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v3.20.1

Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill | Note 13. Intangible Assets
|  | Rights to Produce and Distribute Coca-Cola trademark Products |  |  | Goodwill |  |  | Other indefinite lived intangible assets |  |  | Technology costs and management systems |  |  | Development systems |  |  | Other amortizable |  |  | Total |
Balance as of January 1, 2017 |  | Ps. | 85,338 |  |  | Ps. | 33,582 |  |  | Ps. | 1,248 |  |  | Ps. | 4,579 |  |  | Ps. | 798 |  |  | Ps. | 475 |  |  | Ps. | 126,020 |
Purchases |  |  | 1,288 |  |  |  | — |  |  |  | 7 |  |  |  | 179 |  |  |  | 920 |  |  |  | 446 |  |  |  | 2,840 |
Acquisition from business combinations |  |  | 9,066 |  |  |  | (6,168 | ) |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 64 |  |  |  | 2,968 |
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 412 |  |  |  | (412 | ) |  |  | — |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effect of movements in exchange rates |  |  | (2,318 | ) |  |  | (1,186 | ) |  |  | 101 |  |  |  | (86 | ) |  |  | (15 | ) |  |  | (52 | ) |  |  | (3,556 | )
Changes in value on the recognition of inflation effects |  |  | (727 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 175 |  |  |  | (552 | )
Effect of Venezuela (Note 3.3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (139 | ) |  |  | (139 | )
Capitalization of borrowing cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cost as of December 31, 2017 |  | Ps. | 92,647 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 5,090 |  |  | Ps. | 1,291 |  |  | Ps. | 969 |  |  | Ps. | 127,581 |
Balance as of January 1, 2018 |  | Ps. | 92,647 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 5,090 |  |  | Ps. | 1,291 |  |  | Ps. | 969 |  |  | Ps. | 127,581 |
Purchases |  |  | — |  |  |  | — |  |  |  | 50 |  |  |  | 226 |  |  |  | 371 |  |  |  | 28 |  |  |  | 675 |
Acquisition from business combinations |  |  | 4,602 |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 57 |  |  |  | 291 |  |  |  | 4,976 |
Systems Development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | 41 |
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 904 |  |  |  | (904 | ) |  |  | — |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (93 | ) |  |  | (98 | )
Philippines disposal (Note 5) |  |  | (3,882 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (596 | ) |  |  | (4,478 | )
Effect of movements in exchange rates |  |  | (5, 005 | ) |  |  | (2,499 | ) |  |  | (352 | ) |  |  | (218 | ) |  |  | (38 | ) |  |  | (31 | ) |  |  | (8,143 | )
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57 |  |  |  | 57 |
Cost as of December 31, 2018 |  | Ps. | 88,362 |  |  | Ps. | 23,729 |  |  | Ps. | 1,054 |  |  | Ps. | 6,023 |  |  | Ps. | 777 |  |  | Ps. | 666 |  |  | Ps. | 120,611 |
Balance as of January 1, 2019 |  | Ps. | 88,362 |  |  | Ps. | 23,729 |  |  | Ps. | 1,054 |  |  | Ps. | 6,023 |  |  | Ps. | 777 |  |  | Ps. | 666 |  |  | Ps. | 120,611 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 334 |  |  |  | 263 |  |  |  | 697 |
Acquisition from business combinations |  |  | (2,887 | ) |  |  | 2,903 |  |  |  | 153 |  |  |  | (6 | ) |  |  | — |  |  |  | (185 | ) |  |  | (22 | )
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 398 |  |  |  | (399 | ) |  |  | 1 |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | (17 | )
Effect of movements in exchange rates |  |  | (3,475 | ) |  |  | (799 | ) |  |  | (42 | ) |  |  | (68 | ) |  |  | (22 | ) |  |  | 13 |  |  |  | (4,393 | )
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | (6 | )
Cost as of December 31, 2019 |  | Ps. | 82,000 |  |  | Ps. | 25,833 |  |  | Ps. | 1,165 |  |  | Ps. | 6,430 |  |  | Ps. | 690 |  |  | Ps. | 752 |  |  | Ps. | 116,870 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2017 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,764 | ) |  |  | — |  |  |  | (292 | ) |  |  | (2,056 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (605 | ) |  |  | — |  |  |  | (42 | ) |  |  | (647 | )
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46 |  |  |  | — |  |  |  | 184 |  |  |  | 230 |
Effect of Venezuela (Note 3.3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (120 | ) |  |  | (120 | )
Impairment of Venezuela |  |  | (745 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (745 | )
Balances as of December 31, 2017 |  | Ps. | (745 | ) |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | (2,323 | ) |  | Ps. | — |  |  | Ps. | (270 | ) |  | Ps. | (3,338 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (797 | ) |  |  | — |  |  |  | (201 | ) |  |  | (998 | )
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 93 |  |  |  | 98 |
Philippines disposal (Note 5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 375 |  |  |  | 375 |
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 141 |  |  |  | — |  |  |  | (33 | ) |  |  | 108 |
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (51 | ) |  |  | — |  |  |  | (1 | ) |  |  | (52 | )
Balance as of December 31, 2018 |  | Ps. | (745 | ) |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | (3,025 | ) |  | Ps. | — |  |  | Ps. | (37 | ) |  | Ps. | (3,807 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (819 | ) |  |  | — |  |  |  | (243 | ) |  |  | (1,062 | )
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 17 |
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | 9 |  |  |  | 61 |
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30 | ) |  |  | — |  |  |  | 1 |  |  |  | (29 | )
Balance as of December 31, 2019 |  | Ps. | (745 | ) |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | (3,805 | ) |  | Ps. | — |  |  | Ps. | (270 | ) |  | Ps. | (4,820 | )
Balance as of December 31, 2017 |  | Ps. | 91,902 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 2,767 |  |  | Ps. | 1,291 |  |  | Ps. | 699 |  |  | Ps. | 124,243 |
Balance as of December 31, 2018 |  | Ps. | 87,617 |  |  | Ps. | 23,729 |  |  | Ps. | 1,054 |  |  | Ps. | 2,998 |  |  | Ps. | 777 |  |  | Ps. | 629 |  |  | Ps. | 116,804 |
Balance as of December 31, 2019 |  | Ps. | 81,255 |  |  | Ps. | 25,833 |  |  | Ps. | 1,165 |  |  | Ps. | 2,625 |  |  | Ps. | 690 |  |  | Ps. | 482 |  |  | Ps. | 112,050 |
Disclosure of Aggregate Carrying Amounts of Goodwill and Distribution Rights Allocated to Each CGUl | The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows:
In millions of Ps. |  | 2019 |  |  | 2018 |
Mexico |  | Ps. | 56,352 |  |  | Ps. | 56,352 |
Guatemala |  |  | 1,679 |  |  |  | 1,853 |
Nicaragua |  |  | 420 |  |  |  | 460 |
Costa Rica |  |  | 1,442 |  |  |  | 1,417 |
Panamá |  |  | 1,131 |  |  |  | 1,182 |
Colombia |  |  | 4,367 |  |  |  | 4,600 |
Brazil |  |  | 38,765 |  |  |  | 42,153 |
Argentina |  |  | 306 |  |  |  | 327 |
Uruguay |  |  | 2,626 |  |  |  | 3,003 |
Total |  | Ps. | 107,088 |  |  | Ps. | 111,347 |
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2019 were as follows:
CGU |  | Pre-tax WACC |  |  | Post –tax WACC |  |  | Expected Annual Long- Term Inflation 2020-2029 |  |  | Expected Volume Growth Rates 2020-2029 |
Mexico |  |  | 7.3 | % |  |  | 5.2 | % |  |  | 3.5 | % |  |  | 0.7 | %
Brazil |  |  | 9.3 | % |  |  | 5.6 | % |  |  | 3.6 | % |  |  | 2.0 | %
Colombia |  |  | 8.9 | % |  |  | 6.2 | % |  |  | 3.1 | % |  |  | 4.0 | %
Argentina |  |  | 21.6 | % |  |  | 14.8 | % |  |  | 39.2 | % |  |  | 3.7 | %
Guatemala |  |  | 9.1 | % |  |  | 7.1 | % |  |  | 4.0 | % |  |  | 8.5 | %
Costa Rica |  |  | 13.8 | % |  |  | 9.7 | % |  |  | 2.2 | % |  |  | 2.1 | %
Nicaragua |  |  | 21.1 | % |  |  | 12.4 | % |  |  | 4.4 | % |  |  | 3.0 | %
Panamá |  |  | 8.5 | % |  |  | 6.6 | % |  |  | 2.0 | % |  |  | 5.4 | %
Uruguay |  |  | 9.4 | % |  |  | 6.8 | % |  |  | 7.4 | % |  |  | 2.0 | %
The key assumptions by CGU for impairment test as of December 31, 2018 were as follows:
CGU |  | Pre-tax WACC |  |  | Post –tax WACC |  |  | Expected Annual Long- Term Inflation 2019-2028 |  |  | Expected Volume Growth Rates 2019-2028 |
Mexico |  |  | 7.4 | % |  |  | 5.3 | % |  |  | 4.0 | % |  |  | 1.4 | %
Guatemala |  |  | 9.4 | % |  |  | 7.5 | % |  |  | 3.2 | % |  |  | 7.3 | %
Nicaragua |  |  | 21.2 | % |  |  | 11.0 | % |  |  | 6.2 | % |  |  | 3.8 | %
Costa Rica |  |  | 13.9 | % |  |  | 9.2 | % |  |  | 4.0 | % |  |  | 1.6 | %
Panama |  |  | 9.2 | % |  |  | 7.0 | % |  |  | 2.4 | % |  |  | 3.0 | %
Colombia |  |  | 7.8 | % |  |  | 5.2 | % |  |  | 3.1 | % |  |  | 4.0 | %
Brazil |  |  | 10.7 | % |  |  | 6.6 | % |  |  | 3.8 | % |  |  | 1.7 | %
Argentina |  |  | 19.6 | % |  |  | 11.3 | % |  |  | 21.9 | % |  |  | 2.7 | %
Sensitivity to Changes in Assumptions
Sumamry of Detailed Information About Sensitivity to Changes in Assumptions |
CGU |  | Change in WACC |  |  | Change in Volume Growth CAGR (1) |  |  | Effect on Valuation
Mexico |  |  | 0.4 | % |  |  | -1.0 | % |  | Passes by 4.9x
Brazil |  |  | 0.5 | % |  |  | -1.0 | % |  | Passes by 1.6x
Colombia |  |  | 0.3 | % |  |  | -1.0 | % |  | Passes by 4.7x
Argentina |  |  | 1.9 | % |  |  | -1.0 | % |  | Passes by 13.9x
Guatemala |  |  | 0.4 | % |  |  | -1.0 | % |  | Passes by 38.5x
Costa Rica |  |  | 0.8 | % |  |  | -1.0 | % |  | Passes by 3.4x
Nicaragua |  |  | 1.4 | % |  |  | -1.0 | % |  | Passes by 1.1x
Panamá |  |  | 0.2 | % |  |  | -1.0 | % |  | Passes by 9.7x
Uruguay |  |  | 0.3 | % |  |  | -1.0 | % |  | Passes by 3x
(1) | Compound Annual Growth Rate (CAGR)

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