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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
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 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
 
   
 
— 
 
   
 
— 
 
   
 
— 
 
   
 
—