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Note 19 - Borrowings | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of borrowings [text block] |
| 19 | Borrowings
|  | Year ended December 31,
|  | 2019 |  | 2018
Non-current |  |  |  |
Bank borrowings |  |  | 40,896 |  |  |  | 29,214 |
Costs of issue of debt |  |  | (16 | ) |  |  | (27 | )
|  |  | 40,880 |  |  |  | 29,187 |
Current |  |  |  |  |  |  |  |
Bank borrowings |  |  | 781,258 |  |  |  | 508,143 |
Bank overdrafts |  |  | 24 |  |  |  | 1,644 |
Finance lease liabilities |  |  | - |  |  |  | 44 |
Costs of issue of debt |  |  | (10 | ) |  |  | (11 | )
|  |  | 781,272 |  |  |  | 509,820 |
Total Borrowings |  |  | 822,152 |  |  |  | 539,007 |
The maturity of borrowings is as follows:
|  | 1 year or less |  | 1 - 2 years |  | 2 – 3 years |  | 3 - 4 years |  | 4 - 5 years |  | Over 5 years |  | Total
At December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other borrowings |  |  | 781,272 |  |  |  | 17,307 |  |  |  | 23,573 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 822,152 |
Total borrowings |  |  | 781,272 |  |  |  | 17,307 |  |  |  | 23,573 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 822,152 |
Interest to be accrued (*) |  |  | 11,370 |  |  |  | 1,045 |  |  |  | 117 |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 12,532 |
Total |  |  | 792,642 |  |  |  | 18,352 |  |  |  | 23,690 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 834,684 |
|  | 1 year or less |  | 1 - 2 years |  | 2 – 3 years |  | 3 - 4 years |  | 4 - 5 years |  | Over 5 years |  | Total
At December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial lease |  |  | 44 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 44 |
Other borrowings |  |  | 509,776 |  |  |  | 4,271 |  |  |  | 4,771 |  |  |  | 20,145 |  |  |  | - |  |  |  | - |  |  |  | 538,963 |
Total borrowings |  |  | 509,820 |  |  |  | 4,271 |  |  |  | 4,771 |  |  |  | 20,145 |  |  |  | - |  |  |  | - |  |  |  | 539,007 |
Interest to be accrued (*) |  |  | 8,182 |  |  |  | 1,175 |  |  |  | 1,166 |  |  |  | 169 |  |  |  | - |  |  |  | - |  |  |  | 10,692 |
Total |  |  | 518,002 |  |  |  | 5,446 |  |  |  | 5,937 |  |  |  | 20,314 |  |  |  | - |  |  |  | - |  |  |  | 549,699 |
(*) Includes the effect of hedge accounting. Significant borrowings include:
|  |  | In million of USD
Disbursement date | Borrower | Type | Original & Outstanding | Final maturity
2019 | Tamsa | Bank loans | 621 | 2020
2019 | Siderca | Bank loans | 60 | 2020
As of December 31, 2019, Tenaris was in compliance with all of its covenants. The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 2019 and 2018, considering hedge accounting where applicable.
|  | 2019 |  | 2018
Total borrowings |  |  | 3.18 | % |  |  | 3.98 | %
Breakdown of long-term borrowings by currency and rate is as follows: Non-current borrowings
|  |  |  | Year ended December 31,
Currency |  | Interest rates |  | 2019 |  | 2018
USD |  | Fixed |  |  | 18,370 |  |  |  | 18,762 |
SAR |  | Fixed |  |  | 16,106 |  |  |  | - |
EUR |  | Fixed |  |  | 5,108 |  |  |  | 9,023 |
EUR |  | Variable |  |  | 1,296 |  |  |  | 1,402 |
Total non-current borrowings |  |  |  |  | 40,880 |  |  |  | 29,187 |
Breakdown of short-term borrowings by currency and rate is as follows: Current borrowings
|  |  |  | Year ended December 31,
Currency |  | Interest rates |  | 2019 |  | 2018
USD |  | Variable |  |  | 17,092 |  |  |  | 16,847 |
USD |  | Fixed |  |  | 274,799 |  |  |  | 138,303 |
EUR |  | Variable |  |  | 80 |  |  |  | 198 |
EUR |  | Fixed |  |  | 3,772 |  |  |  | 4,178 |
MXN |  | Fixed |  |  | 424,964 |  |  |  | 301,047 |
ARS |  | Fixed |  |  | 86 |  |  |  | 49,125 |
SAR |  | Variable |  |  | 35,666 |  |  |  | - |
SAR |  | Fixed |  |  | 24,797 |  |  |  | - |
Others |  | Variable |  |  | 16 |  |  |  | 89 |
Others |  | Fixed |  |  | - |  |  |  | 33 |
Total current borrowings |  |  |  |  | 781,272 |  |  |  | 509,820 |
Borrowings evolution
|  | Year ended December 31, 2019
|  | Non current |  | Current
At the beginning of the year |  |  | 29,187 |  |  |  | 509,820 |
Translation differences |  |  | (229 | ) |  |  | 669 |
Proceeds and repayments, net |  |  | (4,582 | ) |  |  | 203,931 |
Interests accrued less payments |  |  | 304 |  |  |  | 2,950 |
Reclassifications |  |  | (11,733 | ) |  |  | 11,733 |
Increase due to Business Combinations |  |  | 27,933 |  |  |  | 53,789 |
Overdrafts variation |  |  | - |  |  |  | (1,620 | )
At the end of the year |  |  | 40,880 |  |  |  | 781,272 |
The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years 2019 and 2018.

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