Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 1-12260 |
Entity Registrant Name | COCA COLA FEMSA SAB DE CV |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Calle Mario Pani No. 100 |
Entity Address, Address Line Two | Santa Fe Cuajimalpa |
Entity Address, City or Town | Cuajimalpa de Morelos |
Entity Address, Postal Zip Code | 05348 |
Entity Address, Country | MX |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000910631 |
Document Registration Statement | false |
American Depositary Shares, each representing 10 units | |
Document Information [Line Items] | |
Trading Symbol | KOF |
Title of 12(b) Security | American Depositary Shares, each representing 10 units |
Security Exchange Name | NYSE |
Units, each consisting of 3 Series B shares and 5 Series L shares, without par value | |
Document Information [Line Items] | |
Title of 12(b) Security | Units, each consisting of 3 Series B shares and 5 Series L shares, without par value |
Series B shares, without par value | |
Document Information [Line Items] | |
Title of 12(b) Security | Series B shares, without par value |
Entity Common Stock, Shares Outstanding | 1,575,624,195 |
Series L shares, without par value | |
Document Information [Line Items] | |
Title of 12(b) Security | Series L shares, without par value |
Entity Common Stock, Shares Outstanding | 2,626,040,325 |
2.750% Senior Notes Due 2030 | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Title of 12(b) Security | 2.750% Senior Notes due 2030 |
Security Exchange Name | NYSE |
1.850% Senior Notes Due 2023 | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Title of 12(b) Security | 1.850% Senior Notes due 2032 |
Security Exchange Name | NYSE |
Series A shares, without par value | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,936,628,152 |
Series D shares, without par value | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,668,365,424 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Calle Mario Pani No. 100 |
Entity Address, Address Line Two | Santa Fe Cuajimalpa |
Entity Address, City or Town | Cuajimalpa de Morelos |
Entity Address, Postal Zip Code | 05348 |
Entity Address, Country | MX |
Contact Personnel Name | Jorge Alejandro Collazo Pereda |
City Area Code | 52-55 |
Local Phone Number | 1519-6179 |
Contact Personnel Email Address | kofmxinves@kof.com.mx |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young Global Limited |
Auditor Firm ID | 1284 |
Auditor Location | Mexico City, Mexico |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 47,248 | $ 43,497 | ||
Trade receivables, net | 13,014 | 11,523 | ||
Inventories | 11,960 | 9,727 | ||
Recoverable taxes | 5,293 | 5,471 | ||
Other current financial assets | 931 | 478 | ||
Other current assets | 1,918 | 1,744 | ||
Total current assets | 80,364 | 72,440 | ||
NON CURRENT ASSETS | ||||
Investments in other entities | 7,494 | 7,623 | ||
Right-of-use assets | 1,472 | 1,278 | ||
Property, plant and equipment, net | 62,183 | 59,460 | ||
Intangible assets, net | 102,174 | 103,971 | ||
Deferred tax assets | 8,342 | 11,143 | ||
Other non-current financial assets | 5,136 | 2,699 | ||
Other non-current assets | 4,402 | 4,452 | ||
Total non-current assets | 191,203 | 190,626 | ||
TOTAL ASSETS | 271,567 | 263,066 | ||
CURRENT LIABILITIES | ||||
Bank loans and notes payable | 645 | 1,645 | ||
Current portion of non-current debt | 1,808 | 3,372 | ||
Current portion of lease liabilities | 614 | 560 | ||
Interest payable | 811 | 712 | ||
Suppliers | 22,745 | 17,195 | ||
Accrued liabilities | 11,885 | 10,013 | ||
Taxes payable | 6,972 | 7,400 | ||
Other current financial liabilities | 741 | 1,948 | ||
Total current liabilities | 46,221 | 42,845 | ||
NON-CURRENT LIABILITIES | ||||
Bank loans and notes payable | 83,329 | 82,461 | ||
Post-employment and other non-current employee benefits | 4,126 | 3,838 | ||
Non-current portion of lease liabilities | 891 | 746 | ||
Deferred tax liabilities | 2,710 | 2,474 | ||
Other non-current financial liabilities | 508 | 934 | ||
Provisions and other non-current liabilities | 6,210 | 7,311 | ||
Total non-current liabilities | 97,774 | 97,764 | ||
TOTAL LIABILITIES | 143,995 | 140,609 | ||
EQUITY | ||||
Common stock | 2,060 | 2,060 | ||
Additional paid-in capital | 45,560 | 45,560 | ||
Retained earnings | 81,037 | 75,917 | ||
Other equity instruments | (2,133) | (1,740) | ||
Accumulated other comprehensive income | (4,974) | (4,923) | ||
Equity attributable to equity holders of the parent | 121,550 | 116,874 | ||
Non-controlling interest in consolidated subsidiaries | 6,022 | 5,583 | ||
TOTAL EQUITY | 127,572 | 122,457 | ||
TOTAL LIABILITIES AND EQUITY | $ 271,567 | $ 263,066 | ||
Currency in which supplementary information is displayed [member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | [1] | $ 2,303 | ||
Trade receivables, net | [1] | 634 | ||
Inventories | [1] | 583 | ||
Recoverable taxes | [1] | 258 | ||
Other current financial assets | [1] | 45 | ||
Other current assets | [1] | 93 | ||
Total current assets | [1] | 3,916 | ||
NON CURRENT ASSETS | ||||
Investments in other entities | [1] | 365 | ||
Right-of-use assets | [1] | 72 | ||
Property, plant and equipment, net | [1] | 3,031 | ||
Intangible assets, net | [1] | 4,981 | ||
Deferred tax assets | [1] | 407 | ||
Other non-current financial assets | [1] | 250 | ||
Other non-current assets | [1] | 216 | ||
Total non-current assets | [1] | 9,322 | ||
TOTAL ASSETS | [1] | 13,238 | ||
CURRENT LIABILITIES | ||||
Bank loans and notes payable | [1] | 31 | ||
Current portion of non-current debt | [1] | 88 | ||
Current portion of lease liabilities | [1] | 30 | ||
Interest payable | [1] | 40 | ||
Suppliers | [1] | 1,109 | ||
Accrued liabilities | [1] | 579 | ||
Taxes payable | [1] | 340 | ||
Other current financial liabilities | [1] | 36 | ||
Total current liabilities | [1] | 2,253 | ||
NON-CURRENT LIABILITIES | ||||
Bank loans and notes payable | [1] | 4,062 | ||
Post-employment and other non-current employee benefits | [1] | 201 | ||
Non-current portion of lease liabilities | [1] | 43 | ||
Deferred tax liabilities | [1] | 132 | ||
Other non-current financial liabilities | [1] | 25 | ||
Provisions and other non-current liabilities | [1] | 303 | ||
Total non-current liabilities | [1] | 4,766 | ||
TOTAL LIABILITIES | [1] | 7,019 | ||
EQUITY | ||||
Common stock | [1] | 100 | ||
Additional paid-in capital | [1] | 2,221 | ||
Retained earnings | [1] | 3,950 | ||
Other equity instruments | [1] | (104) | ||
Accumulated other comprehensive income | [1] | (242) | ||
Equity attributable to equity holders of the parent | [1] | 5,925 | ||
Non-controlling interest in consolidated subsidiaries | [1] | 294 | ||
TOTAL EQUITY | [1] | 6,219 | ||
TOTAL LIABILITIES AND EQUITY | [1] | $ 13,238 | ||
[1] | Convenience translation to U.S. dollars ($) – See Note 2.2.3 |
Consolidated Income Statements
Consolidated Income Statements $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021MXN ($)$ / shares | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($)$ / shares | ||
Condensed Income Statements, Captions [Line Items] | |||||
Net sales | $ 193,899 | $ 181,520 | $ 192,342 | ||
Other operating revenues | 905 | 2,095 | 2,129 | ||
Total revenues | 194,804 | 183,615 | 194,471 | ||
Cost of goods sold | 106,206 | 100,804 | 106,964 | ||
Gross profit | 88,598 | 82,811 | 87,507 | ||
Administrative expenses | 9,012 | 7,891 | 8,427 | ||
Selling expenses | 51,708 | 48,553 | 52,110 | ||
Other income | 1,502 | 1,494 | 1,890 | ||
Other expenses | 2,309 | 5,105 | 4,380 | ||
Interest expense | 6,192 | 7,894 | 6,904 | ||
Interest income | 932 | 1,047 | 1,230 | ||
Foreign exchange income (loss), net | 227 | 4 | (330) | ||
Gain on monetary position for subsidiaries in hyperinflationary economies | 734 | 376 | 221 | ||
Market value gain (loss) on financial instruments | 80 | (212) | (288) | ||
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method | 22,852 | 16,077 | 18,409 | ||
Income taxes | 6,609 | 5,428 | 5,648 | ||
Share in the profit (loss) of equity accounted investees, net of taxes | 88 | (281) | (131) | ||
Consolidated net income | 16,331 | 10,368 | 12,630 | ||
Attributable to: | |||||
Equity holders of the parent | 15,708 | 10,307 | 12,101 | ||
Non-controlling interest | 623 | 61 | 529 | ||
Consolidated net income | $ 16,331 | $ 10,368 | $ 12,630 | ||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||||
Basic controlling interest net income (loss) from continuing operations | $ / shares | $ 0.93 | $ 0.61 | $ 0.72 | ||
Diluted controlling interest net income (loss) from continuing operations | $ / shares | $ 0.93 | $ 0.61 | $ 0.72 | ||
Currency in which supplementary information is displayed [member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net sales | [1] | $ 9,452 | |||
Other operating revenues | [1] | 44 | |||
Total revenues | [1] | 9,496 | |||
Cost of goods sold | [1] | 5,177 | |||
Gross profit | [1] | 4,319 | |||
Administrative expenses | [1] | 439 | |||
Selling expenses | [1] | 2,521 | |||
Other income | [1] | 74 | |||
Other expenses | [1] | 113 | |||
Interest expense | [1] | 302 | |||
Interest income | [1] | 45 | |||
Foreign exchange income (loss), net | [1] | 11 | |||
Gain on monetary position for subsidiaries in hyperinflationary economies | [1] | 36 | |||
Market value gain (loss) on financial instruments | [1] | 4 | |||
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method | [1] | 1,114 | |||
Income taxes | [1] | 322 | |||
Share in the profit (loss) of equity accounted investees, net of taxes | [1] | 4 | |||
Consolidated net income | [1] | 796 | |||
Attributable to: | |||||
Equity holders of the parent | [1] | 766 | |||
Non-controlling interest | [1] | 30 | |||
Consolidated net income | [1] | $ 796 | |||
Earnings per share- Equity holders of the parent (U.S. dollars and Mexican pesos): | |||||
Basic controlling interest net income (loss) from continuing operations | $ / shares | [1] | $ 0.05 | |||
Diluted controlling interest net income (loss) from continuing operations | $ / shares | [1] | $ 0.05 | |||
[1] | Convenience translation to U.S. dollars ($) – See Note 2.2.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | ||
Condensed Statement of Income Captions [Line Items] | |||||
Consolidated net income | $ 16,331 | $ 10,368 | $ 12,630 | ||
Other comprehensive income, net of taxes: | |||||
Valuation of the effective portion of derivative financial instruments, net of taxes | 1,836 | 543 | (835) | ||
Exchange differences on the translation of foreign operations and associates | (1,943) | (7,543) | (5,579) | ||
Other comprehensive (loss) to be reclassified to profit or loss in subsequent periods | (107) | (7,000) | (6,414) | ||
Items that will not be reclassified to profit or loss in subsequent periods: | |||||
Loss from equity financial asset classified at FVOCI | (393) | 0 | (216) | ||
Re-measurements of the net defined benefit liability, net of taxes | (67) | (318) | (511) | ||
Other comprehensive (loss) not to be reclassified to profit or loss in subsequent periods | (460) | (318) | (727) | ||
Total other comprehensive (loss), net of tax | (567) | (7,318) | (7,141) | ||
Consolidated comprehensive income for the year, net of tax | 15,764 | 3,050 | 5,489 | ||
Attributable to: | |||||
Equity holders of the parent | 15,264 | 4,150 | 5,541 | ||
Non-controlling interest | 500 | (1,100) | (52) | ||
Consolidated comprehensive income for the year, net of tax | $ 15,764 | $ 3,050 | $ 5,489 | ||
Currency in which supplementary information is displayed [member] | |||||
Condensed Statement of Income Captions [Line Items] | |||||
Consolidated net income | [1] | $ 796 | |||
Other comprehensive income, net of taxes: | |||||
Valuation of the effective portion of derivative financial instruments, net of taxes | [2] | 89 | |||
Exchange differences on the translation of foreign operations and associates | [2] | (95) | |||
Other comprehensive (loss) to be reclassified to profit or loss in subsequent periods | [2] | (6) | |||
Items that will not be reclassified to profit or loss in subsequent periods: | |||||
Loss from equity financial asset classified at FVOCI | [2] | (19) | |||
Re-measurements of the net defined benefit liability, net of taxes | [2] | (3) | |||
Other comprehensive (loss) not to be reclassified to profit or loss in subsequent periods | [2] | (22) | |||
Total other comprehensive (loss), net of tax | [2] | (28) | |||
Consolidated comprehensive income for the year, net of tax | [2] | 768 | |||
Attributable to: | |||||
Equity holders of the parent | [2] | 744 | |||
Non-controlling interest | [2] | 24 | |||
Consolidated comprehensive income for the year, net of tax | [2] | $ 768 | |||
[1] | Convenience translation to U.S. dollars ($) – See Note 2.2.3 | ||||
[2] | Convenience translation to U.S. dollars ($) – See Note 2.2.3 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - MXN ($) $ in Millions | Total | Common stock | Additional paid-in capital | Retained earnings | Other equity instruments | Valuation of the effective portion of derivative financial instruments | Exchange differences on translation of foreign operations and associates | Remeasurements of the net defined benefit liability | Equity attributable to equity holders of the parent | Non-controlling interest |
Beginning Balance at Dec. 31, 2018 | $ 131,636 | $ 2,060 | $ 45,560 | $ 71,156 | $ (1,524) | $ (149) | $ 8,071 | $ (344) | $ 124,830 | $ 6,806 |
Statement [line items] | ||||||||||
Consolidated net income | 12,630 | 12,101 | 12,101 | 529 | ||||||
Other comprehensive (loss) income, net of tax | (7,141) | (216) | (819) | (5,014) | (511) | (6,560) | (581) | |||
Total comprehensive income (loss) | 5,489 | 12,101 | (216) | (819) | (5,014) | (511) | 5,541 | (52) | ||
Dividends declared | (7,440) | (7,437) | (7,437) | (3) | ||||||
Ending Balance at Dec. 31, 2019 | 129,685 | 2,060 | 45,560 | 75,820 | (1,740) | (968) | 3,057 | (855) | 122,934 | 6,751 |
Statement [line items] | ||||||||||
Consolidated net income | 10,368 | 10,307 | 10,307 | 61 | ||||||
Other comprehensive (loss) income, net of tax | (7,106) | 443 | (6,070) | (318) | (5,945) | (1,161) | ||||
Other comprehensive (loss) income, net of tax | (7,318) | |||||||||
Sale of Joint Venture | (212) | (212) | (212) | |||||||
Total comprehensive income (loss) | 3,050 | 10,307 | 443 | (6,282) | (318) | 4,150 | (1,100) | |||
Dividends declared | (10,278) | (10,210) | (10,210) | (68) | ||||||
Ending Balance at Dec. 31, 2020 | 122,457 | 2,060 | 45,560 | 75,917 | (1,740) | (525) | (3,225) | (1,173) | 116,874 | 5,583 |
Statement [line items] | ||||||||||
Consolidated net income | 16,331 | 15,708 | 15,708 | 623 | ||||||
Other comprehensive (loss) income, net of tax | (567) | (393) | 1,749 | (1,733) | (67) | (444) | (123) | |||
Total comprehensive income (loss) | 15,764 | 15,708 | (393) | 1,749 | (1,733) | (67) | 15,264 | 500 | ||
Dividends declared | (10,649) | (10,588) | (10,588) | (61) | ||||||
Ending Balance at Dec. 31, 2021 | $ 127,572 | $ 2,060 | $ 45,560 | $ 81,037 | $ (2,133) | $ 1,224 | $ (4,958) | $ (1,240) | $ 121,550 | $ 6,022 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | ||
OPERATING ACTIVITIES: | |||||
Income before income taxes and share in the profit (loss) of equity | $ 22,940 | $ 15,796 | $ 18,278 | ||
Adjustments for: | |||||
Non-cash operating (income) expenses | (654) | (1,319) | (2,409) | ||
Depreciation | 8,284 | 8,415 | 8,387 | ||
Depreciation right-of-use | 662 | 596 | 555 | ||
Amortization | 888 | 1,020 | 1,062 | ||
Amortization prepaid expenses | 687 | 577 | 638 | ||
Gain on sale of long-lived assets | (58) | (96) | (42) | ||
Loss on the retirement of long-lived assets | 199 | 291 | 318 | ||
Loss on the retirement of intangible assets | 3 | 375 | 0 | ||
Share of the loss of associates and joint ventures accounted for using the equity method, net of taxes | (88) | 281 | 131 | ||
Interest income | (932) | (1,047) | (1,230) | ||
Interest expense | 6,192 | 7,894 | 6,904 | ||
Foreign exchange (income) loss, net | (227) | (4) | 330 | ||
Non-cash movements in post-employment and other non-current employee benefits obligations | 328 | 368 | 239 | ||
Impairment | 250 | 2,501 | 948 | ||
Monetary position gain, net | (734) | (376) | (221) | ||
Market value loss on financial instruments | (80) | 212 | 288 | ||
Accounts receivable and other current assets | (2,041) | 3,040 | (1,858) | ||
Other current financial assets | (550) | (552) | (100) | ||
Inventories | (2,262) | 190 | (1,140) | ||
Suppliers and other accounts payable | 4,448 | (1,037) | 5,726 | ||
Other liabilities | (401) | 378 | (231) | ||
Employee benefits paid | (471) | (528) | (478) | ||
Other Tax | 2,443 | 3,162 | 404 | ||
Income taxes paid | (6,106) | (4,990) | (5,210) | ||
Net cash flows (used in)/from operating activities from continuing operations | 32,721 | 35,147 | 31,289 | ||
INVESTING ACTIVITIES: | |||||
Interest received | 932 | 1,047 | 1,230 | ||
Acquisitions of long-lived assets | (9,344) | (9,655) | (10,324) | ||
Proceeds from the sale of long-lived assets | 259 | 274 | 330 | ||
Acquisitions of intangible assets | (645) | (289) | (698) | ||
Other non-current assets | (766) | (325) | (711) | ||
Dividends received from investments in associates and joint ventures (Note 8) | 16 | 16 | 1 | ||
Investments in financial assets | 1 | (1,576) | (572) | ||
Net cash flows (used in) investing activities | (9,547) | (10,508) | (10,744) | ||
FINANCING ACTIVITIES: | |||||
Proceeds from borrowings | 11,191 | 62,297 | 10,736 | ||
Repayments of borrowings | (14,189) | (45,187) | (20,460) | ||
Interest paid | (4,646) | (6,102) | (4,682) | ||
Dividends paid | (10,649) | (10,278) | (7,440) | ||
Interest paid on lease liabilities | (101) | (105) | (129) | ||
Payments of leases | (629) | (573) | (492) | ||
Other financing activities | (1,240) | 365 | (327) | ||
Net cash flows (used in) / obtained from financing activities | (20,263) | 417 | (22,794) | ||
Increase (decrease) in cash and cash equivalents after effect of exchange rate changes | 2,911 | 25,056 | (2,249) | ||
Cash and cash equivalents at the beginning of the period | 43,497 | 20,491 | 23,727 | ||
Effects of exchange rate changes and inflation effects on cash and cash equivalents held in foreign currencies | 840 | (2,050) | (987) | ||
Cash and cash equivalents at the end of the period | $ 47,248 | $ 43,497 | $ 20,491 | ||
Currency in which supplementary information is displayed [member] | |||||
OPERATING ACTIVITIES: | |||||
Income before income taxes and share in the profit (loss) of equity | [1] | $ 1,118 | |||
Adjustments for: | |||||
Non-cash operating (income) expenses | [1] | (32) | |||
Depreciation | [1] | 404 | |||
Depreciation right-of-use | [1] | 32 | |||
Amortization | [1] | 43 | |||
Amortization prepaid expenses | [1] | 33 | |||
Gain on sale of long-lived assets | [1] | (3) | |||
Loss on the retirement of long-lived assets | [1] | 10 | |||
Loss on the retirement of intangible assets | [1] | 0 | |||
Share of the loss of associates and joint ventures accounted for using the equity method, net of taxes | [1] | (4) | |||
Interest income | [1] | (45) | |||
Interest expense | [1] | 302 | |||
Foreign exchange (income) loss, net | [1] | (11) | |||
Non-cash movements in post-employment and other non-current employee benefits obligations | [1] | 16 | |||
Impairment | [1] | 12 | |||
Monetary position gain, net | [1] | (36) | |||
Market value loss on financial instruments | [1] | (4) | |||
Accounts receivable and other current assets | [1] | (99) | |||
Other current financial assets | [1] | (27) | |||
Inventories | [1] | (110) | |||
Suppliers and other accounts payable | [1] | 217 | |||
Other liabilities | [1] | (20) | |||
Employee benefits paid | [1] | (23) | |||
Other Tax | [1] | 119 | |||
Income taxes paid | [1] | (298) | |||
Net cash flows (used in)/from operating activities from continuing operations | [1] | 1,594 | |||
INVESTING ACTIVITIES: | |||||
Interest received | [1] | 45 | |||
Acquisitions of long-lived assets | [1] | (455) | |||
Proceeds from the sale of long-lived assets | [1] | 13 | |||
Acquisitions of intangible assets | [1] | (31) | |||
Other non-current assets | [1] | (36) | |||
Dividends received from investments in associates and joint ventures (Note 8) | [1] | 1 | |||
Investments in financial assets | [1] | 0 | |||
Net cash flows (used in) investing activities | [1] | (463) | |||
FINANCING ACTIVITIES: | |||||
Proceeds from borrowings | [1] | 545 | |||
Repayments of borrowings | [1] | (692) | |||
Interest paid | [1] | (226) | |||
Dividends paid | [1] | (519) | |||
Interest paid on lease liabilities | [1] | (5) | |||
Payments of leases | [1] | (31) | |||
Other financing activities | [1] | (60) | |||
Net cash flows (used in) / obtained from financing activities | [1] | (988) | |||
Increase (decrease) in cash and cash equivalents after effect of exchange rate changes | [1] | 143 | |||
Cash and cash equivalents at the beginning of the period | [1] | 2,120 | |||
Effects of exchange rate changes and inflation effects on cash and cash equivalents held in foreign currencies | [1] | 41 | |||
Cash and cash equivalents at the end of the period | [1] | $ 2,304 | |||
[1] | Convenience translation to U.S. dollars ($) – See Note 2.2.3 |
Activities of the Company
Activities of the Company | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of parent entity information [Abstract] | |
Activities of the Company | Activities of the Company Coca-Cola FEMSA, S.A.B. de C.V. (“Coca-Cola FEMSA”) is a Mexican corporation, mainly engaged in acquiring, holding and transferring all types of bonds, shares and marketable securities. Coca-Cola FEMSA and its subsidiaries (the “Company”), are mainly engaged in the production, distribution and marketing of certain Coca-Cola trademark beverages in Mexico, Central America (Guatemala, Nicaragua, Costa Rica and Panama), Colombia, Brazil, Uruguay, Argentina. The Coca-Cola trademark beverages include: sparkling beverages (colas and flavored sparkling beverages), waters and other beverages (including juice drinks, coffee, teas, milk, value-added dairy, sports drinks, energy drinks, alcoholic beverages and plant-based drinks). In addition, the Company distributes and sell Heineken-owned brand beer products and Monster products in all of the countries where we operate. Coca-Cola FEMSA is indirectly owned by Fomento Economico Mexicano, S.A.B. de C.V. (“FEMSA”), which holds 47.2% of its capital stock and 56% of its voting shares and The Coca-Cola Company (“TCCC”), which indirectly owns 27.8% of its capital stock and 32.9% of its voting shares. The remaining Coca-Cola FEMSA shares trade on the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV: KOF UBL) as series “L” shares which represents 15.6% of our common equity and its American Depositary Shares (“ADS”) (equivalent to ten series “L” shares) trade on the New York Stock Exchange, Inc (NYSE: KOF) as series “B” which represents 9.4% of our common equity. The address of its registered office and principal place of business is Mario Pani No. 100, Colonia Santa Fe Cuajimalpa, Alcaldía Cuajimalpa de Morelos, 05348, Mexico City, Mexico. As of December 31, 2021 and 2020 the most significant subsidiaries which the Company controls are: Company Activity Country Ownership percentage 2021 Ownership percentage 2020 Propimex, S. de R.L. de C.V. (1) Distribution Mexico 100.00% 100.00% Controladora Interamericana de Bebidas, S. de R. L. de C.V. Holding Mexico 100.00% 100.00% Spal Industria Brasileira de Bebidas, S.A. Production and distribution Brazil 84.38% 84.38% Servicios Refresqueros del Golfo y Bajio, S. de R.L. de C.V. Production Mexico 100.00% 100.00% Embotelladora Mexicana de Bebidas Refrescantes, S. de R.L. de C.V. Production Mexico 100.00% 100.00% |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of basis of preparation of financial statements [Abstract] | |
Basis of Preparation | Basis of Preparation 2.1 Statement of compliance The consolidated financial statements of the Company as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Company’s consolidated financial statements and notes were authorized for issuance by the Company’s Chief Executive Officer John Anthony Santa Maria Otazua and Chief Financial Officer Constantino Spas Montesinos on February 23, 2022. These consolidated financial statements and notes were then approved by the Company’s Board of Directors on February 25, 2022 and by the Shareholders meeting on March 28, 2022. The accompanying consolidated financial statements were approved for issuance in the Company’s annual report on form 20-F by the Company’s Chief Executive Officer and Chief Financial Officer on April 8, 2022 and subsequent events have been considered through that date (see Note 27). 2.2 Basis of measurement and presentation The consolidated financial statements have been prepared on the historical cost basis except for the following: • Derivative financial instruments • Trust assets of post-employment and other non-current employee benefit plans The carrying values of recognized assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationship. The financial statements of subsidiaries whose functional currency is the currency of a hyperinflationary economy are stated in terms of the measuring unit current at the end of the reporting period. 2.2.1 Presentation of consolidated income statement The Company classifies its costs and expenses by function in the consolidated income statement in order to conform to industry practices. 2.2.2 Presentation of consolidated statements of cash flows The Company presents its consolidated statement of cash flows using the indirect method. 2.2.3 Convenience translation to U.S. dollars ($) The consolidated financial statements are stated in millions of Mexican pesos (“Ps.”) and rounded to the nearest million unless stated otherwise. However, solely for the convenience of the readers, the consolidated statement of financial position as of December 31, 2021 and the consolidated income statement, the consolidated statement of comprehensive income and consolidated statement of cash flows for the year ended December 31, 2021 were converted into U.S. dollars at the exchange rate of Ps. 20.5140 per U.S. dollar as published by the Federal Reserve Bank of New York on December 31, 2021, the last date in 2021 for which information is available. This arithmetic conversion should not be construed a representation that the amounts expressed in Mexican pesos may be converted into U.S. dollars at that or any other exchange rate. As of March 16, 2022 (the issuance date of these financial statements) such exchange rate was Ps. 20.7280 per U.S. dollar, a depreciation of 1.04% since December 31, 2021. 2.3 Critical accounting judgments and estimates In the application of the Company’s accounting policies, which are described in Note 3, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily observable from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Judgements In the application of the Company’s accounting policies, management has made the following judgements which have the most significant effects on the amounts recognized in the consolidated financial statements: 2.3.1 Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur. 2.3.1.1 Impairment of indefinite lived intangible assets, goodwill and other depreciable long-lived assets Intangible assets with indefinite life as well as goodwill are subject to impairment tests annually or whenever indicators of impairment are present. Impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales agreements in arm’s length transactions of similar assets or observable market prices less incremental costs for disposing of the asset. In order to determine whether such assets are impaired, the Company calculates an estimation of the value in use of the cash-generating units to which such assets have been allocated. Impairment losses are recognized in current earnings for the excess of the carrying amount of the asset or CGU and its value in use in the period the related impairment is determined. The Company assesses at each reporting date or annually whether there is an indication that a depreciable long-lived asset may be impaired. If any indication exists, the Company estimates the asset’s recoverable amount. When the carrying amount of an asset or CGU in which the asset is assigned exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount, which is determined based on its value in use. In assessing value in use, the estimated future cash flows expected to be generated from the use of an asset or CGU are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. In determining fair value less costs to sell, recent market transactions are considered, if available. If recent market transactions are not available, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. The key assumptions used to determine the recoverable amount for the Company’s CGUs, including a sensitivity analysis, are further explained in Notes 3.16 and 11. 2.3.1.2 Useful lives of property, plant and equipment and intangible assets with definite useful lives Property, plant and equipment, including returnable bottles which are expected to provide benefits over a period of more than one year, as well as intangible assets with definite useful lives are depreciated/amortized over their estimated useful lives. The Company bases its estimates on the experience of its technical personnel as well as its experience in the industry for similar assets; see Notes 3.13, 10 and 11. 2.3.1.3 Post-employment and other non-current employee benefits The Company regularly or annually evaluates the reasonableness of the assumptions used in its post-employment and other non-current employee benefit computations. Information about such assumptions is described in Note 15. 2.3.1.4 Income taxes Deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities. The Company recognizes deferred tax assets for unused tax losses and other credits and regularly reviews them for recoverability, based on its judgment regarding the probability of the expected timing and level of future taxable income, and the expected timing of the reversals of existing taxable temporary differences. See Note 23. 2.3.1.5 Tax, labor and legal contingencies and provisions The Company is subject to various claims and contingencies related to tax, labor and legal proceedings as described in Note 24. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management periodically assesses the probability of loss for such contingencies, accrues a provision and/ or discloses the relevant circumstances, as appropriate. If the potential loss of any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a provision for the estimated loss. Management’s judgment must be exercised to determine the likelihood of such a loss and an estimate of the amount, due to the subjective nature of the loss. The Company operates in numerous tax jurisdictions and is subject to periodic tax audits, in the normal course of business, by local tax authorities on a range of tax matters in relation to corporate tax, transfer pricing and indirect taxes. The impact of changes in local tax regulations and ongoing inspections by local tax authorities could materially impact the amounts recorded in the financial statements. Where the amount of tax payable is uncertain, the Company establishes provisions based on management’s estimates with respect to the likelihood of material tax exposures and the probable amount of the liability. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. The amount of uncertain income tax positions is included in Note 24.6. 2.3.1.6 Valuation of financial instruments The Company is required to measure all derivative financial instruments at fair value. The fair values of derivative financial instruments are determined considering quoted prices in recognized markets. If such instruments are not traded, fair value is determined by applying techniques based upon technical models supported by sufficient, reliable and verifiable data, recognized in the financial sector. The Company bases its forward price curves upon market price quotations. Management believes that the chosen valuation techniques and assumptions used are appropriate in determining the fair value of financial instruments. See Note 19. 2.3.1.7 Business combinations Businesses combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company to and liabilities assumed by the Company from the former owners of the acquiree, the amount of any non-controlling interest in the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognized and measured at their fair value, except when: • deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12, Income Taxes and IAS 19, Employee Benefits, respectively; • liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2, Share- based Payment at the acquisition date, see Note 3.24; • assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard; and • Indemnifiable assets are recognized at the acquisition date on the same basis as the indemnifiable liability subject to any contractual limitations. For each acquisition, management’s judgment must be exercised to determine the fair value of the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree, applying estimates or judgments in techniques used, especially in forecasting CGUs' cash flows, in the computation of weighted average cost of capital (WACC) and estimation of inflation during the operation of intangible assets with indefinite life, mainly, distribution rights. 2.3.1.8 Investments in associates If the Company holds, directly or indirectly, 20 per cent or more of the voting power of the investee, it is presumed that it has significant influence, unless it can be clearly demonstrated that this is not the case. If the Company holds, directly or indirectly, less than 20 per cent of the voting power of the investee, it is presumed that the Company does not have significant influence, unless such influence can be clearly demonstrated. Decisions regarding the propriety of utilizing the equity method of accounting for a less than 20 per cent-owned corporate investee require a careful evaluation of voting rights and their impact on the Company’s ability to exercise significant influence. Management considers the existence of the following circumstances, which may indicate that the Company is able to exercise significant influence over a less than 20 per cent-owned corporate investee: • representation on the board of directors or equivalent governing body of the investee; • participation in policy-making processes, including participation in decisions about dividends or other distributions; • material transactions between the Company and the investee; • interchange of managerial personnel; or • provision to the investee of essential technical information. Management also considers the existence and effect of potential voting rights that are currently exercisable or currently convertible when assessing whether the Company has significant influence. In addition, the Company evaluates the following indicators that provide evidence of significant influence: • the Company’s extent of ownership is significant relative to other shareholdings (i.e. a lack of concentration of other shareholders); • the Company’s significant shareholders, its parent, fellow subsidiaries, or officers of the Company, hold additional investment in the investee; and • the Company is a part of an investee’s board of director committees, such as the executive committee or the finance committee. 2.3.1.9 Joint Arrangements An arrangement can be a joint arrangement even though not all of its parties have joint control of the arrangement. When the Company is a party to an arrangement it shall assess whether the contractual arrangement gives all the parties, or a group of the parties, control of the arrangement collectively; joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that control the arrangement collectively. Management needs to apply judgment when assessing whether all the parties, or a group of the parties, have joint control of an arrangement (see Note 3.1). 2.3.1.10 Leases In connection with its accounting for arrangements that contain a lease, the Company, as a lessor considers information on assumptions and estimates that have a significant risk of resulting in an adjustment to the carrying value of right-of-use assets and lease liabilities, and related statement of income accounts, such as: • Determination of whether the Company is reasonably certain to exercise an option to extend a lease agreement or not to exercise an option to terminate a lease agreement before its termination date, considering all the facts and circumstances that create an economic incentive for the Company to exercise, or not, such options, taking into account whether the lease option is enforceable, when the Company has the unilateral right to apply the option in question. • The Company cannot readily determine the interest rate implicit in its lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). 2.4 Changes in accounting policies The Company has applied the following amendments to the standards on January 1, 2021. None of the amendments had a significant impact on the Company’s financial statements: Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The IASB issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. Disclosures, which concludes phases of its work to respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. Amendment to IFRS 16 - Covid-19 related rental concessions The amendment allows an optional practical expedient that simplifies how tenants account for rental concessions, arising as a direct consequence for the COVID-19 pandemic. The practical expedient can only be applied if: • The new consideration is substantially equal to or lesser than the original consideration; • the decrease in the lease payments refers to rental payments that occur before June 30, 2022; and • no other substantive changes to the lease terms have been made. Those lessees who apply this practical expedient must disclose: • The fact that the practical expedient has been applied to all eligible rental concessions and, if applicable to some selected ones; the nature of the contracts to which they have applied it; and • the amount recognized in results for the reporting period that arises from the application of the practical expedient. This amendment was intended to apply until 30 June 2021, but as the impact of the Covid-19 pandemic is continuing, on 31 March 2021, the IASB extended the period of application of the practical expedient to 30 June 2022. This amendment does not provide a practical expedient for lessors. Lessors are required to continue evaluating whether the rental concessions are lease modifications and justify them accordingly. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies 3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2021. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if and only if the Company has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns When the Company has less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Company’s voting rights and potential voting rights The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. All intra-group assets and liabilities, equity, revenues, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it: • Derecognizes the assets (including goodwill) and liabilities of the subsidiary • Derecognizes the carrying amount of any non-controlling interests • Derecognizes the cumulative translation differences recorded in equity • Recognizes the fair value of the consideration received • Recognizes the fair value of any investment retained • Recognizes any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Company had directly disposed of the related assets or liabilities. 3.1.1 Acquisitions of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore they are recognized entirely in equity without applying acquisition accounting. Adjustments to non-controlling interests arising from transactions that do not involve the loss of control are measured at carrying amount and reflected in shareholders’ equity as part of additional paid-in capital. 3.2 Business combinations Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Company. When evaluating control, the Company considers substantive potential voting rights. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquired. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the Company’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets of the acquiree and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Company’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Costs, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in consolidated net income. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete and discloses that its allocation is preliminary in nature. Those provisional amounts are adjusted during the measurement period (not greater than 12 months from the acquisition date), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. Sometimes obtaining control of an acquiree in which equity interest is held immediately before the acquisition date is considered as a business combination achieved in stages also referred to as a step acquisition. The Company re-measures its previously held equity interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in profit or loss. Also, the changes in the value of equity interest in the acquiree recognized in other comprehensive income shall be recognized on the same basis as required if the Company had disposed directly of the previously held equity interest. The Company sometimes obtains control of an acquiree without transferring consideration. The acquisition method of accounting for a business combination applies to those combinations, which may take the following forms: i. The acquiree repurchases a sufficient number of its own shares for the Company to obtain control. i. Minority veto rights expire that previously kept the Company from controlling an acquiree in which it held the majority voting rights. ii. The Company and the acquiree agree to combine their businesses by contract in which it transfers no consideration in exchange for control and no equity interest is held in the acquiree, either on the acquisition date or previously. 3.3 Foreign currencies and consolidation of foreign subsidiaries, investments in associates and joint ventures In preparing the financial statements of each individual subsidiary, associate and joint venture, transactions in currencies other than the individual entity’s functional currency (foreign currencies) are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are remeasured at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-measured. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for: • The variations in the net investment in foreign subsidiaries generated by exchange rate fluctuation are included in other comprehensive income, which is recorded in equity as part of the cumulative exchange differences on translation of foreign subsidiaries and associates within the accumulated other comprehensive income. • Intercompany financing balances with foreign subsidiaries are classified as non-current investments, since there is no plan to pay such financing in the foreseeable future. Monetary position and exchange rate fluctuation regarding this financing is included in the exchange differences on translation of foreign subsidiaries and associates, which is recorded in equity as part of the accumulated other comprehensive income. • Exchange differences on transactions entered into in order to hedge certain foreign currency risks. Foreign exchange differences on monetary items are recognized in profit or loss. Their classification in the income statement depends on their nature. Differences arising from fluctuations related to operating activities are presented in the “other expenses” line (see Note 20) while fluctuations related to non-operating activities such as financing activities are presented as part of “foreign exchange gain (loss)” line in the income statement. For incorporation into the Company’s consolidated financial statements, each foreign subsidiary, associate or joint venture’s individual financial statements are translated into Mexican pesos, as follows: • For hyperinflationary economic environments, the inflation effects of the origin country are recognized pursuant to IAS 29 Financial Reporting in Hyperinflationary Economies, and subsequently translated into Mexican pesos using the year-end exchange rate for the consolidated statements of financial position and consolidated income statement and comprehensive income; and • For non-inflationary economic environments, assets and liabilities are translated into Mexican pesos using the year-end exchange rate, equity is translated into Mexican pesos using the historical exchange rate, and the income statement and comprehensive income is translated using the exchange rate at the date of each transaction. The Company uses the average exchange rate of each month only if the exchange rate does not fluctuate significantly. In addition, in relation to a partial disposal of a subsidiary that does not result in the Company losing control over the subsidiary, the proportionate share of exchange differences on translation of foreign subsidiaries and associates are re-attributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals (i.e., partial disposals of associates or joint ventures that do not result in the Company losing significant influence or joint control), the proportionate share of the exchange differences on translation of foreign subsidiaries and associates is reclassified to profit or loss. Goodwill and fair value adjustments on identifiable assets and liabilities acquired arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Foreign exchange differences are recognized in equity as part of the exchange differences on translation of foreign subsidiaries and associates. The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders. Exchange Rates of Local Currencies Translated to Mexican Pesos (1) Average Exchange Rate for Exchange Rate as of December 31, Country or Zone Functional currency 2021 2020 2019 2021 2020 Mexico Mexican peso 1.00 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.62 2.78 2.50 2.67 2.56 Costa Rica Colon 0.03 0.04 0.03 0.03 0.03 Panama Balboa 20.28 21.49 19.26 20.58 19.95 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.63 0.58 0.58 0.57 Argentina Argentine peso 0.21 0.31 0.41 0.20 0.24 Brazil Real 3.76 4.18 4.89 3.69 3.84 Uruguay Uruguayan peso 0.47 0.51 0.55 0.46 0.47 (1) Exchange rates published by the central bank of each country 3.4 Recognition of the effects of inflation in countries with hyperinflationary economic environments Beginning on July 1, 2018, Argentina became a hyperinflationary economy because, among some other economic factors, the last three years’ cumulative inflation in Argentina exceeded 100% according to the several economic indexes that exist in the country. For being considered hyperinflationary, the financial information for our Argentine subsidiary has been adjusted to recognize the inflationary effects since January 1, 2018 through: • Using inflation factors to restate non-monetary assets, such as inventories, property, plant and equipment, net, intangible assets, net, including related costs and expenses when such assets are consumed or depreciated. • Recognizing the monetary position gain or loss in consolidated net income. The Company restates the financial information of subsidiaries that operate in hyperinflationary economic environment using the consumer price index (CPI) of each country. The FACPCE (Federacion Argentina de Consejos Profesionales de Ciencias Economicas) approved on September 29, 2018 and published on October 5, 2018, a resolution which defines, among other things, that the index price to determine the restatement coefficient (Based on a series that applies the NCPI from January with the IPIM until this date, and computing November and December 2015 using the CPI- of Ciudad del Gran Buenos Aires (CGBA) variation). As of December 31, 2021, 2020, and 2019, the operations of the Company are classified as follows: Country Cumulative Inflation 2019-2021 Type of Economy Cumulative Inflation 2018-2020 Type of Economy Cumulative Inflation 2017-2019 Type of Economy Mexico 13.9% Non-hyperinflationary 11.2% Non-hyperinflationary 13.2% Non-hyperinflationary Guatemala 11.7% Non-hyperinflationary 10.9% Non-hyperinflationary 11.8% Non-hyperinflationary Costa Rica 5.8% Non-hyperinflationary 4.5% Non-hyperinflationary 5.8% Non-hyperinflationary Panama 0.9% Non-hyperinflationary (1.5)% Non-hyperinflationary 0.5% Non-hyperinflationary Colombia 11.4% Non-hyperinflationary 8.8% Non-hyperinflationary 11.0% Non-hyperinflationary Nicaragua 17.1% Non-hyperinflationary 13.5% Non-hyperinflationary 15.6% Non-hyperinflationary Argentina 216.1% Hyperinflationary 209.2% Hyperinflationary 179.4% Hyperinflationary Brazil 20.0% Non-hyperinflationary 13.1% Non-hyperinflationary 11.1% Non-hyperinflationary Uruguay 28.5% Non-hyperinflationary 28.5% Non-hyperinflationary 22.0% Non-hyperinflationary 3.5 Cash and cash equivalents Cash consists of deposits in bank accounts which generate interest on the available balance. Cash equivalents are mainly represented by short-term bank deposits and fixed income investments (overnight), both with maturities of six months or less and their carrying values approximate fair value. The Company also maintains restricted cash held as collateral to meet certain contractual obligations (see Note 4). Restricted cash is presented within other current financial assets given that the restrictions are short-term in nature. 3.6 Financial assets Financial assets are classified within the following business models depending on the Management’s objective: (i) "hold to maturity to collect contractual cash flows", (ii) "hold to collect contractual cash flows and sell financial assets" and (iii) "Others or hold to negotiate" or as derivatives assigned in hedging instruments with an effective hedge, as appropriate. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The Company performs a portfolio – level assessment of the business model objective for which a financial asset is held to reflect the best way in which the business manages the financial asset and the manner in which the information is provided to the management of the Company. The information that is considered within the evaluation includes: • The policies and objectives of the Company in relation to the portfolio and the practical implementation of said policies; • Performance and evaluation of the Company's portfolio including accounts receivable; • Risks that affect the performance of the business model and how those risks are managed; • Any compensation related to the performance of the portfolio; and • Frequency, volume and timing of sales of financial assets in previous periods together with the reasons for said sales and expectations regarding future sales activities. The Company's financial assets include cash, cash equivalents and restricted cash, investments with maturities of more than six months, loans and accounts receivable, derivative financial instruments and other financial assets. For the initial recognition of a financial asset, the Company measures it at fair value plus the transaction costs that are directly attributable to the purchase thereof, in the event that said asset isn’t measured at fair value through profit or loss. Accounts receivable that do not have a significant financing component are measured and recognized at the transaction price when they are generated. The rest of the financial assets are recognized only when the Company is a party to the contractual provisions of the instrument. The fair value of a financial asset is measured using assumptions that would be used by market participants when valuing the asset, assuming that market participants act in the best economic interest. Upon the initial recognition, the financial asset is also classified as measured at: amortized cost, fair value with changes in other comprehensive income – debt or equity investments – and fair value through profit or loss. The classification depends on the objective by which the financial asset is acquired. Financial assets are not reclassified after their initial recognition unless the Company changes the business model to manage the financial assets; in which case, all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. 3.6.1 Financial assets at amortized cost A financial asset is measured at amortized cost if it meets the following two conditions and isn’t designated as fair value through profit and loss (FVTPL): • It’s managed within a business model whose objective is to maintain financial assets to recover the contractual cash flows; and • The contractual terms are only payments at specified dates of the principal and interest on the amount of the outstanding principal, or solely payments of principal and interest (“SPPI”). The amortized cost of a financial asset is the amount of the initial recognition minus the principal payments, plus or minus the accumulated amortization using the effective interest rate method of any difference between the initial amount and the amount as of the maturity and, adjusted for impairment loss. The financial product, exchange fluctuation and impairment are recognized in results. Any profit or loss is also recognized in the same way in results. 3.6.1.1 Effective interest rate method (ERR) The effective interest rate method is a method to calculate the amortized cost of loans, accounts receivables and other financial assets (designated as held-to-maturity) and to allocate interest income / expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees paid or received that represents an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or (where appropriate) a shorter period, to the net carrying amount on the initial recognition. 3.6.2 Financial assets at fair value with changes in other comprehensive income (“FVOCI”) A financial asset is measured as FVOCI if it meets the following two conditions and isn’t designated as FVTPL: • It´s managed within a business model whose objective is to collect the contractual cash flows and sell the financial assets; and • The contractual terms are solely principle and interest payments. These assets are subsequently measured at fair value. The financial product calculated using the IRR, the exchange rate fluctuation and the impairment are recognized in profit and loss. Other gains and losses, related to changes in fair value are recognized in OCI. In cases of derecognition or reclassification, the accumulated gains and losses in OCI are reclassified to profit and loss. In the initial recognition of an equity instrument that isn’t held for trading, under the "other" business model, the Company may irrevocably choose to present changes in the fair value of the investment in OCI. This choice is made at the level of each investment. Equity instruments are subsequently measured at fair value. Dividends are recognized as profit in profit and loss unless the dividend clearly represents a recovery part of the investment cost. Other net gains and losses, related to changes in fair value, are recognized in OCI and are not reclassified to consolidated net income in subsequent periods. 3.6.3 Financial assets at fair value through profit and loss (FVTPL) Financial assets designated as FVTPL include financial assets held for trading and financial assets designated at initial recognition as FVTPL. Financial assets are classified as held for trading if they are acquired to be sold in the short term. Derivatives, including implicit derivatives are also designated as held for trading unless they are designated as effective hedging instruments as defined in IFRS 9. Financial assets as FVTPL are recorded in the balance sheet at fair value with the net changes in the fair value presented as financial expense (negative changes in fair value) or financial income (positive net changes in fair value) in profit and loss statement. 3.6.4 Evaluation that contractual cash flows are solely principal and interest payments (“SPPI”) In order to classify a financial asset within one of the three different categories, the Company determines whether the contractual cash flows of the asset are solely principal and interest payments. The Company considers the contractual terms of the financial instrument and whether the financial asset contains any contractual term that could change the timing or amount of the contractual cash flows in such a way that it would not meet the SPPI criteria. To make this evaluation, the Company considers the following: • Contingent events that would change the cash flows amount or timing; • Terms that can adjust the contractual coupon rate, including variable interest rate characteristics; • Payment and extension features; and • Characteristics that limit the Company's right to obtain cash flows from certain assets. A prepaid feature is consistent with the characteristics of SPPIs if the prepayment amount substantially represents the amounts of the principal and interest pending payment, which could include reasonable compensation for early termination of the contract. Additionally, a financial asset acquired or originated with a premium or discount to its contractual amount and in the initial recognition the fair value of the prepaid characteristic is insignificant, the asset will pass the test of the contractual characteristics of cash flow if the amount prepaid represents substantially the contractual amount and accrued interest (but not paid); which may include additional compensation for the early contract termination. 3.6.5 Loans and receivables Loans and receivables are non-derivative financial instruments with fixed or determinable payments that are not quoted in an active market. Loans and receivables with a stated term (including trade and other receivables) are measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. For the years ended December 31, 2021, 2020 and 2019 the interest income on loans and receivables recognized in the interest income line item within the consolidated income statements is Ps. 6, Ps. 6 and Ps. 5, respectively. 3.6.6 Other financial assets Other financial assets include long term accounts receivable and derivative financial instruments. Other financial assets with a stated term are measured at amortized cost using the effective interest method, less any impairment. 3.6.7 Financial assets impairment The Company recognizes impairment due to expected credit loss (ECL) in: • Financial assets measured at amortized cost; • Debt investments measured at FVOCI; • Other contractual assets Impairment losses on accounts receivable, contractual assets and leasing receivables are always measured at an amount equal to ECL for the remaining life, whether or not it has a significant financing component. The Company applies the criteria to all accounts receivable, contractual assets and leasing credits, but it can be applied separately to accounts receivable and contractual assets of financial leases. The Company measures impairment losses at an amount equal to ECL for the remaining life, except for the following: • Debt instruments determined to be of low credit risk; and • Other debt instruments and bank balances for which the credit risk (risk of non-recoverability over the expected life of the financial instrument) has not increased significantly since the initial recognition. In determining whether the credit risk of a financial asset has increased significantly since initial recognition and estimating the ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes qualitative and quantitative information and analysis, based on historical experience and an informed credit assessment of the Company. The impairment loss is a weighted estimate of the probability of expected loss. The amount of impairment loss is measured as the present value of any lack of liquidity (the difference between the contractual cash flows that correspond to the Company and the cash flows that management expects to receive). The expected credit loss is discounted using the original financial asset effective interest rate. The Company annually evaluates the reasonableness to determine if there was objective evidence of impairment. Some objective evidence that financial assets were impaired includes: • Non-payment or delinquency of a debtor; • Restructuring of an amount corresponding to the Company under terms that the Company would not otherwise consider; • Indicators that a debtor or client will enter into bankruptcy; • Adverse changes in the status of debtor or client payments; • The disappearance of an active market for an instrument due to financial difficulties; or • Evident information indicating that there was a measurable decrease in the expected cash flows of a group of financial assets. For an investment in an equity instrument, objective evidence of impairment includes a significant or prolonged decrease in its fair value lower than the carrying amount. The impairment loss on financial assets measured at amortized cost reduces the carrying amount and for financial assets measured at FVOCI, the impairment loss is recognized within OCI. 3.6.8 Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: • The rights to receive cash flows from the financial asset have expired; or • The Company has transferred its rights to receive the asset cash flows or has assumed an obligation to pay the full received cash flows without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred or retained substantially all the asset risks and benefits, but has transferred control of the asset. 3.6.9 Offsetting of financial instruments Financial assets are required to be offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only if the Company: • Currently has an enforceable legal right to offset the recognized amounts; and • Intends to settle on a net basis, or to realize the assets and settle the liabilities simultaneously 3.7 Derivative financial instruments The Company is exposed to different risks related to cash flows, liquidity, market and third-party credit. As a result, the Company contracts different derivative financial instruments in order to reduce its exposure to the risk of exchange rate fluctuations between the U.S. Dollar and other currencies, and interest rate fluctuations associated with its borrowings denominated in foreign currencies and the exposure to the risk of fluctuation in the costs of certain raw materials. The Company values and records all derivative financial instruments and hedging activities in the consolidated statement of financial position as either an asset or liability measured at fair value, considering quoted prices in recognized markets. If such instruments are not traded in a formal market, fair value is determined by applying techniques based upon technical models supported by sufficient, reliable and verifiable market data, recognized in the financial sector. Changes in the fair value of derivative financial instruments are recorded each year in current earnings or otherwise as a component of cumulative other comprehensive income based on the item being hedged and the effectiveness of the hedge. 3.7.1 Hedge accounting The Company designates certain hedging instruments, which include derivatives to cover foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. 3.7.2 Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI and accumulated under the hedging valuation of the effective portion of derivative financial instruments. The gain or loss relating to the ineffective portion is recognized immediately in consolidated net income and is included in the market value gain (loss) on financial instruments line item within the consolidated statements of income. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to consolidated net income in the periods when the hedged item is recognized in profit and loss, in the same line of the consolidated statement of income as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in consoli |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of the statement of cash flows, cash includes cash on hand and in banks and cash equivalents, including short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity date of three months or less at their acquisition date. Cash and cash equivalents at the end of the reporting period consist of the following: 2021 2020 Cash and bank balances Ps. 5,336 Ps. 4,435 Cash equivalents (see Note 3.5) 41,912 Ps. 39,062 Total Ps. 47,248 Ps. 43,497 |
Trade Receivable, Net
Trade Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current receivables [abstract] | |
Trade Receivable, Net | Trade Receivable, Net 2021 2020 Trade receivables Ps. 10,863 Ps. 9,705 The Coca-Cola Company (related party) (Note 13) 820 509 Loans to employees 82 82 FEMSA and subsidiaries (related parties) (Note 13) 634 624 Other related parties (Note 13) 139 138 Other 1,007 980 Allowance for doubtful accounts on trade receivables (531) (515) Ps. 13,014 Ps. 11,523 5.1 Trade receivables Trade receivable representing rights arising from sales and loans to employees or any other similar concept, are presented net of discounts and the allowance for expected credit losses. Coca-Cola FEMSA has accounts receivable from The Coca-Cola Company primarily arising from the latter’s participation in advertising and promotional programs. Because less than the 2.2% of the trade receivables is unrecoverable, the Company does not have any customers classified as “high risk” which would be eligible to have special management conditions for the credit risk. As of December 31, 2021, the Company does not have a representative group of customers directly related to the expected loss. In 2021 and 2020, during the Covid-19 pandemic, governments have implemented several preventive measures such as social distancing and the temporary closure of certain points of sale considered as nonessential. As such measures were eased, most businesses were able to reopen and this allowed the company to recover the accounts receivable. Given that the impact on this item was not material, the Company did not implement any relevant change to its models to estimate the receivables’ provisions. The allowance for credit losses is calculated with an expected losses model that recognizes the impairment losses through all the contract life. Because they generally are short-term accounts receivable, the company defined a model with a simplified expected loss focus through a parametric model. The parameters used in the model are: • Breach probability; • Losses severity; • Financing rate; • Special recovery rate; and • Breach exposure. The carrying value of accounts receivable approximates its fair value as of December 31, 2021 and 2020. Aging for trade receivables past due but not impaired 2021 2020 0 days Ps. 11,689 Ps. 9,905 1-30 days 686 769 31-60 days 112 298 61-90 days 45 65 91-120 days 91 44 121 + days 391 442 Total Ps. 13,014 Ps. 11,523 5.2 Changes in the allowance for expected credit losses 2021 2020 2019 Balance at the beginning of the year Ps. 515 Ps. 493 Ps. 595 Allowance for the year 35 119 314 Charges and write-offs of uncollectible accounts 6 (29) (397) Added in business combinations — — 4 Effects of changes in foreign exchange rates (25) (68) (23) Balance at the end of the year Ps. 531 Ps. 515 Ps. 493 In determining the recoverability of trade receivables, the Company considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the end of the reporting period. 5.3 Payments from The Coca-Cola Company: The Coca-Cola Company participates in certain advertising and promotional programs as well as in the Company’s refrigeration equipment and returnable bottles investment program. Contributions received by the Company for advertising and promotional incentives are recognized as a reduction in selling expenses and contributions received for the refrigeration equipment and returnable bottles investment program are recorded as a reduction in the carrying amount of refrigeration equipment and returnable bottles items. For the years ended December 31, 2021, 2020 and 2019 contributions due were Ps. 2,437, Ps. 1,482, and Ps. 2,274, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Inventories | Inventories 2021 2020 Finished products Ps. 4,371 Ps. 3,694 Raw materials 4,371 3,224 Non strategic spare parts 865 934 Inventories in transit 1,620 1,284 Packing materials 419 271 Other 314 320 Ps. 11,960 Ps. 9,727 For the years ended as of December 31, 2021, 2020 and 2019, the Company recognized write-downs of its inventories for Ps. 45, Ps. 82 and Ps. 244, respectively to net realizable value. For the years ended as of December 31, 2021, 2020 and 2019, changes in inventories are comprised of the following and included in the consolidated income statement under the cost of goods sold caption: 2021 2020 2019 Finished goods and work in progress Ps. 23,654 Ps. 23,901 Ps. 24,676 Raw materials and consumables used 79,425 76,002 79,520 Total Ps. 103,079 Ps. 99,903 Ps. 104,196 |
Other Current Assets and Other
Other Current Assets and Other Current Financial Assets | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Assets and Other Current Financial Assets | Other Current Assets and Other Current Financial Assets 7.1 Other Current Assets: 2021 2020 Prepaid expenses Ps. 1,805 Ps. 1,622 Agreements with customers 111 115 Others 2 7 Ps. 1,918 Ps. 1,744 Prepaid expenses as of December 31, 2021 and 2020 are as follows: 2021 2020 Advances for inventories Ps. 1,627 Ps. 1,503 Advertising and promotional expenses paid in advance 105 92 Prepaid insurance 73 27 Ps. 1,805 Ps. 1,622 Advertising and promotional expenses recorded in the consolidated income statements for the years ended December 31, 2021, 2020 and 2019, for Ps. 5,413 Ps. 5,043 and Ps. 6,748 respectively. 7 . 2 Other Current Financial Assets: 2021 2020 Restricted cash Ps. 239 Ps. 74 Derivative financial instruments (See Note 19) 692 404 Ps. 931 Ps. 478 Restricted cash in Brazil is held in U.S. dollars and relates to short term deposits in order to fulfill the collateral requirements for accounts payable. |
Investments in Other Entities
Investments in Other Entities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of joint ventures [abstract] | |
Investments in Other Entities | Investments in Other Entities As of December 31, 2021 and 2020 the investment in other entities is comprised of the following: 2021 2020 Investment in Associates and Joint Ventures Ps. 7,494 Ps. 7,623 Details of the investment in associates and joint ventures accounted for under the equity method at the end of the reporting period are as follows: Ownership Percentage Carrying Amount Investee Principal Activity Place of Incorporation 2021 2020 2021 2020 Joint ventures: Compañía Panameña de Bebidas, S.A.P.I. de C.V. Beverages Mexico 50.0 % 50.0 % Ps. — Ps. — Dispensadoras de Café, S.A.P.I. de C.V. Services Mexico 50.0 % 50.0 % 183 181 Fountain Agua Mineral, LTDA Beverages Brazil 50.0 % 50.0 % 699 720 Planta Nueva Ecología De Tabasco, S.A. de C.V. Recycling Mexico 50.0 % 0.0 % 18 — Associates: Promotora Industrial Azucarera, S.A. de C.V. (“PIASA”) (1) Sugar production Mexico 36.4 % 36.4% 3,348 3,335 Jugos del Valle, S.A.P.I. de C.V. (1) Beverages Mexico 28.8 % 28.8% 2,128 1,945 Leao Alimentos e Bebidas, LTDA (1) Beverages Brazil 24.7 % 24.7% 404 446 Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) (1) Canned bottling Mexico 26.5 % 26.5% 178 192 Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) (1) Recycling Mexico 35.0 % 35.0% 102 121 Trop Frutas do Brasil, LTDA (1) Beverages Brazil 23.6 % 23.6% 55 359 Alimentos de Soja S.A.U. (1) Beverages Argentina 10.7 % 10.7% 263 207 Others Various Various Various Various 116 117 Ps. 7,494 Ps. 7,623 Accounting method: (1) The Company has significant influence due to the fact that it has power to participate in the financial and operating policy decisions of the investee. During 2021 the Company received dividends from Industria Envasadora de Querétaro, S.A. de C.V. ("IEQSA") for the amount of Ps. 16 and Ps. 16 for 2020 respectively. During 2020 the Company received dividends from Promotora Mexicana de Embotelladores, S.A. de C.V. for the amount of Ps. 1. During 2021 the Company made capital contributions to Jugos del Valle, S.A.P.I. de C.V. for the amounts of Ps. 44, and there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2021 the Company made a capital reduction on Leao Alimentos y Bebidas LTDA. for the amount of Ps. 46, and there were no changes in the ownership percentage as a result of the capital reduction. During 2021, the Company recognized an impairment on its investment in Trop Frutas Do Brasil LTDA. for the amount of Ps. 250. During 2020, the Company recognized impairments on its investments in Compañía Panameña de Bebidas, S.A.P.I de C.V. and Leao Alimentos y Bebidas LTDA. for the amounts of Ps. 1,463 and Ps. 1,038, respectively. During 2019, the Company recognized an impairment on its investment in Compañía Panameña de Bebidas, S.A.P.I de C.V. for the amount of Ps. 948. Each impact per year was recorded in the other expenses line. On September 30, 2020, the Company announced that its joint venture with The Coca-Cola Company (Compañía Panameña de Bebidas, S.A..P.I. de C.V.) successfully sold 100% of its stock interest in Estrella Azul, a dairy products company in Panama. As part of the transaction, the Company agreed with the buyer that it could receive payments in the future if the business of Estrella Azul achieves certain volume and EBITDA targets during the 2022-2027 period. The Company estimated the amount of the payments to be received based on the forecasts of the business and calculated its net present value. As of December 31, 2021 and 2020, the financial asset recognized in the consolidated statement of financial position has a total value of Ps. 5 and Ps. 8 respectively. This transaction is presented in the other expenses line of the consolidated income statements. The Company concluded it did not achieve the requirements to be considered as a discontinued operation under IFRS 5. For the years ended December 31, 2021, 2020 and 2019 the equity (loss) earnings recognized for associates were Ps. 85, Ps. (124), and Ps. 84, respectively. For the years ended December 31, 2021, 2020 and 2019 the equity (loss) earnings recognized for joint ventures were Ps. 3 , Ps. (157) and Ps. (215), respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases For the years ended as of December 31, 2021 and 2020, the change in the Company’s right-of-use assets, is as follows: 2021 2020 Balance at beginning of the period Ps. 1,278 Ps. 1,382 Additions 533 599 Disposals (44) (112) Depreciation (662) (596) Hyperinflationary economies effect 14 14 Indexation effect 383 145 Effects of changes in foreign exchange rates (30) (154) Balance at end of the period Ps. 1,472 Ps. 1,278 As of December 31, 2021 and 2020, scheduled maturities of the Company’s lease liabilities, are as follows: 2021 2020 Maturity analysis Less than one year Ps. 614 Ps. 560 One to three years 478 306 More than three years 413 440 Balance at end of the period Ps. 1,505 Ps. 1,306 Current Ps. 614 Ps. 560 Non-Current Ps. 891 Ps. 746 The interest expense for leases reported in the income statements for the years ended on December 31, 2021, 2020 and 2019 was Ps. 101, Ps. 105, and Ps. 129, respectively. The expenses for the low value assets and short-term leases reported in the income statements for the years ended on December 31, 2021, 2020 and 2019 was Ps. 183, Ps. 190 and Ps. 187, respectively. As of December 31, 2021, 2020 and 2019 the weighted average incremental borrowing rate was 7.18%, 6.58% and 7.68%, respectively. |
Property, plant & equipment
Property, plant & equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant & equipment | Property, plant & equipment. Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2019 Ps. 5,575 Ps. 18,775 Ps. 38,465 Ps. 19,963 Ps. 14,749 Ps. 4,131 Ps. 479 Ps. 861 102,998 Additions (1) 4 27 392 816 2,581 6,392 — 112 10,324 Additions from business combinations 142 227 50 (13) — — 7 (8) 405 Transfer of completed projects (253) 508 2,650 1,396 360 (5,004) 343 — — Disposals (1) (35) (1,577) (1,032) (1,056) — (13) (35) (3,749) Effects of changes in foreign exchange rates (323) (1,122) (2,315) (961) (833) (381) (34) (130) (6,099) Changes in value on the recognition of inflation effects 114 366 1,254 241 352 18 — — 2,345 Cost as of December 31, 2019 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2020 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Additions (1) — 104 171 281 2,613 6,300 — 186 9,655 Additions from business combinations 158 — 87 — — — — — 245 Transfer of completed projects in progress 4 721 3,165 1,192 57 (5,187) 48 — — Disposals (13) (29) (1,425) (1,073) (561) (12) (5) (57) (3,175) Effects of changes in foreign exchange rates (255) (1,182) (2,243) (797) (629) (333) (91) (78) (5,608) Changes in value on the recognition of inflation effects 88 293 990 189 291 (30) 3 — 1,824 Cost as of December 31, 2020 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2021 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Additions (1) — 21 61 427 3,655 7,911 — 217 12,292 Transfer of completed projects in progress — 731 4,791 1,351 31 (7,001) 95 2 — Disposals (6) (20) (2,680) (1,614) (2,299) — (62) (16) (6,697) Effects of changes in foreign exchange rates (144) (637) (1,919) (556) (365) (70) (22) (77) (3,790) Changes in value on the recognition of inflation effects 140 326 1,260 319 487 — 138 321 2,991 Cost as of December 31, 2021 Ps. 5,230 Ps. 19,074 Ps. 41,177 Ps. 20,129 Ps. 19,433 Ps. 6,734 Ps. 886 Ps. 1,298 Ps. 113,961 (1) Total includes Ps. 3,784, Ps. 289 and Ps. 610 outstanding payment to suppliers, as of December 31, 2021, 2020 and 2019 respectively Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2019 Ps. — Ps. (4,414) Ps. (16,969) Ps. (10,206) Ps. (8,706) Ps. — Ps. (276) Ps. (485) Ps. (41,056) Depreciation for the year — (386) (2,862) (2,211) (2,734) — (108) (86) (8,387) Disposals — 14 1,049 966 1,079 — 9 28 3,145 Effects of changes in foreign exchange rates — 223 1,013 583 571 — 12 62 2,464 Changes in value on the recognition of inflation effects — (92) (629) (164) (302) — (2) (14) (1,203) Accumulated depreciation as of December 31, 2019 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2020 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Depreciation for the year — (490) (2,828) (2,148) (2,779) — (40) (130) (8,415) Disposals — 19 1,125 989 536 — 1 36 2,706 Effects of changes in foreign exchange rates — 165 854 464 432 — 31 165 2,111 Changes in value on the recognition of inflation effects — (82) (595) (132) (250) — (6) (5) (1,070) Accumulated depreciation as of December 31, 2020 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2021 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Depreciation for the year — (484) (2,793) (2,097) (2,708) — (80) (122) (8,284) Disposals — 6 2,336 1,493 2,390 — 62 10 6,297 Effects of changes in foreign exchange rates — 162 867 372 222 — 8 48 1,679 Changes in value on the recognition of inflation effects — (139) (946) (209) (427) — (6) (38) (1,765) Accumulated depreciation as of December 31, 2021 Ps. — Ps. (5,498) Ps. (20,378) Ps. (12,300) Ps. (12,676) Ps. — Ps. (395) Ps. (531) Ps. (51,778) Carrying Amount Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total As of December 31, 2019 Ps. 5,258 Ps. 14,091 Ps. 20,521 Ps. 9,378 Ps. 6,061 Ps. 5,156 Ps. 417 Ps. 305 Ps. 61,187 As of December 31, 2020 Ps. 5,240 Ps. 13,610 Ps. 19,822 Ps. 8,343 Ps. 5,771 Ps. 5,894 Ps. 358 Ps. 422 Ps. 59,460 As of December 31, 2021 Ps. 5,230 Ps. 13,576 Ps. 20,799 Ps. 7,829 Ps. 6,757 Ps. 6,734 Ps. 491 Ps. 767 Ps. 62,183 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | Note 11. Intangible Assets Rights to Produce and Distribute Coca-Cola trademark Products Goodwill Other indefinite Technology costs and management Development Other Total Balance as of January 1, 2019 Ps. 88,362 Ps. 23,729 Ps. 1,054 Ps. 6,023 Ps. 777 Ps. 666 Ps. 120,611 Purchases — — — 100 334 263 697 Acquisition from business combinations (2,887) 2,903 153 (6) — (185) (22) Systems Development — — — 398 (399) 1 — Transfer of completed development systems — — — — — — — Disposals — — — (17) — — (17) Effect of movements in exchange rates (3,475) (799) (42) (68) (22) 13 (4,393) Changes in value on the recognition of inflation effects — — — — — (6) (6) Cost as of December 31, 2019 Ps. 82,000 Ps. 25,833 Ps. 1,165 Ps. 6,430 Ps. 690 Ps. 752 Ps. 116,870 Balance as of January 1, 2020 Ps. 82,000 Ps. 25,833 Ps. 1,165 Ps. 6,430 Ps. 690 Ps. 752 Ps. 116,870 Purchases — — — 43 198 48 289 Acquisition from business combinations — — — — — — — Transfer of completed development systems — — — 374 (665) 291 — Disposals — — (25) (41) (6) (371) (443) Effect of movements in exchange rates (4,604) (2,402) 8 (97) (41) (21) (7,157) Changes in value on the recognition of inflation effects — — — — — 38 38 Cost as of December 31, 2020 Ps. 77,396 Ps. 23,431 Ps. 1,148 Ps. 6,709 Ps. 176 Ps. 737 Ps. 109,597 Balance as of January 1, 2021 Ps. 77,396 Ps. 23,431 Ps. 1,148 Ps. 6,709 Ps. 176 Ps. 737 Ps. 109,597 Purchases — — 135 370 673 113 1,291 Transfer of completed development systems — — — 255 (469) 214 — Disposals — — (3) — — — (3) Effect of movements in exchange rates (1,257) (522) (88) (374) (5) (24) (2,270) Changes in value on the recognition of inflation effects — — — — — 62 62 Cost as of December 31, 2021 Ps. 76,139 Ps. 22,909 Ps. 1,192 Ps. 6,960 Ps. 375 Ps. 1,102 Ps. 108,677 Rights to Produce and Distribute Coca-Cola trademark Products Goodwill Other indefinite Technology costs and management Development Other Total Accumulated amortization Balance as of January 1, 2019 (745) — — (3,025) — (37) (3,807) Amortization expense — — — (819) — (243) (1,062) Disposals — — — 17 — — 17 Effect of movements in exchange rate — — — 52 — 9 61 Changes in value on the recognition of inflation effects — — — (30) — 1 (29) Balance as of December 31, 2019 Ps. (745) Ps. — Ps. — Ps. (3,805) Ps. — Ps. (270) Ps. (4,820) Amortization expense — — — (703) — (317) (1,020) Disposals — — — 20 — 48 68 Effect of movements in exchange rate — — — 164 — 11 175 Changes in value on the recognition of inflation effects — — — (29) — — (29) Balance as of December 31, 2020 Ps. (745) Ps. — Ps. — Ps. (4,353) Ps. — Ps. (528) Ps. (5,626) Amortization expense — — — (594) — (294) (888) Disposals — — — — — — — Effect of movements in exchange rate — — — 53 — 10 63 Changes in value on the recognition of inflation effects - amortization — — — (52) — — (52) Balance as of December 31, 2021 Ps. (745) Ps. — Ps. — Ps. (4,946) Ps. — Ps. (812) Ps. (6,503) Balance as of December 31, 2019 Ps. 81,255 Ps. 25,833 Ps. 1,165 Ps. 2,625 Ps. 690 Ps. 482 Ps. 112,050 Balance as of December 31, 2020 Ps. 76,651 Ps. 23,431 Ps. 1,148 Ps. 2,356 Ps. 176 Ps. 209 Ps. 103,971 Balance as of December 31, 2021 Ps. 75,394 Ps. 22,909 Ps. 1,192 Ps. 2,014 Ps. 375 Ps. 290 Ps. 102,174 The Company’s intangible assets such as technology costs and management systems are subject to amortization with a range in useful lives from 3 to 10 years. For the year ended December 31, 2021, the amortization of intangible assets is recognized in cost of goods sold, selling expenses and administrative expenses and amounted to Ps. 15, Ps . 108 and Ps. 765, respectively. For the year ended December 31, 2020, the amortization of intangible assets is recognized in cost of goods sold, selling expenses and administrative expenses and amounted to Ps. 22, Ps.154 and Ps.844, respectively. For the year ended December 31, 2019, the amortization of intangible assets is recognized in cost of goods sold, selling expenses and administrative expenses and amounted to Ps. 26, Ps.245 and Ps. 791, respectively. Impairment Tests for Cash-Generating Units Containing Goodwill and Distribution Rights For the purpose of impairment testing, goodwill and distribution rights are allocated and monitored on an individual country basis, which is considered to be the CGU. The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows: In millions of Ps. 2021 2020 Mexico Ps. 56,352 Ps. 56,352 Guatemala 1,735 1,755 Nicaragua 438 433 Costa Rica 1,407 1,425 Panama 1,238 1,200 Colombia 3,798 4,414 Brazil 30,608 31,741 Argentina 395 312 Uruguay 2,332 2,450 Total Ps. 98,303 Ps. 100,082 Goodwill and distribution rights are tested for impairments annually. The recoverable amounts of the CGUs are based on value-in-use calculations. Value in use was determined by discounting the future cash flows generated from the continuing use of the CGU. The foregoing forecasts reflect the outcomes that the Company consider most likely to occur based on the current situation of each of the CGUs including the macroeconomic situation in each CGU including the remaining impacts of the COVID-19 pandemic which has heightened the inherent uncertainty in such estimations, the foregoing forecasts could differ from the results obtained over time. The value in use of CGUs is determined based on the method of discounted cash flows. The key assumptions used to calculate value in use are: volume, expected annual long-term inflation, and the weighted average cost of capital (“WACC”) used to discount the projected flows. To determine the discount rate, the Company uses the WACC as determined for each of the cash generating units in real terms and as described in following paragraphs. The estimated discount rates to perform, the impairment test for each CGU considers market participants’ assumptions. Market participants were selected considering the size, operations and characteristics of the business that are similar to those of the Company. The discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated into the projected cash flows. The discount rate calculation is based on the opportunity cost to a market participant, considering the specific circumstances of the Company and its operating segments and is derived from its WACC. The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Company’s investors. The cost of debt is based on the interest-bearing borrowings the Company is obliged to service, which is equivalent to the cost of debt based on the conditions that a creditor would assess in the market. Segment-specific risk is incorporated by applying beta factors which are evaluated annually based on publicly available market data. Market participant assumptions are important because, not only do they include industry data for growth rates, management also assesses how the CGU’s position, relative to its competitors, might change over the forecasted period. The key assumptions used for the value-in-use calculations are as follows: • Cash flows were projected based on actual operating results and the five-years business plan. • A WACC per each CGU was applied as a hurdle rate to discount cash flows to get the recoverable amount of the units; the calculation assumes, size premium adjustment. The key assumptions by CGU for impairment test as of December 31, 2021 were as follows: CGU Pre-tax WACC Post –tax WACC Expected Annual Long-Term Inflation 2022-2026 Expected Mexico 6.8 % 4.9 % 3.7 % 2.8 % Brazil 9.1 % 5.8 % 3.3 % 7.7 % Colombia 8.7 % 5.8 % 3.0 % 8.4 % Argentina 19.7 % 14.5 % 35.9 % 5.4 % Guatemala 7.9 % 6.1 % 4.2 % 10.7 % Costa Rica 13.5 % 9.2 % 3.1 % 6.5 % Nicaragua 18.3 % 10.6 % 4.3 % 6.4 % Panama 8.5 % 6.5 % 2.2 % 7.0 % Uruguay 8.5 % 6.1 % 5.0 % 4.0 % The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: CGU Pre-tax WACC Post –tax WACC Expected Annual Long-Term Expected Mexico 7.4 % 5.3 % 3.9 % 2.0 % Brazil 9.1 % 6.0 % 3.0 % 2.4 % Colombia 11.0 % 7.3 % 2.8 % 4.1 % Argentina 26.3 % 20.4 % 30.1 % 3.9 % Guatemala 10.6 % 8.3 % 3.1 % 6.8 % Costa Rica 15.3 % 10.8 % 2.7 % 4.3 % Nicaragua 20.6 % 13.9 % 3.7 % 7.1 % Panama 8.8 % 6.8 % 1.5 % 7.9 % Uruguay 9.9 % 7.1 % 7.8 % 2.0 % Sensitivity to Changes in Assumptions As of December 31, 2021, the Company performed an additional impairment sensitivity calculation, taking into account an adverse change in post-tax WACC, according to the country risk premium, using for each country the relative standard deviation between equity and sovereign bonds and an additional sensitivity to the volume of 100 basis points and concluded that no impairment would be recorded. CGU Change in WACC Change in Volume Effect on Valuation Mexico 0.2% -1.0% Passes by 6.8x Brazil 0.2% -1.0% Passes by 2.7x Colombia 0.2% -1.0% Passes by 4.2x Argentina 0.8% -1.0% Passes by 10.0x Guatemala 0.2% -1.0% Passes by 54.5x Costa Rica 0.4% -1.0% Passes by 3.1x Nicaragua 0.5% -1.0% Passes by 1.0x Panama 0.1% -1.0% Passes by 8.2x Uruguay 0.1% -1.0% Passes by 4.4x (1) Compound Annual Growth Rate (CAGR) |
Other non-current assets and ot
Other non-current assets and other non-current financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets and other non-current financial assets [Abstract] | |
Other non-current assets and other non-current financial assets | Other non-current assets and other non-current financial assets 12.1 Other Non-Current Assets: 2021 2020 Non-current prepaid advertising expenses Ps. 213 Ps. 333 Guarantee deposits (1) 1,165 1,465 Prepaid bonuses 283 238 Advances to acquire property, plant and equipment 457 171 Shared based payment 303 192 Indemnifiable contingencies from business combinations (2) 1,554 1,609 Recoverable tax 378 350 Other 49 94 Ps. 4,402 Ps. 4,452 (1) Mainly in Brazil, as it is customary the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 24.5. (2) Corresponds to indemnification assets that are warranted by former Vonpar owners in accordance with the share purchase agreement. 12.2 Other Non-Current Financial Assets: 2021 2020 Other non-current financial assets Ps. 153 Ps. 175 Derivative financial instruments (See Note 19) 4,983 2,524 Ps. 5,136 Ps. 2,699 Non-current accounts receivable to be held to maturity and the investment in other entities as well as financial derivative instruments are classified as FVOCI financial assets. |
Balances and Transactions with
Balances and Transactions with Related Parties and Affiliated Companies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Balances and Transactions with Related Parties and Affiliated Companies | Balances and Transactions with Related Parties and Affiliated Companies Balances and transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in this note. The consolidated statements of financial position and income include the following balances and transactions with related parties and affiliated companies: 2021 2020 Balances: Assets (current included in accounts receivable) Due from FEMSA and its subsidiaries Ps. 634 Ps. 624 Due from The Coca-Cola Company 820 509 Due from Heineken Group (1) 139 133 Other receivables (1) — 5 Ps. 1,593 Ps. 1,271 2021 2020 Liabilities (current included in suppliers and other liabilities and loans) Due to FEMSA and its subsidiaries (2) (3) Ps. 1,380 Ps. 454 Due to The Coca-Cola Company (2) 1,444 3,513 Due to Heineken Group(2) 488 830 Other payables (2) 224 924 Ps. 3,536 Ps. 5,721 (1) Presented within accounts receivable. (2) Recorded within accounts payable and suppliers (3) Parent Balances due from related parties are considered to be recoverable. Accordingly, for the years ended December 31, 2021, 2020 and 2019, there was no expense resulting from the uncollectibility of balances due from related parties. Details of transactions between the Company and other related parties are disclosed as follows: Transactions 2021 2020 2019 Income: Sales to affiliated parties Ps. 5,489 Ps. 5,020 Ps. 5,694 Heineken 3 3 5 Expenses: Purchases and other expenses from FEMSA 7,447 6,538 7,756 Purchases of concentrate from The Coca-Cola Company 37,213 32,222 34,063 Purchases of raw material, beer and operating expenses from Heineken 11,635 11,600 12,755 Advertisement expense paid to The Coca-Cola Company 1,482 865 1,756 Purchases from Ades — 338 497 Purchases from Jugos del Valle 2,918 2,437 2,863 Purchase of sugar from Promotora Industrial Azucarera, S.A. de C.V. 2,213 2,123 2,728 Purchase of sugar from Beta San Miguel 938 1,023 655 Purchase of canned products from Industria Envasadora de Queretaro, S.A. de C.V... 234 226 682 Purchase of inventories from Leao Alimentos e Bebidas, LTDA 1,320 1,253 1,867 Purchase of resine from Industria Mexicana de Reciclaje, S.A. de C.V. 416 308 281 Donations to Instituto Tecnologico y de Estudios Superiores de Monterrey, A.C. (1) (2) — 225 127 Donations to Fundación Femsa, A.C. 230 114 146 Other expenses with related parties 156 10 15 (1) One or more members of the Board of Directors or senior management of the Company are also members of the Board of Directors or senior management of the counterparties to these transactions. (2) These donations were made to ITESM through Fundacion FEMSA as intermediary. The aggregate compensation paid to executive officers and senior management of the Company, recognized as an expense during the reporting period were as follows: 2021 2020 2019 Current compensations and employee benefits Ps. 737 Ps. 815 Ps. 978 Termination benefits — 68 186 Shared based payments 276 190 188 |
Balances and Transactions in Fo
Balances and Transactions in Foreign Currencies | 12 Months Ended |
Dec. 31, 2021 | |
Balances and Transactions in Foreign Currencies [Abstract] | |
Balances and Transactions in Foreign Currencies | Balances and Transactions in Foreign Currencies Assets, liabilities and transactions denominated in foreign currencies are those realized in a currency different from the functional currency of the Company. As of December 31, 2021 and 2020, assets and liabilities denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Assets Liabilities Balances Current Non-current Current Non-current As of December 31, 2021 U.S. dollars 28,851 14 3,495 52,591 Euros — — 205 — As of December 31, 2020 U.S. dollars 21,787 4 2,645 50,969 Euros — — 95 — For the years ended December 31, 2021, 2020 and 2019 transactions denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Transactions Revenues Purchases of Interest Other Year ended December 31, 2021 U.S.dollars 452 14,420 1,749 2,509 Year ended December 31, 2020 U.S.dollars 462 12,801 3,418 2,213 Year ended December 31, 2019 U.S.dollars 1,506 14,307 1,910 2,723 Year ended December 31, 2019 Euros — 454 — — |
Post-Employment and Other Non-c
Post-Employment and Other Non-current Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |
Post-Employment and Other Non-current Employee Benefits | Post-Employment and Other Non-current Employee Benefits The Company has various labor liabilities for employee benefits in connection with pension and retirement plans, seniority premiums and other post-employment benefits. Benefits vary depending upon the country where the individual employees are located. Presented below is a discussion of the Company’s labor liabilities in Mexico, which comprise the substantial majority of those, recorded in the consolidated financial statements. 15.1 Assumptions The Company annually evaluates the reasonableness of the assumptions used in its labor liability for post-employment and other non-current employee benefits computations. In Mexico, actuarial calculations for pension and retirement plans and seniority premiums, as well as the associated cost for the period, were determined using the following long-term assumptions: Mexico 2021 2020 2019 Financial: Discount rate used to calculate the defined benefit obligation and the net interest on de net defined benefit liability (asset) 8.0 % 7.2 % 7.5 % Salary increase: (Non-Union/Union) 4.5 % 4.5 % 4.5 % Future pension increase 3.5 % 3.5 % 3.5 % Biometric: Mortality EMSSA 2009 (1) EMSSA 2009 (1) EMSSA 2009 (1) Disability IMSS 97 (2) IMSS-97 (2) IMSS-97 (2) Normal retirement age 60 years 60 years 60 years Rest of employee turnover BMAR2007 (3) BMAR2007 (3) BMAR2007 (3) (1) EMSSA. Mexican Experience of Social Security (for its initials in Spanish) (2) IMSS. Mexican Experience of Instituto Mexicano del Seguro Social (for its initials in Spanish) (3) BMAR. Actuary experience In Mexico the methodology used to determine the discount rate was the yield or Internal Rate of Return (“IRR”) which involves a yield curve. In this case, the expected rates of each period were taken from a yield curve of the Mexican Federal Government Treasury Bond (known as CETES in Mexico) because there is no deep market in high quality corporate obligations in Mexico. In Mexico upon retirement, the Company purchases an annuity for senior executives, which will be paid according to the option chosen by the employee. Based on these assumptions, the amounts of benefits expected to be paid out in the following years are as follows: Pension and Seniority 2022 Ps. 386 Ps. 43 2023 169 42 2024 205 45 2025 229 46 2026 284 50 2027 to 2031 1,777 272 15.2 Balances of the liabilities for post-employment and other non-current employee benefits 2021 2020 Pension and Retirement Plans: Vested benefit obligation Ps. 952 Ps. 996 Non-vested benefit obligation 1,876 1,644 Accumulated benefit obligation 2,828 2,640 Excess of projected defined benefit obligation over accumulated benefit obligation 1,687 1,671 Defined benefit obligation 4,515 4,311 Pension plan funds at fair value (1,234) (1,201) Net defined benefit liability Ps. 3,281 Ps. 3,110 Seniority Premiums: Vested benefit obligation Ps. 289 Ps. 307 Non-vested benefit obligation 232 224 Accumulated benefit obligation 521 531 Excess of projected defined benefit obligation over accumulated benefit obligation 457 334 Defined benefit obligation 978 865 Seniority premium plan funds at fair value (133) (137) Net defined benefit liability Ps. 845 Ps. 728 Total post-employment and other non-current employee benefits Ps. 4,126 Ps. 3,838 15.3 Trust assets Trust assets consist of fixed and variable return financial instruments recorded at market value, which are invested as follows: Type of instrument 2021 2020 Fixed return: Traded securities 22 % 18 % Life annuities 16 % 18 % Bank instruments 5 % 17 % Federal government instruments 37 % 27 % Variable return: Publicly traded shares 20 % 20 % 100 % 100 % In Mexico, the regulatory framework for pension plans is established in the Income Tax Law and its Regulations, the Federal Labor Law and the Mexican Social Security Institute Law. None of these laws establish minimum funding levels or a minimum required level of contributions. In Mexico, the Income Tax Law requires that, in the case of private plans, certain notifications must be submitted to the authorities and a certain level of instruments must be invested in Federal Government instruments, among others. The Company’s various pension plans have a technical committee that is responsible for verifying the correct operation of the plan with regard to the payment of benefits, actuarial valuations of the plan, and the monitoring and supervision of the benefit trust. The committee is responsible for determining the investment portfolio and the types of instruments the fund will be invested in. This technical committee is also responsible for verifying the correct operation of the plan in all of the countries in which the Company has these benefits. The risks related to the Company’s employee benefit plans are primarily attributable to the plan assets. The Company’s plan assets are invested in a diversified portfolio, which considers the term of the plan so as to invest in assets whose expected return coincides with the estimated future payments. Since the Mexican Tax Law limits the plan’s asset investment in related parties, to 10% this risk is not considered to be significant for purposes of the Company’s Mexican subsidiaries. In Mexico, the Company’s policy is to invest at least 30% of the fund assets in Mexican Federal Government instruments. Guidelines for the target portfolio have been established for the remaining percentage and investment decisions are made to comply with these guidelines insofar as the market conditions and available funds allow. In Mexico, the amounts and types of securities that the Company invests in related parties included in portfolio fund are mainly as follows: 2021 2020 Mexico Portfolio: Debt: Grupo Industrial Bimbo, S.A.B. de C. V. $25 $28 Grupo Financiero Banorte, S.A.B. de C.V. 9 9 El Puerto de Liverpool, S.A.B. de C.V. 9 — Capital: Fomento Económico Mexicano, S.A.B. de C.V. 3 3 El Puerto de Liverpool, S.A.B. de C.V. — — Alfa, S.A.B. de C.V. — — During the years ended December 31, 2021, 2020 and 2019, the Company did not make significant contributions to the plan assets and does not expect to make material contributions to the plan assets during 2022. 15.4 Amounts recognized in the consolidated income statements and the consolidated statements of equity Income statement Accumulated OCI 2021 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 244 Ps. — Ps. — Ps. 197 Ps. 1,038 Seniority premiums 84 — — 51 202 Total Ps. 328 Ps. — Ps. — Ps. 248 Ps. 1,240 Income statement Accumulated OCI 2020 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 229 Ps. 71 Ps. — Ps. 188 Ps. 934 Seniority premiums 68 — — 43 239 Total Ps. 297 Ps. 71 Ps. — Ps. 231 Ps. 1,173 Income statement Accumulated OCI 2019 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 170 Ps. (44) Ps. 2 Ps. 176 Ps. 790 Seniority premiums 35 76 — 24 65 Total Ps. 205 Ps. 32 Ps. 2 Ps. 200 Ps. 855 Remeasurements of the net defined benefit liability recognized in other comprehensive income are as follows (amounts are net of tax): 2021 2020 2019 Amount accumulated in other comprehensive income as of the beginning of the periods Ps. 1,173 Ps. 855 Ps. 344 Recognized during the year (obligation liability and plan assets) 680 213 98 Actuarial gains and losses arising from changes in financial assumptions (550) (76) 456 Actuarial gains and losses arising from changes in demographic assumptions — 184 — Foreign exchange rate valuation (gain) 9 (3) (43) Adjustment from employees transferred (72) — — Amount accumulated in other comprehensive income as of the end of the period, net of tax Ps. 1,240 Ps. 1,173 Ps. 855 Remeasurements of the net defined benefit liability include the following: • The return on plan assets, excluding amounts included in net interest expense. • Actuarial gains and losses arising from changes in demographic assumptions. • Actuarial gains and losses arising from changes in financial assumptions. 15.5 Changes in the balance of the defined benefit obligation for post-employment and other non-current employee benefits 2021 2020 2019 Pension and Retirement Plans: Initial balance Ps. 4,311 Ps. 3,912 Ps. 3,388 Current service cost 244 229 170 Effect on curtailment — — 2 Interest expense 291 269 275 Actuarial gains or losses 5 257 585 Foreign exchange loss 18 28 (69) Benefits paid (364) (455) (395) Past service cost — 71 (44) Ps. 4,515 Ps. 4,311 Ps. 3,912 Seniority Premiums: Initial balance Ps. 865 Ps. 630 Ps. 411 Current service cost 84 68 35 Interest expense 62 53 37 Actuarial gains or losses 74 187 155 Benefits paid (107) (73) (84) Past service cost — — 76 Ps. 978 Ps. 865 Ps. 630 15.6 Changes in the balance of trust assets 2021 2020 2019 Pension and retirement plans: Balance at beginning of year Ps. 1,201 Ps. 1,122 Ps. 1,031 Actual return on trust assets 33 75 81 Foreign exchange gain — 4 2 Life annuities — — 8 Balance at end of year Ps. 1,234 Ps. 1,201 Ps. 1,122 Seniority premiums Balance at beginning of year Ps. 137 Ps. 127 Ps. 111 Actual return on trust assets (4) 10 16 Balance at end of year Ps. 133 Ps. 137 Ps. 127 As a result of the Company’s investments in life annuities plans, management does not expect the Company will need to make material contributions to the trust assets in order to meet its future obligations. 15.7 Variation in assumptions The Company decided that the relevant actuarial assumptions that are subject to sensitivity and valuated through the projected unit credit method, are the discount rate and the salary increase rate because they have the most significant impact: • Discount rate: The rate that determines the value of the obligations over time. • Salary increase rate: The rate that considers the salary increase which implies an increase in the benefit payable. The following table presents the impact in absolute terms of a variation of 1.0% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1.0% on the significant actuarial assumptions is based on projected long-term discount rates for Mexico and a yield curve projections of long-term Mexican government bonds - CETES: -1.0%: Income Statement Accumulated OCI Discount rate used to calculate the defined benefit obligation and the net Current Past Service Gain or Net Interest on Remeasurements Pension and retirement plans Ps. 255 Ps. — Ps. — Ps. 226 Ps. 1,463 Seniority premiums Ps. 90 Ps. — Ps. — Ps. 58 Ps. 173 Total Ps. 345 Ps. — Ps. — Ps. 284 Ps. 1,636 Expected salary increase Current Past Service Gain or Net Interest on Remeasurements Pension and retirement plans Ps. 211 Ps. — Ps. — Ps. 172 Ps. 1,288 Seniority premiums Ps. 75 Ps. — Ps. — Ps. 45 Ps. 145 Total Ps. 286 Ps. — Ps. — Ps. 217 Ps. 1,433 15.8 Employee benefits expense On April 23, 2021, Mexican government enacted changes on several labor laws in order to regulate labor outsourcing. In particular, these changes increased the cost of profit sharing. The amount recorded to expense was of Ps, 1,068 compared to Ps. 673 in 2020. For the years ended December 31, 2021, 2020 and 2019, employee benefits expenses recognized in the consolidated income statements are as follows: 2021 2020 2019 Included in cost of goods sold: Wages and salaries Ps. 4,301 Ps. 3,955 Ps. 4,052 Social security costs 1,359 1,251 1,277 Employee profit sharing 57 89 79 Pension and seniority premium costs (Note 15.4) 52 69 34 Share-based payment expense (Note 16.2) 19 4 1 Included in selling and distribution expenses: Wages and salaries 16,627 15,620 16,068 Social security costs 4,787 4,587 4,717 Employee profit sharing 959 551 539 Pension and seniority premium costs (Note 15.4) 235 261 185 Share-based payment expense (Note 16.2) 32 20 2 Included in administrative expenses: Wages and salaries 2,788 2,448 2,742 Social security costs 581 541 625 Employee profit sharing 52 33 35 Pension and seniority premium costs (Note 15.4) 41 38 20 Share-based payment expense (Note 16.2) 225 166 185 Total employee benefits expense Ps. 32,115 Ps. 29,633 Ps. 30,561 |
Bonus Programs
Bonus Programs | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Bonus Programs | Bonus Programs 16.1 Quantitative and qualitative objectives The bonus program for executives is based on achieving certain goals established annually by management and directors, which include quantitative and qualitative objectives and special projects. The quantitative objectives represent approximately 50% of the bonus and are based on the Economic Value Added (“EVA”) methodology. The objective established for the executives at each entity is based on a combination of the EVA generated per entity and by our Company and the EVA generated by our parent Company FEMSA. The qualitative objectives and special projects represent the remaining 50% of the annual bonus and are based on the critical success factors established at the beginning of the year for each executive. The bonus amounts are determined based on each eligible participant’s level of responsibility and based on the EVA generated by the applicable business unit the employee works for. This formula is established by considering the level of responsibility within the organization, the employees’ evaluation and competitive compensation in the market. The incentive plan target is expressed in months of salary, and the final amount payable is computed based on a percentage of achievement of the goals established every year. The bonuses are recognized in the income statement in the year earned and are paid in cash the following year. During the years ended December 31, 2021, 2020 and 2019 the bonus expense recorded amounted to Ps. 856, Ps.747 and Ps. 940, respectively. 16.2 Share-based payment bonus plan The Company has a stock incentive plan for the benefit of its senior executives. This plan uses as its main evaluation metric the EVA. Under the EVA stock incentive plan, eligible executives are entitled to receive a special annual bonus (fixed amount), to purchase FEMSA and Coca-Cola FEMSA shares or options, based on the executive’s responsibility in the organization, their business’ EVA result achieved, and their individual performance. The acquired shares or options are deposited in a trust, and the executives may access them one year after they are vested at 33% per year. Fifty percent of Coca-Cola FEMSA’s annual executive bonus is to be used to purchase FEMSA shares or options and the remaining 50% to purchase Coca-Cola FEMSA shares or options. For the years ended December 31, 2021, 2020 and 2019, no stock options have been granted to executives. Beginning with January 1, 2016 the shares ratably vest over a three year period. The special bonus is granted to the eligible executive on an annual basis and after withholding applicable taxes. The Company contributes the individual executive’s special bonus (after taxes) in cash to the Administrative Trust (which is controlled and consolidated by FEMSA), which then uses the funds to purchase FEMSA and Coca-Cola FEMSA shares (as instructed by the Corporate Practices Committee), which are then allocated to such executive. Coca-Cola FEMSA accounts for its share-based payment bonus plan as an equity-settled share based payment transaction, since it is its parent company, FEMSA, who ultimately grants and settles with shares these obligations due to executives. At December 31, 2021 the shares granted under the Company’s executive incentive plans are as follows: Number of shares Incentive Plan FEMSA KOF Vesting period 2017 326,561 369,791 2018-2020 2018 211,290 256,281 2019-2021 2019 312,006 457,338 2020-2022 2020 666,281 956,926 2021-2023 2021 780,524 1,197,820 2022-2024 Total 2,296,662 3,238,156 For the years ended December 31, 2021, 2020 and 2019, the total expense recognized for the period arising from share-based payment transactions, using the grant date model, was of Ps. 276 Ps. 190 and Ps. 188, respectively. As of December 31, 2021 and 2020, the asset recorded by the Company in its consolidated statements of financial position amounted was of Ps. 303 and Ps. 192 respectively, see Note 12. |
Bank Loans and Notes Payables
Bank Loans and Notes Payables | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Bank Loans and Notes Payables | Bank Loans and Notes Payables Expressed in millions of mexican pesos. (1) 2022 2023 2024 2025 2026 2027 and following years Carrying value as of December 31, 2021 Fair value as of December 31, 2021 Carrying value as of December 31, 2020 Short- term debt: Fixed rate debt: Argentine pesos Bank loans 461 — — — — — 461 461 711 Interest rate 41.02% — — — — — 41.02% 44.73% Uruguayan pesos Bank loans 184 — — — — — 184 184 498 Interest rate 6.00% — — — — — 6.00% 15.13% Subtotal 645 — — — — — 645 645 1,209 Variable rate debt: Colombian pesos Bank loans — — — — — — — — 436 Interest rate — — — — — — — 3.08% Subtotal — — — — — — — — 436 Short- term debt 645 — — — — — 645 645 1,645 Long term debt: Fixed rate debt: U.S. Dollar Yankee bond — — — — — 52,255 52,255 56,147 50,598 Interest rate — — — — — 3.09% 3.09% 3.09% Mexican pesos Senior notes — 7,498 — — — 18,449 25,947 24,722 21,483 Interest rate — 5.46% — — — 7.59% 6.97% 7.00% Brazilian reais Bank loans 48 28 18 — — — 94 94 157 Interest rate 6.00% 6.40% 6.62% — — — 6.24% 6.18% Uruguayan pesos Bank loans 256 930 — — — — 1,186 1,186 1,031 Interest rate 8.04% 6.27% — — — — 6.65% 9.72% Expressed in millions of mexican pesos. (1) 2022 2023 2024 2025 2026 2027 and following years Carrying value as of December 31, 2021 Fair value as of December 31, 2021 Carrying value as of December 31, 2020 Subtotal 304 8,456 18 0 — 70,704 79,482 82,149 73,269 Variable rate debt: Mexican pesos Senior notes 1,499 — — 1,726 2,425 — 5,650 5,540 3,181 Interest rate 5.49% — — 5.32% 5.29% — 5.35% 4.64% Bank loans — — — — — — — — 9,335 Interest rate — — — — — — — 5.04% Brazilian reais Bank loans 5 — — — — — 5 5 48 Interest rate 8.95% — — — — — 8.95% 8.44% Subtotal 1,504 — — 1,726 2,425 — 5,655 5,545 12,564 Long term debt 1,808 8,456 18 1,726 2,425 70,704 85,137 87,694 85,833 Current portion of long term debt 1,808 — — — — — 1,808 1,805 3,372 Long- term debt — 8,456 18 1,726 2,425 70,704 83,329 85,889 82,461 (1) All interest rates shown in this table are weighted average contractual annual rates. The fair value of bank loans is calculated based on the discounted value of contractual cash flows whereby the discount rate is estimated using rates currently offered for debt of similar amounts and maturities, which is considered to be level 2 in the fair value hierarchy. The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2021 and 2020, which is considered to be level 1 in the fair value hierarchy. For the years ended December 31, 2021, 2020 and 2019, the interest expense related to the bank loans and notes payable is comprised as follows and included in the consolidated income statement under the interest expense caption: 2021 2020 2019 Interest on debts and borrowings Ps. 4,544 Ps. 6,228 Ps. 4,459 Finance charges for employee benefits 248 231 200 Derivative instruments (Interest) 1,097 1,174 1,946 Finance charges of leases 101 105 129 Finance operating charges 202 156 170 Ps. 6,192 Ps. 7,894 Ps. 6,904 The Company has the following debt bonds: a) registered with the Mexican stock exchange: i) Ps. 7,500 (nominal amount) with a maturity date in 2023 and fixed interest rate of 5.46%, ii) Ps. 1,500 (nominal amount) with a maturity date in 2022 and floating interest rate of TIIE + 0.25%, iii) Ps. 8,500 (nominal amount) with a maturity date in 2027 and fixed interest rate of 7.87%, iv) Ps. 1,727 (nominal amount) with a maturity date in 2025 and floating interest rate of TIIE + 0.08%, v) Ps. 3,000 (nominal amount) with a maturity date in 2028 and fixed interest rate of 7.35%, vi) Ps. 6,965 (nominal amount) with a maturity date in 2028 and fixed rate of 7.36%, and vii) Ps. 2,435 (nominal amount) with a maturity date in 2026 and floating rate of TIIE + 0.05%, and b) registered with the SEC : i) Senior notes of US. $ 1,250 with interest at a fixed rate of 2.75% and maturity date on January 22, 2030, ii) Senior notes of US. $ 705 with interest at a fixed rate of 1.85% and maturity date on September 1, 2032 and iii) Senior notes of US. $ 600 with interest at a fixed rate of 5.25% and maturity date on November 26, 2043 all of which are guaranteed by our subsidiaries: Propimex, S. de R.L. de C.V., Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., and Yoli de Acapulco, S. de R.L. de C.V. (“Guarantors”). During 2019, the Company had credit contracts in Mexico for an amount of Ps. 9,400 at an interest rate of 8.39% and 7.91%. Such loans were used to settle bank loans denominated in USD and for general corporate purposes. Additionally, the Company obtained during 2019 bank loans in Uruguay, Colombia and Argentina for an amount of Ps. 1,670. During 2020, the Company obtained (and paid off) bank loans to build liquidity in light of the recent COVID-19 pandemic: in Mexico for an amount of Ps. 15,650 at a weighted interest rate of 6.04%, and in Argentina and Colombia for an amount of Ps. 1,184. Similarly, on January 22, 2020 the Company prepaid senior notes in Mexico for US. $ 900, and on February 18, 2020, the Company paid the total balance of its senior notes for US. $ 500. In addition, the Company celebrated bank loans in Argentine and Uruguayan peso with some banks for Ps. 711 and Ps. 759 (nominal amounts), respectively. On September 2021, the Company issued the first Sustainability-Linked Bond (SLB) in the Mexican Market on a dual-tranche transaction for an amount of Ps. 9,400; such bonds were used to prepay bank loans in Mexico with maturity dates in 2025 and 2026. The bond’s interest rate depends on us achieving key performance indicators, and in the event that such indicators are not met by the dates established in the offering documents, the interest rate on the bonds will increase by 25 basis points. Additionally, during 2021, the Company obtained bank loans in local currency in Argentina and Uruguay for Ps. 461 and Ps. 1,114 (nominal amounts) respectively. 17.1 Reconciliation of liabilities arising from financing activities. Cash flows Non-cash impact Carrying Value at December 31, 2020 Repayments Proceeds New leases Others Foreign Exchange movement Translation Effect Carrying Value at December 31, 2021 Short-term bank loans Ps. 1,645 Ps. (1,925) Ps. 844 Ps. — Ps. — Ps. — Ps. 81 Ps. 645 Total short-term from financing activities Ps. 1,645 Ps. (1,925) Ps. 844 Ps. — Ps. — Ps. — Ps. 81 Ps. 645 Long-term bank loans 10,568 (9,764) 947 — — — (467) 1,284 Long-term notes payable 75,265 (2,500) 9,400 — — 1,688 — 83,853 Total long-term from financing activities Ps. 85,833 Ps. (12,264) Ps. 10,347 Ps. — Ps. — Ps. 1,688 Ps. (467) Ps. 85,137 Lease liabilities Ps. 1,306 Ps. (629) Ps. — Ps. 533 Ps. 340 Ps. (3) Ps. (42) Ps. 1,505 Total from financing activities Ps. 88,784 Ps. (14,818) Ps. 11,191 Ps. 533 Ps. 340 Ps. 1,685 Ps. (428) Ps. 87,287 Cash flows Non-cash impact Carrying Value at December 31, 2019 Repayments Proceeds New leases Others Foreign Exchange movement Translation Effect Carrying Value at December 31, 2020 Short-term bank loans Ps. 882 Ps. (17,641) Ps. 18,525 Ps. — Ps. — Ps. — Ps. (121) Ps. 1,645 Short-term notes payable — — — — — — — — Total short-term from financing activities Ps. 882 Ps. (17,641) Ps. 18,525 Ps. — Ps. — Ps. — Ps. (121) Ps. 1,645 Long-term bank loans 11,576 (896) 293 — — — (405) 10,568 Long-term notes payable 57,519 (26,650) 43,479 — — 1,018 (101) 75,265 Long-term lease liabilities — — — — — — — — Total long-term from financing activities Ps. 69,095 Ps. (27,546) Ps. 43,772 Ps. — Ps. — Ps. 1,018 Ps. (506) Ps. 85,833 Lease liabilities (1) Ps. 1,383 Ps. (573) Ps. — Ps. 599 Ps. 33 Ps. (13) Ps. (123) Ps. 1,306 Total from financing activities Ps. 71,360 Ps. (45,760) Ps. 62,297 Ps. 599 Ps. 33 Ps. 1,005 Ps. (750) Ps. 88,784 (1) Beginning balance as of adoption date; January 1st, 2019 |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other Income and Expenses | Other Income and Expenses 2021 2020 2019 Other income: Gain on sale of long-lived assets Ps. 259 Ps. 274 Ps. 330 Cancellation of contingencies 745 344 565 Foreign exchange gain related to operating activities — — 79 Joint venture sale — 212 — Other (1) 498 664 916 Ps. 1,502 Ps. 1,494 Ps. 1,890 Other expenses: Provisions for contingencies Ps. 938 Ps. 842 Ps. 1,305 Loss on the retirement of long-lived assets 199 291 318 Loss on sale of long-lived assets 201 178 288 Loss on the retirement of intangible assets 3 375 — Impairment (See Note 8) 250 2,501 948 Severance payments (2) 233 192 1,062 Donations 258 361 288 Foreign exchange losses related to operating activities 61 69 — Other 166 296 171 Ps. 2,309 Ps. 5,105 Ps. 4,380 . (1) Following a favorable decision from Brazilian tax authorities received during 2019, Coca-Cola FEMSA has been entitled to reclaim indirect tax payments made in prior years in Brazil, resulting in the recognition of a tax credit and a positive effect in the operating revenues and other income captions of the consolidated income statements. See note 23.2.1. (2) During 2019, the Company incurred restructuring costs related to some of their operations as part of an efficiency program. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Financial Instruments Fair Value of Financial Instruments The Company uses a three-level fair value hierarchy to prioritize the inputs used to measure the fair value of its financial instruments. The three input levels are described as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 : inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The Company measures the fair value of its financial assets and liabilities classified as level 1 and 2, applying the income approach method, which estimates the fair value based on expected cash flows discounted to net present value. The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2021 and 2020: 2021 2020 Level 1 Level 2 Level 1 Level 2 Derivative financial instruments asset Ps. 764 Ps. 4,911 Ps. 488 Ps. 2,440 Derivative financial instruments liability 35 58 84 1,417 Trust assets of labor obligations 1,367 — 1,338 — Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Foreign exchange forward contracts Foreign currency option Cross-currency swaps Interest Rate swaps Treasury Lock contracts Commodity price contracts Total holders of the parent Non-controlling interest Total As at January 1, 2020 Ps. (208) Ps. — Ps. (776) Ps. (78) Ps. 71 Ps. 23 Ps. (968) Ps. (97) Ps. (1,065) Financial instruments – purchases (837) 2 161 — — 351 (323) 53 (270) Change in fair value of financial instruments recognized in OCI — — 2,654 — — 9 2,663 414 3,077 Amount reclassified from OCI to profit or loss 286 (2) 1,544 98 (102) (37) 1,787 199 1,986 Foreign currency revaluation of the net foreign operations — — (3,588) — — — (3,588) (530) (4,118) Effects of changes in foreign exchange rates 7 — 92 14 — (8) 105 16 121 Tax effect 163 — (254) (33) 31 (108) (201) (52) (253) As at December 31, 2020 Ps. (589) Ps. — Ps. (167) Ps. 1 Ps. — Ps. 230 Ps. (525) Ps. 3 Ps. (522) Financial instruments – purchases 70 — 396 — — 427 893 70 963 Change in fair value of financial instruments recognized in OCI — — 2,543 — — 826 3,369 310 3,679 Amount reclassified from OCI to profit or loss 785 — 10 (1) — (1,141) (347) (142) (489) Foreign currency revaluation of the net foreign operations — — (1,385) — — — (1,385) (105) (1,490) Effects of changes in foreign exchange rates 7 — 8 — — (9) 6 (1) 5 Tax effect (253) — (500) — — (34) (787) (45) (832) As at December 31, 2021 Ps. 20 Ps. — Ps. 905 Ps. — Ps. — Ps. 299 Ps. 1,224 Ps. 90 Ps. 1,314 19.1 Forward agreements to purchase foreign currency The Company has entered into forward agreements to reduce its exposure to the risk of exchange rate fluctuations of the Mexican peso and other currencies. These instruments have been designated as cash flow hedges and are recognized in the consolidated statement of financial position at their estimated fair value which is determined based on prevailing market exchange rates to terminate the contracts at the end of the period. Changes in the fair value of these forwards are recorded as part of “cumulative other comprehensive income”. Net gain/loss on expired contracts is recognized as part of foreign exchange or cost of goods sold, depending on the nature of the hedge in the consolidated income statements. Net changes in the fair value of forward agreements that do not meet the criteria for hedge accounting are recorded in the consolidated income statements under the caption “market value gain on financial instruments”. At December 31, 2021, the Company had the following outstanding forward agreements to purchase foreign currency: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 6,131 Ps. (49) Ps. 78 At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 7,130 Ps. (843) Ps. 4 . 19.2 Cross-currency swaps The Company has cross-currency swaps contracts to reduce the risk of interest rate and exchange rate fluctuation in the contracted credits denominated in USD. Cross-currency swaps are designated as hedge instruments when the Company changes the debt profile to the functional currency to reduce the exchange rate fluctuation risk. The fair value is estimated using market prices that would apply to terminate the contracts at the end of the period. For accounting purposes, the cross-currency swaps are recorded as both, cash flow hedges in regard to the foreign exchange risk, and fair value hedges in regard to the interest rate risk and related foreign exchange risk. The fair value changes related to exchange rate fluctuations of the notional amount of those cross-currency swaps and the accrued interest are recorded in the consolidated income statements. The remaining portion of the fair value changes, when designated as cash flow hedges, are recorded in the consolidated statement of financial position in “cumulative other comprehensive income”. If they are designated as fair value hedges the changes in this remaining portion are recorded in the income statements as “market value (gain) loss on financial instruments”. At December 31, 2021, the Company had the following outstanding cross-currency swap agreements: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 407 Ps. — Ps. 45 2023 11,733 — 3,628 2026 6,348 (1) 220 2027 7,204 — 366 2030 3,911 (8) 404 At December 31, 2020, the Company had the following outstanding cross-currency swap agreements: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 404 Ps. (4) Ps. — 2023 11,371 — 2,165 2027 6,982 (464) 80 2030 3,790 (107) 192 19.3 Interest Rate swaps The Company has contracted a number of interest rate swaps associated with its debt denominated in USD. These interest rate swaps are designated as fair value hedges and the fair value changes are recorded in the income statement as “market value (gain) loss on financial instruments”. At December 31, 2021, the Company had the following outstanding interest rate swap agreements. Fair Value Maturity Date Notional Amount (Liability) Asset 2032 Ps. 6,175 Ps. — Ps. 170 At December 31, 2020, the Company had no outstanding interest rate swap agreements: 19.4 Commodity price contracts The Company has entered into various commodity price contracts to reduce its exposure to the risk of fluctuation in the costs of certain raw materials. The fair value is estimated based on the market valuations to terminate the contracts at the end of the period. These instruments are designated as cash flow hedges and the changes in their fair value are recorded as part of “cumulative other comprehensive income”. The fair value of expired or sold commodity contracts is recorded in cost of goods sold with the hedged items. As of December 31, 2021, the Company had the following aluminum price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 102 Ps. — Ps. 62 As of December 31, 2021, the Company had the following PX + MEG (resin) price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 470 Ps. (28) Ps. 5 As of December 31, 2021, the Company had the following sugar price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 2,020 Ps. (7) Ps. 502 2023 769 — 195 As of December 31, 2020, the Company had the following aluminum price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 695 Ps. — Ps. 125 2022 Ps. 99 Ps. — Ps. 17 As of December 31, 2020, the Company had the following PX + MEG (resin) price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 729 Ps. (65) Ps. — As of December 31, 2020, the Company had the following sugar price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 1,260 Ps. (18) Ps. 275 2022 366 — 70 19.5 Sale of Estrella Azul On September 30, 2020, Coca-Cola FEMSA announced that its joint venture with The Coca-Cola Company (Compañía Panameña de Bebidas, S.A.P.I. de C.V.) successfully sold 100% of its stock interest in Estrella Azul, a dairy products company in Panama. As part of the transaction, the company agreed with the buyer that we could receive payments in the future if the business of Estrella Azul achieves certain volume and EBITDA targets during the 2022-2027 period. The Company estimated the amount of the payments to be received based on the forecasts of the business (level 3 inputs) and calculated their fair value using an income approach. As of December 31, 2021 and 2020, the financial assets recognized in the consolidated statement of financial position has a total value of Ps. 5 and Ps. 8, respectively. 19.6 Net effects of expired contracts that met hedging criteria Derivative Impact in consolidated income statement - Gain (Loss) 2021 2020 2019 Cross-currency swaps Interest expense Ps. — Ps. (109) Ps. (199) Cross-currency swaps Foreign exchange — 1,212 480 Interest rate swaps Interest expense — (163) (515) Option to purchase foreign currency Cost of good sold — 8 (63) Forward agreements to purchase foreign currency Cost of good sold (788) 839 (163) Commodity Price contracts Cost of good sold 1,245 (131) (391) 19.7 Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes. Derivative Impact in consolidated income statement 2021 2020 2019 Embedded derivatives Market value (loss) on financial instruments Ps. — Ps. — Ps. 4 Cross currency swaps and interest rate swaps Market value (loss) on financial instruments 80 (212) (293) 19.8 Net effect of expired contracts that did not meet the hedging criteria for accounting purposes Type of Derivatives Impact in consolidated income statement 2021 2020 2019 Cross currency swaps and interest rate swaps Market value (loss) on financial instruments Ps. — Ps. (212) Ps. (293) Embedded derivatives Market value (loss) gain on financial instruments — — 4 19.9 Risk management The Company has exposure to the following financial risks: • Market risk; • Interest rate risk; • Liquidity risk; and • Credit risk Additionally, the COVID-19 pandemic has also caused and continues to cause significant volatility in the financial markets, undermining investors’ confidence in the growth of countries and businesses. Due to the volatility caused by the COVID-19 pandemic, as well as currency depreciations against the U.S. dollar in many of the countries where we operate and an increase in the price of certain raw materials, our cost of goods sold has increased. 19.9.1 Market risk The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rates and commodity prices. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk, interest rates risk and commodity prices risk including: • Forward Agreements to Purchase Foreign Currency in order to reduce its exposure to the risk of exchange rate fluctuations. • Options to purchase foreign currency in order to reduce its exposure to the risk of exchange rate fluctuations. • Cross-Currency Swaps in order to reduce its exposure to the risk of exchange rate fluctuations and interest rate changes. • Commodity price contracts in order to reduce its exposure to the risk of fluctuation in the costs of certain raw materials. The Company tracks the fair value (mark to market) of its derivative financial instruments and its possible changes using scenario analyses. The following disclosures provide a sensitivity analysis of the market risks, which the Company is exposed to as it relates to foreign exchange rates, interest rates and commodity prices, which it considers in its existing hedging strategy: Forward agreement to purchase U.S. Dollar (MXN/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (298) Ps. — 2020 (19) % (884) — 2019 (9) % (739) — Forward agreement to purchase U.S. Dollar (BRL/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (16) % Ps. (284) Ps. — 2020 (21) % (357) — 2019 (13) % (155) — Forward agreement to purchase U.S. Dollar (COP/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (81) Ps. — 2020 (16) % (142) — 2019 (10) % (54) — Forward agreement to purchase U.S. Dollar (ARS/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (1) % Ps. (3) Ps. — 2020 (2) % (2) — 2019 (25) % (88) — Forward agreement to purchase U.S. Dollar (UYU/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (4) % Ps. (7) Ps. — 2020 (9) % (21) — 2019 (5) % (23) — Forward agreement to purchase U.S. Dollar (CRC/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (3) % Ps. (10) Ps. — Cross currency swaps (USD to MXN) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (1,645) Ps. — 2020 (19) % (5,507) — 2019 (9) % (2,315) — Cross currency swaps (USD to BRL) Change in USD rate Effect on equity Profit and loss effect 2021 (16) % Ps. (2,300) Ps. — 2020 (21) % (2,161) — 2019 (13) % (645) — Sugar price contracts Change on sugar Price Effect on equity Profit and loss effect 2021 (28) % Ps. (714) Ps. — 2020 (32) % (515) — 2019 (24) % (255) — Aluminum price contracts Change on Aluminum price Effect on equity Profit and loss effect 2021 (24) % Ps. (39) Ps. — 2020 (16) % (289) — 2019 (15) % (1,164) — Options to purchase foreign currency (MXN to USD) Change on USD rate Effect on equity Profit and loss effect 2021 — % Ps. — Ps. — 2020 (10) % (6) — 2019 (13) % (303) — 19.9.2 Interest rate risk Interest rate risk is the risk that the expected cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because it and its subsidiaries borrow funds at both fixed and variable interest ra tes. The risk is managed by the Company by maintaining an appropriate mix between fixed and variable rate borrowings, and by the use of the different derivative financial instruments. In addition, the Company regularly evaluates its hedging activities according to its interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied. The following disclosures provide a sensitivity analysis of the interest rate risks considered reasonably possible for the following fiscal year, according with its existing floating rate borrowings and derivative financial instruments at the end of the reporting period: Interest Rate Risk Change in Effect on 2021 +100 bps Ps. (160) 2020 +100 bps (102) 2019 +100 bps (44) 19.9.3 Liquidity risk The Company’s principal source of liquidity has generally been cash generated from its operations. A significant majority of the Company’s sales are on a short-term credit basis. The Company has traditionally been able to rely on cash generated from operations to fund its capital requirements and its capital expenditures. The Company’s working capital benefits from the fact that most of its sales are made on a cash basis, while it generally pays its suppliers on credit. In recent periods, the Company has mainly used cash generated from operations to fund acquisitions. The Company has also used a combination of borrowings from Mexican and international banks and issuances in the Mexican and international capital markets to fund acquisitions. Ultimate responsibility for liquidity risk management rests with the Company’s board of directors, which has established an appropriate liquidity risk management framework for the evaluation of the Company’s short-, medium- and long-term funding and liquidity requirements. The Company manages liquidity risk by maintaining adequate reserves, and continuously monitoring forecasted and actual cash flows and by maintaining a conservative debt maturity profile. The Company has access to credit from national and international banking institutions in order to face treasury needs; besides, the Company has the highest rating for Mexican companies (AAA) given by independent rating agencies, allowing the Company to access capital markets in case it needs resources. As part of the Company’s financing policy, management expects to continue financing its liquidity needs with cash from operations. Nonetheless, as a result of regulations in certain countries in which the Company operates, it may not be beneficial or, practicable to remit cash generated in local operations to fund cash requirements in other countries. In the event that cash from operations in these countries is not sufficient to fund future working capital requirements and capital expenditures, management may decide, or be required, to fund cash requirements in these countries through local borrowings rather than remitting funds from another country. In the future management may finance our working capital and capital expenditure needs with short-term or other borrowings. The Company’s management continuously evaluates opportunities to pursue acquisitions or engage in strategic transactions. The Company would expect to finance any significant future transactions with a combination of cash from operations, long-term indebtedness and capital stock. See Note 17 for a disclosure of the Company’s maturity dates associated with its non-current financial liabilities as of December 31, 2021. The following table reflects all contractually fixed and variable payoffs for settlement, repayments and interest resulting from recognized financial liabilities. It includes expected net cash outflows and inflows from derivative financial liabilities (assets) that are in place as of December 31, 2021. Such expected net cash outflows are determined based on each particular settlement date of an instrument. The amounts disclosed are net cash outflows for the respective upcoming fiscal years, based on the earliest date on which the Company could be required to pay. Cash outflows for financial liabilities without fixed amounts or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2021. (In millions of Ps) 2022 2023 2024 2025 2026 2027 and thereafter Notes and bonds Ps. 1,499 Ps. 7,498 Ps. — Ps. 1,726 Ps. 2,425 Ps. 70,704 Loans from banks 954 958 17 — — — Derivatives financial liabilities (assets) (605) (3,825) — — (219) (933) The Company generally makes payments associated with its financial liabilities with cash generated from its operations. 19.9.4 Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the Company uses other publicly available financial information and its own trading records to rate its major customers. The Company’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is spread amongst approved counterparties. The Company has a high receivable turnover, hence management believes credit risk is minimal due to the nature of its businesses, which have a large portion of their sales settled in cash. The Company’s maximum exposure to credit risk for the components of the statement of financial position at December 31, 2021 and 2020 is the carrying amounts (see Note 5). The credit risk for liquid funds and derivative financial instruments is limited because the counterparties are highly rated banks as designated by international credit rating agencies. The Company manages the credit risk related to its derivative portfolio by only entering into transactions with reputable and credit-worthy counterparties as well as by maintaining a Credit Support Annex (CSA) that establishes margin requirements. As of December 31, 2021 the Company concluded that the maximum exposure to credit risk related with derivative financial instruments is not significant given the high credit rating of its counterparties. 19.10 Cash Flow hedges The Company determines the existence of an economic relationship between the hedging instruments and the hedged item based on the currency, amount and timing of their respective cash flows. The Company evaluates whether the derivative designated in each hedging relationship is expected to be effective and that it has been effective to offset changes in the cash flows of the hedged item using the hypothetical derivative method. In these hedging relationships, the main sources of inefficiency are: • The effect of the credit risk of the counterparty and the Company on the fair value of foreign currency forward contracts, which is not reflected in the change in the fair value of the hedged cash flows; and • Changes in the periods of the hedges. As of December 31, 2021, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows: Maturity 1-6 months 6-12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Notional amount (in millions of pesos) 1,985 1,057 — Average exchange rate MXN/USD 20.88 21.40 — Notional amount (in millions of pesos) 984 593 — Average exchange rate BRL/USD 5.61 5.97 — Notional amount (in millions of pesos) 497 191 — Average exchange rate COP/USD 3,858 3,952 — Notional amount (in millions of pesos) 280 — — Average exchange rate ARS/USD 122.56 — — Notional amount (in millions of pesos) 165 48 — Average exchange rate UYU/USD 45.51 46.30 — Notional amount (in millions of pesos) 211 120 — Average exchange rate CRC/USD 646.33 650.71 — Foreign exchange currency swap contracts Notional amount (in millions of pesos) — — 12,968 Average exchange rate MXN/USD — — 19.81 Notional amount (in millions of pesos) — — 15,026 Average exchange rate BRL/USD — — 4.47 Notional amount (in millions of pesos) 407 — 1,202 Average exchange rate COP/USD 3,543 — 3,550 Interest rate risk Interest rate swaps Notional amount (in millions of pesos) — — 6,175 Average interest rate 0.09 % Commodities risk Aluminum (in millions of pesos) 67 35 — Average price (USD/Ton) 1,722.00 1,777.00 — Sugar (in millions of pesos) 1,366 653 769 Average price (USD cent/Lb) 15.22 14.76 14.74 PX+MEG (in millions of pesos) 337 134 — Average price (USD /Ton) 934 866 — As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows: Maturity 1-6 months 6-12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Notional amount (in millions of pesos) 2,806 1,888 — Average exchange rate MXN/USD 23.35 23.47 — Notional amount (in millions of pesos) 844 491 — Average exchange rate BRL/USD 5.41 5.37 — Notional amount (in millions of pesos) 511 212 — Average exchange rate COP/USD 3,750 3,740 — Notional amount (in millions of pesos) 96 — — Average exchange rate ARS/USD 92.97 — — Notional amount (in millions of pesos) 225 58 — Average exchange rate UYU/USD 45.92 45.69 — Foreign exchange currency swap contracts Notional amount (in millions of pesos) — — 12,568 Average exchange rate MXN/USD — — 19.81 Notional amount (in millions of pesos) — — 9,575 Average exchange rate BRL/USD — — 4.00 Interest rate risk Interest rate swaps Notional amount (in millions of pesos) 404 — — Average interest rate 3,454 — % — Commodities risk Aluminum (in millions of pesos) 325 370 — Average price (USD/Ton) 1,654 1,720 1,740 Sugar (in millions of pesos) 869 391 365 Average price (USD cent/Lb) 12.13 11.87 12.17 PX+MEG (in millions of pesos) 364 364 — Average price (USD /Ton) 730 730 — |
Non-Controlling Interest in Con
Non-Controlling Interest in Consolidated Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non controlling interest in consolidated subsidiaries [Abstract] | |
Non-Controlling Interest in Consolidated Subsidiaries | Non-Controlling Interest in Consolidated Subsidiaries An analysis of Coca-Cola FEMSA’s non-controlling interest in its consolidated subsidiaries as of December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Mexico Ps. 5,200 Ps. 4,823 Ps. 5,671 Colombia 19 22 21 Brazil 803 738 1,059 Ps. 6,022 Ps. 5,583 Ps. 6,751 Non-controlling interests in Mexico primarily represent the individual results of a Mexican holding company Kristine Overseas, S.A.P.I. de C.V. This entity also has non-controlling stakes in certain Brazilian subsidiaries. The changes in Coca-Cola FEMSA’s non-controlling interest were as follows: 2021 2020 2019 Balance at beginning of the period Ps. 5,583 Ps. 6,751 Ps. 6,806 Net income of non-controlling interest 623 61 529 Exchange differences on translation of foreign operations (210) (1,261) (565) Valuation of the effective portion of derivative financial instruments, net of taxes 87 100 (16) Dividends paid (61) (68) (3) Balance at end of the period Ps. 6,022 Ps. 5,583 Ps. 6,751 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Equity | Equity 21.1 Equity accounts As of December 31, 2021, the common stock of Coca-Cola FEMSA is represented by 16,806,658,096 common shares, with no par value. Fixed capital stock is Ps. 934 (nominal value) and variable capital is unlimited. The characteristics of the common shares are as follows: • Series “A” and series “D” shares are ordinary, have all voting rights and are subject to transfer restrictions; • Series “A” shares may only be acquired by Mexican individuals and may not represent less than 50.1% of the ordinary shares. • Series “D” shares have no foreign ownership restrictions and may not represent more than 49.9% of the ordinary shares. • Series “B” and series “L” are free of transference jointly as long as they are listed as linked units. In case the related units are unlinked, the types B shares and the types L share will each be free transfer. On January 31, 2019, the Board of Coca Cola FEMSA approved: (i) An eight-for-one stock split (the “Stock Split”) of each series of shares of the Company; (ii) The issuance of Series B ordinary shares with full voting rights; (iii) The creation of units, comprised of 3 Series B shares and 5 Series L shares, to be listed for trading on the Mexican Stock Exchange (“BMV”) and in the form of American depositary shares (ADSs) on the New York Stock Exchange (“NYSE”); and (iv) Amendments to the Company’s bylaws mainly to give effect to the matters approved in paragraphs (i), (ii), and (iii), described above. On March 22, 2019, the CNBV (Mexican National Banking and Securities Commission) approved and authorized the stock split. As a result, (i) the percentage of ownership held by the Company’s shareholders will not change, and (ii) the percentage of ordinary shares with full voting rights will be adjusted proportionally due to the issuance of the Series B shares, as set forth in the table below. The capital stock of the Company prior to and immediately after the Stock Split is as follows: Outstanding shares prior to the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 992,078,519 47.22% 62.96% D Wholly-owned subsidiaries of The Coca-Cola Company 583,545,678 27.78% 37.04% L Public float 525,208,065 25.00% 0% Total 2,100,832,262 100% 100% Outstanding shares after the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 7,936,628,152 47.22% 55.97% D Wholly-owned subsidiaries of The Coca-Cola Company 4,668,365,424 27.78% 32.92% B Public float 1,575,624,195 9.38% 11.11% L Public float 2,626,040,325 15.63% 0% Total 16,806,658,096 100% 100% As of December 31, 2021, 2020 and 2019, the number of each share series representing Coca-Cola FEMSA’s common stock is comprised as follows: Thousands of Shares Series of shares 2021 2020 2019 A 7,936,628 7,936,628 7,936,628 B 1,575,624 1,575,624 1,575,624 D 4,668,366 4,668,366 4,668,366 L 2,626,040 2,626,040 2,626,040 16,806,658 16,806,658 16,806,658 The net income of the Company is subject to the legal requirement that 5% thereof be transferred to a legal reserve until such reserve amounts to 20% of common stock at nominal value. This reserve may not be distributed to shareholders during the existence of the Company. As of December 31, 2021, 2020 and 2019, this reserve was Ps. 412 , Ps. 412 and Ps. 187 respectively included in retained earnings. Retained earnings and other reserves distributed as dividends, as well as the effects derived from capital reductions, are subject to income tax at the rate in effect at the date of distribution, except for restated shareholder contributions and distributions made from net taxable income, denominated “Cuenta de Utilidad Fiscal Neta” (“CUFIN”). Dividends paid in excess of CUFIN are subject to income tax at a grossed-up rate based on the current statutory rate. This tax may be credited against the income tax of the year in which the dividends are paid, and in the following two years against the income tax and estimated tax payments. The Company’s consolidated balances of CUFIN at December 31, 2021, that are not subject to withholding tax, amounted to Ps. 14,027 . For the years ended December 31, 2021, 2020 and 2019 the dividends declared and paid per share by the Company are as follows: Series of shares (1) 2021 (1) 2020 2019 A Ps. 5,000 Ps. 4,822 Ps. 3,512 D 2,941 2,836 2,066 L 1,654 1,595 1,162 B 993 957 697 Ps. 10,588 Ps. 10,210 Ps. 7,437 (1) At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 19, 2021, the shareholders declared a dividend of Ps. 10,588 that was paid on May 4, 2021 and November 3, 2021. This represents a dividend of Ps. 5.04 per each ordinary share. There were no withholding taxes associated with the payment of dividends in 2021, 2020 and 2019 by the Company to its shareholders 21.2 Capital management The Company manages its capital to ensure that its subsidiaries will be able to continue as going concerns while maximizing the return to shareholders through the optimization of its debt and equity balances in order to obtain the lowest cost of capital available. The Company manages its capital structure and adjust it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2021 and 2020. The Company is not subject to any externally imposed capital requirements, other than the legal reserve (see Note 21.1). The Company's Finance and Planning Committee reviews the capital structure of the Company on a quarterly basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. In conjunction with this objective, the Company seeks to maintain the highest credit rating both nationally and internationally, currently rated AAA and A/A2/BBB+ respectively, which requires us to comply, among others, with the financial metrics that each rating agency considers. For example, some rating agencies require us to maintain a debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratio lower than 2.0x. As a result, prior to entering into new business ventures, acquisitions or divestitures, management evaluates the impact that these transactions can have on its credit rating. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings Per Share | Earnings per Share Basic earnings per share amounts are calculated by dividing consolidated net income for the year attributable to controlling interest by the weighted average number of shares outstanding during the period adjusted for the weighted average of own shares purchased in the period. Diluted earnings per share amounts are calculated by dividing consolidated net income for the year attributable to equity holders of the parent by the weighted average number of shares outstanding during the period plus the weighted average number of shares for the effects of dilutive potential shares (originated by the Company’s commitment to capitalize 27.9 million KOF series L shares). Earnings amounts per share type are as follows: 2021 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 7,712 Ps. 4,536 Ps. 1,531 Ps. 2,552 Consolidated net income attributable to equity holders of the parent 7,418 4,363 1,473 2,454 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2020 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 4,896 Ps. 2,880 Ps. 972 Ps. 1,620 Consolidated net income attributable to equity holders of the parent 4,868 2,863 966 1,610 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2019 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 5,965 Ps. 3,508 Ps. 1,184 Ps. 1,973 Consolidated net income attributable to equity holders of the parent 5,715 3,360 1,135 1,891 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | Income Taxes 23.1 Income Tax The major components of income tax expense for the years ended December 31, 2021, 2020 and 2019 are: 2021 2020 2019 Current tax expense: Current year Ps. 4,259 Ps. 7,367 Ps. 6,011 Deferred tax expense: Origination and reversal of temporary differences 2,795 (3,391) 905 (Benefit) utilization of tax losses recognized (445) 1,452 (1,268) Total deferred tax expense (benefit) 2,350 (1,939) (363) Total income tax expense in consolidated net income Ps. 6,609 Ps. 5,428 Ps. 5,648 2021 Mexico Foreign Total Current tax expense: Current year Ps. 3,356 Ps. 903 Ps. 4,259 Deferred tax expense: Origination and reversal of temporary differences 1,659 1,136 2,795 Utilization (benefit) of tax losses recognized 356 (801) (445) Total deferred tax 2,015 335 2,350 Total income tax expense in consolidated net income Ps. 5,371 Ps. 1,238 Ps. 6,609 2020 Mexico Foreign Total Current tax expense: Current year Ps. 6,311 Ps. 1,056 Ps. 7,367 Deferred tax expense: Origination and reversal of temporary differences (2,676) (715) (3,391) Utilization (benefit) of tax losses recognized 1,962 (510) 1,452 Total deferred tax (benefit) (714) (1,225) (1,939) Total income tax expense (benefit) in consolidated net income Ps. 5,597 Ps. (169) Ps. 5,428 2019 Mexico Foreign Total Current tax expense: Current year Ps. 5,123 Ps. 888 Ps. 6,011 Deferred tax expense: Origination and reversal of temporary differences (438) 1,343 905 (Benefit) of tax losses recognized (1,136) (132) (1,268) Total deferred tax (benefit) (1,574) 1,211 (363) Total income tax expense in consolidated net income Ps. 3,549 Ps. 2,099 Ps. 5,648 Recognized in Consolidated Statement of Other Comprehensive Income (OCI) Income tax related to items recognized directly in OCI during the year: 2021 2020 2019 Unrealized loss (gain) on cash flow hedges Ps. 787 Ps. 216 Ps. (373) Remeasurements of the net defined benefit liability (27) (130) (192) Total income tax recognized in OCI Ps. 760 Ps. 86 Ps. (565) Balance of income tax included in Accumulated Other Comprehensive Income (AOCI) as of: Income tax related to items recognized directly in OCI as of year-end: 2021 2020 2019 Unrealized loss (gain) on derivative financial instruments Ps. 573 Ps. (212) Ps. (481) Comprehensive loss (income) to be reclassified to profit or loss in subsequent periods 573 (212) (481) Re-measurements of the net defined benefit liability (408) (378) (240) Balance of income tax in AOCI Ps. 165 Ps. (590) Ps. (721) A reconciliation between effective income tax rate and Mexican domestic statutory tax rate for the years ended December 31, 2021, 2020 and 2019 follows: 2021 2020 2019 Mexican statutory income tax rate 30 % 30 % 30 % Income tax from prior years (0.64) % (0.38) % (2.66) % (Loss) on monetary position for subsidiaries in hyperinflationary economies (0.21) % (0.62) % (0.50) % Annual inflation tax adjustment 6.48 % 0.73 % 0.78 % Non-deductible expenses 1.82 % 2.49 % 3.92 % Non-taxable income — % — % — % Income taxed at a rate other than the Mexican statutory rate 1.14 % 0.08 % 1.28 % Effect of restatement of tax values (2.54) % (1.81) % (1.47) % Effect of change in statutory rate (0.09) % (0.23) % (0.52) % Income tax credits (1) (2.69) % (10.34) % (0.18) % Tax loss (2) (3.57) % 13.80 % (1.01) % Other (0.78) % 0.04 % 1.04 % 28.92 % 33.76 % 30.68 % (1) Favorable position of Brazilian Courts related to a no taxation on financial effects of recovered tax credits from previously won judicial disputes, which allowed a recognition of a deferred tax credit in Brazil in 2021 and 2020. (2) D uring 2020, the Company recognized an amount of Ps. 2,349 in the deferred tax asset based on the probability of the expected timing of reversal of tax losses in Mexico. Deferred income tax An analysis of the temporary differences giving rise to deferred income tax liabilities (assets) is as follows: Consolidated Statement of Financial Position as of Consolidated Income Statement 2021 2020 2021 2020 2019 Expected credit losses Ps. (96) Ps. (64) Ps. (34) Ps. (10) Ps. (18) Inventories 17 23 (1) 72 (37) Prepaid expenses 55 26 29 (17) 41 Property, plant and equipment, net (1,171) (1,006) (223) (90) 128 Rights of use assets 112 176 (68) (22) 197 Other assets (340) (325) (28) (389) 24 Finite useful lived intangible assets (54) (128) 69 (275) (78) Indefinite lived intangible assets 1,412 796 165 140 114 Post-employment and other non-current employee benefits (447) (381) (59) 4 65 Derivative financial instruments 2 74 (72) 80 (12) Contingencies (889) (1,627) 171 182 (94) Employee profit sharing payable (444) (208) (236) (7) 17 Tax loss carryforwards (7,244) (6,915) (445) 2,342 (1,268) Tax credits to recover (1) (1,394) (2,594) 1,200 (1,629) (122) Cumulative other comprehensive income 165 (590) 760 86 29 Liabilities of amortization of goodwill of business acquisition 5,897 6,554 87 — 860 Financial leasing (155) (211) 53 (23) (190) Other (2) (1,058) (2,269) 982 (2,383) (19) Deferred tax (income) Ps. 2,350 Ps. (1,939) Ps. (363) Deferred tax, asset Ps. (8,342) Ps. (11,143) Deferred tax, liability 2,710 2,474 Deferred income taxes, net Ps. (5,632) Ps. (8,669) (1) Corresponds to income tax credits from dividends received from foreign subsidiaries to be recovered within the next ten years accordingly to the Mexican Income Tax law. (2) One of the principal items considered are deferred non deductible interest calculated according to the Mexican Tax Law. The changes in the balance of the net deferred income tax asset are as follows: 2021 2020 2019 Balance at beginning of the period Ps. (8,669) Ps. (6,661) Ps. (5,582) Deferred tax provision for the period 2,350 (1,939) (363) Change in the statutory rate 81 (42) (66) Acquisition of subsidiaries — — 57 Effects in equity: Unrealized loss (gain) on derivative financial instruments 787 216 (373) Cumulative translation adjustment (163) (392) (230) Remeasurements of the net defined benefit liability (27) (130) (192) Inflation adjustment 9 279 88 Balance at end of the period Ps. (5,632) Ps. (8,669) Ps. (6,661) The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority. The Company has determined that undistributed profits of its subsidiaries, will not be distributed in the foreseeable future. The temporary differences associated with investments in subsidiaries, associates and joint ventures, for which deferred tax liabilities have not been recognized, aggregate to December 31, 2021: Ps. 8,762, December 31, 2020: Ps. 5,212 and, December 31, 2019: Ps. 13,187. Tax Loss Carryforwards Some subsidiaries in Mexico, Colombia, Argentina and Brazil have tax loss carryforwards. Unused tax loss carryforwards, for which a deferred income tax asset has been recognized, may be recovered provided certain requirements are fulfilled. The tax losses carryforwards for which deferred tax asset has been recorded and their corresponding years of expiration are as follows: Tax Loss Carryforwards amounts in millions 2025 Ps. 1,218 2026 5,516 2027 — 2028 509 2029 10 2030 — 2031 and thereafter 89 No expiration (Brazil) 14,787 Ps. 22,129 During 2013, the Company completed certain acquisitions in Brazil. In connection with the acquisitions in Brazil the Company recorded certain goodwill balances that are deductible for Brazilian income tax reporting purposes. The deduction of such goodwill amortization has resulted in the creation of Net Operating Losses (NOLs) in Brazil which the NOLs for which deferred tax asset has been recorded, which have no expiration, but their usage is limited to 30% of Brazilian taxable income in any given year. As of December 31, 2021 and 2020 the Company believes that it is more likely than not that it will ultimately recover such NOLs through the reversal of temporary differences and future taxable income. Accordingly, the related deferred tax assets have been fully recognized. The changes in the balance of tax loss carryforwards are as follows: 2021 2020 2019 Balance at beginning of the period Ps. 21,522 Ps. 28,871 Ps. 25,879 Increase 5,768 4,985 6,029 Utilization of tax losses (4,558) (1,986) (1,854) Unused tax losses - 2028 to 2030 — (7,830) — Effect of foreign currency exchange rates (603) (2,518) (1,183) Balance at end of the period Ps. 22,129 Ps. 21,522 Ps. 28,871 . 23.2 Recoverable taxes Recoverable taxes result mainly from higher provisional payments of income tax during 2021 in México in comparison to current year income tax, and other indirect tax, which will be compensated or recovered in future years. The operations in Guatemala, Colombia, Nicaragua and Panama are subject to a minimum tax. In Guatemala and Colombia this tax is recoverable under certain circumstances only. Guatemala tax basis is determined considering the highest between total assets and net income; in Colombia tax basis is equity. 23.2.1 Exclusion of the State VAT (ICMS) on the federal sale taxes (PIS / COFINS) calculate basis On March 15, 2017 the Brazilian Federal Supreme Court (STF) ruled that the inclusion of the VAT (ICMS) on federal sales taxes (PIS and COFINS) taxable basis was unconstitutional. During 2019, our companies in Brazil obtained conclusive favorable motions over this exclusion of VAT (ICMS) over PIS / COFINS calculation. The net favorable effects of each case are to be recorded at the time all formalities and legal procedures are finalized and recovery of the taxes paid becomes virtually certain. During 2021, 2020 and 2019, the administrative formalities for three of the motions and the recoverable taxes were concluded and were recorded in other operating revenues in the income statement. As of December 31, 2021 and 2020 the amount of recoverable taxes in Brazil including PIS and COFINS is Ps. 1,243 and Ps. 2,523 respectively. 23.3 Tax Reform Brazil In early 2017, the Supreme Court decided that the value-added tax would not be used as the basis for calculating the federal sales tax, resulting in a reduction of the federal sales tax. The Brazilian tax authorities have appealed the Supreme Court’s decision and such appeal was refused on a final decision in May 2021. However, our Brazilian subsidiaries commenced legal proceedings to ascertain their ability to calculate federal sales tax without using the value-added tax as a basis, in accordance with the Supreme Court’s first ruling, and obtained a final favorable resolution in 2019. In 2021, the federal production and sales taxes together resulted in an average of 16.20% tax over net sales. In recent years, the excise tax rate on concentrate in Brazil has undergone recurrent temporary fluctuations. The excise tax rate was increased from 4.0% to 12.0% from January 1, 2019 to June 30, 2019, was reduced to 8.0% from July 1, 2019 to September 30, 2019 and was increased to 10.0% from October 1, 2019 to December 31, 2019. The excise tax rate was reduced to 4.0% from January 1, 2020 to May 31, 2020, was increased to 8.0% from June 1, 2020 to November 30, 2020, was reduced again to 4.0% from December 1, 2020 to January 31, 2021, and was increased to 8.0% from February 1, 2021 onwards. The tax credit that we may recognize in our Brazilian operations in connection with purchases of concentrate in the Manaus Free Trade Zone has been affected accordingly. Argentina On January 1, 2018, a tax reform became effective in Argentina. That reform reduced the income tax rate from 35.0% to 30.0% for 2018 and 2019, and then to 25.0% for 2020. In June 2021 (effective retroactively to January 2021), the Argentine government increased the income tax rate to 35.0% for 2021 onwards and imposed a tax rate of 7.0% on dividends paid to non-resident stockholders and resident individuals. This same tax reform imposed a new tax on dividends paid to nonresident stockholders and resident individuals at a rate of 7.0% for 2018 and 2019, and then to 13.0% for the following years. The reform decreased the sales tax rate in the province of Buenos Aires from 1.75% to 1.5% in 2018. The reform shceduled a reduction in the sales tax rate in the City of Buenos Aires from to 2.0% to 1.5% in 2019, to 1.0% in 2020, to 0.5% in 2021. Nonetheless,the Argentine government issued several executive decrees since 2019 to maintain the sales tax rate for both the province of Buenos Aires and the City of Buenos Aires at a rate of 1.5%. Mexico On January 1, 2019, the Mexican government eliminated the right to offset any tax credit against any payable tax (universal offset or compensation universal). Effective as of such date, tax credits are only offset against taxes of the same nature, and it is not possible to offset tax credits against taxes withheld to third parties. On January 1, 2020, a tax reform became effective in Mexico. The most relevant changes are: (i) a limitation on taxpayers’ annual net interest expense deduction equal to 30.0% of the taxpayer’s adjusted taxable income (comparable to EBITDA), provided that (x) any interest expenses of a company below Ps.20 million (approximately US$1 million) are not subject to the rule and can therefore be deducted in their entirety and (y) any deductible interest that is not allowed to be deducted in a given year because of the 30.0% limit, may be carried forward for the subsequent 10 years; (ii) stringent rules to categorize certain foreign income and foreign subsidiaries that are subject to low levels of taxation as subject to Mexican income tax; (iii) an inflation-related increase in the excise tax applicable to the production, sale and import of beverages with added sugar and HFCS from Ps.1.17 to Ps.1.2616 per liter, which excise tax will be subject to an annual increase based on the previous year’s inflation rate starting on January 1, 2021; (iv) an expansion of the definition of “energy drink” to apply an excise tax of 25.0% on beverages that include a mix of caffeine and any other stimulants; and (v) a modification of the Mexican Federal Tax Code to (a) increase the number of events that may trigger the joint and several liability of partners, shareholders, directors, managers or any other person responsible for the management of a business, (b) add a new disclosure obligation of certain reportable transactions to tax authorities, and (c) increase the tax authorities’ discretion to limit tax benefits or attributes in situations where authorities believe the tax benefit, rather than a business reason or an alternative economic benefit, is the primary factor behind a transaction or legal structure. In April 2021, the Mexican government amended the Federal Labor Law, the Tax Code and other laws that regulate labor benefits to, among other things, prohibit the outsourcing of personnel, except in certain circumstances. As a result of this tax reform, the deduction of expenses related to the outsourcing is prohibited as well as the ability to credit the value-added tax generated by the expenses related to the outsourcing and in extreme cases, the outsourcing of personnel may qualify as tax fraud. This reform became effective on September 1, 2021. In accordance with amendments to Mexican tax laws in effect from January 1, 2022, Mexican issuers are joint and severally liable for taxes payable on gains derived from the sale or disposition of its shares or securities representing its shares, such as ADSs, by major shareholders who are non-Mexican residents with no permanent establishment in Mexico for tax purposes, to other non-Mexican residents with no permanent establishment in Mexico for tax purposes, to the extent that such Mexican issuer fails to provide certain information with respect to such sale or disposition to the Mexican tax authorities. For purposes of these regulations, “major shareholders” are shareholders that are identified in reports submitted by the Mexican issuer to the CNBV on an annual basis as a result of being (i) directors or officers who directly or indirectly own 1.0% or more of the Mexican issuer’s capital stock, (ii) shareholders who directly or indirectly own 5.0% or more of the Mexican issuer’s capital stock or (iii) within the ten largest shareholders of the Mexican issuer based on direct ownership of shares of capital stock. Although in some instances Mexican tax authorities have indicated that this reporting obligation would only apply to transfers of shares or securities representing shares that result in a change of control, there are no established criteria or general interpretations to that effect issued by the Mexican tax authorities. There is currently no obligation by non-Mexican residents to inform Mexican issuers about their sales or dispositions of shares or securities representing shares, which limits our ability to comply with our reporting obligations to the Mexican tax authorities. Therefore, the amount of a potential tax liability is uncertain and difficult to determine given inherent mechanics and procedures, including the application of any tax treaties available, applicable to the trading of publicly-traded securities. Colombia On January 1, 2019, a new tax reform became effective in Colombia. This reform reduced the previous income tax rate of 33.0% for 2019 to 32.0% for 2020, to 31.0% for 2021 and to 30.0% for 2022. The minimum assumed income tax (renta presuntiva sobre el patrimonio) was also reduced from 3.5% for 2018 to 1.5% for 2019 and 2020, and to —% for 2021. In addition, the thin capitalization ratio was adjusted from 3:1 to 2:1, and was modified to apply only to transactions between related parties. Commencing on January 1, 2019, value-added tax, which was applied only to the first sale in the supply chain prior to December 31, 2018, began to be applied and transferred throughout the entire supply chain, which in our case results in charging value-added tax on the sales price of our finished goods (applicable to our Colombian subsidiary located in the free trade zone). For companies located in free trade zones, the value-added tax is charged on the cost of imported raw materials of national and foreign origin, which we are able to credit against the value-added tax on the sales price of our products. The municipality sales tax was 50.0% deductible against income tax payable in 2019 and 100.0% deductible in 2020. Finally, the value-added tax paid on acquired fixed assets will be credited against income tax or the minimum assumed income tax. Additionally, this tax reform increased the tax rate on dividends paid to foreign individuals and non-resident entities from 5.0% to 7.5%. The tax reform also imposed a tax rate of 7.5% on dividends paid to Colombian companies. This tax is charged only on the first distribution of dividends from one Colombian corporate entity to another, and a credit resulting from the tax withholding is carried forward until a Colombian company makes a distribution to a shareholder that is an individual residing in Colombia or a non-resident individual or entity. In October 2019, the Colombian courts declared the tax reform that became effective on January 1, 2019 unconstitutional. On December 27, 2019, the Colombian government enacted a new tax reform, which became effective on January 1, 2020. In general, the reform maintained the provisions introduced on the previous tax reform and included some additional changes, as follows: (i) the minimum assumed income tax rate (renta presuntiva sobre el patrimonio) was reduced from 1.5% to 0.5% for 2020 and reduced to —% for the year 2021 onwards; (ii) the tax rate on dividends paid to Colombian resident individuals was reduced from 15.0% to 10.0%; (iii) the tax rate on dividends paid to foreign individuals and non-resident entities was increased from 7.5% to 10.0%; (iv) the possibility to deduct 100.0% of the municipality sales tax against payable income tax was postponed to 2022; and (v) taxpayers were granted more flexibility to credit or recover the value-added tax of imported goods from free trade zones. In August 2021, a new tax reform became effective in Colombia. This reform increased the income tax rate from 30.0% to 35.0% for 2022 onwards and limited to 50.0% the ability to deduct the municipality sales taxes against income taxes. Costa Rica On July 1, 2019, a tax reform became effective in Costa Rica. This reform allowed tax credits on sales taxes to be recorded on goods, administrative services and general expenses. The value-added tax rate of 13.0% on services provided within Costa Rica now applies to both domestic and foreign service providers. Capital gains taxes are now imposed at a rate of 15.0% on sales of assets located in Costa Rica. New income tax withholding rates are now imposed on salaries and other employee benefits at the rates of 25.0% and 20.0%, depending on the salary bracket. Finally, a new thin capitalization rule provides that interest expenses paid to entities other than members of the Costa Rican financial system that exceed 20.0% of a company’s EBITDA are not deductible for income tax purposes. Panama Until November 17, 2019, Panama imposed an excise tax of 5.0% on carbonated beverages and imported non-carbonated beverages and a 10.0% selective consumption tax on syrups, powders and concentrate used to produce sugary drinks. On November 18, 2019, Panama replaced such excise tax with an excise tax of 7.0% on carbonated beverages with more than 7.5 grams of sugar or any caloric sweetener per 100 ml, and a 10.0% tax on syrups, powders and concentrate used to produce sugary drinks. As of January 1, 2020, Panama imposes an excise tax of 5.0% on non-carbonated beverages with more than 7.5 grams of sugar or any caloric sweetener per 100 ml, whether imported or produced locally. Beverages derived from dairy products, grains or cereals, nectars, fruit juices and vegetables with natural fruit concentrates are exempt from this tax. Nicaragua On March 1, 2019, a tax reform became effective in Nicaragua, increasing the excise tax for all beverages (except for water) from 9.0% to 11.0%; to 13.0% on January 1, 2020; and to 15.0% starting on January 1, 2021. In addition, starting on March 1, 2019, the minimum alternative income tax increased from 1.0% to 3.0%. Uruguay On December 31, 2021 Uruguayan government issued an executive decree that increased the excise tax from 19% to 22% for energy drinks that should have applied beginning January 2022. |
Other Liabilities, Provisions a
Other Liabilities, Provisions and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Other Liabilities, Provisions and Commitments | Other Liabilities, Provisions and Commitments 24.1 Other current financial liabilities 2021 2020 Sundry creditors Ps. 657 Ps. 1,018 Derivative financial instruments 84 930 Total Ps. 741 Ps. 1,948 24.2 Provisions and other non-current liabilities 2021 2020 Provisions Ps. 4,150 Ps. 5,100 Taxes payable 53 67 Other (1) 2,007 2,144 Total Ps. 6,210 Ps. 7,311 (1) Includes an amount of Ps. 899 for 2021 an 2020 related of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013). 24.3 Other non-current financial liabilities 2021 2020 Derivative financial instruments Ps. 9 Ps. 571 Security deposits 499 363 Total Ps. 508 Ps. 934 24.4 Provisions recorded in the consolidated statement of financial position The Company has various loss contingencies and has recorded reserves as other liabilities for those legal proceedings for which it believes an unfavorable resolution is probable. The following table presents the nature and amount of the loss contingencies recorded as of December 31, 2021 and 2020: 2021 2020 Taxes Ps. 2,066 Ps. 2,540 Labor 1,472 1,681 Legal 612 879 Total (1) Ps. 4,150 Ps. 5,100 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 12. 24.5. Changes in the balance of provisions recorded 24.5.1 Taxes 2021 2020 2019 Balance at beginning of the period Ps. 2,540 Ps. 4,696 Ps. 5,038 Penalties and other charges 30 — 1 New contingencies 148 186 368 Cancellation and adjustments (59) (152) (247) Payments (236) (187) (68) Reversal of indemnifiable items (1) — (1,177) — Other Effects (263) — — Effect of foreign currency exchange rates (94) (826) (396) Balance at end of the period Ps. 2,066 Ps. 2,540 Ps. 4,696 (1) This amount for 2021 includes Ps. 899 of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013), see Note 24.2. 24.5.2 Labor 2021 2020 2019 Balance at beginning of the period Ps. 1,681 Ps. 2,222 Ps. 2,340 Penalties and other charges 303 228 249 New contingencies 363 227 465 Cancellation and expiration (445) (51) (273) Contingencies added in business combinations — — 44 Payments (358) (561) (401) Effects of foreign currency exchange rates (72) (384) (202) Balance at end of the period Ps. 1,472 Ps. 1,681 Ps. 2,222 24.5.3 Legal 2021 2020 2019 Balance at beginning of the period Ps. 879 Ps. 1,065 Ps. 920 Penalties and other charges 68 8 94 New contingencies 26 193 128 Cancellation and expiration (241) (141) (45) Contingencies added in business combinations — — 77 Payments (97) (111) (44) Effect of foreign currency exchange rates (23) (135) (65) Balance at end of the period Ps. 612 Ps. 879 Ps. 1,065 While provision for all claims has already been made, the actual outcome of the disputes and the timing of the resolution cannot be estimated by the Company at this time. 24.6 Unsettled lawsuits The Company has entered into several proceedings with its labor unions, tax authorities and other parties that primarily involve Coca-Cola FEMSA and its subsidiaries. These proceedings have arisen in the ordinary course of business and are common to the industry in which the Company operates. Such contingencies were classified by the Company as less than probable but not remote, the estimated amount including uncertain tax position as of December 31, 2021 of these lawsuits is Ps. 102,659, however, the Company believes that the ultimate resolution of such proceedings will not have a material effect on its consolidated financial position or result of operations. The Company has tax disputes, most of which are related to its Brazilian operations, with loss expectations assessed by management and supported by the analysis of legal counsel considered as possible. The main possible tax contingencies of Brazilian operations amount to approximately Ps. 55,288. This refers to various tax disputes related primarily to: (i) Ps. 8,573 of credits for ICMS (VAT); (ii) Ps. 30,821 related to tax credits of IPI over raw materials acquired from Free Trade Zone Manaus; (iii) Claims of Ps. 4,766 related to compensation of federal taxes not approved by the Tax authorities; (iv) Ps. 8,549 relating to questions about the amortization of goodwill generated in acquisitions operations; and (v) Ps. 2,579 relating to liability over the operations of a third party, former distributor, in the period from 2001 to 2003. The Company is defending its position in these matters and final decision is pending in court. After conducting a thorough analysis, during 2021 the Company has decided to reverse its temporary decision to suspend tax credits on concentrate purchased from the Manaus Free Trade Zone in Brazil. As a result, the Company has recognized an extraordinary benefit of Ps. 1,083 million in the cost of goods sold equivalent to the accumulated credit suspended since 2019 and until the first quarter of 2021. This decision was supported by recent developments and opinions from external advisors. In recent years in its Mexican and Brazilian territories, Coca-Cola FEMSA has been requested to present certain information regarding possible monopolistic practices. These requests are commonly generated in the ordinary course of business in the soft drink industry where these subsidiaries operate. The Company does not expect any material liability to arise from these contingencies. 24.7 Collateralized contingencies As is customary in Brazil, the Company has been required by the tax authorities there to collateralize tax contingencies currently in litigation amounting to Ps. 10,721, Ps. 7,342 and Ps. 10,471 as of December 31, 2021, 2020 and 2019, respectively, by pledging fixed assets and entering into available lines of credit covering the contingencies. Also as disclosed in Note 7.2 there is some restricted cash in Brazil relates to short term deposits in order to fulfill the collateral requirements for accounts payable. 24.8 Commitments |
Information by segment
Information by segment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Information by Segment | Information by segment The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who periodically reviews financial information at the country level. Thus, each of the separate countries in which the Company operates is considered an operating segment. The Company has aggregated operating segments into the following reporting segments for the purposes of its consolidated financial statements: (i) Mexico and Central America division (comprising the following countries: Mexico (including corporate operations), Guatemala, Nicaragua, Costa Rica and Panama), and (ii) the South America division (comprising the following countries: Brazil, Argentina, Colombia, and Uruguay). The Company is of the view that the quantitative and qualitative aspects of the aggregated operating segments are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to:(i) similarities of customer base, products, production processes and distribution processes, (ii) similarities of governments, (iii) currency trends and (iv) historical and projected financial and operating statistics, historically and according to our estimates the financial trends of the countries aggregated into an operating segment have behaved in similar ways and are expected to continue to do so. Segment disclosure for the Company’s consolidated operations is as follows: 2021 Mexico and Central America (1) South America (2) Consolidated Total revenues 115,794 79,010 194,804 Intercompany revenue 5,415 13 5,428 Gross profit 57,366 31,232 88,598 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 15,792 7,060 22,852 Depreciation and amortization 5,988 3,846 9,834 Non-cash items other than depreciation and amortization 1,052 561 1,613 Equity in earnings profit (loss) of associated companies and joint ventures 141 (53) 88 Total assets 170,543 101,024 271,567 Investments in associate companies and joint ventures 5,991 1,503 7,494 Total liabilities 115,738 28,257 143,995 Capital expenditures, net(3) 9,800 4,064 13,865 2020 Mexico and Central America (1) South America (2) Consolidated Total revenues 106,783 76,832 183,615 Intercompany revenue 4,998 18 5,016 Gross profit 52,906 29,905 82,811 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 14,751 1,326 16,077 Depreciation and amortization 6,471 4,137 10,608 Non-cash items other than depreciation and amortization 979 515 1,494 Equity in earnings (loss) of associated companies and joint ventures (95) (186) (281) Total assets 165,887 97,179 263,066 Investments in associate companies and joint ventures 5,804 1,819 7,623 Total liabilities 113,727 26,882 140,609 Capital expenditures, net(3) 6,764 3,590 10,354 2019 Mexico and Central America (1) South America (2) Consolidated Total revenues 109,249 85,222 194,471 Intercompany revenue 5,673 15 5,688 Gross profit 52,384 35,123 87,507 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 10,349 8,060 18,409 Depreciation and amortization 6,380 4,262 10,642 Non-cash items other than depreciation and amortization 878 205 1,083 Equity in earnings (loss) of associated companies and joint ventures (177) 46 (131) Total assets 147,374 110,465 257,839 Investments in associate companies and joint ventures 6,198 3,553 9,751 Total liabilities 95,694 32,460 128,154 Capital expenditures, net(3) 667 4,788 11,465 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 94,762, Ps. 87,833 and Ps. 91,358 during the years ended December 31, 2021, 2020 and 2019, respectively. Domestic (Mexico only) total assets were Ps. 149,421, Ps. 148,068 and Ps. 130,045 as of December 31, 2021, 2020 and 2019, respectively. Domestic (Mexico only) total liabilities were Ps. 109,945, Ps. 109,086 and Ps. 91,427 as of December 31, 2021, 2020 and 2019, respectively. (2) South America includes Brazil, Argentina, Colombia and Uruguay. South America revenues include Brazilian revenues of Ps. 53,051, Ps. 56,191 and Ps. 61,554 during the years ended December 31, 2021, 2020 and 2019, respectively. Brazilian total assets were Ps. 74,163, Ps. 70,376 and Ps. 82,667 as of December 31, 2021, 2020 and 2019, respectively. Brazilian total liabilities Ps. 20,440, Ps. 19,148 and Ps. 24,103 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Colombian revenues of Ps. 14,180, Ps. 12,049 and Ps. 13,522 during the years ended December 31, 2021, 2020 and 2019, respectively. Colombian total assets were Ps. 15,132, Ps. 15,993 and Ps. 16,518 as of December 31, 2021, 2020 and 2019, respectively. Colombian total liabilities were Ps. 3,395, Ps. 3,262 and Ps. 4,154 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Argentine revenues of Ps. 8,408, Ps. 5,468 and Ps. 6,725 during the years ended December 31, 2021, 2020 and 2019, respectively. Argentine total assets were Ps. 6,087, Ps. 5,039 and Ps. 5,341 as of December 31, 2021, 2020 and 2019, respectively. Argentine total liabilities were Ps. 2,013, Ps. 1,842 and Ps. 1,637 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Uruguay revenues of Ps. 3,371, Ps. 3,124 and Ps. 3,421, during the years ended on December 31, 2021 and 2020, respectively. Uruguay total assets were Ps. 5,642, Ps. 5,771 and Ps. 5,939 as of December 31, 2021 and 2020, respectively. Uruguay total liabilities were Ps. 2,409, Ps. 2,630 and Ps. 2,566, as of December 31, 2021 and 2020, respectively. |
Future Impact of Recently Issue
Future Impact of Recently Issued Accounting Standards not yet in Effect: | 12 Months Ended |
Dec. 31, 2021 | |
Text block [Abstract] | |
Future Impact of Recently Issued Accounting Standards not yet in Effect: | Future Impact of Recently Issued Accounting Standards not yet in Effect: The Company has not applied the following standards, amendments and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. Classification of Liabilities as Current or Non-current - Amendments to IAS 1 In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Reference to the Conceptual Framework – Amendments to IFRS 3 In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 Levies, if incurred separately. At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and apply prospectively. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 In May 2020, the IASB issued amendments to IAS 16, which prohibit entities from deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity will recognize the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendments. The amendments are not expected to have a material impact on the Company. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. The Company will apply these amendments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. I - Subsidiary as a first-time adopter - amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued an amendment to IFRS 1. The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment will also be applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 with earlier adoption permitted. Fees in the ’10 per cent’ test for derecognition of financial liabilities - amendments to IFRS 9 - Financial Instruments As part of its 2019-2020 annual improvements to IFRS standards process the IASB issued amendments to IFRS 9. The amendments clarify the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendments. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 with earlier adoption permitted. The Company will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendments. The amendments are not expected to have a material impact on the Company. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of “accounting estimates”. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Company. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. ‘Income Taxes’ Amendments to IAS 12, On May 7, 2021, the IASB issued amendments to IAS 12 “Income Tax” The amendments require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments modify paragraphs 15, 22 and 24 of IAS 12, which state that the initial recognition exemption does not apply to operations that at the time of initial recognition give rise to equal taxable and deductible temporary differences. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 with earlier adoption permitted. The amendments are not expected to have a material impact on the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Subsequent Events Effective January 24, 2022, the Company, through its Brazilian subsidiary Spal Industria Brasileira de Bebidas, S.A. completed the acquisition of 100% of CVI Refrigerantes Ltda. (herein “CVI”), in an all cash transaction for a consideration transferred of Ps. 1,948 (R$523). CVI was a bottler of Coca-Cola trademark products, which operated mainly in Rio Grande do Sul, Brazil. This acquisition will reinforce the Company’s leadership position in Brazil. The Company started integrating the results of CVI as of February 2022. On January 25, 2022, the Company announced the construction of a new recycling plant together with ALPLA México, S.A. de C.V. (“ALPLA”), that will be known as “PLANETA”, (“Planta Nueva Ecología de Tabasco” in Spanish). The plant will have a joint investment between Coca-Cola FEMSA and ALPLA of more than US$ 60 million and will operate with state-of-the-art technology to process up to 50,000 tons of post-consumption PET bottles per year, to produce up to 35,000 tons of food grade recycled material, ready to be reused. The plant is expected to start operations during the first quarter of 2023. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of consolidation | 3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2021. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if and only if the Company has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns When the Company has less than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Company’s voting rights and potential voting rights The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, revenues and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. All intra-group assets and liabilities, equity, revenues, expenses and cash flows relating to transactions between members of the Company are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it: • Derecognizes the assets (including goodwill) and liabilities of the subsidiary • Derecognizes the carrying amount of any non-controlling interests • Derecognizes the cumulative translation differences recorded in equity • Recognizes the fair value of the consideration received • Recognizes the fair value of any investment retained • Recognizes any surplus or deficit in profit or loss • Reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Company had directly disposed of the related assets or liabilities. 3.1.1 Acquisitions of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore they are recognized entirely in equity without applying acquisition accounting. Adjustments to non-controlling interests arising from transactions that do not involve the loss of control are measured at carrying amount and reflected in shareholders’ equity as part of additional paid-in capital. |
Business combinations | 3.2 Business combinations Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Company. When evaluating control, the Company considers substantive potential voting rights. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquired. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the Company’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets of the acquiree and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Company’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Costs, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in consolidated net income. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete and discloses that its allocation is preliminary in nature. Those provisional amounts are adjusted during the measurement period (not greater than 12 months from the acquisition date), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. Sometimes obtaining control of an acquiree in which equity interest is held immediately before the acquisition date is considered as a business combination achieved in stages also referred to as a step acquisition. The Company re-measures its previously held equity interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in profit or loss. Also, the changes in the value of equity interest in the acquiree recognized in other comprehensive income shall be recognized on the same basis as required if the Company had disposed directly of the previously held equity interest. The Company sometimes obtains control of an acquiree without transferring consideration. The acquisition method of accounting for a business combination applies to those combinations, which may take the following forms: i. The acquiree repurchases a sufficient number of its own shares for the Company to obtain control. i. Minority veto rights expire that previously kept the Company from controlling an acquiree in which it held the majority voting rights. |
Foreign currencies and consolidation of foreign subsidiaries, investments in associates and joint ventures | 3.3 Foreign currencies and consolidation of foreign subsidiaries, investments in associates and joint ventures In preparing the financial statements of each individual subsidiary, associate and joint venture, transactions in currencies other than the individual entity’s functional currency (foreign currencies) are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are remeasured at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-measured. Exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for: • The variations in the net investment in foreign subsidiaries generated by exchange rate fluctuation are included in other comprehensive income, which is recorded in equity as part of the cumulative exchange differences on translation of foreign subsidiaries and associates within the accumulated other comprehensive income. • Intercompany financing balances with foreign subsidiaries are classified as non-current investments, since there is no plan to pay such financing in the foreseeable future. Monetary position and exchange rate fluctuation regarding this financing is included in the exchange differences on translation of foreign subsidiaries and associates, which is recorded in equity as part of the accumulated other comprehensive income. • Exchange differences on transactions entered into in order to hedge certain foreign currency risks. Foreign exchange differences on monetary items are recognized in profit or loss. Their classification in the income statement depends on their nature. Differences arising from fluctuations related to operating activities are presented in the “other expenses” line (see Note 20) while fluctuations related to non-operating activities such as financing activities are presented as part of “foreign exchange gain (loss)” line in the income statement. For incorporation into the Company’s consolidated financial statements, each foreign subsidiary, associate or joint venture’s individual financial statements are translated into Mexican pesos, as follows: • For hyperinflationary economic environments, the inflation effects of the origin country are recognized pursuant to IAS 29 Financial Reporting in Hyperinflationary Economies, and subsequently translated into Mexican pesos using the year-end exchange rate for the consolidated statements of financial position and consolidated income statement and comprehensive income; and • For non-inflationary economic environments, assets and liabilities are translated into Mexican pesos using the year-end exchange rate, equity is translated into Mexican pesos using the historical exchange rate, and the income statement and comprehensive income is translated using the exchange rate at the date of each transaction. The Company uses the average exchange rate of each month only if the exchange rate does not fluctuate significantly. In addition, in relation to a partial disposal of a subsidiary that does not result in the Company losing control over the subsidiary, the proportionate share of exchange differences on translation of foreign subsidiaries and associates are re-attributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals (i.e., partial disposals of associates or joint ventures that do not result in the Company losing significant influence or joint control), the proportionate share of the exchange differences on translation of foreign subsidiaries and associates is reclassified to profit or loss. Goodwill and fair value adjustments on identifiable assets and liabilities acquired arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Foreign exchange differences are recognized in equity as part of the exchange differences on translation of foreign subsidiaries and associates. The translation of assets and liabilities denominated in foreign currencies into Mexican pesos is for consolidation purposes and does not indicate that the Company could realize or settle the reported value of those assets and liabilities in Mexican pesos. Additionally, this does not indicate that the Company could return or distribute the reported Mexican peso value in equity to its shareholders. Exchange Rates of Local Currencies Translated to Mexican Pesos (1) Average Exchange Rate for Exchange Rate as of December 31, Country or Zone Functional currency 2021 2020 2019 2021 2020 Mexico Mexican peso 1.00 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.62 2.78 2.50 2.67 2.56 Costa Rica Colon 0.03 0.04 0.03 0.03 0.03 Panama Balboa 20.28 21.49 19.26 20.58 19.95 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.63 0.58 0.58 0.57 Argentina Argentine peso 0.21 0.31 0.41 0.20 0.24 Brazil Real 3.76 4.18 4.89 3.69 3.84 Uruguay Uruguayan peso 0.47 0.51 0.55 0.46 0.47 (1) Exchange rates published by the central bank of each country |
Recognition of the effects of inflation in countries with hyperinflationary economic environments | 3.4 Recognition of the effects of inflation in countries with hyperinflationary economic environments Beginning on July 1, 2018, Argentina became a hyperinflationary economy because, among some other economic factors, the last three years’ cumulative inflation in Argentina exceeded 100% according to the several economic indexes that exist in the country. For being considered hyperinflationary, the financial information for our Argentine subsidiary has been adjusted to recognize the inflationary effects since January 1, 2018 through: • Using inflation factors to restate non-monetary assets, such as inventories, property, plant and equipment, net, intangible assets, net, including related costs and expenses when such assets are consumed or depreciated. • Recognizing the monetary position gain or loss in consolidated net income. The Company restates the financial information of subsidiaries that operate in hyperinflationary economic environment using the consumer price index (CPI) of each country. The FACPCE (Federacion Argentina de Consejos Profesionales de Ciencias Economicas) approved on September 29, 2018 and published on October 5, 2018, a resolution which defines, among other things, that the index price to determine the restatement coefficient (Based on a series that applies the NCPI from January with the IPIM until this date, and computing November and December 2015 using the CPI- of Ciudad del Gran Buenos Aires (CGBA) variation). As of December 31, 2021, 2020, and 2019, the operations of the Company are classified as follows: Country Cumulative Inflation 2019-2021 Type of Economy Cumulative Inflation 2018-2020 Type of Economy Cumulative Inflation 2017-2019 Type of Economy Mexico 13.9% Non-hyperinflationary 11.2% Non-hyperinflationary 13.2% Non-hyperinflationary Guatemala 11.7% Non-hyperinflationary 10.9% Non-hyperinflationary 11.8% Non-hyperinflationary Costa Rica 5.8% Non-hyperinflationary 4.5% Non-hyperinflationary 5.8% Non-hyperinflationary Panama 0.9% Non-hyperinflationary (1.5)% Non-hyperinflationary 0.5% Non-hyperinflationary Colombia 11.4% Non-hyperinflationary 8.8% Non-hyperinflationary 11.0% Non-hyperinflationary Nicaragua 17.1% Non-hyperinflationary 13.5% Non-hyperinflationary 15.6% Non-hyperinflationary Argentina 216.1% Hyperinflationary 209.2% Hyperinflationary 179.4% Hyperinflationary Brazil 20.0% Non-hyperinflationary 13.1% Non-hyperinflationary 11.1% Non-hyperinflationary Uruguay 28.5% Non-hyperinflationary 28.5% Non-hyperinflationary 22.0% Non-hyperinflationary |
Cash and cash equivalents | 3.5 Cash and cash equivalents Cash consists of deposits in bank accounts which generate interest on the available balance. Cash equivalents are mainly represented by short-term bank deposits and fixed income investments (overnight), both with maturities of six months or less and their carrying values approximate fair value. |
Financial assets | 3.6 Financial assets Financial assets are classified within the following business models depending on the Management’s objective: (i) "hold to maturity to collect contractual cash flows", (ii) "hold to collect contractual cash flows and sell financial assets" and (iii) "Others or hold to negotiate" or as derivatives assigned in hedging instruments with an effective hedge, as appropriate. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The Company performs a portfolio – level assessment of the business model objective for which a financial asset is held to reflect the best way in which the business manages the financial asset and the manner in which the information is provided to the management of the Company. The information that is considered within the evaluation includes: • The policies and objectives of the Company in relation to the portfolio and the practical implementation of said policies; • Performance and evaluation of the Company's portfolio including accounts receivable; • Risks that affect the performance of the business model and how those risks are managed; • Any compensation related to the performance of the portfolio; and • Frequency, volume and timing of sales of financial assets in previous periods together with the reasons for said sales and expectations regarding future sales activities. The Company's financial assets include cash, cash equivalents and restricted cash, investments with maturities of more than six months, loans and accounts receivable, derivative financial instruments and other financial assets. For the initial recognition of a financial asset, the Company measures it at fair value plus the transaction costs that are directly attributable to the purchase thereof, in the event that said asset isn’t measured at fair value through profit or loss. Accounts receivable that do not have a significant financing component are measured and recognized at the transaction price when they are generated. The rest of the financial assets are recognized only when the Company is a party to the contractual provisions of the instrument. The fair value of a financial asset is measured using assumptions that would be used by market participants when valuing the asset, assuming that market participants act in the best economic interest. Upon the initial recognition, the financial asset is also classified as measured at: amortized cost, fair value with changes in other comprehensive income – debt or equity investments – and fair value through profit or loss. The classification depends on the objective by which the financial asset is acquired. Financial assets are not reclassified after their initial recognition unless the Company changes the business model to manage the financial assets; in which case, all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. 3.6.1 Financial assets at amortized cost A financial asset is measured at amortized cost if it meets the following two conditions and isn’t designated as fair value through profit and loss (FVTPL): • It’s managed within a business model whose objective is to maintain financial assets to recover the contractual cash flows; and • The contractual terms are only payments at specified dates of the principal and interest on the amount of the outstanding principal, or solely payments of principal and interest (“SPPI”). The amortized cost of a financial asset is the amount of the initial recognition minus the principal payments, plus or minus the accumulated amortization using the effective interest rate method of any difference between the initial amount and the amount as of the maturity and, adjusted for impairment loss. The financial product, exchange fluctuation and impairment are recognized in results. Any profit or loss is also recognized in the same way in results. 3.6.1.1 Effective interest rate method (ERR) The effective interest rate method is a method to calculate the amortized cost of loans, accounts receivables and other financial assets (designated as held-to-maturity) and to allocate interest income / expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees paid or received that represents an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or (where appropriate) a shorter period, to the net carrying amount on the initial recognition. 3.6.2 Financial assets at fair value with changes in other comprehensive income (“FVOCI”) A financial asset is measured as FVOCI if it meets the following two conditions and isn’t designated as FVTPL: • It´s managed within a business model whose objective is to collect the contractual cash flows and sell the financial assets; and • The contractual terms are solely principle and interest payments. These assets are subsequently measured at fair value. The financial product calculated using the IRR, the exchange rate fluctuation and the impairment are recognized in profit and loss. Other gains and losses, related to changes in fair value are recognized in OCI. In cases of derecognition or reclassification, the accumulated gains and losses in OCI are reclassified to profit and loss. In the initial recognition of an equity instrument that isn’t held for trading, under the "other" business model, the Company may irrevocably choose to present changes in the fair value of the investment in OCI. This choice is made at the level of each investment. Equity instruments are subsequently measured at fair value. Dividends are recognized as profit in profit and loss unless the dividend clearly represents a recovery part of the investment cost. Other net gains and losses, related to changes in fair value, are recognized in OCI and are not reclassified to consolidated net income in subsequent periods. 3.6.3 Financial assets at fair value through profit and loss (FVTPL) Financial assets designated as FVTPL include financial assets held for trading and financial assets designated at initial recognition as FVTPL. Financial assets are classified as held for trading if they are acquired to be sold in the short term. Derivatives, including implicit derivatives are also designated as held for trading unless they are designated as effective hedging instruments as defined in IFRS 9. Financial assets as FVTPL are recorded in the balance sheet at fair value with the net changes in the fair value presented as financial expense (negative changes in fair value) or financial income (positive net changes in fair value) in profit and loss statement. 3.6.4 Evaluation that contractual cash flows are solely principal and interest payments (“SPPI”) In order to classify a financial asset within one of the three different categories, the Company determines whether the contractual cash flows of the asset are solely principal and interest payments. The Company considers the contractual terms of the financial instrument and whether the financial asset contains any contractual term that could change the timing or amount of the contractual cash flows in such a way that it would not meet the SPPI criteria. To make this evaluation, the Company considers the following: • Contingent events that would change the cash flows amount or timing; • Terms that can adjust the contractual coupon rate, including variable interest rate characteristics; • Payment and extension features; and • Characteristics that limit the Company's right to obtain cash flows from certain assets. A prepaid feature is consistent with the characteristics of SPPIs if the prepayment amount substantially represents the amounts of the principal and interest pending payment, which could include reasonable compensation for early termination of the contract. Additionally, a financial asset acquired or originated with a premium or discount to its contractual amount and in the initial recognition the fair value of the prepaid characteristic is insignificant, the asset will pass the test of the contractual characteristics of cash flow if the amount prepaid represents substantially the contractual amount and accrued interest (but not paid); which may include additional compensation for the early contract termination. 3.6.5 Loans and receivables Loans and receivables are non-derivative financial instruments with fixed or determinable payments that are not quoted in an active market. Loans and receivables with a stated term (including trade and other receivables) are measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. For the years ended December 31, 2021, 2020 and 2019 the interest income on loans and receivables recognized in the interest income line item within the consolidated income statements is Ps. 6, Ps. 6 and Ps. 5, respectively. 3.6.6 Other financial assets Other financial assets include long term accounts receivable and derivative financial instruments. Other financial assets with a stated term are measured at amortized cost using the effective interest method, less any impairment. 3.6.7 Financial assets impairment The Company recognizes impairment due to expected credit loss (ECL) in: • Financial assets measured at amortized cost; • Debt investments measured at FVOCI; • Other contractual assets Impairment losses on accounts receivable, contractual assets and leasing receivables are always measured at an amount equal to ECL for the remaining life, whether or not it has a significant financing component. The Company applies the criteria to all accounts receivable, contractual assets and leasing credits, but it can be applied separately to accounts receivable and contractual assets of financial leases. The Company measures impairment losses at an amount equal to ECL for the remaining life, except for the following: • Debt instruments determined to be of low credit risk; and • Other debt instruments and bank balances for which the credit risk (risk of non-recoverability over the expected life of the financial instrument) has not increased significantly since the initial recognition. In determining whether the credit risk of a financial asset has increased significantly since initial recognition and estimating the ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes qualitative and quantitative information and analysis, based on historical experience and an informed credit assessment of the Company. The impairment loss is a weighted estimate of the probability of expected loss. The amount of impairment loss is measured as the present value of any lack of liquidity (the difference between the contractual cash flows that correspond to the Company and the cash flows that management expects to receive). The expected credit loss is discounted using the original financial asset effective interest rate. The Company annually evaluates the reasonableness to determine if there was objective evidence of impairment. Some objective evidence that financial assets were impaired includes: • Non-payment or delinquency of a debtor; • Restructuring of an amount corresponding to the Company under terms that the Company would not otherwise consider; • Indicators that a debtor or client will enter into bankruptcy; • Adverse changes in the status of debtor or client payments; • The disappearance of an active market for an instrument due to financial difficulties; or • Evident information indicating that there was a measurable decrease in the expected cash flows of a group of financial assets. For an investment in an equity instrument, objective evidence of impairment includes a significant or prolonged decrease in its fair value lower than the carrying amount. The impairment loss on financial assets measured at amortized cost reduces the carrying amount and for financial assets measured at FVOCI, the impairment loss is recognized within OCI. 3.6.8 Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: • The rights to receive cash flows from the financial asset have expired; or • The Company has transferred its rights to receive the asset cash flows or has assumed an obligation to pay the full received cash flows without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred or retained substantially all the asset risks and benefits, but has transferred control of the asset. 3.6.9 Offsetting of financial instruments Financial assets are required to be offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only if the Company: • Currently has an enforceable legal right to offset the recognized amounts; and • Intends to settle on a net basis, or to realize the assets and settle the liabilities simultaneously |
Derivative financial instruments | 3.7 Derivative financial instruments The Company is exposed to different risks related to cash flows, liquidity, market and third-party credit. As a result, the Company contracts different derivative financial instruments in order to reduce its exposure to the risk of exchange rate fluctuations between the U.S. Dollar and other currencies, and interest rate fluctuations associated with its borrowings denominated in foreign currencies and the exposure to the risk of fluctuation in the costs of certain raw materials. The Company values and records all derivative financial instruments and hedging activities in the consolidated statement of financial position as either an asset or liability measured at fair value, considering quoted prices in recognized markets. If such instruments are not traded in a formal market, fair value is determined by applying techniques based upon technical models supported by sufficient, reliable and verifiable market data, recognized in the financial sector. Changes in the fair value of derivative financial instruments are recorded each year in current earnings or otherwise as a component of cumulative other comprehensive income based on the item being hedged and the effectiveness of the hedge. 3.7.1 Hedge accounting The Company designates certain hedging instruments, which include derivatives to cover foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. 3.7.2 Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI and accumulated under the hedging valuation of the effective portion of derivative financial instruments. The gain or loss relating to the ineffective portion is recognized immediately in consolidated net income and is included in the market value gain (loss) on financial instruments line item within the consolidated statements of income. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to consolidated net income in the periods when the hedged item is recognized in profit and loss, in the same line of the consolidated statement of income as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in consolidated net income. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in consolidated net income. 3.7.3 Fair value hedges For hedge items carried at fair value the change in the fair value of a hedging derivative is recognized in profit and loss as foreign exchange gain or loss, as they relate to foreign currency risk. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss as foreign exchange gain or loss. For fair value hedges relating to items carried at amortized cost, change in the fair value of the effective portion of the hedge is recognized first as an adjustment to the carrying value of the hedged item and then any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR (Effective Interest Rate) method. EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit and loss. 3.7.4 Hedge of net investment in a foreign business The Company designates certain debt securities as a hedge of its net investment in foreign subsidiaries and applies hedge accounting to foreign currency differences arising between the functional currency of its investments abroad and the functional currency of the holding company (Mexican peso), regardless of whether the net investment is held directly or through a sub-holding. Differences in foreign currency that arise in the conversion of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income in the exchange differences on the translation of foreign operations and associates caption, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognized as market value gain or loss on financial instruments within the consolidated income statements. When part of the hedge of a net investment is disposed, the corresponding accumulated foreign currency translation effect is recognized as part of the gain or loss on disposal within the consolidated income statement. As of December 31, 2021, 2020 and 2019 there were no transactions of this nature. |
Fair value measurement | 3.8 Fair value measurement The Company measures financial instruments, such as, derivatives, and certain non-financial assets such as trust assets of labor obligations at fair value at each balance sheet date. Also, fair values of bank loans and notes payable carried at amortized cost are disclosed in Note 17. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 : inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 : unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date . For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Company determines the policies and procedures for both recurring fair value measurement, such as those described in Note 19 and unquoted liabilities such as debt described in Note 17. |
Inventories and cost of goods sold | 3.9 Inventories and cost of goods sold Inventories are measured at the lower of cost and net realizable value. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Inventories represent the acquisition or production cost that is incurred when purchasing or producing a product, and are based on the weighted average cost formula. Cost of goods sold is based on the weighted average cost of the inventories at the time of sale. Cost of goods sold includes expenses related to the purchase of raw materials used in the production process, as well as labor costs (wages and other benefits), depreciation of production facilities, equipment and other costs, including fuel, electricity, equipment maintenance and inspection. Management is required to make judgements regarding write-downs to determine the net realizable value of the inventory. These write-downs consider factors such as age and condition of goods as recent market data to assess the estimated future demand for goods. For the years ended December 31, 2021 and 2020, the COVID-19 pandemic has not had a material impact on the Company´s assessment of the net realizable value of the inventory, with inventory turns remaining similar since the commencement of the pandemic. |
Held for sale long lived assets and discontinued operations | 3.10 Held for sale long lived assets and discontinued operations The Company classifies long lived assets as held for sale when: a) An asset is expected to be recovered principally through the sale, instead of being recovered through continuous operational use; b) An asset is maintained as held for its immediately sale; and c) An asset’s sale is considered as highly probable in its actual condition. A sale is considered highly probable when: • Management is engaged with a sales plan; • An active plan to locate a buyer has been initiated; • The asset must be actively marketed at a reasonable price related to its fair value; and • The sale is expected to be completed in less than one year from the date of classification. The non-current assets held for sale are measured at the lower of the carrying value and the fair value less the disposal cost. Discontinued operations are the results of operations and cash flows that can be clearly distinguished from the rest of the Company’s operations and cash flows that have been disposed or classified as held for sale, and: • Represent either a separated major line of business or geographic area; • Are part of a coordinated plan to dispose of a major line of business or a geographic of operations; or • It is a subsidiary acquired exclusively for the purpose of reselling it. Discontinued operations are excluded from the continuing operations results and they are presented separately net of tax in the consolidated income. |
Other current assets | 3.11 Other current assets Other current assets, which will be realized within a period of less than one year from the reporting date, are comprised of prepaid assets, product promotion and agreements with customers. Prepaid assets principally consist of advances to suppliers of raw materials, advertising, promotional, leasing and insurance costs, and are recognized as other current assets at the time of the cash disbursement, and are derecognized in the consolidated statement of financial position and recognized in the appropriate consolidated income statement caption when the risks and rewards of the related goods have been transferred to the Company or services have been received, respectively. The Company has prepaid advertising costs which consist of television and radio advertising airtime paid in advance. These expenses are generally amortized over the period based on the transmission of the television and radio spots. The related production costs are recognized in consolidated income statement as incurred. The Company has agreements with customers for the right to sell and promote the Company’s products over a certain period. The majority of these agreements have terms of more than one year, and the related costs are amortized using the straight-line method over the term of the contract. During the years ended December 31, 2021, 2020 and 2019, such amortization aggregated to Ps. 219, Ps. 213 and Ps. 273, respectively . |
Investments in other entities | 3.12 Investments in other entities 3.12.1 Investments in associates Associates are those entities over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but without control over those policies. Upon loss of significant influence over the associate, the Company measures and recognizes any retained investment at its fair value. Investments in associates are accounted for using the equity method and initially recognized at cost, which comprises the investment’s purchase price and any directly attributable expenditure necessary to acquire it. The carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition date. The financial statements of the associates are prepared for the same reporting period as the Company. When the Company’s share of losses exceeds the carrying amount of the investment in the associate, including any advances, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Company has a legal or constructive obligation or has made payments on behalf of the associate. Goodwill identified at the acquisition date is presented as part of the investment in shares of the associate in the consolidated statement of financial position. Any goodwill arising on the acquisition of the Company’s interest in an associate is measured in accordance with the Company’s accounting policy for goodwill arising in a business combination, see Note 3.2. After application of the equity method, the Company determines whether it is necessary to recognize an additional impairment loss on its investment in its associate. The Company determines at each reporting date whether there is any objective evidence that the investment in the associates is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in other expenses line in the consolidated statements of income. 3.12.2 Joint arrangements A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Company classifies its interests in joint arrangements as either joint operations or joint ventures depending on the Company’s rights to the assets and obligations for the liabilities of the arrangements. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The Company recognizes its interest in the joint ventures as an investment and accounts for that investment using the equity method. Upon loss of joint control over the joint venture, the Company measures and recognizes any retained investment at its fair value. As of December 31, 2021 and 2020 the Company does not have an interest in joint operations. 3.12.3 Investment in Venezuela On December 31, 2017, the Company changed the method of accounting for its investment in Venezuela from consolidation to the fair value method through OCI using Level 3 inputs and recognized as of December 31, 2021 a fair value loss on the investment of Ps. (393). Gains and losses on the investment since January 1, 2018 are recognized in OCI. As of December 31, 2021, fair value of Venezuela investment is Ps. 0. |
Property, plant and equipment | 3.13 Property, plant and equipment Property, plant and equipment are initially recorded at their cost of acquisition and/or construction and are presented net of accumulated depreciation and accumulated impairment losses if any. The borrowing costs related to the acquisition or construction of qualifying assets is capitalized as part of the cost of that asset. Major maintenance costs are capitalized as part of total acquisition cost, which imply an increase on the asset useful life. Routine maintenance and repair costs are expensed as incurred. Construction in progress consists of long-lived assets not yet in service, in other words, that are not yet ready for the purpose that they were bought, built or developed. The Company expects to complete those investments during the following 12 months. Depreciation is computed using the straight-line method. Where an item of property, plant and equipment comprises major components having different useful lives, the components are accounted for and depreciated separately. The Company estimates depreciation rates, considering the estimated useful lives of the assets. The estimated useful lives of the Company’s principal assets are as follows: Years Buildings 40 – 50 Machinery and equipment 10 – 20 Distribution equipment 7 – 15 Refrigeration equipment 5 – 7 Returnable bottles 1.5 – 3 Other equipment 3 – 10 The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds (if any) and the carrying amount of the asset and is recognized in the consolidated income statement. Returnable and non-returnable bottles: The Company has two types of bottles: returnable and non-returnable. • Non-returnable: bottles are recorded in the consolidated income statement at the time of the sale of the product. • Returnable: bottles are classified as long-lived assets as a component of property, plant and equipment. Returnable bottles are recorded at acquisition cost and for countries with hyperinflationary economies, restated according to IAS 29. Depreciation of returnable bottles is computed using the straight-line method over their estimated useful lives. There are two types of returnable bottles: ◦ Those that are in the Company’s control within its facilities, plants and distribution centers; and ◦ Those that have been placed in the hands of customers and still belong to the Company. Returnable bottles that have been placed in the hands of customers are subject to an agreement with a retailer pursuant to which the Company retains ownership. These bottles are monitored by sales personnel during periodic visits to retailers and the Company has the right to charge any breakage identified to the retailer. Bottles that are not subject to such agreements are expensed when placed in the hands of retailers. |
Intangible assets | 3.14 Intangible assets Intangible assets are identifiable non-monetary assets without physical substance and represent payments whose benefits will be received in future years. Intangible assets acquired separately are measured at initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition (see Note 3.2). Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite, in accordance with the period over which the Company expects to receive the benefits. Intangible assets with finite useful lives are amortized and mainly consist of information technology and management system costs incurred during the development stage which are currently in use. Such amounts are capitalized and then amortized using the straight-line method over their expected useful lives. Expenditures that do not fulfill the requirements for capitalization are expensed as incurred. Amortized intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable through its expected future cash flows. Intangible assets with an indefinite life are not amortized and are subject to impairment tests on an annual basis as well as whenever certain circumstances indicate that the carrying amount of those intangible assets exceeds their recoverable value. The Company’s intangible assets with an indefinite life mainly consist of rights to produce and distribute Coca-Cola trademark products in the Company’s territories. These rights are contained in agreements that are standard contracts that The Coca-Cola Company has with its bottlers. As of December 31, 2021, the Company had four bottler agreements in Mexico: (i) Valley of Mexico territory, which is up for renewal in June 2023, (ii) the agreement for the Southeast territory, which is up for renewal in June 2023, (iii) the agreement for the Bajio territory, which is up for renewal in May 2025 and (iv) the agreement for the Golfo territory, which is up for renewal in May 2025. As of December 31, 2021, the Company had one bottler agreement in Brazil, which is up for renewal in October 2027. As of December 31, 2021, the Company had three bottler agreements in Guatemala, which are up for renewal in March 2025 (one contract) and April 2028 (two contracts). In addition the Company had one bottler agreement in each country which is up for renewal as follows: Argentina, which is up for renewal in September 2024; Colombia, which is up for renewal in June 2024; Panama, which is up for renewal in November 2024; Costa Rica, which is up for renewal in September 2027; Nicaragua, which is up for renewal in May 2026, and Uruguay, which is up for renewal in June 2028. As of December 31, 2021 our investee KOF Venezuela had one bottler agreement, which is up for renewal in August 2026. |
Non-current assets held for sale | 3.15 Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Company is committed to a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Company will retain a non-controlling interest in its former subsidiary after the sale. |
Impairment of long-lived assets | 3.16 Impairment of long-lived assets At the end of each reporting period, the Company reviews the carrying amounts of its long-lived tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest CGUs for which a reasonable and consistent allocation basis can be identified. For goodwill and other indefinite lived intangible assets, the Company tests for impairment on an annual basis and whenever certain circumstances indicate that the carrying amount of the related CGU might exceed its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted, as discussed in Note 2.3.1.1. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in consolidated net income. Where the conditions leading to an impairment loss no longer exist, it is subsequently reversed. That is, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in consolidated net income. Impairment losses related to goodwill are not reversible. For the year ended December 31, 2021, 2020 and 2019 there was no impairment related to goodwill recognized. |
Leases | 3.17 Leases In accordance with IFRS 16, the Company evaluates whether a contract is, or contains a lease when the contract transfers the right to control an identified asset during a period in exchange for a consideration. The Company evaluates whether a contract is a lease agreement when: • The contract involves the use of an identified asset - this can be specified explicitly or implicitly, and must be physically distinct or represent substantially the entire capacity of a physically distinct asset. If the lessor has substantive substitution rights, the asset is not identified; • The Company has the right to receive substantially all the economic benefits of the use of the asset throughout the period of use; • The Company has the right to direct the use of the asset when it has the right to make the most relevant decisions about how, and for what purpose the asset is used. When the use of the asset is predetermined, the Company has the right to direct the use of the asset if it: i) it has the right to operate the asset; or ii) it designed the asset in a way that pre-determines for what purpose it will be used. As a tenant Initial measurement On the start date of the lease, the Company recognizes a right-of-use-asset and a leasing liability. The right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability adjusted for any lease payment made during or before the initial application date. The right-of-use asset considers the incurred initial direct costs and an estimate of the costs to dismantle and eliminate the underlying asset, or to restore the underlying asset or the place where it is located, less any lease incentive received. The lease liability is initially measured at the present value of future lease payments for the period remaining at the date of initial application. Such payments are discounted using the incremental borrowing rate of the Company, which is considered as the rate that the Company would have to pay for a similar period financing, and with a similar guarantee, to obtain an asset of similar value to the leased asset. For the Company, the discount rate used to measure the right-of-use asset and the lease liability is the rate related to the Company's financing cost. Lease payments included in the measurement of the lease liability include the following: • Fixed payments, including payments that are substantially fixed; • Variable lease payments that depend on an index or a rate, initially measured using the index or the rate as of the lease commencement date; • The price related to a purchase option that the Company has reasonable exercising certainty, an option to extend the contractual agreement and penalties for early termination of the lease agreement, unless the Company has reasonable certainty of not exercising those options. • Amounts payable for residual value guarantees; • Payments for early cancellation, if this option is contemplated in the lease conditions. The Company does not recognize a right-of-use asset and lease liability for those short-term agreements with a contractual period of 12 months or less and leases of low-value assets, mainly information technology equipment used by employees, such as laptops and desktops, handheld devices and printers. The Company recognizes the lease payments associated with these agreements as an expense in the consolidated statement of income as they are incurred. Subsequent Measurement The right-of-use asset is depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically evaluated for impairment losses, if any, and evaluated for some lease liability remedies. Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. The Company re-measures the lease liability without modifying the discount rate when there is a modification in future lease payments under a residual value guarantee or if the modification arises from a change in the index or rate when there are variable payments. The lease liability is measured again using a new incremental borrowing rate at the date of modification when: • An option to extend or terminate the agreement is exercised by modifying the non-cancelable period of the contract; or • The Company changes its assessment of whether it will exercise a purchase option. When the lease liability is re-measured, an adjustment is made to the corresponding carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the asset has been reduced to zero. A modification to the lease agreement is accounted for as a separate agreement if the following two conditions are met: i) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and ii) The consideration of the lease is increased by an amount proportional to the independent price of the increase in scope and by any adjustment to that independent price to reflect the contract circumstances. In the consolidated income statement, the interest expense of the lease liability is presented as a component of the financial expense, unless they are directly attributable to qualified assets, in which case they are capitalized according to the Company’s financing cost accounting policy. The right-of-use assets are measured according to the cost model, depreciated over the lease term using the straight line method and recognized in the consolidated statement of income. Improvements in leased properties are recognized as part of property, plant and equipment in the consolidated statement of financial position and amortized using the straight-line method, over the shorter of the useful life of the asset and the term of the related lease. As property owner. The Company as lessor determines at the beginning of the lease, if each agreement is classified as an operating or financial lease. Leases are classified as finance leases when under the terms of the lease agreement substantially all the risks and rewards of the underlying asset have been transferred, otherwise, lease agreements are classified as operating leases. The Company considers the following indicators, among others; to analyze whether substantially all the inherent risks and benefits are transferred: • If the lease is for most of the useful life of the asset; • If the present value of the minimum future lease payments amounts to substantially all of the underlying asset fair value. The Company recognizes payments for operating leases received as income in a straight line during the term of the lease within the consolidated statements of income, except when another basis best represents the time pattern in which the economic benefits of the leased asset are transferred. The Company initially recognizes an amount equal to the lease net investment, which is the present value of future lease payments plus any residual value guarantee; and a distinction is made between the current portion of collections with a maturity of less than or equal to a 12-month term and non-current collections, with a maturity of more than 12 months; including: (i) Fixed payments including those leases that in substance are fixed, which may involve variability, but essentially unavoidable, less any lease incentive to be collected; (ii) payments for variable rent that depend on an index or a rate as of the start date of the lease; (iii) amounts payable by the lessee for residual value guarantees (if applicable); (iv) the price related to a purchase option if the lessee is reasonably sure to exercise it (if applicable); and (v) payments for penalties arising from the termination of the lease, if the term of the lease reflects that the lessee will exercise an option to terminate the lease. Intercompany transactions related to transactions among lessors and lessees within the Group are eliminated in the Company consolidation process. |
Financial liabilities and equity instruments | 3.18 Financial liabilities and equity instruments 3.18.1 Classification as debt or equity Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. 3.18.2 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized when the proceeds are received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. 3.18.3 Financial liabilities Initial recognition and measurement Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortized cost, except for derivative instruments designated as hedging instruments in an effective hedge, financial liabilities arising from transfer of a financial asset that does not qualify for de-recognition, financial guarantee contracts and contingent consideration obligations in a business combination, as appropriate, which are recognized at FVTPL. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognized initially at fair value less, in the case of loans and borrowings, directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments, see Note 3.7. Subsequent measurement The measurement of financial liabilities depends on their classification as described below: Loans and borrowings After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of income when the liabilities are derecognized as well as through the effective interest method amortization process. Amortized cost is calculated considering any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortization is included in interest expense in the consolidated statements of income. De-recognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. |
Provisions | 3.19 Provisions Provisions are recognized when the Company has a present obligation (contractual or implied) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. The Company recognizes a provision for a loss contingency when it is probable (i.e. the probability that the event will occur is greater than the probability that it will not) that certain effects related to past events, would materialize and can be reasonably quantified. These events and their financial impact are also disclosed as loss contingencies in the consolidated financial statements when the risk of loss is deemed to be other than remote. The Company does not recognize an asset for a gain contingency until the gain is realized, see Note 24. |
Post-employment and other non-current employee benefits | 3.20 Post-employment and other non-current employee benefits Post-employment and other non-current employee benefits, which are considered to be monetary items, include obligations for pension and post-employment plans and seniority premiums, all based on actuarial calculations, using the projected unit credit method. In Mexico, the economic benefits and retirement pensions are granted to employees with 10 years of service and minimum age of 60. In accordance with Mexican Labor Law, the Company provides seniority premium benefits to its employees under certain circumstances. These benefits consist of a one-time payment equivalent to 12 days’ wages for each year of service (at the employee’s most recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit. For defined benefit retirement plans and other non-current employee benefits, such as the Company’s sponsored pension and retirement plans and seniority premiums, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. All re-measurements effects of the Company’s defined benefit obligation such as actuarial gains and losses and return on plan assets are recognized directly in other comprehensive income (“OCI”). The Company presents service costs within cost of goods sold, administrative and selling expenses in the consolidated statements of income. The Company presents net interest cost within interest expense in the consolidated statements of income. The projected benefit obligation recognized in the consolidated statement of financial position represents the present value of the defined benefit obligation as of the end of each reporting period. Certain subsidiaries of the Company have established plan assets for the payment of pension benefits and seniority premiums through irrevocable trusts of which the employees are named as beneficiaries, which serve to decrease the funded status of such plans’ related obligations. Costs related to compensated absences, such as vacations and vacation premiums, are recognized on an accrual basis. The Company recognizes a liability and expense for termination benefits at the earlier of the following dates: a. When it can no longer withdraw the offer of those benefits; and b. When it recognizes costs for a restructuring that is within the scope of IAS 37, Provisions, Contingent Liabilities and Contingent Assets, and involves the payment of termination benefits. The Company is demonstrably committed to a termination when, and only when, the entity has a detailed formal plan for the termination and is without realistic possibility of withdrawal. A settlement occurs when the Company enters into a transaction that eliminates all further legal or constructive obligations or part or all of the benefits provided under a defined benefit plan. A curtailment arises from an isolated event such as closing of a plant, discontinuance of an operation or termination or suspension of a plan. Gains or losses on the settlement or curtailment of a defined benefit plan are recognized when the settlement or curtailment occurs. |
Revenue recognition | 3.21 Revenue recognition The Company recognizes revenue when it has transferred to the customer control over the good sold or the service rendered. Control refers to the ability of the customer to direct and obtain substantially all the transferred product’s benefits. Also, it implies that the customer has the ability to prevent a third-party from directing the use and obtaining substantially all the benefits of the transferred product. Coca-Cola FEMSA’s management applies the following considerations to analyze the moment in which the control of the good sold or the service is transferred to the customer: • Identify the contract (written, spoken or according to the conventional business practices). • Evaluate the goods and services promised in the customer’s contract and identify the related performance obligations. • Consider the contract terms and the commonly accepted practices in the business to determine the transaction price. The transaction price is the consideration that the Company expects to be entitled to for transferring the goods and services to the customer, excluding the collected amount for third parties, such as taxes directly related to the sales. The consideration promised in a customer’s contract may include a fixed amount, variable amounts or both. • Allocate the transaction price to each performance obligation (to each good or service that is different) for an amount that represents the part of the benefit that the Company expects to receive in exchange for the right of transferring the promised goods or services to the customer. • Recognize revenue when (or while) it satisfied the performance obligation through the transfer of the promised goods or services engaged. All of the conditions mentioned above are accomplished normally when the goods are delivered and services are provided to the customer and this moment is considered a point in time. The net sales reflect the units delivered at list price, net of promotions and discounts. The Company generates revenues from the following principal activities: Sale of goods. Includes the sales of goods by all the subsidiaries of the Company, mainly the sale of beverages of the leading brand of Coca-Cola in which the revenue is recognized at the point of time those products were sold to the customers. Rendering of services. Includes the revenues of distribution services that the Company recognizes as revenues as the related performance obligation is satisfied. The Company recognizes revenues for rendering of services during the time period in which the performance obligation is satisfied according with the following conditions: • The customer receives and consumes simultaneously the benefits, as the Company satisfies the performance obligation; • The customer controls the related assets, even if the Company improves them; • The revenues can be measured reliably; and • The Company has the right to payment for the performance completed to date. Sources of Revenue For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Sale of products Ps. 193,899 Ps. 181,520 Ps. 192,342 Services rendered 321 327 385 Other operating revenues (1) 584 1,768 1,744 Revenue from contracts with customers Ps. 194,804 Ps. 183,615 Ps. 194,471 (1) In 2021, 2020 and 2019, we include related tax effect in Brazil associated to sales taxes paid in excess in prior years (PIS/COFINS) – See Note 23.2.1. Variable allowances granted to customers The Company adjusts the transaction price based on estimates of the promotions, discounts or any other variable allowances that may be granted to the customers. These estimates are based on the commercial agreements celebrated with the customers and on the historical performance for the customer. Sales discounts are considered variable consideration and are reflected in the client’s invoice. Therefore discounts are recorded at the moment of sale (sales are recorded net of discounts). In the Modern Channel, retail products are sold at a discount based on volume, considering total sales during the period, which is usually 12 months. Revenues on these sales are recognized based on the price established in the agreement, net of discounts for estimated volume. Accumulated experience is used to estimate and foresee discounts using the expected value method. No element of financing is considered, due to the fact that the majority of sales are made in cash for the Traditional Channel or on credit for the Modern Channel. Contracts costs. The incremental costs for obtaining a customer contract are recognized as an asset if the Company expects to recover those costs. The incremental costs are those incurred to obtain a contract and that wouldn’t be incurred if the contract hadn’t been obtained. The Company expenses these costs as incurred in the consolidated income statement when the associated revenue is realized in a period equal to or less than one year. The recognized assets, as previously indicated, are amortized on a straight-line basis over the terms of the related revenue contracts, reflecting how the goods and services are transferred to the client. |
Administrative and selling expenses | 3.22 Administrative and selling expenses Administrative expenses include labor costs (salaries and other benefits, like employee profit sharing “PTU”) of employees not directly involved in the sale of the Company’s products, as well as professional service fees, the depreciation of office facilities, amortization of capitalized information technology system implementation costs and any other similar costs. Selling expenses include: • Distribution: labor costs (salaries and other related benefits), outbound freight costs, warehousing costs of finished products, depreciation of returnable bottles in the distribution process, depreciation and maintenance of trucks and other distribution facilities and equipment. For the years ended December 31, 2021, 2020 and 2019, these distribution costs amounted to Ps. 26,023, Ps. 24,190 and Ps. 25,068, respectively; • Sales: labor costs (salaries and other benefits including PTU) and sales commissions paid to sales personnel; • Marketing: promotional expenses and advertising costs. PTU is paid by the Company’s Mexican subsidiaries to its eligible employees. In Mexico, employee profit sharing is computed at the rate of 10% of the individual company taxable income. PTU in Mexico is calculated from the same taxable income for income tax, except for the following: a) neither tax losses from prior years nor the PTU paid during the year are deductible; and b) payments exempt from taxes for the employees are fully deductible in the PTU computation. The amendment to the Federal Labor Law established a limit on the amount to be paid for profit sharing to employees, which indicates that the amount of PTU assigned to each employee may not exceed the equivalent of three months of the employee’s current salary, or the average PTU received by the employee in the previous three years, whichever is greater. If the PTU determined is less than or equal to this limit, the PTU will be the one determined by applying 10% of the individual company taxable income. If the PTU determined exceeds this limit, the limit would apply and this should be considered the PTU for the period. |
Income taxes | 3.23 Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. Income taxes are charged to consolidated income statements as they are incurred, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. 3.23.1 Current income taxes Current income taxes are recorded in the results of the year they are incurred. 3.23.2 Deferred income taxes Deferred taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, including tax loss carryforwards and certain tax credits, to the extent that it is probable that future taxable profits, and reversal of existing taxable temporary differences will be available. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In the case of Brazil, where certain goodwill amounts are at times deductible for tax purposes, the Company recognizes in connection with the acquisition accounting a deferred tax asset for the tax effect of the excess of the tax basis over the related carrying value. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits and reversal of existing taxable temporary differences will allow the deferred tax asset to be recovered. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income taxes are classified as a non-current asset or liability, regardless of when the temporary differences are expected to reverse. Deferred tax relating to items recognized in the other comprehensive income is recognized in correlation to the underlying transaction in OCI. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. In Mexico, the income tax rate was 30% for 2021, 2020 and 2019. For 2022, the rate will continue to be 30%. |
Share-based payments transactions | 3.24 Share-based payments transactions Senior executives of the Company receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments. The equity instruments are granted and then held by a trust controlled by FEMSA. They are accounted for as equity settled transactions. The award of equity instruments is granted for a fixed monetary value. |
Earnings per share | 3.25 Earnings per share The Company presents basic and diluted earnings per share (EPS) data for its shares. As described in Note 24, the Company has potentially dilutive shares and therefore presents its basic and diluted earnings per share. Basic EPS is calculated by dividing the net income attributable to controlling interest by the weighted average number of shares outstanding during the period adjusted for the weighted average of own shares purchased in the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Earnings per share for all periods are adjusted to give effect to capital contributions, bonus issues, share splits or reverse share splits that occur during any of periods presented and subsequent to the latest balance sheet date until the issuance date of the financial statements. |
Issuance of common shares | 3.26 Issuance of common shares The Company recognizes the issuance of own common shares as an equity transaction. The difference between the book value of the shares issued and the amount contributed by the non-controlling interest holder or third party is recorded as additional paid-in capital. |
Uncertainty over income tax treatments | 3.27 IFRIC 23 Uncertainty over income tax treatments The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 and does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses the following: a. Whether an entity considers uncertain tax treatments separately; b. The assumptions an entity makes about the examination of tax treatments by taxation authorities; c. How an entity determines taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates, and; d. How an entity considers changes in facts and circumstances. An entity must determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be followed. |
Activities of the Company (Tabl
Activities of the Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of parent entity information [Abstract] | |
Summary of Significant Investments in Subsidiaries | As of December 31, 2021 and 2020 the most significant subsidiaries which the Company controls are: Company Activity Country Ownership percentage 2021 Ownership percentage 2020 Propimex, S. de R.L. de C.V. (1) Distribution Mexico 100.00% 100.00% Controladora Interamericana de Bebidas, S. de R. L. de C.V. Holding Mexico 100.00% 100.00% Spal Industria Brasileira de Bebidas, S.A. Production and distribution Brazil 84.38% 84.38% Servicios Refresqueros del Golfo y Bajio, S. de R.L. de C.V. Production Mexico 100.00% 100.00% Embotelladora Mexicana de Bebidas Refrescantes, S. de R.L. de C.V. Production Mexico 100.00% 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Disclosure of Exchange Rates of Local Currencies Translated to Mexican Pesos | Exchange Rates of Local Currencies Translated to Mexican Pesos (1) Average Exchange Rate for Exchange Rate as of December 31, Country or Zone Functional currency 2021 2020 2019 2021 2020 Mexico Mexican peso 1.00 1.00 1.00 1.00 1.00 Guatemala Quetzal 2.62 2.78 2.50 2.67 2.56 Costa Rica Colon 0.03 0.04 0.03 0.03 0.03 Panama Balboa 20.28 21.49 19.26 20.58 19.95 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.58 0.63 0.58 0.58 0.57 Argentina Argentine peso 0.21 0.31 0.41 0.20 0.24 Brazil Real 3.76 4.18 4.89 3.69 3.84 Uruguay Uruguayan peso 0.47 0.51 0.55 0.46 0.47 (1) Exchange rates published by the central bank of each country |
Disclosure of Recognition of Effects of Inflation in Countries With Hyperinflationary Economic Environments | As of December 31, 2021, 2020, and 2019, the operations of the Company are classified as follows: Country Cumulative Inflation 2019-2021 Type of Economy Cumulative Inflation 2018-2020 Type of Economy Cumulative Inflation 2017-2019 Type of Economy Mexico 13.9% Non-hyperinflationary 11.2% Non-hyperinflationary 13.2% Non-hyperinflationary Guatemala 11.7% Non-hyperinflationary 10.9% Non-hyperinflationary 11.8% Non-hyperinflationary Costa Rica 5.8% Non-hyperinflationary 4.5% Non-hyperinflationary 5.8% Non-hyperinflationary Panama 0.9% Non-hyperinflationary (1.5)% Non-hyperinflationary 0.5% Non-hyperinflationary Colombia 11.4% Non-hyperinflationary 8.8% Non-hyperinflationary 11.0% Non-hyperinflationary Nicaragua 17.1% Non-hyperinflationary 13.5% Non-hyperinflationary 15.6% Non-hyperinflationary Argentina 216.1% Hyperinflationary 209.2% Hyperinflationary 179.4% Hyperinflationary Brazil 20.0% Non-hyperinflationary 13.1% Non-hyperinflationary 11.1% Non-hyperinflationary Uruguay 28.5% Non-hyperinflationary 28.5% Non-hyperinflationary 22.0% Non-hyperinflationary |
Schedule of Property, Plant and Equipment | The estimated useful lives of the Company’s principal assets are as follows: Years Buildings 40 – 50 Machinery and equipment 10 – 20 Distribution equipment 7 – 15 Refrigeration equipment 5 – 7 Returnable bottles 1.5 – 3 Other equipment 3 – 10 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2019 Ps. 5,575 Ps. 18,775 Ps. 38,465 Ps. 19,963 Ps. 14,749 Ps. 4,131 Ps. 479 Ps. 861 102,998 Additions (1) 4 27 392 816 2,581 6,392 — 112 10,324 Additions from business combinations 142 227 50 (13) — — 7 (8) 405 Transfer of completed projects (253) 508 2,650 1,396 360 (5,004) 343 — — Disposals (1) (35) (1,577) (1,032) (1,056) — (13) (35) (3,749) Effects of changes in foreign exchange rates (323) (1,122) (2,315) (961) (833) (381) (34) (130) (6,099) Changes in value on the recognition of inflation effects 114 366 1,254 241 352 18 — — 2,345 Cost as of December 31, 2019 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2020 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Additions (1) — 104 171 281 2,613 6,300 — 186 9,655 Additions from business combinations 158 — 87 — — — — — 245 Transfer of completed projects in progress 4 721 3,165 1,192 57 (5,187) 48 — — Disposals (13) (29) (1,425) (1,073) (561) (12) (5) (57) (3,175) Effects of changes in foreign exchange rates (255) (1,182) (2,243) (797) (629) (333) (91) (78) (5,608) Changes in value on the recognition of inflation effects 88 293 990 189 291 (30) 3 — 1,824 Cost as of December 31, 2020 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2021 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Additions (1) — 21 61 427 3,655 7,911 — 217 12,292 Transfer of completed projects in progress — 731 4,791 1,351 31 (7,001) 95 2 — Disposals (6) (20) (2,680) (1,614) (2,299) — (62) (16) (6,697) Effects of changes in foreign exchange rates (144) (637) (1,919) (556) (365) (70) (22) (77) (3,790) Changes in value on the recognition of inflation effects 140 326 1,260 319 487 — 138 321 2,991 Cost as of December 31, 2021 Ps. 5,230 Ps. 19,074 Ps. 41,177 Ps. 20,129 Ps. 19,433 Ps. 6,734 Ps. 886 Ps. 1,298 Ps. 113,961 (1) Total includes Ps. 3,784, Ps. 289 and Ps. 610 outstanding payment to suppliers, as of December 31, 2021, 2020 and 2019 respectively Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2019 Ps. — Ps. (4,414) Ps. (16,969) Ps. (10,206) Ps. (8,706) Ps. — Ps. (276) Ps. (485) Ps. (41,056) Depreciation for the year — (386) (2,862) (2,211) (2,734) — (108) (86) (8,387) Disposals — 14 1,049 966 1,079 — 9 28 3,145 Effects of changes in foreign exchange rates — 223 1,013 583 571 — 12 62 2,464 Changes in value on the recognition of inflation effects — (92) (629) (164) (302) — (2) (14) (1,203) Accumulated depreciation as of December 31, 2019 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2020 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Depreciation for the year — (490) (2,828) (2,148) (2,779) — (40) (130) (8,415) Disposals — 19 1,125 989 536 — 1 36 2,706 Effects of changes in foreign exchange rates — 165 854 464 432 — 31 165 2,111 Changes in value on the recognition of inflation effects — (82) (595) (132) (250) — (6) (5) (1,070) Accumulated depreciation as of December 31, 2020 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2021 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Depreciation for the year — (484) (2,793) (2,097) (2,708) — (80) (122) (8,284) Disposals — 6 2,336 1,493 2,390 — 62 10 6,297 Effects of changes in foreign exchange rates — 162 867 372 222 — 8 48 1,679 Changes in value on the recognition of inflation effects — (139) (946) (209) (427) — (6) (38) (1,765) Accumulated depreciation as of December 31, 2021 Ps. — Ps. (5,498) Ps. (20,378) Ps. (12,300) Ps. (12,676) Ps. — Ps. (395) Ps. (531) Ps. (51,778) Carrying Amount Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total As of December 31, 2019 Ps. 5,258 Ps. 14,091 Ps. 20,521 Ps. 9,378 Ps. 6,061 Ps. 5,156 Ps. 417 Ps. 305 Ps. 61,187 As of December 31, 2020 Ps. 5,240 Ps. 13,610 Ps. 19,822 Ps. 8,343 Ps. 5,771 Ps. 5,894 Ps. 358 Ps. 422 Ps. 59,460 As of December 31, 2021 Ps. 5,230 Ps. 13,576 Ps. 20,799 Ps. 7,829 Ps. 6,757 Ps. 6,734 Ps. 491 Ps. 767 Ps. 62,183 |
Summary of Revenue From Contracts With Customers | Sources of Revenue For the year ended December 31, 2021 For the year ended December 31, 2020 For the year ended December 31, 2019 Sale of products Ps. 193,899 Ps. 181,520 Ps. 192,342 Services rendered 321 327 385 Other operating revenues (1) 584 1,768 1,744 Revenue from contracts with customers Ps. 194,804 Ps. 183,615 Ps. 194,471 (1) In 2021, 2020 and 2019, we include related tax effect in Brazil associated to sales taxes paid in excess in prior years (PIS/COFINS) – See Note 23.2.1. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents at the end of the reporting period consist of the following: 2021 2020 Cash and bank balances Ps. 5,336 Ps. 4,435 Cash equivalents (see Note 3.5) 41,912 Ps. 39,062 Total Ps. 47,248 Ps. 43,497 |
Trade Receivable, Net (Tables)
Trade Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current receivables [abstract] | |
Disclosure of Accounts Receivable, Net | 2021 2020 Trade receivables Ps. 10,863 Ps. 9,705 The Coca-Cola Company (related party) (Note 13) 820 509 Loans to employees 82 82 FEMSA and subsidiaries (related parties) (Note 13) 634 624 Other related parties (Note 13) 139 138 Other 1,007 980 Allowance for doubtful accounts on trade receivables (531) (515) Ps. 13,014 Ps. 11,523 |
Aging Analysis of Accounts Receivable | The carrying value of accounts receivable approximates its fair value as of December 31, 2021 and 2020. Aging for trade receivables past due but not impaired 2021 2020 0 days Ps. 11,689 Ps. 9,905 1-30 days 686 769 31-60 days 112 298 61-90 days 45 65 91-120 days 91 44 121 + days 391 442 Total Ps. 13,014 Ps. 11,523 |
Summary of Changes in the Allowance for Expected Credit Losses | 2021 2020 2019 Balance at the beginning of the year Ps. 515 Ps. 493 Ps. 595 Allowance for the year 35 119 314 Charges and write-offs of uncollectible accounts 6 (29) (397) Added in business combinations — — 4 Effects of changes in foreign exchange rates (25) (68) (23) Balance at the end of the year Ps. 531 Ps. 515 Ps. 493 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Summary of Inventories | 2021 2020 Finished products Ps. 4,371 Ps. 3,694 Raw materials 4,371 3,224 Non strategic spare parts 865 934 Inventories in transit 1,620 1,284 Packing materials 419 271 Other 314 320 Ps. 11,960 Ps. 9,727 |
Summary of Changes in Inventories | For the years ended as of December 31, 2021, 2020 and 2019, changes in inventories are comprised of the following and included in the consolidated income statement under the cost of goods sold caption: 2021 2020 2019 Finished goods and work in progress Ps. 23,654 Ps. 23,901 Ps. 24,676 Raw materials and consumables used 79,425 76,002 79,520 Total Ps. 103,079 Ps. 99,903 Ps. 104,196 |
Other Current Assets and Othe_2
Other Current Assets and Other Current Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Other Current Assets | Other Current Assets: 2021 2020 Prepaid expenses Ps. 1,805 Ps. 1,622 Agreements with customers 111 115 Others 2 7 Ps. 1,918 Ps. 1,744 |
Summary of Prepaid Expenses | Prepaid expenses as of December 31, 2021 and 2020 are as follows: 2021 2020 Advances for inventories Ps. 1,627 Ps. 1,503 Advertising and promotional expenses paid in advance 105 92 Prepaid insurance 73 27 Ps. 1,805 Ps. 1,622 |
Summary of Other Current Financial Assets | Other Current Financial Assets: 2021 2020 Restricted cash Ps. 239 Ps. 74 Derivative financial instruments (See Note 19) 692 404 Ps. 931 Ps. 478 |
Investments in Other Entities (
Investments in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of joint ventures [abstract] | |
Summary of Investments in Other Entities | As of December 31, 2021 and 2020 the investment in other entities is comprised of the following: 2021 2020 Investment in Associates and Joint Ventures Ps. 7,494 Ps. 7,623 |
Summary of Associates and Joint Ventures | Details of the investment in associates and joint ventures accounted for under the equity method at the end of the reporting period are as follows: Ownership Percentage Carrying Amount Investee Principal Activity Place of Incorporation 2021 2020 2021 2020 Joint ventures: Compañía Panameña de Bebidas, S.A.P.I. de C.V. Beverages Mexico 50.0 % 50.0 % Ps. — Ps. — Dispensadoras de Café, S.A.P.I. de C.V. Services Mexico 50.0 % 50.0 % 183 181 Fountain Agua Mineral, LTDA Beverages Brazil 50.0 % 50.0 % 699 720 Planta Nueva Ecología De Tabasco, S.A. de C.V. Recycling Mexico 50.0 % 0.0 % 18 — Associates: Promotora Industrial Azucarera, S.A. de C.V. (“PIASA”) (1) Sugar production Mexico 36.4 % 36.4% 3,348 3,335 Jugos del Valle, S.A.P.I. de C.V. (1) Beverages Mexico 28.8 % 28.8% 2,128 1,945 Leao Alimentos e Bebidas, LTDA (1) Beverages Brazil 24.7 % 24.7% 404 446 Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) (1) Canned bottling Mexico 26.5 % 26.5% 178 192 Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) (1) Recycling Mexico 35.0 % 35.0% 102 121 Trop Frutas do Brasil, LTDA (1) Beverages Brazil 23.6 % 23.6% 55 359 Alimentos de Soja S.A.U. (1) Beverages Argentina 10.7 % 10.7% 263 207 Others Various Various Various Various 116 117 Ps. 7,494 Ps. 7,623 Accounting method: |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Schedule of Company's Right-of-use Asset | For the years ended as of December 31, 2021 and 2020, the change in the Company’s right-of-use assets, is as follows: 2021 2020 Balance at beginning of the period Ps. 1,278 Ps. 1,382 Additions 533 599 Disposals (44) (112) Depreciation (662) (596) Hyperinflationary economies effect 14 14 Indexation effect 383 145 Effects of changes in foreign exchange rates (30) (154) Balance at end of the period Ps. 1,472 Ps. 1,278 |
Schedule of Company's Lease Liabilities | As of December 31, 2021 and 2020, scheduled maturities of the Company’s lease liabilities, are as follows: 2021 2020 Maturity analysis Less than one year Ps. 614 Ps. 560 One to three years 478 306 More than three years 413 440 Balance at end of the period Ps. 1,505 Ps. 1,306 Current Ps. 614 Ps. 560 Non-Current Ps. 891 Ps. 746 |
Property, plant & equipment (Ta
Property, plant & equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The estimated useful lives of the Company’s principal assets are as follows: Years Buildings 40 – 50 Machinery and equipment 10 – 20 Distribution equipment 7 – 15 Refrigeration equipment 5 – 7 Returnable bottles 1.5 – 3 Other equipment 3 – 10 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2019 Ps. 5,575 Ps. 18,775 Ps. 38,465 Ps. 19,963 Ps. 14,749 Ps. 4,131 Ps. 479 Ps. 861 102,998 Additions (1) 4 27 392 816 2,581 6,392 — 112 10,324 Additions from business combinations 142 227 50 (13) — — 7 (8) 405 Transfer of completed projects (253) 508 2,650 1,396 360 (5,004) 343 — — Disposals (1) (35) (1,577) (1,032) (1,056) — (13) (35) (3,749) Effects of changes in foreign exchange rates (323) (1,122) (2,315) (961) (833) (381) (34) (130) (6,099) Changes in value on the recognition of inflation effects 114 366 1,254 241 352 18 — — 2,345 Cost as of December 31, 2019 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2020 Ps. 5,258 Ps. 18,746 Ps. 38,919 Ps. 20,410 Ps. 16,153 Ps. 5,156 Ps. 782 Ps. 800 Ps. 106,224 Additions (1) — 104 171 281 2,613 6,300 — 186 9,655 Additions from business combinations 158 — 87 — — — — — 245 Transfer of completed projects in progress 4 721 3,165 1,192 57 (5,187) 48 — — Disposals (13) (29) (1,425) (1,073) (561) (12) (5) (57) (3,175) Effects of changes in foreign exchange rates (255) (1,182) (2,243) (797) (629) (333) (91) (78) (5,608) Changes in value on the recognition of inflation effects 88 293 990 189 291 (30) 3 — 1,824 Cost as of December 31, 2020 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Cost Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Cost as of January 1, 2021 Ps. 5,240 Ps. 18,653 Ps. 39,664 Ps. 20,202 Ps. 17,924 Ps. 5,894 Ps. 737 Ps. 851 Ps. 109,165 Additions (1) — 21 61 427 3,655 7,911 — 217 12,292 Transfer of completed projects in progress — 731 4,791 1,351 31 (7,001) 95 2 — Disposals (6) (20) (2,680) (1,614) (2,299) — (62) (16) (6,697) Effects of changes in foreign exchange rates (144) (637) (1,919) (556) (365) (70) (22) (77) (3,790) Changes in value on the recognition of inflation effects 140 326 1,260 319 487 — 138 321 2,991 Cost as of December 31, 2021 Ps. 5,230 Ps. 19,074 Ps. 41,177 Ps. 20,129 Ps. 19,433 Ps. 6,734 Ps. 886 Ps. 1,298 Ps. 113,961 (1) Total includes Ps. 3,784, Ps. 289 and Ps. 610 outstanding payment to suppliers, as of December 31, 2021, 2020 and 2019 respectively Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2019 Ps. — Ps. (4,414) Ps. (16,969) Ps. (10,206) Ps. (8,706) Ps. — Ps. (276) Ps. (485) Ps. (41,056) Depreciation for the year — (386) (2,862) (2,211) (2,734) — (108) (86) (8,387) Disposals — 14 1,049 966 1,079 — 9 28 3,145 Effects of changes in foreign exchange rates — 223 1,013 583 571 — 12 62 2,464 Changes in value on the recognition of inflation effects — (92) (629) (164) (302) — (2) (14) (1,203) Accumulated depreciation as of December 31, 2019 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2020 Ps. — Ps. (4,655) Ps. (18,398) Ps. (11,032) Ps. (10,092) Ps. — Ps. (365) Ps. (495) Ps. (45,037) Depreciation for the year — (490) (2,828) (2,148) (2,779) — (40) (130) (8,415) Disposals — 19 1,125 989 536 — 1 36 2,706 Effects of changes in foreign exchange rates — 165 854 464 432 — 31 165 2,111 Changes in value on the recognition of inflation effects — (82) (595) (132) (250) — (6) (5) (1,070) Accumulated depreciation as of December 31, 2020 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Accumulated Depreciation Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total Accumulated depreciation as of January 1, 2021 Ps. — Ps. (5,043) Ps. (19,842) Ps. (11,859) Ps. (12,153) Ps. — Ps. (379) Ps. (429) Ps. (49,705) Depreciation for the year — (484) (2,793) (2,097) (2,708) — (80) (122) (8,284) Disposals — 6 2,336 1,493 2,390 — 62 10 6,297 Effects of changes in foreign exchange rates — 162 867 372 222 — 8 48 1,679 Changes in value on the recognition of inflation effects — (139) (946) (209) (427) — (6) (38) (1,765) Accumulated depreciation as of December 31, 2021 Ps. — Ps. (5,498) Ps. (20,378) Ps. (12,300) Ps. (12,676) Ps. — Ps. (395) Ps. (531) Ps. (51,778) Carrying Amount Land Buildings Machinery and Equipment Refrigeration Equipment Returnable Bottles Investments in Fixed Assets in Progress Leasehold Improvements Other Total As of December 31, 2019 Ps. 5,258 Ps. 14,091 Ps. 20,521 Ps. 9,378 Ps. 6,061 Ps. 5,156 Ps. 417 Ps. 305 Ps. 61,187 As of December 31, 2020 Ps. 5,240 Ps. 13,610 Ps. 19,822 Ps. 8,343 Ps. 5,771 Ps. 5,894 Ps. 358 Ps. 422 Ps. 59,460 As of December 31, 2021 Ps. 5,230 Ps. 13,576 Ps. 20,799 Ps. 7,829 Ps. 6,757 Ps. 6,734 Ps. 491 Ps. 767 Ps. 62,183 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill | Rights to Produce and Distribute Coca-Cola trademark Products Goodwill Other indefinite Technology costs and management Development Other Total Balance as of January 1, 2019 Ps. 88,362 Ps. 23,729 Ps. 1,054 Ps. 6,023 Ps. 777 Ps. 666 Ps. 120,611 Purchases — — — 100 334 263 697 Acquisition from business combinations (2,887) 2,903 153 (6) — (185) (22) Systems Development — — — 398 (399) 1 — Transfer of completed development systems — — — — — — — Disposals — — — (17) — — (17) Effect of movements in exchange rates (3,475) (799) (42) (68) (22) 13 (4,393) Changes in value on the recognition of inflation effects — — — — — (6) (6) Cost as of December 31, 2019 Ps. 82,000 Ps. 25,833 Ps. 1,165 Ps. 6,430 Ps. 690 Ps. 752 Ps. 116,870 Balance as of January 1, 2020 Ps. 82,000 Ps. 25,833 Ps. 1,165 Ps. 6,430 Ps. 690 Ps. 752 Ps. 116,870 Purchases — — — 43 198 48 289 Acquisition from business combinations — — — — — — — Transfer of completed development systems — — — 374 (665) 291 — Disposals — — (25) (41) (6) (371) (443) Effect of movements in exchange rates (4,604) (2,402) 8 (97) (41) (21) (7,157) Changes in value on the recognition of inflation effects — — — — — 38 38 Cost as of December 31, 2020 Ps. 77,396 Ps. 23,431 Ps. 1,148 Ps. 6,709 Ps. 176 Ps. 737 Ps. 109,597 Balance as of January 1, 2021 Ps. 77,396 Ps. 23,431 Ps. 1,148 Ps. 6,709 Ps. 176 Ps. 737 Ps. 109,597 Purchases — — 135 370 673 113 1,291 Transfer of completed development systems — — — 255 (469) 214 — Disposals — — (3) — — — (3) Effect of movements in exchange rates (1,257) (522) (88) (374) (5) (24) (2,270) Changes in value on the recognition of inflation effects — — — — — 62 62 Cost as of December 31, 2021 Ps. 76,139 Ps. 22,909 Ps. 1,192 Ps. 6,960 Ps. 375 Ps. 1,102 Ps. 108,677 Rights to Produce and Distribute Coca-Cola trademark Products Goodwill Other indefinite Technology costs and management Development Other Total Accumulated amortization Balance as of January 1, 2019 (745) — — (3,025) — (37) (3,807) Amortization expense — — — (819) — (243) (1,062) Disposals — — — 17 — — 17 Effect of movements in exchange rate — — — 52 — 9 61 Changes in value on the recognition of inflation effects — — — (30) — 1 (29) Balance as of December 31, 2019 Ps. (745) Ps. — Ps. — Ps. (3,805) Ps. — Ps. (270) Ps. (4,820) Amortization expense — — — (703) — (317) (1,020) Disposals — — — 20 — 48 68 Effect of movements in exchange rate — — — 164 — 11 175 Changes in value on the recognition of inflation effects — — — (29) — — (29) Balance as of December 31, 2020 Ps. (745) Ps. — Ps. — Ps. (4,353) Ps. — Ps. (528) Ps. (5,626) Amortization expense — — — (594) — (294) (888) Disposals — — — — — — — Effect of movements in exchange rate — — — 53 — 10 63 Changes in value on the recognition of inflation effects - amortization — — — (52) — — (52) Balance as of December 31, 2021 Ps. (745) Ps. — Ps. — Ps. (4,946) Ps. — Ps. (812) Ps. (6,503) Balance as of December 31, 2019 Ps. 81,255 Ps. 25,833 Ps. 1,165 Ps. 2,625 Ps. 690 Ps. 482 Ps. 112,050 Balance as of December 31, 2020 Ps. 76,651 Ps. 23,431 Ps. 1,148 Ps. 2,356 Ps. 176 Ps. 209 Ps. 103,971 Balance as of December 31, 2021 Ps. 75,394 Ps. 22,909 Ps. 1,192 Ps. 2,014 Ps. 375 Ps. 290 Ps. 102,174 |
Disclosure of Aggregate Carrying Amounts of Goodwill and Distribution Rights Allocated to Each CGUl | The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows: In millions of Ps. 2021 2020 Mexico Ps. 56,352 Ps. 56,352 Guatemala 1,735 1,755 Nicaragua 438 433 Costa Rica 1,407 1,425 Panama 1,238 1,200 Colombia 3,798 4,414 Brazil 30,608 31,741 Argentina 395 312 Uruguay 2,332 2,450 Total Ps. 98,303 Ps. 100,082 |
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2021 were as follows: CGU Pre-tax WACC Post –tax WACC Expected Annual Long-Term Inflation 2022-2026 Expected Mexico 6.8 % 4.9 % 3.7 % 2.8 % Brazil 9.1 % 5.8 % 3.3 % 7.7 % Colombia 8.7 % 5.8 % 3.0 % 8.4 % Argentina 19.7 % 14.5 % 35.9 % 5.4 % Guatemala 7.9 % 6.1 % 4.2 % 10.7 % Costa Rica 13.5 % 9.2 % 3.1 % 6.5 % Nicaragua 18.3 % 10.6 % 4.3 % 6.4 % Panama 8.5 % 6.5 % 2.2 % 7.0 % Uruguay 8.5 % 6.1 % 5.0 % 4.0 % The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: CGU Pre-tax WACC Post –tax WACC Expected Annual Long-Term Expected Mexico 7.4 % 5.3 % 3.9 % 2.0 % Brazil 9.1 % 6.0 % 3.0 % 2.4 % Colombia 11.0 % 7.3 % 2.8 % 4.1 % Argentina 26.3 % 20.4 % 30.1 % 3.9 % Guatemala 10.6 % 8.3 % 3.1 % 6.8 % Costa Rica 15.3 % 10.8 % 2.7 % 4.3 % Nicaragua 20.6 % 13.9 % 3.7 % 7.1 % Panama 8.8 % 6.8 % 1.5 % 7.9 % Uruguay 9.9 % 7.1 % 7.8 % 2.0 % |
Summary of Detailed Information About Sensitivity to Changes in Assumptions | CGU Change in WACC Change in Volume Effect on Valuation Mexico 0.2% -1.0% Passes by 6.8x Brazil 0.2% -1.0% Passes by 2.7x Colombia 0.2% -1.0% Passes by 4.2x Argentina 0.8% -1.0% Passes by 10.0x Guatemala 0.2% -1.0% Passes by 54.5x Costa Rica 0.4% -1.0% Passes by 3.1x Nicaragua 0.5% -1.0% Passes by 1.0x Panama 0.1% -1.0% Passes by 8.2x Uruguay 0.1% -1.0% Passes by 4.4x |
Other non-current assets and _2
Other non-current assets and other non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other non-current assets and other non-current financial assets [Abstract] | |
Disclosure of Detailed Information About Other Non-Current Assets | Other Non-Current Assets: 2021 2020 Non-current prepaid advertising expenses Ps. 213 Ps. 333 Guarantee deposits (1) 1,165 1,465 Prepaid bonuses 283 238 Advances to acquire property, plant and equipment 457 171 Shared based payment 303 192 Indemnifiable contingencies from business combinations (2) 1,554 1,609 Recoverable tax 378 350 Other 49 94 Ps. 4,402 Ps. 4,452 (1) Mainly in Brazil, as it is customary the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 24.5. (2) Corresponds to indemnification assets that are warranted by former Vonpar owners in accordance with the share purchase agreement. |
Disclosure of Other Financial Assets | Other Non-Current Financial Assets: 2021 2020 Other non-current financial assets Ps. 153 Ps. 175 Derivative financial instruments (See Note 19) 4,983 2,524 Ps. 5,136 Ps. 2,699 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties and Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Balances and Transactions with Related Parties and Affiliated Companies | The consolidated statements of financial position and income include the following balances and transactions with related parties and affiliated companies: 2021 2020 Balances: Assets (current included in accounts receivable) Due from FEMSA and its subsidiaries Ps. 634 Ps. 624 Due from The Coca-Cola Company 820 509 Due from Heineken Group (1) 139 133 Other receivables (1) — 5 Ps. 1,593 Ps. 1,271 2021 2020 Liabilities (current included in suppliers and other liabilities and loans) Due to FEMSA and its subsidiaries (2) (3) Ps. 1,380 Ps. 454 Due to The Coca-Cola Company (2) 1,444 3,513 Due to Heineken Group(2) 488 830 Other payables (2) 224 924 Ps. 3,536 Ps. 5,721 (1) Presented within accounts receivable. (2) Recorded within accounts payable and suppliers (3) Parent |
Summary of Transactions and Other Related Parties | Details of transactions between the Company and other related parties are disclosed as follows: Transactions 2021 2020 2019 Income: Sales to affiliated parties Ps. 5,489 Ps. 5,020 Ps. 5,694 Heineken 3 3 5 Expenses: Purchases and other expenses from FEMSA 7,447 6,538 7,756 Purchases of concentrate from The Coca-Cola Company 37,213 32,222 34,063 Purchases of raw material, beer and operating expenses from Heineken 11,635 11,600 12,755 Advertisement expense paid to The Coca-Cola Company 1,482 865 1,756 Purchases from Ades — 338 497 Purchases from Jugos del Valle 2,918 2,437 2,863 Purchase of sugar from Promotora Industrial Azucarera, S.A. de C.V. 2,213 2,123 2,728 Purchase of sugar from Beta San Miguel 938 1,023 655 Purchase of canned products from Industria Envasadora de Queretaro, S.A. de C.V... 234 226 682 Purchase of inventories from Leao Alimentos e Bebidas, LTDA 1,320 1,253 1,867 Purchase of resine from Industria Mexicana de Reciclaje, S.A. de C.V. 416 308 281 Donations to Instituto Tecnologico y de Estudios Superiores de Monterrey, A.C. (1) (2) — 225 127 Donations to Fundación Femsa, A.C. 230 114 146 Other expenses with related parties 156 10 15 (1) One or more members of the Board of Directors or senior management of the Company are also members of the Board of Directors or senior management of the counterparties to these transactions. (2) These donations were made to ITESM through Fundacion FEMSA as intermediary. |
Schedule of Key Management Remuneration | The aggregate compensation paid to executive officers and senior management of the Company, recognized as an expense during the reporting period were as follows: 2021 2020 2019 Current compensations and employee benefits Ps. 737 Ps. 815 Ps. 978 Termination benefits — 68 186 Shared based payments 276 190 188 |
Balances and Transactions in _2
Balances and Transactions in Foreign Currencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balances and Transactions in Foreign Currencies [Abstract] | |
Summary of Assets, Liabilities and Transactions in Foreign Currencies | As of December 31, 2021 and 2020, assets and liabilities denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Assets Liabilities Balances Current Non-current Current Non-current As of December 31, 2021 U.S. dollars 28,851 14 3,495 52,591 Euros — — 205 — As of December 31, 2020 U.S. dollars 21,787 4 2,645 50,969 Euros — — 95 — For the years ended December 31, 2021, 2020 and 2019 transactions denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Transactions Revenues Purchases of Interest Other Year ended December 31, 2021 U.S.dollars 452 14,420 1,749 2,509 Year ended December 31, 2020 U.S.dollars 462 12,801 3,418 2,213 Year ended December 31, 2019 U.S.dollars 1,506 14,307 1,910 2,723 Year ended December 31, 2019 Euros — 454 — — |
Post-Employment and Other Non_2
Post-Employment and Other Non-current Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |
Summary of Long-term Assumptions | In Mexico, actuarial calculations for pension and retirement plans and seniority premiums, as well as the associated cost for the period, were determined using the following long-term assumptions: Mexico 2021 2020 2019 Financial: Discount rate used to calculate the defined benefit obligation and the net interest on de net defined benefit liability (asset) 8.0 % 7.2 % 7.5 % Salary increase: (Non-Union/Union) 4.5 % 4.5 % 4.5 % Future pension increase 3.5 % 3.5 % 3.5 % Biometric: Mortality EMSSA 2009 (1) EMSSA 2009 (1) EMSSA 2009 (1) Disability IMSS 97 (2) IMSS-97 (2) IMSS-97 (2) Normal retirement age 60 years 60 years 60 years Rest of employee turnover BMAR2007 (3) BMAR2007 (3) BMAR2007 (3) (1) EMSSA. Mexican Experience of Social Security (for its initials in Spanish) (2) IMSS. Mexican Experience of Instituto Mexicano del Seguro Social (for its initials in Spanish) |
Summary of Defined Benefit Plan Expected Future Benefit Payments | Based on these assumptions, the amounts of benefits expected to be paid out in the following years are as follows: Pension and Seniority 2022 Ps. 386 Ps. 43 2023 169 42 2024 205 45 2025 229 46 2026 284 50 2027 to 2031 1,777 272 |
Balances of Liabilities for Post-employment and Other Non-current Employee Benefits | Balances of the liabilities for post-employment and other non-current employee benefits 2021 2020 Pension and Retirement Plans: Vested benefit obligation Ps. 952 Ps. 996 Non-vested benefit obligation 1,876 1,644 Accumulated benefit obligation 2,828 2,640 Excess of projected defined benefit obligation over accumulated benefit obligation 1,687 1,671 Defined benefit obligation 4,515 4,311 Pension plan funds at fair value (1,234) (1,201) Net defined benefit liability Ps. 3,281 Ps. 3,110 Seniority Premiums: Vested benefit obligation Ps. 289 Ps. 307 Non-vested benefit obligation 232 224 Accumulated benefit obligation 521 531 Excess of projected defined benefit obligation over accumulated benefit obligation 457 334 Defined benefit obligation 978 865 Seniority premium plan funds at fair value (133) (137) Net defined benefit liability Ps. 845 Ps. 728 Total post-employment and other non-current employee benefits Ps. 4,126 Ps. 3,838 |
Summary of Trust Assets | Trust assets consist of fixed and variable return financial instruments recorded at market value, which are invested as follows: Type of instrument 2021 2020 Fixed return: Traded securities 22 % 18 % Life annuities 16 % 18 % Bank instruments 5 % 17 % Federal government instruments 37 % 27 % Variable return: Publicly traded shares 20 % 20 % 100 % 100 % |
Summary of Amounts and Types of Securities in Related Parties Included in Portfolio Fund | In Mexico, the amounts and types of securities that the Company invests in related parties included in portfolio fund are mainly as follows: 2021 2020 Mexico Portfolio: Debt: Grupo Industrial Bimbo, S.A.B. de C. V. $25 $28 Grupo Financiero Banorte, S.A.B. de C.V. 9 9 El Puerto de Liverpool, S.A.B. de C.V. 9 — Capital: Fomento Económico Mexicano, S.A.B. de C.V. 3 3 El Puerto de Liverpool, S.A.B. de C.V. — — Alfa, S.A.B. de C.V. — — |
Summary of Amount Recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income | Amounts recognized in the consolidated income statements and the consolidated statements of equity Income statement Accumulated OCI 2021 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 244 Ps. — Ps. — Ps. 197 Ps. 1,038 Seniority premiums 84 — — 51 202 Total Ps. 328 Ps. — Ps. — Ps. 248 Ps. 1,240 Income statement Accumulated OCI 2020 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 229 Ps. 71 Ps. — Ps. 188 Ps. 934 Seniority premiums 68 — — 43 239 Total Ps. 297 Ps. 71 Ps. — Ps. 231 Ps. 1,173 Income statement Accumulated OCI 2019 Current Service Past Service (Gain) or Loss Net Interest on Remeasurements Pension and retirement plans Ps. 170 Ps. (44) Ps. 2 Ps. 176 Ps. 790 Seniority premiums 35 76 — 24 65 Total Ps. 205 Ps. 32 Ps. 2 Ps. 200 Ps. 855 |
Summary of Remeasurements of Net Defined Benefit Liability Recognized in Other Comprehensive Income | Remeasurements of the net defined benefit liability recognized in other comprehensive income are as follows (amounts are net of tax): 2021 2020 2019 Amount accumulated in other comprehensive income as of the beginning of the periods Ps. 1,173 Ps. 855 Ps. 344 Recognized during the year (obligation liability and plan assets) 680 213 98 Actuarial gains and losses arising from changes in financial assumptions (550) (76) 456 Actuarial gains and losses arising from changes in demographic assumptions — 184 — Foreign exchange rate valuation (gain) 9 (3) (43) Adjustment from employees transferred (72) — — Amount accumulated in other comprehensive income as of the end of the period, net of tax Ps. 1,240 Ps. 1,173 Ps. 855 |
Summary of Changes in the Balance of the Defined Benefit Obligation for Post-employment | Changes in the balance of the defined benefit obligation for post-employment and other non-current employee benefits 2021 2020 2019 Pension and Retirement Plans: Initial balance Ps. 4,311 Ps. 3,912 Ps. 3,388 Current service cost 244 229 170 Effect on curtailment — — 2 Interest expense 291 269 275 Actuarial gains or losses 5 257 585 Foreign exchange loss 18 28 (69) Benefits paid (364) (455) (395) Past service cost — 71 (44) Ps. 4,515 Ps. 4,311 Ps. 3,912 Seniority Premiums: Initial balance Ps. 865 Ps. 630 Ps. 411 Current service cost 84 68 35 Interest expense 62 53 37 Actuarial gains or losses 74 187 155 Benefits paid (107) (73) (84) Past service cost — — 76 Ps. 978 Ps. 865 Ps. 630 |
Summary of Changes in the Balance of Plan Assets | Changes in the balance of trust assets 2021 2020 2019 Pension and retirement plans: Balance at beginning of year Ps. 1,201 Ps. 1,122 Ps. 1,031 Actual return on trust assets 33 75 81 Foreign exchange gain — 4 2 Life annuities — — 8 Balance at end of year Ps. 1,234 Ps. 1,201 Ps. 1,122 Seniority premiums Balance at beginning of year Ps. 137 Ps. 127 Ps. 111 Actual return on trust assets (4) 10 16 Balance at end of year Ps. 133 Ps. 137 Ps. 127 |
Summary of Amount of Defined Benefit Plan Expense and OCI Impact in Absolute Terms of Variation on Net Defined Benefit Liability | The following table presents the impact in absolute terms of a variation of 1.0% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1.0% on the significant actuarial assumptions is based on projected long-term discount rates for Mexico and a yield curve projections of long-term Mexican government bonds - CETES: -1.0%: Income Statement Accumulated OCI Discount rate used to calculate the defined benefit obligation and the net Current Past Service Gain or Net Interest on Remeasurements Pension and retirement plans Ps. 255 Ps. — Ps. — Ps. 226 Ps. 1,463 Seniority premiums Ps. 90 Ps. — Ps. — Ps. 58 Ps. 173 Total Ps. 345 Ps. — Ps. — Ps. 284 Ps. 1,636 Expected salary increase Current Past Service Gain or Net Interest on Remeasurements Pension and retirement plans Ps. 211 Ps. — Ps. — Ps. 172 Ps. 1,288 Seniority premiums Ps. 75 Ps. — Ps. — Ps. 45 Ps. 145 Total Ps. 286 Ps. — Ps. — Ps. 217 Ps. 1,433 |
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2021, 2020 and 2019, employee benefits expenses recognized in the consolidated income statements are as follows: 2021 2020 2019 Included in cost of goods sold: Wages and salaries Ps. 4,301 Ps. 3,955 Ps. 4,052 Social security costs 1,359 1,251 1,277 Employee profit sharing 57 89 79 Pension and seniority premium costs (Note 15.4) 52 69 34 Share-based payment expense (Note 16.2) 19 4 1 Included in selling and distribution expenses: Wages and salaries 16,627 15,620 16,068 Social security costs 4,787 4,587 4,717 Employee profit sharing 959 551 539 Pension and seniority premium costs (Note 15.4) 235 261 185 Share-based payment expense (Note 16.2) 32 20 2 Included in administrative expenses: Wages and salaries 2,788 2,448 2,742 Social security costs 581 541 625 Employee profit sharing 52 33 35 Pension and seniority premium costs (Note 15.4) 41 38 20 Share-based payment expense (Note 16.2) 225 166 185 Total employee benefits expense Ps. 32,115 Ps. 29,633 Ps. 30,561 |
Bonus Programs (Tables)
Bonus Programs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Shares Granted Under the Company's Executive Incentive Plans | At December 31, 2021 the shares granted under the Company’s executive incentive plans are as follows: Number of shares Incentive Plan FEMSA KOF Vesting period 2017 326,561 369,791 2018-2020 2018 211,290 256,281 2019-2021 2019 312,006 457,338 2020-2022 2020 666,281 956,926 2021-2023 2021 780,524 1,197,820 2022-2024 Total 2,296,662 3,238,156 |
Bank Loans and Notes Payables (
Bank Loans and Notes Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Detailed Information About Borrowings | Expressed in millions of mexican pesos. (1) 2022 2023 2024 2025 2026 2027 and following years Carrying value as of December 31, 2021 Fair value as of December 31, 2021 Carrying value as of December 31, 2020 Short- term debt: Fixed rate debt: Argentine pesos Bank loans 461 — — — — — 461 461 711 Interest rate 41.02% — — — — — 41.02% 44.73% Uruguayan pesos Bank loans 184 — — — — — 184 184 498 Interest rate 6.00% — — — — — 6.00% 15.13% Subtotal 645 — — — — — 645 645 1,209 Variable rate debt: Colombian pesos Bank loans — — — — — — — — 436 Interest rate — — — — — — — 3.08% Subtotal — — — — — — — — 436 Short- term debt 645 — — — — — 645 645 1,645 Long term debt: Fixed rate debt: U.S. Dollar Yankee bond — — — — — 52,255 52,255 56,147 50,598 Interest rate — — — — — 3.09% 3.09% 3.09% Mexican pesos Senior notes — 7,498 — — — 18,449 25,947 24,722 21,483 Interest rate — 5.46% — — — 7.59% 6.97% 7.00% Brazilian reais Bank loans 48 28 18 — — — 94 94 157 Interest rate 6.00% 6.40% 6.62% — — — 6.24% 6.18% Uruguayan pesos Bank loans 256 930 — — — — 1,186 1,186 1,031 Interest rate 8.04% 6.27% — — — — 6.65% 9.72% Expressed in millions of mexican pesos. (1) 2022 2023 2024 2025 2026 2027 and following years Carrying value as of December 31, 2021 Fair value as of December 31, 2021 Carrying value as of December 31, 2020 Subtotal 304 8,456 18 0 — 70,704 79,482 82,149 73,269 Variable rate debt: Mexican pesos Senior notes 1,499 — — 1,726 2,425 — 5,650 5,540 3,181 Interest rate 5.49% — — 5.32% 5.29% — 5.35% 4.64% Bank loans — — — — — — — — 9,335 Interest rate — — — — — — — 5.04% Brazilian reais Bank loans 5 — — — — — 5 5 48 Interest rate 8.95% — — — — — 8.95% 8.44% Subtotal 1,504 — — 1,726 2,425 — 5,655 5,545 12,564 Long term debt 1,808 8,456 18 1,726 2,425 70,704 85,137 87,694 85,833 Current portion of long term debt 1,808 — — — — — 1,808 1,805 3,372 Long- term debt — 8,456 18 1,726 2,425 70,704 83,329 85,889 82,461 (1) All interest rates shown in this table are weighted average contractual annual rates. |
Summary of Interest Expense | For the years ended December 31, 2021, 2020 and 2019, the interest expense related to the bank loans and notes payable is comprised as follows and included in the consolidated income statement under the interest expense caption: 2021 2020 2019 Interest on debts and borrowings Ps. 4,544 Ps. 6,228 Ps. 4,459 Finance charges for employee benefits 248 231 200 Derivative instruments (Interest) 1,097 1,174 1,946 Finance charges of leases 101 105 129 Finance operating charges 202 156 170 Ps. 6,192 Ps. 7,894 Ps. 6,904 |
Summary of Reconciliation of Liabilities Arising From Financing Activities | Cash flows Non-cash impact Carrying Value at December 31, 2020 Repayments Proceeds New leases Others Foreign Exchange movement Translation Effect Carrying Value at December 31, 2021 Short-term bank loans Ps. 1,645 Ps. (1,925) Ps. 844 Ps. — Ps. — Ps. — Ps. 81 Ps. 645 Total short-term from financing activities Ps. 1,645 Ps. (1,925) Ps. 844 Ps. — Ps. — Ps. — Ps. 81 Ps. 645 Long-term bank loans 10,568 (9,764) 947 — — — (467) 1,284 Long-term notes payable 75,265 (2,500) 9,400 — — 1,688 — 83,853 Total long-term from financing activities Ps. 85,833 Ps. (12,264) Ps. 10,347 Ps. — Ps. — Ps. 1,688 Ps. (467) Ps. 85,137 Lease liabilities Ps. 1,306 Ps. (629) Ps. — Ps. 533 Ps. 340 Ps. (3) Ps. (42) Ps. 1,505 Total from financing activities Ps. 88,784 Ps. (14,818) Ps. 11,191 Ps. 533 Ps. 340 Ps. 1,685 Ps. (428) Ps. 87,287 Cash flows Non-cash impact Carrying Value at December 31, 2019 Repayments Proceeds New leases Others Foreign Exchange movement Translation Effect Carrying Value at December 31, 2020 Short-term bank loans Ps. 882 Ps. (17,641) Ps. 18,525 Ps. — Ps. — Ps. — Ps. (121) Ps. 1,645 Short-term notes payable — — — — — — — — Total short-term from financing activities Ps. 882 Ps. (17,641) Ps. 18,525 Ps. — Ps. — Ps. — Ps. (121) Ps. 1,645 Long-term bank loans 11,576 (896) 293 — — — (405) 10,568 Long-term notes payable 57,519 (26,650) 43,479 — — 1,018 (101) 75,265 Long-term lease liabilities — — — — — — — — Total long-term from financing activities Ps. 69,095 Ps. (27,546) Ps. 43,772 Ps. — Ps. — Ps. 1,018 Ps. (506) Ps. 85,833 Lease liabilities (1) Ps. 1,383 Ps. (573) Ps. — Ps. 599 Ps. 33 Ps. (13) Ps. (123) Ps. 1,306 Total from financing activities Ps. 71,360 Ps. (45,760) Ps. 62,297 Ps. 599 Ps. 33 Ps. 1,005 Ps. (750) Ps. 88,784 (1) Beginning balance as of adoption date; January 1st, 2019 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of Other Income and Expenses | 2021 2020 2019 Other income: Gain on sale of long-lived assets Ps. 259 Ps. 274 Ps. 330 Cancellation of contingencies 745 344 565 Foreign exchange gain related to operating activities — — 79 Joint venture sale — 212 — Other (1) 498 664 916 Ps. 1,502 Ps. 1,494 Ps. 1,890 Other expenses: Provisions for contingencies Ps. 938 Ps. 842 Ps. 1,305 Loss on the retirement of long-lived assets 199 291 318 Loss on sale of long-lived assets 201 178 288 Loss on the retirement of intangible assets 3 375 — Impairment (See Note 8) 250 2,501 948 Severance payments (2) 233 192 1,062 Donations 258 361 288 Foreign exchange losses related to operating activities 61 69 — Other 166 296 171 Ps. 2,309 Ps. 5,105 Ps. 4,380 . (1) Following a favorable decision from Brazilian tax authorities received during 2019, Coca-Cola FEMSA has been entitled to reclaim indirect tax payments made in prior years in Brazil, resulting in the recognition of a tax credit and a positive effect in the operating revenues and other income captions of the consolidated income statements. See note 23.2.1. (2) During 2019, the Company incurred restructuring costs related to some of their operations as part of an efficiency program. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2021 and 2020: 2021 2020 Level 1 Level 2 Level 1 Level 2 Derivative financial instruments asset Ps. 764 Ps. 4,911 Ps. 488 Ps. 2,440 Derivative financial instruments liability 35 58 84 1,417 Trust assets of labor obligations 1,367 — 1,338 — |
Disclosure of reconciliation of each component of equity and the analysis of other comprehensive income | Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Foreign exchange forward contracts Foreign currency option Cross-currency swaps Interest Rate swaps Treasury Lock contracts Commodity price contracts Total holders of the parent Non-controlling interest Total As at January 1, 2020 Ps. (208) Ps. — Ps. (776) Ps. (78) Ps. 71 Ps. 23 Ps. (968) Ps. (97) Ps. (1,065) Financial instruments – purchases (837) 2 161 — — 351 (323) 53 (270) Change in fair value of financial instruments recognized in OCI — — 2,654 — — 9 2,663 414 3,077 Amount reclassified from OCI to profit or loss 286 (2) 1,544 98 (102) (37) 1,787 199 1,986 Foreign currency revaluation of the net foreign operations — — (3,588) — — — (3,588) (530) (4,118) Effects of changes in foreign exchange rates 7 — 92 14 — (8) 105 16 121 Tax effect 163 — (254) (33) 31 (108) (201) (52) (253) As at December 31, 2020 Ps. (589) Ps. — Ps. (167) Ps. 1 Ps. — Ps. 230 Ps. (525) Ps. 3 Ps. (522) Financial instruments – purchases 70 — 396 — — 427 893 70 963 Change in fair value of financial instruments recognized in OCI — — 2,543 — — 826 3,369 310 3,679 Amount reclassified from OCI to profit or loss 785 — 10 (1) — (1,141) (347) (142) (489) Foreign currency revaluation of the net foreign operations — — (1,385) — — — (1,385) (105) (1,490) Effects of changes in foreign exchange rates 7 — 8 — — (9) 6 (1) 5 Tax effect (253) — (500) — — (34) (787) (45) (832) As at December 31, 2021 Ps. 20 Ps. — Ps. 905 Ps. — Ps. — Ps. 299 Ps. 1,224 Ps. 90 Ps. 1,314 |
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2021, the Company had the following outstanding forward agreements to purchase foreign currency: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 6,131 Ps. (49) Ps. 78 At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 7,130 Ps. (843) Ps. 4 |
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2021, the Company had the following outstanding cross-currency swap agreements: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 407 Ps. — Ps. 45 2023 11,733 — 3,628 2026 6,348 (1) 220 2027 7,204 — 366 2030 3,911 (8) 404 At December 31, 2020, the Company had the following outstanding cross-currency swap agreements: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 404 Ps. (4) Ps. — 2023 11,371 — 2,165 2027 6,982 (464) 80 2030 3,790 (107) 192 |
Summary of Outstanding Interest Rate Swap Agreements | At December 31, 2021, the Company had the following outstanding interest rate swap agreements. Fair Value Maturity Date Notional Amount (Liability) Asset 2032 Ps. 6,175 Ps. — Ps. 170 |
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2021, the Company had the following aluminum price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 102 Ps. — Ps. 62 As of December 31, 2021, the Company had the following PX + MEG (resin) price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 470 Ps. (28) Ps. 5 As of December 31, 2021, the Company had the following sugar price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2022 Ps. 2,020 Ps. (7) Ps. 502 2023 769 — 195 As of December 31, 2020, the Company had the following aluminum price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 695 Ps. — Ps. 125 2022 Ps. 99 Ps. — Ps. 17 As of December 31, 2020, the Company had the following PX + MEG (resin) price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 729 Ps. (65) Ps. — As of December 31, 2020, the Company had the following sugar price contracts: Fair Value Maturity Date Notional Amount (Liability) Asset 2021 Ps. 1,260 Ps. (18) Ps. 275 2022 366 — 70 |
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria | Net effects of expired contracts that met hedging criteria Derivative Impact in consolidated income statement - Gain (Loss) 2021 2020 2019 Cross-currency swaps Interest expense Ps. — Ps. (109) Ps. (199) Cross-currency swaps Foreign exchange — 1,212 480 Interest rate swaps Interest expense — (163) (515) Option to purchase foreign currency Cost of good sold — 8 (63) Forward agreements to purchase foreign currency Cost of good sold (788) 839 (163) Commodity Price contracts Cost of good sold 1,245 (131) (391) |
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes | Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes. Derivative Impact in consolidated income statement 2021 2020 2019 Embedded derivatives Market value (loss) on financial instruments Ps. — Ps. — Ps. 4 Cross currency swaps and interest rate swaps Market value (loss) on financial instruments 80 (212) (293) |
Disclosure of Net Effect of Expired Contracts Did Not Meet Hedging Criteria for Accounting Purposes | Net effect of expired contracts that did not meet the hedging criteria for accounting purposes Type of Derivatives Impact in consolidated income statement 2021 2020 2019 Cross currency swaps and interest rate swaps Market value (loss) on financial instruments Ps. — Ps. (212) Ps. (293) Embedded derivatives Market value (loss) gain on financial instruments — — 4 |
Summary of Sensitivity Analysis of Interest Rate Risks Management | The following disclosures provide a sensitivity analysis of the market risks, which the Company is exposed to as it relates to foreign exchange rates, interest rates and commodity prices, which it considers in its existing hedging strategy: Forward agreement to purchase U.S. Dollar (MXN/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (298) Ps. — 2020 (19) % (884) — 2019 (9) % (739) — Forward agreement to purchase U.S. Dollar (BRL/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (16) % Ps. (284) Ps. — 2020 (21) % (357) — 2019 (13) % (155) — Forward agreement to purchase U.S. Dollar (COP/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (81) Ps. — 2020 (16) % (142) — 2019 (10) % (54) — Forward agreement to purchase U.S. Dollar (ARS/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (1) % Ps. (3) Ps. — 2020 (2) % (2) — 2019 (25) % (88) — Forward agreement to purchase U.S. Dollar (UYU/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (4) % Ps. (7) Ps. — 2020 (9) % (21) — 2019 (5) % (23) — Forward agreement to purchase U.S. Dollar (CRC/USD) Change in USD rate Effect on equity Profit and loss effect 2021 (3) % Ps. (10) Ps. — Cross currency swaps (USD to MXN) Change in USD rate Effect on equity Profit and loss effect 2021 (11) % Ps. (1,645) Ps. — 2020 (19) % (5,507) — 2019 (9) % (2,315) — Cross currency swaps (USD to BRL) Change in USD rate Effect on equity Profit and loss effect 2021 (16) % Ps. (2,300) Ps. — 2020 (21) % (2,161) — 2019 (13) % (645) — Sugar price contracts Change on sugar Price Effect on equity Profit and loss effect 2021 (28) % Ps. (714) Ps. — 2020 (32) % (515) — 2019 (24) % (255) — Aluminum price contracts Change on Aluminum price Effect on equity Profit and loss effect 2021 (24) % Ps. (39) Ps. — 2020 (16) % (289) — 2019 (15) % (1,164) — Options to purchase foreign currency (MXN to USD) Change on USD rate Effect on equity Profit and loss effect 2021 — % Ps. — Ps. — 2020 (10) % (6) — 2019 (13) % (303) — The following disclosures provide a sensitivity analysis of the interest rate risks considered reasonably possible for the following fiscal year, according with its existing floating rate borrowings and derivative financial instruments at the end of the reporting period: Interest Rate Risk Change in Effect on 2021 +100 bps Ps. (160) 2020 +100 bps (102) 2019 +100 bps (44) |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | Cash outflows for financial liabilities without fixed amounts or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2021. (In millions of Ps) 2022 2023 2024 2025 2026 2027 and thereafter Notes and bonds Ps. 1,499 Ps. 7,498 Ps. — Ps. 1,726 Ps. 2,425 Ps. 70,704 Loans from banks 954 958 17 — — — Derivatives financial liabilities (assets) (605) (3,825) — — (219) (933) |
Summary of Company's Financial Instruments Used to Hedge Its Exposure to Foreign Exchange Rates, Interest Rates and Commodity Risks | As of December 31, 2021, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows: Maturity 1-6 months 6-12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Notional amount (in millions of pesos) 1,985 1,057 — Average exchange rate MXN/USD 20.88 21.40 — Notional amount (in millions of pesos) 984 593 — Average exchange rate BRL/USD 5.61 5.97 — Notional amount (in millions of pesos) 497 191 — Average exchange rate COP/USD 3,858 3,952 — Notional amount (in millions of pesos) 280 — — Average exchange rate ARS/USD 122.56 — — Notional amount (in millions of pesos) 165 48 — Average exchange rate UYU/USD 45.51 46.30 — Notional amount (in millions of pesos) 211 120 — Average exchange rate CRC/USD 646.33 650.71 — Foreign exchange currency swap contracts Notional amount (in millions of pesos) — — 12,968 Average exchange rate MXN/USD — — 19.81 Notional amount (in millions of pesos) — — 15,026 Average exchange rate BRL/USD — — 4.47 Notional amount (in millions of pesos) 407 — 1,202 Average exchange rate COP/USD 3,543 — 3,550 Interest rate risk Interest rate swaps Notional amount (in millions of pesos) — — 6,175 Average interest rate 0.09 % Commodities risk Aluminum (in millions of pesos) 67 35 — Average price (USD/Ton) 1,722.00 1,777.00 — Sugar (in millions of pesos) 1,366 653 769 Average price (USD cent/Lb) 15.22 14.76 14.74 PX+MEG (in millions of pesos) 337 134 — Average price (USD /Ton) 934 866 — As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates, interest rates and commodity risks were as follows: Maturity 1-6 months 6-12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Notional amount (in millions of pesos) 2,806 1,888 — Average exchange rate MXN/USD 23.35 23.47 — Notional amount (in millions of pesos) 844 491 — Average exchange rate BRL/USD 5.41 5.37 — Notional amount (in millions of pesos) 511 212 — Average exchange rate COP/USD 3,750 3,740 — Notional amount (in millions of pesos) 96 — — Average exchange rate ARS/USD 92.97 — — Notional amount (in millions of pesos) 225 58 — Average exchange rate UYU/USD 45.92 45.69 — Foreign exchange currency swap contracts Notional amount (in millions of pesos) — — 12,568 Average exchange rate MXN/USD — — 19.81 Notional amount (in millions of pesos) — — 9,575 Average exchange rate BRL/USD — — 4.00 Interest rate risk Interest rate swaps Notional amount (in millions of pesos) 404 — — Average interest rate 3,454 — % — Commodities risk Aluminum (in millions of pesos) 325 370 — Average price (USD/Ton) 1,654 1,720 1,740 Sugar (in millions of pesos) 869 391 365 Average price (USD cent/Lb) 12.13 11.87 12.17 PX+MEG (in millions of pesos) 364 364 — Average price (USD /Ton) 730 730 — |
Non-Controlling Interest in C_2
Non-Controlling Interest in Consolidated Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non controlling interest in consolidated subsidiaries [Abstract] | |
Summary of Non Controlling Interest in Consolidated Subsidiaries | An analysis of Coca-Cola FEMSA’s non-controlling interest in its consolidated subsidiaries as of December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Mexico Ps. 5,200 Ps. 4,823 Ps. 5,671 Colombia 19 22 21 Brazil 803 738 1,059 Ps. 6,022 Ps. 5,583 Ps. 6,751 |
Summary of Changes in Non Controlling Interest | The changes in Coca-Cola FEMSA’s non-controlling interest were as follows: 2021 2020 2019 Balance at beginning of the period Ps. 5,583 Ps. 6,751 Ps. 6,806 Net income of non-controlling interest 623 61 529 Exchange differences on translation of foreign operations (210) (1,261) (565) Valuation of the effective portion of derivative financial instruments, net of taxes 87 100 (16) Dividends paid (61) (68) (3) Balance at end of the period Ps. 6,022 Ps. 5,583 Ps. 6,751 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Summary of Capital Stock Prior to and Immediately After Stock Split | The capital stock of the Company prior to and immediately after the Stock Split is as follows: Outstanding shares prior to the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 992,078,519 47.22% 62.96% D Wholly-owned subsidiaries of The Coca-Cola Company 583,545,678 27.78% 37.04% L Public float 525,208,065 25.00% 0% Total 2,100,832,262 100% 100% Outstanding shares after the Stock Split: Series of shares Shareholders Outstanding shares % of the capital stock % of ordinary shares with full voting rights A Wholly-owned subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. 7,936,628,152 47.22% 55.97% D Wholly-owned subsidiaries of The Coca-Cola Company 4,668,365,424 27.78% 32.92% B Public float 1,575,624,195 9.38% 11.11% L Public float 2,626,040,325 15.63% 0% Total 16,806,658,096 100% 100% |
Summary of Capital Stock | As of December 31, 2021, 2020 and 2019, the number of each share series representing Coca-Cola FEMSA’s common stock is comprised as follows: Thousands of Shares Series of shares 2021 2020 2019 A 7,936,628 7,936,628 7,936,628 B 1,575,624 1,575,624 1,575,624 D 4,668,366 4,668,366 4,668,366 L 2,626,040 2,626,040 2,626,040 16,806,658 16,806,658 16,806,658 |
Summary of Dividends Declared and Paid | For the years ended December 31, 2021, 2020 and 2019 the dividends declared and paid per share by the Company are as follows: Series of shares (1) 2021 (1) 2020 2019 A Ps. 5,000 Ps. 4,822 Ps. 3,512 D 2,941 2,836 2,066 L 1,654 1,595 1,162 B 993 957 697 Ps. 10,588 Ps. 10,210 Ps. 7,437 (1) At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 19, 2021, the shareholders declared a dividend of Ps. 10,588 that was paid on May 4, 2021 and November 3, 2021. This represents a dividend of Ps. 5.04 per each ordinary share. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of Basic and Diluted Earnings Per Share | Earnings amounts per share type are as follows: 2021 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 7,712 Ps. 4,536 Ps. 1,531 Ps. 2,552 Consolidated net income attributable to equity holders of the parent 7,418 4,363 1,473 2,454 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2020 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 4,896 Ps. 2,880 Ps. 972 Ps. 1,620 Consolidated net income attributable to equity holders of the parent 4,868 2,863 966 1,610 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 2019 Per series Per series Per series Per series "A" shares "D" shares "B" shares "L" shares Consolidated net Income Ps. 5,965 Ps. 3,508 Ps. 1,184 Ps. 1,973 Consolidated net income attributable to equity holders of the parent 5,715 3,360 1,135 1,891 Weighted average number of shares for basic earnings per share (millions of shares) 7,937 4,668 1,576 2,626 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Summary of Major Components of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2021, 2020 and 2019 are: 2021 2020 2019 Current tax expense: Current year Ps. 4,259 Ps. 7,367 Ps. 6,011 Deferred tax expense: Origination and reversal of temporary differences 2,795 (3,391) 905 (Benefit) utilization of tax losses recognized (445) 1,452 (1,268) Total deferred tax expense (benefit) 2,350 (1,939) (363) Total income tax expense in consolidated net income Ps. 6,609 Ps. 5,428 Ps. 5,648 2021 Mexico Foreign Total Current tax expense: Current year Ps. 3,356 Ps. 903 Ps. 4,259 Deferred tax expense: Origination and reversal of temporary differences 1,659 1,136 2,795 Utilization (benefit) of tax losses recognized 356 (801) (445) Total deferred tax 2,015 335 2,350 Total income tax expense in consolidated net income Ps. 5,371 Ps. 1,238 Ps. 6,609 2020 Mexico Foreign Total Current tax expense: Current year Ps. 6,311 Ps. 1,056 Ps. 7,367 Deferred tax expense: Origination and reversal of temporary differences (2,676) (715) (3,391) Utilization (benefit) of tax losses recognized 1,962 (510) 1,452 Total deferred tax (benefit) (714) (1,225) (1,939) Total income tax expense (benefit) in consolidated net income Ps. 5,597 Ps. (169) Ps. 5,428 2019 Mexico Foreign Total Current tax expense: Current year Ps. 5,123 Ps. 888 Ps. 6,011 Deferred tax expense: Origination and reversal of temporary differences (438) 1,343 905 (Benefit) of tax losses recognized (1,136) (132) (1,268) Total deferred tax (benefit) (1,574) 1,211 (363) Total income tax expense in consolidated net income Ps. 3,549 Ps. 2,099 Ps. 5,648 |
Schedule of Recognized in Consolidated Statement of Other Comprehensive Income | Recognized in Consolidated Statement of Other Comprehensive Income (OCI) Income tax related to items recognized directly in OCI during the year: 2021 2020 2019 Unrealized loss (gain) on cash flow hedges Ps. 787 Ps. 216 Ps. (373) Remeasurements of the net defined benefit liability (27) (130) (192) Total income tax recognized in OCI Ps. 760 Ps. 86 Ps. (565) |
Schedule of Deferred Tax Related to Other Comprehensive Income | Balance of income tax included in Accumulated Other Comprehensive Income (AOCI) as of: Income tax related to items recognized directly in OCI as of year-end: 2021 2020 2019 Unrealized loss (gain) on derivative financial instruments Ps. 573 Ps. (212) Ps. (481) Comprehensive loss (income) to be reclassified to profit or loss in subsequent periods 573 (212) (481) Re-measurements of the net defined benefit liability (408) (378) (240) Balance of income tax in AOCI Ps. 165 Ps. (590) Ps. (721) |
Schedule of Domestic Tax Rate | A reconciliation between effective income tax rate and Mexican domestic statutory tax rate for the years ended December 31, 2021, 2020 and 2019 follows: 2021 2020 2019 Mexican statutory income tax rate 30 % 30 % 30 % Income tax from prior years (0.64) % (0.38) % (2.66) % (Loss) on monetary position for subsidiaries in hyperinflationary economies (0.21) % (0.62) % (0.50) % Annual inflation tax adjustment 6.48 % 0.73 % 0.78 % Non-deductible expenses 1.82 % 2.49 % 3.92 % Non-taxable income — % — % — % Income taxed at a rate other than the Mexican statutory rate 1.14 % 0.08 % 1.28 % Effect of restatement of tax values (2.54) % (1.81) % (1.47) % Effect of change in statutory rate (0.09) % (0.23) % (0.52) % Income tax credits (1) (2.69) % (10.34) % (0.18) % Tax loss (2) (3.57) % 13.80 % (1.01) % Other (0.78) % 0.04 % 1.04 % 28.92 % 33.76 % 30.68 % (1) Favorable position of Brazilian Courts related to a no taxation on financial effects of recovered tax credits from previously won judicial disputes, which allowed a recognition of a deferred tax credit in Brazil in 2021 and 2020. (2) D |
Schedule of Deferred Income Tax | An analysis of the temporary differences giving rise to deferred income tax liabilities (assets) is as follows: Consolidated Statement of Financial Position as of Consolidated Income Statement 2021 2020 2021 2020 2019 Expected credit losses Ps. (96) Ps. (64) Ps. (34) Ps. (10) Ps. (18) Inventories 17 23 (1) 72 (37) Prepaid expenses 55 26 29 (17) 41 Property, plant and equipment, net (1,171) (1,006) (223) (90) 128 Rights of use assets 112 176 (68) (22) 197 Other assets (340) (325) (28) (389) 24 Finite useful lived intangible assets (54) (128) 69 (275) (78) Indefinite lived intangible assets 1,412 796 165 140 114 Post-employment and other non-current employee benefits (447) (381) (59) 4 65 Derivative financial instruments 2 74 (72) 80 (12) Contingencies (889) (1,627) 171 182 (94) Employee profit sharing payable (444) (208) (236) (7) 17 Tax loss carryforwards (7,244) (6,915) (445) 2,342 (1,268) Tax credits to recover (1) (1,394) (2,594) 1,200 (1,629) (122) Cumulative other comprehensive income 165 (590) 760 86 29 Liabilities of amortization of goodwill of business acquisition 5,897 6,554 87 — 860 Financial leasing (155) (211) 53 (23) (190) Other (2) (1,058) (2,269) 982 (2,383) (19) Deferred tax (income) Ps. 2,350 Ps. (1,939) Ps. (363) Deferred tax, asset Ps. (8,342) Ps. (11,143) Deferred tax, liability 2,710 2,474 Deferred income taxes, net Ps. (5,632) Ps. (8,669) (1) Corresponds to income tax credits from dividends received from foreign subsidiaries to be recovered within the next ten years accordingly to the Mexican Income Tax law. (2) One of the principal items considered are deferred non deductible interest calculated according to the Mexican Tax Law. |
Schedule of Changes in Net Deferred Income Tax Asset | The changes in the balance of the net deferred income tax asset are as follows: 2021 2020 2019 Balance at beginning of the period Ps. (8,669) Ps. (6,661) Ps. (5,582) Deferred tax provision for the period 2,350 (1,939) (363) Change in the statutory rate 81 (42) (66) Acquisition of subsidiaries — — 57 Effects in equity: Unrealized loss (gain) on derivative financial instruments 787 216 (373) Cumulative translation adjustment (163) (392) (230) Remeasurements of the net defined benefit liability (27) (130) (192) Inflation adjustment 9 279 88 Balance at end of the period Ps. (5,632) Ps. (8,669) Ps. (6,661) |
Schedule of Tax Loss Carryforwards | The tax losses carryforwards for which deferred tax asset has been recorded and their corresponding years of expiration are as follows: Tax Loss Carryforwards amounts in millions 2025 Ps. 1,218 2026 5,516 2027 — 2028 509 2029 10 2030 — 2031 and thereafter 89 No expiration (Brazil) 14,787 Ps. 22,129 |
Summary of Changes in Balance of Tax Loss Carryforwards | The changes in the balance of tax loss carryforwards are as follows: 2021 2020 2019 Balance at beginning of the period Ps. 21,522 Ps. 28,871 Ps. 25,879 Increase 5,768 4,985 6,029 Utilization of tax losses (4,558) (1,986) (1,854) Unused tax losses - 2028 to 2030 — (7,830) — Effect of foreign currency exchange rates (603) (2,518) (1,183) Balance at end of the period Ps. 22,129 Ps. 21,522 Ps. 28,871 |
Other Liabilities, Provisions_2
Other Liabilities, Provisions and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Schedule of Other Current Financial Liabilities | Other current financial liabilities 2021 2020 Sundry creditors Ps. 657 Ps. 1,018 Derivative financial instruments 84 930 Total Ps. 741 Ps. 1,948 |
Summary of Provisions and Other Non-current Liabilities | Provisions and other non-current liabilities 2021 2020 Provisions Ps. 4,150 Ps. 5,100 Taxes payable 53 67 Other (1) 2,007 2,144 Total Ps. 6,210 Ps. 7,311 (1) Includes an amount of Ps. 899 for 2021 an 2020 related of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013). |
Summary of Other Non-current Financial Liabilities | Other non-current financial liabilities 2021 2020 Derivative financial instruments Ps. 9 Ps. 571 Security deposits 499 363 Total Ps. 508 Ps. 934 |
Schedule of Provisions Recorded in Consolidated Statement of Financial Position | The following table presents the nature and amount of the loss contingencies recorded as of December 31, 2021 and 2020: 2021 2020 Taxes Ps. 2,066 Ps. 2,540 Labor 1,472 1,681 Legal 612 879 Total (1) Ps. 4,150 Ps. 5,100 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 12. |
Summary of Changes in Provisions | 2021 2020 2019 Balance at beginning of the period Ps. 2,540 Ps. 4,696 Ps. 5,038 Penalties and other charges 30 — 1 New contingencies 148 186 368 Cancellation and adjustments (59) (152) (247) Payments (236) (187) (68) Reversal of indemnifiable items (1) — (1,177) — Other Effects (263) — — Effect of foreign currency exchange rates (94) (826) (396) Balance at end of the period Ps. 2,066 Ps. 2,540 Ps. 4,696 (1) This amount for 2021 includes Ps. 899 of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013), see Note 24.2. 24.5.2 Labor 2021 2020 2019 Balance at beginning of the period Ps. 1,681 Ps. 2,222 Ps. 2,340 Penalties and other charges 303 228 249 New contingencies 363 227 465 Cancellation and expiration (445) (51) (273) Contingencies added in business combinations — — 44 Payments (358) (561) (401) Effects of foreign currency exchange rates (72) (384) (202) Balance at end of the period Ps. 1,472 Ps. 1,681 Ps. 2,222 24.5.3 Legal 2021 2020 2019 Balance at beginning of the period Ps. 879 Ps. 1,065 Ps. 920 Penalties and other charges 68 8 94 New contingencies 26 193 128 Cancellation and expiration (241) (141) (45) Contingencies added in business combinations — — 77 Payments (97) (111) (44) Effect of foreign currency exchange rates (23) (135) (65) Balance at end of the period Ps. 612 Ps. 879 Ps. 1,065 |
Information by segment (Tables)
Information by segment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Summary of Segment Disclosure for Company's Consolidated Operations | Segment disclosure for the Company’s consolidated operations is as follows: 2021 Mexico and Central America (1) South America (2) Consolidated Total revenues 115,794 79,010 194,804 Intercompany revenue 5,415 13 5,428 Gross profit 57,366 31,232 88,598 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 15,792 7,060 22,852 Depreciation and amortization 5,988 3,846 9,834 Non-cash items other than depreciation and amortization 1,052 561 1,613 Equity in earnings profit (loss) of associated companies and joint ventures 141 (53) 88 Total assets 170,543 101,024 271,567 Investments in associate companies and joint ventures 5,991 1,503 7,494 Total liabilities 115,738 28,257 143,995 Capital expenditures, net(3) 9,800 4,064 13,865 2020 Mexico and Central America (1) South America (2) Consolidated Total revenues 106,783 76,832 183,615 Intercompany revenue 4,998 18 5,016 Gross profit 52,906 29,905 82,811 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 14,751 1,326 16,077 Depreciation and amortization 6,471 4,137 10,608 Non-cash items other than depreciation and amortization 979 515 1,494 Equity in earnings (loss) of associated companies and joint ventures (95) (186) (281) Total assets 165,887 97,179 263,066 Investments in associate companies and joint ventures 5,804 1,819 7,623 Total liabilities 113,727 26,882 140,609 Capital expenditures, net(3) 6,764 3,590 10,354 2019 Mexico and Central America (1) South America (2) Consolidated Total revenues 109,249 85,222 194,471 Intercompany revenue 5,673 15 5,688 Gross profit 52,384 35,123 87,507 Income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method 10,349 8,060 18,409 Depreciation and amortization 6,380 4,262 10,642 Non-cash items other than depreciation and amortization 878 205 1,083 Equity in earnings (loss) of associated companies and joint ventures (177) 46 (131) Total assets 147,374 110,465 257,839 Investments in associate companies and joint ventures 6,198 3,553 9,751 Total liabilities 95,694 32,460 128,154 Capital expenditures, net(3) 667 4,788 11,465 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 94,762, Ps. 87,833 and Ps. 91,358 during the years ended December 31, 2021, 2020 and 2019, respectively. Domestic (Mexico only) total assets were Ps. 149,421, Ps. 148,068 and Ps. 130,045 as of December 31, 2021, 2020 and 2019, respectively. Domestic (Mexico only) total liabilities were Ps. 109,945, Ps. 109,086 and Ps. 91,427 as of December 31, 2021, 2020 and 2019, respectively. (2) South America includes Brazil, Argentina, Colombia and Uruguay. South America revenues include Brazilian revenues of Ps. 53,051, Ps. 56,191 and Ps. 61,554 during the years ended December 31, 2021, 2020 and 2019, respectively. Brazilian total assets were Ps. 74,163, Ps. 70,376 and Ps. 82,667 as of December 31, 2021, 2020 and 2019, respectively. Brazilian total liabilities Ps. 20,440, Ps. 19,148 and Ps. 24,103 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Colombian revenues of Ps. 14,180, Ps. 12,049 and Ps. 13,522 during the years ended December 31, 2021, 2020 and 2019, respectively. Colombian total assets were Ps. 15,132, Ps. 15,993 and Ps. 16,518 as of December 31, 2021, 2020 and 2019, respectively. Colombian total liabilities were Ps. 3,395, Ps. 3,262 and Ps. 4,154 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Argentine revenues of Ps. 8,408, Ps. 5,468 and Ps. 6,725 during the years ended December 31, 2021, 2020 and 2019, respectively. Argentine total assets were Ps. 6,087, Ps. 5,039 and Ps. 5,341 as of December 31, 2021, 2020 and 2019, respectively. Argentine total liabilities were Ps. 2,013, Ps. 1,842 and Ps. 1,637 as of December 31, 2021, 2020 and 2019, respectively. South America revenues also include Uruguay revenues of Ps. 3,371, Ps. 3,124 and Ps. 3,421, during the years ended on December 31, 2021 and 2020, respectively. Uruguay total assets were Ps. 5,642, Ps. 5,771 and Ps. 5,939 as of December 31, 2021 and 2020, respectively. Uruguay total liabilities were Ps. 2,409, Ps. 2,630 and Ps. 2,566, as of December 31, 2021 and 2020, respectively. |
Activities of the Company - Add
Activities of the Company - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Series L Ordinary Shares | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 15.60% |
Equivalent shares in ownership interest in joint venture | 10 |
Series B Share | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 9.40% |
Fomento Economico Mexicano S.A.B. de C.V. | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 47.20% |
Percentage of voting rights | 56.00% |
The Coca-Cola Company | |
Disclosure of Parent Entity Information [line items] | |
Percentage of ownership | 27.80% |
Percentage of voting rights | 32.90% |
Activities of the Company - Sum
Activities of the Company - Summary of Significant Investments in Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Propimex, S. de R.L. de C.V. | ||
Disclosure of Subsidiaries [line items] | ||
Activity | Distribution | |
Country | Mexico | |
Ownership percentage | 100.00% | 100.00% |
Controladora Interamericana de Bebidas, S. de R. L. de C.V. | ||
Disclosure of Subsidiaries [line items] | ||
Activity | Holding | |
Country | Mexico | |
Ownership percentage | 100.00% | 100.00% |
Spal Industria Brasileira de Bebidas, S.A. | ||
Disclosure of Subsidiaries [line items] | ||
Activity | Production and distribution | |
Country | Brazil | |
Ownership percentage | 84.38% | 84.38% |
Servicios Refresqueros del Golfo y Bajio, S. de R.L. de C.V. | ||
Disclosure of Subsidiaries [line items] | ||
Activity | Production | |
Country | Mexico | |
Ownership percentage | 100.00% | 100.00% |
Embotelladora Mexicana de Bebidas Refrescantes, S. de R.L. de C.V. | ||
Disclosure of Subsidiaries [line items] | ||
Activity | Production | |
Country | Mexico | |
Ownership percentage | 100.00% | 100.00% |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) - $ / $ | Mar. 16, 2022 | Dec. 31, 2021 |
Disclosure of Detailed Information About Investment Property [line items] | ||
Exchange rate | 20.5140 | |
Increase decrease in foreign currency exchange rate | 1.04% | |
Foreign Currency Exchange | Forecast | ||
Disclosure of Detailed Information About Investment Property [line items] | ||
Exchange rate | 20.7280 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Average Exchange Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021$ / $ | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of foreign exchange rates [line items] | |||
Exchange rate | 20.5140 | ||
Mexican peso | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 1 | 1 | 1 |
Exchange rate | 1 | 1 | |
Quetzal | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 2.62 | 2.78 | 2.50 |
Exchange rate | 2.67 | 2.56 | |
Colon | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 0.03 | 0.04 | 0.03 |
Exchange rate | 0.03 | 0.03 | |
Balboa | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 20.28 | 21.49 | 19.26 |
Exchange rate | 20.58 | 19.95 | |
Colombian peso | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 0.01 | 0.01 | 0.01 |
Exchange rate | 0.01 | 0.01 | |
Cordoba | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 0.58 | 0.63 | 0.58 |
Exchange rate | 0.58 | 0.57 | |
Argentine peso | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 0.21 | 0.31 | 0.41 |
Exchange rate | 0.20 | 0.24 | |
Real | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 3.76 | 4.18 | 4.89 |
Exchange rate | 3.69 | 3.84 | |
Uruguayan peso | |||
Disclosure of foreign exchange rates [line items] | |||
Average exchange rate | 0.47 | 0.51 | 0.55 |
Exchange rate | 0.46 | 0.47 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of cumulative inflation (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mexico | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 13.90% | 11.20% | 13.20% |
Guatemala | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 11.70% | 10.90% | 11.80% |
Costa Rica | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 5.80% | 4.50% | 5.80% |
Panama | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 0.90% | (1.50%) | 0.50% |
Colombia | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 11.40% | 8.80% | 11.00% |
Nicaragua | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 17.10% | 13.50% | 15.60% |
Argentina | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 216.10% | 209.20% | 179.40% |
Brazil | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 20.00% | 13.10% | 11.10% |
Uruguay | |||
Disclosure Of Cumulative Inflation [line items] | |||
Cumulative inflation percentage | 28.50% | 28.50% | 22.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2022 | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Apr. 30, 2028customer | Mar. 31, 2025customer | Dec. 31, 2021USD ($)$ / sharesagreement | Dec. 31, 2020USD ($) | |
Disclosure of changes in accounting estimates [line items] | ||||||||
Interest income on loans and receivables | $ 6,000,000 | $ 6,000,000 | $ 5,000,000 | |||||
Amortization expense for agreements with customers | 219,000,000 | 213,000,000 | 273,000,000 | |||||
Investments in joint ventures | $ 0 | $ 0 | ||||||
Loss from equity financial asset classified at FVOCI | (393,000,000) | 0 | (216,000,000) | |||||
Impairment loss recognised in profit or loss, goodwill | $ 0 | 0 | 0 | |||||
Minimum year of service for retirement benefits | 10 years | |||||||
Minimum age to qualify for benefits (age) | $ / shares | 60 | |||||||
Retail products sold at discount during the period | 12 months | |||||||
Distribution costs | $ 26,023,000,000 | $ 24,190,000,000 | $ 25,068,000,000 | |||||
Profit sharing computation ratio on income | 10.00% | |||||||
Applicable tax rate | 30.00% | 30.00% | 30.00% | |||||
Glass Bottles | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Property, plant and equipment, useful live | 3 years | |||||||
PET Bottles | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Property, plant and equipment, useful live | 1 year 6 months | |||||||
Mexico | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of bottler agreements | agreement | 4 | |||||||
Brazil | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of bottler agreements | agreement | 1 | |||||||
Guatemala | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of bottler agreements | agreement | 3 | |||||||
Argentina | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of bottler agreements | agreement | 1 | |||||||
Venezuela | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of bottler agreements | agreement | 1 | |||||||
Bottler Agreement | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Intangible assets renewable term | 10 years | |||||||
Forecast | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Number of contract | customer | 2 | 1 | ||||||
Venezuela | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Loss from equity financial asset classified at FVOCI | $ 0 | |||||||
Mexico | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Applicable tax rate | 30.00% | 30.00% | 30.00% | |||||
Mexico | Forecast | ||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||
Applicable tax rate | 30.00% |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Property Plant and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 40 years |
Buildings | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 50 years |
Machinery and equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 10 years |
Machinery and equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 20 years |
Distribution equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 7 years |
Distribution equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 15 years |
Refrigeration equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 5 years |
Refrigeration equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 7 years |
Returnable bottles | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 1 year 6 months |
Returnable bottles | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 3 years |
Other equipment | Bottom of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 3 years |
Other equipment | Top of Range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment, useful live | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Revenue from Contracts with Customers (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 194,804 | $ 183,615 | $ 194,471 |
Sale of products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 193,899 | 181,520 | 192,342 |
Services rendered | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 321 | 327 | 385 |
Other operating revenues | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 584 | $ 1,768 | $ 1,744 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||
Cash and bank balances | $ 5,336 | $ 4,435 |
Cash equivalents | 41,912 | 39,062 |
Total | $ 47,248 | $ 43,497 |
Trade Receivable, Net - Summary
Trade Receivable, Net - Summary of Trade Receivable (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables | $ 10,863 | $ 9,705 |
Other | 1,007 | 980 |
Allowance for doubtful accounts on trade receivables | (531) | (515) |
Accounts receivable, net | 13,014 | 11,523 |
The Coca-Cola Company | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current receivables from related parties | 820 | 509 |
Loans to employees | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current receivables from related parties | 82 | 82 |
FEMSA and Subsidiaries | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current receivables from related parties | 634 | 624 |
Other Related Parties | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current receivables from related parties | 139 | 138 |
Other | $ 0 | $ 5 |
Trade Receivable, Net - Additio
Trade Receivable, Net - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021MXN ($)customer | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of Trade and Other Receivables [Line Items] | |||
Percentage of unrecoverable trade receivables | 2.20% | ||
Number of customer related to expected loss | customer | 0 | ||
The Coca-Cola Company | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Contributions due from related party | $ | $ 2,437 | $ 1,482 | $ 2,274 |
Trade Receivable, Net - Aging A
Trade Receivable, Net - Aging Analysis of Accounts Receivable (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | $ 13,014 | $ 11,523 |
0 days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | 11,689 | 9,905 |
1-30 days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | 686 | 769 |
31-60 days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | 112 | 298 |
61-90 days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | 45 | 65 |
91-120 days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | 91 | 44 |
121 + days | ||
Disclosure of Aging Analysis of Accounts Receivable [Line Items] | ||
Trade receivables past due but not impaired | $ 391 | $ 442 |
Trade Receivable, Net - Summa_2
Trade Receivable, Net - Summary of Changes in Allowance for Expected Credit Losses (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other current receivables [abstract] | |||
Balance at the beginning of the year | $ 515 | $ 493 | $ 595 |
Allowance for the year | 35 | 119 | 314 |
Charges and write-offs of uncollectible accounts | 6 | (29) | (397) |
Added in business combinations | 0 | 0 | 4 |
Effects of changes in foreign exchange rates | (25) | (68) | (23) |
Balance at the end of the year | $ 531 | $ 515 | $ 493 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Classes of current inventories [abstract] | |||
Finished products | $ 4,371 | $ 3,694 | |
Raw materials | 4,371 | 3,224 | |
Non strategic spare parts | 865 | 934 | |
Inventories in transit | 1,620 | 1,284 | |
Packing materials | 419 | 271 | |
Other | 314 | 320 | |
Total | 11,960 | 9,727 | |
Finished goods and work in progress | 23,654 | 23,901 | $ 24,676 |
Raw materials and consumables used | 79,425 | 76,002 | 79,520 |
Total | $ 103,079 | $ 99,903 | $ 104,196 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Classes of current inventories [abstract] | |||
Inventory write-down | $ 45 | $ 82 | $ 244 |
Other Current Assets and Othe_3
Other Current Assets and Other Current Financial Assets - Summary of Other Current Assets (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepaid expenses | $ 1,805 | $ 1,622 |
Agreements with customers | 111 | 115 |
Others | 2 | 7 |
Total | $ 1,918 | $ 1,744 |
Other Current Assets and Othe_4
Other Current Assets and Other Current Financial Assets - Summary of Prepaid Expenses (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Advances for inventories | $ 1,627 | $ 1,503 |
Advertising and promotional expenses paid in advance | 105 | 92 |
Prepaid insurance | 73 | 27 |
Total | $ 1,805 | $ 1,622 |
Other Current Assets and Othe_5
Other Current Assets and Other Current Financial Assets - Additional Information (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Other current assets and other current financial assets | $ 5,413 | $ 5,043 | $ 6,748 |
Other Current Assets and Othe_6
Other Current Assets and Other Current Financial Assets - Summary of Other Current Financial Assets (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Restricted cash | $ 239 | $ 74 |
Derivative financial instruments | 692 | 404 |
Total | $ 931 | $ 478 |
Investments in Other Entities -
Investments in Other Entities - Summary of Investments in Other Entities (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of investments in associates and other [line items] | ||
Investments in other entities | $ 7,494 | $ 7,623 |
Investment in Associates and Joint Ventures | Investment in Associates and Joint Ventures | ||
Disclosure of investments in associates and other [line items] | ||
Investments in other entities | $ 7,494 | $ 7,623 |
Investments in Other Entities_2
Investments in Other Entities - Summary of Investment in Associates and Joint Ventures Accounted for under Equity Method (Detail) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates and joint ventures [line items] | ||
Investments in other entities | $ 7,494 | $ 7,623 |
Investment in Associates and Joint Ventures | Promotora Industrial Azucarera, S.A. de C.V. ("PIASA") | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 36.40% | 36.40% |
Carrying Amount | $ 3,348 | $ 3,335 |
Investment in Associates and Joint Ventures | Jugos del Valle, S.A.P.I. de C.V. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 28.80% | 28.80% |
Carrying Amount | $ 2,128 | $ 1,945 |
Investment in Associates and Joint Ventures | Leao Alimentos e Bebidas, LTDA | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 24.70% | 24.70% |
Carrying Amount | $ 404 | $ 446 |
Investment in Associates and Joint Ventures | Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA) | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 26.50% | 26.50% |
Carrying Amount | $ 178 | $ 192 |
Investment in Associates and Joint Ventures | Industria Mexicana de Reciclaje, S.A. de C.V. ("IMER") | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 35.00% | 35.00% |
Carrying Amount | $ 102 | $ 121 |
Investment in Associates and Joint Ventures | Trop Frutas do Brasil, LTDA. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 23.60% | 23.60% |
Carrying Amount | $ 55 | $ 359 |
Investment in Associates and Joint Ventures | Alimentos de Soja S.A.U. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 10.70% | 10.70% |
Carrying Amount | $ 263 | $ 207 |
Investment in Associates and Joint Ventures | Others | ||
Disclosure of associates and joint ventures [line items] | ||
Carrying Amount | 116 | 117 |
Investment in Associates and Joint Ventures | Investment in Associates and Joint Ventures | ||
Disclosure of associates and joint ventures [line items] | ||
Investments in other entities | $ 7,494 | $ 7,623 |
Investment in Associates and Joint Ventures | Compañía Panameña de Bebidas, S.A.P.I. de C.V. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 50.00% | 50.00% |
Carrying Amount | $ 0 | $ 0 |
Investment in Associates and Joint Ventures | Dispensadoras de Café, S.A.P.I. de C.V. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 50.00% | 50.00% |
Carrying Amount | $ 183 | $ 181 |
Investment in Associates and Joint Ventures | Fountain Agua Mineral, LTDA | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 50.00% | 50.00% |
Carrying Amount | $ 699 | $ 720 |
Investment in Associates and Joint Ventures | Planta Nueva Ecología De Tabasco, S.A. de C.V. | ||
Disclosure of associates and joint ventures [line items] | ||
Ownership Percentage | 50.00% | 0.00% |
Carrying Amount | $ 18 | $ 0 |
Investments in Other Entities_3
Investments in Other Entities - Additional Information (Detail) $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Disclosure of associates and joint ventures [line items] | |||||||
Impairment of investments | $ 250 | $ 2,501 | $ 948 | ||||
Financial assets | 5 | 8 | $ 5 | $ 8 | |||
Joint Ventures | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Equity earnings (loss) recognized | 3 | (157) | (215) | ||||
Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA) | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Dividend income | 16 | 16 | |||||
Promotora Mexicana de Embotelladores, S.A. de C.V. | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Dividend income | 1 | ||||||
Jugos del Valle, S.A.P.I. de C.V. | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Capital contribution | 44 | ||||||
Leao Alimentos y Bebidas LTDA | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Reduction of issued capital | $ 46 | ||||||
Impairment of investments | 1,038 | ||||||
Trop Frutas do Brasil, LTDA. | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Impairment of investments | 250 | ||||||
Compañía Panameña de Bebidas, S.A.P.I. de C.V. | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Impairment of investments | 1,463 | 948 | |||||
Percentage of stock sold | 100.00% | ||||||
Associates | |||||||
Disclosure of associates and joint ventures [line items] | |||||||
Equity earnings (loss) recognized | $ 85 | $ (124) | $ 84 |
Leases - Company's Right-of-Use
Leases - Company's Right-of-Use Asset (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |||
Balance at beginning of the period | $ 1,278 | $ 1,382 | |
Additions | 533 | 599 | |
Disposals | (44) | (112) | |
Depreciation | (662) | (596) | $ (555) |
Hyperinflationary economies effect | 14 | 14 | |
Indexation effect | 383 | 145 | |
Effects of changes in foreign exchange rates | (30) | (154) | |
Balance at end of the period | $ 1,472 | $ 1,278 | $ 1,382 |
Leases - Company's Lease Liabil
Leases - Company's Lease Liabilities (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 1,505 | $ 1,306 |
Current | 614 | 560 |
Non-Current | 891 | 746 |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 614 | 560 |
One to three years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 478 | 306 |
More than three years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 413 | $ 440 |
Leases - Additional Information
Leases - Additional Information (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |||
Interest expenses on lease liabilities | $ 101 | $ 105 | $ 129 |
Expenses for low value assets and short-term leases | $ 183 | $ 190 | $ 187 |
Weighted average incremental borrowing rate | 7.18% | 6.58% | 7.68% |
Property, plant & equipment - S
Property, plant & equipment - Summary of Premises and Equipment (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 59,460 | $ 61,187 | |
Ending balance | 62,183 | 59,460 | $ 61,187 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 109,165 | 106,224 | 102,998 |
Additions | 12,292 | 9,655 | 10,324 |
Additions from business combinations | 245 | 405 | |
Transfer of completed projects in progress | 0 | 0 | 0 |
Disposals | (6,697) | (3,175) | (3,749) |
Effects of changes in foreign exchange rates | (3,790) | (5,608) | (6,099) |
Changes in value on the recognition of inflation effects | 2,991 | 1,824 | 2,345 |
Ending balance | 113,961 | 109,165 | 106,224 |
Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (49,705) | (45,037) | (41,056) |
Depreciation for the year | (8,284) | (8,415) | (8,387) |
Disposals | 6,297 | 2,706 | 3,145 |
Effects of changes in foreign exchange rates | 1,679 | 2,111 | 2,464 |
Changes in value on the recognition of inflation effects | (1,765) | (1,070) | (1,203) |
Ending balance | (51,778) | (49,705) | (45,037) |
Land | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,240 | 5,258 | |
Ending balance | 5,230 | 5,240 | 5,258 |
Land | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,240 | 5,258 | 5,575 |
Additions | 0 | 0 | 4 |
Additions from business combinations | 158 | 142 | |
Transfer of completed projects in progress | 0 | 4 | (253) |
Disposals | (6) | (13) | (1) |
Effects of changes in foreign exchange rates | (144) | (255) | (323) |
Changes in value on the recognition of inflation effects | 140 | 88 | 114 |
Ending balance | 5,230 | 5,240 | 5,258 |
Land | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effects of changes in foreign exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 13,610 | 14,091 | |
Ending balance | 13,576 | 13,610 | 14,091 |
Buildings | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 18,653 | 18,746 | 18,775 |
Additions | 21 | 104 | 27 |
Additions from business combinations | 0 | 227 | |
Transfer of completed projects in progress | 731 | 721 | 508 |
Disposals | (20) | (29) | (35) |
Effects of changes in foreign exchange rates | (637) | (1,182) | (1,122) |
Changes in value on the recognition of inflation effects | 326 | 293 | 366 |
Ending balance | 19,074 | 18,653 | 18,746 |
Buildings | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (5,043) | (4,655) | (4,414) |
Depreciation for the year | (484) | (490) | (386) |
Disposals | 6 | 19 | 14 |
Effects of changes in foreign exchange rates | 162 | 165 | 223 |
Changes in value on the recognition of inflation effects | (139) | (82) | (92) |
Ending balance | (5,498) | (5,043) | (4,655) |
Machinery and Equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 19,822 | 20,521 | |
Ending balance | 20,799 | 19,822 | 20,521 |
Machinery and Equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 39,664 | 38,919 | 38,465 |
Additions | 61 | 171 | 392 |
Additions from business combinations | 87 | 50 | |
Transfer of completed projects in progress | 4,791 | 3,165 | 2,650 |
Disposals | (2,680) | (1,425) | (1,577) |
Effects of changes in foreign exchange rates | (1,919) | (2,243) | (2,315) |
Changes in value on the recognition of inflation effects | 1,260 | 990 | 1,254 |
Ending balance | 41,177 | 39,664 | 38,919 |
Machinery and Equipment | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (19,842) | (18,398) | (16,969) |
Depreciation for the year | (2,793) | (2,828) | (2,862) |
Disposals | 2,336 | 1,125 | 1,049 |
Effects of changes in foreign exchange rates | 867 | 854 | 1,013 |
Changes in value on the recognition of inflation effects | (946) | (595) | (629) |
Ending balance | (20,378) | (19,842) | (18,398) |
Refrigeration Equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 8,343 | 9,378 | |
Ending balance | 7,829 | 8,343 | 9,378 |
Refrigeration Equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 20,202 | 20,410 | 19,963 |
Additions | 427 | 281 | 816 |
Additions from business combinations | 0 | (13) | |
Transfer of completed projects in progress | 1,351 | 1,192 | 1,396 |
Disposals | (1,614) | (1,073) | (1,032) |
Effects of changes in foreign exchange rates | (556) | (797) | (961) |
Changes in value on the recognition of inflation effects | 319 | 189 | 241 |
Ending balance | 20,129 | 20,202 | 20,410 |
Refrigeration Equipment | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (11,859) | (11,032) | (10,206) |
Depreciation for the year | (2,097) | (2,148) | (2,211) |
Disposals | 1,493 | 989 | 966 |
Effects of changes in foreign exchange rates | 372 | 464 | 583 |
Changes in value on the recognition of inflation effects | (209) | (132) | (164) |
Ending balance | (12,300) | (11,859) | (11,032) |
Returnable Bottles | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,771 | 6,061 | |
Ending balance | 6,757 | 5,771 | 6,061 |
Returnable Bottles | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 17,924 | 16,153 | 14,749 |
Additions | 3,655 | 2,613 | 2,581 |
Additions from business combinations | 0 | 0 | |
Transfer of completed projects in progress | 31 | 57 | 360 |
Disposals | (2,299) | (561) | (1,056) |
Effects of changes in foreign exchange rates | (365) | (629) | (833) |
Changes in value on the recognition of inflation effects | 487 | 291 | 352 |
Ending balance | 19,433 | 17,924 | 16,153 |
Returnable Bottles | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (12,153) | (10,092) | (8,706) |
Depreciation for the year | (2,708) | (2,779) | (2,734) |
Disposals | 2,390 | 536 | 1,079 |
Effects of changes in foreign exchange rates | 222 | 432 | 571 |
Changes in value on the recognition of inflation effects | (427) | (250) | (302) |
Ending balance | (12,676) | (12,153) | (10,092) |
Investments in Fixed Assets in Progress | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,894 | 5,156 | |
Ending balance | 6,734 | 5,894 | 5,156 |
Investments in Fixed Assets in Progress | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,894 | 5,156 | 4,131 |
Additions | 7,911 | 6,300 | 6,392 |
Additions from business combinations | 0 | 0 | |
Transfer of completed projects in progress | (7,001) | (5,187) | (5,004) |
Disposals | 0 | (12) | 0 |
Effects of changes in foreign exchange rates | (70) | (333) | (381) |
Changes in value on the recognition of inflation effects | 0 | (30) | 18 |
Ending balance | 6,734 | 5,894 | 5,156 |
Investments in Fixed Assets in Progress | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Depreciation for the year | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effects of changes in foreign exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Leasehold Improvements | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 358 | 417 | |
Ending balance | 491 | 358 | 417 |
Leasehold Improvements | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 737 | 782 | 479 |
Additions | 0 | 0 | 0 |
Additions from business combinations | 0 | 7 | |
Transfer of completed projects in progress | 95 | 48 | 343 |
Disposals | (62) | (5) | (13) |
Effects of changes in foreign exchange rates | (22) | (91) | (34) |
Changes in value on the recognition of inflation effects | 138 | 3 | 0 |
Ending balance | 886 | 737 | 782 |
Leasehold Improvements | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (379) | (365) | (276) |
Depreciation for the year | (80) | (40) | (108) |
Disposals | 62 | 1 | 9 |
Effects of changes in foreign exchange rates | 8 | 31 | 12 |
Changes in value on the recognition of inflation effects | (6) | (6) | (2) |
Ending balance | (395) | (379) | (365) |
Other | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 422 | 305 | |
Ending balance | 767 | 422 | 305 |
Other | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 851 | 800 | 861 |
Additions | 217 | 186 | 112 |
Additions from business combinations | 0 | (8) | |
Transfer of completed projects in progress | 2 | 0 | 0 |
Disposals | (16) | (57) | (35) |
Effects of changes in foreign exchange rates | (77) | (78) | (130) |
Changes in value on the recognition of inflation effects | 321 | 0 | 0 |
Ending balance | 1,298 | 851 | 800 |
Other | Accumulated Depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (429) | (495) | (485) |
Depreciation for the year | (122) | (130) | (86) |
Disposals | 10 | 36 | 28 |
Effects of changes in foreign exchange rates | 48 | 165 | 62 |
Changes in value on the recognition of inflation effects | (38) | (5) | (14) |
Ending balance | $ (531) | $ (429) | $ (495) |
Property, plant & equipment - A
Property, plant & equipment - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) |
Property, plant and equipment [abstract] | |||
Outstanding payment to suppliers in additions to property plant and equipment | $ 3,784 | $ 289 | $ 610 |
Intangible Assets - Disclosure
Intangible Assets - Disclosure of Detailed Information About Intangible Assets (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 103,971 | $ 112,050 | |
Amortization expense | 9,834 | 10,608 | $ 10,642 |
Ending balance | 102,174 | 103,971 | 112,050 |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 109,597 | 116,870 | 120,611 |
Purchases | 1,291 | 289 | 697 |
Acquisition from business combinations | 0 | (22) | |
Systems Development | 0 | ||
Transfer of completed development systems | 0 | 0 | 0 |
Disposals | (3) | (443) | (17) |
Effect of movements in exchange rates | (2,270) | (7,157) | (4,393) |
Changes in value on the recognition of inflation effects | 62 | 38 | (6) |
Ending balance | 108,677 | 109,597 | 116,870 |
Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (5,626) | (4,820) | (3,807) |
Amortization expense | (888) | (1,020) | (1,062) |
Disposals | 0 | 68 | 17 |
Effect of movements in exchange rates | 63 | 175 | 61 |
Changes in value on the recognition of inflation effects | (52) | (29) | (29) |
Ending balance | (6,503) | (5,626) | (4,820) |
Rights to Produce and Distribute Coca-Cola trademark Products | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 76,651 | 81,255 | |
Ending balance | 75,394 | 76,651 | 81,255 |
Rights to Produce and Distribute Coca-Cola trademark Products | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 77,396 | 82,000 | 88,362 |
Purchases | 0 | 0 | 0 |
Acquisition from business combinations | 0 | (2,887) | |
Systems Development | 0 | ||
Transfer of completed development systems | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | (1,257) | (4,604) | (3,475) |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 76,139 | 77,396 | 82,000 |
Rights to Produce and Distribute Coca-Cola trademark Products | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (745) | (745) | (745) |
Amortization expense | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | (745) | (745) | (745) |
Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 23,431 | 25,833 | |
Ending balance | 22,909 | 23,431 | 25,833 |
Goodwill | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 23,431 | 25,833 | 23,729 |
Purchases | 0 | 0 | 0 |
Acquisition from business combinations | 0 | 2,903 | |
Systems Development | 0 | ||
Transfer of completed development systems | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | (522) | (2,402) | (799) |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 22,909 | 23,431 | 25,833 |
Goodwill | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | 0 | 0 |
Amortization expense | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Other indefinite lived intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,148 | 1,165 | |
Ending balance | 1,192 | 1,148 | 1,165 |
Other indefinite lived intangible assets | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,148 | 1,165 | 1,054 |
Purchases | 135 | 0 | 0 |
Acquisition from business combinations | 0 | 153 | |
Systems Development | 0 | ||
Transfer of completed development systems | 0 | 0 | 0 |
Disposals | (3) | (25) | 0 |
Effect of movements in exchange rates | (88) | 8 | (42) |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 1,192 | 1,148 | 1,165 |
Other indefinite lived intangible assets | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | 0 | 0 |
Amortization expense | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Technology costs and management systems | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2,356 | 2,625 | |
Ending balance | 2,014 | 2,356 | 2,625 |
Technology costs and management systems | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,709 | 6,430 | 6,023 |
Purchases | 370 | 43 | 100 |
Acquisition from business combinations | 0 | (6) | |
Systems Development | 398 | ||
Transfer of completed development systems | 255 | 374 | 0 |
Disposals | 0 | (41) | (17) |
Effect of movements in exchange rates | (374) | (97) | (68) |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 6,960 | 6,709 | 6,430 |
Technology costs and management systems | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (4,353) | (3,805) | (3,025) |
Amortization expense | (594) | (703) | (819) |
Disposals | 0 | 20 | 17 |
Effect of movements in exchange rates | 53 | 164 | 52 |
Changes in value on the recognition of inflation effects | (52) | (29) | (30) |
Ending balance | (4,946) | (4,353) | (3,805) |
Development systems | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 176 | 690 | |
Ending balance | 375 | 176 | 690 |
Development systems | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 176 | 690 | 777 |
Purchases | 673 | 198 | 334 |
Acquisition from business combinations | 0 | 0 | |
Systems Development | (399) | ||
Transfer of completed development systems | (469) | (665) | 0 |
Disposals | 0 | (6) | 0 |
Effect of movements in exchange rates | (5) | (41) | (22) |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 375 | 176 | 690 |
Development systems | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | 0 | 0 |
Amortization expense | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 | 0 |
Changes in value on the recognition of inflation effects | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Other amortizable | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 209 | 482 | |
Ending balance | 290 | 209 | 482 |
Other amortizable | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 737 | 752 | 666 |
Purchases | 113 | 48 | 263 |
Acquisition from business combinations | 0 | (185) | |
Systems Development | 1 | ||
Transfer of completed development systems | 214 | 291 | 0 |
Disposals | 0 | (371) | 0 |
Effect of movements in exchange rates | (24) | (21) | 13 |
Changes in value on the recognition of inflation effects | 62 | 38 | (6) |
Ending balance | 1,102 | 737 | 752 |
Other amortizable | Accumulated Depreciation | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (528) | (270) | (37) |
Amortization expense | (294) | (317) | (243) |
Disposals | 0 | 48 | 0 |
Effect of movements in exchange rates | 10 | 11 | 9 |
Changes in value on the recognition of inflation effects | 0 | 0 | 1 |
Ending balance | $ (812) | $ (528) | $ (270) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Risk premium basis points | 1.00% | ||
Cost of Sales | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | $ 15 | $ 22 | $ 26 |
Selling and Marketing Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | 108 | 154 | 245 |
General and Administrative Expense | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | $ 765 | $ 844 | $ 791 |
Technology costs and management systems | Bottom of Range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful lives of intangible assets | 3 years | ||
Technology costs and management systems | Top of Range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful lives of intangible assets | 10 years |
Intangible Assets - Disclosur_2
Intangible Assets - Disclosure of Detailed Information About Carrying Amounts of Goodwill (Detail) - Goodwill and Distribution Rights - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | $ 98,303 | $ 100,082 |
Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 56,352 | 56,352 |
Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,735 | 1,755 |
Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 438 | 433 |
Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,407 | 1,425 |
Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,238 | 1,200 |
Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 3,798 | 4,414 |
Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 30,608 | 31,741 |
Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 395 | 312 |
Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | $ 2,332 | $ 2,450 |
Intangible Assets - Disclosur_3
Intangible Assets - Disclosure of Detailed Information About Key Assumptions by CGU for Impairment Test (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 6.80% | 7.40% |
Post –tax WACC | 4.90% | 5.30% |
Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 9.10% | 9.10% |
Post –tax WACC | 5.80% | 6.00% |
Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 8.70% | 11.00% |
Post –tax WACC | 5.80% | 7.30% |
Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 19.70% | 26.30% |
Post –tax WACC | 14.50% | 20.40% |
Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 7.90% | 10.60% |
Post –tax WACC | 6.10% | 8.30% |
Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 13.50% | 15.30% |
Post –tax WACC | 9.20% | 10.80% |
Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 18.30% | 20.60% |
Post –tax WACC | 10.60% | 13.90% |
Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 8.50% | 8.80% |
Post –tax WACC | 6.50% | 6.80% |
Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Pre-tax WACC | 8.50% | 9.90% |
Post –tax WACC | 6.10% | 7.10% |
Expected Annual Long-Term Inflation 2022-2026 | Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.70% | |
Expected Annual Long-Term Inflation 2022-2026 | Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.30% | |
Expected Annual Long-Term Inflation 2022-2026 | Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.00% | |
Expected Annual Long-Term Inflation 2022-2026 | Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 35.90% | |
Expected Annual Long-Term Inflation 2022-2026 | Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 4.20% | |
Expected Annual Long-Term Inflation 2022-2026 | Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.10% | |
Expected Annual Long-Term Inflation 2022-2026 | Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 4.30% | |
Expected Annual Long-Term Inflation 2022-2026 | Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 2.20% | |
Expected Annual Long-Term Inflation 2022-2026 | Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 5.00% | |
Expected Volume Growth Rates 2022-2026 | Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 2.80% | |
Expected Volume Growth Rates 2022-2026 | Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 7.70% | |
Expected Volume Growth Rates 2022-2026 | Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 8.40% | |
Expected Volume Growth Rates 2022-2026 | Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 5.40% | |
Expected Volume Growth Rates 2022-2026 | Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 10.70% | |
Expected Volume Growth Rates 2022-2026 | Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 6.50% | |
Expected Volume Growth Rates 2022-2026 | Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 6.40% | |
Expected Volume Growth Rates 2022-2026 | Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 7.00% | |
Expected Volume Growth Rates 2022-2026 | Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 4.00% | |
Expected Annual Long-Term Inflation 2021-2030 | Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.90% | |
Expected Annual Long-Term Inflation 2021-2030 | Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.00% | |
Expected Annual Long-Term Inflation 2021-2030 | Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 2.80% | |
Expected Annual Long-Term Inflation 2021-2030 | Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 30.10% | |
Expected Annual Long-Term Inflation 2021-2030 | Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.10% | |
Expected Annual Long-Term Inflation 2021-2030 | Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 2.70% | |
Expected Annual Long-Term Inflation 2021-2030 | Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 3.70% | |
Expected Annual Long-Term Inflation 2021-2030 | Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 1.50% | |
Expected Annual Long-Term Inflation 2021-2030 | Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected annual long term inflation | 7.80% | |
Expected Volume Growth Rates 2021-2030 | Mexico | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 2.00% | |
Expected Volume Growth Rates 2021-2030 | Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 2.40% | |
Expected Volume Growth Rates 2021-2030 | Colombia | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 4.10% | |
Expected Volume Growth Rates 2021-2030 | Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 3.90% | |
Expected Volume Growth Rates 2021-2030 | Guatemala | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 6.80% | |
Expected Volume Growth Rates 2021-2030 | Costa Rica | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 4.30% | |
Expected Volume Growth Rates 2021-2030 | Nicaragua | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 7.10% | |
Expected Volume Growth Rates 2021-2030 | Panama | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 7.90% | |
Expected Volume Growth Rates 2021-2030 | Uruguay | ||
Disclosure of detailed information about intangible assets [line items] | ||
Expected volume growth rates | 2.00% |
Intangible Assets - Disclosur_4
Intangible Assets - Disclosure of Detailed Information About Sensitivity to Changes in Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Mexico | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.20% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 6.8x |
Brazil | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.20% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 2.7x |
Colombia | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.20% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 4.2x |
Argentina | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.80% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 10.0x |
Guatemala | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.20% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 54.5x |
Costa Rica | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.40% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 3.1x |
Nicaragua | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.50% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 1.0x |
Panama | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.10% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 8.2x |
Uruguay | |
Disclosure of detailed information about intangible assets [line items] | |
Change in WACC | 0.10% |
Change in Volume Growth CAGR | (1.00%) |
Effect on Valuation | Passes by 4.4x |
Other non-current assets and _3
Other non-current assets and other non-current financial assets - Disclosure of Detailed Information About Other Non-Current Assets (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other non-current assets and other non-current financial assets [Abstract] | ||
Non-current prepaid advertising expenses | $ 213 | $ 333 |
Guarantee deposits | 1,165 | 1,465 |
Prepaid bonuses | 283 | 238 |
Advances to acquire property, plant and equipment | 457 | 171 |
Shared based payment | 303 | 192 |
Indemnifiable contingencies from business combinations | 1,554 | 1,609 |
Recoverable tax | 378 | 350 |
Other | 49 | 94 |
Other non-current assets | 4,402 | 4,452 |
Other non-current financial assets | 153 | 175 |
Derivative financial instruments asset | 4,983 | 2,524 |
Other non-current financial assets | $ 5,136 | $ 2,699 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties and Affiliated Companies - Schedule of Balances and Transactions with Related Parties and Affiliated Companies (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets (current included in accounts receivable) | ||
Other receivables | $ 1,007 | $ 980 |
Current and non-current receivables | 1,593 | 1,271 |
Liabilities (current included in suppliers and other liabilities and loans) | ||
Other payables | 224 | 924 |
Trade payable | 3,536 | 5,721 |
FEMSA and Subsidiaries | ||
Assets (current included in accounts receivable) | ||
Due from related party | 634 | 624 |
Liabilities (current included in suppliers and other liabilities and loans) | ||
Due to related party | 1,380 | 454 |
The Coca-Cola Company | ||
Assets (current included in accounts receivable) | ||
Due from related party | 820 | 509 |
Liabilities (current included in suppliers and other liabilities and loans) | ||
Due to related party | 1,444 | 3,513 |
Heineken Group | ||
Assets (current included in accounts receivable) | ||
Due from related party | 139 | 133 |
Liabilities (current included in suppliers and other liabilities and loans) | ||
Due to related party | 488 | 830 |
Other Related Parties | ||
Assets (current included in accounts receivable) | ||
Due from related party | 139 | 138 |
Other receivables | $ 0 | $ 5 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties and Affiliated Companies - Additional Information (Detail) - MXN ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Expenses from uncollectibility balances due from related party | $ 0 | $ 0 | $ 0 |
Balances and Transactions wit_5
Balances and Transactions with Related Parties and Affiliated Companies - Summary of Transactions and Other Related Parties (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income: | |||
Sales to affiliated parties | $ 5,489 | $ 5,020 | $ 5,694 |
Expenses: | |||
Other expenses with related parties | 156 | 10 | 15 |
Jugos del Valle, S.A.P.I. de C.V. | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 2,918 | 2,437 | 2,863 |
Promotora Industrial Azucarera, S.A. de C.V. ("PIASA") | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 2,213 | 2,123 | 2,728 |
Beta San Miguel | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 938 | 1,023 | 655 |
Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA) | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 234 | 226 | 682 |
Leao Alimentos e Bebidas, LTDA | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 1,320 | 1,253 | 1,867 |
Industria Mexicana de Reciclaje, S.A. de C.V. ("IMER") | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 416 | 308 | 281 |
Instituto Tecnologico Y de Estudios Superiores de Monterrey AC | |||
Expenses: | |||
Donations to related party | 0 | 225 | 127 |
Fundacion FEMSA AC | |||
Expenses: | |||
Donations to related party | 230 | 114 | 146 |
Heineken Group | |||
Income: | |||
Sales to affiliated parties | 3 | 3 | 5 |
Expenses: | |||
Purchases of raw material, beer and operating expenses from Heineken | 11,635 | 11,600 | 12,755 |
FEMSA | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | 7,447 | 6,538 | 7,756 |
The Coca-Cola Company | |||
Expenses: | |||
Purchases of concentrate from The Coca-Cola Company | 37,213 | 32,222 | 34,063 |
Advertisement expense paid to The Coca-Cola Company | 1,482 | 865 | 1,756 |
AdeS | |||
Expenses: | |||
Purchases and other expenses of coca cola FEMSA | $ 0 | $ 338 | $ 497 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties and Affiliated Companies - Summary of Benefits and Aggregate Compensation Paid to Executive Officers and Senior Management of the Company, Recognized as an Expense During the Reporting Period (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Current compensations and employee benefits | $ 737 | $ 815 | $ 978 |
Termination benefits | 0 | 68 | 186 |
Shared based payments | $ 276 | $ 190 | $ 188 |
Balances and Transactions in _3
Balances and Transactions in Foreign Currencies - Summary of Balances and Transactions in Foreign Currencies (Detail) € in Millions, $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020EUR (€) |
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||||
Current assets | $ 80,364 | $ 72,440 | ||||
Noncurrent assets | 191,203 | 190,626 | ||||
Current liabilities | 46,221 | 42,845 | ||||
Noncurrent liabilities | $ 97,774 | $ 97,764 | ||||
U.S. dollars | ||||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||||
Current assets | $ 28,851 | $ 21,787 | ||||
Noncurrent assets | 14 | 4 | ||||
Current liabilities | 3,495 | 2,645 | ||||
Noncurrent liabilities | $ 52,591 | $ 50,969 | ||||
Euros | ||||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||||
Current assets | € | € 0 | € 0 | ||||
Noncurrent assets | € | 0 | 0 | ||||
Current liabilities | € | 205 | 95 | ||||
Noncurrent liabilities | € | € 0 | € 0 |
Balances and Transactions in _4
Balances and Transactions in Foreign Currencies - Summary of Transactions Denominated in Foreign Currencies, Expressed in Mexican pesos (Detail) € in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2019EUR (€) | |
Disclosure of Balances and Transactions in Foreign Currencies [line items] | |||||||
Revenues | $ 194,804 | $ 183,615 | $ 194,471 | ||||
Interest Expense | $ 6,192 | $ 7,894 | $ 6,904 | ||||
U.S. dollars | |||||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | |||||||
Revenues | $ 452 | $ 462 | $ 1,506 | ||||
Purchases of Raw Materials | 14,420 | 12,801 | 14,307 | ||||
Interest Expense | 1,749 | 3,418 | 1,910 | ||||
Other | $ 2,509 | $ 2,213 | $ 2,723 | ||||
Euros | |||||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | |||||||
Revenues | € | € 0 | ||||||
Purchases of Raw Materials | € | 454 | ||||||
Interest Expense | € | 0 | ||||||
Other | € | € 0 |
Post-Employment and Other Non_3
Post-Employment and Other Non-current Employee Benefits - Summary of Long-Term Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial: | |||
Discount rate used to calculate the defined benefit obligation and the net interest on de net defined benefit liability (asset) | 8.00% | 7.20% | 7.50% |
Salary increase | 4.50% | 4.50% | 4.50% |
Future pension increase | 3.50% | 3.50% | 3.50% |
Biometric: | |||
Normal retirement age | 60 years | 60 years | 60 years |
Post-Employment and Other Non_4
Post-Employment and Other Non-current Employee Benefits - Summary of Assumptions, Amounts of Benefits Expected to be Paid (Detail) $ in Millions | Dec. 31, 2021MXN ($) |
Pension and Retirement Plans | |
Disclosure of defined benefit plans [line items] | |
2022 | $ 386 |
2023 | 169 |
2024 | 205 |
2025 | 229 |
2026 | 284 |
2027 to 2031 | 1,777 |
Seniority Premiums | |
Disclosure of defined benefit plans [line items] | |
2022 | 43 |
2023 | 42 |
2024 | 45 |
2025 | 46 |
2026 | 50 |
2027 to 2031 | $ 272 |
Post-Employment and Other Non_5
Post-Employment and Other Non-current Employee Benefits - Balances of Liabilities for Post-Employment and Other Non-Current Employee Benefits (Detail) - MXN ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Net defined benefit liability | $ 1,240 | $ 1,173 | $ 855 | $ 344 |
Total post-employment and other non-current employee benefits | 4,126 | 3,838 | ||
Pension and Retirement Plans | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Vested benefit obligation | 952 | 996 | ||
Non-vested benefit obligation | 1,876 | 1,644 | ||
Accumulated benefit obligation | 2,828 | 2,640 | ||
Excess of projected defined benefit obligation over accumulated benefit obligation | 1,687 | 1,671 | ||
Defined benefit obligation | 4,515 | 4,311 | ||
Pension plan funds at fair value | (1,234) | (1,201) | ||
Net defined benefit liability | 3,281 | 3,110 | ||
Seniority Premiums | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Vested benefit obligation | 289 | 307 | ||
Non-vested benefit obligation | 232 | 224 | ||
Accumulated benefit obligation | 521 | 531 | ||
Excess of projected defined benefit obligation over accumulated benefit obligation | 457 | 334 | ||
Defined benefit obligation | 978 | 865 | ||
Pension plan funds at fair value | (133) | (137) | ||
Net defined benefit liability | $ 845 | $ 728 |
Post-Employment and Other Non_6
Post-Employment and Other Non-Current Employee Benefits - Balances of Liabilities for Summary of Variable Return Financial Instruments Recorded at Market Values (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Variable return: | ||
Fixed and variable trust assets | 100.00% | 100.00% |
Traded securities | ||
Fixed return: | ||
Fixed return | 22.00% | 18.00% |
Life annuities | ||
Fixed return: | ||
Fixed return | 16.00% | 18.00% |
Bank instruments | ||
Fixed return: | ||
Fixed return | 5.00% | 17.00% |
Federal government instruments | ||
Fixed return: | ||
Fixed return | 37.00% | 27.00% |
Publicly traded shares | ||
Variable return: | ||
Variable return | 20.00% | 20.00% |
Post-Employment and Other Non_7
Post-Employment and Other Non-current Employee Benefits - Additional Information (Detail) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||
Employee profit sharing | $ 1,068 | $ 673 |
Actuarial Assumption of Discount Rates | ||
Disclosure of defined benefit plans [line items] | ||
Impact on absolute terms of variation in the assumptions on net defined benefit liability | 1.00% | |
Percentage of significant actuarial assumptions | 1.00% | |
Subsidiaries | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of plan asset investment for related parties | 30.00% | |
Mexican Federal Government Instruments | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of fund assets | 10.00% |
Post-Employment and Other Non_8
Post-Employment and Other Non-current Employee Benefits - Summary of Amounts and Types of Securities of Company's in Related Parties included in Portfolio Fund (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities | Grupo Industrial Bimbo, S.A.B. de C. V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | $ 25 | $ 28 |
Debt Securities | Grupo Financiero Banorte, S.A.B. de C.V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | 9 | 9 |
Debt Securities | El Puerto de Liverpool, S.A.B. de C.V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | 9 | 0 |
Capital Securities | El Puerto de Liverpool, S.A.B. de C.V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | 0 | 0 |
Capital Securities | Fomento Económico Mexicano, S.A.B. de C.V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | 3 | 3 |
Capital Securities | Alfa, S.A.B. de C.V. | ||
Disclosure of Investment Securities [line items] | ||
Investment funds in portfolio | $ 0 | $ 0 |
Post-Employment and Other Non_9
Post-Employment and Other Non-current Employee Benefits - Summary of Amounts Recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income (Detail) - MXN ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||||
Remeasurements of the Net Defined Benefit Liability net of taxes | $ 1,240 | $ 1,173 | $ 855 | $ 344 |
Income statement | ||||
Disclosure of defined benefit plans [line items] | ||||
Current Service Cost | 328 | 297 | 205 | |
Past Service Cost | 0 | 71 | 32 | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 2 | |
Net Interest on the Net Defined Benefit Liability | 248 | 231 | 200 | |
Accumulated OCI | ||||
Disclosure of defined benefit plans [line items] | ||||
Remeasurements of the Net Defined Benefit Liability net of taxes | 1,240 | 1,173 | 855 | |
Pension and Retirement Plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Remeasurements of the Net Defined Benefit Liability net of taxes | 3,281 | 3,110 | ||
Pension and Retirement Plans | Income statement | ||||
Disclosure of defined benefit plans [line items] | ||||
Current Service Cost | 244 | 229 | 170 | |
Past Service Cost | 0 | 71 | (44) | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 2 | |
Net Interest on the Net Defined Benefit Liability | 197 | 188 | 176 | |
Pension and Retirement Plans | Accumulated OCI | ||||
Disclosure of defined benefit plans [line items] | ||||
Remeasurements of the Net Defined Benefit Liability net of taxes | 1,038 | 934 | 790 | |
Seniority premiums | Income statement | ||||
Disclosure of defined benefit plans [line items] | ||||
Current Service Cost | 84 | 68 | 35 | |
Past Service Cost | 0 | 0 | 76 | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 0 | |
Net Interest on the Net Defined Benefit Liability | 51 | 43 | 24 | |
Seniority premiums | Accumulated OCI | ||||
Disclosure of defined benefit plans [line items] | ||||
Remeasurements of the Net Defined Benefit Liability net of taxes | $ 202 | $ 239 | $ 65 |
Post-Employment and Other No_10
Post-Employment and Other Non-current Employee Benefits - Summary of Remeasurements of Net Defined Benefit Liability Recognized in Other Comprehensive Income (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [abstract] | |||
Amount accumulated in other comprehensive income as of the beginning of the periods | $ 1,173 | $ 855 | $ 344 |
Recognized during the year (obligation liability and plan assets) | 680 | 213 | 98 |
Actuarial gains and losses arising from changes in financial assumptions | (550) | (76) | 456 |
Actuarial gains and losses arising from changes in demographic assumptions | 0 | 184 | 0 |
Foreign exchange rate valuation (gain) | 9 | (3) | (43) |
Adjustment from employees transferred | (72) | 0 | 0 |
Amount accumulated in other comprehensive income as of the end of the period, net of tax | $ 1,240 | $ 1,173 | $ 855 |
Post-Employment and Other No_11
Post-Employment and Other Non-current Employee Benefits - Summary of Changes in Balance of Defined Benefit Obligation for Post-Employment and Other Non-Current Employee Benefits (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Foreign exchange gain | $ 9 | $ (3) | $ (43) |
Pension and Retirement Plans | Present Value of Defined Benefit Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 4,311 | 3,912 | 3,388 |
Current service cost | 244 | 229 | 170 |
Effect on curtailment | 0 | 0 | 2 |
Interest expense | 291 | 269 | 275 |
Actuarial gains or losses | 5 | 257 | 585 |
Foreign exchange gain | 18 | 28 | (69) |
Benefits paid | (364) | (455) | (395) |
Past service cost | 0 | 71 | (44) |
Balance at end of year | 4,515 | 4,311 | 3,912 |
Seniority premiums | Present Value of Defined Benefit Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 865 | 630 | 411 |
Current service cost | 84 | 68 | 35 |
Interest expense | 62 | 53 | 37 |
Actuarial gains or losses | 74 | 187 | 155 |
Benefits paid | (107) | (73) | (84) |
Past service cost | 0 | 0 | 76 |
Balance at end of year | $ 978 | $ 865 | $ 630 |
Post-Employment and Other No_12
Post-Employment and Other Non-current Employee Benefits - Summary of Changes in Balance of Trust Assets (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Trust Assets [line items] | |||
Foreign exchange gain | $ 9 | $ (3) | $ (43) |
Trust Assets | Pension and Retirement Plans | |||
Disclosure Of Trust Assets [line items] | |||
Initial balance | 1,201 | 1,122 | 1,031 |
Actual return on trust assets | 33 | 75 | 81 |
Foreign exchange gain | 0 | 4 | 2 |
Life annuities | 0 | 0 | 8 |
Balance at end of year | 1,234 | 1,201 | 1,122 |
Trust Assets | Seniority premiums | |||
Disclosure Of Trust Assets [line items] | |||
Initial balance | 137 | 127 | 111 |
Actual return on trust assets | (4) | 10 | 16 |
Balance at end of year | $ 133 | $ 137 | $ 127 |
Post-Employment and Other No_13
Post-Employment and Other Non-current Employee Benefits - Variation in Assumptions (Detail) - MXN ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | $ 1,240 | $ 1,173 | $ 855 | $ 344 |
Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 328 | 297 | 205 | |
Past Service Cost | 0 | 71 | 32 | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 2 | |
Net Interest on the Net Defined Benefit Liability | 248 | 231 | 200 | |
Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,240 | 1,173 | 855 | |
Pension and Retirement Plans | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 3,281 | 3,110 | ||
Pension and Retirement Plans | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 244 | 229 | 170 | |
Past Service Cost | 0 | 71 | (44) | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 2 | |
Net Interest on the Net Defined Benefit Liability | 197 | 188 | 176 | |
Pension and Retirement Plans | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,038 | 934 | 790 | |
Seniority premiums | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 84 | 68 | 35 | |
Past Service Cost | 0 | 0 | 76 | |
(Gain) or Loss on Settlement or curtailment | 0 | 0 | 0 | |
Net Interest on the Net Defined Benefit Liability | 51 | 43 | 24 | |
Seniority premiums | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 202 | $ 239 | $ 65 | |
Actuarial Assumption of Discount Rates | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 345 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 284 | |||
Actuarial Assumption of Discount Rates | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,636 | |||
Actuarial Assumption of Discount Rates | Pension and Retirement Plans | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 255 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 226 | |||
Actuarial Assumption of Discount Rates | Pension and Retirement Plans | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,463 | |||
Actuarial Assumption of Discount Rates | Seniority premiums | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 90 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 58 | |||
Actuarial Assumption of Discount Rates | Seniority premiums | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 173 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 286 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 217 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,433 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Pension and Retirement Plans | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 211 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 172 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Pension and Retirement Plans | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | 1,288 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Seniority premiums | Income statement | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current Service Cost | 75 | |||
Past Service Cost | 0 | |||
(Gain) or Loss on Settlement or curtailment | 0 | |||
Net Interest on the Net Defined Benefit Liability | 45 | |||
Actuarial Assumption of Expected Rates of Salary Increases | Seniority premiums | Accumulated OCI | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements of the Net Defined Benefit Liability | $ 145 |
Post-Employment and Other No_14
Post-Employment and Other Non-current Employee Benefits - Summary of Employee Benefits Expense (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefits expense [line items] | |||
Employee profit sharing | $ 1,068 | $ 673 | |
Total employee benefits expense | 32,115 | 29,633 | $ 30,561 |
Cost of Goods Sold | |||
Employee benefits expense [line items] | |||
Wages and salaries | 4,301 | 3,955 | 4,052 |
Social security costs | 1,359 | 1,251 | 1,277 |
Employee profit sharing | 57 | 89 | 79 |
Pension and seniority premium costs | 52 | 69 | 34 |
Share-based payment expense | 19 | 4 | 1 |
Selling and Distribution Expenses | |||
Employee benefits expense [line items] | |||
Wages and salaries | 16,627 | 15,620 | 16,068 |
Social security costs | 4,787 | 4,587 | 4,717 |
Employee profit sharing | 959 | 551 | 539 |
Pension and seniority premium costs | 235 | 261 | 185 |
Share-based payment expense | 32 | 20 | 2 |
Administrative Expenses | |||
Employee benefits expense [line items] | |||
Wages and salaries | 2,788 | 2,448 | 2,742 |
Social security costs | 581 | 541 | 625 |
Employee profit sharing | 52 | 33 | 35 |
Pension and seniority premium costs | 41 | 38 | 20 |
Share-based payment expense | $ 225 | $ 166 | $ 185 |
Bonus Programs - Additional Inf
Bonus Programs - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Annual bonus percentage | 50.00% | ||
Bonus expense | $ 856 | $ 747 | $ 940 |
Vesting percentage | 33.00% | ||
Number of options granted | 0 | 0 | 0 |
Vesting period | 3 years | ||
The total expense recognized for the period arising from share-based payment transactions | $ 276 | $ 190 | $ 188 |
Share based payments | $ 303 | $ 192 | |
FEMSA | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Annual bonus percentage | 50.00% | ||
Number of options granted | 2,296,662,000,000 |
Bonus Programs - Summary of Sha
Bonus Programs - Summary of Shares Granted Under the Company's Executive Incentive Plans (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 0 | 0 | 0 |
FEMSA | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 2,296,662,000,000 | ||
FEMSA | 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 326,561,000,000 | ||
FEMSA | 2018 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 211,290,000,000 | ||
FEMSA | 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 312,006,000,000 | ||
FEMSA | 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 666,281,000,000 | ||
FEMSA | 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 780,524,000,000 | ||
KOF | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 3,238,156,000,000 | ||
KOF | 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 369,791,000,000 | ||
KOF | 2018 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 256,281,000,000 | ||
KOF | 2019 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 457,338,000,000 | ||
KOF | 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 956,926,000,000 | ||
KOF | 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares | 1,197,820,000,000 |
Bank Loans and Notes Payables -
Bank Loans and Notes Payables - Detailed Information About Borrowings (Detail) $ in Millions, $ in Millions | Dec. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) |
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 645 | $ 1,645 | |
Annual rate | 5.46% | ||
Long term debt | $ 85,137 | $ 900 | 85,833 |
Current portion of long term debt | 1,808 | 3,372 | |
Long-term debt | $ 83,329 | $ 82,461 | |
Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 3.09% | 3.09% | 3.09% |
Long term debt | $ 52,255 | $ 50,598 | |
Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 645 | 1,209 | |
Long term debt | 79,482 | 73,269 | |
Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | 436 | |
Long term debt | 5,655 | 12,564 | |
2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 645 | ||
Long term debt | 1,808 | ||
Current portion of long term debt | 1,808 | ||
Long-term debt | $ 0 | ||
2022 | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
2022 | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 645 | ||
Long term debt | 304 | ||
2022 | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 1,504 | ||
2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 8,456 | ||
Current portion of long term debt | 0 | ||
Long-term debt | $ 8,456 | ||
2023 | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
2023 | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 8,456 | ||
2023 | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 0 | ||
2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 18 | ||
Current portion of long term debt | 0 | ||
Long-term debt | $ 18 | ||
2023 | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
2023 | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 18 | ||
2023 | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 0 | ||
2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 1,726 | ||
Current portion of long term debt | 0 | ||
Long-term debt | $ 1,726 | ||
2025 | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
2025 | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 0 | ||
2025 | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 1,726 | ||
2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 2,425 | ||
Current portion of long term debt | 0 | ||
Long-term debt | $ 2,425 | ||
2026 | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
2026 | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 0 | ||
2026 | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 2,425 | ||
2027 and following years | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 70,704 | ||
Current portion of long term debt | 0 | ||
Long-term debt | $ 70,704 | ||
2027 and following years | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 3.09% | ||
Long term debt | $ 52,255 | ||
2027 and following years | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 70,704 | ||
2027 and following years | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 0 | ||
Argentine peso | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 461 | $ 711 | |
Annual rate | 41.02% | 44.73% | 44.73% |
Argentine peso | 2022 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 461 | ||
Annual rate | 41.02% | ||
Argentine peso | 2023 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Argentine peso | 2023 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Argentine peso | 2025 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Argentine peso | 2026 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Argentine peso | 2027 and following years | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 184 | $ 498 | |
Annual rate | 6.00% | 15.13% | 15.13% |
Uruguayan peso | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.65% | 9.72% | 9.72% |
Long term debt | $ 1,186 | $ 1,031 | |
Uruguayan peso | 2022 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 184 | ||
Annual rate | 6.00% | ||
Uruguayan peso | 2022 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 8.04% | ||
Long term debt | $ 256 | ||
Uruguayan peso | 2023 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | 2023 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.27% | ||
Long term debt | $ 930 | ||
Uruguayan peso | 2023 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | 2023 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Uruguayan peso | 2025 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | 2025 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Uruguayan peso | 2026 | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | 2026 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Uruguayan peso | 2027 and following years | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Uruguayan peso | 2027 and following years | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Colombian peso | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | $ 436 | |
Annual rate | 0.00% | 3.08% | 3.08% |
Colombian peso | 2022 | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Colombian peso | 2023 | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Colombian peso | 2023 | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Colombian peso | 2025 | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Colombian peso | 2026 | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Colombian peso | 2027 and following years | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | 0.00% | ||
Mexican peso | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.97% | 7.00% | 7.00% |
Long term debt | $ 25,947 | $ 21,483 | |
Mexican peso | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 5.35% | 4.64% | 4.64% |
Long term debt | $ 5,650 | $ 3,181 | |
Mexican peso | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | 5.04% | 5.04% |
Long term debt | $ 0 | $ 9,335 | |
Mexican peso | 2022 | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2022 | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 5.49% | ||
Long term debt | $ 1,499 | ||
Mexican peso | 2022 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2023 | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 5.46% | ||
Long term debt | $ 7,498 | ||
Mexican peso | 2023 | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2023 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2023 | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2023 | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2023 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2025 | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2025 | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 5.32% | ||
Long term debt | $ 1,726 | ||
Mexican peso | 2025 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2026 | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2026 | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 5.29% | ||
Long term debt | $ 2,425 | ||
Mexican peso | 2026 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2027 and following years | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 7.59% | ||
Long term debt | $ 18,449 | ||
Mexican peso | 2027 and following years | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Mexican peso | 2027 and following years | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.24% | 6.18% | 6.18% |
Long term debt | $ 94 | $ 157 | |
Real | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 8.95% | 8.44% | 8.44% |
Long term debt | $ 5 | $ 48 | |
Real | 2022 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.00% | ||
Long term debt | $ 48 | ||
Real | 2022 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 8.95% | ||
Long term debt | $ 5 | ||
Real | 2023 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.40% | ||
Long term debt | $ 28 | ||
Real | 2023 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2023 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 6.62% | ||
Long term debt | $ 18 | ||
Real | 2023 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2025 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2025 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2026 | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2026 | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2027 and following years | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
Real | 2027 and following years | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | 0.00% | ||
Long term debt | $ 0 | ||
At Fair Value | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 645 | ||
Long term debt | 87,694 | ||
Current portion of long term debt | 1,805 | ||
Long-term debt | $ 85,889 | ||
At Fair Value | Long Term Yankee Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 56,147 | ||
At Fair Value | Fixed Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 645 | ||
Long term debt | 82,149 | ||
At Fair Value | Floating Interest Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 0 | ||
Long term debt | 5,545 | ||
At Fair Value | Argentine peso | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 461 | ||
Annual rate | |||
At Fair Value | Uruguayan peso | Fixed Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 184 | ||
Annual rate | |||
At Fair Value | Uruguayan peso | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 1,186 | ||
At Fair Value | Colombian peso | Floating Interest Rate | Short-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 0 | ||
Annual rate | |||
At Fair Value | Mexican peso | Fixed Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 24,722 | ||
At Fair Value | Mexican peso | Floating Interest Rate | Long Term Borrowings Senior Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 5,540 | ||
At Fair Value | Mexican peso | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 0 | ||
At Fair Value | Real | Fixed Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 94 | ||
At Fair Value | Real | Floating Interest Rate | Long-term bank loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Annual rate | |||
Long term debt | $ 5 |
Summary of Interest Expense - B
Summary of Interest Expense - Bank Loans and Notes Payables (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |||
Interest on debts and borrowings | $ 4,544 | $ 6,228 | $ 4,459 |
Finance charges for employee benefits | 248 | 231 | 200 |
Derivative instruments (Interest) | 1,097 | 1,174 | 1,946 |
Finance charges of leases | 101 | 105 | 129 |
Finance operating charges | 202 | 156 | 170 |
Interest Expense | $ 6,192 | $ 7,894 | $ 6,904 |
Bank Loans and Notes Payables_2
Bank Loans and Notes Payables - Additional Information (Detail) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021MXN ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2021USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Fixed interest rate | 5.46% | 5.46% | ||||
Repayment of bonds | $ 500 | |||||
Increase in interest rate on the bonds | 2500.00% | |||||
Mexico | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Proceeds from bank loan | $ 15,650 | $ 9,400 | ||||
Uruguay Colombia and Argentina | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Proceeds from bank loan | $ 1,184 | $ 1,670 | ||||
Top of Range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Fixed interest rate | 6.04% | 8.39% | ||||
Bottom of Range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Fixed interest rate | 7.91% | |||||
Argentine peso | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 461 | $ 711 | ||||
Uruguayan peso | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | 1,114 | $ 759 | ||||
5.46% Debt Bonds Maturing in 2023 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 7,500 | |||||
Maturity date | 2023 | |||||
TIIE + 0.25% Debt Bonds Maturing on 2022 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 1,500 | |||||
Maturity date | 2022 | |||||
Floating interest rate | 0.25% | 0.25% | ||||
7.87% Senior Notes, Maturity Date on Nov. 26, 2027 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 8,500 | |||||
Maturity date | 2027 | |||||
Fixed interest rate | 7.87% | 7.87% | ||||
TIIE + 0.08% Debt Bonds Maturing on 2025 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 1,727 | |||||
Floating interest rate | 0.08% | 0.08% | ||||
7.35% Debt Bonds Maturing in 2028 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 3,000 | |||||
Maturity date | 2028 | |||||
Fixed interest rate | 7.35% | 7.35% | ||||
7.36% Debt Bonds Maturing 2028 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 6,965 | |||||
Maturity date | 2028 | |||||
Fixed interest rate | 7.36% | 7.36% | ||||
TIIE + 0.05% Debt Bonds Maturing on 2026 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 2,435 | |||||
Maturity date | 2026 | |||||
Floating interest rate | 0.05% | 0.05% | ||||
2.75 Senior Notes, Maturity Date on January 22, 2030 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 1,250 | |||||
Fixed interest rate | 2.75% | 2.75% | ||||
1.85% Senior Notes, Maturity Date on September 1, 2032 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 705 | |||||
Fixed interest rate | 1.85% | 1.85% | ||||
5.25% Senior Notes, Maturity Date on Nov. 26, 2043 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 600 | |||||
Maturity date | November 26, 2043 | |||||
Fixed interest rate | 5.25% | 5.25% | ||||
Sustainability-Linked Bond (SLB) | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notional amount | $ 9,400 | |||||
Sustainability-Linked Bond (SLB) | Top of Range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Maturity date | 2026 | |||||
Sustainability-Linked Bond (SLB) | Bottom of Range | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Maturity date | 2025 |
Bank Loans and Notes Payables_3
Bank Loans and Notes Payables - Summary of Reconciliation of Liabilities Arising From Financing Activities (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | $ 88,784 | $ 71,360 | |
Cash flows, Repayments | (14,189) | (45,187) | $ (20,460) |
Repayments of borrowings and lease liabilities | (14,818) | (45,760) | |
Cash flows, Proceeds | 11,191 | 62,297 | 10,736 |
Non-cash impact , New leases | 533 | 599 | |
Non-cash Impacts, Others | 340 | 33 | |
Non-cash Impacts, Foreign Exchange movements | 1,685 | 1,005 | |
Non-cash Impacts, Translation Effect | (428) | (750) | |
Carrying value | 87,287 | 88,784 | 71,360 |
Long-term lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Non-cash Impacts, Others | 0 | ||
Short-term Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 1,645 | 882 | |
Cash flows, Repayments | (1,925) | (17,641) | |
Cash flows, Proceeds | 844 | 18,525 | |
Non-cash impact , New leases | 0 | 0 | |
Non-cash Impacts, Others | 0 | 0 | |
Non-cash Impacts, Foreign Exchange movements | 0 | 0 | |
Non-cash Impacts, Translation Effect | 81 | (121) | |
Carrying value | 645 | 1,645 | 882 |
Short-term Borrowings | Short-term bank loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 1,645 | 882 | |
Cash flows, Repayments | (1,925) | (17,641) | |
Cash flows, Proceeds | 844 | 18,525 | |
Non-cash impact , New leases | 0 | 0 | |
Non-cash Impacts, Others | 0 | 0 | |
Non-cash Impacts, Foreign Exchange movements | 0 | 0 | |
Non-cash Impacts, Translation Effect | 81 | (121) | |
Carrying value | 645 | 1,645 | 882 |
Short-term Borrowings | Short-term notes payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 0 | 0 | |
Cash flows, Repayments | 0 | ||
Cash flows, Proceeds | 0 | ||
Non-cash impact , New leases | 0 | ||
Non-cash Impacts, Others | 0 | ||
Non-cash Impacts, Foreign Exchange movements | 0 | ||
Non-cash Impacts, Translation Effect | 0 | ||
Carrying value | 0 | 0 | |
Long-term Borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 85,833 | 69,095 | |
Cash flows, Repayments | (12,264) | (27,546) | |
Cash flows, Proceeds | 10,347 | 43,772 | |
Non-cash impact , New leases | 0 | 0 | |
Non-cash Impacts, Others | 0 | 0 | |
Non-cash Impacts, Foreign Exchange movements | 1,688 | 1,018 | |
Non-cash Impacts, Translation Effect | (467) | (506) | |
Carrying value | 85,137 | 85,833 | 69,095 |
Long-term Borrowings | Long-term bank loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 10,568 | 11,576 | |
Cash flows, Repayments | (9,764) | (896) | |
Cash flows, Proceeds | 947 | 293 | |
Non-cash impact , New leases | 0 | 0 | |
Non-cash Impacts, Others | 0 | 0 | |
Non-cash Impacts, Foreign Exchange movements | 0 | 0 | |
Non-cash Impacts, Translation Effect | (467) | (405) | |
Carrying value | 1,284 | 10,568 | 11,576 |
Long-term Borrowings | Long-term notes payable | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 75,265 | 57,519 | |
Cash flows, Repayments | (2,500) | (26,650) | |
Cash flows, Proceeds | 9,400 | 43,479 | |
Non-cash impact , New leases | 0 | 0 | |
Non-cash Impacts, Others | 0 | 0 | |
Non-cash Impacts, Foreign Exchange movements | 1,688 | 1,018 | |
Non-cash Impacts, Translation Effect | 0 | (101) | |
Carrying value | 83,853 | 75,265 | 57,519 |
Long-term Borrowings | Long-term lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 0 | 0 | |
Cash flows, Repayments | 0 | ||
Cash flows, Proceeds | 0 | ||
Non-cash impact , New leases | 0 | ||
Non-cash Impacts, Foreign Exchange movements | 0 | ||
Non-cash Impacts, Translation Effect | 0 | ||
Carrying value | 0 | 0 | |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Carrying value | 1,306 | 1,383 | |
Payments of lease liabilities, classified as financing activities | (629) | (573) | |
Cash flows, Proceeds | 0 | 0 | |
Non-cash impact , New leases | 533 | 599 | |
Non-cash Impacts, Others | 340 | 33 | |
Non-cash Impacts, Foreign Exchange movements | (3) | (13) | |
Non-cash Impacts, Translation Effect | (42) | (123) | |
Carrying value | $ 1,505 | $ 1,306 | $ 1,383 |
Other Income and Expenses - Sum
Other Income and Expenses - Summary of other income and expenses (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income: | |||
Gain on sale of long-lived assets | $ 259 | $ 274 | $ 330 |
Cancellation of contingencies | 745 | 344 | 565 |
Foreign exchange gain related to operating activities | 0 | 0 | 79 |
Joint venture sale | 0 | 212 | 0 |
Other | 498 | 664 | 916 |
Other income | 1,502 | 1,494 | 1,890 |
Other expenses: | |||
Provisions for contingencies | 938 | 842 | 1,305 |
Loss on the retirement of long-lived assets | 199 | 291 | 318 |
Loss on sale of long-lived assets | 201 | 178 | 288 |
Loss on the retirement of intangible assets | 3 | 375 | 0 |
Impairment | 250 | 2,501 | 948 |
Severance payments | 233 | 192 | 1,062 |
Donations | 258 | 361 | 288 |
Foreign exchange losses related to operating activities | 61 | 69 | 0 |
Other | 166 | 296 | 171 |
Other expenses | $ 2,309 | $ 5,105 | $ 4,380 |
Financial Instruments - Summari
Financial Instruments - Summarizes Company's Financial Assets and Liabilities Measured at Fair Value (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | $ 4,983 | $ 2,524 |
Level 1 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | 764 | 488 |
Derivative financial instruments liability | 35 | 84 |
Trust assets of labor obligations | 1,367 | 1,338 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments asset | 4,911 | 2,440 |
Derivative financial instruments liability | 58 | 1,417 |
Trust assets of labor obligations | $ 0 | $ 0 |
Financial Instruments - Impact
Financial Instruments - Impact of Hedging On Equity (Details) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | $ (522) | $ (1,065) |
Financial instruments – purchases | 963 | (270) |
Change in fair value of financial instruments recognized in OCI | 3,679 | 3,077 |
Amount reclassified from OCI to profit or loss | (489) | 1,986 |
Foreign currency revaluation of the net foreign operations | (1,490) | (4,118) |
Effects of changes in foreign exchange rates | 5 | 121 |
Tax effect | (832) | (253) |
Financial instruments designated as hedging instruments, at fair value, ending balance | 1,314 | (522) |
Non-controlling interest | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | 3 | (97) |
Financial instruments – purchases | 70 | 53 |
Change in fair value of financial instruments recognized in OCI | 310 | 414 |
Amount reclassified from OCI to profit or loss | (142) | 199 |
Foreign currency revaluation of the net foreign operations | (105) | (530) |
Effects of changes in foreign exchange rates | (1) | 16 |
Tax effect | (45) | (52) |
Financial instruments designated as hedging instruments, at fair value, ending balance | 90 | 3 |
Foreign exchange forward contracts | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | (589) | (208) |
Financial instruments – purchases | 70 | (837) |
Change in fair value of financial instruments recognized in OCI | 0 | 0 |
Amount reclassified from OCI to profit or loss | 785 | 286 |
Foreign currency revaluation of the net foreign operations | 0 | 0 |
Effects of changes in foreign exchange rates | 7 | 7 |
Tax effect | (253) | 163 |
Financial instruments designated as hedging instruments, at fair value, ending balance | 20 | (589) |
Foreign currency option | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | 0 | 0 |
Financial instruments – purchases | 0 | 2 |
Change in fair value of financial instruments recognized in OCI | 0 | 0 |
Amount reclassified from OCI to profit or loss | 0 | (2) |
Foreign currency revaluation of the net foreign operations | 0 | 0 |
Effects of changes in foreign exchange rates | 0 | 0 |
Tax effect | 0 | 0 |
Financial instruments designated as hedging instruments, at fair value, ending balance | 0 | 0 |
Cross-currency swaps | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | (167) | (776) |
Financial instruments – purchases | 396 | 161 |
Change in fair value of financial instruments recognized in OCI | 2,543 | 2,654 |
Amount reclassified from OCI to profit or loss | 10 | 1,544 |
Foreign currency revaluation of the net foreign operations | (1,385) | (3,588) |
Effects of changes in foreign exchange rates | 8 | 92 |
Tax effect | (500) | (254) |
Financial instruments designated as hedging instruments, at fair value, ending balance | 905 | (167) |
Interest rate swaps | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | 1 | (78) |
Financial instruments – purchases | 0 | 0 |
Change in fair value of financial instruments recognized in OCI | 0 | 0 |
Amount reclassified from OCI to profit or loss | (1) | 98 |
Foreign currency revaluation of the net foreign operations | 0 | 0 |
Effects of changes in foreign exchange rates | 0 | 14 |
Tax effect | 0 | (33) |
Financial instruments designated as hedging instruments, at fair value, ending balance | 0 | 1 |
Treasury Lock contracts | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | 0 | 71 |
Financial instruments – purchases | 0 | 0 |
Change in fair value of financial instruments recognized in OCI | 0 | 0 |
Amount reclassified from OCI to profit or loss | 0 | (102) |
Foreign currency revaluation of the net foreign operations | 0 | 0 |
Effects of changes in foreign exchange rates | 0 | 0 |
Tax effect | 0 | 31 |
Financial instruments designated as hedging instruments, at fair value, ending balance | 0 | 0 |
Commodity Price contracts | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | 230 | 23 |
Financial instruments – purchases | 427 | 351 |
Change in fair value of financial instruments recognized in OCI | 826 | 9 |
Amount reclassified from OCI to profit or loss | (1,141) | (37) |
Foreign currency revaluation of the net foreign operations | 0 | 0 |
Effects of changes in foreign exchange rates | (9) | (8) |
Tax effect | (34) | (108) |
Financial instruments designated as hedging instruments, at fair value, ending balance | 299 | 230 |
Total holders of the parent | ||
Disclosure of financial assets [line items] | ||
Financial instruments designated as hedging instruments, at fair value, begging balance | (525) | (968) |
Financial instruments – purchases | 893 | (323) |
Change in fair value of financial instruments recognized in OCI | 3,369 | 2,663 |
Amount reclassified from OCI to profit or loss | (347) | 1,787 |
Foreign currency revaluation of the net foreign operations | (1,385) | (3,588) |
Effects of changes in foreign exchange rates | 6 | 105 |
Tax effect | (787) | (201) |
Financial instruments designated as hedging instruments, at fair value, ending balance | $ 1,224 | $ (525) |
Financial Instruments - Outstan
Financial Instruments - Outstanding Forward Agreements to Purchase Foreign Currency (Detail) - MXN ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial assets | $ 4,983,000,000 | $ 2,524,000,000 |
Forward agreements to purchase foreign currency | 2022 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 6,131,000,000 | |
Derivative financial instruments liability | (49,000,000) | |
Derivative financial assets | $ 78,000,000 | |
Forward agreements to purchase foreign currency | 2021 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 7,130,000,000 | |
Derivative financial instruments liability | (843,000,000) | |
Derivative financial assets | $ 4,000,000 |
Financial Instruments - Summa_2
Financial Instruments - Summarizes outstanding Cross Currency Swap Agreements (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial assets | $ 4,983 | $ 2,524 |
Cross-currency swaps | 2021 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 404 | |
Derivative financial instruments liability | (4) | |
Derivative financial assets | 0 | |
Cross-currency swaps | 2022 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 407 | |
Derivative financial instruments liability | 0 | |
Derivative financial assets | 45 | |
Cross-currency swaps | 2023 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 11,733 | 11,371 |
Derivative financial instruments liability | 0 | 0 |
Derivative financial assets | 3,628 | 2,165 |
Cross-currency swaps | 2026 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 6,348 | |
Derivative financial instruments liability | (1) | |
Derivative financial assets | 220 | |
Cross-currency swaps | 2027 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 7,204 | 6,982 |
Derivative financial instruments liability | 0 | (464) |
Derivative financial assets | 366 | 80 |
Cross-currency swaps | 2030 | Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional Amount | 3,911 | 3,790 |
Derivative financial instruments liability | (8) | (107) |
Derivative financial assets | $ 404 | $ 192 |
Financial Instruments - Summa_3
Financial Instruments - Summarizes Sugar Price and Aluminum Price Contracts (Detail) $ in Millions | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) |
Disclosure of detailed information about financial instruments [line items] | |||
Derivative financial assets | $ 4,983,000,000 | $ 2,524,000,000 | |
2032 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 6,175,000,000 | ||
Derivative financial instruments liability | 0 | ||
Derivative financial assets | 170,000,000 | ||
Cash flow hedges | Aluminum price contracts | 2021 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 695,000,000 | ||
Derivative financial instruments liability | 0 | ||
Derivative financial assets | 125,000,000 | ||
Cash flow hedges | Aluminum price contracts | 2022 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 102,000,000 | $ 99 | |
Derivative financial instruments liability | 0 | 0 | |
Derivative financial assets | 62,000,000 | $ 17 | |
Cash flow hedges | PX+MEG (in millions of pesos) | 2021 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 729,000,000 | ||
Derivative financial instruments liability | (65,000,000) | ||
Derivative financial assets | 0 | ||
Cash flow hedges | PX+MEG (in millions of pesos) | 2022 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 470,000,000 | ||
Derivative financial instruments liability | (28,000,000) | ||
Derivative financial assets | 5,000,000 | ||
Cash flow hedges | Sugar price contracts | 2021 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 1,260,000,000 | ||
Derivative financial instruments liability | (18,000,000) | ||
Derivative financial assets | 275,000,000 | ||
Cash flow hedges | Sugar price contracts | 2022 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 2,020,000,000 | 366,000,000 | |
Derivative financial instruments liability | (7,000,000) | 0 | |
Derivative financial assets | 502,000,000 | $ 70,000,000 | |
Cash flow hedges | Sugar price contracts | 2023 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional Amount | 769,000,000 | ||
Derivative financial instruments liability | 0 | ||
Derivative financial assets | $ 195,000,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Millions, $ in Millions | Sep. 30, 2020 | Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) |
Disclosure of detailed information about financial instruments [abstract] | |||||
Joint venture stock interest sold percentage | 100.00% | ||||
Financial assets | $ 5 | $ 5 | $ 8 | $ 8 |
Financial Instruments - Summary
Financial Instruments - Summary of Net Effects of Expired Contracts Met Hedging Criteria (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Interest expense | $ (6,192) | $ (7,894) | $ (6,904) |
Foreign exchange | 227 | 4 | (330) |
Derivatives designated as hedges | Cross currency swaps and interest rate swaps | |||
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Interest expense | 0 | (109) | (199) |
Foreign exchange | 0 | 1,212 | 480 |
Derivatives designated as hedges | Interest rate swaps | |||
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Interest expense | 0 | (163) | (515) |
Derivatives designated as hedges | Option to purchase foreign currency | |||
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Cost of good sold | 0 | 8 | (63) |
Derivatives designated as hedges | Forward agreements to purchase foreign currency | |||
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Cost of good sold | (788) | 839 | (163) |
Derivatives designated as hedges | Commodity Price contracts | |||
Disclosure of net effects of expired contracts that met hedging criteria [line items] | |||
Cost of good sold | $ 1,245 | $ (131) | $ (391) |
Financial Instruments - Summa_4
Financial Instruments - Summary of Net Effect of Changes in Fair Value of Derivative Financial Instruments that did not Meet Hedging Criteria for Accounting Purposes (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | $ 80 | $ (212) | $ (288) |
Embedded derivatives | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | 0 | 0 | 4 |
Cross currency swaps and interest rate swaps | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | 0 | (212) | (293) |
Derivatives Not Designated For Hedge Accounting | Embedded derivatives | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | 0 | 0 | 4 |
Derivatives Not Designated For Hedge Accounting | Cross currency swaps and interest rate swaps | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | $ 80 | $ (212) | $ (293) |
Financial Instruments - Summa_5
Financial Instruments - Summary of Net Effect of Expired contracts that did not Meet Hedging Criteria for Accounting Purposes (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | $ 80 | $ (212) | $ (288) |
Cross currency swaps and interest rate swaps | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | 0 | (212) | (293) |
Embedded derivatives | |||
Disclosure of net effect of changes in fair value of derivative financial instruments that did not meet hedging criteria for accounting purposes [line items] | |||
Market value (loss) on financial instruments | $ 0 | $ 0 | $ 4 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Sensitivity Analysis of Market Risks (Detail) - Market risk - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Forward agreement to purchase U.S. Dollar (MXN/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (11.00%) | (19.00%) | (9.00%) |
Effect on equity | $ (298) | $ (884) | $ (739) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Forward agreement to purchase U.S. Dollar (BRL/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (16.00%) | (21.00%) | (13.00%) |
Effect on equity | $ (284) | $ (357) | $ (155) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Forward agreement to purchase U.S. Dollar (COP/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (11.00%) | (16.00%) | (10.00%) |
Effect on equity | $ (81) | $ (142) | $ (54) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Forward agreement to purchase U.S. Dollar (ARS/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (1.00%) | (2.00%) | (25.00%) |
Effect on equity | $ (3) | $ (2) | $ (88) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Forward agreement to purchase U.S. Dollar (UYU/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (4.00%) | (9.00%) | (5.00%) |
Effect on equity | $ (7) | $ (21) | $ (23) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Forward agreement to purchase U.S. Dollar (CRC/USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (3.00%) | ||
Effect on equity | $ (10) | ||
Profit and loss effect | $ 0 | ||
Cross currency swaps (USD to MXN) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (11.00%) | (19.00%) | (9.00%) |
Effect on equity | $ (1,645) | $ (5,507) | $ (2,315) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Cross currency swaps (USD to BRL) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | (16.00%) | (21.00%) | (13.00%) |
Effect on equity | $ (2,300) | $ (2,161) | $ (645) |
Profit and loss effect | 0 | 0 | 0 |
Sugar price contracts | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on equity | (714) | (515) | (255) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Change on sugar Price | (28.00%) | (32.00%) | (24.00%) |
Aluminum price contracts | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Change in Aluminum price | (24.00%) | (16.00%) | (15.00%) |
Change in Aluminum price, effect on equity | $ (39) | $ (289) | $ (1,164) |
Options to purchase foreign currency (MXN to USD) | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD rate | 0.00% | (10.00%) | (13.00%) |
Effect on equity | $ 0 | $ (6) | $ (303) |
Profit and loss effect | $ 0 | $ 0 | $ 0 |
Financial Instruments - Summa_7
Financial Instruments - Summary of Sensitivity Analysis of Interest Rate Risks (Detail) - Interest Rate Risk - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in U.S.$ rate | 10000.00% | 10000.00% | 10000.00% |
Effect on (profit) or loss | $ (160) | $ (102) | $ (44) |
Financial Instruments - Summa_8
Financial Instruments - Summary of Contractually Fixed and Variable Pay-offs for Settlement, Repayments and Interest Resulting from Recognized Financial Liabilities (Detail) $ in Millions | Dec. 31, 2021MXN ($) |
2022 | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | $ (605) |
2022 | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 1,499 |
2022 | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 954 |
2023 | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | (3,825) |
2023 | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 7,498 |
2023 | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 958 |
2024 | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | 0 |
2024 | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 0 |
2024 | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 17 |
2025 | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | 0 |
2025 | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 1,726 |
2025 | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 0 |
2026 | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | (219) |
2026 | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 2,425 |
2026 | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 0 |
2027 and thereafter | |
Categories of financial liabilities [abstract] | |
Derivatives financial liabilities (assets) | (933) |
2027 and thereafter | Notes and bonds | |
Categories of financial liabilities [abstract] | |
Financial liabilities | 70,704 |
2027 and thereafter | Loans from banks | |
Categories of financial liabilities [abstract] | |
Financial liabilities | $ 0 |
Financial Instruments - Company
Financial Instruments - Company's Financial Instruments Used to Hedge Its Exposure to Foreign Exchange Rates, Interest Rates and Commodity Risks (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021MXN ($)$ / T$ / shares$ / lb | Dec. 31, 2020MXN ($)$ / lb$ / T | |
1-6 months | Average exchange rate (MXN/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 1,985 | $ 2,806 |
Average exchange rate | 20.88 | 23.35 |
1-6 months | Average exchange rate (MXN/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
1-6 months | Average exchange rate (BRL/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 984 | $ 844 |
Average exchange rate | 5.61 | 5.41 |
1-6 months | Average exchange rate (BRL/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
1-6 months | Average exchange rate (COP/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 497 | $ 511 |
Average exchange rate | 3,858 | 3,750 |
1-6 months | Average exchange rate (COP/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 407 | |
Average exchange rate | 3,543 | |
1-6 months | Average exchange rate (ARS/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 280 | $ 96 |
Average exchange rate | 122.56 | 92.97 |
1-6 months | Average exchange rate (UYU/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 165 | $ 225 |
Average exchange rate | 45.51 | 45.92 |
1-6 months | Average exchange rate CRC/USD | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 211 | |
Average exchange rate | $ / shares | 646.33 | |
1-6 months | Average interest rate | Interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 404 |
Average exchange rate | 3,454 | |
1-6 months | Aluminum price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 67 | $ 325 |
1-6 months | Average price (USD/Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 1,722 | 1,654 |
1-6 months | Sugar price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 1,366 | $ 869 |
1-6 months | Average price (USD cent/Lb) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / lb | 15.22 | 12.13 |
1-6 months | PX+MEG (in millions of pesos) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 337 | $ 364 |
1-6 months | Average price (USD /Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 934,000,000 | 730 |
6-12 months | Average exchange rate (MXN/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 1,057 | $ 1,888 |
Average exchange rate | 21.40 | 23.47 |
6-12 months | Average exchange rate (MXN/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
6-12 months | Average exchange rate (BRL/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 593 | $ 491 |
Average exchange rate | 5.97 | 5.37 |
6-12 months | Average exchange rate (BRL/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
6-12 months | Average exchange rate (COP/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 191 | $ 212 |
Average exchange rate | 3,952 | 3,740 |
6-12 months | Average exchange rate (COP/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | |
Average exchange rate | 0 | |
6-12 months | Average exchange rate (ARS/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
6-12 months | Average exchange rate (UYU/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 48 | $ 58 |
Average exchange rate | 46.30 | 45.69 |
6-12 months | Average exchange rate CRC/USD | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 120 | |
Average exchange rate | $ / shares | 650.71 | |
6-12 months | Average interest rate | Interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | |
6-12 months | Aluminum price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 35 | $ 370 |
6-12 months | Average price (USD/Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 1,777 | 1,720 |
6-12 months | Sugar price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 653 | $ 391 |
6-12 months | Average price (USD cent/Lb) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / lb | 14.76 | 11.87 |
6-12 months | PX+MEG (in millions of pesos) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 134 | $ 364 |
6-12 months | Average price (USD /Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 866,000,000 | 730 |
More than 12 | Average exchange rate (MXN/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
More than 12 | Average exchange rate (MXN/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 12,968 | $ 12,568 |
Average exchange rate | 19.81 | 19.81 |
More than 12 | Average exchange rate (BRL/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
More than 12 | Average exchange rate (BRL/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 15,026 | $ 9,575 |
Average exchange rate | 4.47 | 4 |
More than 12 | Average exchange rate (COP/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
More than 12 | Average exchange rate (COP/USD) | Cross currency swaps and interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 1,202 | |
Average exchange rate | 3,550 | |
More than 12 | Average exchange rate (ARS/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
More than 12 | Average exchange rate (UYU/USD) | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
Average exchange rate | 0 | 0 |
More than 12 | Average exchange rate CRC/USD | Forward agreements to purchase foreign currency | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | |
Average exchange rate | $ / shares | 0 | |
More than 12 | Average interest rate | Interest rate swaps | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 6,175 | $ 0 |
Average exchange rate | 0.0009 | 0 |
More than 12 | Aluminum price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
More than 12 | Average price (USD/Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 0 | 1,740 |
More than 12 | Sugar price contracts | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 769 | $ 365 |
More than 12 | Average price (USD cent/Lb) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / lb | 14.74 | 12.17 |
More than 12 | PX+MEG (in millions of pesos) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Net exposure | $ 0 | $ 0 |
More than 12 | Average price (USD /Ton) | Commodities risk | ||
Disclosure Of Reasonably Possible Changes To Actuarial Assumptions [line items] | ||
Commodity risk, average price | $ / T | 0 | 0 |
Non Controlling Interest in Con
Non Controlling Interest in Consolidated Subsidiaries - Summary of Non Controlling Interest in Consolidated Subsidiaries (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of non controlling interest in consolidated subsidiaries [Line Items] | ||||
Non-controlling interests | $ 6,022 | $ 5,583 | $ 6,751 | $ 6,806 |
Mexico | ||||
Disclosure of non controlling interest in consolidated subsidiaries [Line Items] | ||||
Non-controlling interests | 5,200 | 4,823 | 5,671 | |
Colombia | ||||
Disclosure of non controlling interest in consolidated subsidiaries [Line Items] | ||||
Non-controlling interests | 19 | 22 | 21 | |
Brazil | ||||
Disclosure of non controlling interest in consolidated subsidiaries [Line Items] | ||||
Non-controlling interests | $ 803 | $ 738 | $ 1,059 |
Non Controlling Interest in C_2
Non Controlling Interest in Consolidated Subsidiaries - Summary of Non Controlling Interest (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of non controlling interest in consolidated subsidiaries [Abstract] | |||
Balance at beginning of the period | $ 5,583 | $ 6,751 | $ 6,806 |
Net income of non-controlling interest | 623 | 61 | 529 |
Exchange differences on translation of foreign operations | (210) | (1,261) | (565) |
Valuation of the effective portion of derivative financial instruments, net of taxes | 87 | 100 | (16) |
Dividends paid | (61) | (68) | (3) |
Balance at end of the period | $ 6,022 | $ 5,583 | $ 6,751 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 31, 2019shares | Dec. 31, 2021MXN ($)$ / sharesshares | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2022MXN ($) |
Disclosure of classes of share capital [line items] | |||||
Fixed capital stock (nominal value) per share | $ / shares | $ 0 | ||||
Percentage of income to be transferred to reserve | 5.00% | ||||
Minimum percentage of capital stock at nominal value to be transferred to reserve | 20.00% | ||||
Amount in legal reserve | $ | $ 412 | $ 412 | $ 187 | ||
Balance in legal reserve fund | $ | $ 14,027 | ||||
Issued capital, ordinary shares | $ | $ 934 | ||||
Major Ordinary Share Transactions After Stock Split | |||||
Disclosure of classes of share capital [line items] | |||||
Outstanding shares (in shares) | shares | 16,806,658,096 | ||||
Reverse Stock Split | |||||
Disclosure of classes of share capital [line items] | |||||
Stock split conversion ratio | 0.125 | ||||
A | |||||
Disclosure of classes of share capital [line items] | |||||
Equity threshold percentage | 50.10% | ||||
D | |||||
Disclosure of classes of share capital [line items] | |||||
Equity threshold percentage | 49.90% | ||||
Series B shares, without par value | |||||
Disclosure of classes of share capital [line items] | |||||
Outstanding shares (in shares) | shares | 3 | ||||
Series L shares, without par value | |||||
Disclosure of classes of share capital [line items] | |||||
Outstanding shares (in shares) | shares | 5 |
Equity - Summary of Capital Sto
Equity - Summary of Capital Stock Prior To and Immediately After Stock Split (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Fomento Economico Mexicano S.A.B. de C.V. | |
Disclosure of capital stock [Line Items] | |
Ownership Percentage | 47.20% |
Percentage of ordinary shares with full voting rights | 56.00% |
The Coca-Cola Company | |
Disclosure of capital stock [Line Items] | |
Ownership Percentage | 27.80% |
Percentage of ordinary shares with full voting rights | 32.90% |
Major Ordinary Share Transactions Prior to Stock Split | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 2,100,832,262 |
Ownership Percentage | 100.00% |
Percentage of ordinary shares with full voting rights | 100.00% |
Major Ordinary Share Transactions Prior to Stock Split | Series L shares, without par value | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 525,208,065 |
Ownership Percentage | 25.00% |
Percentage of voting equity interests acquired | 0.00% |
Major Ordinary Share Transactions Prior to Stock Split | Fomento Economico Mexicano S.A.B. de C.V. | A | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 992,078,519 |
Ownership Percentage | 47.22% |
Percentage of ordinary shares with full voting rights | 62.96% |
Major Ordinary Share Transactions Prior to Stock Split | The Coca-Cola Company | D | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 583,545,678 |
Ownership Percentage | 27.78% |
Percentage of ordinary shares with full voting rights | 37.04% |
Major Ordinary Share Transactions After Stock Split | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 16,806,658,096 |
Ownership Percentage | 100.00% |
Percentage of ordinary shares with full voting rights | 100.00% |
Major Ordinary Share Transactions After Stock Split | B | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 1,575,624,195 |
Ownership Percentage | 9.38% |
Percentage of voting equity interests acquired | 11.11% |
Major Ordinary Share Transactions After Stock Split | Series L shares, without par value | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 2,626,040,325 |
Ownership Percentage | 15.63% |
Percentage of voting equity interests acquired | 0.00% |
Major Ordinary Share Transactions After Stock Split | Fomento Economico Mexicano S.A.B. de C.V. | A | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 7,936,628,152 |
Ownership Percentage | 47.22% |
Percentage of ordinary shares with full voting rights | 55.97% |
Major Ordinary Share Transactions After Stock Split | The Coca-Cola Company | D | |
Disclosure of capital stock [Line Items] | |
Outstanding shares (in shares) | 4,668,365,424 |
Ownership Percentage | 27.78% |
Percentage of ordinary shares with full voting rights | 32.92% |
Equity - Summary of Capital S_2
Equity - Summary of Capital Stock (Detail) - shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | |||
Capital stock (in shares) | 16,806,658 | 16,806,658 | 16,806,658 |
A | |||
Disclosure of classes of share capital [line items] | |||
Capital stock (in shares) | 7,936,628 | 7,936,628 | 7,936,628 |
B | |||
Disclosure of classes of share capital [line items] | |||
Capital stock (in shares) | 1,575,624 | 1,575,624 | 1,575,624 |
D | |||
Disclosure of classes of share capital [line items] | |||
Capital stock (in shares) | 4,668,366 | 4,668,366 | 4,668,366 |
Series L shares, without par value | |||
Disclosure of classes of share capital [line items] | |||
Capital stock (in shares) | 2,626,040 | 2,626,040 | 2,626,040 |
Equity - Summary of Dividends D
Equity - Summary of Dividends Declared and Paid (Detail) - MXN ($) $ / shares in Units, $ in Millions | May 05, 2020 | Nov. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of dividends [Line Items] | |||||
Dividends declared and paid | $ 10,588 | $ 10,588 | $ 10,210 | $ 7,437 | |
Dividends declared and paid per share | $ 5.04 | ||||
A | |||||
Disclosure of dividends [Line Items] | |||||
Dividends declared and paid | 5,000 | 4,822 | 3,512 | ||
D | |||||
Disclosure of dividends [Line Items] | |||||
Dividends declared and paid | 2,941 | 2,836 | 2,066 | ||
Series L shares, without par value | |||||
Disclosure of dividends [Line Items] | |||||
Dividends declared and paid | 1,654 | 1,595 | 1,162 | ||
B | |||||
Disclosure of dividends [Line Items] | |||||
Dividends declared and paid | $ 993 | $ 957 | $ 697 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2021shares | |
Series L shares, without par value | |
Earnings per share [line items] | |
Effect of dilutive potential shares (shares) | 27.9 |
Earnings per Share - Summary of
Earnings per Share - Summary of Basic and Diluted Earnings per Share (Detail) - MXN ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [line items] | |||
Consolidated net income | $ 16,331 | $ 10,368 | $ 12,630 |
"A" shares | |||
Earnings per share [line items] | |||
Consolidated net income | 7,712 | 4,896 | 5,965 |
Consolidated net income attributable to equity holders of the parent | $ 7,418 | $ 4,868 | $ 5,715 |
Weighted average number of shares for basic earnings per share (millions of shares) | 7,937 | 7,937 | 7,937 |
"D" shares | |||
Earnings per share [line items] | |||
Consolidated net income | $ 4,536 | $ 2,880 | $ 3,508 |
Consolidated net income attributable to equity holders of the parent | $ 4,363 | $ 2,863 | $ 3,360 |
Weighted average number of shares for basic earnings per share (millions of shares) | 4,668 | 4,668 | 4,668 |
"B" shares | |||
Earnings per share [line items] | |||
Consolidated net income | $ 1,531 | $ 972 | $ 1,184 |
Consolidated net income attributable to equity holders of the parent | $ 1,473 | $ 966 | $ 1,135 |
Weighted average number of shares for basic earnings per share (millions of shares) | 1,576 | 1,576 | 1,576 |
Series L shares, without par value | |||
Earnings per share [line items] | |||
Consolidated net income | $ 2,552 | $ 1,620 | $ 1,973 |
Consolidated net income attributable to equity holders of the parent | $ 2,454 | $ 1,610 | $ 1,891 |
Weighted average number of shares for basic earnings per share (millions of shares) | 2,626 | 2,626 | 2,626 |
Income Taxes - Summary of Major
Income Taxes - Summary of Major Components of Income Tax Expense (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | |||
Current year | $ 4,259 | $ 7,367 | $ 6,011 |
Deferred tax expense: | |||
Origination and reversal of temporary differences | 2,795 | (3,391) | 905 |
(Benefit) utilization of tax losses recognized | (445) | 1,452 | (1,268) |
Total deferred tax expense (benefit) | 2,350 | (1,939) | (363) |
Total income tax expense in consolidated net income | 6,609 | 5,428 | 5,648 |
Mexico | |||
Current tax expense: | |||
Current year | 3,356 | 6,311 | 5,123 |
Deferred tax expense: | |||
Origination and reversal of temporary differences | 1,659 | (2,676) | (438) |
(Benefit) utilization of tax losses recognized | 356 | 1,962 | (1,136) |
Total deferred tax expense (benefit) | 2,015 | (714) | (1,574) |
Total income tax expense in consolidated net income | 5,371 | 5,597 | 3,549 |
Foreign | |||
Current tax expense: | |||
Current year | 903 | 1,056 | 888 |
Deferred tax expense: | |||
Origination and reversal of temporary differences | 1,136 | (715) | 1,343 |
(Benefit) utilization of tax losses recognized | (801) | (510) | (132) |
Total deferred tax expense (benefit) | 335 | (1,225) | 1,211 |
Total income tax expense in consolidated net income | $ 1,238 | $ (169) | $ 2,099 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Recognized in Consolidated Statement of Other Comprehensive Income (OCI) (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax related to items recognized directly in OCI during the year: | |||
Unrealized loss (gain) on cash flow hedges | $ 787 | $ 216 | $ (373) |
Remeasurements of the net defined benefit liability | (27) | (130) | (192) |
Total income tax recognized in OCI | 760 | 86 | (565) |
Income tax related to items recognized directly in OCI as of year-end: | |||
Unrealized loss (gain) on derivative financial instruments | 573 | (212) | (481) |
Comprehensive loss (income) to be reclassified to profit or loss in subsequent periods | 573 | (212) | (481) |
Re-measurements of the net defined benefit liability | (408) | (378) | (240) |
Balance of income tax in AOCI | $ 165 | $ (590) | $ (721) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Tax Expense and Income Before Income Taxes (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Mexican statutory income tax rate | 30.00% | 30.00% | 30.00% |
Income tax from prior years | (0.64%) | (0.38%) | (2.66%) |
(Loss) on monetary position for subsidiaries in hyperinflationary economies | (0.21%) | (0.62%) | (0.50%) |
Annual inflation tax adjustment | 6.48% | 0.73% | 0.78% |
Non-deductible expenses | 1.82% | 2.49% | 3.92% |
Non-taxable income | 0.00% | 0.00% | 0.00% |
Income taxed at a rate other than the Mexican statutory rate | 1.14% | 0.08% | 1.28% |
Effect of restatement of tax values | (2.54%) | (1.81%) | (1.47%) |
Effect of change in statutory rate | (0.09%) | (0.23%) | (0.52%) |
Income tax credits | (2.69%) | (10.34%) | (0.18%) |
Tax loss | (3.57%) | 13.80% | (1.01%) |
Other | (0.78%) | 0.04% | 1.04% |
Total | 28.92% | 33.76% | 30.68% |
Deferred income tax asset | $ 2,349 |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences Giving Rise to Deferred Income Tax Liabilities (Assets) (Detail) - MXN ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | $ (5,632) | $ (8,669) | $ (6,661) | $ (5,582) |
Deferred income tax related to consolidated statement of income | 2,350 | (1,939) | (363) | |
Deferred tax, asset | (8,342) | (11,143) | ||
Deferred tax liabilities | 2,710 | 2,474 | ||
Expected credit losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (96) | (64) | ||
Deferred income tax related to consolidated statement of income | (34) | (10) | (18) | |
Inventories | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 17 | 23 | ||
Deferred income tax related to consolidated statement of income | (1) | 72 | (37) | |
Prepaid expenses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 55 | 26 | ||
Deferred income tax related to consolidated statement of income | 29 | (17) | 41 | |
Property, plant and equipment, net | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (1,171) | (1,006) | ||
Deferred income tax related to consolidated statement of income | (223) | (90) | 128 | |
Rights of use assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 112 | 176 | ||
Deferred income tax related to consolidated statement of income | (68) | (22) | 197 | |
Other assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (340) | (325) | ||
Deferred income tax related to consolidated statement of income | (28) | (389) | 24 | |
Finite useful lived intangible assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (54) | (128) | ||
Deferred income tax related to consolidated statement of income | 69 | (275) | (78) | |
Indefinite lived intangible assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 1,412 | 796 | ||
Deferred income tax related to consolidated statement of income | 165 | 140 | 114 | |
Post-employment and other non-current employee benefits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (447) | (381) | ||
Deferred income tax related to consolidated statement of income | (59) | 4 | 65 | |
Derivative financial instruments | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 2 | 74 | ||
Deferred income tax related to consolidated statement of income | (72) | 80 | (12) | |
Contingencies | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (889) | (1,627) | ||
Deferred income tax related to consolidated statement of income | 171 | 182 | (94) | |
Employee profit sharing payable | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (444) | (208) | ||
Deferred income tax related to consolidated statement of income | (236) | (7) | 17 | |
Tax loss carryforwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (7,244) | (6,915) | ||
Deferred income tax related to consolidated statement of income | (445) | 2,342 | (1,268) | |
Tax credits to recover | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (1,394) | (2,594) | ||
Deferred income tax related to consolidated statement of income | 1,200 | (1,629) | (122) | |
Cumulative other comprehensive income | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 165 | (590) | ||
Deferred income tax related to consolidated statement of income | 760 | 86 | 29 | |
Liabilities of amortization of goodwill of business acquisition | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | 5,897 | 6,554 | ||
Deferred income tax related to consolidated statement of income | 87 | 0 | 860 | |
Financial leasing | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (155) | (211) | ||
Deferred income tax related to consolidated statement of income | 53 | (23) | (190) | |
Other | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred income tax related to consolidated statement of financial position | (1,058) | (2,269) | ||
Deferred income tax related to consolidated statement of income | $ 982 | $ (2,383) | $ (19) |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Income Tax Liability (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Balance at beginning of the period | $ (8,669) | $ (6,661) | $ (5,582) |
Deferred tax provision for the period | 2,350 | (1,939) | (363) |
Change in the statutory rate | 81 | (42) | (66) |
Acquisition of subsidiaries | 0 | 0 | 57 |
Effects in equity: | |||
Unrealized loss (gain) on derivative financial instruments | 787 | 216 | (373) |
Cumulative translation adjustment | (163) | (392) | (230) |
Remeasurements of the net defined benefit liability | (27) | (130) | (192) |
Inflation adjustment | 9 | 279 | 88 |
Balance at end of the period | $ (5,632) | $ (8,669) | $ (6,661) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - MXN ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major Components Of Tax Expense Income [line items] | |||
Unrecognized deferred tax liabilities | $ 8,762,000,000 | $ 5,212,000,000 | $ 13,187,000,000 |
NOLs usage limit | 30.00% | ||
Brazil | |||
Major Components Of Tax Expense Income [line items] | |||
Recoverable taxes | $ 1,243,000,000 | $ 2,523,000,000 | |
Average federal production and federal sales tax | 16.20% |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Losses Carryforwards and their Years of Expiration (Detail) $ in Millions | Dec. 31, 2021MXN ($) |
Major components of tax expense (income) [abstract] | |
2025 | $ 1,218 |
2026 | 5,516 |
2027 | 0 |
2028 | 509 |
2029 | 10 |
2030 | 0 |
2031 and thereafter | 89 |
No expiration (Brazil) | 14,787 |
Tax loss carryforwards | $ 22,129 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Balance of Tax Loss Carryforwards (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Balance at beginning of the period | $ 21,522 | $ 28,871 | $ 25,879 |
Increase | 5,768 | 4,985 | 6,029 |
Utilization of tax losses | (4,558) | (1,986) | (1,854) |
Unused tax losses - 2028 to 2030 | (7,830) | 0 | |
Effect of foreign currency exchange rates | (603) | (2,518) | (1,183) |
Balance at end of the period | $ 22,129 | $ 21,522 | $ 28,871 |
Other Liabilities, Provisions_3
Other Liabilities, Provisions and Commitments - Summary of Other Current Financial Liabilities (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [abstract] | ||
Sundry creditors | $ 657 | $ 1,018 |
Derivative financial instruments | 84 | 930 |
Total | $ 741 | $ 1,948 |
Other Liabilities, Provisions_4
Other Liabilities, Provisions and Commitments - Summary of Provisions and Other Non-current Liabilities (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [abstract] | ||
Provisions | $ 4,150 | $ 5,100 |
Taxes payable | 53 | 67 |
Other | 2,007 | 2,144 |
Total | $ 6,210 | $ 7,311 |
Other Liabilities, Provisions_5
Other Liabilities, Provisions and Commitments - Summary of Other Non-current Financial Liabilities (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Other financial liabilities | $ 508 | $ 934 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Other financial liabilities | 9 | 571 |
Security deposits | ||
Disclosure of financial liabilities [line items] | ||
Other financial liabilities | $ 499 | $ 363 |
Other Liabilities, Provisions_6
Other Liabilities, Provisions and Commitments - Summary of Nature and Amount of Loss Contingencies Recorded (Detail) - MXN ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other provisions [line items] | ||||
Provisions | $ 4,150 | $ 5,100 | ||
Taxes | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 2,066 | 2,540 | $ 4,696 | $ 5,038 |
Labor | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 1,472 | 1,681 | 2,222 | 2,340 |
Legal | ||||
Disclosure of other provisions [line items] | ||||
Provisions | $ 612 | $ 879 | $ 1,065 | $ 920 |
Other Liabilities, Provisions_7
Other Liabilities, Provisions and Commitments - Summary of Changes in Balance of Provisions Recorded (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Balance at beginning of the period | $ 5,100 | ||
Balance at end of the period | 4,150 | $ 5,100 | |
Taxes | |||
Disclosure of other provisions [line items] | |||
Balance at beginning of the period | 2,540 | 4,696 | $ 5,038 |
Penalties and other charges | 30 | 0 | 1 |
New contingencies | 148 | 186 | 368 |
Cancellation and adjustments | (59) | (152) | (247) |
Payments | (236) | (187) | (68) |
Reversal of indemnifiable items | 0 | (1,177) | 0 |
Other Effects | (263) | 0 | 0 |
Effect of foreign currency exchange rates | (94) | (826) | (396) |
Balance at end of the period | 2,066 | 2,540 | 4,696 |
Labor | |||
Disclosure of other provisions [line items] | |||
Balance at beginning of the period | 1,681 | 2,222 | 2,340 |
Penalties and other charges | 303 | 228 | 249 |
New contingencies | 363 | 227 | 465 |
Cancellation and adjustments | (445) | (51) | (273) |
Contingencies added in business combinations | 0 | 0 | 44 |
Payments | (358) | (561) | (401) |
Effect of foreign currency exchange rates | (72) | (384) | (202) |
Balance at end of the period | 1,472 | 1,681 | 2,222 |
Legal | |||
Disclosure of other provisions [line items] | |||
Balance at beginning of the period | 879 | 1,065 | 920 |
Penalties and other charges | 68 | 8 | 94 |
New contingencies | 26 | 193 | 128 |
Cancellation and adjustments | (241) | (141) | (45) |
Contingencies added in business combinations | 0 | 0 | 77 |
Payments | (97) | (111) | (44) |
Effect of foreign currency exchange rates | (23) | (135) | (65) |
Balance at end of the period | $ 612 | $ 879 | $ 1,065 |
Other Liabilities, Provisions_8
Other Liabilities, Provisions and Commitments - Additional Information (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of contingent liabilities [line items] | |||
Tax contingencies payable to former shareholders | $ 899 | $ 899 | |
Aggregate amount claimed against company | 102,659 | ||
Extraordinary benefit | 1,083 | ||
Commitments for the Purchase of property, plant and equipment | 726 | 432 | |
Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | 55,288 | ||
Litigation amount | 10,721 | $ 7,342 | $ 10,471 |
Value Added Tax | Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | 8,573 | ||
Tax Credits | Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | 30,821 | ||
Federal Taxes | Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | 4,766 | ||
Liabilities of amortization of goodwill of business acquisition | Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | 8,549 | ||
Operations Of Third Party | Brazil | |||
Disclosure of contingent liabilities [line items] | |||
Tax contingencies amount | $ 2,579 |
Information by Segment - Summar
Information by Segment - Summary of Segment Disclosure for Company's Consolidated Operations (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 194,804 | $ 183,615 | $ 194,471 |
Gross profit | 88,598 | 82,811 | 87,507 |
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method | 22,852 | 16,077 | 18,409 |
Depreciation and amortization | 9,834 | 10,608 | 10,642 |
Non-cash items other than depreciation and amortization | 1,613 | 1,494 | 1,083 |
Equity in earnings profit (loss) of associated companies and joint ventures | 88 | (281) | (131) |
Total assets | 271,567 | 263,066 | 257,839 |
Investments in associate companies and joint ventures | 7,494 | 7,623 | 9,751 |
Total liabilities | 143,995 | 140,609 | 128,154 |
Capital expenditures, net | 13,865 | 10,354 | 11,465 |
Operating Segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 194,804 | 183,615 | 194,471 |
Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 5,428 | 5,016 | 5,688 |
Mexico and Central America Segment | |||
Disclosure of operating segments [line items] | |||
Gross profit | 57,366 | 52,906 | 52,384 |
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method | 15,792 | 14,751 | 10,349 |
Depreciation and amortization | 5,988 | 6,471 | 6,380 |
Non-cash items other than depreciation and amortization | 1,052 | 979 | 878 |
Equity in earnings profit (loss) of associated companies and joint ventures | 141 | (95) | (177) |
Total assets | 170,543 | 165,887 | 147,374 |
Investments in associate companies and joint ventures | 5,991 | 5,804 | 6,198 |
Total liabilities | 115,738 | 113,727 | 95,694 |
Capital expenditures, net | 9,800 | 6,764 | 667 |
Mexico and Central America Segment | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 115,794 | 106,783 | 109,249 |
Mexico and Central America Segment | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 5,415 | 4,998 | 5,673 |
South America Segment | |||
Disclosure of operating segments [line items] | |||
Gross profit | 31,232 | 29,905 | 35,123 |
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method | 7,060 | 1,326 | 8,060 |
Depreciation and amortization | 3,846 | 4,137 | 4,262 |
Non-cash items other than depreciation and amortization | 561 | 515 | 205 |
Equity in earnings profit (loss) of associated companies and joint ventures | (53) | (186) | 46 |
Total assets | 101,024 | 97,179 | 110,465 |
Investments in associate companies and joint ventures | 1,503 | 1,819 | 3,553 |
Total liabilities | 28,257 | 26,882 | 32,460 |
Capital expenditures, net | 4,064 | 3,590 | 4,788 |
South America Segment | Operating Segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 79,010 | 76,832 | 85,222 |
South America Segment | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | $ 13 | $ 18 | $ 15 |
Information by Segment - Summ_2
Information by Segment - Summary of Segment Disclosure for Company's Consolidated Operations Narrative (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Total revenues | $ 194,804 | $ 183,615 | $ 194,471 |
Total assets | 271,567 | 263,066 | 257,839 |
Total liabilities | 143,995 | 140,609 | 128,154 |
Mexico and Central America Segment | |||
Disclosure of operating segments [line items] | |||
Total assets | 170,543 | 165,887 | 147,374 |
Total liabilities | 115,738 | 113,727 | 95,694 |
South America Segment | |||
Disclosure of operating segments [line items] | |||
Total assets | 101,024 | 97,179 | 110,465 |
Total liabilities | 28,257 | 26,882 | 32,460 |
Mexico | Mexico and Central America Segment | |||
Disclosure of operating segments [line items] | |||
Total revenues | 94,762 | 87,833 | 91,358 |
Total assets | 149,421 | 148,068 | 130,045 |
Total liabilities | 109,945 | 109,086 | 91,427 |
Brazil | South America Segment | |||
Disclosure of operating segments [line items] | |||
Total revenues | 53,051 | 56,191 | 61,554 |
Total assets | 74,163 | 70,376 | 82,667 |
Total liabilities | 20,440 | 19,148 | 24,103 |
Colombia | South America Segment | |||
Disclosure of operating segments [line items] | |||
Total revenues | 14,180 | 12,049 | 13,522 |
Total assets | 15,132 | 15,993 | 16,518 |
Total liabilities | 3,395 | 3,262 | 4,154 |
Argentina | South America Segment | |||
Disclosure of operating segments [line items] | |||
Total revenues | 8,408 | 5,468 | 6,725 |
Total assets | 6,087 | 5,039 | 5,341 |
Total liabilities | 2,013 | 1,842 | 1,637 |
Uruguay | South America Segment | |||
Disclosure of operating segments [line items] | |||
Total revenues | 3,371 | 3,124 | 3,421 |
Total assets | 5,642 | 5,771 | 5,939 |
Total liabilities | $ 2,409 | $ 2,630 | $ 2,566 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Events After Reporting R$ in Millions, $ in Millions, $ in Millions | Jan. 25, 2022USD ($)tons | Jan. 24, 2022MXN ($) | Jan. 24, 2022BRL (R$) |
Disclosure of non-adjusting events after reporting period [line items] | |||
Business acquired percentage (in percent) | 100.00% | 100.00% | |
Consideration transferred, acquisition-date fair value | $ 1,948 | R$ 523 | |
Amount of joint investment | $ | $ 60 | ||
Post-consumption PET bottles per year (in tons) | 50,000 | ||
Food grade recycled material ready for reuse (in tons) | 35,000 |