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Financial results (Details) - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Financial income |  |  |
Short-term investments | $ 309 | $ 440 | $ 226
Other | 123 | 80 | 111
Total financial income | 432 | 520 | 337
Financial expenses |  |  |
Loans and borrowings gross interest | (744) | (612) | (671)
Capitalized loans and borrowing costs | 19 | 47 | 59
Interest on REFIS | (148) | (152) | (54)
Interest on lease liabilities | (62) | (64) | (63)
Bond premium repurchase | (22) | (113) | (63)
Interest on accounts payable | (203) | (51) | (45)
Other | (299) | (234) | (412)
Total financial expenses | (1,459) | (1,179) | (1,249)
Other financial items, net |  |  |
Foreign exchange and indexation gains (losses), net | (1,643) | (975) | 132
Participative shareholders' debentures (i) | (179) | 659 | (716)
Financial guarantees (i) |  | 481 | 312
Derivative financial instruments, net | 903 | 1,154 | (23)
Reclassification of cumulative translation adjustments to the income statement |  | 1,608 | 4,326
Total other financial expenses | (919) | 2,927 | 4,031
Total | $ (1,946) | $ 2,268 | $ 3,119

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