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GOODWILL
12 Months Ended
Dec. 31, 2022
GOODWILL.  
GOODWILL

NOTE 11 — GOODWILL

The changes in goodwill are as follows:

    

    

Accumulated

    

Goodwill after

Goodwill

impairment losses

Impairment losses

Balance as of January 1, 2020

 

17,445,205

 

(7,975,894)

 

9,469,311

(+/-) Foreign exchange effect

 

4,976,383

 

(2,342,175)

 

2,634,208

Balance as of December 31, 2020

 

22,421,588

 

(10,318,069)

 

12,103,519

(+/-) Foreign exchange effect

 

1,469,190

 

(595,284)

 

873,906

Results in operations with subsidiary and joint ventures (note 3.4)

(549,898)

(549,898)

Balance as of December 31, 2021

 

23,340,880

 

(10,913,353)

 

12,427,527

(+/-) Foreign exchange effect

 

(1,595,333)

 

802,270

 

(793,063)

Balance as of December 31, 2022

 

21,195,649

 

(10,111,083)

 

11,634,464

The amounts of goodwill by segment are as follows:

    

2022

    

2021

    

2020

Brazil

 

373,135

 

373,135

 

373,135

Special Steel

 

3,844,314

 

4,111,619

 

3,828,841

North America

 

7,417,015

 

7,942,773

 

7,901,543

 

11,634,464

 

12,427,527

 

12,103,519