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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
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)Notes202020192018
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized (losses) / gains on foreign currency derivatives - net9(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 - net20 (15)(23)
Gains / (losses) reclassified from cash flow hedge reserve to Consolidated Income Statement6 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 - net91 (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,
20202019
Number of financial counterparties (A)Exposure (in millions of Euros)Number of financial counterparties (A)Exposure (in millions of Euros)
Rated Aa or better3 120 2 83 
Rated A8 282 9 81 
Rated Baa2 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,
20202019
(in millions of Euros)Less than 1 yearBetween 1- 5 yearsOver 5 yearsLess than 1 yearBetween 1 - 5 yearsOver 5 years
Financial assets
Net debt derivatives— — — 3 4 — 
Net cash flows from derivative assets related to currencies and commodities33 13 — 21 9 — 
Total33 13 — 24 13 — 
At December 31,
20202019
(in millions of Euros)NotesLess than 1 yearBetween 1 - 5 yearsAfter 5 yearsLess than 1 yearBetween 1 - 5 YearsAfter 5 years
Financial liabilities
Borrowings (A)10 1,089 1,093 139 589 1,438 
Leases41 110 94 40 113 88 
Interest (B)114 398 60 112 404 85 
Net debt derivatives10 30 — 4 — — 
Net cash flows from derivative liabilities related to currencies and commodities32 7 — 31 25 — 
Trade payables and other (excluding contract liabilities)19824 29 — 945 15 — 
Total1,031 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 salesMaturity YearLess than 1 yearOver 1 year
USD/EUR2021-2025508 246 
EUR/CHF2021-202482 26 
EUR/CZK202121 — 
Other currencies20216 — 
Forward derivative purchasesMaturity YearLess than 1 yearOver 1 year
USD/EUR2021-2024624 61 
EUR/CHF2021-2025128 44 
EUR/CZK2021-202285 29 
Other currencies2021— — 
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202020192018
Derivatives
Included in Finance costs - net
Realized gains on foreign currency derivatives - net7 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)MaturityLess than 1 yearOver 1 year
Aluminium 2021-2024238 30 
Premium 2021-20257 6 
Copper 2021-20224 4 
Silver 20212 — 
Natural gas2021-20224 1 
Zinc2021-20234 5 
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202020192018
Derivatives
Included in Other gains and losses - net
Realized (losses) / gains on commodity derivatives - net
(31)(56)7 
Unrealized gains / (losses) on commodity derivatives - net25 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 taxEffect on pretax equity
Trade receivables2 
Trade payables(2)
Derivatives on commercial transactions (A)23 (30)
Net commercial transaction exposure23 (30)
Cash in Bank and intercompany loans123 
Borrowings(170)
Derivatives on financing transactions47 
Net financing transaction exposure— — 
Total23 (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 taxEffect on pretax equity
10% strengthening U.S. Dollar/Euro3 30