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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2017
Fair value measurements  
Schedule of carrying amounts and fair values of financial instruments

 

 

 

Carrying amount

 

Fair value

 

 

 

2017

 

2016

 

2017

 

2016

 

Assets

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

Ps.
497,403

 

Ps.
867,809

 

Ps.
497,403

 

Ps.
867,809

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Financial debt

 
(3,476,742

)
(1,988,181

)
(3,481,741

)
(1,988,445

)

Derivative financial instruments

 

—

 
(14,144

)

—

 
(14,144

)

 

 

 

 

 

 

 

 

 

 

Total

 

Ps.
(2,979,339

)

Ps.
(1,134,516

)

Ps.
(2,984,338

)

Ps.
(1,134,780

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the fair value measurements at December 31, 2017:

 

 

 

Fair value measurement

 

 

 

Quoted prices
in active
markets
Level 1

 

Significant
observable
inputs
Level 2

 

Significant
unobservable
inputs
Level 3

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

Derivatives financial instruments:

 

 

 

 

 

 

 

 

 

Jet fuel Asian call options contracts*

 

Ps.

—

 

Ps.
497,403

 

Ps.

—

 

Ps.
497,403

 

Liabilities for which fair values are disclosed:

 

 

 

 

 

 

 

 

 

Interest-bearing loans and borrowings**

 

—

 
(3,481,741

)

—

 
(3,481,741

)

 

 

 

 

 

 

 

 

 

 

Net

 

Ps.

—

 

Ps.
(2,984,338

)

Ps.

—

 

Ps.
(2,984,338

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Jet fuel forwards levels and LIBOR curve.

** LIBOR curve and TIIE Mexican interbank rate. Includes short-term and long-term debt.

There were no transfers between level 1 and level 2 during the period.

 

The following table summarizes the fair value measurements at December 31, 2016:

 

 

 

Fair value measurement

 

 

 

Quoted prices
in active
markets
Level 1

 

Significant
observable
inputs
Level 2

 

Significant
unobservable
inputs
Level 3

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

Derivatives financial instruments:

 

 

 

 

 

 

 

 

 

Jet fuel Asian call options contracts*

 

Ps.

—

 

Ps.
867,809

 

Ps.

—

 

Ps.

867,809

 

Liabilities

 

 

 

 

 

 

 

 

 

Derivatives financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swap contracts**

 

—

 
(14,144

)

—

 
(14,144

)

Liabilities for which fair values are disclosed:

 

 

 

 

 

 

 

 

 

Interest-bearing loans and borrowings**

 

—

 
(1,988,445

)

—

 
(1,988,445

)

 

 

 

 

 

 

 

 

 

 

Net

 

Ps.

—

 

Ps.

(1,134,780

)

Ps.

—

 

Ps.
(1,134,780

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Jet fuel forwards levels and LIBOR curve.

** LIBOR curve and TIIE Mexican interbank rate. Includes short-term and long-term debt.

There were no transfers between level 1 and level 2 during the period.

Schedule of (loss) gain on derivatives recognized in consolidated statements of operations and comprehensive income

 

Consolidated statements of operations

 

Instrument

 

Financial statements line

 

2017

 

2016

 

2015

 

Jet fuel swap contracts

 

Fuel

 

Ps.

—

 

Ps.

—

 

Ps.

(128,330

)

Jet fuel Asian call options contracts

 

Fuel

 
(26,980

)
(305,166

)
(112,675

)

Foreign currency forward

 

Aircraft and engine rent expenses

 
(11,290

)

—

 

—

 

Interest rate swap contracts

 

Aircraft and engine rent expenses

 
(13,827

)
(48,777

)
(46,545

)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Ps.

(52,097

)

Ps.

(353,943

)

Ps.

(287,550

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statements of other comprehensive (loss) income

 

Instrument

 

Financial statements
line

 

2017

 

2016

 

2015

 

Jet fuel Asian call options Contracts

 

OCI

 

Ps.
(54,202

)

Ps.
583,065

 

Ps.
(221,592

)

Interest rate swap contracts

 

OCI

 
14,144

 
41,629

 
27,723

 

Foreign currency forward

 

OCI

 
(2,090

)

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total (Note 22)

 

 

 

Ps.
(42,148

)

Ps.
624,694

 

Ps.
(193,869

)