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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial Instruments |
Schedule of carrying value and estimated fair value of financial instruments | The carrying and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2021 and 2020, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 | ​ | 2020
​ |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Cash and cash equivalents | ​ | Ps. | 25,828,215 | ​ | Ps. | 25,828,215 | ​ | Ps. | 29,058,093 | ​ | Ps. | 29,058,093
Trade notes and accounts receivable, net |  | ​ | 13,093,011 |  | ​ | 13,093,011 |  | ​ | 12,343,797 |  | ​ | 12,343,797
Long-term loan and interests receivable from GTAC (see Note 10) |  | ​ | 755,973 |  | ​ | 760,143 |  | ​ | 821,253 |  | ​ | 824,092
Open-Ended Fund (see Note 9) |  | ​ | 945,176 |  | ​ | 945,176 |  | ​ | 1,135,803 |  | ​ | 1,135,803
Publicly traded equity instruments (see Note 9) |  | ​ | 3,517,711 |  | ​ | 3,517,711 |  | ​ | 5,397,504 |  | ​ | 5,397,504
Other equity instruments (see Note 9) | ​ | ​ | 1,607,969 | ​ | ​ | 1,607,969 | ​ | ​ | 468,552 | ​ | ​ | 468,552
Liabilities: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Senior Notes due 2025, 2032 and 2040 |  | Ps. | 30,754,650 |  | Ps. | 39,592,552 |  | Ps. | 29,923,950 |  | Ps. | 40,584,237
Senior Notes due 2045 |  | ​ | 20,503,100 |  | ​ | 24,205,140 |  | ​ | 19,949,300 |  | ​ | 24,282,886
Senior Notes due 2037 and 2043 |  | ​ | 11,000,000 |  | ​ | 8,722,100 |  | ​ | 11,000,000 |  | ​ | 9,238,435
Senior Notes due 2026 and 2046 |  | ​ | 24,603,720 |  | ​ | 31,714,380 |  | ​ | 23,939,160 |  | ​ | 31,811,792
Senior Notes due 2049 |  | ​ | 15,377,325 |  | ​ | 19,307,154 |  | ​ | 14,961,975 |  | ​ | 18,978,667
Notes due 2027 |  | ​ | 4,500,000 |  | ​ | 4,509,405 |  | ​ | 4,500,000 |  | ​ | 5,035,860
Long-term notes payable to Mexican banks |  | ​ | 20,260,404 |  | ​ | 20,417,854 |  | ​ | 19,602,893 |  | ​ | 19,801,142
Lease liabilities | ​ | ​ | 9,680,559 | ​ | ​ | 9,830,878 | ​ | ​ | 9,292,351 | ​ | ​ | 9,343,100
​ The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial instruments as of December 31, 2021 and 2020, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Notional | ​ | ​
​ | ​ | ​ | ​ | ​ | Amount | ​ | ​
December 31, 2021: |  | Carrying |  | (U.S. Dollars in |  | ​
Derivative Financial Instruments |  | Amount |  | Thousands) |  | Maturity Date
Assets: |  |  | ​ | ​ |  | ​ | ​ |
Derivatives recorded as accounting hedges (cash flow hedges): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TVI’s interest rate swap (a) | ​ | Ps. | 127 | ​ | Ps. | 87,600 | ​ | May 2022
Interest rate swaps (b) | ​ | ​ | 133,197 | ​ | Ps. | 10,000,000 | ​ | June 2024
Total assets | ​ | Ps. | 133,324 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives recorded as accounting hedges (cash flow hedges): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TVI’s interest rate swap (c) | ​ | Ps. | 2,015 | ​ | Ps. | 522,804 | ​ | April 2022
Interest rate swaps (d) | ​ | ​ | 9,749 | ​ | Ps. | 2,000,000 | ​ | October 2022
Interest rate swaps (e) | ​ | ​ | 7,243 | ​ | Ps. | 1,500,000 | ​ | October 2022
Interest rate swaps (f) | ​ | ​ | 23,798 | ​ | Ps. | 2,500,000 | ​ | February 2023
Forwards (g) | ​ | ​ | 35,524 | ​ | U.S.$ | 67,125 | ​ | January 2022 through March 2022
Derivatives not recorded as accounting hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap (h) | ​ | ​ | 2,943 | ​ | Ps. | 9,385,347 | ​ | March 2022
TVI’s forwards (i) | ​ | ​ | 10,057 | ​ | U.S.$ | 12,600 | ​ | January 2022 through February 2022
Empresas Cablevisión’s forwards (j) | ​ | ​ | 11,006 | ​ | U.S.$ | 13,820 | ​ | January 2022 through February 2022
Sky’s forwards (k) | ​ | ​ | 14,054 | ​ | U.S.$ | 15,000 | ​ | February 2022
Forwards (l) | ​ | ​ | 56,496 | ​ | U.S.$ | 57,620 | ​ | January 2022 through February 2022
Total liabilities | ​ | Ps. | 172,885 | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Notional | ​ | ​
​ |  | ​ | ​ |  | Amount |  | ​
December 31, 2020: | ​ | Carrying | ​ | (U.S. Dollars in | ​ | ​
Derivative Financial Instruments | ​ | Amount | ​ | Thousands) | ​ | Maturity Date
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives recorded as accounting hedges (cash flow hedges): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
TVI’s interest rate swap (a) | ​ | Ps. | 1,759 | ​ | Ps. | 122,400 | ​ | May 2022
TVI’s interest rate swap (c) | ​ | ​ | 23,784 | ​ | Ps. | 730,493 | ​ | April 2022
Interest rate swaps (d) | ​ | ​ | 109,146 | ​ | Ps. | 2,000,000 | ​ | October 2022
Interest rate swaps (e) | ​ | ​ | 86,171 | ​ | Ps. | 1,500,000 | ​ | October 2022
Interest rate swaps (f) | ​ | ​ | 180,941 | ​ | Ps. | 2,500,000 | ​ | February 2023
Interest rate swaps (b) | ​ | ​ | 762,827 | ​ | Ps. | 10,000,000 | ​ | June 2024
Forwards (g) | ​ | ​ | 714,763 | ​ | U.S.$ | 330,500 | ​ | January 2021 through March 2022
Derivatives not recorded as accounting hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swap (h) | ​ | ​ | 204,250 | ​ | Ps. | 9,385,347 | ​ | March 2022
TVI’s forwards (i) | ​ | ​ | 176,868 | ​ | U.S.$ | 88,353 | ​ | January 2021 through February 2022
Empresas Cablevisión’s forwards (j) | ​ | ​ | 190,726 | ​ | U.S.$ | 96,789 | ​ | January 2021 through February 2022
Sky’s forwards (k) | ​ | ​ | 318,701 | ​ | U.S.$ | 135,000 | ​ | February 2021 through February 2022
Forwards (l) | ​ | ​ | 706,287 | ​ | U.S.$ | 344,898 | ​ | January 2021 through February 2022
Total liabilities | ​ | Ps. | 3,476,223 | ​ | ​ | ​ | ​ | ​
​
(a) | TVI has entered into several derivative transaction agreements (interest rate swaps) with two financial institutions from August 2013 through May 2022 to hedge the variable interest rate exposure resulting from Mexican peso loans of a total principal amount of Ps.87,600 and Ps.122,400 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.87,600 and Ps.122,400 and makes payments based on the same notional amount at an annual weighted average fixed rate of 5.585%. TVI has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.58,847 and Ps.60,730 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In the years ended as of December 31, 2021 and 2020, TVI recorded a (loss) gain of Ps.(1,118) and Ps.2,046, respectively, in consolidated other finance income or expense.
(b) | In June and July 2019 and October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.10,000,000 as of December 31, 2021 and 2020. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.10,000,000 as of December 31, 2021 and 2020, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.143,819 in other comprehensive income or loss as of December 31, 2021. In 2021, the Company recorded a loss of Ps.226,192 in consolidated other finance income or expense.
(c) | In March and April 2017, TVI entered into several derivative transaction agreements (interest rate swaps) with two financial institutions through April 2022 to hedge the variable interest rate exposure resulting from Mexican peso loan of a total principal amount of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively, at an annual variable rate of 28- days TIIE and makes monthly payments based on the same notional amounts at an annual weighted average fixed rate of 7.2663%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.2,015 and Ps.23,784 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. TVI recorded a loss of Ps.17,501 and Ps.11,700 for this transaction agreement in consolidated other finance income or expense as of December 31, 2021 and 2020, respectively.
(d) | In November 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,000,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.2,000,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.3275%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.9,031 and Ps.107,884 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021 and 2020, the Company recorded a loss of Ps.56,263 and Ps.28,719, respectively, in consolidated other finance income or expense.
(e) | In November and December 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.1,500,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.1,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.35%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.6,697 and Ps.85,217 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.42,555 in consolidated other finance income or expense.
(f) | In January 2018, the Company entered into derivative transaction agreements (interest rate swaps) through February 2023, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,500,000. Under this transaction, the Company receives monthly payments based on aggregate notional amount of Ps.2,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.7485%. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps.19,612 and Ps.175,498 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.81,759 in consolidated other finance income or expense.
(g) | As of December 31, 2021 and 2020, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S.$67.1 million and U.S.$330.5 million, respectively, at an average exchange rate of Ps.21.1433 and Ps.22.5859, respectively. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.35,524 and Ps.714,763 for this transaction agreement in other comprehensive income or loss as of December 31, 2021, and 2020, respectively. In 2021 and 2020, the Company recorded a (loss) gain of Ps.(725,209) and Ps.308,562 in consolidated other finance income or expense, respectively.
(h) | In March 2020, the Company entered into derivative transaction agreements (interest rate swaps) through March 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.9,385,347. Under this transaction, the Company receives monthly payments based on aggregate notional amounts of Ps.9,385,347, at an annual variable rate of 28 days of TIIE, and makes monthly payments based on the same notional amount at an annual fixed rate of 6.0246%. In 2021 and 2020, the Company recorded a gain (loss) of Ps.62,679 and Ps.(274,285) in consolidated other finance income or expense, respectively.
(i) | As of December 31, 2021, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$12.6 million at an average rate of Ps.21.4394. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.9,812 in consolidated other finance income or expense.
(j) | As of December 31, 2021, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$13.8 million at an average rate of Ps.21.4352. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.8,926 in consolidated other finance income or expense.
(k) | As of December 31, 2021, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$15.0 million at an average rate of Ps.21.6000. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.20,077 in consolidated other finance income or expense.
(l) | As of December 31, 2021 and 2020, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$57.6 million and U.S.$344.9 million at an average rate of Ps.21.5927 and Ps.22.4872, respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2021 and 2020, the Company recorded a (loss) gain of Ps.(56,447) and Ps.207,412, in consolidated other finance income or expense, respectively.
Schedule of reconciliation for all assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value as of December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices in |  | Internal Models |  | Internal Models
​ | ​ | Balance as of | ​ | Active Markets | ​ | with Significant | ​ | with Significant
​ | ​ | December 31, | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ |  | 2021 |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
Assets: |  |  | ​ | ​ |  | ​ |  |  | ​ | ​ |  | ​
At FVOCIL: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Open-Ended Fund | ​ | Ps. | 945,176 | ​ | Ps. | — | ​ | Ps. | 945,176 | ​ | Ps. | —
Publicly traded equity instruments | ​ | ​ | 3,517,711 | ​ | ​ | 3,517,711 | ​ | ​ | — | ​ | ​ | —
Derivative financial instruments | ​ | ​ | 133,324 | ​ | ​ | — | ​ | ​ | 133,324 | ​ | ​ | —
Total | ​ | Ps. | 4,596,211 | ​ | Ps. | 3,517,711 | ​ | Ps. | 1,078,500 | ​ | Ps. | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments | ​ | Ps. | 172,885 | ​ | Ps. | — | ​ | Ps. | 172,885 | ​ | Ps. | —
Total | ​ | Ps. | 172,885 | ​ | Ps. | — | ​ | Ps. | 172,885 | ​ | Ps. | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Internal Models |  | Internal Models
​ |  | Balance as of |  | Active Markets |  | with Significant | ​ | with Significant
​ | ​ | December 31, | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ |  | 2020 |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
Assets: |  |  | ​ | ​ |  | ​ |  |  | ​ | ​ |  | ​
At FVOCIL: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Open-Ended Fund | ​ | Ps. | 1,135,803 | ​ | Ps. | — | ​ | Ps. | 1,135,803 | ​ | Ps. | —
Publicly traded equity instruments | ​ | ​ | 5,397,504 | ​ | ​ | 5,397,504 | ​ | ​ | — | ​ | ​ | —
Total | ​ | Ps. | 6,533,307 | ​ | Ps. | 5,397,504 | ​ | Ps. | 1,135,803 | ​ | Ps. | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments | ​ | Ps. | 3,476,223 | ​ | Ps. | — | ​ | Ps. | 3,476,223 | ​ | Ps. | —
Total | ​ | Ps. | 3,476,223 | ​ | Ps. | — | ​ | Ps. | 3,476,223 | ​ | Ps. | —
​ The table below presents the reconciliation for all assets and liabilities measured at fair value using internal models with significant unobservable inputs (Level 3) during the years ended December 31, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Balance at beginning of year | ​ | Ps. | — |  | Ps. | 33,775,451
Included in other comprehensive income |  | ​ | — |  | ​ | (16,387,752)
Warrants exercised for common stock of UHI | ​ | ​ | — | ​ | ​ | (17,387,699)
Balance at the end of year |  | Ps. | — |  | Ps. | —

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