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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2024
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | Note 7. Derivative Financial Instruments In an attempt 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 2024 the weighted-average interest rate of the total debt including the impact of interest rate derivatives held by the Company is 5.8% (5.6% and 5.0% in 2023 and 2022, respectively). An analysis of the derivative financial instruments contracted by the Company at December 31, 2023 and 2024 is as follows:
|  | At December 31, |
|  | 2023 |  |  | 2024 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
XCS US Dollar – Mexican Peso |  | US$ | 150 |  |  | Ps. | 56,426 |  |  | US$ | 2,700 |  |  | Ps. | 8,538,837 |
XCS US Dollar – Euro |  | US$ | 800 |  |  |  | 257,278 |  |  | US$ | 800 |  |  |  | 582,620 |
XCS Yen – US Dollar |  | ¥ | 6,500 |  |  |  | 34,720 |  |  |  | — |  |  |  | — |
XCS Euro – US Dollar |  | € | 152 |  |  |  | 104,070 |  |  |  | — |  |  |  | — |
XCS US Dollar – Chilean Peso |  |  | — |  |  |  | — |  |  | US$ | 400 |  |  |  | 1,529,257 |
Interest Rate Swaps US Dollar – Chilean Peso |  |  |  |  |  |  |  |  |  | US$ | 392 |  |  |  | 5,373 |
Interest Rate Swaps Chilean Peso – US Dollar |  |  |  |  |  |  |  |  |  | CLP$ | 306,554 |  |  |  | 12,372 |
Forwards US Dollar – Mexican Peso |  | US$ | 228 |  |  |  | 12,009 |  |  |  | — |  |  |  | — |
Forwards Brazilian Real – US Dollar |  | R$ | 5,201 |  |  |  | 407,878 |  |  |  | — |  |  |  | — |
Forwards Euro – US Dollar |  | € | 1,390 |  |  |  | 573,653 |  |  |  | — |  |  |  | — |
Total Assets |  |  |  |  |  | Ps. | 1,446,034 |  |  |  |  |  |  | Ps. | 10,668,460 |
|  | At December 31, |
|  | 2023 |  |  | 2024 |
Instrument |  | Notional amount in millions |  |  | Fair Value |  |  | Notional amount in millions |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
XCS US Dollar – Mexican Peso |  | US$ | 3,140 |  |  | Ps. | (5,147,566 | ) |  | US$ | 2,190 |  |  | Ps. | (4,076,647 | )
XCS Mexican Peso – US Dollar |  |  | — |  |  |  | — |  |  | MXN$ | 8,094 |  |  |  | (254,549 | )
XCS US Dollar – Euro |  | US$ | 150 |  |  |  | (276,227 | ) |  | US$ | 150 |  |  |  | (158,661 | )
XCS Yen – US Dollar |  | ¥ | 6,500 |  |  |  | (270,825 | ) |  | ¥ | 13,000 |  |  |  | (493,179 | )
XCS Pound Sterling – Euro |  | £ | 640 |  |  |  | (1,586,633 | ) |  | £ | 640 |  |  |  | (1,259,750 | )
XCS Pound Sterling – US Dollar |  | £ | 1,560 |  |  |  | (8,069,567 | ) |  | £ | 1,560 |  |  |  | (11,184,561 | )
XCS Euro – US Dollar |  | € | 825 |  |  |  | (1,680,315 | ) |  | € | 802 |  |  |  | (2,793,689 | )
Interest Rate Swaps US Dollar – Chilean Peso |  |  |  |  |  |  |  |  |  | US$ | 385 |  |  |  | (19,872 | )
Interest Rate Swaps Chilean Peso – US Dollar |  |  |  |  |  |  |  |  |  | CLP$ | 384,948 |  |  |  | (12,613 | )
Forwards US Dollar – Mexican Peso |  | US$ | 742 |  |  |  | (311,288 | ) |  |  | — |  |  |  | — |
Forwards Brazilian Real – US Dollar |  | R$ | 123 |  |  |  | (459 | ) |  | R$ | 6,155 |  |  |  | (1,401,460 | )
Forwards Euro – US Dollar |  | € | 435 |  |  |  | (160,448 | ) |  | € | 1,036 |  |  |  | (530,728 | )
Forwards Euro – Mexican Peso |  | € | 50 |  |  |  | (16,267 | ) |  |  | — |  |  |  | — |
Call option |  | € | 2,020 |  |  |  | (376,784 | ) |  |  | — |  |  |  | — |
Total Liabilities |  |  | — |  |  | Ps. | (17,896,379 | ) |  |  | — |  |  | Ps. | (22,185,709 | )
*Totals may not sum due to rounding
**XCS stands for Cross Currency Swaps
The changes in the fair value of these derivative financial instruments for the years ended December 31, 2022, 2023 and 2024 were equivalent to a loss of Ps. (28,639,687), Ps. (10,268,520) and Ps. (2,141,802), 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 |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 Thereafter |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
XCS US Dollar – Mexican Peso | US$ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,700 |
XCS US Dollar - Euro | US$ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 800 |
XCS US Dollar – Chilean Peso | US$ |  |  | — |  |  |  | 223 |  |  |  | 177 |  |  |  | — |  |  |  | — |
Interest Rate Swaps US Dollar – Chilean Peso | US$ |  |  | — |  |  |  | — |  |  |  | 392 |  |  |  | — |  |  |  | — |
Interest Rate Swaps Chilean Peso – US Dollar | CLP$ |  |  | — |  |  |  | 306,554 |  |  |  | — |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
XCS US Dollar – Mexican Peso | US$ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,190 |
XCS Mexican Peso – US Dollar | MXN$ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,094 |
XCS US Dollar - Euro | US$ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
XCS Euro – US Dollar | € |  |  | — |  |  |  | — |  |  |  | 402 |  |  |  | 400 |  |  |  | — |
XCS Yen – US Dollar | ¥ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,000 |
XCS Sterling Pound – Euro | £ |  |  | — |  |  |  | 390 |  |  |  | — |  |  |  | — |  |  |  | 250 |
XCS Sterling Pound – US Dollar | £ |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | — |  |  |  | 1,450 |
Interest Rate Swaps US Dollar – Chilean Peso | US$ |  |  | — |  |  |  | 385 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest Rate Swaps Chilean Peso – US Dollar | CLP$ |  |  | — |  |  |  | 384,948 |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Euro – US Dollar | € |  |  | 1,036 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forwards Brazilian Real – US Dollar | R$ |  |  | 6,155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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