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Financial Assets and Liabilities | 9 Months Ended
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Sep. 30, 2023
Text block [abstract] |
Financial Assets and Liabilities |
8. | Financial Assets and Liabilities
Set out below is the categorization of the financial instruments, excluding cash and cash equivalents, held by the Company as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |
|  | Loans and Receivables |  |  | Fair value through profit or loss |  |  | Fair value through OCI |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value through OCI and other short-term investments |  | Ps. | 5,889,985 |  |  | Ps. | — |  |  | Ps. | 68,627,966 |
Accounts receivable from subscribers, distributors, contractual assets and other |  |  | 163,010,399 |  |  |  | — |  |  |  | — |
Related parties |  |  | 1,395,450 |  |  |  | — |  |  |  | — |
Derivative financial instruments |  |  | — |  |  |  | 1,779,953 |  |  |  | — |
Total current assets |  |  | 170,295,834 |  |  |  | 1,779,953 |  |  |  | 68,627,966 |
Debt instruments at fair value through OCI |  |  | — |  |  |  | — |  |  |  | 14,510,542 |
Total |  | Ps. | 170,295,834 |  |  | Ps. | 1,779,953 |  |  | Ps. | 83,138,508 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | Ps. | 507,043,629 |  |  | Ps. | — |  |  | Ps. | — |
Liability related to right-of-use of assets |  |  | 131,467,840 |  |  |  | — |  |  |  | — |
Accounts payable |  |  | 169,397,530 |  |  |  | — |  |  |  | — |
Related parties |  |  | 6,037,132 |  |  |  | — |  |  |  | — |
Derivative financial instruments |  |  | — |  |  |  | 24,499,284 |  |  |  | — |
Total |  | Ps. | 813,946,131 |  |  | Ps. | 24,499,284 |  |  | Ps. | — |
|  | December 31, 2022 |
|  | Loans and Receivables |  |  | Fair value through profit or loss |  |  | Fair value through OCI |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value through OCI and other short-term investments |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | 88,428,111 |
Accounts receivable from subscribers, distributors, contractual assets and other |  |  | 161,201,512 |  |  |  | — |  |  |  | — |
Related parties |  |  | 2,287,213 |  |  |  | — |  |  |  | — |
Derivative financial instruments |  |  | — |  |  |  | 2,602,680 |  |  |  | — |
Total current assets |  |  | 163,488,725 |  |  |  | 2,602,680 |  |  |  | 88,428,111 |
Debt instruments at fair value through OCI |  |  | — |  |  |  | — |  |  |  | 6,981,149 |
Total |  | Ps. | 163,488,725 |  |  | Ps. | 2,602,680 |  |  | Ps. | 95,409,260 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | Ps. | 510,589,480 |  |  | Ps. | — |  |  | Ps. | — |
Liability related to right-of-use of assets |  |  | 134,148,811 |  |  |  | — |  |  |  | — |
Accounts payable |  |  | 174,472,769 |  |  |  | — |  |  |  | — |
Related parties |  |  | 7,224,218 |  |  |  | — |  |  |  | — |
Derivative financial instruments |  |  | — |  |  |  | 25,331,346 |  |  |  | — |
Total |  | Ps. | 826,435,278 |  |  | Ps. | 25,331,346 |  |  | Ps. | — |
Fair value hierarchy The Company’s valuation techniques used to determine and disclose the fair value of its financial instruments are based on the following hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Variables other than quoted prices in Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices); and Level 3: Variables used for the asset or liability that are not based on any observable market data (non-observable variables). The fair value for the financial assets (excluding cash and cash equivalents) and financial liabilities shown in the interim condensed consolidated statements of financial position at September 30, 2023 and December 31, 2022 is as follow:
|  | Measurement of fair value at September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value through OCI and other short-term investments |  | Ps. | 68,627,966 |  |  | Ps. | — |  |  |  | Ps.5,889,985 |  |  |  | Ps.74,517,951 |
Derivative financial instruments |  |  | — |  |  |  | 1,779,953 |  |  |  | — |  |  |  | 1,779,953 |
Revalued of assets |  |  | — |  |  |  | — |  |  |  | 27,812,945 |  |  |  | 27,812,945 |
Pension plan assets |  |  | 191,871,841 |  |  |  | 14,298,222 |  |  |  | 35,860 |  |  |  | 206,205,923 |
Total current assets |  |  | 260,499,807 |  |  |  | 16,078,175 |  |  |  | 33,738,790 |  |  |  | 310,316,772 |
Debt instruments at fair value through OCI |  |  | 5,032,597 |  |  |  | 9,477,945 |  |  |  | — |  |  |  | 14,510,542 |
Total |  | Ps. | 265,532,404 |  |  | Ps. | 25,556,120 |  |  | Ps. | 33,738,790 |  |  | Ps. | 324,827,314 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | Ps. | 349,654,882 |  |  | Ps. | 127,557,171 |  |  | Ps. | — |  |  | Ps. | 477,212,053 |
Liability related to right-of-use of assets |  |  | 131,467,840 |  |  |  | — |  |  |  | — |  |  |  | 131,467,840 |
Derivative financial instruments |  |  | — |  |  |  | 24,499,284 |  |  |  | — |  |  |  | 24,499,284 |
Total |  | Ps. | 481,122,722 |  |  | Ps. | 152,056,455 |  |  | Ps. | — |  |  | Ps. | 633,179,177 |
|  | Measurement of fair value at December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value through OCI and other short-term investments |  | Ps. | 88,428,111 |  |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | 88,428,111 |
Derivative financial instruments |  |  | — |  |  |  | 2,602,680 |  |  |  | — |  |  |  | 2,602,680 |
Revalued of assets |  |  | — |  |  |  | — |  |  |  | 38,353,719 |  |  |  | 38,353,719 |
Pension plan assets |  |  | 192,829,688 |  |  |  | 15,657,661 |  |  |  | 39,270 |  |  |  | 208,526,619 |
Total current assets |  |  | 281,257,799 |  |  |  | 18,260,341 |  |  |  | 38,392,989 |  |  |  | 337,911,129 |
Debt instruments at fair value through OCI |  |  | — |  |  |  | 6,981,149 |  |  |  | — |  |  |  | 6,981,149 |
Total |  | Ps. | 281,257,799 |  |  | Ps. | 25,241,490 |  |  | Ps. | 38,392,989 |  |  | Ps. | 344,892,278 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | Ps. | 371,709,395 |  |  | Ps. | 116,848,635 |  |  | Ps. | — |  |  | Ps. | 488,558,030 |
Liability related to right-of-use of assets |  |  | 134,148,811 |  |  |  | — |  |  |  | — |  |  |  | 134,148,811 |
Derivative financial instruments |  |  | — |  |  |  | 25,331,346 |  |  |  | — |  |  |  | 25,331,346 |
Total |  | Ps. | 505,858,206 |  |  | Ps. | 142,179,981 |  |  | Ps. | — |  |  | Ps. | 648,038,187 |
Fair value of derivative financial instruments is valued using valuation techniques with market observable inputs. To determine its Level 2 fair value, the Company applies different valuation techniques including forward pricing and swaps models, using present value calculations. The models incorporate various inputs including credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. Fair value of debt Level 2 has been determined using a model based on present value calculation incorporating credit quality of AMX. The fair value of VTR bonds in AMX B.V. as debt instruments at fair value through OCI, were classified as Level 1 as they are listed on the regulated market. The Company’s investment in equity investments at fair value, specifically the investment in KPN N.V.and Verizon, is valued using the quoted prices (unadjusted) in active markets for identical assets. The net realized loss related to derivative financial instruments for the nine-months period ended September 30, 2023 and 2022 was Ps. (9,051,611) and Ps. (1,444,143) respectively. The fair value of the asset revaluation was calculated using valuation techniques, using observable market data and internal information on transactions carried out with independent third parties. To determine fair value, we use level 2 and 3 information, the Company used inputs such as average rents, contract term and discount rates for discounted flow modeling techniques; in the case of discount rates, we use level 2 data where the information is public and is found in recognized databases, such as country risks, inflation, etc. In the case of average rents and contract terms, we use level 3 data, where the information is mainly internal based on lease contracts entered into with independent third parties. For the nine-months period ended September 30, 2023, and 2022, no transfers were made between Level 1, Level 2 and Level 3 fair value measurement hierarchies.

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