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v3.21.1

Post-Employment and Other Non-current Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of defined benefit plans [abstract] |
Summary of Long-term Assumptions | In Mexico, actuarial calculations for pension and retirement plans and seniority premiums, as well as the associated cost for the period, were determined using the following long-term assumptions:
Mexico | 2020 | 2019 | 2018
Financial: |  |  |
Discount rate used to calculate the defined benefit obligation and the net interest on de net defined benefit liability (asset) | 7.2 | % | 7.5 | % | 9.4 | %
Salary increase: (Non-Union/Union) | 4.5 | % | 4.5 | % | 4.6 | %
Future pension increase | 3.5 | % | 3.5 | % | 3.6 | %
Biometric: |  |  |
Mortality | EMSSA 2009 (1) | EMSSA 2009 (1) | EMSSA 2009 (1)
Disability | IMSS 97 (2) | IMSS-97 (2) | IMSS-97 (2)
Normal retirement age | 60 years | 60 years | 60 years
Rest of employee turnover | BMAR2007 (3) | BMAR2007 (3) | BMAR2007 (3)
(1) EMSSA. Mexican Experience of Social Security (for its initials in Spanish) (2) IMSS. Mexican Experience of Instituto Mexicano del Seguro Social (for its initials in Spanish) (3) BMAR. Actuary experience
Summary of Defined Benefit Plan Expected Future Benefit Payments | Based on these assumptions, the amounts of benefits expected to be paid out in the following years are as follows:
| Pension and Retirement Plans | Seniority Premiums
2021 | Ps. 305 | Ps. 66
2022 | 173 | 59
2023 | 226 | 61
2024 | 247 | 63
2025 | 289 | 67
2026 to 2030 | 1,854 | 176
Balances of Liabilities for Post-employment and Other Non-current Employee Benefits | Balances of the liabilities for post-employment and other non-current employee benefits
| 2020 | 2019
Pension and Retirement Plans: |  |
Vested benefit obligation | Ps. 996 | Ps. 627
Non-vested benefit obligation | 1,644 | 1,421
Accumulated benefit obligation | 2,640 | 2,048
Excess of projected defined benefit obligation over accumulated benefit obligation | 1,671 | 1,864
Defined benefit obligation | 4,311 | 3,912
Pension plan funds at fair value | (1,201) | (1,122)
Net defined benefit liability | Ps. 3,110 | Ps. 2,790
Seniority Premiums: |  |
Vested benefit obligation | Ps. 307 | Ps. 214
Non-vested benefit obligation | 224 | 133
Accumulated benefit obligation | 531 | 347
Excess of projected defined benefit obligation over accumulated benefit obligation | 334 | 283
Defined benefit obligation | 865 | 630
Seniority premium plan funds at fair value | (137) | (127)
Net defined benefit liability | Ps. 728 | Ps. 503
Total post-employment and other non-current employee benefits | Ps. 3,838 | Ps. 3,293
Summary of Trust Assets | Trust assets consist of fixed and variable return financial instruments recorded at market value, which are invested as follows:
Type of instrument | 2020 | 2019
Fixed return: |  |
Traded securities | 18 | % | 18 | %
Life annuities | 18 | % | 20 | %
Bank instruments | 17 | % | 9 | %
Federal government instruments | 27 | % | 35 | %
Variable return: |  |
Publicly traded shares | 20 | % | 18 | %
| 100 | % | 100 | %
Summary of Amounts and Types of Securities in Related Parties Included in Portfolio Fund | In Mexico, the amounts and types of securities of the Company and related parties included in portfolio fund are as follows:
| 2020 | 2019
Mexico |  |
Portfolio: |  |
Debt: |  |
Grupo Industrial Bimbo, S.A.B. de C. V. | Ps. 28 | Ps. 26
Grupo Financiero Banorte, S.A.B. de C.V. | 9 | 8
Capital: |  |
Fomento Económico Mexicano, S.A.B. de C.V. | 3 | 2
El Puerto de Liverpool, S.A.B. de C.V. | — | 2
Alfa, S.A.B. de C.V. | — | 3
Summary of Amount Recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income | Amounts recognized in the consolidated income statements and the consolidated statements of equity
| Income statement | Accumulated OCI
2020 | Current Service Cost | Past Service Cost | (Gain) or Loss on Settlement or curtailment | Net Interest on the Net Defined Benefit Liability | Remeasurements of the Net Defined Benefit Liability net of taxes
Pension and retirement plans | Ps. 229 | Ps. 71 | Ps. — | Ps. 188 | Ps. 934
Seniority premiums | 68 | — | — | 43 | 239
Total | Ps. 297 | Ps. 71 | Ps. — | Ps. 231 | Ps. 1,173
| Income statement | Accumulated OCI
2019 | Current Service Cost | Past Service Cost | (Gain) or Loss on Settlement or curtailment | Net Interest on the Net Defined Benefit Liability | Remeasurements of the Net Defined Benefit Liability net of taxes
Pension and retirement plans | Ps. 170 | Ps. (44) | Ps. 2 | Ps. 176 | Ps. 790
Seniority premiums | 35 | 76 | — | 24 | 65
Total | Ps. 205 | Ps. 32 | Ps. 2 | Ps. 200 | Ps. 855
| Income statement | Accumulated OCI
2018 | Current Service Cost | Past Service Cost | (Gain) or Loss on Settlement or curtailment | Net Interest on the Net Defined Benefit Liability | Remeasurements of the Net Defined Benefit Liability net of taxes
Pension and retirement plans | Ps. 195 | Ps. — | Ps. (5) | Ps. 265 | Ps. 370
Seniority premiums | 42 | — | — | 34 | (26)
Total | Ps. 237 | Ps. — | Ps. (5) | Ps. 299 | Ps. 344
Summary of Remeasurements of Net Defined Benefit Liability Recognized in Other Comprehensive Income | Remeasurements of the net defined benefit liability recognized in other comprehensive income are as follows (amounts are net of tax):
| 2020 | 2019 | 2018
Amount accumulated in other comprehensive income as of the beginning of the periods | Ps. 855 | Ps. 344 | Ps. 567
Recognized during the year (obligation liability and plan assets) | 213 | 98 | 100
Actuarial gains and losses arising from changes in financial assumptions | (76) | 456 | (357)
Actuarial gains and losses arising from changes in demographic assumptions | 184 | — | —
Acquisitions | — | — | (83)
Foreign exchange rate valuation (gain) | (3) | (43) | (66)
Philippines disposal | — | — | 183
Amount accumulated in other comprehensive income as of the end of the period, net of tax | Ps. 1,173 | Ps. 855 | Ps. 344
Summary of Changes in the Balance of the Defined Benefit Obligation for Post-employment | Changes in the balance of the defined benefit obligation for post-employment and other non-current employee benefits
| 2020 | 2019 | 2018
Pension and Retirement Plans: |  |  |
Initial balance | Ps. 3,912 | Ps. 3,388 | Ps. 4,369
Current service cost | 229 | 170 | 195
Effect on curtailment | — | 2 | (5)
Interest expense | 269 | 275 | 265
Actuarial gains or losses | 257 | 585 | (391)
Foreign exchange loss | 28 | (69) | (86)
Benefits paid | (455) | (395) | (265)
Acquisitions | — | — | 417
Philippines disposal | — | — | (1,111)
Past service credit | 71 | (44) | —
| Ps. 4,311 | Ps. 3,912 | Ps. 3,388
Seniority Premiums: |  |  |
Initial balance | Ps. 630 | Ps. 411 | Ps. 461
Current service cost | 68 | 35 | 42
Interest expense | 53 | 37 | 34
Actuarial gains or losses | 187 | 155 | (84)
Benefits paid | (73) | (84) | (42)
Past service cost | — | 76 | —
| Ps. 865 | Ps. 630 | Ps. 411
Summary of Changes in the Balance of Plan Assets | Changes in the balance of trust assets
| 2020 | 2019 | 2018
Pension and retirement plans: |  |  |
Balance at beginning of year | Ps. 1,122 | Ps. 1,031 | Ps. 1,692
Actual return on trust assets | 75 | 81 | 30
Foreign exchange gain | 4 | 2 | (2)
Life annuities | — | 8 | 16
Benefits paid | — | — | (1)
Philippines disposal | — | — | (704)
Balance at end of year | Ps. 1,201 | Ps. 1,122 | Ps. 1,031
Seniority premiums |  |  |
Balance at beginning of year | Ps. 127 | Ps. 111 | Ps. 109
Actual return on trust assets | 10 | 16 | 2
Balance at end of year | Ps. 137 | Ps. 127 | Ps. 111
Summary of Amount of Defined Benefit Plan Expense and OCI Impact in Absolute Terms of Variation on Net Defined Benefit Liability | The following table presents the impact in absolute terms of a variation of 1.0% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1.0% on the significant actuarial assumptions is based on projected long-term discount rates for Mexico and a yield curve projections of long-term Mexican government bonds - CETES:
+1.0%: |  |  | Income Statement | Accumulated OCI
Discount rate used to calculate the defined benefit obligation and the net interest on the net defined benefit liability (asset) | Current Service Cost | Past Service Cost | Gain or Loss on Settlement or curtailment | Net Interest on the Net Defined Benefit Liability | Remeasurements of the Net Defined Benefit Liability
Pension and retirement plans | Ps. 195 | Ps. 68 | Ps. — | Ps. 148 | Ps. 1,055
Seniority premiums | 64 | — | — | 36 | 272
Total | Ps. 259 | Ps. 68 | Ps. — | Ps. 184 | Ps. 1,327
Expected salary increase | Current Service Cost | Past Service Cost | Gain or Loss on Settlement or curtailment | Net Interest on the Net Defined Benefit Liability | Remeasurements of the Net Defined Benefit Liability
Pension and retirement plans | Ps. 233 | Ps. 75 | Ps. — | Ps. 205 | Ps. 1,186
Seniority premiums | 69 | — | — | 44 | 324
Total | Ps. 302 | Ps. 75 | Ps. — | Ps. 249 | Ps. 1,510
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2020, 2019 and 2018, employee benefits expenses recognized in the consolidated income statements are as follows:
| 2020 | 2019 | 2018
Included in cost of goods sold: |  |  |
Wages and salaries | Ps. 3,955 | Ps. 4,052 | Ps. 4,295
Social security costs | 1,251 | 1,277 | 1,320
Employee profit sharing | 89 | 79 | 74
Pension and seniority premium costs (Note 17.4) | 69 | 34 | 26
Share-based payment expense (Note 18.2) | 4 | 1 | 3
Included in selling and distribution expenses: |  |  |
Wages and salaries | 15,620 | 16,068 | 16,590
Social security costs | 4,587 | 4,717 | 4,651
Employee profit sharing | 551 | 539 | 496
Pension and seniority premium costs (Note 17.4) | 261 | 185 | 158
Share-based payment expense (Note 18.2) | 20 | 2 | 11
Included in administrative expenses: |  |  |
Wages and salaries | 2,448 | 2,742 | 2,771
Social security costs | 541 | 625 | 557
Employee profit sharing | 33 | 35 | 31
Pension and seniority premium costs (Note 17.4) | 38 | 20 | 46
Post-employment benefits other (Note 17.4) | — | — | 2
Share-based payment expense (Note 18.2) | 166 | 185 | 143
Total employee benefits expense | Ps. 29,633 | Ps. 30,561 | Ps. 31,174

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