XML 67 R53.htm IDEA: XBRL DOCUMENT

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Income Taxes [Abstract]

Summary of Balances of Recoverable Taxes

The balances of recoverable taxes are comprised as follows:

	December 31, 2018		December 31, 2019		December 31, 2020
Recoverable taxes:
IMPAC	Ps.	57,759	Ps.	39,186	Ps.	24,338
ISR		40,492		98,742		479,032
IVA		28,729		35,508		350,536
Business flat tax (IETU)		3,399		1,929		1,929
Withholding taxes		22,362		43,130		200,393
Corporation taxes		66,338		71,599		15,329
Other		1,065		1,481		1,298
	Ps.	220,144	Ps.	291,575	Ps.	1,072,855

Summary of Income Tax Expense (Benefit)

Income Tax – Income tax expense (benefit) for the years ended December 31, 2018, 2019 and 2020 consists of the following:

	2018			2019			2020
ISR:
Current	Ps.	2,117,491		Ps.	2,055,783		Ps.	722,474
Deferred		(248,450	)		(164,340	)		(255,407	)
	Ps.	1,869,041		Ps.	1,891,443		Ps.	467,067

Schedule of Effective Tax Rate

Effective tax rate – The reconciliation of the statutory income tax rate and the actual effective income tax rate as a percentage of income before income taxes for the years ended December 31, 2018, 2019 and 2020 is shown below:

	%			2018			%				2019			%			2020
Income before income taxes				Ps.	7,007,672					Ps.		7,346,185					Ps.	2,385,770
Income tax by applying the weighted average statutory rate (1)		30.0	%		2,102,302			30.0	%			2,203,856			30.0	%		715,731
Effects of inflation over monetary assets		(3.9	)%		(271,601	)		(3.5	)%			(260,249	)		(3.5	)%		(255,946	)
(Unrecognized) applied tax loss carryforwards		0.8	%		57,733			0.8	%			61,953			0.8	%		48,041
Derecognition of deferred tax asset		0.9	%		60,115			—				—			—			—
Tax rate change in border area		0.3	%		19,391			(0.1	)%			(10,332	)		(0.1	)%		45,220
Employee benefits		(0.1	%)		(603	)		(0.1	%)			(9,586	)		(0.1	%)		(3,127	)
Cancellation of recoverable tax on assets - undue payments		(0.8	)%		(54,444	)		—				—			—			—
Other		(0.6	)%		(43,852	)		(1.3	)%			(94,199	)		(1.3	)%		(82,852	)
Effective tax rate		26.6	%	Ps.	1,869,041			25.8	%	Ps.		1,891,443			25.8	%	Ps.	467,067

(1)	The tax rate used for the 2018, 2019 and 2020 previous reconciliations above is the average corporate tax rate, respectively payable by corporate entities in Mexico, Jamaica and Spain on taxable profits in accordance with tax laws in these jurisdictions.

Schedule of Net Deferred Income Tax Assets and Net Deferred Income Tax Liability

The assets for deferred taxes belong to Mexico subsidiaries:



	December 31, 2018			December 31, 2019		December 31, 2020
Deferred ISR asset (liability):
Expected credit loss	Ps.	10,636		Ps.	10,831	Ps.	29,478
Machinery and equipment		46,723			50,590		56,298
Improvements to concession assets		567,497			605,052		657,472
Airport concessions and rights to use airport facilities		4,592,116			4,654,502		4,691,382
Other acquired rights		139,268			143,596		146,980
Derivative financial instruments		(39,492	)		82,370		225,548
Other assets		445			449		315
Tax loss carryforwards		113,257			51,304		95,886
Employee benefits		27,805			30,373		41,447
Accruals		14,024			19,877		21,557
Deferred income tax asset	Ps.	5,472,279		Ps.	5,648,944	Ps.	5,966,363

The net deferred income tax liability corresponds to the subsidiaries in Jamaica:

	December 31, 2018			December 31, 2019			December 31, 2020
Deferred tax (liability) asset:
Trade receivables	Ps.	(820	)	Ps.	(1,169	)	Ps.	(881	)
Machinery, equipment and improvements on leased assets		(96,496	)		(76,881	)		(75,262	)
Improvements to concession assets		(1,905	)		(1,712	)		(1,731	)
Airport concessions		(700,168	)		(615,751	)		(590,401	)
Accruals		14,458			13,604			12,796
Deferred tax liability	Ps.	(784,931	)	Ps.	(681,909	)	Ps.	(655,479	)

Schedule of Unrecognized Deferred Income Tax Assets

Unrecognized deferred income tax assets – Unrecognized deferred income tax assets in the consolidated statement of financial position are comprised of the following items of the Mexican Companies:

	December 31, 2018		December 31, 2019		December 31, 2020
Tax loss carryforwards	Ps.	235,475	Ps.	269,898	Ps.	306,332
Deductible tax temporary difference		98,929		102,342		106,187
	Ps.	334,404	Ps.	372,240	Ps.	412,519

Summary of Deferred Income Tax from Tax Loss Carryforwards

Deferred income tax from tax loss carryforwards – The Company generated tax loss carryforwards in the airports of Aguascalientes, Los Mochis, Morelia, Manzanillo, and at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. The Company estimates tax loss carryforwards will be recoverable in Grupo Aeroportuario del Pacífico, S.A.B. de C.V. With respect to tax legislation relating to concessions, such losses will expire in 2048, except for the tax losses of Grupo Aeroportuario del Pacífico, S.A.B. de C.V., which expire in 2026. Tax losses that can be recovered based on management’s financial projections are recognized as part of the deferred tax asset.

	December 31, 2018			December 31, 2019			December 31, 2020
Tax loss carryforwards	Ps.	1,162,441		Ps.	1,070,673		Ps.	1,340,729
Unrecognized tax loss carryforwards		(784,917	)		(899,659	)		(1,021,106	)
Recognized tax loss carryforwards	Ps.	377,524		Ps.	171,014		Ps.	319,623

Summary of Reconciliation of Changes in Deferred Tax Assets

	Balance as of January 1, 2018			Effects of profit and loss			Allocation to recoverable taxes				Other comprehensive income			Balance as of December 31, 2018
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	7,209		Ps.	3,427		Ps.	—			Ps.	—		Ps.	10,636
Machinery, equipment and improvements on leased assets		37,645			9,078			—				—			46,723
Improvements to concession assets		511,166			56,331				—			—			567,497
Airport concessions and rights to use airport facilities		4,461,211			130,905			—				—			4,592,116
Other acquired rights		130,776			8,492				—				—		139,268
Derivative financial instruments		(30,667	)		(8,825	)			—				—		(39,492	)
Other assets		387			58				—				—		445
Tax loss carryforwards		170,990			(57,733	)			—				—		113,257
Employee benefits		27,257			(5,236	)			—				5,784		27,805
Accruals		12,966			1,058				—				—		14,024
Recoverable tax on assets		25,342			54,444				(79,786	)			—		—
Total deferred tax asset	Ps.	5,354,282		Ps.	191,999		Ps.		(79,786	)	Ps.		5,784	Ps.	5,472,279

	Balance as of January 1, 2019			Effects of profit and loss			Other comprehensive income				Balance as of December 31, 2019
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	10,636		Ps.	195		Ps.	—			Ps.	10,831
Machinery, equipment and improvements on leased assets		46,723			3,867			—				50,590
Improvements to concession assets		567,497			37,554			—				605,051
Airport concessions and rights to use airport facilities		4,592,116			62,386			—				4,654,502
Other acquired rights		139,268			4,328				—			143,596
Derivative financial instruments		(39,492	)		44,931				76,931			82,370
Other assets		445			4				—			449
Tax loss carryforwards		113,257			(61,953	)			—			51,304
Employee benefits		27,805			4,901				(2,333	)		30,373
Accruals		14,024			5,854				—			19,878
Total deferred tax asset	Ps.	5,472,279		Ps.	102,067		Ps.		74,598		Ps.	5,648,944

	Balance as of January 1, 2020		Effects of profit and loss			Other comprehensive income		Balance as of December 31, 2020
Temporary differences for the deferred tax asset:
Expected credit loss	Ps.	10,831	Ps.	18,647		Ps.	—	Ps.	29,478
Machinery, equipment and improvements on leased assets		50,590		5,708			—		56,298
Improvements to concession assets		605,051		52,421			—		657,472
Airport concessions and rights to use airport facilities		4,654,502		36,880			—		4,691,382
Other acquired rights		143,596		3,384			—		146,980
Derivative financial instruments		82,370		15,030			128,148		225,548
Other assets		449		(134	)		—		315
Tax loss carryforwards		51,304		44,582			—		95,886
Employee benefits		30,373		(1,487	)		12,561		41,447
Accruals		19,878		1,679			—		21,557
Total deferred tax asset	Ps.	5,648,944	Ps.	176,710		Ps.	140,709	Ps.	5,966,363

Summary of Reconciliation of Changes in Deferred Tax Liabilities

	Balance as of January 1, 2018			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2018
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(822	)	Ps.	5,220		Ps.	(5,218	)	Ps.	(820	)
Machinery, equipment and improvements on leased assets		(103,782	)		6,998			288			(96,496	)
Improvements to concession assets		(2,008	)		97			6			(1,905	)
Airport concessions		(748,879	)		46,399			2,312			(700,168	)
Accruals		16,238			(2,263	)		483			14,458
Total deferred tax liability	Ps.	(839,253	)	Ps.	56,451		Ps.	(2,129	)	Ps.	(784,931	)

	Balance as of January 1, 2019			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2019
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(820	)	Ps.	-		Ps.	(349	)	Ps.	(1,169	)
Machinery, equipment and improvements on leased assets		(96,496	)		(74,659	)		94,274			(76,881	)
Improvements to concession assets		(1,905	)		97			96			(1,712	)
Airport concessions		(700,168	)		46,461			37,956			(615,751	)
Accruals		14,458			90,374			(91,228	)		13,604
Total deferred tax liability	Ps.	(784,931	)	Ps.	62,273		Ps.	40,749		Ps.	(681,909	)

	Balance as of January 1, 2020			Effects of profit and loss			Other comprehensive income			Balance as of December 31, 2020
Temporary differences for the deferred tax liability:
Trade accounts receivable	Ps.	(1,169	)	Ps.	(3,525	)	Ps.	3,813		Ps.	(881	)
Machinery, equipment and improvements on leased assets		(76,881	)		32,937			(31,318	)		(75,262	)
Improvements to concession assets		(1,712	)		107			(126	)		(1,731	)
Airport concessions		(615,751	)		51,834			(26,484	)		(590,401	)
Accruals		13,604			(2,656	)		1,848			12,796
Total deferred tax liability	Ps.	(681,909	)	Ps.	78,697		Ps.	(52,267	)	Ps.	(655,479	)