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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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,
20232022
Contracts with positive fair value
Commodities contracts247 — 
Foreign exchange contracts15,159 227 
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 amountIncome taxTotal
As of December 31, 2021(60)20 (40)
(Decrease) / Increase1 (1)— 
Reclassification to income statement59 (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 amountIncome taxTotal
As of December 31, 2022— — — 
(Decrease) / Increase22,721 (6,824)15,897 
Reclassification to income statement— — — 
As of December 31, 202322,721 (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,
CurrenciesContractNotional amount20232022
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.