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Financial Instruments (Tables)

12 Months Ended

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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