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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2021
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
The table below details the effect of foreign currency derivatives in the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income:
Year ended December 31,
(in millions of Euros)Notes202120202019
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains / (losses) on foreign currency derivatives - net91(4)7
Unrealized gains / (losses) on foreign currency derivatives - net (A)915(9)2
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized (losses) / gains on foreign currency derivatives - net(21)20(15)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement467
Included in Revenue (B)
Realized losses on foreign currency derivatives - net
9(2)(7)(6)
Unrealized (losses) / gains on foreign currency derivatives - net9(2)1(1)
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 tabulated below shows our exposure to the counterparty by rating type (Parent company ratings from Moody’s Investor Services):
At December 31,
20212020
Number of financial counterparties (A)Exposure (in millions of Euros)Number of financial counterparties (A)Exposure (in millions of Euros)
Rated Aa or better3543120
Rated A13988282
Rated Baa333220
Total 1918513422
(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, 2021 and 2020, respectively, to the contractual maturity date.
At December 31,
20212020
(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——————
Net cash flows from derivative assets related to currencies and commodities6012—3313—
Total6012—3313—
At December 31,
20212020
(in millions of Euros)NotesLess than 1 yearBetween 1 - 5 yearsAfter 5 yearsLess than 1 yearBetween 1 - 5 YearsAfter 5 years
Financial liabilities
Borrowings1957101,046101,0891,093
Leases3799854111094
Interest (A)792859611439860
Net debt derivatives———1030—
Net cash flows from derivative liabilities related to currencies and commodities2612—327—
Trade payables and other (excluding contract liabilities)181,30028—82429—
Total1,6371,1341,2271,0311,6631,247
(A)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 forward derivatives for Constellium’s most significant foreign exchange exposures at December 31, 2021.
Sold currenciesMaturity YearLess than 1 yearOver 1 year
USD2022-2025278194
CHF2022-2024779
CZK20222—
Other currencies2022-202313—
Purchased currenciesMaturity YearLess than 1 yearOver 1 year
USD2022-202413823
CHF2022-202515721
CZK202269—
Other currencies2022——
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202120202019
Derivatives
Included in Finance costs - net
Realized (losses) / gains on foreign currency derivatives - net(36)79
Unrealized gains / (losses) on foreign currency derivatives - net46(39)4
Total10(32)13
Commodity price risk  
Disclosure of detailed information about hedging instruments [line items]  
Schedule of Nominal Value of Derivatives
At December 31, 2021, the nominal amount of commodity derivatives is as follows:
(in millions of Euros)MaturityLess than 1 yearOver 1 year
Aluminium 2022-202436713
Premium 2022-2025135
Copper 2022-202353
Silver 20225—
Natural gas2022-202355
Zinc2022-202333
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202120202019
Derivatives
Included in Other gains and losses - net
Realized gains / (losses) on commodity derivatives - net
112(31)(56)
Unrealized gains on commodity derivatives - net242531
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 income 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 income before taxEffect on pretax equity
Trade receivables3—
Trade payables(2)—
Derivatives on commercial transactions (A)(8)(26)
Net commercial transaction exposure(7)(26)
Cash in Bank and intercompany loans113—
Borrowings(110)—
Derivatives on financing transactions(3)—
Net financing transaction exposure——
Total(7)(26)
(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 €26 million relates to derivatives hedging future sales spread from 2022 to 2024 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 income and equity (before tax effect) of a 10% strengthening of the U.S. Dollar versus the Euro (on average rate for income before tax and closing rate for pretax equity) for U.S. Dollar functional currency entities.
(in millions of Euros)Effect on income before taxEffect on pretax equity
10% strengthening U.S. Dollar/Euro1245