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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022:
| 2023 | 2022
| Level 1 | Level 2 | Level 1 | Level 2
Derivative financial instruments asset (See Note 8.2, Note 13.2) | Ps. 228 | Ps. 131 | Ps. 351 | Ps. 2,907
Derivative financial instruments liability (See Note 25.1, Note 25.3) | 202 | 5,146 | 64 | 3,565
Trust assets of labor obligations (See Note 16.2) | 1,426 |  | 1,416 |
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 | Cross-currency swaps | Commodity price contracts | Total holders of the parent | Non-controlling interest | Total
As at December 31, 2021 | Ps. 20 | Ps. 905 | Ps. 299 | Ps. 1,224 | Ps. 90 | Ps. 1,314
Financial instruments – purchases | (470) | 79 | (49) | (440) | (37) | (477)
Change in fair value of financial instruments recognized in OCI | (442) | (2,331) | 282 | (2,491) | (185) | (2,676)
Amount reclassified from OCI to profit or loss | 526 | — | (613) | (87) | (33) | (120)
Foreign currency revaluation of the net foreign operations | — | 1,086 | — | 1,086 | 97 | 1,183
Effects of changes in foreign exchange rates | 4 | 3 | 2 | 9 | 1 | 10
Income tax effect | 96 | 358 | 125 | 579 | 53 | 632
As at December 31, 2022 | Ps. (266) | Ps. 100 | Ps. 46 | Ps. (120) | Ps. (14) | Ps. (134)
Financial instruments – purchases | (502) | (228) | (124) | (854) | (55) | (909)
Change in fair value of financial instruments recognized in OCI | (1,454) | (2,667) | 271 | (3,850) | (148) | (3,998)
Amount reclassified from OCI to profit or loss | 1,807 | — | (363) | 1,444 | (16) | 1,428
Foreign currency revaluation of the net foreign operations | — | 2,703 | — | 2,703 | 150 | 2,853
Effects of changes in foreign exchange rates | 5 | (1) | (2) | 2 | (1) | 1
Income tax effect | 78 | 64 | 70 | 212 | 24 | 236
As at December 31, 2023 | Ps. (332) | Ps. (29) | Ps. (102) | Ps. (463) | Ps. (60) | Ps. (523)
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2023, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2024 | Ps. 10,700 | Ps. (550) | Ps. 36
At December 31, 2022, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2023 | Ps. 10,778 | Ps. (397) | Ps. 61
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2023, the Company had the following outstanding cross-currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2026 | Ps. 5,210 | Ps. (984) | Ps. 96
2027 | 7,602 | (1,377) |
2030 | 13,633 | (803) |
2032 | 507 | (51) |
At December 31, 2022, the Company had the following outstanding cross-currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2023 | Ps. 11,381 | Ps. — | Ps. 2,278
2026 | 5,971 | (918) | 364
2027 | 8,713 | (418) | 95
2030 | 3,679 | (104) | 110
Summary of Outstanding Interest Rate Swap Agreements | December 31, 2023, the Company had the following outstanding interest rate swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2032 | Ps. 8,447 | Ps. (1,381) | Ps. —
At December 31, 2022, the Company had the following outstanding interest rate swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2032 | Ps. 9,681 | Ps. (1,728) | Ps. —
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2023, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2024 | Ps. 647 | Ps. — | Ps. 21
As of December 31, 2023, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2024 | Ps. 2,593 | Ps. (130) | Ps. 206
2025 | 745 | (72) | —
As of December 31, 2022, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2023 | Ps. 662 | Ps. (18) | Ps. 1
As of December 31, 2022, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2023 | Ps. 1,688 | Ps. (46) | Ps. 328
2024 | 468 | — | 21
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) | 2023 | 2022 | 2021
Cross currency swaps | Interest expense | Ps. (392) | Ps. (1) | Ps. —
Cross currency swaps | Foreign exchange | (747) | (5) | —
Forward agreements to purchase foreign currency | Cost of good sold | (1,834) | (681) | (788)
Commodity Price contracts | Cost of good sold | 430 | 614 | 1,245
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 are designated as a Fair Value Hedge
Derivative | Impact in consolidated income statement | 2023 | 2022 | 2021
Cross currency swaps and interest rate swaps | Market value (loss) on financial instruments | Ps. 141 | Ps. (2,270) | Ps. 80
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 agreements to purchase U.S. Dollar (MXN/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (11) | % | Ps. (465) |
2022 | (10) | % | (512) |
2021 | (11) | % | (298) | —
Forward agreements to purchase U.S. Dollar (BRL/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (12) | % | Ps. (521) |
2022 | (18) | % | (550) |
2021 | (16) | % | (284) | —
Forward agreements to purchase U.S. Dollar (COP/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (16) | % | Ps. (225) |
2022 | (17) | % | (112) |
2021 | (11) | % | (81) | —
Forward agreements to purchase U.S. Dollar (ARS/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (55) | % | Ps. (140) |
2022 | (3) | % | (10) |
2021 | (1) | % | (3) | —
Forward agreements to purchase U.S. Dollar (UYU/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (5) | % | Ps. (20) |
2022 | (7) | % | (25) |
2021 | (4) | % | (7) | —
Forward agreements to purchase U.S. Dollar (CRC/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (7) | % | Ps. (15) |
2022 | (7) | % | (24) | —
2021 | (3) | % | (10) | —
Cross currency swaps (USD to MXN) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (11) | % | Ps. (1,314) |
2022 | (10) | % | (1,220) |
2021 | (11) | % | (1,645) | —
Cross currency swaps (USD to BRL) | Change in USD rate | Effect on equity | Profit and loss effect
2023 | (12) | % | Ps. (1,683) |
2022 | (18) | % | (2,893) |
2021 | (16) | % | (2,300) | —
Sugar price contracts | Change on sugar Price | Effect on equity | Profit and loss effect
2023 | (29) | % | Ps. (765) |
2022 | (22) | % | (333) |
2021 | (28) | % | (714) | —
Aluminum price contracts | Change on Aluminum price | Effect on equity | Profit and loss effect
2023 | (22) | % | Ps. (147) |
2022 | (35) | % | (189) |
2021 | (24) | % | (39) | —
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 floating rate instruments at the end of the reporting period:
Interest Rate Risk | Change in rate | Effect on profit or (loss)
2023 | +100 bps | Ps. (187)
2022 | +100 bps | (203)
2021 | +100 bps | (160)
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, 2023.
(In millions of Ps) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and thereafter
Notes and bonds | Ps. — | Ps. 1,727 | Ps. 2,925 | Ps. 8,494 | Ps. 9,960 | Ps. 41,845
Loans from banks | 140 | 121 | 2 | — | — | —
Derivatives financial liabilities (assets) | 417 | 72 | 889 | 1,377 | 2,234 | —
Summary of Company's Financial Instruments Used to Hedge Its Exposure to Foreign Exchange Rates, Interest Rates and Commodity Risks | As of December 31, 2023, 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) | 3,045 | 1,781 | — |
Average exchange rate MXN/USD | 18.42 | 18.40 | — |
Notional amount (in millions of pesos) | 2,486 | 1,370 | — |
Average exchange rate BRL/USD | 5.10 | 5.07 | — |
Notional amount (in millions of pesos) | 757 | 334 | — |
Average exchange rate COP/USD | 4,436 | 4,316 | — |
Notional amount (in millions of pesos) | 150 | — | — |
Average exchange rate ARS/USD | 668.06 | — | — |
Notional amount (in millions of pesos) | 344 | 163 | — |
Average exchange rate UYU/USD | 40.18 | 40.66 | — |
Notional amount (in millions of pesos) | 154 | 117 | — |
Average exchange rate CRC/USD | 558.89 | 556.00 | — |
Notional amount (in millions of pesos) | — | — | — |
Average exchange rate ARS/MXN | — | — | — |
Foreign exchange currency swap contracts |  |  |  |
Notional amount (in millions of pesos) | — | — | 11,944 |
Average exchange rate MXN/USD | — | — | 19.37 |
Notional amount (in millions of pesos) | — | — | 14,022 |
Average exchange rate BRL/USD | — | — | 5.05 |
Notional amount (in millions of pesos) | — | — | 987 |
Average exchange rate COP/USD | — | — | 3,550 |
Interest rate risk |  |  |  |
Interest rate swaps |  |  |  |
Notional amount (in millions of pesos) | — | — | 8,447 |
Average interest rate | — | — | 0.16 | % |
Commodities risk |  |  |  |
Aluminum (in millions of pesos) | 298 | 349 | — |
Average price (USD/Ton) | 2,304.43 | 2,363.73 | — |
Sugar (in millions of pesos) | 1,703 | 890 | 745 |
Average price (USD cent/Lb) | 22.43 | 22.18 | 22.62 |
As of December 31, 2022, 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) | 3,405 | 2,474 | —
Average exchange rate MXN/USD | 20.71 | 20.86 | —
Notional amount (in millions of pesos) | 1,857 | 746 | —
Average exchange rate BRL/USD | 5.34 | 5.55 | —
Notional amount (in millions of pesos) | 407 | 207 | —
Average exchange rate COP/USD | 4,502.00 | 4,977.00 | —
Notional amount (in millions of pesos) | 437 | — | —
Average exchange rate ARS/USD | 231.40 | — | —
Notional amount (in millions of pesos) | 299 | 139 | —
Average exchange rate UYU/USD | 42.51 | 42.74 | —
Notional amount (in millions of pesos) | 332 | 182 | —
Average exchange rate CRC/USD | 686.50 | 664.50 | —
Notional amount (in millions of pesos) | 293 | — | —
Average exchange rate ARS/MXN | 10.57 | — | —
Foreign exchange currency swap contracts |  |  |
Notional amount (in millions of pesos) | — | 1,743 | 10,455
Average exchange rate MXN/USD | — | 19.08 | 19.84
Notional amount (in millions of pesos) | — | 9,294 | 6,777
Average exchange rate BRL/USD | — | 4.00 | 5.28
Notional amount (in millions of pesos) | 345 | — | 1,131
Average exchange rate COP/USD | 3,926.00 | — | 3,550.00
Interest rate risk |  |  |
Interest rate swaps |  |  |
Notional amount (in millions of pesos) | — | — | 9,681
Average interest rate | — |  | — |  | 0.16 | %
Commodities risk |  |  |
Aluminum (in millions of pesos) | 294 | 368 | —
Average price (USD/Ton) | 2,483.00 | 2,480.00 | —
Sugar (in millions of pesos) | 1,058 | 631 | 468
Average price (USD cent/Lb) | 17.62 | 17.08 | 17.14

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