25 Derivative financial instruments

Net fair values of derivative financial instruments

The net fair values of derivative financial instruments, in accordance with IFRS 13, are:

(all amounts in thousands of U.S. dollars)		Year ended December 31,
	2020			2019
Derivatives hedging borrowings and investments		10,119			19,000
Other Derivatives		1,330			929
Contracts with positive fair values		11,449			19,929

Derivatives hedging borrowings and investments		(2,250	)		-
Other Derivatives		(967	)		(1,814	)
Contracts with negative fair values		(3,217	)		(1,814	)
Total		8,232			18,115

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 31, 2020 and 2019 were as follows:

(all amounts in thousands of U.S. dollars)				Fair Value						Hedge Accounting Reserve
Purchase currency	Sell currency	Term	2020			2019			2020			2019
MXN	USD	2021		9,838			18,999			156			404
USD	MXN	2021		(5	)		(576	)		-			-
USD	EUR	2021		(1,969	)		-			5			-
EUR	USD	2021		543			588			-			-
JPY	USD	2021		-			(190	)		-			-
USD	BRL	2021		412			(234	)		85			-
JPY	USD	2030		94			-			(4,958	)		2,149
USD	KWD	2021		(246	)		103			(59	)		38
USD	CAD	2021		-			(200	)		-			-
USD	COP	2021		-			(345	)		-			-
USD	CNY	2021		(482	)		(167	)		-			-
Others		2021		47			137			-			-
Total				8,232			18,115			(4,771	)		2,591

Following is a summary of the hedge reserve evolution:

(all amounts in thousands of U.S. dollars)

	Equity Reserve Dec-18			Movements 2019		Equity Reserve Dec-19		Movements 2020			Equity Reserve Dec-20
Foreign Exchange		(916	)		3,507		2,591		(7,362	)		(4,771	)
Total Cash flow Hedge		(916	)		3,507		2,591		(7,362	)		(4,771	)

Tenaris estimates that the cash flow hedge reserve corresponding to derivatives instruments at December 31, 2020 will be recycled to the Consolidated Income Statement during 2021. For information on hedge accounting reserve, see Section III.D.