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Financial result (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended
--- | --- | ---
Aug. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Financial income |  |  |  |  |
Short term investments |  |  | $ 440 | $ 226 | $ 129
Other |  |  | 80 | 111 | 178
Total financial income |  |  | 520 | 337 | 307
Financial expenses |  |  |  |  |
Loans and borrowings gross interest |  |  | (612) | (671) | (742)
Capitalized loans and borrowing costs |  |  | 47 | 59 | 70
Interest on REFIS |  |  | (152) | (54) | (55)
Interest on lease liabilities |  |  | (64) | (63) | (65)
Bond premium repurchase |  |  | (113) | (63) |
Other |  |  | (285) | (457) | (366)
Total financial expenses |  |  | (1,179) | (1,249) | (1,158)
Other financial items, net |  |  |  |  |
Net foreign exchange gains (losses) |  |  | (398) | 408 | (549)
Participative shareholders' debentures | [1] |  | 659 | (716) | (1,565)
Financial guarantees | [1] |  | 481 | 312 | (468)
Derivative financial instruments |  |  | 1,154 | (23) | (1,210)
Reclassification of cumulative translation adjustments to the income statement |  | $ 1,543 | 1,608 | 4,326 |
Indexation losses, net |  |  | 577 | 276 | 170
Other financial items |  |  | 2,927 | 4,031 | (3,962)
Total |  |  | $ 2,268 | $ 3,119 | $ (4,813)
[1] | Items reclassified in comparative to maintain consistency of disclosure.

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