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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of Detailed Information About Hedging Instruments | The net fair values of derivative financial instruments as of December 31, 2023 and 2022 were as follows:
|  | As of December 31,
|  | 2023 |  | 2022
Contracts with positive fair value |  |  |  |
Commodities contracts |  | 247 |  |  | — |
Foreign exchange contracts |  | 15,159 |  |  | 227 |
|  | 15,406 |  |  | 227 |
Contracts with negative fair value |  |  |  |
Interest rate swap contracts |  | — |  |  | (1) |
Commodities contracts |  | (6,190) |  |  | (504) |
Foreign exchange contracts |  | (2,030) |  |  | — |
|  | (8,220) |  |  | (505) |
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
|  | Cash flow hedges - Interest rate derivatives
|  | Gross amount |  | Income tax |  | Total
As of December 31, 2021 |  | (60) |  |  | 20 |  |  | (40) |
(Decrease) / Increase |  | 1 |  |  | (1) |  |  | — |
Reclassification to income statement |  | 59 |  |  | (19) |  |  | 40 |
As of December 31, 2022 |  | — |  |  | — |  |  | — |
(Decrease) / Increase |  | — |  |  | — |  |  | — |
Reclassification to income statement |  | — |  |  | — |  |  | — |
As of December 31, 2023 |  | — |  |  | — |  |  | — |
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
|  | Cash flow hedges - Foreign exchange derivatives
|  | Gross amount |  | Income tax |  | Total
As of December 31, 2022 |  | — |  |  | — |  |  | — |
(Decrease) / Increase |  | 22,721 |  |  | (6,824) |  |  | 15,897 |
Reclassification to income statement |  | — |  |  | — |  |  | — |
As of December 31, 2023 |  | 22,721 |  |  | (6,824) |  |  | 15,897 |
The net fair values of the exchange rate derivative contracts as of December 31, 2023 and 2022 were as follows:
|  |  |  |  |  | Fair value at December 31,
Currencies |  | Contract |  | Notional amount |  | 2023 |  | 2022
EUR/$ |  | Forward - Buy EUR |  | 556.9 million EUR |  | 15,159 |  |  | 258 |
COP/$ |  | ND Forward - Sell COP |  | 697.9 billion COP |  | (2,024) |  |  | 227 |
GTQ/$ |  | ND Forward - Sell GTQ |  | 15.7 million GTQ |  | (6) |  |  | — |
MXN/$ |  | ND Forward - Sell MXN |  |  |  | — |  |  | (258) |
|  |  |  |  |  | 13,129 |  |  | 227 |
COP: Colombian pesos; EUR: Euros; $: US dollars; GTQ: Guatemalan quetzales; MXN: Mexican 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 2023-01-01 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_24A&doctype=Standard -URIDate 2023-03-23 + Details
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