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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
Text block [abstract]  
Derivative Financial Instruments
Note 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 2022 the weighted-average interest rate of the total debt including the impact of interest rate derivatives held by the Company is 5.0% (3.1% and 3.5% in 2021 and 2020, respectively).
 
An analysis of the derivative financial instruments contracted by the Company at December 31, 2021 and 2022 is as follows:
 
   
At December 31,
  
   
2021
    
2022
  
Instrument
   Notional amount in
millions		     Fair Value    
Notional amount in
millions
    
Fair Value
  
Assets:
                                
Swaps US Dollar – Mexican Peso
   US$ 1,890     Ps. 6,881,943    
US$
140
 
  
Ps.
91,469
 
Swaps US Dollar – Euro
   US$ 150       307,646    
US$
800
 
  
 
1,845,832
 
Swaps Yen – US Dollar
   ¥ 6,500       119,325    
¥
6,500
 
  
 
101,409
 
Swaps Pound Sterling – US Dollar
   £ 100       99,463    
 
—  
 
  
 
—  
 
Forwards US Dollar – Mexican Peso
   US$ 2,080       321,864    
US$
100
 
  
 
6,636
 
Forwards Mexican Peso – US Dollar
   MX$ 35,419       1,635,087    
 
—  
 
  
 
—  
 
Forwards Brazilian Real – US Dollar
   BRL$ 2,480       127,131    
BRL$
2,899
 
  
 
225,933
 
Forwards Euro – US Dollar
     —         —      
€
509
 
  
 
331,401
 
Put option
   € 374       638,347    
 
—  
 
  
 
—  
 
           
 
 
            
 
 
  
Total Assets
     —       Ps. 10,130,806            
Ps.
2,602,680
 
           
 
 
            
 
 
  
   
   
At December 31,
  
   
2021
    
2022
  
Instrument
   Notional amount in
millions		     Fair Value    
Notional amount in
millions
    
Fair Value
  
Liabilities:
                                
Swaps US Dollar – Mexican Peso
     —         —      
US$
1,750
 
  
Ps.
(731,565
) 
Swaps US Dollar – Euro
   US$ 800     Ps. (1,270,005 )   
US$
150
 
  
 
(215,240
) 
Swaps Yen – US Dollar
   ¥ 6,500       (119,313 )   
¥
6,500
 
  
 
(230,843
) 
Swaps Pound Sterling – Euro
   £ 640       (1,924,941 )   
£
640
 
  
 
(2,070,175
) 
Swap Pound Sterling – US Dollar
   £ 1,460       (2,117,583 )   
£
1,560
 
  
 
(11,507,501
) 
Swaps Euro – US Dollar
   € 495       (528,298 )   
€
1,145
 
  
 
(3,474,154
) 
Swaps Euro – Mexican Peso
   € 750       (680,720 )   
€
750
 
  
 
(2,880,279
) 
Forwards US Dollar – Mexican Peso
   US$ 1,175       (286,937 )   
US$
1,945
 
  
 
(783,334
) 
Forwards Brazilian Real – US Dollar
   BRL$ 4,021       (234,822 )   
BRL$
2,763
 
  
 
(122,201
) 
Forwards Euro – US Dollar
   € 815       (1,122,641 )   
€
952
 
  
 
(915,854
) 
Forwards US Dollar – Euro
   US$ 8       (1,570 )   
 
—  
 
  
 
—  
 
Forwards Euro – Mexican Peso
   € 200       (22,182 )   
 
—  
 
  
 
—  
 
Put option
     —         —      
€
374
 
  
 
(368,364
) 
Call option
   € 2,097       (1,725,495 )   
€
2,097
 
  
 
(2,031,836
) 
           
 
 
            
 
 
  
Total Liabilities
     —       Ps .(10,034,508 )   
 
—  
 
  
Ps.
(25,331,346
) 
           
 
 
            
 
 
  
 
*
Totals may not sum due to rounding.
The changes in the fair value of these derivative financial instruments for the years ended December 31, 2020, 2021 and 2022 amounted to a gain (loss) of Ps. 12,378,193, Ps. (6,755,214) and Ps. (28,639,687),
respectively. 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
     
2023
     
2024
     
2025
     
2026
     
2027 Thereafter
  
Assets
                                                      
Swaps US Dollar – Mexican Peso
   
US$
 
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
140
 
Swaps Yen – US Dollar
   
¥
  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
6,500
 
Swaps US Dollar – Euro
   
US$
 
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
800
 
Forwards US Dollar – Mexican Peso
   
US$
 
 
   
 
100
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Forwards Brazilian Real – US Dollar
   
BRL$
 
 
   
 
2,899
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Forwards Euro – US Dollar
   
€
  
 
   
 
509
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Liabilities
                                                      
Swaps US Dollar – Mexican Peso
   
US$
 
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
1,750
 
Swaps US Dollar – Euro
   
US$
 
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
150
 
Swaps Euro – US Dollar
   
€
  
 
   
 
320
 
   
 
175
 
   
 
—  
 
   
 
—  
 
   
 
650
 
Swaps Euro – Mexican Peso
   
US$
 
 
   
 
750
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Swaps Yen – US Dollar
   
¥
  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
6,500
 
Swaps Sterling Pound – Euro
   
£
  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
390
 
   
 
250
 
Swap Sterling Pound – US Dollar
   
£
  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
110
 
   
 
1,450
 
Forwards US Dollar – Mexican Peso
   
US$
 
 
   
 
1,945
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Forwards US Dollar – Euro
   
US$
 
 
   
 
890
 
   
 
62
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Forwards Brazilian Real – US Dollar
   
BRL$
         
 
   
 
2,763
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Put option
   
€
  
 
   
 
374
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Call Option
   
€
  
 
   
 
—  
 
   
 
2,097
 
   
 
—  
 
   
 
—  
 
   
 
—