v3.25.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefits [Abstract]  
Net Liability and Net Period Cost for Employee Benefits
An analysis of the net liability and net period cost for employee benefits is as follows:

   
At December 31,
  
   
2023
    
2024
  
Mexico
  
Ps.
119,265,063    
Ps.
145,277,743  
Puerto Rico
    
7,227,422
      
6,954,741
  
Brazil
    
7,401,235
      
5,411,258
  
Europe
    
8,919,884
      
8,578,927
  
Ecuador
    
479,762
      
654,465
  
El Salvador
    
113,508
      
165,653
  
Nicaragua
    
53,974
      
71,266
  
Honduras
    
55,295
      
38,388
  
Total
  
Ps.
143,516,143    
Ps.
167,152,441  

   
For the year ended December 31,
  
   
2022
    
2023
    
2024
  
Mexico
   Ps.
13,673,155     Ps.
14,601,940     Ps.
16,074,164  
Puerto Rico
    
538,681
      
170,389
      
535,051
  
Brazil
    
587,552
      
369,624
      
(228,547
)
Europe
    
1,176,028
      
1,750,101
      
1,755,407
  
Ecuador
    
(29,743
)
    
40,498
      
65,123
  
El Salvador
    
14,384
      
15,190
      
16,430
  
Nicaragua
    
11,502
      
10,937
      
13,387
  
Honduras
    
7,593
      
13,257
      
1,527
  
Total
   Ps.
15,979,152     Ps.
16,971,936     Ps.
18,232,542  
Defined Benefit Obligation (DBO) and Plan Assets for the Pension and Other Benefit Obligation Plans
The defined benefit obligation (DBO) and plan assets for the pension and other benefit obligation plans, by country, are as follows:
 

  
At December 31
  

 
2023
    
2024
  
               
Effect of asset
    
Net employee
                
Effect of asset
    
Net employee
  
   
DBO
    
Plan Assets
    
ceiling
    
benefit liability
    
DBO
    
Plan Assets
    
ceiling
    
benefit liability
  
Mexico          
   Ps.
293,551,400     Ps.
(175,265,188 )   Ps.
—     Ps.
118,286,212
     Ps.
303,027,238
     Ps.
(159,328,024 )   Ps.
—
      Ps. 143,699,214  
Puerto Rico          
    
22,244,771
      
(15,017,349
)
    
—
      
7,227,422
      
24,608,173
      
(17,653,432
)
    
—
      
6,954,741
  
Brazil          
    
15,045,247
      
(13,810,050
)
    
4,055,040
      
5,290,237
      
12,113,660
      
(13,054,352
)
    
4,481,044
      
3,540,352
  
Europe          
    
3,384,633
      
—
      
—
      
3,384,633
      
3,379,389
      
—
      
—
      
3,379,389
  
Total          
   Ps.
334,226,051     Ps.
(204,092,587 )   Ps.
4,055,040     Ps.
134,188,504     Ps. 343,128,460     Ps.
(190,035,808 )   Ps.
4,481,044     Ps.
157,573,696  
Actuarial Results Generated for Pension and Retirement Plans as well as the Medical Services
Below is a summary of the actuarial results generated for the pension and retirement plans as well as the medical services in Puerto Rico and Brazil; the pension plans and seniority premiums related to Telmex; the pension plan, the service awards plan and severance in Austria corresponding to the years ended December 31, 2022, 2023 and 2024:
 
   
At December 31, 2022
  
   
DBO
    
Plan Assets
    
Effect of asset
ceiling
    
Net employee
benefit liability
  
Balance at the beginning of the year          
   Ps.
345,315,712     Ps.
(218,327,182 )   Ps.
4,422,459     Ps.
131,410,989  
Current service cost          
    
1,534,180
      
—
      
—
      
1,534,180
  
Interest cost on projected benefit obligation          
    
30,565,134
      
—
      
—
      
30,565,134
  
Expected return on plan assets          
    
—
      
(18,819,322
)
    
—
      
(18,819,322
)
Changes in the asset ceiling during the period and others          
    
—
      
—
      
398,399
      
398,399
  
Past service costs and other          
    
—
      
142,911
      
—
      
142,911
  
Actuarial gain for changes in experience          
    
(43,603
)
    
—
      
—
      
(43,603
)
Actuarial gain from changes in demographic assumptions          
    
(64
)
    
—
      
—
      
(64
)
Actuarial gain from changes in financial assumptions          
    
(88,990
)
    
—
      
—
      
(88,990
)
Net period cost          
   Ps.
31,966,657     Ps.
(18,676,411 )   Ps.
398,399     Ps.
13,688,645  
Actuarial loss for changes in experience          
    
2,747,706
      
—
      
—
      
2,747,706
  
Actuarial loss from changes in demographic assumptions          
    
55,037
      
—
      
—
      
55,037
  
Actuarial gain from changes in financial assumptions          
    
(9,838,708
)
    
—
      
—
      
(9,838,708
)
Changes in the asset ceiling during the period and others          
    
—
      
—
      
1,283,501
      
1,283,501
  
Return on plan assets greater than discount rate (shortfall)          
    
—
      
13,719,181
      
—
      
13,719,181
  
Recognized in other comprehensive income          
   Ps.
(7,035,965 )   Ps.
13,719,181     Ps.
1,283,501     Ps.
7,966,717  
Contributions made by plan participants          
    
78,642
      
(78,642
)
    
—
      
—
  
Contributions to the pension plan made by the Company          
    
—
      
516,280
      
—
      
516,280
  
Benefits paid          
    
(13,502,781
)
    
13,221,202
      
—
      
(281,579
)
Payments to employees          
    
(23,753,735
)
    
—
      
—
      
(23,753,735
)
Plan changes
    
12,461
      
—
      
—
      
12,461
  
Effect of translation          
    
(2,218,050
)
    
1,098,953
      
(40,290
)
    
(1,159,387
)
Others          
   Ps.
(39,383,463 )   Ps.
14,757,793     Ps.
(40,290 )   Ps.
(24,665,960 )
Balance at the end of the year          
    
330,862,941
      
(208,526,619
)
    
6,064,069
      
128,400,391
  
Less short-term portion          
    
(275,209
)
    
—


—      
(275,209
)
Non-current obligation          
   Ps.
330,587,732     Ps.
(208,526,619 )   Ps.
6,064,069     Ps.
128,125,182  

   
At December 31, 2023
  
   
DBO
    
Plan Assets
    
Effect of asset
ceiling
    
Net employee
benefit liability
  
Balance at the beginning of the year          
   Ps.
330,862,941     Ps.
(208,526,619 )   Ps.
6,064,069     Ps.
128,400,391  
Current service cost          
    
2,044,102
      
—
      
—
      
2,044,102
  
Interest cost on projected benefit obligation          
    
33,203,706
      
—
      
—
      
33,203,706
  
Expected return on plan assets          
    
—
      
(20,251,931
)
    
—
      
(20,251,931
)
Changes in the asset ceiling during the period and others          
    
—
      
—
      
585,667
      
585,667
  
Past service costs and other          
    
(322,700
)
    
145,646
      
—
      
(177,054
)
Actuarial gain for changes in experience          
    
(20,645
)
    
—
      
—
      
(20,645
)
Actuarial loss from changes in demographic assumptions          
    
134
      
—
      
—
      
134
  
Actuarial loss from changes in financial assumptions          
    
30,958
      
—
      
—
      
30,958
  
Net period cost          
   Ps.
34,935,555     Ps.
(20,106,285 )   Ps.
585,667     Ps.
15,414,937  
Actuarial loss for changes in experience          
    
10,632,144
      
—
      
—
      
10,632,144
  
Actuarial gain from changes in demographic assumptions          
    
(430,315
)
    
—
      
—
      
(430,315
)
Actuarial loss from changes in financial assumptions          
    
1,900,436
      
—
      
—
      
1,900,436
  
Changes in the asset ceiling during the period and others          
    
—
      
—
      
(2,247,990
)
    
(2,247,990
)
Return on plan assets greater than discount rate (shortfall)          
    
—
      
(6,210,593
)
    
—
      
(6,210,593
)
Recognized in other comprehensive income          
   Ps.
12,102,265     Ps.
(6,210,593 )   Ps.
(2,247,990 )   Ps.
3,643,682  
Contributions made by plan participants          
    
45,404
      
(45,404
)
    
—
      
—
  
Contributions to the pension plan made by the Company          
    
—
      
(10,853
)
    
—
      
(10,853
)
Benefits paid          
    
(27,844,968
)
    
27,547,809
      
—
      
(297,159
)
Payments to employees          
    
(10,868,600
)
    
—
      
—
      
(10,868,600
)
Plan changes
    
(29,383
)
    
—
              
(29,383
)
Effect of translation          
    
(4,745,061
)
    
3,259,358
      
(346,706
)
    
(1,832,409
)
Others          
   Ps.
(43,442,608 )   Ps.
30,750,910     Ps.
(346,706 )   Ps.
(13,038,404 )
Balance at the end of the year          
    
334,458,153
      
(204,092,587
)
    
4,055,040
      
134,420,606
  
Less short-term portion          
    
(232,102
)
    
—
      
—
      
(232,102
)
Non-current obligation          
   Ps.
334,226,051     Ps.
(204,092,587 )   Ps.
4,055,040     Ps.
134,188,504  

   
At December 31, 2024
  
   
DBO
    
Plan Assets
    
Effect of asset
ceiling
    
Net employee
benefit liability
  
Balance at the beginning of the year          
   Ps.
334,458,153     Ps.
(204,092,587 )   Ps.
4,055,040     Ps.
134,420,606  
Current service cost          
    
1,889,699
      
—
      
—
      
1,889,699
  
Interest cost on projected benefit obligation          
    
34,540,808
      
—
      
—
      
34,540,808
  
Expected return on plan assets          
    
—
      
(20,306,050
)
    
—
      
(20,306,050
)
Changes in the asset ceiling during the period and others          
    
—
      
—
      
357,182
      
357,182
  
Past service costs and other          
    
(103,657
)
    
139,115
      
—
      
35,458
  
Actuarial gain for changes in experience          
    
(42,968
)
    
—
      
—
      
(42,968
)
Actuarial gain from changes in demographic assumptions          
    
—
      
—
      
—
      
—
  
Actuarial gain from changes in financial assumptions          
    
(23,068
)
    
—
      
—
      
(23,068
)
Net period cost          
   Ps.
36,260,814     Ps.
(20,166,935 )   Ps.
357,182     Ps.
16,451,061  
Actuarial loss for changes in experience          
    
13,338,950
      
—
      
—
      
13,338,950
  
Actuarial gain from changes in demographic assumptions          
    
(3,654
)
    
—
      
—
      
(3,654
)
Actuarial gain from changes in financial assumptions          
    
(3,018,488
)
    
—
      
—
      
(3,018,488
)
Changes in the asset ceiling during the period and others          
    
—
      
—
      
345,672
      
345,672
  
Return on plan assets greater than discount rate (shortfall)          
    
—
      
20,947,473
      
—
      
20,947,473
  
Recognized in other comprehensive income          
   Ps.
10,316,808     Ps.
20,947,473     Ps.
345,672     Ps.
31,609,953  
Contributions made by plan participants          
    
40,319
      
(40,319
)
    
—
      
—
  
Contributions to the pension plan made by the Company          
    
—
      
(548,872
)
    
—
      
(548,872
)
Benefits paid          
    
(16,298,480
)
    
15,970,322
      
—
      
(328,158
)
Payments to employees          
    
(24,325,925
)
    
—
      
—
      
(24,325,925
)
Plan changes
    
(847,269
)
    
—
      
—
      
(847,269
)
Effect of translation          
    
3,816,947
      
(2,104,890
)
    
(276,850
)
    
1,435,207
  
Others          
   Ps.
(37,614,408 )   Ps.
13,276,241     Ps.
(276,850 )   Ps.
(24,615,017 )
Balance at the end of the year          
    
343,421,367
      
(190,035,808
)
    
4,481,044
      
157,866,603
  
Less short-term portion          
    
(292,907
)
    
—
      
—
      
(292,907
)
Non-current obligation          
   Ps.
343,128,460     Ps.
(190,035,808 )   Ps.
4,481,044     Ps.
157,573,696  
Plan Assets Invested
Plan assets are invested in:

At December 31


  
2023
    
2024
  
   
Puerto Rico
    
Brazil
    
Mexico
    
Puerto Rico
    
Brazil
    
Mexico
  
Equity instruments          
    
42
%
    
—
      
76
%
    
53
%
    
—
      
76
%
Debt instruments          
    
23
%
    
91
%
    
24
%
    
12
%
    
93.0
%
    
24
%
Others          
    
35
%
    
9
%
    
—
      
35
%
    
7
%
    
—
  
     
100
%
    
100
%
    
100
%
    
100
%
    
100
%
    
100
%
Assumptions Used in Determining Net Period Cost
The assumptions used in determining the net period cost were as follows:
 
   
2022
    
2023
    
2024
  
   
Puerto Rico
    
Brazil
    
Mexico
    
Europe
    
Puerto Rico
    
Brazil
    
Mexico
    
Europe
    
Puerto Rico
    
Brazil
    
Mexico
    
Europe
  
Discount rate and long- term rate return
   
5.42
%
    
10.11% & 10.05
%
    
11.5
%
    
3.75
%
    
5.13
%
    
9.050% & 9.20
%
    
11.65
%
    
3.25
%
    
5.58
%
    
11.4% & 11.07
%
    
11.43
%
    
2.75
%
Rate of future salary increases    
2.75
%
    
3.50
%
    
2.8
%
    
4.5%, 5.3% & 3.4%, - 4.6
%
    
2.00
%
    
3.50
%
    
2.8
%
    
6.0% & 
 3.6% - 5.4
%
    
2.00
%
    
3.5
%
    
2.8
%
    
3.8%, 4.4% & 2.9% - 3.8
%
Percentage of increase in health care costs for the coming year
    
5.44
%
    
9.71
%
                    
5.13
%
    
9.71
%
                    
5.53
%
    
9.71
%
                
Year to which this level will be maintained
    
 NA
     
2031
                      
NA
     
2032
                      
NA
     
2033
                  
Rate of increase of pensions
                            
1.90
%
                            
2.50
%
                            
1.70
%
Employee turnover rate*
                            
0.00% 1.03
%
                            
0.00%-0.91
%
                            
0.00%- 0.90
%

*
Depending on years of service
Increase (Decrease) in DBO Pension and Other Benefits Liability The increase (decrease) in the DBO pension and other benefits liability at December 31, 2024 are as follows:
 
 
   -100 points     +100 points  
Discount rate
  Ps.
24,948,713     Ps.
(21,924,526 )
Health care cost trend rat    Ps.
(254,926 )   Ps.
287,834
  
Long-Term Direct Employee Benefits

   
Balance at
December 31,
2022
    
Effect of
translation
    
Increase of
the year
    
Payments
    
Balance at
December 31,
2023
  
Long-term direct employee benefits
   Ps.
6,403,752
     Ps.
(647,033
)
   Ps.
1,608,275
     Ps.
(1,975,199
)
   Ps.
5,389,795
  

   
Balance at
December 31,
2023
    
Effect of
translation
    
Increase of
the year
    
Payments
    
 Balance at
December 31,
2024
  
Long-term direct employee benefits
   Ps.
5,389,795
     Ps.
619,696
     Ps.
1,102,643
     Ps.
(2,066,976
)
   Ps.
5,045,158