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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020 were as follows:
|  | As of December 31,
|  | 2021 |  | 2020
Contracts with positive fair value |  |  |  |
Foreign exchange contracts |  | 4,353 |  |  | 1,572 |
|  | 4,353 |  |  | 1,572 |
Contracts with negative fair value |  |  |  |
Interest rate swap contracts |  | (163) |  |  | (523) |
Foreign exchange contracts |  | (1,726) |  |  | (5,835) |
|  | (1,889) |  |  | (6,358) |
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, 2019 |  | (72) |  |  | 23 |  |  | (49) |
(Decrease) / Increase |  | (454) |  |  | 136 |  |  | (318) |
Reclassification to income statement |  | 188 |  |  | (56) |  |  | 132 |
At December 31, 2020 |  | (338) |  |  | 103 |  |  | (235) |
(Decrease) / Increase |  | — |  |  | — |  |  | — |
Reclassification to income statement |  | 278 |  |  | (83) |  |  | 195 |
At December 31, 2021 |  | (60) |  |  | 20 |  |  | (40) |
The net fair values of the exchange rate derivative contracts as of December 31, 2021 and 2020 were as follows:
|  |  |  |  |  | Fair value at December 31,
Currencies |  | Contract |  | Notional amount |  | 2021 |  | 2020
EUR/$ |  | Forward - Buy EUR |  | 47.1 million EUR |  | 245 |  |  | 1,572 |
COP/$ |  | ND Forward - Sell COP |  | 337.3 billion COP |  | 4,038 |  |  | (5,835) |
EUR/$ |  | Forward - Sell EUR |  | 3.0 million EUR |  | 70 |  |  | — |
ARS/$ |  | ND Forward - Buy ARS |  | 10.9 billion ARS |  | (1,726) |  |  | — |
|  |  |  |  |  | 2,627 |  |  | (4,263) |
COP: Colombian pesos; EUR: Euros; $: U.S. dollars; ARS: Argentine pesos.

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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 2021-01-01 -Paragraph 24A -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_24A&doctype=Standard -URIDate 2021-03-24 + Details
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