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Financial Instruments (Tables)

12 Months Ended

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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