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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, and 2022:
December 31, 2023December 31, 2022
    Level 1Level 2Level 1Level 2
Financial instruments (current asset)2282033519,710
Financial instruments (non-current asset) 14,27911,39414,54021,201
Financial instruments (current liability) 20253664404
Financial instruments (non-current liability) —8,653—5,651
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, 2023 and 2022, which is considered to be level 1 in the fair value hierarchy.
    December 31, 2023December 31, 2022
Carrying value Ps.136,824Ps.191,741
Fair value 125,043163,312
Disclosure of Outstanding Interest Rate Swap Agreements
As of December 31, 2023, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.2Ps.—Ps.65
20328,447(1,381)—
As of 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)—
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency
As of December 31, 2023, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.11,449Ps.(573)Ps.36

As of 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.10,828 Ps.(399)Ps.61 
20242 — — 
Disclosure of Outstanding Cross Currency Swap Agreements
As of December 31, 2023, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.954Ps.(35)Ps.103
202549,834(2)119
20266,045(1,017)98
20278,949(1,391)9
20286,009—89
202920—337
203013,633(803)—
2032845(51)—
20334,931—117
203510,000(3,809)—
20435,398—1,877
20503,471—1,235

As of 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.27,804 Ps.(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 
Disclosure of Fair Value of Commodity Price Contracts
As of December 31, 2023, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.2,593Ps.(130)Ps.206
2025745(72)—
As of 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

As of December 31, 2023, Coca-Cola FEMSA had the following aluminum price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2023December 31, 2023
2024Ps.647Ps.—Ps.21

As of 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 
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria
Impact in Consolidated
Income Statement202320222021
Cross-currency swaps (1)
 Interest expense Ps.(392)Ps.1 Ps.— 
Cross-currency swaps (1)
 Foreign exchange (747)(5)— 
Interest rate swaps Interest expense — — — 
Forward agreements to purchase foreign currencyForeign exchange 180 565 41 
Commodity price contracts Cost of goods sold 430 599 1,245 
Options to purchase foreign currency Cost of goods sold — — — 
Forward agreements to purchase foreign currencyCost of goods sold (1,834)(681)(788)
(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 Statement202320222021
 Cross currency swaps and interest rate swaps Market value gain (loss) on financial instruments Ps.141Ps.(2,270)Ps.80 
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
2023
FEMSA (1)
+11% MXN/USDPs.9 
‑11% MXN/USD(9)
+7% CHF/EUR78 
‑7% CHF/EUR(78)
+7% EUR/USD(6)
‑7% EUR/USD6 
Coca-Cola FEMSA+11% MXN/USD465 
‑11% MXN/USD(465)
+12% BRL/USD521 
‑12% BRL/USD(521)
+16% COP/USD225 
‑16% COP/USD(225)
Change in
Foreign Currency RiskExchange RateEffect on Equity
+120% ARS/USD685 
‑120% ARS/USD(685)
+5% UYU/USD20 
‑5% UYU/USD(20)
+7% CRC/USD15 
-7% CRC/USD(15)
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/USD
10 
‑3% CRC/USD
(10)
(1)Does not include Coca-Cola FEMSA
Change in
Cross Currency Swaps (1)
Exchange RateEffect on EquityEffect on Profit or Loss
2023
FEMSA (2)
+14% CLP/USDPs.— Ps.678 
‑14% CLP/USD— (678)
+11% MXN/USD— 1,796 
‑11% MXN/USD— (1,796)
+16% COP/USD— 425 
‑16% COP/USD— (425)
+12% BRL/USD— 34 
‑12% BRL/USD— (34)
+8% EUR/USD— 742 
‑8% EUR/USD— (742)
Coca-Cola FEMSA+11% MXN/USD1,314 — 
‑11% MXN/USD(1,314)— 
+12% BRL/USD1,683 — 
‑12% BRL/USD(1,683)— 
2022
FEMSA (2)
+21% CLP/USDPs.— Ps.966 
‑21% CLP/USD— (996)
+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 (2)
+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)
+6% EUR/USD— 1,049 
‑6% EUR/USD— (1,049)
Coca-Cola FEMSA+11% MXN/USD1,645 — 
‑11% MXN/USD(1,645)— 
+16% BRL/USD2,300 — 
‑16% BRL/USD(2,300)— 
(1)Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk.
(2)Does not include Coca-Cola FEMSA.
Change in
Net Cash in Foreign Currency
Exchange RateEffect on Profit or Loss
2023
FEMSA (1)
+11% EUR/ +11 % USDPs.14,617 
‑11% EUR/ -11 % USD(14,617)
Coca-Cola FEMSA+11% USD1,797 
‑11% USD(1,797)
2022
FEMSA (1)
+10% EUR/ +10 % USDPs.1,779 
‑10% EUR/ -10 % USD(1,779)
Coca-Cola FEMSA+10% USD2,282 
‑10% USD(2,282)
2021
FEMSA (1)
+10% EUR/ +11 % USDPs.4,931 
‑10% EUR/ -11 % USD(4,931)
Coca-Cola FEMSA+11% USD3,200 
‑11% USD(3,200)
(1)Does not include Coca-Cola FEMSA.

Change in
Commodity Price Contracts
U.S.$ RateEffect on Equity
2023
Coca-Cola FEMSASugar -29%Ps.(765)
Alumimum -22%Ps.(2,812)
2022
Coca-Cola FEMSASugar -22%Ps.(333)
Alumimum -35%Ps.(4,520)
2021
Coca-Cola FEMSASugar -28%Ps.(714)
Aluminum -24%Ps.(39)
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
2023
FEMSA (2)
(100 Bps.)Ps.(9)
2022
FEMSA (2)
(100 Bps.)Ps.(90)
2021
FEMSA (2)
(100 Bps.)Ps.(212)
(1)The sensitivity analysis effects include all subsidiaries of the Company.
(2)Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans202320222021
Change in interest rate+100 Bps.+100 Bps.+100 Bps.
Effect on profit lossPs.(250)Ps.(249)Ps.(627)
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, 2023. 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 lease liabilities) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing on December 31, 2023.
202420252026202720282029 and thereafterTotal
Non-derivative financial liabilities:
Notes and bondsPs.— Ps.1,728 Ps.11,989 Ps.9,321 Ps.15,433 Ps.88,010 Ps.126,481 
Loans from Banks8,452 155 93 796 567 280 10,343 
Derivative financial liabilities(307)45 (919)(1,382)89 (2,478)(4,952)
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates
As of December 31, 2023, 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 3,0491,781—
Average exchange rate MXN/USD 18.3918.40—
Net exposure 2,4861,370—
Average exchange rate BRL/USD 5.105.07—
Net exposure 757334—
Average exchange rate COP/USD 4,4364,316—
Net exposure 150——
Average exchange rate ARS/USD 668.06——
Net exposure 344163—
Average exchange rate URY/USD 40.1840.66—
Net exposure154117—
Average exchange rate CRC/USD558.89556.00—
Net exposure———
Average exchange rate ARS/MXN———
Foreign exchange currency swap contracts 
Net exposure ——43,095
Average exchange rate MXN/USD ——17.77
Net exposure 174—14,022
Average exchange rate BRL/USD 4.81—5.05
Net exposure —1,1091,822
Average exchange rate COP/USD —3,601.943,743.16
Net exposure —286,2462,082
Average exchange rate CLP/USD —870.50764.40
Net exposure — — 10,939 
Average exchange rate EUR/USD — — 1.09 
Interest rate risk 
Interest rate swaps 
Net exposure ——8,447
Interest rate average BRL ——0.16%
Net exposure ———
Interest rate average MXN ———
Net exposure —2—
Interest rate average CLP —3.57%—
Net exposure ———
Interest rate average USD ———
Commodities risk 
Aluminum 298349—
Average price (USD/Ton) 2,3042,364—
Sugar 1,703890745
Average price (USD cent/Lb) 22.4322.1822.62
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 Ps.3,405Ps.2,485Ps.2
Average exchange rate MXN/USD 20.7120.8824.33
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 12.6719.0018.11
Net exposure —9,2946,874
Average exchange rate BRL/USD —4.005.28
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 exposure271——
Interest rate average CLP5.79%——
Net exposure——3
Interest rate average USD ——3.57%
Commodities risk 
Aluminum 294368—
Average price (USD/Ton) 2,4832,480—
Maturity 
1‑6 months6‑12 monthsMore than 12 
Sugar 1,058631468
Average price (USD cent/Lb) 17.6217.0817.14
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges
As of December 31, 2023, 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.1,881 
Cash flows hedges 
Fair value changes: 
Foreign exchange currency risk – Purchase of stock (1,950)
Foreign exchange currency risk – Other stock (360)
Interest rate risk 64 
Commodity price contracts – Purchase of stock145 
The amounts reclassified to profit and loss:
Foreign exchange currency risk – Other stock2,671 
Interest rate risk201 
The amounts included in non-financial costs: 
Foreign exchange currency risk – Purchase of stock1,806 
Commodity price contracts – Purchase of stock(363)
Taxes due to changes in reserves during the period (3,140)
Balances at the end of the period Ps.956 
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 optionCross-currency swapsInterest rate swapsCommodity price contractsEquity holders of the parentNon-controlling interestTotal
As at January 1, 2022 Ps.(124)Ps.3,403 Ps.(34)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 loss 303 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.2,049 Ps.111 Ps.22 Ps.1,958 Ps.(77)Ps.1,881 
Financial instruments – purchases(350)50 — (59)(359)(608)(967)
Change in fair value of financial instruments recognized in OCI(595)(1,514)64 128 (1,917)(2,078)(3,995)
Amount reclassified from OCI to profit or loss848 2,698 201 (171)3,576 746 4,322 
Foreign currency revaluation of the net foreign operations— 1,277 — — 1,277 1,577 2,854 
Effects of changes in foreign exchange rates2 — — (1)1 — 1 
Tax effect45 (3,335)(19)33 (3,276)136 (3,140)
As at December 31, 2023Ps.(273)Ps.1,224 Ps.357 Ps.(48)Ps.1,260 Ps.(304)Ps.956