XML 108 R61.htm IDEA: XBRL DOCUMENT v3.25.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
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, 2024, and December 31, 2023:
December 31, 2024December 31, 2023
    Level 1Level 2Level 1Level 2
Financial instruments (current asset)401,238228203
Financial instruments (non-current asset) 16,46116,90714,27911,394
Financial instruments (current liability) 3208202536
Financial instruments (non-current liability) —4,625—8,653
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, 2024 and December 31, 2023, which is considered to be level 1 in the fair value hierarchy.
    December 31, 2024December 31, 2023
Carrying value Ps.148,204Ps.136,824
Fair value 132,174125,043
Disclosure of Outstanding Interest Rate Swap Agreements
As of December 31, 2024, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2027Ps.2,339Ps.—Ps.1
203210,134(1,784)—
As of December 31, 2023, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.2Ps.—Ps.65
20328,447(1,381)—
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency
As of December 31, 2024, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.8,052Ps.(138)Ps.560

As of December 31, 2023, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.11,449 Ps.(573)Ps.36 
Disclosure of Outstanding Cross Currency Swap Agreements
As of December 31, 2024, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.4,483Ps.—Ps.679
20267,243(1)547
202719,300(137)836
20286,819(211)—
20292,182—615
203026,086(68)3,166
2033263(31)—
203510,000(2,248)—
204312,492—3,588
20503,471—1,714

As of December 31, 2023, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.954 Ps.(35)Ps.103 
202549,834 (2)119 
20266,045 (1,017)98 
20278,949 (1,391)9 
20286,009 — 89 
202920 — 337 
203013,633 (803)— 
2032845 (51)— 
20334,931 — 117 
203510,000 (3,809)— 
20435,398 — 1,877 
20503,471 — 1,235 
Disclosure of Fair Value of Commodity Price Contracts
As of December 31, 2024, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.3,108Ps.(183)Ps.6
20262,214(118)—
2027440(27)—
As of December 31, 2023, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.2,593Ps.(130)Ps.206
2025745(72)—

As of December 31, 2024, Coca-Cola FEMSA had the following aluminum price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.828Ps.(2)Ps.33


As of December 31, 2023, Coca-Cola FEMSA had the following aluminum price contracts:

NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.647Ps.—Ps.21 


As of December 31, 2024, the Company had the following diesel price contracts:

NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.22Ps.—Ps.— 


As of December 31, 2024, the Company had the following PX + MEG price contracts:

NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
202572(5)— 
As of December 31, 2024, the Company had the following outstanding option agreements to purchase foreign currency:

Notional
Liability
Asset
Maturity DateAmount
December 31, 2024
December 31, 2024
2025Ps.3,701Ps.(24)Ps.248 
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria
Impact in Consolidated
Income StatementDecember 31, 2024December 31, 2023December 31, 2022
Cross-currency swaps (1)
 Interest expense Ps.— Ps.(392)Ps.(1)
Cross-currency swaps (1)
 Foreign exchange — (747)(5)
Interest rate swaps Interest expense — — — 
Forward agreements to purchase foreign currencyForeign exchange (3)180 565 
Commodity price contracts Cost of goods sold (15)430 614 
Options to purchase foreign currency Cost of goods sold 39 — — 
Forward agreements to purchase foreign currencyCost of goods sold 136 (1,834)(681)
(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 StatementDecember 31, 2024December 31, 2023December 31, 2022
 Cross currency swaps and interest rate swaps Market value gain (loss) on financial instruments Ps.938Ps.141Ps.(2,270)
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 RiskExchange RateEffect on Equity
2024
FEMSA (1)
+13% MXN/USDPs.15 
‑13% MXN/USD(15)
+5% CHF/EUR125 
‑5% CHF/EUR(125)
+7% CHF/USD7 
‑7% CHF/USD(7)
Coca-Cola FEMSA+13% MXN/USD183 
‑13% MXN/USD(183)
+13% BRL/USD50 
‑13% BRL/USD(50)
+11% COP/USD34 
‑11% COP/USD(34)
+2% ARS/USD11 
‑2% ARS/USD(11)
+5% UYU/USD13 
‑5% UYU/USD(13)
+5% CRC/USD14 
-5% CRC/USD(14)
2023
FEMSA (1)
+11% MXN/USDPs.9 
‑11% MXN/USD(9)
+7% CHF/EUR78 
‑7% CHF/EUR(78)
Change in
Foreign Currency RiskExchange RateEffect on Equity
+7% EUR/USD(6)
‑7% EUR/USD6 
Coca-Cola FEMSA+11% MXN/USD465 
‑11% MXN/USD(465)
+12% BRL/USD521 
‑12% BRL/USD(521)
+16% COP/USD225 
‑16% COP/USD(225)
+120% ARS/USD685 
‑120% ARS/USD(685)
+5% UYU/USD20 
‑5% UYU/USD(20)
+7% CRC/USD15 
-7% CRC/USD(15)
2022
FEMSA (1)
+10% MXN/USDPs.6 
‑10% MXN/USD(6)
+10% MXN/EUR1 
‑10% MXN/EUR(1)
+7% CHF/EUR44 
‑7% CHF/EUR(44)
Coca-Cola FEMSA+10% MXN/USD512 
‑10% MXN/USD(512)
+18% BRL/USD550 
‑18% BRL/USD(550)
+7% UYU/USD25 
‑7% UYU/USD(25)
+17% COP/USD112 
‑17% COP/USD(112)
+3% ARS/USD10 
‑3% ARS/USD(10)
+7% CRC/USD24 
-7% CRC/USD(24)
(1)Does not include Coca-Cola FEMSA
Change in
Cross Currency Swaps (1)
Exchange RateEffect on EquityEffect on Profit or Loss
2024
FEMSA (2)
+13% MXN/USDPs.— Ps.2,424 
‑13% MXN/USD— (2,424)
+13% BRL/USD— 163 
‑13% BRL/USD— (163)
+6% PEN/USD— 16 
‑6% PEN/USD— (16)
+11% COP/USD— 434 
‑11% COP/USD— (434)
+12% CLP/USD— 709 
‑12% CLP/USD— (709)
Coca-Cola FEMSA+13% MXN/USD1,863 — 
‑13% MXN/USD(1,863)— 
+13% BRL/USD2,187 — 
‑13% BRL/USD(2,187)— 
2023
FEMSA (2)
+14% CLP/USDPs.— 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/USD1,314 — 
‑11% MXN/USD(1,314)— 
+12% BRL/USD1,683 — 
‑12% BRL/USD(1,683)— 
2022
FEMSA (2)
+21% CLP/USDPs.— 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/USD1,220 — 
‑10% MXN/USD(1,220)— 
+18% BRL/USD2,893 — 
‑18% BRL/USD(2,893)— 


(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 (2)
Exchange RateEffect on Profit or Loss
2024
FEMSA (1)
+13% EUR/ +13 % USDPs.14,855 
‑13% EUR/ -13 % USD(14,855)
Coca-Cola FEMSA+13% USD1,397 
‑13% USD(1,397)
2023
FEMSA (1)
+11% EUR/ +11 % USDPs.14,617 
‑11% EUR/ -11 % USD(14,617)
Coca-Cola FEMSA+11% USD1,797 
‑11% USD(1,797)
2022
FEMSA (1)
+10% EUR/ +10 % USDPs.1,779 
‑10% EUR/ -10 % USD(1,779)
Coca-Cola FEMSA+10% USD2,282 
‑10% USD(2,282)
(1)Does not include Coca-Cola FEMSA.
(2)Differential for the variation in total cash at the exchange rate as of December 31, 2024 and exchange rate sensitivity.

Change in
Commodity Price Contracts
U.S.$ RateEffect on Equity
2024
Coca-Cola FEMSASugar -29%Ps.(1,578)
Alumimum -22%Ps.(189)
2023
Coca-Cola FEMSASugar -29%Ps.(765)
Alumimum -22%Ps.(2,812)
2022
Coca-Cola FEMSASugar -22%Ps.(333)
Alumimum -35%Ps.(4,520)

Change in
Options to purchase foreign currency (MXN to USD)
U.S.$ RateEffect on Equity
2024
Coca-Cola FEMSA(13)%Ps.(136)
2023
Coca-Cola FEMSA— %Ps.— 
2022
Coca-Cola FEMSA(35)%Ps.(4,520)
Change in
Options to purchase foreign currency (BRL to USD)
U.S.$ RateEffect on Equity
2024
Coca-Cola FEMSA(13)%Ps.(119)
2023
Coca-Cola FEMSA— %Ps.— 
2022
Coca-Cola FEMSA— %Ps.— 

Change in
Options to purchase foreign currency (COP to USD)
U.S.$ RateEffect on Equity
2024
Coca-Cola FEMSA(11)%Ps.(54)
2023
Coca-Cola FEMSA— %Ps.— 
2022
Coca-Cola FEMSA— %Ps.— 
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
2024
FEMSA (2)
(100 Bps.)Ps.(148)
2023
FEMSA (2)
(100 Bps.)Ps.(9)
2022
FEMSA (2)
(100 Bps.)Ps.(90)
(1)The sensitivity analysis effects include all subsidiaries of the Company.
(2)Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans202420232022
Change in interest rate+100 Bps.+100 Bps.+100 Bps.
Effect on profit lossPs.(258)Ps.(250)Ps.(249)
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, 2024. 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, 2024.
202520262027202820292030 and thereafterTotal
Non-derivative financial liabilities:
Notes and bondsPs.4,306 Ps.16,326 Ps.11,498 Ps.18,382 Ps.7,627 Ps.117,900 Ps.176,039 
Loans from Banks7,784 662 734 546 211 57 9,994 
Derivative financial liabilities(1,161)(1,397)(1,307)(726)(902)(3,978)(9,471)
Disclosure of Financial Liabilities That Are Part of Supplier Finance Arrangements
All trade payables subject to the supplier finance arrangement, included in the table below, are recorded as suppliers in the consolidated statement of financial position.

    20242023
Carrying amount of trade payables that are part of a supplier finance arrangement Ps.10,590Ps.2,416
Of which suppliers have received payment 22,001823
January 01, 2023
Ps.3,697
2,831
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates
As of December 31, 2024, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
Maturity 
1‑6 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure 1,455126—
Average exchange rate MXN/USD 18.7420.71—
Net exposure 95145—
Average exchange rate BRL/USD 5.506.07—
Net exposure 27522—
Average exchange rate COP/USD 4,1344,164—
Net exposure 51760—
Average exchange rate ARS/USD 1,1981,286—
Net exposure 169113—
Average exchange rate URY/USD 41.5944.13—
Net exposure240152—
Average exchange rate CRC/USD531.13540.05—
Foreign exchange currency swap contracts 
Net exposure ——35,064
Average exchange rate MXN/USD ——20.51
Net exposure ——17,903
Average exchange rate BRL/USD ——5.09
Net exposure 5615932,761
Average exchange rate COP/USD 3,817.003,420.154,271.98
Net exposure ——325
Average exchange rate CLP/USD ——816.00
Net exposure — — 583 
Average exchange rate EUR/USD ——1.09
Net exposure — — 67 
Average exchange rate PEN/USD— — 3.74 
Foreign exchange currency options contracts
Notional amount (in millions of pesos)5681,127—
Average exchange rate MXN/USD19.5520.61—
Notional amount (in millions of pesos)472928—
Average exchange rate BRL/USD)5.776.04—
Notional amount (in millions of pesos)307299—
Average exchange rate COP/USD)4,313.004,361.66—
Interest rate risk 
Interest rate swaps 
Net exposure ——10,134
Interest rate average BRL ——0.16%
Net exposure —2—
Interest rate average CLP —6.10%—
Commodities risk 
Aluminum 440389—
Average price (USD/Ton) 2,480.152,542.39—
Diesel (in millions of pesos)1111—
Average price (USD/Gallons)2.142.14—
PX+MEG (in millions of pesos)72——
Average proce (USD/Ton)950.00——
Sugar 3,4761,500787
Average price (USD cent/Lb) 19.3819.1417.94


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 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure Ps.3,049Ps.1,781Ps.—
Average exchange rate MXN/USD 18.3918.40—
Net exposure 2,4861,370—
Average exchange rate BRL/USD 5.105.07—
Net exposure 757334—
Average exchange rate COP/USD 4,4364,316—
Net exposure 150——
Average exchange rate ARS/USD 668.06——
Net exposure 344163—
Average exchange rate URY/USD 40.1840.66—
Net exposure154117—
Average exchange rate CRC/USD558.89556.00—
Foreign exchange currency swap contracts 
Maturity 
1‑6 months6‑12 monthsMore than 12 
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 —1,1091,822
Average exchange rate COP/USD —3,601.943,743.16
Net exposure —286,2462,082
Average exchange rate CLP/USD —870.50764.40
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—2—
Interest rate average CLP— 3.57 %— 
Commodities risk 
Aluminum 298349—
Average price (USD/Ton) 2,3042,364—
Sugar 1,703890745
Average price (USD cent/Lb) 22.4322.1822.62
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges
As of December 31, 2024, 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.956 
Cash flows hedges 
Fair value changes: 
Foreign exchange currency risk – Purchase of stock 844 
Foreign exchange currency risk – Other stock 1,436 
Interest rate risk (64)
Commodity price contracts – Purchase of stock(4,747)
The amounts reclassified to profit and loss:
Foreign exchange currency risk – Other stock4,708 
Interest rate risk(45)
The amounts included in non-financial costs: 
Foreign exchange currency risk – Purchase of stock(98)
Commodity price contracts – Purchase of stock(2)
Taxes due to changes in reserves during the period 133 
Balances at the end of the period Ps.3,121 
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 optionCross-currency swapsInterest rate swapsCommodity price contractsEquity holders of the parentNon-controlling interestTotal
As at January 1, 2023 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 rates2 — — (1)1 — 1 
Tax effect45 (3,335)(19)33 (3,276)136 (3,140)
As at December 31, 2023Ps.(273)Ps.1,225 Ps.357 Ps.(48)Ps.1,260 Ps.(304)Ps.956 
Financial instruments – purchases41 (261)— 88 (54)332 278 
Change in fair value of financial instruments recognized in OCI345 6,898 (64)(133)7,082 3,949 11,031 
Amount reclassified from OCI to profit or loss(45)(4,039)— (1)(4,103)(125)(4,228)
Foreign currency revaluation of the net foreign operations— (2,194)— — (2,194)(2,842)(5,036)
Effects of changes in foreign exchange rates12 (14)— (1)(3)(10)(13)
Tax effect(105)733 (64)15 548 (415)133 
As at December 31, 2024Ps.(25)Ps.2,348 Ps.229 Ps.(80)Ps.2,536 Ps.585 Ps.3,121