Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Investments in Financial Instruments

Schedule of carrying value and estimated fair value of financial instruments

2024

2023

Carrying Amount

Fair Value

Carrying Amount

Fair Value

Assets:

Cash and cash equivalents

Ps.

46,193,173

Ps.

46,193,173

Ps.

32,586,352

Ps.

32,586,352

Trade accounts receivable, net

6,175,819

6,175,819

8,131,458

8,131,458

Long-term loan and interest receivable from GTAC (see Note 10)

1,024,371

1,031,497

948,549

953,423

Open-Ended Fund (see Note 9)

784,769

784,769

674,451

674,451

Publicly traded equity instruments (see Note 9)

1,709,942

1,709,942

1,912,150

1,912,150

Liabilities:

Senior Notes due 2025, 2032 and 2040

Ps.

23,361,664

Ps.

22,806,032

Ps.

18,954,884

Ps.

20,432,901

Senior Notes due 2045

16,499,319

11,969,101

13,387,004

11,542,810

Senior Notes due 2037 and 2043

10,725,690

6,794,877

10,725,690

8,090,190

Senior Notes due 2026 and 2046

22,684,545

19,734,233

18,405,492

18,379,439

Senior Notes due 2049

13,792,972

10,280,454

11,191,163

10,035,228

Notes due 2027

4,500,000

4,252,725

4,500,000

4,233,150

Long-term loans payable to Mexican banks

12,650,000

12,777,242

12,650,000

12,789,686

Lease liabilities

5,386,639

5,454,171

7,291,550

7,334,492

Schedule of financial assets and liabilities measured at fair value

Financial assets measured at fair value as of December 31, 2024 and 2023:

Quoted Prices in

Internal Models

Internal Models

Balance as of

Active Markets

with Significant

with Significant

December 31,

for Identical

Observable

Unobservable

2024

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Assets:

At FVOCIL:

Open-Ended Fund

Ps.

784,769

Ps.

—

Ps.

784,769

Ps.

—

Publicly traded equity instruments

1,709,942

1,709,942

—

—

Derivative financial instruments

2,001,051

—

2,001,051

—

Total

Ps.

4,495,762

Ps.

1,709,942

Ps.

2,785,820

Ps.

—

Quoted Prices in

Internal Models

Internal Models

Balance as of

Active Markets

with Significant

with Significant

December 31,

for Identical

Observable

Unobservable

2023

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Assets:

At FVOCIL:

Open-Ended Fund

Ps.

674,451

Ps.

—

Ps.

674,451

Ps.

—

Publicly traded equity instruments

1,912,150

1,912,150

—

—

Derivative financial instruments

251,738

—

251,738

—

Total

Ps.

2,838,339

Ps.

1,912,150

Ps.

926,189

Ps.

—

Derivatives

Investments in Financial Instruments

Schedule of carrying value and estimated fair value of financial instruments


					Notional
					Amount
December 31, 2024:		Carrying			(U.S. Dollars in
Derivative Financial Instruments		Amount			Thousands)			Maturity Date
Assets:
Derivatives recorded as accounting hedges (cash flow hedges):
Forwards^(a)		Ps.	1,975,071		U.S.$	592,005		January 2025 through January 2026
Derivatives not recorded as accounting hedges:
TVI’s Forwards ^(b)			4,408		U.S.$	8,000		January through March 2025
Empresas Cablevision’s Forwards ^(c)			2,502		U.S.$	4,000		February through March 2025
Cablemás´s Forwards ^(d)			2,180		U.S.$	5,000		January 2025
Sky’s Forwards ^(e)			8,072		U.S.$	15,000		March 2025
Forwards ^(f)			8,818		U.S.$	14,000		January through March 2025
Total assets		Ps.	2,001,051




December 31, 2023:		Carrying			Notional
Derivative Financial Instruments		Amount			Amount			Maturity Date
Assets:
Derivatives recorded as accounting hedges (cash flow hedges):
Interest rate swaps ^(g)		Ps.	251,738		Ps.	10,000,000		June 2024
Total current assets		Ps.	251,738

(a)

As of December 31, 2024, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S.$592 million, at an average exchange rate of Ps.18.0059. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative income of Ps.1,857,456 for this transaction agreement in other comprehensive income or loss as of December 31, 2024. As a result of the change in fair value of these agreements in the year ended December 31, 2024, the Company recorded an income of Ps.456,559 in consolidated other finance income or expense.

(b)

As of December 31, 2024, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$8 million at an average rate of Ps.20.4503. As a result of the change in fair value of these agreements in the year ended December 31, 2024, the Company recorded an income of Ps.39,791 in consolidated other finance income or expense.

(c)

As of December 31, 2024, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$4 million at an average rate of Ps.20.4637. As a result of the change in fair value of these agreements in the year ended December 31, 2024, the Company recorded an income of Ps.36,474 in consolidated other finance income or expense.

(d)

As of December 31, 2024, Cablemás had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$5 million at an average rate of Ps.20.4915. As a result of the change in fair value of these agreements in the year ended December 31, 2024, the Company recorded an income of Ps.2,181 in consolidated other finance income or expense.

(e)

As of December 31, 2024, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$15 million at an average rate of Ps.20.4548. As a result of the change in fair value of these agreements in the year ended December 31, 2024, the Company recorded an income of Ps.82,065 in consolidated other finance income or expense.

(f)

As of December 31, 2024, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$14 million at an average rate of Ps.20.4645. As a result of the change in fair value of these agreements, in the year ended December 31, 2024, the Company recorded an income of Ps.149,593 in consolidated other finance income or expense.

(g)

In October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.10,000,000 as of December 31, 2023. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.10,000,000 as of December 31, 2023, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620%.The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative income of Ps.220,127 in other comprehensive income or loss as of December 31, 2023. In 2023, the Company recorded a gain of Ps.457,522 in consolidated other finance income or expense.