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Note 24 - Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2017
Statement Line Items [Line Items] |
Disclosure of derivative financial instruments [text block] |
24 |  | Derivative financial instruments
Net fair values of derivative financial instruments The net fair values of derivative financial instruments disclosed within Other Receivables and Other Liabilities at the reporting date, in accordance with IAS 39, are:
|  | Year ended December 31, |
|  | 2017 |  |  | 2016 |
Foreign exchange derivatives contracts |  |  | 8,230 |  |  |  | 2,759 |
Contracts with positive fair values |  |  | 8,230 |  |  |  | 2,759 |
Foreign exchange derivatives contracts |  |  | (39,799 | ) |  |  | (42,635 | )
Contracts with negative fair values |  |  | (39,799 | ) |  |  | (42,635 | )
Total |  |  | (31,569 | ) |  |  | (39,876 | )
Foreign exchange derivative contracts and hedge accounting Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December 2017 and 2016, were as follows:
|  |  |  |  |  |  | Fair Value |  |  | Hedge Accounting Reserve |
Purchase currency |  | Sell currency |  | Term |  |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
MXN |  | USD |  |  | 2018 |  |  |  | (20,447 | ) |  |  | (35,165 | ) |  |  | (534 | ) |  |  | 9 |
USD |  | MXN |  |  | 2018 |  |  |  | 490 |  |  |  | 694 |  |  |  | - |  |  |  | (2,280 | )
EUR |  | USD |  |  | 2018 |  |  |  | 5,660 |  |  |  | (360 | ) |  |  | 1,881 |  |  |  | - |
USD |  | EUR |  |  | 2018 |  |  |  | (367 | ) |  |  | (33 | ) |  |  | - |  |  |  | (1,435 | )
JPY |  | USD |  |  | 2018 |  |  |  | (101 | ) |  |  | (179 | ) |  |  | - |  |  |  | 73 |
USD |  | KWD |  |  | 2018 |  |  |  | (630 | ) |  |  | (2,447 | ) |  |  | (520 | ) |  |  | (1,016 | )
USD |  | ARS |  |  | 2018 |  |  |  | 22 |  |  |  | (748 | ) |  |  | - |  |  |  | - |
ARS |  | USD |  |  | 2018 |  |  |  | (13,715 | ) |  |  | 318 |  |  |  | (1,067 | ) |  |  | (93 | )
USD |  | BRL |  |  | 2018 |  |  |  | (17 | ) |  |  | (1,581 | ) |  |  | - |  |  |  | - |
USD |  | CAD |  |  | 2018 |  |  |  | (2,072 | ) |  |  | (225 | ) |  |  | - |  |  |  | - |
Others |  |  |  |  |  |  |  |  | (392 | ) |  |  | (150 | ) |  |  | - |  |  |  | - |
Total |  |  |  |  |  |  |  |  | (31,569 | ) |  |  | (39,876 | ) |  |  | (240 | ) |  |  | (4,742 | )
Following is a summary of the hedge reserve evolution:
|  | Equity Reserve Dec-15 |  |  | Movements 2016 |  |  | Equity Reserve Dec-16 |  |  | Movements 2017 |  |  | Equity Reserve Dec-17 |
Foreign Exchange |  |  | 2,783 |  |  |  | (7,525 | ) |  |  | (4,742 | ) |  |  | 4,502 |  |  |  | (240 | )
Total Cash flow Hedge |  |  | 2,783 |  |  |  | (7,525 | ) |  |  | (4,742 | ) |  |  | 4,502 |  |  |  | (240 | )
Tenaris estimates that the cash flow hedge reserve at December 31, 2017 will be recycled to the Consolidated Income Statement during 2018.

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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