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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2020
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 2020 the weighted-average interest rate of the total debt including the impact of interest rate derivatives held by the Company is 3.5% (3.8% and 4.1% in 2019 and 2018, respectively). An analysis of the derivative financial instruments contracted by the Company at December 31, 2019 and 2020 is as follows:
|  | At December 31, |
|  | 2019 |  |  | 2020 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Mexican peso |  | US$ | 3,290 |  |  |  | Ps. 4,420,433 |  |  | US$ | 3,490 |  |  |  | Ps.16,806,937 |
Swaps US Dollar – Euro |  | US$ | 150 |  |  |  | 96,967 |  |  | US$ | 150 |  |  |  | 117,726 |
Swaps Yen-US Dollar |  | ¥ | 6,500 |  |  |  | 262,993 |  |  | ¥ | 9,750 |  |  |  | 269,215 |
Swaps Pound sterling – US Dollar |  | £ | 100 |  |  |  | 2,988 |  |  | £ | 1,010 |  |  |  | 2,237,919 |
Forwards US Dollar – Mexican Peso |  | US$ | 100 |  |  |  | 18 |  |  | US$ | 240 |  |  |  | 39,607 |
Forwards US Dollar-Brazilian real |  | US$ | 83 |  |  |  | 90,429 |  |  |  | — |  |  |  | — |
Forwards Brazilian Real-US Dollar |  | BRL | 5,803 |  |  |  | 1,620,605 |  |  | BRL$ | 4,193 |  |  |  | 1,190,292 |
Forwards Euro-Brazilian real |  | € | 50 |  |  |  | 4,255 |  |  |  | — |  |  |  | — |
Forwards Euro-US Dollar |  | € | 1,506 |  |  |  | 204,241 |  |  | € | 915 |  |  |  | 266,639 |
Forwards Argentinean Peso – US Dollar |  | ARS$ | 1,388 |  |  |  | 122,831 |  |  |  | — |  |  |  | — |
Total Assets |  |  |  |  |  |  | Ps.6,825,760 |  |  |  |  |  |  |  | Ps.20,928,335 |
|  | At December 31, |
|  | 2019 |  |  | 2020 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Mexican peso |  | US$ | 200 |  |  |  | Ps. (33,253 | ) |  |  | — |  |  |  | Ps. — |
Swaps US Dollar-Euro |  | US$ | 800 |  |  |  | (2,228,287 | ) |  | US$ | 800 |  |  |  | (4,811,031 | )
Swaps Yen-US Dollar |  |  | — |  |  |  | — |  |  | ¥ | 3,250 |  |  |  | (14,802 | )
Swaps Pound sterling-Euro |  | £ | 640 |  |  |  | (2,201,997 | ) |  | £ | 640 |  |  |  | (3,122,492 | )
Swap Pound sterling-US Dollar |  | £ | 2,010 |  |  |  | (3,019,255 | ) |  | £ | 550 |  |  |  | (457,559 | )
Forwards US Dollar-Mexican Peso |  | US$ | 2,343 |  |  |  | (1,398,247 | ) |  | US$ | 3,494 |  |  |  | (4,052,852 | )
Forwards Brazilian Real-US Dollar |  |  | — |  |  |  | — |  |  | BRL$ | 1,762 |  |  |  | (425,249 | )
Forwards Euro – Mexican Peso |  |  | — |  |  |  | — |  |  | € | 200 |  |  |  | (272,274 | )
Forwards Euro-US Dollar |  | € | 1,094 |  |  |  | (554,278 | ) |  |  | — |  |  |  | — |
Forwards US Dollar – Euro |  | US$ | 20 |  |  |  | (3,787 | ) |  |  | — |  |  |  | — |
Forwards Euro – Brazilian Real |  | € | 140 |  |  |  | (10,196 | ) |  |  | — |  |  |  | — |
Forwards Yen – US Dollar |  | ¥ | 6,500 |  |  |  | (18,769 | ) |  |  | — |  |  |  | — |
Put option |  | € | 374 |  |  |  | (126,569 | ) |  | € | 374 |  |  |  | (1,073,990 | )
Call option |  | € | 3,000 |  |  |  | (2,113 | ) |  |  | — |  |  |  | — |
Total Liabilities |  |  |  |  |  |  | Ps.(9,596,751 | ) |  |  |  |  |  |  | Ps.(14,230,249 | )
The changes in the fair value of these derivative financial instruments for the years ended December 31, 2018, 2019 and 2020 amounted to a (loss) gain of Ps.(4,686,407), Ps.4,432,023 and Ps.12,378,193. 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 follow s :
Instrument |  | Notional amount in millions |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 Thereafter |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Mexican peso |  | US$ |  |  |  |  |  |  |  |  | 1,600 |  |  |  |  |  |  |  |  |  |  |  | 1,890 |
Swaps Yen-US Dollar |  | ¥ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,750 |
Swaps US Dollar – Euro |  | US$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 150 |
Swaps Pound sterling – US Dollar |  | £ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,010 |
Forwards US Dollar-Mexican Peso |  | US$ |  |  |  |  | 240 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards Brazilian Real-US Dollar |  | BRL |  |  |  |  | 4,193 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards Euro-US Dollar |  | € |  |  |  |  | 915 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar-Euro |  | US$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 800 |
Swaps Yen-US Dollar |  | ¥ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,250 |
Swaps Pound sterling-Euro |  | £ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 640 |
Swap Pound sterling-US Dollar |  | £ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 550 |
Forwards US Dollar – Mexican Peso |  | US$ |  |  |  |  | 3,494 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards Brazilian Real-US Dollar |  | BRL |  |  |  |  | 1,762 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards Euro – Mexican Peso |  | € |  |  |  |  | 200 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Put option |  | € |  |  |  |  |  |  |  |  |  |  |  |  | 374 |  |  |  |  |  |  |  |  |

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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 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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