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v3.21.1

Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about intangible assets [abstract] |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill |
| 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, 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
Balance as of January 1, 2020 | Ps. 82,000 | Ps. 25,833 | Ps. 1,165 | Ps. 6,430 | Ps. 690 | Ps. 752 | Ps. 116,870
Purchases | — | — | — | 43 | 198 | 48 | 289
Transfer of completed development systems | — | — | — | 374 | (665) | 291 | —
Disposals | — | — | (25) | (41) | (6) | (371) | (443)
Effect of movements in exchange rates | (4,604) | (2,402) | 8 | (97) | (41) | (21) | (7,157)
Changes in value on the recognition of inflation effects | — | — | — | — | — | 38 | 38
Cost as of December 31, 2020 | Ps. 77,396 | Ps. 23,431 | Ps. 1,148 | Ps. 6,709 | Ps. 176 | Ps. 737 | Ps. 109,597
| 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
Accumulated amortization |  |  |  |  |  |  |
Balance as of January 1, 2018 | (745) | — | — | (2,323) | — | (270) | (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)
Amortization expense | — | — | — | (703) | — | (317) | (1,020)
Disposals | — | — | — | 20 | — | 48 | 68
Effect of movements in exchange rate | — | — | — | 164 | — | 11 | 175
Changes in value on the recognition of inflation effects - amortization | — | — | — | (29) | — | — | (29)
Balance as of December 31, 2020 | Ps. (745) | Ps. — | Ps. — | Ps. (4,353) | Ps. — | Ps. (528) | Ps. (5,626)
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
Balance as of December 31, 2020 | Ps. 76,651 | Ps. 23,431 | Ps. 1,148 | Ps. 2,356 | Ps. 176 | Ps. 209 | Ps. 103,971
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. | 2020 | 2019
Mexico | Ps. 56,352 | Ps. 56,352
Guatemala | 1,755 | 1,679
Nicaragua | 433 | 420
Costa Rica | 1,425 | 1,442
Panama | 1,200 | 1,131
Colombia | 4,414 | 4,367
Brazil | 31,741 | 38,765
Argentina | 312 | 306
Uruguay | 2,450 | 2,626
Total | Ps. 100,082 | Ps. 107,088
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2020 were as follows:
CGU | Pre-tax WACC | Post –tax WACC | Expected Annual Long-Term Inflation 2021-2030 | Expected Volume Growth Rates 2021-2030
Mexico | 7.4 | % | 5.3 | % | 3.9 | % | 2.0 | %
Brazil | 9.1 | % | 6.0 | % | 3.0 | % | 2.4 | %
Colombia | 11.0 | % | 7.3 | % | 2.8 | % | 4.1 | %
Argentina | 26.3 | % | 20.4 | % | 30.1 | % | 3.9 | %
Guatemala | 10.6 | % | 8.3 | % | 3.1 | % | 6.8 | %
Costa Rica | 15.3 | % | 10.8 | % | 2.7 | % | 4.3 | %
Nicaragua | 20.6 | % | 13.9 | % | 3.7 | % | 7.1 | %
Panama | 8.8 | % | 6.8 | % | 1.5 | % | 7.9 | %
Uruguay | 9.9 | % | 7.1 | % | 7.8 | % | 2.0 | %
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 | %
Panama | 8.5 | % | 6.6 | % | 2.0 | % | 5.4 | %
Uruguay | 9.4 | % | 6.8 | % | 7.4 | % | 2.0 | %
Summary 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 4.8x
Brazil | 0.6% | -1.0% | Passes by 1.8x
Colombia | 0.4% | -1.0% | Passes by 1x
Argentina | 3.0% | -1.0% | Passes by 6.7x
Guatemala | 0.6% | -1.0% | Passes by 29.7x
Costa Rica | 1.1% | -1.0% | Passes by 2.1x
Nicaragua | 1.7% | -1.0% | Passes by 1.1x
Panama | 0.3% | -1.0% | Passes by 6.9x
Uruguay | 0.4% | -1.0% | Passes by 2x
(1) Compound Annual Growth Rate (CAGR)

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