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Debt (Tables)
12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Summary of Short- and Long-Term Debt
a)
The Company’s short- and long-term debt consists of the following:
 
 
At December 31, 2018
 
 
(thousand pesos)
 
Currency
 
Loan
 
Interest rate
 
Maturity
 
 
Total
 
Senior Notes
 
 
 
 
 
 
 
 
 
 
 
 
U.S. dollars
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
5.000%
 
 
2019
 
 
Ps.
 14,762,175
 
 
 
Fixed-rate Senior notes (i)
 
5.500%
 
 
2019
 
 
 
7,427,972
 
 
 
Fixed-rate Senior notes (i)
 
5.000%
 
 
2020
 
 
 
41,822,521
 
 
 
Fixed-rate Senior notes (i)
 
3.125%
 
 
2022
 
 
 
31,492,640
 
 
 
Fixed-rate Senior notes (i)
 
6.375%
 
 
2035
 
 
 
19,315,420
 
 
 
Fixed-rate Senior notes (i)
 
6.125%
 
 
2037
 
 
 
7,267,419
 
 
 
Fixed-rate Senior notes (i)
 
6.125%
 
 
2040
 
 
 
39,365,800
 
 
 
Fixed-rate Senior notes (i)
 
4.375%
 
 
2042
 
 
 
22,635,335
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal U.S. dollars
 
 
 
   
 
Ps.
 184,089,282
 
 
 
 
 
 
 
   
 
 
 
 
Mexican pesos
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
6.000%
 
 
2019
 
 
Ps.
10,000,000
 
 
 
Domestic Senior notes (i)
 
8.600%
 
 
2020
 
 
 
7,000,000
 
 
 
Fixed-rate Senior notes (i)
 
6.450%
 
 
2022
 
 
 
22,500,000
 
 
 
Fixed-rate Senior notes (i)
 
7.125%
 
 
2024
 
 
 
11,000,000
 
 
 
Domestic Senior notes (i)
 
0.000%
 
 
2025
 
 
 
4,629,425
 
 
 
Fixed-rate Senior notes (i)
 
8.460%
 
 
2036
 
 
 
7,871,700
 
 
 
Domestic Senior notes (i)
 
8.360%
 
 
2037
 
 
 
5,000,000
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Mexican pesos
 
 
 
   
 
Ps.
68,001,125
 
 
 
 
 
 
 
   
 
 
 
 
Euros
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
4.125%
 
 
2019
 
 
Ps.
22,558,572
 
 
 
Exchangeable Bonds (i)
 
0.000%
 
 
2020
 
 
 
64,107,851
 
 
 
Fixed-rate Senior notes (i)
 
3.000%
 
 
2021
 
 
 
22,558,572
 
 
 
Fixed-rate Senior notes (i)
 
3.125%
 
 
2021
 
 
 
17,568,739
 
 
 
Fixed-rate Senior notes (i)
 
4.000%
 
 
2022
 
 
 
18,028,031
 
 
 
Fixed-rate Senior notes (i)
 
4.750%
 
 
2022
 
 
 
16,918,929
 
 
 
Fixed-rate Senior notes (i)
 
3.500%
 
 
2023
 
 
 
7,132,481
 
 
 
Fixed-rate Senior notes (i)
 
3.259%
 
 
2023
 
 
 
16,918,929
 
 
 
Fixed-rate Senior notes (i)
 
1.500%
 
 
2024
 
 
 
19,174,786
 
 
 
Fixed-rate Senior notes (i)
 
1.500%
 
 
2026
 
 
 
16,918,929
 
 
 
Fixed-rate Senior notes (i)
 
2.125%
 
 
2028
 
 
 
14,663,072
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Euros
 
 
 
   
 
Ps.
236,548,891
 
 
 
 
 
 
 
   
 
 
 
 
Pounds sterling
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
5.000%
 
 
2026
 
 
Ps.
 12,550,801
 
 
 
Fixed-rate Senior notes (i)
 
5.750%
 
 
2030
 
 
 
16,316,042
 
 
 
Fixed-rate Senior notes (i)
 
4.948%
 
 
2033
 
 
 
7,530,481
 
 
 
Fixed-rate Senior notes (i)
 
4.375%
 
 
2041
 
 
 
18,826,202
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Pounds sterling
 
 
 
   
 
Ps.
55,223,526
 
 
 
 
 
 
 
   
 
 
 
 
Brazilian reais
 
 
 
 
 
   
 
   
 
 
Debenture (i)
 
103.900% of CDI
 
 
2019
 
 
Ps.
5,079,720
 
 
 
Promissory notes (i)
 
102.400% of CDI
 
 
2019
 
 
 
5,079,720
 
 
 
Promissory notes (i)
 
103.250% of CDI
 
 
2019
 
 
 
1,828,699
 
 
 
Debenture (i)
 
102.900% of CDI
 
 
2020
 
 
 
7,619,580
 
 
 
Debenture (i)
 
104.000% of CDI
 
 
2021
 
 
 
5,587,692
 
 
 
Debenture (i)
 
104.250% of CDI
 
 
2021
 
 
 
7,695,776
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Brazilian reais
 
 
 
   
 
Ps.
32,891,187
 
 
 
 
 
 
 
   
 
 
 
 
Other currencies
 
 
 
 
 
 
 
 
 
 
 
 
Japanese yen
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
2.950%
 
 
2039
 
 
Ps.
2,334,864
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Japanese yen
 
 
 
   
 
Ps.
2,334,864
 
 
 
 
 
 
 
   
 
 
 
 
Chilean pesos
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
3.961%
 
 
2035
 
 
Ps.
3,904,707
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Chilean pesos
 
 
 
   
 
Ps.
3,904,707
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal other currencies
 
 
 
   
 
Ps.
6,239,571
 
 
 
 
 
 
 
   
 
 
 
 
Hybrid Notes
 
 
 
 
 
 
 
 
 
 
 
 
Euros
 
 
 
 
 
   
 
   
 
 
Euro NC10 Series B Capital Securities (iii)
 
6.375%
 
 
2073
 
 
Ps.
12,407,214
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Euros
 
 
 
   
 
Ps.
12,407,214
 
 
 
 
 
 
 
   
 
 
 
 
Pounds sterling
 
 
 
 
 
   
 
   
 
 
GBP NC7 Capital Securities (iii)
 
6.375%
 
 
2073
 
 
Ps.
13,805,881
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Pounds sterling
 
 
 
   
 
Ps.
 13,805,881
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Hybrid Notes
 
 
 
   
 
 
26,213,095
 
 
 
 
 
 
 
   
 
 
 
 
Lines of Credit and others
 
 
 
 
 
 
 
 
 
 
 
 
U.S. dollars
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
L + 0.200% and 1.500% - 8.950%
 
 
2019 - 2021
 
 
Ps.
11,698,885
 
Mexican pesos
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
TIIE + 0.175%
 
 
2019
 
 
Ps.
4,500,000
 
Euros
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
-0.100% - 0.000%
 
 
2019
 
 
Ps.
5,526,850
 
Brazilian reais
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
5.000% - 6.000%
 
 
2019 - 2027
 
 
Ps.
27,009
 
Peruvian Soles
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
4.700% - 12.100%
 
 
2019
 
 
Ps.
7,898,595
 
Chilean pesos
 
 
 
 
 
   
 
   
 
 
Financial Leases
 
8.700% - 8.970%
 
 
2019 - 2027
 
 
Ps.
64,437
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Lines of Credit and others
 
 
 
   
 
Ps.
29,715,776
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Total debt
 
 
 
   
 
Ps.
 638,922,453
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Less: Short-term debt and current portion of long-term debt
 
 
 
   
 
Ps.
96,230,634
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Long-term debt
 
 
 
   
 
Ps.
542,691,819
 
 
 
 
 
 
 
   
 
 
 
 
 
At December 31, 2019
 
 
(thousand pesos)
 
Currency
 
Loan
 
Interest rate
 
Maturity
 
 
Total
 
Senior Notes
 
 
 
 
 
 
 
 
 
 
 
 
U.S. dollars
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
5.000%
 
 
2020
 
 
Ps.
 11,774,764
 
 
 
Fixed-rate Senior notes (i)
 
3.125%
 
 
2022
 
 
 
30,152,320
 
 
 
Fixed-rate Senior notes (i)
 
3.625%
 
 
2029
 
 
 
18,845,200
 
 
 
Fixed-rate Senior notes (i)
 
6.375%
 
 
2035
 
 
 
18,493,360
 
 
 
Fixed-rate Senior notes (i)
 
6.125%
 
 
2037
 
 
 
6,958,119
 
 
 
Fixed-rate Senior notes (i)
 
6.125%
 
 
2040
 
 
 
37,690,400
 
 
 
Fixed-rate Senior notes (i)
 
4.375%
 
 
2042
 
 
 
21,671,980
 
 
 
Fixed-rate Senior notes (i)
 
4.375%
 
 
2049
 
 
 
23,556,500
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal U.S. dollars
 
 
 
   
 
Ps.
 169,142,643
 
 
 
 
 
 
 
   
 
 
 
 
Mexican pesos
 
 
 
 
 
   
 
   
 
 
Domestic Senior notes (i)
 
8.600%
 
 
2020
 
 
Ps.
7,000,000
 
 
 
Fixed-rate Senior notes (i)
 
6.450%
 
 
2022
 
 
 
22,500,000
 
 
 
Fixed-rate Senior notes (i)
 
7.125%
 
 
2024
 
 
 
11,000,000
 
 
 
Domestic Senior notes (i)
 
0.000%
 
 
2025
 
 
 
4,757,592
 
 
 
Fixed-rate Senior notes (i)
 
8.460%
 
 
2036
 
 
 
7,871,700
 
 
 
Domestic Senior notes (i)
 
8.360%
 
 
2037
 
 
 
5,000,000
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Mexican pesos
 
 
 
   
 
Ps.
58,129,292
 
 
 
 
 
 
 
   
 
 
 
 
Euros
 
 
 
 
 
   
 
   
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
Ps.
380,360
 
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
 
211,311
 
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
 
211,311
 
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
 
950,901
 
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
 
633,934
 
 
 
Commercial Paper (iv)
 
-0.230%
 
 
2020
 
 
 
211,311
 
 
 
Exchangeable Bond (i)
 
0.000%
 
 
2020
 
 
 
60,051,270
 
 
 
Fixed-rate Senior notes (i)
 
3.000%
 
 
2021
 
 
 
21,131,123
 
 
 
Fixed-rate Senior notes (i)
 
3.125%
 
 
2021
 
 
 
15,848,342
 
 
 
Fixed-rate Senior notes (i)
 
4.000%
 
 
2022
 
 
 
15,848,342
 
 
 
Fixed-rate Senior notes (i)
 
4.750%
 
 
2022
 
 
 
15,848,342
 
 
 
Fixed-rate Senior notes (i)
 
3.500%
 
 
2023
 
 
 
6,339,337
 
 
 
Fixed-rate Senior notes (i)
 
3.259%
 
 
2023
 
 
 
15,848,342
 
 
 
Fixed-rate Senior notes (i)
 
1.500%
 
 
2024
 
 
 
17,961,454
 
 
 
Fixed-rate Senior notes (i)
 
1.500%
 
 
2026
 
 
 
15,848,342
 
 
 
Fixed-rate Senior notes (i)
 
0.750%
 
 
2027
 
 
 
21,131,123
 
 
 
Fixed-rate Senior notes (i)
 
2.125%
 
 
2028
 
 
 
13,735,230
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Euros
 
 
 
   
 
Ps.
 222,190,375
 
 
 
 
 
 
 
   
 
 
 
 
Pound Sterling
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
5.000%
 
 
2026
 
 
Ps.
12,491,541
 
 
 
Fixed-rate Senior notes (i)
 
5.750%
 
 
2030
 
 
 
16,239,003
 
 
 
Fixed-rate Senior notes (i)
 
4.948%
 
 
2033
 
 
 
7,494,924
 
 
 
Fixed-rate Senior notes (i)
 
4.375%
 
 
2041
 
 
 
18,737,311
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Pound Sterling
 
 
 
   
 
Ps.
54,962,779
 
 
 
 
 
 
 
   
 
 
 
 
Brazilian reais
 
 
 
 
 
   
 
   
 
 
Debentures (i)
 
102.900% de CDI
 
 
2020
 
 
Ps.
7,013,124
 
 
 
Debentures (i)
 
104.000% de CDI
 
 
2021
 
 
 
5,142,958
 
 
 
Debentures (i)
 
104.250% de CDI
 
 
2021
 
 
 
7,083,256
 
 
 
Promissory notes (i)
 
CDI + 0.600%
 
 
2021
 
 
 
1,683,150
 
 
 
Promissory notes (i)
 
106.000% de CDI
 
 
2022
 
 
 
9,350,832
 
 
 
Promissory notes (i)
 
106.500% de CDI
 
 
2022
 
 
 
4,675,416
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Brazilian reais
 
 
 
   
 
Ps.
34,948,736
 
 
 
 
 
 
 
   
 
 
 
 
Other currencies
 
 
 
 
 
 
 
 
 
 
 
 
Japanese yen
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
2.950%
 
 
2039
 
 
Ps.
2,255,663
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Japanese yen
 
 
 
   
 
Ps.
2,255,663
 
 
 
 
 
 
 
   
 
 
 
 
Chilean pesos
 
 
 
 
 
   
 
   
 
 
Fixed-rate Senior notes (i)
 
3.961%
 
 
2035
 
 
Ps.
3,562,695
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Chilean pesos
 
 
 
   
 
Ps.
3,562,695
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal other currencies
 
 
 
   
 
Ps.
5,818,358
 
 
 
 
 
 
 
   
 
 
 
 
Hybrid Notes
 
 
 
 
 
 
 
 
 
 
 
 
Euros
 
 
 
 
 
   
 
   
 
 
Euro NC10 Series B Capital Securities (iii)
 
6.375%
 
 
2073
 
 
Ps.
11,622,118
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Euros
 
 
 
   
 
Ps.
11,622,118
 
 
 
 
 
 
 
   
 
 
 
 
Pound Sterling
 
 
 
 
 
   
 
   
 
 
GBP NC7 Capital Securities (iii)
 
6.375%
 
 
2073
 
 
Ps.
13,740,695
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Pound Sterling
 
 
 
   
 
Ps.
13,740,695
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Hybrid Notes
 
 
 
   
 
Ps.
25,362,813
 
 
 
 
 
 
 
   
 
 
 
 
Lines of Credit and others
 
 
 
 
 
 
 
 
 
 
 
 
U.S. dollars
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
5.500% - 9.020%
 
 
2020 - 2024
 
 
Ps.
9,359,340
 
Mexican pesos
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
TIIE + 0.050% - TIIE + 0.090%
 
 
2020
 
 
Ps.
22,000,000
 
Euros
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
0.030%
 
 
2020
 
 
Ps.
2,113,112
 
Peruvian Soles
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
3.550% - 3.700%
 
 
2020 - 2021
 
 
Ps.
15,351,211
 
Chilean pesos
 
 
 
 
 
   
 
   
 
 
Lines of credit (ii)
 
TAB + 0.350%
 
 
2021
 
 
Ps.
4,821,222
 
 
 
Financial Leases
 
8.700% - 8.970%
 
 
2020 - 2027
 
 
Ps.
54,596
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Subtotal Lines of Credit and others
 
 
 
   
 
Ps.
53,699,481
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Total debt
 
 
 
   
 
Ps.
624,254,477
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Less: Short-term debt and current portion of long-term debt
 
 
 
   
 
Ps.
 129,172,033
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Long-term debt
 
 
 
   
 
Ps.
 495,082,444
 
 
 
 
 
 
 
   
 
 
 
 
 
Summary of Short Term Debt Maturities
An analysis of the Company’s short-term debt maturities as of December 31, 2018, and December 31, 2019, is as follows:
 
 
  
2018
 
  
2019
 
Obligations and Senior Notes
  
 
Ps.      67,365,810
 
  
 
Ps.      88,438,286
 
Lines of credit
  
 
28,852,364
 
  
 
40,722,004
 
Financial Leases
  
 
12,460
 
  
 
11,743
 
 
  
 
 
 
  
 
 
 
Total
  
 
Ps.      96,230,634
 
  
 
Ps.    129,172,033
 
 
  
 
 
 
  
 
 
 
Weighted average interest rate
  
 
5.20%
 
  
 
3.
31
%
 
 
  
 
 
 
  
 
 
 
Summary of Long Term Debt Maturities
The Company’s long-term debt maturities as of December 31, 2019 are as follows:
 
Years
  
Amount
 
2021
  
 
Ps.    63,552,328
 
2022
  
 
98,645,036
 
2023
  
 
22,193,586
 
2024 and thereafter
  
 
310,691,494
 
 
  
 
 
 
Total
  
 
Ps.  495,082,444
 
 
  
 
 
 
(i) Senior Notes
Summary of Senior Notes Outstanding
The outstanding Senior Notes at December 31, 2018, and December 31, 2019, are as follows:
 
Currency*
  
2018
 
  
2019
 
U.S. dollars
  
 
Ps.    184,089,282
 
  
 
Ps.    169,142,643
 
Mexican pesos
  
 
68,001,125
 
  
 
58,129,292
 
Euros**
  
 
236,548,891
 
  
 
222,190,375
 
Pounds sterling**
  
 
55,223,526
 
  
 
54,962,779
 
Brazilian reais
  
 
32,891,187
 
  
 
34,948,736
 
Japanese yens
  
 
2,334,864
 
  
 
2,255,663
 
Chilean pesos
  
 
3,904,707
 
  
 
3,562,695
 
*
Thousands of Mexican pesos
**
Includes secured and unsecured senior notes.