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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income taxes |
Schedule of deferred income tax assets and liabilities |
|  | December 31, 2020 |  | December 31, 2019
Taxes losses carryforward |  | 4,328 |  | 4,659
Temporary differences: |  |  |  |
Employee post retirement obligations |  | 744 |  | 840
Provision for litigation |  | 356 |  | 443
Timing differences arising on assets and liabilities |  | 4,331 |  | 3,246
Fair value of financial instruments |  | 1,355 |  | 864
Allocated goodwill |  | (2,623) |  | (2,640)
Goodwill amortization |  | (442) |  | (478)
Others |  | 516 |  | 401
|  | 4,237 |  | 2,676
Total |  | 8,565 |  | 7,335
Assets |  | 10,335 |  | 9,217
Liabilities |  | (1,770) |  | (1,882)
|  | 8,565 |  | 7,335
Schedule of changes in deferred tax |
|  | Assets |  | Liabilities |  | Deferred taxes, net
Balance at December 31, 2018 |  | 6,908 |  | 1,532 |  | 5,376
Utilization of taxes losses carryforward |  | (443) |  | — |  | (443)
Timing differences arising on assets and liabilities |  | 2,113 |  | — |  | 2,113
Fair value of financial instruments |  | 328 |  | — |  | 328
Allocated goodwill |  | — |  | (210) |  | 210
Others |  | (91) |  | — |  | (91)
Effect in income statement |  | 1,907 |  | (210) |  | 2,117
Transfers between asset and liabilities |  | 252 |  | 252 |  | —
Acquisition of subsidiaries (i) |  | 104 |  | 250 |  | (146)
Translation adjustment |  | (187) |  | 47 |  | (234)
Other comprehensive income |  | 233 |  | 11 |  | 222
Balance at December 31, 2019 |  | 9,217 |  | 1,882 |  | 7,335
Taxes losses carryforward |  | 374 |  | — |  | 374
Timing differences arising on assets and liabilities |  | 1,690 |  | — |  | 1,690
Fair value of financial instruments |  | 756 |  | — |  | 756
Allocated goodwill |  | — |  | (108) |  | 108
Others |  | 32 |  | — |  | 32
Effect in income statement |  | 2,852 |  | (108) |  | 2,960
Transfers between asset and liabilities |  | 38 |  | 38 |  | —
Translation adjustment |  | (1,811) |  | (37) |  | (1,774)
Other comprehensive income |  | 39 |  | (5) |  | 44
Balance at December 31, 2020 |  | 10,335 |  | 1,770 |  | 8,565
(i) Refers to the acquisition of New Steel and Ferrous Resources Limited (note 15).
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law |
|  | Year ended December 31,
|  | 2020 |  | 2019 |  | 2018
Income (loss) before income taxes |  | 4,969 |  | (2,775) |  | 6,816
Income taxes at statutory rate‐34% |  | (1,689) |  | 944 |  | (2,317)
Adjustments that affect the basis of taxes: |  |  |  |  |  |
Income tax benefit from interest on stockholders' equity |  | 316 |  | 601 |  | 873
Tax incentives |  | 211 |  | 189 |  | 576
Equity results |  | (41) |  | 77 |  | 104
Addition (reversal) of tax loss carryforward (i) |  | 769 |  | 25 |  | 1,510
Unrecognized tax losses of the year |  | (217) |  | (1,059) |  | (458)
Others |  | 213 |  | (182) |  | (116)
Income taxes |  | (438) |  | 595 |  | 172
(i) Mainly refers to the effect of monetary exchange variation on tax losses carryforward from foreign subsidiaries.

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