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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022.

Exposure to functional currency												$ million
									EU euro (EUR)												(29)
Argentine peso (ARS)												(22)
Mexican peso (MXN)												(260)
Brazilian real (BRL)												39
Colombian peso (COP)												(94)
Other currencies												(2)

Disclosure of credit risk exposure

The investments in financial assets are as follows:

						At December 31, 2022						At December 31, 2021
Cash and cash equivalents						1,653,355						1,276,605
Other Investments - Current and Non-Current						1,975,490						1,357,485
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)						576,784						863,416
Deposit certificates						204,802						710,996
Commercial papers						323,386						92,729
Other						48,596						59,691
Bonds and other fixed income						1,395,853						490,806
Non - U.S. government securities						651,633						367,333
U.S. government and corporate securities						744,220						123,473
Other notes						2,853						3,263

    

The carrying amounts of the Company’s trade and other receivables as of December 31, 2022, are denominated in the following currencies:

Currency												$ million
US dollar ($)												1,102
EU euro (EUR)												25
Argentine peso (ARS)												26
Mexican peso (MXN)												594
Brazilian real (BRL)												338
Colombian peso (COP)												76
Other currencies												1
												2,162

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												2023						2024						2025						2026						Thereafter
Borrowings												499						524						9						—						—
Interests to be accrued (1)												38						14						1						—						—
Trade payables and other liabilities												1,117						8						6						3						33
Lease liabilities												49						34						28						28						100
Total												1,703						580						44						31						133

(1) These amounts do not include the effect of derivative financial instruments.

Disclosure of financial assets

As of December 31, 2022 (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						197,686						—						—						197,686
Derivative financial instruments						—						227						—						227
Trade receivables						1,180,689						—						—						1,180,689
Other investments						483,209						96,428						1,395,853						1,975,490
Cash and cash equivalents						880,402						772,953						—						1,653,355
Total						2,741,986						869,608						1,395,853						5,007,447

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

Disclosure of financial liabilities

As of December 31, 2022 (in $ thousands)						Liabilities at fair value through profit or loss						Amortized cost												Total
(ii) Liabilities as per statement of financial position
Other liabilities						—						64,968												64,968
Trade payables						—						1,102,264												1,102,264
Derivative financial instruments						505						—												505
Finance lease liabilities						—						239,149												239,149
Borrowings						—						1,031,865												1,031,865
Total						505						2,438,246												2,438,751

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

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, 2022 and 2021:

						Fair value measurement as of December 31, 2022 (in $ thousands):
Description						Total						Level 1						Level 2						Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents						772,953						772,953						—						—
Other investments						1,492,281						1,283,284						164,980						44,017
Derivative financial instruments						227						—						227						—
Total assets						2,265,461						2,056,237						165,207						44,017
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments						505						—						505						—
Total liabilities						505						—						505						—

						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						—

(*) 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, 2022 and 2021, 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, 2021												3,263						7,863						16,695
Disinvestment												(74)						(2,237)						(12,502)
Interest accrued												—						(1,578)
Changes in fair value												2,158						875						(339)
Reclassifications												—						36,240
Net foreign exchange gain												(2,493)						—						(3,854)
At December 31, 2022												2,854						41,163						—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The evolution of such instruments during the years ended December 31, 2022 and 2021, 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, 2021												3,263						7,863						16,695
Disinvestment												(74)						(2,237)						(12,502)
Interest accrued												—						(1,578)
Changes in fair value												2,158						875						(339)
Reclassifications												—						36,240
Net foreign exchange gain												(2,493)						—						(3,854)
At December 31, 2022												2,854						41,163						—

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