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v3.23.3

Financial result (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Financial income |  |  |  |
Short-term investments | $ 82 | $ 121 | $ 170 | $ 250
Other | 24 | 16 | 57 | 37
| 106 | 137 | 227 | 287
Financial expenses |  |  |  |
Loans and borrowings gross interest | (185) | (162) | (365) | (323)
Capitalized loans and borrowing costs | 5 | 17 | 10 | 31
Interest on REFIS | (38) | (39) | (76) | (71)
Interest on lease liabilities | (15) | (16) | (30) | (32)
Bond premium repurchase | (22) | (113) | (22) | (113)
Other | (142) | (59) | (234) | (159)
| (397) | (372) | (717) | (667)
Other financial items, net |  |  |  |
Participative shareholders' debentures | 321 | 537 | 274 | 288
Financial guarantees |  | 356 |  | 479
Derivative financial instruments, net | 563 | (270) | 755 | 591
Foreign exchange and indexation gains (losses), net (i) | (750) | 433 | (1,226) | (399)
| 134 | 1,056 | (197) | 959
Total | $ (157) | $ 821 | $ (687) | $ 579

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