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v3.22.1

Post-Employment and Other Non-current Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
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 | 2021 | 2020 | 2019
Financial: |  |  |
Discount rate used to calculate the defined benefit obligation and the net interest on de net defined benefit liability (asset) | 8.0 | % | 7.2 | % | 7.5 | %
Salary increase: (Non-Union/Union) | 4.5 | % | 4.5 | % | 4.5 | %
Future pension increase | 3.5 | % | 3.5 | % | 3.5 | %
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
2022 | Ps. 386 | Ps. 43
2023 | 169 | 42
2024 | 205 | 45
2025 | 229 | 46
2026 | 284 | 50
2027 to 2031 | 1,777 | 272
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
| 2021 | 2020
Pension and Retirement Plans: |  |
Vested benefit obligation | Ps. 952 | Ps. 996
Non-vested benefit obligation | 1,876 | 1,644
Accumulated benefit obligation | 2,828 | 2,640
Excess of projected defined benefit obligation over accumulated benefit obligation | 1,687 | 1,671
Defined benefit obligation | 4,515 | 4,311
Pension plan funds at fair value | (1,234) | (1,201)
Net defined benefit liability | Ps. 3,281 | Ps. 3,110
Seniority Premiums: |  |
Vested benefit obligation | Ps. 289 | Ps. 307
Non-vested benefit obligation | 232 | 224
Accumulated benefit obligation | 521 | 531
Excess of projected defined benefit obligation over accumulated benefit obligation | 457 | 334
Defined benefit obligation | 978 | 865
Seniority premium plan funds at fair value | (133) | (137)
Net defined benefit liability | Ps. 845 | Ps. 728
Total post-employment and other non-current employee benefits | Ps. 4,126 | Ps. 3,838
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 | 2021 | 2020
Fixed return: |  |
Traded securities | 22 | % | 18 | %
Life annuities | 16 | % | 18 | %
Bank instruments | 5 | % | 17 | %
Federal government instruments | 37 | % | 27 | %
Variable return: |  |
Publicly traded shares | 20 | % | 20 | %
| 100 | % | 100 | %
Summary of Amounts and Types of Securities in Related Parties Included in Portfolio Fund | In Mexico, the amounts and types of securities that the Company invests in related parties included in portfolio fund are mainly as follows:
| 2021 | 2020
Mexico |  |
Portfolio: |  |
Debt: |  |
Grupo Industrial Bimbo, S.A.B. de C. V. | $25 | $28
Grupo Financiero Banorte, S.A.B. de C.V. | 9 | 9
El Puerto de Liverpool, S.A.B. de C.V. | 9 | —
Capital: |  |
Fomento Económico Mexicano, S.A.B. de C.V. | 3 | 3
El Puerto de Liverpool, S.A.B. de C.V. | — | —
Alfa, S.A.B. de C.V. | — | —
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
2021 | 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. 244 | Ps. — | Ps. — | Ps. 197 | Ps. 1,038
Seniority premiums | 84 | — | — | 51 | 202
Total | Ps. 328 | Ps. — | Ps. — | Ps. 248 | Ps. 1,240
| 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
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):
| 2021 | 2020 | 2019
Amount accumulated in other comprehensive income as of the beginning of the periods | Ps. 1,173 | Ps. 855 | Ps. 344
Recognized during the year (obligation liability and plan assets) | 680 | 213 | 98
Actuarial gains and losses arising from changes in financial assumptions | (550) | (76) | 456
Actuarial gains and losses arising from changes in demographic assumptions | — | 184 | —
Foreign exchange rate valuation (gain) | 9 | (3) | (43)
Adjustment from employees transferred | (72) | — | —
Amount accumulated in other comprehensive income as of the end of the period, net of tax | Ps. 1,240 | Ps. 1,173 | Ps. 855
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
| 2021 | 2020 | 2019
Pension and Retirement Plans: |  |  |
Initial balance | Ps. 4,311 | Ps. 3,912 | Ps. 3,388
Current service cost | 244 | 229 | 170
Effect on curtailment | — | — | 2
Interest expense | 291 | 269 | 275
Actuarial gains or losses | 5 | 257 | 585
Foreign exchange loss | 18 | 28 | (69)
Benefits paid | (364) | (455) | (395)
Past service cost | — | 71 | (44)
| Ps. 4,515 | Ps. 4,311 | Ps. 3,912
Seniority Premiums: |  |  |
Initial balance | Ps. 865 | Ps. 630 | Ps. 411
Current service cost | 84 | 68 | 35
Interest expense | 62 | 53 | 37
Actuarial gains or losses | 74 | 187 | 155
Benefits paid | (107) | (73) | (84)
Past service cost | — | — | 76
| Ps. 978 | Ps. 865 | Ps. 630
Summary of Changes in the Balance of Plan Assets | Changes in the balance of trust assets
| 2021 | 2020 | 2019
Pension and retirement plans: |  |  |
Balance at beginning of year | Ps. 1,201 | Ps. 1,122 | Ps. 1,031
Actual return on trust assets | 33 | 75 | 81
Foreign exchange gain | — | 4 | 2
Life annuities | — | — | 8
Balance at end of year | Ps. 1,234 | Ps. 1,201 | Ps. 1,122
Seniority premiums |  |  |
Balance at beginning of year | Ps. 137 | Ps. 127 | Ps. 111
Actual return on trust assets | (4) | 10 | 16
Balance at end of year | Ps. 133 | Ps. 137 | Ps. 127
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. 255 | Ps. — | Ps. — | Ps. 226 | Ps. 1,463
Seniority premiums | Ps. 90 | Ps. — | Ps. — | Ps. 58 | Ps. 173
Total | Ps. 345 | Ps. — | Ps. — | Ps. 284 | Ps. 1,636
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. 211 | Ps. — | Ps. — | Ps. 172 | Ps. 1,288
Seniority premiums | Ps. 75 | Ps. — | Ps. — | Ps. 45 | Ps. 145
Total | Ps. 286 | Ps. — | Ps. — | Ps. 217 | Ps. 1,433
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2021, 2020 and 2019, employee benefits expenses recognized in the consolidated income statements are as follows:
| 2021 | 2020 | 2019
Included in cost of goods sold: |  |  |
Wages and salaries | Ps. 4,301 | Ps. 3,955 | Ps. 4,052
Social security costs | 1,359 | 1,251 | 1,277
Employee profit sharing | 57 | 89 | 79
Pension and seniority premium costs (Note 15.4) | 52 | 69 | 34
Share-based payment expense (Note 16.2) | 19 | 4 | 1
Included in selling and distribution expenses: |  |  |
Wages and salaries | 16,627 | 15,620 | 16,068
Social security costs | 4,787 | 4,587 | 4,717
Employee profit sharing | 959 | 551 | 539
Pension and seniority premium costs (Note 15.4) | 235 | 261 | 185
Share-based payment expense (Note 16.2) | 32 | 20 | 2
Included in administrative expenses: |  |  |
Wages and salaries | 2,788 | 2,448 | 2,742
Social security costs | 581 | 541 | 625
Employee profit sharing | 52 | 33 | 35
Pension and seniority premium costs (Note 15.4) | 41 | 38 | 20
Share-based payment expense (Note 16.2) | 225 | 166 | 185
Total employee benefits expense | Ps. 32,115 | Ps. 29,633 | Ps. 30,561

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