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BORROWINGS
 12 Months Ended
Dec. 31, 2022
Borrowings [abstract]  
BORROWINGS BORROWINGS
As of December 31,
20222021
(i) Non-current
Bank borrowings534,352 659,999 
Less: debt issue costs(1,651)(3,534)
532,701 656,465 
(ii) Current
Bank borrowings500,091 825,139 
Less: debt issue costs(927)(2,566)
499,164 822,573 
Total Borrowings1,031,865 1,479,038 
        
The maturity of borrowings is as follows:
Expected Maturity Date
202320242025 and thereafterAt December 31, (1)
20222021
Fixed Rate295,033 — — 295,033 174,965 
Floating Rate204,108 523,366 9,358 736,832 1,304,073 
Total499,141 523,366 9,358 1,031,865 1,479,038 
(1) As most borrowings incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every 1 month, the fair value of the borrowings approximates their carrying amount and it is not disclosed separately. Fixed rate borrowings are uncommitted short-term revolving loans and their fair value approximates to their carrying amount.
The weighted average interest rates - which incorporate instruments denominated mainly in U.S. dollars and which do not include the effect of derivative financial instruments nor the devaluation of these local currencies - at year-end were as follows:
As of December 31,
20222021
Bank borrowings6.21 %1.45 %
The nominal average interest rates shown above were calculated using the rates set for each instrument in its corresponding currency and weighted using the dollar-equivalent outstanding principal amount of said instruments at December 31, 2022 and 2021, respectively.
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20222021
$Floating684,554 1,252,543 
$Fixed197,259 129,000 
ARSFloating5 — 
MXNFloating13,339 16,310 
COPFloating38,934 35,220 
COPFixed92,680 40,783 
GTQFixed5,094 5,182 
1,031,865 1,479,038 
$: U.S. dollars; ARS: Argentine pesos; COP: Colombian pesos; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
23.    BORROWINGS (continued)
Ternium’s most significant borrowings as of December 31, 2022, were those incurred under Ternium México’s syndicated loan facilities, in order to finance the construction of its hot rolling mill, hot-dip galvanizing and painting lines in Pesquería, and under Ternium Brasil's syndicated loan facility, in order to finance solely activities related to its exports of goods:
In $ million
DateBorrowerTypeOriginal principal amountOutstanding principal amount as of December 31, 2022Maturity
June 2018Ternium MexicoSyndicated loan1,000 125 June 2023
August 2019Ternium BrasilSyndicated loan500 500 August 2024
The main covenants on these loan agreements are limitations on liens and encumbrances, limitations on the sale of certain assets and compliance with financial ratios (i.e. leverage ratio). As of December 31, 2022, Ternium was in compliance with all of its covenants.