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Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

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,

2023

2022

2023

2022

Assets

Derivative financial Instruments

US$

1,683

US$

1,585

US$

1,683

US$

1,585

Liabilities

Financial debt (Interest-bearing loans and borrowings)

(649,153)

(272,194)

(671,590)

(282,868)

Total

US$

(647,470)

US$

(270,609)

US$

(669,907)

US$

(281,283)

The following table summarizes the fair value measurements by hierarchy as of December 31, 2023:

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$

1,683

US$

—

US$

1,683

Liabilities

Liabilities for which fair values are disclosed:

Interest-bearing loans and borrowings⁽¹⁾

—

(671,590)

—

(671,590)

Net

US$

—

US$

(669,907)

US$

—

US$

(669,907)

⁽¹⁾ 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, 2022.

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⁽¹⁾

—

(282,868)

—

(282,868)

Net

US$

—

US$

(281,283)

US$

—

US$

(281,283)

⁽¹⁾ 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 effects from derivatives financial instruments recognized in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:


Instrument		Financial statements caption		2023			2022			2021
Interest rate cap		Finance cost		US$	(579)		US$	(161)		US$	(69)

For the years ended December 31, 2023 and 2022, the Company did not have any gain or loss related to fuel derivatives financial instruments. The following table summarizes the loss from derivatives financial instruments recognized in the consolidated statements of operations for the year ended December 31, 2021:



Instrument		Financial statements caption		2023			2022			2021
Jet fuel Asian call options contracts		Fuel		US$	—		US$	—		US$	(619)

The following table summarizes the net (loss) gain on CFH before taxes recognized in the consolidated statements of comprehensive income for the years ended December 31, 2023, 2022 and 2021:

Consolidated statements of other comprehensive (loss) income


		Financial
Instrument		statements caption		2023			2022			2021
Jet fuel Asian call options contracts		OCI		US$	—		US$	—		US$	601
Jet fuel Zero cost collars		OCI			—			—			484
Interest rate cap		OCI			(1,175)			336			(128)
Non derivative financial instruments ⁽¹⁾		OCI			—			—			79,076
Total				US$	(1,175)		US$	336		US$	80,033

⁽¹⁾ For the year ended December 31, 2021, includes the effect of the discontinuation of the hedging strategies by US$109 million as described in note 3b (i).