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,
	2019			2018
Derivatives hedging borrowings and investments		19,000			5,604
Other Derivatives		929			3,621
Contracts with positive fair values (*)		19,929			9,225

Derivatives hedging borrowings and investments		-			(11,667	)
Other Derivatives		(1,814	)		(311	)
Contracts with negative fair values		(1,814	)		(11,978	)
Total		18,115			(2,753	)

(*) In

2018

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 2019

and

2018,

were as follows:

				Fair Value						Hedge Accounting Reserve
Purchase currency	Sell currency	Term		2019			2018			2019		2018
MXN	USD		2020		18,999			888			404		(411	)
USD	MXN		2020		(576	)		-			-		-
ARS	USD		2020		-			(6,542	)		-		(895	)
EUR	USD		2020		588			203			-		-
USD	JPY		2030		-			-			2,149		-
USD	BRL		2020		(234	)		(131	)		-		-
JPY	USD		2020		(190	)		271			-		-
USD	KWD		2020		103			522			38		390
USD	CAD		2020		(200	)		2,089			-		-
USD	COP		2020		(345	)		(23	)		-		-
Others			2020		(30	)		(30	)		-		-
Total					18,115			(2,753	)		2,591		(916	)

Following is a summary of the hedge reserve evolution:

	Equity Reserve Dec-17			Movements 2018			Equity Reserve Dec-18			Movements 2019		Equity Reserve Dec-19
Foreign Exchange		(240	)		(676	)		(916	)		3,507		2,591
Total Cash flow Hedge		(240	)		(676	)		(916	)		3,507		2,591

Tenaris estimates that the cash flow hedge reserve corresponding to derivatives instruments at

December 31, 2019

will be recycled to the Consolidated Income Statement during

2020.

For information on lease liabilities, see Note

11.