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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Risk Management |
Schedule of foreign currency position of monetary items | The foreign currency position of monetary items of the Group at December 31, 2017, was as follows:
|  | Foreign Currency Amounts (Thousands) |  | Year-End Exchange Rate |  | Mexican Pesos |
Assets: |  |  |  |  |  |  |
U.S. dollars |  | 1,506,177 |  | Ps. | 19.7051 |  | Ps. | 29,679,368 |
Euros |  | 25,934 |  | 23.6256 |  | 612,706 |
Argentinean pesos |  | 10,660 |  | 1.0566 |  | 11,263 |
Chilean pesos |  | 3,718,631 |  | 0.0320 |  | 118,996 |
Colombian pesos |  | 4,765,350 |  | 0.0066 |  | 31,451 |
Other currencies |  | — |  | — |  | 309,325 |
Liabilities: |  |  |  |  |  |  |
U.S. dollars (1) |  | 4,437,506 |  | Ps. | 19.7051 |  | Ps. | 87,441,499 |
Euros |  | 3,311 |  | 23.6256 |  | 78,224 |
Argentinean pesos |  | 536 |  | 1.0566 |  | 566 |
Chilean pesos |  | 1,864,214 |  | 0.0320 |  | 59,655 |
Colombian pesos |  | 9,963,833 |  | 0.0066 |  | 65,761 |
Other currencies |  | — |  | — |  | 163,215 |
The foreign currency position of monetary items of the Group at December 31, 2016, was as follows:
|  | Foreign Currency Amounts (Thousands) |  | Year-End Exchange Rate |  | Mexican Pesos |
Assets: |  |  |  |  |  |  |
U.S. dollars |  | 1,947,999 |  | Ps. | 20.6356 |  | Ps. | 40,198,128 |
Euros |  | 16,739 |  | 21.7260 |  | 363,672 |
Argentinean pesos |  | 193,558 |  | 1.2986 |  | 251,354 |
Chilean pesos |  | 3,226,447 |  | 0.0309 |  | 99,697 |
Colombian pesos |  | 13,722,537 |  | 0.0068 |  | 93,313 |
Other currencies |  | — |  | — |  | 96,381 |
Liabilities: |  |  |  |  |  |  |
U.S. dollars (1) |  | 5,129,395 |  | Ps. | 20.6356 |  | Ps. | 105,848,143 |
Euros |  | 8,228 |  | 21.7260 |  | 178,762 |
Argentinean pesos |  | 164,674 |  | 1.2986 |  | 213,846 |
Chilean pesos |  | 1,441,423 |  | 0.0309 |  | 44,540 |
Colombian pesos |  | 11,757,686 |  | 0.0068 |  | 79,952 |
Other currencies |  | — |  | — |  | 208,345 |
| (1) |  | As of December 31, 2017 and 2016, monetary liabilities include U.S.$2,440.3 million (Ps.48,086,947) and U.S.$2,386.6 million (Ps.49,249,604), respectively, related to long-term debt designated as hedging instrument of the Group’s investment in UHI.
Schedule of foreign currency of monetary items with net position | The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars):
|  | December 31, |
|  | 2017 |  | 2016 |
U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, held-to-maturity and available-for-sale non-current investments (1) |  | U.S.$ | 1,485.2 |  | U.S.$ | 1,899.1 |
U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, finance lease obligations, and other liabilities (2) (3) |  | (4,411.5 | ) | (5,087.6 | )
Net liability position |  | U.S.$ | (2,926.3 | ) | U.S.$ | (3,188.5 | )
| (1) |  | As of December 31, 2017 and 2016, this line includes U.S. dollar equivalent amounts of U.S.$31.8 million and U.S.$16.4 million, respectively, related to other foreign currencies, primarily Euros.
| (2) |  | As of December 31, 2017 and 2016, this line includes U.S. dollar equivalent amounts of U.S.$5.9 million and U.S.$7.7 million, respectively, related to other foreign currencies, primarily Euros.
| (3) |  | As of December 31, 2017 and 2016, monetary liabilities include U.S.$2,440.3 million (Ps.48,086,944) and U.S.$2,386.6 million (Ps.49,249,604), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UHI and the initial investment in Open Ended Fund (see Note 13).
Schedule of hypothetical changes in fair value or losses in earnings |
December 31, 2017 |  | Carrying Value (3) |  | Fair Value (4) |  | Increase (Decrease) of Fair Value Over Carrying Value |  | Increase (Decrease) of Fair Value Over Carrying Value Assuming a Hypothetical 10% Increase in Fair Value |
Assets: |  |  |  |  |  |  |  |  |
Temporary investments (1) |  | Ps. | 6,013,678 |  | Ps. | 6,013,678 |  | Ps. | — |  | Ps. | — |
Warrants issued by UHI |  | 36,395,183 |  | 36,395,183 |  | — |  | 3,639,518 |
Long-term loan and interest receivable from GTAC |  | 929,516 |  | 937,137 |  | 7,621 |  | 101,335 |
Held-to-maturity investments |  | 287,605 |  | 284,443 |  | (3,162 | ) | 25,282 |
Available-for-sale investments |  | 7,297,577 |  | 7,297,577 |  | — |  | 729,758 |
Derivative financial instruments (2) |  | 2,263,874 |  | 2,263,874 |  | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
Senior Notes due 2025 |  | 11,823,060 |  | 14,065,776 |  | 2,242,716 |  | 3,649,294 |
Senior Notes due 2026 |  | 5,911,530 |  | 6,278,104 |  | 366,574 |  | 994,384 |
Senior Notes due 2032 |  | 5,911,530 |  | 7,985,945 |  | 2,074,415 |  | 2,873,010 |
Senior Notes due 2040 |  | 11,823,060 |  | 14,583,508 |  | 2,760,448 |  | 4,218,799 |
Senior Notes due 2045 |  | 19,705,100 |  | 20,068,856 |  | 363,756 |  | 2,370,642 |
Senior Notes due 2046 |  | 17,734,590 |  | 21,016,731 |  | 3,282,141 |  | 5,383,814 |
December 31, 2017 |  | Carrying Value (3) |  | Fair Value (4) |  | Increase (Decrease) of Fair Value Over Carrying Value |  | Increase (Decrease) of Fair Value Over Carrying Value Assuming a Hypothetical 10% Increase in Fair Value |
Peso-denominated debt: |  |  |  |  |  |  |  |  |
Notes due 2020 |  | 10,000,000 |  | 9,702,300 |  | (297,700 | ) | 672,530 |
Notes due 2021 |  | 6,000,000 |  | 6,090,900 |  | 90,900 |  | 699,990 |
Notes due 2022 |  | 5,000,000 |  | 5,063,300 |  | 63,300 |  | 569,630 |
Notes due 2027 |  | 4,500,000 |  | 4,442,940 |  | (57,060 | ) | 387,234 |
Senior Notes due 2037 |  | 4,500,000 |  | 4,085,685 |  | (414,315 | ) | (5,746 | )
Senior Notes due 2043 |  | 6,500,000 |  | 5,085,925 |  | (1,414,075 | ) | (905,482 | )
Notes payable to Mexican banks |  | 14,142,027 |  | 13,917,175 |  | (224,852 | ) | 1,166,866 |
Finance lease obligations |  | 5,622,774 |  | 5,360,933 |  | (261,841 | ) | 274,252 |
Other notes payable |  | 3,684,060 |  | 3,319,414 |  | (364,646 | ) | (32,705 | )
December 31, 2016 |  | Carrying Value (3) |  | Fair Value (4) |  | Increase (Decrease) of Fair Value Over Carrying Value |  | Increase (Decrease) of Fair Value Over Carrying Value Assuming a Hypothetical 10% Increase in Fair Value |
Assets: |  |  |  |  |  |  |  |  |
Temporary investments (1) |  | Ps. | 5,498,219 |  | Ps. | 5,498,219 |  | Ps. | — |  | Ps. | — |
Warrants issued by UHI |  | 38,298,606 |  | 38,298,606 |  | — |  | 3,829,861 |
Long-term loan and interest receivable from GTAC |  | 881,740 |  | 889,054 |  | 7,314 |  | 96,219 |
Held-to-maturity investments |  | 335,833 |  | 334,807 |  | (1,026 | ) | 32,455 |
Available-for-sale investments |  | 6,456,392 |  | 6,456,392 |  | — |  | 645,639 |
Derivative financial instruments (2) |  | 647,770 |  | 647,770 |  | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |
U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |
Senior Notes due 2018 |  | 10,317,800 |  | 10,858,040 |  | 540,240 |  | 1,626,044 |
Senior Notes due 2025 |  | 12,381,360 |  | 14,151,151 |  | 1,769,791 |  | 3,184,906 |
Senior Notes due 2026 |  | 6,190,680 |  | 6,229,991 |  | 39,311 |  | 662,310 |
Senior Notes due 2032 |  | 6,190,680 |  | 7,566,868 |  | 1,376,188 |  | 2,132,875 |
Senior Notes due 2040 |  | 12,381,360 |  | 13,039,801 |  | 658,441 |  | 1,962,421 |
Senior Notes due 2045 |  | 20,635,600 |  | 17,713,393 |  | (2,922,207 | ) | (1,150,868 | )
Senior Notes due 2046 |  | 18,572,040 |  | 18,580,026 |  | 7,986 |  | 1,865,989 |
Peso-denominated debt: |  |  |  |  |  |  |  |  |
Notes due 2020 |  | 10,000,000 |  | 9,791,680 |  | (208,320 | ) | 770,848 |
Notes due 2021 |  | 6,000,000 |  | 5,953,980 |  | (46,020 | ) | 549,378 |
Notes due 2022 |  | 5,000,000 |  | 4,942,230 |  | (57,770 | ) | 436,453 |
Senior Notes due 2037 |  | 4,500,000 |  | 4,031,550 |  | (468,450 | ) | (65,295 | )
Senior Notes due 2043 |  | 6,500,000 |  | 4,712,500 |  | (1,787,500 | ) | (1,316,250 | )
Notes payable to Mexican banks |  | 9,618,686 |  | 9,331,330 |  | (287,356 | ) | 645,777 |
Finance lease obligations |  | 6,391,826 |  | 5,763,903 |  | (627,923 | ) | (51,533 | )
Other notes payable |  | 4,853,025 |  | 4,143,984 |  | (709,041 | ) | (294,643 | )
Derivative financial instruments (2) |  | 5,508 |  | 5,508 |  | — |  | — |
| (1) |  | At December 31, 2017 and 2016, the Group´s temporary investments consisted of highly liquid securities, including without limitation debt securities and equity instruments held for trading (primarily denominated in Mexican pesos and U.S. dollars). Given the short-term nature of these investments, an increase in U.S. and/or Mexican interest rates would not significantly decrease the fair value of these investments.
| (2) |  | Given the nature of these derivative instruments, an increase of 10% in the interest and/or exchange rates would not have a significant impact on the fair value of these financial instruments.
| (3) |  | The carrying value of debt is stated in this table at its principal amount.
| (4) |  | The fair value of the Senior Notes and Notes due by the Group are within Level 1 of the fair value hierarchy as there is a quoted market price for them. The fair value of the finance lease obligations are within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy, and were based on market interest rates to the listed securities.
Schedule of contractual undiscounted cash flows |
|  | Less Than 12 Months January 1, 2018 to December 31, 2018 |  | 12-36 Months January 1, 2019 to December 31, 2020 |  | 36-60 Months January 1, 2021 to December 31, 2022 |  | Maturities Subsequent to December 31, 2022 |  | Total |
At December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Debt (1) |  | Ps. | 307,489 |  | Ps. | 11,481,645 |  | Ps. | 19,852,893 |  | Ps. | 91,908,870 |  | Ps. | 123,550,897 |
Finance lease obligations |  | 580,884 |  | 1,158,144 |  | 1,002,726 |  | 2,881,020 |  | 5,622,774 |
Other notes payable |  | 1,178,435 |  | 2,505,625 |  | — |  | — |  | 3,684,060 |
Trade and other liabilities |  | 28,103,281 |  | 5,527,223 |  | 1,912,825 |  | 780,166 |  | 36,323,495 |
Interest on debt (2) |  | 6,848,965 |  | 16,946,850 |  | 13,910,021 |  | 88,905,897 |  | 126,611,733 |
Interest on finance lease obligations |  | 420,572 |  | 671,660 |  | 496,371 |  | 536,910 |  | 2,125,513 |
Interest on other notes payable |  | 5,585 |  | 41,562 |  | 77,188 |  | — |  | 124,335 |
|  | Less Than 12 Months January 1, 2017 to December 31, 2017 |  | 12-36 Months January 1, 2018 to December 31, 2019 |  | 36-60 Months January 1, 2020 to December 31, 2021 |  | Maturities Subsequent to December 31, 2021 |  | Total |
At December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
Debt (1) |  | Ps. | 851,659 |  | Ps. | 12,239,445 |  | Ps. | 18,484,978 |  | Ps. | 96,712,124 |  | Ps. | 128,288,206 |
Finance lease obligations |  | 575,576 |  | 1,145,475 |  | 1,128,587 |  | 3,542,188 |  | 6,391,826 |
Derivative financial instruments (interest rate swaps) |  | — |  | 5,508 |  | — |  | — |  | 5,508 |
Other notes payable |  | 1,202,344 |  | 2,433,493 |  | 1,217,188 |  | — |  | 4,853,025 |
Trade and other liabilities |  | 31,260,457 |  | 5,079,927 |  | 2,859,396 |  | 1,436,127 |  | 40,635,907 |
Interest on debt (2) |  | 6,610,591 |  | 15,606,658 |  | 13,876,591 |  | 96,353,123 |  | 132,446,963 |
Interest on finance lease obligations |  | 454,950 |  | 768,813 |  | 622,667 |  | 804,501 |  | 2,650,931 |
Interest on other notes payable |  | 127,656 |  | 119,632 |  | 5,937 |  | — |  | 253,225 |
| (1) |  | The amounts of debt are disclosed on a principal amount basis (see Note 13).
| (2) |  | Interest to be paid in future years on outstanding debt as of December 31, 2017 and 2016, based on contractual interest rate and exchange rates as of that date.

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