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Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair value measurements

Schedule of carrying amounts and fair values of financial instruments

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Carrying amount

​

Fair value

​

​

December 31,

​

December 31,

​

December 31,

​

December 31,

​

2022

2021

2022

2021

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial Instruments

​

US$

1,585

​

US$

1,398

​

US$

1,585

​

US$

1,398

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

Financial debt (Interest-bearing loans and borrowings)

​

(272,194)

​

(305,373)

​

(282,868)

​

(302,876)

Derivative financial Instruments

​

—

​

—

​

—

​

—

Total

​

US$

(270,609)

​

US$

(303,975)

​

US$

(281,283)

​

US$

(301,478)

​

The following table summarizes the fair value measurements by hierarchy as of December 31, 2022:

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​

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​

​

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​

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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

​

US$

—

​

US$

1,585

​

US$

—

​

US$

1,585

Liabilities

​

​

​

​

Liabilities for which fair values are disclosed:

​

​

​

​

Interest-bearing loans and borrowings**

​

—

​

(282,868)

​

—

​

(282,868)

Net

​

US$

—

​

US$

(281,283)

​

US$

—

​

US$

(281,283)

​

** 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 by hierarchy as of 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

US$

—

US$

1,398

US$

—

US$

1,398

Liabilities

​

​

​

​

​

​

Liabilities for which fair values are disclosed:

​

​

​

​

​

​

Interest-bearing loans and borrowings**

​

—

​

(302,876)

​

—

​

(302,876)

Net

US$

—

US$

(301,478)

US$

—

US$

(301,478)

​

** 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.

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, 2022, 2021 and 2020:

​	​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		​	​		​	​
Instrument		Financial statements caption		2022			2021			2020
Jet fuel Asian call options contracts		Fuel	​	US$	—	​	US$	(619)	​	US$	(931)
Jet fuel Zero-Cost collars contracts		Fuel	​	​	—	​	​	—	​	​	(38,122)
Jet fuel Asian call options contracts	​	Finance cost	​	​	—	​	​	—	​	​	(557)
Jet fuel Zero-Cost collars contracts	​	Finance cost	​	​	—	​	​	—	​	​	(18,573)
Interest rate cap	​	Finance cost	​	​	(161)	​	​	(69)	​	​	(78)
Total			​	US$	(161)	​	US$	(688)	​	US$	(58,261)

​

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, 2022, 2021 and 2020:

Consolidated statements of other comprehensive income (loss)

​	​	​	​	​	​	​	​	​	​	​	​
​		Financial		​	​		​	​		​	​
Instrument		statements caption		2022			2021			2020
Jet fuel Asian call options contracts		OCI	​	US$	—	​	US$	601	​	US$	(601)
Jet fuel Zero cost collars	​	OCI	​	​	—	​	​	484	​	​	(7,572)
Interest rate cap	​	OCI	​	​	336	​	​	(128)	​	​	(34)
Non derivative financial instruments*	​	OCI	​	​	—	​	​	79,076	​	​	(79,824)
Total		​	​	US$	336	​	US$	80,033	​	US$	(88,031)

*As of December 31, 2021, includes the effect of the discontinuation of the hedging strategies by US$109 million as described in note 3b (i).

X

- Definition

The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]

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