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Note 1 - Segment Information | 12 Months Ended
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Dec. 31, 2020
Disclosure of operating segments [abstract] |
Note 1 - Segment Information | 1 Segment information As mentioned in sectio n II.C, the S egment I nformation is disclosed as follow s: Reportable operating segments (All amounts in millions of U.S. dollars)
Year ended December 31, 2020 |  | Tubes |  |  | Other |  |  | Total |
IFRS - Net Sales |  |  | 4,844 |  |  |  | 303 |  |  |  | 5,147 |
Management view - operating (loss) |  |  | (277 | ) |  |  | (50 | ) |  |  | (327 | )
Differences in cost of sales |  |  | (138 | ) |  |  | 4 |  |  |  | (134 | )
Differences in depreciation and amortization |  |  | 1 |  |  |  | (1 | ) |  |  | - |
Differences in selling, general and administrative expenses |  |  | (2 | ) |  |  | - |  |  |  | (2 | )
Differences in other operating income (expenses), net |  |  | (200 | ) |  |  | - |  |  |  | (200 | )
IFRS - operating (loss) |  |  | (616 | ) |  |  | (47 | ) |  |  | (663 | )
Financial income (expense), net |  |  |  |  |  |  |  |  |  |  | (65 | )
(Loss) before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  |  |  |  |  | (728 | )
Equity in earnings of non-consolidated companies |  |  |  |  |  |  |  |  |  |  | 109 |
(Loss) before income tax |  |  |  |  |  |  |  |  |  |  | (619 | )
Capital expenditures |  |  | 189 |  |  |  | 4 |  |  |  | 193 |
Depreciation and amortization |  |  | 661 |  |  |  | 18 |  |  |  | 679 |
Year ended December 31, 2019 |  | Tubes |  |  | Other |  |  | Total |
IFRS - Net Sales |  |  | 6,870 |  |  |  | 424 |  |  |  | 7,294 |
Management view - operating income |  |  | 857 |  |  |  | 73 |  |  |  | 930 |
Differences in cost of sales |  |  | (105 | ) |  |  | 3 |  |  |  | (102) |
Differences in depreciation and amortization |  |  | (1 | ) |  |  | - |  |  |  | (1 | )
Differences in selling, general and administrative expenses |  |  | (1 | ) |  |  | 1 |  |  |  | - |
Differences in other operating income (expenses), net |  |  | 6 |  |  |  | - |  |  |  | 6 |
IFRS - operating income |  |  | 756 |  |  |  | 77 |  |  |  | 833 |
Financial income (expense), net |  |  |  |  |  |  |  |  |  |  | 19 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  |  |  |  |  | 852 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  |  |  |  |  | 82 |
Income before income tax |  |  |  |  |  |  |  |  |  |  | 934 |
Capital expenditures |  |  | 338 |  |  |  | 12 |  |  |  | 350 |
Depreciation and amortization |  |  | 523 |  |  |  | 17 |  |  |  | 540 |
Year ended December 31, 2018 |  | Tubes |  |  | Other |  |  | Total |
IFRS - Net Sales |  |  | 7,233 |  |  |  | 426 |  |  |  | 7,659 |
Management view - operating income |  |  | 702 |  |  |  | 81 |  |  |  | 783 |
Differences in cost of sales |  |  | 112 |  |  |  | 7 |  |  |  | 119 |
Differences in depreciation and amortization |  |  | (34 | ) |  |  | - |  |  |  | (34 | )
Differences in selling, general and administrative expenses |  |  | (2 | ) |  |  | 6 |  |  |  | 4 |
IFRS - operating income |  |  | 778 |  |  |  | 94 |  |  |  | 872 |
Financial income (expense), net |  |  |  |  |  |  |  |  |  |  | 37 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  |  |  |  |  | 909 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  |  |  |  |  | 194 |
Income before income tax |  |  |  |  |  |  |  |  |  |  | 1,103 |
Capital expenditures |  |  | 346 |  |  |  | 3 |  |  |  | 349 |
Depreciation and amortization |  |  | 645 |  |  |  | 19 |  |  |  | 664 |
Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy, surplus raw materials and others from the Other segment to the Tubes segment for $16.9, $36.2 and $52.4 million in 20 20, 201 9 and 201 8, respectively. There are no material differences between IFRS and management view in total revenues and by reportable segments. The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other tim ing differences. See Section II.C - Segment Information. The main difference in Other operating income (expenses), net is attributable to the impairment of the goodwill, which residual value in the management view differs from IFRS. In addition to the amounts reconciled above, t he main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies. Geographical information
(all amounts in thousands of U.S. dollars) |  | North America |  | South America |  | Europe |  | Middle East & Africa |  | Asia Pacific |  | Unallocated (*) |  | Total |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | 2,179,949 |  | 776,235 |  | 642,793 |  | 1,227,532 |  | 320,225 |  | - |  | 5,146,734 |
Total assets |  | 8,071,574 |  | 1,868,458 |  | 1,461,738 |  | 804,559 |  | 552,508 |  | 957,352 |  | 13,716,189 |
Trade receivables |  | 411,692 |  | 115,972 |  | 139,427 |  | 210,194 |  | 90,863 |  | - |  | 968,148 |
Property, plant and equipment, net |  | 3,971,101 |  | 1,050,619 |  | 823,057 |  | 242,939 |  | 105,465 |  | - |  | 6,193,181 |
Capital expenditures |  | 71,531 |  | 63,111 |  | 39,691 |  | 10,452 |  | 8,537 |  | - |  | 193,322 |
Depreciation and amortization |  | 408,546 |  | 106,827 |  | 84,518 |  | 44,259 |  | 34,656 |  | - |  | 678,806 |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | 3,429,911 |  | 1,391,288 |  | 738,880 |  | 1,382,172 |  | 351,804 |  | - |  | 7,294,055 |
Total assets |  | 7,885,120 |  | 2,227,044 |  | 2,282,775 |  | 958,424 |  | 609,663 |  | 879,965 |  | 14,842,991 |
Trade receivables |  | 612,809 |  | 176,173 |  | 149,321 |  | 319,406 |  | 90,451 |  | - |  | 1,348,160 |
Property, plant and equipment, net |  | 3,771,570 |  | 1,129,260 |  | 816,721 |  | 254,858 |  | 117,608 |  | - |  | 6,090,017 |
Capital expenditures |  | 169,390 |  | 113,999 |  | 55,169 |  | 4,578 |  | 7,038 |  | - |  | 350,174 |
Depreciation and amortization |  | 276,046 |  | 105,308 |  | 82,400 |  | 42,520 |  | 33,247 |  | - |  | 539,521 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | 3,611,509 |  | 1,462,044 |  | 724,733 |  | 1,559,988 |  | 300,314 |  | - |  | 7,658,588 |
Total assets |  | 7,971,311 |  | 2,489,522 |  | 1,913,589 |  | 588,746 |  | 482,563 |  | 805,568 |  | 14,251,299 |
Trade receivables |  | 791,190 |  | 280,801 |  | 215,202 |  | 383,358 |  | 66,815 |  | - |  | 1,737,366 |
Property, plant and equipment, net |  | 3,859,060 |  | 1,133,113 |  | 848,178 |  | 94,040 |  | 129,517 |  | - |  | 6,063,908 |
Capital expenditures |  | 196,220 |  | 68,603 |  | 77,467 |  | 2,047 |  | 5,136 |  | - |  | 349,473 |
Depreciation and amortization |  | 441,705 |  | 108,558 |  | 82,769 |  | 10,389 |  | 20,936 |  | - |  | 664,357 |
(*) For 2020, 2019 and 2018 includes Investment s in non-consolidated companies. See n ote 13. There are no revenues from external customers attributable to the Company’s country of incorporation (Luxembourg). The principal countries from which the C ompany derives its revenues are USA (26%), Mexico, Argentina, Canada, Saudi Arabia, Brazil and Italy. Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represents approximately 24%, 21% and 15% in 2020, 2019 and 2018 respectively. Tubes segment revenues by market:
Revenues Tubes (in millions of U.S. dollars) |  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Oil and Gas |  |  | 4,073 |  |  |  | 5,757 |  |  |  | 6,042 |
Hydrocarbon Processing and Power Generation |  |  | 371 |  |  |  | 534 |  |  |  | 602 |
Industrial and Other |  |  | 400 |  |  |  | 579 |  |  |  | 589 |
Total |  |  | 4,844 |  |  |  | 6,870 |  |  |  | 7,233 |
At December 31, 20 20, 201 9 and 201 8, the Company recognized contract liabilities related to customer advances in the amount of $48.7, $82.7 and $62.7 million, respectively. These amounts related to years 2019 and 2018 were reclassified to revenues during the subsequent year. In these periods, no significant adjustment in revenues were performed related to performance obligations previously satisfied.

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