Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | MEXICAN ECONOMIC DEVELOPMENT INC |
Entity Central Index Key | 0001061736 |
Current Fiscal Year End Date | --12-31 |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | General Anaya No. 601 Pte. |
Entity Address, Address Line Two | Colonia Bella Vista |
Entity Address, City or Town | Monterrey |
Entity Address, State or Province | NL |
Entity Address, Country | MX |
Entity Address, Postal Zip Code | 64410 |
Contact Personnel Name | Juan F. Fonseca |
Contact Personnel Email Address | investor@femsa.com.mx |
Contact Personnel Fax Number | 328-6167 |
Document Annual Report | true |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Accounting Standard | IFRS |
ICFR Auditor Attestation Flag | true |
Document Transition Report | false |
Document Shell Company Report | false |
American depositary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing 10 BD Units, and each BD Unit consisting of one Series B Share, two Series D-B Shares and two Series D-L |
Trading Symbol | FMX |
Security Exchange Name | NYSE |
2.875% Senior Notes due 2023 | |
Document Information [Line Items] | |
Title of 12(b) Security | 2.875% Senior Notes due 2023 |
Trading Symbol | FMX23 |
Security Exchange Name | NYSE |
4.375% Senior Notes due 2043 | |
Document Information [Line Items] | |
Title of 12(b) Security | 4.375% Senior Notes due 2043 |
Trading Symbol | FMX43 |
Security Exchange Name | NYSE |
3.500% Senior Notes due 2050 | |
Document Information [Line Items] | |
Title of 12(b) Security | 3.500% Senior Notes due 2050 |
Trading Symbol | FMX50 |
Security Exchange Name | NYSE |
BD units [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,161,177,770 |
B units [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,417,048,500 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Assets | |||
Cash and cash equivalents | $ 5,410 | $ 107,624 | $ 65,562 |
Investments | 33 | 662 | 12,366 |
Trade accounts receivables, net | 1,420 | 28,249 | 29,633 |
Inventories | 2,214 | 44,034 | 41,023 |
Recoverable taxes | 860 | 17,100 | 18,761 |
Other current financial assets | 34 | 681 | 1,146 |
Other current assets | 147 | 2,919 | 4,088 |
Total current assets | 10,118 | 201,269 | 172,579 |
NON CURRENT ASSETS | |||
Equity accounted investees | 4,940 | 98,270 | 97,470 |
Property, plant and equipment, net | 5,686 | 113,106 | 114,513 |
Right-of-use assets, net | 2,752 | 54,747 | 52,684 |
Intangible assets, net | 7,817 | 155,501 | 146,562 |
Deferred tax assets | 1,108 | 22,043 | 20,521 |
Other non-current financial assets | 1,628 | 32,386 | 22,680 |
Other non-current assets | 379 | 7,526 | 10,532 |
Total non-current assets | 24,310 | 483,579 | 464,962 |
TOTAL ASSETS | 34,428 | 684,848 | 637,541 |
Liabilities | |||
Short-term debt | 225 | 4,469 | 3,935 |
Current portion of non-current debt | 218 | 4,332 | 12,269 |
Current portion of lease liabilities | 340 | 6,772 | 7,387 |
Interest payable | 104 | 2,069 | 895 |
Trade payable | 2,665 | 53,018 | 57,178 |
Accounts payable | 1,114 | 22,150 | 19,498 |
Taxes payable | 632 | 12,578 | 11,717 |
Other current financial liabilities | 655 | 13,025 | 23,655 |
Total current liabilities | 5,953 | 118,413 | 136,534 |
NON-CURRENT LIABILITIES | |||
Non-current portion of long-term debt | 9,042 | 179,864 | 101,747 |
Lease liabilities | 2,591 | 51,536 | 47,292 |
Post-employment benefits | 365 | 7,253 | 6,347 |
Deferred tax liabilities | 303 | 6,033 | 6,946 |
Other non-current financial liabilities | 252 | 5,022 | 2,481 |
Provisions and other non-current liabilities | 480 | 9,540 | 10,443 |
Total non-current liabilities | 13,033 | 259,248 | 175,256 |
TOTAL LIABILITIES | 18,986 | 377,661 | 311,790 |
EQUITY | |||
Capital stock | 168 | 3,348 | 3,348 |
Additional paid-in capital | 895 | 17,808 | 18,162 |
Retained earnings | 10,931 | 217,430 | 229,794 |
Other comprehensive income | (43) | (843) | 685 |
Total controlling interest | 11,951 | 237,743 | 251,989 |
Non-controlling interest | 3,491 | 69,444 | 73,762 |
TOTAL EQUITY | 15,442 | 307,187 | 325,751 |
TOTAL LIABILITIES AND EQUITY | $ 34,428 | $ 684,848 | $ 637,541 |
Consolidated Income Statements
Consolidated Income Statements $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($)$ / shares | Dec. 31, 2018MXN ($)$ / shares | |
Statement [Line Items] | ||||
Net sales | $ 24,654 | $ 490,425 | $ 504,059 | $ 468,894 |
Other operating revenues | 128 | 2,541 | 2,652 | 850 |
Total revenues | 24,782 | 492,966 | 506,711 | 469,744 |
Cost of goods sold | 15,248 | 303,313 | 315,230 | 294,574 |
Gross profit | 9,534 | 189,653 | 191,481 | 175,170 |
Administrative expenses | 1,156 | 22,988 | 19,930 | 17,313 |
Selling expenses | 6,204 | 123,405 | 121,871 | 114,573 |
Other income | 168 | 3,343 | 1,013 | 673 |
Other expenses | 622 | 12,381 | 4,905 | 2,947 |
Interest expense | 881 | 17,516 | 14,133 | 9,825 |
Interest income | 106 | 2,100 | 3,168 | 2,832 |
Foreign exchange (loss) gain, net | 19 | 385 | (2,467) | (248) |
Monetary position gain, net | 19 | 384 | 260 | 216 |
Market value loss on financial instruments | 13 | 264 | 320 | 355 |
Income before income taxes from continuing operations and share in the profit of equity accounted investees | 970 | 19,311 | 32,296 | 33,630 |
Income taxes | 745 | 14,819 | 10,476 | 10,169 |
Share in the profit of equity accounted investees, net of tax | (37) | (736) | 6,228 | 6,252 |
Net income from continuing operations | 188 | 3,756 | 28,048 | 29,713 |
Net income from discontinued operations | $ | 3,366 | |||
CONSOLIDATED NET INCOME | 188 | 3,756 | 28,048 | 33,079 |
Controlling interest from continuing operations | (98) | (1,930) | 20,699 | 22,560 |
Controlling interest from discontinued operations | $ | 1,430 | |||
Non-controlling interest from continuing operations | $ 286 | $ 5,686 | $ 7,349 | 7,153 |
Non-controlling interest from discontinued operations | $ | $ 1,936 | |||
Series B shares [member] | ||||
Basic earnings per share of continuing operations | ||||
Basic earnings per share of continuing operations | (per share) | $ 0.05 | $ 1.03 | $ 1.13 | $ 2.04 |
Basic earnings per share of discontinued operations | ||||
Basic earnings per share of discontinued operations | 0.07 | 0.08 | ||
Diluted earnings per share of continuing operations | ||||
Diluted earnings per share of continuing operations | (per share) | 0.05 | 1.03 | 1.13 | 2.04 |
Diluted earnings per share of discontinued operations | ||||
Diluted earnings per share of discontinued operations | 0.07 | 0.08 | ||
Series D shares [member] | ||||
Basic earnings per share of continuing operations | ||||
Basic earnings per share of continuing operations | (per share) | 0.07 | 1.29 | 1.41 | 2.55 |
Basic earnings per share of discontinued operations | ||||
Basic earnings per share of discontinued operations | 0.09 | 0.10 | ||
Diluted earnings per share of continuing operations | ||||
Diluted earnings per share of continuing operations | (per share) | $ 0.07 | $ 1.29 | 1.41 | 2.55 |
Diluted earnings per share of discontinued operations | ||||
Diluted earnings per share of discontinued operations | $ 0.09 | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Statement [Line Items] | ||||
CONSOLIDATED NET INCOME | $ 188 | $ 3,756 | $ 28,048 | $ 33,079 |
Items that will be reclassified to consolidated net income in subsequent periods, net of tax: | ||||
Valuation of the effective portion of derivative financial instruments | 83 | 1,654 | (980) | (592) |
Income (loss) on hedge of net investments in foreign operations | 53 | 1,060 | 991 | 724 |
Exchange differences on the translation of foreign operations and equity accounted investees | 25 | 489 | (12,556) | (13,174) |
Share of other comprehensive income (loss) of equity accounted investees | (299) | (5,948) | 1,058 | (360) |
Total items that will be reclassified | (138) | (2,745) | (11,487) | (13,402) |
Items that will not to be reclassified to consolidated net income in subsequent periods, net of tax: | ||||
Loss due to changes in the fair value in equity financial instruments | (201) | (3,991) | (1,039) | |
Share of other comprehensive income (loss) of equity accounted investees | (6) | (111) | (389) | 597 |
Remeasurements of the net defined benefit liability | (24) | (474) | (1,090) | 551 |
Total items that will not be reclassified | (231) | (4,576) | (1,479) | 109 |
Total other comprehensive income | (369) | (7,321) | (12,966) | (13,293) |
Consolidated comprehensive income, net of tax | (181) | (3,565) | 15,082 | 19,786 |
Comprehensive income attributable to [abstract] | ||||
Controlling interest comprehensive income | (176) | (3,458) | 12,331 | 14,776 |
Controlling interest comprehensive income | (176) | (3,458) | 12,285 | 14,776 |
Non-controlling interest comprehensive income | (5) | (107) | 2,751 | 5,010 |
Non-controlling interest comprehensive income | (5) | (107) | 2,797 | 5,010 |
Controlling comprehensive income from continuing operations, net of tax | (176) | (3,458) | 12,285 | 4,540 |
Controlling comprehensive income from discontinued operations, net of tax | 4,804 | |||
Non-controlling comprehensive income from continuing operations, net of tax | $ (5) | $ (107) | 2,797 | 10,236 |
Non-controlling comprehensive income from discontinued operations, net of tax | $ 206 | |||
Farmacias Yza [member] | ||||
Comprehensive income attributable to [abstract] | ||||
Reattribution to non-controlling interest of other comprehensive income by acquisition | 3 | |||
Reattribution from controlling interest of other comprehensive income by acquisition | (3) | |||
Grupo Socofar [member] | ||||
Comprehensive income attributable to [abstract] | ||||
Reattribution to non-controlling interest of other comprehensive income by acquisition | (49) | |||
Reattribution from controlling interest of other comprehensive income by acquisition | $ 49 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity $ in Millions, $ in Millions | Capital stock [member]MXN ($) | Additional paid-in capital [member]MXN ($) | Retained earnings [member]MXN ($) | Fair value in equity financial instrument [member]MXN ($) | Valuation of the effective portion of derivative financial instrument [member]MXN ($) | Exchange differences on the translation of foreign operations and equity accounted investees [member]MXN ($) | Remeasurements of the net defined benefit liability [member]MXN ($) | Non-controlling interest [member]MXN ($) | Total controlling interest [member]MXN ($) | USD ($) | MXN ($) |
Beginning Balance (Previously stated [member]) at Dec. 31, 2017 | $ 3,348 | $ 26,808 | $ 201,868 | $ 2,618 | $ 18,207 | $ (2,558) | $ 86,621 | $ 250,291 | $ 336,912 | ||
Beginning Balance (IAS 29 [member]) at Dec. 31, 2017 | 1,269 | 1,418 | 1,269 | 2,687 | |||||||
Beginning Balance (Accounting standard adoption effects [member]) at Dec. 31, 2017 | (150) | ||||||||||
Beginning Balance (Adjusted balance [member]) at Dec. 31, 2017 | 3,348 | 26,808 | 202,908 | 2,618 | 18,207 | (2,558) | 87,889 | 251,331 | 339,220 | ||
Beginning Balance (I F R S 9 [Member]) at Dec. 31, 2017 | (229) | (150) | (229) | (379) | |||||||
Beginning Balance at Dec. 31, 2017 | 86,621 | ||||||||||
Consolidated net income | 23,990 | 9,089 | 23,990 | 33,079 | |||||||
Other comprehensive income (loss), net, excluding sale of joint venture | $ (491) | (727) | (8,988) | 992 | (4,079) | (9,214) | (13,293) | ||||
Consolidated comprehensive income, net of tax | 23,990 | (491) | (727) | (8,988) | 992 | 5,010 | 14,776 | 19,786 | |||
Dividends declared and paid | (9,220) | (3,713) | (9,220) | (12,933) | |||||||
Issuance (purchase) of share-based compensation plans | 42 | 31 | 42 | 73 | |||||||
Other acquisitions and remeasurements | 413 | ||||||||||
Contribution from non-controlling interest | 412 | 412 | |||||||||
Recognition of non-controlling interest upon consolidation of CCFPI | (11,140) | ||||||||||
Derecognition upon disposal of controlling interest in Philippines | (11,140) | (11,140) | |||||||||
Other movements in equity accounted investees, net of tax | 124 | 124 | 124 | ||||||||
Ending Balance (Previously stated [member]) at Dec. 31, 2018 | 3,348 | 26,850 | 217,802 | (491) | 1,891 | 9,219 | (1,566) | 78,489 | 257,053 | 335,542 | |
Ending Balance (Accounting standard adoption effects [member]) at Dec. 31, 2018 | (69) | ||||||||||
Ending Balance (Adjusted balance [member]) at Dec. 31, 2018 | 3,348 | 26,850 | 217,709 | (491) | 1,891 | 9,219 | (1,566) | 78,420 | 256,960 | 335,380 | |
Ending Balance (I F R I C 23 [Member]) at Dec. 31, 2018 | (93) | (69) | (93) | (162) | |||||||
Ending Balance at Dec. 31, 2018 | 78,489 | ||||||||||
Consolidated net income | 20,699 | 7,349 | 20,699 | 28,048 | |||||||
Other comprehensive income (loss), net, excluding sale of joint venture | (562) | (6,647) | (1,205) | (4,552) | (8,414) | (12,966) | |||||
Consolidated comprehensive income, net of tax | 20,699 | (562) | (6,647) | (1,205) | 2,797 | 12,285 | 15,082 | ||||
Dividends declared and paid | (9,692) | (3,945) | (9,692) | (13,637) | |||||||
Issuance (purchase) of share-based compensation plans | 33 | (12) | 33 | 21 | |||||||
Other acquisitions and remeasurements | 32 | 32 | |||||||||
Acquisition of non-controlling interest | (3,530) | ||||||||||
Other acquisition of non-controlling interest | (8,721) | 32 | 17 | (3) | (3,530) | (8,675) | (12,205) | ||||
Other movements in equity accounted investees, net of tax | 1,078 | 1,078 | 1,078 | ||||||||
Ending Balance at Dec. 31, 2019 | 3,348 | 18,162 | 229,794 | (491) | 1,361 | 2,589 | (2,774) | 73,762 | 251,989 | 325,751 | |
Consolidated net income | (1,930) | 5,686 | (1,930) | $ 188 | 3,756 | ||||||
Other comprehensive income (loss), net, excluding sale of joint venture | (3,991) | 1,306 | 1,673 | (416) | (5,681) | (1,428) | (7,109) | ||||
Sale of Joint Venture | (100) | (112) | (100) | (212) | |||||||
Consolidated comprehensive income, net of tax | (1,930) | (3,991) | 1,306 | 1,573 | (416) | (107) | (3,458) | (181) | (3,565) | ||
Dividends declared and paid | (10,360) | (5,524) | (10,360) | (15,884) | |||||||
Issuance (purchase) of share-based compensation plans | (275) | (64) | (275) | (339) | |||||||
Other acquisitions and remeasurements | (79) | 1,377 | (79) | 1,298 | |||||||
Acquisition of non-controlling interest | (1,298) | ||||||||||
Other movements in equity accounted investees, net of tax | (74) | (74) | (74) | ||||||||
Ending Balance at Dec. 31, 2020 | $ 3,348 | $ 17,808 | $ 217,430 | $ (4,482) | $ 2,667 | $ 4,162 | $ (3,190) | $ 69,444 | $ 237,743 | $ 15,442 | $ 307,187 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
OPERATING ACTIVITIES | ||||
Income before income taxes from discontinued operations | $ 1,308 | |||
Income before income taxes from continuing operations | $ 934 | $ 18,575 | $ 38,524 | 39,882 |
Non-cash items adjustments: | ||||
Operating (income) expenses | (78) | (1,544) | (1,279) | 1,687 |
Depreciation | 1,257 | 25,006 | 23,361 | 14,698 |
Amortization | 153 | 3,043 | 2,449 | 2,539 |
(Gain) loss on sale of long-lived assets | (7) | (130) | 68 | (174) |
Disposal of long-lived assets | 65 | 1,290 | 861 | 518 |
Impairment Loss Excluding Intangible Assets And Other | 256 | 5,102 | 1,018 | 432 |
Share of the profit of equity accounted investees, net of taxes | 37 | 736 | (6,228) | (6,252) |
Interest income | (106) | (2,100) | (3,168) | (2,832) |
Interest expense | 881 | 17,516 | 14,133 | 9,825 |
Foreign exchange loss (gain), net | (19) | (385) | 2,467 | 248 |
Monetary position (gain), net | (19) | (384) | (260) | (216) |
Market value loss on financial instruments | 13 | 264 | 320 | 355 |
Net cash flow from operating activities before changes in operating accounts | 3,367 | 66,989 | 72,266 | 60,710 |
Trade accounts receivable and other current assets | 128 | 2,551 | (2,818) | (2,426) |
Other current financial assets | 2 | 31 | (268) | 379 |
Inventories | (12) | (247) | (5,635) | (3,809) |
Derivative financial instruments | 6 | 124 | 41 | (23) |
Trade accounts payable and other accounts | (93) | (1,847) | 10,230 | 4,906 |
Other non-current liabilities | 45 | 901 | 345 | 752 |
Other current financial liabilities | 51 | 1,015 | 158 | (544) |
Employee benefits paid | (49) | (981) | (790) | (412) |
Net cash generated from operations | 3,445 | 68,536 | 73,529 | 59,533 |
Income taxes paid | (772) | (15,363) | (11,891) | (12,603) |
Net cash generated by operating activities from discontinued operations | 654 | |||
Net cash generated by operating activities from continuing operations | 2,673 | 53,173 | 61,638 | 46,930 |
INVESTING ACTIVITIES | ||||
Proceeds from the sale of subsidiary, net of cash disposed | 7,649 | |||
Acquisition by Coca-Cola FEMSA, net of cash acquired (see Note 4) | (5,692) | |||
Equity accounted investees | (105) | (2,095) | (2,516) | (98) |
Other equity investments | (284) | (5,644) | (14,419) | |
Disposal (purchase) of investments | 711 | 14,149 | 29,381 | (40,487) |
Interest received | 106 | 2,106 | 3,253 | 2,736 |
Derivative financial instruments | (10) | (191) | (203) | 99 |
Dividends received from equity accounted investees | 210 | 4,180 | 3,026 | 2,927 |
Property, plant and equipment acquisitions | (938) | (18,660) | (22,926) | (21,584) |
Proceeds from disposal of property, plant and equipment | 23 | 461 | 655 | 467 |
Acquisition of intangible assets | (75) | (1,482) | (2,197) | (1,793) |
Investment in other assets | (54) | (1,082) | (1,179) | (1,182) |
Collections of other assets | 26 | 526 | 415 | 166 |
Investment in other financial assets | (11) | (214) | (285) | (65) |
Net cash (used in) generated by investing activities from discontinued operations | (962) | |||
Net cash (used in) generated by investing activities from continuing operations | (1,579) | (31,367) | (14,131) | (57,178) |
FINANCING ACTIVITIES | ||||
Proceeds from borrowings | 6,504 | 129,371 | 18,280 | 16,155 |
Payments of bank loans | (3,181) | (63,278) | (26,301) | (17,182) |
Interest paid | (483) | (9,615) | (6,503) | (6,799) |
Derivative financial instruments | 54 | 1,078 | (690) | (2,288) |
Dividends paid | (798) | (15,868) | (13,629) | (12,933) |
Acquisition of non-controlling interest | (588) | (11,692) | (728) | |
Interest paid derived from leases | (230) | (4,568) | (4,498) | |
Payments of leases | (264) | (5,242) | (4,350) | |
Other financing activities | (31) | (611) | (15) | 36 |
Net cash used in financing activities from discontinued operations | (37) | |||
Net cash (used) generated by financing activities from continuing operations | 983 | 19,575 | (38,434) | (23,011) |
Increase (decrease) in cash and cash equivalents from continuing operations | 2,077 | 41,381 | 9,073 | (33,259) |
Increase in cash and cash equivalents from discontinued operations | 963 | |||
Cash and cash equivalents at the beginning of the period | 3,296 | 65,562 | 62,047 | 96,944 |
Effects of exchange rate changes and inflation effects on cash and cash equivalents held in foreign currencies | 37 | 681 | (5,558) | (2,601) |
Cash and cash equivalents at the end of the period | 5,410 | 107,624 | 65,562 | 62,047 |
Synergy [Member] | ||||
INVESTING ACTIVITIES | ||||
Other acquisitions, net of cash acquired (see Note 4) | (1,171) | (23,284) | ||
Other acquisitions [member] | ||||
INVESTING ACTIVITIES | ||||
Other acquisitions, net of cash acquired (see Note 4) | $ (7) | $ (137) | $ (7,136) | $ (321) |
Company Business
Company Business | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Company Business | Note 1. Company Business Fomento Económico Mexicano, S.A.B. de C.V. and subsidiaries (“FEMSA,” the Company or the Group), incorporated in 1936, is a public company established as a sociedad anónima bursátil de capital variable under the Mexican laws leading subsidiaries that are direct and indirect sub-holding companies in businesses in which the Company operates in the beverage industry through Coca-Cola FEMSA; retail industry through FEMSA Comercio Proximity, Fuel and Health Divisions; beer industry through the Heineken investment and other businesses. The following is a description of the Company’s businesses, along with its interest ownership in each reportable segment: % Ownership Business 2020 2019 Activities Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries (“Coca-Cola FEMSA”) 47.2% (1) 47.2% (1) Production, distribution and marketing of certain Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina and Uruguay (see Note 4). As of December 31, 2020, The Coca-Cola Company (“TCCC”) indirectly owns 27.8% of Coca-Cola FEMSA’s capital stock. In addition, shares representing 25% of Coca-Cola FEMSA’s capital stock are traded on the Bolsa Mexicana de Valores (Mexican Stock Exchange “BMV”) and on the New York Stock Exchange, Inc. (“NYSE”) in the form of American Depositary Shares (“ADS”). FEMSA Comercio – Proximity Division 100% 100% Small-box retail chain format operations in Mexico, Colombia, Peru, United States, Chile and Brazil, mainly under the trade name “OXXO.” FEMSA Comercio – Fuel Division 100% 100% Retail service stations for fuels, motor oils, lubricants and car care products under the trade name “OXXO Gas” with operations in Mexico. FEMSA Comercio – Health Division 100% (2) Various (2) Drugstores operations in Chile, Colombia and Ecuador, mainly under the trademark “Cruz Verde”, “Fybeca” and “Sana Sana”; and in Mexico under various brands such as “YZA”,” La Moderna” and “Farmacon.” Heineken investment 14.8% 14.8% Heineken N.V. and Heineken Holding N.V. shares, which represents an aggregate of 14.8% economic interest in both entities (“Heineken Group”). Other businesses Various (3) 100% Companies engaged in the production and distribution of coolers, commercial refrigeration equipment, plastic cases, food processing, preservation and weighing equipment; logistic transportation and maintenance services to FEMSA’s subsidiaries and to third parties; as well as a specialized distribution platform for cleaning products and consumables. (1) The Company controls Coca-Cola FEMSA’s relevant activities. On January 31, 2019, Coca-Cola FEMSA, S.A.B. de C.V. Extraordinary General Shareholders’ Meeting approved the following: (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; and (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 and in the form of American depositary shares on the New York Stock Exchange. (2) The former shareholders of Farmacias YZA had a 18.6% stake in Cadena Comercial de Farmacias, S.A.P.I. de C.V., a subsidiary of FEMSA that holds all pharmacy business in Mexico (which we refer to as “CCF”). On November 13, 2019, FEMSA completed the acquisition of the remaining interest in Farmacias YZA. In 2018, FEMSA had 60% interest on Grupo Socofar (“Socofar”). As of December 13, 2019, FEMSA recognized the remaining 40% interest in Grupo Socofar (“Socofar”) following the exercise of a put right by the minority partner to sell its non - controlling interest in Socofar. (3) On May 15, 2020, the Company completed the acquisition of the specialized distribution business of cleaning products and consumables in the United States, through the controlling interest of NW Synergy, which includes WAXIE and North American Corporation (“North American”). Additionally, on December 31, 2020, the Company completed the acquisition of Southeastern Paper Group (“SEPG”), increasing its specialized distribution footprint in the United States. See Note 4.1. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Basis of Preparation | Note 2. Basis of Preparation 2.1 Statement of compliance The consolidated financial statements of the Company as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 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 Eduardo Padilla Silva and the Chief Corporate Financial Officer Eugenio Garza y Garza on February 24, 2021. These consolidated financial statements and notes were then approved by the Company’s Board of Directors on February 26, 2021 and by the Shareholder meeting on March 24, 2021. 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 Corporate Financial Officer on April 14, 2021 and subsequent events have been considered through that date (see Note 30). 2.2 Basis of measurement and presentation COVID‑19, an infectious disease caused by a new virus, was declared a world‑wide pandemic by the WHO on 11 March 2020. The measures to slow the spread of COVID‑19 have had a significant impact on the global economy. 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. Major stock markets have halted operations on several occasions as persistent market turmoil intensifies and new information becomes available. Currencies in many of the countries where we operate, including the Mexican peso, have suffered a significant depreciation against the U.S. dollar as compared to December 31, 2019, which has increased the cost of some of our raw materials, and therefore negatively affected our financial results. In addition, the long-term economic effects of the COVID-19 pandemic may include lower or negative growth rates in the markets where we operate and reduced demand for our products or a shift to lower margin products. The COVID-19 pandemic has also increased the interest rates for short-term loans, and these market conditions, if persisting for an extended duration, could affect our costs of financing. Furthermore, the duration of the COVID-19 pandemic is uncertain, and we cannot predict whether the virus will continue spreading in the territories where we operate or when or if the pandemic will subside. 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 non-esential. As such measures were relaxed, most businesses were able to reopen and this allowed us to recover the accounts receivable. Given that the impact in this item was not material, the Company did not implement any relevant change to our models to estimate the receivables’ provisions. In regard to the above, the following are considerations that support our going concern basis of accounting: · Consideration of the entity’s business model and related risks. · Whether the entity has sufficient cash and/or headroom in its credit facilities to support any downturn whilst noting that the evolving nature of the COVID-19 pandemic means that uncertainties will remain, and it may not be able to reasonably estimate the future impact. · Actions the entity has taken to mitigate the risk that the going concern assumption is not appropriate such as activities to preserve liquidity. · Any challenges of the underlying data and assumptions used to make the going concern assessment. The consolidated financial statements have been prepared on historical cost basis, except for the following: · Derivative financial instruments. · Trust assets of post-employment and other long-term employee benefit plans. · Investments in equity instruments and some financial liabilities. The carrying values of assets and liabilities 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 restated in terms of the measuring unit at the end of the reporting period. 2.2.1 Presentation of consolidated income statement The Company’s consolidated income statement classifies its related costs and expenses by function accordingly within the industry practices in which the Company operates. 2.2.2 Presentation of consolidated statements of cash flows The Company’s consolidated statement of cash flows is presented 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, 2020 the consolidated income statement, the consolidated statement of comprehensive income and consolidated statement of cash flows for the year ended December 31, 2020 were converted into U.S. dollars at closing exchange rate of 19.8920 Mexican pesos per U.S. dollar as published by the Federal Reserve Bank of New York as of December 31, 2020. This arithmetic conversion should not be construed as representation that amounts expressed in Mexican pesos may be converted into U.S. dollars at that or any other exchange rate. As explained in Note 2.1 above, as of April 9, 2021 the exchange rate was Ps. 20.1620 per U.S. dollar, a depreciation of 1% since December 31, 2020. 2.3 Critical accounting judgments and estimates For the application of the Company’s accounting policies, as 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 apparent from other sources. The estimates and 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 it affects only such period or in the current or subsequent periods of the revision if this affects both. Judgments In the process of applying the Company’s accounting policies, management has made the following judgments, the most significant effects of which are included on consolidated financial statements. 2.3.1 Key sources of estimation uncertainty The following are the assumptions and other sources of estimation uncertainty as of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the subsequent financial period. 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 would be included in the assumptions when they occur. 2.3.1.1 Impairment of indefinite lived intangible assets, goodwill and depreciable long-lived assets Intangible assets with indefinite lives including goodwill are subject to impairment tests annually or whenever indicators of impairment are present. An 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 CGU 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 over its value-in-use in the period the related impairment is determined. The Company assesses at each reporting date whether there is an indication that a long-lived asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows expected to be generated from the use of the asset or CGU are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Our forecasts assume our defensive profile and a recovery in the economic activity in the countries where we operate starting in 2021 and therefore, an improvement in sales volume. We expect the effects from the pandemic to be temporary and we estimate our industry will continue growing in the near term. Likewise, we will continue with the analyses of utilization levels of our assets, the recoverability of the accounts receivable, profitability of the business, etc. to identify any indications of impairment. The key assumptions used to determine the recoverable amount for the Company’s CGUs, including a sensitivity analysis, are further explained in Notes 3.20 and 13. 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 3.15, 3.18, 11 and 1 3. 2.3.1.3 Post-employment and other non-current employee benefits The Company regularly evaluates the reasonableness of the assumptions used in its post-employment and other long-term employee benefit computations. Information about such assumptions is described in Note 17. 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 timing and level of future taxable income, the expected timing of the reversals of existing taxable temporary differences and available tax planning strategies, see Note 25. 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 26. 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 and 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. 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 tax authority will accept an uncertain tax treatment. The Company 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. 2.3.1.6 Valuation of financial instruments The Company measures 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 21. In the initial recognition of an equity instrument that is not held for trading, under the “other” business model, the Company may irrevocably choose to present changes in the fair value of the investment in other comprehensive income. This choice has to be made for each investment. Equity instruments are subsequently measured at fair value. Dividends are recognized as other income in results unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses, related to changes in fair value, are recognized in OCI and are considered items that will not be reclassified to consolidated net income in subsequent periods. 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 that: · 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 compensation arrangements of the acquiree or share-based compensation arrangements of the Company entered into to replace share-based compensation arrangements of the acquiree are measured in accordance with IFRS 2, Share-based Payment at the acquisition date, see Note 3.27; · 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 indemnified 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 CGU's cash flows, in the computation of weighted average cost of capital (“WACC”) and estimation of inflation during the identification of intangible assets with indefinite lives, mainly, goodwill, distribution and trademark rights, and estimation of useful life during the identification of intangible assets with definite lives, mainly, customer relationships. 2.3.1.8 Equity accounted investees 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 requires 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 in a position 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 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 certain indicators that provide evidence of significant influence, such as: · Whether the extent of the Company’s ownership is significant relative to other shareholders (i.e. a lack of concentration of other shareholders); · Whether the Company’s significant shareholders, fellow subsidiaries, or officers hold additional investment in the investee; and · Whether the Company is a part of significant investee’s board of director committees, such as the executive committee or the finance committee. 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 assesses 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. When assessing joint control, management considers the following facts and circumstances such as: a) Whether all the parties or a group of the parties, control the arrangement, considering definition of joint control, as described in Note 3.14; and b) Whether decisions about the relevant activities require the unanimous consent of all the parties, or of a group of the parties. 2.3.1.9 Venezuela exchange rates and deconsolidation Effective December 31, 2017, the Company deconsolidated its Coca-Cola FEMSA subsidiary’s operations in Venezuela due to the political and economic environment in that country and began accounting for its investments under the fair value method. Consequently, beginning January 1, 2018, all changes in the fair value of the investment, including foreign currency translation differences are recognized for Venezuela’s operations in “Other comprehensive income, net of tax.” 2.3.1.10 Leases 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, include the following: · If 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 and when the Company has the unilateral right to apply the option in question. · Determination of the non-cancellable period for evergreen contracts and lifelong leases, considering whether the Company is reasonably certain to terminate the lease and/or estimating a reasonable period for the use of the asset, based on significant leasehold improvements made on the leased properties that provide reasonable certainty to the Company about the remaining period to obtain the benefits of such improvements on leased properties. 2.4 Application of recently issued accounting standards The Company has applied the following amendments to IFRS during 2020. None of the amendments had a significant impact on the company’s financial statements: 2.4.1 Modifications to the Conceptual Framework The Conceptual Framework for Financial Information (“Conceptual Framework”) was issued on March 2018 replacing the previous version of the Conceptual Framework issued in 2010. The Conceptual Framework describes the purpose and concepts of general purpose for the financial information. The purpose of the Conceptual Framework is to: a) Help to the IASB to develop standards that are based on consistent concepts; b) Assist to preparers to develop congruent accounting policies when no Standard is applicable to a specific transaction or event, or when a Standard allows an accounting policy option; and c) Help to all parties to understand and interpret the Standards. The Conceptual Framework is not a Standard. No content of the Conceptual Framework prevails over any Standard or requirement of a Standard. As long as the Company’s accounting policy is in line with these modifications, the Company did not have any effect on its consolidated financial statements. 2.4.2 Modifications to IFRS 3 Definition of a Business (“IFRS 3”) The IASB issued an amendment to IFRS 3 in October 2018 that revises the definition of a business. The modified definition issued in October 2018 emphasizes that the purpose of a business is to provide goods and services to the customers, while the previous definition was focus on returns in dividends, lower costs or other economic benefits for investors and others. The distinction between a business and a group of assets is important because an acquirer recognizes a goodwill when a business is acquired. As long as the Company’s accounting policy is aligned with these modifications, the Company did not have any effect on its consolidated financial statements. 2.4.3 Modifications to IAS 1 and IAS 8 Definition of Material or relative importance (“IAS 1” and “IAS 8”) The definition of material or relative importance helps to the Company to determine whether information about an item, transaction or other event should be provided to the users of the financial statements. However, companies had difficulty using the above definition in making judgments in the preparation of the financial statements. Accordingly, the IASB published the Definition of Material or Relative Importance (Amendments to IAS 1 and IAS 8) in October 2018. a. Previous definition: Omissions of information or inaccuracies are material, or have relative importance if they can, individually or in whole, influence in the economic decisions taken by the users of the information on the base of the financial statements. b. New definition: Information is material if its omission, inaccuracy or concealment can reasonably be expected to influence the decisions that the principal users of the financial information take on the basis of the financial statements. The definition of “material” in the IAS 8 is replaced by a reference to the IAS 1. In addition, to ensure consistency, the IASB has modified the rest of the affected standards. The Company did not have significant effects on its consolidated financial statements. 2.4.4 Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7 In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures, which concludes phase one 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 (an RFR). The amendments to IFRS 9 The amendments include a number of reliefs, which apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainties about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. Application of the reliefs is mandatory. The first three reliefs require assessing: · whether a forecast transaction (or component thereof) is highly probable. · when to reclassify the amount in the cash flow hedge reserve to profit and loss. · the economic relationship between the hedged item and the hedging instrument. For each of these reliefs, it is assumed that the benchmark on which the hedged cash flows are based (whether or not contractually specified) and/or, for relief three, the benchmark on which the cash flows of the hedging instrument are based, are not altered as a result of IBOR reform. A fourth relief provides that, for a benchmark component of interest rate risk that is affected by IBOR reform, the requirement that the risk component is separately identifiable need be met only at the inception of the hedging relationship. Where hedging instruments and hedged items may be added to or removed from an open portfolio in a continuous hedging strategy, the separately identifiable requirement need only be met when hedged items are initially designated within the hedging relationship. To the extent that a hedging instrument is altered so that its cash flows are based on an RFR, but the hedged item is still based on IBOR (or vice versa), there is no relief from measuring and recording any ineffectiveness that arises due to differences in their changes in fair value. The reliefs continue indefinitely in the absence of any of the events described in the amendments. When an entity designates a group of items as the hedged item, the requirements for when the reliefs cease are applied separately to each individual item within the designated group of items. The amendments also introduce specific disclosure requirements for hedging relationships to which the reliefs are applied. The Company did not have any effect on its consolidated financial statements. 2.4.5 Amendments to IFRS 16 COVID-19 Related Rent 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, 2021; 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 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, 2020 | |
IFRS Text Block [Abstract] | |
Significant Accounting Policies | Note 3. Significant Accounting Policies 3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company. 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 arrangements with the other vote holders of the investee; · Rights arising from other contractual arrangements; and · 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, income and expenses of a subsidiary 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 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, income, 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 no goodwill is recognized as a result. 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. 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 acquiree. 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 of the acquiree and the liabilities assumed. If, 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 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 issuance 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 remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent considerations 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 in which the accounting is incomplete and discloses that its allocation is preliminary in nature. Those provisional amounts are adjusted retrospectively 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 remeasures 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, see Note 3.14. The Company sometimes obtains control of an acquiree without transferring consideration. The acquisition method of accounting for a business combination, applies to those combinations as follows: (a) The acquiree repurchases a sufficient number of its own shares for the Company to obtain control. (b) Minority veto rights lapse that previously kept the Company from controlling an acquiree in which it held the majority voting rights. (c) The Company and the acquiree agree to combine their businesses by contract alone 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, consolidation of foreign subsidiaries and accounting of equity accounted investees In preparing the financial statements of each individual subsidiary and accounting for equity accounted investees, 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 retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in consolidated net income in the period in which they arise except for: · The variations in the net investment in foreign subsidiaries generated by exchange rate fluctuation which are included in other comprehensive income, which is recorded in equity as part of cumulative translation adjustment within the accumulated other comprehensive income; · Intercompany financing balances with foreign subsidiaries are classified as long-term investments when there is no plan to pay such financing in the foreseeable future. Exchange rate fluctuation regarding this financing is recorded in the exchange differences on translation of foreign operations within the accumulated other comprehensive income (loss) item, which is recorded in equity; and · 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 entities operating in 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 entities operating in non-hyperinflationary 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 if the exchange rate does not fluctuate significantly. 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 arising are recognized in equity as part of the cumulative translation adjustment. 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) Functional / Average Exchange Rate for Exchange Rate as of Recording December 31, December 31, Country or Zone Currency 2020 2019 2018 2020 2019 Guatemala Quetzal 2.78 2.50 2.56 Costa Rica Colon 0.03 0.03 0.03 Panama U.S. dollar 21.49 19.26 19.24 19.95 18.85 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.63 0.58 0.62 0.57 0.56 Argentina Argentine peso 0.31 0.41 0.73 0.24 0.31 Brazil Reais 4.18 4.89 5.29 3.84 4.68 Chile Chilean peso 0.03 0.03 0.03 0.03 0.03 Euro Zone Euro (€) 24.48 21.56 22.71 24.52 21.12 Peru Nuevo Sol 6.15 5.77 5.85 5.51 5.68 Ecuador U.S. dollar 21.49 19.26 19.24 19.95 18.85 Philippines Philippine peso — — 0.37 — — United States U.S. dollar 21.49 — — 19.95 — Uruguay Uruguayan peso 0.51 0.55 0.63 0.47 0.51 (1) Exchange rates published by the Central Bank of each country where the Company operates. 3.4 Recognition of the effects of inflation in countries with hyperinflationary economic environments The Company recognizes the effects of inflation on the financial information of its subsidiaries that operate in hyperinflationary economic environments (when cumulative inflation of the three preceding years is approaching, or exceeds, 100% or more in addition to other qualitative factors), which consists of: · 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; · Applying the appropriate inflation factors to restate capital stock, additional paid-in capital, net income, retained earnings and items of other comprehensive income by the necessary amount to maintain the purchasing power equivalent in the currency of the subsidiary on the dates such capital was contributed, or income was generated up to the date the consolidated financial statements are presented; and · Including 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 of each country (“CPI”). As of December 31, 2020, 2019, and 2018, the operations of the Company are classified as follows: Cumulative Cumulative Cumulative Inflation Inflation Inflation Country 2018- 2020 Type of Economy 2017- 2019 Type of Economy 2016- 2018 Type of Economy Mexico 11.2 % Non-hyperinflationary 13.2 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.9 % Non-hyperinflationary 11.8 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 4.5 % Non-hyperinflationary 5.8 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama (1.5) % Non-hyperinflationary 0.5 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 8.8 % Non-hyperinflationary 11.0 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 13.5 % Non-hyperinflationary 15.6 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina (a) 209.2 % Hyperinflationary 179.4 % Hyperinflationary 158.4 % Hyperinflationary Brazil 13.1 % Non-hyperinflationary 11.1 % Non-hyperinflationary 25.0 % Non-hyperinflationary Philippines — — — % Non-hyperinflationary 11.9 % Non-hyperinflationary Euro Zone 2.4 % Non-hyperinflationary 3.6 % Non-hyperinflationary 2.7 % Non-hyperinflationary Chile 8.8 % Non-hyperinflationary 8.3 % Non-hyperinflationary 9.7 % Non-hyperinflationary Peru 6.2 % Non-hyperinflationary 5.2 % Non-hyperinflationary 9.3 % Non-hyperinflationary Ecuador (0.7) % Non-hyperinflationary 0.3 % Non-hyperinflationary 30.3 % Non-hyperinflationary United States 3.7 % Non-hyperinflationary — — — — Uruguay 28.5 % Non-hyperinflationary 22.0 % Non-hyperinflationary 25.3 Non-hyperinflationary a) 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 Federacion Argentina de Consejos Profesionales de Ciencias Económicas (“FACPCE”) 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). 3.5 Cash and cash equivalents and restricted cash Cash is comprised of deposits in bank accounts which generate an interest on the available balance. Cash equivalents are mainly represented by short-term bank deposits and fixed-income investments (overnight), both with maturities of three months or less and their carrying values approximate fair value. The Company also maintains restricted cash which is pledged as collateral to meet certain contractual obligations. Restricted cash is presented within other current financial assets given that, by their nature, the restrictions are short-term. 3.6 Investments The investments include debt securities and bank deposits with a maturity of more than three months as of the acquisition date. Management determines the appropriate classification of investments at the time of purchase and evaluates that classification at the date of each statement of financial position, see Notes 6 and 14. 3.7 Financial assets Financial assets are classified within the following business models depending on management’s objective: (i) “held to maturity to recover cash flows,” (ii) “held to maturity and to sell financial assets” and (iii) “others or held for trading,” including derivatives assigned in hedging instruments with efficient hedge, as appropriate. The classification depends on the nature and purpose of holding the financial assets and is determined at the time of initial recognition. The Company performs a portfolio – level assessment of the business model in which a financial asset is managed to accomplish with Company’s risk management purposes. 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 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 three 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 is not 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 part of the contractual provisions of the instrument. The fair value of an asset is measured using assumptions that would be used by market participants when valuing the asset, assuming that the transaction is orderly and takes place in the principal or the most advantageous market for the asset. During 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. 3.7.1 Financial assets at amortized cost A financial asset is measured at amortized cost if it meets the following two conditions and is not · Its 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 less the principal payments, plus or less the accumulated amortization using the effective interest rate method of any difference between the initial amount and the amount as of the maturity and, for financial assets, adjusted for loss of impairment. The financial product, exchange fluctuation and impairment are recognized in results. Any profit or loss is also recognized in the same way in results. 3.7.2 Effective interest rate method (“ERR”) The effective interest rate method consists of calculating the amortized cost of loans and accounts receivables and other financial assets (measured at amortized cost) and 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 on points paid or received that form 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 initial recognition. 3.7.3 Financial assets at fair value with changes in other comprehensive income (“FVOCI”) A financial asset is measured at FVOCI if it meets the following two conditions and is not designated as FVTPL: · Its managed within a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets; and · The contractual terms are solely principal and interest payments. These assets are subsequently measured at fair value. The financial product calculated using the internal rate of return (“IRR”), the exchange 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 case of disposals, the accumulated gains and losses in OCI are reclassified to profit and loss. In the initial recognition of an equity instrument that is not 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 has to be made for each investment. Equity instruments are subsequently measured at fair value. Dividends are recognized as other income in results unless the dividend clearly represents a recovery of part of the cost of the investment. 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. 3.7.4 Financial assets at fair value through profit or 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 for the purpose of selling or repurchasing in the short-term. Derivatives, including embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined in IFRS 9. Financial assets designated a FVTPL are recorded in the balance sheet with changes in fair value presented as financial expense (net negative changes in fair value) or financial income (net positive changes in fair value) in profit or loss, including any dividend income. 3.7.5 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 only 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. In making this evaluation, the Company considers the following: · Contingent events that would change the amount or timing of cash flows; · 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 SPPI 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 of prepaid represents substantially the contractual amount and accrued interest (but not paid); which may include additional compensation for the early termination of the contract. 3.7.6 Impairment of financial assets The Company recognizes impairment due to expected credit loss (“ECL”) in: · Financial assets measured at amortized cost; · Debt investments measured at FVOCI; and · Other contractual assets. Impairment losses on accounts receivable, contractual assets and leasing receivables are measured at the amount that equals the lifetime ECL, whether or not it has a significant financing component. The Company applies the criteria to all accounts receivable, contractual assets and leasing credits, together or separately. The Company measures impairment losses at an amount equal to ECL for the remaining life, except for the following: · Debt instruments classified as low credit risk; and · Other debt instruments in which the credit risk (irrecoverability risk over the financial instrument expected life) 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. It includes qualitative and quantitative analysis based on Company’s experience and credit assessment. 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 at the original effective interest rate of the financial asset. The Company annually evaluates if there was evidence of an impairment. Some observable data that financial assets were impaired includes: · Significant financial difficulty of the issuer or the borrower; · A breach of contract, such as default or past due event; · Granting concessions due to the borrower’s financial difficulties in which Company would not consider in other circumstances; · It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; · The disappearance of an active market for a financial instrument because of financial difficulties; or · Information indicating that there was a measurable decrease in the expected cash flows of a group of financial assets. For an equity instrument, evidence of impairment includes a significant decrease in its fair value even lower than its carrying value. The impairment loss on financial assets measured at amortized cost is reduced from the book value and for financial assets measured at FVOCI, the impairment loss is recognized as profit or loss within OCI. 3.7.7 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 cash flows from the asset or has assumed an obligation to pay the received cash flows in full 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 nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. 3.7.8 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 when 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. 3.8 Other financial assets Other financial assets include long-term accounts receivable, derivative financial instruments and recoverable contingencies acquired from business combinations. Long-term accounts receivable with a stated term are measured at amortized cost using the effective interest method, less any impairment. 3.9 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 Mexican peso 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 FVTPL or FVOCI, 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. Changes in the fair value of derivative financial instruments are recorded each period in current earnings otherwise as a component of cumulative other comprehensive income based on the item being hedged and the effectiveness of the hedge. 3.9.1 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. 3.9.2 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 other comprehensive income and accumulated under the heading 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 income statements. 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 consolidated net income, in the same line of the consolidated income statement 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 |
Mergers, Acquisitions and Dispo
Mergers, Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Mergers, Acquisitions and Disposals | Note 4. Mergers, Acquisitions and Disposals 4.1 Mergers and acquisitions The Company has consummated certain mergers and acquisitions during 2020, 2019 and 2018; which were recorded using the acquisition method of accounting. The results of the acquired operations have been included in the consolidated financial statements since the date on which the Company obtained control of the business, as disclosed below. Therefore, the consolidated income statements and the consolidated statements of financial position in the year of such acquisitions are not comparable with previous periods. The consolidated statements of cash flows for the years ended December 31, 2020, 2019 and 2018 show the cash outflow and inflow for the merged and acquired operations net of the cash acquired related to those mergers and acquisitions. During 2020, the Company completed acquisition through the controlling interest in NW Synergy Holdings LLC of 89.5%, which amounted to Ps. 20,233 fully paid in cash. This acquisition, was primarily related to the following: on May 15, 2020, the Company completed the acquisitions of WAXIE and North American, a new platform within the Jan-San, packaging and specialized distribution industry in the United States, operating a network of 26 distribution centers across the country and serving more than 27,000 customers in various industries such as building service contractors, education, government, retail and hospitality, which is included in the Company’s results since May 2020. The preliminary allocation on the aggregated purchase prices to the fair value of the net assets acquired is as follows: 2020 Total current assets (including cash acquired of Ps. 138) Ps. 2,162 Customer relationships and trademark 10,698 Other non-current assets 1,954 Total assets 14,814 Total liabilities (3,523) Net assets acquired 11,291 Goodwill 10,241 Non-controlling interest (1) (1,299) Total consideration transferred in cash 20,233 Cash acquired 138 Net cash paid Ps. 20,095 (1) Non-controlling interests were measured using the net asset value method. The Company expects to recover the amounts recorded as goodwill through its strategy of creating a national distribution platform in the US, building on FEMSA’s capabilities by leveraging its expertise in the organization and management of supply chains and distribution systems in adjacent businesses. Additionally, this goodwill is deductible for US tax purposes in a period of 15 years. The income statement information of this acquisition for the period from the acquisition date through to December 31, 2020 is as follows: Income Statement 2020 Total revenues Ps. 11,275 Income before income taxes 525 Net income Ps. 498 4.1.1 Other acquisitions During 2020, the Company completed the acquisition of 100% of Southeastern Paper Group, Inc., which amounted to Ps. 2,984 fully paid in cash. This acquisition, was primarily related to the following: on December 31, 2020, the Company completed the acquisition of SEPG, increasing its specialized distribution footprint in the United States. The Company is in the process of finalizing the allocation of the purchase price to the fair values of the identifiable assets acquired and liabilities assumed. This process is expected to be completed for each acquisition within 12 months of the acquisition date. The Company finalized the allocation of the purchase price to the fair values of the identifiable assets acquired and liabilities assumed for acquisitions completed during the prior year, with no significant variations to the preliminary allocation to the fair value of the net assets acquired, which were included in its audited annual consolidated financial statements as at and for the year ended December 31, 2019, primarily related to the following: (1) the acquisition of 100% of the Ecuadorian company Corporación Grupo FYBECA S.A. (“GPF”) which is included in the Company’s results since May, 2019; and (2) the acquisition of 100% of Brazilian company AGV Group (“AGV”) which is included in the Company’s results as of January, 2020. The final allocation of the purchase prices to the fair value of the net assets acquired is as follows: 2019 Total current assets (including cash acquired of Ps. 389) Ps. 4,058 Total non-current assets 6,761 Total assets 10,819 Total liabilities (8,178) Net assets acquired 2,641 Goodwill (1) 5,219 Non-controlling interest (2) (53) Total consideration transferred 7,807 Amount to be paid 147 Cash acquired 389 Net cash paid 7,271 (1) As a result of the purchase price allocation which was finalized in 2020, additional fair value adjustments from those recognized in 2019 have been recognized as follows: an increase in total net assets of Ps. 1,460 (from which Ps. 908 are customer relationships and Ps. 389 trademark rights), a decrease in goodwill of Ps. 1,323 and an additional consideration transferred during 2020 of Ps. 137. (2) Non-controlling interests were measured using the net asset value method. During 2019, FEMSA Comercio has been allocated goodwill in the acquisitions in FEMSA Comercio- Health Division in Ecuador and Colombia. FEMSA Comercio expects to recover the amount recorded through synergies related to the adoption of the Company’s economic current value proposition, the ability to apply the successful operational processes and expansion planning designed for each unit. The income statement information of these acquisitions for the period from the acquisition date through to December 31, 2019 is as follows: Income Statement 2019 Total revenues Ps. 8,594 Income before income taxes 37 Net loss Ps. 1 On May 22, 2018, the Company acquired an additional 10% its participation in Café del Pacífico, S.A.P.I. de C.V. (“Caffenio”), a Mexican company founded in 1941 whose main activities includes the production of coffee and beverages formulas, commercialization of beverages and whole foods and trading of commercial contracts, for an amount of Ps. 370 and reaching a controlling interest of 50% of ownership, through an agreement with other shareholders assuming control of the subsidiary. 4.1.2 Acquisitions of Coca-Cola FEMSA Coca-Cola FEMSA completed the following acquisitions during 2018: (1) acquisition of 100% of the Alimentos y Bebidas del Atlántico, S.A. (“ABASA”) in Guatemala, included in the Company results since May, 2018; (2) acquisition of 100% of Comercializadora y Distribuidora Los Volcanes, S.A. (“Los Volcanes”) in Guatemala included in the Company’ consolidated results beginning on May, 2018; and (3) acquisition of 100% of Montevideo Refrescos, S.R.L. (“MONRESA”) in Uruguay which is included in the consolidated financial results beginning on July 2018. The final allocation on the purchase prices to the fair value of the net assets acquired is as follows: 2018 Total current assets (including cash acquired of Ps. 860) Ps. 1,864 Total non-current assets 4,031 Distribution rights 1,715 Total assets 7,610 Total liabilities (3,961) Net assets acquired 3,649 Goodwill (1) 2,903 Total consideration transferred 6,552 Cash acquired (860) Net cash paid Ps. 5,692 (1) As a result of the purchase price allocation which was finalized in 2019, additional fair value adjustments from those recognized in 2018 have been recognized as follows: decrease in total non-current assets amounted to Ps. 236, distribution rights of Ps. 2,887 and increase in goodwill of Ps. 2,903. Coca-Cola FEMSA expects to recover the registered amounts recorded as goodwill through the synergies related to the available production capacity. The income statement information of these acquisitions for the period from the acquisition date through to December 31, 2018 is as follows: Income Statement 2018 Total revenues Ps. 4,628 Income before income taxes 496 Net income Ps. 413 Unaudited Pro Forma Financial Data The following unaudited consolidated pro forma financial data represent the Company’s historical financial information, adjusted to give effect to (i) the acquisitions of Waxie and North American as if these acquisitions have occurred on January 1, 2020; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired company. Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2020 Total revenues Ps. 508,367 Income before income taxes and share of the profit of equity accounted investees 20,019 Net income 4,464 Basic net controlling interest income per share Series “B” Ps. (0.06) Basic net controlling interest income per share Series “D” (0.08) The following unaudited consolidated pro forma financial data represent the Company’s historical financial statements, adjusted to give effect to (i) the acquisitions of GPF and AGV as if these acquisitions has occurred on January 1, 2019; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired company. Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2019 Total revenues Ps. 516,496 Income before income taxes and share of the profit of equity accounted investees 33,823 Net income 29,516 Basic net controlling interest income per share Series “B” Ps. 1.11 Basic net controlling interest income per share Series “D” 1.38 The following unaudited consolidated pro forma financial data represent the Company’s historical financial statements, adjusted to give effect to (i) Coca-Cola FEMSA’s acquisitions and the Company’s acquisition of Caffenio as if these acquisitions have occurred on January 1, 2018; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired company. Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2018 Total revenues Ps. 473,420 Income before income taxes and share of the profit of equity accounted investees 34,266 Net income 33,521 Basic net controlling interest income per share Series “B” Ps. 1.22 Basic net controlling interest income per share Series “D” 1.52 4.2. Disposals 4.2.1 Specialty’s Specialty’s was a Café & Bakery business based on California, Washington and Illinois. The COVID-19 pandemic started to expand across The United States in the last weeks of March 2020, which triggered an economic crisis. In this context of uncertainty and adverse environment, the Company had financial and economic setbacks with significant impacts in sales, as well as its profitability due to the government’s contingency plans for the disease which included mobility restrictions. Therefore, on May 15, 2020, the Company announced its decision to close Specialty’s operations. Such decision was approved by the Company’s board on the date previously specified. Consequently, on May 26, 2020, the Company’s board approved the filing for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, which was filed on May 27, 2020. As a result of filing under Chapter 7, the Company lost control over this subsidiary and consequently it was deconsolidated. The case is being handled in the California Northern Bankruptcy Court. The effects in FEMSA’s consolidated income statement in other income and expenses due to Specialty’s closing are the following: 2020 Impairment of long-lived assets Ps. 2,021 4.2.2 Discontinued operations (Coca ‐ Cola FEMSA Philippines) On August 16, 2018, Coca-Cola FEMSA announced its decision to exercise the put option to sell its 51% stake in CCFPI to The Coca-Cola Company. Such decision was approved by the Company’s board on August 6, 2018. Consequently beginning August 31, 2018 CCFPI had been classified as an asset held for sale and its operations as a discontinued operation in the financial statements for December 31, 2017 and 2018. Previously CCFPI represented the Asia division and was considered an independent segment until December 31, 2017. Coca-Cola FEMSA Philippines was sold on December 13, 2018. Income statement of discontinued operations For the year ended December 31, 2018, the income statement of discontinued operations was as follows: 2018 Total revenues Ps. 24,167 Cost of goods sold 17,360 Gross profit 6,807 Operating expenses 5,750 Other expenses, net 7 Financial income, net (185) Foreign exchange gain, net (73) Income before income taxes 1,308 Income taxes 466 Net income for discontinued operations Ps. 842 Less: non-controlling interest in discontinued operations 391 Controlling interest in discontinued operations Ps. 451 Accumulated currency translation effect for the subsidiary disposal (811) Gain from sale 3,335 Net income for subsidiary disposal – controlling interest 2,975 Net income from discontinued operations Ps. 3,366 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Cash and Cash Equivalents | Note 5. Cash and Cash Equivalents Includes cash on hand and in bank deposits and cash equivalents, which are 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 as shown in the consolidated statements of financial position and cash flows is comprised of the following: December 31, 2020 December 31, 2019 Cash and bank balances Ps. 43,990 Ps. Cash equivalents (see Note 3.5) 63,634 Ps. 107,624 Ps. 65,562 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Investments | Note 6. Investments As of December 31, 2020 and 2019, current investments with maturity greater than three months but less than twelve months period are carried at amortized cost, and their carrying value is similar to their fair value. The following is a detail of such investments: Fixed rate Corporate debt securities 2020 2019 Acquisition cost Ps. 658 Ps. 1,048 Accrued interest 4 4 Total fixed rate 662 1,052 Variable rate Corporate debt securities Acquisition cost — 11,307 Accrued interest — 7 Total variable rate — 11,314 Total investments Ps. 662 Ps. 12,366 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Trade Accounts Receivable, Net | Note 7. Trade Accounts Receivable, Net December 31, 2020 December 31, 2019 Trade accounts receivable Ps. 26,309 Ps. 26,942 The Coca-Cola Company (see Note 15) 509 802 Loans to employees 118 115 Heineken Group (see Note 15) 1,167 749 Others 2,608 3,214 Allowance for expected credit losses (2,462) (2,189) Ps. 28,249 Ps. 29,633 7.1 Trade receivables Trade receivables 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 arising from the latter’s participation in advertising and promotional programs. Because less than 8% of the trade accounts receivables is unrecoverable, the Company does not have customers classified as "high risk,” which would be eligible to have special management conditions for the credit risk. As of December 31, 2020, the main customers of the Company represent, in aggregate form, the expected loss on 13%. In 2020, during the COVID-19 pandemic, governments implemented several preventive measures such as social distancing and the temporary closure of certain points of sale considered as non-essential. As such measures were relaxed, most businesses were able to reopen and this allowed us to recover the accounts receivable. Given that the impact in this item was not material, the Company did not implement any relevant change to our models to estimate the receivables’ provisions. The allowance is calculated under an expected loss model that recognizes the impairment losses throughout the life of the contract. For this particular case, because the accounts receivable are generally outstanding for less than one year, the Company defined an impairment estimation model under a simplified approach of expected loss through a parametric model. The parameters used within the model are: · Breach probability; · Losses severity; · Financing rate; · Special recovery rate; and · Breach exposure. Aging of accounts receivable (days current or outstanding) December 31, December 31, 2020 2019 Current Ps. 24,556 Ps. 24,696 0‑30 days 2,024 31‑60 days 836 61‑90 days 317 91‑120 days 438 120+ days 2,540 Total Ps. 30,711 Ps. 31,822 7.2 Changes in the allowance for expected credit losses 2020 2019 2018 Balance at the beginning of the period Ps. 2,189 Ps. 2,114 Ps. 1,375 Effect of adoption of IFRS 9 — — 468 Adjusted balance at the beginning of the period 2,189 2,114 1,843 Allowance for the period 591 709 348 Additions (write-offs) of uncollectible accounts (1) (613) (269) (402) Addition from business combinations 273 — Effects of changes in foreign exchange rates 22 (365) 324 Balance at the end of the period Ps. 2,462 Ps. 2,189 Ps. 2,114 (1) In 2018, includes the effect of Coca ‐ Cola FEMSA Philippines, Inc. sale for an aggregate amount of $ 82. 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. The concentration of credit risk is limited due to the customer base being large and disperse. 7.3 Payments from The Coca-Cola Company The Coca-Cola Company participates in certain advertising and promotional programs as well as in the Coca-Cola FEMSA’s refrigeration equipment and returnable bottles investment program. Contributions received by Coca-Cola FEMSA 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, 2020, 2019 and 2018 contributions due were Ps. 1,482, Ps. 2,274 and Ps. 3,542, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Inventories | Note 8. Inventories December 31, December 31, 2020 2019 Finished products Ps. 36,603 Ps. 32,853 Raw materials 4,756 Spare parts 1,118 Work in process 114 Inventories in transit 1,443 Ps. 44,034 Ps. 41,023 For the years ended 2020, 2019 and 2018, the Company recognized write-downs of its inventories for Ps. 2,046, Ps. 2,992 and Ps. 2,006 to net realizable value, respectively. For the years ended 2020, 2019 and 2018, changes in inventories are comprised of the following and included in the consolidated income statement under the cost of goods sold caption: 2020 2019 2018 Changes in inventories of finished goods and work in progress Ps. 209,410 Ps. 221,540 Ps. 204,688 Raw materials and consumables used 79,896 84,502 79,825 Total Ps. 289,306 Ps. 306,042 Ps. 284,513 |
Other Current Assets and Other
Other Current Assets and Other Current Financial Assets | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Other Current Assets and Other Current Financial Assets | Note 9. Other Current Assets and Other Current Financial Assets 9.1 Other current assets December 31, December 31, 2020 2019 Prepaid expenses Ps. 2,424 Ps. 2,201 Recoverable taxes 5 268 Agreements with customers 115 294 Licenses 261 575 Assets classified as held for sale 30 197 Other 84 553 Ps. 2,919 Ps. 4,088 As of December 31, 2020 and 2019, Company’s prepaid expenses are as follows: December 31, December 31, 2020 2019 Advances for inventories Ps. 1,651 Ps. 1,359 Advertising and promotional expenses paid in advance 93 89 Advances to service suppliers 30 60 Prepaid leases 93 239 Prepaid insurance 181 129 Others 376 325 Ps. 2,424 Ps. 2,201 For the years ended December 31, 2020, 2019 and 2018, Company’s advertising and promotional expenses amounted to Ps. 7,471, Ps. 8,840 and Ps. 7,695, respectively. 9.2 Other current financial assets December 31, December 31, 2020 2019 Restricted cash Ps. 77 Ps. 92 Derivative financial instruments (see Note 21) 573 1,008 Note receivables (1) 31 46 Ps. 681 Ps. 1,146 (1) The carrying value approximates its fair value as of December 31, 2020 and 2019. The Company has pledged part of its cash in order to fulfill the collateral requirements for the accounts payable in different currencies. As of December 31, 2020 and 2019, the restricted cash pledged was held in: December 31, December 31, 2020 2019 U.S. Dollars Ps. 74 Ps. 89 Chilean pesos 3 3 Ps. 77 Ps. 92 The restricted cash in U.S. Dollars corresponds to operations in Brazil and consists of current deposits as requirements to guarantee the notes payable. |
Equity Accounted Investees
Equity Accounted Investees | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Equity Accounted Investees | Note 10. Equity Accounted Investees As of December 31, 2020 and 2019, Company’s equity accounted investees are as follows: Ownership Percentage Carrying Value Principal December 31, December 31, December 31, December 31, Investee Activity Place of Incorporation 2020 2019 2020 2019 Heineken (1) (2) Beverages The Netherlands 14.8 % 14.8 % Ps. 87,291 Ps. 83,789 Coca-Cola FEMSA: Joint ventures: Compañía Panameña de Bebidas, S.A.P.I. de C.V. Beverages Mexico - % 50.0 % — 486 Dispensadoras de Café, S.A.P.I. de C.V. Services Mexico 50.0 % 50.0 % 181 172 Fountain Agua Mineral, L.T.D.A. Beverages Brazil 50.0 % 50.0 % 720 851 Associates : Promotora Industrial Azucarera, S.A. Sugar production 36.4 % 36.4 % 3,335 3,274 de C.V. (“PIASA”) Mexico Industria Envasadora de Querétaro, S.A. Canned bottling Mexico 26.5 % 26.5 % 192 194 de C.V. (“IEQSA”) Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) Recycling Mexico 35.0 % 35.0 % 121 121 Jugos del Valle, S.A.P.I. de C.V. Beverages Mexico 28.8 % 28.8 % 1,945 1,929 Leao Alimentos e Bebidas, L.T.D.A. Beverages Brazil 24.7 % 24.7 % 446 1,931 Other investments in Coca-Cola FEMSA’s companies Various Various Various Various 683 793 FEMSA Comercio: Raizen Conveniências (4) Proximity Brazil 50.0 % — 2,763 3,410 Other investments (1) (3) Various Various Various Various 593 520 Ps. 98,270 Ps. 97,470 (1) Associate. (2) As of December 31, 2020 and 2019 comprised of 8.63% of Heineken, N.V. and 12.26% of Heineken Holding, N.V., which represents an economic interest of 14.76% in Heineken Group. The Company has significant influence, mainly, due to the fact that it participates in the Board of Directors of Heineken Holding, N.V. and the Supervisory Board of Heineken N.V.; and for the material transactions between the Company and Heineken Group. (3) Joint ventures. (4) On November 1, 2019, FEMSA Comercio – Proximity Division closed the acquisition of a 50% interest of Raízen Conveniências. The consideration amounted to R$ 357 million paid in cash and R$367 through notes payable, and such amounts include FEMSA Comercio’s prorrata portion of the investment requirements for the initial period of operations of the joint venture. Raízen is a company formed in 2010 from Cosan and Royal Dutch Shell in Brazil. The Joint Venture between FEMSA Comercio – Proximity Division and Raízen is limited to the convenience and proximity store business and excludes any other Raízen operations. During 2020 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. and to Compañía Panameña de Bebidas, S.A.P.I de C.V. for the amounts of Ps. 23 and Ps. 1,302, respectively. There were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2019 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. and Promotora Industrial Azucarera, S.A. de C.V. in the amounts of Ps. 204 and Ps. 111, respectively, and there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2020 the Company recognized impairments on its investment 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, which was included in the other expenses line. On September 30, 2020, Coca-Cola FEMSA 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, Coca-Cola FEMSA agreed with the buyer to receive payments in the future if the business of Estrella Azul achieves certain volume and EBITDA targets during the 2022-2027 period. Coca-Cola FEMSA estimated the amount of the payments to be received based on the forecasts of the business and calculated their net present value. As of December 31, 2020, the financial asset recognized in the consolidated statement of financial position has a total value of Ps. 8. This transaction is presented in the other expenses line of the consolidated financial statements as Coca-Cola FEMSA concluded did not achieve the requirements to be considered as a discontinued operation under IFRS 5. During 2020, Coca-Cola FEMSA received dividends from Industria Envasadora de Querétaro, S.A. de C.V. for the amount of Ps. 16 and during 2019, Coca-Cola FEMSA received dividends from Promotora Mexicana de Embotelladores, S.A. de C.V. for the amount of Ps. 1. On April 30, 2010, the Company acquired an economic interest of 20% of Heineken Group. Heineken’s main activities are the production, distribution and marketing of beer worldwide. On September 18, 2017, the Company concluded the sale of a portion of its investment, representing 5.2% combined economic interest, consisting of 22,485,000 Heineken N.V. shares and 7,700,000 Heineken Holding N.V. shares at the price of €. 84.50 and €. 78.00 per share, respectively. The Company recognized an equity (loss) income of Ps. (434), Ps. 6,428 and Ps. 6,478 net of taxes based on its economic interest in Heineken Group for the years ended December 31, 2020, 2019 and 2018, respectively. The economic interest as of December 31, 2020 and 2019 was 14.8%. The Company’s share of the net (loss) income attributable to equity holders of Heineken Group exclusive of amortization of adjustments amounted to Ps. (842) (€. (30) million), Ps. 6,885 (€.319 million) and Ps. 6,320 (€.281 million), for the years ended December 31, 2020, 2019 and 2018, respectively. Summarized financial information in respect of the associate Heineken Group accounted for under the equity method is set out below. December 31, 2020 December 31, 2019 Amounts in millions Peso Euro Peso Euro Total current assets Ps. 221,182 €. 9,020 Ps. 177,829 €. 8,419 Total non-current assets 824,210 33,612 804,443 38,085 Total current liabilities 266,497 10,868 259,952 12,307 Total non-current liabilities 425,984 17,372 356,671 16,886 Total equity 352,911 14,392 365,648 17,311 Equity attributable to equity holders (1) 328,393 13,392 341,062 16,147 Total revenue and other income Ps. 479,996 €. 19,771 Ps. 511,125 €. 24,064 Total cost and expenses 461,108 18,993 433,959 20,431 Net (loss) income Ps. (2,136) €. (88) Ps. 50,424 €. 2,374 Net (loss) income attributable to equity holders (4,953) (204) 46,006 2,166 Other comprehensive (loss) income (48,944) (2,016) 3,951 186 Total comprehensive (loss) income Ps. (51,080) €. (2,104) Ps. 54,375 €. 2,560 Total comprehensive (loss) income attributable to equity holders (51,639) (2,127) 49,447 2,328 (1) Following the IFRS Interpretations Committee agenda decision in January 2019 regarding tax deposits (relating to taxes other than income tax), Heineken Group changed its accounting policy with regards to payments relating to contingent liabilities. Reconciliation from the equity of the associate Heineken Group to the investment of the Company. December 31, 2020 December 31, 2019 Amounts in millions Peso Euro Peso Euro Equity attributable to equity holders of Heineken (1) Ps. 328,393 €. 13,392 Ps. 341,062 €. 16,147 Economic ownership percentage 14.76 % 14.76 % 14.76 % 14.76 % Investment in Heineken investment exclusive of goodwill and other adjustments Ps. 48,471 €. 1,977 Ps. 50,341 €. 2,383 Effects of fair value determined by purchase price allocation 17,226 702 14,839 703 Goodwill 21,594 881 18,609 881 Heineken investment Ps. 87,291 €. 3,560 Ps. 83,789 €. 3,967 (1) Related to the change in Heineken’s accounting policy mentioned in the table above, the Company recognized the accumulated effects as of January 1, 2019. As of December 31, 2020 and 2019, the fair value of the Company’s investment in Heineken N.V. Holding and Heineken N.V. represented by shares equivalent to 14.8% of its outstanding shares amounted to Ps. 176,718 (€.7,255 million) and Ps. 164,504 (€.7,769 million) based on quoted market prices of those dates. As of April 9, 2021, fair value amounted to €. 7,347 million. During the years ended December 31, 2020, 2019 and 2018, the Company received dividends distributions from Heineken Group, amounting to Ps. 2,322, Ps. 3,031 and Ps. 2,872, respectively. For the years ended December 31, 2020, 2019 and 2018 the equity (loss) earnings recognized for associates of Coca-Cola FEMSA was Ps. (124), Ps. 84 and Ps. 44, respectively. For the years ended December 31, 2020, 2019 and 2018 the equity (loss) earnings recognized for joint ventures of Coca-Cola FEMSA was Ps. (157), Ps. (215) and Ps. (270), respectively. For the year ended December 31, 2020, 2019 and 2018, the Company’s share of other comprehensive income from equity investees, net of taxes are as follows: 2020 2019 2018 Items that may be reclassified to consolidated net income: Valuation of the effective portion of derivative financial instruments Ps. (14) Ps. — Ps. (355) Exchange differences on translating foreign operations (5,934) 1,058 (5) Total Ps. (5,948) Ps. 1,058 Ps. (360) Items that may not be reclassified to consolidated net income in subsequent periods: Remeasurements of the net defined benefit liability Ps. (111) Ps. (389) Ps. 597 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Property, Plant and Equipment, Net | Note 11. Property, Plant and Equipment, Net Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2018 Ps. 13,589 Ps. 25,972 Ps. 80,302 Ps. 17,465 Ps. 21,532 Ps. 7,390 Ps. 19,666 Ps. 1,028 Ps. 186,944 Additions 334 877 6,926 644 2,888 6,482 3,322 111 21,584 Additions from business acquisitions 25 451 4,128 537 393 290 2 41 5,867 Transfer of completed projects in progress 526 567 2,193 1,711 3 (4,927) (93) 20 — Transfer (to)/from assets classified as held for sale — — (127) — — — — — (127) Disposals (93) (152) (4,623) (614) (312) (633) (748) (21) (7,196) Philippines disposal (4,654) (2,371) (11,621) (2,415) (10,116) (489) (236) — (31,902) Effects of changes in foreign exchange rates (401) (1,079) (3,526) (759) (251) (330) (354) (293) (6,993) Changes in value on the recognition of inflation effects 242 816 2,552 465 612 66 — 9 4,762 Cost as of December 31, 2018 Ps. 9,568 Ps. 25,081 Ps. 76,204 Ps. 17,034 Ps. 14,749 Ps. 7,849 Ps. 21,559 Ps. 895 Ps. 172,939 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2019 Ps. 9,568 Ps. 25,081 Ps. 76,204 Ps. 17,034 Ps. 14,749 Ps. 7,849 Ps. 21,559 Ps. 895 Ps. 172,939 Additions 309 1,134 6,826 636 2,581 8,421 2,907 112 22,926 Additions from business acquisitions 146 806 686 — — — 466 — 2,104 Changes in the fair value of past acquisitions 142 227 50 (13) — — 7 (8) 405 Transfer of completed projects in progress (253) 581 3,694 1,396 359 (6,284) 496 11 — Transfer (to)/from assets classified as held for sale — — (410) — — — — (49) (459) Disposals (15) (254) (3,195) (1,032) (1,056) (33) (170) (38) (5,793) Effects of changes in foreign exchange rates (329) (1,147) (2,463) (961) (833) (370) 26 (130) (6,207) Effects on the recognition of inflation effects 114 366 1,254 241 352 18 — — 2,345 Cost as of December 31, 2019 Ps. 9,682 Ps. 26,794 Ps. 82,646 Ps. 17,301 Ps. 16,152 Ps. 9,601 Ps. 25,291 Ps. 793 Ps. 188,260 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2020 Ps. 9,682 Ps. 26,794 Ps. 82,646 Ps. 17,301 Ps. 16,152 Ps. 9,601 Ps. 25,291 Ps. 793 Ps. 188,260 Additions 241 616 5,277 137 2,613 6,979 2,611 185 18,659 Additions from business acquisitions 158 — 200 — — 3 46 81 488 Changes in the fair value of past acquisitions — — 59 — — — — — 59 Transfer of completed projects in progress 4 809 3,471 1,192 57 (5,644) 110 1 — Transfer (to)/from assets classified as held for sale — — 449 — — — — — 449 Disposals (13) (122) (3,358) (1,073) (561) (12) (808) (58) (6,005) Specialty's disposal — — (775) — — (24) (1,036) — (1,835) Effects of changes in foreign exchange rates (238) (1,135) (2,233) (797) (629) (339) 310 (97) (5,158) Effects on the recognition of inflation effects 88 293 990 189 291 (30) 3 — 1,824 Cost as of December 31, 2020 Ps. 9,922 Ps. 27,255 Ps. 86,726 Ps. 16,949 Ps. 17,923 Ps. 10,534 Ps. 26,527 Ps. 905 Ps. 196,741 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2018 Ps. — Ps. (6,051) Ps. (34,308) Ps. (8,996) Ps. (13,423) Ps. — Ps. (6,956) Ps. (498) Ps. (70,232) Depreciation for the year — (786) (7,437) (1,752) (2,827) — (1,763) (133) (14,698) Transfer to/(from) assets classified as held for sale — — 78 — — — — — 78 Disposals — 69 4,970 579 204 — 571 — 6,393 Philippines disposal — 700 6,125 2,083 7,225 — 77 — 16,210 Effects of changes in foreign exchange rates — 112 404 250 631 — 141 143 1,681 Changes in value on the recognition of inflation effects — (223) (2,692) (338) (516) — — — (3,769) — Accumulated Depreciation as of December 31, 2018 Ps. — Ps. (6,179) Ps. (32,860) Ps. (8,174) Ps. (8,706) Ps. — Ps. (7,930) Ps. (488) Ps. (64,337) Investments Machinery in Fixed and Refrigeration Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Returnable Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2019 Ps. — Ps. (6,179) Ps. (32,860) Ps. (8,174) Ps. (8,706) Ps. — Ps. (7,930) Ps. (488) Ps. (64,337) Depreciation for the year — (937) (7,862) (1,862) (2,734) — (1,985) (88) (15,468) Transfer to/(from) assets classified as held for sale — — 262 — — — — — 262 Disposals — 46 1,967 966 1,079 — 115 31 4,204 Effects of changes in foreign exchange rates — 264 1,249 583 572 — 64 63 2,795 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. (6,898) Ps. (37,873) Ps. (8,651) Ps. (10,091) Ps. — Ps. (9,738) Ps. (496) Ps. (73,747) Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2020 Ps. — Ps. (6,898) Ps. (37,873) Ps. (8,651) Ps. (10,091) Ps. — Ps. (9,738) Ps. (496) Ps. (73,747) Depreciation for the year — (828) (8,390) (1,832) (2,779) — (2,404) (145) (16,378) Transfer to/(from) assets classified as held for sale — — (282) — — — 0 — (282) Disposals — 38 2,707 989 536 — 492 38 4,800 Specialty's disposal — — 625 — — — 649 — 1,274 Effects of changes in foreign exchange rates — 127 698 464 432 — (123) 170 1,768 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. (7,643) Ps. (43,110) Ps. (9,162) Ps. (12,152) Ps. — Ps. (11,130) Ps. (438) Ps. (83,635) Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Carrying Amount Land Buildings Equipment Equipment Bottles Progress Improvements Other Total As of December 31, 2018 Ps. 9,568 Ps. 18,902 Ps. 43,344 Ps. 8,860 Ps. 6,043 Ps. 7,849 Ps. 13,629 Ps. 407 Ps. 108,602 As of December 31, 2019 Ps. 9,682 Ps. 19,896 Ps. 44,773 Ps. 8,650 Ps. 6,061 Ps. 9,601 Ps. 15,553 Ps. 297 Ps. 114,513 As of December 31, 2020 Ps. 9,922 Ps. 19,612 Ps. 43,616 Ps. 7,787 Ps. 5,771 Ps. 10,534 Ps. 15,397 Ps. 467 Ps. 113,106 For the years ended December 31, 2020, 2019 and 2018, the Company did not recognize any capitalization of borrowing costs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Leases | Note 12. Leases During 2020, the activity in the consolidated right-of-use assets reported in our financial statements was as follows: Land and buildings Other (1) Total Cost as of January 1,2020 Ps. 51,926 758 52,684 Additions 6,478 1,504 7,982 Additions from business combinations 1,414 351 1,765 Disposals (2) (2,190) (114) (2,304) Remeasurements 3,749 84 3,833 Depreciation (8,138) (491) (8,629) Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies (475) (109) (584) Right-of-use assets, net as of December 31, 2020 Ps. 52,764 1,983 54,747 (1) Other assets mainly include transportation equipment and servers. (2) Includes Specialty’s disposal for an amount of Ps. 690. As of December 31, 2020, the lease liabilities are integrated as follows: December 31, 2020 Maturity analysis – contractual undiscounted cash flows Less than one Year Ps. 11,511 One to five years 36,172 Five to ten years 27,088 More than ten years 13,823 Total undiscounted lease liabilities at December 31 88,594 Lease liabilities included in the statement of financial position at December 31 58,308 Current 6,772 Non-Current Ps. 51,536 As December 31, 2020, the weighted average incremental borrowing rate was 9.49%. The interest expense for leases reported in the income statement for the year ended December 31, 2020 was Ps. 5,075. The expense relating to short-term leases and leases of low-value assets for the year ended December 31, 2020 was Ps. 508. For the year ended December 31, 2020, the amounts recognized in the consolidated statement of cash flows related to leases is Ps. 9,810. As of December 31, 2020, the accumulated amount of concessions, decreases or cancellations for rent, which arose as a direct consequence of COVID-19 were not material. The Company applied the practical expedient to all decreases that met the criteria of the amendment to IFRS 16 effective as of June 1, 2020. During 2019, the activity in the consolidated right-of-use assets reported in our financial statements was as follows: Land and buildings Other (1) Total Cost as of January 1,2019 Ps. 49,112 1,108 50,220 Additions 7,406 96 7,502 Additions from business combinations 2,187 — 2,187 Disposals (827) (5) (832) Remeasurements 2,299 (9) 2,290 Depreciation (7,492) (401) (7,893) Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies (759) (31) (790) Right-of-use assets, net as of December 31, 2019 Ps. 51,926 758 52,684 (1) Other assets mainly include transportation equipment and servers. As of December 31, 2019, the lease liabilities are integrated as follows: December 31, 2019 Maturity analysis – contractual undiscounted cash flows Less than one year Ps. 10,655 One to five years 40,262 Five to ten years 24,053 More than ten years 11,884 Total undiscounted lease liabilities at December 31 86,854 Lease liabilities included in the statement of financial position at December 31 54,679 Current 7,387 Non-Current Ps. 47,292 As December 31, 2019, the weighted average incremental borrowing rate was 10.18%. The interest expense for leases reported in the income statement for the year ended December 31, 2019 was Ps. 4,774. The expense relating to short-term leases and leases of low-value assets for the year ended December 31, 2019 was Ps. 430. For the year ended December 31, 2019, the amounts recognized in the consolidated statement of cash flows related to leases is Ps. 8,848. 12.1 Land and buildings leases The Company leases land for constructions of its retail stores mainly and some buildings for its office space. The leases of retail stores typically run for an average useful life of 15 years, and leases of office space for three to five years. Some leases include an option to renew the lease for additional period at the end of the contract term. Some leases provide for additional rent payments that are based on changes in the National Consumer and Price Index, or sales that the Company makes at the leased store in the period. Variable lease payments based on sales Some leases of retail stores contain variable lease payments that are based on sales that the Company makes at the store. Variable rental payments were not significant for the year ended December 31, 2020. The Company expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years. Extension options Some leases of office buildings, cellars and retail stores contain extension options exercisable by the Company up to one year before the end of the non-cancellable contract period. Where practicable, the Company seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by FEMSA and not by the lessor, in other words, the lessee has the unilateral right to exercise the extension option. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension options. FEMSA reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. Except for some business units, FEMSA consider that the “reasonably certain” criteria is met when a new lease contract is signed by both, the Company and the lessor, which usually occurs within a short period of the expiration of the current lease term. Extension options on leases do not represent a significant impact on the right-of-use assets at December 31, 2020. 12.2 Other leases The Company leases vehicles, servers and equipment, with lease terms from three to five years. In some cases, the Company has options to purchase the assets at the end of the contract term. At the commencement date, the Company does not expect to exercise the purchase option. FEMSA also leases IT equipment and machinery with contract terms from one to three years. These leases are short-term and/or leases of low-value items. The Company has elected not to recognize right-of-use assets and lease liabilities for these types of leases. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Intangible Assets | Note 13. Intangible Assets Rights to Produce and Distribute Other Indefinite Total Technology Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Total Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Intangible Assets Cost as of January 1,2018 Ps. 91,902 Ps. 43,449 Ps. 7,185 Ps. 2,257 Ps. 144,793 Ps. 7,103 Ps. 1,291 Ps. 1,637 Ps. 3,843 Ps. 13,874 Ps. 158,667 Additions — 75 — 71 146 1,051 371 131 94 1,647 1,793 Acquisitions from business combinations (see Note 4) 4,602 842 170 — 5,614 35 57 — 291 383 5,997 Changes in fair value of past acquisitions — 272 — — 272 — — — — — 272 Internal development — — — — — — — — 41 41 41 Transfer of completed development systems — — — — — 904 (904) — — — — Disposals — — — (2) (2) (43) — — (146) (189) (191) Philippines disposal (3,882) — — — (3,882) — — — (596) (596) (4,478) Effect of movements in — — — exchange rates (5,005) (4,108) (656) (349) (10,118) (343) (38) — (311) (692) (10,810) Changes in value on the recognition of inflation effects — — — — — — — — 57 57 57 Cost as of December 31, 2018 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 8,707 Ps. 777 Ps. 1,768 Ps. 3,273 Ps. 14,525 Ps. 151,348 Rights to Produce and Distribute Other Total Technology Total Total Coca-Cola Indefinite Lived Unamortized Costs and Systems in Amortized Intangible Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets Cost as of January 1,2019 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 8,707 Ps. 777 Ps. 1,768 Ps. 3,273 Ps. 14,525 Ps. 151,348 Additions — — — 164 164 824 334 191 685 2,034 2,198 Acquisitions from business combinations (see Note 4) — 6,542 469 — 7,011 759 — — 12 771 7,782 Changes in fair value of past acquisitions (2,887) 2,903 — 153 169 (6) — — (185) (191) (22) Transfer of completed development systems — — — — — 412 (413) — 1 — — Disposals — — (48) — (48) (580) — (130) — (710) (758) Effect of movements in exchange rates (3,475) (2,069) (520) (134) (6,198) (553) (23) — (337) (913) (7,111) Changes in value on the recognition of inflation effects — — — — — — — — (6) (6) (6) Cost as of December 31, 2019 Ps. 81,255 Ps. 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 9,563 Ps. 675 Ps. 1,829 Ps. 3,443 Ps. 15,510 Ps. 153,431 Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Trademark Lived Unamortized Costs and Systems in Alcohol Amortized Intangible Trademark Products Goodwill Rights Intangible Assets Intangible Assets Management Systems Development Licenses Other (1) Intangible Assets Assets Cost as of January 1,2020 Ps. 81,255 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 9,563 Ps. 675 Ps. 1,829 Ps. 3,443 Ps. 15,510 Ps. 153,431 Additions 1 — — — 1 771 202 111 398 1,482 1,483 Acquisitions from business combinations (see Note 4) — 12,080 2,101 — 14,181 26 — — 8,597 8,623 22,804 Changes in the fair value of past acquisitions — (1,323) 347 (361) (1,337) — — — 1,268 1,268 (69) Transfer of completed development systems — — — — — 397 (399) — 2 — — Disposals — (183) (116) (305) (604) (164) (6) (43) (373) (586) (1,190) Specialty's disposal — (1,194) (215) (11) (1,420) — — — (5) (5) (1,426) Effect of movements in exchange rates (4,607) (4,466) (70) (59) (9,202) 276 (40) — (1,614) (1,378) (10,580) Changes in value on the recognition of inflation effects — — — — — — — — 38 38 38 Cost as of December 31, 2020 Ps. 76,649 Ps. 52,820 Ps. 8,647 Ps. 1,424 Ps. 139,540 Ps. 10,869 Ps. 432 Ps. 1,897 Ps. 11,754 Ps. 24,952 Ps. 164,492 (1) Includes customer relationships related to the acquisition through the controlling interest in NW Synergy Holdings LLC disclosed in Note 4 . Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Intangible Amortization and Impairment Losses Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets Amortization as of January 1,2018 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (3,262) Ps. — Ps. (457) Ps. (855) Ps. (4,574) Ps. (4,574) Amortization expense — — — — — (1,453) — (87) (373) (1,913) (1,913) Disposals — — — — — 93 — — 98 191 191 Philippines disposal — — — — — — — — 375 375 375 Effect of movements in exchange rates — — — — — 236 — — (1) 235 235 Changes in value on the recognition of inflation effects — — — — — (51) — — (1) (52) (52) Amortization as of December 31, 2018 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (4,437) Ps. — Ps. (544) Ps. (757) Ps. (5,738) Ps. (5,738) Amortization as of January 1,2019 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (4,437) Ps. — Ps. (544) Ps. (757) Ps. (5,738) Ps. (5,738) Amortization expense — — — — — (1,351) — (123) (337) (1,811) (1,811) Disposals — — — — — 445 — 30 — 475 475 Philippines disposal Effect of movements in exchange rates — — — — — 165 — — 68 233 233 Changes in value on the recognition of inflation effects — — — — — (29) — — 1 (28) (28) Amortization as of December 31, 2019 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (5,207) Ps. — Ps. (637) Ps. (1,025) Ps. (6,869) Ps. (6,869) Amortization as of January 1,2020 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (5,207) Ps. — Ps. (637) Ps. (1,025) Ps. (6,869) Ps. (6,869) Amortization expense — — — — — (1,536) — (97) (832) (2,465) (2,465) Disposals — — — — — 129 — — 50 179 179 Effect of movements in exchange rates — — — — — 142 — — 51 193 193 Changes in value on the recognition of inflation effects — — — — — (29) — — — (29) (29) Amortization as of December 31, 2020 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (6,501) Ps. — Ps. (734) Ps. (1,756) Ps. (8,991) Ps. (8,991) Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Intangible Carrying Amount Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets As of December 31, 2018 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 4,270 Ps. 777 Ps. 1,224 Ps. 2,516 Ps. 8,787 Ps. 145,610 As of December 31, 2019 Ps. 81,255 Ps. 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 4,356 Ps. 675 Ps. 1,192 Ps. 2,418 Ps. 8,641 Ps. 146,562 As of December 31, 2020 Ps. 76,649 Ps. 52,820 Ps. 8,647 Ps. 1,424 Ps. 139,540 Ps. 4,368 Ps. 432 Ps. 1,163 Ps. 9,998 Ps. 15,961 Ps. 155,501 For the years ended December 31, 2020, 2019 and 2018, the Company did not recognize any capitalization of borrowing costs. For the years ended 2020, 2019 and 2018, allocation for amortization expense is as follows: 2020 2019 2018 Cost of goods sold Ps. 288 Ps. 317 Ps. 399 Administrative expenses 1,412 953 858 Selling expenses 765 542 656 Ps. 2,465 Ps. 1,812 Ps. 1,913 The average remaining period for the Company’s intangible assets that are subject to amortization is as follows: Years Technology Costs and Management Systems 3 - 10 Alcohol Licenses 10 - 12 Coca-Cola FEMSA 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 a CGU. The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows: December 31, 2020 December 31, 2019 Mexico Ps. 56,352 Ps. 56,352 Guatemala 1,755 1,679 Nicaragua 433 420 Costa Rica 1,425 1,442 Panama 1,200 1,131 Colombia 4,414 4,367 Brazil 31,741 38,765 Argentina 312 306 Uruguay 2,450 2,626 Total Ps. 100,082 Ps. 107,088 Goodwill and distribution rights are tested for impairments annually. The recoverable amounts are based on value in use calculations. The value in use of a CGU is determined based on the discounted cash flows method generated from the continuing use of the CGU. The foregoing forecasts reflect the outcomes that Coca-Cola FEMSA consider most likely to occur based on the current situation of each of the CGUs including the macroeconomic situation in each CGU including the potential continue 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 a CGU is determined based on the discounted cash flows method. 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 cash flows. To determine the discount rate, Coca-Cola FEMSA 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 consider market participants’ assumptions. Market participants were selected taking into consideration the size, operations and characteristics of the businesses that are similar to those of Coca-Cola FEMSA. 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 flow. The discount rate calculation is based on the opportunity cost to a market participant, considering the specific circumstances of Coca-Cola FEMSA 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 estimated based on the interest-bearing borrowings Coca-Cola FEMSA is obliged to service, which is equivalent to the cost of debt based on the conditions that a creditor in the market would consider. 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-year business plan. Cash flows for a further five-year were forecasted maintaining the same stable growth and margins per country of the last year base. Coca-Cola FEMSA believes that this forecasted period is justified due to the non-current nature of the business and past experiences. · Cash flows after the first ten-year period were extrapolated using a perpetual growth rate equal to the expected annual population growth, in order to calculate the terminal recoverable amount. · 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 adjustments. The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: Expected Annual Long- Expected Volume Term Inflation Growth Rates CGU Pre-tax WACC Post-tax WACC 2021‑2030 2021‑2030 Mexico 7.4 % 5.3 % 3.9 % 2.0 % Colombia 11.0 % 7.3 % 2.8 % 4.1 % Costa Rica 15.3 % 10.8 % 2.7 % 4.3 % Guatemala 10.6 % 8.3 % 3.1 % 6.8 % Nicaragua 20.6 % 13.9 % 3.7 % 7.1 % Panama 8.8 % 6.8 % 1.5 % 7.9 % Argentina 26.3 % 20.4 % 30.1 % 3.9 % Brazil 9.1 % 6.0 % 3.0 % 2.4 % Uruguay 9.9 % 7.1 % 7.8 % 2.0 % The key assumptions by CGU for impairment test as of December 31, 2019 were as follows: Expected Annual Long- Expected Volume Term Inflation Growth Rates CGU Pre-tax WACC Post-tax WACC 2020‑2029 2020‑2029 Mexico 7.3 % 5.2 % 3.5 % 0.7 % Colombia 8.9 % 6.2 % 3.1 % 4.0 % Costa Rica 13.8 % 9.7 % 2.2 % 2.1 % Guatemala 9.1 % 7.1 % 4.0 % 8.5 % Nicaragua 21.1 % 12.4 % 4.4 % 3.0 % Panama 8.5 % 6.6 % 2.0 % 5.4 % Argentina 21.6 % 14.8 % 39.2 % 3.7 % Brazil 9.3 % 5.6 % 3.6 % 2.0 % Uruguay 9.4 % 6.8 % 7.4 % 2.0 % The values assigned to the key assumptions represent management’s assessment of future trends in the industry and are based on both external sources and internal sources (historical data). Coca-Cola FEMSA consistently applied its methodology to determine CGU specific WACC’s to perform its annual impairment testing. Sensitivity to Changes in Assumptions At December 31, 2020, Coca-Cola FEMSA 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. Change in Volume CGU Change in WACC Growth CAGR (1) Effect on Valuation Mexico +0.4 % ‑1.0 % Passes by 4.8x Colombia +0.4 % ‑1.0 % Passes by 1 x Costa Rica +1.1 % ‑1.0 % Passes by 2 .1x Guatemala +0.6 % ‑1.0 % Passes by 29 .7x Nicaragua +1.7 % ‑1.0 % Passes by 1.1x Panama +0.3 % ‑1.0 % Passes by 6 .9x Argentina +3.0 % ‑1.0 % Passes by 6 .7x Brazil +0.6 % ‑1.0 % Passes by 1.8x Uruguay +0.4 % ‑1.0 % Passes by 2 x (1) Compound Annual Growth Rate (“CAGR”). FEMSA Comercio – Proximity Division, FEMSA Comercio – Health Division and FEMSA Comercio – Fuel Division Impairment Test for Cash-Generating Units Containing Goodwill For the purpose of impairment testing, goodwill is allocated and monitored on an individual country basis by operating segment. The Company has integrated its cash generating units as follows: (i) FEMSA Comercio – Proximity Division is integrated as Mexico, and (ii) FEMSA Comercio – Health Division are integrated as Mexico, Chile, Colombia and Ecuador for each of them and (iii) FEMSA Comercio – Fuel Division includes only Mexico. As of December 31, 2020 in FEMSA Comercio – Health Division there is a significant carrying amount of goodwill allocated in Chile and Colombia as a cash generating unit (South America) with a total carrying amount of Ps. 6,681. The recoverable amounts are based on value in use. The value in use of CGUs is determined based on the method of discounted cash flows. The key assumptions used in projecting cash flows are: sales, expected annual long-term inflation, and the weighted average cost of capital (“WACC”) used to discount the projected cash flows. The cash flow forecasts could differ from the results obtained over time; however, the Company prepares its estimates based on the current situation of each of the CGUs or group of CGUs. To determine the discount rate, the Company uses the WACC as determined for each of the cash generating units or group of the cash generating units in real terms and as described in following paragraphs. The estimated discount rates to perform the IAS 36 “Impairment of assets,” impairment test for each CGU or group of CGUs consider market participants’ assumptions. Market participants were selected taking into consideration the size, operations and characteristics of the businesses that are similar to those of FEMSA Comercio – Health Division. The discount rates represent the current market assessment of the risks specific to each CGU or group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. 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 cost of equity. The cost of equity is derived from the expected return on investment by 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-year business plan. The Company believes that this forecasted period is justified due to the non-current nature of the business and past experiences. · Cash flows projected based on actual operating results and five-year business plan were calculated using a perpetual growth rate equal to the expected annual population growth, in order to calculate the terminal recoverable amount. · A per CGU-specific WACC was applied by FEMSA Comercio – Health Division as a hurdle rate to discount cash flows to get the recoverable amount of the units; the calculation assumes size premium adjustments. The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: Expected Annual Long-Term Inflation Expected Volume Growth CGU Pre-tax WACC Post-tax WACC 2021‑2030 Rates 2021‑2030 South America 8.3 % 5.8 % 2.8 % 0.2 % (FEMSA Comercio – Health Division) The key assumptions by CGU for impairment test as of December 31, 2019 were as follows: Expected Annual Expected Volume Post-tax Long-Term Inflation Growth Rates CGU Pre-tax WACC WACC 2020‑2029 2020‑2029 South America 9.4 % 6.6 % 3.0 % 0.3 % (FEMSA Comercio – Health Division) The values assigned to the key assumptions represent management’s assessment of future trends in the industry and are based on both external sources and internal sources (historical data). The Company consistently applied its methodology to determine CGU specific WACC’s to perform its annual impairment testing. Sensitivity to Changes in Assumptions At December 31, 2020, 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 a sensitivity analysis of sales that would be affected considering a contraction in economic conditions as a result of lower purchasing power of customers, which based on management estimation considered to be reasonably possible an effect of 100 basis points in the sale’s compound annual growth rate (“CAGR”), concluding that no impairment would be recognized. Change in Sales CGU Change in WACC Growth CAGR (1) Effect on Valuation FEMSA Comercio – Health Division (South America) +0.2 % ‑0.5 % Passes by 1.34x (1) Compound Annual Growth Rate (“CAGR”). Other Businesses Impairment Test for Cash-Generating Units Containing Goodwill and trademark rights. For the purpose of impairment testing, goodwill and trademark rights are allocated and monitored on an individual country basis, which is considered to be a CGU. The Company has integrated its cash generating units as a specialized distribution platform for cleaning products and consumables, located in United States. As of December 31, 2020 in specialized distribution there is a significant carrying amount of goodwill and trademark rights as a cash generating unit with a total carrying amount of Ps. 10,169. Goodwill and trademark rights are tested for impairments annually. The recoverable amounts are based on value in use. The value in use of CGUs is determined based on the method of discounted cash flows. The key assumptions used in projecting cash flows are: sales, expected annual long-term inflation, and the weighted average cost of capital (“WACC”) used to discount the projected cash flows. The cash flow forecasts could differ from the results obtained over time; however, the Company prepares its estimates based on the current situation of each of the CGUs or group of CGUs. To determine the discount rate, the Company uses the WACC as determined for each of the cash generating units or group of the cash generating units in real terms and as described in following paragraphs. The estimated discount rates to perform the IAS 36 “Impairment of assets,” impairment test for each CGU or group of CGUs consider market participants’ assumptions. Market participants were selected taking into consideration the size, operations and characteristics of the businesses that are similar to those of specialized distribution. The discount rates represent the current market assessment of the risks specific to each CGU or group of CGUs, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. 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 cost of 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-year business plan. The Company believes that this forecasted period is justified due to the non-current nature of the business and past experiences. · Cash flows projected based on actual operating results and five-year business plan were calculated using a perpetual growth rate equal to the expected annual population growth, in order to calculate the terminal recoverable amount. · A per CGU-specific WACC was applied by specialized distribution as a hurdle rate to discount cash flows to get the recoverable amount of the units; the calculation assumes size premium adjustments. The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: Expected Annual Long-Term Inflation Expected Volume Growth CGU Pre-tax WACC Post-tax WACC 2021‑2025 Rates 2021‑2025 United States 8.2 % 6.0 % 2.0 % 1.7 % (Specialized Distribution) The values assigned to the key assumptions represent management’s assessment of future trends in the industry and are based on both external sources and internal sources (historical data). The Company consistently applied its methodology to determine CGU specific WACC’s to perform its annual impairment testing. Sensitivity to Changes in Assumptions At December 31, 2020, 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 a sensitivity analysis of sales that would be affected considering a contraction in economic conditions as a result of lower purchasing power of customers, which based on management estimation considered to be reasonably possible an effect of 100 basis points in the sale’s compound annual growth rate (“CAGR”), concluding that no impairment would be recognized. Change in Sales CGU Growth CAGR (1) Effect on Valuation United States (Specialized Distribution) ‑0.5 % Passes by 1.25x (1) Compound Annual Growth Rate (“CAGR”). |
Other Assets and Other Financia
Other Assets and Other Financial Assets | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Other Assets and Other Financial Assets | Note 14. Other Assets and Other Financial Assets 14.1 Other non-current assets December 31, December 31, 2020 2019 Agreement with customers Ps. 731 Ps. 953 Long-term prepaid advertising expenses 333 341 Guarantee deposits (1) 2,009 2,407 Prepaid bonuses 239 226 Advances to acquire property, plant and equipment 184 203 Recoverable taxes 1,701 2,111 Indemnifiable assets from business combinations 1,609 2,948 Others 720 1,343 Ps. 7,526 Ps. 10,532 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits including those related to business acquisitions. See Note 26.7. 14.2 Other non-current financial assets December 31, December 31, 2020 2019 Non-current accounts receivable Ps. 983 Ps. 938 Derivative financial instruments (see Note 21) 14,283 8,260 Others 334 172 Other investments in equity instruments (1) 16,786 13,310 Ps. 32,386 Ps. 22,680 (1) Corresponds to the acquisition of a minority stake in Jetro Restaurant Depot as of November 8, 2019. On October 9, 2020, the Company acquired an additional minority stake in Jetro. Refer to Note 3.7.3. As of December 31, 2020 and 2019, the fair value of non-current accounts receivable amounted to Ps. 699 and Ps. 724, respectively. The fair value is calculated based on the discounted value of contractual cash flows whereby the discount rate is estimated using rates currently offered for receivable of similar amounts and maturities, which is considered to be level 2 in the fair value hierarchy. |
Balances and Transactions with
Balances and Transactions with Related Parties and Affiliated Companies | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Balances and Transactions with Related Parties and Affiliated Companies | Note 15. Balances and Transactions with Related Parties and Affiliated Companies Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. The consolidated statements of financial position and consolidated income statements include the following balances and transactions with related parties and affiliated companies: December 31, December 31, 2020 2019 Balances Due from The Coca-Cola Company (see Note 7) (1) (8) Ps. 509 Ps. 802 Balance with BBVA Bancomer, S.A. de C.V. (2) 1,092 6,798 Balance with Grupo Scotiabank Inverlat, S.A. (3) 2,016 510 Due from Heineken Group (1) (3) (7) 2,512 2,915 Other receivables (1) (4) 746 390 Due to The Coca-Cola Company (5) (6) (8) Ps. 3,513 Ps. 4,417 Due to BBVA Bancomer, S.A. de C.V. (5) 1,062 1,696 Due to Heineken Group (6) (7) 3,273 4,308 Due to Grupo Financiero Scotiabank Inverlat, S.A. (5) 105 104 Other payables (6) 2,060 2,003 (1) Presented within accounts receivable. (2) Presented within cash and cash equivalents. (3) Presented within other financial assets. (4) Presented within other current financial assets. (5) Recorded within bank loans and notes payable. (6) Recorded within accounts payable. (7) Associates. (8) Non-controlling interest. Balances due from related parties are considered to be recoverable. Accordingly, for the years ended December 31, 2020, 2019 and 2018, there was no expense resulting from uncollectible balances due from related parties. Transactions 2020 2019 2018 Income: Services to Heineken Group (1) Ps. 3,181 Ps. 3,380 Ps. 3,265 Logistic services to Grupo Industrial Saltillo, S.A. de C.V. (3) — — 255 Logistic services to Jugos del Valle (1) 532 553 369 Interest revenues from BBVA Bancomer, S.A. de C.V. (3) 1,825 1,456 1,469 Interest revenues from Grupo Financiero Scotiabank Inverlat, S.A. (3) 295 447 –– Other revenues from related parties 764 404 242 Expenses: Purchase of concentrate from The Coca-Cola Company (2) Ps. 32,222 Ps. 34,063 Ps. 32,379 Purchases of beer from Heineken Group (1) (5) 23,233 25,215 27,999 Purchase of baked goods and snacks from Grupo Bimbo, S.A.B. de C.V. (3) 5,774 6,194 5,763 Advertisement expense paid to The Coca-Cola Company (2) (4) 865 1,756 2,193 Purchase of juices from Jugos del Valle, S.A.P.I. de C.V. (1) 4,055 4,477 4,537 Purchase of sugar from Promotora Industrial Azucarera, S.A. de C.V. (1) 2,123 2,728 2,604 Interest expense and fees paid to BBVA Bancomer, S.A. de C.V. (3) 232 144 230 Purchase of sugar from Beta San Miguel (3) 1,023 655 651 Purchase of sugar, cans and aluminum lids from Promotora Mexicana de Embotelladores, S.A. de C.V. (3) — — 739 Purchase of canned products from IEQSA (1) 226 682 596 Purchases to AdeS Alimentos y Bebidas (1) 338 497 592 Purchase of inventories to Leao Alimentos e Bebidas, L.T.D.A. (1) 1,253 1,867 2,654 Purchases of Material with Ecolab, Inc (3) 340 — — Advertising paid to Grupo Televisa, S.A.B. (3) 148 115 113 Insurance premiums for policies with Grupo Nacional Provincial, S.A.B. (3) 7 — 12 Donations to Fundación FEMSA, A.C. (3) 171 195 232 Donations to Difusión y Fomento Cultural, A.C. (3) 55 61 63 Donations to ITESM (3) 310 215 192 Other expenses with related parties 619 319 423 (1) Associates. (2) Non-controlling interest. (3) Members of the board of directors in FEMSA participate in the board of directors of this entity. (4) Net of the contributions from The Coca-Cola Company of Ps. 1,482, Ps. 2,274 and Ps. 3,542, for the years ended in 2020, 2019 and 2018, respectively. (5) Favorable resolution of Arbitration in Brazil on October 31, 2019, the arbitration tribunal in charge of the arbitration proceeding between Coca-Cola FEMSA and Cervejarias Kaiser Brasil, S.A., a subsidiary of Heineken, N.V. (“Kaiser”), issued an award confirming that the distribution agreement pursuant to which Coca-Cola FEMSA distribute Kaiser’s portfolio in the country, including Heineken beer, shall continue in full force and effect through March 19, 2022. Commitments with related parties Related Party Commitment Conditions Heineken Group Supply Supply of all beer products in Mexico’s OXXO stores. The contract may be renewed for five years or additional periods. At the end of the contract OXXO will not hold exclusive contract with another supplier of beer for the next 3 years. Commitment term, January 1 st , 2010 to June 30, 2020. On February 26, 2019, the Company through its subsidiary Cadena Comercial OXXO, S.A. de C.V. (“OXXO”) signed an agreement with HEINEKEN Group (“Cervezas Cuauhtémoc Moctezuma, S.A. de C.V.”) and both companies agreed to an extension of their existing commercial relationship with certain important changes. Under the terms of the agreement, signed in April 2019 and following a gradual process, OXXO started selling the beer brands of Grupo Modelo in certain regions of Mexico, covering the entire Mexican territory by the end of 2022. The aggregate compensation paid to executive officers and senior management of the Company were as follows: 2020 2019 2018 Short-term employee benefits paid Ps. 2,112 Ps. 2,163 Ps. 1,885 Postemployment benefits 45 48 37 Termination benefits 373 411 88 Share based payments 575 610 401 |
Balances and Transactions in Fo
Balances and Transactions in Foreign Currencies | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Balances and Transactions in Foreign Currencies | Note 16. Balances and Transactions in Foreign Currencies Assets, liabilities and transactions denominated in foreign currencies are those realized in a currency different than the functional currency of the Company. For the three years ended on December 31, 2020, 2019 and 2018, the assets, liabilities and transactions denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Assets Liabilities Balances Short-Term Long-Term Short-Term Long- Term As of December 31, 2020 U.S. dollars Ps. 69,612 Ps. 1,143 Ps. 5,590 Ps. 122,000 Euros 479 — 458 24,521 Other currencies 46 1,349 21 — Total Ps. 70,137 Ps. 2,492 Ps. 6,069 Ps. 146,521 As of December 31, 2019 U.S. dollars Ps. 58,151 Ps. 452 Ps. 5,597 Ps. 57,075 Euros 877 — 363 21,122 Other currencies 620 1,593 58 1 Total Ps. 59,648 Ps. 2,045 Ps. 6,018 Ps. 78,198 Other Operating Purchases Transactions Revenues Revenues of Raw Materials Interest Expense Consulting Fees Asset Acquisitions Other For the year ended December 31, 2020 U.S. dollars Ps. 4,213 Ps. 1,478 Ps. 16,398 Ps. 13,660 Ps. 480 Ps. 79 Ps. 2,413 Euros — — 35 — 20 — 1 Other currencies 125 52 3 532 3 — 103 Total Ps. 4,338 Ps. 1,530 Ps. 16,436 Ps. 14,192 Ps. 503 Ps. 79 Ps. 2,517 For the year ended December 31, 2019 U.S. dollars Ps. 5,487 Ps. 5,612 Ps. 17,941 Ps. 2,183 Ps. Ps. 3,388 Ps. 4,348 Euros — — 5 2 Other currencies 1 982 — — 2 — 132 Total Ps. 5,488 Ps. 6,594 Ps. 18,479 Ps. 2,580 Ps. 753 Ps. 3,393 Ps. 4,482 For the year ended December 31, 2018 U.S. dollars Ps. 7,228 Ps. 130 Ps. 21,460 Ps. 2,309 Ps. Ps. 2,166 Ps. 2,676 Euros — — 63 434 20 — 1 Other currencies — 9 — — 2 — — Total Ps. 7,228 Ps. 139 Ps. 21,523 Ps. 2,743 Ps. 774 Ps. 2,166 Ps. 2,677 Mexican peso exchange rates effective at the dates of the consolidated statements of financial position and at the issuance date of the Company’s consolidated financial statements were as follows: December 31, April 9, 2020 2019 2021 U.S. dollar 19.9487 18.8452 20.1765 Euro 24.5213 21.1223 23.8326 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Employee Benefits | Note 17. Employee Benefits The Company has various labor liabilities for employee benefits in connection with pension, seniority and post-retirement medical 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. 17.1 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. Actuarial calculations for pension and retirement plans, seniority premiums and post-retirement medical benefits, as well as the associated cost for the period, were determined using the following long-term assumptions for Mexico: December 31, December 31, December 31, Mexico 2020 2019 2018 Financial: Discount rate used to calculate the defined benefit obligation 7.20 % 7.50 % 9.40 % Salary increase 4.50 % 4.50 % 4.60 % Future pension increases 3.50 % 3.50 % 3.60 % Healthcare cost increase rate 5.10 % 5.10 % 5.10 % Biometric: Mortality (1) EMSSA 2009 EMSSA 2009 EMSSA 2009 Disability (2) IMSS‑97 IMSS‑97 IMSS‑97 Normal retirement age 60 years 60 years 60 years Employee turnover table (3) BMAR 2007 BMAR 2007 BMAR 2007 Measurement date December: (1) EMSSA. Mexican Experience of social security. (2) IMSS. Mexican Experience of Instituto Mexicano del Seguro Social. (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 for each period were taken from a yield curve of Mexican Federal Government Treasury Bonds (known as CETES in Mexico) because there is no deep market in high quality corporate obligations in Mexican pesos. In Mexico upon retirement, the Company purchases an annuity for the employee, 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 Post-Retirement Retirement Seniority Medical Plans Premiums Services Total 2021 Ps. 702 Ps. 198 Ps. 26 Ps. 926 2022 335 168 28 531 2023 384 168 29 581 2024 398 170 31 599 2025 496 176 33 705 2026 to 2030 3,118 791 199 4,108 17.2 Balances of the liabilities for employee benefits December 31, December 31, 2020 2019 Pension and Retirement Plans: Defined benefit obligation Ps. 7,679 Ps. 7,193 Pension plan funds at fair value (2,788) (2,678) Net defined benefit liability Ps. 4,891 Ps. 4,515 Seniority Premiums: Defined benefit obligation Ps. 1,763 Ps. 1,237 Seniority premium plan funds at fair value (137) (127) Net defined benefit liability Ps. 1,626 Ps. 1,110 Postretirement Medical Services: Defined benefit obligation Ps. 812 Ps. 797 Medical services funds at fair value (76) (75) Net defined benefit liability Ps. 736 Ps. 722 Total Employee Benefits Ps. 7,253 Ps. 6,347 17.3 Trust assets Trust assets consist of fixed and variable return financial instruments recorded at fair value (Level 1), which are invested as follows: December 31, December 31, 2020 2019 Fixed return: Traded securities 27 % 9 % Bank instruments 9 % 23 % Federal government instruments of the respective countries 29 % 33 % Variable return: Publicly traded shares 35 % 35 % 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 securities 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 supervise the trustee. 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 plans 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 to 10% for related parties, 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 of the Company in related parties included in portfolio fund are as follows: December 31, December 31, 2020 2019 Debt: El Puerto de Liverpool, S.A.B. de C.V. Ps. 30 Ps. 30 Grupo Industrial Bimbo, S.A.B. de C. V. 5 31 BBVA Bancomer, S.A de C.V. 10 20 Grupo Financiero Banorte, S.A.B. de C.V. — 8 Grupo Financiero Scotiabank Inverlat, S.A. de C.V. 10 10 Equity: CEMEX, S.A.B. de C.V. 8 12 Grupo Financiero Banorte, S.A.B. de C.V. 8 1 Alfa, S.A.B. de C.V. 3 6 El Puerto de Liverpool, S.A.B. de C.V. — 2 Grupo Aeroportuario del Suereste, S.A.B. de C.V. 2 — Others 4 3 For the years ended December 31, 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 the following fiscal year. There are no restrictions placed on the trustee’s ability to sell those securities. As of December 31, 2020 and 2019, the plan assets did not include securities of the Company in portfolio funds. 17.4 Amounts recognized in the consolidated income statements and the consolidated statement of comprehensive income Income Statement AOCI (1) Gain or Net Interest on Loss on the Net Defined Remeasurements Current Past Service Settlement or Benefit of the Net Defined December 31, 2020 Service Cost Cost Curtailment Liability Benefit Liability Pension and retirement plans Ps. 372 Ps. 73 Ps. — Ps. 305 Ps. 2,024 Seniority premiums 239 — — 91 483 Postretirement medical services 44 — — 54 342 Total Ps. 656 Ps. 73 Ps. — Ps. 450 Ps. 2,849 December 31, 2019 Pension and retirement plans Ps. 279 Ps. (45) Ps. 2 Ps. 290 Ps. 1,608 Seniority premiums 139 161 — 57 162 Postretirement medical services 15 — — 32 396 Total Ps. 433 Ps. 116 Ps. 2 Ps. 379 Ps. 2,166 Gain or Net Interest on Loss on the Net Defined Remeasurements Current Past Service Settlement or Benefit of the Net Defined December 31, 2018 Service Cost Cost Curtailment Liability Benefit Liability Pension and retirement plans Ps. 318 Ps. — Ps. (5) Ps. 304 Ps. 668 Seniority premiums 125 — (8) 49 (63) Postretirement medical services 25 — (1) 34 41 Total Ps. 468 Ps. — Ps. (14) Ps. 387 Ps. 646 (1) Amounts accumulated in other comprehensive income as of the end of the period. For the years ended December 31, 2020, 2019 and 2018, labor costs of Ps. 728, Ps. 433 and Ps. 468 have been included in the consolidated income statements in costs of goods sold, administrative expenses and selling expenses. Remeasurements of the net defined benefit liability recognized in accumulated other comprehensive income are as follows: December 31, December 31, December 31, 2020 2019 2018 Amount accumulated in other comprehensive income as of the beginning of the period, net of tax Ps. 1,624 Ps. 475 Ps. 892 Actuarial (gains) arising from exchange rates (6) (30) (21) Remeasurements during the year, net of tax 312 100 221 Actuarial losses and (gains) arising from changes in financial assumptions 139 1,071 (617) Actuarial losses and (gains) arising from changes in demographic assumptions 27 — — Effect on settlement 3 8 — Amount accumulated in other comprehensive income as of the end of the period, net of tax Ps. 2,099 Ps. 1,624 Ps. 475 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. 17.5 Changes in the balance of the defined benefit obligation for post-employment December 31, December 31, December 31, 2020 2019 2018 Pension and Retirement Plans: Initial balance Ps. 7,193 Ps. 6,189 Ps. 7,370 Current service cost 372 279 318 Past service (credit) cost 73 (45) — Interest expense 506 530 484 Settlement / Curtailment — 2 (5) Remeasurements of the net defined benefit obligation 326 859 (740) Foreign exchange loss (gain) 37 (69) (86) Benefits paid (828) (582) (450) (Derecognition) acquisitions — 30 (702) Ending balance Ps. 7,679 Ps. 7,193 Ps. 6,189 Seniority Premiums: Initial balance Ps. 1,237 Ps. 772 Ps. 783 Current service cost 239 139 125 Past service cost — 161 — Interest expense 101 68 57 Settlement 13 — (8) Remeasurements of the net defined benefit obligation 309 230 (115) Benefits paid (136) (133) (77) Acquisitions — — 7 Ending balance Ps. 1,763 Ps. 1,237 Ps. 772 Postretirement Medical Services: Initial balance Ps. 797 Ps. 418 Ps. 524 Current service cost 44 15 25 Interest expense 61 38 39 Curtailment / Settlement — — (1) Remeasurements of the net defined benefit obligation (59) 356 (143) Benefits paid (31) (30) (26) Ending balance Ps. 812 Ps. 797 Ps. 418 17.6 Changes in the balance of plan assets December 31, December 31, December 31, 2020 2019 2018 Total Plan Assets: Initial balance Ps. 2,880 Ps. 2,680 Ps. 3,304 Actual return on trust assets 113 174 47 Foreign exchange loss (gain) 3 2 (1) Life annuities 5 24 35 Benefits paid — — (1) (Derecognition) acquisitions — — (704) Ending balance Ps. 3,001 Ps. 2,880 Ps. 2,680 As a result of the Company’s investments in life annuities plan, management does not expect it will need to make material contributions to plan assets in order to meet its future obligations. 17.7 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, the salary increase rate and healthcare cost increase rate. The reasons for choosing these assumptions are as follows: · 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. · Healthcare cost increase rate: The rate that considers the trends of health care costs which implies an impact on the postretirement medical service obligations and the cost for the year. The following table presents the amount of defined benefit plan expense and OCI impact in absolute terms of a variation of 1% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1% on the significant actuarial assumptions is based on a projected long-term discount rates for Mexico and a yield curve projection of long-term Mexican government bonds - CETES: +1%: Income Statement OCI (1) Gain or Effect of Net Remeasurements Discount rate used to calculate the defined benefit Loss on Interest on the Net of the Net Defined obligation and the net interest on the net defined Current Settlement or Defined Benefit Benefit Liability benefit liability Service Cost Curtailment Liability (Asset) (Asset) Pension and retirement plans Ps. 400 Ps. — Ps. 237 Ps. 1,784 Seniority premiums 223 — 80 432 Postretirement medical services 40 — 47 290 Total Ps. 663 Ps. — Ps. 364 Ps. 2,506 Expected salary increase Pension and retirement plans Ps. 466 Ps. — Ps. 339 Ps. 1,984 Seniority premiums 241 — 93 514 Seniority premiums 44 — 54 342 Total Ps. 751 Ps. — Ps. 486 Ps. 2,840 Assumed rate of increase in healthcare costs Postretirement medical services Ps. 52 Ps. — Ps. 64 Ps. 375 -1%: Gain or Effect of Net Remeasurements Discount rate used to calculate the defined benefit Loss on Interest on the Net of the Net Defined obligation and the net interest on the net defined Current Settlement or Defined Benefit Benefit Liability benefit liability Service Cost Curtailment Liability (Asset) (Asset) Pension and retirement plans Ps. 458 Ps. — Ps. 366 Ps. 2,025 Seniority premiums 257 — 99 521 Postretirement medical services 50 — 62 364 Total Ps. 765 Ps. — Ps. 527 Ps. 2,910 Expected salary increase Pension and retirement plans Ps. 396 Ps. — Ps. 265 Ps. 1,820 Seniority premiums 235 — 90 432 Total Ps. 631 Ps. — Ps. 355 Ps. 2,252 Assumed rate of increase in healthcare costs Postretirement medical services Ps. 38 Ps. — Ps. 45 Ps. 276 (1) Amounts accumulated in other comprehensive income as of the end of the period. 17.8 Employee benefits expense For the years ended December 31, 2020, 2019 and 2018, employee benefits expenses recognized in the consolidated income statements as cost of goods sold, administrative and selling expenses are as follows: 2020 2019 2018 Wages and salaries Ps. 68,312 Ps. 64,776 Ps. 58,745 Social security costs 11,595 11,494 10,486 Employee profit sharing 1,112 1,205 1,294 Post-employment benefits 1,002 795 842 Share-based payments 575 200 405 Termination benefits 201 169 132 Ps. 82,797 Ps. 78,639 Ps. 71,904 |
Bonus Programs
Bonus Programs | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Bonus Programs | Note 18. Bonus Programs 18.1 Quantitative and qualitative objectives The bonus program for executives is based on complying with certain goals established annually by management, 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 the EVA generated by the Company, calculated at approximately 70% and 30%, respectively. 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 amount is 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 bonus is paid to the eligible employee on an annual basis and after withholding applicable taxes. 18.2 Share-based payment bonus plan The Company has implemented a stock incentive plan for the benefit of its senior executives. As discussed above, this plan uses as its main evaluation metric the EVA. Under the EVA stock incentive plan, eligible employees are entitled to receive a special annual bonus (fixed amount), to be paid in shares of FEMSA or Coca-Cola FEMSA, as applicable or stock options (the plan considers providing stock options to employees; however, since inception only shares of FEMSA or Coca-Cola FEMSA have been granted). The plan is managed by FEMSA’s chief executive officer (“CEO”), with the support of the board of directors, together with the CEO of the respective sub-holding company. FEMSA’s Board of Directors is responsible for approving the plan’s structure, and the annual amount of the bonus. Each year, FEMSA’s CEO in conjunction with the Evaluation and Compensation Committee of the board of directors and the CEO of the respective sub-holding company determine the employees eligible to participate in the plan and the bonus formula to determine the number of shares to be received. Until 2015 the shares were vested ratably over a six-year period, beginning with January 1, 2016 onwards they were ratably vest over a four-year period, with retrospective effects, on existing grants recognized in 2016. FEMSA accounts for its share-based payment bonus plan as an equity-settled share-based payment transaction as it will ultimately settle its obligations with its employees by issuing its own shares or those of its subsidiary Coca-Cola FEMSA. The Company contributes the individual employee’s special bonus (after taxes) in cash to the Administrative Trust (which is controlled and consolidated by FEMSA), who then uses the funds to purchase FEMSA or Coca-Cola FEMSA shares (as instructed by the Administrative Trust’s Technical Committee), which are then allocated to such employee. The Administrative Trust tracks the individual employees’ account balance. FEMSA created the Administrative Trust with the objective of conducting the purchase of FEMSA and Coca-Cola FEMSA shares by each of its subsidiaries with eligible executives participating in the stock incentive plan. The Administrative Trust’s objectives are to acquire FEMSA shares or shares of Coca-Cola FEMSA and to manage the shares granted to the individual employees based on instructions set forth by the Technical Committee. Once the shares are acquired following the Technical Committee’s instructions, the Administrative Trust assigns to each participant their respective rights. As the trust is controlled and therefore consolidated by FEMSA, shares purchased in the market and held within the Administrative Trust are presented as treasury stock (as it relates to FEMSA’s shares) or as a reduction of the noncontrolling interest (as it relates to Coca-Cola FEMSA’s shares) in the consolidated statement of changes in equity, on the line issuance (purchase) of shares associated with share-based payment plans. Should an employee leave prior to their shares vesting, such employee would lose the rights to such shares, which would then remain within the Administrative Trust and be able to be reallocated to other eligible employees as determined by the Company. The incentive plan target is expressed in months of salary, and the final amount payable is computed based on a percentage of compliance with the goals established every year. For the years ended December 31, 2020, 2019 and 2018, the compensation expense recorded in the consolidated income statement amounted to Ps. 575, Ps. 610 and Ps. 401, respectively. All shares held in the Administrative Trust are considered outstanding for diluted earnings per share purposes and dividends on shares held by the trust are charged to retained earnings. As of December 31, 2020 and 2019, the number of shares held by the trust associated with the Company’s share-based payment plans are as follows: Number of Shares FEMSA UBD KOF UBL 2020 2019 2020 2019 Beginning balance 2,249,665 2,278,460 752,847 697,226 Shares acquired by the administrative trust to employees 2,445,983 1,441,838 985,535 456,077 Shares released from administrative trust to employees upon vesting (1,280,748) (1,470,633) (378,224) (400,456) Ending balance 3,414,900 2,249,665 1,360,158 752,847 The fair value of the shares held by the trust as of the end of December 31, 2020 and 2019 was Ps. 638 and Ps. 488, respectively, based on quoted market prices of those dates. |
Bank Loans and Notes Payable
Bank Loans and Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Bank Loans and Notes Payable | Note 19. Bank Loans and Notes Payable At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at and December December December (in millions of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Short-term debt: Fixed rate debt: Colombian pesos Bank loans Ps. 168 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 168 Ps. 168 Ps. 769 Interest rate 2.1 % — — — — — 2.1 % — 5.1 % Argentine pesos Bank loans 711 — — — — — 711 711 126 Interest rate 44.7 % — — — — — 44.7 % — 63.5 % Chilean pesos Bank loans 1,027 — — — — — 1,027 1,027 977 Interest rate 1.9 % — — — — — 1.9 % — 2.6 % U.S. dollars Bank loans 1,150 — — — — — 1,150 1,150 1,038 Interest rate 2.0 % — — — — — 2.0 % — 2.6 % Uruguayan pesos Bank loans 498 — — — — — 498 498 63 Interest rate 15.1 % — — — — — 15.1 % — 11.6 % Guatemalan quetzal Bank loans 63 — — — — — 63 63 — Interest rate 6.3 % — — — — — 6.3 % — — Variable rate debt: Mexican pesos Bank loans 360 — — — — — 360 360 100 Interest rate 5.2 % — — — — — 5.2 % — 7.9 % Colombian pesos Bank loans 492 — — — — — 492 492 431 Interest rate 3.0 % — — — — — 3.0 % — 4.7 % Argentine pesos Bank loans — — — — — — — — 32 Interest rate — — — — — — — — 54.3 % Brazilian reals Bank loans — — — — — — — — 399 Interest rate — — — — — — — — 9.4 % Total short-term debt Ps. 4,469 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 4,469 Ps. 4,469 Ps. 3,935 At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at and December December December (in millions of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Long-term debt: Fixed rate debt: Euro Senior unsecured notes Ps. — Ps. — Ps. 24,469 Ps. — Ps. — Ps. — Ps. 24,469 Ps. 25,517 Ps. 21,046 Interest rate — — 1.7 % — — — 1.7 % — 1.7 % U.S. dollars Yankee bond — — — — — 50,597 50,597 57,967 37,575 Interest rate — — — — — 3.1 % 3.1 % — 4.5 % Bank of NY (FEMSA USD 2023) — — 5,975 — — — 5,975 6,258 5,593 Interest rate (1) — — 2.9 % — — — 2.9 % — 2.9 % Bank of NY (FEMSA USD 2043) — — — — — 13,805 13,805 17,486 12,943 Interest rate (1) — — — — — 4.4 % 4.4 % — 4.4 % Bank of NY (FEMSA USD 2050) — — — — — 49,549 49,549 55,422 — Interest rate (1) — — — — — 3.5 % 3.5 % — — Bank loans — — — 2,293 — — 2,293 2,293 2,185 Interest rate — — — 3.7 % — — 3.7 % — 3.6 Mexican pesos Domestic senior notes 2,502 — 7,496 — — 11,485 21,483 22,638 18,484 Interest rate 8.3 % — 5.5 % — — 7.7 % 7.0 % — 6.9 % Bank loans 48 38 32 25 22 — 165 165 115 Interest rate 9.1 % 9.9 % 9.5 % 9.0 % 8.7 % — 9.3 % — 9.3 % Brazilian reais Bank loans 59 50 28 19 1 — 157 157 434 Interest rate 5.7 % 6.0 % 6.4 % 6.6 % 6.6 % — 6.1 % — 7.3 % Chilean pesos Bank loans 15 — — — — — 15 15 40 Interest rate 3.2 % — — — — — 3.2 % — 3.4 % Uruguayan pesos Bank loans 770 261 — — — — 1,031 1,031 1,265 Interest rate 10.3 % 12.2 % — — — — 10.8 % — 5.8 % Subtotal Ps. 3,394 Ps. 349 Ps. 38,000 Ps. 2,337 Ps. 23 Ps. 125,436 Ps. 169,539 Ps. 188,949 Ps. 99,680 (1) All interest rates shown in this table are weighted average contractual annual rates. At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at (in millions and December December December of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Variable rate debt: Mexican pesos Domestic senior notes — 1,459 — — 1,722 — 3,181 3,176 1,459 Interest rate (1) — 4.7 % — — 4.6 % — 4.6 % — 8.0 % Bank Loans 238 102 54 367 6,003 3,007 9,771 9,834 9,864 Interest rate (1) 5.8 % 6.0 % 6.2 % 5.3 % 5.0 % 5.2 % 8.4 % — 8.4 % Brazilian reais Bank loans 43 4 — — — — 47 48 242 Interest rate 8.1 % 8.1 % — — — — 8.1 % — 7.8 % Colombian pesos Bank loans 18 7 — — — — 25 25 422 Interest rate 4.4 % 4.4 % — — — — 4.4 % — 5.7 % Chilean pesos Bank loans 639 657 337 — — — 1,633 1,633 2,349 Interest rate 5.8 % 2.0 % 2.0 % — — — 3.5 % — 4.1 % Subtotal Ps. 938 Ps. 2,229 Ps. 391 Ps. 367 Ps. 7,725 Ps. 3,007 Ps. 14,657 Ps. 14,716 Ps. 14,336 Total long-term debt Ps. 4,332 Ps. 2,578 Ps. 38,391 Ps. 2,704 Ps. 7,748 Ps. 128,443 Ps. 184,196 Ps. 203,665 Ps. 114,016 Current portion of long-term debt (4,332) (12,269) Ps. 179,864 Ps. 101,747 (1) All interest rates shown in this table are weighted average contractual annual rates. 2026 and Total Total Hedging Derivative Financial Instruments (1) 2021 2022 2023 2024 2025 Thereafter 2020 2019 (notional amounts in millions of Mexican pesos) ` Cross currency swaps: U.S. dollars to Mexican pesos Fixed to variable (3) Ps. — Ps. — Ps. 11,403 Ps. — Ps. — 9,575 Ps. 20,979 Ps. 11,403 Interest pay rate — — 5.7 % — — 9.5 % 7.5 % 8.8 % Interest receive rate — — 4.0 % — — 3.9 % 4.0 % 4.0 % Fixed to fixed — — 6,853 — 10,000 6,982 23,835 18,982 Interest pay rate — — 7.8 % — 8.2 % 8.2 % 8.1 % 9.0 % Interest receive rate — — 3.2 % — 3.5 % 3.3 % 3.3 % 3.9 % Fixed to fixed (2) Interest pay rate — — — — — 8.8 % 8.8 % 9.4 % Interest receive rate — — — — — 4.2 % 4.2 % 4.4 % U.S. dollars to Brazilian reais Fixed to fixed — — — — — — — 4,365 Interest pay rate — — — — — — — 8.3 % Interest receive rate — — — — — — — 2.9 % Variable to fixed — — — — — — — 9,046 Interest pay rate — — — — — — — 9.5 % Interest receive rate — — — — — — — 3.9 % Chilean pesos Variable to fixed — — — — — — — 163 Interest pay rate — — — — — — — 6.9 % Interest receive rate — — — — — — — 4.7 % Colombian pesos Fixed to fixed — — — — — 404 404 — Interest pay rate — — — — — % 5.0 % — Interest receive rate — — — — — % 2.4 % — Interest rate swaps: Mexican pesos Variable to fixed rate: 449 458 1,515 2,294 — — 4,716 4,353 Interest pay rate 7.6 % 6.6 % 5.8 % 3.6 % — — 5.0 % 4.9 % Interest receive rate 1.0 % 4.0 % 1.8 % 3.7 % — — 2.9 % 3.9 % Variable to fixed rate (3) : Interest pay rate — — 7.2 % — — — 7.2 % 7.2 % Interest receive rate — — 5.7 % — — — 5.7 % 8.8 % (1) All interest rates shown in this table are weighted average contractual annual rates. (2) Cross Currency swaps which covers U.S. dollars to Mexican pesos with a notional of Ps.8,869, that have a starting date in 2023; receiving a fixed rate of 4.4% and pay a variable rate of 9.4%. (3) Interest rate swaps with a notional amount of Ps. 11,403 that receive a variable rate of 5.7% and pay a fixed rate of 7.2%; joined with a cross currency swap, which covers U.S. dollars to Mexican pesos, that receives a fixed rate of 4.0% and pay a variable rate of 5.7%. For the years ended December 31, 2020, 2019 and 2018, the interest expense is comprised as follows: 2020 2019 2018 Interest on debts and borrowings Ps. 10,788 Ps. 6,434 Ps. 6,760 Capitalized interest — — (5) Finance charges for employee benefits 456 382 373 Derivative instruments 1,428 2,300 2,649 Finance operating charges (231) 243 48 Finance charges payable for leases 5,075 4,774 — Ps. 17,516 Ps. 14,133 Ps. 9,825 In March 14, 2016, the Company issued long-term debt on the Irish Stock Exchange (“ISE”) in the amount of €. 1,000 million, which was made up of senior notes with a maturity of 7 years, a fixed interest rate of 1.75% and a spread of 155 basis points over the relevant benchmark mid-swap, for a total yield of 1.824%. The Company has designated this non-derivative financial liability as a hedge on the net investment in Heineken. For the year ended December 31, 2020, a foreign exchange gain, net of tax, has been recognized as part of the exchange differences on translation of foreign operations within the cumulative other comprehensive income of Ps. 2,379 . On January 16, 2020, the Company issued US $1,500 million 3.500% Senior Unsecured Notes at an annual rate of 130 basis points over the relevant benchmark. In addition, on February 12, 2020, the Company placed a re-tap to its US-denominated SEC-registered Senior Unsecured Notes due 2050 and issued US $300 million 3.500% at an annual rate of 137.5 basis points over the relevant benchmark, raising the total outstanding balance to US $1,800 million with an implied yield to maturity of 3.577%. In June 2020, the Company issued US $700 million 3.500% Senior Unsecured Notes due 2050 with an implicit weighted performance of 3.358%. The Company has designated a portion of these non-derivative financial liabilities as a hedge on the net investment. For the year ended December 31, 2020, a foreign exchange gain, net of tax, has been recognized as part of the income on hedge of net investments in foreign operations within the cumulative other comprehensive income of Ps. 3,439. In March 2020, we entered into certain short-term bank loan in Mexican pesos for an aggregate principal amount of Ps.15,000 million. Coca-Cola FEMSA has the following bonds: a) registered with the Mexican stock exchange: i) Ps. 2,500 (nominal amount) with a maturity date in 2021 and fixed interest rate of 8.27%; ii) Ps. 7,500 (nominal amount) with a maturity date in 2023 and fixed interest rate of 5.46%; iii) Ps. 1,500 (nominal amount) with a maturity date 2022 and floating interest rate of TIIE + 0.25%; iv) Ps. 1,727 (nominal amount) with a maturity date 2025 and floating interest rate of TIIE + 0.08%; v) Ps. 8,500 (nominal amount) with a maturity date 2027 and fixed interest rate of 7.87%; and vi) Ps. 3,000 (nominal amount) with a maturity date 2028 and fixed interest rate of 7.35%. 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 $600 with interest at a fixed rate of 5.25% and maturity date on November 26, 2043, and iii) Senior notes of US $ 705 with interest at a fixed rate of 1.85% and maturity date on September 1, 2032. The mentioned bonds are guaranteed by Coca-Cola FEMSA 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., Distribuidora y Manufacturera del Valle de Mexico, S. de R.L. de C.V (as successor guarantor of Servicios Integrados Inmuebles del Golfo, S. de R.L. de C.V.) and Yoli de Acapulco, S. de R.L. de C.V. (“Guarantors”). During 2019 Coca-Cola FEMSA celebrated bank loans in Mexico for an amount of Ps. 9,400 at an interest rate of 8.39% and 7.91%, such loans were used to settled 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, Coca-Cola FEMSA 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%, in Argentina and Colombia for an amount of Ps. 1,184. Similarly, on January 22, 2020 Coca-Cola FEMSA prepaid senior notes during the same year in Mexico of US. $ 900, and on February 18, 2020, Coca-Cola FEMSA paid the total balance of its senior notes in of US. $ 500. In addition, Coca-Cola FEMSA celebrated bank loans in Argentine and Uruguayan peso with some banks for Ps. 711 and Ps. 759, respectively. The Company has financing from different institutions under agreements that stipulate different restrictions and covenants, which mainly consist of maximum levels of leverage and capitalization as well as minimum consolidated net worth and debt and interest coverage ratios. As of the date of these consolidated financial statements, the Company was in compliance with all restrictions and covenants contained in its financing agreements. 19.1 Reconciliation of liabilities arising from financing activities Carrying Carrying Value at Value at January Cash Flows Non-cash effects December 31, 1, 2020 2020 Foreign Acquisition New leases Exchange Others (1) Income (Loss) Bank loans Ps. 20,807 Ps. (1,286) Ps. — Ps. — Ps. 221 Ps. (312) Ps. 19,430 Notes payable 97,144 67,380 — — 4,813 (101) 169,235 Total liabilities from financing activities 117,951 66,093 — — 5,034 (413) 188,664 Financial leases 54,679 (9,810) 1,765 7,982 (584) 4,276 58,308 Total financing activities Ps. 172,630 Ps. 56,283 Ps. 1,765 Ps. 7,982 Ps. 4,450 Ps. 3,863 Ps. 246,972 (1) Includes mainly remeasurements of leases, and amortization of transaction costs. Carrying Carrying Value at Value at January December 1, 2019 Cash Flows Non-cash effects 31, 2019 Foreign Exchange Income Acquisition New leases (Loss) Others Bank loans Ps. 22,944 Ps. (2,999) Ps. 1,917 Ps. — Ps. (397) Ps. (658) Ps. 20,807 Notes payable 105,720 (5,022) — — (1,244) (2,310) 97,144 Total liabilities from financing activities 128,664 (8,021) 1,917 — (1,641) (2,968) 117,951 Financial leases 50,220 (8,848) 2,187 7,490 (10) 3,640 54,679 Total liabilities from financing activities 178,884 Ps. (16,869) Ps. 4,104 Ps. 7,490 Ps. (1,651) Ps. 672 Ps. 172,630 Carrying Carrying Value at Value at January December 1, 2018 Cash Flows Non-cash effects 31, 2018 Foreign Exchange Acquisition New leases Movement Others Bank loans Ps. 13,669 Ps. 8,313 Ps. 1,147 Ps. — Ps. 417 Ps. (602) Ps. 22,944 Notes payable 117,551 (9,314) — — (769) (1,840) 105,628 Lease liabilities 128 (26) — — (10) — 92 Total liabilities from financing activities 131,348 (1,027) 1,147 — (362) (2,442) 128,664 |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Other Income and Expenses | Note 20. Other Income and Expenses 2020 2019 2018 Gain on sale of other assets Ps. — Ps. — Ps. 344 Gain on sale of long-lived assets 130 — 174 Sale of waste material 20 21 13 Insurance rebates 35 — 10 Foreign exchange gain 112 26 123 Other investment in shares (5) 2,011 — — Recycling of cumulative gain on sale of joint venture 212 — — Recoveries of prior years (1) 594 896 — Others 229 70 9 Other income Ps. 3,343 Ps. 1,013 Ps. 673 Contingencies associated with prior acquisitions or disposals Ps. — Ps. 149 Ps. 138 Loss on sale of property, plant and equipment — 67 — Recoveries of prior years — 44 116 Impairment of long-lived assets (2) 5,102 1,018 432 Loss in write-off of intangible assets 375 — — Disposal of long-lived assets (3) 915 861 518 Contingencies 804 589 518 Severance payments (4) 465 1,207 264 Donations 605 489 528 Legal fees and other expenses from past acquisitions — 17 149 Effect of taxes paid on previous years (6) 3,253 — — Other 862 464 284 Other expenses Ps. 12,381 Ps. 4,905 Ps. 2,947 (1) Following a favorable decision from Brazilian tax authorities received during 2020 and 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 condensed consolidated income statements. See Note 25.1.1. (2) Includes impairment loss related to Compañía Panameña de Bebibas, S.A.P.I. de C.V., for an amount of Ps. 1,463 and Ps. 948 million in 2020 and 2019, respectively. Additionally, includes impairment loss related to Leao Alimentos e Bebidas, L.T.D.A., for an amount of Ps. 1,038 million in 2020. (see Note 10). Also, includes impairment loss related to Specialty’s, and Doña Tota in 2020 for an amount of Ps. 2,021 and Ps. 576, respectively. The impairment losses in 2020 were mainly driven by mobility restrictions that impacted customer behavior and the economic crisis generated by COVID-19 pandemic. (3) Charges related to fixed assets retirement from ordinary operations and other long-lived assets. (4) During 2019, the Company incurred restructuring costs related to some of their operations as part of an efficiency program. (5) During 2020, the Company received a dividend income related to its investment in Jetro Restaurant Depot. (6) Interest and penalties associated to taxes paid from previous years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Financial Instruments | Note 21. Financial Instruments Fair Value of Financial Instruments The Company’s financial assets and liabilities that are measured at fair value are based on level 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, 2020 and 2019: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 1 Level 2 Financial instrument (current asset) 488 85 91 917 Financial instrument (non-current asset) 3,002 31,069 2,880 21,570 Financial instrument (current liability) 83 1,045 47 801 Financial instrument (non-current liability) — 3,743 — 1,672 21.1 Total debt 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, 2020 and 2019, which is considered to be level 1 in the fair value hierarchy. 2020 2019 Carrying value Ps. 188,665 Ps. 117,951 Fair value 208,134 124,038 21.2 Interest rate swaps The Company uses interest rate swaps to offset the interest rate risk associated with its borrowings, pursuant to which it pays amounts based on a fixed rate and receives amounts based on a floating rate. These instruments have been designated as cash flow hedges and are recognized in the consolidated statement of financial position at their estimated fair value. The fair value is estimated using formal technical models. The valuation method involves discounting to present value the expected cash flows of interest, calculated from the rate curve of the cash flow currency, and expresses the net result in the reporting currency. Changes in fair value are recorded in cumulative other comprehensive income, net of taxes until such time as the hedged amount is recorded in the consolidated income statements. At December 31, 2020, the Company has the following outstanding interest rate swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 449 Ps. (6) Ps. — 2022 458 (16) — 2023 12,918 (492) — 2024 2,294 (126) — At December 31, 2019, the Company has the following outstanding interest rate swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 4,365 Ps. (142) Ps. — 2021 405 (24) — 2022 414 (20) — 2023 12,770 (79) 245 2024 3 — — The net effect of expired contracts treated as hedges are recognized as interest expense within the consolidated income statements. 21.3 Forward agreements to purchase foreign currency The Company has entered into forward agreements to reduce its exposure to the risk of exchange rate fluctuations between the Mexican peso and other currencies. Foreign exchange forward contracts measured at fair value are designated hedging instruments in cash flow hedges of forecast inflows in euros and forecast purchases of raw materials in U.S. dollars. These forecast transactions are highly probable. 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. The price agreed in the instrument is compared to the current price of the market forward currency and is discounted to present value of the rate curve of the relevant currency. Changes in the fair value of these forwards are recorded as part of cumulative other comprehensive income, net of taxes. Net gain/loss on expired contracts is recognized as part of cost of goods sold when the raw material is included in sale transactions, and as a part of foreign exchange when the inflow in euros are received. At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 9,042 Ps. (1,040) Ps. 4 2022 66 (41) — 2023 23 (2) — 2024 2 — — At December 31, 2019, the Company had the following outstanding forward agreements to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 8,447 Ps. (292) Ps. 34 2021 215 — 27 2022 52 — 5 21.4 Options to purchase foreign currency The Company has executed call option and collar strategies to reduce its exposure to the risk of exchange rate fluctuations. A call option is an instrument that limits the loss in case of foreign currency depreciation. A collar is a strategy that combines call and put options, limiting the exposure to the risk of exchange rate fluctuations in a similar way as a forward agreement. 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 options, corresponding to the intrinsic value, are initially recorded as part of “cumulative other comprehensive income”. Changes in the fair value, corresponding to the extrinsic value, are recorded in the consolidated income statements under the caption “market value gain/ (loss) on financial instruments,” as part of the consolidated net income. Net gain/(loss) on expired contracts including the net premium paid, is recognized as part of cost of goods sold when the hedged item is recorded in the consolidated income statements. At December 31, 2019, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 107 Ps. — Ps. 2 21.5 Cross-currency swaps The Company has contracted for a number of cross-currency swaps to reduce the risks of exchange rate and interest rate fluctuations associated with its borrowings denominated in U.S. dollars and other foreign currencies. Cross-currency swaps contracts are designated as hedging instruments through which the Company changes the debt profile to its functional currency to reduce exchange exposure. These instruments are recognized in the consolidated statement of financial position at their estimated fair value which is estimated using formal technical models. The valuation method involves discounting to present value the expected cash flows of interest, calculated from the rate curve of the cash foreign currency, and expresses the net result in the reporting currency. These contracts are designated as financial instruments at fair value through profit or loss. The fair values changes related to those cross-currency swaps are recorded under the caption “market value gain (loss) on financial instruments,” net of changes related to the long-term liability, within the consolidated income statements. The Company has cross-currency contracts designated as cash flow hedges and are recognized in the consolidated statement of financial position at their estimated fair value. Changes in fair value are recorded in cumulative other comprehensive income, net of taxes until such time as the hedge amount is recorded in the consolidated income statement. At December 31, 2020, the Company had the following outstanding cross – currency swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 4,575 Ps. (5) Ps. 169 2022 376 — 23 2023 24,103 — 10,808 2024 1,577 (9) 264 2025 10,750 (2,481) — 2027 6,982 (464) 80 2029 1,519 — 122 2030 3,790 (107) 192 2043 8,869 — 2,706 At December 31, 2019, the Company had the following outstanding cross – currency swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 17,252 Ps. (307) Ps. 883 2021 702 — 49 2022 375 — 3 2023 23,466 (594) 7,122 2024 1,788 (53) — 2026 772 (63) — 2027 6,596 (843) — 2029 1,371 — 121 2043 8,869 — 576 21.6 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 material. 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 the fair value are recorded as part of “cumulative other comprehensive income.” The fair value of expired commodity price contract was recorded in cost of goods sold where the hedged item was recorded also in cost of goods sold. At December 31, 2020, Coca-Cola FEMSA had the following sugar price contracts: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 1,260 Ps. (18) Ps. 275 2022 366 — 70 At December 31, 2019, Coca-Cola FEMSA had the following sugar price contracts: Notional Fair Value Asset Maturity Date Amount December 31, 2019 2020 Ps. 1,554 Ps. 53 2021 98 15 At December 31, 2020, Coca-Cola FEMSA had the following aluminum price contracts: Fair Value Asset Notional December 31, Maturity Date Amount 2020 2021 Ps. 695 Ps. 125 2022 99 17 At December 31, 2019, Coca-Cola FEMSA had the following aluminum price contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2019 2020 Ps. 394 Ps. 4 At December 31, 2020, Coca-Cola FEMSA had the following PX+MEG (resine) contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2020 2021 Ps. 729 Ps. (65) At December 31, 2019, Coca-Cola FEMSA had the following PX+MEG (resine) contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2019 2020 Ps. 320 Ps. (28) 21.7 Treasury Lock contracts The Company has contracted a number of treasury locks to reduce its exposure to interest rate fluctuations associated with its USD debt. These treasury locks, are designated as cash flow hedges and the interest rate variation is recorded in the consolidated balance sheet as “cumulative other comprehensive income.” At December 31, 2019, the Company had the following outstanding treasury locks agreements: Fair Value Liability Fair Value Asset Notional December 31, December 31, Maturity Date Amount 2020 2020 2020 Ps. 10,365 Ps. — Ps. 102 21.8 Option embedded in the Promissory Note to fund the Vonpar’s acquisition On December 6, 2016, as part of the purchase price paid for the Coca-Cola FEMSA’s acquisition of Vonpar, Spal issued and delivered a three-year promissory note to the sellers, for a total amount of 1,166 million Brazilian reais which was partially offset on November 14, 2018, as a result of the occurrence of certain contingencies for which the sellers agreed to indemnify Coca-Cola FEMSA. The promissory note bears interest at an annual rate of 0.375% and was denominated and payable in Brazilian reais,but linked to the performance of the exchange rate between the Brazilian real and the U.S. dollar. On December 6, 2019 the promissory note matured and was paid in full in cash for the outstanding amount of 1,002 million Brazilian reais, which was at the time equivalent to US $236 million (Ps. 4,670 million as of December 31, 2019). 21.9 Disposal 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 net present value. As of December 31, 2020, the financial asset recognized in the consolidated statement of financial position has a total value of Ps. 8. 21.10 Net effects of expired contracts that met hedging criteria Impact in Consolidated Income Statement 2020 2019 2018 Cross currency swaps (1) Interest expense Ps. (109) Ps. 199 Ps. 157 Cross currency swaps (1) Foreign exchange 1,212 480 642 Interest rate swaps Interest expense (163) 515 — Forward agreements to purchase foreign currency Foreign exchange (167) (116) (87) Commodity price contracts Cost of goods sold (129) (391) (258) Options to purchase foreign currency Cost of goods sold 8 (63) (8) Forward agreements to purchase foreign currency Cost of goods sold 839 (163) 240 Treasury locks Interest expense 153 — — (1) This amount corresponds to the settlement of cross currency swaps portfolio in Brazil presented as part of the other financial activities. 21.11 Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes. Impact in Consolidated Derivative Income Statement 2020 2019 2018 Forward agreements to purchase foreign currency Market value gain (loss) on financial statements Ps. — Ps. 4 Ps. (12) Cross currency swaps Market value (loss) on financial statements (212) (293) (116) 21.12 Net effect of expired contracts that did not meet the criteria for hedge accounting purposes Impact in Consolidated Type of Derivatives Income Statement 2020 2019 2018 Cross-currency swaps Market value loss on financial instruments Ps. (212) Ps. (293) Ps. (186) Embedded derivatives Market value gain on financial instruments — 4 — 21.13 Risk management The Company has exposure to the following financial risks: · Market risk; · Interest rate risk; · Liquidity risk; and · Credit risk. 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; and · Changes in the periodicity of covered. 21.13.1 Market risk Market risk is the risk that the fair value of future cash flow of a financial instrument will fluctuate because of changes in market prices. Market prices include currency risk and commodity price risk. The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and commodity prices. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency 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. · Cross-currency swaps in order to reduce its exposure to the risk of exchange rate fluctuations. · 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 management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period of time, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy: Change in Foreign Currency Risk Exchange Rate Effect on Equity 2020 FEMSA (1) +19% MXN/EUR Ps. 327 ‑19% MXN/EUR (327) +21% BRL/USD 240 ‑21% BRL/USD (240) Coca-Cola FEMSA +19% MXN/USD 884 ‑19% MXN/USD (884) +21% BRL/USD 357 ‑21% BRL/USD (357) +9% UYU/USD 21 ‑9% UYU/USD (21) +16% COP/USD 142 ‑16% COP/USD (142) +2% ARS/USD 2 ‑2% ARS/USD (2) 2019 FEMSA (1) +9% MXN/EUR Ps. 57 ‑9% MXN/EUR (57) +13% BRL/USD 202 ‑13% BRL/USD (202) Coca-Cola FEMSA +9% MXN/USD 739 ‑9% MXN/USD (739) +13% BRL/USD 155 ‑13% BRL/USD (155) +5% UYU/USD 23 ‑5% UYU/USD (23) +10% COP/USD 54 ‑10% COP/USD (54) +25% ARS/USD 88 ‑25% ARS/USD (88) 2018 FEMSA (1) +12 MXN/EUR Ps. 116 ‑12% MXN/EUR (116) Coca-Cola FEMSA +13% MXN/USD 668 ‑13% MXN/USD (668) +16% BRL/USD 413 ‑16% BRL/USD (413) +8% UYU/USD 46 ‑8% UYU/USD (46) +12% COP/USD 2 ‑12% COP/USD (2) +27% ARS/USD 522 ‑27% ARS/USD (522) (1) Does not include Coca-Cola FEMSA. Change in Cross Currency Swaps (1) (2) Exchange Rate Effect on Equity Effect on Profit or Loss 2020 FEMSA (3) +13% CLP/USD Ps. — Ps. 717 ‑13% CLP/USD — (717) +19% MXN/USD — 6,381 ‑19% MXN/USD — (6,381) +16% COP/USD — 426 ‑16% COP/USD — (426) +19% MXN/BRL — 238 ‑19% MXN/BRL — (238) Coca-Cola FEMSA +19% MXN/USD 5,507 — ‑19% MXN/USD (5,507) — +21% BRL/USD 2,161 — ‑21% BRL/USD (2,161) — 2019 FEMSA (3) +11% CLP/USD Ps. — Ps. 546 ‑11% CLP/USD — (546) +9% MXN/USD — 1,805 ‑9% MXN/USD — (1,805) +10% COP/USD — 286 ‑10% COP/USD — (286) +13% MXN/BRL — 177 ‑13% MXN/BRL — (177) Coca-Cola FEMSA +9% MXN/USD 2,315 — ‑9% MXN/USD (2,315) — +13% BRL/USD 645 — ‑13% BRL/USD (645) — 2018 FEMSA (3) +10% CLP/USD Ps. — Ps. 368 ‑10% CLP/USD — (368) +13% MXN/USD — 2,706 ‑13% MXN/USD — (2,706) +12% COP/USD — 283 ‑12% COP/USD — (283) +15% MXN/BRL — 27 ‑15% MXN/BRL — (27) Coca-Cola FEMSA +13% MXN/USD 3,130 — ‑13% MXN/USD (3,130) — +16% BRL/USD 9,068 — ‑16% BRL/USD (9,068) — (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk. (3) Does not include Coca-Cola FEMSA. Change in Net Cash in Foreign Currency (1) Exchange Rate Effect on Profit or Loss 2020 FEMSA (2) +18% EUR/ +19 % USD Ps. 8,827 ‑18% EUR/ -19 % USD (8,827) Coca-Cola FEMSA +18% USD 5,755 ‑18% USD (5,755) 2019 FEMSA (2) +9% EUR/ +9 % USD Ps. 3,833 ‑9% EUR/ -9 % USD (3,833) Coca-Cola FEMSA +8% USD 940 ‑8% USD (940) 2018 FEMSA (2) +12% EUR/ +13 % USD Ps. 8,596 ‑12% EUR/ -13 % USD (8,596) Coca-Cola FEMSA +13% USD 1,868 ‑13% USD (1,868) (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Does not include Coca-Cola FEMSA. Change in Commodity Price Contracts (1) U.S.$ Rate Effect on Equity 2020 Coca-Cola FEMSA Sugar - 32 % Ps. (515) Aluminum - 16 % Ps. (289) 2019 Coca-Cola FEMSA Sugar - 24 % Ps. (255) Aluminum - 15 % Ps. (1,164) 2018 Coca-Cola FEMSA Sugar - 30 % Ps. (341) Aluminum - 22 % Ps. (55) (1) Effects on commodity price contracts are only in Coca-Cola FEMSA. 21.13.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flow 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 rates. 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. Hedging activities are evaluated regularly to align with 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 management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy: Change in Interest Rate Swap (1) Bps. Effect on Equity 2020 FEMSA (2) (100 Bps.) Ps. (354) 2019 FEMSA (2) (100 Bps.) Ps. (432) Coca-Cola FEMSA (100 Bps.) (37) 2018 FEMSA (2) (100 Bps.) Ps. (359) Coca-Cola FEMSA (100 Bps.) (1,976) (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Does not include Coca-Cola FEMSA. Interest Effect of Unhedged Portion Bank Loans 2020 2019 2018 Change in interest rate +100 Bps. +100 Bps. +100 Bps. Effect on profit loss Ps. (110) Ps. (50) Ps. (145) 21.13.3 Liquidity risk Each of the Company’s sub-holding companies generally finances its operational and capital requirements on an independent basis. As of December 31, 2020 and 2019, 50.2% and 64.3 %, respectively of the Company’s outstanding consolidated total indebtedness was at the level of its sub-holding companies. This structure is attributable, in part, to the inclusion of third parties in the capital structure of Coca-Cola FEMSA. Currently, the Company’s management expects to continue financing its operations and capital requirements when it is considering domestic funding at the level of its sub-holding companies, otherwise; it is generally more convenient that its foreign operations would be financed directly through the Company because of more favourable terms of its financing market conditions. Nonetheless, sub-holdings companies may decide to incur indebtedness in the future to finance their own operations and capital requirements of the Company’s subsidiaries or significant acquisitions, investments or capital expenditures. As a holding company, the Company depends on dividends and other distributions from its subsidiaries to service the Company’s indebtedness. The Company’s principal source of liquidity has generally been cash generated from its operations. The Company has traditionally been able to rely on cash generated from operations because a significant majority of the sales of Coca-Cola FEMSA and FEMSA Comercio – Proximity, FEMSA Comercio – Health and FEMSA Comercio – Fuel Divisions are on a cash or short-term credit basis, and FEMSA Comercio’s OXXO stores are able to finance a significant portion of their initial and ongoing inventories with supplier credit. The Company’s principal use of cash has generally been for capital expenditure programs, acquisitions, debt repayment and dividend payments. 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 management of the Company’s short-, medium- and long-term funding and liquidity requirements. The Company manages liquidity risk by maintaining adequate cash reserves and continuously monitoring forecast and actual cash flows, and with a low concentration of maturities per year. The Company has access to credit from national and international banking institutions in order to meet treasury needs. The Company has the highest rating for Mexican companies (AAA) given by independent rating agencies, allowing the Company to evaluate 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 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 the Company’s management may finance its 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 joint ventures or other transactions. We would expect to finance any significant future transactions with a combination of cash from operations, long-term indebtedness and capital stock. The Company’s sub-holding companies generally incur short-term indebtedness in the event that they are temporarily unable to finance operations or meet any capital requirements with cash from operations. A significant decline in the business of any of the Company’s sub-holding companies may affect the sub-holding company’s ability to fund its capital requirements. A significant and prolonged deterioration in the economies in which we operate or in the Company’s businesses may affect the Company’s ability to obtain short-term and long-term credit or to refinance existing indebtedness on terms satisfactory to the Company’s management. The Company presents the maturity dates associated with its long-term financial liabilities as of December 31, 2020, see Note 19. The Company generally makes payments associated with its long-term financial liabilities with cash generated from its operations. The following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities. It includes expected net cash outflows from derivative financial liabilities that are in place as of December 31, 2020. Such expected net cash outflows are determined based on each particular settlement date of an instrument. The amounts disclosed are undiscounted 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 (including interest) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2020. 2026 and 2021 2022 2023 2024 2025 thereafter Non-derivative financial liabilities: Notes and bonds Ps. 5,646 Ps. 4,981 Ps. 45,553 Ps. 2,746 Ps. 4,306 Ps. 191,771 Loans from Banks 6,605 1,310 558 2,825 3,772 5,640 IFRS 16 lease obligation 89 53 38 31 24 — Derivative financial liabilities 1,621 1,472 (3,700) 1,185 2,546 (10,457) The Company generally makes payments associated with its non-current financial liabilities with cash generated from its operations. 21.13.4 Credit risk Credit risk refers to the risk that a 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 concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee. 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, 2020 and 2019 is the carrying amounts, see Note 7. 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 in some cases a Credit Support Annex (“CSA”) that establishes margin requirements, which could change upon changes to the credit ratings given to the Company by independent rating agencies. As of December 31, 2020, 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. 21.14 Cash flows 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 period hedges. As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows: Maturity 1‑6 months 6‑12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Net exposure 2,887 1,892 2 Average exchange rate MXN/USD 23.26 23.46 20.01 Net exposure 910 601 43 Average exchange rate BRL/USD 5.33 5.20 4.53 Net exposure 511 212 — Average exchange rate COP/USD 3,750 3,740 — Net exposure 96 — — Average exchange rate ARS/USD 92.97 — — Net exposure 225 58 — Average exchange rate URY/USD 45.92 45.69 — Foreign exchange currency swap contracts Net exposure — — 44,107 Average exchange rate MXN/USD — — 14.70 Net exposure 58 — 9,652 Average exchange rate BRL/USD 5.15 — 4.00 Net exposure — 71 981 Average exchange rate BRL/MXN — 0.26 0.26 Net exposure 404 709 1,688 Average exchange rate COP/USD 3,454 2,992 3,296 Net exposure — 3,333 1,519 Average exchange rate CLP/USD — 696.02 677.00 Interest rate risk Interest rate swaps Net exposure — — 11,403 Interest rate average MXN — — 7.17 % Net exposure — — 4,716 Interest rate average CLP — — 4.95 % Commodities risk Aluminum 325 370 99 Average price (USD/Ton) 1,654 1,720 1,740 Sugar 869 391 365 Average price (USD cent/Lb) 12.13 11.87 12.17 PX+MEG 364 364 — Average price (USD /Ton) 730 730 — As of December 31, 2019, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows: Maturity 1‑6 months 6‑12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Net exposure Ps. 4,373 Ps. 2,086 Ps. — Average exchange rate MXN/USD 20.00 20.20 — Net exposure 746 378 267 Average exchange rate BRL/USD 4.05 4.19 4.44 Net exposure 220 85 — Average exchange rate COP/USD 3,491 3,460 — Net exposure 137 — — Average exchange rate ARS/USD 79.23 — — Net exposure 335 87 — Average exchange rate URY/USD 37.55 40.03 — Foreign exchange currency option contracts Net exposure 107 — — Average exchange rate COP/USD 3,252 — — Foreign exchange currency swap contracts Net exposure 9,423 — 18,428 Average exchange rate MXN/USD 19.54 — 15.93 Net exposure — 4,365 9,140 Average exchange rate BRL/USD — 3.41 4.00 Net exposure — 84 1,195 Average exchange rate BRL/MXN — 0.21 0.21 Net exposure — — 2,403 Average exchange rate COP/USD — — 3,075 Net exposure — 3,007 1,371 Average exchange rate CLP/USD — 696.02 677.00 Interest rate risk Interest rate swaps Net exposure — 4,365 — Interest rate average BRL — 8.34 % — % Net exposure — — 11,403 Interest rate average MXN — — 7.17 % Net exposure — — 2,197 Interest rate average CLP — % — 6.26 % Commodities risk Aluminum 276 118 — Average price (USD/Ton) 1,796 1,812 — Sugar 1,192 361 98 Average price (USD cent/Lb) 13.09 12.73 13.45 PX+MEG 160 160 — Average price (USD /Ton) 848 848 — As of December 31, 2020 and 2019, the Company does not have any cash flows hedge exposures. As of December 31, 2020, a reconciliation per category of equity components and an analysis of OCI components, net of tax; generated by the cash flow hedges were as follows: Hedging Costs of hedging reserve reserve Balances at beginning of the period Ps. 431 Ps. — Cash flows hedges Fair value changes: Foreign exchange currency risk – Purchase of stock 82 — Foreign exchange currency risk – Other stock (626) — Interest rate risk 2,991 — The amounts included in non-financial costs: Taxes due to changes in reserves during the period 12 — Balances at the end of the period Ps. 2,890 Ps. — Impact of hedging on equity Set out below is |
Non-Controlling Interest in Con
Non-Controlling Interest in Consolidated Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Non-ControllingInterest in Consolidated Subsidiaries | Note 22. Non-Controlling Interest in Consolidated Subsidiaries An analysis of FEMSA’s non-controlling interest in its consolidated subsidiaries as of December 31, 2020 and 2019 is as follows: December 31, December 31, 2020 2019 Coca-Cola FEMSA Ps. 66,800 Ps. 72,649 Other 2,644 1,113 Ps. 69,444 Ps. 73,762 The changes in the FEMSA’s non-controlling interest were as follows: 2020 2019 2018 Balance at beginning of the period Ps. 73,762 Ps. 78,489 Ps. 86,621 Net income of non-controlling interest 5,686 7,349 9,089 Other comprehensive income (loss): (5,793) (4,552) (4,080) Exchange differences on translation of foreign operation (5,958) (3,833) (4,016) Remeasurements of the net defined benefits liability (169) (271) 155 Valuation of the effective portion of derivative financial instruments 334 (448) (219) Dividends (5,524) (3,945) (3,713) Share based payment (64) (12) 31 Acquisition of Socofar non-controlling interest — (3,530) — Acquisition of Synergy non-controlling interest (see Note 4.1) 1,298 — — Other acquisitions and remeasurements 79 32 413 (Derecognition) from non-controlling interest — — (11,140) Accounting standard adoption effects (“IFRIC 23 and IFRS 9”) — (69) (150) Adoption of IAS 29 for Argentina — — 1,418 Balance at end of the period Ps. 69,444 Ps. 73,762 Ps. 78,489 Non-controlling interest’s accumulated other comprehensive income is comprised as follows: December 31, December 31, 2020 2019 Exchange differences on translation foreign operation Ps. (6,657) Ps. (699) Remeasurements of the net defined benefits liability (559) (390) Valuation of the effective portion of derivative financial instruments (277) (611) Accumulated other comprehensive income Ps. (7,493) Ps. (1,700) Coca-Cola FEMSA shareholders, especially the Coca-Cola Company which hold Series D shares, have some protective rights about investing in or disposing of significant businesses. However, these rights do not limit the continued normal operations of Coca-Cola FEMSA. Summarized financial information in respect of Coca-Cola FEMSA is set out below: December 31, December 31, 2020 2019 Total current assets Ps. 72,440 Ps. 56,796 Total non-current assets 190,626 201,043 Total current liabilities 42,845 51,010 Total non-current liabilities 97,764 77,144 Total revenue Ps. 183,615 Ps. 194,471 Consolidated net (loss) income for continuing operations 10,368 12,630 Consolidated comprehensive income for continuing operations Ps. 3,050 Ps. 5,489 Net cash flow generated from operating activities for continuing operations 35,147 31,289 Net cash flow used in investing activities for continuing operations (10,508) (10,744) Net cash flow used in financing activities for continuing operations 417 (22,794) 22.1 Options embedded from past acquisitions FEMSA Comercio – Health Division entered into option transactions regarding the remaining 40% non-controlling interest not held by FEMSA Comercio – Health Division. On December 13, 2019, the former controlling shareholders of Socofar exercised their put option to sell the remaining 40% non-controlling interest to FEMSA Comercio – Health Division at the fair value of the interest. As of December 31, 2019 the Company recognized a loss in the consolidated statements of changes in equity and Socofar has been included 100% in the consolidated statements of financial position. The former controlling shareholders of Open Market retain a put for their remaining 20% non-controlling interest that can be exercised (i) at any time after the acquisition date upon the occurrence of certain events and (ii) annually from January through April, after the third anniversary of the acquisition date. In any event, the Company through one of its subsidiaries can call the remaining 20% non-controlling interest annually from January through April, after the fifth anniversary of the acquisition date. Both options would be exercisable at the then fair value of the interest and shall remain indefinitely. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Equity | Note 23. Equity 23.1 Equity accounts The capital stock of FEMSA is comprised of 2,161,177,770 BD units and 1,417,048,500 B units. As of December 31, 2020 and 2019, the common stock of FEMSA was comprised of 17,891,131,350 common shares, without par value and with no foreign ownership restrictions. Fixed capital stock amounts to Ps. 300 (nominal value) and the variable capital may not exceed 10 times the minimum fixed capital stock amount. The characteristics of the common shares are as follows: · Series “B” shares, with unlimited voting rights, which at all times must represent a minimum of 51% of total capital stock; · Series “L” shares, with limited voting rights, which may represent up to 25% of total capital stock; and · Series “D” shares, with limited voting rights, which individually or jointly with series “L” shares may represent up to 49% of total capital stock. The Series “D” shares are comprised as follows: · Subseries “D-L” shares may represent up to 25% of the series “D” shares; · Subseries “D-B” shares may comprise the remainder of outstanding series “D” shares; and · The non-cumulative premium dividend to be paid to series “D” shareholders will be 125% of any dividend paid to series “B” shareholders. The Series “B” and “D” shares are linked together in related units as follows: · “B units” each of which represents five series “B” shares, and which are traded on the BMV; and · “BD units” each of which represents one series “B” share, two subseries “D-B” shares and two subseries “D-L” shares, and which are traded both on the BMV and the NYSE. As of December 31, 2020 and 2019, FEMSA’s capital stock is comprised as follows: “B” Units “BD” Units Total Units 1,417,048,500 2,161,177,770 3,578,226,270 Shares: Series “B” 7,085,242,500 2,161,177,770 9,246,420,270 Series “D” — 8,644,711,080 8,644,711,080 Subseries “D-B” — 4,322,355,540 4,322,355,540 Subseries “D-L” — 4,322,355,540 4,322,355,540 Total shares 7,085,242,500 10,805,888,850 17,891,131,350 The net income of the Company is subject to the legal requirement that 5% thereof be transferred to a legal reserve until such reserve equals 20% of common stock at nominal value. This reserve may not be distributed to shareholders during the existence of the Company, except as a stock dividend. As of December 31, 2020 and 2019, this reserve amounted to Ps. 596. 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 when capital reductions come from restated shareholder contributions (“CUCA”) and when the distributions of dividends come 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. Since 2003, 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. A new Income Tax Law (“LISR”) went into effect on January 1, 2014; such law no longer includes the tax consolidation regime which allowed calculating the CUFIN on a consolidated basis; therefore, beginning in 2014, distributed dividends must be taken from the individual CUFIN balance of FEMSA, which can be increased with the subsidiary companies’ individual CUFINES through the transfers of dividends. The sum of the individual CUFIN balances of FEMSA and its subsidiaries as of December 31, 2020 amounted to Ps. 237,627 . Dividends distributed to its stockholders who are individuals and foreign residents must withhold 10% for LISR purposes, which will be paid in Mexico. The foregoing will not be applicable when distributed dividends arise from the accumulated CUFIN balances as of December 31, 2013. At an ordinary shareholders’ meeting of FEMSA held on March 16, 2018, the shareholders approved a dividend of Ps. 9,220 that was paid 50% on May 4, 2018 and the other 50% on November 6, 2018; and a reserve for share repurchase of a maximum of Ps. 7,000. As of December 31, 2018, the Company has not repurchased shares. Treasury shares resulted from share-based payment bonus plan are disclosed in Note 18. At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 9, 2018, the shareholders approved a dividend of Ps. 7,038 that was paid 50% on May 3, 2018 and other 50% on November 1, 2018. The corresponding payment to the non-controlling interest was Ps. 3,713. At an ordinary shareholders’ meeting of FEMSA held on March 22, 2019, the shareholders approved a dividend of Ps 9,692 that was paid 50% on May 7, 2019 and other 50% on November 5, 2019; and a reserve for share repurchase of a maximum of Ps. 7,000. As of December 31, 2019, the Company has not repurchased shares. Treasury shares resulted from share-based payment bonus plan are disclosed in Note 18. At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 14, 2019, the shareholders approved a dividend of Ps. 7,437 that was paid 50% on May 3, 2019 and other 50% on November 1, 2019. The corresponding payment to the non-controlling interest was Ps. 3,925. At an ordinary shareholders’ meeting of FEMSA held on March 20, 2020, the shareholders approved a dividend of Ps. 10,360 that was paid 50% on August 20, 2020 and other 50% on November 5, 2020; and a reserve for share repurchase of a maximum of Ps. 17,000. As of December 31, 2020, the Company has not repurchased shares. Treasury shares resulted from share-based payment bonus plan are disclosed in Note 18. At an ordinary shareholders’ meeting of Coca-Cola FEMSA held on March 17, 2020, the shareholders approved a dividend of Ps. 10,210 that was paid 50% on May 5, 2020 and other 50% on November 3, 2020. The corresponding payment to the non-controlling interest was Ps. 5,389. For the years ended December 31, 2020, 2019 and 2018 the dividends declared and paid by the Company and Coca-Cola FEMSA were as follows: 2020 2019 2018 FEMSA Ps. 10,360 Ps. 9,692 Ps. 9,220 Coca-Cola FEMSA (100% of dividend) 10,210 7,437 7,038 For the years ended December 31, 2020 and 2019 the dividends declared and paid per share by the Company are as follows: Series of Shares 2020 2019 2018 “B” Ps. 0.51667 Ps. 0.48333 Ps. 0.45980 “D” 0.64583 0.60417 0.57480 23.2 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 balance in order to obtain the lowest cost of capital available. The Company manages its capital structure and makes adjustments to 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, 2020 and 2019. The Company is not subject to any externally imposed capital requirements, other than the legal reserve (see Note 23.1) and debt covenants (see Note 19). The Company's Finance, Planning and the Corporate Practices Committees 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 national and international, currently rated AAA and A- respectively, which requires it to have a debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratio lower than 1.5. As a result, prior to entering into new business ventures, acquisitions or divestures, management evaluates the optimal ratio of debt to EBITDA in order to maintain its credit rating. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Earnings per Share | Note 24. 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 controlling interest by the weighted average number of shares outstanding during the period adjusted for the effects of dilutive potential shares (originated by the Company’s share-based payment program). 2020 2019 2018 Per Series Per Series Per Series Per Series Per Series Per Series “B” Shares “D” Shares “B” Shares “D” Shares “B” Shares “D” Shares (in millions of shares) Weighted average number of shares for basic earnings per share 9,243.59 8,633.38 9,244.16 8,635.65 9,243.81 8,634.26 Effect of dilution associated with non-vested shares for share based payment plans 2.83 11.33 2.26 9.06 2.61 10.45 Weighted average number of shares adjusted for the effect of dilution (Shares outstanding) 9,246.42 8,644.71 9,246.42 8,644.71 9,246.42 8,644.71 Dividend rights per series 100 % 125 % 100 % 125 % 100 % 125 % (see Note 23.1) Weighted average number of shares further adjusted to reflect dividend rights 9,246.42 10,805.89 9,246.42 10,805.89 9,246.42 10,805.89 Basic earnings per share from continuing operations (0.10) (0.12) 1.03 1.29 1.13 1.41 Basic earnings per share from discontinued operations — — — — 0.07 0.09 Diluted earnings per share from continuing operations (0.10) (0.12) 1.03 1.29 1.13 1.41 Diluted earnings per share from discontinued operations — — — — 0.07 0.09 Allocation of earnings, weighted 46.11 % 53.89 % 46.11 % 53.89 % 46.11 % 53.89 % Net controlling interest income allocated from continuing operations Ps. (890) Ps. (1,040) Ps. 9,545 Ps. 11,154 Ps. 10,403 Ps. 12,157 Net controlling interest income allocated from discontinued operations Ps. — Ps. — Ps. — Ps. — Ps. 660 Ps. 770 |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Income Taxes | Note 25. Taxes 25.1 Recoverable taxes Recoverable taxes are mainly the result of higher provisional payments of income tax during 2020 in comparison to current year provision, which will be compensated in future years. The operations in Guatemala, Panama, Nicaragua and Colombia 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. 25.1.1 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 is 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 2020 and 2019, it was concluded the administrative formalities for one of the motions and the recoverable taxes for this motion were recorded in the income statement. As of December 31, 2020 and 2019 the amount of recoverable taxes in Brazil including PIS and COFINS is Ps. 2,523 and Ps. 4,223. 25.2 Tax Reforms Chile In 2020 Corporate Income Tax rate in Chile remains 27%. The Chilean tax authority included an instant depreciation regime of 50% for acquisition of new assets acquired between January 1st, 2019 and December 31st, 2021, with the possibility to apply accelerated depreciation to the 50% residual basis. Mexico On January 1, 2020, a new tax regime in Mexico was effective regarding foreign transparent vehicles and changes were made to the preferential tax regime. As a result of such changes, the dividends from Heineken Group are subject to a 30% income tax in Mexico when received. Starting January 1, 2020, the excise tax increased from 5.0% to 7.0% to carbonated beverages added with sugar or any caloric sweetener. Drinkable foods based on dairy products, grains or cereals, nectars, fruit juices and vegetables with natural fruit concentrates are exempt from this tax. In addition to the above, on October 30, 2019, Mexico approved a new Tax Reform, which was effective on January 1, 2020. The most relevant changes are: (i) Taxpayers has been limited to a net interest deduction equal to 30% of the entity’s Adjusted Taxable Income (ATI). ATI is determined similarly to EBITDA (earnings before interest, taxes, depreciation and amortization). A $20,000,000 pesos (approximately USD 1M) exception applies for deductible interest at a Mexican group level. The non-deductible interests that exceed the limitation could be carried forward for the subsequent 10 tax years; (ii) The reform modifies the excise tax (IEPS) of 1.17 pesos to 1.2616 per liter on the production, sale and import of beverages with added sugar and HFCS (High-fructose corn syrup) for flavored beverages and starting January 1, 2021, this tax is subject to an annual increase based on the inflation of the previous year; (iii) The excise tax of 25% on energized beverages is applicable whenever the beverages include a mixture of caffeine with any other stimulating effects substances; (iv) Federal Fiscal Code (FFC) was modified to attribute joint liability to partners, shareholders, directors, managers or any other responsible of the management of the business; (v) added a disclosure obligation of certain reportable transactions to tax authorities; and (vi) increased the tax authorities’ discretion to limit tax benefits or attributes in situations where authorities understand there is a lack of business reason and no economic benefit obtained, other than the tax benefit. On January 1, 2019, the Mexican government eliminated the right to offset any tax credit against any payable tax (general offset or compensación universal ). As of such date, the right to offset any tax credit is against taxes of the same nature and payable by the same person (not being able to offset tax credits against taxes payable by third parties). Additionally, by Executive Decree, certain tax benefits related to the value-added tax and income tax were provided to businesses located in the northern border of Mexico. Due to the territories where we operate, this last provision is not applicable to our business. Colombia On January 1, 2019, a new tax reform became effective in Colombia. This reform reduced the income tax rate from 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 0.0% 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 is 50.0% deductible against payable income tax for 2019 and will be 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 0.0% for the year 2021 and beyond; (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% 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. 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. Besides, starting on March 1, 2019, the minimum alternative income tax increased from 1.0% to 3.0%. Uruguay On December 29, 2020, the Uruguayan government issued an executive decree reforming the determination of the excise tax credit of $1.15 per sold liter on returnable bottles. Starting on January 1, 2021 to June 30, 2021, the tax credit must be determined considering the relation between the purchases of returnable bottles of Uruguayan origin with the total purchases of returnable bottles, using the figures of the last three years. For the second half of 2021, it is expected that the government will issue another decree with the corresponding provisions to apply the tax credit. Brazil The Brazilian federal production tax rates and federal sales tax rates increased in 2017 and 2018 and remained flat in 2019 and 2020. 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 is in process. 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 ruling, and obtained a final favorable resolution in 2019. In 2020, the federal production and sales taxes together resulted in an average of 15.9% 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 reduced from 20.0% to 4.0% from September 1, 2018 to December 31, 2018, 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 and was reduced again to 4.0% on December 1, 2020 till January 31, 2021 and it was increased to 8% from February 1, 2021 onward. Argentina Beginning on January 1, 2021, taxpayers may adjust inflationary effects for income tax purposes in one sole year instead of through a period of six years. On December 23, 2019, Argentina enacted a new tax reform that became effective as of January 1, 2020. This reform maintained the income tax at a rate of 30.0% and the withholding tax on dividends paid to non-resident stockholders and resident individuals at a rate of 7.0% for two more years. On January 1, 2018, a tax reform became effective in Argentina. This reform reduced the income tax rate from 35.0% to 30.0% for 2018 and 2019, and then to 25.0% for the following years. In addition, such reform imposed a new tax on dividends paid to non-resident stockholders and resident individuals at a rate of 7.0% for 2018 and 2019, and then to 13.0% for the following years. The tax reform decreased the sales tax rate in the province of Buenos Aires from 1.75% to 1.5% in 2018. However, the reform increased the sales tax rate in the City of Buenos Aires from 1.0% to 2.0% in 2018, and scheduled a reduction to 1.5% in 2019, to 1.0% in 2020, to 0.5% in 2021 and to 0.0% in 2022. Nonetheless, the Argentine government issued an executive decree with an order to maintain the sales taxes rate in the City of Buenos Aires at a rate of 1.5% through 2020, without ruling on whether the scheduled reductions for 2021 and 2022 will occur. On December 11, 2020, Argentine government signed a new commitment to suspend the reduction of sales taxes rate until December 31, 2021. The rate for both Buenos Aires City and Buenos Aires province will remain at 1.5%. 25.3 Income Tax The major components of income tax expense for the years ended December 31, 2020, 2019 and 2018 are: 2020 2019 2018 Current tax expense Ps. 18,690 Ps. 11,652 Ps. 10,480 Deferred tax expense (income): Origination and reversal of temporary differences (5,824) 127 491 Utilization (recognition) of tax losses, net 1,994 (1,201) (927) Change in the statutory rate (41) (102) 125 Total deferred tax income expense (3,871) (1,176) (311) Total income taxes Ps. 14,819 Ps. 10,476 Ps. 10,169 On May 29, 2020, the Company reached an agreement with the Mexican tax authority (the Servicio de Administración Tributaria), to resolve interpretative differences over taxes paid outside of Mexico, without judicial action. Under the agreed terms, the Company recognized the tax position as a liability in the statement of financial position and recognized a provision in the income statement of approximately Ps. 8,754 million during the second quarter of 2020. From this amount Ps. 5,500 million were recorded and presented as current tax expense, and Ps. 3,253 million as penalties, from which Ps. 868 million correspond to inflationary effects. The total liability was fully paid during the second and third quarter of 2020. Recognized in Consolidated Statement of Other Comprehensive Income (“OCI”) Income tax related to items charged or recognized directly in OCI during the period: 2020 2019 2018 Unrealized gain (loss) on cash flow hedges Ps. 871 Ps. (391) Ps. (293) Exchange differences on translation of foreign operations 4,758 (1,667) (2,647) Remeasurements of the net defined benefit liability (208) (371) 287 Share of the other comprehensive income of equity accounted investees (2,597) 288 989 Total income tax benefit recognized in OCI Ps. 2,824 Ps. (2,141) Ps. (1,664) A reconciliation between tax expense and income before income taxes and share of the profit or loss of associates and joint ventures accounted for using the equity method multiplied by the Mexican domestic tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 Mexican statutory income tax rate 30.0 % 30.0 % 30.0 % Difference between book and tax inflationary values and translation effects (5.1) % (2.2) % (4.0) % Annual inflation tax adjustment 3.0 % 0.2 % (1.2) % Difference between statutory income tax rates 1.0 % 0.9 % 1.8 % Non-deductible expenses 3.8 % 4.5 % 3.2 % Taxable (non-taxable) income 2.9 % (1.0) % (0.5) % Effect of changes in Argentina tax law 0.1 % (0.3) % (0.9) % Others (1.9) % (0.7) % 0.9 % Impairments (1) 4.6 % 0.9 % 0.4 % Adjustments for previous tax years (2) 30.3 % — % — % Income tax credit (8.3) % — % — % Tax Loss (3) 16.3 % 0.1 % 0.5 % Consolidated Effective income tax rate (4) 76.7 % 32.4 % 30.2 % (1) Includes the impairments of Specialty's and Estrella Azul explained in Note 13 and 10, respectively. (2) Related to an agreement with the Mexican tax authority, to resolve interpretative differences over foreign (non-Mexican) dividends received before 2020. (3) Includes the adjustments in tax losses recognized during 2020 in Coca-Cola FEMSA. (4) The effective income tax rate without the extraordinary effects occurred during 2020 is 33.8%. Deferred Income Tax Related to: Consolidated Statement Consolidated Statement of Financial Position as of of Income December 31, 2020 December 31, 2019 2020 2019 2018 Allowance for doubtful accounts Ps. (501) Ps. (437) Ps. (25) Ps. (43) Ps. 93 Inventories (757) 76 60 (6) (27) Other current assets 122 256 (163) 182 (31) Property, plant and equipment, net (4,999) (4,068) (708) (320) (851) Investments in equity accounted investees (9,321) (5,482) (15) 7 40 Other assets (681) 137 (729) 59 (82) Finite useful lived intangible assets (181) (111) 129 (345) 627 Indefinite lived intangible assets 9,316 10,788 (261) 1,220 758 Post-employment and other long-term employee benefits (1,124) (1,067) (37) (2) (148) Derivative financial instruments (121) (9) (114) (31) (63) Provisions 1,135 (1,216) 142 1,359 1,122 Temporary non-deductible provision (4,907) (3,183) (1,893) (1,797) (293) Employee profit sharing payable (371) (430) 64 8 (27) Tax loss carryforwards (8,422) (10,309) 1,994 (1,201) (927) Tax credits to recover (2) (2,595) (1,855) (1,629) (122) (109) Other comprehensive income (1) 32 (596) 86 29 (54) Exchange differences on translation of foreign operations in OCI 7,697 3,959 — — — Other liabilities 717 533 (440) (3) (324) Right of use from leases, net (1,049) (561) (532) (577) — Deferred tax income Ps. (4,071) Ps. (1,583) Ps. (296) Deferred tax income net recorded in share of the profit of equity accounted investees 200 407 (15) Deferred tax income, net Ps. (3,871) Ps. (1,176) Ps. (311) Deferred income taxes, net (16,010) (13,575) Deferred tax asset (22,043) (20,521) Deferred tax liability Ps. 6,033 Ps. 6,946 (1) Deferred tax related to derivative financial instruments and remeasurements of the net defined benefit liability. (2) Corresponds to income tax credits arising from dividends received from foreign subsidiaries to be recovered within the next ten years accordingly to the Mexican Income Tax law as well as effects of the exchange of foreign currencies with a related and non-related parties. Deferred tax related to Accumulated Other Comprehensive Income (“AOCI”) Income tax related to items charged or recognized directly in AOCI as of the year: 2020 2019 Unrealized loss on derivative financial instruments Ps. 795 Ps. (36) Remeasurements of the net defined benefit liability (762) (560) Total deferred tax loss related to AOCI Ps. 33 Ps. (596) The changes in the balance of the net deferred income tax asset are as follows: 2020 2019 2018 Balance at the beginning of the period Ps. (13,575) Ps. (10,657) Ps. (9,720) Deferred tax provision for the period (3,871) (1,176) (311) Deferred tax income net recorded in share of the profit of equity accounted investees (404) (406) 165 Acquisition of subsidiaries — (382) (316) Effects in equity: Unrealized (gain) on cash flow hedges 865 (391) (445) Exchange differences on translation of foreign operations 2,215 (2,121) (1,762) Remeasurements of the net defined benefit liability (256) (204) 543 Retained earnings of equity accounted investees (32) 384 54 Cash flow hedges in foreign investments (1,020) 425 310 Restatement effect of the period and beginning balances associated with hyperinflationary economies 68 953 438 Disposal of subsidiaries — — 387 Balance at the end of the period Ps. (16,010) Ps. (13,575) Ps. (10,657) The Company offsets tax assets and liabilities 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 are levied by the same tax authority. Tax Loss Carryforwards The subsidiaries in Mexico, Colombia, Uruguay, 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 a deferred tax asset has been recorded and their corresponding years of expiration are as follows: Tax Loss Year Carryforwards 2021 Ps. 35 2022 50 2023 26 2024 69 2025 872 2026 1,884 2027 52 2028 2,683 2029 3,535 2030 and thereafter 2,303 No expiration (Brazil and Colombia) 15,109 Ps. 26,618 Considering all available evidence, including forecasts, business plans and strategic measures, the Company has decided to make an adjustment in its deferred income tax asset as of December 31, 2020 for an amount of Ps 3,847. The Company recorded certain goodwill balances due to acquisitions that are deductible for Brazilian income tax reporting purposes. The deduction of such goodwill amortization has resulted in the creation of NOLs in Brazil which have no expiration, but their usage is limited to 30% of Brazilian taxable income in any given year. As of December 31, 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: 2020 2019 Balance at beginning of the period Ps. 32,536 Ps. 29,941 Derecognized (8,521) (377) Additions 7,538 7,194 Usage of tax losses (2,444) (2,947) Translation effect of beginning balances (2,491) (1,275) Balance at end of the period Ps. 26,618 Ps. 32,536 There were no withholding taxes associated with the payment of dividends in 2020, 2019 or 2018 by the Company to its shareholders. The Company has determined that undistributed profits of its subsidiaries will not be distributed in the foreseeable future. As of December 31, 2020, 2019 and 2018, the temporary differences associated with investments in subsidiaries, associates and joint ventures, for which a deferred tax liability has not been recognized aggregate to Ps. 41,280, Ps. 49,255 and Ps. 45,305, respectively. |
Other Liabilities, Provisions,
Other Liabilities, Provisions, Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Other Liabilities, Provisions, Contingencies and Commitments | Note 26. Other Liabilities, Provisions, Contingencies and Commitments 26.1 Other current financial liabilities December 31, December 31, 2020 2019 Sundry creditors Ps. 11,895 Ps. 11,509 Derivative financial instruments (see Note 21) 1,127 848 Other notes payable (1) — 11,294 Others 3 4 Total Ps. 13,025 Ps. 23,655 (1) Related to Socofar’s put option exercised on December 13, 2019. 26.2 Provisions and other non-current liabilities December 31, December 31, 2020 2019 Contingencies Ps. 6,303 Ps. 8,854 Payable taxes 651 710 Others 2,586 879 Total Ps. 9,540 Ps. 10,443 26.3 Other non-current financial liabilities December 31, December 31, 2020 2019 Derivative financial instruments (see Note 21) Ps. 3,743 Ps. 1,672 Security deposits 1,279 809 Total Ps. 5,022 Ps. 2,481 26.4 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. Most of these contingencies are the result of the Company’s business acquisitions. The following table presents the nature and amount of the contingencies recorded as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 Indirect taxes Ps. 3,153 Ps. 5,062 Labor 1,857 2,455 Legal 1,293 1,337 Total (1) Ps. 6,303 Ps. 8,854 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 14. 26.5 Changes in the balance of provisions recorded 26.5.1 Indirect taxes December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 5,062 Ps. 5,421 Ps. 6,836 Penalties and other charges — 1 123 New contingencies 489 486 178 Contingencies added in business combination — — 104 Cancellation and expiration (153) (247) 106 Payments (218) (174) (112) Reversal of indemnifiable items (1) (1,177) — — Effects of changes in foreign exchange rates (850) (425) (951) Effects due to derecognition of Philippines — — (863) Balance at end of the period Ps. 3,153 Ps. 5,062 Ps. 5,421 (1) This amount includes Ps. 899 of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013). 26.5.2 Labor December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 2,455 Ps. 2,601 Ps. 2,723 Penalties and other charges 233 293 310 New contingencies 249 521 330 Contingencies added in business combination — 44 289 Cancellation and expiration (61) (283) (133) Payments (592) (500) (193) Effects of changes in foreign exchange rates (427) (221) (725) Balance at end of the period Ps. 1,857 Ps. 2,455 Ps. 2,601 26.5.3 Legal December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 1,337 Ps. 1,906 Ps. 3,296 Penalties and other charges 8 94 86 New contingencies 362 213 72 Contingencies added in business combination — 77 67 Cancellation and expiration (141) (542) (146) Payments (111) (318) (251) Effects of changes in foreign exchange rates (162) (93) (335) Effects due to derecognition of Philippines — — (883) Balance at end of the period Ps. 1,293 Ps. 1,337 Ps. 1,906 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. 26.6 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 resulted in the ordinary course of business and are common to the industry in which the Company operates. The aggregate amount being claimed against the Company resulting from such proceedings as of December 31, 2020 is Ps. 86,855. Such contingencies were classified by internal legal counsel as less than probable but more than remote of being settled against the Company. However, the Company believes that the ultimate resolution of such several proceedings will not have a material effect on its consolidated financial position or result of operations. Included in this amount Coca-Cola FEMSA has tax contingencies, 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” contingencies of Brazilian operations amount to approximately Ps. 48,403. This refers to various tax disputes related primarily to: (i) Ps. 8,899 of credits for ICMS (“VAT”); (ii) Ps. 29,280 related to tax credits of “IPI” over raw materials acquired from Free Trade Zone Manaus; (iii) claims of Ps. 4,878 related to compensation of federal taxes not approved by the IRS (Tax authorities); (iv) Ps. 2,677 related to the amortization of goodwill generated in acquisition operations; and (v) Ps. 2,667 relating to liability over the operations of a third party, former distributor, in the period from 2001 to 2003. Coca-Cola FEMSA is defending its position in these matters and final decision is pending in court. 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 the subsidiaries operate. The Company does not expect any material liability to arise from these contingencies. 26.7 Collateralized contingencies As is customary in Brazil, Coca-Cola FEMSA has been required by the tax authorities there to collateralize tax contingencies currently in litigation amounting to Ps. 7,342, Ps. 10,471 and Ps. 7,739 as of December 31, 2020, 2019 and 2018, respectively, by pledging fixed assets and entering into available lines of credit covering the contingencies, see Note 14. Also, as disclosed in Note 9.2, there is some restricted cash in Brazil related to current deposits in order to fulfill the collateral requirements for accounts payable. 26.8 Commitments The Company has firm commitments for the purchase of property, plant and equipment of Ps. 432 and Ps. 556 as of December 31, 2020 and 2019, respectively. |
Information by Segment
Information by Segment | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Information by Segment | Note 27. Information by Segment The information by segment is presented considering the Company’s business units (as defined in Note 1) based on its products and services, which is consistent with the internal reporting presented to the Chief Operating Decision Maker. A segment is a component of the Company that engages in business activities from which it earns revenues, and incurs the related costs and expenses, including revenues, costs and expenses that relate to transactions with any of Company’s other components. All segments’ operating results are reviewed regularly by the Chief Operating Decision Maker, who makes decisions about the resources that would be allocated to the segment and to assess its performance, and for which financial information is available. In 2018, FEMSA made a change to the disclosure related to the businesses segments formerly named as FEMSA Comercio’s “Retail Division” by removing those operations that are not directly related to Proximity store business, including restaurant and discount retail units, from this segment. The business segment is now named the FEMSA Comercio – “Proximity Division” and only includes Proximity and Proximity ‐ related operations, most of which operate today under the OXXO brand across markets. The removed operations are included in “Other.” Inter-segment transfers or transactions are entered into and presented under accounting policies of each segment, which are the same to those applied by the Company. Intercompany operations are eliminated and presented within the consolidation adjustment column included in the tables below. a) By Business Unit: FEMSA FEMSA Comercio – Comercio – Coca-Cola Proximity Health FEMSA Comercio – Heineken Consolidation 2020 FEMSA Division Division Fuel Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 183,615 Ps. 181,277 Ps. 65,172 Ps. 34,292 Ps. — Ps. 49,414 Ps. (20,804) Ps. 492,966 Intercompany revenue 5,016 451 — 9 — 15,328 (20,804) — Gross profit 82,811 74,296 19,575 4,300 — 13,823 (5,152) 189,653 Administrative expenses — — — — — — — 22,988 Selling expenses — — — — — — — 123,405 Other income — — — — — — — 3,343 Other expenses — — — — — — — 12,381 Interest expense 7,894 5,932 1,540 1,099 — 4,773 (3,722) 17,516 Interest income 1,048 388 162 40 61 4,123 (3,722) 2,100 Other net finance loss (3) — — — — — — — 505 Income before income taxes and share of the profit of equity accounted investees 16,077 6,409 753 (224) 48 (4,237) 485 19,311 Income taxes 5,428 (280) 243 (29) 12 9,445 — 14,819 Share of the profit of equity accounted investees, net of tax (281) (18) — — (434) (3) — (736) Net income from continuing operations — — — — — — — 3,756 Consolidated net income — — — — — — — 3,756 Depreciation and amortization (2) 10,608 10,574 3,543 865 — 2,562 (103) 28,049 Non-cash items other than depreciation and amortization 1,494 739 28 22 — 138 — 2,421 Investments in equity accounted investees 7,623 3,102 — — 87,291 254 — 98,270 Total assets 263,066 121,200 60,107 15,878 92,444 191,207 (59,054) 684,848 Total liabilities 140,609 104,141 46,038 14,257 4,011 127,426 (58,821) 377,661 Investments in fixed assets (4) 10,354 6,907 1,694 549 — 1,533 (144) 20,893 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange gain, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. FEMSA FEMSA FEMSA Comercio – Comercio – Comercio – Coca-Cola Proximity Health Fuel Heineken Consolidation 2019 FEMSA Division Division Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 194,471 Ps. 184,810 Ps. 58,922 Ps. 47,852 Ps. — Ps. 41,788 Ps. (21,132) Ps. 506,711 Intercompany revenue 5,688 325 — 11 — 15,108 (21,132) — Gross profit 87,507 75,099 17,645 4,775 — 11,551 (5,096) 191,481 Administrative expenses — — — — — — — 19,930 Selling expenses — — — — — — — 121,871 Other income — — — — — — — 1,013 Other expenses — — — — — — — 4,905 Interest expense 6,904 5,733 1,226 1,175 1 2,303 (3,209) 14,133 Interest income 1,230 338 10 114 23 4,563 (3,110) 3,168 Other net finance income (3) — — — — — — — (2,527) Income before income taxes and share of the profit of equity accounted investees 18,409 11,458 1,487 124 10 449 359 32,296 Income taxes 5,648 923 556 49 (491) 3,791 — 10,476 Share of the profit of equity accounted investees, net of tax (131) 9 — — 6,428 (78) — 6,228 Net income from continuing operations — — — — — — — 28,048 Consolidated net income — — — — — — — 28,048 Depreciation and amortization (2) 10,642 9,604 3,112 855 — 1,708 (112) 25,809 Non-cash items other than depreciation and amortization 1,083 529 23 105 — 755 — 2,495 Investments in equity accounted investees 9,751 3,719 — — 83,789 211 — 97,470 Total assets 257,841 117,229 54,366 17,701 86,639 158,746 (54,981) 637,541 Total liabilities 128,154 98,468 53,468 16,754 3,151 66,812 (55,017) 311,790 Investments in fixed assets (4) 11,465 10,374 1,529 706 — 1,685 (180) 25,579 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange loss, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. FEMSA FEMSA FEMSA Comercio – Comercio – Comercio – Coca-Cola Proximity Health Fuel Heineken Consolidation 2018 FEMSA Division Division Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 182,342 Ps. 167,458 Ps. 51,739 Ps. 46,936 Ps. — Ps. 42,293 Ps. (21,024) Ps. 469,744 Intercompany revenue 5,160 290 — — — 15,574 (21,024) — Gross profit 83,938 65,529 15,865 4,231 — 10,233 (4,626) 175,170 Administrative expenses — — — — — — — 17,313 Selling expenses — — — — — — — 114,573 Other income — — — — — — — 673 Other expenses — — — — — — — 2,947 Interest expense 7,568 1,806 678 211 1 2,057 (2,496) 9,825 Interest income 1,004 372 14 159 22 3,757 (2,496) 2,832 Other net finance expenses (3) — — — — — — — (387) Income before income taxes and share of the profit of equity accounted investees 17,190 13,335 1,438 407 11 1,219 30 33,630 Income taxes 5,260 1,124 652 123 4 3,006 — 10,169 Share of the profit of equity accounted investees, net of tax (226) (17) — — 6,478 17 — 6,252 Net income from continuing operations — — — — — — — 29,713 Net income from discontinued operations — — — — — — — 3,366 Consolidated net income — — — — — — — 33,079 Depreciation and amortization (2) 10,028 4,971 983 152 — 1,103 — 17,237 Non-cash items other than depreciation and amortization 755 367 22 11 — 490 — 1,645 Investments in equity accounted investees 10,518 84 — — 83,461 252 — 94,315 Total assets 263,787 75,146 35,881 7,015 86,340 150,674 (42,462) 576,381 Total liabilities 132,037 56,468 23,357 6,142 4,054 61,340 (42,559) 240,839 Investments in fixed assets (4) 11,069 9,441 1,162 520 — 2,391 (317) 24,266 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange gain, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. b) By Geographic Area: The Company aggregates geographic areas into the following for the purposes of its consolidated financial statements: (i) Mexico and Central America division (comprising the following countries: Mexico, Guatemala, Nicaragua, Costa Rica and Panama), (ii) United States, (iii) the South America division (comprising the following countries: Brazil, Argentina, Colombia, Chile, Ecuador, Peru and Uruguay) and (iv) Europe (comprised of the Company’s equity method investment in Heineken Group). For further information related with aggregates geographic areas see Note 28.2 Disaggregation of revenue. Geographic disclosure for the Company non-current assets is as follow: 2020 2019 Mexico and Central America (1) Ps. 234,679 Ps. 230,889 United States (2) 37,105 13,310 South America (3) 124,470 136,480 Europe 87,326 84,283 Consolidated Ps. 483,580 Ps. 464,962 (1) Domestic (Mexico only) non-current assets were Ps. 226,497 and Ps. 223,605, as of December 31, 2020, and December 31, 2019, respectively. (2) On May 15, 2020, the Company completed the acquisition of WAXIE Sanitary Supply (“WAXIE”) and North American Corporation (“North American”) to form a new platform within the Jan-San, Packaging and Specialized distribution industry in the United States. The platform will bring together two market leaders in this field: WAXIE and North American, with FEMSA acquiring a majority controlling interest of 89% in the combined company. (3) South America non-current assets includes Brazil, Argentina, Colombia, Chile, Uruguay and Ecuador. Brazilian non-current assets were Ps. 66,050 and Ps. 79,710, as of December 31, 2020 and December 31, 2019, respectively. Colombia non-current assets were Ps. 15,653 and Ps. 16,463, as of December 31, 2020 and December 31, 2019, respectively. Argentina non-current assets were Ps. 3,905 and Ps. 4,043, as of December 31, 2020 and December 31, 2019, respectively. Chile non-current assets were Ps. 30,953 and Ps. 28,424, as of December 31, 2020 and December 31, 2019, respectively. Uruguay non-current assets were Ps. 4,537 and Ps. 4,781, as of December 31, 2020 and December 31, 2019, respectively. Ecuador non-current assets were Ps. 3,372 and Ps. 3,064, as of December 31, 2020 and December 31, 2019, respectively. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Revenues | Note 28. Revenues 28.1 The information sets below described the core activities of the business units from which the Company generates its revenues. According to the standard, the performance obligation for the Company’s business units are satisfied at a point in time that the control of good and services are totally transferred to the customers. For detail information about business segments, see Note 27. Segment Product or Service Nature, timing to fulfill the performance obligation and significant payment terms Coca-Cola FEMSA Beverages sales Includes the delivery of beverages to customers and wholesalers. The transaction prices are assigned to each product on sale based on its own sale price separately, net of promotions and discounts. The performance obligation is satisfied at the point in time the product on sale is delivered to the customer. Services revenues Includes the rendering of manufacturing services, logistic and administrative services. The transaction prices are assigned to each product on sale based on its own sale price if sold separately. The performance obligation is satisfied at the point in time the service is delivered to the customer. FEMSA Comercio – Proximity Division Products sales Operates the largest chain of small-format stores in Mexico and Latin America including as some of its principal products as beers, cigarettes, sodas, other beverages and snacks. The performance obligation is satisfied at the time of the sale or at the moment the control of the product is transferred and the payment is made by the customer. Commercial revenues Includes mainly the commercialization of spaces into within stores, and revenues related to promotions and financial services. The performance obligation is satisfied at the point in time the service is rendered to the customer. FEMSA Comercio – Health Division Product sales The core products include patent and generic formulas of medicines, beauty products, medical supplements, housing and personnel care products. The performance obligation is satisfied at the point in time of the sale or at the moment the control of the product is transferred to the customer. Services revenues Rendering of services adding value as financial institutions, medical consultation and some financial services. The performance obligation is satisfied at the point in time of the rendering or the control is transferred to the customer. FEMSA Comercio – Fuel Division Product sales The core products are sold in the retail service stations as fuels, diesel, motor oils and other car care products. The performance obligation is satisfied at the point in time on sale and/or the control is transferred to the customer. Others Integral logistic services Rendering a wide range of logistic services and maintenance of vehicles to subsidiaries and customers. The operations are on a daily or monthly basis or based upon the customer request. The revenue is recognized progressively during the time the service is rendered in a period no greater than a month. Production and sale of commercial refrigeration, plastic solutions and sale of equipment for food processing. Involves the production, commercialization of refrigerators including its delivery and installation and offering of integral maintenance services at the point of sale. Also includes design, manufacturing and recycling of plastic products. In addition, it includes the sale of equipment for food processing, storage and weighing. The revenue recognition is performed at the time in which the corresponding installation is concluded. The recognition of revenue in other business lines is performed at the point of sale or in time the control of the product is transferred to the customer. Product sales in the Jan-San, packaging and specialized distribution industry. The revenues in this business are integrated from the sale of consumables in the janitorial, sanitary supply, and packaging industry in the United States. The performance obligation is satisfied at the point in time on sale and/or when the control is transferred to the customer. 28.2 The information sets below described the disaggregation of revenue by geographic area, business unit and products and services categories in which the Company operates. The timing in which the revenues are recognized by the business units in the Company, is mainly at the point in the time in which control of goods and services is transferred in its entirely to the customer. FEMSA Comercio – FEMSA Comercio – FEMSA Comercio – Other Coca-Cola FEMSA Proximity Division Health Division Fuel Division Segments Total 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 By geographic areas: Mexico and Central America (1) Ps. 106,783 Ps. 109,249 Ps. 100,162 Ps. 179,218 Ps. 182,864 Ps. 166,040 Ps. 9,716 Ps. 8,170 Ps. 7,898 Ps. 34,292 Ps. 47,852 Ps. 46,936 Ps. 27,403 Ps. 32,217 Ps. 31,918 Ps. 357,412 Ps. 380,352 Ps. 352,954 United States (2) — — — 15 — — — — — — — — 12,250 — — 12,265 — — South America (3) 76,832 85,223 82,180 2,044 1,946 1,418 55,456 50,752 43,841 — — — 9,761 9,552 10,350 144,093 147,473 137,789 Venezuela — — — — — — — — — — — — — 18 25 — 18 25 Total revenues 183,615 194,472 182,342 181,277 184,810 167,458 65,172 58,922 51,739 34,292 47,852 46,936 49,414 41,787 42,293 513,770 527,843 490,768 Consolidation adjustments 5,016 5,688 5,160 451 325 290 — — — 9 11 — 15,328 15,108 15,574 20,804 21,132 21,024 Consolidated revenues 178,599 188,784 177,182 180,826 184,485 167,168 65,172 58,922 51,739 34,283 47,841 46,936 34,086 26,679 26,719 492,966 506,711 469,744 By products and/or services Products sold in the point-of-sale Ps. 183,615 Ps. 194,472 Ps. 182,342 Ps. 181,277 Ps. 184,810 Ps. 167,458 Ps. 65,172 Ps. 58,922 Ps. 51,739 Ps. 34,292 Ps. 47,852 Ps. 46,936 Ps. 23,254 Ps. 13,198 Ps. 13,240 Ps. 487,610 Ps. 499,254 Ps. 461,715 Services revenues — — — — — — — — — — — — 26,160 28,589 29,053 26,160 28,589 29,053 Consolidation adjustments 5,016 5,688 5,160 451 325 290 — — — 9 11 — 15,328 15,108 15,574 20,804 21,132 21,024 Consolidated revenues 178,599 188,784 177,182 180,826 184,485 167,168 65,172 58,922 51,739 34,283 47,841 46,936 34,086 26,679 26,719 492,966 506,711 469,744 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 320,694, Ps. 346,659 and Ps. 319,792 and during the years ended December 31, 2020, 2019 and 2018, respectively. (2) On May 15, 2020, the Company completed the acquisition of WAXIE Sanitary Supply (“WAXIE”) and North American Corporation (“North American”) to form a new platform within the Jan-San, Packaging and Specialized distribution industry in the United States. The platform will bring together two market leaders in this field: WAXIE And North American, with FEMSA acquiring a majority controlling interest of 89% in the combined company. (3) South America includes Brazil, Argentina, Colombia, Chile, Uruguay and Ecuador. South America revenues include Brazilian revenues of Ps. 62,758, Ps. 67,076 and Ps. 63,601 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Colombia revenues of Ps. 14,800, Ps. 16,440 and Ps. 19,245 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Argentina revenues of Ps. 5,531, Ps. 6,857 and Ps. 9,237 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Chile revenues of Ps. 47,208, Ps. 45,276 and Ps. 44,576 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Uruguay revenues of Ps. 3,124, Ps. 3,421 and Ps. 1,925 during the years ended December 31, 2020 and 2018, respectively. South America revenues include Ecuador revenues of Ps. 9,467 and Ps.6,539 during the years ended December 31, 2020 and 2019, respectively. 28.3 As of December 31, 2020, no significant cost was incurred to obtain or accomplished a contract that might be capitalized as assets. No significant contacts have been entered into for which the Company has not performed all the obligations as well as additional costs associate to them. 28.4 Transaction price assigned to remaining performance obligations No performance obligations were identified in customer contracts that are not included in the transaction price, as a result of identified variable considerations per each business unit are part of the transaction price through be consider highly probable that not occurs a significant reversion of the revenue amount. |
Future Impact of Recently Issue
Future Impact of Recently Issued Accounting Standards not yet in Effect | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Future Impact of Recently Issued Accounting Standards not yet in Effect | Note 29. 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 1 January 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 1 January 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 prohibits entities 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 1 January 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 1 January 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 2018-2020 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 applies the amendment 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 1 January 2022 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Subsequent Events | Note 30. Subsequent Events In February 2021, Coca-Cola FEMSA entered into a new distribution agreement with Heineken Brazil that is intended to replace its previous distribution agreement with Heineken Brazil. The effectiveness of this distribution agreement is subject to various conditions, including the approval of the Brazilian antitrust authorities. Pursuant to the new distribution agreement, Coca-Cola FEMSA will continue to sell and distribute Kaiser , Bavaria and Sol beer brands in Brazil and will add to the premium brand Eisenbahn and other premium international brands to its portfolio. Coca-Cola FEMSA will also cease to sell and distribute Heineken and Amstel beer brands upon the effectiveness of the new distribution agreement. Moreover, Coca-Cola FEMSA will have the right to produce and distribute alcoholic beverages and other beers in Brazil based on a certain proportion of Heineken’s portfolio in Brazil. The agreement has a five-year term and may be automatically renewed for an additional five-year term subject to certain conditions. Upon the effectiveness of the new distribution agreement with Heineken Brazil, which is subject to various conditions, including the approval of the Brazilian antitrust authorities, Coca-Cola FEMSA intends to withdraw from the arbitration and other legal proceedings against Heineken Brazil and waive any rights with respect to any awards or judgements resulting from such arbitration and legal proceedings. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Basis of consolidation | 3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company. 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 arrangements with the other vote holders of the investee; · Rights arising from other contractual arrangements; and · 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, income and expenses of a subsidiary 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 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, income, 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 no goodwill is recognized as a result. 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. 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 acquiree. 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 of the acquiree and the liabilities assumed. If, 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 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 issuance 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 remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent considerations 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 in which the accounting is incomplete and discloses that its allocation is preliminary in nature. Those provisional amounts are adjusted retrospectively 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 remeasures 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, see Note 3.14. The Company sometimes obtains control of an acquiree without transferring consideration. The acquisition method of accounting for a business combination, applies to those combinations as follows: (a) The acquiree repurchases a sufficient number of its own shares for the Company to obtain control. (b) Minority veto rights lapse that previously kept the Company from controlling an acquiree in which it held the majority voting rights. The Company and the acquiree agree to combine their businesses by contract alone 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. |
Foreign currencies, consolidation of foreign subsidiaries and accounting equity accounted investees | 3.3 Foreign currencies, consolidation of foreign subsidiaries and accounting of equity accounted investees In preparing the financial statements of each individual subsidiary and accounting for equity accounted investees, 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 retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in consolidated net income in the period in which they arise except for: · The variations in the net investment in foreign subsidiaries generated by exchange rate fluctuation which are included in other comprehensive income, which is recorded in equity as part of cumulative translation adjustment within the accumulated other comprehensive income; · Intercompany financing balances with foreign subsidiaries are classified as long-term investments when there is no plan to pay such financing in the foreseeable future. Exchange rate fluctuation regarding this financing is recorded in the exchange differences on translation of foreign operations within the accumulated other comprehensive income (loss) item, which is recorded in equity; and · 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 entities operating in 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 entities operating in non-hyperinflationary 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 if the exchange rate does not fluctuate significantly. 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 arising are recognized in equity as part of the cumulative translation adjustment. 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) Functional / Average Exchange Rate for Exchange Rate as of Recording December 31, December 31, Country or Zone Currency 2020 2019 2018 2020 2019 Guatemala Quetzal 2.78 2.50 2.56 Costa Rica Colon 0.03 0.03 0.03 Panama U.S. dollar 21.49 19.26 19.24 19.95 18.85 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.63 0.58 0.62 0.57 0.56 Argentina Argentine peso 0.31 0.41 0.73 0.24 0.31 Brazil Reais 4.18 4.89 5.29 3.84 4.68 Chile Chilean peso 0.03 0.03 0.03 0.03 0.03 Euro Zone Euro (€) 24.48 21.56 22.71 24.52 21.12 Peru Nuevo Sol 6.15 5.77 5.85 5.51 5.68 Ecuador U.S. dollar 21.49 19.26 19.24 19.95 18.85 Philippines Philippine peso — — 0.37 — — United States U.S. dollar 21.49 — — 19.95 — Uruguay Uruguayan peso 0.51 0.55 0.63 0.47 0.51 (1) Exchange rates published by the Central Bank of each country where the Company operates. |
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 The Company recognizes the effects of inflation on the financial information of its subsidiaries that operate in hyperinflationary economic environments (when cumulative inflation of the three preceding years is approaching, or exceeds, 100% or more in addition to other qualitative factors), which consists of: · 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; · Applying the appropriate inflation factors to restate capital stock, additional paid-in capital, net income, retained earnings and items of other comprehensive income by the necessary amount to maintain the purchasing power equivalent in the currency of the subsidiary on the dates such capital was contributed, or income was generated up to the date the consolidated financial statements are presented; and · Including 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 of each country (“CPI”). As of December 31, 2020, 2019, and 2018, the operations of the Company are classified as follows: Cumulative Cumulative Cumulative Inflation Inflation Inflation Country 2018- 2020 Type of Economy 2017- 2019 Type of Economy 2016- 2018 Type of Economy Mexico 11.2 % Non-hyperinflationary 13.2 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.9 % Non-hyperinflationary 11.8 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 4.5 % Non-hyperinflationary 5.8 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama (1.5) % Non-hyperinflationary 0.5 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 8.8 % Non-hyperinflationary 11.0 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 13.5 % Non-hyperinflationary 15.6 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina (a) 209.2 % Hyperinflationary 179.4 % Hyperinflationary 158.4 % Hyperinflationary Brazil 13.1 % Non-hyperinflationary 11.1 % Non-hyperinflationary 25.0 % Non-hyperinflationary Philippines — — — % Non-hyperinflationary 11.9 % Non-hyperinflationary Euro Zone 2.4 % Non-hyperinflationary 3.6 % Non-hyperinflationary 2.7 % Non-hyperinflationary Chile 8.8 % Non-hyperinflationary 8.3 % Non-hyperinflationary 9.7 % Non-hyperinflationary Peru 6.2 % Non-hyperinflationary 5.2 % Non-hyperinflationary 9.3 % Non-hyperinflationary Ecuador (0.7) % Non-hyperinflationary 0.3 % Non-hyperinflationary 30.3 % Non-hyperinflationary United States 3.7 % Non-hyperinflationary — — — — Uruguay 28.5 % Non-hyperinflationary 22.0 % Non-hyperinflationary 25.3 Non-hyperinflationary a) 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 Federacion Argentina de Consejos Profesionales de Ciencias Económicas (“FACPCE”) 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). |
Cash and cash equivalents and restricted cash | 3.5 Cash and cash equivalents and restricted cash Cash is comprised of deposits in bank accounts which generate an interest on the available balance. Cash equivalents are mainly represented by short-term bank deposits and fixed-income investments (overnight), both with maturities of three months or less and their carrying values approximate fair value. The Company also maintains restricted cash which is pledged as collateral to meet certain contractual obligations. Restricted cash is presented within other current financial assets given that, by their nature, the restrictions are short-term. |
Investments | 3.6 Investments The investments include debt securities and bank deposits with a maturity of more than three months as of the acquisition date. Management determines the appropriate classification of investments at the time of purchase and evaluates that classification at the date of each statement of financial position, see Notes 6 and 14. |
Financial assets | 3.7 Financial assets Financial assets are classified within the following business models depending on management’s objective: (i) “held to maturity to recover cash flows,” (ii) “held to maturity and to sell financial assets” and (iii) “others or held for trading,” including derivatives assigned in hedging instruments with efficient hedge, as appropriate. The classification depends on the nature and purpose of holding the financial assets and is determined at the time of initial recognition. The Company performs a portfolio – level assessment of the business model in which a financial asset is managed to accomplish with Company’s risk management purposes. 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 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 three 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 is not 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 part of the contractual provisions of the instrument. The fair value of an asset is measured using assumptions that would be used by market participants when valuing the asset, assuming that the transaction is orderly and takes place in the principal or the most advantageous market for the asset. During 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. 3.7.1 Financial assets at amortized cost A financial asset is measured at amortized cost if it meets the following two conditions and is not · Its 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 less the principal payments, plus or less the accumulated amortization using the effective interest rate method of any difference between the initial amount and the amount as of the maturity and, for financial assets, adjusted for loss of impairment. The financial product, exchange fluctuation and impairment are recognized in results. Any profit or loss is also recognized in the same way in results. 3.7.2 Effective interest rate method (“ERR”) The effective interest rate method consists of calculating the amortized cost of loans and accounts receivables and other financial assets (measured at amortized cost) and 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 on points paid or received that form 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 initial recognition. 3.7.3 Financial assets at fair value with changes in other comprehensive income (“FVOCI”) A financial asset is measured at FVOCI if it meets the following two conditions and is not designated as FVTPL: · Its managed within a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets; and · The contractual terms are solely principal and interest payments. These assets are subsequently measured at fair value. The financial product calculated using the internal rate of return (“IRR”), the exchange 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 case of disposals, the accumulated gains and losses in OCI are reclassified to profit and loss. In the initial recognition of an equity instrument that is not 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 has to be made for each investment. Equity instruments are subsequently measured at fair value. Dividends are recognized as other income in results unless the dividend clearly represents a recovery of part of the cost of the investment. 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. 3.7.4 Financial assets at fair value through profit or 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 for the purpose of selling or repurchasing in the short-term. Derivatives, including embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined in IFRS 9. Financial assets designated a FVTPL are recorded in the balance sheet with changes in fair value presented as financial expense (net negative changes in fair value) or financial income (net positive changes in fair value) in profit or loss, including any dividend income. 3.7.5 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 only 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. In making this evaluation, the Company considers the following: · Contingent events that would change the amount or timing of cash flows; · 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 SPPI 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 of prepaid represents substantially the contractual amount and accrued interest (but not paid); which may include additional compensation for the early termination of the contract. 3.7.6 Impairment of financial assets The Company recognizes impairment due to expected credit loss (“ECL”) in: · Financial assets measured at amortized cost; · Debt investments measured at FVOCI; and · Other contractual assets. Impairment losses on accounts receivable, contractual assets and leasing receivables are measured at the amount that equals the lifetime ECL, whether or not it has a significant financing component. The Company applies the criteria to all accounts receivable, contractual assets and leasing credits, together or separately. The Company measures impairment losses at an amount equal to ECL for the remaining life, except for the following: · Debt instruments classified as low credit risk; and · Other debt instruments in which the credit risk (irrecoverability risk over the financial instrument expected life) 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. It includes qualitative and quantitative analysis based on Company’s experience and credit assessment. 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 at the original effective interest rate of the financial asset. The Company annually evaluates if there was evidence of an impairment. Some observable data that financial assets were impaired includes: · Significant financial difficulty of the issuer or the borrower; · A breach of contract, such as default or past due event; · Granting concessions due to the borrower’s financial difficulties in which Company would not consider in other circumstances; · It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; · The disappearance of an active market for a financial instrument because of financial difficulties; or · Information indicating that there was a measurable decrease in the expected cash flows of a group of financial assets. For an equity instrument, evidence of impairment includes a significant decrease in its fair value even lower than its carrying value. The impairment loss on financial assets measured at amortized cost is reduced from the book value and for financial assets measured at FVOCI, the impairment loss is recognized as profit or loss within OCI. 3.7.7 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 cash flows from the asset or has assumed an obligation to pay the received cash flows in full 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 nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. 3.7.8 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 when 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. |
Other financial assets | 3.8 Other financial assets Other financial assets include long-term accounts receivable, derivative financial instruments and recoverable contingencies acquired from business combinations. Long-term accounts receivable with a stated term are measured at amortized cost using the effective interest method, less any impairment. |
Derivative financial instruments | 3.9 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 Mexican peso 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 FVTPL or FVOCI, 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. Changes in the fair value of derivative financial instruments are recorded each period in current earnings otherwise as a component of cumulative other comprehensive income based on the item being hedged and the effectiveness of the hedge. 3.9.1 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. 3.9.2 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 other comprehensive income and accumulated under the heading 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 income statements. 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 consolidated net income, in the same line of the consolidated income statement 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 cumulative other comprehensive income 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. 3.9.2.1 Fair value hedges For hedged items carried at fair value, the change in the fair value of a hedging derivative is recognized in the consolidated income statement as foreign exchange gain or loss. 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 consolidated income statement 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 is amortized through profit or loss over the remaining term of the hedge using the EIR 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. 3.9.2.2 Hedge of net investment in a foreign business The Company designates debt securities as a hedge of certain 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 company. 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. |
Fair value measurement | 3.10 Fair value measurement The Company measures financial instruments, such as derivatives, and certain non-financial assets, at fair value at each balance sheet date. Also, fair values of financial instruments measured at amortized cost are disclosed in Notes 14 and 19. 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 in either: · the principal market for the asset or liability; or · 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 measurements, such as those described in Note 21 and unquoted liabilities such as debt described in Note 19. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Inventories and cost of goods sold | 3.11 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. The operating segments of the Company use inventory costing methodologies to value their inventories, such as the weighted average cost method in Coca-Cola FEMSA, retail method (a method to estimate the average cost) in FEMSA Comercio – Proximity, FEMSA Comercio – Health Division; and acquisition method in FEMSA Comercio – Fuel Division, except for the distribution centers which are valued with the average cost method. 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; expenses related to the purchase of goods and services used in the sale process of the Company’s products and expenses related to the purchase of gasoline, diesel and all engine lubricants used in the sale process of the Company. Management is required to make judgments 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. To date 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. |
Loans and receivables | 3.12 Loans and receivables The instruments under this category includes loans, trade receivables, and other accounts receivables measured at amortized cost which represents future cash flows discounted at the effective interest rate on the transaction date. In addition, an expected credit loss model is applied to this category, which is reported net of this impairment allowance in the financial statements. The allowance amount is not significant because the trade accounts receivable are usually recovered in the short-term. Interest income is recognized by applying the effective interest rate except for current receivables, considering that the recognition of interest is immaterial. For the years ended December 31, 2019, 2018 and 2017 there was no interest income on loans and receivables. |
Other current assets | 3.13 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 and product promotion 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. Prepaid assets are carried to the appropriate caption in the income statement when inherent benefits and risks have already been transferred to the Company or services have been received. The Company has prepaid advertising costs which consist of television and radio advertising airtime 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 the consolidated income statement as incurred. Coca-Cola FEMSA has agreements with customers for the right to sell and promote Coca-Cola FEMSA’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, with amortization presented as a reduction of net sales. During the years ended December 31, 2020, 2019 and 2018, such amortization aggregated to Ps. 213, Ps. 273 and Ps. 277, respectively. |
Equity accounted investees | 3.14 Equity accounted investees 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 not 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 value of the investment is adjusted to recognize changes in the Company’s shareholding of the associate since the acquisition date. The financial statements of the associates are prepared for the same reporting period as the Company. The consolidated financial statements include the Company’s share of the consolidated net income and other comprehensive income, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. Profits and losses resulting from 'upstream' and 'downstream' transactions between the Company (including its consolidated subsidiaries) and an associate are recognized in the consolidated financial statements only to the extent of unrelated investors' interests in the associate. 'Upstream' transactions are, for example, sales of assets from an associate to the Company. 'Downstream' transactions are, for example, sales of assets from the Company to an associate. The Company’s share in the associate’s profits and losses resulting from these transactions is eliminated. 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 to pay the associate or has to make 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 the share of the profit or loss of associates and joint ventures accounted for using the equity method in the consolidated income statements. If an investment interest is reduced, but continues to be classified as an associate, the Company reclassifies to profits or losses the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to the reduction in ownership interest if the gain or loss would be required to be reclassified to consolidated net income on the disposal of the related investment. The Company reclassifies in each case proportionate to the interest disposed of the following amounts recognized in other comprehensive income: i) foreign exchange differences, ii) accumulated hedging gains and losses, iii) any other amount previously recognized that would had been recognized in net income if the associate had directly disposed of the asset to which it relates. Upon loss of significant influence over the associate, the Company measures and recognizes any retained investment at its fair value. A joint arrangement is an arrangement of 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. As of December 31, 2019 and 2018 the Company does no/t have an interest in joint operations. If an investment interest is reduced, but continues to be classified as joint arrangement, the Company reclassifies to profits or losses the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to the reduction in ownership interest if the gain or loss would be required to be reclassified to consolidated net income on the partial disposal of the related investment. The Company reclassifies the proportion to the interest disposed of in joint ventures investment interest reduction. During the years ended December 31, 2020, 2019 and 2018 the Company did not have a significant disposal or partial disposal in joint arrangements. Upon loss of joint control over the joint venture, the Company measures and recognizes any retained investment at its fair value. |
Property, plant and equipment | 3.15 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 are capitalized as part of the cost of that asset, if material. Major maintenance costs are capitalized as part of total acquisition cost. Routine maintenance and repair costs are expensed as incurred. Investments in progress consist of long-lived assets not yet in service or, 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 over the asset’s estimated useful life. Where an item of property, plant and equipment comprises major components having different useful lives, the components are accounted and depreciated for as separate items of property, plant and equipment. The Company estimates depreciation rates, considering the estimated useful lives of the assets. The estimated useful lives of the Company’s assets are as follows: Years Buildings 25-50 Machinery and equipment 10-20 Distribution equipment 7-15 Refrigeration equipment 5-7 Returnable bottles 1.5-3 Leasehold improvements The shorter of lease term or 15 years Information technology equipment 3-5 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: Coca-Cola FEMSA 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 of the bottles. There are two types of returnable bottles: · Those that are in Coca-Cola FEMSA’s control within its facilities, plants and distribution centers; and · Those that have been placed in the hands of customers, and still belong to Coca-Cola FEMSA. Returnable bottles that have been placed in the hands of customers are subject to an agreement with a retailer pursuant to which Coca-Cola FEMSA retains ownership. These bottles are monitored by sales personnel during periodic visits to retailers and Coca-Cola FEMSA 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. Coca-Cola FEMSA’s returnable bottles are depreciated according to their estimated useful lives (three years for glass bottles and 1.5 years for PET bottles). Deposits received from customers are amortized over the same estimated useful lives of the bottles. |
Leases | 3.16 Leases Under IFRS 16, the Company assesses at its inception whether a contract is, or contains, a lease when the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. The Company assesses whether a contract is a lease arrangement, when: · The contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all the capacity of a physically distinct asset. If the lessor has substantive substitution rights, then the asset is not identified; · The Company has the right to obtain substantially all the economic benefits from the use of the asset throughout the period of use; and · The Company has the right to direct the use of the asset when it has the decision-making rights that are most relevant to changing 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 either: i) it has the right to operate the asset; or ii) the design of the asset predetermines how and for what purpose it will be used. The Company enters into leases mainly for land and buildings for its retail stores and other buildings for its offices. In general, lease agreements for retail stores last 15 years, and office space agreements last between three and five years. As a lessee Initial recognition At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The right-of-use asset considers any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The lease liability is initially measured at the present value of the lease payments to be made over the lease term. The future lease payments are discounted using the Company’s incremental borrowing rate, which is considered as the rate that the Company would negotiate when financing for a similar period, and with a similar guarantee, to obtain an asset of a similar value to the lease asset. For the Company, the discount rate used to measure the right of use asset and its lease liability is the rate related to the cost of financing for the Company from the consolidated perspective (“ Ultimate Parent Company”) . Lease payments included in the measurement of the lease liability, comprise the following: · Fixed payments, including in-substance fixed payments, less any incentives receivable; · Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · The exercise price under a purchase option that the Company is reasonably certain to exercise, an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early; and · Amounts expected to be payable to the lessor under residual value guarantees. The Company does not recognize a right-of-use asset and a lease liability for short-term leases that have a lease term of 12 months or less and leases of low-value assets, mainly technological equipment used by the employees, such as: computers, handheld devices and printers. The Company recognizes the lease payments associated with these leases 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 shorter 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 adjusted for impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is measured at amortized cost using the effective interest rate method. The Company remeasures the lease liability when there is a modification in the lease term or amounts of expected payments under a residual value guarantee and when it is arising from a change in an index or rate, without modifying the incremental borrowing rate (unless it results from a change in a floating rate). The lease liability is remeasured using a new incremental borrowing rate at the date of the modification when: · An extension or termination option is exercised modifying the non-cancellable period of the contract; or · The Company changes its assessment of whether it will exercise a purchase option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying value amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. A modification to the lease agreement is accounted for as a separate lease if both of the following 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 for the lease increases by an amount proportional to the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the contract. In the consolidated statement of income, the interest expense from the lease liability is recognized as a component of finance costs, unless it is directly attributable to qualifying assets, in which case it is capitalized in accordance with the Company’s accounting policy on borrowing costs. Depreciation of the right-of-use asset is recognized in the consolidated statement of income. Leasehold improvements on lease agreements are recognized as a part of property, plant and equipment in the consolidated financial statements and are amortized using the straight-line method over the shorter of either the useful life of the assets or the related lease term. The Company has recognized a significant amount of right-of-use assets and a corresponding lease liability, see Note 12. As a lessor If the Company acts as a lessor, it determines at lease inception if each arrangement is either a finance lease or an operating lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the underlying asset. All other leases are classified as operating leases. The Company considers certain relevant indicators, amongst others, to determine if substantially all the risks and rewards are transferred, such as: · Whether the lease is for the major part of the economic life of the asset, or · Whether the present value of the minimum future lease payments amount to substantially all of the fair value of the underlying asset. The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of the consolidated statement of income, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The Company also recognizes costs, including depreciation of the leased assets, incurred in earning the lease revenue. The Company initially recognizes an amount equal to the net investment of the lease, that is, the present value of future lease payments plus any guarantee of residual value that is granted; and it is classified between the current portion of the receivables with maturity less than or equal to a term of 12 months and the non-current receivables, that is, with maturity greater than 12 months; including: (i) fixed payments, including those that are in substance fixed payments, which may involve variability, but that are unavoidable in essence, less any lease incentive to be received; (ii) payments for variable rent that depend on an index or a rate at the start date of the lease contract; (iii) amounts payable by the lessee under residual value guarantees (if applicable); (iv) the price related to a purchase option if the lessee is reasonably certain to exercise the option (if applicable); and (v) payments for penalties derived from the termination of the lease, if the term of the lease reflects that the lessee will exercise an option to terminate the lease. All intra-group right-of-use assets and lease liabilities, interest expenses, depreciations and cash flows relating to transactions between subsidiaries of the Company are eliminated on consolidation. |
Borrowing costs | 3.17 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Borrowing costs may include: · Interest expense; and · Exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the consolidated income statement in the period in which they are incurred. |
Intangible assets | 3.18 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: · Customer relationships intangible assets acquired in a business combination, recognized on acquisition and recorded at fair value. Subsequent to initial recognition, customer relationships intangible assets are stated at cost less accumulated amortization and any impairment losses. Amortization is charged to the income statement on a straight line basis over the estimated useful economic lives which range from 10 to 20 years. · 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, with a range in useful lives from 3 to 10 years. Expenditures that do not fulfill the requirements for capitalization are expensed as incurred. · Long-term alcohol licenses are amortized using the straight-line method over their estimated useful lives, which range between 12 and 15 years, and are presented as part of intangible assets with finite useful lives. Amortized intangible assets, such as finite lived 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 may exceed 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. Additionally, the Company’s intangible assets with an indefinite life also consist of FEMSA Comercio – Health Division’s trademark rights which consist of standalone beauty store retail banners, pharmaceutical distribution to third-party clients and the production of generic and bioequivalent pharmaceuticals. Finally, the Company’s intangible assets with an indefinite life consist of trademark rights related to Other Business which consists of specialized distribution platform for cleaning products and consumables. As of December 31, 2020, and in regards to a joint restructure with TCCC for the bottling agreements, Coca-Cola FEMSA had four bottler agreements in Mexico: (i) the agreements for the Valley of Mexico territory, which are up for renewal in June 2023, (ii) the agreement for the Southeast territory, which is up for renewal in June 2023, (iii) one 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, 2020, and in regards to a joint restructure with TCCC for the bottling agreements, Coca-Cola FEMSA had two bottler agreements in Brazil which are up for renewal in October 2027; and three bottler agreements in Guatemala, which are going to be renewed in March 2025 and April 2028 under two contracts rather than the original three contracts. In addition, Coca-Cola FEMSA had one bottler agreement in each country which are 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, 2020, Coca-Cola FEMSA’s Venezuela investee had one bottler agreement, which is up for renewal in August 2026. The bottler agreements are automatically renewable for ten-year terms, subject to the right of either party to give prior notice that it does not wish to renew a specific agreement. In addition, these agreements generally may be terminated in the case of material breach. Termination would prevent Coca-Cola FEMSA from selling Coca-Cola trademark beverages in the affected territory and would have an adverse effect on the Company´s business, financial conditions and results from operations. |
Non-current assets held for sale and discontinued operations | 3.19 Non-current assets held for sale and discontinued operations 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 continuous operational 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. In addition, the sale is considered highly probable if the following conditions are met: · The appropriate level of management must be committed to a plan to sell the asset (or disposal group); · An active program to locate a buyer and complete the plan must have been initiated; · The asset (disposal group) must be actively marketed for sale at a price is reasonable in relation to its current fair value; and · The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Discontinued operations are results of operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the company’s operations and cash flows, that either has been disposed of, or is classified as held for sale, and: · Represents either a separate major line of business or geographical area of operations; · Are part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or · Is a subsidiary acquired exclusively for the purpose of reselling it. Discontinued operations are excluded from the continuing operations and are also presented as a single line item as earnings (loss) after income taxes of discontinued operations in the income statement. For further information, please see Note 4 regarding the Company’s disposal of Philippines. In addition, the information included elsewhere in this report, includes only continuing operations unless otherwise noted. |
Impairment of long-lived assets | 3.20 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 with finite lives 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 CGU, or otherwise they are allocated to the smallest CGUs for which a reasonable and consistent allocation basis can be identified. For the purpose of impairment testing goodwill acquired in a business combination, from the acquisition date, is allocated to each of the group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 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 pre-tax 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 years ended December 31, 2020, 2019 and 2018, the Company recognized impairment losses of Ps. 5,451, Ps. 1,018 and 432, respectively (see Note 20). |
Financial liabilities and equity instruments | 3.21 Financial liabilities and equity instruments 3.21.1 Classification as debt or equity Debt and equity instruments issued by the Company 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. 3.21.2 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 at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in 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. 3.21.3 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 derecognition, 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 3.9. Subsequent measurement The subsequent measurement of the Company’s financial liabilities depends on their classification as described below. 3.21.4 Loans and borrowings After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated income statements when the liabilities are derecognized as well as through the effective interest method amortization process. Amortized cost is calculated by taking into account 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 income statements, see Note 19. 3.21.5 Derecognition A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated income statements. |
Provisions | 3.22 Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) 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 26. Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. The Company has a constructive obligation when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected must have been notified of the plan’s main features. |
Post-employment and other long-term employee benefits | 3.23 Post-employment and other long-term employee benefits Post-employment and other long-term employee benefits, which are considered to be monetary items, include obligations for pension and retirement plans, seniority premiums and postretirement medical services. In Mexico, the economic benefits from employee 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 qualifying employees, the Company also provides certain post-employment healthcare benefits such as the medical-surgical services, pharmaceuticals and hospital. For defined benefit retirement plans and other long-term employee benefits, such as the Company’s sponsored pension and retirement plans, seniority premiums and postretirement medical service plans, 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 remeasurements effects of the Company’s defined benefit obligation such as actuarial gains and losses are recognized directly in OCI. The Company presents service costs within cost of goods sold, administrative and selling expenses in the consolidated income statements. The Company presents net interest cost within interest expense in the consolidated income statements. 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, seniority premiums and postretirement medical services 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; or 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 an employer enters into a transaction that eliminates all further legal for constructive obligations for 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 | 3.24 Revenue recognition The Company recognizes revenue when the control of performance obligations included in the contract are transferred to the customer. Control refers to the ability that the customer has to direct the use and also to obtain substantially all the benefits of the goods or services exchanged. Management defined the following as indicators to analyze the timing and circumstances as well as the amount by which the revenues would be recognized: · Identify the contract(s) with a customer (written, oral or any other according with business practices); · Evaluating the goods and services committed in the contract and identify how each performance obligation in the contract will be transferred to the customer; · Considering the contractual terms jointly with business practices to determinate the transaction price. The transaction price is the amount of the consideration the Company expects to receive in exchange for transferring the committed goods and services to the customer, excluding tax on sales. The expected consideration in a contract may include fixed amounts, variable amounts or both; · Allocate the transaction price to each performance obligations in the contract (to each good and service that is different) for an amount that represents the consideration to which the entity expects to receive in exchange for the goods and services arranged with the customer; and · Recognise revenue when (or as) the entity satisfies a performance obligation in exchange for committed goods and services. All of the above conditions are typically met at the point in time that goods are delivered to the customer at the customers’ facilities. Net sales reflect units delivered at list prices reduced by promotional allowances and discounts. The benefits granted from suppliers to the Company as discounts and incentives are recognized as benefits in the cost of goods sold, because the Company does not have a separate performance obligation. The Company generates revenues for the following activities: Sale of goods It includes the sales of goods by all the subsidiaries of the Company, mainly the sale of beverages of the leading brand of – Proximity, FEMSA Comercio – Health and FEMSA Comercio – Fuel Divisions; in which the revenue is recognized at the point of time those products were sold to the customers. See Note 28. Rendering of services It includes the revenues of distribution services, maintenance services and packing of raw materials 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 when the following conditions are met: · The customer receives and consumes simultaneously the benefits, as the Company satisfies the obligation; · The customer controls the related assets, even if the Company improve them; · The revenues can be measured reliably; and · Is probable that economic benefits will flow to the Company. Financial products It includes interest income generated on accounts receivables recorded when the following conditions are met: · The revenues can be measured reliably; and · It is probable that economic benefits will flow to the Company. In addition, the Company evaluates the revenue recognition based on the classification previously defined for the financial asset that generates the related financial product, according with the business models establishes for the financial instruments classified by the Company. The main financial instruments of the Company that could generate a financial product are trade accounts receivables classified as financial assets held to maturity which are measured at amortized cost through the effective interest rate method, applying EIR, which is the rate that exactly discounts the collections of cash flows to the expected life of the related financial asset. Rewards programs The Company recognizes a provision for the obligation to award additional benefits to its customers. Management considers for those effects, the expectation that some percentage of its customers would not redeem their rewards points in the future based on previous experience. Variable allowances granted to customers The Company adjusts the transaction price based on its estimated amount of rebates and promotional allowances, among others. Those estimations include commercial commitments with customers and historical performance. The variable allowances are assigned to each related performance obligation. Contracts costs The incremental costs to obtain a contract with a customer are recognized as an asset (capitalized) if the Company expect to recover those costs. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. The Company recognizes those costs as an expense in the income statement when the revenue associated with those costs is recognized for a period equal to or less than a year. Any other costs that are related to the fulfillment of a contract with a customer and not within the scope of another IFRS standard (e.g. IAS 2 inventories), is recorded as an asset if they meet the following criteria: · The costs relate directly to a contract or with a contract that the Company expects to identify specifically; · The costs generate or improve the resources of the Company that will be applied to satisfy, or continue satisfying performance obligations in the future; and · The costs are expected to be recovered. The asset recognized is amortized progressively in the same manner as the goods and services are transferred to the customer. Accordingly, the asset is recognized in the income statement through its amortization in the same period of time in which the related revenue is recognized. |
Administrative and selling expenses | 3.25 Administrative and selling expenses Administrative expenses include labor costs (salaries and other benefits, including employee profit sharing (“PTU”)) of employees not directly involved in the sale or production 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, outbound freight costs, warehousing costs of finished products, write off of returnable bottles in the distribution process, depreciation and maintenance of trucks and other distribution facilities and equipment. For the years ended December 31, 2020, 2019 and 2018, these distribution costs amounted to Ps. 24,190, Ps. 25,068 and Ps. 23,421, respectively; · Sales: labor costs and sales commissions paid to sales personnel; and · Marketing: promotional expenses and advertising costs. PTU is paid by the Company’s Mexican subsidiaries to 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. |
Income taxes | 3.26 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. 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 Company 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. 3.26.1 Current income taxes Income taxes are recognized in the results of the period of the year in which they are incurred, however, in the case of inflationary effects, penalties and surcharges derived from income taxes from previous years, they are recognized within the line of other expenses and other products in accordance with IAS 37 before the section of income taxes in the consolidated income statement of the Company since Management considers that the aforementioned restatements, penalties and surcharges are not an integral part of the income taxes of the year (see Note 25.2). 3.26.2 Deferred income taxes Deferred tax is 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 and future tax planning strategies that will create taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from initial recognition of goodwill (no recognition of deferred tax liabilities) or 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 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 long-term asset or liability, regardless of when the temporary differences are expected to reverse. Deferred tax relating to items recognized in the other comprehensive income are recognized in correlation to the underlying transaction in OCI. 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 is 30%, for 2020, 2019 and 2018, and it is expected to remain at 30% for the following years. |
Share-based payments arrangements | 3.27 Share-based payments arrangements 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 the Company until vesting. They are accounted for as equity settled transactions. The award of equity instruments is a fixed monetary value on the grant date. Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed and recognized based on the graded vesting method over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the consolidated income statements such that the cumulative expense reflects the revised estimate. |
Earnings per share | 3.28 Earnings per share The Company presents basic and diluted earnings per share (“EPS”) data for its shares. 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 determined by adjusting the weighted average number of shares outstanding including the weighted average of own shares purchased in the year for the effects of all potentially dilutive securities, which comprise share rights granted to employees described above. |
Issuance of subsidiary common shares | 3.29 Issuance of subsidiary common shares The Company recognizes the issuance of a subsidiary’s 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 in additional paid-in capital. |
Company Business (Tables)
Company Business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Significant Investments in Subsidiaries | The following is a description of the Company’s businesses, along with its interest ownership in each reportable segment: % Ownership Business 2020 2019 Activities Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries (“Coca-Cola FEMSA”) 47.2% (1) 47.2% (1) Production, distribution and marketing of certain Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina and Uruguay (see Note 4). As of December 31, 2020, The Coca-Cola Company (“TCCC”) indirectly owns 27.8% of Coca-Cola FEMSA’s capital stock. In addition, shares representing 25% of Coca-Cola FEMSA’s capital stock are traded on the Bolsa Mexicana de Valores (Mexican Stock Exchange “BMV”) and on the New York Stock Exchange, Inc. (“NYSE”) in the form of American Depositary Shares (“ADS”). FEMSA Comercio – Proximity Division 100% 100% Small-box retail chain format operations in Mexico, Colombia, Peru, United States, Chile and Brazil, mainly under the trade name “OXXO.” FEMSA Comercio – Fuel Division 100% 100% Retail service stations for fuels, motor oils, lubricants and car care products under the trade name “OXXO Gas” with operations in Mexico. FEMSA Comercio – Health Division 100% (2) Various (2) Drugstores operations in Chile, Colombia and Ecuador, mainly under the trademark “Cruz Verde”, “Fybeca” and “Sana Sana”; and in Mexico under various brands such as “YZA”,” La Moderna” and “Farmacon.” Heineken investment 14.8% 14.8% Heineken N.V. and Heineken Holding N.V. shares, which represents an aggregate of 14.8% economic interest in both entities (“Heineken Group”). Other businesses Various (3) 100% Companies engaged in the production and distribution of coolers, commercial refrigeration equipment, plastic cases, food processing, preservation and weighing equipment; logistic transportation and maintenance services to FEMSA’s subsidiaries and to third parties; as well as a specialized distribution platform for cleaning products and consumables. (1) The Company controls Coca-Cola FEMSA’s relevant activities. On January 31, 2019, Coca-Cola FEMSA, S.A.B. de C.V. Extraordinary General Shareholders’ Meeting approved the following: (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; and (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 and in the form of American depositary shares on the New York Stock Exchange. (2) The former shareholders of Farmacias YZA had a 18.6% stake in Cadena Comercial de Farmacias, S.A.P.I. de C.V., a subsidiary of FEMSA that holds all pharmacy business in Mexico (which we refer to as “CCF”). On November 13, 2019, FEMSA completed the acquisition of the remaining interest in Farmacias YZA. In 2018, FEMSA had 60% interest on Grupo Socofar (“Socofar”). As of December 13, 2019, FEMSA recognized the remaining 40% interest in Grupo Socofar (“Socofar”) following the exercise of a put right by the minority partner to sell its non - controlling interest in Socofar. On May 15, 2020, the Company completed the acquisition of the specialized distribution business of cleaning products and consumables in the United States, through the controlling interest of NW Synergy, which includes WAXIE and North American Corporation (“North American”). Additionally, on December 31, 2020, the Company completed the acquisition of Southeastern Paper Group (“SEPG”), increasing its specialized distribution footprint in the United States. See Note 4.1. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Disclosure of Exchange Rates of Local Currencies Translated to Mexican Pesos | Exchange Rates of Local Currencies Translated to Mexican Pesos (1) Functional / Average Exchange Rate for Exchange Rate as of Recording December 31, December 31, Country or Zone Currency 2020 2019 2018 2020 2019 Guatemala Quetzal 2.78 2.50 2.56 Costa Rica Colon 0.03 0.03 0.03 Panama U.S. dollar 21.49 19.26 19.24 19.95 18.85 Colombia Colombian peso 0.01 0.01 0.01 0.01 0.01 Nicaragua Cordoba 0.63 0.58 0.62 0.57 0.56 Argentina Argentine peso 0.31 0.41 0.73 0.24 0.31 Brazil Reais 4.18 4.89 5.29 3.84 4.68 Chile Chilean peso 0.03 0.03 0.03 0.03 0.03 Euro Zone Euro (€) 24.48 21.56 22.71 24.52 21.12 Peru Nuevo Sol 6.15 5.77 5.85 5.51 5.68 Ecuador U.S. dollar 21.49 19.26 19.24 19.95 18.85 Philippines Philippine peso — — 0.37 — — United States U.S. dollar 21.49 — — 19.95 — Uruguay Uruguayan peso 0.51 0.55 0.63 0.47 0.51 Exchange rates published by the Central Bank of each country where the Company operates. |
Disclosure of Recognition of Effects of Inflation in Countries with Hyperinflationary Economic Environments | As of December 31, 2020, 2019, and 2018, the operations of the Company are classified as follows: Cumulative Cumulative Cumulative Inflation Inflation Inflation Country 2018- 2020 Type of Economy 2017- 2019 Type of Economy 2016- 2018 Type of Economy Mexico 11.2 % Non-hyperinflationary 13.2 % Non-hyperinflationary 15.7 % Non-hyperinflationary Guatemala 10.9 % Non-hyperinflationary 11.8 % Non-hyperinflationary 12.2 % Non-hyperinflationary Costa Rica 4.5 % Non-hyperinflationary 5.8 % Non-hyperinflationary 5.7 % Non-hyperinflationary Panama (1.5) % Non-hyperinflationary 0.5 % Non-hyperinflationary 2.1 % Non-hyperinflationary Colombia 8.8 % Non-hyperinflationary 11.0 % Non-hyperinflationary 13.4 % Non-hyperinflationary Nicaragua 13.5 % Non-hyperinflationary 15.6 % Non-hyperinflationary 13.1 % Non-hyperinflationary Argentina (a) 209.2 % Hyperinflationary 179.4 % Hyperinflationary 158.4 % Hyperinflationary Brazil 13.1 % Non-hyperinflationary 11.1 % Non-hyperinflationary 25.0 % Non-hyperinflationary Philippines — — — % Non-hyperinflationary 11.9 % Non-hyperinflationary Euro Zone 2.4 % Non-hyperinflationary 3.6 % Non-hyperinflationary 2.7 % Non-hyperinflationary Chile 8.8 % Non-hyperinflationary 8.3 % Non-hyperinflationary 9.7 % Non-hyperinflationary Peru 6.2 % Non-hyperinflationary 5.2 % Non-hyperinflationary 9.3 % Non-hyperinflationary Ecuador (0.7) % Non-hyperinflationary 0.3 % Non-hyperinflationary 30.3 % Non-hyperinflationary United States 3.7 % Non-hyperinflationary — — — — Uruguay 28.5 % Non-hyperinflationary 22.0 % Non-hyperinflationary 25.3 Non-hyperinflationary |
Disclosure of Estimated Useful Lives of Company's Assets | The estimated useful lives of the Company’s assets are as follows: Years Buildings 25-50 Machinery and equipment 10-20 Distribution equipment 7-15 Refrigeration equipment 5-7 Returnable bottles 1.5-3 Leasehold improvements The shorter of lease term or 15 years Information technology equipment 3-5 Other equipment 3-10 |
Mergers, Acquisitions and Dis_2
Mergers, Acquisitions and Disposals (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [Line Items] | |
Summary of Unaudited Pro Forma Financial Information | Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2020 Total revenues Ps. 508,367 Income before income taxes and share of the profit of equity accounted investees 20,019 Net income 4,464 Basic net controlling interest income per share Series “B” Ps. (0.06) Basic net controlling interest income per share Series “D” (0.08) The following unaudited consolidated pro forma financial data represent the Company’s historical financial statements, adjusted to give effect to (i) the acquisitions of GPF and AGV as if these acquisitions has occurred on January 1, 2019; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired company. Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2019 Total revenues Ps. 516,496 Income before income taxes and share of the profit of equity accounted investees 33,823 Net income 29,516 Basic net controlling interest income per share Series “B” Ps. 1.11 Basic net controlling interest income per share Series “D” 1.38 The following unaudited consolidated pro forma financial data represent the Company’s historical financial statements, adjusted to give effect to (i) Coca-Cola FEMSA’s acquisitions and the Company’s acquisition of Caffenio as if these acquisitions have occurred on January 1, 2018; and (ii) certain accounting adjustments mainly related to the pro forma depreciation of fixed assets of the acquired company. Unaudited consolidated pro forma financial data for the acquisitions, is as follows: For the year ended December 31, 2018 Total revenues Ps. 473,420 Income before income taxes and share of the profit of equity accounted investees 34,266 Net income 33,521 Basic net controlling interest income per share Series “B” Ps. 1.22 Basic net controlling interest income per share Series “D” 1.52 |
Summary of Income Statement of Discontinued Operations | For the year ended December 31, 2018, the income statement of discontinued operations was as follows: 2018 Total revenues Ps. 24,167 Cost of goods sold 17,360 Gross profit 6,807 Operating expenses 5,750 Other expenses, net 7 Financial income, net (185) Foreign exchange gain, net (73) Income before income taxes 1,308 Income taxes 466 Net income for discontinued operations Ps. 842 Less: non-controlling interest in discontinued operations 391 Controlling interest in discontinued operations Ps. 451 Accumulated currency translation effect for the subsidiary disposal (811) Gain from sale 3,335 Net income for subsidiary disposal – controlling interest 2,975 Net income from discontinued operations Ps. 3,366 |
Coca-Cola FEMSA [member] | |
Statement [Line Items] | |
Summary of Preliminary Estimate of Fair Value of Net Assets Acquired and Reconciliation of Cash Flows | The final allocation on the purchase prices to the fair value of the net assets acquired is as follows: 2018 Total current assets (including cash acquired of Ps. 860) Ps. 1,864 Total non-current assets 4,031 Distribution rights 1,715 Total assets 7,610 Total liabilities (3,961) Net assets acquired 3,649 Goodwill (1) 2,903 Total consideration transferred 6,552 Cash acquired (860) Net cash paid Ps. 5,692 As a result of the purchase price allocation which was finalized in 2019, additional fair value adjustments from those recognized in 2018 have been recognized as follows: decrease in total non-current assets amounted to Ps. 236, distribution rights of Ps. 2,887 and increase in goodwill of Ps. 2,903. |
Summary of Selected Income Statement for Period from Acquisition Date | The income statement information of these acquisitions for the period from the acquisition date through to December 31, 2018 is as follows: Income Statement 2018 Total revenues Ps. 4,628 Income before income taxes 496 Net income Ps. 413 |
Specialty’s Café & Bakery, Inc [Member] | |
Statement [Line Items] | |
Summary of Income Statement of Discontinued Operations | 2020 Impairment of long-lived assets Ps. 2,021 |
Acquisition Of WAXIE Sanitary Supply And North American Corporation [Member] | |
Statement [Line Items] | |
Summary of Preliminary Estimate of Fair Value of Net Assets Acquired and Reconciliation of Cash Flows | 2020 Total current assets (including cash acquired of Ps. 138) Ps. 2,162 Customer relationships and trademark 10,698 Other non-current assets 1,954 Total assets 14,814 Total liabilities (3,523) Net assets acquired 11,291 Goodwill 10,241 Non-controlling interest (1) (1,299) Total consideration transferred in cash 20,233 Cash acquired 138 Net cash paid Ps. 20,095 (1) Non-controlling interests were measured using the net asset value method. |
Summary of Selected Income Statement for Period from Acquisition Date | Income Statement 2020 Total revenues Ps. 11,275 Income before income taxes 525 Net income Ps. 498 |
Other acquisitions [member] | |
Statement [Line Items] | |
Summary of Preliminary Estimate of Fair Value of Net Assets Acquired and Reconciliation of Cash Flows | 2019 Total current assets (including cash acquired of Ps. 389) Ps. 4,058 Total non-current assets 6,761 Total assets 10,819 Total liabilities (8,178) Net assets acquired 2,641 Goodwill (1) 5,219 Non-controlling interest (2) (53) Total consideration transferred 7,807 Amount to be paid 147 Cash acquired 389 Net cash paid 7,271 (1) As a result of the purchase price allocation which was finalized in 2020, additional fair value adjustments from those recognized in 2019 have been recognized as follows: an increase in total net assets of Ps. 1,460 (from which Ps. 908 are customer relationships and Ps. 389 trademark rights), a decrease in goodwill of Ps. 1,323 and an additional consideration transferred during 2020 of Ps. 137. (2) Non-controlling interests were measured using the net asset value method. |
Summary of Selected Income Statement for Period from Acquisition Date | The income statement information of these acquisitions for the period from the acquisition date through to December 31, 2019 is as follows: Income Statement 2019 Total revenues Ps. 8,594 Income before income taxes 37 Net loss Ps. 1 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents at the end of the reporting period as shown in the consolidated statements of financial position and cash flows is comprised of the following: December 31, 2020 December 31, 2019 Cash and bank balances Ps. 43,990 Ps. Cash equivalents (see Note 3.5) 63,634 Ps. 107,624 Ps. 65,562 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Schedule of Investments Classified as Amortized Cost | The following is a detail of such investments: Fixed rate Corporate debt securities 2020 2019 Acquisition cost Ps. 658 Ps. 1,048 Accrued interest 4 4 Total fixed rate 662 1,052 Variable rate Corporate debt securities Acquisition cost — 11,307 Accrued interest — 7 Total variable rate — 11,314 Total investments Ps. 662 Ps. 12,366 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Disclosure of Accounts Receivable, Net | December 31, 2020 December 31, 2019 Trade accounts receivable Ps. 26,309 Ps. 26,942 The Coca-Cola Company (see Note 15) 509 802 Loans to employees 118 115 Heineken Group (see Note 15) 1,167 749 Others 2,608 3,214 Allowance for expected credit losses (2,462) (2,189) Ps. 28,249 Ps. 29,633 |
Disclosure of Aging of Accounts Receivable (Days Current or Outstanding) | Aging of accounts receivable (days current or outstanding) December 31, December 31, 2020 2019 Current Ps. 24,556 Ps. 24,696 0‑30 days 2,024 31‑60 days 836 61‑90 days 317 91‑120 days 438 120+ days 2,540 Total Ps. 30,711 Ps. 31,822 |
Disclosure of Changes in Allowance for Expected Credit Losses | Changes in the allowance for expected credit losses 2020 2019 2018 Balance at the beginning of the period Ps. 2,189 Ps. 2,114 Ps. 1,375 Effect of adoption of IFRS 9 — — 468 Adjusted balance at the beginning of the period 2,189 2,114 1,843 Allowance for the period 591 709 348 Additions (write-offs) of uncollectible accounts (1) (613) (269) (402) Addition from business combinations 273 — Effects of changes in foreign exchange rates 22 (365) 324 Balance at the end of the period Ps. 2,462 Ps. 2,189 Ps. 2,114 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Inventories | December 31, December 31, 2020 2019 Finished products Ps. 36,603 Ps. 32,853 Raw materials 4,756 Spare parts 1,118 Work in process 114 Inventories in transit 1,443 Ps. 44,034 Ps. 41,023 |
Summary of Changes in Inventories | For the years ended 2020, 2019 and 2018, changes in inventories are comprised of the following and included in the consolidated income statement under the cost of goods sold caption: 2020 2019 2018 Changes in inventories of finished goods and work in progress Ps. 209,410 Ps. 221,540 Ps. 204,688 Raw materials and consumables used 79,896 84,502 79,825 Total Ps. 289,306 Ps. 306,042 Ps. 284,513 |
Other Current Assets and Othe_2
Other Current Assets and Other Current Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Other Current Assets | Other current assets December 31, December 31, 2020 2019 Prepaid expenses Ps. 2,424 Ps. 2,201 Recoverable taxes 5 268 Agreements with customers 115 294 Licenses 261 575 Assets classified as held for sale 30 197 Other 84 553 Ps. 2,919 Ps. 4,088 |
Summary of Prepaid Expenses | As of December 31, 2020 and 2019, Company’s prepaid expenses are as follows: December 31, December 31, 2020 2019 Advances for inventories Ps. 1,651 Ps. 1,359 Advertising and promotional expenses paid in advance 93 89 Advances to service suppliers 30 60 Prepaid leases 93 239 Prepaid insurance 181 129 Others 376 325 Ps. 2,424 Ps. 2,201 |
Summary of Other Current Financial Assets | Other current financial assets December 31, December 31, 2020 2019 Restricted cash Ps. 77 Ps. 92 Derivative financial instruments (see Note 21) 573 1,008 Note receivables (1) 31 46 Ps. 681 Ps. 1,146 The carrying value approximates its fair value as of December 31, 2020 and 2019. |
Summary of Carrying of Restricted Cash Pledged | As of December 31, 2020 and 2019, the restricted cash pledged was held in: December 31, December 31, 2020 2019 U.S. Dollars Ps. 74 Ps. 89 Chilean pesos 3 3 Ps. 77 Ps. 92 |
Equity Accounted Investees (Tab
Equity Accounted Investees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Equity Accounted Investees | As of December 31, 2020 and 2019, Company’s equity accounted investees are as follows: Ownership Percentage Carrying Value Principal December 31, December 31, December 31, December 31, Investee Activity Place of Incorporation 2020 2019 2020 2019 Heineken (1) (2) Beverages The Netherlands 14.8 % 14.8 % Ps. 87,291 Ps. 83,789 Coca-Cola FEMSA: Joint ventures: Compañía Panameña de Bebidas, S.A.P.I. de C.V. Beverages Mexico - % 50.0 % — 486 Dispensadoras de Café, S.A.P.I. de C.V. Services Mexico 50.0 % 50.0 % 181 172 Fountain Agua Mineral, L.T.D.A. Beverages Brazil 50.0 % 50.0 % 720 851 Associates : Promotora Industrial Azucarera, S.A. Sugar production 36.4 % 36.4 % 3,335 3,274 de C.V. (“PIASA”) Mexico Industria Envasadora de Querétaro, S.A. Canned bottling Mexico 26.5 % 26.5 % 192 194 de C.V. (“IEQSA”) Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) Recycling Mexico 35.0 % 35.0 % 121 121 Jugos del Valle, S.A.P.I. de C.V. Beverages Mexico 28.8 % 28.8 % 1,945 1,929 Leao Alimentos e Bebidas, L.T.D.A. Beverages Brazil 24.7 % 24.7 % 446 1,931 Other investments in Coca-Cola FEMSA’s companies Various Various Various Various 683 793 FEMSA Comercio: Raizen Conveniências (4) Proximity Brazil 50.0 % — 2,763 3,410 Other investments (1) (3) Various Various Various Various 593 520 Ps. 98,270 Ps. 97,470 (1) Associate. (2) As of December 31, 2020 and 2019 comprised of 8.63% of Heineken, N.V. and 12.26% of Heineken Holding, N.V., which represents an economic interest of 14.76% in Heineken Group. The Company has significant influence, mainly, due to the fact that it participates in the Board of Directors of Heineken Holding, N.V. and the Supervisory Board of Heineken N.V.; and for the material transactions between the Company and Heineken Group. (3) Joint ventures. On November 1, 2019, FEMSA Comercio – Proximity Division closed the acquisition of a 50% interest of Raízen Conveniências. The consideration amounted to R$ 357 million paid in cash and R$367 through notes payable, and such amounts include FEMSA Comercio’s prorrata portion of the investment requirements for the initial period of operations of the joint venture. Raízen is a company formed in 2010 from Cosan and Royal Dutch Shell in Brazil. The Joint Venture between FEMSA Comercio – Proximity Division and Raízen is limited to the convenience and proximity store business and excludes any other Raízen operations. |
Summarized Financial Information in Respect of Associate Accounted for Under Equity Method | Summarized financial information in respect of the associate Heineken Group accounted for under the equity method is set out below. December 31, 2020 December 31, 2019 Amounts in millions Peso Euro Peso Euro Total current assets Ps. 221,182 €. 9,020 Ps. 177,829 €. 8,419 Total non-current assets 824,210 33,612 804,443 38,085 Total current liabilities 266,497 10,868 259,952 12,307 Total non-current liabilities 425,984 17,372 356,671 16,886 Total equity 352,911 14,392 365,648 17,311 Equity attributable to equity holders (1) 328,393 13,392 341,062 16,147 Total revenue and other income Ps. 479,996 €. 19,771 Ps. 511,125 €. 24,064 Total cost and expenses 461,108 18,993 433,959 20,431 Net (loss) income Ps. (2,136) €. (88) Ps. 50,424 €. 2,374 Net (loss) income attributable to equity holders (4,953) (204) 46,006 2,166 Other comprehensive (loss) income (48,944) (2,016) 3,951 186 Total comprehensive (loss) income Ps. (51,080) €. (2,104) Ps. 54,375 €. 2,560 Total comprehensive (loss) income attributable to equity holders (51,639) (2,127) 49,447 2,328 Following the IFRS Interpretations Committee agenda decision in January 2019 regarding tax deposits (relating to taxes other than income tax), Heineken Group changed its accounting policy with regards to payments relating to contingent liabilities. |
Reconciliation from Equity of Associate to Investment of Company | Reconciliation from the equity of the associate Heineken Group to the investment of the Company. December 31, 2020 December 31, 2019 Amounts in millions Peso Euro Peso Euro Equity attributable to equity holders of Heineken (1) Ps. 328,393 €. 13,392 Ps. 341,062 €. 16,147 Economic ownership percentage 14.76 % 14.76 % 14.76 % 14.76 % Investment in Heineken investment exclusive of goodwill and other adjustments Ps. 48,471 €. 1,977 Ps. 50,341 €. 2,383 Effects of fair value determined by purchase price allocation 17,226 702 14,839 703 Goodwill 21,594 881 18,609 881 Heineken investment Ps. 87,291 €. 3,560 Ps. 83,789 €. 3,967 Related to the change in Heineken’s accounting policy mentioned in the table above, the Company recognized the accumulated effects as of January 1, 2019. |
Schedule of Company's Share of Other Comprehensive Income from Equity Investees, Net of Taxes | For the year ended December 31, 2020, 2019 and 2018, the Company’s share of other comprehensive income from equity investees, net of taxes are as follows: 2020 2019 2018 Items that may be reclassified to consolidated net income: Valuation of the effective portion of derivative financial instruments Ps. (14) Ps. — Ps. (355) Exchange differences on translating foreign operations (5,934) 1,058 (5) Total Ps. (5,948) Ps. 1,058 Ps. (360) Items that may not be reclassified to consolidated net income in subsequent periods: Remeasurements of the net defined benefit liability Ps. (111) Ps. (389) Ps. 597 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2018 Ps. 13,589 Ps. 25,972 Ps. 80,302 Ps. 17,465 Ps. 21,532 Ps. 7,390 Ps. 19,666 Ps. 1,028 Ps. 186,944 Additions 334 877 6,926 644 2,888 6,482 3,322 111 21,584 Additions from business acquisitions 25 451 4,128 537 393 290 2 41 5,867 Transfer of completed projects in progress 526 567 2,193 1,711 3 (4,927) (93) 20 — Transfer (to)/from assets classified as held for sale — — (127) — — — — — (127) Disposals (93) (152) (4,623) (614) (312) (633) (748) (21) (7,196) Philippines disposal (4,654) (2,371) (11,621) (2,415) (10,116) (489) (236) — (31,902) Effects of changes in foreign exchange rates (401) (1,079) (3,526) (759) (251) (330) (354) (293) (6,993) Changes in value on the recognition of inflation effects 242 816 2,552 465 612 66 — 9 4,762 Cost as of December 31, 2018 Ps. 9,568 Ps. 25,081 Ps. 76,204 Ps. 17,034 Ps. 14,749 Ps. 7,849 Ps. 21,559 Ps. 895 Ps. 172,939 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2019 Ps. 9,568 Ps. 25,081 Ps. 76,204 Ps. 17,034 Ps. 14,749 Ps. 7,849 Ps. 21,559 Ps. 895 Ps. 172,939 Additions 309 1,134 6,826 636 2,581 8,421 2,907 112 22,926 Additions from business acquisitions 146 806 686 — — — 466 — 2,104 Changes in the fair value of past acquisitions 142 227 50 (13) — — 7 (8) 405 Transfer of completed projects in progress (253) 581 3,694 1,396 359 (6,284) 496 11 — Transfer (to)/from assets classified as held for sale — — (410) — — — — (49) (459) Disposals (15) (254) (3,195) (1,032) (1,056) (33) (170) (38) (5,793) Effects of changes in foreign exchange rates (329) (1,147) (2,463) (961) (833) (370) 26 (130) (6,207) Effects on the recognition of inflation effects 114 366 1,254 241 352 18 — — 2,345 Cost as of December 31, 2019 Ps. 9,682 Ps. 26,794 Ps. 82,646 Ps. 17,301 Ps. 16,152 Ps. 9,601 Ps. 25,291 Ps. 793 Ps. 188,260 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Cost Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Cost as of January 1,2020 Ps. 9,682 Ps. 26,794 Ps. 82,646 Ps. 17,301 Ps. 16,152 Ps. 9,601 Ps. 25,291 Ps. 793 Ps. 188,260 Additions 241 616 5,277 137 2,613 6,979 2,611 185 18,659 Additions from business acquisitions 158 — 200 — — 3 46 81 488 Changes in the fair value of past acquisitions — — 59 — — — — — 59 Transfer of completed projects in progress 4 809 3,471 1,192 57 (5,644) 110 1 — Transfer (to)/from assets classified as held for sale — — 449 — — — — — 449 Disposals (13) (122) (3,358) (1,073) (561) (12) (808) (58) (6,005) Specialty's disposal — — (775) — — (24) (1,036) — (1,835) Effects of changes in foreign exchange rates (238) (1,135) (2,233) (797) (629) (339) 310 (97) (5,158) Effects on the recognition of inflation effects 88 293 990 189 291 (30) 3 — 1,824 Cost as of December 31, 2020 Ps. 9,922 Ps. 27,255 Ps. 86,726 Ps. 16,949 Ps. 17,923 Ps. 10,534 Ps. 26,527 Ps. 905 Ps. 196,741 Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2018 Ps. — Ps. (6,051) Ps. (34,308) Ps. (8,996) Ps. (13,423) Ps. — Ps. (6,956) Ps. (498) Ps. (70,232) Depreciation for the year — (786) (7,437) (1,752) (2,827) — (1,763) (133) (14,698) Transfer to/(from) assets classified as held for sale — — 78 — — — — — 78 Disposals — 69 4,970 579 204 — 571 — 6,393 Philippines disposal — 700 6,125 2,083 7,225 — 77 — 16,210 Effects of changes in foreign exchange rates — 112 404 250 631 — 141 143 1,681 Changes in value on the recognition of inflation effects — (223) (2,692) (338) (516) — — — (3,769) — Accumulated Depreciation as of December 31, 2018 Ps. — Ps. (6,179) Ps. (32,860) Ps. (8,174) Ps. (8,706) Ps. — Ps. (7,930) Ps. (488) Ps. (64,337) Investments Machinery in Fixed and Refrigeration Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Returnable Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2019 Ps. — Ps. (6,179) Ps. (32,860) Ps. (8,174) Ps. (8,706) Ps. — Ps. (7,930) Ps. (488) Ps. (64,337) Depreciation for the year — (937) (7,862) (1,862) (2,734) — (1,985) (88) (15,468) Transfer to/(from) assets classified as held for sale — — 262 — — — — — 262 Disposals — 46 1,967 966 1,079 — 115 31 4,204 Effects of changes in foreign exchange rates — 264 1,249 583 572 — 64 63 2,795 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. (6,898) Ps. (37,873) Ps. (8,651) Ps. (10,091) Ps. — Ps. (9,738) Ps. (496) Ps. (73,747) Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Accumulated Depreciation Land Buildings Equipment Equipment Bottles Progress Improvements Other Total Accumulated Depreciation as of January 1,2020 Ps. — Ps. (6,898) Ps. (37,873) Ps. (8,651) Ps. (10,091) Ps. — Ps. (9,738) Ps. (496) Ps. (73,747) Depreciation for the year — (828) (8,390) (1,832) (2,779) — (2,404) (145) (16,378) Transfer to/(from) assets classified as held for sale — — (282) — — — 0 — (282) Disposals — 38 2,707 989 536 — 492 38 4,800 Specialty's disposal — — 625 — — — 649 — 1,274 Effects of changes in foreign exchange rates — 127 698 464 432 — (123) 170 1,768 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. (7,643) Ps. (43,110) Ps. (9,162) Ps. (12,152) Ps. — Ps. (11,130) Ps. (438) Ps. (83,635) Investments Machinery in Fixed and Refrigeration Returnable Assets in Leasehold Carrying Amount Land Buildings Equipment Equipment Bottles Progress Improvements Other Total As of December 31, 2018 Ps. 9,568 Ps. 18,902 Ps. 43,344 Ps. 8,860 Ps. 6,043 Ps. 7,849 Ps. 13,629 Ps. 407 Ps. 108,602 As of December 31, 2019 Ps. 9,682 Ps. 19,896 Ps. 44,773 Ps. 8,650 Ps. 6,061 Ps. 9,601 Ps. 15,553 Ps. 297 Ps. 114,513 As of December 31, 2020 Ps. 9,922 Ps. 19,612 Ps. 43,616 Ps. 7,787 Ps. 5,771 Ps. 10,534 Ps. 15,397 Ps. 467 Ps. 113,106 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Schedule of right-of-use assets | During 2020, the activity in the consolidated right-of-use assets reported in our financial statements was as follows: Land and buildings Other (1) Total Cost as of January 1,2020 Ps. 51,926 758 52,684 Additions 6,478 1,504 7,982 Additions from business combinations 1,414 351 1,765 Disposals (2) (2,190) (114) (2,304) Remeasurements 3,749 84 3,833 Depreciation (8,138) (491) (8,629) Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies (475) (109) (584) Right-of-use assets, net as of December 31, 2020 Ps. 52,764 1,983 54,747 (1) Other assets mainly include transportation equipment and servers. (2) Includes Specialty’s disposal for an amount of Ps. 690. During 2019, the activity in the consolidated right-of-use assets reported in our financial statements was as follows: Land and buildings Other (1) Total Cost as of January 1,2019 Ps. 49,112 1,108 50,220 Additions 7,406 96 7,502 Additions from business combinations 2,187 — 2,187 Disposals (827) (5) (832) Remeasurements 2,299 (9) 2,290 Depreciation (7,492) (401) (7,893) Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies (759) (31) (790) Right-of-use assets, net as of December 31, 2019 Ps. 51,926 758 52,684 |
Schedule of lease liabilities | As of December 31, 2020, the lease liabilities are integrated as follows: December 31, 2020 Maturity analysis – contractual undiscounted cash flows Less than one Year Ps. 11,511 One to five years 36,172 Five to ten years 27,088 More than ten years 13,823 Total undiscounted lease liabilities at December 31 88,594 Lease liabilities included in the statement of financial position at December 31 58,308 Current 6,772 Non-Current Ps. 51,536 As of December 31, 2019, the lease liabilities are integrated as follows: December 31, 2019 Maturity analysis – contractual undiscounted cash flows Less than one year Ps. 10,655 One to five years 40,262 Five to ten years 24,053 More than ten years 11,884 Total undiscounted lease liabilities at December 31 86,854 Lease liabilities included in the statement of financial position at December 31 54,679 Current 7,387 Non-Current Ps. 47,292 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [Line Items] | |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill | Rights to Produce and Distribute Other Indefinite Total Technology Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Total Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Intangible Assets Cost as of January 1,2018 Ps. 91,902 Ps. 43,449 Ps. 7,185 Ps. 2,257 Ps. 144,793 Ps. 7,103 Ps. 1,291 Ps. 1,637 Ps. 3,843 Ps. 13,874 Ps. 158,667 Additions — 75 — 71 146 1,051 371 131 94 1,647 1,793 Acquisitions from business combinations (see Note 4) 4,602 842 170 — 5,614 35 57 — 291 383 5,997 Changes in fair value of past acquisitions — 272 — — 272 — — — — — 272 Internal development — — — — — — — — 41 41 41 Transfer of completed development systems — — — — — 904 (904) — — — — Disposals — — — (2) (2) (43) — — (146) (189) (191) Philippines disposal (3,882) — — — (3,882) — — — (596) (596) (4,478) Effect of movements in — — — exchange rates (5,005) (4,108) (656) (349) (10,118) (343) (38) — (311) (692) (10,810) Changes in value on the recognition of inflation effects — — — — — — — — 57 57 57 Cost as of December 31, 2018 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 8,707 Ps. 777 Ps. 1,768 Ps. 3,273 Ps. 14,525 Ps. 151,348 Rights to Produce and Distribute Other Total Technology Total Total Coca-Cola Indefinite Lived Unamortized Costs and Systems in Amortized Intangible Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets Cost as of January 1,2019 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 8,707 Ps. 777 Ps. 1,768 Ps. 3,273 Ps. 14,525 Ps. 151,348 Additions — — — 164 164 824 334 191 685 2,034 2,198 Acquisitions from business combinations (see Note 4) — 6,542 469 — 7,011 759 — — 12 771 7,782 Changes in fair value of past acquisitions (2,887) 2,903 — 153 169 (6) — — (185) (191) (22) Transfer of completed development systems — — — — — 412 (413) — 1 — — Disposals — — (48) — (48) (580) — (130) — (710) (758) Effect of movements in exchange rates (3,475) (2,069) (520) (134) (6,198) (553) (23) — (337) (913) (7,111) Changes in value on the recognition of inflation effects — — — — — — — — (6) (6) (6) Cost as of December 31, 2019 Ps. 81,255 Ps. 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 9,563 Ps. 675 Ps. 1,829 Ps. 3,443 Ps. 15,510 Ps. 153,431 Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Trademark Lived Unamortized Costs and Systems in Alcohol Amortized Intangible Trademark Products Goodwill Rights Intangible Assets Intangible Assets Management Systems Development Licenses Other (1) Intangible Assets Assets Cost as of January 1,2020 Ps. 81,255 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 9,563 Ps. 675 Ps. 1,829 Ps. 3,443 Ps. 15,510 Ps. 153,431 Additions 1 — — — 1 771 202 111 398 1,482 1,483 Acquisitions from business combinations (see Note 4) — 12,080 2,101 — 14,181 26 — — 8,597 8,623 22,804 Changes in the fair value of past acquisitions — (1,323) 347 (361) (1,337) — — — 1,268 1,268 (69) Transfer of completed development systems — — — — — 397 (399) — 2 — — Disposals — (183) (116) (305) (604) (164) (6) (43) (373) (586) (1,190) Specialty's disposal — (1,194) (215) (11) (1,420) — — — (5) (5) (1,426) Effect of movements in exchange rates (4,607) (4,466) (70) (59) (9,202) 276 (40) — (1,614) (1,378) (10,580) Changes in value on the recognition of inflation effects — — — — — — — — 38 38 38 Cost as of December 31, 2020 Ps. 76,649 Ps. 52,820 Ps. 8,647 Ps. 1,424 Ps. 139,540 Ps. 10,869 Ps. 432 Ps. 1,897 Ps. 11,754 Ps. 24,952 Ps. 164,492 (1) Includes customer relationships related to the acquisition through the controlling interest in NW Synergy Holdings LLC disclosed in Note 4 . Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Intangible Amortization and Impairment Losses Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets Amortization as of January 1,2018 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (3,262) Ps. — Ps. (457) Ps. (855) Ps. (4,574) Ps. (4,574) Amortization expense — — — — — (1,453) — (87) (373) (1,913) (1,913) Disposals — — — — — 93 — — 98 191 191 Philippines disposal — — — — — — — — 375 375 375 Effect of movements in exchange rates — — — — — 236 — — (1) 235 235 Changes in value on the recognition of inflation effects — — — — — (51) — — (1) (52) (52) Amortization as of December 31, 2018 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (4,437) Ps. — Ps. (544) Ps. (757) Ps. (5,738) Ps. (5,738) Amortization as of January 1,2019 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (4,437) Ps. — Ps. (544) Ps. (757) Ps. (5,738) Ps. (5,738) Amortization expense — — — — — (1,351) — (123) (337) (1,811) (1,811) Disposals — — — — — 445 — 30 — 475 475 Philippines disposal Effect of movements in exchange rates — — — — — 165 — — 68 233 233 Changes in value on the recognition of inflation effects — — — — — (29) — — 1 (28) (28) Amortization as of December 31, 2019 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (5,207) Ps. — Ps. (637) Ps. (1,025) Ps. (6,869) Ps. (6,869) Amortization as of January 1,2020 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (5,207) Ps. — Ps. (637) Ps. (1,025) Ps. (6,869) Ps. (6,869) Amortization expense — — — — — (1,536) — (97) (832) (2,465) (2,465) Disposals — — — — — 129 — — 50 179 179 Effect of movements in exchange rates — — — — — 142 — — 51 193 193 Changes in value on the recognition of inflation effects — — — — — (29) — — — (29) (29) Amortization as of December 31, 2020 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. (6,501) Ps. — Ps. (734) Ps. (1,756) Ps. (8,991) Ps. (8,991) Rights to Produce and Distribute Other Indefinite Total Technology Total Total Coca-Cola Lived Unamortized Costs and Systems in Amortized Intangible Carrying Amount Trademark Products Goodwill Trademark Rights Intangible Assets Intangible Assets Management Systems Development Alcohol Licenses Other Intangible Assets Assets As of December 31, 2018 Ps. 87,617 Ps. 40,530 Ps. 6,699 Ps. 1,977 Ps. 136,823 Ps. 4,270 Ps. 777 Ps. 1,224 Ps. 2,516 Ps. 8,787 Ps. 145,610 As of December 31, 2019 Ps. 81,255 Ps. 47,906 Ps. 6,600 Ps. 2,160 Ps. 137,921 Ps. 4,356 Ps. 675 Ps. 1,192 Ps. 2,418 Ps. 8,641 Ps. 146,562 As of December 31, 2020 Ps. 76,649 Ps. 52,820 Ps. 8,647 Ps. 1,424 Ps. 139,540 Ps. 4,368 Ps. 432 Ps. 1,163 Ps. 9,998 Ps. 15,961 Ps. 155,501 |
Schedule of Allocation of Amortization Expenses | For the years ended 2020, 2019 and 2018, allocation for amortization expense is as follows: 2020 2019 2018 Cost of goods sold Ps. 288 Ps. 317 Ps. 399 Administrative expenses 1,412 953 858 Selling expenses 765 542 656 Ps. 2,465 Ps. 1,812 Ps. 1,913 |
Summary of Average Remaining Period for Company's Intangible Assets Subject to Amortization | The average remaining period for the Company’s intangible assets that are subject to amortization is as follows: Years Technology Costs and Management Systems 3 - 10 Alcohol Licenses 10 - 12 |
Disclosure of Aggregate Carrying Amounts of Goodwill and Distribution Rights Allocated to Each CGU | The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows: December 31, 2020 December 31, 2019 Mexico Ps. 56,352 Ps. 56,352 Guatemala 1,755 1,679 Nicaragua 433 420 Costa Rica 1,425 1,442 Panama 1,200 1,131 Colombia 4,414 4,367 Brazil 31,741 38,765 Argentina 312 306 Uruguay 2,450 2,626 Total Ps. 100,082 Ps. 107,088 |
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: Expected Annual Long- Expected Volume Term Inflation Growth Rates CGU Pre-tax WACC Post-tax WACC 2021‑2030 2021‑2030 Mexico 7.4 % 5.3 % 3.9 % 2.0 % Colombia 11.0 % 7.3 % 2.8 % 4.1 % Costa Rica 15.3 % 10.8 % 2.7 % 4.3 % Guatemala 10.6 % 8.3 % 3.1 % 6.8 % Nicaragua 20.6 % 13.9 % 3.7 % 7.1 % Panama 8.8 % 6.8 % 1.5 % 7.9 % Argentina 26.3 % 20.4 % 30.1 % 3.9 % Brazil 9.1 % 6.0 % 3.0 % 2.4 % Uruguay 9.9 % 7.1 % 7.8 % 2.0 % The key assumptions by CGU for impairment test as of December 31, 2019 were as follows: Expected Annual Long- Expected Volume Term Inflation Growth Rates CGU Pre-tax WACC Post-tax WACC 2020‑2029 2020‑2029 Mexico 7.3 % 5.2 % 3.5 % 0.7 % Colombia 8.9 % 6.2 % 3.1 % 4.0 % Costa Rica 13.8 % 9.7 % 2.2 % 2.1 % Guatemala 9.1 % 7.1 % 4.0 % 8.5 % Nicaragua 21.1 % 12.4 % 4.4 % 3.0 % Panama 8.5 % 6.6 % 2.0 % 5.4 % Argentina 21.6 % 14.8 % 39.2 % 3.7 % Brazil 9.3 % 5.6 % 3.6 % 2.0 % Uruguay 9.4 % 6.8 % 7.4 % 2.0 % |
Disclosure of Detailed Information About Sensitivity to Changes in Assumptions | Change in Volume CGU Change in WACC Growth CAGR (1) Effect on Valuation Mexico +0.4 % ‑1.0 % Passes by 4.8x Colombia +0.4 % ‑1.0 % Passes by 1 x Costa Rica +1.1 % ‑1.0 % Passes by 2 .1x Guatemala +0.6 % ‑1.0 % Passes by 29 .7x Nicaragua +1.7 % ‑1.0 % Passes by 1.1x Panama +0.3 % ‑1.0 % Passes by 6 .9x Argentina +3.0 % ‑1.0 % Passes by 6 .7x Brazil +0.6 % ‑1.0 % Passes by 1.8x Uruguay +0.4 % ‑1.0 % Passes by 2 x |
FEMSA Comercio - Health Division [member] | |
Statement [Line Items] | |
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2020 were as follows: Expected Annual Long-Term Inflation Expected Volume Growth CGU Pre-tax WACC Post-tax WACC 2021‑2030 Rates 2021‑2030 South America 8.3 % 5.8 % 2.8 % 0.2 % (FEMSA Comercio – Health Division) The key assumptions by CGU for impairment test as of December 31, 2019 were as follows: Expected Annual Expected Volume Post-tax Long-Term Inflation Growth Rates CGU Pre-tax WACC WACC 2020‑2029 2020‑2029 South America 9.4 % 6.6 % 3.0 % 0.3 % (FEMSA Comercio – Health Division) |
Disclosure of Detailed Information About Sensitivity to Changes in Assumptions | Change in Sales CGU Change in WACC Growth CAGR (1) Effect on Valuation FEMSA Comercio – Health Division (South America) +0.2 % ‑0.5 % Passes by 1.34x (1) Compound Annual Growth Rate (“CAGR”). |
Cash Generating Units [member] | |
Statement [Line Items] | |
Details of Key Assumptions by CGU for Impairment Test | Expected Annual Long-Term Inflation Expected Volume Growth CGU Pre-tax WACC Post-tax WACC 2021‑2025 Rates 2021‑2025 United States 8.2 % 6.0 % 2.0 % 1.7 % (Specialized Distribution) |
Disclosure of Detailed Information About Sensitivity to Changes in Assumptions | Change in Sales CGU Growth CAGR (1) Effect on Valuation United States (Specialized Distribution) ‑0.5 % Passes by 1.25x (1) Compound Annual Growth Rate (“CAGR”). |
Other Assets and Other Financ_2
Other Assets and Other Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Disclosure of Other Non-Current Assets | 14.1 Other non-current assets December 31, December 31, 2020 2019 Agreement with customers Ps. 731 Ps. 953 Long-term prepaid advertising expenses 333 341 Guarantee deposits (1) 2,009 2,407 Prepaid bonuses 239 226 Advances to acquire property, plant and equipment 184 203 Recoverable taxes 1,701 2,111 Indemnifiable assets from business combinations 1,609 2,948 Others 720 1,343 Ps. 7,526 Ps. 10,532 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits including those related to business acquisitions. See Note 26.7. |
Disclosure of Other Non-Current Financial Assets | 14.2 Other non-current financial assets December 31, December 31, 2020 2019 Non-current accounts receivable Ps. 983 Ps. 938 Derivative financial instruments (see Note 21) 14,283 8,260 Others 334 172 Other investments in equity instruments (1) 16,786 13,310 Ps. 32,386 Ps. 22,680 (1) Corresponds to the acquisition of a minority stake in Jetro Restaurant Depot as of November 8, 2019. On October 9, 2020, the Company acquired an additional minority stake in Jetro. Refer to Note 3.7.3. |
Balances and Transactions wit_2
Balances and Transactions with Related Parties and Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Balances and Transactions with Related Parties and Affiliated Companies | The consolidated statements of financial position and consolidated income statements include the following balances and transactions with related parties and affiliated companies: December 31, December 31, 2020 2019 Balances Due from The Coca-Cola Company (see Note 7) (1) (8) Ps. 509 Ps. 802 Balance with BBVA Bancomer, S.A. de C.V. (2) 1,092 6,798 Balance with Grupo Scotiabank Inverlat, S.A. (3) 2,016 510 Due from Heineken Group (1) (3) (7) 2,512 2,915 Other receivables (1) (4) 746 390 Due to The Coca-Cola Company (5) (6) (8) Ps. 3,513 Ps. 4,417 Due to BBVA Bancomer, S.A. de C.V. (5) 1,062 1,696 Due to Heineken Group (6) (7) 3,273 4,308 Due to Grupo Financiero Scotiabank Inverlat, S.A. (5) 105 104 Other payables (6) 2,060 2,003 (1) Presented within accounts receivable. (2) Presented within cash and cash equivalents. (3) Presented within other financial assets. (4) Presented within other current financial assets. (5) Recorded within bank loans and notes payable. (6) Recorded within accounts payable. (7) Associates. (8) Non-controlling interest. |
Summary of Transaction with Related Parties | Balances due from related parties are considered to be recoverable. Accordingly, for the years ended December 31, 2020, 2019 and 2018, there was no expense resulting from uncollectible balances due from related parties. Transactions 2020 2019 2018 Income: Services to Heineken Group (1) Ps. 3,181 Ps. 3,380 Ps. 3,265 Logistic services to Grupo Industrial Saltillo, S.A. de C.V. (3) — — 255 Logistic services to Jugos del Valle (1) 532 553 369 Interest revenues from BBVA Bancomer, S.A. de C.V. (3) 1,825 1,456 1,469 Interest revenues from Grupo Financiero Scotiabank Inverlat, S.A. (3) 295 447 –– Other revenues from related parties 764 404 242 Expenses: Purchase of concentrate from The Coca-Cola Company (2) Ps. 32,222 Ps. 34,063 Ps. 32,379 Purchases of beer from Heineken Group (1) (5) 23,233 25,215 27,999 Purchase of baked goods and snacks from Grupo Bimbo, S.A.B. de C.V. (3) 5,774 6,194 5,763 Advertisement expense paid to The Coca-Cola Company (2) (4) 865 1,756 2,193 Purchase of juices from Jugos del Valle, S.A.P.I. de C.V. (1) 4,055 4,477 4,537 Purchase of sugar from Promotora Industrial Azucarera, S.A. de C.V. (1) 2,123 2,728 2,604 Interest expense and fees paid to BBVA Bancomer, S.A. de C.V. (3) 232 144 230 Purchase of sugar from Beta San Miguel (3) 1,023 655 651 Purchase of sugar, cans and aluminum lids from Promotora Mexicana de Embotelladores, S.A. de C.V. (3) — — 739 Purchase of canned products from IEQSA (1) 226 682 596 Purchases to AdeS Alimentos y Bebidas (1) 338 497 592 Purchase of inventories to Leao Alimentos e Bebidas, L.T.D.A. (1) 1,253 1,867 2,654 Purchases of Material with Ecolab, Inc (3) 340 — — Advertising paid to Grupo Televisa, S.A.B. (3) 148 115 113 Insurance premiums for policies with Grupo Nacional Provincial, S.A.B. (3) 7 — 12 Donations to Fundación FEMSA, A.C. (3) 171 195 232 Donations to Difusión y Fomento Cultural, A.C. (3) 55 61 63 Donations to ITESM (3) 310 215 192 Other expenses with related parties 619 319 423 (1) Associates. (2) Non-controlling interest. (3) Members of the board of directors in FEMSA participate in the board of directors of this entity. (4) Net of the contributions from The Coca-Cola Company of Ps. 1,482, Ps. 2,274 and Ps. 3,542, for the years ended in 2020, 2019 and 2018, respectively. (5) Favorable resolution of Arbitration in Brazil on October 31, 2019, the arbitration tribunal in charge of the arbitration proceeding between Coca-Cola FEMSA and Cervejarias Kaiser Brasil, S.A., a subsidiary of Heineken, N.V. (“Kaiser”), issued an award confirming that the distribution agreement pursuant to which Coca-Cola FEMSA distribute Kaiser’s portfolio in the country, including Heineken beer, shall continue in full force and effect through March 19, 2022. |
Commitments with Related Parties | Commitments with related parties Related Party Commitment Conditions Heineken Group Supply Supply of all beer products in Mexico’s OXXO stores. The contract may be renewed for five years or additional periods. At the end of the contract OXXO will not hold exclusive contract with another supplier of beer for the next 3 years. Commitment term, January 1 st , 2010 to June 30, 2020. |
Schedule of Key Management Remuneration | The aggregate compensation paid to executive officers and senior management of the Company were as follows: 2020 2019 2018 Short-term employee benefits paid Ps. 2,112 Ps. 2,163 Ps. 1,885 Postemployment benefits 45 48 37 Termination benefits 373 411 88 Share based payments 575 610 401 |
Balances and Transactions in _2
Balances and Transactions in Foreign Currencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Assets, Liabilities and Transactions in Foreign Currencies | For the three years ended on December 31, 2020, 2019 and 2018, the assets, liabilities and transactions denominated in foreign currencies, expressed in Mexican pesos (contractual amounts) are as follows: Assets Liabilities Balances Short-Term Long-Term Short-Term Long- Term As of December 31, 2020 U.S. dollars Ps. 69,612 Ps. 1,143 Ps. 5,590 Ps. 122,000 Euros 479 — 458 24,521 Other currencies 46 1,349 21 — Total Ps. 70,137 Ps. 2,492 Ps. 6,069 Ps. 146,521 As of December 31, 2019 U.S. dollars Ps. 58,151 Ps. 452 Ps. 5,597 Ps. 57,075 Euros 877 — 363 21,122 Other currencies 620 1,593 58 1 Total Ps. 59,648 Ps. 2,045 Ps. 6,018 Ps. 78,198 Other Operating Purchases Transactions Revenues Revenues of Raw Materials Interest Expense Consulting Fees Asset Acquisitions Other For the year ended December 31, 2020 U.S. dollars Ps. 4,213 Ps. 1,478 Ps. 16,398 Ps. 13,660 Ps. 480 Ps. 79 Ps. 2,413 Euros — — 35 — 20 — 1 Other currencies 125 52 3 532 3 — 103 Total Ps. 4,338 Ps. 1,530 Ps. 16,436 Ps. 14,192 Ps. 503 Ps. 79 Ps. 2,517 For the year ended December 31, 2019 U.S. dollars Ps. 5,487 Ps. 5,612 Ps. 17,941 Ps. 2,183 Ps. Ps. 3,388 Ps. 4,348 Euros — — 5 2 Other currencies 1 982 — — 2 — 132 Total Ps. 5,488 Ps. 6,594 Ps. 18,479 Ps. 2,580 Ps. 753 Ps. 3,393 Ps. 4,482 For the year ended December 31, 2018 U.S. dollars Ps. 7,228 Ps. 130 Ps. 21,460 Ps. 2,309 Ps. Ps. 2,166 Ps. 2,676 Euros — — 63 434 20 — 1 Other currencies — 9 — — 2 — — Total Ps. 7,228 Ps. 139 Ps. 21,523 Ps. 2,743 Ps. 774 Ps. 2,166 Ps. 2,677 |
Summary of Exchange Rates | Mexican peso exchange rates effective at the dates of the consolidated statements of financial position and at the issuance date of the Company’s consolidated financial statements were as follows: December 31, April 9, 2020 2019 2021 U.S. dollar 19.9487 18.8452 20.1765 Euro 24.5213 21.1223 23.8326 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Actuarial Assumptions | Actuarial calculations for pension and retirement plans, seniority premiums and post-retirement medical benefits, as well as the associated cost for the period, were determined using the following long-term assumptions for Mexico: December 31, December 31, December 31, Mexico 2020 2019 2018 Financial: Discount rate used to calculate the defined benefit obligation 7.20 % 7.50 % 9.40 % Salary increase 4.50 % 4.50 % 4.60 % Future pension increases 3.50 % 3.50 % 3.60 % Healthcare cost increase rate 5.10 % 5.10 % 5.10 % Biometric: Mortality (1) EMSSA 2009 EMSSA 2009 EMSSA 2009 Disability (2) IMSS‑97 IMSS‑97 IMSS‑97 Normal retirement age 60 years 60 years 60 years Employee turnover table (3) BMAR 2007 BMAR 2007 BMAR 2007 Measurement date December: (1) EMSSA. Mexican Experience of social security. (2) IMSS. Mexican Experience of Instituto Mexicano del Seguro Social. (3) BMAR. Actuary experience. |
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 Post-Retirement Retirement Seniority Medical Plans Premiums Services Total 2021 Ps. 702 Ps. 198 Ps. 26 Ps. 926 2022 335 168 28 531 2023 384 168 29 581 2024 398 170 31 599 2025 496 176 33 705 2026 to 2030 3,118 791 199 4,108 |
Summary of Balances of the Liabilities for Employee Benefits | December 31, December 31, 2020 2019 Pension and Retirement Plans: Defined benefit obligation Ps. 7,679 Ps. 7,193 Pension plan funds at fair value (2,788) (2,678) Net defined benefit liability Ps. 4,891 Ps. 4,515 Seniority Premiums: Defined benefit obligation Ps. 1,763 Ps. 1,237 Seniority premium plan funds at fair value (137) (127) Net defined benefit liability Ps. 1,626 Ps. 1,110 Postretirement Medical Services: Defined benefit obligation Ps. 812 Ps. 797 Medical services funds at fair value (76) (75) Net defined benefit liability Ps. 736 Ps. 722 Total Employee Benefits Ps. 7,253 Ps. 6,347 |
Summary of Trust Assets | Trust assets consist of fixed and variable return financial instruments recorded at fair value (Level 1), which are invested as follows: December 31, December 31, 2020 2019 Fixed return: Traded securities 27 % 9 % Bank instruments 9 % 23 % Federal government instruments of the respective countries 29 % 33 % Variable return: Publicly traded shares 35 % 35 % 100 % 100 % |
Summary of Amounts and Types of Securities in Related Parties Included in Portfolio Fund | In Mexico, the amounts and types of securities of the Company in related parties included in portfolio fund are as follows: December 31, December 31, 2020 2019 Debt: El Puerto de Liverpool, S.A.B. de C.V. Ps. 30 Ps. 30 Grupo Industrial Bimbo, S.A.B. de C. V. 5 31 BBVA Bancomer, S.A de C.V. 10 20 Grupo Financiero Banorte, S.A.B. de C.V. — 8 Grupo Financiero Scotiabank Inverlat, S.A. de C.V. 10 10 Equity: CEMEX, S.A.B. de C.V. 8 12 Grupo Financiero Banorte, S.A.B. de C.V. 8 1 Alfa, S.A.B. de C.V. 3 6 El Puerto de Liverpool, S.A.B. de C.V. — 2 Grupo Aeroportuario del Suereste, S.A.B. de C.V. 2 — Others 4 3 |
Summary of Amount Recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income | Income Statement AOCI (1) Gain or Net Interest on Loss on the Net Defined Remeasurements Current Past Service Settlement or Benefit of the Net Defined December 31, 2020 Service Cost Cost Curtailment Liability Benefit Liability Pension and retirement plans Ps. 372 Ps. 73 Ps. — Ps. 305 Ps. 2,024 Seniority premiums 239 — — 91 483 Postretirement medical services 44 — — 54 342 Total Ps. 656 Ps. 73 Ps. — Ps. 450 Ps. 2,849 December 31, 2019 Pension and retirement plans Ps. 279 Ps. (45) Ps. 2 Ps. 290 Ps. 1,608 Seniority premiums 139 161 — 57 162 Postretirement medical services 15 — — 32 396 Total Ps. 433 Ps. 116 Ps. 2 Ps. 379 Ps. 2,166 Gain or Net Interest on Loss on the Net Defined Remeasurements Current Past Service Settlement or Benefit of the Net Defined December 31, 2018 Service Cost Cost Curtailment Liability Benefit Liability Pension and retirement plans Ps. 318 Ps. — Ps. (5) Ps. 304 Ps. 668 Seniority premiums 125 — (8) 49 (63) Postretirement medical services 25 — (1) 34 41 Total Ps. 468 Ps. — Ps. (14) Ps. 387 Ps. 646 (1) Amounts accumulated in other comprehensive income as of the end of the period. |
Summary of Remeasurements of Net Defined Benefit Liability Recognized in Accumulated Other Comprehensive Income | Remeasurements of the net defined benefit liability recognized in accumulated other comprehensive income are as follows: December 31, December 31, December 31, 2020 2019 2018 Amount accumulated in other comprehensive income as of the beginning of the period, net of tax Ps. 1,624 Ps. 475 Ps. 892 Actuarial (gains) arising from exchange rates (6) (30) (21) Remeasurements during the year, net of tax 312 100 221 Actuarial losses and (gains) arising from changes in financial assumptions 139 1,071 (617) Actuarial losses and (gains) arising from changes in demographic assumptions 27 — — Effect on settlement 3 8 — Amount accumulated in other comprehensive income as of the end of the period, net of tax Ps. 2,099 Ps. 1,624 Ps. 475 |
Summary of Changes in the Balance of the Defined Benefit Obligation for Post-employment | December 31, December 31, December 31, 2020 2019 2018 Pension and Retirement Plans: Initial balance Ps. 7,193 Ps. 6,189 Ps. 7,370 Current service cost 372 279 318 Past service (credit) cost 73 (45) — Interest expense 506 530 484 Settlement / Curtailment — 2 (5) Remeasurements of the net defined benefit obligation 326 859 (740) Foreign exchange loss (gain) 37 (69) (86) Benefits paid (828) (582) (450) (Derecognition) acquisitions — 30 (702) Ending balance Ps. 7,679 Ps. 7,193 Ps. 6,189 Seniority Premiums: Initial balance Ps. 1,237 Ps. 772 Ps. 783 Current service cost 239 139 125 Past service cost — 161 — Interest expense 101 68 57 Settlement 13 — (8) Remeasurements of the net defined benefit obligation 309 230 (115) Benefits paid (136) (133) (77) Acquisitions — — 7 Ending balance Ps. 1,763 Ps. 1,237 Ps. 772 Postretirement Medical Services: Initial balance Ps. 797 Ps. 418 Ps. 524 Current service cost 44 15 25 Interest expense 61 38 39 Curtailment / Settlement — — (1) Remeasurements of the net defined benefit obligation (59) 356 (143) Benefits paid (31) (30) (26) Ending balance Ps. 812 Ps. 797 Ps. 418 |
Summary of Changes in the Balance of Plan Assets | December 31, December 31, December 31, 2020 2019 2018 Total Plan Assets: Initial balance Ps. 2,880 Ps. 2,680 Ps. 3,304 Actual return on trust assets 113 174 47 Foreign exchange loss (gain) 3 2 (1) Life annuities 5 24 35 Benefits paid — — (1) (Derecognition) acquisitions — — (704) Ending balance Ps. 3,001 Ps. 2,880 Ps. 2,680 |
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 amount of defined benefit plan expense and OCI impact in absolute terms of a variation of 1% in the assumptions on the net defined benefit liability associated with the Company’s defined benefit plans. The sensitivity of this 1% on the significant actuarial assumptions is based on a projected long-term discount rates for Mexico and a yield curve projection of long-term Mexican government bonds - CETES: +1%: Income Statement OCI (1) Gain or Effect of Net Remeasurements Discount rate used to calculate the defined benefit Loss on Interest on the Net of the Net Defined obligation and the net interest on the net defined Current Settlement or Defined Benefit Benefit Liability benefit liability Service Cost Curtailment Liability (Asset) (Asset) Pension and retirement plans Ps. 400 Ps. — Ps. 237 Ps. 1,784 Seniority premiums 223 — 80 432 Postretirement medical services 40 — 47 290 Total Ps. 663 Ps. — Ps. 364 Ps. 2,506 Expected salary increase Pension and retirement plans Ps. 466 Ps. — Ps. 339 Ps. 1,984 Seniority premiums 241 — 93 514 Seniority premiums 44 — 54 342 Total Ps. 751 Ps. — Ps. 486 Ps. 2,840 Assumed rate of increase in healthcare costs Postretirement medical services Ps. 52 Ps. — Ps. 64 Ps. 375 -1%: Gain or Effect of Net Remeasurements Discount rate used to calculate the defined benefit Loss on Interest on the Net of the Net Defined obligation and the net interest on the net defined Current Settlement or Defined Benefit Benefit Liability benefit liability Service Cost Curtailment Liability (Asset) (Asset) Pension and retirement plans Ps. 458 Ps. — Ps. 366 Ps. 2,025 Seniority premiums 257 — 99 521 Postretirement medical services 50 — 62 364 Total Ps. 765 Ps. — Ps. 527 Ps. 2,910 Expected salary increase Pension and retirement plans Ps. 396 Ps. — Ps. 265 Ps. 1,820 Seniority premiums 235 — 90 432 Total Ps. 631 Ps. — Ps. 355 Ps. 2,252 Assumed rate of increase in healthcare costs Postretirement medical services Ps. 38 Ps. — Ps. 45 Ps. 276 (1) Amounts accumulated in other comprehensive income as of the end of the period. |
Summary of Employee Benefit Expenses Recognized in Consolidated Income Statements | For the years ended December 31, 2020, 2019 and 2018, employee benefits expenses recognized in the consolidated income statements as cost of goods sold, administrative and selling expenses are as follows: 2020 2019 2018 Wages and salaries Ps. 68,312 Ps. 64,776 Ps. 58,745 Social security costs 11,595 11,494 10,486 Employee profit sharing 1,112 1,205 1,294 Post-employment benefits 1,002 795 842 Share-based payments 575 200 405 Termination benefits 201 169 132 Ps. 82,797 Ps. 78,639 Ps. 71,904 |
Bonus Programs (Tables)
Bonus Programs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Number of Shares Held by the Trust | As of December 31, 2020 and 2019, the number of shares held by the trust associated with the Company’s share-based payment plans are as follows: Number of Shares FEMSA UBD KOF UBL 2020 2019 2020 2019 Beginning balance 2,249,665 2,278,460 752,847 697,226 Shares acquired by the administrative trust to employees 2,445,983 1,441,838 985,535 456,077 Shares released from administrative trust to employees upon vesting (1,280,748) (1,470,633) (378,224) (400,456) Ending balance 3,414,900 2,249,665 1,360,158 752,847 |
Bank Loans and Notes Payable (T
Bank Loans and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Detailed Information About Borrowings | At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at and December December December (in millions of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Short-term debt: Fixed rate debt: Colombian pesos Bank loans Ps. 168 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 168 Ps. 168 Ps. 769 Interest rate 2.1 % — — — — — 2.1 % — 5.1 % Argentine pesos Bank loans 711 — — — — — 711 711 126 Interest rate 44.7 % — — — — — 44.7 % — 63.5 % Chilean pesos Bank loans 1,027 — — — — — 1,027 1,027 977 Interest rate 1.9 % — — — — — 1.9 % — 2.6 % U.S. dollars Bank loans 1,150 — — — — — 1,150 1,150 1,038 Interest rate 2.0 % — — — — — 2.0 % — 2.6 % Uruguayan pesos Bank loans 498 — — — — — 498 498 63 Interest rate 15.1 % — — — — — 15.1 % — 11.6 % Guatemalan quetzal Bank loans 63 — — — — — 63 63 — Interest rate 6.3 % — — — — — 6.3 % — — Variable rate debt: Mexican pesos Bank loans 360 — — — — — 360 360 100 Interest rate 5.2 % — — — — — 5.2 % — 7.9 % Colombian pesos Bank loans 492 — — — — — 492 492 431 Interest rate 3.0 % — — — — — 3.0 % — 4.7 % Argentine pesos Bank loans — — — — — — — — 32 Interest rate — — — — — — — — 54.3 % Brazilian reals Bank loans — — — — — — — — 399 Interest rate — — — — — — — — 9.4 % Total short-term debt Ps. 4,469 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 4,469 Ps. 4,469 Ps. 3,935 At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at and December December December (in millions of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Long-term debt: Fixed rate debt: Euro Senior unsecured notes Ps. — Ps. — Ps. 24,469 Ps. — Ps. — Ps. — Ps. 24,469 Ps. 25,517 Ps. 21,046 Interest rate — — 1.7 % — — — 1.7 % — 1.7 % U.S. dollars Yankee bond — — — — — 50,597 50,597 57,967 37,575 Interest rate — — — — — 3.1 % 3.1 % — 4.5 % Bank of NY (FEMSA USD 2023) — — 5,975 — — — 5,975 6,258 5,593 Interest rate (1) — — 2.9 % — — — 2.9 % — 2.9 % Bank of NY (FEMSA USD 2043) — — — — — 13,805 13,805 17,486 12,943 Interest rate (1) — — — — — 4.4 % 4.4 % — 4.4 % Bank of NY (FEMSA USD 2050) — — — — — 49,549 49,549 55,422 — Interest rate (1) — — — — — 3.5 % 3.5 % — — Bank loans — — — 2,293 — — 2,293 2,293 2,185 Interest rate — — — 3.7 % — — 3.7 % — 3.6 Mexican pesos Domestic senior notes 2,502 — 7,496 — — 11,485 21,483 22,638 18,484 Interest rate 8.3 % — 5.5 % — — 7.7 % 7.0 % — 6.9 % Bank loans 48 38 32 25 22 — 165 165 115 Interest rate 9.1 % 9.9 % 9.5 % 9.0 % 8.7 % — 9.3 % — 9.3 % Brazilian reais Bank loans 59 50 28 19 1 — 157 157 434 Interest rate 5.7 % 6.0 % 6.4 % 6.6 % 6.6 % — 6.1 % — 7.3 % Chilean pesos Bank loans 15 — — — — — 15 15 40 Interest rate 3.2 % — — — — — 3.2 % — 3.4 % Uruguayan pesos Bank loans 770 261 — — — — 1,031 1,031 1,265 Interest rate 10.3 % 12.2 % — — — — 10.8 % — 5.8 % Subtotal Ps. 3,394 Ps. 349 Ps. 38,000 Ps. 2,337 Ps. 23 Ps. 125,436 Ps. 169,539 Ps. 188,949 Ps. 99,680 (1) All interest rates shown in this table are weighted average contractual annual rates. At December 31, (1) Carrying Fair Carrying 2026 Value at Value at Value at (in millions and December December December of Mexican pesos) 2021 2022 2023 2024 2025 Thereafter 31, 2020 31, 2020 31, 2019(1) Variable rate debt: Mexican pesos Domestic senior notes — 1,459 — — 1,722 — 3,181 3,176 1,459 Interest rate (1) — 4.7 % — — 4.6 % — 4.6 % — 8.0 % Bank Loans 238 102 54 367 6,003 3,007 9,771 9,834 9,864 Interest rate (1) 5.8 % 6.0 % 6.2 % 5.3 % 5.0 % 5.2 % 8.4 % — 8.4 % Brazilian reais Bank loans 43 4 — — — — 47 48 242 Interest rate 8.1 % 8.1 % — — — — 8.1 % — 7.8 % Colombian pesos Bank loans 18 7 — — — — 25 25 422 Interest rate 4.4 % 4.4 % — — — — 4.4 % — 5.7 % Chilean pesos Bank loans 639 657 337 — — — 1,633 1,633 2,349 Interest rate 5.8 % 2.0 % 2.0 % — — — 3.5 % — 4.1 % Subtotal Ps. 938 Ps. 2,229 Ps. 391 Ps. 367 Ps. 7,725 Ps. 3,007 Ps. 14,657 Ps. 14,716 Ps. 14,336 Total long-term debt Ps. 4,332 Ps. 2,578 Ps. 38,391 Ps. 2,704 Ps. 7,748 Ps. 128,443 Ps. 184,196 Ps. 203,665 Ps. 114,016 Current portion of long-term debt (4,332) (12,269) Ps. 179,864 Ps. 101,747 (1) All interest rates shown in this table are weighted average contractual annual rates. |
Summary of Financial Instruments by Type of Interest Rate | 2026 and Total Total Hedging Derivative Financial Instruments (1) 2021 2022 2023 2024 2025 Thereafter 2020 2019 (notional amounts in millions of Mexican pesos) ` Cross currency swaps: U.S. dollars to Mexican pesos Fixed to variable (3) Ps. — Ps. — Ps. 11,403 Ps. — Ps. — 9,575 Ps. 20,979 Ps. 11,403 Interest pay rate — — 5.7 % — — 9.5 % 7.5 % 8.8 % Interest receive rate — — 4.0 % — — 3.9 % 4.0 % 4.0 % Fixed to fixed — — 6,853 — 10,000 6,982 23,835 18,982 Interest pay rate — — 7.8 % — 8.2 % 8.2 % 8.1 % 9.0 % Interest receive rate — — 3.2 % — 3.5 % 3.3 % 3.3 % 3.9 % Fixed to fixed (2) Interest pay rate — — — — — 8.8 % 8.8 % 9.4 % Interest receive rate — — — — — 4.2 % 4.2 % 4.4 % U.S. dollars to Brazilian reais Fixed to fixed — — — — — — — 4,365 Interest pay rate — — — — — — — 8.3 % Interest receive rate — — — — — — — 2.9 % Variable to fixed — — — — — — — 9,046 Interest pay rate — — — — — — — 9.5 % Interest receive rate — — — — — — — 3.9 % Chilean pesos Variable to fixed — — — — — — — 163 Interest pay rate — — — — — — — 6.9 % Interest receive rate — — — — — — — 4.7 % Colombian pesos Fixed to fixed — — — — — 404 404 — Interest pay rate — — — — — % 5.0 % — Interest receive rate — — — — — % 2.4 % — Interest rate swaps: Mexican pesos Variable to fixed rate: 449 458 1,515 2,294 — — 4,716 4,353 Interest pay rate 7.6 % 6.6 % 5.8 % 3.6 % — — 5.0 % 4.9 % Interest receive rate 1.0 % 4.0 % 1.8 % 3.7 % — — 2.9 % 3.9 % Variable to fixed rate (3) : Interest pay rate — — 7.2 % — — — 7.2 % 7.2 % Interest receive rate — — 5.7 % — — — 5.7 % 8.8 % (1) All interest rates shown in this table are weighted average contractual annual rates. (2) Cross Currency swaps which covers U.S. dollars to Mexican pesos with a notional of Ps.8,869, that have a starting date in 2023; receiving a fixed rate of 4.4% and pay a variable rate of 9.4%. (3) Interest rate swaps with a notional amount of Ps. 11,403 that receive a variable rate of 5.7% and pay a fixed rate of 7.2%; joined with a cross currency swap, which covers U.S. dollars to Mexican pesos, that receives a fixed rate of 4.0% and pay a variable rate of 5.7%. |
Summary of Interest Expense | For the years ended December 31, 2020, 2019 and 2018, the interest expense is comprised as follows: 2020 2019 2018 Interest on debts and borrowings Ps. 10,788 Ps. 6,434 Ps. 6,760 Capitalized interest — — (5) Finance charges for employee benefits 456 382 373 Derivative instruments 1,428 2,300 2,649 Finance operating charges (231) 243 48 Finance charges payable for leases 5,075 4,774 — Ps. 17,516 Ps. 14,133 Ps. 9,825 |
Summary of Liabilities Arising from Financing Activities | 19.1 Reconciliation of liabilities arising from financing activities Carrying Carrying Value at Value at January Cash Flows Non-cash effects December 31, 1, 2020 2020 Foreign Acquisition New leases Exchange Others (1) Income (Loss) Bank loans Ps. 20,807 Ps. (1,286) Ps. — Ps. — Ps. 221 Ps. (312) Ps. 19,430 Notes payable 97,144 67,380 — — 4,813 (101) 169,235 Total liabilities from financing activities 117,951 66,093 — — 5,034 (413) 188,664 Financial leases 54,679 (9,810) 1,765 7,982 (584) 4,276 58,308 Total financing activities Ps. 172,630 Ps. 56,283 Ps. 1,765 Ps. 7,982 Ps. 4,450 Ps. 3,863 Ps. 246,972 (1) Includes mainly remeasurements of leases, and amortization of transaction costs. Carrying Carrying Value at Value at January December 1, 2019 Cash Flows Non-cash effects 31, 2019 Foreign Exchange Income Acquisition New leases (Loss) Others Bank loans Ps. 22,944 Ps. (2,999) Ps. 1,917 Ps. — Ps. (397) Ps. (658) Ps. 20,807 Notes payable 105,720 (5,022) — — (1,244) (2,310) 97,144 Total liabilities from financing activities 128,664 (8,021) 1,917 — (1,641) (2,968) 117,951 Financial leases 50,220 (8,848) 2,187 7,490 (10) 3,640 54,679 Total liabilities from financing activities 178,884 Ps. (16,869) Ps. 4,104 Ps. 7,490 Ps. (1,651) Ps. 672 Ps. 172,630 Carrying Carrying Value at Value at January December 1, 2018 Cash Flows Non-cash effects 31, 2018 Foreign Exchange Acquisition New leases Movement Others Bank loans Ps. 13,669 Ps. 8,313 Ps. 1,147 Ps. — Ps. 417 Ps. (602) Ps. 22,944 Notes payable 117,551 (9,314) — — (769) (1,840) 105,628 Lease liabilities 128 (26) — — (10) — 92 Total liabilities from financing activities 131,348 (1,027) 1,147 — (362) (2,442) 128,664 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Other Income and Expenses | 2020 2019 2018 Gain on sale of other assets Ps. — Ps. — Ps. 344 Gain on sale of long-lived assets 130 — 174 Sale of waste material 20 21 13 Insurance rebates 35 — 10 Foreign exchange gain 112 26 123 Other investment in shares (5) 2,011 — — Recycling of cumulative gain on sale of joint venture 212 — — Recoveries of prior years (1) 594 896 — Others 229 70 9 Other income Ps. 3,343 Ps. 1,013 Ps. 673 Contingencies associated with prior acquisitions or disposals Ps. — Ps. 149 Ps. 138 Loss on sale of property, plant and equipment — 67 — Recoveries of prior years — 44 116 Impairment of long-lived assets (2) 5,102 1,018 432 Loss in write-off of intangible assets 375 — — Disposal of long-lived assets (3) 915 861 518 Contingencies 804 589 518 Severance payments (4) 465 1,207 264 Donations 605 489 528 Legal fees and other expenses from past acquisitions — 17 149 Effect of taxes paid on previous years (6) 3,253 — — Other 862 464 284 Other expenses Ps. 12,381 Ps. 4,905 Ps. 2,947 (1) Following a favorable decision from Brazilian tax authorities received during 2020 and 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 condensed consolidated income statements. See Note 25.1.1. (2) Includes impairment loss related to Compañía Panameña de Bebibas, S.A.P.I. de C.V., for an amount of Ps. 1,463 and Ps. 948 million in 2020 and 2019, respectively. Additionally, includes impairment loss related to Leao Alimentos e Bebidas, L.T.D.A., for an amount of Ps. 1,038 million in 2020. (see Note 10). Also, includes impairment loss related to Specialty’s, and Doña Tota in 2020 for an amount of Ps. 2,021 and Ps. 576, respectively. The impairment losses in 2020 were mainly driven by mobility restrictions that impacted customer behavior and the economic crisis generated by COVID-19 pandemic. (3) Charges related to fixed assets retirement from ordinary operations and other long-lived assets. (4) During 2019, the Company incurred restructuring costs related to some of their operations as part of an efficiency program. (5) During 2020, the Company received a dividend income related to its investment in Jetro Restaurant Depot. Interest and penalties associated to taxes paid from previous years. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | December 31, 2020 December 31, 2019 Level 1 Level 2 Level 1 Level 2 Financial instrument (current asset) 488 85 91 917 Financial instrument (non-current asset) 3,002 31,069 2,880 21,570 Financial instrument (current liability) 83 1,045 47 801 Financial instrument (non-current liability) — 3,743 — 1,672 |
Fair Value of Company's Publicly Traded Debt | The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2020 and 2019, which is considered to be level 1 in the fair value hierarchy. 2020 2019 Carrying value Ps. 188,665 Ps. 117,951 Fair value 208,134 124,038 |
Disclosure of Outstanding Interest Rate Swap Agreements | At December 31, 2020, the Company has the following outstanding interest rate swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 449 Ps. (6) Ps. — 2022 458 (16) — 2023 12,918 (492) — 2024 2,294 (126) — At December 31, 2019, the Company has the following outstanding interest rate swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 4,365 Ps. (142) Ps. — 2021 405 (24) — 2022 414 (20) — 2023 12,770 (79) 245 2024 3 — — |
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 9,042 Ps. (1,040) Ps. 4 2022 66 (41) — 2023 23 (2) — 2024 2 — — At December 31, 2019, the Company had the following outstanding forward agreements to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 8,447 Ps. (292) Ps. 34 2021 215 — 27 2022 52 — 5 |
Summary of Outstanding Collar Options to Purchase Foreign Currency | At December 31, 2019, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 107 Ps. — Ps. 2 |
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2020, the Company had the following outstanding cross – currency swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 4,575 Ps. (5) Ps. 169 2022 376 — 23 2023 24,103 — 10,808 2024 1,577 (9) 264 2025 10,750 (2,481) — 2027 6,982 (464) 80 2029 1,519 — 122 2030 3,790 (107) 192 2043 8,869 — 2,706 At December 31, 2019, the Company had the following outstanding cross – currency swap agreements: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2019 December 31, 2019 2020 Ps. 17,252 Ps. (307) Ps. 883 2021 702 — 49 2022 375 — 3 2023 23,466 (594) 7,122 2024 1,788 (53) — 2026 772 (63) — 2027 6,596 (843) — 2029 1,371 — 121 2043 8,869 — 576 |
Disclosure of Fair Value of Commodity Price Contracts | At December 31, 2020, Coca-Cola FEMSA had the following sugar price contracts: Notional Fair Value Liability Fair Value Asset Maturity Date Amount December 31, 2020 December 31, 2020 2021 Ps. 1,260 Ps. (18) Ps. 275 2022 366 — 70 At December 31, 2019, Coca-Cola FEMSA had the following sugar price contracts: Notional Fair Value Asset Maturity Date Amount December 31, 2019 2020 Ps. 1,554 Ps. 53 2021 98 15 At December 31, 2020, Coca-Cola FEMSA had the following aluminum price contracts: Fair Value Asset Notional December 31, Maturity Date Amount 2020 2021 Ps. 695 Ps. 125 2022 99 17 At December 31, 2019, Coca-Cola FEMSA had the following aluminum price contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2019 2020 Ps. 394 Ps. 4 At December 31, 2020, Coca-Cola FEMSA had the following PX+MEG (resine) contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2020 2021 Ps. 729 Ps. (65) At December 31, 2019, Coca-Cola FEMSA had the following PX+MEG (resine) contracts: Fair Value Liability Notional December 31, Maturity Date Amount 2019 2020 Ps. 320 Ps. (28) |
Disclosure of Detailed Information about Treasury Lock Contracts | At December 31, 2019, the Company had the following outstanding treasury locks agreements: Fair Value Liability Fair Value Asset Notional December 31, December 31, Maturity Date Amount 2020 2020 2020 Ps. 10,365 Ps. — Ps. 102 |
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria | 10 Net effects of expired contracts that met hedging criteria Impact in Consolidated Income Statement 2020 2019 2018 Cross currency swaps (1) Interest expense Ps. (109) Ps. 199 Ps. 157 Cross currency swaps (1) Foreign exchange 1,212 480 642 Interest rate swaps Interest expense (163) 515 — Forward agreements to purchase foreign currency Foreign exchange (167) (116) (87) Commodity price contracts Cost of goods sold (129) (391) (258) Options to purchase foreign currency Cost of goods sold 8 (63) (8) Forward agreements to purchase foreign currency Cost of goods sold 839 (163) 240 Treasury locks Interest expense 153 — — This amount corresponds to the settlement of cross currency swaps portfolio in Brazil presented as part of the other financial activities. |
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes | 21.11 Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes. Impact in Consolidated Derivative Income Statement 2020 2019 2018 Forward agreements to purchase foreign currency Market value gain (loss) on financial statements Ps. — Ps. 4 Ps. (12) Cross currency swaps Market value (loss) on financial statements (212) (293) (116) 21.12 Net effect of expired contracts that did not meet the criteria for hedge accounting purposes Impact in Consolidated Type of Derivatives Income Statement 2020 2019 2018 Cross-currency swaps Market value loss on financial instruments Ps. (212) Ps. (293) Ps. (186) Embedded derivatives Market value gain on financial instruments — 4 — |
Summary of Sensitivity Analysis of Interest Rate Risks Management | The following disclosures provide a sensitivity analysis of the interest rate risks management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy: Change in Interest Rate Swap (1) Bps. Effect on Equity 2020 FEMSA (2) (100 Bps.) Ps. (354) 2019 FEMSA (2) (100 Bps.) Ps. (432) Coca-Cola FEMSA (100 Bps.) (37) 2018 FEMSA (2) (100 Bps.) Ps. (359) Coca-Cola FEMSA (100 Bps.) (1,976) (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Does not include Coca-Cola FEMSA. Interest Effect of Unhedged Portion Bank Loans 2020 2019 2018 Change in interest rate +100 Bps. +100 Bps. +100 Bps. Effect on profit loss Ps. (110) Ps. (50) Ps. (145) |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The amounts disclosed are undiscounted 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 (including interest) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2020. 2026 and 2021 2022 2023 2024 2025 thereafter Non-derivative financial liabilities: Notes and bonds Ps. 5,646 Ps. 4,981 Ps. 45,553 Ps. 2,746 Ps. 4,306 Ps. 191,771 Loans from Banks 6,605 1,310 558 2,825 3,772 5,640 IFRS 16 lease obligation 89 53 38 31 24 — Derivative financial liabilities 1,621 1,472 (3,700) 1,185 2,546 (10,457) |
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates | As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows: Maturity 1‑6 months 6‑12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Net exposure 2,887 1,892 2 Average exchange rate MXN/USD 23.26 23.46 20.01 Net exposure 910 601 43 Average exchange rate BRL/USD 5.33 5.20 4.53 Net exposure 511 212 — Average exchange rate COP/USD 3,750 3,740 — Net exposure 96 — — Average exchange rate ARS/USD 92.97 — — Net exposure 225 58 — Average exchange rate URY/USD 45.92 45.69 — Foreign exchange currency swap contracts Net exposure — — 44,107 Average exchange rate MXN/USD — — 14.70 Net exposure 58 — 9,652 Average exchange rate BRL/USD 5.15 — 4.00 Net exposure — 71 981 Average exchange rate BRL/MXN — 0.26 0.26 Net exposure 404 709 1,688 Average exchange rate COP/USD 3,454 2,992 3,296 Net exposure — 3,333 1,519 Average exchange rate CLP/USD — 696.02 677.00 Interest rate risk Interest rate swaps Net exposure — — 11,403 Interest rate average MXN — — 7.17 % Net exposure — — 4,716 Interest rate average CLP — — 4.95 % Commodities risk Aluminum 325 370 99 Average price (USD/Ton) 1,654 1,720 1,740 Sugar 869 391 365 Average price (USD cent/Lb) 12.13 11.87 12.17 PX+MEG 364 364 — Average price (USD /Ton) 730 730 — As of December 31, 2019, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows: Maturity 1‑6 months 6‑12 months More than 12 Foreign exchange currency risk Foreign exchange currency forward contracts Net exposure Ps. 4,373 Ps. 2,086 Ps. — Average exchange rate MXN/USD 20.00 20.20 — Net exposure 746 378 267 Average exchange rate BRL/USD 4.05 4.19 4.44 Net exposure 220 85 — Average exchange rate COP/USD 3,491 3,460 — Net exposure 137 — — Average exchange rate ARS/USD 79.23 — — Net exposure 335 87 — Average exchange rate URY/USD 37.55 40.03 — Foreign exchange currency option contracts Net exposure 107 — — Average exchange rate COP/USD 3,252 — — Foreign exchange currency swap contracts Net exposure 9,423 — 18,428 Average exchange rate MXN/USD 19.54 — 15.93 Net exposure — 4,365 9,140 Average exchange rate BRL/USD — 3.41 4.00 Net exposure — 84 1,195 Average exchange rate BRL/MXN — 0.21 0.21 Net exposure — — 2,403 Average exchange rate COP/USD — — 3,075 Net exposure — 3,007 1,371 Average exchange rate CLP/USD — 696.02 677.00 Interest rate risk Interest rate swaps Net exposure — 4,365 — Interest rate average BRL — 8.34 % — % Net exposure — — 11,403 Interest rate average MXN — — 7.17 % Net exposure — — 2,197 Interest rate average CLP — % — 6.26 % Commodities risk Aluminum 276 118 — Average price (USD/Ton) 1,796 1,812 — Sugar 1,192 361 98 Average price (USD cent/Lb) 13.09 12.73 13.45 PX+MEG 160 160 — Average price (USD /Ton) 848 848 — |
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges | Hedging Costs of hedging reserve reserve Balances at beginning of the period Ps. 431 Ps. — Cash flows hedges Fair value changes: Foreign exchange currency risk – Purchase of stock 82 — Foreign exchange currency risk – Other stock (626) — Interest rate risk 2,991 — The amounts included in non-financial costs: Taxes due to changes in reserves during the period 12 — Balances at the end of the period Ps. 2,890 Ps. — |
Schedule of Reconciliation of Each Component of Equity and Analysis of Other Comprehensive Income | Foreign exchange Foreign Cross-currency Interest Treasury Commodity Total holders Non-controlling forward contracts currency option swaps rate swaps Lock contracts price contracts of the parent interest Total As at January 1, 2019 Ps. 53 Ps. 17 Ps. 1,296 Ps. 351 Ps. — Ps. (136) Ps. 1,065 Ps. (120) Ps. 945 Financial instruments – purchases (244) 2 78 — 102 29 (33) (71) (104) Change in fair value of financial instruments recognized in OCI — — (77) (416) — 3 (490) (1,101) (1,591) Amount reclassified from OCI to profit or loss (68) (26) 451 36 — 198 591 631 1,222 Foreign currency revaluation of the net foreign operations — — (176) — — — (176) (93) (269) Effects of changes in foreign exchange rates — — 30 9 — 3 42 22 64 Tax effect 103 7 — (31) (74) (465) 195 (270) As at December 31, 2019 Ps. (156) Ps. — Ps. 1,602 Ps. (20) Ps. 71 Ps. 23 Ps. 534 Ps. (537) Ps. (3) Financial instruments – purchases (840) 2 (2,145) — — 351 (2,632) (170) (2,803) Change in fair value of financial instruments recognized in OCI (483) — 6,922 (762) — 9 5,686 1,425 7,387 Amount reclassified from OCI to profit or loss 277 (2) 2,461 129 (102) (37) 2,726 943 3,670 Foreign currency revaluation of the net foreign operations — — (3,588) — — — (3,588) (1,893) (3,588) Effects of changes in foreign exchange rates 7 — 92 14 — (8) 105 55 (1,846) Tax effect 163 — — 31 (108) (977) (106) (1,246) As at December 31, 2020 Ps. (1,032) Ps. — Ps. 5,344 Ps. (639) Ps. — Ps. 230 Ps. 1,854 Ps. (283) Ps. 1,571 |
Market risk [member] | |
Statement [Line Items] | |
Disclosure of Sensitivity Analysis of Market Risks Management | The following disclosures provide a sensitivity analysis of the market risks management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period of time, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy: Change in Foreign Currency Risk Exchange Rate Effect on Equity 2020 FEMSA (1) +19% MXN/EUR Ps. 327 ‑19% MXN/EUR (327) +21% BRL/USD 240 ‑21% BRL/USD (240) Coca-Cola FEMSA +19% MXN/USD 884 ‑19% MXN/USD (884) +21% BRL/USD 357 ‑21% BRL/USD (357) +9% UYU/USD 21 ‑9% UYU/USD (21) +16% COP/USD 142 ‑16% COP/USD (142) +2% ARS/USD 2 ‑2% ARS/USD (2) 2019 FEMSA (1) +9% MXN/EUR Ps. 57 ‑9% MXN/EUR (57) +13% BRL/USD 202 ‑13% BRL/USD (202) Coca-Cola FEMSA +9% MXN/USD 739 ‑9% MXN/USD (739) +13% BRL/USD 155 ‑13% BRL/USD (155) +5% UYU/USD 23 ‑5% UYU/USD (23) +10% COP/USD 54 ‑10% COP/USD (54) +25% ARS/USD 88 ‑25% ARS/USD (88) 2018 FEMSA (1) +12 MXN/EUR Ps. 116 ‑12% MXN/EUR (116) Coca-Cola FEMSA +13% MXN/USD 668 ‑13% MXN/USD (668) +16% BRL/USD 413 ‑16% BRL/USD (413) +8% UYU/USD 46 ‑8% UYU/USD (46) +12% COP/USD 2 ‑12% COP/USD (2) +27% ARS/USD 522 ‑27% ARS/USD (522) (1) Does not include Coca-Cola FEMSA. Change in Cross Currency Swaps (1) (2) Exchange Rate Effect on Equity Effect on Profit or Loss 2020 FEMSA (3) +13% CLP/USD Ps. — Ps. 717 ‑13% CLP/USD — (717) +19% MXN/USD — 6,381 ‑19% MXN/USD — (6,381) +16% COP/USD — 426 ‑16% COP/USD — (426) +19% MXN/BRL — 238 ‑19% MXN/BRL — (238) Coca-Cola FEMSA +19% MXN/USD 5,507 — ‑19% MXN/USD (5,507) — +21% BRL/USD 2,161 — ‑21% BRL/USD (2,161) — 2019 FEMSA (3) +11% CLP/USD Ps. — Ps. 546 ‑11% CLP/USD — (546) +9% MXN/USD — 1,805 ‑9% MXN/USD — (1,805) +10% COP/USD — 286 ‑10% COP/USD — (286) +13% MXN/BRL — 177 ‑13% MXN/BRL — (177) Coca-Cola FEMSA +9% MXN/USD 2,315 — ‑9% MXN/USD (2,315) — +13% BRL/USD 645 — ‑13% BRL/USD (645) — 2018 FEMSA (3) +10% CLP/USD Ps. — Ps. 368 ‑10% CLP/USD — (368) +13% MXN/USD — 2,706 ‑13% MXN/USD — (2,706) +12% COP/USD — 283 ‑12% COP/USD — (283) +15% MXN/BRL — 27 ‑15% MXN/BRL — (27) Coca-Cola FEMSA +13% MXN/USD 3,130 — ‑13% MXN/USD (3,130) — +16% BRL/USD 9,068 — ‑16% BRL/USD (9,068) — (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk. (3) Does not include Coca-Cola FEMSA. Change in Net Cash in Foreign Currency (1) Exchange Rate Effect on Profit or Loss 2020 FEMSA (2) +18% EUR/ +19 % USD Ps. 8,827 ‑18% EUR/ -19 % USD (8,827) Coca-Cola FEMSA +18% USD 5,755 ‑18% USD (5,755) 2019 FEMSA (2) +9% EUR/ +9 % USD Ps. 3,833 ‑9% EUR/ -9 % USD (3,833) Coca-Cola FEMSA +8% USD 940 ‑8% USD (940) 2018 FEMSA (2) +12% EUR/ +13 % USD Ps. 8,596 ‑12% EUR/ -13 % USD (8,596) Coca-Cola FEMSA +13% USD 1,868 ‑13% USD (1,868) (1) The sensitivity analysis effects include all subsidiaries of the Company. (2) Does not include Coca-Cola FEMSA. Change in Commodity Price Contracts (1) U.S.$ Rate Effect on Equity 2020 Coca-Cola FEMSA Sugar - 32 % Ps. (515) Aluminum - 16 % Ps. (289) 2019 Coca-Cola FEMSA Sugar - 24 % Ps. (255) Aluminum - 15 % Ps. (1,164) 2018 Coca-Cola FEMSA Sugar - 30 % Ps. (341) Aluminum - 22 % Ps. (55) (1) Effects on commodity price contracts are only in Coca-Cola FEMSA. |
Non-Controlling Interest in C_2
Non-Controlling Interest in Consolidated Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Non-Controlling Interest in its Consolidated Subsidiaries | December 31, December 31, 2020 2019 Coca-Cola FEMSA Ps. 66,800 Ps. 72,649 Other 2,644 1,113 Ps. 69,444 Ps. 73,762 |
Summary of Changes in Non-Controlling Interest | 2020 2019 2018 Balance at beginning of the period Ps. 73,762 Ps. 78,489 Ps. 86,621 Net income of non-controlling interest 5,686 7,349 9,089 Other comprehensive income (loss): (5,793) (4,552) (4,080) Exchange differences on translation of foreign operation (5,958) (3,833) (4,016) Remeasurements of the net defined benefits liability (169) (271) 155 Valuation of the effective portion of derivative financial instruments 334 (448) (219) Dividends (5,524) (3,945) (3,713) Share based payment (64) (12) 31 Acquisition of Socofar non-controlling interest — (3,530) — Acquisition of Synergy non-controlling interest (see Note 4.1) 1,298 — — Other acquisitions and remeasurements 79 32 413 (Derecognition) from non-controlling interest — — (11,140) Accounting standard adoption effects (“IFRIC 23 and IFRS 9”) — (69) (150) Adoption of IAS 29 for Argentina — — 1,418 Balance at end of the period Ps. 69,444 Ps. 73,762 Ps. 78,489 |
Summary of Non-Controlling Interest's Accumulated Other Comprehensive Loss | December 31, December 31, 2020 2019 Exchange differences on translation foreign operation Ps. (6,657) Ps. (699) Remeasurements of the net defined benefits liability (559) (390) Valuation of the effective portion of derivative financial instruments (277) (611) Accumulated other comprehensive income Ps. (7,493) Ps. (1,700) |
Summary of Financial Information of Coca-Cola FEMSA | December 31, December 31, 2020 2019 Total current assets Ps. 72,440 Ps. 56,796 Total non-current assets 190,626 201,043 Total current liabilities 42,845 51,010 Total non-current liabilities 97,764 77,144 Total revenue Ps. 183,615 Ps. 194,471 Consolidated net (loss) income for continuing operations 10,368 12,630 Consolidated comprehensive income for continuing operations Ps. 3,050 Ps. 5,489 Net cash flow generated from operating activities for continuing operations 35,147 31,289 Net cash flow used in investing activities for continuing operations (10,508) (10,744) Net cash flow used in financing activities for continuing operations 417 (22,794) |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Capital Stock | “B” Units “BD” Units Total Units 1,417,048,500 2,161,177,770 3,578,226,270 Shares: Series “B” 7,085,242,500 2,161,177,770 9,246,420,270 Series “D” — 8,644,711,080 8,644,711,080 Subseries “D-B” — 4,322,355,540 4,322,355,540 Subseries “D-L” — 4,322,355,540 4,322,355,540 Total shares 7,085,242,500 10,805,888,850 17,891,131,350 |
Summary of Dividends Declared and Paid | For the years ended December 31, 2020, 2019 and 2018 the dividends declared and paid by the Company and Coca-Cola FEMSA were as follows: 2020 2019 2018 FEMSA Ps. 10,360 Ps. 9,692 Ps. 9,220 Coca-Cola FEMSA (100% of dividend) 10,210 7,437 7,038 For the years ended December 31, 2020 and 2019 the dividends declared and paid per share by the Company are as follows: Series of Shares 2020 2019 2018 “B” Ps. 0.51667 Ps. 0.48333 Ps. 0.45980 “D” 0.64583 0.60417 0.57480 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share Amounts | 2020 2019 2018 Per Series Per Series Per Series Per Series Per Series Per Series “B” Shares “D” Shares “B” Shares “D” Shares “B” Shares “D” Shares (in millions of shares) Weighted average number of shares for basic earnings per share 9,243.59 8,633.38 9,244.16 8,635.65 9,243.81 8,634.26 Effect of dilution associated with non-vested shares for share based payment plans 2.83 11.33 2.26 9.06 2.61 10.45 Weighted average number of shares adjusted for the effect of dilution (Shares outstanding) 9,246.42 8,644.71 9,246.42 8,644.71 9,246.42 8,644.71 Dividend rights per series 100 % 125 % 100 % 125 % 100 % 125 % (see Note 23.1) Weighted average number of shares further adjusted to reflect dividend rights 9,246.42 10,805.89 9,246.42 10,805.89 9,246.42 10,805.89 Basic earnings per share from continuing operations (0.10) (0.12) 1.03 1.29 1.13 1.41 Basic earnings per share from discontinued operations — — — — 0.07 0.09 Diluted earnings per share from continuing operations (0.10) (0.12) 1.03 1.29 1.13 1.41 Diluted earnings per share from discontinued operations — — — — 0.07 0.09 Allocation of earnings, weighted 46.11 % 53.89 % 46.11 % 53.89 % 46.11 % 53.89 % Net controlling interest income allocated from continuing operations Ps. (890) Ps. (1,040) Ps. 9,545 Ps. 11,154 Ps. 10,403 Ps. 12,157 Net controlling interest income allocated from discontinued operations Ps. — Ps. — Ps. — Ps. — Ps. 660 Ps. 770 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Major Components of Income Tax Expense | 2020 2019 2018 Current tax expense Ps. 18,690 Ps. 11,652 Ps. 10,480 Deferred tax expense (income): Origination and reversal of temporary differences (5,824) 127 491 Utilization (recognition) of tax losses, net 1,994 (1,201) (927) Change in the statutory rate (41) (102) 125 Total deferred tax income expense (3,871) (1,176) (311) Total income taxes Ps. 14,819 Ps. 10,476 Ps. 10,169 |
Income Tax Expense/Benefit Recognized in Consolidated Statement of Other Comprehensive Income | Income tax related to items charged or recognized directly in OCI during the period: 2020 2019 2018 Unrealized gain (loss) on cash flow hedges Ps. 871 Ps. (391) Ps. (293) Exchange differences on translation of foreign operations 4,758 (1,667) (2,647) Remeasurements of the net defined benefit liability (208) (371) 287 Share of the other comprehensive income of equity accounted investees (2,597) 288 989 Total income tax benefit recognized in OCI Ps. 2,824 Ps. (2,141) Ps. (1,664) |
Reconciliation Between Statutory and Actual Tax Rate | 2020 2019 2018 Mexican statutory income tax rate 30.0 % 30.0 % 30.0 % Difference between book and tax inflationary values and translation effects (5.1) % (2.2) % (4.0) % Annual inflation tax adjustment 3.0 % 0.2 % (1.2) % Difference between statutory income tax rates 1.0 % 0.9 % 1.8 % Non-deductible expenses 3.8 % 4.5 % 3.2 % Taxable (non-taxable) income 2.9 % (1.0) % (0.5) % Effect of changes in Argentina tax law 0.1 % (0.3) % (0.9) % Others (1.9) % (0.7) % 0.9 % Impairments (1) 4.6 % 0.9 % 0.4 % Adjustments for previous tax years (2) 30.3 % — % — % Income tax credit (8.3) % — % — % Tax Loss (3) 16.3 % 0.1 % 0.5 % Consolidated Effective income tax rate (4) 76.7 % 32.4 % 30.2 % (1) Includes the impairments of Specialty's and Estrella Azul explained in Note 13 and 10, respectively. (2) Related to an agreement with the Mexican tax authority, to resolve interpretative differences over foreign (non-Mexican) dividends received before 2020. (3) Includes the adjustments in tax losses recognized during 2020 in Coca-Cola FEMSA. (4) The effective income tax rate without the extraordinary effects occurred during 2020 is 33.8%. |
Deferred Tax Assets and Liabilities | Consolidated Statement Consolidated Statement of Financial Position as of of Income December 31, 2020 December 31, 2019 2020 2019 2018 Allowance for doubtful accounts Ps. (501) Ps. (437) Ps. (25) Ps. (43) Ps. 93 Inventories (757) 76 60 (6) (27) Other current assets 122 256 (163) 182 (31) Property, plant and equipment, net (4,999) (4,068) (708) (320) (851) Investments in equity accounted investees (9,321) (5,482) (15) 7 40 Other assets (681) 137 (729) 59 (82) Finite useful lived intangible assets (181) (111) 129 (345) 627 Indefinite lived intangible assets 9,316 10,788 (261) 1,220 758 Post-employment and other long-term employee benefits (1,124) (1,067) (37) (2) (148) Derivative financial instruments (121) (9) (114) (31) (63) Provisions 1,135 (1,216) 142 1,359 1,122 Temporary non-deductible provision (4,907) (3,183) (1,893) (1,797) (293) Employee profit sharing payable (371) (430) 64 8 (27) Tax loss carryforwards (8,422) (10,309) 1,994 (1,201) (927) Tax credits to recover (2) (2,595) (1,855) (1,629) (122) (109) Other comprehensive income (1) 32 (596) 86 29 (54) Exchange differences on translation of foreign operations in OCI 7,697 3,959 — — — Other liabilities 717 533 (440) (3) (324) Right of use from leases, net (1,049) (561) (532) (577) — Deferred tax income Ps. (4,071) Ps. (1,583) Ps. (296) Deferred tax income net recorded in share of the profit of equity accounted investees 200 407 (15) Deferred tax income, net Ps. (3,871) Ps. (1,176) Ps. (311) Deferred income taxes, net (16,010) (13,575) Deferred tax asset (22,043) (20,521) Deferred tax liability Ps. 6,033 Ps. 6,946 (1) Deferred tax related to derivative financial instruments and remeasurements of the net defined benefit liability. (2) Corresponds to income tax credits arising from dividends received from foreign subsidiaries to be recovered within the next ten years accordingly to the Mexican Income Tax law as well as effects of the exchange of foreign currencies with a related and non-related parties. |
Deferred Tax related to Other Comprehensive Income (AOCI) | Income tax related to items charged or recognized directly in AOCI as of the year: 2020 2019 Unrealized loss on derivative financial instruments Ps. 795 Ps. (36) Remeasurements of the net defined benefit liability (762) (560) Total deferred tax loss related to AOCI Ps. 33 Ps. (596) |
Schedule of Changes in Net Deferred Income Tax Asset | 2020 2019 2018 Balance at the beginning of the period Ps. (13,575) Ps. (10,657) Ps. (9,720) Deferred tax provision for the period (3,871) (1,176) (311) Deferred tax income net recorded in share of the profit of equity accounted investees (404) (406) 165 Acquisition of subsidiaries — (382) (316) Effects in equity: Unrealized (gain) on cash flow hedges 865 (391) (445) Exchange differences on translation of foreign operations 2,215 (2,121) (1,762) Remeasurements of the net defined benefit liability (256) (204) 543 Retained earnings of equity accounted investees (32) 384 54 Cash flow hedges in foreign investments (1,020) 425 310 Restatement effect of the period and beginning balances associated with hyperinflationary economies 68 953 438 Disposal of subsidiaries — — 387 Balance at the end of the period Ps. (16,010) Ps. (13,575) Ps. (10,657) |
Schedule of Tax Loss Carryforwards | Tax Loss Year Carryforwards 2021 Ps. 35 2022 50 2023 26 2024 69 2025 872 2026 1,884 2027 52 2028 2,683 2029 3,535 2030 and thereafter 2,303 No expiration (Brazil and Colombia) 15,109 Ps. 26,618 |
Summary of Changes in the Balance of Tax Loss Carryforwards | 2020 2019 Balance at beginning of the period Ps. 32,536 Ps. 29,941 Derecognized (8,521) (377) Additions 7,538 7,194 Usage of tax losses (2,444) (2,947) Translation effect of beginning balances (2,491) (1,275) Balance at end of the period Ps. 26,618 Ps. 32,536 |
Other Liabilities, Provisions_2
Other Liabilities, Provisions, Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Schedule of Other Current Financial Liabilities | December 31, December 31, 2020 2019 Sundry creditors Ps. 11,895 Ps. 11,509 Derivative financial instruments (see Note 21) 1,127 848 Other notes payable (1) — 11,294 Others 3 4 Total Ps. 13,025 Ps. 23,655 (1) Related to Socofar’s put option exercised on December 13, 2019. |
Schedule of Provisions and Other Non-Current Liabilities | December 31, December 31, 2020 2019 Contingencies Ps. 6,303 Ps. 8,854 Payable taxes 651 710 Others 2,586 879 Total Ps. 9,540 Ps. 10,443 |
Schedule of Other Financial Liabilities | December 31, December 31, 2020 2019 Derivative financial instruments (see Note 21) Ps. 3,743 Ps. 1,672 Security deposits 1,279 809 Total Ps. 5,022 Ps. 2,481 |
Schedule of Provisions Recorded in the Statement of Financial Position | December 31, December 31, 2020 2019 Indirect taxes Ps. 3,153 Ps. 5,062 Labor 1,857 2,455 Legal 1,293 1,337 Total (1) Ps. 6,303 Ps. 8,854 (1) As it is customary in Brazil, the Company is required to guarantee tax, legal and labor contingencies by guarantee deposits. See Note 14. |
Summary of Changes in Provisions | 26.5.1 Indirect taxes December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 5,062 Ps. 5,421 Ps. 6,836 Penalties and other charges — 1 123 New contingencies 489 486 178 Contingencies added in business combination — — 104 Cancellation and expiration (153) (247) 106 Payments (218) (174) (112) Reversal of indemnifiable items (1) (1,177) — — Effects of changes in foreign exchange rates (850) (425) (951) Effects due to derecognition of Philippines — — (863) Balance at end of the period Ps. 3,153 Ps. 5,062 Ps. 5,421 (1) This amount includes Ps. 899 of certain tax contingencies that expired and are payable to the former shareholders of Spaipa (acquired in 2013). 26.5.2 Labor December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 2,455 Ps. 2,601 Ps. 2,723 Penalties and other charges 233 293 310 New contingencies 249 521 330 Contingencies added in business combination — 44 289 Cancellation and expiration (61) (283) (133) Payments (592) (500) (193) Effects of changes in foreign exchange rates (427) (221) (725) Balance at end of the period Ps. 1,857 Ps. 2,455 Ps. 2,601 26.5.3 Legal December 31, December 31, December 31, 2020 2019 2018 Balance at beginning of the period Ps. 1,337 Ps. 1,906 Ps. 3,296 Penalties and other charges 8 94 86 New contingencies 362 213 72 Contingencies added in business combination — 77 67 Cancellation and expiration (141) (542) (146) Payments (111) (318) (251) Effects of changes in foreign exchange rates (162) (93) (335) Effects due to derecognition of Philippines — — (883) Balance at end of the period Ps. 1,293 Ps. 1,337 Ps. 1,906 |
Information by Segment (Tables)
Information by Segment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of information by operating segment | FEMSA FEMSA Comercio – Comercio – Coca-Cola Proximity Health FEMSA Comercio – Heineken Consolidation 2020 FEMSA Division Division Fuel Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 183,615 Ps. 181,277 Ps. 65,172 Ps. 34,292 Ps. — Ps. 49,414 Ps. (20,804) Ps. 492,966 Intercompany revenue 5,016 451 — 9 — 15,328 (20,804) — Gross profit 82,811 74,296 19,575 4,300 — 13,823 (5,152) 189,653 Administrative expenses — — — — — — — 22,988 Selling expenses — — — — — — — 123,405 Other income — — — — — — — 3,343 Other expenses — — — — — — — 12,381 Interest expense 7,894 5,932 1,540 1,099 — 4,773 (3,722) 17,516 Interest income 1,048 388 162 40 61 4,123 (3,722) 2,100 Other net finance loss (3) — — — — — — — 505 Income before income taxes and share of the profit of equity accounted investees 16,077 6,409 753 (224) 48 (4,237) 485 19,311 Income taxes 5,428 (280) 243 (29) 12 9,445 — 14,819 Share of the profit of equity accounted investees, net of tax (281) (18) — — (434) (3) — (736) Net income from continuing operations — — — — — — — 3,756 Consolidated net income — — — — — — — 3,756 Depreciation and amortization (2) 10,608 10,574 3,543 865 — 2,562 (103) 28,049 Non-cash items other than depreciation and amortization 1,494 739 28 22 — 138 — 2,421 Investments in equity accounted investees 7,623 3,102 — — 87,291 254 — 98,270 Total assets 263,066 121,200 60,107 15,878 92,444 191,207 (59,054) 684,848 Total liabilities 140,609 104,141 46,038 14,257 4,011 127,426 (58,821) 377,661 Investments in fixed assets (4) 10,354 6,907 1,694 549 — 1,533 (144) 20,893 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange gain, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. FEMSA FEMSA FEMSA Comercio – Comercio – Comercio – Coca-Cola Proximity Health Fuel Heineken Consolidation 2019 FEMSA Division Division Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 194,471 Ps. 184,810 Ps. 58,922 Ps. 47,852 Ps. — Ps. 41,788 Ps. (21,132) Ps. 506,711 Intercompany revenue 5,688 325 — 11 — 15,108 (21,132) — Gross profit 87,507 75,099 17,645 4,775 — 11,551 (5,096) 191,481 Administrative expenses — — — — — — — 19,930 Selling expenses — — — — — — — 121,871 Other income — — — — — — — 1,013 Other expenses — — — — — — — 4,905 Interest expense 6,904 5,733 1,226 1,175 1 2,303 (3,209) 14,133 Interest income 1,230 338 10 114 23 4,563 (3,110) 3,168 Other net finance income (3) — — — — — — — (2,527) Income before income taxes and share of the profit of equity accounted investees 18,409 11,458 1,487 124 10 449 359 32,296 Income taxes 5,648 923 556 49 (491) 3,791 — 10,476 Share of the profit of equity accounted investees, net of tax (131) 9 — — 6,428 (78) — 6,228 Net income from continuing operations — — — — — — — 28,048 Consolidated net income — — — — — — — 28,048 Depreciation and amortization (2) 10,642 9,604 3,112 855 — 1,708 (112) 25,809 Non-cash items other than depreciation and amortization 1,083 529 23 105 — 755 — 2,495 Investments in equity accounted investees 9,751 3,719 — — 83,789 211 — 97,470 Total assets 257,841 117,229 54,366 17,701 86,639 158,746 (54,981) 637,541 Total liabilities 128,154 98,468 53,468 16,754 3,151 66,812 (55,017) 311,790 Investments in fixed assets (4) 11,465 10,374 1,529 706 — 1,685 (180) 25,579 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange loss, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. FEMSA FEMSA FEMSA Comercio – Comercio – Comercio – Coca-Cola Proximity Health Fuel Heineken Consolidation 2018 FEMSA Division Division Division Investment Other (1) Adjustments Consolidated Total revenues Ps. 182,342 Ps. 167,458 Ps. 51,739 Ps. 46,936 Ps. — Ps. 42,293 Ps. (21,024) Ps. 469,744 Intercompany revenue 5,160 290 — — — 15,574 (21,024) — Gross profit 83,938 65,529 15,865 4,231 — 10,233 (4,626) 175,170 Administrative expenses — — — — — — — 17,313 Selling expenses — — — — — — — 114,573 Other income — — — — — — — 673 Other expenses — — — — — — — 2,947 Interest expense 7,568 1,806 678 211 1 2,057 (2,496) 9,825 Interest income 1,004 372 14 159 22 3,757 (2,496) 2,832 Other net finance expenses (3) — — — — — — — (387) Income before income taxes and share of the profit of equity accounted investees 17,190 13,335 1,438 407 11 1,219 30 33,630 Income taxes 5,260 1,124 652 123 4 3,006 — 10,169 Share of the profit of equity accounted investees, net of tax (226) (17) — — 6,478 17 — 6,252 Net income from continuing operations — — — — — — — 29,713 Net income from discontinued operations — — — — — — — 3,366 Consolidated net income — — — — — — — 33,079 Depreciation and amortization (2) 10,028 4,971 983 152 — 1,103 — 17,237 Non-cash items other than depreciation and amortization 755 367 22 11 — 490 — 1,645 Investments in equity accounted investees 10,518 84 — — 83,461 252 — 94,315 Total assets 263,787 75,146 35,881 7,015 86,340 150,674 (42,462) 576,381 Total liabilities 132,037 56,468 23,357 6,142 4,054 61,340 (42,559) 240,839 Investments in fixed assets (4) 11,069 9,441 1,162 520 — 2,391 (317) 24,266 (1) Includes other companies and corporate (see Note 1). (2) Includes bottle breakage. (3) Includes foreign exchange gain, net; gain on monetary position for subsidiaries in hyperinflationary economies; and market value loss on financial instruments. (4) Includes acquisitions and disposals of property, plant and equipment, intangible assets and other long-lived assets. |
Summary of geographic disclosure for non-current assets | Geographic disclosure for the Company non-current assets is as follow: 2020 2019 Mexico and Central America (1) Ps. 234,679 Ps. 230,889 United States (2) 37,105 13,310 South America (3) 124,470 136,480 Europe 87,326 84,283 Consolidated Ps. 483,580 Ps. 464,962 (1) Domestic (Mexico only) non-current assets were Ps. 226,497 and Ps. 223,605, as of December 31, 2020, and December 31, 2019, respectively. (2) On May 15, 2020, the Company completed the acquisition of WAXIE Sanitary Supply (“WAXIE”) and North American Corporation (“North American”) to form a new platform within the Jan-San, Packaging and Specialized distribution industry in the United States. The platform will bring together two market leaders in this field: WAXIE and North American, with FEMSA acquiring a majority controlling interest of 89% in the combined company. South America non-current assets includes Brazil, Argentina, Colombia, Chile, Uruguay and Ecuador. Brazilian non-current assets were Ps. 66,050 and Ps. 79,710, as of December 31, 2020 and December 31, 2019, respectively. Colombia non-current assets were Ps. 15,653 and Ps. 16,463, as of December 31, 2020 and December 31, 2019, respectively. Argentina non-current assets were Ps. 3,905 and Ps. 4,043, as of December 31, 2020 and December 31, 2019, respectively. Chile non-current assets were Ps. 30,953 and Ps. 28,424, as of December 31, 2020 and December 31, 2019, respectively. Uruguay non-current assets were Ps. 4,537 and Ps. 4,781, as of December 31, 2020 and December 31, 2019, respectively. Ecuador non-current assets were Ps. 3,372 and Ps. 3,064, as of December 31, 2020 and December 31, 2019, respectively. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS Text Block [Abstract] | |
Summary of Disaggregation of Revenue by Geographic Area, Business Unit and Products and Services Categories | The information sets below described the disaggregation of revenue by geographic area, business unit and products and services categories in which the Company operates. The timing in which the revenues are recognized by the business units in the Company, is mainly at the point in the time in which control of goods and services is transferred in its entirely to the customer. FEMSA Comercio – FEMSA Comercio – FEMSA Comercio – Other Coca-Cola FEMSA Proximity Division Health Division Fuel Division Segments Total 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 By geographic areas: Mexico and Central America (1) Ps. 106,783 Ps. 109,249 Ps. 100,162 Ps. 179,218 Ps. 182,864 Ps. 166,040 Ps. 9,716 Ps. 8,170 Ps. 7,898 Ps. 34,292 Ps. 47,852 Ps. 46,936 Ps. 27,403 Ps. 32,217 Ps. 31,918 Ps. 357,412 Ps. 380,352 Ps. 352,954 United States (2) — — — 15 — — — — — — — — 12,250 — — 12,265 — — South America (3) 76,832 85,223 82,180 2,044 1,946 1,418 55,456 50,752 43,841 — — — 9,761 9,552 10,350 144,093 147,473 137,789 Venezuela — — — — — — — — — — — — — 18 25 — 18 25 Total revenues 183,615 194,472 182,342 181,277 184,810 167,458 65,172 58,922 51,739 34,292 47,852 46,936 49,414 41,787 42,293 513,770 527,843 490,768 Consolidation adjustments 5,016 5,688 5,160 451 325 290 — — — 9 11 — 15,328 15,108 15,574 20,804 21,132 21,024 Consolidated revenues 178,599 188,784 177,182 180,826 184,485 167,168 65,172 58,922 51,739 34,283 47,841 46,936 34,086 26,679 26,719 492,966 506,711 469,744 By products and/or services Products sold in the point-of-sale Ps. 183,615 Ps. 194,472 Ps. 182,342 Ps. 181,277 Ps. 184,810 Ps. 167,458 Ps. 65,172 Ps. 58,922 Ps. 51,739 Ps. 34,292 Ps. 47,852 Ps. 46,936 Ps. 23,254 Ps. 13,198 Ps. 13,240 Ps. 487,610 Ps. 499,254 Ps. 461,715 Services revenues — — — — — — — — — — — — 26,160 28,589 29,053 26,160 28,589 29,053 Consolidation adjustments 5,016 5,688 5,160 451 325 290 — — — 9 11 — 15,328 15,108 15,574 20,804 21,132 21,024 Consolidated revenues 178,599 188,784 177,182 180,826 184,485 167,168 65,172 58,922 51,739 34,283 47,841 46,936 34,086 26,679 26,719 492,966 506,711 469,744 (1) Central America includes Guatemala, Nicaragua, Costa Rica and Panama. Domestic (Mexico only) revenues were Ps. 320,694, Ps. 346,659 and Ps. 319,792 and during the years ended December 31, 2020, 2019 and 2018, respectively. (2) On May 15, 2020, the Company completed the acquisition of WAXIE Sanitary Supply (“WAXIE”) and North American Corporation (“North American”) to form a new platform within the Jan-San, Packaging and Specialized distribution industry in the United States. The platform will bring together two market leaders in this field: WAXIE And North American, with FEMSA acquiring a majority controlling interest of 89% in the combined company. South America includes Brazil, Argentina, Colombia, Chile, Uruguay and Ecuador. South America revenues include Brazilian revenues of Ps. 62,758, Ps. 67,076 and Ps. 63,601 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Colombia revenues of Ps. 14,800, Ps. 16,440 and Ps. 19,245 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Argentina revenues of Ps. 5,531, Ps. 6,857 and Ps. 9,237 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Chile revenues of Ps. 47,208, Ps. 45,276 and Ps. 44,576 during the years ended December 31, 2020, 2019 and 2018, respectively. South America revenues include Uruguay revenues of Ps. 3,124, Ps. 3,421 and Ps. 1,925 during the years ended December 31, 2020 and 2018, respectively. South America revenues include Ecuador revenues of Ps. 9,467 and Ps.6,539 during the years ended December 31, 2020 and 2019, respectively. |
Company Business - Significant
Company Business - Significant Investments in Subsidiaries (Detail) - shares | Dec. 13, 2019 | Jan. 31, 2019 | Apr. 30, 2010 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Parent Entity Information [line items] | ||||||
Proportion of ownership interest in associate | 14.80% | 14.80% | ||||
Stock Split Ratio | 8 | |||||
Series B shares [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Stock Split Ratio | 3 | |||||
Series L shares [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Stock Split Ratio | 5 | |||||
Heineken Group | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Proportion of ownership interest in associate | 20.00% | 14.76% | 14.76% | |||
Coca-Cola FEMSA [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 47.20% | 47.20% | ||||
Percentage of voting share in subsidiary | 56.00% | 63.00% | ||||
Percentage Of Shares Traded As American Depositary Shares | 25.00% | |||||
Coca-Cola FEMSA [member] | The Coca-Cola Company [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 27.80% | |||||
FEMSA Comercio - Proximity Division [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 100.00% | 100.00% | ||||
FEMSA Comercio - Fuel Division [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 100.00% | 100.00% | ||||
FEMSA Comercio - Health Division [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 100.00% | |||||
Other businesses [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 100.00% | |||||
Farmacias Yza [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 18.60% | |||||
Grupo Socofar [member] | ||||||
Disclosure Of Parent Entity Information [line items] | ||||||
Percentage of ownership in subsidiary | 40.00% | 100.00% | 60.00% |
Basis of Preparation (Detail)
Basis of Preparation (Detail) - $ / $ | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 09, 2021 | Dec. 31, 2019 | |
Disclosure of detailed information about investment property [line items] | |||
Conversion rate of Mexican pesos to U.S. dollars | 19.8920 | ||
Description of significant influence | 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. | ||
Weighted average incremental borrowing rate | 9.49% | 10.18% | |
Changes in foreign exchange rates [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Conversion rate of Mexican pesos to U.S. dollars | 20.1620 | ||
Increase decrease in foreign currency exchange rate | 1.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Foreign Currencies (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020MXN ($)$ / €$ / $€ / $$ / $₱ / $S/ / $C$ / $Q / $$ / $₡ / $$ / $$ / $R$ / $$ / $ | Dec. 31, 2019MXN ($)$ / €$ / $€ / $$ / $₱ / $S/ / $C$ / $Q / $$ / $₡ / $$ / $$ / $R$ / $$ / $ | Dec. 31, 2018MXN ($)€ / $$ / $₱ / $S/ / $C$ / $Q / $$ / $₡ / $$ / $$ / $R$ / $$ / $ | Apr. 09, 2021$ / €$ / $ | |
Disclosure of significant accounting policies [line items] | ||||
Goodwill recognised as of acquisition date | $ | $ 0 | |||
Interest income on loans and receivables | $ | $ 0 | $ 0 | $ 0 | |
Exchange Rate as of | 19.8920 | |||
Impairment charge, intangibles | $ | $ 375 | |||
Guatemala, Quetzal [member] | Guatemala [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Quetzal | |||
Average Exchange Rate for | Q / $ | 2.78 | 2.50 | 2.56 | |
Exchange Rate as of | Q / $ | 2.56 | 2.45 | ||
Costa Rica, Colon [member] | Costa Rica [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Colon | |||
Average Exchange Rate for | ₡ / $ | 0.04 | 0.03 | 0.03 | |
Exchange Rate as of | ₡ / $ | 0.03 | 0.03 | ||
USD | ||||
Disclosure of significant accounting policies [line items] | ||||
Exchange Rate as of | 19.9487 | 18.8452 | 20.1765 | |
USD | Panama [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | U.S. dollar | |||
Average Exchange Rate for | 21.49 | 19.26 | 19.24 | |
Exchange Rate as of | 19.95 | 18.85 | ||
USD | Ecuador [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | U.S. dollar | |||
Average Exchange Rate for | 21.49 | 19.26 | 19.24 | |
Exchange Rate as of | 19.95 | 18.85 | ||
USD | United States [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | U.S. dollar | |||
Average Exchange Rate for | 21.49 | |||
Exchange Rate as of | 19.95 | |||
Colombian peso [member] | Colombia [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Colombian peso | |||
Average Exchange Rate for | 0.01 | 0.01 | 0.01 | |
Exchange Rate as of | 0.01 | 0.01 | ||
Nicaragua, Cordoba [member] | Nicaragua [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Cordoba | |||
Average Exchange Rate for | C$ / $ | 0.63 | 0.58 | 0.62 | |
Exchange Rate as of | C$ / $ | 0.57 | 0.56 | ||
Argentine peso [member] | Argentina [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Argentine peso | |||
Average Exchange Rate for | 0.31 | 0.41 | 0.73 | |
Exchange Rate as of | 0.24 | 0.31 | ||
Brazilian reais [member] | Brazil [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Reais | |||
Average Exchange Rate for | R$ / $ | 4.18 | 4.89 | 5.29 | |
Exchange Rate as of | R$ / $ | 3.84 | 4.68 | ||
Chilean peso [member] | Chile [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Chilean peso | |||
Average Exchange Rate for | 0.03 | 0.03 | 0.03 | |
Exchange Rate as of | 0.03 | 0.03 | ||
Euro [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Exchange Rate as of | $ / € | 24.5213 | 21.1223 | 23.8326 | |
Euro [member] | Euro Zone [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Euro (€) | |||
Average Exchange Rate for | € / $ | 24.48 | 21.56 | 22.71 | |
Exchange Rate as of | € / $ | 24.52 | 21.12 | ||
Peru, Nuevo Sol [member] | Peru [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Nuevo Sol | |||
Average Exchange Rate for | S/ / $ | 6.15 | 5.77 | 5.85 | |
Exchange Rate as of | S/ / $ | 5.51 | 5.68 | ||
Philippine peso [member] | Philippines [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Philippine peso | |||
Average Exchange Rate for | ₱ / $ | 0 | 0 | 0.37 | |
Exchange Rate as of | ₱ / $ | 0 | 0 | ||
Uruguay Peso en Unidades Indexadas (UPUI) [member] | Uruguay [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Functional / Recording Currency | Uruguayan peso | |||
Average Exchange Rate for | 0.51 | 0.55 | 0.63 | |
Exchange Rate as of | 0.47 | 0.51 |
Significant Accounting Polici_5
Significant Accounting Policies - Effects of Inflation (Detail) | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, threshold for recognition | 100.00% | |||
Mexico [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 11.20% | 13.20% | 15.70% | |
Guatemala [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 10.90% | 11.80% | 12.20% | |
Costa Rica [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 4.50% | 5.80% | 5.70% | |
Panama [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | (1.50%) | 0.50% | 2.10% | |
Colombia [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 8.80% | 11.00% | 13.40% | |
Nicaragua [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 13.50% | 15.60% | 13.10% | |
Argentina [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 209.20% | 179.40% | 158.40% | |
Brazil [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 13.10% | 11.10% | 25.00% | |
Philippines [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 11.90% | |||
United States [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 3.70% | |||
Euro Zone [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 2.40% | 3.60% | 2.70% | |
Chile [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 8.80% | 8.30% | 9.70% | |
Peru [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 6.20% | 5.20% | 9.30% | |
Ecuador [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | (0.70%) | 0.30% | 30.30% | |
Uruguay [member] | ||||
Disclosure of Hyperinflationary Reporting [line items] | ||||
Cumulative inflation percentage, actual, during the period | 28.50% | 22.00% | 25.30% |
Significant Accounting Polici_6
Significant Accounting Policies - Other current assets, Property, plant and equipment, Leases (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retail Stores [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Operating lease term | 15 years | ||
Bottom of range [member] | Office Space [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Operating lease term | 3 years | ||
Top of range [member] | Office Space [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Operating lease term | 5 years | ||
Buildings [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 25 years | ||
Buildings [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 50 years | ||
Machinery and equipment [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 10 years | ||
Machinery and equipment [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 20 years | ||
Distribution equipment [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 7 years | ||
Distribution equipment [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 15 years | ||
Refrigeration equipment [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 5 years | ||
Refrigeration equipment [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 7 years | ||
Returnable bottles [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 1 year 6 months | ||
Returnable bottles [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 3 years | ||
Leasehold improvements [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 15 years | ||
Information technology equipment [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 3 years | ||
Information technology equipment [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 5 years | ||
Other equipment [member] | Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 3 years | ||
Other equipment [member] | Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 10 years | ||
Coca-Cola FEMSA [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amortization expense | $ 213 | $ 273 | $ 277 |
Coca-Cola FEMSA [member] | PET bottles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 1 year 6 months | ||
Coca-Cola FEMSA [member] | Glass bottles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives of principal assets | 3 years |
Significant Accounting Polici_7
Significant Accounting Policies - Intangibles, Impairment, Benefits, Selling, Taxes (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020MXN ($)ageitem | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017 | |
Disclosure of significant accounting policies [line items] | ||||
Impairment recognized | $ | $ 5,451 | $ 1,018 | $ 432 | |
Intangible assets renewable term | 10 years | |||
Number of years of service for retirement benefits | 10 years | |||
Benefit payment, number of days wages | 12 | |||
Years of service for seniority retirement benefits | 15 years | |||
Distribution costs | $ | $ 24,190 | $ 25,068 | $ 23,421 | |
Profit sharing computation ratio on income | 10.00% | |||
Income tax rate | 30.00% | 30.00% | 30.00% | |
Bottom of range [member] | Customer relationships [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 10 years | |||
Bottom of range [member] | Information technology and management system costs [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 3 years | |||
Bottom of range [member] | Long-term alcohol licenses [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 12 years | |||
Top of range [member] | Customer relationships [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 20 years | |||
Top of range [member] | Information technology and management system costs [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 10 years | |||
Top of range [member] | Long-term alcohol licenses [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Estimated useful lives | 15 years | |||
Mexico [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 4 | |||
Minimum age for retirement benefits | age | 60 | |||
Income tax rate | 30.00% | 30.00% | 30.00% | |
Bajio Territory, Mexico [Member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 1 | |||
Brazil [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 2 | |||
Guatemala [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 3 | |||
Number of bottling agreements, after renewal | 2 | |||
Argentina [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 1 | |||
Income tax rate | 35.00% | |||
Colombia [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Income tax rate | 32.00% | 33.00% | ||
Venezuela [member] | ||||
Disclosure of significant accounting policies [line items] | ||||
Number of bottling agreements | 1 |
Mergers, Acquisitions and Dis_3
Mergers, Acquisitions and Disposals - Acquisition Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020MXN ($)customeritem | May 15, 2020 | Jan. 31, 2020 | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Acquisition Of WAXIE Sanitary Supply And North American Corporation [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 89.50% | 89.00% | |||
Business acquisition, consideration transferred | $ 20,233 | ||||
Number of distribution centers | item | 26 | ||||
Threshold number of customers served in various industries | customer | 27,000 | ||||
Southeastern Paper Group, Inc [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
Business acquisition, consideration transferred | $ 2,984 | ||||
GPF [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
AGV [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
Other acquisitions [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, consideration transferred | $ 7,807 | ||||
Coca-Cola FEMSA [member] | Abasa [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
Coca-Cola FEMSA [member] | Los Volcanes [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
Coca-Cola FEMSA [member] | MONRESA [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, percentage of voting equity interests acquired | 100.00% | ||||
Coca-Cola FEMSA [member] | Other acquisitions [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business acquisition, consideration transferred | $ 6,552 |
Mergers, Acquisitions and Dis_4
Mergers, Acquisitions and Disposals - Allocation and Income Statement Effects (Details) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Purchase price allocation | |||
Goodwill recognised as of acquisition date | $ 0 | ||
Noncurrent Assets [Member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | (236) | ||
Goodwill [member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | 2,903 | ||
Distribution Rights 1 [Member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | (2,887) | ||
Other acquisitions [member] | |||
Purchase price allocation | |||
Total current assets | $ 4,058 | ||
Total non-current assets | 6,761 | ||
Total assets | 10,819 | ||
Total liabilities | (8,178) | ||
Net assets acquired | 2,641 | ||
Goodwill recognised as of acquisition date | 5,219 | ||
Non-controlling interest | (53) | ||
Total consideration transferred | 7,807 | ||
Amount to be paid | 147 | ||
Cash acquired | (389) | ||
Net cash paid | 7,271 | ||
Increase (decrease) in amounts allocated to assets in acquisition | 1,460 | ||
Additional consideration transferred | 137 | ||
Total revenues | 8,594 | ||
Income before income taxes | 37 | ||
Net income (loss) | 1 | ||
Other acquisitions [member] | Goodwill [member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | 1,323 | ||
Other acquisitions [member] | Coca-Cola FEMSA [member] | |||
Purchase price allocation | |||
Total current assets | $ 1,864 | ||
Total non-current assets | 4,031 | ||
Total assets | 7,610 | ||
Total liabilities | (3,961) | ||
Net assets acquired | 3,649 | ||
Goodwill recognised as of acquisition date | 2,903 | ||
Total consideration transferred | 6,552 | ||
Cash acquired | (860) | ||
Net cash paid | 5,692 | ||
Total revenues | 4,628 | ||
Income before income taxes | 496 | ||
Net income (loss) | 413 | ||
Other acquisitions [member] | Customer relationships [member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | 908 | ||
Other acquisitions [member] | Trademark rights [member] | |||
Purchase price allocation | |||
Increase (decrease) in amounts allocated to assets in acquisition | $ 389 | ||
Other acquisitions [member] | Distribution Rights 1 [Member] | Coca-Cola FEMSA [member] | |||
Purchase price allocation | |||
Intangible assets recognised as of acquisition date | $ 1,715 | ||
Acquisition Of WAXIE Sanitary Supply And North American Corporation [Member] | |||
Purchase price allocation | |||
Total current assets | 2,162 | ||
Total non-current assets | 1,954 | ||
Intangible assets recognised as of acquisition date | 10,698 | ||
Total assets | 14,814 | ||
Total liabilities | (3,523) | ||
Net assets acquired | 11,291 | ||
Goodwill recognised as of acquisition date | 10,241 | ||
Non-controlling interest | (1,299) | ||
Total consideration transferred | 20,233 | ||
Cash acquired | (138) | ||
Net cash paid | 20,095 | ||
Total revenues | 11,275 | ||
Income before income taxes | 525 | ||
Net income (loss) | $ 498 |
Mergers, Acquisitions and Dis_5
Mergers, Acquisitions and Disposals - Unaudited Pro Forma Financial Information (Detail) - MXN ($) $ / shares in Units, $ in Millions | May 22, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | ||||
Total revenues | $ 508,367 | $ 516,496 | $ 473,420 | |
Income before income taxes and share of the profit of equity accounted investees | 20,019 | 33,823 | 34,266 | |
Net income | $ 4,464 | $ 29,516 | $ 33,521 | |
Cafe Del Pacifico SAPI De CV Caffenio [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business acquisition, percentage of voting equity interests acquired | 10.00% | |||
Business acquisition, consideration transferred | $ 370 | |||
Percentage of ownership interest of subsidiary | 50.00% | |||
Series B [member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Basic net controlling interest income per share | $ (0.06) | $ 1.11 | $ 1.22 | |
Series D [member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Basic net controlling interest income per share | $ (0.08) | $ 1.38 | $ 1.52 |
Mergers, Acquisitions and Dis_6
Mergers, Acquisitions and Disposals - Disposals (Details) € in Millions, $ in Millions, $ in Millions | Aug. 16, 2018 | Sep. 18, 2017 | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||
Impairment of long-lived assets | $ 5,451 | $ 1,018 | $ 432 | |||||
Total revenues | $ 24,782 | 492,966 | 506,711 | 469,744 | ||||
Cost of goods sold | 15,248 | 303,313 | 315,230 | 294,574 | ||||
Gross profit | 9,534 | 189,653 | 191,481 | 175,170 | ||||
Other expenses | 622 | 12,381 | 4,905 | 2,947 | ||||
Foreign exchange gain, net | $ (19) | (385) | 2,467 | 248 | ||||
Less: non-controlling interest in discontinued operations | 1,936 | |||||||
Net income from discontinued operations | 3,366 | |||||||
Heineken Group | ||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||
Controlling interest in discontinued operations | € (204) | (4,953) | € 2,166 | $ 46,006 | ||||
Proportion of ownership interest sold | 5.20% | |||||||
Discontinued operations [member] | ||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||
Total revenues | 24,167 | |||||||
Cost of goods sold | 17,360 | |||||||
Gross profit | 6,807 | |||||||
Operating expenses | 5,750 | |||||||
Other expenses | 7 | |||||||
Financial income, net | 185 | |||||||
Foreign exchange gain, net | (73) | |||||||
Income before income taxes | 1,308 | |||||||
Income taxes | 466 | |||||||
Net income for discontinued operations | 842 | |||||||
Less: non-controlling interest in discontinued operations | 391 | |||||||
Controlling interest in discontinued operations | 451 | |||||||
Accumulated currency translation effect for the subsidiary disposal | (811) | |||||||
Gain from discontinued operations | 3,335 | |||||||
Net income for subsidiary disposal – controlling interest | 2,975 | |||||||
Net income from discontinued operations | $ 3,366 | |||||||
Specialty’s Café & Bakery, Inc [Member] | ||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||
Impairment of long-lived assets | $ 2,021 | |||||||
Coca Cola FEMSA Philippines | ||||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||||
Proportion of ownership interest sold | 51.00% |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) |
Cash and cash equivalents [abstract] | ||||||
Cash and bank balances | $ 43,990 | $ 31,905 | ||||
Cash equivalents (see Note 3.5) | 63,634 | 33,657 | ||||
Cash and cash equivalents | $ 5,410 | $ 107,624 | $ 3,296 | $ 65,562 | $ 62,047 | $ 96,944 |
Investment (Details)
Investment (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure Of Investments [line items] | |||
Total investments | $ 33 | $ 662 | $ 12,366 |
Fixed rate debt [member] | |||
Disclosure Of Investments [line items] | |||
Total investments | 662 | 1,052 | |
Variable rate debt [member] | |||
Disclosure Of Investments [line items] | |||
Total investments | 11,314 | ||
Corporate Debt Securities1 [Member] | Fixed rate debt [member] | |||
Disclosure Of Investments [line items] | |||
Acquisition cost | 658 | 1,048 | |
Accrued interest | $ 4 | 4 | |
Corporate Debt Securities1 [Member] | Variable rate debt [member] | |||
Disclosure Of Investments [line items] | |||
Acquisition cost | 11,307 | ||
Accrued interest | $ 7 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net (Details) $ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of financial assets [line items] | |||
Loans to employees | $ 118 | $ 115 | |
Others | 2,608 | 3,214 | |
Trade accounts receivable, Net | $ 1,420 | $ 28,249 | 29,633 |
Expected credit loss percentage | 13.00% | 13.00% | |
Cost [member] | |||
Disclosure of financial assets [line items] | |||
Trade accounts receivables | $ 26,309 | 26,942 | |
Accumulated impairment [member] | |||
Disclosure of financial assets [line items] | |||
Trade accounts receivable, Net | (2,462) | (2,189) | |
The Coca-Cola Company [member] | |||
Disclosure of financial assets [line items] | |||
Receivables from related parties | 509 | 802 | |
Heineken Group | |||
Disclosure of financial assets [line items] | |||
Receivables from related parties | $ 1,167 | $ 749 | |
Top of range [member] | |||
Disclosure of financial assets [line items] | |||
Percentage of unrecoverable trade accounts receivables | 8.00% |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Aging of Accounts Receivable (Detail) - Cost [member] - Trade receivables [member] - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | $ 30,711 | $ 31,822 |
Current [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | 24,556 | 24,696 |
0-30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | 2,024 | 3,278 |
31-60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | 836 | 1,345 |
60-90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | 317 | 668 |
90-120 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | 438 | 244 |
120+ days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Accounts receivable | $ 2,540 | $ 1,591 |
Trade Accounts Receivable, Ne_4
Trade Accounts Receivable, Net - Changes in Allowance for Expected Credit Losses (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade receivables [member] | |||
Disclosure of financial assets [line items] | |||
Balance at the beginning of the period | $ 2,189 | $ 2,114 | $ 1,375 |
Effect of adoption of IFRS 9 | 468 | ||
Adjusted balance at the beginning of the period | 2,189 | 2,114 | 1,843 |
Allowance for the period | 591 | 709 | 348 |
Additions (write-offs) of uncollectible accounts | (613) | (269) | (402) |
Addition from business combinations | 273 | 1 | |
Effects of changes in foreign exchange rates | 22 | (365) | 324 |
Balance at the end of the period | $ 2,462 | 2,189 | $ 2,114 |
Coca Cola FEMSA Philippines | |||
Disclosure of financial assets [line items] | |||
Additions (write-offs) of uncollectible accounts | $ (82) |
Trade Accounts Receivable, Ne_5
Trade Accounts Receivable, Net - Receivable from Coca-Cola (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
The Coca-Cola Company [member] | |||
Disclosure Of Accounts Receivable [line items] | |||
Contributions from related parties | $ 1,482 | $ 2,274 | $ 3,542 |
Inventories (Detail)
Inventories (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | |
Classes of current inventories [abstract] | |||||
Finished products | $ 32,853 | $ 36,603 | |||
Raw materials | 5,331 | 4,756 | |||
Spare parts | 1,198 | 1,118 | |||
Work in process | 113 | 114 | |||
Inventories in transit | 1,528 | 1,443 | |||
Total inventories | 41,023 | $ 2,214 | $ 44,034 | ||
Inventory write-downs | $ 2,046 | 2,992 | $ 2,006 | ||
Changes in inventories of finished goods and work in progress | 209,410 | 221,540 | 204,688 | ||
Raw materials and consumables used | 79,896 | 84,502 | 79,825 | ||
Cost of goods sold, inventories | $ 289,306 | $ 306,042 | $ 284,513 |
Other Current Assets and Othe_3
Other Current Assets and Other Current Financial Assets - Other Current Assets (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Other Current Assets [abstract] | ||
Prepaid expenses | $ 2,424 | $ 2,201 |
Recoverable taxes | 5 | 268 |
Agreements with customers | 115 | 294 |
Licenses | 261 | 575 |
Assets classified as held for sale | 30 | 197 |
Other | 84 | 553 |
Other current assets | $ 2,919 | $ 4,088 |
Other Current Assets and Othe_4
Other Current Assets and Other Current Financial Assets - Prepaid Expenses (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Prepaid Expense Current [abstract] | |||
Advances for inventories | $ 1,651 | $ 1,359 | |
Advertising and promotional expenses paid in advance | 93 | 89 | |
Advances to service suppliers | 30 | 60 | |
Prepaid leases | 93 | 239 | |
Prepaid insurance | 181 | 129 | |
Others | 376 | 325 | |
Current prepaid expenses | 2,424 | 2,201 | |
Prepaid advertising and promotional expenses | $ 7,471 | $ 8,840 | $ 7,695 |
Other Current Assets and Othe_5
Other Current Assets and Other Current Financial Assets - Other Current Financial Assets (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of Restricted Cash and Cash Equivalents [line items] | |||
Current restricted cash | $ 77 | $ 92 | |
Derivative financial instruments (see Note 21) | 573 | 1,008 | |
Note receivables | 31 | 46 | |
Other current financial assets | $ 34 | 681 | 1,146 |
Brazilian reais [member] | |||
Disclosure of Restricted Cash and Cash Equivalents [line items] | |||
Current restricted cash | 74 | 89 | |
Chilean peso [member] | |||
Disclosure of Restricted Cash and Cash Equivalents [line items] | |||
Current restricted cash | $ 3 | $ 3 |
Equity Accounted Investees - Su
Equity Accounted Investees - Summary of Equity Accounted Investees (Detail) R$ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2020MXN ($) | Nov. 01, 2019BRL (R$) | Dec. 31, 2018MXN ($) | |
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Ownership Percentage, Associate | 14.80% | 14.80% | |||
Carrying Value | $ 4,940 | $ 97,470 | $ 98,270 | $ 94,315 | |
Raizen Convenincias [Member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Percentage of voting equity interests acquired | 50.00% | ||||
Net cash paid | R$ | R$ 357 | ||||
Notes payable on acquisition | R$ | R$ 367 | ||||
Promotora Industrial Azucarera, S.A. de C.V. ("PIASA") [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Sugar production | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Associate | 36.40% | 36.40% | |||
Carrying Value | $ 3,274 | 3,335 | |||
Industria Envasadora De Queretaro SA De CVIEQSA [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Canned bottling | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Associate | 26.50% | 26.50% | |||
Carrying Value | $ 194 | 192 | |||
Industria Mexicana de Reciclaje, S.A. de C.V. ("IMER") [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Recycling | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Associate | 35.00% | 35.00% | |||
Carrying Value | $ 121 | 121 | |||
Jugos del Valle, S.A.P.I. de C.V. [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Beverages | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Associate | 28.80% | 28.80% | |||
Carrying Value | $ 1,929 | 1,945 | |||
Leao Alimentos e Bebidas, LTDA [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Beverages | ||||
Place of Incorporation | Brazil | ||||
Ownership Percentage, Associate | 24.70% | 24.70% | |||
Carrying Value | $ 1,931 | 446 | |||
Other Investments In Coca Cola FEMSAs Companies [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Various | ||||
Place of Incorporation | Various | ||||
Carrying Value | 793 | 683 | |||
Raizen Convenincias [Member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Proximity | ||||
Place of Incorporation | Brazil | ||||
Ownership Percentage, Associate | 50.00% | ||||
Carrying Value | 3,410 | 2,763 | |||
Compania Panamena de Bebidas, S.A.P.I. de C.V. [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Carrying Value | $ 486 | ||||
Principal Activity | Beverages | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Joint venture | 50.00% | ||||
Dispensadoras de Cafe, S.A.P.I. de C.V. [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Carrying Value | $ 172 | 181 | |||
Principal Activity | Services | ||||
Place of Incorporation | Mexico | ||||
Ownership Percentage, Joint venture | 50.00% | 50.00% | |||
Fountain Agua Mineral, LTDA [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Carrying Value | $ 851 | 720 | |||
Principal Activity | Beverages | ||||
Place of Incorporation | Brazil | ||||
Ownership Percentage, Joint venture | 50.00% | 50.00% | |||
OtherInvestments [Member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Various | ||||
Place of Incorporation | Various | ||||
Carrying Value | $ 520 | 593 | |||
Heineken Group | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Principal Activity | Beverages | ||||
Place of Incorporation | The Netherlands | ||||
Ownership Percentage, Associate | 14.76% | 14.76% | |||
Carrying Value | $ 83,789 | $ 87,291 | |||
Heineken NV | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Ownership Percentage, Associate | 8.63% | 8.63% | |||
Heineken Holding N.V. [member] | |||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||
Ownership Percentage, Associate | 12.26% | 12.26% |
Equity Accounted Investees - Ac
Equity Accounted Investees - Activity (Detail) € / shares in Units, € in Millions, $ in Millions, $ in Millions | Sep. 30, 2020 | Sep. 18, 2017€ / sharesshares | Apr. 30, 2010 | Sep. 30, 2020 | Dec. 31, 2020EUR (€) | Dec. 31, 2020MXN ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019MXN ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) |
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Capital contribution | $ 3,348 | $ 168 | $ 3,348 | |||||||||
Ownership Percentage, Associate | 14.80% | 14.80% | 14.80% | 14.80% | ||||||||
Impairment loss | $ 5,451 | $ 1,018 | $ 432 | |||||||||
Estrella Azul [Member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Proportion of ownership interest sold | 100.00% | |||||||||||
Portion of investment sold | 100.00% | |||||||||||
Promotora Mexicana de Embotelladores, S.A. de C.V. [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Dividends received | 1 | |||||||||||
Compania Panamena de Bebidas, S.A.P.I. de C.V. [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Impairment loss on investments | 1,463 | |||||||||||
Proportion of ownership interest sold | 100.00% | |||||||||||
Financial asset recognized on sale | 8 | |||||||||||
Capital contribution | 1,302 | |||||||||||
Portion of investment sold | 100.00% | |||||||||||
Compania Panamena de Bebidas, S.A.P.I. de C.V. [member] | Other Expense [Member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Impairment loss on investments | 948 | |||||||||||
Leao Alimentos y Bebidas LTDA | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Impairment loss on investments | 1,038 | |||||||||||
Industria Envasadora de Quertaro, S.A. de C.V. (IEQSA) [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Dividends received | $ 16 | |||||||||||
Promotora Industrial Azucarera, S.A. de C.V. ("PIASA") [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Capital contribution | $ 111 | |||||||||||
Ownership Percentage, Associate | 36.40% | 36.40% | 36.40% | 36.40% | ||||||||
Heineken Group | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Proportion of ownership interest sold | 5.20% | |||||||||||
Dividends received | $ 2,322 | $ 3,031 | 2,872 | |||||||||
Ownership Percentage, Associate | 20.00% | 14.76% | 14.76% | 14.76% | 14.76% | |||||||
Portion of investment sold | 5.20% | |||||||||||
Equity income recognized from ownership interest, net of tax | $ (434) | $ 6,428 | 6,478 | |||||||||
Share of net income exclusive of amortisation adjustments | € (30) | $ (842) | € 319 | 6,885 | € 281 | $ 6,320 | ||||||
Heineken NV | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Number of shares sold | shares | 22,485,000 | |||||||||||
Share price | € / shares | € 84.50 | |||||||||||
Heineken Holding N.V. [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Number of shares sold | shares | 7,700,000 | |||||||||||
Share price | € / shares | € 78 | |||||||||||
Jugos del Valle, S.A.P.I. de C.V. [member] | ||||||||||||
Disclosure of Investments in Subsidiaries Joint Ventures and Associates [Line items] | ||||||||||||
Capital contribution | $ 204 | $ 23 | ||||||||||
Ownership Percentage, Associate | 28.80% | 28.80% | 28.80% | 28.80% |
Equity Accounted Investees - _2
Equity Accounted Investees - Summarized Financial Information (Detail) € in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of associates and joint ventures [line items] | |||||||||
Total current assets | $ 10,118 | $ 201,269 | $ 172,579 | ||||||
Total non-current assets | 24,310 | 483,579 | 464,962 | ||||||
Total current liabilities | 5,953 | 118,413 | 136,534 | ||||||
Total non-current liabilities | 13,033 | 259,248 | 175,256 | ||||||
Total equity | 15,442 | 307,187 | 325,751 | ||||||
Equity attributable to equity holders | $ 11,951 | 237,743 | 251,989 | ||||||
Net income | $ 188 | $ 3,756 | $ 28,048 | $ 29,713 | |||||
Other comprehensive income | (369) | (7,321) | (12,966) | (13,293) | |||||
Total comprehensive income | (181) | (3,565) | 15,082 | 19,786 | |||||
Total comprehensive income attributable to equity holders | $ (176) | (3,458) | 12,285 | $ 14,776 | |||||
Heineken Group | |||||||||
Disclosure of associates and joint ventures [line items] | |||||||||
Total current assets | € 9,020 | € 8,419 | 221,182 | 177,829 | |||||
Total non-current assets | 33,612 | 38,085 | 824,210 | 804,443 | |||||
Total current liabilities | 10,868 | 12,307 | 266,497 | 259,952 | |||||
Total non-current liabilities | 17,372 | 16,886 | 425,984 | 356,671 | |||||
Total equity | 14,392 | 17,311 | 352,911 | 365,648 | |||||
Equity attributable to equity holders | 13,392 | 16,147 | $ 328,393 | $ 341,062 | |||||
Total revenue and other income | 19,771 | 479,996 | 24,064 | 511,125 | |||||
Total cost and expenses | 18,993 | 461,108 | 20,431 | 433,959 | |||||
Net income | (88) | (2,136) | 2,374 | 50,424 | |||||
Net income attributable to equity holders | (204) | (4,953) | 2,166 | 46,006 | |||||
Other comprehensive income | (2,016) | (48,944) | 186 | 3,951 | |||||
Total comprehensive income | (2,104) | (51,080) | 2,560 | 54,375 | |||||
Total comprehensive income attributable to equity holders | € (2,127) | $ (51,639) | € 2,328 | $ 49,447 |
Equity Accounted Investees - Re
Equity Accounted Investees - Reconciliation from Equity to Investment (Detail) € in Millions, $ in Millions, $ in Millions | Apr. 30, 2010 | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Apr. 09, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019MXN ($) |
Disclosure of associates and joint ventures [line items] | ||||||||||
Equity attributable to equity holders | $ 11,951 | $ 237,743 | $ 251,989 | |||||||
Economic ownership percentage | 14.80% | 14.80% | ||||||||
Coca-Cola FEMSA [member] | ||||||||||
Disclosure of associates and joint ventures [line items] | ||||||||||
Net income corresponding to the immaterial associates | $ (124) | $ 84 | $ 44 | |||||||
Net income (loss) corresponding to the immaterial joint ventures | $ (157) | $ (215) | (270) | |||||||
Heineken Group | ||||||||||
Disclosure of associates and joint ventures [line items] | ||||||||||
Equity attributable to equity holders | € 13,392 | 328,393 | € 16,147 | 341,062 | ||||||
Economic ownership percentage | 20.00% | 14.76% | 14.76% | |||||||
Investment in Heineken investment exclusive of goodwill and other adjustments | 1,977 | 48,471 | 2,383 | 50,341 | ||||||
Effects of fair value determined by purchase price allocation | 702 | 17,226 | 703 | 14,839 | ||||||
Goodwill | 881 | 21,594 | 881 | 18,609 | ||||||
Heineken investment | 3,560 | 87,291 | 3,967 | 83,789 | ||||||
Fair value of investment | € 7,347 | € 7,255 | $ 176,718 | € 7,769 | $ 164,504 | |||||
Dividends received | $ 2,322 | $ 3,031 | $ 2,872 |
Equity Accounted Investees - Sh
Equity Accounted Investees - Share of OCI (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Items that may be reclassified to consolidated net income: | ||||
Total | $ (299) | $ (5,948) | $ 1,058 | $ (360) |
Items that may not be reclassified to consolidated net income in subsequent periods: | ||||
Remeasurements of the net defined benefit liability | $ (24) | (474) | (1,090) | 551 |
Equity investments [member] | ||||
Items that may be reclassified to consolidated net income: | ||||
Fair value changes | (14) | (355) | ||
Exchange differences on translating foreign operations | (5,934) | 1,058 | (5) | |
Total | (5,948) | 1,058 | (360) | |
Items that may not be reclassified to consolidated net income in subsequent periods: | ||||
Remeasurements of the net defined benefit liability | $ (111) | $ (389) | $ 597 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 114,513 | $ 108,602 | ||
Ending balance | $ 5,686 | 113,106 | 114,513 | $ 108,602 |
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 188,260 | 172,939 | 186,944 | |
Additions | 18,659 | 22,926 | 21,584 | |
Additions from business acquisitions | 488 | 2,104 | 5,867 | |
Changes in fair value of past acquisitions | 59 | |||
Transfer of completed projects in progress | 405 | |||
Transfer (to)/from assets classified as held for sale | 449 | (127) | ||
Disposals | (6,005) | (459) | (7,196) | |
Effects of changes in foreign exchange rates | (5,158) | (6,207) | (6,993) | |
Changes in value on the recognition of inflation effects | 1,824 | 2,345 | 4,762 | |
Ending balance | 196,741 | 188,260 | 172,939 | |
Cost [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (1,835) | |||
Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (5,793) | (31,902) | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (73,747) | (64,337) | (70,232) | |
Depreciation for the year | (16,378) | (15,468) | (14,698) | |
Transfer (to)/from assets classified as held for sale | (282) | 262 | 78 | |
Disposals | 4,800 | 4,204 | 6,393 | |
Effects of changes in foreign exchange rates | 1,768 | (1,203) | 1,681 | |
Changes in value on the recognition of inflation effects | (1,070) | 3,769 | ||
Ending balance | (83,635) | (73,747) | (64,337) | |
Accumulated depreciation, amortisation and impairment [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 1,274 | |||
Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 2,795 | 16,210 | ||
Land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,682 | 9,568 | ||
Ending balance | 9,922 | 9,682 | 9,568 | |
Land [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,682 | 9,568 | 13,589 | |
Additions | 241 | 309 | 334 | |
Additions from business acquisitions | 158 | 146 | 25 | |
Transfer of completed projects in progress | 4 | 142 | 526 | |
Transfer (to)/from assets classified as held for sale | (253) | |||
Disposals | (13) | (93) | ||
Effects of changes in foreign exchange rates | (238) | (329) | (401) | |
Changes in value on the recognition of inflation effects | 88 | 114 | 242 | |
Ending balance | 9,922 | 9,682 | 9,568 | |
Land [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (15) | (4,654) | ||
Buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 19,896 | 18,902 | ||
Ending balance | 19,612 | 19,896 | 18,902 | |
Buildings [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 26,794 | 25,081 | 25,972 | |
Additions | 616 | 1,134 | 877 | |
Additions from business acquisitions | 806 | 451 | ||
Transfer of completed projects in progress | 809 | 227 | 567 | |
Transfer (to)/from assets classified as held for sale | 581 | |||
Disposals | (122) | (152) | ||
Effects of changes in foreign exchange rates | (1,135) | (1,147) | (1,079) | |
Changes in value on the recognition of inflation effects | 293 | 366 | 816 | |
Ending balance | 27,255 | 26,794 | 25,081 | |
Buildings [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (254) | (2,371) | ||
Buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (6,898) | (6,179) | (6,051) | |
Depreciation for the year | (828) | (937) | (786) | |
Disposals | 38 | 46 | 69 | |
Effects of changes in foreign exchange rates | 127 | (92) | 112 | |
Changes in value on the recognition of inflation effects | (82) | 223 | ||
Ending balance | (7,643) | (6,898) | (6,179) | |
Buildings [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 264 | 700 | ||
Machinery and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 44,773 | 43,344 | ||
Ending balance | 43,616 | 44,773 | 43,344 | |
Machinery and equipment [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 82,646 | 76,204 | 80,302 | |
Additions | 5,277 | 6,826 | 6,926 | |
Additions from business acquisitions | 200 | 686 | 4,128 | |
Changes in fair value of past acquisitions | 59 | |||
Transfer of completed projects in progress | 3,471 | 50 | 2,193 | |
Transfer (to)/from assets classified as held for sale | 449 | 3,694 | (127) | |
Disposals | (3,358) | (410) | (4,623) | |
Effects of changes in foreign exchange rates | (2,233) | (2,463) | (3,526) | |
Changes in value on the recognition of inflation effects | 990 | 1,254 | 2,552 | |
Ending balance | 86,726 | 82,646 | 76,204 | |
Machinery and equipment [member] | Cost [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (775) | |||
Machinery and equipment [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (3,195) | (11,621) | ||
Machinery and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (37,873) | (32,860) | (34,308) | |
Depreciation for the year | (8,390) | (7,862) | (7,437) | |
Transfer (to)/from assets classified as held for sale | (282) | 262 | 78 | |
Disposals | 2,707 | 1,967 | 4,970 | |
Effects of changes in foreign exchange rates | 698 | (629) | 404 | |
Changes in value on the recognition of inflation effects | (595) | 2,692 | ||
Ending balance | (43,110) | (37,873) | (32,860) | |
Machinery and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 625 | |||
Machinery and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 1,249 | 6,125 | ||
Refrigeration equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,650 | 8,860 | ||
Ending balance | 7,787 | 8,650 | 8,860 | |
Refrigeration equipment [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 17,301 | 17,034 | 17,465 | |
Additions | 137 | 636 | 644 | |
Additions from business acquisitions | 537 | |||
Transfer of completed projects in progress | 1,192 | (13) | 1,711 | |
Transfer (to)/from assets classified as held for sale | 1,396 | |||
Disposals | (1,073) | (614) | ||
Effects of changes in foreign exchange rates | (797) | (961) | (759) | |
Changes in value on the recognition of inflation effects | 189 | 241 | 465 | |
Ending balance | 16,949 | 17,301 | 17,034 | |
Refrigeration equipment [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (1,032) | (2,415) | ||
Refrigeration equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (8,651) | (8,174) | (8,996) | |
Depreciation for the year | (1,832) | (1,862) | (1,752) | |
Disposals | 989 | 966 | 579 | |
Effects of changes in foreign exchange rates | 464 | (164) | 250 | |
Changes in value on the recognition of inflation effects | (132) | 338 | ||
Ending balance | (9,162) | (8,651) | (8,174) | |
Refrigeration equipment [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 583 | 2,083 | ||
Returnable bottles [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 6,061 | 6,043 | ||
Ending balance | 5,771 | 6,061 | 6,043 | |
Returnable bottles [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 16,152 | 14,749 | 21,532 | |
Additions | 2,613 | 2,581 | 2,888 | |
Additions from business acquisitions | 393 | |||
Transfer of completed projects in progress | 57 | 3 | ||
Transfer (to)/from assets classified as held for sale | 359 | |||
Disposals | (561) | (312) | ||
Effects of changes in foreign exchange rates | (629) | (833) | (251) | |
Changes in value on the recognition of inflation effects | 291 | 352 | 612 | |
Ending balance | 17,923 | 16,152 | 14,749 | |
Returnable bottles [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (1,056) | (10,116) | ||
Returnable bottles [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (10,091) | (8,706) | (13,423) | |
Depreciation for the year | (2,779) | (2,734) | (2,827) | |
Disposals | 536 | 1,079 | 204 | |
Effects of changes in foreign exchange rates | 432 | (302) | 631 | |
Changes in value on the recognition of inflation effects | (250) | 516 | ||
Ending balance | (12,152) | (10,091) | (8,706) | |
Returnable bottles [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 572 | 7,225 | ||
Investments in Fixed Assets in Progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,601 | 7,849 | ||
Ending balance | 10,534 | 9,601 | 7,849 | |
Investments in Fixed Assets in Progress [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,601 | 7,849 | 7,390 | |
Additions | 6,979 | 8,421 | 6,482 | |
Additions from business acquisitions | 3 | 290 | ||
Transfer of completed projects in progress | (5,644) | (4,927) | ||
Transfer (to)/from assets classified as held for sale | (6,284) | |||
Disposals | (12) | (633) | ||
Effects of changes in foreign exchange rates | (339) | (370) | (330) | |
Changes in value on the recognition of inflation effects | (30) | 18 | 66 | |
Ending balance | 10,534 | 9,601 | 7,849 | |
Investments in Fixed Assets in Progress [member] | Cost [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (24) | |||
Investments in Fixed Assets in Progress [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (33) | (489) | ||
Leasehold improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 15,553 | 13,629 | ||
Ending balance | 15,397 | 15,553 | 13,629 | |
Leasehold improvements [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 25,291 | 21,559 | 19,666 | |
Additions | 2,611 | 2,907 | 3,322 | |
Additions from business acquisitions | 46 | 466 | 2 | |
Transfer of completed projects in progress | 110 | 7 | (93) | |
Transfer (to)/from assets classified as held for sale | 496 | |||
Disposals | (808) | (748) | ||
Effects of changes in foreign exchange rates | 310 | 26 | (354) | |
Changes in value on the recognition of inflation effects | 3 | |||
Ending balance | 26,527 | 25,291 | 21,559 | |
Leasehold improvements [member] | Cost [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (1,036) | |||
Leasehold improvements [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (170) | (236) | ||
Leasehold improvements [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (9,738) | (7,930) | (6,956) | |
Depreciation for the year | (2,404) | (1,985) | (1,763) | |
Transfer (to)/from assets classified as held for sale | 0 | |||
Disposals | 492 | 115 | 571 | |
Effects of changes in foreign exchange rates | (123) | (2) | 141 | |
Changes in value on the recognition of inflation effects | (6) | |||
Ending balance | (11,130) | (9,738) | (7,930) | |
Leasehold improvements [member] | Accumulated depreciation, amortisation and impairment [member] | Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 649 | |||
Leasehold improvements [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | 64 | 77 | ||
Other [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 297 | 407 | ||
Ending balance | 467 | 297 | 407 | |
Other [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 793 | 895 | 1,028 | |
Additions | 185 | 112 | 111 | |
Additions from business acquisitions | 81 | 41 | ||
Transfer of completed projects in progress | 1 | (8) | 20 | |
Transfer (to)/from assets classified as held for sale | 11 | |||
Disposals | (58) | (49) | (21) | |
Effects of changes in foreign exchange rates | (97) | (130) | (293) | |
Changes in value on the recognition of inflation effects | 0 | 9 | ||
Ending balance | 905 | 793 | 895 | |
Other [member] | Cost [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | (38) | |||
Other [member] | Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (496) | (488) | (498) | |
Depreciation for the year | (145) | (88) | (133) | |
Disposals | 38 | 31 | ||
Effects of changes in foreign exchange rates | 170 | (14) | 143 | |
Changes in value on the recognition of inflation effects | (5) | |||
Ending balance | $ (438) | (496) | $ (488) | |
Other [member] | Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposals | $ 63 |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning | $ 52,684 | $ 50,220 | |
Additions | 7,982 | 7,502 | |
Additions from business combinations | 1,765 | 2,187 | |
Disposals | (2,304) | (832) | |
Remeasurements | 3,833 | 2,290 | |
Depreciation | (8,629) | (7,893) | |
Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies | (584) | (790) | |
Right-of-use assets, ending | $ 2,752 | 54,747 | 52,684 |
Land and buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning | 51,926 | 49,112 | |
Additions | 6,478 | 7,406 | |
Additions from business combinations | 1,414 | 2,187 | |
Disposals | (2,190) | (827) | |
Remeasurements | 3,749 | 2,299 | |
Depreciation | (8,138) | (7,492) | |
Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies | (475) | (759) | |
Right-of-use assets, ending | 52,764 | 51,926 | |
Other [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning | 758 | 1,108 | |
Additions | 1,504 | 96 | |
Additions from business combinations | 351 | ||
Disposals | (114) | (5) | |
Remeasurements | 84 | (9) | |
Depreciation | (491) | (401) | |
Effects of changes in foreign exchange rates and restatement effects associated with hyperinflationary economies | (109) | (31) | |
Right-of-use assets, ending | 1,983 | $ 758 | |
Specialty’s Café & Bakery, Inc [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Disposals | $ 690 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure Of Leases Line Items [Line Items] | |||
Total undiscounted lease liabilities | $ 88,594 | $ 86,854 | |
Total lease liabilities | 58,308 | 54,679 | |
Current | $ 340 | 6,772 | 7,387 |
Non-Current | $ 2,591 | 51,536 | 47,292 |
0-1 year [member] | |||
Disclosure Of Leases Line Items [Line Items] | |||
Total undiscounted lease liabilities | 11,511 | 10,655 | |
1-5 years [member] | |||
Disclosure Of Leases Line Items [Line Items] | |||
Total undiscounted lease liabilities | 36,172 | 40,262 | |
Later than five years and not later than ten years [member] | |||
Disclosure Of Leases Line Items [Line Items] | |||
Total undiscounted lease liabilities | 27,088 | 24,053 | |
Later than 10 years [member] | |||
Disclosure Of Leases Line Items [Line Items] | |||
Total undiscounted lease liabilities | $ 13,823 | $ 11,884 |
Leases - Additional information
Leases - Additional information (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | |||
Weighted average incremental borrowing rate | 9.49% | 10.18% | |
Interest expense on lease liabilities | $ 5,075 | $ 4,774 | |
Expense relating to leases of low-value assets for which recognition exemption has been used | 508 | 430 | |
Cash Flows | (56,283) | 16,869 | |
Financial leases [member] | |||
Statement [Line Items] | |||
Cash Flows | $ 9,810 | $ 8,848 | $ 26 |
Retail Stores [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 15 years | ||
Office Space [member] | Top of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 5 years | ||
Office Space [member] | Bottom of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 3 years | ||
Vehicles, Servers and Equipment [Member] | Top of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 5 years | ||
Vehicles, Servers and Equipment [Member] | Bottom of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 3 years | ||
IT Equipment [Member] | Top of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 1 year | ||
IT Equipment [Member] | Bottom of range [member] | |||
Statement [Line Items] | |||
Operating Lease Term | 3 years |
Intangible Assets - Changes in
Intangible Assets - Changes in Intangible Assets and Goodwill (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | $ 146,562 | $ 145,610 | ||
Amortization expense | (2,465) | (1,812) | $ (1,913) | |
Ending balance | $ 7,817 | 155,501 | 146,562 | 145,610 |
Right to produce and distribute trademark products [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 81,255 | 87,617 | ||
Ending balance | 76,649 | 81,255 | 87,617 | |
Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 47,906 | 40,530 | ||
Ending balance | 52,820 | 47,906 | 40,530 | |
Trademark rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 6,600 | 6,699 | ||
Ending balance | 8,647 | 6,600 | 6,699 | |
Other indefinite lived intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 2,160 | 1,977 | ||
Ending balance | 1,424 | 2,160 | 1,977 | |
Total unamortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 137,921 | 136,823 | ||
Ending balance | 139,540 | 137,921 | 136,823 | |
Technology costs and management systems [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 4,356 | 4,270 | ||
Ending balance | 4,368 | 4,356 | 4,270 | |
Systems in Development [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 675 | 777 | ||
Ending balance | 432 | 675 | 777 | |
Alcohol licenses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 1,192 | 1,224 | ||
Ending balance | 1,163 | 1,192 | 1,224 | |
Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 2,418 | 2,516 | ||
Ending balance | 9,998 | 2,418 | 2,516 | |
Total amortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 8,641 | 8,787 | ||
Ending balance | 15,961 | 8,641 | 8,787 | |
Accumulated depreciation, amortisation and impairment [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (6,869) | (5,738) | (4,574) | |
Amortization expense | (2,465) | (1,811) | (1,913) | |
Disposals | 179 | 475 | 191 | |
Effect of movements in exchange rates | 193 | 233 | 235 | |
Changes in value on the recognition of inflation effects | (29) | (28) | (52) | |
Ending balance | (8,991) | (6,869) | (5,738) | |
Accumulated depreciation, amortisation and impairment [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | 375 | |||
Accumulated depreciation, amortisation and impairment [member] | Technology costs and management systems [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (5,207) | (4,437) | (3,262) | |
Amortization expense | (1,536) | (1,351) | (1,453) | |
Disposals | 129 | 445 | 93 | |
Effect of movements in exchange rates | 142 | 165 | 236 | |
Changes in value on the recognition of inflation effects | (29) | (29) | (51) | |
Ending balance | (6,501) | (5,207) | (4,437) | |
Accumulated depreciation, amortisation and impairment [member] | Alcohol licenses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (637) | (544) | (457) | |
Amortization expense | (97) | (123) | (87) | |
Disposals | 30 | |||
Ending balance | (734) | (637) | (544) | |
Accumulated depreciation, amortisation and impairment [member] | Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (1,025) | (757) | (855) | |
Amortization expense | (832) | (337) | (373) | |
Disposals | 50 | 98 | ||
Effect of movements in exchange rates | 51 | 68 | (1) | |
Changes in value on the recognition of inflation effects | 1 | (1) | ||
Ending balance | (1,756) | (1,025) | (757) | |
Accumulated depreciation, amortisation and impairment [member] | Other [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | 375 | |||
Accumulated depreciation, amortisation and impairment [member] | Total amortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (6,869) | (5,738) | (4,574) | |
Amortization expense | (2,465) | (1,811) | (1,913) | |
Disposals | 179 | 475 | 191 | |
Effect of movements in exchange rates | 193 | 233 | 235 | |
Changes in value on the recognition of inflation effects | (29) | (28) | (52) | |
Ending balance | (8,991) | (6,869) | (5,738) | |
Accumulated depreciation, amortisation and impairment [member] | Total amortized intangible assets [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | 375 | |||
Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 153,431 | 151,348 | 158,667 | |
Additions | 1,483 | 2,198 | 1,793 | |
Acquisitions from business combinations (see Note 4) | 22,804 | 7,782 | 5,997 | |
Changes in fair value of past acquisitions | (69) | (22) | 272 | |
Internal development | 41 | |||
Disposals | (1,190) | (758) | (191) | |
Effect of movements in exchange rates | (10,580) | (7,111) | (10,810) | |
Changes in value on the recognition of inflation effects | 38 | (6) | 57 | |
Ending balance | 164,492 | 153,431 | 151,348 | |
Cost [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (4,478) | |||
Cost [member] | Right to produce and distribute trademark products [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 81,255 | 87,617 | 91,902 | |
Additions | 1 | |||
Acquisitions from business combinations (see Note 4) | 4,602 | |||
Changes in fair value of past acquisitions | (2,887) | |||
Effect of movements in exchange rates | (4,607) | (3,475) | (5,005) | |
Ending balance | 76,649 | 81,255 | 87,617 | |
Cost [member] | Right to produce and distribute trademark products [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (3,882) | |||
Cost [member] | Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 47,906 | 40,530 | 43,449 | |
Additions | 75 | |||
Acquisitions from business combinations (see Note 4) | 12,080 | 6,542 | 842 | |
Changes in fair value of past acquisitions | (1,323) | 2,903 | 272 | |
Disposals | (183) | |||
Effect of movements in exchange rates | (4,466) | (2,069) | (4,108) | |
Ending balance | 52,820 | 47,906 | 40,530 | |
Cost [member] | Trademark rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 6,600 | 6,699 | 7,185 | |
Acquisitions from business combinations (see Note 4) | 2,101 | 469 | 170 | |
Changes in fair value of past acquisitions | 347 | |||
Disposals | (116) | (48) | ||
Effect of movements in exchange rates | (70) | (520) | (656) | |
Ending balance | 8,647 | 6,600 | 6,699 | |
Cost [member] | Other indefinite lived intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 2,160 | 1,977 | 2,257 | |
Additions | 164 | 71 | ||
Changes in fair value of past acquisitions | (361) | 153 | ||
Disposals | (305) | (2) | ||
Effect of movements in exchange rates | (59) | (134) | (349) | |
Ending balance | 1,424 | 2,160 | 1,977 | |
Cost [member] | Total unamortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 137,921 | 136,823 | 144,793 | |
Additions | 1 | 164 | 146 | |
Acquisitions from business combinations (see Note 4) | 14,181 | 7,011 | 5,614 | |
Changes in fair value of past acquisitions | (1,337) | 169 | 272 | |
Disposals | (604) | (48) | (2) | |
Effect of movements in exchange rates | (9,202) | (6,198) | (10,118) | |
Ending balance | 139,540 | 137,921 | 136,823 | |
Cost [member] | Total unamortized intangible assets [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (3,882) | |||
Cost [member] | Technology costs and management systems [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 9,563 | 8,707 | 7,103 | |
Additions | 771 | 824 | 1,051 | |
Acquisitions from business combinations (see Note 4) | 26 | 759 | 35 | |
Changes in fair value of past acquisitions | (6) | |||
Transfer of completed development systems | 397 | 412 | 904 | |
Disposals | (164) | (580) | (43) | |
Effect of movements in exchange rates | 276 | (553) | (343) | |
Ending balance | 10,869 | 9,563 | 8,707 | |
Cost [member] | Systems in Development [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 675 | 777 | 1,291 | |
Additions | 202 | 334 | 371 | |
Acquisitions from business combinations (see Note 4) | 57 | |||
Transfer of completed development systems | (399) | (413) | (904) | |
Disposals | (6) | |||
Effect of movements in exchange rates | (40) | (23) | (38) | |
Ending balance | 432 | 675 | 777 | |
Cost [member] | Alcohol licenses [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 1,829 | 1,768 | 1,637 | |
Additions | 111 | 191 | 131 | |
Disposals | (43) | (130) | ||
Ending balance | 1,897 | 1,829 | 1,768 | |
Cost [member] | Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 3,443 | 3,273 | 3,843 | |
Additions | 398 | 685 | 94 | |
Acquisitions from business combinations (see Note 4) | 8,597 | 12 | 291 | |
Changes in fair value of past acquisitions | 1,268 | (185) | ||
Internal development | 41 | |||
Transfer of completed development systems | 2 | 1 | ||
Disposals | (373) | (146) | ||
Effect of movements in exchange rates | (1,614) | (337) | (311) | |
Changes in value on the recognition of inflation effects | 38 | (6) | 57 | |
Ending balance | 11,754 | 3,443 | 3,273 | |
Cost [member] | Other [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (596) | |||
Cost [member] | Total amortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 15,510 | 14,525 | 13,874 | |
Additions | 1,482 | 2,034 | 1,647 | |
Acquisitions from business combinations (see Note 4) | 8,623 | 771 | 383 | |
Changes in fair value of past acquisitions | 1,268 | (191) | ||
Internal development | 41 | |||
Disposals | (586) | (710) | (189) | |
Effect of movements in exchange rates | (1,378) | (913) | (692) | |
Changes in value on the recognition of inflation effects | 38 | (6) | 57 | |
Ending balance | 24,952 | $ 15,510 | 14,525 | |
Cost [member] | Total amortized intangible assets [member] | Philippines [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | $ (596) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (1,426) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (1,194) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Trademark rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (215) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Other indefinite lived intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (11) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Total unamortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (1,420) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Other [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | (5) | |||
Specialty’s Café & Bakery, Inc [Member] | Cost [member] | Total amortized intangible assets [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Disposals | $ (5) |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Allocation Of Amortisation Expenses [abstract] | |||
Amortisation Expense Reported in Cost of Goods Sold | $ 288 | $ 317 | $ 399 |
Amortisation Expense Reported in Administrative Expenses | 1,412 | 953 | 858 |
Amortisation Expense Reported in Selling Expenses | 765 | 542 | 656 |
Amortization expense | $ 2,465 | $ 1,812 | $ 1,913 |
Intangible Assets - Average Rem
Intangible Assets - Average Remaining Amortization Period (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | Technology costs and management systems [member] | |
Disclosure of intangible assets material to entity [line items] | |
Average Remaining Period Intangible Assets Subject to Amortization | 3 years |
Bottom of range [member] | Alcohol licenses [member] | |
Disclosure of intangible assets material to entity [line items] | |
Average Remaining Period Intangible Assets Subject to Amortization | 10 years |
Top of range [member] | Technology costs and management systems [member] | |
Disclosure of intangible assets material to entity [line items] | |
Average Remaining Period Intangible Assets Subject to Amortization | 10 years |
Top of range [member] | Alcohol licenses [member] | |
Disclosure of intangible assets material to entity [line items] | |
Average Remaining Period Intangible Assets Subject to Amortization | 12 years |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amounts of Goodwill and Distribution Rights (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) |
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | $ 7,817 | $ 155,501 | $ 146,562 | $ 145,610 |
Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 100,082 | 107,088 | ||
Mexico [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 56,352 | 56,352 | ||
Guatemala [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 1,755 | 1,679 | ||
Nicaragua [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 433 | 420 | ||
Costa Rica [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 1,425 | 1,442 | ||
Panama [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 1,200 | 1,131 | ||
Colombia [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 4,414 | 4,367 | ||
Brazil [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 31,741 | 38,765 | ||
Argentina [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | 312 | 306 | ||
Uruguay [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Goodwill and distribution rights allocated | $ 2,450 | $ 2,626 |
Intangible Assets - Key Assumpt
Intangible Assets - Key Assumptions by CGU for Impairment Test (Detail) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of information for cash-generating units [line items] | ||
Impairment charge, intangibles | $ 375 | |
Mexico [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 7.40% | 7.30% |
Post-tax WACC | 5.30% | 5.20% |
Mexico [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.90% | |
Expected Volume Growth Rates | 2.00% | |
Mexico [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.50% | |
Expected Volume Growth Rates | 0.70% | |
Colombia [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 11.00% | 8.90% |
Post-tax WACC | 7.30% | 6.20% |
Colombia [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.80% | |
Expected Volume Growth Rates | 4.10% | |
Colombia [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.10% | |
Expected Volume Growth Rates | 4.00% | |
Costa Rica [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 15.30% | 13.80% |
Post-tax WACC | 10.80% | 9.70% |
Costa Rica [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.70% | |
Expected Volume Growth Rates | 4.30% | |
Costa Rica [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.20% | |
Expected Volume Growth Rates | 2.10% | |
Guatemala [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 10.60% | 9.10% |
Post-tax WACC | 8.30% | 7.10% |
Guatemala [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.10% | |
Expected Volume Growth Rates | 6.80% | |
Guatemala [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 4.00% | |
Expected Volume Growth Rates | 8.50% | |
Nicaragua [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 20.60% | 21.10% |
Post-tax WACC | 13.90% | 12.40% |
Nicaragua [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.70% | |
Expected Volume Growth Rates | 7.10% | |
Nicaragua [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 4.40% | |
Expected Volume Growth Rates | 3.00% | |
Panama [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 8.80% | 8.50% |
Post-tax WACC | 6.80% | 6.60% |
Panama [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 1.50% | |
Expected Volume Growth Rates | 7.90% | |
Panama [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.00% | |
Expected Volume Growth Rates | 5.40% | |
Argentina [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 26.30% | 21.60% |
Post-tax WACC | 20.40% | 14.80% |
Argentina [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 30.10% | |
Expected Volume Growth Rates | 3.90% | |
Argentina [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 39.20% | |
Expected Volume Growth Rates | 3.70% | |
Brazil [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 9.10% | 9.30% |
Post-tax WACC | 6.00% | 5.60% |
Brazil [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.00% | |
Expected Volume Growth Rates | 2.40% | |
Brazil [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.60% | |
Expected Volume Growth Rates | 2.00% | |
Uruguay [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 9.90% | 9.40% |
Post-tax WACC | 7.10% | 6.80% |
Uruguay [member] | Cash Generating Units [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 7.80% | |
Expected Volume Growth Rates | 2.00% | |
Uruguay [member] | Cash Generating Units [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 7.40% | |
Expected Volume Growth Rates | 2.00% | |
South America [member] | FEMSA Comercio - Health Division [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 8.30% | 9.40% |
Post-tax WACC | 5.80% | 6.60% |
South America [member] | FEMSA Comercio - Health Division [member] | 2021-2030 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.80% | |
Expected Volume Growth Rates | 0.20% | |
South America [member] | FEMSA Comercio - Health Division [member] | 2020-2029 [member] | Coca-Cola FEMSA [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 3.00% | |
Expected Volume Growth Rates | 0.30% | |
United States [member] | Cash Generating Units [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Pre-tax WACC | 8.20% | |
Post-tax WACC | 6.00% | |
Impairment charge, intangibles | $ 10,169 | |
United States [member] | Cash Generating Units [member] | 2021 - 2025 [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Expected Annual Long- Term | 2.00% | |
Expected Volume Growth Rates | 1.70% |
Intangible Assets - Sensitivity
Intangible Assets - Sensitivity to Changes in Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2020MXN ($)item | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Risk premium basis points | item | 1 |
Impairment charge on goodwill | $ 0 |
Change in WACC | 0.20% |
Change in Sales Growth CAGR | 0.50% |
Effect on Valuation | Passes by 1.34x |
Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Risk premium basis points | 1 |
Impairment charge on goodwill | $ 0 |
FEMSA Comercio - Health Division [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Total carrying amount of goodwill | $ 6,681,000,000 |
Mexico [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.40% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 4.8x |
Colombia [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.40% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 1x |
Costa Rica [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 1.10% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 2.1x |
Guatemala [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.60% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 29.7x |
Nicaragua [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 1.70% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 1.1x |
Panama [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.30% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 6.9x |
Argentina [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 3.00% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 6.7x |
Brazil [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.60% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 1.8x |
Uruguay [member] | Cash Generating Units [member] | Coca-Cola FEMSA [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in WACC | 0.40% |
Change in Sales Growth CAGR | 1.00% |
Effect on Valuation | Passes by 2x |
United States [member] | Cash Generating Units [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Risk premium basis points | 1 |
Change in Sales Growth CAGR | 0.50% |
Effect on Valuation | Passes by 1.25x |
Other Assets and Other Financ_3
Other Assets and Other Financial Assets - Other Non-Current Assets (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Miscellaneous assets [abstract] | |||
Agreement with customers | $ 731 | $ 953 | |
Long term prepaid advertising expenses | 333 | 341 | |
Guarantee deposits | 2,009 | 2,407 | |
Prepaid bonuses | 239 | 226 | |
Advances to acquire property, plant and equipment | 184 | 203 | |
Recoverable taxes | 1,701 | 2,111 | |
Indemnifiable assets from business combinations | 1,609 | 2,948 | |
Others | 720 | 1,343 | |
Total other assets | $ 379 | $ 7,526 | $ 10,532 |
Other Assets and Other Financ_4
Other Assets and Other Financial Assets - Other financial assets (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Categories of financial assets [abstract] | |||
Non-current accounts receivable | $ 983 | $ 938 | |
Derivative financial instruments (see Note 21) | 14,283 | 8,260 | |
Others | 334 | 172 | |
Other investments in equity instruments | 16,786 | 13,310 | |
Total other financial assets | $ 1,628 | $ 32,386 | $ 22,680 |
Other Assets and Other Financ_5
Other Assets and Other Financial Assets - Fair value (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Other Assets And Other Financial Assets [line items] | ||
Non-current accounts receivables | $ 983 | $ 938 |
Fair value [member] | ||
Disclosure Of Other Assets And Other Financial Assets [line items] | ||
Non-current accounts receivables | $ 699 | $ 724 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties and Affiliated Companies - Balances (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balances | ||
Account receivable with related party transaction | $ 509 | $ 802 |
Other receivables | 746 | 390 |
Other payables | 2,060 | 2,003 |
The Coca-Cola Company [member] | Bank loans and notes payables and accounts payable [Member] | ||
Balances | ||
Account payables with related party transactions | 3,513 | 4,417 |
BBVA Bancomer, S.A. de C.V. [member] | Bank loans and notes payables [member] | ||
Balances | ||
Account payables with related party transactions | 1,062 | 1,696 |
BBVA Bancomer, S.A. de C.V. [member] | Cash and cash equivalent [member] | ||
Balances | ||
Assets balance with related party transaction | 1,092 | 6,798 |
Heineken Group | Accounts payable [member] | ||
Balances | ||
Account payables with related party transactions | 3,273 | 4,308 |
Heineken Group | Accounts receivable and other financial assets [Member] | ||
Balances | ||
Assets balance with related party transaction | 2,512 | 2,915 |
Grupo Financiero Scotiabank Inverlat SA [Member] | ||
Balances | ||
Assets balance with related party transaction | 2,016 | 510 |
Account payables with related party transactions | $ 105 | $ 104 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties and Affiliated Companies - Transactions (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Expense resulting from the uncollectibility of balances due from related parties | $ 0 | $ 0 | $ 0 |
Expenses: | |||
Other expenses with related parties | 619 | 319 | 423 |
Other revenue [member] | |||
Income: | |||
Income from related party transaction | 764 | 404 | 242 |
The Coca-Cola Company [member] | |||
Expenses: | |||
Contributions | 1,482 | 2,274 | 3,542 |
The Coca-Cola Company [member] | Concentrate [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 32,222 | 34,063 | 32,379 |
The Coca-Cola Company [member] | Advertising [Member] | |||
Expenses: | |||
Services received, related party transaction | 865 | 1,756 | 2,193 |
Heineken Group | |||
Income: | |||
Income from related party transaction | 3,181 | 3,380 | 3,265 |
Heineken Group | Beer [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 23,233 | 25,215 | 27,999 |
Grupo Industrial Saltillo, S.A. de C.V. [member] | Logistic services [member] | |||
Income: | |||
Income from related party transaction | 255 | ||
Jugos del Valle, S.A.P.I. de C.V. [member] | Logistic services [member] | |||
Income: | |||
Income from related party transaction | 532 | 553 | 369 |
Jugos del Valle, S.A.P.I. de C.V. [member] | Juices [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 4,055 | 4,477 | 4,537 |
Grupo Industrial Bimbo, S.A.B. de C. V. [member] | Baked goods and snacks [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 5,774 | 6,194 | 5,763 |
Promotora Industrial Azucarera, S.A. de C.V. [member] | Sugar [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 2,123 | 2,728 | 2,604 |
BBVA Bancomer, S.A. de C.V. [member] | |||
Expenses: | |||
Interest expense and fee paid to related party transaction | 232 | 144 | 230 |
BBVA Bancomer, S.A. de C.V. [member] | Interest Revenue [Member] | |||
Expenses: | |||
Interest expense and fee paid to related party transaction | 1,825 | 1,456 | 1,469 |
Beta San Miguel [member] | Sugar [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 1,023 | 655 | 651 |
Promotora Mexicana de Embotelladores, S.A. de C.V. [member] | Sugar, cans and aluminum lids [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 739 | ||
Industria Envasadora De Queretaro SA De CVIEQSA [member] | Canned products [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 226 | 682 | 596 |
Leao Alimentos e Bebidas, LTDA [member] | Inventory [member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 1,253 | 1,867 | 2,654 |
Ecolab Inc [Member] | Materials [Member] | |||
Expenses: | |||
Purchase of goods from related party transaction | 340 | ||
Grupo Televisa, S.A.B. de C.V. [member] | Advertising [Member] | |||
Expenses: | |||
Services received, related party transaction | 148 | 115 | 113 |
Grupo Nacional Provincial, S.A.B. [Member] | |||
Expenses: | |||
Services received, related party transaction | 7 | 12 | |
Fundacion FEMSA, A.C. [member] | |||
Expenses: | |||
Donations to related party transactions | 171 | 195 | 232 |
Difusion y Fomento Cultural, A.C. [member] | |||
Expenses: | |||
Donations to related party transactions | 55 | 61 | 63 |
Donations to ITESM [member] | |||
Expenses: | |||
Donations to related party transactions | 310 | 215 | 192 |
Grupo Financiero Scotiabank Inverlat SA [Member] | Interest Revenue [Member] | |||
Expenses: | |||
Interest expense and fee paid to related party transaction | 295 | 447 | |
AdeS Alimentos y Bebidas [Member] | |||
Expenses: | |||
Purchase of goods from related party transaction | $ 338 | $ 497 | $ 592 |
Balances and Transactions wit_5
Balances and Transactions with Related Parties and Affiliated Companies - Commitments (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Commitment | Supply | ||
Conditions | Supply of all beer products in Mexico's OXXO stores. The contract may be renewed for five years or additional periods. At the end of the contract OXXO will not hold exclusive contract with another supplier of beer for the next 3 years. Commitment term, January 1st, 2010 to June 30, 2020. | ||
Short-term employee benefits paid | $ 2,112 | $ 2,163 | $ 1,885 |
Postemployment benefits | 45 | 48 | 37 |
Termination benefits | 373 | 411 | 88 |
Share based payments | $ 575 | $ 610 | $ 401 |
Heineken Group | |||
Disclosure of transactions between related parties [line items] | |||
Renewal option for supply contract | 5 years | ||
Restriction period from holding exclusive contract with another supplier at the end of the contract term | 3 years |
Balances and Transactions in _3
Balances and Transactions in Foreign Currencies - Balances (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||
Short-Term Assets | $ 70,137 | $ 59,648 |
Long-Term Assets | 2,492 | 2,045 |
Short-Term Liabilities | 6,069 | 6,018 |
Long-Term Liabilities | 146,521 | 78,198 |
USD | ||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||
Short-Term Assets | 69,612 | 58,151 |
Long-Term Assets | 1,143 | 452 |
Short-Term Liabilities | 5,590 | 5,597 |
Long-Term Liabilities | 122,000 | 57,075 |
Euro [member] | ||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||
Short-Term Assets | 479 | 877 |
Short-Term Liabilities | 458 | 363 |
Long-Term Liabilities | 24,521 | 21,122 |
Other currencies [member] | ||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||
Short-Term Assets | 46 | 620 |
Long-Term Assets | 1,349 | 1,593 |
Short-Term Liabilities | $ 21 | 58 |
Long-Term Liabilities | $ 1 |
Balances and Transactions in _4
Balances and Transactions in Foreign Currencies - Transactions (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||
Raw materials and consumables used | $ 79,896 | $ 84,502 | $ 79,825 | |
Interest expense | $ 881 | 17,516 | 14,133 | 9,825 |
All Currencies Other Than Peso [Member] | ||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||
Total revenue | 4,338 | 5,488 | 7,228 | |
Other operating revenues | 1,530 | 6,594 | 139 | |
Raw materials and consumables used | 16,436 | 18,479 | 21,523 | |
Interest expense | 14,192 | 2,580 | 2,743 | |
Consulting Fees | 503 | 753 | 774 | |
Asset Acquisitions | 79 | 3,393 | 2,166 | |
Other | 2,517 | 4,482 | 2,677 | |
USD | ||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||
Total revenue | 4,213 | 5,487 | 7,228 | |
Other operating revenues | 1,478 | 5,612 | 130 | |
Raw materials and consumables used | 16,398 | 17,941 | 21,460 | |
Interest expense | 13,660 | 2,183 | 2,309 | |
Consulting Fees | 480 | 718 | 752 | |
Asset Acquisitions | 79 | 3,388 | 2,166 | |
Other | 2,413 | 4,348 | 2,676 | |
Euro [member] | ||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||
Raw materials and consumables used | 35 | 538 | 63 | |
Interest expense | 397 | 434 | ||
Consulting Fees | 20 | 33 | 20 | |
Asset Acquisitions | 5 | |||
Other | 1 | 2 | 1 | |
Other currencies [member] | ||||
Disclosure of Balances and Transactions in Foreign Currencies [line items] | ||||
Total revenue | 125 | 1 | ||
Other operating revenues | 52 | 982 | 9 | |
Raw materials and consumables used | 3 | |||
Interest expense | 532 | |||
Consulting Fees | 3 | 2 | $ 2 | |
Other | $ 103 | $ 132 |
Balances and Transactions in _5
Balances and Transactions in Foreign Currencies - Exchange Rates (Detail) | Apr. 09, 2021$ / €$ / $ | Dec. 31, 2020$ / €$ / $ | Dec. 31, 2019$ / €$ / $ |
Disclosure of exchange rates [Line Items] | |||
Closing foreign exchange rate | 19.8920 | ||
USD | |||
Disclosure of exchange rates [Line Items] | |||
Closing foreign exchange rate | 20.1765 | 19.9487 | 18.8452 |
Euro [member] | |||
Disclosure of exchange rates [Line Items] | |||
Closing foreign exchange rate | $ / € | 23.8326 | 24.5213 | 21.1223 |
Employee Benefits - Actuarial A
Employee Benefits - Actuarial Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial: | |||
Discount rate used to calculate the defined benefit obligation | 7.20% | 7.50% | 9.40% |
Salary increase | 4.50% | 4.50% | 4.60% |
Future pension increases | 3.50% | 3.50% | 3.60% |
Healthcare cost increase rate | 5.10% | 5.10% | 5.10% |
Biometric: | |||
Mortality | EMSSA 2009 | EMSSA 2009 | EMSSA 2009 |
Disability | IMSS‑97 | IMSS‑97 | IMSS‑97 |
Normal retirement age | 60 years | 60 years | 60 years |
Employee turnover table | BMAR 2007 | BMAR 2007 | BMAR 2007 |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2020MXN ($) |
Disclosure of defined benefit plans [line items] | |
2021 | $ 926 |
2022 | 531 |
2023 | 581 |
2024 | 599 |
2025 | 705 |
2026 to 2030 | 4,108 |
Pension and retirement plans [member] | |
Disclosure of defined benefit plans [line items] | |
2021 | 702 |
2022 | 335 |
2023 | 384 |
2024 | 398 |
2025 | 496 |
2026 to 2030 | 3,118 |
Seniority premiums [member] | |
Disclosure of defined benefit plans [line items] | |
2021 | 198 |
2022 | 168 |
2023 | 168 |
2024 | 170 |
2025 | 176 |
2026 to 2030 | 791 |
Post retirement medical services [member] | |
Disclosure of defined benefit plans [line items] | |
2021 | 26 |
2022 | 28 |
2023 | 29 |
2024 | 31 |
2025 | 33 |
2026 to 2030 | $ 199 |
Employee Benefits - Liabilities
Employee Benefits - Liabilities for Employee Benefits (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of defined benefit plans [line items] | |||
Total Employee Benefits | $ 365 | $ 7,253 | $ 6,347 |
Pension and retirement plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 7,679 | 7,193 | |
Defined benefit obligation funds at fair value | (2,788) | (2,678) | |
Net defined benefit liability | 4,891 | 4,515 | |
Seniority premiums [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 1,763 | 1,237 | |
Defined benefit obligation funds at fair value | (137) | (127) | |
Net defined benefit liability | 1,626 | 1,110 | |
Post retirement medical services [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 812 | 797 | |
Defined benefit obligation funds at fair value | (76) | (75) | |
Net defined benefit liability | $ 736 | $ 722 |
Employee Benefits - Trust Asset
Employee Benefits - Trust Assets (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mexican subsidiaries [member] | ||
Variable return: | ||
Plan asset investment for related parties, percentage | 10.00% | |
Federal government instruments of the respective countries [member] | Bottom of range [member] | ||
Variable return: | ||
Fund assets, percentage | 30.00% | |
Level 1 [member] | ||
Variable return: | ||
Trust assets fixed and variable return percentage | 100.00% | 100.00% |
Level 1 [member] | Traded Securities [member] | ||
Fixed return: | ||
Trust assets fixed return percentage | 27.00% | 9.00% |
Level 1 [member] | Bank instruments [member] | ||
Fixed return: | ||
Trust assets fixed return percentage | 9.00% | 23.00% |
Level 1 [member] | Federal government instruments of the respective countries [member] | ||
Fixed return: | ||
Trust assets fixed return percentage | 29.00% | 33.00% |
Level 1 [member] | Publicly traded shares [member] | ||
Variable return: | ||
Trust assets variable return percentage | 35.00% | 35.00% |
Employee Benefits - Securities
Employee Benefits - Securities in Related Parties Included in Portfolio Fund (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt [member] | El Puerto de Liverpool, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | $ 30 | $ 30 |
Debt [member] | Grupo Industrial Bimbo, S.A.B. de C. V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 5 | 31 |
Debt [member] | Grupo BBVA Bancomer, S.A. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 10 | 20 |
Debt [member] | Grupo Financiero Banorte, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 8 | |
Debt [member] | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 10 | 10 |
Capital [member] | El Puerto de Liverpool, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 2 | |
Capital [member] | CEMEX, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 8 | 12 |
Capital [member] | Grupo Financiero Banorte, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 8 | 1 |
Capital [member] | Alfa, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 3 | 6 |
Capital [member] | Grupo Aeroportuario del Suereste, S.A.B. de C.V. [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | 2 | |
Capital [member] | Other [member] | ||
Disclosure of defined benefit plans [line items] | ||
Investments in securities | $ 4 | $ 3 |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current service cost | $ 728 | $ 433 | $ 468 | |
Remeasurements on the Net Defined Benefit Liability | $ (24) | (474) | (1,090) | 551 |
Net benefit cost recognized in the consolidated statements of income [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current service cost | 656 | 433 | 468 | |
Past service cost | 73 | 116 | ||
Gain or Loss on Settlement or Curtailment | 2 | (14) | ||
Net Interest on the Net Defined Benefit Liability | 450 | 379 | 387 | |
Net benefit cost recognized in the consolidated statements of income [member] | Pension and retirement plans [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current service cost | 372 | 279 | 318 | |
Past service cost | 73 | (45) | ||
Gain or Loss on Settlement or Curtailment | 2 | (5) | ||
Net Interest on the Net Defined Benefit Liability | 305 | 290 | 304 | |
Net benefit cost recognized in the consolidated statements of income [member] | Seniority premiums [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current service cost | 239 | 139 | 125 | |
Past service cost | 161 | |||
Gain or Loss on Settlement or Curtailment | (8) | |||
Net Interest on the Net Defined Benefit Liability | 91 | 57 | 49 | |
Net benefit cost recognized in the consolidated statements of income [member] | Post retirement medical services [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Current service cost | 44 | 15 | 25 | |
Gain or Loss on Settlement or Curtailment | (1) | |||
Net Interest on the Net Defined Benefit Liability | 54 | 32 | 34 | |
Net benefit cost recognized in consolidated statements of accumulated other comprehensive income [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements on the Net Defined Benefit Liability | 2,849 | 2,166 | 646 | |
Net benefit cost recognized in consolidated statements of accumulated other comprehensive income [member] | Pension and retirement plans [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements on the Net Defined Benefit Liability | 2,024 | 1,608 | 668 | |
Net benefit cost recognized in consolidated statements of accumulated other comprehensive income [member] | Seniority premiums [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements on the Net Defined Benefit Liability | 483 | 162 | (63) | |
Net benefit cost recognized in consolidated statements of accumulated other comprehensive income [member] | Post retirement medical services [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Remeasurements on the Net Defined Benefit Liability | $ 342 | $ 396 | $ 41 |
Employee Benefits - Rollforward
Employee Benefits - Rollforward, Remeasurements of Employee Benefit Plans (Detail) - Net benefit cost recognized in consolidated statements of accumulated other comprehensive income [member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Amount accumulated in other comprehensive income as of the beginning of the period, net of tax | $ 1,624 | $ 475 | $ 892 |
Actuarial (gains) arising from exchange rates | (6) | (30) | (21) |
Remeasurements during the year, net of tax | 312 | 100 | 221 |
Actuarial losses and (gains) arising from changes in financial assumptions | 139 | 1,071 | (617) |
Actuarial losses and (gains) arising from changes in demographic assumptions | 27 | ||
Effect on settlement | 3 | 8 | |
Amount accumulated in other comprehensive income as of the end of the period, net of tax | $ 2,099 | $ 1,624 | $ 475 |
Employee Benefits - Rollforwa_2
Employee Benefits - Rollforward, Balance of the Defined Benefit Obligation (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | $ 728 | $ 433 | $ 468 |
Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 7,193 | ||
Ending balance | 7,679 | 7,193 | |
Pension and retirement plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 7,193 | 6,189 | 7,370 |
Current service cost | 372 | 279 | 318 |
Past service (credit) cost | 73 | (45) | |
Interest expense | 506 | 530 | 484 |
Settlement / Curtailment | 2 | (5) | |
Remeasurements of the net defined benefit obligation | 326 | 859 | (740) |
Foreign exchange loss (gain) | 37 | (69) | (86) |
Benefits paid | (828) | (582) | (450) |
(Derecognition) acquisitions | 30 | (702) | |
Ending balance | 7,679 | 7,193 | 6,189 |
Seniority premiums [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 1,237 | 772 | 783 |
Current service cost | 239 | 139 | 125 |
Past service (credit) cost | 161 | ||
Interest expense | 101 | 68 | 57 |
Settlement / Curtailment | 13 | (8) | |
Remeasurements of the net defined benefit obligation | 309 | 230 | (115) |
Benefits paid | (136) | (133) | (77) |
Acquisitions | 7 | ||
Ending balance | 1,763 | 1,237 | 772 |
Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 797 | ||
Ending balance | 812 | 797 | |
Post retirement medical services [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | 797 | 418 | 524 |
Current service cost | 44 | 15 | 25 |
Interest expense | 61 | 38 | 39 |
Settlement / Curtailment | (1) | ||
Remeasurements of the net defined benefit obligation | (59) | 356 | (143) |
Benefits paid | (31) | (30) | (26) |
Ending balance | $ 812 | $ 797 | $ 418 |
Employee Benefits - Rollforwa_3
Employee Benefits - Rollforward, Balance of Plan Assets (Detail) - Plan assets [member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Initial balance | $ 2,880 | $ 2,680 | $ 3,304 |
Actual return on trust assets | 113 | 174 | 47 |
Foreign exchange loss (gain) | 3 | 2 | (1) |
Life annuities | 5 | 24 | 35 |
Benefits paid | (1) | ||
(Derecognition) acquisitions | (704) | ||
Ending balance | $ 3,001 | $ 2,880 | $ 2,680 |
Employee Benefits - Effect of v
Employee Benefits - Effect of variation in assumptions (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | ||
Current service cost | $ 728 | $ 433 | $ 468 |
Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 4,891 | 4,515 | |
Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 1,626 | 1,110 | |
Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | $ 736 | 722 | |
Discount rates [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | ||
Net benefit cost recognized in the consolidated statements of income [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | $ 656 | 433 | 468 |
Gain or Loss on Settlement or Curtailment | 2 | (14) | |
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 450 | 379 | 387 |
Net benefit cost recognized in the consolidated statements of income [member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 372 | 279 | 318 |
Gain or Loss on Settlement or Curtailment | 2 | (5) | |
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 305 | 290 | 304 |
Net benefit cost recognized in the consolidated statements of income [member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 239 | 139 | 125 |
Gain or Loss on Settlement or Curtailment | (8) | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 91 | 57 | 49 |
Net benefit cost recognized in the consolidated statements of income [member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 44 | 15 | 25 |
Gain or Loss on Settlement or Curtailment | (1) | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 54 | $ 32 | $ 34 |
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Discount rates [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 663 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 364 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Discount rates [member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 400 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 237 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Discount rates [member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 223 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 80 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Discount rates [member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 40 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 47 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Future salary growth [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 751 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 486 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Future salary growth [Member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 466 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 339 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Future salary growth [Member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 241 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 93 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Future salary growth [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 44 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 54 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate +1% [member] | Medical cost trend rates [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 52 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 64 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Discount rates [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 765 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 527 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Discount rates [member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 458 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 366 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Discount rates [member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 257 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 99 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Discount rates [member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 50 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 62 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Future salary growth [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 631 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 355 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Future salary growth [Member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 396 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 265 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Future salary growth [Member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 235 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 90 | ||
Net benefit cost recognized in the consolidated statements of income [member] | Discount rate -1% [member] | Medical cost trend rates [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 38 | ||
Effect of Net Interest on the Net Defined Benefit Liability (Asset) | 45 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Discount rates [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 2,506 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Discount rates [member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 1,784 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Discount rates [member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 432 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Discount rates [member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 290 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Future salary growth [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 2,840 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Future salary growth [Member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 1,984 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Future salary growth [Member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 514 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Future salary growth [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 342 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate +1% [member] | Medical cost trend rates [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 375 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Discount rates [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 2,910 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Discount rates [member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 2,025 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Discount rates [member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 521 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Discount rates [member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 364 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Future salary growth [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 2,252 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Future salary growth [Member] | Pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 1,820 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Future salary growth [Member] | Seniority premiums [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | 432 | ||
Net Benefit Cost Recognized In Consolidated Statements Of Other Comprehensive Income Member | Discount rate -1% [member] | Medical cost trend rates [Member] | Post retirement medical services [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Remeasurements of the Net Defined Benefit Liability (Assets) | $ 276 |
Employee Benefits - Employee Be
Employee Benefits - Employee Benefit Expenses (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of employee benefits expense [abstract] | |||
Wages and salaries | $ 68,312 | $ 64,776 | $ 58,745 |
Social security costs | 11,595 | 11,494 | 10,486 |
Employee profit sharing | 1,112 | 1,205 | 1,294 |
Post-employment benefits | 1,002 | 795 | 842 |
Share-based payments | 575 | 200 | 405 |
Termination benefits | 201 | 169 | 132 |
Employee benefits expense | $ 82,797 | $ 78,639 | $ 71,904 |
Bonus Programs - Quantitative a
Bonus Programs - Quantitative and qualitative objectives (Detail) - MXN ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of bonus | 50.00% | |||
Percentage of annual bonus | 50.00% | |||
Vesting period | 4 years | 6 years | ||
Compensation expense | $ 575 | $ 610 | $ 401 | |
Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of economic value added | 70.00% | |||
Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of economic value added | 30.00% |
Bonus Programs - Summary of Num
Bonus Programs - Summary of Number of Shares Held by the Trust (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of shares held by trust | $ 638 | $ 488 |
FEMSA UBD [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 2,249,665 | 2,278,460 |
Shares acquired by the administrative trust to employees | 2,445,983 | 1,441,838 |
Shares released from administrative trust to employees upon vesting | 1,280,748 | 1,470,633 |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 3,414,900 | 2,249,665 |
KOFL UBL [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period | 752,847 | 697,226 |
Shares acquired by the administrative trust to employees | 985,535 | 456,077 |
Shares released from administrative trust to employees upon vesting | 378,224 | 400,456 |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,360,158 | 752,847 |
Bank Loans and Notes Payable -
Bank Loans and Notes Payable - Summary of Detailed Information About Borrowings (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 225 | $ 4,469 | $ 3,935 |
Long-term debt | 184,196 | 114,016 | |
Current portion of long term debt | (218) | (4,332) | (12,269) |
Non-current portion of long-term debt | $ 9,042 | 179,864 | 101,747 |
Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 4,469 | 3,935 | |
Long-term debt | 14,657 | 14,336 | |
Current portion of long term debt | (4,332) | (12,269) | |
Non-current portion of long-term debt | 179,864 | 101,747 | |
Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 169,539 | 99,680 | |
Fair value [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 203,665 | ||
Fair value [member] | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 4,469 | ||
Long-term debt | 14,716 | ||
Fair value [member] | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 188,949 | ||
0-1 year [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 4,332 | ||
0-1 year [member] | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 4,469 | ||
Long-term debt | 938 | ||
0-1 year [member] | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 3,394 | ||
Second 12 months | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 2,578 | ||
Second 12 months | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 2,229 | ||
Second 12 months | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 349 | ||
Third 12 months | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 38,391 | ||
Third 12 months | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 391 | ||
Third 12 months | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 38,000 | ||
Fourth 12 months | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 2,704 | ||
Fourth 12 months | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 367 | ||
Fourth 12 months | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 2,337 | ||
Fifth 12 months | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 7,748 | ||
Fifth 12 months | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 7,725 | ||
Fifth 12 months | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 23 | ||
Later than 5 years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 128,443 | ||
Later than 5 years [member] | Variable rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 3,007 | ||
Later than 5 years [member] | Fixed rate debt [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 125,436 | ||
Mexican peso [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 360 | $ 100 | |
Interest rate | 5.20% | 5.20% | 7.90% |
Mexican peso [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 9,771 | $ 9,864 | |
Interest rate | 8.40% | 8.40% | 8.40% |
Mexican peso [member] | Variable rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 3,181 | $ 1,459 | |
Interest rate | 4.60% | 4.60% | 8.00% |
Mexican peso [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 165 | $ 115 | |
Interest rate | 9.30% | 9.30% | 9.30% |
Mexican peso [member] | Fixed rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 21,483 | $ 18,484 | |
Interest rate | 7.00% | 7.00% | 6.90% |
Mexican peso [member] | Fair value [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 360 | ||
Mexican peso [member] | Fair value [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 9,834 | ||
Mexican peso [member] | Fair value [member] | Variable rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 3,176 | ||
Mexican peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 165 | ||
Mexican peso [member] | Fair value [member] | Fixed rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 22,638 | ||
Mexican peso [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 360 | ||
Interest rate | 5.20% | 5.20% | |
Mexican peso [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 238 | ||
Interest rate | 5.80% | 5.80% | |
Mexican peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 48 | ||
Interest rate | 9.10% | 9.10% | |
Mexican peso [member] | 0-1 year [member] | Fixed rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 2,502 | ||
Interest rate | 8.30% | 8.30% | |
Mexican peso [member] | Second 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 102 | ||
Interest rate | 6.00% | 6.00% | |
Mexican peso [member] | Second 12 months | Variable rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,459 | ||
Interest rate | 4.70% | 4.70% | |
Mexican peso [member] | Second 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 38 | ||
Interest rate | 9.90% | 9.90% | |
Mexican peso [member] | Third 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 54 | ||
Interest rate | 6.20% | 6.20% | |
Mexican peso [member] | Third 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 32 | ||
Interest rate | 9.50% | 9.50% | |
Mexican peso [member] | Third 12 months | Fixed rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 7,496 | ||
Interest rate | 5.50% | 5.50% | |
Mexican peso [member] | Fourth 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 367 | ||
Interest rate | 5.30% | 5.30% | |
Mexican peso [member] | Fourth 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 25 | ||
Interest rate | 9.00% | 9.00% | |
Mexican peso [member] | Fifth 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 6,003 | ||
Interest rate | 5.00% | 5.00% | |
Mexican peso [member] | Fifth 12 months | Variable rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,722 | ||
Interest rate | 4.60% | 4.60% | |
Mexican peso [member] | Fifth 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 22 | ||
Interest rate | 8.70% | 8.70% | |
Mexican peso [member] | Later than 5 years [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 3,007 | ||
Interest rate | 5.20% | 5.20% | |
Mexican peso [member] | Later than 5 years [member] | Fixed rate debt [member] | Domestic senior notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 11,485 | ||
Interest rate | 7.70% | 7.70% | |
Colombian peso [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 492 | $ 431 | |
Interest rate | 3.00% | 3.00% | 4.70% |
Colombian peso [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 25 | $ 422 | |
Interest rate | 4.40% | 4.40% | 5.70% |
Colombian peso [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 168 | $ 769 | |
Interest rate | 2.10% | 2.10% | 5.10% |
Colombian peso [member] | Fair value [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 492 | ||
Colombian peso [member] | Fair value [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 25 | ||
Colombian peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 168 | ||
Colombian peso [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 492 | ||
Interest rate | 3.00% | 3.00% | |
Colombian peso [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 18 | ||
Interest rate | 4.40% | 4.40% | |
Colombian peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 168 | ||
Interest rate | 2.10% | 2.10% | |
Colombian peso [member] | Second 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 7 | ||
Interest rate | 4.40% | 4.40% | |
Argentine peso [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 32 | ||
Interest rate | 54.30% | ||
Argentine peso [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 711 | $ 126 | |
Interest rate | 44.70% | 44.70% | 63.50% |
Argentine peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 711 | ||
Argentine peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 711 | ||
Interest rate | 44.70% | 44.70% | |
Chilean peso [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,633 | $ 2,349 | |
Interest rate | 3.50% | 3.50% | 4.10% |
Chilean peso [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 1,027 | $ 977 | |
Interest rate | 1.90% | 1.90% | 2.60% |
Chilean peso [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 15 | $ 40 | |
Interest rate | 3.20% | 3.20% | 3.40% |
Chilean peso [member] | Fair value [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,633 | ||
Chilean peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | 1,027 | ||
Chilean peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 15 | ||
Chilean peso [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 639 | ||
Interest rate | 5.80% | 5.80% | |
Chilean peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 1,027 | ||
Interest rate | 1.90% | 1.90% | |
Chilean peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 15 | ||
Interest rate | 3.20% | 3.20% | |
Chilean peso [member] | Second 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 657 | ||
Interest rate | 2.00% | 2.00% | |
Chilean peso [member] | Third 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 337 | ||
Interest rate | 2.00% | 2.00% | |
USD | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 1,150 | $ 1,038 | |
Interest rate | 2.00% | 2.00% | 2.60% |
USD | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 2,293 | $ 2,185 | |
Interest rate | 3.70% | 3.70% | 3.60% |
USD | Fixed rate debt [member] | Yankee bond, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 50,597 | $ 37,575 | |
Interest rate | 3.10% | 3.10% | 4.50% |
USD | Fixed rate debt [member] | Bank of NY, USD, due 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 5,975 | $ 5,593 | |
Interest rate | 2.90% | 2.90% | 2.90% |
USD | Fixed rate debt [member] | Bank of NY, USD, due 2043 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 13,805 | $ 12,943 | |
Interest rate | 4.40% | 4.40% | 4.40% |
USD | Fixed rate debt [member] | Bank of NY (FEMSA USD 2050) | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 49,549 | ||
Interest rate | 3.50% | 3.50% | |
USD | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 1,150 | ||
USD | Fair value [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 2,293 | ||
USD | Fair value [member] | Fixed rate debt [member] | Yankee bond, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 57,967 | ||
USD | Fair value [member] | Fixed rate debt [member] | Bank of NY, USD, due 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 6,258 | ||
USD | Fair value [member] | Fixed rate debt [member] | Bank of NY, USD, due 2043 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 17,486 | ||
USD | Fair value [member] | Fixed rate debt [member] | Bank of NY (FEMSA USD 2050) | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 55,422 | ||
USD | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 1,150 | ||
Interest rate | 2.00% | 2.00% | |
USD | Third 12 months | Fixed rate debt [member] | Bank of NY, USD, due 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 5,975 | ||
Interest rate | 2.90% | 2.90% | |
USD | Fourth 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 2,293 | ||
Interest rate | 3.70% | 3.70% | |
USD | Later than 5 years [member] | Fixed rate debt [member] | Yankee bond, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 50,597 | ||
Interest rate | 3.10% | 3.10% | |
USD | Later than 5 years [member] | Fixed rate debt [member] | Bank of NY, USD, due 2043 | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 13,805 | ||
Interest rate | 4.40% | 4.40% | |
USD | Later than 5 years [member] | Fixed rate debt [member] | Bank of NY (FEMSA USD 2050) | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 49,549 | ||
Interest rate | 3.50% | 3.50% | |
Uruguayan peso [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 498 | $ 63 | |
Interest rate | 15.10% | 15.10% | 11.60% |
Uruguayan peso [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1,031 | $ 1,265 | |
Interest rate | 10.80% | 10.80% | 5.80% |
Uruguayan peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 498 | ||
Uruguayan peso [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 1,031 | ||
Uruguayan peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 498 | ||
Interest rate | 15.10% | 15.10% | |
Uruguayan peso [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 770 | ||
Interest rate | 10.30% | 10.30% | |
Uruguayan peso [member] | Second 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 261 | ||
Interest rate | 12.20% | 12.20% | |
Guatemala, Quetzal [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 63 | ||
Interest rate | 6.30% | 6.30% | |
Guatemala, Quetzal [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 63 | ||
Guatemala, Quetzal [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 63 | ||
Interest rate | 6.30% | 6.30% | |
Brazilian reais [member] | Variable rate debt [member] | Bank loans, short-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Short-term debt | $ 399 | ||
Interest rate | 9.40% | ||
Brazilian reais [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 47 | $ 242 | |
Interest rate | 8.10% | 8.10% | 7.80% |
Brazilian reais [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 157 | $ 434 | |
Interest rate | 6.10% | 6.10% | 7.30% |
Brazilian reais [member] | Fair value [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 48 | ||
Brazilian reais [member] | Fair value [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | 157 | ||
Brazilian reais [member] | 0-1 year [member] | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 43 | ||
Interest rate | 8.10% | 8.10% | |
Brazilian reais [member] | 0-1 year [member] | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 59 | ||
Interest rate | 5.70% | 5.70% | |
Brazilian reais [member] | Second 12 months | Variable rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 4 | ||
Interest rate | 8.10% | 8.10% | |
Brazilian reais [member] | Second 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 50 | ||
Interest rate | 6.00% | 6.00% | |
Brazilian reais [member] | Third 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 28 | ||
Interest rate | 6.40% | 6.40% | |
Brazilian reais [member] | Fourth 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 19 | ||
Interest rate | 6.60% | 6.60% | |
Brazilian reais [member] | Fifth 12 months | Fixed rate debt [member] | Bank loans, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 1 | ||
Interest rate | 6.60% | 6.60% | |
Euro [member] | Fixed rate debt [member] | Senior unsecured notes, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 24,469 | $ 21,046 | |
Interest rate | 1.70% | 1.70% | 1.70% |
Euro [member] | Fair value [member] | Fixed rate debt [member] | Senior unsecured notes, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 25,517 | ||
Euro [member] | Third 12 months | Fixed rate debt [member] | Senior unsecured notes, long-term | |||
Disclosure of detailed information about borrowings [line items] | |||
Long-term debt | $ 24,469 | ||
Interest rate | 1.70% | 1.70% |
Bank Loans and Notes Payable _2
Bank Loans and Notes Payable - Hedging derivatives (Detail) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cross-currency swaps [member] | 9.4% variable to 4.4% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 9.40% | |
Interest receive rate | 4.40% | |
Notional amount | $ 8,869 | |
Cross-currency swaps [member] | 8.8% variable to 4.0% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.70% | |
Interest receive rate | 4.00% | |
Cross-currency swaps [member] | BRL/USD | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.30% | |
Interest receive rate | 2.90% | |
Notional amount | $ 4,365 | |
Cross-currency swaps [member] | BRL/USD | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 9.50% | |
Interest receive rate | 3.90% | |
Notional amount | $ 9,046 | |
Cross-currency swaps [member] | MXN/USD | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 8,869 | |
Cross-currency swaps [member] | MXN/USD | Fixed to variable interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.50% | 8.80% |
Interest receive rate | 4.00% | 4.00% |
Notional amount | $ 20,979 | $ 11,403 |
Cross-currency swaps [member] | MXN/USD | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.10% | 9.00% |
Interest receive rate | 3.30% | 3.90% |
Notional amount | $ 23,835 | $ 18,982 |
Cross-currency swaps [member] | MXN/USD | 9.4% variable to 4.4% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.80% | 9.40% |
Interest receive rate | 4.20% | 4.40% |
Cross-currency swaps [member] | Chilean peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 6.90% | |
Interest receive rate | 4.70% | |
Notional amount | $ 163 | |
Cross-currency swaps [member] | Colombian peso [member] | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.00% | |
Interest receive rate | 2.40% | |
Notional amount | $ 404 | |
Interest rate swaps [member] | 8.8% variable to 7.2% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.20% | |
Interest receive rate | 5.70% | |
Notional amount | $ 11,403 | |
Interest rate swaps [member] | Mexican peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.00% | 4.90% |
Interest receive rate | 2.90% | 3.90% |
Notional amount | $ 4,716 | $ 4,353 |
Interest rate swaps [member] | Mexican peso [member] | 8.8% variable to 7.2% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.20% | 7.20% |
Interest receive rate | 5.70% | 8.80% |
0-1 year [member] | Cross-currency swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 4,575 | $ 17,252 |
0-1 year [member] | Interest rate swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 449 | 4,365 |
0-1 year [member] | Interest rate swaps [member] | Mexican peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.60% | |
Interest receive rate | 1.00% | |
Notional amount | $ 449 | |
Second 12 months | Cross-currency swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | 376 | 702 |
Second 12 months | Interest rate swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 458 | 405 |
Second 12 months | Interest rate swaps [member] | Mexican peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 6.60% | |
Interest receive rate | 4.00% | |
Notional amount | $ 458 | |
Third 12 months | Cross-currency swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 24,103 | 375 |
Third 12 months | Cross-currency swaps [member] | MXN/USD | Fixed to variable interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.70% | |
Interest receive rate | 4.00% | |
Notional amount | $ 11,403 | |
Third 12 months | Cross-currency swaps [member] | MXN/USD | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.80% | |
Interest receive rate | 3.20% | |
Notional amount | $ 6,853 | |
Third 12 months | Interest rate swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 12,918 | 414 |
Third 12 months | Interest rate swaps [member] | Mexican peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.80% | |
Interest receive rate | 1.80% | |
Notional amount | $ 1,515 | |
Third 12 months | Interest rate swaps [member] | Mexican peso [member] | 8.8% variable to 7.2% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 7.20% | |
Interest receive rate | 5.70% | |
Fourth 12 months | Cross-currency swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 1,577 | 23,466 |
Fourth 12 months | Interest rate swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 2,294 | 12,770 |
Fourth 12 months | Interest rate swaps [member] | Mexican peso [member] | Variable to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 3.60% | |
Interest receive rate | 3.70% | |
Notional amount | $ 2,294 | |
Fifth 12 months | Cross-currency swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 10,750 | 1,788 |
Fifth 12 months | Cross-currency swaps [member] | MXN/USD | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.20% | |
Interest receive rate | 3.50% | |
Notional amount | $ 10,000 | |
Fifth 12 months | Interest rate swaps [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Notional amount | $ 3 | |
Later than 5 years [member] | Cross-currency swaps [member] | MXN/USD | Fixed to variable interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 9.50% | |
Interest receive rate | 3.90% | |
Notional amount | $ 9,575 | |
Later than 5 years [member] | Cross-currency swaps [member] | MXN/USD | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.20% | |
Interest receive rate | 3.30% | |
Notional amount | $ 6,982 | |
Later than 5 years [member] | Cross-currency swaps [member] | MXN/USD | 9.4% variable to 4.4% fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 8.80% | |
Interest receive rate | 4.20% | |
Later than 5 years [member] | Cross-currency swaps [member] | Colombian peso [member] | Fixed to fixed interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest pay rate | 5.00% | |
Interest receive rate | 2.40% | |
Notional amount | $ 404 |
Bank Loans and Notes Payable _3
Bank Loans and Notes Payable - Interest Expense (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of detailed information about borrowings [abstract] | ||||
Interest on debts and borrowings | $ 10,788 | $ 6,434 | $ 6,760 | |
Capitalized interest | (5) | |||
Finance charges for employee benefits | 456 | 382 | 373 | |
Derivative instruments | 1,428 | 2,300 | 2,649 | |
Finance operating charges | (231) | 243 | 48 | |
Finance charges payable for leases | 5,075 | 4,774 | ||
Total | $ 881 | $ 17,516 | $ 14,133 | $ 9,825 |
Bank Loans and Notes Payable _4
Bank Loans and Notes Payable - Activity (Detail) € in Millions, $ in Millions | Feb. 18, 2020USD ($) | Feb. 12, 2020USD ($) | Jan. 22, 2020USD ($) | Jan. 16, 2020USD ($) | Mar. 14, 2016EUR (€) | Jun. 30, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020MXN ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Borrowings | $ 114,016,000,000 | $ 184,196,000,000 | |||||||||||
Exchange differences on the translation of foreign operations and equity accounted investees | $ 25 | $ 489,000,000 | (12,556,000,000) | $ (13,174,000,000) | |||||||||
Repayment of borrowings | $ 500 | $ 900 | |||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | $ 53 | 1,060,000,000 | 991,000,000 | $ 724,000,000 | |||||||||
Mexican peso [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Credit contracts | 15,650,000,000 | $ 9,400,000,000 | |||||||||||
Mexican peso [member] | Top of range [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Fixed interest rate | 8.39% | ||||||||||||
Mexican peso [member] | Bottom of range [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Fixed interest rate | 7.91% | ||||||||||||
Mexican peso [member] | Weighted average [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Fixed interest rate | 6.04% | 6.04% | |||||||||||
Argentine peso [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Credit contracts | 711,000,000 | ||||||||||||
Uruguayan peso [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Credit contracts | 759,000,000 | ||||||||||||
Uruguay, Colombia And Argentina [Member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Credit contracts | $ 1,670,000,000 | ||||||||||||
Argentina And Colombia [Member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Credit contracts | 1,184,000,000 | ||||||||||||
1.75% Senior Notes Maturing 2023 [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | € | € 1,000 | ||||||||||||
Borrowings Term | 7 years | ||||||||||||
Fixed interest rate | 1.75% | ||||||||||||
Basis points over the relevant benchmark | 155 | ||||||||||||
Total yield percentage | 1.824% | ||||||||||||
Exchange differences on the translation of foreign operations and equity accounted investees | 2,379,000,000 | ||||||||||||
3.500% Senior Unsecured Notes | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 300 | $ 1,500 | $ 700 | ||||||||||
Fixed interest rate | 3.50% | 3.50% | 3.50% | ||||||||||
Basis points over the relevant benchmark | 137.5 | 130 | |||||||||||
Total yield percentage | 3.577% | 3.577% | |||||||||||
Percentage of implicit weighted performance | $ 3.358 | ||||||||||||
Borrowings | $ 1,800 | ||||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | $ 3,439,000,000 | ||||||||||||
8.27% Debt Bonds Maturing 2021 [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 2,500,000,000 | ||||||||||||
Fixed interest rate | 8.27% | 8.27% | |||||||||||
5.46% Debt Bonds Maturing 2023 [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 7,500,000,000 | ||||||||||||
Fixed interest rate | 5.46% | 5.46% | |||||||||||
2.75% Senior Notes Maturing 2030 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 1,250 | ||||||||||||
Fixed interest rate | 2.75% | 2.75% | |||||||||||
5.25% Senior Notes Maturing 2043 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 600 | ||||||||||||
Fixed interest rate | 5.25% | 5.25% | |||||||||||
1.85% Senior Notes Maturing 2032 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 705 | ||||||||||||
Fixed interest rate | 1.85% | 1.85% | |||||||||||
Variable Rate Notes Maturing 2022 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 1,500,000,000 | ||||||||||||
Basis points over the relevant benchmark | 0.25% | 0.25% | |||||||||||
7.87% debt bonds Maturing 2027 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 8,500,000,000 | ||||||||||||
Fixed interest rate | 7.87% | 7.87% | |||||||||||
Seven Point Three Five Percentage Debt Bonds Maturing On Two Thousand Twenty Eight [Member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 3,000,000,000 | ||||||||||||
Fixed interest rate | 7.35% | 7.35% | |||||||||||
T I I E Plus Zero Point Zero Eight Percentage Debt Bonds Maturing On Two Thousand Twenty Five [Member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 1,727,000,000 | ||||||||||||
Basis points over the relevant benchmark | 0.08% | 0.08% | |||||||||||
Bank loans, short-term | Mexican peso [member] | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Face amount | $ 15,000,000,000 |
Bank Loans and Notes Payable _5
Bank Loans and Notes Payable - Rollforward, Liabilities Arising from Financing Activities (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | $ 172,630 | $ 178,884 | |
Cash Flows | 56,283 | (16,869) | |
Non-cash flows, Acquisition | 1,765 | 4,104 | |
Non-cash flows, New leases | 7,982 | 7,490 | |
Non-cash flows, Foreign Exchange movement | 4,450 | (1,651) | |
Non-cash flows, Others | 3,863 | 672 | |
Ending balance | 246,972 | 172,630 | $ 178,884 |
Total Liabilities From Financing Activities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 117,951 | 128,664 | 131,348 |
Cash Flows | 66,093 | (8,021) | (1,027) |
Non-cash flows, Acquisition | 1,917 | 1,147 | |
Non-cash flows, Foreign Exchange movement | 5,034 | (1,641) | (362) |
Non-cash flows, Others | (413) | (2,968) | (2,442) |
Ending balance | 188,664 | 117,951 | 128,664 |
Bank loans, short-term | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 20,807 | 22,944 | 13,669 |
Cash Flows | (1,286) | (2,999) | 8,313 |
Non-cash flows, Acquisition | 1,917 | 1,147 | |
Non-cash flows, Foreign Exchange movement | 221 | (397) | 417 |
Non-cash flows, Others | (312) | (658) | (602) |
Ending balance | 19,430 | 20,807 | 22,944 |
Notes payable [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 97,144 | 105,720 | |
Cash Flows | 67,380 | (5,022) | |
Non-cash flows, Foreign Exchange movement | 4,813 | (1,244) | |
Non-cash flows, Others | (101) | (2,310) | |
Ending balance | 169,235 | 97,144 | 105,720 |
Notes Payable Excluding Financing Lease Liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 105,628 | 117,551 | |
Cash Flows | (9,314) | ||
Non-cash flows, Foreign Exchange movement | (769) | ||
Non-cash flows, Others | (1,840) | ||
Ending balance | 105,628 | ||
Financing Lease Liabilities [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 54,679 | 50,220 | |
Cash Flows | (8,848) | ||
Non-cash flows, Acquisition | 2,187 | ||
Non-cash flows, New leases | 7,490 | ||
Non-cash flows, Foreign Exchange movement | (10) | ||
Non-cash flows, Others | 3,640 | ||
Ending balance | 54,679 | 50,220 | |
Financial leases [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 54,679 | 92 | 128 |
Cash Flows | (9,810) | (8,848) | (26) |
Non-cash flows, Acquisition | 1,765 | ||
Non-cash flows, New leases | 7,982 | ||
Non-cash flows, Foreign Exchange movement | (584) | (10) | |
Non-cash flows, Others | 4,276 | ||
Ending balance | $ 58,308 | $ 54,679 | $ 92 |
Other Income and Expenses - Sum
Other Income and Expenses - Summary of Other Income and Expenses (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of Other Operating Income Expense [Line Items] | ||||
Gain on sale of other assets | $ 344 | |||
Gain on sale of long-lived assets | $ 130 | 174 | ||
Sale of waste material | 20 | $ 21 | 13 | |
Insurance rebates | 35 | 10 | ||
Foreign exchange gain | 112 | 26 | 123 | |
Other investment in shares | 2,011 | |||
Recycling of cumulative gain on sale of joint venture | 212 | |||
Recoveries of prior years | 594 | 896 | ||
Others | 229 | 70 | 9 | |
Other income | $ 168 | 3,343 | 1,013 | 673 |
Contingencies associated with prior acquisitions or disposals | 149 | 138 | ||
Loss on sale of property, plant and equipment | 67 | |||
Recoveries of prior years | 44 | 116 | ||
Impairment loss excluding intangibles and other | $ 256 | 5,102 | 1,018 | 432 |
Loss in write-off of intangible assets | 375 | |||
Disposal of long-lived assets | 915 | 861 | 518 | |
Contingencies | 804 | 589 | 518 | |
Severance payments | 465 | 1,207 | 264 | |
Donations | 605 | 489 | 528 | |
Legal fees and other expenses from past acquisitions | 17 | 149 | ||
Effect of taxes paid on previous years | 3,253 | |||
Other | 862 | 464 | 284 | |
Other expenses | 12,381 | 4,905 | $ 2,947 | |
Compania Panamena de Bebidas, S.A.P.I. de C.V. [member] | ||||
Disclosure of Other Operating Income Expense [Line Items] | ||||
Impairment loss excluding intangibles and other | 1,463 | $ 948 | ||
Leao Alimentos e Bebidas, L T DA [Member] | ||||
Disclosure of Other Operating Income Expense [Line Items] | ||||
Impairment loss excluding intangibles and other | 1,038 | |||
Specialty’s Café & Bakery, Inc [Member] | ||||
Disclosure of Other Operating Income Expense [Line Items] | ||||
Impairment loss excluding intangibles and other | 2,021 | |||
Doña Tota [Member] | ||||
Disclosure of Other Operating Income Expense [Line Items] | ||||
Impairment loss excluding intangibles and other | $ 576 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Level 1 [member] | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Financial instrument (current asset) | $ 488 | $ 91 |
Financial instrument (non-current asset) | 3,002 | 2,880 |
Financial instrument (current liability) | 83 | 47 |
Level 2 [member] | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Financial instrument (current asset) | 85 | 917 |
Financial instrument (non-current asset) | 31,069 | 21,570 |
Financial instrument (current liability) | 1,045 | 801 |
Financial instrument (non-current liability) | $ 3,743 | $ 1,672 |
Financial Instruments - Debt (D
Financial Instruments - Debt (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Financial Assets and Financial Liabilities [Line Items] | |||
Carrying value | $ 246,972 | $ 172,630 | $ 178,884 |
Bank loans and notes payables [member] | |||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | |||
Carrying value | 188,665 | 117,951 | |
Fair value | $ 208,134 | $ 124,038 |
Financial Instruments - Interes
Financial Instruments - Interest Rate Swaps (Detail) - Interest rate swaps [member] - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
0-1 year [member] | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | $ 449 | $ 4,365 |
Fair value Liability | (6) | (142) |
Second 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | 458 | 405 |
Fair value Liability | (16) | (24) |
Third 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | 12,918 | 414 |
Fair value Liability | (492) | (20) |
Fourth 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | 2,294 | 12,770 |
Fair value Liability | $ (126) | (79) |
Fair Value Asset | 245 | |
Fifth 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | $ 3 |
Financial Instruments - Forward
Financial Instruments - Forward Agreements to Purchase Foreign Currency (Detail) - Foreign exchange forward contracts [member] - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
0-1 year [member] | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | $ 9,042 | $ 8,447 |
Fair value Liability | (1,040) | (292) |
Fair Value Asset | 4 | 34 |
Second 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | 66 | 215 |
Fair value Liability | (41) | |
Fair Value Asset | 27 | |
Third 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | 23 | 52 |
Fair value Liability | (2) | |
Fair Value Asset | $ 5 | |
Fourth 12 months | ||
Disclosure of Financial Assets and Financial Liabilities [Line Items] | ||
Notional amount | $ 2 |
Financial Instruments - Options
Financial Instruments - Options to Purchase Foreign Currency (Detail) - Foreign currency option [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019MXN ($) | |
Disclosure of Financial Assets and Financial Liabilities [Line Items] | |
Net premium paid | $ 43 |
0-1 year [member] | |
Disclosure of Financial Assets and Financial Liabilities [Line Items] | |
Notional amount | 107 |
Fair Value Asset | $ 2 |
Financial Instruments - Cross C
Financial Instruments - Cross Currency Swaps (Detail) - Cross-currency swaps [member] - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
0-1 year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 4,575 | $ 17,252 |
Fair value Liability | (5) | (307) |
Fair Value Asset | 169 | 883 |
Second 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 376 | 702 |
Fair Value Asset | 23 | 49 |
Third 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 24,103 | 375 |
Fair Value Asset | 10,808 | 3 |
Fourth 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,577 | 23,466 |
Fair value Liability | (9) | (594) |
Fair Value Asset | 264 | 7,122 |
Fifth 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 10,750 | 1,788 |
Fair value Liability | (2,481) | (53) |
Seventh 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 6,982 | 772 |
Fair value Liability | (464) | (63) |
Fair Value Asset | 80 | |
Eighth 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 6,596 | |
Fair value Liability | (843) | |
Ninth 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 1,519 | |
Fair Value Asset | 122 | |
Tenth 12 months | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 3,790 | 1,371 |
Fair value Liability | (107) | |
Fair Value Asset | 192 | 121 |
22-23 years | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 8,869 | 8,869 |
Fair Value Asset | $ 2,706 | $ 576 |
Financial Instruments - Commodi
Financial Instruments - Commodity Price Contracts (Detail) - Coca-Cola FEMSA [member] - Commodity price contracts [Member] - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Sugar Price Contracts [member] | 0-1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount | $ 1,260 | $ 1,554 |
Fair Value Asset | 275 | 53 |
Fair value Liability | (18) | |
Sugar Price Contracts [member] | Second 12 months | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount | 366 | 98 |
Fair Value Asset | 70 | 15 |
Aluminum price contracts [member] | 0-1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount | 695 | 394 |
Fair Value Asset | 125 | |
Fair value Liability | (4) | |
Aluminum price contracts [member] | Second 12 months | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount | 99 | |
Fair Value Asset | 17 | |
PX MEG contracts [member] | 0-1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount | 729 | 320 |
Fair value Liability | $ (65) | $ (28) |
Financial Instruments - Treasur
Financial Instruments - Treasury Lock contracts (Detail) - Treasury Lock contracts [Member] - 0-1 year [member] $ in Millions | Dec. 31, 2019MXN ($) |
Disclosure of detailed information about hedges [line items] | |
Notional | $ 10,365 |
Fair Value Asset | $ 102 |
Financial Instruments - Option
Financial Instruments - Option embedded in Promissory Note (Detail) R$ in Millions, $ in Millions, $ in Millions | Dec. 06, 2019BRL (R$) | Dec. 06, 2019USD ($) | Dec. 06, 2016BRL (R$) | Sep. 30, 2020 | Dec. 31, 2019MXN ($) | Dec. 31, 2020MXN ($) |
Disclosure of detailed information about financial instruments [line items] | ||||||
Borrowings | $ | $ 114,016 | $ 184,196 | ||||
Promissory notes paid | R$ 1002 | $ 236 | $ 4,670 | |||
Spal [member] | Vonpar [member] | Notes payable [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Borrowings Term | 3 years | |||||
Borrowings | R$ | R$ 1166 | |||||
Borrowings, interest rate | 0.375% | |||||
Estrella Azul [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Proportion of ownership interest sold | 100.00% |
Financial Instruments - Net Eff
Financial Instruments - Net Effects of Expired Contracts That Met Hedging Criteria (Detail) - Derivative Contract Met Hedging Criteria [Member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cross-currency swaps [member] | Interest Expense [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | $ (109) | $ 199 | $ 157 |
Cross-currency swaps [member] | Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | 1,212 | 480 | 642 |
Interest rate swaps [member] | Interest Expense [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | (163) | 515 | |
Foreign exchange forward contracts [member] | Foreign exchange [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | (167) | (116) | (87) |
Foreign exchange forward contracts [member] | Cost of Sales [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | 839 | (163) | 240 |
Commodity price contracts [Member] | Cost of Sales [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | (129) | (391) | (258) |
Foreign currency option [Member] | Cost of Sales [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | 8 | $ (63) | $ (8) |
Treasury Locks [Member] | Interest Expense [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | $ 153 |
Financial Instruments - Net E_2
Financial Instruments - Net Effects Of Derivative Financial Instruments That Did Not Met Hedging Criteria (Detail) - Derivative Contract Not Met Hedging Criteria [member] - Market value gain (loss) on financial instruments [member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign exchange forward contracts [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains (losses) on change in fair value of derivatives | $ 4 | $ (12) | |
Cross-currency swaps [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains (losses) on change in fair value of derivatives | $ (212) | $ (293) | $ (116) |
Financial Instruments - Net E_3
Financial Instruments - Net Effect of Expired Contracts That Did Not Meet Hedging Criteria (Detail) - Derivative Contract Not Met Hedging Criteria [member] - Market value gain (loss) on financial instruments [member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cross-currency swaps [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | $ 212 | $ 293 | $ 186 |
Embedded Derivative [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Net effects of expired contracts | $ (4) |
Financial Instruments - Sensiti
Financial Instruments - Sensitivity Analysis of Market Risks (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Cross-currency swaps [member] | MXN/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (19.00%) | 9.00% | 13.00% |
Effect on profit or loss from decrease in exchange rate | $ (6,381) | $ (1,805) | $ (2,706) |
Increase in exchange rate, as a percent | 19.00% | 9.00% | 13.00% |
Effect on profit or loss from increase in exchange rate | $ 6,381 | $ 1,805 | $ 2,706 |
FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Cross-currency swaps [member] | COP/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 16.00% | 10.00% | 12.00% |
Effect on profit or loss from decrease in exchange rate | $ (426) | $ (286) | $ (283) |
Increase in exchange rate, as a percent | 16.00% | 10.00% | 12.00% |
Effect on profit or loss from increase in exchange rate | $ 426 | $ 286 | $ 283 |
FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Cross-currency swaps [member] | CLP/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 13.00% | 11.00% | 10.00% |
Effect on profit or loss from decrease in exchange rate | $ (717) | $ (546) | $ (368) |
Increase in exchange rate, as a percent | 13.00% | 11.00% | 10.00% |
Effect on profit or loss from increase in exchange rate | $ 717 | $ 546 | $ 368 |
FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Cross-currency swaps [member] | MXN/BRL | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 19.00% | 13.00% | 15.00% |
Effect on profit or loss from decrease in exchange rate | $ (238) | $ (177) | $ (27) |
Increase in exchange rate, as a percent | 19.00% | 13.00% | 15.00% |
Effect on profit or loss from increase in exchange rate | $ 238 | $ 177 | $ 27 |
FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Net Cash In Foreign Currency [Member] | EUR/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 18.00% | 9.00% | 12.00% |
Effect on profit or loss from decrease in exchange rate | $ (8,827) | $ (3,833) | $ (8,596) |
Increase in exchange rate, as a percent | 18.00% | 9.00% | 12.00% |
Effect on profit or loss from increase in exchange rate | $ 8,827 | $ 3,833 | $ 8,596 |
Coca-Cola FEMSA [member] | Cross-currency swaps [member] | BRL/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 21.00% | 13.00% | 16.00% |
Effect on equity from decrease in exchange rate | $ (2,161) | $ (645) | $ (9,068) |
Increase in exchange rate, as a percent | 21.00% | 13.00% | 16.00% |
Effect on equity from increase in exchange rate | $ 2,161 | $ 645 | $ 9,068 |
Coca-Cola FEMSA [member] | Cross-currency swaps [member] | MXN/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 19.00% | 9.00% | 13.00% |
Effect on equity from decrease in exchange rate | $ (5,507) | $ (2,315) | $ (3,130) |
Increase in exchange rate, as a percent | 19.00% | 9.00% | 13.00% |
Effect on equity from increase in exchange rate | $ 5,507 | $ 2,315 | $ 3,130 |
Coca-Cola FEMSA [member] | Net Cash In Foreign Currency [Member] | USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 18.00% | 8.00% | 13.00% |
Effect on profit or loss from decrease in exchange rate | $ (5,755) | $ (940) | $ (1,868) |
Increase in exchange rate, as a percent | 18.00% | 8.00% | 13.00% |
Effect on profit or loss from increase in exchange rate | $ 5,755 | $ 940 | $ 1,868 |
Commodity price risk [member] | Coca-Cola FEMSA [member] | Commodity price contracts [Member] | Sugar Price Contracts [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in commodity price, as a percent | 32.00% | 24.00% | 30.00% |
Effect on equity from change in commodity price | $ (515) | $ (255) | $ (341) |
Commodity price risk [member] | Coca-Cola FEMSA [member] | Commodity price contracts [Member] | Aluminum price contracts [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in commodity price, as a percent | 16.00% | 15.00% | 22.00% |
Effect on equity from change in commodity price | $ (289) | $ (1,164) | $ (55) |
Foreign currency risk [member] | FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Foreign exchange forward contracts [member] | MXN/EUR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 19.00% | (9.00%) | (12.00%) |
Effect on equity from decrease in exchange rate | $ (327) | $ (57) | $ (116) |
Increase in exchange rate, as a percent | 19.00% | 9.00% | 12.00% |
Effect on equity from increase in exchange rate | $ 327 | $ 57 | $ 116 |
Foreign currency risk [member] | FEMSA Entity Excluding Coca-Cola FEMSA [Member] | Foreign exchange forward contracts [member] | BRL/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | 21.00% | (13.00%) | |
Effect on equity from decrease in exchange rate | $ (240) | $ (202) | |
Increase in exchange rate, as a percent | 21.00% | 13.00% | |
Effect on equity from increase in exchange rate | $ 240 | $ 202 | |
Foreign currency risk [member] | Coca-Cola FEMSA [member] | Foreign exchange forward contracts [member] | BRL/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (21.00%) | (13.00%) | (16.00%) |
Effect on equity from decrease in exchange rate | $ (357) | $ (155) | $ (413) |
Increase in exchange rate, as a percent | 21.00% | 13.00% | 16.00% |
Effect on equity from increase in exchange rate | $ 357 | $ 155 | $ 413 |
Foreign currency risk [member] | Coca-Cola FEMSA [member] | Foreign exchange forward contracts [member] | MXN/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (19.00%) | (9.00%) | (13.00%) |
Effect on equity from decrease in exchange rate | $ (884) | $ (739) | $ (668) |
Increase in exchange rate, as a percent | 19.00% | 9.00% | 13.00% |
Effect on equity from increase in exchange rate | $ 884 | $ 739 | $ 668 |
Foreign currency risk [member] | Coca-Cola FEMSA [member] | Foreign exchange forward contracts [member] | COP/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (16.00%) | 10.00% | (12.00%) |
Effect on equity from decrease in exchange rate | $ (142) | $ (54) | $ (2) |
Increase in exchange rate, as a percent | 16.00% | 10.00% | 12.00% |
Effect on equity from increase in exchange rate | $ 142 | $ 54 | $ 2 |
Foreign currency risk [member] | Coca-Cola FEMSA [member] | Foreign exchange forward contracts [member] | URY/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (9.00%) | (5.00%) | (8.00%) |
Effect on equity from decrease in exchange rate | $ (21) | $ (23) | $ (46) |
Increase in exchange rate, as a percent | 9.00% | 5.00% | 8.00% |
Effect on equity from increase in exchange rate | $ 21 | $ 23 | $ 46 |
Foreign currency risk [member] | Coca-Cola FEMSA [member] | Foreign exchange forward contracts [member] | ARS/USD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Decrease in exchange rate, as a percent | (2.00%) | (25.00%) | (27.00%) |
Effect on equity from decrease in exchange rate | $ (2) | $ (88) | $ (522) |
Increase in exchange rate, as a percent | 2.00% | 25.00% | 27.00% |
Effect on equity from increase in exchange rate | $ 2 | $ 88 | $ 522 |
Financial Instruments - Sensi_2
Financial Instruments - Sensitivity Analysis of Interest Rate Risks (Detail) - Interest rate risk [member] - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate swaps [member] | FEMSA Entity Excluding Coca-Cola FEMSA [Member] | |||
Disclosure of Interest Rate Risk Exposure [line items] | |||
Effect on Equity | $ (354) | $ (432) | $ (359) |
Change in interest rate | (1.00%) | (1.00%) | (1.00%) |
Interest rate swaps [member] | Coca-Cola FEMSA [member] | |||
Disclosure of Interest Rate Risk Exposure [line items] | |||
Effect on Equity | $ (37) | $ (1,976) | |
Change in interest rate | (1.00%) | (1.00%) | |
Unhedged Portion Bank Loans [member] | |||
Disclosure of Interest Rate Risk Exposure [line items] | |||
Change in interest rate | 1.00% | 1.00% | 1.00% |
Effect on profit loss | $ (110) | $ (50) | $ (145) |
Financial Instruments - Summa_2
Financial Instruments - Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities (Detail) - Liquidity risk [member] - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Percentage of outstanding consolidated total indebtedness at the level of its sub-holding companies | 50.20% | 64.30% |
0-1 year [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | $ 5,646 | |
Loans from banks | 6,605 | |
IFRS 16 lease obligations | 89 | |
Derivative financial liabilities | 1,621 | |
Second 12 months | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | 4,981 | |
Loans from banks | 1,310 | |
IFRS 16 lease obligations | 53 | |
Derivative financial liabilities | 1,472 | |
Third 12 months | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | 45,553 | |
Loans from banks | 558 | |
IFRS 16 lease obligations | 38 | |
Derivative financial liabilities | (3,700) | |
Fourth 12 months | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | 2,746 | |
Loans from banks | 2,825 | |
IFRS 16 lease obligations | 31 | |
Derivative financial liabilities | 1,185 | |
Fifth 12 months | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | 4,306 | |
Loans from banks | 3,772 | |
IFRS 16 lease obligations | 24 | |
Derivative financial liabilities | 2,546 | |
Later than 5 years [member] | ||
Disclosure Of Maturity Analysis For Non-derivative And Derivative Financial Liabilities [line items] | ||
Notes and bonds | 191,771 | |
Loans from banks | 5,640 | |
Derivative financial liabilities | $ (10,457) |
Financial Instruments - Credit
Financial Instruments - Credit risk - cash flow hedges (Detail) - Cash flow hedges [member] $ in Millions | 12 Months Ended | |
Dec. 31, 2020MXN ($)$ / $$ / $$ / $$ / $R$ / $$ / $R$ / $item | Dec. 31, 2019MXN ($)$ / $$ / $$ / $$ / $R$ / $$ / $R$ / $item | |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | MXN/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 2,887 | $ 4,373 |
Average exchange rate | $ / $ | 23.26 | 20 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | MXN/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 1,892 | $ 2,086 |
Average exchange rate | $ / $ | 23.46 | 20.20 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | MXN/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 2 | |
Average exchange rate | $ / $ | 20.01 | |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | BRL/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 910 | $ 746 |
Average exchange rate | R$ / $ | 5.33 | 4.05 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | BRL/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 601 | $ 378 |
Average exchange rate | R$ / $ | 5.20 | 4.19 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | BRL/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 43 | $ 267 |
Average exchange rate | R$ / $ | 4.53 | 4.44 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | COP/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 511 | $ 220 |
Average exchange rate | $ / $ | 3,750 | 3,491 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | COP/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 212 | $ 85 |
Average exchange rate | $ / $ | 3,740 | 3,460 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | ARS/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 96 | $ 137 |
Average exchange rate | $ / $ | 92.97 | 79.23 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | URY/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 225 | $ 335 |
Average exchange rate | $ / $ | 45.92 | 37.55 |
Foreign currency risk [member] | Foreign exchange forward contracts [member] | URY/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 58 | $ 87 |
Average exchange rate | $ / $ | 45.69 | 40.03 |
Foreign currency risk [member] | Foreign currency option [Member] | COP/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 107 | |
Average exchange rate | $ / $ | 3,252 | |
Foreign currency risk [member] | Cross-currency swaps [member] | MXN/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 9,423 | |
Average exchange rate | $ / $ | 19.54 | |
Foreign currency risk [member] | Cross-currency swaps [member] | MXN/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 44,107 | $ 18,428 |
Average exchange rate | $ / $ | 14.70 | 15.93 |
Foreign currency risk [member] | Cross-currency swaps [member] | BRL/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 58 | |
Average exchange rate | R$ / $ | 5.15 | |
Foreign currency risk [member] | Cross-currency swaps [member] | BRL/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 4,365 | |
Average exchange rate | R$ / $ | 3.41 | |
Foreign currency risk [member] | Cross-currency swaps [member] | BRL/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 9,652 | $ 9,140 |
Average exchange rate | R$ / $ | 4 | 4 |
Foreign currency risk [member] | Cross-currency swaps [member] | COP/USD | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 404 | |
Average exchange rate | $ / $ | 3,454 | |
Foreign currency risk [member] | Cross-currency swaps [member] | COP/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 709 | |
Average exchange rate | $ / $ | 2,992 | |
Foreign currency risk [member] | Cross-currency swaps [member] | COP/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 1,688 | $ 2,403 |
Average exchange rate | $ / $ | 3,296 | 3,075 |
Foreign currency risk [member] | Cross-currency swaps [member] | CLP/USD | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 3,333 | $ 3,007 |
Average exchange rate | $ / $ | 696.02 | 696.02 |
Foreign currency risk [member] | Cross-currency swaps [member] | CLP/USD | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 1,519 | $ 1,371 |
Average exchange rate | $ / $ | 677 | 677 |
Foreign currency risk [member] | Cross-currency swaps [member] | BRL/MXN | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 71 | $ 84 |
Average exchange rate | R$ / $ | 0.26 | 0.21 |
Foreign currency risk [member] | Cross-currency swaps [member] | BRL/MXN | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 981 | $ 1,195 |
Average exchange rate | R$ / $ | 0.26 | 0.21 |
Interest rate risk [member] | Interest rate swaps [member] | Brazilian reais [member] | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 4,365 | |
Average interest rate | 8.34% | |
Interest rate risk [member] | Interest rate swaps [member] | Mexican peso [member] | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 11,403 | $ 11,403 |
Average interest rate | 7.17% | 7.17% |
Interest rate risk [member] | Interest rate swaps [member] | Chilean peso [member] | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 4,716 | $ 2,197 |
Average interest rate | 4.95% | 6.26% |
Commodity price risk [member] | Commodity price contracts [Member] | Sugar Price Contracts [member] | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 869 | $ 1,192 |
Average price | item | 12.13 | 13.09 |
Commodity price risk [member] | Commodity price contracts [Member] | Sugar Price Contracts [member] | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 391 | $ 361 |
Average price | item | 11.87 | 12.73 |
Commodity price risk [member] | Commodity price contracts [Member] | Sugar Price Contracts [member] | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 365 | $ 98 |
Average price | item | 12.17 | 13.45 |
Commodity price risk [member] | Commodity price contracts [Member] | Aluminum price contracts [member] | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 325 | $ 276 |
Average price | item | 1,654 | 1,796 |
Commodity price risk [member] | Commodity price contracts [Member] | Aluminum price contracts [member] | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 370 | $ 118 |
Average price | item | 1,720 | 1,812 |
Commodity price risk [member] | Commodity price contracts [Member] | Aluminum price contracts [member] | Later than one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 99 | |
Average price | item | 1,740 | |
Commodity price risk [member] | Commodity price contracts [Member] | PX MEG contracts [member] | 1-6 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 364 | $ 160 |
Average price | item | 730 | 848 |
Commodity price risk [member] | Commodity price contracts [Member] | PX MEG contracts [member] | Maturity 6-12 months [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Net exposure | $ 364 | $ 160 |
Average price | item | 730 | 848 |
Financial Instruments - Hedging
Financial Instruments - Hedging reserve rollforward (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedged items [line items] | |||
Taxes due to changes in reserves during the period | $ 871 | $ (391) | $ (293) |
Hedging reserve [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Balances at beginning of the period | 431 | ||
Balances at the end of the period | 2,890 | $ 431 | |
Hedging reserve [member] | Foreign currency risk [member] | Purchase of stock [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value changes | 82 | ||
Hedging reserve [member] | Foreign currency risk [member] | Other stock [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value changes | (626) | ||
Hedging reserve [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedged items [line items] | |||
Fair value changes | 2,991 | ||
Taxes due to changes in reserves during the period | $ 12 |
Financial Instruments - Impact
Financial Instruments - Impact of hedging on equity (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | $ 325,751 | |||
Foreign currency revaluation of the net foreign operations | $ 53 | 1,060 | $ 991 | $ 724 |
Ending Balance | $ 15,442 | 307,187 | 325,751 | |
Total controlling interest [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 251,989 | |||
Ending Balance | 237,743 | 251,989 | ||
Non-controlling interest [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 73,762 | 78,489 | 86,621 | |
Ending Balance | 69,444 | 73,762 | 78,489 | |
Impact Of Hedging Instruments [Member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | (3) | 945 | ||
Financial instruments – purchases | (2,803) | (104) | ||
Change in fair value of financial instruments recognized in OCI | 7,387 | (1,591) | ||
Amount reclassified from OCI to profit or loss | 3,670 | 1,222 | ||
Foreign currency revaluation of the net foreign operations | (3,588) | (269) | ||
Effects of changes in foreign exchange rates | (1,846) | 64 | ||
Tax effect | (1,246) | (270) | ||
Ending Balance | 1,571 | (3) | 945 | |
Impact Of Hedging Instruments [Member] | Total controlling interest [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 534 | 1,065 | ||
Financial instruments – purchases | (2,632) | (33) | ||
Change in fair value of financial instruments recognized in OCI | 5,686 | (490) | ||
Amount reclassified from OCI to profit or loss | 2,726 | 591 | ||
Foreign currency revaluation of the net foreign operations | (3,588) | (176) | ||
Effects of changes in foreign exchange rates | 105 | 42 | ||
Tax effect | (977) | (465) | ||
Ending Balance | 1,854 | 534 | 1,065 | |
Impact Of Hedging Instruments [Member] | Foreign exchange forward contracts [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | (156) | 53 | ||
Financial instruments – purchases | (840) | (244) | ||
Change in fair value of financial instruments recognized in OCI | (483) | |||
Amount reclassified from OCI to profit or loss | 277 | (68) | ||
Effects of changes in foreign exchange rates | 7 | |||
Tax effect | 163 | 103 | ||
Ending Balance | (1,032) | (156) | 53 | |
Impact Of Hedging Instruments [Member] | Foreign currency option [Member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 17 | |||
Financial instruments – purchases | 2 | 2 | ||
Amount reclassified from OCI to profit or loss | (2) | (26) | ||
Tax effect | 7 | |||
Ending Balance | 17 | |||
Impact Of Hedging Instruments [Member] | Cross-currency swaps [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 1,602 | 1,296 | ||
Financial instruments – purchases | (2,145) | 78 | ||
Change in fair value of financial instruments recognized in OCI | 6,922 | (77) | ||
Amount reclassified from OCI to profit or loss | 2,461 | 451 | ||
Foreign currency revaluation of the net foreign operations | (3,588) | (176) | ||
Effects of changes in foreign exchange rates | 92 | 30 | ||
Ending Balance | 5,344 | 1,602 | 1,296 | |
Impact Of Hedging Instruments [Member] | Interest rate swaps [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | (20) | 351 | ||
Change in fair value of financial instruments recognized in OCI | (762) | (416) | ||
Amount reclassified from OCI to profit or loss | 129 | 36 | ||
Effects of changes in foreign exchange rates | 14 | 9 | ||
Ending Balance | (639) | (20) | 351 | |
Impact Of Hedging Instruments [Member] | Treasury Lock contracts [Member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 71 | |||
Financial instruments – purchases | 102 | |||
Amount reclassified from OCI to profit or loss | (102) | |||
Tax effect | 31 | (31) | ||
Ending Balance | 71 | |||
Impact Of Hedging Instruments [Member] | Commodity price contracts [Member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | 23 | (136) | ||
Financial instruments – purchases | 351 | 29 | ||
Change in fair value of financial instruments recognized in OCI | 9 | 3 | ||
Amount reclassified from OCI to profit or loss | (37) | 198 | ||
Effects of changes in foreign exchange rates | (8) | 3 | ||
Tax effect | (108) | (74) | ||
Ending Balance | 230 | 23 | (136) | |
Impact Of Hedging Instruments [Member] | Non-controlling interest [member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Beginning Balance | (537) | (120) | ||
Financial instruments – purchases | (170) | (71) | ||
Change in fair value of financial instruments recognized in OCI | 1,425 | (1,101) | ||
Amount reclassified from OCI to profit or loss | 943 | 631 | ||
Foreign currency revaluation of the net foreign operations | (1,893) | (93) | ||
Effects of changes in foreign exchange rates | 55 | 22 | ||
Tax effect | (106) | 195 | ||
Ending Balance | $ (283) | $ (537) | $ (120) |
Non-Controlling Interest in C_3
Non-Controlling Interest in Consolidated Subsidiaries (Detail) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non controlling interest | $ 3,491 | $ 69,444 | $ 73,762 |
Coca-Cola FEMSA [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non controlling interest | 66,800 | 72,649 | |
Other [Member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Non controlling interest | $ 2,644 | $ 1,113 |
Non-Controlling Interest in C_4
Non-Controlling Interest in Consolidated Subsidiaries - Rollforward (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | $ 325,751 | |||
Consolidated net income | $ 188 | 3,756 | $ 28,048 | $ 33,079 |
Total other comprehensive income | (369) | (7,321) | (12,966) | (13,293) |
Remeasurements of the net defined benefit liability | (24) | (474) | (1,090) | 551 |
Dividends declared and paid | (15,884) | (13,637) | (12,933) | |
Issuance (purchase) of share-based compensation plans | (339) | 21 | 73 | |
Other acquisitions and remeasurements | 1,298 | 32 | ||
Derecognition upon disposal of controlling interest in Philippines | (11,140) | |||
Ending Balance | $ 15,442 | 307,187 | 325,751 | |
IAS 29 [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | 2,687 | |||
Total controlling interest [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | 251,989 | |||
Consolidated net income | (1,930) | 20,699 | 23,990 | |
Dividends declared and paid | (10,360) | (9,692) | (9,220) | |
Issuance (purchase) of share-based compensation plans | (275) | 33 | 42 | |
Other acquisitions and remeasurements | (79) | |||
Ending Balance | 237,743 | 251,989 | ||
Total controlling interest [member] | Synergy [Member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Other acquisitions and remeasurements | 79 | |||
Total controlling interest [member] | IAS 29 [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | 1,269 | |||
Non-controlling interest [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | 73,762 | 78,489 | 86,621 | |
Consolidated net income | 5,686 | 7,349 | 9,089 | |
Total other comprehensive income | (5,793) | (4,552) | (4,080) | |
Exchange differences on translating foreign operations | (5,958) | (3,833) | (4,016) | |
Remeasurements of the net defined benefit liability | (169) | (271) | 155 | |
Fair value changes | 334 | (448) | (219) | |
Dividends declared and paid | (5,524) | (3,945) | (3,713) | |
Issuance (purchase) of share-based compensation plans | (64) | (12) | 31 | |
Acquisitions of non-controlling interest | 1,298 | 3,530 | ||
Other acquisitions and remeasurements | 1,377 | 32 | 413 | |
Derecognition upon disposal of controlling interest in Philippines | (11,140) | |||
Recognition of non-controlling interest upon consolidation of CCFPI | (11,140) | |||
Ending Balance | $ 69,444 | 73,762 | 78,489 | |
Non-controlling interest [member] | Accounting standard adoption effects [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | $ (69) | (150) | ||
Ending Balance | (69) | |||
Non-controlling interest [member] | IAS 29 [member] | ||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | ||||
Beginning Balance | $ 1,418 |
Non-Controlling Interest in C_5
Non-Controlling Interest in Consolidate Subsidiaries - AOCI (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Accumulated other comprehensive income, total | $ (43) | $ (843) | $ 685 |
Non-controlling interest [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Reserve of exchange differences on translation | (6,657) | (699) | |
Reserve of remeasurements of defined benefit plans | (559) | (390) | |
Reserve of cash flow hedges | (277) | (611) | |
Accumulated other comprehensive income, total | $ (7,493) | $ (1,700) |
Non-Controlling Interest in C_6
Non-Controlling Interest in Consolidated Subsidiaries - Summarized Financial Information (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||||
Total current assets | $ 10,118 | $ 172,579 | $ 201,269 | ||
Total non-current assets | 24,310 | 464,962 | 483,579 | ||
Total current liabilities | 5,953 | 136,534 | 118,413 | ||
Total non-current liabilities | 13,033 | 175,256 | 259,248 | ||
Consolidated revenues | 24,782 | $ 492,966 | 506,711 | $ 469,744 | |
Consolidated net (loss) income for continuing operations | 188 | 3,756 | 28,048 | 29,713 | |
Consolidated net income from discontinued operations | 3,366 | ||||
Consolidated comprehensive income for continuing operations | (176) | (3,458) | 12,285 | 4,540 | |
Consolidated comprehensive income from discontinued operations | 4,804 | ||||
Net cash flow generated from operating activities for continuing operations | 2,673 | 53,173 | 61,638 | 46,930 | |
Net cash flow generated from operating activities from discontinued operations | 654 | ||||
Net cash flows from (used in) investing activities, continuing operations | (1,579) | (31,367) | (14,131) | (57,178) | |
Net cash flow used in investing activities from discontinued operations | (962) | ||||
Net cash flows from (used in) financing activities, continuing operations | $ 983 | 19,575 | (38,434) | (23,011) | |
Net cash flow used in financing activities from discontinued operations | $ (37) | ||||
Coca-Cola FEMSA [member] | |||||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||||
Total current assets | 56,796 | 72,440 | |||
Total non-current assets | 201,043 | 190,626 | |||
Total current liabilities | 51,010 | 42,845 | |||
Total non-current liabilities | 77,144 | $ 97,764 | |||
Consolidated revenues | 183,615 | 194,471 | |||
Consolidated net (loss) income for continuing operations | 10,368 | 12,630 | |||
Consolidated comprehensive income for continuing operations | 3,050 | 5,489 | |||
Net cash flow generated from operating activities for continuing operations | 35,147 | 31,289 | |||
Net cash flows from (used in) investing activities, continuing operations | (10,508) | (10,744) | |||
Net cash flows from (used in) financing activities, continuing operations | $ 417 | $ (22,794) |
Non-Controlling Interest in C_7
Non-Controlling Interest in Consolidated Subsidiaries - Options (Details) | Dec. 13, 2019 | Dec. 31, 2020 | Dec. 31, 2018 |
Grupo Socofar [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Percentage of ownership in subsidiary | 40.00% | 100.00% | 60.00% |
FEMSA Comercio Health Division [member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Ownership under option, as a percent | 40.00% | ||
Open Market [Member] | |||
Disclosure Of Non Controlling Interest In Consolidated Subsidiaries [line items] | |||
Ownership under option, as a percent | 20.00% |
Equity (Detail)
Equity (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020MXN ($)itemshares | Dec. 31, 2019MXN ($)shares | |
Disclosure of classes of share capital [line items] | ||
Capital stock issued | 3,578,226,270 | |
Common stock outstanding | 17,891,131,350 | 17,891,131,350 |
Fixed capital stock amounts | $ | $ 300 | $ 300 |
Variable capital, maximum multiple of fixed capital | item | 10 | |
BD units [member] | ||
Disclosure of classes of share capital [line items] | ||
Capital stock issued | 2,161,177,770 | |
Common stock outstanding | 10,805,888,850 | |
Number Of Series Shares For Each Share Unit | item | 1 | |
B units [member] | ||
Disclosure of classes of share capital [line items] | ||
Capital stock issued | 1,417,048,500 | |
Common stock outstanding | 7,085,242,500 | |
Minimum percentage for voting | 51.00% | |
Series B shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number Of Series Shares For Each Share Unit | item | 5 | |
Series D shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Maximum percentage for voting right | 49.00% | |
Series L shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Maximum percentage for voting right | 25.00% | |
Sub series D B shares | ||
Disclosure of classes of share capital [line items] | ||
Number Of Series Shares For Each Share Unit | item | 2 | |
Sub series D-L shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Maximum percentage for voting right | 25.00% | |
Number Of Series Shares For Each Share Unit | item | 2 | |
Non cumulative premium [member] | ||
Disclosure of classes of share capital [line items] | ||
Dividend payable, premium, as percentage of non-premium dividend | 125.00% |
Equity - Summary of Capital Sto
Equity - Summary of Capital Stock (Detail) - MXN ($) $ in Millions | Nov. 05, 2020 | Nov. 03, 2020 | Aug. 20, 2020 | May 05, 2020 | Nov. 05, 2019 | Nov. 01, 2019 | May 07, 2019 | May 03, 2019 | Nov. 06, 2018 | Nov. 01, 2018 | May 04, 2018 | May 03, 2018 | Dec. 31, 2020 | Mar. 20, 2020 | Mar. 17, 2020 | Dec. 31, 2019 | Mar. 22, 2019 | Mar. 14, 2019 | Mar. 16, 2018 | Mar. 09, 2018 |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of units | 3,578,226,270 | |||||||||||||||||||
Series "B" | 9,246,420,270 | |||||||||||||||||||
Series "D" | 8,644,711,080 | |||||||||||||||||||
Subseries "D-B" | 4,322,355,540 | |||||||||||||||||||
Subseries "D-L" | 4,322,355,540 | |||||||||||||||||||
Total shares | 17,891,131,350 | 17,891,131,350 | ||||||||||||||||||
Total CUFIN balance amount | $ 237,627 | |||||||||||||||||||
Statutory reserve | $ 596 | $ 596 | ||||||||||||||||||
B units [member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of units | 1,417,048,500 | |||||||||||||||||||
Series "B" | 7,085,242,500 | |||||||||||||||||||
Total shares | 7,085,242,500 | |||||||||||||||||||
BD units [member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of units | 2,161,177,770 | |||||||||||||||||||
Series "B" | 2,161,177,770 | |||||||||||||||||||
Series "D" | 8,644,711,080 | |||||||||||||||||||
Subseries "D-B" | 4,322,355,540 | |||||||||||||||||||
Subseries "D-L" | 4,322,355,540 | |||||||||||||||||||
Total shares | 10,805,888,850 | |||||||||||||||||||
Ordinary shares [member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Dividend approved to be paid | $ 10,360 | $ 9,692 | $ 9,220 | |||||||||||||||||
Percentage of dividend paid | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||
Maximum reserve for share purchase | $ 17,000 | $ 7,000 | $ 7,000 | |||||||||||||||||
Ordinary shares [member] | Non-controlling interest [member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Dividend approved to be paid | $ 5,389 | $ 3,925 | $ 3,713 | |||||||||||||||||
Coca-Cola FEMSA [member] | Ordinary shares [member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Dividend approved to be paid | $ 10,210 | $ 7,437 | $ 7,038 | |||||||||||||||||
Percentage of dividend paid | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% |
Equity - Dividends Declared and
Equity - Dividends Declared and Paid (Detail) - MXN ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | |||
Dividend declared and paid | $ 10,360 | $ 9,692 | $ 9,220 |
Repurchased shares | $ 0 | $ 0 | |
Series B shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Dividend declared and paid per share | $ 0.51667 | $ 0.48333 | $ 0.45980 |
Series D shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Dividend declared and paid per share | $ 0.64583 | $ 0.60417 | $ 0.57480 |
Coca-Cola FEMSA [member] | |||
Disclosure of classes of share capital [line items] | |||
Dividend declared and paid | $ 10,210 | $ 7,437 | $ 7,038 |
Top of range [member] | |||
Disclosure of classes of share capital [line items] | |||
Debt to earnings before interest, taxes, depreciation and amortization ratio | 1.50% |
Earnings per Share (Detail)
Earnings per Share (Detail) $ / shares in Units, shares in Thousands, $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)shares | Dec. 31, 2020MXN ($)$ / sharesshares | Dec. 31, 2019MXN ($)$ / sharesshares | Dec. 31, 2018MXN ($)$ / sharesshares | |
Earnings per share [line items] | ||||
Net controlling interest income allocated from continuing operations | $ (98) | $ (1,930) | $ 20,699 | $ 22,560 |
Net controlling interest income allocated from discontinued operations | $ | $ 1,430 | |||
Series B shares [member] | ||||
Earnings per share [line items] | ||||
Weighted average number of shares for basic earnings per share | shares | 9,243,590 | 9,243,590 | 9,244,160 | 9,243,810 |
Effect of dilution associated with non-vested shares for share based payment plans | shares | 2,830 | 2,830 | 2,260 | 2,610 |
Weighted average number of shares adjusted for the effect of dilution (Shares outstanding) | shares | 9,246,420 | 9,246,420 | 9,246,420 | 9,246,420 |
Dividend rights per series (see Note 22.1) | 100.00% | 100.00% | 100.00% | 100.00% |
Weighted average number of shares further adjusted to reflect dividend rights | shares | 9,246,420 | 9,246,420 | 9,246,420 | 9,246,420 |
Basic earnings per share from continuing operations | $ / shares | $ (0.10) | $ 1.03 | $ 1.13 | |
Basic earnings per share from discontinued operations | $ / shares | 0.07 | |||
Diluted earnings per share from continuing operations | $ / shares | $ (0.10) | $ 1.03 | 1.13 | |
Diluted earnings per share from discontinued operations | $ / shares | $ 0.07 | |||
Allocation of earnings, weighted | 46.11% | 46.11% | 46.11% | 46.11% |
Net controlling interest income allocated from continuing operations | $ | $ (890) | $ 9,545 | $ 10,403 | |
Net controlling interest income allocated from discontinued operations | $ | $ 660 | |||
Series D shares [member] | ||||
Earnings per share [line items] | ||||
Weighted average number of shares for basic earnings per share | shares | 8,633,380 | 8,633,380 | 8,635,650 | 8,634,260 |
Effect of dilution associated with non-vested shares for share based payment plans | shares | 11,330 | 11,330 | 9,060 | 10,450 |
Weighted average number of shares adjusted for the effect of dilution (Shares outstanding) | shares | 8,644,710 | 8,644,710 | 8,644,710 | 8,644,710 |
Dividend rights per series (see Note 22.1) | 125.00% | 125.00% | 125.00% | 125.00% |
Weighted average number of shares further adjusted to reflect dividend rights | shares | 10,805,890 | 10,805,890 | 10,805,890 | 10,805,890 |
Basic earnings per share from continuing operations | $ / shares | $ (0.12) | $ 1.29 | $ 1.41 | |
Basic earnings per share from discontinued operations | $ / shares | 0.09 | |||
Diluted earnings per share from continuing operations | $ / shares | $ (0.12) | $ 1.29 | 1.41 | |
Diluted earnings per share from discontinued operations | $ / shares | $ 0.09 | |||
Allocation of earnings, weighted | 53.89% | 53.89% | 53.89% | 53.89% |
Net controlling interest income allocated from continuing operations | $ | $ (1,040) | $ 11,154 | $ 12,157 | |
Net controlling interest income allocated from discontinued operations | $ | $ 770 |
Taxes (Detail)
Taxes (Detail) $ in Millions | Feb. 01, 2021 | Jan. 01, 2021 | Dec. 29, 2020$ / l | Jan. 01, 2020USD ($) | Jan. 01, 2020MXN ($) | Dec. 27, 2019 | Nov. 27, 2019 | Nov. 18, 2019 | Nov. 17, 2019 | Jul. 01, 2019 | Mar. 01, 2019 | Feb. 28, 2019 | Jan. 01, 2019 | Aug. 31, 2018 | Dec. 31, 2018 | Jan. 31, 2021 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | May 31, 2020 | Nov. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018item | Dec. 31, 2017 |
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 30.00% | 30.00% | 30.00% | ||||||||||||||||||||||||||
Adjustments for previous tax years | 30.30% | ||||||||||||||||||||||||||||
Mexico [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Tax rate, dividends received, as a percent | 30.00% | 30.00% | |||||||||||||||||||||||||||
Income tax rate | 30.00% | 30.00% | 30.00% | ||||||||||||||||||||||||||
Excise tax per litre | 1.17 | ||||||||||||||||||||||||||||
Argentina [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 35.00% | ||||||||||||||||||||||||||||
Sales Tax Rate | 1.50% | ||||||||||||||||||||||||||||
Argentina [member] | Sales taxes in the province of Buenos Aires [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Sales Tax Rate | 1.75% | ||||||||||||||||||||||||||||
Argentina [member] | Sales Tax in City of Buenos Aires [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Sales Tax Rate | 1.50% | 1.00% | |||||||||||||||||||||||||||
Colombia [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 32.00% | 33.00% | |||||||||||||||||||||||||||
Minimum assumed income tax rate | 1.50% | 1.50% | 3.50% | ||||||||||||||||||||||||||
Capitalization Ratio | item | 3 | ||||||||||||||||||||||||||||
Colombia [member] | Colombian resident individuals [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Tax on dividends | 15.00% | 15.00% | 15.00% | ||||||||||||||||||||||||||
Colombia [member] | Foreign Nonresidents Individuals And Companies [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Tax on dividends | 5.00% | 7.50% | 5.00% | 7.50% | 7.50% | 5.00% | |||||||||||||||||||||||
Colombia [member] | 0-1 year [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 31.00% | ||||||||||||||||||||||||||||
Colombia [member] | Later than one year [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 30.00% | ||||||||||||||||||||||||||||
Panama [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 5 | ||||||||||||||||||||||||||||
Selective consumption tax | 10.00% | ||||||||||||||||||||||||||||
Panama [member] | NonCarbonated Beverages [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 5 | 5 | |||||||||||||||||||||||||||
Panama [member] | Carbonated Beverages [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 7 | ||||||||||||||||||||||||||||
Brazil [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax recoveries | $ | $ 2,523,000,000 | $ 4,223,000,000 | |||||||||||||||||||||||||||
Excise tax rate | 8 | 20 | 4 | 4 | 10 | 8 | 4 | 4 | 8 | 12 | |||||||||||||||||||
Percentage of federal production and sales taxes | 15.90% | ||||||||||||||||||||||||||||
Chile [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 27.00% | ||||||||||||||||||||||||||||
Nicaragua [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 9 | ||||||||||||||||||||||||||||
Minimum alternative tax rate | 1.00% | ||||||||||||||||||||||||||||
Uruguay [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax credit | $ / l | 1.15 | ||||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Mexico [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 30.00% | 30.00% | |||||||||||||||||||||||||||
Threshold limit on deductible interest | $ 1 | $ 20,000,000 | |||||||||||||||||||||||||||
Expiration term of nondeductible interest exceeding limit | 10 years | 10 years | |||||||||||||||||||||||||||
Excise tax per litre | 1.2616 | 1.2616 | |||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Mexico [member] | Carbonated Beverages [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 7 | 7 | 5 | ||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Mexico [member] | Caffeinated, Carbonated Beverages [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 25 | 25 | |||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Argentina [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Income tax rate | 30.00% | 30.00% | 25.00% | 30.00% | 30.00% | ||||||||||||||||||||||||
Tax on dividends | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 13.00% | 7.00% | 7.00% | ||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Argentina [member] | Sales taxes in the province of Buenos Aires [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Sales Tax Rate | 1.50% | ||||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Argentina [member] | Sales Tax in City of Buenos Aires [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Sales Tax Rate | 0.00% | 0.50% | 1.00% | 1.50% | 2.00% | ||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Colombia [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Minimum assumed income tax rate | 0.00% | 0.50% | |||||||||||||||||||||||||||
Municipality sales tax, portion credited against income tax payable, as a percent | 100.00% | 50.00% | |||||||||||||||||||||||||||
Tax rate of dividend distribution | 7.50% | ||||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Colombia [member] | Colombian resident individuals [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Tax on dividends | 10.00% | 10.00% | |||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Colombia [member] | Foreign Nonresidents Individuals And Companies [Member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Municipality sales tax, portion credited against income tax payable, as a percent | 100.00% | ||||||||||||||||||||||||||||
Tax on dividends | 10.00% | 10.00% | 7.50% | ||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Panama [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Selective consumption tax | 10.00% | ||||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Costa Rica [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Value-added tax | 13.00% | ||||||||||||||||||||||||||||
Percentage of capital gains | 15.00% | ||||||||||||||||||||||||||||
Percentage of withholding taxes on salaries of employees | 25.00% | ||||||||||||||||||||||||||||
Percentage of withholding taxes on compensations of employees | 20.00% | ||||||||||||||||||||||||||||
Percentage of tax rate that exceeds EBITDA | 20.00% | ||||||||||||||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | Nicaragua [member] | |||||||||||||||||||||||||||||
Disclosure of income taxes [Line Items] | |||||||||||||||||||||||||||||
Excise tax rate | 15 | 11 | 13 | ||||||||||||||||||||||||||
Minimum alternative tax rate | 3.00% |
Taxes - Components of Income Ta
Taxes - Components of Income Tax Expense (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | |
Disclosure Of Income Taxes [line items] | ||||
Current tax expense | $ 18,690 | $ 11,652 | $ 10,480 | |
Deferred tax expense (income): | ||||
Origination and reversal of temporary differences | (5,824) | 127 | 491 | |
(Recognition) of tax losses, net | 1,994 | (1,201) | (927) | |
Change in the statutory rate | (41) | (102) | 125 | |
Total deferred tax income expense | (3,871) | (1,176) | (311) | |
Total income taxes | $ 745 | 14,819 | $ 10,476 | $ 10,169 |
Mexico [member] | ||||
Disclosure Of Income Taxes [line items] | ||||
Current tax expense | 5,500 | |||
Deferred tax expense (income): | ||||
Total income taxes | 8,754 | |||
Penalties on income tax | 3,253 | |||
Restatement effects on income tax | $ 868 |
Taxes - Expense Recognized in O
Taxes - Expense Recognized in OCI (Details) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Unrealized gain (loss) on cash flow hedges | $ 871 | $ (391) | $ (293) |
Exchange differences on translation of foreign operations | 4,758 | (1,667) | (2,647) |
Remeasurements of the net defined benefit liability | (208) | (371) | 287 |
Share of the other comprehensive income of equity accounted investees | (2,597) | 288 | 989 |
Total income tax benefit recognized in OCI | $ 2,824 | $ (2,141) | $ (1,664) |
Taxes - Reconciliation of tax r
Taxes - Reconciliation of tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Mexican statutory income tax rate | 30.00% | 30.00% | 30.00% |
Difference between book and tax inflationary values and translation effects | (5.10%) | (2.20%) | (4.00%) |
Annual inflation tax adjustment | 3.00% | 0.20% | (1.20%) |
Difference between statutory income tax rates | 1.00% | 0.90% | 1.80% |
Non-deductible expenses | 3.80% | 4.50% | 3.20% |
Taxable (non-taxable) income | 2.90% | (1.00%) | (0.50%) |
Effect of changes in Argentina tax law | 0.10% | (0.30%) | (0.90%) |
Others | (1.90%) | (0.70%) | 0.90% |
Impairments | 4.60% | 0.90% | 0.40% |
Adjustments for previous tax years | 30.30% | ||
Income tax credit | (8.30%) | ||
Tax Loss | 16.30% | 0.10% | 0.50% |
Consolidated Effective income tax rate (4) | 76.70% | 32.40% | 30.20% |
Effective income tax rate without extraordinary effects | 33.80% |
Taxes - Deferred income tax in
Taxes - Deferred income tax in financial statements (Details) $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2017MXN ($) | |
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | $ (13,575) | $ (10,657) | $ (16,010) | $ (9,720) | ||
Deferred income tax related to consolidated statement of income | $ (4,071) | (1,583) | (296) | |||
Deferred tax income net recorded in share of the profit of equity accounted investees | 200 | 407 | (15) | |||
Total deferred tax income expense | $ (3,871) | (1,176) | (311) | |||
Deferred tax asset | (20,521) | $ (1,108) | (22,043) | |||
Deferred tax liability | 6,946 | $ 303 | 6,033 | |||
Deferred tax recovery period | 10 years | |||||
Allowance for doubtful accounts [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (437) | (501) | ||||
Deferred income tax related to consolidated statement of income | $ (25) | (43) | 93 | |||
Inventory [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 76 | (757) | ||||
Deferred income tax related to consolidated statement of income | 60 | (6) | (27) | |||
Other Current Assets [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 256 | 122 | ||||
Deferred income tax related to consolidated statement of income | (163) | 182 | (31) | |||
Property, plant and equipment [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (4,068) | (4,999) | ||||
Deferred income tax related to consolidated statement of income | (708) | (320) | (851) | |||
Investments in equity accounted investees [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (5,482) | (9,321) | ||||
Deferred income tax related to consolidated statement of income | (15) | 7 | 40 | |||
Other assets [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 137 | (681) | ||||
Deferred income tax related to consolidated statement of income | (729) | 59 | (82) | |||
Finite useful lived intangible assets [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (111) | (181) | ||||
Deferred income tax related to consolidated statement of income | 129 | (345) | 627 | |||
Indefinite lived intangible assets [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 10,788 | 9,316 | ||||
Deferred income tax related to consolidated statement of income | (261) | 1,220 | 758 | |||
Post-employment and other long-term employee benefits [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (1,067) | (1,124) | ||||
Deferred income tax related to consolidated statement of income | (37) | (2) | (148) | |||
Derivative Financial Instruments [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (9) | (121) | ||||
Deferred income tax related to consolidated statement of income | (114) | (31) | (63) | |||
Provisions [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (1,216) | 1,135 | ||||
Deferred income tax related to consolidated statement of income | 142 | 1,359 | 1,122 | |||
Temporary non-deductible provision [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (3,183) | (4,907) | ||||
Deferred income tax related to consolidated statement of income | (1,893) | (1,797) | (293) | |||
Employee profit sharing payable [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (430) | (371) | ||||
Deferred income tax related to consolidated statement of income | 64 | 8 | (27) | |||
Tax loss carry forwards [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (10,309) | (8,422) | ||||
Deferred income tax related to consolidated statement of income | 1,994 | (1,201) | (927) | |||
Tax credits to recover [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (1,855) | (2,595) | ||||
Deferred income tax related to consolidated statement of income | (1,629) | (122) | (109) | |||
Other comprehensive income [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (596) | 33 | ||||
Deferred income tax related to consolidated statement of income | 86 | 29 | (54) | |||
Exchange differences on translation of foreign operations in OCI [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 3,959 | 7,697 | ||||
Other Liabilities [Member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | 533 | 717 | ||||
Deferred income tax related to consolidated statement of income | (440) | (3) | $ (324) | |||
Right of use assets from leases [member] | ||||||
Disclosure of income taxes [Line Items] | ||||||
Deferred tax (liability)/asset, net | (561) | $ (1,049) | ||||
Deferred income tax related to consolidated statement of income | $ (532) | $ (577) |
Taxes - Deferred tax related to
Taxes - Deferred tax related to OCI (Details) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of income taxes [Line Items] | ||||
Deferred tax (liability)/asset, net | $ (16,010) | $ (13,575) | $ (10,657) | $ (9,720) |
Other comprehensive income [member] | ||||
Disclosure of income taxes [Line Items] | ||||
Deferred tax (liability)/asset, net | 33 | (596) | ||
Other comprehensive income [member] | Remeasurements of the net defined benefit liability [member] | ||||
Disclosure of income taxes [Line Items] | ||||
Deferred tax (liability)/asset, net | (762) | (560) | ||
Other comprehensive income [member] | Valuation of the effective portion of derivative financial instrument [member] | ||||
Disclosure of income taxes [Line Items] | ||||
Deferred tax (liability)/asset, net | $ 795 | $ (36) |
Taxes - Net Deferred Income Tax
Taxes - Net Deferred Income Tax Asset rollforward (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Balance at the beginning of the period | $ (13,575) | $ (10,657) | $ (9,720) |
Deferred tax provision for the period | (3,871) | (1,176) | (311) |
Deferred tax income net recorded in share of the profit of equity accounted investees | (404) | (406) | 165 |
Acquisition of subsidiaries | 382 | 316 | |
Unrealized (gain) on cash flow hedges | 865 | (391) | (445) |
Exchange differences on translation of foreign operations | 2,215 | (2,121) | (1,762) |
Remeasurements of the net defined benefit liability | (256) | (204) | 543 |
Retained earnings of equity accounted investees | (32) | 384 | 54 |
Cash flow hedges in foreign investments | (1,020) | 425 | 310 |
Restatement effect of the period and beginning balances associated with hyperinflationary economies | 68 | 953 | 438 |
Disposal of subsidiaries | 387 | ||
Balance at the end of the period | $ (16,010) | $ (13,575) | $ (10,657) |
Taxes - Tax loss carryforwards,
Taxes - Tax loss carryforwards, maturity (Details) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 26,618 | $ 32,536 | $ 29,941 |
Adjustments in deferred income tax assets | $ 3,847 | ||
NOLs usage limit | 30.00% | ||
0-1 year [member] | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 35 | ||
Second 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 50 | ||
Third 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 26 | ||
Fourth 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 69 | ||
Fifth 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 872 | ||
Sixth 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 1,884 | ||
Seventh 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 52 | ||
Eighth 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,683 | ||
Ninth 12 months | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,535 | ||
Tenth 12 months and thereafter | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,303 | ||
No expiration | |||
Disclosure of income taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 15,109 |
Taxes - Tax Loss Carryforwards
Taxes - Tax Loss Carryforwards rollforward (Detail) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) | |
Major components of tax expense (income) [abstract] | ||||||
Tax loss carryforwards, beginning | $ 32,536 | $ 29,941 | ||||
Derecognized | (8,521) | (377) | ||||
Additions | 7,538 | 7,194 | ||||
Usage of tax losses | (2,444) | (2,947) | ||||
Translation effect of beginning balances | (2,491) | (1,275) | ||||
Tax loss carryforwards, ending | 26,618 | 32,536 | $ 29,941 | |||
Taxes withheld on payment of dividends | $ 0 | $ 0 | $ 0 | |||
Temporary differences for which tax liability not recognized | $ 41,280 | $ 49,255 | $ 45,305 |
Other Liabilities, Provisions_3
Other Liabilities, Provisions, Contingencies and Commitments (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of financial liabilities [abstract] | |||
Sundry creditors | $ 11,895 | $ 11,509 | |
Derivative financial instruments (see Note 21) | 1,127 | 848 | |
Other notes payable | 11,294 | ||
Others | 3 | 4 | |
Total Other current financial liabilities | $ 655 | 13,025 | 23,655 |
Contingencies | 6,303 | 8,854 | |
Payable taxes | 651 | 710 | |
Others | 2,586 | 879 | |
Total provisions and other non-current liabilities | $ 480 | $ 9,540 | $ 10,443 |
Other Liabilities, Provisions_4
Other Liabilities, Provisions, Contingencies and Commitments - Other (Details) $ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of financial liabilities [abstract] | |||
Derivative financial instruments, non-current | $ 3,743 | $ 1,672 | |
Security deposits | 1,279 | 809 | |
Other non-current financial liabilities | $ 252 | $ 5,022 | $ 2,481 |
Other Liabilities, Provisions_5
Other Liabilities, Provisions, Contingencies and Commitments - Contingencies (Detail) - MXN ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial liabilities [line items] | ||||
Provisions | $ 6,303 | $ 8,854 | ||
Indirect taxes [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Provisions | 3,153 | 5,062 | $ 5,421 | $ 6,836 |
Labor [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Provisions | 1,857 | 2,455 | 2,601 | 2,723 |
Legal [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Provisions | $ 1,293 | $ 1,337 | $ 1,906 | $ 3,296 |
Other Liabilities, Provisions_6
Other Liabilities, Provisions, Contingencies and Commitments - Changes in Balance of Provisions Recorded (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | |||
Balance at beginning of the period | $ 8,854 | ||
Reversal of indemnifiable items | (1,177) | ||
Balance at end of the period | 6,303 | $ 8,854 | |
Spaipa SA Industria Brasileira de Bebidas [Member] | |||
Disclosure of financial liabilities [line items] | |||
Reversal of indemnifiable items | (899) | ||
Indirect taxes [member] | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of the period | 5,062 | 5,421 | $ 6,836 |
Penalties and other charges | 1 | 123 | |
New contingencies | 489 | 486 | 178 |
Contingencies added in business combination | 104 | ||
Cancellation and expiration | (153) | (247) | 106 |
Payments | (218) | (174) | (112) |
Effects of changes in foreign exchange rates | (850) | (425) | (951) |
Effects due to derecognition of Philippines | (863) | ||
Balance at end of the period | 3,153 | 5,062 | 5,421 |
Labor [member] | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of the period | 2,455 | 2,601 | 2,723 |
Penalties and other charges | 233 | 293 | 310 |
New contingencies | 249 | 521 | 330 |
Contingencies added in business combination | 44 | 289 | |
Cancellation and expiration | (61) | (283) | (133) |
Payments | (592) | (500) | (193) |
Effects of changes in foreign exchange rates | (427) | (221) | (725) |
Balance at end of the period | 1,857 | 2,455 | 2,601 |
Legal [member] | |||
Disclosure of financial liabilities [line items] | |||
Balance at beginning of the period | 1,337 | 1,906 | 3,296 |
Penalties and other charges | 8 | 94 | 86 |
New contingencies | 362 | 213 | 72 |
Contingencies added in business combination | 77 | 67 | |
Cancellation and expiration | (141) | (542) | (146) |
Payments | (111) | (318) | (251) |
Effects of changes in foreign exchange rates | (162) | (93) | (335) |
Effects due to derecognition of Philippines | (883) | ||
Balance at end of the period | $ 1,293 | $ 1,337 | $ 1,906 |
Other Liabilities, Provisions_7
Other Liabilities, Provisions, Contingencies and Commitments - Litigation, etc. (Detail) - MXN ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | |||
Aggregate amount claimed against company | $ 86,855 | ||
Capital Commitments | 432 | $ 556 | |
Brazil [member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | 48,403 | ||
Litigation amount | 7,342 | $ 10,471 | $ 7,739 |
Coca-Cola FEMSA [member] | ICMS [member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | 8,899 | ||
Coca-Cola FEMSA [member] | Tax credits [member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | 29,280 | ||
Coca-Cola FEMSA [member] | Federal taxes [member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | 4,878 | ||
Coca-Cola FEMSA [member] | Amortization of Goodwill [Member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | 2,677 | ||
Coca-Cola FEMSA [member] | Liability Over The Operations of Third Party [Member] | |||
Disclosure of financial liabilities [line items] | |||
Tax contingencies amount | $ 2,667 |
Information by Segment - By bus
Information by Segment - By business unit (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2020MXN ($) | |
Disclosure of operating segments [line items] | |||||
Total revenues | $ 24,782 | $ 492,966 | $ 506,711 | $ 469,744 | |
Gross profit | 9,534 | 189,653 | 191,481 | 175,170 | |
Administrative expenses | 1,156 | 22,988 | 19,930 | 17,313 | |
Selling expenses | 6,204 | 123,405 | 121,871 | 114,573 | |
Other income | 168 | 3,343 | 1,013 | 673 | |
Other expenses | 622 | 12,381 | 4,905 | 2,947 | |
Interest expense | 881 | 17,516 | 14,133 | 9,825 | |
Interest income | 106 | 2,100 | 3,168 | 2,832 | |
Other net finance loss | 505 | (2,527) | (387) | ||
Income before income taxes and share of the profit of equity accounted investees | 970 | 19,311 | 32,296 | 33,630 | |
Income taxes | 745 | 14,819 | 10,476 | 10,169 | |
Share of the profit of equity accounted investees, net of tax | (37) | (736) | 6,228 | 6,252 | |
Net income from continuing operations | 188 | 3,756 | 28,048 | 29,713 | |
Net income from discontinued operations | 3,366 | ||||
Consolidated net income | 188 | 3,756 | 28,048 | 33,079 | |
Depreciation and amortization | 28,049 | 25,809 | 17,237 | ||
Non-cash items other than depreciation and amortization | 2,421 | 2,495 | 1,645 | ||
Investments in equity accounted investees | 4,940 | 97,470 | 94,315 | $ 98,270 | |
Total assets | 34,428 | 637,541 | 576,381 | 684,848 | |
Total liabilities | $ 18,986 | 311,790 | 240,839 | 377,661 | |
Investments in fixed assets | 25,579 | 24,266 | 20,893 | ||
Discontinued operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 24,167 | ||||
Gross profit | 6,807 | ||||
Other expenses | 7 | ||||
Net income from discontinued operations | 3,366 | ||||
Coca-Cola FEMSA [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 178,599 | 188,784 | 177,182 | ||
FEMSA Comercio Fuel Retail Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 34,283 | 47,841 | 46,936 | ||
FEMSA Comercio Health Retail Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 65,172 | 58,922 | 51,739 | ||
Other [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 34,086 | 26,679 | 26,719 | ||
Consolidation adjustments [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | (20,804) | (21,132) | (21,024) | ||
Intercompany Revenues | (20,804) | (21,132) | (21,024) | ||
Gross profit | (5,152) | (5,096) | (4,626) | ||
Interest expense | (3,722) | (3,209) | (2,496) | ||
Interest income | (3,722) | (3,110) | (2,496) | ||
Income before income taxes and share of the profit of equity accounted investees | 485 | 359 | 30 | ||
Depreciation and amortization | (103) | (112) | |||
Total assets | (54,981) | (42,462) | (59,054) | ||
Total liabilities | (55,017) | (42,559) | (58,821) | ||
Investments in fixed assets | (180) | (317) | (144) | ||
Consolidation adjustments [member] | Coca-Cola FEMSA [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | (5,016) | (5,688) | (5,160) | ||
Intercompany Revenues | 5,016 | 5,688 | 5,160 | ||
Consolidation adjustments [member] | FEMSA Comercio Fuel Retail Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | (9) | (11) | |||
Intercompany Revenues | 9 | 11 | |||
Consolidation adjustments [member] | FEMSA Comercio Proximity Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Intercompany Revenues | 451 | 325 | 290 | ||
Consolidation adjustments [member] | Other [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | (15,328) | (15,108) | (15,574) | ||
Intercompany Revenues | 15,328 | 15,108 | 15,574 | ||
Operating segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 513,770 | 527,843 | 490,768 | ||
Operating segments [member] | Coca-Cola FEMSA [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 183,615 | 194,471 | 182,342 | ||
Gross profit | 82,811 | 87,507 | 83,938 | ||
Interest expense | 7,894 | 6,904 | 7,568 | ||
Interest income | 1,048 | 1,230 | 1,004 | ||
Income before income taxes and share of the profit of equity accounted investees | 16,077 | 18,409 | 17,190 | ||
Income taxes | 5,428 | 5,648 | 5,260 | ||
Share of the profit of equity accounted investees, net of tax | (281) | (131) | (226) | ||
Depreciation and amortization | 10,608 | 10,642 | 10,028 | ||
Non-cash items other than depreciation and amortization | 1,494 | 1,083 | 755 | ||
Investments in equity accounted investees | 9,751 | 10,518 | 7,623 | ||
Total assets | 257,841 | 263,787 | 263,066 | ||
Total liabilities | 128,154 | 132,037 | 140,609 | ||
Investments in fixed assets | 11,465 | 11,069 | 10,354 | ||
Operating segments [member] | FEMSA Comercio Fuel Retail Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 34,292 | 47,852 | 46,936 | ||
Gross profit | 4,300 | 4,775 | 4,231 | ||
Interest expense | 1,099 | 1,175 | 211 | ||
Interest income | 40 | 114 | 159 | ||
Income before income taxes and share of the profit of equity accounted investees | (224) | 124 | 407 | ||
Income taxes | (29) | 49 | 123 | ||
Depreciation and amortization | 865 | 855 | 152 | ||
Non-cash items other than depreciation and amortization | 22 | 105 | 11 | ||
Total assets | 17,701 | 7,015 | 15,878 | ||
Total liabilities | 16,754 | 6,142 | 14,257 | ||
Investments in fixed assets | 706 | 520 | 549 | ||
Operating segments [member] | FEMSA Comercio Health Retail Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 65,172 | 58,922 | 51,739 | ||
Gross profit | 19,575 | 17,645 | 15,865 | ||
Interest expense | 1,540 | 1,226 | 678 | ||
Interest income | 162 | 10 | 14 | ||
Income before income taxes and share of the profit of equity accounted investees | 753 | 1,487 | 1,438 | ||
Income taxes | 243 | 556 | 652 | ||
Depreciation and amortization | 3,543 | 3,112 | 983 | ||
Non-cash items other than depreciation and amortization | 28 | 23 | 22 | ||
Total assets | 54,366 | 35,881 | 60,107 | ||
Total liabilities | 53,468 | 23,357 | 46,038 | ||
Investments in fixed assets | 1,529 | 1,162 | 1,694 | ||
Operating segments [member] | FEMSA Comercio Proximity Division [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 181,277 | 184,810 | 167,458 | ||
Gross profit | 74,296 | 75,099 | 65,529 | ||
Interest expense | 5,932 | 5,733 | 1,806 | ||
Interest income | 388 | 338 | 372 | ||
Income before income taxes and share of the profit of equity accounted investees | 6,409 | 11,458 | 13,335 | ||
Income taxes | (280) | 923 | 1,124 | ||
Share of the profit of equity accounted investees, net of tax | (18) | 9 | (17) | ||
Depreciation and amortization | 10,574 | 9,604 | 4,971 | ||
Non-cash items other than depreciation and amortization | 739 | 529 | 367 | ||
Investments in equity accounted investees | 3,719 | 84 | 3,102 | ||
Total assets | 117,229 | 75,146 | 121,200 | ||
Total liabilities | 98,468 | 56,468 | 104,141 | ||
Investments in fixed assets | 10,374 | 9,441 | 6,907 | ||
Operating segments [member] | REPLACED Heineken Investment [member] | |||||
Disclosure of operating segments [line items] | |||||
Interest expense | 1 | 1 | |||
Interest income | 61 | 23 | 22 | ||
Income before income taxes and share of the profit of equity accounted investees | 48 | 10 | 11 | ||
Income taxes | 12 | (491) | 4 | ||
Share of the profit of equity accounted investees, net of tax | (434) | 6,428 | 6,478 | ||
Investments in equity accounted investees | 83,789 | 83,461 | 87,291 | ||
Total assets | 86,639 | 86,340 | 92,444 | ||
Total liabilities | 3,151 | 4,054 | 4,011 | ||
Operating segments [member] | Other [member] | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 49,414 | 41,788 | 42,293 | ||
Gross profit | 13,823 | 11,551 | 10,233 | ||
Interest expense | 4,773 | 2,303 | 2,057 | ||
Interest income | 4,123 | 4,563 | 3,757 | ||
Income before income taxes and share of the profit of equity accounted investees | (4,237) | 449 | 1,219 | ||
Income taxes | 9,445 | 3,791 | 3,006 | ||
Share of the profit of equity accounted investees, net of tax | (3) | (78) | 17 | ||
Depreciation and amortization | 2,562 | 1,708 | 1,103 | ||
Non-cash items other than depreciation and amortization | $ 138 | 755 | 490 | ||
Investments in equity accounted investees | 211 | 252 | 254 | ||
Total assets | 158,746 | 150,674 | 191,207 | ||
Total liabilities | 66,812 | 61,340 | 127,426 | ||
Investments in fixed assets | $ 1,685 | $ 2,391 | $ 1,533 |
Information by Segment - By geo
Information by Segment - By geographic area (Detail) $ in Millions | May 15, 2020item | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | $ 483,580 | $ 464,962 | |
Number of market leaders | item | 2 | ||
Acquisition Of WAXIE Sanitary Supply And North American Corporation [Member] | |||
Disclosure of geographical areas [line items] | |||
Number of market leaders | item | 2 | ||
Percentage of voting equity interests acquired | 89.00% | 89.50% | |
Mexico and Central America [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | $ 234,679 | 230,889 | |
Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 226,497 | 223,605 | |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 37,105 | 13,310 | |
South America [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 124,470 | 136,480 | |
Brazil [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 66,050 | 79,710 | |
Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 15,653 | 16,463 | |
Argentina [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 3,905 | 4,043 | |
Chile [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 30,953 | 28,424 | |
Uruguay [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 4,537 | 4,781 | |
Ecuador [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | 3,372 | 3,064 | |
Europe [member] | |||
Disclosure of geographical areas [line items] | |||
Total Non Current Assets | $ 87,326 | $ 84,283 |
Revenue (Detail)
Revenue (Detail) $ in Millions, $ in Millions | May 15, 2020item | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | $ 24,782 | $ 492,966 | $ 506,711 | $ 469,744 | ||
Number of market leaders | item | 2 | |||||
Mexico [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 320,694 | 346,659 | 319,792 | |||
Brazil [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 62,758 | 67,076 | 63,601 | |||
Colombia [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 14,800 | 16,440 | 19,245 | |||
Argentina [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 5,531 | 6,857 | $ 9,237 | |||
Chile [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 47,208 | 45,276 | 44,576 | |||
Uruguay [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 3,124 | 3,421 | 1,925 | |||
Ecuador [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 9,467 | 6,539 | ||||
Coca-Cola FEMSA [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 178,599 | 188,784 | 177,182 | |||
FEMSA Comercio Proximity Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 180,826 | 184,485 | 167,168 | |||
FEMSA Comercio Health Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 65,172 | 58,922 | 51,739 | |||
FEMSA Comercio Fuel Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 34,283 | 47,841 | 46,936 | |||
Other [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 34,086 | 26,679 | 26,719 | |||
Operating segments [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 513,770 | 527,843 | 490,768 | |||
Operating segments [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 357,412 | 380,352 | 352,954 | |||
Operating segments [member] | United States [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 12,265 | |||||
Operating segments [member] | South America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 144,093 | 147,473 | 137,789 | |||
Operating segments [member] | Venezuela [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 18 | 25 | ||||
Operating segments [member] | Coca-Cola FEMSA [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 183,615 | 194,471 | 182,342 | |||
Operating segments [member] | Coca-Cola FEMSA [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 106,783 | 109,249 | 100,162 | |||
Operating segments [member] | Coca-Cola FEMSA [member] | South America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 76,832 | 85,223 | 82,180 | |||
Operating segments [member] | FEMSA Comercio Proximity Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 181,277 | 184,810 | 167,458 | |||
Operating segments [member] | FEMSA Comercio Proximity Division [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 179,218 | 182,864 | 166,040 | |||
Operating segments [member] | FEMSA Comercio Proximity Division [member] | United States [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 15 | |||||
Operating segments [member] | FEMSA Comercio Proximity Division [member] | South America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 2,044 | 1,946 | 1,418 | |||
Operating segments [member] | FEMSA Comercio Health Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 65,172 | 58,922 | 51,739 | |||
Operating segments [member] | FEMSA Comercio Health Retail Division [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 9,716 | 8,170 | 7,898 | |||
Operating segments [member] | FEMSA Comercio Health Retail Division [member] | South America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 55,456 | 50,752 | 43,841 | |||
Operating segments [member] | FEMSA Comercio Fuel Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 34,292 | 47,852 | 46,936 | |||
Operating segments [member] | FEMSA Comercio Fuel Retail Division [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 34,292 | 47,852 | 46,936 | |||
Operating segments [member] | Other [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 49,414 | 41,788 | 42,293 | |||
Operating segments [member] | Other [member] | Mexico and Central America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 27,403 | 32,217 | 31,918 | |||
Operating segments [member] | Other [member] | United States [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 12,250 | |||||
Operating segments [member] | Other [member] | South America [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 9,761 | 9,552 | 10,350 | |||
Operating segments [member] | Other [member] | Venezuela [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 18 | 25 | ||||
Operating segments [member] | Goods Offered For Sale [Member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 487,610 | 499,254 | 461,715 | |||
Operating segments [member] | Goods Offered For Sale [Member] | Coca-Cola FEMSA [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 183,615 | 194,472 | 182,342 | |||
Operating segments [member] | Goods Offered For Sale [Member] | FEMSA Comercio Proximity Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 181,277 | 184,810 | 167,458 | |||
Operating segments [member] | Goods Offered For Sale [Member] | FEMSA Comercio Health Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 65,172 | 58,922 | 51,739 | |||
Operating segments [member] | Goods Offered For Sale [Member] | FEMSA Comercio Fuel Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 34,292 | 47,852 | 46,936 | |||
Operating segments [member] | Goods Offered For Sale [Member] | Other [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 23,254 | 13,198 | 13,240 | |||
Operating segments [member] | Services Provided To Customers [Member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 26,160 | 28,589 | 29,053 | |||
Operating segments [member] | Services Provided To Customers [Member] | Other [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | 26,160 | 28,589 | 29,053 | |||
Consolidation adjustments [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | (20,804) | (21,132) | (21,024) | |||
Consolidation adjustments [member] | Coca-Cola FEMSA [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | (5,016) | (5,688) | (5,160) | |||
Consolidation adjustments [member] | FEMSA Comercio Proximity Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | (451) | (325) | (290) | |||
Consolidation adjustments [member] | FEMSA Comercio Fuel Retail Division [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | (9) | (11) | ||||
Consolidation adjustments [member] | Other [member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Consolidated revenues | $ (15,328) | $ (15,108) | $ (15,574) | |||
Acquisition Of WAXIE Sanitary Supply And North American Corporation [Member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Number of market leaders | item | 2 | |||||
Percentage of voting equity interests acquired | 89.00% | 89.50% | 89.50% |
Revenue - Transaction price (De
Revenue - Transaction price (Detail) $ in Millions | Dec. 31, 2020MXN ($) |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Transaction price allocated to remaining performance obligations | $ 0 |
Subsequent Events (Detail)
Subsequent Events (Detail) - Distribution Agreement With Heineken Brazil [Member] | 1 Months Ended |
Feb. 28, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Term of distribution agreement | 5 years |
Renewal term of distribution agreement | 5 years |