise to cash flows, at specific dates, which relate only to the payments of principal and interest. Financial assets measured as at amortized cost by the Company includes cash and cash equivalents, certain financial investments, trade accounts receivable, customer and commercial financing, guarantee deposits and other financial assets. Financial assets measured as at fair value through other comprehensive income (FVOCI) are assets held within a business model whose purpose is achieved both through the receipt of contractual cash flows and the sale of financial assets, as well as their contractual terms generate, on specific dates, cash flows that are related only to payments of principal and interest. Changes in fair value of FVOCI financial assets are recognized in other comprehensive income (loss) in the consolidated changes in shareholders’ equity. Gains or losses due to impairment and exchange variation, including interest calculated using the effective interest method, are recognized in the consolidated statements of income as financial expense, net, except for the exchange variation recognized as foreign exchange gain (loss), net. In the derecognition of these financial assets, any amounts accumulated in the consolidated statements of other comprehensive income are reclassified to the consolidated statements of income. All financial assets not classified by the Company as measured at amortized cost or as FVOCI are classified as at fair value through profit or loss (FVTPL). These assets include financial assets held for active and frequent trading and derivative financial instruments. (i) Business model evaluation The Company evaluates the business model objective for the management of financial assets as part of the accounting classification of the instruments. The factors considered in this evaluation are: • The current financial policy and the objectives set for portfolio management, which includes assessing whether the strategy focuses on contractual interest income, maintaining a determined interest rate profile, the relationship between the duration of the financial assets and related liabilities, expected cash outflows, or the collection of cash flows through the sale of underlying financial assets. • How portfolio performance is assessed and reported to Management. • Risks that affect the performance of the business model and how they are managed. • The frequency, volume and timing of assets sales in prior periods, the reasons for such transactions and future expectations. (ii) Evaluation if contractual cash flows are only principal and interest payments To assess whether contractual cash flows are only principal and interest payments, the principal is defined as the fair value of the financial asset at the initial recognition, and interest as a consideration for the time value of money, the credit risk associated with value of principal outstanding during contractual terms, other risks and general costs of loans, as well as the profit margin in the transaction. This evaluation is made by considering the contractual terms of the financial assets, which includes, in addition to evaluating whether the contractual cash flows are only principal and interest payments, the existence of terms that could change the timing or value of the contractual cash flows which would not meet the definition, including: contingent events, terms that can adjust contractual rates, prepayment and extension of due dates, and terms that limit access to cash flows of specific assets. b) Financial liabilities The Company classifies its financial liabilities in the following categories: (i) measured at amortized cost and (ii) fair value through profit or loss. A financial liability is measured at fair value through profit or loss if it is held for trading or is a derivative financial instrument, and its changes, including interest, are recognized in the consolidated statements of income. Changes in other financial liabilities measured as at amortized cost, including interest and exchange variation, are recognized in the consolidated statements of income under financial income (expenses), net caption, except for the exchange variation recognized as foreign exchange gain (loss), net. Financial liabilities are derecognized when contractual obligations are withdrawn, canceled or expired. The difference between the extinct book value and the consideration paid (including transferred assets or assumed liabilities) is recognized in the consolidated statements of income. 2.2.4 Cash and cash equivalents and financial investments Cash and cash equivalents include cash in hand, cash in transit (amounts paid by our customers or debtors that are pending release by the intervening bank at the reporting date), bank deposits, net of bank overdrafts and highly liquid short-term investments, maturing within 90 days of the investment date, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Amounts related to cash and cash equivalents, which are however not available for use by the Company, are presented within other assets in the consolidated financial statements. Other financial investments with maturities of more than 90 days from the acquisition date are presented as financial investments. 2.2.5 Trade accounts receivable and customer and commercial financing When making a sale, the Company evaluates its payment terms. If the sale amount is not received immediately, which is the case with aircraft sales, it will be recognized in the trade accounts receivable. The amount receivable when the payment is deferred by the customer is adjusted to present value if applicable, identifying an interest rate compatible with the market at the time of sale and applying it to the amount receivable according to the transaction payment terms. Expected credit losses are recognized using actual credit loss experiences from the last years and follow-up of prospective trends in the markets and segments that the Company operates. The identified factor is applied to the measurement of expected credit losses and recognition of impairment losses in the consolidated statements of income. The methodology data is reviewed and updated periodically in respect of economic circumstances and market conditions in which the Company operates. Customer and commercial financing relate to accounts receivable transactions identified with significant financing component. The Company applies the lifetime model to estimate the expected credit losses over receivables recorded as customer and commercial financing. The expected credit losses are estimated considering the customer’s probability of default based on contractual term as defined on each applicable agreement and updated on a reporting date basis. The fair value of collateral components is considered to cover and reduce the credit exposure assumed (whether partially or in its entirety) as well as the expected credit losses recognized. 2.2.6 Derivative financial instruments The Company uses derivative instruments to hedge its operations against the risk of fluctuations in foreign exchange, interest rates and share prices; they are not used for speculative purposes. Gains and losses on derivative transactions are recorded in consolidated statements of income, considering the fair value of these instruments. The unearned gains and losses are recognized in the consolidated statements of financial position under derivative financial instruments, and the counterpart in consolidated statements of income under financial expense, net, (Note 32), except for operations to hedge exposure to changes in exchange rate or designated as cash flow hedge, which is recognized as other comprehensive income (loss) in shareholders’ equity. a) Warrants Public and Private Warrants Public Warrants are listed and traded on the NYSE under the ticker EVEX.WS, so their fair value is derived directly from observable market prices. The measurement of Public and Private Warrants is identical since the differences between them do not affect their fair value. Strategic Warrants Strategic Warrants are measured as follows: a) Penny warrants: the share price of the EVEX.WS ticker on the NYSE minus the warrant’s strike price; b) Market warrants: measurement identical to that of Public Warrants, except for those issued with a different strike price, which are measured based on the Black-Scholes pricing model. Certain Strategic Warrants are exercisable subject to the occurrence of future events. In the initial measurement and subsequent recognition of the financial instrument, the probability of occurrence of these events that would allow investors to exercise the right to purchase the shares is considered. The initial recognition of Warrants was recorded as other operating expenses and changes in their fair value are recorded in financial income. Additional information is described in Note 12.5.3. 2.2.7 Hedge accounting The Company uses hedge accounting to record certain derivative financial instruments applied to hedge risks of fluctuations in foreign exchange and interest rates in transactions associated with firm commitments and highly probable forecast transactions. On the hedge’s initial designation, the Company formally documents the relationship between hedge instruments and hedged items, including the risk management objectives and the strategy for conducting the transaction, together with the methods used to evaluate the effectiveness of hedge relationship. The fair value of derivative financial instruments designated as hedge accounting is presented in Note 8. Changes in fair value of hedge instruments and hedge costs are recorded in other comprehensive income (loss) in shareholders’ equity and are also presented in Note 8. a) Fair value hedge Fair value hedge is applied for derivative financial instruments that hedge the Company against risk of fluctuations in interest rates (hedged risk) of loans and financing. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in income or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps is recognized in income or loss as financial expense, net. The gain or loss relating to the ineffective portion is recognized in income or loss within financial expense, net. b) Cash flow hedge Cash flow hedge is applied for hedging risks associated with the volatility of cash flows in foreign currency associated with highly probable forecast transaction that will impact income or loss, in this case the payroll expenses of personnel in Brazil settled in Brazilian Real. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, within financial expenses, net. Where option contracts are used to hedge forecast transactions (put and call options of foreign currency), the Company designates only the intrinsic value of the options as the hedging instrument. Gains or losses relating to the effective portion of the change in intrinsic value of the options are recognized in the cash flow hedge reserve within the shareholders’ equity. The changes in the time value of put and call options that relate to the hedged item (‘aligned time value’) are recognized as hedge costs in other comprehensive income (loss) within shareholders’ equity. Amounts accumulated in shareholders’ equity are reclassified in the periods when the hedged item affects income or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in shareholders’ equity at that time remains in shareholders’ equity until the highly probable forecast transaction occurs, when it is reclassified to income or loss along with the gain or loss of forecast transaction. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in shareholders’ equity are immediately reclassified to income or loss within financial expense, net. c) Effectiveness of hedge accounting Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the Company enters into interest rate swaps where the critical terms of the hedging instrument match exactly with the terms of the hedged item, as notional value, payment term and cash outflow dates. Since all critical terms matched during the year the hedge relationship was 100% effective. In the case of cash flow hedges designated to hedge the volatility of payroll expenses settled in Brazilian Real, the Company enters into zero-cost 2.2.8 Inventories The Company’s inventories are largely comprised of raw material, work in progress, spare parts and finished goods. Inventories of raw materials are recognized at acquisition cost. Inventories of work in process comprise raw materials, direct labor, other direct costs and general production costs attributable to the cost of the inventories. Once the products have been completed, they are recognized as finished products. Inventories of raw material and spare parts are recognized as at the weighted average cost. Manufactured aircrafts (finished goods) and work in progress are measured at their individual production cost, which is recognized as cost of sales and services in the consolidated statements of income when aircraft are delivered to the customer. Inventories are assessed periodically to determine whether the net realizable value is higher than its cost and impairment loss is recognized if the book value is higher as cost of goods sold and services rendered. Provision for obsolescence is recorded for items without activity for over two years and with no planned use in the production program, and to cover expected losses from excess inventories or obsolete work in progress, except for inventories of spare parts, for which the provision is based on technical obsolescence of items without activity for over two years. The Company may have used aircraft for resale, usually received in trade-in transactions to facilitate new aircraft sales. The book value of these assets is compared periodically with its net realizable value, which is the assets estimated selling price in the ordinary course of business less estimated costs to sell. Any loss identified is recognized in the consolidated statements of income as other operating expenses, net. Management, together with its external appraisers, estimates the sale price based on aircraft appraisals. 2.2.9 Income tax and social contribution Tax expenses for the year comprise current and deferred income tax. Income tax is recognized in the consolidated statements of income, except the portion of deferred income tax related to items recognized directly in the consolidated shareholders’ equity in other comprehensive income. The current income tax is calculated considering the effective tax laws on reporting date in the countries which the Company operates and generates taxable income, wherein 34% in Brazil, composed of 25% income tax and 9% social contribution on net income. Management evaluates on a recurring basis uncertain tax positions taken by the Company in the current income tax calculation based on the applicable tax laws, and records a provision, when appropriate, based on the estimated amount to be paid to tax authorities. Deferred income tax is recognized on temporary differences arising between the tax and accounting basis of assets and liabilities. Deferred income tax asset is recognized solely based on future taxable income available to reverse the temporary differences. Deferred income tax assets and liabilities are presented net in the statements of financial position when there is intention and the legal right is enforceable to offset the amounts in the current income tax calculation, and mainly related to the same legal entity and same tax authority. Therefore, deferred tax assets and liabilities of different legal entities and/or tax jurisdictions are generally presented gross. 2.2.10 Assets held for sale An asset or group of assets and liabilities is held for sale when its carrying amount is expected to be recovered mainly through the sale transaction rather than through continuing use. This occurs if the asset is available for immediate sale “as is”, subject only to usual and customary terms for completion of the transaction, when the sale is d efined The group of assets and liabilities held for sale (disposal group) are measured at the lower of their carrying amount and fair value less incremental costs directly attributable to the conclusion of sale transaction. Upon the classification as assets held for sale, the depreciation and |
Critical accounting estimates a
Critical accounting estimates and significant judgements | 12 Months Ended |
Dec. 31, 2022 | |
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Critical accounting estimates and significant judgements | 3. Critical accounting estimates and significant judgements Preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and adopt assumptions that affect the reported amounts of assets and liabilities, revenue and expense and their disclosure. Therefore, variables and assumptions derived from historical experience and other factors deemed relevant were used The significant accounting policies, including the variables and assumptions used in the estimates, and the relevant sensitivity of those judgments to different scenarios and conditions are described below: 3.1. Revenue from long-term contracts (Defense & Security) 3.1.1 Estimated costs at completion of contracts In the Defense & Security segment, a significant portion of revenue is derived from long-term contracts with the Brazilian and foreign governments, recognized over time by the cost incurred method (Note 2.2.25 – c), using the ratio of actual cumulative costs incurred divided by total estimated costs at completion for progress measurement. During the contract execution, the Company assesses the costs incurred, adjusting total estimated costs at completion, if necessary, to reflect variations in costs in relation to the projections, mainly due to changes in circumstances and new events, such as contract modification. Any resulting increase or decrease in estimated revenues or costs at completion is recognized as catch-up adjustment in the consolidated statements of income, increasing or decreasing revenue and gross margin, in the reporting period which the circumstances that give rise to the change become known by Management. In a hypothetical scenario of 10% increase or decrease over Management’s projection of estimated costs at completion of long-term contracts in progress during 2022, the Company’s revenue and gross margin in the year would be lower in US$ 91.8 or would increase by US$ 101.4, respectively. 3.1.2 Contract modifications Contract modification is a change in scope, price or both of contracts with customers. On long-term contracts of the Defense & Security segment, contract modification might occur as a result of changes in price due to escalation, rebalance of price due to changes in cost structure, increase or decrease of scope, as well as adjustment to deliverables timeline. Management is required to review the assumptions of revenue recognition for long-term contracts recognized over time when a contract modification is enforceable (revenue and estimated costs at completion). Contract modification is solely adjusted in revenue recognition of a long-term contract when the subject of modification is approved by the parties of the original contract, which is usually achieved in the signature of contract amendment in the Defense & Security segment. A contract modification might also exist when the parties to the original contract had discussions regarding scope or price (or both) of the modification, if the changes in rights and obligations of the parties as a result of modification are enforceable under the terms of the original contract and/or the applicable law. In 2021, the Brazilian Air Force publicly announced its decision to unilaterally reduce the total contract value by 25%, reducing the total number of KC-390 Millennium aircraft to be delivered from 28 to 22. The effects of the contract modification generated by these contractual amendments resulted in a revenue adjustment of US$ 41 on December 31, 2021, reducing the Company’s revenue, gross margin and contract assets for the year ended. In 2022, as disclosed in Note 1.1.1., Embraer and the Brazilian Air Force engaged in negotiations on the subject, conducting a new negotiation process, which resulted, among others, in the conclusion of amendments to the Contracts to (i) reduce from 22 to 19 the total number of KC-390 Millennium aircraft to be delivered under the Contracts, definitively ending the possibility of further reductions by the Brazilian Air Force pursuant to the law; (ii) redefine and reschedule the delivery schedule in order to distribute in time the effect of the reduction in the number of aircraft; and (iii) adjust contractual clauses in order to maintain their economic and financial balance. Thus, the effects of the contract modification generated by these contractual additives resulted in an adjustment reducing the net income by US$ 5 for the year ended December 31, 2022. 3.2. Impairment of long-lived assets The impairment test performed considers the Company’s medium and long-term strategic plan cash flows, brought to present value at the weighted average cost of capital (WACC) for the year ended on December 31, 2022. In preparing or using this information, the Company uses certain estimates, as follows: a) Gross expected cash flow - b) Growth rates - c) Discount rates - d) Foreign exchange rate USD/BRL Additional information on the impairment test is disclosed in Note 17. 3.3 Warrants In measuring the value of Strategic Warrants, both in the initial measurement and in the subsequent recognition of the financial instrument, there was significant judgment in defining the probability of occurrence of future contingent events that would allow investors to exercise the right to purchase the shares, as per Note 12. 3 |
New Standards and Interpretatio
New Standards and Interpretations | 12 Months Ended |
Dec. 31, 2022 | |
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New Standards and Interpretations | 4. New standards and interpretations The main standards issued by the IASB that have not yet come into force and have not been adopted by the Company before December 31, 2022 are set out as follows: Effective date: January 1, 2023 • Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2. • Definition of Accounting Estimates - Amendments to IAS 8. • Insurance Contracts - IFRS 17. • Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12. Effective date: January 1, 2024 • Classification of liabilities as current or non-current The Company estimates that there are no material impact on the application in its consolidated financial |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
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Cash and cash equivalents | 5. Cash and cash equivalents 12.31.2022 12.31.2021 Cash and banks 846.1 998.3 846.1 998.3 Cash equivalents Bank deposit certificate (i) 129.7 75.2 Fixed deposits (ii) 841.1 765.1 970.8 840.3 1,816.9 1,838.6 (-) Reclassification - Assets held for sale — (20.3 ) 1,816.9 1,818.3 (i) Applications in Bank Deposit Certificates (CDBs), issued by financial institutions in Brazil, available for redemption in up to 90 days at time of purchase without impact on contracted remuneration. (ii) Fixed term deposits in U.S. dollars with original maturities of 90 days or less at time of purchase. In an event of early redemption there is a minimum or no impact on contracted remuneration. |
Financial investments
Financial investments | 12 Months Ended |
Dec. 31, 2022 | |
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Financial investments | 6. Financial investments 12.31.2022 12.31.2021 Amortized Fair value through Fair value Total Amortized Fair value through Fair value Total Financial instruments Public securities (i) 66.7 — — 66.7 51.6 — — 51.6 Private securities (ii) 105.0 — — 105.0 — — — — Structured Notes (iii) — — — — 14.1 — 79.0 93.1 Investment funds — — 22.7 22.7 — — 22.1 22.1 Fixed-Term Deposits 178.8 194.7 — 373.5 13.7 541.0 — 554.7 Others (v) — — 96.5 96.5 — — 94.9 94.9 350.5 194.7 119.2 664.4 79.4 541.0 196.0 816.4 Current portion 180.5 194.7 119.2 494.4 13.8 541.0 196.0 750.8 Non-current 170.0 — — 170.0 65.6 — — 65.6 (i) Debt securities issued by the Brazilian government with maturity in 2030. (ii) Debt securities issued by certain financial institutions with long-term maturities. (iii) Structured notes associated with the credit risk of financial institution issuer and the Brazilian government. (iv) Fixed-term deposits in U.S. dollars issued by financial institutions, with a maturity of more than 90 days from the date of contracting. (v) It mainly relates to shares of the Republic Airways Holdings, arising from the request for the judicial reorganization of the former entity Republic Airways and received by the Company. The weighted average nominal interest rates on December 31, 2022, related to cash equivalents and financial investments made in Brazilian Reais were 12.54% p.a., equivalent to 100.72% of the Interbank deposit rate (CDI), and in U.S. dollars 2.23% p.a. ( ). |
Trade accounts receivable, net
Trade accounts receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
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Trade accounts receivable, net | 7. Trade accounts receivable, net 12.31.2022 12.31.2021 Foreign customers 181.0 181.6 Brazilian Air Force 8.7 10.7 Domestic customers 28.1 27.4 217.8 219.7 Expected credit losses (12.6 ) (30.7 ) 205.2 189.0 Current portion 202.9 189.0 Non-current portion 2.3 — The amounts and maturities of these trade accounts receivable are shown below: 12.31.2022 12.31.2021 Not due 191.9 193.8 Up to 90 days 13.6 16.4 From 91 to 180 days 4.6 2.0 More than 180 days 7.7 7.5 217.8 219.7 The following schedule presents the changes in the expected credit losses provision during the year: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (30.7 ) (58.5 ) (11.1 ) Additions/Reversal 1.0 (1.8 ) (57.1 ) Write-off 17.0 29.4 15.0 Reclassification — — 29.6 Foreign exchange variation 0.1 0.2 (4.9 ) Assets held for sale — — (30.0 ) Ending balance (12.6 ) (30.7 ) (58.5 ) |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
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Derivative financial instruments | 8. Derivative financial instruments Derivative financial instruments are contracted to protect the Company’s operations from exchange and interest rate fluctuations and are not used for speculation. As of December 31, 2022 and 2021, the Company had the following operations: • Swap operations, with the main objective of changing the debts index, from floating rates to fixed interest rates or vice versa, exchange of Real to U.S. dollars and vice versa. The fair values of these instruments are measured by the future cash flow, determined by applying contractual interest rates to maturity, and discounted to present value at the date of the financial statements by the prevailing market rates. • Purchase of sell and by currency options, in order to protect cash flows for the parent company’s wage costs denominated in Reais, against the risk of currency fluctuations. The financial instrument used by the Company is a zero-cost collar, which consists of the purchasing of a put option and the sale of a call option, contracted with the same counterparty and with a zero-net premium. The fair value of this instrument is determined by the observable market pricing model (through market information providers). • Non-deliverable forward (NDF), with the purpose of protecting the Company against the risks of exchange rate fluctuations. The fair value is determined by the observable market pricing model. Purpose Risk Instrument Notional Settlement date 12.31.2022 12.31.2021 Cash flow hedge designated as hedge accounting 2.4 (1.1 ) Payroll expenses settled in Brazilian Reais Exchange rate Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.12. 281.9 2023 2.4 — Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.52. — 2022 — (1.1 ) Fair value hedge designated as hedge accounting 0.1 0.1 Project development Interest rate Interest swap to exchange fixed 6.4 2023 0.1 0.1 Others derivatives not designated as hedge accounting (88.9 ) (4.8 ) Acquisition of property, plant and equipment Interest rate Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. — 2024 — (0.1 ) Export Exchange rate Non-Deliverable Forwards to exchanges Euro currency debt to US Dollars currency. 10.0 2023 (0.2 ) — Export Interest rate Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. 100.0 2027 8.4 (4.7 ) Equity Embraer Share Price Equity Swap 17.8 2023 (1.6 ) — EVE Shares (i) EVE Share Price Private Warrants - EVEX 14.2 2027 (3.6 ) — EVE Shares (i) EVE Share Price Public Warrants - EVEX 11.5 2027 (2.9 ) — EVE Shares (i) EVE Share Price Strategic Warrants - EVEX 40.9 2027 (89.0 ) — (86.4 ) (5.8 ) (i) The Company recognized derivative financial liabilities measured at fair value through profit or loss related to warrants issued by subsidiary EVEX, which became exercisable on May 9, 2022. Subsequent remeasurement depends on the option class issued, and can be an option traded on the market, so its fair value is calculated from the unit price of this option, multiplied by the number of options, or else the option, when not traded on the market, has its fair value calculated using its own methodology based on the Black-Scholes options pricing model. The impacts are presented in Note 12.3.3. In April 2022, the Company entered into contracts with Banco Santander for the exchange of results of future financial flows with financial settlement only, having as reference 6.7 million shares issued by the Company (“Equity Swap”) on B3 with maturity of 18 months. The Company is exposed to price fluctuations in the number of shares in question on the asset and liability side adjusted by CDI + 1.17 % p.a. On December 31, 2022, the Company had no margin calls related to this operation. On December 31, 2022 and 2021, the fair value of derivative financial instruments was recognized in the Company’s assets and liabilities as follows: 12.31.2022 12.31.2021 Assets Current portion 5.4 0.1 Non-current 5.7 — Liabilities Current portion (57.4 ) (2.9 ) Non-current (40.1 ) (3.0 ) Net derivative financial instruments (86.4 ) (5.8 ) As of December 31, 2022, the cash flow hedge movement with impact on other comprehensive results occurred as below: 31.12.2022 31.12.2021 Reclassified items for results Cash Flow Hedge Hedge reserve 4.2 (8.9 ) (-) Reclassified for results 1.7 0.2 |
Customer and commercial financi
Customer and commercial financing | 12 Months Ended |
Dec. 31, 2022 | |
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Customer and commercial financing | 9. Customer and commercial financing 12.31.2022 12.31.2021 Aircraft (i) 70.1 7.9 Spare parts (ii) 55.1 29.8 125.2 37.7 Expected credit losses (24.0 ) (5.7 ) 101.2 32.0 Current portion 50.8 9.6 Non-current portion 50.4 22.4 The Company maintains the following transactions of customer financing as of December 31, 2022: (i) Aircraft – Customer financing related to the acquisition of aircraft. The fair value of used aircraft provided as collateral in the used aircraft customer financing structure, which could minimize the losses in case of default (collateral assets), were considered to reduce the expected credit losses (ECL) for such transaction. (ii) Spare parts and services – Customer financing provided as a result of the COVI D-19 There The changes in ECL provision during the periods are presented below: 12.31.2022 12.31.2021 Beginning balance (5.7 ) (19.1 ) (Additions)/Reversal (18.3 ) 13.4 Ending balance (24.0 ) (5.7 ) In the Company’s assessment, the highest risk rating for financing customers is CCC- with a loss rate of 42% for the period. As of December 31, 2022, the maturity schedules of the long-term customer financing are: Year 2024 35.5 2025 8.7 2026 6.2 50.4 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
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Inventories | 10. Inventories 12.31.2022 12.31.2021 Raw materials 995.1 822.7 Work in process 687.7 524.7 Spare parts 445.6 474.3 Finished goods (i) 55.4 54.2 Held by third parties 79.2 79.3 Advances to suppliers 33.8 30.8 Inventory in transit 116.6 80.0 Consumption materials 47.4 43.5 Used aircraft — 28.4 2,460.8 2,137.9 Loss on adjustment to fair value (ii) (5.7 ) (1.0 ) Loss due to obsolescence (iii) (126.1 ) (150.9 ) (131.8 ) (151.9 ) 2,329.0 1,986.0 (i) The following aircrafts were held in the finished goods inventory: • December 31, 2022: two Phenom 300, one Praetor 500, two Praetor 600 and one Super Tucano. • December 31, 2021: one Phenom 100, one Phenom 300, one Praetor 500, two Praetor 600 and one Super Tucano. (ii) Changes in the provision for adjustments to the realizable value of work in process, finished goods and used aircraft were as follows: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (1.0 ) (4.4 ) (0.9 ) Additions (5.9 ) (13.9 ) (17.3 ) Disposals 1.2 17.3 14.6 Assets held for sale — — (0.8 ) Ending balance (5.7 ) (1.0 ) (4.4 ) (iii) Changes in the provision for obsolescence were as follows: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (150.9 ) (210.3 ) (95.6 ) Additions (38.4 ) (45.6 ) (42.2 ) Disposals 54.0 84.0 23.9 Reversals 8.6 17.3 1.7 Foreign exchange 0.6 1.6 (3.4 ) Assets held for sale — 2.1 (94.7 ) Ending balance (126.1 ) (150.9 ) (210.3 ) |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2022 | |
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Other assets | 11. Other assets 12.31.2022 12.31.2021 Taxes recoverable (i) 141.6 105.0 Prepaid expenses 69.6 36.2 Other debtors (ii) 65.4 73.7 Loan with a joint operation 26.8 25.7 Court-mandated escrow deposits (iii) 26.7 24.9 Advances to employees 15.0 19.6 Advances for services to be rendered 9.2 13.7 Guarantee deposits 6.8 3.0 Collateralized accounts receivable 5.8 9.9 Others 14.6 10.6 381.5 322.3 Current portion 246.3 194.3 Non-current portion 135.2 128.0 (i) Taxes recoverable 12.31.2022 12.31.2021 ICMS (State Value-added Tax) and IPI (Excise Tax) 56.6 59.5 PIS (Social Integration Program) and COFINS (Contribution for Social Security) 63.2 27.6 Value added tax 7.4 6.2 Income tax and social security on net income withheld 6.2 5.6 Advance service tax (ISS- Service tax) 5.4 4.4 Others 2.8 1.7 141.6 105.0 Current portion 76.7 37.4 Non-current portion 64.9 67.6 In (ii) Corresponds mainly to rework done on materials and parts received from suppliers, which will be reimbursed in cash by the supplier or through credits granted that can be used to offset trade accounts payable when requested by the Company and approved by the supplier. (iii) Refers to deposits arising from lawsuits, substantially to federal taxes and contributions, in which there is a liability recorded Note 24. |
Interest in entities
Interest in entities | 12 Months Ended |
Dec. 31, 2022 | |
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Interest in entities | 12. Interest in entities 12.1 Subsidiaries Subsidiaries controlled directly or indirectly by the Company are described in Note 2.1.3 and are consolidated. There are no contractual or legal restrictions on the Company’s access to assets or settlement of liabilities of the subsidiaries. There are inherent risks to the operations of these entities, the most significant of which are described below: • Economic Risks: potential losses from fluctuations in market conditions (price of products, exchange rate and interest). • Operational risk: potential losses resulting from the emergence of new technologies or failure of current processes. • Credit risk: potential losses that might occur if a third party (customer) becomes unable to meet its obligations, and • Liquidity risk: financial inability to meet financial obligations. 12.2 Subsidiaries with non-controlling interests Non-controlling shareholders have interests in the entities listed below, however, based on contractual agreements and analysis of the applicable accounting standards, the Company has control and consolidate the following entities: 12.31.2022 Entity Country Interest Non-controlling interest Income (loss) OGMA - Indústria Aeronáutica de Portugal S.A. Portugal 65.0 % 35.0 % 43.5 (19.5 ) Visiona Tecnologia Espacial S.A. Brazil 51.0 % 49.0 % 14.4 (2.5 ) Embraer CAE Training Services United States of America 51.0 % 49.0 % 33.1 11.8 Tempest Serviços de Informática S.A. Brazil 61.0 % 39.0 % 10.0 0.7 EVE Holding Inc. United States of America 89.7 % 10.3 % 20.1 (308.5 ) EVE Holding Inc. - Listing Expenses United States of America 0.0 % 100.0 % 135.7 — 256.8 12.31.2021 Entity Country Interest Non-controlling interest Income (loss) OGMA - Indústria Aeronáutica de Portugal S.A. Portugal 65.0 % 35.0 % 54.0 (4.2 ) Visiona Tecnologia Espacial S.A. Brazil 51.0 % 49.0 % 15.8 (2.4 ) Embraer CAE Training Services United States of America 51.0 % 49.0 % 27.3 8.9 Tempest Serviços de Informática S.A. Brazil 61.0 % 39.0 % 10.0 (1.1 ) 107.1 Embraer holds 51.0% of the entities Visiona Tecnologia Espacial S.A. and Embraer CAE Training Services. The powers described in the contractual agreements show that the Board of Directors is mainly comprised of Embraer representatives, as well as Embraer directs the principal operating activities of the entity. The financial position of the most significant entity with non-controlling interests is summarized below, which is OGMA - Indústria Aeronáutica de Portugal S.A. and Eve Holding, Inc. respectively. Other entities combined represent less than 5% of consolidated profit before taxes on income. • OGMA - Indústria Aeronáutica de Portugal S.A. 12.31.2022 12.31.2021 Cash and cash equivalents 5.9 38.8 Current assets 178.6 194.1 Non-current assets 74.9 65.4 Current liabilities 112.1 99.4 Non-current liabilities 17.0 5.9 Noncontrolling interest 43.5 54.0 12.31.2022 12.31.2021 12.31.2020 Revenue 216.5 244.7 287.1 Net Income (loss) for the year (19.5 ) (4.2 ) 3.9 • Eve Holding, Inc. 12.31.2022 Cash and cash equivalents 49.1 Current assets 337.5 Non-current assets 279.3 Current liabilities 98.2 Non-current liabilities 44.9 Noncontrolling interest 20.1 Net loss for the year (377.8 ) Subsidiaries with non-controlling interests are subject to the same risks as the wholly owned subsidiaries, except for the restriction on the subsidiary Eve Holding, Inc, as per Note 12.3. 12.3 Completion of the transaction with Zanite Acquisition Corp. and changes in the ownership of Eve 12.3.1 Background In On December 21, 2021, Embraer, Eve and EAH entered into a Business Combination Agreement (BCA) with Zanite. Under the BCA, the Company’s UAM business transferred to Eve, which included the development and certification of electric vertical take-off and landing vehicles (eVTOL), the creation of a maintenance and services network for eVTOLs and the creation of an air traffic management system for eVTOLs (the “UAM Business”), would be combined with Zanite and a resulting entity would continue as a public company in the United States (the “SPAC Transaction”). The SPAC Transaction has been unanimously approved by Zanite and the Company’s board of directors prior to its completion. In connection with the SPAC Transaction, Embraer also entered into agreements to provide products, inputs, and services, including engineering expertise, to Eve that continue to be effective after the completion of the SPAC Transaction. On May 9, 2022, the SPAC Transaction was completed through an exchange of all issued and outstanding equity interests of Eve to 220,000,000 shares of Zanite common stock. As a result, Eve became a wholly owned subsidiary of Zanite and Zanite changed its corporate name to Eve Holding, Inc. (EVEX), a public company with shares listed on the New York Stock Exchange (“NYSE”) controlled by Embraer. The completion of the SPAC Transaction included a capital contribution of US$ to EVEX, being: (i) US$ of Zanite’s cash held in trust, (ii) US$ provided by certain third-party investors in the Private Investment in Public Equity (PIPE) structure with the issuance of shares totaling a contribution from external investors of US$ 192.0 million and (iii) US$ contributed by the Company with the receipt of additional shares, as a result of Embraer through EAH held a total of shares of EVEX common stock. EVEX is a company at an early stage with products in study phase that still does not show significant revenue or operating results. Research expenses incurred by Eve’s business are recognized in the statement of income for the year. As a result, the subsidiary is not reported as a separate operating segment in the segment information presented in Note 36. The Company has significant access restrictions to EVEX’s cash balances and financial investments to settle other subsidiaries obligations not directly related to Eve’s business as defined in EVEX’s shareholders’ agreement (protective right). Upon conclusion of the Transaction, EAH’s interest decreased to 90.2%. With the issuance of put options, the participation increased to 91.2% in the 4th quarter of 2022 due to the new warrants for PIPE investors, as well as the exercise of some warrants, EAH’s final interest on December 31, 2022, decreased to 89.7%. For more details, see notes 12.3.2 and 12.3.3.2. 12.3.2 Accounting Put Options Prior to the Transaction, Eve was an indirect wholly owned subsidiary of Embraer. As of completion of the Transaction, Embraer’s interest in Eve’s business decreased from 100% to 90.2 100 topic. As part of the strategic commitments signed with some PIPE investors, the Company granted financial instruments that protect the capital contribution of these investors in EVEX. The Company has issued put options to these investors so that they can sell the shares they hold in EVEX to EAH in exchange for a parts and service credit. Management recorded put options as a financial liability by US$ 30 million (Note 21(iv)) , reducing the participation of these non-controlling shareholders. As a result, there was an increase from 90.2 % to 91.2 % in the Company’s participation, and in the 4th quarter, participation decreased to 89.7%, as per Note 12.3.1. Under IFRS 10 - Consolidated Financial Statements, Management determined that Embraer continues to exercise indirect control over Eve’s business after the conclusion of the Transaction, since the Company has power and voting rights on substantive decisions, including the majority of members of the Board of Directors. Listing expenses The transaction is not within the scope of IFRS 3 - Business Combination since Zanite was a specific purpose entity for the acquisition of businesses and did not meet the definition of business by the standard, thus being accounted for in accordance with the standard IFRS 2 - Share-Based Payment. According to this standard, Embraer recognized a non-cash Transaction costs The Company considered the requirements of IAS 32 and IFRS 9 for the accounting treatment of transaction costs. The costs incurred during the Transaction were analyzed to determine which costs are direct and incremental for the Business Combination. Costs, which were considered incremental were recorded against funds received from shareholders, in shareholders’ equity (US$ 13 million) while costs not considered incremental were treated as other operating expenses (US$ 11 million). 12.3.3 Warrants 12.3.3.1 Public and private warrants Zanite issued 11,500,000 redeemable public warrants and 14,250,000 Private Placement Warrants prior to the closing. The exercise period for these warrants began 30 days after the transaction date (May 9, 2022) and will end on the later of a) May 9, 2027, b) liquidation of EVEX c) the date set by EVEX to redeem all warrants. These warrants are exercisable at an exercise price of US$ The aforementioned warrants are financial instruments and are within the scope of IAS 32/IFRS 9 and, under IAS 32.11, which were classified as derivative financial instruments in liabilities initially measured at fair value against other operating expenses on the date the Business Combination was completed. The subsequent measurement of fair value has been recognized in the Company’s financial expense/income account. 12.3.3.2 Strategic Warrants Upon Closing, EVEX common stock was held by EAH (90.2%), Zanite public shareholders, Zanite sponsors, and some third-party investors who entered into subscription agreements to purchase common stock upon the closing of the SPAC Transaction (“Strategic Investors PIPE”). In addition to the PIPE Investment, EVEX entered In total, EVEX has issued or agreed to issue warrants to PIPE Strategic Investors (“Strategic Warrants”) in the total amount of (i) 24,095,072 Strategic Warrants with an exercise price of US$0.01 per share, (ii) 12,000,000 Strategic Warrants with an exercise price of US$15.00 per share and (iii) 5,000,000 Strategic Warrants with an exercise price of US$ Strategic Penny Warrants: US$ Market Warrants: US$ US$ Since the Strategic Warrants were not issued at fair value, they required separate recognition and measurement as they represent a separate accounting unit from the common shares issued to PIPE Strategic Investors. Strategic Warrants issued to potential customers, suppliers and lenders are financial instruments classified as derivative financial instruments liabilities, which were initially measured at fair value against the other operating expenses line, on the date the Business Combination was completed. The subsequent measurement of fair value has been recognized in the Company’s financial expense/income line. There are also some warrants issued to suppliers that are within the scope of IFRS 2 - Share-based payments, which were measured at fair value and accounted for as operating expenses, against shareholders’ equity. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
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Related parties | 13. Related parties 13.1 Related party transactions These are transactions made between Embraer with its direct or indirect subsidiaries described in Note 2.1.3 and basically refer to: (i) Assets: (i) accounts receivable for spare parts, aircraft sales and product development, under conditions agreed between the parties, considering the volumes, risks involved and corporate policies (ii) balances of financial investments; and (iii) bank deposits. (ii) Liabilities: (i) purchase of aircraft components and spare parts, under conditions agreed between the parties, considering the volumes, risks involved, and corporate policies (ii) advances received on sales contracts, according to contractual agreements; (iii) commission for sale of aircraft and spare parts (iv) financing for research and product development at market rates for this kind of financing (v) loans and financing; and (vi) export financing, and (iii) Profit or Loss: (i) purchases and sales of aircraft, components and spare parts and development of products for the defense and security market; (ii) financial income and expenses from financial investments and expenses from loans and financing, and (iii) supplementary pension plan. 13.2 Brazilian Federal Government Transactions with related parties also involve transactions with the Brazilian Federal Government. The % in the Company’s capital through BNDESPAR, a wholly owned subsidiary of the Banco Nacional do Desenvolvimento Econômico e Social The Brazilian government plays a key role in the Company’s business activities, including as: • Major customer for Defense & Security products (through the Brazilian Air Force, Brazilian Army, and Brazilian Navy). • Source of research and development financing through technology development institutions ( Financiadora de Estudos e Projetos • Export credit agency (through the BNDES), and • Source of short-term and long-term financing and a provider of asset management and commercial banking services (through Banco do Brasil). 13.3 December 31, 2022 Current Non-current Financial Operating Assets Liabilities Assets Liabilities Results Results Banco do Brasil S.A. 329.0 — 73.5 — 6.2 — Banco Nacional de Desenvolvimento Econômico e Social – BNDES — 1.3 — 300.0 (6.3 ) — Comando da Aeronáutica (Brazilian Air Force) 363.1 59.9 — — — 29.6 Exército Brasileiro (Brazilian Army) 5.7 7.9 — — — 2.1 Embraer Prev - Sociedade de Previdência Complementar — — — — — (9.7 ) Ez Air Interior Limited 5.2 5.2 21.7 21.7 — — Financiadora de Estudo e Projetos – FINEP — 6.4 — — (0.4 ) — FIP Aeroespacial — — — 11.2 — — Governo Brasileiro - Bonds (Brazilian government -Bonds) 0.1 — 66.5 — 2.5 — Marinha do Brasil (Brazilian Navy) 1.7 1.8 — — — (1.4 ) 704.8 82.5 161.7 332.9 2.0 20.6 The operating results of the Brazilian Air Force presented in the table above includes the revenue cumulative adjustment of US$ 5.0 recognized in the end of 2022 as a result of the contract modification for scope reduction in the sales order of KC-390 Millennium. For further information, see Notes 1.1.1 and 3.1.2. 13.4 December 31, 2021 Current Non-current Financial Operating Assets Liabilities Assets Liabilities Results Results Banco do Brasil S.A. 50.6 — — — (1.8 ) — Banco Nacional de Desenvolvimento Econômico e Social – BNDES — 1.4 — 300.5 (6.2 ) — Comando da Aeronáutica (Brazilian Air Force) 410.3 153.2 — — — (42.0 ) Embraer Prev - Sociedade de Previdência Complementar — 4.2 — — — (12.0 ) Exército Brasileiro (Brazilian Army) 2.4 1.6 — — — 3.3 Ez Air Interior Limited 4.8 4.8 20.9 20.9 — — Financiadora de Estudo e Projetos – FINEP — 8.2 — 5.9 (0.7 ) — FIP Aeroespacial — — — 7.2 — — Marinha do Brasil (Brazilian Navy) 0.4 2.6 — — — (2.0) 468.5 176.0 20.9 334.5 (8.7 ) (52.7 ) The operating results of the Brazilian Air Force presented in the table above includes the revenue cumulative adjustment of US$ 41 recognized in the end of 2021 as a result of the contract modification for scope reduction in the sales order of KC-390 Millennium. For further information, see Note 3.1.2. 13.5 December 31, 2020 Financial Operating Banco do Brasil S.A. (1.3 ) — Banco Nacional de Desenvolvimento Econômico e Social – BNDES (2.4 ) — Comando da Aeronáutica (Brazilian Air Force) — (34.0 ) Marinha do Brasil (Brazilian Navy) — (3.2 ) Embraer Prev - Sociedade de Previdência Complementar — (12.0 ) Exército Brasileiro (Brazilian Army) — 1.5 Financiadora de Estudo e Projetos – FINEP (0.1 ) — (3.8 ) (47.7 ) 13.6 Remuneration of key management personnel: 12.31.2022 12.31.2021 12.31.2020 Short-term benefits (i) 8.5 6.1 5.8 Share based payment (ii) (1.0 ) 2.4 (1.7 ) Labor contract termination — — 0.5 Total remuneration 7.5 8.5 4.6 (i) Includes wages, salaries, profit sharing, bonuses and indemnities distributed to the key management personnel, which are settled in Brazilian Real, as well as the compensation of external members engaged in the statutory advisory committees. (ii) Accounts payable were reduced in 2022 and increased in 2021 due to the stock price of the Company in each period, which is applied to measure the share-based payment plan settled in cash, as disclosed in Note 27. The Company considers as key management personnel the members of the statutory Board of Directors and statutory Executive Directors. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Property, plant and equipment | 14 Property, plant and equipment The Company applied the following useful lives for the depreciation of fixed assets: Class of assets Estimated life Buildings and improvements 30 to 60 years Installations 10 to 50 years Machinery and equipment 10 to 40 years Furniture and fixtures 5 to 30 years Vehicles 10 to 15 years Aircraft 4 to 20 years Computers and peripherals 2 to 10 years Tooling 5 to 29 years Exchange pool program assets 8 to 30 years 12.31.2022 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 2021 10.2 656.9 88.4 727.8 46.5 12.0 23.7 116.4 672.2 18.5 712.5 35.2 3,120.3 Additions — 1.2 — 23.3 1.5 0.4 — 3.3 7.2 — 70.1 29.2 136.2 Disposals — (4.2 ) — (19.9 ) (5.0 ) (0.4 ) (19.2 ) (3.7 ) (56.2 ) — (31.0 ) — (139.6 ) Reclassifications* — 3.6 0.5 (2.1 ) (0.1 ) 0.1 — (0.6 ) (7.4 ) — (27.2 ) (11.7 ) (44.9 ) Translation adjustments — (1.7 ) (0.5 ) (4.8 ) (0.2 ) (0.2 ) — (0.4 ) (0.2 ) — (15.0 ) (1.2 ) (24.2 ) At December 31, 2022 10.2 655.8 88.4 724.3 42.7 11.9 4.5 115.0 615.6 18.5 709.4 51.5 3,047.8 Accumulated depreciation At December 31, 2021 — (183.2 ) (34.8 ) (394.0 ) (30.1 ) (9.5 ) (22.9 ) (107.7 ) (416.5 ) (18.5 ) (215.5 ) — (1,432.7 ) Depreciation — (18.4 ) (2.6 ) (26.2 ) (3.2 ) (0.5 ) (0.1 ) (3.3 ) (23.4 ) — (13.9 ) — (91.6 ) Disposals — 2.4 — 14.5 3.7 0.3 18.7 3.3 42.9 — 11.3 — 97.1 Reclassifications* — 3.0 0.7 5.5 0.2 — — 0.7 7.5 — 0.3 — 17.9 Interest on capitalized assets — (1.1 ) — — — — — — — — — — (1.1 ) Translation adjustments — 0.5 0.1 3.8 0.2 0.2 — 0.4 0.1 — 6.5 — 11.8 At December 31, 2022 — (196.8 ) (36.6 ) (396.4 ) (29.2 ) (9.5 ) (4.3 ) (106.6 ) (389.4 ) (18.5 ) (211.3 ) — (1,398.6 ) Net At December 31, 2021 10.2 473.7 53.6 333.8 16.4 2.5 0.8 8.7 255.7 — 497.0 35.2 1,687.6 At December 31, 2022 10.2 459.0 51.8 327.9 13.5 2.4 0.2 8.4 226.2 — 498.1 51.5 1,649.2 12.31.2021 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 2020 11.0 716.9 93.6 881.0 49.0 12.3 23.7 121.1 655.6 18.4 737.5 65.4 3,385.5 Additions — 0.6 — 13.1 0.6 0.3 — 0.9 5.2 0.1 62.4 18.5 101.7 Disposals — (14.9 ) — (14.2 ) (2.7 ) (0.4 ) — (3.2 ) (0.4 ) — (35.9 ) — (71.7 ) Impairment — — — 12.4 — — — — 1.4 — — — 13.8 Reclassifications* — 21.2 0.5 6.0 0.5 0.1 — 0.7 10.4 — (23.2 ) (39.3 ) (23.1 ) Translation adjustments — (2.6 ) (0.6 ) (7.8 ) (0.4 ) (0.3 ) — (1.1 ) — — (28.3 ) (0.8 ) (41.9 ) Assets held for sale (0.8 ) (64.3 ) (5.1 ) (162.7 ) (0.5 ) — — (2.0 ) — — — (8.6 ) (244.0 ) At December 31, 2021 10.2 656.9 88.4 727.8 46.5 12.0 23.7 116.4 672.2 18.5 712.5 35.2 3,120.3 Accumulated depreciation At December 31, 2020 — (180.1 ) (33.8 ) (422.2 ) (25.8 ) (9.5 ) (22.4 ) (107.7 ) (397.8 ) (18.4 ) (211.8 ) — (1,429.5 ) Depreciation — (20.9 ) (2.5 ) (30.7 ) (7.3 ) (0.7 ) (0.5 ) (5.7 ) (18.6 ) (0.1 ) (21.0 ) — (108.0 ) Disposals — 5.1 — 13.9 2.6 0.4 — 3.0 0.2 — 11.8 — 37.0 Impairment — — — (2.3 ) — — — — (0.3 ) — — — (2.6 ) Reclassifications* — — — — — — — — — — 1.1 — 1.1 Interest on capitalized assets — (1.1 ) — — — — — — — — — — (1.1 ) Translation adjustments — 1.0 0.2 6.3 0.3 0.3 — 0.9 — — 4.4 — 13.4 Assets held for sale — 12.8 1.3 41.0 0.1 — — 1.8 — — — — 57.0 At December 31, 2021 — (183.2 ) (34.8 ) (394.0 ) (30.1 ) (9.5 ) (22.9 ) (107.7 ) (416.5 ) (18.5 ) (215.5 ) — (1,432.7 ) Net At December 31, 2020 11.0 536.8 59.8 458.8 23.2 2.8 1.3 13.4 257.8 — 525.7 65.4 1,956.0 At December 31, 2021 10.2 473.7 53.6 333.8 16.4 2.5 0.8 8.7 255.7 — 497.0 35.2 1,687.6 12.31.2020 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 5.1 459.2 60.1 481.8 38.1 10.4 14.7 101.5 443.8 25.5 321.0 48.2 2,009.4 Additions — 1.3 — 14.2 0.5 0.2 — 1.4 11.4 — 51.2 22.1 102.3 Additions - — 0.8 — 0.1 0.2 — — 0.9 — — — — 2.0 Disposals (0.4 ) (8.5 ) (0.1 ) (8.4 ) (1.0 ) (0.4 ) — (4.0 ) (1.6 ) (0.1 ) (16.9 ) (1.6 ) (43.0 ) Impairment — — — 1.6 — — (0.8 ) — 0.5 — — — 1.3 Reclassifications* — 26.6 3.2 15.2 — — (38.4 ) — 37.0 (10.8 ) (18.2 ) (71.4 ) (56.8 ) Translation — 1.0 0.6 8.5 0.1 0.3 — — — — 25.6 0.4 36.5 Assets held 6.3 236.5 29.8 368.0 11.1 1.8 48.2 21.3 164.5 3.8 374.8 67.7 1,333.8 At December 31, 11.0 716.9 93.6 881.0 49.0 12.3 23.7 121.1 655.6 18.4 737.5 65.4 3,385.5 Accumulated At December 31, — (131.6 ) (25.6 ) (301.5 ) (21.5 ) (8.5 ) (4.1 ) (88.7 ) (352.6 ) (18.4 ) (88.0 ) — (1,040.5 ) Depreciation — (28.7 ) (4.1 ) (50.9 ) (2.8 ) (0.9 ) (1.5 ) (11.2 ) (37.0 ) — (15.2 ) — (152.3 ) Depreciation - — (0.2 ) — (0.1 ) (0.1 ) — — (0.4 ) — — — — (0.8 ) Disposals — 1.9 0.1 7.1 0.7 0.4 — 1.1 0.6 — 6.1 — 18.0 Reclassifications* — — — — — — 2.2 — — — (1.8 ) — 0.4 Interest on — (1.1 ) — — — — — — — — — — (1.1 ) Translation — 0.1 (0.1 ) (6.2 ) (0.1 ) (0.3 ) — (0.1 ) — — (2.4 ) — (9.1 ) Assets held — (20.5 ) (4.1 ) (70.6 ) (2.0 ) (0.2 ) (19.0 ) (8.4 ) (8.8 ) — (110.5 ) — (244.1 ) At December 31, — (180.1 ) (33.8 ) (422.2 ) (25.8 ) (9.5 ) (22.4 ) (107.7 ) (397.8 ) (18.4 ) (211.8 ) — (1,429.5 ) Net At December 31, 5.1 327.6 34.5 180.3 16.6 1.9 10.6 12.8 91.2 7.1 233.0 48.2 968.9 At December 31, 11.0 536.8 59.8 458.8 23.2 2.8 1.3 13.4 257.8 — 525.7 65.4 1,956.0 * Non-cash transactions (reclassification between accounts within property, plant and equipment and inventories). As of December 31, 2022, US$ 0.3 of the Company’s fixed assets were included as collateral of legal demands. Fixed assets included as collateral for loans and financing raised by the Company are disclosed on Note 20. 1 |
Assets held for sale
Assets held for sale | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Assets held for sale | 15 Assets held for sale 15.1 Transaction The sale of all the shares of the Company’s subsidiaries Embraer Portugal Estruturas Metálicas S.A. (“EEM”) and Embraer Portugal Estruturas em Compósitos S.A. (“EEC”) to Aernnova Aerospace, SAU, headquartered in Spain (“Aernnova”), was approved by the Board of Directors on November 11, 2021, and concluded through a binding agreement signed by the Company on January 11, 2022. EEM and EEC were dedicated to supplying certain components used in the manufacture of aircraft by the Company and by Embraer Executive Aircraft, LLC (United States). The Transaction is an integral part of the Company’s assets optimization which aims at maximizing facilities use and profitability improvement. In this context, the Company and Aernnova established supply agreements effective as of the closing of the Transaction that would aim to provide the continuous supply of metallic and composite components at fixed prices consistent with the Company’s Strategic Plan. The closing of the transaction took place on May 2, 2022, the date on which Aernnova took over the operation of the EEM and EEC industrial plants upon payment of US$ 175. The net assets derecognized included US$ 15.7 of cash and cash equivalents, therefore, the net cash inflow in the statements of cash flows with this transaction was US$ 158.2. The Company recognized in the annual financial statements as of December 31, 2021, an estimated impairment loss measured based on the fair value of the contract less selling expenses in the group of assets held for sale of US$ 45.0 At the closing of the Transaction, an additional loss of US$ 5.9 was recognized arising from the price adjustment and certain conditions approved by the parties in an amendment signed on May 2, 2022. ASSETS HELD FOR SALE 04.30.2022 12.31.2021 LIABILITIES HELD FOR SALE 04.30.2022 12.31.2021 Cash and cash equivalents 15.7 20.3 Trade accounts payable 13.5 13.7 Trade accounts receivable, net 1.3 0.9 Other payables 3.6 2.5 Inventories 60.4 59.0 Taxes and payroll charges payable 0.6 0.4 Income tax and social contribution — 0.5 Income tax and social contribution 0.1 — Other assets 6.0 6.3 Unearned income 27.9 28.5 Guarantee deposits 0.2 0.2 Deferred income tax and social contribution 1.6 1.7 Property, plant and equipment, net* 136.1 141.9 45.7 45.1 Intangible assets, net 0.2 0.1 Net assets to be disposed 175.8 185.8 Total 221.5 230.9 Total 221.5 230.9 * Property, plant and equipment included in the assets held for sale (US$ 136.1) are presented net of impairment losses in the amount of US$ 50.9 measured based on the fair value less cost to sell. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Intangible assets | 16 Intangible assets Internally developed intangible assets relate to expenditures incurred in developing new aircraft, including support services, production labor, materials and direct labor allocated to the construction of aircraft prototypes or significant components, and the use of advanced technologies to make the aircraft lighter, quieter, more comfortable and energy-efficient and to reduce emissions, in addition to speeding up design and manufacture, while optimizing the use of resources. 12.31.2022 Internally developed Acquired from third party Commercial Executive Defense Service Others Development Software Goodwill Others Total Intangible cost At December 31, 2021 1,234.2 1,405.8 55.8 — 4.6 11.8 310.6 21.4 169.6 3,213.8 Additions 40.4 48.6 13.7 9.0 — — 4.1 — 4.0 119.8 Disposals — — — — — — (1.6 ) — (5.3 ) (6.9 ) Reclassifications (0.2 ) 90.2 62.0 — — (11.8 ) (10.1 ) — (157.7 ) (27.6 ) Translation adjustments — — 0.9 — — — (1.0 ) 0.9 — 0.8 At December 31, 2022 1,274.4 1,544.6 132.4 9.0 4.6 — 302.0 22.3 10.6 3,299.9 Accumulated amortization At December 31, 2021 (80.1 ) (617.4 ) (43.9 ) — (1.8 ) (3.6 ) (234.2 ) — (19.4 ) (1,000.4 ) Amortization (31.6 ) (42.9 ) (2.4 ) — (0.6 ) — (25.6 ) — (0.6 ) (103.7 ) Amortization of contribution from suppliers 10.2 10.9 — — — — — — — 21.1 Disposals — — — — — — 1.6 — 1.1 2.7 Reclassifications 20.4 (12.2 ) (5.2 ) — — 3.6 4.1 — 17.0 27.7 Interest on capitalized assets — (1.4 ) — — — — — — — (1.4 ) Translation adjustments — — (0.4 ) — — — 1.0 — — 0.6 At December 31, 2022 (81.1 ) (663.0 ) (51.9 ) — (2.4 ) — (253.1 ) — (1.9 ) (1,053.4 ) Intangible, net At December 31, 2021 1,154.1 788.4 11.9 — 2.8 8.2 76.4 21.4 150.2 2,213.4 At December 31, 2022 1,193.3 881.6 80.5 9.0 2.2 — 48.9 22.3 8.7 2,246.5 12.31.2021 Internally developed Acquired from third party Commercial Executive Defense Others Development Software Goodwill Others Total Intangible cost At December 31, 2020 1,126.0 1,339.8 52.0 4.6 10.7 308.1 21.7 136.7 2,999.6 Additions 108.2 16.6 3.8 — 1.6 6.3 — 30.0 166.5 Disposals — — — — — (1.1 ) — — (1.1 ) Impairment — 49.0 — — — — — 4.1 53.1 Interest on capitalized assets — 0.4 — — — — — — 0.4 Translation adjustments — — — — (0.5 ) (1.9 ) (0.3 ) (1.2 ) (3.9 ) Assets held for sale — — — — — (0.8 ) — — (0.8 ) At December 31, 2021 1,234.2 1,405.8 55.8 4.6 11.8 310.6 21.4 169.6 3,213.8 Accumulated amortization At December 31, 2020 (60.5 ) (589.0 ) (43.5 ) (1.5 ) (3.6 ) (212.4 ) — (13.5 ) (924.0 ) Amortization (19.6 ) (34.9 ) (0.4 ) (0.3 ) — (25.1 ) — (6.3 ) (86.6 ) Amortization of contribution from suppliers — 10.1 — — — — — — 10.1 Disposals — — — — — 1.0 — — 1.0 Impairment — (2.3 ) — — — — — — (2.3 ) Interest on capitalized assets — (1.3 ) — — — — — — (1.3 ) Translation adjustments — — — — — 1.6 — 0.4 2.0 Assets held for sale — — — — — 0.7 — — 0.7 At December 31, 2021 (80.1 ) (617.4 ) (43.9 ) (1.8 ) (3.6 ) (234.2 ) — (19.4 ) (1,000.4 ) Intangible, net At December 31, 2020 1,065.5 750.8 8.5 3.1 7.1 95.7 21.7 123.2 2,075.6 At December 31, 2021 1,154.1 788.4 11.9 2.8 8.2 76.4 21.4 150.2 2,213.4 12.31.2020 Internally developed Acquired from third party Commercial Executive Defense Others Development Software Goodwill Others Total Intangible cost At December 31, 2019 — 1,292.3 49.3 3.6 9.4 213.7 10.0 75.0 1,653.3 Additions 63.3 13.5 2.7 1.0 1.8 3.1 — 36.0 121.4 Additions - business combination — — — — — 9.4 13.8 7.8 31.0 Disposals — — — — (0.6 ) (1.9 ) — — (2.5 ) Impairment — 6.6 — — — — — (9.5 ) (2.9 ) Interest on capitalized assets — 0.9 — — — — — — 0.9 Translation adjustments — — — — 0.1 1.6 (2.1 ) (1.8 ) (2.2 ) Assets held for sale 1,062.7 26.5 — — — 82.2 — 29.2 1,200.6 At December 31, 2020 1,126.0 1,339.8 52.0 4.6 10.7 308.1 21.7 136.7 2,999.6 Accumulated amortization At December 31, 2019 — (550.1 ) (32.8 ) (1.3 ) (3.7 ) (165.6 ) — (5.7 ) (759.2 ) Amortization (46.6 ) (28.3 ) (10.7 ) (0.2 ) — (38.1 ) — (4.6 ) (128.5 ) Amortization - business combination — — — — — — — (1.2 ) (1.2 ) Amortization of contribution from suppliers — 8.3 — — — — — — 8.3 Disposals — — — — 0.1 1.6 — — 1.7 Interest on capitalized assets — (1.1 ) — — — — — — (1.1 ) Translation adjustments — — — — — (1.5 ) — 0.6 (0.9 ) Assets held for sale (13.9 ) (17.8 ) — — — (8.8 ) — (2.6 ) (43.1 ) At December 31, 2020 (60.5 ) (589.0 ) (43.5 ) (1.5 ) (3.6 ) (212.4 ) — (13.5 ) (924.0 ) Intangible, net At December 31, 2019 — 742.2 16.5 2.3 5.7 48.1 10.0 69.3 894.1 At December 31, 2020 1,065.5 750.8 8.5 3.1 7.1 95.7 21.7 123.2 2,075.6 |
Impairment of assets
Impairment of assets | 12 Months Ended |
Dec. 31, 2022 | |
Impairment Of Assets [Abstract] | |
Impairment of assets | 17 Impairment of assets For the fiscal year ended December 31, 2022, the Company performed impairment tests over its long-lived assets (fixed assets, intangible assets, including goodwill, and right of use assets) of the cash-generating units (product lines) to which goodwill and indefinite-lived assets are allocated, as well as for the additional CGUs with long-lived assets. As a result of the impairment tests performed, the Company did not identify a scenario of devaluation or reversal of impairment losses. The following chart presents the changes on impairment losses during 2021: 12.31.2020 Additions Reversal Amortization 12.31.2021 Cash-generating units Mid-Size / Super Mid-Size Platform 60.4 — (57.9 ) (2.5 ) — Satellites 3.8 1.6 — — 5.4 64.2 1.6 (57.9 ) (2.5 ) 5.4 Allocation of impairment losses Fixed assets - Machinery and equipment 11.3 — Fixed assets - Tooling 1.5 — Intangibles - Internally developed 51.4 5.4 64.2 5.4 Operating segments (Note 3 6 Executive Aviation 60.4 — Defense & Security 3.8 5.4 64.2 5.4 Except for the sensitivity analysis presented as follows of the main CGUs of the Company, the remaining CGUs present headroom falling in a range of approximately 50% to 1,000% when comparing the recoverable amount measured by its value-in-use and carrying amount in reporting date. Therefore, Management concludes there was no significant risk of impairment loss in these CGUs, considering the assumptions applied in the sensitivity analysis of this reporting period. The sensitivity analysis presented demonstrates how changes to certain key assumptions in the impairment test of the main CGUs of the Company would change the test results. E2 Platform (Commercial Aviation) The impacts over future cash flows related to the decision to pause for three years in the development of the E175-E2 aircraft, approved by the Board of Directors on February 18, 2022, was considered by Management in the impairment test of the E2 Platform CGU as of December 31, 2022, and did not result in impairment losses. Key assumption Factor Sensitivity Impact in impairment test Estimated aircraft deliveries during the — 5% Negative changes of 5% in the estimated volume of deliveries would cause reduction in the CGU headroom from US$ 287 to US$ 175 Discount rate 9.9% 100bps Increase of 100bps in the discount rate would cause reduction in the CGU headroom from US$ 287 to US$ 158 Foreign exchange rate (US$/R$) – rate applied to translate cash flows generated in foreign currency (R$) to the functional currency (US$) R$ 5.2177 10% Reduction of 10% in foreign exchange rate (US$/R$) would cause impairment losses of US$ 99 17. 1 Key assumptions of impairment test: • Impairment tests as of December 31, 2022 were prepared based on value-in-use value-in-use • The Company identified a new CGU as of December 31, 2022. The “E1 Cargo” UGC is linked to the “Services & Support” segment and encompasses the commercialization, development, certification, and conversion of E195-E1 E190-E1 • Future cash flows were projected for a period of 5 years (2023 to 2027) and discounted using a weighted average cost of capital (WACC) rate, reconciled to an estimated pre-tax rate of 9.9% and 10.7% on December 31, 2022, and 2021, respectively. • Part of the future cash flows were budgeted in Reais and translated to the Company’s functional currency (U.S. dollar) based on the observable rate on 12/31/2022 of R$ 5.2177. The 6.5% appreciation of the Real against the U.S. dollar in 2022 did not have a significant impact on future cash flows. |
Trade accounts payable
Trade accounts payable | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Trade accounts payable | 18 Trade accounts payable 12.31.2022 12.31.2021 Foreign suppliers 355.5 259.0 Domestic suppliers 162.6 99.0 Risk partners 221.4 137.2 739.5 495.2 |
Trade Accounts Payable - Suppli
Trade Accounts Payable - Supplier Finance Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Text Block 1 Abstract [Abstract] | |
Trade accounts payable – Supplier finance arrangements | 19 Trade accounts payable – Supplier finance arrangements The Company has entered into agreements with financial institutions with the purpose of carrying out commercial operations with domestic and foreign suppliers. During these transactions, suppliers can exclusively transfer at their discretion, the right to receive titles issued against the Company to these financial institutions, which in turn comes to be the creditor of discounted instruments. The suppliers that carry out this operation receive the resources before the commercial term of the security, discounting the costs and financial charges of the transaction. This operation does not significantly alter the prices and commercial conditions negotiated with suppliers, nor are there any financial charges for the Company. On December 31, 2022, the average payment period for securities transferred by suppliers to financial institutions was 89 days. |
Loans and financing
Loans and financing | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Loans and financing | 20 Loans and financing Contractual Effective Currency interest rate - % interest rate - % Maturity 12.31.2022 12.31.2021 Other currencies: Guaranteed notes US$ 5.05% to 6.95% p.a. 5.05% to 7.42% p.a. 2028 (i) 2,643.2 3,283.5 4.42%% to 4.50% p.a. 4.42% to 4.50% p.a. 2030 24.4 187.3 Working capital Libor 1M + 1.30% p.a. Libor 1M + 1.30% p.a. 2023 8.4 50.2 US$ Libor 1M + 1.40% Libor 1M + 1.40% 2023 1.10 — Libor 6M + 2.60% p.a. Libor 6M + 2.60% p.a. 2027 101.90 100.8 SOFR + 0.75% SOFR + 3.02% 2029 50.20 — Euro Euribor 12 M + 1.3080% p.a. Euribor 12 M + 1.3080% p.a. 2026 4.4 26.1 2.44% p.a. to 4.00%p.a. 2.44% p.a. to 4.00%p.a. 2023 26.9 — Export financing US$ Libor 3 M +1.76% p.a. Libor 3 M +1.76% p.a. 2024 (ii) 301.3 313.2 Property. plant and equipment US$ SIFMA + 3.66% SIFMA + 3.66% 2035 21.1 37.7 Others US$ 10.5% p.a. 10.5% p.a. 2028 10.0 9.8 3,192.9 4,008.6 In local currency: Working capital R$ CDI + 2.60% p.a. CDI + 2.60% p.a. 2026 4.0 3.6 Project development 3.5 3.5% p.a. 2023 6.3 14.1 IPCA + 5.92% p.a. IPCA + 5.92% p.a. 2027 — 0.6 10.3 18.3 Total 3,203.2 4,026.9 Current portion 308.5 574.2 Non-current portion 2,894.7 3,452.7 (i) Issuance of Bonds: Between August and September 2013, through its subsidiary Embraer Overseas Limited, Embraer made an offer to exchange existing bonds maturing in 2017 (settled in January 2017) and 2020 for “New Notes” maturing in 2023. In the case of bonds maturing in 2017, the exchange offer resulted in US$ 146.4 of the aggregate principal of existing notes and US$ 337.2 of the aggregate principal of the 2020 Notes, representing approximately 54.95% of the Notes exchanged. The total of the exchange offer, considering the effects of the exchange price on the negotiations and the total New Notes issued closed at approximately US$ 540.5 in principal at a rate of 5.696% p.a., maturing on September 16, 2023. The Company repurchased part of the outstanding securities in the amount of US$ 82.3 in September 2020, US$ 18.9 in December 2021 and US$ 228.6 in March 2022, remaining the outstanding balance of US$ 210.8 and the other conditions unchanged. The principal repurchased was extinct and derecognized as loans and financing. The operation is fully and unconditionally guaranteed by the Company. In June 2015, the Company’s wholly owned finance subsidiary Embraer Netherlands Finance B.V, which only performs financial operations, issued US$ 1,000.0 in guaranteed notes at 5.05% p.a., due on June 15, 2025. This operation is fully and unconditionally guaranteed by the Company. Embraer Netherlands Finance B.V is a wholly owned subsidiary of Embraer, whose objective is to perform financial operations. The Company repurchased part of the outstanding securities in the amount of US$ 43.0, remaining the outstanding balance of US$ 957.0 in December 2022 and the other conditions unchanged. The principal repurchased was extinct and derecognized as loans and financing on December 31, 2022. In outstanding balance 2022. In 2022. (ii) It refers to financing contracts for working capital for exports totaling US$ 615.0, signed in 2020 with the National Bank for Economic and Social Development - BNDES and private banks (Banco do Brasil, Bradesco, Morgan Stanley, Natixis, and Santander). In 2021, US$ 303.0 was settled and in 2022 U$ 12.0 was settled. In October 2022, Embraer, through its subsidiaries Embraer Aircraft Holding Inc. and Embraer Netherlands Finance B.V. obtained a revolving credit line of US$ 650.0 due in October 2025. This revolving credit line was made with 14 international financial institutions being guaranteed by the Company and some other subsidiaries of the Company, and loans under the Revolving Credit Line will accrue interest at a rate composed of the Term SOFR plus a margin of 1.50% or 1.85% per year, depending on the Company’s corporate rating. This credit line may be amended by October 2023 to include sustainability-related resources, which will provide annual In December 2022 Embraer signed a contract to finance working capital for exports totaling US$ 400.0 with BNDES, the loan has a maturity of 5 years. On December 31, 2022, 2021 and 2020, the changes in loans and financing were as follows: 12.31.2022 12.31.2021 12.31.2020 Opening balance 4,026.9 4,448.0 91.0 Principal addition 146.6 60.4 2,093.1 Interest addition 182.1 200.2 197.2 Principal payment (961.8 ) (478.2 ) (1,061.8 ) Interest payment (183.7 ) (207.4 ) (173.2 ) Foreign exchange 11.1 18.0 (6.5 ) Liabilities held for sale (18.0 ) — 3,301.2 Business Combination — — 7.0 Transfer — (14.1 ) — Total 3,203.2 4,026.9 4,448.0 On December 31, 2022, 2021 and 2020, the changes in lease liabilities were as follows: 12.31.2022 12.31.2021 12.31.2020 Opening balance 63.8 64.7 38.6 Additions 22.5 14.4 27.8 Additions - business combination — — 1.6 Disposals (2.8 ) (1.7 ) (3.8 ) Interest expense 4.2 3.0 2.8 Payments (11.8 ) (10.4 ) (9.0 ) Assets and liabilities held for sale — — 9.4 Translation adjustments (4.9 ) (6.2 ) (2.7 ) Total 71.0 63.8 64.7 Current portion 12.0 11.5 11.4 Non-current portion 59.0 52.3 53.3 As of December 31, 2022, the maturity schedules of the long-term financing were: Year 2024 309.5 2025 954.8 2026 6.8 Thereafter 2026 1,623.6 2,894.7 20.1 Interest and guarantees On December 31, 2022, loans denominated in U.S. dollars (98.7% of the total) are mainly subject to floating interest rates. The weighted average rate was 5.39% p.a. (5.16% p.a. on December 31, 2021). On December 31, 2022, loans denominated in Reais (0.32% of the total) are subject to interest rate based on the Brazilian Long-term Interest Rate (“TJLP”) and CDI. The weighted average rate was 8.31% p.a. (5.24% p.a. on December 31, 2021). On December 31, 2022, loans denominated in Euros (0.98% of the total) had a weighted average interest rate of 2.75% p.a. (0.29% on December 31, 2021). Real estate, machinery, equipment, commercial pledges, and bank guarantees totaling US$ 470.8 as of December 31, 2022 (US$ 452.9 as of December 31, 2021) were provided as collateral for loans. 20.2 Restrictive clauses Loans and financing contracts are subject to restrictive clauses, and includes restrictions on the creation of new liens on assets, significant changes in the Company’s share control, significant sale of assets and payment of dividends in excess the minimum required by law in cases of default in financing and in transactions with controlled companies. As of December 31, 2022, the Company had one contract subject to restrictive clauses related to the liquidity indicator. |
Other payables
Other payables | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other payables | 21 Other payables 12.31.2022 12.31.2021 Provisions related to payroll 100.7 105.0 Provision for employee profit sharing 51.3 26.0 Long-term incentive (i) 34.0 24.9 Other accounts payable (ii) 33.6 40.4 Non-controlling purchase options - Tempest (iii) 31.0 17.1 Non-controlling purchase options - EVE (iv) 30.0 — Mutual with jointly controlled operation 26.8 25.7 Contractual obligations (v) 22.3 14.8 Commission payable 16.0 21.9 Insurance 6.1 7.2 Training simulator 5.9 — Recourse and non-recourse debt 5.8 9.9 Accounts payable from financial guarantees 3.0 18.7 Brazilian air force 2.6 4.8 Facility accounts payable 1.9 0.8 Accounts payable of acquisitions (deferred consideration) — 0.4 371.0 317.6 Current portion 319.9 257.1 Non-current portion 51.1 60.5 (i) Accounts payable of the share-based payment program granted to certain employees of the Company in the form of phantom shares as described in Note 27 (ii) Represents, substantially, provision for expenses already incurred as of the date of the consolidated financial statements and for which payments are made during the following month. (iii) As part of the acquisition of control of Tempest Serviços de Informática S.A. (2020), the Company received call options and granted put options to non-controlling lock-up non-controlling non-controlling (iv) Refers to the purchase option of certain minority shareholders of Eve Holding, Inc., recorded as a reduction in the non-controlling (v) Represents amounts recorded regarding contractual obligations assumed by the Company in contracts with customers mainly related to commercial concessions and costs to obtain contracts. |
Taxes and payroll charges payab
Taxes and payroll charges payable | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Taxes and payroll charges payable | 22 Taxes and payroll charges payable 12.31.2022 12.31.2021 INSS (social security contribution) (i) 30.9 27.9 IRRF (withholding tax) 11.8 8.1 PIS and COFINS 2.0 4.0 IPI (manufacturing tax) 0.7 0.7 FGTS (government employee severance indemnity fund) 3.9 3.1 Others 11.1 6.6 60.4 50.4 Current portion 47.2 40.4 Non-current portion 13.2 10.0 (i) Corresponds substantially to: • The Company is challenging in court the levy of social contributions on the prior notice, among other indemnity amounts. The partial success was confirmed in November 2017. Currently, the remaining amount involved in the discussion, regarding the prior notice established in the collective agreement and 1/3 of vacation, among other amounts, is US$ 13.0 on December 31, 2022 (US$ 9.8 on December 31, 2021). • The Company has a discussion to ensure the right not to pay social security contributions according to the system established by Law 12,546/2011 during the month of July 2017. On December 31, 2022, the amount involved and respectively provisioned is US$ 5.7. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Income taxes | 23 Income taxes As the tax basis for the majority of the Company’s assets and liabilities is maintained in reais and the accounting basis is measured in U.S. dollars (functional currency), the fluctuations in the exchange rate significantly impacted the tax basis and, in turn, the deferred income tax expense (benefit). Deferred tax assets relating to temporary differences on non-deductible provisions, represented mainly by contingencies loss provisions, product warranties, financial guarantees and unearned income will be realized as such proceedings are concluded. 23.1 Deferred income tax and social contribution The components of deferred tax assets and liabilities are as follows: 12.31.2022 12.31.2021 Temporarily non-deductible provisions (i) 111.8 155.3 Tax loss carryforwards 16.6 7.1 Functional currency effect of the non monetary assets (428.8 ) (529.1 ) Gains not realized from sales of the Company to subsidiaries 20.8 14.7 Effect of differences by fixed asset (39.0 ) (21.4 ) Other differences between basis: account x tax (ii) (3.9 ) (33.1 ) Assets and liabilities held for sale — (1.7 ) Deferred tax assets (liabilities), net (322.5 ) (408.2 ) Total deferred tax asset 48.1 97.6 Total deferred tax liability (370.6 ) (505.8 ) (i) Temporarily non-deductible (ii) Refers to differences between the accounting and tax bases of assets and liabilities, such as adjustments to Contract revenues, Borrowing costs, Impairment, among others. From the Other Total At December 31, 2019 (314.1 ) 42.5 (271.6 ) Temporarily non-deductible provisions 68.5 — 68.5 Tax loss carryforwards 0.3 — 0.3 Functional currency effect of the non-monetary assets (211.9 ) — (211.9 ) Gains not realized from sales of Parent Company to subsidiaries (8.6 ) — (8.6 ) Effect of differences by fixed asset 26.1 — 26.1 Other differences between basis: account x tax 20.9 6.2 27.1 At December 31, 2020 (418.8 ) 48.7 (370.1 ) Temporarily non-deductible provisions 21.6 — 21.6 Tax loss carryforwards 6.6 — 6.6 Functional currency effect of the non-monetary assets (19.8 ) — (19.8 ) Gains not realized from sales of Parent Company to subsidiaries 0.2 — 0.2 Effect of differences by fixed asset (35.5 ) — (35.5 ) Differences between basis: account x tax (11.5 ) 2.0 (9.5 ) Discontinued operation (1.7 ) — (1.7 ) At December 31, 2021 (458.9 ) 50.7 (408.2 ) Temporarily non-deductible provisions (43.5 ) — (43.5 ) Tax loss carryforwards 9.5 — 9.5 Functional currency effect of the non-monetary assets 100.3 — 100.3 Gains not realized from sales of Parent Company to subsidiaries 6.1 — 6.1 Effect of differences by fixed asset (17.6 ) — (17.6 ) Other differences between basis: account x tax 32.0 (1.1 ) 30.9 At December 31, 2022 (372.1 ) 49.6 (322.5 ) 23.2 Recoverability of deferred tax assets In order to recognize deferred tax assets related to temporary differences and tax losses carryforwards, the Company assessed the expectation of future taxable income in which these temporary differences and tax losses would be compensated. As of December 31, 2022, the Company did not recognize deferred tax assets in the total amount of US$ 79.2 (US$ 0.9 of temporary differences and US$ 78.3 of tax losses carryforwards). 23.3 Reconciliation of income tax expense 12.31.2022 12.31.2021 12.31.2020 Loss before income tax (205.8 ) 27.4 (635.2 ) Income tax and social contribution at the nominal Brazilian enacted tax rate - 34% 70.0 (9.3 ) 216.0 Tax on profits of overseas subsidiaries (76.8 ) (92.1 ) (21.3 ) Transfer Pricing and Thin Capitalization (2.6 ) (36.3 ) (47.7 ) Functional currency effect of the non-monetary assets 134.4 (60.0 ) (250.4 ) Research and development tax incentives 4.0 1.2 1.6 Equity in the earnings of subsidiaries 2.7 0.4 0.8 Fiscal assets (non recognized) (125.4 ) (68.2 ) (104.6 ) Tax rate difference 33.2 28.2 10.4 Other differences between accounting and fiscal basis (37.2 ) 165.2 195.6 Effects of Dropdown — — (93.5 ) (67.7 ) (61.6 ) (309.1 ) Income tax and social contribution income (expense) benefit as reported 2.3 (70.9 ) (93.1 ) Current income tax and social contribution expense as reported (84.5 ) (32.5 ) 11.6 Deferred income tax and social contribution income (expense) benefit as reported 86.8 (38.4 ) (104.7 ) Effective rat e -1.1 % -258.8 % 14.7 % 23.4 Uncertainty over income tax treatments (IFRIC 23) The Company and its subsidiaries held certain discussions with Brazilian tax authorities over administrative and judicial matters related to uncertain treatments adopted when calculating income tax and social contribution on net income, their prognostic assessment was that the chosen tax positions will probably be accepted by the authorities, based on internal and external evaluation by legal advisors, except for a lawsuit that discusses a notice of infraction that disallowed the compensation of CSLL with income tax credit paid abroad. The process is currently awaiting a decision from the Tribunal Regional Federal (TRF) for the 3rd region, of the Company’s appeal. To this process, the Company recognized a provision in the amount of US$ |
Provisions and contingent liabi
Provisions and contingent liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Provisions and contingent liabilities | 24 Provisions and contingent liabilities 24.1 Provision 12.31.2022 12.31.2021 Product warranties (i) 77.6 77.5 Provisions for labor, taxes and civil (ii) 58.6 53.7 Taxes (iii) 44.6 36.6 Post retirement benefits 36.1 39.4 Provision of third-party materials 25.3 — Environmental provision 0.4 0.7 Others 34.1 21.5 276.7 229.4 Current portion 126.5 108.9 Non-current portion 150.2 120.5 (i) Recorded to cover product-related expenditure, including warranties and contractual obligations to implement improvements to aircraft delivered in order to meet performance targets. (ii) Provisions for labor, tax or civil contingencies, as shown in the table below Note 24.1.1. (iii) Accrual of tax provisions mainly relates to indirect taxes recognized in relation to revenue recognition of long-term contracts. Changes in provision: Product Provisions Post Taxes Environment Provision Others Total At December 31, 2019 67.1 66.4 11.7 41.7 0.3 — 15.7 202.9 Additions 42.0 8.5 2.5 147.2 0.4 — 4.5 205.1 Interest — 5.4 3.6 — — — — 9.0 Used/payments (30.4 ) (4.7 ) (2.2 ) (154.4 ) (0.6 ) — — (192.3 ) Reversals (15.8 ) (8.0 ) — — (0.4 ) — — (24.2 ) Translation adjustments (1.0 ) (13.6 ) (7.4 ) — (0.9 ) — (4.4 ) (27.3 ) Reclassification - Liabilities held for sale 12.0 1.4 19.7 — 2.6 — 3.8 39.5 At December 31, 2020 73.9 55.4 27.9 34.5 1.4 — 19.6 212.7 Additions 43.3 6.0 11.8 37.9 0.5 — 1.9 101.4 Interest — 3.8 1.7 — — — — 5.5 Used/payments (25.9 ) (4.8 ) (0.3 ) (32.4 ) (0.9 ) — — (64.3 ) Reversals (13.6 ) (2.7 ) — — — — — (16.3 ) Translation adjustments (0.2 ) (4.0 ) (1.7 ) (3.4 ) (0.3 ) — — (9.6 ) At December 31, 2021 77.5 53.7 39.4 36.6 0.7 — 21.5 229.4 Additions 35.6 6.2 — 29.5 0.6 25.6 12.6 110.1 Interest — 7.2 3.5 — — — — 10.7 Used/payments (20.9 ) (5.8 ) — (23.9 ) (1.1 ) — — (51.7 ) Reversals (14.9 ) (2.8 ) (9.4 ) — — — — (27.1 ) Translation adjustments 0.3 0.1 2.6 2.4 0.2 (0.3 ) — 5.3 At December 31, 2022 77.6 58.6 36.1 44.6 0.4 25.3 34.1 276.7 24.1.1 Labor, tax and civil provisions 12.31.2022 12.31.2021 Tax related IRRF (i) 8.3 10.5 PIS and COFINS (ii) 2.8 4.0 Social security contributions (iii) 1.8 1.7 Import taxes (iv) 0.6 0.6 Others 6.5 5.4 20.0 22.2 Labor related Plurimas 461/1379 (v) 0.6 0.5 Class action 1379/1991 (vi) 7.6 6.2 Reintegration (vii) 11.3 6.9 Overtime (viii) 5.0 3.9 Dangerousness (ix) 2.4 2.0 Insalubrity (x) 0.2 — Indemnity (xi) 4.2 3.8 Third parties (xii) 3.0 1.0 Others (xiii) 4.1 7.0 38.4 31.3 Civil related Indemnity (xiv) 0.2 0.2 0.2 0.2 58.6 53.7 Current portion 18.7 18.7 Non-current portion 39.9 35.0 (i) The Company has obtained an injunction to suspend income tax collection related to certain operations of transfers abroad. The related legal demand is pending completion. (ii) Since 2013, the Company has been discussing with Brazilian Tax Authorities the appropriation of extemporaneous PIS and COFINS credits in the non-cumulative (iii) The company has INSS discussions derived from notifications which are divided into several notifications related to the withholding of 11% to be applied in the payment for contracting third parties in the amount of US$ 1.8 . (iv) Deficiency and Penalty Notices issued against the Company involving the drawback regime, disputing possible differences in relation to the tax classification of certain products and is at the analysis stage in the Federal Supreme Court - STJ ( Supremo Tribunal de Justiça (v) It refers to claims for backdated salary increases and productivity payments, on salaries from former employees. (vi) Class action filed by the Metalworkers Union of São José dos Campos with a request for retroactive salary readjustments and productivity payments. (vii) It refers to labor lawsuits from former employees claiming reinstatement with the Company for various reasons. (viii) It reflects several requests for payment of alleged differences due to allegations of overtime hours. (ix) It refers to requests that seek recognition of hazardous activities. (x) Requests that seek recognition of the activity in unhealthy conditions and the respective payments. (xi) Indemnity claims in connection with alleged work-related accidents or work-related illness. (xii) Those are requests for various orders, filed by employees of third-party companies that had some legal relationship with the Company seeking the subsidiary conviction of the Company in the event of default by their employer. (xiii) Other labor lawsuits refer to general matters different from the categories above-mentioned, such as, salary parity, salary differences, and others. (xiv) Other indemnity claims brought by parties that had some type of legal relationship with the Company. The tax, labor and civil provisions are recorded in accordance with the Company’s accounting policy and the amounts shown here represent the estimated amounts that the Company’s legal department, supported by its external counsel, expect the Company to have to disburse to settle the lawsuits. 24.2 Contingent liabilities Contingent liabilities are amounts classified as possible losses, in accordance with the Company’s accounting policy, in the opinion of the Company’s legal department, supported by its external counsel. When the contingent liability arises from the same set of circumstances as an existing provision, the type of the corresponding provision is indicated at the end of the description. The Company’s main contingent liabilities are listed below: (i) The Company has a legal dispute over AIIM on SAT / Agentes Nocivos (ii) The Company is involved in a legal dispute related to tax credits paid by its subsidiaries abroad amounting to US$ 91.6 on December 31, 2022 (US$ 82.7 on December 31, 2021). (iii) The Company has a dispute on the 2007 Tax Assessment Notice regarding the validity of the provisions contained in the Normative Instruction No. 213/02, which determined the taxation of profits from abroad through the application of Brazilian rules. The dispute involves transfer pricing in loans between associates, equity method, among other. On September 1, 2010, decadence had been accepted to exclude the requirements of the first three quarters of 2002, and it was determined to carry out diligence to collect information requested by the National Treasury Attorney ( Procuradoria da Fazenda Nacional (iv) The Company has a discussion on the disallowance of credits launched in several PERDCOMPs (electronic request for reimbursement or refund and tax offset statement program in Brazil) in the amount of US$ 69.8 on December 31, 2022 (US$ 58.1 on December 31, 2021). (v) The Company is discussing administratively and judicially the disallowance of appropriation of extemporaneous PIS/COFINS credits, this discussion is guaranteed by surety bond in the amount of US$ 6.5 and at the administrative level the value of the discussion on December 31, 2022 is US$ 3.1 . (vi) The Company is discussing the non-approval of offsetting PIS/COFINS Import credits arising from a final and unappealable court decision, totaling the historic amount of US$ 11.4, the amount under discussion on December 31, 2022, is US$ 19.2 (US$ 16.4 on December 31, 2021). (vii) Other tax lawsuits in the amount of US$ 1.5 on December 31, 2022. This topic includes discussions on IRRF (divergence of DCTF x DIRF) and INSS requirement on Stock Option. (viii) The Company has a legal discussion in Tax Enforcement questioning the requirement of the ICMS (Tax on Commerce and Services) for the period from April/2017 to October/2017, the value of the discussion on December 31, 2022, is US$ 7.1. (ix) The Company has an administrative discussion whose object of the AIIM (Deficiency Notice) is related to the requirement of ISS (Tax on Services) by the municipality of São José dos Campos/SP, supposedly due in the performance of after-sales services, whose value of the discussion on December 31,2022 is US$ 63.1. (x) The Company has contingent liabilities related several labor claims amounting to US$ 24.0 on December 31, 2022 (US$ 20.7 on December 31, 2021). 24.3 FCPA investigations and settlements In October 2016, the Company entered into definitive agreements with the United States and Brazilian authorities for the resolution of criminal and civil violations of the United States (Foreign Corrupt Practices Act of 1977 or FCPA) and for the resolution of allegations regarding violations of certain Brazilian laws in four aircraft transactions outside Brazil between 2007 and 2011. In February 2017, the Company entered into an Exoneration Agreement with the Mozambican authorities for collaboration with the investigations in that country and under which there are no financial obligations for Embraer. In July 2018, the Company and the Attorney General’s Office of the Dominican Republic entered into a collaboration agreement whereby the Company undertook to collaborate with the investigations in that country. Several individuals and entities are defendants in a criminal case in India related to the sale by Embraer of three aircraft AEW EMB-145 to the Indian Defense Research & Development Organization. Such transaction has been investigated and its results have been the subject of the aforesaid settlement agreement between Embraer and the Brazilian and U.S. authorities in 2016. Embraer S.A. and ECC Investment Switzerland AG are parties to this criminal case and have been served in November of 2021. The Company is not aware of other procedures that relate to the scope of the agreements entered into with the United States and the Brazilian authorities in 2016. To date, the Company believes that there is no adequate basis for estimating provisions or quantifying possible contingencies related to other procedures and developments mentioned herein. 24.4 Arbitration Proceedings - The Boeing Company (“Boeing”) Embraer is pursuing all appropriate remedies against Boeing for damages suffered by Embraer due to wrongful termination and violation of the Master Transaction Agreement and Contribution Agreement by Boeing, including by means of arbitration proceedings initiated by both sides in connection with the termination of the Master Transaction Agreement and/or the Contribution Agreement by Boeing. There are no guarantees with respect to the timing or outcome of arbitration proceedings or any remedies that Embraer may receive or loss that Embraer may suffer as a result of or in connection with such arbitration proceedings. 24.5 Post-retirement benefits 24.5.1 Post-retirement healthcare benefits provided by the Company The Company provided healthcare plan for employees in Brazil, which based on its conditions, is classified as a post-employment benefit. Under this healthcare plan, employees who retire from the Company have the option of remaining in the plan, contributing the full amount charged by the insurance company. However, due to certain rules for increases under Brazilian law, there could be times the contribution made by the retired employees is insufficient to cover the medical plan costs, which would represent exposure for the Company. The actuarial liability recognized as of December 31, 2022 was US$ 34.2 (US$ 36.5 as of December 31, 2021). Embraer Aircraft Holding, Inc. (domiciliated in the United States of America) sponsors a post-retirement healthcare plan for employees hired up to 2007. The expected costs of pension and provision of post-employment medical benefit for the individual employees and their dependents are provided on an accrual basis based on actuarial studies and the calculation is reviewed annually. The actuarial liability recognized as of December 31, 2022 was US$ 1.9 (US$ 2.9 as of December 31, 2021). 24.5.2 Defined contribution pension plan The Company and certain subsidiaries in Brazil sponsor a defined contribution pension plan for their employees, participation in which is optional. The Company’s contributions to the plan for the years ended December 31, 2022, 2021 and 2020 were US$ 9.7, US$ 12.0 and US$ 12.3, respectively. 24.6 STF decision on the relativization of res judicata in tax matters On February 8, 2023, the Federal Supreme Court (STF) concluded the judgment on the annulment of final decisions in tax matters by holding that individual final and unappealable decisions can be considered immediately annulled in cases where the STF later issues a general opposite decision. Based on their assessment and that of their external legal advisors, the Company and its subsidiaries conclude that this matter has no material impact to be recognized on these financial statements. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Financial Instruments | 25 Financial instruments 25.1 Financial instruments by category 12.31.2022 Note Amortized Fair value Fair value Total Assets Cash and cash equivalents 5 1,816.9 — — 1,816.9 Financial investments 6 350.5 194.7 119.2 664.4 Trade accounts receivable, net 7 205.2 — — 205.2 Customer and commercial financing 9 101.2 — — 101.2 Derivative financial instruments 8 — — 11.1 11.1 Other assets 60.3 — — 60.3 2,534.1 194.7 130.3 2,859.1 Liabilities Loans and financing 20 3,196.8 — 6.4 3,203.2 Trade accounts payable 18 739.5 — — 739.5 Trade accounts payable supplier finance 19 27.5 — — 27.5 Other payables 21 340.0 31.0 — 371.0 Lease liability 20 71.0 — — 71.0 Derivative financial instruments 8 — — 97.5 97.5 Other liabilities 172.8 — — 172.8 4,547.6 31.0 103.9 4,682.5 12.31.2021 Note Amortized Fair value Fair value Total Assets Cash and cash equivalents 5 1,816.0 2.3 — 1,818.3 Financial investments 6 79.4 541.0 196.0 816.4 Guarantee deposits 3.0 — — 3.0 Trade accounts receivable, net 7 189.0 — — 189.0 Customer and commercial financing 9 32.0 — — 32.0 Derivative financial instruments 8 — — 0.1 0.1 Other assets 50.7 — — 50.7 2,170.1 543.3 196.1 2,909.5 Liabilities Loans and financing 20 4,026.9 — — 4,026.9 Trade accounts payable 18 495.2 — — 495.2 Trade accounts payable supplier finance 19 14.8 — — 14.8 Other payables 21 300.5 17.1 — 317.6 Lease liability 20 63.8 — — 63.8 Derivative financial instruments 8 — — 5.9 5.9 Other liabilities 158.2 — — 158.2 5,059.4 17.1 5.9 5,082.4 25.2 Fair value of financial instruments The fair value of the Company’s financial assets and liabilities was determined using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to generate estimates of fair values. Consequently, the estimates presented below are not necessarily indicative of the amounts that might be realized in current market exchange. The use of different assumptions and/or methodologies could have a material effect on the estimated realizable values. The following methods were used to estimate the fair value of each category of financial instrument for which it is possible to estimate the fair value. The carrying amounts of cash, financial investments, accounts receivable, customer and commercial financing, other financial assets and current liabilities approximate at their fair values. The methods below were used to estimate the fair value of other class of financial instruments for which fair value is adopted. Financial investments – The fair value of securities is estimated by the discounted cash flow methodology. For investments in bonds, the unit price on the last trading day at the end of the reporting period is multiplied by the amount invested. Loans and financing – The fair value of bonds is the unit price on the last trading day at the end of the reporting period multiplied by the quantity issued. For other loans and financing, fair value is based on the amount of contractual cash flows and the discount rate used is based on the rate for contracting a new transaction in similar conditions or in the lack thereof, on the future curve for the flow of each obligation. Warrants – The measurement of the fair value of the stock purchase options depends on which option modality is issued, and can be an option traded on the market, in this way its fair value is calculated from the unit price of this option, multiplied by the amount of options, or else the option, when not traded on the market, has its fair value calculated using its own methodology based on the Black-Scholes pricing model. The Company considers “fair value” to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observable inputs. The three Levels of the fair value hierarchy are as follows: • Level 1 - • Level 2 non-exchange over-the-counter • Level 3 The following table lists the Company’s financial assets and liabilities by level within the fair value hierarchy. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. On December 31, 2022, there were no changes in the fair value methodology of the financial instruments and, therefore, there were no transfers between levels. 12.31.2022 Note Level 1 Level 2 Level 3 Total fair value Amortized cost of the Carrying amount Assets Cash and cash equivalents 5 — — — 1,816.9 1,816.9 Financial investments 6 217.4 96.5 313.9 350.5 664.4 Trade accounts receivable, net 7 — — — 205.2 205.2 Customer and commercial financing 9 — — — 101.2 101.2 Derivative financial instruments 8 11.1 — 11.1 — 11.1 Other a — — — 60.3 60.3 — 228.5 96.5 325.0 2,534.1 2,859.1 Liabilities Loans and financing 20 6.4 — 6.4 3,196.8 3,203.2 Trade accounts payable 18 — — — 739.5 739.5 Trade accounts payable s 19 — — — 27.5 27.5 Other payables 21 — 31.0 31.0 340.0 371.0 Lease liability 20 — — — 71.0 71.0 Derivative financial instruments 8 7.7 89.8 — 97.5 — 97.5 Other liabilities — — — 172.8 172.8 7.7 96.2 31.0 134.9 4,547.6 4,682.5 12.31.2021 Note Level 2 Level 3 Total fair value Amortized cost of the Carrying amount Assets Cash and cash equivalents 5 2.3 — 2.3 1,816.0 1,818.3 Financial investments 6 642.1 94.9 737.0 79.4 816.4 Guarantee deposits — — — 3.0 3.0 Trade accounts receivable, net 7 — — — 189.0 189.0 Customer and commercial financing 9 — — — 32.0 32.0 Derivative financial instruments 8 0.1 — 0.1 — 0.1 Other assets — — — 50.7 50.7 644.5 94.9 739.4 2,170.1 2,909.5 Liabilities Loans and financing 20 — — — 4,026.9 4,026.9 Trade accounts payable 18 — — — 495.2 495.2 Trade accounts payable supplier finance 19 — — — 14.8 14.8 Other payables 21 — 17.1 17.1 300.5 317.6 Lease liability 20 — — — 63.8 63.8 Derivative financial instruments 8 5.9 — 5.9 — 5.9 Other liabilities — — — 158.2 158.2 5.9 17.1 23.0 5,059.4 5,082.4 The fair value measurements of Republic shares (assets), note 6(v), and Tempest Put Options (liabilities), note 21(iii), were classified as level 3 in the valuation method used. This method is the discounted cash flow, which considers the present value of the free cash flows expected to be generated by the evaluated company, considering a terminal value that is calculated based on a perpetuity with a certain cash flow growth. Free cash flows are discounted at a rate calculated by the weighted average capital cost (WACC). The unobservable inputs are: 1. Cash flow growth rate in perpetuity; 2. Discount rate (WACC). The table below shows the reconciliation of the opening balance and the closing balance of level 3 fair values: Fair value of financial Assets Liabilities At 12.31.2020 55.9 108.4 Reversal — (50.1 ) Transfer — (33.6 ) Changes in fair value 35.2 (3.9 ) Exchange variation 3.8 (3.7 ) At 12.31.2021 94.9 17.1 Changes in fair value 0.8 12.8 Exchange variation 0.8 1.1 At 12.31.2022 96.5 31.0 25.3 Financial risk management policy The Company has and follows a risk management policy, which involves the diversification of transactions and counterparties, with the objective of identifying the risks related to the financial transactions, as well as the operational directives related to these financial transactions. The policy provides for regular monitoring and management of the nature and general situation of the financial risks in order to assess the results and the financial impact on cash flows. The credit limits and risk rating of the counterparties are also reviewed periodically. The Company’s risk management policy is part of the financial management policy established by the Executive Directors and approved by the Board of Directors and provides for monitoring by a Financial Management Committee. Under this policy, the market risks are mitigated when there are no offsetting elements in the Company’s operations and when it is considered necessary to support the corporate strategy. The Company’s internal control procedures provide for consolidated monitoring and supervision of the financial results and of the impact on cash flows. The Financial Management Committee assists the Financial Department in examining and reviewing information in relation to the economic scenario and its potential impact on the Company’s operations, including significant risk management policies, procedures, and practices. The financial risk management policy includes the use of derivative financial instruments to mitigate the effects of interest rate fluctuations and to reduce the exposure to exchange rate risk. The use of these instruments for speculative purposes is forbidden. 25.3.1 Capital management The Company uses capital management to ensure the continuity of its investment program and offer a return to its shareholders and benefits to its stakeholders and maintain an optimized capital structure in order to reduce costs. The Company may review its dividends payment policy, pay back capital to the shareholders, issue new shares or sell assets in order to maintain or adjust its capital structure (to reduce indebtedness, for instance). Liquidity and the leverage level are monitored in order to mitigate refinancing risk and to maximize the return to the shareholders. The ratio between the liquidity and the return to the shareholders may be changed pursuant to the assessment of the Board of Directors. 25.3.2 Credit risk Credit risk is the risk of a counterparty to a transaction not meeting an obligation established in a financial instrument, or in the negotiation of sales to customers, leading to a financial loss. The Company is exposed to credit risk in its operational activities, cash held in banks and other investments in financial instruments held in financial institutions. • Cash and cash equivalents and financial investments The credit risk of cash and cash equivalents and financial investments which is managed by the Financial Department is in accordance with the risk management policy. The credit limit of counterparties is reviewed on a daily basis in order to not to exceed the limits established mitigating possible losses generated by the bankruptcy of a counterparty, as well as transactions are carried out with counterparties with investment Fitch Moody’s Standard and Poor’s • Trade accounts receivable, and contract assets with customers The Company may incur losses on accounts receivable arising from invoicing of spare parts and services to customers. To reduce the credit risk associated with installment sales, the respective credit risk analysis is carried out which considers qualitative aspects, which include the experience of past transactions and quantitative aspects, when applicable, based on financial information. Any increased risk and/ or late payment by the customer may impact the continuity of the supply of parts and services, which may make it impossible for the aircraft to operate. The Company applies IFRS 9 simplified approach to the measurement of expected credit losses on trade accounts receivable balances (Note 7). In order to As a result of the economic downturn environment generated by the crisis of the COVID-19 pandemic and its significant impacts mainly related to the commercial jets market (Commercial Aviation), the Company applied economy trends and customers data based of the main rating agencies in order to estimate the expected credit losses over the short-term receivables of such segment during the crisis and defined the expected loss factor in the period to 7.6% (7.7 % as of December 31, 2021). Customers with a significant increase in credit risk in the period (under judicial recovery measures or bankruptcy processes), were subject to a case-by-case Contract assets refer to contracts in progress that have not been billed, mainly related to development contracts recognized over time in the Defense & Security segment. The credit risk characteristic of the Company’s customers is different for the Defense & Security segment since the counterparties refer only to government entities and agencies. The risk in this case is associated with the sovereign risk of each country, especially Brazil, as well as with the continuity of strategic projects under development, for which the Company usually has the enforceable right to receive for the performance completed to date. The Company historically has not presented losses in the trade accounts receivable and contract assets balances with these counterparties. Trade accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indications include, among other, the inability of the debtor to participate in a plan to renegotiate its debt or possible legal actions have been exhausted. 25.3.3 Liquidity risk This is the risk of the Company not having enough funds to honor its financial commitments as a result of a mismatch of terms or volumes of estimated receipts and payments. Projections and assumptions are established to manage the liquidity of cash in U.S. dollars and Reais, in accordance with the financial management policy, based on contracts for future disbursements and receipts, and monitored periodically by the Company. The following table provides additional information related to undiscounted contractual obligations and commercial commitments and their respective maturities: Cash Flow Less than one One to three Three to five More than At December 31, 2022 Loans and financing 3,789.6 395.2 1,572.4 1,031.4 790.6 Trade accounts payable 739.5 739.5 — — — Trade accounts payable - supplier finance 27.5 27.5 — — — Lease liability 71.0 12.0 25.9 10.8 22.3 Other liabilities 172.8 3.2 157.5 10.3 1.8 Other payables 371.0 320.4 16.3 33.2 1.1 Derivative financial instruments 97.5 57.4 — 40.1 — Total 5,268.9 1,555.2 1,772.1 1,125.8 815.8 At December 31, 2021 Loans and financing 4,842.0 712.5 683.4 1,602.4 1,843.7 Trade accounts payable 495.2 495.2 — — — Trade accounts payable supplier finance 14.8 14.8 — — — Lease liability 63.8 11.5 20.1 9.9 22.3 Other liabilities 158.2 14.2 127.5 9.9 6.6 Other payables 317.6 258.7 37.0 17.9 4.0 Derivative financial instruments 5.9 2.9 3.0 — — Total 5,897.5 1,509.8 871.0 1,640.1 1,876.6 The table above shows the outstanding principal and interest if applicable at the maturity dates. In the case of the fixed rate liabilities, interest expense was calculated based on the rate established in each debt contract. Interest expense on floating rate liabilities was calculated based on a market forecast for each period. 25.3.4 Market risk a) Interest rate risk This risk arises from the possibility of the Company incurring losses on the fluctuation of floating interest rates, which might increase financial expenses of financial liabilities, and/ or decrease financial income of financial assets, as well as negatively impacting the fair value of financial assets measured as at fair value. The lines of the consolidated financial statements most affected by interest rate risks are: • Cash, cash equivalents and financial investments – the Company’s policy for managing the risk of fluctuations in interest rates on financial investments is to maintain a system to measure market risk, which consists of an aggregate analysis of variety of risk factors that might affect the return of those investments. • Loans and financing – the Company monitor financial markets with the purpose of evaluating hedge structures (derivative transactions) in compliance with the financial and risk management policy to protect its exposure risks of volatility in foreign currency and interest rates. On December 31, 2022, the Company’s cash, cash equivalents, financial investments and loans and financing were indexed as follows: Without derivative effect Fixed Rate Floating Rate Total Amount % Amount % Amount % Cash, cash equivalents and financial investments 2,351.5 94.77 % 129.7 5.23 % 2,481.2 100.00 % Loans and financing 2,704.0 84.42 % 499.2 15.58 % 3,203.2 100.00 % With derivative effect Fixed Rate Floating Rate Total Amount % Amount % Amount % Cash, cash equivalents and financial investments 2,351.5 94.77 % 129.7 5.23 % 2,481.2 100.00 % Loans and financing 3,100.9 96.80 % 102.4 3.20 % 3,203.3 100.00 % On December 31, 2022, the Company’s cash equivalents, and variable interest rate loans and financing were indexed as follows, considering the contractual cash flows (without derivative effect) and the cash flows changed due to interest rate swaps (with derivative effect): Without derivative effect With derivative effect Amount % Amount % Cash equivalents and financial investments 129.7 100.00 % 129.7 100.00 % CDI 129.7 100.00 % 129.7 100.00 % Loans and financing 499.2 100.00 % 102.4 100.00 % Libor 412.7 82.67 % 9.5 9.27 % CDI 4.0 0.80 % 10.4 10.16 % SIFMA 21.1 4.23 % 21.1 20.61 % EURIBOR 4.4 0.88 % 4.4 4.30 % SOFR 57.0 11.42 % 57.0 55.66 % b) Foreign exchange rate risk The Company’s operations most exposed to foreign exchange gains/losses are those denominated in Reais (labor costs, tax issues, local expenses and financial investments) as well as investments in subsidiaries in currencies other than the U.S. dollar. Company policy for protection against foreign exchange risks on assets and liabilities is mainly based on seeking to maintain a balance between assets and liabilities indexed in each currency and management of foreign currency purchases and sales to ensure that, on the realization of the transactions contracted, this natural hedge will occur. This policy minimizes the effect of exchange rate changes on assets and liabilities already contracted but does not protect against the risk of fluctuations in future results due to appreciation or depreciation of the real that can, when measured in U.S. dollars, result in an increase or reduction in the portion of costs denominated in Reais. Under certain market conditions, the Company may protect itself against potential future mismatches of expenses and revenues denominated in foreign currency, to minimize the effects of future exchange variations on the Company’s consolidated statements of income. Efforts to minimize the foreign exchange risk for rights and liabilities denominated in currencies other than the functional currency may involve transactions with derivatives, such as swaps, exchange options and Non-Deliverable On December 31, 2022, the Company had the following amounts of financial assets and liabilities denominated in several currencies as follows: 12.31.2022 12.31.2021 Loans and financing Brazilian reais 10.3 18.3 U.S. dollars 3,161.6 3,982.5 Euro 31.3 26.1 3,203.2 4,026.9 Trade accounts payable Brazilian reais 89.9 77.6 U.S. dollars 602.3 385.6 Euro 44.9 31.3 Other currencies 2.4 0.7 739.5 495.2 Trade accounts payable - Supplier finance Brazilian reais 7.6 2.8 U.S. dollars 19.9 12.0 27.5 14.8 Total (1) 3,970.2 4,536.9 Cash and cash equivalents and financial investments Brazilian reais 131.3 94.9 U.S. dollars 2,283.9 2,493.6 Euro 62.0 42.4 Other currencies 4.1 3.8 2,481.3 2,634.7 Trade accounts receivable: Brazilian reais 96.9 33.3 U.S. dollars 82.5 134.8 Euro 25.4 20.8 Other currencies 0.4 0.1 205.2 189.0 Total (2) 2,686.5 2,823.7 Net exposure (1 - 2): Brazilian reais (120.4 ) (29.5 ) U.S. dollars 1,417.4 1,751.7 Euro (11.2 ) (5.8 ) Other currencies (2.1 ) (3.2 ) The Company has other financial assets and liabilities that are also influenced by foreign exchange variations that are not included in the table above. These are used to minimize exposure to the currencies presented. 25.4 Sensitivity analysis In order to present positive and negative variations of 25% and 50% in the risk variable considered, a sensitivity analysis of the financial instruments, including derivatives, is presented below describing the effects on the monetary and foreign exchange variations on the financial income and expense, as well as in the consolidated shareholders’ equity, determined on the balances recorded on December 31, 2022, in the event of such variations in the risk component. However, statistical simplifications were made in isolating the variability of the risk factors in question. Consequently, the following estimates do not necessarily represent the amounts that might be determined in future consolidated financial statements. The use of different hypotheses and/or methodologies could have a material effect on the estimates presented below. 25.4.1 Methodology Considering the assumption that balances remain constant as compared to December 31, 2022, the Company calculates the interest and exchange variation differential for each of the projected scenarios. The assessment of the amounts exposed to interest rate risk considers only the risks for the financial statement, therefore operations subject to fixed interest rates were not included. The probable scenario is supported by an average of market projections, observed through Bloomberg, for the related financial indexes and rates in a period of up to 3 months from reporting date, and positive and negative variations of 25% and 50% were applied to the indexes and rates in force as of the reporting date. In the sensitivity analysis of derivative contracts, positive and negative variations of 25% and 50% were applied to the market yield curve (as observed in B3) as of the reporting date. 25.4.2 Interest risk factor Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Cash equivalents and financial investments CDI 129.7 (8.8 ) (4.3 ) 0.1 4.6 9.0 Loans and financing CDI (4.0 ) 0.3 0.1 — (0.1 ) (0.3 ) Net impact CDI 125.7 (8.5 ) (4.2 ) 0.1 4.5 8.7 Loans and financing LIBOR (412.7 ) 10.0 4.4 (1.2 ) (6.9 ) (12.5 ) Net impact LIBOR (412.7 ) 10.0 4.4 (1.2 ) (6.9 ) (12.5 ) Loans and financing SOFR (57.0 ) 1.1 0.4 (0.2 ) (0.9 ) (1.6 ) Net impact SOFR (57.0 ) 1.1 0.4 (0.2 ) (0.9 ) (1.6 ) Rates considered CDI 13.65 % 6.88 % 10.31 % 13.75 % 17.19 % 20.63 % Rates considered LIBOR 6M 5.14 % 2.72 % 4.08 % 5.44 % 6.80 % 8.16 % Rates considered TJLP 7.20 % 3.69 % 5.53 % 7.37 % 9.21 % 11.06 % Rates considered IPCA 5.73 % 2.27 % 3.41 % 4.54 % 5.68 % 6.81 % Rates considered SOFR 4.30 % 2.35 % 3.52 % 4.70 % 5.87 % 7.04 % (*) The positive and negative variations of 25% and 50% were applied on the rates 25.4.3 Foreign exchange risk factor Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Assets 412.8 203.1 98.3 (6.5 ) (111.3 ) (216.1 ) Cash, cash equivalents and financial investments R$ 131.3 64.6 31.3 (2.1 ) (35.4 ) (68.7 ) Other assets R$ 281.5 138.5 67.0 (4.4 ) (75.9 ) (147.4 ) Liabilities (411.1 ) (202.4 ) (98.0 ) 6.5 110.9 215.3 Loans and financing R$ (10.3 ) (5.1 ) (2.5 ) 0.2 2.8 5.4 Other liabilities R$ (400.8 ) (197.3 ) (95.5 ) 6.3 108.1 209.9 Net impact 1.7 0.7 0.3 — (0.4 ) (0.8 ) Exchange rate considered 5.2177 2.6500 3.9750 5.3000 6.6250 7.9500 (*) The positive and negative variations of 25% and 50% were applied on the rates 25.4.4 Derivative contracts Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Derivative designated as hedge accounting Interest swap - fair value hedge CDI 0.1 — (0.1 ) (0.1 ) (0.1 ) (0.1 ) Hedge destinated as cash flow hedge US$/R$ 2.3 8.9 2.4 (2.7 ) (7.9 ) (13.7 ) Other derivatives Interest swap LIBOR 8.4 (4.4 ) 2.2 8.7 15.1 21.3 Foreign exchange option EUR/US$ (0.2 ) (5.0 ) (2.5 ) 0.1 2.6 5.2 Equity SWAP Embraer share prices (1.6 ) (9.6 ) (5.2 ) (0.8 ) 3.6 8.0 EVE warrants EVE share prices (95.4 ) 51.5 28.7 — (40.7 ) (94.6 ) Total (86.4 ) 41.4 25.5 5.2 (27.4 ) (73.9 ) Rate considered LIBOR 5.14 % 2.72 % 4.08 % 5.44 % 6.80 % 8.16 % Rate considered CDI 13.65 % 6.88 % 10.31 % 13.75 % 17.19 % 20.63 % Rate considered US$/R$ 5.2177 2.65 3.975 5.3 6.625 7.95 Rate considered EUR/US$ 1.0666 0.52 0.78 1.04 1.3 1.56 (*) The positive and negative variations of 25% and 50% were applied on the rates 25.4.5 Fair value sensitivity analysis For the fair values of Republic shares and Tempest Put options, possibly reasonable changes as of December 31, 2022, in the significant unobservable inputs, and holding other inputs constant, would have the following effects. • Republic Shares Result December 31, 2022 Increase Probable Decrease Growth rate (25% change) 109.5 96.4 83.9 Discount rate (8% change) 64.1 96.4 134.7 • Tempest Put options Result December 31, 2022 Increase Probable Decrease Growth rate (25% change) 33.0 31.0 28.0 Discount rate (8% change) 25.0 31.0 37.0 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Shareholders' equity | 26 Shareholders’ equity 26.1 Capital The authorized capital is divided into 1,000,000,000 common shares. The Company’s subscribed and paid-up capital as of December 31, 2022 was US$ 1,551.6 and was comprised of 740,465,044 common shares, without par value, of which 5,832,238 shares were held in treasury. The capital is comprised entirely of common shares. As per Article 14 of the Company’s bylaws, each common share generally empowered with one vote at general shareholders’ meeting, considering that: (a) no shareholder or group of shareholders, Brazilian or foreign, may exercise votes representing more than 5% of the quantity of shares into which our capital stock is divided. Votes that exceed this 5% threshold will not be considered; and (b) the set of foreign shareholders and groups of foreign shareholders may not exercise votes in number greater than 2/3 26.2 Brazilian Federal Government Golden Share The Federal Government holds one golden share 26.3 Treasury Shares Common shares acquired with resources from the investments and working capital reserve. This operation occurred in accordance with rules approved by the Statutory Board of Directors in a meeting held on December 7, 2007, and corresponds to 5,832,238 common shares and US$ 28.2 as of December 31, 2022. These shares lose voting and economic rights during the period in which they are held in Treasury. The movement is shown below: USD Quantity Share value in unit (USD) At December 31, 2020 25.7 4,291,938 6.0 Repurchase of shares in the period 2.5 1,540,300 1.6 At December 31, 2021 28.2 5,832,238 4.8 At December 31, 2022 28.2 5,832,238 4.8 As of December 31, 2022, the market value of the shares held in Treasury was US$ 15.9 (US$ 25.9 as of December 31, 2021). 26.4 Investment subsidy reserve (Government grants) This reserve was formed as allowed by article 195-A of Brazilian Corporate Law (as amended by Law 11.638, of 2007) and corresponds to the appropriation of the portion of retained earnings derived from government grants received by the Company, which cannot be distributed to shareholders in the form of dividends. It is recognized in the consolidated statements of income in the same expense line to which the subsidy refers. These subsidies are not included in the calculation of the minimum mandatory dividends. 26.5 Legal reserve The legal reserve is a revenue reserve recorded annually as an appropriation of 5% of the net income for the year as defined under the Brazilian Corporate Law. The reserve may not exceed 20% of capital, or 30% of capital and capital reserves. 26.6 Investment and working capital reserve The purpose of this revenue reserve is to shield funds which might otherwise be subject to distribution and are earmarked for: (i) investments in property, plant and equipment, without detriment to retained earnings, pursuant to art. 196 of Law 6.404/76; (ii) the Company’s working capital (iii) redeem, reimburse or purchase shares of the Company and (iv) be distributed to the shareholders. The previously mentioned statutory reserves are generated of earnings retained from past fiscal years. Since Embraer is established and domiciled in Brazil, the components of shareholders’ equity are required under the Brazilian Corporate Law to be measured accounted and maintained in historical Brazilian Real, including amounts to be distributed to shareholders (dividends and interest on own capital). Such a requirement is different from the Company’s original accounting records in its functional currency, which is prepared and maintained in historical U.S. dollars (as described in Note 2.2.1). Net earnings or losses incurred by the Company at the end of each fiscal year in U.S. dollars are translated to Brazilian Real for Corporate Law accounting purposes at average exchange rate observed on that period end, and then distributed, retained or absorbed by the statutory reserves. Embraer files audited consolidated financial statements in Brazil (translated to Brazilian Real based on requirements of IAS 21), which discloses the components of shareholders’ equity accounted as required by the Brazilian Corporate Law. As of January 1 st be available for distribution under the Company’s by-laws. These components in historical Brazilian Real as of January 1 st , 2020 were 26.7 Other comprehensive income (loss) Consists of the following adjustments: • Cumulative translation adjustment: foreign exchange gains/losses resulting from translation of the foreign subsidiaries’ financial statements measured in other functional currencies to the Company’s functional currency (dollar); and • Other comprehensive income: unrealized actuarial gains (losses) resulting from the healthcare plans sponsored by the Company, changes in fair value of financial instruments measured at FVOCI and changes in the fair value of the cash flows hedges structures (Note 8). 26.8 Result in transactions with non-controlling Consists of the transactions with EVE’s operation which include: transaction costs, dilution gains, contingent warrants and changes in fair value of Tempest’s Put Options. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Share-based compensation | 27 Share-based compensation The Company maintains as part of its Executive Compensation Policy long-term incentives plan (“LTI”), applicable to executive officers, executives and key employees, with the main objectives of (i) maintain and attract highly qualified personnel for the Company, (ii) assure those who are able to contribute to improving the Company’s performance of the right to participate in the results of their contribution, and (iii) also to ensure the continuity of the Company’s management by aligning the interests of executives with those of shareholders. The current ILP includes a compensation plan based on virtual shares. The value of LTI will be converted at the average price of the Company’s shares in the last 30 trading days (based on the EMBR3 shares listed in the Brazilian stock exchange - B3) by determining the quantity of virtual shares allocated to each participant, divided into two classes: (i) in the form of restricted virtual shares (associated with the service period) and (ii) in the form of virtual performance shares. The Company will pay the LTI by converting the quantity of virtual shares into Reais at the average quoted price (weighted by trading volume) of the Company’s shares in the last 10 trading days, as follows: Grants made until the year 2020: • restricted virtual shares: (i) 33% on the third anniversary of the grant date; (ii) 33% on the fourth anniversary of the grant date, and (iii) • virtual performance shares: 100% on the third anniversary of the grant. Grants made until the year 2021: • restricted virtual shares: 100% on the third anniversary of the grant. • v For grants made until 2018, the amounts resulting from the conversion of virtual shares are included to the equivalent amounts of dividends and interest on equity effectively distributed by the Company during the vesting period. Grants made from 2018 do not consider the dividends accumulated in the period between grant and vesting. The fair value of virtual shares is determined based on the average price of Company’s shares in the last 10 trading days of the Embraer share on B3, in accordance with the plan’s rules and applied to the number of virtual shares attributed to each participant in proportion to the vesting period and recorded as accounts payable (Note 2 1 Amounts shown in the tables below refer to the Consolidated balance and are net of charges: Amount of Grant value (i) Amount of Fair value of Fair value of Grants on April 12, 2018 1,622,986 35.2 167,347 2.3 0.4 Grants on March 12, 2019 1,349,153 26.0 323,415 4.4 0.8 Grants on March 24, 2020 1,633,741 27.7 1,157,029 15.8 3.0 Grants on November 13, 2020 6,530,000 43.6 4,326,111 59.2 11.4 Grants on March 18, 2021 2,181,442 24.6 1,293,066 17.7 3.4 Grants on March 11, 2022 2,292,434 40.4 631,352 8.6 1.7 Grants on September 05, 2022 13,662,385 187.1 2,074,484 28.4 5.5 Grants on November 18, 2022 6,254,302 78.7 542,908 7.4 1.4 At December 31, 2022 35,526,443 463.3 10,515,712 143.8 27.6 Amount of Grant value (i) Amount of Fair value of Fair value of Grants on August 24, 2017 1,930,350 30.5 230,750 5.0 1.0 Grants on April 12, 2018 1,622,986 35.2 314,552 6.8 1.3 Grants on March 12, 2019 1,160,552 22.4 885,237 19.3 3.7 Grants on March 24, 2020 1,401,293 23.8 710,127 15.5 3.0 Grants on November 13, 2020 6,530,000 43.6 2,399,444 52.2 10.0 Grants on March 18, 2021 2,181,442 24.6 591,938 12.9 2.5 At December 31, 2021 14,826,623 180.1 5,132,048 111.7 21.5 (i) Refers to the estimated fair value of total virtual shares to be granted in each grant date. (ii) Outstanding virtual shares until December 31, 2022 and December 31, 2021 considering the plan’s vesting period and less the virtual shares already paid to the beneficiaries. (iii) Fair value of virtual shares as of December 31, 2022 and December 31, 2021 considering the plan’s vesting period and fair value of Embraer’s shares in the market on each date based on the plan’s requirements. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Earnings per Share | 28 Earnings per share Basic and diluted earnings per common share are computed by dividing net income/(loss) for the year by the weighted average number of shares outstanding during the period, excluding shares held in treasury. 12.31.2022 12.31.2021 12.31.2020 Losses attributable to owners of Embraer (185.4 ) (44.7 ) (731.9 ) (185.4 ) (44.7 ) (731.9 ) Weighted average number of shares (in thousands) 734,633 734,730 736,164 Basic and diluted loss per share - U.S. dollars (0.25 ) (0.06 ) (0.99 ) As |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Revenue from contracts with customers | 29 Revenue from contracts with customers a) Revenue disaggregation • Revenue by category on December 31, 2022: Commercial Defense & Executive Services & Other Total Aircraft 1,540.6 26.0 1,244.4 — 31.1 2,842.1 Long-term contracts – — 312.4 — — — 312.4 Others 3.3 6.5 — 1.4 0.8 12.0 Service — 94.6 — 838.2 — 932.8 Spare Parts — 8.1 — 427.2 5.8 441.1 Total 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 2,150.8 20.2 — 114.5 474.3 82.3 2,842.1 Long-term contracts – — — — 163.2 148.9 0.3 312.4 Others 1.4 — — 8.9 1.7 — 12.0 Service 428.8 24.6 81.2 158.4 193.6 46.2 932.8 Spare Parts 276.7 8.2 19.7 60.2 65.9 10.4 441.1 Total 2,857.7 53.0 100.9 505.2 884.4 139.2 4,540.4 • Revenue by category on December 31, 2021: Commercial Defense & Executive Services & Support Other Total Aircraft 1,313.2 148.8 1,098.7 — 17.5 2,578.2 Long-term contracts – — 320.6 — — — 320.6 Others 3.2 23.2 31.4 8.7 1.4 67.9 Service — 87.9 — 795.6 — 883.5 Spare Parts — 13.9 — 327.9 5.2 347.0 Total 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 1,525.3 4.1 102.8 79.5 731.2 135.3 2,578.2 Long-term contracts – — — — 202.4 117.5 0.7 320.6 Others 30.2 0.4 3.7 22.9 9.8 0.9 67.9 Service 417.8 20.9 72.9 129.7 203.3 38.9 883.5 Spare Parts 194.9 12.4 30.2 44.1 54.9 10.5 347.0 Total 2,168.2 37.8 209.6 478.6 1,116.7 186.3 4,197.2 • Revenue by category on December 31, 2020: Commercial Defense & Security Executive Services & Support Other Total Aircraft 1,103.7 239.5 1,015.3 — 7.7 2,366.2 Long-term contracts – — 296.9 — — — 296.9 Others 10.7 19.9 56.2 4.9 1.1 92.8 Service — 73.7 — 712.7 — 786.4 Spare Parts — 23.9 — 202.4 2.5 228.8 Total 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 1,962.7 49.7 77.1 6.9 237.7 32.1 2,366.2 Long-term contracts - aircraft — 0.3 0.1 230.9 64.9 0.7 296.9 Others 61.0 0.4 8.6 13.3 5.0 4.5 92.8 Service 385.6 22.4 56.4 91.9 198.7 31.4 786.4 Spare Parts 123.2 3.2 19.4 40.0 37.7 5.3 228.8 Total 2,532.5 76.0 161.6 383.0 544.0 74.0 3,771.1 b) Contract balances, including contract costs 12.31.2022 12.31.2021 Contract assets 506.1 582.3 Current portion 505.4 582.3 Non-current portion 0.7 — Contract assets 12.31.2022 12.31.2021 Advances from customers - Aircraft and Defense long-term contracts 1,748.8 1,312.4 Deferred revenue - Parts and services 215.2 200.9 Contract liabilities 1,964.0 1,513.3 Current portion 1,469.0 1,204.6 Non-current portion 495.0 308.7 Contract liabilities c) Performance obligations The Company has a portfolio of firm orders (“Backlog”), whose performance obligations are unsatisfied or partially satisfied. The amount of revenue allocated to performance obligations not yet satisfied (or partially satisfied) as of December 31, 2022 was US$ 17.5 billion (US$ 17.0 |
Revenue (expenses) by nature
Revenue (expenses) by nature | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Revenue (expenses) by nature | 30 Revenue (expenses) by nature The Company opted to present the consolidated statements of income by function. The table below shows the detailed revenue, costs and expenses by nature: 12.31.2022 12.31.2021 12.31.2020 As presented in the statements of income: Revenue 4,540.4 4,197.2 3,771.1 Cost of sales and services (3,628.2 ) (3,537.6 ) (3,293.5 ) Administrative (184.9 ) (153.2 ) (143.4 ) Selling (274.4 ) (226.4 ) (194.0 ) Expected credit (losses) reversals over financial assets and contract assets (17.4 ) 13.0 (61.8 ) Research (110.0 ) (43.0 ) (29.8 ) Other operating expense, net (444.5 ) (49.8 ) (374.7 ) Equity in associates 8.5 1.1 2.7 Operating profit before financial income (110.5 ) 201.3 (323.4 ) Revenue (expenses) by nature: Revenue from sales of goods 3,821.6 3,490.1 3,194.5 Revenue from sales of services 784.2 742.3 620.9 Sales deductions and tax on revenue (i) (65.4 ) (35.2 ) (44.3 ) General manufacturing costs (ii) (2,997.2 ) (3,059.6 ) (2,753.8 ) Depreciation (106.6 ) (122.0 ) (163.6 ) Amortization (103.7 ) (86.6 ) (128.5 ) Personnel expenses (669.3 ) (493.6 ) (441.8 ) Selling expenses (64.1 ) (47.6 ) (48.1 ) Equity in associates 8.5 1.1 2.7 Research (110.0 ) (43.0 ) (29.8 ) Expected credit (losses) reversals over financial assets and contract assets (17.4 ) 13.0 (61.8 ) Services provided (74.5 ) (82.2 ) (74.5 ) Other operating expenses, net (Note 31) (444.5 ) (49.8 ) (374.7 ) Miscellaneous (iii) (72.1 ) (25.6 ) (20.6 ) Operating profit before financial income (110.5 ) 201.3 (323.4 ) (i) Refers to sales taxes and other deductions. (ii) Refers to costs of materials, direct labor and general manufacturing expenses. (iii) Refers mainly to expenses with insurance, taxes and fees. |
Other operating expense, net
Other operating expense, net | 12 Months Ended |
Dec. 31, 2022 | |
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Other operating expense, net | 31 Other operating expense, net 12.31.2022 12.31.2021 12.31.2020 Warrants -EVEX (i) (158.2 ) — — Listing expenses - EVEX (ii) (135.7 ) — — Corporate projects (iii) (78.2 ) (59.4 ) (56.4 ) Restructuring expenses (iv) (36.9 ) (31.8 ) (69.2 ) Taxes on other sales (15.5 ) (23.7 ) (20.3 ) Transaction costs - EVEX (v) (11.5 ) — — Expenses system project (1.4 ) (10.8 ) (6.7 ) Residual value of fixed assets disposed (12.8 ) (10.5 ) — Aircraft maintenance and flights costs - fleet (5.6 ) (7.8 ) (2.8 ) Flight safety standards (3.6 ) (3.1 ) (3.1 ) Product modification (2.3 ) (2.7 ) (2.5 ) Training and development (2.0 ) (1.5 ) (4.7 ) Depreciation and amortization - Commercial Aviation — — (101.2 ) Costs with personnel — — (44.8 ) Carve-Out Expenses — — (82.8 ) Additional losses with financial guarantees exercised — — (5.9 ) Contractual fines — (1.0 ) (3.9 ) Reversal of tax provisions — — 8.1 Recovery of expenses — — 12.7 Contractual fines revenue 17.8 7.1 15.1 Disposal of production units in Évora 4.2 — — Other sales 12.8 7.3 6.2 Impairment of assets — 11.2 4.2 Royalties 10.4 16.5 7.0 Reversal (Provision) for contingencies (7.4 ) 22.1 (0.3 ) Fair value changes - Republic Airways shares 1.7 39.1 (4.1 ) Others (20.3 ) (0.8 ) (19.3 ) (444.5 ) (49.8 ) (374.7 ) (i) Initial recognition of the warrants covered by the BCA, which became exercisable on May 9, 2022. (ii) Listing Expenses – EVEX are non-cash (iii) Corporate project expenses mainly relate to disbursements with demands approved by Management associated with efficiency and restructuring of processes, IT, cyber security, and legal demands. (iv) Restructuring expenses include expenses incurred by the Company as part of the corporate restructuring project started in 2021 and ended in 2022 with the reintegration of Commercial Aviation, including expenses related to excess manufacturing capacity, mainly wages, during the collective vacation period that occurred in January 2022 to complete the reintegration process. (v) Transaction costs – EVEX are the direct expenses attributable to the Business Combination such as law firms, auditors, banks, and other services associated with carrying out the transaction. As per Note 12.3.2, all transaction costs considered non-incremental were recognized in Other operating expenses. |
Financial expense, net
Financial expense, net | 12 Months Ended |
Dec. 31, 2022 | |
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Financial expense, net | 32 Financial expenses, net 12.31.2022 12.31.2021 12.31.2020 Financial income: Warrants 62.9 — — Interest on cash and cash equivalents and financial investments 43.8 17.9 18.3 Interest on receivables 4.2 3.1 10.6 Residual value guarantee — 52.0 3.7 Taxes over financial revenue (2.1 ) (2.2 ) (3.9 ) Phantom shares (LTI) 5.0 — 5.1 Derivative financial instruments 5.2 — — Others 2.9 4.0 (4.7 ) Total financial income 121.9 74.8 29.1 Financial expenses: Interest on loans and financing (204.6 ) (240.7 ) (214.9 ) IOF - (tax on financial transactions) (2.1 ) (0.9 ) (9.1 ) Interest on taxes, social charges and contributions (6.8 ) (3.2 ) (4.9 ) Financial restructuring costs (12.1 ) (2.4 ) — Phantom shares (LTI) — (17.7 ) — Derivative financial instruments — — (16.8 ) Others (19.8 ) (9.3 ) (16.1 ) Total financial expenses (245.4 ) (274.2 ) (261.8 ) Financial expenses, net (123.5 ) (199.4 ) (232.7 ) |
Foreign exchange gain (loss), n
Foreign exchange gain (loss), net | 12 Months Ended |
Dec. 31, 2022 | |
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Foreign exchange gain (loss), net | 33 Foreign exchange gain (loss), net 12.31.2022 12.31.2021 12.31.2020 Monetary and foreign exchange variations Assets: Tax credits 3.4 (14.2 ) (33.7 ) Trade accounts receivable and contract assets 41.6 (1.9 ) (37.6 ) Cash and cash equivalents and financial investments 4.4 2.4 (37.7 ) Others (12.3 ) 4.0 (24.3 ) 37.1 (9.7 ) (133.3 ) Liabilities: Loans and financing 0.3 3.9 4.9 Advances from customers — (1.0 ) (0.5 ) Provisions (6.5 ) 12.3 34.7 Taxes and charges payable (1.4 ) 4.0 12.8 Other payables (6.6 ) 5.9 (33.0 ) Suppliers (1.0 ) (2.7 ) 19.0 Provisions for contingencies (2.1 ) 3.2 18.7 Others 5.0 5.5 (0.4 ) (12.3 ) 31.1 56.2 Net monetary and foreign exchange variations 24.8 21.4 (77.1 ) Derivative financial instruments 3.4 4.1 (2.0 ) Foreign exchange gain (loss), net 28.2 25.5 (79.1 ) |
Responsibilities and Commitment
Responsibilities and Commitments | 12 Months Ended |
Dec. 31, 2022 | |
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Responsibilities and Commitments | 34 Responsibilities and commitments 34.1 Backstop commitments (Commercial Aviation) In certain firm sales contracts of commercial jets included in backlog, the Company has entered into backstop commitments to provide financing in case the customer fails to obtain sufficient credit lines upon the aircraft deliveries. Past experience demonstrates the Company was requested and provided financing on limited cases to its customers during the deliveries of E-Jets family, which demonstrates existence of alternative funding sources in the market to transfer the backstop commitments and remote probability of exercise. In addition, the Company retains property of the assembled aircraft until the customer fulfils the payments on delivery, then not being exposed to risks of loss. With the purpose of mitigating the credit risk exposure, the exercise of backstop commitments relies on current financial conditions of the customer upon exercise notice and conditions precedent to be accomplished. If the Company effectively provides the financing on delivery, the related aircraft is kept as collateral in the financing structure. |
Supplemental Cash Flow informat
Supplemental Cash Flow information | 12 Months Ended |
Dec. 31, 2022 | |
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Supplemental Cash Flow information | 35 Supplemental cash flow information 35.1 Payments made during the year and transactions not affecting cash and cash equivalents 12.31.2022 12.31.2021 12.31.2020 Non-cash financing and investing transactions Acquisition of inventories through assumption of financing — — 14.1 Write off on Property, plant and equipment by transfer to pool parts inventory (27.2 ) (23.2 ) (18.2 ) Property, plant and equipment, transfer for providing for the sale of inventory — — (38.4 ) Non-controlling purchase options — — 22.2 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
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Segment information | 36 Segment information Management defined the Company’s operating segments based on the reports used for strategic decision making, reviewed by the chief operating decision-maker. The chief operating decision-maker evaluates the segments based on its consolidated operating results, dividing it geographically and in terms of markets for specific products. From a geographic perspective, Management considers the performance of the operations in Brazil, North America, Europe, Latin America (expect Brazil) and Asia Pacific. 36.1 Commercial Aviation segment The Commercial Aviation segment mainly involves the development, production and sale of commercial jets and aircraft leases. • ERJ 145 family, comprising the ERJ 135, ERJ 140 and ERJ 145 jets, certified to operate with 37, 44 and 50 seats, respectively. • EMBRAER 170/190 family, comprising the EMBRAER 170, a 70-seat 76-seat 100-seat 108-seat • E-Jets E-Jets E175-E2 E190-E2 E195-E2, E190-E2 E195-E2 E175-E2 36.2 Defense & Security segment The Defense & Security segment operations mainly involve research, development, production, modification and support for military defense and security aircraft, as well as a wide range of products and integrated solutions that include radars, special space systems (satellites), cyber security solutions and advanced information and communication systems, such as Command, Control, Communications, Computer, Intelligence, Surveillance and Reconnaissance systems (C4ISR). The expansion and diversification of the portfolio, previously focused on military aircraft, was facilitated by a strategy of partnerships, acquisitions and organic growth. The Company’s principal customer is currently the Brazilian Defense Ministry and, in particular, the Brazilian Air Force, although the diversification of the portfolio has resulted in a corresponding diversification of customers: the Brazilian Army and Navy and the Communications Ministry, as well as a growing international presence of our products and solutions. Main products in the Embraer Defense & Security portfolio: • C-390 KC-390 • A-29 A-29 A-29 • Software and Systems Development - combining the expertise of Atech Negócios em Tecnologia S.A. with Embraer capabilities in system development and integration, we provide specialized engineering services for the development, installation, revitalization and maintenance of critical control, defense and monitoring systems. As part of the solution packages, Embraer Defense & Security also provides the equipment and tools for total integration with our services. • Border Surveillance and protection of Strategic Structures - based on our expertise in systems integration, Embraer develops, designs, certifies, produces, integrates and implements systems and services in the field of border surveillance and control, as well as protection of critical infra-structures. • Radars - having a proven track record in developing and producing radars for Defense and Remote Sensing applications, Embraer Defense & Security offers multiple solutions in the Radars & Land Systems field: anti-aircraft artillery, land surveillance, civil and military air traffic control, communications intelligence systems, synthetic aperture radar for cartography and precision-monitoring services, etc. • Cybersecurity - through Tempest, Embraer Defense & Security provides cybersecurity solutions in the civil, government and defense markets. Cybersecurity solutions include specialized diagnostic services, cybersecurity systems architecture and implementation, as well as software and technical products for control and protection of cyber environments. • Satellites and Space Services - Visiona Tecnologia Espacial is a joint venture of Embraer and Telebrás. After the successful program to provide and integrate the Brazilian Geostationary Defense and Communications Satellite system (SGDC), the company is currently developing the Nano Satellite VCUB. This new program will validate the software developed by Visiona for the satellites of the Brazilian Space Program, and perform observation missions of the earth, as well as collect data. Visiona also provides remote sensing services through satellite images or airborne radars. Other portfolio capabilities of Embraer Defense & Security: • Aircraft Modernization - the Company is also prepared to offer aircraft modernization services. Four active contracts represent successful programs in this area, all of them at the final delivery stage. The first one, known as F-5BR, F-5 A-1M, A-4 AF-1 EMB-145 • ISR family (Intelligence, Surveillance and Reconnaissance) - originally developed to support the SIVAM program, and based on the ERJ-145 • Transportation of Authorities and Special Missions - derived from Commercial Aviation and Executive Aviation aircraft platforms, these are aircraft used to transport government and/ or armed forces authorities, or to carry out special missions. Furthermore, Embraer Defense & Security also partners with foreign companies to execute Strategic Projets and other relevant endeavors of the Brazilian Armed Forces, such as the F-39 36.3 Executive Aviation segment Executive Aviation market operations comprise the development, production and sale of executive jets, and leases of the following product lines: • Phenom family - executive jets in the Entry Jet and Light Jet categories, respectively. The first deliveries of the Phenom 100 were made in 2008, and deliveries of the Phenom 300 started in 2009. • Praetor 500 and Praetor 600 - most disruptive executive jets in the Midsize and Super Midsize categories, introduced in Q4 2018 with deliveries starting in 2nd half 2019. 36.4 Services & Support segment Segment created to provide after-service solutions and support to its customers through a portfolio of solutions to ensure operational efficiency of products manufactured by Embraer and by other aircraft manufacturers, extending the useful life of commercial, executive and defense aircraft. In addition to its experience in proposing support solutions to customers, OGMA (Embraer’s subsidiary in Portugal) offers MRO (Maintenance, Repair and Overhaul) services for a wide range of commercial, executive and defense aircraft, aircraft components and engines and it is a significant supplier of steel and composite aviation structures to several aircraft manufacturers. The Services & Support segment consist of the following macro processes: • Capture customer needs and develop integrated support and services solutions: To develop integrated and competitive support solutions, technical services, materials, or MRO activities that meet the needs and expectations of Embraer customers. • Sell and administrate support and services solution: To sell integrated and competitive technical support, service solutions, materials, or MRO activities, and administer support and service contracts. • Deliver Material Solutions: To provide parts to customers, by direct sale or availability through special programs, manage component repair, provide inventory management services and advice on inventory formation. • Deliver Technical Solutions: To provide technical, operational and maintenance support to customers fleets with services such as providing training for pilots and commissioners, aircraft modification and enhancement projects, review of technical, operational and maintenance publications, and sustaining digital solutions. • Deliver MRO Solutions: To provide maintenance services for aircraft, engines and landing gear (scheduled and unscheduled), aircraft modernization and component repair . 36.5 Other Segments Operations reported as other relate to the supply of structural parts and mechanical and hydraulic systems, and production of agricultural crop-spraying aircraft. The segment related to the development and certification of electric vertical take-off Consolidated statements of income data by operating segment - year ended December 31, 2022: Commercial Defense & Executive Services & Support Other Total Unallocated Total Revenue 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 — 4,540.4 Cost of sales and services (1,382.3 ) (350.8 ) (953.2 ) (912.3 ) (29.6 ) (3,628.2 ) — (3,628.2 ) Gross profit 161.6 96.8 291.2 354.5 8.1 912.2 — 912.2 Operating income (expense) (145.5 ) (86.8 ) (141.5 ) (193.2 ) (386.1 ) (953.1 ) (69.6 ) (1,022.7 ) Operating profit before financial income (expense) 16.1 10.0 149.7 161.3 (378.0 ) (40.9 ) (69.6 ) (110.5 ) Financial income (expense), net (123.5 ) (123.5 ) Foreign exchange loss, net 28.2 28.2 Loss before taxes on income (205.8 ) Income tax expense 2.3 2.3 Loss for the period (203.5 ) Unallocated items from operating income (expense) refer to expenses incurred as part of the corporate restructuring of the Company and expenses with certain corporate demands not directly related to any operating segment. Revenue by geographic area - year ended December 31, 2022: Commercial Defense & Executive Services & Other Total North America 1,234.7 2.9 914.1 706.0 — 2,857.7 Europe 234.9 194.1 212.6 242.8 — 884.4 Asia Pacific — 3.6 — 97.3 — 100.9 Latin America, except Brazil — 1.4 20.0 31.6 — 53.0 Brazil 2.4 245.1 87.8 132.2 37.7 505.2 Others 71.9 0.5 9.9 56.9 — 139.2 Total 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 Assets by operating segment - year ended December 31, 2022: Commercial Defense & Executive Services & Support Other Total Unallocated Total Property, plant and equipment 542.8 194.3 396.5 510.3 5.3 1,649.2 — 1,649.2 Intangible assets 1,193.3 80.3 881.3 9.0 33.4 2,197.3 49.2 2,246.5 Total 1,736.1 274.6 1,277.8 519.3 38.7 3,846.5 49.2 3,895.7 F-87 Assets by geographic area - year ended December 31, 2022: North Europe Asia Pacific Brazil Total Property, plant and equipment 351.1 263.0 69.0 966.1 1,649.2 Intangible assets 107.8 45.3 — 2,093.4 2,246.5 Total 458.9 308.3 69.0 3,059.5 3,895.7 Consolidated statements of income data by operating segment – year ended December 31, 2021: Commercial Defense & Executive Services & Other Total Unallocated Total Revenue 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 — 4,197.2 Cost of sales and services (1,263.9 ) (488.4 ) (923.4 ) (827.6 ) (34.3 ) (3,537.6 ) — (3,537.6 ) Gross profit 52.5 106.0 206.7 304.6 (10.2 ) 659.6 — 659.6 Operating income (expense) (57.1 ) (89.0 ) (76.9 ) (143.2 ) (23.1 ) (389.3 ) (69.0 ) (458.3 ) Operating profit before financial income (expense) (4.6 ) 17.0 129.8 161.4 (33.3 ) 270.3 (69.0 ) 201.3 Financial income (expense), net (199.4 ) (199.4 ) Foreign exchange gain (loss), net 25.5 25.5 Loss before taxes on income 27.4 Income tax benefit (expense) (70.9 ) (70.9 ) Loss for the period (43.5 ) Unallocated items from operating income (expense) refer to expenses incurred as part of the corporate restructuring of the Company and expenses with certain corporate demands not directly related to any operating segment. Revenue by geographic area – year ended December 31, 2021: Commercial Defense & Executive Services & Other Total North America 687.6 58.1 807.2 614.0 1.3 2,168.2 Europe 494.5 158.7 229.1 234.4 — 1,116.7 Asia Pacific 3.3 80.8 27.6 97.9 — 209.6 Latin America, except Brazil — 3.0 4.1 30.7 — 37.8 Brazil 1.8 285.8 62.1 106.1 22.8 478.6 Others 129.2 8.0 — 49.1 — 186.3 Total 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 Assets by operating segment - year ended December 31, 2021: Commercial Defense & Executive Services & Other Total Unallocated Total Property, plant and equipment 498.2 253.8 344.9 589.7 1.0 1,687.6 — 1,687.6 Intangible assets 1,154.1 11.8 788.0 — 182.7 2,136.6 76.8 2,213.4 Total 1,652.3 265.6 1,132.9 589.7 183.7 3,824.2 76.8 3,901.0 Assets by geographic area - year ended December 31, 2021: North Europe Asia Pacific Brazil Total Property, plant and equipment 337.7 305.9 44.4 999.6 1,687.6 Intangible assets 96.6 43.2 — 2,073.6 2,213.4 Total 434.3 349.1 44.4 3,073.2 3,901.0 Consolidated statements of income data by operating segment – year ended December 31, 2020: Commercial Defense & Executive Services & Other Total Unallocated Total Revenue 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 — 3,771.1 Cost of sales and services (1,086.8 ) (549.1 ) (886.1 ) (751.4 ) (20.1 ) (3,293.5 ) — (3,293.5 ) Gross profit 27.6 104.8 185.4 168.6 (8.8 ) 477.6 — 477.6 Operating income (expense) (300.8 ) (72.2 ) (95.5 ) (240.7 ) (22.6 ) (731.8 ) (69.2 ) (801.0 ) Operating profit before financial income (expense) (273.2 ) 32.6 89.9 (72.1 ) (31.4 ) (254.2 ) (69.2 ) (323.4 ) Financial income (expense), net (232.7 ) (232.7 ) Foreign exchange gain (loss), net (79.1 ) (79.1 ) Profit before taxes on income (635.2 ) Income tax expense (93.1 ) (93.1 ) Loss for the period (728.3 ) Revenue by geographic area – year ended December 31, 2020: Commercial Defense & Executive Services & Other Total North America 858.4 108.8 1,054.4 509.7 1.2 2,532.5 Europe 215.4 108.4 17.1 203.1 — 544.0 Asia Pacific 4.8 81.6 — 75.2 — 161.6 Latin America, except Brazil 0.4 49.2 — 26.4 — 76.0 Brazil 3.0 297.6 — 72.3 10.1 383.0 Others 32.4 8.3 — 33.3 — 74.0 Total 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
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Subsequent events | 37 Subsequent events 37.1 Credit US EXIM Embraer completed a credit operation of US$ 200 million to finance purchases of supplies made by Embraer in the United States. This operation became effective in January 2023, and disbursements will be made according to proof of purchases of inputs from suppliers. This credit was granted by Citibank and guaranteed by Exim Bank, the official US export credit agency. 37.2 Investment in the fund MSW MultiCorp 2 On January 27, 2023, Embraer announced an initial investment of R$ On February 13, 2023, Embraer paid in an amount of R$ 1.3 million (US$ 0.3). As a result of this event, Embraer now holds 40% of the shares of MSW MultiCorp. |
Presentation of the Financial_2
Presentation of the Financial Statements and Accounting Practices (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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Functional and presentation currency | 2.2.1 Functional and presentation currency A Company’s functional currency is the currency of the primary economic environment in which it operates and is the currency that best reflects company’s business and operations. Based on our analysis, management has concluded that the U.S. dollar (“US$” or “Dollar”) is the Company’s functional currency, of the following indicators: • Currency that most influences the prices of goods and services; this is the currency in which the sales price of its goods and services are expressed and settled. • Currency of the country whose competitive forces and regulations most influence the Company’s business. • Currency that most influences the costs of providing goods or services, i.e., the currency in which the Company’s costs are normally expressed and settled. • Currency in which the Company largely obtains funds for financial operations and in which it normally receives for its sales and accumulates cash. |
Transactions in foreign currencies | 2.2.2 Transactions in foreign currencies Transactions in other currencies (other than the functional currency) are translated into the functional currency at the foreign exchange rates in force on the transaction dates. The amounts in other currencies are updated at the exchange rates of the reporting dates. Foreign exchange gains and losses resulting from this translation (in relation to monetary assets and liabilities indexed in currencies other than the functional currency) are recognized in the consolidated statements of income as foreign exchange gain (loss), net. Customer advances and advances to suppliers for goods and/ or services in foreign currencies are translated to the Company’s functional currency in the transaction date and no subsequent translation is recognized. The results and financial position of foreign subsidiaries that have a functional currency different from the Company’s functional currency are translated into the functional currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statements of financial position. • Income and expenses for each statement of income and statements of comprehensive income are translated at monthly average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • All resulting exchange differences are recognized in the statements of comprehensive income in the line of translation adjustments. Goodwill |
Financial Instruments | 2.2.3 Financial Instruments a) Financial assets a.1) Recognition and measurement Financial assets are recognized when the Company becomes part of the instrument’s contractual arrangements. They are initially measured at fair value, plus transaction costs attributable to their acquisition or issuance, except for instruments measured at fair value through profit or loss, for which these costs are recognized immediately in the consolidated statements of income. The Company classifies its financial assets under the following categories: (i) measured as at amortized cost, (ii) measured as at fair value through other comprehensive income and (iii) measured at fair value through profit or loss. Financial assets are not reclassified subsequent to initial recognition, unless the Company modifies the business model for the management of these financial assets, in which case all affected assets are reclassified on the first day of the new business model. Financial assets are derecognized when the contractual rights to receive cash flows from the asset expires or are transferred in a transaction in which substantially all the risks and benefits of ownership of the financial asset are transferred by the Company. a.2) Classification and subsequent measurement The Company classifies financial assets as measured at amortized cost only if both criteria are met: • The asset is held within a business model whose objective is to collect the contractual cash flows; and • The contractual terms give rise to cash flows, at specific dates, which relate only to the payments of principal and interest. Financial assets measured as at amortized cost by the Company includes cash and cash equivalents, certain financial investments, trade accounts receivable, customer and commercial financing, guarantee deposits and other financial assets. Financial assets measured as at fair value through other comprehensive income (FVOCI) are assets held within a business model whose purpose is achieved both through the receipt of contractual cash flows and the sale of financial assets, as well as their contractual terms generate, on specific dates, cash flows that are related only to payments of principal and interest. Changes in fair value of FVOCI financial assets are recognized in other comprehensive income (loss) in the consolidated changes in shareholders’ equity. Gains or losses due to impairment and exchange variation, including interest calculated using the effective interest method, are recognized in the consolidated statements of income as financial expense, net, except for the exchange variation recognized as foreign exchange gain (loss), net. In the derecognition of these financial assets, any amounts accumulated in the consolidated statements of other comprehensive income are reclassified to the consolidated statements of income. All financial assets not classified by the Company as measured at amortized cost or as FVOCI are classified as at fair value through profit or loss (FVTPL). These assets include financial assets held for active and frequent trading and derivative financial instruments. (i) Business model evaluation The Company evaluates the business model objective for the management of financial assets as part of the accounting classification of the instruments. The factors considered in this evaluation are: • The current financial policy and the objectives set for portfolio management, which includes assessing whether the strategy focuses on contractual interest income, maintaining a determined interest rate profile, the relationship between the duration of the financial assets and related liabilities, expected cash outflows, or the collection of cash flows through the sale of underlying financial assets. • How portfolio performance is assessed and reported to Management. • Risks that affect the performance of the business model and how they are managed. • The frequency, volume and timing of assets sales in prior periods, the reasons for such transactions and future expectations. (ii) Evaluation if contractual cash flows are only principal and interest payments To assess whether contractual cash flows are only principal and interest payments, the principal is defined as the fair value of the financial asset at the initial recognition, and interest as a consideration for the time value of money, the credit risk associated with value of principal outstanding during contractual terms, other risks and general costs of loans, as well as the profit margin in the transaction. This evaluation is made by considering the contractual terms of the financial assets, which includes, in addition to evaluating whether the contractual cash flows are only principal and interest payments, the existence of terms that could change the timing or value of the contractual cash flows which would not meet the definition, including: contingent events, terms that can adjust contractual rates, prepayment and extension of due dates, and terms that limit access to cash flows of specific assets. b) Financial liabilities The Company classifies its financial liabilities in the following categories: (i) measured at amortized cost and (ii) fair value through profit or loss. A financial liability is measured at fair value through profit or loss if it is held for trading or is a derivative financial instrument, and its changes, including interest, are recognized in the consolidated statements of income. Changes in other financial liabilities measured as at amortized cost, including interest and exchange variation, are recognized in the consolidated statements of income under financial income (expenses), net caption, except for the exchange variation recognized as foreign exchange gain (loss), net. Financial liabilities are derecognized when contractual obligations are withdrawn, canceled or expired. The difference between the extinct book value and the consideration paid (including transferred assets or assumed liabilities) is recognized in the consolidated statements of income. |
Cash and cash equivalents and financial investments | 2.2.4 Cash and cash equivalents and financial investments Cash and cash equivalents include cash in hand, cash in transit (amounts paid by our customers or debtors that are pending release by the intervening bank at the reporting date), bank deposits, net of bank overdrafts and highly liquid short-term investments, maturing within 90 days of the investment date, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Amounts related to cash and cash equivalents, which are however not available for use by the Company, are presented within other assets in the consolidated financial statements. Other financial investments with maturities of more than 90 days from the acquisition date are presented as financial investments. |
Trade accounts receivable and customer and commercial financing | 2.2.5 Trade accounts receivable and customer and commercial financing When making a sale, the Company evaluates its payment terms. If the sale amount is not received immediately, which is the case with aircraft sales, it will be recognized in the trade accounts receivable. The amount receivable when the payment is deferred by the customer is adjusted to present value if applicable, identifying an interest rate compatible with the market at the time of sale and applying it to the amount receivable according to the transaction payment terms. Expected credit losses are recognized using actual credit loss experiences from the last years and follow-up of prospective trends in the markets and segments that the Company operates. The identified factor is applied to the measurement of expected credit losses and recognition of impairment losses in the consolidated statements of income. The methodology data is reviewed and updated periodically in respect of economic circumstances and market conditions in which the Company operates. Customer and commercial financing relate to accounts receivable transactions identified with significant financing component. The Company applies the lifetime model to estimate the expected credit losses over receivables recorded as customer and commercial financing. The expected credit losses are estimated considering the customer’s probability of default based on contractual term as defined on each applicable agreement and updated on a reporting date basis. The fair value of collateral components is considered to cover and reduce the credit exposure assumed (whether partially or in its entirety) as well as the expected credit losses recognized. |
Derivative financial instruments | 2.2.6 Derivative financial instruments The Company uses derivative instruments to hedge its operations against the risk of fluctuations in foreign exchange, interest rates and share prices; they are not used for speculative purposes. Gains and losses on derivative transactions are recorded in consolidated statements of income, considering the fair value of these instruments. The unearned gains and losses are recognized in the consolidated statements of financial position under derivative financial instruments, and the counterpart in consolidated statements of income under financial expense, net, (Note 32), except for operations to hedge exposure to changes in exchange rate or designated as cash flow hedge, which is recognized as other comprehensive income (loss) in shareholders’ equity. a) Warrants Public and Private Warrants Public Warrants are listed and traded on the NYSE under the ticker EVEX.WS, so their fair value is derived directly from observable market prices. The measurement of Public and Private Warrants is identical since the differences between them do not affect their fair value. Strategic Warrants Strategic Warrants are measured as follows: a) Penny warrants: the share price of the EVEX.WS ticker on the NYSE minus the warrant’s strike price; b) Market warrants: measurement identical to that of Public Warrants, except for those issued with a different strike price, which are measured based on the Black-Scholes pricing model. Certain Strategic Warrants are exercisable subject to the occurrence of future events. In the initial measurement and subsequent recognition of the financial instrument, the probability of occurrence of these events that would allow investors to exercise the right to purchase the shares is considered. The initial recognition of Warrants was recorded as other operating expenses and changes in their fair value are recorded in financial income. Additional information is described in Note 12.5.3. |
Hedge accounting | 2.2.7 Hedge accounting The Company uses hedge accounting to record certain derivative financial instruments applied to hedge risks of fluctuations in foreign exchange and interest rates in transactions associated with firm commitments and highly probable forecast transactions. On the hedge’s initial designation, the Company formally documents the relationship between hedge instruments and hedged items, including the risk management objectives and the strategy for conducting the transaction, together with the methods used to evaluate the effectiveness of hedge relationship. The fair value of derivative financial instruments designated as hedge accounting is presented in Note 8. Changes in fair value of hedge instruments and hedge costs are recorded in other comprehensive income (loss) in shareholders’ equity and are also presented in Note 8. a) Fair value hedge Fair value hedge is applied for derivative financial instruments that hedge the Company against risk of fluctuations in interest rates (hedged risk) of loans and financing. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in income or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps is recognized in income or loss as financial expense, net. The gain or loss relating to the ineffective portion is recognized in income or loss within financial expense, net. b) Cash flow hedge Cash flow hedge is applied for hedging risks associated with the volatility of cash flows in foreign currency associated with highly probable forecast transaction that will impact income or loss, in this case the payroll expenses of personnel in Brazil settled in Brazilian Real. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, within financial expenses, net. Where option contracts are used to hedge forecast transactions (put and call options of foreign currency), the Company designates only the intrinsic value of the options as the hedging instrument. Gains or losses relating to the effective portion of the change in intrinsic value of the options are recognized in the cash flow hedge reserve within the shareholders’ equity. The changes in the time value of put and call options that relate to the hedged item (‘aligned time value’) are recognized as hedge costs in other comprehensive income (loss) within shareholders’ equity. Amounts accumulated in shareholders’ equity are reclassified in the periods when the hedged item affects income or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in shareholders’ equity at that time remains in shareholders’ equity until the highly probable forecast transaction occurs, when it is reclassified to income or loss along with the gain or loss of forecast transaction. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in shareholders’ equity are immediately reclassified to income or loss within financial expense, net. c) Effectiveness of hedge accounting Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the Company enters into interest rate swaps where the critical terms of the hedging instrument match exactly with the terms of the hedged item, as notional value, payment term and cash outflow dates. Since all critical terms matched during the year the hedge relationship was 100% effective. In the case of cash flow hedges designated to hedge the volatility of payroll expenses settled in Brazilian Real, the Company enters into zero-cost |
Inventories | 2.2.8 Inventories The Company’s inventories are largely comprised of raw material, work in progress, spare parts and finished goods. Inventories of raw materials are recognized at acquisition cost. Inventories of work in process comprise raw materials, direct labor, other direct costs and general production costs attributable to the cost of the inventories. Once the products have been completed, they are recognized as finished products. Inventories of raw material and spare parts are recognized as at the weighted average cost. Manufactured aircrafts (finished goods) and work in progress are measured at their individual production cost, which is recognized as cost of sales and services in the consolidated statements of income when aircraft are delivered to the customer. Inventories are assessed periodically to determine whether the net realizable value is higher than its cost and impairment loss is recognized if the book value is higher as cost of goods sold and services rendered. Provision for obsolescence is recorded for items without activity for over two years and with no planned use in the production program, and to cover expected losses from excess inventories or obsolete work in progress, except for inventories of spare parts, for which the provision is based on technical obsolescence of items without activity for over two years. The Company may have used aircraft for resale, usually received in trade-in transactions to facilitate new aircraft sales. The book value of these assets is compared periodically with its net realizable value, which is the assets estimated selling price in the ordinary course of business less estimated costs to sell. Any loss identified is recognized in the consolidated statements of income as other operating expenses, net. Management, together with its external appraisers, estimates the sale price based on aircraft appraisals. |
Income tax and social contribution | 2.2.9 Income tax and social contribution Tax expenses for the year comprise current and deferred income tax. Income tax is recognized in the consolidated statements of income, except the portion of deferred income tax related to items recognized directly in the consolidated shareholders’ equity in other comprehensive income. The current income tax is calculated considering the effective tax laws on reporting date in the countries which the Company operates and generates taxable income, wherein 34% in Brazil, composed of 25% income tax and 9% social contribution on net income. Management evaluates on a recurring basis uncertain tax positions taken by the Company in the current income tax calculation based on the applicable tax laws, and records a provision, when appropriate, based on the estimated amount to be paid to tax authorities. Deferred income tax is recognized on temporary differences arising between the tax and accounting basis of assets and liabilities. Deferred income tax asset is recognized solely based on future taxable income available to reverse the temporary differences. Deferred income tax assets and liabilities are presented net in the statements of financial position when there is intention and the legal right is enforceable to offset the amounts in the current income tax calculation, and mainly related to the same legal entity and same tax authority. Therefore, deferred tax assets and liabilities of different legal entities and/or tax jurisdictions are generally presented gross. |
Assets held for sale | 2.2.10 Assets held for sale An asset or group of assets and liabilities is held for sale when its carrying amount is expected to be recovered mainly through the sale transaction rather than through continuing use. This occurs if the asset is available for immediate sale “as is”, subject only to usual and customary terms for completion of the transaction, when the sale is d efined The group of assets and liabilities held for sale (disposal group) are measured at the lower of their carrying amount and fair value less incremental costs directly attributable to the conclusion of sale transaction. Upon the classification as assets held for sale, the depreciation and amortization of non-current assets, including property, plant and equipment, intangible assets and right of use, are ceased and no longer recognized in the statements of income due to the expectation of realization of these assets by sale instead of continuous use. Impairment losses of assets held for sale, or group of assets and liabilities held for sale, are recognized as other operating expense, net in the statements of income. |
Investments | 2.2.11 Investments Investments in associates are recorded and valued in the consolidated financial statements using the equity method of accounting. In the case of exchange variations on foreign investments that use a functional currency other than that used by the Company, such exchange variations are recognized in cumulative translation adjustments within shareholders’ equity and are only recognized in the consolidated statements of income when the investment is sold or expensed. |
Property, plant and equipment, net | 2.2.12 Property, plant and equipment, net Property, plant and equipment are recognized by the acquisition, formation or construction cost, less accumulated depreciation and impairment losses. Depreciation is calculated by the straight-line method based on the asset’s estimated useful life, Note 14. Land is not depreciated. The estimated useful lives are reviewed and adjusted, if appropriate, at the end of each fiscal year. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company. The Company estimates the residual value for certain aircraft spare parts included in the exchange pool program, which is reviewed by Management and, if necessary, adjusted at the end of each reporting period. The Company does not attribute residual values to other assets as assets are not usually sold and in the event of a sale, the amount is not significant. The items comprising property, plant and equipment are summarized below: a) Land - b) Buildings and land improvements - c) Facilities - d) Machinery and equipment - e) Furniture and fixtures f) Vehicles - g) Aircraft - h) Computers and peripherals - i) Tooling - j) Property, plant and equipment in progress - k) Exchange pool program - |
Intangible assets, net | 2.2.13 Intangible assets, net a) Development Research costs are recorded as an expense when they are incurred. Project costs, comprised mainly of expenditure on product development, including drawings, engineering designs and construction of prototypes, are recorded as intangible assets when it is probable that the projects will generate future benefits, taking into account their commercial and technological feasibility, availability of technological and financial resources, and only if the cost can be reliably measured. Capitalized development costs are amortized from the time at which benefits begin to accrue based on units produced, and the amortized amounts are appropriated to production cost. Revision of the amortization quota is made at least annually. The Company has agreements with certain key suppliers, hereby denominated partners, who participate in the Company’s research and development projects by contributing cash. The Company records such contributions as financial liability on receipt and when the milestones are completed and amounts not refundable, the contributions are reclassified as reduction of intangible assets (development expenditure) and amortized following the same intangible amortization criteria. b) Computer software Software licenses are capitalized and amortized over their estimated useful lives. Costs associated with maintaining computer software programs are recognized as expense as incurred. Development costs directly attributable to identifiable and unique software, controlled by the Company and that is expected to generate benefits greater than the costs for more than one year, are recorded in intangible assets. |
Impairment of long-lived assets | 2.2.14 Impairment of long-lived assets At the end of each fiscal year, the Company performs impairment test for all cash-generating units (CGUs) with goodwill generated from business combination allocated and for CGUs with intangible assets still under development and not yet producing (undefined useful life). CGUs with definite-lived assets (property, plant and equipment, and intangibles) allocated are analyzed, at each quarter, whether there is any indication it might be impaired to perform the impairment test. Assets are grouped in CGUs taking into consideration the Company’s business model and its monitoring of cash flows. In general, the CGUs are defined in accordance with the families or platforms of aircrafts or other goods and services produced by the Company, irrespective of its geographic location. The Company applies the value in use concept, using discounted cash flow projections, discounted at an appropriate rate which reflects the investors’ expectations of return. The cash flow projections for the CGUs take into consideration the Company’s medium and long-term strategic plan, based on the characteristics and expectations of the business. When the impairment test is performed, Management compares the carrying amounts of the Company’s CGUs with its recoverable amounts, which is determined at the higher between its value in use and fair value less cost to sell. An impairment charge is recognized when the carrying amount exceeds the recoverable amount. Any impairment losses of a CGU are recognized in the consolidated statements of income in the line of other operating income/expense, net and allocated to relevant assets of the impaired CGU. The exception to this concept is aircraft that the Company held in its property, plant and equipment for operating leases purposes, in which the Company acts as lessor. In this case, the aircraft are tested individually using the higher of their value in use and its market value to determine the recoverable amount. For impairment test purposes, the market value is estimated with the assistance of an assessment prepared by third party appraisals and the value in use is determined by the discounted cash flow of lease agreement associated with each aircraft tested, when applicable. Long-lived assets, except goodwill, adjusted for impairment losses are reviewed subsequently for a potential reversal scenario on the reporting date. Impairment losses recognized over goodwill are not reversed. The reversal of impairment losses for a cash-generating unit is allocated to the CGU assets, except goodwill, on a pro rata basis and up to the carrying amount of these assets (net of depreciation and amortization). Reversal of impairment losses is recognized in the line of other operating expense, net. Assets held for sale are tested for impairment in accordance with practice described in Note 2.2.10. |
Leases | 2.2.15 Leases The lease agreements which the Company act as lessee and are accounted under IFRS 16 mainly refers to lease of buildings, offices, lands and vehicles signed by subsidiaries domiciliated outside Brazil (United States and Europe). The term of those agreements varies in the range of 2 to up 20 years, and the average discount rate applied to the agreements with maturity higher than 5 years is 6.7% p.a. a) Right-of-use assets The Company recognizes right-of-use right-of-use right-of-use right-of-use Right-of-use Expenses on the depreciation of the right-of-use b) Lease liabilities On the lease inception date, the Company recognizes lease liabilities measured at the present value of lease payments to be made during the lease term, which is measured based on the contract term and renewal options. Lease payments include fixed payments less any lease incentives received. Variable lease payments not dependent on an index or rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. When (i) Determination of the lease term: The Company determines the contractual term as the non-cancelable lease term, plus any period covered by a renewal option, if it is reasonably certain that it is exercised, or any option to terminate the lease, if it is reasonably certain that it will not be exercised. The Company has the option, under some of its leases, to maintain the assets for additional periods from three to five years. The Company applies judgment when assessing if it is reasonably certain that it will exercise the renewal option, considering all significant factors that create an economic incentive for the exercise of the renewal. The Company reassesses the lease term if there is an event or significant change under circumstances that are under its control and affect its capacity to exercise (or not exercise) the option to renew (e.g. a change in the business strategy). (ii) Short-term leases and low-value asset leases: The Company applies the short-term lease recognition exemption to all its leases with the contractual term below or equal to 12 months from the inception date and without a purchase option. The practical expedient of recognition exemption for low-value assets leases for which the individual amount is below US$ 5 thousand is also applied. Short-term and low-value lease payments are recognized as expenses on a straight-line basis over the lease term. |
Loans and financing | 2.2.16 Loans and financing Loans are recognized initially at fair value, net of transaction costs, and subsequently carried at amortized cost (plus charges and interest on a pro rata basis), considering the effective interest rate on each transaction. Loans are classified as current or non-current liabilities based on contractual terms. When a substantial period is required for construction or production of an asset before it is ready for use (qualifying asset), the borrowing costs are capitalized as part of the cost of such assets. The costs are allocated based on the average rate for all active loans, weighted in accordance with additions in the period. Borrowing costs are interest and other costs incurred by the Company in obtaining funding. |
Financial guarantees and residual value guarantees | 2.2.17 Financial guarantees and residual value guarantees In certain aircraft sales transaction of the Commercial Aviation, the Company might grant financial or residual value guarantees on delivery of these aircraft, as part of the aircraft sale and financing structure. The residual amount is guaranteed to the customer in the residual value guarantees based on the expected future value of the aircraft at the end of the funding, subject to a maximum limit, agreed by the contract. Residual value guarantee is measured at fair value through profit or loss on each reporting date with changes recognized as financial expenses, net. The exercise of residual value guarantee can be claimed by the customer at the end of guaranteed term if contractual conditions are met or through settlement agreement. The adjustment of the recognized financial liability to the settlement amount is recognized as an increase or decrease in financial expense, net. Financial guarantees are measured at the time of aircraft delivery (premium received) and recognized as a reduction in sales revenue. The premium income is amortized on a monthly basis based on the guaranteed coverage term. If the financial guarantee exercise is probable as a result of significant events occurred, such as filing for bankruptcy of a customer covered by financial guarantee granted, the Company may record an additional provision regarding the probable estimated cash outflow, based on the best estimate of potential losses. |
Unearned income | 2.2.18 Unearned income Unearned income comprises government grants received by the Company and its subsidiaries. Government grants are recognized against the expenses in which the resources were used. When government grants are received in advance for research investments they are recorded as unearned income and recognized in the consolidated statements of income to the extent that the resources are invested and contractual milestones are met, as reduction of research expenses. Government grants for the acquisition of property, plant and equipment are recognized as debt (loans and financing) in liabilities until the milestones determined by the granting entity are met. Once the milestones are completed, the grant is recognized as unearned income. This unearned income is recognized in the consolidated statements of income as a reduction of the depreciation expense of the underlying asset it is proposed to subsidize in proportion with the recognition of the expense. Income earned with non-distributable government grants is allocated from the income of the year to the government grants reserve in shareholders’ equity. |
Provisions, contingent assets and liabilities, legal obligations and court-mandated escrow deposit | 2.2.19 Provisions, contingent assets and liabilities, legal obligations and court-mandated escrow deposit Provisions – provisions are recognized based on the judgment of the Company’s Management and its legal counsel, the nature of the lawsuits, legal precedent, complexity and court interpretations, whenever the loss is considered probable, when such loss would result in a probable outflow of resources to settle the obligations and when the amounts involved can be reasonably estimated, the provision is recognized. The provision for labor claims is recognized based on the Company’s historical percentage of cash outflows of each demand. The amounts provided represent the Company’s best estimate of the anticipated outflow of resources. Tax positions - for income tax matters a provision is recognized when the Company’s Management evaluates with the assistance of its legal advisors that an uncertainty over income tax treatments taken during the fiscal years subject to tax authorities’ examinations, or under discussions in administrative or legal instances with tax authorities, is not probable to be accepted by decisions of the court of last resort. Contingent liabilities – amounts for which disbursement is classified as possible risk of loss are disclosed but not recorded in the consolidated financial statements. Where the probability of loss is classified as remote, neither provision nor disclosure are required. For income tax matters under administrative discussion or legal demand with tax authorities, the Company discloses the amounts of income tax treatments taken that in its assessment is probable to be accepted by decisions of the court of last resort. Legal obligations - relates to tax payables under the Brazilian law for which the Company has accrued the corresponding liability but initiated legal disputes challenging their applicability. Such tax liabilities under discussion are fully recognized as tax payables in the consolidated financial statements. Court-mandated escrow deposits - recorded as other assets and periodically updated for monetary correction. |
Product warranties | 2.2.20 Product warranties Warranty expenditure on aircraft is estimated on the delivery of these products. The estimates are based on historical data that includes, among other, warranty claims and related repair or replacement costs, warranties given by the suppliers, contractual coverage period and warranty patterns for new aircrafts, for which the Company expects higher warranty costs in the launch of new models until the production process matures and increases the platform in service period. The coverage period varies from 3 to 6 years. The Company may be obliged to modify the product to meet the requirements of the certification authorities, or after delivery, due to improvements or to the aircraft’s performance. The costs of such modifications are provisioned when the new requirements or improvements are requested and known. Management reviews the assumptions and the evolution of warranty related costs periodically, and if appropriated, adjustments to the provision is recorded. The product warranties balances are presented in the provisions caption in the consolidated statements of financial position, Note 24.1. |
Post-retirement benefits | 2.2.21 Post-retirement benefits a) Defined contribution The Company sponsors a closed pension plan of defined contribution for its employees that for companies based in Brazil, is administered by EMBRAERPREV - Complementary Pension Society. For the defined contribution plan, the Company’s obligation is restricted to the monthly contribution linked to a predefined percentage of the remuneration of employees linked to this plan. Obligations for contributions to defined contribution plans are recognized in the result as personnel expenses when related services are provided by employees. b) Post-retirement healthcare benefits The Company and some of its subsidiaries provide healthcare benefits to retired employees. The planned costs of offering post-retirement healthcare benefits and coverage for dependents are recorded as a provision during the period of employment based on actuarial studies conducted to identify future exposure, based on the following main premises: i) Discount rate - brings future benefit flows to present value and is defined based on the ratio of Brazilian government securities. ii) Increase of medical costs rate - represents the increase in the value of medical care and is not applied linearly, as the companies historically tend to take measures to reduce the cost, or even change health plan providers. iii) Morbidity rate (aging factor) - measures the increased use of health plans considering the aging population. iv) Mortality rate - uses the RP-2000 generational table provided by Society of Actuaries (SOA), which shows the rate by age and sex. v) Probability of Retirement - estimates the probability of retirement by age group. vi) Termination rate - uses the T-3 Table Service available from the Society of Actuaries (SOA), which shows the average rate of termination of employees by age. The Company recognizes changes in the provision for the plan against other comprehensive income in consolidated shareholders’ equity, net of taxes, to the extent that there are changes in the assumptions and against consolidated statements of income if there are changes in the costs of the current benefit plan or in the plan’s contractual characteristics. This provision is reviewed at least annually. |
Employee profit sharing plan | 2.2.22 Employee profit-sharing plan The Company provides a profit-sharing plan for its employees, which is linked to performance targets established in action plans set and agreed at the beginning of each year. The profit-sharing approved by current policy is equivalent to a percentage of a monthly compensation of each employee (varying from 40% to 90%) associated with fulfillment of individual and corporative targets. Provisions are recognized monthly by applying the agreed percentage to the payroll of the Company, recognized in the consolidated statements of income accounts related to the function performed by each employee (costs or expenses). The Company performs advance payment of up to 40% of amounts due for each employee under the profit-sharing plan during the fourth quarter of fiscal year being evaluated, and the remaining portion is not paid until April of next fiscal year when the evaluation of results and targets for fiscal year ended is already completed. |
Share-based payment | 2.2.23 Share-based payment The Executive Remuneration Policy (PRE) determines that the remuneration of the Company’s management shall be granted as a Long-Term Incentive (LTI) with the objective of retaining and attracting qualified personnel who will make an effective contribution to the Company’s performance. The Company provides one type of share-based remuneration in the form of LTIs during the current fiscal year: Cash-settled phantom shares plan, in which the amounts attributed to the services provided by the participants are converted into virtual share units based on the market value of the Company’s shares. At the end of the vesting period the participant receives the quantity of virtual shares converted into Real, at the shares’ current market value. The Company recognizes the obligation during the vesting period (quantity of virtual shares proportional to the period) in the same group as the participant’s normal remuneration. This obligation is presented as an account payable to employees and the fair value is calculated based on the market price of the shares and registered as financial expense, net in the consolidated statements of income. The phantom shares plan is a cash-settled share-based payment transaction and therefore has no impact on the calculation of diluted earnings per share. |
Earnings per share | 2.2.24 Earnings per share Basic and diluted earnings per common share are computed by dividing net income attributable to Embraer shareholders by the weighted average number of common shares outstanding during the fiscal year. The Company has no stock options available which could potentially dilute outstanding common shares. |
Revenue recognition of contract with customers | 2.2.25 Revenue from contract with customers Revenue comprises the fair value of the consideration received or to be received for the sale of products and services in the ordinary course of business. Revenue is presented net of taxes, returns, reductions and discounts, and in the consolidated financial statements, after eliminating intercompany sales. a) Revenue from sales of aircraft and spare parts Revenues from aircraft and spare parts sales are recognized when the control is transferred to the customer, that is, when all recognition conditions are met. Revenues from commercial, executive and agricultural aircraft and spare parts are generally recognized upon delivery or shipment to the customer. For the spare parts sale contracts, the client makes the payment after the transfer of control, with average payment term of 30 days. In sales of aircraft contracts, other performance obligations, such as supply of spare parts, training services, technical assistance and other obligations may be presented, which may or may not be delivered simultaneously to the aircraft delivery. For the Commercial and Executive Aviation contracts, the individual selling price is allocated for these additional performance obligations, and the variable considerations (as discounts), are allocated using the cost-plus margin method. In the Defense & Security aircraft sales, there is no stand-alone price basis considering its high customization, the price is allocated in the performance obligation considering the cost-plus margin method. For these performance obligations, the revenue is recognized when the control of related product or service is transferred to the customer. b) Revenue from services Revenues from services are recognized over time as services are provided. Services mainly includes technical services, training, maintenance of aircraft and parts, modernization services and support programs. The average payment term is 30 days, and for some services, such as modernization of Defense aircraft, the client’s payment schedule follows a schedule agreed between the parties. Exchange pool programs and total support programs revenues are recognized monthly during the contract period, because there is no customer use pattern that can be reliably projected and consist of a fixed rate and part of a variable rate directly related to the hours actually flown by the aircraft covered in these programs. c) Revenue from long-term contracts (Defense & Security) In The adequacy of revenue recognition related to development contracts in the Defense & Security segment is based on Management’s best estimates of total estimated costs at completion, as they become evident. The Company understanding is that the cost incurred method provides the most reliable basis for estimating the progress of contracts whose revenues are recognized over time. There are no significant financing components in the long-term contracts of the Defense & Security segment. The payment terms are mainly aligned with the stages of execution and deliveries of each contract, as agreed by the Company and the customers, and there is no willingness on either side to finance the other. d) Contract assets and liabilities The contract assets relate to the Company’s rights to the consideration for the work completed and not billed at the date of the consolidated financial statements, mainly from long-term Defense & Security contracts that are recognized over time as noted above, and net of any expected credit losses recognized. Contract assets are transferred to trade accounts receivable when the rights become unconditional. Expected credit losses are calculated over the contract assets balances, as detailed in Note 2.2.5. Contract liabilities refer to non-refundable e) Costs to obtain a contract Refers |
Cost of sales and services | 2.2.26 Cost of sales and services Cost of sales and services consists of the cost of the aircraft, spare parts and services rendered, comprising: a) Material - b) Labor - c) Depreciation - d) Amortization - e) Product warranties - f) Multiple-element arrangements |
Financial expense, net and foreign exchange gain (loss), net | 2.2.27 Financial expense, net and foreign exchange gain (loss), net Financial expense, net and foreign exchange gain (loss), net principally comprise interest income on cash and cash equivalents and financial investments measured as at amortized cost and FVOCI, financial charges on loans, tax updates and foreign exchange gain (loss) on assets and liabilities expressed in currencies other than the functional currency (U.S. dollar), on an accrual basis. Gains or losses on fair value changes of FVTPL financial instruments are also recognized as financial expense, net. Changes in the fair value of the residual value guarantees and income or loss on the provision and implementation of derivative financial instruments capitalized are also recorded as financial expense, net in the consolidated statements of income. Financial income and expense exclude borrowing costs attributable to acquisitions, buildings or the contribution of qualifying assets that require a substantial period to be ready for use or sale. |
Statement of cash flows | 2.2.28 Statement of cash flows The statement of cash flows was prepared using the indirect method. |
Segment reporting | 2.2.29 Segment reporting Operating segment information is presented in a manner consistent with the internal reports provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources among and assessing the performance of the operating segments and for making strategic decisions, is the Chief Executive Officer. Generally, balances and transactions that are not directly allocated to a specific operating segment but contributed to its operations, such as corporate area expenses, are appropriated on pro-rata basis, using revenue from each segment as an allocation factor. |
Presentation of the Financial_3
Presentation of the Financial Statements and Accounting Practices (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Company's Corporates Structure | Below is presented information regarding the consolidated subsidiaries: As of December 31, 2022: Entity Interest Country Core activities Airholding S.A. 100 % Portugal Coordinates investments in subsidiaries in Portugal OGMA - Indústria Aeronáutica de 65 % Portugal Aviation maintenance and production ELEB Equipamentos Ltda. 100 % Brazil Sale of hydraulic and mechanical equipment for the aviation Embraer Aircraft Holding, Inc. 100 % USA Concentrates corporate activities in the USA Embraer Aircraft Customer Services, 100 % USA Sale of spare parts and support services in North America and the Embraer Aircraft Maintenance 100 % USA Maintenance of aircraft and components Embraer Business Innovation Center, 100 % USA R&D of technological innovations in the aerospace sector and related areas Embraer Executive Jet Services, LLC 100 % USA After sale support and aircraft maintenance Embraer Executive Aircraft, Inc. 100 % USA Final assembly and delivery of executive jets Embraer Engineering & Technology 100 % USA Engineering services related to aircraft research and development Embraer Defense and Security, Inc. 100 % USA Supply of Super Tucano aircraft to the American Air Force (LAS) Embraer CAE Training Services, LLC 51 % USA Pilot, mechanic and crew training EVE Holding, Inc 89.7 % USA Publicly held company, with shares traded on the NYSE, which owns EVE UAM, LLC. 100 % USA Development, design, manufacture, marketing, certification and EVE Soluções De Mobilidade Aérea 100 % Brazil Eve subsidiary with operations in Brazil. Embraer Aviation Europe – EAE 100 % France Concentrates corporate activities abroad, specifically Europe Embraer Aviation International – EAI 100 % France Sale of parts and after sale services in Europe, Africa and the Middle Embraer Europe SARL 100 % France Commercial representation of the Company in Europe, Africa and the Embraer Defesa e Segurança 100 % Brazil Coordinates investments in the Defense & Security segments Atech - Negócios em Tecnologias S.A. 100 % Brazil Development and control, communications, computer and Visiona Tecnologia Espacial S.A. 51 % Brazil Supply and development of satellite solutions Visiona Internacional B.V. 100 % Netherlands International subsidiary of Visiona Tempest Serviços de Informática S.A. 61 % Brazil Research, development and services in the areas of Information Tempest Security Intelligence 100 % UK Retail trade of computer products, maintenance, repair and related EZS Informática S.A. 100 % Brazil Retail trade of computer products, maintenance, repair and related ID IT Tecnologia da Informação 100 % Brazil Development and licensing of customizable computer programs, Embraer GPX Ltda. 100 % Brazil No operations Embraer Netherlands Finance B.V. 100 % Netherlands Financial operations raising and investing funds of the Embraer Embraer Netherlands B.V. 100 % Netherlands Concentrates corporate activities in Europe for leasing and selling Embraer Asia Pacific PTE. Ltd. 100 % Singapore Sale of spare parts and support services in Asia Embraer Portugal S.A. 100 % Portugal Coordinates investments and economic activities in subsidiaries in Embraer (China) Aircraft Technical 100 % China Sale of spare parts and support services in China EZ Air Interior Limited 50 % Ireland Fabrication of interiors for commercial aircraft Embraer Overseas Ltd. 100 % Cayman Islands Financial operations raising and investing funds of the Embraer Embraer Spain Holding Co. SL 100 % Spain Concentrates corporate activities abroad ECC Investment Switzerland AG 100 % Switzerland Coordinates investments in subsidiaries abroad ECC Insurance & Financial 100 % Cayman Islands Covers financial guarantees offered in aircraft sale structuring Embraer Finance Ltd. 100 % Cayman Islands Support to the Company in structuring specific operations Fundo de Investimento em 100 % Brazil Exclusive fund created with the objective of technological and Yaborã Indústria Aeronáutica S.A. 100 % Brazil Concentrates the production and commercialization of As of December 31, 2021: Entity Interest Embraer Country Core activities Airholding S.A. 100 % Portugal Coordinates investments in subsidiaries in Portugal OGMA - Indústria Aeronáutica de 65 % Portugal Aviation maintenance and production Yaborã Indústria Aeronáutica S.A. 100 % Brazil Concentrates the production and commercialization of ELEB – Equipamentos Ltda. 100 % Brazil Sale of hydraulic and mechanical equipment for the aviation industry Embraer Overseas Ltd. 100 % Cayman Islands Financial operations raising and investing funds of the Embraer Group Embraer Netherlands Finance B.V. 100 % Netherlands Financial operations raising and investing funds of the Embraer Group Embraer Netherlands B.V. 100 % Netherlands Concentrates corporate activities in Europe for leasing and selling used Embraer Asia Pacific PTE. Ltd. 100 % Singapore Sale of spare parts and support services in Asia Embraer Portugal S.A. 100 % Portugal Coordinates investments and economic activities in subsidiaries in Embraer - Portugal Estruturas 100 % Portugal Fabrication of steel parts and products for the aviation industry Embraer - Portugal Estruturas 100 % Portugal Fabrication of composite parts and products for the aviation industry Embraer (China) Aircraft Technical 100 % China Sale of spare parts and support services in China EZ Air Interior Limited 50 % Ireland Fabrication of interiors for commercial aircraft Embraer Aircraft Holding Inc. 100 % EUA Concentrates corporate activities in the USA Embraer Aircraft Customer Services, 100 % EUA Sale of spare parts and support services in North America and the Embraer Aircraft Maintenance 100 % EUA Maintenance of aircraft and components Embraer Business Innovation Center, 100 % EUA R&D of technological innovations in the aerospace sector and related areas Embraer Executive Jet Services, LLC 100 % EUA After sale support and aircraft maintenance Embraer Executive Aircraft, Inc. 100 % EUA Final assembly and delivery of executive jets Embraer Engineering & Technology 100 % EUA Engineering services related to aircraft research and development Embraer Defense and Security Inc. 100 % EUA Supply of Super Tucano aircraft to the American Air Force (LAS) Embraer CAE Training Services LLC 51 % EUA Pilot, mechanic and crew training Embraer Solutions, LLC 100 % EUA Sale of spare parts and support services for the Executive Aviation EVE UAM, LLC. 100 % EUA Aircraft development, design, manufacturing, selling, certification and EVE Soluções De Mobilidade 100 % Brazil Eve’s subsidiary with operations in Brazil Embraer Aviation Europe - EAE 100 % France Concentrates corporate activities abroad, specifically Europe Embraer Aviation International - EAI 100 % France Sale of parts and after sale services in Europe, Africa and the Middle Embraer Aviation France - EAF 100 % France Sale of spare parts and support services in Europe Embraer Europe SARL 100 % France Commercial representation of the Company in Europe, Africa and the Embraer Defesa & Segurança 100 % Brazil Coordinates investments in the Defense & Security segments Atech - Negócios em Tecnologias 100 % Brazil Development and control, communications, computer and intelligence Visiona Tecnologia Espacial S.A. 51 % Brazil Supply and development of satellite solutions Visiona Internacional B.V. 100 % Netherlands International subsidiary of Visiona Tempest Serviços de Informática S.A. 61 % Brazil Research, development and services in the areas of Information Tempest Security Intelligence 100 % UK Retail trade of computer products, maintenance, repair and related EZS Informática S.A. 100 % Brazil Retail trade of computer products, maintenance, repair and related ID IT Tecnologia da Informação 99 % Brazil Development and licensing of customizable computer programs, Embraer GPX Ltda 100 % Brazil No operations Embraer Spain Holding Co. SL 100 % Spain Concentrates corporate activities abroad ECC Investment Switzerland AG 100 % Switzerland Coordinates investments in subsidiaries abroad ECC Insurance & Financial 100 % Cayman Islands Covers financial guarantees offered in aircraft sale structuring Embraer Finance Ltd. 100 % Cayman Islands Support to the Company in structuring specific operations Fundo de Investimento em 100 % Brazil Exclusive fund created with the objective of technological and |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Cash and Cash Equivalents | 12.31.2022 12.31.2021 Cash and banks 846.1 998.3 846.1 998.3 Cash equivalents Bank deposit certificate (i) 129.7 75.2 Fixed deposits (ii) 841.1 765.1 970.8 840.3 1,816.9 1,838.6 (-) Reclassification - Assets held for sale — (20.3 ) 1,816.9 1,818.3 (i) Applications in Bank Deposit Certificates (CDBs), issued by financial institutions in Brazil, available for redemption in up to 90 days at time of purchase without impact on contracted remuneration. (ii) Fixed term deposits in U.S. dollars with original maturities of 90 days or less at time of purchase. In an event of early redemption there is a minimum or no impact on contracted remuneration. |
Financial investments (Tables)
Financial investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Financial Instruments | 12.31.2022 12.31.2021 Amortized Fair value through Fair value Total Amortized Fair value through Fair value Total Financial instruments Public securities (i) 66.7 — — 66.7 51.6 — — 51.6 Private securities (ii) 105.0 — — 105.0 — — — — Structured Notes (iii) — — — — 14.1 — 79.0 93.1 Investment funds — — 22.7 22.7 — — 22.1 22.1 Fixed-Term Deposits 178.8 194.7 — 373.5 13.7 541.0 — 554.7 Others (v) — — 96.5 96.5 — — 94.9 94.9 350.5 194.7 119.2 664.4 79.4 541.0 196.0 816.4 Current portion 180.5 194.7 119.2 494.4 13.8 541.0 196.0 750.8 Non-current 170.0 — — 170.0 65.6 — — 65.6 (i) Debt securities issued by the Brazilian government with maturity in 2030. (ii) Debt securities issued by certain financial institutions with long-term maturities. (iii) Structured notes associated with the credit risk of financial institution issuer and the Brazilian government. (iv) Fixed-term deposits in U.S. dollars issued by financial institutions, with a maturity of more than 90 days from the date of contracting. (v) It mainly relates to shares of the Republic Airways Holdings, arising from the request for the judicial reorganization of the former entity Republic Airways and received by the Company. |
Trade accounts receivable, net
Trade accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Trade Accounts Receivable, Net | 12.31.2022 12.31.2021 Foreign customers 181.0 181.6 Brazilian Air Force 8.7 10.7 Domestic customers 28.1 27.4 217.8 219.7 Expected credit losses (12.6 ) (30.7 ) 205.2 189.0 Current portion 202.9 189.0 Non-current portion 2.3 — |
Summary of Past Due Accounts Receivable | The amounts and maturities of these trade accounts receivable are shown below: 12.31.2022 12.31.2021 Not due 191.9 193.8 Up to 90 days 13.6 16.4 From 91 to 180 days 4.6 2.0 More than 180 days 7.7 7.5 217.8 219.7 |
Summary of Changes in Estimated Losses on Settlement | The following schedule presents the changes in the expected credit losses provision during the year: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (30.7 ) (58.5 ) (11.1 ) Additions/Reversal 1.0 (1.8 ) (57.1 ) Write-off 17.0 29.4 15.0 Reclassification — — 29.6 Foreign exchange variation 0.1 0.2 (4.9 ) Assets held for sale — — (30.0 ) Ending balance (12.6 ) (30.7 ) (58.5 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Derivative Financial Instruments | Purpose Risk Instrument Notional Settlement date 12.31.2022 12.31.2021 Cash flow hedge designated as hedge accounting 2.4 (1.1 ) Payroll expenses settled in Brazilian Reais Exchange rate Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.12. 281.9 2023 2.4 — Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.52. — 2022 — (1.1 ) Fair value hedge designated as hedge accounting 0.1 0.1 Project development Interest rate Interest swap to exchange fixed 6.4 2023 0.1 0.1 Others derivatives not designated as hedge accounting (88.9 ) (4.8 ) Acquisition of property, plant and equipment Interest rate Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. — 2024 — (0.1 ) Export Exchange rate Non-Deliverable Forwards to exchanges Euro currency debt to US Dollars currency. 10.0 2023 (0.2 ) — Export Interest rate Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. 100.0 2027 8.4 (4.7 ) Equity Embraer Share Price Equity Swap 17.8 2023 (1.6 ) — EVE Shares (i) EVE Share Price Private Warrants - EVEX 14.2 2027 (3.6 ) — EVE Shares (i) EVE Share Price Public Warrants - EVEX 11.5 2027 (2.9 ) — EVE Shares (i) EVE Share Price Strategic Warrants - EVEX 40.9 2027 (89.0 ) — (86.4 ) (5.8 ) (i) The Company recognized derivative financial liabilities measured at fair value through profit or loss related to warrants issued by subsidiary EVEX, which became exercisable on May 9, 2022. Subsequent remeasurement depends on the option class issued, and can be an option traded on the market, so its fair value is calculated from the unit price of this option, multiplied by the number of options, or else the option, when not traded on the market, has its fair value calculated using its own methodology based on the Black-Scholes options pricing model. The impacts are presented in Note 12.3.3. |
Summary of Fair Value of Derivative Financial Instruments | On December 31, 2022 and 2021, the fair value of derivative financial instruments was recognized in the Company’s assets and liabilities as follows: 12.31.2022 12.31.2021 Assets Current portion 5.4 0.1 Non-current 5.7 — Liabilities Current portion (57.4 ) (2.9 ) Non-current (40.1 ) (3.0 ) Net derivative financial instruments (86.4 ) (5.8 ) |
Summary of Cash Flow Hedge Movement with Impact on Other Comprehensive Income Results | As of December 31, 2022, the cash flow hedge movement with impact on other comprehensive results occurred as below: 31.12.2022 31.12.2021 Reclassified items for results Cash Flow Hedge Hedge reserve 4.2 (8.9 ) (-) Reclassified for results 1.7 0.2 |
Customer and commercial finan_2
Customer and commercial financing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of customer and commercial financing maturities | 12.31.2022 12.31.2021 Aircraft (i) 70.1 7.9 Spare parts (ii) 55.1 29.8 125.2 37.7 Expected credit losses (24.0 ) (5.7 ) 101.2 32.0 Current portion 50.8 9.6 Non-current portion 50.4 22.4 |
Summary of Changes in Expected Credit Loss Customer and Commercial Financing | The changes in ECL provision during the periods are presented below: 12.31.2022 12.31.2021 Beginning balance (5.7 ) (19.1 ) (Additions)/Reversal (18.3 ) 13.4 Ending balance (24.0 ) (5.7 ) |
Summary of Longterm Customer Financing Maturities | As of December 31, 2022, the maturity schedules of the long-term customer financing are: Year 2024 35.5 2025 8.7 2026 6.2 50.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Inventories | 12.31.2022 12.31.2021 Raw materials 995.1 822.7 Work in process 687.7 524.7 Spare parts 445.6 474.3 Finished goods (i) 55.4 54.2 Held by third parties 79.2 79.3 Advances to suppliers 33.8 30.8 Inventory in transit 116.6 80.0 Consumption materials 47.4 43.5 Used aircraft — 28.4 2,460.8 2,137.9 Loss on adjustment to fair value (ii) (5.7 ) (1.0 ) Loss due to obsolescence (iii) (126.1 ) (150.9 ) (131.8 ) (151.9 ) 2,329.0 1,986.0 |
Summary of Provision Recorded for Adjustment to Realizable Value | (ii) Changes in the provision for adjustments to the realizable value of work in process, finished goods and used aircraft were as follows: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (1.0 ) (4.4 ) (0.9 ) Additions (5.9 ) (13.9 ) (17.3 ) Disposals 1.2 17.3 14.6 Assets held for sale — — (0.8 ) Ending balance (5.7 ) (1.0 ) (4.4 ) |
Schedule of Inventories Provision for Obsolescence | (iii) Changes in the provision for obsolescence were as follows: 12.31.2022 12.31.2021 12.31.2020 Beginning balance (150.9 ) (210.3 ) (95.6 ) Additions (38.4 ) (45.6 ) (42.2 ) Disposals 54.0 84.0 23.9 Reversals 8.6 17.3 1.7 Foreign exchange 0.6 1.6 (3.4 ) Assets held for sale — 2.1 (94.7 ) Ending balance (126.1 ) (150.9 ) (210.3 ) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Other Assets | 12.31.2022 12.31.2021 Taxes recoverable (i) 141.6 105.0 Prepaid expenses 69.6 36.2 Other debtors (ii) 65.4 73.7 Loan with a joint operation 26.8 25.7 Court-mandated escrow deposits (iii) 26.7 24.9 Advances to employees 15.0 19.6 Advances for services to be rendered 9.2 13.7 Guarantee deposits 6.8 3.0 Collateralized accounts receivable 5.8 9.9 Others 14.6 10.6 381.5 322.3 Current portion 246.3 194.3 Non-current portion 135.2 128.0 (i) Taxes recoverable 12.31.2022 12.31.2021 ICMS (State Value-added Tax) and IPI (Excise Tax) 56.6 59.5 PIS (Social Integration Program) and COFINS (Contribution for Social Security) 63.2 27.6 Value added tax 7.4 6.2 Income tax and social security on net income withheld 6.2 5.6 Advance service tax (ISS- Service tax) 5.4 4.4 Others 2.8 1.7 141.6 105.0 Current portion 76.7 37.4 Non-current portion 64.9 67.6 In (ii) Corresponds mainly to rework done on materials and parts received from suppliers, which will be reimbursed in cash by the supplier or through credits granted that can be used to offset trade accounts payable when requested by the Company and approved by the supplier. (iii) Refers to deposits arising from lawsuits, substantially to federal taxes and contributions, in which there is a liability recorded Note 24. |
Interest in entities (Tables)
Interest in entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Subsidiaries with Participation of Non-Controlling Shareholders | Non-controlling shareholders have interests in the entities listed below, however, based on contractual agreements and analysis of the applicable accounting standards, the Company has control and consolidate the following entities: 12.31.2022 Entity Country Interest Non-controlling interest Income (loss) OGMA - Indústria Aeronáutica de Portugal S.A. Portugal 65.0 % 35.0 % 43.5 (19.5 ) Visiona Tecnologia Espacial S.A. Brazil 51.0 % 49.0 % 14.4 (2.5 ) Embraer CAE Training Services United States of America 51.0 % 49.0 % 33.1 11.8 Tempest Serviços de Informática S.A. Brazil 61.0 % 39.0 % 10.0 0.7 EVE Holding Inc. United States of America 89.7 % 10.3 % 20.1 (308.5 ) EVE Holding Inc. - Listing Expenses United States of America 0.0 % 100.0 % 135.7 — 256.8 12.31.2021 Entity Country Interest Non-controlling interest Income (loss) OGMA - Indústria Aeronáutica de Portugal S.A. Portugal 65.0 % 35.0 % 54.0 (4.2 ) Visiona Tecnologia Espacial S.A. Brazil 51.0 % 49.0 % 15.8 (2.4 ) Embraer CAE Training Services United States of America 51.0 % 49.0 % 27.3 8.9 Tempest Serviços de Informática S.A. Brazil 61.0 % 39.0 % 10.0 (1.1 ) 107.1 |
Summary of Financial Position of the Group Entities that have Non-Controlling Interest | The financial position of the most significant entity with non-controlling interests is summarized below, which is OGMA - Indústria Aeronáutica de Portugal S.A. and Eve Holding, Inc. respectively. Other entities combined represent less than 5% of consolidated profit before taxes on income. • OGMA - Indústria Aeronáutica de Portugal S.A. 12.31.2022 12.31.2021 Cash and cash equivalents 5.9 38.8 Current assets 178.6 194.1 Non-current assets 74.9 65.4 Current liabilities 112.1 99.4 Non-current liabilities 17.0 5.9 Noncontrolling interest 43.5 54.0 12.31.2022 12.31.2021 12.31.2020 Revenue 216.5 244.7 287.1 Net Income (loss) for the year (19.5 ) (4.2 ) 3.9 • Eve Holding, Inc. 12.31.2022 Cash and cash equivalents 49.1 Current assets 337.5 Non-current assets 279.3 Current liabilities 98.2 Non-current liabilities 44.9 Noncontrolling interest 20.1 Net loss for the year (377.8 ) |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Balances and Transactions With Related Parties | 13.3 December 31, 2022 Current Non-current Financial Operating Assets Liabilities Assets Liabilities Results Results Banco do Brasil S.A. 329.0 — 73.5 — 6.2 — Banco Nacional de Desenvolvimento Econômico e Social – BNDES — 1.3 — 300.0 (6.3 ) — Comando da Aeronáutica (Brazilian Air Force) 363.1 59.9 — — — 29.6 Exército Brasileiro (Brazilian Army) 5.7 7.9 — — — 2.1 Embraer Prev - Sociedade de Previdência Complementar — — — — — (9.7 ) Ez Air Interior Limited 5.2 5.2 21.7 21.7 — — Financiadora de Estudo e Projetos – FINEP — 6.4 — — (0.4 ) — FIP Aeroespacial — — — 11.2 — — Governo Brasileiro - Bonds (Brazilian government -Bonds) 0.1 — 66.5 — 2.5 — Marinha do Brasil (Brazilian Navy) 1.7 1.8 — — — (1.4 ) 704.8 82.5 161.7 332.9 2.0 20.6 The operating results of the Brazilian Air Force presented in the table above includes the revenue cumulative adjustment of US$ 5.0 recognized in the end of 2022 as a result of the contract modification for scope reduction in the sales order of KC-390 Millennium. For further information, see Notes 1.1.1 and 3.1.2. 13.4 December 31, 2021 Current Non-current Financial Operating Assets Liabilities Assets Liabilities Results Results Banco do Brasil S.A. 50.6 — — — (1.8 ) — Banco Nacional de Desenvolvimento Econômico e Social – BNDES — 1.4 — 300.5 (6.2 ) — Comando da Aeronáutica (Brazilian Air Force) 410.3 153.2 — — — (42.0 ) Embraer Prev - Sociedade de Previdência Complementar — 4.2 — — — (12.0 ) Exército Brasileiro (Brazilian Army) 2.4 1.6 — — — 3.3 Ez Air Interior Limited 4.8 4.8 20.9 20.9 — — Financiadora de Estudo e Projetos – FINEP — 8.2 — 5.9 (0.7 ) — FIP Aeroespacial — — — 7.2 — — Marinha do Brasil (Brazilian Navy) 0.4 2.6 — — — (2.0) 468.5 176.0 20.9 334.5 (8.7 ) (52.7 ) The operating results of the Brazilian Air Force presented in the table above includes the revenue cumulative adjustment of US$ 41 recognized in the end of 2021 as a result of the contract modification for scope reduction in the sales order of KC-390 Millennium. For further information, see Note 3.1.2. 13.5 December 31, 2020 Financial Operating Banco do Brasil S.A. (1.3 ) — Banco Nacional de Desenvolvimento Econômico e Social – BNDES (2.4 ) — Comando da Aeronáutica (Brazilian Air Force) — (34.0 ) Marinha do Brasil (Brazilian Navy) — (3.2 ) Embraer Prev - Sociedade de Previdência Complementar — (12.0 ) Exército Brasileiro (Brazilian Army) — 1.5 Financiadora de Estudo e Projetos – FINEP (0.1 ) — (3.8 ) (47.7 ) |
Summary of Remuneration of Key Management Personnel | 12.31.2022 12.31.2021 12.31.2020 Short-term benefits (i) 8.5 6.1 5.8 Share based payment (ii) (1.0 ) 2.4 (1.7 ) Labor contract termination — — 0.5 Total remuneration 7.5 8.5 4.6 (i) Includes wages, salaries, profit sharing, bonuses and indemnities distributed to the key management personnel, which are settled in Brazilian Real, as well as the compensation of external members engaged in the statutory advisory committees. (ii) Accounts payable were reduced in 2022 and increased in 2021 due to the stock price of the Company in each period, which is applied to measure the share-based payment plan settled in cash, as disclosed in Note 27. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Disclosure of Detailed Information about Useful Lives for the Depreciation of Fixed Assets | The Company applied the following useful lives for the depreciation of fixed assets: Class of assets Estimated life Buildings and improvements 30 to 60 years Installations 10 to 50 years Machinery and equipment 10 to 40 years Furniture and fixtures 5 to 30 years Vehicles 10 to 15 years Aircraft 4 to 20 years Computers and peripherals 2 to 10 years Tooling 5 to 29 years Exchange pool program assets 8 to 30 years |
Summary of Property Plant and Equipment | 12.31.2022 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 2021 10.2 656.9 88.4 727.8 46.5 12.0 23.7 116.4 672.2 18.5 712.5 35.2 3,120.3 Additions — 1.2 — 23.3 1.5 0.4 — 3.3 7.2 — 70.1 29.2 136.2 Disposals — (4.2 ) — (19.9 ) (5.0 ) (0.4 ) (19.2 ) (3.7 ) (56.2 ) — (31.0 ) — (139.6 ) Reclassifications* — 3.6 0.5 (2.1 ) (0.1 ) 0.1 — (0.6 ) (7.4 ) — (27.2 ) (11.7 ) (44.9 ) Translation adjustments — (1.7 ) (0.5 ) (4.8 ) (0.2 ) (0.2 ) — (0.4 ) (0.2 ) — (15.0 ) (1.2 ) (24.2 ) At December 31, 2022 10.2 655.8 88.4 724.3 42.7 11.9 4.5 115.0 615.6 18.5 709.4 51.5 3,047.8 Accumulated depreciation At December 31, 2021 — (183.2 ) (34.8 ) (394.0 ) (30.1 ) (9.5 ) (22.9 ) (107.7 ) (416.5 ) (18.5 ) (215.5 ) — (1,432.7 ) Depreciation — (18.4 ) (2.6 ) (26.2 ) (3.2 ) (0.5 ) (0.1 ) (3.3 ) (23.4 ) — (13.9 ) — (91.6 ) Disposals — 2.4 — 14.5 3.7 0.3 18.7 3.3 42.9 — 11.3 — 97.1 Reclassifications* — 3.0 0.7 5.5 0.2 — — 0.7 7.5 — 0.3 — 17.9 Interest on capitalized assets — (1.1 ) — — — — — — — — — — (1.1 ) Translation adjustments — 0.5 0.1 3.8 0.2 0.2 — 0.4 0.1 — 6.5 — 11.8 At December 31, 2022 — (196.8 ) (36.6 ) (396.4 ) (29.2 ) (9.5 ) (4.3 ) (106.6 ) (389.4 ) (18.5 ) (211.3 ) — (1,398.6 ) Net At December 31, 2021 10.2 473.7 53.6 333.8 16.4 2.5 0.8 8.7 255.7 — 497.0 35.2 1,687.6 At December 31, 2022 10.2 459.0 51.8 327.9 13.5 2.4 0.2 8.4 226.2 — 498.1 51.5 1,649.2 12.31.2021 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 2020 11.0 716.9 93.6 881.0 49.0 12.3 23.7 121.1 655.6 18.4 737.5 65.4 3,385.5 Additions — 0.6 — 13.1 0.6 0.3 — 0.9 5.2 0.1 62.4 18.5 101.7 Disposals — (14.9 ) — (14.2 ) (2.7 ) (0.4 ) — (3.2 ) (0.4 ) — (35.9 ) — (71.7 ) Impairment — — — 12.4 — — — — 1.4 — — — 13.8 Reclassifications* — 21.2 0.5 6.0 0.5 0.1 — 0.7 10.4 — (23.2 ) (39.3 ) (23.1 ) Translation adjustments — (2.6 ) (0.6 ) (7.8 ) (0.4 ) (0.3 ) — (1.1 ) — — (28.3 ) (0.8 ) (41.9 ) Assets held for sale (0.8 ) (64.3 ) (5.1 ) (162.7 ) (0.5 ) — — (2.0 ) — — — (8.6 ) (244.0 ) At December 31, 2021 10.2 656.9 88.4 727.8 46.5 12.0 23.7 116.4 672.2 18.5 712.5 35.2 3,120.3 Accumulated depreciation At December 31, 2020 — (180.1 ) (33.8 ) (422.2 ) (25.8 ) (9.5 ) (22.4 ) (107.7 ) (397.8 ) (18.4 ) (211.8 ) — (1,429.5 ) Depreciation — (20.9 ) (2.5 ) (30.7 ) (7.3 ) (0.7 ) (0.5 ) (5.7 ) (18.6 ) (0.1 ) (21.0 ) — (108.0 ) Disposals — 5.1 — 13.9 2.6 0.4 — 3.0 0.2 — 11.8 — 37.0 Impairment — — — (2.3 ) — — — — (0.3 ) — — — (2.6 ) Reclassifications* — — — — — — — — — — 1.1 — 1.1 Interest on capitalized assets — (1.1 ) — — — — — — — — — — (1.1 ) Translation adjustments — 1.0 0.2 6.3 0.3 0.3 — 0.9 — — 4.4 — 13.4 Assets held for sale — 12.8 1.3 41.0 0.1 — — 1.8 — — — — 57.0 At December 31, 2021 — (183.2 ) (34.8 ) (394.0 ) (30.1 ) (9.5 ) (22.9 ) (107.7 ) (416.5 ) (18.5 ) (215.5 ) — (1,432.7 ) Net At December 31, 2020 11.0 536.8 59.8 458.8 23.2 2.8 1.3 13.4 257.8 — 525.7 65.4 1,956.0 At December 31, 2021 10.2 473.7 53.6 333.8 16.4 2.5 0.8 8.7 255.7 — 497.0 35.2 1,687.6 12.31.2020 Land Buildings and Installations Machinery Furniture Vehicles Aircraft Computers Tooling Other Exchange Construction Total Cost At December 31, 5.1 459.2 60.1 481.8 38.1 10.4 14.7 101.5 443.8 25.5 321.0 48.2 2,009.4 Additions — 1.3 — 14.2 0.5 0.2 — 1.4 11.4 — 51.2 22.1 102.3 Additions - — 0.8 — 0.1 0.2 — — 0.9 — — — — 2.0 Disposals (0.4 ) (8.5 ) (0.1 ) (8.4 ) (1.0 ) (0.4 ) — (4.0 ) (1.6 ) (0.1 ) (16.9 ) (1.6 ) (43.0 ) Impairment — — — 1.6 — — (0.8 ) — 0.5 — — — 1.3 Reclassifications* — 26.6 3.2 15.2 — — (38.4 ) — 37.0 (10.8 ) (18.2 ) (71.4 ) (56.8 ) Translation — 1.0 0.6 8.5 0.1 0.3 — — — — 25.6 0.4 36.5 Assets held 6.3 236.5 29.8 368.0 11.1 1.8 48.2 21.3 164.5 3.8 374.8 67.7 1,333.8 At December 31, 11.0 716.9 93.6 881.0 49.0 12.3 23.7 121.1 655.6 18.4 737.5 65.4 3,385.5 Accumulated At December 31, — (131.6 ) (25.6 ) (301.5 ) (21.5 ) (8.5 ) (4.1 ) (88.7 ) (352.6 ) (18.4 ) (88.0 ) — (1,040.5 ) Depreciation — (28.7 ) (4.1 ) (50.9 ) (2.8 ) (0.9 ) (1.5 ) (11.2 ) (37.0 ) — (15.2 ) — (152.3 ) Depreciation - — (0.2 ) — (0.1 ) (0.1 ) — — (0.4 ) — — — — (0.8 ) Disposals — 1.9 0.1 7.1 0.7 0.4 — 1.1 0.6 — 6.1 — 18.0 Reclassifications* — — — — — — 2.2 — — — (1.8 ) — 0.4 Interest on — (1.1 ) — — — — — — — — — — (1.1 ) Translation — 0.1 (0.1 ) (6.2 ) (0.1 ) (0.3 ) — (0.1 ) — — (2.4 ) — (9.1 ) Assets held — (20.5 ) (4.1 ) (70.6 ) (2.0 ) (0.2 ) (19.0 ) (8.4 ) (8.8 ) — (110.5 ) — (244.1 ) At December 31, — (180.1 ) (33.8 ) (422.2 ) (25.8 ) (9.5 ) (22.4 ) (107.7 ) (397.8 ) (18.4 ) (211.8 ) — (1,429.5 ) Net At December 31, 5.1 327.6 34.5 180.3 16.6 1.9 10.6 12.8 91.2 7.1 233.0 48.2 968.9 At December 31, 11.0 536.8 59.8 458.8 23.2 2.8 1.3 13.4 257.8 — 525.7 65.4 1,956.0 * Non-cash transactions (reclassification between accounts within property, plant and equipment and inventories). |
Assets held for sale (Tables)
Assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of assets and liabilities held for sale | ASSETS HELD FOR SALE 04.30.2022 12.31.2021 LIABILITIES HELD FOR SALE 04.30.2022 12.31.2021 Cash and cash equivalents 15.7 20.3 Trade accounts payable 13.5 13.7 Trade accounts receivable, net 1.3 0.9 Other payables 3.6 2.5 Inventories 60.4 59.0 Taxes and payroll charges payable 0.6 0.4 Income tax and social contribution — 0.5 Income tax and social contribution 0.1 — Other assets 6.0 6.3 Unearned income 27.9 28.5 Guarantee deposits 0.2 0.2 Deferred income tax and social contribution 1.6 1.7 Property, plant and equipment, net* 136.1 141.9 45.7 45.1 Intangible assets, net 0.2 0.1 Net assets to be disposed 175.8 185.8 Total 221.5 230.9 Total 221.5 230.9 * Property, plant and equipment included in the assets held for sale (US$ 136.1) are presented net of impairment losses in the amount of US$ 50.9 measured based on the fair value less cost to sell. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Intangible Assets Internally Developed and Acquired From Third Party | 12.31.2022 Internally developed Acquired from third party Commercial Executive Defense Service Others Development Software Goodwill Others Total Intangible cost At December 31, 2021 1,234.2 1,405.8 55.8 — 4.6 11.8 310.6 21.4 169.6 3,213.8 Additions 40.4 48.6 13.7 9.0 — — 4.1 — 4.0 119.8 Disposals — — — — — — (1.6 ) — (5.3 ) (6.9 ) Reclassifications (0.2 ) 90.2 62.0 — — (11.8 ) (10.1 ) — (157.7 ) (27.6 ) Translation adjustments — — 0.9 — — — (1.0 ) 0.9 — 0.8 At December 31, 2022 1,274.4 1,544.6 132.4 9.0 4.6 — 302.0 22.3 10.6 3,299.9 Accumulated amortization At December 31, 2021 (80.1 ) (617.4 ) (43.9 ) — (1.8 ) (3.6 ) (234.2 ) — (19.4 ) (1,000.4 ) Amortization (31.6 ) (42.9 ) (2.4 ) — (0.6 ) — (25.6 ) — (0.6 ) (103.7 ) Amortization of contribution from suppliers 10.2 10.9 — — — — — — — 21.1 Disposals — — — — — — 1.6 — 1.1 2.7 Reclassifications 20.4 (12.2 ) (5.2 ) — — 3.6 4.1 — 17.0 27.7 Interest on capitalized assets — (1.4 ) — — — — — — — (1.4 ) Translation adjustments — — (0.4 ) — — — 1.0 — — 0.6 At December 31, 2022 (81.1 ) (663.0 ) (51.9 ) — (2.4 ) — (253.1 ) — (1.9 ) (1,053.4 ) Intangible, net At December 31, 2021 1,154.1 788.4 11.9 — 2.8 8.2 76.4 21.4 150.2 2,213.4 At December 31, 2022 1,193.3 881.6 80.5 9.0 2.2 — 48.9 22.3 8.7 2,246.5 12.31.2021 Internally developed Acquired from third party Commercial Executive Defense Others Development Software Goodwill Others Total Intangible cost At December 31, 2020 1,126.0 1,339.8 52.0 4.6 10.7 308.1 21.7 136.7 2,999.6 Additions 108.2 16.6 3.8 — 1.6 6.3 — 30.0 166.5 Disposals — — — — — (1.1 ) — — (1.1 ) Impairment — 49.0 — — — — — 4.1 53.1 Interest on capitalized assets — 0.4 — — — — — — 0.4 Translation adjustments — — — — (0.5 ) (1.9 ) (0.3 ) (1.2 ) (3.9 ) Assets held for sale — — — — — (0.8 ) — — (0.8 ) At December 31, 2021 1,234.2 1,405.8 55.8 4.6 11.8 310.6 21.4 169.6 3,213.8 Accumulated amortization At December 31, 2020 (60.5 ) (589.0 ) (43.5 ) (1.5 ) (3.6 ) (212.4 ) — (13.5 ) (924.0 ) Amortization (19.6 ) (34.9 ) (0.4 ) (0.3 ) — (25.1 ) — (6.3 ) (86.6 ) Amortization of contribution from suppliers — 10.1 — — — — — — 10.1 Disposals — — — — — 1.0 — — 1.0 Impairment — (2.3 ) — — — — — — (2.3 ) Interest on capitalized assets — (1.3 ) — — — — — — (1.3 ) Translation adjustments — — — — — 1.6 — 0.4 2.0 Assets held for sale — — — — — 0.7 — — 0.7 At December 31, 2021 (80.1 ) (617.4 ) (43.9 ) (1.8 ) (3.6 ) (234.2 ) — (19.4 ) (1,000.4 ) Intangible, net At December 31, 2020 1,065.5 750.8 8.5 3.1 7.1 95.7 21.7 123.2 2,075.6 At December 31, 2021 1,154.1 788.4 11.9 2.8 8.2 76.4 21.4 150.2 2,213.4 12.31.2020 Internally developed Acquired from third party Commercial Executive Defense Others Development Software Goodwill Others Total Intangible cost At December 31, 2019 — 1,292.3 49.3 3.6 9.4 213.7 10.0 75.0 1,653.3 Additions 63.3 13.5 2.7 1.0 1.8 3.1 — 36.0 121.4 Additions - business combination — — — — — 9.4 13.8 7.8 31.0 Disposals — — — — (0.6 ) (1.9 ) — — (2.5 ) Impairment — 6.6 — — — — — (9.5 ) (2.9 ) Interest on capitalized assets — 0.9 — — — — — — 0.9 Translation adjustments — — — — 0.1 1.6 (2.1 ) (1.8 ) (2.2 ) Assets held for sale 1,062.7 26.5 — — — 82.2 — 29.2 1,200.6 At December 31, 2020 1,126.0 1,339.8 52.0 4.6 10.7 308.1 21.7 136.7 2,999.6 Accumulated amortization At December 31, 2019 — (550.1 ) (32.8 ) (1.3 ) (3.7 ) (165.6 ) — (5.7 ) (759.2 ) Amortization (46.6 ) (28.3 ) (10.7 ) (0.2 ) — (38.1 ) — (4.6 ) (128.5 ) Amortization - business combination — — — — — — — (1.2 ) (1.2 ) Amortization of contribution from suppliers — 8.3 — — — — — — 8.3 Disposals — — — — 0.1 1.6 — — 1.7 Interest on capitalized assets — (1.1 ) — — — — — — (1.1 ) Translation adjustments — — — — — (1.5 ) — 0.6 (0.9 ) Assets held for sale (13.9 ) (17.8 ) — — — (8.8 ) — (2.6 ) (43.1 ) At December 31, 2020 (60.5 ) (589.0 ) (43.5 ) (1.5 ) (3.6 ) (212.4 ) — (13.5 ) (924.0 ) Intangible, net At December 31, 2019 — 742.2 16.5 2.3 5.7 48.1 10.0 69.3 894.1 At December 31, 2020 1,065.5 750.8 8.5 3.1 7.1 95.7 21.7 123.2 2,075.6 |
Impairment of assets (Tables)
Impairment of assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [Line Items] | |
Disclosure of impairment loss and reversal of impairment loss | The following chart presents the changes on impairment losses during 2021: 12.31.2020 Additions Reversal Amortization 12.31.2021 Cash-generating units Mid-Size / Super Mid-Size Platform 60.4 — (57.9 ) (2.5 ) — Satellites 3.8 1.6 — — 5.4 64.2 1.6 (57.9 ) (2.5 ) 5.4 Allocation of impairment losses Fixed assets - Machinery and equipment 11.3 — Fixed assets - Tooling 1.5 — Intangibles - Internally developed 51.4 5.4 64.2 5.4 Operating segments (Note 3 6 Executive Aviation 60.4 — Defense & Security 3.8 5.4 64.2 5.4 |
E2 Platform [Member] | |
Statement [Line Items] | |
Disclosure Of Detailed Information About Sensitivity Analysis Of Impairment Test | Key assumption Factor Sensitivity Impact in impairment test Estimated aircraft deliveries during the — 5% Negative changes of 5% in the estimated volume of deliveries would cause reduction in the CGU headroom from US$ 287 to US$ 175 Discount rate 9.9% 100bps Increase of 100bps in the discount rate would cause reduction in the CGU headroom from US$ 287 to US$ 158 Foreign exchange rate (US$/R$) – rate applied to translate cash flows generated in foreign currency (R$) to the functional currency (US$) R$ 5.2177 10% Reduction of 10% in foreign exchange rate (US$/R$) would cause impairment losses of US$ 99 |
Trade accounts payable (Tables)
Trade accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Trade Accounts Payable | 12.31.2022 12.31.2021 Foreign suppliers 355.5 259.0 Domestic suppliers 162.6 99.0 Risk partners 221.4 137.2 739.5 495.2 |
Loans and financing (Tables)
Loans and financing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about loans and financing [line items] | |
Summary of Loans and Financing | Contractual Effective Currency interest rate - % interest rate - % Maturity 12.31.2022 12.31.2021 Other currencies: Guaranteed notes US$ 5.05% to 6.95% p.a. 5.05% to 7.42% p.a. 2028 (i) 2,643.2 3,283.5 4.42%% to 4.50% p.a. 4.42% to 4.50% p.a. 2030 24.4 187.3 Working capital Libor 1M + 1.30% p.a. Libor 1M + 1.30% p.a. 2023 8.4 50.2 US$ Libor 1M + 1.40% Libor 1M + 1.40% 2023 1.10 — Libor 6M + 2.60% p.a. Libor 6M + 2.60% p.a. 2027 101.90 100.8 SOFR + 0.75% SOFR + 3.02% 2029 50.20 — Euro Euribor 12 M + 1.3080% p.a. Euribor 12 M + 1.3080% p.a. 2026 4.4 26.1 2.44% p.a. to 4.00%p.a. 2.44% p.a. to 4.00%p.a. 2023 26.9 — Export financing US$ Libor 3 M +1.76% p.a. Libor 3 M +1.76% p.a. 2024 (ii) 301.3 313.2 Property. plant and equipment US$ SIFMA + 3.66% SIFMA + 3.66% 2035 21.1 37.7 Others US$ 10.5% p.a. 10.5% p.a. 2028 10.0 9.8 3,192.9 4,008.6 In local currency: Working capital R$ CDI + 2.60% p.a. CDI + 2.60% p.a. 2026 4.0 3.6 Project development 3.5 3.5% p.a. 2023 6.3 14.1 IPCA + 5.92% p.a. IPCA + 5.92% p.a. 2027 — 0.6 10.3 18.3 Total 3,203.2 4,026.9 Current portion 308.5 574.2 Non-current portion 2,894.7 3,452.7 (i) Issuance of Bonds: Between August and September 2013, through its subsidiary Embraer Overseas Limited, Embraer made an offer to exchange existing bonds maturing in 2017 (settled in January 2017) and 2020 for “New Notes” maturing in 2023. In the case of bonds maturing in 2017, the exchange offer resulted in US$ 146.4 of the aggregate principal of existing notes and US$ 337.2 of the aggregate principal of the 2020 Notes, representing approximately 54.95% of the Notes exchanged. The total of the exchange offer, considering the effects of the exchange price on the negotiations and the total New Notes issued closed at approximately US$ 540.5 in principal at a rate of 5.696% p.a., maturing on September 16, 2023. The Company repurchased part of the outstanding securities in the amount of US$ 82.3 in September 2020, US$ 18.9 in December 2021 and US$ 228.6 in March 2022, remaining the outstanding balance of US$ 210.8 and the other conditions unchanged. The principal repurchased was extinct and derecognized as loans and financing. The operation is fully and unconditionally guaranteed by the Company. In June 2015, the Company’s wholly owned finance subsidiary Embraer Netherlands Finance B.V, which only performs financial operations, issued US$ 1,000.0 in guaranteed notes at 5.05% p.a., due on June 15, 2025. This operation is fully and unconditionally guaranteed by the Company. Embraer Netherlands Finance B.V is a wholly owned subsidiary of Embraer, whose objective is to perform financial operations. The Company repurchased part of the outstanding securities in the amount of US$ 43.0, remaining the outstanding balance of US$ 957.0 in December 2022 and the other conditions unchanged. The principal repurchased was extinct and derecognized as loans and financing on December 31, 2022. In outstanding balance 2022. In 2022. (ii) It refers to financing contracts for working capital for exports totaling US$ 615.0, signed in 2020 with the National Bank for Economic and Social Development - BNDES and private banks (Banco do Brasil, Bradesco, Morgan Stanley, Natixis, and Santander). In 2021, US$ 303.0 was settled and in 2022 U$ 12.0 was settled. |
Summary of Maturity of Loans and Financing | On December 31, 2022, 2021 and 2020, the changes in loans and financing were as follows: 12.31.2022 12.31.2021 12.31.2020 Opening balance 4,026.9 4,448.0 91.0 Principal addition 146.6 60.4 2,093.1 Interest addition 182.1 200.2 197.2 Principal payment (961.8 ) (478.2 ) (1,061.8 ) Interest payment (183.7 ) (207.4 ) (173.2 ) Foreign exchange 11.1 18.0 (6.5 ) Liabilities held for sale (18.0 ) — 3,301.2 Business Combination — — 7.0 Transfer — (14.1 ) — Total 3,203.2 4,026.9 4,448.0 |
Disclosure Of Detailed Information About lease liabilities Explanatory [Table Text Block] | On December 31, 2022, 2021 and 2020, the changes in lease liabilities were as follows: 12.31.2022 12.31.2021 12.31.2020 Opening balance 63.8 64.7 38.6 Additions 22.5 14.4 27.8 Additions - business combination — — 1.6 Disposals (2.8 ) (1.7 ) (3.8 ) Interest expense 4.2 3.0 2.8 Payments (11.8 ) (10.4 ) (9.0 ) Assets and liabilities held for sale — — 9.4 Translation adjustments (4.9 ) (6.2 ) (2.7 ) Total 71.0 63.8 64.7 Current portion 12.0 11.5 11.4 Non-current portion 59.0 52.3 53.3 As of December 31, 2022, the maturity schedules of the long-term financing were: Year 2024 309.5 2025 954.8 2026 6.8 Thereafter 2026 1,623.6 2,894.7 |
Other payables (Tables)
Other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Other Payables | 12.31.2022 12.31.2021 Provisions related to payroll 100.7 105.0 Provision for employee profit sharing 51.3 26.0 Long-term incentive (i) 34.0 24.9 Other accounts payable (ii) 33.6 40.4 Non-controlling purchase options - Tempest (iii) 31.0 17.1 Non-controlling purchase options - EVE (iv) 30.0 — Mutual with jointly controlled operation 26.8 25.7 Contractual obligations (v) 22.3 14.8 Commission payable 16.0 21.9 Insurance 6.1 7.2 Training simulator 5.9 — Recourse and non-recourse debt 5.8 9.9 Accounts payable from financial guarantees 3.0 18.7 Brazilian air force 2.6 4.8 Facility accounts payable 1.9 0.8 Accounts payable of acquisitions (deferred consideration) — 0.4 371.0 317.6 Current portion 319.9 257.1 Non-current portion 51.1 60.5 (i) Accounts payable of the share-based payment program granted to certain employees of the Company in the form of phantom shares as described in Note 27 (ii) Represents, substantially, provision for expenses already incurred as of the date of the consolidated financial statements and for which payments are made during the following month. (iii) As part of the acquisition of control of Tempest Serviços de Informática S.A. (2020), the Company received call options and granted put options to non-controlling lock-up non-controlling non-controlling (iv) Refers to the purchase option of certain minority shareholders of Eve Holding, Inc., recorded as a reduction in the non-controlling (v) Represents amounts recorded regarding contractual obligations assumed by the Company in contracts with customers mainly related to commercial concessions and costs to obtain contracts. |
Taxes and payroll charges pay_2
Taxes and payroll charges payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Taxes and Payroll Charges Payable | 12.31.2022 12.31.2021 INSS (social security contribution) (i) 30.9 27.9 IRRF (withholding tax) 11.8 8.1 PIS and COFINS 2.0 4.0 IPI (manufacturing tax) 0.7 0.7 FGTS (government employee severance indemnity fund) 3.9 3.1 Others 11.1 6.6 60.4 50.4 Current portion 47.2 40.4 Non-current portion 13.2 10.0 (i) Corresponds substantially to: • The Company is challenging in court the levy of social contributions on the prior notice, among other indemnity amounts. The partial success was confirmed in November 2017. Currently, the remaining amount involved in the discussion, regarding the prior notice established in the collective agreement and 1/3 of vacation, among other amounts, is US$ 13.0 on December 31, 2022 (US$ 9.8 on December 31, 2021). • The Company has a discussion to ensure the right not to pay social security contributions according to the system established by Law 12,546/2011 during the month of July 2017. On December 31, 2022, the amount involved and respectively provisioned is US$ 5.7. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows: 12.31.2022 12.31.2021 Temporarily non-deductible provisions (i) 111.8 155.3 Tax loss carryforwards 16.6 7.1 Functional currency effect of the non monetary assets (428.8 ) (529.1 ) Gains not realized from sales of the Company to subsidiaries 20.8 14.7 Effect of differences by fixed asset (39.0 ) (21.4 ) Other differences between basis: account x tax (ii) (3.9 ) (33.1 ) Assets and liabilities held for sale — (1.7 ) Deferred tax assets (liabilities), net (322.5 ) (408.2 ) Total deferred tax asset 48.1 97.6 Total deferred tax liability (370.6 ) (505.8 ) (i) Temporarily non-deductible (ii) Refers to differences between the accounting and tax bases of assets and liabilities, such as adjustments to Contract revenues, Borrowing costs, Impairment, among others. |
Changes in Deferred Income Tax | From the Other Total At December 31, 2019 (314.1 ) 42.5 (271.6 ) Temporarily non-deductible provisions 68.5 — 68.5 Tax loss carryforwards 0.3 — 0.3 Functional currency effect of the non-monetary assets (211.9 ) — (211.9 ) Gains not realized from sales of Parent Company to subsidiaries (8.6 ) — (8.6 ) Effect of differences by fixed asset 26.1 — 26.1 Other differences between basis: account x tax 20.9 6.2 27.1 At December 31, 2020 (418.8 ) 48.7 (370.1 ) Temporarily non-deductible provisions 21.6 — 21.6 Tax loss carryforwards 6.6 — 6.6 Functional currency effect of the non-monetary assets (19.8 ) — (19.8 ) Gains not realized from sales of Parent Company to subsidiaries 0.2 — 0.2 Effect of differences by fixed asset (35.5 ) — (35.5 ) Differences between basis: account x tax (11.5 ) 2.0 (9.5 ) Discontinued operation (1.7 ) — (1.7 ) At December 31, 2021 (458.9 ) 50.7 (408.2 ) Temporarily non-deductible provisions (43.5 ) — (43.5 ) Tax loss carryforwards 9.5 — 9.5 Functional currency effect of the non-monetary assets 100.3 — 100.3 Gains not realized from sales of Parent Company to subsidiaries 6.1 — 6.1 Effect of differences by fixed asset (17.6 ) — (17.6 ) Other differences between basis: account x tax 32.0 (1.1 ) 30.9 At December 31, 2022 (372.1 ) 49.6 (322.5 ) |
Reconciliation of Income Tax Expense | 23.3 Reconciliation of income tax expense 12.31.2022 12.31.2021 12.31.2020 Loss before income tax (205.8 ) 27.4 (635.2 ) Income tax and social contribution at the nominal Brazilian enacted tax rate - 34% 70.0 (9.3 ) 216.0 Tax on profits of overseas subsidiaries (76.8 ) (92.1 ) (21.3 ) Transfer Pricing and Thin Capitalization (2.6 ) (36.3 ) (47.7 ) Functional currency effect of the non-monetary assets 134.4 (60.0 ) (250.4 ) Research and development tax incentives 4.0 1.2 1.6 Equity in the earnings of subsidiaries 2.7 0.4 0.8 Fiscal assets (non recognized) (125.4 ) (68.2 ) (104.6 ) Tax rate difference 33.2 28.2 10.4 Other differences between accounting and fiscal basis (37.2 ) 165.2 195.6 Effects of Dropdown — — (93.5 ) (67.7 ) (61.6 ) (309.1 ) Income tax and social contribution income (expense) benefit as reported 2.3 (70.9 ) (93.1 ) Current income tax and social contribution expense as reported (84.5 ) (32.5 ) 11.6 Deferred income tax and social contribution income (expense) benefit as reported 86.8 (38.4 ) (104.7 ) Effective rat e -1.1 % -258.8 % 14.7 % |
Provisions and contingent lia_2
Provisions and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Provision | 12.31.2022 12.31.2021 Product warranties (i) 77.6 77.5 Provisions for labor, taxes and civil (ii) 58.6 53.7 Taxes (iii) 44.6 36.6 Post retirement benefits 36.1 39.4 Provision of third-party materials 25.3 — Environmental provision 0.4 0.7 Others 34.1 21.5 276.7 229.4 Current portion 126.5 108.9 Non-current portion 150.2 120.5 (i) Recorded to cover product-related expenditure, including warranties and contractual obligations to implement improvements to aircraft delivered in order to meet performance targets. (ii) Provisions for labor, tax or civil contingencies, as shown in the table below Note 24.1.1. (iii) Accrual of tax provisions mainly relates to indirect taxes recognized in relation to revenue recognition of long-term contracts. |
Summary of Change in Provision | Product Provisions Post Taxes Environment Provision Others Total At December 31, 2019 67.1 66.4 11.7 41.7 0.3 — 15.7 202.9 Additions 42.0 8.5 2.5 147.2 0.4 — 4.5 205.1 Interest — 5.4 3.6 — — — — 9.0 Used/payments (30.4 ) (4.7 ) (2.2 ) (154.4 ) (0.6 ) — — (192.3 ) Reversals (15.8 ) (8.0 ) — — (0.4 ) — — (24.2 ) Translation adjustments (1.0 ) (13.6 ) (7.4 ) — (0.9 ) — (4.4 ) (27.3 ) Reclassification - Liabilities held for sale 12.0 1.4 19.7 — 2.6 — 3.8 39.5 At December 31, 2020 73.9 55.4 27.9 34.5 1.4 — 19.6 212.7 Additions 43.3 6.0 11.8 37.9 0.5 — 1.9 101.4 Interest — 3.8 1.7 — — — — 5.5 Used/payments (25.9 ) (4.8 ) (0.3 ) (32.4 ) (0.9 ) — — (64.3 ) Reversals (13.6 ) (2.7 ) — — — — — (16.3 ) Translation adjustments (0.2 ) (4.0 ) (1.7 ) (3.4 ) (0.3 ) — — (9.6 ) At December 31, 2021 77.5 53.7 39.4 36.6 0.7 — 21.5 229.4 Additions 35.6 6.2 — 29.5 0.6 25.6 12.6 110.1 Interest — 7.2 3.5 — — — — 10.7 Used/payments (20.9 ) (5.8 ) — (23.9 ) (1.1 ) — — (51.7 ) Reversals (14.9 ) (2.8 ) (9.4 ) — — — — (27.1 ) Translation adjustments 0.3 0.1 2.6 2.4 0.2 (0.3 ) — 5.3 At December 31, 2022 77.6 58.6 36.1 44.6 0.4 25.3 34.1 276.7 |
Summary of Labor, Tax and Civil Provisions | 12.31.2022 12.31.2021 Tax related IRRF (i) 8.3 10.5 PIS and COFINS (ii) 2.8 4.0 Social security contributions (iii) 1.8 1.7 Import taxes (iv) 0.6 0.6 Others 6.5 5.4 20.0 22.2 Labor related Plurimas 461/1379 (v) 0.6 0.5 Class action 1379/1991 (vi) 7.6 6.2 Reintegration (vii) 11.3 6.9 Overtime (viii) 5.0 3.9 Dangerousness (ix) 2.4 2.0 Insalubrity (x) 0.2 — Indemnity (xi) 4.2 3.8 Third parties (xii) 3.0 1.0 Others (xiii) 4.1 7.0 38.4 31.3 Civil related Indemnity (xiv) 0.2 0.2 0.2 0.2 58.6 53.7 Current portion 18.7 18.7 Non-current portion 39.9 35.0 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Financial Instruments by Category | 12.31.2022 Note Amortized Fair value Fair value Total Assets Cash and cash equivalents 5 1,816.9 — — 1,816.9 Financial investments 6 350.5 194.7 119.2 664.4 Trade accounts receivable, net 7 205.2 — — 205.2 Customer and commercial financing 9 101.2 — — 101.2 Derivative financial instruments 8 — — 11.1 11.1 Other assets 60.3 — — 60.3 2,534.1 194.7 130.3 2,859.1 Liabilities Loans and financing 20 3,196.8 — 6.4 3,203.2 Trade accounts payable 18 739.5 — — 739.5 Trade accounts payable supplier finance 19 27.5 — — 27.5 Other payables 21 340.0 31.0 — 371.0 Lease liability 20 71.0 — — 71.0 Derivative financial instruments 8 — — 97.5 97.5 Other liabilities 172.8 — — 172.8 4,547.6 31.0 103.9 4,682.5 12.31.2021 Note Amortized Fair value Fair value Total Assets Cash and cash equivalents 5 1,816.0 2.3 — 1,818.3 Financial investments 6 79.4 541.0 196.0 816.4 Guarantee deposits 3.0 — — 3.0 Trade accounts receivable, net 7 189.0 — — 189.0 Customer and commercial financing 9 32.0 — — 32.0 Derivative financial instruments 8 — — 0.1 0.1 Other assets 50.7 — — 50.7 2,170.1 543.3 196.1 2,909.5 Liabilities Loans and financing 20 4,026.9 — — 4,026.9 Trade accounts payable 18 495.2 — — 495.2 Trade accounts payable supplier finance 19 14.8 — — 14.8 Other payables 21 300.5 17.1 — 317.6 Lease liability 20 63.8 — — 63.8 Derivative financial instruments 8 — — 5.9 5.9 Other liabilities 158.2 — — 158.2 5,059.4 17.1 5.9 5,082.4 |
Summary of Fair Value of Liabilities Measurement Using Significant Unobservable Inputs | The following table lists the Company’s financial assets and liabilities by level within the fair value hierarchy. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. On December 31, 2022, there were no changes in the fair value methodology of the financial instruments and, therefore, there were no transfers between levels. 12.31.2022 Note Level 1 Level 2 Level 3 Total fair value Amortized cost of the Carrying amount Assets Cash and cash equivalents 5 — — — 1,816.9 1,816.9 Financial investments 6 217.4 96.5 313.9 350.5 664.4 Trade accounts receivable, net 7 — — — 205.2 205.2 Customer and commercial financing 9 — — — 101.2 101.2 Derivative financial instruments 8 11.1 — 11.1 — 11.1 Other a — — — 60.3 60.3 — 228.5 96.5 325.0 2,534.1 2,859.1 Liabilities Loans and financing 20 6.4 — 6.4 3,196.8 3,203.2 Trade accounts payable 18 — — — 739.5 739.5 Trade accounts payable s 19 — — — 27.5 27.5 Other payables 21 — 31.0 31.0 340.0 371.0 Lease liability 20 — — — 71.0 71.0 Derivative financial instruments 8 7.7 89.8 — 97.5 — 97.5 Other liabilities — — — 172.8 172.8 7.7 96.2 31.0 134.9 4,547.6 4,682.5 12.31.2021 Note Level 2 Level 3 Total fair value Amortized cost of the Carrying amount Assets Cash and cash equivalents 5 2.3 — 2.3 1,816.0 1,818.3 Financial investments 6 642.1 94.9 737.0 79.4 816.4 Guarantee deposits — — — 3.0 3.0 Trade accounts receivable, net 7 — — — 189.0 189.0 Customer and commercial financing 9 — — — 32.0 32.0 Derivative financial instruments 8 0.1 — 0.1 — 0.1 Other assets — — — 50.7 50.7 644.5 94.9 739.4 2,170.1 2,909.5 Liabilities Loans and financing 20 — — — 4,026.9 4,026.9 Trade accounts payable 18 — — — 495.2 495.2 Trade accounts payable supplier finance 19 — — — 14.8 14.8 Other payables 21 — 17.1 17.1 300.5 317.6 Lease liability 20 — — — 63.8 63.8 Derivative financial instruments 8 5.9 — 5.9 — 5.9 Other liabilities — — — 158.2 158.2 5.9 17.1 23.0 5,059.4 5,082.4 |
Summary of Company's Financial Assets and Liabilities | Fair value of financial Assets Liabilities At 12.31.2020 55.9 108.4 Reversal — (50.1 ) Transfer — (33.6 ) Changes in fair value 35.2 (3.9 ) Exchange variation 3.8 (3.7 ) At 12.31.2021 94.9 17.1 Changes in fair value 0.8 12.8 Exchange variation 0.8 1.1 At 12.31.2022 96.5 31.0 |
Summary of Additional Information Related to Authorization of Undiscounted Contractual Obligations and Commercial Commitments | The following table provides additional information related to undiscounted contractual obligations and commercial commitments and their respective maturities: Cash Flow Less than one One to three Three to five More than At December 31, 2022 Loans and financing 3,789.6 395.2 1,572.4 1,031.4 790.6 Trade accounts payable 739.5 739.5 — — — Trade accounts payable - supplier finance 27.5 27.5 — — — Lease liability 71.0 12.0 25.9 10.8 22.3 Other liabilities 172.8 3.2 157.5 10.3 1.8 Other payables 371.0 320.4 16.3 33.2 1.1 Derivative financial instruments 97.5 57.4 — 40.1 — Total 5,268.9 1,555.2 1,772.1 1,125.8 815.8 At December 31, 2021 Loans and financing 4,842.0 712.5 683.4 1,602.4 1,843.7 Trade accounts payable 495.2 495.2 — — — Trade accounts payable supplier finance 14.8 14.8 — — — Lease liability 63.8 11.5 20.1 9.9 22.3 Other liabilities 158.2 14.2 127.5 9.9 6.6 Other payables 317.6 258.7 37.0 17.9 4.0 Derivative financial instruments 5.9 2.9 3.0 — — Total 5,897.5 1,509.8 871.0 1,640.1 1,876.6 |
Summary of Company's Cash, Cash Equivalents, Financial Investments and Loans and Financing | On December 31, 2022, the Company’s cash, cash equivalents, financial investments and loans and financing were indexed as follows: Without derivative effect Fixed Rate Floating Rate Total Amount % Amount % Amount % Cash, cash equivalents and financial investments 2,351.5 94.77 % 129.7 5.23 % 2,481.2 100.00 % Loans and financing 2,704.0 84.42 % 499.2 15.58 % 3,203.2 100.00 % With derivative effect Fixed Rate Floating Rate Total Amount % Amount % Amount % Cash, cash equivalents and financial investments 2,351.5 94.77 % 129.7 5.23 % 2,481.2 100.00 % Loans and financing 3,100.9 96.80 % 102.4 3.20 % 3,203.3 100.00 % |
Summary of Company's Cash Equivalents and Post Fixed Financing | On December 31, 2022, the Company’s cash equivalents, and variable interest rate loans and financing were indexed as follows, considering the contractual cash flows (without derivative effect) and the cash flows changed due to interest rate swaps (with derivative effect): Without derivative effect With derivative effect Amount % Amount % Cash equivalents and financial investments 129.7 100.00 % 129.7 100.00 % CDI 129.7 100.00 % 129.7 100.00 % Loans and financing 499.2 100.00 % 102.4 100.00 % Libor 412.7 82.67 % 9.5 9.27 % CDI 4.0 0.80 % 10.4 10.16 % SIFMA 21.1 4.23 % 21.1 20.61 % EURIBOR 4.4 0.88 % 4.4 4.30 % SOFR 57.0 11.42 % 57.0 55.66 % |
Summary of Changes In Foreign Exchange Rates | On December 31, 2022, the Company had the following amounts of financial assets and liabilities denominated in several currencies as follows: 12.31.2022 12.31.2021 Loans and financing Brazilian reais 10.3 18.3 U.S. dollars 3,161.6 3,982.5 Euro 31.3 26.1 3,203.2 4,026.9 Trade accounts payable Brazilian reais 89.9 77.6 U.S. dollars 602.3 385.6 Euro 44.9 31.3 Other currencies 2.4 0.7 739.5 495.2 Trade accounts payable - Supplier finance Brazilian reais 7.6 2.8 U.S. dollars 19.9 12.0 27.5 14.8 Total (1) 3,970.2 4,536.9 Cash and cash equivalents and financial investments Brazilian reais 131.3 94.9 U.S. dollars 2,283.9 2,493.6 Euro 62.0 42.4 Other currencies 4.1 3.8 2,481.3 2,634.7 Trade accounts receivable: Brazilian reais 96.9 33.3 U.S. dollars 82.5 134.8 Euro 25.4 20.8 Other currencies 0.4 0.1 205.2 189.0 Total (2) 2,686.5 2,823.7 Net exposure (1 - 2): Brazilian reais (120.4 ) (29.5 ) U.S. dollars 1,417.4 1,751.7 Euro (11.2 ) (5.8 ) Other currencies (2.1 ) (3.2 ) |
Summary of Interest Risk Factor | 25.4.2 Interest risk factor Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Cash equivalents and financial investments CDI 129.7 (8.8 ) (4.3 ) 0.1 4.6 9.0 Loans and financing CDI (4.0 ) 0.3 0.1 — (0.1 ) (0.3 ) Net impact CDI 125.7 (8.5 ) (4.2 ) 0.1 4.5 8.7 Loans and financing LIBOR (412.7 ) 10.0 4.4 (1.2 ) (6.9 ) (12.5 ) Net impact LIBOR (412.7 ) 10.0 4.4 (1.2 ) (6.9 ) (12.5 ) Loans and financing SOFR (57.0 ) 1.1 0.4 (0.2 ) (0.9 ) (1.6 ) Net impact SOFR (57.0 ) 1.1 0.4 (0.2 ) (0.9 ) (1.6 ) Rates considered CDI 13.65 % 6.88 % 10.31 % 13.75 % 17.19 % 20.63 % Rates considered LIBOR 6M 5.14 % 2.72 % 4.08 % 5.44 % 6.80 % 8.16 % Rates considered TJLP 7.20 % 3.69 % 5.53 % 7.37 % 9.21 % 11.06 % Rates considered IPCA 5.73 % 2.27 % 3.41 % 4.54 % 5.68 % 6.81 % Rates considered SOFR 4.30 % 2.35 % 3.52 % 4.70 % 5.87 % 7.04 % (*) The positive and negative variations of 25% and 50% were applied on the rates |
Summary of Foreign Exchange Risk Factor | 25.4.3 Foreign exchange risk factor Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Assets 412.8 203.1 98.3 (6.5 ) (111.3 ) (216.1 ) Cash, cash equivalents and financial investments R$ 131.3 64.6 31.3 (2.1 ) (35.4 ) (68.7 ) Other assets R$ 281.5 138.5 67.0 (4.4 ) (75.9 ) (147.4 ) Liabilities (411.1 ) (202.4 ) (98.0 ) 6.5 110.9 215.3 Loans and financing R$ (10.3 ) (5.1 ) (2.5 ) 0.2 2.8 5.4 Other liabilities R$ (400.8 ) (197.3 ) (95.5 ) 6.3 108.1 209.9 Net impact 1.7 0.7 0.3 — (0.4 ) (0.8 ) Exchange rate considered 5.2177 2.6500 3.9750 5.3000 6.6250 7.9500 (*) The positive and negative variations of 25% and 50% were applied on the rates |
Summary of Derivative Contracts | 25.4.4 Derivative contracts Additional variations in book balances (*) Risk factor Amounts -50% -25% Probable +25% +50% Derivative designated as hedge accounting Interest swap - fair value hedge CDI 0.1 — (0.1 ) (0.1 ) (0.1 ) (0.1 ) Hedge destinated as cash flow hedge US$/R$ 2.3 8.9 2.4 (2.7 ) (7.9 ) (13.7 ) Other derivatives Interest swap LIBOR 8.4 (4.4 ) 2.2 8.7 15.1 21.3 Foreign exchange option EUR/US$ (0.2 ) (5.0 ) (2.5 ) 0.1 2.6 5.2 Equity SWAP Embraer share prices (1.6 ) (9.6 ) (5.2 ) (0.8 ) 3.6 8.0 EVE warrants EVE share prices (95.4 ) 51.5 28.7 — (40.7 ) (94.6 ) Total (86.4 ) 41.4 25.5 5.2 (27.4 ) (73.9 ) Rate considered LIBOR 5.14 % 2.72 % 4.08 % 5.44 % 6.80 % 8.16 % Rate considered CDI 13.65 % 6.88 % 10.31 % 13.75 % 17.19 % 20.63 % Rate considered US$/R$ 5.2177 2.65 3.975 5.3 6.625 7.95 Rate considered EUR/US$ 1.0666 0.52 0.78 1.04 1.3 1.56 (*) The positive and negative variations of 25% and 50% were applied on the rates |
Summary of Republic Shares | • Republic Shares Result December 31, 2022 Increase Probable Decrease Growth rate (25% change) 109.5 96.4 83.9 Discount rate (8% change) 64.1 96.4 134.7 |
Summary of Tempest Put options | • Tempest Put options Result December 31, 2022 Increase Probable Decrease Growth rate (25% change) 33.0 31.0 28.0 Discount rate (8% change) 25.0 31.0 37.0 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Treasury Shares | The movement is shown below: USD Quantity Share value in unit (USD) At December 31, 2020 25.7 4,291,938 6.0 Repurchase of shares in the period 2.5 1,540,300 1.6 At December 31, 2021 28.2 5,832,238 4.8 At December 31, 2022 28.2 5,832,238 4.8 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Disclosure of Number and Weighted Average Exercise Prices of Share Options | Amount of Grant value (i) Amount of Fair value of Fair value of Grants on April 12, 2018 1,622,986 35.2 167,347 2.3 0.4 Grants on March 12, 2019 1,349,153 26.0 323,415 4.4 0.8 Grants on March 24, 2020 1,633,741 27.7 1,157,029 15.8 3.0 Grants on November 13, 2020 6,530,000 43.6 4,326,111 59.2 11.4 Grants on March 18, 2021 2,181,442 24.6 1,293,066 17.7 3.4 Grants on March 11, 2022 2,292,434 40.4 631,352 8.6 1.7 Grants on September 05, 2022 13,662,385 187.1 2,074,484 28.4 5.5 Grants on November 18, 2022 6,254,302 78.7 542,908 7.4 1.4 At December 31, 2022 35,526,443 463.3 10,515,712 143.8 27.6 Amount of Grant value (i) Amount of Fair value of Fair value of Grants on August 24, 2017 1,930,350 30.5 230,750 5.0 1.0 Grants on April 12, 2018 1,622,986 35.2 314,552 6.8 1.3 Grants on March 12, 2019 1,160,552 22.4 885,237 19.3 3.7 Grants on March 24, 2020 1,401,293 23.8 710,127 15.5 3.0 Grants on November 13, 2020 6,530,000 43.6 2,399,444 52.2 10.0 Grants on March 18, 2021 2,181,442 24.6 591,938 12.9 2.5 At December 31, 2021 14,826,623 180.1 5,132,048 111.7 21.5 (i) Refers to the estimated fair value of total virtual shares to be granted in each grant date. (ii) Outstanding virtual shares until December 31, 2022 and December 31, 2021 considering the plan’s vesting period and less the virtual shares already paid to the beneficiaries. (iii) Fair value of virtual shares as of December 31, 2022 and December 31, 2021 considering the plan’s vesting period and fair value of Embraer’s shares in the market on each date based on the plan’s requirements. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Basic and Diluted Earnings Per Common Share | Basic and diluted earnings per common share are computed by dividing net income/(loss) for the year by the weighted average number of shares outstanding during the period, excluding shares held in treasury. 12.31.2022 12.31.2021 12.31.2020 Losses attributable to owners of Embraer (185.4 ) (44.7 ) (731.9 ) (185.4 ) (44.7 ) (731.9 ) Weighted average number of shares (in thousands) 734,633 734,730 736,164 Basic and diluted loss per share - U.S. dollars (0.25 ) (0.06 ) (0.99 ) |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Revenue Disaggregation | • Revenue by category on December 31, 2022: Commercial Defense & Executive Services & Other Total Aircraft 1,540.6 26.0 1,244.4 — 31.1 2,842.1 Long-term contracts – — 312.4 — — — 312.4 Others 3.3 6.5 — 1.4 0.8 12.0 Service — 94.6 — 838.2 — 932.8 Spare Parts — 8.1 — 427.2 5.8 441.1 Total 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 2,150.8 20.2 — 114.5 474.3 82.3 2,842.1 Long-term contracts – — — — 163.2 148.9 0.3 312.4 Others 1.4 — — 8.9 1.7 — 12.0 Service 428.8 24.6 81.2 158.4 193.6 46.2 932.8 Spare Parts 276.7 8.2 19.7 60.2 65.9 10.4 441.1 Total 2,857.7 53.0 100.9 505.2 884.4 139.2 4,540.4 • Revenue by category on December 31, 2021: Commercial Defense & Executive Services & Support Other Total Aircraft 1,313.2 148.8 1,098.7 — 17.5 2,578.2 Long-term contracts – — 320.6 — — — 320.6 Others 3.2 23.2 31.4 8.7 1.4 67.9 Service — 87.9 — 795.6 — 883.5 Spare Parts — 13.9 — 327.9 5.2 347.0 Total 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 1,525.3 4.1 102.8 79.5 731.2 135.3 2,578.2 Long-term contracts – — — — 202.4 117.5 0.7 320.6 Others 30.2 0.4 3.7 22.9 9.8 0.9 67.9 Service 417.8 20.9 72.9 129.7 203.3 38.9 883.5 Spare Parts 194.9 12.4 30.2 44.1 54.9 10.5 347.0 Total 2,168.2 37.8 209.6 478.6 1,116.7 186.3 4,197.2 • Revenue by category on December 31, 2020: Commercial Defense & Security Executive Services & Support Other Total Aircraft 1,103.7 239.5 1,015.3 — 7.7 2,366.2 Long-term contracts – — 296.9 — — — 296.9 Others 10.7 19.9 56.2 4.9 1.1 92.8 Service — 73.7 — 712.7 — 786.4 Spare Parts — 23.9 — 202.4 2.5 228.8 Total 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 North Latin America Asia Pacific Brazil Europe Others Total Aircraft 1,962.7 49.7 77.1 6.9 237.7 32.1 2,366.2 Long-term contracts - aircraft — 0.3 0.1 230.9 64.9 0.7 296.9 Others 61.0 0.4 8.6 13.3 5.0 4.5 92.8 Service 385.6 22.4 56.4 91.9 198.7 31.4 786.4 Spare Parts 123.2 3.2 19.4 40.0 37.7 5.3 228.8 Total 2,532.5 76.0 161.6 383.0 544.0 74.0 3,771.1 |
Summary of Contract balances, including contract costs | b) Contract balances, including contract costs 12.31.2022 12.31.2021 Contract assets 506.1 582.3 Current portion 505.4 582.3 Non-current portion 0.7 — 12.31.2022 12.31.2021 Advances from customers - Aircraft and Defense long-term contracts 1,748.8 1,312.4 Deferred revenue - Parts and services 215.2 200.9 Contract liabilities 1,964.0 1,513.3 Current portion 1,469.0 1,204.6 Non-current portion 495.0 308.7 |
Revenue (expenses) by nature (T
Revenue (expenses) by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Revenue (expenses) by nature | The Company opted to present the consolidated statements of income by function. The table below shows the detailed revenue, costs and expenses by nature: 12.31.2022 12.31.2021 12.31.2020 As presented in the statements of income: Revenue 4,540.4 4,197.2 3,771.1 Cost of sales and services (3,628.2 ) (3,537.6 ) (3,293.5 ) Administrative (184.9 ) (153.2 ) (143.4 ) Selling (274.4 ) (226.4 ) (194.0 ) Expected credit (losses) reversals over financial assets and contract assets (17.4 ) 13.0 (61.8 ) Research (110.0 ) (43.0 ) (29.8 ) Other operating expense, net (444.5 ) (49.8 ) (374.7 ) Equity in associates 8.5 1.1 2.7 Operating profit before financial income (110.5 ) 201.3 (323.4 ) Revenue (expenses) by nature: Revenue from sales of goods 3,821.6 3,490.1 3,194.5 Revenue from sales of services 784.2 742.3 620.9 Sales deductions and tax on revenue (i) (65.4 ) (35.2 ) (44.3 ) General manufacturing costs (ii) (2,997.2 ) (3,059.6 ) (2,753.8 ) Depreciation (106.6 ) (122.0 ) (163.6 ) Amortization (103.7 ) (86.6 ) (128.5 ) Personnel expenses (669.3 ) (493.6 ) (441.8 ) Selling expenses (64.1 ) (47.6 ) (48.1 ) Equity in associates 8.5 1.1 2.7 Research (110.0 ) (43.0 ) (29.8 ) Expected credit (losses) reversals over financial assets and contract assets (17.4 ) 13.0 (61.8 ) Services provided (74.5 ) (82.2 ) (74.5 ) Other operating expenses, net (Note 31) (444.5 ) (49.8 ) (374.7 ) Miscellaneous (iii) (72.1 ) (25.6 ) (20.6 ) Operating profit before financial income (110.5 ) 201.3 (323.4 ) (i) Refers to sales taxes and other deductions. (ii) Refers to costs of materials, direct labor and general manufacturing expenses. (iii) Refers mainly to expenses with insurance, taxes and fees. |
Other operating expense, net (T
Other operating expense, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Disclosure of Other Operating Income (Expense) | 12.31.2022 12.31.2021 12.31.2020 Warrants -EVEX (i) (158.2 ) — — Listing expenses - EVEX (ii) (135.7 ) — — Corporate projects (iii) (78.2 ) (59.4 ) (56.4 ) Restructuring expenses (iv) (36.9 ) (31.8 ) (69.2 ) Taxes on other sales (15.5 ) (23.7 ) (20.3 ) Transaction costs - EVEX (v) (11.5 ) — — Expenses system project (1.4 ) (10.8 ) (6.7 ) Residual value of fixed assets disposed (12.8 ) (10.5 ) — Aircraft maintenance and flights costs - fleet (5.6 ) (7.8 ) (2.8 ) Flight safety standards (3.6 ) (3.1 ) (3.1 ) Product modification (2.3 ) (2.7 ) (2.5 ) Training and development (2.0 ) (1.5 ) (4.7 ) Depreciation and amortization - Commercial Aviation — — (101.2 ) Costs with personnel — — (44.8 ) Carve-Out Expenses — — (82.8 ) Additional losses with financial guarantees exercised — — (5.9 ) Contractual fines — (1.0 ) (3.9 ) Reversal of tax provisions — — 8.1 Recovery of expenses — — 12.7 Contractual fines revenue 17.8 7.1 15.1 Disposal of production units in Évora 4.2 — — Other sales 12.8 7.3 6.2 Impairment of assets — 11.2 4.2 Royalties 10.4 16.5 7.0 Reversal (Provision) for contingencies (7.4 ) 22.1 (0.3 ) Fair value changes - Republic Airways shares 1.7 39.1 (4.1 ) Others (20.3 ) (0.8 ) (19.3 ) (444.5 ) (49.8 ) (374.7 ) (i) Initial recognition of the warrants covered by the BCA, which became exercisable on May 9, 2022. (ii) Listing Expenses – EVEX are non-cash (iii) Corporate project expenses mainly relate to disbursements with demands approved by Management associated with efficiency and restructuring of processes, IT, cyber security, and legal demands. (iv) Restructuring expenses include expenses incurred by the Company as part of the corporate restructuring project started in 2021 and ended in 2022 with the reintegration of Commercial Aviation, including expenses related to excess manufacturing capacity, mainly wages, during the collective vacation period that occurred in January 2022 to complete the reintegration process. (v) Transaction costs – EVEX are the direct expenses attributable to the Business Combination such as law firms, auditors, banks, and other services associated with carrying out the transaction. As per Note 12.3.2, all transaction costs considered non-incremental were recognized in Other operating expenses. |
Financial expense, net (Tables)
Financial expense, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Financial Income (Expense), Net | 12.31.2022 12.31.2021 12.31.2020 Financial income: Warrants 62.9 — — Interest on cash and cash equivalents and financial investments 43.8 17.9 18.3 Interest on receivables 4.2 3.1 10.6 Residual value guarantee — 52.0 3.7 Taxes over financial revenue (2.1 ) (2.2 ) (3.9 ) Phantom shares (LTI) 5.0 — 5.1 Derivative financial instruments 5.2 — — Others 2.9 4.0 (4.7 ) Total financial income 121.9 74.8 29.1 Financial expenses: Interest on loans and financing (204.6 ) (240.7 ) (214.9 ) IOF - (tax on financial transactions) (2.1 ) (0.9 ) (9.1 ) Interest on taxes, social charges and contributions (6.8 ) (3.2 ) (4.9 ) Financial restructuring costs (12.1 ) (2.4 ) — Phantom shares (LTI) — (17.7 ) — Derivative financial instruments — — (16.8 ) Others (19.8 ) (9.3 ) (16.1 ) Total financial expenses (245.4 ) (274.2 ) (261.8 ) Financial expenses, net (123.5 ) (199.4 ) (232.7 ) |
Foreign exchange gain (loss),_2
Foreign exchange gain (loss), net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of Foreign exchange gain (loss), net | 12.31.2022 12.31.2021 12.31.2020 Monetary and foreign exchange variations Assets: Tax credits 3.4 (14.2 ) (33.7 ) Trade accounts receivable and contract assets 41.6 (1.9 ) (37.6 ) Cash and cash equivalents and financial investments 4.4 2.4 (37.7 ) Others (12.3 ) 4.0 (24.3 ) 37.1 (9.7 ) (133.3 ) Liabilities: Loans and financing 0.3 3.9 4.9 Advances from customers — (1.0 ) (0.5 ) Provisions (6.5 ) 12.3 34.7 Taxes and charges payable (1.4 ) 4.0 12.8 Other payables (6.6 ) 5.9 (33.0 ) Suppliers (1.0 ) (2.7 ) 19.0 Provisions for contingencies (2.1 ) 3.2 18.7 Others 5.0 5.5 (0.4 ) (12.3 ) 31.1 56.2 Net monetary and foreign exchange variations 24.8 21.4 (77.1 ) Derivative financial instruments 3.4 4.1 (2.0 ) Foreign exchange gain (loss), net 28.2 25.5 (79.1 ) |
Supplemental Cash Flow inform_2
Supplemental Cash Flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Payments Made During Period and Transactions Not Affecting Cash and Cash Equivalents | 35.1 Payments made during the year and transactions not affecting cash and cash equivalents 12.31.2022 12.31.2021 12.31.2020 Non-cash financing and investing transactions Acquisition of inventories through assumption of financing — — 14.1 Write off on Property, plant and equipment by transfer to pool parts inventory (27.2 ) (23.2 ) (18.2 ) Property, plant and equipment, transfer for providing for the sale of inventory — — (38.4 ) Non-controlling purchase options — — 22.2 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Income Data by Operating Segment | Consolidated statements of income data by operating segment - year ended December 31, 2022: Commercial Defense & Executive Services & Support Other Total Unallocated Total Revenue 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 — 4,540.4 Cost of sales and services (1,382.3 ) (350.8 ) (953.2 ) (912.3 ) (29.6 ) (3,628.2 ) — (3,628.2 ) Gross profit 161.6 96.8 291.2 354.5 8.1 912.2 — 912.2 Operating income (expense) (145.5 ) (86.8 ) (141.5 ) (193.2 ) (386.1 ) (953.1 ) (69.6 ) (1,022.7 ) Operating profit before financial income (expense) 16.1 10.0 149.7 161.3 (378.0 ) (40.9 ) (69.6 ) (110.5 ) Financial income (expense), net (123.5 ) (123.5 ) Foreign exchange loss, net 28.2 28.2 Loss before taxes on income (205.8 ) Income tax expense 2.3 2.3 Loss for the period (203.5 ) Consolidated statements of income data by operating segment – year ended December 31, 2021: Commercial Defense & Executive Services & Other Total Unallocated Total Revenue 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 — 4,197.2 Cost of sales and services (1,263.9 ) (488.4 ) (923.4 ) (827.6 ) (34.3 ) (3,537.6 ) — (3,537.6 ) Gross profit 52.5 106.0 206.7 304.6 (10.2 ) 659.6 — 659.6 Operating income (expense) (57.1 ) (89.0 ) (76.9 ) (143.2 ) (23.1 ) (389.3 ) (69.0 ) (458.3 ) Operating profit before financial income (expense) (4.6 ) 17.0 129.8 161.4 (33.3 ) 270.3 (69.0 ) 201.3 Financial income (expense), net (199.4 ) (199.4 ) Foreign exchange gain (loss), net 25.5 25.5 Loss before taxes on income 27.4 Income tax benefit (expense) (70.9 ) (70.9 ) Loss for the period (43.5 ) Consolidated statements of income data by operating segment – year ended December 31, 2020: Commercial Defense & Executive Services & Other Total Unallocated Total Revenue 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 — 3,771.1 Cost of sales and services (1,086.8 ) (549.1 ) (886.1 ) (751.4 ) (20.1 ) (3,293.5 ) — (3,293.5 ) Gross profit 27.6 104.8 185.4 168.6 (8.8 ) 477.6 — 477.6 Operating income (expense) (300.8 ) (72.2 ) (95.5 ) (240.7 ) (22.6 ) (731.8 ) (69.2 ) (801.0 ) Operating profit before financial income (expense) (273.2 ) 32.6 89.9 (72.1 ) (31.4 ) (254.2 ) (69.2 ) (323.4 ) Financial income (expense), net (232.7 ) (232.7 ) Foreign exchange gain (loss), net (79.1 ) (79.1 ) Profit before taxes on income (635.2 ) Income tax expense (93.1 ) (93.1 ) Loss for the period (728.3 ) |
Summary of Revenue by Geographic Area | Revenue by geographic area - year ended December 31, 2022: Commercial Defense & Executive Services & Other Total North America 1,234.7 2.9 914.1 706.0 — 2,857.7 Europe 234.9 194.1 212.6 242.8 — 884.4 Asia Pacific — 3.6 — 97.3 — 100.9 Latin America, except Brazil — 1.4 20.0 31.6 — 53.0 Brazil 2.4 245.1 87.8 132.2 37.7 505.2 Others 71.9 0.5 9.9 56.9 — 139.2 Total 1,543.9 447.6 1,244.4 1,266.8 37.7 4,540.4 Revenue by geographic area – year ended December 31, 2021: Commercial Defense & Executive Services & Other Total North America 687.6 58.1 807.2 614.0 1.3 2,168.2 Europe 494.5 158.7 229.1 234.4 — 1,116.7 Asia Pacific 3.3 80.8 27.6 97.9 — 209.6 Latin America, except Brazil — 3.0 4.1 30.7 — 37.8 Brazil 1.8 285.8 62.1 106.1 22.8 478.6 Others 129.2 8.0 — 49.1 — 186.3 Total 1,316.4 594.4 1,130.1 1,132.2 24.1 4,197.2 Revenue by geographic area – year ended December 31, 2020: Commercial Defense & Executive Services & Other Total North America 858.4 108.8 1,054.4 509.7 1.2 2,532.5 Europe 215.4 108.4 17.1 203.1 — 544.0 Asia Pacific 4.8 81.6 — 75.2 — 161.6 Latin America, except Brazil 0.4 49.2 — 26.4 — 76.0 Brazil 3.0 297.6 — 72.3 10.1 383.0 Others 32.4 8.3 — 33.3 — 74.0 Total 1,114.4 653.9 1,071.5 920.0 11.3 3,771.1 |
Summary of Assets by Operating Segment | Assets by operating segment - year ended December 31, 2022: Commercial Defense & Executive Services & Support Other Total Unallocated Total Property, plant and equipment 542.8 194.3 396.5 510.3 5.3 1,649.2 — 1,649.2 Intangible assets 1,193.3 80.3 881.3 9.0 33.4 2,197.3 49.2 2,246.5 Total 1,736.1 274.6 1,277.8 519.3 38.7 3,846.5 49.2 3,895.7 Assets by operating segment - year ended December 31, 2021: Commercial Defense & Executive Services & Other Total Unallocated Total Property, plant and equipment 498.2 253.8 344.9 589.7 1.0 1,687.6 — 1,687.6 Intangible assets 1,154.1 11.8 788.0 — 182.7 2,136.6 76.8 2,213.4 Total 1,652.3 265.6 1,132.9 589.7 183.7 3,824.2 76.8 3,901.0 |
Summary of Assets by Geographical Area | Assets by geographic area - year ended December 31, 2022: North Europe Asia Pacific Brazil Total Property, plant and equipment 351.1 263.0 69.0 966.1 1,649.2 Intangible assets 107.8 45.3 — 2,093.4 2,246.5 Total 458.9 308.3 69.0 3,059.5 3,895.7 Assets by geographic area - year ended December 31, 2021: North Europe Asia Pacific Brazil Total Property, plant and equipment 337.7 305.9 44.4 999.6 1,687.6 Intangible assets 96.6 43.2 — 2,073.6 2,213.4 Total 434.3 349.1 44.4 3,073.2 3,901.0 |
Operations - Additional Informa
Operations - Additional Information (Detail) R$ in Millions, $ in Millions | 12 Months Ended | |||||||||||
Sep. 16, 2022 USD ($) shares | Sep. 16, 2022 BRL (R$) shares | May 09, 2022 | May 02, 2022 USD ($) | Mar. 01, 2022 USD ($) | Feb. 18, 2022 Seats | Dec. 31, 2022 USD ($) Aircraft Jets shares | Dec. 31, 2021 USD ($) Aircraft | Dec. 31, 2020 USD ($) | Oct. 21, 2022 Aircraft | Feb. 09, 2022 Aircraft | Feb. 09, 2021 Aircraft | |
Nature of operations [line items] | ||||||||||||
Final adjusted share price | $ 175 | |||||||||||
Cash flows from divesture of interests in subsidiaries, classified as investing activities | $ 158.2 | $ 158.2 | ||||||||||
Finance costs | 245.4 | $ 274.2 | $ 261.8 | |||||||||
E2 Platform cash generating unit [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Impairment Charges | 0 | |||||||||||
Senior Unsecured Notes [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Repurchase of long-term debt principal amount outstanding | $ 287.8 | |||||||||||
Cancellation of long-term debt principal amount outstanding | $ 287.8 | |||||||||||
Finance costs | $ 12.1 | |||||||||||
Jet [Member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Property Plant And Equipment Number Of Aircraft Sold | Jets | 102 | |||||||||||
E175 E2 [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Property plant and equipment under development period | three-year | |||||||||||
Aircraft number of seats | Seats | 76 | |||||||||||
Embraer Aircraft Holding Inc [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Number Of Shares Issued | shares | 220,000,000 | |||||||||||
Mobots [member] | Class A3 preferred shares [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Stock held during period value conversion of convertible securities | $ 3.8 | R$ 20 | ||||||||||
Stock held during period, shares, conversion of convertible securities | shares | 158,508 | 158,508 | ||||||||||
Percentage of preferred stock voting rights | 10.24% | 10.24% | ||||||||||
Executive Jets business unit [Member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Increase In Production Percentage Of Aircraft | 9.60% | |||||||||||
Brazilian Air Force [member] | Related parties [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Contract with customer number of aircrafts agreed to sell | Aircraft | 19 | 28 | 22 | 22 | ||||||||
EVEX [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Proportion of ownership interest in subsidiary | 90.20% | 89.70% | ||||||||||
Embraer S.A [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Senior Unsecured Notes due, Percentage | 5.15% | |||||||||||
Senior unsecured notes due, period | 2022 | |||||||||||
Notes and debentures issued | $ 59.2 | |||||||||||
Embraer Overseas Limited [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Senior Unsecured Notes due, Percentage | 5.696% | |||||||||||
Senior unsecured notes due, period | 2023 | |||||||||||
Notes and debentures issued | $ 228.6 | |||||||||||
Bottom of range [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Aircraft reprogramming entry service period description | 2027 | |||||||||||
Bottom of range [member] | Brazilian Air Force [member] | Related parties [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Contract with customer number of aircrafts agreed to sell | Aircraft | 19 | |||||||||||
Top of range [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Aircraft reprogramming entry service period description | 2028 | |||||||||||
Top of range [member] | Brazilian Air Force [member] | Related parties [member] | ||||||||||||
Nature of operations [line items] | ||||||||||||
Contract with customer number of aircrafts agreed to sell | Aircraft | 22 |
Presentation of the Financial_4
Presentation of the Financial Statements and Accounting Practices - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of basis of preparation of financial statements [line items] | |||
Nominal rate of current income tax | (1.10%) | (258.80%) | 14.70% |
Discount rate Of Leases | 6.70% | ||
Dilutive effect of share options on number of ordinary shares | 0 | ||
Later than five years [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Maturity Of Lease Payment | 5 | ||
Bottom of range [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Warranty coverage period | 3 years | ||
Term Of Lease Agreement | 2 | ||
Top of range [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Warranty coverage period | 6 years | ||
Low value assets leases individual amount | $ 5 | ||
Term Of Lease Agreement | 20 | ||
Computer software [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Description on tenure of benefits derived from intangible assets | Development costs directly attributable to identifiable and unique software, controlled by the Company and that is expected to generate benefits greater than the costs for more than one year, are recorded in intangible assets. | ||
Employee profit sharing plan [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Percentage of total amount of profit sharing equally divided to employees | 40% | ||
Employee profit sharing plan [member] | Bottom of range [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Percentage Of Employee Profit Sharing Of Monthly Compensation Of Each Employee Upon Fulfillment Of Targets | 40% | ||
Employee profit sharing plan [member] | Top of range [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Percentage Of Employee Profit Sharing Of Monthly Compensation Of Each Employee Upon Fulfillment Of Targets | 90% | ||
Brazil [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Nominal rate of current income tax | 34% | ||
Percentage of income tax rate | 25% | ||
Percentage of social contribution on net income | 9% | ||
Embraer S.A [member] | |||
Disclosure of basis of preparation of financial statements [line items] | |||
Percentage of ownership interest held by subsidiaries in joint operations | 25% |
Presentation of the Financial_5
Presentation of the Financial Statements and Accounting Practices - Summary of Company's Corporates Structure (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Airholding S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Portugal | Portugal |
Airholding S.A. [member] | Portugal [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Coordinates investments in subsidiaries in Portugal | Coordinates investments in subsidiaries in Portugal |
OGMA - Industria Aeronautica de Portugal S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 65% | 65% |
Country | Portugal | Portugal |
OGMA - Industria Aeronautica de Portugal S.A. [member] | Portugal [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 65% | 65% |
Core activities | Aviation maintenance and production | Aviation maintenance and production |
Yaborã Indústria Aeronáutica S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
Yaborã Indústria Aeronáutica S.A. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Concentrates the production and commercialization of Commercial Aviation | Concentrates the production and commercialization of Commercial Aviation |
Embraer Aircraft Customer Services Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | EUA | |
Embraer Aircraft Customer Services Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Sale of spare parts and support services in North America and the Caribbean | |
Embraer Aircraft Customer Services, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | |
Embraer Aircraft Customer Services, LLC [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Sale of spare parts and support services in North America and the Caribbean | |
Embraer Aircraft Maintenance Services Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | EUA | |
Embraer Aircraft Maintenance Services Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Maintenance of aircraft and components | |
Embraer Aircraft Maintenance Services, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | |
Embraer Aircraft Maintenance Services, LLC [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Maintenance of aircraft and components | |
Embraer Aviation France - EAF [membe] | ||
Disclosure of subsidiaries [line items] | ||
Country | France | |
Embraer Aviation France - EAF [membe] | France [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Sale of spare parts and support services in Europe | |
ELEB - Equipamentos Ltda. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
ELEB - Equipamentos Ltda. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Sale of hydraulic and mechanical equipment for the aviation industry | Sale of hydraulic and mechanical equipment for the aviation industry |
Embraer Aircraft Holding Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Aircraft Holding Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Concentrates corporate activities in the USA | |
Embraer Aircraft Holding Inc. [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Concentrates corporate activities in the USA | |
Embraer Business Innovation Center, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Business Innovation Center, Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | R&D of technological innovations in the aerospace sector and related areas | |
Embraer Business Innovation Center, Inc. [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | R&D of technological innovations in the aerospace sector and related areas | |
Embraer Executive Jet Services, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Executive Jet Services, LLC [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | After sale support and aircraft maintenance | |
Embraer Executive Jet Services, LLC [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | After sale support and aircraft maintenance | |
Embraer Executive Aircraft, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Executive Aircraft, Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Final assembly and delivery of executive jets | |
Embraer Executive Aircraft, Inc. [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Final assembly and delivery of executive jets | |
Embraer Engineering &Technology Center USA, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Engineering &Technology Center USA, Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Engineering services related to aircraft research and development | |
Embraer Engineering &Technology Center USA, Inc. [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Engineering services related to aircraft research and development | |
Embraer Defense and Security Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer Defense and Security Inc. [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Supply of Super Tucano aircraft to the American Air Force (LAS) | |
Embraer Defense and Security Inc. [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Supply of Super Tucano aircraft to the American Air Force (LAS) | |
Embraer CAE Training Services LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
Embraer CAE Training Services LLC [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 51% | |
Core activities | Pilot, mechanic and crew training | |
Embraer CAE Training Services LLC [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 51% | |
Core activities | Pilot, mechanic and crew training | |
EVE Holding, Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | |
EVE Holding, Inc [member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 89.70% | |
Core activities | Publicly held company, with shares traded on the NYSE, which owns the full interest of EVE UAM, LLC. | |
Embraer Solutions, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | EUA | |
Embraer Solutions, LLC [member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Sale of spare parts and support services for the Executive Aviation | |
Embraer Aviation Europe EAE [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | France | France |
Embraer Aviation Europe EAE [member] | France [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Concentrates corporate activities abroad, specifically Europe | Concentrates corporate activities abroad, specifically Europe |
Embraer Aviation International EAI [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | France | France |
Embraer Aviation International EAI [member] | France [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Sale of parts and after sale services in Europe, Africa and the Middle East | Sale of parts and after sale services in Europe, Africa and the Middle East |
Embraer Europe SARL [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | France | France |
Embraer Europe SARL [member] | France [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Commercial representation of the Company in Europe, Africa and the Middle East | Commercial representation of the Company in Europe, Africa and the Middle East |
Embraer Defesa And Seguranca Participacoes S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | |
Embraer Defesa And Seguranca Participacoes S.A. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Coordinates investments in the Defense & Security segments | |
Embraer Defesa e Segurança Participações S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | |
Embraer Defesa e Segurança Participações S.A. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Coordinates investments in the Defense & Security segments | |
Atech Negocios em Tecnologias S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
Atech Negocios em Tecnologias S.A. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Development and control, communications, computer and intelligence services | Development and control, communications, computer and intelligence services |
Visiona Tecnologia Espacial S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 51% | 51% |
Country | Brazil | Brazil |
Visiona Tecnologia Espacial S.A. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 51% | 51% |
Core activities | Supply and development of satellite solutions | Supply and development of satellite solutions |
Visiona Internacional B.V. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Netherlands | Netherlands |
Visiona Internacional B.V. [member] | Netherlands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | International subsidiary of Visiona | International subsidiary of Visiona |
Embraer GPX Ltda. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
Embraer GPX Ltda. [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | No operations | No operations |
Embraer Netherlands Finance BV [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Netherlands | Netherlands |
Embraer Netherlands Finance BV [member] | Netherlands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Financial operations raising and investing funds of the Embraer Group | Financial operations raising and investing funds of the Embraer Group |
Embraer Netherlands B V [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Netherlands | Netherlands |
Embraer Netherlands B V [member] | Netherlands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Concentrates corporate activities in Europe for leasing and selling used aircraft | Concentrates corporate activities in Europe for leasing and selling used aircraft |
Embraer Asia Pacific PTE. Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Singapore | Singapore |
Embraer Asia Pacific PTE. Ltd. [member] | Singapore [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Sale of spare parts and support services in Asia | Sale of spare parts and support services in Asia |
Embraer Portugal S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Portugal | Portugal |
Embraer Portugal S.A. [member] | Portugal [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Coordinates investments and economic activities in subsidiaries in Portugal | Coordinates investments and economic activities in subsidiaries in Portugal |
Embraer Portugal Estruturas Metalicas SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Portugal | |
Embraer Portugal Estruturas Metalicas SA [member] | Portugal [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Fabrication of steel parts and products for the aviation industry | |
Embraer Portugal Estruturas em Compositos SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Portugal | |
Embraer Portugal Estruturas em Compositos SA [member] | Portugal [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Fabrication of composite parts and products for the aviation industry | |
Embraer (China) Aircraft Technical Services Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | China | China |
Embraer (China) Aircraft Technical Services Company Limited [member] | China [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Sale of spare parts and support services in China | Sale of spare parts and support services in China |
EZ Air Interior Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Ireland | Ireland |
EZ Air Interior Limited [member] | Ireland [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 50% | 50% |
Core activities | Fabrication of interiors for commercial aircraft | Fabrication of interiors for commercial aircraft |
Embraer Overseas Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Cayman Islands | Cayman Islands |
Embraer Overseas Ltd. [member] | Cayman Islands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Financial operations raising and investing funds of the Embraer Group | Financial operations raising and investing funds of the Embraer Group |
Embraer Spain Holding Co. SL [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Spain | Spain |
Embraer Spain Holding Co. SL [member] | Spain [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Concentrates corporate activities abroad | Concentrates corporate activities abroad |
ECC Investment Switzerland AG [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Switzerland | Switzerland |
ECC Investment Switzerland AG [member] | Switzerland [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Coordinates investments in subsidiaries abroad | Coordinates investments in subsidiaries abroad |
ECC Insurance And Financial Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Cayman Islands | Cayman Islands |
ECC Insurance And Financial Company Limited [member] | Cayman Islands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Covers financial guarantees offered in aircraft sale structuring | Covers financial guarantees offered in aircraft sale structuring |
Embraer Finance Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Cayman Islands | Cayman Islands |
Embraer Finance Ltd. [member] | Cayman Islands [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Support to the Company in structuring specific operations | Support to the Company in structuring specific operations |
Fundo de Investimento em Participações Embraer Ventures [member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
Fundo de Investimento em Participações Embraer Ventures [member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Exclusive fund created with the objective of technological and financial aggregation based on investment and support to small and medium-sized companies focused on disruptive innovation in areas related to the A&D sector. | Exclusive fund created with the objective of technological and financial aggregation based on investment and support to small and medium-sized companies focused on disruptive innovation in areas related to the A&D sector. |
EVE UAM, LLC. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country | USA | EUA |
EVE UAM, LLC. [Member] | EUA [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Aircraft development, design, manufacturing, selling, certification and support and solutions for urban air traffic management, related to Urban Air Mobility (UAM) | |
EVE UAM, LLC. [Member] | USA | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | |
Core activities | Development, design, manufacture, marketing, certification and support of aircraft and urban air traffic management solutions related to urban air mobility. | |
EVE Solucoes de Mobilidade Aerea Urbana Ltda [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
EVE Solucoes de Mobilidade Aerea Urbana Ltda [Member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Eve subsidiary with operations in Brazil. | Eve’s subsidiary with operations in Brazil |
Tempest Servios De Informatica SA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 61% | 61% |
Country | Brazil | Brazil |
Tempest Servios De Informatica SA [Member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 61% | 61% |
Core activities | Research, development and services in the areas of Information Technology, Information Security and Intelligence | Research, development and services in the areas of Information Technology, Information Security and Intelligence |
Tempest Security Intelligence Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country | UK | UK |
Tempest Security Intelligence Limited [Member] | United Kingdom [Member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Retail trade of computer products, maintenance, repair and related services | Retail trade of computer products, maintenance, repair and related services |
EZS Informatica SA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
EZS Informatica SA [Member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 100% |
Core activities | Retail trade of computer products, maintenance, repair and related services | Retail trade of computer products, maintenance, repair and related services |
ID IT Tecnologia da Informacao Ltda [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country | Brazil | Brazil |
ID IT Tecnologia da Informacao Ltda [Member] | Brazil [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest Embraer | 100% | 99% |
Core activities | Development and licensing of customizable computer programs, information technology consulting, data processing, application service providers and internet hosting services | Development and licensing of customizable computer programs, information technology consulting, data processing, application service providers and internet hosting services |
Critical Accounting Estimates_2
Critical Accounting Estimates and Significant Judgements - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Aircraft | Feb. 09, 2022 Aircraft | Dec. 31, 2021 USD ($) Aircraft | Nov. 12, 2021 | Feb. 09, 2021 Aircraft | |
Disclosure of changes in accounting estimates [line items] | |||||
Estimation of revenue recognition increased | $ 101.4 | ||||
Estimation of revenue recognition decreased | $ 91.8 | ||||
Hypothetical scenario increase decrease in estimated cost percentage | 10% | ||||
Brazilian Air Force [member] | Related parties [member] | |||||
Disclosure of changes in accounting estimates [line items] | |||||
Contract with customer number of aircrafts agreed to sell | Aircraft | 19 | 22 | 28 | 22 | |
Contract with customer contract amendments cumulative adjustment percentage | 25% | ||||
Contract with customer contract amendments revenue adjustment | $ (5) | $ (41) |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | May 02, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [Line Items] | ||||
Cash and banks | $ 846.1 | $ 998.3 | ||
Cash | 846.1 | 998.3 | ||
Cash equivalents | ||||
Cash equivalents | 970.8 | 840.3 | ||
Cash and cash equivalents excluding asset held for sale | 1,816.9 | 1,838.6 | ||
Reclassification - Assets held for sale | 0 | $ (15.7) | (20.3) | |
Cash and cash equivalents | 1,816.9 | 1,818.3 | $ 1,883.1 | |
Fixed deposits [member] | ||||
Cash equivalents | ||||
Cash equivalents | 841.1 | 765.1 | ||
Bank Deposit Certificate [Member] | ||||
Cash equivalents | ||||
Cash equivalents | $ 129.7 | $ 75.2 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed deposits [member] | ||
Cash and cash equivalents [Line Items] | ||
Deposits maturity | 90 days or less | 90 days or less |
Certificate of Deposit [member] | ||
Cash and cash equivalents [Line Items] | ||
Deposits maturity | 90 days or less | 90 days or less |
Financial Investments - Summary
Financial Investments - Summary of Financial Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 350.5 | $ 79.4 |
Fair value through other comprehensive income | 194.7 | 541 |
Fair value through profit or loss | 119.2 | 196 |
Total | 664.4 | 816.4 |
Amortized cost, current portion | 180.5 | 13.8 |
Amortized cost,non-current | 170 | 65.6 |
Fair value through other comprehensive income, current portion | 194.7 | 541 |
Fair value through profit or loss, current portion | 119.2 | 196 |
Current portion, total | 494.4 | 750.8 |
Non-current, total | 170 | 65.6 |
Public securities [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 66.7 | 51.6 |
Total | 66.7 | 51.6 |
Private securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 105 | |
Total | 105 | 0 |
Structured Notes [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 0 | 14.1 |
Fair value through profit or loss | 0 | 79 |
Total | 0 | 93.1 |
Investment funds [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss | 22.7 | 22.1 |
Total | 22.7 | 22.1 |
Fixed-Term Deposits [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 178.8 | 13.7 |
Fair value through other comprehensive income | 194.7 | 541 |
Total | 373.5 | 554.7 |
Other Financial Instruments [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss | 96.5 | 94.9 |
Total | $ 96.5 | $ 94.9 |
Financial Investments - Summa_2
Financial Investments - Summary of Financial Investments (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [line items] | |
Debt Instrument Year Of Maturity | 2030 years |
Fixed deposits [member] | Later than three months [member] | |
Disclosure of financial assets [line items] | |
Deposits maturity | more than 90 days |
Financial Investments - Additio
Financial Investments - Additional Information (Detail) - Cash and Cash Equivalent and Financial Investments [member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Interbank Interest Equivalent Percent | 100.72% | 98.83% |
Brazil, Brazil Real [member] | ||
Disclosure of financial assets [line items] | ||
Weighted average interest rate | 12.54% | 4.34% |
United States of America, Dollars [member] | ||
Disclosure of financial assets [line items] | ||
Weighted average interest rate | 2.23% | 0.54% |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of trade accounts receivables [line items] | ||||
Trade accounts receivable | $ 217.8 | $ 219.7 | ||
Expected credit losses | (12.6) | (30.7) | $ (58.5) | $ (11.1) |
Trade accounts receivable, net | 205.2 | 189 | ||
Current portion | 202.9 | 189 | ||
Non-current portion | 2.3 | |||
Foreign customers [member] | ||||
Disclosure of trade accounts receivables [line items] | ||||
Trade accounts receivable | 181 | 181.6 | ||
Brazilian Air Force [member] | ||||
Disclosure of trade accounts receivables [line items] | ||||
Trade accounts receivable | 8.7 | 10.7 | ||
Domestic customers [member] | ||||
Disclosure of trade accounts receivables [line items] | ||||
Trade accounts receivable | $ 28.1 | $ 27.4 |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Summary of Past Due Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets past due but not impaired [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Trade accounts receivable, net | $ 217.8 | $ 219.7 |
Financial assets past due but not impaired [member] | Not later than three months [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Trade accounts receivable, net | 13.6 | 16.4 |
Financial assets past due but not impaired [member] | From 91 to 180 days [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Trade accounts receivable, net | 4.6 | 2 |
Financial assets past due but not impaired [member] | More than 180 days [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Trade accounts receivable, net | 7.7 | 7.5 |
Financial asset not past due and not impaired [Member] | ||
Disclosure of trade accounts receivables [line items] | ||
Not due | $ 191.9 | $ 193.8 |
Trade Accounts Receivable, Ne_4
Trade Accounts Receivable, Net - Summary of Changes in Estimated Losses on Settlement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of trade accounts receivables [line items] | |||
Beginning balance | $ (30.7) | $ (58.5) | $ (11.1) |
Additions | 1 | (1.8) | (57.1) |
Write-off | 17 | 29.4 | 15 |
Reclassification | 29.6 | ||
Foreign exchange variation | 0.1 | 0.2 | (4.9) |
Assets held for sale | (30) | ||
Ending balance | $ (12.6) | $ (30.7) | $ (58.5) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument assets and liability | $ (86.4) | $ (5.8) |
Cash flow hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument assets and liability | 2.4 | (1.1) |
Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument assets and liability | 0.1 | 0.1 |
Non Hedges [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument assets and liability | $ (88.9) | (4.8) |
Other derivatives [member] | Equity price risk [member] | Settlement 2023 [member] | Embraer [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2023 years | |
Derivative financial instrument assets and liability | $ (1.6) | |
Description of financial instruments designated as hedging instruments | Equity Swap | |
Notional amount | $ 17.8 | |
Real expenses [member] | Currency swap contract [member] | Currency risk [member] | Settlement 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2022 years | |
Derivative financial instrument assets and liability | (1.1) | |
Description of financial instruments designated as hedging instruments | Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.52. | |
Real expenses [member] | Currency swap contract [member] | Currency risk [member] | Settlement 2023 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2023 years | |
Derivative financial instrument assets and liability | $ 2.4 | |
Description of financial instruments designated as hedging instruments | Zero-cost collar derivative financial instruments, with purchase of put options at the exercise price of R$ 5.20 and sale of call options at the weighted average exercise price of R$ 6.12. | |
Notional amount | $ 281.9 | |
Export financing [member] | Other derivatives [member] | Interest rate risk [member] | Settlement 2027 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2027 years | |
Derivative financial instrument assets and liability | $ 8.4 | (4.7) |
Description of financial instruments designated as hedging instruments | Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. | |
Notional amount | $ 100 | |
Export financing [member] | Other derivatives [member] | Exchange and currency risk rate [member] | Settlement 2023 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2023 years | |
Derivative financial instrument assets and liability | $ (0.2) | |
Description of financial instruments designated as hedging instruments | Non-Deliverable Forwards to exchanges Euro currency debt to US Dollars currency. | |
Notional amount | $ 10 | |
Project development expense [member] | Interest swap [member] | Interest rate risk [member] | Settlement 2023 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2023 years | |
Derivative financial instrument assets and liability | $ 0.1 | 0.1 |
Description of financial instruments designated as hedging instruments | Interest swap to exchange fixed interest rate debt in Brazilian Reais for a floating rate CDI. | |
Notional amount | $ 6.4 | |
Acquisition of property plant and equipment [member] | Other derivatives [member] | Interest rate risk [member] | Settlement 2024 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2024 years | |
Derivative financial instrument assets and liability | $ (0.1) | |
Description of financial instruments designated as hedging instruments | Interest swap to exchange floating interest debt in US Dollars for a fixed interest rate. | |
Private Warrants [member] | Other derivatives [member] | Equity price risk [member] | Settlement 2027 [member] | EVEX [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2027 years | |
Derivative financial instrument assets and liability | $ (3.6) | |
Description of financial instruments designated as hedging instruments | Private Warrants - EVEX | |
Notional amount | $ 14.2 | |
Public Warrants [member] | Other derivatives [member] | Equity price risk [member] | Settlement 2027 [member] | EVEX [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2027 years | |
Derivative financial instrument assets and liability | $ (2.9) | |
Description of financial instruments designated as hedging instruments | Public Warrants - EVEX | |
Notional amount | $ 11.5 | |
Strategic Warrants [member] | Other derivatives [member] | Equity price risk [member] | Settlement 2027 [member] | EVEX [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Settlement date | 2027 years | |
Derivative financial instrument assets and liability | $ (89) | |
Description of financial instruments designated as hedging instruments | Strategic Warrants - EVEX | |
Notional amount | $ 40.9 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Derivative Financial Instruments (Parenthetical) (Detail) | May 09, 2022 |
EVEX [Member] | Private Warrants, Public Warrants and Strategic Warrants [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Class of warrants or rights date from which the warrants may be excercised | May 09, 2022 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) - Banco De Santander [member] - Equity price risk [member] shares in Millions | 1 Months Ended |
Apr. 30, 2022 shares | |
Disclosure of detailed information about financial instruments [line items] | |
Increase decrease in number of shares issued | 6.7 |
Derivatives variable interest rate spread | 1.17% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Current portion | $ 5.4 | $ 0.1 |
Non-current | 5.7 | |
Liabilities | ||
Current portion | (57.4) | (2.9) |
Non-current | (40.1) | (3) |
Net derivative financial instruments | $ (86.4) | $ (5.8) |
Derivative financial instrume_7
Derivative financial instruments - Summary of Cash Flow Hedge Movement with Impact on Other Comprehensive Income Results (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Hedge | ||
Hedge reserve | $ 4.2 | $ (8.9) |
Reclassified for results | $ 1.7 | $ 0.2 |
Customer and Commercial Finan_3
Customer and Commercial Financing - Summary of Customer and Commercial Financing Maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
DisclosureOfCustomerAndCommercialFinancingMaturities [Line Items] | |||
Loans And Advances To Customers Gross | $ 125.2 | $ 37.7 | |
Expected credit losses | (24) | (5.7) | |
Loans and advances to customers | 101.2 | 32 | |
Current portion | 50.8 | 9.6 | |
Non-current portion | 50.4 | 22.4 | |
Aircraft [member] | |||
DisclosureOfCustomerAndCommercialFinancingMaturities [Line Items] | |||
Loans And Advances To Customers Gross | [1] | 70.1 | 7.9 |
Spare Parts [member] | |||
DisclosureOfCustomerAndCommercialFinancingMaturities [Line Items] | |||
Loans And Advances To Customers Gross | [2] | $ 55.1 | $ 29.8 |
[1]Aircraft – Customer financing related to the acquisition of aircraft. The fair value of used aircraft provided as collateral in the used aircraft customer financing structure, which could minimize the losses in case of default (collateral assets), were considered to reduce the expected credit losses (ECL) for such transaction.[2]pare parts and services – Customer financing provided as a result of the COVID-19 impacts over certain customers of the Commercial Aviation segment related to the supply of spare parts and services mainly provided during the year of 2020. The agreement establishes interest and annual principal payments until the final maturity date (2025). There are no guarantees financing of spare parts and services transactions, however, the continuous supply of spare parts and services to the financed customers depends on the fulfillment of said agreements. |
Customer and Commercial Finan_4
Customer and Commercial Financing - Summary of Customer and Commercial Financing Maturities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Loans to consumers [member] | |
DisclosureOfCustomerAndCommercialFinancingMaturities [Line Items] | |
Receivables Maturity Year | 2025 |
Customer and commercial finan_5
Customer and commercial financing - Summary of Changes in Expected Credit Losses Provision (Detail) - Loans to consumers [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Beginning balance | $ (5.7) | $ (19.1) |
(Additions)/Reversal | (18.3) | 13.4 |
Ending balance | $ (24) | $ (5.7) |
Customer and commercial finan_6
Customer and commercial financing - Disclosure of Long Term Customer Financing Maturities (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure of Long Term Customer Financing Maturities [Abstract] | |
2024 | $ 35.5 |
2025 | 8.7 |
Thereafter 2025 | 6.2 |
Total | $ 50.4 |
Customer and commercial finan_7
Customer and commercial financing - Addtional Information (Detail) | Dec. 31, 2022 |
Statement [Line Items] | |
Expected credit loss rate | 42% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Classes of current inventories [abstract] | ||||
Raw materials | $ 995.1 | $ 822.7 | ||
Work in process | 687.7 | 524.7 | ||
Spare parts | 445.6 | 474.3 | ||
Finished goods | 55.4 | 54.2 | ||
Held by third parties | 79.2 | 79.3 | ||
Advances to suppliers | 33.8 | 30.8 | ||
Inventory in transit | 116.6 | 80 | ||
Consumption materials | 47.4 | 43.5 | ||
Used aircraft | 0 | 28.4 | ||
Inventories Gross | 2,460.8 | 2,137.9 | ||
Loss on adjustment to fair value | (5.7) | (1) | ||
Loss due to obsolescence | (126.1) | (150.9) | $ (210.3) | $ (95.6) |
Adjustment to inventories | (131.8) | (151.9) | ||
Total | $ 2,329 | $ 1,986 |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Parenthetical) (Detail) - Aircraft | Dec. 31, 2022 | Dec. 31, 2021 |
Phenom 300 [member] | ||
Disclosure of inventories [line items] | ||
Number of aircraft held in finished products inventory | 2 | 1 |
Phenom 100 [member] | ||
Disclosure of inventories [line items] | ||
Number of aircraft held in finished products inventory | 1 | |
Praetor 600 [Member] | ||
Disclosure of inventories [line items] | ||
Number of aircraft held in finished products inventory | 2 | 2 |
Praetor 500 [Member] | ||
Disclosure of inventories [line items] | ||
Number of aircraft held in finished products inventory | 1 | 1 |
Super Tucano | ||
Disclosure of inventories [line items] | ||
Number of aircraft held in finished products inventory | 1 | 1 |
Inventories - Summary of Provis
Inventories - Summary of Provision Recorded for Adjustment to Realizable Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Inventory Provision Recorded for Adjustments to Realizable Value [line items] | |||
Beginning balance | $ 1 | ||
Ending balance | 5.7 | $ 1 | |
Aircraft [member] | |||
Reconciliation of Inventory Provision Recorded for Adjustments to Realizable Value [line items] | |||
Beginning balance | (1) | (4.4) | $ (0.9) |
Additions | (5.9) | (13.9) | (17.3) |
Disposals | 1.2 | 17.3 | 14.6 |
Assets held for sale | 0 | 0 | (0.8) |
Ending balance | $ (5.7) | $ (1) | $ (4.4) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories Provision for Obsolescence (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of inventories [abstract] | |||
Beginning balance | $ (150.9) | $ (210.3) | $ (95.6) |
Additions | (38.4) | (45.6) | (42.2) |
Disposals | 54 | 84 | 23.9 |
Reversals | 8.6 | 17.3 | 1.7 |
Foreign exchange | 0.6 | 1.6 | (3.4) |
Assets held for sale | 0 | 2.1 | (94.7) |
Ending balance | $ (126.1) | $ (150.9) | $ (210.3) |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Other Assets [abstract] | ||
Taxes recoverable | $ 141.6 | $ 105 |
Prepaid expenses | 69.6 | 36.2 |
Other debtors | 65.4 | 73.7 |
Loan with a joint operation | 26.8 | 25.7 |
Court-mandated escrow deposits | 26.7 | 24.9 |
Advances to employees | 15 | 19.6 |
Advances for services to be rendered | 9.2 | 13.7 |
Guarantee deposits | 6.8 | 3 |
Collateralized accounts receivable | 5.8 | 9.9 |
Other | 14.6 | 10.6 |
Total | 381.5 | 322.3 |
Current portion | 246.3 | 194.3 |
Non-current portion | 135.2 | 128 |
ICMS (State Value-added Tax) and IPI (Excise Tax) | 56.6 | 59.5 |
PIS (Social Integration Program) and COFINS (Contribution for Social Security) | 63.2 | 27.6 |
Value added tax | 7.4 | 6.2 |
Income tax and social security on net income withheld | 6.2 | 5.6 |
Advance service tax (ISS- Service tax) | 5.4 | 4.4 |
Other | 2.8 | 1.7 |
Total | 141.6 | 105 |
Current portion | 76.7 | 37.4 |
Non-current portion | $ 64.9 | $ 67.6 |
Other Assets - Summary of Oth_2
Other Assets - Summary of Other Assets ( Parenthetical ) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about other assets [Line Items] | |
Credits recognized in relation to goods imported under special tax regime | $ 38.8 |
Interest in Entities - Summary
Interest in Entities - Summary of Subsidiaries with Participation of Non-Controlling Shareholders (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | $ 256.8 | $ 107.1 | |
Comprehensive income | $ (87) | $ (129.7) | $ (653.7) |
OGMA - Industria Aeronautica de Portugal S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Country | Portugal | Portugal | |
Embraer Group interest | 65% | 65% | |
Non-controlling interest (percentage) | 35% | 35% | |
Non-controlling interest | $ 43.5 | $ 54 | |
Comprehensive income | $ (19.5) | $ (4.2) | |
Visiona Tecnologia Espacial S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | Brazil | Brazil | |
Embraer Group interest | 51% | 51% | |
Non-controlling interest (percentage) | 49% | 49% | |
Non-controlling interest | $ 14.4 | $ 15.8 | |
Comprehensive income | $ (2.5) | $ (2.4) | |
Embraer CAE Training Services [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | United States of America | United States of America | |
Embraer Group interest | 51% | 51% | |
Non-controlling interest (percentage) | 49% | 49% | |
Non-controlling interest | $ 33.1 | $ 27.3 | |
Comprehensive income | $ 11.8 | $ 8.9 | |
Tempest Servicos de Informatica SA [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | Brazil | Brazil | |
Embraer Group interest | 61% | 61% | |
Non-controlling interest (percentage) | 39% | 39% | |
Non-controlling interest | $ 10 | $ 10 | |
Comprehensive income | $ 0.7 | $ (1.1) | |
Eve Holdings Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | United States of America | ||
Embraer Group interest | 89.70% | ||
Non-controlling interest (percentage) | 10.30% | ||
Non-controlling interest | $ 20.1 | ||
Comprehensive income | $ (308.5) | ||
Eve Holdings Inc Listing Expenses [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country | United States of America | ||
Embraer Group interest | 0% | ||
Non-controlling interest (percentage) | 100% | ||
Non-controlling interest | $ 135.7 | ||
Comprehensive income | $ 0 |
Interest in Entities - Addition
Interest in Entities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
May 09, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||||
Proportion of profit before taxes by other entities | 5% | |||
Percentage of decrease in ownership interests held in entity | 90.20% | 89.70% | ||
Percentage of increase in ownership interests held in entity | 91.20% | |||
Percentage of shares issued in exchange of units | 100% | |||
Financial liabilities | $ 4,682.5 | $ 5,082.4 | ||
Non cash listing expense | 136 | |||
Incremental Costs Treated In Shareholders Equity [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Transaction Costs | 13 | |||
Non Incremental Costs Treated In Other Operating Expenses [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Transaction Costs | 11 | |||
Option contract [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial liabilities | $ 30 | |||
Top of range [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of decrease in ownership interests held in entity | 100% | |||
Top of range [member] | Option contract [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of increase in ownership interests held in entity | 91.20% | |||
Bottom of range [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of decrease in ownership interests held in entity | 90.20% | |||
Bottom of range [member] | Option contract [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of increase in ownership interests held in entity | 90.20% | |||
Zanite Acquisition Corp [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Number of shares issued | 220,000,000 | |||
Assets held in trust account | $ 19.7 | |||
Increase decrease in the number of shares issued | 17,230,000 | |||
Aggregate cash contribution from external investors | $ 192 | |||
Embraer Aircraft Holding Inc [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Capital contribution by entity | 377 | |||
Additional capital contribution by entity | $ 185 | |||
Number of shares received in exchange of capital contribution | 18,500,000 | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 238,500,000 | |||
Cash contribution by certain third party investors | $ 172.3 | |||
ERJZanite Acquisition Corp [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Interest Embraer | 89.70% | |||
Class of warrant or right description of exercise period | warrants began 30 days after the transaction date (May 9, 2022) and will end on the later of a) May 9, 2027, b) liquidation of EVEX c) the date set by EVEX to redeem all warrants. | |||
Class of warrant or right exercise price of warrants or rights 1 | $ 11.5 | |||
Proportion of ownership interest in subsidiary | 89.70% | |||
ERJZanite Acquisition Corp [Member] | Redeemable Public Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right issued during the period | 11,500,000 | |||
ERJZanite Acquisition Corp [Member] | Private Placement Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right issued during the period | 14,250,000 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right exercised | 3,522,536 | |||
Number of shares subscribed | 2,039,353 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Penny Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right exercise price of warrants or rights 1 | $ 0.01 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Tranche One [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right issued during the period | 24,095,072 | |||
Class of warrant or right exercise price of warrants or rights 1 | $ 0.01 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Tranche Two [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right issued during the period | 12,000,000 | |||
Class of warrant or right exercise price of warrants or rights 1 | $ 15 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Tranche Two [Member] | Market Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right exercise price of warrants or rights 1 | 15 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Tranche Three [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right issued during the period | 5,000,000 | |||
Class of warrant or right exercise price of warrants or rights 1 | 11.5 | |||
ERJZanite Acquisition Corp [Member] | Strategic Warrants [Member] | Tranche Three [Member] | Market Warrants [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Class of warrant or right exercise price of warrants or rights 1 | $ 11.5 | |||
ERJ Embraer Aircraft Holding Inc [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of number of outstanding shares held | 90.20% | |||
Embraer CAE Training Services Ltd. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Interest Embraer | 51% | |||
Proportion of ownership interest in subsidiary | 51% | |||
Visiona Tecnologia Espacial S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Interest Embraer | 51% | 51% | ||
Proportion of ownership interest in subsidiary | 51% | 51% | ||
Embraer CAE Training Services [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Interest Embraer | 51% | 51% | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Interest in Entities - Summar_2
Interest in Entities - Summary of Financial Position of the Group Entities that have Non-Controlling Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||
Cash and cash equivalents | $ 1,816.9 | $ 1,818.3 | $ 1,883.1 |
Current assets | 5,756.6 | 5,875.8 | |
Non current assets | 4,385.5 | 4,279.2 | |
Current liabilities | 3,217.3 | 2,828.8 | |
Non current liabilities | 4,100.5 | 4,551.2 | |
Noncontrolling interest | 256.8 | 107.1 | |
Revenue | 4,540.4 | 4,197.2 | 3,771.1 |
Net income/loss for the year | (203.5) | (43.5) | (728.3) |
OGMA - Industria Aeronautica de Portugal S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Cash and cash equivalents | 5.9 | 38.8 | |
Current assets | 178.6 | 194.1 | |
Non current assets | 74.9 | 65.4 | |
Current liabilities | 112.1 | 99.4 | |
Non current liabilities | 17 | 5.9 | |
Noncontrolling interest | 43.5 | 54 | |
Revenue | 216.5 | 244.7 | 287.1 |
Net income/loss for the year | $ (19.5) | $ (4.2) | $ 3.9 |
Interest in Entities - Summar_3
Interest in Entities - Summary of Net Assets and Liabilities of the Joint Operation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||
Cash and cash equivalents | $ 1,816.9 | $ 1,818.3 | $ 1,883.1 |
Current assets | 5,756.6 | 5,875.8 | |
Non current assets | 4,385.5 | 4,279.2 | |
Current liabilities | 3,217.3 | 2,828.8 | |
Non current liabilities | 4,100.5 | 4,551.2 | |
Noncontrolling interest | 4,540.4 | 4,197.2 | 3,771.1 |
Net income (loss) for the year | (203.5) | $ (43.5) | $ (728.3) |
Eve Holdings Inc [Member] | |||
Disclosure of subsidiaries [line items] | |||
Cash and cash equivalents | 49.1 | ||
Current assets | 337.5 | ||
Non current assets | 279.3 | ||
Current liabilities | 98.2 | ||
Non current liabilities | 44.9 | ||
Noncontrolling interest | 20.1 | ||
Net income (loss) for the year | $ (377.8) |
Related Parties - Summary of Ba
Related Parties - Summary of Balances and Transactions With Related Parties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Current assets | $ 5,756.6 | $ 5,875.8 | |
Current liabilities | 3,217.3 | 2,828.8 | |
Non-current assets | 4,385.5 | 4,279.2 | |
Non-current liabilities | 4,100.5 | 4,551.2 | |
Financial results | (203.5) | (43.5) | $ (728.3) |
Operating results | (110.5) | 201.3 | (323.4) |
Related parties [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 704.8 | 468.5 | |
Current liabilities | 82.5 | 176 | |
Non-current assets | 161.7 | 20.9 | |
Non-current liabilities | 332.9 | 334.5 | |
Financial results | 2 | (8.7) | (3.8) |
Operating results | 20.6 | (52.7) | (47.7) |
Related parties [member] | Banco do Brasil S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 329 | 50.6 | |
Current liabilities | 0 | ||
Non-current assets | 73.5 | ||
Non-current liabilities | 0 | ||
Financial results | 6.2 | (1.8) | (1.3) |
Related parties [member] | Banco Nacional de Desenvolvimento Econômico e Social – BNDES [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current liabilities | 1.3 | 1.4 | |
Non-current liabilities | 300 | 300.5 | |
Financial results | (6.3) | (6.2) | (2.4) |
Related parties [member] | Comando da Aeronáutica (Brazilian Air Force) [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 363.1 | 410.3 | |
Current liabilities | 59.9 | 153.2 | |
Operating results | 29.6 | (42) | (34) |
Related parties [member] | Exército Brasileiro (Brazilian Army) [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 5.7 | 2.4 | |
Current liabilities | 7.9 | 1.6 | |
Operating results | 2.1 | 3.3 | 1.5 |
Related parties [member] | Embraer Prev - Sociedade de Previdência Complementar [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current liabilities | 0 | 4.2 | |
Operating results | (9.7) | (12) | (12) |
Related parties [member] | Ez Air Interior Limited [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 5.2 | 4.8 | |
Current liabilities | 5.2 | 4.8 | |
Non-current assets | 21.7 | 20.9 | |
Non-current liabilities | 21.7 | 20.9 | |
Related parties [member] | Financiadora de Estudo e Projetos – FINEP [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current liabilities | 6.4 | 8.2 | |
Non-current liabilities | 0 | 5.9 | |
Financial results | (0.4) | (0.7) | (0.1) |
Related parties [member] | FIP Aeroespacial [member] | |||
Disclosure of transactions between related parties [line items] | |||
Non-current liabilities | 11.2 | 7.2 | |
Financial results | 0 | ||
Related parties [member] | Governo Brasileiro - Bonds (Brazilian government -Bonds) [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 0.1 | ||
Non-current assets | 66.5 | ||
Financial results | 2.5 | ||
Related parties [member] | Marinha do Brasil (Brazilian Navy) [member] | |||
Disclosure of transactions between related parties [line items] | |||
Current assets | 1.7 | 0.4 | |
Current liabilities | 1.8 | 2.6 | |
Operating results | $ (1.4) | $ (2) | $ (3.2) |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Brazilian Air Force [member] | KC Three Hundred And Ninety Millennium [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Revenue cumulative adjustment recognised as a result of contract modification for scope reduction in the sales order | $ 5 | $ 41 |
Brazilian development bank [member] | ||
Disclosure of transactions between related parties [line items] | ||
Percentage of shares owned by stakeholders | 5.37% |
Related Parties - Summary of Re
Related Parties - Summary of Remuneration of Key Management Personnel (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Remuneration Of Key Management Personnel [abstract] | ||||
Short-term benefits | [1] | $ 8.5 | $ 6.1 | $ 5.8 |
Share based payment | [2] | (1) | 2.4 | (1.7) |
Labor contract termination | 0 | 0 | 0.5 | |
Total | $ 7.5 | $ 8.5 | $ 4.6 | |
[1]Includes wages, salaries, profit sharing, bonuses and indemnities distributed to the key management personnel, which are settled in Brazilian Real, as well as the compensation of external members engaged in the statutory advisory committees.[2]Accounts payable were reduced in 2022 and increased in 2021 due to the stock price of the Company in each period, which is applied to measure the share-based payment plan settled in cash, as disclosed in Note 27. |
Property, plant and equipment-D
Property, plant and equipment-Disclosure of Detailed Information about Useful Lives for the Depreciation of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings and improvements | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 30 years |
Buildings and improvements | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 60 years |
Installations | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 10 years |
Installations | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 50 years |
Machinery and equipment | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 10 years |
Machinery and equipment | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 40 years |
Furniture and fixtures [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 5 years |
Furniture and fixtures [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 30 years |
Vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 10 years |
Vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 15 years |
Aircraft [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 4 years |
Aircraft [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 20 years |
Computers and peripherals | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 2 years |
Computers and peripherals | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 10 years |
Tooling | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 5 years |
Tooling | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 29 years |
Exchange pool program assets | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 8 years |
Exchange pool program assets | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated Useful Life for the depreciation of Fixed Assets | 30 years |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 1,687.6 | $ 1,956 | $ 968.9 |
Ending balance | 1,649.2 | 1,687.6 | 1,956 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,120.3 | 3,385.5 | 2,009.4 |
Additions | 136.2 | 101.7 | 102.3 |
Additions - business combination | 2 | ||
Disposals | (139.6) | (71.7) | (43) |
Impairment | 13.8 | 1.3 | |
Reclassifications | (44.9) | (23.1) | (56.8) |
Translation adjustments | (24.2) | (41.9) | 36.5 |
Assets held for sale | (244) | 1,333.8 | |
Ending balance | 3,047.8 | 3,120.3 | 3,385.5 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,432.7) | (1,429.5) | (1,040.5) |
Depreciation - business combination | (0.8) | ||
Depreciation | (91.6) | (108) | (152.3) |
Disposals | 97.1 | 37 | 18 |
Impairment | (2.6) | ||
Reclassifications | 17.9 | 1.1 | 0.4 |
Interest on capitalized assets | (1.1) | (1.1) | (1.1) |
Translation adjustments | 11.8 | 13.4 | (9.1) |
Assets held for sale | 57 | (244.1) | |
Ending balance | (1,398.6) | (1,432.7) | (1,429.5) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 10.2 | 11 | 5.1 |
Ending balance | 10.2 | 10.2 | 11 |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 10.2 | 11 | 5.1 |
Additions | 0 | ||
Disposals | 0 | (0.4) | |
Assets held for sale | (0.8) | 6.3 | |
Ending balance | 10.2 | 10.2 | 11 |
Land [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Buildings and improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 473.7 | 536.8 | 327.6 |
Ending balance | 459 | 473.7 | 536.8 |
Buildings and improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 656.9 | 716.9 | 459.2 |
Additions | 1.2 | 0.6 | 1.3 |
Additions - business combination | 0.8 | ||
Disposals | (4.2) | (14.9) | (8.5) |
Reclassifications | 3.6 | 21.2 | 26.6 |
Translation adjustments | (1.7) | (2.6) | 1 |
Assets held for sale | (64.3) | 236.5 | |
Ending balance | 655.8 | 656.9 | 716.9 |
Buildings and improvements [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (183.2) | (180.1) | (131.6) |
Depreciation - business combination | (0.2) | ||
Depreciation | (18.4) | (20.9) | (28.7) |
Disposals | 2.4 | 5.1 | 1.9 |
Reclassifications | 3 | 0 | |
Interest on capitalized assets | (1.1) | (1.1) | (1.1) |
Translation adjustments | 0.5 | 1 | 0.1 |
Assets held for sale | 12.8 | (20.5) | |
Ending balance | (196.8) | (183.2) | (180.1) |
Installations [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 53.6 | 59.8 | 34.5 |
Ending balance | 51.8 | 53.6 | 59.8 |
Installations [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 88.4 | 93.6 | 60.1 |
Disposals | 0 | (0.1) | |
Reclassifications | 0.5 | 0.5 | 3.2 |
Translation adjustments | (0.5) | (0.6) | 0.6 |
Assets held for sale | (5.1) | 29.8 | |
Ending balance | 88.4 | 88.4 | 93.6 |
Installations [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (34.8) | (33.8) | (25.6) |
Depreciation | (2.6) | (2.5) | (4.1) |
Disposals | 0 | 0.1 | |
Reclassifications | 0.7 | 0 | |
Translation adjustments | 0.1 | 0.2 | (0.1) |
Assets held for sale | 1.3 | (4.1) | |
Ending balance | (36.6) | (34.8) | (33.8) |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 333.8 | 458.8 | 180.3 |
Ending balance | 327.9 | 333.8 | 458.8 |
Machinery and equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 727.8 | 881 | 481.8 |
Additions | 23.3 | 13.1 | 14.2 |
Additions - business combination | 0.1 | ||
Disposals | (19.9) | (14.2) | (8.4) |
Impairment | 12.4 | 1.6 | |
Reclassifications | (2.1) | 6 | 15.2 |
Translation adjustments | (4.8) | (7.8) | 8.5 |
Assets held for sale | (162.7) | 368 | |
Ending balance | 724.3 | 727.8 | 881 |
Machinery and equipment [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (394) | (422.2) | (301.5) |
Depreciation - business combination | (0.1) | ||
Depreciation | (26.2) | (30.7) | (50.9) |
Disposals | 14.5 | 13.9 | 7.1 |
Impairment | (2.3) | ||
Reclassifications | 5.5 | 0 | |
Translation adjustments | 3.8 | 6.3 | (6.2) |
Assets held for sale | 41 | (70.6) | |
Ending balance | (396.4) | (394) | (422.2) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 16.4 | 23.2 | 16.6 |
Ending balance | 13.5 | 16.4 | 23.2 |
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 46.5 | 49 | 38.1 |
Additions | 1.5 | 0.6 | 0.5 |
Additions - business combination | 0.2 | ||
Disposals | (5) | (2.7) | (1) |
Reclassifications | (0.1) | 0.5 | 0 |
Translation adjustments | (0.2) | (0.4) | 0.1 |
Assets held for sale | (0.5) | 11.1 | |
Ending balance | 42.7 | 46.5 | 49 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (30.1) | (25.8) | (21.5) |
Depreciation - business combination | (0.1) | ||
Depreciation | (3.2) | (7.3) | (2.8) |
Disposals | 3.7 | 2.6 | 0.7 |
Reclassifications | 0.2 | ||
Translation adjustments | 0.2 | 0.3 | (0.1) |
Assets held for sale | 0.1 | (2) | |
Ending balance | (29.2) | (30.1) | (25.8) |
Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2.5 | 2.8 | 1.9 |
Ending balance | 2.4 | 2.5 | 2.8 |
Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 12 | 12.3 | 10.4 |
Additions | 0.4 | 0.3 | 0.2 |
Disposals | (0.4) | (0.4) | (0.4) |
Reclassifications | 0.1 | 0.1 | 0 |
Translation adjustments | (0.2) | (0.3) | 0.3 |
Assets held for sale | 0 | 1.8 | |
Ending balance | 11.9 | 12 | 12.3 |
Vehicles [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (9.5) | (9.5) | (8.5) |
Depreciation | (0.5) | (0.7) | (0.9) |
Disposals | 0.3 | 0.4 | 0.4 |
Translation adjustments | 0.2 | 0.3 | (0.3) |
Assets held for sale | 0 | (0.2) | |
Ending balance | (9.5) | (9.5) | (9.5) |
Aircraft [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0.8 | 1.3 | 10.6 |
Ending balance | 0.2 | 0.8 | 1.3 |
Aircraft [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 23.7 | 23.7 | 14.7 |
Additions | 0 | ||
Disposals | (19.2) | ||
Impairment | 0 | (0.8) | |
Reclassifications | 0 | (38.4) | |
Assets held for sale | 0 | 48.2 | |
Ending balance | 4.5 | 23.7 | 23.7 |
Aircraft [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (22.9) | (22.4) | (4.1) |
Depreciation | (0.1) | (0.5) | (1.5) |
Disposals | 18.7 | ||
Reclassifications | 0 | 2.2 | |
Assets held for sale | 0 | (19) | |
Ending balance | (4.3) | (22.9) | (22.4) |
Computers and peripherals [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 8.7 | 13.4 | 12.8 |
Ending balance | 8.4 | 8.7 | 13.4 |
Computers and peripherals [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 116.4 | 121.1 | 101.5 |
Additions | 3.3 | 0.9 | 1.4 |
Additions - business combination | 0.9 | ||
Disposals | (3.7) | (3.2) | (4) |
Reclassifications | (0.6) | 0.7 | 0 |
Translation adjustments | (0.4) | (1.1) | 0 |
Assets held for sale | (2) | 21.3 | |
Ending balance | 115 | 116.4 | 121.1 |
Computers and peripherals [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (107.7) | (107.7) | (88.7) |
Depreciation - business combination | (0.4) | ||
Depreciation | (3.3) | (5.7) | (11.2) |
Disposals | 3.3 | 3 | 1.1 |
Reclassifications | 0.7 | 0 | |
Translation adjustments | 0.4 | 0.9 | (0.1) |
Assets held for sale | 1.8 | (8.4) | |
Ending balance | (106.6) | (107.7) | (107.7) |
Tooling [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 255.7 | 257.8 | 91.2 |
Ending balance | 226.2 | 255.7 | 257.8 |
Tooling [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 672.2 | 655.6 | 443.8 |
Additions | 7.2 | 5.2 | 11.4 |
Disposals | (56.2) | (0.4) | (1.6) |
Impairment | 1.4 | 0.5 | |
Reclassifications | (7.4) | 10.4 | 37 |
Translation adjustments | (0.2) | ||
Assets held for sale | 0 | 164.5 | |
Ending balance | 615.6 | 672.2 | 655.6 |
Tooling [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (416.5) | (397.8) | (352.6) |
Depreciation | (23.4) | (18.6) | (37) |
Disposals | 42.9 | 0.2 | 0.6 |
Impairment | (0.3) | ||
Reclassifications | 7.5 | ||
Translation adjustments | 0.1 | 0 | |
Assets held for sale | 0 | (8.8) | |
Ending balance | (389.4) | (416.5) | (397.8) |
Other assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 7.1 |
Ending balance | 0 | 0 | |
Other assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 18.5 | 18.4 | 25.5 |
Additions | 0 | 0.1 | 0 |
Disposals | 0 | (0.1) | |
Reclassifications | 0 | (10.8) | |
Assets held for sale | 0 | 3.8 | |
Ending balance | 18.5 | 18.5 | 18.4 |
Other assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (18.5) | (18.4) | (18.4) |
Depreciation | 0 | (0.1) | |
Disposals | 0 | ||
Reclassifications | 0 | ||
Ending balance | (18.5) | (18.5) | (18.4) |
Exchange pool program assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 497 | 525.7 | 233 |
Ending balance | 498.1 | 497 | 525.7 |
Exchange pool program assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 712.5 | 737.5 | 321 |
Additions | 70.1 | 62.4 | 51.2 |
Disposals | (31) | (35.9) | (16.9) |
Reclassifications | (27.2) | (23.2) | (18.2) |
Translation adjustments | (15) | (28.3) | 25.6 |
Assets held for sale | 0 | 374.8 | |
Ending balance | 709.4 | 712.5 | 737.5 |
Exchange pool program assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (215.5) | (211.8) | (88) |
Depreciation | (13.9) | (21) | (15.2) |
Disposals | 11.3 | 11.8 | 6.1 |
Reclassifications | 0.3 | 1.1 | (1.8) |
Translation adjustments | 6.5 | 4.4 | (2.4) |
Assets held for sale | 0 | (110.5) | |
Ending balance | (211.3) | (215.5) | (211.8) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 35.2 | 65.4 | 48.2 |
Ending balance | 51.5 | 35.2 | 65.4 |
Construction in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 35.2 | 65.4 | 48.2 |
Additions | 29.2 | 18.5 | 22.1 |
Disposals | 0 | (1.6) | |
Reclassifications | (11.7) | (39.3) | (71.4) |
Translation adjustments | (1.2) | (0.8) | 0.4 |
Assets held for sale | (8.6) | 67.7 | |
Ending balance | 51.5 | 35.2 | 65.4 |
Construction in progress [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Legal Demand | |
Statement [Line Items] | |
Fixed Assets Pledged as Collateral of Legal Demands | $ 0.3 |
Assets held for sale - Addition
Assets held for sale - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
May 02, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Assets Held For Sale And Discontinued Operations [Line Items] | |||
Consideration paid (received) | $ 175 | ||
Cash and cash equivalents classified as part of disposal group held for sale | 15.7 | $ 20.3 | $ 0 |
Increase (decrease) in cash and cash equivalents after effect of exchange rate changes | 158.2 | ||
Additional Losses Relating To Price Adjustments | $ 5.9 | ||
Assets and liabilities classified as held for sale [member] | |||
Assets Held For Sale And Discontinued Operations [Line Items] | |||
ImpairmentLoss | $ 45 |
Assets held for sale - Summary
Assets held for sale - Summary of assets and liabilities held for sale (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets Held For Sale [Abstract] | ||||||
Cash and cash equivalents | $ 1,818.3 | $ 1,816.9 | $ 1,883.1 | |||
Trade accounts receivable, net | 189 | 202.9 | ||||
Inventories | 1,986 | 2,329 | ||||
Income tax and social contribution | 114.5 | 105.5 | ||||
Other assets | 194.3 | 246.3 | ||||
Deferred income tax and social contribution | 97.6 | 48.1 | ||||
Property, plant and equipment, net | 1,687.6 | 1,649.2 | 1,956 | $ 968.9 | ||
Intangible assets | 2,213.4 | 2,246.5 | $ 2,075.6 | $ 894.1 | ||
TOTAL | 230.9 | |||||
Liabilities Held For Sale [Abstract] | ||||||
Trade accounts payable | 495.2 | 739.5 | ||||
Other payables | 257.1 | 319.9 | ||||
Taxes and payroll charges payable | 40.4 | 47.2 | ||||
Income tax and social contribution | 71.6 | 107.2 | ||||
Unearned income | 2.5 | 2.6 | ||||
Current Liabilities | 2,783.7 | $ 3,217.3 | ||||
TOTAL | 45.1 | |||||
Assets and liabilities classified as held for sale [member] | ||||||
Assets Held For Sale [Abstract] | ||||||
Cash and cash equivalents | $ 15.7 | 20.3 | ||||
Trade accounts receivable, net | 1.3 | 0.9 | ||||
Inventories | 60.4 | 59 | ||||
Income tax and social contribution | 0 | 0.5 | ||||
Other assets | 6 | 6.3 | ||||
Guarantee deposits | 0.2 | 0.2 | ||||
Deferred income tax and social contribution | 1.6 | 1.7 | ||||
Property, plant and equipment, net | [1] | 136.1 | 141.9 | |||
Intangible assets | 0.2 | 0.1 | ||||
TOTAL | 221.5 | 230.9 | ||||
Liabilities Held For Sale [Abstract] | ||||||
Trade accounts payable | 13.5 | 13.7 | ||||
Other payables | 3.6 | 2.5 | ||||
Taxes and payroll charges payable | 0.6 | 0.4 | ||||
Income tax and social contribution | 0.1 | 0 | ||||
Unearned income | 27.9 | 28.5 | ||||
Current Liabilities | 45.7 | 45.1 | ||||
Net assets to be disposed | 175.8 | 185.8 | ||||
TOTAL | $ 221.5 | $ 230.9 | ||||
[1]Property, plant and equipment included in the assets held for sale (US$ 136.1) are presented net of impairment losses in the amount of US$ 50.9 measured based on the fair value less cost to sell. |
Assets Held For Sale - Summar_2
Assets Held For Sale - Summary of Assets and Liabilities Held for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||
Property, plant and equipment | $ 1,649.2 | $ 1,687.6 | $ 1,956 | $ 968.9 |
Non-current assets held for sale [member] | ||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||
Property, plant and equipment | 136.1 | |||
Impairment losses, property plant and equipment | $ 50.9 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets Internally Developed and Acquired From Third Party (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | $ 2,213.4 | $ 2,075.6 | $ 894.1 |
Ending balance | 2,246.5 | 2,213.4 | 2,075.6 |
Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 3,213.8 | 2,999.6 | 1,653.3 |
Additions | 119.8 | 166.5 | 121.4 |
Additions -business combination | 31 | ||
Disposals | (6.9) | (1.1) | (2.5) |
Reclassifications | (27.6) | ||
Impairment | 53.1 | (2.9) | |
Interest on capitalized assets | 0.4 | 0.9 | |
Assets held for sale | (0.8) | 1,200.6 | |
Translation adjustments | 0.8 | (3.9) | (2.2) |
Ending balance | 3,299.9 | 3,213.8 | 2,999.6 |
Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (1,000.4) | (924) | (759.2) |
Amortization | (103.7) | (86.6) | (128.5) |
Amortization -business combination | (1.2) | ||
Amortization of contribution from suppliers | 21.1 | 10.1 | 8.3 |
Disposals | 2.7 | 1 | 1.7 |
Reclassifications | 27.7 | ||
Impairment | (2.3) | ||
Interest on capitalized assets | (1.4) | (1.3) | (1.1) |
Assets held for sale | 0.7 | (43.1) | |
Translation adjustments | 0.6 | 2 | (0.9) |
Ending balance | (1,053.4) | (1,000.4) | (924) |
Defense and Security [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 11.8 | ||
Ending balance | 80.3 | 11.8 | |
All Other Segments [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 182.7 | ||
Ending balance | 33.4 | 182.7 | |
Internally generated [member] | Commercial [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 1,154.1 | 1,065.5 | 0 |
Ending balance | 1,193.3 | 1,154.1 | 1,065.5 |
Internally generated [member] | Commercial [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 1,234.2 | 1,126 | |
Additions | 40.4 | 108.2 | 63.3 |
Reclassifications | (0.2) | ||
Assets held for sale | 1,062.7 | ||
Ending balance | 1,274.4 | 1,234.2 | 1,126 |
Internally generated [member] | Commercial [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (80.1) | (60.5) | |
Amortization | (31.6) | (19.6) | (46.6) |
Amortization of contribution from suppliers | 10.2 | ||
Reclassifications | 20.4 | ||
Assets held for sale | (13.9) | ||
Ending balance | (81.1) | (80.1) | (60.5) |
Internally generated [member] | Executive [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 788.4 | 750.8 | 742.2 |
Ending balance | 881.6 | 788.4 | 750.8 |
Internally generated [member] | Executive [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 1,405.8 | 1,339.8 | 1,292.3 |
Additions | 48.6 | 16.6 | 13.5 |
Reclassifications | 90.2 | ||
Impairment | 49 | 6.6 | |
Interest on capitalized assets | 0.4 | 0.9 | |
Assets held for sale | 26.5 | ||
Ending balance | 1,544.6 | 1,405.8 | 1,339.8 |
Internally generated [member] | Executive [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (617.4) | (589) | (550.1) |
Amortization | (42.9) | (34.9) | (28.3) |
Amortization of contribution from suppliers | 10.9 | 10.1 | 8.3 |
Reclassifications | (12.2) | ||
Impairment | (2.3) | ||
Interest on capitalized assets | (1.4) | (1.3) | (1.1) |
Assets held for sale | (17.8) | ||
Ending balance | (663) | (617.4) | (589) |
Internally generated [member] | Defense and Security [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 11.9 | 8.5 | 16.5 |
Ending balance | 80.5 | 11.9 | 8.5 |
Internally generated [member] | Defense and Security [Member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 55.8 | 52 | 49.3 |
Additions | 13.7 | 3.8 | 2.7 |
Reclassifications | 62 | ||
Translation adjustments | 0.9 | ||
Ending balance | 132.4 | 55.8 | 52 |
Internally generated [member] | Defense and Security [Member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (43.9) | (43.5) | (32.8) |
Amortization | (2.4) | (0.4) | (10.7) |
Reclassifications | (5.2) | ||
Translation adjustments | (0.4) | ||
Ending balance | (51.9) | (43.9) | (43.5) |
Internally generated [member] | Service and support [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Ending balance | 9 | ||
Internally generated [member] | Service and support [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Additions | 9 | ||
Ending balance | 9 | ||
Internally generated [member] | All Other Segments [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 2.8 | 3.1 | 2.3 |
Ending balance | 2.2 | 2.8 | 3.1 |
Internally generated [member] | All Other Segments [Member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 4.6 | 4.6 | 3.6 |
Additions | 1 | ||
Ending balance | 4.6 | 4.6 | 4.6 |
Internally generated [member] | All Other Segments [Member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (1.8) | (1.5) | (1.3) |
Amortization | (0.6) | (0.3) | (0.2) |
Ending balance | (2.4) | (1.8) | (1.5) |
Not internally generated [member] | Development [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 8.2 | 7.1 | 5.7 |
Ending balance | 8.2 | 7.1 | |
Not internally generated [member] | Development [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 11.8 | 10.7 | 9.4 |
Additions | 1.6 | 1.8 | |
Disposals | (0.6) | ||
Reclassifications | (11.8) | ||
Translation adjustments | (0.5) | 0.1 | |
Ending balance | 0 | 11.8 | 10.7 |
Not internally generated [member] | Development [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (3.6) | (3.6) | (3.7) |
Disposals | 0.1 | ||
Reclassifications | 3.6 | ||
Ending balance | (3.6) | (3.6) | |
Not internally generated [member] | Computer software [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 76.4 | 95.7 | 48.1 |
Ending balance | 48.9 | 76.4 | 95.7 |
Not internally generated [member] | Computer software [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 310.6 | 308.1 | 213.7 |
Additions | 4.1 | 6.3 | 3.1 |
Additions -business combination | 9.4 | ||
Disposals | (1.6) | (1.1) | (1.9) |
Reclassifications | (10.1) | ||
Assets held for sale | (0.8) | 82.2 | |
Translation adjustments | (1) | (1.9) | 1.6 |
Ending balance | 302 | 310.6 | 308.1 |
Not internally generated [member] | Computer software [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (234.2) | (212.4) | (165.6) |
Amortization | (25.6) | (25.1) | (38.1) |
Disposals | 1.6 | 1 | 1.6 |
Reclassifications | 4.1 | ||
Assets held for sale | 0.7 | (8.8) | |
Translation adjustments | 1 | 1.6 | (1.5) |
Ending balance | (253.1) | (234.2) | (212.4) |
Not internally generated [member] | Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 21.4 | 21.7 | 10 |
Ending balance | 22.3 | 21.4 | 21.7 |
Not internally generated [member] | Goodwill [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 21.4 | 21.7 | 10 |
Additions -business combination | 13.8 | ||
Translation adjustments | 0.9 | (0.3) | (2.1) |
Ending balance | 22.3 | 21.4 | 21.7 |
Not internally generated [member] | Goodwill [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 0 | 0 | |
Ending balance | 0 | 0 | |
Not internally generated [member] | Other intangible assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 150.2 | 123.2 | 69.3 |
Ending balance | 8.7 | 150.2 | 123.2 |
Not internally generated [member] | Other intangible assets [member] | Gross carrying amount [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 169.6 | 136.7 | 75 |
Additions | 4 | 30 | 36 |
Additions -business combination | 7.8 | ||
Disposals | (5.3) | ||
Reclassifications | (157.7) | ||
Impairment | 4.1 | (9.5) | |
Assets held for sale | 29.2 | ||
Translation adjustments | (1.2) | (1.8) | |
Ending balance | 10.6 | 169.6 | 136.7 |
Not internally generated [member] | Other intangible assets [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (19.4) | (13.5) | (5.7) |
Amortization | (0.6) | (6.3) | (4.6) |
Amortization -business combination | (1.2) | ||
Disposals | 1.1 | ||
Reclassifications | 17 | ||
Assets held for sale | 0 | (2.6) | |
Translation adjustments | 0.4 | 0.6 | |
Ending balance | $ (1.9) | $ (19.4) | $ (13.5) |
Impairment of assets - Disclosu
Impairment of assets - Disclosure of impairment loss and reversal of impairment loss (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Operating segments [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | $ 64.2 |
Impairment loss,closing | 5.4 |
Operating segments [member] | Defence And Security [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 3.8 |
Impairment loss,closing | 5.4 |
Operating segments [member] | Executive Aviation [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 60.4 |
Impairment loss,closing | 0 |
Allocation of impairment losses [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 64.2 |
Impairment loss,closing | 5.4 |
Allocation of impairment losses [member] | Internally generated [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 51.4 |
Impairment loss,closing | 5.4 |
Allocation of impairment losses [member] | Machinery and equipment [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 11.3 |
Impairment loss,closing | 0 |
Allocation of impairment losses [member] | Tooling [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 1.5 |
Impairment loss,closing | 0 |
Individual assets or cash-generating units [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 64.2 |
Additions | 1.6 |
Reversal | (57.9) |
Amortization | (2.5) |
Impairment loss,closing | 5.4 |
Individual assets or cash-generating units [member] | Mid-Size / Super Mid-Size Platform [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 60.4 |
Additions | 0 |
Reversal | (57.9) |
Amortization | (2.5) |
Impairment loss,closing | 0 |
Individual assets or cash-generating units [member] | Satellites [member] | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Impairment loss,opening | 3.8 |
Additions | 1.6 |
Reversal | 0 |
Amortization | 0 |
Impairment loss,closing | $ 5.4 |
Impairment of assets - Disclo_2
Impairment of assets - Disclosure Of Detailed Information About Sensitivity Analysis Of Impairment Test (Detail) | 12 Months Ended |
Dec. 31, 2022 Aircraft | |
Statement [Line Items] | |
Factor | 5.2177 |
Useful Life [Member] | |
Statement [Line Items] | |
Sensitivity | 5% |
Discount rate [Member] | |
Statement [Line Items] | |
Factor | 9.90% |
Sensitivity | 100% |
Foreign exchange rate [Member] | |
Statement [Line Items] | |
Factor | 5.2177 |
Sensitivity | 10% |
Platform [Member] | |
Statement [Line Items] | |
Impact in impairment test | Negative changes of 5% in the estimated volume of deliveries would cause reduction in the CGU headroom from US$ 287 to US$ 175 |
Increase In One Pp [Member] | |
Statement [Line Items] | |
Impact in impairment test | Increase of 100bps in the discount rate would cause reduction in the CGU headroom from US$ 287 to US$ 158 |
Reduction In Foreign Exchange Rate [Member] | |
Statement [Line Items] | |
Impact in impairment test | Reduction of 10% in foreign exchange rate (US$/R$) would cause impairment losses of US$ 99 |
Impairment of assets - Disclo_3
Impairment of assets - Disclosure Of Detailed Information About Sensitivity Analysis Of Impairment Test (Detail) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Increase of 100 bps [Member] | Bottom of range [member] | |
Statement [Line Items] | |
Increase Decrease In Impairment Loss | $ 158 |
Increase of 100 bps [Member] | Top of range [member] | |
Statement [Line Items] | |
Increase Decrease In Impairment Loss | 287 |
Reduction In Foreign Exchange Rate [Member] | |
Statement [Line Items] | |
Increase Decrease In Impairment Loss | $ 99 |
Platform [Member] | |
Statement [Line Items] | |
Description of useful life, property, plant and equipment | Estimated aircraft deliveries during the useful life of platform up to 2045 and keeping current market share |
Platform [Member] | Bottom of range [member] | |
Statement [Line Items] | |
Increase Decrease In Impairment Loss | $ 175 |
Platform [Member] | Top of range [member] | |
Statement [Line Items] | |
Increase Decrease In Impairment Loss | $ 287 |
Impairment of assets - Addition
Impairment of assets - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Weighted average capital cost rate | 9.90% | 10.70% |
Description of valuation factor used in impairment test | 5.2177 | |
Description of discount rates appreciation depreciation applied to cash flow projections | 6.50% | |
Later than one year and not later than five years [member] | ||
Statement [Line Items] | ||
Period over which management has projected cash flows | 5 years | |
Bottom of range [member] | Other Cash Generating Units [Member] | ||
Statement [Line Items] | ||
Percentage of value in use | 50% | |
Top of range [member] | Other Cash Generating Units [Member] | ||
Statement [Line Items] | ||
Percentage of value in use | 1,000% |
Trade Accounts Payable - Summar
Trade Accounts Payable - Summary of Trade Accounts Payable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Foreign suppliers | $ 355.5 | $ 259 |
Domestic suppliers | 162.6 | 99 |
Risk partners | 221.4 | 137.2 |
Trade accounts payable | $ 739.5 | $ 495.2 |
Trade Accounts Payable - Supp_2
Trade Accounts Payable - Supplier Finance Arrangements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block 1 Abstract [Abstract] | |
Average Payment period | 89 |
Loans and Financing - Summary o
Loans and Financing - Summary of Loans and Financing (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about loans and financing [line items] | ||||
Loans and financing | $ 3,203,200 | $ 4,026,900 | $ 4,448,000 | $ 91,000 |
Current portion | 308,500 | 574,200 | ||
Non-current portion | 2,894,700 | 3,452,700 | ||
Secured Overnight Financing Rate [Member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Loans and financing | (57,000) | |||
Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Loans and financing | 3,192,900 | 4,008,600 | ||
Local currency [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Loans and financing | $ 10,300 | 18,300 | ||
2028 [member] | Guaranteed Notes [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2028 | |||
Loans and financing | $ 2,643,200 | 3,283,500 | ||
2028 [member] | Other [Member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 10.50% | |||
Borrowing effective interest rate | 10.50% | |||
2028 [member] | Other [Member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2028 | |||
Loans and financing | $ 10,000 | 9,800 | ||
2028 [member] | Bottom of range [member] | Guaranteed Notes [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 5.05% | |||
Borrowing effective interest rate | 5.05% | |||
2028 [member] | Top of range [member] | Guaranteed Notes [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 6.95% | |||
Borrowing effective interest rate | 7.42% | |||
2030 [member] | Guaranteed Notes [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2030 | |||
Loans and financing | $ 24,400 | 187,300 | ||
2030 [member] | Bottom of range [member] | Guaranteed Notes [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 4.42% | |||
Borrowing effective interest rate | 4.42% | |||
2030 [member] | Top of range [member] | Guaranteed Notes [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 4.50% | |||
Borrowing effective interest rate | 4.50% | |||
2027 [member] | Working capital [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 2.60% | |||
Effective interest rate | Libor 6M + 2.60% | |||
Borrowing effective interest rate | 2.60% | |||
2027 [member] | Working capital [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2027 | |||
Loans and financing | $ 101,900 | 100,800 | ||
2027 [member] | Project development [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 5.92% | |||
Effective interest rate | IPCA + 5.92% | |||
Borrowing effective interest rate | 5.92% | |||
2027 [member] | Project development [member] | Local currency [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2027 | |||
Loans and financing | $ 0 | 600 | ||
2024 [member] | Export financing [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 1.76% | |||
Effective interest rate | Libor 3 M +1.76% | |||
Borrowing effective interest rate | 1.76% | |||
2024 [member] | Export financing [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2024 | |||
Loans and financing | $ 301,300 | 313,200 | ||
2023 [member] | Working capital [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 1.30% | |||
Effective interest rate | Libor 1M + 1.30% | |||
Borrowing effective interest rate | 1.30% | |||
2023 [member] | Working capital [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2023 | |||
Loans and financing | $ 8,400 | 50,200 | ||
2023 [member] | Working capital one [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 1.40% | |||
Effective interest rate | Libor 1M + 1.40% | |||
Borrowing effective interest rate | 1.40% | |||
2023 [member] | Working capital one [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2023 | |||
Loans and financing | $ 1,100 | 0 | ||
2023 [member] | Working capital two [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2023 | |||
Loans and financing | $ 26,900 | 0 | ||
2023 [member] | Project development [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 3.50% | |||
Borrowing effective interest rate | 3.50% | |||
2023 [member] | Project development [member] | Local currency [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2023 | |||
Loans and financing | $ 6,300 | 14,100 | ||
2023 [member] | Bottom of range [member] | Working capital two [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 2.44% | |||
Borrowing effective interest rate | 2.44% | |||
2023 [member] | Top of range [member] | Working capital two [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 4% | |||
Borrowing effective interest rate | 4% | |||
2026 [member] | Working capital [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 2.60% | |||
Effective interest rate | CDI + 2.60% | |||
Borrowing effective interest rate | 2.60% | |||
2026 [member] | Working capital [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 1.308% | |||
Effective interest rate | Euribor 12 M + 1.3080% | |||
Borrowing effective interest rate | 1.308% | |||
2026 [member] | Working capital [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2026 | |||
Loans and financing | $ 4,400 | 26,100 | ||
2026 [member] | Working capital [member] | Local currency [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2026 | |||
Loans and financing | $ 4,000 | 3,600 | ||
2035 [member] | Property, plant and equipment [member] | London inter bank offered rate one [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 3.66% | |||
Effective interest rate | SIFMA + 3.66% | |||
Borrowing effective interest rate | 3.66% | |||
2035 [member] | Property, plant and equipment [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2035 | |||
Loans and financing | $ 21,100 | 37,700 | ||
2029 [member] | Working capital [member] | Secured Overnight Financing Rate [Member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings contractual interest rate | 0.75% | |||
Effective interest rate | SOFR + 3.02% | |||
Borrowing effective interest rate | 3.02% | |||
2029 [member] | Working capital [member] | Other currencies [member] | ||||
Disclosure of detailed information about loans and financing [line items] | ||||
Borrowings, maturity | 2029 | |||
Loans and financing | $ 50,200 | $ 0 |
Loans and Financing - Additiona
Loans and Financing - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Feb. 28, 2017 | Jun. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2020 | Oct. 31, 2022 | Mar. 01, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about loans and financing [line items] | ||||||||
Assets pledged and bank guarantees as collateral for loans | $ 470.8 | $ 452.9 | ||||||
Loan and Financing Repurchase Maximum Amount | $ 82.3 | $ 228.6 | $ 18.9 | |||||
Loan And Financing Remaining Amount | $ 210.8 | |||||||
Total borrowing costs incurred | $ 615 | |||||||
U.S. dollar [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Proportion of loans denominated in foreign currency subject to fixed interest rate | 98.70% | |||||||
Weighted average interest rate | 5.39% | 5.16% | ||||||
Brazilian Real [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Proportion of loans denominated in foreign currency subject to fixed interest rate | 0.32% | |||||||
Weighted average interest rate | 8.31% | 5.24% | ||||||
Euro [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Proportion of loans denominated in foreign currency subject to fixed interest rate | 0.98% | |||||||
Weighted average interest rate | 2.75% | 0.29% | ||||||
Embraer Netherlands Finance BV [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Guaranteed notes issued | $ 750 | |||||||
Borrowing interest rate | 6.95% | |||||||
Loan and Financing Repurchase Maximum Amount | $ 36 | |||||||
Loan And Financing Remaining Amount | $ 714 | |||||||
Embraer [Member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Guaranteed notes issued | $ 1,000 | |||||||
Borrowing interest rate | 5.05% | |||||||
Loan and Financing Repurchase Maximum Amount | $ 43 | |||||||
Loan And Financing Remaining Amount | $ 957 | |||||||
Embraer Aircraft Holding Inc. and Embraer Netherlands Finance B.V [Member] | Revolving Credit Facility [Member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Borrowings | $ 650 | |||||||
Embraer Aircraft Holding Inc. and Embraer Netherlands Finance B.V [Member] | Revolving Credit Facility [Member] | Bottom of range [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Borrowing interest rate | 1.50% | |||||||
Embraer Aircraft Holding Inc. and Embraer Netherlands Finance B.V [Member] | Revolving Credit Facility [Member] | Top of range [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Borrowing interest rate | 1.85% | |||||||
Brazilian Development Bank [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Borrowings, maturity date | 5 years | |||||||
Total borrowing costs incurred | $ 400 | |||||||
Existing Notes [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Aggregate principal amount of notes exchange | 146.4 | |||||||
5.696%, maturing on September 16, 2023 [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Guaranteed notes issued | $ 540.5 | |||||||
Borrowing interest rate | 5.696% | |||||||
Aggregate principal amount of notes exchange | $ 337.2 | |||||||
Percentage of aggregate principal notes exchange | 54.95% | |||||||
5.40% p.a., due on February 01, 2027 [member] | Embraer Netherlands Finance BV [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Guaranteed notes issued | $ 750 | |||||||
Borrowing interest rate | 5.40% | |||||||
Loan and Financing Repurchase Maximum Amount | $ 20 | |||||||
Loan And Financing Remaining Amount | $ 730 | |||||||
Brazilian National Bank for Economic and Social Development [Member] | Brazilian Real [member] | ||||||||
Disclosure of detailed information about loans and financing [line items] | ||||||||
Borrowings | $ 12 | $ 303 |
Loans and Financing - Summary_2
Loans and Financing - Summary of Maturities of Long term Financing Agreements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about loans and financing [line items] | |||
Opening balance | $ 4,026.9 | $ 4,448 | $ 91 |
Principal addition | 146.6 | 60.4 | 2,093.1 |
Interest addition | 182.1 | 200.2 | 197.2 |
Principal payment | (961.8) | (478.2) | (1,061.8) |
Interest payment | (183.7) | (207.4) | (173.2) |
Foreing exchange | 11.1 | 18 | (6.5) |
Maturities of the long-term financing agreements | 2,894.7 | 3,452.7 | |
Liabilities held for sale | (18) | 0 | 3,301.2 |
Business Combination | 0 | 0 | 7 |
Transfer | 0 | (14.1) | 0 |
Ending balance | 3,203.2 | $ 4,026.9 | $ 4,448 |
2024 [member] | |||
Disclosure of detailed information about loans and financing [line items] | |||
Maturities of the long-term financing agreements | 309.5 | ||
2025 [member] | |||
Disclosure of detailed information about loans and financing [line items] | |||
Maturities of the long-term financing agreements | 954.8 | ||
2026 [member] | |||
Disclosure of detailed information about loans and financing [line items] | |||
Maturities of the long-term financing agreements | 6.8 | ||
Thereafter 2026 [member] | |||
Disclosure of detailed information about loans and financing [line items] | |||
Maturities of the long-term financing agreements | $ 1,623.6 |
Loans And Financing - Disclosur
Loans And Financing - Disclosure of detailed information about lease liabilities explanatory (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About lease liabilities [Line Items] | |||
Beginning balance, Lease liabilities | $ 63.8 | $ 64.7 | $ 38.6 |
Additions | 22.5 | 14.4 | 27.8 |
Additions - business combination | 0 | 0 | 1.6 |
Disposals | (2.8) | (1.7) | (3.8) |
Interest expense | 4.2 | 3 | 2.8 |
Payments | (11.8) | (10.4) | (9) |
Assets and liabilities held for sale | 0 | 0 | 9.4 |
Translation adjustments | (4.9) | (6.2) | (2.7) |
Ending balance, Lease liabilities | 71 | 63.8 | 64.7 |
Current portion | 12 | 11.5 | 11.4 |
Non-current portion | $ 59 | $ 52.3 | $ 53.3 |
Other Payables - Schedule of Ot
Other Payables - Schedule of Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Other Payables [Line Items] | ||
Provisions related to payroll | $ 100.7 | $ 105 |
Provision for employee profit sharing | 51.3 | 26 |
Long-term incentive | 34 | 24.9 |
Other accounts payable | 33.6 | 40.4 |
Mutual with jointly controlled operation | 26.8 | 25.7 |
Contractual obligations | 22.3 | 14.8 |
Commission payable | 16 | 21.9 |
Insurance | 6.1 | 7.2 |
Training simulator | 5.9 | 0 |
Recourse and non recourse debt | 5.8 | 9.9 |
Brazilian air force | 2.6 | 4.8 |
Accounts payable from financial guarantees | 3 | 18.7 |
Facility accounts payable | 1.9 | 0.8 |
Accounts payable of acquisitions (deferred consideration) | 0 | 0.4 |
Other payables | 371 | 317.6 |
Current portion | 319.9 | 257.1 |
Non-current portion | 51.1 | 60.5 |
Tempest Servicos de Informatica S A [Member] | ||
Disclosure Of Detailed Information About Other Payables [Line Items] | ||
Non-controlling purchase options | 31 | 17.1 |
Eve Holding Inc [Member] | ||
Disclosure Of Detailed Information About Other Payables [Line Items] | ||
Non-controlling purchase options | $ 30 | $ 0 |
Taxes and Payroll Charges Pay_3
Taxes and Payroll Charges Payable - Schedule of Taxes and Payroll Charges Payable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Taxes And Payroll Charges [abstract] | ||
INSS (social security contribution) | $ 30.9 | $ 27.9 |
IRRF (withholding tax) | 11.8 | 8.1 |
PIS and COFINS | 2 | 4 |
IPI (manufacturing tax) | 0.7 | 0.7 |
FGTS (government employee severance indemnity fund) | 3.9 | 3.1 |
Others | 11.1 | 6.6 |
Total | 60.4 | 50.4 |
Current portion | 47.2 | 40.4 |
Non-current portion | $ 13.2 | $ 10 |
Taxes and Payroll Charges Pay_4
Taxes and Payroll Charges Payable - Schedule of Taxes and Payroll Charges Payable (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Taxes And Payroll Charges [abstract] | ||
Remaining amount of provisions payable on social security | 13 | 9.8 |
Amount of injunction guaranteeing right to not collect social security contributions | $ 5.7 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of income taxes [line items] | ||||
Tax loss carryforwards | $ (78.3) | |||
Other differences between basis: account x tax | (30.9) | $ 9.5 | $ (27.1) | |
Assets and liabilities held for sale | (48.1) | (97.6) | ||
Deferred tax assets (liabilities), net | (322.5) | (408.2) | $ (370.1) | $ (271.6) |
Total deferred tax liability | (370.6) | (505.8) | ||
Components of deferred tax assets and liabilities [Member] | ||||
Disclosure of income taxes [line items] | ||||
Temporarily non-deductible provisions | 111.8 | 155.3 | ||
Tax loss carryforwards | 16.6 | 7.1 | ||
Functional currency effect of the non monetary assets | (428.8) | (529.1) | ||
Gains not realized from sales of the Company to subsidiaries | 20.8 | 14.7 | ||
Effect of differences by fixed asset | (39) | (21.4) | ||
Other differences between basis: account x tax | (3.9) | (33.1) | ||
Assets and liabilities held for sale | 0 | (1.7) | ||
Deferred tax assets (liabilities), net | (322.5) | (408.2) | ||
Total deferred tax asset | 48.1 | 97.6 | ||
Total deferred tax liability | $ (370.6) | $ (505.8) |
Income Taxes - Changes in Defer
Income Taxes - Changes in Deferred Income Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income taxes [line items] | |||
Beginning balance | $ (408.2) | $ (370.1) | $ (271.6) |
Temporarily non-deductible provisions | (43.5) | 21.6 | 68.5 |
Tax loss carryforwards | 9.5 | 6.6 | 0.3 |
Functional currency effect of the non monetary assets | 100.3 | (19.8) | (211.9) |
Gains not realized from sales of Parent Company to subsidiaries | 6.1 | 0.2 | (8.6) |
Effect of differences by fixed asset | (17.6) | (35.5) | 26.1 |
Differences between basis: account x tax | 30.9 | (9.5) | 27.1 |
Discontinued operation | (1.7) | ||
Ending balance | (322.5) | (408.2) | (370.1) |
From the statement of income [member] | |||
Disclosure of income taxes [line items] | |||
Beginning balance | (458.9) | (418.8) | (314.1) |
Temporarily non-deductible provisions | (43.5) | 21.6 | 68.5 |
Tax loss carryforwards | 9.5 | 6.6 | 0.3 |
Functional currency effect of the non monetary assets | 100.3 | (19.8) | (211.9) |
Gains not realized from sales of Parent Company to subsidiaries | 6.1 | 0.2 | (8.6) |
Effect of differences by fixed asset | (17.6) | (35.5) | 26.1 |
Differences between basis: account x tax | 32 | (11.5) | 20.9 |
Discontinued operation | (1.7) | ||
Ending balance | (372.1) | (458.9) | (418.8) |
Other comprehensive income [member] | |||
Disclosure of income taxes [line items] | |||
Beginning balance | 50.7 | 48.7 | 42.5 |
Differences between basis: account x tax | (1.1) | 2 | 6.2 |
Discontinued operation | 0 | ||
Ending balance | $ 49.6 | $ 50.7 | $ 48.7 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income tax reconciliation [abstract] | |||
Loss before income tax | $ (205.8) | $ 27.4 | $ (635.2) |
Income tax and social contribution at the nominal Brazilian enacted tax rate - 34% | 70 | (9.3) | 216 |
Tax on profits of overseas subsidiaries | (76.8) | (92.1) | (21.3) |
Transfer Pricing and Thin Capitalization | (2.6) | (36.3) | (47.7) |
Functional currency effect of the non-monetary assets | 134.4 | (60) | (250.4) |
Research and development tax incentives | 4 | 1.2 | 1.6 |
Equity in the earnings of subsidiaries | 2.7 | 0.4 | 0.8 |
Fiscal assets (non recognized) | (125.4) | (68.2) | (104.6) |
Tax rate difference | 33.2 | 28.2 | 10.4 |
Other differences between accounting and fiscal basis | (37.2) | 165.2 | 195.6 |
Effects of Dropdown | 0 | 0 | (93.5) |
Total income tax expense | (67.7) | (61.6) | (309.1) |
Income tax and social contribution income (expense) benefit as reported | 2.3 | (70.9) | (93.1) |
Current income tax and social contribution expense as reported | (84.5) | (32.5) | 11.6 |
Deferred income tax and social contribution income (expense) benefit as reported | $ 86.8 | $ (38.4) | $ (104.7) |
Effective rate | (1.10%) | (258.80%) | 14.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure Of Income Taxes [line items] | |
Unrecognised Deferred Tax Assets | $ 79.2 |
Temporary Differences In Deferred Tax Assets | 0.9 |
Tax Losses Carryforwards | 78.3 |
Income tax and social contribution | $ 4 |
Provisions and Contingent Lia_3
Provisions and Contingent Liabilities - Summary of Provision (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of provisions [line items] | ||
Provision | $ 276.7 | $ 229.4 |
Current portion | 126.5 | 108.9 |
Non-current portion | 150.2 | 120.5 |
Product warranties [member] | ||
Disclosure of provisions [line items] | ||
Provision | 77.6 | 77.5 |
Provisions labor, taxes and civil [member] | ||
Disclosure of provisions [line items] | ||
Provision | 58.6 | 53.7 |
Current portion | 18.7 | 18.7 |
Non-current portion | 39.9 | 35 |
Taxes [member] | ||
Disclosure of provisions [line items] | ||
Provision | 44.6 | 36.6 |
Post retirement benefits [member] | ||
Disclosure of provisions [line items] | ||
Provision | 36.1 | 39.4 |
Provision for third party materials [member] | ||
Disclosure of provisions [line items] | ||
Provision | 25.3 | 0 |
Environmental provision [Member] | ||
Disclosure of provisions [line items] | ||
Provision | 0.4 | 0.7 |
Other [member] | ||
Disclosure of provisions [line items] | ||
Provision | $ 34.1 | $ 21.5 |
Provisions and Contingent Lia_4
Provisions and Contingent Liabilities - Summary of Change in Provision (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of provisions [line items] | |||
Beginning balance | $ 229.4 | $ 212.7 | $ 202.9 |
Additions | 110.1 | 101.4 | 205.1 |
Interest | 10.7 | 5.5 | 9 |
Used/payments | (51.7) | (64.3) | (192.3) |
Reversals | (27.1) | (16.3) | (24.2) |
Translation adjustments | 5.3 | (9.6) | (27.3) |
Reclassification - Liabilities held for sale | 39.5 | ||
Ending balance | 276.7 | 229.4 | 212.7 |
Product warranties [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 77.5 | 73.9 | 67.1 |
Additions | 35.6 | 43.3 | 42 |
Interest | 0 | 0 | 0 |
Used/payments | (20.9) | (25.9) | (30.4) |
Reversals | (14.9) | (13.6) | (15.8) |
Translation adjustments | 0.3 | (0.2) | (1) |
Reclassification - Liabilities held for sale | 12 | ||
Ending balance | 77.6 | 77.5 | 73.9 |
Provisions labor, taxes and civil [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 53.7 | 55.4 | 66.4 |
Additions | 6.2 | 6 | 8.5 |
Interest | 7.2 | 3.8 | 5.4 |
Used/payments | (5.8) | (4.8) | (4.7) |
Reversals | (2.8) | (2.7) | (8) |
Translation adjustments | 0.1 | (4) | (13.6) |
Reclassification - Liabilities held for sale | 1.4 | ||
Ending balance | 58.6 | 53.7 | 55.4 |
Post retirement benefits [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 39.4 | 27.9 | 11.7 |
Additions | 0 | 11.8 | 2.5 |
Interest | 3.5 | 1.7 | 3.6 |
Used/payments | 0 | (0.3) | (2.2) |
Reversals | (9.4) | 0 | 0 |
Translation adjustments | 2.6 | (1.7) | (7.4) |
Reclassification - Liabilities held for sale | 19.7 | ||
Ending balance | 36.1 | 39.4 | 27.9 |
Taxes [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 36.6 | 34.5 | 41.7 |
Additions | 29.5 | 37.9 | 147.2 |
Interest | 0 | 0 | 0 |
Used/payments | (23.9) | (32.4) | (154.4) |
Reversals | 0 | 0 | 0 |
Translation adjustments | 2.4 | (3.4) | 0 |
Reclassification - Liabilities held for sale | 0 | ||
Ending balance | 44.6 | 36.6 | 34.5 |
Environmental provision [Member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 0.7 | 1.4 | 0.3 |
Additions | 0.6 | 0.5 | 0.4 |
Interest | 0 | 0 | 0 |
Used/payments | (1.1) | (0.9) | (0.6) |
Reversals | 0 | 0 | (0.4) |
Translation adjustments | 0.2 | (0.3) | (0.9) |
Reclassification - Liabilities held for sale | 2.6 | ||
Ending balance | 0.4 | 0.7 | 1.4 |
Provision for third party materials [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 0 | 0 | 0 |
Additions | 25.6 | 0 | 0 |
Interest | 0 | 0 | 0 |
Used/payments | 0 | 0 | 0 |
Reversals | 0 | 0 | 0 |
Translation adjustments | (0.3) | 0 | 0 |
Reclassification - Liabilities held for sale | 0 | ||
Ending balance | 25.3 | 0 | 0 |
Other [member] | |||
Disclosure of provisions [line items] | |||
Beginning balance | 21.5 | 19.6 | 15.7 |
Additions | 12.6 | 1.9 | 4.5 |
Interest | 0 | 0 | 0 |
Used/payments | 0 | 0 | 0 |
Reversals | 0 | 0 | 0 |
Translation adjustments | 0 | 0 | (4.4) |
Reclassification - Liabilities held for sale | 3.8 | ||
Ending balance | $ 34.1 | $ 21.5 | $ 19.6 |
Provisions and Contingent Lia_5
Provisions and Contingent Liabilities - Summary of Labor, Tax and Civil Provisions (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of provisions [line items] | ||
Provisions | $ 276.7 | $ 229.4 |
Current portion | 126.5 | 108.9 |
Non-current portion | 150.2 | 120.5 |
Tax related provision on IRRF [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 8.3 | 10.5 |
Tax related provision on PIS and COFINS [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 2.8 | 4 |
Tax related provision on Social security contributions [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 1.8 | 1.7 |
Tax related provision on Import taxes [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 0.6 | 0.6 |
Others tax related provisions [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 6.5 | 5.4 |
Tax related provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 20 | 22.2 |
Labor related provision on Plurimas [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 0.6 | 0.5 |
Labor related provision on class action [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 7.6 | 6.2 |
Labor related provision on reintegration [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 11.3 | 6.9 |
Overtime provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 5 | 3.9 |
Dangerousness related provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 2.4 | 2 |
Labor related provision on insalubrity [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 0.2 | 0 |
Labor related provision on indemnity [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 4.2 | 3.8 |
Labor related provision on third parties [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 3 | 1 |
Other labor related provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 4.1 | 7 |
Labor related provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 38.4 | 31.3 |
Civil related provision on Indemnity claims [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 0.2 | 0.2 |
Civil related provision [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 0.2 | 0.2 |
Provisions labor, taxes and civil [member] | ||
Disclosure of provisions [line items] | ||
Provisions | 58.6 | 53.7 |
Current portion | 18.7 | 18.7 |
Non-current portion | $ 39.9 | $ 35 |
Provisions and Contingent Lia_6
Provisions and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | |||
Contingent tax liability | $ 91.6 | $ 82.7 | |
Contingent liabilities | $ 24 | 20.7 | |
Percentage related to tax withholding for contracting third parties | 11% | ||
Payments related to tax withholding for contracting third parties | $ 1.8 | ||
Multi-employer defined benefit plans [member] | |||
Disclosure of other provisions [line items] | |||
Defined contribution pension plan by employer | 9.7 | 12 | $ 12.3 |
Foreign countries [member] | |||
Disclosure of other provisions [line items] | |||
Actuarial liability recognized | 1.9 | 2.9 | |
Country of domicile [member] | |||
Disclosure of other provisions [line items] | |||
Actuarial liability recognized | 34.2 | 36.5 | |
Dispute On Sat Agentes Nocivos [Member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 6.3 | 5.6 | |
Disputed Income Tax Liability Transfer Pricing In Loans Between SubsidariesAssociates [Member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 166.7 | 155.9 | |
Disputed Income Tax Liability Relating To Credit Disallowance [Member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 69.8 | 58.1 | |
Disputed Income Tax Liability Relating To Credit Disallowance [Member] | Judicial Ruling [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 6.5 | ||
Disputed Income Tax Liability Relating To Credit Disallowance [Member] | Administrative Ruling [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 3.1 | ||
Other Tax Lawsuits [Member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 1.5 | ||
Disputed Income Tax Liability Relating To Nonapproval Of Offsetting Import Credits [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 19.2 | $ 16.4 | |
Disputed Income Tax Liability Relating To Nonapproval Of Offsetting Import Credits [member] | At cost [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 11.4 | ||
Legal Dispute Related To Tax Enforcement [member] | ICMS [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | 7.1 | ||
Dispute Related To Requirement Of ISS [member] | |||
Disclosure of other provisions [line items] | |||
Estimated financial effect of contingent liabilities | $ 63.1 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Instrument by Category (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Cash and cash equivalents | $ 1,816.9 | $ 1,818.3 | $ 1,883.1 | |
Financial investments | 664.4 | 816.4 | ||
Guarantee deposits | 3 | |||
Trade accounts receivable, net | 205.2 | 189 | ||
Customer and commercial financing | 101.2 | 32 | ||
Derivative financial instruments | 11.1 | 0.1 | ||
Other assets | 60.3 | 50.7 | ||
Financial assets | 2,859.1 | 2,909.5 | ||
LIABILITIES | ||||
Loans and financing | 3,203.2 | 4,026.9 | 4,448 | $ 91 |
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable - supplier finance | 27.5 | 14.8 | ||
Other payables | 371 | 317.6 | ||
Lease liability | 71 | 63.8 | $ 64.7 | $ 38.6 |
Derivative financial instruments | 97.5 | 5.9 | ||
Other liabilities | 172.8 | 158.2 | ||
Financial liabilities | 4,682.5 | 5,082.4 | ||
Financial Instruments at amortized cost [member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,816.9 | 1,816 | ||
Financial investments | 350.5 | 79.4 | ||
Guarantee deposits | 3 | |||
Trade accounts receivable, net | 205.2 | 189 | ||
Customer and commercial financing | 101.2 | 32 | ||
Other assets | 60.3 | 50.7 | ||
Financial assets | 2,534.1 | 2,170.1 | ||
LIABILITIES | ||||
Loans and financing | 3,196.8 | 4,026.9 | ||
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable - supplier finance | 27.5 | 14.8 | ||
Other payables | 340 | 300.5 | ||
Lease liability | 71 | 63.8 | ||
Other liabilities | 172.8 | 158.2 | ||
Financial liabilities | 4,547.6 | 5,059.4 | ||
Financial instruments at fair value through other comprehensive income [member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2.3 | |||
Financial investments | 194.7 | 541 | ||
Financial assets | 194.7 | 543.3 | ||
LIABILITIES | ||||
Other payables | 31 | 17.1 | ||
Financial liabilities | 31 | 17.1 | ||
Financial instruments measured or designated at fair value through profit or loss [member] | ||||
ASSETS | ||||
Financial investments | 119.2 | 196 | ||
Derivative financial instruments | 11.1 | 0.1 | ||
Financial assets | 130.3 | 196.1 | ||
LIABILITIES | ||||
Loans and financing | 6.4 | |||
Derivative financial instruments | 97.5 | 5.9 | ||
Financial liabilities | $ 103.9 | $ 5.9 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Cash and cash equivalents | $ 1,816.9 | $ 1,818.3 | $ 1,883.1 | |
Financial investments | 664.4 | 816.4 | ||
Guarantee deposits | 3 | |||
Trade accounts receivable, net | 205.2 | 189 | ||
Customer and commercial financing | 101.2 | 32 | ||
Derivative financial instruments | 11.1 | 0.1 | ||
Other assets | 60.3 | 50.7 | ||
Financial assets | 2,859.1 | 2,909.5 | ||
LIABILITIES | ||||
Loans and financing | 3,203.2 | 4,026.9 | 4,448 | $ 91 |
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable supplier finance | 27.5 | 14.8 | ||
Other payables | 371 | 317.6 | ||
Lease liability | 71 | 63.8 | $ 64.7 | $ 38.6 |
Derivative financial instruments | 97.5 | 5.9 | ||
Other liabilities | 172.8 | 158.2 | ||
Financial liabilities | 4,682.5 | 5,082.4 | ||
Fair value of the other financial instruments [member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2.3 | |||
Financial investments | 313.9 | 737 | ||
Derivative financial instruments | 11.1 | 0.1 | ||
Financial assets | 325 | 739.4 | ||
LIABILITIES | ||||
Loans and financing | 6.4 | |||
Other payables | 31 | 17.1 | ||
Derivative financial instruments | 97.5 | 5.9 | ||
Financial liabilities | 134.9 | 23 | ||
Fair value [member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,816.9 | 1,816 | ||
Financial investments | 350.5 | 79.4 | ||
Guarantee deposits | 3 | |||
Trade accounts receivable, net | 205.2 | 189 | ||
Customer and commercial financing | 101.2 | 32 | ||
Other assets | 60.3 | 50.7 | ||
Financial assets | 2,534.1 | 2,170.1 | ||
LIABILITIES | ||||
Loans and financing | 3,196.8 | 4,026.9 | ||
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable supplier finance | 27.5 | 14.8 | ||
Other payables | 340 | 300.5 | ||
Lease liability | 71 | 63.8 | ||
Other liabilities | 172.8 | 158.2 | ||
Financial liabilities | 4,547.6 | 5,059.4 | ||
Level 1 [member] | Total [member] | ||||
ASSETS | ||||
Financial assets | 0 | |||
LIABILITIES | ||||
Derivative financial instruments | 7.7 | |||
Financial liabilities | 7.7 | |||
Level 2 [member] | Total [member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2.3 | |||
Financial investments | 217.4 | 642.1 | ||
Derivative financial instruments | 11.1 | 0.1 | ||
Financial assets | 228.5 | 644.5 | ||
LIABILITIES | ||||
Loans and financing | 6.4 | |||
Derivative financial instruments | 89.8 | 5.9 | ||
Financial liabilities | 96.2 | 5.9 | ||
Level 3 [member] | Total [member] | ||||
ASSETS | ||||
Financial investments | 96.5 | 94.9 | ||
Financial assets | 96.5 | 94.9 | ||
LIABILITIES | ||||
Other payables | 31 | 17.1 | ||
Financial liabilities | $ 31 | $ 17.1 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Fair Value of Liabilities Measurement Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Opening balance | $ 10,155 | |
Ending balance | 10,142.1 | $ 10,155 |
Opening balance | 7,380 | |
Ending balance | 7,317.8 | 7,380 |
Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Opening balance | 94.9 | 55.9 |
Changes in fair value | 0.8 | 35.2 |
Exchange variation | 0.8 | 3.8 |
Ending balance | 96.5 | 94.9 |
Opening balance | 17.1 | 108.4 |
Reversal | (50.1) | |
Transfer | (33.6) | |
Changes in fair value | 12.8 | (3.9) |
Exchange variation | 1.1 | (3.7) |
Ending balance | $ 31 | $ 17.1 |
Financial Instruments - Additio
Financial Instruments - Additional information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of expected credit loss | 1.80% | 1.30% |
Increase in Expected Credit loss Factor | 42% | |
COVID19 Pandemic [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in Expected Credit loss Factor | 7.60% | 7.70% |
Bottom of range [member] | Methodology [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk Variable | 25% | |
Bottom of range [member] | Sensitivity analysis [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk Variable | 25% | |
Top of range [member] | Methodology [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk Variable | 50% | |
Top of range [member] | Sensitivity analysis [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Risk Variable | 50% |
Financial Instruments - Summa_4
Financial Instruments - Summary of Additional Information Related to Authorization of Undiscounted Contractual Obligations and Commercial Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of liquidity risk [line items] | ||||
Loans and financing | $ 3,203.2 | $ 4,026.9 | $ 4,448 | $ 91 |
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable - Supplier finance | 27.5 | 14.8 | ||
Lease liability | 71 | 63.8 | $ 64.7 | $ 38.6 |
Other liabilities | 172.8 | 158.2 | ||
Derivative financial instruments | 97.5 | 5.9 | ||
Liquidity risk [member] | Less than one year [member] | ||||
Disclosure of liquidity risk [line items] | ||||
Loans and financing | 395.2 | 712.5 | ||
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable - Supplier finance | 27.5 | 14.8 | ||
Lease liability | 12 | 11.5 | ||
Other liabilities | 3.2 | 14.2 | ||
Other payable | 320.4 | 258.7 | ||
Derivative financial instruments | 57.4 | 2.9 | ||
Total | 1,555.2 | 1,509.8 | ||
Liquidity risk [member] | One to three years [member] | ||||
Disclosure of liquidity risk [line items] | ||||
Loans and financing | 1,572.4 | 683.4 | ||
Lease liability | 25.9 | 20.1 | ||
Other liabilities | 157.5 | 127.5 | ||
Other payable | 16.3 | 37 | ||
Derivative financial instruments | 3 | |||
Total | 1,772.1 | 871 | ||
Liquidity risk [member] | Three to five years [member] | ||||
Disclosure of liquidity risk [line items] | ||||
Loans and financing | 1,031.4 | 1,602.4 | ||
Lease liability | 10.8 | 9.9 | ||
Other liabilities | 10.3 | 9.9 | ||
Other payable | 33.2 | 17.9 | ||
Derivative financial instruments | 40.1 | |||
Total | 1,125.8 | 1,640.1 | ||
Liquidity risk [member] | More than five years [member] | ||||
Disclosure of liquidity risk [line items] | ||||
Loans and financing | 790.6 | 1,843.7 | ||
Lease liability | 22.3 | 22.3 | ||
Other liabilities | 1.8 | 6.6 | ||
Other payable | 1.1 | 4 | ||
Total | 815.8 | 1,876.6 | ||
Liquidity risk [member] | Cash flow [member] | ||||
Disclosure of liquidity risk [line items] | ||||
Loans and financing | 3,789.6 | 4,842 | ||
Trade accounts payable | 739.5 | 495.2 | ||
Trade accounts payable - Supplier finance | 27.5 | 14.8 | ||
Lease liability | 71 | 63.8 | ||
Other liabilities | 172.8 | 158.2 | ||
Other payable | 371 | 317.6 | ||
Derivative financial instruments | 97.5 | 5.9 | ||
Total | $ 5,268.9 | $ 5,897.5 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Company's Cash, Cash Equivalents, Financial Investments and Loans and Financing (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Cash Cash Equivalents Financing Investments And Loans And Financing [line items] | ||||
Total amount | $ 3,203.2 | $ 4,026.9 | $ 4,448 | $ 91 |
Without the effect of derivative transactions [member] | ||||
Disclosure Of Cash Cash Equivalents Financing Investments And Loans And Financing [line items] | ||||
Pre-fixed amount | $ 2,351.5 | |||
Pre-fixed percentage | 94.77% | |||
Post-fixed amount | $ 129.7 | |||
Post-fixed percentage | 5.23% | |||
Total amount | $ 2,481.2 | |||
Total percentage | 100% | |||
Pre-fixed amount | $ 2,704 | |||
Pre-fixed percentage | 84.42% | |||
Post-fixed amount | $ 499.2 | |||
Post-fixed percentage | 15.58% | |||
Total amount | $ 3,203.2 | $ 4,026.9 | ||
Total percentage | 100% | |||
With the effect of derivative transactions [member] | ||||
Disclosure Of Cash Cash Equivalents Financing Investments And Loans And Financing [line items] | ||||
Pre-fixed amount | $ 2,351.5 | |||
Pre-fixed percentage | 94.77% | |||
Post-fixed amount | $ 129.7 | |||
Post-fixed percentage | 5.23% | |||
Total amount | $ 2,481.2 | |||
Total percentage | 100% | |||
Pre-fixed amount | $ 3,100.9 | |||
Pre-fixed percentage | 96.80% | |||
Post-fixed amount | $ 102.4 | |||
Post-fixed percentage | 3.20% | |||
Total amount | $ 3,203.3 | |||
Total percentage | 100% |
Financial Instruments - Summa_6
Financial Instruments - Summary of Company's Cash Equivalents and Post Fixed Financing (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Cash equivalents and financial investments | $ 129.7 |
Loans and financing | $ 499.2 |
Loans and financing | 15.58% |
With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Cash equivalents and financial investments | $ 129.7 |
Loans and financing | $ 102.4 |
Loans and financing | 3.20% |
CDI [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Cash equivalents and financial investments | $ 129.7 |
Cash equivalents and financial investments | 100% |
CDI [member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Cash equivalents and financial investments | $ 129.7 |
Loans and financing | $ 4 |
Cash equivalents and financial investments | 100% |
Loans and financing | 0.80% |
CDI [member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Cash equivalents and financial investments | $ 129.7 |
Loans and financing | $ 10.4 |
Cash equivalents and financial investments | 100% |
Loans and financing | 10.16% |
Loans And Financing [member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 499.2 |
Loans and financing | 100% |
Loans And Financing [member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 102.4 |
Loans and financing | 100% |
Libor [member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 412.7 |
Loans and financing | 82.67% |
Libor [member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 9.5 |
Loans and financing | 9.27% |
SIFMA [member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 21.1 |
Loans and financing | 4.23% |
SIFMA [member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 21.1 |
Loans and financing | 20.61% |
Euro Interbank Offer Rate [Member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 4.4 |
Loans and financing | 0.88% |
Euro Interbank Offer Rate [Member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 4.4 |
Loans and financing | 4.30% |
SOFR [Member] | Without the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 57 |
Loans and financing | 11.42% |
SOFR [Member] | With the effect of derivative transactions [member] | |
Disclosure of Cash Equivalents and Post Fixed Financing [line items] | |
Loans and financing | $ 57 |
Loans and financing | 55.66% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Changes in Foreign Exchange Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and financing | ||||
Loans and financing | $ 3,203.2 | $ 4,026.9 | $ 4,448 | $ 91 |
Trade accounts payable | ||||
Trade accounts payable | 739.5 | 495.2 | ||
Trade Accounts Payable to Supplier Finance [Abstract] | ||||
Trade payables | 27.5 | 14.8 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 1,816.9 | 1,818.3 | $ 1,883.1 | |
Trade accounts receivable: | ||||
Trade accounts receivable | 205.2 | 189 | ||
Without the effect of derivative transactions [member] | ||||
Loans and financing | ||||
Loans and financing | 3,203.2 | 4,026.9 | ||
Trade accounts payable | ||||
Trade accounts payable | 739.5 | 495.2 | ||
Trade Accounts Payable to Supplier Finance [Abstract] | ||||
Trade payables | 27.5 | 14.8 | ||
Total | 3,970.2 | 4,536.9 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 2,481.3 | 2,634.7 | ||
Trade accounts receivable: | ||||
Trade accounts receivable | 205.2 | 189 | ||
Total | 2,686.5 | 2,823.7 | ||
Brazil, Brazil Real [member] | Without the effect of derivative transactions [member] | ||||
Loans and financing | ||||
Loans and financing | 10.3 | 18.3 | ||
Trade accounts payable | ||||
Trade accounts payable | 89.9 | 77.6 | ||
Trade Accounts Payable to Supplier Finance [Abstract] | ||||
Trade payables | 7.6 | 2.8 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 131.3 | 94.9 | ||
Trade accounts receivable: | ||||
Trade accounts receivable | 96.9 | 33.3 | ||
Net exposure (1-2): | ||||
Net exposure | (120.4) | (29.5) | ||
United States of America, Dollars [member] | Without the effect of derivative transactions [member] | ||||
Loans and financing | ||||
Loans and financing | 3,161.6 | 3,982.5 | ||
Trade accounts payable | ||||
Trade accounts payable | 602.3 | 385.6 | ||
Trade Accounts Payable to Supplier Finance [Abstract] | ||||
Trade payables | 19.9 | 12 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 2,283.9 | 2,493.6 | ||
Trade accounts receivable: | ||||
Trade accounts receivable | 82.5 | 134.8 | ||
Net exposure (1-2): | ||||
Net exposure | 1,417.4 | 1,751.7 | ||
Euro Member Countries, Euro [member] | Without the effect of derivative transactions [member] | ||||
Loans and financing | ||||
Loans and financing | 31.3 | 26.1 | ||
Trade accounts payable | ||||
Trade accounts payable | 44.9 | 31.3 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 62 | 42.4 | ||
Trade accounts receivable: | ||||
Trade accounts receivable | 25.4 | 20.8 | ||
Net exposure (1-2): | ||||
Net exposure | (11.2) | (5.8) | ||
Other currencies [member] | ||||
Loans and financing | ||||
Loans and financing | 3,192.9 | 4,008.6 | ||
Other currencies [member] | Without the effect of derivative transactions [member] | ||||
Trade accounts payable | ||||
Trade accounts payable | 2.4 | 0.7 | ||
Cash and cash equivalents and financial investments | ||||
Cash and cash equivalents | 4.1 | 3.8 | ||
Trade accounts receivable: | ||||
Trade accounts receivable | 0.4 | 0.1 | ||
Net exposure (1-2): | ||||
Net exposure | $ (2.1) | $ (3.2) |
Financial Instruments - Summa_8
Financial Instruments - Summary of Interest Risk Factor (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ 3,203.2 | $ 4,026.9 | $ 4,448 | $ 91 |
Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | 129.7 | |||
Loans and financing | (4) | |||
Net impact | $ 125.7 | |||
Rates considered | 13.65% | |||
Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (412.7) | |||
Net impact | $ (412.7) | |||
Rates considered | 5.14% | |||
TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 7.20% | |||
IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 5.73% | |||
SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (57) | |||
Net impact | $ (57) | |||
Rates considered | 4.30% | |||
-50% [member] | Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | $ (8.8) | |||
Loans and financing | 0.3 | |||
Net impact | $ (8.5) | |||
Rates considered | 6.88% | |||
-50% [member] | Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ 10 | |||
Net impact | $ 10 | |||
Rates considered | 2.72% | |||
-50% [member] | TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 3.69% | |||
-50% [member] | IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 2.27% | |||
-50% [member] | SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ 1.1 | |||
Net impact | $ 1.1 | |||
Rates considered | 2.35% | |||
-25% [member] | Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | $ (4.3) | |||
Loans and financing | 0.1 | |||
Net impact | $ (4.2) | |||
Rates considered | 10.31% | |||
-25% [member] | Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ 4.4 | |||
Net impact | $ 4.4 | |||
Rates considered | 4.08% | |||
-25% [member] | TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 5.53% | |||
-25% [member] | IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 3.41% | |||
-25% [member] | SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ 0.4 | |||
Net impact | $ 0.4 | |||
Rates considered | 3.52% | |||
Probable scenario [member] | Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | $ 0.1 | |||
Loans and financing | 0 | |||
Net impact | $ 0.1 | |||
Rates considered | 13.75% | |||
Probable scenario [member] | Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (1.2) | |||
Net impact | $ (1.2) | |||
Rates considered | 5.44% | |||
Probable scenario [member] | TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 7.37% | |||
Probable scenario [member] | IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 4.54% | |||
Probable scenario [member] | SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (0.2) | |||
Net impact | $ (0.2) | |||
Rates considered | 4.70% | |||
+25% [member] | Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | $ 4.6 | |||
Loans and financing | (0.1) | |||
Net impact | $ 4.5 | |||
Rates considered | 17.19% | |||
+25% [member] | Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (6.9) | |||
Net impact | $ (6.9) | |||
Rates considered | 6.80% | |||
+25% [member] | TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 9.21% | |||
+25% [member] | IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 5.68% | |||
+25% [member] | SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (0.9) | |||
Net impact | $ (0.9) | |||
Rates considered | 5.87% | |||
+50% [member] | Interbank deposit certificate CDI rate [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Cash equivalents and financial investments | $ 9 | |||
Loans and financing | (0.3) | |||
Net impact | $ 8.7 | |||
Rates considered | 20.63% | |||
+50% [member] | Libor [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (12.5) | |||
Net impact | $ (12.5) | |||
Rates considered | 8.16% | |||
+50% [member] | TJLP [member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 11.06% | |||
+50% [member] | IPCA [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Rates considered | 6.81% | |||
+50% [member] | SOFR [Member] | ||||
Disclosure of interest risk factor [line items] | ||||
Loans and financing | $ (1.6) | |||
Net impact | $ (1.6) | |||
Rates considered | 7.04% |
Financial Instruments - Summa_9
Financial Instruments - Summary of Interest Risk Factor (Parenthetical) (Detail) - Interest rate risk one [member] | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of interest risk factor [line items] | |
Risk Variable | 25% |
Top of range [member] | |
Disclosure of interest risk factor [line items] | |
Risk Variable | 50% |
Financial Instruments - Summ_10
Financial Instruments - Summary of Foreign Exchange Risk Factor (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | $ 2,859.1 | $ 2,909.5 |
Liabilities | 4,682.5 | $ 5,082.4 |
BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 412.8 | |
Liabilities | (411.1) | |
Net impact | $ 1.7 | |
Exchange rate considered | 5.2177 | |
BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ (10.3) | |
BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | (400.8) | |
BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 131.3 | |
BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 281.5 | |
-50% [member] | BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 203.1 | |
Liabilities | (202.4) | |
Net impact | $ 0.7 | |
Exchange rate considered | 2.65 | |
-50% [member] | BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ (5.1) | |
-50% [member] | BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | (197.3) | |
-50% [member] | BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 64.6 | |
-50% [member] | BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 138.5 | |
-25% [member] | BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 98.3 | |
Liabilities | (98) | |
Net impact | $ 0.3 | |
Exchange rate considered | 3.975 | |
-25% [member] | BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ (2.5) | |
-25% [member] | BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | (95.5) | |
-25% [member] | BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 31.3 | |
-25% [member] | BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | 67 | |
Probable scenario [member] | BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (6.5) | |
Liabilities | 6.5 | |
Net impact | $ 0 | |
Exchange rate considered | 5.3 | |
Probable scenario [member] | BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ 0.2 | |
Probable scenario [member] | BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | 6.3 | |
Probable scenario [member] | BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (2.1) | |
Probable scenario [member] | BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (4.4) | |
+25% [member] | BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (111.3) | |
Liabilities | 110.9 | |
Net impact | $ (0.4) | |
Exchange rate considered | 6.625 | |
+25% [member] | BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ 2.8 | |
+25% [member] | BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | 108.1 | |
+25% [member] | BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (35.4) | |
+25% [member] | BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (75.9) | |
+50% [member] | BRL [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (216.1) | |
Liabilities | 215.3 | |
Net impact | $ (0.8) | |
Exchange rate considered | 7.95 | |
+50% [member] | BRL [member] | Loans And Financing [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | $ 5.4 | |
+50% [member] | BRL [member] | Other Liabilities [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Liabilities | 209.9 | |
+50% [member] | BRL [member] | Cash and cash equivalents and financial [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | (68.7) | |
+50% [member] | BRL [member] | Other financial asset [member] | ||
Disclosure of Foreign Exchange Risk Factor [Line items] | ||
Assets | $ (147.4) |
Financial Instruments - Summ_11
Financial Instruments - Summary of Foreign Exchange Risk Factor (Parenthetical) (Detail) - Foreign exchange risk [member] | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of Foreign Exchange Risk Factor [Line items] | |
Risk Variable | 25% |
Top of range [member] | |
Disclosure of Foreign Exchange Risk Factor [Line items] | |
Risk Variable | 50% |
Financial Instruments - Summ_12
Financial Instruments - Summary of Derivative Contracts (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (86.4) |
Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 5.2177 |
Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 1.0666 |
Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (0.2) |
Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (1.6) |
Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (95.4) |
Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 13.65% |
Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 5.14% |
Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 0.1 |
Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 2.3 |
Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 8.4 |
-50% [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 41.4 |
-50% [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 2.65 |
-50% [member] | Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 0.52 |
-50% [member] | Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (5) |
-50% [member] | Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (9.6) |
-50% [member] | Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 51.5 |
-50% [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 6.88% |
-50% [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 2.72% |
-50% [member] | Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 0 |
-50% [member] | Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 8.9 |
-50% [member] | Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (4.4) |
-25% [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 25.5 |
-25% [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 3.975 |
-25% [member] | Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 0.78 |
-25% [member] | Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (2.5) |
-25% [member] | Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (5.2) |
-25% [member] | Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 28.7 |
-25% [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 10.31% |
-25% [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 4.08% |
-25% [member] | Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (0.1) |
-25% [member] | Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 2.4 |
-25% [member] | Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 2.2 |
Probable scenario [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 5.2 |
Probable scenario [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 5.3 |
Probable scenario [member] | Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 1.04 |
Probable scenario [member] | Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 0.1 |
Probable scenario [member] | Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (0.8) |
Probable scenario [member] | Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 0 |
Probable scenario [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 13.75% |
Probable scenario [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 5.44% |
Probable scenario [member] | Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (0.1) |
Probable scenario [member] | Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (2.7) |
Probable scenario [member] | Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 8.7 |
+25% [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (27.4) |
+25% [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 6.625 |
+25% [member] | Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 1.3 |
+25% [member] | Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 2.6 |
+25% [member] | Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 3.6 |
+25% [member] | Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (40.7) |
+25% [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 17.19% |
+25% [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 6.80% |
+25% [member] | Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (0.1) |
+25% [member] | Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (7.9) |
+25% [member] | Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 15.1 |
+50% [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (73.9) |
+50% [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 7.95 |
+50% [member] | Currency risk [member] | EUR [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 1.56 |
+50% [member] | Currency risk [member] | EUR [Member] | EVEX [Member] | Foreign exchange options [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 5.2 |
+50% [member] | Equity price risk [member] | Equity Swap [Member] | Embraer [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | 8 |
+50% [member] | Equity price risk [member] | EVEX [Member] | Private Public And Strategic Warrants [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (94.6) |
+50% [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 20.63% |
+50% [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Rate considered | 8.16% |
+50% [member] | Interest swap-fair value hedge [member] | Interbank deposit certificate CDI rate [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ (0.1) |
+50% [member] | Hedges designated as cash flow hedge [member] | Currency risk [member] | Brazil Real [Member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | (13.7) |
+50% [member] | Interest swap [member] | Libor [member] | |
Disclosure of Derivative Contracts [Line items] | |
Derivative contract | $ 21.3 |
Financial Instruments - Summ_13
Financial Instruments - Summary of Derivative Contracts (Parenthetical) (Detail) - Derivative contract [member] | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of Derivative Contracts [Line items] | |
Risk Variable | 25% |
Top of range [member] | |
Disclosure of Derivative Contracts [Line items] | |
Risk Variable | 50% |
Financial Instruments - Summ_14
Financial Instruments - Summary of Republic Shares (Detail) - Equity investments [member] - Republic Airways Holdings [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Growth Rate [Member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Increase | $ 109.5 |
Probable Scenario | 96.4 |
Decrease | 83.9 |
Discount rate, measurement input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Increase | 64.1 |
Probable Scenario | 96.4 |
Decrease | $ 134.7 |
Financial Instruments - Summ_15
Financial Instruments - Summary of Republic Shares (Parenthetical) (Detail) | Dec. 31, 2022 |
Growth Rate [Member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Percentage of reasonably possible increase in unobservable input, assets | 25% |
Discount rate, measurement input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Percentage of reasonably possible increase in unobservable input, assets | 8% |
Percentage of reasonably possible decrease in unobservable input, assets | 8% |
Financial Instruments - Summ_16
Financial Instruments - Summary of Tempest Put options (Detail) - Put Options [Member] - Tempest [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Growth Rate [Member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Increase | $ 33 |
Probable Scenario | 31 |
Decrease | 28 |
Discount rate, measurement input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Increase | 25 |
Probable Scenario | 31 |
Decrease | $ 37 |
Financial Instruments - Summ_17
Financial Instruments - Summary of Tempest Put options (Parenthetical) (Detail) | Dec. 31, 2022 |
Growth Rate [Member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Percentage of reasonably possible increase in unobservable input, liabilities | 25% |
Percentage of reasonably possible decrease in unobservable input liabilities | 25% |
Discount rate, measurement input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | |
Percentage of reasonably possible increase in unobservable input, liabilities | 8% |
Percentage of reasonably possible decrease in unobservable input liabilities | 8% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) R$ in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2020 BRL (R$) | Dec. 31, 2022 BRL (R$) shares | Dec. 31, 2020 BRL (R$) shares | Jan. 01, 2020 USD ($) | Jan. 01, 2020 BRL (R$) | |
Shareholders equity [line items] | ||||||||
Common shares authorized | shares | 1,000,000,000 | 1,000,000,000 | ||||||
Subscribed and paid up capital | $ 1,551.6 | $ 1,551.6 | ||||||
Subscribed and paid up capital, shares | shares | 740,465,044 | 740,465,044 | ||||||
Shares held in Treasury | shares | 5,832,238 | 5,832,238 | 4,291,938 | 5,832,238 | 4,291,938 | |||
Description of common stock voting right | each common share generally empowered with one vote at general shareholders’ meeting, considering that: (a) no shareholder or group of shareholders, Brazilian or foreign, may exercise votes representing more than 5% of the quantity of shares into which our capital stock is divided. Votes that exceed this 5% threshold will not be considered | |||||||
Amount of shares held in Treasury | $ 28.2 | $ 28.2 | $ 25.7 | |||||
Market value of treasury shares | $ 15.9 | 25.9 | ||||||
Percentage of net profit on statutory reserve | 5% | |||||||
Revenue reserves | $ 1,116.1 | 1,301.5 | 1,377.8 | $ 2,110 | R$ 2595.4 | |||
Amount available for distribution | $ 1,856.7 | R$ 2058.2 | ||||||
Losses attributable to owners of Embraer | 185.4 | $ 44.7 | 731.9 | |||||
Retained losses | R$ | R$ 2376.6 | R$ 1021.0 | ||||||
StatutoryReserveAvailableForDistribution | $ 862.7 | $ 1,124.4 | ||||||
Translated Amounts Of Retained Losses | R$ | R$ 953.7 | |||||||
Foreign shareholders number of votes as a percentage of votes entitlement of shareholders within the country | 66% | |||||||
Top of range [member] | ||||||||
Shareholders equity [line items] | ||||||||
Percentage of reserve on capital | 20% | |||||||
Percentage of reserve on capital and capital reserve | 30% | |||||||
Losses attributable to owners of Embraer | R$ | R$ 3616.0 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Treasury Shares (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Shareholders Equity[abstract] | ||
Beginning balance | $ 25.7 | |
Repurchase of shares in the period | 2.5 | |
Ending balance | $ 28.2 | |
Quantity, Beginning balance | 4,291,938 | |
Quantity, Repurchase of shares in the period | 1,540,300 | |
Quantity, Ending balance | 5,832,238 | |
Share value, Beginning balance | $ 6 | |
Share value, Repurchase of shares in the period | 1.6 | |
Share value, Ending balance | 4.8 | |
Share value, Ending balance | $ 4.8 | $ 4.8 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of trading days | 30 trading days |
Restricted virtual shares [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Percentage of third anniversary grant date | 33% |
Percentage of fourth anniversary grant date | 33% |
Percentage of fifth anniversary grant date | 34% |
Restricted virtual shares [member] | Grants Made Until 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Percentage of third anniversary grant date | 100% |
Virtual performance shares [member] | Grants Made Until 2020 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Percentage of third anniversary grant date | 100% |
Virtual performance shares [member] | Grants Made Until 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Percentage of third anniversary grant date | 100% |
Phantom Share Plans [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of trading days | 10 trading days |
Longterm Incentives Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of trading days | 10 trading days |
Share-based Compensation - Disc
Share-based Compensation - Disclosure of Number and Weighted Average Exercise Prices of Share Options (Detail) R$ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Aircraft | Dec. 31, 2022 BRL (R$) Aircraft | Dec. 31, 2021 USD ($) Aircraft | Dec. 31, 2021 BRL (R$) Aircraft | |
Grants on August 24, 2017 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | August 24, 2017 | August 24, 2017 | ||
Grants on April 12, 2018 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | April 12, 2018 | April 12, 2018 | April 12, 2018 | April 12, 2018 |
Grants on March 12, 2019 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | March 12, 2019 | March 12, 2019 | March 12, 2019 | March 12, 2019 |
Grants on March 24, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | March 24, 2020 | March 24, 2020 | March 24, 2020 | March 24, 2020 |
Grants on November 13, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | November 13, 2020 | November 13, 2020 | November 13, 2020 | November 13, 2020 |
Grants on March 18, 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | March 18, 2021 | March 18, 2021 | March 18, 2021 | March 18, 2021 |
Grants on March 11, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | March 11, 2022 | March 11, 2022 | ||
Grants on September 05, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | September 05, 2022 | September 05, 2022 | ||
Grants on November 18, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date | November 18, 2022 | November 18, 2022 | ||
Restricted virtual shares [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 463.3 | $ 180.1 | ||
Amount of virtual stock | 35,526,443 | 35,526,443 | 14,826,623 | 14,826,623 |
Restricted virtual shares [member] | Grants on August 24, 2017 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 30.5 | |||
Amount of virtual stock | 1,930,350 | 1,930,350 | ||
Restricted virtual shares [member] | Grants on April 12, 2018 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 35.2 | $ 35.2 | ||
Amount of virtual stock | 1,622,986 | 1,622,986 | 1,622,986 | 1,622,986 |
Restricted virtual shares [member] | Grants on March 12, 2019 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 26 | $ 22.4 | ||
Amount of virtual stock | 1,349,153 | 1,349,153 | 1,160,552 | 1,160,552 |
Restricted virtual shares [member] | Grants on March 24, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 27.7 | $ 23.8 | ||
Amount of virtual stock | 1,633,741 | 1,633,741 | 1,401,293 | 1,401,293 |
Restricted virtual shares [member] | Grants on November 13, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 43.6 | $ 43.6 | ||
Amount of virtual stock | 6,530,000 | 6,530,000 | 6,530,000 | 6,530,000 |
Restricted virtual shares [member] | Grants on March 18, 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 24.6 | $ 24.6 | ||
Amount of virtual stock | 2,181,442 | 2,181,442 | 2,181,442 | 2,181,442 |
Restricted virtual shares [member] | Grants on March 11, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 40.4 | |||
Amount of virtual stock | 2,292,434 | 2,292,434 | ||
Restricted virtual shares [member] | Grants on September 05, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 187.1 | |||
Amount of virtual stock | 13,662,385 | 13,662,385 | ||
Restricted virtual shares [member] | Grants on November 18, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant value | $ | $ 78.7 | |||
Amount of virtual stock | 6,254,302 | 6,254,302 | ||
Virtual performance shares [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 10,515,712 | 10,515,712 | 5,132,048 | 5,132,048 |
Fair value of shares | $ 27.6 | R$ 143.8 | $ 21.5 | R$ 111.7 |
Virtual performance shares [member] | Grants on August 24, 2017 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 230,750 | 230,750 | ||
Fair value of shares | $ 1 | R$ 5.0 | ||
Virtual performance shares [member] | Grants on April 12, 2018 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 167,347 | 167,347 | 314,552 | 314,552 |
Fair value of shares | $ 0.4 | R$ 2.3 | $ 1.3 | R$ 6.8 |
Virtual performance shares [member] | Grants on March 12, 2019 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 323,415 | 323,415 | 885,237 | 885,237 |
Fair value of shares | $ 0.8 | R$ 4.4 | $ 3.7 | R$ 19.3 |
Virtual performance shares [member] | Grants on March 24, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 1,157,029 | 1,157,029 | 710,127 | 710,127 |
Fair value of shares | $ 3 | R$ 15.8 | $ 3 | R$ 15.5 |
Virtual performance shares [member] | Grants on November 13, 2020 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 4,326,111 | 4,326,111 | 2,399,444 | 2,399,444 |
Fair value of shares | $ 11.4 | R$ 59.2 | $ 10 | R$ 52.2 |
Virtual performance shares [member] | Grants on March 18, 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 1,293,066 | 1,293,066 | 591,938 | 591,938 |
Fair value of shares | $ 3.4 | R$ 17.7 | $ 2.5 | R$ 12.9 |
Virtual performance shares [member] | Grants on March 11, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 631,352 | 631,352 | ||
Fair value of shares | $ 1.7 | R$ 8.6 | ||
Virtual performance shares [member] | Grants on September 05, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 2,074,484 | 2,074,484 | ||
Fair value of shares | $ 5.5 | R$ 28.4 | ||
Virtual performance shares [member] | Grants on November 18, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount of virtual stock | 542,908 | 542,908 | ||
Fair value of shares | $ 1.4 | R$ 7.4 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | |||
Losses attributable to owners of Embraer | $ (185.4) | $ (44.7) | $ (731.9) |
Net income attributable to owners of Embraer | $ (185.4) | $ (44.7) | $ (731.9) |
Weighted average number of shares (in thousands) - Basic | 734,633 | 734,730 | 736,164 |
Weighted average number of shares (in thousands) - Diluted | 734,633 | 734,730 | 736,164 |
Basic earnings per share - U.S. dollars | $ (0.25) | $ (0.06) | $ (0.99) |
Diluted earnings per share - U.S. dollars | $ (0.25) | $ (0.06) | $ (0.99) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Number of anti-dilutive effect | 0 | 0 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Revenue Disaggregation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 2,857.7 | 2,168.2 | 2,532.5 |
Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 53 | 37.8 | 76 |
Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 100.9 | 209.6 | 161.6 |
Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 505.2 | 478.6 | 383 |
Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 884.4 | 1,116.7 | 544 |
Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 139.2 | 186.3 | 74 |
Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1,543.9 | 1,316.4 | 1,114.4 |
Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 447.6 | 594.4 | 653.9 |
Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1,244.4 | 1,130.1 | 1,071.5 |
Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1,266.8 | 1,132.2 | 920 |
All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 37.7 | 24.1 | 11.3 |
Aircraft [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 2,842.1 | 2,578.2 | 2,366.2 |
Aircraft [member] | North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 2,150.8 | 1,525.3 | 1,962.7 |
Aircraft [member] | Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 20.2 | 4.1 | 49.7 |
Aircraft [member] | Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 102.8 | 77.1 |
Aircraft [member] | Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 114.5 | 79.5 | 6.9 |
Aircraft [member] | Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 474.3 | 731.2 | 237.7 |
Aircraft [member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 82.3 | 135.3 | 32.1 |
Aircraft [member] | Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1,540.6 | 1,313.2 | 1,103.7 |
Aircraft [member] | Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 26 | 148.8 | 239.5 |
Aircraft [member] | Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1,244.4 | 1,098.7 | 1,015.3 |
Aircraft [member] | Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Aircraft [member] | All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 31.1 | 17.5 | 7.7 |
Long term contracts aircraft [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 312.4 | 320.6 | 296.9 |
Long term contracts aircraft [Member] | North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Long term contracts aircraft [Member] | Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0.3 |
Long term contracts aircraft [Member] | Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0.1 |
Long term contracts aircraft [Member] | Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 163.2 | 202.4 | 230.9 |
Long term contracts aircraft [Member] | Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 148.9 | 117.5 | 64.9 |
Long term contracts aircraft [Member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0.3 | 0.7 | 0.7 |
Long term contracts aircraft [Member] | Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Long term contracts aircraft [Member] | Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 312.4 | 320.6 | 296.9 |
Long term contracts aircraft [Member] | Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Long term contracts aircraft [Member] | Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Long term contracts aircraft [Member] | All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 12 | 67.9 | 92.8 |
Others [member] | North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1.4 | 30.2 | 61 |
Others [member] | Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0.4 | 0.4 |
Others [member] | Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 3.7 | 8.6 |
Others [member] | Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 8.9 | 22.9 | 13.3 |
Others [member] | Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1.7 | 9.8 | 5 |
Others [member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0.9 | 4.5 |
Others [member] | Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 3.3 | 3.2 | 10.7 |
Others [member] | Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 6.5 | 23.2 | 19.9 |
Others [member] | Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 31.4 | 56.2 |
Others [member] | Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 1.4 | 8.7 | 4.9 |
Others [member] | All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0.8 | 1.4 | 1.1 |
Service [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 932.8 | 883.5 | 786.4 |
Service [member] | North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 428.8 | 417.8 | 385.6 |
Service [member] | Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 24.6 | 20.9 | 22.4 |
Service [member] | Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 81.2 | 72.9 | 56.4 |
Service [member] | Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 158.4 | 129.7 | 91.9 |
Service [member] | Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 193.6 | 203.3 | 198.7 |
Service [member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 46.2 | 38.9 | 31.4 |
Service [member] | Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Service [member] | Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 94.6 | 87.9 | 73.7 |
Service [member] | Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Service [member] | Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 838.2 | 795.6 | 712.7 |
Service [member] | All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Spare Parts [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 441.1 | 347 | 228.8 |
Spare Parts [member] | North America [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 276.7 | 194.9 | 123.2 |
Spare Parts [member] | Latin America, except Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 8.2 | 12.4 | 3.2 |
Spare Parts [member] | Asia Pacific [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 19.7 | 30.2 | 19.4 |
Spare Parts [member] | Brazil [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 60.2 | 44.1 | 40 |
Spare Parts [member] | Europe [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 65.9 | 54.9 | 37.7 |
Spare Parts [member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 10.4 | 10.5 | 5.3 |
Spare Parts [member] | Commercial Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Spare Parts [member] | Defense & Security [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 8.1 | 13.9 | 23.9 |
Spare Parts [member] | Executive Aviation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 0 | 0 | 0 |
Spare Parts [member] | Service & support [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 427.2 | 327.9 | 202.4 |
Spare Parts [member] | All Other Segments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | $ 5.8 | $ 5.2 | $ 2.5 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Contract balances, including contract costs (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Contract assets | $ 506.1 | $ 582.3 |
Current portion of Contract Assets | 505.4 | 582.3 |
Non-current portion of Contract Assets | 0.7 | |
Advances from customers - Aircraft and Defense long-term contracts | 1,748.8 | 1,312.4 |
Deferred revenue - Parts and services | 215.2 | 200.9 |
Contract liabilities | 1,964 | 1,513.3 |
Current portion of contract liabilities | 1,469 | 1,204.6 |
Non Current portion of contract liabilities | $ 495 | $ 308.7 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
Contract assets | 506.1 | 582.3 | |
Allowance of credit losses on Contract Asset | 3.6 | ||
Revenue Cumulative Adjustment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract assets | 306.6 | 2.5 | |
Performance obligations satisfied partially [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 17,500 | 17,000 | |
Performance obligations expected to be satisfied in next five years [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | 15,500 | $ 14,000 | |
Contract Liabilities [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE | $ 645.4 |
Revenue (Expenses) by Type - Su
Revenue (Expenses) by Type - Summary of Revenue Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Revenue (Expense) [Line Items] | |||
Revenue | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
Cost of sales and services | (3,628.2) | (3,537.6) | (3,293.5) |
Administrative | (184.9) | (153.2) | (143.4) |
Selling | (274.4) | (226.4) | (194) |
Expected credit (losses) reversals over financial assets and contract assets | (17.4) | 13 | (61.8) |
Research | (110) | (43) | (29.8) |
Other operating expense, net | (444.5) | (49.8) | (374.7) |
Equity in income of associates | 8.5 | 1.1 | 2.7 |
Operating profit before financial income | (110.5) | 201.3 | (323.4) |
Revenue (expenses) by nature: | |||
Revenue from sales of goods | 3,821.6 | 3,490.1 | 3,194.5 |
Revenue from sales of services | 784.2 | 742.3 | 620.9 |
Sales deductions and tax on revenue | (65.4) | (35.2) | (44.3) |
General manufacturing costs | (2,997.2) | (3,059.6) | (2,753.8) |
Depreciation | (106.6) | (122) | (163.6) |
Amortization | (103.7) | (86.6) | (128.5) |
Personnel expenses | (669.3) | (493.6) | (441.8) |
Selling expenses | (64.1) | (47.6) | (48.1) |
Equity in associates | 8.5 | 1.1 | 2.7 |
Research | (110) | (43) | (29.8) |
Expected credit (losses) reversals over financial assets and contract assets | (17.4) | 13 | (61.8) |
Services provided | (74.5) | (82.2) | (74.5) |
Other operating expense, net | (444.5) | (49.8) | (374.7) |
Miscellaneous | (72.1) | (25.6) | (20.6) |
Operating profit before financial income | $ (110.5) | $ 201.3 | $ (323.4) |
Other operating expense, Net -
Other operating expense, Net - Disclosure of Other Operating Income Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Other Operating Income Expense Net [Line Items] | |||
Warrants -EVEX | $ (158.2) | $ 0 | $ 0 |
Listing expenses - EVEX | (135.7) | 0 | 0 |
Corporate projects | (78.2) | (59.4) | (56.4) |
Restructuring expenses | (36.9) | (31.8) | (69.2) |
Taxes on other sales | (15.5) | (23.7) | (20.3) |
Transaction costs - EVEX | (11.5) | 0 | 0 |
Expenses system project | (1.4) | (10.8) | (6.7) |
Residual value of fixed assets disposed | (12.8) | (10.5) | 0 |
Aircraft maintenance and flights costs - fleet | (5.6) | (7.8) | (2.8) |
Flight safety standards | (3.6) | (3.1) | (3.1) |
Product modifications | (2.3) | (2.7) | (2.5) |
Training and development | (2) | (1.5) | (4.7) |
Depreciation and amortization - Commercial Aviation | 0 | 0 | (101.2) |
Costs with personnel | 0 | 0 | (44.8) |
Carve-Out Expenses | 0 | 0 | (82.8) |
Additional losses with financial guarantees exercised | 0 | 0 | (5.9) |
Contractual fines | 0 | (1) | (3.9) |
Reversal of tax provisions | 0 | 0 | 8.1 |
Recovery of expenses | 0 | 0 | 12.7 |
Contractual fines revenue | 17.8 | 7.1 | 15.1 |
Disposal of production units in Évora | 4.2 | 0 | 0 |
Other sales | 12.8 | 7.3 | 6.2 |
Impairment of assets | 0 | 11.2 | 4.2 |
Royalties | 10.4 | 16.5 | 7 |
Reversal (Provision) for contingencies | (7.4) | 22.1 | (0.3) |
Fair value changes - Republic Airways shares | 1.7 | 39.1 | (4.1) |
Others | (20.3) | (0.8) | (19.3) |
Other operating income (expense) | $ (444.5) | $ (49.8) | $ (374.7) |
Financial Expense, Net - Schedu
Financial Expense, Net - Schedule of Financial Income (Expense), Net (Detail) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial income: | |||
Warrants | $ 62.9 | $ 0 | $ 0 |
Interest on cash and cash equivalents and financial investments | 43.8 | 17.9 | 18.3 |
Interest on receivables | 4.2 | 3.1 | 10.6 |
Residual value guarantee | 0 | 52 | 3.7 |
Taxes over financial revenue | (2.1) | (2.2) | (3.9) |
Phantom shares (LTI) | 5 | 0 | 5.1 |
Derivative financial instruments | 5.2 | 0 | 0 |
Others | 2.9 | 4 | (4.7) |
Total financial income | 121.9 | 74.8 | 29.1 |
Financial expenses: | |||
Interest on loans and financing | (204.6) | (240.7) | (214.9) |
IOF - (tax on financial transactions) | (2.1) | (0.9) | (9.1) |
Interest on taxes, social charges and contributions | (6.8) | (3.2) | (4.9) |
Financial restructuring costs | (12.1) | (2.4) | 0 |
Phantom shares (LTI) | 0 | (17.7) | 0 |
Derivative financial instruments | 0 | 0 | (16.8) |
Others | (19.8) | (9.3) | (16.1) |
Total financial expenses | (245.4) | (274.2) | (261.8) |
Financial expenses, net | $ (123.5) | $ (199.4) | $ (232.7) |
Foreign Exchange Gain (Loss),_3
Foreign Exchange Gain (Loss), Net - Schedule of Foreign exchange gain (loss), net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Tax credits | $ 3.4 | $ (14.2) | $ (33.7) |
Trade accounts receivable and contract assets | 41.6 | (1.9) | (37.6) |
Cash and cash equivalents and financial investments | 4.4 | 2.4 | (37.7) |
Others | (12.3) | 4 | (24.3) |
Total Assets | 37.1 | (9.7) | (133.3) |
Liabilities: | |||
Loans and financing | 0.3 | 3.9 | 4.9 |
Advances from customers | 0 | (1) | (0.5) |
Provisions | (6.5) | 12.3 | 34.7 |
Taxes and charges payable | (1.4) | 4 | 12.8 |
Other payables | (6.6) | 5.9 | (33) |
Suppliers | (1) | (2.7) | 19 |
Provisions for contingencies | (2.1) | 3.2 | 18.7 |
Others | 5 | 5.5 | (0.4) |
Total Liabilities | (12.3) | 31.1 | 56.2 |
Net monetary and foreign exchange variations | 24.8 | 21.4 | (77.1) |
Derivative financial instruments | 3.4 | 4.1 | (2) |
Foreign exchange gain (loss), net | $ 28.2 | $ 25.5 | $ (79.1) |
Supplemental Cash Flow inform_3
Supplemental Cash Flow information - Summary of Payments Made During Period and Transactions Not Affecting Cash and Cash Equivalents (Detail) - Inventory [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-cash financing and investing transactions | |||
Acquisition of inventories through assumption of financing | $ 0 | $ 14.1 | |
Write off on Property, plant and equipment by transfer to pool parts inventory | $ (27.2) | (23.2) | (18.2) |
Property, plant and equipment, transfer for providing for the sale of inventory | 0 | (38.4) | |
Non-controlling purchase options | $ 0 | $ 22.2 |
Segment Information - Summary o
Segment Information - Summary of Income Data By Operating Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
Cost of sales and services | (3,628.2) | (3,537.6) | (3,293.5) |
Gross Profit | 912.2 | 659.6 | 477.6 |
Operating income (expense) | (1,022.7) | (458.3) | (801) |
Operating profit before financial income (expense) | (110.5) | 201.3 | (323.4) |
Financial income (expense), net | (123.5) | (199.4) | (232.7) |
Foreign exchange gain (loss), net | 28.2 | 25.5 | (79.1) |
Loss before taxes on income | (205.8) | 27.4 | (635.2) |
Income tax expense | 2.3 | (70.9) | (93.1) |
Loss for the period | (203.5) | (43.5) | (728.3) |
Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,540.4 | 4,197.2 | 3,771.1 |
Operating Segments [member] | Unallocated [member] | |||
Disclosure of operating segments [line items] | |||
Operating income (expense) | (69.6) | (69) | (69.2) |
Operating profit before financial income (expense) | (69.6) | (69) | (69.2) |
Financial income (expense), net | (123.5) | (199.4) | (232.7) |
Foreign exchange gain (loss), net | 28.2 | 25.5 | (79.1) |
Income tax expense | 2.3 | (70.9) | (93.1) |
Commercial Aviation [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,543.9 | 1,316.4 | 1,114.4 |
Cost of sales and services | (1,382.3) | (1,263.9) | (1,086.8) |
Gross Profit | 161.6 | 52.5 | 27.6 |
Operating income (expense) | (145.5) | (57.1) | (300.8) |
Operating profit before financial income (expense) | 16.1 | (4.6) | (273.2) |
Commercial Aviation [Member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,543.9 | 1,316.4 | 1,114.4 |
Defense & Security [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 447.6 | 594.4 | 653.9 |
Cost of sales and services | (350.8) | (488.4) | (549.1) |
Gross Profit | 96.8 | 106 | 104.8 |
Operating income (expense) | (86.8) | (89) | (72.2) |
Operating profit before financial income (expense) | 10 | 17 | 32.6 |
Defense & Security [Member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 447.6 | 594.4 | 653.9 |
Executive Aviation [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,244.4 | 1,130.1 | 1,071.5 |
Cost of sales and services | (953.2) | (923.4) | (886.1) |
Gross Profit | 291.2 | 206.7 | 185.4 |
Operating income (expense) | (141.5) | (76.9) | (95.5) |
Operating profit before financial income (expense) | 149.7 | 129.8 | 89.9 |
Executive Aviation [Member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,244.4 | 1,130.1 | 1,071.5 |
Service & support [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,266.8 | 1,132.2 | 920 |
Cost of sales and services | (912.3) | (827.6) | (751.4) |
Gross Profit | 354.5 | 304.6 | 168.6 |
Operating income (expense) | (193.2) | (143.2) | (240.7) |
Operating profit before financial income (expense) | 161.3 | 161.4 | (72.1) |
Service & support [Member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,266.8 | 1,132.2 | 920 |
All Other Segments [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 37.7 | 24.1 | 11.3 |
Cost of sales and services | (29.6) | (34.3) | (20.1) |
Gross Profit | 8.1 | (10.2) | (8.8) |
Operating income (expense) | (386.1) | (23.1) | (22.6) |
Operating profit before financial income (expense) | (378) | (33.3) | (31.4) |
All Other Segments [Member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 37.7 | 24.1 | 11.3 |
Total reportable Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,540.4 | 4,197.2 | 3,771.1 |
Cost of sales and services | (3,628.2) | (3,537.6) | (3,293.5) |
Gross Profit | 912.2 | 659.6 | 477.6 |
Operating income (expense) | (953.1) | (389.3) | (731.8) |
Operating profit before financial income (expense) | $ (40.9) | $ 270.3 | $ (254.2) |
Segment Information - Summary_2
Segment Information - Summary of Revenue by Geographic Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
REVENUE | $ 4,540.4 | $ 4,197.2 | $ 3,771.1 |
North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 2,857.7 | 2,168.2 | 2,532.5 |
Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 884.4 | 1,116.7 | 544 |
Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 100.9 | 209.6 | 161.6 |
Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 53 | 37.8 | 76 |
Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 505.2 | 478.6 | 383 |
Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 139.2 | 186.3 | 74 |
Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 4,540.4 | 4,197.2 | 3,771.1 |
Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 2,857.7 | 2,168.2 | 2,532.5 |
Operating Segments [member] | Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 884.4 | 1,116.7 | 544 |
Operating Segments [member] | Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 100.9 | 209.6 | 161.6 |
Operating Segments [member] | Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 53 | 37.8 | 76 |
Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 505.2 | 478.6 | 383 |
Operating Segments [member] | Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 139.2 | 186.3 | 74 |
Commercial Aviation [Member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,543.9 | 1,316.4 | 1,114.4 |
Commercial Aviation [Member] | Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,543.9 | 1,316.4 | 1,114.4 |
Commercial Aviation [Member] | Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,234.7 | 687.6 | 858.4 |
Commercial Aviation [Member] | Operating Segments [member] | Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 234.9 | 494.5 | 215.4 |
Commercial Aviation [Member] | Operating Segments [member] | Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 0 | 3.3 | 4.8 |
Commercial Aviation [Member] | Operating Segments [member] | Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 0 | 0 | 0.4 |
Commercial Aviation [Member] | Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 2.4 | 1.8 | 3 |
Commercial Aviation [Member] | Operating Segments [member] | Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 71.9 | 129.2 | 32.4 |
Defense & Security [Member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 447.6 | 594.4 | 653.9 |
Defense & Security [Member] | Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 447.6 | 594.4 | 653.9 |
Defense & Security [Member] | Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 2.9 | 58.1 | 108.8 |
Defense & Security [Member] | Operating Segments [member] | Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 194.1 | 158.7 | 108.4 |
Defense & Security [Member] | Operating Segments [member] | Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 3.6 | 80.8 | 81.6 |
Defense & Security [Member] | Operating Segments [member] | Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1.4 | 3 | 49.2 |
Defense & Security [Member] | Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 245.1 | 285.8 | 297.6 |
Defense & Security [Member] | Operating Segments [member] | Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 0.5 | 8 | 8.3 |
Executive Aviation [Member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,244.4 | 1,130.1 | 1,071.5 |
Executive Aviation [Member] | Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,244.4 | 1,130.1 | 1,071.5 |
Executive Aviation [Member] | Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 914.1 | 807.2 | 1,054.4 |
Executive Aviation [Member] | Operating Segments [member] | Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 212.6 | 229.1 | 17.1 |
Executive Aviation [Member] | Operating Segments [member] | Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 0 | 27.6 | 0 |
Executive Aviation [Member] | Operating Segments [member] | Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 20 | 4.1 | 0 |
Executive Aviation [Member] | Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 87.8 | 62.1 | 0 |
Executive Aviation [Member] | Operating Segments [member] | Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 9.9 | ||
Service & support [Member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,266.8 | 1,132.2 | 920 |
Service & support [Member] | Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 1,266.8 | 1,132.2 | 920 |
Service & support [Member] | Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 706 | 614 | 509.7 |
Service & support [Member] | Operating Segments [member] | Europe [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 242.8 | 234.4 | 203.1 |
Service & support [Member] | Operating Segments [member] | Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 97.3 | 97.9 | 75.2 |
Service & support [Member] | Operating Segments [member] | Latin America, except Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 31.6 | 30.7 | 26.4 |
Service & support [Member] | Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 132.2 | 106.1 | 72.3 |
Service & support [Member] | Operating Segments [member] | Others [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 56.9 | 49.1 | 33.3 |
All Other Segments [Member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 37.7 | 24.1 | 11.3 |
All Other Segments [Member] | Operating Segments [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 37.7 | 24.1 | 11.3 |
All Other Segments [Member] | Operating Segments [member] | North America [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | 0 | 1.3 | 1.2 |
All Other Segments [Member] | Operating Segments [member] | Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
REVENUE | $ 37.7 | $ 22.8 | $ 10.1 |
Segment Information - Summary_3
Segment Information - Summary of Assets by Operating Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | $ 1,649.2 | $ 1,687.6 | $ 1,956 | $ 968.9 |
Intangible assets | 2,246.5 | 2,213.4 | $ 2,075.6 | $ 894.1 |
Total | 3,895.7 | 3,901 | ||
Operating Segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 1,649.2 | 1,687.6 | ||
Intangible assets | 2,246.5 | 2,213.4 | ||
Total | 3,895.7 | 3,901 | ||
Operating Segments [member] | Unallocated [member] | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 49.2 | 76.8 | ||
Total | 49.2 | 76.8 | ||
Commercial Aviation [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 542.8 | 498.2 | ||
Intangible assets | 1,193.3 | 1,154.1 | ||
Total | 1,736.1 | 1,652.3 | ||
Defense & Security [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 194.3 | 253.8 | ||
Intangible assets | 80.3 | 11.8 | ||
Total | 274.6 | 265.6 | ||
Executive Aviation [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 396.5 | 344.9 | ||
Intangible assets | 881.3 | 788 | ||
Total | 1,277.8 | 1,132.9 | ||
Service & support [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 510.3 | 589.7 | ||
Total | 519.3 | 589.7 | ||
Service & support [Member] | Operating Segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 9 | |||
All Other Segments [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 5.3 | |||
Intangible assets | 33.4 | 182.7 | ||
Total | 38.7 | 183.7 | ||
All Other Segments [Member] | Operating Segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 1 | |||
Total reportable Segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Property, plant and equipment | 1,649.2 | 1,687.6 | ||
Intangible assets | 2,197.3 | 2,136.6 | ||
Total | $ 3,846.5 | $ 3,824.2 |
Segment Information - Summary_4
Segment Information - Summary of Assets by Geographical Area (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | $ 1,649.2 | $ 1,687.6 | $ 1,956 | $ 968.9 |
Intangible assets | 2,246.5 | 2,213.4 | $ 2,075.6 | $ 894.1 |
Total | 3,895.7 | 3,901 | ||
Operating Segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 1,649.2 | 1,687.6 | ||
Intangible assets | 2,246.5 | 2,213.4 | ||
Total | 3,895.7 | 3,901 | ||
Operating Segments [member] | North America [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 351.1 | 337.7 | ||
Intangible assets | 107.8 | 96.6 | ||
Total | 458.9 | 434.3 | ||
Operating Segments [member] | Europe [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 263 | 305.9 | ||
Intangible assets | 45.3 | 43.2 | ||
Total | 308.3 | 349.1 | ||
Operating Segments [member] | Asia Pacific [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 69 | 44.4 | ||
Total | 69 | 44.4 | ||
Operating Segments [member] | Brazil [member] | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 966.1 | 999.6 | ||
Intangible assets | 2,093.4 | 2,073.6 | ||
Total | $ 3,059.5 | $ 3,073.2 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) R$ in Millions, $ in Millions | 1 Months Ended | ||||
Feb. 13, 2023 USD ($) | Feb. 13, 2023 BRL (R$) | Jan. 31, 2023 USD ($) | Jan. 27, 2023 USD ($) | Jan. 27, 2023 BRL (R$) | |
Credit US EXIM [Member] | |||||
Disclosure of Events After Reporting Period [line items] | |||||
Notional amount | $ 200 | ||||
Major business combination [member] | MultiCorp 2 [Member] | |||||
Disclosure of Events After Reporting Period [line items] | |||||
Investments accounted for using equity method | $ 3.8 | R$ 20.0 | |||
Consideration paid | $ 0.3 | R$ 1.3 | |||
Proportion of ownership interest in joint venture | 40% |