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Fair value measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair value measurements |
Schedule of carrying amounts and fair values of financial instruments |
|  | Carrying amount |  | Fair value
|  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | Ps. | 136,262 |  | Ps. | 62,440 |  | Ps. | 497,403 |  | Ps. | 136,262 |  | Ps. | 62,440 |  | Ps. | 497,403
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial debt |  |  | (5,008,509) |  |  | (3,506,834) |  |  | (3,476,742) |  |  | (5,194,316) |  |  | (3,515,550) |  |  | (3,481,741)
Derivative financial instruments |  |  | — |  |  | (122,948) |  |  | — |  |  | — |  |  | (122,948) |  |  | —
Total |  | Ps. | (4,872,247) |  | Ps. | (3,567,342) |  | Ps. | (2,979,339) |  | Ps. | (5,058,054) |  | Ps. | (3,576,058) |  | Ps. | (2,984,338)
The following table summarizes the fair value measurements at December 31, 2019:
|  | 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 Zero-Cost collar options contracts* |  | Ps. | — |  | Ps. | 133,567 |  | Ps. | — |  | Ps. | 133,567
Interest rate Caps |  |  | — |  |  | 2,695 |  |  | — |  |  | 2,695
Liabilities for which fair values are disclosed: |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings** |  |  | — |  |  | (5,194,316) |  |  | — |  |  | (5,194,316)
Net |  | Ps. | — |  | Ps. | (5,058,054) |  | Ps. | — |  | Ps. | (5,058,054)
* 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, 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.
Schedule of (loss) gain on derivatives recognized in consolidated statements of operations and comprehensive income |
Instrument |  | Financial statements line |  | 2019 |  | 2018 |  | 2017
Jet fuel Asian call options contracts |  | Fuel |  | Ps. | (61,069) |  | Ps. | 402,493 |  | Ps. | (26,980)
Jet fuel Zero-Cost collars contracts |  | Fuel |  |  | (9,477) |  |  | — |  |  | —
Foreign currency forward |  | Aircraft and engine rent expenses |  |  | 4,199 |  |  | 52,516 |  |  | (11,290)
Interest rate swap contracts |  | Aircraft and engine rent expenses |  |  | — |  |  | — |  |  | (13,827)
Interest rate cap |  | Finance cost |  |  | (1,282) |  |  | — |  |  | —
Total |  |  |  | Ps. | (67,629) |  | Ps. | 455,009 |  | Ps. | (52,097)
The following table summarizes the net gain (loss) on CFH before taxes recognized in the consolidated statements of comprehensive income for the years ended December 31, 2019, 2018 and 2017: Consolidated statements of other comprehensive gain (loss) income
|  | Financial |  |  |  |  |  |  |  |  |
Instrument |  | statements line |  | 2019 |  | 2018 |  | 2017
Jet fuel Asian call options contracts |  | OCI |  | Ps. | 11,148 |  | Ps. | (174,984) |  | Ps. | (54,202)
Jet fuel Zero cost collars |  | OCI |  |  | 256,515 |  |  | (122,948) |  |  | —
Interest rate swap contracts |  | OCI |  |  | — |  |  | — |  |  | 14,144
Foreign currency contracts |  | OCI |  |  | (14,241) |  |  | 14,241 |  |  | (2,090)
Interest rate cap |  | OCI |  |  | (4,023) |  |  | — |  |  | —
Non derivative financial instruments |  | OCI |  |  | 14,096 |  |  | — |  |  | —
Total |  |  |  | Ps. | 263,495 |  | Ps. | (283,691) |  | Ps. | (42,148)

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