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Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair value measurements

Schedule of carrying amounts and fair values of financial instruments

Carrying amount

Fair value

December 31,

December 31,

December 31,

December 31,

2021

2020

2021

2020

Assets

Derivative financial instruments

Ps.

28,771

Ps.

532

Ps.

28,771

Ps.

532

Liabilities

Financial debt (Interest-bearing loans and borrowings)

(6,285,649)

(5,350,612)

(6,234,241)

(5,527,332)

Derivative financial instruments

—

(9,657)

—

(9,657)

Total

Ps.

(6,256,878)

Ps.

(5,359,737)

Ps.

(6,205,470)

Ps.

(5,536,457)

The following table summarizes the fair value measurements on December 31, 2021:

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:

Interest rate Caps

Ps.

—

Ps.

28,771

Ps.

—

Ps.

28,771

Liabilities

Liabilities for which fair values are disclosed:

Interest-bearing loans and borrowings**

—

(6,234,241)

—

(6,234,241)

Net

Ps.

—

Ps.

(6,205,470)

Ps.

—

Ps.

(6,205,470)

** LIBOR, SOFR 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 on 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.

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

The following table summarizes the losses from derivatives financial instruments recognized in the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019:



Instrument		Financial statements line		2021			2020			2019
Jet fuel Asian call options contracts		Fuel		Ps.	(12,577)		Ps.	(20,646)		Ps.	(61,069)
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
Interest rate cap		Finance cost			(1,443)			(1,468)			(1,282)
Total				Ps.	(14,020)		Ps.	(1,306,557)		Ps.	(67,629)

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, 2021, 2020 and 2019:

Consolidated statements of other comprehensive income (loss)


		Financial
Instrument		statements line		2021			2020			2019
Jet fuel Asian call options contracts		OCI		Ps.	11,997		Ps.	(11,993)		Ps.	11,148
Jet fuel Zero cost collars		OCI			9,657			(143,224)			256,515
Foreign currency contracts		OCI			—			—			(14,241)
Interest rate cap		OCI			(2,800)			(900)			(4,023)
Non derivative financial instruments*		OCI			1,577,473			(1,591,569)			14,096
Total				Ps.	1,596,327		Ps.	(1,747,686)		Ps.	263,495

*As of December 31, 2021, includes the effect of the discontinuation of the hedging strategies by Ps.2,251,442 as described in note 3b (i).