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Financial result (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Financial income |  |  |  |
Short-term investments | $ 41 | $ 28 | $ 68 | $ 80
Others | 45 | 107 | 92 | 162
Total financial income | 86 | 135 | 160 | 242
Financial expenses |  |  |  |
Loans and borrowings gross interest | (176) | (193) | (383) | (407)
Capitalized loans and borrowing costs | 14 | 12 | 30 | 44
Participative stockholders' debentures | (278) | (231) | (1,261) | (280)
Interest on REFIS | (10) | (12) | (17) | (37)
Interest on lease liabilities | (16) | (17) | (35) | (35)
Financial guarantees | 401 | (31) | 364 | (172)
Expenses with cash tender offer redemption |  |  | (63) |
Others | (112) | (113) | (198) | (223)
Total financial expenses | (177) | (585) | (1,563) | (1,110)
Other financial items, net |  |  |  |
Net foreign exchange gains (losses) | (390) | 107 | (70) | (357)
Derivative financial instruments | 856 | (86) | 417 | (1,470)
Reclassification of cumulative translation adjustment on VNC sale |  |  | 1,132 |
Indexation losses, net | (25) | (56) | 197 | (75)
Other financial items | 441 | (35) | 1,676 | (1,902)
Financial results | $ 350 | $ (485) | $ 273 | $ (2,770)

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