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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2018
Fair value measurements  
Schedule of carrying amounts and fair values of financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount

 

Fair value

 

 

 

 

    

2018

    

2017

    

2016

    

2018

    

2017

    

2016

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

Ps.

62,440

 

Ps.

497,403

 

Ps.

867,809

 

Ps.

62,440

 

Ps.

497,403

 

Ps.

867,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

  

 

 

 

 

 

  

 

 

  

 

 

 

Financial debt

 

 

(3,506,834)

 

 

(3,476,742)

 

 

(1,988,181)

 

 

(3,515,550)

 

 

(3,481,741)

 

 

(1,988,445)

Derivative financial instruments

 

 

(122,948)

 

 

 —

 

 

(14,144)

 

 

(122,948)

 

 

 —

 

 

(14,144)

Total

 

Ps.

(3,567,342)

 

Ps.

(2,979,339)

 

Ps.

(1,134,516)

 

Ps.

(3,576,058)

 

Ps.

(2,984,338)

 

Ps.

(1,134,780)

 

The following table summarizes the fair value measurements at December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value measurement

 

    

Quoted prices

    

Significant

    

Significant

    

 

 

 

in active

 

observable

 

unobservable

 

 

 

 

markets

 

inputs

 

inputs

 

 

 

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives financial instruments:

 

 

  

 

 

  

 

 

  

 

 

  

Jet fuel Asian call options contracts*

 

Ps.

 —

 

Ps.

48,199

 

Ps.

 —

 

Ps.

48,199

Foreign currency forward

 

 

 —

 

 

14,241

 

 

 —

 

 

14,241

Liabilities

 

 

  

 

 

  

 

 

  

 

 

  

Derivatives financial instruments:

 

 

  

 

 

  

 

 

  

 

 

  

Jet fuel Asian Zero-Cost collars options contracts*

 

 

 —

 

 

(122,948)

 

 

 —

 

 

(122,948)

Liabilities for which fair values are disclosed:

 

 

  

 

 

 

 

 

  

 

 

  

Interest-bearing loans and borrowings**

 

 

 —

 

 

(3,515,550)

 

 

 —

 

 

(3,515,550)

Net

 

Ps.

 —

 

Ps.

(3,576,058)

 

Ps.

 —

 

Ps.

(3,576,058)

* 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, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value measurement

 

    

Quoted prices

    

Significant

    

Significant

    

 

 

 

in active

 

observable

 

unobservable

 

 

 

 

markets

 

inputs

 

inputs

 

 

 

    

Level 1

    

Level 2

    

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

    

Significant

    

Significant

    

 

 

 

 

in active

 

observable

 

unobservable

 

 

 

 

 

markets

 

inputs

 

inputs

 

 

 

 

 

Level 1

 

Level 2

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

 

 

    

 

 

Instrument

    

Financial statements line

    

2018

    

2017

    

2016

Jet fuel Asian call options contracts

 

Fuel

 

Ps.

(402,493)

 

Ps.

26,980

 

Ps.

305,166

Foreign currency forward

 

Aircraft and engine rent expenses

 

 

(52,516)

 

 

11,290

 

 

 —

Interest rate swap contracts

 

Aircraft and engine rent expenses

 

 

 —

 

 

13,827

 

 

48,777

Total

 

  

 

Ps.

(455,009)

 

Ps.

52,097

 

Ps.

353,943

 

The following table summarizes the net (loss) gain on CFH before taxes recognized in the consolidated statements of comprehensive income for the years ended December 31, 2018, 2017 and 2016:

Consolidated statements of other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Financial 

    

 

 

    

 

 

    

 

 

Instrument

    

statements line

    

2018

    

2017

    

2016

Jet fuel Asian call options Contracts

 

OCI

 

Ps.

(174,984)

 

Ps.

(54,202)

 

Ps.

583,065

Jet fuel Zero cost collars

 

OCI

 

 

(122,948)

 

 

 —

 

 

 —

Interest rate swap contracts

 

OCI

 

 

 —

 

 

14,144

 

 

41,629

Foreign currency forward

 

OCI

 

 

14,241

 

 

(2,090)

 

 

 —

Total (Note 22)

 

  

 

Ps.

(283,691)

 

Ps.

(42,148)

 

Ps.

624,694