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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Major components of tax expense (income) [abstract] |
Summary of Major Components of Income Tax Expense | The breakdown of the income tax expense by Mexico and Foreign countries for the years ended December 31, 2023, 2022 and 2021, is as follows:
| 2023 | 2022 | 2021
Current tax expense: |  |  |
Current year | Ps. 7,604 | Ps. 5,658 | Ps. 4,259
Deferred tax expense: |  |  |
Origination and reversal of temporary differences | (44) | 860 | 2,795
(Benefit) utilization of tax losses recognized | 1,221 | 29 | (445)
Total deferred tax income expense | 1,177 | 889 | 2,350
Total income tax expense in consolidated net income | Ps. 8,781 | Ps. 6,547 | Ps. 6,609
2023 | Mexico | Foreign | Total
Current tax expense: |  |  |
Current year | Ps. 5,474 | Ps. 2,130 | Ps. 7,604
Deferred tax expense: |  |  |
Origination and reversal of temporary differences | (322) | 278 | (44)
Utilization (benefit) of tax losses recognized | 238 | 983 | 1,221
Total deferred tax | (84) | 1,261 | 1,177
Total income tax expense in consolidated net income | Ps. 5,390 | Ps. 3,391 | Ps. 8,781
2022 | Mexico | Foreign | Total
Current tax expense: |  |  |
Current year | Ps. 3,522 | Ps. 2,136 | Ps. 5,658
Deferred tax expense: |  |  |
Origination and reversal of temporary differences | 197 | 663 | 860
Utilization (benefit) of tax losses recognized | (4) | 33 | 29
Total deferred tax | 193 | 696 | 889
Total income tax expense in consolidated net income | Ps. 3,715 | Ps. 2,832 | Ps. 6,547
2021 | Mexico | Foreign | Total
Current tax expense: |  |  |
Current year | Ps. 3,356 | Ps. 903 | Ps. 4,259
Deferred tax expense: |  |  |
Origination and reversal of temporary differences | 1,659 | 1,136 | 2,795
Utilization (benefit) of tax losses recognized | 356 | (801) | (445)
Total deferred tax | 2,015 | 335 | 2,350
Total income tax expense in consolidated net income | Ps. 5,371 | Ps. 1,238 | Ps. 6,609
Schedule of Recognized in Consolidated Statement of Other Comprehensive Income | Recognized in Consolidated Statement of Other Comprehensive Income (OCI)
Income tax related to items charged or recognized directly in OCI during the year: | 2023 | 2022 | 2021
Unrealized loss (gain) on cash flow hedges | Ps. (236) | Ps. (590) | Ps. 787
Remeasurements of the net defined benefit liability | 24 | 173 | (27)
Total income tax recognized in OCI | Ps. (212) | Ps. (417) | Ps. 760
Schedule of Deferred Tax Related to Other Comprehensive Income | Balance of income tax included in Accumulated Other Comprehensive Income (AOCI) as of:
Income tax related to items charged or recognized directly in OCI as of year-end: | 2023 | 2022 | 2021
Unrealized loss (gain) on derivative financial instruments | Ps. (241) | Ps. (13) | Ps. 573
Comprehensive income to be reclassified to profit or loss in subsequent periods | (241) | (13) | 573
Re-measurements of the net defined benefit liability | (153) | (205) | (408)
Balance of income tax in AOCI | Ps. (394) | Ps. (218) | Ps. 165
Schedule of Domestic Tax Rate | A reconciliation between effective income tax rate and Mexican domestic statutory tax rate for the years ended December 31, 2023, 2022 and 2021 follows:
| 2023 | 2022 | 2021
Mexican statutory income tax rate | 30 | % | 30 | % | 30 | %
Income tax from prior years | (0.37) | % | 0.19 | % | (0.64) | %
Income (loss) on monetary position for subsidiaries in hyperinflationary economies | 2.03 | % | 1.18 | % | (0.21) | %
Annual inflation tax adjustment | 2.08 | % | 5.63 | % | 6.48 | %
Non-deductible expenses | 1.99 | % | 2.17 | % | 1.82 | %
Income taxed at a rate other than the Mexican statutory rate | 1.49 | % | 1.68 | % | 1.14 | %
Effect of restatement of tax values | (3.50) | % | (4.69) | % | (2.54) | %
Effect of change in statutory rate | (0.60) | % | (0.39) | % | (0.09) | %
Income tax credits (1) | — | % | — | % | (2.69) | %
Tax loss (recognition) (2) | (1.40) | % | (8.50) | % | (3.57) | %
Other | (1.22) | % | (1.89) | % | (0.78) | %
| 30.50 | % | 25.38 | % | 28.92 | %
(1) Favorable position of Brazilian Courts related to a no taxation on financial effects of recovered tax credits from previously won judicial disputes, which allowed a recognition of a deferred tax credit in Brazil in 2021. (2) During 2021 and 2022, the Company recognized an amount of Ps. (761) and (2,194), respectively, corresponding to favorable effects for deferred tax assets of the Company's subsidiaries, taking into account that there was certainty of recoverability of such deferred tax assets. In addition, in 2023 an effect of Ps. (409) of deferred tax assets was recognized, for which the company also has certainty of recoverability.
Schedule of Deferred Income Tax | An analysis of the temporary differences giving rise to deferred income tax liabilities (assets) is as follows:
| Consolidated Statement of Financial Position as of | Consolidated Income Statement
| 2023 | 2022 | 2023 | 2022 | 2021
Expected credit losses | Ps. (64) | Ps. (95) | Ps. 15 | Ps. (15) | Ps. (34)
Inventories | 53 | 36 | 5 | 18 | (1)
Prepaid expenses | 20 | 24 | (4) | (32) | 29
Property, plant and equipment, net | (1,150) | (1,305) | 314 | (118) | (223)
Other assets | (190) | (257) | 45 | 86 | (28)
Finite useful lived intangible assets | (10) | 1 | 1 | 48 | 69
Indefinite lived intangible assets | 1,509 | 1,311 | 591 | 123 | 165
Post-employment and other non-current employee benefits | (438) | (444) | (2) | 15 | (59)
Derivative financial instruments | 75 | 2 | 73 | (3) | (72)
Contingencies | (921) | (895) | (96) | (23) | 171
Employee profit sharing payable | (533) | (359) | 174 | (85) | (236)
Tax loss carryforwards | (5,726) | (7,205) | 1,221 | 29 | (445)
Tax credits to recover (1) | (726) | (1,067) | 342 | 327 | 1,200
Cumulative other comprehensive income | (394) | (218) | (211) | (417) | 760
Liabilities of amortization of goodwill of business acquisition | 5,574 | 6,117 | (543) | — | 87
Leases Liabilities, net | (43) | (14) | (28) | (37) | (15)
Other | (1,486) | (768) | (720) | 973 | 982
Deferred tax (income) |  |  | Ps. 1,177 | Ps. 889 | Ps. 2,350
Deferred tax, asset | Ps. (7,771) | Ps. (7,975) |  |  |
Deferred tax, liability | 3,321 | 2,839 |  |  |
Deferred income taxes, net | Ps. (4,450) | Ps. (5,136) |  |  |
(1) Corresponds to income tax credits from dividends received from foreign operations to be recovered within the next four years accordingly to the Mexican Income Tax law.
Schedule of Changes in Net Deferred Income Tax Asset | The changes in the balance of the net deferred income tax assets are as follows:
| 2023 | 2022 | 2021
Balance at beginning of the period | Ps. (5,136) | Ps. (5,632) | Ps. (8,669)
Deferred tax provision for the period | 1,177 | 889 | 2,350
Change in the statutory rate | — | (82) | 81
Effects in equity: |  |  |
Unrealized loss (gain) on derivative financial instruments | (236) | (591) | 787
Cumulative translation effect | (320) | 61 | (163)
Remeasurements of the net defined benefit liability | 24 | 173 | (27)
Inflation adjustment | 41 | 46 | 9
Balance at end of the period | Ps. (4,450) | Ps. (5,136) | Ps. (5,632)
Schedule of Tax Loss Carryforwards | The tax loss carryforwards for which a deferred tax asset has been recorded and their corresponding years of expiration are as follows:
| Tax Loss Carryforwards amounts in millions
2029 | 2,702 |
2030 | 3,172 |
2031 | 157 |
2032 | 597 |
2033 and thereafter | 5 |
No expiration (Brazil and Colombia) | 10,924 |
| Ps. 17,557
Summary of Changes in Balance of Tax Loss Carryforwards | The changes in the balance of tax loss carryforwards are as follows:
| 2023 | 2022 | 2021
Balance at beginning of the period | Ps. 22,000 | Ps. 22,129 | Ps. 21,522
Increase (1) | 2,002 | 10,610 | 5,768
Usage of tax losses | (5,685) | (10,706) | (4,558)
Effect of foreign currency exchange rates | (760) | (33) | (603)
Balance at end of the period | Ps. 17,557 | Ps. 22,000 | Ps. 22,129

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