Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | Tenaris SA |
Entity Central Index Key | 0001190723 |
Trading Symbol | ts |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 1,180,536,830 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(b) Security | Ordinary Shares, par value $1.00 per share |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Income Statement
Consolidated Income Statement - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Continuing operations | ||||
Net sales | $ 7,294,055 | $ 7,658,588 | $ 5,288,504 | |
Cost of sales | (5,107,495) | (5,279,300) | (3,685,057) | |
Gross profit | 2,186,560 | 2,379,288 | 1,603,447 | |
Selling, general and administrative expenses | (1,365,974) | (1,509,976) | (1,270,016) | |
Other operating income | 23,004 | 15,059 | 10,516 | |
Other operating expenses | (11,199) | (12,558) | (9,359) | |
Operating income | 832,391 | 871,813 | 334,588 | |
Finance income | [1] | 47,997 | 39,856 | 47,605 |
Finance cost | (43,381) | (36,942) | (27,072) | |
Other financial results | 14,667 | 34,386 | (43,550) | |
Income before equity in earnings of non-consolidated companies and income tax | 851,674 | 909,113 | 311,571 | |
Equity in earnings of non-consolidated companies | 82,036 | 193,994 | 116,140 | |
Income before income tax | 933,710 | 1,103,107 | 427,711 | |
Income tax | (202,452) | (229,207) | 17,136 | |
Income for continuing operations | $ 731,258 | $ 873,900 | $ 444,847 | |
Basic and diluted earnings (losses) per share (in dollars per share) | $ 0.63 | $ 0.74 | $ 0.38 | |
Basic and diluted earnings per ADS (U.S. dollars per ADS) (in dollars per share) | [2] | $ 1.26 | $ 1.48 | $ 0.77 |
Discontinued operations | ||||
Result for discontinued operations | $ 91,542 | |||
Income for the year | 731,258 | 873,900 | 536,389 | |
Attributable to: | ||||
Owners of the parent | 742,686 | 876,063 | 544,737 | |
Non-controlling interests | (11,428) | (2,163) | (8,348) | |
Income (loss) for the year | $ 731,258 | $ 873,900 | $ 536,389 | |
Earnings per share attributable to the owners of the parent during the year: | ||||
Weighted average number of ordinary shares (thousands) (in shares) | 1,180,537 | 1,180,537 | 1,180,537 | |
Continuing and discontinued operations | ||||
Basic and diluted earnings (losses) per share (in dollars per share) | $ 0.63 | $ 0.74 | $ 0.46 | |
Basic and diluted earnings per ADS (U.S. dollars per ADS) (*) (in dollars per share) | [2] | $ 1.26 | $ 1.48 | $ 0.92 |
[1] | In 2019 and 2018 includes $7.6 and $3.6 million of interest related to instruments carried at FVPL, respectively. | |||
[2] | Each ADS equals two shares. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Income for the year | $ 731,258 | $ 873,900 | $ 536,389 | |
Items that may be subsequently reclassified to profit or loss: | ||||
Currency translation adjustment | (27,294) | (96,916) | 151,762 | |
Change in value of cash flow hedges and instruments at fair value | 3,039 | (6,701) | 4,502 | |
Income tax relating to components of other comprehensive income | (707) | 34 | 23 | |
- Currency translation adjustment | [1] | (10,781) | 1,848 | (9,548) |
- Changes in the fair value of derivatives held as cash flow hedges and others | 812 | (132) | 512 | |
Total other comprehensive income that will be reclassified to profit or loss, net of tax | (34,931) | (101,867) | 147,251 | |
Items that will not be reclassified to profit or loss: | ||||
Remeasurements of post employment benefit obligations | (9,272) | 7,963 | (8,635) | |
Income tax on items that will not be reclassified | 1,545 | (1,932) | 1,338 | |
Remeasurements of post employment benefit obligations of non-consolidated companies | (9,878) | (3,855) | (376) | |
Total other comprehensive income that will not be reclassified to profit or loss, net of tax | (17,605) | 2,176 | (7,673) | |
Other comprehensive (loss) income for the year, net of tax | (52,536) | (99,691) | 139,578 | |
Total comprehensive income for the year | 678,722 | 774,209 | 675,967 | |
Total comprehensive income (loss) for the year attributable to: | ||||
Owners of the parent | 690,095 | 776,713 | 683,531 | |
Non-controlling interests | (11,373) | (2,504) | (7,564) | |
Total comprehensive income (loss) for the year | 678,722 | 774,209 | 675,967 | |
Total comprehensive income (loss) for the year attributable to Owners of the parent arises from | ||||
Continuing operations | 690,095 | 776,713 | 591,989 | |
Discontinued operations | 91,542 | |||
Comprehensive income, attributable to owners of parent | $ 690,095 | $ 776,713 | $ 683,531 | |
[1] | Since 2018 Tenaris recognizes its share over the effects on the adoption of IAS 29, "Financial Reporting in Hyperinflationary Economies" by Ternium in other comprehensive income as a currency translation adjustment. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Property, plant and equipment, net | $ 6,090,017 | $ 6,063,908 |
Intangible assets, net | 1,561,559 | 1,465,965 |
Right-of-use assets, net | 233,126 | |
Investments in non-consolidated companies | 879,965 | 805,568 |
Other investments | 24,934 | 118,155 |
Deferred tax assets | 225,680 | 181,606 |
Receivables, net | 157,103 | 151,905 |
Non-current assets | 9,172,384 | 8,787,107 |
Inventories, net | 2,265,880 | 2,524,341 |
Receivables and prepayments, net | 104,575 | 155,885 |
Current tax assets | 167,388 | 121,332 |
Trade receivables, net | 1,348,160 | 1,737,366 |
Derivative financial instruments | 19,929 | 9,173 |
Other investments | 210,376 | 487,734 |
Cash and cash equivalents | 1,554,299 | 428,361 |
Current assets | 5,670,607 | 5,464,192 |
Total assets | 14,842,991 | 14,251,299 |
Capital and reserves attributable to owners of the parent | 11,988,958 | 11,782,882 |
Non-controlling interests | 197,414 | 92,610 |
Total equity | 12,186,372 | 11,875,492 |
Borrowings | 40,880 | 29,187 |
Lease liabilities | 192,318 | |
Deferred tax liabilities | 336,982 | 379,039 |
Other liabilities | 251,383 | 213,129 |
Provisions | 54,599 | 36,089 |
Non-current liabilities | 876,162 | 657,444 |
Borrowings | 781,272 | 509,820 |
Lease liabilities | 37,849 | |
Derivative financial instruments | 1,814 | 11,978 |
Current tax liabilities | 127,625 | 250,233 |
Other liabilities | 176,264 | 165,693 |
Provisions | 17,017 | 24,283 |
Customer advances | 82,729 | 62,683 |
Trade payables | 555,887 | 693,673 |
Current liabilities | 1,780,457 | 1,718,363 |
Total liabilities | 2,656,619 | 2,375,807 |
Total equity and liabilities | $ 14,842,991 | $ 14,251,299 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) $ in Thousands | Issued capital [member] | Legal reserves [member] | Share premium [member] | Currency translation adjustment [member] | Other reserves [member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total | ||||
Balance at Dec. 31, 2016 | $ 1,180,537 | [1] | $ 118,054 | $ 609,733 | $ (965,955) | $ (313,088) | [2] | $ 10,658,136 | $ 11,287,417 | $ 125,655 | $ 11,413,072 | ||
Statement Line Items [Line Items] | |||||||||||||
Income for the year | [1] | [2] | 544,737 | 544,737 | (8,348) | 536,389 | |||||||
Currency translation adjustment | [1] | 151,080 | [2] | 151,080 | 682 | 151,762 | |||||||
Remeasurements of post employment benefit obligations, net of taxes | [1] | (7,423) | [2] | (7,423) | 126 | (7,297) | |||||||
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes | [1] | 4,549 | [2] | 4,549 | (24) | 4,525 | |||||||
From other comprehensive income of non-consolidated companies | [1] | (9,548) | 136 | [2] | (9,412) | (9,412) | |||||||
Other comprehensive (loss) income for the year | [1] | 141,532 | (2,738) | [2] | 138,794 | 784 | 139,578 | ||||||
Total comprehensive income (loss) for the year | [1] | 141,532 | (2,738) | [2] | 544,737 | 683,531 | (7,564) | 675,967 | |||||
Acquisition and other changes in non-controlling interests | [1] | (4,743) | [2] | (4,743) | 4,694 | (49) | |||||||
Dividends paid in cash | [1] | [2] | (484,020) | (484,020) | (24,000) | (508,020) | |||||||
Balance at Dec. 31, 2017 | 1,180,537 | [1] | 118,054 | 609,733 | (824,423) | (320,569) | [2] | 10,718,853 | 11,482,185 | 98,785 | 11,580,970 | ||
Statement Line Items [Line Items] | |||||||||||||
Income for the year | [1] | [2] | 876,063 | 876,063 | (2,163) | 873,900 | |||||||
Currency translation adjustment | [1] | (96,673) | [2] | (96,673) | (243) | (96,916) | |||||||
Remeasurements of post employment benefit obligations, net of taxes | [1] | 6,135 | [2] | 6,135 | (104) | 6,031 | |||||||
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes | [1] | (6,673) | [2] | (6,673) | 6 | (6,667) | |||||||
From other comprehensive income of non-consolidated companies | [1] | 1,848 | (3,987) | [2] | (2,139) | (2,139) | |||||||
Other comprehensive (loss) income for the year | [1] | (94,825) | (4,525) | [2] | (99,350) | (341) | (99,691) | ||||||
Total comprehensive income (loss) for the year | [1] | (94,825) | (4,525) | [2] | 876,063 | 776,713 | (2,504) | 774,209 | |||||
Acquisition and other changes in non-controlling interests | [1] | (2) | [2] | (2) | (22) | (24) | |||||||
Dividends paid in cash | [1] | [2] | (484,020) | (484,020) | (3,661) | (487,681) | |||||||
Balance (Previously stated [member]) at Dec. 31, 2018 | 1,180,537 | [1] | 118,054 | 609,733 | (919,248) | (322,310) | [2] | 11,116,116 | 11,782,882 | 92,610 | 11,875,492 | ||
Balance at Dec. 31, 2018 | 1,180,537 | [3] | 118,054 | 609,733 | (919,248) | (322,310) | [4] | 11,116,116 | [5] | 11,782,882 | 92,610 | 11,875,492 | |
Changes in accounting policies (Section II AP) at Dec. 31, 2017 | [1] | 2,786 | [2] | 5,220 | 8,006 | 12 | 8,018 | ||||||
Balance at December 31, 2017 restated at Dec. 31, 2017 | 1,180,537 | [1] | 118,054 | 609,733 | (824,423) | (317,783) | [2] | 10,724,073 | 11,490,191 | 98,797 | 11,588,988 | ||
Statement Line Items [Line Items] | |||||||||||||
Income for the year | [3] | [4] | 742,686 | [5] | 742,686 | (11,428) | 731,258 | ||||||
Currency translation adjustment | [3] | (27,217) | [4] | [5] | (27,217) | (77) | (27,294) | ||||||
Remeasurements of post employment benefit obligations, net of taxes | [3] | (7,132) | [4] | [5] | (7,132) | (595) | (7,727) | ||||||
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes | [3] | 1,605 | [4] | [5] | 1,605 | 727 | 2,332 | ||||||
From other comprehensive income of non-consolidated companies | [3] | (10,781) | (9,066) | [4] | [5] | (19,847) | (19,847) | ||||||
Other comprehensive (loss) income for the year | [3] | (37,998) | (14,593) | [4] | [5] | (52,591) | 55 | (52,536) | |||||
Total comprehensive income (loss) for the year | [3] | (37,998) | (14,593) | [4] | 742,686 | [5] | 690,095 | (11,373) | 678,722 | ||||
Acquisition and other changes in non-controlling interests | [6] | [3] | 1 | [4] | [5] | 1 | 117,984 | 117,985 | |||||
Dividends paid in cash | [3] | [4] | (484,020) | [5] | (484,020) | (1,807) | (485,827) | ||||||
Balance at Dec. 31, 2019 | $ 1,180,537 | [3] | $ 118,054 | $ 609,733 | $ (957,246) | $ (336,902) | [4] | $ 11,374,782 | [5] | $ 11,988,958 | $ 197,414 | $ 12,186,372 | |
[1] | The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2018 and 2017 there were 1,180,536,830 shares issued. All issued shares are fully paid. | ||||||||||||
[2] | Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the changes in value of cash flow hedges and in available for sale financial instruments. | ||||||||||||
[3] | The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2019 there were 1,180,536,830 shares issued. All issued shares are fully paid. | ||||||||||||
[4] | Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income. | ||||||||||||
[5] | The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in Note 25. | ||||||||||||
[6] | Related to Saudi Steel Pipe Company ("SSP") acquisition. See note 27. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Equity (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Authorized share capital (in shares) | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 |
Nominal value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Shares issued (in shares) | 1,180,536,830 | 1,180,536,830 | 1,180,536,830 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Income for the year | $ 731,258 | $ 873,900 | $ 536,389 |
Adjustments for: | |||
Depreciation and amortization | 539,521 | 664,357 | 608,640 |
Income tax accruals less payments | (193,417) | 58,494 | (193,989) |
Equity in earnings of non-consolidated companies | (82,036) | (193,994) | (116,140) |
Interest accruals less payments, net | (4,381) | 6,151 | 11,550 |
Changes in provisions | 2,739 | (8,396) | (17,245) |
Income from the sale of Conduit business | (89,694) | ||
Changes in working capital | 523,109 | (737,952) | (853,184) |
Currency translation adjustment and others | 11,146 | (51,758) | 91,648 |
Net cash provided by (used in) operating activities | 1,527,939 | 610,802 | (22,025) |
Cash flows from investing activities | |||
Capital expenditures | (350,174) | (349,473) | (558,236) |
Changes in advance to suppliers of property, plant and equipment | 3,820 | 4,851 | 7,077 |
Proceeds from disposal of Conduit business | 327,631 | ||
Acquisition of subsidiaries, net of cash acquired | (132,845) | (10,418) | |
Investment in companies under cost method | (2,933) | (3,681) | |
Investment in non-consolidated companies | (19,610) | ||
Loan to non-consolidated companies | (14,740) | (10,956) | |
Repayment of loan by non-consolidated companies | 40,470 | 9,370 | 3,900 |
Proceeds from disposal of property, plant and equipment and intangible assets | 2,091 | 6,010 | 5,443 |
Dividends received from non-consolidated companies | 28,974 | 25,722 | 22,971 |
Changes in investments in securities | 389,815 | 717,368 | 565,387 |
Net cash (used in) provided by investing activities | (40,392) | 399,108 | 349,118 |
Cash flows from financing activities | |||
Dividends paid | (484,020) | (484,020) | (484,020) |
Dividends paid to non-controlling interest in subsidiaries | (1,872) | (3,498) | (24,000) |
Changes in non-controlling interests | 1 | (24) | (49) |
Payments of lease liabilities | (41,530) | ||
Proceeds from borrowings | 1,332,716 | 1,019,302 | 1,196,781 |
Repayments of borrowings | (1,159,053) | (1,432,202) | (1,090,129) |
Net cash used in financing activities | (353,758) | (900,442) | (401,417) |
Increase (decrease) in cash and cash equivalents | 1,133,789 | 109,468 | (74,324) |
Movement in cash and cash equivalents | |||
At the beginning of the year | 426,717 | 330,090 | 398,580 |
Effect of exchange rate changes | (6,231) | (12,841) | 5,834 |
Increase (decrease) in cash and cash equivalents | 1,133,789 | 109,468 | (74,324) |
At December 31, | 1,554,275 | 426,717 | 330,090 |
Cash and bank deposits | 1,554,299 | 428,361 | 330,221 |
Bank overdrafts | $ (24) | $ (1,644) | $ (131) |
I. General Information
I. General Information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | I. GENERAL INFORMATION Tenaris S.A. (the “Company”) was established as a public limited liability company ( societé anonyme December 17, 2001. 32 The Company’s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; the Company’s American Depositary Securities (“ADS”) trade on the New York Stock Exchange. These Consolidated Financial Statements were approved for issuance by the Company’s Board of Directors on February 19, 2020. |
II. Accounting Policies
II. Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | II. Accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. A Basis of presentation The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (“$”). Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year. Following the sale of the steel electric conduit business in North America, known as Republic Conduit, in January 2017, 5, 29, The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent assets and liabilities, revenues and expenses. Actual results may III.27 ( 1 Accounting pronouncements applicable as from January 1, 2019 IFRS 16, Tenaris has adopted IFRS 16 January 1, 2019. 16, January 1, 2019 not Upon adoption of IFRS 16, 17 January 1, 2019. December 31, 2018. 17 12 Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis. Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expenses in profit or loss. Short-term leases are leases with a lease term of 12 In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not not IFRIC 23, Tenaris has adopted IFRIC 23 January 1, 2019. 12 Other accounting pronouncements that became effective during 2019 no B Group accounting ( 1 Subsidiaries and transactions with non-controlling interests Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. Transactions with non-controlling interests that do not When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Income Statement under Other financial results ( 2 Non-consolidated companies Non-consolidated companies are all entities in which Tenaris has significant influence but not 20% 50% Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris’s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris’s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies have been adjusted where necessary to ensure consistency with IFRS. The Company’s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under . The Company’s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income. Ternium At December 31, 2019, 11.46% 28, § Both the Company and Ternium are under the indirect common control of San Faustin S.A.; § Four out of eight § Under the shareholders’ agreement by and between the Company and Techint Holdings S.à r.l, a wholly owned subsidiary of San Faustin S.A. and Ternium’s main shareholder, dated January 9, 2006, one Usiminas At December 31, 2019, 5.2% 3.07% The acquisition of Usiminas shares was part of a larger transaction performed on January 16, 2012, 27.7% 13.8% A shareholders’ agreement governed the rights and obligations of the several control group members. In April May 2016 1.3 BRL1.28 BRL1.6 $0.5 11.5 BRL5.00 BRL57.5 $16.6 June 3, 2016 July 19, 2016, December 31, 2019 36.5 1.3 In 2014, On February 8, 2018, April 10, 2018, 483.6 68.6% 47.1% 39.5% 7.6% 45.9% 7% The New SHA reflects the agreed-upon corporate governance rules for Usiminas, including, among others, an alternation mechanism for the nomination of each of the chief executive officer and the Chairman of the board of directors, as well as a mechanism for the nomination of other members of Usiminas’ executive board. The New SHA also incorporates an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time during the term of the New SHA after the fourth May 2018 In connection with the execution of the New SHA, Confab and the Ternium entities amended and restated their separate shareholders’ agreement governing their respective rights and obligations as members of the T/T Group to include provisions relating to the exit mechanism and generally to conform such separate shareholders’ agreement to the other provisions of the New SHA. The rights of Confab and Ternium and its subsidiaries within the Ternium - Tenaris Group are governed under such amended and restated separate shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, accounted it for under the equity method (as defined by IAS 28 Techgen Techgen S.A. de C.V. (“Techgen”) is a Mexican joint venture company owned 48% 30% 22% 28 Tenaris carries its investment in Ternium, Usiminas and Techgen under the equity method, with no may not December 31, 2019, 2018 2017, no 12. C Segment information The Company is organized in one The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment. Others includes all other business activities and operating segments that are not Tenaris’s Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows: § The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciations; § The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost; § Other timing differences, if any. Tenaris presents its geographical information in five D Foreign currency translation ( 1 Functional and presentation currency IAS 21 The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris’s global operations. Except for the Brazilian and Italian subsidiaries whose functional currencies are their local currencies, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations: § Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price may § Prices of their critical raw materials and inputs are priced and settled in U.S. dollars; § Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference currency; § Significant level of integration of the local operations within Tenaris’s international global distribution network; § Net financial assets and liabilities are mainly received and maintained in U.S. dollars; § The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises. ( 2 Transactions in currencies other than the functional currency Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured. At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in Other financial results ( 3 Translation of financial information in currencies other than the functional currency Results of operations for subsidiaries whose functional currencies are not Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. E Property, plant and equipment Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired. Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred. Cost may Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS 23 The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows: Land No Depreciation Buildings and improvements 30-50 years Plant and production equipment 10-40 years Vehicles, furniture and fixtures, and other equipment 4-10 years The assets’ residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Management’s re-estimation of assets useful lives, performed in accordance with IAS 16, not 2019, 2018 2017. Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under Other operating income Other operating expenses F Intangible assets ( 1 Goodwill Goodwill represents the excess of the acquisition cost over the fair value of Tenaris’s share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not For the purpose of impairment testing, goodwill is allocated to a CGU or group of CGUs that are expected to benefit from the business combination which generated the goodwill being tested. ( 2 Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding one 38, Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally not 3 Selling, general and administrative expenses Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, not 2019, 2018 2017. ( 3 Licenses, patents, trademarks and proprietary technology Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, and does not 10 Selling, general and administrative expenses The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7 December 31, 2019, 2018 2017, Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, not 2019, 2018 2017. ( 4 Research and development Research expenditures as well as development costs that do not Cost of sales Cost of sales 2019, 2018 2017 $61.1 $63.4 $63.7 Capitalized costs were not 2019, 2018 2017. ( 5 Customer relationships In accordance with IFRS 3, 38, Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful life of approximately 14 10 9 In 2018 2 zero $109 Selling, general and administrative expenses December 31, 2018. As of December 31, 2019 $72.9 8 $9.9 1 G Impairment of non-financial assets Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (cash generating units, or CGU). Most of the Company’s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not In assessing whether there is any indication that a CGU may An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset’s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order: (a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and (b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU. Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. Tenaris regularly conducts assessments of the carrying values of its assets. The value-in-use was used to determine the recoverable value. Value-in-use is calculated by discounting the estimated cash flows over a five five Tenaris’s main source of revenue is the sale of products and services to the oil and gas industry and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities. For purposes of assessing key assumptions, Tenaris uses external sources of information and management judgment based on past experience. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine Tenaris’s cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs. Management has determined the value of each of the key assumptions as follows: - Discount rate: based on the applicable weighted average cost of capital (WACC), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined taking into account the industry, country and size of the business. In 2019, 8.2% 15.9%. - Growth rate: considers the long-term average growth rate for the oil and gas industry, the inflation impact on prices and costs, the higher demand to offset depletion of existing fields and the Company’s expected market penetration. In 2019, 2% - Oil and gas prices: based on industry analysts’ reports and management’s expectations of market development respectively. - Rig count: based on information published by Baker Hughes and management’s expectations. - Raw material costs: based on industry analysts’ reports and management’s expectations. The main factors that could result in additional impairment charges in future periods would be an increase in the discount rate or a decrease in growth rate used in the Company’s cash flow projections, a deterioration of the business, competitive and economic factors, such as a decrease in oil and gas prices, and the evolution of the rig count. For the CGU with significant amount of goodwill assigned in comparison to the total amount of goodwill, Tenaris has determined that the CGU for which a reasonable possible change in the key assumption would cause the CGUs’ carrying amount to exceed its recoverable amount was OCTG USA. In OCTG USA, the recoverable amount calculated based on value in use exceeded carrying value by $108 December 31, 2019. Increase in the discount rate 95 Bps Decrease of the growth rate -1.6 % Decrease of the cash flow projections -15.3 % No 2019, 2018 2017. H Other investments Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than three Certain non-derivative financial assets that the Company held not 12 Other investments in financial instruments and time deposits are categorized as financial assets “at fair value through profit or loss” because such investments are held for trading and their performance is evaluated on a fair value basis. The results of these investments are recognized in Financial Results Purchases and sales of financial investments are recognized as of their settlement date. The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is not not I Inventories Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier’s invoice cost. Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns. J Trade and other receivables Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value. Tenaris applies the IFRS 9 three K Cash and cash equivalents Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less than three In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents L Equity ( 1 Equity components The Consolidated Statement of Changes in Equity includes: § The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law; § The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS. ( 2 Share capital The Company has an authorized share capital of a single class of 2.5 $1.00 December 31, 2019, 2018 2017 1,180,536,830 $1.00 one Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. Dividends may 25 M Borrowings Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. N Current and Deferred income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement, except for tax items recognized in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate. Deferred income tax is recognized applying the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for pension plans and fair value adjustments of assets acquired in business combinations. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax liabilities and assets are not not Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the Consolidated Income Statement or to the item Other comprehensive income for the year O Employee benefits ( 1 Short-term obligations Liabilities for wages and salaries are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. ( 2 Post employment benefits The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of hig |
III. Financial Risk Management
III. Financial Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | iii. Financial risk management The multinational nature of Tenaris’s operations and customer base exposes the Company to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and capital market risk. In order to manage the volatility related to these exposures, management evaluates exposures on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries may A. Financial Risk Factors (i) Capital Risk Management Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates. The year-end ratio of debt to total equity (where “debt” comprises financial borrowings and “total equity” is the sum of financial borrowings and equity) is 0.06 December 31, 2019 0.04 December 31, 2018. not (ii) Foreign exchange risk Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company’s functional currency is the U.S. dollar the purpose of Tenaris’s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar. Tenaris’s exposure to currency fluctuations is reviewed on a periodic consolidated basis. A number of derivative transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges. Almost all of these transactions are forward exchange rates contracts. See Note 24. Tenaris does not In the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities, reported in accordance with IFRS, may not may The value of Tenaris’s financial assets and liabilities is subject to changes arising from the variation of foreign currency exchange rates. The following table provides a breakdown of Tenaris’s main financial assets and liabilities (including foreign exchange derivative contracts) which impact the Company’s profit and loss as of December 31, 2019 2018: All amounts Long / (Short) in thousands of U.S. dollars As of December 31, Currency Exposure / Functional currency 2019 2018 Argentine Peso / U.S. Dollar (95,811 ) (186,867 ) Euro / U.S. Dollar (103,518 ) (175,419 ) Saudi Arabian Riyal / U. S. Dollar (107,582 ) - The main relevant exposures correspond to: § Argentine Peso / U.S. dollar As of December 31, 2019 2018 1% $1.0 $1.9 December 31, 2019 2018 (ii) Foreign exchange risk (Cont.) § Euro / U.S. dollar As of December 31, 2019 2018, 1% $1.0 $1.3 December 31, 2019 2018, § Saudi Arabian Riyal / U. S. Dollar As of December 31, 2019 Considering the balances held as of December 31, 2019 1% $4.6 $4.9 $0.6 December 31, 2018, 1% $3.6 $2.3 $1.9 The Company entered into foreign exchange derivative contracts to mitigate the exposure to fluctuations in exchange rates. (iii) Interest rate risk Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. The Company may The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end. As of December 31, 2019 2018 Amount in thousands of U.S. dollars % Amount in thousands of U.S. dollars % Fixed rate (*) 768,002 93 % 520,471 97 % Variable rate 54,150 7 % 18,536 3 % Total 822,152 539,007 (*) Out of the $768 $728 The Company estimates that, if market interest rates applicable to Tenaris’s borrowings had been 100 $7.7 2019 $8.2 2018. (iv) Credit risk Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk. There is no No 10% 2019, 2018 2017. Tenaris’s credit policies related to sales of products and services are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses. As of December 31, 2019 2018 $1,348.2 $1,737.4 $178.7 $181.7 $55.2 $62.3 $0.6 $42.2 December 31, 2019 2018 As of December 31, 2019 2018, $242.7 $368.4 December 31, 2019 2018, $28.7 $31.5 $48.8 $66.5 (v) Counterparty risk Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade. Approximately 96% December 31, 2019, 83% December 31, 2018. (vi) Liquidity risk Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 2019, Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has appropriate access to market for short-term working capital needs. Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 12% 2019 7% 2018. Tenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash equivalents (cash in banks, liquidity funds and investments with a maturity of less than three Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of December 31, 2019 2018, not Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2019 2018, 95% (vii) Commodity price risk In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not one not B. Category of financial instruments and classification within the fair value hierarchy As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit and loss.For financial instruments that are measured in the statement of financial position at fair value, IFRS 13, Level 1 Level 2 1 Level 3 not The following tables present the financial instruments by category and levels as of December 31, 2019 2018. Measurement Categories At Fair Value December 31, 2019 Carrying Amortized Cost FVOCI FVPL Level 1 Level 2 Level 3 Assets Cash and cash equivalents 1,554,299 387,602 - 1,166,697 1,166,697 - - Other investments 210,376 65,874 144,502 - 134,990 9,512 - Fixed income (time-deposit, zero coupon bonds, commercial papers) 65,874 65,874 - - - - - Certificates of deposits 20,637 20,637 - - - - - Commercial papers 4,993 4,993 - - - - - Other notes 40,244 40,244 - - - - - Bonds and other fixed income 144,502 - 144,502 - 134,990 9,512 - U.S. government securities 10,211 - 10,211 - 10,211 - - Non - U.S. government securities 28,637 - 28,637 - 19,125 9,512 - Corporates securities 105,654 - 105,654 - 105,654 - - Derivative financial instruments 19,929 - - 19,929 - 19,929 - Other Investments Non-current 24,934 - 18,012 6,922 18,012 - 6,922 Bonds and other fixed income 18,012 - 18,012 - 18,012 - - Other investments 6,922 - - 6,922 - - 6,922 Trade receivables 1,348,160 1,348,160 - - - - - Receivables C and NC (*) 261,678 93,239 48,659 - - - 48,659 Other receivables 141,898 93,239 48,659 - - - 48,659 Other receivables (non-financial) 119,780 - - - - - - Total 1,894,875 211,173 1,193,548 1,319,699 29,441 55,581 Liabilities Borrowings C and NC 822,152 822,152 - - - - - Trade payables 555,887 555,887 - - - - - Finance Lease Liabilities C and NC 230,167 230,167 - - - - - Derivative financial instruments 1,814 - - 1,814 - 1,814 - Total 1,608,206 - 1,814 - 1,814 - (*) Includes balances related to interest in our Venezuelan companies. See Note 33. Measurement Categories At Fair Value December 31, 2018 Carrying amount Amortized Cost FVOCI FVPL Level 1 Level 2 Level 3 Assets Cash and cash equivalents 428,361 268,163 - 160,198 160,198 - - Other investments 487,734 300,410 166,094 21,230 168,165 19,159 - Fixed income (time-deposit, zero coupon bonds, commercial papers) 300,410 300,410 - - - - - Certificates of deposits 198,912 198,912 - - - - - Commercial papers 9,932 9,932 - - - - - Other notes 91,566 91,566 - - - - - Bonds and other fixed income 187,324 - 166,094 21,230 168,165 19,159 - U.S. government securities 1,077 - 1,077 - 1,077 - - Non - U.S. government securities 24,912 - 24,912 - 24,912 - - Corporates securities 142,176 - 140,105 2,071 142,176 - - Structured notes 19,159 - - 19,159 - 19,159 - Derivative financial instruments 9,173 - - 9,173 - 9,173 - Other Investments Non-current 118,155 - 113,830 4,326 113,830 - 4,326 Bonds and other fixed income 113,830 - 113,830 - 113,830 - - Other investments 4,326 - - 4,326 - - 4,326 Trade receivables 1,737,366 1,737,366 - - - - - Receivables C and NC (*) 307,790 139,474 48,711 - - 52 48,659 Other receivables 188,185 139,474 48,711 - - 52 48,659 Other receivables (non-financial) 119,605 - - - - - - Total 2,445,413 328,635 194,927 442,193 28,384 52,985 Liabilities Borrowings C and NC 539,007 539,007 - - - - - Trade payables 693,673 693,673 - - - - - Derivative financial instruments 11,978 - - 11,978 - 11,978 - Total 1,232,680 - 11,978 - 11,978 - (*) Includes balances related to interest in our Venezuelan companies. See Note 33. There were no The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These instruments are included in Level 1 The fair value of financial instruments that are not three 2. If one not 3. 33. The following table presents the changes in Level 3 Year ended December 31, 2019 2018 Assets / Liabilities At the beginning of the year 52,985 26,409 Addition / (Decrease) 2,933 26,768 Currency translation adjustment and others (337 ) (192 ) At the end of the year 55,581 52,985 C. Fair value estimation Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures. The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is not no The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date. Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value of its main financial liabilities is approximately 100.0% 2019 99.3% 2018. The carrying amount of investments valuated at amortized cost approximates its fair value. D. Accounting for derivative financial instruments and hedging activities Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument’s fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk. As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in Financial Results Tenaris designates certain derivatives and non derivative financial liabilities (leasing liabilities denominated in Japanese Yen) as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Similarly the effective portion of the foreign exchange result on the designated leasing liability is recognized in equity Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris’s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position. The lease liability will be recognized on the balance sheet at each period end at the exchange rate as of the end of each month. The full fair value of a hedging derivative and the leasing liability is classified as a current or non-current asset or liability according to its expiry date. For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the hedging instrument are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December 31, 2019 2018, Other Reserves $2.6 $0.9 24. The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve included within Other Reserves 24. |
Note 1 - Segment Information
Note 1 - Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 1 Segment information As mentioned in section II. AP – C, the Segment Information is disclosed as follows: Reportable operating segments (All amounts in millions of U.S. dollars) Year ended December 31, 2019 Tubes Other Continuing operations Discontinued operations IFRS - Net Sales 6,870 424 7,294 - Management view - operating income 857 73 929 - Difference in cost of sales (105 ) 3 (102 ) - Differences in depreciation and amortization (1 ) (0 ) (1 ) - Differences in selling, general and administrative expenses (1 ) 1 (0 ) - Differences in other operating income (expenses), net 6 - 6 - IFRS - operating income 755 77 832 - 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 Continuing operations Discontinued operations IFRS - Net Sales 7,233 426 7,659 - Management view - operating income 702 81 783 - Difference 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 777 95 872 - 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 - Year ended December 31, 2017 Tubes Other Continuing operations Discontinued operations IFRS - Net Sales 4,966 323 5,289 12 Management view - operating income 115 48 163 3 Difference in cost of sales 164 1 165 (1 ) Differences in depreciation and amortization (3 ) - (3 ) - Differences in selling, general and administrative expenses 14 (6 ) 8 - Differences in other operating income (expenses), net 2 - 2 - IFRS - operating income 292 43 335 2 Financial income (expense), net (23 ) - Income before equity in earnings of non-consolidated companies and income tax 312 2 Equity in earnings of non-consolidated companies 116 - Income before income tax 428 2 Capital expenditures 550 8 558 - Depreciation and amortization 594 15 609 - 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 $36, $52 $53 2019, 2018 2017, There are no The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other timing differences. See Section II. A. C. Segment Information. In addition to the amounts reconciled above, the 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 and changes on the valuation of inventories according to cost estimation internally defined. Geographical information (all amounts in thousands of U.S. dollars) North America South America Europe Middle East & Africa Asia Pacific Unallocated (*) Total continuing operations Total discontinued operations 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 - Year ended December 31, 2017 Net sales 2,451,357 1,142,142 545,777 937,439 211,789 - 5,288,504 11,899 Total assets 7,925,520 2,975,599 2,002,658 391,029 441,546 661,866 14,398,218 - Trade receivables 582,204 234,877 214,944 135,524 46,511 - 1,214,060 - Property, plant and equipment, net 3,914,229 1,190,145 878,788 102,481 143,500 - 6,229,143 - Capital expenditures 430,142 58,949 57,285 7,562 4,153 - 558,091 145 Depreciation and amortization 354,091 126,273 93,900 12,094 22,282 - 608,640 - (*) For 2019 2018 2017 $21.6 12 33. There are no 31% 12% Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no 21%, 15% 17% 2019, 2018 2017 Tubes segment revenues by market: Revenues Tubes (in million US dollar) 2019 2018 2017 Oil and Gas 5,757 6,042 4,034 Hydrocarbon Processing and Power Generation 534 602 484 Industrial and Other 579 589 448 Total 6,870 7,233 4,966 At December 2019, 2018 2017, $82.7, $62.7 $56.7 2018 2017 no |
Note 2 - Cost of Sales
Note 2 - Cost of Sales | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cost of sales [text block] | 2 Cost of sales Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Inventories at the beginning of the year 2,524,341 2,368,304 1,563,889 Increase in inventory due to business combinations 52,966 - - Plus: Charges of the year Raw materials, energy, consumables and other 2,709,629 3,400,396 2,794,503 Services and fees 222,415 275,130 244,035 Labor cost 870,261 855,040 778,408 Depreciation of property, plant and equipment 428,791 432,497 383,490 Amortization of intangible assets 5,948 8,220 18,621 Depreciation of right-of-use assets 28,727 - - Maintenance expenses 284,758 185,782 183,370 Allowance for obsolescence 29,138 25,457 (12,917 ) Taxes 100,738 133,308 18,542 Other 115,663 119,507 88,823 4,849,034 5,435,337 4,496,875 Less: Inventories at the end of the year (2,265,880 ) (2,524,341 ) (2,368,304 ) From discontinued operations - - (7,403 ) 5,107,495 5,279,300 3,685,057 |
Note 3 - Selling, General and A
Note 3 - Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 3 Selling, general and administrative expenses Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Services and fees 153,773 128,090 132,301 Labor cost 481,854 470,928 443,338 Depreciation of property, plant and equipment 18,524 16,968 17,979 Amortization of intangible assets 41,967 206,672 188,550 Depreciation of right-of-use assets 15,564 - - Commissions, freight and other selling expenses 441,442 491,555 339,759 Provisions for contingencies 28,565 23,498 17,664 Allowances for doubtful accounts (16,256 ) 1,751 (5,421 ) Taxes 110,876 71,110 56,826 Other 89,665 99,404 81,061 1,365,974 1,509,976 1,272,057 From discontinued operations - - (2,041 ) 1,365,974 1,509,976 1,270,016 |
Note 4 - Labor Costs - Labor Co
Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of employee benefits [text block] | 4 Labor costs (included in Cost of sales and in Selling, general and administrative expenses) Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Wages, salaries and social security costs 1,274,474 1,250,783 1,144,341 Severance indemnities 24,637 25,225 34,497 Defined contribution plans 12,663 13,217 12,401 Pension benefits - defined benefit plans 18,207 15,390 15,066 Employee retention and long term incentive program 22,134 21,353 15,441 1,352,115 1,325,968 1,221,746 From discontinued operations - - (853 ) 1,352,115 1,325,968 1,220,893 The following table shows the geographical distribution of the employees: Country 2019 2018 2017 Argentina 5,405 5,427 5,221 Mexico 5,370 5,595 5,139 USA 2,255 2,382 1,953 Italy 2,144 2,155 2,088 Romania 1,815 1,852 1,870 Brazil 1,360 1,287 1,382 Colombia 1,040 1,082 1,003 Canada 772 1,030 919 Indonesia 616 554 506 Japan 400 399 410 Other 2,023 1,204 1,114 23,200 22,967 21,605 |
Note 5 - Other Operating Income
Note 5 - Other Operating Income and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 5 Other operating income and expenses Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Other operating income Net income from other sales 8,651 3,604 4,395 Net rents 5,089 4,909 4,325 Other 8,025 6,546 1,796 Recovery on allowance for doubtful receivables 1,239 - - 23,004 15,059 10,516 Other operating expenses Contributions to welfare projects and non-profits organizations 11,199 11,379 9,158 Loss on fixed assets and material supplies disposed / scrapped - - 118 Allowance for doubtful receivables - 1,179 84 11,199 12,558 9,360 From discontinued operations - - (1 ) 11,199 12,558 9,359 |
Note 6 - Financial Results
Note 6 - Financial Results | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | 6 Financial results (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 Interest Income 48,061 42,244 51,525 Net result on changes in FV of financial assets at FVPL (64 ) (2,388 ) (3,920 ) Finance income (*) 47,997 39,856 47,605 Finance cost (43,381 ) (36,942 ) (27,072 ) Net foreign exchange transactions results (**) 27,868 28,845 (48,955 ) Foreign exchange derivatives contracts results (***) (11,616 ) 6,576 (8,996 ) Other (1,585 ) (1,035 ) 14,392 Other financial results 14,667 34,386 (43,559 ) Net financial results 19,283 37,300 (23,026 ) From discontinued operations - - 9 19,283 37,300 (23,017 ) (*) Finance Income: In 2019 2018 $7.6 $3.6 (**) Net foreign exchange transactions results: In 2019 In 2018 In 2017 (***) Foreign exchange derivatives contracts results: In 2019 In 2018 In 2017 |
Note 7 - Income Tax
Note 7 - Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 7 Income tax Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Current tax 299,692 343,104 184,016 Deferred tax (97,240 ) (113,897 ) (100,432 ) 202,452 229,207 83,584 From discontinued operations - - (100,720 ) 202,452 229,207 (17,136 ) The tax on Tenaris’s income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows: Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Income before income tax 933,710 1,103,107 427,711 Tax calculated at the tax rate in each country 186,752 207,422 6,456 Effect of currency translation on tax base 53,296 77,552 (922 ) Changes in the tax rates (13 ) 1,824 (62,968 ) Utilization of previously unrecognized tax losses (547 ) - - Tax revaluation, withholding tax and others (37,036 ) (57,591 ) 40,298 Tax charge 202,452 229,207 (17,136 ) Effect of currency translation on tax base, not Tax revaluation, withholding tax and others, $66 $65 2019 2018 $34 $26 2019 2018 Changes in the tax rates 2017 $46 $15 |
Note 8 - Dividends Distribution
Note 8 - Dividends Distribution | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 8 Dividends distribution On October 30, 2019, $0.13 $0.26 $153 November 20, 2019, November 18, 2019. On May 6, 2019, $0.41 $0.82 November 21, 2018 $0.13 $0.26 $0.28 $0.56 May 22, 2019. November 2018 May 2019 $484 On May 2, 2018, $0.41 $0.82 November 22, 2017 $0.13 $0.26 $0.28 $0.56 May 23, 2018. November 2017 May 2018 $484 On May 3, 2017, $0.41 $0.82 November 23, 2016 $0.13 $0.26 $0.28 $0.56 May 24, 2017. November 2016 May 2017 $484 |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 9 Property, plant and equipment, net Year ended December 31, 2019 Land and Industrial Vehicles, Work in Spare Total Cost Values at the beginning of the year 732,578 12,121,569 377,260 127,378 63,197 13,421,982 Translation differences (1,611 ) (38,961 ) (1,615 ) (864 ) (256 ) (43,307 ) Increase due to business combinations (*) 59,468 115,908 1,733 1,630 - 178,739 Additions 16 1,178 1,107 299,412 12,202 313,915 Disposals / Consumptions (35 ) (27,153 ) (7,110 ) (2,120 ) (2,557 ) (38,975 ) Transfers / Reclassifications 8,723 296,272 28,349 (317,128 ) (11,984 ) 4,232 Values at the end of the year 799,139 12,468,813 399,724 108,308 60,602 13,836,586 Depreciation Accumulated at the beginning of the year 110,914 6,936,900 310,260 - - 7,358,074 Translation differences (420 ) (24,973 ) (1,485 ) - - (26,878 ) Depreciation charge 11,409 415,826 20,080 - - 447,315 Transfers / Reclassifications (362 ) (38 ) - - - (400 ) Disposals / Consumptions (73 ) (25,580 ) (5,889 ) - - (31,542 ) Accumulated at the end of the year 121,468 7,302,135 322,966 - - 7,746,569 At December 31, 2019 677,671 5,166,678 76,758 108,308 60,602 6,090,017 (*) Related to SSP acquisition. See Note 27. Year ended December 31, 2018 Land and Industrial Vehicles, Work in Spare Total Cost Values at the beginning of the year 712,061 11,954,585 370,542 167,079 42,413 13,246,680 Translation differences (5,628 ) (117,977 ) (5,458 ) (2,269 ) (424 ) (131,756 ) Additions 723 681 1,245 294,163 20,756 317,568 Disposals / Consumptions (221 ) (21,836 ) (10,269 ) (42 ) (3,541 ) (35,909 ) Transfers / Reclassifications 25,643 306,116 21,200 (331,553 ) 3,993 25,399 Values at the end of the year 732,578 12,121,569 377,260 127,378 63,197 13,421,982 Depreciation Accumulated at the beginning of the year 101,197 6,612,871 303,469 - - 7,017,537 Translation differences (1,383 ) (72,141 ) (4,939 ) - - (78,463 ) Depreciation charge 11,153 417,229 21,083 - - 449,465 Transfers / Reclassifications - 173 (671 ) - - (498 ) Disposals / Consumptions (53 ) (21,232 ) (8,682 ) - - (29,967 ) Accumulated at the end of the year 110,914 6,936,900 310,260 - - 7,358,074 At December 31, 2018 621,664 5,184,669 67,000 127,378 63,197 6,063,908 Property, plant and equipment include capitalized interests for net amounts at December 31, 2019 2018 $35.4 $37.4 no 2019 2018. |
Note 10 - Intangible Assets, Ne
Note 10 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 10 Intangible assets, net Year ended December 31, 2019 Information Licenses, Goodwill Customer Total Cost Values at the beginning of the year 580,622 464,571 2,085,936 2,058,859 5,189,988 Translation differences (1,917 ) (70 ) (968 ) - (2,955 ) Increase due to business combinations (**) 405 - 32,869 81,192 114,466 Additions 35,487 772 - - 36,259 Transfers / Reclassifications (4,665 ) - - - (4,665 ) Disposals (5,062 ) (1,531 ) - - (6,593 ) Values at the end of the year 604,870 463,742 2,117,837 2,140,051 5,326,500 Amortization Accumulated at the beginning of the year 513,984 373,466 797,592 2,038,981 3,724,023 Translation differences (1,734 ) - - - (1,734 ) Amortization charge 28,937 719 - 18,259 47,915 Disposals (4,850 ) (413 ) - - (5,263 ) Accumulated at the end of the year 536,337 373,772 797,592 2,057,240 3,764,941 At December 31, 2019 68,533 89,970 1,320,245 82,811 1,561,559 Year ended December 31, 2018 Information Licenses, Goodwill Customer Total Cost Values at the beginning of the year 560,692 465,963 2,090,073 2,058,859 5,175,587 Translation differences (6,153 ) (183 ) (4,137 ) - (10,473 ) Additions 31,632 273 - - 31,905 Transfers / Reclassifications (5,493 ) - - - (5,493 ) Disposals (56 ) (1,482 ) - - (1,538 ) Values at the end of the year 580,622 464,571 2,085,936 2,058,859 5,189,988 Amortization Accumulated at the beginning of the year 478,946 372,746 797,592 1,865,444 3,514,728 Translation differences (5,551 ) - - - (5,551 ) Amortization charge 40,635 720 - 173,537 214,892 Disposals (46 ) - - - (46 ) Accumulated at the end of the year 513,984 373,466 797,592 2,038,981 3,724,023 At December 31, 2018 66,638 91,105 1,288,344 19,878 1,465,965 (*) Includes Proprietary Technology. (**) Related to SSP acquisition. The geographical allocation of goodwill for the year ended December 31, 2019 $1,168.4 $116.2 $1.9 $33.7 The carrying amount of goodwill allocated by CGU, as of December 31, 2019, (All amounts in million US dollar) As of December 31, 2019 Tubes Segment Other Segment CGU Maverick Hydril Other Maverick Total OCTG (USA) 225 - - - 225 Tamsa (Hydril and other) - 346 19 - 365 Siderca (Hydril and other) - 265 93 - 358 Hydril - 309 - - 309 Confab - - - - - Coiled Tubing - - - 4 4 Other - - 59 - 59 Total 225 920 171 4 1,320 |
Note 11 - Right-of-use Assets,
Note 11 - Right-of-use Assets, Net and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of leases [text block] | 11 Right-of-use assets, net and lease liabilities Right of use assets evolution Year ended December 31, 2019 Land and Civil Industrial Vehicles, furniture Total Cost Opening net book amount 27,713 202,352 8,335 238,400 Increase due to business combinations 229 2,038 - 2,267 Currency translation adjustment (88 ) 6 8 (74 ) Additions 9,292 24,985 7,165 41,442 Disposals (1,009 ) (4,488 ) (818 ) (6,315 ) Transfers - 496 (496 ) - At December 31, 2019 36,137 225,389 14,194 275,720 Depreciation Accumulated at the beginning of the year - - - - Translation differences (3 ) 3 8 8 Depreciation charge 8,514 31,869 3,908 44,291 Transfers / Reclassifications - (62 ) 62 - Disposals / Consumptions (181 ) (1,229 ) (295 ) (1,705 ) Accumulated at the end of the year 8,330 30,581 3,683 42,594 At December 31, 2019 27,807 194,808 10,511 233,126 Depreciation of right-of-use assets was mainly included in Tubes segment. The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in 2018 $4 Lease liability evolution (all amounts in thousands of U.S. dollars) 2019 Year ended December 31, 2019 Opening net book amount 234,149 Increase due to business combinations 2,267 Translation differences 2,690 Additions 36,957 Cancellations (4,688 ) Repayments (43,974 ) Interest accrued 2,766 At December 31, 2019 230,167 ( * January 1, 2019 2.4%. The amount of remaining payments with maturity less than 1 2 5 5 16%, 44% 40% Expense relating to short-term leases and low value leases (included in cost of sales and selling, general and administrative expenses $15.1 $1.3 |
Note 12 - Investments in Non-co
Note 12 - Investments in Non-consolidated Companies | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of interests in other entities [text block] | 12 Investments in non-consolidated companies Year ended December 31, 2019 2018 At the beginning of the year 805,568 640,294 Translation differences (10,781 ) 1,848 Equity in earnings of non-consolidated companies 82,036 193,994 Increase due to business combinations 20,635 - Dividends and distributions received (*) (28,037 ) (26,581 ) Additions 19,610 - Decrease / increase in equity reserves and others (9,066 ) (3,987 ) At the end of the year 879,965 805,568 (*) Related to Ternium and Usiminas. During 2019, $29.0 The principal non-consolidated companies are: % ownership at December 31, Value at December 31, Company Country of incorporation 2019 2018 2019 2018 a) Ternium (*) Luxembourg 11.46 % 11.46 % 751,105 725,548 b) Usiminas (**) Brazil 3.07 % 3.07 % 74,593 72,988 Others - - - 54,267 7,032 879,965 805,568 (*) Including treasury shares. (**) At December 31, 2019 2018 5.2%. a) Ternium Ternium, is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is one At December 31, 2019, $22 $505.4 December 31, 2019, $751.1 As of December 31, 2019 not Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows: Ternium 2019 2018 Non-current assets 8,757,320 8,121,824 Current assets 4,178,213 4,426,038 Total assets 12,935,533 12,547,862 Non-current liabilities 3,452,535 3,236,756 Current liabilities 1,768,125 1,826,530 Total liabilities 5,220,660 5,063,286 Non-controlling interests 1,103,208 1,091,321 Revenues 10,192,818 11,454,807 Gross profit 1,740,378 2,971,479 Net income for the year attributable to owners of the parent 564,269 1,506,647 Total comprehensive income for the year, net of tax, attributable to owners of the parent 445,473 1,176,964 b) Usiminas Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries. As of December 31, 2019, B3 BRL9.83 $2.44 BRL9.51 $2.36 $92 $74.6 Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows: Usiminas 2019 2018 Non-current assets 4,335,662 4,696,896 Current assets 2,198,449 2,148,322 Total assets 6,534,111 6,845,218 Non-current liabilities 1,955,395 1,933,207 Current liabilities 716,930 860,862 Total liabilities 2,672,325 2,794,069 Non-controlling interests 377,667 369,333 Revenues 3,790,206 3,766,241 Gross profit 478,141 612,156 Net income for the year attributable to owners of the parent 52,779 194,381 c) Techgen Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquería area of the State of Nuevo León, Mexico. The company started producing energy on December 1, 2016, 900 December 31, 2019, 22% 48% 30% Techgen is a party to transportation capacity agreements for a purchasing capacity of 150,000 August 1, 2016 July 31, 2036, December 31, 2019, $51.9 $0.9 2018, December 31, 2019 $18.2 During 2019, $40.5 December 31, 2019, $58.1 On February 13, 2019, $640 Techgen’s obligations under the current facility, which is “non-recourse” on the sponsors, are guaranteed by a Mexican security trust covering Techgen’s shares, assets and accounts as well as Techgen’s affiliates rights under certain contracts. In addition, Techgen’s collection and payment accounts not third 22% Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during two 22% $9.8 |
Note 13 - Receivables - Non Cur
Note 13 - Receivables - Non Current | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of non-current receivables [text block] | 13 Receivables – non current Year ended December 31, 2019 2018 Employee advances and loans 6,008 3,740 Tax credits 20,065 16,025 Receivables from related parties 59,999 58,128 Legal deposits 12,378 12,446 Advances to suppliers and other advances 3,772 7,592 Derivative financial instruments - 52 Receivable Venezuelan subsidiaries 48,659 48,659 Others 6,222 5,263 157,103 151,905 |
Note 14 - Inventories, Net
Note 14 - Inventories, Net | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 14 Inventories, net Year ended December 31, 2019 2018 Finished goods 968,329 1,025,999 Goods in process 612,888 709,497 Raw materials 221,954 256,816 Supplies 486,411 504,286 Goods in transit 194,015 237,539 2,483,597 2,734,137 Allowance for obsolescence (see Note 23 (i)) (217,717 ) (209,796 ) 2,265,880 2,524,341 |
Note 15 - Receivables and Prepa
Note 15 - Receivables and Prepayments, Net | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of receivables and prepayments [text block] | 15 Receivables and prepayments, net Year ended December 31, 2019 2018 Prepaid expenses and other receivables 30,579 31,599 Government entities 1,867 2,182 Employee advances and loans 8,189 6,521 Advances to suppliers and other advances 17,180 23,467 Government tax refunds on exports 670 4,896 Receivables from related parties 19,837 63,322 Miscellaneous 31,145 30,682 109,467 162,669 Allowance for other doubtful accounts (see Note 23 (i)) (4,892 ) (6,784 ) 104,575 155,885 |
Note 16 - Current Tax Assets an
Note 16 - Current Tax Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of tax receivables and payables [text block] | 16 Current tax assets and liabilities Year ended December 31, Current tax assets 2019 2018 V.A.T. credits 112,161 67,322 Prepaid taxes 55,227 54,010 167,388 121,332 Year ended December 31, Current tax liabilities 2019 2018 Income tax liabilities 64,994 182,711 V.A.T. liabilities 9,953 18,091 Other taxes 52,678 49,431 127,625 250,233 |
Note 17 - Trade Receivables, Ne
Note 17 - Trade Receivables, Net | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 17 Trade receivables, net Year ended December 31, 2019 2018 Current accounts 1,387,494 1,778,796 Receivables from related parties 9,448 25,105 1,396,942 1,803,901 Allowance for doubtful accounts (see Note 23 (i)) (48,782 ) (66,535 ) 1,348,160 1,737,366 The following table sets forth details of the aging of trade receivables: Past due Trade Receivables Not Due 1 - 180 days >180 days At December 31, 2019 Guaranteed 234,427 205,764 26,899 1,764 Not guaranteed 1,162,515 948,449 157,960 56,106 Guaranteed and not guaranteed 1,396,942 1,154,213 184,859 57,870 Expected loss rate 0.09 % 0.04 % 0.24 % 0.57 % Allowances for doubtful accounts (1,294 ) (529 ) (455 ) (310 ) Nominative allowances for doubtful accounts (47,488 ) - (1,922 ) (45,566 ) Net Value 1,348,160 1,153,684 182,482 11,994 Past due Trade Receivables Not Due 1 - 180 days >180 days At December 31, 2018 Guaranteed 286,250 254,743 30,884 623 Not guaranteed 1,517,651 1,180,788 260,675 76,188 Guaranteed and not guaranteed 1,803,901 1,435,531 291,559 76,811 Expected loss rate 0.07 % 0.04 % 0.17 % 0.43 % Allowances for doubtful accounts (1,396 ) (564 ) (510 ) (322 ) Nominative allowances for doubtful accounts (65,139 ) - (1,436 ) (63,703 ) Net Value 1,737,366 1,434,967 289,613 12,786 Trade receivables are mainly denominated in U.S. dollars. |
Note 18 - Cash and Cash Equival
Note 18 - Cash and Cash Equivalents and Other Investments | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents and other investments [text block] | 18 Cash and cash equivalents and other investments Year ended December 31, 2019 2018 Cash and cash equivalents Cash at banks 118,314 81,211 Liquidity funds 1,166,697 160,198 Short – term investments 269,288 186,952 1,554,299 428,361 Other investments - current Fixed Income (time-deposit, zero coupon bonds, commercial papers) 65,874 300,410 Bonds and other fixed Income 144,502 187,324 210,376 487,734 Other investments - Non-current Bonds and other fixed Income 18,012 113,829 Others 6,922 4,326 24,934 118,155 |
Note 19 - Borrowings
Note 19 - Borrowings | 12 Months Ended |
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 1 - 2 2 – 3 3 - 4 4 - 5 Over 5 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 1 - 2 2 – 3 3 - 4 4 - 5 Over 5 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, 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 2018, 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 2018. |
Note 20 - Deferred Income Tax
Note 20 - Deferred Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of deferred taxes [text block] | 20 Deferred income tax Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country. The evolution of deferred tax assets and liabilities during the year are as follows: Deferred tax liabilities Fixed assets (*) Inventories Intangible and Other Total At the beginning of the year 710,995 25,048 46,532 782,575 Translation differences (347 ) - (4 ) (351 ) Increase due to business combinations 5,621 - 11,209 16,830 Charged directly to other comprehensive income - - 423 423 Income statement charge / (credit) (64,930 ) (5,652 ) 59,902 (10,680 ) At December 31, 2019 651,339 19,396 118,062 788,797 Fixed assets (*) Inventories Intangible and Other Total At the beginning of the year 744,926 34,934 55,585 835,445 Effect of adoption of new standards - - 35 35 Translation differences (876 ) - 92 (784 ) Charged directly to other comprehensive income - - 288 288 Income statement charge (33,055 ) (9,886 ) (9,468 ) (52,409 ) At December 31, 2018 710,995 25,048 46,532 782,575 (*) Includes the effect of currency translation on tax base. See Note 7. Deferred tax assets Provisions and Inventories Tax losses Other Total At the beginning of the year (16,116 ) (86,585 ) (396,257 ) (86,184 ) (585,142 ) Translation differences 362 306 497 286 1,451 Increase due to business combinations (1,160 ) (1,413 ) (1,172 ) (2,238 ) (5,983 ) Charged directly to other comprehensive income - - - (1,261 ) (1,261 ) Income statement charge / (credit) (2,739 ) (5,712 ) 14,100 (92,209 ) (86,560 ) At December 31, 2019 (19,653 ) (93,404 ) (382,832 ) (181,606 ) (677,495 ) Provisions and Inventories Tax losses Other Total At the beginning of the year (26,475 ) (89,555 ) (354,944 ) (60,033 ) (531,007 ) Effect of adoption of new standards 952 - - (164 ) 788 Translation differences 2,532 1,447 1,014 (38 ) 4,955 Charged directly to other comprehensive income 23 - - 1,587 1,610 Income statement charge / (credit) 6,852 1,523 (42,327 ) (27,536 ) (61,488 ) At December 31, 2018 (16,116 ) (86,585 ) (396,257 ) (86,184 ) (585,142 ) In 2019 16 Deferred tax assets related to taxable losses of Tenaris subsidiaries are recognized to the extent it is considered probable that future taxable profits will be available against which such losses can be utilized in the foreseeable future. This amount includes $338 The expiration dates of the recognized tax losses in less than 1 2 5 5 0.2%, 2.5% 97.3% As of December 31, 2019, $121.2 1 2 5 5 2.8%, 20.2% 77%. The estimated recovery analysis of deferred tax assets and deferred tax liabilities is as follows: Year ended December 31, 2019 2018 Deferred tax assets to be recovered after 12 months (538,274 ) (452,330 ) Deferred tax liabilities to be settled after 12 months 766,852 739,670 Deferred income tax assets and liabilities are offset when ( 1 2 Year ended December 31, 2019 2018 Deferred tax assets (225,680 ) (181,606 ) Deferred tax liabilities 336,982 379,039 111,302 197,433 The movement in the net deferred income tax liability account is as follows: Year ended December 31, 2019 2018 At the beginning of the year 197,433 304,438 Effect of adoption of new standards - 823 Translation differences 1,100 4,171 Increase due to business combinations 10,847 - Charged directly to Other Comprehensive Income (838 ) 1,898 Income statement credit (97,240 ) (113,897 ) At the end of the year 111,302 197,433 |
Note 21 - Other Liabilities
Note 21 - Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other liabilities [text block] | 21 Other liabilities (i) Other liabilities – Non current Year ended December 31, 2019 2018 Post-employment benefits 144,993 115,087 Other-long term benefits 85,473 78,492 Miscellaneous 20,917 19,550 251,383 213,129 Post-employment benefits Year ended December 31, 2019 2018 Unfunded 125,573 97,318 Funded 19,420 17,769 144,993 115,087 § Unfunded Year ended December 31, 2019 2018 Values at the beginning of the year 97,318 101,889 Translation differences (1,567 ) (3,849 ) Current service cost 7,978 7,400 Interest cost 5,526 5,070 Remeasurements (*) 7,010 (3,946 ) Increase due to business combinations 15,660 - Benefits paid from the plan (9,328 ) (9,719 ) Other 2,976 473 At the end of the year 125,573 97,318 (*) For 2019 $1.3 $5.7 2018 $0.2 $3.7 The actuarial assumptions for the most relevant plans were as follows: Year ended December 31, 2019 2018 Discount rate 1% 7% 2% 7% Rate of compensation increase 0% 3% 0% 3% As of December 31, 2019, 1% $7.4 $7 1% $4.5 $4.5 may § Funded The amounts recognized in the statement of financial position for the current annual period and the previous annual period are as follows: Year ended December 31, 2019 2018 Present value of funded obligations 160,412 146,885 Fair value of plan assets (145,160 ) (132,438 ) Liability (*) 15,252 14,447 (*) In 2019 2018, $4.2 $3.3 The movement in the present value of funded obligations is as follows: Year ended December 31, 2019 2018 At the beginning of the year 146,885 165,485 Translation differences 4,542 (8,182 ) Current service cost 721 1,328 Interest cost 5,754 5,691 Remeasurements (*) 12,769 (7,984 ) Benefits paid (10,259 ) (9,453 ) At the end of the year 160,412 146,885 (*) For 2019 $0.4 $12.4 2018 $0.4 $8.4 The movement in the fair value of plan assets is as follows: Year ended December 31, 2019 2018 At the beginning of the year (132,438 ) (145,692 ) Translation differences (4,137 ) 7,514 Return on plan assets (5,018 ) (4,936 ) Remeasurements (10,507 ) 3,967 Contributions paid to the plan (3,589 ) (3,108 ) Benefits paid from the plan 10,259 9,453 Other 270 364 At the end of the year (145,160 ) (132,438 ) The major categories of plan assets as a percentage of total plan assets are as follows: Year ended December 31, 2019 2018 Equity instruments 49.0 % 53.5 % Debt instruments 47.0 % 42.8 % Others 4.0 % 3.7 % The actuarial assumptions for the most relevant plans were as follows: Year ended December 31, 2019 2018 Discount rate 3 % - 4 % 4 % - 5 % Rate of compensation increase 0 % - 3 % 0 % - 3 % The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of return as of the end of the reporting period. As of December 31, 2019, 1% $16.1 $19.8 1% $1.8 $1.6 may The employer contributions expected to be paid for the year 2020 $5.1 The methods and types of assumptions used in preparing the sensitivity analysis did not (ii) Other liabilities – current Year ended December 31, 2019 2018 Payroll and social security payable 153,009 148,069 Miscellaneous 23,255 17,624 176,264 165,693 |
Note 22 - Non-current Allowance
Note 22 - Non-current Allowances and Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of non-current allowances and provisions [text block] | 22 Non-current allowances and provisions (i) Deducted from non-current receivables Year ended December 31, 2019 2018 Values at the beginning of the year - (641 ) Translation differences - 110 Used - 531 Values at the end of the year - - (ii) Liabilities Year ended December 31, 2019 2018 Values at the beginning of the year 36,089 36,438 Translation differences (1,571 ) (5,261 ) Additional provisions 19,904 14,397 Reclassifications 5,641 (2,406 ) Used (5,464 ) (7,079 ) Values at the end of the year 54,599 36,089 |
Note 23 - Current Allowances an
Note 23 - Current Allowances and Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of current allowances and provisions [text block] | 23 Current allowances and provisions (i) Deducted from assets Year ended December 31, 2019 Allowance for doubtful Allowance for other doubtful Allowance for Values at the beginning of the year (66,535 ) (6,784 ) (209,796 ) Translation differences 9 88 794 Increase due to business combinations (1,788 ) - (10,761 ) Additional / reversals allowances 16,256 1,239 (29,138 ) Used 3,276 565 31,184 At December 31, 2019 (48,782 ) (4,892 ) (217,717 ) Year ended December 31, 2018 Allowance for doubtful Allowance for other doubtful Allowance for Values at the beginning of the year (78,385 ) (6,255 ) (216,068 ) Effect of adoption of new standards 6,423 - - Translation differences 329 359 3,575 Additional allowances (1,751 ) (1,179 ) (25,457 ) Used 6,849 291 28,154 At December 31, 2018 (66,535 ) (6,784 ) (209,796 ) (ii) Liabilities Year ended December 31, 2019 Sales risks Other claims and Total Values at the beginning of the year 6,814 17,469 24,283 Translation differences (28 ) (570 ) (598 ) Increase due to business combinations 505 8,000 8,505 Additional/ reversals provisions 11,880 (3,219 ) 8,661 Reclassifications - (5,641 ) (5,641 ) Used (13,304 ) (4,889 ) (18,193 ) At December 31, 2019 5,867 11,150 17,017 Year ended December 31, 2018 Sales risks Other claims and Total Values at the beginning of the year 11,396 20,934 32,330 Translation differences (103 ) (2,205 ) (2,308 ) Additional provisions 2,638 6,463 9,101 Reclassifications - 2,406 2,406 Used (7,117 ) (10,129 ) (17,246 ) At December 31, 2018 6,814 17,469 24,283 |
Note 24 - Derivative Financial
Note 24 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of derivative financial instruments [text block] | 24 Derivative financial instruments Net fair values of derivative financial instruments The net fair values of derivative financial instruments, in accordance with IFRS 13, 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 $52 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 2018, 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 Movements Equity Reserve Movements Equity Reserve 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 2020. 11. |
Note 25 - Contingencies, Commit
Note 25 - Contingencies, Commitments and Restrictions On the Distribution of Profits | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 25 Contingencies, commitments and restrictions on the distribution of profits (i) Contingencies Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, Tenaris is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, Tenaris has not If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, Tenaris was able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice Tenaris’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements are adequate based upon currently available information. However, if management’s estimates prove incorrect, current reserves could be inadequate and Tenaris could incur a charge to earnings which could have a material adverse effect on Tenaris’s results of operations, financial condition, net worth and cash flows. Below is a summary description of Tenaris’s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, Tenaris is subject to other legal proceedings, none § CSN claims relating to the January 2012 Confab Industrial S.A. (“Confab”), a Brazilian subsidiary of the Company, is one January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas’ ordinary shares for a price per share equal to 80% BRL28.8, 182,609,851 not 17.9% § CSN claims relating to the January 2012 On September 23, 2013, first February 8, 2017, first March 6, 2017, July 19, 2017. August 18, 2017, March 5, 2018, not May 8, 2018, January 22, 2019, September 10, 2019, Tenaris continues to believe that all of CSN’s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two February 2012 December 2016, first second § Veracel celulose accident litigation On September 21, 2007, one second not two 6th On September 28, 2018 October 9, 2018, $3.5 On October 10, 2018, § With respect to Chubb’s claim, Confab was ordered to pay an amount of approximately BRL89.8 $21.6 October 15, 2018, November 8, 2018, § With respect to Veracel’s claim, Confab was ordered to pay the insurance deductible and other concepts not BRL62.9 $15.6 not BRL54.0 $13.4 December 18, 2018, first April 30, 2019, § Ongoing investigation The Company is aware that Brazilian, Italian and Swiss authorities have been investigating whether certain payments were made from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petróleo Brasileiro S.A. (“Petrobras”) and whether any such payments were intended to benefit the Company’s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act. The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to “Operation Lava Jato”, a new phase of which is presently ongoing, and did not not The Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company’s review. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission and the U.S. Department of Justice in October 2016. In July 2019, two February 2020, three no The Company continues to review these matters and to respond to requests from and otherwise cooperate with the appropriate authorities. At this time, the Company cannot predict the outcome of these matters or estimate the range of potential loss or extent of risk, if any, to the Company's business that may § Putative class actions Following the Company’s November 27, 2018 two April 29, 2019, July 19, 2019, May 1, 2014 December 5, 2018. 11.46% not 2020. § Investigation concerning alleged price overcharges in Brazil In 2018, two claim is BRL29.8 $7.4 not § Administrative proceeding concerning Brazilian tax credits Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and/or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately 75% January 21, 2019, January 28, 2019, may BRL56.8 $14.1 § U.S. Patent infringement litigation Tenaris Coiled Tubes, LLC (“TCT”), a U.S. subsidiary of the Company, was sued on 2017 not Global December 13, 2019, August 2021. may § Tax assessment from Italian Tax Authorities Tenaris’s Italian subsidiary Dalmine received on December 27, 2019, 2014. December 31, 2019, EUR25 $28 EUR20.7 $23.2 EUR4.3 $4.8 2019, 2015 December 31, 2019, EUR10.3 $11.6 EUR8.1 $9.1 EUR2.2 $2.5 (ii) Commitments and guarantees Set forth is a description of Tenaris’s main outstanding commitments: § A Tenaris company entered into a contract with Transportadora de Gas del Norte S.A. for the service of natural gas transportation to the facilities of Siderca, an Argentine subsidiary of Tenaris. As of December 31, 2019, 9 $27.4 § Several Tenaris companies entered into a contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of December 31, 2019, 14 $53.7 § Several Tenaris companies entered into a contract with Graftech for the supply of graphite electrodes. As of December 31, 2019, $26.8 § A Tenaris company entered into a 25 December 1, 2016, December 1, 2041) 197 22% seventh may third § A Tenaris company entered into a contract with Vale International S.A. for the supply of iron ore, for which it is committed to purchase at least 70% 770 December 31, 2020. $33.6 § A Tenaris company entered into a contract with Canadian National Railway for the service of rail transportation from its raw material supplier to its Canadian production center. The total commitment ending June 30, 2020 $18.9 § A Tenaris company entered into a contract with Air Liquide Mexico, S. de R.L de C.V. for the supply of argon gas. As of December 31, 2019, $21.2 § A Tenaris company is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to purchase on a monthly basis a minimum volume of steel bars at prices that will be adjusted quarterly by the parties. The contract will become effective in January 2020 December 2022. December 31, 2019, December 31, 2022, $107.1 Additionally Tenaris has issued performance guarantees mainly related to long term commercial contracts with several customers and parent companies guarantees for approximately $2.5 (iii) Restrictions to the distribution of profits and payment of dividends In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% 10% As of December 31, 2019, not may not The Company may |
Note 26 - Agreement to Build a
Note 26 - Agreement to Build a Welded Pipe Plant in West Siberia | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of joint ventures [text block] | 26 Agreement to build a welded pipe plant in West Siberia On February 5, 2019 49% 51%. $280 300,000 $19.6 |
Note 27 - Business Combinations
Note 27 - Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 27 Business combinations Acquisition of Saudi Steel Pipe Company § On January 21, 2019, 47.79% SAR530 $141 360,000 1980 Upon closing of the acquisition, four May 7, 2019, June 6, 2022. The Company has begun consolidating SSP’s balances and results of operations as from January 21, 2019. § Fair value of net assets acquired The application of the purchase method requires certain estimates and assumptions specially concerning the determination of the fair values of the acquired intangible assets and property, plant and equipment as well as the liabilities assumed at the date of the acquisition. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques. The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows: Fair value of acquired assets and liabilities: SAR million $ million Property, Plant and Equipment 671 179 Customer relationship 305 81 Investment in associated 77 21 Working capital 167 45 Cash and Cash Equivalents 32 9 Other Receivables 11 3 Borrowings (304 ) (81 ) Employees end of service benefits (59 ) (16 ) Deferred Tax Liabilities (47 ) (13 ) Net assets acquired 853 228 Tenaris acquired 47.79% $109 $32.9 The acquired business contributed revenues for $170.6 January 21, 2019 December 31, 2019. If the acquisition had occurred on January 1, 2019, not The purchase price allocation has been done with the assistance of a third Acquisition of Garrett In September 2017, 100% $10.4 January 1, 2017, not |
Note 28 - Cash Flow Disclosures
Note 28 - Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 28 Cash flow disclosures Year ended December 31, (i) Changes in working capital 2019 2018 2017 Inventories 311,459 (176,443 ) (804,415 ) Receivables and prepayments and Current tax assets (34,368 ) 30,144 (4,564 ) Trade receivables 428,326 (517,579 ) (259,375 ) Other liabilities (18,295 ) (22,984 ) 4,226 Customer advances 16,844 5,976 17,039 Trade payables (180,857 ) (57,066 ) 193,905 523,109 (737,952 ) (853,184 ) (ii) Income tax accruals less payments Tax accrued 202,452 229,207 (17,136 ) Taxes paid (395,869 ) (170,713 ) (176,853 ) (193,417 ) 58,494 (193,989 ) (iii) Interest accruals less payments, net Interest accrued (4,616 ) (2,914 ) (20,534 ) Interest received 30,890 40,613 50,001 Interest paid (30,655 ) (31,548 ) (17,917 ) (4,381 ) 6,151 11,550 (iv) Cash and cash equivalents Cash at banks, liquidity funds and short - term investments 1,554,299 428,361 330,221 Bank overdrafts (24 ) (1,644 ) (131 ) 1,554,275 426,717 330,090 |
Note 29 - Discontinued Operatio
Note 29 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | 29 Discontinued Operations On December 15, 2016, $328 January 19, 2017, January 20, 2017. $89.7 Year ended December 31, 2017 Income from discontinued operations 1,848 After tax gain on the sale of Conduit 89,694 Net Income for discontinued operations 91,542 Details of Conduit sale Cash received 331,295 Transaction and other costs (3,663 ) Carrying amount of net assets sold (137,814 ) Gain on sale before income tax 189,817 Income tax expense on gain (100,123 ) Gain on sale after income tax 89,694 The financial performances presented are relative to the 19 January 2017. Analysis of the result of discontinued operations: Year ended December 31, 2017 Revenues 11,899 Gross profit 4,496 Net income 1,848 Summarized cash flow information is as follows : 2017 Cash at the beginning 18,820 Cash at the end 206 (Decrease) Increase in cash (18,614 ) (Used in) provided by operating activities (3,046 ) Provided by (used in) investing activities 32 Used in financing activities (15,600 ) These amounts were estimated only for disclosure purposes, as cash flows from discontinued operations were not The following table shows carrying amounts of assets and liabilities as at the date of sale. Current and non-current assets and liabilities of disposal group At January 19, 2017 Non-current assets 87,332 Current assets 69,332 Total assets of disposal group classified as held for sale 156,664 Non-current liabilities 5,294 Current liabilities 13,556 Total liabilities of disposal group classified as held for sale 18,850 |
Note 30 - Related Party Transac
Note 30 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 30 Related party transactions As of December 31, 2019: § San Faustin S.A., a Luxembourg société anonyme (“San Faustin”), owned 713,605,187 60.45% § San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.à.r.l., a Luxembourg société à responsabilité limitée (“Techint”), who is the holder of record of the above-mentioned Tenaris shares. § Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (“RP STAK”) held voting shares in San Faustin sufficient in number to control San Faustin. § No Based on the information most recently available to the Company, Tenaris’s directors and senior management as a group owned 0.08% Transactions and balances disclosed as with “non-consolidated parties” are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does not not not (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 (i) Transactions (a) Sales of goods and services Sales of goods to non-consolidated parties 20,577 23,709 32,362 Sales of goods to other related parties 69,972 131,548 94,624 Sales of services to non-consolidated parties 5,620 7,641 11,637 Sales of services to other related parties 4,386 5,647 3,751 100,555 168,545 142,374 (b) Purchases of goods and services Purchases of goods to non-consolidated parties 174,588 245,186 234,361 Purchases of goods to other related parties 51,765 106,624 17,711 Purchases of services to non-consolidated parties 9,404 9,556 12,077 Purchases of services to other related parties 54,514 46,179 50,794 290,271 407,545 314,943 (all amounts in thousands of U.S. dollars) At December 31, 2019 2018 (ii) Period-end balances (a) Arising from sales / purchases of goods / services Receivables from non-consolidated parties 78,884 122,136 Receivables from other related parties 10,400 24,419 Payables to non-consolidated parties (19,100 ) (33,197 ) Payables to other related parties (7,048 ) (17,595 ) 63,136 95,763 (b) Financial debt Finance lease liabilities from non-consolidated parties (2,064 ) - (2,064 ) - In addition to the tables above, Tenaris issued various guarantees and is party to a commitment in favor of Techgen: for further details, please see note 12 25 No Directors’ and senior management compensation During the years ended December 31, 2019, 2018 2017, $33.7 $33.7 $45.8 468, 558 484 $4.8 $5.6 $4.7 |
Note 31 - Fees Paid to the Comp
Note 31 - Fees Paid to the Company's Principal Accountant | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of additional information [text block] | 31 Fees paid to the Company's principal accountant Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows: (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 Audit fees 3,846 3,841 3,995 Audit-related fees 50 43 88 Tax fees 7 - 23 All other fees 1 7 30 Total 3,904 3,891 4,136 |
Note 32 - Principal Subsidiarie
Note 32 - Principal Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of interests in subsidiaries [text block] | 32 Principal subsidiaries The following is a list of Tenaris’s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 2019. Company Country of Main activity Percentage of ownership at 2019 2018 2017 ALGOMA TUBES INC. Canada Manufacturing of seamless steel pipes 100% 100% 100% CONFAB INDUSTRIAL S.A. and subsidiaries Brazil Manufacturing of welded steel pipes and capital goods 100% 100% 100% DALMINE S.p.A. Italy Manufacturing of seamless steel pipes 100% 100% 100% HYDRIL COMPANY and subsidiaries (except detailed) (a) USA Manufacture and marketing of premium connections 100% 100% 100% KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP Kazakhstan Threading of premium products 100% 100% 100% MAVERICK TUBE CORPORATION and subsidiaries USA Manufacturing of welded steel pipes 100% 100% 100% NKKTUBES Japan Manufacturing of seamless steel pipes 51% 51% 51% P.T. SEAMLESS PIPE INDONESIA JAYA Indonesia Manufacturing of seamless steel products 89% 89% 89% PRUDENTIAL STEEL LTD. Canada Manufacturing of welded steel pipes 100% 100% 100% S.C. SILCOTUB S.A. Romania Manufacturing of seamless steel pipes 100% 100% 100% SAUDI STEEL PIPE CO. Saudi Arabia Manufacturing of welded steel pipes 48% NA NA SIAT SOCIEDAD ANONIMA Argentina Manufacturing of welded and seamless steel pipes 100% 100% 100% SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries Argentina Manufacturing of seamless steel pipes 100% 100% 100% TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. Portugal Holding Company 100% 100% 100% TENARIS BAY CITY, INC. USA Manufacturing of seamless steel pipes 100% 100% 100% TENARIS CONNECTIONS BV Netherlands Development, management and licensing of intellectual property 100% 100% 100% TENARIS FINANCIAL SERVICES S.A. Uruguay Financial company 100% 100% 100% TENARIS GLOBAL SERVICES (CANADA) INC. Canada Marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION USA Marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES (UK) LTD United Kingdom Holding company and marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (b) Uruguay Holding company and marketing of steel products 100% 100% 100% TENARIS INVESTMENTS (NL) B.V. Netherlands Holding company 100% NA NA TENARIS INVESTMENTS S.àr.l. Luxembourg Holding company 100% 100% 100% TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries Switzerland Holding company 100% 100% 100% TENARIS TUBOCARIBE LTDA. Colombia Manufacturing of welded and seamless steel pipes 100% 100% 100% TUBOS DE ACERO DE MEXICO, S.A. Mexico Manufacturing of seamless steel pipes 100% 100% 100% (*) All percentages rounded. (a) Tenaris Investments S.à.r.l. holds 100% 80%. (b) Tenaris Investments S.à.r.l holds 97,5% 40% 49% 49% |
Note 33 - Nationalization of Ve
Note 33 - Nationalization of Venezuelan Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of Nationalization of Subsidiaries [text block] | 33 Nationalization of Venezuelan Subsidiaries In May 2009, 6058, Matesi On January 29, 2016, $87.3 $85.5 $172.8 six no, no 9% six December 31, 2019, $71 On March 14, 2016, 49 2 49. June 24, 2016, September 21, 2016, March 24, 2017, August 8, 2018, On June 8, 2018, not may not Tavsa and Comsigua On December 12, 2016, $137 $3.3 April 30, 2008 4% December 31, 2019 $118 On April 11, 2017, February 23, 2018, December 28, 2018, On June 8, 2018, not may not As of December 31, 2019, $49 |
Note 34 - Delisting of Tenaris'
Note 34 - Delisting of Tenaris's Shares from the Buenos Aires Stock Exchange | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Delisting of shares from stock exchange [text block] | 34 Delisting of Tenaris’s shares from the Buenos Aires stock exchange On July 29, 2019, 32, September 19, 2019, October 10, 2019. Although shareholders holding shares through Caja de Valores S.A. (“CVSA”) on June 11, 2019 22 no |
Note 35 - Subsequent Events
Note 35 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 35 Subsequent events Acquisition of IPSCO Tubulars, Inc. § Acquisition On January 2, 2020, 100% $1,067 IPSCO’s facilities are located mainly in the midwestern and northeastern regions of the country. IPSCO’s steel shop in Koppel, Pennsylvania, is Tenaris’s first second In connection with the closing of the transaction, the parties entered into a 6 January 2, 2020, 6 12 The Company will begin consolidating IPSCO’s balances and results of operations as from January 2, 2020. third The short period of time between the acquisition date and the date of approval of these Consolidated Financial Statements, as well as the considerable size and complexity of the acquired business, makes it impracticable for the Company to provide all disclosures required by IFRS 3 Following the preparation of the initial purchase price allocation, the Company will continue its review and will make any necessary adjustments during the following 12 3. |
Note 36 - Update as of April 29
Note 36 - Update as of April 29, 2020 | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period and approval date [text block] | 36 Update as of April 29, 2020 1 The COVID- 19 A novel strain of coronavirus (SARS-CoV- 2 December 2019 2020. March 2020, 19, 2 19 While the extent of the effects of COVID- 19 March 2020, not $30 9.7 April 20, 2020, May, first not may - Status of our operations We are adjusting our operations on a country-by-country basis to comply with applicable rules and requirements and adapt to this new, rapidly evolving scenario. As of the date of these Consolidated Financial Statements, this is the status of our facilities: · In China, we are again fully operational, after several weeks of interruption and an extraordinary combined effort of our people and of our community. · In Italy, production was greatly reduced; although our Dalmine facility was used exclusively for the manufacturing of oxygen tanks to aid local hospitals and health centers for a limited period of time, currently the facility is gradually resuming normal operations. In Argentina, Colombia, Mexico and Saudi Arabia, Tenaris decreased its activity following the imposition of mandatory lockdowns, and our plants in these countries are currently operating at reduced levels. Although the lockdowns or restrictions to operate in these countries are expected to end or be relaxed in the next few weeks, these could be extended and/or made more stringent if so decided by the appropriate authorities as the circumstances could require. · In the United States, our facilities in Koppel and Ambridge (PA), Brookfield (OH), Blytheville (AR), Wilder (KY), and Odessa and Baytown (TX), have been or will be temporarily closed until market conditions improve. In addition, Tenaris is in the process of performing employee reductions and adjusting production levels at its other facilities in line with market demand. In order to safeguard the health and safety of its employees, customers and suppliers, Tenaris has taken preventive measures, including remote working for the majority of white collar employees, restricting onsite access to essential operational personnel, keeping personnel levels at a minimum, implementing a special operations protocol to ensure social distancing and providing medical assistance and supplies to onsite employees. As of the date of these Consolidated Financial Statements, remote work and other work arrangements have not not 1 February 19, 2020. - Risks associated with the COVID- 19 Given the uncertainty around the extent and timing of the future spread of the SARS-CoV- 2 not two The COVID- 19 · Global oil or gas demand may · Tenaris or its employees, contractors, suppliers, customers and other business partners may may 19 may · A continuing spread of COVID- 19 may - Mitigating actions In order to mitigate the impact of expected lower sales, Tenaris is working on a worldwide rightsizing program and cost containment plan aimed at preserving its financial resources and overall liquidity position and maintaining the continuity of its operations. The actions include: · Adjusting the level of our operations and workforce around the world, including through the temporary closure of certain U.S. facilities or production lines, as indicated above; · Introducing efficiency and productivity improvements throughout Tenaris’s industrial system; · Downsizing our fixed cost structure, including through pay reductions for senior management and board members, aggregating estimated total annual savings of approximately $220 · Reducing capital expenditures and R&D expenses for approximately $150 2019 · Reducing working capital, especially inventories, in accordance with the expected levels of activity; and · Increasing our focus on managing customer credit conditions. As part of these liquidity preservation initiatives, the board of directors resolved to propose, for approval by the Annual Shareholders Meeting to be held on June 2, 2020, no 2019 $153 November 2019. As of the date of these Consolidated Financial Statements, our capital and financial resources, and overall liquidity position, have not $271 March 2020 Acquisition of IPSCO Tubulars, Inc. (i) Closing Statement On March 16, 2020, (ii) Purchase Price Allocation As at March 31, 2020, third The application of the purchase method requires certain estimates and assumptions, including estimates and assumptions concerning the determination of the fair values of the acquired intangible assets and property, plant and equipment as well as the liabilities assumed at the date of the acquisition. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques. The preliminary allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows: Fair value of acquired assets and liabilities: $ million Property, Plant and Equipment 506 Intangible assets 170 Working capital 144 Cash and Cash Equivalents 4 Other assets 46 Borrowings (53 ) Provisions (27 ) Other liabilities (77 ) Deferred tax liabilities (3 ) Net assets acquired 710 Tenaris acquired total assets and liabilities shown above, for approximately $1,067 $357 not The goodwill generated by the acquisition is mainly attributable to the synergy created following the integration between Tenaris and IPSCO, which is expected to enhance Tenaris’s position as well as its local manufacturing presence in the U.S. market, and also expand its product range and services capabilities. The goodwill has been allocated to the Tubes segment. After the conclusion of the preliminary purchase price allocation determination and as a consequence of the unprecedented decline in oil prices and other changes in circumstances, the management has decided to impair the goodwill mentioned above. Following IFRS 3, twelve Acquisition-related costs of $9.7 $9.4 0.3 2019 2020 (iii) Temporary suspension of operations at certain facilities Given the abrupt and steep decline in market demand, the facilities in Koppel and Ambridge (PA), Brookfield (OH), Blytheville (AR), Wilder (KY), and Odessa and Baytown (TX), were temporarily closed until market conditions improve. Impairment of Assets As a result of the severe deterioration of business conditions and in light of the presence of impairment indicators for its U.S. operations, Tenaris recorded impairment charges as of March 31, 2020, $622 These Consolidated Financial Statements do not Closure of facilities at JFE’s Keihin steel complex Our seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE. Steel bars and other essential inputs and services for NKKTubes are supplied under a long-term agreement by JFE, which retains a 49% March 27, 2020, March 2024, may Annual Dividend Proposal On April 29, 2020, June 2, 2020, no 2019 $153 November 2019. “The COVID- 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for basis of presentation [text block] | A Basis of presentation The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (“$”). Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year. Following the sale of the steel electric conduit business in North America, known as Republic Conduit, in January 2017, 5, 29, The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent assets and liabilities, revenues and expenses. Actual results may III.27 ( 1 Accounting pronouncements applicable as from January 1, 2019 IFRS 16, Tenaris has adopted IFRS 16 January 1, 2019. 16, January 1, 2019 not Upon adoption of IFRS 16, 17 January 1, 2019. December 31, 2018. 17 12 Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis. Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expenses in profit or loss. Short-term leases are leases with a lease term of 12 In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not not IFRIC 23, Tenaris has adopted IFRIC 23 January 1, 2019. 12 Other accounting pronouncements that became effective during 2019 no |
Description of accounting policy for investment in associates and joint ventures [text block] | B Group accounting ( 1 Subsidiaries and transactions with non-controlling interests Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. Transactions with non-controlling interests that do not When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Income Statement under Other financial results ( 2 Non-consolidated companies Non-consolidated companies are all entities in which Tenaris has significant influence but not 20% 50% Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris’s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris’s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies have been adjusted where necessary to ensure consistency with IFRS. The Company’s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under . The Company’s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income. Ternium At December 31, 2019, 11.46% 28, § Both the Company and Ternium are under the indirect common control of San Faustin S.A.; § Four out of eight § Under the shareholders’ agreement by and between the Company and Techint Holdings S.à r.l, a wholly owned subsidiary of San Faustin S.A. and Ternium’s main shareholder, dated January 9, 2006, one Usiminas At December 31, 2019, 5.2% 3.07% The acquisition of Usiminas shares was part of a larger transaction performed on January 16, 2012, 27.7% 13.8% A shareholders’ agreement governed the rights and obligations of the several control group members. In April May 2016 1.3 BRL1.28 BRL1.6 $0.5 11.5 BRL5.00 BRL57.5 $16.6 June 3, 2016 July 19, 2016, December 31, 2019 36.5 1.3 In 2014, On February 8, 2018, April 10, 2018, 483.6 68.6% 47.1% 39.5% 7.6% 45.9% 7% The New SHA reflects the agreed-upon corporate governance rules for Usiminas, including, among others, an alternation mechanism for the nomination of each of the chief executive officer and the Chairman of the board of directors, as well as a mechanism for the nomination of other members of Usiminas’ executive board. The New SHA also incorporates an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time during the term of the New SHA after the fourth May 2018 In connection with the execution of the New SHA, Confab and the Ternium entities amended and restated their separate shareholders’ agreement governing their respective rights and obligations as members of the T/T Group to include provisions relating to the exit mechanism and generally to conform such separate shareholders’ agreement to the other provisions of the New SHA. The rights of Confab and Ternium and its subsidiaries within the Ternium - Tenaris Group are governed under such amended and restated separate shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, accounted it for under the equity method (as defined by IAS 28 Techgen Techgen S.A. de C.V. (“Techgen”) is a Mexican joint venture company owned 48% 30% 22% 28 Tenaris carries its investment in Ternium, Usiminas and Techgen under the equity method, with no may not December 31, 2019, 2018 2017, no 12. |
Description of accounting policy for segment reporting [text block] | C Segment information The Company is organized in one The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment. Others includes all other business activities and operating segments that are not Tenaris’s Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows: § The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciations; § The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost; § Other timing differences, if any. Tenaris presents its geographical information in five |
Description of accounting policy for foreign currency translation [text block] | D Foreign currency translation ( 1 Functional and presentation currency IAS 21 The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris’s global operations. Except for the Brazilian and Italian subsidiaries whose functional currencies are their local currencies, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations: § Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price may § Prices of their critical raw materials and inputs are priced and settled in U.S. dollars; § Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference currency; § Significant level of integration of the local operations within Tenaris’s international global distribution network; § Net financial assets and liabilities are mainly received and maintained in U.S. dollars; § The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises. ( 2 Transactions in currencies other than the functional currency Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured. At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in Other financial results ( 3 Translation of financial information in currencies other than the functional currency Results of operations for subsidiaries whose functional currencies are not Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. |
Description of accounting policy for property, plant and equipment [text block] | E Property, plant and equipment Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired. Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred. Cost may Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS 23 The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows: Land No Depreciation Buildings and improvements 30-50 years Plant and production equipment 10-40 years Vehicles, furniture and fixtures, and other equipment 4-10 years The assets’ residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Management’s re-estimation of assets useful lives, performed in accordance with IAS 16, not 2019, 2018 2017. Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under Other operating income Other operating expenses |
Description of accounting policy for intangible assets and goodwill [text block] | F Intangible assets ( 1 Goodwill Goodwill represents the excess of the acquisition cost over the fair value of Tenaris’s share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not For the purpose of impairment testing, goodwill is allocated to a CGU or group of CGUs that are expected to benefit from the business combination which generated the goodwill being tested. ( 2 Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding one 38, Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally not 3 Selling, general and administrative expenses Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, not 2019, 2018 2017. ( 3 Licenses, patents, trademarks and proprietary technology Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, and does not 10 Selling, general and administrative expenses The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7 December 31, 2019, 2018 2017, Management’s re-estimation of assets useful lives, performed in accordance with IAS 38, not 2019, 2018 2017. ( 4 Research and development Research expenditures as well as development costs that do not Cost of sales Cost of sales 2019, 2018 2017 $61.1 $63.4 $63.7 Capitalized costs were not 2019, 2018 2017. ( 5 Customer relationships In accordance with IFRS 3, 38, Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful life of approximately 14 10 9 In 2018 2 $109 Selling, general and administrative expenses December 31, 2018. As of December 31, 2019 $72.9 8 $9.9 1 |
Description of accounting policy for impairment of non-financial assets [text block] | G Impairment of non-financial assets Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (cash generating units, or CGU). Most of the Company’s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not In assessing whether there is any indication that a CGU may An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset’s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order: (a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and (b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU. Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. Tenaris regularly conducts assessments of the carrying values of its assets. The value-in-use was used to determine the recoverable value. Value-in-use is calculated by discounting the estimated cash flows over a five five Tenaris’s main source of revenue is the sale of products and services to the oil and gas industry and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities. For purposes of assessing key assumptions, Tenaris uses external sources of information and management judgment based on past experience. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine Tenaris’s cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs. Management has determined the value of each of the key assumptions as follows: - Discount rate: based on the applicable weighted average cost of capital (WACC), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined taking into account the industry, country and size of the business. In 2019, 8.2% 15.9%. - Growth rate: considers the long-term average growth rate for the oil and gas industry, the inflation impact on prices and costs, the higher demand to offset depletion of existing fields and the Company’s expected market penetration. In 2019, 2% - Oil and gas prices: based on industry analysts’ reports and management’s expectations of market development respectively. - Rig count: based on information published by Baker Hughes and management’s expectations. - Raw material costs: based on industry analysts’ reports and management’s expectations. The main factors that could result in additional impairment charges in future periods would be an increase in the discount rate or a decrease in growth rate used in the Company’s cash flow projections, a deterioration of the business, competitive and economic factors, such as a decrease in oil and gas prices, and the evolution of the rig count. For the CGU with significant amount of goodwill assigned in comparison to the total amount of goodwill, Tenaris has determined that the CGU for which a reasonable possible change in the key assumption would cause the CGUs’ carrying amount to exceed its recoverable amount was OCTG USA. In OCTG USA, the recoverable amount calculated based on value in use exceeded carrying value by $108 December 31, 2019. Increase in the discount rate 95 Bps Decrease of the growth rate -1.6 % Decrease of the cash flow projections -15.3 % No 2019, 2018 2017. |
Description of accounting policy for investments other than investments accounted for using equity method [text block] | H Other investments Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than three Certain non-derivative financial assets that the Company held not 12 Other investments in financial instruments and time deposits are categorized as financial assets “at fair value through profit or loss” because such investments are held for trading and their performance is evaluated on a fair value basis. The results of these investments are recognized in Financial Results Purchases and sales of financial investments are recognized as of their settlement date. The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is not not |
Description of accounting policy for measuring inventories [text block] | I Inventories Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier’s invoice cost. Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management’s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns. |
Description of accounting policy for trade and other receivables [text block] | J Trade and other receivables Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value. Tenaris applies the IFRS 9 three |
Description of accounting policy for determining components of cash and cash equivalents [text block] | K Cash and cash equivalents Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less than three In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents |
Description of accounting policy for issued capital [text block] | L Equity ( 1 Equity components The Consolidated Statement of Changes in Equity includes: § The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law; § The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS. ( 2 Share capital The Company has an authorized share capital of a single class of 2.5 $1.00 December 31, 2019, 2018 2017 1,180,536,830 $1.00 one ( 3 Dividends distribution by the Company to shareholders Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. Dividends may 25 |
Description of accounting policy for borrowings [text block] | M Borrowings Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. |
Description of accounting policy for current and deferred income tax [text block] | N Current and Deferred income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement, except for tax items recognized in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate. Deferred income tax is recognized applying the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for pension plans and fair value adjustments of assets acquired in business combinations. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax liabilities and assets are not not Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the Consolidated Income Statement or to the item Other comprehensive income for the year |
Description of accounting policy for employee benefits [text block] | O Employee benefits ( 1 Short-term obligations Liabilities for wages and salaries are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. ( 2 Post employment benefits The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other comprehensive income For defined benefit plans, net interest income/expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: § An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary. As of December 31, 2019 $45.3 § Employees’ service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees at Tenaris’s Italian subsidiary. As from January 1, 2007 no 2007 December 31, 2019 $17.3 § Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of investments in equities and money market funds. Both plans were replaced for defined contribution plans. Effective June 2016 December 31, 2019 $9.8 § Funded retirement benefit plan held in the US for the benefit of some employees hired prior a certain date, frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an unfunded postretirement health and life plan is present that offers limited medical and life insurance benefits to the retirees, hired before a certain date. As of December 31, 2019 $13.4 ( 3 Other long term benefits During 2007, 2017 four ten seven 2018 seven not 19, As of December 31, 2019 2018, $99.0 $91.2 December 31, 2019 2018, $119.9 $106 ( 4 Termination benefits Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits at the earlier of the following dates: (a) when it can no 37 ( 5 Other compensation obligations Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations are accrued as earned. Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable. |
Description of accounting policy for provisions [text block] | P Provisions Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third may If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable. This note should be read in conjunction with Note 25. |
Description of accounting policy for trade and other payables [text block] | Q Trade and other payables Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently measured at amortized cost. They are presented as current liabilities unless payment is not twelve |
Description of accounting policy for recognition of revenue [text block] | R Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of Tenaris’s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group. Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company does not The Company’s contracts with customers do not Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not There are no Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and include: Pipe Management Services. Field Services. These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no Revenue from providing services is recognized over time in the accounting period in which the services are rendered. The following inputs and outputs methods are applied to recognize revenue considering the nature of service: Storage services third Freights, Field services The Company does not one not not not Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no not Other revenues earned by Tenaris are recognized on the following basis: § Interest income: on the effective yield basis. § Dividend income from investments in other companies: when Tenaris’s right to receive payment is established. § Construction contracts revenues is recognized in accordance with the stage of the project completion. |
Description of accounting policy for expenses [text block] | S Cost of sales and other selling expenses Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of accounting. Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in Selling, general and administrative expenses |
Description of accounting policy for earnings per share [text block] | T Earnings per share Earnings per share are calculated by dividing the income attributable to owners of the parent by the daily weighted average number of common shares outstanding during the year. There are no |
Description of accounting policy for financial instruments [text block] | U Financial instruments Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables. The Company classifies its financial instruments according to the following measurement categories: · those to be measured subsequently at fair value (either through OCI or through profit or loss), and · those to be measured at amortised cost The classification depends on the Company’s business model for managing the financial assets and contractual terms of the cash flows. Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset. There are three Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold. Fair value through profit and loss (“FVPL”): Assets that do not For equity instruments, these are subsequently measured at fair value. Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block] | V Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits and financial assets that are carried at fair value. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increase in fair value less costs to sell of an asset (or disposal group), but not Non-current assets (including those that are part of a disposal group) are not Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Income Statement. See Note 29. |
II. Accounting Policies (Tables
II. Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block] | Land No Depreciation Buildings and improvements 30-50 years Plant and production equipment 10-40 years Vehicles, furniture and fixtures, and other equipment 4-10 years |
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount [text block] | Increase in the discount rate 95 Bps Decrease of the growth rate -1.6 % Decrease of the cash flow projections -15.3 % |
III. Financial Risk Management
III. Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of effect of changes in foreign exchange rates [text block] | All amounts Long / (Short) in thousands of U.S. dollars As of December 31, Currency Exposure / Functional currency 2019 2018 Argentine Peso / U.S. Dollar (95,811 ) (186,867 ) Euro / U.S. Dollar (103,518 ) (175,419 ) Saudi Arabian Riyal / U. S. Dollar (107,582 ) - |
Disclosure of financial instruments by type of interest rate [text block] | As of December 31, 2019 2018 Amount in thousands of U.S. dollars % Amount in thousands of U.S. dollars % Fixed rate (*) 768,002 93 % 520,471 97 % Variable rate 54,150 7 % 18,536 3 % Total 822,152 539,007 |
Disclosure of detailed information about financial instruments at fair value by category and levels [text block] | Measurement Categories At Fair Value December 31, 2019 Carrying Amortized Cost FVOCI FVPL Level 1 Level 2 Level 3 Assets Cash and cash equivalents 1,554,299 387,602 - 1,166,697 1,166,697 - - Other investments 210,376 65,874 144,502 - 134,990 9,512 - Fixed income (time-deposit, zero coupon bonds, commercial papers) 65,874 65,874 - - - - - Certificates of deposits 20,637 20,637 - - - - - Commercial papers 4,993 4,993 - - - - - Other notes 40,244 40,244 - - - - - Bonds and other fixed income 144,502 - 144,502 - 134,990 9,512 - U.S. government securities 10,211 - 10,211 - 10,211 - - Non - U.S. government securities 28,637 - 28,637 - 19,125 9,512 - Corporates securities 105,654 - 105,654 - 105,654 - - Derivative financial instruments 19,929 - - 19,929 - 19,929 - Other Investments Non-current 24,934 - 18,012 6,922 18,012 - 6,922 Bonds and other fixed income 18,012 - 18,012 - 18,012 - - Other investments 6,922 - - 6,922 - - 6,922 Trade receivables 1,348,160 1,348,160 - - - - - Receivables C and NC (*) 261,678 93,239 48,659 - - - 48,659 Other receivables 141,898 93,239 48,659 - - - 48,659 Other receivables (non-financial) 119,780 - - - - - - Total 1,894,875 211,173 1,193,548 1,319,699 29,441 55,581 Liabilities Borrowings C and NC 822,152 822,152 - - - - - Trade payables 555,887 555,887 - - - - - Finance Lease Liabilities C and NC 230,167 230,167 - - - - - Derivative financial instruments 1,814 - - 1,814 - 1,814 - Total 1,608,206 - 1,814 - 1,814 - Measurement Categories At Fair Value December 31, 2018 Carrying amount Amortized Cost FVOCI FVPL Level 1 Level 2 Level 3 Assets Cash and cash equivalents 428,361 268,163 - 160,198 160,198 - - Other investments 487,734 300,410 166,094 21,230 168,165 19,159 - Fixed income (time-deposit, zero coupon bonds, commercial papers) 300,410 300,410 - - - - - Certificates of deposits 198,912 198,912 - - - - - Commercial papers 9,932 9,932 - - - - - Other notes 91,566 91,566 - - - - - Bonds and other fixed income 187,324 - 166,094 21,230 168,165 19,159 - U.S. government securities 1,077 - 1,077 - 1,077 - - Non - U.S. government securities 24,912 - 24,912 - 24,912 - - Corporates securities 142,176 - 140,105 2,071 142,176 - - Structured notes 19,159 - - 19,159 - 19,159 - Derivative financial instruments 9,173 - - 9,173 - 9,173 - Other Investments Non-current 118,155 - 113,830 4,326 113,830 - 4,326 Bonds and other fixed income 113,830 - 113,830 - 113,830 - - Other investments 4,326 - - 4,326 - - 4,326 Trade receivables 1,737,366 1,737,366 - - - - - Receivables C and NC (*) 307,790 139,474 48,711 - - 52 48,659 Other receivables 188,185 139,474 48,711 - - 52 48,659 Other receivables (non-financial) 119,605 - - - - - - Total 2,445,413 328,635 194,927 442,193 28,384 52,985 Liabilities Borrowings C and NC 539,007 539,007 - - - - - Trade payables 693,673 693,673 - - - - - Derivative financial instruments 11,978 - - 11,978 - 11,978 - Total 1,232,680 - 11,978 - 11,978 - |
Disclosure of fair value measurement of assets [text block] | Year ended December 31, 2019 2018 Assets / Liabilities At the beginning of the year 52,985 26,409 Addition / (Decrease) 2,933 26,768 Currency translation adjustment and others (337 ) (192 ) At the end of the year 55,581 52,985 |
Note 1 - Segment Information (T
Note 1 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Year ended December 31, 2019 Tubes Other Continuing operations Discontinued operations IFRS - Net Sales 6,870 424 7,294 - Management view - operating income 857 73 929 - Difference in cost of sales (105 ) 3 (102 ) - Differences in depreciation and amortization (1 ) (0 ) (1 ) - Differences in selling, general and administrative expenses (1 ) 1 (0 ) - Differences in other operating income (expenses), net 6 - 6 - IFRS - operating income 755 77 832 - 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 Continuing operations Discontinued operations IFRS - Net Sales 7,233 426 7,659 - Management view - operating income 702 81 783 - Difference 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 777 95 872 - 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 - Year ended December 31, 2017 Tubes Other Continuing operations Discontinued operations IFRS - Net Sales 4,966 323 5,289 12 Management view - operating income 115 48 163 3 Difference in cost of sales 164 1 165 (1 ) Differences in depreciation and amortization (3 ) - (3 ) - Differences in selling, general and administrative expenses 14 (6 ) 8 - Differences in other operating income (expenses), net 2 - 2 - IFRS - operating income 292 43 335 2 Financial income (expense), net (23 ) - Income before equity in earnings of non-consolidated companies and income tax 312 2 Equity in earnings of non-consolidated companies 116 - Income before income tax 428 2 Capital expenditures 550 8 558 - Depreciation and amortization 594 15 609 - |
Disclosure of geographical areas [text block] | (all amounts in thousands of U.S. dollars) North America South America Europe Middle East & Africa Asia Pacific Unallocated (*) Total continuing operations Total discontinued operations 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 - Year ended December 31, 2017 Net sales 2,451,357 1,142,142 545,777 937,439 211,789 - 5,288,504 11,899 Total assets 7,925,520 2,975,599 2,002,658 391,029 441,546 661,866 14,398,218 - Trade receivables 582,204 234,877 214,944 135,524 46,511 - 1,214,060 - Property, plant and equipment, net 3,914,229 1,190,145 878,788 102,481 143,500 - 6,229,143 - Capital expenditures 430,142 58,949 57,285 7,562 4,153 - 558,091 145 Depreciation and amortization 354,091 126,273 93,900 12,094 22,282 - 608,640 - |
Tubes [member] | |
Statement Line Items [Line Items] | |
Segment revenues by market [text block] | Revenues Tubes (in million US dollar) 2019 2018 2017 Oil and Gas 5,757 6,042 4,034 Hydrocarbon Processing and Power Generation 534 602 484 Industrial and Other 579 589 448 Total 6,870 7,233 4,966 |
Note 2 - Cost of Sales (Tables)
Note 2 - Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about cost of sales [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Inventories at the beginning of the year 2,524,341 2,368,304 1,563,889 Increase in inventory due to business combinations 52,966 - - Plus: Charges of the year Raw materials, energy, consumables and other 2,709,629 3,400,396 2,794,503 Services and fees 222,415 275,130 244,035 Labor cost 870,261 855,040 778,408 Depreciation of property, plant and equipment 428,791 432,497 383,490 Amortization of intangible assets 5,948 8,220 18,621 Depreciation of right-of-use assets 28,727 - - Maintenance expenses 284,758 185,782 183,370 Allowance for obsolescence 29,138 25,457 (12,917 ) Taxes 100,738 133,308 18,542 Other 115,663 119,507 88,823 4,849,034 5,435,337 4,496,875 Less: Inventories at the end of the year (2,265,880 ) (2,524,341 ) (2,368,304 ) From discontinued operations - - (7,403 ) 5,107,495 5,279,300 3,685,057 |
Note 3 - Selling, General and_2
Note 3 - Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about selling, general and administrative expenses [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Services and fees 153,773 128,090 132,301 Labor cost 481,854 470,928 443,338 Depreciation of property, plant and equipment 18,524 16,968 17,979 Amortization of intangible assets 41,967 206,672 188,550 Depreciation of right-of-use assets 15,564 - - Commissions, freight and other selling expenses 441,442 491,555 339,759 Provisions for contingencies 28,565 23,498 17,664 Allowances for doubtful accounts (16,256 ) 1,751 (5,421 ) Taxes 110,876 71,110 56,826 Other 89,665 99,404 81,061 1,365,974 1,509,976 1,272,057 From discontinued operations - - (2,041 ) 1,365,974 1,509,976 1,270,016 |
Note 4 - Labor Costs - Labor _2
Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about labor costs [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Wages, salaries and social security costs 1,274,474 1,250,783 1,144,341 Severance indemnities 24,637 25,225 34,497 Defined contribution plans 12,663 13,217 12,401 Pension benefits - defined benefit plans 18,207 15,390 15,066 Employee retention and long term incentive program 22,134 21,353 15,441 1,352,115 1,325,968 1,221,746 From discontinued operations - - (853 ) 1,352,115 1,325,968 1,220,893 |
Disclosure of information about number of employees [text block] | Country 2019 2018 2017 Argentina 5,405 5,427 5,221 Mexico 5,370 5,595 5,139 USA 2,255 2,382 1,953 Italy 2,144 2,155 2,088 Romania 1,815 1,852 1,870 Brazil 1,360 1,287 1,382 Colombia 1,040 1,082 1,003 Canada 772 1,030 919 Indonesia 616 554 506 Japan 400 399 410 Other 2,023 1,204 1,114 23,200 22,967 21,605 |
Note 5 - Other Operating Inco_2
Note 5 - Other Operating Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other operating income and expenses [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Other operating income Net income from other sales 8,651 3,604 4,395 Net rents 5,089 4,909 4,325 Other 8,025 6,546 1,796 Recovery on allowance for doubtful receivables 1,239 - - 23,004 15,059 10,516 Other operating expenses Contributions to welfare projects and non-profits organizations 11,199 11,379 9,158 Loss on fixed assets and material supplies disposed / scrapped - - 118 Allowance for doubtful receivables - 1,179 84 11,199 12,558 9,360 From discontinued operations - - (1 ) 11,199 12,558 9,359 |
Note 6 - Financial Results (Tab
Note 6 - Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial income (cost) [text block] | (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 Interest Income 48,061 42,244 51,525 Net result on changes in FV of financial assets at FVPL (64 ) (2,388 ) (3,920 ) Finance income (*) 47,997 39,856 47,605 Finance cost (43,381 ) (36,942 ) (27,072 ) Net foreign exchange transactions results (**) 27,868 28,845 (48,955 ) Foreign exchange derivatives contracts results (***) (11,616 ) 6,576 (8,996 ) Other (1,585 ) (1,035 ) 14,392 Other financial results 14,667 34,386 (43,559 ) Net financial results 19,283 37,300 (23,026 ) From discontinued operations - - 9 19,283 37,300 (23,017 ) |
Note 7 - Income Tax (Tables)
Note 7 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about income tax expense (benefit) [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Current tax 299,692 343,104 184,016 Deferred tax (97,240 ) (113,897 ) (100,432 ) 202,452 229,207 83,584 From discontinued operations - - (100,720 ) 202,452 229,207 (17,136 ) |
Disclosure of difference between income before tax and the theoretical amount that would arise using tax rate in each country [text block] | Year ended December 31, (all amounts in thousands of U.S. dollars) 2019 2018 2017 Income before income tax 933,710 1,103,107 427,711 Tax calculated at the tax rate in each country 186,752 207,422 6,456 Effect of currency translation on tax base 53,296 77,552 (922 ) Changes in the tax rates (13 ) 1,824 (62,968 ) Utilization of previously unrecognized tax losses (547 ) - - Tax revaluation, withholding tax and others (37,036 ) (57,591 ) 40,298 Tax charge 202,452 229,207 (17,136 ) |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Year ended December 31, 2019 Land and Industrial Vehicles, Work in Spare Total Cost Values at the beginning of the year 732,578 12,121,569 377,260 127,378 63,197 13,421,982 Translation differences (1,611 ) (38,961 ) (1,615 ) (864 ) (256 ) (43,307 ) Increase due to business combinations (*) 59,468 115,908 1,733 1,630 - 178,739 Additions 16 1,178 1,107 299,412 12,202 313,915 Disposals / Consumptions (35 ) (27,153 ) (7,110 ) (2,120 ) (2,557 ) (38,975 ) Transfers / Reclassifications 8,723 296,272 28,349 (317,128 ) (11,984 ) 4,232 Values at the end of the year 799,139 12,468,813 399,724 108,308 60,602 13,836,586 Depreciation Accumulated at the beginning of the year 110,914 6,936,900 310,260 - - 7,358,074 Translation differences (420 ) (24,973 ) (1,485 ) - - (26,878 ) Depreciation charge 11,409 415,826 20,080 - - 447,315 Transfers / Reclassifications (362 ) (38 ) - - - (400 ) Disposals / Consumptions (73 ) (25,580 ) (5,889 ) - - (31,542 ) Accumulated at the end of the year 121,468 7,302,135 322,966 - - 7,746,569 At December 31, 2019 677,671 5,166,678 76,758 108,308 60,602 6,090,017 Year ended December 31, 2018 Land and Industrial Vehicles, Work in Spare Total Cost Values at the beginning of the year 712,061 11,954,585 370,542 167,079 42,413 13,246,680 Translation differences (5,628 ) (117,977 ) (5,458 ) (2,269 ) (424 ) (131,756 ) Additions 723 681 1,245 294,163 20,756 317,568 Disposals / Consumptions (221 ) (21,836 ) (10,269 ) (42 ) (3,541 ) (35,909 ) Transfers / Reclassifications 25,643 306,116 21,200 (331,553 ) 3,993 25,399 Values at the end of the year 732,578 12,121,569 377,260 127,378 63,197 13,421,982 Depreciation Accumulated at the beginning of the year 101,197 6,612,871 303,469 - - 7,017,537 Translation differences (1,383 ) (72,141 ) (4,939 ) - - (78,463 ) Depreciation charge 11,153 417,229 21,083 - - 449,465 Transfers / Reclassifications - 173 (671 ) - - (498 ) Disposals / Consumptions (53 ) (21,232 ) (8,682 ) - - (29,967 ) Accumulated at the end of the year 110,914 6,936,900 310,260 - - 7,358,074 At December 31, 2018 621,664 5,184,669 67,000 127,378 63,197 6,063,908 |
Note 10 - Intangible Assets, _2
Note 10 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Year ended December 31, 2019 Information Licenses, Goodwill Customer Total Cost Values at the beginning of the year 580,622 464,571 2,085,936 2,058,859 5,189,988 Translation differences (1,917 ) (70 ) (968 ) - (2,955 ) Increase due to business combinations (**) 405 - 32,869 81,192 114,466 Additions 35,487 772 - - 36,259 Transfers / Reclassifications (4,665 ) - - - (4,665 ) Disposals (5,062 ) (1,531 ) - - (6,593 ) Values at the end of the year 604,870 463,742 2,117,837 2,140,051 5,326,500 Amortization Accumulated at the beginning of the year 513,984 373,466 797,592 2,038,981 3,724,023 Translation differences (1,734 ) - - - (1,734 ) Amortization charge 28,937 719 - 18,259 47,915 Disposals (4,850 ) (413 ) - - (5,263 ) Accumulated at the end of the year 536,337 373,772 797,592 2,057,240 3,764,941 At December 31, 2019 68,533 89,970 1,320,245 82,811 1,561,559 Year ended December 31, 2018 Information Licenses, Goodwill Customer Total Cost Values at the beginning of the year 560,692 465,963 2,090,073 2,058,859 5,175,587 Translation differences (6,153 ) (183 ) (4,137 ) - (10,473 ) Additions 31,632 273 - - 31,905 Transfers / Reclassifications (5,493 ) - - - (5,493 ) Disposals (56 ) (1,482 ) - - (1,538 ) Values at the end of the year 580,622 464,571 2,085,936 2,058,859 5,189,988 Amortization Accumulated at the beginning of the year 478,946 372,746 797,592 1,865,444 3,514,728 Translation differences (5,551 ) - - - (5,551 ) Amortization charge 40,635 720 - 173,537 214,892 Disposals (46 ) - - - (46 ) Accumulated at the end of the year 513,984 373,466 797,592 2,038,981 3,724,023 At December 31, 2018 66,638 91,105 1,288,344 19,878 1,465,965 |
Disclosure of information for cash-generating units [text block] | (All amounts in million US dollar) As of December 31, 2019 Tubes Segment Other Segment CGU Maverick Hydril Other Maverick Total OCTG (USA) 225 - - - 225 Tamsa (Hydril and other) - 346 19 - 365 Siderca (Hydril and other) - 265 93 - 358 Hydril - 309 - - 309 Confab - - - - - Coiled Tubing - - - 4 4 Other - - 59 - 59 Total 225 920 171 4 1,320 |
Note 11 - Right-of-use Assets_2
Note 11 - Right-of-use Assets, Net and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Right-of-use assets evolution [text block] | Year ended December 31, 2019 Land and Civil Industrial Vehicles, furniture Total Cost Opening net book amount 27,713 202,352 8,335 238,400 Increase due to business combinations 229 2,038 - 2,267 Currency translation adjustment (88 ) 6 8 (74 ) Additions 9,292 24,985 7,165 41,442 Disposals (1,009 ) (4,488 ) (818 ) (6,315 ) Transfers - 496 (496 ) - At December 31, 2019 36,137 225,389 14,194 275,720 Depreciation Accumulated at the beginning of the year - - - - Translation differences (3 ) 3 8 8 Depreciation charge 8,514 31,869 3,908 44,291 Transfers / Reclassifications - (62 ) 62 - Disposals / Consumptions (181 ) (1,229 ) (295 ) (1,705 ) Accumulated at the end of the year 8,330 30,581 3,683 42,594 At December 31, 2019 27,807 194,808 10,511 233,126 |
Lease liability evolution [text block] | (all amounts in thousands of U.S. dollars) 2019 Year ended December 31, 2019 Opening net book amount 234,149 Increase due to business combinations 2,267 Translation differences 2,690 Additions 36,957 Cancellations (4,688 ) Repayments (43,974 ) Interest accrued 2,766 At December 31, 2019 230,167 |
Note 12 - Investments in Non-_2
Note 12 - Investments in Non-consolidated Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about investments in non-consolidated companies [text block] | Year ended December 31, 2019 2018 At the beginning of the year 805,568 640,294 Translation differences (10,781 ) 1,848 Equity in earnings of non-consolidated companies 82,036 193,994 Increase due to business combinations 20,635 - Dividends and distributions received (*) (28,037 ) (26,581 ) Additions 19,610 - Decrease / increase in equity reserves and others (9,066 ) (3,987 ) At the end of the year 879,965 805,568 |
Disclosure of detailed information about principal non-consolidated companies [text block] | % ownership at December 31, Value at December 31, Company Country of incorporation 2019 2018 2019 2018 a) Ternium (*) Luxembourg 11.46 % 11.46 % 751,105 725,548 b) Usiminas (**) Brazil 3.07 % 3.07 % 74,593 72,988 Others - - - 54,267 7,032 879,965 805,568 |
Disclosure of detailed information about selected financial information [text block] | Ternium 2019 2018 Non-current assets 8,757,320 8,121,824 Current assets 4,178,213 4,426,038 Total assets 12,935,533 12,547,862 Non-current liabilities 3,452,535 3,236,756 Current liabilities 1,768,125 1,826,530 Total liabilities 5,220,660 5,063,286 Non-controlling interests 1,103,208 1,091,321 Revenues 10,192,818 11,454,807 Gross profit 1,740,378 2,971,479 Net income for the year attributable to owners of the parent 564,269 1,506,647 Total comprehensive income for the year, net of tax, attributable to owners of the parent 445,473 1,176,964 Usiminas 2019 2018 Non-current assets 4,335,662 4,696,896 Current assets 2,198,449 2,148,322 Total assets 6,534,111 6,845,218 Non-current liabilities 1,955,395 1,933,207 Current liabilities 716,930 860,862 Total liabilities 2,672,325 2,794,069 Non-controlling interests 377,667 369,333 Revenues 3,790,206 3,766,241 Gross profit 478,141 612,156 Net income for the year attributable to owners of the parent 52,779 194,381 |
Note 13 - Receivables - Non C_2
Note 13 - Receivables - Non Current (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about non-current receivables [text block] | Year ended December 31, 2019 2018 Employee advances and loans 6,008 3,740 Tax credits 20,065 16,025 Receivables from related parties 59,999 58,128 Legal deposits 12,378 12,446 Advances to suppliers and other advances 3,772 7,592 Derivative financial instruments - 52 Receivable Venezuelan subsidiaries 48,659 48,659 Others 6,222 5,263 157,103 151,905 |
Note 14 - Inventories, Net (Tab
Note 14 - Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about inventories [text block] | Year ended December 31, 2019 2018 Finished goods 968,329 1,025,999 Goods in process 612,888 709,497 Raw materials 221,954 256,816 Supplies 486,411 504,286 Goods in transit 194,015 237,539 2,483,597 2,734,137 Allowance for obsolescence (see Note 23 (i)) (217,717 ) (209,796 ) 2,265,880 2,524,341 |
Note 15 - Receivables and Pre_2
Note 15 - Receivables and Prepayments, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about receivables and prepayments [text block] | Year ended December 31, 2019 2018 Prepaid expenses and other receivables 30,579 31,599 Government entities 1,867 2,182 Employee advances and loans 8,189 6,521 Advances to suppliers and other advances 17,180 23,467 Government tax refunds on exports 670 4,896 Receivables from related parties 19,837 63,322 Miscellaneous 31,145 30,682 109,467 162,669 Allowance for other doubtful accounts (see Note 23 (i)) (4,892 ) (6,784 ) 104,575 155,885 |
Note 16 - Current Tax Assets _2
Note 16 - Current Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about current tax assets [text block] | Year ended December 31, Current tax assets 2019 2018 V.A.T. credits 112,161 67,322 Prepaid taxes 55,227 54,010 167,388 121,332 |
Disclosure of detailed information about tax liabilities [text block] | Year ended December 31, Current tax liabilities 2019 2018 Income tax liabilities 64,994 182,711 V.A.T. liabilities 9,953 18,091 Other taxes 52,678 49,431 127,625 250,233 |
Note 17 - Trade Receivables, _2
Note 17 - Trade Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about current trade receivables [text block] | Year ended December 31, 2019 2018 Current accounts 1,387,494 1,778,796 Receivables from related parties 9,448 25,105 1,396,942 1,803,901 Allowance for doubtful accounts (see Note 23 (i)) (48,782 ) (66,535 ) 1,348,160 1,737,366 |
Disclosure if detailed information about the aging of trade receivables [text block] | Past due Trade Receivables Not Due 1 - 180 days >180 days At December 31, 2019 Guaranteed 234,427 205,764 26,899 1,764 Not guaranteed 1,162,515 948,449 157,960 56,106 Guaranteed and not guaranteed 1,396,942 1,154,213 184,859 57,870 Expected loss rate 0.09 % 0.04 % 0.24 % 0.57 % Allowances for doubtful accounts (1,294 ) (529 ) (455 ) (310 ) Nominative allowances for doubtful accounts (47,488 ) - (1,922 ) (45,566 ) Net Value 1,348,160 1,153,684 182,482 11,994 Past due Trade Receivables Not Due 1 - 180 days >180 days At December 31, 2018 Guaranteed 286,250 254,743 30,884 623 Not guaranteed 1,517,651 1,180,788 260,675 76,188 Guaranteed and not guaranteed 1,803,901 1,435,531 291,559 76,811 Expected loss rate 0.07 % 0.04 % 0.17 % 0.43 % Allowances for doubtful accounts (1,396 ) (564 ) (510 ) (322 ) Nominative allowances for doubtful accounts (65,139 ) - (1,436 ) (63,703 ) Net Value 1,737,366 1,434,967 289,613 12,786 |
Note 18 - Cash and Cash Equiv_2
Note 18 - Cash and Cash Equivalents and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Detailed disclosure of cash and cash equivalents and other investments [text block] | Year ended December 31, 2019 2018 Cash and cash equivalents Cash at banks 118,314 81,211 Liquidity funds 1,166,697 160,198 Short – term investments 269,288 186,952 1,554,299 428,361 Other investments - current Fixed Income (time-deposit, zero coupon bonds, commercial papers) 65,874 300,410 Bonds and other fixed Income 144,502 187,324 210,376 487,734 Other investments - Non-current Bonds and other fixed Income 18,012 113,829 Others 6,922 4,326 24,934 118,155 |
Note 19 - Borrowings (Tables)
Note 19 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | 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 |
Disclosure of detailed information about the maturity of borrowings [text block] | 1 year or 1 - 2 2 – 3 3 - 4 4 - 5 Over 5 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 1 - 2 2 – 3 3 - 4 4 - 5 Over 5 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 |
Disclosure of detailed information about significant borrowings [text block] | In million of USD Disbursement date Borrower Type Original & Outstanding Final maturity 2019 Tamsa Bank loans 621 2020 2019 Siderca Bank loans 60 2020 |
Disclosure of detailed information about weighted average interest rates of borrowings [text block] | 2019 2018 Total borrowings 3.18 % 3.98 % |
Disclosure of detailed information about borrowings by currency and rate [text block] | 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 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 |
Disclosure of borrowings evolution [text block] | 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 |
Note 20 - Deferred Income Tax (
Note 20 - Deferred Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of deferred tax assets and liabilities [text block] | Fixed assets (*) Inventories Intangible and Other Total At the beginning of the year 710,995 25,048 46,532 782,575 Translation differences (347 ) - (4 ) (351 ) Increase due to business combinations 5,621 - 11,209 16,830 Charged directly to other comprehensive income - - 423 423 Income statement charge / (credit) (64,930 ) (5,652 ) 59,902 (10,680 ) At December 31, 2019 651,339 19,396 118,062 788,797 Fixed assets (*) Inventories Intangible and Other Total At the beginning of the year 744,926 34,934 55,585 835,445 Effect of adoption of new standards - - 35 35 Translation differences (876 ) - 92 (784 ) Charged directly to other comprehensive income - - 288 288 Income statement charge (33,055 ) (9,886 ) (9,468 ) (52,409 ) At December 31, 2018 710,995 25,048 46,532 782,575 Provisions and Inventories Tax losses Other Total At the beginning of the year (16,116 ) (86,585 ) (396,257 ) (86,184 ) (585,142 ) Translation differences 362 306 497 286 1,451 Increase due to business combinations (1,160 ) (1,413 ) (1,172 ) (2,238 ) (5,983 ) Charged directly to other comprehensive income - - - (1,261 ) (1,261 ) Income statement charge / (credit) (2,739 ) (5,712 ) 14,100 (92,209 ) (86,560 ) At December 31, 2019 (19,653 ) (93,404 ) (382,832 ) (181,606 ) (677,495 ) Provisions and Inventories Tax losses Other Total At the beginning of the year (26,475 ) (89,555 ) (354,944 ) (60,033 ) (531,007 ) Effect of adoption of new standards 952 - - (164 ) 788 Translation differences 2,532 1,447 1,014 (38 ) 4,955 Charged directly to other comprehensive income 23 - - 1,587 1,610 Income statement charge / (credit) 6,852 1,523 (42,327 ) (27,536 ) (61,488 ) At December 31, 2018 (16,116 ) (86,585 ) (396,257 ) (86,184 ) (585,142 ) |
Disclosure of recovery analysis of deferred tax assets and liabilities [text block] | Year ended December 31, 2019 2018 Deferred tax assets to be recovered after 12 months (538,274 ) (452,330 ) Deferred tax liabilities to be settled after 12 months 766,852 739,670 |
Deferred tax [text block] | Year ended December 31, 2019 2018 Deferred tax assets (225,680 ) (181,606 ) Deferred tax liabilities 336,982 379,039 111,302 197,433 Year ended December 31, 2019 2018 At the beginning of the year 197,433 304,438 Effect of adoption of new standards - 823 Translation differences 1,100 4,171 Increase due to business combinations 10,847 - Charged directly to Other Comprehensive Income (838 ) 1,898 Income statement credit (97,240 ) (113,897 ) At the end of the year 111,302 197,433 |
Note 21 - Other Liabilities (Ta
Note 21 - Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other non-current liabilities [text block] | Year ended December 31, 2019 2018 Post-employment benefits 144,993 115,087 Other-long term benefits 85,473 78,492 Miscellaneous 20,917 19,550 251,383 213,129 |
Disclosure of net defined benefit liability (asset) [text block] | Year ended December 31, 2019 2018 Unfunded 125,573 97,318 Funded 19,420 17,769 144,993 115,087 Year ended December 31, 2019 2018 Values at the beginning of the year 97,318 101,889 Translation differences (1,567 ) (3,849 ) Current service cost 7,978 7,400 Interest cost 5,526 5,070 Remeasurements (*) 7,010 (3,946 ) Increase due to business combinations 15,660 - Benefits paid from the plan (9,328 ) (9,719 ) Other 2,976 473 At the end of the year 125,573 97,318 Year ended December 31, 2019 2018 Present value of funded obligations 160,412 146,885 Fair value of plan assets (145,160 ) (132,438 ) Liability (*) 15,252 14,447 Year ended December 31, 2019 2018 At the beginning of the year 146,885 165,485 Translation differences 4,542 (8,182 ) Current service cost 721 1,328 Interest cost 5,754 5,691 Remeasurements (*) 12,769 (7,984 ) Benefits paid (10,259 ) (9,453 ) At the end of the year 160,412 146,885 |
Disclosure of actuarial assumptions [text block] | Year ended December 31, 2019 2018 Discount rate 1% 7% 2% 7% Rate of compensation increase 0% 3% 0% 3% Year ended December 31, 2019 2018 Discount rate 3 % - 4 % 4 % - 5 % Rate of compensation increase 0 % - 3 % 0 % - 3 % |
Disclosure of fair value of plan assets [text block] | Year ended December 31, 2019 2018 At the beginning of the year (132,438 ) (145,692 ) Translation differences (4,137 ) 7,514 Return on plan assets (5,018 ) (4,936 ) Remeasurements (10,507 ) 3,967 Contributions paid to the plan (3,589 ) (3,108 ) Benefits paid from the plan 10,259 9,453 Other 270 364 At the end of the year (145,160 ) (132,438 ) Year ended December 31, 2019 2018 Equity instruments 49.0 % 53.5 % Debt instruments 47.0 % 42.8 % Others 4.0 % 3.7 % |
Disclosure of other current liabilities [text block] | Year ended December 31, 2019 2018 Payroll and social security payable 153,009 148,069 Miscellaneous 23,255 17,624 176,264 165,693 |
Note 22 - Non-current Allowan_2
Note 22 - Non-current Allowances and Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about non-current allowances and provisions deducted from non-current receivables [text block] | Year ended December 31, 2019 2018 Values at the beginning of the year - (641 ) Translation differences - 110 Used - 531 Values at the end of the year - - |
Disclosure of detailed information about non-current allowances and provisions from liabilities [text block] | Year ended December 31, 2019 2018 Values at the beginning of the year 36,089 36,438 Translation differences (1,571 ) (5,261 ) Additional provisions 19,904 14,397 Reclassifications 5,641 (2,406 ) Used (5,464 ) (7,079 ) Values at the end of the year 54,599 36,089 |
Note 23 - Current Allowances _2
Note 23 - Current Allowances and Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about current allowances and provisions deducted from assets [text block] | Year ended December 31, 2019 Allowance for doubtful Allowance for other doubtful Allowance for Values at the beginning of the year (66,535 ) (6,784 ) (209,796 ) Translation differences 9 88 794 Increase due to business combinations (1,788 ) - (10,761 ) Additional / reversals allowances 16,256 1,239 (29,138 ) Used 3,276 565 31,184 At December 31, 2019 (48,782 ) (4,892 ) (217,717 ) Year ended December 31, 2018 Allowance for doubtful Allowance for other doubtful Allowance for Values at the beginning of the year (78,385 ) (6,255 ) (216,068 ) Effect of adoption of new standards 6,423 - - Translation differences 329 359 3,575 Additional allowances (1,751 ) (1,179 ) (25,457 ) Used 6,849 291 28,154 At December 31, 2018 (66,535 ) (6,784 ) (209,796 ) |
Disclosure of detailed information about current allowances and provisions from liabilities [text block] | Year ended December 31, 2019 Sales risks Other claims and Total Values at the beginning of the year 6,814 17,469 24,283 Translation differences (28 ) (570 ) (598 ) Increase due to business combinations 505 8,000 8,505 Additional/ reversals provisions 11,880 (3,219 ) 8,661 Reclassifications - (5,641 ) (5,641 ) Used (13,304 ) (4,889 ) (18,193 ) At December 31, 2019 5,867 11,150 17,017 Year ended December 31, 2018 Sales risks Other claims and Total Values at the beginning of the year 11,396 20,934 32,330 Translation differences (103 ) (2,205 ) (2,308 ) Additional provisions 2,638 6,463 9,101 Reclassifications - 2,406 2,406 Used (7,117 ) (10,129 ) (17,246 ) At December 31, 2018 6,814 17,469 24,283 |
Note 24 - Derivative Financia_2
Note 24 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about derivative financial instruments [text block] | 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 ) |
Disclosure of detailed information about hedged items [text block] | 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 ) |
Disclosure of detailed information of the hedge reserve evolution [text block] | Equity Reserve Movements Equity Reserve Movements Equity Reserve Foreign Exchange (240 ) (676 ) (916 ) 3,507 2,591 Total Cash flow Hedge (240 ) (676 ) (916 ) 3,507 2,591 |
Note 27 - Business Combinatio_2
Note 27 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Saudi Steel Pipe Company [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combination [text block] | Fair value of acquired assets and liabilities: SAR million $ million Property, Plant and Equipment 671 179 Customer relationship 305 81 Investment in associated 77 21 Working capital 167 45 Cash and Cash Equivalents 32 9 Other Receivables 11 3 Borrowings (304 ) (81 ) Employees end of service benefits (59 ) (16 ) Deferred Tax Liabilities (47 ) (13 ) Net assets acquired 853 228 |
Note 28 - Cash Flow Disclosur_2
Note 28 - Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about cash flow disclosures [text block] | Year ended December 31, (i) Changes in working capital 2019 2018 2017 Inventories 311,459 (176,443 ) (804,415 ) Receivables and prepayments and Current tax assets (34,368 ) 30,144 (4,564 ) Trade receivables 428,326 (517,579 ) (259,375 ) Other liabilities (18,295 ) (22,984 ) 4,226 Customer advances 16,844 5,976 17,039 Trade payables (180,857 ) (57,066 ) 193,905 523,109 (737,952 ) (853,184 ) (ii) Income tax accruals less payments Tax accrued 202,452 229,207 (17,136 ) Taxes paid (395,869 ) (170,713 ) (176,853 ) (193,417 ) 58,494 (193,989 ) (iii) Interest accruals less payments, net Interest accrued (4,616 ) (2,914 ) (20,534 ) Interest received 30,890 40,613 50,001 Interest paid (30,655 ) (31,548 ) (17,917 ) (4,381 ) 6,151 11,550 (iv) Cash and cash equivalents Cash at banks, liquidity funds and short - term investments 1,554,299 428,361 330,221 Bank overdrafts (24 ) (1,644 ) (131 ) 1,554,275 426,717 330,090 |
Note 29 - Discontinued Operat_2
Note 29 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of discontinued operations net income components [text block] | Year ended December 31, 2017 Income from discontinued operations 1,848 After tax gain on the sale of Conduit 89,694 Net Income for discontinued operations 91,542 |
Disclosure of sale of discontinued operations [text block] | Cash received 331,295 Transaction and other costs (3,663 ) Carrying amount of net assets sold (137,814 ) Gain on sale before income tax 189,817 Income tax expense on gain (100,123 ) Gain on sale after income tax 89,694 |
Disclosure of discontinued operations [text block] | Year ended December 31, 2017 Revenues 11,899 Gross profit 4,496 Net income 1,848 2017 Cash at the beginning 18,820 Cash at the end 206 (Decrease) Increase in cash (18,614 ) (Used in) provided by operating activities (3,046 ) Provided by (used in) investing activities 32 Used in financing activities (15,600 ) At January 19, 2017 Non-current assets 87,332 Current assets 69,332 Total assets of disposal group classified as held for sale 156,664 Non-current liabilities 5,294 Current liabilities 13,556 Total liabilities of disposal group classified as held for sale 18,850 |
Note 30 - Related Party Trans_2
Note 30 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 (i) Transactions (a) Sales of goods and services Sales of goods to non-consolidated parties 20,577 23,709 32,362 Sales of goods to other related parties 69,972 131,548 94,624 Sales of services to non-consolidated parties 5,620 7,641 11,637 Sales of services to other related parties 4,386 5,647 3,751 100,555 168,545 142,374 (b) Purchases of goods and services Purchases of goods to non-consolidated parties 174,588 245,186 234,361 Purchases of goods to other related parties 51,765 106,624 17,711 Purchases of services to non-consolidated parties 9,404 9,556 12,077 Purchases of services to other related parties 54,514 46,179 50,794 290,271 407,545 314,943 (all amounts in thousands of U.S. dollars) At December 31, 2019 2018 (ii) Period-end balances (a) Arising from sales / purchases of goods / services Receivables from non-consolidated parties 78,884 122,136 Receivables from other related parties 10,400 24,419 Payables to non-consolidated parties (19,100 ) (33,197 ) Payables to other related parties (7,048 ) (17,595 ) 63,136 95,763 (b) Financial debt Finance lease liabilities from non-consolidated parties (2,064 ) - (2,064 ) - |
Note 31 - Fees Paid to the Co_2
Note 31 - Fees Paid to the Company's Principal Accountant (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of auditor's remuneration [text block] | (all amounts in thousands of U.S. dollars) Year ended December 31, 2019 2018 2017 Audit fees 3,846 3,841 3,995 Audit-related fees 50 43 88 Tax fees 7 - 23 All other fees 1 7 30 Total 3,904 3,891 4,136 |
Note 32 - Principal Subsidiar_2
Note 32 - Principal Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of subsidiaries [text block] | Company Country of Main activity Percentage of ownership at 2019 2018 2017 ALGOMA TUBES INC. Canada Manufacturing of seamless steel pipes 100% 100% 100% CONFAB INDUSTRIAL S.A. and subsidiaries Brazil Manufacturing of welded steel pipes and capital goods 100% 100% 100% DALMINE S.p.A. Italy Manufacturing of seamless steel pipes 100% 100% 100% HYDRIL COMPANY and subsidiaries (except detailed) (a) USA Manufacture and marketing of premium connections 100% 100% 100% KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP Kazakhstan Threading of premium products 100% 100% 100% MAVERICK TUBE CORPORATION and subsidiaries USA Manufacturing of welded steel pipes 100% 100% 100% NKKTUBES Japan Manufacturing of seamless steel pipes 51% 51% 51% P.T. SEAMLESS PIPE INDONESIA JAYA Indonesia Manufacturing of seamless steel products 89% 89% 89% PRUDENTIAL STEEL LTD. Canada Manufacturing of welded steel pipes 100% 100% 100% S.C. SILCOTUB S.A. Romania Manufacturing of seamless steel pipes 100% 100% 100% SAUDI STEEL PIPE CO. Saudi Arabia Manufacturing of welded steel pipes 48% NA NA SIAT SOCIEDAD ANONIMA Argentina Manufacturing of welded and seamless steel pipes 100% 100% 100% SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries Argentina Manufacturing of seamless steel pipes 100% 100% 100% TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. Portugal Holding Company 100% 100% 100% TENARIS BAY CITY, INC. USA Manufacturing of seamless steel pipes 100% 100% 100% TENARIS CONNECTIONS BV Netherlands Development, management and licensing of intellectual property 100% 100% 100% TENARIS FINANCIAL SERVICES S.A. Uruguay Financial company 100% 100% 100% TENARIS GLOBAL SERVICES (CANADA) INC. Canada Marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION USA Marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES (UK) LTD United Kingdom Holding company and marketing of steel products 100% 100% 100% TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (b) Uruguay Holding company and marketing of steel products 100% 100% 100% TENARIS INVESTMENTS (NL) B.V. Netherlands Holding company 100% NA NA TENARIS INVESTMENTS S.àr.l. Luxembourg Holding company 100% 100% 100% TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries Switzerland Holding company 100% 100% 100% TENARIS TUBOCARIBE LTDA. Colombia Manufacturing of welded and seamless steel pipes 100% 100% 100% TUBOS DE ACERO DE MEXICO, S.A. Mexico Manufacturing of seamless steel pipes 100% 100% 100% |
Note 36 - Update as of April _2
Note 36 - Update as of April 29, 2020 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition of IPSCO [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combination [text block] | Fair value of acquired assets and liabilities: $ million Property, Plant and Equipment 506 Intangible assets 170 Working capital 144 Cash and Cash Equivalents 4 Other assets 46 Borrowings (53 ) Provisions (27 ) Other liabilities (77 ) Deferred tax liabilities (3 ) Net assets acquired 710 |
II. Accounting Policies (Detail
II. Accounting Policies (Details Textual) R$ / shares in Units, $ / shares in Units, $ in Thousands, R$ in Millions | Jan. 16, 2012 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Apr. 10, 2018shares | May 31, 2016USD ($)shares | May 31, 2016BRL (R$)R$ / sharesshares | Apr. 30, 2016USD ($)shares | Apr. 30, 2016BRL (R$)R$ / sharesshares |
Statement Line Items [Line Items] | |||||||||
Number of major business segments | 1 | ||||||||
Number of reportable operating segments | 1 | ||||||||
Total intangible assets and goodwill | $ 1,561,559 | $ 1,465,965 | |||||||
Research and development expense | 61,100 | 63,400 | $ 63,700 | ||||||
Selling, general and administrative expenses, amortization of intangible assets | $ 41,967 | $ 206,672 | $ 188,550 | ||||||
Number of shares authorised (in shares) | shares | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | ||||||
Par value per share (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | ||||||
Total number of shares issued (in shares) | shares | 1,180,536,830 | 1,180,536,830 | 1,180,536,830 | ||||||
Number of shares outstanding at end of period (in shares) | shares | 1,180,536,830 | 1,180,536,830 | 1,180,536,830 | ||||||
Number of votes, per share | 1 | 1 | 1 | ||||||
Net defined benefit liability (asset) at end of period | $ 99,000 | $ 91,200 | |||||||
Employee benefits, unit vesting period (Year) | 4 years | ||||||||
Employee benefits, company redemption period (Year) | 7 years | 10 years | |||||||
Employee benefits, early redemption period (Year) | 7 years | ||||||||
Carrying value of units granted | $ 119,900 | 106,000 | |||||||
Dilutive effect of share options on number of ordinary shares (in shares) | shares | 0 | ||||||||
ITALY | |||||||||
Statement Line Items [Line Items] | |||||||||
Net defined contribution plan liability (asset) at end of period | $ 17,300 | ||||||||
UNITED STATES | |||||||||
Statement Line Items [Line Items] | |||||||||
Net defined benefit liability (asset) at end of period | 13,400 | ||||||||
Unfunded defined benefit employee retirement plan for certain senior officers [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Net defined benefit liability (asset) at end of period | 45,300 | ||||||||
Funded post-employment benefits [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Net defined benefit liability (asset) at end of period | 160,412 | 146,885 | $ 165,485 | ||||||
Funded post-employment benefits [member] | Canada [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Net defined benefit liability (asset) at end of period | 9,800 | ||||||||
OCTG (USA) [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Amount by which unit's recoverable amount exceeds its carrying amount | 108,000 | ||||||||
Information system projects [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Total intangible assets and goodwill | 68,533 | 66,638 | |||||||
Trademarks [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Total intangible assets and goodwill | 86,700 | 86,700 | $ 86,700 | ||||||
Customer-related intangible assets [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Total intangible assets and goodwill | $ 82,811 | $ 19,878 | |||||||
Customer-related intangible assets [member] | Maverick acquisition [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Finite-lived intangible asset, useful life (Year) | 14 years | ||||||||
Remaining amortisation period of intangible assets material to entity (Year) | 0 years | 2 years | |||||||
Selling, general and administrative expenses, amortization of intangible assets | $ 109,000 | ||||||||
Finite-lived intangible asset, residual value | $ 9,900 | ||||||||
Finite-lived intangible asset, residual useful life (Year) | 1 year | ||||||||
Customer-related intangible assets [member] | Hydrill acquisition [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Finite-lived intangible asset, useful life (Year) | 10 years | ||||||||
Customer-related intangible assets [member] | Saudi Steel Pipe Company [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Finite-lived intangible asset, useful life (Year) | 9 years | ||||||||
Finite-lived intangible asset, residual value | $ 72,900 | ||||||||
Finite-lived intangible asset, residual useful life (Year) | 8 years | ||||||||
Top of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Discount rate used in current estimate of value in use | 15.90% | ||||||||
Top of range [member] | Information system projects [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Finite-lived intangible asset, useful life (Year) | 3 years | ||||||||
Top of range [member] | Licenses, patents, trademarks, and proprietary technology [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Finite-lived intangible asset, useful life (Year) | 10 years | ||||||||
Bottom of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Discount rate used in current estimate of value in use | 8.20% | ||||||||
Usiminas [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Shares bound to SHA (in shares) | shares | 483,600,000 | ||||||||
Percent of company voting capital | 68.60% | ||||||||
T/T Group [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percent of company voting capital | 47.10% | ||||||||
Ternium entitites [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percent of company voting capital | 39.50% | ||||||||
Confab [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percent of company voting capital | 7.60% | ||||||||
NSSMC [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percent of company voting capital | 45.90% | ||||||||
Previdencia Usiminas [member] | The new SHA [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Percent of company voting capital | 7.00% | ||||||||
Ternium S.A. [member] | Techgen s.a. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in joint venture | 48.00% | ||||||||
Tecpetrol International S.A. [member] | Techgen s.a. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in joint venture | 30.00% | ||||||||
Tenaris [member] | Techgen s.a. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in joint venture | 22.00% | ||||||||
Ternium S.A. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in associate | 11.46% | ||||||||
Ternium S.A. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in associate | 11.46% | ||||||||
Impairment loss on equity method investment in non-consolidated companies | $ 0 | $ 0 | $ 0 | ||||||
Usiminas [member] | Preference shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest in associate, shares owned (in shares) | shares | 1,300,000 | ||||||||
Usiminas [member] | Ordinary shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest in associate, shares owned (in shares) | shares | 36,500,000 | ||||||||
Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in associate | 3.07% | ||||||||
Proportion of voting rights held in associate | 5.20% | 5.20% | |||||||
Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Preference shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares subscribed to (in shares) | shares | 1,300,000 | 1,300,000 | |||||||
Shares subscribed to, price per share (in BRL per share) | R$ / shares | R$ 1.28 | ||||||||
Shares subscribed to, value | $ 500 | R$ 1.6 | |||||||
Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Ordinary shares [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of shares subscribed to (in shares) | shares | 11,500,000 | 11,500,000 | |||||||
Shares subscribed to, price per share (in BRL per share) | R$ / shares | R$ 5 | ||||||||
Shares subscribed to, value | $ 16,600 | R$ 57.5 | |||||||
Usiminas [member] | Ternium S.A. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in associate | 13.80% | ||||||||
Proportion of voting rights held in associate | 27.70% |
Accounting Policies - Estimated
Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and improvements [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 30 years |
Buildings and improvements [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 50 years |
Plant and production equipment [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 10 years |
Plant and production equipment [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 40 years |
Vehicles, furniture and fixtures, and other equipment [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 4 years |
Vehicles, furniture and fixtures, and other equipment [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Property, plant and equipment (Year) | 10 years |
Accounting Policies - Changes i
Accounting Policies - Changes in Key Assumptions That Would Cause the Recoverable Amount to Equal the Carrying Value (Details) | Dec. 31, 2019 |
Discount rate, measurement input [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) in key assumption | 0.95% |
Growth rate, measurement input [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) in key assumption | (1.60%) |
Projected change rate in future cash flows, measurement input [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) in key assumption | (15.30%) |
III. Financial Risk Managemen_2
III. Financial Risk Management (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |||
Statement Line Items [Line Items] | |||||
Debt to equity ratio | 0.06 | 0.04 | |||
Reserve of exchange differences on translation | $ 600 | $ 1,900 | |||
Total borrowings | 822,152 | 539,007 | |||
Gain (loss) on interest rate risk if market interest rates were higher | (7,700) | (8,200) | |||
Current trade receivables | $ 1,348,160 | $ 1,737,366 | $ 1,214,060 | ||
Liquid financial assets, percentage | 12.00% | 7.00% | |||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | $ 0 | ||||
Financial liabilities, fair value as a percentage of carrying value | 100.00% | 99.30% | |||
Reserve of cash flow hedges, continuing hedges | $ 2,600 | $ (900) | |||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 0 | ||||
UNITED STATES | |||||
Statement Line Items [Line Items] | |||||
Liquid financial assets, percentage denominated by a specific currency | 95.00% | 95.00% | |||
Allowance for doubtful accounts - trade receivables [member] | |||||
Statement Line Items [Line Items] | |||||
Total other provisions | $ 48,800 | $ 66,500 | |||
Past due [member] | |||||
Statement Line Items [Line Items] | |||||
Current trade receivables | 242,700 | 368,400 | |||
Guarantees under credit insurance [member] | |||||
Statement Line Items [Line Items] | |||||
Current trade receivables | 178,700 | 181,700 | |||
Letter of credit and other bank guarantees [member] | |||||
Statement Line Items [Line Items] | |||||
Current trade receivables | 55,200 | 62,300 | |||
Other guarantees [member] | |||||
Statement Line Items [Line Items] | |||||
Current trade receivables | 600 | 42,200 | |||
Financial guarantee contracts [member] | Past due [member] | |||||
Statement Line Items [Line Items] | |||||
Current trade receivables | 28,700 | 31,500 | |||
Fixed interest rate [member] | |||||
Statement Line Items [Line Items] | |||||
Total borrowings | 768,002 | $ 520,471 | [1] | ||
Current borrowings | $ 728,000 | ||||
Concentration Risk, percentage | [1] | 93.00% | 97.00% | ||
One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member] | |||||
Statement Line Items [Line Items] | |||||
Foreign exchange risk, currency exposure | $ 1,000 | $ 1,900 | |||
One percent change, Euro / U.S. dollar foreign exchange risk [member] | |||||
Statement Line Items [Line Items] | |||||
Foreign exchange risk, currency exposure | 1,000 | 1,300 | |||
One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member] | |||||
Statement Line Items [Line Items] | |||||
Foreign exchange risk, currency exposure | 4,600 | 3,600 | |||
One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member] | Foreign exchange derivatives contracts [member] | |||||
Statement Line Items [Line Items] | |||||
Foreign exchange risk, currency exposure | 4,900 | $ 2,300 | |||
Customer concentration risk [member] | |||||
Statement Line Items [Line Items] | |||||
Credit exposure | $ 0 | ||||
Concentration Risk, percentage | 0.00% | 0.00% | 0.00% | ||
Counterparty risk [member] | |||||
Statement Line Items [Line Items] | |||||
Concentration Risk, percentage | 96.00% | 83.00% | |||
[1] | Out of the $768 million fixed rate borrowings, $728 million are short-term. |
Financial Risk Management - Fin
Financial Risk Management - Financial Assets and Liabilities Which Impact Profit and Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Argentine Peso / U.S. dollar foreign exchange risk [member] | ||
Statement Line Items [Line Items] | ||
Currency exposure / functional currency | $ (95,811) | $ (186,867) |
Euro / U.S. dollar foreign exchange risk [member] | ||
Statement Line Items [Line Items] | ||
Currency exposure / functional currency | (103,518) | (175,419) |
Saudi Arabian Riyal / US Dollar exchange risk [member] | ||
Statement Line Items [Line Items] | ||
Currency exposure / functional currency | $ (107,582) |
Financial Risk Management - Pro
Financial Risk Management - Proportions of Variable-rate and Fixed-rate Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | ||||
Significant borrowings as of closing date | $ 822,152 | $ 539,007 | ||
Fixed interest rate [member] | ||||
Statement Line Items [Line Items] | ||||
Significant borrowings as of closing date | $ 768,002 | $ 520,471 | [1] | |
Percentage | [1] | 93.00% | 97.00% | |
Floating interest rate [member] | ||||
Statement Line Items [Line Items] | ||||
Significant borrowings as of closing date | $ 54,150 | $ 18,536 | ||
Percentage | 7.00% | 3.00% | ||
[1] | Out of the $768 million fixed rate borrowings, $728 million are short-term. |
Financial Risk Management - F_2
Financial Risk Management - Financial Instruments and Classification Within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | ||||
Cash and cash equivalents | $ 1,554,299 | $ 428,361 | ||
Other investments - current | 210,376 | 487,734 | ||
Derivative financial instruments | [1] | 19,929 | 9,225 | |
Other investments - non-current | 24,934 | 118,155 | ||
Current trade receivables | 1,348,160 | 1,737,366 | $ 1,214,060 | |
Other receivables | [2] | 261,678 | 307,790 | |
Total | ||||
Liabilities | ||||
Borrowings C and NC | 822,152 | 539,007 | ||
Trade payables | 555,887 | 693,673 | ||
Finance Lease Liabilities C and NC | 230,167 | 234,149 | ||
Derivative financial instruments | 1,814 | 11,978 | ||
Total | ||||
Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | 1,814 | 11,978 | ||
Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | 19,929 | 9,173 | ||
Other receivables [member] | ||||
Assets | ||||
Other receivables | 141,898 | 188,185 | ||
Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | 119,780 | 119,605 | ||
Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | 65,874 | 300,410 | ||
Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | 20,637 | 198,912 | ||
Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | 4,993 | 9,932 | ||
Other notes [member] | ||||
Assets | ||||
Other investments - current | 40,244 | 91,566 | ||
Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | 144,502 | 187,324 | ||
Other investments - non-current | 18,012 | 113,829 | ||
U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 10,211 | 1,077 | ||
Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 28,637 | 24,912 | ||
Corporates securities [member] | ||||
Assets | ||||
Other investments - current | 105,654 | 142,176 | ||
Structured Notes [member] | ||||
Assets | ||||
Other investments - current | 19,159 | |||
Other investments [member] | ||||
Assets | ||||
Other investments - non-current | 6,922 | 4,326 | ||
Level 1 of fair value hierarchy [member] | ||||
Assets | ||||
Cash and cash equivalents | 1,166,697 | 160,198 | ||
Other investments - current | 134,990 | 168,165 | ||
Other investments - non-current | 18,012 | 113,830 | ||
Current trade receivables | ||||
Other receivables | [2] | |||
Total | 1,319,699 | 442,193 | ||
Liabilities | ||||
Borrowings C and NC | ||||
Trade payables | ||||
Finance Lease Liabilities C and NC | ||||
Total | ||||
Level 1 of fair value hierarchy [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | ||||
Level 1 of fair value hierarchy [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | ||||
Level 1 of fair value hierarchy [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | ||||
Level 1 of fair value hierarchy [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Level 1 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 1 of fair value hierarchy [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 1 of fair value hierarchy [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 1 of fair value hierarchy [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 1 of fair value hierarchy [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | 134,990 | 168,165 | ||
Other investments - non-current | 18,012 | 113,830 | ||
Level 1 of fair value hierarchy [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 10,211 | 1,077 | ||
Level 1 of fair value hierarchy [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 19,125 | 24,912 | ||
Level 1 of fair value hierarchy [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | 105,654 | 142,176 | ||
Level 1 of fair value hierarchy [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 1 of fair value hierarchy [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | ||||
Level 2 of fair value hierarchy [member] | ||||
Assets | ||||
Cash and cash equivalents | ||||
Other investments - current | 9,512 | 19,159 | ||
Other investments - non-current | ||||
Current trade receivables | ||||
Other receivables | [2] | 52 | ||
Total | 29,441 | 28,384 | ||
Liabilities | ||||
Borrowings C and NC | ||||
Trade payables | ||||
Finance Lease Liabilities C and NC | ||||
Total | 1,814 | 11,978 | ||
Level 2 of fair value hierarchy [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | 1,814 | 11,978 | ||
Level 2 of fair value hierarchy [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | 19,929 | 9,173 | ||
Level 2 of fair value hierarchy [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | 52 | |||
Level 2 of fair value hierarchy [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Level 2 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | 9,512 | 19,159 | ||
Other investments - non-current | ||||
Level 2 of fair value hierarchy [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 9,512 | |||
Level 2 of fair value hierarchy [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 2 of fair value hierarchy [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | 19,159 | |||
Level 2 of fair value hierarchy [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | ||||
Level 3 of fair value hierarchy [member] | ||||
Assets | ||||
Cash and cash equivalents | ||||
Other investments - current | ||||
Other investments - non-current | 6,922 | 4,326 | ||
Current trade receivables | ||||
Other receivables | [2] | 48,659 | 48,659 | |
Total | 55,581 | 52,985 | ||
Liabilities | ||||
Borrowings C and NC | ||||
Trade payables | ||||
Finance Lease Liabilities C and NC | ||||
Total | ||||
Level 3 of fair value hierarchy [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | ||||
Level 3 of fair value hierarchy [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | ||||
Level 3 of fair value hierarchy [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | 48,659 | 48,659 | ||
Level 3 of fair value hierarchy [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Level 3 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | ||||
Other investments - non-current | ||||
Level 3 of fair value hierarchy [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Level 3 of fair value hierarchy [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | 6,922 | 4,326 | ||
Financial assets at amortised cost, category [member] | ||||
Assets | ||||
Cash and cash equivalents | 387,602 | 268,163 | ||
Other investments - current | 65,874 | 300,410 | ||
Other investments - non-current | ||||
Current trade receivables | 1,348,160 | 1,737,366 | ||
Other receivables | [2] | 93,239 | 139,474 | |
Total | 1,894,875 | 2,445,413 | ||
Liabilities | ||||
Borrowings C and NC | 822,152 | 539,007 | ||
Trade payables | 555,887 | 693,673 | ||
Finance Lease Liabilities C and NC | 230,167 | |||
Total | 1,608,206 | 1,232,680 | ||
Financial assets at amortised cost, category [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | ||||
Financial assets at amortised cost, category [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | ||||
Financial assets at amortised cost, category [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | 93,239 | 139,474 | ||
Financial assets at amortised cost, category [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Financial assets at amortised cost, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | 65,874 | 300,410 | ||
Financial assets at amortised cost, category [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | 20,637 | 198,912 | ||
Financial assets at amortised cost, category [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | 4,993 | 9,932 | ||
Financial assets at amortised cost, category [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | 40,244 | 91,566 | ||
Financial assets at amortised cost, category [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | ||||
Other investments - non-current | ||||
Financial assets at amortised cost, category [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at amortised cost, category [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at amortised cost, category [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at amortised cost, category [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at amortised cost, category [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | ||||
Financial assets at fair value through other comprehensive income, category [member] | ||||
Assets | ||||
Cash and cash equivalents | ||||
Other investments - current | 144,502 | 166,094 | ||
Other investments - non-current | 18,012 | 113,830 | ||
Current trade receivables | ||||
Other receivables | [2] | 48,659 | 48,711 | |
Total | 211,173 | 328,635 | ||
Liabilities | ||||
Borrowings C and NC | ||||
Trade payables | ||||
Finance Lease Liabilities C and NC | ||||
Total | ||||
Financial assets at fair value through other comprehensive income, category [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | ||||
Financial assets at fair value through other comprehensive income, category [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | ||||
Financial assets at fair value through other comprehensive income, category [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | 48,659 | 48,711 | ||
Financial assets at fair value through other comprehensive income, category [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Financial assets at fair value through other comprehensive income, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through other comprehensive income, category [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through other comprehensive income, category [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through other comprehensive income, category [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through other comprehensive income, category [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | 144,502 | 166,094 | ||
Other investments - non-current | 18,012 | 113,830 | ||
Financial assets at fair value through other comprehensive income, category [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 10,211 | 1,077 | ||
Financial assets at fair value through other comprehensive income, category [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | 28,637 | 24,912 | ||
Financial assets at fair value through other comprehensive income, category [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | 105,654 | 140,105 | ||
Financial assets at fair value through other comprehensive income, category [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through other comprehensive income, category [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | ||||
Financial assets at fair value through profit or loss, category [member] | ||||
Assets | ||||
Cash and cash equivalents | 1,166,697 | 160,198 | ||
Other investments - current | 21,230 | |||
Other investments - non-current | 6,922 | 4,326 | ||
Current trade receivables | ||||
Other receivables | [2] | |||
Total | 1,193,548 | 194,927 | ||
Liabilities | ||||
Borrowings C and NC | ||||
Trade payables | ||||
Finance Lease Liabilities C and NC | ||||
Total | 1,814 | 11,978 | ||
Financial assets at fair value through profit or loss, category [member] | Derivative liabilities [member] | ||||
Liabilities | ||||
Derivative financial instruments | 1,814 | 11,978 | ||
Financial assets at fair value through profit or loss, category [member] | Derivatives [member] | ||||
Assets | ||||
Derivative financial instruments | 19,929 | 9,173 | ||
Financial assets at fair value through profit or loss, category [member] | Other receivables [member] | ||||
Assets | ||||
Other receivables | ||||
Financial assets at fair value through profit or loss, category [member] | Other receivables (non-Financial) [member] | ||||
Assets | ||||
Other receivables | ||||
Financial assets at fair value through profit or loss, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Certificates of Deposits [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Commercial Papers [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Other notes [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Bonds and other fixed income [member] | ||||
Assets | ||||
Other investments - current | 21,230 | |||
Other investments - non-current | ||||
Financial assets at fair value through profit or loss, category [member] | U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Non - U.S. government securities [member] | ||||
Assets | ||||
Other investments - current | ||||
Financial assets at fair value through profit or loss, category [member] | Corporates securities [member] | ||||
Assets | ||||
Other investments - current | 2,071 | |||
Financial assets at fair value through profit or loss, category [member] | Structured Notes [member] | ||||
Assets | ||||
Other investments - current | 19,159 | |||
Financial assets at fair value through profit or loss, category [member] | Other investments [member] | ||||
Assets | ||||
Other investments - non-current | $ 6,922 | $ 4,326 | ||
[1] | In 2018 includes $52 thousand of non-current derivatives. | |||
[2] | Includes balances related to interest in our Venezuelan companies. See Note 33. |
Financial Risk Management - Cha
Financial Risk Management - Changes in Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
At the beginning of the year | $ 14,251,299 | $ 14,398,218 |
At the end of the year | 14,842,991 | 14,251,299 |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
At the beginning of the year | 52,985 | 26,409 |
Addition / (Decrease) | 2,933 | 26,768 |
Currency translation adjustment and others | (337) | (192) |
At the end of the year | $ 55,581 | $ 52,985 |
Note 1 - Segment Information (D
Note 1 - Segment Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Profit (loss) before tax | $ 933,710 | $ 1,103,107 | $ 427,711 |
Non-current financial assets available-for-sale | 21,600 | ||
Total contract liabilities | $ 82,700 | $ 62,700 | $ 56,700 |
Tenaris [member] | Government customers [member] | |||
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 21.00% | 15.00% | 17.00% |
LUXEMBOURG | |||
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 0.00% | ||
UNITED STATES | |||
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 31.00% | ||
Argentina [member] | |||
Statement Line Items [Line Items] | |||
Percentage of entity's revenue | 12.00% | ||
Elimination of intersegment amounts [member] | |||
Statement Line Items [Line Items] | |||
Profit (loss) before tax | $ 36,000 | $ 52,000 | $ 53,000 |
Note 1 - Segment Information -
Note 1 - Segment Information - Reportable Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
IFRS - Net Sales | $ 7,294,055 | $ 7,658,588 | $ 5,288,504 |
IFRS - operating income | 832,391 | 871,813 | 334,588 |
Financial income (expense), net | 19,283 | 37,300 | (23,017) |
Income before equity in earnings of non-consolidated companies and income tax | 851,674 | 909,113 | 311,571 |
Equity in earnings of non-consolidated companies | 82,036 | 193,994 | 116,140 |
Income before income tax | 933,710 | 1,103,107 | 427,711 |
Capital expenditures | 350,174 | 349,473 | 558,236 |
Depreciation and amortization | 539,521 | 664,357 | 608,640 |
Discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 11,899 | ||
Capital expenditures | 145 | ||
Depreciation and amortization | |||
Tubes [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 6,870,000 | 7,233,000 | 4,966,000 |
Management view - operating income | 857,000 | 702,000 | 115,000 |
Difference in cost of sales | (105,000) | 112,000 | 164,000 |
Differences in depreciation and amortization | (1,000) | (34,000) | (3,000) |
Differences in selling, general and administrative expenses | (1,000) | (2,000) | 14,000 |
Differences in other operating income (expenses), net | 6,000 | 2,000 | |
IFRS - operating income | 755,000 | 777,000 | 292,000 |
Financial income (expense), net | |||
Income before equity in earnings of non-consolidated companies and income tax | |||
Equity in earnings of non-consolidated companies | |||
Income before income tax | |||
Capital expenditures | 338,000 | 346,000 | 550,000 |
Depreciation and amortization | 523,000 | 645,000 | 594,000 |
All other segments [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 424,000 | 426,000 | 323,000 |
Management view - operating income | 73,000 | 81,000 | 48,000 |
Difference in cost of sales | 3,000 | 7,000 | 1,000 |
Differences in depreciation and amortization | 0 | ||
Differences in selling, general and administrative expenses | 1,000 | 6,000 | (6,000) |
Differences in other operating income (expenses), net | |||
IFRS - operating income | 77,000 | 95,000 | 43,000 |
Financial income (expense), net | |||
Income before equity in earnings of non-consolidated companies and income tax | |||
Equity in earnings of non-consolidated companies | |||
Income before income tax | |||
Capital expenditures | 12,000 | 3,000 | 8,000 |
Depreciation and amortization | 17,000 | 19,000 | 15,000 |
Reportable segments [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 7,294,000 | 7,659,000 | 5,289,000 |
Management view - operating income | 929,000 | 783,000 | 163,000 |
Difference in cost of sales | (102,000) | 119,000 | 165,000 |
Differences in depreciation and amortization | (1,000) | (34,000) | (3,000) |
Differences in selling, general and administrative expenses | 0 | 4,000 | 8,000 |
Differences in other operating income (expenses), net | 6,000 | 2,000 | |
IFRS - operating income | 832,000 | 872,000 | 335,000 |
Financial income (expense), net | 19,000 | 37,000 | (23,000) |
Income before equity in earnings of non-consolidated companies and income tax | 852,000 | 909,000 | 312,000 |
Equity in earnings of non-consolidated companies | 82,000 | 194,000 | 116,000 |
Income before income tax | 934,000 | 1,103,000 | 428,000 |
Capital expenditures | 350,000 | 349,000 | 558,000 |
Depreciation and amortization | 540,000 | 664,000 | 609,000 |
Reportable segments [member] | Discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 12,000 | ||
Management view - operating income | 3,000 | ||
Difference in cost of sales | (1,000) | ||
Differences in depreciation and amortization | |||
Differences in selling, general and administrative expenses | |||
Differences in other operating income (expenses), net | |||
IFRS - operating income | 2,000 | ||
Financial income (expense), net | |||
Income before equity in earnings of non-consolidated companies and income tax | 2,000 | ||
Equity in earnings of non-consolidated companies | |||
Income before income tax | 2,000 | ||
Capital expenditures | |||
Depreciation and amortization |
Note 1 - Segment Information _2
Note 1 - Segment Information - Geographical Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Net sales | $ 7,294,055 | $ 7,658,588 | $ 5,288,504 | |
Total assets | 14,842,991 | 14,251,299 | 14,398,218 | |
Current trade receivables | 1,348,160 | 1,737,366 | 1,214,060 | |
Property, plant and equipment, net | 6,090,017 | 6,063,908 | 6,229,143 | |
Capital expenditures | 350,174 | 349,473 | 558,236 | |
Depreciation and amortization | 539,521 | 664,357 | 608,640 | |
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 11,899 | |||
Total assets | ||||
Current trade receivables | ||||
Property, plant and equipment, net | ||||
Capital expenditures | 145 | |||
Depreciation and amortization | ||||
Continuing operations 1 [member] | ||||
Statement Line Items [Line Items] | ||||
Capital expenditures | 558,091 | |||
North America [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 3,429,911 | 3,611,509 | 2,451,357 | |
Total assets | 7,885,120 | 7,971,311 | 7,925,520 | |
Current trade receivables | 612,809 | 791,190 | 582,204 | |
Property, plant and equipment, net | 3,771,570 | 3,859,060 | 3,914,229 | |
Capital expenditures | 169,390 | 196,220 | 430,142 | |
Depreciation and amortization | 276,046 | 441,705 | 354,091 | |
South America [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 1,391,288 | 1,462,044 | 1,142,142 | |
Total assets | 2,227,044 | 2,489,522 | 2,975,599 | |
Current trade receivables | 176,173 | 280,801 | 234,877 | |
Property, plant and equipment, net | 1,129,260 | 1,133,113 | 1,190,145 | |
Capital expenditures | 113,999 | 68,603 | 58,949 | |
Depreciation and amortization | 105,308 | 108,558 | 126,273 | |
Europe [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 738,880 | 724,733 | 545,777 | |
Total assets | 2,282,775 | 1,913,589 | 2,002,658 | |
Current trade receivables | 149,321 | 215,202 | 214,944 | |
Property, plant and equipment, net | 816,721 | 848,178 | 878,788 | |
Capital expenditures | 55,169 | 77,467 | 57,285 | |
Depreciation and amortization | 82,400 | 82,769 | 93,900 | |
Middle East and Africa [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 1,382,172 | 1,559,988 | 937,439 | |
Total assets | 958,424 | 588,746 | 391,029 | |
Current trade receivables | 319,406 | 383,358 | 135,524 | |
Property, plant and equipment, net | 254,858 | 94,040 | 102,481 | |
Capital expenditures | 4,578 | 2,047 | 7,562 | |
Depreciation and amortization | 42,520 | 10,389 | 12,094 | |
Asia Pacific [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 351,804 | 300,314 | 211,789 | |
Total assets | 609,663 | 482,563 | 441,546 | |
Current trade receivables | 90,451 | 66,815 | 46,511 | |
Property, plant and equipment, net | 117,608 | 129,517 | 143,500 | |
Capital expenditures | 7,038 | 5,136 | 4,153 | |
Depreciation and amortization | 33,247 | 20,936 | 22,282 | |
Unallocated region [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | [1] | |||
Total assets | [1] | 879,965 | 805,568 | 661,866 |
Current trade receivables | [1] | |||
Property, plant and equipment, net | [1] | |||
Capital expenditures | [1] | |||
Depreciation and amortization | [1] | |||
[1] | For 2019 and 2018 includes Investments in non-consolidated companies, for 2017 includes Investments in non-consolidated companies and Other equity investments for $21.6 million. See Note 12 and 33. |
Note 1 - Segment Information _3
Note 1 - Segment Information - Tubes Segment Revenues By Market (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
IFRS - Net Sales | $ 7,294,055 | $ 7,658,588 | $ 5,288,504 |
Tubes [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 6,870,000 | 7,233,000 | 4,966,000 |
Tubes [member] | Oil and gas [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 5,757,000 | 6,042,000 | 4,034,000 |
Tubes [member] | Hydrocarbon processing and power generation [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | 534,000 | 602,000 | 484,000 |
Tubes [member] | Industrial and other [member] | |||
Statement Line Items [Line Items] | |||
IFRS - Net Sales | $ 579,000 | $ 589,000 | $ 448,000 |
Note 2 - Cost of Sales - Compon
Note 2 - Cost of Sales - Components of Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | |
Statement Line Items [Line Items] | ||||||
Inventories | $ 2,265,880 | $ 2,524,341 | $ 2,524,341 | $ 2,368,304 | $ 1,563,889 | |
Increase in inventory due to business combinations | 52,966 | |||||
Raw materials, energy, consumables and other | 2,709,629 | 3,400,396 | 2,794,503 | |||
Services and fees | 222,415 | 275,130 | 244,035 | |||
Labor cost | 870,261 | 855,040 | 778,408 | |||
Depreciation of property, plant and equipment | 428,791 | 432,497 | 383,490 | |||
Amortization of intangible assets | 5,948 | 8,220 | 18,621 | |||
Depreciation of right-of-use assets | 28,727 | |||||
Maintenance expenses | 284,758 | 185,782 | 183,370 | |||
Allowance for obsolescence | 29,138 | 25,457 | (12,917) | |||
Taxes | 100,738 | 133,308 | 18,542 | |||
Other | 115,663 | 119,507 | 88,823 | |||
Cost of sales including discontinued operations | 4,849,034 | 5,435,337 | 4,496,875 | |||
Less: Inventories at the end of the year | (2,265,880) | (2,524,341) | (2,368,304) | |||
From discontinued operations | (7,403) | |||||
Cost of sales | $ 5,107,495 | $ 5,279,300 | $ 3,685,057 |
Note 3 - Selling, General and_3
Note 3 - Selling, General and Administrative Expenses - Components of Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Services and fees | $ 153,773 | $ 128,090 | $ 132,301 |
Labor cost | 481,854 | 470,928 | 443,338 |
Depreciation of property, plant and equipment | 18,524 | 16,968 | 17,979 |
Selling, general and administrative expenses, amortization of intangible assets | 41,967 | 206,672 | 188,550 |
Depreciation of right-of-use assets | 15,564 | ||
Commissions, freight and other selling expenses | 441,442 | 491,555 | 339,759 |
Provisions for contingencies | 28,565 | 23,498 | 17,664 |
Allowances for doubtful accounts | (16,256) | 1,751 | (5,421) |
Taxes | 110,876 | 71,110 | 56,826 |
Other | 89,665 | 99,404 | 81,061 |
Selling, general and administrative expenses including discontinued operations | 1,365,974 | 1,509,976 | 1,272,057 |
From discontinued operations | (2,041) | ||
Total selling, general and administrative expense | $ 1,365,974 | $ 1,509,976 | $ 1,270,016 |
Note 4 - Labor Costs - Summary
Note 4 - Labor Costs - Summary of Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Wages, salaries and social security costs | $ 1,274,474 | $ 1,250,783 | $ 1,144,341 |
Severance indemnities | 24,637 | 25,225 | 34,497 |
Defined contribution plans | 12,663 | 13,217 | 12,401 |
Pension benefits - defined benefit plans | 18,207 | 15,390 | 15,066 |
Employee retention and long term incentive program | 22,134 | 21,353 | 15,441 |
Employee benefits expense including discontinued operations | 1,352,115 | 1,325,968 | 1,221,746 |
From discontinued operations | (853) | ||
Total employee benefits expense | $ 1,352,115 | $ 1,325,968 | $ 1,220,893 |
Note 4 - Labor Costs - Labor _3
Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) - Number of Employees (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Number of employees | 23,200 | 22,967 | 21,605 |
ARGENTINA | |||
Statement Line Items [Line Items] | |||
Number of employees | 5,405 | 5,427 | 5,221 |
MEXICO | |||
Statement Line Items [Line Items] | |||
Number of employees | 5,370 | 5,595 | 5,139 |
UNITED STATES | |||
Statement Line Items [Line Items] | |||
Number of employees | 2,255 | 2,382 | 1,953 |
ITALY | |||
Statement Line Items [Line Items] | |||
Number of employees | 2,144 | 2,155 | 2,088 |
ROMANIA | |||
Statement Line Items [Line Items] | |||
Number of employees | 1,815 | 1,852 | 1,870 |
BRAZIL | |||
Statement Line Items [Line Items] | |||
Number of employees | 1,360 | 1,287 | 1,382 |
COLOMBIA | |||
Statement Line Items [Line Items] | |||
Number of employees | 1,040 | 1,082 | 1,003 |
CANADA | |||
Statement Line Items [Line Items] | |||
Number of employees | 772 | 1,030 | 919 |
INDONESIA | |||
Statement Line Items [Line Items] | |||
Number of employees | 616 | 554 | 506 |
JAPAN | |||
Statement Line Items [Line Items] | |||
Number of employees | 400 | 399 | 410 |
Other geographical areas [member] | |||
Statement Line Items [Line Items] | |||
Number of employees | 2,023 | 1,204 | 1,114 |
Note 5 - Other Operating Inco_3
Note 5 - Other Operating Income and Expenses - Components of Other Operating Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other operating income: | |||
Net income from other sales | $ 8,651 | $ 3,604 | $ 4,395 |
Net rents | 5,089 | 4,909 | 4,325 |
Other | 8,025 | 6,546 | 1,796 |
Recovery on allowance for doubtful receivables | 1,239 | ||
Other income | 23,004 | 15,059 | 10,516 |
Other operating expenses: | |||
Contributions to welfare projects and non-profits organizations | 11,199 | 11,379 | 9,158 |
Loss on fixed assets and material supplies disposed / scrapped | 118 | ||
Allowance for doubtful receivables | 1,179 | 84 | |
Other expense including discontinued operations | 11,199 | 12,558 | 9,360 |
From discontinued operations | (1) | ||
Other expense | $ 11,199 | $ 12,558 | $ 9,359 |
Note 6 - Financial Results (Det
Note 6 - Financial Results (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Interest income (expense) | $ 4,381 | $ (6,151) | $ (11,550) |
Financial assets at fair value through profit or loss, category [member] | |||
Statement Line Items [Line Items] | |||
Interest income (expense) | $ 7,600 | $ 3,600 |
Note 6 - Financial Results - Fi
Note 6 - Financial Results - Financial Income (Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Interest Income | $ 48,061 | $ 42,244 | $ 51,525 | |
Net result on changes in FV of financial assets at FVPL | (64) | (2,388) | (3,920) | |
Finance income | [1] | 47,997 | 39,856 | 47,605 |
Finance cost | (43,381) | (36,942) | (27,072) | |
Net foreign exchange transactions results | [2] | 27,868 | 28,845 | (48,955) |
Foreign exchange derivatives contracts results | [3] | (11,616) | 6,576 | (8,996) |
Other | (1,585) | (1,035) | 14,392 | |
Other financial results | 14,667 | 34,386 | (43,559) | |
Net financial results | 19,283 | 37,300 | (23,026) | |
From discontinued operations | 9 | |||
Finance income (cost) | $ 19,283 | $ 37,300 | $ (23,017) | |
[1] | In 2019 and 2018 includes $7.6 and $3.6 million of interest related to instruments carried at FVPL, respectively. | |||
[2] | In 2019 mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar. In 2018 mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar, together with the positive impact from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary. In 2017 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary. | |||
[3] | In 2019 includes mainly losses on derivatives covering net payables in Argentine peso and in Euros and net receivables in Canadian dollar. In 2018 includes mainly gain on derivatives covering net receivables in Canadian dollar. In 2017 includes mainly losses on derivatives covering net receivables in Brazilian real and Canadian dollar and net payables in Argentine peso, partially offset by gains on derivatives covering net payables in Euro. |
Note 7 - Income Tax (Details Te
Note 7 - Income Tax (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
After tax effect of expense not deductible in determining profit (loss) | $ 66 | $ 65 | |
Charge related to withholding taxes for intra group international operations | $ 34 | $ 26 | |
ARGENTINA | |||
Statement Line Items [Line Items] | |||
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | $ (46) | ||
UNITED STATES | |||
Statement Line Items [Line Items] | |||
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | $ (15) |
Note 7 - Income Tax - Summary o
Note 7 - Income Tax - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Current tax | $ 299,692 | $ 343,104 | $ 184,016 |
Deferred tax | (97,240) | (113,897) | (100,432) |
Income taxes accrued | 202,452 | 229,207 | 83,584 |
From discontinued operations | (100,720) | ||
Tax income (expense) | $ 202,452 | $ 229,207 | $ (17,136) |
Note 7 - Income Tax - Summary_2
Note 7 - Income Tax - Summary of Differences Between Income Tax and Theoretical Amount Using Tax Rate in Each Country (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Income before income tax | $ 933,710 | $ 1,103,107 | $ 427,711 |
Tax calculated at the tax rate in each country | 186,752 | 207,422 | 6,456 |
Effect of currency translation on tax base | 53,296 | 77,552 | (922) |
Changes in the tax rates | (13) | 1,824 | (62,968) |
Utilization of previously unrecognized tax losses | (547) | ||
Tax revaluation, withholding tax and others | (37,036) | (57,591) | 40,298 |
Tax charge | $ 202,452 | $ 229,207 | $ (17,136) |
Note 8 - Dividends Distributi_2
Note 8 - Dividends Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Nov. 20, 2019 | Oct. 30, 2019 | May 22, 2019 | Nov. 21, 2018 | May 23, 2018 | Nov. 22, 2017 | May 24, 2017 | Nov. 23, 2016 | May 06, 2019 | May 02, 2018 | May 03, 2017 |
Statement Line Items [Line Items] | |||||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ 0.13 | ||||||||||
Dividends payable, amount per ads (in dollars per share) | $ 0.26 | ||||||||||
Dividends recognised as distributions to owners | $ 153 | $ 484 | $ 484 | $ 484 | |||||||
Dividends payable, amount per share including interim dividend (in dollars per share) | $ 0.41 | $ 0.41 | $ 0.41 | ||||||||
Dividends payable, amount per ADS including interim dividend (in dollars per share) | $ 0.82 | $ 0.82 | $ 0.82 | ||||||||
Dividends paid, ordinary shares per share (in dollars per share) | $ 0.28 | $ 0.13 | $ 0.28 | $ 0.13 | $ 0.28 | $ 0.13 | |||||
Dividends paid, per ADS (in dollars per share) | $ 0.56 | $ 0.26 | $ 0.56 | $ 0.26 | $ 0.56 | $ 0.26 |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Property, plant and equipment, capitalized interest | $ 35.4 | $ 37.4 |
Note 9 - Property, Plant and _4
Note 9 - Property, Plant and Equipment, Net - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Beginning of the year | $ 6,063,908 | $ 6,229,143 | |
End of the year | 6,090,017 | 6,063,908 | |
Land and civil buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 621,664 | ||
End of the year | 677,671 | 621,664 | |
Industrial buildings, plant and production equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 5,184,669 | ||
End of the year | 5,166,678 | 5,184,669 | |
Vehicles, furniture and fixtures [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 67,000 | ||
End of the year | 76,758 | 67,000 | |
Construction in progress [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 127,378 | ||
End of the year | 108,308 | 127,378 | |
Spare parts and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 63,197 | ||
End of the year | 60,602 | 63,197 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 13,421,982 | 13,246,680 | |
Translation differences | (43,307) | (131,756) | |
Increase due to business combinations | [1] | 178,739 | |
Additions | 313,915 | 317,568 | |
Disposals / Consumptions | (38,975) | (35,909) | |
Transfers / Reclassifications | 4,232 | 25,399 | |
End of the year | 13,836,586 | 13,421,982 | |
Gross carrying amount [member] | Land and civil buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 732,578 | 712,061 | |
Translation differences | (1,611) | (5,628) | |
Increase due to business combinations | [1] | 59,468 | |
Additions | 16 | 723 | |
Disposals / Consumptions | (35) | (221) | |
Transfers / Reclassifications | 8,723 | 25,643 | |
End of the year | 799,139 | 732,578 | |
Gross carrying amount [member] | Industrial buildings, plant and production equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 12,121,569 | 11,954,585 | |
Translation differences | (38,961) | (117,977) | |
Increase due to business combinations | [1] | 115,908 | |
Additions | 1,178 | 681 | |
Disposals / Consumptions | (27,153) | (21,836) | |
Transfers / Reclassifications | 296,272 | 306,116 | |
End of the year | 12,468,813 | 12,121,569 | |
Gross carrying amount [member] | Vehicles, furniture and fixtures [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 377,260 | 370,542 | |
Translation differences | (1,615) | (5,458) | |
Increase due to business combinations | [1] | 1,733 | |
Additions | 1,107 | 1,245 | |
Disposals / Consumptions | (7,110) | (10,269) | |
Transfers / Reclassifications | 28,349 | 21,200 | |
End of the year | 399,724 | 377,260 | |
Gross carrying amount [member] | Construction in progress [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 127,378 | 167,079 | |
Translation differences | (864) | (2,269) | |
Increase due to business combinations | [1] | 1,630 | |
Additions | 299,412 | 294,163 | |
Disposals / Consumptions | (2,120) | (42) | |
Transfers / Reclassifications | (317,128) | (331,553) | |
End of the year | 108,308 | 127,378 | |
Gross carrying amount [member] | Spare parts and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 63,197 | 42,413 | |
Translation differences | (256) | (424) | |
Increase due to business combinations | [1] | ||
Additions | 12,202 | 20,756 | |
Disposals / Consumptions | (2,557) | (3,541) | |
Transfers / Reclassifications | (11,984) | 3,993 | |
End of the year | 60,602 | 63,197 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 7,358,074 | 7,017,537 | |
Translation differences | (26,878) | (78,463) | |
Disposals / Consumptions | (31,542) | (29,967) | |
Transfers / Reclassifications | (400) | (498) | |
Depreciation charge | 447,315 | 449,465 | |
End of the year | 7,746,569 | 7,358,074 | |
Accumulated depreciation, amortisation and impairment [member] | Land and civil buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 110,914 | 101,197 | |
Translation differences | (420) | (1,383) | |
Disposals / Consumptions | (73) | (53) | |
Transfers / Reclassifications | (362) | ||
Depreciation charge | 11,409 | 11,153 | |
End of the year | 121,468 | 110,914 | |
Accumulated depreciation, amortisation and impairment [member] | Industrial buildings, plant and production equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 6,936,900 | 6,612,871 | |
Translation differences | (24,973) | (72,141) | |
Disposals / Consumptions | (25,580) | (21,232) | |
Transfers / Reclassifications | (38) | 173 | |
Depreciation charge | 415,826 | 417,229 | |
End of the year | 7,302,135 | 6,936,900 | |
Accumulated depreciation, amortisation and impairment [member] | Vehicles, furniture and fixtures [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | 310,260 | 303,469 | |
Translation differences | (1,485) | (4,939) | |
Disposals / Consumptions | (5,889) | (8,682) | |
Transfers / Reclassifications | (671) | ||
Depreciation charge | 20,080 | 21,083 | |
End of the year | 322,966 | 310,260 | |
Accumulated depreciation, amortisation and impairment [member] | Construction in progress [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | |||
Translation differences | |||
Disposals / Consumptions | |||
Transfers / Reclassifications | |||
Depreciation charge | |||
End of the year | |||
Accumulated depreciation, amortisation and impairment [member] | Spare parts and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning of the year | |||
Translation differences | |||
Disposals / Consumptions | |||
Transfers / Reclassifications | |||
Depreciation charge | |||
End of the year | |||
[1] | Related to SSP acquisition. See Note 27. |
Note 10 - Intangible Assets, _3
Note 10 - Intangible Assets, Net (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Goodwill at end of period | $ 1,320 |
North America [member] | |
Statement Line Items [Line Items] | |
Goodwill at end of period | 1,168.4 |
South America [member] | |
Statement Line Items [Line Items] | |
Goodwill at end of period | 116.2 |
Europe [member] | |
Statement Line Items [Line Items] | |
Goodwill at end of period | 1.9 |
Middle East and Africa [member] | |
Statement Line Items [Line Items] | |
Goodwill at end of period | $ 33.7 |
Note 10 - Intangible Assets, _4
Note 10 - Intangible Assets, Net - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | $ 1,465,965 | ||
Values at the end of the year | 1,561,559 | $ 1,465,965 | |
Information system projects [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 66,638 | ||
Values at the end of the year | 68,533 | 66,638 | |
Licenses, patents and trademarks [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | [1] | 91,105 | |
Values at the end of the year | [1] | 89,970 | 91,105 |
Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 1,288,344 | ||
Values at the end of the year | 1,320,245 | 1,288,344 | |
Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 19,878 | ||
Values at the end of the year | 82,811 | 19,878 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 5,189,988 | 5,175,587 | |
Translation differences | (2,955) | (10,473) | |
Increase due to business combinations | [2] | 114,466 | |
Additions | 36,259 | 31,905 | |
Transfers / Reclassifications | (4,665) | (5,493) | |
Disposals | (6,593) | (1,538) | |
Values at the end of the year | 5,326,500 | 5,189,988 | |
Gross carrying amount [member] | Information system projects [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 580,622 | 560,692 | |
Translation differences | (1,917) | (6,153) | |
Increase due to business combinations | [2] | 405 | |
Additions | 35,487 | 31,632 | |
Transfers / Reclassifications | (4,665) | (5,493) | |
Disposals | (5,062) | (56) | |
Values at the end of the year | 604,870 | 580,622 | |
Gross carrying amount [member] | Licenses, patents and trademarks [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | [1] | 464,571 | 465,963 |
Translation differences | [1] | (70) | (183) |
Increase due to business combinations | [1],[2] | ||
Additions | [1] | 772 | 273 |
Transfers / Reclassifications | [1] | ||
Disposals | [1] | (1,531) | (1,482) |
Values at the end of the year | [1] | 463,742 | 464,571 |
Gross carrying amount [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 2,085,936 | 2,090,073 | |
Translation differences | (968) | (4,137) | |
Increase due to business combinations | [2] | 32,869 | |
Additions | |||
Transfers / Reclassifications | |||
Disposals | |||
Values at the end of the year | 2,117,837 | 2,085,936 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 2,058,859 | 2,058,859 | |
Translation differences | |||
Increase due to business combinations | [2] | 81,192 | |
Additions | |||
Transfers / Reclassifications | |||
Disposals | |||
Values at the end of the year | 2,140,051 | 2,058,859 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 3,724,023 | 3,514,728 | |
Translation differences | (1,734) | (5,551) | |
Disposals | (5,263) | (46) | |
Amortization charge | 47,915 | 214,892 | |
Values at the end of the year | 3,764,941 | 3,724,023 | |
Accumulated depreciation, amortisation and impairment [member] | Information system projects [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 513,984 | 478,946 | |
Translation differences | (1,734) | (5,551) | |
Disposals | (4,850) | (46) | |
Amortization charge | 28,937 | 40,635 | |
Values at the end of the year | 536,337 | 513,984 | |
Accumulated depreciation, amortisation and impairment [member] | Licenses, patents and trademarks [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | [1] | 373,466 | 372,746 |
Translation differences | [1] | ||
Disposals | [1] | (413) | |
Amortization charge | [1] | 719 | 720 |
Values at the end of the year | [1] | 373,772 | 373,466 |
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 797,592 | 797,592 | |
Translation differences | |||
Disposals | |||
Amortization charge | |||
Values at the end of the year | 797,592 | 797,592 | |
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | |||
Statement Line Items [Line Items] | |||
Values at the beginning of the year | 2,038,981 | 1,865,444 | |
Translation differences | |||
Disposals | |||
Amortization charge | 18,259 | 173,537 | |
Values at the end of the year | $ 2,057,240 | $ 2,038,981 | |
[1] | Includes Proprietary Technology. | ||
[2] | Related to SSP acquisition. |
Note 10 - Intangible Assets, _5
Note 10 - Intangible Assets, Net - Goodwill Allocated by CGU (Details) $ in Millions | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Goodwill | $ 1,320 |
OCTG (USA) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 225 |
Tamsa (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 365 |
Siderca (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 358 |
Hydril [member] | |
Statement Line Items [Line Items] | |
Goodwill | 309 |
CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Coiled Tubing [member] | |
Statement Line Items [Line Items] | |
Goodwill | 4 |
Other CGU [member] | |
Statement Line Items [Line Items] | |
Goodwill | 59 |
Tubes [member] | |
Statement Line Items [Line Items] | |
Goodwill | 171 |
Tubes [member] | OCTG (USA) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Tamsa (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 19 |
Tubes [member] | Siderca (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 93 |
Tubes [member] | Hydril [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Coiled Tubing [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Other CGU [member] | |
Statement Line Items [Line Items] | |
Goodwill | 59 |
Tubes [member] | Maverick acquisition [member] | |
Statement Line Items [Line Items] | |
Goodwill | 225 |
Tubes [member] | Maverick acquisition [member] | OCTG (USA) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 225 |
Tubes [member] | Maverick acquisition [member] | Tamsa (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Maverick acquisition [member] | Siderca (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Maverick acquisition [member] | Hydril [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Maverick acquisition [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Maverick acquisition [member] | Coiled Tubing [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Maverick acquisition [member] | Other CGU [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Hydrill acquisition [member] | |
Statement Line Items [Line Items] | |
Goodwill | 920 |
Tubes [member] | Hydrill acquisition [member] | OCTG (USA) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Hydrill acquisition [member] | Tamsa (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 346 |
Tubes [member] | Hydrill acquisition [member] | Siderca (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | 265 |
Tubes [member] | Hydrill acquisition [member] | Hydril [member] | |
Statement Line Items [Line Items] | |
Goodwill | 309 |
Tubes [member] | Hydrill acquisition [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Hydrill acquisition [member] | Coiled Tubing [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
Tubes [member] | Hydrill acquisition [member] | Other CGU [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | |
Statement Line Items [Line Items] | |
Goodwill | 4 |
All other segments [member] | Maverick acquisition [member] | OCTG (USA) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | Tamsa (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | Siderca (Hydril and other) [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | Hydril [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Goodwill | |
All other segments [member] | Maverick acquisition [member] | Coiled Tubing [member] | |
Statement Line Items [Line Items] | |
Goodwill | 4 |
All other segments [member] | Maverick acquisition [member] | Other CGU [member] | |
Statement Line Items [Line Items] | |
Goodwill |
Note 11 - Right-of-use Assets_3
Note 11 - Right-of-use Assets, Net and Lease Liabilities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Statement Line Items [Line Items] | |||
Cash outflow for leases | $ 4 | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 2.40% | ||
Expense relating to short-term leases for which recognition exemption has been used | $ 15.1 | ||
Expense relating to leases of low-value assets for which recognition exemption has been used | $ 1.3 | ||
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Remaining lease payments to be made, percentage | 16.00% | ||
Later than one year and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Remaining lease payments to be made, percentage | 44.00% | ||
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Remaining lease payments to be made, percentage | 40.00% |
Note 11 - Right-of-use Assets_4
Note 11 - Right-of-use Assets, Net and Lease Liabilities - Evolution of Right-of-use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cost | ||
Opening net book amount | $ 238,400 | |
Increase due to business combinations | 2,267 | |
Currency translation adjustment | (74) | |
Additions | 41,442 | |
Disposals | (6,315) | |
Transfers | ||
Closing net book amount | 275,720 | |
Depreciation | ||
Accumulated at the beginning of the year | ||
Translation differences | 8 | |
Depreciation charge | 44,291 | |
Transfers / Reclassifications | ||
Disposals / Consumptions | (1,705) | |
Accumulated at the end of the year | 42,594 | |
Right-of-use assets | 233,126 | |
Land and civil buildings [member] | ||
Cost | ||
Opening net book amount | 27,713 | |
Increase due to business combinations | 229 | |
Currency translation adjustment | (88) | |
Additions | 9,292 | |
Disposals | (1,009) | |
Transfers | ||
Closing net book amount | 36,137 | |
Depreciation | ||
Accumulated at the beginning of the year | ||
Translation differences | (3) | |
Depreciation charge | 8,514 | |
Transfers / Reclassifications | ||
Disposals / Consumptions | (181) | |
Accumulated at the end of the year | 8,330 | |
Right-of-use assets | 27,807 | |
Industrial buildings, plant and production equipment [member] | ||
Cost | ||
Opening net book amount | 202,352 | |
Increase due to business combinations | 2,038 | |
Currency translation adjustment | 6 | |
Additions | 24,985 | |
Disposals | (4,488) | |
Transfers | 496 | |
Closing net book amount | 225,389 | |
Depreciation | ||
Accumulated at the beginning of the year | ||
Translation differences | 3 | |
Depreciation charge | 31,869 | |
Transfers / Reclassifications | (62) | |
Disposals / Consumptions | (1,229) | |
Accumulated at the end of the year | 30,581 | |
Right-of-use assets | 194,808 | |
Vehicles, furniture and fixtures [member] | ||
Cost | ||
Opening net book amount | 8,335 | |
Increase due to business combinations | ||
Currency translation adjustment | 8 | |
Additions | 7,165 | |
Disposals | (818) | |
Transfers | (496) | |
Closing net book amount | 14,194 | |
Depreciation | ||
Accumulated at the beginning of the year | ||
Translation differences | 8 | |
Depreciation charge | 3,908 | |
Transfers / Reclassifications | 62 | |
Disposals / Consumptions | (295) | |
Accumulated at the end of the year | 3,683 | |
Right-of-use assets | $ 10,511 |
Note 11 - Right-of-use Assets_5
Note 11 - Right-of-use Assets, Net and Lease Liabilities - Evolution of Lease Liability (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |
Opening net book amount | $ 234,149 |
Increase due to business combinations | 2,267 |
Translation differences | 2,690 |
Additions | 36,957 |
Cancellations | (4,688) |
Repayments | (43,974) |
Interest accrued | 2,766 |
Ending net book amount | $ 230,167 |
Note 12 - Investments in Non-_3
Note 12 - Investments in Non-consolidated Companies (Details Textual) $ / shares in Units, $ in Thousands | Jan. 16, 2012 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019R$ / shares | Dec. 31, 2019USD ($)$ / shares | Feb. 13, 2019USD ($) |
Statement Line Items [Line Items] | |||||||
Dividends received from associates, classified as investing activities | $ 28,974 | $ 25,722 | $ 22,971 | ||||
Total investments in subsidiaries, joint ventures and associates | $ 805,568 | $ 640,294 | $ 879,965 | ||||
Several banks, to refinance obligations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt service coverage ratio, covered, percent | 22.00% | ||||||
Letters of credit, covered | $ 9,800 | ||||||
Several banks, to refinance obligations [member] | Techgen s.a. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt instruments issued | $ 640,000 | ||||||
Ternium S.A. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 11.46% | ||||||
Ternium and Usiminas [member] | |||||||
Statement Line Items [Line Items] | |||||||
Dividends received from associates, classified as investing activities | $ 29 | ||||||
Usiminas [member] | |||||||
Statement Line Items [Line Items] | |||||||
Fair value of investments in associates for which there are quoted market prices | 92,000 | ||||||
Total investments in subsidiaries, joint ventures and associates | $ 74,600 | ||||||
Usiminas [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Closing price, per share (in BRL per share) | (per share) | R$ 9.83 | $ 2.44 | |||||
Usiminas [member] | Preference shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Closing price, per share (in BRL per share) | (per share) | R$ 9.51 | 2.36 | |||||
Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of voting rights held in associate | 5.20% | 5.20% | |||||
Proportion of ownership interest in associate | 3.07% | ||||||
Usiminas [member] | Ternium S.A. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of voting rights held in associate | 27.70% | ||||||
Proportion of ownership interest in associate | 13.80% | ||||||
Ternium S.A. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Closing price, per ads (in dollars per share) | $ / shares | $ 22 | ||||||
Fair value of investments in associates for which there are quoted market prices | $ 505,400 | ||||||
Total investments in subsidiaries, joint ventures and associates | $ 751,100 | ||||||
Proportion of ownership interest in associate | 11.46% | ||||||
Techgen s.a. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 22.00% | ||||||
Transportation capacity agreement, purchasing capacity of natural gas per day | 150,000 | ||||||
Provision for exposure to transportation capacity agreements | $ 51,900 | ||||||
Provision for exposure to purchase and other service agreements | 900 | ||||||
Provision for exposure to the purchase of clean energy certificates | 18,200 | ||||||
Proceeds From (Repayments of Loans) Receivable From Related Parties | $ 40,500 | ||||||
Loans and receivables | $ 58,100 | ||||||
Proportion of corporate guarantee covering obligations | 22.00% | ||||||
Techgen s.a. [member] | Tecpetrol International S.A. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 30.00% | ||||||
Techgen s.a. [member] | Ternium S.A. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proportion of ownership interest in associate | 48.00% |
Note 12 - Investments in Non-_4
Note 12 - Investments in Non-consolidated Companies - Summary of Investments in Non-consolidated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
At the beginning of the year | $ 805,568 | $ 640,294 | ||
Translation differences | [1] | (10,781) | 1,848 | $ (9,548) |
Equity in earnings of non-consolidated companies | 82,036 | 193,994 | ||
Increase due to business combinations | 20,635 | |||
Dividends and distributions received (*) | [2] | (28,037) | (26,581) | |
Additions | 19,610 | |||
Decrease / increase in equity reserves and others | (9,066) | (3,987) | ||
At the end of the year | $ 879,965 | $ 805,568 | $ 640,294 | |
[1] | Since 2018 Tenaris recognizes its share over the effects on the adoption of IAS 29, "Financial Reporting in Hyperinflationary Economies" by Ternium in other comprehensive income as a currency translation adjustment. | |||
[2] | Related to Ternium and Usiminas. During 2019, $29.0 million were collected. |
Note 12 - Investments in Non-_5
Note 12 - Investments in Non-consolidated Companies - Principal Non-consolidated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Value | $ 879,965 | $ 805,568 | $ 640,294 | |
Ternium S.A. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 11.46% | |||
Value | $ 751,100 | |||
Ternium S.A. [member] | LUXEMBOURG | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 11.46% | 11.46% | |
Value | [1] | $ 751,105 | $ 725,548 | |
Usiminas [member] | ||||
Statement Line Items [Line Items] | ||||
Value | $ 74,600 | |||
Usiminas [member] | BRAZIL | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [2] | 3.07% | 3.07% | |
Value | [2] | $ 74,593 | $ 72,988 | |
Other [member] | ||||
Statement Line Items [Line Items] | ||||
Value | $ 54,267 | $ 7,032 | ||
[1] | Including treasury shares. | |||
[2] | At December 31, 2019 and 2018 the voting rights were 5.2%. |
Note 12 - Investments in Non-_6
Note 12 - Investments in Non-consolidated Companies - Summary of Selected Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Non-current assets | $ 9,172,384 | $ 8,787,107 | |
Current assets | 5,670,607 | 5,464,192 | |
Total assets | 14,842,991 | 14,251,299 | $ 14,398,218 |
Non-current liabilities | 876,162 | 657,444 | |
Current liabilities | 1,780,457 | 1,718,363 | |
Total liabilities | 2,656,619 | 2,375,807 | |
Non-controlling interests | 197,414 | 92,610 | |
Revenues | 7,294,055 | 7,658,588 | 5,288,504 |
Gross profit | 2,186,560 | 2,379,288 | 1,603,447 |
Net income for the year attributable to owners of the parent | 742,686 | 876,063 | 544,737 |
Total comprehensive income for the year, net of tax, attributable to owners of the parent | 690,095 | 776,713 | $ 683,531 |
Ternium S.A. [member] | |||
Statement Line Items [Line Items] | |||
Non-current assets | 8,757,320 | 8,121,824 | |
Current assets | 4,178,213 | 4,426,038 | |
Total assets | 12,935,533 | 12,547,862 | |
Non-current liabilities | 3,452,535 | 3,236,756 | |
Current liabilities | 1,768,125 | 1,826,530 | |
Total liabilities | 5,220,660 | 5,063,286 | |
Non-controlling interests | 1,103,208 | 1,091,321 | |
Revenues | 10,192,818 | 11,454,807 | |
Gross profit | 1,740,378 | 2,971,479 | |
Net income for the year attributable to owners of the parent | 564,269 | 1,506,647 | |
Total comprehensive income for the year, net of tax, attributable to owners of the parent | 445,473 | 1,176,964 | |
Usiminas [member] | |||
Statement Line Items [Line Items] | |||
Non-current assets | 4,335,662 | 4,696,896 | |
Current assets | 2,198,449 | 2,148,322 | |
Total assets | 6,534,111 | 6,845,218 | |
Non-current liabilities | 1,955,395 | 1,933,207 | |
Current liabilities | 716,930 | 860,862 | |
Total liabilities | 2,672,325 | 2,794,069 | |
Non-controlling interests | 377,667 | 369,333 | |
Revenues | 3,790,206 | 3,766,241 | |
Gross profit | 478,141 | 612,156 | |
Net income for the year attributable to owners of the parent | $ 52,779 | $ 194,381 |
Note 13 - Receivables - Non C_3
Note 13 - Receivables - Non Current - Components of Receivables Non Current (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Employee advances and loans | $ 6,008 | $ 3,740 |
Tax credits | 20,065 | 16,025 |
Receivables from related parties | 59,999 | 58,128 |
Legal deposits | 12,378 | 12,446 |
Advances to suppliers and other advances | 3,772 | 7,592 |
Non-current derivative financial assets | 52 | |
Receivable Venezuelan subsidiaries | 48,659 | 48,659 |
Others | 6,222 | 5,263 |
Trade and other non-current receivables before the allowance for doubtful accounts | $ 157,103 | $ 151,905 |
Note 14 - Inventories, Net - Co
Note 14 - Inventories, Net - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
Statement Line Items [Line Items] | |||||
Finished goods | $ 968,329 | $ 1,025,999 | |||
Goods in process | 612,888 | 709,497 | |||
Raw materials | 221,954 | 256,816 | |||
Supplies | 486,411 | 504,286 | |||
Goods in transit | 194,015 | 237,539 | |||
Inventories, Gross | 2,483,597 | 2,734,137 | |||
Allowance for obsolescence (see Note 23 (i)) | (217,717) | (209,796) | |||
Total current inventories | $ 2,265,880 | $ 2,524,341 | $ 2,524,341 | $ 2,368,304 | $ 1,563,889 |
Note 15 - Receivables and Pre_3
Note 15 - Receivables and Prepayments, Net - Summary of Receivables and Prepayments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Prepaid expenses and other receivables | $ 30,579 | $ 31,599 |
Government entities | 1,867 | 2,182 |
Employee advances and loans | 8,189 | 6,521 |
Advances to suppliers and other advances | 17,180 | 23,467 |
Government tax refunds on exports | 670 | 4,896 |
Receivables from related parties | 19,837 | 63,322 |
Miscellaneous | 31,145 | 30,682 |
Receivables and prepayments, gross | 109,467 | 162,669 |
Allowance for other doubtful accounts (see Note 23 (i)) | (4,892) | (6,784) |
Current prepayments and other current assets | $ 104,575 | $ 155,885 |
Note 16 - Current Tax Assets _3
Note 16 - Current Tax Assets and Liabilities - Summary of Current Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
V.A.T. credits | $ 112,161 | $ 67,322 |
Prepaid taxes | 55,227 | 54,010 |
Current tax assets, current | $ 167,388 | $ 121,332 |
Note 16 - Current Tax Assets _4
Note 16 - Current Tax Assets and Liabilities - Summary of Current Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Income tax liabilities | $ 64,994 | $ 182,711 |
V.A.T. liabilities | 9,953 | 18,091 |
Other taxes | 52,678 | 49,431 |
Current tax liabilities, current | $ 127,625 | $ 250,233 |
Note 17 - Trade Receivables, _3
Note 17 - Trade Receivables, Net - Summary of Current Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Current accounts | $ 1,387,494 | $ 1,778,796 | |
Receivables from related parties | 9,448 | 25,105 | |
Current trade receivables, gross | 1,396,942 | 1,803,901 | |
Allowance for doubtful accounts (see Note 23 (i)) | (48,782) | (66,535) | |
Current trade receivables | $ 1,348,160 | $ 1,737,366 | $ 1,214,060 |
Note 17 - Trade Receivables, _4
Note 17 - Trade Receivables, Net - Summary of the Aging of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Guaranteed | $ 234,427 | $ 286,250 | |
Not guaranteed | 1,162,515 | 1,517,651 | |
Guaranteed and not guaranteed | $ 1,396,942 | $ 1,803,901 | |
Expected loss rate | 0.09% | 0.07% | |
Allowances for doubtful accounts | $ (1,294) | $ (1,396) | |
Nominative allowances for doubtful accounts | (47,488) | (65,139) | |
Net Value | 1,348,160 | 1,737,366 | $ 1,214,060 |
Current trade receivables, not due [member] | |||
Statement Line Items [Line Items] | |||
Guaranteed | 205,764 | 254,743 | |
Not guaranteed | 948,449 | 1,180,788 | |
Guaranteed and not guaranteed | $ 1,154,213 | $ 1,435,531 | |
Expected loss rate | 0.04% | 0.04% | |
Allowances for doubtful accounts | $ (529) | $ (564) | |
Nominative allowances for doubtful accounts | |||
Net Value | 1,153,684 | 1,434,967 | |
Current trade receivables, past due, less than 180 days [member] | |||
Statement Line Items [Line Items] | |||
Guaranteed | 26,899 | 30,884 | |
Not guaranteed | 157,960 | 260,675 | |
Guaranteed and not guaranteed | $ 184,859 | $ 291,559 | |
Expected loss rate | 0.24% | 0.17% | |
Allowances for doubtful accounts | $ (455) | $ (510) | |
Nominative allowances for doubtful accounts | (1,922) | (1,436) | |
Net Value | 182,482 | 289,613 | |
Current trade receivables, past due, greater than 180 days [member] | |||
Statement Line Items [Line Items] | |||
Guaranteed | 1,764 | 623 | |
Not guaranteed | 56,106 | 76,188 | |
Guaranteed and not guaranteed | $ 57,870 | $ 76,811 | |
Expected loss rate | 0.57% | 0.43% | |
Allowances for doubtful accounts | $ (310) | $ (322) | |
Nominative allowances for doubtful accounts | (45,566) | (63,703) | |
Net Value | $ 11,994 | $ 12,786 |
Note 18 - Cash and Cash Equiv_3
Note 18 - Cash and Cash Equivalents and Other Investments - Components of Cash and Cash Equivalents and Other Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash at banks | $ 118,314 | $ 81,211 |
Liquidity funds | 1,166,697 | 160,198 |
Short – term investments | 269,288 | 186,952 |
Total cash and cash equivalents | 1,554,299 | 428,361 |
Other investments - current: | ||
Other investments - current | 210,376 | 487,734 |
Other investments - Non-current: | ||
Other investments - non-current | 24,934 | 118,155 |
Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member] | ||
Other investments - current: | ||
Other investments - current | 65,874 | 300,410 |
Bonds and other fixed income [member] | ||
Other investments - current: | ||
Other investments - current | 144,502 | 187,324 |
Other investments - Non-current: | ||
Other investments - non-current | 18,012 | 113,829 |
Other investments [member] | ||
Other investments - Non-current: | ||
Other investments - non-current | $ 6,922 | $ 4,326 |
Note 19 - Borrowings - Non-curr
Note 19 - Borrowings - Non-current and Current Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Non-current costs of issue of debt | $ (16) | $ (27) |
Total non-current portion of non-current borrowings | 40,880 | 29,187 |
Current costs of issue of debt | (10) | (11) |
Total current borrowings and current portion of non-current borrowings | 781,272 | 509,820 |
Total Borrowings | 822,152 | 539,007 |
Bank borrowings [member] | ||
Statement Line Items [Line Items] | ||
Non-current borrowings before costs of issue of debt | 40,896 | 29,214 |
Current borrowings before costs of issue of debt | 781,258 | 508,143 |
Bank overdrafts [member] | ||
Statement Line Items [Line Items] | ||
Current borrowings before costs of issue of debt | 24 | 1,644 |
Finance lease liabilities [member] | ||
Statement Line Items [Line Items] | ||
Non-current borrowings before costs of issue of debt | $ 44 |
Note 19 - Borrowings - Maturity
Note 19 - Borrowings - Maturity of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Total borrowings | $ 822,152 | $ 539,007 | |
Interest to be accrued (*) | [1] | 12,532 | 10,692 |
Total | 834,684 | 549,699 | |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 781,272 | 509,820 | |
Interest to be accrued (*) | [1] | 11,370 | 8,182 |
Total | 792,642 | 518,002 | |
Later than one year and not later than two years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 17,307 | 4,271 | |
Interest to be accrued (*) | [1] | 1,045 | 1,175 |
Total | 18,352 | 5,446 | |
Later than two years and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 23,573 | 4,771 | |
Interest to be accrued (*) | [1] | 117 | 1,166 |
Total | 23,690 | 5,937 | |
Later than three years and not later than four years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 20,145 | ||
Interest to be accrued (*) | [1] | 169 | |
Total | 20,314 | ||
Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Interest to be accrued (*) | [1] | ||
Total | |||
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Interest to be accrued (*) | [1] | ||
Total | |||
Other borrowings [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 822,152 | 538,963 | |
Other borrowings [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 781,272 | 509,776 | |
Other borrowings [member] | Later than one year and not later than two years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 17,307 | 4,271 | |
Other borrowings [member] | Later than two years and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 23,573 | 4,771 | |
Other borrowings [member] | Later than three years and not later than four years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 20,145 | ||
Other borrowings [member] | Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Other borrowings [member] | Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Finance lease liabilities [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 44 | ||
Finance lease liabilities [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | 44 | ||
Finance lease liabilities [member] | Later than one year and not later than two years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Finance lease liabilities [member] | Later than two years and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Finance lease liabilities [member] | Later than three years and not later than four years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Finance lease liabilities [member] | Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
Finance lease liabilities [member] | Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total borrowings | |||
[1] | Includes the effect of hedge accounting. |
Note 19 - Borrowings - Signific
Note 19 - Borrowings - Significant Borrowings as of Closing Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Significant borrowings as of closing date | $ 822,152 | $ 539,007 |
Significant borrowings as of closing date [member] | Tamsa (Hydril and other) [member] | ||
Statement Line Items [Line Items] | ||
Significant borrowings as of closing date | 621,000 | |
Significant borrowings as of closing date [member] | SIDERCA S.A.I.C. and subsidiaries [member] | ||
Statement Line Items [Line Items] | ||
Significant borrowings as of closing date | $ 60,000 |
Note 19 - Borrowings - Weighted
Note 19 - Borrowings - Weighted Average Interest Rates of Borrowings (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Weighted average [member] | ||
Statement Line Items [Line Items] | ||
Total borrowings, weighted average interest rates | 3.18% | 3.98% |
Note 19 - Borrowings - Borrowin
Note 19 - Borrowings - Borrowings by Currency and Rate (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Borrowings | $ 40,880 | $ 29,187 |
Borrowings | 781,272 | 509,820 |
United States of America, Dollars | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 18,370 | 18,762 |
Borrowings | 274,799 | 138,303 |
United States of America, Dollars | Floating interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 17,092 | 16,847 |
Saudi Arabia, Riyals | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 16,106 | |
Borrowings | 24,797 | |
Saudi Arabia, Riyals | Floating interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 35,666 | |
Euro Member Countries, Euro | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 5,108 | 9,023 |
Borrowings | 3,772 | 4,178 |
Euro Member Countries, Euro | Floating interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 1,296 | 1,402 |
Borrowings | 80 | 198 |
Mexico, Pesos | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 424,964 | 301,047 |
Argentina, Pesos | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 86 | 49,125 |
Other currency [member] | Fixed interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | 33 | |
Other currency [member] | Floating interest rate [member] | ||
Statement Line Items [Line Items] | ||
Borrowings | $ 16 | $ 89 |
Note 19 - Borrowings - Borrow_2
Note 19 - Borrowings - Borrowings Evolution (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |
At the beginning of the year, noncurrent | $ 29,187 |
At the beginning of the year, current | 509,820 |
Translation differences, noncurrent | (229) |
Translation differences, current | 669 |
Proceeds and repayments, net, noncurrent | (4,582) |
Proceeds and repayments, net, current | 203,931 |
Interests Accrued less payments, noncurrent | 304 |
Interests Accrued less payments, current | 2,950 |
Reclassifications, noncurrent | (11,733) |
Reclassifications, current | 11,733 |
Increase due to Business Combinations | 27,933 |
Increase due to Business Combinations | 53,789 |
Overdrafts variation, noncurrent | |
Overdrafts variation, current | (1,620) |
At the end of the year, noncurrent | 40,880 |
At the end of the year, current | $ 781,272 |
Note 20 - Deferred Income Tax_2
Note 20 - Deferred Income Tax (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Recognized tax losses expiring within one year, percentage | 0.20% |
Recognized tax losses expiring in two to five years, percentage | 2.50% |
Recognized tax losses expiring in more than five years, percentage | 97.30% |
Unused tax losses for which no deferred tax asset recognised | $ 121.2 |
Unused tax losses for which no deferred tax asset recognised, percent expiring in less than one year | 2.80% |
Unused tax losses for which no deferred tax asset recognised, percent expiring between two and five years | 20.20% |
Unused tax losses for which no deferred tax asset recognised, percent expiring in more than five years | 77.00% |
UNITED STATES | |
Statement Line Items [Line Items] | |
Deferred tax assets related to taxable losses of subsidiaries | $ 338 |
Note 20 - Deferred Income Tax -
Note 20 - Deferred Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
At the beginning of the year | $ 197,433 | $ 304,438 | |
Translation differences | 1,100 | 4,171 | |
Increase due to business combinations | 10,847 | ||
Charged directly to other comprehensive income | (838) | 1,898 | |
Income statement charge / (credit) | (97,240) | (113,897) | |
Effect of adoption of new standards | 823 | ||
At the end of the year | 111,302 | 197,433 | |
Deferred tax assets, provisions and allowances [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | (16,116) | (26,475) | |
Translation differences | 362 | 2,532 | |
Increase due to business combinations | (1,160) | ||
Charged directly to other comprehensive income | 23 | ||
Income statement charge / (credit) | (2,739) | 6,852 | |
Effect of adoption of new standards | 952 | ||
At the end of the year | (19,653) | (16,116) | |
Deferred tax assets, inventory [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | (86,585) | (89,555) | |
Translation differences | 306 | 1,447 | |
Increase due to business combinations | (1,413) | ||
Charged directly to other comprehensive income | |||
Income statement charge / (credit) | (5,712) | 1,523 | |
Effect of adoption of new standards | |||
At the end of the year | (93,404) | (86,585) | |
Deferred tax assets, tax loss [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | (396,257) | (354,944) | |
Translation differences | 497 | 1,014 | |
Increase due to business combinations | (1,172) | ||
Charged directly to other comprehensive income | |||
Income statement charge / (credit) | 14,100 | (42,327) | |
Effect of adoption of new standards | |||
At the end of the year | (382,832) | (396,257) | |
Deferred tax assets, other [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | (86,184) | (60,033) | |
Translation differences | 286 | (38) | |
Increase due to business combinations | (2,238) | ||
Charged directly to other comprehensive income | (1,261) | 1,587 | |
Income statement charge / (credit) | (92,209) | (27,536) | |
Effect of adoption of new standards | (164) | ||
At the end of the year | (181,606) | (86,184) | |
Deferred tax assets [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | (585,142) | (531,007) | |
Translation differences | 1,451 | 4,955 | |
Increase due to business combinations | (5,983) | ||
Charged directly to other comprehensive income | (1,261) | 1,610 | |
Income statement charge / (credit) | (86,560) | (61,488) | |
Effect of adoption of new standards | 788 | ||
At the end of the year | (677,495) | (585,142) | |
Deferred tax liabilities, fixed assets [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | [1] | 710,995 | 744,926 |
Translation differences | [1] | (347) | (876) |
Increase due to business combinations | [1] | 5,621 | |
Charged directly to other comprehensive income | [1] | ||
Income statement charge / (credit) | [1] | (64,930) | (33,055) |
Effect of adoption of new standards | [1] | ||
At the end of the year | [1] | 651,339 | 710,995 |
Deferred tax liabilities, inventory [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | 25,048 | 34,934 | |
Translation differences | |||
Increase due to business combinations | |||
Charged directly to other comprehensive income | |||
Income statement charge / (credit) | (5,652) | (9,886) | |
Effect of adoption of new standards | |||
At the end of the year | 19,396 | 25,048 | |
Deferred tax liabilities, intangible and other assets [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | 46,532 | 55,585 | |
Translation differences | (4) | 92 | |
Increase due to business combinations | 11,209 | ||
Charged directly to other comprehensive income | 423 | 288 | |
Income statement charge / (credit) | 59,902 | (9,468) | |
Effect of adoption of new standards | 35 | ||
At the end of the year | 118,062 | 46,532 | |
Deferred tab liabilities [member] | |||
Statement Line Items [Line Items] | |||
At the beginning of the year | 782,575 | 835,445 | |
Translation differences | (351) | (784) | |
Increase due to business combinations | 16,830 | ||
Charged directly to other comprehensive income | 423 | 288 | |
Income statement charge / (credit) | (10,680) | (52,409) | |
Effect of adoption of new standards | 35 | ||
At the end of the year | $ 788,797 | $ 782,575 | |
[1] | Includes the effect of currency translation on tax base. See Note 7. |
Note 20 - Deferred Income Tax_3
Note 20 - Deferred Income Tax - Recovery Analysis of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Deferred tax assets to be recovered after 12 months | $ (225,680) | $ (181,606) |
Deferred tax liabilities to be settled after 12 months | 336,982 | 379,039 |
Later than one year [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets to be recovered after 12 months | (538,274) | (452,330) |
Deferred tax liabilities to be settled after 12 months | $ 766,852 | $ 739,670 |
Note 20 - Deferred Income Tax_4
Note 20 - Deferred Income Tax - Net Deferred Tax Liabilities (Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Deferred tax assets | $ (225,680) | $ (181,606) | ||
Deferred tax liabilities | 336,982 | 379,039 | ||
Net deferred tax liability (asset) | $ 197,433 | $ 304,438 | $ 111,302 | $ 197,433 |
At the beginning of the year | 197,433 | 304,438 | ||
Effect of adoption of new standards | 823 | |||
Translation differences | 1,100 | 4,171 | ||
Increase due to business combinations | 10,847 | |||
Charged directly to other comprehensive income | (838) | 1,898 | ||
Income statement charge / (credit) | (97,240) | (113,897) | ||
At the end of the year | $ 111,302 | $ 197,433 |
Note 21 - Other Liabilities (De
Note 21 - Other Liabilities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Overfunded Plan | $ 4.2 | $ 3.3 |
Estimate of contributions expected to be paid to plan for next annual reporting period | 5.1 | |
Unfunded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset) | (1.3) | 0.2 |
Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset) | $ (5.7) | 3.7 |
Unfunded post-employment benefits [member] | Actuarial assumption of discount rates [member] | ||
Statement Line Items [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 7.4 | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (7) | |
Unfunded post-employment benefits [member] | Actuarial assumption of expected rates of salary increases [member] | ||
Statement Line Items [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 4.5 | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (4.5) | |
Funded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset) | (0.4) | (0.4) |
Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset) | $ 12.4 | $ 8.4 |
Funded post-employment benefits [member] | Actuarial assumption of discount rates [member] | ||
Statement Line Items [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 16.1 | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (19.8) | |
Funded post-employment benefits [member] | Actuarial assumption of expected rates of salary increases [member] | ||
Statement Line Items [Line Items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 1.8 | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (1.6) |
Note 21 - Other Liabilities - O
Note 21 - Other Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Post-employment benefits | $ 144,993 | $ 115,087 |
Other-long term benefits | 85,473 | 78,492 |
Miscellaneous | 20,917 | 19,550 |
Other non-current liabilities | $ 251,383 | $ 213,129 |
Note 21 - Other Liabilities - P
Note 21 - Other Liabilities - Post-employment Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | ||||
Post-employment benefits | $ 144,993 | $ 115,087 | ||
Values at the beginning of the year | 91,200 | |||
Interest cost | 4,616 | 2,914 | $ 20,534 | |
At the end of the year | 99,000 | 91,200 | ||
Unfunded post-employment benefits [member] | ||||
Statement Line Items [Line Items] | ||||
Post-employment benefits | 125,573 | 97,318 | ||
Values at the beginning of the year | 97,318 | 101,889 | ||
Translation differences | (1,567) | (3,849) | ||
Current service cost | 7,978 | 7,400 | ||
Interest cost | 5,526 | 5,070 | ||
Remeasurements | [1] | 7,010 | (3,946) | |
Increase due to business combinations | 15,660 | |||
Benefits paid from the plan | (9,328) | (9,719) | ||
Other | 2,976 | 473 | ||
At the end of the year | 125,573 | 97,318 | 101,889 | |
Funded post-employment benefits [member] | ||||
Statement Line Items [Line Items] | ||||
Post-employment benefits | 19,420 | 17,769 | ||
Values at the beginning of the year | 146,885 | 165,485 | ||
Translation differences | 4,542 | (8,182) | ||
Current service cost | 721 | 1,328 | ||
Interest cost | 5,754 | 5,691 | ||
Remeasurements | [2] | 12,769 | (7,984) | |
Benefits paid from the plan | (10,259) | (9,453) | ||
At the end of the year | 160,412 | 146,885 | $ 165,485 | |
Present value of funded obligations | 160,412 | 146,885 | ||
Fair value of plan assets | (145,160) | (132,438) | ||
Liability | [3] | $ 15,252 | $ 14,447 | |
[1] | For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions. For 2018 a gain of $0.2 million is attributable to demographic assumptions and a gain of $3.7 million to financial assumptions. | |||
[2] | For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions. For 2018 a loss of $0.4 million is attributable to demographic assumptions and a gain of $8.4 million to financial assumptions. respectively. | |||
[3] | In 2019 and 2018, $4.2 million and $3.3 million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively. |
Note 21 - Other Liabilities - A
Note 21 - Other Liabilities - Actuarial Assumptions (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Bottom of range [member] | Unfunded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Discount rate | 1.00% | 2.00% |
Rate of compensation increase | 0.00% | 0.00% |
Bottom of range [member] | Funded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Discount rate | 3.00% | 4.00% |
Rate of compensation increase | 0.00% | 0.00% |
Top of range [member] | Unfunded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Discount rate | 7.00% | 7.00% |
Rate of compensation increase | 3.00% | 3.00% |
Top of range [member] | Funded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Discount rate | 4.00% | 5.00% |
Rate of compensation increase | 3.00% | 3.00% |
Note 21 - Other Liabilities -_2
Note 21 - Other Liabilities - Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Values at the beginning of the year | $ 91,200 | |
At the end of the year | 99,000 | $ 91,200 |
Fair value of funded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | (132,438) | (145,692) |
Translation differences | (4,137) | 7,514 |
Return on plan assets | (5,018) | (4,936) |
Remeasurements | (10,507) | 3,967 |
Contributions paid to the plan | (3,589) | (3,108) |
Benefits paid from the plan | 10,259 | 9,453 |
Other | 270 | 364 |
At the end of the year | (145,160) | (132,438) |
Funded post-employment benefits [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | 146,885 | 165,485 |
Translation differences | (4,542) | 8,182 |
Benefits paid from the plan | 10,259 | 9,453 |
At the end of the year | $ 160,412 | $ 146,885 |
Equity instruments | 49.00% | 53.50% |
Debt instruments | 47.00% | 42.80% |
Others | 4.00% | 3.70% |
Note 21 - Other Liabilities -_3
Note 21 - Other Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Payroll and social security payable | $ 153,009 | $ 148,069 |
Miscellaneous | 23,255 | 17,624 |
Other current liabilities | $ 176,264 | $ 165,693 |
Note 22 - Non-current Allowan_3
Note 22 - Non-current Allowances and Provisions - Deducted From Non-current Receivables (Details) - Non-current allowance for receivables [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Values at the beginning of the year | $ (641) | |
Translation differences | 110 | |
Used | 531 | |
Values at the end of the year |
Note 22 - Non-current Allowan_4
Note 22 - Non-current Allowances and Provisions - Liabilities (Details) - Provision for non-current liabilities [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Values at the beginning of the year | $ 36,089 | $ 36,438 |
Translation differences | (1,571) | (5,261) |
Additional provisions | 19,904 | 14,397 |
Reclassifications | 5,641 | (2,406) |
Used | (5,464) | (7,079) |
Values at the end of the year | $ 54,599 | $ 36,089 |
Note 23 - Current Allowances _3
Note 23 - Current Allowances and Provisions - Deducted From Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts - trade receivables [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | $ (66,535) | $ (78,385) |
Translation differences | 9 | 329 |
Increase due to business combinations | (1,788) | |
Additional / reversals allowances | 16,256 | |
Used | 3,276 | 6,849 |
Effect of adoption of new standards | 6,423 | |
Additional allowances | (1,751) | |
Values at the end of the year | (48,782) | (66,535) |
Allowance for other doubtful accounts - other receivables [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | (6,784) | (6,255) |
Translation differences | 88 | 359 |
Increase due to business combinations | ||
Additional / reversals allowances | 1,239 | |
Used | 565 | 291 |
Effect of adoption of new standards | ||
Additional allowances | (1,179) | |
Values at the end of the year | (4,892) | (6,784) |
Allowance for inventory obsolescence [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | (209,796) | (216,068) |
Translation differences | 794 | 3,575 |
Increase due to business combinations | (10,761) | |
Additional / reversals allowances | (29,138) | |
Used | 31,184 | 28,154 |
Effect of adoption of new standards | ||
Additional allowances | (25,457) | |
Values at the end of the year | $ (217,717) | $ (209,796) |
Note 23 - Current Allowances _4
Note 23 - Current Allowances and Provisions - Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sales risks [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | $ 6,814 | $ 11,396 |
Translation differences | (28) | (103) |
Increase due to business combinations | 505 | |
Additional/ reversals provisions | 11,880 | 2,638 |
Reclassifications | ||
Used | (13,304) | (7,117) |
Values at the end of the year | 5,867 | 6,814 |
Miscellaneous other provisions [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | 17,469 | 20,934 |
Translation differences | (570) | (2,205) |
Increase due to business combinations | 8,000 | |
Additional/ reversals provisions | (3,219) | 6,463 |
Reclassifications | (5,641) | 2,406 |
Used | (4,889) | (10,129) |
Values at the end of the year | 11,150 | 17,469 |
Provision for current liabilities [member] | ||
Statement Line Items [Line Items] | ||
Values at the beginning of the year | 24,283 | 32,330 |
Translation differences | (598) | (2,308) |
Increase due to business combinations | 8,505 | |
Additional/ reversals provisions | 8,661 | 9,101 |
Reclassifications | (5,641) | 2,406 |
Used | (18,193) | (17,246) |
Values at the end of the year | $ 17,017 | $ 24,283 |
Note 24 - Derivative Financia_3
Note 24 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Non-current derivative financial assets | $ 52 |
Note 24 - Derivative Financia_4
Note 24 - Derivative Financial Instruments - Net Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Derivatives with positive fair values | [1] | $ 19,929 | $ 9,225 |
Derivatives with negative fair values | (1,814) | (11,978) | |
Total | 18,115 | (2,753) | |
Derivatives hedging borrowings and investments [member] | |||
Statement Line Items [Line Items] | |||
Derivatives with positive fair values | 19,000 | 5,604 | |
Derivatives with negative fair values | (11,667) | ||
Other derivatives [member] | |||
Statement Line Items [Line Items] | |||
Derivatives with positive fair values | 929 | 3,621 | |
Derivatives with negative fair values | $ (1,814) | $ (311) | |
[1] | In 2018 includes $52 thousand of non-current derivatives. |
Note 24 - Derivative Financia_5
Note 24 - Derivative Financial Instruments - Foreign Exchange Derivative Contracts and Hedge Accounting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Fair value of derivatives | $ 18,115 | $ (2,753) | |
Hedge accounting reserve | 2,600 | (900) | |
Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | 18,115 | (2,753) | |
Hedge accounting reserve | 2,591 | (916) | $ (240) |
Foreign exchange contract, purchase currency MXN, sell currency USD [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | 18,999 | 888 | |
Hedge accounting reserve | 404 | (411) | |
Foreign exchange contract, purchase currency USD, sell currency MXN [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (576) | ||
Hedge accounting reserve | |||
Foreign exchange contract, purchase currency ARS, sell currency USD [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (6,542) | ||
Hedge accounting reserve | (895) | ||
Foreign exchange contract, purchase currency EUR, sell currency USD [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | 588 | 203 | |
Hedge accounting reserve | |||
Foreign exchange contract, purchase currency USD, sell currency EUR [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | |||
Hedge accounting reserve | 2,149 | ||
Foreign exchange contract, purchase currency USD, sell currency KWD [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (234) | (131) | |
Hedge accounting reserve | |||
Foreign exchange contract, purchase currency JPY, sell currency USD [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (190) | 271 | |
Hedge accounting reserve | |||
Foreign exchange contract, purchase currency USD, sell currency ARS [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | 103 | 522 | |
Hedge accounting reserve | 38 | 390 | |
Foreign exchange contract, purchase currency USD, sell currency BRL [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (200) | 2,089 | |
Hedge accounting reserve | |||
Foreign exchange contract, purchase currency USD, sell currency GPB [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (345) | (23) | |
Hedge accounting reserve | |||
Foreign exchange contract, Other [member] | Cash flow hedges [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivatives | (30) | (30) | |
Hedge accounting reserve |
Note 24 - Derivative Financia_6
Note 24 - Derivative Financial Instruments - Hedge Reserve Evolution (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Hedge accounting reserve | $ (900) | |
Hedge accounting reserve | 2,600 | $ (900) |
Cash flow hedges [member] | ||
Statement Line Items [Line Items] | ||
Hedge accounting reserve | (916) | (240) |
Movements | 3,507 | (676) |
Hedge accounting reserve | 2,591 | (916) |
Foreign exchange derivatives contracts [member] | Cash flow hedges [member] | ||
Statement Line Items [Line Items] | ||
Hedge accounting reserve | (916) | (240) |
Movements | 3,507 | (676) |
Hedge accounting reserve | $ 2,591 | $ (916) |
Note 25 - Contingencies, Comm_2
Note 25 - Contingencies, Commitments and Restrictions On the Distribution of Profits (Details Textual) R$ / shares in Units, t in Thousands, € in Millions, R$ in Millions, $ in Millions | Oct. 09, 2018USD ($) | Sep. 01, 2013R$ / sharesshares | Dec. 31, 2019USD ($)t | Dec. 31, 2019USD ($)t | Dec. 31, 2019EUR (€)t | Dec. 31, 2019BRL (R$)t | Oct. 10, 2018USD ($) | Oct. 10, 2018BRL (R$) |
Statement Line Items [Line Items] | ||||||||
Performance Guarantees Issued | $ 2,500 | $ 2,500 | ||||||
Techgen s.a. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 22.00% | |||||||
Term of supply contract (Year) | 25 years | |||||||
Proportion of corporate guarantee covering obligations | 22.00% | 22.00% | 22.00% | 22.00% | ||||
Confab [member] | Chubb [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Payments for settlement | $ 3.5 | |||||||
Settlement, amount ordered to pay | $ 21.6 | R$ 89.8 | ||||||
Confab [member] | Veracel Celulose S.A. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Settlement, amount ordered to pay, insurance deductible | $ 15.6 | $ 15.6 | R$ 62.9 | |||||
Settlement, amount ordered to pay, damages | 13.4 | 13.4 | 54 | |||||
Tribunal de Contas da Uniao [member] | Legal proceedings contingent liability [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | $ 7.4 | 7.4 | R$ 29.8 | |||||
Transportadora de Gas del Norte S.A. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Term of supply contract (Year) | 9 years | |||||||
Purchase commitments | $ 27.4 | 27.4 | ||||||
Praxair S.A. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Term of supply contract (Year) | 14 years | |||||||
Purchase commitments | $ 53.7 | 53.7 | ||||||
Graftech [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Purchase commitments | 26.8 | 26.8 | ||||||
Vale International S.A. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Purchase commitments | $ 33.6 | $ 33.6 | ||||||
Percent of annual iron ore needs supplied | 70.00% | 70.00% | 70.00% | 70.00% | ||||
Maximum number of tons of pellets supplied annually (Metric Ton) | t | 770 | 770 | 770 | 770 | ||||
Canadian National Railway [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Purchase commitments | $ 18.9 | $ 18.9 | ||||||
Air Liquide Mexico S. de R.L. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Purchase commitments | 21.2 | 21.2 | ||||||
Nucor Steel Memphis Inc. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Purchase commitments | 107.1 | 107.1 | ||||||
CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Tax contingent liability [member] | BRAZIL | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | $ 14.1 | $ 14.1 | R$ 56.8 | |||||
Fine imposed, percentage of allegedly undue credits | 75.00% | 75.00% | 75.00% | 75.00% | ||||
CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Companhia Siderúrgica Nacional [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Tag-along tender offer to non-controlling interests, percentage | 80.00% | |||||||
Tag-along tender offer to non-controlling interests (in BRL per share) | R$ / shares | R$ 28.80 | |||||||
Tag-along tender offer to non-controlling interests, shares (in shares) | shares | 182,609,851 | |||||||
CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Companhia Siderúrgica Nacional [member] | Legal proceedings contingent liability [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Tag-along tender offer to non-controlling interests, contingent liability | 17.90% | |||||||
Ternium S.A. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 11.46% | |||||||
Ternium S.A. [member] | Techgen s.a. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 48.00% | |||||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014 [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | $ 28 | $ 28 | € 25 | |||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014, principal [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | 23.2 | 23.2 | 20.7 | |||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014, interest and penalties [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | 4.8 | 4.8 | 4.3 | |||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015 [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | 11.6 | 11.6 | 10.3 | |||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015, principal [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | 9.1 | 9.1 | 8.1 | |||||
DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015, interest and penalties [member] | ITALY | ||||||||
Statement Line Items [Line Items] | ||||||||
Estimated financial effect of contingent liabilities | $ 2.5 | $ 2.5 | € 2.2 |
Note 26 - Agreement to Build _2
Note 26 - Agreement to Build a Welded Pipe Plant in West Siberia (Details Textual) - Welded pipe plant in West Siberia [member] $ in Millions | Feb. 05, 2019USD ($)t | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 49.00% | |
Investments in joint ventures | $ 280 | |
Manufacturing capacity, steel pipes (Metric Ton) | t | 300,000 | |
Other cash payments to acquire interests in joint ventures | $ 19.6 | |
PAO Severstal [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 51.00% |
Note 27 - Business Combinatio_3
Note 27 - Business Combinations (Details Textual) ر.س in Millions, $ in Millions | 11 Months Ended | |||
Dec. 31, 2019USD ($) | Jan. 21, 2019USD ($)t | Jan. 21, 2019SAR (ر.س)t | Sep. 30, 2017USD ($) | |
Saudi Steel Pipe Company [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of voting equity interests acquired | 47.79% | 47.79% | ||
Cash transferred | $ 141 | ر.س 530 | ||
Manufacturing capacity, steel pipes (Metric Ton) | t | 360,000 | 360,000 | ||
Total assets and liabilities acquired | $ 109 | |||
Goodwill recognised as of acquisition date | $ 32.9 | |||
Revenue of acquiree since acquisition date | $ 170.6 | |||
Garrett [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of voting equity interests acquired | 100.00% | |||
Total consideration transferred, acquisition-date fair value | $ 10.4 |
Note 27 - Business Combinatio_4
Note 27 - Business Combinations - Assets and Liabilities Assumed (Details) - Jan. 21, 2019 - Saudi Steel Pipe Company [member] ر.س in Millions, $ in Millions | USD ($) | SAR (ر.س) |
Statement Line Items [Line Items] | ||
Property, Plant and Equipment | $ 179 | ر.س 671 |
Customer relationship | 81 | 305 |
Investment in associated | 21 | 77 |
Working capital | 45 | 167 |
Cash and Cash Equivalents | 9 | 32 |
Other Receivables | 3 | 11 |
Borrowings | (81) | (304) |
Employees end of service benefits | (16) | (59) |
Deferred tax liabilities | (13) | (47) |
Net assets acquired | $ 228 | ر.س 853 |
Note 28 - Cash Flow Disclosur_3
Note 28 - Cash Flow Disclosures - Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||||
Inventories | $ 311,459 | $ (176,443) | $ (804,415) | |
Receivables and prepayments and Current tax assets | (34,368) | 30,144 | (4,564) | |
Trade receivables | 428,326 | (517,579) | (259,375) | |
Other liabilities | (18,295) | (22,984) | 4,226 | |
Customer advances | 16,844 | 5,976 | 17,039 | |
Trade payables | (180,857) | (57,066) | 193,905 | |
Increase (decrease) in working capital | 523,109 | (737,952) | (853,184) | |
Income tax accruals less payments | ||||
Tax accrued | 202,452 | 229,207 | (17,136) | |
Taxes paid | (395,869) | (170,713) | (176,853) | |
Adjustments for income tax expense | (193,417) | 58,494 | (193,989) | |
Interest accruals less payments, net | ||||
Interest accrued | (4,616) | (2,914) | (20,534) | |
Interest received | 30,890 | 40,613 | 50,001 | |
Interest paid | (30,655) | (31,548) | (17,917) | |
Interest income (expense) | (4,381) | 6,151 | 11,550 | |
Cash at banks, liquidity funds and short - term investments | 1,554,299 | 428,361 | 330,221 | |
Bank overdrafts | (24) | (1,644) | (131) | |
Total cash and cash equivalents if different from statement of financial position | $ 1,554,275 | $ 426,717 | $ 330,090 | $ 398,580 |
Note 29 - Discontinued Operat_3
Note 29 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Jan. 20, 2017 | Dec. 15, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 328,000 | $ 327,631 | |||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 89,700 | $ 89,694 |
Note 29 - Discontinued Operat_4
Note 29 - Discontinued Operations - Components of Discontinued Operation's Net Income (Details) - USD ($) $ in Thousands | Jan. 20, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||||
Income from discontinued operations | $ 1,848 | |||
After tax gain on the sale of Conduit | $ 89,700 | 89,694 | ||
Net Income for discontinued operations | $ 91,542 |
Note 29 - Discontinued Operat_5
Note 29 - Discontinued Operations - Components Gain on Sale After Income Tax for Disposals (Details) - USD ($) $ in Thousands | Jan. 20, 2017 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||
Cash received | $ 331,295 | |
Transaction and other costs | (3,663) | |
Carrying amount of net assets sold | (137,814) | |
Gain on sale before income tax | 189,817 | |
Income tax expense on gain | (100,123) | |
Gain on sale after income tax | $ 89,700 | $ 89,694 |
Note 29 - Discontinued Operat_6
Note 29 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 19, 2017 | |
Statement Line Items [Line Items] | ||||
Net sales | $ 7,294,055 | $ 7,658,588 | $ 5,288,504 | |
Gross profit | 2,186,560 | 2,379,288 | 1,603,447 | |
Net income | 1,848 | |||
Cash at the beginning | 206 | 18,820 | ||
Cash at the end | 206 | |||
(Decrease) Increase in cash | (18,614) | |||
(Used in) provided by operating activities | (3,046) | |||
Provided by (used in) investing activities | 32 | |||
Used in financing activities | (15,600) | |||
Non-current assets | 9,172,384 | 8,787,107 | ||
Current assets | 5,670,607 | 5,464,192 | ||
Non-current liabilities: | 876,162 | 657,444 | ||
Current liabilities | 1,780,457 | 1,718,363 | ||
Discontinued operations [member] | ||||
Statement Line Items [Line Items] | ||||
Net sales | 11,899 | |||
Gross profit | 4,496 | |||
Net income | $ 1,848 | |||
Disposal groups classified as held for sale [member] | ||||
Statement Line Items [Line Items] | ||||
Non-current assets | $ 87,332 | |||
Current assets | 69,332 | |||
Total assets of disposal group classified as held for sale | 156,664 | |||
Non-current liabilities: | 5,294 | |||
Current liabilities | 13,556 | |||
Total liabilities of disposal group classified as held for sale | $ 18,850 |
Note 30 - Related Party Trans_3
Note 30 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Total number of shares issued (in shares) | 1,180,536,830 | 1,180,536,830 | 1,180,536,830 |
Key management personnel compensation, short-term employee benefits | $ 33.7 | $ 33.7 | $ 45.8 |
Key management personnel compensation, share-based payment | $ 4.8 | $ 5.6 | $ 4.7 |
San Faustin S.A. [member] | |||
Statement Line Items [Line Items] | |||
Total number of shares issued (in shares) | 713,605,187 | ||
Proportion of ownership interest in associate | 60.45% | ||
Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in associate | 0.08% | ||
Units issued, related party transactions (in shares) | 468,000 | 558,000 | 484,000 |
Note 30 - Related Party Trans_4
Note 30 - Related Party Transactions - Transactions Carried Out With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Revenue, related party transactions | $ 100,555 | $ 168,545 | $ 142,374 |
Purchases of goods and services, related party transactions | 290,271 | 407,545 | 314,943 |
Amounts receivable (payable), related party transactions | 63,136 | 95,763 | |
Finance lease liabilities from non-consolidated parties | (2,064) | ||
Financial debt, related parties | (2,064) | ||
Associates [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods to related parties | 20,577 | 23,709 | 32,362 |
Sales of services to related parties | 5,620 | 7,641 | 11,637 |
Purchases of goods to related parties | 174,588 | 245,186 | 234,361 |
Purchases of services to related parties | 9,404 | 9,556 | 12,077 |
Receivables from non-consolidated parties | 78,884 | 122,136 | |
Payables to non-consolidated parties | (19,100) | (33,197) | |
Other related parties [member] | |||
Statement Line Items [Line Items] | |||
Sales of goods to related parties | 69,972 | 131,548 | 94,624 |
Sales of services to related parties | 4,386 | 5,647 | 3,751 |
Purchases of goods to related parties | 51,765 | 106,624 | 17,711 |
Purchases of services to related parties | 54,514 | 46,179 | $ 50,794 |
Receivables from non-consolidated parties | 10,400 | 24,419 | |
Payables to non-consolidated parties | $ (7,048) | $ (17,595) |
Note 31 - Fees Paid to the Co_3
Note 31 - Fees Paid to the Company's Principal Accountant - Fees Accrued for Professional Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Audit fees | $ 3,846 | $ 3,841 | $ 3,995 |
Audit-related fees | 50 | 43 | 88 |
Tax fees | 7 | 23 | |
All other fees | 1 | 7 | 30 |
Total | $ 3,904 | $ 3,891 | $ 4,136 |
Note 32 - Principal Subsidiar_3
Note 32 - Principal Subsidiaries (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
HYDRIL COMPANY and subsidiaries [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Technical Drilling & Production Services Nigeria. Ltd [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 80.00% |
Tenaris Supply Chain S.A. [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 97.50% |
Tubular Technical Services and Pipe Coaters [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 40.00% |
Amaja Tubular Services Limited [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 49.00% |
Tubular Services Angola Lda. [member] | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in subsidiary | 49.00% |
Note 32 - Principal Subsidiar_4
Note 32 - Principal Subsidiaries - Percentage of Ownership of Each Controlled Company (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
HYDRIL COMPANY and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | |||
CANADA | ALGOMA TUBES INC. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
CANADA | PRUDENTIAL STEEL LTD. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
CANADA | TENARIS GLOBAL SERVICES (CANADA) INC. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
BRAZIL | CONFAB INDUSTRIAL S.A. and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
ITALY | DALMINE S.p.A. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
UNITED STATES | HYDRIL COMPANY and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1],[2] | 100.00% | 100.00% | 100.00% |
UNITED STATES | MAVERICK TUBE CORPORATION and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
UNITED STATES | TENARIS BAY CITY, INC. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
UNITED STATES | TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
KAZAKHSTAN | Kazakhstan Pipe Threaders Limited [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
JAPAN | NKKTUBES [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 51.00% | 51.00% | 51.00% |
INDONESIA | PT SEAMLESS PIPE INDONESIA JAYA [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 89.00% | 89.00% | 89.00% |
ROMANIA | S.C. SILCOTUB S.A. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
SAUDI ARABIA | Saudi Steel Pipe Company [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 48.00% | ||
ARGENTINA | SIAT SOCIEDAD ANONIMA [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
ARGENTINA | SIDERCA S.A.I.C. and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | 100.00% | 100.00% | 100.00% | |
PORTUGAL | TALTA—TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
NETHERLANDS | TENARIS CONNECTIONS BV [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
NETHERLANDS | Tenaris Investments (NL) B.V. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | ||
URUGUAY | TENARIS FINANCIAL SERVICES S.A. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
URUGUAY | TENARIS GLOBAL SERVICES S.A. and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1],[3] | 100.00% | 100.00% | 100.00% |
UNITED KINGDOM | TENARIS GLOBAL SERVICES (UK) LTD [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
LUXEMBOURG | TENARIS INVESTMENTS S.àr.l. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
SWITZERLAND | TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
Colombia [member] | TENARIS TUBOCARIBE LTDA. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
MEXICO | TUBOS DE ACERO DE MEXICO S.A. [member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of ownership | [1] | 100.00% | 100.00% | 100.00% |
[1] | All percentages rounded. | |||
[2] | Tenaris Investments S.a.r.l. holds 100% of Hydril's subsidiaries shares except for Technical Drilling & Production Services Nigeria. Ltd where it holds 80%. | |||
[3] | Tenaris holds 97,5% of Tenaris Supply Chain S.A. and 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Amaja Tubular Services Limited, 49% Tubular Services Angola Lda. |
Note 33 - Nationalization of _2
Note 33 - Nationalization of Venezuelan Subsidiaries (Details Textual) - USD ($) $ in Thousands | Dec. 12, 2016 | Jan. 29, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||
Total trade and other non-current receivables | $ 157,103 | $ 151,905 | ||
VENEZUELA | ||||
Statement Line Items [Line Items] | ||||
Total trade and other non-current receivables | 49,000 | |||
Matesi Materiales Siderúrgicos S.A [member] | VENEZUELA | ||||
Statement Line Items [Line Items] | ||||
Nationalization of subsidiaries, compensation award not including pre-award interest | $ 87,300 | |||
Nationalization of subsidiaries, pre-award interest | 85,500 | |||
Nationalization of subsidiaries, compensation award including pre-award interest | $ 172,800 | |||
Nationalization of subsidiaries, post-award interest rate | 9.00% | |||
Nationalization of subsidiaries, compensation award post-award interest | 71,000 | |||
Tavsa and Comsigua [member] | VENEZUELA | ||||
Statement Line Items [Line Items] | ||||
Nationalization of subsidiaries, compensation award including pre-award interest | $ 137,000 | |||
Nationalization of subsidiaries, reimbursement of legal fees | $ 3,300 | |||
Nationalization of subsidiaries, basis spread on variable rate | 4.00% | |||
Interest receivable | $ 118,000 |
Note 35 - Subsequent Events (De
Note 35 - Subsequent Events (Details Textual) - Acquisition of IPSCO [member] - Major business combination [member] $ in Millions | Jan. 02, 2020USD ($) |
Statement Line Items [Line Items] | |
Percentage of voting equity interests acquired | 100.00% |
Cash transferred | $ 1,067 |
Master distribution agreement, term (Year) | 6 years |
Master distribution agreement, term, available extension (Month) | 1 year |
Note 36 - Update as of April _3
Note 36 - Update as of April 29, 2020 (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Feb. 19, 2020 | Jan. 02, 2020 | Nov. 20, 2019 | May 22, 2019 | May 23, 2018 | May 24, 2017 | Jan. 02, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||||||||
Dividends recognised as distributions to owners | $ 153 | $ 484 | $ 484 | $ 484 | |||||
NKKTUBES [member] | JFE [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Proportion of ownership interest in subsidiary | 49.00% | ||||||||
Acquisition of IPSCO [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
General and administrative expense | $ 9.4 | ||||||||
Global pandemic [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Estimated annual savings from the reduction of fixed costs | $ 220 | ||||||||
Reduction of capital expenditures and research and development expenses | $ 150 | ||||||||
Net cash position [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Total cash | $ 271 | ||||||||
Major business combination [member] | Acquisition of IPSCO [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Cash transferred | $ 1,067 | $ 1,067 | |||||||
Goodwill recognised as of acquisition date | 357 | 357 | |||||||
General and administrative expense | $ 0.3 | $ 9.7 | |||||||
Impairment of assets [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Impairment loss | $ 622 |
Note 36 - Update as of April _4
Note 36 - Update as of April 29, 2020 - Assets and Liabilities Assumed (Details) - Acquisition of IPSCO [member] - Major business combination [member] $ in Millions | Jan. 02, 2020USD ($) |
Statement Line Items [Line Items] | |
Property, Plant and Equipment | $ 506 |
Intangible assets | 170 |
Working capital | 144 |
Cash and Cash Equivalents | 4 |
Other assets | 46 |
Borrowings | (53) |
Provisions | (27) |
Other liabilities | (77) |
Deferred tax liabilities | (3) |
Net assets acquired | $ 710 |