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Equity Method Accounted Investees
 12 Months Ended
Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
Equity Method Accounted Investees Equity Method Accounted Investees
As of December 31, 2024 and 2023, Company’s equity method accounted investees are as follows:

Ownership PercentageCarrying Value
Investee    Principal Activity    Place of Incorporation    December 31, 2024December 31, 2023December 31, 2024December 31, 2023
IFS TopCo LLC (3)
DistributionUnited States37.1%37.1%17,35615,032
Coca-Cola FEMSA:   
Joint ventures:   
Dispensadoras de Café, S.A.P.I. de C.V. Services Mexico 50.0%50.0%239223
Fountain Agua Mineral, L.T.D.A. Beverages Brazil 50.0%50.0%818808
Planta Nueva Ecología De Tabasco, S.A. de C.V.RecyclingMexico50.0%50.0%1,3921,139
Associates:   
Promotora Industrial Azucarera, S.A. de C.V. (“PIASA”) Sugar productionMexico 36.4%36.4%3,6543,454
Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) Canned bottling Mexico 26.5%26.5%195215
Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) Recycling Mexico 35.0%35.0%9199
Jugos del Valle, S.A.P.I. de C.V. Beverages Mexico 28.2%28.2%3,4662,831
Leao Alimentos e Bebidas, L.T.D.A. Beverages Brazil 25.1%25.1%212298
Alimentos de Soja S.A.U.BeveragesArgentina10.7%10.7%4823
Other investments in Coca-Cola FEMSA Various Various VariousVarious118156
Proximity Americas Division:   
Joint ventures:
Raizen Conveniências Proximity Brazil 50.0%50.0%9291,636
Other investments (1) (3)
 Various Various VariousVarious179333
Ps.28,697Ps.26,247
(1)Associate.
(2)Joint ventures.
(3)As a result of the merger between Envoy Solutions and Brady Plus during October 2023, the Company owns 37.1% of the shares of IFS TopCo LLC, having significant influence over this investee, mainly because it has appointed directors who participate in the Board of IFS TopCo LLC (see Note 4).

Coca-Cola FEMSA's investments

During 2024 Coca-Cola FEMSA received dividends from Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) for an amount of Ps. 19.

During 2024 and 2023 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. for an amount of Ps. 482 and Ps. 466, and sold shares for an amount of Ps. 24 on 2023. Also its ownership decreased due to a corporate restructuring.

During 2024 and 2023 Coca-Cola FEMSA made capital contributions to Planta Nueva Ecología de Tabasco S.A. de C.V. for an amount of Ps. 320 and Ps. 506, respectively. There were no changes in the ownership percentage as a result of capital contributions made by the other shareholders.

During 2023 Coca-Cola FEMSA received dividends from Promotora Mexicana de Embotelladores, S.A. de C.V. (“PIASA”) for an amount of Ps. 79.

During 2023, Coca-Cola FEMSA recognized an impairment on its investment in Alimentos de Soja S.A.U. for an amount of Ps. 143 recognized in the South America segment.
During 2022 Coca-Cola FEMSA received dividends from Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) for the amount of Ps. 16.


For the years ended December 31, 2024, 2023 and 2022 the equity earnings recognized for associates of Coca-Cola FEMSA were Ps. 294, Ps. 25 and Ps. 194, respectively.
For the years ended December 31, 2024 the equity earnings recognized for joint ventures of Coca-Cola FEMSA were Ps. 12. In December 2023 and 2022, the equity earnings recognized for joint ventures of Coca-Cola FEMSA Ps. 190 and Ps. 192, respectively.


IFS TopCo LLC

On October 31, 2023, the Company entered into a definitive agreement with Brady Plus to create a new distribution platform for the facility cleaning, food disposables and packaging industries in the United States. The Company received Ps. 24,468 (U.S. $1.5 billion) in cash and maintains a 37.1% equity interest in the new combined entity IFS TopCo LLC.
For the years ended in December 31, 2024 the Company completed the purchase price allocation and determined the fair value of this investment and goodwill as described below. The fair value of the investment derived from the transaction was Ps. 15,032 (U.S. $890 million) (see Note 4.3.2).

Reconciliation from the equity of the associate IFS TopCo LLC to the investment of the Company.

December 31, 2024December 31, 2023
Amounts in millionsPesoU.S. dollarsPesoU.S. dollars
Equity attributable to the equity interest in IFS TopCoPs.41,564$.2,051Ps.36,169$.2,141
Economic ownership percentage%37.08%37.08%37.08%37.08
Investment in IFS TopCo investment exclusive of goodwillPs.15,413$.760Ps.13,412$.794
Goodwill allocated1,943961,62096
IFS TopCo investment (1)
Ps.17,356$.856Ps.15,032$.890

(1)IFS TopCo purchase price allocation was finalized during the twelve month remeasurement period after the acquisition date.


For the year ended December 31, 2024, 2023 and 2022, the Company’s share of other comprehensive income from equity investees, net of taxes are as follows:
    202420232022
Items that may be reclassified to consolidated net income: 
Valuation of the effective portion of derivative financial instruments Ps.(32)Ps.(526)Ps.(286)
Exchange differences on translating foreign operations 2926,623 2,655
Total Ps.260Ps.6,097 Ps.2,369
Items that may not be reclassified to consolidated net income in subsequent periods: 
Remeasurements of the net defined benefit liability Ps.—Ps.897 Ps.267 

For the years ended December 31, 2024, 2023 and 2022 the equity earnings (loss) recognized for other associates were Ps. 2,071, Ps. (621), and Ps. 287, respectively.