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v3.24.1

BORROWINGS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Borrowings [abstract] |
Disclosure of Detailed Information About Borrowings |
|  | As of December 31,
|  | 2023 |  | 2022
(i) Non-current |  |  |  |
Bank borrowings |  | 9,353 |  |  | 534,352 |
Bonds |  | 747,260 |  |  | — |
Debentures |  | 454,136 |  |  | — |
Less: debt issue costs |  | (4,788) |  |  | (1,651) |
|  | 1,205,961 |  |  | 532,701 |
(ii) Current |  |  |  |
Bank borrowings |  | 915,989 |  |  | 500,091 |
Bonds |  | 23,485 |  |  | — |
Debentures |  | 4,220 |  |  | — |
Less: debt issue costs |  | (3,241) |  |  | (927) |
|  | 940,453 |  |  | 499,164 |
Total Financial Debt |  | 2,146,414 |  |  | 1,031,865 |
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,
|  | 2023 |  | 2022
Bank borrowings |  | 7.28 | % |  | 6.21 | %
Bonds |  | 5.88 | % |  | — |
Debentures |  | 12.52 | % |  | — |
24. BORROWINGS (continued) Breakdown of borrowings by currency is as follows:
|  |  |  | As of December 31,
Currencies |  | Contract |  | 2023 |  | 2022
$ |  | Floating |  | 609,062 |  |  | 684,554 |
$ |  | Fixed |  | 1,021,909 |  |  | 197,259 |
BRL |  | Floating |  | 456,846 |  |  | — |
BRL |  | Fixed |  | 352 |  |  | — |
COP |  | Fixed |  | 53,135 |  |  | 92,680 |
GTQ |  | Fixed |  | 5,110 |  |  | 5,094 |
COP |  | Floating |  | — |  |  | 38,934 |
MXN |  | Floating |  | — |  |  | 13,339 |
ARS |  | Floating |  | — |  |  | 5 |
|  |  |  | 2,146,414 |  |  | 1,031,865 |
$: U.S. dollars; ARS: Argentine pesos; BRL: Brazilian reais; COP: Colombian pesos; GTQ: Guatemalan quetzales; MXN: Mexican pesos. Ternium’s most significant current borrowings as of December 31, 2023, were those incurred under Ternium Brasil's syndicated loan facility, in order to finance solely activities related to its exports of goods, and under Usiminas’ bonds and debentures issued in order to refinance its financial debt:
|  |  |  |  |  | In $ million |  |
Date |  | Borrower |  | Type |  | Original principal amount |  | Outstanding principal amount as of December 31, 2023 |  | Maturity
August 2019 |  | Ternium Brasil |  | Syndicated loan |  | 500 |  |  | 500 |  |  | August 2024
July 2019 |  | Usiminas |  | Bonds |  | 750 |  |  | 750 |  |  | July 2026
May 2022 |  | Usiminas |  | Debentures - 8th emission |  | 145 |  |  | 134 |  |  | May 2029
December 2022 |  | Usiminas |  | Debentures - 9th emission |  | 310 |  |  | 287 |  |  | December 2032
Disclosure of Maturities of Borrowings | The maturity of borrowings is as follows:
|  | Expected Maturity Date
|  | 2024 |  | 2025 |  | 2026 and thereafter |  | At December 31, (1)
|  |  |  |  | 2023 |  | 2022
Borrowings - Fixed Rate |  | 315,696 |  |  | — |  |  | — |  |  | 315,696 |  |  | 295,033 |
Borrowings - Floating Rate |  | 599,727 |  |  | 9,335 |  |  | — |  |  | 609,062 |  |  | 736,832 |
Bonds |  | 21,111 |  |  | — |  |  | 743,699 |  |  | 764,810 |  |  | — |
Debentures |  | 3,920 |  |  | — |  |  | 452,926 |  |  | 456,846 |  |  | — |
Total |  | 940,454 |  |  | 9,335 |  |  | 1,196,625 |  |  | 2,146,414 |  |  | 1,031,865 |
(1) As most borrowings and the debentures incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every 1 month, the fair value of the borrowings and the debentures 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. Regarding the bonds, its fair value approximates the market value.

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