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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of notes and other explanatory information [Abstract] |
Sensitivity analysis for types of market risk | The following table shows a breakdown of Ternium’s assessed financial position exposure to currency risk as of December 31, 2021.
Exposure to functional currency |  | $ million
EU euro (EUR) |  | (78) |
Argentine peso (ARS) |  | 297 |
Mexican peso (MXN) |  | (1,255) |
Brazilian real (BRL) |  | 66 |
Colombian peso (COP) |  | (52) |
Other currencies |  | (1) |
Disclosure of credit risk exposure | The investments in financial assets are as follows:
|  | At December 31, 2021 |  | At December 31, 2020
Cash and cash equivalents |  | 1,276,605 |  | 537,882
Other Investments - Current and Non-Current |  | 1,357,485 |  | 816,157
Fixed Income (time-deposit, zero-coupon bonds, commercial papers) |  | 863,416 |  | 579,917
Deposit certificates |  | 710,996 |  | 451,857
Commercial papers |  | 92,729 |  | 128,060
Other |  | 59,691 |  | —
Bonds and other fixed income |  | 490,806 |  | 233,611
Non - U.S. government securities |  | 367,333 |  | 135,671
Corporate securities |  | 123,473 |  | 97,940
Other notes |  | 3,263 |  | 2,629
The carrying amounts of the Company’s trade and other receivables as of December 31, 2021, are denominated in the following currencies:
Currency |  | $ million
US dollar ($) |  | 1,674 |
EU euro (EUR) |  | 3 |
Argentine peso (ARS) |  | 43 |
Mexican peso (MXN) |  | 214 |
Brazilian real (BRL) |  | 300 |
Colombian peso (COP) |  | 68 |
Other currencies |  | 1 |
|  | 2,303 |
Disclosure of how the entity manages liquidity risk | The table below analyses financial liabilities into relevant maturity groups based on the remaining period at the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
$ million |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter
Borrowings |  | 823 |  |  | 125 |  |  | 522 |  |  | 9 |  |  | — |
Interests to be accrued (1) |  | 22 |  |  | 10 |  |  | 4 |  |  | — |  |  | — |
Trade payables and other liabilities |  | 1,093 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 27 |
Lease liabilities |  | 44 |  |  | 44 |  |  | 30 |  |  | 25 |  |  | 117 |
Total |  | 1,982 |  |  | 184 |  |  | 561 |  |  | 39 |  |  | 144 |
(1) These amounts do not include the effect of derivative financial instruments.
Disclosure of financial assets |
As of December 31, 2021 (in $ thousands) |  | Amortized cost |  | Assets at fair value through profit or loss |  | Assets at fair value through OCI |  | Total
(i) Assets as per statement of financial position |  |  |  |  |  |  |  |
Receivables |  | 202,123 |  |  | — |  |  | — |  |  | 202,123 |
Derivative financial instruments |  | — |  |  | 4,353 |  |  | — |  |  | 4,353 |
Trade receivables |  | 1,767,425 |  |  | — |  |  | — |  |  | 1,767,425 |
Other investments |  | 621,831 |  |  | 244,848 |  |  | 490,806 |  |  | 1,357,485 |
Cash and cash equivalents |  | 584,076 |  |  | 692,529 |  |  | — |  |  | 1,276,605 |
Total |  | 3,175,455 |  |  | 941,730 |  |  | 490,806 |  |  | 4,607,991 |
As of December 31, 2020 (in $ thousands) |  | Amortized cost |  | Assets at fair value through profit or loss |  | Assets at fair value through OCI |  | Total
(i) Assets as per statement of financial position |  |  |  |  |  |  |  |
Receivables |  | 153,527 |  |  | — |  |  | — |  |  | 153,527 |
Derivative financial instruments |  | — |  |  | 1,572 |  |  | — |  |  | 1,572 |
Trade receivables |  | 918,438 |  |  | — |  |  | — |  |  | 918,438 |
Other investments |  | 579,917 |  |  | 2,629 |  |  | 233,611 |  |  | 816,157 |
Cash and cash equivalents |  | 278,862 |  |  | 259,020 |  |  | — |  |  | 537,882 |
Total |  | 1,930,744 |  |  | 263,221 |  |  | 233,611 |  |  | 2,427,576 |
Disclosure of financial liabilities |
As of December 31, 2021 (in $ thousands) |  | Liabilities at fair value through profit or loss |  | Amortized cost |  |  |  | Total
(ii) Liabilities as per statement of financial position |  |  |  |  |  |  |  |
Other liabilities |  | — |  |  | 56,595 |  |  |  |  | 56,595 |
Trade payables |  | — |  |  | 1,078,448 |  |  |  |  | 1,078,448 |
Derivative financial instruments |  | 1,889 |  |  | — |  |  |  |  | 1,889 |
Finance lease liabilities |  | — |  |  | 259,621 |  |  |  |  | 259,621 |
Borrowings |  | — |  |  | 1,479,038 |  |  |  |  | 1,479,038 |
Total |  | 1,889 |  |  | 2,873,702 |  |  |  |  | 2,875,591 |
As of December 31, 2020 (in $ thousands) |  | Liabilities at fair value through profit or loss |  | Amortized cost |  |  |  | Total
(ii) Liabilities as per statement of financial position |  |  |  |  |  |  |  |
Other liabilities |  | — |  |  | 86,070 |  |  |  |  | 86,070 |
Trade payables |  | — |  |  | 1,004,216 |  |  |  |  | 1,004,216 |
Derivative financial instruments |  | 6,358 |  |  | — |  |  |  |  | 6,358 |
Finance lease liabilities |  | — |  |  | 294,103 |  |  |  |  | 294,103 |
Borrowings |  | — |  |  | 1,722,893 |  |  |  |  | 1,722,893 |
Total |  | 6,358 |  |  | 3,107,282 |  |  |  |  | 3,113,640 |
Disclosure of financial instruments at fair value through profit or loss | The following table presents the assets and liabilities that are measured at fair value as of December 31, 2021 and 2020:
|  | Fair value measurement as of December 31, 2021 (in $ thousands):
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3 (*)
Financial assets at fair value through profit or loss / OCI |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 692,529 |  |  | 692,529 |  |  | — |  |  | — |
Other investments |  | 735,654 |  |  | 668,056 |  |  | 39,777 |  |  | 27,821 |
Derivative financial instruments |  | 4,353 |  |  | — |  |  | 4,353 |  |  | — |
Total assets |  | 1,432,536 |  |  | 1,360,585 |  |  | 44,130 |  |  | 27,821 |
Financial liabilities at fair value through profit or loss / OCI |  |  |  |  |  |  |  |
Derivative financial instruments |  | 1,889 |  |  | — |  |  | 1,889 |  |  | — |
Total liabilities |  | 1,889 |  |  | — |  |  | 1,889 |  |  | — |
|  | Fair value measurement as of December 31, 2020 (in $ thousands):
Description |  | Total |  | Level 1 |  | Level 2 |  | Level 3 (*)
Financial assets at fair value through profit or loss / OCI |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 259,020 |  |  | 259,020 |  |  | — |  |  | — |
Other investments |  | 236,240 |  |  | 233,611 |  |  | — |  |  | 2,629 |
Derivative financial instruments |  | 1,572 |  |  | — |  |  | 1,572 |  |  | — |
Total assets |  | 496,832 |  |  | 492,631 |  |  | 1,572 |  |  | 2,629 |
Financial liabilities at fair value through profit or loss / OCI |  |  |  |  |  |  |  |
Derivative financial instruments |  | 6,358 |  |  | — |  |  | 6,358 |  |  | — |
Total liabilities |  | 6,358 |  |  | — |  |  | 6,358 |  |  | — |
(*) The fair value of financial instruments classified as level 3 is not obtained from observable market information, but from measurements of the asset portfolio at market value provided by the fund manager. The evolution of such instruments during the years ended December 31, 2021 and 2020, corresponds to the initial investment and to the changes in its fair value, as follows:.
|  |  |  | Guarantee fund companies |  | Non - U.S. government securities |  | Corporate securities
At December 31, 2020 |  |  |  | 2,629 |  | — |  | — |  | — |  | — |
Additions |  |  |  | — |  |  | 7,863 |  |  | 16,695 |
Changes in fair value |  |  |  | 1,189 |  |  | — |  |  | — |
Net foreign exchange gain |  |  |  | (555) |  |  | — |  |  | — |
At the end of the year |  |  |  | 3,263 |  |  | 7,863 |  |  | 16,695 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The evolution of such instruments during the years ended December 31, 2021 and 2020, corresponds to the initial investment and to the changes in its fair value, as follows:.
|  |  |  | Guarantee fund companies |  | Non - U.S. government securities |  | Corporate securities
At December 31, 2020 |  |  |  | 2,629 |  | — |  | — |  | — |  | — |
Additions |  |  |  | — |  |  | 7,863 |  |  | 16,695 |
Changes in fair value |  |  |  | 1,189 |  |  | — |  |  | — |
Net foreign exchange gain |  |  |  | (555) |  |  | — |  |  | — |
At the end of the year |  |  |  | 3,263 |  |  | 7,863 |  |  | 16,695 |

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