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 |
Trading Symbol | CX |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NYSE |
Entity Registrant Name | CEMEX SAB DE CV |
Entity Central Index Key | 0001076378 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 14,711,512,721 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Address, Country | MX |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | true |
Series A Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 29,457,941,452 |
Series B Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 14,728,970,726 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenues | $ 12,970 | $ 13,130 | $ 13,531 |
Cost of sales | (8,791) | (8,825) | (8,849) |
Gross profit | 4,179 | 4,305 | 4,682 |
Operating expenses | (2,836) | (2,972) | (2,979) |
Operating earnings before other expenses, net | 1,343 | 1,333 | 1,703 |
Other expenses, net | (1,779) | (347) | (296) |
Operating earnings (loss) | (436) | 986 | 1,407 |
Financial expense | (777) | (711) | (722) |
Financial income and other items, net | (110) | (71) | (2) |
Share of profit of equity accounted investees | 49 | 49 | 34 |
Earnings (loss) before income tax | (1,274) | 253 | 717 |
Income tax | (52) | (162) | (224) |
Net income (loss)from continuing operations | (1,326) | 91 | 493 |
Discontinued operations | (120) | 88 | 77 |
CONSOLIDATED NET INCOME (LOSS) | (1,446) | 179 | 570 |
Non-controlling interest net income | 21 | 36 | 42 |
CONTROLLING INTEREST NET INCOME (LOSS) | $ (1,467) | $ 143 | $ 528 |
Basic earnings (loss) per share | $ (0.0332) | $ 0.0031 | $ 0.0114 |
Basic earnings (loss) per share from continuing operations | (0.0305) | 0.0012 | 0.0098 |
Diluted earnings (loss) per share | (0.0332) | 0.0031 | 0.0114 |
Diluted earnings (loss) per share from continuing operations | $ (0.0305) | $ 0.0012 | $ 0.0098 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
CONSOLIDATED NET INCOME (LOSS) | $ (1,446) | $ 179 | $ 570 |
Items that will not be reclassified subsequently to the statement of operations | |||
Net actuarial gains (losses) from remeasurements of defined benefit pension plans | (199) | (210) | 176 |
Effects from strategic equity investments | (8) | (3) | |
Income tax recognized directly in other comprehensive income | 41 | 29 | (31) |
Items that will not be reclassified subsequently to profit or loss | (158) | (189) | 142 |
Items that are or may be reclassified subsequently to the statement of operations | |||
Derivative financial instruments designated as cash flow hedges | (5) | (137) | (119) |
Currency translation results of foreign subsidiaries | (204) | 60 | (91) |
Income tax recognized directly in other comprehensive income | 19 | 49 | 43 |
Items that are or may be reclassified subsequently to profit or loss | (190) | (28) | (167) |
Total items of other comprehensive income, net | (348) | (217) | (25) |
TOTAL COMPREHENSIVE INCOME (LOSS) | (1,794) | (38) | 545 |
Non-controlling interest comprehensive income (loss) | (181) | (69) | 1 |
CONTROLLING INTEREST COMPREHENSIVE INCOME (LOSS) | $ (1,613) | $ 31 | $ 544 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 950 | $ 788 |
Trade accounts receivable | 1,533 | 1,521 |
Other accounts receivable | 477 | 325 |
Inventories | 971 | 989 |
Assets held for sale | 187 | 839 |
Other current assets | 117 | 117 |
Total current assets | 4,235 | 4,579 |
NON-CURRENT ASSETS | ||
Equity accounted investees | 510 | 481 |
Other investments and non-current accounts receivable | 275 | 236 |
Property, machinery and equipment, net and assets for the right-of-use, net | 11,413 | 11,850 |
Goodwill and intangible assets, net | 10,252 | 11,590 |
Deferred income tax assets | 740 | 627 |
Total non-current assets | 23,190 | 24,784 |
TOTAL ASSETS | 27,425 | 29,363 |
CURRENT LIABILITIES | ||
Current debt | 179 | 62 |
Other financial obligations | 879 | 1,381 |
Trade payables | 2,571 | 2,526 |
Income tax payable | 445 | 219 |
Other current liabilities | 1,272 | 1,184 |
Liabilities directly related to assets held for sale | 6 | 37 |
Total current liabilities | 5,352 | 5,409 |
NON-CURRENT LIABILITIES | ||
Non-current debt | 9,160 | 9,303 |
Other financial obligations | 967 | 1,044 |
Employee benefits | 1,339 | 1,138 |
Deferred income tax liabilities | 658 | 720 |
Other non-current liabilities | 997 | 925 |
Total non-current liabilities | 13,121 | 13,130 |
TOTAL LIABILITIES | 18,473 | 18,539 |
Controlling interest: | ||
Common stock and additional paid-in capital | 7,893 | 10,424 |
Other equity reserves | (2,453) | (2,724) |
Retained earnings | 2,635 | 1,621 |
Total controlling interest | 8,075 | 9,321 |
Non-controlling interest and perpetual debentures | 877 | 1,503 |
TOTAL STOCKHOLDERS' EQUITY | 8,952 | 10,824 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 27,425 | $ 29,363 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Consolidated net income (loss) | $ (1,446) | $ 179 | $ 570 |
Discontinued operations | (120) | 88 | 77 |
Net income (loss) from continuing operations | (1,326) | 91 | 493 |
Non-cash items: | |||
Depreciation and amortization of assets | 1,117 | 1,045 | 982 |
Impairment losses of longed-lived assets | 1,520 | 64 | 62 |
Share of profit of equity accounted investees | (49) | (49) | (34) |
Results on sale of subsidiaries, other disposal groups and others | (4) | (49) | (13) |
Financial expense, financial income and other items, net | 887 | 782 | 724 |
Income taxes | 52 | 162 | 224 |
Changes in working capital, excluding income taxes | 197 | 98 | (55) |
Cash flow provided by operating activities from continuing operations | 2,394 | 2,144 | 2,383 |
Interest and coupons on perpetual debentures paid | (703) | (694) | (741) |
Income taxes paid | (128) | (168) | (207) |
Net cash flow provided by operating activities from continuing operations | 1,563 | 1,282 | 1,435 |
Net cash flow provided by operating activities from discontinued operations | 15 | 71 | 132 |
Net cash flows provided by operating activities | 1,578 | 1,353 | 1,567 |
INVESTING ACTIVITIES | |||
Purchase of property, machinery and equipment, net | (538) | (651) | (601) |
Disposal (acquisition) of subsidiaries and other disposal groups, net | 628 | 500 | (26) |
Intangible assets | (53) | (116) | (187) |
Non-current assets and others, net | 51 | 5 | (1) |
Net cash flows used in investing activities | 88 | (262) | (815) |
FINANCING ACTIVITIES | |||
Proceeds from new debt instruments | 4,210 | 3,331 | 2,325 |
Debt repayments | (4,572) | (3,284) | (2,745) |
Other financial obligations, net | (794) | (233) | (578) |
Share repurchase program | (83) | (50) | (75) |
Decrease in non-controlling interests | (105) | (31) | |
Derivative financial instruments | 12 | (56) | 20 |
Securitization of trade receivables | (26) | (6) | 32 |
Dividends paid | (150) | ||
Non-current liabilities, net | (138) | (96) | (142) |
Net cash flows used in financing activities | (1,496) | (575) | (1,163) |
Increase (decrease) in cash and cash equivalents from continuing operations | 155 | 445 | (543) |
Increase in cash and cash equivalents from discontinued operations | 15 | 71 | 132 |
Foreign currency translation effect on cash | (8) | (37) | 21 |
Cash and cash equivalents at beginning of period | 788 | 309 | 699 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 950 | 788 | 309 |
Changes in working capital, excluding income taxes: | |||
Trade receivables | 25 | (8) | 15 |
Other accounts receivable and other assets | (22) | 33 | (82) |
Inventories | 24 | 96 | (148) |
Trade payables | 20 | (41) | 231 |
Other accounts payable and accrued expenses | 150 | 18 | (71) |
Changes in working capital, excluding income taxes | $ 197 | $ 98 | $ (55) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common stock [member] | Additional paid-in capital [member] | Other equity reserves [member] | Retained earnings [member] | Total controlling interest [Member] | Non-controlling interests and perpetual debentures [member] |
Equity at beginning of period (Restated balance [member]) at Dec. 31, 2017 | $ 10,577 | $ 318 | $ 9,979 | $ (2,385) | $ 1,094 | $ 9,006 | $ 1,571 |
Net income | 570 | 528 | 528 | 42 | |||
Other comprehensive income (loss)for the period | (25) | 16 | 16 | (41) | |||
Total of other comprehensive income (loss)for the period | 545 | 16 | 528 | 544 | 1 | ||
Own shares purchased under share repurchase program | (75) | (75) | (75) | ||||
Share-based compensation | 35 | 34 | 1 | 35 | |||
Coupons paid on perpetual debentures | (29) | (29) | (29) | ||||
Equity at end of period (Restated balance [member]) at Dec. 31, 2018 | 11,059 | 318 | 10,013 | (2,472) | 1,628 | 9,487 | 1,572 |
Equity at end of period at Dec. 31, 2018 | 11,053 | 318 | 10,013 | (2,472) | 1,622 | 9,481 | 1,572 |
Effects from adoption of IFRIC 23 | 6 | 6 | 6 | ||||
Net income | 179 | 143 | 143 | 36 | |||
Other comprehensive income (loss)for the period | (217) | (112) | (112) | (105) | |||
Total of other comprehensive income (loss)for the period | (38) | (112) | 143 | 31 | (69) | ||
Dividends | (150) | (150) | (150) | ||||
Effects of mandatorily convertible securities | 151 | (151) | |||||
Own shares purchased under share repurchase program | (50) | (75) | 25 | (50) | |||
Share-based compensation | 32 | 17 | 15 | 32 | |||
Coupons paid on perpetual debentures | (29) | (29) | (29) | ||||
Equity at end of period at Dec. 31, 2019 | 10,824 | 318 | 10,106 | (2,724) | 1,621 | 9,321 | 1,503 |
Net income | (1,446) | (1,467) | (1,467) | 21 | |||
Other comprehensive income (loss)for the period | (348) | (146) | (146) | (202) | |||
Total of other comprehensive income (loss)for the period | (1,794) | (146) | (1,467) | (1,613) | (181) | ||
Own shares purchased under share repurchase program | (83) | (50) | (33) | (83) | |||
Restitution of retained earnings | 2,481 | (2,481) | 2,481 | ||||
Share-based compensation | 29 | 29 | 29 | 29 | |||
Changes in non-controllinginterest | 445 | 445 | (445) | ||||
Coupons paid on perpetual debentures | (24) | (24) | (24) | ||||
Equity at end of period at Dec. 31, 2020 | $ 8,952 | $ 318 | $ 7,575 | $ (2,453) | $ 2,635 | $ 8,075 | $ 877 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Description of Business | 1) DESCRIPTION OF BUSINESS CEMEX, S.A.B. de C.V., founded in 1906, is a publicly traded variable stock corporation (Sociedad Anónima Bursátil de Capital Variable) ready-mix The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange (“MSE”) as Ordinary Participation Certificates (“CPOs”) under the symbol “CEMEXCPO”. Each CPO represents two series “A” shares and one series “B” share of common stock of CEMEX, S.A.B. de C.V. In addition, CEMEX, S.A.B. de C.V.’s shares are listed on the New York Stock Exchange (“NYSE”) as American Depositary Shares The terms “CEMEX, S.A.B. de C.V.” and/or the “Parent Company” used in these accompanying notes to the financial statements refer to CEMEX, S.A.B. de C.V. without its consolidated subsidiaries. The terms the “Company” or “CEMEX” refer to CEMEX, S.A.B. de C.V. together with its consolidated subsidiaries. The issuance of these consolidated financial statements was authorized by the Board of Directors of CEMEX, S.A.B. de C.V. on February 3, 2021 considering the favorable recommendation of its Audit Committee. These financial statements were approved by the Annual General Ordinary Shareholders’ Meeting of the Parent Company on March 25, 2021. |
Relevant event during the perio
Relevant event during the period and as of the issuance date of the financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Disclosure Of Relevant Event During The Period And As Of The Issuance Date Of The Financial Statements | 2) RELEVANT EVENT DURING THE PERIOD AND AS OF THE ISSUANCE DATE OF THE FINANCIAL STATEMENTS COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of the novel spread of the Coronavirus SARS-CoV-2 COVID-19 “COVID-19 COVID-19 ready-mix COVID-19 From the beginning of the COVID-19 COVID-19 CEMEX’s most important segments are, or have been, affected as follows: • In Mexico, in accordance with technical guidelines set by the government, CEMEX had initially announced on April 6, 2020, that the Company would temporarily halt all production and certain related activities in Mexico until April 30, 2020. Moreover, on April 7, 2020, CEMEX announced that the Company was permitted to resume production and related activities in Mexico to support the development of sectors designated as essential by the government during the COVID-19 COVID-19 • In the United States, except for a few ready-mix COVID-19 • In CEMEX’s Europe, Middle East, Africa and Asia (“EMEAA”) region, the main effects have been experienced in Spain, the Philippines and the United Arab Emirates, where operations either operated on a limited basis or were temporarily halted. However, CEMEX’s operations in the EMEAA region in general have not been halted. Other countries have experienced negative effects on the market side, with drops in demand resulting in some temporary site closures. During November and December of 2020, certain countries like France, Germany and the United Kingdom continued to implement certain degrees of lockdowns, which may have an impact on our operations and demand for our products and services. • In most of CEMEX’s South America, Central America and Caribbean region, considering governmental requirements, the Company’s operations were temporarily affected. In Colombia, CEMEX temporarily halted production and related activities beginning on March 25, 2020. partially resuming from April 13 to April 27, 2020 to attend certain allowed needs. Beginning on April 27, 2020 the supply of material and supplies for infrastructure works, public works and general construction was permitted. In Panama, the closing of the Company’s operations was initially effective from March 25, 2020 through May 24, 2020, partially resuming for certain approved activities and finally, on September 4, 2020, the supply for construction works in general was allowed. In Trinidad and Tobago and Barbados operations were temporarily halted from the last week of March until May 14, 2020. The implications negatively affected CEMEX’s financial situation and results of operations, mostly during the second quarter. During the year ended December 31, 2020, consolidated revenues decreased by 1.2% against the previous year, caused by several factors such as the decrease in sales volumes from reduced operations, as well as by the devaluation of several currencies during the period against the U.S. dollar and the intensification of competitive dynamics in some countries, among others. This decrease in revenues was partially offset by a reduction in cost of sales and operating costs and expenses, which decreased 0.4% and 4.6%, respectively, during the same period, because of reduced operations but also considering the strict control of expenditures. During 2020, the Company’s Operating EBITDA (operating earnings before other expenses, net, plus depreciation and amortization expenses) increased by 0.3% compared to the previous year (note 4B). In addition, considering the negative effects of the COVID-19 non-cash A recent World Economic Outlook report published by the International Monetary Fund, states that the COVID-19 pre-COVID-19 COVID-19 The Company considers that, if the duration of the COVID-19 CEMEX dealt with liquidity risks during the deepest phase of suspension of activities within the COVID-19 In other measures, beginning on April 8, 2020 and for the rest of 2020: a) all capital expenditures not associated with the management of the COVID-19 COVID-19 90-day COVID-19 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Significant Accounting Policies | 3) SIGNIFICANT ACCOUNTING POLICIES 3.1) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in dollars of the United States of America (“United States”), except when specific reference is made to a different currency. When reference is made to U.S. dollars or “$” it means dollars of the United States. All amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “pesos”, it means Mexican pesos. When reference is made to “€” or “euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “pounds”, it means British pounds sterling. When it is deemed relevant, certain amounts in foreign currency presented in the notes to the financial statements include between parentheses a convenience translation into dollars and/or into pesos, as applicable. Previously reported convenience translations of prior years are not restated unless the transaction is still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. These translations should not be construed as representations that the amounts in dollars or pesos, as applicable, represent those dollar or peso amounts or could be converted into dollar or peso at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 20.4 and 25), which are originated in jurisdictions where currencies are different from the dollar, are presented in dollar equivalents as of the closing of the most recent year presented. Consequently, without any change in the original currency, such dollar amounts will fluctuate over time due to changes in exchange rates. Discontinued operations (note 5.2) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s Statements of Operations present in the single line item of “Discontinued operations,” the results of: a) the assets sold in the United Kingdom for the period from January 1 to August 3, 2020 and for the years 2019 and 2018; b) the assets sold in the United States for the period from January 1 to March 3, 2020 and for the years 2019 and 2018; c) the white cement business held for sale in Spain for the years 2020, 2019 and 2018, d) the French assets sold for the period from January 1 to June 28, 2019 and for the year 2018, e) the German assets sold for the period from January 1 to May 31, 2019 and for the year 2018, f) the Baltic and Nordic businesses sold for the period from January 1 to March 29, 2019 and for the year 2018, and g) the operating segment in Brazil sold for the period from January 1 to September 27, 2018. Statements of operations CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a relevant operating measure for CEMEX’s management. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities, including impairment losses of long-lived assets, results on disposal of assets and restructuring costs, among others (note 7). Under IFRS, the inclusion of certain subtotals such as “Operating earnings before other expenses, net” and the display of the statement of operations vary significantly by industry and company according to specific needs. Considering that it is an indicator of CEMEX’s ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 5.3 and 17, CEMEX presents “Operating EBITDA” (operating earnings before other expenses, net, plus depreciation and amortization). This is not an indicator of CEMEX’s financial performance, an alternative to cash flows, a measure of liquidity or comparable to other similarly titled measures of other companies. In addition, this indicator is used by CEMEX’s management for decision-making purposes. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2020, 2019 and 2018, the increases in other financing obligations in connection with lease contracts negotiated during the year for $213, $274 and $296, respectively (note 17.2); and • In 2020, 2019 and 2018, in connection with the CPOs issued as part of the executive share-based compensation programs (note 22), the total increases in equity for $29 in 2020, $17 in 2019 and $34 in 2018. Investing activities: • In 2020, 2019 and 2018, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Newly issued IFRS adopted in the reported periods There were new standards, interpretations and standard amendments adopted as of January 1, 2020 and 2019 prospectively, that did not result in any material impact on CEMEX´s results or financial position, and which are explained as follows: Standard Main topic IFRIC 23, Uncertainty over income tax treatments Based on IFRIC 23, the income tax effects from an uncertain tax position are recognized when it is probable that the position will be sustained based on its technical merits and assuming that the tax authorities will examine each position and have full knowledge of all relevant information. For each position is considered individually its probability, regardless of its relation to any other broader tax settlement. The probability threshold represents a positive assertion by management that CEMEX is entitled to the economic benefits of a tax position. If a tax position is considered not probable of being sustained, no benefits of the position are recognized. Interest and penalties related to unrecognized tax benefits are recorded as part of the income tax in the consolidated statements of operations. The adoption effect of IFRIC 23 credited to retained earnings as of January 1, 2019 was $6. Amendments to IFRS 16, Leases, COVID-19-related Beginning on or after June 1, 2020, the amendment provides lessees with an exemption from assessing whether a COVID-19-related Amendments to IFRS 3, Business combinations The amendments definition of a business requires that an acquisition include an input and a substantive process that together contribute significantly to the ability to create outputs. The definition of the term “outlets” is modified to focus on goods and services provided to customers, generating investment income and other income, and excludes returns in the form of lower costs and other economic benefits. The modifications are likely to result in more acquisitions being accounted for as asset acquisitions. Amendments to IAS 1, Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors The amendments use a coherent definition of materiality throughout the International Financial Reporting Standards and the Conceptual Framework for Financial Reporting, clarify when information is material and incorporate some of the guidance in IAS 1 on non-material Amendments to IFRS 9, IAS 39 and IFRS 7 — The Reform of the Reference Interest Rates The amendments refer to the replacement of the Interbank Reference Rates (IBOR) and provide temporary relief to continue applying hedge accounting during the period of uncertainty before its replacement by an alternate quasi risk-free rate. 3.2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and those of the entities in which the Parent Company exercises control, including structured entities (special purpose entities), by means of which the Parent Company, directly or indirectly, 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’s relevant activities. Balances and operations between related parties are eliminated in consolidation. Investments are accounted for by the equity method when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%. The equity method reflects in the financial statements, the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. The financial statements of joint ventures, which relate to those arrangements in which CEMEX and other third-party investors have joint control and have rights to the net assets of the arrangements, are recognized under the equity method. During the reported periods, CEMEX did not have joint operations, referring to those cases in which the parties that have joint control of the arrangement have rights over specific assets and obligations for specific liabilities relating to the arrangements. The equity method is discontinued when the carrying amount of the investment, including any long-term interest in the investee or joint venture, is reduced to zero, unless CEMEX has incurred or guaranteed additional obligations of the investee or joint venture. 3.3) USE OF ESTIMATES AND CRITICAL ASSUMPTIONS The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, as well as the measurement of financial instruments at fair value, and the assets and liabilities related to employee benefits. Significant judgment is required by management to appropriately assess the amounts of these concepts. 3.4) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 21.2) until the disposal of the foreign net investment, at which time, the accumulated amount is recognized through the statement of operations as part of the gain or loss on disposal. The financial statements of foreign subsidiaries, as determined using their respective functional currency, are translated to U.S. dollars at the closing exchange rate for statement of financial position accounts and at the closing exchange rates of each month within the period for statements of operations accounts. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 21.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2020, 2019 and 2018, were as follows: 2020 2019 2018 Currency Closing Average Closing Average Closing Average Mexican peso 19.8900 21.5766 18.9200 19.3500 19.6500 19.2583 Euro 0.8183 0.8736 0.8917 0.8941 0.8727 0.8483 British Pound Sterling 0.7313 0.7758 0.7550 0.7831 0.7843 0.7521 Colombian Peso 3,433 3,730 3,277 3,300 3,250 2,972 Philippine Peso 48.0230 49.4944 50.6350 51.5650 52.5800 52.6925 3.5) CASH AND CASH EQUIVALENTS (note 9) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” To the extent that any restriction will be lifted in less than three months from the statement of financial position reporting date, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments, when applicable, comprised of deposits in margin accounts that guarantee certain of CEMEX’s obligations, except when contracts contain provisions for net settlement, in which case, these restricted amounts of cash and cash equivalents are offset against the liabilities that CEMEX has with its counterparties. When the restriction period is greater than three months, any restricted balance of cash and investments is not considered cash equivalents and is included within short-term or long-term “Other accounts receivable,” as appropriate. 3.6) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments Financial assets are classified as “Held to collect” and measured at amortized cost when they meet both of the following conditions and are not designated as at fair value through profit or loss: a) are held within a business model whose objective is to hold assets to collect contractual cash flows; and b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortized cost represents the net present value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 3.5 and 9). • Trade receivables, other current accounts receivable and other current assets (notes 10 and 11). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 10 and 17.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 14.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 14.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 17.1 and 17.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 17.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the Expected Credit Loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience over the last 24 months and analyses of future delinquency, that is applied to the balance of the accounts receivable. The average ECL rate increases in each segment of days past due until the rate is 100% for the segment of 365 days or more past due. Costs incurred in the issuance of debt or borrowings Direct costs incurred in debt issuances or borrowings, as well as debt refinancing or non-substantial Leases (notes 3.8, 15 and 17.2) At the inception of a lease contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. CEMEX uses the definition of a lease in IFRS 16, Leases Based on IFRS 16, leases are recognized as financial liabilities against assets for the right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is measured at amortized cost using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Financial instruments with components of both liabilities and equity (note 17.2) Financial instruments that contain components of both liability and equity, such as notes convertible into a fixed number of the issuer’s shares and denominated its same functional currency, are accounted for by each component being recognized separately in the statement of financial position according to the specific characteristics of each transaction. In the case of instruments mandatorily convertible into shares of the issuer, the liability component represents the NPV of interest payments on the principal amount using a market interest rate, without assuming early conversion, and is recognized within “Other financial obligations,” whereas the equity component represents the difference between the principal amount and the liability component, and is recognized within “Other equity reserves”, net of commissions. In the case of instruments that are optionally convertible into a fixed number of shares, the equity component represents the difference between the total proceeds received for issuing the financial instruments and the fair value of the financial liability component (note 3.14). When the transaction is denominated in a currency different than the functional currency of the issuer, the conversion option is accounted for as a derivative financial instrument at fair value in the income statement. Hedging instruments (note 17.4) A hedging relationship is established to the extent the entity considers, based on the analysis of the overall characteristics of the hedging and hedged items, that the hedge will be highly effective in the future and the hedge relationship at inception is aligned with the entity’s reported risk management strategy (note 17.5). The accounting categories of hedging instruments are: a) cash flow hedge; b) fair value hedge of an asset or forecasted transaction; and c) hedge of a net investment in a subsidiary. In cash flow hedges, the effective portion of changes in fair value of derivative instruments are recognized in stockholders’ equity within other equity reserves and are reclassified to earnings as the interest expense of the related debt is accrued, in the case of interest rate swaps, or when the underlying products are consumed in the case of contracts on the price of raw materials and commodities. In hedges of the net investment in foreign subsidiaries, changes in fair value are recognized in stockholders’ equity as part of the foreign currency translation result within “Other equity reserves” (note 3.4), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedded derivatives. Identified embedded derivatives are analyzed to determine if they need to be separated from the host contract and recognized in the statement of financial position as assets or liabilities, applying the same valuation rules used for other derivative instruments. Put options granted for the purchase of non-controlling Under IFRS 9, represent agreements by means of which a non-controlling Fair value measurements (note 17.3) Under IFRS, fair value represents an “Exit Value” which 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, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there are no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1.- represent quoted prices (unadjusted) in active markets for identical assets or liabilities that CEMEX can access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. • Level 2.- are inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 2 inputs included equity prices, certain interest rates and yield curves, implied volatility and credit spreads, among others, as well as inputs extrapolated from other observable inputs. In the absence of Level 1 inputs, CEMEX determined fair values by iteration of the applicable Level 2 inputs, the number of securities and/or the other relevant terms of the contract, as applicable. • Level 3.- inputs are unobservable inputs for the asset or liability. CEMEX used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples of Operative EBITDA, including risk assumptions consistent with what market participants would use to arrive at fair value. 3.7) INVENTORIES (note 12) Inventories are valued using the lower of cost or net realizable value. The cost of inventories is based on weighted average cost formula and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. CEMEX analyzes its inventory balances to determine if, because of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value. In such cases, these adjustments are recognized against the results of the period. Advances to suppliers of inventory are presented as part of other current assets. 3.8) PROPERTY, MACHINERY AND EQUIPMENT AND ASSETS FOR THE RIGHT-OF-USE Property, machinery and equipment are recognized at their acquisition or construction cost, as applicable, less accumulated depreciation and accumulated impairment losses. Depreciation of fixed assets is recognized as part of cost and operating expenses (note 6) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production Years Administrative buildings 31 Industrial buildings 26 Machinery and equipment in plant 15 Ready-mix 9 Office equipment and other assets 6 Assets for the right-of-use right-of-use right-of-use right-of-use right-of-use CEMEX capitalizes, as part of the related cost of fixed assets, interest expense from existing debt during the construction or installation period of significant fixed assets, considering CEMEX’s corporate average interest rate and the average balance of investments in process for the period. All waste removal costs or stripping costs incurred in the operative phase of a surface mine to access the mineral reserves are recognized as part of the carrying amount of the related quarries. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production Costs incurred in respect of operating fixed assets that result in future economic benefits, such as an extension in their useful lives, an increase in their production capacity or in safety, as well as those costs incurred to mitigate or prevent environmental damage, are capitalized as part of the carrying amount of the related assets. The capitalized costs are depreciated over the remaining useful lives of such fixed assets. Periodic maintenance of fixed assets is expensed as incurred. Advances to suppliers of fixed assets are presented as part of other long-term accounts receivable. 3.9) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 5.1 and 16) Business combinations are recognized using the acquisition method, by allocating the consideration transferred to assume control of the entity to all assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date. Intangible assets acquired are identified and recognized at fair value. Any unallocated portion of the purchase price represents goodwill, which is not amortized and is subject to periodic impairment tests (note 3.10). Goodwill may be adjusted for any change to the preliminary assessment given to the assets acquired and/or liabilities assumed within the twelve-month period after purchase. Costs associated with the acquisition are expensed in the income statement as incurred. CEMEX capitalizes intangible assets acquired, as well as costs incurred in the development of intangible assets, when probable future economic benefits associated are identified and there is evidence of control over such benefits. Intangible assets are recognized at their acquisition or development cost, as applicable. Indefinite life intangible assets are not amortized since the period in which the benefits associated with such intangibles will terminate cannot be accurately established. Definite life intangible assets are amortized on a straight-line basis as part of operating costs and expenses (note 6). Startup costs are recognized in the income statement as they are incurred. Costs associated with research and development activities (“R&D activities”), performed by CEMEX to create products and services, as well as to develop processes, equipment and methods to optimize operational efficiency and reduce costs are recognized in the operating results as incurred. Direct costs incurred in the development stage of computer software for internal use are capitalized and amortized through the operating results over the useful life of the software, which on average is approximately 5 years. Costs incurred in exploration activities such as payments for rights to explore, topographical and geological studies, as well as trenching, among other items incurred to assess the technical and commercial feasibility of extracting a mineral resource, which are not significant to CEMEX, are capitalized when probable future economic benefits associated with such activities are identified. When extraction begins, these costs are amortized during the useful life of the quarry based on the estimated tons of material to be extracted. When future economic benefits are not achieved, any capitalized costs are subject to impairment. CEMEX’s extraction rights have weighted-average useful lives of 83 years, depending on the sector and the expected life of the related reserves. As of December 31, 2020, except for extraction rights and/or as otherwise indicated, CEMEX’s intangible assets are amortized on a straight-line basis over their useful lives that range on average from 3 to 20 years. 3.10) IMPAIRMENT OF LONG-LIVED ASSETS (notes 15 and 16) Property, machinery and equipment, assets for the right-of-use, These assets are tested for impairment upon the occurrence of internal or external indicators of impairment, such as changes in CEMEX’s operating business model or in technology that affect the asset, or expectations of lower operating results, to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the income statement for the period within “Other expenses, net,” for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, as generally determined by an external appraiser, and the asset’s value in use, the latter represented by the NPV of estimated cash flows related to the use and eventual disposal of the asset. The main assumptions utilized to develop estimates of NPV are a discount rate that refle |
Revenue and Construction Contra
Revenue and Construction Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Revenue and Construction Contracts | 4) REVENUE AND CONSTRUCTION CONTRACTS CEMEX’s revenues are mainly originated from the sale and distribution of cement, ready-mix 2020 2019 2018 From the sale of goods associated to CEMEX’s main activities 1 $ 12,485 12,605 13,018 From the sale of services 2 145 147 159 From the sale of other goods and services 3 340 378 354 $ 12,970 13,130 13,531 1 Includes in each period revenue generated under construction contracts that are presented in the table below. 2 Refers mainly to revenue generated by Neoris N.V. and its subsidiaries, involved in providing information technology solutions and services. 3 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. Information of revenues by reportable segment and line of business for the years 2020, 2019 and 2018 is presented in note 5.3 As of December 31, 2020 and 2019, amounts receivable for progress billings to and advances received from customers of construction contracts were not significant. For 2020, 2019 and 2018, revenues and costs related to construction contracts in progress were as follows: Accrued 1 2020 2019 2018 Revenue from construction contracts included in consolidated revenues 2 $ 112 101 79 72 Costs incurred in construction contracts included in consolidated cost of sales 3 (111 ) (101 ) (79 ) (68 ) Construction contracts gross operating profit $ 1 — — 4 1 Revenues and costs recognized from inception of the contracts until December 31, 2020 in connection with those projects still in progress. 2 Revenues from construction contracts during 2020, 2019 and 2018, were mainly obtained in Mexico and Colombia. 3 Refers to actual costs incurred during the periods. Under IFRS 15, certain promotions and/or discounts and rebates offered as part of the sale transaction, result in a portion of the transaction price should be allocated to such commercial incentives as separate performance obligations, recognized as contract liabilities with customers, and deferred to the income statement during the period in which the incentive is exercised by the customer or until it expires. For the years ended December 31, 2020, 2019 and 2018 changes in the balance of contract liabilities with customers are as follows: 2020 2019 2018 Opening balance of contract liabilities with customers $ 225 234 237 Increase during the period for new transactions 1,536 1,931 1,763 Decrease during the period for exercise or expiration of incentives (1,561 ) (1,946 ) (1,762 ) Currency translation effects 1 6 (4 ) Closing balance of contract liabilities with customers $ 201 225 234 For the years 2020, 2019 and 2018, CEMEX did not identify any costs required to be capitalized as contract fulfilment assets and released over the contract life according to IFRS 15, Revenues from contracts with customers |
Business Combinations, Disconti
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business | 5) BUSINESS COMBINATIONS, DISCONTINUED OPERATIONS, SALE OF OTHER DISPOSAL GROUPS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS 5.1) BUSINESS COMBINATIONS In January 2020 and April 2020 a subsidiary of CEMEX in Israel acquired a ready-mix In August 2018, a subsidiary of CEMEX in the United Kingdom acquired all the shares of the ready-mix 5.2) DISCONTINUED OPERATIONS On August 3, 2020, through a subsidiary in the United Kingdom, CEMEX concluded the sale to Breedon Group plc of certain assets for an amount in Pounds equivalent to $230, including $30 of debt. The assets sold consisted of 49 ready-mix ready-mix On March 6, 2020, CEMEX concluded the sale to Eagle Materials Inc. of its U.S. subsidiary Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of Buzzi Unicem S.p.A. in which CEMEX held a 75% interest, for a total consideration of $665, of which the proceeds to CEMEX were $499. The assets sold consisted of Kosmos’ cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. As of December 31, 2019, the assets and liabilities associated with this sale in the United States were presented in the statement of financial position within the line items of “assets held for sale,” including a proportional allocation of goodwill of $291, and “liabilities directly related to assets held for sale,” respectively. Moreover, CEMEX’s statements of operations present the operations related to this segment from January 1 to March 6, 2020, including in 2020 a gain on sale of $14 net of the proportional allocation of goodwill mentioned above, and for the years ended December 31, 2019 and 2018, respectively, net of income tax in the single line item “Discontinued operations.” On June 28, 2019, after obtaining customary authorizations, CEMEX concluded with several counterparties the sale of its ready-mix On May 31, 2019, CEMEX concluded the sale of its aggregates and ready-mix ready-mix ready-mix On March 29, 2019, CEMEX closed the sale of assets in the Baltics and Nordics to the German building materials group Schwenk for a price in euro equivalent to $387. The Baltic assets divested consisted of one cement production plant in Broceni with a production capacity of approximately 1.7 million tons, four aggregates quarries, two cement quarries, six ready-mix non-controlling On March 29, 2019, CEMEX signed a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.Ş. to divest CEMEX’s white cement business, except for Mexico and the U.S., for an initial price of $180 subject to adjustments, including its Buñol cement plant in Spain and its white cement customer list. The transaction is pending for approval from regulators. CEMEX currently expects it could close this divestment during the first quarter of 2021. As of December 31, 2020, and 2019 the assets and liabilities associated with the white cement business were presented in the Statement of Financial Position within the line items of “Assets and liabilities directly related to assets held for sale”, as correspond. CEMEX’s operations of these assets in Spain for the years ended December 31, 2020, 2019 and 2018 are reported in the statements of operations, net of income tax, in the single line item “Discontinued operations.” On September 27, 2018, CEMEX concluded the sale of its construction materials operations in Brazil (the “Brazilian Operations”) through the sale to Votorantim Cimentos N/NE S.A. of all the shares of CEMEX’s Brazilian subsidiary Cimento Vencemos Do Amazonas Ltda, consisting of a fluvial cement distribution terminal located in Manaus, Amazonas province, as well as the operation license for a price of $31. CEMEX’s Brazilian Operations for the period from January 1 to September 27, 2018 are reported in the statements of operations, net of income tax, in the single line item “Discontinued operations” net of a gain on sale of $12. As of December 31, 2020, the following table presents condensed combined information of the statement of financial position for the assets held for sale in Spain, as mentioned above: 2020 Current assets $ 4 Non-current 103 Total assets of the disposal group 107 Current liabilities — Non-current — Total liabilities directly related to disposal group — Total net assets of disposal group $ 107 In addition, the following table presents condensed combined information of the statements of operations of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the period from January 1 to August 3, 2020 and for the years ended December 31, 2019 and 2018; b) the United States related to Kosmos for the period from January 1 to March 6, 2020 and for the years ended December 31, 2019 and 2018; c) France for the period from January 1 to June 28, 2019 and for the year ended December 31, 2018; d) Germany for the period from January 1 to May 31, 2019 and for the year ended December 31, 2018; e) the Baltics and Nordics for the period from January 1 to March 29, 2019 and for the year ended December 31, 2018; f) Spain for the years ended December 31, 2020, 2019 and 2018; and g) Brazil for the period from January 1 to September 27, 2018: 2020 2019 2018 Revenues $ 189 572 868 Cost of sales and operating expenses (184 ) (534 ) (792 ) Other income (expenses), net (5 ) 1 (1 ) Financial expenses, net and others — — (2 ) Earnings before income tax — 39 73 Income tax (75 ) (6 ) (7 ) Result of discontinued operations (75 ) 33 66 Net disposal result (45 ) 55 11 Net result of discontinued operations $ (120 ) 88 77 5.3) SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS Reportable segments represent the components of CEMEX that engage in business activities from which CEMEX may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s top management to make decisions about resources to be allocated to the segments and assess their performance, and for which discrete financial information is available. CEMEX operates geographically and by business on a regional basis. Beginning April 1, 2020 and for subsequent periods, the geographical regions Europe and Asia, Middle East and Africa (“AMEA”) were merged and reorganized under a single regional president and was denominated Europe, Middle East, Africa and Asia (“EMEAA”). For the reported periods, the Company’s operations were organized in four geographical regions, each under the supervision of a regional president, as follows: 1) Mexico, 2) United States, 3) EMEAA and 4) South, Central America and the Caribbean (“SCA&C”). The accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 3. Considering similar regional and economic characteristics and/or materiality, certain countries have been aggregated and presented as single line items as follows: a) “Rest of EMEAA” refers mainly to CEMEX’s operations and activities in Poland, the Czech Republic, Croatia, Egypt and the United Arab Emirates; b) “Rest of SCA&C” refers mainly to CEMEX’s operations and activities in Costa Rica, Puerto Rico, Nicaragua, Jamaica, the Caribbean, Guatemala and El Salvador, excluding the operations of Trinidad Cement Limited (“TCL”); and c) “Caribbean TCL” refers to TCL’s operations mainly in Trinidad and Tobago, Jamaica, Guyana and Barbados. The segment “Others” refers to: 1) cement trade maritime operations, 2) Neoris N.V., CEMEX’s subsidiary involved in the business of information technology solutions, 3) the Parent Company, other corporate entities and finance subsidiaries, and 4) other minor subsidiaries with different lines of business. Selected information of the consolidated statements of operations by reportable segment for the years 2020, 2019 and 2018, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 14.1, was as follows: 2020 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,812 (134 ) 2,678 931 148 783 (46 ) (31 ) (4 ) United States 3,994 (1 ) 3,993 747 440 307 (1,350 ) (53 ) (20 ) EMEAA United Kingdom 739 — 739 88 67 21 (73 ) (9 ) (77 ) France 795 — 795 76 49 27 (1 ) (12 ) 3 Germany 489 (37 ) 452 67 28 39 (3 ) (2 ) (3 ) Spain 319 (16 ) 303 25 39 (14 ) (195 ) (3 ) (9 ) Philippines 1 398 — 398 118 46 72 (1 ) 2 2 Israel 754 — 754 115 28 87 — (4 ) 1 Rest of EMEAA 959 (16 ) 943 149 81 68 (27 ) (5 ) (22 ) SCA&C Colombia 2 404 — 404 86 25 61 (14 ) (5 ) (13 ) Panama 2 80 (7 ) 73 12 16 (4 ) (19 ) (1 ) 1 Caribbean TCL 3 251 (7 ) 244 65 22 43 (9 ) (6 ) (8 ) Dominican Republic 229 (11 ) 218 84 8 76 (5 ) (1 ) 4 Rest of SCA&C 2 508 (17 ) 491 124 19 105 (41 ) (2 ) 15 Others 957 (472 ) 485 (227 ) 101 (328 ) 5 (645 ) 20 Continuing operations 13,688 (718 ) 12,970 2,460 1,117 1,343 (1,779 ) (777 ) (110 ) Discontinued operations 189 — 189 14 9 5 (5 ) — — Total $ 13,877 (718 ) 13,159 2,474 1,126 1,348 (1,784 ) (777 ) (110 ) 2019 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,897 (105 ) 2,792 969 159 810 (48 ) (36 ) (1 ) United States 3,780 — 3,780 629 392 237 (22 ) (64 ) (13 ) EMEAA United Kingdom 749 — 749 119 69 50 (2 ) (11 ) (17 ) France 869 — 869 94 48 46 (4 ) (11 ) — Germany 439 (25 ) 414 65 28 37 3 (3 ) (4 ) Spain 319 (25 ) 294 16 34 (18 ) (8 ) (2 ) 2 Philippines 1 458 — 458 117 38 79 1 6 4 Israel 660 — 660 89 23 66 — (2 ) 1 Rest of EMEAA 958 (14 ) 944 132 71 61 (7 ) (7 ) 26 SCA&C Colombia 2 504 — 504 90 29 61 (21 ) (4 ) (3 ) Panama 2 181 (2 ) 179 48 17 31 (9 ) (1 ) — Caribbean TCL 3 248 (8 ) 240 56 23 33 (2 ) (6 ) (4 ) Dominican Republic 245 (17 ) 228 84 9 75 (1 ) — — Rest of SCA&C 2 511 (17 ) 494 107 20 87 (60 ) (3 ) (6 ) Others 1,104 (579 ) 525 (237 ) 85 (322 ) (167 ) (567 ) (56 ) Continuing operations 13,922 (792 ) 13,130 2,378 1,045 1,333 (347 ) (711 ) (71 ) Discontinued operations 572 — 572 89 51 38 1 — — Total $ 14,494 (792 ) 13,702 2,467 1,096 1,371 (346 ) (711 ) (71 ) 2018 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,302 (91 ) 3,211 1,217 148 1,069 (33 ) (32 ) (3 ) United States 3,614 — 3,614 686 369 317 (18 ) (53 ) (11 ) EMEAA United Kingdom 773 — 773 117 67 50 (7 ) (12 ) (22 ) France 895 — 895 91 50 41 (47 ) (13 ) — Germany 429 (75 ) 354 37 28 9 (8 ) (3 ) (4 ) Spain 334 (47 ) 287 13 33 (20 ) (16 ) (3 ) 3 Philippines 1 448 — 448 93 36 57 (3 ) (2 ) (4 ) Israel 630 — 630 87 21 66 — (3 ) (1 ) Rest of EMEAA 1,090 (51 ) 1,039 157 72 85 (12 ) (6 ) (5 ) SCA&C Colombia 2 524 — 524 97 29 68 6 (7 ) (22 ) Panama 2 222 — 222 66 17 49 (3 ) (1 ) — Caribbean TCL 3 254 (5 ) 249 58 19 39 (15 ) (3 ) (2 ) Dominican Republic 218 (16 ) 202 61 10 51 (1 ) (1 ) 2 Rest of SCA&C 2 590 (20 ) 570 133 21 112 (7 ) (3 ) 14 Others 1,247 (734 ) 513 (228 ) 62 (290 ) (132 ) (580 ) 53 Continuing operations 14,570 (1,039 ) 13,531 2,685 982 1,703 (296 ) (722 ) (2 ) Discontinued operations 868 — 868 147 71 76 (1 ) (2 ) — Total $ 15,438 (1,039 ) 14,399 2,832 1,053 1,779 (297 ) (724 ) (2 ) 1 CEMEX’s operations in the Philippines are mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2020 and 2019, there is a non-controlling 2 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador. At year end 2020 and 2019, there is a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2020 and 2019, there is a non-controlling Debt by reportable segment is disclosed in note 17.1. As of December 31, 2020 and 2019, selected statement of financial position information by reportable segment was as follows: 2020 Equity Other Total Total Net assets Additions 1 Mexico $ — 3,837 3,837 1,523 2,314 144 United States 146 12,296 12,442 2,490 9,952 284 EMEAA United Kingdom 6 1,507 1,513 1,368 145 55 France 53 999 1,052 585 467 62 Germany 4 412 416 357 59 24 Spain — 1,023 1,023 230 793 22 Philippines — 761 761 158 603 82 Israel — 769 769 507 262 28 Rest of EMEAA 9 1,172 1,181 417 764 51 SCA&C Colombia — 1,105 1,105 514 591 14 Panama — 295 295 78 217 3 Caribbean TCL — 493 493 258 235 16 Dominican Republic — 158 158 66 92 2 Rest of SCA&C — 333 333 162 171 7 Others 292 1,568 1,860 9,754 (7,894 ) 1 Total 510 26,728 27,238 18,467 8,771 795 Assets held for sale and related liabilities (note 13.1) — 187 187 6 181 — Total consolidated $ 510 26,915 27,425 18,473 8,952 795 2019 Equity Other Total Total Net assets Additions 1 Mexico $ — 3,910 3,910 1,443 2,467 199 United States 143 13,755 13,898 2,440 11,458 398 EMEAA United Kingdom 6 1,556 1,562 1,225 337 67 France 50 928 978 460 518 38 Germany 4 397 401 353 48 25 Spain — 1,190 1,190 185 1,005 34 Philippines — 689 689 141 548 84 Israel — 611 611 429 182 33 Rest of EMEAA 11 1,168 1,179 435 744 65 SCA&C Colombia — 1,187 1,187 428 759 25 Panama — 337 337 105 232 10 Caribbean TCL — 542 542 236 306 21 Dominican Republic — 193 193 66 127 8 Rest of SCA&C — 381 381 164 217 18 Others 267 1,199 1,466 10,392 (8,926 ) 8 Total 481 28,043 28,524 18,502 10,022 1,033 Assets held for sale and related liabilities (note 13.1) — 839 839 37 802 — Total consolidated $ 481 28,882 29,363 18,539 10,824 1,033 1 In 2020 and 2019, the column “Additions to fixed assets” includes capital expenditures, which comprises acquisitions of property, machinery and equipment as well as additions of assets for the right-of-use, Revenues by line of business and reportable segment for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,001 628 172 587 (710 ) 2,678 United States 1,599 2,255 954 481 (1,296 ) 3,993 EMEAA United Kingdom 201 274 314 229 (279 ) 739 France — 647 340 8 (200 ) 795 Germany 210 202 69 116 (145 ) 452 Spain 233 83 24 25 (62 ) 303 Philippines 398 — — 3 (3 ) 398 Israel — 623 195 113 (177 ) 754 Rest of EMEAA 643 363 80 34 (177 ) 943 SCA&C Colombia 294 119 34 64 (107 ) 404 Panama 67 14 4 4 (16 ) 73 Caribbean TCL 245 5 7 15 (28 ) 244 Dominican Republic 185 15 5 38 (25 ) 218 Rest of SCA&C 458 32 9 24 (32 ) 491 Others — — — 959 (474 ) 485 Continuing operations 6,534 5,260 2,207 2,700 (3,731 ) 12,970 Discontinued operations 68 28 55 53 (15 ) 189 Total $ 6,602 5,288 2,262 2,753 (3,746 ) 13,159 2019 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,009 798 196 445 (656 ) 2,792 United States 1,608 2,189 917 332 (1,266 ) 3,780 EMEAA United Kingdom 227 310 290 246 (324 ) 749 France — 720 355 4 (210 ) 869 Germany 192 184 62 43 (67 ) 414 Spain 228 86 23 18 (61 ) 294 Philippines 457 — — 2 (1 ) 458 Israel — 554 166 78 (138 ) 660 Rest of EMEAA 609 378 89 28 (160 ) 944 SCA&C Colombia 363 176 53 51 (139 ) 504 Panama 141 49 15 12 (38 ) 179 Caribbean TCL 241 9 5 9 (24 ) 240 Dominican Republic 194 27 8 25 (26 ) 228 Rest of SCA&C 448 48 11 18 (31 ) 494 Others — — — 1,107 (582 ) 525 Continuing operations 6,717 5,528 2,190 2,418 (3,723 ) 13,130 Discontinued operations 229 110 154 85 (6 ) 572 Total $ 6,946 5,638 2,344 2,503 (3,729 ) 13,702 2018 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,302 898 210 642 (841 ) 3,211 United States 1,584 2,088 850 393 (1,301 ) 3,614 EMEAA United Kingdom 237 325 300 281 (370 ) 773 France — 735 353 9 (202 ) 895 Germany 186 197 56 136 (221 ) 354 Spain 250 70 19 17 (69 ) 287 Philippines 444 — 3 2 (1 ) 448 Israel — 521 159 110 (160 ) 630 Rest of EMEAA 656 416 94 205 (332 ) 1,039 SCA&C Colombia 353 189 55 92 (165 ) 524 Panama 171 71 23 14 (57 ) 222 Caribbean TCL 245 10 5 13 (24 ) 249 Dominican Republic 178 27 9 24 (36 ) 202 Rest of SCA&C 510 63 14 24 (41 ) 570 Others — — — 1,285 (772 ) 513 Continuing operations 7,116 5,610 2,150 3,247 (4,592 ) 13,531 Discontinued operations 420 219 236 144 (151 ) 868 Total $ 7,536 5,829 2,386 3,391 (4,743 ) 14,399 |
Operating Expenses, Depreciatio
Operating Expenses, Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Operating Expenses, Depreciation and Amortization | 6) OPERATING EXPENSES, DEPRECIATION AND AMORTIZATION Consolidated operating expenses during 2020, 2019 and 2018 by function are as follows: 2020 2019 2018 Administrative expenses 1 $ 1,076 1,112 1,130 Selling expenses 337 371 312 Distribution and logistics expenses 1,423 1,489 1,537 $ 2,836 2,972 2,979 1 All significant R&D activities are executed by several internal areas as part of their daily activities. In 2020, 2019 and 2018, total combined expenses of these departments recognized within administrative expenses were $31, $38 and $39, respectively. Depreciation and amortization recognized during 2020, 2019 and 2018 are detailed as follows: 2020 2019 2018 Included in cost of sales $ 921 865 853 Included in administrative, selling and distribution and logistics expenses 196 180 129 $ 1,117 1,045 982 |
Other Expenses, Net
Other Expenses, Net | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other Expenses, Net | 7) OTHER EXPENSES, NET The detail of the line item “Other expenses, net” in 2020, 2019 and 2018 was as follows: 2020 2019 2018 Impairment losses 1 $ (1,520 ) (64 ) (62 ) Results from the sale of assets and others, net 2 (127 ) (230 ) (149 ) Restructuring costs 3 (81 ) (48 ) (72 ) Incremental costs and expenses related to the COVID-19 (48 ) — — Remeasurement of pension liabilities 4 — — (8 ) Charitable contributions (3 ) (5 ) (5 ) $ (1,779 ) (347 ) (296 ) 1 In 2020, include impairment losses of goodwill and other intangible assets of $1,020 and $194, respectively, related to CEMEX’s assets and its Reporting Segment in the United States (notes 16.1 and 16.2), as well as impairment losses of fixed assets of $306, mainly related to assets in the United States, Spain and the United Kingdom (note 15.1). In 2019 and 2018, among others, includes impairment losses of fixed assets of $64 and $23, respectively, as well as in 2018 losses in the valuation of assets held for sale of $22 (notes 14.2, 15 and 16). 2 In 2020, 2019 and 2018, includes $11, $55 and $56, respectively, in connection with property damages and natural disasters (note 25.1). 3 Restructuring costs mainly refer to severance payments and the definite closing of operating sites. 4 Refers to past services remeasurement of CEMEX’s defined benefit plan in the United Kingdom determined in 2018 considering the issuance of a gender parity law. |
Financial Items
Financial Items | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Financial Items | 8) FINANCIAL ITEMS 8.1) FINANCIAL EXPENSE Consolidated financial expense in 2020, 2019 and 2018 includes $74, $77 and $74 of interest expense from financial obligations related to lease contracts (notes 15.2 and 17.2). 8.2) FINANCIAL INCOME AND OTHER ITEMS, NET The detail of financial income and other items, net in 2020, 2019 and 2018 was as follows: 2020 2019 2018 Effects of amortized cost on assets and liabilities and others, net 1 $ (122 ) (59 ) (59 ) Results from financial instruments, net (notes 14.2 and 17.4) (17 ) (1 ) 39 Foreign exchange results 6 (32 ) 10 Financial income 20 21 18 Others 3 — (10 ) $ (110 ) (71 ) (2 ) 1 The increase in 2020 is mainly a result of the decrease in the discount rates in the United Kingdom utilized by the Company to determine its environmental remediation liabilities. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Cash and Cash Equivalents | 9) CASH AND CASH EQUIVALENTS As of December 31, 2020 and 2019, consolidated cash and cash equivalents consisted of: 2020 2019 Cash and bank accounts $ 501 547 Fixed-income securities and other cash equivalents 449 241 $ 950 788 Based on net settlement agreements, the balance of cash and cash equivalents excludes deposits in margin accounts that guarantee several obligations of CEMEX of $32 in 2020 and $27 in 2019, which were offset against the corresponding obligations of CEMEX with the counterparties, considering CEMEX’s right, ability and intention to settle the amounts on a net basis. |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Trade Accounts Receivable, Net | 10) TRADE ACCOUNTS RECEIVABLE As of December 31, 2020 and 2019, consolidated trade accounts receivable consisted of: 2020 2019 Trade accounts receivable $ 1,654 1,637 Allowances for expected credit losses (121 ) (116 ) $ 1,533 1,521 As of December 31, 2020 and 2019, trade accounts receivable include receivables of $677 and $682, respectively, sold under outstanding trade receivables securitization programs and/or factoring programs with recourse, established in Mexico, the United States, France and the United Kingdom, in which CEMEX effectively surrenders control associated with the trade accounts receivable sold and there is no guarantee or obligation to reacquire the assets; nonetheless, in such programs, CEMEX retains certain residual interest in the programs and/or maintains continuing involvement with the accounts receivable. Therefore, the trade accounts receivable sold were not removed from the statement of financial position and the funded amounts to CEMEX of $586 in 2020 and $599 in 2019, were recognized within the line item of “Other financial obligations.” Trade accounts receivable qualifying for sale exclude amounts over certain days past due or concentrations over certain limits to any one customer, according to the terms of the programs. The discount granted to the acquirers of the trade accounts receivable is recorded as financial expense and amounted to $13 in 2020, $25 in 2019 and $23 in 2018. CEMEX’s securitization programs are usually negotiated for periods of one to two years and are usually renewed at their maturity. As of December 31, 2020, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL average Mexico $ 284 38 13.7 % United States 477 8 1.7 % Europe, Middle East, Africa and Asia 766 51 6.7 % South, Central America and the Caribbean 94 20 21.3 % Others 33 4 12.1 % $ 1,654 121 Changes in the allowance for expected credit losses in 2020, 2019 and 2018, were as follows: 2020 2019 2018 Allowances for expected credit losses at beginning of period $ 116 119 109 Adoption effects of ECL model as of January 1, 2018 — — 29 Charged to selling expenses 23 12 8 Deductions (19 ) (16 ) (20 ) Foreign currency translation effects 1 1 (7 ) Allowances for expected credit losses at end of period $ 121 116 119 As of December 31, 2020, in relation to the COVID-19 COVID-19 non-recovery. COVID-19 |
Other Accounts Receivable
Other Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other Accounts Receivable | 11) OTHER ACCOUNTS RECEIVABLE As of December 31, 2020 and 2019, consolidated other accounts receivable consisted of: 2020 2019 Advances of income taxes and other refundable taxes $ 304 147 Non-trade 1 117 113 Interest and notes receivable 39 50 Current portion of valuation of derivative financial instruments 7 1 Loans to employees and others 10 14 $ 477 325 1 Non-trade |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Inventories | 12) INVENTORIES As of December 31, 2020 and 2019, the consolidated balance of inventories was summarized as follows: 2020 2019 Finished goods $ 309 320 Materials and spare parts 271 263 Raw materials 192 194 Work-in-process 164 195 Inventory in transit 35 17 $ 971 989 For the years ended December 31, 2020, 2019 and 2018, CEMEX recognized within “Cost of sales” in the income statement, inventory impairment losses of $9, $6 and $6, respectively. |
Assets Held for Sale and Other
Assets Held for Sale and Other Current Asset | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Assets Held for Sale and Other Current Asset | 13) ASSETS HELD FOR SALE AND OTHER CURRENT ASSETS 13.1) ASSETS HELD FOR SALE (note 5.2) As of December 31, 2020 and 2019, assets held for sale, which are measured at the lower of their estimated realizable value, less costs to sell, and their carrying amounts, as well as liabilities directly related with such assets are detailed as follows: 2020 2019 Assets Liabilities Net assets Assets Liabilities Net assets White cement assets in Spain $ 107 — 107 $ 106 — 106 Kosmos’ assets in the United States — — — 457 14 443 Assets in the United Kingdom — — — 229 23 206 Other assets held for sale 1 80 6 74 47 — 47 $ 187 6 181 $ 839 37 802 1 In 2020, includes assets and liabilities of $26 and $6, respectively, associated with a committed sale of certain assets in France negotiated in December 2020. CEMEX recognized within the line item “Other expenses, net” adjustments in the fair value of its assets held for sale representing losses of $23 in 2020 and $30 in 2018. 13.2) OTHER CURRENT ASSETS As of December 31, 2020 and 2019, other current assets are mainly comprised of advance payments to vendors. |
Equity Accounted Investees, Oth
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable | 14) EQUITY ACCOUNTED INVESTEES, OTHER INVESTMENTS AND NON-CURRENT 14.1) EQUITY ACCOUNTED INVESTEES As of December 31, 2020 and 2019, the investments in common shares of associates were as follows: Activity Country % 2020 2019 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 244 229 Concrete Supply Co. LLC Concrete United States 40.0 81 75 Lehigh White Cement Company Cement United States 36.8 62 64 Société d’Exploitation de Carrières Aggregates France 50.0 21 17 Société Méridionale de Carrières Aggregates France 33.3 14 15 Other companies — — — 88 81 $ 510 481 Out of which: Book value at acquisition date $ 311 331 Changes in stockholders’ equity $ 199 150 Combined condensed statement of financial position information of CEMEX’s associates as of December 31, 2020 and 2019 is set forth below: 2020 2019 Current assets $ 1,240 982 Non-current 1,662 1,757 Total assets 2,902 2,739 Current liabilities 496 326 Non-current 766 898 Total liabilities 1,262 1,224 Total net assets $ 1,640 1,515 Combined selected information of the statements of operations of CEMEX’s associates in 2020, 2019 and 2018 is set forth below: 2020 2019 2018 Sales $ 1,759 1,600 1,449 Operating earnings 296 237 224 Income before income tax 175 158 110 Net income 128 118 86 The share of equity accounted investees by reportable segment in the statements of operations for 2020, 2019 and 2018 is detailed as follows: 2020 2019 2018 Mexico $ 30 23 13 United States 15 18 15 EMEAA 6 10 7 Corporate and others (2 ) (2 ) (1 ) $ 49 49 34 14.2) OTHER INVESTMENTS AND NON-CURRENT As of December 31, 2020 and 2019, consolidated other investments and non-current 2020 2019 Non-current 1 $ 246 197 Investments at fair value through the income statement 2 23 34 Non-current 3 2 Investments in strategic equity securities 3 3 3 $ 275 236 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $36 in 2020 and $32 in 2019, b) advances to suppliers of fixed assets of $47 in 2020 and $32 in 2019, c) employee prepaid compensation of $6 in 2020 and $7 in 2019, d) refundable taxes of $10 in 2019; and e) warranty deposits of $29 in 2020 and $33 in 2019. 2 Refers to investments in private funds and investments related to employee’ savings funds. In 2020 and 2019, no contributions were made to such private funds. 3 This line item refers mainly to a strategic investment in CPOs of Axtel, S.A.B. de C.V. (“Axtel”). This investment is recognized at fair value through other comprehensive income. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Goodwill and Intangible Assets, Net | 16) GOODWILL AND INTANGIBLE ASSETS, NET 16.1) BALANCES AND CHANGES DURING THE PERIOD As of December 31, 2020 and 2019, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2020 2019 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 8,506 — 8,506 $ 9,562 — 9,562 Intangible assets of definite useful life: Extraction rights 1,774 (416 ) 1,358 1,985 (395 ) 1,590 Industrial property and trademarks 44 (20 ) 24 42 (18 ) 24 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 49 (6 ) 43 48 (5 ) 43 Others intangible assets 1,034 (713 ) 321 1,014 (643 ) 371 $ 11,603 (1,351 ) 10,252 $ 12,847 (1,257 ) 11,590 Changes in consolidated goodwill for the years ended December 31, 2020, 2019 and 2018, were as follows: 2020 2019 2018 Balance at beginning of period $ 9,562 9,912 9,948 Business combinations (note 5.1) 2 — 16 Reclassification to assets held for sale (notes 5.2, 5.3 and 13.1) (9 ) (371 ) (22 ) Impairment losses (1,020 ) — — Foreign currency translation effects (29 ) 21 (30 ) Balance at end of period $ 8,506 9,562 9,912 Changes in intangible assets of definite life in 2020, 2019 and 2018, were as follows: 2020 Extraction Industrial Mining Others 1 Total Balance at beginning of period $ 1,590 24 43 371 2,028 Additions (disposals), net 1 (33 ) — — 37 4 Impairment losses (note 2) (181 ) — — (13 ) (194 ) Business combinations (note 5.1) — 2 — 5 7 Amortization for the period (21 ) (2 ) (1 ) (106 ) (130 ) Foreign currency translation effects 3 — 1 27 31 Balance at the end of period $ 1,358 24 43 321 1,746 2019 Extraction Industrial Mining Others 1 Total 2018 Balance at beginning of period $ 1,622 24 37 341 2,024 2,006 Additions (disposals), net 1 (26 ) (6 ) 5 108 81 157 Reclassifications (notes 5.2 and 13.1) — — — (2 ) (2 ) (11 ) Amortization for the period (8 ) (1 ) (1 ) (114 ) (124 ) (106 ) Impairment losses — — — — — (9 ) Foreign currency translation effects 2 7 2 38 49 (13 ) Balance at the end of period $ 1,590 24 43 371 2,028 2,024 1 In 2020 and 2019, “Others” includes the carrying amount of internal-use internal-use In connection with the idle status of North Brooksville plant in the United States (notes 2 and 15.1), CEMEX also recognized a non-cash 16.2) ANALYSIS OF GOODWILL IMPAIRMENT At least once a year during the last quarter or when impairment indicators exist, CEMEX analyses the possible impairment of goodwill by means of determining the value in use of its Cash Generating Units (“CGUs”) to which goodwill balances have been allocated. The value in use is represented by the discounted cash flows projections related to such CGUs using risk adjusted discount rates. In addition to the periodic goodwill impairment tests performed at year end 2020, considering the negative effects on its operating results caused by the COVID-19 As a result of these impairment analyses, in the third quarter of 2020, the Company recognized within Other expenses, net (note 7) in the statement of operations, a non-cash The impairment loss in the United States resulted from the high volatility, lack of visibility and reduced outlook associated with the effects of the COVID-19 As of December 31, 2020 and 2019, goodwill balances allocated by Operating Segment were as follows: 2020 2019 Mexico $ 372 384 United States 6,449 7,469 EMEAA Spain 463 494 United Kingdom 292 279 France 229 221 Philippines 95 92 United Arab Emirates 96 96 Rest of EMEAA 1 44 42 SCA&C Colombia 283 296 Caribbean TCL 92 100 Rest of SCA&C 2 64 62 Others Other reporting segments 3 27 27 $ 8,506 9,562 1 This caption refers to the operating segments in the Czech Republic and Egypt. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. 3 This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. As of December 31, 2020, 2019 and 2018, CEMEX’s pre-tax Discount rates Long-term growth rates Groups of CGUs 2020 2019 2018 2020 2019 2018 United States 7.3% 7.8% 8.5% 2.0% 2.5% 2.5% Spain 7.7% 8.3% 8.8% 1.5% 1.6% 1.7% United Kingdom 7.4% 8.0% 8.4% 1.6% 1.5% 1.6% France 7.4% 8.0% 8.4% 1.7% 1.4% 1.6% Mexico 8.3% 9.0% 9.4% 1.1% 2.4% 3.0% Colombia 8.4% 8.9% 9.5% 2.5% 3.7% 3.6% United Arab Emirates 8.3% 8.8% 11.0% 2.6% 2.5% 2.9% Egypt 10.2% 10.3% 10.8% 5.6% 6.0% 6.0% Range of rates in other countries 7.2% - 15.5% 8.1% - 11.5% 8.5% - 13.3% (0.3%) - 6.5% 1.6% - 6.5% 2.3% - 6.9% The discount rates used by CEMEX in its cash flows projections as of September 30, 2020 in the applicable countries remained relatively flat as compared to the rates determined as of December 31, 2019. Moreover, the discount rates used by CEMEX in its cash flows projections to determine the value in use of its operating segments as of December 31, 2020 generally decreased as compared to 2019 in a range of 0.1% up to 1.5%, mainly as a result of a decrease in 2020 in the funding cost observed in the industry that changed from 5.4% in 2019 to 4.1% in 2020 as well as the weighing of debt in the calculation of the discount rates that increased from 31.7% in 2019 to 34.6% in 2020. The risk-free rate associated to CEMEX changed from 2.9% in 2019 to 2.2% in 2020, nonetheless, increases in the specific risk rates of each country and in the market risk premium which changed from 5.6% in 2019 to 5.7% in 2020, resulted in that total cost of equity remained significantly flat in 2020 as compared to 2019 in the majority of the countries. These reductions were partially offset by a slight increase in the public comparable companies’ stock volatility (beta) that changed from 1.08 in 2019 to 1.19 in 2020. In addition, as preventive measure to consider the high uncertainty, volatility and reduced visibility related to the negative effects of the COVID-19 The discount rates used by CEMEX in its cash flows projections to determine the value in use of its operating segments as of December 31, 2019 generally decreased as compared to 2018 in a range of 0.6% up to 2.6%, mainly because of a decrease in 2019 in the funding cost observed in the industry that changed from 7.3% in 2018 to 5.4% in 2019. The risk-free rate associated to CEMEX remained significantly flat in the level of 2.9%, while the country risk-specific rates decreased slightly in 2019 in most cases. These reductions were partially offset by a slight increase in the public comparable companies’ stock volatility (beta) that changed from 1.06 in 2018 to 1.08 in 2019 and the decrease in the weighing of debt in the calculation of the discount rates that changed from 33.5% in 2018 to 31.7% in 2019. In connection with the discount rates and long-term growth rates included in the table above, CEMEX verified the reasonableness of its conclusions using sensitivity analyses to changes in assumptions, affecting the value in use of all groups of CGUs with an independent reasonably possible increase of 1% in the pre-tax In relation to the economic assumptions used by the Company described above, the additional impairment losses that would have resulted from the sensitivity analyses derived from independent changes in each of the relevant assumptions, as well as the multiples of Operating EBITDA, in those operating segments that presented impairment charges or relative impairment risk during 2020, are as follows: Additional effects of the sensitivity analyses to the charges recognized from the changes in assumptions as of Operating segment Impairment Discount rate +1% Long- term –1% Multiples 11.5x United States $ 1,020 188 — — The factors considered by the Company’s management that could cause the hypothetical scenarios of the previous sensitivity analysis in the United States are, in relation to the discount rate, an independent increase of 300 bps in the industry funding cost observed as of December 31, 2020 of 4.1% or, an independent increase in the risk-free rate of 190 bps over the rate of 2.3% in such country. Nonetheless, such assumptions do not seem probable as of December 31, 2020. As of December 31, 2020, except for the operating segment in the United States presented in the table above, none of the other sensitivity analyses indicated a potential impairment risk in CEMEX’s operating segments. CEMEX continually monitors the evolution of the group of CGUs to which goodwill has been allocated that have presented relative goodwill impairment risk in any of the reported periods and, if the relevant economic variables and the related value in use would be negatively affected, it may result in a goodwill impairment loss in the future. As of December 31, 2020 and 2019, goodwill allocated to its operating segment in the United States accounted for 76% and 78%, of CEMEX’s total amount of consolidated goodwill, respectively. In connection with CEMEX’s determination of value in use relative to its groups of CGUs in the United States in the reported periods, CEMEX has considered several factors, such as the historical performance of such operating segment, including the operating results in recent years, the long-term nature of CEMEX’s investment, the signs of recovery in the construction industry over the last years, the significant economic barriers for new potential competitors considering the high investment required, and the lack of susceptibility of the industry to technology improvements or alternate construction products, among other factors. To improve its assurance, as mentioned above, CEMEX verified its conclusions using sensitivity analyses over Operating EBITDA multiples of recent sale transaction within the industry occurred in such country, as well as macroeconomic information regarding gross domestic product and cement consumption over the projected periods issued by the International Monetary Fund and the U.S. Portland Cement Association, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Financial Instruments | 17) FINANCIAL INSTRUMENTS 17.1) CURRENT AND NON-CURRENT As of December 31, 2020 and 2019, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2020 2019 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ 172 2,538 2,710 $ 59 2,997 3,056 Fixed rate debt 7 6,622 6,629 3 6,306 6,309 $ 179 9,160 9,339 $ 62 9,303 9,365 Effective rate 3 Floating rate 3.1 % 4.0 % 4.3 % 4.1 % Fixed rate 4.7 % 5.6 % 5.2 % 5.5 % 2020 2019 Currency Current Non-current Total Effective 3 Current Non-current Total Effective 3 Dollars $ 6 6,089 6,095 5.8 % $ 25 6,144 6,169 5.2 % Euros 73 2,078 2,151 2.7 % 3 2,438 2,441 3.1 % Pounds 55 329 384 2.5 % 23 433 456 3.2 % Philippine pesos 3 220 223 4.1 % 3 221 224 5.2 % Mexican pesos — 334 334 6.8 % — — — — Other currencies 42 110 152 4.9 % 8 67 75 5.6 % $ 179 9,160 9,339 $ 62 9,303 9,365 1 As of December 31, 2020 and 2019, from total debt of $9,339 and $9,365, respectively, 93% in 2020 and 84% in 2019 was held in the Parent Company, 11% in 2019 was in finance subsidiaries in the Netherlands and the United States, and 7% in 2020 and 5% in 2019 was in other countries. 2 As of December 31, 2020 and 2019, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $66 and $71, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the amortized cost method. 3 In 2020 and 2019, represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period. As of December 31, 2020 and 2019, CEMEX´s consolidated debt summarized by type of instrument, was as follows: 2020 Current Non-current 2019 Current Non-current Bank loans Bank loans Loans in foreign countries, 2021 to 2024 $ 67 371 Loans in foreign countries, 2020 to 2024 $ 1 290 Syndicated loans, 2021 to 2025 — 2,383 Syndicated loans, 2021 to 2022 — 2,865 67 2,754 1 3,155 Notes payable Notes payable Medium-term notes, 2024 to 2030 — 6,327 Medium-term notes, 2023 to 2026 — 6,044 Other notes payable, 2021 to 2027 7 184 Other notes payable, 2020 to 2025 6 159 7 6,511 6 6,203 Total bank loans and notes payable 74 9,265 Total bank loans and notes payable 7 9,358 Current maturities 105 (105 ) Current maturities 55 (55 ) $ 179 9,160 $ 62 9,303 As of December 31, 2020 and 2019, CEMEX’s bank loans included the balances under CEMEX’s facilities agreement entered on July 19, 2017, as amended and restated several times in 2020 and 2019 as described below (the “2017 Facilities Agreement”) for $2,420 and $2,897, respectively. The 2017 Facilities Agreement is multi-currency and includes a committed revolving credit facility of $1,121 in 2020 and $1,135 in 2019. Changes in consolidated debt for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Debt at beginning of year $ 9,365 9,311 9,873 Proceeds from new debt instruments 4,210 3,331 2,325 Debt repayments (4,572 ) (3,284 ) (2,745 ) Foreign currency translation and accretion effects 336 7 (142 ) Debt at end of year $ 9,339 9,365 9,311 As of December 31, 2020 and 2019, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2020 2019 September 2030 Notes 3 17/Sep/20 CEMEX, S.A.B. de C.V. Dollar 1,000 5.2 % 17/Sep/30 – 1,000 $ 995 – November 2029 Notes 4 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 – 1,000 993 992 June 2027 Notes 05/Jun/20 CEMEX, S.A.B. de C.V. Dollar 1,000 7.375 % 05/Jun/27 – 1,000 994 – April 2026 Notes 16/Mar/16 CEMEX, S.A.B. de C.V. Dollar 1,000 7.75 % 16/Apr/26 – 1,000 997 996 March 2026 Notes 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 – 449 487 446 July 2025 Notes 02/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 – 150 153 154 March 2025 Notes 3 03/Mar/15 CEMEX, S.A.B. de C.V. Dollar 750 6.125 % 05/May/25 (750 ) – – 748 January 2025 Notes 11/Sep/14 CEMEX, S.A.B. de C.V. Dollar 1,100 5.70 % 11/Jan/25 (29 ) 1,071 1,069 1,069 December 2024 Notes 05/Dec/17 CEMEX, S.A.B. de C.V. Euro 650 2.75 % 05/Dec/24 – 729 792 726 June 2024 Notes 3 14/Jun/16 CEMEX Finance LLC Euro 400 4.625 % 15/Jun/24 (400 ) – – 447 April 2024 Notes 4 01/Apr/14 CEMEX Finance LLC Dollar 1,000 6.00 % 01/Apr/24 (1,000 ) – – 621 Other notes payable 31 4 $ 6,511 6,203 1 As of December 31, 2020, except for the July 2025 Notes which are guaranteed exclusively by CEMEX Corp. and unless otherwise indicated, all issuances are fully and unconditionally guaranteed by CEMEX, S.A.B. de C.V., CEMEX Concretos, S.A. de C.V., CEMEX España, S.A. (“CEMEX España”), CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion, (S.A.S.), CEMEX Research Group AG and CEMEX UK. 2 Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries. 3 CEMEX used a significant portion of the proceeds from the September 2030 Notes to redeem in full the March 2025 Notes and the June 2024 Notes. 4 In December 2019, CEMEX used a portion of the proceeds of the November 2029 Notes and increased to $360 the redeemed amount of the April 2024 Notes and further redeemed the entire amount in 2020. The maturities of consolidated long-term debt as of December 31, 2020, were as follows: Bank loans Notes payable Total 2022 $ 180 6 186 2023 766 6 772 2024 603 796 1,399 2025 1,100 1,226 2,326 2026 and thereafter – 4,477 4,477 $ 2,649 6,511 9,160 As of December 31, 2020, CEMEX had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2017 Facilities Agreement, at annual interest rates ranging between 1.65% and 3.94%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries $ 248 87 Other lines of credit from banks 310 310 Revolving credit facility 2017 Facilities Agreement 1,121 1,121 $ 1,679 1,518 As a result of debt issuances, exchange offers and tender offers incurred to refinance, replace and/or repurchase existing debt instruments, as applicable, CEMEX paid Issuance Costs for a combined amount of $98 in 2020, $63 in 2019 and $51 in 2018. Of these incurred Issuance Costs, $38 in 2020 and $24 in 2019, corresponding to new debt instruments or the refinancing of old debt, adjusted the carrying amount of the related debt instruments and are amortized over the remaining term of each instrument, while $60 in 2020, $39 in 2019 and $51 in 2018 of such Issuance Costs, associated with the extinguished portion of the related debt, were recognized in the statement of operations in each year within “Financial expense”. In addition, Issuance Costs pending for amortization related to extinguished debt instruments for $19 in 2020, $1 in 2019 and $4 in 2018 were also recognized in the statement of operations of each year within “Financial expense.” 2017 Facilities Agreement On July 19, 2017, the Parent Company and certain subsidiaries entered into the 2017 Facilities Agreement for an amount in different currencies equivalent to $4,050 at the origination date. The proceeds were used to refinance in full the $3,680 then outstanding under the former facilities agreements and other debt repayments. All tranches under the 2017 Facilities Agreement have substantially the same terms and share the same guarantors and collateral package as other secured debt obligations of CEMEX. After the amendments to the 2017 Facilities Agreement mentioned below that became effective on October 13, 2020, all tranches under the 2017 Facilities Agreement amortize in five equal payments beginning in July 2021 and ending in July 2025, except for: (i) a tranche for the Mexican Peso equivalent of $313 amortizing in four equal payments beginning in July 2023 and ending in July 2025; and (ii) the commitments under the revolving credit which mature in July 2023. All tranches under the 2017 Facilities Agreement have substantially the same terms, including a margin over LIBOR or EURIBOR and TIIE, as applicable, depending on the consolidated leverage ratio (as defined below in the Financial Covenants section) of CEMEX, as follows: Consolidated leverage ratio LIBOR / EURIBOR Applicable margin 1 TIIE Applicable margin 1 > = 6.00x 475 bps 425 bps < 6.00x > = 5.50x 425 bps 375 bps < 5.50x > = 5.00x 375 bps 325 bps < 5.00x > = 4.50x 300 bps 250 bps < 4.50x > = 4.00x 250 bps 210 bps < 4.00x > = 3.50x 212.5 bps 180 bps < 3.50x > = 3.00x 175 bps 150 bps < 3.00x > = 2.50x 150 bps 125 bps < 2.50x 125 bps 100 bps 1 LIBOR and EURIBOR refer to the London Inter-Bank Offered Rate and the Euro Inter-Bank Offered Rate, respectively, variable rates used in international markets for debt denominated in U.S. dollars and Euros, respectively. TIIE refers to the Tasa de Inter é s Interbancaria de Equilibrio 3-Month 3-Month 28-day As part of the amendment process to the 2017 Facilities Agreement that became effective on October 13, 2020, among other aspects, CEMEX negotiated: a) the extension of $1.1 billion of maturities by three years, from 2022 to 2025 and $1.1 billion (including the extension of December 17, 2020 mentioned below) of commitments under the revolving credit facility by one year from 2022 to 2023; b) the inclusion of five sustainability-linked metrics, including reduction of net CO 2 As part of amendment process to the 2017 Facilities Agreement that became effective on May 22, 2020, among other aspects, CEMEX negotiated the modification of the financial covenants contained therein, including the leverage and coverage ratios, to levels that would ideally enable CEMEX to remain in compliance with such financial covenants notwithstanding the adverse effects arising during the COVID-19 one-time As part of the amendments to the 2017 Facilities Agreement that became effective on November 4, 2019, among other aspects, CEMEX negotiated: a) an exclusive amount of up to $500 permitted for share buy-back; non-controlling As part of the amendment process to the 2017 Facilities Agreement that became effective on April 2, 2019, among other aspects, CEMEX extended $1,060 of maturities by three years and made certain adjustments to its consolidated financial leverage ratio, as described below in the financial covenants section, in connection with the implementation of IFRS 16 and the neutralization of any potential effect from such adoption. In addition, CEMEX delayed the scheduled tightening of the consolidated financial leverage ratio limit by one year. The balance of debt under the 2017 Facilities Agreement, which debtor is CEMEX, S.A.B. de C.V., was originally guaranteed by CEMEX México, S.A. de C.V. (“CEMEX México”), CEMEX Concretos, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V. (“ETM”), New Sunward Holding B.V., CEMEX España, CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion (S.A.S.), CEMEX Research Group AG and CEMEX UK. In addition, the debt under these agreements (together with all other senior capital markets debt issued or guaranteed by CEMEX, and certain other preceding facilities) is also secured by a first-priority security interest in: (a) substantially all the shares of CEMEX Operaciones México, S.A. de C.V, CEMEX Innovation Holding Ltd. and CEMEX España (the “Collateral”); and (b) all proceeds of such Collateral. In 2019, the Parent Company merged and absorbed ETM and CEMEX México, effective against third parties on February 26, 2020 and March 9, 2020, respectively. In addition, CEMEX España merged and absorbed New Sunward Holding B.V. with effects as of December 1, 2020. As a result, the merged and absorbed entities ceased to guarantee CEMEX, S.A.B. de C.V.’s indebtedness and the shares of CEMEX México and New Sunward Holding B.V., which used to be part of the Collateral, are no longer part of it. During the years 2020 and 2019, under the 2017 Facilities Agreement, CEMEX was required to: a) not exceed an aggregate amount for capital expenditures of $1,500 per year, excluding certain capital expenditures, joint venture investments and acquisitions by CHP and its subsidiaries and CLH and its subsidiaries, which had a separate limit of $500 (or its equivalent) each; and b) not exceed the amount for permitted acquisitions and investments in joint ventures of $400 per year. Nonetheless, such limitations did not apply if capital expenditures or acquisitions did not exceed free cash flow generation or were funded with proceeds from equity issuances or asset disposals. In addition to the restrictions mentioned above, and subject in each case to the permitted negotiated amounts and other exceptions, CEMEX is also subject to several negative covenants that, among other things, restrict or limit its ability to incur additional obligations, change its line of business, enter into mergers and enter into speculative derivatives transactions. Certain covenants and restrictions, such as the capital expenditure restrictions and several negative covenants, including restrictions on CEMEX’s ability to declare or pay cash dividends and distributions to shareholders, among others, shall cease to apply or become less restrictive if CEMEX so elects upon CEMEX’s Leverage Ratio (as defined hereinafter) for the two most recently completed quarterly testing periods being less than or equal to 3.75 times and no default under the 2017 Facilities Agreement is continuing. CEMEX cannot assure that it will be able to meet the conditions for these restrictions to cease to apply prior to the final maturity date under the 2017 Facilities Agreement. In addition, the 2017 Facilities Agreement contains events of default, some of which may occur and are outside of CEMEX’s control such as expropriation, sequestration and availability of foreign exchange. As of December 31, 2020 and 2019, CEMEX was in compliance with such limitations and restrictions contained in the 2017 Facilities Agreement. CEMEX cannot assure that in the future it will be able to comply with such restrictive covenants and limitations. CEMEX’s failure to comply with such covenants and limitations could result in an event of default, which could materially and adversely affect CEMEX’s business and financial condition. Financial Covenants The 2017 Facilities Agreement requires CEMEX to comply with financial ratios, which mainly include: a) the consolidated ratio of debt to Operating EBITDA (the “Leverage Ratio”); and b) the consolidated ratio of Operating EBITDA to interest expense (the “Coverage Ratio”). These financial ratios are calculated using the consolidated amounts under IFRS. CEMEX must comply with a Coverage Ratio and a Leverage Ratio for each period of four consecutive quarters. After the October 13, 2020 amendments, the Coverage Ratio should be equal or greater than 1.75 times for each reference period ending on December 31, 2020 through March 31, 2021; equal or greater than 2.25 times for each reference period ending on June 30, 2021 through September 30, 2021; equal or greater than 2.50 times for each reference period ending on December 31, 2021 through September 30, 2022; and equal or greater than 2.75 times for each subsequent reference period. The limits for the Leverage Ratio are as follows: Period Leverage Ratio For the period ending on December 31, 2020 up to and including the period ending on March 31, 2021 < = 6.25 For the period ending on June 30, 2021 < = 6.00 For the period ending on September 30, 2021 up to and including the period ending on March 31, 2022 < = 5.75 For the period ending on June 30, 2022 up to and including the period ending on September 30, 2022 < = 5.25 For the period ending on December 31, 2022 up to and including the period ending on March 31, 2023 < = 4.75 For the period ending on June 30, 2023 and each subsequent reference period < = 4.50 Leverage Ratio: Pro forma Operating EBITDA represents, Operating EBITDA for the last twelve months as of the calculation date, after IFRS 16 effects, plus the portion of Operating EBITDA referring to such twelve-month period of any significant acquisition made in the period before its consolidation in CEMEX, minus Operating EBITDA referring to such twelve-month period of any significant disposal that had already been liquidated. Coverage Ratio: As of December 31, 2020, 2019 and 2018, under the 2017 Facilities Agreement, the main consolidated financial ratios were as follows: Consolidated financial ratios 1 2020 2019 2018 Leverage ratio Limit <=6.25 <=5.25 <=4.75 Calculation 4.07 4.17 3.84 Coverage ratio Limit >=1.75 >=2.50 >=2.50 Calculation 3.82 3.86 4.41 1 Refers to the compliance limits and calculations that were effective on such dates. For 2019, before the October 13, 2020 amendments and the May 22, 2020 amendments. For 2018, before the April 2, 2019 amendments, the November 4, 2019 amendments and the adoption of IFRS 16 in the financial statements. CEMEX’s ability to comply with these ratios may be affected by economic conditions and volatility in foreign exchange rates, as well as by overall conditions in the financial and capital markets. CEMEX will classify all of its non-current 17.2) OTHER FINANCIAL OBLIGATIONS As of December 31, 2020 and 2019, other financial obligations in the consolidated statement of financial position were detailed as follows: 2020 2019 Current Non-current Total Current Non-current Total I. Leases $ 293 967 1,260 $ 262 1,044 1,306 II. Liabilities secured with accounts receivable 586 — 586 599 — 599 III. Convertible subordinated notes due 2020 — — — 520 — 520 $ 879 967 1,846 $ 1,381 1,044 2,425 I. Leases (notes 3.6, 8.1, 15.2 and 24.1) CEMEX has several operating and administrative assets under lease contracts (note 15.2). CEMEX applies the recognition exemption for short-term leases and leases of low-value 2020 2019 2018 Lease financial liability at beginning of year $ 1,306 1,315 1,309 Additions from new leases 213 274 296 Reductions from payments (276 ) (239 ) (192 ) Cancellations and liability remeasurements (9 ) (54 ) (67 ) Foreign currency translation and accretion effects 26 10 (31 ) Lease financial liability at end of year $ 1,260 1,306 1,315 As of December 31, 2020, the maturities of non-current Total 2022 $ 199 2023 162 2024 127 2025 95 2026 and thereafter 384 $ 967 Total cash outflows for leases in 2020, 2019 and 2018, including the interest expense portion as disclosed at note 8.1, were $350, $316 and $266, respectively. Future payments associated with these contracts are presented in note 24.1. II. Liabilities secured with accounts receivable As mentioned in note 10, the funded amounts of sale of trade accounts receivable under securitization programs and/or factoring programs with recourse, are recognized in “Other financial obligations” in the statement of financial position. III. Optional convertible subordinated notes due 2020 During 2015, the Parent Company issued $521 aggregate principal amount of 3.72% optional convertible subordinated notes due in March 2020 (the “2020 Convertible Notes”) because of exchanges or settlements of other convertible notes. The 2020 Convertible Notes, were subordinated to most of CEMEX’s liabilities and commitments and were convertible into a fixed number of the Parent Company’s ADSs at any time at the holder’s election and were subject to antidilution adjustments. As of December 31, 2019, the conversion price per ADS for the 2020 Convertible Notes was $10.73 dollars. On March 13, 2020, CEMEX paid $521 as full settlement of the aggregate outstanding amount of the 2020 Convertible Notes which matured on March 15, 2020 with a minimal conversion of ADS. 17.3) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities The book values of cash, trade receivables, other accounts receivable, trade payables, other accounts payable and accrued expenses, as well as short-term debt, approximate their corresponding estimated fair values due to the revolving nature of these financial assets and liabilities in the short-term. The estimated fair value of CEMEX´s non-current The fair values determined by CEMEX for its derivative financial instruments are level 2. There is no direct measure for the risk of CEMEX or its counterparties in connection with such instruments. Therefore, the risk factors applied for CEMEX’s assets and liabilities originated by the valuation of such derivatives were extrapolated from publicly available risk discounts for other public debt instruments of CEMEX or of its counterparties. The estimated fair value of derivative instruments fluctuates over time and is determined by measuring the effect of future relevant economic variables according to the yield curves shown in the market as of the reporting date. These values should be analyzed in relation to the fair values of the underlying transactions and as part of CEMEX’s overall exposure to fluctuations in interest rates and foreign exchange rates. The notional amounts of derivative instruments do not represent amounts of cash exchanged by the parties, and consequently, there is no direct measure of CEMEX’s exposure to the use of these derivatives. The amounts exchanged are determined based on the notional amounts and other terms included in the derivative instruments. As of December 31, 2020 and 2019, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2020 2019 Carrying Fair Carrying Fair Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 3 3 $ 2 2 Other investments and non-current 272 272 234 234 $ 275 275 $ 236 236 Financial liabilities Long-term debt (note 17.1) $ 9,160 9,687 $ 9,303 9,711 Other financial obligations (note 17.2) 967 1,012 1,044 1,071 Derivative financial instruments (notes 17.4 and 18.2) 53 53 46 46 $ 10,180 10,752 $ 10,393 10,828 As of December 31, 2020 and 2019, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 3.6): 2020 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 3 — 3 Investments in strategic equity securities (note 14.2) 3 — — 3 Other investments at fair value through earnings (note 14.2) — 23 — 23 $ 3 26 — 29 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 53 — 53 2019 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 2 — 2 Investments in strategic equity securities (note 14.2) 3 — — 3 Other investments at fair value through earnings (note 14.2) — 34 — 34 $ 3 36 — 39 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 46 — 46 17.4) DERIVATIVE FINANCIAL INSTRUMENTS During the reported periods, in compliance with the guidelines established by its Risk Management Committee, the restrictions set forth by its debt agreements and its hedging strategy (note 17.5), CEMEX held derivative instruments, with the objectives, as the case may be of: a) changing the risk profile or fixed the price of fuels; b) foreign exchange hedging; c) hedge of forecasted transactions; and d) other corporate purposes. As of December 31, 2020 and 2019, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2020 2019 Notional Fair Notional Fair I. Net investment hedge $ 741 (42 ) 1,154 (67 ) II. Interest rate swaps 1,334 (47 ) 1,000 (35 ) III. Equity forwards on third party shares 27 3 74 1 IV. Fuel price hedging 128 5 96 1 $ 2,230 (81 ) 2,324 (100 ) The caption “Financial income and other items, net” in the income statement includes gains and losses related to the recognition of changes in fair values of the derivative financial instruments during the applicable period, which represented net losses of $17 in 2020, net losses of $1 in 2019 and net gains of $39 in 2018. I. Net investment hedge As of December 31, 2020 and 2019, there are Dollar/Mexican peso foreign exchange forward contracts under a program that started in 2017 with a notional of up to $1,250, which can be adjusted in relation to hedged risks. During 2020, this program was adjusted and reached a notional amount of $741 with forward contracts with tenors from 1 to 18 months. For accounting purposes under IFRS, CEMEX has designated this program as a hedge of CEMEX’s net investment in Mexican pesos, pursuant to which changes in fair market value of these instruments are recognized as part of other comprehensive income in equity. For the years 2020, 2019 and 2018, these contracts generated gains of $53 and losses of $126 and $59, respectively, which partially offset currency translation results in each year recognized in equity generated from CEMEX’s net assets denominated in Mexican pesos due to the depreciation of the peso in 2020 and the appreciation of the peso in 2019 and 2018. II. Interest rate swap contracts As of December 31, 2020 and 2019, CEMEX held interest rate swaps for a notional amount of $1,000 the fair value of which represented a liability of $44 and $35, respectively, negotiated in June 2018 to fix interest payments of existing bank loans bearing floating rates. The contracts mature in June 2023. During September 2020, CEMEX amended one of the interest rate swap contracts to reduce the weighted strike from 3.05% to 2.56% paying $14 recognized within “Financial income and other items, net” in the statement of operations. For accounting purposes under IFRS, CEMEX designated these contracts as cash flow hedges, pursuant to which, changes in fair value are initially recognized as part of other comprehensive income in equity and are subsequently allocated through financial expense as interest expense on the related bank loans is accrued. For the years ended in 2020 and 2019, changes in fair value of these contracts generated losses of $9 and losses of $26, respectively, recognized in other comprehensive income. During October 2020, CEMEX negotiated interest rate swaps to fix interest payments of existing bank loans referenced to Mexican Peso floating rates and will mature in November 2023. As of December 31, 2020, CEMEX held a notional amount of $334 the fair value of which represented a liability of $3. CEMEX designated these contracts as cash flow hedges, pursuant to which, changes in fair value are initially recognized as part of other comprehensive income in equity and are subsequently allocated through financial expense as interest expense on the related bank loans is accrued. For the year ended in 2020 changes in fair value of these contracts generated losses of $3 recognized in other comprehensive income. As of December 31, 2018, CEMEX had an interest rate swap maturing in September 2022 associated with an agreement entered by CEMEX for the acquisition of electric energy in Mexico, the fair value of which represented assets of $11. Pursuant to this instrument, during the tenure of the swap and based on its notional amount, CEMEX receives fixed rate of 5.4% and pays LIBOR. Changes in the fair value of this interest rate swap generated losses of $6 in 2018, recognized in the income statement for each period. During 2019, CEMEX unwound and settled its interest rate swap. III. Equity forwards on third party shares As of December 31, 2020 and 2019, CEMEX maintained equity forward contracts with cash settlement in March 2022 and March 2021, respectively, over the price of 4.7 million shares of Grupo Cementos de Chihuahua, S.A.B. de C.V. in 2020 and 13.9 million in 2019. During 2020 and 2019, CEMEX early settled a portion of these contracts for 9.2 and 6.9 million shares, respectively. Changes in the fair value of these instruments and early settlement effects generated gains of $1 in 2020, gains of $2 in 2019 and gains of $26 in 2018 recognized within “Financial income and other items, net” in the income statement. IV. Fuel price hedging As of December 31, 2020 and 2019, CEMEX maintained forward and option contracts negotiated to hedge the price of certain fuels, primarily diesel and gas, in several operations for aggregate notional amounts of $128 and $96, respectively, with an estimated aggregate fair value representing assets of $5 in 2020 and assets of $1 in 2019. By means of these contracts, for its own consumption only, CEMEX fixed the price of these fuels over certain volumes representing a portion of the estimated consumption of such fuels in several operations. These contracts have been designated as cash flow hedges of diesel or gas consumption, and as such, changes in fair value are recognized temporarily through other comprehensive income and are recycled to operating expenses as the related fuel volumes are consumed. For the years 2020, 2019 and 2018, changes in fair value of these contracts recognized in other comprehensive income represented gains of $7, gains of $15 and losses of $35, respectively. Other derivative financial instruments negotiated during the periods During 2020, CEMEX negotiated Dollar/Peso, Dollar/Euro and Dollar/British Pound foreign exchange forward contracts to sell Dollars and Pesos and buy Euro and British Pounds, negotiated in connection with the voluntary prepayment and currency exchanges under the 2017 Facilities Agreement, for a combined notional amount of $397. For the year 2020, the aggregate results from positions entered and settled, generated losses of $15 recognized within “Financial income and other items, net” in the statements of operation. Additionally, during 2020, CEMEX negotiated Dollar/Euro foreign exchange forward contracts to sell Dollars and buy Euro, negotiated in connection with the redemption of the 4.625% April 2024 Notes. For the year 2020, the aggregate results of these instruments from positions entered and settled, generated gains of $3, recognized within “Financial income and other items, net” in the statement of operations. Moreover, in connection with the proceeds from the sale of certain assets in the United Kingdom (note 5.2), the Company negotiated British Pound/Euro foreign exchange forward contracts to sell British Pounds and buy Euro for a notional amount of $186. CEMEX settled such derivatives on August 5, 2020. During the year 2020, changes in the fair value of these instruments and their settlement generated gains of $9 recognized within “Financial income and other items, net” in the statement of operations. 17.5) RISK MANAGEMENT Enterprise risks may arise from any of the following situations: i) the potential change in the value of assets owned or reasonably anticipated to be owned, ii) the potential change in value of liabilities incurred or reasonably anticipated to be incurred, iii) the potential change in value of services provided, purchase or reasonably anticipated to be provided or purchased in the ordinary course of business, iv) the potential change in the value of assets, services, inputs, products or commodities owned, produced, manufactured, processed, merchandised, leased or sell or reasonably anticipated to be owned, produced, manufactured, processed, merchandised, leased or sold in the ordinary course of business, or v) any potential change in the value arising from interest rate or foreign exchange rate exposures arising from current or anticipated assets or liabilities. In the ordinary course of business, CEMEX is exposed to commodities risk, including the exposure from inputs such as fuel, coal, petcoke, fly-ash, As of December 31, 2020 and 2019, these strategies are sometimes complemented with the use of derivative financial instruments as mentioned in note 17.4, such as the commodity forward contracts on fuels negotiated to fix the price of these underlying commodities. The main risk categories are mentioned below: Credit risk Credit risk is the risk of financial loss faced by CEMEX if a customer or counterparty to a financial instrument does not meet its contractual obligations and originates mainly from trade accounts receivable. As of December 31, 2020 and 2019, the maximum exposure to credit risk is represented by the balance of financial assets. Management has developed policies for the authorization of credit to customers. Exposure to credit risk is monitored constantly according to the payment behavior of debtors. Credit is assigned on a customer-by-customer The Company’s management has established a policy of low risk tolerance which analyzes the creditworthiness of each new client individually before offering the general conditions of payment terms and delivery. The rev |
Other Current and Non-current L
Other Current and Non-current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Other Current and Non-current Liabilities | 18) OTHER CURRENT AND NON-CURRENT 18.1) OTHER CURRENT LIABILITIES As of December 31, 2020 and 2019, consolidated other current liabilities were as follows: 2020 2019 Provisions 1 $ 718 558 Interest payable 86 88 Other accounts payable and accrued expenses 2 267 313 Contract liabilities with customers (note 4) 3 201 225 $ 1,272 1,184 1 Current provisions primarily consist of accrued employee benefits, insurance payments, accruals for legal assessments and others. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. 2 As of December 31, 2020 and 2019, includes $19 and $22, respectively, of the current portion of other taxes payable in Mexico. 3 As of December 31, 2020 and 2019, contract liabilities with customers included $161 and $184, respectively, of advances received from customers, as well as in 2020 and 2019 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $4 and $4, respectively. 18.2) OTHER NON-CURRENT As of December 31, 2020 and 2019, consolidated other non-current 2020 2019 Asset retirement obligations 1 $ 369 327 Accruals for legal assessments and other responsibilities 2 27 30 Non-current 53 46 Environmental liabilities 3 275 214 Other non-current 4, 5 273 308 $ 997 925 1 Provisions for asset retirement include future estimated costs for demolition, cleaning and reforestation of production sites at the end of their operation, which are initially recognized against the related assets and are depreciated over their estimated useful life. 2 Provisions for legal claims and other responsibilities include items related to tax contingencies. 3 Environmental liabilities include future estimated costs arising from legal or constructive obligations, related to cleaning, reforestation and other remedial actions to remediate damage caused to the environment. The expected average period to settle these obligations is greater than 15 years. 4 As of December 31, 2020 and 2019, includes $12 and $31, respectively, of the non-current 5 As of December 31, 2020 and 2019, the balance includes deferred revenues of $42 and $50, respectively, that are amortized to the income statement as deliverables are fulfilled over the maturity of long-term clinker supply agreements. Changes in consolidated other current and non-current 2020 Asset Environmental Accruals for legal Valuation of Other liabilities Total 2019 Balance at beginning of period $ 327 214 30 102 851 1,524 1,335 Additions or increase in estimates 80 1 3 7 2,306 2,397 1,641 Releases or decrease in estimates (28 ) — (8 ) — (2,132 ) (2,168 ) (1,527 ) Reclassifications 54 — — — 59 113 62 Accretion expense (17 ) 62 — — (167 ) (122 ) (59 ) Foreign currency translation (47 ) (2 ) 2 (18 ) 77 12 72 Balance at end of period $ 369 275 27 91 994 1,756 1,524 Out of which: Current provisions $ — — — 38 721 759 599 |
Pensions and Post-Employment Be
Pensions and Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Pensions and Post-Employment Benefits | 19) PENSIONS AND POST-EMPLOYMENT BENEFITS Defined contribution pension plans The consolidated costs of defined contribution plans for the years ended December 31, 2020, 2019 and 2018 were $48, $50 and $45, respectively. CEMEX contributes periodically the amounts offered by the pension plan to the employee’s individual accounts, not retaining any remaining liability as of the financial statements’ date. Defined benefit pension plans Most of CEMEX’s defined benefit plans have been closed to new participants for several years. Actuarial results related to pension and other post-employment benefits are recognized in earnings and/or in “Other comprehensive income” for the period in which they are generated, as appropriate. For the years ended December 31, 2020, 2019 and 2018, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2020 2019 2018 2020 2019 2018 2020 2019 2018 Recorded in operating costs and expenses Service cost $ 10 10 10 2 2 3 12 12 13 Past service cost (2 ) 1 9 1 — — (1 ) 1 9 Settlements and curtailments — (3 ) — (1 ) — — (1 ) (3 ) — 8 8 19 2 2 3 10 10 22 Recorded in other financial expenses Net interest cost 28 34 35 5 5 5 33 39 40 Recorded in other comprehensive income Actuarial (gains) losses for the period 181 203 (176 ) 18 7 — 199 210 (176 ) $ 217 245 (122 ) 25 14 8 242 259 (114 ) As of December 31, 2020 and 2019, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2020 2019 2020 2019 2020 2019 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,651 2,375 87 79 2,738 2,454 Service cost 10 10 2 2 12 12 Interest cost 70 78 5 5 75 83 Actuarial losses 258 268 18 7 276 275 Additions through business combinations 1 — — — 1 — Settlements and curtailments — (3 ) (1 ) — (1 ) (3 ) Reduction from disposal of assets — (2 ) — — — (2 ) Plan amendments (2 ) 1 1 — (1 ) 1 Benefits paid (140 ) (141 ) (6 ) (7 ) (146 ) (148 ) Foreign currency translation 80 65 (1 ) 1 79 66 Projected benefit obligation at end of the period 2,928 2,651 105 87 3,033 2,738 Change in plan assets: Fair value of plan assets at beginning of the period 1,599 1,486 1 1 1,600 1,487 Return on plan assets 42 44 — — 42 44 Actuarial gains 77 65 — — 77 65 Employer contributions 75 103 6 7 81 110 Reduction for disposal of assets — (1 ) — — — (1 ) Benefits paid (140 ) (141 ) (6 ) (7 ) (146 ) (148 ) Foreign currency translation 40 43 — — 40 43 Fair value of plan assets at end of the period 1,693 1,599 1 1 1,694 1,600 Net projected liability in the statement of financial position $ 1,235 1,052 104 86 1,339 1,138 For the years 2020, 2019 and 2018, actuarial (gains) losses for the period were generated by the following main factors as follows: 2020 2019 2018 Actuarial (gains) losses due to experience $ 1 5 (58 ) Actuarial (gains) losses due to demographic assumptions 18 (11 ) (57 ) Actuarial (gains) losses due financial assumptions 180 216 (61 ) $ 199 210 (176 ) In 2020, net actuarial losses due to financial assumptions were mainly driven by a general decrease in the discount rates applicable to the calculation of the benefits’ obligations mainly in the United Kingdom, the United States, and Mexico, as market interest rates decrease globally in 2020 as compared to 2019, partially offset by actual returns in plan assets higher than estimated in the United Kingdom and the United States. In addition, the United Kingdom Government confirmed on November 25, 2020, with effect from February 2030 onwards, Retail Prices Index (“RPI”) will be aligned with Consumer Prices Index (“CPI”). The RPI is used to set pension increase assumptions for the United Kingdom pension plans. As a result of this change, in 2020, CEMEX had an increase in its United Kingdom pension liabilities of $54. In 2019, such net actuarial losses were also mainly driven by a general decrease in the discount rates applicable to the calculation of the benefits’ obligations mainly in the United Kingdom, the United States, Germany and Mexico, as market interest rates decrease globally in 2019 as compared to 2018, partially offset by actual returns in plan assets higher than estimated in the United Kingdom and the United States. In 2018, net actuarial gains due to financial assumptions were mainly generated by a general increase in the discounts rates applied for the calculation of the pension benefit obligations in the United Kingdom, Germany, United States and Mexico, among others, resulting from the increase in market interest rates after several years in which such rates reached historically low levels. As of December 31, 2020 and 2019, based on the hierarchy of fair values, plan assets are detailed as follows: 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 44 — — 44 $ 45 16 — 61 Investments in corporate bonds 1 474 — 475 4 396 — 400 Investments in government bonds 86 371 — 457 90 450 — 540 Total fixed-income securities 131 845 — 976 139 862 — 1,001 Investment in marketable securities 341 89 — 430 223 157 — 380 Other investments and private funds 146 55 87 288 46 85 88 219 Total variable-income securities 487 144 87 718 269 242 88 599 Total plan assets $ 618 989 87 1,694 $ 408 1,104 88 1,600 The most significant assumptions used in the determination of the benefit obligation were as follows: 2020 2019 United United Range of rates in United United Rates ranges in Mexico States Kingdom other countries Mexico States Kingdom other countries Discount rates 7.8% 2.6% 1.5% 0.2% – 9.0% 8.75% 3.6% 2.1% 0.4% – 8.8% Rate of return on plan assets 7.8% 2.6% 1.5% 0.2% – 9.0% 8.75% 3.6% 2.1% 0.4% – 8.8% Rate of salary increases 4.5% — 3.0% 2.3% – 6.8% 4.0% — 3.0% 2.3% – 6.8% As of December 31, 2020, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2021 $ 157 2022 144 2023 144 2024 144 2025 – 2030 868 As of December 31, 2020 and 2019, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2020 2019 PBO Assets Deficit PBO Assets Deficit Mexico $ 216 29 187 $ 203 24 179 United States 305 222 83 297 219 78 United Kingdom 1 1,925 1,214 711 1,681 1,128 553 Germany 219 8 211 204 9 195 Other countries 368 221 147 353 220 133 $ 3,033 1,694 1,339 $ 2,738 1,600 1,138 1 Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund started to receive annual dividends from a limited partnership (the “Partnership”), whose assets transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. The annual dividends received by the pension funds in 2020, 2019 and 2018, which increase at a 5% rate per year, were £21.3 ($29), £20.3 ($27) and £19.3 ($25), respectively. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. In some countries, CEMEX has established health care benefits for retired personnel limited to a certain number of years after retirement. As of December 31, 2020 and 2019, the projected benefits obligation related to these benefits was $78 and $62, respectively, included within other benefits liability. The medical inflation rates used to determine the projected benefits obligation of these benefits in 2020 and 2019 for Mexico were 8% in both years, for Puerto Rico 6.4% and 6.3%, respectively, for the United Kingdom were 6.5% in both years and for TCL were 5.0% and 8.0%, respectively. Significant events of settlements or curtailments related to employees’ pension benefits and other post-employment benefits during the reported periods During 2020, in connection with the divestiture of Kosmos’ assets in the United States (note 5.1), CEMEX recognized a curtailment gain of $1 related to its medical plan. Moreover, in France, CEMEX changed certain formulas of the pension benefits resulting in a past service gain of $2. In addition, in Mexico, CEMEX changed some postretirement benefits which resulted in an expense for past services of $1 in 2020. These effects were recognized in the income statement for the year. During 2019, CEMEX in France closed two legal entities resulting in a curtailment gain of $3, which were recognized in the income statement for the period. There were no significant events during 2018. Sensitivity analysis of pension and other post-employment benefits For the year ended December 31, 2020, CEMEX performed sensitivity analyses on the most significant assumptions that affect the PBO, considering reasonable independent changes of plus or minus 50 basis points in each of these assumptions. The increase (decrease) that would have resulted in the PBO of pensions and other post-employment benefits as of December 31, 2020 are shown below: Pensions Other benefits Total +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Assumptions: Discount Rate Sensitivity $ (202 ) 228 (5 ) 6 (207 ) 234 Salary Increase Rate Sensitivity 7 (7 ) 1 — 8 (7 ) Pension Increase Rate Sensitivity 146 (128 ) — — 146 (128 ) Multiemployer defined benefit pension plans In addition to the Company’s sponsored plans, certain union employees in the United States and the United Kingdom are covered under multiemployer defined benefit plans administered by their unions. The Company’s funding arrangements, rate of contributions and funding requirements were made in accordance with the contractual multiemployer agreements. The combined amounts contributed to the multiemployer plans were $56 in 2020, $64 in 2019 and $65 in 2018. The Company expects to contribute approximately $58 to the multiemployer plans in 2021. In addition to the funding described in the preceding paragraph, CEMEX negotiated with a union managing a multiemployer plan in the United States the change of the plan from defined benefit to defined contribution beginning on September 29, 2019. This change generated a one-time |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Income Taxes | 20) INCOME TAXES 20.1) INCOME TAXES FOR THE PERIOD The amounts of income tax expense in the statements of operations for 2020, 2019 and 2018 are summarized as follows: 2020 2019 2018 Current income tax expense $ 174 143 99 Deferred income tax expense (revenue) (122 ) 19 125 $ 52 162 224 20.2) DEFERRED INCOME TAXES As of December 31, 2020 and 2019, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2020 2019 Deferred tax assets: Tax loss carryforwards and other tax credits $ 777 757 Accounts payable and accrued expenses 558 458 Intangible assets, net 49 57 Total deferred tax assets, gross 1,384 1,272 Presentation offset regarding same legal entity (644 ) (645 ) 740 627 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,273 ) (1,323 ) Investments and other assets (29 ) (42 ) Total deferred tax liabilities, gross (1,302 ) (1,365 ) Presentation offset regarding same legal entity 644 645 Total deferred tax liabilities, net in the statement of financial position (658 ) (720 ) Net deferred tax assets (liabilities) $ 82 (93 ) Out of which: Net deferred tax liability in Mexican entities 1 $ (77 ) (157 ) Net deferred tax asset in Foreign entities 2 159 64 Net deferred tax asset (liability) $ 82 (93 ) 1 Net deferred tax liabilities in Mexico mainly refer to a temporary difference resulting when comparing at the reporting date the carrying amount of property, machinery and equipment, as per IFRS, and their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2020 and 2019 are mainly related to tax loss carryforwards recognized in prior years, mainly in the United States, that are expected to be recovered in the future against taxable income. As of December 31, 2020 and 2019, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2020 2019 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 152 (229 ) (77 ) $ 189 (346 ) (157 ) Foreign entities 588 (429 ) 159 438 (374 ) 64 $ 740 (658 ) 82 $ 627 (720 ) (93 ) The breakdown of changes in consolidated deferred income taxes during 2020, 2019 and 2018 was as follows: 2020 2019 2018 Deferred income tax expense (revenue) in the income statement $ (122 ) 19 125 Deferred income tax revenue in stockholders’ equity 1 (41 ) (59 ) (10 ) Reclassifications 2 (12 ) 3 3 Change in deferred income tax during the period $ (175 ) (37 ) 118 1 In 2018, includes a deferred income tax revenue of $8 in connection with the adoption of IFRS 9 on January 1, 2018. 2 In 2020, 2019 and 2018, refers to the effects of the reclassification of balances to assets held for sale and related liabilities (note 5.2). Current and/or deferred income tax relative to items of other comprehensive income during 2020, 2019 and 2018 were as follows: 2020 2019 2018 Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) $ (19 ) (19 ) (2 ) Expense (revenue) associated to actuarial results (note 21.2) (41 ) (29 ) 31 Revenue related to derivative financial instruments (note 17.4) 14 (34 ) (3 ) Expense (revenue) from foreign currency translation and other effects (14 ) 4 (38 ) $ (60 ) (78 ) (12 ) As of December 31, 2020, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of 2021 $ 93 81 12 2022 312 289 23 2023 475 454 21 2024 524 234 290 2025 and thereafter 14,897 12,078 2,819 $ 16,301 13,136 3,165 As of December 31, 2020, in connection with CEMEX’s deferred tax loss carryforwards presented in the table above, to realize the benefits associated with such deferred tax assets that have been recognized, before their expiration, CEMEX would need to generate $3,165 in consolidated pre-tax The Parent Company does not recognize a deferred income tax liability related to its investments in subsidiaries considering that CEMEX controls the reversal of the temporary differences arising from these investments and management is satisfied that such temporary differences will not reverse in the foreseeable future. 20.3) RECONCILIATION OF EFFECTIVE INCOME TAX RATE For the years ended December 31, 2020, 2019 and 2018, the effective consolidated income tax rates were as follows: 2020 2019 2018 Earnings before income tax $ (1,274 ) 253 717 Income tax expense (52 ) (162 ) (224 ) Effective consolidated income tax expense rate 1 (4.1 )% 64.0 % 31.2 % 1 The average effective tax rate equals the net amount of income tax revenue or expense divided by income or loss before income taxes, as these line items are reported in the income statement. 2020 2019 2018 % $ % $ % $ Mexican statutory tax rate 30.0 (382 ) 30.0 76 30.0 215 Difference between accounting and tax expenses, net 1 (19.0 ) 242 109.2 277 18.7 134 Non-taxable 1.3 (17 ) (13.4 ) (34 ) (4.6 ) (33 ) Difference between book and tax inflation (7.1 ) 90 38.1 96 19.5 140 Differences in the income tax rates in the countries where CEMEX operates 2 (0.9 ) 12 (31.9 ) (81 ) (16.0 ) (115 ) Changes in deferred tax assets 3 (9.6 ) 122 (59.8 ) (151 ) (15.6 ) (112 ) Changes in provisions for uncertain tax positions 0.2 (2 ) (5.2 ) (13 ) (1.8 ) (13 ) Others 1.0 (13 ) (3.0 ) (8 ) 1.0 8 Effective consolidated income tax expense rate (4.1 ) 52 64.0 162 31.2 224 1 In 2020, includes $312 related to the effects of the impairment charges which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2018, includes the effect related to the change in statutory tax rate in Colombia and the United States, respectively (note 20.4). 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. The following table compares variations between the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2020 and 2019: 2020 2019 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ — 178 — 84 Derecognition related to tax loss carryforwards recognized in prior years (70 ) 12 (43 ) (43 ) Recognition related to unrecognized tax loss carryforwards 82 (84 ) 92 92 Foreign currency translation and other effects 8 16 6 18 Changes in deferred tax assets $ 20 122 55 151 20.4) UNCERTAIN TAX POSITIONS AND SIGNIFICANT TAX PROCEEDINGS Uncertain tax positions As of December 31, 2020 and 2019, as part of current provisions and non-current 2020 2019 2018 Balance of tax positions at beginning of the period $ 28 44 80 Adoption effects of IFRIC 23 credited to retained earnings (note 3.1) — (6 ) — Additions for tax positions of prior periods — — 1 Additions for tax positions of current period 3 4 6 Reductions for tax positions related to prior periods and other items (1 ) (13 ) (2 ) Settlements and reclassifications (3 ) – (7 ) Expiration of the statute of limitations (2 ) (2 ) (32 ) Foreign currency translation effects 2 1 (2 ) Balance of tax positions at end of the period $ 27 28 44 Tax examinations can involve complex issues, and the resolution of issues may span multiple years, particularly if subject to negotiation or litigation. Although CEMEX believes its estimates of the total unrecognized tax benefits are reasonable, uncertainties regarding the final determination of income tax audit settlements and any related litigation could affect the amount of total unrecognized tax benefits in future periods. It is difficult to estimate the timing and range of possible changes related to uncertain tax positions, as finalizing audits with the income tax authorities may involve formal administrative and legal proceedings. Accordingly, it is not possible to reasonably estimate the expected changes to the total unrecognized tax benefits over the next 12 months, although any settlements or statute of limitations expirations may result in a significant increase or decrease in the total unrecognized tax benefits, including those positions related to tax examinations being currently conducted. Significant tax proceedings As of December 31, 2020, the Company’s most significant tax proceedings are as follows: • The tax authorities in Spain have challenged part of the tax loss carryforwards reported by CEMEX España covering the tax years from and including 2006 to 2009. During 2014, the tax authorities in Spain notified CEMEX España of fines in the aggregate amount of $557. CEMEX España filed appeals against such resolution. On September 20, 2017, CEMEX España was notified about an adverse resolution to such appeals. CEMEX España challenged this decision and applied for the suspension of the payment before the National Court ( Audiencia Nacional • On April 6, 2018, CEMEX Colombia received a special proceeding from the Colombian Tax Authority (the “Tax Authority”), where certain deductions included in the 2012 income tax return were rejected. The Tax Authority assessed an increase in the income tax payable by CEMEX Colombia and imposed an inaccuracy penalty for amounts in Colombian pesos equivalent to $36 of income tax and $36 of penalty. On June 22, 2018, CEMEX Colombia filed a response to the special proceeding within the legal term. On December 28, 2018, CEMEX Colombia received an official review settlement ratifying the rejected deductible items and amounts. CEMEX Colombia filed a reconsideration request on February 21, 2019. On January 8, 2020, CEMEX Colombia was notified that, in response to the appeal filed by it, the Tax Authority had confirmed its assessment that CEMEX Colombia is required to pay increased taxes and corresponding penalties, as previously notified on April 6, 2018. On July 1, 2020, CEMEX Colombia filed an appeal against the aforementioned resolution in the Administrative Court of Cundinamarca. If the proceeding is adversely resolved in the final stage, CEMEX Colombia must pay the amounts determined in the official settlement plus interest accrued on the amount of the income tax adjustment until the payment date. As of December 31, 2020, in this stage of the proceeding, CEMEX considers that an adverse resolution in this proceeding after conclusion of all available defense procedures is not probable, however, it is difficult to assess with certainty the likelihood of an adverse result in the proceeding; but if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. • In September 2012, the Tax Authority requested CEMEX Colombia to amend its income tax return for the year 2011 in connection with several deductible expenses including the amortization of goodwill. CEMEX Colombia rejected the arguments of the ordinary request and filed a motion requesting the case to be closed. The 2011 income tax return was under audit of the Tax Authority from August 2013 until September 5, 2018, when CEMEX Colombia was notified of a special requirement in which the Tax Authority rejects certain deductions included in such income tax return of the year 2011 and determined an increase in the income tax payable and imposed a penalty for amounts in Colombian pesos equivalent to $25 of income tax and $25 of penalty. CEMEX Colombia filed a response to the special requirement on November 30, 2018 and the Tax Authority notified the official review liquidation on May 15, 2019, maintaining the claims of the special requirement; therefore, CEMEX Colombia filed an appeal within the legal term on July 11, 2019. On July 6, 2020, CEMEX Colombia was notified about a resolution confirming the official liquidation. On October 22, 2020, CEMEX Colombia filed an appeal against such resolution in the Administrative Court of Cundinamarca. If the proceeding is adversely resolved in its final stage, CEMEX Colombia would have to pay the amounts determined in the official settlement plus interest accrued on the amount of the income tax adjustment until the date of payment. As of December 31, 2020, in this stage of the proceeding, CEMEX considers that an adverse resolution in this proceeding after conclusion of all available defense procedures is not probable, however, it is difficult to assess with certainty the likelihood of an adverse result in the proceeding; but if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. • In April 2011, the Tax Authority notified CEMEX Colombia of a special proceeding rejecting certain deductions taken by CEMEX Colombia in its 2009 tax return considering they are not linked to direct revenues recorded in the same fiscal year and assessed an increase in taxes to be paid by CEMEX Colombia and imposed a penalty for amounts in Colombian pesos equivalent to $27 of income tax and $27 of penalty, considering changes in law that reduced the original penalty. After several appeals of CEMEX Colombia to the Colombian Tax Authority’s special proceeding in the applicable courts in which CEMEX Colombia obtained negative resolutions in each case over the years, in July 2014, CEMEX Colombia filed an appeal against this resolution before the Colombian State Council ( Consejo de Estado) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Stockholders' Equity | 21) STOCKHOLDERS’ EQUITY The consolidated financial statements are presented in dollars based on IAS 21, The Effects of Changes in Foreign Exchange Rates paid-in non-controlling line-by-line line-by-line As of December 31, 2020 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,893 5,403 Other equity reserves 1,2 (2,453 ) 974 Retained earnings 2 2,635 1,698 Total controlling interest $ 8,075 8,075 1 The difference relates to the method of accruing dollars using the historical exchange rates to translate each common stock and additional paid-in 2 The difference relates with the method of accruing dollars using the exchange rates of each month during the period for income statement purposes. The cumulative effect from these changes in exchange rates is recognized against other equity reserves. As of December 31, 2020 and 2019, stockholders’ equity excludes investments in CPOs of the Parent Company held by subsidiaries of $11 (20,541,277 CPOs) and $8 (20,541,277 CPOs), respectively, which were eliminated within “Other equity reserves.” 21.1) COMMON STOCK AND ADDITIONAL PAID-IN As of December 31, 2020 and 2019, the breakdown of consolidated common stock and additional paid-in 2020 2019 Common stock $ 318 318 Additional paid-in 7,575 10,106 $ 7,893 10,424 Effective as of December 31, 2020, the Company’s management approved a restitution to the consolidated line item of “Retained earnings” for $2,481, by means of transfer with charge to the line item of “Additional paid-in As of December 31, 2020 and 2019 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2020 2019 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,457,941,452 14,728,970,726 30,214,262,692 15,107,131,346 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 756,323,120 378,161,560 315,400,000 157,700,000 Shares that guarantee/guaranteed the issuance of convertible securities 4 1,970,862,596 985,431,298 2,842,339,760 1,421,169,880 Shares authorized for the issuance of stock or convertible securities 5 302,144,720 151,072,360 302,144,720 151,072,360 33,368,714,718 16,684,357,359 34,555,590,002 17,277,795,001 1 As of December 31, 2020 and 2019, 13,068,000,000 shares correspond to the fixed portion, and 36,985,072,077 shares as of December 31, 2020 and 38,765,385,003 shares as of December 31, 2019, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 21.2). 4 Refers to those shares that guarantee the conversion of outstanding convertible securities and new securities issues (note 17.2). 5 Shares authorized for issuance in a public offering or private placement and/or by issuance of new convertible securities. On March 26, 2020, stockholders at the annual ordinary shareholders’ meeting approved: (i) setting the amount of $500 or its equivalent in Mexican Pesos as the maximum amount of resources that through fiscal year 2020, and until the next ordinary general shareholders’ meeting of CEMEX, S.A.B. de C.V. is held, CEMEX, S.A.B. de C.V. may use for the acquisition of its own shares or securities that represent such shares; and (ii) the cancellation of shares of repurchased during the 2019 fiscal year and the remained in CEMEX, S.A.B. de C.V.’s treasury after the maturities of the November 2019 Mandatory Convertible Notes and the 3.72% Convertible Notes, except for the minimal conversion. Under the 2020 share repurchase program, CEMEX repurchased 378.2 million CEMEX CPOs, at a weighted-average price in pesos equivalent to 0.22 dollars per CPO. The total amount of these CPO repurchases, excluding value-added tax, was $83. On April 8, 2020, CEMEX, S.A.B. de C.V. announced that, to enhance its liquidity, it suspended the share repurchase program for the remainder of 2020 (note 2). On March 28, 2019, stockholders at the annual ordinary shareholders’ meeting approved: (i) a cash dividend of $150. The dividend was paid in two installments, the first installment, for half of the dividend was paid on June 17, 2019 at the rate of US$0.001663 per share and the second installment for the remainder of the dividend was paid on December 17, 2019 at the rate of US$0.001654 per share; (ii) the acquisition of own shares of up to $500 or its equivalent in Mexican pesos, as the maximum amount of resources that through fiscal year 2019, and until the next ordinary annual shareholder’s meeting is held, CEMEX may be used for the acquisition of its own shares or securities that represent such shares; (iii) a decrease of CEMEX’s share capital, in its variable part for the amount in pesos equivalent to $0.2826, through the cancellation of approximately 2 billion ordinary, registered and without par-value, par-value, In connection with the long-term executive share-based compensation programs (note 22) in 2019 and 2018, CEMEX issued 27.4 million CPOs and 49.3 million CPOs, respectively, generating an additional paid-in 21.2) OTHER EQUITY RESERVES As of December 31, 2020 and 2019 other equity reserves are summarized as follows: 2020 2019 Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 20.2 and 21.4) $ (1,567 ) (2,098 ) Cumulative actuarial losses (792 ) (593 ) Treasury shares repurchased under share repurchase program (note 21.1) (83 ) (50 ) Effects associated with the Parent Company´s convertible securities 1 — 25 Treasury shares held by subsidiaries (11 ) (8 ) $ (2,453 ) (2,724 ) 1 Represents the equity component upon the issuance of CEMEX, S.A.B. de C.V.’s convertible securities described in note 17.2, as well as the effects associated with such securities in connection with the change in the Parent Company’s functional currency (note 3.4). Upon conversion of these securities, the balances have been correspondingly reclassified to common stock and/or additional paid-in For the years ended December 31, 2020, 2019 and 2018, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2020 2019 2018 Foreign currency translation result 1 $ 341 88 (191 ) Foreign exchange fluctuations from debt 2 (126 ) 19 120 Foreign exchange fluctuations from intercompany balances 3 (419 ) (47 ) (20 ) $ (204 ) 60 (91 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 17.4). 2 Generated by foreign exchange fluctuations over a notional amount of debt in CEMEX, S.A.B. de C.V., associated with the acquisition of foreign subsidiaries and designated as a hedge of the net investment in foreign subsidiaries (note 3.4). 3 Refers to foreign exchange fluctuations arising from balances with related parties in foreign currencies that are of a long-term investment nature considering that their liquidation is not anticipated in the foreseeable future and foreign exchange fluctuations over a notional amount of debt of a subsidiary of CEMEX España identified and designated as a hedge of the net investment in foreign subsidiaries. 21.3) RETAINED EARNINGS The Parent Company’s net income for the year is subject to a 5% allocation toward a legal reserve until such reserve equals one fifth of the common stock. As of December 31, 2020, the legal reserve amounted to $95. As mentioned in note 21.1, effective as of December 31, 2020, CEMEX incurred a restitution of retained earnings from additional paid-in 21.4) NON-CONTROLLING Non-controlling Non-controlling non-controlling non-controlling non-controlling non-controlling • In February 2017, CEMEX acquired a controlling interest in TCL, whose shares trade in the Trinidad and Tobago Stock Exchange. As of December 31, 2020 and 2019, there is a non-controlling • In July 2016, CHP, a then indirect wholly owned subsidiary of CEMEX España, closed its initial offering of 2,337,927,954 common shares, or 45% of CHP’s common shares. Pursuant to the repurchase of CHP’s shares in the market during 2019, CEMEX’s reduced the non-controlling non-controlling • In November 2012, pursuant to a public offering in Colombia and an international private placement, CLH, a direct subsidiary of CEMEX España, concluded its initial offering of common shares. CLH’s assets include substantially all of CEMEX’s assets in Colombia, Panama, Costa Rica, Guatemala, El Salvador and until September 27, 2018 the operations in Brazil (note 5.2). On November 9, 2020, initiated the acceptance period of a public Share Tender Offer by CEMEX España for any and all outstanding ordinary shares of CLH. On December 18, 2020, CEMEX España settled $103 and increased its ownership in CLH by acquiring 108,337,613 shares of CLH. As of December 31, 2020 and 2019, there is a non-controlling Perpetual debentures As of December 31, 2020 and 2019, the line item “Non-controlling Coupon payments on the perpetual debentures were included within “Other equity reserves” and amounted to $24 in 2020, $29 in 2019 and $29 in 2018, excluding in all the periods the coupons accrued by perpetual debentures held by subsidiaries. CEMEX’s perpetual debentures have no fixed maturity date and there are no contractual obligations for CEMEX to exchange any series of its outstanding perpetual debentures for financial assets or financial liabilities. As a result, these debentures, issued entirely by Special Purpose Vehicles (“SPVs”), qualify as equity instruments and are classified within non-controlling As of December 31, 2020 and 2019, the detail of CEMEX’s perpetual debentures, excluding the perpetual debentures held by subsidiaries, was as follows: 2020 2019 Repurchase option Interest rate Issuer Issuance date Nominal amount Nominal amount C10-EUR May 2007 € 64 € 64 Tenth anniversary EURIBOR + 4.79% C8 Capital (SPV) Ltd February 2007 $ 135 $ 135 Eighth anniversary LIBOR + 4.40% C5 Capital (SPV) Ltd December 2006 $ 61 $ 61 Fifth anniversary LIBOR + 4.277% C10 Capital (SPV) Ltd December 2006 $ 175 $ 175 Tenth anniversary LIBOR + 4.71% |
Executive Share-Based Compensat
Executive Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Executive Share-Based Compensation | 22) EXECUTIVE SHARE-BASED COMPENSATION CEMEX has long-term restricted share-based compensation programs providing for the grant of the CEMEX’s CPOs to a group of eligible executives, pursuant to which, according to CEMEX’s election, either new CPOs are issued, or CEMEX provides funds to the administration trust owned by the executives for the purchase of a portion or all of the required CPOs in the market for delivery to such executives under each annual program over a service period of four years (the “Ordinary Program”). The Parent Company’s CPOs of the annual grant (25% of each annual Ordinary Program) are placed at the beginning of the service period in the executives’ accounts to comply with a one-year Beginning in 2017, with the approval of the Parent Company’s Board of Directors, for a group of key executives, the conditions of the program were modified for new awards by reducing the service period from four to three years and implementing tri-annual Beginning January 1, 2013, most of those eligible executives belonging to the operations of CLH and subsidiaries ceased to receive Parent Company’s CPOs and instead started receiving shares of CLH, significantly sharing the same conditions of CEMEX’s plan also over a service period of four years. During 2020, 2019 and 2018, CLH physically delivered 1,383,518 shares, 393,855 shares and 258,511 shares, respectively, corresponding to the vested portion of prior years’ grants, which were subscribed and held in CLH’s treasury. As of December 31, 2020, there are 2,895,944 shares of CLH associated with these annual programs that are expected to be delivered in the following years as the executives render services. In addition, beginning in 2018, those eligible executives belonging to the operations of CHP and subsidiaries ceased to receive Parent Company’s CPOs and instead started receiving shares of CHP, significantly sharing the same conditions of CEMEX’s plan. During 2020 and 2019, CHP provided funds to a broker for the purchase of 11,546,350 and 4,961,130 CHP’s shares in the market, respectively, on behalf and for delivery to the eligible executives. The combined compensation expense related to the programs described above as determined considering the fair value of the awards at the date of grant in 2020, 2019 and 2018, was recognized in the operating results against other equity reserves or a cash outflow, as applicable, and amounted to $29, $32 and $34, respectively, including in 2019 and 2018 the cost of CEMEX’s CPOs and the CHP’s shares, as correspond, acquired in the market on behalf of the executives. The weighted-average price per CEMEX CPO granted during the period was determined in pesos and was equivalent to $0.3379 dollars in 2020, $0.6263 dollars in 2019 and $0.7067 dollars in 2018. Moreover, the weighted-average price per CLH share granted during the period as determined in Colombian pesos was equivalent to $0.72 dollars in 2020, $1.31 dollars in 2019 and $2.14 dollars in 2018. As of December 31, 2020 and 2019, there were no options or commitments to make payments in cash to the executives based on changes in the market price of the Parent Company’s CPO, CLH’s shares and/or CHP’s shares. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Earnings per Share | 23) EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income attributable to ordinary equity holders of the Parent Company (the numerator) by the weighted-average number of shares outstanding (the denominator) during the period. Shares that would be issued depending only on the passage of time should be included in the determination of the basic weighted-average number of shares outstanding. Diluted earnings per share should reflect in both the numerator and denominator the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions, to the extent that such assumption would lead to a reduction in basic earnings per share or an increase in basic loss per share. Otherwise, the effects of potential shares are not considered because they generate antidilution. The amounts considered for calculations of earnings per share in 2020, 2019 and 2018 were as follows: 2020 2019 2018 Denominator (thousands of shares) Weighted-average number of shares outstanding 1 44,125,288 45,393,602 45,569,180 Capitalization of retained earnings 1 — — — Effect of dilutive instruments – mandatorily convertible securities (note 17.2) 2 — — 708,153 Weighted-average number of shares — basic 44,125,288 45,393,602 46,277,333 Effect of dilutive instruments — share-based compensation (note 22) 2 745,163 470,985 316,970 Effect of potentially dilutive instruments — optionally convertible securities (note 17.2) 2 — 1,457,554 1,420,437 Weighted-average number of shares — diluted 44,870,451 47,322,141 48,014,740 2020 2019 2018 Numerator Net income (loss) from continuing operations $ (1,326 ) 91 493 Less: non-controlling 21 36 42 Controlling interest net income (loss) from continuing operations (1,347 ) 55 451 Plus: after tax interest expense on mandatorily convertible securities – 1 3 Controlling interest net income (loss) from continuing operations – for basic earnings per share calculations (1,347 ) 56 454 Plus: after tax interest expense on optionally convertible securities 4 18 23 Controlling interest net income (loss) from continuing operations – for diluted earnings per share calculations $ (1,343 ) 74 477 Net income (loss) from discontinued operations $ (120 ) 88 77 Basic earnings per share Controlling interest basic earnings (loss) per share $ (0.0332 ) 0.0031 0.0114 Controlling interest basic earnings (loss) per share from continuing operations (0.0305 ) 0.0012 0.0098 Controlling interest basic earnings (loss) per share from discontinued operations (0.0027 ) 0.0019 0.0016 Controlling interest diluted earnings per share 3 Controlling interest diluted earnings (loss) per share $ (0.0332 ) 0.0031 0.0114 Controlling interest diluted earnings (loss) per share from continuing operations (0.0305 ) 0.0012 0.0098 Controlling interest diluted earnings (loss) per share from discontinued operations (0.0027 ) 0.0019 0.0016 1 In 2019, shareholders approved the delivery of a cash dividend, meanwhile, in 2018, the Assembly did not determine any cash dividend or capitalization of retained earnings (note 21.1). 2 The number of Parent Company CPOs to be issued under the executive share-based compensation programs, as well as the total amount of Parent Company CPOs committed for issuance in the future under the mandatorily and optionally convertible securities, are computed from the beginning of the reporting period. The number of shares resulting from the executives’ stock-based compensation programs is determined under the inverse treasury method. 3 For 2020, 2019 and 2018, the effects on the denominator and numerator of potential dilutive shares generate antidilution; therefore, there is no change between the reported basic earnings per share and diluted earnings per share. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Commitments | 24) COMMITMENTS 24.1) CONTRACTUAL OBLIGATIONS As of December 31, 2020, CEMEX had the following contractual obligations: 2020 Obligations Less than 1-3 years 3-5 years More Total Long-term debt $ 104 957 3,768 4,499 9,328 Leases 1 311 459 275 545 1,590 Total debt and other financial obligations 2 415 1,416 4,043 5,044 10,918 Interest payments on debt 3 452 890 750 663 2,755 Pension plans and other benefits 4 157 144 144 1,012 1,457 Acquisition of property, plant and equipment 5 109 – – – 109 Purchases of raw materials, fuel and energy 6 549 531 347 1,060 2,487 Total contractual obligations $ 1,682 2,981 5,284 7,779 17,726 1 Represent nominal cash flows. As of December 31, 2020, the NPV of future payments under such leases was $1,323, of which, $436 refers to payments from 1 to 3 years and $242 refers to payments from 3 to 5 years. 2 The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. 3 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2020. 4 Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years. 5 Refers mainly to the expansion of a cement-production line in the Philippines. 6 Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. 24.2) OTHER COMMITMENTS As of December 31, 2020 and 2019, CEMEX was party to other commitments for several purposes, including the purchase of fuel and energy, the estimated future cash flows over maturity of which are presented in note 24.1. A description of the most significant contracts is as follows: • Beginning in April 2016, in connection with the Ventika S.A.P.I. de C.V. and the Ventika II S.A.P.I. de C.V. wind farms (jointly “Ventikas”) located in the Mexican state of Nuevo Leon with a combined generation capacity of 252 Megawatts (“MW”), CEMEX agreed to acquire a portion of the energy generated by Ventikas for its overall electricity needs in Mexico for a period of 20 years. The estimated annual cost of this agreement is $24 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, energy supply from wind is variable in nature and final amounts are determined considering the final MW per hour (“MWh”) effectively received at the agreed prices per unit. • On July 27, 2012, CEMEX signed a 10-year • Beginning in February 2010, for its overall electricity needs in Mexico CEMEX agreed with EURUS the purchase a portion of the electric energy generated for a period of no less than 20 years. EURUS is a wind farm with an installed capacity of 250 MW operated by ACCIONA in the Mexican state of Oaxaca. The estimated annual cost of this agreement is $67 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, energy supply from wind source is variable in nature and final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • CEMEX maintains a commitment initiated in April 2004 to purchase the energy generated by Termoeléctrica del Golfo (“TEG”) until 2027 for its overall electricity needs in Mexico. The estimated annual cost of this agreement is $124 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • In regards with the above, CEMEX also committed to supply TEG and another third-party electrical energy generating plant adjacent to TEG all fuel necessary for their operations until the year 2027, equivalent to approximately 1.2 million tons of petroleum coke per year. CEMEX covers its commitments under this agreement acquiring the volume of fuel from sources in the international markets and Mexico. • CEMEX Zement GmbH (“CZ”), CEMEX’s subsidiary in Germany, held a long-term energy supply contract until 2022 with STEAG—Industriekraftwerk Rüdersdorf GmbH (“SIKW”) in connection with the overall electricity needs of CEMEX’s Rüdersdorf plant. Based on the contract, each year CZ has the option to fix in advance the volume of energy in terms of MW that it will acquire from SIKW, with the option to adjust the purchase amount one time on a monthly and quarterly basis. The estimated annual cost of this agreement is $17 (unaudited) if CEMEX receives all its energy allocation. • On October 24, 2018, CEMEX, S.A.B. de C.V. entered into an energy financial hedge agreement in Mexico, commencing October 1, 2019 and for a period of 20 years. Through the contract, the Company fixed the megawatt hour cost over an electric energy volume of 400 thousand megawatts hour per year, through the payment of 25.375 dollars per megawatt hour of electric power in exchange for a market price. The committed price to pay will increase 1.5% annually. The differential between the agreed price and the market price is settled monthly. CEMEX considers this agreement as a hedge for a portion of its aggregate consumption of electric energy in Mexico and recognizes the result of the exchange of price differentials described previously in the Income Statement as a part of the costs of energy. During 2020, the Company paid $0.4. CEMEX, S.A.B. de C.V. does not record this agreement at fair value since there is not a deep market for electric power in Mexico that would effectively allow for its valuation. 24.3) COMMITMENTS FROM EMPLOYEE BENEFITS In some countries, CEMEX has self-insured health care benefits plans for its active employees, which are managed on cost plus fee arrangements with major insurance companies or provided through health maintenance organizations. As of December 31, 2020, in certain plans, CEMEX has established stop-loss limits for continued medical assistance derived from a specific cause (e.g., an automobile accident, illness, etc.) ranging from 23 thousand dollars to 550 thousand dollars. In other plans, CEMEX has established stop-loss limits per employee regardless of the number of events ranging from 100 thousand dollars to 2.5 million dollars. The contingency for CEMEX if all employees qualifying for health care benefits required medical services simultaneously is significantly. However, CEMEX believes this scenario is remote. The amount expensed through self-insured health care benefits was $61 in 2020, $62 in 2019 and $62 in 2018. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Legal Proceedings | 25) LEGAL PROCEEDINGS 25.1) PROVISIONS RESULTING FROM LEGAL PROCEEDINGS CEMEX is involved in various significant legal proceedings, the adverse resolutions of which are deemed probable and imply the incurrence of losses and/or cash outflows or the delivery of other resources owned by CEMEX. As a result, certain provisions and/or losses have been recognized in the financial statements, representing the best estimate of cash outflows. CEMEX believes that it will not make significant expenditure in excess of the amounts recorded. As of December 31, 2020, the details of the most significant events giving effect to provisions or losses are as follows: • As of December 31, 2020, CEMEX had accrued environmental remediation liabilities through its subsidiaries in the United Kingdom pertaining to closed and current landfill sites for the confinement of waste, representing the NPV of such obligations for an amount in pounds sterling equivalent to $178. Expenditure was assessed and quantified over the period in which the sites have the potential to cause environmental harm, which is generally consistent with the views taken by the regulator as being up to 60 years from the date of closure. The assessed expenditure included the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. • As of December 31, 2020, CEMEX had accrued environmental remediation liabilities through its subsidiaries in the United States for $66, related to: a) the disposal of various materials in accordance with past industry practice, which might currently be categorized as hazardous substances or wastes; and b) the cleanup of sites used or operated by CEMEX, including discontinued operations, regarding the disposal of hazardous substances or waste, either individually or jointly with other parties. Most of the proceedings are in the preliminary stages and a final resolution might take several years. CEMEX does not believe that it will be required to spend significant sums on these matters in excess of the amounts previously recorded. The ultimate cost that may be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work and negotiations with, or litigation against, potential sources of recovery have been completed. • In 2012, in connection with a contract entered into in 1990 (the “Quarry Contract”) by CEMEX Granulats Rhône Méditerranée (“CEMEX GRM”), one of CEMEX’s subsidiaries in France, with SCI La Quinoniere (“SCI”) pursuant to which CEMEX GRM had drilling rights to extract reserves and do quarry remediation at a quarry in the Rhône region of France, SCI filed a claim against CEMEX GRM for breach of the Quarry Contract, requesting the rescission of such contract and damages plus interest for a revised amount in euros equivalent to $82, arguing that CEMEX GRM partially filled the quarry allegedly in breach of the terms of the Quarry Contract. After many hearings, resolutions and appeals over the years, on November 25, 2020, the expert appointed by the court of appeals determined an amount of loss of profits of $0.79 and a cost of backfilling the quarry in $15. As of December 31, 2020, CEMEX had accrued a provision through its subsidiaries in France for $8 in connection with the best estimate of the remediation costs resulting from this claim. Although the final amount may differ, CEMEX considers that any such amount should not have a material adverse impact on CEMEX’s results of operations, liquidity and financial condition. 25.2) CONTINGENCIES FROM LEGAL PROCEEDINGS CEMEX is involved in various legal proceedings, which have not required the recognition of accruals, considering that the probability of loss is less than probable. Nonetheless, until all stages in the procedures are exhausted in each proceeding, CEMEX cannot assure the achievement of a final favorable resolution. As of December 31, 2020, the most significant events with a quantification of the potential loss, when it is determinable and would not impair the outcome of the relevant proceeding, were as follows: • On September 20, 2018, triggered by heavy rainfall, a landslide causing damages and fatalities (the “Landslide”) occurred in a site located within an area covered by mining rights of APO Land & Quarry Corporation (“ALQC”) in Naga City, Cebu, Philippines. ALQC is a principal raw material supplier of APO Cement Corporation (“APO”), a wholly owned subsidiary of CHP. CEMEX indirectly owns a minority 40% stake in ALQC. On November 19, 2018, 40 individuals and one legal entity (on behalf of 8,000 individuals allegedly affected by the Landslide) filed an environmental class action lawsuit at the Regional Trial Court (the “Court”) of Talisay, Cebu, against CHP, ALQC, APO, the Mines and Geosciences Bureau of the Department of Environment and Natural Resources, the City Government of Naga, and the Province of Cebu. Plaintiffs claim that the Landslide occurred because of the defendants’ gross negligence and seek, among other relief, (a) damages for an amount in Philippine Pesos equivalent to $90, (b) a rehabilitation fund for an amount in Philippine Pesos equivalent to $10, and (c) the issuance of a Temporary Environment Protection Order against ALQC aiming to prevent ALQC from performing further quarrying activities while the case is still pending. This last request was rejected by the Court on August 16, 2019 and after reconsideration, the resolution became final on December 5, 2020. Moreover, on September 30, 2019 the Court dismissed the case against CHP and APO, order that is not yet final and that was appealed by the plaintiffs on November 26, 2019. As of December 31, 2020, because of the status and preliminary stage of the lawsuit, CEMEX is not able to assess with certainty the likelihood of an adverse result in this lawsuit; and CEMEX is neither able to assess if a final adverse result in this lawsuit would have a material adverse impact on its results of operations, liquidity and financial position. • On June 12, 2018, the Authority for Consumer Protection and Competition Defense of Panama (the “Panama Authority”) carried out an investigation against Cemento Bayano and other competitors for the alleged commission of monopolistic practices in relation to the gray cement and the ready-mix ready-mix concrete producers ready-mix • Certain of CEMEX’s subsidiaries in the United States were notified of a grand jury subpoena dated March 29, 2018 issued by the United States Department of Justice (“DOJ”) related to an investigation of possible antitrust law violations in connection with CEMEX’s sales (and related sales practices) of gray Portland cement and slag in the United States and its territories. The objective of this subpoena is to gather facts necessary to make an informed decision about whether violations of U.S. law have occurred. CEMEX has been cooperating with the DOJ and is complying with the subpoena. As of December 31, 2020, given the status of the investigation, CEMEX is not able to assess if this investigation will lead to any fines, penalties or remedies, or if such fines, penalties or remedies, if any, would have a material adverse effect on the Company’s results of operations, liquidity or financial position. • In December 2016, the Parent Company received subpoenas from the SEC seeking information to determine whether there have been any violations of the U.S. Foreign Corrupt Practices Act stemming from the Maceo Project. These subpoenas do not mean that the SEC has concluded that the Parent Company or any of its affiliates violated the law. The Parent Company has been cooperating with the SEC and intends to continue cooperating fully with the SEC. The DOJ also opened an investigation into this matter. In this regard, on March 12, 2018, the DOJ issued a grand jury subpoena to the Parent Company relating to its operations in Colombia and other jurisdictions. The Parent Company intends to cooperate fully with the SEC, the DOJ and any other investigatory entity. As of December 31, 2020, the Parent Company is unable to predict the duration, scope, or outcome of either the SEC investigation or the DOJ investigation, or any other investigation that may arise, or, because of the current status of the SEC investigation and the preliminary nature of the DOJ investigation, the potential sanctions which could be borne by the Parent Company, or if such sanctions, if any, would have a material adverse impact on CEMEX results of operations, liquidity or financial position. • In February 2014, the Egyptian Tax Authority requested Assiut Cement Company (“ACC”), a subsidiary of CEMEX in Egypt, the payment of a development levy on clay used in the Egyptian cement industry for an amount equivalent as of December 31, 2020 to $20 for the period from May 5, 2008 to November 30, 2011. In March 2014, ACC appealed the levy and on September 2014 it was notified that it obtained a favorable resolution from the Ministerial Committee for Resolution of Investment Disputes, which instructed the Egyptian Tax Authority to cease claiming from ACC the payment of the levy on clay. It was further decided that the levy on clay should not be imposed on imported clinker. Nonetheless, in May 2016, the Egyptian Tax Authority challenged ACC´s right to cancel the levy on clay before the North Cairo Court, which referred the cases to Cairo’s Administrative Judiciary Court. These cases have been adjourned by the Commissioners of the Cairo Administrative Judiciary Court, which on November 2, 2020 referred the cases to the Court and established a first hearing session for February 15, 2021. CEMEX does not expect that such referral will prejudice ACC’s favorable legal position in this dispute. As of December 31, 2020, CEMEX does not expect a material adverse impact due to this matter in its results of operations, liquidity or financial position. • In September 2012, in connection with a lawsuit submitted to a first instance court in Assiut, Egypt in 2011, the first instance court of Assiut issued a resolution to nullify the Share Purchase Agreement (the “SPA”) pursuant to which CEMEX acquired in 1999 a controlling interest in Assiut Cement Company. In addition, during 2011 and 2012, lawsuits seeking, among other things, the annulment of the SPA were filed by different plaintiffs, including 25 former employees of ACC, before Cairo’s State Council. After several appeals, hearings and resolutions over the years, the cases are held in Cairo’s 7 th In connection with the legal proceedings presented in notes 25.1 and 25.2, the exchange rates as of December 31, 2020 used by CEMEX to convert the amounts in local currency to their equivalents in dollars were the official closing exchange rates of 0.8183 Euro per dollar, 0.7313 British pounds sterling per dollar and 15.7964 Egyptian pounds per dollar. In addition to the legal proceedings described above in notes 25.1 and 25.2, as of December 31, 2020, CEMEX is involved in various legal proceedings of minor impact that have arisen in the ordinary course of business. These proceedings involve: 1) product warranty claims; 2) claims for environmental damages; 3) indemnification claims relating to acquisitions or divestitures; 4) claims to revoke permits and/or concessions; and 5) other diverse civil, administrative, commercial and lawless actions. CEMEX considers that in those instances in which obligations have been incurred, CEMEX has accrued adequate provisions to cover the related risks. CEMEX believes these matters will be resolved without any significant effect on its business, financial position or results of operations. In addition, in relation to certain ongoing legal proceedings, CEMEX is sometimes able to make and disclose reasonable estimates of the expected loss or range of possible loss, as well as disclose any provision accrued for such loss, but for a limited number of ongoing legal proceedings, CEMEX may not be able to make a reasonable estimate of the expected loss or range of possible loss or may be able to do so but believes that disclosure of such information on a case-by-case 25.3) OTHER SIGNIFICANT PROCESSES In connection with the cement plant located in the municipality of Maceo in Colombia (the “Maceo Plant”), as described in note 15.1, as of December 31, 2020, the plant has not initiated commercial operations considering several significant processes for the profitability of the investment. The evolution and status of the main issues related to such plant are described as follows: Maceo Plant – Memorandums of understanding • In August 2012, CEMEX Colombia signed a memorandum of understanding (the “MOU”) with the representative of the entity CI Calizas y Minerales S.A. (“CI Calizas”), for the acquisition and transfer of assets mainly comprising land, the mining concession and the shares of Zona Franca Especial Cementera del Magdalena Medio S.A.S. (“Zomam”) (holder of the free trade zone concession). In addition, in December 2013, CEMEX Colombia engaged the same representative of CI Calizas to also represent in the name and on behalf of CEMEX Colombia in the acquisition of certain land adjacent to the plant, signing a new memorandum of understanding (the “Land MOU”). Under the MOU and the Land MOU, CEMEX Colombia made cash advances to this representative for amounts in Colombian Pesos equivalent to approximately $13.4 of a total of approximately $22.5, and paid interest accrued over the unpaid committed amount for approximately $1.2. These amounts considering the exchange rate as of December 31, 2016 of 3,000.75 Colombian Pesos per U.S. Dollar. In September 2016, after confirming irregularities in the acquisition processes by means of investigations and internal audits initiated in response to complaints received, which were reported to Colombia’s Attorney General (the “Attorney General”), providing the findings obtained, and considering that such payments were made in breach of the Parent Company’s and CLH’s policies, the Company decided to terminate the employment relationship with then those responsible for the Planning and Legal areas and accepted the resignation of the then Chief Executive Officer. Moreover, because of the findings and considering the available legal opinions as well as the low likelihood of recovering those advances, in December 2016, CEMEX Colombia write off such advances from its investments in progress (note 15.1) and cancelled the remaining advance payable. Maceo Plant – Expiration of property process and other related matters • After the signing of the MOU, in December 2012, a former shareholder of CI Calizas, who presumptively transferred its shares of CI Calizas two years before the signing of the MOU, was linked to a process of expiration of property initiated by the Attorney General. Amongst other measures, the Attorney General ordered the seizure and consequent suspension of the right to dispose the assets subject to the MOU, including the shares of Zomam acquired by CEMEX Colombia before the beginning of such process. As a third party acting in good faith and free of guilt, CEMEX Colombia joined the expiration of property process fully cooperating with the Attorney General. As of December 31, 2020, it is estimated that a final resolution in the ongoing expiration of property process, the evidentiary phase of which is about to begin, may take between 10 and 15 years from its beginning. As of December 31, 2020, pursuant to the expiration of property process of the assets subject to the MOU and the failures to legally formalize the purchases under the Land MOU, CEMEX Colombia does not have the legal representation of Zomam, is not the rightful owner of the land and is not the assigned entity of the mining concession. In addition, there is an ongoing criminal investigation that resulted in a legal resolution by means of which an indictment was issued to two of the Company’s former officers and to CI Calizas’ representative. CEMEX is not able to anticipate the actions that criminal judges may impose against these people. Maceo Plant – Lease contract, mandate agreement and operation contract • In July 2013, CEMEX Colombia signed with the provisional depository designated by the former Drugs National Department (then depository of the assets subject to the expiration of property process), which functions after its liquidation were assumed by the Administrator of Special Assets ( Sociedad de Activos Especiales S.A.S. • On April 12, 2019, CEMEX Colombia, CCL and another of its subsidiaries reached a conciliatory agreement with the SAE and CI Calizas before the Attorney General’s Office and signed a contract of Mining Operation, Manufacturing and Delivery Services and Leasing of Properties for Cement Production (the “Operation Contract”), which will allow CEMEX Colombia to continue using the assets subject to the aforementioned expiration of property process for an initial term of 21 years that can be renewed for 10 additional years, provided that the extension of the mining concession is obtained. The Operation Contract was signed by CI Calizas and Zomam with the authorization of the SAE as delegate of these last two companies. In addition to certain one-time • An annual payment equivalent to 15 thousand dollars to CI Calizas for the use of land that will be adjusted annually for changes in the Consumer Price Index. • Once the Maceo Plant begins commercial operations, CEMEX Colombia and/or a subsidiary will pay on a quarterly basis: a) 0.9% of the net sales resulting from the cement produced in the plant as compensation to CI Calizas for the right of CEMEX Colombia to extract and use the mineral reserves; and b) 0.8% of the net sales resulting from the cement produced in the plant as payment to Zomam for cement manufacturing and delivery services, as long as Zomam maintains the Free Zone benefit, or, 0.3% of the aforementioned net sales exclusively for the use of equipment, in case that Zomam losses the benefits as Free Trade Zone. • The Operation Contract will continue in force regardless of the result in the expiration of property process, except that the applicable criminal judge would recognize ownership rights of the assets under expiration of property to CEMEX Colombia and its subsidiary, in which case the Operation Contract would no longer be needed and would be early terminated. • Under the presumption that CEMEX Colombia conducted itself in good faith, CEMEX considers that it will be able to keep ownership of the plant, and that the rest of its investments are protected by Colombian law, under which, if a person builds on the property of a third party, with full knowledge of such third party, this third party may: a) take ownership of the plant, provided a corresponding indemnity to CEMEX Colombia, or otherwise, b) oblige CEMEX Colombia to purchase the land. Nonetheless, had this not be the case, CEMEX Colombia would take all necessary actions to safeguard its rights. If the expiration of property over the assets subject to the MOU is ordered in favor of the State, if the assets were adjudicated to a third party in a public tender offer, considering the signing of the Operation Contract, such third party would have to subrogate to the Operation Contract. As of December 31, 2020, CEMEX is not able to estimate whether the expiration of property over the assets subject to the MOU will be ordered in favor of the State, or, if applicable, if the assets would be adjudicated to a third party in a public tender offer. Maceo Plant – Resource against the capitalization of Zomam • On December 7, 2020, the Parent Company, acting as shareholder of CEMEX Colombia, filed a lawsuit before the Business Superintendency of Colombia ( Superintendencia de Sociedades de Colombia in-kind Maceo Plant – Status in connection with the commissioning of the plant • On September 3, 2019, CEMEX Colombia was notified of the resolution issued by Corantioquia’s Directive Council, the regional environmental authority (“Corantioquia”), regarding the approval for the subtraction of a portion of the plant from the Integrated Management District of the Canyon of the Alicante River (“IMD”). As of December 31, 2020, the commissioning of the Maceo plant and the conclusion of the access road remain suspended until the successful modification of the environmental license for up to 990 thousand tons per year, which request was filed before Corantioquia on June 17, 2020 and was entered into review on July 2, 2020; remaining pending a resolution from this entity. In connection with the obtention of the permits required for the conclusion of several sections of the access road, on November 10, 2020, Maceo’s municipality issued the approval of the Road Infrastructure Intervention project and, on December 11, 2020, issued a decree establishing the public utility of the access road, required authorizations for both, building the road and acquire the required land. In respect to the modification of the permitted land use where the project is located, CEMEX Colombia received favorable criteria from Corantioquia regarding the change of land use because of the approval for the subtraction from the IMD, which was endorsed by the municipality of Maceo on August 29, 2020, which allows for an industrial and mining use compatible with the project. As of December 31, 2020, CEMEX continues working to resolve these matters as soon as possible and limits its activities to those for which it has the relevant authorizations. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Related Parties | 26) RELATED PARTIES All significant balances and transactions between the entities that constitute the CEMEX group have been eliminated in the preparation of the consolidated financial statements. These balances with related parties resulted primarily from: (i) the sale and purchase of goods between group entities; (ii) the sale and/or acquisition of subsidiaries’ shares within the CEMEX group; (iii) the invoicing of administrative services, rentals, trademarks and commercial name rights, royalties and other services rendered between group entities; and (iv) loans between related parties. Transactions between group entities are conducted on arm’s length terms based on market prices and conditions. When market prices and/or market conditions are not readily available, CEMEX conducts transfer pricing studies in the countries in which it operates to assure compliance with regulations applicable to transactions between related parties. The definition of related parties includes entities or individuals outside the CEMEX group, which, due to their relationship with CEMEX, may take advantage of being in a privileged situation. Likewise, this applies to cases in which CEMEX may take advantage of such relationships and obtain benefits in its financial position or operating results. CEMEX’s transactions with related parties are executed under market conditions. For the years ended December 31, 2020, 2019 and 2018, in ordinary course of business, CEMEX has entered into transactions with related parties for the sale and/or purchase of products, sale and/or purchase of services or the lease of assets, all of which are not significant for CEMEX and to the best of CEMEX’s knowledge are not significant to the related party, are incurred for non-significant In addition, for the years ended December 31, 2020, 2019 and 2018, the aggregate amount of compensation of CEMEX, S.A.B. de C.V. Board of Directors, including alternate directors, and CEMEX’s top management executives was $35, $40 and $38, respectively. Of these amounts, $29 in 2020, $34 in 2019, $29 in 2018, were paid as base compensation plus performance bonuses, including pension and post-employment benefits. In addition, $6 in 2020, $6 in 2019 and $9 in 2018 of the aggregate amounts in each year, corresponded to allocations of Parent Company CPOs under CEMEX’s executive share-based compensation programs. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Subsequent Events | 27) SUBSEQUENT EVENTS On January 12, 2021, CEMEX, S.A.B. de C.V. issued $1,750 of its 3.875% Senior Secured Notes due on July 11, 2031 denominated in Dollars (the “July 2031 Notes”), which bear interest semi-annually at an annual rate of 3.875% and mature on July 11, 2031. The July 2031 Notes were issued at a price of 100% of face value and will be callable commencing on July 11, 2026. The July 2031 Notes share in the Collateral pledged for the benefit of the lenders under the 2017 Facilities Agreement and other secured obligations having the benefit of such Collateral and are guaranteed by the same group of guarantors (note 17.1). On January 13, 2021, the Parent Company issued a notice of full redemption for $1,000 worth of its April 2026 Notes, which bear interest semi-annually at an annual rate of 7.75% (note 17.1). Moreover, the Parent Company has also issued a notice of partial redemption of $750 of its January 2025 Notes, which bear interest semi-annually at an annual rate of 5.70%, out of the $1,071 that is in circulation (note 17.1). The full redemption of the April 2026 Notes and the partial redemption of the January 2025 Notes was concluded on February 16, 2021. During January and February 2021, CEMEX, S.A.B. de C.V. early settled in full the equity forward contract it maintained as of December 31, 2020 over the price of 4.7 million shares of GCC (formerly Grupo Cementos de Chihuahua, S.A.B. de C.V.) (note 17.4). In connection with the environmental license of the Maceo Plant mentioned in note 25.3, during February 2021, CI Calizas was notified by Corantioquia of the modification of the environmental license by means of which it will be possible to extract up to 990 thousand tons of minerals (clay and limestone) and produce up to 1.5 million metric tons of cement annually. After this modification to the environmental license, significant milestone toward the future commissioning of the Maceo Plant, the start-up On March 22, 2021, CEMEX, S.A.B. de C.V. issued a notice of full redemption with respect of the reminder balance of its January 2025 Dollar Notes of $321 after the partial settlement on February 16, 2021 mentioned above. The January 2025 Dollar Notes were In connection with the CO 2 2 net-zero 2 During March 2021, CEMEX entered into $250 of Dollar / Mexican peso call spread contracts to hedge foreign exchange risks in relation to Dollar-denominated obligations, which are expected to be settled using cash flows generated in Mexican pesos. CEMEX paid a net upfront premium of $10.8 in connection with these contracts. CEMEX are not subject to margin calls under the call spreads and the upfront premium represents the maximum potential net loss that CEMEX could incur in this position. These contracts mature on September 20, 2022 but can be terminated earlier. For accounting purposes under IFRS, these contracts will be recognized at fair value through the statement of operations. On March 25, 2021, CEMEX, S.A.B. de C.V. held its ordinary general shareholders’ meeting followed by an extraordinary general shareholders’ meeting. The most significant items that were approved by shareholders at the ordinary general shareholders’ meeting were: (a) setting the amount of $500 or its equivalent in Mexican Pesos as the maximum amount of resources that during fiscal year 2021 (until the next ordinary general shareholders’ meeting of CEMEX, S.A.B. de C.V. is held), CEMEX, S.A.B. de C.V. may use this amount for the acquisition of its own shares or securities that represent such shares); (b) the cancellation of shares of CEMEX, S.A.B. de C.V. that were (i) repurchased during the 20 20 On March 26, 2021, the tax authorities in Spain notified one of the Company’s subsidiaries of an assessment for income taxes in an amount of €48 plus interest, derived from a tax audit process covering the tax years 2010 to 2014. This assessment is expected to be appealed before the Tribunal Económico Administrativo Central In connection with the sale of certain assets in France mentioned in note 13.1, on March 31, 2021, CEMEX closed the sale of such assets to LafargeHolcim for an amount in euros equivalent to $45. The divested assets consisted of 24 concrete plants and one aggregates quarry in the Rhone Alpes region in Southeastern France, east of CEMEX’s operations in Lyon. CEMEX will retain its business in Lyon. On March 31, 2021, in connection with note 24.2, CEMEX signed an amendment to the IBM 2012 Master Professional Services Agreement (“MPSA”) by which the finance and accounting services were removed from the scope of such agreement and, on the same date, CEMEX entered into a new Master Services Agreement (“MSA”) with IBM for the provision of finance and accounting services previously provided under the IBM 2012 MPSA. The IBM 2021 MSA will end on March 31, 2026 unless terminated earlier. The accompanying consolidated financial statements were authorized for issuance in the Company´s annual report on Form 20-F, |
Main Subsidiaries
Main Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Main Subsidiaries | 28) MAIN SUBSIDIARIES As mentioned in notes 5.3 and 21.4, as of December 31, 2020 and 2019, there are non-controlling % Interest Subsidiary Country 2020 2019 CEMEX España, S.A. 1 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 2 Spain 92.4 73.2 CEMEX (Costa Rica), S.A. 3 Costa Rica 99.2 99.2 CEMEX Nicaragua, S.A. 3 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia, S.A. 4 Colombia 99.7 99.7 Cemento Bayano, S.A. 5 Panama 100.0 100.0 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 6 Jamaica 79.0 79.0 CEMEX de Puerto Rico Inc. Puerto Rico 100.0 100.0 CEMEX France Gestion (S.A.S.) France 100.0 100.0 CEMEX Holdings Philippines, Inc. 7 Philippines 77.8 66.8 Solid Cement Corporation 8 Philippines 100.0 100.0 APO Cement Corporation 8 Philippines 100.0 100.0 CEMEX U.K. United Kingdom 100.0 100.0 CEMEX Deutschland, AG. Germany 100.0 100.0 CEMEX Czech Republic, s.r.o. Czech Republic 100.0 100.0 CEMEX Polska sp. Z.o.o. Poland 100.0 100.0 CEMEX Holdings (Israel) Ltd. Israel 100.0 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 9 United Arab Emirates 100.0 100.0 Neoris N.V. 10 The Netherlands 99.8 99.8 CEMEX International Trading LLC 11 United States of America 100.0 100.0 Transenergy, Inc. 12 United States of America 100.0 100.0 1 CEMEX España is the indirect holding company of most of CEMEX’s international operations. 2 The interest reported excludes own shares held in CLH’s treasury. CLH, incorporated in Spain, trades its ordinary shares in the Colombian Stock Exchange under the symbol CLH, and is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador (note 21.4). 3 Represents CEMEX Colombia, S.A.’s direct or indirect interest. 4 Represents CEMEX’s direct and indirect interest in ordinary and preferred shares, including own shares held in CEMEX Colombia, S.A.’s treasury. 5 Represents CLH’s direct and indirect interest. The interest reported excludes a 0.515% interest held in Cemento Bayano’s treasury. 6 Represents the aggregate ownership interest of CEMEX in this entity of 79.04%, which includes TCL’s direct and indirect 74.08% interest and CEMEX’s 4.96% indirect interest held through other subsidiaries. 7 CEMEX’s operations in the Philippines are conducted through CHP, a subsidiary incorporated in the Philippines which since July 2016 trades its ordinary shares on the Philippines Stock Exchange under the symbol CHP (note 21.4) 8 Represents CHP direct and indirect interest. 9 CEMEX indirectly owns a 49% equity interest in each of these entities and holds the remaining 51% of the economic benefits, through agreements with other shareholders. 10 Neoris N.V. is the holding company of the entities involved in the sale of information technology solutions and services. 11 CEMEX International Trading LLC is involved in the international trading of CEMEX’s products. 12 Formerly named Gulf Coast Portland Cement Co., it is engaged in the procurement and trading of fuels, such as coal and petroleum coke, used in certain operations of CEMEX. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Explanatory Description Of Accounting Policy for Basis of Presentation and Disclosure | 3.1) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in dollars of the United States of America (“United States”), except when specific reference is made to a different currency. When reference is made to U.S. dollars or “$” it means dollars of the United States. All amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “pesos”, it means Mexican pesos. When reference is made to “€” or “euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “pounds”, it means British pounds sterling. When it is deemed relevant, certain amounts in foreign currency presented in the notes to the financial statements include between parentheses a convenience translation into dollars and/or into pesos, as applicable. Previously reported convenience translations of prior years are not restated unless the transaction is still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. These translations should not be construed as representations that the amounts in dollars or pesos, as applicable, represent those dollar or peso amounts or could be converted into dollar or peso at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 20.4 and 25), which are originated in jurisdictions where currencies are different from the dollar, are presented in dollar equivalents as of the closing of the most recent year presented. Consequently, without any change in the original currency, such dollar amounts will fluctuate over time due to changes in exchange rates. Discontinued operations (note 5.2) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s Statements of Operations present in the single line item of “Discontinued operations,” the results of: a) the assets sold in the United Kingdom for the period from January 1 to August 3, 2020 and for the years 2019 and 2018; b) the assets sold in the United States for the period from January 1 to March 3, 2020 and for the years 2019 and 2018; c) the white cement business held for sale in Spain for the years 2020, 2019 and 2018, d) the French assets sold for the period from January 1 to June 28, 2019 and for the year 2018, e) the German assets sold for the period from January 1 to May 31, 2019 and for the year 2018, f) the Baltic and Nordic businesses sold for the period from January 1 to March 29, 2019 and for the year 2018, and g) the operating segment in Brazil sold for the period from January 1 to September 27, 2018. Statements of operations CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a relevant operating measure for CEMEX’s management. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities, including impairment losses of long-lived assets, results on disposal of assets and restructuring costs, among others (note 7). Under IFRS, the inclusion of certain subtotals such as “Operating earnings before other expenses, net” and the display of the statement of operations vary significantly by industry and company according to specific needs. Considering that it is an indicator of CEMEX’s ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 5.3 and 17, CEMEX presents “Operating EBITDA” (operating earnings before other expenses, net, plus depreciation and amortization). This is not an indicator of CEMEX’s financial performance, an alternative to cash flows, a measure of liquidity or comparable to other similarly titled measures of other companies. In addition, this indicator is used by CEMEX’s management for decision-making purposes. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2020, 2019 and 2018, the increases in other financing obligations in connection with lease contracts negotiated during the year for $213, $274 and $296, respectively (note 17.2); and • In 2020, 2019 and 2018, in connection with the CPOs issued as part of the executive share-based compensation programs (note 22), the total increases in equity for $29 in 2020, $17 in 2019 and $34 in 2018. Investing activities: • In 2020, 2019 and 2018, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Newly issued IFRS adopted in the reported periods There were new standards, interpretations and standard amendments adopted as of January 1, 2020 and 2019 prospectively, that did not result in any material impact on CEMEX´s results or financial position, and which are explained as follows: Standard Main topic IFRIC 23, Uncertainty over income tax treatments Based on IFRIC 23, the income tax effects from an uncertain tax position are recognized when it is probable that the position will be sustained based on its technical merits and assuming that the tax authorities will examine each position and have full knowledge of all relevant information. For each position is considered individually its probability, regardless of its relation to any other broader tax settlement. The probability threshold represents a positive assertion by management that CEMEX is entitled to the economic benefits of a tax position. If a tax position is considered not probable of being sustained, no benefits of the position are recognized. Interest and penalties related to unrecognized tax benefits are recorded as part of the income tax in the consolidated statements of operations. The adoption effect of IFRIC 23 credited to retained earnings as of January 1, 2019 was $6. Amendments to IFRS 16, Leases, COVID-19-related Beginning on or after June 1, 2020, the amendment provides lessees with an exemption from assessing whether a COVID-19-related Amendments to IFRS 3, Business combinations The amendments definition of a business requires that an acquisition include an input and a substantive process that together contribute significantly to the ability to create outputs. The definition of the term “outlets” is modified to focus on goods and services provided to customers, generating investment income and other income, and excludes returns in the form of lower costs and other economic benefits. The modifications are likely to result in more acquisitions being accounted for as asset acquisitions. Amendments to IAS 1, Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors The amendments use a coherent definition of materiality throughout the International Financial Reporting Standards and the Conceptual Framework for Financial Reporting, clarify when information is material and incorporate some of the guidance in IAS 1 on non-material Amendments to IFRS 9, IAS 39 and IFRS 7 — The Reform of the Reference Interest Rates The amendments refer to the replacement of the Interbank Reference Rates (IBOR) and provide temporary relief to continue applying hedge accounting during the period of uncertainty before its replacement by an alternate quasi risk-free rate. |
Principles of Consolidation | 3.2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and those of the entities in which the Parent Company exercises control, including structured entities (special purpose entities), by means of which the Parent Company, directly or indirectly, 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’s relevant activities. Balances and operations between related parties are eliminated in consolidation. Investments are accounted for by the equity method when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%. The equity method reflects in the financial statements, the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. The financial statements of joint ventures, which relate to those arrangements in which CEMEX and other third-party investors have joint control and have rights to the net assets of the arrangements, are recognized under the equity method. During the reported periods, CEMEX did not have joint operations, referring to those cases in which the parties that have joint control of the arrangement have rights over specific assets and obligations for specific liabilities relating to the arrangements. The equity method is discontinued when the carrying amount of the investment, including any long-term interest in the investee or joint venture, is reduced to zero, unless CEMEX has incurred or guaranteed additional obligations of the investee or joint venture. |
Use of Estimates and Critical Assumptions | 3.3) USE OF ESTIMATES AND CRITICAL ASSUMPTIONS The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, as well as the measurement of financial instruments at fair value, and the assets and liabilities related to employee benefits. Significant judgment is required by management to appropriately assess the amounts of these concepts. |
Foreign Currency Transactions and Translation of Foreign Currency Financial Statements | 3.4) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 21.2) until the disposal of the foreign net investment, at which time, the accumulated amount is recognized through the statement of operations as part of the gain or loss on disposal. The financial statements of foreign subsidiaries, as determined using their respective functional currency, are translated to U.S. dollars at the closing exchange rate for statement of financial position accounts and at the closing exchange rates of each month within the period for statements of operations accounts. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 21.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2020, 2019 and 2018, were as follows: 2020 2019 2018 Currency Closing Average Closing Average Closing Average Mexican peso 19.8900 21.5766 18.9200 19.3500 19.6500 19.2583 Euro 0.8183 0.8736 0.8917 0.8941 0.8727 0.8483 British Pound Sterling 0.7313 0.7758 0.7550 0.7831 0.7843 0.7521 Colombian Peso 3,433 3,730 3,277 3,300 3,250 2,972 Philippine Peso 48.0230 49.4944 50.6350 51.5650 52.5800 52.6925 |
Cash and Cash Equivalents (note 9) | 3.5) CASH AND CASH EQUIVALENTS (note 9) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” To the extent that any restriction will be lifted in less than three months from the statement of financial position reporting date, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments, when applicable, comprised of deposits in margin accounts that guarantee certain of CEMEX’s obligations, except when contracts contain provisions for net settlement, in which case, these restricted amounts of cash and cash equivalents are offset against the liabilities that CEMEX has with its counterparties. When the restriction period is greater than three months, any restricted balance of cash and investments is not considered cash equivalents and is included within short-term or long-term “Other accounts receivable,” as appropriate. |
Financial Instruments | 3.6) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments Financial assets are classified as “Held to collect” and measured at amortized cost when they meet both of the following conditions and are not designated as at fair value through profit or loss: a) are held within a business model whose objective is to hold assets to collect contractual cash flows; and b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortized cost represents the net present value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 3.5 and 9). • Trade receivables, other current accounts receivable and other current assets (notes 10 and 11). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 10 and 17.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 14.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 14.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 17.1 and 17.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 17.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the Expected Credit Loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience over the last 24 months and analyses of future delinquency, that is applied to the balance of the accounts receivable. The average ECL rate increases in each segment of days past due until the rate is 100% for the segment of 365 days or more past due. Costs incurred in the issuance of debt or borrowings Direct costs incurred in debt issuances or borrowings, as well as debt refinancing or non-substantial Leases (notes 3.8, 15 and 17.2) At the inception of a lease contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. CEMEX uses the definition of a lease in IFRS 16, Leases Based on IFRS 16, leases are recognized as financial liabilities against assets for the right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is measured at amortized cost using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Financial instruments with components of both liabilities and equity (note 17.2) Financial instruments that contain components of both liability and equity, such as notes convertible into a fixed number of the issuer’s shares and denominated its same functional currency, are accounted for by each component being recognized separately in the statement of financial position according to the specific characteristics of each transaction. In the case of instruments mandatorily convertible into shares of the issuer, the liability component represents the NPV of interest payments on the principal amount using a market interest rate, without assuming early conversion, and is recognized within “Other financial obligations,” whereas the equity component represents the difference between the principal amount and the liability component, and is recognized within “Other equity reserves”, net of commissions. In the case of instruments that are optionally convertible into a fixed number of shares, the equity component represents the difference between the total proceeds received for issuing the financial instruments and the fair value of the financial liability component (note 3.14). When the transaction is denominated in a currency different than the functional currency of the issuer, the conversion option is accounted for as a derivative financial instrument at fair value in the income statement. Hedging instruments (note 17.4) A hedging relationship is established to the extent the entity considers, based on the analysis of the overall characteristics of the hedging and hedged items, that the hedge will be highly effective in the future and the hedge relationship at inception is aligned with the entity’s reported risk management strategy (note 17.5). The accounting categories of hedging instruments are: a) cash flow hedge; b) fair value hedge of an asset or forecasted transaction; and c) hedge of a net investment in a subsidiary. In cash flow hedges, the effective portion of changes in fair value of derivative instruments are recognized in stockholders’ equity within other equity reserves and are reclassified to earnings as the interest expense of the related debt is accrued, in the case of interest rate swaps, or when the underlying products are consumed in the case of contracts on the price of raw materials and commodities. In hedges of the net investment in foreign subsidiaries, changes in fair value are recognized in stockholders’ equity as part of the foreign currency translation result within “Other equity reserves” (note 3.4), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedded derivatives. Identified embedded derivatives are analyzed to determine if they need to be separated from the host contract and recognized in the statement of financial position as assets or liabilities, applying the same valuation rules used for other derivative instruments. Put options granted for the purchase of non-controlling Under IFRS 9, represent agreements by means of which a non-controlling Fair value measurements (note 17.3) Under IFRS, fair value represents an “Exit Value” which 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, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there are no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1.- represent quoted prices (unadjusted) in active markets for identical assets or liabilities that CEMEX can access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. • Level 2.- are inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 2 inputs included equity prices, certain interest rates and yield curves, implied volatility and credit spreads, among others, as well as inputs extrapolated from other observable inputs. In the absence of Level 1 inputs, CEMEX determined fair values by iteration of the applicable Level 2 inputs, the number of securities and/or the other relevant terms of the contract, as applicable. • Level 3.- inputs are unobservable inputs for the asset or liability. CEMEX used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples of Operative EBITDA, including risk assumptions consistent with what market participants would use to arrive at fair value. |
Inventories (note 12) | 3.7) INVENTORIES (note 12) Inventories are valued using the lower of cost or net realizable value. The cost of inventories is based on weighted average cost formula and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. CEMEX analyzes its inventory balances to determine if, because of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value. In such cases, these adjustments are recognized against the results of the period. Advances to suppliers of inventory are presented as part of other current assets. |
Property, Machinery And Equipment And Assets For The Right-Of-Use | 3.8) PROPERTY, MACHINERY AND EQUIPMENT AND ASSETS FOR THE RIGHT-OF-USE Property, machinery and equipment are recognized at their acquisition or construction cost, as applicable, less accumulated depreciation and accumulated impairment losses. Depreciation of fixed assets is recognized as part of cost and operating expenses (note 6) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production Years Administrative buildings 31 Industrial buildings 26 Machinery and equipment in plant 15 Ready-mix 9 Office equipment and other assets 6 Assets for the right-of-use right-of-use right-of-use right-of-use right-of-use CEMEX capitalizes, as part of the related cost of fixed assets, interest expense from existing debt during the construction or installation period of significant fixed assets, considering CEMEX’s corporate average interest rate and the average balance of investments in process for the period. All waste removal costs or stripping costs incurred in the operative phase of a surface mine to access the mineral reserves are recognized as part of the carrying amount of the related quarries. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production Costs incurred in respect of operating fixed assets that result in future economic benefits, such as an extension in their useful lives, an increase in their production capacity or in safety, as well as those costs incurred to mitigate or prevent environmental damage, are capitalized as part of the carrying amount of the related assets. The capitalized costs are depreciated over the remaining useful lives of such fixed assets. Periodic maintenance of fixed assets is expensed as incurred. Advances to suppliers of fixed assets are presented as part of other long-term accounts receivable. |
Business Combinations, Goodwill And Other Intangible Assets (notes 5.1 and 16) | 3.9) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 5.1 and 16) Business combinations are recognized using the acquisition method, by allocating the consideration transferred to assume control of the entity to all assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date. Intangible assets acquired are identified and recognized at fair value. Any unallocated portion of the purchase price represents goodwill, which is not amortized and is subject to periodic impairment tests (note 3.10). Goodwill may be adjusted for any change to the preliminary assessment given to the assets acquired and/or liabilities assumed within the twelve-month period after purchase. Costs associated with the acquisition are expensed in the income statement as incurred. CEMEX capitalizes intangible assets acquired, as well as costs incurred in the development of intangible assets, when probable future economic benefits associated are identified and there is evidence of control over such benefits. Intangible assets are recognized at their acquisition or development cost, as applicable. Indefinite life intangible assets are not amortized since the period in which the benefits associated with such intangibles will terminate cannot be accurately established. Definite life intangible assets are amortized on a straight-line basis as part of operating costs and expenses (note 6). Startup costs are recognized in the income statement as they are incurred. Costs associated with research and development activities (“R&D activities”), performed by CEMEX to create products and services, as well as to develop processes, equipment and methods to optimize operational efficiency and reduce costs are recognized in the operating results as incurred. Direct costs incurred in the development stage of computer software for internal use are capitalized and amortized through the operating results over the useful life of the software, which on average is approximately 5 years. Costs incurred in exploration activities such as payments for rights to explore, topographical and geological studies, as well as trenching, among other items incurred to assess the technical and commercial feasibility of extracting a mineral resource, which are not significant to CEMEX, are capitalized when probable future economic benefits associated with such activities are identified. When extraction begins, these costs are amortized during the useful life of the quarry based on the estimated tons of material to be extracted. When future economic benefits are not achieved, any capitalized costs are subject to impairment. CEMEX’s extraction rights have weighted-average useful lives of 83 years, depending on the sector and the expected life of the related reserves. As of December 31, 2020, except for extraction rights and/or as otherwise indicated, CEMEX’s intangible assets are amortized on a straight-line basis over their useful lives that range on average from 3 to 20 years. |
Impairment of Long-lived Assets (note 15 and 16) | 3.10) IMPAIRMENT OF LONG-LIVED ASSETS (notes 15 and 16) Property, machinery and equipment, assets for the right-of-use, These assets are tested for impairment upon the occurrence of internal or external indicators of impairment, such as changes in CEMEX’s operating business model or in technology that affect the asset, or expectations of lower operating results, to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the income statement for the period within “Other expenses, net,” for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, as generally determined by an external appraiser, and the asset’s value in use, the latter represented by the NPV of estimated cash flows related to the use and eventual disposal of the asset. The main assumptions utilized to develop estimates of NPV are a discount rate that reflects the risk of the cash flows associated with the assets and the estimations of generation of future income. Those assumptions are evaluated for reasonableness by comparing such discount rates to available market information and by comparing to third-party expectations of industry growth, such as governmental agencies or industry chambers. When impairment indicators exist, for each intangible asset, CEMEX determines its projected revenue streams over the estimated useful life of the asset. To obtain discounted cash flows attributable to each intangible asset, such revenue is adjusted for operating expenses, changes in working capital and other expenditures, as applicable, and discounted to NPV using the risk adjusted discount rate of return. The most significant economic assumptions are: a) the useful life of the asset; b) the risk adjusted discount rate of return; c) royalty rates; and d) growth rates. Assumptions used for these cash flows are consistent with internal forecasts and industry practices. The fair values of these assets are significantly sensitive to changes in such relevant assumptions. Certain key assumptions are more subjective than others. In respect of trademarks, CEMEX considers that the most subjective key assumption is the royalty rate. In respect of extraction rights and customer relationships, the most subjective assumptions are revenue growth rates and estimated useful lives. CEMEX validates its assumptions through benchmarking with industry practices and the corroboration of third-party valuation advisors. Significant judgment by management is required to appropriately assess the fair values and values in use of the related assets, as well as to determine the appropriate valuation method and select the significant economic assumptions. Goodwill is tested for impairment when required upon the occurrence of internal or external indicators of impairment or at least once a year, during the last quarter of such year. CEMEX determines the recoverable amount of the group of cash-generating units (“CGUs”) to which goodwill balances were allocated, which consists of the higher of such group of CGUs fair value less cost to sell and its value in use, the latter represented by the NPV of estimated future cash flows to be generated by such CGUs to which goodwill was allocated, which are generally determined over periods of 5 years. If the value in use of a group of CGUs to which goodwill has been allocated is lower than its corresponding carrying amount, CEMEX determines the fair value of such group of CGUs using methodologies generally accepted in the market to determine the value of entities, such as multiples of Operating EBITDA and by reference to other market transactions. An impairment loss is recognized within “Other expenses, net”, if the recoverable amount is lower than the net book value of the group of CGUs to which goodwill has been allocated. Impairment charges recognized on goodwill are not reversed in subsequent periods. Impairment of long-lived assets – Goodwill The reportable segments reported by CEMEX (note 5.3), represent CEMEX’s groups of CGUs to which goodwill has been allocated for purposes of testing goodwill for impairment, considering: a) that after the acquisition, goodwill was allocated at the level of the reportable segment; b) that the operating components that comprise the reported segment have similar economic characteristics; c) that the reported segments are used by CEMEX to organize and evaluate its activities in its internal information system; d) the homogeneous nature of the items produced and traded in each operative component, which are all used by the construction industry; e) the vertical integration in the value chain of the products comprising each component; f) the type of clients, which are substantially similar in all components; g) the operative integration among components; and h) that the compensation system of a specific country is based on the consolidated results of the geographic segment and not on the particular results of the components. In addition, the country level represents the lowest level within CEMEX at which goodwill is monitored for internal management purposes. Impairment tests are significantly sensitive to the estimation of future prices of CEMEX’s products, the development of operating expenses, local and international economic trends in the construction industry, the long-term growth expectations in the different markets, as well as the discount rates and the growth rates in perpetuity applied. For purposes of estimating future prices, CEMEX uses, to the extent available, historical data; plus the expected increase or decrease according to information issued by trusted external sources, such as national construction or cement producer chambers and/or in governmental economic expectations. Operating expenses are normally measured as a constant proportion of revenues, following experience. However, such operating expenses are also reviewed considering external information sources in respect of inputs that behave according to international prices, such as oil and gas. CEMEX uses specific pre-tax pre-tax |
Provisions | 3.11) PROVISIONS CEMEX recognizes provisions when it has a legal or constructive obligation resulting from past events, whose resolution would require cash outflows, or the delivery of other resources owned by the Company. As of December 31, 2020 and 2019, some significant proceedings that gave rise to a portion of the carrying amount of CEMEX’s other current and non-current Considering guidance under IFRS, CEMEX recognizes provisions for levies imposed by governments when the obligating event or the activity that triggers the payment of the levy has occurred, as defined in the legislation. Restructuring CEMEX recognizes provisions for restructuring when the restructuring detailed plans have been properly finalized and authorized by management and have been communicated to the third parties involved and/or affected by the restructuring prior to the statement of financial position’s date. These provisions may include costs not associated with CEMEX’s ongoing activities. Asset retirement obligations (note 18) Unavoidable obligations, legal or constructive, to restore operating sites upon retirement of long-lived assets at the end of their useful lives are measured at the NPV of estimated future cash flows to be incurred in the restoration process and are initially recognized against the related assets’ book value. The increase to the assets’ book value is depreciated during its remaining useful life. The increase in the liability related to adjustments to NPV by the passage of time is charged to the line item “Financial income and other items, net.” Adjustments to the liability for changes in estimations are recognized against fixed assets, and depreciation is modified prospectively. These obligations are related mainly to future costs of demolition, cleaning and reforestation, so that quarries, maritime terminals and other production sites are left in acceptable condition at the end of their operation. Costs related to remediation of the environment (notes 18 and 25) Provisions associated with environmental damage represent the estimated future cost of remediation, which are recognized at their nominal value when the time schedule for the disbursement is not clear, or when the economic effect for the passage of time is not significant; otherwise, such provisions are recognized at their discounted values. Reimbursements from insurance companies are recognized as assets only when their recovery is practically certain. In that case, such reimbursement assets are not offset against the provision for remediation costs. Contingencies and commitments (notes 24 and 25) Obligations or losses related to contingencies are recognized as liabilities in the statement of financial position only when present obligations exist resulting from past events that are probable to result in an outflow of resources and the amount can be measured reliably. Otherwise, a qualitative disclosure is included in the notes to the financial statements. The effects of long-term commitments established with third parties, such as supply contracts with suppliers or customers, are recognized in the financial statements on an incurred or accrued basis, after taking into consideration the substance of the agreements. Relevant commitments are disclosed in the notes to the financial statements. The Company recognizes contingent revenues, income or assets only when their realization is virtually certain. |
Pensions and Other Post-Employment Benefits (note 19) | 3.12) PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS (note 19) Defined contribution pension plans The costs of defined contribution pension plans are recognized in the operating results as they are incurred. Liabilities arising from such plans are settled through cash transfers to the employees’ retirement accounts, without generating future obligations. Defined benefit pension plans and other post-employment benefits The costs associated with employees’ benefits for defined benefit pension plans and other post-employment benefits, generally comprised of health care benefits, life insurance and seniority premiums, granted by CEMEX and/or pursuant to applicable law, are recognized as services are rendered by the employees based on actuarial estimations of the benefits’ present value considering the advice of external actuaries. For certain pension plans, CEMEX has created irrevocable trust funds to cover future benefit payments (“plan assets”). These plan assets are valued at their estimated fair value at the statement of financial position date. The actuarial assumptions and accounting policy consider: a) the use of nominal rates; b) a single rate is used for the determination of the expected return on plan assets and the discount of the benefits obligation to present value; c) a net interest is recognized on the net defined benefit liability (liability minus plan assets); and d) all actuarial gains and losses for the period, related to differences between the projected and real actuarial assumptions at the end of the period, as well as the difference between the expected and real return on plan assets, are recognized as part of “Other items of comprehensive income, net” within stockholders’ equity. The service cost, corresponding to the increase in the obligation for additional benefits earned by employees during the period, is recognized within operating costs and expenses. The net interest cost, resulting from the increase in obligations for changes in NPV and the change during the period in the estimated fair value of plan assets, is recognized within “Financial income and other items, net.” The effects from modifications to the pension plans that affect the cost of past services are recognized within operating costs and expenses over the period in which such modifications become effective to the employees or without delay if changes are effective immediately. Likewise, the effects from curtailments and/or settlements of obligations occurring during the period, associated with events that significantly reduce the cost of future services and/or significantly reduce the population subject to pension benefits, respectively, are recognized within operating costs and expenses. Termination benefits Termination benefits, not associated with a restructuring event, which mainly represent severance payments by law, are recognized in the operating results for the period in which they are incurred. |
Income Taxes (note 20) | 3.13) INCOME TAXES (note 20) The effects reflected in the income statement for income taxes include the amounts incurred during the period and the amounts of deferred income taxes, determined according to the income tax law applicable to each subsidiary, reflecting uncertainty in income tax treatments, if any. Consolidated deferred income taxes represent the addition of the amounts determined in each subsidiary by applying the enacted statutory income tax rate or substantively enacted by the end of the reporting period to the total temporary differences resulting from comparing the book and taxable values of assets and liabilities, considering tax assets such as loss carryforwards and other recoverable taxes, to the extent that it is probable that future taxable profits will be available against which they can be utilized. The measurement of deferred income taxes at the reporting period reflects the tax consequences that follow the way in which CEMEX expects to recover or settle the carrying amount of its assets and liabilities. Deferred income taxes for the period represent the difference between balances of deferred income taxes at the beginning and the end of the period. Deferred income tax assets and liabilities relating to different tax jurisdictions are not offset. According to IFRS, all items charged or credited directly in stockholders’ equity or as part of other comprehensive income or loss for the period are recognized net of their current and deferred income tax effects. The effect of a change in enacted statutory tax rates is recognized in the period in which the change is officially enacted. Deferred tax assets are reviewed at each reporting date and are reduced when it is not deemed probable that the related tax benefit will be realized, considering the aggregate amount of self-determined tax loss carryforwards that CEMEX believes will not be rejected by the tax authorities based on available evidence and the likelihood of recovering them prior to their expiration through an analysis of estimated future taxable income. If it is probable that the tax authorities would reject a self-determined deferred tax asset, CEMEX would decrease such asset. When it is considered that a deferred tax asset will not be recovered before its expiration, CEMEX would not recognize such deferred tax asset. Both situations would result in additional income tax expense for the period in which such determination is made. To determine whether it is probable that deferred tax assets will ultimately be recovered, CEMEX takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, expansion plans, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, tax planning strategies, future reversals of existing temporary differences. Likewise, CEMEX analyzes its actual results versus the Company’s estimates, and adjusts, as necessary, its tax asset valuations. If actual results vary from CEMEX’s estimates, the deferred tax asset and/or valuations may be affected, and necessary adjustments will be made based on relevant information in CEMEX’s income statement for such period. Based on IFRIC 23, Uncertainty over income tax treatments The effective income tax rate is determined dividing the line item “Income tax” by the line item “Earnings before income tax.” This effective tax rate is further reconciled to CEMEX’s statutory tax rate applicable in Mexico (note 20.3). A significant effect in CEMEX’s effective tax rate and consequently in the reconciliation of CEMEX’s effective tax rate, relates to the difference between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. For the years ended December 31, 2020, 2019 and 2018, the statutory tax rates in CEMEX’s main operations were as follows: Country 2020 2019 2018 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 19.0% 19.3% 19.3% France 32.0% 34.4% 34.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 30.0% 30.0% 30.0% Colombia 32.0% 33.0% 37.0% Others 9.0% – 30.0% 7.8% – 35.0% 7.8% – 39.0% CEMEX’s current and deferred income tax amounts included in the income statement for the period are highly variable, and are subject, among other factors, to taxable income determined in each jurisdiction in which CEMEX operates. Such amounts of taxable income depend on factors such as sale volumes and prices, costs and expenses, exchange rate fluctuations and interest on debt, among others, as well as to the estimated tax assets at the end of the period due to the expected future generation of taxable gains in each jurisdiction. |
Stockholders' Equity | 3.14) STOCKHOLDERS’ EQUITY Common stock and additional paid-in These items represent the value of stockholders’ contributions, and include increases related to the capitalization of retained earnings and the recognition of executive compensation programs in CEMEX, S.A.B. de C.V.’s CPOs as well as decreases associated with the restitution of retained earnings. Other equity reserves (note 21.2) Groups the cumulative effects of items and transactions that are, temporarily or permanently, recognized directly to stockholders’ equity, and includes the comprehensive income, which reflects certain changes in stockholders’ equity that do not result from investments by owners and distributions to owners. The most significant items within “Other equity reserves” during the reported periods are as follows: Items of “Other equity reserves” included within other comprehensive income: • Currency translation effects from the translation of foreign subsidiaries, net of: a) exchange results from foreign currency debt directly related to the acquisition of foreign subsidiaries; and b) exchange results from foreign currency related parties’ balances that are of a non-current • The effective portion of the valuation and liquidation effects from derivative financial instruments under cash flow hedging relationships, which are recorded temporarily in stockholders’ equity (note 3.6); • Changes in fair value of other investments in strategic securities (note 3.6); and • Current and deferred income taxes during the period arising from items whose effects are directly recognized in stockholders’ equity. Items of “Other equity reserves” not included in comprehensive income: • Effects related to controlling stockholders’ equity for changes or transactions affecting non-controlling • Effects attributable to controlling stockholders’ equity for financial instruments issued by consolidated subsidiaries that qualify for accounting purposes as equity instruments, such as the interest expense paid on perpetual debentures; • The equity component of securities which are mandatorily or optionally convertible into shares of the Parent Company (notes 3.6 and 17.2). Upon conversion, this amount will be reclassified to common stock and additional paid-in • The cancellation of the Parent Company’s shares held by consolidated entities. Retained earnings (note 21.3) Retained earnings represent the cumulative net results of prior years, net of: a) dividends declared; b) capitalization of retained earnings; c) restitution of retained earnings when applicable; and d) cumulative effects from adoption of new IFRS. Non-controlling This caption includes the share of non-controlling |
Revenue Recognition (note 4) | 3.15) REVENUE RECOGNITION (note 4) Revenue is recognized at a point in time or over time in the amount of the price, before tax on sales, expected to be received for goods and services supplied because of ordinary activities, as contractual performance obligations are fulfilled, and control of goods and services passes to the customer. Revenues are decreased by any trade discounts or volume rebates granted to customers. Transactions between related parties are eliminated in consolidation. Variable consideration is recognized when it is highly probable that a significant reversal in the amount of cumulative revenue recognized for the contract will not occur and is measured using the expected value or the most likely amount method, whichever is expected to better predict the amount based on the terms and conditions of the contract. Revenue and costs from trading activities, in which CEMEX acquires finished goods from a third party and subsequently sells the goods to another third-party, are recognized on a gross basis, considering that CEMEX assumes ownership risks on the goods purchased, not acting as agent or broker. When revenue is earned over time as contractual performance obligations are satisfied, which is the case of construction contracts, CEMEX applies the stage of completion method to measure revenue, which represents: a) the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs; b) the surveys of work performed; or c) the physical proportion of the contract work completed; whichever better reflects the percentage of completion under the specific circumstances. Revenue related to such construction contracts is recognized in the period in which the work is performed by reference to the contract’s stage of completion at the end of the period, considering that the following have been defined: a) each party’s enforceable rights regarding the asset under construction; b) the consideration to be exchanged; c) the manner and terms of settlement; d) actual costs incurred and contract costs required to complete the asset are effectively controlled; and e) it is probable that the economic benefits associated with the contract will flow to the entity. Progress payments and advances received from customers do not reflect the work performed and are recognized as short-term or long-term advanced payments, as appropriate. |
Cost of Sales and Operating Expenses (note 6) | 3.16) COST OF SALES AND OPERATING EXPENSES (note 6) Cost of sales represents the production cost of inventories at the moment of sale. Such cost of sales includes depreciation, amortization and depletion of assets involved in production, expenses related to storage in production plants and freight expenses of raw material in plants and delivery expenses of CEMEX’s ready-mix Administrative expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, related to managerial activities and back office for the Company’s management. Sales expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, involved specifically in sales activities. Distribution and logistics expenses refer to expenses of storage at points of sales, including depreciation and amortization, as well as freight expenses of finished products between plants and points of sale and freight expenses between points of sales and the customers’ facilities. |
Executive Share-Based Compensation (note 22) | 3.17) EXECUTIVE SHARE-BASED COMPENSATION (note 22) Share-based payments to executives are defined as equity instruments when services received from employees are settled by delivering shares of the Parent Company and/or a subsidiary; or as liability instruments when CEMEX commits to make cash payments to the executives on the exercise date of the awards based on changes in the Parent Company and/or subsidiary’s own stock (intrinsic value). The cost of equity instruments represents their estimated fair value at the date of grant and is recognized in the income statement during the period in which the exercise rights of the employees become vested. In respect of liability instruments, these instruments are valued at their estimated fair value at each reporting date, recognizing the changes in fair value through the operating results. |
Emissions of Carbon Dioxide(''CO2'') | 3.18) EMISSIONS OF CARBON DIOXIDE (“CO 2 The cement industry releases CO 2 2 2 2 2 2 Further to the strategy to address climate change that CEMEX announced in February 2020, on December 3, 2020, CEMEX hosted a Climate Action panel to present the progress on climate action and the roadmap to achieve the Company’s 2030 and 2050 goals, which are mainly a 35% reduction in CO 2 net-zero 2 2 2 roll-out 2 net-zero 2 CEMEX does not maintain emission rights, CERs and/or enters in forward transactions with trading purposes. CEMEX accounts for the effects associated with CO 2 • Certificates received for free are not recognized in the statement of financial position. Revenues from the sale of any surplus of certificates are recognized by decreasing cost of sales. In forward sale transactions, revenues are recognized upon physical delivery of the emission certificates. • Certificates and/or CERs acquired to hedge current CO 2 • CEMEX accrues a provision against cost of sales when the estimated annual emissions of CO 2 • CERs received from the UNFCCC were recognized as intangible assets at their development cost, which are attributable mainly to legal expenses incurred in the process of obtaining such CERs. During 2020, 2019 and 2018, there were no sales of emission rights to third parties. In addition, in certain countries, the environmental authorities impose levies per ton of CO 2 |
Concentration of Credit | 3.19) CONCENTRATION OF CREDIT CEMEX sells its products primarily to distributors in the construction industry, with no specific geographic concentration within the countries in which CEMEX operates. As of and for the years ended December 31, 2020, 2019 and 2018, no single customer individually accounted for a significant amount of the reported amounts of sales or in the balances of trade receivables. In addition, there is no significant concentration of a specific supplier relating to the purchase of raw materials. |
Newly Issued IFRS Not Yet Adopted | 3.20) NEWLY ISSUED IFRS NOT YET ADOPTED There are several amendments or new IFRS issued but not yet effective which are under analysis and the Company’s management expects to adopt in their specific effective dates considering preliminarily without any significant effect in the Company’s financial position or operating results, and which are summarized as follows: Standard Main topic Effective date Amendments to IFRS 10, Consolidated financial statements Clarify the recognition of gains or losses in the Parent’s financial statements for the sale or contribution of assets between an investor and its associate or joint venture Has yet to be set Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets Clarifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. January 1, 2022 Amendments to IAS 16, Property, Plant and Equipment Clarifies the prohibition of 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. January 1, 2022 Annual improvements to IFRS (2018-2020 cycle): IFRS 9, Financial Instruments The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. January 1, 2022 Amendments to IAS 1, Presentation of Financial Statements Clarifies the requirements to be applied in classifying liabilities as current and non-current. January 1, 2023 IFRS 17, Insurance contracts The new Standard establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4, Insurance contracts January 1, 2023 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Foreign Exchange Rates | The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2020, 2019 and 2018, were as follows: 2020 2019 2018 Currency Closing Average Closing Average Closing Average Mexican peso 19.8900 21.5766 18.9200 19.3500 19.6500 19.2583 Euro 0.8183 0.8736 0.8917 0.8941 0.8727 0.8483 British Pound Sterling 0.7313 0.7758 0.7550 0.7831 0.7843 0.7521 Colombian Peso 3,433 3,730 3,277 3,300 3,250 2,972 Philippine Peso 48.0230 49.4944 50.6350 51.5650 52.5800 52.6925 |
Summary of Maximum Average Useful Lives of Fixed Assets | As of December 31, 2020, the average useful lives by category of fixed assets, which are reviewed at each reporting date and adjusted if appropriate, were as follows: Years Administrative buildings 31 Industrial buildings 26 Machinery and equipment in plant 15 Ready-mix 9 Office equipment and other assets 6 |
Summary of Statutory Tax Rates | For the years ended December 31, 2020, 2019 and 2018, the statutory tax rates in CEMEX’s main operations were as follows: Country 2020 2019 2018 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 19.0% 19.3% 19.3% France 32.0% 34.4% 34.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 30.0% 30.0% 30.0% Colombia 32.0% 33.0% 37.0% Others 9.0% – 30.0% 7.8% – 35.0% 7.8% – 39.0% |
Revenue and Construction Cont_2
Revenue and Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation | CEMEX grants credit for terms ranging from 15 to 90 days depending on the type and risk of each customer. For the years ended December 31, 2020, 2019 and 2018, revenue is as follows: 2020 2019 2018 From the sale of goods associated to CEMEX’s main activities 1 $ 12,485 12,605 13,018 From the sale of services 2 145 147 159 From the sale of other goods and services 3 340 378 354 $ 12,970 13,130 13,531 |
Disclosure of recognised revenue from construction contracts | As of December 31, 2020 and 2019, amounts receivable for progress billings to and advances received from customers of construction contracts were not significant. For 2020, 2019 and 2018, revenues and costs related to construction contracts in progress were as follows: Accrued 1 2020 2019 2018 Revenue from construction contracts included in consolidated revenues 2 $ 112 101 79 72 Costs incurred in construction contracts included in consolidated cost of sales 3 (111 ) (101 ) (79 ) (68 ) Construction contracts gross operating profit $ 1 — — 4 |
Summary of Changes in the Balance of Contract Liabilities with Customers | For the years ended December 31, 2020, 2019 and 2018 changes in the balance of contract liabilities with customers are as follows: 2020 2019 2018 Opening balance of contract liabilities with customers $ 225 234 237 Increase during the period for new transactions 1,536 1,931 1,763 Decrease during the period for exercise or expiration of incentives (1,561 ) (1,946 ) (1,762 ) Currency translation effects 1 6 (4 ) Closing balance of contract liabilities with customers $ 201 225 234 |
Business Combinations, Discon_2
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [line items] | |
Summary of Purchase Price Allocation | As of December 31, 2020, the following table presents condensed combined information of the statement of financial position for the assets held for sale in Spain, as mentioned above: 2020 Current assets $ 4 Non-current 103 Total assets of the disposal group 107 Current liabilities — Non-current — Total liabilities directly related to disposal group — Total net assets of disposal group $ 107 |
Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations | In addition, the following table presents condensed combined information of the statements of operations of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the period from January 1 to August 3, 2020 and for the years ended December 31, 2019 and 2018; b) the United States related to Kosmos for the period from January 1 to March 6, 2020 and for the years ended December 31, 2019 and 2018; c) France for the period from January 1 to June 28, 2019 and for the year ended December 31, 2018; d) Germany for the period from January 1 to May 31, 2019 and for the year ended December 31, 2018; e) the Baltics and Nordics for the period from January 1 to March 29, 2019 and for the year ended December 31, 2018; f) Spain for the years ended December 31, 2020, 2019 and 2018; and g) Brazil for the period from January 1 to September 27, 2018: 2020 2019 2018 Revenues $ 189 572 868 Cost of sales and operating expenses (184 ) (534 ) (792 ) Other income (expenses), net (5 ) 1 (1 ) Financial expenses, net and others — — (2 ) Earnings before income tax — 39 73 Income tax (75 ) (6 ) (7 ) Result of discontinued operations (75 ) 33 66 Net disposal result (45 ) 55 11 Net result of discontinued operations $ (120 ) 88 77 |
Summary of Consolidating Income Statements by Reportable Segment | Selected information of the consolidated statements of operations by reportable segment for the years 2020, 2019 and 2018, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 14.1, was as follows: 2020 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,812 (134 ) 2,678 931 148 783 (46 ) (31 ) (4 ) United States 3,994 (1 ) 3,993 747 440 307 (1,350 ) (53 ) (20 ) EMEAA United Kingdom 739 — 739 88 67 21 (73 ) (9 ) (77 ) France 795 — 795 76 49 27 (1 ) (12 ) 3 Germany 489 (37 ) 452 67 28 39 (3 ) (2 ) (3 ) Spain 319 (16 ) 303 25 39 (14 ) (195 ) (3 ) (9 ) Philippines 1 398 — 398 118 46 72 (1 ) 2 2 Israel 754 — 754 115 28 87 — (4 ) 1 Rest of EMEAA 959 (16 ) 943 149 81 68 (27 ) (5 ) (22 ) SCA&C Colombia 2 404 — 404 86 25 61 (14 ) (5 ) (13 ) Panama 2 80 (7 ) 73 12 16 (4 ) (19 ) (1 ) 1 Caribbean TCL 3 251 (7 ) 244 65 22 43 (9 ) (6 ) (8 ) Dominican Republic 229 (11 ) 218 84 8 76 (5 ) (1 ) 4 Rest of SCA&C 2 508 (17 ) 491 124 19 105 (41 ) (2 ) 15 Others 957 (472 ) 485 (227 ) 101 (328 ) 5 (645 ) 20 Continuing operations 13,688 (718 ) 12,970 2,460 1,117 1,343 (1,779 ) (777 ) (110 ) Discontinued operations 189 — 189 14 9 5 (5 ) — — Total $ 13,877 (718 ) 13,159 2,474 1,126 1,348 (1,784 ) (777 ) (110 ) 2019 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,897 (105 ) 2,792 969 159 810 (48 ) (36 ) (1 ) United States 3,780 — 3,780 629 392 237 (22 ) (64 ) (13 ) EMEAA United Kingdom 749 — 749 119 69 50 (2 ) (11 ) (17 ) France 869 — 869 94 48 46 (4 ) (11 ) — Germany 439 (25 ) 414 65 28 37 3 (3 ) (4 ) Spain 319 (25 ) 294 16 34 (18 ) (8 ) (2 ) 2 Philippines 1 458 — 458 117 38 79 1 6 4 Israel 660 — 660 89 23 66 — (2 ) 1 Rest of EMEAA 958 (14 ) 944 132 71 61 (7 ) (7 ) 26 SCA&C Colombia 2 504 — 504 90 29 61 (21 ) (4 ) (3 ) Panama 2 181 (2 ) 179 48 17 31 (9 ) (1 ) — Caribbean TCL 3 248 (8 ) 240 56 23 33 (2 ) (6 ) (4 ) Dominican Republic 245 (17 ) 228 84 9 75 (1 ) — — Rest of SCA&C 2 511 (17 ) 494 107 20 87 (60 ) (3 ) (6 ) Others 1,104 (579 ) 525 (237 ) 85 (322 ) (167 ) (567 ) (56 ) Continuing operations 13,922 (792 ) 13,130 2,378 1,045 1,333 (347 ) (711 ) (71 ) Discontinued operations 572 — 572 89 51 38 1 — — Total $ 14,494 (792 ) 13,702 2,467 1,096 1,371 (346 ) (711 ) (71 ) 2018 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,302 (91 ) 3,211 1,217 148 1,069 (33 ) (32 ) (3 ) United States 3,614 — 3,614 686 369 317 (18 ) (53 ) (11 ) EMEAA United Kingdom 773 — 773 117 67 50 (7 ) (12 ) (22 ) France 895 — 895 91 50 41 (47 ) (13 ) — Germany 429 (75 ) 354 37 28 9 (8 ) (3 ) (4 ) Spain 334 (47 ) 287 13 33 (20 ) (16 ) (3 ) 3 Philippines 1 448 — 448 93 36 57 (3 ) (2 ) (4 ) Israel 630 — 630 87 21 66 — (3 ) (1 ) Rest of EMEAA 1,090 (51 ) 1,039 157 72 85 (12 ) (6 ) (5 ) SCA&C Colombia 2 524 — 524 97 29 68 6 (7 ) (22 ) Panama 2 222 — 222 66 17 49 (3 ) (1 ) — Caribbean TCL 3 254 (5 ) 249 58 19 39 (15 ) (3 ) (2 ) Dominican Republic 218 (16 ) 202 61 10 51 (1 ) (1 ) 2 Rest of SCA&C 2 590 (20 ) 570 133 21 112 (7 ) (3 ) 14 Others 1,247 (734 ) 513 (228 ) 62 (290 ) (132 ) (580 ) 53 Continuing operations 14,570 (1,039 ) 13,531 2,685 982 1,703 (296 ) (722 ) (2 ) Discontinued operations 868 — 868 147 71 76 (1 ) (2 ) — Total $ 15,438 (1,039 ) 14,399 2,832 1,053 1,779 (297 ) (724 ) (2 ) 1 CEMEX’s operations in the Philippines are mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2020 and 2019, there is a non-controlling 2 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador. At year end 2020 and 2019, there is a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2020 and 2019, there is a non-controlling |
Summary of Balance sheet Information by Reportable Segment | Debt by reportable segment is disclosed in note 17.1. As of December 31, 2020 and 2019, selected statement of financial position information by reportable segment was as follows: 2020 Equity Other Total Total Net assets Additions 1 Mexico $ — 3,837 3,837 1,523 2,314 144 United States 146 12,296 12,442 2,490 9,952 284 EMEAA United Kingdom 6 1,507 1,513 1,368 145 55 France 53 999 1,052 585 467 62 Germany 4 412 416 357 59 24 Spain — 1,023 1,023 230 793 22 Philippines — 761 761 158 603 82 Israel — 769 769 507 262 28 Rest of EMEAA 9 1,172 1,181 417 764 51 SCA&C Colombia — 1,105 1,105 514 591 14 Panama — 295 295 78 217 3 Caribbean TCL — 493 493 258 235 16 Dominican Republic — 158 158 66 92 2 Rest of SCA&C — 333 333 162 171 7 Others 292 1,568 1,860 9,754 (7,894 ) 1 Total 510 26,728 27,238 18,467 8,771 795 Assets held for sale and related liabilities (note 13.1) — 187 187 6 181 — Total consolidated $ 510 26,915 27,425 18,473 8,952 795 2019 Equity Other Total Total Net assets Additions 1 Mexico $ — 3,910 3,910 1,443 2,467 199 United States 143 13,755 13,898 2,440 11,458 398 EMEAA United Kingdom 6 1,556 1,562 1,225 337 67 France 50 928 978 460 518 38 Germany 4 397 401 353 48 25 Spain — 1,190 1,190 185 1,005 34 Philippines — 689 689 141 548 84 Israel — 611 611 429 182 33 Rest of EMEAA 11 1,168 1,179 435 744 65 SCA&C Colombia — 1,187 1,187 428 759 25 Panama — 337 337 105 232 10 Caribbean TCL — 542 542 236 306 21 Dominican Republic — 193 193 66 127 8 Rest of SCA&C — 381 381 164 217 18 Others 267 1,199 1,466 10,392 (8,926 ) 8 Total 481 28,043 28,524 18,502 10,022 1,033 Assets held for sale and related liabilities (note 13.1) — 839 839 37 802 — Total consolidated $ 481 28,882 29,363 18,539 10,824 1,033 1 In 2020 and 2019, the column “Additions to fixed assets” includes capital expenditures, which comprises acquisitions of property, machinery and equipment as well as additions of assets for the right-of-use, |
Summary of Revenues by Line of Business and Reportable Segment | Revenues by line of business and reportable segment for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,001 628 172 587 (710 ) 2,678 United States 1,599 2,255 954 481 (1,296 ) 3,993 EMEAA United Kingdom 201 274 314 229 (279 ) 739 France — 647 340 8 (200 ) 795 Germany 210 202 69 116 (145 ) 452 Spain 233 83 24 25 (62 ) 303 Philippines 398 — — 3 (3 ) 398 Israel — 623 195 113 (177 ) 754 Rest of EMEAA 643 363 80 34 (177 ) 943 SCA&C Colombia 294 119 34 64 (107 ) 404 Panama 67 14 4 4 (16 ) 73 Caribbean TCL 245 5 7 15 (28 ) 244 Dominican Republic 185 15 5 38 (25 ) 218 Rest of SCA&C 458 32 9 24 (32 ) 491 Others — — — 959 (474 ) 485 Continuing operations 6,534 5,260 2,207 2,700 (3,731 ) 12,970 Discontinued operations 68 28 55 53 (15 ) 189 Total $ 6,602 5,288 2,262 2,753 (3,746 ) 13,159 2019 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,009 798 196 445 (656 ) 2,792 United States 1,608 2,189 917 332 (1,266 ) 3,780 EMEAA United Kingdom 227 310 290 246 (324 ) 749 France — 720 355 4 (210 ) 869 Germany 192 184 62 43 (67 ) 414 Spain 228 86 23 18 (61 ) 294 Philippines 457 — — 2 (1 ) 458 Israel — 554 166 78 (138 ) 660 Rest of EMEAA 609 378 89 28 (160 ) 944 SCA&C Colombia 363 176 53 51 (139 ) 504 Panama 141 49 15 12 (38 ) 179 Caribbean TCL 241 9 5 9 (24 ) 240 Dominican Republic 194 27 8 25 (26 ) 228 Rest of SCA&C 448 48 11 18 (31 ) 494 Others — — — 1,107 (582 ) 525 Continuing operations 6,717 5,528 2,190 2,418 (3,723 ) 13,130 Discontinued operations 229 110 154 85 (6 ) 572 Total $ 6,946 5,638 2,344 2,503 (3,729 ) 13,702 2018 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,302 898 210 642 (841 ) 3,211 United States 1,584 2,088 850 393 (1,301 ) 3,614 EMEAA United Kingdom 237 325 300 281 (370 ) 773 France — 735 353 9 (202 ) 895 Germany 186 197 56 136 (221 ) 354 Spain 250 70 19 17 (69 ) 287 Philippines 444 — 3 2 (1 ) 448 Israel — 521 159 110 (160 ) 630 Rest of EMEAA 656 416 94 205 (332 ) 1,039 SCA&C Colombia 353 189 55 92 (165 ) 524 Panama 171 71 23 14 (57 ) 222 Caribbean TCL 245 10 5 13 (24 ) 249 Dominican Republic 178 27 9 24 (36 ) 202 Rest of SCA&C 510 63 14 24 (41 ) 570 Others — — — 1,285 (772 ) 513 Continuing operations 7,116 5,610 2,150 3,247 (4,592 ) 13,531 Discontinued operations 420 219 236 144 (151 ) 868 Total $ 7,536 5,829 2,386 3,391 (4,743 ) 14,399 |
Operating Expenses, Depreciat_2
Operating Expenses, Depreciation and Amortization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Consolidated Operating Expense | Consolidated operating expenses during 2020, 2019 and 2018 by function are as follows: 2020 2019 2018 Administrative expenses 1 $ 1,076 1,112 1,130 Selling expenses 337 371 312 Distribution and logistics expenses 1,423 1,489 1,537 $ 2,836 2,972 2,979 1 All significant R&D activities are executed by several internal areas as part of their daily activities. In 2020, 2019 and 2018, total combined expenses of these departments recognized within administrative expenses were $31, $38 and $39, respectively. |
Summary of Depreciation and Amortization Recognized | Depreciation and amortization recognized during 2020, 2019 and 2018 are detailed as follows: 2020 2019 2018 Included in cost of sales $ 921 865 853 Included in administrative, selling and distribution and logistics expenses 196 180 129 $ 1,117 1,045 982 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Expenses | The detail of the line item “Other expenses, net” in 2020, 2019 and 2018 was as follows: 2020 2019 2018 Impairment losses 1 $ (1,520 ) (64 ) (62 ) Results from the sale of assets and others, net 2 (127 ) (230 ) (149 ) Restructuring costs 3 (81 ) (48 ) (72 ) Incremental costs and expenses related to the COVID-19 (48 ) — — Remeasurement of pension liabilities 4 — — (8 ) Charitable contributions (3 ) (5 ) (5 ) $ (1,779 ) (347 ) (296 ) |
Financial Items (Tables)
Financial Items (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Financial Items | The detail of financial income and other items, net in 2020, 2019 and 2018 was as follows: 2020 2019 2018 Effects of amortized cost on assets and liabilities and others, net 1 $ (122 ) (59 ) (59 ) Results from financial instruments, net (notes 14.2 and 17.4) (17 ) (1 ) 39 Foreign exchange results 6 (32 ) 10 Financial income 20 21 18 Others 3 — (10 ) $ (110 ) (71 ) (2 ) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2020 and 2019, consolidated cash and cash equivalents consisted of: 2020 2019 Cash and bank accounts $ 501 547 Fixed-income securities and other cash equivalents 449 241 $ 950 788 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Trade Accounts Receivable | As of December 31, 2020 and 2019, consolidated trade accounts receivable consisted of: 2020 2019 Trade accounts receivable $ 1,654 1,637 Allowances for expected credit losses (121 ) (116 ) $ 1,533 1,521 |
Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss | As of December 31, 2020, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL average Mexico $ 284 38 13.7 % United States 477 8 1.7 % Europe, Middle East, Africa and Asia 766 51 6.7 % South, Central America and the Caribbean 94 20 21.3 % Others 33 4 12.1 % $ 1,654 121 |
Summary of Allowance for Expected Credit Losses | Changes in the allowance for expected credit losses in 2020, 2019 and 2018, were as follows: 2020 2019 2018 Allowances for expected credit losses at beginning of period $ 116 119 109 Adoption effects of ECL model as of January 1, 2018 — — 29 Charged to selling expenses 23 12 8 Deductions (19 ) (16 ) (20 ) Foreign currency translation effects 1 1 (7 ) Allowances for expected credit losses at end of period $ 121 116 119 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Consolidated Other Accounts Receivable | As of December 31, 2020 and 2019, consolidated other accounts receivable consisted of: 2020 2019 Advances of income taxes and other refundable taxes $ 304 147 Non-trade 1 117 113 Interest and notes receivable 39 50 Current portion of valuation of derivative financial instruments 7 1 Loans to employees and others 10 14 $ 477 325 1 Non-trade |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Consolidated Balance of Inventories | As of December 31, 2020 and 2019, the consolidated balance of inventories was summarized as follows: 2020 2019 Finished goods $ 309 320 Materials and spare parts 271 263 Raw materials 192 194 Work-in-process 164 195 Inventory in transit 35 17 $ 971 989 |
Assets Held for Sale and Othe_2
Assets Held for Sale and Other Current Asset (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Assets and Liabilities Held for Sale | As of December 31, 2020 and 2019, assets held for sale, which are measured at the lower of their estimated realizable value, less costs to sell, and their carrying amounts, as well as liabilities directly related with such assets are detailed as follows: 2020 2019 Assets Liabilities Net assets Assets Liabilities Net assets White cement assets in Spain $ 107 — 107 $ 106 — 106 Kosmos’ assets in the United States — — — 457 14 443 Assets in the United Kingdom — — — 229 23 206 Other assets held for sale 1 80 6 74 47 — 47 $ 187 6 181 $ 839 37 802 1 In 2020, includes assets and liabilities of $26 and $6, respectively, associated with a committed sale of certain assets in France negotiated in December 2020. |
Equity Accounted Investees, O_2
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Main Investments in Common Shares of Associates | As of December 31, 2020 and 2019, the investments in common shares of associates were as follows: Activity Country % 2020 2019 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 244 229 Concrete Supply Co. LLC Concrete United States 40.0 81 75 Lehigh White Cement Company Cement United States 36.8 62 64 Société d’Exploitation de Carrières Aggregates France 50.0 21 17 Société Méridionale de Carrières Aggregates France 33.3 14 15 Other companies — — — 88 81 $ 510 481 Out of which: Book value at acquisition date $ 311 331 Changes in stockholders’ equity $ 199 150 |
Summary of Combined Condensed Statement of Financial Position | Combined condensed statement of financial position information of CEMEX’s associates as of December 31, 2020 and 2019 is set forth below: 2020 2019 Current assets $ 1,240 982 Non-current 1,662 1,757 Total assets 2,902 2,739 Current liabilities 496 326 Non-current 766 898 Total liabilities 1,262 1,224 Total net assets $ 1,640 1,515 |
Summary of Combined Selected Information of the Statements of Operations | Combined selected information of the statements of operations of CEMEX’s associates in 2020, 2019 and 2018 is set forth below: 2020 2019 2018 Sales $ 1,759 1,600 1,449 Operating earnings 296 237 224 Income before income tax 175 158 110 Net income 128 118 86 |
Summary of Share of Profit of Equity Accounted Investees by Reportable Segment | The share of equity accounted investees by reportable segment in the statements of operations for 2020, 2019 and 2018 is detailed as follows: 2020 2019 2018 Mexico $ 30 23 13 United States 15 18 15 EMEAA 6 10 7 Corporate and others (2 ) (2 ) (1 ) $ 49 49 34 |
Summary of Other Investments and Non-current Accounts Receivable | As of December 31, 2020 and 2019, consolidated other investments and non-current 2020 2019 Non-current 1 $ 246 197 Investments at fair value through the income statement 2 23 34 Non-current 3 2 Investments in strategic equity securities 3 3 3 $ 275 236 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $36 in 2020 and $32 in 2019, b) advances to suppliers of fixed assets of $47 in 2020 and $32 in 2019, c) employee prepaid compensation of $6 in 2020 and $7 in 2019, d) refundable taxes of $10 in 2019; and e) warranty deposits of $29 in 2020 and $33 in 2019. 2 Refers to investments in private funds and investments related to employee’ savings funds. In 2020 and 2019, no contributions were made to such private funds. 3 This line item refers mainly to a strategic investment in CPOs of Axtel, S.A.B. de C.V. (“Axtel”). This investment is recognized at fair value through other comprehensive income. |
Property, Machinery and Equipme
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Detailed Information About In Property Plant Equipment Right Of Use Assets | As of December 31, 2020 and 2019, property, machinery and equipment, net and assets for the right-of-use, 2020 2019 Property, machinery and equipment, net $ 10,170 10,565 Assets for the right-of-use, 1,243 1,285 $ 11,413 11,850 |
Disclosure of Net Change in Property, Machinery and Equipment | As of December 31, 2020 and 2019, consolidated property, machinery and equipment, net and the changes in this line item during 2020, 2019 and 2018, were as follows: 2020 Land and Building Machinery Construction 1 Total Cost at beginning of period $ 4,606 2,374 11,519 1,209 19,708 Accumulated depreciation and depletion (968 ) (1,326 ) (6,849 ) — (9,143 ) Net book value at beginning of period 3,638 1,048 4,670 1,209 10,565 Capital expenditures 47 35 482 — 564 Stripping costs 18 — — — 18 Total capital expenditures 65 35 482 — 582 Disposals 2 (26 ) (7 ) (30 ) — (63 ) Reclassifications (31 ) (1 ) (56 ) — (88 ) Business combinations (note 5.1) — — 11 — 11 Depreciation and depletion for the period (134 ) (99 ) (515 ) — (748 ) Impairment losses (87 ) (54 ) (165 ) — (306 ) Foreign currency translation effects 139 42 57 (21 ) 217 Cost at end of period 4,741 2,438 11,929 1,188 20,296 Accumulated depreciation and depletion (1,177 ) (1,474 ) (7,475 ) — (10,126 ) Net book value at end of period $ 3,564 964 4,454 1,188 10,170 2019 Land and Building Machinery Construction 1 Total 2018 1, 2 Cost at beginning of period $ 4,789 2,633 12,185 1,035 20,642 20,653 Accumulated depreciation and depletion (958 ) (1,371 ) (7,081 ) — (9,410 ) (9,065 ) Net book value at beginning of period 3,831 1,262 5,104 1,035 11,232 11,588 Capital expenditures 46 28 663 — 737 630 Stripping costs 22 — — — 22 38 Total capital expenditures 68 28 663 — 759 668 Disposals 2 (38 ) (8 ) (50 ) — (96 ) (49 ) Reclassifications 3 (163 ) (23 ) (203 ) (13 ) (402 ) 6 Business combinations (note 5.1) — — — — — 6 Depreciation and depletion for the period (121 ) (61 ) (451 ) — (633 ) (657 ) Impairment losses (18 ) (17 ) (29 ) — (64 ) (23 ) Foreign currency translation effects 79 (133 ) (364 ) 187 (231 ) (307 ) Cost at end of period 4,606 2,374 11,519 1,209 19,708 20,642 Accumulated depreciation and depletion (968 ) (1,326 ) (6,849 ) — (9,143 ) (9,410 ) Net book value at end of period $ 3,638 1,048 4,670 1,209 10,565 11,232 1 As of December 31, 2020, the Maceo plant in Colombia, finalized significantly in 2017, with an annual capacity of approximately 1.1 million tons, has not initiated commercial operations. As of the reporting date, the works related to the access road to the plant remain suspended and the beginning of commercial operations is subject to the successful conclusion of several ongoing processes for the proper operation of the assets and other legal proceedings (note 25.3). As of December 31, 2020, the carrying amount of the plant, net of impairment adjustments of certain advance payments recognized in 2016 of $23, is for an amount in Colombian pesos equivalent to $270. 2 In 2020, includes sales of non-strategic non-strategic non-strategic 3 In 2019, refers to the reclassification of the assets in the United States, United Kingdom and Spain for $134, $182 and $86, respectively. In 2018, refers mainly to the reclassification of the assets in Spain (note 13.1) for $30. |
Summary of Recognized Impairment Losses | During the years ended December 31, 2020, 2019 and 2018 impairment losses of fixed assets by country are as follows: 2020 2019 2018 Spain $ 135 — 2 United States 76 6 13 United Kingdom 39 — — Puerto Rico 20 52 — Croatia 13 — — Panama 12 — — Dominican Republic 5 — — Colombia 2 3 2 France 2 1 — Poland — — 5 Mexico — — 1 Others 2 2 — $ 306 64 23 |
Asset for the Right of Use,Net | As of December 31, 2020 and 2019, consolidated assets for the right-of-use, 2020 Land Buildings Machinery Others Total Assets for the right-of-use $ 366 471 1,417 11 2,265 Accumulated depreciation (117 ) (233 ) (625 ) (5 ) (980 ) Net book value at beginning of period 249 238 792 6 1,285 Additions of new leases 42 38 127 6 213 Cancellations and remeasurements (7 ) (17 ) (51 ) (1 ) (76 ) Business combinations (note 5.1) 13 — — — 13 Depreciation (28 ) (35 ) (173 ) (3 ) (239 ) Foreign currency translation effects 1 (20 ) 63 3 47 Assets for the right-of-use 409 457 1,502 21 2,389 Accumulated depreciation (139 ) (253 ) (744 ) (10 ) (1,146 ) Net book value at end of period $ 270 204 758 11 1,243 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges | As of December 31, 2020 and 2019, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2020 2019 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 8,506 — 8,506 $ 9,562 — 9,562 Intangible assets of definite useful life: Extraction rights 1,774 (416 ) 1,358 1,985 (395 ) 1,590 Industrial property and trademarks 44 (20 ) 24 42 (18 ) 24 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 49 (6 ) 43 48 (5 ) 43 Others intangible assets 1,034 (713 ) 321 1,014 (643 ) 371 $ 11,603 (1,351 ) 10,252 $ 12,847 (1,257 ) 11,590 |
Summary of Changes in Consolidated goodwill | Changes in consolidated goodwill for the years ended December 31, 2020, 2019 and 2018, were as follows: 2020 2019 2018 Balance at beginning of period $ 9,562 9,912 9,948 Business combinations (note 5.1) 2 — 16 Reclassification to assets held for sale (notes 5.2, 5.3 and 13.1) (9 ) (371 ) (22 ) Impairment losses (1,020 ) — — Foreign currency translation effects (29 ) 21 (30 ) Balance at end of period $ 8,506 9,562 9,912 |
Summary of Changes in Intangible Asset | Changes in intangible assets of definite life in 2020, 2019 and 2018, were as follows: 2020 Extraction Industrial Mining Others 1 Total Balance at beginning of period $ 1,590 24 43 371 2,028 Additions (disposals), net 1 (33 ) — — 37 4 Impairment losses (note 2) (181 ) — — (13 ) (194 ) Business combinations (note 5.1) — 2 — 5 7 Amortization for the period (21 ) (2 ) (1 ) (106 ) (130 ) Foreign currency translation effects 3 — 1 27 31 Balance at the end of period $ 1,358 24 43 321 1,746 2019 Extraction Industrial Mining Others 1 Total 2018 Balance at beginning of period $ 1,622 24 37 341 2,024 2,006 Additions (disposals), net 1 (26 ) (6 ) 5 108 81 157 Reclassifications (notes 5.2 and 13.1) — — — (2 ) (2 ) (11 ) Amortization for the period (8 ) (1 ) (1 ) (114 ) (124 ) (106 ) Impairment losses — — — — — (9 ) Foreign currency translation effects 2 7 2 38 49 (13 ) Balance at the end of period $ 1,590 24 43 371 2,028 2,024 1 In 2020 and 2019, “Others” includes the carrying amount of internal-use internal-use |
Summary of Goodwill Balances Allocated by Operating Segment | As of December 31, 2020 and 2019, goodwill balances allocated by Operating Segment were as follows: 2020 2019 Mexico $ 372 384 United States 6,449 7,469 EMEAA Spain 463 494 United Kingdom 292 279 France 229 221 Philippines 95 92 United Arab Emirates 96 96 Rest of EMEAA 1 44 42 SCA&C Colombia 283 296 Caribbean TCL 92 100 Rest of SCA&C 2 64 62 Others Other reporting segments 3 27 27 $ 8,506 9,562 1 This caption refers to the operating segments in the Czech Republic and Egypt. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. 3 This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. |
Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows | As of December 31, 2020, 2019 and 2018, CEMEX’s pre-tax Discount rates Long-term growth rates Groups of CGUs 2020 2019 2018 2020 2019 2018 United States 7.3% 7.8% 8.5% 2.0% 2.5% 2.5% Spain 7.7% 8.3% 8.8% 1.5% 1.6% 1.7% United Kingdom 7.4% 8.0% 8.4% 1.6% 1.5% 1.6% France 7.4% 8.0% 8.4% 1.7% 1.4% 1.6% Mexico 8.3% 9.0% 9.4% 1.1% 2.4% 3.0% Colombia 8.4% 8.9% 9.5% 2.5% 3.7% 3.6% United Arab Emirates 8.3% 8.8% 11.0% 2.6% 2.5% 2.9% Egypt 10.2% 10.3% 10.8% 5.6% 6.0% 6.0% Range of rates in other countries 7.2% - 15.5% 8.1% - 11.5% 8.5% - 13.3% (0.3%) - 6.5% 1.6% - 6.5% 2.3% - 6.9% |
Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk | In relation to the economic assumptions used by the Company described above, the additional impairment losses that would have resulted from the sensitivity analyses derived from independent changes in each of the relevant assumptions, as well as the multiples of Operating EBITDA, in those operating segments that presented impairment charges or relative impairment risk during 2020, are as follows: Additional effects of the sensitivity analyses to the charges recognized from the changes in assumptions as of Operating segment Impairment Discount rate +1% Long- term –1% Multiples 11.5x United States $ 1,020 188 — — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2020 and 2019, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2020 2019 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ 172 2,538 2,710 $ 59 2,997 3,056 Fixed rate debt 7 6,622 6,629 3 6,306 6,309 $ 179 9,160 9,339 $ 62 9,303 9,365 Effective rate 3 Floating rate 3.1 % 4.0 % 4.3 % 4.1 % Fixed rate 4.7 % 5.6 % 5.2 % 5.5 % 2020 2019 Currency Current Non-current Total Effective 3 Current Non-current Total Effective 3 Dollars $ 6 6,089 6,095 5.8 % $ 25 6,144 6,169 5.2 % Euros 73 2,078 2,151 2.7 % 3 2,438 2,441 3.1 % Pounds 55 329 384 2.5 % 23 433 456 3.2 % Philippine pesos 3 220 223 4.1 % 3 221 224 5.2 % Mexican pesos — 334 334 6.8 % — — — — Other currencies 42 110 152 4.9 % 8 67 75 5.6 % $ 179 9,160 9,339 $ 62 9,303 9,365 1 As of December 31, 2020 and 2019, from total debt of $9,339 and $9,365, respectively, 93% in 2020 and 84% in 2019 was held in the Parent Company, 11% in 2019 was in finance subsidiaries in the Netherlands and the United States, and 7% in 2020 and 5% in 2019 was in other countries. 2 As of December 31, 2020 and 2019, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $66 and $71, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the amortized cost method. 3 In 2020 and 2019, represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period. |
Summary of Consolidated Debt by Type of Instrument | As of December 31, 2020 and 2019, CEMEX´s consolidated debt summarized by type of instrument, was as follows: 2020 Current Non-current 2019 Current Non-current Bank loans Bank loans Loans in foreign countries, 2021 to 2024 $ 67 371 Loans in foreign countries, 2020 to 2024 $ 1 290 Syndicated loans, 2021 to 2025 — 2,383 Syndicated loans, 2021 to 2022 — 2,865 67 2,754 1 3,155 Notes payable Notes payable Medium-term notes, 2024 to 2030 — 6,327 Medium-term notes, 2023 to 2026 — 6,044 Other notes payable, 2021 to 2027 7 184 Other notes payable, 2020 to 2025 6 159 7 6,511 6 6,203 Total bank loans and notes payable 74 9,265 Total bank loans and notes payable 7 9,358 Current maturities 105 (105 ) Current maturities 55 (55 ) $ 179 9,160 $ 62 9,303 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Debt at beginning of year $ 9,365 9,311 9,873 Proceeds from new debt instruments 4,210 3,331 2,325 Debt repayments (4,572 ) (3,284 ) (2,745 ) Foreign currency translation and accretion effects 336 7 (142 ) Debt at end of year $ 9,339 9,365 9,311 |
Summary of Non-Current Notes Payable | As of December 31, 2020 and 2019, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2020 2019 September 2030 Notes 3 17/Sep/20 CEMEX, S.A.B. de C.V. Dollar 1,000 5.2 % 17/Sep/30 – 1,000 $ 995 – November 2029 Notes 4 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 – 1,000 993 992 June 2027 Notes 05/Jun/20 CEMEX, S.A.B. de C.V. Dollar 1,000 7.375 % 05/Jun/27 – 1,000 994 – April 2026 Notes 16/Mar/16 CEMEX, S.A.B. de C.V. Dollar 1,000 7.75 % 16/Apr/26 – 1,000 997 996 March 2026 Notes 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 – 449 487 446 July 2025 Notes 02/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 – 150 153 154 March 2025 Notes 3 03/Mar/15 CEMEX, S.A.B. de C.V. Dollar 750 6.125 % 05/May/25 (750 ) – – 748 January 2025 Notes 11/Sep/14 CEMEX, S.A.B. de C.V. Dollar 1,100 5.70 % 11/Jan/25 (29 ) 1,071 1,069 1,069 December 2024 Notes 05/Dec/17 CEMEX, S.A.B. de C.V. Euro 650 2.75 % 05/Dec/24 – 729 792 726 June 2024 Notes 3 14/Jun/16 CEMEX Finance LLC Euro 400 4.625 % 15/Jun/24 (400 ) – – 447 April 2024 Notes 4 01/Apr/14 CEMEX Finance LLC Dollar 1,000 6.00 % 01/Apr/24 (1,000 ) – – 621 Other notes payable 31 4 $ 6,511 6,203 1 As of December 31, 2020, except for the July 2025 Notes which are guaranteed exclusively by CEMEX Corp. and unless otherwise indicated, all issuances are fully and unconditionally guaranteed by CEMEX, S.A.B. de C.V., CEMEX Concretos, S.A. de C.V., CEMEX España, S.A. (“CEMEX España”), CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion, (S.A.S.), CEMEX Research Group AG and CEMEX UK. 2 Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries. 3 CEMEX used a significant portion of the proceeds from the September 2030 Notes to redeem in full the March 2025 Notes and the June 2024 Notes. 4 In December 2019, CEMEX used a portion of the proceeds of the November 2029 Notes and increased to $360 the redeemed amount of the April 2024 Notes and further redeemed the entire amount in 2020. |
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2020, were as follows: Bank loans Notes payable Total 2022 $ 180 6 186 2023 766 6 772 2024 603 796 1,399 2025 1,100 1,226 2,326 2026 and thereafter – 4,477 4,477 $ 2,649 6,511 9,160 |
Schedule of Lines of Credit | As of December 31, 2020, CEMEX had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2017 Facilities Agreement, at annual interest rates ranging between 1.65% and 3.94%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries $ 248 87 Other lines of credit from banks 310 310 Revolving credit facility 2017 Facilities Agreement 1,121 1,121 $ 1,679 1,518 |
Summary of Margin over LIBOR Depending on Leverage Ration | All tranches under the 2017 Facilities Agreement have substantially the same terms, including a margin over LIBOR or EURIBOR and TIIE, as applicable, depending on the consolidated leverage ratio (as defined below in the Financial Covenants section) of CEMEX, as follows: Consolidated leverage ratio LIBOR / EURIBOR Applicable margin 1 TIIE Applicable margin 1 > = 6.00x 475 bps 425 bps < 6.00x > = 5.50x 425 bps 375 bps < 5.50x > = 5.00x 375 bps 325 bps < 5.00x > = 4.50x 300 bps 250 bps < 4.50x > = 4.00x 250 bps 210 bps < 4.00x > = 3.50x 212.5 bps 180 bps < 3.50x > = 3.00x 175 bps 150 bps < 3.00x > = 2.50x 150 bps 125 bps < 2.50x 125 bps 100 bps 1 LIBOR and EURIBOR refer to the London Inter-Bank Offered Rate and the Euro Inter-Bank Offered Rate, respectively, variable rates used in international markets for debt denominated in U.S. dollars and Euros, respectively. TIIE refers to the Tasa de Inter é s Interbancaria de Equilibrio 3-Month 3-Month 28-day |
Summary of Coverage Ratio and Leverage Ratio | The limits for the Leverage Ratio are as follows: Period Leverage Ratio For the period ending on December 31, 2020 up to and including the period ending on March 31, 2021 < = 6.25 For the period ending on June 30, 2021 < = 6.00 For the period ending on September 30, 2021 up to and including the period ending on March 31, 2022 < = 5.75 For the period ending on June 30, 2022 up to and including the period ending on September 30, 2022 < = 5.25 For the period ending on December 31, 2022 up to and including the period ending on March 31, 2023 < = 4.75 For the period ending on June 30, 2023 and each subsequent reference period < = 4.50 |
Summary of Consolidated Financial Ratios | As of December 31, 2020, 2019 and 2018, under the 2017 Facilities Agreement, the main consolidated financial ratios were as follows: Consolidated financial ratios 1 2020 2019 2018 Leverage ratio Limit <=6.25 <=5.25 <=4.75 Calculation 4.07 4.17 3.84 Coverage ratio Limit >=1.75 >=2.50 >=2.50 Calculation 3.82 3.86 4.41 1 Refers to the compliance limits and calculations that were effective on such dates. For 2019, before the October 13, 2020 amendments and the May 22, 2020 amendments. For 2018, before the April 2, 2019 amendments, the November 4, 2019 amendments and the adoption of IFRS 16 in the financial statements. |
Summary of Other Financial Obligations | As of December 31, 2020 and 2019, other financial obligations in the consolidated statement of financial position were detailed as follows: 2020 2019 Current Non-current Total Current Non-current Total I. Leases $ 293 967 1,260 $ 262 1,044 1,306 II. Liabilities secured with accounts receivable 586 — 586 599 — 599 III. Convertible subordinated notes due 2020 — — — 520 — 520 $ 879 967 1,846 $ 1,381 1,044 2,425 |
Detailed Information about In Lease Liabilities | Changes in the balance of lease financial liabilities during 2020, 2019 and 2018 were as follows: 2020 2019 2018 Lease financial liability at beginning of year $ 1,306 1,315 1,309 Additions from new leases 213 274 296 Reductions from payments (276 ) (239 ) (192 ) Cancellations and liability remeasurements (9 ) (54 ) (67 ) Foreign currency translation and accretion effects 26 10 (31 ) Lease financial liability at end of year $ 1,260 1,306 1,315 |
Summary of Disclosure Detail Of Financial Lease Liabilities | As of December 31, 2020, the maturities of non-current Total 2022 $ 199 2023 162 2024 127 2025 95 2026 and thereafter 384 $ 967 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2020 and 2019, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2020 2019 Carrying Fair Carrying Fair Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 3 3 $ 2 2 Other investments and non-current 272 272 234 234 $ 275 275 $ 236 236 Financial liabilities Long-term debt (note 17.1) $ 9,160 9,687 $ 9,303 9,711 Other financial obligations (note 17.2) 967 1,012 1,044 1,071 Derivative financial instruments (notes 17.4 and 18.2) 53 53 46 46 $ 10,180 10,752 $ 10,393 10,828 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2020 and 2019, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 3.6): 2020 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 3 — 3 Investments in strategic equity securities (note 14.2) 3 — — 3 Other investments at fair value through earnings (note 14.2) — 23 — 23 $ 3 26 — 29 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 53 — 53 2019 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 2 — 2 Investments in strategic equity securities (note 14.2) 3 — — 3 Other investments at fair value through earnings (note 14.2) — 34 — 34 $ 3 36 — 39 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 46 — 46 |
Summary of Derivative Financial Instruments | As of December 31, 2020 and 2019, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2020 2019 Notional Fair Notional Fair I. Net investment hedge $ 741 (42 ) 1,154 (67 ) II. Interest rate swaps 1,334 (47 ) 1,000 (35 ) III. Equity forwards on third party shares 27 3 74 1 IV. Fuel price hedging 128 5 96 1 $ 2,230 (81 ) 2,324 (100 ) |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2020 and 2019, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows: 2020 Mexico United States EMEAA SCA&C Others 1 Total Monetary assets $ 856 550 1,452 240 419 3,517 Monetary liabilities 1,420 2,480 3,534 680 9,625 17,739 Net monetary assets (liabilities) $ (564 ) (1,930 ) (2,082 ) (440 ) (9,206 ) (14,222 ) Out of which: Dollars $ (161 ) (1,930 ) 17 (37 ) (6,065 ) (8,176 ) Pesos (403 ) — — — (87 ) (490 ) Euros — — (743 ) — (2,451 ) (3,194 ) Pounds — — (1,174 ) — 26 (1,148 ) Other currencies — — (182 ) (403 ) (629 ) (1,214 ) $ (564 ) (1,930 ) (2,082 ) (440 ) (9,206 ) (14,222 ) 2019 Mexico United States EMEAA SCA&C Others 1 Total Monetary assets $ 721 1,017 1,593 280 190 3,801 Monetary liabilities 1,311 2,444 3,162 589 10,220 17,726 Net monetary assets (liabilities) $ (590 ) (1,427 ) (1,569 ) (309 ) (10,030 ) (13,925 ) Out of which: Dollars $ (23 ) (1,427 ) — (72 ) (6,715 ) (8,237 ) Pesos (567 ) — — — (144 ) (711 ) Euros — — (519 ) 1 (2,505 ) (3,023 ) Pounds — — (807 ) — 20 (787 ) Other currencies — — (243 ) (238 ) (686 ) (1,167 ) $ (590 ) (1,427 ) (1,569 ) (309 ) (10,030 ) (13,925 ) 1 Includes the Parent Company, CEMEX’s financing subsidiaries, as well as Neoris N.V., among other entities. |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Current Liabilities | As of December 31, 2020 and 2019, consolidated other current liabilities were as follows: 2020 2019 Provisions 1 $ 718 558 Interest payable 86 88 Other accounts payable and accrued expenses 2 267 313 Contract liabilities with customers (note 4) 3 201 225 $ 1,272 1,184 1 Current provisions primarily consist of accrued employee benefits, insurance payments, accruals for legal assessments and others. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. 2 As of December 31, 2020 and 2019, includes $19 and $22, respectively, of the current portion of other taxes payable in Mexico. 3 As of December 31, 2020 and 2019, contract liabilities with customers included $161 and $184, respectively, of advances received from customers, as well as in 2020 and 2019 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $4 and $4, respectively. |
Summary of Other Non-current Liabilities | As of December 31, 2020 and 2019, consolidated other non-current 2020 2019 Asset retirement obligations 1 $ 369 327 Accruals for legal assessments and other responsibilities 2 27 30 Non-current 53 46 Environmental liabilities 3 275 214 Other non-current 4, 5 273 308 $ 997 925 1 Provisions for asset retirement include future estimated costs for demolition, cleaning and reforestation of production sites at the end of their operation, which are initially recognized against the related assets and are depreciated over their estimated useful life. 2 Provisions for legal claims and other responsibilities include items related to tax contingencies. 3 Environmental liabilities include future estimated costs arising from legal or constructive obligations, related to cleaning, reforestation and other remedial actions to remediate damage caused to the environment. The expected average period to settle these obligations is greater than 15 years. 4 As of December 31, 2020 and 2019, includes $12 and $31, respectively, of the non-current 5 As of December 31, 2020 and 2019, the balance includes deferred revenues of $42 and $50, respectively, that are amortized to the income statement as deliverables are fulfilled over the maturity of long-term clinker supply agreements. |
Summary of Changes in Consolidated Other Current and Non-Current Liabilities | Changes in consolidated other current and non-current 2020 Asset Environmental Accruals for legal Valuation of Other liabilities Total 2019 Balance at beginning of period $ 327 214 30 102 851 1,524 1,335 Additions or increase in estimates 80 1 3 7 2,306 2,397 1,641 Releases or decrease in estimates (28 ) — (8 ) — (2,132 ) (2,168 ) (1,527 ) Reclassifications 54 — — — 59 113 62 Accretion expense (17 ) 62 — — (167 ) (122 ) (59 ) Foreign currency translation (47 ) (2 ) 2 (18 ) 77 12 72 Balance at end of period $ 369 275 27 91 994 1,756 1,524 Out of which: Current provisions $ — — — 38 721 759 599 |
Pensions and Post-Employment _2
Pensions and Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2020, 2019 and 2018, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2020 2019 2018 2020 2019 2018 2020 2019 2018 Recorded in operating costs and expenses Service cost $ 10 10 10 2 2 3 12 12 13 Past service cost (2 ) 1 9 1 — — (1 ) 1 9 Settlements and curtailments — (3 ) — (1 ) — — (1 ) (3 ) — 8 8 19 2 2 3 10 10 22 Recorded in other financial expenses Net interest cost 28 34 35 5 5 5 33 39 40 Recorded in other comprehensive income Actuarial (gains) losses for the period 181 203 (176 ) 18 7 — 199 210 (176 ) $ 217 245 (122 ) 25 14 8 242 259 (114 ) |
Summary of Actuarial (Gains) Losses | For the years 2020, 2019 and 2018, actuarial (gains) losses for the period were generated by the following main factors as follows: 2020 2019 2018 Actuarial (gains) losses due to experience $ 1 5 (58 ) Actuarial (gains) losses due to demographic assumptions 18 (11 ) (57 ) Actuarial (gains) losses due financial assumptions 180 216 (61 ) $ 199 210 (176 ) |
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2020 and 2019, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2020 2019 2020 2019 2020 2019 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,651 2,375 87 79 2,738 2,454 Service cost 10 10 2 2 12 12 Interest cost 70 78 5 5 75 83 Actuarial losses 258 268 18 7 276 275 Additions through business combinations 1 — — — 1 — Settlements and curtailments — (3 ) (1 ) — (1 ) (3 ) Reduction from disposal of assets — (2 ) — — — (2 ) Plan amendments (2 ) 1 1 — (1 ) 1 Benefits paid (140 ) (141 ) (6 ) (7 ) (146 ) (148 ) Foreign currency translation 80 65 (1 ) 1 79 66 Projected benefit obligation at end of the period 2,928 2,651 105 87 3,033 2,738 Change in plan assets: Fair value of plan assets at beginning of the period 1,599 1,486 1 1 1,600 1,487 Return on plan assets 42 44 — — 42 44 Actuarial gains 77 65 — — 77 65 Employer contributions 75 103 6 7 81 110 Reduction for disposal of assets — (1 ) — — — (1 ) Benefits paid (140 ) (141 ) (6 ) (7 ) (146 ) (148 ) Foreign currency translation 40 43 — — 40 43 Fair value of plan assets at end of the period 1,693 1,599 1 1 1,694 1,600 Net projected liability in the statement of financial position $ 1,235 1,052 104 86 1,339 1,138 |
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2020 and 2019, based on the hierarchy of fair values, plan assets are detailed as follows: 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 44 — — 44 $ 45 16 — 61 Investments in corporate bonds 1 474 — 475 4 396 — 400 Investments in government bonds 86 371 — 457 90 450 — 540 Total fixed-income securities 131 845 — 976 139 862 — 1,001 Investment in marketable securities 341 89 — 430 223 157 — 380 Other investments and private funds 146 55 87 288 46 85 88 219 Total variable-income securities 487 144 87 718 269 242 88 599 Total plan assets $ 618 989 87 1,694 $ 408 1,104 88 1,600 |
Summary of Significant Assumptions Used in the Determination of the Benefit Obligation | The most significant assumptions used in the determination of the benefit obligation were as follows: 2020 2019 United United Range of rates in United United Rates ranges in Mexico States Kingdom other countries Mexico States Kingdom other countries Discount rates 7.8% 2.6% 1.5% 0.2% – 9.0% 8.75% 3.6% 2.1% 0.4% – 8.8% Rate of return on plan assets 7.8% 2.6% 1.5% 0.2% – 9.0% 8.75% 3.6% 2.1% 0.4% – 8.8% Rate of salary increases 4.5% — 3.0% 2.3% – 6.8% 4.0% — 3.0% 2.3% – 6.8% |
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2020, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2021 $ 157 2022 144 2023 144 2024 144 2025 – 2030 868 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2020 and 2019, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2020 2019 PBO Assets Deficit PBO Assets Deficit Mexico $ 216 29 187 $ 203 24 179 United States 305 222 83 297 219 78 United Kingdom 1 1,925 1,214 711 1,681 1,128 553 Germany 219 8 211 204 9 195 Other countries 368 221 147 353 220 133 $ 3,033 1,694 1,339 $ 2,738 1,600 1,138 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Income Tax Expense | The amounts of income tax expense in the statements of operations for 2020, 2019 and 2018 are summarized as follows: 2020 2019 2018 Current income tax expense $ 174 143 99 Deferred income tax expense (revenue) (122 ) 19 125 $ 52 162 224 |
Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities | As of December 31, 2020 and 2019, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2020 2019 Deferred tax assets: Tax loss carryforwards and other tax credits $ 777 757 Accounts payable and accrued expenses 558 458 Intangible assets, net 49 57 Total deferred tax assets, gross 1,384 1,272 Presentation offset regarding same legal entity (644 ) (645 ) 740 627 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,273 ) (1,323 ) Investments and other assets (29 ) (42 ) Total deferred tax liabilities, gross (1,302 ) (1,365 ) Presentation offset regarding same legal entity 644 645 Total deferred tax liabilities, net in the statement of financial position (658 ) (720 ) Net deferred tax assets (liabilities) $ 82 (93 ) Out of which: Net deferred tax liability in Mexican entities 1 $ (77 ) (157 ) Net deferred tax asset in Foreign entities 2 159 64 Net deferred tax asset (liability) $ 82 (93 ) 1 Net deferred tax liabilities in Mexico mainly refer to a temporary difference resulting when comparing at the reporting date the carrying amount of property, machinery and equipment, as per IFRS, and their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2020 and 2019 are mainly related to tax loss carryforwards recognized in prior years, mainly in the United States, that are expected to be recovered in the future against taxable income. |
Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position | As of December 31, 2020 and 2019, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2020 2019 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 152 (229 ) (77 ) $ 189 (346 ) (157 ) Foreign entities 588 (429 ) 159 438 (374 ) 64 $ 740 (658 ) 82 $ 627 (720 ) (93 ) |
Summary of Breakdown of Changes in Consolidated Deferred Income Taxes | The breakdown of changes in consolidated deferred income taxes during 2020, 2019 and 2018 was as follows: 2020 2019 2018 Deferred income tax expense (revenue) in the income statement $ (122 ) 19 125 Deferred income tax revenue in stockholders’ equity 1 (41 ) (59 ) (10 ) Reclassifications 2 (12 ) 3 3 Change in deferred income tax during the period $ (175 ) (37 ) 118 1 In 2018, includes a deferred income tax revenue of $8 in connection with the adoption of IFRS 9 on January 1, 2018. 2 In 2020, 2019 and 2018, refers to the effects of the reclassification of balances to assets held for sale and related liabilities (note 5.2). |
Summary of Current and Deferred Income Tax Relative to Items of Other Comprehensive Income Loss | Current and/or deferred income tax relative to items of other comprehensive income during 2020, 2019 and 2018 were as follows: 2020 2019 2018 Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) $ (19 ) (19 ) (2 ) Expense (revenue) associated to actuarial results (note 21.2) (41 ) (29 ) 31 Revenue related to derivative financial instruments (note 17.4) 14 (34 ) (3 ) Expense (revenue) from foreign currency translation and other effects (14 ) 4 (38 ) $ (60 ) (78 ) (12 ) |
Schedule of Consolidated Tax Loss and Tax Credits Carry Forwards Expire | As of December 31, 2020, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of 2021 $ 93 81 12 2022 312 289 23 2023 475 454 21 2024 524 234 290 2025 and thereafter 14,897 12,078 2,819 $ 16,301 13,136 3,165 |
Schedule of Effective Tax Rate Table | For the years ended December 31, 2020, 2019 and 2018, the effective consolidated income tax rates were as follows: 2020 2019 2018 Earnings before income tax $ (1,274 ) 253 717 Income tax expense (52 ) (162 ) (224 ) Effective consolidated income tax expense rate 1 (4.1 )% 64.0 % 31.2 % 1 The average effective tax rate equals the net amount of income tax revenue or expense divided by income or loss before income taxes, as these line items are reported in the income statement. |
Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | 2020 2019 2018 % $ % $ % $ Mexican statutory tax rate 30.0 (382 ) 30.0 76 30.0 215 Difference between accounting and tax expenses, net 1 (19.0 ) 242 109.2 277 18.7 134 Non-taxable 1.3 (17 ) (13.4 ) (34 ) (4.6 ) (33 ) Difference between book and tax inflation (7.1 ) 90 38.1 96 19.5 140 Differences in the income tax rates in the countries where CEMEX operates 2 (0.9 ) 12 (31.9 ) (81 ) (16.0 ) (115 ) Changes in deferred tax assets 3 (9.6 ) 122 (59.8 ) (151 ) (15.6 ) (112 ) Changes in provisions for uncertain tax positions 0.2 (2 ) (5.2 ) (13 ) (1.8 ) (13 ) Others 1.0 (13 ) (3.0 ) (8 ) 1.0 8 Effective consolidated income tax expense rate (4.1 ) 52 64.0 162 31.2 224 1 In 2020, includes $312 related to the effects of the impairment charges which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2018, includes the effect related to the change in statutory tax rate in Colombia and the United States, respectively (note 20.4). 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. |
Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet | The following table compares variations between the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2020 and 2019: 2020 2019 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ — 178 — 84 Derecognition related to tax loss carryforwards recognized in prior years (70 ) 12 (43 ) (43 ) Recognition related to unrecognized tax loss carryforwards 82 (84 ) 92 92 Foreign currency translation and other effects 8 16 6 18 Changes in deferred tax assets $ 20 122 55 151 |
Schedule of Unrecognized Tax Benefits | A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018, excluding interest and penalties, is as follows: 2020 2019 2018 Balance of tax positions at beginning of the period $ 28 44 80 Adoption effects of IFRIC 23 credited to retained earnings (note 3.1) — (6 ) — Additions for tax positions of prior periods — — 1 Additions for tax positions of current period 3 4 6 Reductions for tax positions related to prior periods and other items (1 ) (13 ) (2 ) Settlements and reclassifications (3 ) – (7 ) Expiration of the statute of limitations (2 ) (2 ) (32 ) Foreign currency translation effects 2 1 (2 ) Balance of tax positions at end of the period $ 27 28 44 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Schedule of reconciliation of controlling interest due to different currencies | As of December 31, 2020 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,893 5,403 Other equity reserves 1,2 (2,453 ) 974 Retained earnings 2 2,635 1,698 Total controlling interest $ 8,075 8,075 1 The difference relates to the method of accruing dollars using the historical exchange rates to translate each common stock and additional paid-in 2 The difference relates with the method of accruing dollars using the exchange rates of each month during the period for income statement purposes. The cumulative effect from these changes in exchange rates is recognized against other equity reserves. |
Summary of Breakdown of Common Stock and Additional Paid-in Capital | As of December 31, 2020 and 2019, the breakdown of consolidated common stock and additional paid-in 2020 2019 Common stock $ 318 318 Additional paid-in 7,575 10,106 $ 7,893 10,424 |
Summary of Common Stock | As of December 31, 2020 and 2019 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2020 2019 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,457,941,452 14,728,970,726 30,214,262,692 15,107,131,346 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 756,323,120 378,161,560 315,400,000 157,700,000 Shares that guarantee/guaranteed the issuance of convertible securities 4 1,970,862,596 985,431,298 2,842,339,760 1,421,169,880 Shares authorized for the issuance of stock or convertible securities 5 302,144,720 151,072,360 302,144,720 151,072,360 33,368,714,718 16,684,357,359 34,555,590,002 17,277,795,001 1 As of December 31, 2020 and 2019, 13,068,000,000 shares correspond to the fixed portion, and 36,985,072,077 shares as of December 31, 2020 and 38,765,385,003 shares as of December 31, 2019, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 21.2). 4 Refers to those shares that guarantee the conversion of outstanding convertible securities and new securities issues (note 17.2). 5 Shares authorized for issuance in a public offering or private placement and/or by issuance of new convertible securities. |
Summary of Other Equity Reserves | As of December 31, 2020 and 2019 other equity reserves are summarized as follows: 2020 2019 Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 20.2 and 21.4) $ (1,567 ) (2,098 ) Cumulative actuarial losses (792 ) (593 ) Treasury shares repurchased under share repurchase program (note 21.1) (83 ) (50 ) Effects associated with the Parent Company´s convertible securities 1 — 25 Treasury shares held by subsidiaries (11 ) (8 ) $ (2,453 ) (2,724 ) 1 Represents the equity component upon the issuance of CEMEX, S.A.B. de C.V.’s convertible securities described in note 17.2, as well as the effects associated with such securities in connection with the change in the Parent Company’s functional currency (note 3.4). Upon conversion of these securities, the balances have been correspondingly reclassified to common stock and/or additional paid-in |
Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) | For the years ended December 31, 2020, 2019 and 2018, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2020 2019 2018 Foreign currency translation result 1 $ 341 88 (191 ) Foreign exchange fluctuations from debt 2 (126 ) 19 120 Foreign exchange fluctuations from intercompany balances 3 (419 ) (47 ) (20 ) $ (204 ) 60 (91 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 17.4). 2 Generated by foreign exchange fluctuations over a notional amount of debt in CEMEX, S.A.B. de C.V., associated with the acquisition of foreign subsidiaries and designated as a hedge of the net investment in foreign subsidiaries (note 3.4). 3 Refers to foreign exchange fluctuations arising from balances with related parties in foreign currencies that are of a long-term investment nature considering that their liquidation is not anticipated in the foreseeable future and foreign exchange fluctuations over a notional amount of debt of a subsidiary of CEMEX España identified and designated as a hedge of the net investment in foreign subsidiaries. |
Detail of Cemex's Perpetual Debentures, Excluding Perpetual Debentures Held by Subsidiaries | As of December 31, 2020 and 2019, the detail of CEMEX’s perpetual debentures, excluding the perpetual debentures held by subsidiaries, was as follows: 2020 2019 Repurchase option Interest rate Issuer Issuance date Nominal amount Nominal amount C10-EUR May 2007 € 64 € 64 Tenth anniversary EURIBOR + 4.79% C8 Capital (SPV) Ltd February 2007 $ 135 $ 135 Eighth anniversary LIBOR + 4.40% C5 Capital (SPV) Ltd December 2006 $ 61 $ 61 Fifth anniversary LIBOR + 4.277% C10 Capital (SPV) Ltd December 2006 $ 175 $ 175 Tenth anniversary LIBOR + 4.71% |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Calculations of Earnings per Share | The amounts considered for calculations of earnings per share in 2020, 2019 and 2018 were as follows: 2020 2019 2018 Denominator (thousands of shares) Weighted-average number of shares outstanding 1 44,125,288 45,393,602 45,569,180 Capitalization of retained earnings 1 — — — Effect of dilutive instruments – mandatorily convertible securities (note 17.2) 2 — — 708,153 Weighted-average number of shares — basic 44,125,288 45,393,602 46,277,333 Effect of dilutive instruments — share-based compensation (note 22) 2 745,163 470,985 316,970 Effect of potentially dilutive instruments — optionally convertible securities (note 17.2) 2 — 1,457,554 1,420,437 Weighted-average number of shares — diluted 44,870,451 47,322,141 48,014,740 2020 2019 2018 Numerator Net income (loss) from continuing operations $ (1,326 ) 91 493 Less: non-controlling 21 36 42 Controlling interest net income (loss) from continuing operations (1,347 ) 55 451 Plus: after tax interest expense on mandatorily convertible securities – 1 3 Controlling interest net income (loss) from continuing operations – for basic earnings per share calculations (1,347 ) 56 454 Plus: after tax interest expense on optionally convertible securities 4 18 23 Controlling interest net income (loss) from continuing operations – for diluted earnings per share calculations $ (1,343 ) 74 477 Net income (loss) from discontinued operations $ (120 ) 88 77 Basic earnings per share Controlling interest basic earnings (loss) per share $ (0.0332 ) 0.0031 0.0114 Controlling interest basic earnings (loss) per share from continuing operations (0.0305 ) 0.0012 0.0098 Controlling interest basic earnings (loss) per share from discontinued operations (0.0027 ) 0.0019 0.0016 Controlling interest diluted earnings per share 3 Controlling interest diluted earnings (loss) per share $ (0.0332 ) 0.0031 0.0114 Controlling interest diluted earnings (loss) per share from continuing operations (0.0305 ) 0.0012 0.0098 Controlling interest diluted earnings (loss) per share from discontinued operations (0.0027 ) 0.0019 0.0016 1 In 2019, shareholders approved the delivery of a cash dividend, meanwhile, in 2018, the Assembly did not determine any cash dividend or capitalization of retained earnings (note 21.1). 2 The number of Parent Company CPOs to be issued under the executive share-based compensation programs, as well as the total amount of Parent Company CPOs committed for issuance in the future under the mandatorily and optionally convertible securities, are computed from the beginning of the reporting period. The number of shares resulting from the executives’ stock-based compensation programs is determined under the inverse treasury method. 3 For 2020, 2019 and 2018, the effects on the denominator and numerator of potential dilutive shares generate antidilution; therefore, there is no change between the reported basic earnings per share and diluted earnings per share. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Contractual Obligations | As of December 31, 2020, CEMEX had the following contractual obligations: 2020 Obligations Less than 1-3 years 3-5 years More Total Long-term debt $ 104 957 3,768 4,499 9,328 Leases 1 311 459 275 545 1,590 Total debt and other financial obligations 2 415 1,416 4,043 5,044 10,918 Interest payments on debt 3 452 890 750 663 2,755 Pension plans and other benefits 4 157 144 144 1,012 1,457 Acquisition of property, plant and equipment 5 109 – – – 109 Purchases of raw materials, fuel and energy 6 549 531 347 1,060 2,487 Total contractual obligations $ 1,682 2,981 5,284 7,779 17,726 1 Represent nominal cash flows. As of December 31, 2020, the NPV of future payments under such leases was $1,323, of which, $436 refers to payments from 1 to 3 years and $242 refers to payments from 3 to 5 years. 2 The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. 3 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2020. 4 Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years. 5 Refers mainly to the expansion of a cement-production line in the Philippines. 6 Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. |
Main Subsidiaries (Tables)
Main Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Summary of Main Subsidiaries Interests | As mentioned in notes 5.3 and 21.4, as of December 31, 2020 and 2019, there are non-controlling % Interest Subsidiary Country 2020 2019 CEMEX España, S.A. 1 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 2 Spain 92.4 73.2 CEMEX (Costa Rica), S.A. 3 Costa Rica 99.2 99.2 CEMEX Nicaragua, S.A. 3 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia, S.A. 4 Colombia 99.7 99.7 Cemento Bayano, S.A. 5 Panama 100.0 100.0 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 6 Jamaica 79.0 79.0 CEMEX de Puerto Rico Inc. Puerto Rico 100.0 100.0 CEMEX France Gestion (S.A.S.) France 100.0 100.0 CEMEX Holdings Philippines, Inc. 7 Philippines 77.8 66.8 Solid Cement Corporation 8 Philippines 100.0 100.0 APO Cement Corporation 8 Philippines 100.0 100.0 CEMEX U.K. United Kingdom 100.0 100.0 CEMEX Deutschland, AG. Germany 100.0 100.0 CEMEX Czech Republic, s.r.o. Czech Republic 100.0 100.0 CEMEX Polska sp. Z.o.o. Poland 100.0 100.0 CEMEX Holdings (Israel) Ltd. Israel 100.0 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 9 United Arab Emirates 100.0 100.0 Neoris N.V. 10 The Netherlands 99.8 99.8 CEMEX International Trading LLC 11 United States of America 100.0 100.0 Transenergy, Inc. 12 United States of America 100.0 100.0 1 CEMEX España is the indirect holding company of most of CEMEX’s international operations. 2 The interest reported excludes own shares held in CLH’s treasury. CLH, incorporated in Spain, trades its ordinary shares in the Colombian Stock Exchange under the symbol CLH, and is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador (note 21.4). 3 Represents CEMEX Colombia, S.A.’s direct or indirect interest. 4 Represents CEMEX’s direct and indirect interest in ordinary and preferred shares, including own shares held in CEMEX Colombia, S.A.’s treasury. 5 Represents CLH’s direct and indirect interest. The interest reported excludes a 0.515% interest held in Cemento Bayano’s treasury. 6 Represents the aggregate ownership interest of CEMEX in this entity of 79.04%, which includes TCL’s direct and indirect 74.08% interest and CEMEX’s 4.96% indirect interest held through other subsidiaries. 7 CEMEX’s operations in the Philippines are conducted through CHP, a subsidiary incorporated in the Philippines which since July 2016 trades its ordinary shares on the Philippines Stock Exchange under the symbol CHP (note 21.4) 8 Represents CHP direct and indirect interest. 9 CEMEX indirectly owns a 49% equity interest in each of these entities and holds the remaining 51% of the economic benefits, through agreements with other shareholders. 10 Neoris N.V. is the holding company of the entities involved in the sale of information technology solutions and services. 11 CEMEX International Trading LLC is involved in the international trading of CEMEX’s products. 12 Formerly named Gulf Coast Portland Cement Co., it is engaged in the procurement and trading of fuels, such as coal and petroleum coke, used in certain operations of CEMEX. |
Relevant event during the per_2
Relevant event during the period and as of the issuance date of the financial statements - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [line items] | ||||||
Incremental costs and covid nineteen expenses | $ 48,000,000 | |||||
Impairment loss | 306,000,000 | $ 64,000,000 | $ 23,000,000 | |||
Revolving line of credit [member] | ||||||
Statement [line items] | ||||||
Available borrowing facility | $ 1,121 | 1,121 | ||||
COVID-19 [member] | ||||||
Statement [line items] | ||||||
Incremental costs and covid nineteen expenses | $ 48,000,000 | |||||
Percentage increase decrease in revenue | 1.20% | |||||
Percentage increase decrease in cost of sales | 0.40% | |||||
Percentage increase decrease in operating costs and expenses | 4.60% | |||||
Increase decrease in profit (loss) before income tax, depreciation and amortisation | 0.30% | |||||
Impairment loss | $ 1,520 | |||||
Proceeds from notes | $ 3,478 | |||||
Repayments of notes | $ 2,785 | |||||
Salary forgo period | 90 days | |||||
COVID-19 [member] | BOD chairman CEO and executive committee [member] | ||||||
Statement [line items] | ||||||
Monthly salary forgo percent | 25.00% | |||||
COVID-19 [member] | Board of directors [member] | ||||||
Statement [line items] | ||||||
Monthly salary forgo percent | 25.00% | |||||
COVID-19 [member] | Senior executives [member] | ||||||
Statement [line items] | ||||||
Monthly salary forgo percent | 15.00% | |||||
COVID-19 [member] | Other employees [member] | ||||||
Statement [line items] | ||||||
Monthly salary deferrment percent | 10.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Anniversaries | Dec. 31, 2019USD ($)Anniversaries | Dec. 31, 2018USD ($)Anniversaries | |
Disclosure of significant accounting policies [line items] | |||
Share-based compensation | $ 29 | $ 32 | $ 35 |
Minimum equity interest for significant influence | 20.00% | ||
Number of customers | Anniversaries | 0 | 0 | 0 |
Revenues | $ 12,970 | $ 13,130 | $ 13,531 |
Increase decrease in financing obligations connected with leases | 213 | 274 | 296 |
Effect Of Adoption Of Accounting Standard On Retained Earnings | 6 | ||
Emission Rights [Member] | |||
Disclosure of significant accounting policies [line items] | |||
Revenues | $ 0 | 0 | 0 |
Computer software [member] | |||
Disclosure of significant accounting policies [line items] | |||
Useful life of intangible asset | 5 years | ||
Extraction rights [member] | |||
Disclosure of significant accounting policies [line items] | |||
Useful life of intangible asset | 83 years | ||
Bottom of range [member] | |||
Disclosure of significant accounting policies [line items] | |||
Useful life of intangible asset | 3 years | ||
Top of range [member] | |||
Disclosure of significant accounting policies [line items] | |||
Useful life of intangible asset | 20 years | ||
Mobile equipment [member] | |||
Disclosure of significant accounting policies [line items] | |||
Carrying amount of assets acquired through capital lease | $ 213 | 274 | 296 |
Additional paid-in capital [member] | |||
Disclosure of significant accounting policies [line items] | |||
Share-based compensation | $ 29 | $ 17 | $ 34 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Foreign Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pesos [Member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 19.89 | 18.9200 | 19.6500 |
Average | 21.5766 | 19.3500 | 19.2583 |
Euro [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.8183 | 0.8917 | 0.8727 |
Average | 0.8736 | 0.8941 | 0.8483 |
Pounds [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.7313 | 0.7550 | 0.7843 |
Average | 0.7758 | 0.7831 | 0.7521 |
Colombian Peso [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 3,433 | 3,277 | 3,250 |
Average | 3,730 | 3,300 | 2,972 |
Philippine pesos [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 48.0230 | 50.6350 | 52.5800 |
Average | 49.4944 | 51.5650 | 52.6925 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Maximum Average Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Administrative Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 31 years |
Industrial Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 26 years |
Machinery and Equipment in Plant [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 15 years |
Ready-mix Trucks and Motor Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 9 years |
Office Equipment and Other Assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 6 years |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
United States [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 21.00% | 21.00% | 21.00% |
United Kingdom [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 19.00% | 19.30% | 19.30% |
France [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 32.00% | 34.40% | 34.40% |
Germany [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 28.20% | 28.20% | 28.20% |
Spain [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
Philippines [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 32.00% | 33.00% | 37.00% |
Bottom of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 9.00% | 7.80% | 7.80% |
Top of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 35.00% | 39.00% |
Revenue and Construction Cont_3
Revenue and Construction Contracts - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 15 days |
Top of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 90 days |
Revenue and Construction Cont_4
Revenue and Construction Contracts - Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
From the sale of goods associated to CEMEX's main activities | $ 12,485 | $ 12,605 | $ 13,018 |
From the sale of services | 145 | 147 | 159 |
From the sale of other goods and services | 340 | 378 | 354 |
Total | $ 12,970 | $ 13,130 | $ 13,531 |
Revenue and Construction Cont_5
Revenue and Construction Contracts - Summary of Revenues and Costs Related to Construction Contracts in Progress (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Revenue from construction contracts included in consolidated revenues, accumulated | $ 112 | ||
Costs incurred in construction contracts included in consolidated cost of sales, accumulated | (111) | ||
Construction contracts gross operating profit | 1 | ||
Revenue from construction contracts included in consolidated revenues | 101 | $ 79 | $ 72 |
Costs incurred in construction contracts included in consolidated cost of sales | $ (101) | $ (79) | (68) |
Construction contracts gross operating profit | $ 4 |
Revenue and Construction Cont_6
Revenue and Construction Contracts - Summary of Changes in the Balance of Contract Liabilities with Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract liabilities [abstract] | |||
Opening balance of contract liabilities with customers | $ 225 | $ 234 | $ 237 |
Increase during the period for new transactions | 1,536 | 1,931 | 1,763 |
Decrease during the period for exercise or expiration of incentives | (1,561) | (1,946) | (1,762) |
Currency translation effects | 1 | 6 | (4) |
Closing balance of contract liabilities with customers | $ 201 | $ 225 | $ 234 |
Business Combinations, Discon_3
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Additional Information (Detail) MT in Millions, $ in Millions | Mar. 06, 2020USD ($) | Jun. 28, 2019USD ($) | Mar. 29, 2019USD ($)MT | Sep. 27, 2018USD ($) | May 31, 2019USD ($) | Mar. 06, 2020USD ($) | Aug. 03, 2020USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of operating segments [line items] | |||||||||||||
Ownership percentage | 37.80% | ||||||||||||
Goodwill | $ 8,506 | $ 9,562 | $ 9,912 | $ 9,948 | |||||||||
Sale of Assets Disposal Group | $ 387 | ||||||||||||
Current liabilities | 5,352 | $ 5,409 | |||||||||||
Procon Readymix Ltd [member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Consideration transferred | $ 22 | ||||||||||||
Net assets acquired | 10 | ||||||||||||
Goodwill | 12 | ||||||||||||
Cimentos Vencemos Do Amazonas Ltda [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Proceeds from divestiture | $ 31 | ||||||||||||
Gain (loss) on sale of business | $ 12 | ||||||||||||
Cemex [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Goodwill | $ 8 | ||||||||||||
Proceeds from divestiture | 36 | ||||||||||||
Gain (loss) on sale of business | $ 17 | $ 66 | |||||||||||
Gunter Papenburg [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Proceeds from divestiture | $ 97 | ||||||||||||
Gain (loss) on sale of business | $ 59 | ||||||||||||
Breedon Group Plc [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Goodwill | 47 | ||||||||||||
Gain (loss) on sale of business | $ 57 | 230 | |||||||||||
Current liabilities | 30 | ||||||||||||
Kosoms [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Additional ownership percentage acquired | 75.00% | 75.00% | |||||||||||
Goodwill | $ 291 | ||||||||||||
Proceeds from divestiture | $ 499 | ||||||||||||
Gain (loss) on sale of business | $ 665 | $ 14 | |||||||||||
Estonia | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Annual production capacity of cement plant sold | MT | 1.8 | ||||||||||||
Israel [member] | Readymix Business Netei Noy [member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Consideration transferred | $ 33 | ||||||||||||
Net assets acquired | 33 | ||||||||||||
Goodwill | $ 2 | ||||||||||||
Schwenk [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Annual production capacity of cement plant sold | MT | 1.7 | ||||||||||||
Cimsa Cimento Sanayi Ve Ticaret AS [Member] | |||||||||||||
Disclosure of operating segments [line items] | |||||||||||||
Proceeds from divestiture | $ 180 |
Business Combinations, Discon_4
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Discontinued Operations [line items] | |||
Revenues | $ 12,970 | $ 13,130 | $ 13,531 |
Other products (expenses), net | (5) | 1 | |
Earnings (loss) before income tax | (1,274) | 253 | 717 |
Net result of discontinued operations | (120) | 88 | 77 |
Discontinued Operations [member] | |||
Disclosure of Discontinued Operations [line items] | |||
Revenues | 189 | 572 | 868 |
Other products (expenses), net | (1) | ||
Discontinued Operations [member] | Croatia [Member] | |||
Disclosure of Discontinued Operations [line items] | |||
Revenues | 189 | 572 | 868 |
Cost of sales and operating expenses | (184) | (534) | (792) |
Other products (expenses), net | (5) | 1 | (1) |
Financial expenses, net and others | (2) | ||
Earnings (loss) before income tax | 0 | 39 | 73 |
Income tax | (75) | (6) | (7) |
Result of discontinued operations | (75) | 33 | 66 |
Disposal result, withholding taxes and reclassification of currency translation effects | (45) | 55 | 11 |
Net result of discontinued operations | $ (120) | $ 88 | $ 77 |
Business Combinations, Discon_5
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Combined Condensed Financial Information of Reclassification of Assets and Liabilities Held for Sale (Detail) - United Kingdom United States and Spain [Member] $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of Discontinued Operations [line items] | |
Current assets | $ 4 |
Non-current assets | 103 |
Total assets of the disposal group | 107 |
Total net assets of disposal group | $ 107 |
Business Combinations, Discon_6
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | $ 13,688 | $ 13,922 | $ 14,570 |
Less: Intragroup transactions | (718) | (792) | (1,039) |
Revenues | 12,970 | 13,130 | 13,531 |
Operating EBITDA | 2,460 | 2,378 | 2,685 |
Less: Depreciation and amortization | 1,117 | 1,045 | 982 |
Operating earnings before other expenses, net | 1,343 | 1,333 | 1,703 |
Other expenses, net | (1,779) | (347) | (296) |
Financial expense | (777) | (711) | (722) |
Other financing items, net | (110) | (71) | (2) |
Revenues (including intragroup transactions), discontinued operations | 189 | 572 | |
Operating EBITDA, discontinued operations | 14 | 89 | |
Less: Depreciation and amortization, discontinued operations | 9 | 51 | |
Operating earnings before other expenses, net, discontinued operations | 5 | 38 | |
Other expenses, net, discontinued operations | (5) | 1 | |
Revenues (including intragroup transactions), continuing and discontinued operations | 13,877 | 14,494 | 15,438 |
Less: Intragroup transactions, continuing and discontinued operations | (718) | (792) | (1,039) |
Revenues, continuing and discontinued operations | 13,159 | 13,702 | 14,399 |
Operating EBITDA, continuing and discontinued operations | 2,474 | 2,467 | 2,832 |
Less: Depreciation and amortization, continuing and discontinued operations | 1,126 | 1,096 | 1,053 |
Operating earnings before other expenses, net, continuing and discontinued operations | 1,348 | 1,371 | 1,779 |
Other expenses, net, continuing and discontinued operations | (1,784) | (346) | (297) |
Financial expense, continuing and discontinued operations | (777) | (711) | (724) |
Other financing items, net, continuing and discontinued operations | (110) | (71) | (2) |
Discontinued Operations [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 189 | 572 | 868 |
Revenues (including intragroup transactions), discontinued operations | 868 | ||
Operating EBITDA, discontinued operations | 147 | ||
Less: Depreciation and amortization, discontinued operations | 71 | ||
Operating earnings before other expenses, net, discontinued operations | 76 | ||
Other expenses, net, discontinued operations | (1) | ||
Financial expense, discontinued operations | (2) | ||
Mexico [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 2,812 | 2,897 | 3,302 |
Less: Intragroup transactions | (134) | (105) | (91) |
Revenues | 2,678 | 2,792 | 3,211 |
Operating EBITDA | 931 | 969 | 1,217 |
Less: Depreciation and amortization | 148 | 159 | 148 |
Operating earnings before other expenses, net | 783 | 810 | 1,069 |
Other expenses, net | (46) | (48) | (33) |
Financial expense | (31) | (36) | (32) |
Other financing items, net | (4) | (1) | (3) |
United States [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 3,994 | 3,780 | 3,614 |
Less: Intragroup transactions | (1) | ||
Revenues | 3,993 | 3,780 | 3,614 |
Operating EBITDA | 747 | 629 | 686 |
Less: Depreciation and amortization | 440 | 392 | 369 |
Operating earnings before other expenses, net | 307 | 237 | 317 |
Other expenses, net | (1,350) | (22) | (18) |
Financial expense | (53) | (64) | (53) |
Other financing items, net | (20) | (13) | (11) |
United Kingdom [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 739 | 749 | 773 |
Revenues | 739 | 749 | 773 |
Operating EBITDA | 88 | 119 | 117 |
Less: Depreciation and amortization | 67 | 69 | 67 |
Operating earnings before other expenses, net | 21 | 50 | 50 |
Other expenses, net | (73) | (2) | (7) |
Financial expense | (9) | (11) | (12) |
Other financing items, net | (77) | (17) | (22) |
France [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 795 | 869 | 895 |
Revenues | 795 | 869 | 895 |
Operating EBITDA | 76 | 94 | 91 |
Less: Depreciation and amortization | 49 | 48 | 50 |
Operating earnings before other expenses, net | 27 | 46 | 41 |
Other expenses, net | (1) | (4) | (47) |
Financial expense | (12) | (11) | (13) |
Other financing items, net | 3 | ||
Germany [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 489 | 439 | 429 |
Less: Intragroup transactions | (37) | (25) | (75) |
Revenues | 452 | 414 | 354 |
Operating EBITDA | 67 | 65 | 37 |
Less: Depreciation and amortization | 28 | 28 | 28 |
Operating earnings before other expenses, net | 39 | 37 | 9 |
Other expenses, net | (3) | 3 | (8) |
Financial expense | (2) | (3) | (3) |
Other financing items, net | (3) | (4) | (4) |
Spain [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 319 | 319 | 334 |
Less: Intragroup transactions | (16) | (25) | (47) |
Revenues | 303 | 294 | 287 |
Operating EBITDA | 25 | 16 | 13 |
Less: Depreciation and amortization | 39 | 34 | 33 |
Operating earnings before other expenses, net | (14) | (18) | (20) |
Other expenses, net | (195) | (8) | (16) |
Financial expense | (3) | (2) | (3) |
Other financing items, net | (9) | 2 | 3 |
Rest of EMEAA [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 959 | 958 | 1,090 |
Less: Intragroup transactions | (16) | (14) | (51) |
Revenues | 943 | 944 | 1,039 |
Operating EBITDA | 149 | 132 | 157 |
Less: Depreciation and amortization | 81 | 71 | 72 |
Operating earnings before other expenses, net | 68 | 61 | 85 |
Other expenses, net | (27) | (7) | (12) |
Financial expense | (5) | (7) | (6) |
Other financing items, net | (22) | 26 | (5) |
Colombia [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 404 | 504 | 524 |
Revenues | 404 | 504 | 524 |
Operating EBITDA | 86 | 90 | 97 |
Less: Depreciation and amortization | 25 | 29 | 29 |
Operating earnings before other expenses, net | 61 | 61 | 68 |
Other expenses, net | (14) | (21) | 6 |
Financial expense | (5) | (4) | (7) |
Other financing items, net | (13) | (3) | (22) |
Panama [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 80 | 181 | 222 |
Less: Intragroup transactions | (7) | (2) | |
Revenues | 73 | 179 | 222 |
Operating EBITDA | 12 | 48 | 66 |
Less: Depreciation and amortization | 16 | 17 | 17 |
Operating earnings before other expenses, net | (4) | 31 | 49 |
Other expenses, net | (19) | (9) | (3) |
Financial expense | (1) | (1) | (1) |
Other financing items, net | 1 | ||
Caribbean TCL [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 251 | 248 | 254 |
Less: Intragroup transactions | (7) | (8) | (5) |
Revenues | 244 | 240 | 249 |
Operating EBITDA | 65 | 56 | 58 |
Less: Depreciation and amortization | 22 | 23 | 19 |
Operating earnings before other expenses, net | 43 | 33 | 39 |
Other expenses, net | (9) | (2) | (15) |
Financial expense | (6) | (6) | (3) |
Other financing items, net | (8) | (4) | (2) |
Dominican Republic [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 229 | 245 | 218 |
Less: Intragroup transactions | (11) | (17) | (16) |
Revenues | 218 | 228 | 202 |
Operating EBITDA | 84 | 84 | 61 |
Less: Depreciation and amortization | 8 | 9 | 10 |
Operating earnings before other expenses, net | 76 | 75 | 51 |
Other expenses, net | (5) | (1) | (1) |
Financial expense | (1) | (1) | |
Other financing items, net | 4 | 2 | |
Rest of South, Central America and the Caribbean [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 508 | 511 | 590 |
Less: Intragroup transactions | (17) | (17) | (20) |
Revenues | 491 | 494 | 570 |
Operating EBITDA | 124 | 107 | 133 |
Less: Depreciation and amortization | 19 | 20 | 21 |
Operating earnings before other expenses, net | 105 | 87 | 112 |
Other expenses, net | (41) | (60) | (7) |
Financial expense | (2) | (3) | (3) |
Other financing items, net | 15 | (6) | 14 |
Philippines [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 398 | 458 | 448 |
Revenues | 398 | 458 | 448 |
Operating EBITDA | 118 | 117 | 93 |
Less: Depreciation and amortization | 46 | 38 | 36 |
Operating earnings before other expenses, net | 72 | 79 | 57 |
Other expenses, net | (1) | 1 | (3) |
Financial expense | 2 | 6 | (2) |
Other financing items, net | 2 | 4 | (4) |
Israel [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 754 | 660 | 630 |
Revenues | 754 | 660 | 630 |
Operating EBITDA | 115 | 89 | 87 |
Less: Depreciation and amortization | 28 | 23 | 21 |
Operating earnings before other expenses, net | 87 | 66 | 66 |
Other expenses, net | 0 | ||
Financial expense | (4) | (2) | (3) |
Other financing items, net | 1 | 1 | (1) |
Other Locations [member] | |||
Disclosure of operating segments [line items] | |||
Revenues (including intragroup transactions) | 957 | 1,104 | 1,247 |
Less: Intragroup transactions | (472) | (579) | (734) |
Revenues | 485 | 525 | 513 |
Operating EBITDA | (227) | (237) | (228) |
Less: Depreciation and amortization | 101 | 85 | 62 |
Operating earnings before other expenses, net | (328) | (322) | (290) |
Other expenses, net | 5 | (167) | (132) |
Financial expense | (645) | (567) | (580) |
Other financing items, net | $ 20 | $ (56) | $ 53 |
Business Combinations, Discon_7
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Caribbean TCL [member] | Trinidad Cement Limited [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 30.17% | 30.17% |
CEMEX Latam Holdings, S.A. [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 7.63% | 26.83% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 22.16% | 33.22% |
Business Combinations, Discon_8
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Total assets | $ 27,425 | $ 29,363 |
Total liabilities | 18,473 | 18,539 |
Net assets by segment | 8,952 | 10,824 |
Additions to fixed assets | 795 | 1,033 |
Mexico [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 3,837 | 3,910 |
Total liabilities | 1,523 | 1,443 |
Net assets by segment | 2,314 | 2,467 |
Additions to fixed assets | 144 | 199 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 12,442 | 13,898 |
Total liabilities | 2,490 | 2,440 |
Net assets by segment | 9,952 | 11,458 |
Additions to fixed assets | 284 | 398 |
United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,513 | 1,562 |
Total liabilities | 1,368 | 1,225 |
Net assets by segment | 145 | 337 |
Additions to fixed assets | 55 | 67 |
France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,052 | 978 |
Total liabilities | 585 | 460 |
Net assets by segment | 467 | 518 |
Additions to fixed assets | 62 | 38 |
Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 416 | 401 |
Total liabilities | 357 | 353 |
Net assets by segment | 59 | 48 |
Additions to fixed assets | 24 | 25 |
Spain [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,023 | 1,190 |
Total liabilities | 230 | 185 |
Net assets by segment | 793 | 1,005 |
Additions to fixed assets | 22 | 34 |
Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,181 | 1,179 |
Total liabilities | 417 | 435 |
Net assets by segment | 764 | 744 |
Additions to fixed assets | 51 | 65 |
Colombia [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,105 | 1,187 |
Total liabilities | 514 | 428 |
Net assets by segment | 591 | 759 |
Additions to fixed assets | 14 | 25 |
Panama [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 295 | 337 |
Total liabilities | 78 | 105 |
Net assets by segment | 217 | 232 |
Additions to fixed assets | 3 | 10 |
Caribbean TCL [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 493 | 542 |
Total liabilities | 258 | 236 |
Net assets by segment | 235 | 306 |
Additions to fixed assets | 16 | 21 |
Dominican Republic [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 158 | 193 |
Total liabilities | 66 | 66 |
Net assets by segment | 92 | 127 |
Additions to fixed assets | 2 | 8 |
Rest of South, Central America and the Caribbean [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 333 | 381 |
Total liabilities | 162 | 164 |
Net assets by segment | 171 | 217 |
Additions to fixed assets | 7 | 18 |
Philippines [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 761 | 689 |
Total liabilities | 158 | 141 |
Net assets by segment | 603 | 548 |
Additions to fixed assets | 82 | 84 |
Israel [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 769 | 611 |
Total liabilities | 507 | 429 |
Net assets by segment | 262 | 182 |
Additions to fixed assets | 28 | 33 |
Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,860 | 1,466 |
Total liabilities | 9,754 | 10,392 |
Net assets by segment | (7,894) | (8,926) |
Additions to fixed assets | 1 | 8 |
Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 27,238 | 28,524 |
Total liabilities | 18,467 | 18,502 |
Net assets by segment | 8,771 | 10,022 |
Additions to fixed assets | 795 | 1,033 |
Disposal groups classified as held for sale [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 187 | 839 |
Total liabilities | 6 | 37 |
Net assets by segment | 181 | 802 |
Equity accounted investment [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 510 | 481 |
Equity accounted investment [member] | United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 146 | 143 |
Equity accounted investment [member] | United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 6 | 6 |
Equity accounted investment [member] | France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 53 | 50 |
Equity accounted investment [member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 4 | 4 |
Equity accounted investment [member] | Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 9 | 11 |
Equity accounted investment [member] | Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 292 | 267 |
Equity accounted investment [member] | Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 510 | 481 |
All other assets [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 26,915 | 28,882 |
All other assets [member] | Mexico [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 3,837 | 3,910 |
All other assets [member] | United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 12,296 | 13,755 |
All other assets [member] | United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,507 | 1,556 |
All other assets [member] | France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 999 | 928 |
All other assets [member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 412 | 397 |
All other assets [member] | Spain [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,023 | 1,190 |
All other assets [member] | Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,172 | 1,168 |
All other assets [member] | Colombia [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,105 | 1,187 |
All other assets [member] | Panama [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 295 | 337 |
All other assets [member] | Caribbean TCL [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 493 | 542 |
All other assets [member] | Dominican Republic [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 158 | 193 |
All other assets [member] | Rest of South, Central America and the Caribbean [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 333 | 381 |
All other assets [member] | Philippines [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 761 | 689 |
All other assets [member] | Israel [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 769 | 611 |
All other assets [member] | Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,568 | 1,199 |
All other assets [member] | Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 26,728 | 28,043 |
All other assets [member] | Disposal groups classified as held for sale [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 187 | $ 839 |
Business Combinations, Discon_9
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure - Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment [Abstract] | ||
Capital expenditure incurred | $ 795 | $ 1,033 |
Business Combinations, Disco_10
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Net Sales by Product and Geographic Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Revenues | $ 12,970 | $ 13,130 | $ 13,531 |
Net sales, continuing and discontinued operations | 13,159 | 13,702 | 14,399 |
Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,678 | 2,792 | 3,211 |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,993 | 3,780 | 3,614 |
United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 739 | 749 | 773 |
France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 795 | 869 | 895 |
Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 452 | 414 | 354 |
Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 303 | 294 | 287 |
Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 943 | 944 | 1,039 |
Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 404 | 504 | 524 |
Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 73 | 179 | 222 |
Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 244 | 240 | 249 |
Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 218 | 228 | 202 |
Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 491 | 494 | 570 |
Philippines [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 398 | 458 | 448 |
Israel [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 754 | 660 | 630 |
Other Locations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 485 | 525 | 513 |
Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 189 | 572 | 868 |
Operating segments [member] | Cement segment [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,534 | 6,717 | 7,116 |
Net sales, continuing and discontinued operations | 6,602 | 6,946 | 7,536 |
Operating segments [member] | Cement segment [member] | Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,001 | 2,009 | 2,302 |
Operating segments [member] | Cement segment [member] | United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,599 | 1,608 | 1,584 |
Operating segments [member] | Cement segment [member] | United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 201 | 227 | 237 |
Operating segments [member] | Cement segment [member] | Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 210 | 192 | 186 |
Operating segments [member] | Cement segment [member] | Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 233 | 228 | 250 |
Operating segments [member] | Cement segment [member] | Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 643 | 609 | 656 |
Operating segments [member] | Cement segment [member] | Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 294 | 363 | 353 |
Operating segments [member] | Cement segment [member] | Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 67 | 141 | 171 |
Operating segments [member] | Cement segment [member] | Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 245 | 241 | 245 |
Operating segments [member] | Cement segment [member] | Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 185 | 194 | 178 |
Operating segments [member] | Cement segment [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 458 | 448 | 510 |
Operating segments [member] | Cement segment [member] | Philippines [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 398 | 457 | 444 |
Operating segments [member] | Cement segment [member] | Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 68 | 229 | 420 |
Operating segments [member] | Concrete segment [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 5,260 | 5,528 | 5,610 |
Net sales, continuing and discontinued operations | 5,288 | 5,638 | 5,829 |
Operating segments [member] | Concrete segment [member] | Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 628 | 798 | 898 |
Operating segments [member] | Concrete segment [member] | United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,255 | 2,189 | 2,088 |
Operating segments [member] | Concrete segment [member] | United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 274 | 310 | 325 |
Operating segments [member] | Concrete segment [member] | France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 647 | 720 | 735 |
Operating segments [member] | Concrete segment [member] | Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 202 | 184 | 197 |
Operating segments [member] | Concrete segment [member] | Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 83 | 86 | 70 |
Operating segments [member] | Concrete segment [member] | Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 363 | 378 | 416 |
Operating segments [member] | Concrete segment [member] | Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 119 | 176 | 189 |
Operating segments [member] | Concrete segment [member] | Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 14 | 49 | 71 |
Operating segments [member] | Concrete segment [member] | Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 5 | 9 | 10 |
Operating segments [member] | Concrete segment [member] | Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 15 | 27 | 27 |
Operating segments [member] | Concrete segment [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 32 | 48 | 63 |
Operating segments [member] | Concrete segment [member] | Israel [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 623 | 554 | 521 |
Operating segments [member] | Concrete segment [member] | Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 28 | 110 | 219 |
Operating segments [member] | Aggregates segment [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,207 | 2,190 | 2,150 |
Net sales, continuing and discontinued operations | 2,262 | 2,344 | 2,386 |
Operating segments [member] | Aggregates segment [member] | Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 172 | 196 | 210 |
Operating segments [member] | Aggregates segment [member] | United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 954 | 917 | 850 |
Operating segments [member] | Aggregates segment [member] | United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 314 | 290 | 300 |
Operating segments [member] | Aggregates segment [member] | France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 340 | 355 | 353 |
Operating segments [member] | Aggregates segment [member] | Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 69 | 62 | 56 |
Operating segments [member] | Aggregates segment [member] | Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 24 | 23 | 19 |
Operating segments [member] | Aggregates segment [member] | Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 80 | 89 | 94 |
Operating segments [member] | Aggregates segment [member] | Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 34 | 53 | 55 |
Operating segments [member] | Aggregates segment [member] | Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4 | 15 | 23 |
Operating segments [member] | Aggregates segment [member] | Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 7 | 5 | 5 |
Operating segments [member] | Aggregates segment [member] | Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 5 | 8 | 9 |
Operating segments [member] | Aggregates segment [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 9 | 11 | 14 |
Operating segments [member] | Aggregates segment [member] | Philippines [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3 | ||
Operating segments [member] | Aggregates segment [member] | Israel [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 195 | 166 | 159 |
Operating segments [member] | Aggregates segment [member] | Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 55 | 154 | 236 |
Operating segments [member] | All other segments [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,700 | 2,418 | 3,247 |
Net sales, continuing and discontinued operations | 2,753 | 2,503 | 3,391 |
Operating segments [member] | All other segments [member] | Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 587 | 445 | 642 |
Operating segments [member] | All other segments [member] | United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 481 | 332 | 393 |
Operating segments [member] | All other segments [member] | United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 229 | 246 | 281 |
Operating segments [member] | All other segments [member] | France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 8 | 4 | 9 |
Operating segments [member] | All other segments [member] | Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 116 | 43 | 136 |
Operating segments [member] | All other segments [member] | Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 25 | 18 | 17 |
Operating segments [member] | All other segments [member] | Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 34 | 28 | 205 |
Operating segments [member] | All other segments [member] | Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 64 | 51 | 92 |
Operating segments [member] | All other segments [member] | Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4 | 12 | 14 |
Operating segments [member] | All other segments [member] | Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 15 | 9 | 13 |
Operating segments [member] | All other segments [member] | Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 38 | 25 | 24 |
Operating segments [member] | All other segments [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 24 | 18 | 24 |
Operating segments [member] | All other segments [member] | Philippines [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3 | 2 | 2 |
Operating segments [member] | All other segments [member] | Israel [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 113 | 78 | 110 |
Operating segments [member] | All other segments [member] | Other Locations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 959 | 1,107 | 1,285 |
Operating segments [member] | All other segments [member] | Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 53 | 85 | 144 |
Elimination of intersegment amounts [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (3,731) | (3,723) | (4,592) |
Net sales, continuing and discontinued operations | (3,746) | (3,729) | (4,743) |
Elimination of intersegment amounts [member] | Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (710) | (656) | (841) |
Elimination of intersegment amounts [member] | United States [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (1,296) | (1,266) | (1,301) |
Elimination of intersegment amounts [member] | United Kingdom [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (279) | (324) | (370) |
Elimination of intersegment amounts [member] | France [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (200) | (210) | (202) |
Elimination of intersegment amounts [member] | Germany [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (145) | (67) | (221) |
Elimination of intersegment amounts [member] | Spain [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (62) | (61) | (69) |
Elimination of intersegment amounts [member] | Rest of EMEAA [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (177) | (160) | (332) |
Elimination of intersegment amounts [member] | Colombia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (107) | (139) | (165) |
Elimination of intersegment amounts [member] | Panama [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (16) | (38) | (57) |
Elimination of intersegment amounts [member] | Caribbean TCL [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (28) | (24) | (24) |
Elimination of intersegment amounts [member] | Dominican Republic [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (25) | (26) | (36) |
Elimination of intersegment amounts [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (32) | (31) | (41) |
Elimination of intersegment amounts [member] | Philippines [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (3) | (1) | (1) |
Elimination of intersegment amounts [member] | Israel [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (177) | (138) | (160) |
Elimination of intersegment amounts [member] | Other Locations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (474) | (582) | (772) |
Elimination of intersegment amounts [member] | Discontinued Operations [member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ (15) | $ (6) | $ (151) |
Operating Expenses, Depreciat_3
Operating Expenses, Depreciation and Amortization - Summary of Consolidated Operating Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Analysis of income and expense [abstract] | ||||
Administrative expenses | [1] | $ 1,076 | $ 1,112 | $ 1,130 |
Selling expenses | 337 | 371 | 312 | |
Distribution and logistics expenses | 1,423 | 1,489 | 1,537 | |
Operating expenses | $ 2,836 | $ 2,972 | $ 2,979 | |
[1] | All significant R&D activities are executed by several internal areas as part of their daily activities. In 2020, 2019 and 2018, total combined expenses of these departments recognized within administrative expenses were $31, $38 and $39, respectively. |
Operating Expenses, Depreciat_4
Operating Expenses, Depreciation and Amortization - Summary of Consolidated Operating Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Operating Expense [Line items] | ||||
Administrative expenses | [1] | $ 1,076 | $ 1,112 | $ 1,130 |
R&D activities by internal areas [member] | ||||
Operating Expense [Line items] | ||||
Administrative expenses | $ 31 | $ 38 | $ 39 | |
[1] | All significant R&D activities are executed by several internal areas as part of their daily activities. In 2020, 2019 and 2018, total combined expenses of these departments recognized within administrative expenses were $31, $38 and $39, respectively. |
Operating Expenses, Depreciat_5
Operating Expenses, Depreciation and Amortization - Summary of Depreciation and Amortization Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation and amortisation expense [abstract] | |||
Depreciation and amortization expense included in cost of sales | $ 921 | $ 865 | $ 853 |
Depreciation and amortization expense included in administrative, selling and distribution and logistics expenses | 196 | 180 | 129 |
Depreciation and amortization | $ 1,117 | $ 1,045 | $ 982 |
Other Expenses, Net - Summary o
Other Expenses, Net - Summary of Other Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Material income and expense [abstract] | |||
Results from the sale of assets and others, net | $ (127) | $ (230) | $ (149) |
Restructuring costs | (81) | (48) | (72) |
Incremental costs and expenses related to the COVID-19 Pandemic (note 2) | (48) | ||
Impairment losses and remeasurement of assets held for sale | (1,520) | (64) | (62) |
Remeasurement of pension liabilities | (8) | ||
Charitable contributions | (3) | (5) | (5) |
Other expenses, net | $ (1,779) | $ (347) | $ (296) |
Other Expenses, Net - Summary_2
Other Expenses, Net - Summary of Other Expenses (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Material income and expense [abstract] | |||
Property damages and natural disasters | $ 11 | $ 55 | $ 56 |
Impairment losses of goodwill | 1,020 | ||
Impairment losses of other intangible assets | 194 | 9 | |
Impairment losses of fixed assets | $ 306 | $ 64 | 23 |
Losses in the valuation of assets held for sale | $ 22 |
Financial Items - Summary of Fi
Financial Items - Summary of Financial Items (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Material income and expense [abstract] | |||
Financial income | $ 20 | $ 21 | $ 18 |
Results from financial instruments, net (notes 13.2 and 16.4) | (17) | (1) | 39 |
Foreign exchange results | 6 | (32) | 10 |
Effects of amortized cost on assets and liabilities and others, net | (122) | (59) | (59) |
Other Income Expense Net | 3 | (10) | |
Other financial income (expense), net | $ (110) | $ (71) | $ (2) |
Financial Items - Additional In
Financial Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Material income and expense [abstract] | |||
Interest expense on lease liabilities | $ 74 | $ 77 | $ 74 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | ||||
Cash and bank accounts | $ 501 | $ 547 | ||
Fixed-income securities and other cash equivalents | 449 | 241 | ||
Consolidated cash and cash equivalents | $ 950 | $ 788 | $ 309 | $ 699 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Addition Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | ||
Deposits in margin accounts guarantees several obligations | $ 32 | $ 27 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||||
Trade accounts receivable | $ 1,654 | $ 1,637 | ||
Allowances for expected credit losses | (121) | (116) | $ (119) | $ (109) |
Trade receivables | $ 1,533 | $ 1,521 |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | $ 1,533 | $ 1,521 | |
Other financial obligations | 879 | 1,381 | |
Securitization programs [member] | |||
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | 677 | 682 | |
Other financial obligations | 586 | 599 | |
Financial expense | $ 13 | $ 25 | $ 23 |
Trade Accounts Receivable, Ne_4
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 1,654 | $ 1,637 | ||
ECL allowance | 121 | $ 116 | $ 119 | $ 109 |
Mexico [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | 284 | |||
ECL allowance | $ 38 | |||
ECL average rate | 13.70% | |||
United States [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 477 | |||
ECL allowance | $ 8 | |||
ECL average rate | 1.70% | |||
Europe, Middle East, Africa and Asia [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 766 | |||
ECL allowance | $ 51 | |||
ECL average rate | 6.70% | |||
South, Central America And Caribbean [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 94 | |||
ECL allowance | $ 20 | |||
ECL average rate | 21.30% | |||
Other country [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 33 | |||
ECL allowance | $ 4 | |||
ECL average rate | 12.10% |
Trade Accounts Receivable, Ne_5
Trade Accounts Receivable, Net - Summary of Allowance for Expected Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |||
Allowances for expected credit losses at beginning of period | $ 116 | $ 119 | $ 109 |
Adoption effects of ECL model as of January 1, 2018 | 29 | ||
Charged to selling expenses | 23 | 12 | 8 |
Deductions | (19) | (16) | (20) |
Foreign currency translation effects | 1 | 1 | (7) |
Allowances for expected credit losses at end of period | $ 121 | $ 116 | $ 119 |
Other Accounts Receivable - Sum
Other Accounts Receivable - Summary of Consolidated Other Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Miscellaneous current assets [abstract] | |||
Non-trade accounts receivable | [1] | $ 117 | $ 113 |
Interest and notes receivable | 39 | 50 | |
Current portion of valuation of derivative financial instruments | 7 | 1 | |
Loans to employees and others | 10 | 14 | |
Refundable taxes | 304 | 147 | |
Other accounts receivable | $ 477 | $ 325 | |
[1] | Non-trade accounts receivable are mainly attributable to the sale of assets. |
Inventories, Net - Summary of C
Inventories, Net - Summary of Consolidated Balance of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Classes of current inventories [abstract] | ||
Finished goods | $ 309 | $ 320 |
Work-in-process | 164 | 195 |
Raw materials | 192 | 194 |
Materials and spare parts | 271 | 263 |
Inventory in transit | 35 | 17 |
Current inventories | $ 971 | $ 989 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of current inventories [abstract] | |||
Inventory impairment losses recognized within cost of sales | $ 9 | $ 6 | $ 6 |
Assets Held For Sale and Othe_3
Assets Held For Sale and Other Current Assets - Summary of Assets and liabilities Held for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset held for sale and discontinued operations [line items] | |||
Assets | $ 187 | $ 839 | |
Liabilities | 6 | 37 | |
Net assets | 181 | 802 | |
White cement assets in Spain [member] | |||
Asset held for sale and discontinued operations [line items] | |||
Assets | 107 | 106 | |
Net assets | 107 | 106 | |
Kosmos' assets in the United States [member] | |||
Asset held for sale and discontinued operations [line items] | |||
Assets | 457 | ||
Liabilities | 14 | ||
Net assets | 443 | ||
Assets in the United Kingdom [member] | |||
Asset held for sale and discontinued operations [line items] | |||
Assets | 229 | ||
Liabilities | 23 | ||
Net assets | 206 | ||
Other assets held for sale [member] | |||
Asset held for sale and discontinued operations [line items] | |||
Assets | [1] | 80 | 47 |
Liabilities | [1] | 6 | |
Net assets | [1] | $ 74 | $ 47 |
[1] | In 2020, includes assets and liabilities of $26 and $6, respectively, associated with a committed sale of certain assets in France negotiated in December 2020. |
Assets Held For Sale and Othe_4
Assets Held For Sale and Other Current Assets - Summary of Assets and liabilities Held for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Asset held for sale and discontinued operations [line items] | ||
Disposal group including discontinued operations assets held for sale | $ 187 | $ 839 |
Disposal group including discontinued operations liabilities held for sale | 6 | $ 37 |
France [member] | Committed sale of certain assets [member] | ||
Asset held for sale and discontinued operations [line items] | ||
Disposal group including discontinued operations assets held for sale | 26 | |
Disposal group including discontinued operations liabilities held for sale | $ 6 |
Assets Held For Sale and Othe_5
Assets Held For Sale and Other Current Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Other expenses [member] | ||
Asset held for sale and discontinued operations [line items] | ||
Gain losses due to changes in fair value of assets held for sale | $ 23 | $ 30 |
Equity Accounted Investees, O_3
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates (Detail) - USD ($) $ in Millions | Mar. 29, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of associates [line items] | |||
Investment, percentage | 37.80% | ||
Investments | $ 510 | $ 481 | |
Book value at acquisition date | 311 | 331 | |
Changes in stockholders' equity | $ 199 | 150 | |
Camcem [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Camcem, S.A. de C.V. | ||
Activity | Cement | ||
Country | Mexico | ||
Investment, percentage | 40.10% | ||
Investments | $ 244 | 229 | |
Concrete Supply Co. LLC [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Concrete Supply Co. LLC | ||
Activity | Concrete | ||
Country | United States | ||
Investment, percentage | 40.00% | ||
Investments | $ 81 | 75 | |
Lehigh White Cement Company [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Lehigh White Cement Company | ||
Activity | Cement | ||
Country | United States | ||
Investment, percentage | 36.80% | ||
Investments | $ 62 | 64 | |
Societe Meridionale de Carrieres [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Société Méridionale de Carrières | ||
Activity | Aggregates | ||
Country | France | ||
Investment, percentage | 33.30% | ||
Investments | $ 14 | 15 | |
Societe d Exploitation de Carrieres [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Société d’Exploitation de Carrières | ||
Activity | Aggregates | ||
Country | France | ||
Investment, percentage | 50.00% | ||
Investments | $ 21 | 17 | |
Other companies [member] | |||
Disclosure of associates [line items] | |||
Name of associate | Other companies | ||
Investments | $ 88 | $ 81 |
Equity Accounted Investees, O_4
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Combined Condensed Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of associates [line items] | ||
Current assets | $ 4,235 | $ 4,579 |
Non-current assets | 23,190 | 24,784 |
Total assets | 27,425 | 29,363 |
Current liabilities | 5,352 | 5,409 |
Non-current liabilities | 13,121 | 13,130 |
Total liabilities | 18,473 | 18,539 |
Total net assets | 8,952 | 10,824 |
Associates [member] | ||
Disclosure of associates [line items] | ||
Current assets | 1,240 | 982 |
Non-current assets | 1,662 | 1,757 |
Total assets | 2,902 | 2,739 |
Current liabilities | 496 | 326 |
Non-current liabilities | 766 | 898 |
Total liabilities | 1,262 | 1,224 |
Total net assets | $ 1,640 | $ 1,515 |
Equity Accounted Investees, O_5
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Combined Selected Information of the Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of associates [line items] | |||
Sales | $ 12,970 | $ 13,130 | $ 13,531 |
Operating earnings | (436) | 986 | 1,407 |
Income before income tax | (1,274) | 253 | 717 |
Net income | (1,446) | 179 | 570 |
Associates [member] | |||
Disclosure of associates [line items] | |||
Sales | 1,759 | 1,600 | 1,449 |
Operating earnings | 296 | 237 | 224 |
Income before income tax | 175 | 158 | 110 |
Net income | $ 128 | $ 118 | $ 86 |
Equity Accounted Investees, O_6
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Share of Profit of Equity Accounted Investees by Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ 49 | $ 49 | $ 34 |
Mexico [member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 30 | 23 | 13 |
United States [member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 15 | 18 | 15 |
EMEAA [member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 6 | 10 | 7 |
Corporate and other [member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ (2) | $ (2) | $ (1) |
Equity Accounted Investees, O_7
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Miscellaneous non-current assets [abstract] | ||
Non-current accounts receivable | $ 246 | $ 197 |
Investments at fair value through the income statement | 23 | 34 |
Non-current portion of valuation of derivative financial instruments | 3 | 2 |
Investments in strategic equity securities | 3 | 3 |
Other investments and non-current accounts receivable | $ 275 | $ 236 |
Equity Accounted Investees, O_8
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Miscellaneous non-current assets [abstract] | ||
Accounts receivable from investees and joint ventures | $ 36 | $ 32 |
Advances to suppliers of fixed assets | 47 | 32 |
Employee prepaid compensation | 6 | 7 |
Refundable taxes | 10 | |
Warranty deposits | $ 29 | $ 33 |
Property, Machinery and Equip_2
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Consolidated Property, Machinery and Equipment, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Detailed Information About In Property Plant Equipment Right Of Use Assets [Abstract] | ||||
Property, machinery and equipment, net | $ 10,170 | $ 10,565 | $ 11,232 | $ 11,588 |
Assets for the right-of-use, net | 1,243 | 1,285 | ||
Property Plant Equipment And Right Of Use Asset | $ 11,413 | $ 11,850 |
Property, Machinery and Equip_3
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Disclosure of Net Change in Property, Machinery and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | $ 10,565 | $ 11,232 | $ 11,588 |
Capital expenditures | 564 | 737 | 630 |
Stripping costs | 18 | 22 | 38 |
Total capital expenditures | 582 | 759 | 668 |
Disposals | (63) | (96) | (49) |
Reclassifications | (88) | (402) | 6 |
Business combinations | 11 | 6 | |
Depreciation and depletion for the period | (748) | (633) | (657) |
Impairment losses | (306) | (64) | (23) |
Foreign currency translation effects | 217 | (231) | (307) |
Net book value at end of period | 10,170 | 10,565 | 11,232 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 19,708 | 20,642 | 20,653 |
Net book value at end of period | 20,296 | 19,708 | 20,642 |
Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (9,143) | (9,410) | (9,065) |
Net book value at end of period | (10,126) | (9,143) | (9,410) |
Land and mineral reserves [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 3,638 | 3,831 | |
Capital expenditures | 47 | 46 | |
Stripping costs | 18 | 22 | |
Total capital expenditures | 65 | 68 | |
Disposals | (26) | (38) | |
Reclassifications | (31) | (163) | |
Depreciation and depletion for the period | (134) | (121) | |
Impairment losses | (87) | (18) | |
Foreign currency translation effects | 139 | 79 | |
Net book value at end of period | 3,564 | 3,638 | 3,831 |
Land and mineral reserves [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 4,606 | 4,789 | |
Net book value at end of period | 4,741 | 4,606 | 4,789 |
Land and mineral reserves [member] | Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (968) | (958) | |
Net book value at end of period | (1,177) | (968) | (958) |
Building [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,048 | 1,262 | |
Capital expenditures | 35 | 28 | |
Total capital expenditures | 35 | 28 | |
Disposals | (7) | (8) | |
Reclassifications | (1) | (23) | |
Depreciation and depletion for the period | (99) | (61) | |
Impairment losses | (54) | (17) | |
Foreign currency translation effects | 42 | (133) | |
Net book value at end of period | 964 | 1,048 | 1,262 |
Building [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 2,374 | 2,633 | |
Net book value at end of period | 2,438 | 2,374 | 2,633 |
Building [member] | Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (1,326) | (1,371) | |
Net book value at end of period | (1,474) | (1,326) | (1,371) |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 4,670 | 5,104 | |
Capital expenditures | 482 | 663 | |
Total capital expenditures | 482 | 663 | |
Disposals | (30) | (50) | |
Reclassifications | (56) | (203) | |
Business combinations | 11 | ||
Depreciation and depletion for the period | (515) | (451) | |
Impairment losses | (165) | (29) | |
Foreign currency translation effects | 57 | (364) | |
Net book value at end of period | 4,454 | 4,670 | 5,104 |
Machinery and equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 11,519 | 12,185 | |
Net book value at end of period | 11,929 | 11,519 | 12,185 |
Machinery and equipment [member] | Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (6,849) | (7,081) | |
Net book value at end of period | (7,475) | (6,849) | (7,081) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,209 | 1,035 | |
Reclassifications | (13) | ||
Foreign currency translation effects | (21) | 187 | |
Net book value at end of period | 1,188 | 1,209 | 1,035 |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,209 | 1,035 | |
Net book value at end of period | $ 1,188 | $ 1,209 | $ 1,035 |
Property, Machinery and Equip_4
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Disclosure of Net Change in Property, Machinery and Equipment (Parenthetical) (Detail) T in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)T | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | $ (88) | $ (402) | $ 6 |
Mexico [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Annual production capacity | T | 1.1 | ||
Sale of fixed assets | 6 | ||
United States [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | $ 18 | 19 | |
Reclassifications | 134 | ||
Spain [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 8 | ||
Reclassifications | 86 | $ 30 | |
France [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 12 | ||
United Kingdom [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 28 | 6 | |
Reclassifications | 182 | ||
Germany [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 32 | ||
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value of adjustment in investment property | 23 | ||
Reclassifications | $ (13) | ||
Construction in progress [member] | Colombia [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value of adjustment in investment property | $ 270 |
Property, Machinery and Equip_5
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Summary of Recognized Impairment Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 306 | $ 64 | $ 23 |
Spain [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 135 | 2 | |
United States [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 76 | 6 | 13 |
United Kingdom [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 39 | ||
Puerto Rico [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 20 | 52 | |
Croatia [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 13 | ||
Panama [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 12 | ||
Dominican Republic [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 5 | ||
Colombia [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 2 | 3 | 2 |
France [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 2 | 1 | |
Poland [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 5 | ||
Mexico [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 1 | ||
Other countries [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 2 | $ 2 |
Property, Machinery and Equip_6
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Consolidated Assets For The Right-Of-Use (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | $ 1,285 | ||
Reclassifications | (88) | $ (402) | $ 6 |
Foreign currency translation effects | 217 | (231) | (307) |
Net book value at Ending of period | 1,243 | 1,285 | |
Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 1,285 | 1,222 | 1,193 |
Additions of new leases | 213 | 274 | 296 |
Cancellations and remeasurements | (76) | (52) | (9) |
Business combinations | 13 | ||
Reclassifications | 35 | ||
Depreciation | (239) | (288) | (219) |
Foreign currency translation effects | 47 | 94 | (39) |
Net book value at Ending of period | 1,243 | 1,285 | 1,222 |
Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 2,265 | 2,073 | 1,881 |
Net book value at Ending of period | 2,389 | 2,265 | 2,073 |
Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (980) | (851) | (688) |
Net book value at Ending of period | (1,146) | (980) | (851) |
Land [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 249 | 301 | |
Additions of new leases | 42 | 25 | |
Cancellations and remeasurements | (7) | (6) | |
Business combinations | 13 | ||
Reclassifications | (5) | ||
Depreciation | (28) | (29) | |
Foreign currency translation effects | 1 | (37) | |
Net book value at Ending of period | 270 | 249 | 301 |
Land [member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 366 | 384 | |
Net book value at Ending of period | 409 | 366 | 384 |
Land [member] | Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (117) | (83) | |
Net book value at Ending of period | (139) | (117) | (83) |
Building [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Reclassifications | (1) | (23) | |
Foreign currency translation effects | 42 | (133) | |
Building [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 238 | 128 | |
Additions of new leases | 38 | 52 | |
Cancellations and remeasurements | (17) | (6) | |
Reclassifications | 65 | ||
Depreciation | (35) | (39) | |
Foreign currency translation effects | (20) | 38 | |
Net book value at Ending of period | 204 | 238 | 128 |
Building [member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 471 | 393 | |
Net book value at Ending of period | 457 | 471 | 393 |
Building [member] | Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (233) | (265) | |
Net book value at Ending of period | (253) | (233) | (265) |
Machinery And Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Reclassifications | (56) | (203) | |
Foreign currency translation effects | 57 | (364) | |
Machinery And Equipment [Member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 792 | 790 | |
Additions of new leases | 127 | 193 | |
Cancellations and remeasurements | (51) | (40) | |
Reclassifications | (25) | ||
Depreciation | (173) | (219) | |
Foreign currency translation effects | 63 | 93 | |
Net book value at Ending of period | 758 | 792 | 790 |
Machinery And Equipment [Member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 1,417 | 1,289 | |
Net book value at Ending of period | 1,502 | 1,417 | 1,289 |
Machinery And Equipment [Member] | Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (625) | (499) | |
Net book value at Ending of period | (744) | (625) | (499) |
Other assets [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 6 | 3 | |
Additions of new leases | 6 | 4 | |
Cancellations and remeasurements | (1) | ||
Depreciation | (3) | (1) | |
Foreign currency translation effects | 3 | ||
Net book value at Ending of period | 11 | 6 | 3 |
Other assets [member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 11 | 7 | |
Net book value at Ending of period | 21 | 11 | 7 |
Other assets [member] | Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (5) | (4) | |
Net book value at Ending of period | $ (10) | $ (5) | $ (4) |
Property, Machinery and Equip_7
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | $ 306 | $ 64 | $ 23 |
United States [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | 76 | 6 | 13 |
EMEAA [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | 189 | ||
United Kingdom [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | 39 | ||
Puerto Rico [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | 20 | 52 | |
Cemex [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental expense | $ 97 | $ 104 | $ 89 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ 10,252 | $ 11,590 |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 8,506 | 9,562 |
Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,358 | 1,590 |
Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 24 | 24 |
Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 43 | 43 |
Others intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 321 | 371 |
Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 11,603 | 12,847 |
Cost [member] | Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 8,506 | 9,562 |
Cost [member] | Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,774 | 1,985 |
Cost [member] | Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 44 | 42 |
Cost [member] | Customer relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 196 | 196 |
Cost [member] | Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 49 | 48 |
Cost [member] | Others intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,034 | 1,014 |
Accumulated Depreciation, amortization and Impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (1,351) | (1,257) |
Accumulated Depreciation, amortization and Impairment [member] | Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (416) | (395) |
Accumulated Depreciation, amortization and Impairment [member] | Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (20) | (18) |
Accumulated Depreciation, amortization and Impairment [member] | Customer relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (196) | (196) |
Accumulated Depreciation, amortization and Impairment [member] | Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (6) | (5) |
Accumulated Depreciation, amortization and Impairment [member] | Others intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ (713) | $ (643) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of detailed information about intangible assets [line items] | |||||
Risk free rate | 2.20% | 2.90% | |||
Increase in pre-tax discount rate | 1.00% | ||||
Decrease in long-term growth rate | 1.00% | ||||
Weighted average Operating EBITDA multiple | 11.5 | 11.5 | 11.1 | ||
Discount rates | 7.80% | 7.80% | 7.70% | ||
Impairment of finite lived intangible assets | $ 194 | $ 9 | |||
Cash flow projection period | 7 years | 5 years | |||
Growth rate for cash flow projections | 2.50% | 2.50% | 2.00% | ||
Percentage of reduction in value in use of goodwill | 25.70% | ||||
Discount rates | 7.80% | 7.80% | 7.70% | ||
Market risk premium percentage | 5.70% | 5.60% | |||
Stock volatility factor | 1.19 | 1.08 | |||
Decrease Of Two Years In Cash Flow Projections [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 51.50% | ||||
Reduction In The Long Term Growth Rate [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 27.30% | ||||
Reduction In Sales Growth [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 28.30% | ||||
Reduction In Discount Rate [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 7.10% | ||||
Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Weighted average Operating EBITDA multiple | 11.5 | ||||
Others intangible assets [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment of finite lived intangible assets | [1] | $ 13 | |||
Cemex [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Funding cost percentage | 4.10% | 5.40% | 7.30% | ||
Risk free rate | 2.90% | ||||
Discount rates | 0.10% | 0.10% | 1.50% | ||
Decrease In Weighing Of Debt Percentage | 34.60% | 31.70% | 33.50% | ||
Discount rates | 0.10% | 0.10% | 1.50% | ||
Cemex [Member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 0.60% | 2.60% | |||
Discount rates | 0.60% | 2.60% | |||
Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Funding cost percentage | 4.10% | ||||
Risk free rate | 2.30% | ||||
Top of range [member] | Cemex [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Decription Of Stock Volatility Rate Increase | 1.08% | ||||
Bottom of range [member] | Cemex [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Decription Of Stock Volatility Rate Increase | 1.06% | ||||
United States [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage of goodwill allocated | 76.00% | 78.00% | |||
Discount rates | 7.30% | 7.30% | 7.80% | 8.50% | |
Impairment of finite lived intangible assets | $ 181 | ||||
Growth rate for cash flow projections | 2.00% | 2.00% | 2.50% | ||
Discount rates | 7.30% | 7.30% | 7.80% | 8.50% | |
Percentage reduction in long term growth rate | 0.50% | ||||
United States [member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 1.00% | 1.00% | |||
Growth rate for cash flow projections | 1.00% | 1.00% | |||
Discount rates | 1.00% | 1.00% | |||
United States [member] | Goodwill [member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment of finite lived intangible assets | $ 1,020 | ||||
Mexico [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 8.30% | 8.30% | 9.00% | 9.40% | |
Growth rate for cash flow projections | 1.10% | 1.10% | 2.40% | 3.00% | |
Discount rates | 8.30% | 8.30% | 9.00% | 9.40% | |
Percentage reduction in long term growth rate | 1.30% | ||||
Colombia [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 8.40% | 8.40% | 8.90% | 9.50% | |
Growth rate for cash flow projections | 2.50% | 2.50% | 3.70% | 3.60% | |
Discount rates | 8.40% | 8.40% | 8.90% | 9.50% | |
Percentage reduction in long term growth rate | 1.20% | ||||
[1] | In 2020 and 2019, “Others” includes the carrying amount of internal-use software of $213 and $253, respectively. Capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses amounted to $40 in 2020, $102 in 2019 and $133 in 2018. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Changes in Consolidated goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |||
Balance at beginning of period | $ 9,562 | $ 9,912 | $ 9,948 |
Business combinations (note 5.1) | 2 | 16 | |
Reclassification to assets held for sale (notes 5.2, 5.3 and 13) | (9) | (371) | (22) |
Impairment losses of goodwill | (1,020) | ||
Foreign currency translation effects | (29) | 21 | (30) |
Balance at end of period | $ 8,506 | $ 9,562 | $ 9,912 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Summary of Changes in intangible Asset (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | $ 2,028 | $ 2,024 | $ 2,006 | |
Additions (disposals), net | [1] | 4 | 81 | 157 |
Impairment losses (note 2) | (194) | (9) | ||
Business combinations (note 5.1) | 7 | |||
Reclassifications (notes 5.2 and 13) | (2) | (11) | ||
Amortization for the period | (130) | (124) | (106) | |
Foreign currency translation effects | 31 | 49 | (13) | |
Balance at the end of period | 1,746 | 2,028 | 2,024 | |
Extraction rights [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 1,590 | 1,622 | ||
Additions (disposals), net | [1] | (33) | (26) | |
Impairment losses (note 2) | (181) | |||
Amortization for the period | (21) | (8) | ||
Foreign currency translation effects | 3 | 2 | ||
Balance at the end of period | 1,358 | 1,590 | 1,622 | |
Industrial property and trademarks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 24 | 24 | ||
Additions (disposals), net | [1] | (6) | ||
Business combinations (note 5.1) | 2 | |||
Amortization for the period | (2) | (1) | ||
Foreign currency translation effects | 0 | 7 | ||
Balance at the end of period | 24 | 24 | 24 | |
Mining projects [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 43 | 37 | ||
Additions (disposals), net | [1] | 5 | ||
Amortization for the period | (1) | (1) | ||
Foreign currency translation effects | 1 | 2 | ||
Balance at the end of period | 43 | 43 | 37 | |
Others intangible assets [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | [1] | 371 | 341 | |
Additions (disposals), net | [1] | 37 | 108 | |
Impairment losses (note 2) | [1] | (13) | ||
Business combinations (note 5.1) | [1] | 5 | ||
Reclassifications (notes 5.2 and 13) | [1] | (2) | ||
Amortization for the period | [1] | (106) | (114) | |
Foreign currency translation effects | [1] | 27 | 38 | |
Balance at the end of period | [1] | $ 321 | $ 371 | $ 341 |
[1] | In 2020 and 2019, “Others” includes the carrying amount of internal-use software of $213 and $253, respectively. Capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses amounted to $40 in 2020, $102 in 2019 and $133 in 2018. |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net - Summary of Changes in intangible Asset (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Carrying amount of internal-use software | $ 213 | $ 253 | |
Computer software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Capitalized direct costs | $ 40 | $ 102 | $ 133 |
Goodwill and Intangible Asset_8
Goodwill and Intangible Assets, Net - Summary of Goodwill Balances Allocated by Operating Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | $ 8,506 | $ 9,562 | $ 9,912 | $ 9,948 | |
Mexico [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 372 | 384 | |||
United States [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 6,449 | 7,469 | |||
Spain [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 463 | 494 | |||
United Kingdom [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 292 | 279 | |||
France [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 229 | 221 | |||
Rest of EMEAA [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [1] | 44 | 42 | ||
Colombia [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 283 | 296 | |||
Caribbean TCL [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 92 | 100 | |||
Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [2] | 64 | 62 | ||
Philippines [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 95 | 92 | |||
United Arab Emirates [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 96 | 96 | |||
Other countries [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [3] | $ 27 | $ 27 | ||
[1] | This caption refers to the operating segments in the Czech Republic and Egypt. | ||||
[2] | This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. | ||||
[3] | This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. |
Goodwill and Intangible Asset_9
Goodwill and Intangible Assets, Net - Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.80% | 7.70% | |
Growth rates | 2.50% | 2.00% | |
United States [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.30% | 7.80% | 8.50% |
Growth rates | 2.00% | 2.50% | |
Spain [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.70% | 8.30% | 8.80% |
Growth rates | 1.50% | 1.60% | 1.70% |
Mexico [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.30% | 9.00% | 9.40% |
Growth rates | 1.10% | 2.40% | 3.00% |
Colombia [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.40% | 8.90% | 9.50% |
Growth rates | 2.50% | 3.70% | 3.60% |
France [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.40% | 8.00% | 8.40% |
Growth rates | 1.70% | 1.40% | 1.60% |
United Arab Emirates [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.30% | 8.80% | 11.00% |
Growth rates | 2.60% | 2.50% | 2.90% |
United Kingdom [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.40% | 8.00% | 8.40% |
Growth rates | 1.60% | 1.50% | 1.60% |
Egypt [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 10.20% | 10.30% | 10.80% |
Growth rates | 5.60% | 6.00% | 6.00% |
Bottom of range [member] | Other countries [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.20% | 8.10% | 8.50% |
Growth rates | (0.30%) | 1.60% | 2.30% |
Top of range [member] | Other countries [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 15.50% | 11.00% | 13.30% |
Growth rates | 6.50% | 6.50% | 6.90% |
Goodwill and Intangible Asse_10
Goodwill and Intangible Assets, Net - Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk (Detail) - Operating segments [member] - United States [member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |
Impairment losses recognized | $ 1,020 |
Discount rate +1% | $ 188 |
Goodwill and Intangible Asse_11
Goodwill and Intangible Assets, Net - Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |||
Discount rate applied to cash flow projections | 7.80% | 7.70% | |
Growth rate used to extrapolate cash flow projections | 2.50% | 2.00% | |
Weighted average Operating EBITDA multiple | 11.5 | 11.5 | 11.1 |
Operating segments [member] | |||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |||
Weighted average Operating EBITDA multiple | 11.5 | ||
United States [member] | |||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |||
Discount rate applied to cash flow projections | 7.30% | 7.80% | 8.50% |
Growth rate used to extrapolate cash flow projections | 2.00% | 2.50% | |
United States [member] | Operating segments [member] | |||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |||
Discount rate applied to cash flow projections | 1.00% | ||
Growth rate used to extrapolate cash flow projections | 1.00% |
Financial Instruments - Summary
Financial Instruments - Summary of Debt Summarized by Interest Rates and Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 179 | $ 62 | ||
Long- term | 9,160 | 9,303 | ||
Total | 9,339 | 9,365 | $ 9,311 | $ 9,873 |
Floating interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | 172 | 59 | ||
Long- term | 2,538 | 2,997 | ||
Total | $ 2,710 | $ 3,056 | ||
Short-term | 3.10% | 4.30% | ||
Long-term | 4.00% | 4.10% | ||
Fixed interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 7 | $ 3 | ||
Long- term | 6,622 | 6,306 | ||
Total | $ 6,629 | $ 6,309 | ||
Short-term | 4.70% | 5.20% | ||
Long-term | 5.60% | 5.50% | ||
US Dollar [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 6 | $ 25 | ||
Long- term | 6,089 | 6,144 | ||
Total | $ 6,095 | $ 6,169 | ||
Effective rate | 5.80% | 5.20% | ||
Euro [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 73 | $ 3 | ||
Long- term | 2,078 | 2,438 | ||
Total | $ 2,151 | $ 2,441 | ||
Effective rate | 2.70% | 3.10% | ||
Pounds [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 55 | $ 23 | ||
Long- term | 329 | 433 | ||
Total | $ 384 | $ 456 | ||
Effective rate | 2.50% | 3.20% | ||
Philippine pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 3 | $ 3 | ||
Long- term | 220 | 221 | ||
Total | $ 223 | $ 224 | ||
Effective rate | 4.10% | 5.20% | ||
Mexican pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Long- term | $ 334 | |||
Total | $ 334 | |||
Effective rate | 6.80% | |||
Other Currencies [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 42 | $ 8 | ||
Long- term | 110 | 67 | ||
Total | $ 152 | $ 75 | ||
Effective rate | 4.90% | 5.60% |
Financial Instruments - Summa_2
Financial Instruments - Summary of Consolidated Debt by Type of Instrument (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Current maturities | $ (105) | $ (55) |
Short- term | 105 | 55 |
Short-term debt | 179 | 62 |
Long- term | 9,160 | 9,303 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 67 | 1 |
Long- term | 2,754 | 3,155 |
Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 67 | 1 |
Long- term | 371 | 290 |
Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 2,383 | 2,865 |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 7 | 6 |
Long- term | 6,511 | 6,203 |
Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 6,327 | 6,044 |
Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 7 | 6 |
Long- term | 184 | 159 |
Total bank loans and notes payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 74 | 7 |
Long- term | $ 9,265 | $ 9,358 |
Bottom of range [member] | Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2021 | 2020 |
Bottom of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2021 | 2021 |
Bottom of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2023 |
Bottom of range [member] | Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2021 | 2020 |
Top of range [member] | Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2024 |
Top of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2025 | 2022 |
Top of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2030 | 2026 |
Top of range [member] | Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2027 | 2025 |
Financial Instruments - Additio
Financial Instruments - Additional Information - Short-Term and Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 19, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Issuance of outstanding notes payables | $ 66 | $ 71 | |||
Total debt | $ 9,339 | $ 9,365 | $ 9,311 | $ 9,873 | |
Share in borrowings, percentage | 93.00% | 84.00% | |||
Long term borrowings | $ 9,160 | $ 9,303 | |||
Premiums, fees and issuance costs paid | 98 | 63 | 51 | ||
Issuance costs of new debt | 38 | 24 | |||
Proportional fees and issuance costs related to the extinguished debt instruments | 60 | 39 | 51 | ||
Addtion to Extinguished Debt Instruments | $ 19 | $ 1 | $ 4 | ||
Other countries [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Share in borrowings, percentage | 7.00% | 5.00% | |||
Finance subsidiaries [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Share in borrowings, percentage | 11.00% | ||||
2017 Credit Agreement [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Bank indebtedness | $ 2,420 | $ 2,897 | $ 4,050 | ||
2017 Credit Agreement [member] | Revolving Credit Facility [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instruments held | 1,121 | 1,135 | |||
Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 6,511 | $ 6,203 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Changes in Consolidated Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Debt at beginning of year | $ 9,365 | $ 9,311 | $ 9,873 |
Proceeds from new debt instruments | 4,210 | 3,331 | 2,325 |
Debt repayments | (4,572) | (3,284) | (2,745) |
Foreign currency translation and accretion effects | 336 | 7 | (142) |
Debt at end of year | $ 9,339 | $ 9,365 | $ 9,311 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Long Term Notes Payable (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 9,160,000,000 | $ 9,303,000,000 |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 6,511,000,000 | 6,203,000,000 |
Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 31,000,000 | 4,000,000 |
Notes payable [member] | CEMEX SAB de CV November 2029 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Nov. 19, 2019 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 5.45% | |
Maturity date | Nov. 19, 2029 | |
Long term borrowings | $ 993,000,000 | 992,000,000 |
Notes payable [member] | CEMEX SAB de CV November 2029 Notes [Member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,000,000,000 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. April 2026 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Mar. 16, 2016 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 7.75% | |
Maturity date | Apr. 16, 2026 | |
Long term borrowings | $ 997,000,000 | 996,000,000 |
Notes payable [member] | CEMEX, S.A.B. de C.V. April 2026 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,000,000,000 | |
Notes payable [member] | CEMEX SAB de CV March 2026 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Mar. 19, 2019 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Euro | |
Principal amount | $ 400 | |
Rate | 3.125% | |
Maturity date | Mar. 19, 2026 | |
Long term borrowings | $ 487,000,000 | 446,000,000 |
Notes payable [member] | CEMEX SAB de CV March 2026 Notes [Member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 449,000,000 | |
Notes payable [member] | CEMEX Materials, LLC July 2025 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Apr. 2, 2003 | |
Issuer | CEMEX Materials LLC | |
Currency | Dollar | |
Principal amount | $ 150 | |
Rate | 7.70% | |
Maturity date | Jul. 21, 2025 | |
Long term borrowings | $ 153,000,000 | 154,000,000 |
Notes payable [member] | CEMEX Materials, LLC July 2025 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 150,000,000 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2025 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Mar. 3, 2015 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 750 | |
Rate | 6.125% | |
Maturity date | May 5, 2025 | |
Repurchased amount | $ (750,000,000) | |
Long term borrowings | 748,000,000 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. January 2025 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Sep. 11, 2014 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,100 | |
Rate | 5.70% | |
Maturity date | Jan. 11, 2025 | |
Repurchased amount | $ (29,000,000) | |
Long term borrowings | 1,069,000,000 | 1,069,000,000 |
Notes payable [member] | CEMEX, S.A.B. de C.V. January 2025 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,071,000,000 | |
Notes payable [member] | CEMEX, SAB. de CV. December 2024 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Dec. 5, 2017 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Euro | |
Principal amount | $ 650 | |
Rate | 2.75% | |
Maturity date | Dec. 5, 2024 | |
Long term borrowings | $ 792,000,000 | 726,000,000 |
Notes payable [member] | CEMEX, SAB. de CV. December 2024 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 729,000,000 | |
Notes payable [member] | CEMEX Finance LLC June 2024 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Jun. 14, 2016 | |
Issuer | CEMEX Finance LLC | |
Currency | Euro | |
Principal amount | $ 400 | |
Rate | 4.625% | |
Maturity date | Jun. 15, 2024 | |
Repurchased amount | $ (400,000,000) | |
Long term borrowings | 447,000,000 | |
Notes payable [member] | CEMEX Finance LLC April 2024 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Apr. 1, 2014 | |
Issuer | CEMEX Finance LLC | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 6.00% | |
Maturity date | Apr. 1, 2024 | |
Repurchased amount | $ (1,000,000,000) | |
Long term borrowings | $ 621,000,000 | |
Notes payable [member] | CEMEX SAB de CV September 2030 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Sep. 17, 2020 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 5.20% | |
Maturity date | Sep. 17, 1930 | |
Long term borrowings | $ 995,000,000 | |
Notes payable [member] | CEMEX SAB de CV September 2030 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,000,000,000 | |
Notes payable [member] | CEMEX SAB de CV June 2027 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Jun. 5, 2020 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 7.375% | |
Maturity date | Jun. 5, 2027 | |
Long term borrowings | $ 994,000,000 | |
Notes payable [member] | CEMEX SAB de CV June 2027 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,000,000,000 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Long Term Notes Payable (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
3-Month LIBOR rate | 1.9084% | 0.23838% |
3-Month EURIBOR rate | 0.383% | 0.545% |
28-Day TIIE Rate | 4.4805% | |
CEMEX SAB de CV November 2029 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Repurchased of Notes Amount | $ 360 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Consolidated Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 9,160 | $ 9,303 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,649 | |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 6,511 | |
Later Than One Year and Not Later Than Two Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 186 | |
Later Than One Year and Not Later Than Two Years [Member] | Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 180 | |
Later Than One Year and Not Later Than Two Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 6 | |
Later Than Two Years and Not Later Than Three Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 772 | |
Later Than Two Years and Not Later Than Three Years [Member] | Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 766 | |
Later Than Two Years and Not Later Than Three Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 6 | |
Later Than Three Years and Not Later Than Four Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,399 | |
Later Than Three Years and Not Later Than Four Years [Member] | Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 603 | |
Later Than Three Years and Not Later Than Four Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 796 | |
Later Than Four Years and Not Later Than Five Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,326 | |
Later Than Four Years and Not Later Than Five Years [Member] | Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,100 | |
Later Than Four Years and Not Later Than Five Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,226 | |
More than 5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 4,477 | |
More than 5 Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 4,477 |
Financial Instruments - Addit_2
Financial Instruments - Additional Information - Credit Agreement, Facilities Agreement and Financing Agreement (Detail) - USD ($) $ in Millions | Jul. 31, 2023 | Dec. 17, 2020 | Nov. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 13, 2020 | Apr. 02, 2019 | Dec. 31, 2017 | Jul. 19, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Long Term debt | $ 9,160 | $ 9,303 | |||||||
Later than two years and not later than three years [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Long Term debt | 772 | ||||||||
CEMEX Holdings Philippines, Inc. [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Maximum capital expenditure | 500 | 500 | |||||||
CEMEX Latam Holdings, S.A [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Maximum capital expenditure | 1,500 | 1,500 | |||||||
Acquisitions and investments in joint ventures | $ 400 | $ 400 | |||||||
Pounds [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Interest rate | 2.50% | 3.20% | |||||||
Long Term debt | $ 329 | $ 433 | |||||||
Mexico, Pesos | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Interest rate | 6.80% | ||||||||
Long Term debt | $ 334 | ||||||||
2017 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Bank indebtedness | 2,420 | $ 2,897 | $ 4,050 | ||||||
Revolving Credit Facility Amount Extended | $ 1.1 | $ 1,060 | |||||||
Repurchase of Share Issuance Amount | $ 500 | ||||||||
Allowance for disposals of non controlling interests per year | $ 100 | ||||||||
Revolving Credit Facility Amount Extended Commitments | 1.1 | ||||||||
2017 Credit Agreement [member] | Pounds [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Nominal value of Debt Converted in to Other Currency | 82 | ||||||||
2017 Credit Agreement [member] | Mexico, Pesos | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Amortizing in Four Equal Payments | $ 313 | ||||||||
Nominal value of Debt Converted in to Other Currency | $ 313 | ||||||||
2014 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Bank indebtedness | $ 3,680 | ||||||||
Bottom of range [member] | Credit agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Interest rate | 1.65% | ||||||||
Bottom of range [member] | 2017 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2023 | ||||||||
Long Term debt | $ 43 | ||||||||
Bottom of range [member] | 2017 Credit Agreement [member] | Later than two years and not later than three years [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2022 | ||||||||
Bottom of range [member] | 2017 Credit Agreement [member] | Later than six months and not later than one year [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2022 | ||||||||
Top of range [member] | Credit agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Interest rate | 3.94% | ||||||||
Top of range [member] | 2017 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2025 | ||||||||
Long Term debt | $ 93 | ||||||||
Top of range [member] | 2017 Credit Agreement [member] | Later than two years and not later than three years [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2025 | ||||||||
Top of range [member] | 2017 Credit Agreement [member] | Later than six months and not later than one year [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Debt instrument maturity date | 2023 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Lines of Credit (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of detailed information about financial instruments [abstract] | |
Other lines of credit in foreign subsidiaries | $ 248 |
Other lines of credit from banks | 310 |
Revolving credit facility | 1,121 |
Total | 1,679 |
Other lines of credit in foreign subsidiaries, available | 87 |
Other lines of credit from banks, available | 310 |
Revolving credit facility, available | 1,121 |
Total, available | $ 1,518 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Margin over LIBOR Depending on Leverage Ration (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.07% | 4.17% | 3.84% |
Greater Than 6.00x [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 6.00% | ||
Greater Than 6.00x [Member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 475.00% | ||
Greater Than 6.00x [Member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 425.00% | ||
Less Than 6.00x Greater Than 5.50x [Member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 425.00% | ||
Less Than 6.00x Greater Than 5.50x [Member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 375.00% | ||
Less Than 5.50x Greater Than 5.00x [Member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 375.00% | ||
Less Than 5.50x Greater Than 5.00x [Member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 325.00% | ||
Less than 5.00 Greater than 4.50 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 300.00% | ||
Less than 5.00 Greater than 4.50 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 250.00% | ||
Less than 4.50 Greater than 4.00 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 250.00% | ||
Less than 4.50 Greater than 4.00 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 210.00% | ||
Less than 4.00 Greater than 3.50 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 212.50% | ||
Less than 4.00 Greater than 3.50 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 180.00% | ||
Less than 3.50 Greater than 3.00 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 175.00% | ||
Less than 3.50 Greater than 3.00 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 150.00% | ||
Less than 3.00 Greater than 2.50 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 150.00% | ||
Less than 3.00 Greater than 2.50 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 125.00% | ||
Less than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 2.50% | ||
Less than 2.50 [member] | LIBOR / EURIBOR [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 125.00% | ||
Less than 2.50 [member] | TIIE [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 100.00% | ||
Top of range [member] | Less Than 6.00x Greater Than 5.50x [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 6.00% | ||
Top of range [member] | Less Than 5.50x Greater Than 5.00x [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.50% | ||
Top of range [member] | Less than 5.00 Greater than 4.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.00% | ||
Top of range [member] | Less than 4.50 Greater than 4.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.50% | ||
Top of range [member] | Less than 4.00 Greater than 3.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.00% | ||
Top of range [member] | Less than 3.50 Greater than 3.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.50% | ||
Top of range [member] | Less than 3.00 Greater than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.00% | ||
Bottom of range [member] | Less Than 6.00x Greater Than 5.50x [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.50% | ||
Bottom of range [member] | Less Than 5.50x Greater Than 5.00x [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.00% | ||
Bottom of range [member] | Less than 5.00 Greater than 4.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.50% | ||
Bottom of range [member] | Less than 4.50 Greater than 4.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.00% | ||
Bottom of range [member] | Less than 4.00 Greater than 3.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.50% | ||
Bottom of range [member] | Less than 3.50 Greater than 3.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.00% | ||
Bottom of range [member] | Less than 3.00 Greater than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 2.50% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Coverage Ratio and Leverage Ratio (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.07% | 4.17% | 3.84% |
Less than or Equal to 6.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 6.25% | ||
Less than or Equal to 6.00 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 6.00% | ||
Less than or Equal to 5.75 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.75% | ||
Less than or Equal to 5.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.25% | ||
Less than or Equal to 4.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.75% | 4.75% | |
Less than or Equal to 4.50 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.50% |
Financial Instruments - Summa_8
Financial Instruments - Summary of Consolidated Financial Ratios (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.07% | 4.17% | 3.84% |
Coverage Ratio | 3.82% | 3.86% | 4.41% |
Less than or Equal to 6.25 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 6.25% | ||
Greater than or Equal to 1.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 1.75% | ||
Less than or Equal to 5.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.25% | ||
Greater than or Equal to 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 2.50% | 2.50% | |
Less than or Equal to 4.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.75% | 4.75% |
Financial Instruments - Summa_9
Financial Instruments - Summary of Other Financial Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial liabilities [line items] | ||
Other financial obligations, short-term | $ 879 | $ 1,381 |
Other financial obligations, long-term | 967 | 1,044 |
Total | 1,846 | 2,425 |
Convertible Subordinated Notes Due 2020 [Member] | ||
Disclosure of financial liabilities [line items] | ||
Other financial obligations, short-term | 520 | |
Total | 520 | |
Liabilities Secured With Accounts Receivable [member] | ||
Disclosure of financial liabilities [line items] | ||
Other financial obligations, short-term | 586 | 599 |
Total | 586 | 599 |
Leases [Member] | ||
Disclosure of financial liabilities [line items] | ||
Other financial obligations, short-term | 293 | 262 |
Other financial obligations, long-term | 967 | 1,044 |
Total | $ 1,260 | $ 1,306 |
Financial Instruments - Detaile
Financial Instruments - Detailed Information about In Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text block [abstract] | |||
Lease financial liability at beginning of year | $ 1,306 | $ 1,315 | $ 1,309 |
Additions From New Leases | 213 | 274 | 296 |
Increase Decrease Reductions Of Leases Financial Liabilities From Payments | (276) | (239) | (192) |
Increase Decrease Cancellation And Remeasurements Of Lease Financial Liabilities | (9) | (54) | (67) |
Increase Decrease Through Foreign Exchange Difference Lease Financial Liabilities | 26 | 10 | (31) |
Lease financial liability at end of year | $ 1,260 | $ 1,306 | $ 1,315 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Disclosure Detail Of Financial Lease Liabilities (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 967 |
Less than 1 year [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 199 |
Later Than One Year and Not Later Than Two Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 162 |
Later Than Two Years and Not Later Than Three Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 127 |
Later Than Three Years and Not Later Than Four Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 95 |
More than 5 Years [member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 384 |
Financial Instruments - Addit_3
Financial Instruments - Additional Information - Other Financial Obligations (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 13, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 |
Disclosure of detailed information about financial instruments [line items] | |||||
Leases | $ 350 | $ 316 | $ 266 | ||
Debt Repayments | $ 4,572 | $ 3,284 | $ 2,745 | ||
CEMEX SAB De CV2020 Convertible Notes [Member] | Cemex [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt Repayments | $ 521 | ||||
Convertible Subordinated Notes Due 2020 [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt principal amount | $ 521 | ||||
Debt interest percentage | 3.72% | ||||
Conversion price | $ 10.73 |
Financial Instruments - Summ_11
Financial Instruments - Summary of Carrying Amounts and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Derivative instruments | $ 3 | $ 2 |
Other investments and non-current accounts receivable | 272 | 234 |
Other investments and non-current accounts receivable | 275 | 236 |
Financial liabilities | ||
Long-term debt | 9,160 | 9,303 |
Other financial obligations | 967 | 1,044 |
Derivative instruments | 53 | 46 |
Total financial liabilities | 10,180 | 10,393 |
At Fair Value [Member] | ||
Financial assets | ||
Derivative instruments | 3 | 2 |
Other investments and non-current accounts receivable | 272 | 234 |
Other investments and non-current accounts receivable | 275 | 236 |
Financial liabilities | ||
Long-term debt | 9,687 | 9,711 |
Other financial obligations | 1,012 | 1,071 |
Derivative instruments | 53 | 46 |
Total financial liabilities | $ 10,752 | $ 10,828 |
Financial Instruments - Summ_12
Financial Instruments - Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | $ 3 | $ 2 |
Investments in strategic equity securities | 3 | 3 |
Other investments at fair value through earnings | 23 | 34 |
Total derivative financial assets | 29 | 39 |
Liabilities measured at fair value Derivative instruments | 53 | 46 |
Level 1 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Investments in strategic equity securities | 3 | 3 |
Total derivative financial assets | 3 | 3 |
Level 2 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | 3 | 2 |
Other investments at fair value through earnings | 23 | 34 |
Total derivative financial assets | 26 | 36 |
Liabilities measured at fair value Derivative instruments | $ 53 | $ 46 |
Financial Instruments - Summ_13
Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | $ 2,230 | $ 2,324 |
Derivative financial instrument, Fair value | (81) | (100) |
Net Investment Hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 741 | 1,154 |
Derivative financial instrument, Fair value | (42) | (67) |
Equity forwards on third party shares [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 27 | 74 |
Derivative financial instrument, Fair value | 3 | 1 |
Interest Rate Swap Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 1,334 | 1,000 |
Derivative financial instrument, Fair value | (47) | (35) |
Fuels Price Hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 128 | 96 |
Derivative financial instrument, Fair value | $ 5 | $ 1 |
Financial Instruments - Addit_4
Financial Instruments - Additional Information - Derivative Financial Instruments (Detail) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||
Gains and (losses) related to recognition of changes in fair values of the derivative instruments | $ 39 | $ 1 | $ (17) | |
Financial Income And Other Items [Member] | CEMEX SAB De CV April 2024 Notes [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Gain (loss) due to changes in estimated fair value | 3 | |||
Fuel Price Forward Contracts [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 128 | 96 | ||
Financial liabilities at estimated fair value | 5 | 1 | ||
Gain (loss) due to changes in estimated fair value | 7 | (15) | 35 | |
Net Investment Hedges [member] | Forward Contract [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 741 | |||
Net foreign exchange gain (loss) | 126 | 59 | ||
Net Investment Hedges [member] | Top of range [member] | Forward Contract [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 1,250 | |||
Equity Investments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | $ 1 | $ 2 | 26 | |
Forward contract to be settled in shares | 4.7 | 13.9 | ||
Forward contract settled in cash | 9.2 | 6.9 | ||
Equity Investments [Member] | Forward Contract [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net foreign exchange gain (loss) | $ 53 | |||
Interest Rate Swap Contract [Member] | Cemex [Member] | Financial Income And Other Items [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Payments on Contract | $ 14 | |||
Interest Rate Swap Contract [Member] | Top of range [member] | Cemex [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings, interest rate | 3.05% | |||
Interest Rate Swap Contract [Member] | Bottom of range [member] | Cemex [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings, interest rate | 2.56% | |||
Interest Rate Swap Contract [Member] | Electric Energy [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at estimated fair value | $ 11 | |||
Borrowings, interest rate | 5.40% | |||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 1,000 | |||
Financial liabilities at estimated fair value | 44 | $ 35 | ||
Gain (loss) due to changes in estimated fair value | 9 | $ 26 | ||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | Cemex [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 334 | |||
Financial liabilities at estimated fair value | 3 | |||
Gain (loss) due to changes in estimated fair value | 3 | |||
Foreign exchange forwards related to forecasted transactions [member] | 2017 Credit Agreement [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | 397 | |||
Foreign exchange forwards related to forecasted transactions [member] | Financial Income And Other Items [Member] | 2017 Credit Agreement [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net foreign exchange gain (loss) | $ 15 | |||
Foreign exchange forwards related to forecasted transactions [member] | Electric Energy [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net foreign exchange loss | $ 6 | |||
DollarEuro Foreign Exchange Forward Contracts [Member] | April 2024 Notes [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings, interest rate | 4.625% | |||
British PoundEuro Foreign Exchange Forward Contracts [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial instrument, Notional amount | $ 186 | |||
British PoundEuro Foreign Exchange Forward Contracts [Member] | Financial Income And Other Items [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Gain (loss) due to changes in estimated fair value | $ 9 |
Financial Instruments - Addit_5
Financial Instruments - Additional Information - Risk Management (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Reduction in income | $ 87 | $ 76 | |
Hypothetic foreign exchange rate strengthening | 10.00% | ||
Financial debt percentage | 65.00% | ||
Decrease in net income due to change in the fair value | $ 3 | 7 | |
Current maturities of debt | 105 | 55 | |
Other financial obligations | 879 | 1,381 | |
Cash flows provided by operating activities from continuing operations | 1,563 | $ 1,282 | $ 1,435 |
Revolving credit facility | $ 1,121 | ||
Euro [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial debt percentage | 23.00% | ||
Pounds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 2.50% | 3.20% | |
Financial debt percentage | 4.00% | ||
Mexican peso [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial debt percentage | 4.00% | ||
Philippine pesos [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 4.10% | 5.20% | |
Financial debt percentage | 2.00% | ||
Other Currencies [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 4.90% | 5.60% | |
Financial debt percentage | 2.00% | ||
Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Reduction in income | $ 17 | $ 19 | |
Interest rate risk [member] | Top of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 0.50% | 0.50% | |
Interest rate risk [member] | Floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 17.00% | 22.00% | |
Currency risk [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 21.00% | ||
Currency risk [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 29.00% | ||
Currency risk [member] | United Kingdom [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 5.00% | ||
Currency risk [member] | Germany [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 4.00% | ||
Currency risk [member] | France [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 6.00% | ||
Currency risk [member] | Spain [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2.00% | ||
Currency risk [member] | Rest Of Europe Region [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 15.00% | ||
Currency risk [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 3.00% | ||
Currency risk [member] | Panama [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 1.00% | ||
Currency risk [member] | Rest of South, Central America and the Caribbean region [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 4.00% | ||
Currency risk [member] | Caribbean Tcl [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2.00% | ||
Currency risk [member] | Other Operations [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 6.00% | ||
Currency risk [member] | Dominican Republic [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2.00% | ||
Liquidity risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current maturities of debt | $ 1,063 | ||
Other financial obligations | 1,117 | ||
Cash flows provided by operating activities from continuing operations | 1,578 | ||
Liquidity risk [member] | 2017 Credit Agreement [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Revolving credit facility | $ 1,121 |
Financial Instruments - Summ_14
Financial Instruments - Summary of Consolidated Net Monetary Assets (Liabilities) by Currency (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | $ 3,517 | $ 3,801 |
Monetary liabilities | 17,739 | 17,726 |
Net monetary assets (liabilities) | (14,222) | (13,925) |
US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (8,176) | (8,237) |
Pesos [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (490) | (711) |
Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (3,194) | (3,023) |
Pounds [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,148) | (787) |
Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,214) | (1,167) |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 856 | 721 |
Monetary liabilities | 1,420 | 1,311 |
Net monetary assets (liabilities) | (564) | (590) |
Mexico [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (161) | (23) |
Mexico [member] | Pesos [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (403) | (567) |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 550 | 1,017 |
Monetary liabilities | 2,480 | 2,444 |
Net monetary assets (liabilities) | (1,930) | (1,427) |
United States [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,930) | (1,427) |
South, Central America And Caribbean [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 240 | 280 |
Monetary liabilities | 680 | 589 |
Net monetary assets (liabilities) | (440) | (309) |
South, Central America And Caribbean [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (37) | (72) |
South, Central America And Caribbean [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 1 | |
South, Central America And Caribbean [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (403) | (238) |
Asia, Middle East and Africa [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 1,452 | 1,593 |
Monetary liabilities | 3,534 | 3,162 |
Net monetary assets (liabilities) | (2,082) | (1,569) |
Asia, Middle East and Africa [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 17 | |
Asia, Middle East and Africa [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (743) | (519) |
Asia, Middle East and Africa [member] | Pounds [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,174) | (807) |
Asia, Middle East and Africa [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (182) | (243) |
Other Operations [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 419 | 190 |
Monetary liabilities | 9,625 | 10,220 |
Net monetary assets (liabilities) | (9,206) | (10,030) |
Other Operations [Member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (6,065) | (6,715) |
Other Operations [Member] | Pesos [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (87) | (144) |
Other Operations [Member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (2,451) | (2,505) |
Other Operations [Member] | Pounds [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 26 | 20 |
Other Operations [Member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | $ (629) | $ (686) |
Other Current and Non-current_3
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Provisions | [1] | $ 718 | $ 558 |
Interest payable | 86 | 88 | |
Other accounts payable and accrued expenses | [2] | 267 | 313 |
Contract liabilities with customers | [3] | 201 | 225 |
Other current liabilities | $ 1,272 | $ 1,184 | |
[1] | Current provisions primarily consist of accrued employee benefits, insurance payments, accruals for legal assessments and others. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. | ||
[2] | As of December 31, 2020 and 2019, includes $19 and $22, respectively, of the current portion of other taxes payable in Mexico. | ||
[3] | As of December 31, 2020 and 2019, contract liabilities with customers included $161 and $184, respectively, of advances received from customers, as well as in 2020 and 2019 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $4 and $4, respectively. |
Other Current and Non-current_4
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contract customers advances payable [member] | Commercial agreement with cemeto bayano [member] | ||
Statement [line Items] | ||
Current advances from contract with customers received | $ 161 | $ 184 |
Deferred revenue current | 4 | 4 |
Mexico [member] | ||
Statement [line Items] | ||
Other taxes payable current | $ 19 | $ 22 |
Other Current and Non-current_5
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Asset retirement obligations | [1] | $ 369 | $ 327 |
Accruals for legal assessments and other responsibilities | [2] | 27 | 30 |
Non-current liabilities for valuation of derivative instruments | 53 | 46 | |
Environmental liabilities | [3] | 275 | 214 |
Other non-current liabilities and provisions | [4],[5] | 273 | 308 |
Other non-current liabilities | $ 997 | $ 925 | |
[1] | Provisions for asset retirement include future estimated costs for demolition, cleaning and reforestation of production sites at the end of their operation, which are initially recognized against the related assets and are depreciated over their estimated useful life. | ||
[2] | Provisions for legal claims and other responsibilities include items related to tax contingencies. | ||
[3] | Environmental liabilities include future estimated costs arising from legal or constructive obligations, related to cleaning, reforestation and other remedial actions to remediate damage caused to the environment. The expected average period to settle these obligations is greater than 15 years. | ||
[4] | As of December 31, 2020 and 2019, includes $12 and $31, respectively, of the non-current portion of taxes payable in Mexico. | ||
[5] | As of December 31, 2020 and 2019, the balance includes deferred revenues of $42 and $50, respectively, that are amortized to the income statement as deliverables are fulfilled over the maturity of long-term clinker supply agreements. |
Other Current and Non-current_6
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Non-current portion of tax payable | $ 12 | $ 31 |
Cemento interoceanio [member] | Liabilitites classified as held for sale [member] | ||
Disclosure of transactions between related parties [line items] | ||
Deferred revenues | $ 42 | $ 50 |
Period of amortisation of deferred revenue | 15 years |
Other Current and Non-current_7
Other Current and Non-current Liabilities - Changes in Consolidated Other Current and Non-current Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of period | $ 1,524 | $ 1,335 |
Additions or increase in estimates | 2,397 | 1,641 |
Releases or decrease in estimates | (2,168) | (1,527) |
Reclassifications | 113 | 62 |
Accretion expense | (122) | (59) |
Foreign currency translation | 12 | 72 |
Balance at end of period | 1,756 | 1,524 |
Current provisions | 759 | 599 |
Asset retirement obligations [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 327 | |
Additions or increase in estimates | 80 | |
Releases or decrease in estimates | (28) | |
Reclassifications | 54 | |
Accretion expense | (17) | |
Foreign currency translation | (47) | |
Balance at end of period | 369 | 327 |
Environmental liability [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 214 | |
Additions or increase in estimates | 1 | |
Accretion expense | 62 | |
Foreign currency translation | (2) | |
Balance at end of period | 275 | 214 |
Legal proceedings provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 30 | |
Additions or increase in estimates | 3 | |
Releases or decrease in estimates | (8) | |
Foreign currency translation | 2 | |
Balance at end of period | 27 | 30 |
Valuation derivative instruments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 102 | |
Additions or increase in estimates | 7 | |
Foreign currency translation | (18) | |
Balance at end of period | 91 | 102 |
Current provisions | 38 | |
Other liabilities and provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 851 | |
Additions or increase in estimates | 2,306 | |
Releases or decrease in estimates | (2,132) | |
Reclassifications | 59 | |
Accretion expense | (167) | |
Foreign currency translation | 77 | |
Balance at end of period | 994 | $ 851 |
Current provisions | $ 721 |
Pensions and Post-Employment _3
Pensions and Post-Employment Benefits - Additional Information (Detail) £ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2012USD ($) | |
Disclosure of defined benefit plans [line items] | |||||||
Costs of defined contribution plans | $ 48 | $ 50 | $ 45 | ||||
Projected benefits obligation | 3,033 | 2,738 | 2,454 | ||||
increase in the net projected liability | 10 | 10 | 22 | ||||
Curtailment gain loss on settlement | $ 1 | 3 | |||||
Period of settlement of one time settlement obligation | 20 years | 20 years | |||||
Post employment healthcare benefits [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 78 | $ 62 | |||||
Trinidad Cement Limited [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Medical inflation rates used to determine the projected benefits obligation | 5.00% | 8.00% | |||||
Mexico [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 216 | $ 203 | |||||
Medical inflation rates used to determine the projected benefits obligation | 8.00% | 8.00% | |||||
Income from prior period adjustment of retirement benefit | $ 1 | ||||||
Puerto Rico [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Medical inflation rates used to determine the projected benefits obligation | 6.40% | 6.30% | |||||
United Kingdom [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 1,925 | $ 1,681 | |||||
Medical inflation rates used to determine the projected benefits obligation | 6.50% | 6.50% | |||||
United States [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 305 | $ 297 | |||||
United States [member] | Transition to defined contribution plan [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
One time settlement obligation incurred due to transition of contribution plans | 24 | ||||||
United States And United Kingdom [member] | Multi-employer defined benefit plans [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Contribution to the multiemployer plans combined amounts | 56 | 64 | 65 | ||||
Estimate of contribution to be made to the plan in the subsequent annual period | 58 | ||||||
France [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Income from prior period adjustment of retirement benefit | 2 | ||||||
CEMEX U.K. [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Operating assets | $ 553 | ||||||
Dividends received | $ 29 | £ 21.3 | $ 27 | £ 20.3 | $ 25 | £ 19.3 | |
Percentage of annual rate | 5.00% | 5.00% | |||||
increase in the net projected liability | $ 54 |
Pensions and Post-Employment _4
Pensions and Post-Employment Benefits - Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Recorded in operating costs and expenses | |||
Service cost | $ 12 | $ 12 | $ 13 |
Past service cost | (1) | 1 | 9 |
Settlements and curtailments | (1) | (3) | |
Total defined benefit expense | 10 | 10 | 22 |
Recorded in other financial expenses | |||
Net interest cost | 33 | 39 | 40 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | 199 | 210 | (176) |
Total (loss) / gain recognized during the period | 242 | 259 | (114) |
Pension defined benefit plans [member] | |||
Recorded in operating costs and expenses | |||
Service cost | 10 | 10 | 10 |
Past service cost | (2) | 1 | 9 |
Settlements and curtailments | (1) | (3) | |
Total defined benefit expense | 8 | 8 | 19 |
Recorded in other financial expenses | |||
Net interest cost | 28 | 34 | 35 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | 181 | 203 | (176) |
Total (loss) / gain recognized during the period | 217 | 245 | (122) |
Other Benefits Plans [Member] | |||
Recorded in operating costs and expenses | |||
Service cost | 2 | 2 | 3 |
Past service cost | 1 | ||
Settlements and curtailments | (1) | ||
Total defined benefit expense | 2 | 2 | 3 |
Recorded in other financial expenses | |||
Net interest cost | 5 | 5 | 5 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | 18 | 7 | (176) |
Total (loss) / gain recognized during the period | $ 25 | $ 14 | $ 8 |
Pensions and Post-Employment _5
Pensions and Post-Employment Benefits - Summary of Actuarial (Gains) Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain (loss) on remeasurement, net defined benefit liability (asset) [abstract] | |||
Actuarial (gains) losses due to experience | $ 1 | $ 5 | $ (58) |
Actuarial (gains) losses due to demographic assumptions | 18 | (11) | (57) |
Actuarial (gains) losses due financial assumptions | 180 | 216 | (61) |
Total | $ 199 | $ 210 | $ (176) |
Pensions and Post-Employment _6
Pensions and Post-Employment Benefits - Schedule of Reconciliations of the Actuarial Benefits Obligations, Pension Plan Assets, And Liabilities Recognized in the Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | $ 2,738 | $ 2,454 | |
Service cost | 12 | 12 | $ 13 |
Interest cost | 75 | 83 | |
Actuarial (gains) losses | 276 | 275 | |
Additions through business combinations | 1 | ||
Settlements and curtailments | (1) | (3) | |
Reduction from disposal of assets | (2) | ||
Plan amendments | (1) | 1 | |
Benefits paid | (146) | (148) | |
Foreign currency translation | 79 | 66 | |
Projected benefit obligation at end of the period | 3,033 | 2,738 | 2,454 |
Fair value of plan assets at beginning of the period | 1,600 | 1,487 | |
Return on plan assets | 42 | 44 | |
Actuarial gains (losses) | 77 | 65 | |
Employer contributions | 81 | 110 | |
Reduction for disposal of assets | (1) | ||
Benefits paid | (146) | (148) | |
Foreign currency translation | 40 | 43 | |
Fair value of plan assets at end of the period | 1,694 | 1,600 | 1,487 |
Net projected liability in the statement of financial position | 1,339 | 1,138 | |
Pension defined benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 2,651 | 2,375 | |
Service cost | 10 | 10 | 10 |
Interest cost | 70 | 78 | |
Actuarial (gains) losses | 258 | 268 | |
Additions through business combinations | 1 | ||
Settlements and curtailments | (1) | (3) | |
Reduction from disposal of assets | (2) | ||
Plan amendments | (2) | 1 | |
Benefits paid | (140) | (141) | |
Foreign currency translation | 80 | 65 | |
Projected benefit obligation at end of the period | 2,928 | 2,651 | 2,375 |
Fair value of plan assets at beginning of the period | 1,599 | 1,486 | |
Return on plan assets | 42 | 44 | |
Actuarial gains (losses) | 77 | 65 | |
Employer contributions | 75 | 103 | |
Reduction for disposal of assets | (1) | ||
Benefits paid | (140) | (141) | |
Foreign currency translation | 40 | 43 | |
Fair value of plan assets at end of the period | 1,693 | 1,599 | 1,486 |
Net projected liability in the statement of financial position | 1,235 | 1,052 | |
Other Benefits Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 87 | 79 | |
Service cost | 2 | 2 | 3 |
Interest cost | 5 | 5 | |
Actuarial (gains) losses | 18 | 7 | |
Settlements and curtailments | (1) | ||
Plan amendments | 1 | ||
Benefits paid | (6) | (7) | |
Foreign currency translation | (1) | 1 | |
Projected benefit obligation at end of the period | 105 | 87 | 79 |
Fair value of plan assets at beginning of the period | 1 | 1 | |
Employer contributions | 6 | 7 | |
Benefits paid | (6) | (7) | |
Fair value of plan assets at end of the period | 1 | 1 | $ 1 |
Net projected liability in the statement of financial position | $ 104 | $ 86 |
Pensions and Post-Employment _7
Pensions and Post-Employment Benefits - Summary of Plan Assets Measured at Estimated Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [line items] | |||
Cash | $ 44 | $ 61 | |
Investments in corporate bonds | 475 | 400 | |
Investments in government bonds | 457 | 540 | |
Total fixed-income securities | 976 | 1,001 | |
Investment in marketable securities | 430 | 380 | |
Other investments and private funds | 288 | 219 | |
Total variable-income securities | 718 | 599 | |
Total plan assets | 1,694 | 1,600 | $ 1,487 |
Level 1 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 44 | 45 | |
Investments in corporate bonds | 1 | 4 | |
Investments in government bonds | 86 | 90 | |
Total fixed-income securities | 131 | 139 | |
Investment in marketable securities | 341 | 223 | |
Other investments and private funds | 146 | 46 | |
Total variable-income securities | 487 | 269 | |
Total plan assets | 618 | 408 | |
Level 2 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 0 | 16 | |
Investments in corporate bonds | 474 | 396 | |
Investments in government bonds | 371 | 450 | |
Total fixed-income securities | 845 | 862 | |
Investment in marketable securities | 89 | 157 | |
Other investments and private funds | 55 | 85 | |
Total variable-income securities | 144 | 242 | |
Total plan assets | 989 | 1,104 | |
Level 3 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Other investments and private funds | 87 | 88 | |
Total variable-income securities | 87 | 88 | |
Total plan assets | $ 87 | $ 88 |
Pensions and Post-Employment _8
Pensions and Post-Employment Benefits - Summary of Significant Assumptions Used in the Determination of the Benefit Obligation (Detail) - Defined Benefit Obligation [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 7.80% | 8.75% |
Rate of return on plan assets | 7.80% | 8.75% |
Rate of salary increases | 4.50% | 4.00% |
United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 2.60% | 3.60% |
Rate of return on plan assets | 2.60% | 3.60% |
United Kingdom [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 1.50% | 2.10% |
Rate of return on plan assets | 1.50% | 2.10% |
Rate of salary increases | 3.00% | 3.00% |
Top of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 9.00% | 8.80% |
Rate of return on plan assets | 9.00% | 8.80% |
Rate of salary increases | 6.80% | 6.80% |
Bottom of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 0.20% | 0.40% |
Rate of return on plan assets | 0.20% | 0.40% |
Rate of salary increases | 2.30% | 2.30% |
Pensions and Post-Employment _9
Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure - Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits [Abstract] | |
2021 | $ 157 |
2022 | 144 |
2023 | 144 |
2024 | 144 |
2022 - 2030 | $ 868 |
Pensions and Post-Employment_10
Pensions and Post-Employment Benefits - Aggregate Projected Benefit Obligation for Pension Plans and Other Post-employment Benefits and the Plan Assets by Country (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [line items] | |||
PBO | $ 3,033 | $ 2,738 | $ 2,454 |
Assets | 1,694 | 1,600 | $ 1,487 |
Deficit | 1,339 | 1,138 | |
Mexico [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 216 | 203 | |
Assets | 29 | 24 | |
Deficit | 187 | 179 | |
United States [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 305 | 297 | |
Assets | 222 | 219 | |
Deficit | 83 | 78 | |
United Kingdom [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 1,925 | 1,681 | |
Assets | 1,214 | 1,128 | |
Deficit | 711 | 553 | |
Germany [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 219 | 204 | |
Assets | 8 | 9 | |
Deficit | 211 | 195 | |
Other countries [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 368 | 353 | |
Assets | 221 | 220 | |
Deficit | $ 147 | $ 133 |
Pensions and Post-Employment_11
Pensions and Post-Employment Benefits - Sensitivity Analysis of Pension and Other Post-Employment Benefits (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | $ (207) |
Sensitivity, possible decrease in actuarial assumption | 234 |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 8 |
Sensitivity, possible decrease in actuarial assumption | (7) |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 146 |
Sensitivity, possible decrease in actuarial assumption | (128) |
Pension defined benefit plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | (202) |
Sensitivity, possible decrease in actuarial assumption | 228 |
Pension defined benefit plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 7 |
Sensitivity, possible decrease in actuarial assumption | (7) |
Pension defined benefit plans [member] | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 146 |
Sensitivity, possible decrease in actuarial assumption | (128) |
Other post employment benefits [Member] | Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | (5) |
Sensitivity, possible decrease in actuarial assumption | 6 |
Other post employment benefits [Member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | $ 1 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Current income tax expense | $ 174 | $ 143 | $ 99 |
Deferred income tax expense (revenue) | (122) | 19 | 125 |
Effective consolidated income tax expense rate | $ 52 | $ 162 | $ 224 |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | $ 82 | $ (93) |
Deferred tax assets: | ||
Tax loss carryforwards and other tax credits | 777 | 757 |
Accounts payable and accrued expenses | 558 | 458 |
Intangible assets, net | 49 | 57 |
Total deferred tax assets, gross | 1,384 | 1,272 |
Presentation offset regarding same legal entity | (644) | (645) |
Total deferred tax assets, net in the statement of financial position | 740 | 627 |
Deferred tax liabilities: | ||
Property, machinery and equipment and right-of-use asset, net | (1,273) | (1,323) |
Investments and other assets | (29) | (42) |
Total deferred tax liabilities, gross | (1,302) | (1,365) |
Presentation offset regarding same legal entity | 644 | 645 |
Total deferred tax liabilities, net in the statement of financial position | (658) | (720) |
Net deferred tax liabilities | 82 | (93) |
Country of domicile [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | (77) | (157) |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 152 | 189 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (229) | (346) |
Net deferred tax liabilities | (77) | (157) |
Foreign countries [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | 159 | 64 |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 588 | 438 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (429) | (374) |
Net deferred tax liabilities | $ 159 | $ 64 |
Income Taxes - Summary of Tem_2
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred tax assets and liabilities [abstract] | |
Mineral reserves useful life, years | 35 years |
Income Taxes - Summary of the B
Income Taxes - Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | $ 740 | $ 627 |
Liability | (658) | (720) |
Net | 82 | (93) |
Country of domicile [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 152 | 189 |
Liability | (229) | (346) |
Net | (77) | (157) |
Foreign countries [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 588 | 438 |
Liability | (429) | (374) |
Net | $ 159 | $ 64 |
Income Taxes - Summary of Break
Income Taxes - Summary of Breakdown of Changes in Consolidated Deferred Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in deferred tax liability (asset) [abstract] | |||
Deferred income tax expense (revenue) in the income statement | $ (122) | $ 19 | $ 125 |
Deferred income tax revenue in stockholders' equity | (41) | (59) | (10) |
Reclassifications | (12) | 3 | 3 |
Change in deferred income tax during the period | $ (175) | $ (37) | $ 118 |
Income Taxes - Summary of Bre_2
Income Taxes - Summary of Breakdown of Changes in Consolidated Deferred Income Taxes (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred income tax revenue | $ 8 |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Income Tax Relative to Items of Other Comprehensive Income Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax relating to components of other comprehensive income [abstract] | |||
Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) | $ (19) | $ (19) | $ (2) |
Expense (revenue) associated to actuarial results (note 21.2) | (41) | (29) | 31 |
Revenue related to derivative financial instruments (note 17.4) | 14 | (34) | (3) |
Expense (revenue) from foreign currency translation and other effects | (14) | 4 | (38) |
Total current and deferred income tax relative to items of other comprehensive income (loss) | $ (60) | $ (78) | $ (12) |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Loss and Tax Credits (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Tax Loss Carry Forwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2021 | $ 93 |
2022 | 312 |
2023 | 475 |
2024 | 524 |
2025 and thereafter | 14,897 |
Tax Loss And Tax Credits, Total | 16,301 |
Amount of unrecognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2021 | 81 |
2022 | 289 |
2023 | 454 |
2024 | 234 |
2025 and thereafter | 12,078 |
Tax Loss And Tax Credits, Total | 13,136 |
Amount of recognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2021 | 12 |
2022 | 23 |
2023 | 21 |
2024 | 290 |
2025 and thereafter | 2,819 |
Tax Loss And Tax Credits, Total | $ 3,165 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Sep. 05, 2018 | Apr. 06, 2018 | Apr. 30, 2011 | Dec. 31, 2020 |
Disclosure of Income Taxes [Line Items] | ||||
pre-tax income | $ 3,165 | |||
Prior year tax loss carryforwards value | $ 557 | |||
Increase in tax to be paid | $ 27 | |||
Income tax return 2012 [member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Income tax penalty imposed | $ 36 | |||
Income tax return 2011 [member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Income tax penalty imposed | $ 25 |
Income taxes - Effective Consol
Income taxes - Effective Consolidated Income Tax Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Earnings before income tax | $ (1,274) | $ 253 | $ 717 |
Income tax | $ (52) | $ (162) | $ (224) |
Effective consolidated income tax expense rate | (4.10%) | 64.00% | 31.20% |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Mexican statutory tax rate value | 30.00% | 30.00% | 30.00% |
Difference between accounting and tax expenses, net | (19.00%) | 109.20% | 18.70% |
Non-taxable sale of equity securities and fixed assets | 1.30% | (13.40%) | (4.60%) |
Difference between book and tax inflation | (7.10%) | 38.10% | 19.50% |
Differences in the income tax rates in the countries where CEMEX operates | (0.90%) | (31.90%) | (16.00%) |
Changes in deferred tax assets | (9.60%) | (59.80%) | (15.60%) |
Changes in provisions for uncertain tax positions | 0.20% | (5.20%) | (1.80%) |
Others | 1.00% | (3.00%) | 1.00% |
Effective consolidated income tax expense rate | (4.10%) | 64.00% | 31.20% |
Mexican statutory tax rate | $ (382) | $ 76 | $ 215 |
Difference between accounting and tax expenses, net | 242 | 277 | 134 |
Non-taxable sale of equity securities and fixed assets | (17) | (34) | (33) |
Difference between book and tax inflation | 90 | 96 | 140 |
Differences in the income tax rates in the countries where CEMEX operates | 12 | (81) | (115) |
Changes in deferred tax assets | 122 | (151) | (112) |
Changes in provisions for uncertain tax positions | (2) | (13) | (13) |
Others | (13) | (8) | 8 |
Effective consolidated income tax expense rate | $ 52 | $ 162 | $ 224 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate in Mexico | 30.00% | 30.00% | 30.00% |
Difference tax component between books and tax foreign exchange fluctuations | $ 12 | $ (81) | $ (115) |
Parent [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Difference tax component between books and tax foreign exchange fluctuations | $ 312 | $ 117 | |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate in Mexico | 30.00% | 30.00% | 30.00% |
Income Tax - Schedule of Variat
Income Tax - Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Balance Sheet [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Derecognition related to tax loss carryforwards recognized in prior years | $ (70) | $ (43) |
Recognition related to unrecognized tax loss carryforwards | 82 | 92 |
Foreign currency translation and other effects | 8 | 6 |
Changes in deferred tax assets | 20 | 55 |
Reconciliation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated and not recognized during the year | 178 | 84 |
Derecognition related to tax loss carryforwards recognized in prior years | 12 | (43) |
Recognition related to unrecognized tax loss carryforwards | (84) | 92 |
Foreign currency translation and other effects | 16 | 18 |
Changes in deferred tax assets | $ 122 | $ 151 |
Income tax - Schedule of Unreco
Income tax - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets and liabilities [abstract] | |||
Balance of tax positions at beginning of the period | $ 28 | $ 44 | $ 80 |
Adoption effects of IFRIC 23 credited to retained earnings (note 2.1) | (6) | ||
Additions for tax positions of prior periods | 1 | ||
Additions for tax positions of current period | 3 | 4 | 6 |
Reductions for tax positions related to prior periods and other items | (1) | (13) | (2) |
Settlements and reclassifications | (3) | (7) | |
Expiration of the statute of limitations | (2) | (2) | (32) |
Foreign currency translation effects | 2 | 1 | (2) |
Balance of tax positions at end of the period | $ 27 | $ 28 | $ 44 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Controlling Interest due to Different Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | $ 7,893 | $ 10,424 |
Other equity reserves | (2,453) | (2,724) |
Retained earnings | 2,635 | 1,621 |
Total controlling interest | 8,075 | $ 9,321 |
Parent [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | 5,403 | |
Other equity reserves | 974 | |
Retained earnings | 1,698 | |
Total controlling interest | 8,075 | |
Consolidated One [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | 7,893 | |
Other equity reserves | (2,453) | |
Retained earnings | 2,635 | |
Total controlling interest | $ 8,075 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Dec. 17, 2019$ / shares | Jun. 17, 2019$ / shares | Mar. 28, 2019USD ($)$ / sharesshares | Jul. 18, 2016shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Mar. 26, 2020USD ($)$ / sharesshares |
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Additional paid-in capital | $ 7,575,000,000 | $ 10,106,000,000 | ||||||
Percentage of net income allocation toward legal reserve | 5.00% | |||||||
Legal reserve | $ 95,000,000 | |||||||
Non-controlling interest and perpetual debentures | 877,000,000 | 1,503,000,000 | ||||||
Coupon payment on perpetual debentures | (2,453,000,000) | (2,724,000,000) | ||||||
Dividend Declaration Date | Mar. 28, 2019 | |||||||
Dividend declared | $ 150,000,000 | |||||||
Dividend amount per share | $ / shares | $ 0.001654 | $ 0.001663 | ||||||
Purchase of treasury shares | 83,000,000 | 50,000,000 | $ 75,000,000 | |||||
Explanation of the fact that shares have no par value | without par-value | |||||||
Share price | $ / shares | $ 0.22 | |||||||
Treasury shares | 11,000,000 | $ 8,000,000 | $ 83,000,000 | |||||
Restitution of retained earnings | 2,481,000,000 | |||||||
Mandatory Convertible Securities [member] | Mandatory Convertible Securities 2019 [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Borrowings interest rate | 3.72% | |||||||
Parent [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Coupon payment on perpetual debentures | $ 974,000,000 | |||||||
Pesos [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Closing foreign exchange rate | 19.89 | 18.9200 | 19.6500 | |||||
Coupon Payment [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Coupon payment on perpetual debentures | $ 24,000,000 | $ 29,000,000 | $ 29,000,000 | |||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Treasury shares repurchase amount authorized | $ 500,000,000 | $ 500,000,000 | ||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | Share Repurchase One [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Purchase of treasury shares | 282,600 | |||||||
Cancellation of treasury shares | $ 282,600 | |||||||
Purchase of treasury shares in shares | shares | 2,000,000,000 | |||||||
Decrease in variable part of common stock treasury shares repurchased and cancelled | shares | 2,000,000,000 | |||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | Share Repurchase Two [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Purchase of treasury shares | $ 67,000 | |||||||
Cancellation of treasury shares | $ 67,000 | |||||||
Purchase of treasury shares in shares | shares | 461,000,000 | |||||||
Decrease in variable part of common stock treasury shares repurchased and cancelled | shares | 461,000,000 | |||||||
Dividend Declared Date One [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Dividend declared date of payment | Jun. 17, 2019 | |||||||
Dividend Declared Date Two [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Dividend declared date of payment | Dec. 17, 2019 | |||||||
Additional paid-in capital [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Additional paid-in capital | 32,000,000 | 34,000,000 | ||||||
Purchase of treasury shares | 50,000,000 | 75,000,000 | ||||||
Restitution of retained earnings | (2,481,000,000) | |||||||
Non-controlling Interest [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Non-controlling interest and perpetual debentures | 428,000,000 | 1,060,000,000 | ||||||
Net income attributable to noncontroling interest | 21,000,000 | 36,000,000 | $ 42,000,000 | |||||
Variable Part Of Share Capital [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Increase in variable common stock share issue | $ 22,000 | |||||||
Increase in variable common stock share issue in shares | shares | 150,000,000 | |||||||
Share price | $ / shares | $ 0.000143 | |||||||
Perpetual Subordinated Bonds [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Non-controlling interest and perpetual debentures | $ 449,000,000 | $ 443,000,000 | ||||||
CEMEX Holdings Philippines, Inc. [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Non-controlling interest ownership percentage | 45.00% | 33.22% | ||||||
Number of shares issued | shares | 2,337,927,954 | |||||||
Percentage of outstanding common shares owned by the subsidiary | 45.00% | |||||||
Reduction in non-controlling interest | 22.16% | 33.22% | ||||||
CEMEX Latam Holdings, S.A. [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Non-controlling interest ownership percentage | 7.63% | 26.83% | ||||||
Caribbean TCL [member] | Trinidad Cement Limited [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Non-controlling interest ownership percentage | 30.17% | 30.17% | ||||||
CPO [Member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Number of shares issued | shares | 27,400,000 | 49,300,000 | ||||||
Number of shares cumulatively repurchased | shares | 378,200,000 | |||||||
CPO [Member] | Parent [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Treasury shares | $ 11,000,000 | $ 8,000,000 | ||||||
Investment in shares held by the subsidiary | shares | (20,541,277) | (20,541,277) | ||||||
CPO [Member] | Treasury shares [member] | Two Thousand And Nineteen Treasury Repurchase Program [member] | ||||||||
Disclosure of Classes of Share Capital [Line Items] | ||||||||
Share price | $ / shares | $ 0.3164 | |||||||
Number of shares cumulatively repurchased | shares | 157,700,000 | |||||||
Treasury shares | $ 50,000,000 | $ 50,000,000 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Breakdown of Common Stock and Additional Paid-in Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | ||
Common stock | $ 318 | $ 318 |
Additional paid-in capital | 7,575 | 10,106 |
Common stock and additional paid-in capital | $ 7,893 | $ 10,424 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Common Stock (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 29,457,941,452 | 30,214,262,692 |
Unissued shares authorized for executives' stock compensation programs | 881,442,830 | 881,442,830 |
Repurchased shares | 756,323,120 | 315,400,000 |
Shares that guarantee/guaranteed the issuance of convertible securities | 1,970,862,596 | 2,842,339,760 |
Shares authorized for the issuance of stock or convertible securities | 302,144,720 | 302,144,720 |
Number of shares issued | 33,368,714,718 | 34,555,590,002 |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 14,728,970,726 | 15,107,131,346 |
Unissued shares authorized for executives' stock compensation programs | 440,721,415 | 440,721,415 |
Repurchased shares | 378,161,560 | 157,700,000 |
Shares that guarantee/guaranteed the issuance of convertible securities | 985,431,298 | 1,421,169,880 |
Shares authorized for the issuance of stock or convertible securities | 151,072,360 | 151,072,360 |
Number of shares issued | 16,684,357,359 | 17,277,795,001 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Common Stock (Parenthetical) (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Classes of Share Capital [Line Items] | ||
Fixed portion of shares issued | 13,068,000,000 | 13,068,000,000 |
Variable portion of shares issued | 36,985,072,077 | 38,765,385,003 |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 64.00% | |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 36.00% |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Other Equity Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 26, 2020 | |
Disclosure of reserves within equity [abstract] | ||||
Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 19.2 and 20.4) | $ (1,567) | $ (2,098) | ||
Cumulative actuarial losses | (792) | (593) | ||
Treasury shares repurchased under share repurchase program (note 20.1) | (83) | (50) | $ (75) | |
Effects associated with the Parent Company's convertible securities | 0 | 25 | ||
Treasury shares held by subsidiaries | (11) | (8) | $ (83) | |
Other equity reserves | $ (2,453) | $ (2,724) |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Exchange differences on translation [abstract] | |||
Foreign currency translation result | $ 341 | $ 88 | $ (191) |
Foreign exchange fluctuations from debt | (126) | 19 | 120 |
Foreign exchange fluctuations from intercompany balances | (419) | (47) | (20) |
Translation effects of foreign subsidiaries, net | $ (204) | $ 60 | $ (91) |
Stockholders' Equity - Detail o
Stockholders' Equity - Detail of Cemex's Perpetual Debentures, Excluding Perpetual Debentures Held by Subsidiaries (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Anniversaries | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | |
EURIBOR [member] | C10-EUR Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2007-05 | |||
Nominal amount | € | € 64,000,000 | € 64,000,000 | ||
Repurchase option | 10 | |||
Interest rate | 4.79% | 4.79% | ||
LIBOR [Member] | C8 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2007-02 | |||
Nominal amount | $ | $ 135,000,000 | $ 135,000,000 | ||
Repurchase option | 8 | |||
Interest rate | 4.40% | 4.40% | ||
LIBOR [Member] | C5 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2006-12 | |||
Nominal amount | $ | $ 61,000,000 | 61,000,000 | ||
Repurchase option | 5 | |||
Interest rate | 4.277% | 4.277% | ||
LIBOR [Member] | C10 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2006-12 | |||
Nominal amount | $ | $ 175,000,000 | $ 175,000,000 | ||
Repurchase option | 10 | |||
Interest rate | 4.71% | 4.71% |
Executive Share-based Compens_2
Executive Share-based Compensation - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Share-based compensation expense | $ | $ 29,000,000 | $ 32,000,000 | $ 34,000,000 | ||
Commitment payments in cash | $ | $ 0 | $ 0 | |||
CEMEX Latam Holdings, S.A [member] | |||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Share-based compensation program service period | 4 years | ||||
Share-based compensation shares issued | 1,383,518 | 393,855 | 258,511 | ||
Share-based compensation shares expected to be issued | 2,895,944 | ||||
Weighted average price per granted shares | $ / shares | $ 0.72 | $ 1.31 | $ 2.14 | ||
CEMEX Holdings Philippines, Inc. [member] | |||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Own shares repurchased | 11,546,350 | 4,961,130 | |||
CPO [Member] | |||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Share-based compensation program service period | 4 years | 4 years | 3 years | ||
Share-based compensation annual grant percentage | (25.00%) | (25.00%) | |||
Share-based compensation shares issued | 83,800,000 | 27,400,000 | 49,300,000 | ||
Share-based compensation shares issued | 21,200,000 | ||||
Share-based compensation shares expected to be issued | 248,400,000 | ||||
Weighted average price per granted shares | $ / shares | $ 0.3379 | $ 0.6263 | $ 0.7067 | ||
CPO [Member] | Bottom of range [member] | |||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Share-based compensation annual grant percentage | 0.00% | ||||
CPO [Member] | Top of range [member] | |||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||||
Share-based compensation annual grant percentage | 200.00% |
Earnings per Share - Summary of
Earnings per Share - Summary of Calculations of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Weighted-average number of shares outstanding | 44,125,288 | 45,393,602 | 45,569,180 |
Effect of dilutive instruments – mandatorily convertible securities (note 17.2) | 708,153 | ||
Weighted-average number of shares — basic | 44,125,288 | 45,393,602 | 46,277,333 |
Effect of dilutive instruments — share-based compensation (note 22) | 745,163 | 470,985 | 316,970 |
Effect of potentially dilutive instruments — optionally convertible securities (note 17.2) | 1,457,554 | 1,420,437 | |
Weighted-average number of shares — diluted | 44,870,451 | 47,322,141 | 48,014,740 |
Net income (loss) from continuing operations | $ (1,326) | $ 91 | $ 493 |
Less: non-controlling interest net income (loss) | 21 | 36 | 42 |
Controlling interest net income (loss) from continuing operations | (1,347) | 55 | 451 |
Plus: after tax interest expense on mandatorily convertible securities | 1 | 3 | |
Controlling interest net income from (loss) continuing operations - for basic earnings per share calculations | (1,347) | 56 | 454 |
Plus: after tax interest expense on optionally convertible securities | 4 | 18 | 23 |
Controlling interest net income from (loss) continuing operations - for diluted earnings per share calculations | (1,343) | 74 | 477 |
Net income from (loss) discontinued operations | $ (120) | $ 88 | $ 77 |
Basic earnings per share | |||
Controlling interest basic earnings (loss) per share | $ (0.0332) | $ 0.0031 | $ 0.0114 |
Controlling interest basic earnings (loss) per share from continuing operations | (0.0305) | 0.0012 | 0.0098 |
Controlling interest basic earnings (loss) per share from discontinued operations | (0.0027) | 0.0019 | 0.0016 |
Diluted earnings per share | |||
Controlling interest diluted earnings (loss) per share | (0.0332) | 0.0031 | 0.0114 |
Controlling interest diluted earnings (loss) per share from continuing operations | (0.0305) | 0.0012 | 0.0098 |
Controlling interest diluted (loss) earnings per share from discontinued operations | $ (0.0027) | $ 0.0019 | $ 0.0016 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) T in Millions | Oct. 01, 2019 | Jul. 27, 2012 | Apr. 30, 2016MWh | Feb. 28, 2010 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)TMWh$ / MWh | Dec. 31, 2018USD ($) |
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Self-insured health care benefits | $ 61,000,000 | $ 62,000,000 | $ 62,000,000 | ||||
Cost per megawatt hour | $ / MWh | 25.375 | ||||||
MX [Member] | Energy Financial Hedge [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Period of hedging agreement | 20 years | ||||||
Electric energy expected consumption | MWh | 400,000 | ||||||
Percentage increase in the price of the commodity | 1.50% | ||||||
Proceeds payments from financial hedge | 400,000 | ||||||
Bottom of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 23,000 | ||||||
Bottom of range [member] | Employees [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 100,000 | ||||||
Top of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 550,000 | ||||||
Top of range [member] | Employees [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 2,500,000 | ||||||
International Business Machines Corporation [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Strategic agreement period | 10-year | ||||||
Ventikas [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Acquired energy usage period | 20 years | ||||||
Estimated annual cost | 24,000,000 | ||||||
Combined generation capacity | MWh | 252 | ||||||
EURUS [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Acquired energy usage period | 20 years | ||||||
Estimated annual cost | 67,000,000 | ||||||
Installed capacity | 250 MW | ||||||
Termoelectrica del Golfo [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Estimated annual cost | 124,000,000 | ||||||
Combined volume allocate to TEG and other energy producer | T | 1.2 | ||||||
CEMEX Ostzement GmbH [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Estimated annual cost | $ 17,000,000 |
Commitments - Summary of Contra
Commitments - Summary of Contractual Obligations (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | $ 9,328 | |
Leases | 1,590 | [1] |
Total debt and other financial obligations | 10,918 | [2] |
Interest payments on debt | 2,755 | [3] |
Pension plans and other benefits | 1,457 | [4] |
Acquisition of property, plant and equipment | 109 | [5] |
Purchases of raw materials, fuel and energy | 2,487 | [6] |
Total contractual obligations | 17,726 | |
Less than 1 year [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 104 | |
Leases | 311 | [1] |
Total debt and other financial obligations | 415 | [2] |
Interest payments on debt | 452 | [3] |
Pension plans and other benefits | 157 | [4] |
Acquisition of property, plant and equipment | 109 | [5] |
Purchases of raw materials, fuel and energy | 549 | [6] |
Total contractual obligations | 1,682 | |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 957 | |
Leases | 459 | [1] |
Total debt and other financial obligations | 1,416 | [2] |
Interest payments on debt | 890 | [3] |
Pension plans and other benefits | 144 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 531 | [6] |
Total contractual obligations | 2,981 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 3,768 | |
Leases | 275 | [1] |
Total debt and other financial obligations | 4,043 | [2] |
Interest payments on debt | 750 | [3] |
Pension plans and other benefits | 144 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 347 | [6] |
Total contractual obligations | 5,284 | |
More than 5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 4,499 | |
Leases | 545 | [1] |
Total debt and other financial obligations | 5,044 | [2] |
Interest payments on debt | 663 | [3] |
Pension plans and other benefits | 1,012 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 1,060 | [6] |
Total contractual obligations | $ 7,779 | |
[1] | Represent nominal cash flows. As of December 31, 2020, the NPV of future payments under such leases was $1,323, of which, $436 refers to payments from 1 to 3 years and $242 refers to payments from 3 to 5 years. | |
[2] | The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. | |
[3] | Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2020. | |
[4] | Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years. | |
[5] | Refers mainly to the expansion of a cement-production line in the Philippines. | |
[6] | Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. |
Commitments - Summary of Cont_2
Commitments - Summary of Contractual Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 1,323 | |
Estimated annual benefit payment period | next 10 years | next 10 years |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 436 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 242 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) shares in Thousands, $ in Thousands, $ in Millions | Apr. 12, 2019 | Jul. 13, 2013 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016MXN ($) |
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Lease contract for a period | 5 years | 21 years | |||||
Extended long term lease contract period | 10 years | ||||||
Cash advances by CEMEX Colombia | $ 13,400 | ||||||
Interest for advances | 1,200 | ||||||
Purchase of the assets related to the project in Colombian pesos | $ 15,100 | 3,000,750 | |||||
Impairment loss | 306,000 | $ 64,000 | $ 23,000 | ||||
Colombian Peso [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
One Time Initial Payment | 1,500 | $ 1,500 | |||||
Excluding MOU and the Land MOU [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Impairment loss | $ 22,500 | $ 13.4 | |||||
CI Calizas [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Percentage of entity's revenue | 0.90% | ||||||
Zomam [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Percentage of entity's revenue | 0.80% | ||||||
Concentration Risk Percentage | 0.30% | ||||||
Assets Contribution | $ 43,000 | ||||||
CEMEX Colombia [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Number of Raw Materials Used For Production | shares | 990 | ||||||
Annual Lease Payment | $ 15 | ||||||
Bottom of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Expiration of property over the aforementioned assets | 10 years | ||||||
Top of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Expiration of property over the aforementioned assets | 15 years |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | Nov. 25, 2020USD ($) | Nov. 19, 2018IndividualsEntity | Sep. 30, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2012USD ($)Employees | Dec. 31, 2011Employees | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Development levy on clay | $ 20,000 | |||||||
Number of former employees | Employees | 25 | 25 | ||||||
Amount of damages and interest identified | $ 82,000 | |||||||
Accrued Provision For Remediation Costs | $ 8,000 | |||||||
Euro [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.8183 | 0.8917 | 0.8727 | |||||
Pounds [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.7313 | 0.7550 | 0.7843 | |||||
United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | $ 178,000 | |||||||
Loss of profit | $ 790 | |||||||
Quarry Backfilling Costs | $ 15,000 | |||||||
United States [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | $ 66,000 | |||||||
Parent [member] | Euro [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.8183 | |||||||
Parent [member] | Pounds [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.7313 | |||||||
Parent [member] | Egyptian, Pound [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 15.7964 | |||||||
APO Land & Quarry Corporation [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Minority interest percentage | 40.00% | |||||||
Number of individuals filed lawsuit | Individuals | 40 | |||||||
Number of entities | Entity | 1 | |||||||
Number of individuals affected by landslide | Individuals | 8,000 | |||||||
Loss contingency | $ 90,000 | |||||||
APO Land & Quarry Corporation [member] | Rehabilitation fund [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Loss contingency | $ 10,000 | |||||||
Top of range [member] | United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Environmental expenditure assessment and quantification period from the date of closure, maximum | 60 years |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 35 | $ 40 | $ 38 |
Performance Bonuses [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | 29 | 34 | 29 |
Executive Share-Based Compensation Programs [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 6 | $ 6 | $ 9 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) T in Thousands, MT in Millions, $ in Millions | Mar. 31, 2021USD ($)QuarryConcreteplants | Mar. 26, 2021EUR (€) | Mar. 25, 2021USD ($) | Mar. 22, 2021USD ($) | Feb. 01, 2021TMT | Jan. 13, 2021USD ($) | Jan. 12, 2021USD ($)shares | Feb. 28, 2021shares | Dec. 31, 2020USD ($)T | Dec. 31, 2020EUR (€)T | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Notional amount | $ 2,230 | $ 2,324 | ||||||||||
Amount of assessment for income taxes | $ 52 | $ 162 | $ 224 | |||||||||
Upfront premium net | $ 10.8 | |||||||||||
Contract amount | $ 250 | |||||||||||
CO2 Emission Allowances In The European Union [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number of allowances sold | 12,300,000 | |||||||||||
Proceeds from allowances sold | $ 600 | € 509 | ||||||||||
Rhone Alpes [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number of aggregate quarries sold | Quarry | 1 | |||||||||||
MEXICO | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Amended annual production capacity of cement | T | 1,100 | 1,100 | ||||||||||
Europe [Member] | CEMEX Cement Plants [Member] | CO2 Emission Allowances In The European Union [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Percentage of estimated reudction in the co2 emissions allowances | 35.00% | 35.00% | ||||||||||
Full Redemption [member] | January 2025 Dollar Notes [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Aggregate principal amount redemption | $ 321 | |||||||||||
Full Redemption of remainder balance of notes date | April 21, 2021 | |||||||||||
Events after reporting period [member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number Of Shares Cumulatively Repurchased In Shares | shares | 3.875 | |||||||||||
Events after reporting period [member] | Equity Forward Contract [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Forward contract to be settled in shares | shares | 4,700,000 | |||||||||||
Events after reporting period [member] | Environmental License Agreement [Member] | CI Calizas [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Amended annual production capacity of cement | MT | 1.5 | |||||||||||
Modification of environmental license results to possible extract of clay and limestone | T | 990 | |||||||||||
Events after reporting period [member] | CEMEX, S.A.B. de C.V. July 2031 Senior Secured Notes [member] | Notes payable [member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Borrowings, interest rate | 3.875% | |||||||||||
Notional amount | $ 1,750 | |||||||||||
Long-term borrowings maturity date | Jul. 11, 2031 | |||||||||||
Frequency Of Periodic Interest Payment | semi-annually | |||||||||||
Borrowings Principal Price Percentage | 100.00% | |||||||||||
Borrowings Repurchase Commencement Date | Jul. 11, 2026 | |||||||||||
Borrowings Issuer Name | CEMEX, S.A.B. de C.V. | |||||||||||
Events after reporting period [member] | CEMEX, S.A.B. de C.V. April 2026 Notes [member] | Notes payable [member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Borrowings, interest rate | 7.75% | |||||||||||
Notional amount | $ 1,071 | |||||||||||
Frequency Of Periodic Interest Payment | semi-annually | |||||||||||
Borrowings Repurchased and Cancelled Amount | $ 1,000 | |||||||||||
Events after reporting period [member] | CEMEX, S.A.B. de C.V. January 2025 Notes [member] | Notes payable [member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Borrowings, interest rate | 5.70% | |||||||||||
Frequency Of Periodic Interest Payment | semi-annually | |||||||||||
Borrowings Repurchased and Cancelled Amount | $ 750 | |||||||||||
Events after reporting period [member] | Rhone Alpes [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number of assets sold | Concreteplants | 24 | |||||||||||
Events after reporting period [member] | FRANCE | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Sale of assets, agreed price | $ 45 | |||||||||||
Events after reporting period [member] | SPAIN | Tax Years 2010 to 2014 [Member] | Tax Authority Spain [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Amount of assessment for income taxes | € | € 48 | |||||||||||
Events after reporting period [member] | MEXICO | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Maximum amount of resources to be maintained | $ 500 |
Main Subsidiaries - Summary of
Main Subsidiaries - Summary of Main Subsidiaries Interests (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CEMEX Espana, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX España, S.A | |
Country of incorporation of subsidiary | Spain | |
Proportion of ownership interest in subsidiary | 99.90% | 99.90% |
CEMEX, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX, Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Latam Holdings, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Latam Holdings, S.A. | |
Country of incorporation of subsidiary | Spain | |
Proportion of ownership interest in subsidiary | 92.40% | 73.20% |
CEMEX (Costa Rica), S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX (Costa Rica), S.A. | |
Country of incorporation of subsidiary | Costa Rica | |
Proportion of ownership interest in subsidiary | 99.20% | 99.20% |
CEMEX Nicaragua, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Nicaragua, S.A. | |
Country of incorporation of subsidiary | Nicaragua | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Assiut Cement Company [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Assiut Cement Company | |
Country of incorporation of subsidiary | Egypt | |
Proportion of ownership interest in subsidiary | 95.80% | 95.80% |
CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Colombia, S.A. | |
Country of incorporation of subsidiary | Colombia | |
Proportion of ownership interest in subsidiary | 99.70% | 99.70% |
Cemento Bayano, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Cemento Bayano, S.A. | |
Country of incorporation of subsidiary | Panama | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Dominicana, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Dominicana, S.A. | |
Country of incorporation of subsidiary | Dominican Republic | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Trinidad Cement Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Trinidad Cement Limited | |
Country of incorporation of subsidiary | Trinidad and Tobago | |
Proportion of ownership interest in subsidiary | 69.80% | 69.80% |
Caribbean Cement Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Caribbean Cement Company Limited | |
Country of incorporation of subsidiary | Jamaica | |
Proportion of ownership interest in subsidiary | 79.00% | 79.00% |
CEMEX de Puerto Rico Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX de Puerto Rico Inc. | |
Country of incorporation of subsidiary | Puerto Rico | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX France Gestion (S.A.S.) [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX France Gestion (S.A.S.) | |
Country of incorporation of subsidiary | France | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings Philippines, Inc. | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 77.80% | 66.80% |
Solid Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Solid Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
APO Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | APO Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX U.K. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX U.K. | |
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Deutschland, AG. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Deutschland, AG. | |
Country of incorporation of subsidiary | Germany | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Czech Republic, s.r.o. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Czech Republic, s.r.o. | |
Country of incorporation of subsidiary | Czech Republic | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Polska sp. Z.o.o.[member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Polska sp. Z.o.o. | |
Country of incorporation of subsidiary | Poland | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Holdings (Israel) Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings (Israel) Ltd. | |
Country of incorporation of subsidiary | Israel | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC | |
Country of incorporation of subsidiary | United Arab Emirates | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Neoris N.V. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Neoris N.V | |
Country of incorporation of subsidiary | The Netherlands | |
Proportion of ownership interest in subsidiary | 99.80% | 99.80% |
CEMEX International Trading, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX International Trading LLC | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Transenegy, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Transenergy, Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Main Subsidiaries - Summary o_2
Main Subsidiaries - Summary of Main Subsidiaries Interests (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
CEMEX Colombia S.A [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of equity interest | 51.00% |
CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of equity interest | 49.00% |
Cemento Bayano, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Interest held on treasury | 0.515% |
Trinidad Cement Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest | 74.08% |
Caribbean Cement Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest | 79.04% |
Other Subsidiaries [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest | 4.96% |