XML 93 R62.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Statement [Line Items] |
Schedule of Fair value of Financial Instruments | The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2023, and 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Financial instruments (current asset) |  | 228 |  | 203 |  | 351 |  | 9,710
Financial instruments (non-current asset) |  | 14,279 |  | 11,394 |  | 14,540 |  | 21,201
Financial instruments (current liability) |  | 202 |  | 536 |  | 64 |  | 404
Financial instruments (non-current liability) |  | — |  | 8,653 |  | — |  | 5,651
Fair Value of Company's Publicly Traded Debt | The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2023 and 2022, which is considered to be level 1 in the fair value hierarchy.
|  | December 31, 2023 |  | December 31, 2022
Carrying value |  | Ps. | 136,824 |  | Ps. | 191,741
Fair value |  |  | 125,043 |  |  | 163,312
Disclosure of Outstanding Interest Rate Swap Agreements | As of December 31, 2023, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  | December 31, 2023
2024 |  | Ps. | 2 |  | Ps. | — |  | Ps. | 65
2032 |  |  | 8,447 |  |  | (1,381) |  |  | —
As of December 31, 2022, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2022 |  | December 31, 2022
2023 |  | Ps. | 11,675 |  | Ps. | — |  | Ps. | 236
2024 |  |  | 2,227 |  |  | — |  |  | 129
2032 |  |  | 9,681 |  |  | (1,728) |  |  | —
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | As of December 31, 2023, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 | December 31, 2023
2024 |  | Ps. | 11,449 |  | Ps. | (573) |  | Ps. | 36
As of December 31, 2022, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2022 |  | December 31, 2022
2023 |  | Ps. | 10,828 |  |  | Ps. | (399) |  |  | Ps. | 61 |
2024 |  |  | 2 |  |  |  | — |  |  |  | — |
Disclosure of Outstanding Cross Currency Swap Agreements | As of December 31, 2023, the Company had the following outstanding cross–currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 | December 31, 2023
2024 |  | Ps. | 954 |  | Ps. | (35) |  | Ps. | 103
2025 |  |  | 49,834 |  |  | (2) |  |  | 119
2026 |  |  | 6,045 |  |  | (1,017) |  |  | 98
2027 |  |  | 8,949 |  |  | (1,391) |  |  | 9
2028 |  |  | 6,009 |  |  | — |  |  | 89
2029 |  |  | 20 |  |  | — |  |  | 337
2030 |  |  | 13,633 |  |  | (803) |  |  | —
2032 |  |  | 845 |  |  | (51) |  |  | —
2033 |  |  | 4,931 |  |  | — |  |  | 117
2035 |  |  | 10,000 |  |  | (3,809) |  |  | —
2043 |  |  | 5,398 |  |  | — |  |  | 1,877
2050 |  |  | 3,471 |  |  | — |  |  | 1,235
As of December 31, 2022, the Company had the following outstanding cross–currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2022 |  | December 31, 2022
2023 |  | Ps. | 27,804 |  |  | Ps. | (7) |  |  | Ps. | 9,435 |
2024 |  |  | 497 |  |  |  | (3) |  |  |  | 247 |
2025 |  |  | 1,010 |  |  |  | — |  |  |  | 385 |
2026 |  |  | 5,971 |  |  |  | (924) |  |  |  | 364 |
2027 |  |  | 17,809 |  |  |  | (689) |  |  |  | 95 |
2029 |  |  | 14,620 |  |  |  | — |  |  |  | 1,664 |
2030 |  |  | 3,679 |  |  |  | (104) |  |  |  | 110 |
2035 |  |  | 10,000 |  |  |  | (2,203) |  |  |  | — |
2043 |  |  | 8,869 |  |  |  | — |  |  |  | 505 |
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2023, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 | December 31, 2023
2024 |  | Ps. | 2,593 |  | Ps. | (130) |  | Ps. | 206
2025 |  |  | 745 |  |  | (72) |  |  | —
As of December 31, 2022, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2022 | December 31, 2022
2023 |  | Ps. | 1,688 |  | Ps. | (46) |  | Ps. | 328
2024 |  |  | 468 |  |  | — |  |  | 21
As of December 31, 2023, Coca-Cola FEMSA had the following aluminum price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  | December 31, 2023
2024 |  | Ps. | 647 |  | Ps. | — |  | Ps. | 21
As of December 31, 2022, Coca-Cola FEMSA had the following aluminum price contracts:
|  | Notional |  | Fair Value Liability |  |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2022 |  |  | December 31, 2022
2023 |  | Ps. | 662 |  | Ps. | (18) |  |  | Ps. | 1 |
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria |
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
|  | Income Statement |  | 2023 |  | 2022 |  | 2021
Cross-currency swaps (1) |  | Interest expense |  | Ps. | (392) |  |  | Ps. | 1 |  |  | Ps. | — |
Cross-currency swaps (1) |  | Foreign exchange |  |  | (747) |  |  |  | (5) |  |  |  | — |
Interest rate swaps |  | Interest expense |  |  | — |  |  |  | — |  |  |  | — |
Forward agreements to purchase foreign currency |  | Foreign exchange |  |  | 180 |  |  |  | 565 |  |  |  | 41 |
Commodity price contracts |  | Cost of goods sold |  |  | 430 |  |  |  | 599 |  |  |  | 1,245 |
Options to purchase foreign currency |  | Cost of goods sold |  |  | — |  |  |  | — |  |  |  | — |
Forward agreements to purchase foreign currency |  | Cost of goods sold |  |  | (1,834) |  |  |  | (681) |  |  |  | (788) |
(1)This amount corresponds to the settlement of cross-currency swaps portfolio in Brazil presented as part of the other financial activities.
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes |
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
Type of Derivatives |  | Income Statement |  | 2023 |  | 2022 |  | 2021
Cross currency swaps and interest rate swaps |  | Market value gain (loss) on financial instruments |  | Ps. | 141 |  | Ps. | (2,270) |  | Ps. | 80 |
Disclosure of Sensitivity Analysis of Market Risks Management | The following disclosures provide a sensitivity analysis of the market risks management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy:
|  | Change in |  |  |
Foreign Currency Risk |  | Exchange Rate |  | Effect on Equity
2023 |  |  |  |  |
FEMSA (1) |  | +11% MXN/USD |  | Ps. | 9 |
|  | ‑11% MXN/USD |  |  | (9) |
|  | +7% CHF/EUR |  |  | 78 |
|  | ‑7% CHF/EUR |  |  | (78) |
|  | +7% EUR/USD |  |  | (6) |
|  | ‑7% EUR/USD |  |  | 6 |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 465 |
|  | ‑11% MXN/USD |  |  | (465) |
|  | +12% BRL/USD |  |  | 521 |
|  | ‑12% BRL/USD |  |  | (521) |
|  | +16% COP/USD |  |  | 225 |
|  | ‑16% COP/USD |  |  | (225) |
|  | Change in |  |  |
Foreign Currency Risk |  | Exchange Rate |  | Effect on Equity
|  | +120% ARS/USD |  |  | 685 |
|  | ‑120% ARS/USD |  |  | (685) |
|  | +5% UYU/USD |  |  | 20 |
|  | ‑5% UYU/USD |  |  | (20) |
|  | +7% CRC/USD |  |  | 15 |
|  | -7% CRC/USD |  |  | (15) |
2022 |  |  |  |  |
FEMSA (1) |  | +10% MXN/USD |  | Ps. | 6 |
|  | ‑10% MXN/USD |  |  | (6) |
|  | +10% MXN/EUR |  |  | 1 |
|  | ‑10% MXN/EUR |  |  | (1) |
|  | +7% CHF/EUR |  |  | 44 |
|  | ‑7% CHF/EUR |  |  | (44) |
Coca-Cola FEMSA |  | +10% MXN/USD |  |  | 512 |
|  | ‑10% MXN/USD |  |  | (512) |
|  | +18% BRL/USD |  |  | 550 |
|  | ‑18% BRL/USD |  |  | (550) |
|  | +7% UYU/USD |  |  | 25 |
|  | ‑7% UYU/USD |  |  | (25) |
|  | +17% COP/USD |  |  | 112 |
|  | ‑17% COP/USD |  |  | (112) |
|  | +3% ARS/USD |  |  | 10 |
|  | ‑3% ARS/USD |  |  | (10) |
|  | +7% CRC/USD |  |  | 24 |
|  | -7% CRC/USD |  |  | (24) |
2021 |  |  |  |  |
FEMSA (1) |  | +11% MXN/USD |  | Ps. | 4 |
|  | ‑11% MXN/USD |  |  | (4) |
|  | +16% BRL/USD |  |  | 37 |
|  | ‑16% BRL/USD |  |  | (37) |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 298 |
|  | ‑11% MXN/USD |  |  | (298) |
|  | +16% BRL/USD |  |  | 284 |
|  | ‑16% BRL/USD |  |  | (284) |
|  | +4% UYU/USD |  |  | 7 |
|  | ‑4% UYU/USD |  |  | (7) |
|  | +11% COP/USD |  |  | 81 |
|  | ‑11% COP/USD |  |  | (81) |
|  | +1% ARS/USD |  |  | 3 |
|  | ‑1% ARS/USD |  |  | (3) |
|  | +3% CRC/USD |  |  | 10 |
|  | ‑3% CRC/USD |  |  | (10) |
(1)Does not include Coca-Cola FEMSA
|  | Change in |  |  |  |  |  |
Cross Currency Swaps (1) |  | Exchange Rate |  | Effect on Equity |  | Effect on Profit or Loss
2023 |  |  |  |  |  |  |  |
FEMSA (2) |  | +14% CLP/USD |  | Ps. | — |  |  | Ps. | 678 |
|  | ‑14% CLP/USD |  |  | — |  |  |  | (678) |
|  | +11% MXN/USD |  |  | — |  |  |  | 1,796 |
|  | ‑11% MXN/USD |  |  | — |  |  |  | (1,796) |
|  | +16% COP/USD |  |  | — |  |  |  | 425 |
|  | ‑16% COP/USD |  |  | — |  |  |  | (425) |
|  | +12% BRL/USD |  |  | — |  |  |  | 34 |
|  | ‑12% BRL/USD |  |  | — |  |  |  | (34) |
|  | +8% EUR/USD |  |  | — |  |  |  | 742 |
|  | ‑8% EUR/USD |  |  | — |  |  |  | (742) |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 1,314 |  |  |  | — |
|  | ‑11% MXN/USD |  |  | (1,314) |  |  |  | — |
|  | +12% BRL/USD |  |  | 1,683 |  |  |  | — |
|  | ‑12% BRL/USD |  |  | (1,683) |  |  |  | — |
2022 |  |  |  |  |  |  |  |
FEMSA (2) |  | +21% CLP/USD |  | Ps. | — |  |  | Ps. | 966 |
|  | ‑21% CLP/USD |  |  | — |  |  |  | (996) |
|  | +10% MXN/USD |  |  | — |  |  |  | 2,647 |
|  | ‑10% MXN/USD |  |  | — |  |  |  | (2,647) |
|  | +21% COP/USD |  |  | — |  |  |  | 354 |
|  | ‑21% COP/USD |  |  | — |  |  |  | (354) |
|  | +18% USD/BRL |  |  | — |  |  |  | 18 |
|  | ‑18% USD/BRL |  |  | — |  |  |  | (18) |
|  | +10% EUR/USD |  |  | — |  |  |  | 1,315 |
|  | ‑10% EUR/USD |  |  | — |  |  |  | (1,315) |
|  | +10% EUR/MXN |  |  | — |  |  |  | 902 |
|  | ‑10% EUR/MXN |  |  | — |  |  |  | (902) |
Coca-Cola FEMSA |  | +10% MXN/USD |  |  | 1,220 |  |  |  | — |
|  | ‑10% MXN/USD |  |  | (1,220) |  |  |  | — |
|  | +18% BRL/USD |  |  | 2,893 |  |  |  | — |
|  | ‑18% BRL/USD |  |  | (2,893) |  |  |  | — |
2021 |  |  |  |  |  |  |  |
FEMSA (2) |  | +13% CLP/USD |  | Ps. | — |  |  | Ps. | 552 |
|  | ‑13% CLP/USD |  |  | — |  |  |  | (552) |
|  | +11% MXN/USD |  |  | — |  |  |  | 3,404 |
|  | ‑11% MXN/USD |  |  | — |  |  |  | (3,404) |
|  | +11% COP/USD |  |  | — |  |  |  | 235 |
|  | ‑11% COP/USD |  |  | — |  |  |  | (235) |
|  | +15% MXN/BRL |  |  | — |  |  |  | 123 |
|  | ‑15% MXN/BRL |  |  | — |  |  |  | (123) |
|  | +6% EUR/USD |  |  | — |  |  |  | 1,049 |
|  | ‑6% EUR/USD |  |  | — |  |  |  | (1,049) |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 1,645 |  |  |  | — |
|  | ‑11% MXN/USD |  |  | (1,645) |  |  |  | — |
|  | +16% BRL/USD |  |  | 2,300 |  |  |  | — |
|  | ‑16% BRL/USD |  |  | (2,300) |  |  |  | — |
(1)Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk. (2)Does not include Coca-Cola FEMSA.
|  | Change in |  |  |
Net Cash in Foreign Currency |  | Exchange Rate |  | Effect on Profit or Loss
2023 |  |  |  |  |
FEMSA (1) |  | +11% EUR/ +11 % USD |  | Ps. | 14,617 |
|  | ‑11% EUR/ -11 % USD |  |  | (14,617) |
Coca-Cola FEMSA |  | +11% USD |  |  | 1,797 |
|  | ‑11% USD |  |  | (1,797) |
2022 |  |  |  |  |
FEMSA (1) |  | +10% EUR/ +10 % USD |  | Ps. | 1,779 |
|  | ‑10% EUR/ -10 % USD |  |  | (1,779) |
Coca-Cola FEMSA |  | +10% USD |  |  | 2,282 |
|  | ‑10% USD |  |  | (2,282) |
2021 |  |  |  |  |
FEMSA (1) |  | +10% EUR/ +11 % USD |  | Ps. | 4,931 |
|  | ‑10% EUR/ -11 % USD |  |  | (4,931) |
Coca-Cola FEMSA |  | +11% USD |  |  | 3,200 |
|  | ‑11% USD |  |  | (3,200) |
(1)Does not include Coca-Cola FEMSA.
|  | Change in |  |  |
Commodity Price Contracts |  | U.S.$ Rate |  | Effect on Equity
2023 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -29 | % | Ps. | (765) |
|  | Alumimum -22 | % | Ps. | (2,812) |
2022 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -22 | % | Ps. | (333) |
|  | Alumimum -35 | % | Ps. | (4,520) |
2021 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -28 | % | Ps. | (714) |
|  | Aluminum -24 | % | Ps. | (39) |
Summary of Sensitivity Analysis of Interest Rate Risks Management | The following disclosures provide a sensitivity analysis of the interest rate risks management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy:
|  | Change in |  |  |
Interest Rate Swap (1) |  | Bps. |  | Effect on Equity
2023 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (9) |
2022 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (90) |
2021 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (212) |
(1)The sensitivity analysis effects include all subsidiaries of the Company. (2)Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans |  | 2023 |  | 2022 |  | 2021
Change in interest rate |  |  | +100 Bps. |  |  | +100 Bps. |  |  | +100 Bps.
Effect on profit loss |  | Ps. | (250) |  |  | Ps. | (249) |  |  | Ps. | (627) |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities. It includes expected net cash outflows from derivative financial liabilities that are in place as of December 31, 2023. Such expected net cash outflows are determined based on each particular settlement date of an instrument. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which the Company could be required to pay. Cash outflows for financial liabilities (including interest and excluding lease liabilities) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing on December 31, 2023.
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and thereafter |  | Total
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds |  | Ps. | — |  |  | Ps. | 1,728 |  |  | Ps. | 11,989 |  |  | Ps. | 9,321 |  |  | Ps. | 15,433 |  |  | Ps. | 88,010 |  |  | Ps. | 126,481 |
Loans from Banks |  |  | 8,452 |  |  |  | 155 |  |  |  | 93 |  |  |  | 796 |  |  |  | 567 |  |  |  | 280 |  |  |  | 10,343 |
Derivative financial liabilities |  |  | (307) |  |  |  | 45 |  |  |  | (919) |  |  |  | (1,382) |  |  |  | 89 |  |  |  | (2,478) |  |  |  | (4,952) |
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates | As of December 31, 2023, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |
Net exposure |  | 3,049 |  | 1,781 |  | — |
Average exchange rate MXN/USD |  | 18.39 |  | 18.40 |  | — |
Net exposure |  | 2,486 |  | 1,370 |  | — |
Average exchange rate BRL/USD |  | 5.10 |  | 5.07 |  | — |
Net exposure |  | 757 |  | 334 |  | — |
Average exchange rate COP/USD |  | 4,436 |  | 4,316 |  | — |
Net exposure |  | 150 |  | — |  | — |
Average exchange rate ARS/USD |  | 668.06 |  | — |  | — |
Net exposure |  | 344 |  | 163 |  | — |
Average exchange rate URY/USD |  | 40.18 |  | 40.66 |  | — |
Net exposure |  | 154 |  | 117 |  | — |
Average exchange rate CRC/USD |  | 558.89 |  | 556.00 |  | — |
Net exposure |  | — |  | — |  | — |
Average exchange rate ARS/MXN |  | — |  | — |  | — |
Foreign exchange currency swap contracts |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 43,095 |
Average exchange rate MXN/USD |  | — |  | — |  | 17.77 |
Net exposure |  | 174 |  | — |  | 14,022 |
Average exchange rate BRL/USD |  | 4.81 |  | — |  | 5.05 |
Net exposure |  | — |  | 1,109 |  | 1,822 |
Average exchange rate COP/USD |  | — |  | 3,601.94 |  | 3,743.16 |
Net exposure |  | — |  | 286,246 |  | 2,082 |
Average exchange rate CLP/USD |  | — |  | 870.50 |  | 764.40 |
Net exposure |  | — |  |  | — |  |  | 10,939 |  |
Average exchange rate EUR/USD |  | — |  |  | — |  |  | 1.09 |  |
Interest rate risk |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 8,447 |
Interest rate average BRL |  | — |  | — |  | 0.16 | %
Net exposure |  | — |  | — |  | — |
Interest rate average MXN |  | — |  | — |  | — |
Net exposure |  | — |  | 2 |  | — |
Interest rate average CLP |  | — |  | 3.57 | % | — |
Net exposure |  | — |  | — |  | — |
Interest rate average USD |  | — |  | — |  | — |
Commodities risk |  |  |  |  |  |  |
Aluminum |  | 298 |  | 349 |  | — |
Average price (USD/Ton) |  | 2,304 |  | 2,364 |  | — |
Sugar |  | 1,703 |  | 890 |  | 745 |
Average price (USD cent/Lb) |  | 22.43 |  | 22.18 |  | 22.62 |
As of December 31, 2022, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  | Ps. | 3,405 |  | Ps. | 2,485 |  | Ps. | 2 |
Average exchange rate MXN/USD |  |  | 20.71 |  |  | 20.88 |  |  | 24.33 |
Net exposure |  |  | 1,857 |  |  | 746 |  |  | — |
Average exchange rate BRL/USD |  |  | 5.34 |  |  | 5.55 |  |  | — |
Net exposure |  |  | 407 |  |  | 207 |  |  | — |
Average exchange rate COP/USD |  |  | 4,502 |  |  | 4,977 |  |  | — |
Net exposure |  |  | 437 |  |  | — |  |  | — |
Average exchange rate ARS/USD |  |  | 231.40 |  |  | — |  |  | — |
Net exposure |  |  | 299 |  |  | 139 |  |  | — |
Average exchange rate URY/USD |  |  | 42.51 |  |  | 42.74 |  |  | — |
Net exposure |  |  | 332 |  |  | 182 |  |  | — |
Average exchange rate CRC/USD |  |  | 686.50 |  |  | 664.50 |  |  | — |
Net exposure |  |  | 293 |  |  | — |  |  | — |
Average exchange rate ARS/MXN |  |  | 10.57 |  |  |  | — |  |  |  | — |  |
Foreign exchange currency swap contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | 12,670 |  |  | 1,743 |  |  | 29,324 |
Average exchange rate MXN/USD |  |  | 12.67 |  |  | 19.00 |  |  | 18.11 |
Net exposure |  |  | — |  |  | 9,294 |  |  | 6,874 |
Average exchange rate BRL/USD |  |  | — |  |  | 4.00 |  |  | 5.28 |
Net exposure |  |  | 345 |  |  | 250 |  |  | 2,313 |
Average exchange rate COP/USD |  |  | 3,926 |  |  | 2,333.06 |  |  | 3,510.06 |
Net exposure |  |  | 3,306 |  |  | — |  |  | 1,225 |
Average exchange rate CLP/USD |  |  | 774.49 |  |  | — |  |  | 677 |
Net exposure |  |  | — |  |  |  | — |  |  |  | 22,130 |  |
Average exchange rate EUR/USD |  |  | — |  |  |  | — |  |  |  | 0.91 |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | — |  |  | — |  |  | 9,681 |
Interest rate average BRL |  |  | — |  |  | — |  |  | 0.16 | %
Net exposure |  |  | — |  |  | — |  |  | 11,403 |
Interest rate average MXN |  |  | — |  |  | — |  |  | 7.17 | %
Net exposure |  |  | 271 |  |  | — |  |  | — |
Interest rate average CLP |  |  | 5.79 | % |  | — |  |  | — |
Net exposure |  |  | — |  |  | — |  |  | 3 |
Interest rate average USD |  |  | — |  |  | — |  |  | 3.57 | %
Commodities risk |  |  |  |  |  |  |  |  |  |
Aluminum |  |  | 294 |  |  | 368 |  |  | — |
Average price (USD/Ton) |  |  | 2,483 |  |  | 2,480 |  |  | — |
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Sugar |  |  | 1,058 |  |  | 631 |  |  | 468 |
Average price (USD cent/Lb) |  |  | 17.62 |  |  | 17.08 |  |  | 17.14 |
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges | As of December 31, 2023, a reconciliation per category of equity components and an analysis of OCI components, net of tax; generated by the cash flow hedges were as follows:
|  | Hedging
|  | reserve
Balances at beginning of the period |  | Ps. | 1,881 |
Cash flows hedges |  |  |
Fair value changes: |  |  |
Foreign exchange currency risk – Purchase of stock |  |  | (1,950) |
Foreign exchange currency risk – Other stock |  |  | (360) |
Interest rate risk |  |  | 64 |
Commodity price contracts – Purchase of stock |  |  | 145 |
The amounts reclassified to profit and loss: |  |  |
Foreign exchange currency risk – Other stock |  |  | 2,671 |
Interest rate risk |  |  | 201 |
The amounts included in non-financial costs: |  |  |
Foreign exchange currency risk – Purchase of stock |  |  | 1,806 |
Commodity price contracts – Purchase of stock |  |  | (363) |
Taxes due to changes in reserves during the period |  |  | (3,140) |
Balances at the end of the period |  | Ps. | 956 |
Schedule of Reconciliation of Each Component of Equity and Analysis of Other Comprehensive Income | Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
|  | Foreign currency option |  |  | Cross-currency swaps |  | Interest rate swaps |  |  | Commodity price contracts |  | Equity holders of the parent |  | Non-controlling interest |  | Total
As at January 1, 2022 |  | Ps. | (124) |  |  |  | Ps. | 3,403 |  |  | Ps. | (34) |  |  |  | Ps. | 141 |  |  | Ps. | 3,385 |  |  | Ps. | 736 |  |  | Ps. | 4,121 |
Financial instruments – purchases |  |  | (223) |  |  |  |  | (2,080) |  |  |  | — |  |  |  |  | (23) |  |  |  | (2,326) |  |  |  | (269) |  |  |  | (2,595) |
Change in fair value of financial instruments recognized in OCI |  |  | (211) |  |  |  |  | (3,231) |  |  |  | 199 |  |  |  |  | 133 |  |  |  | (3,110) |  |  |  | (1,500) |  |  |  | (4,610) |
Amount reclassified from OCI to profit or loss |  |  | 303 |  |  |  |  | 2,674 |  |  |  | — |  |  |  |  | (289) |  |  |  | 2,688 |  |  |  | (79) |  |  |  | 2,609 |
Foreign currency revaluation of the net foreign operations |  |  | — |  |  |  |  | 513 |  |  |  | — |  |  |  |  | — |  |  |  | 513 |  |  |  | 670 |  |  |  | 1,183 |
Effects of changes in foreign exchange rates |  |  | 2 |  |  |  |  | 1 |  |  |  | — |  |  |  |  | 1 |  |  |  | 4 |  |  |  | 6 |  |  |  | 10 |
Tax effect |  |  | 30 |  |  |  |  | 769 |  |  |  | (54) |  |  |  |  | 59 |  |  |  | 804 |  |  |  | 359 |  |  |  | 1,163 |
As at December 31, 2022 |  | Ps. | (223) |  |  |  | Ps. | 2,049 |  |  | Ps. | 111 |  |  |  | Ps. | 22 |  |  | Ps. | 1,958 |  |  | Ps. | (77) |  |  | Ps. | 1,881 |
Financial instruments – purchases |  |  | (350) |  |  |  |  | 50 |  |  |  | — |  |  |  |  | (59) |  |  |  | (359) |  |  |  | (608) |  |  |  | (967) |
Change in fair value of financial instruments recognized in OCI |  |  | (595) |  |  |  |  | (1,514) |  |  |  | 64 |  |  |  |  | 128 |  |  |  | (1,917) |  |  |  | (2,078) |  |  |  | (3,995) |
Amount reclassified from OCI to profit or loss |  |  | 848 |  |  |  |  | 2,698 |  |  |  | 201 |  |  |  |  | (171) |  |  |  | 3,576 |  |  |  | 746 |  |  |  | 4,322 |
Foreign currency revaluation of the net foreign operations |  |  | — |  |  |  |  | 1,277 |  |  |  | — |  |  |  |  | — |  |  |  | 1,277 |  |  |  | 1,577 |  |  |  | 2,854 |
Effects of changes in foreign exchange rates |  |  | 2 |  |  |  |  | — |  |  |  | — |  |  |  |  | (1) |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Tax effect |  |  | 45 |  |  |  |  | (3,335) |  |  |  | (19) |  |  |  |  | 33 |  |  |  | (3,276) |  |  |  | 136 |  |  |  | (3,140) |
As at December 31, 2023 |  | Ps. | (273) |  |  |  | Ps. | 1,224 |  |  | Ps. | 357 |  |  |  | Ps. | (48) |  |  | Ps. | 1,260 |  |  | Ps. | (304) |  |  | Ps. | 956 |

X
- Definition The disclosure of cross currency swap contract. + References No definition available. + Details
Name: | fmx_DisclosureOfCrossCurrencySwapContractTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of fair value of commodity price contracts. + References No definition available. + Details
Name: | fmx_DisclosureOfFairValueOfCommodityPriceContractsTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of financial instruments to hedge exposure to foreign exchange rates and interest rate. + References No definition available. + Details
Name: | fmx_DisclosureOfFinancialInstrumentsToHedgeExposureToForeignExchangeRatesAndInterestRateExplanatoryTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of maturity analysis for non-derivative and derivative financial liabilities. + References No definition available. + Details
Name: | fmx_DisclosureOfMaturityAnalysisForNonDerivativeAndDerivativeFinancialLiabilitiesTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of net effects of derivative financial instruments that did not met hedging criteria. + References No definition available. + Details
Name: | fmx_DisclosureOfNetEffectsOfDerivativeFinancialInstrumentsThatDidNotMetHedgingCriteriaExplanatoryTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of net effects of expired contracts that met hedging criteria. + References No definition available. + Details
Name: | fmx_DisclosureOfNetEffectsOfExpiredContractsThatMetHedgingCriteriaTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of outstanding forward agreements to purchase foreign currency. + References No definition available. + Details
Name: | fmx_DisclosureOfOutstandingForwardAgreementsToPurchaseForeignCurrencyTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of outstanding interest rate swap agreements. + References No definition available. + Details
Name: | fmx_DisclosureOfOutstandingInterestRateSwapAgreementsExplanatoryTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of reconciliation by risk category of components of equity and analysis of other comprehensive income items resulting from hedge accounting. + References No definition available. + Details
Name: | fmx_DisclosureOfReconciliationByRiskCategoryOfComponentsOfEquityAndAnalysisOfOtherComprehensiveIncomeItemsResultingFromHedgeAccountingExplanatoryTableTextBlock
Namespace Prefix: | fmx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | fmx_IfrsStatementLineItems
Namespace Prefix: | fmx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_24A&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of financial liabilities classified as held for trading. [Refer: Financial liabilities] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_31&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The explanation of the risk management strategy related to hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expired 2023-01-01 -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 22 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_22&doctype=Standard -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 22A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_22A&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_ExplanationOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration