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Post-Employment and Other Non-current Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
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 | 2023 | 2022 | 2021
Financial: |  |  |
Discount rate used to calculate the defined benefit obligation and the net interest on the net defined benefit liability (asset) | 10.2 | % | 9.9 | % | 8.0 | %
Salary increase: (Non-Union/Union) | 4.8 | % | 4.8 | % | 4.5 | %
Future pension increase | 3.8 | % | 3.8 | % | 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
2024 | Ps. 396 | Ps. 88
2025 | 222 | 77
2026 | 253 | 81
2027 | 346 | 88
2028 | 311 | 91
2029 - 2032 | 2,356 | 533
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
| 2023 | 2022
Pension and Retirement Plans: |  |
Vested benefit obligation | Ps. 653 | Ps. 715
Non-vested benefit obligation | 2,091 | 2,196
Accumulated benefit obligation | 2,744 | 2,911
Excess of projected defined benefit obligation over accumulated benefit obligation | 1,284 | 1,288
Defined benefit obligation | 4,028 | 4,199
Pension plan funds at fair value | (1,303) | (1,288)
Net defined benefit liability | Ps. 2,725 | Ps. 2,911
Seniority Premiums: |  |
Vested benefit obligation | Ps. 320 | Ps. 279
Non-vested benefit obligation | 344 | 255
Accumulated benefit obligation | 664 | 534
Excess of projected defined benefit obligation over accumulated benefit obligation | 294 | 392
Defined benefit obligation | 958 | 926
Seniority premium plan funds at fair value | (123) | (128)
Net defined benefit liability | Ps. 835 | Ps. 798
Total post-employment and other non-current employee benefits | Ps. 3,560 | Ps. 3,709
Summary of Trust Assets | Trust assets consist of fixed and variable return financial instruments recorded at fair value, which are invested as follows:
Type of instrument | 2023 | 2022
Fixed return: |  |
Traded securities | 27 | % | 24 | %
Life annuities | 18 | % | 17 | %
Bank instruments | 5 | % | 5 | %
Federal government instruments | 36 | % | 40 | %
Variable return: |  |
Publicly traded shares | 14 | % | 14 | %
| 100 | % | 100 | %
Summary of Amounts Recognized in Consolidated Income Statements and Consolidated Statement of Changes in Equity | Amounts recognized in the consolidated income statements and the consolidated statements of changes in equity
| Consolidated income statement | Accumulated OCI
2023 | 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. 233 | Ps. 155 | Ps. (126) | Ps. 222 | Ps. 625
Seniority premiums | 87 | 8 | (7) | 75 | 122
Total | Ps. 320 | Ps. 163 | Ps. (133) | Ps. 297 | Ps. 747
| Consolidated Income statement | Accumulated OCI
2022 | 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. 246 | Ps. 47 | Ps. (85) | Ps. 141 | Ps. 804
Seniority premiums | 94 | 6 | (9) | 145 | 108
Total | Ps. 340 | Ps. 53 | Ps. (94) | Ps. 286 | Ps. 912
| Consolidated 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
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):
| 2023 | 2022 | 2021
Amount accumulated in other comprehensive income as of the beginning of the periods | Ps. 912 | Ps. 1,240 | Ps. 1,173
Recognized during the year (obligation liability and plan assets) | 101 | 124 | 680
Actuarial (gains) losses arising from changes in financial assumptions | (148) | (375) | (550)
Actuarial gains arising from changes in demographic assumptions | (5) | 1 | —
Foreign exchange rate valuation (gain) loss | (101) | (78) | 9
Adjustment from employees transferred | — | — | (72)
Effect on settlement | (12) | — | —
Amount accumulated in other comprehensive income as of the end of the period, net of tax | Ps. 747 | Ps. 912 | Ps. 1,240
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
| 2023 | 2022 | 2021
Pension and Retirement Plans: |  |  |
Balance at beginning of year | Ps. 4,199 | Ps. 4,515 | Ps. 4,311
Current service cost | 233 |  | 246 |  | 244 |
Effect of curtailment | (144) |  | (86) |  | — |
Interest expense | 346 |  | 317 |  | 291 |
Actuarial (gains) or losses | (214) |  | (355) |  | 5 |
Foreign exchange (gain) loss | (151) |  | (134) |  | 18 |
Benefits paid | (378) |  | (355) |  | (364) |
Past service cost | 137 |  | 47 |  | 10 |
Business acquisitions | — |  | 4 |  | — |
Balance at end of year | Ps. 4,028 | Ps. 4,199 | Ps. 4,515
Seniority Premiums: |  |  |
Balance at beginning of year | Ps. 926 | Ps. 978 | Ps. 865
Current service cost | 87 |  | 94 |  | 84 |
Effect of curtailment | (14) |  | (9) |  | — |
Interest expense | 88 |  | 76 |  | 62 |
Actuarial (gains) or losses | 29 |  | (97) |  | 74 |
Benefits paid | (166) |  | (128) |  | (107) |
Past service cost | 8 |  | 6 |  | — |
Business acquisitions | — |  | 6 |  | — |
Balance at end of year | Ps. 958 | Ps. 926 | Ps. 978
Summary of Changes in the Balance of Plan Assets | Changes in the balance of trust assets
| 2023 | 2022 | 2021
Pension and retirement plans: |  |  |
Balance at beginning of year | Ps. 1,288 | Ps. 1,234 | Ps. 1,201
Actual return on trust assets | 41 | 50 | 33
Foreign exchange gain | (4) | — | —
Life annuities | 9 |  | — |  | — |
Benefits paid | — | 4 | —
Plan amendments | Ps. (31) | Ps. — | Ps. —
Balance at end of year | Ps. 1,303 | Ps. 1,288 | Ps. 1,234
Seniority premiums |  |  |
Balance at beginning of year | Ps. 128 | Ps. 133 | Ps. 137
Actual return on trust assets | (5) | (5) | (4)
Balance at end of year | Ps. 123 | Ps. 128 | Ps. 133
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 for post-employment and other non-current employee benefits. The sensitivity of this 1.0% on the significant actuarial assumptions is based on projected long-term discount rates for Mexico and yield curve projections of long-term Mexican government bonds - CETES:
+1.0% |  |  | Consolidated 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. 211 | Ps. 144 | Ps. (118) | Ps. 173 | Ps. 634
Seniority premiums | Ps. 80 | Ps. 7 | Ps. (6) | Ps. 67 | Ps. 117
Total | Ps. 291 | Ps. 151 | Ps. (124) | Ps. 240 | Ps. 751
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. 253 | Ps. 171 | Ps. (134) | Ps. 249 | Ps. 681
Seniority premiums | Ps. 93 | Ps. 9 | Ps. (8) | Ps. 82 | Ps. 143
Total | Ps. 346 | Ps. 180 | Ps. (142) | Ps. 331 | Ps. 824
- 1.0% |  |  | Consolidated 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. 250 | Ps. 167 | Ps. (136) | Ps. 261 | Ps. 692
Seniority premiums | Ps. 94 | Ps. 8 | Ps. (7) | Ps. 85 | Ps. 137
Total | Ps. 344 | Ps. 175 | Ps. (143) | Ps. 346 | Ps. 829
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. 209 | Ps. 139 | Ps. (116) | Ps. 187 | Ps. 672
Seniority premiums | Ps. 80 | Ps. 7 | Ps. (6) | Ps. 69 | Ps. 115
Total | Ps. 289 | Ps. 146 | Ps. (122) | Ps. 256 | Ps. 787
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2023, 2022 and 2021, employee benefits expenses recognized in the consolidated income statements are as follows:
| 2023 | 2022 | 2021
Included in cost of goods sold: |  |  |
Wages and salaries | Ps. 5,204 | Ps. 4,956 | Ps. 4,301
Social security costs | 1,628 | 1,522 | 1,359
Employee profit sharing | 139 | 145 | 57
Pension and seniority premium costs (See Note 16.4) | 24 | 2 | 52
Share-based payment expense (See Note 17.2) | 8 | 6 | 19
Included in selling and distribution expenses: |  |  |
Wages and salaries | 20,090 | 18,403 | 16,627
Social security costs | 5,912 | 5,272 | 4,787
Employee profit sharing | 756 | 862 | 959
Pension and seniority premium costs (See Note 16.4) | 232 | 250 | 235
Share-based payment expense (See Note 17.2) |  | — | 32
Included in administrative expenses: |  |  |
Wages and salaries | 3,090 | 3,250 | 2,788
Social security costs | 750 | 710 | 581
Employee profit sharing | 164 | 62 | 52
Pension and seniority premium costs (See Note 16.4) | 95 | 47 | 41
Share-based payment expense (See Note 17.2) | 311 | 320 | 225
Total employee benefits expense | Ps. 38,403 | Ps. 35,807 | Ps. 32,115

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