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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of detailed information about hedging instruments | The net fair values of derivative financial instruments at December 31, 2020 and 2019 were as follows:
|  | As of December 31,
|  | 2020 |  | 2019
Contracts with positive fair value |  |  |  |
Foreign exchange contracts |  | 1,572 |  |  | 1,196 |
|  | 1,572 |  |  | 1,196 |
Contracts with negative fair value |  |  |  |
Interest rate swap contracts |  | (523) |  |  | (17) |
Foreign exchange contracts |  | (5,835) |  |  | (3,007) |
|  | (6,358) |  |  | (3,024) |
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
|  | Cash flow hedges
|  | Gross amount |  | Income tax |  | Total
At December 31, 2018 |  | 679 |  |  | (202) |  |  | 477 |
(Decrease) / Increase |  | (475) |  |  | 142 |  |  | (333) |
Reclassification to income statement |  | (276) |  |  | 83 |  |  | (193) |
At December 31, 2019 |  | (72) |  |  | 23 |  |  | (49) |
(Decrease) / Increase |  | (454) |  |  | 136 |  |  | (318) |
Reclassification to income statement |  | 188 |  |  | (56) |  |  | 132 |
At December 31, 2020 |  | (338) |  |  | 103 |  |  | (235) |
The net fair values of the exchange rate derivative contracts as of December 31, 2020 and December 31, 2019 were as follows:
|  |  |  |  |  | Fair value at December 31,
Currencies |  | Contract |  | Notional amount |  | 2020 |  | 2019
EUR/$ |  | ND Forward - Buy EUR |  | 53.7 million EUR |  | 1,572 |  |  | 1,196 |
COP/$ |  | ND Forward - Sell COP |  | 291.5 billion COP |  | (5,835) |  |  | (3,007) |
|  |  |  |  |  | (4,263) |  |  | (1,811) |
COP: Colombian pesos; EUR: E.U. euros; $: U.S. dollars.

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- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2020-01-01 -Paragraph 24A -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_24A&doctype=Standard -URIDate 2020-01-01 + Details
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