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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2020 and 2019:
| 2020 | 2019
| Level 1 | Level 2 | Level 1 | Level 2
Derivative financial instruments asset | Ps. 488 | Ps. 2,440 | Ps. 91 | Ps. 905
Derivative financial instruments liability | 84 | 1,417 | 47 | 2,191
Trust assets of labor obligations | 1,338 | — | 1,249 | —
Disclosure of reconciliation of each component of equity and the analysis of other comprehensive income | Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
| Foreign exchange forward contracts | Foreign currency option | Cross-currency swaps | Interest Rate swaps | Treasury Lock contracts | Commodity price contracts | Total holders of the parent | Non-controlling interest | Total
As at January 1, 2019 | Ps. 29 | Ps. 17 | Ps. 48 | Ps. (107) | Ps. — | Ps. (136) | Ps. (149) | Ps. (81) | Ps. (230)
Financial instruments – purchases | (267) | 2 | — | — | 102 | 29 | (134) | 8 | (126)
Change in fair value of financial instruments recognized in OCI | — | — | (2,083) | (37) | — | 3 | (2,117) | (58) | (2,175)
Amount reclassified from OCI to profit or loss | (69) | (26) | 1,026 | 67 | — | 198 | 1,196 | 182 | 1,378
Foreign currency revaluation of the net foreign operations | — | — | (176) | — | — | — | (176) | (157) | (333)
Effects of changes in foreign exchange rates | — | — | 30 | 9 | — | 3 | 42 | — | 42
Tax effect | 99 | 7 | 379 | (10) | (31) | (74) | 370 | 9 | 379
As at December 31, 2019 | Ps. (208) | Ps. — | Ps. (776) | Ps. (78) | Ps. 71 | Ps. 23 | Ps. (968) | Ps. (97) | Ps. (1,065)
Financial instruments – purchases | (837) | 2 | 161 | — | — | 351 | (323) | 53 | (270)
Change in fair value of financial instruments recognized in OCI | — | — | 2,654 | — | — | 9 | 2,663 | 414 | 3,077
Amount reclassified from OCI to profit or loss | 286 | (2) | 1,544 | 98 | (102) | (37) | 1,787 | 199 | 1,986
Foreign currency revaluation of the net foreign operations | — | — | (3,588) | — | — | — | (3,588) | (530) | (4,118)
Effects of changes in foreign exchange rates | 7 | — | 92 | 14 | — | (8) | 105 | 16 | 121
Tax effect | 163 | — | (254) | (33) | 31 | (108) | (201) | (52) | (253)
As at December 31, 2020 | Ps. (589) | Ps. — | Ps. (167) | Ps. 1 | Ps. — | Ps. 230 | Ps. (525) | Ps. 3 | Ps. (522)
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2021 | Ps. 7,130 | Ps. (843) | Ps. 4
At December 31, 2019, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 7,692 | Ps. (315) | Ps. 20
Disclosure of Outstanding Call Options to Purchase Foreign Currency | As of December 31, 2019, the Company had the following outstanding collar options to purchase foreign currency. Net premium paid for these options was Ps.3:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 107 | Ps. — | Ps. 2
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2020, the Company had the following outstanding cross currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2021 | Ps. 404 | Ps. (4) | Ps. —
2023 | 11,371 | — | 2,165
2027 | 6,982 | (464) | 80
2030 | 3,790 | (107) | 192
At December 31, 2019, the Company had the following outstanding cross currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 13,788 | Ps. (297) | Ps. 781
2021 | — | — | —
2023 | 10,742 | (594) | —
2027 | 6,596 | (843) | —
Summary of Outstanding Interest Rate Swap Agreements | At December 31, 2019, the Company had the following outstanding interest rate swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 4,365 | Ps. (142) | Ps. —
Disclosure Of Treasury Lock Contracts Explanatory | At December 31, 2019, the Company had the following outstanding treasury locks agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 10,365 | Ps. — | Ps. 102
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2020, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2021 | Ps. 695 | Ps. — | Ps. 125
2022 | Ps. 99 | Ps. — | Ps. 17
As of December 31, 2020, the Company had the following PX + MEG (resin) price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2021 | Ps. 729 | Ps. (65) | Ps. —
As of December 31, 2020, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2021 | Ps. 1,260 | Ps. (18) | Ps. 275
2022 | 366 | — | 70
As of December 31, 2019, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 394 | Ps. (1) | Ps. 5
As of December 31, 2019, the Company had the following PX + MEG (resin) price contracts
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 320 | Ps. (28) | Ps. —
As of December 31, 2019, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2020 | Ps. 1,554 | Ps. (18) | Ps. 71
2021 | 98 | — | 15
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria | Net effects of expired contracts that met hedging criteria
Derivative | Impact in consolidated income statement - Gain (Loss) | 2020 | 2019 | 2018
Cross currency swaps | Interest expense | Ps. (109) | Ps. (199) | Ps. (157)
Cross currency swaps | Foreign exchange | 1,212 | 480 | 642
Interest rate swaps | Interest expense | (163) | (515) | —
Option to purchase foreign currency | Cost of good sold | 8 | (63) | (8)
Forward agreements to purchase foreign currency | Cost of good sold | 839 | (163) | 240
Commodity Price contracts | Cost of good sold | (129) | (391) | (258)
Treasury locks | Interest expense | 153 | — | —
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes | Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes.
Derivative | Impact in consolidated income statement | 2020 | 2019 | 2018
Embedded derivatives | Market value (loss) gain on financial instruments | Ps. — | Ps. 4 | Ps. (12)
Cross currency swaps and interest rate swaps | Market value (loss) gain on financial instruments | (212) | (293) | (116)
Disclosure of Net Effect of Expired Contracts Did Not Meet Hedging Criteria for Accounting Purposes | Net effect of expired contracts that did not meet the hedging criteria for accounting purposes
Type of Derivatives | Impact in consolidated income statement | 2020 | 2019 | 2018
Cross currency swaps and interest rate swaps | Market value (loss) on financial instruments | Ps. (212) | Ps. (293) | Ps. (186)
Embedded derivatives | Market value (loss) gain on financial instruments | — | 4 | —
Summary of Sensitivity Analysis of Interest Rate Risks Management | The following disclosures provide a sensitivity analysis of the market risks, which the Company is exposed to as it relates to foreign exchange rates, interest rates and commodity prices, which it considers in its existing hedging strategy:
Forward agreement to purchase U.S. Dollar (MXN/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (19) | % | Ps. (884) | Ps. —
2019 | (9) | % | (739) | —
2018 | (13) | % | (365) | —
Forward agreement to purchase U.S. Dollar (BRL/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (21) | % | Ps. (357) | Ps. —
2019 | (13) | % | (155) | —
2018 | (16) | % | (413) | —
Forward agreement to purchase U.S. Dollar (COP/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (16) | % | Ps. (142) | Ps. —
2019 | (10) | % | (54) | —
2018 | (12) | % | (2) | —
Forward agreement to purchase U.S. Dollar (ARS/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (2) | % | Ps. (2) | Ps. —
2019 | (25) | % | (88) | —
2018 | (27) | % | (522) | —
Forward agreement to purchase U.S. Dollar (UYU/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (9) | % | Ps. (21) | Ps. —
2019 | (5) | % | (23) | —
2018 | (8) | % | (46) | —
Cross currency swaps (USD to MXN) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (19) | % | Ps. (5,507) | Ps. —
2019 | (9) | % | (2,315) | —
2018 | (13) | % | (3,130) | —
Cross currency swaps (USD to BRL) | Change in USD rate | Effect on equity | Profit and loss effect
2020 | (21) | % | Ps. (2,161) | Ps. —
2019 | (13) | % | (645) | —
2018 | (16) | % | (9,068) | —
Sugar price contracts | Change on sugar Price | Effect on equity | Profit and loss effect
2020 | (32) | % | Ps. (515) | Ps. —
2019 | (24) | % | (255) | —
2018 | (30) | % | (341) | —
Aluminum price contracts | Change on Aluminum price | Effect on equity | Profit and loss effect
2020 | (16) | % | Ps. (289) | Ps. —
2019 | (15) | % | (1,164) | —
2018 | (22) | % | (55) | —
Options to purchase foreign currency (MXN to USD) | Change on USD rate | Effect on equity | Profit and loss effect
2020 | — | % | Ps. — | Ps. —
2019 | (10) | % | (6) | —
2018 | (13) | % | (303) | —
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 and which considers its existing hedging strategy:
Interest Rate Risk | Change in U.S.$ rate | Effect on (profit) or loss
2020 | +100 bps | Ps. (102)
2019 | +100 bps | (44)
2018 | +100 bps | (134)
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | Cash outflows for financial liabilities (including interest) without fixed amounts or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2020.
(In millions of Ps) | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and thereafter
Non-derivative financial liabilities: |  |  |  |  |  |
Notes and bonds | Ps. 2,500 | Ps. 1,500 | Ps. 7,500 | Ps. — | Ps. 1,727 | Ps. 62,469
Loans from banks | 2,518 | 317 | 28 | 18 | 3,760 | 5,640
Derivatives financial liabilities (assets) | 999 | 991 | (1,286) | 577 | 577 | 1,375
Summary of Company's Financial Instruments Used to Hedge Its Exposure to Foreign Exchange Rates, Interest Rates and Commodity Risks | As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows:
| Maturity
| 1-6 months | 6-12 months | More than 12
Foreign exchange currency risk |  |  |
Foreign exchange currency forward contracts |  |  |
Notional amount (in millions of pesos) | 2,806 | 1,888 | —
Average exchange rate MXN/USD | 23.35 | 23.47 | —
Notional amount (in millions of pesos) | 844 | 491 | —
Average exchange rate BRL/USD | 5.41 | 5.37 | —
Notional amount (in millions of pesos) | 511 | 212 | —
Average exchange rate COP/USD | 3,750 | 3,740 | —
Notional amount (in millions of pesos) | 96 | — | —
Average exchange rate ARS/USD | 92.97 | — | —
Notional amount (in millions of pesos) | 225 | 58 | —
Average exchange rate UYU/USD | 45.92 | 45.69 | —
Foreign exchange currency swap contracts |  |  |
Notional amount (in millions of pesos) | — | — | 12,568
Average exchange rate MXN/USD | — | — | 19.81
Notional amount (in millions of pesos) | — | — | 9,575
Average exchange rate BRL/USD | — | — | 4.00
Notional amount (in millions of pesos) | 404 | — | —
Average exchange rate COP/USD | 3,454 | — | —
Commodities risk |  |  |
Aluminum (in millions of pesos) | 325 | 370 | 99
Average price (USD/Ton) | 1,654 | 1,720 | 1,740
Sugar (in millions of pesos) | 869 | 391 | 365
Average price (USD cent/Lb) | 12.13 | 11.87 | 12.17
PX+MEG (in millions of pesos) | 364 | 364 | —
Average price (USD /Ton) | 730 | 730 | —
As of December 31, 2019, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows:
| Maturity
| 1-6 months | 6-12 months | More than 12
Foreign exchange currency risk |  |  |
Foreign exchange currency forward contracts |  |  |
Notional amount (in millions of pesos) | 3,742 | 2,086 | —
Average exchange rate MXN/USD | 20.00 | 20.20 | —
Notional amount (in millions of pesos) | 697 | 303 | —
Average exchange rate BRL/USD | 4.04 | 4.16 | —
Notional amount (in millions of pesos) | 220 | 85 | —
Average exchange rate COP/USD | 3,491 | 3,460 | —
Notional amount (in millions of pesos) | 137 | — | —
Average exchange rate ARS/USD | 79.23 | — | —
Notional amount (in millions of pesos) | 335 | 87 | —
Average exchange rate UYU/USD | 37.55 | 40.03 | —
Foreign exchange currency option contracts |  |  |
Notional amount (in millions of pesos) | 107 | — | —
Average exchange rate COP/USD | 3,252 | — | —
Foreign exchange currency swap contracts |  |  |
Notional amount (in millions of pesos) | 9,423 | — | 8,292
Average exchange rate MXN/USD | 19.54 | — | 19.92
Notional amount (in millions of pesos) | — | 4,365 | 9,046
Average exchange rate BRL/USD | — | 3.41 | 4.00
Interest rate risk |  |  |
Interest rate swaps |  |  |
Notional amount (in millions of pesos) | — | 4,365 | —
Average interest rate | — | 8.34 | % | —
Treasury Locks |  |  |
Notional amount (in millions of pesos) | 10,365 | — | —
Average interest rate | 1.81 | % | — | —
Commodities risk |  |  |
Aluminum (in millions of pesos) | 276 | 118 | —
Average price (USD/Ton) | 1,796 | 1,812 | —
Sugar (in millions of pesos) | 1,192 | 361 | 98
Average price (USD cent/Lb) | 13.09 | 12.73 | 13.45
PX+MEG (in millions of pesos) | 160 | 160 | —
Average price (USD /Ton) | 848 | 848 | —

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