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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and 2020:
| 2021 | 2020
| Level 1 | Level 2 | Level 1 | Level 2
Derivative financial instruments asset | Ps. 764 | Ps. 4,911 | Ps. 488 | Ps. 2,440
Derivative financial instruments liability | 35 | 58 | 84 | 1,417
Trust assets of labor obligations | 1,367 | — | 1,338 | —
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, 2020 | 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)
Financial instruments – purchases | 70 | — | 396 | — | — | 427 | 893 | 70 | 963
Change in fair value of financial instruments recognized in OCI | — | — | 2,543 | — | — | 826 | 3,369 | 310 | 3,679
Amount reclassified from OCI to profit or loss | 785 | — | 10 | (1) | — | (1,141) | (347) | (142) | (489)
Foreign currency revaluation of the net foreign operations | — | — | (1,385) | — | — | — | (1,385) | (105) | (1,490)
Effects of changes in foreign exchange rates | 7 | — | 8 | — | — | (9) | 6 | (1) | 5
Tax effect | (253) | — | (500) | — | — | (34) | (787) | (45) | (832)
As at December 31, 2021 | Ps. 20 | Ps. — | Ps. 905 | Ps. — | Ps. — | Ps. 299 | Ps. 1,224 | Ps. 90 | Ps. 1,314
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2021, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2022 | Ps. 6,131 | Ps. (49) | Ps. 78
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
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2021, the Company had the following outstanding cross-currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2022 | Ps. 407 | Ps. — | Ps. 45
2023 | 11,733 | — | 3,628
2026 | 6,348 | (1) | 220
2027 | 7,204 | — | 366
2030 | 3,911 | (8) | 404
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
Summary of Outstanding Interest Rate Swap Agreements | At December 31, 2021, the Company had the following outstanding interest rate swap agreements.
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2032 | Ps. 6,175 | Ps. — | Ps. 170
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2021, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2022 | Ps. 102 | Ps. — | Ps. 62
As of December 31, 2021, the Company had the following PX + MEG (resin) price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2022 | Ps. 470 | Ps. (28) | Ps. 5
As of December 31, 2021, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2022 | Ps. 2,020 | Ps. (7) | Ps. 502
2023 | 769 | — | 195
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
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) | 2021 | 2020 | 2019
Cross-currency swaps | Interest expense | Ps. — | Ps. (109) | Ps. (199)
Cross-currency swaps | Foreign exchange | — | 1,212 | 480
Interest rate swaps | Interest expense | — | (163) | (515)
Option to purchase foreign currency | Cost of good sold | — | 8 | (63)
Forward agreements to purchase foreign currency | Cost of good sold | (788) | 839 | (163)
Commodity Price contracts | Cost of good sold | 1,245 | (131) | (391)
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 | 2021 | 2020 | 2019
Embedded derivatives | Market value (loss) on financial instruments | Ps. — | Ps. — | Ps. 4
Cross currency swaps and interest rate swaps | Market value (loss) on financial instruments | 80 | (212) | (293)
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 | 2021 | 2020 | 2019
Cross currency swaps and interest rate swaps | Market value (loss) on financial instruments | Ps. — | Ps. (212) | Ps. (293)
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
2021 | (11) | % | Ps. (298) | Ps. —
2020 | (19) | % | (884) | —
2019 | (9) | % | (739) | —
Forward agreement to purchase U.S. Dollar (BRL/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (16) | % | Ps. (284) | Ps. —
2020 | (21) | % | (357) | —
2019 | (13) | % | (155) | —
Forward agreement to purchase U.S. Dollar (COP/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (11) | % | Ps. (81) | Ps. —
2020 | (16) | % | (142) | —
2019 | (10) | % | (54) | —
Forward agreement to purchase U.S. Dollar (ARS/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (1) | % | Ps. (3) | Ps. —
2020 | (2) | % | (2) | —
2019 | (25) | % | (88) | —
Forward agreement to purchase U.S. Dollar (UYU/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (4) | % | Ps. (7) | Ps. —
2020 | (9) | % | (21) | —
2019 | (5) | % | (23) | —
Forward agreement to purchase U.S. Dollar (CRC/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (3) | % | Ps. (10) | Ps. —
Cross currency swaps (USD to MXN) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (11) | % | Ps. (1,645) | Ps. —
2020 | (19) | % | (5,507) | —
2019 | (9) | % | (2,315) | —
Cross currency swaps (USD to BRL) | Change in USD rate | Effect on equity | Profit and loss effect
2021 | (16) | % | Ps. (2,300) | Ps. —
2020 | (21) | % | (2,161) | —
2019 | (13) | % | (645) | —
Sugar price contracts | Change on sugar Price | Effect on equity | Profit and loss effect
2021 | (28) | % | Ps. (714) | Ps. —
2020 | (32) | % | (515) | —
2019 | (24) | % | (255) | —
Aluminum price contracts | Change on Aluminum price | Effect on equity | Profit and loss effect
2021 | (24) | % | Ps. (39) | Ps. —
2020 | (16) | % | (289) | —
2019 | (15) | % | (1,164) | —
Options to purchase foreign currency (MXN to USD) | Change on USD rate | Effect on equity | Profit and loss effect
2021 | — | % | Ps. — | Ps. —
2020 | (10) | % | (6) | —
2019 | (13) | % | (303) | —
The following disclosures provide a sensitivity analysis of the interest rate risks considered reasonably possible for the following fiscal year, according with its existing floating rate borrowings and derivative financial instruments at the end of the reporting period:
Interest Rate Risk | Change in U.S.$ rate | Effect on (profit) or loss
2021 | +100 bps | Ps. (160)
2020 | +100 bps | (102)
2019 | +100 bps | (44)
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | Cash outflows for financial liabilities without fixed amounts or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2021.
(In millions of Ps) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and thereafter
Notes and bonds | Ps. 1,499 | Ps. 7,498 | Ps. — | Ps. 1,726 | Ps. 2,425 | Ps. 70,704
Loans from banks | 954 | 958 | 17 | — | — | —
Derivatives financial liabilities (assets) | (605) | (3,825) | — | — | (219) | (933)
Summary of Company's Financial Instruments Used to Hedge Its Exposure to Foreign Exchange Rates, Interest Rates and Commodity Risks | As of December 31, 2021, 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) | 1,985 | 1,057 | —
Average exchange rate MXN/USD | 20.88 | 21.40 | —
Notional amount (in millions of pesos) | 984 | 593 | —
Average exchange rate BRL/USD | 5.61 | 5.97 | —
Notional amount (in millions of pesos) | 497 | 191 | —
Average exchange rate COP/USD | 3,858 | 3,952 | —
Notional amount (in millions of pesos) | 280 | — | —
Average exchange rate ARS/USD | 122.56 | — | —
Notional amount (in millions of pesos) | 165 | 48 | —
Average exchange rate UYU/USD | 45.51 | 46.30 | —
Notional amount (in millions of pesos) | 211 | 120 | —
Average exchange rate CRC/USD | 646.33 | 650.71 | —
Foreign exchange currency swap contracts |  |  |
Notional amount (in millions of pesos) | — | — | 12,968
Average exchange rate MXN/USD | — | — | 19.81
Notional amount (in millions of pesos) | — | — | 15,026
Average exchange rate BRL/USD | — | — | 4.47
Notional amount (in millions of pesos) | 407 | — | 1,202
Average exchange rate COP/USD | 3,543 | — | 3,550
Interest rate risk |  |  |
Interest rate swaps |  |  |
Notional amount (in millions of pesos) | — | — | 6,175
Average interest rate |  |  | 0.09 | %
Commodities risk |  |  |
Aluminum (in millions of pesos) | 67 | 35 | —
Average price (USD/Ton) | 1,722.00 | 1,777.00 | —
Sugar (in millions of pesos) | 1,366 | 653 | 769
Average price (USD cent/Lb) | 15.22 | 14.76 | 14.74
PX+MEG (in millions of pesos) | 337 | 134 | —
Average price (USD /Ton) | 934 | 866 | —
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
Interest rate risk |  |  |
Interest rate swaps |  |  |
Notional amount (in millions of pesos) | 404 | — | —
Average interest rate | 3,454 | — | % | —
Commodities risk |  |  |
Aluminum (in millions of pesos) | 325 | 370 | —
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 | —

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