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Financial result (Details) - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Financial income |  |  |
Short-term investments | $ 129 | $ 247 | $ 177
Others | 246 | 280 | 246
Total financial income | 375 | 527 | 423
Financial expenses |  |  |
Loans and borrowings gross interest | (819) | (989) | (1,185)
Capitalized loans and borrowing costs | 70 | 140 | 194
Participative stockholders' debentures | (1,565) | (1,475) | (550)
Interest on REFIS | (55) | (154) | (197)
Interest on lease liabilities | (70) | (76) |
Financial guarantees | (468) | (353) | 23
Expenses with cash tender offer repurchased |  | (265) | (273)
Others | (376) | (574) | (326)
Total financial expenses | (3,283) | (3,746) | (2,314)
Other financial items, net |  |  |
Net foreign exchange gains (losses) | (523) | 39 | (2,247)
Derivative financial instruments | (1,210) | 244 | (266)
Indexation losses, net | (170) | (477) | (553)
Other financial items | (1,903) | (194) | (3,066)
Financial results | (4,811) | $ (3,413) | $ (4,957)
Eletrobras, Compulsory Loan |  |  |
Other financial items, net |  |  |
Other financial income from contingent asset recorded | $ 59 |  |

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