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CURRENT FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Financial Instruments [Abstract] |
Disclosure of financial assets |
| At December 31,
| 2022 |  | 2021
| (€ thousand)
Financial derivatives | 80,233 |  |  | 11,565 |
Other financial assets | 7,068 |  |  | 1,935 |
Current financial assets | 87,301 |  |  | 13,500 |
Disclosure of derivative financial instruments | The following table sets forth a breakdown of derivative assets and liabilities at December 31, 2022 and 2021.
| At December 31,
| 2022 |  | 2021
| Positive fair value |  | Negative fair value |  | Positive fair value |  | Negative fair value
| (€ thousand)
Cash flow hedges: |  |  |  |  |  |  |
Foreign currency derivatives | 41,270 |  |  | (16,976) |  |  | 4,437 |  |  | (34,973) |
Commodities | 5 |  |  | (772) |  |  | 182 |  |  | (1,162) |
Interest rate caps | 36,771 |  |  | — |  |  | 6,053 |  |  | — |
Total cash flow hedges | 78,046 |  |  | (17,748) |  |  | 10,672 |  |  | (36,135) |
Other foreign currency derivatives | 2,187 |  |  | (2,245) |  |  | 893 |  |  | (385) |
Total | 80,233 |  |  | (19,993) |  |  | 11,565 |  |  | (36,520) |
The following tables provide an analysis of outstanding derivative financial instruments by foreign currency based on their fair value and notional amounts:
| At December 31, 2022 |  | At December 31, 2021
| Fair Value |  | Notional Amount |  | Fair Value |  | Notional Amount
| (€ thousand)
Currencies: |  |  |  |  |  |  |
U.S. Dollar | 49,466 |  |  | 2,385,494 |  |  | (17,588) |  |  | 1,773,022 |
Pound Sterling | 2,811 |  |  | 121,881 |  |  | (2,343) |  |  | 154,353 |
Japanese Yen | 2,711 |  |  | 275,700 |  |  | 116 |  |  | 282,482 |
Swiss Franc | (991) |  |  | 108,459 |  |  | (2,754) |  |  | 76,953 |
Chinese Yuan | 2,702 |  |  | 176,062 |  |  | (1,125) |  |  | 91,248 |
Other(1) | 3,541 |  |  | 131,319 |  |  | (1,261) |  |  | 108,822 |
Total amount | 60,240 |  |  | 3,198,915 |  |  | (24,955) |  |  | 2,486,880 |
______________________________ (1) Other mainly includes the Australian Dollar, the Canadian Dollar and the Hong Kong Dollar.
Disclosure of reclassified gain/loss from other comprehensive income/(loss) to the consolidated income statement | The Group reclassified gains and losses, net of the related tax effects, from other comprehensive income/(loss) to the consolidated income statement as follows:
| For the years ended December 31,
| 2022 |  | 2021 |  | 2020
| (€ thousand)
Net revenues/(costs) | (75,749) |  |  | 7,275 |  |  | 19,557 |
Income tax (expense)/benefit | 21,134 |  |  | (2,030) |  |  | (5,456) |
Total recognized in the consolidated income statement | (54,615) |  |  | 5,245 |  |  | 14,101 |

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