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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement and Statement of Comprehensive Income/(Loss) | The table below details the effect of foreign currency derivatives in the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income / (Loss):
|  |  |  | Year ended December 31,
(in millions of Euros) |  | Notes |  | 2020 |  | 2019 |  | 2018
Derivatives that do not qualify for hedge accounting |  |  |  |  |  |  |  |
Included in Other gains and losses - net |  |  |  |  |  |  |  |
Realized (losses) / gains on foreign currency derivatives - net |  | 9 |  | (4) |  |  | 7 |  |  | 7 |
Unrealized (losses) / gains on foreign currency derivatives - net (A) |  | 9 |  | (9) |  |  | 2 |  |  | (1) |
Derivatives that qualify for hedge accounting |  |  |  |  |  |  |  |
Included in Other comprehensive income / (loss) |  |  |  |  |  |  |  |
Unrealized gains / (losses) on foreign currency derivatives - net |  |  |  | 20 |  |  | (15) |  |  | (23) |
Gains / (losses) reclassified from cash flow hedge reserve to Consolidated Income Statement |  |  |  | 6 |  |  | 7 |  |  | (2) |
Included in Revenue (B) |  |  |  |  |  |  |  |
Realized (losses) / gains on foreign currency derivatives - net |  | 9 |  | (7) |  |  | (6) |  |  | 4 |
Unrealized gains / (losses) on foreign currency derivatives - net |  | 9 |  | 1 |  |  | (1) |  |  | (2) |
Derivatives discontinued from hedge accounting |  |  |  |  |  |  |  |
Included in Other gains and losses - net |  |  |  |  |  |  |  |
Losses reclassified from OCI as a result of hedge accounting discontinuation (C) |  | 9 |  | (6) |  |  | — |  |  | — |
(A)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized. (B)Derivatives that qualify for hedge accounting are included in Revenue when the related customer invoices have been issued. (C)In the year ended December 31, 2020, we determined that a portion of the hedged forecasted sales for 2020 and 2021, to which hedge accounting was applied, was no longer expected to occur. As a result, the fair value of the related derivatives accumulated in equity was reclassified in the Consolidated Income Statement and resulted a €6 million loss.
Schedule of Exposure to Financial Counterparties by Rating Type | The number of financial counterparties is tabulated below showing our exposure to the counterparty by rating type (Parent company ratings from Moody’s Investor Services):
|  | At December 31,
|  | 2020 |  | 2019
|  | Number of financial counterparties (A) |  | Exposure (in millions of Euros) |  | Number of financial counterparties (A) |  | Exposure (in millions of Euros)
Rated Aa or better |  | 3 |  |  | 120 |  |  | 2 |  |  | 83 |
Rated A |  | 8 |  |  | 282 |  |  | 9 |  |  | 81 |
Rated Baa |  | 2 |  |  | 20 |  |  | 3 |  |  | 5 |
Total |  | 13 |  |  | 422 |  |  | 14 |  |  | 169 |
(A)Financial counterparties for which the Group’s exposure is below €0.25 million have been excluded from the analysis.
Schedule of Undiscounted Contractual Financial Assets and Financial Liabilities Values by Relevant Maturity Groupings | The tables below show undiscounted contractual financial assets and financial liabilities values by relevant maturity groupings based on the remaining periods from December 31, 2020 and 2019, respectively, to the contractual maturity date.
|  | At December 31,
|  | 2020 |  | 2019
(in millions of Euros) |  | Less than 1 year |  | Between 1- 5 years |  | Over 5 years |  | Less than 1 year |  | Between 1 - 5 years |  | Over 5 years
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Net debt derivatives |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 4 |  |  | — |
Net cash flows from derivative assets related to currencies and commodities |  | 33 |  |  | 13 |  |  | — |  |  | 21 |  |  | 9 |  |  | — |
Total |  | 33 |  |  | 13 |  |  | — |  |  | 24 |  |  | 13 |  |  | — |
|  |  |  | At December 31,
|  |  |  | 2020 |  | 2019
(in millions of Euros) |  | Notes |  | Less than 1 year |  | Between 1 - 5 years |  | After 5 years |  | Less than 1 year |  | Between 1 - 5 Years |  | After 5 years
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings (A) |  |  |  | 10 |  |  | 1,089 |  |  | 1,093 |  |  | 139 |  |  | 589 |  |  | 1,438 |
Leases |  |  |  | 41 |  |  | 110 |  |  | 94 |  |  | 40 |  |  | 113 |  |  | 88 |
Interest (B) |  |  |  | 114 |  |  | 398 |  |  | 60 |  |  | 112 |  |  | 404 |  |  | 85 |
Net debt derivatives |  |  |  | 10 |  |  | 30 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Net cash flows from derivative liabilities related to currencies and commodities |  |  |  | 32 |  |  | 7 |  |  | — |  |  | 31 |  |  | 25 |  |  | — |
Trade payables and other (excluding contract liabilities) |  | 19 |  | 824 |  |  | 29 |  |  | — |  |  | 945 |  |  | 15 |  |  | — |
Total |  |  |  | 1,031 |  |  | 1,663 |  |  | 1,247 |  |  | 1,271 |  |  | 1,146 |  |  | 1,611 |
(A)At December 31, 2019, borrowings include the Pan-U.S. ABL, which is considered short-term in nature and is included in the category “Less than 1 year”. (B)Interest disclosed is an undiscounted forecasted interest amount that excludes interest on leases.
Currency risk |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Nominal Value of Derivatives | The following tables outline the nominal value (converted to millions of Euros at the closing rate) of derivatives for Constellium’s most significant foreign exchange exposures at December 31, 2020.
Forward derivative sales |  | Maturity Year |  | Less than 1 year |  | Over 1 year
USD/EUR |  | 2021-2025 |  | 508 |  |  | 246 |
EUR/CHF |  | 2021-2024 |  | 82 |  |  | 26 |
EUR/CZK |  | 2021 |  | 21 |  |  | — |
Other currencies |  | 2021 |  | 6 |  |  | — |
Forward derivative purchases |  | Maturity Year |  | Less than 1 year |  | Over 1 year
USD/EUR |  | 2021-2024 |  | 624 |  |  | 61 |
EUR/CHF |  | 2021-2025 |  | 128 |  |  | 44 |
EUR/CZK |  | 2021-2022 |  | 85 |  |  | 29 |
Other currencies |  | 2021 |  | — |  |  | — |
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement |
|  | Year ended December 31,
(in millions of Euros) |  | 2020 |  | 2019 |  | 2018
Derivatives |  |  |  |  |  |
Included in Finance costs - net |  |  |  |  |  |
Realized gains on foreign currency derivatives - net |  | 7 |  |  | 9 |  |  | 5 |
Unrealized (losses) / gains on foreign currency derivatives - net |  | (39) |  |  | 4 |  |  | 23 |
Total |  | (32) |  |  | 13 |  |  | 28 |
Commodity price risk |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Nominal Value of Derivatives | At December 31, 2020, the nominal amount of commodity derivatives is as follows:
(in millions of Euros) |  | Maturity |  | Less than 1 year |  | Over 1 year
Aluminium |  | 2021-2024 |  | 238 |  |  | 30 |
Premium |  | 2021-2025 |  | 7 |  |  | 6 |
Copper |  | 2021-2022 |  | 4 |  |  | 4 |
Silver |  | 2021 |  | 2 |  |  | — |
Natural gas |  | 2021-2022 |  | 4 |  |  | 1 |
Zinc |  | 2021-2023 |  | 4 |  |  | 5 |
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement |
|  | Year ended December 31,
(in millions of Euros) |  | 2020 |  | 2019 |  | 2018
Derivatives |  |  |  |  |  |
Included in Other gains and losses - net |  |  |  |  |  |
Realized (losses) / gains on commodity derivatives - net |  | (31) |  |  | (56) |  |  | 7 |
Unrealized gains / (losses) on commodity derivatives - net |  | 25 |  |  | 31 |  |  | (83) |
Other currencies |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Impact on Profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro | The table below summarizes the impact on profit and equity (before tax effect) of a 10% strengthening of the U.S. Dollar versus the Euro for non U.S. Dollar functional currency entities.
(in millions of Euros) |  | Effect on profit before tax |  | Effect on pretax equity
Trade receivables |  | 2 |  |  |
Trade payables |  | (2) |  |  |
Derivatives on commercial transactions (A) |  | 23 |  |  | (30) |
Net commercial transaction exposure |  | 23 |  |  | (30) |
Cash in Bank and intercompany loans |  | 123 |  |  |
Borrowings |  | (170) |  |  |
Derivatives on financing transactions |  | 47 |  |  |
Net financing transaction exposure |  | — |  |  | — |
Total |  | 23 |  |  | (30) |
(A)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized. The impact on pretax equity of €30 million relates to derivatives hedging future sales spread from 2021 to 2025 which are designated as cash flow hedges.
U.S. Dollars |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Impact on Profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro | The table below summarizes the impact on profit and equity (before tax effect) of a 10% strengthening of the U.S. Dollar versus the Euro (on average rate for profit before tax and closing rate for pretax equity) for U.S. Dollar functional currency entities.
(in millions of Euros) |  | Effect on profit before tax |  | Effect on pretax equity
10% strengthening U.S. Dollar/Euro |  | 3 |  |  | 30 |

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