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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Statement [Line Items]  
Schedule of Fair value of Financial Instruments The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2022, and 2021:
December 31, 2022December 31, 2021
    Level 1Level 2Level 1Level 2
Financial instrument (current asset)3519,710764865
Financial instrument (non-current asset) 14,54021,2013,17039,152
Financial instrument (current liability) 6440635103
Financial instrument (non-current liability) —5,651—1,635
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, 2022 and 2021, which is considered to be level 1 in the fair value hierarchy.
    December 31, 2022December 31, 2021
Carrying value Ps.191,741Ps.190,585
Fair value 163,312198,232
Disclosure of Outstanding Interest Rate Swap Agreements
On December 31, 2022, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2022December 31, 2022
2023Ps.11,675Ps.—Ps.236
20242,227—129
20329,681(1,728)—
On December 31, 2021, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2021December 31, 2021
2022Ps.131Ps.(1)Ps.—
202312,129—177
20242,367(39)—
20326,175—170
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency
On December 31, 2022, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2022December 31, 2022
2023Ps.10,828Ps.(399)Ps.61
20242——

On December 31, 2021, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2021December 31, 2021
2022Ps.6,384 Ps.(104)Ps.78 
202323 (2)— 
20242 — — 
Disclosure of Outstanding Cross Currency Swap Agreements
On December 31, 2022, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2022December 31, 2022
2023Ps.27,804Ps.(7)Ps.9,435
2024497(3)247
20251,010—385
20265,971(924)364
202717,809(689)95
202914,620—1,664
20303,679(104)110
203510,000(2,203)—
20438,869—505

On December 31, 2021, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2021December 31, 2021
2022Ps.4,872 Ps.— Ps.982 
202324,403 — 12,379 
20241,400 — 438 
202510,667 (1,564)154 
20266,348 (1)220 
20277,204 — 366 
202916,389 (21)655 
20303,911 (8)404 
20438,869 — 1,553 
Disclosure of Fair Value of Commodity Price Contracts
On December 31, 2022, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2022December 31, 2022
2023Ps.1,688Ps.(46)Ps.328
2024468—21
On December 31, 2021, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2021December 31, 2021
2022Ps.2,020Ps.(7)Ps.502
2023769—195

On December 31, 2022, Coca-Cola FEMSA had the following aluminum price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2022December 31, 2022
2023Ps.662Ps.(18)Ps.1

On December 31, 2021, Coca-Cola FEMSA had the following aluminum price contracts:
    Fair Value Asset
NotionalDecember 31,
Maturity DateAmount2021
2022Ps.102Ps.62

On December 31, 2022, Coca-Cola FEMSA had no outstanding paraxylene and monoethylene glycol or PX + MEG (resin) price contracts.

On December 31, 2021, Coca-Cola FEMSA had the following PX+MEG (resin) contracts:

Fair Value Asset
NotionalFair Value LiabilityDecember 31,
Maturity DateAmountDecember 31, 20212021
2022Ps.470 Ps.(28)Ps.5 
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria
Impact in Consolidated
Income Statement202220212020
Cross-currency swaps (1)
 Interest expense Ps.1 Ps.— Ps.(109)
Cross-currency swaps (1)
 Foreign exchange (5)— 1,212 
Interest rate swaps Interest expense — — (163)
Forward agreements to purchase foreign currencyForeign exchange 565 41 (167)
Commodity price contracts Cost of goods sold 599 1,245 (129)
Options to purchase foreign currency Cost of goods sold — — 8 
Forward agreements to purchase foreign currencyCost of goods sold (681)(788)839 
Treasury locksInterest expense — — 153 
(1)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
    Impact in Consolidated
Type of Derivatives Income Statement202220212020
 Cross currency swaps and interest rate swaps Market value gain (loss) on financial instruments Ps.(2,270)80(212)
21.9 Net effect of expired contracts that did not meet the criteria for hedge accounting purposes
    Impact in Consolidated            
Type of DerivativesIncome Statement202220212020
Cross currency swaps and interest rate swaps Market value gain (loss) on financial instrumentsPs.— Ps.— Ps.(212)
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, 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 RiskExchange RateEffect on Equity
2022
FEMSA (1)
+10% MXN/USDPs.6 
‑10% MXN/USD(6)
+10% MXN/EUR1 
‑10% MXN/EUR(1)
+7% CHF/EUR44 
‑7% CHF/EUR(44)
Coca-Cola FEMSA+10% MXN/USD512 
‑10% MXN/USD(512)
+18% BRL/USD550 
‑18% BRL/USD(550)
+7% UYU/USD25 
‑7% UYU/USD(25)
+17% COP/USD112 
‑17% COP/USD(112)
+3% ARS/USD10 
‑3% ARS/USD(10)
+7% CRC/USD24 
-7% CRC/USD(24)
2021
FEMSA (1)
+11% MXN/USDPs.4 
‑11% MXN/USD(4)
+16% BRL/USD37 
‑16% BRL/USD(37)
Coca-Cola FEMSA+11% MXN/USD298 
‑11% MXN/USD(298)
+16% BRL/USD284 
‑16% BRL/USD(284)
+4% UYU/USD7 
‑4% UYU/USD(7)
+11% COP/USD81 
‑11% COP/USD(81)
+1% ARS/USD3 
‑1% ARS/USD(3)
+3% CRC/USD10 
‑3% CRC/USD(10)
2020
FEMSA (1)
+19% MXN/USDPs.327 
‑19% MXN/USD(327)
+21% BRL/USD240 
‑21% BRL/USD(240)
Coca-Cola FEMSA+19% MXN/USD884 
Change in
Foreign Currency RiskExchange RateEffect on Equity
‑19% MXN/USD(884)
+21% BRL/USD357 
‑21% BRL/USD(357)
+9% UYU/USD21 
‑9% UYU/USD(21)
+16% COP/USD142 
‑16% COP/USD(142)
+2% ARS/USD2 
‑2% ARS/USD(2)
(1)Does not include Coca-Cola FEMSA
Change in
Cross Currency Swaps (1) (2)
Exchange RateEffect on EquityEffect on Profit or Loss
2022
FEMSA (3)
+21% CLP/USDPs.— Ps.966 
‑21% CLP/USD— (966)
+10% MXN/USD— 2,647 
‑10% MXN/USD— (2,647)
+21% COP/USD— 354 
‑21% COP/USD— (354)
+18% USD/BRL— 18 
‑18% USD/BRL— (18)
+10% EUR/USD— 1,315 
‑10% EUR/USD— (1,315)
+10% EUR/MXN— (902)
‑10% EUR/MXN— 902 
Coca-Cola FEMSA+10% MXN/USD1,220 — 
‑10% MXN/USD(1,220)— 
+18% BRL/USD2,893 — 
‑18% BRL/USD(2,893)— 
2021
FEMSA (3)
+13% CLP/USDPs.— Ps.552 
‑13% CLP/USD— (552)
+11% MXN/USD— 3,404 
‑11% MXN/USD— (3,404)
+11% COP/USD— 235 
‑11% COP/USD— (235)
+15% MXN/BRL— 123 
‑15% MXN/BRL— (123)
Coca-Cola FEMSA+6% EUR/USD— 1,049 
‑6% EUR/USD— (1,049)
+11% MXN/USD1,645 — 
‑11% MXN/USD(1,645)— 
+16% BRL/USD2,300 — 
‑16% BRL/USD(2,300)— 
2020
FEMSA (3)
+13% CLP/USDPs.— 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/USD5,507 — 
‑19% MXN/USD(5,507)— 
+21% BRL/USD2,161 — 
‑21% BRL/USD(2,161)— 
(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 RateEffect on Profit or Loss
2022
FEMSA (2)
+10% EUR/ +10 % USDPs.1,779 
‑10% EUR/ -10 % USD(1,779)
Coca-Cola FEMSA+10% USD2,282 
‑10% USD(2,282)
2021
FEMSA (2)
+10% EUR/ +11% USDPs.4,931 
‑10% EUR/ -11% USD(4,931)
Coca-Cola FEMSA+11% USD3,200 
‑11% USD(3,200)
2020
FEMSA (2)
+18% EUR/ +19 % USDPs.8,827 
‑18% EUR/ -19 % USD(8,827)
Coca-Cola FEMSA+18% USD5,755 
‑18% USD(5,755)
(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.$ RateEffect on Equity
2022
Coca-Cola FEMSASugar -22%Ps.(333)
Alumimum -35%Ps.(4,520)
2021
Coca-Cola FEMSASugar -28%Ps.(714)
Aluminum -24%Ps.(39)
2020
Coca-Cola FEMSASugar - 32%Ps.(515)
Aluminum - 16%Ps.(289)
(1)Effects on commodity price contracts are only in Coca-Cola FEMSA.
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
2022
FEMSA (2)
(100 Bps.)Ps.(90)
2021
FEMSA (2)
(100 Bps.)Ps.(212)
2020
FEMSA (2)
(100 Bps.)Ps.(354)
(1)The sensitivity analysis effects include all subsidiaries of the Company.
(2)Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans202220212020
Change in interest rate+100 Bps.+100 Bps.+100 Bps.
Effect on profit lossPs.(249)Ps.(627)Ps.(110)
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities
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, 2022. 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 and excluding IFRS 16 lease liabilities) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing on December 31, 2022.
2028 and thereafter
20232024202520262027
Non-derivative financial liabilities:
Notes and bondsPs.17,257 Ps.3,610 Ps.5,464 Ps.6,677 Ps.12,166 Ps.222,563 
Loans from Banks4,594 5,092 301 158 1,317 813 
Lease liabilities14,374 — — — 45,562 46,630 
Derivative financial liabilities(4,359)118 24 571 328 (6,421)
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates As of December 31, 2022, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
Maturity 
1‑6 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure 3,4162,4852
Average exchange rate MXN/USD 20.7220.8824.33
Net exposure 1,857746—
Average exchange rate BRL/USD 5.345.55—
Net exposure 407207—
Average exchange rate COP/USD 4,5024,977—
Net exposure 437——
Average exchange rate ARS/USD 231.40——
Net exposure 299139—
Average exchange rate URY/USD 42.5142.74—
Net exposure332182—
Average exchange rate CRC/USD686.50664.50—
Net exposure293——
Average exchange rate ARS/MXN10.57——
Foreign exchange currency swap contracts 
Net exposure 12,6701,74329,324
Average exchange rate MXN/USD 12.6719.0818.11
Net exposure —9,2946,874
Average exchange rate BRL/USD —45.28
Net exposure 3452502,313
Average exchange rate COP/USD 3,9262,333.063,510.06
Net exposure 3,306—1,225
Average exchange rate CLP/USD 774.49—677
Net exposure — — 22,130 
Average exchange rate EUR/USD — — 0.91 
Interest rate risk 
Interest rate swaps 
Net exposure ——9,681
Interest rate average BRL ——0.16%
Net exposure ——11,403
Interest rate average MXN ——7.17%
Net exposure 271——
Interest rate average CLP 5.79%——
Net exposure ——3
Interest rate average USD ——3.57%
Commodities risk 
Aluminum 294368—
Average price (USD/Ton) 2,4832,480—
Sugar 1,058631468
Average price (USD cent/Lb) 17.6217.0817.14
As of December 31, 2021, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
Maturity 
1‑6 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure Ps.1,996Ps.1,068Ps.25
Average exchange rate MXN/USD 20.9021.4324.33
Net exposure 1,171593—
Average exchange rate BRL/USD 5.445.97—
Net exposure 497191—
Average exchange rate COP/USD 3,8583,952—
Net exposure 280——
Average exchange rate ARS/USD 122.56——
Net exposure 16548—
Average exchange rate URY/USD 45.5146.30—
Net exposure211120—
Average exchange rate CRC/USD646.33650.71—
Foreign exchange currency swap contracts 
Net exposure ——44,507
Average exchange rate MXN/USD ——16.41
Net exposure ——15,026
Average exchange rate BRL/USD ——4.47
Net exposure ——885
Average exchange rate BRL/MXN ——0.22
Net exposure 1,0383212,384
Average exchange rate COP/USD 3,207.803,2403,431.99
Net exposure —3,5141,311
Average exchange rate CLP/USD —696.02677
Net exposure— — 15,078 
Average exchange rate EUR/USD— — 0.86 
Interest rate risk 
Interest rate swaps 
Net exposure ——6,175
Interest rate average BRL ——0.09%
Net exposure ——11,403
Interest rate average MXN ——7.17%
Net exposure—131726
Interest rate average CLP—6.55%5.79%
Net exposure——2,367
Interest rate average USD ——3.57%
Commodities risk 
Aluminum 6735—
Average price (USD/Ton) 1,7221,777—
Sugar 1,366653769
Average price (USD cent/Lb) 15.2214.7614.74
Maturity 
1‑6 months6‑12 monthsMore than 12 
PX+MEG 337134—
Average price (USD /Ton) 934866—
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges
As of December 31, 2022, 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
 reserve
Balances at beginning of the period Ps.4,121 
Cash flows hedges 
Fair value changes: 
Foreign exchange currency risk – Purchase of stock (908)
Foreign exchange currency risk – Other stock (5,538)
Interest rate risk 199 
Commodity price contracts – Purchase of stock235 
The amounts reclassified to profit and loss:
Foreign exchange currency risk – Other stock2,696 
Interest rate risk— 
The amounts included in non-financial costs: 
Foreign exchange currency risk – Purchase of stock526 
Commodity price contracts – Purchase of stock(613)
Taxes due to changes in reserves during the period 1,163 
Balances at the end of the period Ps.1,881 
Schedule of Reconciliation of Each Component of Equity and Analysis of Other Comprehensive Income
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign currency optionForeign currency optionCross-currency swapsInterest rate swapsTreasury Lock contractsCommodity price contractsTotal holders of the parentNon-controlling interestTotal
As at January 1, 2021 Ps.(541)Ps.— Ps.2,729 Ps.(442)Ps.— Ps.109 Ps.1,854 Ps.(274)Ps.1,580 
Financial instruments – purchases 33 — 1,040 — — 202 1,274 541 1,816 
Change in fair value of financial instruments recognized in OCI (13)— 2,036 584 — 390 2,998 2,088 5,086 
Amount reclassified from OCI to profit or loss 568 — (1,587)— — (539)(1,558)(325)(1,883)
Foreign currency revaluation of the net foreign operations— — (654)— — — (654)(836)(1,490)
Effects of changes in foreign exchange rates3 — 4 — — (4)3 2 5 
Tax effect(175)— (165)(175)— (16)(531)(460)(992)
As at December 31, 2021Ps.(124)Ps.— Ps.3,403 Ps.(34)Ps.— Ps.141 Ps.3,385 Ps.736 Ps.4,121 
Financial instruments – purchases(223)— (2,080)— — (23)(2,326)(269)(2,595)
Change in fair value of financial instruments recognized in OCI(211)— (3,231)199 — 133 (3,110)(1,500)(4,610)
Amount reclassified from OCI to profit or loss303 — 2,674 — — (289)2,688 (79)2,609 
Foreign currency revaluation of the net foreign operations— — 513 — — — 513 670 1,183 
Effects of changes in foreign exchange rates2 — 1 — — 1 4 6 10 
Tax effect30 — 769 (54)— 59 804 359 1,163 
As at December 31, 2022Ps.(223)Ps.— Ps.2,049 Ps.111 Ps.— Ps.22 Ps.1,958 Ps.(77)Ps.1,881