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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial Risk Management |
Schedule of foreign currency position of monetary items | The foreign currency position of monetary items of the Group at December 31, 2020, was as follows:
|  | Foreign |  |  |  |  |  |
|  | Currency |  |  |  |  |  |
|  | Amounts |  | Year-End |  |  |
|  | (Thousands) |  | Exchange Rate |  | Mexican Pesos
Assets: |  |  |  |  |  |  |  |
U.S. dollars |  | 1,154,453 |  | Ps. | 19.9493 |  | Ps. | 23,030,529
Euros |  | 19,260 |  |  | 24.3774 |  |  | 469,509
Swiss francs |  | 438 |  |  | 22.5299 |  |  | 9,868
Argentinean pesos |  | 66,482 |  |  | 0.2371 |  |  | 15,763
Chilean pesos |  | 327,357 |  |  | 0.0280 |  |  | 9,166
Other currencies |  | — |  |  | — |  |  | 7,713
Liabilities: |  |  |  |  |  |  |  |
U.S. dollars (1) |  | 5,161,009 |  | Ps. | 19.9493 |  | Ps. | 102,958,517
Euros |  | 1,151 |  |  | 24.3774 |  |  | 28,058
Swiss francs |  | 659 |  |  | 22.5299 |  |  | 14,847
Chilean pesos |  | 632,679 |  |  | 0.0280 |  |  | 17,715
Colombian pesos |  | 8,246,548 |  |  | 0.0057 |  |  | 47,005
Other currencies |  | — |  |  | — |  |  | 3,332
The foreign currency position of monetary items of the Group at December 31, 2019, was as follows:
|  | Foreign |  |  |  |  |  |
|  | Currency |  |  |  |  |  |
|  | Amounts |  | Year-End |  |  |
|  | (Thousands) |  | Exchange Rate |  | Mexican Pesos
Assets: |  |  |  |  |  |  |  |
U.S. dollars |  | 1,258,623 |  | Ps. | 18.8838 |  | Ps. | 23,767,585
Euros |  | 51,398 |  |  | 21.1995 |  |  | 1,089,612
Swiss francs |  | 3,071 |  |  | 19.5345 |  |  | 59,990
Colombian pesos |  | 2,744,483 |  |  | 0.0058 |  |  | 15,918
Argentinean pesos |  | 28,269 |  |  | 0.3154 |  |  | 8,916
Chilean pesos |  | 110,984 |  |  | 0.0254 |  |  | 2,819
Other currencies |  | — |  |  | — |  |  | 5,832
Liabilities: |  |  |  |  |  |  |  |
U.S. dollars (1) |  | 5,257,954 |  | Ps. | 18.8838 |  | Ps. | 99,290,152
Swiss francs |  | 4,069 |  |  | 19.5345 |  |  | 79,486
Euros |  | 912 |  |  | 21.1995 |  |  | 19,334
Chilean pesos |  | 689,094 |  |  | 0.0254 |  |  | 17,503
Colombian pesos |  | 4,195,172 |  |  | 0.0058 |  |  | 24,332
Other currencies |  | — |  |  | — |  |  | 3,075
| (1) |  | As of December 31, 2020 and 2019, monetary liabilities include U.S.$1,130.9 million (Ps.22,559,983) and U.S.$2,470.6 million (Ps.46,653,315), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UHI and the investment in Open-Ended Fund (see Note 14).
Schedule of foreign currency of monetary items with net position | The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars):
|  | December 31,
|  | 2020 |  | 2019
U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) |  | U.S.$ | 1,125.1 |  | U.S.$ | 1,253.3
U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) |  |  | (5,115.9) |  |  | (5,231.8)
Net liability position |  | U.S.$ | (3,990.8) |  | U.S.$ | (3,978.5)
| (1) |  | As of December 31, 2020 and 2019, this line includes U.S. dollar equivalent amounts of U.S.$24.5 million and U.S.$57.6 million, respectively, related to other foreign currencies, primarily Euros.
| (2) |  | As of December 31, 2020 and 2019, this line includes U.S. dollar equivalent amounts of U.S.$2.0 million and U.S.$5.0 million, respectively, related to other foreign currencies, primarily Euros.
| (3) |  | As of December 31, 2020 and 2019, monetary liabilities include U.S.$1,130.9 million (Ps.22,559,983) and U.S.$2,470.6 million (Ps.46,653,315), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UHI and the investment in Open-Ended Fund (see Note 14).
Schedule of hypothetical changes in fair value or losses in earnings |
|  |  |  |  |  |  |  |  |  |  | Difference between
|  |  |  |  |  |  |  |  |  |  | Fair Value and
|  |  |  |  |  |  |  |  |  |  | Carrying Value
|  |  |  |  |  |  |  |  |  | Assuming a
|  |  |  |  |  |  |  | Difference between |  | Hypothetical
|  |  |  |  |  |  | Fair Value and |  | 10% Increase in
December 31, 2020 |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Long-term loan and interest receivable from GTAC |  | Ps. | 821,253 |  | Ps. | 824,092 |  | Ps. | 2,839 |  | Ps. | 85,248
Open-Ended Fund |  |  | 1,135,803 |  |  | 1,135,803 |  |  | — |  |  | —
Other equity instruments |  |  | 5,397,504 |  |  | 5,397,504 |  |  | — |  |  | —
Liabilities(2) (3): |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes due 2025 |  |  | 11,969,580 |  |  | 14,609,830 |  |  | 2,640,250 |  |  | 4,101,233
Senior Notes due 2026 |  |  | 5,984,790 |  |  | 6,840,854 |  |  | 856,064 |  |  | 1,540,149
Senior Notes due 2032 |  |  | 5,984,790 |  |  | 9,193,415 |  |  | 3,208,625 |  |  | 4,127,967
Senior Notes due 2040 |  |  | 11,969,580 |  |  | 16,780,992 |  |  | 4,811,412 |  |  | 6,489,511
Senior Notes due 2045 |  |  | 19,949,300 |  |  | 24,282,886 |  |  | 4,333,586 |  |  | 6,761,875
Senior Notes due 2046 |  |  | 17,954,370 |  |  | 24,970,938 |  |  | 7,016,568 |  |  | 9,513,662
Senior Notes due 2049 |  |  | 14,961,975 |  |  | 18,978,667 |  |  | 4,016,692 |  |  | 5,914,559
Peso-denominated debt: |  |  |  |  |  |  |  |  |  |  |  |
Notes due 2027 |  |  | 4,500,000 |  |  | 5,035,860 |  |  | 535,860 |  |  | 1,039,446
Senior Notes due 2037 |  |  | 4,500,000 |  |  | 4,087,575 |  |  | (412,425) |  |  | (3,668)
Senior Notes due 2043 |  |  | 6,500,000 |  |  | 5,150,860 |  |  | (1,349,140) |  |  | (834,054)
Long-term notes payable to Mexican banks |  |  | 19,602,893 |  |  | 19,801,142 |  |  | 198,249 |  |  | 2,178,363
Lease liabilities |  |  | 9,292,351 |  |  | 9,343,100 |  |  | 50,749 |  |  | 985,059
Derivative financial instruments (1) |  |  | 3,476,223 |  |  | 3,476,223 |  |  | — |  |  | —
|  |  |  |  |  |  |  |  |  |  | Difference between
|  |  |  |  |  |  |  |  |  |  | Fair Value and
|  |  |  |  |  |  |  |  |  |  | Carrying Value
|  |  |  |  |  |  |  |  |  | Assuming a
|  |  |  |  |  |  |  | Difference between |  | Hypothetical
|  |  |  |  |  |  | Fair Value and |  | 10% Increase in
December 31, 2019 |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Warrants issued by UHI |  | Ps. | 33,775,451 |  | Ps. | 33,775,451 |  | Ps. | — |  | Ps. | —
Long-term loan and interest receivable from GTAC |  |  | 872,317 |  |  | 875,585 |  |  | 3,268 |  |  | 90,827
Open-Ended Fund |  |  | 4,688,202 |  |  | 4,688,202 |  |  | — |  |  | —
Other equity instruments |  |  | 5,751,001 |  |  | 5,751,001 |  |  | — |  |  | —
Derivative financial instruments (1) |  |  | 4,592 |  |  | 4,592 |  |  | — |  |  | —
Liabilities(2) (3): |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated debt: |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes due 2025 |  |  | 11,330,280 |  |  | 13,243,624 |  |  | 1,913,344‬ |  |  | 3,237,706
Senior Notes due 2026 |  |  | 5,665,140 |  |  | 6,079,885 |  |  | 414,745 |  |  | 1,022,734
Senior Notes due 2032 |  |  | 5,665,140 |  |  | 7,571,346 |  |  | 1,906,206 |  |  | 2,663,341
Senior Notes due 2040 |  |  | 11,330,280 |  |  | 14,139,283 |  |  | 2,809,003 |  |  | 4,222,931
Senior Notes due 2045 |  |  | 18,883,800 |  |  | 19,739,047 |  |  | 855,247 |  |  | 2,829,152
Senior Notes due 2046 |  |  | 16,995,420 |  |  | 20,565,308 |  |  | 3,569,888 |  |  | 5,626,419
Senior Notes due 2049 |  |  | 14,162,850 |  |  | 15,364,426 |  |  | 1,201,576 |  |  | 2,738,019
Peso-denominated debt: |  |  |  |  |  |  |  |  |  |  |  |
Notes due 2027 |  |  | 4,500,000 |  |  | 4,656,375 |  |  | 156,375 |  |  | 622,013
Senior Notes due 2037 |  |  | 4,500,000 |  |  | 4,133,385 |  |  | (366,615) |  |  | 46,724
Senior Notes due 2043 |  |  | 6,500,000 |  |  | 4,853,485 |  |  | (1,646,515) |  |  | (1,161,167)
Long-term notes payable to Mexican banks |  |  | 22,845,382 |  |  | 23,012,707 |  |  | 167,325 |  |  | 2,468,596
Lease liabilities |  |  | 9,363,520 |  |  | 9,120,903 |  |  | (242,617) |  |  | 669,473
Other notes payable |  |  | 1,324,063 |  |  | 1,295,780 |  |  | (28,283) |  |  | 101,295
Derivative financial instruments (1) |  |  | 915,290 |  |  | 915,290 |  |  | — |  |  | —
| (1) |  | Given the nature and the tenor of these derivative financial instruments, an increase of 10% in the interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments.
| (2) |  | The carrying value of debt is stated in this table at its principal amount.
| (3) |  | 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 lease liabilities 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 |  | 12-36 Months |  | 36-60 Months |  | Maturities |  |  |
|  | January 1, 2021 to |  | January 1, 2022 to |  | January 1, 2024 to |  | Subsequent to |  |  |
At December 31, 2020 |  | December 31, 2021 |  | December 31, 2023 |  | December 31, 2025 |  | December 31, 2025 |  | Total
Debt (1) |  | Ps. | 617,489 |  | Ps. | 8,985,404 |  | Ps. | 21,969,580 |  | Ps. | 92,304,805 |  | Ps. | 123,877,278
Lease liabilities |  |  | 1,277,754 |  |  | 2,184,098 |  |  | 2,240,777 |  |  | 3,589,722 |  |  | 9,292,351
Trade and other liabilities |  |  | 33,936,100 |  |  | 4,078,823 |  |  | 644,830 |  |  | 3,137,092 |  |  | 41,796,845
Interest on debt (2) |  |  | 5,997,185 |  |  | 15,177,002 |  |  | 13,256,713 |  |  | 90,128,177 |  |  | 124,559,077
Interest on lease liabilities |  |  | 668,461 |  |  | 1,169,317 |  |  | 853,741 |  |  | 925,566 |  |  | 3,617,085
|  | Less Than 12 Months |  | 12-36 Months |  | 36-60 Months |  | Maturities |  |  |
|  | January 1, 2020 to |  | January 1, 2021 to |  | January 1, 2023 to |  | Subsequent to |  |  |
At December 31, 2019 |  | December 31, 2020 |  | December 31, 2022 |  | December 31, 2024 |  | December 31, 2024 |  | Total
Debt (1) |  | Ps. | 492,489 |  | Ps. | 8,852,893 |  | Ps. | 13,500,000 |  | Ps. | 99,532,910 |  | Ps. | 122,378,292
Lease liabilities |  |  | 1,257,766 |  |  | 2,491,539 |  |  | 2,381,812 |  |  | 3,232,403 |  |  | 9,363,520
Other notes payable |  |  | 1,324,063 |  |  | — |  |  | — |  |  | — |  |  | 1,324,063
Trade and other liabilities |  |  | 31,588,449 |  |  | 3,426,610 |  |  | 1,035,998 |  |  | 2,488,379 |  |  | 38,539,436
Interest on debt (2) |  |  | 6,565,402 |  |  | 16,351,837 |  |  | 14,404,394 |  |  | 91,956,556 |  |  | 129,278,189
Interest on lease liabilities |  |  | 731,591 |  |  | 1,417,722 |  |  | 984,003 |  |  | 755,862 |  |  | 3,889,178
Interest on other notes payable |  |  | 5,938 |  |  | — |  |  | — |  |  | — |  |  | 5,938
| (1) |  | The amounts of debt are disclosed on a principal amount basis (see Note 14).
| (2) |  | Interest to be paid in future years on outstanding debt as of December 31, 2020 and 2019, based on contractual interest rate and exchange rates as of that date.

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