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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefits [Abstract] |
Summary of Actuarial Assumptions | Actuarial calculations for pension and retirement plans, seniority premiums and post-retirement medical benefits, as well as the associated cost for the period, were determined using the following long-term assumptions for Mexico:
Mexico |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |
Financial: |  |  |  |  |  |  |
Discount rate used to calculate the defined benefit obligation |  | 10.20 | % | 9.90 | % | 8.00 | %
Salary increase |  | 4.75 | % | 4.75 | % | 4.50 | %
Future pension increases |  | 3.75 | % | 3.75 | % | 3.50 | %
Healthcare cost increase rate |  | 6.00 | % | 6.00 | % | 5.10 | %
Biometric: |  |  |  |  |  |  |
Mortality (1) |  | EMSSA 2009 |  | EMSSA 2009 |  | EMSSA 2009 |
Disability (2) |  | IMSS 97 |  | IMSS‑97 |  | IMSS 97 |
Normal retirement age |  | 60 years |  | 60 years |  | 60 years |
Employee turnover table (3) |  | BMAR 2007 |  | BMAR 2007 |  | BMAR 2007 |
Measurement date December: (1)EMSSA. Mexican Experience of social security. (2)IMSS. Mexican Experience of Instituto Mexicano del Seguro Social. (3)BMAR. Actuary experience.
Summary of Defined Benefit Plan Expected Future Benefit Payments | Based on these assumptions, the amounts of benefits expected to be paid out in the following years are as follows:
|  | Pension and Retirement Plans |  | Seniority Premiums |  | Post-Retirement Medical Services |  | Total
2024 |  | Ps. | 701 |  | Ps. | 359 |  | Ps. | 18 |  | Ps. | 1,078
2025 |  |  | 400 |  |  | 262 |  |  | 19 |  |  | 681
2026 |  |  | 402 |  |  | 242 |  |  | 20 |  |  | 664
2027 |  |  | 544 |  |  | 234 |  |  | 22 |  |  | 800
2028 |  |  | 549 |  |  | 226 |  |  | 24 |  |  | 799
2029 to 2033 |  |  | 3,888 |  |  | 1,157 |  |  | 155 |  |  | 5,200
Summary of Balances of the Liabilities for Employee Benefits |
|  | December 31, 2023 |  | December 31, 2022
Pension and Retirement Plans: |  |  |  |  |  |
Defined benefit obligation |  | Ps. | 15,560 |  |  | Ps. | 15,113 |
Pension plan assets at fair value |  |  | (14,061) |  |  |  | (14,324) |
Effect due to asset ceiling |  |  | 3,098 |  |  |  | 3,851 |
Discontinued operations |  |  | (195) |  |  |  | — |
Net defined benefit liability |  | Ps. | 4,402 |  |  | Ps. | 4,640 |
Seniority Premiums: |  |  |  |  |  |
Defined benefit obligation |  | Ps. | 2,416 |  |  | Ps. | 2,068 |
Seniority premium plan assets at fair value |  |  | (123) |  |  |  | (128) |
Discontinued operations |  |  | (235) |  |  |  | — |
Net defined benefit liability |  | Ps. | 2,058 |  |  | Ps. | 1,940 |
Postretirement Medical Services: |  |  |  |  |  |
Defined benefit obligation |  | Ps. | 604 |  |  | Ps. | 556 |
Medical services plan assets at fair value |  |  | (95) |  |  |  | (88) |
Discontinued operations |  |  | (49) |  |  |  | — |
Net defined benefit liability |  | Ps. | 460 |  |  | Ps. | 468 |
Total Employee Benefits |  | Ps. | 6,920 |  |  | Ps. | 7,048 |
Summary of Trust Assets | Plan assets consist of fixed and variable return financial instruments recorded at fair value (Level 1), which are invested as follows:
|  | 2023 | 2022
Fixed return: |  |  |  |  |
Traded securities |  | 4 | % | 2 | %
Bank instruments |  | 16 | % | 13 | %
Federal government instruments of the respective countries |  | 47 | % | 52 | %
Variable return: |  |  |  |  |
Publicly traded shares |  | 33 | % | 33 | %
|  | 100 | % | 100 | %
Summary of Amounts and Types of Securities in Related Parties Included in Portfolio Fund | In Mexico, the amounts and types of securities in related parties included in the portfolio fund are as follows:
|  | December 31, 2023 |  | December 31, 2022
Debt: |  |  |  |  |  |
BBVA Bancomer, S.A de C.V. |  | Ps. | 46 |  |  | Ps. | 9 |
Grupo Industrial Bimbo, S.A.B. de C. V. |  |  | 18 |  |  |  | 5 |
Equity: |  |  |  |  |  |
Grupo Industrial Bimbo, S.A.B. de C. V. |  |  | 1 |  |  |  | — |
Summary of Amount Recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income |
|  | Consolidated Income Statement |  | AOCI (1)
December 31, 2023 |  | Current Service Cost |  | Past Service Cost |  | Gain or Loss on Settlement or Curtailment |  | Net Interest on the Net Defined Benefit Liability |  | Remeasurements of the Net Defined Benefit Liability
Pension and retirement plans |  | Ps. | 489 |  |  | Ps. | 288 |  |  | Ps. | (243) |  |  | Ps. | 367 |  |  | Ps. | 1,311 |
Seniority premiums |  |  | 345 |  |  |  | 21 |  |  |  | (21) |  |  |  | 178 |  |  |  | 117 |
Postretirement medical services |  |  | 32 |  |  |  | 13 |  |  |  | (14) |  |  |  | 45 |  |  |  | (29) |
Total |  | Ps. | 866 |  |  | Ps. | 322 |  |  | Ps. | (278) |  |  | Ps. | 590 |  |  | Ps. | 1,399 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension and retirement plans |  | Ps. | 534 |  |  | Ps. | 189 |  |  | Ps. | (220) |  |  | Ps. | 313 |  |  | Ps. | 1,686 |
Seniority premiums |  |  | 328 |  |  |  | 21 |  |  |  | (27) |  |  |  | 150 |  |  |  | 38 |
Postretirement medical services |  |  | 32 |  |  |  | 26 |  |  |  | (29) |  |  |  | 45 |  |  |  | (35) |
Total |  | Ps. | 894 |  |  | Ps. | 236 |  |  | Ps. | (276) |  |  | Ps. | 508 |  |  | Ps. | 1,689 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension and retirement plans |  | Ps. | 390 |  |  | Ps. | 39 |  |  | Ps. | (55) |  |  | Ps. | 319 |  |  | Ps. | 1,757 |
Seniority premiums |  |  | 290 |  |  |  | 1 |  |  |  | (3) |  |  |  | 114 |  |  |  | 853 |
Postretirement medical services |  |  | 44 |  |  |  | 2 |  |  |  | (24) |  |  |  | 52 |  |  |  | 202 |
Total |  | Ps. | 724 |  |  | Ps. | 42 |  |  | Ps. | (82) |  |  | Ps. | 485 |  |  | Ps. | 2,812 |
(1)Amounts accumulated in other comprehensive income as of the end of the period.
Summary of Remeasurements of Net Defined Benefit Liability Recognized in Accumulated Other Comprehensive Income | Remeasurements of the net defined benefit liability recognized in accumulated other comprehensive income are as follows:
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Amount accumulated in other comprehensive income as of the beginning of the period, net of tax |  | Ps. | 1,661 |  |  | Ps. | 2,078 |  |  | Ps. | 2,099 |
Actuarial (gains) losses arising from exchange rates |  |  | (100) |  |  |  | (77) |  |  |  | 11 |
Remeasurements during the year, net of tax |  |  | 314 |  |  |  | 211 |  |  |  | 744 |
Actuarial (gains) and losses arising from changes in financial assumptions |  |  | 223 |  |  |  | (1,848) |  |  |  | (776) |
Actuarial (gains) and losses arising from changes in demographic assumptions |  |  | (4) |  |  |  | (71) |  |  |  | — |
Business Acquisitions |  |  | — |  |  |  | 336 |  |  |  | — |
Return on plan assets |  |  | (92) |  |  |  | 713 |  |  |  | — |
Changes in the effect of limiting a net defined benefit asset to the asset ceiling |  |  | (546) |  |  |  | 319 |  |  |  | — |
Effect of settlement |  |  | (533) |  |  |  | — |  |  |  | — |
Amount accumulated in other comprehensive income as of the end of the period, net of tax |  | Ps. | 923 |  |  | Ps. | 1,661 |  |  | Ps. | 2,078 |
Summary of Changes in the Balance of the Defined Benefit Obligation for Post-employment |
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Pension and Retirement Plans: |  |  |  |  |  |  |  |  |
Initial balance |  | Ps. | 15,113 |  |  | Ps. | 8,015 |  |  | Ps. | 7,679 |
Current service cost |  |  | 489 |  |  |  | 534 |  |  |  | 390 |
Past service cost |  |  | 288 |  |  |  | 163 |  |  |  | 2,881 |
Interest expense |  |  | 820 |  |  |  | 687 |  |  |  | 527 |
Gain on settlement |  |  | (243) |  |  |  | (280) |  |  |  | (2,884) |
Remeasurements of the net defined benefit obligation |  |  | 531 |  |  |  | (2,073) |  |  |  | (42) |
Foreign exchange (gain) or loss |  |  | (48) |  |  |  | (79) |  |  |  | 28 |
Benefits paid |  |  | (1,504) |  |  |  | (1,146) |  |  |  | (564) |
Business Acquisitions |  |  | — |  |  |  | 9,189 |  |  |  | — |
Employees contributions |  |  | 119 |  |  |  | 103 |  |  |  | — |
Plan amendments |  |  | (4) |  |  |  | — |  |  |  | — |
Discontinued operations |  |  | (195) |  |  |  | — |  |  |  | — |
Ending balance |  | Ps. | 15,366 |  |  | Ps. | 15,113 |  |  | Ps. | 8,015 |
Seniority Premiums: |  |  |  |  |  |  |  |  |
Initial balance |  | Ps. | 2,068 |  |  | Ps. | 2,108 |  |  | Ps. | 1,763 |
Current service cost |  |  | 345 |  |  |  | 328 |  |  |  | 290 |
Past service cost |  |  | 21 |  |  |  | 7 |  |  |  | 836 |
Interest expense |  |  | 191 |  |  |  | 160 |  |  |  | 124 |
Gain on settlement |  |  | (21) |  |  |  | (13) |  |  |  | (839) |
Remeasurements of the net defined benefit obligation |  |  | 66 |  |  |  | (342) |  |  |  | 112 |
Benefits paid |  |  | (254) |  |  |  | (180) |  |  |  | (178) |
Discontinued operations |  |  | (235) |  |  |  | — |  |  |  | — |
Ending balance |  | Ps. | 2,181 |  |  | Ps. | 2,068 |  |  | Ps. | 2,108 |
Postretirement Medical Services: |  |  |  |  |  |  |  |  |
Initial balance |  | Ps. | 556 |  |  | Ps. | 647 |  |  | Ps. | 812 |
Current service cost |  |  | 32 |  |  |  | 32 |  |  |  | 44 |
Past service cost |  |  | 13 |  |  |  | 26 |  |  |  | 236 |
Interest expense |  |  | 54 |  |  |  | 52 |  |  |  | 57 |
Gain on settlement |  |  | (14) |  |  |  | (29) |  |  |  | (271) |
Remeasurements of the net defined benefit obligation |  |  | 5 |  |  |  | (136) |  |  |  | (191) |
Benefits paid |  |  | (43) |  |  |  | (36) |  |  |  | (40) |
Discontinued operations |  |  | (49) |  |  |  | — |  |  |  | — |
Ending balance |  | Ps. | 554 |  |  | Ps. | 556 |  |  | Ps. | 647 |
Summary of Changes in the Balance of Plan Assets |
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Total Plan Assets: |  |  |  |  |  |  |  |  |
Initial balance |  | Ps. | 14,540 |  | Ps. | 3,170 |  | Ps. | 3,001
Actual return on trust assets |  |  | 522 |  |  | (695) |  |  | 152
Foreign exchange loss |  |  | (150) |  |  | 60 |  |  | —
Life annuities |  |  | 6 |  |  | (3) |  |  | 17
Business Acquisitions |  |  | — |  |  | 12,417 |  |  | —
Benefits paid |  |  | (731) |  |  | (533) |  |  | —
Plan amendments |  |  | (126) |  |  | (101) |  |  | —
Employees´contributions |  |  | 102 |  |  | 103 |  |  | —
Employer´s contributions |  |  | 130 |  |  | 133 |  |  | —
Administration cost |  |  | (14) |  |  | (11) |  |  | —
Ending balance |  | Ps. | 14,279 |  | Ps. | 14,540 |  | Ps. | 3,170
Summary of Amount of Defined Benefit Plan Expense and OCI Impact in Absolute Terms of Variation on Net Defined Benefit Liability | The following table presents the amount of defined benefit plan expense and OCI impact in absolute terms of a variation of 1% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1% on the significant actuarial assumptions is based on projected long-term discount rates for Mexico and a yield curve projection of long-term Mexican government bonds – CETES:
ctualiz |  |  |  |  |  |  |  |  |  |  |  |
+1%: |  | Consolidated Income Statement |  | OCI(1)
|  |  |  |  | (Gain) or |  | Effect of Net |  | Remeasurements
Discount rate used to calculate the defined benefit |  |  |  |  | Loss on |  | Interest on the Net |  | of the Net Defined
obligation and the net interest on the net defined |  | Current |  | Settlement or |  | Defined Benefit |  | Benefit Liability
benefit liability |  | Service Cost |  | Curtailment |  | Liability |  |
Pension and retirement plans |  | Ps. | 644 |  | Ps. | (199) |  |  | Ps. | 250 |  | Ps. | 1,289
Seniority premiums |  |  | 346 |  |  | (17) |  |  |  | 164 |  |  | 108
Postretirement medical services |  |  | 37 |  |  | (10) |  |  |  | 37 |  |  | (20)
Total |  | Ps. | 1,027 |  | Ps. | (226) |  |  | Ps. | 451 |  | Ps. | 1,377
Expected salary increase |  |  |  |  |  |  |  |  |  |  |  |
Pension and retirement plans |  | Ps. | 834 |  | Ps. | (227) |  |  | Ps. | 413 |  | Ps. | 1,358
Seniority premiums |  |  | 382 |  |  | (20) |  |  |  | 189 |  |  | 137
Total |  | Ps. | 1,216 |  | Ps. | (247) |  |  | Ps. | 602 |  | Ps. | 1,495
Assumed rate of increase in healthcare costs |  |  |  |  |  |  |  |  |  |  |  |
Postretirement medical services |  | Ps. | 52 |  | Ps. | (14) |  |  | Ps. | 52 |  | Ps. | (39)
-1%: |  |  |  |  |  |  |  |  |  |  | OCI(1)
|  |  |  |  | (Gain) or |  | Effect of Net |  | Remeasurements
Discount rate used to calculate the defined benefit |  |  |  |  | Loss on |  | Interest on the Net |  | of the Net Defined
obligation and the net interest on the net defined |  | Current |  | Settlement or |  | Defined Benefit |  | Benefit Liability
benefit liability |  | Service Cost |  | Curtailment |  | Liability |  |
Pension and retirement plans |  | Ps. | 830 |  |  | Ps. | (232) |  |  | Ps. | 468 |  |  | Ps. | 1,384 |
Seniority premiums |  |  | 387 |  |  |  | (19) |  |  |  | 194 |  |  |  | 128 |
Postretirement medical services |  |  | 52 |  |  |  | (14) |  |  |  | 52 |  |  |  | (39) |
Total |  | Ps. | 1,269 |  |  | Ps. | (265) |  |  | Ps. | 714 |  |  | Ps. | 1,473 |
Expected salary increase |  |  |  |  |  |  |  |  |  |  |  |
Pension and retirement plans |  | Ps. | 711 |  |  | Ps. | (199) |  |  | Ps. | 313 |  |  | Ps. | 1,327 |
Seniority premiums |  |  | 346 |  |  |  | (17) |  |  |  | 166 |  |  |  | 102 |
Total |  | Ps. | 1,057 |  |  | Ps. | (216) |  |  | Ps. | 479 |  |  | Ps. | 1,429 |
Assumed rate of increase in healthcare costs |  |  |  |  |  |  |  |  |  |  |  |
Postretirement medical services |  | Ps. | 36 |  |  | Ps. | (9) |  |  | Ps. | 37 |  |  | Ps. | (20) |
(1)Amounts accumulated in other comprehensive income as of the end of the period.
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2023, 2022 and 2021, employee benefits expenses recognized in the consolidated income statements as cost of goods sold, administrative and selling expenses are as follows:
|  | 2023 |  | 2022 |  | 2021
Wages and salaries |  | Ps. | 97,751 |  |  | Ps. | 83,433 |  |  | Ps. | 70,238 |
Social security costs |  |  | 15,941 |  |  |  | 13,511 |  |  |  | 11,737 |
Employee profit sharing |  |  | 2,419 |  |  |  | 2,598 |  |  |  | 2,035 |
Post-employment benefits |  |  | 910 |  |  |  | 854 |  |  |  | 684 |
Share-based payments (Note 15) |  |  | 943 |  |  |  | 866 |  |  |  | 854 |
|  | Ps. | 117,964 |  | Ps. | 101,262 |  |  | Ps. | 85,548 |

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