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Capital Stock and Long-term Retention Plan (Tables) | 12 Months Ended
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Dec. 31, 2019
Capital Stock and Long-term Retention Plan |
Schedule of shares of capital stock and CPOs | At December 31, 2019, shares of capital stock and CPOs consisted of (in millions):
|  |  |  | Repurchased |  | Held by a |  |
|  | Authorized and |  | by the |  | Company’s |  |
|  | Issued (1) (4) |  | Company (2) (4) |  | Trust (3) (4) |  | Outstanding
Series “A” Shares |  | 122,179.4 |  | (973.7) |  | (4,981.8) |  | 116,223.9
Series “B” Shares |  | 58,019.7 |  | (856.9) |  | (4,310.0) |  | 52,852.8
Series “D” Shares |  | 88,554.1 |  | (1,363.3) |  | (3,107.0) |  | 84,083.8
Series “L” Shares |  | 88,554.1 |  | (1,363.3) |  | (3,107.0) |  | 84,083.8
Total |  | 357,307.3 |  | (4,557.2) |  | (15,505.8) |  | 337,244.3
Shares in the form of CPOs |  | 296,023.0 |  | (4,557.2) |  | (10,386.3) |  | 281,079.5
Shares not in the form of CPOs |  | 61,284.3 |  | — |  | (5,119.5) |  | 56,164.8
Total |  | 357,307.3 |  | (4,557.2) |  | (15,505.8) |  | 337,244.3
CPOs |  | 2,530.1 |  | (38.9) |  | (88.8) |  | 2,402.4
| (1) |  | As of December 31, 2019, the authorized and issued capital stock amounted to Ps.4,907,765 (nominal Ps.2,459,154).
| (2) |  | In 2019 and 2018, the Company repurchased, 4,557.2 million shares and 2,977.6 million shares, respectively, in the form of 38.9 million CPOs and 25.5 million CPOs, respectively, in the amount of Ps.1,385,750 and Ps.1,541,180, respectively, in connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management.
| (3) |  | In connection with the Company’s Long-Term Retention Plan described below.
| (4) |  | On April 27, 2018, the Company’s stockholders approved to cancel in May 2018, 5,122.6 million shares of the Company’s capital stock in the form of 43.8 million CPOs, which were repurchased or acquired by the Company in 2017 and 2018.
Schedule of reconciliation of the number of shares and CPOs outstanding | A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2019 and 2018, is presented as follows (in millions):
|  | Series “A” |  | Series “B” |  | Series “D” |  | Series “L” |  | Shares |  | CPOs
|  | Shares |  | Shares |  | Shares |  | Shares |  | Outstanding |  | Outstanding
As of January 1, 2018 |  | 116,787.7 |  | 53,935.8 |  | 85,806.8 |  | 85,806.8 |  | 342,337.1 |  | 2,451.6
Repurchased (1) |  | (636.3) |  | (559.9) |  | (890.7) |  | (890.7) |  | (2,977.6) |  | (25.5)
Acquired (2) |  | (1,074.2) |  | (945.3) |  | (1,503.8) |  | (1,503.8) |  | (5,027.1) |  | (42.9)
Released (2) |  | 1,130.0 |  | 685.5 |  | 1,090.6 |  | 1,090.6 |  | 3,996.7 |  | 31.2
As of December 31, 2018 |  | 116,207.2 |  | 53,116.1 |  | 84,502.9 |  | 84,502.9 |  | 338,329.1 |  | 2,414.4
Repurchased (1) |  | (973.7) |  | (856.9) |  | (1,363.3) |  | (1,363.3) |  | (4,557.2) |  | (38.9)
Acquired (2) |  | (65.6) |  | (57.7) |  | (91.9) |  | (91.9) |  | (307.1) |  | (2.7)
Released (2) |  | 1,056.0 |  | 651.3 |  | 1,036.1 |  | 1,036.1 |  | 3,779.5 |  | 29.6
As of December 31, 2019 |  | 116,223.9 |  | 52,852.8 |  | 84,083.8 |  | 84,083.8 |  | 337,244.3 |  | 2,402.4
| (1) |  | In connection with a share repurchase program.
| (2) |  | By a Company’s trust in connection with the Company’s Long-Term Retention Plan described below.
Schedule of arrangements and weighted-average assumptions |
|  | Long-Term Retention Plan |
Arrangements: |  |  |  |  |  |  |  |  |  |  |
Year of grant |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |
Number of CPOs or CPOs equivalent granted |  | 39,000 |  | 39,000 |  | 37,000 |  | 32,500 |  | 72,558 |
Contractual life |  | 3 | years | 3 | years | 3 | years | 3 | years | 2.67 | years
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Dividend yield |  | 0.33 | % | 0.38 | % | 0.38 | % | 0.55 | % | 0.82 | %
Expected volatility (1) |  | 26.92 | % | 27.60 | % | 24.58 | % | 25.38 | % | 30.47 | %
Risk-free interest rate |  | 4.61 | % | 4.83 | % | 7.04 | % | 7.17 | % | 6.88 | %
Expected average life of awards |  | 3.00 | years | 3.00 | years | 2.96 | years | 3.00 | years | 2.67 | years
| (1) |  | Volatility was determined by reference to historically observed prices of the Company’s CPOs.
Summary of the stock awards for employees | A summary of the stock conditionally sold to employees as of December 31, is presented below (in Mexican pesos and thousands of CPOs):
|  | 2019 |  | 2018
|  |  |  | Weighted- |  |  |  | Weighted-
|  | CPOs or CPOs |  | Average Exercise |  | CPOs or CPOs |  | Average Exercise
|  | Equivalent |  | Price |  | Equivalent |  | Price
Long-Term Retention Plan: |  |  |  |  |  |  |  |
Outstanding at beginning of year |  | 179,051 |  | 75.77 |  | 157,915 |  | 79.75
Conditionally sold |  | 72,558 |  | 38.50 |  | 32,500 |  | 52.05
Paid by employees |  | (3,107) |  | 33.75 |  | (6,897) |  | 41.09
Forfeited |  | (5,030) |  | 73.20 |  | (4,467) |  | 79.38
Outstanding at end of year |  | 243,472 |  | 65.19 |  | 179,051 |  | 75.77
To be paid by employees at end of year |  | 110,828 |  | 81.26 |  | 81,631 |  | 78.48

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