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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2023
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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 2023 the weighted-average interest rate of the total debt including the impact of interest rate derivatives held by the Company is 5.6% (5.0% and 3.1% in 2022 and 2021, respectively). The Company adhered to the fallback provision from ISDA as a part of the transition from IBOR. An analysis of the derivative financial instruments contracted by the Company at December 31, 2022 and 2023 is as follows:
|  | At December 31, |
|  | 2022 |  |  | 2023 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar – Mexican Peso |  | US$ | 140 |  |  | Ps. | 91,469 |  |  | US$ | 150 |  |  | Ps. | 56,426 |
Swaps US Dollar – Euro |  | US$ | 800 |  |  |  | 1,845,832 |  |  | US$ | 800 |  |  |  | 257,278 |
Swaps Yen – US Dollar |  | ¥ | 6,500 |  |  |  | 101,409 |  |  | ¥ | 6,500 |  |  |  | 34,720 |
Swaps Euro – US Dollar |  |  | — |  |  |  | — |  |  | € | 152 |  |  |  | 104,070 |
Forwards US Dollar – Mexican Peso |  | US$ | 100 |  |  |  | 6,636 |  |  | US$ | 228 |  |  |  | 12,009 |
Forwards Brazilian Real – US Dollar |  | R$ | 2,899 |  |  |  | 225,933 |  |  | R$ | 5,201 |  |  |  | 407,878 |
Forwards Euro – US Dollar |  | € | 509 |  |  |  | 331,401 |  |  | € | 1,390 |  |  |  | 573,653 |
Total Assets |  |  |  |  |  | Ps. | 2,602,680 |  |  |  |  |  |  | Ps. | 1,446,034 |
|  | At December 31, |
|  | 2022 |  |  | 2023 |
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 | ) |  | US$ | 3,140 |  |  | Ps. | (5,147,566 | )
Swaps US Dollar – Euro |  | US$ | 150 |  |  |  | (215,240 | ) |  | US$ | 150 |  |  |  | (276,227 | )
Swaps Yen – US Dollar |  | ¥ | 6,500 |  |  |  | (230,843 | ) |  | ¥ | 6,500 |  |  |  | (270,825 | )
Swaps Pound Sterling – Euro |  | £ | 640 |  |  |  | (2,070,175 | ) |  | £ | 640 |  |  |  | (1,586,633 | )
Swap Pound Sterling – US Dollar |  | £ | 1,560 |  |  |  | (11,507,501 | ) |  | £ | 1,560 |  |  |  | (8,069,567 | )
Swaps Euro – US Dollar |  | € | 1,145 |  |  |  | (3,474,154 | ) |  | € | 825 |  |  |  | (1,680,315 | )
Swaps Euro – Mexican Peso |  | € | 750 |  |  |  | (2,880,279 | ) |  |  | — |  |  |  | — |
Forwards US Dollar – Mexican Peso |  | US$ | 1,945 |  |  |  | (783,334 | ) |  | US$ | 742 |  |  |  | (311,288 | )
Forwards Brazilian Real – US Dollar |  | R$ | 2,763 |  |  |  | (122,201 | ) |  | R$ | 123 |  |  |  | (459 | )
Forwards Euro – US Dollar |  | € | 952 |  |  |  | (915,854 | ) |  | € | 435 |  |  |  | (160,448 | )
Forwards Euro – Mexican Peso |  |  | — |  |  |  | — |  |  | € | 50 |  |  |  | (16,267 | )
Put option |  | € | 374 |  |  |  | (368,364 | ) |  |  | — |  |  |  | — |
Call option |  | € | 2,097 |  |  |  | (2,031,836 | ) |  | € | 2,020 |  |  |  | (376,784 | )
Total Liabilities |  |  | — |  |  | Ps. | (25,331,346 | ) |  |  | — |  |  | Ps. | (17,896,379 | )
* | Totals may not sum due to rounding.
The changes in the fair value of these derivative financial instruments for the years ended December 31, 2021, 2022 and 2023 amounted to a loss of Ps. (6,755,214), Ps. (28,639,687) and Ps. (10,268,520), 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 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 Thereafter |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar – Mexican Peso |  | US$ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
Swaps Yen – US Dollar |  | ¥ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,500 |
Swaps US Dollar – Euro |  | US$ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 800 |
Swaps Euro – US Dollar |  | € |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | — |
Forwards US Dollar – Mexican Peso |  | US$ |  |  |  |  | 228 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Brazilian Real – US Dollar |  | R$ |  |  |  |  | 5,201 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro – US Dollar |  | € |  |  |  |  | 1,390 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps US Dollar – Mexican Peso |  | US$ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,140 |
Swaps US Dollar – Euro |  | US$ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
Swaps Euro – US Dollar |  | € |  |  |  |  | 175 |  |  |  | — |  |  |  | — |  |  |  | 250 |  |  |  | 400 |
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$ |  |  |  |  | 742 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro – US Dollar |  | € |  |  |  |  | 435 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Brazilian Real – US Dollar |  | R$ |  |  |  |  | 123 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro – Mexican Peso |  | € |  |  |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Call Option |  | € |  |  |  |  | 2,020 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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