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v3.22.1

Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 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)
Systems Development | — | — | — | 398 | (399) | 1 | —
Transfer of completed development systems | — | — | — | — | — | — | —
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
Acquisition from business combinations | — | — | — | — | — | — | —
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
Balance as of January 1, 2021 | Ps. 77,396 | Ps. 23,431 | Ps. 1,148 | Ps. 6,709 | Ps. 176 | Ps. 737 | Ps. 109,597
Purchases | — | — | 135 | 370 | 673 | 113 | 1,291
Transfer of completed development systems | — | — | — | 255 | (469) | 214 | —
Disposals | — | — | (3) | — | — | — | (3)
Effect of movements in exchange rates | (1,257) | (522) | (88) | (374) | (5) | (24) | (2,270)
Changes in value on the recognition of inflation effects | — | — | — | — | — | 62 | 62
Cost as of December 31, 2021 | Ps. 76,139 | Ps. 22,909 | Ps. 1,192 | Ps. 6,960 | Ps. 375 | Ps. 1,102 | Ps. 108,677
| 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, 2019 | (745) | — | — | (3,025) | — | (37) | (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 | — | — | — | (29) | — | — | (29)
Balance as of December 31, 2020 | Ps. (745) | Ps. — | Ps. — | Ps. (4,353) | Ps. — | Ps. (528) | Ps. (5,626)
Amortization expense | — | — | — | (594) | — | (294) | (888)
Disposals | — | — | — | — | — | — | —
Effect of movements in exchange rate | — | — | — | 53 | — | 10 | 63
Changes in value on the recognition of inflation effects - amortization | — | — | — | (52) | — | — | (52)
Balance as of December 31, 2021 | Ps. (745) | Ps. — | Ps. — | Ps. (4,946) | Ps. — | Ps. (812) | Ps. (6,503)
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
Balance as of December 31, 2021 | Ps. 75,394 | Ps. 22,909 | Ps. 1,192 | Ps. 2,014 | Ps. 375 | Ps. 290 | Ps. 102,174
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. | 2021 | 2020
Mexico | Ps. 56,352 | Ps. 56,352
Guatemala | 1,735 | 1,755
Nicaragua | 438 | 433
Costa Rica | 1,407 | 1,425
Panama | 1,238 | 1,200
Colombia | 3,798 | 4,414
Brazil | 30,608 | 31,741
Argentina | 395 | 312
Uruguay | 2,332 | 2,450
Total | Ps. 98,303 | Ps. 100,082
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2021 were as follows:
CGU | Pre-tax WACC | Post –tax WACC | Expected Annual Long-Term Inflation 2022-2026 | Expected Volume Growth Rates 2022-2026
Mexico | 6.8 | % | 4.9 | % | 3.7 | % | 2.8 | %
Brazil | 9.1 | % | 5.8 | % | 3.3 | % | 7.7 | %
Colombia | 8.7 | % | 5.8 | % | 3.0 | % | 8.4 | %
Argentina | 19.7 | % | 14.5 | % | 35.9 | % | 5.4 | %
Guatemala | 7.9 | % | 6.1 | % | 4.2 | % | 10.7 | %
Costa Rica | 13.5 | % | 9.2 | % | 3.1 | % | 6.5 | %
Nicaragua | 18.3 | % | 10.6 | % | 4.3 | % | 6.4 | %
Panama | 8.5 | % | 6.5 | % | 2.2 | % | 7.0 | %
Uruguay | 8.5 | % | 6.1 | % | 5.0 | % | 4.0 | %
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 | %
Summary of Detailed Information About Sensitivity to Changes in Assumptions |
CGU | Change in WACC | Change in Volume Growth CAGR(1) | Effect on Valuation
Mexico | 0.2% | -1.0% | Passes by 6.8x
Brazil | 0.2% | -1.0% | Passes by 2.7x
Colombia | 0.2% | -1.0% | Passes by 4.2x
Argentina | 0.8% | -1.0% | Passes by 10.0x
Guatemala | 0.2% | -1.0% | Passes by 54.5x
Costa Rica | 0.4% | -1.0% | Passes by 3.1x
Nicaragua | 0.5% | -1.0% | Passes by 1.0x
Panama | 0.1% | -1.0% | Passes by 8.2x
Uruguay | 0.1% | -1.0% | Passes by 4.4x
(1) Compound Annual Growth Rate (CAGR)

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