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DEFERRED INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred income tax [Abstract]  
Schedule of Changes in Deferred Income Tax
Changes in deferred income tax are as follows:
As of December 31,
20232022
At the beginning of the year37,495 (25,471)
Acquisition of business (note 3)1,327,232 — 
Translation differences(4,373)330 
Recognition of previously unrecognized tax losses128,634 — 
Charges directly to other comprehensive income(48,854)(18,056)
Deferred tax credit (note 11)102,431 80,692 
At the end of the year1,542,565 37,495 
Changes in Deferred Tax Assets and Liabilities
The changes in deferred tax assets and liabilities (prior to offsetting the balances within the same tax jurisdiction) during the year are as follows:

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2023
Property, plant and equipment(200,556)(2,360)412,320 — — 114,134 323,538 
Inventories(69,594)(903)116,290 — — (27,962)17,831 
Intangible assets(22,923)(683)143,033 — — 14,901 134,328 
Provisions98,999 (698)255,529 — — 267 354,097 
Trade receivables15,515 — 28,510 — — (1,351)42,674 
Tax losses (1)17,400 4,901 304,237 — — 56,433 382,971 
Other (2)198,654 (4,630)67,313 (48,854)128,634 (53,991)287,126 
At the end of the year37,495 (4,373)1,327,232 (48,854)128,634 102,431 1,542,565 
(1) As of December 31, 2023, the recognized deferred tax assets on tax losses amount to $383.0 million mainly connected to Ternium Brasil Ltda. and Usinas Siderúrgicas de Minas Gerais S.A. Additionally, there are net unrecognized deferred tax assets of $14.2 million, connected to Usinas Siderúrgicas de Minas Gerais S.A., and unrecognized tax losses amounting to $357.4 million from Usinas Siderúrgicas de Minas Gerais S.A. and $889.4 million from Ternium Brasil Ltda. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption limitation, while losses incurred as from 2017 may be carried forward for a maximum of 17 years. Unrecognized tax losses of Ternium SA as of December 31, 2022 amounted to $2.1 billion and the estimated tax loss for the fiscal year 2023 amounted to $30.1 million, with approximately 92% of the referred tax losses generated before 2017. Unrecognized tax losses of Ternium Investments S.à r.l. as of December 31, 2022 amounted to $2.6 billion and the estimated tax result for fiscal year 2023 amounted to $0.9 million, with approximately 98% of the referred tax losses generated before 2017.
(2) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2022
Property, plant and equipment(353,420)— — — — 152,864 (200,556)
Inventories49,437 — — — — (119,031)(69,594)
Intangible assets(26,323)— — — — 3,400 (22,923)
Provisions82,139 — — — — 16,860 98,999 
Trade receivables35,144 — — — — (19,629)15,515 
Tax losses (1)3,578 — — — — 13,822 17,400 
Other (2)183,975 330 — (18,056)— 32,406 198,654 
At the end of the year(25,471)330 — (18,056)— 80,692 37,495 
(3) As of December 31, 2022, the recognized deferred tax assets on tax losses amount to $17.4 million and there are net unrecognized deferred tax assets of $202.0 million and unrecognized tax losses amounting to $879.0 million. These two last effects are connected to the acquisition of Ternium Brasil Ltda.
(4) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.