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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023:
| 2024 | 2023
| Level 1 | Level 2 | Level 1 | Level 2
Derivative financial instruments asset (See Note 7.2, Note 12.2) | Ps. 40 | Ps. 5,259 | Ps. 228 | Ps. 131
Derivative financial instruments liability (See Note 24.2, Note 24.4) | 335 | 2,085 | 202 | 5,146
Trust assets of labor obligations (See Note 15.2) | 1,555 | — | 1,426 | —
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 | Foreign currency option | Cross-currency swaps | Commodity price contracts | Total holders of the parent | Non-controlling interest | Total
As at December 31, 2022 | Ps. (266) | Ps. — | 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. — | Ps. (29) | Ps. (102) | Ps. (463) | Ps. (60) | Ps. (523)
Financial instruments – purchases | 87 | 166 | 91 | 187 | 531 | 52 | 583
Change in fair value of financial instruments recognized in OCI | 732 | (43) | 5,898 | (282) | 6,305 | 551 | 6,856
Amount reclassified from OCI to profit or loss | (98) | (38) | — | (2) | (138) | (52) | (190)
Foreign currency revaluation of the net foreign operations | — | — | (4,645) | — | (4,645) | (390) | (5,035)
Effects of changes in foreign exchange rates and hyperinflationary economies effects | 28 | — | (29) | (1) | (2) | (7) | (9)
Income tax effect | (232) | (28) | (412) | 31 | (641) | (52) | (693)
As at December 31, 2024 | Ps. 185 | Ps. 57 | Ps. 874 | Ps. (169) | Ps. 947 | Ps. 42 | Ps. 989
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2024, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 4,035 | Ps. (72) | Ps. 310
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
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2024, the Company had the following outstanding cross-currency swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2026 | Ps. 6,251 | Ps. — | Ps. 461
2027 | 9,121 | (137) | 433
2030 | 16,357 | (68) | 3,114
2032 | 608 | — | 53
2043 1 | — | — | 641
1 Consider in 2043 a forward starting cross-currency swap that starts in 2027. 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) | —
Summary of Outstanding Interest Rate Swap Agreements | At December 31, 2024, the Company had the following outstanding interest rate swap agreements:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2032 | Ps. 10,134 | Ps. (1,784) | Ps. —
At 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. —
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2024, the Company had the following aluminum price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 828 | Ps. (2) | Ps. 33
As of December 31, 2024, the Company had the following sugar price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 3,108 | Ps. (183) | Ps. 6
2026 | 2,214 | (118) | —
2027 | 440 | (27) |
As of December 31, 2024, the Company had the following diesel price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 22 | Ps. — | Ps. —
As of December 31, 2024, the Company had the following PX + MEG price contracts:
|  | Fair Value
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 72 | Ps. (5) | Ps. —
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. 20
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. (128) | Ps. 206
2025 | 745 | (72) | —
Disclosure of Options to Purchase Foreign Currency | As of December 31, 2024, the Company had the following outstanding option agreements to purchase foreign currency:
Maturity Date | Notional Amount | (Liability) | Asset
2025 | Ps. 3,701 | Ps. (24) | Ps. 248
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) | 2024 | 2023 | 2022
Cross currency swaps | Interest expense | Ps. — | Ps. (392) | Ps. (1)
Cross currency swaps | Foreign exchange | — | (747) | (5)
Interest rate swap | Interest expense | — | — | —
Option to purchase foreign currency | Cost of good sold | 39 | — | —
Forward agreements to purchase foreign currency | Cost of good sold | 136 | (1,834) | (681)
Commodity Price contracts | Cost of good sold | (15) | 430 | 614
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 | 2024 | 2023 | 2022
Cross currency swaps and interest rate swaps | Market value (loss) on financial instruments | Ps. 938 | Ps. 141 | Ps. (2,270)
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
2024 | (13) | % | Ps. (203) | Ps. —
2023 | (11) | % | (465) | —
2022 | (10) | % | (512) | —
Forward agreements to purchase U.S. Dollar (BRL/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (13) | % | Ps. (50) | Ps. —
2023 | (12) | % | (521) | —
2022 | (18) | % | (550) | —
Forward agreements to purchase U.S. Dollar (COP/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (11) | % | Ps. (34) | Ps. —
2023 | (16) | % | (225) | —
2022 | (17) | % | (112) | —
Forward agreements to purchase U.S. Dollar (ARS/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (2) | % | Ps. (11) | Ps. —
2023 | (55) | % | (140) | —
2022 | (3) | % | (10) | —
Forward agreements to purchase U.S. Dollar (UYU/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (5) | % | Ps. (13) | Ps. —
2023 | (5) | % | (20) | —
2022 | (7) | % | (25) | —
Forward agreements to purchase U.S. Dollar (CRC/USD) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (5) | % | Ps. (14) | —
2023 | (7) | % | (15) | —
2022 | (7) | % | (24) | —
Cross currency swaps (USD to MXN) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (13) | % | Ps. (1,863) | Ps. —
2023 | (11) | % | (1,314) | —
2022 | (10) | % | (1,220) | —
Cross currency swaps (USD to BRL) | Change in USD rate | Effect on equity | Profit and loss effect
2024 | (13) | % | Ps. (2,396) | Ps. —
2023 | (12) | % | (1,683) | —
2022 | (18) | % | (2,893) | —
Sugar price contracts | Change on sugar Price | Effect on equity | Profit and loss effect
2024 | (29) | % | Ps. (1,578) | Ps. —
2023 | (29) | % | (765) | —
2022 | (22) | % | (333) | —
Aluminum price contracts | Change on Aluminum price | Effect on equity | Profit and loss effect
2024 | (22) | % | Ps. (189) | Ps. —
2023 | (22) | % | (147) | —
2022 | (35) | % | (189) | —
Options to purchase foreign currency (MXN to USD) | Change on USD rate | Effect on equity | Profit and loss effect
2024 | (13) | % | Ps. (136) | Ps. —
2023 | — | % | — | —
2022 | — | % | — | —
Options to purchase foreign currency (BRL to USD) | Change on USD rate | Effect on equity | Profit and loss effect
2024 | (13) | % | Ps. (119) | Ps. —
2023 | — | % | — | —
2022 | — | % | — | —
Options to purchase foreign currency (COP to USD) | Change on USD rate | Effect on equity | Profit and loss effect
2024 | (11) | % | Ps. (54) | Ps. —
2023 | — | % | — | —
2022 | — | % | — | —
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)
2024 | +100 bps | Ps. (204)
2023 | +100 bps | (187)
2022 | +100 bps | (203)
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, 2024.
(In millions of Ps) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter
Notes and bonds | Ps. 1,727 | Ps. 2,928 | Ps. 8,495 | Ps. 9,961 | Ps. 5,492 | Ps. 43,504
Loans from banks | 1,587 | 3 | — | — | — | —
Derivatives financial liabilities (assets) | (312) | (343) | (268) | — | — | (1,956)
Disclosure of Supplier Finance Included in All Trade Payables | All trade payables subject to the supplier finance arrangement, included in the table below, are recorded as suppliers in the consolidated statement of financial position.
| 2024 | 2023 | 2022
Carrying amount of trade payables that are part of a supplier finance arrangement | Ps. 4,973 | Ps. 2,416 | Ps. 3,697
Of which suppliers have received payment | Ps. 680 | Ps. 823 | Ps. 2,831

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