Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
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 | 14,490,870,243 |
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 |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity File Number | 1-14946 |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Avenida Ricardo Margáin Zozaya #325 |
Entity Address, Address Line Two | Colonia Valle del Campestre |
Entity Address, Address Line Three | San Pedro Garza García |
Entity Address, City or Town | Nuevo León |
Entity Address, Postal Zip Code | 66265 |
Auditor Name | KPMG Cárdenas Dosal, S.C |
Auditor Firm ID | 1141 |
Auditor Location | Nuevo León, México |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | MX |
Entity Address, Address Line One | Avenida Ricardo Margáin Zozaya #325 |
Entity Address, Address Line Two | Colonia Valle del Campestre |
Entity Address, Address Line Three | San Pedro Garza García |
Entity Address, City or Town | Nuevo León |
Entity Address, Postal Zip Code | 66265 |
Contact Personnel Name | Roger Saldaña Madero |
Contact Personnel Fax Number | +52 81 8888-4399 |
Country Region | +52 |
City Area Code | 81 |
Local Phone Number | 8888-8888 |
Series A Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 29,016,656,496 |
Series B Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 14,508,328,248 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenues | $ 17,388 | $ 15,577 | $ 14,379 |
Cost of sales | (11,527) | (10,755) | (9,743) |
Gross profit | 5,861 | 4,822 | 4,636 |
Operating expenses | (3,747) | (3,261) | (2,917) |
Operating earnings before other expenses, net | 2,114 | 1,561 | 1,719 |
Other expenses, net | (265) | (467) | (82) |
Operating earnings | 1,849 | 1,094 | 1,637 |
Financial expense | (531) | (505) | (576) |
Financial income and other items, net | 33 | 151 | (161) |
Share of profit of equity accounted investees | 98 | 30 | 54 |
Earnings before income tax | 1,449 | 770 | 954 |
Income tax | (1,250) | (209) | (137) |
Net income from continuing operations | 199 | 561 | 817 |
Discontinued operations | 0 | 324 | (39) |
CONSOLIDATED NET INCOME | 199 | 885 | 778 |
Non-controlling interest net income | 17 | 27 | 25 |
CONTROLLING INTEREST NET INCOME | $ 182 | $ 858 | $ 753 |
Basic earnings per share | $ 0.0042 | $ 0.0197 | $ 0.0171 |
Basic earnings per share from continuing operations | 0.0042 | 0.0123 | 0.018 |
Diluted earnings per share | 0.0041 | 0.0193 | 0.0168 |
Diluted earnings per share from continuing operations | $ 0.0041 | $ 0.012 | $ 0.0177 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
CONSOLIDATED NET INCOME | $ 199 | $ 885 | $ 778 |
Items that will not be reclassified subsequently to the statement of income | |||
Net actuarial (losses) gains from remeasurements of defined benefit pension plans | (45) | 176 | 263 |
Effects from strategic equity investments | (2) | (9) | (9) |
Income tax benefit (expense) recognized directly in other comprehensive income | 5 | (32) | (26) |
Items that will not be reclassified subsequently to profit or loss | (42) | 135 | 228 |
Items that are or may be reclassified subsequently to the statement of income | |||
Results from derivative financial instruments designated as cash flow hedges | (7) | 80 | 60 |
Currency translation results of foreign subsidiaries | 255 | (326) | (400) |
Income tax benefit recognized directly in other comprehensive income | 1 | 18 | 70 |
Items that are or may be reclassified subsequently to profit or loss | 249 | (228) | (270) |
Total items of other comprehensive income (loss), net | 207 | (93) | (42) |
CONSOLIDATED COMPREHENSIVE INCOME | 406 | 792 | 736 |
Non-controlling interest comprehensive income (loss) | 31 | (36) | 14 |
CONTROLLING INTEREST COMPREHENSIVE INCOME | $ 375 | $ 828 | $ 722 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 624 | $ 495 |
Trade accounts receivable | 1,751 | 1,644 |
Other accounts receivable | 650 | 535 |
Inventories | 1,789 | 1,669 |
Other current assets | 191 | 183 |
Total current assets | 5,005 | 4,526 |
NON-CURRENT ASSETS | ||
Investments in associates and joint ventures | 729 | 640 |
Other investments and non-current accounts receivable | 340 | 293 |
Property, machinery and equipment, net and assets for the right-of-use, net | 12,466 | 11,284 |
Goodwill and intangible assets, net | 9,530 | 9,293 |
Deferred income tax assets | 363 | 411 |
Total non-current assets | 23,428 | 21,921 |
TOTAL ASSETS | 28,433 | 26,447 |
CURRENT LIABILITIES | ||
Current debt | 25 | 51 |
Other current financial obligations | 950 | 936 |
Trade accounts payable | 3,109 | 2,966 |
Income tax payable | 1,082 | 368 |
Other current liabilities | 1,620 | 1,225 |
Total current liabilities | 6,786 | 5,546 |
NON-CURRENT LIABILITIES | ||
Non-current debt | 6,203 | 6,920 |
Other non-current financial obligations | 986 | 918 |
Pensions and other post-employment benefits | 735 | 695 |
Deferred income tax liabilities | 443 | 394 |
Other non-current liabilities | 1,164 | 1,065 |
Total non-current liabilities | 9,531 | 9,992 |
TOTAL LIABILITIES | 16,317 | 15,538 |
Controlling interest: | ||
Common stock and additional paid-in capital | 7,699 | 7,810 |
Other equity reserves and subordinated notes | (363) | (1,555) |
Retained earnings | 4,428 | 4,246 |
Total controlling interest | 11,764 | 10,501 |
Non-controlling interest | 352 | 408 |
TOTAL STOCKHOLDERS' EQUITY | 12,116 | 10,909 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 28,433 | $ 26,447 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Consolidated net income | $ 199 | $ 885 | $ 778 |
Discontinued operations | 0 | 324 | (39) |
Net income from continuing operations | 199 | 561 | 817 |
Adjustments for: | |||
Sale of emission allowances | 0 | 0 | (600) |
Depreciation and amortization of assets | 1,233 | 1,120 | 1,120 |
Impairment losses of longed-lived assets | 43 | 442 | 509 |
Share of profit of equity accounted investees | (98) | (30) | (54) |
Results on sale of subsidiaries, other disposal groups and others | (39) | (116) | (23) |
Financial expense, financial income and other items, net | 498 | 354 | 737 |
Income taxes | 1,250 | 209 | 137 |
Changes in working capital, excluding income taxes | 192 | (390) | (143) |
Cash flows provided by operating activities from continuing operations | 3,278 | 2,150 | 2,500 |
Interest paid | (581) | (493) | (524) |
Income taxes paid | (538) | (188) | (170) |
Net cash flows provided by operating activities from continuing operations | 2,159 | 1,469 | 1,806 |
Net cash flows provided by operating activities from discontinued operations | 0 | 6 | 37 |
Net cash flows provided by operating activities after interest and income taxes | 2,159 | 1,475 | 1,843 |
INVESTING ACTIVITIES | |||
Purchase of property, machinery and equipment, net | (968) | (909) | (776) |
Acquisition of intangible assets, net | (207) | (151) | (192) |
Disposal (acquisition) of subsidiaries, net | (189) | 341 | 122 |
Proceeds from the sale of emission allowances | 0 | 0 | 600 |
Non-current assets and others, net | 24 | (12) | (10) |
Cash flows used in investing activities from continuing operations | (1,340) | (731) | (256) |
Net cash flows used in investing activities from discontinued operations | 0 | (1) | (17) |
Net cash flows used in investing activities | (1,340) | (732) | (273) |
FINANCING ACTIVITIES | |||
Proceeds from new debt instruments | 2,938 | 2,006 | 3,960 |
Debt repayments | (3,840) | (2,420) | (5,897) |
Issuance of subordinated notes | 992 | 0 | 994 |
Other financial obligations, net | (274) | (197) | (288) |
Own shares repurchase program | 0 | (111) | 0 |
Shares in trust for future deliveries under share-based compensation | (45) | (36) | 0 |
Changes in non-controlling interests and repayment of perpetual debentures | (62) | (14) | (447) |
Derivative financial instruments | (189) | 34 | (41) |
Coupons on subordinated notes and coupons on perpetual debentures | (120) | (51) | (24) |
Non-current liabilities, net | (101) | (172) | (109) |
Net cash flows used in financing activities | (701) | (961) | (1,852) |
Increase (decrease) in cash and cash equivalents from continuing operations | 118 | (223) | (302) |
Increase in cash and cash equivalents from discontinued operations | 0 | 5 | 20 |
Foreign currency translation effect on cash | 11 | 100 | (55) |
Cash and cash equivalents at beginning of period | 495 | 613 | 950 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 624 | 495 | 613 |
Changes in working capital, excluding income taxes: | |||
Trade accounts receivable | (27) | (208) | (20) |
Other accounts receivable and other assets | 21 | (23) | 94 |
Inventories | 68 | (464) | (341) |
Trade accounts payable | (45) | 290 | 290 |
Other accounts payable and accrued expenses | 175 | 15 | (166) |
Changes in working capital, excluding income taxes | $ 192 | $ (390) | $ (143) |
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 and subordinated notes [member] | Retained earnings [member] | Total controlling interest [member] | Non-controlling interests [member] |
Balance as of at Dec. 31, 2020 | $ 8,952 | $ 318 | $ 7,575 | $ (2,453) | $ 2,635 | $ 8,075 | $ 877 |
Net income for the period | 778 | 753 | 753 | 25 | |||
Other comprehensive income (loss) for the period | (42) | (31) | (31) | (11) | |||
Total of other comprehensive income (loss) for the period | 736 | (31) | 753 | 722 | 14 | ||
Cancellation of own shares by shareholders' resolution | (83) | 83 | |||||
Issuance of subordinated notes | 994 | 994 | 994 | ||||
Changes in non-controlling interest and repayment of perpetual debentures | (447) | (447) | |||||
Share-based compensation | 77 | 0 | 77 | 77 | |||
Coupons paid on subordinated notes and perpetual debentures | (41) | (41) | (41) | ||||
Balance as of at Dec. 31, 2021 | 10,271 | 318 | 7,492 | (1,371) | 3,388 | 9,827 | 444 |
Net income for the period | 885 | 858 | 858 | 27 | |||
Other comprehensive income (loss) for the period | (93) | (30) | (30) | (63) | |||
Total of other comprehensive income (loss) for the period | 792 | (30) | 858 | 828 | (36) | ||
Cancellation of own shares by shareholders' resolution | (111) | ||||||
Share-based compensation | 47 | 47 | 47 | ||||
Coupons paid on subordinated notes and perpetual debentures | (54) | (54) | (54) | ||||
Own shares purchased under share repurchase program | (111) | 0 | (111) | (111) | |||
Changes in non-controlling interest | 0 | 0 | 0 | 0 | |||
Shares in trust for future deliveries under share-based compensation | (36) | (36) | (36) | ||||
Balance as of at Dec. 31, 2022 | 10,909 | 318 | 7,492 | (1,555) | 4,246 | 10,501 | 408 |
Net income for the period | 199 | 182 | 182 | 17 | |||
Other comprehensive income (loss) for the period | 207 | 193 | 193 | 14 | |||
Total of other comprehensive income (loss) for the period | 406 | 193 | 182 | 375 | 31 | ||
Cancellation of own shares by shareholders' resolution | 0 | (111) | 111 | ||||
Issuance of subordinated notes | 992 | 992 | 992 | ||||
Share-based compensation | 61 | 61 | 61 | ||||
Coupons paid on subordinated notes and perpetual debentures | (120) | (120) | (120) | ||||
Changes in non-controlling interest | (87) | 0 | 0 | (87) | |||
Shares in trust for future deliveries under share-based compensation | (45) | (45) | (45) | ||||
Balance as of at Dec. 31, 2023 | $ 12,116 | $ 318 | $ 7,381 | $ (363) | $ 4,428 | $ 11,764 | $ 352 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Description of Business | 1) DESCRIPTION Cemex, S.A.B. de C.V., originated 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”) ( Certificados de Participación Ordinaria 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 “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 7, 2024 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 22, 2024. |
Basis of Presentation and Discl
Basis of Presentation and Disclosure | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Basis of Presentation and Disclosure | 2) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Cemex adopted Disclosure of Accounting Policies (Amendments to IAS 1) starting January 1, 2023. The amendments require the disclosure of “material” rather than “significant” accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. See note 28 for Cemex’s material accounting policies. Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in Dollars of the United States of America (the “United States”), except when specific reference is made to a different currency. When reference is made to “U.S. Dollar,” “Dollar,” “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. Previously reported Dollar amounts of prior years are restated when the underlying transactions in other currencies remain unsettled using the closing exchange rates as of the reporting date. Amounts reported in Dollars should not be construed as representations that such amounts represented those Dollars or could be converted into Dollars 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 4.2) Cemex reports as discontinued operations the disposal of entire geographical reportable operating segments regardless of size, the sale of a considerable portion of a significant reportable operating segment, as well as the sale of a major line of business. Statements of income Cemex includes the line item titled “Operating earnings before other expenses, net” considering that it is a subtotal relevant for the determination of Cemex’s “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization) as described below in this note. The line item of “Operating earnings before other expenses, net” allows for easy reconciliation of the amount in these financial statements under IFRS to the non-IFRS non-recurring non-recurring Although Operating EBITDA is not a measure of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s chief executive officer to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, Operating EBITDA is a measure used by Cemex’s creditors to review its ability to internally fund capital expenditures, to review its ability to service or incur debt and to comply with financial covenants under its financing agreements. Cemex presents “Operating EBITDA” in notes 4.3 (selected financial information by reportable segment and line of business) and 17.1 (Financial instruments—Financial covenants). Cemex’s Operating EBITDA may not be comparable to other similarly titled measures of other companies. 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 2023, 2022 and 2021, the increases in other financing obligations in connection with lease contracts negotiated during the year for $341, $296 and $227, respectively (note 17.2); and Investing activities: • In 2023, 2022 and 2021, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Other newly issued IFRS adopted in the reported periods IFRS 17, Insurance contracts (“IFRS 17”) Beginning January 1, 2023, IFRS 17 replaced IFRS 4, Insurance contracts Revenues from contracts with customers Leases Concurrent with the adoption of IFRS 17, Cemex analyzed its several contracts and concluded that: a) it has not issued insurance policies to third-parties; and b) all obligations and contingent obligations arising from another type of contracts are accounted under the relevant IFRS, such as IFRS 15, IFRS 16, IFRS 9, Financial Instruments Employee benefits Others In addition, beginning January 1, 2023, Cemex adopted prospectively IFRS amendments that did not result in any material impact on its results of operation or financial position, and which are explained as follows: Standard Main topic Amendments to IAS 8, Definition of Accounting Estimates The amendment makes a distinction between how an entity should present and disclose different types of accounting changes in its financial statements. Changes in accounting policies must be applied retrospectively, while changes in accounting estimates are accounted for prospectively. Amendments to IAS 12, Income Taxes The amendment clarifies that companies should account for deferred tax assets and liabilities on transactions such as leases and decommissioning obligations. Cemex has always applied these criteria. Amendments to IFRS 16, Leases The amendments mentioned that on initial recognition, the seller-lessee would include variable payments when it measures a lease liability arising from a sale-and-leaseback |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Revenues | 3) REVENUES Cemex’s revenues are mainly originated from the sale and distribution of cement, ready-mix 2023 2022 2021 From the sale of goods associated to Cemex’s main activities 1 $ 16,904 15,137 14,009 From the sale of other goods and services 2 484 440 370 $ 17,388 15,577 14,379 1 During the reported periods, revenues recognized over time under construction contracts were not significant. 2 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. Information on revenues by reportable segment and line of business for the years 2023, 2022 and 2021 is presented in note 4.3. As of December 31, 2023 and 2022, amounts receivable for progress billings and advances received from customers of construction contracts were not significant. Moreover, for the years 2023, 2022 and 2021, revenues and costs related to construction contracts in progress were not significant. 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 statement of income during the period in which the incentive is exercised by the customer or until it expires. For the years ended December 31, 2023, 2022 and 2021 changes in the balance of contract liabilities with customers are as follows: 2023 2022 2021 Opening balance of contract liabilities with customers $ 293 257 201 Increase during the period for new transactions 1,603 1,493 1,626 Decrease during the period for exercise or expiration of incentives (1,519 ) (1,458 ) (1,574 ) Currency translation effects 7 1 4 Closing balance of contract liabilities with customers $ 384 293 257 For the years 2023, 2022 and 2021, any costs capitalized as contract fulfillment assets and released over the contract life according to IFRS 15, Revenues from contracts with customers |
Business Combinations, Divestit
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business | 4) BUSINESS COMBINATIONS, DIVESTITURES AND DISCONTINUED OPERATIONS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS 4.1) BUSINESS COMBINATIONS On November 1, 2023, through a subsidiary in Germany, Cemex completed the acquisition of Kiesel, a mortars and adhesives technological leader in the construction industry based in Germany that serves the German, French, Polish, and Czech markets, consisting of a production facility and five distribution locations for a total consideration of $13. As of December 31, 2023, based on the preliminary valuation of the fair values of the assets acquired and liabilities assumed, Cemex determined goodwill of $5. On May 11, 2023, through a subsidiary, Cemex completed the purchase of Atlantic Minerals Limited in Newfoundland, Canada, consisting mainly of an aggregates quarry and maritime port operations for a price of $75. With this investment, Cemex secured a new long-term aggregates reserve for its operations in Florida and the east coast of the United States, as well as a source for chemical-grade stone serving a broader customers. As of December 31, 2023, based on the preliminary valuation of the fair values of the assets acquired and liabilities assumed, Cemex did not determine any goodwill. On January 30, 2023, through a subsidiary, Cemex acquired a 51% stake in Israel-based SHTANG Recycle LTD (“SHTANG”), a construction demolition and excavation waste (CDEW) recycling company, for a price of $13. The acquisition aligns with Cemex’s strategy to strengthen its business in developed markets through bolt-on 13-year state-of-the-art On July 11, 2022, through a subsidiary in Germany, Cemex completed the acquisition of a 53% stake in the German aggregates company ProStein for a total consideration of $21. The investment expands Cemex’s aggregates business in the region and Cemex estimates increased the life of aggregates reserves for Cemex’s operations in Central Europe for at least the next 25 years. The majority stake in ProStein’s assets adds a full range of fine and hardstone aggregates to Cemex’s aggregates portfolio. In addition to supplying the greater Berlin area, the additional capacity can supply several urban centers in Poland and the Czech Republic. ProStein’s assets include six active hardstone plants and six CDEW recovery sites. During 2023, based on the valuation of the fair values of the assets acquired and liabilities assumed, Cemex did not determine any goodwill. On December 10, 2021, through a subsidiary in Mexico, Cemex acquired Broquers Ambiental, a sustainable waste management company for a total consideration of $13. Broquers Ambiental’s assets include a plant for solid waste treatment for its use as alternate fuel. During 2022, considering the valuation of the fair values of the assets acquired and liabilities assumed, Cemex determined goodwill of $4. In January 2021, a subsidiary of Cemex in Israel acquired two ready-mix Beton-He’Emek 4.2) DIVESTITURES AND DISCONTINUED OPERATIONS On October 25, 2022, to accelerate the growth and development of Neoris N.V. (“Neoris”), its subsidiary in the digital solutions sector, Cemex closed a partnership with Advent International (“Advent”). As part of the partnership Cemex sold to Advent a 65% stake in Neoris for a total cash consideration of $119. While surrendering control to Advent, Cemex retained a 35% stake and remained a key strategic partner and customer of Neoris. Cemex’s retained stake in Neoris was remeasured at fair value at the date of loss of control and was subsequently accounted for under the equity method within the line item “Investments in associates and joint ventures.” Neoris’ results for the period from January 1 to October 25, 2022 and for the year ended December 31, 2021 are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2022 a gain on sale of $117, net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control. On August 31, 2022, through subsidiaries in Colombia and Spain, Cemex concluded the sale with affiliates of Cementos Progreso Holdings, S.L. of its entire operations in Costa Rica and El Salvador for a total cash consideration of $325, related to Cemex’s aggregate controlling interest. The assets sold consisted of one cement plant, one grinding station, seven ready-mix On July 9, 2021, Cemex closed the sale to Çimsa Çimento Sanayi Ve Ticaret A.Ş., of its white cement business, except for Mexico and the United States, for a total cash consideration of $155, including its Buñol cement plant in Spain and its white cement customer list. Cemex’s operations of these assets in Spain for the period from January 1 to July 9, 2021 are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2021 a loss on sale of $67 net of the proportional allocation of goodwill of $41. On March 31, 2021, Cemex closed the sale to LafargeHolcim of 24 concrete plants and one aggregates quarry located in the Rhone Alpes region in the Southeast of France for a total cash consideration of $44. Cemex’s operations of these assets in France for the three-month period ended on March 31, 2021 are reported in the statements of income, net of income tax, in the single line item “Discontinued operations.” The following table presents condensed combined information of the statements of income of Cemex’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for year ended December 31, 2021; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the year ended December 31, 2021; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021. 2022 2021 Revenues $ 256 354 Cost of sales and operating expenses (225 ) (304 ) Other expenses, net (8 ) (42 ) Financial expenses, net and others – 5 Earnings before income tax 23 13 Income tax (3 ) (48 ) Result of discontinued operations 20 (35 ) Net disposal result 304 (4 ) Net result of discontinued operations $ 324 (39 ) 4.3) SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS Reportable segments The Company’s main activities are oriented to the construction industry, mainly through the production, marketing, sale and distribution of cement, ready-mix The material accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 28. Aggregation criteria Considering similar regional and/or economic characteristics and materiality, such as: (a) the nature of the products and services, all related to construction materials and the construction industry, (b) the nature of the production processes, which are the same for cement, ready-mix ready-mix, Selected information of the consolidated statements of income by reportable segment for the years 2023, 2022 and 2021, excluding the share of profits of equity accounted investees by reportable segment that is included in note 14.1, was as follows: 2023 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 5,060 (205 ) 4,855 1,488 221 1,267 (59 ) (39 ) 105 United States 5,338 – 5,338 1,040 483 557 (31 ) (75 ) (30 ) EMEAA United Kingdom 992 – 992 193 72 121 (6 ) (14 ) (17 ) France 842 – 842 53 54 (1 ) (39 ) (15 ) (1 ) Germany 497 (50 ) 447 37 32 5 (3 ) (2 ) (5 ) Poland 467 (1 ) 466 72 24 48 1 (2 ) 2 Spain 449 (38 ) 411 71 31 40 3 (2 ) 1 Philippines 1 312 – 312 34 32 2 (2 ) (3 ) 1 Israel 794 – 794 90 33 57 5 (6 ) 1 Rest of EMEAA 770 (4 ) 766 147 48 99 (7 ) (6 ) (6 ) SCA&C Colombia 2 458 – 458 62 25 37 (19 ) (6 ) (1 ) Panama 2 158 (26 ) 132 35 17 18 (2 ) – – Caribbean TCL 3 329 (12 ) 317 78 20 58 (17 ) (2 ) (2 ) Dominican Republic 378 (18 ) 360 139 9 130 (2 ) (1 ) 13 Rest of SCA&C 2 414 – 414 90 13 77 (10 ) (2 ) 1 Reportable segments 16,904 3,629 1,114 2,515 (188 ) (175 ) 62 Other activities 4 484 (282 ) 119 (401 ) (77 ) (356 ) (29 ) Consolidated $ 17,388 3,347 1,233 2,114 (265 ) (531 ) 33 2022 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 3,842 (200 ) 3,642 1,133 172 961 (69 ) (28 ) 32 United States 5,038 (4 ) 5,034 762 455 307 (205 ) (55 ) (21 ) EMEAA United Kingdom 982 – 982 195 60 135 (8 ) (8 ) (8 ) France 781 – 781 63 50 13 1 (10 ) 2 Germany 485 (46 ) 439 40 28 12 2 (2 ) (3 ) Poland 419 (4 ) 415 64 22 42 1 (2 ) 4 Spain 382 (36 ) 346 6 28 (22 ) (113 ) (2 ) 2 Philippines 1 379 – 379 84 37 47 (2 ) 18 (9 ) Israel 840 – 840 112 46 66 5 (4 ) – Rest of EMEAA 707 (1 ) 706 116 55 61 (10 ) (4 ) 2 SCA&C Colombia 2 429 – 429 61 24 37 12 (7 ) 22 Panama 2 149 (34 ) 115 28 16 12 (2 ) – – Caribbean TCL 3 302 (8 ) 294 74 17 57 (19 ) (4 ) (1 ) Dominican Republic 348 (6 ) 342 133 8 125 (1 ) (1 ) (3 ) Rest of SCA&C 2 394 (1 ) 393 90 13 77 (2 ) (2 ) (3 ) Reportable segments 15,137 2,961 1,031 1,930 (410 ) (111 ) 16 Other activities 4 440 (280 ) 89 (369 ) (57 ) (394 ) 135 Consolidated $ 15,577 2,681 1,120 1,561 (467 ) (505 ) 151 2021 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 3,466 (142 ) 3,324 1,164 161 1,003 (43 ) (29 ) 2 United States 4,359 (4 ) 4,355 778 464 314 (127 ) (47 ) (19 ) EMEAA United Kingdom 940 – 940 141 69 72 (3 ) (8 ) (17 ) France 863 – 863 93 50 43 (6 ) (11 ) – Germany 472 (43 ) 429 69 28 41 – (2 ) (2 ) Poland 405 (6 ) 399 73 25 48 (4 ) (2 ) 1 Spain 359 (25 ) 334 (6 ) 33 (39 ) (331 ) (3 ) 51 Philippines 1 424 – 424 114 40 74 (1 ) 17 (2 ) Israel 785 – 785 114 45 69 (1 ) (4 ) 2 Rest of EMEAA 618 (5 ) 613 87 56 31 (110 ) (3 ) 1 SCA&C Colombia 2 437 – 437 87 26 61 (19 ) (7 ) (12 ) Panama 2 121 (23 ) 98 31 16 15 (2 ) – – Caribbean TCL 3 280 (7 ) 273 65 19 46 (1 ) (6 ) (6 ) Dominican Republic 299 (8 ) 291 128 7 121 3 – (1 ) Rest of SCA&C 2 465 (21 ) 444 110 13 97 (5 ) (2 ) (3 ) Reportable segments 14,009 3,048 1,052 1,996 (650 ) (107 ) (5 ) Other activities 4 370 (209 ) 68 (277 ) 568 (469 ) (156 ) Consolidated $ 14,379 2,839 1,120 1,719 (82 ) (576 ) (161 ) 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, 2023 and 2022, there is a non-controlling 2 Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2023 and 2022, there was a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2023 and 2022, there was a non-controlling 4 In the caption of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities. Debt by reportable segment is disclosed in note 17.1. As of December 31, 2023 and 2022, the selected statement of financial position information by reportable segment was as follows: 2023 Associates and Other Total Total Net assets Capital 1 Mexico $ – 5,381 5,381 2,052 3,329 264 United States 216 12,782 12,998 2,770 10,228 521 EMEAA United Kingdom 6 1,484 1,490 960 530 107 France 41 922 963 467 496 44 Germany 3 506 509 289 220 47 Poland – 415 415 153 262 44 Spain – 666 666 212 454 38 Philippines – 795 795 135 660 85 Israel – 808 808 507 301 41 Rest of EMEAA 11 852 863 329 534 75 SCA&C Colombia – 1,007 1,007 308 699 76 Panama – 292 292 78 214 13 Caribbean TCL – 478 478 207 271 18 Dominican Republic – 233 233 95 138 16 Rest of SCA&C – 280 280 111 169 25 Reportable segments 277 26,901 27,178 8,673 18,505 1,414 Other activities 452 754 1,206 7,644 (6,438 ) 3 Assets held for sale – 49 49 – 49 – Total consolidated $ 729 27,704 28,433 16,317 12,116 1,417 2022 Associates and Other Total Total Net assets Capital 1 Mexico $ – 3,846 3,846 1,381 2,465 265 United States 198 12,425 12,623 2,642 9,981 551 EMEAA United Kingdom 5 1,388 1,393 921 472 74 France 42 910 952 471 481 57 Germany 3 449 452 255 197 33 Poland – 341 341 119 222 33 Spain – 616 616 204 412 27 Philippines – 792 792 155 637 72 Israel – 771 771 495 276 37 Rest of EMEAA 10 773 783 303 480 55 SCA&C Colombia – 742 742 274 468 45 Panama – 302 302 88 214 19 Caribbean TCL – 499 499 218 281 16 Dominican Republic – 232 232 81 151 18 Rest of SCA&C – 268 268 104 164 20 Reportable segments 258 24,354 24,612 7,711 16,901 1,322 Other activities 382 1,385 1,767 7,827 (6,060 ) 40 Assets held for sale – 68 68 – 68 – Total consolidated $ 640 25,807 26,447 15,538 10,909 1,362 1 Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use Revenues including intragroup transactions and external customers by line of business and reportable segment for the years ended December 31, 2023, 2022 and 2021, were as follows: 2023 Cement Concrete Aggregates Urbanization Others Eliminations External Mexico $ 3,378 1,397 399 1,163 13 (1,495 ) 4,855 United States 1,988 3,070 1,347 694 14 (1,775 ) 5,338 EMEAA United Kingdom 315 344 376 201 22 (266 ) 992 France – 656 356 17 – (187 ) 842 Germany 227 171 91 38 62 (142 ) 447 Poland 331 169 44 6 – (84 ) 466 Spain 326 119 41 25 – (100 ) 411 Philippines 311 – – 3 1 (3 ) 312 Israel – 662 200 116 2 (186 ) 794 Rest of EMEAA 551 288 52 17 23 (165 ) 766 SCA&C Colombia 316 163 48 54 22 (145 ) 458 Panama 128 30 9 12 4 (51 ) 132 Caribbean TCL 316 5 8 1 4 (17 ) 317 Dominican Republic 301 24 – 60 10 (35 ) 360 Rest of SCA&C 373 18 5 28 1 (11 ) 414 Reportable segments 8,861 7,116 2,976 2,435 178 (4,662 ) 16,904 Other activities – – – – 484 – 484 Consolidated $ 17,388 2022 Cement Concrete Aggregates Urbanization Others Eliminations External Mexico $ 2,663 925 261 843 14 (1,064 ) 3,642 United States 2,017 2,871 1,202 697 12 (1,765 ) 5,034 EMEAA United Kingdom 312 329 371 206 27 (263 ) 982 France – 622 332 15 – (188 ) 781 Germany 220 186 81 32 71 (151 ) 439 Poland 282 160 41 4 1 (73 ) 415 Spain 281 99 34 25 – (93 ) 346 Philippines 378 – – 4 – (3 ) 379 Israel – 718 213 97 21 (209 ) 840 Rest of EMEAA 504 260 48 18 26 (150 ) 706 SCA&C Colombia 296 137 40 62 19 (125 ) 429 Panama 119 27 7 13 2 (53 ) 115 Caribbean TCL 297 4 6 2 5 (20 ) 294 Dominican Republic 285 20 – 46 10 (19 ) 342 Rest of SCA&C 360 16 3 22 1 (9 ) 393 Reportable segments 8,014 6,374 2,639 2,086 209 (4,185 ) 15,137 Other activities – – – – 440 – 440 Consolidated $ 15,577 2021 Cement Concrete Aggregates Urbanization Others Eliminations External revenues Mexico $ 2,412 733 208 810 14 (853 ) 3,324 United States 1,731 2,479 1,005 558 13 (1,431 ) 4,355 EMEAA United Kingdom 270 311 377 200 53 (271 ) 940 France – 682 397 6 – (222 ) 863 Germany 210 204 65 30 69 (149 ) 429 Poland 272 154 38 6 1 (72 ) 399 Spain 256 93 31 23 – (69 ) 334 Philippines 423 – – 4 1 (4 ) 424 Israel – 657 199 89 27 (187 ) 785 Rest of EMEAA 423 232 47 14 21 (124 ) 613 SCA&C Colombia 309 130 36 58 21 (117 ) 437 Panama 103 16 5 7 1 (34 ) 98 Caribbean TCL 271 5 7 4 6 (20 ) 273 Dominican Republic 240 16 – 44 8 (17 ) 291 Rest of SCA&C 400 20 6 24 1 (7 ) 444 Reportable segments 7,320 5,732 2,421 1,877 236 (3,577 ) 14,009 Other activities – – – – 370 – 370 Consolidated $ 14,379 |
Cost Of Sales
Cost Of Sales | 12 Months Ended |
Dec. 31, 2023 | |
TextBlock1Abstract [Abstract] | |
Cost Of Sales | 5) COST OF SALES 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 The detail of the consolidated cost of sales by nature for the years 2023, 2022 and 2021 is as follows: 2023 2022 2021 Raw materials and goods for resale $ 5,353 4,916 4,875 Payroll 1,734 1,474 1,349 Electricity, fuels and other services 1,791 1,655 1,174 Depreciation and amortization 1,017 929 934 Maintenance, repairs and supplies 955 809 722 Transportation costs 466 671 573 Other production costs and change in inventory 211 301 116 $ 11,527 10,755 9,743 |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
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Operating Expenses | 6) OPERATING EXPENSES 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 incurred 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. Consolidated operating expenses by function during 2023, 2022 and 2021 are as follows: 2023 2022 2021 Administrative expenses 1, 2 $ 1,385 1,074 958 Selling expenses 2 411 363 322 Total administrative and selling expenses 1,796 1,437 1,280 Distribution and logistics expenses 1,951 1,824 1,637 Total operating expenses $ 3,747 3,261 2,917 1 All significant research and development activities are executed by several internal areas of Cemex as part of their daily activities. In 2023, 2022 and 2021, the total combined expenses of these departments recognized within administrative expenses were $55, $42 and $44, respectively. 2 In 2023, 2022 and 2021, administrative expenses include depreciation and amortization of $162, $140 and $137, respectively, and selling expenses include depreciation and amortization of $54 in 2023, $51 in 2022 and $49 in 2021. Consolidated operating expenses during 2023, 2022 and 2021 by nature are as follows: 2023 2022 2021 Transportation costs $ 1,793 1,676 1,502 Payroll 1,154 1,038 905 Depreciation and amortization 216 191 186 Professional legal, accounting and advisory services 236 145 144 Maintenance, repairs and supplies 99 84 76 Other operating expenses 249 127 104 $ 3,747 3,261 2,917 |
Other Expenses, Net
Other Expenses, Net | 12 Months Ended |
Dec. 31, 2023 | |
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Other Expenses, Net | 7) OTHER EXPENSES, NET The detail of the caption “Other expenses, net” for the years 2023, 2022 and 2021 is as follows: 2023 2022 2021 Results from the sale of assets and others 1 $ (219 ) 9 (126 ) Impairment losses (notes 15.1, 16.1 and 16.2) (43 ) (442 ) (513 ) Restructuring costs 2 (2 ) (20 ) (17 ) Incremental expenses related to the COVID-19 3 (1 ) (14 ) (26 ) Sale of CO2 allowances (note 28.13) 4 – – 600 $ (265 ) (467 ) (82 ) 1 In 2023, 2022 and 2021, includes $13, $14 and $29, respectively, in connection with property damage related to natural disasters (note 25.1). In addition, in 2022 includes a gain of $48 as a result of the remeasurement at fair value of Cemex’s previous controlling interest in Neoris at the time of sale. 2 Restructuring costs mainly refer to severance payments and the definitive closing of operating sites. 3 Refers to certain incremental expenses that Cemex considers of non-recurring SARS-CoV-2 “COVID-19 COVID-19 4 In connection with the EU’s Emissions Trading System (“EU ETS”), during March 2021, considering Cemex’s targets for the reduction of CO 2 2 |
Financial Items
Financial Items | 12 Months Ended |
Dec. 31, 2023 | |
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Financial Items | 8) FINANCIAL ITEMS 8.1) FINANCIAL EXPENSE Consolidated financial expenses represent the interest on Cemex’s debt measured using the effective interest rate and, in 2023, 2022 and 2021, include $75, $67 and $67 of interest expense related to the Company’s lease contracts (notes 15.2 and 17.2). From the previously reported amounts for the years 2022 and 2021, Cemex reclassified from the caption of “Financial expense” to the line item of “Financial income and other items, net”, an income of $104 and an expense of $82, respectively, corresponding to results associated with the early redemption of debt during those years (note 17.1), considering it contributes to an improved analysis of the financial expense and to conform with the classification of these effects in 2023. 8.2) FINANCIAL INCOME AND OTHER ITEMS, NET The detail of financial income and other items, net in 2023, 2022 and 2021 was as follows: 2023 2022 2021 Foreign exchange results $ 144 73 (35 ) Financial income 40 27 22 Results from financial instruments, net (notes 14.2 and 17.4) 1 (65 ) 99 (88 ) Net interest cost of defined benefit liabilities (note 19) (44 ) (29 ) (31 ) Effects of amortized cost on assets and liabilities (42 ) (32 ) (28 ) Others – 13 (1 ) $ 33 151 (161 ) 1 For the years 2022 and 2021, includes the reclassification described in note 8.1. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
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Cash and Cash Equivalents | 9) CASH AND CASH EQUIVALENTS The balance in this caption is comprised of available amounts of cash and cash equivalents, represented by low-risk, Accrued interest is included in the statement of income as part of “Financial income and other items, net.” As of December 31, 2023 and 2022, consolidated cash and cash equivalents consisted of: 2023 2022 Cash and bank accounts $ 363 297 Fixed-income securities and other cash equivalents 261 198 $ 624 495 |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
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Trade Accounts Receivable | 10) TRADE ACCOUNTS RECEIVABLE As of December 31, 2023 and 2022, consolidated trade accounts receivable consisted of: 2023 2022 Trade accounts receivable $ 1,841 1,735 Allowances for expected credit losses (90 ) (91 ) $ 1,751 1,644 As of December 31, 2023 and 2022, trade accounts receivable include receivables of $848 and $828, respectively, sold in several countries under outstanding trade accounts receivable securitization programs and/or factoring programs with recourse, in which, generally 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 derecognized from the statement of financial position and the funded amounts to Cemex as of December 31, 2023 and 2022 of $678 in both years, were recognized within the line item of “Other financial obligations” (note 17.2). The discount granted to the acquirers of the trade accounts receivable is recorded as financial expense and amounted to $52 in 2023, $24 in 2022 and $11 in 2021. 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, 2023, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL average Mexico $ 457 31 6.8 % United States 536 8 1.5 % EMEAA 745 41 5.5 % SCA&C 96 10 10.4 % Others 7 – – $ 1,841 90 Changes in the allowance for ECL in 2023, 2022 and 2021, were as follows: 2023 2022 2021 Allowances for expected credit losses at beginning of period $ 91 101 121 Charged to selling expenses 11 9 1 Deductions (15 ) (21 ) (16 ) Reclassification to assets held for sale – – (2 ) Foreign currency translation effects 3 2 (3 ) Allowances for expected credit losses at end of period $ 90 91 101 |
Other Accounts Receivable
Other Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
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Other Accounts Receivable | 11) OTHER ACCOUNTS RECEIVABLE As of December 31, 2023 and 2022, consolidated other accounts receivable consisted of: 2023 2022 Advances of income taxes and other refundable taxes $ 472 335 Non-trade 1 102 119 Interest and notes receivable 54 41 Loans to employees and others 16 15 Current portion of assets from valuation of derivative financial instruments 6 25 $ 650 535 1 Non-trade |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
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Inventories | 12) INVENTORIES Inventories are valued using the lower of cost or net realizable value. The weighted average cost of inventories includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Inventory balances are subject to impairment. When an impairment situation arises, the inventory balance is adjusted to its net realizable value against “Cost of sales.” Advances to suppliers of inventory are presented as part of other current assets. As of December 31, 2023 and 2022, the consolidated balances of inventories were summarized as 2023 2022 Materials and spare parts $ 537 563 Finished goods 461 406 Raw materials 370 329 Work-in-process 330 284 Inventory in transit 91 87 $ 1,789 1,669 For the years ended December 31, 2023, 2022 and 2021, Cemex recognized within “Cost of sales” in the statements of income, inventory impairment losses of $7, $10 and $4, respectively. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
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Other Current Assets | 13) OTHER CURRENT ASSETS As of December 31, 2023 and 2022, assets held for sale and other current assets were detailed as follows: 2023 2022 Other current assets $ 142 115 Assets held for sale 49 68 $ 191 183 Assets held for sale are measured at the lower of their estimated realizable value, less costs to sell, and their carrying amounts. Other current assets presented above are mainly comprised of advance payments to suppliers. |
Investments In Associates And J
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
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Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable | 14) INVESTMENTS IN ASSOCIATES AND JOINT VENTURES, OTHER INVESTMENTS AND NON-CURRENT 14.1) INVESTMENTS IN ASSOCIATES AND JOINT VENTURES As of December 31, 2023 and 2022, the investments in common shares of associates and joint ventures, which are accounted under the equity method, were as follows: Associates Activity Country % 2023 2022 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 364 306 Concrete Supply Co. LLC Concrete United States 40.0 103 96 Lehigh White Cement Company Cement United States 36.8 83 76 Neoris N.V. 1 Technology The Netherlands 34.8 69 62 Joint ventures Société d’Exploitation de Carrières Aggregates France 50.0 24 23 Société Méridionale de Carrières Aggregates France 33.3 13 12 Other companies — — — 73 65 $ 729 640 Out of which: Acquisition cost $ 330 302 Equity method recognition 399 338 1 In connection with the sale of Cemex’s 65% stake in Neoris to Advent described in note 4.2, Cemex’s remaining equity interest in Neoris was remeasured at fair value at the date of loss of control, measured prospectively under the equity method and is presented in the line item of investments in associates and joint ventures. Combined condensed statement of financial position information of associates and joint ventures as of December 31, 2023 and 2022 is set forth below: 2023 2022 Current assets $ 1,761 1,603 Non-current 1,877 1,699 Total assets 3,638 3,302 Current liabilities 468 468 Non-current 850 774 Total liabilities 1,318 1,242 Total net assets $ 2,320 2,060 Out of the total assets amounts in 2023 and 2022 presented in the table above, Camcem, S.A. de C.V. (“Camcem”), which is the holding company of Grupo Cementos de Chihuahua, S.A.B. de C.V. (“GCC”), represented 76% and 74%, respectively. In addition, out of total liabilities, Camcem represented 77% in 2023 and 78% in 2022. Combined selected information of the statements of income of associates and joint ventures in 2023, 2022 and 2021 is set forth below: 2023 2022 2021 Revenues $ 2,410 2,319 1,801 Operating earnings 535 398 312 Income before income tax 394 268 219 Net income 268 186 153 Out of net income in 2023, 2022 and 2021 from the table above, amounts that Cemex participates and which reflect the share in associates and joint ventures in the Company’s statement of income, Camcem represented 59%, 53% and 49%, respectively. The share of associates and joint ventures by reportable segment in the statements of income for 2023, 2022 and 2021 are detailed as follows: 2023 2022 2021 Mexico $ 65 39 28 United States 21 17 18 EMEAA 10 8 8 Corporate and others 2 (34 ) – $ 98 30 54 As of December 31, 2023 and 2022, Cemex did not have written put options for the acquisition of non-controlling 14.2) OTHER INVESTMENTS AND NON-CURRENT ACCOUNTS RECEIVABLE As of December 31, 2023 and 2022, consolidated other investments and non-current 2023 2022 Non-current 1 $ 272 228 Non-current 64 57 Investments in strategic equity securities 3 5 Investments at fair value through the statements of income 1 3 $ 340 293 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $78 in 2023 and $33 in 2022, b) advances to suppliers of fixed assets of $41 in 2023 and $58 in 2022, c) employee prepaid compensation of $8 in 2023 and $12 in 2022, and d) warranty deposits of $24 in 2023 and $21 in 2022. |
Property, Machinery and Equipme
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 12 Months Ended |
Dec. 31, 2023 | |
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Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 15) PROPERTY, MACHINERY AND EQUIPMENT, NET AND ASSETS FOR THE RIGHT-OF-USE, As of December 31, 2023 and 2022, property, machinery and equipment, net and assets for the right-of-use, 2023 2022 Property, machinery and equipment, net $ 11,272 10,156 Assets for the right-of-use, 1,194 1,128 $ 12,466 11,284 15.1) PROPERTY, MACHINERY AND EQUIPMENT, NET As of December 31, 2023, the average useful lives by category of fixed assets, which are reviewed at Years Administrative buildings 30 Industrial buildings 25 Machinery and equipment in plant 16 Ready-mix 11 Office equipment and other assets 7 As of December 31, 2023, to the best of its knowledge, management considers that its commitments and actions in relation to climate change currently do not affect the estimated average useful lives of its property, machinery and equipment described above (note 24.4). As of December 31, 2023 and 2022, consolidated property, machinery and equipment, net and the changes in this line item during 2023 and 2022, were as follows: 2023 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337) (1,513) (7,510) – (10,360) Net book value at beginning of period 3,506 829 4,153 1,668 10,156 Capital expenditures 33 86 720 200 1,039 Stripping costs 1 37 – – – 37 Total capital expenditures 70 86 720 200 1,076 Disposals 3 (31) (2) (75) – (108) Business combinations (note 4.1) 13 4 22 – 39 Depreciation and depletion for the period (141) (80) (653) – (874) Impairment losses (note 7) (16) (2) (18) – (36) Asset retirement obligations (note 18.2) – 20 44 – 64 Foreign currency translation effects 399 124 369 63 955 Cost at end of period 5,295 2,636 12,702 1,931 22,564 Accumulated depreciation and depletion (1,495) (1,657) (8,140) – (11,292) Net book value at end of period $ 3,800 979 4,562 1,931 11,272 2022 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,801 2,532 11,727 1,262 20,322 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) – (10,120) Net book value at beginning of period 3,575 1,038 4,327 1,262 10,202 Capital expenditures 126 52 406 457 1,041 Stripping costs 1 25 – – – 25 Total capital expenditures 151 52 406 457 1,066 Disposals 3 (4 ) (4 ) (22 ) – (30) Business combinations (note 4.1) 32 1 9 1 43 Depreciation and depletion for the period (153 ) (78 ) (493 ) – (724) Impairment losses (note 7) (12 ) (8 ) (55 ) (2 ) (77) Asset retirement obligations (note 18.2) – 5 17 – 22 Foreign currency translation effects (83 ) (177 ) (36 ) (50 ) (346) Cost at end of period 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337 ) (1,513 ) (7,510 ) – (10,360) Net book value at end of period $ 3,506 829 4,153 1,668 10,156 1 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 its carrying amount. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production 2 As of December 31, 2023, the Maceo plant in Colombia with an annual capacity of 1.3 million tons of cement, has not initiated commercial operations mainly as the access road has not been finalized. As of the reporting date, the works related to the access road to the plant reflect significant progress; nonetheless, the beginning of commercial operations is subject also 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, 2023, the carrying amount of the plant is for an amount in Colombian Pesos equivalent to $308. 3 In 2023 includes sales of non-strategic non-strategic During the years ended December 31, 2023, 2022 and 2021 impairment losses of fixed assets by country are as follows: 2023 2022 2021 Colombia $ 8 – 10 Caribbean TCL 7 14 – France 6 – – United Kingdom 5 10 5 United States 3 26 18 Spain 2 23 – Others 5 4 10 $ 36 77 43 In connection with the impairment losses presented in the table above, recognized within the line item of “Other expenses, net” (notes 2.9 and 7), Cemex adjusted the related fixed assets to their estimated value in use in those circumstances in which the assets remained in operation based on estimated cash flows during the remaining useful life, or to their realizable value, in the case of idle assets. Cemex’s recognized impairment losses of fixed assets in 2023 relate mainly to: a) closing and/or reduction of operations resulting from adjusting the supply to current demand conditions; b) a change of operating model of certain assets; and c) some equipment that remained idle for several periods. In 2022 and 2021, those impairment losses were associated mainly with certain negative effects of the COVID-19 15.2) ASSETS FOR THE RIGHT-OF-USE, NET As of December 31, 2023 and 2022, consolidated asset right-of-use, 2023 Land Buildings Machinery Others Total Assets for the right-of-use $ 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271) Net book value at beginning of period 297 132 676 23 1,128 Additions of new leases 36 9 284 12 341 Cancellations and remeasurements, net (10 ) (4 ) (14 ) (1 ) (29) Depreciation (15 ) (36 ) (141 ) (12 ) (204) Foreign currency translation effects 13 21 (68 ) (8 ) (42) Assets for the right-of-use 476 356 1,722 58 2,612 Accumulated depreciation (155 ) (234 ) (985 ) (44 ) (1,418) Net book value at end of period $ 321 122 737 14 1,194 2022 Land Buildings Machinery Others Total Assets for the right-of-use $ 395 401 1,513 21 2,330 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210) Net book value at beginning of period 248 196 668 8 1,120 Additions of new leases 45 21 207 23 296 Cancellations and remeasurements, net (15 ) (27 ) (82 ) (1 ) (125) Depreciation (1 ) (77 ) (165 ) (15 ) (258) Foreign currency translation effects 20 19 48 8 95 Assets for the right-of-use 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271) Net book value at end of period $ 297 132 676 23 1,128 For the years ended December 31, 2023, 2022 and 2021, the combined rental expense related low-value sub-leasing |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
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Goodwill and Intangible Assets, Net | 16) GOODWILL AND INTANGIBLE ASSETS, NET 16.1) BALANCES AND CHANGES DURING THE PERIOD As of December 31, 2023 and 2022, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2023 2022 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 7,674 – 7,674 $ 7,538 – 7,538 Intangible assets of definite useful life: Extraction rights 1,768 (479 ) 1,289 1,729 (452 ) 1,277 Internally developed software 973 (639 ) 334 820 (534 ) 286 Customer relationships 196 (196 ) – 196 (196 ) – Mining projects 47 (7 ) 40 39 (6 ) 33 Industrial property and trademarks 32 (16 ) 16 32 (15 ) 17 Other intangible assets 357 (180 ) 177 305 (163 ) 142 $ 11,047 (1,517 ) 9,530 $ 10,659 (1,366 ) 9,293 Changes in consolidated goodwill for the years ended December 31, 2023 and 2022, were as follows: 2023 2022 Balance at beginning of period $ 7,538 7,984 Impairment losses (notes 7 and 16.2) – (365) Business combinations (note 4.1) 8 4 Foreign currency translation effects 128 (85) Balance at end of period $ 7,674 7,538 Changes in intangible assets of definite life in 2023 and 2022, were as follows: 2023 Extraction Internally 1 Mining Industrial Others Total Balance at beginning of period $ 1,277 286 33 17 142 1,755 Amortization for the period (42 ) (91 ) (1 ) (1 ) (20 ) (155) Impairment losses (note 7) (7 ) – – – – (7) Additions (decreases), net 1 2 148 7 2 48 207 Business combinations 26 – – – – 26 Foreign currency translation effects 33 (9 ) 1 (2 ) 7 30 Balance at the end of period $ 1,289 334 40 16 177 1,856 2022 Extraction Internally 1 Mining Industrial Others Total Balance at beginning of period $ 1,350 228 45 23 133 1,779 Amortization for the period (44 ) (73 ) (1 ) (7 ) (13 ) (138) Additions (decreases), net 1 (10 ) 136 (10 ) – 35 151 Foreign currency translation effects (19 ) (5 ) (1 ) 1 (13 ) (37) Balance at the end of period $ 1,277 286 33 17 142 1,755 1 Includes the capitalized direct costs incurred in the development stage of internal-use In 2021, out of the impairment losses recognized in the caption of “Other expenses, net” (note 7), $53 related to intangible assets, of which, $49 referred to internally developed software capitalized in prior periods, considering certain obsolescence generated by the significant replacement of the applications platform during that year. 16.2) ANALYSIS OF GOODWILL IMPAIRMENT Based on IFRS, Cemex analyses the possible impairment of goodwill mandatorily at least once a year. This analysis is made during the last quarter, or additionally on any interim date when impairment indicators exist, by means of determining the value in use of its groups of Cash Generating Units (“CGUs”) to which goodwill balances have been allocated. The value in use represents the discounted cash flow projections of each CGU for the next five years plus a terminal value using risk adjusted discount rates. In 2023, Cemex did not determine goodwill impairment losses considering the increase in the Company’s projected cash flows linked to the improved generation of Operating EBITDA in the majority of the countries in which Cemex operates to which goodwill balances have been allocated and the positive outlook for the following years, partly offset by the general increase in the applicable discount rates as compared to 2022, which on average increased 120 basis points or 1.2%. In 2022, as part of the mandatory impairment tests during the fourth quarter, Cemex recognized within “Other expenses, net” (note 7), non-cash In 2021, the Company recognized within “Other expenses, net” (note 7) in the statement of income, non-cash mid-term, As of December 31, 2023 and 2022, goodwill balances allocated by Operating Segment after impairment adjustments were as follows: 2023 2022 Mexico $ 441 384 United States 6,176 6,176 EMEAA United Kingdom 264 250 France 207 201 Spain 59 57 Philippines 82 82 Rest of EMEAA 1 50 38 SCA&C Colombia 254 202 Caribbean TCL 83 83 Rest of SCA&C 2 58 65 $ 7,674 7,538 1 This caption refers to the operating segments in Israel, the Czech Republic, Egypt and Germany. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. As of December 31, 2023, 2022 and 2021, Cemex’s pre-tax Discount rates Long-term growth rates 1 Groups of CGUs 2023 2022 2021 2023 2022 2021 United States 10.1% 9.1% 7.2% 2.0% 2.0% 2.0% United Kingdom 10.4% 9.1% 7.3% 1.5% 1.5% 1.5% France 10.4% 9.2% 7.3% 1.5% 1.4% 1.4% Spain 10.7% 9.4% 7.6% 1.6% 1.7% 1.5% Mexico 11.6% 10.3% 8.4% 1.0% 1.1% 1.0% Colombia 12.7% 10.9% 8.5% 3.3% 3.3% 3.5% Range of rates in other countries 10.3% – 17.0% 9.3% – 13.9% 7.4% – 11.7% 1.5% – 6.4% 1.5% – 6.0% 1.7% – 6.0% 1 The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). As of December 31, 2023, the discount rates used by the Company in its cash flows projections to determine the value in use of its operating segments or CGUs in which goodwill has been allocated, increased by a weighted average of 1.2% with respect to the discount rates determined at December 31, 2022, mainly considering the increase in the risk-free rate associated to Cemex segments which changed from 3.58% in 2022 to 4.79% in 2023, as well as the reduction in the weight of debt which changed from 27% in 2022 to 22.5% in 2023. This was partially offset by the reduction in the public comparable companies’ stock volatility (beta) which changed from 1.08 in 2022 to 1.07 in 2023. In 2023, the funding cost observed in the industry remained unchanged at 6.7% as compared to 2022, as well as other assumptions that remained relatively flat in 2023 as compared to 2022. As new economic data is available, these financial assumptions will be revised upwards or downwards again in the future. Cemex maintained certain reductions to the long-term growth rates used as of December 31, 2023, as compared to the IMF projections, mainly in Israel in 2.1%, Mexico in 1.0% and Egypt in 3.0%. As of December 31, 2022, the discount rates used by Cemex in its cash flows projections to determine the value in use of its operating segments or CGUs in which goodwill has been allocated, increased by a weighted average of 2.0% with respect to the discount rates determined at December 31, 2021, mainly considering the increase in the risk-free rate associated to Cemex which changed from 1.82% in 2021 to 3.58% in 2022, the significant increase in the funding cost observed in the industry which changed from 4.1% in 2021 to 6.7% in 2022, as well as the average increase of 1.7% in the cost of equity in 2022. The other variables remained relatively flat. As new economic data is available, these financial assumptions will be revised upwards or downwards again in the future. Cemex maintained certain reductions to the long-term growth rates used as of December 31, 2022, as compared to the IMF projections, mainly in Mexico in 1.0% and Egypt in 2.85%. Moreover, the discount rates used by Cemex as of December 31, 2021, changed slightly as compared to 2020 in a range -0.1% non-significant COVID-19 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 average multiple of Operating EBITDA, in those operating segments that presented relative impairment risk as of December 31, 2023, are as follows: Impairment effects from the sensitivity analyses to Operating segment Impairment Discount rate +1% Long-term –1% Multiples 10.9x United States $ – 357 64 – As of December 31, 2023, except for the operating segment in the United States, which goodwill accounts for 80% of Cemex’s goodwill consolidated balance, none of the other sensitivity analyses indicated a potential impairment risk in Cemex’s operating segments. The factors considered by the Company’s management that could cause the hypothetical scenario of the previous sensitivity analysis in the United States are, in relation to the discount rate, an independent increase of 306 bps in the Company’s funding cost observed as of December 31, 2023 of 6.67% or, an independent increase in the risk-free rate of 89 bps over the rate of 4.79% in the United States. Nonetheless, such assumptions did not seem reasonable as of December 31, 2023. 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. 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 ture cas |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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Financial Instruments | 17) FINANCIAL INSTRUMENTS 17.1) CURRENT AND NON-CURRENT As of December 31, 2023 and 2022, Cemex’s consolidated debt summarized by interest rates and currencies, was as follows: 2023 2022 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ 13 1,968 1,981 $ – 1,750 1,750 Fixed rate debt 12 4,235 4,247 51 5,170 5,221 $ 25 6,203 6,228 $ 51 6,920 6,971 Effective rate 3 Floating rate 6.4% 7.1% 3.2% 4.6% Fixed rate 4.4% 5.0% 5.1% 5.3% 2023 2022 Currency Current Non-current Total Effective rate 3 Current Non-current Total Effective rate 3 Dollars $ 1 4,348 4,349 5.5% $ 5 5,511 5,516 5.7% Euros 9 990 999 4.2% 2 962 964 3.3% Pesos – 704 704 12.0% – 267 267 12.2% Philippine Pesos 11 112 123 7.1% 8 139 147 5.4% Other currencies 4 49 53 4.5% 36 41 77 4.3% $ 25 6,203 6,228 $ 51 6,920 6,971 1 As of December 31, 2023 and 2022, from the total debt of $6,228 and $6,971, respectively, 94% was held in the Parent Company and 6% in subsidiaries of the Parent Company, in both periods. 2 As of December 31, 2023 and 2022, cumulative discounts, fees and other direct costs incurred in Cemex’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $47 and $45, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the effective interest rate method. 3 In 2023 and 2022, represents the weighted-average effective interest rate of the related debt agreements determined at the end of each period. As of December 31, 2023 and 2022, Cemex’s consolidated debt summarized by type of instrument, was as follows: 2023 Current Non-current 2022 Current Non-current Bank loans Bank loans Loans in foreign countries, 2024 to 2025 $ 10 202 Loans in foreign countries, 2023 to 2025 $ 43 184 Syndicated loans, 2025 to 2028 – 2,476 Syndicated loans, 2024 to 2026 – 2,578 10 2,678 43 2,762 Notes payable Notes payable Medium-term notes, 2026 to 2031 – 3,508 Medium-term notes, 2024 to 2031 – 4,140 Other notes payable, 2024 to 2027 5 27 Other notes payable, 2023 to 2027 6 20 5 3,535 6 4,160 Total bank loans and notes payable 15 6,213 Total bank loans and notes payable 49 6,922 Current maturities 10 (10) Current maturities 2 (2) $ 25 6,203 $ 51 6,920 Changes in consolidated debt for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Debt at beginning of year $ 6,971 7,379 9,339 Proceeds from new debt instruments 2,938 2,006 3,960 Debt repayments (3,840) (2,420) (5,897) Foreign currency translation and accretion effects 159 6 (23) Debt at end of year $ 6,228 6,971 7,379 As a result of debt transactions incurred during the reported periods to issue, refinance, replace and/or repurchase existing debt instruments, as applicable, Cemex paid transactional costs, including premiums and/or redemption costs (the “Transactional Costs”) for aggregate amounts of $72 in 2023, $51 in 2022 and $142 in 2021. Of these Transactional Costs, $16 in 2023, $4 in 2022 and $37 in 2021, corresponding to new debt instruments or the refinancing of existing debt, adjusted the carrying amount of the related debt instruments and are amortized over the remaining term of each instrument, while $56 in 2023, $47 in 2022 and $99 in 2021 of such Transactional Costs, associated with the extinguished portion of the related debt, were recognized each period in the caption “Financial income and other items, net.” In addition, Transactional Costs pending for amortization related to extinguished debt instruments of $12 in 2023, $6 in 2022 and $27 in 2021 were also recognized within “Financial income and other items, net.” As of December 31, 2023 and 2022, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2023 2022 2023 CEBURES variable rate 3 05/Oct/23 Cemex, S.A.B. de C.V. Peso 1,000 TIIE+.45% 01/Oct/26 – 59 $ 59 – 2023 CEBURES fixed rate 3 05/Oct/23 Cemex, S.A.B. de C.V. Peso 5,000 11.48% 26/Sep/30 – 295 292 – July 2031 Notes 4 12/Jan/21 Cemex, S.A.B. de C.V. Dollar 1,750 3.875% 11/Jul/31 (642) 1,108 1,102 1,102 September 2030 Notes 4 17/Sep/20 Cemex, S.A.B. de C.V. Dollar 1,000 5.2% 17/Sep/30 (283) 717 714 714 November 2029 Notes 4 19/Nov/19 Cemex, S.A.B. de C.V. Dollar 1,000 5.45% 19/Nov/29 (247) 753 749 749 June 2027 Notes 5 05/Jun/20 Cemex, S.A.B. de C.V. Dollar 1,000 7.375% 05/Jun/27 (1,000) – – 996 March 2026 Notes 19/Mar/19 Cemex, S.A.B. de C.V. Euro 400 3.125% 19/Mar/26 – 442 441 427 July 2025 Notes 01/Apr/03 Cemex Materials LLC Dollar 150 7.70% 21/Jul/25 – 150 151 152 Other notes payable 27 20 $ 3,535 4,160 1 As of December 31, 2023, these issuances are fully and unconditionally guaranteed by Cemex Concretos, S.A. de C.V., Cemex Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and Cemex Corp. 2 Presented net of all notes repurchased by Cemex. As of December 31, 2023, all repurchased notes have been canceled. 3 On October 5, 2023, Cemex issued sustainability-linked long-term notes ( certificados bursátiles de largo plazo 3-year 7-year 4 During 2022, pursuant to tender offers and other market transactions, Cemex partially repurchased several series of its notes for an aggregate notional amount of $1,172. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional costs, generated a repurchase gain of $104, recognized in the line item “Financial income and other items, net.” 5 On June 5, 2023, Cemex fully redeemed the June 2027 Notes. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional cost, generated a repurchase loss of $38, recognized in the line item “Financial income and other items, net.” The maturities of consolidated long-term debt as of December 31, 2023, were as follows: Bank loans Notes payable Total 2025 $ 608 167 775 2026 324 506 830 2027 577 4 581 2028 1,131 – 1,131 2029 and thereafter 28 2,858 2,886 $ 2,668 3,535 6,203 As of December 31, 2023, Cemex had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2023 Credit Agreement, at annual interest rates ranging between 5.36% and 6.56%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries 1 $ 401 274 Other lines of credit from banks 1 774 774 Revolving credit facility 2023 Credit Agreement 2,000 1,400 $ 3,175 2,448 1 Uncommitted amounts subject to the banks’ availability. Sustainability-linked and green financing As of December 31, 2023 and 2022, Cemex’s consolidated debt of $6,228 and $6,971, respectively, included balances outstanding denominated in Dollars, Euros and Pesos under either its 2021 Sustainability-linked Financing Framework (the “2021 SLFF”) or its 2023 Sustainability-linked Financing Framework (the “2023 SLFF”, and together with the 2021 SLFF, the “SLFFs”) of $4,227 in 2023 and $4,028 in 2022, representing the Company’s debt that is linked and aligned to Cemex’s strategy of CO 2 As of December 31, 2023, the balance of debt under the SLFFs includes $3,876 of debt arising from bank loans, including the 2023 Credit Agreement described below. Under the 2023 Credit Agreement, the annual performance in respect to the metrics referenced in the 2023 SLFF may result in a total adjustment of the interest rate margin of plus or minus 5 bps 1 The remainder of the debt balance under the SLFFs relates to the 2023 CEBURES. Of these, $59 or the variable rate leg is linked exclusively to one metric of the 2023 SLFF and may result in an increase of 20 bps in the nominal value at redemption. The remaining $292, or the fixed rate leg is also linked to only one metric of the 2023 SLFF and may result in a per annum increase of 25 bps to the interest rate applicable to the last four semi-annual coupon payments. Additionally, Cemex’s securitization programs (notes 10 and 17.2) are linked to the 2021 SLFFs, utilizing one or more metrics and may result in an annual fee payment equivalent to up to 5 bps of the total facilities amount. 2023 Credit Agreement and 2021 Credit Agreement On October 30, 2023, Cemex refinanced its 2021 Credit Agreement (as described below), extending the maturity to 2028. The refinanced 2021 Credit Agreement (the “2023 Credit Agreement”) comprises a $1,000, 5-year 5-year All tranches under the 2023 Credit Agreement include a margin over SOFR 1 1 On November 8, 2021, Cemex, S.A.B. de C.V. closed a Dollar-denominated $3,250 syndicated sustainability-linked credit agreement (the “2021 Credit Agreement”), which proceeds were mainly used to fully repay its previous syndicated facilities agreement entered in 2017. The 2021 Credit Agreement, which was the first debt instrument issued by Cemex under the 2021 SLFF, resulted in a stronger liquidity position for Cemex from a risk and credit rating perspective. The balance of debt under the 2023 Credit Agreement, in which debtor is Cemex, S.A.B. de C.V., is guaranteed by Cemex Concretos, S.A. de C.V., Cemex Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and Cemex Corp., same guarantor structure applicable in all senior notes of the Parent Company and the previous 2021 Credit Agreement. The 2023 Credit Agreement contains ongoing representations, warranties, affirmative and negative covenants, including financial covenants. As of December 31, 2023 and 2022, Cemex was in compliance with all covenants contained in the 2023 Credit Agreement and the 2021 Credit Agreement, as applicable. Cemex cannot assure that in the future it will be able to comply with all such covenants, including any financial covenants, which non-compliance, 1 The Secured Overnight Financing Rate (“SOFR”) is a measure of the cost of borrowing cash overnight collateralized by Treasury securities. As of December 31, 2023, SOFR rate was 5.38%. The contraction “bps” means basis points. One hundred basis points equal 1%. See note 17.5 for recent developments on the interest rate benchmark reform. 2 The Tasa de Inter é s Interbancaria de Equilibrio Pesos 28-day Financial Covenants Under the 2023 Credit Agreement and the 2021 Credit Agreement, at the end of each quarter for each period of four consecutive quarters, Cemex must comply with a maximum Consolidated Leverage Ratio of 3.75 times and a minimum Consolidated Coverage Ratio of 2.75 times throughout the life of the corresponding credit agreement. These financial ratios are calculated using the consolidated amounts under IFRS. Consolidated Leverage Ratio • Under the 2023 Credit Agreement and the 2021 Credit Agreement, the ratio is calculated by dividing “Consolidated Net Debt” by “Consolidated EBITDA” for the last twelve months as of the calculation date. Consolidated Net Debt equals debt, as reported in the statement of financial position, net of cash and cash equivalents, excluding any existing or future obligations under any securitization program, and any subordinated debt of Cemex, adjusted for net mark-to-market Consolidated EBITDA: Consolidated Coverage Ratio • Under the 2023 Credit Agreement and the 2021 Credit Agreement, the ratio is calculated by dividing Consolidated EBITDA by the financial expense for the last twelve months as of the calculation date. As of December 31, 2023, 2022 and 2021, under the 2023 Credit Agreement and the 2021 Credit Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios Refers to the compliance limits and calculations that were 2023 2022 2021 Leverage ratio Limit <=3.75 <=3.75 <=3.75 Calculation 2.06 2.84 2.73 Coverage ratio Limit >=2.75 >=2.75 >=2.75 Calculation 7.91 6.27 5.99 Cemex’s ability to comply with these ratios may be affected by economic conditions, volatility in foreign exchange rates, as well as by overall conditions in the financial and capital markets or other factors. Cemex will classify all of its non-current 17.2) OTHER FINANCIAL OBLIGATIONS As of December 31, 2023 and 2022, other financial obligations in the consolidated statement of financial position were detailed as follows: 2023 2022 Current Non-current Total Current Non-current Total I. Leases $ 272 986 1,258 $ 258 918 1,176 II. Liabilities secured with accounts receivable 678 – 678 678 – 678 $ 950 986 1,936 $ 936 918 1,854 I. Leases (notes 8.1, 15.2, 24.1 and 28.4) Cemex has several operating and administrative assets under lease contracts (note 15.2). As mentioned in note 28.4, Cemex applies the recognition exemption for short-term leases and leases of low-value 2023 2022 2021 Lease financial liability at beginning of year $ 1,176 1,176 1,260 Additions from new leases 341 296 227 Reductions from payments (256 ) (276 ) (313) Cancellations and liability remeasurements (24 ) 7 27 Foreign currency translation and accretion effects 21 (27 ) (25) Lease financial liability at end of year $ 1,258 1,176 1,176 As of December 31, 2023, the maturities of non-current Total 2025 $ 181 2026 144 2027 108 2028 77 2029 and thereafter 476 $ 986 Total cash outflows for leases in 2023, 2022 and 2021, including the interest expense portion as disclosed at note 8.1, were $331, $342 and $381, respectively. Future payments associated with these contracts are presented in note 24.1. II. Liabilities secured with accounts receivable As mentioned in note 10, as of December 31, 2023 and 2022, the funded amounts of sale of trade accounts The balances of the Company’s other financial obligations associated with the programs for the sale of accounts receivable mentioned above are part of Cemex’s total obligations under the 2021 SLFF, which are linked and aligned to Cemex’s strategy of CO 2 17.3) FAIR VALUE OF FINANCIAL INSTRUMENTS 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. 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, 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), inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, used mainly to determine the fair value of securities, investments or loans that are not actively traded (Level 2 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). Financial assets and liabilities The book values of cash, trade accounts receivable, 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 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, 2023 and 2022, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2023 2022 Carrying amount Fair value Carrying amount Fair value Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 64 64 $ 57 57 Other investments and non-current 276 266 236 229 $ 340 330 $ 293 286 Financial liabilities Long-term debt (note 17.1) $ 6,203 6,030 $ 6,920 6,517 Other financial obligations (note 17.2) 986 919 918 788 Derivative financial instruments (notes 17.4 and 18.2) 15 15 2 2 $ 7,204 6,964 $ 7,840 7,307 As of December 31, 2023 and 2022, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 28.4): 2023 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ – 64 – 64 Investments in strategic equity securities (note 14.2) 3 – – 3 Other investments at fair value through earnings (note 14.2) – 1 – 1 $ 3 65 – 68 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ – 15 – 15 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ – 57 – 57 Investments in strategic equity securities (note 14.2) 5 – – 5 Other investments at fair value through earnings (note 14.2) – 3 – 3 $ 5 60 – 65 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ – 2 – 2 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 explained in the following paragraphs. As of December 31, 2023 and 2022, the notional amounts and fair values of Cemex’s derivative instruments were as follows: 2023 2022 Notional amount Fair value Notional amount Fair value I. Net investment hedges $ 976 (94 ) 837 (48 ) II. Cross currency swaps 335 23 – – III. Interest rate swaps 750 30 1,018 54 IV. Fuel price hedging 232 5 136 8 V. Foreign exchange options 300 10 500 18 $ 2,593 (26 ) 2,491 32 The caption “Financial income and other items, net” in the statements of income includes certain 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 $19 in 2023, $5 in 2022 and $6 in 2021. During the reported periods, Cemex did not have derivatives designated as fair value hedges. I. Net investment hedges As of December 31, 2023 and 2022, there are Dollar/Peso foreign exchange forward contracts with target tenor ranging from 1 to 15 months for notional amounts of $518 and $738, respectively. Cemex has designated this program as a hedge of Cemex’s net investment in Pesos, pursuant to which changes in the fair market value of these instruments are recognized as part of other comprehensive income in equity. For the years 2023, 2022 and 2021, these contracts generated losses of $172, $96 and $4, respectively, which partially offset currency translation gains in each year recognized in equity generated from Cemex’s net assets denominated in Pesos. The losses generated from these derivatives relate to the appreciation of the Peso, mainly in 2023 and 2022. In addition, as of December 31, 2023 and 2022, as part of Cemex’s Peso net investment hedge strategy, there are additional Dollar/Peso capped forwards, structured with option contracts, for a notional amount of $458 and $99, respectively. These capped forwards contain limits on the upside that the instrument may generate. Changes in the fair market value of such capped forward contracts are also recognized as part of other comprehensive income in equity. For the years 2023 and 2022, these contracts generated losses of $54 and $2, respectively, which partially offset currency translation gains recognized in equity generated from Cemex’s net assets denominated in Pesos due to the appreciation of the Peso in 2023 and 2022. Moreover, during the year 2022, Cemex unwound Dollar/Euro cross-currency swap contracts for a notional amount of $750, which resulted in a settlement gain of $80 in equity. Cemex designated the foreign exchange forward component of these instruments as a hedge of Cemex’s net investment in Euros and changes in fair market were recognized as part of other comprehensive income in equity, while changes in fair value of the interest rate swap component until settlement were recognized within the line item of “Financial income and other items, net,” representing gains of $8 in 2022 and losses of $1 in 2021. For the years 2022 and 2021, the foreign exchange forward component generated gains of $70 and $10 recognized in equity, which partially offset currency translation losses recognized in equity generated from Cemex’s net assets denominated in Euros due to the depreciation of the Euro against the Dollar in 2022 and 2021, related to the exchange of interest rates in the statement of income. II. Cross currency swaps During October 2023, Cemex entered into cross-currency swap contracts for a notional amount of $335 in connection with the issuances of the 2023 CEBURES as described in note 17.1, aiming to change the rate and currency risk profile of such 2023 CEBURES from the Peso to the Dollar. Cemex designated these contracts as cash flow hedges of interest rate payments in relation to an equivalent amount of variable and fixed interest rate debt. Changes in fair value of these contracts for the interest rate swap leg are initially recognized as part of other comprehensive income in equity and are subsequently allocated through financial expense as interest expense on the related loans is accrued in the statement of income, while changes in fair value of the currency forward leg are recognized directly in the statement of income partially offsetting the related Peso denominated debt’s foreign exchange fluctuation. For the year 2023, changes in the fair value of these contracts generated gains of $23 recognized in other comprehensive income and gains of $5 recognized in the statement of income. III. Interest rate swap contracts For accounting purposes under IFRS, Cemex designates interest rate swaps as cash flow hedges, to fix interest rate payments in relation to an equivalent amount of floating interest rate debt. As a result, changes in the fair value of these contracts are initially recognized as part of other comprehensive income in equity and are subsequently reclassified to financial expense as the interest expense of the related floating interest rate debt is accrued in the statement of income. Derivative financial instruments – continued As of December 31, 2023 and 2022, Cemex held interest rate swaps for a notional amount of $750, in both periods, with a fair market value representing assets of $30 in 2023 and $39 in 2022, negotiated in June 2018 to fix interest payments of existing bank loans bearing Dollar floating rates. During November 2021, Cemex unwound a portion of its then outstanding interest rate swaps, resulting in a settlement loss of $5, recognized within “Financial income and other items, net” in the statement of income, and extended the remaining contracts until November 2026. For the years 2023, 2022 and 2021, changes in the fair value of these contracts generated losses of $9 and gains of $69 and $23, respectively, recognized in other comprehensive income. Moreover, during the same periods, Cemex reclassified results from equity to the line item “Financial expenses” representing income of $22 in 2023 and expenses of $2 in 2022 and $22 in 2021. In addition, as of December 31, 2022, Cemex held interest rate swaps for a notional of $268 negotiated to fix interest payments of existing bank loans referenced to Peso floating rates that matured in November 2023, which fair value represented an asset of $15 in 2022. During December 2021, Cemex partially unwound its interest rate swap receiving, $3 recognized within “Financial income and other items, net” in the statement of income. For the years 2023, 2022 and 2021 until their settlement, changes in the fair value of these contracts generated losses of $15 and gains of $3 and $15, respectively, recognized in other comprehensive income. Moreover, during the same periods, Cemex recycled results from equity to the “Financial expenses” line item representing gains of $18 in 2023, $7 in 2022 and expenses of $0.3 in 2021. IV. Fuel price hedging As of December 31, 2023 and 2022, Cemex maintained swap and option contracts negotiated to hedge the price of certain fuels in several operations, primarily diesel and gas, for aggregate notional amounts of $110 and $136, respectively, with an estimated aggregate fair value representing assets of $1 in 2023 and of $8 in 2022. By means of these contracts, for its own consumption only, Cemex either fixed the price of these fuels, or entered into option contracts to limit the prices to be paid for 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 2023, 2022 and 2021, changes in fair value of these contracts recognized in other comprehensive income represented losses of $6, losses of $25 and gains of $22, respectively. Moreover, during the same periods, Cemex recycled results from equity to the line items of “Cost of sales” and “Operating expenses,” as applicable, representing losses of $7 in 2023, gains of $88 in 2022 and $36 in 2021. In addition, as of December 31, 2023, Cemex held Brent Oil call spreads with a notional of $122, intended economically to mitigate the exposure over a portion of the diesel cost implicit in Cemex’s distribution expense. Changes in the fair value of these contracts are recognized directly in the statement of income as part of “Financial income and other items, net” which resulted in losses of $1 in 2023. V. Foreign exchange options As of December 31, 2023 and 2022, Cemex held Dollar/Peso call spread option contracts for a notional amount of $300 and $500, respectively. Such contracts mature between June 2025 and December 2025 and were negotiated to maintain the value in Dollars over an equivalent amount of revenue generated in Pesos. Changes in the fair value of these instruments generated losses of $18 in 2023, $13 in 2022 and $5 in 2021, recognized within “Financial income and other items, net” in the statement of income. 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 sold 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, petroleum coke, carbon slags, gypsum and other industrial materials which are commonly used by Cemex in the production process, and expose Cemex to variations in prices of the underlying commodities. To manage this and other risks, such as credit risk, interest rate risk, foreign exchange risk, equity risk and liquidity risk, considering the guidelines set forth by the Parent Company’s Board of Directors, which represent Cemex’s risk management framework and that are supervised by several Committees, Cemex’s management establishes specific policies that determine strategies oriented to obtain natural hedges to the extent possible, such as avoiding customer concentration on a determined market or aligning the currencies portfolio in which Cemex incurred its debt, with those in which Cemex generates its cash flows. As of December 31, 2023 and 2022, 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, 2023 and 2022, 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 that analyzes the creditworthiness of each new client individually before offering the general conditions of payment terms and delivery. The review includes external ratings, when references are available, and in, some cases, bank references. Thresholds of purchase limits are established for each client, which represent the maximum purchase amounts that require different levels of approval. Customers who do not meet the levels of solvency requirements imposed by Cemex can only carry out transactions by paying cash in advance. As of December 31, 2023, considering Cemex’s best estimate of potential expected losses based on the ECL model developed by Cemex (note 10), the allowance for expected credit losses was $90. Interest rate risk Interest rate risk is the risk that a financial instrument’s fair value or future cash flows will fluctuate because of changes in market interest rates, which only affects Cemex’s results if the fixed-rate long-term debt is measured at fair value. Cemex’s fixed-rate long-term debt is carried at amortized cost and therefore is not subject to interest rate risk. Cemex’s exposure to the risk of changes in market interest rates relates primarily to its long-term debt obligations with floating interest rates, which, if such rates were to increase, may adversely affect its financing cost and the results for the period. Additionally, there is an opportunity cost for continuing to pay a determined fixed interest rate when the market rates have decreased, and the entity may obtain improved interest rate conditions in a new loan or debt issuance. Cemex manages its interest rate risk by balancing its exposure to fixed and floating rates while attempting to reduce its interest costs. Cemex could renegotiate the conditions or repurchase the debt, particularly when the net present value (“NPV”) of the estimated future benefits from the interest rate reduction is expected to exceed the cost and commissions that would have to be paid in such renegotiation or repurchase of debt. As of December 31, 2023 and 2022, 26% and 21%, respectively, of Cemex’s long-term debt was denominated in floating rates at a weighted-average interest rate of SOFR plus 95 basis points in 2023 and LIBOR plus 148 basis points in 2022. These figures reflect the effect of interest rate swaps held by Cemex during 2023 and 2022. As of December 31, 2023 and 2022, if interest rates at that date had been 0.5% higher, with all other variables held con |
Other Current and Non-current L
Other Current and Non-current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Other Current and Non-current Liabilities | 18) OTHER CURRENT AND NON-CURRENT 18.1) OTHER CURRENT LIABILITIES As of December 31, 2023 and 2022, consolidated other current liabilities were as follows: 2023 2022 Other accounts payable and accrued expenses 1 $ 656 560 Provisions 2 492 276 Contract liabilities with customers (note 3) 3 384 293 Interest payable 88 96 $ 1,620 1,225 1 Other accounts payable and accrued expenses mainly refer to accrued fixed and variable employee benefits, insurance payments and accruals for public services. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. 2 Current provisions are detailed by concept in note 18.2 below. 3 As of December 31, 2023 and 2022, contract liabilities with customers included $339 and $253, respectively, of advances received from customers, as well as in 2023 and 2022 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 in both years. Note 3 includes the changes during the period of this caption. 18.2) OTHER NON-CURRENT As of December 31, 2023 and 2022, consolidated other non-current 2023 2022 Asset retirement obligations 1 $ 470 465 Environmental liabilities 2 250 233 Accruals for legal assessments and other responsibilities 3 100 83 Non-current 15 2 Other non-current 4 329 282 $ 1,164 1,065 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 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. 3 Provisions for legal claims and other responsibilities include items related to tax contingencies. 4 As of December 31, 2023 and 2022, the balance includes deferred revenues of $22 and $27, respectively, that are amortized to the statement of income as deliverables are fulfilled over the maturity of long-term clinker supply agreements. Changes in consolidated non-current 2023 Asset Environmental Accruals for legal Valuation of Other liabilities Total 2022 Balance at beginning of period $ 509 276 85 50 421 1,341 1,539 Additions or increase in estimates 64 11 49 169 239 532 270 Releases or decrease in estimates (58 ) (15 ) (34 ) (123 ) (84 ) (314 ) (486 ) Business combinations – – – – – – 6 Accretion expense 30 – 1 – 11 42 32 Foreign currency translation 28 7 4 (1 ) 17 55 (20 ) Balance at end of period $ 573 279 105 95 604 1,656 1,341 Out of which: Current provisions $ 103 29 5 80 275 492 276 Other non-current 470 250 100 15 329 1,164 1,065 |
Pensions and Post-Employment Be
Pensions and Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Pensions and other 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, 2023, 2022 and 2021 were $64, $59 and $54, 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, 2023, 2022 and 2021, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2023 2022 2021 2023 2022 2021 2023 2022 2021 Recorded in operating costs and expenses Service cost $ 7 8 9 4 4 3 11 12 12 Past service cost – 1 – – – – – 1 – Settlements, curtailments and other changes (10 ) – (1 ) (1 ) – (1 ) (11 ) – (2) (3 ) 9 8 3 4 2 – 13 10 Recorded in other financial expenses Net interest cost 36 23 26 8 6 5 44 29 31 Recorded in other comprehensive income Actuarial losses (gains) for the period 46 (166 ) (257 ) (1 ) (10 ) (6 ) 45 (176 ) (263) $ 79 (134 ) (223 ) 10 – 1 89 (134 ) (222) As of December 31, 2023 and 2022, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2023 2022 2023 2022 2023 2022 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 1,811 2,685 92 98 1,903 2,783 Service cost 7 8 4 4 11 12 Interest cost 101 66 8 6 109 72 Actuarial losses (gains) 30 (632 ) (1 ) (10 ) 29 (642) Initial valuation from new plan – 13 – – – 13 Reduction from disposal of assets – (6 ) – – – (6) Settlements and curtailments (2 ) – – – (2 ) – Plan amendments (10 ) 1 (1 ) – (11 ) 1 Benefits paid (122 ) (130 ) (8 ) (7 ) (130 ) (137) Foreign currency translation 94 (194 ) 7 1 101 (193) Projected benefit obligation at end of the period 1,909 1,811 101 92 2,010 1,903 Change in plan assets: Fair value of plan assets at beginning of the period 1,207 1,783 1 1 1,208 1,784 Return on plan assets 65 43 – – 65 43 Actuarial losses (16 ) (466 ) – – (16 ) (466) Employer contributions 97 96 8 7 105 103 Initial valuation from new plan – 13 – – – 13 Settlements (2 ) – – – (2 ) – Benefits paid (122 ) (130 ) (8 ) (7 ) (130 ) (137) Foreign currency translation 44 (132 ) 1 – 45 (132) Fair value of plan assets at end of the period 1,273 1,207 2 1 1,275 1,208 Net projected liability in the statement of financial position $ 636 604 99 91 735 695 For the years 2023, 2022 and 2021, actuarial (gains) losses for the period were generated by the following main factors as follows: 2023 2022 2021 Actuarial (gains) losses due to experience $ 13 96 (87 ) Actuarial (gains) losses due to demographic assumptions (5 ) (2 ) 20 Actuarial (gains) losses due to financial assumptions 37 (270 ) (196 ) $ 45 (176 ) (263 ) In 2023, net actuarial losses due to financial assumptions were mainly driven by a decrease in the discount rates applicable to the calculation of the benefits’ obligations in the United Kingdom, the United States, Germany, Colombia and Poland. Moreover, the overall net actual asset performances in most countries were less than the expected returns for a total of $16, of which $31 refers to the United Kingdom, partially offset by a higher performance than expected in Mexico of $12 and the United States of $8. In addition, there was an increase effect in the net projected liability related to adjustments due to experience for $13, mainly in the United Kingdom and Germany. In 2022, net actuarial gains due to financial assumptions were driven by a general increase in the discount rates applicable to the calculation of the benefits’ obligations in the United Kingdom, the United States, Germany, and Mexico, partially offset by actual returns in plan assets lower than estimated for a total of $466, of which $373 refers to the United Kingdom, $52 to the United States and $19 to Mexico. In addition, there were significant increase effects in the net projected liability related to adjustments due to experience for $96, mainly in the United Kingdom for $77 and Germany for $13. In addition, the net actuarial gains were also driven by a gain in demographic assumptions of $2. In 2021, net actuarial gains due to financial assumptions were mainly driven by increases in the discount rates in the United Kingdom, the United States, Germany and Mexico. In addition, there were significant reduction effects in the net projected liability related to adjustments due to experience in the United Kingdom, the United States and Germany for a combined amount of $81. Moreover, the net projected liability significantly decreased by actual returns in plan assets higher than estimated returns for a total of $122, of which $86 refers to the United Kingdom, $13 to the United States and $23 to other countries, partially offset by actuarial losses due to demographic assumption of $20, of which $12 refers to the United Kingdom. As of December 31, 2023 and 2022, based on the hierarchy of fair values, plan assets are detailed as follows: 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 24 – – 24 $ 38 – – 38 Investments in corporate bonds 11 391 – 402 7 289 – 296 Investments in government bonds 114 209 – 323 90 266 – 356 Total fixed-income securities 149 600 – 749 135 555 – 690 Investment in marketable securities 179 43 – 222 226 42 – 268 Other investments and private funds 70 33 201 304 91 42 117 250 Total variable-income securities 249 76 201 526 317 84 117 518 Total plan assets $ 398 676 201 1,275 $ 452 639 117 1,208 The most significant assumptions used in the determination of the benefit obligation were as follows: 2023 2022 Mexico United States United Kingdom Range of rates in other countries Mexico United States United Kingdom Range of rates in other countries Discount rates 10.50 % 5.20% 4.70% 3.1% – 11.0% 10.50% 5.50% 5.00% 3.6% – 13.0% Rate of return on plan assets 10.50 % 5.20% 4.70% 3.1% – 11.0% 10.50% 5.50% 5.00% 3.6% – 13.0% Rate of salary increases 4.50 % – 3.10% 2.5% – 7.3% 4.50% – 3.25% 2.5% – 7.3% As of December 31, 2023, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2024 $ 173 2025 149 2026 151 2027 148 2028 – 2033 882 As of December 31, 2023 and 2022, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2023 2022 PBO Assets Deficit PBO Assets Deficit Mexico $ 253 44 209 $ 220 25 195 United States 184 188 (4 ) 194 166 28 United Kingdom 1,129 821 308 1,062 791 271 Germany 141 6 135 134 6 128 Other countries 303 216 87 293 220 73 $ 2,010 1,275 735 $ 1,903 1,208 695 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, 2023 and 2022, the projected benefits obligation related to these benefits was $57 and $60, respectively, included within other benefits liability. The medical inflation rates used to determine the projected benefits obligation of these benefits in 2023 and 2022 for Mexico were 8% in both years, for Puerto Rico 6.6% and 5.4%, respectively, for the United Kingdom were 6.6% and 6.8%, respectively, and for TCL was a rate range between 5.0% and 9.0% and 5.0% and 13.0%, respectively. Significant events of settlements or curtailments related to employees’ pension benefits and other post-employment benefits during the reported periods In 2023, as a result of an extension in the retirement age for the Company’s operations in Mexico, there was a reduction of $11 in the retirement obligations recognized against the statement of income for the period. Additionally, in France, there was a pension reform that increased the legal minimum retirement age, resulting in a total past service amendment of $1 in its pension plan recognized in the statement of income for the period. During 2022, there were no significant settlements or curtailments related to employees’ pension benefits and other post-employment benefits. In 2021, as an effect of a sale of assets in France (note 4.2), there was a curtailment gain of $1 in its pension plan recognized in the statement of income for the period. In addition, one of the participating companies in other postretirement benefits of TCL ceased operations in February 2021, resulting in a curtailment gain in other postretirement benefits of $1 reflected in the statement of income for the period. Sensitivity analysis of pension and other post-employment benefits As of December 31, 2023, 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 are shown below: Pensions Other benefits Total Assumptions: +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Discount Rate Sensitivity $ (95 ) 104 (4 ) 4 (99 ) 108 Salary Increase Rate Sensitivity 4 (4 ) 1 (1 ) 5 (5 ) Pension Increase Rate Sensitivity 73 (68 ) – – 73 (68 ) Multiemployer defined benefit pension plans In addition to the Company’s sponsored plans, Cemex contributes to union-sponsored multiemployer retirement defined benefit pension plans (the “Multiemployer Plans”) under the terms of collective bargaining agreements for certain union employees in the United States and the United Kingdom. The Company’s main risks of participating in Multiemployer Plans are different from its single-employer plans in the following aspects: a) Assets contributed to the Multiemployer Plans by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the Multiemployer Plans, the unfunded obligations of the Multiemployer Plans may be borne by the remaining participating employers; and c) If Cemex chooses to stop participating in the Multiemployer Plans, the Company may be required to pay the Multiemployer Plans an amount based on the underfunded status of the Multiemployer Plans, referred to as a withdrawal liability. 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 $20 in 2023, $21 in 2022 and $17 in 2021. The Company expects to contribute $21 to the Multiemployer Plans in 2024. Among other factors, Multiemployers Plans in the red zone (critical) are generally less than 65% funded, Multiemployers Plans in the yellow zone (endangered) are less than 80% funded and Multiemployers Plans in the green zone (neither critical and declining, critical, or endangered) are at least 80% funded. Over 99% of Cemex’s obligations and contributions under the Multiemployer Plans are related to the United States where 422 former employees are beneficiaries and where, according to data obtained from Multiemployer Plans actuary, most of the plans are considered to be in the green zone and one plan is in the yellow zone. As a result, the Company’s risk of increasing contributions is considered low. In the United Kingdom, the Multiemployer Plan, which covers only two of Cemex’ s |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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 income for 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Current income tax expense $ 1,147 170 172 Deferred income tax expense (benefit) 103 39 (35 ) $ 1,250 209 137 20.2) DEFERRED INCOME TAXES As of December 31, 2023 and 2022, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2023 2022 Deferred tax assets: Tax loss carryforwards and other tax credits $ 445 561 Accounts payable and accrued expenses 883 734 Intangible assets, net 192 140 Others 11 20 Total deferred tax assets, gross 1,531 1,455 Presentation of net position by same legal entity (1,168 ) (1,044 ) 363 411 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,470 ) (1,406 ) Investments and other assets (141 ) (32 ) Total deferred tax liabilities, gross (1,611 ) (1,438 ) Presentation of net position by same legal entity 1,168 1,044 Total deferred tax liabilities, net in the statement of financial position (443 ) (394 ) Net deferred tax assets (liabilities) $ (80 ) 17 Out of which: Net deferred tax assets (liabilities) in Mexican entities $ 67 (17 ) Net deferred tax assets (liabilities) in foreign entities (147 ) 34 Net deferred tax assets (liabilities) $ (80 ) 17 As of December 31, 2023 and 2022, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2023 2022 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 185 (118) 67 $ 168 (185) (17) Foreign entities 178 (325) (147) 243 (209) 34 $ 363 (443) (80) $ 411 (394) 17 The breakdown of changes in consolidated deferred income taxes during 2023, 2022 and 2021 was as follows: 2023 2022 2021 Deferred income tax expense (benefit) in the statement of income $ 103 39 (35) Deferred income tax (benefit) expense in stockholders’ equity (6 ) 14 (38) Reclassifications 1 – 7 78 Change in deferred income tax during the period $ 97 60 5 1 In 2022 and 2021, refers to the effects of the reclassification of balances to assets held for sale and related liabilities (note 4.2). Current and/or deferred income tax relative to items of other comprehensive income during 2023, 2022 and 2021 were as follows: 2023 2022 2021 Expense (benefit) related to foreign exchange fluctuations from intercompany balances (note 21.2) $ 5 – (6) Expense (benefit) associated to actuarial results (note 21.2) (5) 32 26 Benefit related to derivative financial instruments (note 17.4) (41) (30) (1) Expense (benefit) from foreign currency translation and other effects 35 12 (63) $ (6) 14 (44) As of December 31, 2023, consolidated tax loss and tax credits carryforwards expire as follows: Amount of carryforwards Amount of Amount of 2024 $ 29 29 – 2025 48 46 2 2026 141 131 10 2027 318 286 32 2028 and thereafter 7,591 5,839 1,752 $ 8,127 6,331 1,796 As of December 31, 2023, 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 $1,796 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, 2023, 2022 and 2021, the effective consolidated income tax rates were as follows: 2023 2022 2021 Earnings before income tax $ 1,449 770 954 Income tax expense (1,250 ) (209 ) (137) Effective consolidated income tax expense rate 1 86.3 % 27.1 % 14.4% 1 The average effective tax rate equals the net amount of income tax benefit or expense divided by income or loss before income taxes, as these line items are reported in the statements of income. Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to Cemex, among other factors, give rise to permanent differences between the statutory tax rate applicable in Mexico, and the effective tax rate presented in the consolidated statements of income, which in 2023, 2022 and 2021 were as follows: 2023 2022 2021 % $ % $ % $ Mexican statutory tax rate 30.0 435 30.0 231 30.0 280 Income tax penalties in Spain (note 20.4) 42.8 620 – – – – Difference between accounting and tax expenses, net 1 0.4 6 35.8 276 4.8 45 Non-taxable (1.2 ) (17 ) 3.4 26 (3.8 ) (35 ) Difference between book and tax inflation 8.3 120 28.2 217 23.9 223 Differences in the income tax rates in the countries where Cemex operates 2 7.1 103 (6.2 ) (48 ) 4.7 44 Changes in deferred tax assets 3 (3.9 ) (57 ) (59.7 ) (460 ) (48.7 ) (454 ) Changes in provisions for uncertain tax positions 0.1 1 (5.1 ) (39 ) 2.6 24 Others 2.7 39 0.7 6 0.9 10 Effective consolidated income tax expense rate 86.3 1,250 27.1 209 14.4 137 1 In 2022, it includes $365, related to the effects of the impairment charges during the period which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% and the applicable income tax rates of each country where Cemex operates. In 2021, it includes the effect related to the change in statutory tax rate in Colombia from 30% to 35%. 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 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, 2023 and 2022: 2023 2022 Changes in the statement of position Amounts in Changes in the statement of position Amounts in Tax loss carryforwards generated and not recognized during the year $ – 45 – 38 Derecognition related to tax loss carryforwards recognized in prior years (125) – (103) – Recognition related to unrecognized tax loss carryforwards 12 (105) 16 (498) Foreign currency translation and other effects (3) 3 (14) – Changes in deferred tax assets $ (116) (57) (101) (460) 20.4) UNCERTAIN TAX POSITIONS AND SIGNIFICANT TAX PROCEEDINGS Uncertain tax positions As of December 31, 2023 and 2022, as part of current provisions and non-current A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, excluding interest and penalties, is as follows: 2023 2022 2021 Balance of tax positions at beginning of the period $ 41 48 27 Additions for tax positions of prior periods 34 5 4 Additions for tax positions of current period 3 5 27 Reductions for tax positions related to prior periods and other items (1 ) (11 ) (2) Settlements and reclassifications – (4 ) (5) Expiration of the statute of limitations (2 ) (2 ) (2) Foreign currency translation effects 3 – (1) Balance of tax positions at end of the period $ 78 41 48 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 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, 2023, the Company’s most significant tax proceedings are as follows: • The tax authorities in Spain (“the Spanish Tax Authorities”) challenged part of the tax loss carryforwards reported by Cemex España, S.A. (“Cemex España”) covering the tax years from and including 2006 to 2009. During 2013, the Spanish Tax Authorities notified Cemex España of fines for an aggregate amount of $503 as of December 31, 2023, even though Cemex España did not utilize these losses, and since 2012, were not recognized in the financial statements of Cemex España. After several processes, reviews and appeals with a variety of authorities over the years, on November 13, 2023, the Supreme Court of Spain resolved a cassation appeal against Cemex España. As a result, once Cemex España is formally notified about the payment obligation, Cemex España will have to pay the described fines. As of December 31, 2023, Cemex España expects to pay the fines during 2024. Cemex España disagrees with the resolution and is evaluating the next steps, including the potential filing of an appeal with the Constitutional Court in Spain. For the year 2023, Cemex recognized an income tax expense and accrued a provision for $503, based on its estimate, and expects to settle the liability during the first half of 2024. Cemex has liquidity sources available to meet this obligation. • On March 26, 2021, the Spanish Tax Authorities notified Cemex España of an assessment for income taxes in an amount in Euros equivalent to $53 as of December 31, 2023, plus late interest, derived from a tax audit process covering the tax years 2010 to 2014. This assessment was appealed before the Tribunal Econ ó mico Administrativo Central • In connection with the tax return for the year 2012, the Colombian Tax Authority (the “Colombian Tax Authority”) assessed an increase in the income tax payable by Cemex Colombia S.A. (“Cemex Colombia”) and imposed an inaccuracy penalty for amounts in Colombian Pesos equivalent to $32 of income tax and $32 of penalty. After several procedures and appeals, in 2021, Cemex Colombia filed an appeal 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, 2023, Cemex considers that an adverse resolution in this proceeding after the 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. If adversely resolved, Cemex believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of Cemex. • In connection with the tax return for the year 2011, the Colombian Tax Authority notified Cemex Colombia of a proceeding in which it rejected certain deductions and determined an increase in the income tax payable and imposed a penalty for amounts in Colombian Pesos equivalent to $22 of income tax and $22 of penalty. After several procedures and appeals, in 2020, the Colombian Tax Authority confirmed the claims of the official liquidation, and this was then appealed 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, 2023, Cemex considers that an adverse resolution in this proceeding after the 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. If adversely resolved, Cemex believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of Cemex. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,699 6,086 Other equity reserves 1, 2 (363 ) 1,576 Retained earnings 2 4,428 4,102 Total controlling interest $ 11,764 11,764 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 to the method of accruing Dollars using the exchange rates of each month during the period for statement of income purposes. The cumulative effect of these changes in exchange rates is recognized against other equity reserves. As of December 31, 2023 and 2022, stockholders’ equity excludes investments in CPOs of the Parent Company held by subsidiaries of $16 (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, 2023 and 2022, the breakdown of consolidated common stock and additional paid-in 2023 2022 Common stock $ 318 318 Additional paid-in 7,381 7,492 $ 7,699 7,810 As of December 31, 2023 and 2022, the common stock of Cemex, S.A.B. de C.V. was presented as follows: 2023 2022 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,016,656,496 14,508,328,248 29,016,656,496 14,508,328,248 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 – – 441,284,956 220,642,478 29,898,099,326 14,949,049,663 30,339,384,282 15,169,692,141 1 As of December 31, 2023 and 2022, 13,068,000,000 shares correspond to the fixed portion, and 31,779,148,989 shares in 2023 and 32,441,076,423 shares in 2022 correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of Cemex, S.A.B. de C.V.’s capital stock; Series “B” or free subscription shares must represent at most 36% of Cemex, S.A.B. de C.V.’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Parent Company’s shareholders (note 21.2). On March 23, 2023, stockholders at the general ordinary shareholders’ meeting of Cemex, S.A.B. de C.V. approved: (a) to set the amount of $500 or its equivalent in Pesos, as the maximum amount of resources that during fiscal year 2023, and until the next general ordinary shareholders’ meeting is held, Cemex, S.A.B. de C.V. may use for the acquisition of its own shares or securities that represent such shares; (b) authorize the Parent Company’s Board of Directors to determine the bases on which the acquisition and placement of said shares shall be instructed, designate the persons that shall make the decisions to acquire or place them, appoint those responsible for carrying out the transaction and giving the corresponding notices to the authorities; and (c) to decrease Cemex, S.A.B. de C.V.’s capital stock, in its variable part, through the cancellation of 662 million of own, ordinary, nominative and without nominative value expression shares, which were acquired through the share buyback program in fiscal year 2022. On March 24, 2022, stockholders at the general ordinary shareholders’ meeting of Cemex, S.A.B. de C.V. approved: (a) setting an amount of $500 or its equivalent in Pesos as the maximum amount of resources through the year 2022 and until the next general ordinary shareholders’ meeting of the Parent Company that Cemex, S.A.B. de C.V. may use for the acquisition of its own shares or securities that represent such shares; (b) authorize the Parent Company’s Board of Directors to determine the bases on which the acquisition and placement of any such shares shall be instructed, designate the persons that shall make the decisions to acquire or place them, appoint those responsible for carrying out the transaction and giving the corresponding notices to the authorities; and (c) designation of the members of Cemex, S.A.B. de C.V.’s Board of Directors, as well as members of the Audit, Corporate Practices and Finance, and Sustainability Committees. On March 25, 2021, stockholders at the general ordinary shareholders’ meeting of Cemex, S.A.B. de C.V. approved: (a) setting the amount of $500 or its equivalent in Pesos as the maximum amount of resources through year 2021 and until the next general ordinary shareholders’ meeting of the Parent Company is held for the acquisition of its own shares or securities that represent such shares; (b) the decrease of the variable part of the Parent Company’s share capital through the cancellation of (i) 1,134 million shares repurchased during the 2020 fiscal year, under the share repurchase program and (ii) an aggregate of 3,409.5 million shares that were authorized to guarantee the conversion of then existing convertible securities, as well as for any new issuance of convertible securities and/or to be subscribed and paid for in a public offering or private subscription; and (c) the appointment of the members of the Board of Directors, the Audit Committee, the Corporate Practices and Finance Committee (which reduced its members from four to three) and the Sustainability Committee of the Parent Company. In 2023 and 2022, Cemex, S.A.B. de C.V. did not issue shares in connection with its executive share-based compensation programs (note 22). 21.2) OTHER EQUITY RESERVES AND SUBORDINATED NOTES As of December 31, 2023 and 2022, the caption of other equity reserves and subordinated notes was integrated as follows: 2023 2022 Other equity reserves $ (2,349 ) (2,549) Subordinated notes 1,986 994 $ (363 ) (1,555) Other equity reserves As of December 31, 2023 and 2022, other equity reserves are detailed as follows: 2023 2022 Cumulative translation effect, tax effects from deferred income taxes recognized directly in equity (note 20.2) and derivative financial instruments designated as cash flow hedges $ (672 ) (926) Cumulative actuarial losses (398 ) (353) Cumulative coupon payments under perpetual debentures (note 21.4) (1,070 ) (1,070) Cumulative coupon payments under subordinated notes (204 ) (84) Cancellation of treasury shares by shareholders’ resolution (note 21.1) – (111) Other effects (5 ) (5) $ (2,349 ) (2,549) For the years ended December 31, 2023, 2022 and 2021, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2023 2022 2021 Foreign currency translation result 1 $ 356 (235 ) (476) Foreign exchange fluctuations from debt 2 (28 ) (23 ) 89 Foreign exchange fluctuations from intercompany balances 3 (73 ) (68 ) (13) $ 255 (326 ) (400) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in the fair value of foreign exchange forward contracts designated as a 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 28.3). 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. Subordinated notes On March 14, 2023, the Parent Company issued one series of $1,000 of its 9.125% subordinated notes (the “2023 Subordinated Notes”). After issuance costs, the Parent Company received $992. The 2023 Subordinated Notes are aligned with the GFF and the net proceeds obtained in the issuance should be applied to finance, in whole or in part, one or more new or existing Eligible Green Projects (“EGPs”) under its use-of-proceeds eco-efficient On June 8, 2021, the Parent Company issued $1,000 of its 5.125% subordinated notes (the “2021 Subordinated Notes”). After issuance costs, the Parent Company received $994. The net proceeds obtained were used to repurchase in full the balance then outstanding of perpetual debentures issued by subsidiaries (note 21.4) and the repayment of debt. Under the 2023 Subordinated Notes and the 2021 Subordinated Notes (jointly the “Subordinated Notes”), which do not have a maturity or repayment date or mandatory redemption date, interest may be deferred indefinitely at the sole discretion of the Parent Company. In addition, the Subordinated Notes: (i) are not redeemable at the option of the holders of the Subordinated Notes (the “Noteholders”), (ii) do not have the benefit of standard debt covenants, and (iii) do not include an event of default relating to a payment or covenant default with respect to any indebtedness of Cemex. Moreover, the Parent Company is in control of all instances that may lead to the repayment of the Subordinated Notes, including Cemex’s repurchase option on the fifth anniversary of each issuance, the specific redemption events as well as those under a reorganization or bankruptcy event under the applicable laws. In the hypothetical event of liquidation of the Parent Company, the Noteholders would have a claim on any residual net assets available after all liabilities have been settled; therefore, the Noteholders have no assurance of collecting the principal amounts of the Subordinated Notes or any deferred accrued interest, if any. Based on the above characteristics of the Subordinated Notes, included in contractual terms that are considered to be substantive, and legal considerations, under IAS 32, Financial Instruments: Presentation • The Subordinated Notes do not meet the definition of financial liability under IAS 32 considering that they include no contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the issuer. This is because: ◾ The Noteholders have agreed to the deferral of interest and principal, given that, the Parent Company has the unilateral and unconditional right to perpetually defer the payment of principal and interest; ◾ The Parent Company controls at all times any payments to be made to the Noteholders, even in the event of bankruptcy under either the laws of Mexico ( Ley de Concursos Mercantiles ◾ The Subordinated Notes contractually evidence a residual interest in the assets of the Parent Company after deducting all of its liabilities. The only requirement to settle the Notes would be in liquidation, which is akin to an equity instrument under IAS 32. Coupon payments on the Subordinated Notes were included within “Other equity reserves” and amounted to $120 in 2023, $54 in 2022 and $30 in 2021. 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 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, 2023 and 2022, there is a non-controlling • As of December 31, 2023 and 2022, there was a non-controlling • Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2023 and 2022, there was a non-controlling Perpetual debentures In June 2021, considering the issuance of the 2021 Subordinated Notes described above, Cemex repurchased its then outstanding perpetual debentures of $449. Cemex’s perpetual debentures had no fixed maturity date and there were 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 by consolidated entities, qualified as equity instruments under IAS 32 and were classified within non-controlling Until their repurchase, coupon payments on the perpetual debentures were included within “Other equity reserves” and amounted to $11 in 2021. |
Executive Share-Based Compensat
Executive Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Executive Share-Based Compensation | 22) EXECUTIVE SHARE-BASED COMPENSATION Stock-based awards granted to executives are defined as equity instruments, considering that the services received from employees are settled by delivering shares. The cost of these equity instruments represents their estimated fair value at the grant date of each plan and is recognized in the statement of income during the periods in which the executives render services and vest the exercise rights. Cemex, S.A.B. de C.V. sponsors different long-term restricted share-based compensation programs for a wide range of executives. For eligible executives, stock-based compensation represents a fixed percentage of such executive’s annual compensation (the “Stock Bonus”). This Stock Bonus was paid in the Parent Company’s CPOs until December 31, 2023 and will be paid in the Parent Company’s ADSs beginning January 1, 2024, considering certain management improvements that do not affect employees, and which number is determined on the award date by reference to the Stock Bonus amount and the stock market price of such award date (i.e., once the number of shares is determined, such number is fixed and will not change as a result of changes in the stock market price). Under our long-term share-based compensation programs, the Company sponsors a program oriented to our top management, which is subject to internal and external performance metrics and rendering of services over a three-year period (the “Performance Plan”), and another program for key executives and key performers, which is subject only to the passage of time and rendering of services over a four-year period (the “Ordinary Plan” together with the Performance Plan, the “Share-Based Compensation Programs”). Shares awarded under the Ordinary Plan are initially restricted for sale and are proportionately released to the executives as services are rendered at the end of each year at a 25% rate over a four-year period, to the extent they remain in the Company at each settlement date. Once the executive is no longer employed by the Company, any shares awarded under the Ordinary Plan are forfeited. The Performance Plan, depending on their weighted achievement, may result in a final payout at the end of the third year between 0% and 200% of the target for each award. The fair value of the awards under the Performance Plan is determined using an option pricing model. For the years 2023, 2022 and 2021, the changes in connection with the Share-Based Compensation Programs were as follows: ADSs equivalents delivered (thousands) Plan Target number of ADSs (thousands) ADS price at award’s date 1 Fair value (%) Fair value (millions) 2023 2022 2021 ADSs Forfeited (thousands) ADSs Outstanding (thousands) 2 Performance Plans 2018 1,521.9 $ 6.3 149% 14.3 – – 2,368.4 61.4 – 2019 2,303.0 $ 4.4 130% 13.2 – 3,062.8 – 57.7 – 2020 4,146.0 $ 2.3 155% 14.8 8,448.2 – – – – 2021 1,227.2 $ 8.0 150% 14.7 – – – – 1,840.8 2022 2,403.6 $ 4.3 149% 15.4 – – – – 3,571.7 2023 2,825.4 $ 6.4 145% 26.1 – – – – 4,094.1 Ordinary Plans 2017 2,704.4 $ 8.9 100% 23.9 – – 19.1 103.9 – 2018 5,304.2 $ 6.5 100% 34.5 – – 968.7 139.2 – 2019 8,048.2 $ 4.7 100% 37.5 42.4 1,521.4 1,725.0 118.3 – 2020 11,162.2 $ 2.5 100% 28.1 2,293.0 2,370.9 2,617.6 253.7 – 2021 5,716.6 $ 7.2 100% 41.3 1,442.7 1,465.6 1,634.6 39.3 1,232.2 2022 9,483.0 $ 4.9 100% 46.0 2,450.5 2,499.8 – 22.4 4,468.8 2023 6,531.9 $ 5.9 100% 38.4 1,765.0 – – – 4,766.8 16,441.8 10,920.5 9,333.4 795.9 19,974.4 1 Average ADS price of the awards at the date of grant. 2 Until the final payout of the Performance Plans is determined after the conclusion of the three-year period for award, the number of ADSs outstanding assumes a payout considering the same percentage determined by the option pricing model. Until December 31, 2022, under the Share-Based Compensation Programs, those eligible executives belonging to the operations of CLH and subsidiaries received shares of CLH, significantly sharing the same conditions of Cemex, S.A.B. de C.V.’s plans. During 2022 and 2021, executives received 813,980 shares and 713,927 shares, respectively, held in CLH’s treasury, corresponding to shares without restriction for sale. Beginning in 2023, CLH’s executives receive Cemex CPO awards. In addition, those eligible executives belonging to the operations of CHP and subsidiaries receive shares of CHP, significantly sharing the same conditions of Cemex, S.A.B. de C.V.’s plans. During 2023, 2022 and 2021, executives received 1,516,657, 19,177,703 and 16,511,882 CHP’s shares, respectively, corresponding to shares without restriction for sale. The combined compensation expense related to the Share-Based Compensation Programs described above as determined considering the fair value of the awards at the date of grant in 2023, 2022 and 2021, was recognized in the operating results of each subsidiary where the executives render services against other equity reserves and amounted to $61 in 2023, $52 in 2022 and $42 in 2021. The required Parent Company’s CPOs delivered to the executives to meet the Company’s awards are either newly issued or purchased, at the Company’s election. For these purposes, an external trust in which the executives are beneficiaries may receive funding from Cemex to incur these purchases from time to time. Upon issuance of newly issued CPOs, the Parent Company recycles the fair value of the stock from other equity reserves to additional paid-in |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Earnings (Loss) Per Share | 23) EARNINGS (LOSS) PER SHARE Basic earnings (loss) 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 (loss) 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 anti-dilution. The amounts considered for calculations of earnings (loss) per share in 2023, 2022 and 2021 were as follows: 2023 2022 2021 Denominator (thousands of shares) Weighted-average number of shares outstanding – basic 43,510,758 43,554,921 44,123,654 Effect of dilutive instruments – share-based compensation (note 22) 1 599,229 793,322 729,292 Weighted-average number of shares – diluted 44,109,987 44,348,243 44,852,946 Numerator Net income from continuing operations $ 199 561 817 Less: non-controlling 17 27 25 Controlling interest net income from continuing operations $ 182 534 792 Net income (loss) from discontinued operations $ – 324 (39 ) Controlling interest basic earnings (loss) per share Controlling interest basic earnings per share $ 0.0042 0.0197 0.0171 Controlling interest basic earnings per share from continuing operations 0.0042 0.0123 0.0180 Controlling interest basic earnings (loss) per share from discontinued operations – 0.0074 (0.0009 ) Controlling interest diluted earnings (loss) per share Controlling interest diluted earnings per share $ 0.0041 0.0193 0.0168 Controlling interest diluted earnings per share from continuing operations 0.0041 0.0120 0.0177 Controlling interest diluted earnings (loss) per share from discontinued operations – 0.0073 (0.0009 ) 1 Number of the Parent Company’s shares to be potentially issued under the Share- Based |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
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Commitments | 24) COMMITMENTS 24.1) CONTRACTUAL OBLIGATIONS As of December 31, 2023, Cemex had the following contractual obligations: 2023 Obligations Less than 1 year 1-3 years 3-5 years More than 5 years Total Long-term debt $ 25 1,614 1,734 2,902 6,275 Leases 1 340 493 282 509 1,624 Total debt and other financial obligations 2 365 2,107 2,016 3,411 7,899 Interest payments on debt 3 369 595 464 393 1,821 Pension plans and other benefits 4 173 300 296 734 1,503 Acquisition of property, plant and equipment 5 286 155 – – 441 Purchases of services, raw materials, fuel and energy 6 674 1,043 643 611 2,971 Total contractual obligations $ 1,867 4,200 3,419 5,149 14,635 1 Represent nominal cash flows. As of December 31, 2023, the NPV of future payments under the Company’s lease contracts was $1,258, of which, $325 refers to payments from 1 to 3 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, 2023. 4 Represents estimated annual payments under these benefits for the next ten 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. In addition, includes a contractual commitment with Neoris over a 5-year 24.2) OTHER COMMITMENTS As of December 31, 2023 and 2022, 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: • On February 8, 2022, Cemex renewed or entered into new agreements with six service providers in the fields of data processing services (back office) in finance, accounting and human resources; as well as Information Technology (“IT”) infrastructure services, support and maintenance of IT applications in the countries in which Cemex operates, for a tenure of five to seven years at an average annual cost of $60. These contracts replaced the agreements Cemex maintained with IBM, which expired on August 31, 2022. • 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 $26 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. • Beginning in February 2010, for its overall electricity needs in Mexico, Cemex agreed with EURUS to purchase a portion of the electric energy generated for 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 $78 if Cemex receives all its energy allocation. Nonetheless, energy supply from wind sources 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 $183 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 to the above, Cemex also committed to supply TEG and another third-party electrical • 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 by 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 statements of income as a part of the costs of energy. During 2023, the Company received $3. Cemex, S.A.B. de C.V. does not record this agreement at fair value since there is no 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, 2023, in particular plans, Cemex has established stop-loss limits for continued medical assistance derived from a specific cause (e.g., an automobile accident, illness, etc.) ranging for a total limit of 550 thousand Dollars. In other plans, Cemex has established stop-loss limits per employee regardless of the number of events for a total cost of 2.5 million Dollars. The contingency for Cemex if all employees qualifying for health care benefits required medical services simultaneously is significant. However, Cemex believes this scenario is remote. The amount expensed through self-insured health care benefits was $72 in 2023, $64 in 2022 and $59 in 2021. 24.4) CLIMATE CHANGE AND COMMITMENTS FOR THE REDUCTION OF CARBON DIOXIDE (“CO 2 The cement industry releases CO 2 2 2 2 Cemex has an agenda of medium-term and long-term initiatives aiming at significantly reducing its CO 2 pre-industrial 2 2 2 net-zero To meet Cemex’s 2030 targets, the objectives have an impact that ranges from -10% 2 roll-out 2 Furthermore, to achieve the net-zero 2 start-ups, 2 As of the reporting date, there are no internal plans or commitments with local authorities to shut down operating assets due to climate change issues or concerns. For the years ended December 31, 2023, 2022 and 2021, the Company’s other expenses, net, in the statement of income, include expenses and losses associated with severe weather conditions of $3, $1 and $5, respectively, mainly related with winter storms in the United States in 2023, Hurricane Ian in 2022 and storms in Texas in 2021. As of December 31, 2023, Cemex does not expect additional investments, expenses, or losses in connection with these events of nature. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2023 | |
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Legal Proceedings | 25) LEGAL PROCEEDINGS 25.1) PROVISIONS RESULTING FROM LEGAL PROCEEDINGS Cemex is involved in various significant legal proceedings, the adverse resolutions 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 expenditures over the amounts recorded. As of December 31, 2023, the details of the most significant events giving effect to provisions or losses are as follows: • As of December 31, 2023, Cemex 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 $208. 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, 2023, Cemex accrued environmental remediation liabilities through its subsidiaries in the United States for $45, 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 more than 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 $61, 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 a loss of profits of $0.70 and a cost of backfilling the quarry of $14 and stated that the damages suffered by SCI could only be set based on the loss of profits. • In 2020, Cemex had accrued a provision through its subsidiaries in France for $1 in connection with the best estimate of the remediation costs resulting from this claim. On November 23, 2022, the court handed down its decision to confirm the final report issued by the expert and determined that the damages of SCI were set at $0.70. SCI filed a notice of appeal before the Court of Cassation on February 20, 2023 and the Court of Cassation’s decision is expected to be issued in 2024. As of December 31, 2023, 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, 2023, the most significant contingencies with a quantification of the potential loss, when it is determinable and would not impair the outcome of the relevant proceeding, were as follows: • The European Commission has inspected Cemex’s offices in France and requested certain information relating to the business in France in the construction chemicals sector, which includes chemical admixtures and additives for use in concrete, cement and related construction products. Cemex is fully cooperating with the authorities conducting this investigation. The fact that this investigation is being conducted does not mean that the European Commission has concluded that Cemex has violated the law. As of December 31, 2023, due to the early stages of this investigation, Cemex is not able to assess the likely outcome of the investigation as it relates to us or whether it would have a material adverse impact on our results of operations, liquidity and financial condition. • Cemex’s operations in the United States received a grand jury subpoena issued by the Department of Justice (the “DOJ”) in connection with an investigation of possible antitrust law violations in the cement additives and concrete admixtures sector. Cemex is fully cooperating with the authorities conducting this investigation. The fact that this investigation is being conducted does not mean that the DOJ has concluded that Cemex has violated the law. As of December 31, 2023, due to the early stages of this investigation, we are not able to assess the likely outcome of the investigation as it relates to us or whether it would have a material adverse impact on our results of operations, liquidity and financial condition. • In August 2020, an individual filed a class action lawsuit ( Acción de Grupo • On October 1, 2019, SEMARNAT published the basis for a trial emissions trading program. The pilot phase of the trial program concluded on December 31, 2021, and was followed by a 12-month • As of December 31, 2023, levies in effect in several Mexican states on the extraction of raw materials range from an amount to $0.67 Dollars to $9.17 Dollars per m3 and levies on GHG emissions range from $2.5 Dollars to $34.2 Dollars per ton. As of December 31, 2023, Cemex has filed constitutional challenges against these levies. If Cemex is unable to obtain favorable resolutions relating to these constitutional challenges, Cemex expects that the aggregate impact of these levies would have a material adverse impact on Cemex’s results of operations, liquidity, and financial condition. • 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 $78, (b) a rehabilitation fund for an amount in Philippine Pesos equivalent to $9, 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 and this resolution became final on May 4, 2023 when the Court issued a certificate of finality confirming the dismissal. This certificate of finality deems the Court’s order partially granting CHP’s, APO’s and ALQC’s affirmative defenses as final and executory, and dismisses the case against APO, CHP, and all public defendants, and the damage claims against ALQC. As of December 31, 2023, only ALQC remains as a private defendant in the case regarding the environmental aspect of ALQC’s supposed violation of the Philippine Mining Act which purportedly caused damage to the environment and allegedly made ALQC liable for clean-up • 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. On March 12, 2018, the DOJ issued a grand jury subpoena to the Parent Company relating to its operations in Colombia and other jurisdictions. In 2020, the Company delivered all of the information and documentation that had been requested and has not received any more requests since then. The Parent Company intends to continue to cooperate fully with the SEC, the DOJ and any other investigate entity. As of December 31, 2023, 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 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 (“ACC”). 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 were pending in Cairo’s 7 th In addition to the legal proceedings described above in notes 25.1 and 25.2, as of December 31, 2023, Cemex is involved in various legal proceedings of lesser 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 integrated cement plant located in the municipality of Maceo, Colombia (the “Maceo Plant”), as described in note 15.1, as of December 31, 2023, the Maceo Plant has not initiated commercial operations considering several significant administrative processes and legal proceedings. The evolution and status of the main issues related to the Maceo Plant are described as follows: • As of December 31, 2023, the land over which the Maceo Plant was constructed, the mining concession, the environmental license and the shares of Zona Franca Especial Cementera del Magdalena Medio S.A.S. (“Zomam”) (holder of the free trade zone concession), acquired in 2012 from CI Calizas y Minerales S.A. (“CI Calizas”), are held under a domain extinction proceeding that was linked to a former shareholder of CI Calizas by Colombia’s Attorney General (the “Attorney General”) in which, among other measures, suspended CI Calizas’ ability to transfer certain assets (land, mining concession, environmental license, shares of Zomam with the corresponding free trade zone benefits and other related assets required to build a cement plant) to Cemex Colombia that Cemex Colombia had acquired from CI Calizas in 2012 as mentioned above. • As of the financial statements date, although Cemex Colombia acted in good faith and free of guilt in the acquisition process in 2012, pursuant to the domain extinction proceeding initiated in December 2012, which has not finalized and which may still take several more years, Cemex Colombia does not have the legal representation of Zomam, is not the rightful owner of the land over which the Maceo Plant was constructed and is not the assigned beneficiary of the corresponding mining concession. • In December 2020, Cemex Colombia presented to the Business Superintendency of Colombia ( Superintendencia de Sociedades de Colombia in-kind • Considering the domain extinction proceeding mentioned above, in April 2019, Cemex Colombia, its direct holding company and another of its subsidiaries reached a conciliatory agreement with the Sociedad de Activos Especiales, S.A.S. (the “SAE”) and CI Calizas before the Attorney General’s Office and signed jointly with CI Calizas and Zomam, with the authorization of the SAE as delegate of these last two companies on behalf of the State, a contract of Mining Operation, Manufacturing and Delivery Services and Leasing of Properties for Cement Production (the “Operation Contract”), which allows Cemex Colombia to continue using the assets for an initial term of 21 years that can be extended for ten ◾ Once the Maceo Plant begins commercial operations, Cemex Colombia and/or a subsidiary ◾ The Operation Contract will continue in force regardless of the result in the domain extinction proceeding, except if the applicable criminal judge recognizes ownership rights of the assets under the domain extinction proceeding to Cemex Colombia and one of its affiliates, in which case the Operation Contract would no longer be needed and would be terminated, considering that Cemex Colombia and its affiliate would be the owners of the corresponding assets. • As of December 31, 2023, Cemex believes that it would be able to keep ownership of the Maceo Plant. Nevertheless, if the domain extinction proceeding over the assets is ordered in favor of the Colombian State, and if the assets were adjudicated to a third party in a public tender offer, by virtue of the Operation Contract, such third party would have to subrogate to such contract. As of December 31, 2023, Cemex is not able to estimate whether the domain extinction proceeding over the assets will be ordered in favor of the Colombian State, or, if applicable, if the assets would be adjudicated to a third party in a public tender offer. • To begin operations under the Operation Contract, the following mandatory conditions must be completed: (a) extend the environmental license to permit the extraction of the required minerals to produce at least 950 thousand tons of cement; (b) permit for the extraction of limestone and other minerals under the mining concession to achieve the minimum production of 950 thousand tons of cement under the environmental license, once the environmental license would be extended; (c) the partial and definitive subtraction of a portion of the plant from the Integrated Management District of the Canyon of the Alicante River (“IMD”) required to extract minerals to produce at least 950 thousand tons of cement; (d) obtaining all environmental permits and authorizations, including the release of any lockdown; (e) any permits required to conclude the access road and the plant’s employees housing; and (f) any applicable urban permits and authorizations. These conditions have been evolving, presenting the following progress: ◾ In September 2019, Corantioquia’s Directive Council, the regional environmental authority (“Corantioquia”), approved the subtraction of a portion of the plant from the IMD. In addition, in February 2021, Corantioquia notified CI Calizas of the modification of the environmental license allowing the extraction of up to 990 thousand tons of minerals (clay and limestone) to produce up to 1.5 million metric tons of cement annually and in April 2023, the Secretary of Mines of the Antioquia’s Government granted the permit for the extraction of limestone and other minerals above the 950 thousand tons of cement. As of the date of the financial statements, the Company is working with the authorities to expand the environmental extraction license mentioned above that would allow the production of up to 1.5 million tons from Maceo Plant’s quarry without the need to bring minerals from other locations. ◾ Regarding the permits to conclude the construction of several sections of the access road, in December 2020, Maceo’s municipality issued a decree establishing the public utility of the access road, required for both, to obtain the permits to acquire the required land and build the remainder of the road. 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 in August 2020, which allows for an industrial and mining use compatible with the project. ◾ In addition, in June 2022, the Ministry of Commerce, Industry and Tourism granted Zomam the extension of the free trade zone area, which now covers the full area of the Maceo Plant. ◾ In spite of the developments above, which represent significant progress for the commissioning of the Maceo Plant, the beginning of commercial operations remains subject mainly to the conclusion of the access road and the authorization required from the owners of land plots adjacent to the Maceo Plant, as well as the extension of the environmental extraction permit that would allow the production of up to 1.5 million tons from Maceo Plant’s quarry. As of the date of these financial statements the estimated conclusion of the mandatory conditions cannot be established. Cemex Colombia continues working to resolve these matters as soon as possible. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
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Related Parties | 26) RELATED PARTIES All significant balances and transactions between the entities that constitute Cemex 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 Cemex; (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. When market prices and/or market conditions are not readily available, Cemex conducts transfer pricing studies in the countries in which it operates to comply with regulations applicable to transactions between related parties. The definition of related parties includes entities or individuals outside Cemex, who, may take advantage of being in a privileged situation due to their relationship with Cemex. Likewise, this applies to cases where Cemex may take advantage of such relationships and benefit from its financial position or operating results. For the years ended December 31, 2023, 2022 and 2021, in the ordinary course of business, Cemex has entered into transactions with related parties for the sale and/or purchase of products, the sale and/or purchase of services or the lease of assets, all of which are not significant for Cemex and, except for the transactions mentioned below, to the best of Cemex’s knowledge are not significant to the related party, are incurred for non-significant non-controlling non-controlling For Cemex, except as set forth below, none of these transactions executed in 2023 are material to be disclosed separately. In addition, during the same periods, no member of Cemex, S.A.B. de C.V.’s senior management or Board of Directors had any outstanding loans with Cemex. The most important transactions with related parties during 2023 included in Cemex’s financial statements were as follows: • Cemex has a Master Services Agreement pursuant to which Cemex receives information technology services and solutions globally from Neoris. For the year 2023, Cemex incurred in consulting services from Neoris for $94. Cemex holds a 35% equity interest in Neoris and some of Cemex’s employees are members of the board of directors of Neoris. • For the year 2023, Cemex incurred services from CEB, a provider of ready-mix For the years 2023, 2022 and 2021, the aggregate compensation paid to members of Cemex, S.A.B. de C.V.’ Board of Directors, including alternate directors, and Cemex’s senior management was $71, $44 and $50, respectively. Of these amounts, $24 in 2023, $29 in 2022, $26 in 2021, were paid as base compensation plus performance bonuses, including pension and post-employment benefits. In addition, $47 in 2023, $15 in 2022 and $24 in 2021 of the aggregate amounts in each year, corresponded to allocations of ADSs under Cemex’s executive share-based compensation programs. |
Principal Subsidiaries
Principal Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Principal Subsidiaries | 27) PRINCIPAL SUBSIDIARIES As mentioned in notes 4.3 and 21.4, as of December 31, 2023 and 2022, there are non-controlling % Interest Subsidiary Country 2023 2022 Cemex España, S.A. 1 Spain 99.9 99.9 Cemex, Inc. United States of America 100.0 100.0 Cemex Nicaragua, S.A. 2 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 Cemex Colombia, S.A. 3 Colombia 99.7 99.7 Cemento Bayano, S.A. 4 Panama 99.5 99.5 Cemex Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 5 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. 6 Philippines 89.9 77.9 Solid Cement Corporation 7 Philippines 100.0 100.0 APO Cement Corporation 7 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 8 United Arab Emirates 100.0 100.0 Cemex International Trading LLC 9 United States of America 100.0 100.0 Sunbulk Shipping Limited 10 Bahamas 100.0 100.0 1 Cemex España is the direct or indirect holding company of most of Cemex’s international operations 2 Represents Cemex Colombia’s 99% interest and CLH’s 1% interest held indirectly through another subsidiary of CLH. 3 Represents CLH’s direct and indirect interest in ordinary and preferred shares, including own shares held in Cemex Colombia’s treasury. 4 Represents CLH’s 99.483% indirect interest in ordinary shares, which excludes a 0.516% interest held in Cemento Bayano, S.A.’s treasury. 5 Represents the aggregate ownership interest of Cemex in this entity of 79.04%, which includes TCL’s 74.08% direct and indirect interest and Cemex’s 4.96% indirect interest held through other subsidiaries. 6 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) 7 Represents CHP’s direct and indirect interest. 8 Cemex España indirectly owns a 49% equity interest in each of these entities and indirectly holds 9 Cemex International Trading LLC is involved in the international trading of Cemex’s products and fuel commercialization. 10 Sunbulk Shipping Limited is involved mainly in maritime and land transportation and/or shipping of goods worldwide and the handling, administration, and hiring of shipments and cargo at ports, terminals and other loading and unloading destinations worldwide, as well as the offering and contracting of services in relation thereto for Cemex’s trading entities and operations. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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Material Accounting Policies | 28) MATERIAL ACCOUNTING POLICIES 28.1) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of Cemex, S.A.B. de C.V. and those of all controlled entities. Balances and operations between related parties are eliminated in consolidation. Investments in associates and joint controlled entities are accounted for by the equity method. The equity method reflects the investee’s original cost and Cemex’s share of the investee’s equity and earnings after acquisition. 28.2) 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 main items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, the recognition of uncertain tax positions, the measurement of asset retirement obligations, as well as provisions regarding legal proceedings and environmental liabilities, among others. Significant judgment is required by management to appropriately assess the amounts of these concepts. 28.3) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency of each consolidated entity 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 of each consolidated entity 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 in equity is recycled through the statement of income as part of the gain or loss on disposal. The financial statements of consolidated entities, as determined using their respective functional currency, are translated to Dollars at the closing exchange rate for the statement of financial position and at the closing exchange rates of each month within the period for the statements of income. 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 consolidated entity. Considering its integrated activities, for purposes of functional currency, the Parent Company deemed 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 the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of income with respect Cemex’s main functional currencies to the Dollar as of December 31, 2023, 2022 and 2021, were as follows: 2023 2022 2021 Currency Closing Average Closing Average Closing Average Peso 16.9700 17.6300 19.5000 20.0274 20.5000 20.4266 Euro 0.9059 0.9227 0.9344 0.9522 0.8789 0.8467 British Pound Sterling 0.7852 0.8019 0.8266 0.8139 0.7395 0.7262 Colombian Peso 3,822 4,272 4,810 4,277 3,981 3,783 28.4) 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 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 (note 9). • Trade accounts receivable, 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 accounts receivable sold under securitization programs, in which certain residual interest in the trade accounts receivable 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 statement of income 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 statement of income within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below. 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 28.3), whose reversal to earnings would take place upon disposal of the foreign investment. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, Cemex believes the risk of non-performance 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, on a country-by-country 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 modifications Leases (notes 15 and 17.2) At the inception of a contract, Cemex assesses whether a contract is or contains, a lease. A contract is, or contains a lease, if at the inception of the contract, it conveys the right to control the use of an identified asset for a period in exchange for consideration. Pursuant to 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 the 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 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. 28.5) 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 impairment losses. Depreciation of fixed assets is recognized as part of cost and operating expenses (notes 5 and 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 Assets for the 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 qualifying fixed assets, considering Cemex’s corporate average interest rate and the average balance of investments in process for the period. 28.6) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 4.1 and 16) The consideration transferred in business combinations is allocated to all assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Any unallocated portion of the consideration transferred represents goodwill, which is not amortized and is subject to periodic impairment tests (note 28.7). Costs associated with the acquisition are expensed in the statement of income as incurred. Intangible assets are recognized at their acquisition or development cost, as applicable, when probable future economic benefits are identified and there is evidence of control over such benefits. Definite life intangible assets are amortized on a straight-line basis or using the units-of-production Cemex’s extraction rights have a weighted average useful life of 83 years, depending on the sector and the expected life of the related reserves. Except for extraction rights which are amortized using the units-of-production 28.7) 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 impairment indicators. Impairment losses, corresponding to the excess of the asset’s carrying amount over its recoverable amount, are recorded within “Other expenses, net.” Recoverable amounts, which include the NPV of future projected cash flows arising from the asset over its useful life (value in use), are determined considering market economic assumptions. Goodwill 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, at the level of the group of cash-generating units (“CGUs”) to which goodwill balances were allocated by determining the recoverable amount of such group of CGUs, corresponding to the NPV of estimated future cash flows to be generated by such CGUs over periods of 5 years plus terminal value (value in use). An impairment loss is recognized within “Other expenses, net” when the recoverable amount is lower than the net book value of the group of CGUs. Impairment charges recognized on goodwill are not reversed in subsequent periods. The reportable segments reported by Cemex (note 4.3), represent Cemex’s groups of CGUs to which goodwill has been allocated for purposes of testing goodwill for impairment and represent the lowest level within Cemex at which goodwill is monitored internally by management. 28.8) PROVISIONS (notes 18, 24 and 25) 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, 2023 and 2022, some significant proceedings that gave rise to a portion of the carrying amount of Cemex’s other current and non-current Obligations or losses related to contingencies are qualitatively disclosed 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. 28.9) 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 defined benefit pension plans and other post-employment benefits, generally comprised of health care benefits, life insurance and seniority premiums, are recognized 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. 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 actual 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.” 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. In the event of restructuring it is recognized within “Other expenses, net.” 28.10) INCOME TAXES (note 20) The income taxes reflected in the statement of income 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 any uncertainty in income tax treatments and include the effects measured in each subsidiary by applying the enacted statutory income tax rate at the end of the reporting period. 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 income taxes Deferred tax assets are reviewed at each reporting date and are derecognized when it is not deemed probable that the related tax benefit Uncertain tax positions The income tax effects of uncertain tax positions 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 with full knowledge of all relevant information. For each position, Cemex considers its probability, regardless of its relation to any 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 to be 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 statements of income based on the Company’s analysis of the nature of such interest and penalties, considering recent IFRS Interpretations Committee guidance. Effective income tax rate The effective income tax rate is determined by 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 on Cemex’s effective tax rate and consequently on the reconciliation of Cemex’s effective tax rate, relates to the difference between the statutory income tax rate in Mexico of 30% and the applicable income tax rates of each country where Cemex operates. For the years ended December 31, 2023, 2022 and 2021, the statutory tax rates in Cemex’s main operations were as follows: Country 2023 2022 2021 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 23.5% 19.0% 19.0% France 25.8% 25.8% 28.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 25.0% 25.0% 25.0% Israel 23.0% 23.0% 23.0% Colombia 35.0% 35.0% 31.0% Others 5.5% – 30.0% 5.5% – 30.0% 5.5% – 30.0% Cemex’s current and deferred income tax amounts included in the statement of income 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 the estimated tax assets at the end of the period due to the expected future generation of taxable gains in each jurisdiction. Global minimum tax On July 10, 2021, the intergovernmental international group promoting economic and financial cooperation known as G20 endorsed the key components of the Pillar Two tax reform that was agreed by 132 countries and jurisdictions (Inclusive Framework on Base Erosion and Profit Shifting or the “Inclusive Framework”). The key components of Pillar Two, which are commonly referred to as the “global minimum tax” introduce a minimum effective tax rate of at least 15%, calculated based on a specific rule set, known as “GloBE model rules”, which was published on December 20, 2021, by the Organization for Economic Co-operation top-up Top-up top-up 28.11) STOCKHOLDERS’ EQUITY Other equity reserves and subordinated notes (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. Beginning in June 2021, this line item includes the balance of the 2021 Subordinated Notes with no fixed maturity issued by the Parent Company. Considering that the Parent Company’s subordinated notes have no fixed maturity date, there is no contractual obligation for the Parent Company to deliver cash or any other financial assets, the payment of principal and interest may be deferred indefinitely at the sole discretion of Cemex and specific redemption events, are entirely under the Parent Company’s control, under applicable IFRS, the Subordinated Notes qualify as equity instruments and are classified within controlling interest stockholders’ equity. In addition, this line item includes the accrued interest under Subordinated Notes. The most significant items within “Other equity reserves and subordinated notes” during the reported periods are as follows: Items of “Other equity reserves and subordinated notes” 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 28.4); • Changes in fair value of other investments in strategic securities (note 28.4); 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 and subordinated notes” 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 balance of Subordinated Notes with no fixed maturity and any interest accrued thereof; and • The cancellation of the Parent Company’s shares held by consolidated entities. 28.12) 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 upon exercise of the awards based on changes in the Parent Company and/or the subsidiary’s stock (intrinsic value). The cost of equity instruments represents their estimated fair value at the date of grant and is recognized in the operating results during the periods in which the executives release any restriction. Cemex does not grant liability instruments. 28.13) ALLOWANCES RELATED TO EMISSIONS OF CO 2 According to the Paris Agreement objectives (note 24.4), in certain countries where Cemex operates, such as the EU countries and the United Kingdom, among others, mechanisms aimed at reducing carbon dioxide emissions have been established, such as the EU ETS, by means of which, the relevant environmental authorities grant annually certain number of emission rights (“Allowances”) so far free of cost to the entities that may release CO 2 2 2 As of December 31, 2023, according to management estimates (unaudited), Cemex held excess Allowances received for no consideration 2 2 Cemex accounts for the effects associated with CO 2 • Certificates received through government grants for no consideration paid are recognized at zero cost in the statement of financial position. • Revenues received from the sale of excess Allowances are recognized in the statement of income in the period in which they occur. • Allowances that would be acquired to hedge exceeding CO 2 • Cemex would accrue a provision at market value against the cost of sales when current emissions of CO 2 • In addition, in certain countries, the environmental authorities impose levies per ton of CO 2 28.14) 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, 2023, 2022 and 2021, no single customer individually accounted for a significant amount of the reported amounts of sales or in the balances of trade accounts receivable. In addition, there is no significant concentration of a specific supplier relating to the purchase of raw materials. 28.15) NEWLY ISSUED IFRS NOT YET ADOPTED There are several amendments or new IFRS issued but not yet effective which are un der analysis and the Compa Standard Main topic Effective date Amendments to IAS 7, Statement of Cash Flows Financial Instruments: Disclosures The amendment requires entities to provide additional disclosures about their supplier finance arrangements to provide users of financial statements with information about: a) how such arrangements affect an entity’s liabilities and cash flows; and b) to understand their effect on an entity’s exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available. January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements Non-current The amendments improve information an entity provides when its right to defer settlement of liabilities for at least twelve months is subject to compliance with covenants. January 1, 2024 Amendments to IFRS 16, Leases The amendments mentioned that on initial recognition, the seller-lessee would include variable payments when it measures a lease liability arising from a sale-and-leaseback January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements Clarifies the requirements to be applied in classifying liabilities as current and non-current. January 1, 2024 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates The amendments require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and when it is not, to determine the exchange rate to use and the disclosures to provide. January 1, 2025 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
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Subsequent Events | 29) SUBSEQUENT EVENTS On March 22, 2024, Cemex, S.A.B. de C.V. held its ordinary general shareholders’ meeting. The most significant items approved by shareholders at the ordinary general shareholders’ meeting were: (a) the payment of a cash dividend for a total amount of $120 in four equal installments (June 2024, September 2024, December 2024 and March 2025); (b) setting the amount of $500 or its equivalent in Mexican Pesos as the maximum amount of resources that during fiscal year 2024 (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); and (c) the appointment of the members of the Board of Directors, the Audit Committee, the Corporate Practices and the Finance Committee and the Sustainability Committee of Cemex, S.A.B. de C.V. On February 16, 2024, Cemex, S.A.B. de C.V. closed the reopening and placement of Ps5,500 of its 2023 CEBURES (note 17.1). The reopening consists of two tranches: the first, for Ps 2,000 maturing on October 1, 2026 at a floating annual interest rate of TIIE 28 plus 0.45%, and the second, for Ps 3,500 maturing on September 26, 2030 at a fixed annual interest rate of 11.48%. They were respectively issued at a price of 100.862623 and 108.225627. In connection with this reopening, Cemex negotiated cross currency swap derivative instruments to synthetically change the financial risks profile of these issuances from the Peso to the Dollar. Cemex intends to use the proceeds to repay other indebtedness. On February 26, 2024, in connection with the tax proceeding in Spain derived from a tax audit process covering the tax years 2010 to 2014 described in note 20.4, and for which Cemex accrued a provision in Euro equivalent to $117 as of December 31, 2023, Cemex España received the provisional assessment corresponding to the TEAC ruling for a total equivalent to $66, including the amount of income tax plus interest and penalty, under the condition that Cemex España does not appeal the Provisional Assessment and pays or requests for a postponement of the payment over the required amounts. Cemex decided not to appeal the amount and requested a postponement of the penalty to the Spanish Tax Authorities. On April 11, 2024, Cemex closed the refinancing of its Euro denominated sustainability-linked syndicated credit agreement under its 2023 Credit Agreement (note 17.1), extending the final maturity to 2029. The refinanced credit agreement consists of a €450 5-year 4-year On April 25, 2024, Cemex Asia B.V. (“Cemex Asia”) entered into separate agreements with DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation, (a) to have Cemex Asia divest a 100% equity interest in CASEC, which owns approximately 89.86% of CHP, which is listed on the Philippine Stock Exchange, Inc. CHP is the owner of Cemex’s main operating subsidiaries in the Philippines, APO and Solid, which are engaged in the production, sale, and distribution of cement and other buildings materials in the Philippines; (b) pursuant to which one of the buyers is acquiring a 100% interest in (i) ALQC and (ii) Island Quarry and Aggregates Corporation (“IQAC”). The final sale price of the divestitures is subject to customary purchase price adjustments, and in the case of the divestment of IQAC and ALQC, to our equity interest in ALQC and IQAC. Cemex expects to finalize this transaction before December 31, 2024, subject to the satisfaction of closing conditions, including, but not limited to, the approval by the Philippine Competition Commission and the fulfillment of any mandatory tender offer requirement by the purchasers to the shareholders of CHP, including the minority interest owned by third parties in CHP. The transaction, if closed, would represent the divestment of all of our operations and assets in the Philippines. |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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Explanatory Description Of Accounting Policy for Basis of Presentation and Disclosure | 2) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Cemex adopted Disclosure of Accounting Policies (Amendments to IAS 1) starting January 1, 2023. The amendments require the disclosure of “material” rather than “significant” accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. See note 28 for Cemex’s material accounting policies. Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in Dollars of the United States of America (the “United States”), except when specific reference is made to a different currency. When reference is made to “U.S. Dollar,” “Dollar,” “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. Previously reported Dollar amounts of prior years are restated when the underlying transactions in other currencies remain unsettled using the closing exchange rates as of the reporting date. Amounts reported in Dollars should not be construed as representations that such amounts represented those Dollars or could be converted into Dollars 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 4.2) Cemex reports as discontinued operations the disposal of entire geographical reportable operating segments regardless of size, the sale of a considerable portion of a significant reportable operating segment, as well as the sale of a major line of business. Statements of income Cemex includes the line item titled “Operating earnings before other expenses, net” considering that it is a subtotal relevant for the determination of Cemex’s “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization) as described below in this note. The line item of “Operating earnings before other expenses, net” allows for easy reconciliation of the amount in these financial statements under IFRS to the non-IFRS non-recurring non-recurring Although Operating EBITDA is not a measure of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s chief executive officer to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, Operating EBITDA is a measure used by Cemex’s creditors to review its ability to internally fund capital expenditures, to review its ability to service or incur debt and to comply with financial covenants under its financing agreements. Cemex presents “Operating EBITDA” in notes 4.3 (selected financial information by reportable segment and line of business) and 17.1 (Financial instruments—Financial covenants). Cemex’s Operating EBITDA may not be comparable to other similarly titled measures of other companies. 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 2023, 2022 and 2021, the increases in other financing obligations in connection with lease contracts negotiated during the year for $341, $296 and $227, respectively (note 17.2); and Investing activities: • In 2023, 2022 and 2021, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Other newly issued IFRS adopted in the reported periods IFRS 17, Insurance contracts (“IFRS 17”) Beginning January 1, 2023, IFRS 17 replaced IFRS 4, Insurance contracts Revenues from contracts with customers Leases Concurrent with the adoption of IFRS 17, Cemex analyzed its several contracts and concluded that: a) it has not issued insurance policies to third-parties; and b) all obligations and contingent obligations arising from another type of contracts are accounted under the relevant IFRS, such as IFRS 15, IFRS 16, IFRS 9, Financial Instruments Employee benefits Others In addition, beginning January 1, 2023, Cemex adopted prospectively IFRS amendments that did not result in any material impact on its results of operation or financial position, and which are explained as follows: Standard Main topic Amendments to IAS 8, Definition of Accounting Estimates The amendment makes a distinction between how an entity should present and disclose different types of accounting changes in its financial statements. Changes in accounting policies must be applied retrospectively, while changes in accounting estimates are accounted for prospectively. Amendments to IAS 12, Income Taxes The amendment clarifies that companies should account for deferred tax assets and liabilities on transactions such as leases and decommissioning obligations. Cemex has always applied these criteria. Amendments to IFRS 16, Leases The amendments mentioned that on initial recognition, the seller-lessee would include variable payments when it measures a lease liability arising from a sale-and-leaseback |
Principles of Consolidation | 28.1) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of Cemex, S.A.B. de C.V. and those of all controlled entities. Balances and operations between related parties are eliminated in consolidation. Investments in associates and joint controlled entities are accounted for by the equity method. The equity method reflects the investee’s original cost and Cemex’s share of the investee’s equity and earnings after acquisition. |
Use of Estimates and Critical Assumptions | 28.2) 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 main items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, the recognition of uncertain tax positions, the measurement of asset retirement obligations, as well as provisions regarding legal proceedings and environmental liabilities, among others. Significant judgment is required by management to appropriately assess the amounts of these concepts. |
Foreign Currency Transactions and Translation of Foreign Currency Financial Statements | 28.3) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency of each consolidated entity 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 of each consolidated entity 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 in equity is recycled through the statement of income as part of the gain or loss on disposal. The financial statements of consolidated entities, as determined using their respective functional currency, are translated to Dollars at the closing exchange rate for the statement of financial position and at the closing exchange rates of each month within the period for the statements of income. 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 consolidated entity. Considering its integrated activities, for purposes of functional currency, the Parent Company deemed 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 the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of income with respect Cemex’s main functional currencies to the Dollar as of December 31, 2023, 2022 and 2021, were as follows: 2023 2022 2021 Currency Closing Average Closing Average Closing Average Peso 16.9700 17.6300 19.5000 20.0274 20.5000 20.4266 Euro 0.9059 0.9227 0.9344 0.9522 0.8789 0.8467 British Pound Sterling 0.7852 0.8019 0.8266 0.8139 0.7395 0.7262 Colombian Peso 3,822 4,272 4,810 4,277 3,981 3,783 |
Financial Instruments | 28.4) 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 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 (note 9). • Trade accounts receivable, 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 accounts receivable sold under securitization programs, in which certain residual interest in the trade accounts receivable 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 statement of income 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 statement of income within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below. 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 28.3), whose reversal to earnings would take place upon disposal of the foreign investment. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, Cemex believes the risk of non-performance 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, on a country-by-country 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 modifications Leases (notes 15 and 17.2) At the inception of a contract, Cemex assesses whether a contract is or contains, a lease. A contract is, or contains a lease, if at the inception of the contract, it conveys the right to control the use of an identified asset for a period in exchange for consideration. Pursuant to 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 the 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 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. |
Property, Machinery And Equipment And Assets For The Right-Of-Use (note 15) | 28.5) 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 impairment losses. Depreciation of fixed assets is recognized as part of cost and operating expenses (notes 5 and 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 Assets for the 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 qualifying fixed assets, considering Cemex’s corporate average interest rate and the average balance of investments in process for the period. |
Business Combinations, Goodwill And Other Intangible Assets (notes 4.1 and 16) | 28.6) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 4.1 and 16) The consideration transferred in business combinations is allocated to all assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Any unallocated portion of the consideration transferred represents goodwill, which is not amortized and is subject to periodic impairment tests (note 28.7). Costs associated with the acquisition are expensed in the statement of income as incurred. Intangible assets are recognized at their acquisition or development cost, as applicable, when probable future economic benefits are identified and there is evidence of control over such benefits. Definite life intangible assets are amortized on a straight-line basis or using the units-of-production Cemex’s extraction rights have a weighted average useful life of 83 years, depending on the sector and the expected life of the related reserves. Except for extraction rights which are amortized using the units-of-production |
Impairment of Long-lived Assets (notes 15 and 16) | 28.7) 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 impairment indicators. Impairment losses, corresponding to the excess of the asset’s carrying amount over its recoverable amount, are recorded within “Other expenses, net.” Recoverable amounts, which include the NPV of future projected cash flows arising from the asset over its useful life (value in use), are determined considering market economic assumptions. Goodwill 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, at the level of the group of cash-generating units (“CGUs”) to which goodwill balances were allocated by determining the recoverable amount of such group of CGUs, corresponding to the NPV of estimated future cash flows to be generated by such CGUs over periods of 5 years plus terminal value (value in use). An impairment loss is recognized within “Other expenses, net” when the recoverable amount is lower than the net book value of the group of CGUs. Impairment charges recognized on goodwill are not reversed in subsequent periods. The reportable segments reported by Cemex (note 4.3), represent Cemex’s groups of CGUs to which goodwill has been allocated for purposes of testing goodwill for impairment and represent the lowest level within Cemex at which goodwill is monitored internally by management. |
Provisions (notes 18, 24 and 25) | 28.8) PROVISIONS (notes 18, 24 and 25) 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, 2023 and 2022, some significant proceedings that gave rise to a portion of the carrying amount of Cemex’s other current and non-current Obligations or losses related to contingencies are qualitatively disclosed 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. |
Pensions and Other Post-Employment Benefits (note 19) | 28.9) 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 defined benefit pension plans and other post-employment benefits, generally comprised of health care benefits, life insurance and seniority premiums, are recognized 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. 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 actual 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.” 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. In the event of restructuring it is recognized within “Other expenses, net.” |
Income Taxes (note 20) | 28.10) INCOME TAXES (note 20) The income taxes reflected in the statement of income 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 any uncertainty in income tax treatments and include the effects measured in each subsidiary by applying the enacted statutory income tax rate at the end of the reporting period. 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 income taxes Deferred tax assets are reviewed at each reporting date and are derecognized when it is not deemed probable that the related tax benefit Uncertain tax positions The income tax effects of uncertain tax positions 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 with full knowledge of all relevant information. For each position, Cemex considers its probability, regardless of its relation to any 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 to be 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 statements of income based on the Company’s analysis of the nature of such interest and penalties, considering recent IFRS Interpretations Committee guidance. Effective income tax rate The effective income tax rate is determined by 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 on Cemex’s effective tax rate and consequently on the reconciliation of Cemex’s effective tax rate, relates to the difference between the statutory income tax rate in Mexico of 30% and the applicable income tax rates of each country where Cemex operates. For the years ended December 31, 2023, 2022 and 2021, the statutory tax rates in Cemex’s main operations were as follows: Country 2023 2022 2021 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 23.5% 19.0% 19.0% France 25.8% 25.8% 28.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 25.0% 25.0% 25.0% Israel 23.0% 23.0% 23.0% Colombia 35.0% 35.0% 31.0% Others 5.5% – 30.0% 5.5% – 30.0% 5.5% – 30.0% Cemex’s current and deferred income tax amounts included in the statement of income 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 the estimated tax assets at the end of the period due to the expected future generation of taxable gains in each jurisdiction. Global minimum tax Co-operation top-up Top-up top-up |
Stockholders' Equity | 28.11) STOCKHOLDERS’ EQUITY Other equity reserves and subordinated notes (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. Beginning in June 2021, this line item includes the balance of the 2021 Subordinated Notes with no fixed maturity issued by the Parent Company. Considering that the Parent Company’s subordinated notes have no fixed maturity date, there is no contractual obligation for the Parent Company to deliver cash or any other financial assets, the payment of principal and interest may be deferred indefinitely at the sole discretion of Cemex and specific redemption events, are entirely under the Parent Company’s control, under applicable IFRS, the Subordinated Notes qualify as equity instruments and are classified within controlling interest stockholders’ equity. In addition, this line item includes the accrued interest under Subordinated Notes. The most significant items within “Other equity reserves and subordinated notes” during the reported periods are as follows: Items of “Other equity reserves and subordinated notes” 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 28.4); • Changes in fair value of other investments in strategic securities (note 28.4); 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 and subordinated notes” 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 balance of Subordinated Notes with no fixed maturity and any interest accrued thereof; and • The cancellation of the Parent Company’s shares held by consolidated entities. |
Executive Share-Based Compensation (note 22) | 28.12) EXECUTIVE SHARE-BASED COMPENSATION (note 22) |
Allowances Related To Emissions Of CO2 | 28.13) ALLOWANCES RELATED TO EMISSIONS OF CO 2 According to the Paris Agreement objectives (note 24.4), in certain countries where Cemex operates, such as the EU countries and the United Kingdom, among others, mechanisms aimed at reducing carbon dioxide emissions have been established, such as the EU ETS, by means of which, the relevant environmental authorities grant annually certain number of emission rights (“Allowances”) so far free of cost to the entities that may release CO 2 2 2 As of December 31, 2023, according to management estimates (unaudited), Cemex held excess Allowances received for no consideration 2 2 Cemex accounts for the effects associated with CO 2 • Certificates received through government grants for no consideration paid are recognized at zero cost in the statement of financial position. • Revenues received from the sale of excess Allowances are recognized in the statement of income in the period in which they occur. • Allowances that would be acquired to hedge exceeding CO 2 • Cemex would accrue a provision at market value against the cost of sales when current emissions of CO 2 • In addition, in certain countries, the environmental authorities impose levies per ton of CO 2 |
Concentration of Credit | 28.14) 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, 2023, 2022 and 2021, no single customer individually accounted for a significant amount of the reported amounts of sales or in the balances of trade accounts receivable. In addition, there is no significant concentration of a specific supplier relating to the purchase of raw materials. |
Newly Issued IFRS Not Yet Adopted | 28.15) NEWLY ISSUED IFRS NOT YET ADOPTED There are several amendments or new IFRS issued but not yet effective which are un der analysis and the Compa Standard Main topic Effective date Amendments to IAS 7, Statement of Cash Flows Financial Instruments: Disclosures The amendment requires entities to provide additional disclosures about their supplier finance arrangements to provide users of financial statements with information about: a) how such arrangements affect an entity’s liabilities and cash flows; and b) to understand their effect on an entity’s exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available. January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements Non-current The amendments improve information an entity provides when its right to defer settlement of liabilities for at least twelve months is subject to compliance with covenants. January 1, 2024 Amendments to IFRS 16, Leases The amendments mentioned that on initial recognition, the seller-lessee would include variable payments when it measures a lease liability arising from a sale-and-leaseback January 1, 2024 Amendments to IAS 1, Presentation of Financial Statements Clarifies the requirements to be applied in classifying liabilities as current and non-current. January 1, 2024 Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates The amendments require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and when it is not, to determine the exchange rate to use and the disclosures to provide. January 1, 2025 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation | For the years ended December 31, 2023, 2022 and 2021, revenues were as follows: 2023 2022 2021 From the sale of goods associated to Cemex’s main activities 1 $ 16,904 15,137 14,009 From the sale of other goods and services 2 484 440 370 $ 17,388 15,577 14,379 1 During the reported periods, revenues recognized over time under construction contracts were not significant. 2 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. |
Summary of Changes in the Balance of Contract Liabilities with Customers | For the years ended December 31, 2023, 2022 and 2021 changes in the balance of contract liabilities with customers are as follows: 2023 2022 2021 Opening balance of contract liabilities with customers $ 293 257 201 Increase during the period for new transactions 1,603 1,493 1,626 Decrease during the period for exercise or expiration of incentives (1,519 ) (1,458 ) (1,574 ) Currency translation effects 7 1 4 Closing balance of contract liabilities with customers $ 384 293 257 For the years 2023, 2022 and 2021, any costs capitalized as contract fulfillment assets and released over the contract life according to IFRS 15, Revenues from contracts with customers |
Business Combinations, Divest_2
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement [line items] | |
Summary of Condensed Combined Information of the Statement of Income of Discontinued Operations | The following table presents condensed combined information of the statements of income of Cemex’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for year ended December 31, 2021; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the year ended December 31, 2021; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021. 2022 2021 Revenues $ 256 354 Cost of sales and operating expenses (225 ) (304 ) Other expenses, net (8 ) (42 ) Financial expenses, net and others – 5 Earnings before income tax 23 13 Income tax (3 ) (48 ) Result of discontinued operations 20 (35 ) Net disposal result 304 (4 ) Net result of discontinued operations $ 324 (39 ) |
Summary of Consolidating Income Statements by Reportable Segment | Selected information of the consolidated statements of income by reportable segment for the years 2023, 2022 and 2021, excluding the share of profits of equity accounted investees by reportable segment that is included in note 14.1, was as follows: 2023 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 5,060 (205 ) 4,855 1,488 221 1,267 (59 ) (39 ) 105 United States 5,338 – 5,338 1,040 483 557 (31 ) (75 ) (30 ) EMEAA United Kingdom 992 – 992 193 72 121 (6 ) (14 ) (17 ) France 842 – 842 53 54 (1 ) (39 ) (15 ) (1 ) Germany 497 (50 ) 447 37 32 5 (3 ) (2 ) (5 ) Poland 467 (1 ) 466 72 24 48 1 (2 ) 2 Spain 449 (38 ) 411 71 31 40 3 (2 ) 1 Philippines 1 312 – 312 34 32 2 (2 ) (3 ) 1 Israel 794 – 794 90 33 57 5 (6 ) 1 Rest of EMEAA 770 (4 ) 766 147 48 99 (7 ) (6 ) (6 ) SCA&C Colombia 2 458 – 458 62 25 37 (19 ) (6 ) (1 ) Panama 2 158 (26 ) 132 35 17 18 (2 ) – – Caribbean TCL 3 329 (12 ) 317 78 20 58 (17 ) (2 ) (2 ) Dominican Republic 378 (18 ) 360 139 9 130 (2 ) (1 ) 13 Rest of SCA&C 2 414 – 414 90 13 77 (10 ) (2 ) 1 Reportable segments 16,904 3,629 1,114 2,515 (188 ) (175 ) 62 Other activities 4 484 (282 ) 119 (401 ) (77 ) (356 ) (29 ) Consolidated $ 17,388 3,347 1,233 2,114 (265 ) (531 ) 33 2022 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 3,842 (200 ) 3,642 1,133 172 961 (69 ) (28 ) 32 United States 5,038 (4 ) 5,034 762 455 307 (205 ) (55 ) (21 ) EMEAA United Kingdom 982 – 982 195 60 135 (8 ) (8 ) (8 ) France 781 – 781 63 50 13 1 (10 ) 2 Germany 485 (46 ) 439 40 28 12 2 (2 ) (3 ) Poland 419 (4 ) 415 64 22 42 1 (2 ) 4 Spain 382 (36 ) 346 6 28 (22 ) (113 ) (2 ) 2 Philippines 1 379 – 379 84 37 47 (2 ) 18 (9 ) Israel 840 – 840 112 46 66 5 (4 ) – Rest of EMEAA 707 (1 ) 706 116 55 61 (10 ) (4 ) 2 SCA&C Colombia 2 429 – 429 61 24 37 12 (7 ) 22 Panama 2 149 (34 ) 115 28 16 12 (2 ) – – Caribbean TCL 3 302 (8 ) 294 74 17 57 (19 ) (4 ) (1 ) Dominican Republic 348 (6 ) 342 133 8 125 (1 ) (1 ) (3 ) Rest of SCA&C 2 394 (1 ) 393 90 13 77 (2 ) (2 ) (3 ) Reportable segments 15,137 2,961 1,031 1,930 (410 ) (111 ) 16 Other activities 4 440 (280 ) 89 (369 ) (57 ) (394 ) 135 Consolidated $ 15,577 2,681 1,120 1,561 (467 ) (505 ) 151 2021 Sales Less: External Operating Less: Operating Other Financial Other Mexico $ 3,466 (142 ) 3,324 1,164 161 1,003 (43 ) (29 ) 2 United States 4,359 (4 ) 4,355 778 464 314 (127 ) (47 ) (19 ) EMEAA United Kingdom 940 – 940 141 69 72 (3 ) (8 ) (17 ) France 863 – 863 93 50 43 (6 ) (11 ) – Germany 472 (43 ) 429 69 28 41 – (2 ) (2 ) Poland 405 (6 ) 399 73 25 48 (4 ) (2 ) 1 Spain 359 (25 ) 334 (6 ) 33 (39 ) (331 ) (3 ) 51 Philippines 1 424 – 424 114 40 74 (1 ) 17 (2 ) Israel 785 – 785 114 45 69 (1 ) (4 ) 2 Rest of EMEAA 618 (5 ) 613 87 56 31 (110 ) (3 ) 1 SCA&C Colombia 2 437 – 437 87 26 61 (19 ) (7 ) (12 ) Panama 2 121 (23 ) 98 31 16 15 (2 ) – – Caribbean TCL 3 280 (7 ) 273 65 19 46 (1 ) (6 ) (6 ) Dominican Republic 299 (8 ) 291 128 7 121 3 – (1 ) Rest of SCA&C 2 465 (21 ) 444 110 13 97 (5 ) (2 ) (3 ) Reportable segments 14,009 3,048 1,052 1,996 (650 ) (107 ) (5 ) Other activities 4 370 (209 ) 68 (277 ) 568 (469 ) (156 ) Consolidated $ 14,379 2,839 1,120 1,719 (82 ) (576 ) (161 ) 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, 2023 and 2022, there is a non-controlling 2 Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2023 and 2022, there was a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2023 and 2022, there was a non-controlling 4 In the caption of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities. |
Summary of Balance sheet Information by Reportable Segment | Debt by reportable segment is disclosed in note 17.1. As of December 31, 2023 and 2022, the selected statement of financial position information by reportable segment was as follows: 2023 Associates and Other Total Total Net assets Capital 1 Mexico $ – 5,381 5,381 2,052 3,329 264 United States 216 12,782 12,998 2,770 10,228 521 EMEAA United Kingdom 6 1,484 1,490 960 530 107 France 41 922 963 467 496 44 Germany 3 506 509 289 220 47 Poland – 415 415 153 262 44 Spain – 666 666 212 454 38 Philippines – 795 795 135 660 85 Israel – 808 808 507 301 41 Rest of EMEAA 11 852 863 329 534 75 SCA&C Colombia – 1,007 1,007 308 699 76 Panama – 292 292 78 214 13 Caribbean TCL – 478 478 207 271 18 Dominican Republic – 233 233 95 138 16 Rest of SCA&C – 280 280 111 169 25 Reportable segments 277 26,901 27,178 8,673 18,505 1,414 Other activities 452 754 1,206 7,644 (6,438 ) 3 Assets held for sale – 49 49 – 49 – Total consolidated $ 729 27,704 28,433 16,317 12,116 1,417 2022 Associates and Other Total Total Net assets Capital 1 Mexico $ – 3,846 3,846 1,381 2,465 265 United States 198 12,425 12,623 2,642 9,981 551 EMEAA United Kingdom 5 1,388 1,393 921 472 74 France 42 910 952 471 481 57 Germany 3 449 452 255 197 33 Poland – 341 341 119 222 33 Spain – 616 616 204 412 27 Philippines – 792 792 155 637 72 Israel – 771 771 495 276 37 Rest of EMEAA 10 773 783 303 480 55 SCA&C Colombia – 742 742 274 468 45 Panama – 302 302 88 214 19 Caribbean TCL – 499 499 218 281 16 Dominican Republic – 232 232 81 151 18 Rest of SCA&C – 268 268 104 164 20 Reportable segments 258 24,354 24,612 7,711 16,901 1,322 Other activities 382 1,385 1,767 7,827 (6,060 ) 40 Assets held for sale – 68 68 – 68 – Total consolidated $ 640 25,807 26,447 15,538 10,909 1,362 1 Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use |
Summary of Revenues by Line of Business and Reportable Segment | Revenues including intragroup transactions and external customers by line of business and reportable segment for the years ended December 31, 2023, 2022 and 2021, were as follows: 2023 Cement Concrete Aggregates Urbanization Others Eliminations External Mexico $ 3,378 1,397 399 1,163 13 (1,495 ) 4,855 United States 1,988 3,070 1,347 694 14 (1,775 ) 5,338 EMEAA United Kingdom 315 344 376 201 22 (266 ) 992 France – 656 356 17 – (187 ) 842 Germany 227 171 91 38 62 (142 ) 447 Poland 331 169 44 6 – (84 ) 466 Spain 326 119 41 25 – (100 ) 411 Philippines 311 – – 3 1 (3 ) 312 Israel – 662 200 116 2 (186 ) 794 Rest of EMEAA 551 288 52 17 23 (165 ) 766 SCA&C Colombia 316 163 48 54 22 (145 ) 458 Panama 128 30 9 12 4 (51 ) 132 Caribbean TCL 316 5 8 1 4 (17 ) 317 Dominican Republic 301 24 – 60 10 (35 ) 360 Rest of SCA&C 373 18 5 28 1 (11 ) 414 Reportable segments 8,861 7,116 2,976 2,435 178 (4,662 ) 16,904 Other activities – – – – 484 – 484 Consolidated $ 17,388 2022 Cement Concrete Aggregates Urbanization Others Eliminations External Mexico $ 2,663 925 261 843 14 (1,064 ) 3,642 United States 2,017 2,871 1,202 697 12 (1,765 ) 5,034 EMEAA United Kingdom 312 329 371 206 27 (263 ) 982 France – 622 332 15 – (188 ) 781 Germany 220 186 81 32 71 (151 ) 439 Poland 282 160 41 4 1 (73 ) 415 Spain 281 99 34 25 – (93 ) 346 Philippines 378 – – 4 – (3 ) 379 Israel – 718 213 97 21 (209 ) 840 Rest of EMEAA 504 260 48 18 26 (150 ) 706 SCA&C Colombia 296 137 40 62 19 (125 ) 429 Panama 119 27 7 13 2 (53 ) 115 Caribbean TCL 297 4 6 2 5 (20 ) 294 Dominican Republic 285 20 – 46 10 (19 ) 342 Rest of SCA&C 360 16 3 22 1 (9 ) 393 Reportable segments 8,014 6,374 2,639 2,086 209 (4,185 ) 15,137 Other activities – – – – 440 – 440 Consolidated $ 15,577 2021 Cement Concrete Aggregates Urbanization Others Eliminations External revenues Mexico $ 2,412 733 208 810 14 (853 ) 3,324 United States 1,731 2,479 1,005 558 13 (1,431 ) 4,355 EMEAA United Kingdom 270 311 377 200 53 (271 ) 940 France – 682 397 6 – (222 ) 863 Germany 210 204 65 30 69 (149 ) 429 Poland 272 154 38 6 1 (72 ) 399 Spain 256 93 31 23 – (69 ) 334 Philippines 423 – – 4 1 (4 ) 424 Israel – 657 199 89 27 (187 ) 785 Rest of EMEAA 423 232 47 14 21 (124 ) 613 SCA&C Colombia 309 130 36 58 21 (117 ) 437 Panama 103 16 5 7 1 (34 ) 98 Caribbean TCL 271 5 7 4 6 (20 ) 273 Dominican Republic 240 16 – 44 8 (17 ) 291 Rest of SCA&C 400 20 6 24 1 (7 ) 444 Reportable segments 7,320 5,732 2,421 1,877 236 (3,577 ) 14,009 Other activities – – – – 370 – 370 Consolidated $ 14,379 |
Cost Of Sales (Tables)
Cost Of Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TextBlock1Abstract [Abstract] | |
Schedule of Cost of Sales | The detail of the consolidated cost of sales by nature for the years 2023, 2022 and 2021 is as follows: 2023 2022 2021 Raw materials and goods for resale $ 5,353 4,916 4,875 Payroll 1,734 1,474 1,349 Electricity, fuels and other services 1,791 1,655 1,174 Depreciation and amortization 1,017 929 934 Maintenance, repairs and supplies 955 809 722 Transportation costs 466 671 573 Other production costs and change in inventory 211 301 116 $ 11,527 10,755 9,743 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Consolidated Operating Expense | Consolidated operating expenses by function during 2023, 2022 and 2021 are as follows: 2023 2022 2021 Administrative expenses 1, 2 $ 1,385 1,074 958 Selling expenses 2 411 363 322 Total administrative and selling expenses 1,796 1,437 1,280 Distribution and logistics expenses 1,951 1,824 1,637 Total operating expenses $ 3,747 3,261 2,917 1 All significant research and development activities are executed by several internal areas of Cemex as part of their daily activities. In 2023, 2022 and 2021, the total combined expenses of these departments recognized within administrative expenses were $55, $42 and $44, respectively. 2 In 2023, 2022 and 2021, administrative expenses include depreciation and amortization of $162, $140 and $137, respectively, and selling expenses include depreciation and amortization of $54 in 2023, $51 in 2022 and $49 in 2021. |
Disclosure Of Operating Expenses By Nature | Consolidated operating expenses during 2023, 2022 and 2021 by nature are as follows: 2023 2022 2021 Transportation costs $ 1,793 1,676 1,502 Payroll 1,154 1,038 905 Depreciation and amortization 216 191 186 Professional legal, accounting and advisory services 236 145 144 Maintenance, repairs and supplies 99 84 76 Other operating expenses 249 127 104 $ 3,747 3,261 2,917 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Other Expenses | The detail of the caption “Other expenses, net” for the years 2023, 2022 and 2021 is as follows: 2023 2022 2021 Results from the sale of assets and others 1 $ (219 ) 9 (126 ) Impairment losses (notes 15.1, 16.1 and 16.2) (43 ) (442 ) (513 ) Restructuring costs 2 (2 ) (20 ) (17 ) Incremental expenses related to the COVID-19 3 (1 ) (14 ) (26 ) Sale of CO2 allowances (note 28.13) 4 – – 600 $ (265 ) (467 ) (82 ) 1 In 2023, 2022 and 2021, includes $13, $14 and $29, respectively, in connection with property damage related to natural disasters (note 25.1). In addition, in 2022 includes a gain of $48 as a result of the remeasurement at fair value of Cemex’s previous controlling interest in Neoris at the time of sale. 2 Restructuring costs mainly refer to severance payments and the definitive closing of operating sites. 3 Refers to certain incremental expenses that Cemex considers of non-recurring SARS-CoV-2 “COVID-19 COVID-19 4 In connection with the EU’s Emissions Trading System (“EU ETS”), during March 2021, considering Cemex’s targets for the reduction of CO 2 2 |
Financial Items (Tables)
Financial Items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Financial Items | The detail of financial income and other items, net in 2023, 2022 and 2021 was as follows: 2023 2022 2021 Foreign exchange results $ 144 73 (35 ) Financial income 40 27 22 Results from financial instruments, net (notes 14.2 and 17.4) 1 (65 ) 99 (88 ) Net interest cost of defined benefit liabilities (note 19) (44 ) (29 ) (31 ) Effects of amortized cost on assets and liabilities (42 ) (32 ) (28 ) Others – 13 (1 ) $ 33 151 (161 ) 1 For the years 2022 and 2021, includes the reclassification described in note 8.1. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2023 and 2022, consolidated cash and cash equivalents consisted of: 2023 2022 Cash and bank accounts $ 363 297 Fixed-income securities and other cash equivalents 261 198 $ 624 495 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Trade Accounts Receivable | As of December 31, 2023 and 2022, consolidated trade accounts receivable consisted of: 2023 2022 Trade accounts receivable $ 1,841 1,735 Allowances for expected credit losses (90 ) (91 ) $ 1,751 1,644 |
Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss | As of December 31, 2023, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL average Mexico $ 457 31 6.8 % United States 536 8 1.5 % EMEAA 745 41 5.5 % SCA&C 96 10 10.4 % Others 7 – – $ 1,841 90 |
Summary of Allowance for Expected Credit Losses | Changes in the allowance for ECL in 2023, 2022 and 2021, were as follows: 2023 2022 2021 Allowances for expected credit losses at beginning of period $ 91 101 121 Charged to selling expenses 11 9 1 Deductions (15 ) (21 ) (16 ) Reclassification to assets held for sale – – (2 ) Foreign currency translation effects 3 2 (3 ) Allowances for expected credit losses at end of period $ 90 91 101 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Consolidated Other Accounts Receivable | As of December 31, 2023 and 2022, consolidated other accounts receivable consisted of: 2023 2022 Advances of income taxes and other refundable taxes $ 472 335 Non-trade 1 102 119 Interest and notes receivable 54 41 Loans to employees and others 16 15 Current portion of assets from valuation of derivative financial instruments 6 25 $ 650 535 1 Non-trade |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Consolidated Balance of Inventories | As of December 31, 2023 and 2022, the consolidated balances of inventories were summarized as 2023 2022 Materials and spare parts $ 537 563 Finished goods 461 406 Raw materials 370 329 Work-in-process 330 284 Inventory in transit 91 87 $ 1,789 1,669 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Detailed Information About Other Current Assets | As of December 31, 2023 and 2022, assets held for sale and other current assets were detailed as follows: 2023 2022 Other current assets $ 142 115 Assets held for sale 49 68 $ 191 183 |
Investments In Associates And_2
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Main Investments in Common Shares of Associates | As of December 31, 2023 and 2022, the investments in common shares of associates and joint ventures, which are accounted under the equity method, were as follows: Associates Activity Country % 2023 2022 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 364 306 Concrete Supply Co. LLC Concrete United States 40.0 103 96 Lehigh White Cement Company Cement United States 36.8 83 76 Neoris N.V. 1 Technology The Netherlands 34.8 69 62 Joint ventures Société d’Exploitation de Carrières Aggregates France 50.0 24 23 Société Méridionale de Carrières Aggregates France 33.3 13 12 Other companies — — — 73 65 $ 729 640 Out of which: Acquisition cost $ 330 302 Equity method recognition 399 338 1 In connection with the sale of Cemex’s 65% stake in Neoris to Advent described in note 4.2, Cemex’s remaining equity interest in Neoris was remeasured at fair value at the date of loss of control, measured prospectively under the equity method and is presented in the line item of investments in associates and joint ventures. |
Summary of Combined Condensed Statement of Financial Position | Combined condensed statement of financial position information of associates and joint ventures as of December 31, 2023 and 2022 is set forth below: 2023 2022 Current assets $ 1,761 1,603 Non-current 1,877 1,699 Total assets 3,638 3,302 Current liabilities 468 468 Non-current 850 774 Total liabilities 1,318 1,242 Total net assets $ 2,320 2,060 |
Summary of Combined Selected Information of the Statements of Income | Combined selected information of the statements of income of associates and joint ventures in 2023, 2022 and 2021 is set forth below: 2023 2022 2021 Revenues $ 2,410 2,319 1,801 Operating earnings 535 398 312 Income before income tax 394 268 219 Net income 268 186 153 |
Summary of Share of Profit of Associates and Joint Ventures by Reportable Segment | The share of associates and joint ventures by reportable segment in the statements of income for 2023, 2022 and 2021 are detailed as follows: 2023 2022 2021 Mexico $ 65 39 28 United States 21 17 18 EMEAA 10 8 8 Corporate and others 2 (34 ) – $ 98 30 54 |
Summary of Other Investments and Non-current Accounts Receivable | As of December 31, 2023 and 2022, consolidated other investments and non-current 2023 2022 Non-current 1 $ 272 228 Non-current 64 57 Investments in strategic equity securities 3 5 Investments at fair value through the statements of income 1 3 $ 340 293 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $78 in 2023 and $33 in 2022, b) advances to suppliers of fixed assets of $41 in 2023 and $58 in 2022, c) employee prepaid compensation of $8 in 2023 and $12 in 2022, and d) warranty deposits of $24 in 2023 and $21 in 2022. |
Property, Machinery and Equip_2
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Detailed Information About In Property Plant Equipment Right Of Use Assets | As of December 31, 2023 and 2022, property, machinery and equipment, net and assets for the right-of-use, 2023 2022 Property, machinery and equipment, net $ 11,272 10,156 Assets for the right-of-use, 1,194 1,128 $ 12,466 11,284 |
Summary of Average Useful Lives by Category of Fixed Assets | As of December 31, 2023, the average useful lives by category of fixed assets, which are reviewed at Years Administrative buildings 30 Industrial buildings 25 Machinery and equipment in plant 16 Ready-mix 11 Office equipment and other assets 7 |
Disclosure of Net Change in Property, Machinery and Equipment | As of December 31, 2023 and 2022, consolidated property, machinery and equipment, net and the changes in this line item during 2023 and 2022, were as follows: 2023 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337) (1,513) (7,510) – (10,360) Net book value at beginning of period 3,506 829 4,153 1,668 10,156 Capital expenditures 33 86 720 200 1,039 Stripping costs 1 37 – – – 37 Total capital expenditures 70 86 720 200 1,076 Disposals 3 (31) (2) (75) – (108) Business combinations (note 4.1) 13 4 22 – 39 Depreciation and depletion for the period (141) (80) (653) – (874) Impairment losses (note 7) (16) (2) (18) – (36) Asset retirement obligations (note 18.2) – 20 44 – 64 Foreign currency translation effects 399 124 369 63 955 Cost at end of period 5,295 2,636 12,702 1,931 22,564 Accumulated depreciation and depletion (1,495) (1,657) (8,140) – (11,292) Net book value at end of period $ 3,800 979 4,562 1,931 11,272 2022 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,801 2,532 11,727 1,262 20,322 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) – (10,120) Net book value at beginning of period 3,575 1,038 4,327 1,262 10,202 Capital expenditures 126 52 406 457 1,041 Stripping costs 1 25 – – – 25 Total capital expenditures 151 52 406 457 1,066 Disposals 3 (4 ) (4 ) (22 ) – (30) Business combinations (note 4.1) 32 1 9 1 43 Depreciation and depletion for the period (153 ) (78 ) (493 ) – (724) Impairment losses (note 7) (12 ) (8 ) (55 ) (2 ) (77) Asset retirement obligations (note 18.2) – 5 17 – 22 Foreign currency translation effects (83 ) (177 ) (36 ) (50 ) (346) Cost at end of period 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337 ) (1,513 ) (7,510 ) – (10,360) Net book value at end of period $ 3,506 829 4,153 1,668 10,156 1 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 its carrying amount. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production 2 As of December 31, 2023, the Maceo plant in Colombia with an annual capacity of 1.3 million tons of cement, has not initiated commercial operations mainly as the access road has not been finalized. As of the reporting date, the works related to the access road to the plant reflect significant progress; nonetheless, the beginning of commercial operations is subject also 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, 2023, the carrying amount of the plant is for an amount in Colombian Pesos equivalent to $308. 3 In 2023 includes sales of non-strategic non-strategic |
Summary of Recognized Impairment Losses | During the years ended December 31, 2023, 2022 and 2021 impairment losses of fixed assets by country are as follows: 2023 2022 2021 Colombia $ 8 – 10 Caribbean TCL 7 14 – France 6 – – United Kingdom 5 10 5 United States 3 26 18 Spain 2 23 – Others 5 4 10 $ 36 77 43 |
Asset for the Right of Use,Net | As of December 31, 2023 and 2022, consolidated asset right-of-use, 2023 Land Buildings Machinery Others Total Assets for the right-of-use $ 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271) Net book value at beginning of period 297 132 676 23 1,128 Additions of new leases 36 9 284 12 341 Cancellations and remeasurements, net (10 ) (4 ) (14 ) (1 ) (29) Depreciation (15 ) (36 ) (141 ) (12 ) (204) Foreign currency translation effects 13 21 (68 ) (8 ) (42) Assets for the right-of-use 476 356 1,722 58 2,612 Accumulated depreciation (155 ) (234 ) (985 ) (44 ) (1,418) Net book value at end of period $ 321 122 737 14 1,194 2022 Land Buildings Machinery Others Total Assets for the right-of-use $ 395 401 1,513 21 2,330 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210) Net book value at beginning of period 248 196 668 8 1,120 Additions of new leases 45 21 207 23 296 Cancellations and remeasurements, net (15 ) (27 ) (82 ) (1 ) (125) Depreciation (1 ) (77 ) (165 ) (15 ) (258) Foreign currency translation effects 20 19 48 8 95 Assets for the right-of-use 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271) Net book value at end of period $ 297 132 676 23 1,128 For the years ended December 31, 2023, 2022 and 2021, the combined rental expense related low-value sub-leasing |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges | As of December 31, 2023 and 2022, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2023 2022 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 7,674 – 7,674 $ 7,538 – 7,538 Intangible assets of definite useful life: Extraction rights 1,768 (479 ) 1,289 1,729 (452 ) 1,277 Internally developed software 973 (639 ) 334 820 (534 ) 286 Customer relationships 196 (196 ) – 196 (196 ) – Mining projects 47 (7 ) 40 39 (6 ) 33 Industrial property and trademarks 32 (16 ) 16 32 (15 ) 17 Other intangible assets 357 (180 ) 177 305 (163 ) 142 $ 11,047 (1,517 ) 9,530 $ 10,659 (1,366 ) 9,293 |
Summary of Changes in Consolidated goodwill | Changes in consolidated goodwill for the years ended December 31, 2023 and 2022, were as follows: 2023 2022 Balance at beginning of period $ 7,538 7,984 Impairment losses (notes 7 and 16.2) – (365) Business combinations (note 4.1) 8 4 Foreign currency translation effects 128 (85) Balance at end of period $ 7,674 7,538 |
Summary of Changes in Intangible Asset | Changes in intangible assets of definite life in 2023 and 2022, were as follows: 2023 Extraction Internally 1 Mining Industrial Others Total Balance at beginning of period $ 1,277 286 33 17 142 1,755 Amortization for the period (42 ) (91 ) (1 ) (1 ) (20 ) (155) Impairment losses (note 7) (7 ) – – – – (7) Additions (decreases), net 1 2 148 7 2 48 207 Business combinations 26 – – – – 26 Foreign currency translation effects 33 (9 ) 1 (2 ) 7 30 Balance at the end of period $ 1,289 334 40 16 177 1,856 2022 Extraction Internally 1 Mining Industrial Others Total Balance at beginning of period $ 1,350 228 45 23 133 1,779 Amortization for the period (44 ) (73 ) (1 ) (7 ) (13 ) (138) Additions (decreases), net 1 (10 ) 136 (10 ) – 35 151 Foreign currency translation effects (19 ) (5 ) (1 ) 1 (13 ) (37) Balance at the end of period $ 1,277 286 33 17 142 1,755 1 Includes the capitalized direct costs incurred in the development stage of internal-use |
Summary of Goodwill Balances Allocated by Operating Segment | As of December 31, 2023 and 2022, goodwill balances allocated by Operating Segment after impairment adjustments were as follows: 2023 2022 Mexico $ 441 384 United States 6,176 6,176 EMEAA United Kingdom 264 250 France 207 201 Spain 59 57 Philippines 82 82 Rest of EMEAA 1 50 38 SCA&C Colombia 254 202 Caribbean TCL 83 83 Rest of SCA&C 2 58 65 $ 7,674 7,538 1 This caption refers to the operating segments in Israel, the Czech Republic, Egypt and Germany. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. |
Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows | As of December 31, 2023, 2022 and 2021, Cemex’s pre-tax Discount rates Long-term growth rates 1 Groups of CGUs 2023 2022 2021 2023 2022 2021 United States 10.1% 9.1% 7.2% 2.0% 2.0% 2.0% United Kingdom 10.4% 9.1% 7.3% 1.5% 1.5% 1.5% France 10.4% 9.2% 7.3% 1.5% 1.4% 1.4% Spain 10.7% 9.4% 7.6% 1.6% 1.7% 1.5% Mexico 11.6% 10.3% 8.4% 1.0% 1.1% 1.0% Colombia 12.7% 10.9% 8.5% 3.3% 3.3% 3.5% Range of rates in other countries 10.3% – 17.0% 9.3% – 13.9% 7.4% – 11.7% 1.5% – 6.4% 1.5% – 6.0% 1.7% – 6.0% 1 The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
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 average multiple of Operating EBITDA, in those operating segments that presented relative impairment risk as of December 31, 2023, are as follows: Impairment effects from the sensitivity analyses to Operating segment Impairment Discount rate +1% Long-term –1% Multiples 10.9x United States $ – 357 64 – |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2023 and 2022, Cemex’s consolidated debt summarized by interest rates and currencies, was as follows: 2023 2022 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ 13 1,968 1,981 $ – 1,750 1,750 Fixed rate debt 12 4,235 4,247 51 5,170 5,221 $ 25 6,203 6,228 $ 51 6,920 6,971 Effective rate 3 Floating rate 6.4% 7.1% 3.2% 4.6% Fixed rate 4.4% 5.0% 5.1% 5.3% 2023 2022 Currency Current Non-current Total Effective rate 3 Current Non-current Total Effective rate 3 Dollars $ 1 4,348 4,349 5.5% $ 5 5,511 5,516 5.7% Euros 9 990 999 4.2% 2 962 964 3.3% Pesos – 704 704 12.0% – 267 267 12.2% Philippine Pesos 11 112 123 7.1% 8 139 147 5.4% Other currencies 4 49 53 4.5% 36 41 77 4.3% $ 25 6,203 6,228 $ 51 6,920 6,971 1 As of December 31, 2023 and 2022, from the total debt of $6,228 and $6,971, respectively, 94% was held in the Parent Company and 6% in subsidiaries of the Parent Company, in both periods. 2 As of December 31, 2023 and 2022, cumulative discounts, fees and other direct costs incurred in Cemex’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $47 and $45, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the effective interest rate method. 3 In 2023 and 2022, represents the weighted-average effective 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, 2023 and 2022, Cemex’s consolidated debt summarized by type of instrument, was as follows: 2023 Current Non-current 2022 Current Non-current Bank loans Bank loans Loans in foreign countries, 2024 to 2025 $ 10 202 Loans in foreign countries, 2023 to 2025 $ 43 184 Syndicated loans, 2025 to 2028 – 2,476 Syndicated loans, 2024 to 2026 – 2,578 10 2,678 43 2,762 Notes payable Notes payable Medium-term notes, 2026 to 2031 – 3,508 Medium-term notes, 2024 to 2031 – 4,140 Other notes payable, 2024 to 2027 5 27 Other notes payable, 2023 to 2027 6 20 5 3,535 6 4,160 Total bank loans and notes payable 15 6,213 Total bank loans and notes payable 49 6,922 Current maturities 10 (10) Current maturities 2 (2) $ 25 6,203 $ 51 6,920 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Debt at beginning of year $ 6,971 7,379 9,339 Proceeds from new debt instruments 2,938 2,006 3,960 Debt repayments (3,840) (2,420) (5,897) Foreign currency translation and accretion effects 159 6 (23) Debt at end of year $ 6,228 6,971 7,379 |
Summary of Non-Current Notes Payable | As of December 31, 2023 and 2022, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2023 2022 2023 CEBURES variable rate 3 05/Oct/23 Cemex, S.A.B. de C.V. Peso 1,000 TIIE+.45% 01/Oct/26 – 59 $ 59 – 2023 CEBURES fixed rate 3 05/Oct/23 Cemex, S.A.B. de C.V. Peso 5,000 11.48% 26/Sep/30 – 295 292 – July 2031 Notes 4 12/Jan/21 Cemex, S.A.B. de C.V. Dollar 1,750 3.875% 11/Jul/31 (642) 1,108 1,102 1,102 September 2030 Notes 4 17/Sep/20 Cemex, S.A.B. de C.V. Dollar 1,000 5.2% 17/Sep/30 (283) 717 714 714 November 2029 Notes 4 19/Nov/19 Cemex, S.A.B. de C.V. Dollar 1,000 5.45% 19/Nov/29 (247) 753 749 749 June 2027 Notes 5 05/Jun/20 Cemex, S.A.B. de C.V. Dollar 1,000 7.375% 05/Jun/27 (1,000) – – 996 March 2026 Notes 19/Mar/19 Cemex, S.A.B. de C.V. Euro 400 3.125% 19/Mar/26 – 442 441 427 July 2025 Notes 01/Apr/03 Cemex Materials LLC Dollar 150 7.70% 21/Jul/25 – 150 151 152 Other notes payable 27 20 $ 3,535 4,160 1 As of December 31, 2023, these issuances are fully and unconditionally guaranteed by Cemex Concretos, S.A. de C.V., Cemex Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and Cemex Corp. 2 Presented net of all notes repurchased by Cemex. As of December 31, 2023, all repurchased notes have been canceled. 3 On October 5, 2023, Cemex issued sustainability-linked long-term notes ( certificados bursátiles de largo plazo 3-year 7-year 4 During 2022, pursuant to tender offers and other market transactions, Cemex partially repurchased several series of its notes for an aggregate notional amount of $1,172. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional costs, generated a repurchase gain of $104, recognized in the line item “Financial income and other items, net.” 5 On June 5, 2023, Cemex fully redeemed the June 2027 Notes. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional cost, generated a repurchase loss of $38, recognized in the line item “Financial income and other items, net.” |
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2023, were as follows: Bank loans Notes payable Total 2025 $ 608 167 775 2026 324 506 830 2027 577 4 581 2028 1,131 – 1,131 2029 and thereafter 28 2,858 2,886 $ 2,668 3,535 6,203 |
Schedule of Lines of Credit | As of December 31, 2023, Cemex had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2023 Credit Agreement, at annual interest rates ranging between 5.36% and 6.56%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries 1 $ 401 274 Other lines of credit from banks 1 774 774 Revolving credit facility 2023 Credit Agreement 2,000 1,400 $ 3,175 2,448 1 Uncommitted amounts subject to the banks’ availability. |
Summary of Consolidated Financial Ratios | As of December 31, 2023, 2022 and 2021, under the 2023 Credit Agreement and the 2021 Credit Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios Refers to the compliance limits and calculations that were 2023 2022 2021 Leverage ratio Limit <=3.75 <=3.75 <=3.75 Calculation 2.06 2.84 2.73 Coverage ratio Limit >=2.75 >=2.75 >=2.75 Calculation 7.91 6.27 5.99 |
Summary of Other Financial Obligations | As of December 31, 2023 and 2022, other financial obligations in the consolidated statement of financial position were detailed as follows: 2023 2022 Current Non-current Total Current Non-current Total I. Leases $ 272 986 1,258 $ 258 918 1,176 II. Liabilities secured with accounts receivable 678 – 678 678 – 678 $ 950 986 1,936 $ 936 918 1,854 |
Detailed Information about In Lease Liabilities | Changes in the balance of lease financial liabilities during 2023, 2022 and 2021 were as follows: 2023 2022 2021 Lease financial liability at beginning of year $ 1,176 1,176 1,260 Additions from new leases 341 296 227 Reductions from payments (256 ) (276 ) (313) Cancellations and liability remeasurements (24 ) 7 27 Foreign currency translation and accretion effects 21 (27 ) (25) Lease financial liability at end of year $ 1,258 1,176 1,176 |
Summary of Disclosure Detail Of Financial Lease Liabilities | As of December 31, 2023, the maturities of non-current Total 2025 $ 181 2026 144 2027 108 2028 77 2029 and thereafter 476 $ 986 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2023 and 2022, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2023 2022 Carrying amount Fair value Carrying amount Fair value Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 64 64 $ 57 57 Other investments and non-current 276 266 236 229 $ 340 330 $ 293 286 Financial liabilities Long-term debt (note 17.1) $ 6,203 6,030 $ 6,920 6,517 Other financial obligations (note 17.2) 986 919 918 788 Derivative financial instruments (notes 17.4 and 18.2) 15 15 2 2 $ 7,204 6,964 $ 7,840 7,307 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2023 and 2022, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 28.4): 2023 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ – 64 – 64 Investments in strategic equity securities (note 14.2) 3 – – 3 Other investments at fair value through earnings (note 14.2) – 1 – 1 $ 3 65 – 68 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ – 15 – 15 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ – 57 – 57 Investments in strategic equity securities (note 14.2) 5 – – 5 Other investments at fair value through earnings (note 14.2) – 3 – 3 $ 5 60 – 65 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ – 2 – 2 |
Summary of Derivative Financial Instruments | As of December 31, 2023 and 2022, the notional amounts and fair values of Cemex’s derivative instruments were as follows: 2023 2022 Notional amount Fair value Notional amount Fair value I. Net investment hedges $ 976 (94 ) 837 (48 ) II. Cross currency swaps 335 23 – – III. Interest rate swaps 750 30 1,018 54 IV. Fuel price hedging 232 5 136 8 V. Foreign exchange options 300 10 500 18 $ 2,593 (26 ) 2,491 32 |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2023 and 2022, Cemex’s consolidated net monetary assets (liabilities) by currency are as follows: 2023 Mexico United States EMEAA SCA&C Others 1 Total Monetary assets $ 1,627 651 1,491 274 (241 ) 3,802 Monetary liabilities 2,184 2,679 3,087 730 7,179 15,859 Net monetary assets (liabilities) $ (557 ) (2,028 ) (1,596 ) (456 ) (7,420 ) (12,057) Out of which: Dollars $ (157 ) (2,030 ) (5 ) (61 ) (4,780 ) (7,033) Pesos (400 ) – – – (524 ) (924) Euros – – (660 ) – (1,563 ) (2,223) Pounds – – (710 ) – 97 (613) Other currencies – 2 (221 ) (395 ) (650 ) (1,264) $ (557 ) (2,028 ) (1,596 ) (456 ) (7,420 ) (12,057) 2022 Mexico United States EMEAA SCA&C Others 1 Total Monetary assets $ 960 650 1,315 204 – 3,129 Monetary liabilities 1,951 2,559 2,887 519 7,174 15,090 Net monetary assets (liabilities) $ (991 ) (1,909 ) (1,572 ) (315 ) (7,174 ) (11,961) Out of which: Dollars $ 8 (1,909 ) 12 (42 ) (5,633 ) (7,564) Pesos (999 ) – – – (72 ) (1,071) Euros – – (632 ) – (1,183 ) (1,815) Pounds – – (931 ) – 171 (760) Other currencies – – (21 ) (273 ) (457 ) (751) $ (991 ) (1,909 ) (1,572 ) (315 ) (7,174 ) (11,961) 1 Includes the Parent Company, Cemex’s financing subsidiaries, among other entities. |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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Summary of Other Current Liabilities | As of December 31, 2023 and 2022, consolidated other current liabilities were as follows: 2023 2022 Other accounts payable and accrued expenses 1 $ 656 560 Provisions 2 492 276 Contract liabilities with customers (note 3) 3 384 293 Interest payable 88 96 $ 1,620 1,225 1 Other accounts payable and accrued expenses mainly refer to accrued fixed and variable employee benefits, insurance payments and accruals for public services. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. 2 Current provisions are detailed by concept in note 18.2 below. 3 As of December 31, 2023 and 2022, contract liabilities with customers included $339 and $253, respectively, of advances received from customers, as well as in 2023 and 2022 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 in both years. Note 3 includes the changes during the period of this caption. |
Summary of Other Non-current Liabilities | As of December 31, 2023 and 2022, consolidated other non-current 2023 2022 Asset retirement obligations 1 $ 470 465 Environmental liabilities 2 250 233 Accruals for legal assessments and other responsibilities 3 100 83 Non-current 15 2 Other non-current 4 329 282 $ 1,164 1,065 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 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. 3 Provisions for legal claims and other responsibilities include items related to tax contingencies. 4 As of December 31, 2023 and 2022, the balance includes deferred revenues of $22 and $27, respectively, that are amortized to the statement of income 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 non-current 2023 Asset Environmental Accruals for legal Valuation of Other liabilities Total 2022 Balance at beginning of period $ 509 276 85 50 421 1,341 1,539 Additions or increase in estimates 64 11 49 169 239 532 270 Releases or decrease in estimates (58 ) (15 ) (34 ) (123 ) (84 ) (314 ) (486 ) Business combinations – – – – – – 6 Accretion expense 30 – 1 – 11 42 32 Foreign currency translation 28 7 4 (1 ) 17 55 (20 ) Balance at end of period $ 573 279 105 95 604 1,656 1,341 Out of which: Current provisions $ 103 29 5 80 275 492 276 Other non-current 470 250 100 15 329 1,164 1,065 |
Pensions and Post-Employment _2
Pensions and Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2023, 2022 and 2021, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2023 2022 2021 2023 2022 2021 2023 2022 2021 Recorded in operating costs and expenses Service cost $ 7 8 9 4 4 3 11 12 12 Past service cost – 1 – – – – – 1 – Settlements, curtailments and other changes (10 ) – (1 ) (1 ) – (1 ) (11 ) – (2) (3 ) 9 8 3 4 2 – 13 10 Recorded in other financial expenses Net interest cost 36 23 26 8 6 5 44 29 31 Recorded in other comprehensive income Actuarial losses (gains) for the period 46 (166 ) (257 ) (1 ) (10 ) (6 ) 45 (176 ) (263) $ 79 (134 ) (223 ) 10 – 1 89 (134 ) (222) |
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2023 and 2022, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2023 2022 2023 2022 2023 2022 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 1,811 2,685 92 98 1,903 2,783 Service cost 7 8 4 4 11 12 Interest cost 101 66 8 6 109 72 Actuarial losses (gains) 30 (632 ) (1 ) (10 ) 29 (642) Initial valuation from new plan – 13 – – – 13 Reduction from disposal of assets – (6 ) – – – (6) Settlements and curtailments (2 ) – – – (2 ) – Plan amendments (10 ) 1 (1 ) – (11 ) 1 Benefits paid (122 ) (130 ) (8 ) (7 ) (130 ) (137) Foreign currency translation 94 (194 ) 7 1 101 (193) Projected benefit obligation at end of the period 1,909 1,811 101 92 2,010 1,903 Change in plan assets: Fair value of plan assets at beginning of the period 1,207 1,783 1 1 1,208 1,784 Return on plan assets 65 43 – – 65 43 Actuarial losses (16 ) (466 ) – – (16 ) (466) Employer contributions 97 96 8 7 105 103 Initial valuation from new plan – 13 – – – 13 Settlements (2 ) – – – (2 ) – Benefits paid (122 ) (130 ) (8 ) (7 ) (130 ) (137) Foreign currency translation 44 (132 ) 1 – 45 (132) Fair value of plan assets at end of the period 1,273 1,207 2 1 1,275 1,208 Net projected liability in the statement of financial position $ 636 604 99 91 735 695 |
Summary of Actuarial (Gains) Losses | For the years 2023, 2022 and 2021, actuarial (gains) losses for the period were generated by the following main factors as follows: 2023 2022 2021 Actuarial (gains) losses due to experience $ 13 96 (87 ) Actuarial (gains) losses due to demographic assumptions (5 ) (2 ) 20 Actuarial (gains) losses due to financial assumptions 37 (270 ) (196 ) $ 45 (176 ) (263 ) |
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2023 and 2022, based on the hierarchy of fair values, plan assets are detailed as follows: 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 24 – – 24 $ 38 – – 38 Investments in corporate bonds 11 391 – 402 7 289 – 296 Investments in government bonds 114 209 – 323 90 266 – 356 Total fixed-income securities 149 600 – 749 135 555 – 690 Investment in marketable securities 179 43 – 222 226 42 – 268 Other investments and private funds 70 33 201 304 91 42 117 250 Total variable-income securities 249 76 201 526 317 84 117 518 Total plan assets $ 398 676 201 1,275 $ 452 639 117 1,208 |
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: 2023 2022 Mexico United States United Kingdom Range of rates in other countries Mexico United States United Kingdom Range of rates in other countries Discount rates 10.50 % 5.20% 4.70% 3.1% – 11.0% 10.50% 5.50% 5.00% 3.6% – 13.0% Rate of return on plan assets 10.50 % 5.20% 4.70% 3.1% – 11.0% 10.50% 5.50% 5.00% 3.6% – 13.0% Rate of salary increases 4.50 % – 3.10% 2.5% – 7.3% 4.50% – 3.25% 2.5% – 7.3% |
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2023, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2024 $ 173 2025 149 2026 151 2027 148 2028 – 2033 882 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2023 and 2022, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2023 2022 PBO Assets Deficit PBO Assets Deficit Mexico $ 253 44 209 $ 220 25 195 United States 184 188 (4 ) 194 166 28 United Kingdom 1,129 821 308 1,062 791 271 Germany 141 6 135 134 6 128 Other countries 303 216 87 293 220 73 $ 2,010 1,275 735 $ 1,903 1,208 695 |
Schedule of Sensitivity Analysis of Pension and Other Post Employment Benefits | As of December 31, 2023, 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 are shown below: Pensions Other benefits Total Assumptions: +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Discount Rate Sensitivity $ (95 ) 104 (4 ) 4 (99 ) 108 Salary Increase Rate Sensitivity 4 (4 ) 1 (1 ) 5 (5 ) Pension Increase Rate Sensitivity 73 (68 ) – – 73 (68 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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Summary of Income Tax Expense | The amounts of income tax expense in the statements of income for 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Current income tax expense $ 1,147 170 172 Deferred income tax expense (benefit) 103 39 (35 ) $ 1,250 209 137 |
Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities | As of December 31, 2023 and 2022, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2023 2022 Deferred tax assets: Tax loss carryforwards and other tax credits $ 445 561 Accounts payable and accrued expenses 883 734 Intangible assets, net 192 140 Others 11 20 Total deferred tax assets, gross 1,531 1,455 Presentation of net position by same legal entity (1,168 ) (1,044 ) 363 411 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,470 ) (1,406 ) Investments and other assets (141 ) (32 ) Total deferred tax liabilities, gross (1,611 ) (1,438 ) Presentation of net position by same legal entity 1,168 1,044 Total deferred tax liabilities, net in the statement of financial position (443 ) (394 ) Net deferred tax assets (liabilities) $ (80 ) 17 Out of which: Net deferred tax assets (liabilities) in Mexican entities $ 67 (17 ) Net deferred tax assets (liabilities) in foreign entities (147 ) 34 Net deferred tax assets (liabilities) $ (80 ) 17 |
Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position | As of December 31, 2023 and 2022, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2023 2022 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 185 (118) 67 $ 168 (185) (17) Foreign entities 178 (325) (147) 243 (209) 34 $ 363 (443) (80) $ 411 (394) 17 |
Summary of Breakdown of Changes in Consolidated Deferred Income Taxes | The breakdown of changes in consolidated deferred income taxes during 2023, 2022 and 2021 was as follows: 2023 2022 2021 Deferred income tax expense (benefit) in the statement of income $ 103 39 (35) Deferred income tax (benefit) expense in stockholders’ equity (6 ) 14 (38) Reclassifications 1 – 7 78 Change in deferred income tax during the period $ 97 60 5 1 In 2022 and 2021, refers to the effects of the reclassification of balances to assets held for sale and related liabilities (note 4.2). |
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 2023, 2022 and 2021 were as follows: 2023 2022 2021 Expense (benefit) related to foreign exchange fluctuations from intercompany balances (note 21.2) $ 5 – (6) Expense (benefit) associated to actuarial results (note 21.2) (5) 32 26 Benefit related to derivative financial instruments (note 17.4) (41) (30) (1) Expense (benefit) from foreign currency translation and other effects 35 12 (63) $ (6) 14 (44) |
Schedule of Consolidated Tax Loss and Tax Credits Carry Forwards Expire | As of December 31, 2023, consolidated tax loss and tax credits carryforwards expire as follows: Amount of carryforwards Amount of Amount of 2024 $ 29 29 – 2025 48 46 2 2026 141 131 10 2027 318 286 32 2028 and thereafter 7,591 5,839 1,752 $ 8,127 6,331 1,796 |
Schedule of Effective Tax Rate Table | For the years ended December 31, 2023, 2022 and 2021, the effective consolidated income tax rates were as follows: 2023 2022 2021 Earnings before income tax $ 1,449 770 954 Income tax expense (1,250 ) (209 ) (137) Effective consolidated income tax expense rate 1 86.3 % 27.1 % 14.4% 1 The average effective tax rate equals the net amount of income tax benefit or expense divided by income or loss before income taxes, as these line items are reported in the statements of income. |
Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to Cemex, among other factors, give rise to permanent differences between the statutory tax rate applicable in Mexico, and the effective tax rate presented in the consolidated statements of income, which in 2023, 2022 and 2021 were as follows: 2023 2022 2021 % $ % $ % $ Mexican statutory tax rate 30.0 435 30.0 231 30.0 280 Income tax penalties in Spain (note 20.4) 42.8 620 – – – – Difference between accounting and tax expenses, net 1 0.4 6 35.8 276 4.8 45 Non-taxable (1.2 ) (17 ) 3.4 26 (3.8 ) (35 ) Difference between book and tax inflation 8.3 120 28.2 217 23.9 223 Differences in the income tax rates in the countries where Cemex operates 2 7.1 103 (6.2 ) (48 ) 4.7 44 Changes in deferred tax assets 3 (3.9 ) (57 ) (59.7 ) (460 ) (48.7 ) (454 ) Changes in provisions for uncertain tax positions 0.1 1 (5.1 ) (39 ) 2.6 24 Others 2.7 39 0.7 6 0.9 10 Effective consolidated income tax expense rate 86.3 1,250 27.1 209 14.4 137 1 In 2022, it includes $365, related to the effects of the impairment charges during the period which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% and the applicable income tax rates of each country where Cemex operates. In 2021, it includes the effect related to the change in statutory tax rate in Colombia from 30% to 35%. 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 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, 2023 and 2022: 2023 2022 Changes in the statement of position Amounts in Changes in the statement of position Amounts in Tax loss carryforwards generated and not recognized during the year $ – 45 – 38 Derecognition related to tax loss carryforwards recognized in prior years (125) – (103) – Recognition related to unrecognized tax loss carryforwards 12 (105) 16 (498) Foreign currency translation and other effects (3) 3 (14) – Changes in deferred tax assets $ (116) (57) (101) (460) |
Schedule of Unrecognized Tax Benefits | A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021, excluding interest and penalties, is as follows: 2023 2022 2021 Balance of tax positions at beginning of the period $ 41 48 27 Additions for tax positions of prior periods 34 5 4 Additions for tax positions of current period 3 5 27 Reductions for tax positions related to prior periods and other items (1 ) (11 ) (2) Settlements and reclassifications – (4 ) (5) Expiration of the statute of limitations (2 ) (2 ) (2) Foreign currency translation effects 3 – (1) Balance of tax positions at end of the period $ 78 41 48 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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Schedule of reconciliation of controlling interest due to different currencies | As of December 31, 2023, the line-by-line As of December 31, 2023 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,699 6,086 Other equity reserves 1, 2 (363 ) 1,576 Retained earnings 2 4,428 4,102 Total controlling interest $ 11,764 11,764 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 to the method of accruing Dollars using the exchange rates of each month during the period for statement of income purposes. The cumulative effect of 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, 2023 and 2022, the breakdown of consolidated common stock and additional paid-in 2023 2022 Common stock $ 318 318 Additional paid-in 7,381 7,492 $ 7,699 7,810 |
Summary of Common Stock | As of December 31, 2023 and 2022, the common stock of Cemex, S.A.B. de C.V. was presented as follows: 2023 2022 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,016,656,496 14,508,328,248 29,016,656,496 14,508,328,248 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 – – 441,284,956 220,642,478 29,898,099,326 14,949,049,663 30,339,384,282 15,169,692,141 1 As of December 31, 2023 and 2022, 13,068,000,000 shares correspond to the fixed portion, and 31,779,148,989 shares in 2023 and 32,441,076,423 shares in 2022 correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of Cemex, S.A.B. de C.V.’s capital stock; Series “B” or free subscription shares must represent at most 36% of Cemex, S.A.B. de C.V.’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Parent Company’s shareholders (note 21.2). |
Summary of other Equity Reserves and Subordinated Notes | As of December 31, 2023 and 2022, the caption of other equity reserves and subordinated notes was integrated as follows: 2023 2022 Other equity reserves $ (2,349 ) (2,549) Subordinated notes 1,986 994 $ (363 ) (1,555) |
Summary of Other Equity Reserves | As of December 31, 2023 and 2022, other equity reserves are detailed as follows: 2023 2022 Cumulative translation effect, tax effects from deferred income taxes recognized directly in equity (note 20.2) and derivative financial instruments designated as cash flow hedges $ (672 ) (926) Cumulative actuarial losses (398 ) (353) Cumulative coupon payments under perpetual debentures (note 21.4) (1,070 ) (1,070) Cumulative coupon payments under subordinated notes (204 ) (84) Cancellation of treasury shares by shareholders’ resolution (note 21.1) – (111) Other effects (5 ) (5) $ (2,349 ) (2,549) |
Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) | For the years ended December 31, 2023, 2022 and 2021, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2023 2022 2021 Foreign currency translation result 1 $ 356 (235 ) (476) Foreign exchange fluctuations from debt 2 (28 ) (23 ) 89 Foreign exchange fluctuations from intercompany balances 3 (73 ) (68 ) (13) $ 255 (326 ) (400) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in the fair value of foreign exchange forward contracts designated as a 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 28.3). 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. |
Executive Share-Based Compens_2
Executive Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Share-Based Compensation Programs | For the years 2023, 2022 and 2021, the changes in connection with the Share-Based Compensation Programs were as follows: ADSs equivalents delivered (thousands) Plan Target number of ADSs (thousands) ADS price at award’s date 1 Fair value (%) Fair value (millions) 2023 2022 2021 ADSs Forfeited (thousands) ADSs Outstanding (thousands) 2 Performance Plans 2018 1,521.9 $ 6.3 149% 14.3 – – 2,368.4 61.4 – 2019 2,303.0 $ 4.4 130% 13.2 – 3,062.8 – 57.7 – 2020 4,146.0 $ 2.3 155% 14.8 8,448.2 – – – – 2021 1,227.2 $ 8.0 150% 14.7 – – – – 1,840.8 2022 2,403.6 $ 4.3 149% 15.4 – – – – 3,571.7 2023 2,825.4 $ 6.4 145% 26.1 – – – – 4,094.1 Ordinary Plans 2017 2,704.4 $ 8.9 100% 23.9 – – 19.1 103.9 – 2018 5,304.2 $ 6.5 100% 34.5 – – 968.7 139.2 – 2019 8,048.2 $ 4.7 100% 37.5 42.4 1,521.4 1,725.0 118.3 – 2020 11,162.2 $ 2.5 100% 28.1 2,293.0 2,370.9 2,617.6 253.7 – 2021 5,716.6 $ 7.2 100% 41.3 1,442.7 1,465.6 1,634.6 39.3 1,232.2 2022 9,483.0 $ 4.9 100% 46.0 2,450.5 2,499.8 – 22.4 4,468.8 2023 6,531.9 $ 5.9 100% 38.4 1,765.0 – – – 4,766.8 16,441.8 10,920.5 9,333.4 795.9 19,974.4 1 Average ADS price of the awards at the date of grant. 2 Until the final payout of the Performance Plans is determined after the conclusion of the three-year period for award, the number of ADSs outstanding assumes a payout considering the same percentage determined by the option pricing model. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Calculations of Earnings per Share | The amounts considered for calculations of earnings (loss) per share in 2023, 2022 and 2021 were as follows: 2023 2022 2021 Denominator (thousands of shares) Weighted-average number of shares outstanding – basic 43,510,758 43,554,921 44,123,654 Effect of dilutive instruments – share-based compensation (note 22) 1 599,229 793,322 729,292 Weighted-average number of shares – diluted 44,109,987 44,348,243 44,852,946 Numerator Net income from continuing operations $ 199 561 817 Less: non-controlling 17 27 25 Controlling interest net income from continuing operations $ 182 534 792 Net income (loss) from discontinued operations $ – 324 (39 ) Controlling interest basic earnings (loss) per share Controlling interest basic earnings per share $ 0.0042 0.0197 0.0171 Controlling interest basic earnings per share from continuing operations 0.0042 0.0123 0.0180 Controlling interest basic earnings (loss) per share from discontinued operations – 0.0074 (0.0009 ) Controlling interest diluted earnings (loss) per share Controlling interest diluted earnings per share $ 0.0041 0.0193 0.0168 Controlling interest diluted earnings per share from continuing operations 0.0041 0.0120 0.0177 Controlling interest diluted earnings (loss) per share from discontinued operations – 0.0073 (0.0009 ) 1 Number of the Parent Company’s shares to be potentially issued under the Share- Based |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Contractual Obligations | As of December 31, 2023, Cemex had the following contractual obligations: 2023 Obligations Less than 1 year 1-3 years 3-5 years More than 5 years Total Long-term debt $ 25 1,614 1,734 2,902 6,275 Leases 1 340 493 282 509 1,624 Total debt and other financial obligations 2 365 2,107 2,016 3,411 7,899 Interest payments on debt 3 369 595 464 393 1,821 Pension plans and other benefits 4 173 300 296 734 1,503 Acquisition of property, plant and equipment 5 286 155 – – 441 Purchases of services, raw materials, fuel and energy 6 674 1,043 643 611 2,971 Total contractual obligations $ 1,867 4,200 3,419 5,149 14,635 1 Represent nominal cash flows. As of December 31, 2023, the NPV of future payments under the Company’s lease contracts was $1,258, of which, $325 refers to payments from 1 to 3 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, 2023. 4 Represents estimated annual payments under these benefits for the next ten 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. In addition, includes a contractual commitment with Neoris over a 5-year |
Principal Subsidiaries (Tables)
Principal Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Summary of Principal Subsidiaries Interests | As mentioned in notes 4.3 and 21.4, as of December 31, 2023 and 2022, there are non-controlling % Interest Subsidiary Country 2023 2022 Cemex España, S.A. 1 Spain 99.9 99.9 Cemex, Inc. United States of America 100.0 100.0 Cemex Nicaragua, S.A. 2 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 Cemex Colombia, S.A. 3 Colombia 99.7 99.7 Cemento Bayano, S.A. 4 Panama 99.5 99.5 Cemex Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 5 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. 6 Philippines 89.9 77.9 Solid Cement Corporation 7 Philippines 100.0 100.0 APO Cement Corporation 7 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 8 United Arab Emirates 100.0 100.0 Cemex International Trading LLC 9 United States of America 100.0 100.0 Sunbulk Shipping Limited 10 Bahamas 100.0 100.0 1 Cemex España is the direct or indirect holding company of most of Cemex’s international operations 2 Represents Cemex Colombia’s 99% interest and CLH’s 1% interest held indirectly through another subsidiary of CLH. 3 Represents CLH’s direct and indirect interest in ordinary and preferred shares, including own shares held in Cemex Colombia’s treasury. 4 Represents CLH’s 99.483% indirect interest in ordinary shares, which excludes a 0.516% interest held in Cemento Bayano, S.A.’s treasury. 5 Represents the aggregate ownership interest of Cemex in this entity of 79.04%, which includes TCL’s 74.08% direct and indirect interest and Cemex’s 4.96% indirect interest held through other subsidiaries. 6 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) 7 Represents CHP’s direct and indirect interest. 8 Cemex España indirectly owns a 49% equity interest in each of these entities and indirectly holds 9 Cemex International Trading LLC is involved in the international trading of Cemex’s products and fuel commercialization. 10 Sunbulk Shipping Limited is involved mainly in maritime and land transportation and/or shipping of goods worldwide and the handling, administration, and hiring of shipments and cargo at ports, terminals and other loading and unloading destinations worldwide, as well as the offering and contracting of services in relation thereto for Cemex’s trading entities and operations. |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text block [abstract] | |
Summary of Foreign Exchange Rates | The most significant closing exchange rates for the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of income with respect Cemex’s main functional currencies to the Dollar as of December 31, 2023, 2022 and 2021, were as follows: 2023 2022 2021 Currency Closing Average Closing Average Closing Average Peso 16.9700 17.6300 19.5000 20.0274 20.5000 20.4266 Euro 0.9059 0.9227 0.9344 0.9522 0.8789 0.8467 British Pound Sterling 0.7852 0.8019 0.8266 0.8139 0.7395 0.7262 Colombian Peso 3,822 4,272 4,810 4,277 3,981 3,783 |
Summary of Statutory Tax Rates | For the years ended December 31, 2023, 2022 and 2021, the statutory tax rates in Cemex’s main operations were as follows: Country 2023 2022 2021 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 23.5% 19.0% 19.0% France 25.8% 25.8% 28.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 25.0% 25.0% 25.0% Israel 23.0% 23.0% 23.0% Colombia 35.0% 35.0% 31.0% Others 5.5% – 30.0% 5.5% – 30.0% 5.5% – 30.0% |
Basis of Presentation and Dis_2
Basis of Presentation and Disclosure - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||
Increase decrease in financing obligations connected with leases | $ 341 | $ 296 | $ 227 |
Mobile equipment [member] | |||
Disclosure Of Basis Of Preparation Of Financial Statements [Line Items] | |||
Carrying amount of assets acquired through leases | $ 341 | $ 296 | $ 227 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
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 - Summary of Revenue, A
Revenue - Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Analysis of income and expense [abstract] | ||||
From the sale of goods associated to CEMEX's main activities | [1] | $ 16,904 | $ 15,137 | $ 14,009 |
From the sale of other goods and services | [2] | 484 | 440 | 370 |
Total | $ 17,388 | $ 15,577 | $ 14,379 | |
[1]During the reported periods, revenues recognized over time under construction contracts were not significant.[2]Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. |
Revenue - Summary of Changes in
Revenue - Summary of Changes in the Balance of Contract Liabilities with Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract liabilities [abstract] | |||
Opening balance of contract liabilities with customers | $ 293 | $ 257 | $ 201 |
Increase during the period for new transactions | 1,603 | 1,493 | 1,626 |
Decrease during the period for exercise or expiration of incentives | (1,519) | (1,458) | (1,574) |
Currency translation effects | 7 | 1 | 4 |
Closing balance of contract liabilities with customers | $ 384 | $ 293 | $ 257 |
Business Combinations, Divest_3
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended | |||||||||||||
Feb. 29, 2024 | Jan. 30, 2023 USD ($) t | Oct. 31, 2022 USD ($) | Oct. 25, 2022 USD ($) | Mar. 31, 2021 USD ($) Integer | Mar. 29, 2019 USD ($) | Jul. 09, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 01, 2023 USD ($) | May 11, 2023 USD ($) | Jul. 11, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 10, 2021 USD ($) | Jan. 31, 2021 USD ($) | |
Disclosure of operating segments [line items] | |||||||||||||||
Goodwill | $ 41 | $ 7,674 | $ 7,538 | $ 7,984 | |||||||||||
Loss on sale of discontinued operations | $ 67 | ||||||||||||||
Sale Of Assets | $ 44 | ||||||||||||||
Percentage of internal and external revenues | 10% | ||||||||||||||
Percentage of combined net profit or loss | 10% | ||||||||||||||
Percentage of combined assets in operating segments | 10% | ||||||||||||||
Percentage of threshold of individual operating segment | 10% | ||||||||||||||
Percentage of entitys revenue | 75% | ||||||||||||||
Neoris N.V. [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Proportion of ownership interest in joint venture | 35% | ||||||||||||||
Concrete Plants [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Number Of Assets Held For Sale | Integer | 24 | ||||||||||||||
Quarry [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Number Of Assets Held For Sale | Integer | 1 | ||||||||||||||
White Cement Business [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration, on sale of operations | $ 155 | ||||||||||||||
Pro Stein [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Percentage of voting equity interests acquired | 53% | ||||||||||||||
Consideration transferred | $ 21 | ||||||||||||||
Goodwill | $ 4 | ||||||||||||||
Goodwill recognised as of acquisition date | $ 0 | ||||||||||||||
Broquers Ambiental [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration transferred | $ 13 | ||||||||||||||
Kiesel [member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration transferred | $ 13 | $ 75 | |||||||||||||
Goodwill | 5 | ||||||||||||||
SHTANG Recycle LTD [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Goodwill | $ 3 | ||||||||||||||
Consideration, on sale of operations | $ 13 | ||||||||||||||
Percentage of ownership interest sold | 51% | ||||||||||||||
Number of tons of waste | t | 600,000 | ||||||||||||||
Discontinued operations [member] | Neoris N.V. [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration, on sale of operations | $ 119 | ||||||||||||||
Percentage of ownership interest sold | 65% | 65% | |||||||||||||
Discontinued operations [member] | Neoris [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Proceeds from divestiture | $ 117 | ||||||||||||||
Israel [member] | Kinneret and Beton-He'Emek [Member] | Readymix Business Netei Noy [member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration transferred | $ 6 | ||||||||||||||
Goodwill | $ 5 | ||||||||||||||
Costa Rica and El Salvador [Member] | |||||||||||||||
Disclosure of operating segments [line items] | |||||||||||||||
Consideration, on sale of operations | $ 325 | ||||||||||||||
Gains (losses) on exchange differences on translation of foreign operations, net of tax | $ 240 |
Business Combinations, Divest_4
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Summary of Condensed Combined Information of the Statement of Income of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Discontinued Operations [line items] | |||
Revenues | $ 17,388 | $ 15,577 | $ 14,379 |
Earnings before income tax | 1,449 | 770 | 954 |
Net result of discontinued operations | $ 0 | 324 | (39) |
Discontinued Operations [member] | |||
Disclosure of Discontinued Operations [line items] | |||
Revenues | 256 | 354 | |
Cost of sales and operating expenses | (225) | (304) | |
Other expenses, net | (8) | (42) | |
Financial expenses, net and others | 0 | 5 | |
Earnings before income tax | 23 | 13 | |
Income tax | (3) | (48) | |
Result of discontinued operations | 20 | (35) | |
Net disposal result | 304 | (4) | |
Net result of discontinued operations | $ 324 | $ (39) |
Business Combinations, Divest_5
Business Combinations, Divestitures and Discontinued Operations 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of operating segments [line items] | ||||
External revenues | $ 17,388 | $ 15,577 | $ 14,379 | |
Operating EBITDA | 3,347 | 2,681 | 2,839 | |
Less: Depreciation and amortization | 1,233 | 1,120 | 1,120 | |
Operating earnings (loss) before other expenses, net | 2,114 | 1,561 | 1,719 | |
Other expenses, net | (265) | (467) | (82) | |
Financial expense | (531) | (505) | (576) | |
Other financing items, net | 33 | 151 | (161) | |
Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 16,904 | 15,137 | 14,009 | |
Operating EBITDA | 3,629 | 2,961 | 3,048 | |
Less: Depreciation and amortization | 1,114 | 1,031 | 1,052 | |
Operating earnings (loss) before other expenses, net | 2,515 | 1,930 | 1,996 | |
Other expenses, net | (188) | (410) | (650) | |
Financial expense | (175) | (111) | (107) | |
Other financing items, net | 62 | 16 | (5) | |
Other activities [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | [1] | 484 | 440 | 370 |
Operating EBITDA | [1] | (282) | (280) | (209) |
Less: Depreciation and amortization | [1] | 119 | 89 | 68 |
Operating earnings (loss) before other expenses, net | [1] | (401) | (369) | (277) |
Other expenses, net | [1] | (77) | (57) | 568 |
Financial expense | [1] | (356) | (394) | (469) |
Other financing items, net | [1] | (29) | 135 | (156) |
Mexico [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 4,855 | 3,642 | 3,324 | |
Mexico [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 5,060 | 3,842 | 3,466 | |
Less: Intragroup transactions | (205) | (200) | (142) | |
External revenues | 4,855 | 3,642 | 3,324 | |
Operating EBITDA | 1,488 | 1,133 | 1,164 | |
Less: Depreciation and amortization | 221 | 172 | 161 | |
Operating earnings (loss) before other expenses, net | 1,267 | 961 | 1,003 | |
Other expenses, net | (59) | (69) | (43) | |
Financial expense | (39) | (28) | (29) | |
Other financing items, net | 105 | 32 | 2 | |
United States [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 5,338 | 5,034 | 4,355 | |
United States [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 5,338 | 5,038 | 4,359 | |
Less: Intragroup transactions | (4) | (4) | ||
External revenues | 5,338 | 5,034 | 4,355 | |
Operating EBITDA | 1,040 | 762 | 778 | |
Less: Depreciation and amortization | 483 | 455 | 464 | |
Operating earnings (loss) before other expenses, net | 557 | 307 | 314 | |
Other expenses, net | (31) | (205) | (127) | |
Financial expense | (75) | (55) | (47) | |
Other financing items, net | (30) | (21) | (19) | |
United Kingdom [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 992 | 982 | 940 | |
United Kingdom [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 992 | 982 | 940 | |
External revenues | 992 | 982 | 940 | |
Operating EBITDA | 193 | 195 | 141 | |
Less: Depreciation and amortization | 72 | 60 | 69 | |
Operating earnings (loss) before other expenses, net | 121 | 135 | 72 | |
Other expenses, net | (6) | (8) | (3) | |
Financial expense | (14) | (8) | (8) | |
Other financing items, net | (17) | (8) | (17) | |
France [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 842 | 781 | 863 | |
France [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 842 | 781 | 863 | |
External revenues | 842 | 781 | 863 | |
Operating EBITDA | 53 | 63 | 93 | |
Less: Depreciation and amortization | 54 | 50 | 50 | |
Operating earnings (loss) before other expenses, net | (1) | 13 | 43 | |
Other expenses, net | (39) | 1 | (6) | |
Financial expense | (15) | (10) | (11) | |
Other financing items, net | (1) | 2 | ||
Germany [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 447 | 439 | 429 | |
Germany [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 497 | 485 | 472 | |
Less: Intragroup transactions | (50) | (46) | (43) | |
External revenues | 447 | 439 | 429 | |
Operating EBITDA | 37 | 40 | 69 | |
Less: Depreciation and amortization | 32 | 28 | 28 | |
Operating earnings (loss) before other expenses, net | 5 | 12 | 41 | |
Other expenses, net | (3) | 2 | ||
Financial expense | (2) | (2) | (2) | |
Other financing items, net | (5) | (3) | (2) | |
Poland [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 466 | 415 | 399 | |
Poland [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 467 | 419 | 405 | |
Less: Intragroup transactions | (1) | (4) | (6) | |
External revenues | 466 | 415 | 399 | |
Operating EBITDA | 72 | 64 | 73 | |
Less: Depreciation and amortization | 24 | 22 | 25 | |
Operating earnings (loss) before other expenses, net | 48 | 42 | 48 | |
Other expenses, net | 1 | 1 | (4) | |
Financial expense | (2) | (2) | (2) | |
Other financing items, net | 2 | 4 | 1 | |
Spain [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 411 | 346 | 334 | |
Spain [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 449 | 382 | 359 | |
Less: Intragroup transactions | (38) | (36) | (25) | |
External revenues | 411 | 346 | 334 | |
Operating EBITDA | 71 | 6 | (6) | |
Less: Depreciation and amortization | 31 | 28 | 33 | |
Operating earnings (loss) before other expenses, net | 40 | (22) | (39) | |
Other expenses, net | 3 | (113) | (331) | |
Financial expense | (2) | (2) | (3) | |
Other financing items, net | 1 | 2 | 51 | |
Philippines [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 312 | 379 | 424 | |
Philippines [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | [2] | 312 | 379 | 424 |
External revenues | [2] | 312 | 379 | 424 |
Operating EBITDA | [2] | 34 | 84 | 114 |
Less: Depreciation and amortization | [2] | 32 | 37 | 40 |
Operating earnings (loss) before other expenses, net | [2] | 2 | 47 | 74 |
Other expenses, net | [2] | (2) | (2) | (1) |
Financial expense | [2] | (3) | 18 | 17 |
Other financing items, net | [2] | 1 | (9) | (2) |
Israel [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 794 | 840 | 785 | |
Israel [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 794 | 840 | 785 | |
External revenues | 794 | 840 | 785 | |
Operating EBITDA | 90 | 112 | 114 | |
Less: Depreciation and amortization | 33 | 46 | 45 | |
Operating earnings (loss) before other expenses, net | 57 | 66 | 69 | |
Other expenses, net | 5 | 5 | (1) | |
Financial expense | (6) | (4) | (4) | |
Other financing items, net | 1 | 2 | ||
Rest of EMEAA [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 766 | 706 | 613 | |
Rest of EMEAA [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 770 | 707 | 618 | |
Less: Intragroup transactions | (4) | (1) | (5) | |
External revenues | 766 | 706 | 613 | |
Operating EBITDA | 147 | 116 | 87 | |
Less: Depreciation and amortization | 48 | 55 | 56 | |
Operating earnings (loss) before other expenses, net | 99 | 61 | 31 | |
Other expenses, net | (7) | (10) | (110) | |
Financial expense | (6) | (4) | (3) | |
Other financing items, net | (6) | 2 | 1 | |
Colombia [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 458 | 429 | 437 | |
Colombia [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | [3] | 458 | 429 | 437 |
External revenues | [3] | 458 | 429 | 437 |
Operating EBITDA | [3] | 62 | 61 | 87 |
Less: Depreciation and amortization | [3] | 25 | 24 | 26 |
Operating earnings (loss) before other expenses, net | [3] | 37 | 37 | 61 |
Other expenses, net | [3] | (19) | 12 | (19) |
Financial expense | [3] | (6) | (7) | (7) |
Other financing items, net | [3] | (1) | 22 | (12) |
Panama [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 132 | 115 | 98 | |
Panama [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | [3] | 158 | 149 | 121 |
Less: Intragroup transactions | [3] | (26) | (34) | (23) |
External revenues | [3] | 132 | 115 | 98 |
Operating EBITDA | [3] | 35 | 28 | 31 |
Less: Depreciation and amortization | [3] | 17 | 16 | 16 |
Operating earnings (loss) before other expenses, net | [3] | 18 | 12 | 15 |
Other expenses, net | [3] | (2) | (2) | (2) |
Caribbean TCL [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 317 | 294 | 273 | |
Caribbean TCL [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | [4] | 329 | 302 | 280 |
Less: Intragroup transactions | [4] | (12) | (8) | (7) |
External revenues | [4] | 317 | 294 | 273 |
Operating EBITDA | [4] | 78 | 74 | 65 |
Less: Depreciation and amortization | [4] | 20 | 17 | 19 |
Operating earnings (loss) before other expenses, net | [4] | 58 | 57 | 46 |
Other expenses, net | [4] | (17) | (19) | (1) |
Financial expense | [4] | (2) | (4) | (6) |
Other financing items, net | [4] | (2) | (1) | (6) |
Dominican Republic [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 360 | 342 | 291 | |
Dominican Republic [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | 378 | 348 | 299 | |
Less: Intragroup transactions | (18) | (6) | (8) | |
External revenues | 360 | 342 | 291 | |
Operating EBITDA | 139 | 133 | 128 | |
Less: Depreciation and amortization | 9 | 8 | 7 | |
Operating earnings (loss) before other expenses, net | 130 | 125 | 121 | |
Other expenses, net | (2) | (1) | 3 | |
Financial expense | (1) | (1) | ||
Other financing items, net | 13 | (3) | (1) | |
Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of operating segments [line items] | ||||
External revenues | 414 | 393 | 444 | |
Rest of South, Central America and the Caribbean [member] | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Sales (including intragroup transactions) | [3] | 414 | 394 | 465 |
Less: Intragroup transactions | [3] | (1) | (21) | |
External revenues | [3] | 414 | 393 | 444 |
Operating EBITDA | [3] | 90 | 90 | 110 |
Less: Depreciation and amortization | [3] | 13 | 13 | 13 |
Operating earnings (loss) before other expenses, net | [3] | 77 | 77 | 97 |
Other expenses, net | [3] | (10) | (2) | (5) |
Financial expense | [3] | (2) | (2) | (2) |
Other financing items, net | [3] | $ 1 | $ (3) | $ (3) |
[1]In the caption of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities.[2]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, 2023 and 2022, there is a non-controlling interest in CHP of 10.14% and 22.10%, respectively, of its ordinary shares (note 21.4).[3]Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2023 and 2022, there was a non-controlling interest in CLH of 0.50% and 4.70% of its ordinary shares, respectively, excluding shares held in CLH’s treasury (note 21.4).[4]The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2023 and 2022, there was a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4). |
Business Combinations, Divest_6
Business Combinations, Divestitures and Discontinued Operations 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, 2023 | Dec. 31, 2022 | |
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 | 0.50% | 4.70% |
Cemex Holdings Philippines, Inc. [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 10.14% | 22.10% |
Business Combinations, Divest_7
Business Combinations, Divestitures and Discontinued Operations 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, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | |||
Total assets | $ 28,433 | $ 26,447 | |
Total liabilities | 16,317 | 15,538 | |
Net assets by segment | 12,116 | 10,909 | |
Additions to fixed assets | [1] | 1,417 | 1,362 |
Reportable segments [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 27,178 | 24,612 | |
Total liabilities | 8,673 | 7,711 | |
Net assets by segment | 18,505 | 16,901 | |
Additions to fixed assets | [1] | 1,414 | 1,322 |
Mexico [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 5,381 | 3,846 | |
Total liabilities | 2,052 | 1,381 | |
Net assets by segment | 3,329 | 2,465 | |
Additions to fixed assets | [1] | 264 | 265 |
United States [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 12,998 | 12,623 | |
Total liabilities | 2,770 | 2,642 | |
Net assets by segment | 10,228 | 9,981 | |
Additions to fixed assets | [1] | 521 | 551 |
United Kingdom [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,490 | 1,393 | |
Total liabilities | 960 | 921 | |
Net assets by segment | 530 | 472 | |
Additions to fixed assets | [1] | 107 | 74 |
France [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 963 | 952 | |
Total liabilities | 467 | 471 | |
Net assets by segment | 496 | 481 | |
Additions to fixed assets | [1] | 44 | 57 |
Germany [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 509 | 452 | |
Total liabilities | 289 | 255 | |
Net assets by segment | 220 | 197 | |
Additions to fixed assets | [1] | 47 | 33 |
Spain [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 666 | 616 | |
Total liabilities | 212 | 204 | |
Net assets by segment | 454 | 412 | |
Additions to fixed assets | [1] | 38 | 27 |
Poland [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 415 | 341 | |
Total liabilities | 153 | 119 | |
Net assets by segment | 262 | 222 | |
Additions to fixed assets | [1] | 44 | 33 |
Rest of EMEAA [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 863 | 783 | |
Total liabilities | 329 | 303 | |
Net assets by segment | 534 | 480 | |
Additions to fixed assets | [1] | 75 | 55 |
Colombia [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,007 | 742 | |
Total liabilities | 308 | 274 | |
Net assets by segment | 699 | 468 | |
Additions to fixed assets | [1] | 76 | 45 |
Panama [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 292 | 302 | |
Total liabilities | 78 | 88 | |
Net assets by segment | 214 | 214 | |
Additions to fixed assets | [1] | 13 | 19 |
Caribbean TCL [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 478 | 499 | |
Total liabilities | 207 | 218 | |
Net assets by segment | 271 | 281 | |
Additions to fixed assets | [1] | 18 | 16 |
Dominican Republic [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 233 | 232 | |
Total liabilities | 95 | 81 | |
Net assets by segment | 138 | 151 | |
Additions to fixed assets | [1] | 16 | 18 |
Rest of South, Central America and the Caribbean [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 280 | 268 | |
Total liabilities | 111 | 104 | |
Net assets by segment | 169 | 164 | |
Additions to fixed assets | [1] | 25 | 20 |
Philippines [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 795 | 792 | |
Total liabilities | 135 | 155 | |
Net assets by segment | 660 | 637 | |
Additions to fixed assets | [1] | 85 | 72 |
Israel [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 808 | 771 | |
Total liabilities | 507 | 495 | |
Net assets by segment | 301 | 276 | |
Additions to fixed assets | [1] | 41 | 37 |
Other Activities [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,206 | 1,767 | |
Total liabilities | 7,644 | 7,827 | |
Net assets by segment | (6,438) | (6,060) | |
Additions to fixed assets | [1] | 3 | 40 |
Disposal groups classified as held for sale [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 49 | 68 | |
Net assets by segment | 49 | 68 | |
Equity accounted investment [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 729 | 640 | |
Equity accounted investment [member] | Reportable segments [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 277 | 258 | |
Equity accounted investment [member] | United States [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 216 | 198 | |
Equity accounted investment [member] | United Kingdom [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 6 | 5 | |
Equity accounted investment [member] | France [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 41 | 42 | |
Equity accounted investment [member] | Germany [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 3 | 3 | |
Equity accounted investment [member] | Poland [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 0 | 0 | |
Equity accounted investment [member] | Rest of EMEAA [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 11 | 10 | |
Equity accounted investment [member] | Other Activities [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 452 | 382 | |
All other assets [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 27,704 | 25,807 | |
All other assets [member] | Reportable segments [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 26,901 | 24,354 | |
All other assets [member] | Mexico [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 5,381 | 3,846 | |
All other assets [member] | United States [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 12,782 | 12,425 | |
All other assets [member] | United Kingdom [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,484 | 1,388 | |
All other assets [member] | France [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 922 | 910 | |
All other assets [member] | Germany [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 506 | 449 | |
All other assets [member] | Spain [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 666 | 616 | |
All other assets [member] | Poland [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 415 | 341 | |
All other assets [member] | Rest of EMEAA [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 852 | 773 | |
All other assets [member] | Colombia [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,007 | 742 | |
All other assets [member] | Panama [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 292 | 302 | |
All other assets [member] | Caribbean TCL [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 478 | 499 | |
All other assets [member] | Dominican Republic [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 233 | 232 | |
All other assets [member] | Rest of South, Central America and the Caribbean [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 280 | 268 | |
All other assets [member] | Philippines [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 795 | 792 | |
All other assets [member] | Israel [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 808 | 771 | |
All other assets [member] | Other Activities [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | 754 | 1,385 | |
All other assets [member] | Disposal groups classified as held for sale [member] | |||
Disclosure of operating segments [line items] | |||
Total assets | $ 49 | $ 68 | |
[1]Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use incurred during the respective period (notes 15.1 and 15.2) and exclude increases related to asset retirement obligations (note 18.2). |
Business Combinations, Divest_8
Business Combinations, Divestitures and Discontinued Operations 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 17,388 | $ 15,577 | $ 14,379 | |
Net sales, continuing and discontinued operations | 17,388 | 15,577 | 14,379 | |
Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 16,904 | 15,137 | 14,009 | |
Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4,855 | 3,642 | 3,324 | |
Mexico [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4,855 | 3,642 | 3,324 | |
United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5,338 | 5,034 | 4,355 | |
United States [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5,338 | 5,034 | 4,355 | |
United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 992 | 982 | 940 | |
United Kingdom [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 992 | 982 | 940 | |
France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 842 | 781 | 863 | |
France [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 842 | 781 | 863 | |
Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 447 | 439 | 429 | |
Germany [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 447 | 439 | 429 | |
Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 466 | 415 | 399 | |
Poland [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 466 | 415 | 399 | |
Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 411 | 346 | 334 | |
Spain [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 411 | 346 | 334 | |
Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 312 | 379 | 424 | |
Philippines [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [1] | 312 | 379 | 424 |
Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 794 | 840 | 785 | |
Israel [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 794 | 840 | 785 | |
Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 766 | 706 | 613 | |
Rest of EMEAA [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 766 | 706 | 613 | |
Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 458 | 429 | 437 | |
Colombia [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 458 | 429 | 437 |
Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 132 | 115 | 98 | |
Panama [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 132 | 115 | 98 |
Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 317 | 294 | 273 | |
Caribbean TCL [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [3] | 317 | 294 | 273 |
Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 360 | 342 | 291 | |
Dominican Republic [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 360 | 342 | 291 | |
Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 414 | 393 | 444 | |
Rest of South, Central America and the Caribbean [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 414 | 393 | 444 |
Other Activities [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 484 | 440 | 370 | |
Operating segments [member] | Cement segment [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 8,861 | 8,014 | 7,320 | |
Operating segments [member] | Cement segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3,378 | 2,663 | 2,412 | |
Operating segments [member] | Cement segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,988 | 2,017 | 1,731 | |
Operating segments [member] | Cement segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 315 | 312 | 270 | |
Operating segments [member] | Cement segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 227 | 220 | 210 | |
Operating segments [member] | Cement segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 331 | 282 | 272 | |
Operating segments [member] | Cement segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 326 | 281 | 256 | |
Operating segments [member] | Cement segment [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 311 | 378 | 423 | |
Operating segments [member] | Cement segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 551 | 504 | 423 | |
Operating segments [member] | Cement segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 316 | 296 | 309 | |
Operating segments [member] | Cement segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 128 | 119 | 103 | |
Operating segments [member] | Cement segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 316 | 297 | 271 | |
Operating segments [member] | Cement segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 301 | 285 | 240 | |
Operating segments [member] | Cement segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 373 | 360 | 400 | |
Operating segments [member] | Concrete segment [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 7,116 | 6,374 | 5,732 | |
Operating segments [member] | Concrete segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,397 | 925 | 733 | |
Operating segments [member] | Concrete segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3,070 | 2,871 | 2,479 | |
Operating segments [member] | Concrete segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 344 | 329 | 311 | |
Operating segments [member] | Concrete segment [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 656 | 622 | 682 | |
Operating segments [member] | Concrete segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 171 | 186 | 204 | |
Operating segments [member] | Concrete segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 169 | 160 | 154 | |
Operating segments [member] | Concrete segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 119 | 99 | 93 | |
Operating segments [member] | Concrete segment [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 662 | 718 | 657 | |
Operating segments [member] | Concrete segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 288 | 260 | 232 | |
Operating segments [member] | Concrete segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 163 | 137 | 130 | |
Operating segments [member] | Concrete segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 30 | 27 | 16 | |
Operating segments [member] | Concrete segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5 | 4 | 5 | |
Operating segments [member] | Concrete segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 24 | 20 | 16 | |
Operating segments [member] | Concrete segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 18 | 16 | 20 | |
Operating segments [member] | Aggregates segment [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,976 | 2,639 | 2,421 | |
Operating segments [member] | Aggregates segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 399 | 261 | 208 | |
Operating segments [member] | Aggregates segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,347 | 1,202 | 1,005 | |
Operating segments [member] | Aggregates segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 376 | 371 | 377 | |
Operating segments [member] | Aggregates segment [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 356 | 332 | 397 | |
Operating segments [member] | Aggregates segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 91 | 81 | 65 | |
Operating segments [member] | Aggregates segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 44 | 41 | 38 | |
Operating segments [member] | Aggregates segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 41 | 34 | 31 | |
Operating segments [member] | Aggregates segment [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 200 | 213 | 199 | |
Operating segments [member] | Aggregates segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 52 | 48 | 47 | |
Operating segments [member] | Aggregates segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 48 | 40 | 36 | |
Operating segments [member] | Aggregates segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 9 | 7 | 5 | |
Operating segments [member] | Aggregates segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 8 | 6 | 7 | |
Operating segments [member] | Aggregates segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | |||
Operating segments [member] | Aggregates segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5 | 3 | 6 | |
Operating segments [member] | All other segments [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 178 | 209 | 236 | |
Operating segments [member] | All other segments [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 13 | 14 | 14 | |
Operating segments [member] | All other segments [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 14 | 12 | 13 | |
Operating segments [member] | All other segments [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 22 | 27 | 53 | |
Operating segments [member] | All other segments [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 62 | 71 | 69 | |
Operating segments [member] | All other segments [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | ||
Operating segments [member] | All other segments [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | ||
Operating segments [member] | All other segments [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2 | 21 | 27 | |
Operating segments [member] | All other segments [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 23 | 26 | 21 | |
Operating segments [member] | All other segments [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 22 | 19 | 21 | |
Operating segments [member] | All other segments [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 2 | 1 | |
Operating segments [member] | All other segments [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 5 | 6 | |
Operating segments [member] | All other segments [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 10 | 10 | 8 | |
Operating segments [member] | All other segments [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | 1 | |
Operating segments [member] | All other segments [member] | Other Activities [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 484 | 440 | 370 | |
Operating segments [member] | Urbanization solutions [Member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,435 | 2,086 | 1,877 | |
Operating segments [member] | Urbanization solutions [Member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,163 | 843 | 810 | |
Operating segments [member] | Urbanization solutions [Member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 694 | 697 | 558 | |
Operating segments [member] | Urbanization solutions [Member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 201 | 206 | 200 | |
Operating segments [member] | Urbanization solutions [Member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 17 | 15 | 6 | |
Operating segments [member] | Urbanization solutions [Member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 38 | 32 | 30 | |
Operating segments [member] | Urbanization solutions [Member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 6 | 4 | 6 | |
Operating segments [member] | Urbanization solutions [Member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 25 | 25 | 23 | |
Operating segments [member] | Urbanization solutions [Member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3 | 4 | 4 | |
Operating segments [member] | Urbanization solutions [Member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 116 | 97 | 89 | |
Operating segments [member] | Urbanization solutions [Member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 17 | 18 | 14 | |
Operating segments [member] | Urbanization solutions [Member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 54 | 62 | 58 | |
Operating segments [member] | Urbanization solutions [Member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 12 | 13 | 7 | |
Operating segments [member] | Urbanization solutions [Member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 2 | 4 | |
Operating segments [member] | Urbanization solutions [Member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 60 | 46 | 44 | |
Operating segments [member] | Urbanization solutions [Member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 28 | 22 | 24 | |
Elimination of intersegment amounts [member] | Reportable segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (4,662) | (4,185) | (3,577) | |
Elimination of intersegment amounts [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (1,495) | (1,064) | (853) | |
Elimination of intersegment amounts [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (1,775) | (1,765) | (1,431) | |
Elimination of intersegment amounts [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (266) | (263) | (271) | |
Elimination of intersegment amounts [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (187) | (188) | (222) | |
Elimination of intersegment amounts [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (142) | (151) | (149) | |
Elimination of intersegment amounts [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (84) | (73) | (72) | |
Elimination of intersegment amounts [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (100) | (93) | (69) | |
Elimination of intersegment amounts [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (3) | (3) | (4) | |
Elimination of intersegment amounts [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (186) | (209) | (187) | |
Elimination of intersegment amounts [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (165) | (150) | (124) | |
Elimination of intersegment amounts [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (145) | (125) | (117) | |
Elimination of intersegment amounts [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (51) | (53) | (34) | |
Elimination of intersegment amounts [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (17) | (20) | (20) | |
Elimination of intersegment amounts [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (35) | (19) | (17) | |
Elimination of intersegment amounts [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ (11) | $ (9) | $ (7) | |
[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, 2023 and 2022, there is a non-controlling interest in CHP of 10.14% and 22.10%, respectively, of its ordinary shares (note 21.4).[2]Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2023 and 2022, there was a non-controlling interest in CLH of 0.50% and 4.70% of its ordinary shares, respectively, excluding shares held in CLH’s treasury (note 21.4).[3]The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2023 and 2022, there was a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4). |
Cost Of Sales - Summary of Cost
Cost Of Sales - Summary of Cost of Sales (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cost Of Sales By nature [Line Items] | |||
Depreciation and amortization | $ 1,233 | $ 1,120 | $ 1,120 |
Cost of sales | 11,527 | 10,755 | 9,743 |
Cost of sales [member] | |||
Disclosure Of Cost Of Sales By nature [Line Items] | |||
Raw materials and goods for resale | 5,353 | 4,916 | 4,875 |
Payroll | 1,734 | 1,474 | 1,349 |
Electricity, fuels and other services | 1,791 | 1,655 | 1,174 |
Depreciation and amortization | 1,017 | 929 | 934 |
Maintenance, repairs and supplies | 955 | 809 | 722 |
Transportation Cost | 466 | 671 | 573 |
Other Production Costs and Change in Inventory | 211 | 301 | 116 |
Cost of sales | $ 11,527 | $ 10,755 | $ 9,743 |
Operating Expenses - Summary of
Operating Expenses - Summary of Consolidated Operating Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Analysis of income and expense [abstract] | ||||
Administrative expenses | [1],[2] | $ 1,385 | $ 1,074 | $ 958 |
Selling expenses | [2] | 411 | 363 | 322 |
Total administrative and selling expenses | 1,796 | 1,437 | 1,280 | |
Distribution and logistics expenses | 1,951 | 1,824 | 1,637 | |
Total operating expenses | $ 3,747 | $ 3,261 | $ 2,917 | |
[1]All significant research and development activities are executed by several internal areas of Cemex as part of their daily activities. In 2023, 2022 and 2021, the total combined expenses of these departments recognized within administrative expenses were $55, $42 and $44, respectively.[2]In 2023, 2022 and 2021, administrative expenses include depreciation and amortization of $162, $140 and $137, respectively, and selling expenses include depreciation and amortization of $54 in 2023, $51 in 2022 and $49 in 2021. |
Operating Expenses - Summary _2
Operating Expenses - Summary of Consolidated Operating Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating Expense [Line items] | ||||
Administrative expenses | [1],[2] | $ 1,385 | $ 1,074 | $ 958 |
Depreciation and amortization included in administrative expenses | 162 | 140 | 137 | |
Depreciation and amortization included in selling expenses | 54 | 51 | 49 | |
R&D activities by internal areas [member] | ||||
Operating Expense [Line items] | ||||
Administrative expenses | $ 55 | $ 42 | $ 44 | |
[1]All significant research and development activities are executed by several internal areas of Cemex as part of their daily activities. In 2023, 2022 and 2021, the total combined expenses of these departments recognized within administrative expenses were $55, $42 and $44, respectively.[2]In 2023, 2022 and 2021, administrative expenses include depreciation and amortization of $162, $140 and $137, respectively, and selling expenses include depreciation and amortization of $54 in 2023, $51 in 2022 and $49 in 2021. |
Operating Expenses - Schedule O
Operating Expenses - Schedule Of Operating Expenses By Nature (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation and amortization | $ 1,233 | $ 1,120 | $ 1,120 |
Other operating expenses | 265 | 467 | 82 |
Total operating expenses | 3,747 | 3,261 | 2,917 |
Operating Expenses [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Transportation costs | 1,793 | 1,676 | 1,502 |
Payroll | 1,154 | 1,038 | 905 |
Depreciation and amortization | 216 | 191 | 186 |
Professional legal, accounting and advisory services | 236 | 145 | 144 |
Maintenance, repairs and supplies | 99 | 84 | 76 |
Other operating expenses | 249 | 127 | 104 |
Total operating expenses | $ 3,747 | $ 3,261 | $ 2,917 |
Other Expenses, Net - Summary o
Other Expenses, Net - Summary of Other Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Material income and expense [abstract] | ||||
Results from the sale of assets and others | [1] | $ (219) | $ 9 | $ (126) |
Impairment losses (notes 15.1, 16.1 and 16.2) | (43) | (442) | (513) | |
Restructuring costs | [2] | (2) | (20) | (17) |
Incremental expenses related to the COVID-19 Pandemic | [3] | (1) | (14) | (26) |
Sale of CO2 allowances (note 28.13) | [4] | 0 | 0 | 600 |
Other expenses, net | $ (265) | $ (467) | $ (82) | |
[1]In 2023, 2022 and 2021, includes $13, $14 and $29, respectively, in connection with property damage related to natural disasters (note 25.1). In addition, in 2022 includes a gain of $48 as a result of the remeasurement at fair value of Cemex’s previous controlling interest in Neoris at the time of sale.[2]Restructuring costs mainly refer to severance payments and the definitive closing of operating sites.[3]Refers to certain incremental expenses that Cemex considers of non-recurring nature related to the maintenance of some hygiene measures related to the Coronavirus SARS-CoV-2 pandemic declared in March 2020 (the “COVID-19 Pandemic”). From the beginning of the COVID-19 Pandemic and to the present day, attending official dispositions of the authorities, Cemex has followed strict hygiene, sanitary and security protocols in all its operations and has modified its manufacturing, selling and distribution processes aiming to protect the health and safety of its employees and their families, customers and communities.[4]In connection with the EU’s Emissions Trading System (“EU ETS”), during March 2021, considering Cemex’s targets for the reduction of CO2 emissions (note 24.4), as well as the innovative technologies and considerable capital investments that have to be deployed to achieve such goals, Cemex sold 12.3 million CO2 emission allowances (“Allowances”) for an aggregate amount of $600. |
Other Expenses, Net - Summary_2
Other Expenses, Net - Summary of Other Expenses (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||||
Property damages and natural disasters | $ 13 | $ 14 | $ 29 | |
Sale of capital investment | $ 12.3 | |||
Emission allowances | $ 600 | |||
Neoris N.V. [Member] | ||||
Disclosure of operating segments [line items] | ||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 48 |
Financial Items - Summary of Fi
Financial Items - Summary of Financial Items (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Material income and expense [abstract] | ||||
Foreign exchange results | $ 144 | $ 73 | $ (35) | |
Financial income | 40 | 27 | 22 | |
Results from financial instruments, net (notes 14.2 and 17.4) | [1] | (65) | 99 | (88) |
Net interest cost of defined benefit liabilities (note 19) | (44) | (29) | (31) | |
Effects of amortized cost on assets and liabilities | (42) | (32) | (28) | |
Others | 0 | 13 | (1) | |
Other financial income (expense), net | $ 33 | $ 151 | $ (161) | |
[1]For the years 2022 and 2021, includes the reclassification described in note 8.1. |
Financial Items - Additional In
Financial Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Interest expense on lease liabilities | $ 75 | $ 67 | $ 67 |
Financial income and other items net [Member] | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Amount of reclassifications or changes in presentation | $ 104 | $ 82 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash and bank accounts | $ 363 | $ 297 | ||
Fixed-income securities and other cash equivalents | 261 | 198 | ||
Consolidated cash and cash equivalents | $ 624 | $ 495 | $ 613 | $ 950 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables [abstract] | ||||
Trade accounts receivable | $ 1,841 | $ 1,735 | ||
Allowances for expected credit losses | (90) | (91) | $ (101) | $ (121) |
Trade receivables | $ 1,751 | $ 1,644 |
Trade Accounts Receivable - Add
Trade Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | $ 1,751 | $ 1,644 | |
Other financial obligations | 950 | 936 | |
Securitization programs [member] | |||
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | 848 | 828 | |
Other financial obligations | 678 | 678 | |
Financial expense | $ 52 | $ 24 | $ 11 |
Trade Accounts Receivable - S_2
Trade Accounts Receivable - Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 1,841 | $ 1,735 | ||
ECL allowance | 90 | $ 91 | $ 101 | $ 121 |
Mexico [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | 457 | |||
ECL allowance | $ 31 | |||
ECL average rate | 6.80% | |||
United States [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 536 | |||
ECL allowance | $ 8 | |||
ECL average rate | 1.50% | |||
EMEAA [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 745 | |||
ECL allowance | $ 41 | |||
ECL average rate | 5.50% | |||
SCA&C [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 96 | |||
ECL allowance | $ 10 | |||
ECL average rate | 10.40% | |||
Other country [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 7 | |||
ECL allowance | $ 0 | |||
ECL average rate | 0% |
Trade Accounts Receivable - S_3
Trade Accounts Receivable - Summary of Allowance for Expected Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [abstract] | |||
Allowances for expected credit losses at beginning of period | $ 91 | $ 101 | $ 121 |
Charged to selling expenses | 11 | 9 | 1 |
Deductions | (15) | (21) | (16) |
Reclassification to assets held for sale | 0 | 0 | (2) |
Foreign currency translation effects | 3 | 2 | (3) |
Allowances for expected credit losses at end of period | $ 90 | $ 91 | $ 101 |
Other Accounts Receivable - Sum
Other Accounts Receivable - Summary of Consolidated Other Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Miscellaneous current assets [abstract] | |||
Advances of income taxes and other refundable taxes | $ 472 | $ 335 | |
Non-trade accounts receivable | [1] | 102 | 119 |
Interest and notes receivable | 54 | 41 | |
Loans to employees and others | 16 | 15 | |
Current portion of assets from valuation of derivative financial instruments | 6 | 25 | |
Other accounts receivable | $ 650 | $ 535 | |
[1]Non-trade accounts receivable are mainly attributable to the sale of assets. |
Inventories - Summary of Consol
Inventories - Summary of Consolidated Balance of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Materials and spare parts | $ 537 | $ 563 |
Finished goods | 461 | 406 |
Raw materials | 370 | 329 |
Work-in-process | 330 | 284 |
Inventory in transit | 91 | 87 |
Current inventories | $ 1,789 | $ 1,669 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | |||
Inventory impairment losses recognized within cost of sales | $ 7 | $ 10 | $ 4 |
Other Current Assets - Summary
Other Current Assets - Summary of Detailed Information About Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Detailed Information About Other Current Assets [Abstract] | ||
Other current assets | $ 142 | $ 115 |
Assets held for sale | 49 | 68 |
Total | $ 191 | $ 183 |
Investments In Associates And_3
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates and Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of associates [line items] | ||
Investments | $ 729 | $ 640 |
Acquisition cost | 330 | 302 |
Equity method recognition | $ 399 | 338 |
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 | $ 364 | 306 |
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% | |
Investments | $ 103 | 96 |
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 | $ 83 | 76 |
Neoris NV [member] | ||
Disclosure of associates [line items] | ||
Name of associate | Neoris N.V. | |
Activity | Technology | |
Country | The Netherlands | |
Investment, percentage | 34.80% | |
Investments | $ 69 | 62 |
Societe d Exploitation de Carrieres [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Société d’Exploitation de Carrières | |
Activity | Aggregates | |
Country | France | |
Investment, percentage | 50% | |
Investments | $ 24 | 23 |
Societe Meridionale de Carrieres [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Société Méridionale de Carrières | |
Activity | Aggregates | |
Country | France | |
Investment, percentage | 33.30% | |
Investments | $ 13 | 12 |
Other companies [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Other companies | |
Investments | $ 73 | $ 65 |
Investments In Associates And_4
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates and Joint Ventures (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 25, 2022 | Dec. 31, 2023 | |
Neoris N.V. [Member] | Discontinued operations [member] | ||
Disclousre of Investments in Associates and Joint Ventures Other Investments andNoncurrentAccounts Receivable [Line Items] | ||
Percentage of ownership interest sold | 65% | 65% |
Investments In Associates And_5
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Camcem [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage Of Total Assets | 76% | 74% | |
Percentage Of Total Liabilities | 77% | 78% | |
Associates and Joint Ventures [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage Of Total Assets | 59% | 53% | 49% |
Investments In Associates And_6
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Combined Condensed Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of associates [line items] | ||
Current assets | $ 5,005 | $ 4,526 |
Non-current assets | 23,428 | 21,921 |
Total assets | 28,433 | 26,447 |
Current liabilities | 6,786 | 5,546 |
Non-current liabilities | 9,531 | 9,992 |
Total liabilities | 16,317 | 15,538 |
Total net assets | 12,116 | 10,909 |
Associates and Joint Ventures [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 1,761 | 1,603 |
Non-current assets | 1,877 | 1,699 |
Total assets | 3,638 | 3,302 |
Current liabilities | 468 | 468 |
Non-current liabilities | 850 | 774 |
Total liabilities | 1,318 | 1,242 |
Total net assets | $ 2,320 | $ 2,060 |
Investments In Associates And_7
Investments In Associates And Joint Ventures, 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Revenues | $ 17,388 | $ 15,577 | $ 14,379 |
Operating earnings | 1,849 | 1,094 | 1,637 |
Income before income tax | 1,449 | 770 | 954 |
Net income | 199 | 885 | 778 |
Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Revenues | 2,410 | 2,319 | 1,801 |
Operating earnings | 535 | 398 | 312 |
Income before income tax | 394 | 268 | 219 |
Net income | $ 268 | $ 186 | $ 153 |
Investments In Associates And_8
Investments In Associates And Joint Ventures, 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ 98 | $ 30 | $ 54 |
Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 98 | 30 | 54 |
Mexico [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 65 | 39 | 28 |
United States [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 21 | 17 | 18 |
EMEAA [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 10 | 8 | 8 |
Corporate and other [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ 2 | $ (34) | $ 0 |
Investments In Associates And_9
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous non-current assets [abstract] | ||
Non-current accounts receivable | $ 272 | $ 228 |
Non-current portion of assets from valuation of derivative financial instruments (note 17.4) | 64 | 57 |
Investments in strategic equity securities | 3 | 5 |
Investments at fair value through the statements of income | 1 | 3 |
Other investments and non-current accounts receivable | $ 340 | $ 293 |
Investments In Associates An_10
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous non-current assets [abstract] | ||
Accounts receivable from investees and joint ventures | $ 78 | $ 33 |
Advances to suppliers of fixed assets | 41 | 58 |
Employee prepaid compensation | 8 | 12 |
Warranty deposits | $ 24 | $ 21 |
Property, Machinery and Equip_3
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Detailed Information About In Property Plant Equipment Right Of Use Assets [Abstract] | |||
Property, machinery and equipment, net | $ 11,272 | $ 10,156 | $ 10,202 |
Assets for the right-of-use, net | 1,194 | 1,128 | |
Property, plant and equipment including right-of-use assets | $ 12,466 | $ 11,284 |
Property, Machinery and Equip_4
Property, Machinery and Equipment, Net (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Administrative buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 30 years |
Industrial Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 25 years |
Machinery and equipment in plant [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 16 years |
Ready-mix trucks and motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 11 years |
Office equipment and other assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Property, Machinery and Equip_5
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | $ 10,156 | $ 10,202 |
Capital expenditures | 1,039 | 1,041 |
Stripping costs | 37 | 25 |
Total capital expenditures | 1,076 | 1,066 |
Disposals | (108) | (30) |
Business combinations (note 4.1) | 39 | 43 |
Depreciation and depletion for the period | (874) | (724) |
Impairment losses (note 7) | (36) | (77) |
Asset retirement obligations (note 18.2) | 64 | 22 |
Foreign currency translation effects | 955 | (346) |
Net book value at end of period | 11,272 | 10,156 |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 20,516 | 20,322 |
Net book value at end of period | 22,564 | 20,516 |
Accumulated depreciation and depletion [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | (10,360) | (10,120) |
Net book value at end of period | (11,292) | (10,360) |
Land and mineral reserves [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 3,506 | 3,575 |
Capital expenditures | 33 | 126 |
Stripping costs | 37 | 25 |
Total capital expenditures | 70 | 151 |
Disposals | (31) | (4) |
Business combinations (note 4.1) | 13 | 32 |
Depreciation and depletion for the period | (141) | (153) |
Impairment losses (note 7) | (16) | (12) |
Foreign currency translation effects | 399 | (83) |
Net book value at end of period | 3,800 | 3,506 |
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 | 4,843 | 4,801 |
Net book value at end of period | 5,295 | 4,843 |
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 | (1,337) | (1,226) |
Net book value at end of period | (1,495) | (1,337) |
Building [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 829 | 1,038 |
Capital expenditures | 86 | 52 |
Total capital expenditures | 86 | 52 |
Disposals | (2) | (4) |
Business combinations (note 4.1) | 4 | 1 |
Depreciation and depletion for the period | (80) | (78) |
Impairment losses (note 7) | (2) | (8) |
Asset retirement obligations (note 18.2) | 20 | 5 |
Foreign currency translation effects | 124 | (177) |
Net book value at end of period | 979 | 829 |
Building [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 2,342 | 2,532 |
Net book value at end of period | 2,636 | 2,342 |
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 | (1,513) | (1,494) |
Net book value at end of period | (1,657) | (1,513) |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 4,153 | 4,327 |
Capital expenditures | 720 | 406 |
Total capital expenditures | 720 | 406 |
Disposals | (75) | (22) |
Business combinations (note 4.1) | 22 | 9 |
Depreciation and depletion for the period | (653) | (493) |
Impairment losses (note 7) | (18) | (55) |
Asset retirement obligations (note 18.2) | 44 | 17 |
Foreign currency translation effects | 369 | (36) |
Net book value at end of period | 4,562 | 4,153 |
Machinery and equipment [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 11,663 | 11,727 |
Net book value at end of period | 12,702 | 11,663 |
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 | (7,510) | (7,400) |
Net book value at end of period | (8,140) | (7,510) |
Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 1,668 | 1,262 |
Capital expenditures | 200 | 457 |
Total capital expenditures | 200 | 457 |
Business combinations (note 4.1) | 0 | 1 |
Impairment losses (note 7) | 0 | (2) |
Asset retirement obligations (note 18.2) | 0 | 0 |
Foreign currency translation effects | 63 | (50) |
Net book value at end of period | 1,931 | 1,668 |
Construction in progress [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value at beginning of period | 1,668 | 1,262 |
Net book value at end of period | $ 1,931 | $ 1,668 |
Property, Machinery and Equip_6
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, 2023 USD ($) T | Dec. 31, 2022 USD ($) | |
Colombia [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Annual production capacity | T | 1.3 | |
United States [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Sale of fixed assets | $ 23 | $ 5 |
France [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Sale of fixed assets | 16 | |
United Kingdom [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Sale of fixed assets | $ 5 | |
Construction in progress [member] | Colombia [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Carrying amount of plant | $ 308 |
Property, Machinery and Equip_7
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 36 | $ 77 | $ 43 |
Colombia [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 8 | 0 | 10 |
Caribbean TCL [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 7 | 14 | 0 |
France [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 6 | 0 | 0 |
United Kingdom [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 5 | 10 | 5 |
United States [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 3 | 26 | 18 |
Spain [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 2 | 23 | 0 |
Other countries [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 5 | $ 4 | $ 10 |
Property, Machinery and Equip_8
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, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Net book value at beginning of period | $ 1,128 | |
Foreign currency translation effects | 955 | $ (346) |
Net book value at Ending of period | 1,194 | 1,128 |
Right-of-use assets [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Net book value at beginning of period | 1,128 | 1,120 |
Additions of new leases | 341 | 296 |
Cancellations and remeasurements, net | (29) | (125) |
Depreciation | (204) | (258) |
Foreign currency translation effects | (42) | 95 |
Net book value at Ending of period | 1,194 | 1,128 |
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 | 2,399 | 2,330 |
Net book value at Ending of period | 2,612 | 2,399 |
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 | (1,271) | (1,210) |
Net book value at Ending of period | (1,418) | (1,271) |
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 | 297 | 248 |
Additions of new leases | 36 | 45 |
Cancellations and remeasurements, net | (10) | (15) |
Depreciation | (15) | (1) |
Foreign currency translation effects | 13 | 20 |
Net book value at Ending of period | 321 | 297 |
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 | 439 | 395 |
Net book value at Ending of period | 476 | 439 |
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 | (142) | (147) |
Net book value at Ending of period | (155) | (142) |
Building [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Foreign currency translation effects | 124 | (177) |
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 | 132 | 196 |
Additions of new leases | 9 | 21 |
Cancellations and remeasurements, net | (4) | (27) |
Depreciation | (36) | (77) |
Foreign currency translation effects | 21 | 19 |
Net book value at Ending of period | 122 | 132 |
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 | 335 | 401 |
Net book value at Ending of period | 356 | 335 |
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 | (203) | (205) |
Net book value at Ending of period | (234) | (203) |
Machinery And Equipment [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Foreign currency translation effects | 369 | (36) |
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 | 676 | 668 |
Additions of new leases | 284 | 207 |
Cancellations and remeasurements, net | (14) | (82) |
Depreciation | (141) | (165) |
Foreign currency translation effects | (68) | 48 |
Net book value at Ending of period | 737 | 676 |
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 | 1,570 | 1,513 |
Net book value at Ending of period | 1,722 | 1,570 |
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 | (894) | (845) |
Net book value at Ending of period | (985) | (894) |
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 | 23 | 8 |
Additions of new leases | 12 | 23 |
Cancellations and remeasurements, net | (1) | (1) |
Depreciation | (12) | (15) |
Foreign currency translation effects | (8) | 8 |
Net book value at Ending of period | 14 | 23 |
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 | 55 | 21 |
Net book value at Ending of period | 58 | 55 |
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 | (32) | (13) |
Net book value at Ending of period | $ (44) | $ (32) |
Property, Machinery and Equip_9
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cemex [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental expense | $ 137 | $ 108 | $ 94 |
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, 2023 | Dec. 31, 2022 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ 9,530 | $ 9,293 |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 7,674 | 7,538 |
Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,289 | 1,277 |
Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 334 | 286 |
Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 40 | 33 |
Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 16 | 17 |
Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 177 | 142 |
Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 11,047 | 10,659 |
Cost [member] | Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 7,674 | 7,538 |
Cost [member] | Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,768 | 1,729 |
Cost [member] | Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 973 | 820 |
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 | 47 | 39 |
Cost [member] | Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 32 | 32 |
Cost [member] | Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 357 | 305 |
Accumulated Depreciation, amortization and Impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (1,517) | (1,366) |
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 | (479) | (452) |
Accumulated Depreciation, amortization and Impairment [member] | Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (639) | (534) |
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 | (7) | (6) |
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 | (16) | (15) |
Accumulated Depreciation, amortization and Impairment [member] | Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ (180) | $ (163) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||||
Risk free rate | 4.79% | 3.58% | 1.82% | 2.20% | |
Increase in pre-tax discount rate | 1% | ||||
Decrease in long-term growth rate | 1% | ||||
Weighted average Operating EBITDA multiple | 10.9 | 11.3 | 11.5 | ||
Impairment of finite lived intangible assets | $ 7 | ||||
Market risk premium percentage | 1.70% | 5.80% | 5.70% | ||
Percentage reduction in long term growth rate | 1.20% | ||||
Stock volatility factor | 1.07 | 1.08 | 1.12 | 1.19 | |
Impairment losses of goodwill | $ 0 | $ 365 | |||
Weight of Debt | 22.50% | 27% | |||
Other expenses [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment losses related to intangible assets | $ 53 | ||||
Neoris NV [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment losses of goodwill | 27 | ||||
Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment of finite lived intangible assets | $ 365 | ||||
Internally Developed Software [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment losses related to intangible assets | $ 49 | ||||
Cemex [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Funding cost percentage | 4.10% | 6.70% | 6.70% | 4.10% | |
Decrease In Weighing Of Debt Percentage | 26.90% | 34.60% | |||
Cemex [Member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 0.10% | 0.50% | |||
Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Funding cost percentage | 6.67% | ||||
Weighted average [member] | Cemex [Member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 1.20% | 2% | |||
United States [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 10.10% | 9.10% | 7.20% | ||
United States [member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 1% | ||||
Impairment of finite lived intangible assets | $ 273 | ||||
Percentage of goodwill | 80% | ||||
United States [member] | Goodwill [member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment of finite lived intangible assets | $ 440 | ||||
United States [member] | Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Risk free rate | 4.79% | ||||
Mexico [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 11.60% | 10.30% | 8.40% | ||
Percentage reduction in long term growth rate | 1% | 1% | 1% | ||
Spain [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Discount rates | 10.70% | 9.40% | 7.60% | ||
Spain [member] | Operating segments [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Impairment of finite lived intangible assets | $ 92 | ||||
Spain [member] | Goodwill [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Non cash impairment charges | $ 317 | ||||
Egypt [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage reduction in long term growth rate | 3% | 2.85% | 2.80% | ||
UAE [Member] | Goodwill [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Non cash impairment charges | $ 96 | ||||
Israel [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Percentage reduction in long term growth rate | 2.10% |
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, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [abstract] | ||
Balance at beginning of period | $ 7,538 | $ 7,984 |
Impairment losses (notes 7 and 16.2) | 0 | (365) |
Business combinations (note 4.1) | 8 | 4 |
Foreign currency translation effects | 128 | (85) |
Balance at end of period | $ 7,674 | $ 7,538 |
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, 2023 | Dec. 31, 2022 | ||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | $ 1,755 | $ 1,779 | |
Amortization for the period | (155) | (138) | |
Impairment losses (note 7) | (7) | ||
Additions (decreases), net | [1] | 207 | 151 |
Business combinations (note 4.1) | 26 | ||
Foreign currency translation effects | 30 | (37) | |
Balance at the end of period | 1,856 | 1,755 | |
Extraction rights [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | 1,277 | 1,350 | |
Amortization for the period | (42) | (44) | |
Impairment losses (note 7) | (7) | ||
Additions (decreases), net | [1] | 2 | (10) |
Business combinations (note 4.1) | 26 | ||
Foreign currency translation effects | 33 | (19) | |
Balance at the end of period | 1,289 | 1,277 | |
Industrial property and trademarks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | 286 | 228 | |
Amortization for the period | (91) | (73) | |
Additions (decreases), net | [1] | 148 | 136 |
Foreign currency translation effects | (9) | (5) | |
Balance at the end of period | 334 | 286 | |
Mining projects [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | 33 | 45 | |
Amortization for the period | (1) | (1) | |
Additions (decreases), net | [1] | 7 | (10) |
Foreign currency translation effects | 1 | (1) | |
Balance at the end of period | 40 | 33 | |
Internally developed software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | 17 | 23 | |
Amortization for the period | (1) | (7) | |
Additions (decreases), net | [1] | 2 | |
Foreign currency translation effects | (2) | 1 | |
Balance at the end of period | 16 | 17 | |
Others intangible assets [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of period | 142 | 133 | |
Amortization for the period | (20) | (13) | |
Additions (decreases), net | [1] | 48 | 35 |
Foreign currency translation effects | 7 | (13) | |
Balance at the end of period | $ 177 | $ 142 | |
[1]Includes the capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses. The capitalized amounts are amortized to the statement of income over a period ranging from 3 to 5 years. |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net - Summary of Changes in intangible Asset (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Capitalized direct cost amortization, period | 3 years |
Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Capitalized direct cost amortization, period | 5 years |
Goodwill and Intangible Asset_8
Goodwill and Intangible Assets, Net - Summary of Goodwill Balances Allocated by Operating Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 09, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | $ 7,674 | $ 7,538 | $ 7,984 | $ 41 | |
Mexico [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 441 | 384 | |||
United States [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 6,176 | 6,176 | |||
United Kingdom [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 264 | 250 | |||
France [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 207 | 201 | |||
Spain [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 59 | 57 | |||
Philippines [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 82 | 82 | |||
Rest of EMEAA [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [1] | 50 | 38 | ||
Colombia [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 254 | 202 | |||
Caribbean TCL [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 83 | 83 | |||
Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [2] | $ 58 | $ 65 | ||
[1]This caption refers to the operating segments in Israel, the Czech Republic, Egypt and Germany.[2]This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
United States [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 10.10% | 9.10% | 7.20% | |
Growth rates | [1] | 2% | 2% | 2% |
United Kingdom [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 10.40% | 9.10% | 7.30% | |
Growth rates | [1] | 1.50% | 1.50% | 1.50% |
France [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 10.40% | 9.20% | 7.30% | |
Growth rates | [1] | 1.50% | 1.40% | 1.40% |
Spain [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 10.70% | 9.40% | 7.60% | |
Growth rates | [1] | 1.60% | 1.70% | 1.50% |
Mexico [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 11.60% | 10.30% | 8.40% | |
Growth rates | [1] | 1% | 1.10% | 1% |
Colombia [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 12.70% | 10.90% | 8.50% | |
Growth rates | [1] | 3.30% | 3.30% | 3.50% |
Bottom of range [member] | Other countries [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 10.30% | 9.30% | 7.40% | |
Growth rates | [1] | 1.50% | 1.50% | 1.70% |
Top of range [member] | Other countries [member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rates | 17% | 13.90% | 11.70% | |
Growth rates | [1] | 6.40% | 6% | 6% |
[1]The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
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, 2023 USD ($) | |
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |
Impairment losses recognized | $ 0 |
Discount rate +1% | 357 |
Long-term growth rate –1% | $ 64 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||
Weighted average Operating EBITDA multiple | 10.9 | 11.3 | 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 | 10.10% | 9.10% | 7.20% | |
Growth rate used to extrapolate cash flow projections | [1] | 2% | 2% | 2% |
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% | |||
Growth rate used to extrapolate cash flow projections | 1% | |||
[1]The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
Financial Instruments - Summary
Financial Instruments - Summary of Debt Summarized by Interest Rates and Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 25 | $ 51 | ||
Long- term | 6,203 | 6,920 | ||
Total | 6,228 | 6,971 | $ 7,379 | $ 9,339 |
Floating interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | 13 | 0 | ||
Long- term | 1,968 | 1,750 | ||
Total | $ 1,981 | $ 1,750 | ||
Short-term | 6.40% | 3.20% | ||
Long-term | 7.10% | 4.60% | ||
Fixed interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 12 | $ 51 | ||
Long- term | 4,235 | 5,170 | ||
Total | $ 4,247 | $ 5,221 | ||
Short-term | 4.40% | 5.10% | ||
Long-term | 5% | 5.30% | ||
US Dollar [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 1 | $ 5 | ||
Long- term | 4,348 | 5,511 | ||
Total | $ 4,349 | $ 5,516 | ||
Effective rate | 5.50% | 5.70% | ||
Euro [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 9 | $ 2 | ||
Long- term | 990 | 962 | ||
Total | $ 999 | $ 964 | ||
Effective rate | 4.20% | 3.30% | ||
Mexican pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 0 | $ 0 | ||
Long- term | 704 | 267 | ||
Total | $ 704 | $ 267 | ||
Effective rate | 12% | 12.20% | ||
Philippine pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 11 | $ 8 | ||
Long- term | 112 | 139 | ||
Total | $ 123 | $ 147 | ||
Effective rate | 7.10% | 5.40% | ||
Other Currencies [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 4 | $ 36 | ||
Long- term | 49 | 41 | ||
Total | $ 53 | $ 77 | ||
Effective rate | 4.50% | 4.30% |
Financial Instruments - Summa_2
Financial Instruments - Summary of Consolidated Debt by Type of Instrument (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Current maturities | $ (10) | $ (2) |
Short- term | 10 | 2 |
Short-term debt | 25 | 51 |
Long- term | 6,203 | 6,920 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 10 | 43 |
Long- term | 2,678 | 2,762 |
Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 10 | 43 |
Long- term | 202 | 184 |
Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 2,476 | 2,578 |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 5 | 6 |
Long- term | 3,535 | 4,160 |
Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 3,508 | 4,140 |
Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 5 | 6 |
Long- term | 27 | 20 |
Total bank loans and notes payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 15 | 49 |
Long- term | $ 6,213 | $ 6,922 |
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 | 2024 | 2023 |
Bottom of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2025 | 2024 |
Bottom of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2026 | 2024 |
Bottom of range [member] | Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2023 |
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 | 2025 | 2025 |
Top of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2028 | 2026 |
Top of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2031 | 2031 |
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 | 2027 |
Financial Instruments - Additio
Financial Instruments - Additional Information - Short-Term and Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Issuance of outstanding notes payables | $ 47 | $ 45 | ||
Total debt | 6,228 | 6,971 | $ 7,379 | $ 9,339 |
Long term borrowings | 6,203 | 6,920 | ||
Premiums, fees and issuance costs paid | 72 | 51 | 142 | |
Issuance costs of new debt | 16 | 4 | 37 | |
Proportional fees and issuance costs related to the extinguished debt instruments | 56 | 47 | 99 | |
Borrowing arising from company strategy | 4,227 | 4,028 | ||
Financial expense [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Payments for debt issue costs | $ 12 | $ 6 | $ 27 | |
Other countries [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Share in borrowings, percentage | 6% | 6% | ||
Finance subsidiaries [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Share in borrowings, percentage | 94% | 94% | ||
Notes payable [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Long term borrowings | $ 3,535 | $ 4,160 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Changes in Consolidated Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Debt at beginning of year | $ 6,971 | $ 7,379 | $ 9,339 |
Proceeds from new debt instruments | 2,938 | 2,006 | 3,960 |
Debt repayments | (3,840) | (2,420) | (5,897) |
Foreign currency translation and accretion effects | 159 | 6 | (23) |
Debt at end of year | $ 6,228 | $ 6,971 | $ 7,379 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Long Term Notes Payable (Detail) € in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 MXN ($) | Dec. 31, 2023 EUR (€) | Oct. 05, 2023 MXN ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 6,203 | $ 6,920 | |||
Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Principal amount | $ 1,000 | ||||
Cemex S A B de C V 2023 CEBURES fixed rate [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Principal amount | $ 5,000 | ||||
Rate | 11.48% | ||||
Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 3,535 | 4,160 | |||
Notes payable [member] | Other Notes Payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 27 | 20 | |||
Notes payable [member] | Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Oct. 05, 2023 | ||||
Issuer | Cemex, S.A.B. de C.V. | ||||
Currency | Peso | ||||
Principal amount | $ 1,000 | ||||
Rate | 0.45% | 0.45% | 0.45% | ||
Borrowings, interest rate basis | TIIE+.45 | ||||
Maturity date | Oct. 01, 2026 | ||||
Repurchased amount | $ 0 | ||||
Long term borrowings | 59 | 0 | |||
Notes payable [member] | Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 59 | ||||
Notes payable [member] | Cemex S A B de C V 2023 CEBURES fixed rate [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Oct. 05, 2023 | ||||
Issuer | Cemex, S.A.B. de C.V. | ||||
Currency | Peso | ||||
Principal amount | $ 5,000 | ||||
Rate | 11.48% | 11.48% | 11.48% | ||
Maturity date | Sep. 26, 1930 | ||||
Repurchased amount | $ 0 | ||||
Long term borrowings | 292 | 0 | |||
Notes payable [member] | Cemex S A B de C V 2023 CEBURES fixed rate [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 295 | ||||
Notes payable [member] | CEMEX SAB de CV July 2031 Notes [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Jan. 12, 2021 | ||||
Issuer | Cemex, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 1,750 | ||||
Rate | 3.875% | 3.875% | 3.875% | ||
Maturity date | Jul. 11, 1931 | ||||
Repurchased amount | $ (642) | ||||
Long term borrowings | 1,102 | 1,102 | |||
Notes payable [member] | CEMEX SAB de CV July 2031 Notes [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 1,108 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. 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% | 5.20% | 5.20% | ||
Maturity date | Sep. 17, 1930 | ||||
Repurchased amount | $ (283) | ||||
Long term borrowings | 714 | 714 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. September 2030 Notes [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 717 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. 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% | 5.45% | 5.45% | ||
Maturity date | Nov. 19, 2029 | ||||
Repurchased amount | $ (247) | ||||
Long term borrowings | 749 | 749 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. November 2029 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 753 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. June 2027 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Jun. 05, 2020 | ||||
Issuer | Cemex, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 1,000 | ||||
Rate | 7.375% | 7.375% | 7.375% | ||
Maturity date | Jun. 05, 2027 | ||||
Repurchased amount | $ (1,000) | ||||
Long term borrowings | 996 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. 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% | 3.125% | 3.125% | ||
Maturity date | Mar. 19, 2026 | ||||
Long term borrowings | $ 441 | 427 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2026 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 442 | ||||
Notes payable [member] | CEMEX Materials LLC July 2025 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Apr. 01, 2003 | ||||
Issuer | Cemex Materials LLC | ||||
Currency | Dollar | ||||
Principal amount | $ 150 | ||||
Rate | 7.70% | 7.70% | 7.70% | ||
Maturity date | Jul. 21, 2025 | ||||
Long term borrowings | $ 151 | $ 152 | |||
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 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Long Term Notes Payable (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Oct. 05, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 05, 2023 MXN ($) | |
Disclosure of detailed information about financial instruments [line items] | |||
Debt instrument repurchased notes notional amount | $ 1,172 | ||
Gain loss on notes repurchases | $ 38 | $ 104 | |
Cemex, S.A.B. de C.V. 2023 CEBURES [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Principal amount | $ 6,000 | ||
Cemex S A B de C V 2023 CEBURES fixed rate [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Principal amount | $ 5,000 | ||
Debt Instrument Term | 7 years | ||
Borrowings, interest rate | 11.48% | ||
Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Principal amount | $ 1,000 | ||
Debt Instrument Term | 3 years | ||
Borrowings, adjustment to interest rate basis | 0.45% |
Financial Instruments - Schedul
Financial Instruments - Schedule of Consolidated Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 6,203 | $ 6,920 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,668 | |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 3,535 | |
Later Than One Year and Not Later Than Two Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 775 | |
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 | 608 | |
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 | 167 | |
Later Than Two Years and Not Later Than Three Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 830 | |
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 | 324 | |
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 | 506 | |
Later Than Three Years and Not Later Than Four Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 581 | |
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 | 577 | |
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 | 4 | |
Later Than Four Years and Not Later Than Five Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,131 | |
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 | 1,131 | |
More than 5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,886 | |
More than 5 Years [Member] | Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 28 | |
More than 5 Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 2,858 |
Financial Instruments - Addit_2
Financial Instruments - Additional Information - Credit Agreement, Facilities Agreement and Financing Agreement (Detail) $ in Millions | 12 Months Ended | |||||
Oct. 30, 2023 USD ($) | Nov. 08, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Long Term debt | $ 6,203 | $ 6,920 | ||||
Repayments of current borrowings | 3,840 | 2,420 | $ 5,897 | |||
Borrowings | $ 6,228 | $ 6,971 | $ 7,379 | $ 9,339 | ||
Securitization programs [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Interest basis Points | 0.0005 | |||||
Interbank Equilibrium Interest Rate [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate | 11.50% | 10.77% | ||||
Secured Overnight Financing Rate [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate | 5.38% | |||||
Two Thousand Twenty One Credit Agreement [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Repayments of current borrowings | $ 3,250 | |||||
Two Thousand Twenty One Credit Agreement [Member] | Five year amortizing term loan [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Maximum Amount | $ 1,000 | |||||
Two Thousand Twenty One Credit Agreement [Member] | Five year committed Revolving Credit Facility [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Maximum Amount | $ 2,000 | |||||
Two Thousand Twenty Three Credit Agreement [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit Leverage Ratio Description | 3.75 times and a minimum Consolidated Coverage Ratio of 2.75 | |||||
Total adjustment of the interest rate margin description | interest rate margin of plus or minus 5 bps | |||||
Borrowings | $ 1,600 | |||||
Debt arising from bank loan | 3,876 | |||||
Consolidated leverage ratio | 3.75% | |||||
Consolidated coverage ratio | 2.75% | |||||
Two Thousand Twenty Three Credit Agreement [Member] | Five year amortizing term loan [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Expiration period | 5 years | |||||
Reduction in line of credit maximum amount | $ 500 | |||||
Two Thousand Twenty Three Credit Agreement [Member] | Five year committed Revolving Credit Facility [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Expiration period | 5 years | |||||
Reduction in line of credit maximum amount | $ 250 | |||||
Two Thousand Twenty Three Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Borrowings | 600 | |||||
CEMEX Sab De CV Variable Interest Rate Two Thousand And Twenty Six Notes [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Long Term debt | $ 59 | |||||
Line of credit ,Interest basis Points | 0.0020 | |||||
CEMEX Sab De CV Fixed Rate Two Thousand And Thirty Notes [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Long Term debt | $ 292 | |||||
Line of credit ,Interest basis Points | 0.0025 | |||||
Bottom of range [member] | Two Thousand Twenty Three Credit Agreement [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Interest basis Points | 0.0100 | |||||
Consolidated leverage ratio | 2.25% | |||||
Bottom of range [member] | Credit agreement [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate | 5.36% | |||||
Top of range [member] | Two Thousand Twenty Three Credit Agreement [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Line of credit ,Interest basis Points | 0.0175 | |||||
Consolidated leverage ratio | 3.25% | |||||
Top of range [member] | Credit agreement [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Interest rate | 6.56% |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Lines of Credit (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Disclosure of detailed information about financial instruments [abstract] | |
Other lines of credit in foreign subsidiaries | $ 401 |
Other lines of credit from banks | 774 |
Revolving credit facility | 2,000 |
Total | 3,175 |
Other lines of credit in foreign subsidiaries, available | 274 |
Other lines of credit from banks, available | 774 |
Revolving credit facility, available | 1,400 |
Total, available | $ 2,448 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Consolidated Financial Ratios (Detail) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 2.06% | 2.84% | 2.73% |
Coverage Ratio | 7.91% | 6.27% | 5.99% |
Less than or Equal to 3.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 3.75% | 3.75% | 3.75% |
Greater than or Equal to 2.75 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 2.75% | 2.75% | 2.75% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Other Financial Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | $ 950 | $ 936 |
Other financial obligations, long-term | 986 | 918 |
Total | 1,936 | 1,854 |
Liabilities Secured With Accounts Receivable [member] | ||
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | 678 | 678 |
Total | 678 | 678 |
Leases [Member] | ||
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | 272 | 258 |
Other financial obligations, long-term | 986 | 918 |
Total | $ 1,258 | $ 1,176 |
Financial Instruments - Detaile
Financial Instruments - Detailed Information about In Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Text block [abstract] | |||
Lease financial liability at beginning of year | $ 1,176 | $ 1,176 | $ 1,260 |
Additions from new leases | 341 | 296 | 227 |
Reductions from payments | (256) | (276) | (313) |
Cancellations and liability remeasurements | (24) | 7 | 27 |
Foreign currency translation and accretion effects | 21 | (27) | (25) |
Lease financial liability at end of year | $ 1,258 | $ 1,176 | $ 1,176 |
Financial Instruments - Summa_8
Financial Instruments - Summary of Disclosure Detail Of Financial Lease Liabilities (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 986 |
Later Than One Year and Not Later Than Two Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 181 |
Later Than Two Years and Not Later Than Three Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 144 |
Later Than Three Years and Not Later Than Four Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 108 |
Later Than Four Years and Not Later Than Five Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 77 |
More than 5 Years [member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 476 |
Financial Instruments - Addit_3
Financial Instruments - Additional Information - Other Financial Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Leases | $ 331 | $ 342 | $ 381 |
Cash flows from used in securitization program | (18) | 79 | $ 25 |
Other Financial Obligations [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Recourse of accounts receivable | $ 678 | $ 678 |
Financial Instruments - Summa_9
Financial Instruments - Summary of Carrying Amounts and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Derivative instruments | $ 64 | $ 57 |
Other investments and non-current accounts receivable | 276 | 236 |
Other investments and non-current accounts receivable | 340 | 293 |
Financial liabilities | ||
Long-term debt | 6,203 | 6,920 |
Other financial obligations | 986 | 918 |
Derivative financial instruments | 15 | 2 |
Total financial liabilities | 7,204 | 7,840 |
At Fair Value [Member] | ||
Financial assets | ||
Derivative instruments | 64 | 57 |
Other investments and non-current accounts receivable | 266 | 229 |
Other investments and non-current accounts receivable | 330 | 286 |
Financial liabilities | ||
Long-term debt | 6,030 | 6,517 |
Other financial obligations | 919 | 788 |
Derivative financial instruments | 15 | 2 |
Total financial liabilities | $ 6,964 | $ 7,307 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | $ 64 | $ 57 |
Investments in strategic equity securities | 3 | 5 |
Other investments at fair value through earnings | 1 | 3 |
Total derivative financial assets | 68 | 65 |
Liabilities measured at fair value Derivative instruments | 15 | 2 |
Level 1 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Investments in strategic equity securities | 3 | 5 |
Total derivative financial assets | 3 | 5 |
Level 2 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | 64 | 57 |
Other investments at fair value through earnings | 1 | 3 |
Total derivative financial assets | 65 | 60 |
Liabilities measured at fair value Derivative instruments | $ 15 | $ 2 |
Financial Instruments - Summ_11
Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | $ 2,593 | $ 2,491 |
Derivative financial instrument, Fair value | (26) | 32 |
Net Investment Hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 976 | 837 |
Derivative financial instrument, Fair value | (94) | (48) |
Currency swap contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 335 | |
Derivative financial instrument, Fair value | 23 | |
Interest Rate Swap Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 750 | 1,018 |
Derivative financial instrument, Fair value | 30 | 54 |
Fuels Price Hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 232 | 136 |
Derivative financial instrument, Fair value | 5 | 8 |
Foreign Exchange Options [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 300 | 500 |
Derivative financial instrument, Fair value | $ 10 | $ 18 |
Financial Instruments - Addit_4
Financial Instruments - Additional Information - Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2023 | Oct. 30, 2023 | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Gains and (losses) related to recognition of changes in fair values of the derivative instruments | $ (19) | $ (5) | $ (6) | |||
Mexican Peso Floating Rates [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Payments on Contract | 3 | |||||
Currency swap contract [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | $ 335 | |||||
Gain (loss) due to changes in estimated fair value | 23 | |||||
Reclassification adjustments on cash flow hedges, net of tax | 5 | |||||
Currency swap contract [member] | Euro denominated [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | 750 | |||||
Net foreign exchange loss | 1 | |||||
Net foreign exchange gain | 70 | 8 | 10 | |||
Debt Instrument Settlement Gains | 80 | |||||
Foreign Exchange Options [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | $ 300 | 500 | ||||
Financial Income And Other Items [Member] | Peso Denominated Value [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative contracts maturity date | June 2025 | |||||
Financial Income And Other Items [Member] | Foreign Exchange Options [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Changes in the fair value of these instruments | $ 18 | 13 | 5 | |||
Financial Income And Other Items [Member] | Foreign Exchange Options [Member] | Peso Denominated Value [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative contracts maturity date | December 2025 | |||||
Fuel Price Forward Contracts [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | $ 110 | 136 | ||||
Financial liabilities at estimated fair value | 1 | 8 | ||||
Gain (loss) due to changes in estimated fair value | 6 | 25 | 22 | |||
Fuel Price Forward Contracts [member] | Operating Expense [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Reclassification adjustments on cash flow hedges, net of tax | 7 | 88 | 36 | |||
Fuel Price Forward Contracts [member] | Financial Income And Other Items [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Changes in the fair value of these instruments | 1 | |||||
Fuel Price Forward Contracts [member] | Cemex Brent Oil [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | 122 | |||||
Net Investment Hedges [member] | Forward Contract [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | 518 | 738 | ||||
Net foreign exchange gain (loss) | (172) | 96 | $ 4 | |||
Net Investment Hedges [member] | Capped Forwards With Option Contracts [Member] | Peso Denominated Value [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | 458 | 99 | ||||
Net foreign exchange loss | $ 54 | 2 | ||||
Net Investment Hedges [member] | Top of range [member] | Forward Contract [Member] | Peso Denominated Value [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
BorrowingsMaturityPeriod | 15 months | |||||
Net Investment Hedges [member] | Bottom of range [member] | Forward Contract [Member] | Peso Denominated Value [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
BorrowingsMaturityPeriod | 1 month | |||||
Interest Rate Swap Contract [Member] | Finance Expense [Member] | Peso Floating Rates [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 18 | 7 | 0.3 | |||
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 | 750 | 750 | ||||
Financial assets at fair value through profit or loss | $ 5 | |||||
Gain (loss) due to changes in estimated fair value | 9 | 69 | 23 | |||
Reclassification adjustments on cash flow hedges, net of tax | 39 | |||||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | Peso Floating Rates [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Gain (loss) due to changes in estimated fair value | 15 | 3 | 15 | |||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | Finance Expense [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Reclassification adjustments on cash flow hedges, net of tax | 30 | |||||
Interest Rate Swaps [member] | Mexican Peso Floating Rates [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative financial instrument, Notional amount | 268 | |||||
Financial assets at estimated fair value | 15 | |||||
Interest Rate Swaps [member] | Loans from banks at floating interest rate [member] | Finance Expense [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 22 | $ 2 | $ 22 |
Financial Instruments - Addit_5
Financial Instruments - Additional Information - Risk Management (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Reduction in income | $ 160 | $ 10 | |||
Percentage of entity's revenue | 75% | ||||
Hypothetic foreign exchange rate strengthening | 10% | ||||
Financial debt percentage | 70% | ||||
Current maturities of debt | $ 10 | 2 | |||
Other financial obligations | 950 | 936 | |||
Cash flows provided by operating activities from continuing operations | 2,159 | 1,469 | 1,806 | ||
Revolving credit facility | 2,000 | ||||
Allowance for expected credit loss | $ 90 | $ 91 | $ 101 | $ 121 | |
Euro [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial debt percentage | 16% | ||||
Mexican peso [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Financial debt percentage | 11% | ||||
Philippine peso [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings, interest rate | 7.10% | 5.40% | |||
Financial debt percentage | 2% | ||||
Other Currencies [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings, interest rate | 4.50% | 4.30% | |||
Financial debt percentage | 1% | ||||
Foreign Exchange Options [Member] | Dollar Denominated [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Notional amount | $ 300 | ||||
Mexico [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Allowance for expected credit loss | 31 | ||||
Interest rate risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Reduction in income | $ 14 | $ 13 | |||
Interest rate risk [member] | Top of range [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings, interest rate | 0.50% | ||||
Interest rate risk [member] | Bottom of range [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings, interest rate | 0.50% | ||||
Interest rate risk [member] | Floating interest rate [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings, interest rate | 26% | 21% | |||
Currency risk [member] | Mexico [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 29% | ||||
Currency risk [member] | United Kingdom [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 6% | ||||
Currency risk [member] | Germany [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 3% | ||||
Currency risk [member] | France [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 5% | ||||
Currency risk [member] | Poland [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 3% | ||||
Currency risk [member] | Spain [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 3% | ||||
Currency risk [member] | Rest Of Europe Region [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 4% | ||||
Currency risk [member] | Colombia [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 3% | ||||
Currency risk [member] | Panama [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 1% | ||||
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 | 1% | ||||
Currency risk [member] | Caribbean Tcl [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 2% | ||||
Currency risk [member] | Philippines [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 2% | ||||
Currency risk [member] | Other Operations [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 31% | ||||
Currency risk [member] | Dominican Republic [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 2% | ||||
Currency risk [member] | Israel [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of entity's revenue | 5% | ||||
Liquidity risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Current maturities of debt | $ 975 | ||||
Other financial obligations | 1,781 | ||||
Cash flows provided by operating activities from continuing operations | 2,159 | ||||
Revoving credit facility disposed amount | 600 | ||||
Liquidity risk [member] | 2017 Credit Agreement [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Revolving credit facility | 2,000 | ||||
Credit risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Allowance for expected credit loss | $ 90 |
Financial Instruments - Summ_12
Financial Instruments - Summary of Consolidated Net Monetary Assets (Liabilities) by Currency (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | $ 3,802 | $ 3,129 |
Monetary liabilities | 15,859 | 15,090 |
Net monetary assets (liabilities) | (12,057) | (11,961) |
US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (7,033) | (7,564) |
Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (924) | (1,071) |
Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (2,223) | (1,815) |
British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (613) | (760) |
Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,264) | (751) |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 1,627 | 960 |
Monetary liabilities | 2,184 | 1,951 |
Net monetary assets (liabilities) | (557) | (991) |
Mexico [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (157) | 8 |
Mexico [member] | Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (400) | (999) |
Mexico [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 0 | 0 |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 651 | 650 |
Monetary liabilities | 2,679 | 2,559 |
Net monetary assets (liabilities) | (2,028) | (1,909) |
United States [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (2,030) | (1,909) |
United States [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 2 | |
SCA&C [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 274 | 204 |
Monetary liabilities | 730 | 519 |
Net monetary assets (liabilities) | (456) | (315) |
SCA&C [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (61) | (42) |
SCA&C [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 0 | 0 |
SCA&C [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (395) | (273) |
Asia, Middle East and Africa [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 1,491 | 1,315 |
Monetary liabilities | 3,087 | 2,887 |
Net monetary assets (liabilities) | (1,596) | (1,572) |
Asia, Middle East and Africa [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (5) | 12 |
Asia, Middle East and Africa [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (660) | (632) |
Asia, Middle East and Africa [member] | British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (710) | (931) |
Asia, Middle East and Africa [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (221) | (21) |
Other Operations [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | (241) | 0 |
Monetary liabilities | 7,179 | 7,174 |
Net monetary assets (liabilities) | (7,420) | (7,174) |
Other Operations [Member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (4,780) | (5,633) |
Other Operations [Member] | Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (524) | (72) |
Other Operations [Member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,563) | (1,183) |
Other Operations [Member] | British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 97 | 171 |
Other Operations [Member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | $ (650) | $ (457) |
Other Current and Non-current_3
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Other accounts payable and accrued expenses | [1] | $ 656 | $ 560 |
Provisions | [2] | 492 | 276 |
Contract liabilities with customers (note 3) | [3] | 384 | 293 |
Interest payable | 88 | 96 | |
Other current liabilities | $ 1,620 | $ 1,225 | |
[1]Other accounts payable and accrued expenses mainly refer to accrued fixed and variable employee benefits, insurance payments and accruals for public services. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months.[2]Current provisions are detailed by concept in note 18.2 below.[3]As of December 31, 2023 and 2022, contract liabilities with customers included $339 and $253, respectively, of advances received from customers, as well as in 2023 and 2022 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 in both years. Note 3 includes the changes during the period of this caption. |
Other Current and Non-current_4
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [line Items] | |||
Deferred revenue current | [1] | $ 384 | $ 293 |
Contract customers advances payable [member] | Commercial agreement with cemeto bayano [member] | |||
Statement [line Items] | |||
Current advances from contract with customers received | 339 | 253 | |
Deferred revenue current | $ 5 | $ 5 | |
[1]As of December 31, 2023 and 2022, contract liabilities with customers included $339 and $253, respectively, of advances received from customers, as well as in 2023 and 2022 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 in both years. Note 3 includes the changes during the period of this caption. |
Other Current and Non-current_5
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Asset retirement obligations | [1] | $ 470 | $ 465 |
Environmental liabilities | [2] | 250 | 233 |
Accruals for legal assessments and other responsibilities | [3] | 100 | 83 |
Non-current liabilities for valuation of derivative instruments | 15 | 2 | |
Other non-current liabilities and provisions | [4] | 329 | 282 |
Other non-current liabilities | $ 1,164 | $ 1,065 | |
[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]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.[3]Provisions for legal claims and other responsibilities include items related to tax contingencies.[4]As of December 31, 2023 and 2022, the balance includes deferred revenues of $22 and $27, respectively, that are amortized to the statement of income as deliverables are fulfilled over the maturity of long-term clinker supply agreements. |
Other Current and Non-current_6
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||||
Deferred revenues | $ 384 | $ 293 | $ 257 | $ 201 |
Cemento interoceanio [member] | Liabilitites classified as held for sale [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Period of amortisation of deferred revenue | 15 years | |||
Deferred revenues | $ 22 | $ 27 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of period | $ 1,341 | $ 1,539 |
Additions or increase in estimates | 532 | 270 |
Releases or decrease in estimates | (314) | (486) |
Business combinations | 0 | 6 |
Accretion expense | 42 | 32 |
Foreign currency translation | 55 | (20) |
Balance at end of period | 1,656 | 1,341 |
Current provisions | 492 | 276 |
Other non-current liabilities | 1,164 | 1,065 |
Asset retirement obligations [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 509 | |
Additions or increase in estimates | 64 | |
Releases or decrease in estimates | (58) | |
Business combinations | 0 | |
Accretion expense | 30 | |
Foreign currency translation | 28 | |
Balance at end of period | 573 | 509 |
Current provisions | 103 | |
Other non-current liabilities | 470 | |
Environmental liabilities [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 276 | |
Additions or increase in estimates | 11 | |
Releases or decrease in estimates | (15) | |
Business combinations | 0 | |
Foreign currency translation | 7 | |
Balance at end of period | 279 | 276 |
Current provisions | 29 | |
Other non-current liabilities | 250 | |
Legal proceedings provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 85 | |
Additions or increase in estimates | 49 | |
Releases or decrease in estimates | (34) | |
Business combinations | 0 | |
Accretion expense | 1 | |
Foreign currency translation | 4 | |
Balance at end of period | 105 | 85 |
Current provisions | 5 | |
Other non-current liabilities | 100 | |
Valuation derivative instruments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 50 | |
Additions or increase in estimates | 169 | |
Releases or decrease in estimates | (123) | |
Business combinations | 0 | |
Foreign currency translation | (1) | |
Balance at end of period | 95 | 50 |
Current provisions | 80 | |
Other non-current liabilities | 15 | |
Other liabilities and provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 421 | |
Additions or increase in estimates | 239 | |
Releases or decrease in estimates | (84) | |
Business combinations | 0 | |
Accretion expense | 11 | |
Foreign currency translation | 17 | |
Balance at end of period | 604 | $ 421 |
Current provisions | 275 | |
Other non-current liabilities | $ 329 |
Pensions and Post-Employment _3
Pensions and Post-Employment Benefits - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 USD ($) | Dec. 31, 2023 USD ($) Employees | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of defined benefit plans [line items] | ||||
Costs of defined contribution plans | $ 64 | $ 59 | $ 54 | |
Projected benefits obligation | 2,010 | 1,903 | 2,783 | |
Increase (decrease) in net defined benefit liability (asset) | 0 | 13 | 10 | |
Curtailment gain loss on settlement | 1 | |||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | (37) | 270 | 196 | |
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 5 | 2 | (20) | |
Top of range [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Increase (decrease) in net defined benefit liability (asset) | 96 | |||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 16 | 466 | 122 | |
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 20 | |||
Post employment healthcare benefits [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | $ 57 | $ 60 | ||
Multi-employer defined benefit plans [member] | Top of range [member] | Critical [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Percentage of funding based on zone | 65% | |||
Multi-employer defined benefit plans [member] | Top of range [member] | Endangered [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Percentage of funding based on zone | 80% | |||
Multi-employer defined benefit plans [member] | Bottom of range [member] | Green [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Percentage of funding based on zone | 80% | |||
Other Postretirement Benefits [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Curtailment gain loss on settlement | $ 1 | |||
Trinidad Cement Limited [member] | Maximum [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Medical inflation rates used to determine the projected benefits obligation | 9% | 13% | ||
Trinidad Cement Limited [member] | Minimum [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Medical inflation rates used to determine the projected benefits obligation | 5% | 5% | ||
Mexico [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | $ 253 | $ 220 | ||
Medical inflation rates used to determine the projected benefits obligation | 8% | 8% | ||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | $ 12 | $ 19 | ||
Gain on account of reduction of retirement obligations | $ 11 | |||
Puerto Rico [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Medical inflation rates used to determine the projected benefits obligation | 6.60% | 5.40% | ||
United Kingdom [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | $ 1,129 | $ 1,062 | ||
Medical inflation rates used to determine the projected benefits obligation | 6.60% | 6.80% | ||
Increase (decrease) in net defined benefit liability (asset) | $ 77 | 81 | ||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | $ (31) | 373 | 86 | |
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 12 | |||
United States [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | 184 | 194 | ||
Increase (decrease) in net defined benefit liability (asset) | 81 | |||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | $ 8 | 52 | 13 | |
United States [member] | Multi-employer defined benefit plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Average number of former employees covered by the contribution | Employees | 422 | |||
Percentage of employer contributions | 99% | |||
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 | $ 20 | 21 | 17 | |
Estimate of contribution to be made to the plan in the subsequent annual period | 21 | |||
France [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Loss On Account of increase In the retirement obligations due to extension of retirement age | 1 | |||
Other Countries [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | 303 | 293 | ||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 23 | |||
Germany [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Projected benefits obligation | 141 | 134 | ||
Increase (decrease) in net defined benefit liability (asset) | $ 13 | $ 81 | ||
United Kingdom And Germany [Member] | Top of range [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Increase (decrease) in net defined benefit liability (asset) | $ 13 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Recorded in operating costs and expenses | |||
Service cost | $ 11 | $ 12 | $ 12 |
Past service cost | 0 | 1 | 0 |
Settlements, curtailments and other changes | (11) | 0 | (2) |
Total defined benefit expense | 0 | 13 | 10 |
Recorded in other financial expenses | |||
Net interest cost | 44 | 29 | 31 |
Recorded in other comprehensive income | |||
Actuarial losses (gains) for the period | 45 | (176) | (263) |
Total (loss) / gain recognized during the period | 89 | (134) | (222) |
Pension defined benefit plans [member] | |||
Recorded in operating costs and expenses | |||
Service cost | 7 | 8 | 9 |
Past service cost | 0 | 1 | 0 |
Settlements, curtailments and other changes | (10) | 0 | (1) |
Total defined benefit expense | (3) | 9 | 8 |
Recorded in other financial expenses | |||
Net interest cost | 36 | 23 | 26 |
Recorded in other comprehensive income | |||
Actuarial losses (gains) for the period | 46 | (166) | (257) |
Total (loss) / gain recognized during the period | 79 | (134) | (223) |
Other Benefits Plans [Member] | |||
Recorded in operating costs and expenses | |||
Service cost | 4 | 4 | 3 |
Past service cost | 0 | 0 | 0 |
Settlements, curtailments and other changes | (1) | 0 | (1) |
Total defined benefit expense | 3 | 4 | 2 |
Recorded in other financial expenses | |||
Net interest cost | 8 | 6 | 5 |
Recorded in other comprehensive income | |||
Actuarial losses (gains) for the period | (1) | (10) | (6) |
Total (loss) / gain recognized during the period | $ 10 | $ 0 | $ 1 |
Pensions and Post-Employment _5
Pensions and Post-Employment Benefits - Summary of Actuarial (Gains) Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (loss) on remeasurement, net defined benefit liability (asset) [abstract] | |||
Actuarial (gains) losses due to experience | $ 13 | $ 96 | $ (87) |
Actuarial (gains) losses due to demographic assumptions | (5) | (2) | 20 |
Actuarial (gains) losses due financial assumptions | 37 | (270) | (196) |
Total | $ 45 | $ (176) | $ (263) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | $ 1,903 | $ 2,783 | |
Service cost | 11 | 12 | $ 12 |
Interest cost | 109 | 72 | |
Actuarial losses (gains) | 29 | (642) | |
Initial valuation from new plan | 0 | 13 | |
Reduction from disposal of assets | 0 | (6) | |
Settlements and curtailments | (2) | 0 | |
Plan amendments | (11) | 1 | |
Benefits paid | (130) | (137) | |
Foreign currency translation | 101 | (193) | |
Projected benefit obligation at end of the period | 2,010 | 1,903 | 2,783 |
Fair value of plan assets at beginning of the period | 1,208 | 1,784 | |
Return on plan assets | 65 | 43 | |
Actuarial losses | (16) | (466) | |
Employer contributions | 105 | 103 | |
Initial valuation from new plan | 0 | 13 | |
Settlements | (2) | 0 | |
Benefits paid | (130) | (137) | |
Foreign currency translation | 45 | (132) | |
Fair value of plan assets at end of the period | 1,275 | 1,208 | 1,784 |
Net projected liability in the statement of financial position | 735 | 695 | |
Pension defined benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 1,811 | 2,685 | |
Service cost | 7 | 8 | 9 |
Interest cost | 101 | 66 | |
Actuarial losses (gains) | 30 | (632) | |
Initial valuation from new plan | 0 | 13 | |
Reduction from disposal of assets | 0 | (6) | |
Settlements and curtailments | (2) | 0 | |
Plan amendments | (10) | 1 | |
Benefits paid | (122) | (130) | |
Foreign currency translation | 94 | (194) | |
Projected benefit obligation at end of the period | 1,909 | 1,811 | 2,685 |
Fair value of plan assets at beginning of the period | 1,207 | 1,783 | |
Return on plan assets | 65 | 43 | |
Actuarial losses | (16) | (466) | |
Employer contributions | 97 | 96 | |
Initial valuation from new plan | 0 | 13 | |
Settlements | (2) | 0 | |
Benefits paid | (122) | (130) | |
Foreign currency translation | 44 | (132) | |
Fair value of plan assets at end of the period | 1,273 | 1,207 | 1,783 |
Net projected liability in the statement of financial position | 636 | 604 | |
Other Benefits Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 92 | 98 | |
Service cost | 4 | 4 | 3 |
Interest cost | 8 | 6 | |
Actuarial losses (gains) | (1) | (10) | |
Initial valuation from new plan | 0 | 0 | |
Reduction from disposal of assets | 0 | 0 | |
Settlements and curtailments | 0 | 0 | |
Plan amendments | (1) | 0 | |
Benefits paid | (8) | (7) | |
Foreign currency translation | 7 | 1 | |
Projected benefit obligation at end of the period | 101 | 92 | 98 |
Fair value of plan assets at beginning of the period | 1 | 1 | |
Return on plan assets | 0 | 0 | |
Actuarial losses | 0 | 0 | |
Employer contributions | 8 | 7 | |
Initial valuation from new plan | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (8) | (7) | |
Foreign currency translation | 1 | 0 | |
Fair value of plan assets at end of the period | 2 | 1 | $ 1 |
Net projected liability in the statement of financial position | $ 99 | $ 91 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets [line items] | |||
Cash | $ 24 | $ 38 | |
Investments in corporate bonds | 402 | 296 | |
Investments in government bonds | 323 | 356 | |
Total fixed-income securities | 749 | 690 | |
Investment in marketable securities | 222 | 268 | |
Other investments and private funds | 304 | 250 | |
Total variable-income securities | 526 | 518 | |
Total plan assets | 1,275 | 1,208 | $ 1,784 |
Level 1 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 24 | 38 | |
Investments in corporate bonds | 11 | 7 | |
Investments in government bonds | 114 | 90 | |
Total fixed-income securities | 149 | 135 | |
Investment in marketable securities | 179 | 226 | |
Other investments and private funds | 70 | 91 | |
Total variable-income securities | 249 | 317 | |
Total plan assets | 398 | 452 | |
Level 2 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Investments in corporate bonds | 391 | 289 | |
Investments in government bonds | 209 | 266 | |
Total fixed-income securities | 600 | 555 | |
Investment in marketable securities | 43 | 42 | |
Other investments and private funds | 33 | 42 | |
Total variable-income securities | 76 | 84 | |
Total plan assets | 676 | 639 | |
Level 3 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Other investments and private funds | 201 | 117 | |
Total variable-income securities | 201 | 117 | |
Total plan assets | $ 201 | $ 117 |
Pensions and Post-Employment _8
Pensions and Post-Employment Benefits - Summary of Significant Assumptions Used in the Determination of the Benefit Obligation (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 10.50% | 10.50% |
Rate of return on plan assets | 10.50% | 10.50% |
Rate of salary increases | 4.50% | 4.50% |
United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 5.20% | 5.50% |
Rate of return on plan assets | 5.20% | 5.50% |
United Kingdom [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 4.70% | 5% |
Rate of return on plan assets | 4.70% | 5% |
Rate of salary increases | 3.10% | 3.25% |
Top of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 11% | 13% |
Rate of return on plan assets | 11% | 13% |
Rate of salary increases | 7.30% | 7.30% |
Bottom of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 3.10% | 3.60% |
Rate of return on plan assets | 3.10% | 3.60% |
Rate of salary increases | 2.50% | 2.50% |
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, 2023 USD ($) | |
Disclosure - Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits [Abstract] | |
2024 | $ 173 |
2025 | 149 |
2026 | 151 |
2027 | 148 |
2028 – 2033 | $ 882 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets [line items] | |||
PBO | $ 2,010 | $ 1,903 | $ 2,783 |
Assets | 1,275 | 1,208 | $ 1,784 |
Deficit | 735 | 695 | |
Mexico [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 253 | 220 | |
Assets | 44 | 25 | |
Deficit | 209 | 195 | |
United States [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 184 | 194 | |
Assets | 188 | 166 | |
Deficit | (4) | 28 | |
United Kingdom [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 1,129 | 1,062 | |
Assets | 821 | 791 | |
Deficit | 308 | 271 | |
Germany [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 141 | 134 | |
Assets | 6 | 6 | |
Deficit | 135 | 128 | |
Other countries [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 303 | 293 | |
Assets | 216 | 220 | |
Deficit | $ 87 | $ 73 |
Pensions and Post-Employment_11
Pensions and Post-Employment Benefits - Sensitivity Analysis of Pension and Other Post-Employment Benefits (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | $ (99) |
Sensitivity, possible decrease in actuarial assumption | 108 |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 5 |
Sensitivity, possible decrease in actuarial assumption | (5) |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 73 |
Sensitivity, possible decrease in actuarial assumption | (68) |
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 | (95) |
Sensitivity, possible decrease in actuarial assumption | 104 |
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 | 4 |
Sensitivity, possible decrease in actuarial assumption | (4) |
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 | 73 |
Sensitivity, possible decrease in actuarial assumption | (68) |
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 | (4) |
Sensitivity, possible decrease in actuarial assumption | 4 |
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 |
Sensitivity, possible decrease 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Current income tax expense | $ 1,147 | $ 170 | $ 172 |
Deferred income tax expense (benefit) | 103 | 39 | (35) |
Effective consolidated income tax expense rate | $ 1,250 | $ 209 | $ 137 |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | $ (80) | $ 17 |
Deferred tax assets: | ||
Tax loss carryforwards and other tax credits | 445 | 561 |
Accounts payable and accrued expenses | 883 | 734 |
Intangible assets, net | 192 | 140 |
Others | 11 | 20 |
Total deferred tax assets, gross | 1,531 | 1,455 |
Presentation of net position by same legal entity | (1,168) | (1,044) |
Total deferred tax assets, net in the statement of financial position | 363 | 411 |
Deferred tax liabilities: | ||
Property, machinery and equipment and right-of-use asset, net | (1,470) | (1,406) |
Investments and other assets | (141) | (32) |
Total deferred tax liabilities, gross | (1,611) | (1,438) |
Presentation of net position by same legal entity | 1,168 | 1,044 |
Total deferred tax liabilities, net in the statement of financial position | (443) | (394) |
Net deferred tax assets (liabilities) | (80) | 17 |
Country of domicile [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | 67 | (17) |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 185 | 168 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (118) | (185) |
Net deferred tax assets (liabilities) | 67 | (17) |
Foreign countries [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | (147) | 34 |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 178 | 243 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (325) | (209) |
Net deferred tax assets (liabilities) | $ (147) | $ 34 |
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, 2023 | Dec. 31, 2022 |
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | $ 363 | $ 411 |
Liability | (443) | (394) |
Net | (80) | 17 |
Country of domicile [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 185 | 168 |
Liability | (118) | (185) |
Net | 67 | (17) |
Foreign countries [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 178 | 243 |
Liability | (325) | (209) |
Net | $ (147) | $ 34 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in deferred tax liability (asset) [abstract] | |||
Deferred income tax expense (benefit) in the statement of income | $ 103 | $ 39 | $ (35) |
Deferred income tax (benefit) expense in stockholders' equity | (6) | 14 | (38) |
Reclassifications | 0 | 7 | 78 |
Change in deferred income tax during the period | $ 97 | $ 60 | $ 5 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax relating to components of other comprehensive income [abstract] | |||
Expense (benefit) related to foreign exchange fluctuations from intercompany balances (note 21.2) | $ 5 | $ 0 | $ (6) |
Expense (benefit) associated to actuarial results (note 21.2) | (5) | 32 | 26 |
Benefit related to derivative financial instruments (note 17.4) | (41) | (30) | (1) |
Expense (benefit) from foreign currency translation and other effects | 35 | 12 | (63) |
Total current and deferred income tax relative to items of other comprehensive income (loss) | $ (6) | $ 14 | $ (44) |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Loss and Tax Credits (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Tax Loss Carry Forwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2024 | $ 29 |
2025 | 48 |
2026 | 141 |
2027 | 318 |
2028 and thereafter | 7,591 |
Tax Loss And Tax Credits, Total | 8,127 |
Amount of unrecognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2024 | 29 |
2025 | 46 |
2026 | 131 |
2027 | 286 |
2028 and thereafter | 5,839 |
Tax Loss And Tax Credits, Total | 6,331 |
Amount of recognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2024 | 0 |
2025 | 2 |
2026 | 10 |
2027 | 32 |
2028 and thereafter | 1,752 |
Tax Loss And Tax Credits, Total | $ 1,796 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Income Taxes [Line Items] | |||||
pre-tax income | $ 1,796 | ||||
Current tax expense income and adjustments for current tax of prior periods | 1,147 | $ 170 | $ 172 | ||
Income tax provision current | 492 | $ 276 | |||
Income tax return 2012 [member] | Columbia Tax Authority [Member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Prior year tax loss carryforwards value | 32 | ||||
Income tax penalty imposed | $ 32 | ||||
Income tax return 2011 [member] | Columbia Tax Authority [Member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Prior year tax loss carryforwards value | $ 22 | ||||
Income tax penalty imposed | $ 22 | ||||
Income tax return 2010 to 2014 [Member] | Spanish Tax Authority [Member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Income tax penalty imposed | $ 75 | ||||
Additional income tax payable due to assessment | 53 | ||||
Income tax return 2010 to 2014 [Member] | Spanish Tax Authority [Member] | Provision For Income Taxes [Member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Prior year tax loss carryforwards value | 117 | ||||
Income tax provision current | 117 | ||||
Income tax return 2006 to 2009 [Member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Prior year tax loss carryforwards value | 503 | ||||
Income tax return 2006 to 2009 [Member] | Spanish Tax Authority [Member] | Cemex España, S.A. [member] | |||||
Disclosure of Income Taxes [Line Items] | |||||
Current tax expense income and adjustments for current tax of prior periods | $ 503 |
Income Taxes - Effective Consol
Income Taxes - Effective Consolidated Income Tax Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Earnings before income tax | $ 1,449 | $ 770 | $ 954 |
Income tax | $ (1,250) | $ (209) | $ (137) |
Effective consolidated income tax expense rate | 86.30% | 27.10% | 14.40% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Mexican statutory tax rate value | 30% | 30% | 30% |
Income tax penalties in Spain (note 20.4) | 42.80% | 0% | 0% |
Difference between accounting and tax expenses, net | 0.40% | 35.80% | 4.80% |
Non-taxable sale of equity securities and fixed assets | (1.20%) | 3.40% | (3.80%) |
Difference between book and tax inflation | 8.30% | 28.20% | 23.90% |
Differences in the income tax rates in the countries where Cemex operates | 7.10% | (6.20%) | 4.70% |
Changes in deferred tax assets | (3.90%) | (59.70%) | (48.70%) |
Changes in provisions for uncertain tax positions | 0.10% | (5.10%) | 2.60% |
Others | 2.70% | 0.70% | 0.90% |
Effective consolidated income tax expense rate | 86.30% | 27.10% | 14.40% |
Mexican statutory tax rate | $ 435 | $ 231 | $ 280 |
Income tax penalties in Spain (note 20.4) | 620 | 0 | 0 |
Difference between accounting and tax expenses, net | 6 | 276 | 45 |
Non-taxable sale of equity securities and fixed assets | (17) | 26 | (35) |
Difference between book and tax inflation | 120 | 217 | 223 |
Differences in the income tax rates in the countries where Cemex operates | 103 | (48) | 44 |
Changes in deferred tax assets | (57) | (460) | (454) |
Changes in provisions for uncertain tax positions | 1 | (39) | 24 |
Others | 39 | 6 | 10 |
Effective consolidated income tax expense rate | $ 1,250 | $ 209 | $ 137 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Difference tax component between books and tax foreign exchange fluctuations | $ 103 | $ (48) | $ 44 |
Parent [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Difference tax component between books and tax foreign exchange fluctuations | $ 365 | ||
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 35% | 35% | 31% |
Colombia [member] | Bottom of range [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Colombia [member] | Top of range [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 35% | 35% | 35% |
Income Taxes - Schedule of Vari
Income Taxes - 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, 2023 | Dec. 31, 2022 | |
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 | $ (125) | $ (103) |
Recognition related to unrecognized tax loss carryforwards | 12 | 16 |
Foreign currency translation and other effects | (3) | (14) |
Changes in deferred tax assets | (116) | (101) |
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 | 45 | 38 |
Derecognition related to tax loss carryforwards recognized in prior years | 0 | |
Recognition related to unrecognized tax loss carryforwards | (105) | (498) |
Foreign currency translation and other effects | 3 | 0 |
Changes in deferred tax assets | $ (57) | $ (460) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | |||
Balance of tax positions at beginning of the period | $ 41 | $ 48 | $ 27 |
Additions for tax positions of prior periods | 34 | 5 | 4 |
Additions for tax positions of current period | 3 | 5 | 27 |
Reductions for tax positions related to prior periods and other items | (1) | (11) | (2) |
Settlements and reclassifications | 0 | (4) | (5) |
Expiration of the statute of limitations | (2) | (2) | (2) |
Foreign currency translation effects | 3 | 0 | (1) |
Balance of tax positions at end of the period | $ 78 | $ 41 | $ 48 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Controlling Interest due to Different Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies [Line Items] | ||
Common stock and additional paid-in capital | $ 7,699 | $ 7,810 |
Other equity reserves | (2,349) | (2,549) |
Retained earnings | 4,428 | 4,246 |
Total controlling interest | 11,764 | $ 10,501 |
Parent [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies [Line Items] | ||
Common stock and additional paid-in capital | 6,086 | |
Other equity reserves | 1,576 | |
Retained earnings | 4,102 | |
Total controlling interest | 11,764 | |
Consolidated One [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies [Line Items] | ||
Common stock and additional paid-in capital | 7,699 | |
Other equity reserves | (363) | |
Retained earnings | 4,428 | |
Total controlling interest | $ 11,764 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||||||
Mar. 23, 2023 USD ($) shares | Mar. 14, 2023 USD ($) | Jun. 30, 2021 USD ($) | Jun. 08, 2021 USD ($) | Mar. 25, 2021 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Mar. 24, 2022 USD ($) | |
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Percentage of net income allocation toward legal reserve | 5% | ||||||||
Legal reserve | $ 106 | ||||||||
Non-controlling interest and perpetual debentures | 352 | $ 408 | |||||||
Coupon payment on perpetual debentures | (2,349) | $ (2,549) | |||||||
Issuance of subordinated notes | 992 | $ 994 | |||||||
Parent [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | $ 1,576 | ||||||||
Mexican peso [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Closing foreign exchange rate | 16.97 | 19.5 | 20.5 | ||||||
Coupon Payment [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | $ 11 | ||||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares repurchase amount authorized | $ 500 | ||||||||
Two Thousand And Twenty Treasury Repurchase Program [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares repurchase amount authorized | $ 500 | ||||||||
Number of shares repurchased | shares | 1,134,000,000 | ||||||||
Shares authorized to guarantee the conversion of then existing convertible securities | shares | 3,409,500,000 | ||||||||
Shares Repurchase Program [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Number of shares repurchased | shares | 662,000,000 | ||||||||
Two Thousand And Twenty Three Treasury Repurchase Program [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares repurchase amount authorized | $ 500 | ||||||||
Non-controlling Interest [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest and perpetual debentures | $ 351 | $ 408 | |||||||
Net income attributable to noncontroling interest | 17 | 27 | 25 | ||||||
Subordinated Notes [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | $ 120 | $ 54 | $ 30 | ||||||
Issuance of subordinated notes | $ 1,000 | $ 1,000 | |||||||
Percentage of issuance on subordinated note | 9.125% | 5.125% | |||||||
Proceeds from issuance of subordinated notes | $ 992 | $ 994 | |||||||
Perpetual Subordinated Bonds [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Repayments of subordinated liabilities | $ 449 | ||||||||
Cemex Holdings Philippines, Inc. [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest ownership percentage | 10.14% | 22.10% | |||||||
Number of shares acquired | shares | 1,614,000,000 | ||||||||
CEMEX Latam Holdings, S.A. [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest ownership percentage | 0.50% | 4.70% | |||||||
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] | Parent [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares | $ 16 | $ 8 | |||||||
Investment in shares held by the subsidiary | shares | (20,541,277) | (20,541,277) |
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, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | ||
Common stock | $ 318 | $ 318 |
Additional paid-in capital | 7,381 | 7,492 |
Common stock and additional paid-in capital | $ 7,699 | $ 7,810 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Common Stock (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 29,016,656,496 | 29,016,656,496 |
Unissued shares authorized for executives' stock compensation programs | 881,442,830 | 881,442,830 |
Repurchased shares | 0 | 441,284,956 |
Number of shares issued | 29,898,099,326 | 30,339,384,282 |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 14,508,328,248 | 14,508,328,248 |
Unissued shares authorized for executives' stock compensation programs | 440,721,415 | 440,721,415 |
Repurchased shares | 0 | 220,642,478 |
Number of shares issued | 14,949,049,663 | 15,169,692,141 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Common Stock (Parenthetical) (Detail) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 31,779,148,989 | 32,441,076,423 |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 64% | |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 36% |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Other Equity Reserves and Subordinated Notes (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Reserves Within Equity And Subordinated Notes [Abstract] | ||
Other equity reserves | $ (2,349) | $ (2,549) |
Subordinated notes | 1,986 | 994 |
Total Other Equity Reserves And Subordinated Notes | $ (363) | $ (1,555) |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of Other Equity Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | ||
Cumulative translation effect, tax effects from deferred income taxes recognized directly in equity (note 20.2) and derivative financial instruments designated as cash flow hedges | $ (672) | $ (926) |
Cumulative actuarial losses | (398) | (353) |
Cumulative coupon payments under perpetual debentures (note 21.4) | (1,070) | (1,070) |
Cumulative coupon payments under subordinated notes | (204) | (84) |
Cancellation of treasury shares by shareholders' resolution (note 21.1) | 0 | (111) |
Other effects | (5) | (5) |
Other equity reserves | $ (2,349) | $ (2,549) |
Stockholders' Equity - Summar_7
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Exchange differences on translation [abstract] | |||
Foreign currency translation result | $ 356 | $ (235) | $ (476) |
Foreign exchange fluctuations from debt | (28) | (23) | 89 |
Foreign exchange fluctuations from intercompany balances | (73) | (68) | (13) |
Translation effects of foreign subsidiaries, net | $ 255 | $ (326) | $ (400) |
Executive Share-Based Compens_3
Executive Share-Based Compensation - Summary of Share-Based Compensation Programs (Detail) - CEMEX Latam Holdings, S.A [member] - ADR [Member] - Executive Officer [Member] $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
ADSs equivalents delivered | shares | 16,441,800 | 10,920,500 | 9,333,400 | |
ADSs Forfeited | $ 795,900 | |||
ADSs Outstanding | [1] | $ 19,974,400 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2018 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 1,521,900 | |||
ADS price at award's date | [2] | $ 6.3 | ||
Fair value | 149% | |||
Fair value | $ | $ 14.3 | |||
ADSs equivalents delivered | shares | 0 | 0 | 2,368,400 | |
ADSs Forfeited | $ 61,400 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2019 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 2,303,000 | |||
ADS price at award's date | [2] | $ 4.4 | ||
Fair value | 130% | |||
Fair value | $ | $ 13.2 | |||
ADSs equivalents delivered | shares | 0 | 3,062,800 | 0 | |
ADSs Forfeited | $ 57,700 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2020 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 4,146,000 | |||
ADS price at award's date | [2] | $ 2.3 | ||
Fair value | 155% | |||
Fair value | $ | $ 14.8 | |||
ADSs equivalents delivered | shares | 8,448,200 | 0 | 0 | |
ADSs Forfeited | $ 0 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2021 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 1,227,200 | |||
ADS price at award's date | [2] | $ 8 | ||
Fair value | 150% | |||
Fair value | $ | $ 14.7 | |||
ADSs equivalents delivered | shares | 0 | 0 | 0 | |
ADSs Forfeited | $ 0 | |||
ADSs Outstanding | [1] | $ 1,840,800 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2022 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 2,403,600 | |||
ADS price at award's date | [2] | $ 4.3 | ||
Fair value | 149% | |||
Fair value | $ | $ 15.4 | |||
ADSs equivalents delivered | shares | 0 | 0 | 0 | |
ADSs Forfeited | $ 0 | |||
ADSs Outstanding | [1] | $ 3,571,700 | ||
ADSs Based On Service And Performance Of The Executives [Member] | Performance Plan 2023 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 2,825,400 | |||
ADS price at award's date | [2] | $ 6.4 | ||
Fair value | 145% | |||
Fair value | $ | $ 26.1 | |||
ADSs equivalents delivered | shares | 0 | 0 | 0 | |
ADSs Forfeited | $ 0 | |||
ADSs Outstanding | [1] | $ 4,094,100 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2017 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 2,704,400 | |||
ADS price at award's date | [2] | $ 8.9 | ||
Fair value | 100% | |||
Fair value | $ | $ 23.9 | |||
ADSs equivalents delivered | shares | 0 | 0 | 19,100 | |
ADSs Forfeited | $ 103,900 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2018 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 5,304,200 | |||
ADS price at award's date | [2] | $ 6.5 | ||
Fair value | 100% | |||
Fair value | $ | $ 34.5 | |||
ADSs equivalents delivered | shares | 0 | 0 | 968,700 | |
ADSs Forfeited | $ 139,200 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2019 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 8,048,200 | |||
ADS price at award's date | [2] | $ 4.7 | ||
Fair value | 100% | |||
Fair value | $ | $ 37.5 | |||
ADSs equivalents delivered | shares | 42,400 | 1,521,400 | 1,725,000 | |
ADSs Forfeited | $ 118,300 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2020 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 11,162,200 | |||
ADS price at award's date | [2] | $ 2.5 | ||
Fair value | 100% | |||
Fair value | $ | $ 28.1 | |||
ADSs equivalents delivered | shares | 2,293,000 | 2,370,900 | 2,617,600 | |
ADSs Forfeited | $ 253,700 | |||
ADSs Outstanding | [1] | $ 0 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2021 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 5,716,600 | |||
ADS price at award's date | [2] | $ 7.2 | ||
Fair value | 100% | |||
Fair value | $ | $ 41.3 | |||
ADSs equivalents delivered | shares | 1,442,700 | 1,465,600 | 1,634,600 | |
ADSs Forfeited | $ 39,300 | |||
ADSs Outstanding | [1] | $ 1,232,200 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2022 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 9,483,000 | |||
ADS price at award's date | [2] | $ 4.9 | ||
Fair value | 100% | |||
Fair value | $ | $ 46 | |||
ADSs equivalents delivered | shares | 2,450,500 | 2,499,800 | 0 | |
ADSs Forfeited | $ 22,400 | |||
ADSs Outstanding | [1] | $ 4,468,800 | ||
ADSs Based On The Service Of The Executives [Member] | Ordinary Plans 2023 [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Target number of ADSs | shares | 6,531,900 | |||
ADS price at award's date | [2] | $ 5.9 | ||
Fair value | 100% | |||
Fair value | $ | $ 38.4 | |||
ADSs equivalents delivered | shares | 1,765,000 | 0 | 0 | |
ADSs Forfeited | $ 0 | |||
ADSs Outstanding | [1] | $ 4,766,800 | ||
[1]Until the final payout of the Performance Plans is determined after the conclusion of the three-year period for award, the number of ADSs outstanding assumes a payout considering the same percentage determined by the option pricing model.[2]Average ADS price of the awards at the date of grant. |
Executive Share-based Compens_4
Executive Share-based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Commitment payments in cash | $ 0 | $ 0 | |
Decrease in other equity reserves | $ 61 | 47 | $ 77 |
ADSs Based On The Service Of The Executives [Member] | Executive Officer [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation program service period | 4 years | ||
Share-based compensation annual grant percentage | 25% | ||
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% | ||
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% | ||
CPO [Member] | Cemex Holdings Philippines, Inc. [member] | Vested [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Decrease in other equity reserves | $ (61) | (52) | (42) |
Transfer to additional paid in capital from other equity reserves | $ 61 | $ 52 | $ 42 |
CLH [Member] | CEMEX Latam Holdings, S.A [member] | ADSs Based On Service And Performance Of The Executives [Member] | Executive Officer [Member] | Vested [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation shares issued | shares | 813,980 | 713,927 | |
CLH [Member] | Cemex Holdings Philippines, Inc. [member] | ADSs Based On Service And Performance Of The Executives [Member] | Executive Officer [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation shares issued | shares | 1,516,657 | 19,177,703 | 16,511,882 |
Earnings (Loss) Per Share - Sum
Earnings (Loss) Per Share - Summary of Calculations of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Weighted-average number of shares outstanding – basic | 43,510,758 | 43,554,921 | 44,123,654 |
Effect of dilutive instruments – share-based compensation (note 22) | 599,229 | 793,322 | 729,292 |
Weighted-average number of shares – diluted | 44,109,987 | 44,348,243 | 44,852,946 |
Numerator | |||
Net income from continuing operations | $ 199 | $ 561 | $ 817 |
Less: non-controlling interest net income | 17 | 27 | 25 |
Controlling interest net income from continuing operations | 182 | 534 | 792 |
Net income (loss) from discontinued operations | $ 0 | $ 324 | $ (39) |
Basic earnings (loss) per share | |||
Controlling interest basic earnings per share | $ 0.0042 | $ 0.0197 | $ 0.0171 |
Controlling interest basic earnings per share from continuing operations | 0.0042 | 0.0123 | 0.018 |
Controlling interest basic earnings (loss) per share from discontinued operations | 0 | 0.0074 | (0.0009) |
Controlling interest diluted earnings (loss) per share | |||
Controlling interest diluted earnings per share | 0.0041 | 0.0193 | 0.0168 |
Controlling interest diluted earnings per share from continuing operations | 0.0041 | 0.012 | 0.0177 |
Controlling interest diluted earnings (loss) per share from discontinued operations | $ 0 | $ 0.0073 | $ (0.0009) |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Summary of Calculations of Earnings per Share (Parenthetical) (Detail) - CEMEX Holdings Philippines Inc [member] shares in Thousands | 12 Months Ended |
Dec. 31, 2023 shares | |
ADR [Member] | |
Earnings per share [Line Items] | |
Dilutive effect of other instruments on weighted average number of ordinary shares | 19,970 |
Ordinary Participation Certificates [member] | |
Earnings per share [Line Items] | |
Dilutive effect of other instruments on weighted average number of ordinary shares | 199,700 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) T in Millions, MT in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 01, 2019 | Apr. 30, 2016 MWh | Feb. 28, 2010 | Dec. 31, 2023 USD ($) Employees T MWh MT $ / MWh | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Acquired energy usage period | 20 years | |||||
Self-insured health care benefits | $ 72,000,000 | $ 64,000,000 | $ 59,000,000 | |||
Cost per megawatt hour | $ / MWh | 25.375 | |||||
Emissions of Co2 gross | MT | 57 | |||||
Percentage of Co2 released directly related to production process | 63% | |||||
Percentage of Co2 released directly related to electric consumption | 5% | |||||
Percentage of Co2 released through activity of supply and transportation | 32% | |||||
Loss from catastrophes | $ 3,000,000 | $ 1,000,000 | $ 5,000,000 | |||
Executive Variable Compensation [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Precease of decrease in annual executive variable compensation | (10.00%) | |||||
Precease of increase in annual executive variable compensation | 10% | |||||
Number of employees | Employees | 4,500 | |||||
Two Thousand and Twenty Year Baseline [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Percentage reduction of Co2 emissions | 25% | |||||
Percentage decrease in transportation emissions | 30% | |||||
Percentage decrease of scope 3 emissions per ton of purchased fuels | 40% | |||||
Percentage decrease of absolute scope 3 emissions from the use of traded fuels | 42% | |||||
Scope One [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Percentage reduction of Co2 emissions | 47% | |||||
Scope Two [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Percentage reduction of Co2 emissions | 58% | |||||
Scope Three [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Percentage reduction of Co2 emissions | 0% | |||||
Commitement With Six Vendors For Back Office Services [Member] | Later than five years and not later than seven years [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Annual Commitement With Vendors Value | $ 60,000,000 | |||||
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 | $ 3,000,000 | |||||
Bottom of range [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Percentage of Co2 released | 5% | |||||
Top of range [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Stop-loss limits value under medical assistance | $ 550,000 | |||||
Percentage of Co2 released | 8% | |||||
Top of range [member] | Employees [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Stop-loss limits value under medical assistance | $ 2,500,000 | |||||
Ventikas [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Estimated annual cost | 26,000,000 | |||||
Combined generation capacity | MWh | 252 | |||||
EURUS [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Acquired energy usage period | 20 years | |||||
Estimated annual cost | 78,000,000 | |||||
Installed capacity | 250 | |||||
Termoelectrica del Golfo [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Estimated annual cost | $ 183,000,000 | |||||
Combined volume allocate to TEG and other energy producer | T | 1.2 |
Commitments - Summary of Contra
Commitments - Summary of Contractual Obligations (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | $ 6,275 | |
Leases | 1,624 | [1] |
Total debt and other financial obligations | 7,899 | [2] |
Interest payments on debt | 1,821 | [3] |
Pension plans and other benefits | 1,503 | [4] |
Acquisition of property, plant and equipment | 441 | [5] |
Purchases of raw materials, fuel and energy | 2,971 | [6] |
Total contractual obligations | 14,635 | |
Less than 1 year [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 25 | |
Leases | 340 | [1] |
Total debt and other financial obligations | 365 | [2] |
Interest payments on debt | 369 | [3] |
Pension plans and other benefits | 173 | [4] |
Acquisition of property, plant and equipment | 286 | [5] |
Purchases of raw materials, fuel and energy | 674 | [6] |
Total contractual obligations | 1,867 | |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 1,614 | |
Leases | 493 | [1] |
Total debt and other financial obligations | 2,107 | [2] |
Interest payments on debt | 595 | [3] |
Pension plans and other benefits | 300 | [4] |
Acquisition of property, plant and equipment | 155 | [5] |
Purchases of raw materials, fuel and energy | 1,043 | [6] |
Total contractual obligations | 4,200 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 1,734 | |
Leases | 282 | [1] |
Total debt and other financial obligations | 2,016 | [2] |
Interest payments on debt | 464 | [3] |
Pension plans and other benefits | 296 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 643 | [6] |
Total contractual obligations | 3,419 | |
More than 5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 2,902 | |
Leases | 509 | [1] |
Total debt and other financial obligations | 3,411 | [2] |
Interest payments on debt | 393 | [3] |
Pension plans and other benefits | 734 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 611 | [6] |
Total contractual obligations | $ 5,149 | |
[1]Represent nominal cash flows. As of December 31, 2023, the NPV of future payments under the Company’s lease contracts was $1,258, of which, $325 refers to payments from 1 to 3 years and $185 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, 2023.[4]Represents estimated annual payments under these benefits for the next ten 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. In addition, includes a contractual commitment with Neoris over a 5-year contract from 2023 until 2027 for the acquisition by Cemex of digitalization services and solutions for an annual amount of $55. Moreover, it includes the Company’s commitments with six vendors for back-office services for an average annual amount of $60. |
Commitments - Summary of Cont_2
Commitments - Summary of Contractual Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 1,258 | |
Estimated annual benefit payment period | next ten years | next ten years |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 325 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | 185 | |
Later than four years and not later than five years [member] | Commitement For Digitization Serivces And Solutions [Member] | Neoris NV [member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Annual commitement with vendors value | 55 | |
Later than four years and not later than five years [member] | Commitement With Six Vendors For Back Office Services [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Annual commitement with vendors value | $ 60 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) - t t in Thousands | 12 Months Ended | ||||
Feb. 29, 2024 | Apr. 12, 2019 | Dec. 31, 2023 | Apr. 30, 2023 | Feb. 28, 2021 | |
Disclosure of Commitments and Contingencies [Line Items] | |||||
Lease contract for a period | 21 years | ||||
Extended long term lease contract period | 10 years | ||||
Percentage of entity's revenue | 75% | ||||
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% | ||||
CEMEX Colombia [member] | |||||
Disclosure of Commitments and Contingencies [Line Items] | |||||
Number of Raw Materials Used For Production | 1,500 | 1,500 | 990 | ||
CEMEX Colombia [member] | Maceo Plant [Member] | |||||
Disclosure of Commitments and Contingencies [Line Items] | |||||
Minimum production of cement required subject to environmental clearance | 950 | ||||
Bottom of range [member] | CEMEX Colombia [member] | |||||
Disclosure of Commitments and Contingencies [Line Items] | |||||
Permission Granted For The Extranction Of Raw Materials | 950 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 25, 2020 USD ($) | Aug. 20, 2020 USD ($) | Nov. 19, 2018 Individuals Entity | Sep. 30, 2018 | Dec. 31, 2023 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2012 USD ($) Employees | Dec. 31, 2011 Employees | Dec. 31, 2023 $ / PerMetreCube | Dec. 31, 2023 $ / PerTon | |
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Accrued environmental remediation liabilities | $ 208,000 | |||||||||
Number of former employees | Employees | 25 | 25 | ||||||||
Amount of damages and interest identified | $ 61,000 | |||||||||
Accrued Provision For Remediation Costs | $ 1,000 | |||||||||
Loss Contingency, Damages Value | $ 342,000 | |||||||||
United Kingdom [member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Loss of profit | $ 700 | |||||||||
Quarry Backfilling Costs | $ 14,000 | |||||||||
United States [member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Accrued environmental remediation liabilities | 45,000 | |||||||||
APO Land & Quarry Corporation [member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Minority interest percentage | 40% | |||||||||
Number of individuals filed lawsuit | Individuals | 40 | |||||||||
Number of entities | Entity | 1 | |||||||||
Number of individuals affected by landslide | Individuals | 8,000 | |||||||||
Loss contingency | 78,000 | |||||||||
APO Land & Quarry Corporation [member] | Rehabilitation fund [member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Loss contingency | $ 9,000 | |||||||||
Top of range [member] | MEXICO | Levies On The Extraction Of Raw Materials [Member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Levies per unit | 9.17 | 34.2 | ||||||||
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 | |||||||||
Bottom of range [member] | MEXICO | Levies On The Extraction Of Raw Materials [Member] | ||||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||||
Levies per unit | 0.67 | 2.5 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 71 | $ 44 | $ 50 |
Information Technology Services [Member] | Neoris [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Related party transaction services received | $ 94 | ||
Proportion of ownership interests in joint venture | 35% | ||
Ready Mix Pumping Services [Member] | CEB [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Related party transaction services received | $ 55 | ||
Performance Bonuses [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | 24 | 29 | 26 |
Executive Share-Based Compensation Programs [Member] | ADR [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 47 | $ 15 | $ 24 |
Principal Subsidiaries - Summar
Principal Subsidiaries - Summary of Principal Subsidiaries Interests (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cemex España, 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% | 100% |
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% | 100% |
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 | 99.50% | 99.50% |
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% | 100% |
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% | 79% |
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% | 100% |
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% | 100% |
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 | 89.90% | 77.90% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
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% | 100% |
Sunbulk Shipping Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Sunbulk Shipping Limited | |
Country of incorporation of subsidiary | Bahamas | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Principal Subsidiaries - Summ_2
Principal Subsidiaries - Summary of Principal Subsidiaries Interests (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Cemex Colombia, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest | 99% |
Cemento Bayano, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Interest held on treasury | 0.516% |
Percentage of indirectly interest | 99.483% |
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 equity interest | 51% |
Another Subsidiary [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest | 4.96% |
Percentage of indirectly interest | 1% |
Cemex España, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of equity interest | 49% |
Material Accounting Policies -
Material Accounting Policies - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant accounting policies [line items] | |||
Average effective tax rate | (86.30%) | (27.10%) | (14.40%) |
With Effect From First Of January Two Thousand And Twenty Four [Member] | Pillar Two Tax Reform [Member] | |||
Disclosure of significant accounting policies [line items] | |||
Minimum alternate tax rate percentage | 15% | ||
Minimum annual revenue for the applicability of minimum alternate tax rate | € 750 | ||
CEMEX Espana SA [member] | With Effect From First Of January Two Thousand And Twenty Four [Member] | Pillar Two Tax Reform [Member] | |||
Disclosure of significant accounting policies [line items] | |||
Minimum alternate tax rate percentage | 15% | ||
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 | ||
Top of range [member] | CEMEX Espana SA [member] | With Effect From First Of January Two Thousand And Twenty Four [Member] | Pillar Two Tax Reform [Member] | |||
Disclosure of significant accounting policies [line items] | |||
Average effective tax rate | 15% |
Material Accounting Policies _2
Material Accounting Policies - Summary of Foreign Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 Anniversaries | |
Mexican peso [Member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 16.97 | 19.5 | 20.5 |
Average | 17.63 | 20.0274 | 20.4266 |
Euro [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.9059 | 0.9344 | 0.8789 |
Average | 0.9227 | 0.9522 | 0.8467 |
British Pound Sterling [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.7852 | 0.8266 | 0.7395 |
Average | 0.8019 | 0.8139 | 0.7262 |
Colombian Peso [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 3,822 | 4,810 | 3,981 |
Average | 4,272 | 4,277 | 3,783 |
Material Accounting Policies _3
Material Accounting Policies - Summary of Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
United States [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 21% | 21% | 21% |
United Kingdom [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 23.50% | 19% | 19% |
France [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25.80% | 25.80% | 28.40% |
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% | 25% | 25% |
Philippines [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25% | 25% | 25% |
Israel [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 23% | 23% | 23% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 35% | 35% | 31% |
Bottom of range [member] | Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Bottom of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Top of range [member] | Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 35% | 35% | 35% |
Top of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 5.50% | 5.50% | 5.50% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, € in Millions, $ in Millions | Apr. 11, 2024 EUR (€) | Mar. 22, 2024 USD ($) | Feb. 26, 2024 USD ($) | Feb. 16, 2024 MXN ($) | Dec. 03, 2021 USD ($) | Apr. 25, 2024 | Feb. 16, 2024 $ / shares | Oct. 05, 2023 MXN ($) |
Income tax return 2010 to 2014 [Member] | Spanish Tax Authority [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Income Tax Penalty Imposed | $ 75 | |||||||
Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Debt instrument face value | $ 1,000,000,000 | |||||||
Borrowings adjustment to interest rate percentage | 0.45% | |||||||
Cemex S A B de C V 2023 CEBURES fixed rate [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowings, interest rate | 11.48% | |||||||
Debt instrument face value | $ 5,000,000,000 | |||||||
Events after reporting period [member] | Income tax return 2010 to 2014 [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Adjustments for current tax of prior periods | $ 117 | |||||||
Dividend Declared [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Dividends proposed or declared before financial statements authorized for issue but not recognized as distribution to owners | $ 120 | |||||||
Maximum Amount Authorized For Share Repurchase [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Maximum amount authorized for share repurchase | $ 500 | |||||||
Reopening And Placement Of Sustainability Linked Notes [Member] | Cemex, S.A.B. de C.V. 2023 CEBURES variable rate [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Long-term borrowings maturity date | Oct. 01, 2026 | |||||||
Debt instrument face value | $ 2,000,000,000 | |||||||
Borrowings adjustment to interest rate percentage | 0.45% | |||||||
Debt instrument issue price per share | $ / shares | $ 100.862623 | |||||||
Reopening And Placement Of Sustainability Linked Notes [Member] | 2023 CEBURES [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Debt instrument face value | $ 5,500 | |||||||
Reopening And Placement Of Sustainability Linked Notes [Member] | Cemex S A B de C V 2023 CEBURES fixed rate [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowings, interest rate | 11.48% | |||||||
Long-term borrowings maturity date | Sep. 26, 2030 | |||||||
Debt instrument face value | $ 3,500,000,000 | |||||||
Debt instrument issue price per share | $ / shares | $ 108.225627 | |||||||
Relaunching Of Sustainability Linked Syndicated Credit Agreement [Member] | Two Thousand And Twenty Three Credit Agreement [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Term Loan Facility Converted Into Revolving Credit Facility Value | € | € 50 | |||||||
Relaunching Of Sustainability Linked Syndicated Credit Agreement [Member] | Two Thousand And Twenty Three Credit Agreement [Member] | Five year amortizing term loan [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Line of credit ,Maximum Amount | € | € 450 | |||||||
Line of credit ,Expiration period | 5 years | |||||||
Relaunching Of Sustainability Linked Syndicated Credit Agreement [Member] | Two Thousand And Twenty Three Credit Agreement [Member] | Four Year Committed Revolving Credit Facility [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Line of credit ,Maximum Amount | € | € 300 | |||||||
Line of credit ,Expiration period | 4 years | |||||||
Changes in tax rates or tax laws enacted or announced [member] | Income tax return 2010 to 2014 [Member] | Spanish Tax Authority [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Income Tax Penalty Imposed | $ 66 | |||||||
Separate Agreements With Subsidiaries [Member] | CASEC [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Business combination percentage of equity interest | 100% | |||||||
Separate Agreements With Subsidiaries [Member] | CHP [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Business combination percentage of equity interest | 89.86% | |||||||
Separate Agreements With Subsidiaries [Member] | IQAC [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Business combination percentage of equity interest | 100% |