Losses in 12M 2020 are lower on account of a foreign exchange gain of $107 million as compared to a foreign exchange gain of $4 million in 12M 2019. 12M 2020 also includes non-cash mark-to-market losses of $68 million related to the mandatory convertible bonds call option (versus $356 million in 12M 2019) and $178 million non-cash expenses related to the extension of the mandatory convertible bond. 12M 2020 also includes early bond redemption premium expenses of $120 million as compared to $71 million in 12M 2019. ArcelorMittal recorded an income tax expense of $1,666 million for 12M 2020 as compared to $459 million for 12M 2019. The deferred tax expense for 12M 2020 mainly includes derecognition of deferred tax assets recorded in Luxembourg following the sale of ArcelorMittal USA ($624 million), due to anticipated lower intra-group income from ArcelorMittal USA (primarily lower branding, R&D fees and interest income).