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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair value measurements  
Schedule of carrying amounts and fair values of financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount

 

Fair value

 

    

2020

    

2019

    

2020

    

2019

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

Ps.

532

 

Ps.

136,262

 

Ps.

532

 

Ps.

136,262

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

  

 

 

  

Financial debt

 

 

(5,350,612)

 

 

(5,008,509)

 

 

(5,527,332)

 

 

(5,194,316)

Derivative financial instruments

 

 

(9,657)

 

 

 —

 

 

(9,657)

 

 

 —

Total

 

Ps.

(5,359,737)

 

Ps.

(4,872,247)

 

Ps.

(5,536,457)

 

Ps.

(5,058,054)

 

The following table summarizes the fair value measurements at December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

206

 

Ps.

 —

 

Ps.

206

Interest rate Caps

 

 

 —

 

 

326

 

 

 —

 

 

326

Liabilities

 

 

  

 

 

 

 

 

  

 

 

 

Derivatives financial instruments:Jet fuel Asian Zero-Cost collars options contracts*

 

 

 —

 

 

(9,657)

 

 

 —

 

 

(9,657)

Liabilities for which fair values are disclosed:

 

 

  

 

 

 

 

 

  

 

 

 

Interest-bearing loans and borrowings**

 

 

 —

 

 

(5,527,332)

 

 

 —

 

 

(5,527,332)

Net

 

Ps.

 —

 

Ps.

(5,536,457)

 

Ps.

 —

 

Ps.

(5,536,457)

* 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, 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.

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

The following table summarizes the (loss) gain from derivatives financial instruments recognized in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

 

 

    

 

 

Instrument

    

Financial statements line

    

2020

    

2019

    

2018

Jet fuel Asian call options contracts

 

Fuel

 

Ps.

(20,646)

 

Ps.

(61,069)

 

Ps.

402,493

Jet fuel Zero-Cost collars contracts

 

Fuel

 

 

(835,884)

 

 

(9,477)

 

 

 —

Jet fuel Asian call options contracts

 

Finance cost

 

 

(12,981)

 

 

 —

 

 

 —

Jet fuel Zero-Cost collars contracts

 

Finance cost

 

 

(435,578)

 

 

 —

 

 

 —

Foreign currency forward

 

Aircraft and engine rent expenses

 

 

 —

 

 

4,199

 

 

52,516

Interest rate cap

 

Finance cost

 

 

(1,468)

 

 

(1,282)

 

 

 —

Total

 

  

 

Ps.

(1,306,557)

 

Ps.

(67,629)

 

Ps.

455,009

 

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, 2020, 2019 and 2018:

Consolidated statements of other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Financial 

    

 

 

    

 

 

    

 

 

Instrument

    

statements line

    

2020

    

2019

    

2018

Jet fuel Asian call options contracts

 

OCI

 

Ps.

(11,993)

 

Ps.

11,148

 

Ps.

(174,984)

Jet fuel Zero cost collars

 

OCI

 

 

(143,224)

 

 

256,515

 

 

(122,948)

Foreign currency contracts

 

OCI

 

 

 —

 

 

(14,241)

 

 

14,241

Interest rate cap

 

OCI

 

 

(900)

 

 

(4,023)

 

 

 —

Non derivative financial instruments

 

OCI

 

 

(1,591,569)

 

 

14,096

 

 

 —

Total 

 

 

 

Ps.

(1,747,686)

 

Ps.

263,495

 

Ps.

(283,691)