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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Derivative Financial Instruments | 7 Derivative Financial Instruments To mitigate the risks of future increases in interest rates and foreign exchange rates for the servicing of its debt, the Company has entered into derivative contracts in over-the-counter transactions carried out with financial institutions. In 2018 the weighted-average interest rate of the total debt including the impact of interest rate derivatives held by the Company is 4.1% (4.0% and 3.7% in 2017 and 2016, respectively). An analysis of the derivative financial instruments contracted by the Company at December 31, 2017 and 2018 is as follows:
|  | At December 31, |
|  | 2017 |  |  | 2018 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Mexican peso |  | US$ | 2,800 |  |  |  | Ps.4,766,102 |  |  | US$ | 3,490 |  |  |  | Ps. 2,058,831 |
Swaps Euro-Mexican peso |  | € | — |  |  |  | — |  |  |  | — |  |  |  | — |
Swaps Yen-US Dollar |  | ¥ | 13,000 |  |  |  | 521,270 |  |  | ¥ | 13,000 |  |  |  | 581,948 |
Forwards US Dollar-Mexican peso |  | US$ | 1,744 |  |  |  | 1,600,666 |  |  |  | — |  |  |  | — |
Forwards US Dollar-Brazilian real |  | US$ | 100 |  |  |  | 44,280 |  |  | US$ | 150 |  |  |  | 126,287 |
Swaps Swiss Franc-US Dollar |  | CHF | 475 |  |  |  | 178,710 |  |  |  | — |  |  |  | — |
Swaps Euro-Brazilian real |  | € | 450 |  |  |  | 359,671 |  |  | € | 300 |  |  |  | 1,080,552 |
Interest rate swap |  |  | Ps.200 |  |  |  | 916 |  |  |  | — |  |  |  | — |
Forwards Brazilian Real-US Dollar |  |  | — |  |  |  | — |  |  | BRL $ | 2,823 |  |  |  | 1,107,630 |
Forwards Euro-Brazilian real |  | € | 400 |  |  |  | 330,427 |  |  | € | 150 |  |  |  | 123,005 |
Forwards US Dollar-Swiss franc |  | CHF | 75 |  |  |  | 121,981 |  |  |  | — |  |  |  | — |
Forwards Euro-US Dollar |  | € | 204 |  |  |  | 113,361 |  |  | € | 710 |  |  |  | 209,295 |
Total Assets |  |  |  |  |  |  | Ps. 8,037,384 |  |  |  |  |  |  |  | Ps. 5,287,548 |
|  | At December 31, |
|  | 2017 |  |  | 2018 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Euro |  | US$ | 2,092 |  |  | Ps. | (8,340,970) |  |  | US$ | 2,025 |  |  | Ps. | (5,114,863) |
Swaps Pound sterling-Euro |  | £ | 740 |  |  |  | (3,376,091) |  |  | £ | 740 |  |  |  | (4,027,312) |
Swap Pound sterling-US Dollar |  | £ | 2,010 |  |  |  | (1,676,636) |  |  | £ | 2,010 |  |  |  | (5,836,607) |
Forwards US Dollar-Mexican Peso |  |  | — |  |  |  | — |  |  | US$ | 977 |  |  |  | (772,704) |
Forwards Euro-US Dollar |  |  | — |  |  |  | — |  |  | € | 950 |  |  |  | (333,586) |
Call spread option |  | € | 750 |  |  |  | (48,422) |  |  |  | — |  |  |  | — |
Put option |  | € | 374 |  |  |  | (482,645) |  |  | € | 374 |  |  |  | (988,669) |
Call spread option |  | € | 3,000 |  |  |  | (434,696) |  |  | € | 3,000 |  |  |  | (33,838) |
Total Liabilities |  |  |  |  |  | Ps. | (14,359,460) |  |  |  |  |  |  | Ps. | (17,107,579) |
Non-current liability |  |  |  |  |  | Ps. | (3,756,921) |  |  |  |  |  |  | Ps. | (3,567,863) |
Total current liability |  |  |  |  |  | Ps. | (10,602,539) |  |  |  |  |  |  | Ps. | (13,539,716) |
The changes in the fair value of these derivative financial instruments for the years ended December 31, 2016, 2017 and 2018 amounted to a gain (loss) of Ps. (9,622,233), Ps. 8,192,567 and Ps. (4,686,407). Such amounts are included in the consolidated statements of comprehensive income as part of the caption “Valuation of derivatives interest cost from labor obligations and other financial items, net”. The maturities of the notional amount of the derivatives are as follows:
Instrument |  | Notional amount in millions |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 Thereafter |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Mexican peso |  | US$ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,600 |  |  |  | 1,890 |
Swaps Yen-US Dollar |  | ¥ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,000 |
Swaps Euro-Brazilian real |  | € |  |  |  |  | 300 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Brazilian Real-US Dollar |  |  | BRL |  |  |  | 1,680 |  |  |  | — |  |  |  | 1,143 |  |  |  | — |  |  |  | — |
Forwards Euro-Brazilian Real |  | € |  |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards US Dollar-Brazilian Real |  | US$ |  |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro-US Dollar |  | € |  |  |  |  | 710 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Euro |  | US$ |  |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
Swaps Pound sterling-Euro |  | £ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 740 |
Swap Pound sterling-US Dollar |  | £ |  |  |  |  | — |  |  |  | 550 |  |  |  | — |  |  |  | — |  |  |  | 1,460 |
Forwards US Dollar-Mexican Peso |  | US$ |  |  |  |  | 977 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro-US Dollar |  | € |  |  |  |  | 950 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Put option |  | € |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 374 |
Call spread option |  | € |  |  |  |  | — |  |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | — |

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2018-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2018-03-01&anchor=para_10_e&doctype=Standard -URIDate 2018-03-16 + Details
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