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Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2021 | Ps. 77,396 | Ps. 23,431 | Ps. 1,148 | Ps. 6,709 | Ps. 176 | Ps. 737 | Ps. 109,597
Purchases (1) | — | — | 135 | 370 | 673 | 113 | 1,291
Transfer | — | — | — | 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
Balance as of January 1, 2022 | Ps. 76,139 | Ps. 22,909 | Ps. 1,192 | Ps. 6,960 | Ps. 375 | Ps. 1,102 | Ps. 108,677
Purchases (1) | — | — | — | 46 | 1,138 | 4 | 1,188
Additions from business combinations (See Note 4.1.1) | 1,116 | 205 | — | 17 | — | — | 1,338
Transfer | — | — | — | 65 | (158) | 93 | —
Disposals | — | — | — | (775) | — | — | (775)
Effect of movements in exchange rates | (756) | 144 | (150) | (51) | (13) | (70) | (896)
Changes in value on the recognition of inflation effects | — | — | — | — | — | 80 | 80
Cost as of December 31, 2022 | Ps. 76,499 | Ps. 23,258 | Ps. 1,042 | Ps. 6,262 | Ps. 1,342 | Ps. 1,209 | Ps. 109,612
Balance as of January 1, 2023 | Ps. 76,499 | Ps. 23,258 | Ps. 1,042 | Ps. 6,262 | Ps. 1,342 | Ps. 1,209 | Ps. 109,612
Purchases (1) | — | — | 4 | 385 | 963 | 25 | 1,377
Transfer | (224) | — | 224 | 307 | (708) | 401 | —
Disposals | — | (2) | — | (1) | — | (61) | (64)
Effect of movements in exchange rates | (1,568) | (916) | 44 | (77) | (30) | (158) | (2,705)
Changes in value on the recognition of inflation effects | — | — | — | — | — | 70 | 70
Cost as of December 31, 2023 | Ps. 74,707 | Ps. 22,340 | Ps. 1,314 | Ps. 6,876 | Ps. 1,567 | Ps. 1,486 | Ps. 108,290
| 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, 2021 | 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 | — | — | — | (52) | — | — | (52)
Balance as of December 31, 2021 | Ps. (745) | Ps. — | Ps. — | Ps. (4,946) | Ps. — | Ps. (812) | Ps. (6,503)
Amortization expense | — | — | — | (522) | — | (246) | (768)
Disposals | — | — | — | 775 | — | — | 775
Effect of movements in exchange rate | — | — | — | 96 | — | 5 | 101
Changes in value on the recognition of inflation effects | — | — | — | (94) | — | (1) | (95)
Balance as of December 31, 2022 | Ps. (745) | Ps. — | Ps. — | Ps. (4,691) | Ps. — | Ps. (1,054) | Ps. (6,490)
Amortization expense |  |  |  | (518) | — | (318) | (836)
Disposals |  |  |  | — | — | 59 | 59
Effect of movements in exchange rate |  |  |  | 205 | — | 12 | 217
Changes in value on the recognition of inflation effects - amortization |  |  |  | (78) | — | — | (78)
Balance as of December 31, 2023 | Ps. (745) | Ps. — | Ps. — | Ps. (5,082) | Ps. — | Ps. (1,301) | Ps. (7,128)
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
Balance as of December 31, 2022 | Ps. 75,754 | Ps. 23,258 | Ps. 1,042 | Ps. 1,571 | Ps. 1,342 | Ps. 155 | Ps. 103,122
Balance as of December 31, 2023 | Ps. 73,962 | Ps. 22,340 | Ps. 1,314 | Ps. 1,794 | Ps. 1,567 | Ps. 185 | Ps. 101,162
Disclosure of Aggregate Carrying Amounts of Goodwill and Distribution Rights Allocated to Each CGUl | The aggregate carrying amounts of goodwill, distribution rights, and other indefinite lived intangible assets allocated to each CGU are as follows:
| 2023 | 2022
Mexico | Ps. 56,662 | Ps. 56,967
Guatemala | 1,684 | 1,691
Nicaragua | 404 | 404
Costa Rica | 1,418 | 1,418
Panama | 1,169 | 1,170
Colombia | 3,635 | 3,583
Brazil | 30,018 | 31,883
Argentina | 245 | 426
Uruguay | 2,381 | 2,512
Total | Ps. 97,616 | Ps. 100,054
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2023 were as follows:
CGU | Pre-tax WACC | Post –tax WACC | Expected Annual Long-Term Inflation 2024-2028 | Expected Volume Growth Rates 2024-2028
Mexico | 9.0 | % | 6.3 | % | 4.3 | % | 4.4 | %
Brazil | 10.1 | % | 6.8 | % | 3.8 | % | 3.8 | %
Colombia | 12.2 | % | 7.7 | % | 4.2 | % | 6.8 | %
Argentina | 20.8 | % | 16.1 | % | 70.8 | % | 4.8 | %
Guatemala | 9.3 | % | 7.3 | % | 4.0 | % | 14.9 | %
Costa Rica | 11.4 | % | 8.8 | % | 2.9 | % | 6.6 | %
Nicaragua | 23.3 | % | 16.4 | % | 2.6 | % | 6.5 | %
Panama | 11.6 | % | 8.6 | % | 2.0 | % | 7.8 | %
Uruguay | 9.7 | % | 7.4 | % | 5.7 | % | 3.7 | %
The key assumptions by CGU for impairment test as of December 31, 2022 were as follows:
CGU | Pre-tax WACC | Post –tax WACC | Expected Annual Long-Term Inflation 2023-2027 | Expected Volume Growth Rates 2023-2027
Mexico | 9.5 | % | 6.5 | % | 4.3 | % | 2.4 | %
Brazil | 11.6 | % | 7.2 | % | 3.9 | % | 4.3 | %
Colombia | 13.9 | % | 8.0 | % | 3.9 | % | 9.5 | %
Argentina | 27.8 | % | 19.8 | % | 68.0 | % | 4.5 | %
Guatemala | 10.2 | % | 7.6 | % | 4.4 | % | 14.8 | %
Costa Rica | 15.4 | % | 10.2 | % | 3.3 | % | 6.4 | %
Nicaragua | 24.6 | % | 11.8 | % | 4.1 | % | 6.0 | %
Panama | 11.0 | % | 8.3 | % | 2.2 | % | 4.0 | %
Uruguay | 10.2 | % | 7.4 | % | 5.7 | % | 4.0 | %
Summary of Detailed Information About Sensitivity to Changes in Assumptions |
CGU | Change in WACC | Change in Volume Growth CAGR(1) | Effect on Valuation
Mexico | +0.6p.p | -1.0% | Passes by 3.2x
Brazil | +0.8p.p | -1.0% | Passes by 0.9x
Colombia | +0.9p.p | -1.0% | Passes by 1.1x
Argentina | +3.3p.p | -1.0% | Passes by 0.9x
Guatemala | +0.7p.p | -1.0% | Passes by 5.4x
Costa Rica | +0.8p.p | -1.0% | Passes by 4.0x
Nicaragua | +3.3p.p | -1.0% | Passes by 0.8x
Panama | +0.7p.p | -1.0% | Passes by 2.2x
Uruguay | +0.3p.p | -1.0% | Passes by 2.0x
(1) Compound Annual Growth Rate (“CAGR”)

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