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Fair value measurements (Tables)
 12 Months Ended
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)