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Bank Loans and Notes Payables (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about borrowings [abstract] |
Summary of Detailed Information About Borrowings |
Expressed in millions of mexican pesos. (1) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and following years | Carrying value as of December 31, 2023 | Fair value as of December 31, 2023 | Carrying value as of December 31, 2022
Short- term debt:
Fixed rate debt: |  |  |  |  |  |  |  |  |
Argentine pesos |  |  |  |  |  |  |  |  |
Bank loans | 73 | — | — | — | — | — | 73 | 73 | —
Interest rate | 130.00% | — | — | — | — | — | 130.00% | — | —
Euros |  |  |  |  |  |  |  |  |
Bank loans | 15 | — | — | — | — | — | 15 | 15 | —
Interest rate | 17.60% | — | — | — | — | — | 17.60% | — | —
Subtotal | 88 | — | — | — | — | — | 88 | 88 | —
Short- term debt | 88 | — | — | — | — | — | 88 | 88 | —
Long term debt:
Fixed rate debt: |  |  |  |  |  |  |  |  |
U.S. Dollar |  |  |  |  |  |  |  |  |
Yankee bonds (2) | — | — | — | — | — | 36,352 | 36,352 | 33,719 | 41,429
Interest rate | — | — | — | — | — | 3.05% | 3.05% | — | 3.06%
Bank loans | 25 | 115 | — | — | — | — | 140 | 140 | 92
Interest rate | 6.81% | 6.73% | — | — | — | — | 6.74% | — | 6.81%
Mexican pesos |  |  |  |  |  |  |  |  |
Senior notes | — | — | — | 8,495 | 9,960 | 5,491 | 23,946 | 22,439 | 31,438
Interest rate | — | — | — | 7.87% | 7.36% | 9.95% | 8.13% | — | 7.50%
Brazilian reais |  |  |  |  |  |  |  |  |
Bank loans | 21 | 0 | — | — | — | — | 21 | 21 | 56
Interest rate | 6.90% | 6.70% | — | — | — | — | 6.90% | — | 6.96%
Uruguayan pesos |  |  |  |  |  |  |  |  |
Bank loans | — | — | — | — | — | — | — | — | 976
Interest rate | — | — | — | — | — | — | — | — | 6.27%
Subtotal | 46 | 115 | — | 8,495 | 9,960 | 41,843 | 60,459 | 56,319 | 73,991
Variable rate debt: |  |  |  |  |  |  |  |  |
Mexican pesos |  |  |  |  |  |  |  |  |
Expressed in millions of mexican pesos. (1) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and following years | Carrying value as of December 31, 2023 | Fair value as of December 31, 2023 | Carrying value as of December 31, 2022
Senior notes | — | 1,728 | 2,925 | — | — | — | 4,653 | 4,650 | 4,650
Interest rate | — | 11.59% | 11.55% | — | — | — | 11.57% | — | 10.41%
Brazilian reais |  |  |  |  |  |  |  |  |
Bank loans | 6 | 6 | 2 | — | — | — | 14 | 15 | 28
Interest rate | 8.81% | 8.94% | 8.94% | — | — | — | 8.88% | — | 9.77%
Subtotal | 6 | 1,734 | 2,927 | — | — | — | 4,667 | 4,666 | 4,678
Long term debt | 52 | 1,849 | 2,927 | 8,495 | 9,960 | 41,843 | 65,126 | 60,985 | 78,669
Current portion of long term debt | 52 | — | — | — | — | — | 52 | — | 8,524
Long- term debt | — | 1,849 | 2,927 | 8,495 | 9,960 | 41,843 | 65,074 | 60,985 | 70,145
(1) All interest rates shown in this table are weighted average contractual annual rates. (2) Interest rate derivatives that have been designated as fair value hedge relationships have been used by the Company to mitigate the volatility in the fair value of existing financing instruments due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “market value gain (loss) in financial instruments” in the period in which they occur. Since 2022, the Company is applying fair value hedging to the hedged portion of the Senior Notes of US$ 705, which are linked to an interest rate swap. The hedging gain or loss will adjust the carrying amount of the hedged item and will be recognized in the consolidated income statements under “market value gain (loss) in financial instruments”. For the years ended on December 31, 2023, and 2022, the Company recorded in the consolidated income statements a loss of Ps. 371 and a gain of Ps. 1,647, respectively. As of December 31, 2023, and 2022 the carrying value of the Senior Note of US$ 705 is being reduced by an amount of Ps. 1,277 and 1,647 respectively, stemming from the impacts of fair value hedging.
Summary of Interest Expense | For the years ended December 31, 2023, 2022 and 2021, the interest expense related to the bank loans and notes payable is comprised as follows and included in the consolidated income statement under the interest expense caption:
| 2023 | 2022 | 2021
Interest on debts and borrowings | Ps. 4,215 | Ps. 4,104 | Ps. 4,544
Finance charges for employee benefits (See Note 16.4) | 297 | 286 | 248
Derivative instruments (Interest) | 2,086 | 1,706 | 1,097
Interest expense for leases (See Note 10) | 278 | 132 | 101
Finance operating charges | 226 | 272 | 202
| Ps. 7,102 | Ps. 6,500 | Ps. 6,192
Summary of Reconciliation of Liabilities Arising From Financing Activities |
|  | Cash flows |  | Non-cash impact |
| Carrying Value at December 31, 2022 | Repayments | Proceeds |  | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2023
Short-term bank loans | Ps. — | Ps. (1) | Ps. 87 |  |  |  |  | Ps. 24 | Ps. (22) | Ps. 88
Total short-term from financing activities | Ps. — | Ps. (1) | Ps. 87 |  | Ps. — | Ps. — | Ps. — | Ps. 24 | Ps. (22) | Ps. 88
Long-term bank loans | 1,152 | (900) | 64 |  |  |  |  | 152 | (293) | 175
Long-term notes payable | 77,517 | (7,500) | — |  |  | 78 | 371 | (5,515) |  | 64,951
Total long-term from financing activities | Ps. 78,669 | Ps. (8,400) | Ps. 64 |  | Ps. — | Ps. 78 | Ps. 371 | Ps. (5,363) | Ps. (293) | Ps. 65,126
Lease liabilities | Ps. 2,135 | Ps. (690) | Ps. — |  | Ps. 586 | Ps. 535 | Ps. — | Ps. (20) | Ps. (28) | Ps. 2,521
Total from financing activities | Ps. 80,804 | Ps. (9,091) | Ps. 151 |  | Ps. 586 | Ps. 613 | Ps. 371 | Ps. (5,359) | Ps. (343) | Ps. 67,735
|  | Cash flows |  | Non-cash impact |
| Carrying Value at December 31, 2021 | Repayments | Proceeds |  | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2022
Short-term bank loans | Ps. 645 | Ps. (521) | Ps. — |  | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (124) | Ps. —
Total short-term from financing activities | Ps. 645 | Ps. (521) | Ps. — |  | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (124) | Ps. —
Long-term bank loans | 1,284 | (314) | 89 |  | — | — | — | 17 | 76 | 1,152
Long-term notes payable | 83,853 | (7,597) | 6,000 |  | — | (272) | (1,647) | (2,820) | — | 77,517
Total long-term from financing activities | Ps.85,137 | Ps.(7,911) | Ps.6,089 |  | Ps.— | Ps.(272) | Ps.(1,647) | Ps.(2,803) | Ps.76 | Ps.78,669
Lease liabilities | Ps. 1,505 | Ps. (631) | Ps. — |  | Ps. 1,083 | Ps. 180 | Ps. — | Ps. 17 | Ps. (19) | Ps. 2,135
Total from financing activities | Ps. 87,287 | Ps. (9,063) | Ps. 6,089 |  | Ps. 1,083 | Ps. (92) | Ps. (1,647) | Ps. (2,786) | Ps. (67) | Ps. 80,804

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