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Note 23 - Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2018
Statement Line Items [Line Items]  
Disclosure of derivative financial instruments [text block]
23
Derivative financial instruments
 
Net fair values of derivative financial instruments
 
The net fair values of derivative financial instruments, in accordance with IFRS
13,
are:
    Year ended December 31,
    2018   2017
Derivatives hedging borrowings and investments    
5,604
      
2,036
  
Other Derivatives    
3,621
      
6,194
  
Contracts with positive fair values (*)    
9,225
      
8,230
  
                 
Derivatives hedging borrowings and investments    
(11,667
 )    
(34,770
 )
Other Derivatives    
(311
 )    
(5,029
 )
Contracts with negative fair values    
(11,978
 )    
(39,799
 )
Total    
(2,753
 )    
(31,569
 )
 
(*) Includes
$52
thousand of non-current derivatives.
 
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 2018
and
2017,
were as follows:
 
            Fair Value   Hedge Accounting Reserve
Purchase currency   Sell currency   Term   2018   2017   2018   2017
ARS  
USD
    
2019
      
(6,542
 )    
(13,715
 )    
(895
 )    
(1,067
 )
USD  
ARS
    
2018
      
-
      
22
      
-
      
-
  
USD  
BRL
    
2019
      
(131
 )    
(17
 )    
-
      
-
  
EUR  
USD
    
2019
      
203
      
5,660
      
-
      
1,881
  
USD  
EUR
    
2018
      
-
      
(367
 )    
-
      
-
  
MXN  
USD
    
2019
      
888
      
(20,447
 )    
(411
 )    
(534
 )
USD  
MXN
    
2018
      
-
      
490
      
-
      
-
  
JPY  
USD
    
2019
      
271
      
(101
 )    
-
      
-
  
USD  
KWD
    
2019
      
522
      
(630
 )    
390
      
(520
 )
USD  
CAD
    
2019
      
2,089
      
(2,072
 )    
-
      
-
  
Others  
 
    
 
      
(53
 )    
(392
 )    
-
      
-
  
Total  
 
    
 
      
(2,753
 )    
(31,569
 )    
(916
 )    
(240
 )
 
23
Derivative financial instruments (Cont.)
 
Following is a summary of the hedge reserve evolution:
 
   
Equity Reserve
Dec-16
  
Movements
2017
  
Equity Reserve
Dec-17
  
Movements
2018
  
Equity Reserve
Dec-18
Foreign Exchange    
(4,742
 )    
4,502
      
(240
 )    
(676
 )    
(916
 )
Total Cash flow Hedge    
(4,742
 )    
4,502
      
(240
 )    
(676
 )    
(916
 )
 
Tenaris estimates that the cash flow hedge reserve at
December 31, 2018
will be recycled to the Consolidated Income Statement during
2019.