Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
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 | 0 |
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 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Profit or loss [abstract] | |||||
Revenues | $ 13,130 | $ 13,531 | $ 12,926 | ||
Cost of sales | (8,825) | (8,849) | (8,365) | ||
Gross profit | 4,305 | 4,682 | 4,561 | ||
Operating expenses | (2,972) | (2,979) | (2,826) | ||
Operating earnings before other expenses, net | 1,333 | 1,703 | 1,735 | ||
Other expenses, net | (347) | (296) | (205) | ||
Operating earnings | 986 | 1,407 | 1,530 | ||
Financial expense | (711) | (722) | (1,086) | ||
Financial income and other items, net | (71) | (2) | 184 | ||
Share of profit of equity accounted investees | 49 | 34 | 33 | ||
Earnings before income tax | 253 | 717 | 661 | ||
Income tax | (162) | (224) | (16) | ||
Net income from continuing operations | 91 | 493 | 645 | ||
Discontinued operations | 88 | 77 | 222 | ||
CONSOLIDATED NET INCOME | 179 | 570 | 867 | ||
Non-controlling interest net income | 36 | 42 | 75 | ||
CONTROLLING INTEREST NET INCOME | $ 143 | $ 528 | $ 792 | ||
Basic earnings per share | $ 0.0031 | $ 0.0114 | $ 0.0174 | ||
Basic earnings per share from continuing operations | 0.0012 | 0.0098 | 0.0125 | ||
Diluted earnings per share | 0.0031 | 0.0114 | 0.0174 | ||
Diluted earnings per share from continuing operations | $ 0.0012 | $ 0.0098 | $ 0.0125 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Statement of comprehensive income [abstract] | |||||
CONSOLIDATED NET INCOME | $ 179 | $ 570 | $ 867 | ||
Items that will not be reclassified subsequently to the income statement | |||||
Net actuarial gains (losses) from remeasurements of defined benefit pension plans | (210) | 176 | |||
Income tax recognized directly in other comprehensive income | 29 | (31) | |||
Effects from strategic equity investments | (8) | (3) | (10) | ||
Items that will not be reclassified subsequently to profit or loss | (189) | 142 | (10) | ||
Items that are or may be reclassified subsequently to the income statement | |||||
Derivative financial instruments designated as cash flow hedges | (137) | (119) | 15 | ||
Currency translation results of foreign subsidiaries | 60 | (91) | (14) | ||
Income tax recognized directly in other comprehensive income | 49 | 43 | 13 | ||
Items that are or may be reclassified subsequently to profit or loss | (28) | (167) | 14 | ||
Total items of other comprehensive income, net | (217) | (25) | 4 | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | (38) | 545 | 871 | ||
Non-controlling interest comprehensive income (loss) | (69) | 1 | 12 | ||
CONTROLLING INTEREST COMPREHENSIVE INCOME | $ 31 | $ 544 | $ 859 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] |
CURRENT ASSETS | |||||
Cash and cash equivalents | $ 788 | $ 309 | $ 699 | ||
Trade accounts receivable | 1,521 | 1,488 | 1,557 | ||
Other accounts receivable | 325 | 312 | 252 | ||
Inventories | 989 | 1,081 | 959 | ||
Assets held for sale | 839 | 107 | 70 | ||
Other current assets | 117 | 124 | 99 | ||
Total current assets | 4,579 | 3,421 | 3,636 | ||
NON-CURRENT ASSETS | |||||
Equity accounted investees | 481 | 484 | 436 | ||
Other investments and non-current accounts receivable | 236 | 268 | 293 | ||
Property, machinery and equipment, net and assets for the right-of-use, net | 11,850 | 12,454 | 12,782 | ||
Goodwill and intangible assets, net | 11,590 | 11,936 | 11,954 | ||
Deferred income tax assets | 627 | 618 | 783 | ||
Total non-current assets | 24,784 | 25,760 | 26,248 | ||
TOTAL ASSETS | 29,363 | 29,181 | 29,884 | ||
CURRENT LIABILITIES | |||||
Short-term debt | 62 | 45 | 864 | ||
Other financial obligations | 1,381 | 855 | 1,176 | ||
Trade payables | 2,526 | 2,537 | 2,363 | ||
Income tax payable | 219 | 212 | 261 | ||
Other current liabilities | 1,184 | 1,130 | 1,242 | ||
Liabilities directly related to assets held for sale | 37 | 16 | |||
Total current liabilities | 5,409 | 4,795 | 5,906 | ||
NON-CURRENT LIABILITIES | |||||
Long-term debt | 9,303 | 9,266 | 9,009 | ||
Other financial obligations | 1,044 | 1,592 | 1,577 | ||
Employee benefits | 1,138 | 967 | 1,204 | ||
Deferred income tax liabilities | 720 | 748 | 795 | ||
Other non-current liabilities | 925 | 760 | 795 | ||
Total non-current liabilities | 13,130 | 13,333 | 13,380 | ||
TOTAL LIABILITIES | 18,539 | 18,128 | 19,286 | ||
Controlling interest: | |||||
Common stock and additional paid-in capital | 10,424 | 10,331 | 10,297 | ||
Other equity reserves | (2,724) | (2,472) | (2,385) | ||
Retained earnings | 1,621 | 1,622 | 1,115 | ||
Total controlling interest | 9,321 | 9,481 | 9,027 | ||
Non-controlling interest and perpetual debentures | 1,503 | 1,572 | 1,571 | ||
TOTAL STOCKHOLDERS' EQUITY | 10,824 | 11,053 | 10,598 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 29,363 | $ 29,181 | $ 29,884 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
OPERATING ACTIVITIES | ||||||
Consolidated net income | $ 179 | $ 570 | [1] | $ 867 | [1] | |
Discontinued operations | 88 | 77 | [1] | 222 | [1] | |
Net income from continuing operations | 91 | 493 | [1] | 645 | [1] | |
Non-cash items: | ||||||
Depreciation and amortization of assets | 1,045 | 982 | [1] | 963 | [1] | |
Impairment losses | 64 | 62 | [1] | 151 | [1] | |
Share of profit of equity accounted investees | (49) | (34) | [1] | (33) | [1] | |
Results on sale of subsidiaries, other disposal groups and others | (49) | (13) | [1] | (216) | [1] | |
Financial expense, financial income and other items, net | 782 | 724 | [1] | 902 | [1] | |
Income taxes | 162 | 224 | [1] | 16 | [1] | |
Changes in working capital, excluding income taxes | 98 | (55) | [1] | 431 | [1] | |
Net cash flow provided by operating activities from continuing operations before financial expense, coupons on perpetual debentures and income taxes | 2,144 | 2,383 | [1] | 2,859 | [1] | |
Interest and coupons on perpetual debentures paid | (694) | (741) | [1] | (899) | [1] | |
Income taxes paid | (168) | (207) | [1] | (246) | [1] | |
Net cash flow provided by operating activities from continuing operations | 1,282 | 1,435 | [1] | 1,714 | [1] | |
Net cash flow provided by operating activities from discontinued operations | 71 | 132 | [1] | 131 | [1] | |
Net cash flows provided by operating activities | 1,353 | 1,567 | [1] | 1,845 | [1] | |
INVESTING ACTIVITIES | ||||||
Property, machinery and equipment, net | (651) | (601) | [1] | (567) | [1] | |
Acquisition and disposal of subsidiaries and other disposal groups, net | 469 | (26) | [1] | 1,202 | [1] | |
Intangible assets | (116) | (187) | [1] | (86) | [1] | |
Non-current assets and others, net | 5 | (1) | [1] | 4 | [1] | |
Net cash flows used in investing activities | (293) | (815) | [1] | 553 | [1] | |
FINANCING ACTIVITIES | ||||||
Dividends paid | (150) | |||||
Derivative financial instruments | (56) | 20 | [1] | 16 | [1] | |
Proceeds from (repayment) of debt, net | 47 | (420) | [1] | (2,056) | [1] | |
Other financial obligations, net | (233) | (578) | [1] | (190) | [1] | |
Share repurchase program | (50) | (75) | [1] | |||
Securitization of trade receivables | (6) | 32 | [1] | 25 | [1] | |
Non-current liabilities, net | (96) | (142) | [1] | (185) | [1] | |
Net cash flows used in financing activities | (544) | (1,163) | [1] | (2,390) | [1] | |
Increase (decrease) in cash and cash equivalents from continuing operations | 445 | (543) | [1] | (123) | [1] | |
Increase in cash and cash equivalents from discontinued operations | 71 | 132 | [1] | 131 | [1] | |
Foreign currency translation effect on cash | (37) | 21 | [1] | 130 | [1] | |
Cash and cash equivalents at beginning of period | [1] | 309 | 699 | 561 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 788 | 309 | [1] | 699 | [1] | |
Changes in working capital, excluding income taxes: | ||||||
Trade receivables | (8) | 15 | [1] | 1 | [1] | |
Other accounts receivable and other assets | 33 | (82) | [1] | 47 | [1] | |
Inventories | 96 | (148) | [1] | (19) | [1] | |
Trade payables | (41) | 231 | [1] | 286 | [1] | |
Other accounts payable and accrued expenses | 18 | (71) | [1] | 116 | [1] | |
Changes in working capital, excluding income taxes | $ 98 | $ (55) | [1] | $ 431 | [1] | |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common stock [member] | Additional paid-in capital [member] | Other equity reserves [member] | Retained earnings [member] | Total controlling interest [Member] | Non-controlling interests and perpetual debentures [member] | ||
Equity at beginning of period (Restated balance [member]) at Dec. 31, 2016 | [1] | $ 9,390 | $ 318 | $ 9,038 | $ (2,354) | $ 829 | $ 7,831 | $ 1,559 | |
Equity at beginning of period at Dec. 31, 2016 | 9,494 | 318 | 9,038 | (2,354) | 933 | 7,935 | 1,559 | ||
Effects from adoption of IFRS 16 (note 2.1) | (104) | (104) | (104) | 0 | |||||
Net income | 867 | [1] | 792 | 792 | 75 | ||||
Other comprehensive income for the period | 4 | [1] | 67 | 67 | (63) | ||||
Total of other comprehensive income for the period | 871 | [1] | 67 | 792 | 859 | 12 | |||
Effects of mandatorily convertible securities | 319 | 393 | (74) | 319 | |||||
Capitalization of retained earnings | 506 | (506) | |||||||
Effects of early conversion of convertible subordinated notes | 319 | 393 | (74) | 319 | |||||
Share-based compensation | 43 | 42 | 1 | 43 | |||||
Coupons paid on perpetual debentures | (25) | 0 | (25) | (25) | |||||
Equity at end of period (Restated balance [member]) at Dec. 31, 2017 | [1] | 10,577 | 318 | 9,979 | (2,385) | 1,094 | 9,006 | 1,571 | |
Equity at end of period at Dec. 31, 2017 | [1] | 10,598 | 318 | 9,979 | (2,385) | 1,115 | 9,027 | 1,571 | |
Effects from adoption of IFRS 9 (note 2.1) | (21) | 0 | 0 | 0 | (21) | (21) | |||
Net income | 570 | [1] | 528 | 528 | 42 | ||||
Other comprehensive income for the period | (25) | [1] | 16 | 16 | (41) | ||||
Total of other comprehensive income for the period | 545 | [1] | 16 | 528 | 544 | 1 | |||
Own shares purchased under share repurchase program | (75) | (75) | (75) | ||||||
Share-based compensation | 35 | 34 | 1 | 35 | |||||
Coupons paid on perpetual debentures | (29) | (29) | (29) | ||||||
Equity at end of period (Restated balance [member]) at Dec. 31, 2018 | 11,059 | 318 | 10,013 | (2,472) | 1,628 | 9,487 | 1,572 | ||
Equity at end of period at Dec. 31, 2018 | [1] | 11,053 | 318 | 10,013 | (2,472) | 1,622 | 9,481 | 1,572 | |
Effects from adoption of IFRIC 23 (note 2.1) | 6 | 0 | 0 | 0 | 6 | 6 | 0 | ||
Net income | 179 | 143 | 143 | 36 | |||||
Other comprehensive income for the period | (217) | (112) | (112) | (105) | |||||
Total of other comprehensive income for the period | (38) | (112) | 143 | 31 | (69) | ||||
Dividends | (150) | 0 | (150) | (150) | |||||
Effects of mandatorily convertible securities | 151 | (151) | |||||||
Own shares purchased under share repurchase program | (50) | (75) | 25 | (50) | |||||
Effects of early conversion of convertible subordinated notes | 151 | (151) | |||||||
Share-based compensation | 32 | 17 | 15 | 32 | |||||
Coupons paid on perpetual debentures | (29) | (29) | (29) | ||||||
Equity at end of period at Dec. 31, 2019 | $ 10,824 | $ 318 | $ 10,106 | $ (2,724) | $ 1,621 | $ 9,321 | $ 1,503 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Description of Business | 1) DESCRIPTION OF BUSINESS CEMEX, S.A.B. de C.V., founded in 1906, is a publicly traded variable stock corporation (Sociedad Anónima Bursátil de Capital Variable) ready-mix The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange (“MSE”) as Ordinary Participation Certificates (“CPOs”) under the symbol “CEMEXCPO”. Each CPO represents two series “A” shares and one series “B” share of common stock of CEMEX, S.A.B. de C.V. In addition, CEMEX, S.A.B. de C.V.’s shares are listed on the New York Stock Exchange (“NYSE”) as American Depositary Shares The terms “CEMEX, S.A.B. de C.V.” and/or the “Parent Company” used in these accompanying notes to the financial statements refer to CEMEX, S.A.B. de C.V. without its consolidated subsidiaries. The terms the “Company” or “CEMEX” refer to CEMEX, S.A.B. de C.V. together with its consolidated subsidiaries. The issuance of these consolidated financial statements was authorized by the Board of Directors of CEMEX, S.A.B. de C.V. on February 5, 2020 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 26, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Significant Accounting Policies | 2) SIGNIFICANT ACCOUNTING POLICIES 2.1) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms Beginning March 31, 2019 and for all subsequent periods, as permitted by International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates • For a consolidated group that comprises operations with a number of functional currencies, it is a decision of each entity to select its presentation currency under IAS 21, which may be the currency that management uses when controlling and monitoring the performance and financial position of the group. In the case of CEMEX, management uses the U.S. dollar for these purposes; • The Company believes that presenting its consolidated financial information using the U.S. dollar will improve and facilitate the analysis to a broad range of users (rating agencies, analysts, investors and lenders, among others) of the Company’s consolidated financial statements; and • The use of the U.S. dollar as presentation currency will also improve the comparison of CEMEX’s consolidated financial statements with those of other global entities. The consolidated financial statements, including comparative amounts and the accompanying notes to the consolidated financial statements, are presented as if the new presentation currency had always been CEMEX’s presentation currency. All currency translation adjustments have been set to zero as of January 1, 2010, which was the date of CEMEX’s transition to IFRS. Translation adjustments and cumulative translation adjustments recognized in other comprehensive income have been presented as if CEMEX had used U.S. dollars as the presentation currency from that date. Comparative financial statements and their related notes were re-presented Presentation of Financial Statements Leases When reference is made to U.S. dollars or “$” it means dollars of the United States of America (“United States”). The amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “pesos”, it means Mexican pesos. When reference is made to “€” or “euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “pounds”, it means British pounds sterling. When it is deemed relevant, certain amounts in foreign currency presented in the notes to the financial statements include between parentheses a convenience translation into dollars and/or into pesos, as applicable. Previously reported convenience translations of prior years are not restated unless the transaction is still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. These translations should not be construed as representations that the amounts in dollars or pesos, as applicable, represent those dollar or peso amounts or could be converted into dollar or peso at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 19.4 and 24), 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) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s income statements present in the single line item of “Discontinued operations,” the results of: a) the assets held for sale in the United Kingdom for the years 2019, 2018 and 2017; b) the assets held for sale in the United States for the years 2019, 2018 and 2017; c) the white cement business held for sale in Spain for the years 2019, 2018 and 2017, d) the French assets sold for the period from January 1 to June 28, 2019 and for the years ended 2018 and 2017, e) the German assets sold for the period from January 1 to May 31, 2019 and for the years 2018 and 2017, f) the Baltic and Nordic businesses sold for the period from January 1 to March 29, 2019 and for the years 2018 and 2017, g) the operating segment in Brazil sold for the period from January 1 to September 27, 2018 and for the year 2017, h) CEMEX’s Pacific Northwest Materials Business operations in the United States sold on June 30, 2017 for the six-months one-month Income statements CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a relevant operating measure for CEMEX’s management. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities, including impairment losses of long-lived assets, results on disposal of assets and restructuring costs, among others (note 6). Under IFRS, the inclusion of certain subtotals such as “Operating earnings before other expenses, net” and the display of the statement of operations vary significantly by industry and company according to specific needs. Considering that it is an indicator of CEMEX’s ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 4.4 and 16, CEMEX presents “Operating EBITDA” (operating earnings before other expenses, net, plus depreciation and amortization). This is not an indicator of CEMEX’s financial performance, an alternative to cash flows, a measure of liquidity or comparable to other similarly titled measures of other companies. In addition, this indicator is used by CEMEX’s management for decision-making purposes. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2019, 2018 and 2017, the increases in other financing obligations in connection with lease contracts negotiated during the year for $220, $229 and $317, respectively (note 16.2); • In 2019, 2018 and 2017, in connection with the CPOs issued as part of the executive share-based compensation programs (note 21), the total increases in equity for $17 in 2019, $34 in 2018 and $42 in 2017; • In 2017, in connection with the capitalization of retained earnings (note 20.1), the increases in common stock and additional paid-in • In 2017, in connection with the early conversion of part of the 2018 optional convertible subordinated notes (note 16.2), the decrease in debt for $301, the net decrease in other equity reserves for $74 and the increase in additional paid-in Investing activities: • In 2019, 2018 and 2017, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Newly issued IFRS adopted in the reported periods IFRS 16 (notes 2.6, 14 and 16.2) Beginning January 1, 2019, IFRS 16 superseded all existing guidance related to lease accounting including IAS 17, Leases right-of-use right-of-use The effects of IFRS 16 in the Company’s opening balance sheet as of January 1, 2017 were as follows: Condensed Consolidated Statement of Financial Position As of January 1, 2017 Original IFRS 16 adoption As of January 1, 2017 Re-presented Total current assets $ 4,273 — 4,273 Property, machinery and equipment, net and assets for the right-of-use, 11,107 851 11,958 Deferred income tax assets 751 23 774 Other items of non-current 12,813 — 12,813 Total non-current 24,671 874 25,545 TOTAL ASSETS $ 28,944 874 29,818 Short-term other financial obligations $ 562 163 725 Other items of current liabilities 3,571 — 3,571 Total current liabilities 4,133 163 4,296 Long-term other financial obligations 1,253 815 2,068 Deferred income tax liabilities 946 — 946 Other items of non-current 13,118 — 13,118 Total non-current 15,317 815 16,132 TOTAL LIABILITIES 19,450 978 20,428 Retained earnings 1 933 (104 ) 829 Other items of controlling interest 7,002 — 7,002 Total controlling interest 7,935 (104 ) 7,831 Non-controlling 1,559 — 1,559 TOTAL STOCKHOLDERS’ EQUITY 9,494 (104 ) 9,390 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,944 874 29,818 1 The initial effect refers to a temporary difference between the straight-line amortization expense of the right-of-use Moreover, resulting from the adoption of IFRS 16, CEMEX re-presented Condensed Consolidated Statement of Financial Position As of December 31, 2018 Original IFRS 16 As of December 31, 2018 Re-presented Total current assets $ 3,421 — 3,421 Property, machinery and equipment, net and assets for the right-of-use, 11,423 1,031 12,454 Deferred income tax assets 592 26 618 Other items of non-current 12,688 — 12,688 Total non-current 24,703 1,057 25,760 TOTAL ASSETS $ 28,124 1,057 29,181 Short-term other financial obligations $ 648 207 855 Other items of current liabilities 3,940 — 3,940 Total current liabilities 4,588 207 4,795 Long-term other financial obligations 612 980 1,592 Deferred income tax liabilities 758 (10 ) 748 Other items of non-current 10,993 — 10,993 Total non-current 12,363 970 13,333 TOTAL LIABILITIES 16,951 1,177 18,128 Retained earnings 1,742 (120 ) 1,622 Other items of controlling interest 7,859 — 7,859 Total controlling interest 9,601 (120 ) 9,481 Non-controlling 1,572 — 1,572 TOTAL STOCKHOLDERS’ EQUITY 11,173 (120 ) 11,053 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,124 1,057 29,181 In addition, resulting from the adoption of IFRS 16, CEMEX re-presented For the years ended December 31, Condensed C I S 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented Revenues $ 13,531 — 13,531 12,926 — 12,926 Cost of sales (8,883 ) 34 (8,849 ) (8,397 ) 32 (8,365 ) Operating expenses (3,003 ) 24 (2,979 ) (2,846 ) 20 (2,826 ) Other expenses, net (296 ) — (296 ) (205 ) — (205 ) Financial expense (653 ) (69 ) (722 ) (1,023 ) (63 ) (1,086 ) Financial income and other items, net 35 (3 ) 32 219 (2 ) 217 Earnings before income tax 731 (14 ) 717 674 (13 ) 661 Income tax (226 ) 2 (224 ) (10 ) (6 ) (16 ) Net income from continuing operations 505 (12 ) 493 664 (19 ) 645 Discontinued operations 77 — 77 222 — 222 CONSOLIDATED NET INCOME 582 (12 ) 570 886 (19 ) 867 Non-controlling 42 — 42 75 — 75 CONTROLLING INTEREST NET INCOME $ 540 (12 ) 528 811 (19 ) 792 For the years ended December 31, Condensed C S C F 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented OPERATING ACTIVITIES Net income from continuing operations $ 513 (20 ) 493 673 (28 ) 645 Non-cash Depreciation and amortization of assets 763 219 982 787 176 963 Other non-cash 896 67 963 759 61 820 Changes in working capital, excluding income taxes (55 ) — (55 ) 431 — 431 Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes 2,117 266 2,383 2,650 209 2,859 Interest on debt and coupons on perpetual debentures paid (672 ) (69 ) (741 ) (836 ) (63 ) (899 ) Income taxes paid (208 ) 1 (207 ) (240 ) (6 ) (246 ) Operating cash flows from continuing operations 1,237 198 1,435 1,574 140 1,714 Operating cash flows from discontinued operations 132 — 132 131 — 131 Net cash flows provided by operating activities 1,369 198 1,567 1,705 140 1,845 INVESTING ACTIVITIES Property, machinery and equipment and assets for the right-of-use, (601 ) — (601 ) (567 ) — (567 ) Other items of investing activities (214 ) — (214 ) 1,120 — 1,120 Net cash flows provided by (used in) investing activities (815 ) — (815 ) 553 — 553 FINANCING ACTIVITIES Other financial obligations, net (388 ) (190 ) (578 ) (78 ) (112 ) (190 ) Other items of financing activities (585 ) — (585 ) (2,200 ) — (2,200 ) Net cash flows used in financing activities (973 ) (190 ) (1,163 ) (2,278 ) (112 ) (2,390 ) Decrease in cash and cash equivalents from continuing operations (551 ) 8 (543 ) (151 ) 28 (123 ) Increase in cash and cash equivalents from discontinued operations 132 — 132 131 — 131 Foreign currency translation effect on cash 29 (8 ) 21 158 (28 ) 130 Cash and cash equivalents at beginning of period 699 — 699 561 — 561 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 309 — 309 699 — 699 IFRS 9, Financial Instruments: classification and measurement (“IFRS 9”) CEMEX adopted IFRS 9 beginning January 1, 2018, which sets forth the guidance relating to the classification and measurement of financial assets and financial liabilities, the accounting for expected credit losses of financial assets and commitments to extend credits, as well as the requirements for hedge accounting; and replaced IAS 39, Financial instruments: recognition and measurement Among other aspects of presentation that had no impact on the valuation or the book value of the Company’s financial assets and liabilities and therefore on the retained earnings of CEMEX, regarding the new impairment model under IFRS 9 based on expected credit losses, impairment losses for the entire lifetime of financial assets, including trade accounts receivable, are recognized on initial recognition of the asset, and in 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 the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. CEMEX developed an expected credit loss model applicable to its trade accounts receivable that considers the historical performance and economic environment, as well as the credit risk and expected developments for each group of customers and applied the simplified approach upon adoption of IFRS 9. The effects of the adoption of IFRS 9 on January 1, 2018 related to the expected credit loss model represented an increase in the allowance of expected credit losses of $29 recognized against retained earnings, net of a deferred income tax asset of $8. The balances of such allowance of expected credit losses and deferred tax assets increased from the reported amounts as of December 31, 2017 of $109 and $754, respectively, to $138 and $762 as of January 1, 2018, respectively, after the adoption effects. Other newly issued IFRS adopted in the reported periods In addition, there were other new standards, interpretations and standard amendments adopted as of January 1, 2019 prospectively, that did not result in any material impact on CEMEX´s results or financial position, and which are explained as follows: Standard Main topic IFRIC 23, Uncertainty over income tax treatments (note 19.4) When an entity concludes that it is not probable that a particular tax treatment is accepted, the decision should be based on which method provides better predictions of the resolution of the uncertainty. Amendments to IAS 28, Long-term interests in associates and joint ventures The amendment clarifies that IFRS 9, including its impairment requirements, applies to long-term interests. Amendments to IAS 12, Income taxes Clarify that an entity should recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized the transactions that generated the distributable profits. Amendments to IAS 23, Borrowing costs Clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. Amendments to IFRS 9, Prepayment features with negative compensation Clarify that financial assets with prepayment features with negative compensation do not automatically fail to meet the ‘solely payments of principal and interest’ condition. IFRS 11, Joint Arrangements – Previously held Interests in a joint operation Clarify that a party that participates in, but does not have joint control of, a joint operation does not remeasure its previously held interest in the joint operation when it obtains joint control. Amendments to IFRS 3, Business combinations Clarify that when an entity obtains control of a business that is a joint operation, the entity applies the requirements for a business combination achieved in stages, including remeasuring its previously held interest in the joint operation at fair value. Amendments to IAS 19, Employee benefits Clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that may arise when the defined benefit plan is in a surplus position). 2.2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and those of the entities in which the Parent Company exercises control, including structured entities (special purpose entities), by means of which the Parent Company, directly or indirectly, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee’s relevant activities. Balances and operations between related parties are eliminated in consolidation. Investments are accounted for by the equity method when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%. The equity method reflects in the financial statements, the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. The financial statements of joint ventures, which relate to those arrangements in which CEMEX and other third-party investors have joint control and have rights to the net assets of the arrangements, are recognized under the equity method. During the reported periods, CEMEX did not have joint operations, referring to those cases in which the parties that have joint control of the arrangement have rights over specific assets and obligations for specific liabilities relating to the arrangements. The equity method is discontinued when the carrying amount of the investment, including any long-term interest in the investee or joint venture, is reduced to zero, unless CEMEX has incurred or guaranteed additional obligations of the investee or joint venture. 2.3) USE OF ESTIMATES AND CRITICAL ASSUMPTIONS The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements; as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, as well as the measurement of financial instruments at fair value, and the assets and liabilities related to employee benefits. Significant judgment is required by management to appropriately assess the amounts of these concepts. 2.4) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 20.2) until the disposal of the foreign net investment, at which time, the accumulated amount is recognized through the statement of operations as part of the gain or loss on disposal. The financial statements of foreign subsidiaries, as determined using their respective functional currency, are translated to U.S. dollars at the closing exchange rate for statement of financial position accounts and at the closing exchange rates of each month within the period for statements of operations accounts. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 20.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2019, 2018 and 2017, were as follows: 2019 2018 2017 Currency Closing Average Closing Average Closing Average Mexican peso 18.92 19.35 19.65 19.2583 19.65 18.8825 Euro 0.8917 0.8941 0.8727 0.8483 0.8331 0.8817 British Pound Sterling 0.7550 0.7831 0.7843 0.7521 0.7405 0.7707 Colombian Peso 3,277 3,300 3,250 2,972 2,984 2,958 Egyptian Pound 16.0431 16.7382 17.9559 17.8223 17.7308 17.7785 Philippine Peso 50.6350 51.5650 52.58 52.6925 49.9300 50.3817 2.5) CASH AND CASH EQUIVALENTS (note 8) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly-liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” To the extent that any restriction will be lifted in less than three months from the statement of financial position reporting date, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments, when applicable, comprised of deposits in margin accounts that guarantee certain of CEMEX’s obligations, except when contracts contain provisions for net settlement, in which case, these restricted amounts of cash and cash equivalents are offset against the liabilities that CEMEX has with its counterparties. When the restriction period is greater than three months, any restricted balance of cash and investments is not considered cash equivalents and is included within short-term or long-term “Other accounts receivable,” as appropriate. 2.6) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments The financial assets that 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, are classified as “Held to collect” and measured at amortized cost. Amortized cost represents the net present value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 2.5 and 8). • Trade receivables, other current accounts receivable and other current assets (notes 9 and 10). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 9 and 16.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 13.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 13.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 16.1 and 16.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 16.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the expected credit loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience over the last 24 months and analyses of future delinquency, that is applied to the balance of the accounts receivable. The average ECL rate increases in each segment of days past due until the rate is 100% for the segment of 365 days or more past due. Costs incurred in the issuance of debt or borrowings Direct costs incurred in debt issuances or borrowings, as well as debt refinancing or non-substantial Leases (notes 2.8, 14 and 16.2) As mentioned in note 2.1, CEMEX adopted IFRS 16 beginning January 1, 2019 using the full retrospective approach. At the inception of a lease contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an indentified asset for a period in exchange for consideration. CEMEX uses the definition of a lease in IFRS 16 to assess whether a contract conveys the right to control the use of an identified asset. Based on IFRS 16, leases are recognized as financial liabilities against assets for the right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is amortized using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Financial instruments with components of both liabilities and equity (note 16.2) Financial instruments that contain components of both liability and equity, such as notes convertible into a fixed number of the issuer’s shares and denominated its same functional currency, are accounted for by each component being recognized separately in the statement of financial position according to the specific characteristics of each transaction. In the case of instruments mandatorily convertible into shares of the issuer, the liability component represents the NPV of interest payments on the principal amount using a market interest rate, without assuming early conversion, and is recognized within “Other financial obligations,” whereas the equity component represents the difference between the principal amount and the liability component, and is recognized within “Other equity reserves”, net of commissions. In the case of instruments that are optionally convertible into a fixed number of shares, the equity component represents the difference between the total proceeds received for issuing the financial instruments and the fair value of the financial liability component (note 2.14). When the transaction is denominated in a currency different than the functional currency of the issuer, the conversion option is accounted for as a derivative financial instrument at fair value in the income statement. Hedging instruments (note 16.4) 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 16.5). 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 2.4), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedd |
Revenue and Construction Contra
Revenue and Construction Contracts | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Revenue and Construction Contracts | 3) REVENUE AND CONSTRUCTION CONTRACTS CEMEX’s revenues are mainly originated from the sale and distribution of cement, ready-mix 2019 2018 2017 From the sale of goods associated to CEMEX’s main activities 1 $ 12,605 13,018 12,387 From the sale of services 2 147 159 176 From the sale of other goods and services 3 378 354 363 $ 13,130 13,531 12,926 1 Includes in each period revenue generated under construction contracts that are presented in the table below. 2 Refers mainly to revenue generated by Neoris N.V. and its subsidiaries, involved in providing information technology solutions and services. 3 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. Information of revenues by reportable segment and line of business for the years 2019, 2018 and 2017 is presented in note 4.4 As of December 31, 2019 and 2018, amounts receivable for progress billings to and advances received from customers of construction contracts were not significant. For 2019, 2018 and 2017, revenues and costs related to construction contracts in progress were as follows: Accrued 1 2019 2018 2017 Revenue from construction contracts included in consolidated revenues 2 $ 114 79 72 89 Costs incurred in construction contracts included in consolidated cost of sales 3 (115 ) (79 ) (68 ) (102 ) Construction contracts gross operating profit (loss) $ (1 ) — 4 (13 ) 1 Revenues and costs recognized from inception of the contracts until December 31, 2019 in connection with those projects still in progress. 2 Revenues from construction contracts during 2019, 2018 and 2017, were mainly obtained in Mexico and Colombia. 3 Refers to actual costs incurred during the periods. Under IFRS 15, some commercial practices of CEMEX, in the form of certain promotions and/or discounts and rebates offered as part of the sale transaction, result in a portion of the transaction price should be allocated to such commercial incentives as separate performance obligations, recognized as contract liabilities with customers, and deferred to the income statement during the period in which the incentive is exercised by the customer or until it expires. For the years ended December 31, 2019, 2018 and 2017 changes in the balance of contract liabilities with customers are as follows: 2019 2018 2017 Opening balance of contract liabilities with customers $ 234 237 196 Increase during the period for new transactions 1,931 1,763 3,147 Decrease during the period for exercise or expiration of incentives (1,946 ) (1,762 ) (3,126 ) Currency translation effects 6 (4 ) 20 Closing balance of contract liabilities with customers $ 225 234 237 For the years 2019, 2018 and 2017, CEMEX did not identify any costs required to be capitalized as contract fulfilment assets and released over the contract life according to IFRS 15. |
Business Combinations, Disconti
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business | 4) BUSINESS COMBINATIONS, DISCONTINUED OPERATIONS, SALE OF OTHER DISPOSAL GROUPS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS 4.1) BUSINESS COMBINATIONS In August 2018, a subsidiary of CEMEX in the United Kingdom acquired all the shares of the ready-mix On December 5, 2016, through its subsidiary Sierra Trading (“Sierra”), CEMEX presented an offer and take-over bid, which was amended on January 9, 2017 (the “Offer”), to all shareholders of Trinidad Cement Limited (“TCL”), a company publicly listed in Trinidad and Tobago Stock Exchange, to acquire up to 132,616,942 ordinary shares in TCL (equivalent to 30.2% of TCL’s common stock). TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL shares deposited in response to the Offer together with Sierra’s then existing 39.5% shareholding in TCL represented 69.8% of the outstanding shares of TCL. The total consideration paid by Sierra for the TCL shares under the Offer was $86. CEMEX started consolidating TCL on February 1, 2017. CEMEX determined a fair value of TCL’s assets as of February 1, 2017 of $531 and $113 of debt assumed, among other effects. The purchase of TCL represented a step acquisition. As a result, the remeasurement of CEMEX’s previously held ownership interest in TCL of 39.5% generated a gain of $32 in 2017 as part of “Financial income and other items, net.” 4.2) DISCONTINUED OPERATIONS As of December 31, 2019, through an affiliate in the United Kingdom, CEMEX was in negotiations with Breedon Group plc for the sale of certain assets for an amount that could reach $235, including $31 of debt. The assets held for sale mainly consist of 49 ready-mix ready-mix On November 26, 2019, CEMEX announced that its U.S. affiliate Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of Buzzi Unicem S.p.A. in which CEMEX holds a 75% interest, signed a definitive agreement for the sale of certain assets to Eagle Materials Inc. for $665. The share of proceeds to CEMEX from this transaction will be $499. The assets being divested consist of Kosmos’ cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. CEMEX currently expects to finalize this divestiture during the first half of 2020. As of December 31, 2019, the assets and liabilities associated with the sale of Kosmos in the United States are presented in the statement of financial position within the line items of “assets held for sale,” including a proportional allocation of goodwill of $291, and “liabilities directly related to assets held for sale,” respectively. Moreover, for purposes of the income statements for the years ended December 31, 2019, 2018 and 2017 the operations related to this segment are presented net of income tax in the single line item “Discontinued operations.” On June 28, 2019, after obtaining customary authorizations, CEMEX concluded with several counterparties the sale of its ready-mix On May 31, 2019, CEMEX concluded the sale of its aggregates and ready - ready-mix ready-mix , , On March 29, 2019, CEMEX closed the sale of assets in the Baltics and Nordics to the German building materials group Schwenk for a price in euro equivalent to $387. The Baltic assets divested consisted of one cement production plant in Broceni with a production capacity of approximately 1.7 million tons, four aggregates quarries, two cement quarries, six ready-mix , , On March 29, 2019, CEMEX signed a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.Ş. to divest CEMEX’s white cement business, except for Mexico and the U.S., for a price of $180, including its Buñol cement plant in Spain and its white cement customer list. The transaction is pending for its conclusion the authorization of the Spanish authorities. CEMEX currently expects it could close this divestment during the first half of 2020. CEMEX’s operations of these assets in Spain for the years ended December 31, 2019, 2018 and 2017 are reported in the income statements, net of income tax, in the single line item “Discontinued operations.” On September 27, 2018, CEMEX concluded the sale of its construction materials operations in Brazil (the “Brazilian Operations”) through the sale to Votorantim Cimentos N/NE S.A. of all the shares of CEMEX’s Brazilian subsidiary Cimento Vencemos Do Amazonas Ltda, consisting of a fluvial cement distribution terminal located in Manaus, Amazonas province, as well as the operation license. The sale price was $31. CEMEX determined a net gain on sale of $12. CEMEX’s Brazilian Operations for the period from January 1 to September 27, 2018 and the year ended December 31, 2017 are reported in the income statements, net of income tax, in the single line item “Discontinued o On June 30, 2017, CEMEX concluded the sale of its Pacific Northwest Materials Business consisting of aggregate, asphalt and ready-mix six-month o On January 31, 2017, CEMEX concluded the sale of its Concrete Reinforced Pipe Manufacturing Business (“Concrete Pipe Business”) in the United States to Quikrete Holdings, Inc. for $500 , one-month , income tax, in the single line item “Discontinued operations.” As of December 31, 2019, the following table presents condensed combined information of the statement of financial position for the assets held for sale in the United Kin g 2019 Current assets $ 41 Non-current 751 Total assets of the disposal group 792 Current liabilities 8 Non-current 29 Total liabilities directly related to disposal group 37 Total net assets of disposal group $ 755 In addition, the following table presents condensed combined information of the income statements of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the years ended December 31, 2019, 2018 and 2017; b) the United States related to Kosmos for the years ended December 31, 2019, 2018 and 2017; c) France for the period from January 1 to June 28, 2019 and for the years ended December 31, 2018 and 2017; d) Germany for the period from January 1 to May 31, 2019 and for the years ended December 31, 2018 and 2017; e) the Baltics and Nordics for the period from January 1 to March 29, 2019 and for the years ended December 31, 2018 and 2017; f) Spain for the years ended December 31, 2019, 2018 and 2017; g) Brazil for the period from January 1 to September 27, 2018 and for the year ended December 31, 2017; h) the Pacific Northwest Materials Business in the United States for the six-months one-month 2019 2018 2017 Revenues $ 572 868 873 Cost of sales and operating expenses (534 ) (792 ) (811 ) Other income (expenses), net 1 (1 ) — Financial expenses, net and others — (2 ) (3 ) Earnings before income tax 39 73 59 Income tax (6 ) (7 ) (6 ) Result of discontinued operations 33 66 53 Net disposal result 55 11 169 Net result of discontinued operations $ 88 77 222 4.3) OTHER DISPOSAL GROUPS On September 12, 2016, CEMEX announced that one of its subsidiaries in the United States signed a definitive agreement for the sale of its Fairborn, Ohio cement plant and cement terminal in Columbus, Ohio to Eagle Materials Inc. (“Eagle Materials”) for $400. Fairborn plant had an annual production capacity of approximately 730 thousand metric tons (unaudited). On February 10, 2017, CEMEX closed the divestment of these assets, and recognized in 2017 a gain on disposal for $188 as part of “Other expenses, net” in the income statement , The operations of the net assets in Ohio sold to Eagle Materials did not represent discontinued operations and were consolidated by CEMEX line-by-line Mid-West For the year 2017, selected combined income statement information of the net assets sold to Eagle Materials until their disposal, was as follows: 2017 Net sales $ 86 Operating costs and expenses (71 ) Operating earnings (losses) before other expenses, net $ 15 In addition, on April 28, 2017, CEMEX concluded the sale of its assets and activities related to the ready-mix ready-mix 4.4) SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS Reportable segments represent the components of CEMEX that engage in business activities from which CEMEX may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s top management to make decisions about resources to be allocated to the segments and assess their performance, and for which discrete financial information is available. CEMEX operates geographically and by business on a regional basis. For the reported periods, the Company’s operations were organized in five geographical regions, each under the supervision of a regional president, as follows: 1) Mexico, 2) United States, 3) Europe, 4) South, Central America and the Caribbean (“SCA&C”), and 5) Asia, Middle East and Africa (“AMEA”). The accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 2. Considering similar regional and economic characteristics and/or materiality, certain countries have been aggregated and presented as single line items as follows: a) “Rest of Europe” refers mainly to CEMEX’s operations and activities in Poland, the Czech Republic and Croatia; b) “Rest of SCA&C” refers mainly to CEMEX’s operations and activities in Costa Rica, Puerto Rico, Nicaragua, Jamaica, the Caribbean, Guatemala and El Salvador, excluding the acquired operations of TCL; c) “Caribbean TCL” refers to TCL’s operations mainly in Trinidad and Tobago, Jamaica, Guyana and Barbados; and d) “Rest of AMEA” refers to CEMEX’s operations and activities in Egypt and the United Arab Emirates. The segment “Others” refers to: 1) cement trade maritime operations, 2) Neoris N.V., CEMEX’s subsidiary involved in the business of information technology solutions, 3) the Parent Company, other corporate entities and finance subsidiaries, and 4) other minor subsidiaries with different lines of business. Selected information of the consolidated income statements by reportable segment for the years 2019, 2018 and 2017, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 13.1, was as follows: 2019 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,897 (105 ) 2,792 969 159 810 (48 ) (36 ) (1 ) United States 3,780 — 3,780 629 392 237 (22 ) (64 ) (13 ) Europe United Kingdom 749 — 749 119 69 50 (2 ) (11 ) (17 ) France 869 — 869 94 48 46 (4 ) (11 ) — Germany 439 (25 ) 414 65 28 37 3 (3 ) (4 ) Spain 319 (25 ) 294 16 34 (18 ) (8 ) (2 ) 2 Rest of Europe 672 (14 ) 658 122 49 73 (1 ) (5 ) (4 ) SCA&C Colombia 1 504 — 504 90 29 61 (21 ) (4 ) (3 ) Panama 1 181 (2 ) 179 48 17 31 (9 ) (1 ) — Caribbean TCL 2 248 (8 ) 240 56 23 33 (2 ) (6 ) (4 ) Dominican Republic 245 (17 ) 228 84 9 75 (1 ) — — Rest of SCA&C 1 511 (17 ) 494 107 20 87 (60 ) (3 ) (6 ) AMEA Philippines 3 458 — 458 117 38 79 1 6 4 Israel 660 — 660 89 23 66 — (2 ) 1 Rest of AMEA 286 — 286 10 22 (12 ) (6 ) (2 ) 30 Others 1,104 (579 ) 525 (237 ) 85 (322 ) (167 ) (567 ) (56 ) Continuing operations 13,922 (792 ) 13,130 2,378 1,045 1,333 (347 ) (711 ) (71 ) Discontinued operations 572 — 572 89 51 38 1 — — Total $ 14,494 (792 ) 13,702 2,467 1,096 1,371 (346 ) (711 ) (71 ) 2018 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexic o $ 3,302 (91 ) 3,211 1,217 148 1,069 (33 ) (32 ) (3 ) United States 3,614 — 3,614 686 369 317 (18 ) (53 ) (11 ) Europe United Kingdom 773 — 773 117 67 50 (7 ) (12 ) (22 ) France 895 — 895 91 50 41 (47 ) (13 ) — Germany 429 (75 ) 354 37 28 9 (8 ) (3 ) (4 ) Spain 334 (47 ) 287 13 33 (20 ) (16 ) (3 ) 3 Rest of Europe 733 (51 ) 682 113 50 63 (3 ) (4 ) (2 ) SCA&C Colombia 1 524 — 524 97 29 68 6 (7 ) (22 ) Panam 1 222 — 222 66 17 49 (3 ) (1 ) — Caribbean TCL 2 254 (5 ) 249 58 19 39 (15 ) (3 ) (2 ) Dominican Republic 218 (16 ) 202 61 10 51 (1 ) (1 ) 2 Rest of SCA&C 1 590 (20 ) 570 133 21 112 (7 ) (3 ) 14 AMEA Philippines 3 448 — 448 93 36 57 (3 ) (2 ) (4 ) Israel 630 — 630 87 21 66 — (3 ) (1 ) Rest of AMEA 357 — 357 44 22 22 (9 ) (2 ) (3 ) Others 1,247 (734 ) 513 (228 ) 62 (290 ) (132 ) (580 ) 53 Continuing operations 14,570 (1,039 ) 13,531 2,685 982 1,703 (296 ) (722 ) (2 ) Discontinued operations 868 — 868 147 71 76 (1 ) (2 ) — Total $ 15,438 (1,039 ) 14,399 2,832 1,053 1,779 (297 ) (724 ) (2 ) 2017 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,104 (58 ) 3,046 1,188 147 1,041 (61 ) (28 ) (28 ) United States 3,320 — 3,320 603 379 224 (39 ) (59 ) (9 ) Europe United Kingdom 841 — 841 153 66 87 23 (13 ) (21 ) France 805 — 805 68 45 23 (7 ) (12 ) 1 Germany 412 (71 ) 341 40 26 14 (1 ) (3 ) (3 ) Spain 306 (52 ) 254 14 33 (19 ) (38 ) (3 ) 1 Rest of Europe 616 (19 ) 597 63 52 11 (14 ) (7 ) 4 SCA&C Colombia 1 566 — 566 113 27 86 (49 ) (7 ) (2 ) Panama 1 266 — 266 108 19 89 (2 ) (1 ) — Caribbean TCL 2 232 (3 ) 229 57 32 25 (10 ) (12 ) (2 ) Dominican Republic 207 (18 ) 189 57 10 47 (1 ) (1 ) — Rest of SCA&C 1 605 (33 ) 572 144 21 123 (5 ) (4 ) — AMEA — Philippines 3 440 — 440 82 35 47 (5 ) (3 ) (1 ) Israel 603 — 603 84 20 64 (1 ) (2 ) 1 Rest of AMEA 318 — 318 53 21 32 (11 ) (4 ) 26 Others 1,090 (551 ) 539 (129 ) 30 (159 ) 16 (927 ) 217 Continuing operations 13,731 (805 ) 12,926 2,698 963 1,735 (205 ) (1,086 ) 184 Discontinued operations 873 — 873 125 63 62 — (3 ) — Total $ 14,604 (805 ) 13,799 2,823 1,026 1,797 (205 ) (1,089 ) 184 1 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador. At year end 2019 and 2018, there is a non-controlling 2 As mentioned in note 4.1, in February 2017, CEMEX’s acquired a controlling interest in TCL, whose shares trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2019 and 2018, there is a non-controlling 3 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, 2019 and 2018, there is a non-controlling Debt by reportable segment is included in note 16.1. As of December 31, 2019 and 2018, selected statement of financial position information by reportable segment was as follows: 2019 Equity accounted investees Other segment assets Total assets Total liabilities Net assets by segment Additions to fixed assets 1 Mexico $ — 3,910 3,910 1,443 2,467 199 United States 143 13,755 13,898 2,440 11,458 398 Europe United Kingdom 6 1,556 1,562 1,225 337 67 France 50 928 978 460 518 38 Germany 4 397 401 353 48 25 Spain — 1,190 1,190 185 1,005 34 Rest of Europe 11 745 756 304 452 52 SCA&C Colombia — 1,187 1,187 428 759 25 Panama — 337 337 105 232 10 Caribbean TCL — 542 542 236 306 21 Dominican Republic — 193 193 66 127 8 Rest of SCA&C — 381 381 164 217 18 AMEA Philippines — 689 689 141 548 84 Israel — 611 611 429 182 33 Rest of AMEA — 423 423 131 292 13 Others 267 1,199 1,466 10,392 (8,926 ) 8 Total 481 28,043 28,524 18,502 10,022 1,033 Assets held for sale and related liabilities (note 12.1) — 839 839 37 802 — Total consolidated $ 481 28,882 29,363 18,539 10,824 1,033 2018 Equity Other segment assets Total assets Total liabilities Net assets by segment Additions to fixed assets 1 Mexico $ — 3,630 3,630 1,442 2,188 168 United States 126 14,080 14,206 2,277 11,929 405 Europe United Kingdom 6 1,779 1,785 1,107 678 61 France 47 938 985 512 473 44 Germany 4 460 464 377 87 27 Spain — 1,301 1,301 171 1,130 27 Rest of Europe 8 1,110 1,118 359 759 54 SCA&C Colombia — 1,249 1,249 444 805 22 Panama — 368 368 65 303 12 Caribbean TCL — 574 574 215 359 29 Dominican Republic — 206 206 64 142 8 Rest of SCA&C — 457 457 176 281 14 AMEA Philippines — 644 644 184 460 36 Israel — 507 507 367 140 27 Rest of AMEA — 438 438 145 293 15 Others 293 849 1,142 10,207 (9,065 ) 15 Total 484 28,590 29,074 18,112 10,962 964 Assets held for sale and related liabilities (note 12.1) — 107 107 16 91 — Total consolidated $ 484 28,697 29,181 18,128 11,053 964 1 In 2019 and 2018, the column “Additions to fixed assets” includes capital expenditures, which comprises acquisitions of property, machinery and equipment as well as additions of assets for the right-of-use, Revenues by line of business and reportable segment for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,009 798 196 445 (656 ) 2,792 United States 1,608 2,189 917 332 (1,266 ) 3,780 Europe United Kingdom 227 310 290 246 (324 ) 749 France — 720 355 4 (210 ) 869 Germany 192 184 62 43 (67 ) 414 Spain 228 86 23 18 (61 ) 294 Rest of Europe 396 284 88 23 (133 ) 658 SCA&C Colombia 363 176 53 51 (139 ) 504 Panama 141 49 15 12 (38 ) 179 Caribbean TCL 241 9 5 9 (24 ) 240 Dominican Republic 194 27 8 25 (26 ) 228 Rest of SCA&C 448 48 11 18 (31 ) 494 AMEA Philippines 457 — — 2 (1 ) 458 Israel — 554 166 78 (138 ) 660 Rest of AMEA 213 94 1 5 (27 ) 286 Others — — — 1,107 (582 ) 525 Continuing operations 6,717 5,528 2,190 2,418 (3,723 ) 13,130 Discontinued operations 229 110 154 85 (6 ) 572 Total $ 6,946 5,638 2,344 2,503 (3,729 ) 13,702 2018 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,302 898 210 642 (841 ) 3,211 United States 1,584 2,088 850 393 (1,301 ) 3,614 Europe United Kingdom 237 325 300 281 (370 ) 773 France — 735 353 9 (202 ) 895 Germany 186 197 56 136 (221 ) 354 Spain 250 70 19 17 (69 ) 287 Rest of Europe 399 298 93 193 (301 ) 682 SCA&C Colombia 353 189 55 92 (165 ) 524 Panama 171 71 23 14 (57 ) 222 Caribbean TCL 245 10 5 13 (24 ) 249 Dominican Republic 178 27 9 24 (36 ) 202 Rest of SCA&C 510 63 14 24 (41 ) 570 AMEA Philippines 444 — 3 2 (1 ) 448 Israel — 521 159 110 (160 ) 630 Rest of AMEA 257 118 1 12 (31 ) 357 Others — — — 1,285 (772 ) 513 Continuing operations 7,116 5,610 2,150 3,247 (4,592 ) 13,531 Discontinued operations 420 219 236 144 (151 ) 868 Total $ 7,536 5,829 2,386 3,391 (4,743 ) 14,399 2017 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,241 780 182 593 (750 ) 3,046 United States 1,353 1,832 785 384 (1,034 ) 3,320 Europe United Kingdom 189 290 301 309 (248 ) 841 France — 669 319 10 (193 ) 805 Germany 192 192 88 96 (227 ) 341 Spain 292 50 14 36 (138 ) 254 Rest of Europe 358 267 84 36 (148 ) 597 SCA&C Colombia 373 213 65 104 (189 ) 566 Panama 206 91 24 10 (65 ) 266 Caribbean TCL 220 11 7 13 (22 ) 229 Dominican Republic 169 30 10 22 (42 ) 189 Rest of SCA&C 510 70 14 15 (37 ) 572 AMEA Philippines 430 4 8 3 (5 ) 440 Israel — 498 152 114 (161 ) 603 Rest of AMEA 227 114 1 9 (33 ) 318 Others — — — 1,090 (551 ) 539 Continuing operations 6,760 5,111 2,054 2,844 (3,843 ) 12,926 Discontinued operations 439 296 168 160 (190 ) 873 Total $ 7,199 5,407 2,222 3,004 (4,033 ) 13,799 |
Operating Expenses, Depreciatio
Operating Expenses, Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2019 | |
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Operating Expenses, Depreciation and Amortization | 5) OPERATING EXPENSES, DEPRECIATION AND AMORTIZATION Consolidated operating expenses during 2019, 2018 and 2017 by function are as follows : 2019 2018 2017 Administrative expenses 1 $ 1,112 1,130 1,091 Selling expenses 371 312 323 Distribution and logistics expenses 1,489 1,537 1,412 $ 2,972 2,979 2,826 1 All significant R&D activities are executed by several internal areas as part of their daily activities. In 2019, 2018 and 2017, total combined expenses of these departments recognized within administrative expenses were $38, $39 and $38, respectively. Depreciation and amortization recognized during 2019, 2018 and 2017 are detailed as follows: 2019 2018 2017 Included in cost of sales $ 865 853 841 Included in administrative, selling and distribution and logistics expenses 180 129 122 $ 1,045 982 963 |
Other Expenses, Net
Other Expenses, Net | 12 Months Ended |
Dec. 31, 2019 | |
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Other Expenses, Net | 6) OTHER EXPENSES, NET The detail of the line item “Other expenses, net” in 2019, 2018 and 2017 was as follows: 2019 2018 2017 Results from the sale of assets and others, net 1 $ (230 ) (149 ) (2 ) Restructuring costs 2 (48 ) (72 ) (45 ) Impairment losses 3 (64 ) (62 ) (151 ) Remeasurement of pension liabilities 4 — (8 ) — Charitable contributions (5 ) (5 ) (7 ) $ (347 ) (296 ) (205 ) 1 In 2019 and 2018, includes $55 and $56, respectively, in connection with property damages and natural disasters. In 2017, includes an expense of $25 related to a penalty in connection with a market investigation in Colombia (note 24.1). 2 Restructuring costs mainly refer to severance payments and the definite closing of operating sites. 3 In 2019, 2018 and 2017, among others, includes impairment losses of fixed assets for $64, $23 and $49, respectively, as well as 4 Refers to a past services remeasurement of CEMEX’s defined benefit plan in the United Kingdom determined in 2018 as a result of a recently enacted gender parity law. |
Financial Items
Financial Items | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Items | 7) FINANCIAL ITEMS 7.1) FINANCIAL EXPENSE Consolidated financial expense in 2019, 2018 and 2017 includes $77, $74 and $71 of interest expense from financial obligations related to lease contracts (notes 14.2 and 16.2). 7.2) FINANCIAL INCOME AND OTHER ITEMS, NET The detail of financial income and other items, net in 2019, 2018 and 2017 was as follows: 2019 2018 2017 Effects of amortized cost on assets and liabilities and others, net $ (59 ) (59 ) (59 ) Foreign exchange results (32 ) 10 (5 ) Results from financial instruments, net (notes 13.2 and 16.4) (1 ) 39 9 Financial income 21 18 18 Results in the sale of associates and remeasurement of previously held interest before change in control of associates (notes 4.1 and 13.1) — (10 ) 221 $ (71 ) (2 ) 184 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Cash Equivalents | 8) CASH AND CASH EQUIVALENTS As of December 31, 2019 and 2018, consolidated cash and cash equivalents consisted of: 2019 2018 Cash and bank accounts $ 547 258 Fixed-income securities and other cash equivalents 241 51 $ 788 309 Based on net settlement agreements, the balance of cash and cash equivalents excludes deposits in margin accounts that guarantee several obligations of CEMEX of $27 in 2019 and $21 in 2018, which were offset against the corresponding obligations of CEMEX with the counterparties, considering CEMEX’s right, ability and intention to settle the amounts on a net basis. |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
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Trade Accounts Receivable, Net | 9) TRADE ACCOUNTS RECEIVABLE As of December 31, 2019 and 2018, consolidated trade accounts receivable consisted of: 2019 2018 Trade accounts receivable $ 1,637 1,607 Allowances for expected credit losses (116 ) (119 ) $ 1,521 1,488 As of December 31, 2019 and 2018, trade accounts receivable include receivables of $682 and $664, respectively, sold under outstanding trade receivables securitization programs and/or factoring programs with recourse, established in Mexico, the United States, France and the United Kingdom, in which CEMEX effectively surrenders control associated with the trade accounts receivable sold and there is no guarantee or obligation to reacquire the assets; nonetheless, in such programs, CEMEX retains certain residual interest in the programs and/or maintains continuing involvement with the accounts receivable. Therefore, the trade accounts receivable sold were not removed from the statement of financial position and the funded amounts to CEMEX of $599 in 2019 and $599 in 2018, were recognized within the line item of “Other financial obligations.” Trade accounts receivable qualifying for sale exclude amounts over certain days past due or concentrations over certain limits to any one customer, according to the terms of the programs. The discount granted to the acquirers of the trade accounts receivable is recorded as financial expense and amounted to $25 in 2019, $23 in 2018 and $16 in 2017. CEMEX’s securitization programs are usually negotiated for periods of one to two years and are usually renewed at their maturity. Allowances for doubtful accounts were established until December 31, 2017 based on incurred loss analyses over delinquent accounts considering aging of balances, the credit history and risk profile of each customer and legal processes to recover accounts receivable. Beginning in 2018 such allowances are determined and recognized upon origination of the trade accounts receivable based on an ECL model (note 2.6). As of December 31, 2019, the balances of trade accounts receivable and the allowance for ECL were as follows: Accounts ECL allowance ECL average Mexico $ 266 35 13.2 % United States 474 6 1.3 % Europe 432 30 6.9 % South, Central America and the Caribbean 126 25 19.8 % Asia, Middle East and Africa 301 16 5.3 % Others 38 4 10.5 % $ 1,637 116 Changes in the allowance for expected credit losses in 2019, 2018 and 2017, were as follows: 2019 2018 2017 Allowances for expected credit losses at beginning of period $ 119 109 106 Adoption effects of IFRS 9 charged to retained earnings (note 2.6) — 29 — Charged to selling expenses 12 8 13 Additions through business combinations — — 7 Deductions (16 ) (20 ) (23 ) Foreign currency translation effects 1 (7 ) 6 Allowances for expected credit losses at end of period $ 116 119 109 |
Other Accounts Receivable
Other Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
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Other Accounts Receivable | 10) OTHER ACCOUNTS RECEIVABLE As of December 31, 2019 and 2018, consolidated other accounts receivable consisted of: 2019 2018 Non-trade 1 $ 113 138 Interest and notes receivable 50 46 Current portion of valuation of derivative financial instruments 1 1 Loans to employees and others 14 12 Refundable taxes 147 115 $ 325 312 1 Non-trade |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
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Inventories | 11) INVENTORIES As of December 31, 2019 and 2018, the consolidated balance of inventories was summarized as follows: 2019 2018 Finished goods $ 320 345 Work-in-process 195 194 Raw materials 194 194 Materials and spare parts 263 303 Inventory in transit 17 45 $ 989 1,081 For the years ended December 31, 2019, 2018 and 2017, CEMEX recognized within “Cost of sales” in the income statement, inventory impairment losses of $6, $6 and $1, respectively. |
Assets Held for Sale and Other
Assets Held for Sale and Other Current Asset | 12 Months Ended |
Dec. 31, 2019 | |
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Assets Held for Sale and Other Current Asset | 12) ASSETS HELD FOR SALE AND OTHER CURRENT ASSETS 12.1) ASSETS HELD FOR SALE (note 4.2) As of December 31, 2019 and 2018, assets held for sale, which are measured at the lower of their estimated realizable value, less costs to sell, and their carrying amounts, as well as liabilities directly related with such assets are detailed as follows: 2019 2018 Assets Liabilities Net assets Assets Liabilities Net assets Kosmos’ assets in the United States $ 457 14 443 $ — — — Assets in the United Kingdom 229 23 206 — — — White cement assets in Spain 106 — 106 — — — Assets in the central region of France — — — 48 16 32 Other assets held for sale 47 — 47 59 — 59 $ 839 37 802 $ 107 16 91 12.2) OTHER CURRENT ASSETS As of December 31, 2019 and 2018, other current assets are mainly comprised of advance payments to vendors. During July 2019, by means of granting a bank guarantee, CEMEX released all restricted cash balances of CEMEX Colombia, S.A. (“CEMEX Colombia”) for an aggregate amount of $12 that as of December 31, 2018 were subject to a temporary restriction on its availability due to a seizure order within a legal proceeding initiated by a supplier in connection with a commercial dispute. |
Equity Accounted Investees, Oth
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
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Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable | 13) EQUITY ACCOUNTED INVESTEES, OTHER INVESTMENTS AND NON-CURRENT 13.1) EQUITY ACCOUNTED INVESTEES As of December 31, 2019 and 2018, the investments in common shares of associates were as follows: Activity Country % 2019 2018 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 229 208 Concrete Supply Co. LLC Concrete United States 40.0 75 66 Lehigh White Cement Company Cement United States 36.8 64 60 Société d’Exploitation de Carrières Aggregates France 50.0 17 16 Société Méridionale de Carrières Aggregates France 33.3 15 16 Akmenes Cementas AB Cement Lithuania 37.8 0 27 Cemento Interoceánico, S.A. Cement Panama 25.0 0 8 Other companies 0 0 0 81 83 $ 481 484 Out of which: Book value at acquisition date $ 331 368 Changes in stockholders’ equity $ 150 116 On November 15, 2019, through its subsidiary Balboa Investments B.V., CEMEX sold its 25% equity interest in Cemento Interoceánico, S.A. (“Cemento Interoceánico”), customer, cement producer and competitor of the Company in Panama, to an international cement group (the “Purchaser”) for a (“earn-out”) On March 29, 2019, as part of the sale of the Baltic and Nordic assets to the German building materials group Schwenk described in note 4.2, CEMEX sold its 37.8% equity interest in Akmenes Cementas AB. During 2018, a subsidiary of CEMEX in the United States invested a total of $36 and increased the Company’s ownership over the Lehigh White Cement Company investee from 24.5% to 36.8%. This deal also included an agreement in which the Company contributed all of its rights, title and interest in the white cement business in Florida to the investee and entered into an agreement in which a Company’s terminal receives and packs white cement for Lehigh White Cement Company to sell and distribute in the Florida market. During January and September 2017, by means of a public offering in the BMV and a definitive sale to two financial institutions, respectively, the Company sold 76.5 million shares of Grupo Cementos de Chihuahua, S.A.B. de C.V. (“GCC”), 23% equity interest that was held within investments in associates. CEMEX received combined proceeds of $377 and generated a combined gain on sale in 2017 of $187 as part of “Financial income and other items, net” in the income statement. CEMEX continues to have a 20% indirect interest in GCC through Camcem, S.A. de C.V., GCC’s parent company. As mentioned in note 4.1, on February 1, 2017, CEMEX assumed control of its former associate TCL, which was accounted until such date for under the equity method. The purchase of TCL represented a step acquisition. As a result, the remeasurement of CEMEX’s previously held ownership interest in TCL of 39.5% generated a gain of $32 in 2017 as part of “Financial income and other items, net.” Combined condensed statement of financial position information of CEMEX’s associates as of December 31, 2019 and 2018 is set forth below: 2019 2018 Current assets $ 982 849 Non-current 1,757 1,674 Total assets 2,739 2,523 Current liabilities 326 289 Non-current 898 879 Total liabilities 1,224 1,168 Total net assets $ 1,515 1,355 Combined selected information of the statements of operations of CEMEX’s associates in 2019, 2018 and 2017 is set forth below: 2019 2018 2017 Sales $ 1,600 1,449 1,433 Operating earnings 237 224 227 Income before income tax 158 110 125 Net income 118 86 97 The share of equity accounted investees by reportable segment in the income statements for 2019, 2018 and 2017 is detailed as follows: 2019 2018 2017 Mexico $ 23 13 15 United States 18 15 14 Europe 10 7 6 Corporate and others (2 ) (1 ) (2 ) $ 49 34 33 13.2) OTHER INVESTMENTS AND NON-CURRENT As of December 31, 2019 and 2018, consolidated other investments and non-current 2019 2018 Non-current 1 $ 197 220 Investments at fair value through the income statement 2 34 22 Non-current 2 15 Investments in strategic equity securities 3 3 11 $ 236 268 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $32 in 2019 and $65 in 2018, b) advances to suppliers of fixed assets of $32 in 2019 and $45 in 2018, c) employee prepaid compensation of $7 in 2019 and $6 in 2018, d) refundable taxes of $10 in 2019 and $13 in 2018 ; 2 Refers to investments in private funds and investments related to employee’ savings funds. In 2019 and 2018, no contributions were made to such private funds. 3 This line item refers mainly to a strategic investment in CPOs of Axtel, S.A.B. de C.V. (“Axtel”). This investment is recognized at fair value through other comprehensive income. |
Property, Machinery and Equipme
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 12 Months Ended |
Dec. 31, 2019 | |
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Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 14) PROPERTY, MACHINERY AND EQUIPMENT, NET AND ASSETS FOR THE RIGHT-OF-USE, As of December 31, 2019 and 2018, consolidated property, machinery and equipment, net and assets for the right-of-use, 2019 2018 Property, machinery and equipment, net $ 10,565 11,232 Assets for the right-of-use, 1 1,285 1,222 $ 11,850 12,454 1 CEMEX adopted IFRS 16 using the full retrospective approach as of January 1, 2017. The figures as of December 31, 2018 previously reported were re-presented. 14.1) PROPERTY, MACHINERY AND EQUIPMENT, NET As of December 31, 2019 and 2018, consolidated property, machinery and equipment, net and the changes in this line item during 2019, 2018 and 2017, were as follows: 2019 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,789 2,633 12,185 1,035 20,642 Accumulated depreciation and depletion (958 ) (1,371 ) (7,081 ) — (9,410 ) Net book value at beginning of period 3,831 1,262 5,104 1,035 11,232 Capital expenditures 46 28 663 — 737 Stripping costs 22 — — — 22 Total capital expenditures 68 28 663 — 759 Disposals 3 (38 ) (8 ) (50 ) — (96 ) Reclassifications 4 (163 ) (23 ) (203 ) (13 ) (402 ) Depreciation and depletion for the period (121 ) (61 ) (451 ) — (633 ) Impairment losses (18 ) (17 ) (29 ) — (64 ) Foreign currency translation effects 79 (133 ) (364 ) 187 (231 ) Cost at end of period 4,606 2,374 11,519 1,209 19,708 Accumulated depreciation and depletion (968 ) (1,326 ) (6,849 ) – (9,143 ) Net book value at end of period $ 3,638 1,048 4,670 1,209 10,565 2018 1 Land and Building Machinery Construction 2 Total 2017 1, 2 Cost at beginning of period $ 4,830 2,665 12,168 990 20,653 19,053 Accumulated depreciation and depletion (857 ) (1,308 ) (6,900 ) — (9,065 ) (8,023 ) Net book value at beginning of period 3,973 1,357 5,268 990 11,588 11,030 Capital expenditures 26 29 575 — 630 615 Stripping costs 38 — — — 38 41 Total capital 64 29 575 — 668 656 Disposals 3 (13 ) (6 ) (30 ) — (49 ) (94 ) Reclassifications 4 (18 ) (2 ) (4 ) 30 6 (83 ) Business combinations 4 — 2 — 6 331 Depreciation and depletion for the period (184 ) (102 ) (371 ) — (657 ) (679 ) Impairment losses (6 ) (2 ) (15 ) — (23 ) (51 ) Foreign currency translation effects 11 (12 ) (321 ) 15 (307 ) 478 Cost at end of period 4,789 2,633 12,185 1,035 20,642 20,653 Accumulated depreciation and depletion (958 ) (1,371 ) (7,081 ) — (9,410 ) (9,065 ) Net book value at end of period $ 3,831 1,262 5,104 1,035 11,232 11,588 1 CEMEX adopted IFRS 16 using the full retrospective approach as of January 1, 2017. The figures as of December 31, 2018 and 2017 previously reported were re-presented. 2 In 2017, CEMEX Colombia significantly concluded the construction of a cement plant in the municipality of Maceo in the Antioquia department in Colombia with an annual capacity of approximately 1.1 million tons. The plant has not initiated commercial operations. As of the reporting date, the works related to the access road to the plant remain suspended and the beginning of commercial operations is subject to the successful conclusion of several ongoing processes for the proper operation of the assets and other legal proceedings (note 24.3). As of December 31, 2019, the carrying amount of the plant, net of impairment adjustments of certain advances recognized in 2016 of $23, is for an amount in Colombian pesos equivalent to $278. 3 In 2019, includes sales of non-strategic the non-strategic non-strategic 4 In 2019, refers to the reclassification of the assets in the United States, United Kingdom and Spain for $134, $182 and $86, respectively. In 2018, refers mainly to the reclassification of the assets in Spain (note 12.1) for $30. In 2017, refers to the construction materials’ business in the Pacific Northwest of the United States for $83 (note 4.2). As a result of impairment tests conducted on several CGUs considering certain triggering events, mainly: a) the closing and/or reduction of operations of cement and ready-mix During the years ended December 31, 2019, 2018 and 2017 impairment losses of fixed assets by country are as follows: 2019 2018 2017 Puerto Rico $ 52 — — United States 6 13 8 Colombia 3 2 — France 1 — 3 Poland — 5 — Spain — 2 24 Mexico — 1 2 Czech Republic — — 8 Panama — — 3 Others 2 — 1 $ 64 23 49 14.2) ASSETS FOR THE RIGHT-OF-USE, As of December 31, 2019 and 2018, consolidated assets for the right-of-use, 2019 Land Buildings Machinery and equipment Others Total Assets for the right-of-use $ 384 393 1,289 7 2,073 Accumulated depreciation (83 ) (265 ) (499 ) (4 ) (851 ) Net book value at beginning of period 301 128 790 3 1,222 Additions of new leasses 25 52 193 4 274 Cancellations and remeasurements (6 ) (6 ) (40 ) — (52 ) Reclassifications (5 ) 65 (25 ) — 35 Depreciation (29 ) (39 ) (219 ) (1 ) (288 ) Foreign currency translation effects (37 ) 38 93 — 94 Assets for the right-of-use 366 471 1,417 11 2,265 Accumulated depreciation (117 ) (233 ) (625 ) (5 ) (980 ) Net book value at end of period $ 249 238 792 6 1,285 2018 Land Buildings Machinery and equipment Others Total 2017 Assets for the right-of-use $ 373 393 1,109 6 1,881 1,487 Accumulated depreciation (72 ) (242 ) (371 ) (3 ) (688 ) (448 ) Net book value at beginning of period 301 151 738 3 1,193 1,039 Additions of new leasses 19 19 257 1 296 328 Cancellations and remeasurements — (1 ) (8 ) — (9 ) (1 ) Depreciation (19 ) (32 ) (167 ) (1 ) (219 ) (176 ) Foreign currency translation effects — (9 ) (30 ) — (39 ) 3 Assets for the right-of-use 384 393 1,289 7 2,073 1,881 Accumulated depreciation (83 ) (265 ) (499 ) (4 ) (851 ) (688 ) Net book value at end of period $ 301 128 790 3 1,222 1,193 For the years ended December 31, 2019, 2018 and 2017, the combined rental expense related with short-term leases, leases of low-value sub-leasing |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
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Goodwill and Intangible Assets, Net | 15) GOODWILL AND INTANGIBLE ASSETS, NET 15.1) BALANCES AND CHANGES DURING THE PERIOD As of December 31, 2019 and 2018, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2019 2018 Cost Accumulated amortization Carrying Amount Cost Accumulated amortization Carrying Amount Intangible assets of indefinite useful life: Goodwill $ 9,562 — 9,562 $ 9,912 — 9,912 Intangible assets of definite useful life: Extraction rights 1,985 (395 ) 1,590 1,979 (357 ) 1,622 Industrial property and trademarks 42 (18 ) 24 44 (20 ) 24 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 48 (5 ) 43 42 (5 ) 37 Others intangible assets 1,014 (643 ) 371 917 (576 ) 341 $ 12,847 (1,257 ) 11,590 $ 13,090 (1,154 ) 11,936 Changes in consolidated goodwill in 2019, 2018 and 2017, were as follows: 2019 2018 2017 Balance at beginning of period $ 9,912 9,948 9,957 Business combinations — 16 100 Reclassification to assets held for sale (notes 4.2, 4.3 and 12) (371 ) (22 ) 92 Impairment losses — — 98 Foreign currency translation effects 21 (30 ) (299 ) Balance at end of period $ 9,562 9,912 9,948 Intangible assets of definite life Changes in intangible assets of definite life in 2019, 2018 and 2017, were as follows: 2019 Extraction rights Industrial property and trademarks Mining projects Others 1 Total Balance at beginning of period $ 1,622 24 37 341 2,024 Additions (disposals), net 1 (26 ) (6 ) 5 108 81 Reclassifications (notes 4.1, 4.2 and 12) — — — (2 ) (2 ) Amortization for the period (8 ) (1 ) (1 ) (114 ) (124 ) Foreign currency translation effects 2 7 2 38 49 Balance at the end of period $ 1,590 24 43 371 2,028 2018 Extraction rights Industrial property and trademarks Mining projects Others 1 Total 2017 Balance at beginning of period $ 1,686 29 36 255 2,006 1,989 Additions (disposals), net 1 (11 ) (2 ) 6 164 157 66 Business combinations (note 4.1) — — — — — 4 Reclassifications (notes 4.1, 4.2 and 12) (11 ) — — — (11 ) — Amortization for the period (32 ) (5 ) (1 ) (68 ) (106 ) (108 ) Impairment losses (9 ) — — — (9 ) 1 Foreign currency translation effects (1 ) 2 (4 ) (10 ) (13 ) 54 Balance at the end of period $ 1,622 24 37 341 2,024 2,006 1 As of December 31, 2019 and 2018, “Others” includes the carrying amount of internal-use internal-use 15.2) ANALYSIS OF GOODWILL IMPAIRMENT For purposes of goodwill impairment tests, all cash-generating units within a country are aggregated, as goodwill is allocated at that level. Considering materiality for disclosure purposes, certain balances of goodwill were presented for Rest of SCA&C, but this does not represent that goodwill was tested at a higher level than for operations in an individual country. During the last quarter of each year, CEMEX performs its annual goodwill impairment test. During 2019 and 2018, CEMEX did not determine impairment losses of goodwill. Based on these analyses, during 2017, in connection with the operating segment in Spain, considering the uncertainty over the improvement indicators affecting the country’s construction industry and consequently, in the expected consumption of cement, ready-mix As of December 31, 2019 and 2018, goodwill balances allocated by operating segment were as follows: 2019 2018 Mexico $ 384 375 United States 7,469 7,760 Europe Spain 494 523 United Kingdom 279 324 France 221 211 Czech Republic 30 30 SCA&C Colombia 296 299 Caribbean TCL 100 104 Rest of SCA&C 1 62 62 AMEA Philippines 92 89 United Arab Emirates 96 96 Egypt 12 12 Others Other reporting segments 2 27 27 $ 9,562 9,912 1 This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. 2 This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. CEMEX’s pre-tax Discount rates Growth rates Groups of CGUs 2019 2018 2017 2019 2018 2017 United States 7.8% 8.5% 8.8% 2.5% 2.5% 2.5% Spain 8.3% 8.8% 9.5% 1.6% 1.7% 1.7% Mexico 9.0% 9.4% 10.2% 2.4% 3.0% 2.7% Colombia 8.9% 9.5% 10.5% 3.7% 3.6% 3.7% France 8.0% 8.4% 9.0% 1.4% 1.6% 1.8% United Arab Emirates 8.8% 11.0% 10.4% 2.5% 2.9% 3.1% United Kingdom 8.0% 8.4% 9.0% 1.5% 1.6% 1.7% Range of rates in other countries 8.1% - 11.5% 8.5% - 13.3% 9.1% - 11.8% 1.6% - 6.5% 2.3% - 6.9% 2.3% - 6.8% The discount rates used by CEMEX in its cash flows projections to determine the value in use of its operating segments generally decreased in 2019 as compared to 2018 in a range of 0.6% up to 2.6%, mainly as a result of a decrease in 2019 in the funding cost observed in the industry that changed from 7.3% in 2018 to 5.4% in 2019. The risk-free rate associated to CEMEX remained significantly flat in the level of 2.9%, while the country risk-specific rates decreased slightly in 2019 in most cases. These reductions were partially offset by a slight increase in the public comparable companies’ stock volatility (beta) that changed from 1.06 in 2018 to 1.08 in 2019 and the decrease in the weighing of debt in the calculation of the discount rates that changed from 33.5% in 2018 to 31.7% in 2019. In 2018, such discount rates decreased slightly in most cases in a range of 0.3% up to 1 percentage point, except for United Arab Emirates and the Caribbean, as compared to 2017. This reduction was mainly attributable to a decrease in the public comparable companies’ stock volatility (beta) and general decreases in the country specific sovereign yields in the majority of the countries where CEMEX operates and the weighing of debt in the calculation, effects that were partially offset for increases during 2018 in the funding cost observed in the industry that changed from 6.1% in 2017 to 7.3% in 2018 and the risk free rate associated with CEMEX which increased from 2.8% in 2017 to 2.9% in 2018. With respect to long-term growth rates, CEMEX uses country specific rates, which are mainly obtained from economic data released by the International Monetary Fund. In connection with the assumptions included in the table above, CEMEX corroborates 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 As of December 31, 2019, 2018 and 2017, except for the operating segment in Spain in 2017, none of the other sensitivity analyses indicated a potential impairment risk in CEMEX’s operating segments. CEMEX continually monitors the evolution of the group of CGUs to which goodwill has been allocated that have presented relative goodwill impairment risk in any of the reported periods and, in the event that the relevant economic variables and the related value in use would be negatively affected, it may result in a goodwill impairment loss in the future. As of December 31, 2019 and 2018, goodwill allocated to its operating segment in the United States accounted in both years for 78%, of CEMEX’s total amount of consolidated goodwill. In connection with CEMEX’s determination of value in use relative to its groups of CGUs in the United States in the reported periods, CEMEX has considered several factors, such as the historical performance of such operating segment, including the operating results in recent years, the long-term nature of CEMEX’s investment, the signs of recovery in the construction industry over the last years, the significant economic barriers for new potential competitors considering the high investment required, and the lack of susceptibility of the industry to technology improvements or alternate construction products, among other factors. To improve its assurance, as mentioned above, CEMEX verified its conclusions using sensitivity analyses over Operating EBITDA multiples of recent sale transaction within the industry ocurred in such country, as well as macroeconomic information regarding gross domestic product and cement consumption over the projected periods issued by the International Monetary Fund and the U.S. Portland Cement Association, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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Financial Instruments | 16) FINANCIAL INSTRUMENTS 16.1) SHORT-TERM AND LONG-TERM DEBT As of December 31, 2019 and 2018, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2019 2018 Short-term Long-term Total 1, 2 Short-term Long-term Total 1, 2 Floating rate debt $ 59 2,997 3,056 $ 13 3,400 3,413 Fixed rate debt 3 6,306 6,309 32 5,866 5,898 $ 62 9,303 9,365 $ 45 9,266 9,311 Effective rate 3 Floating rate 4.3 % 4.1 % 7.8 % 3.6 % Fixed rate 5.2 % 5.5 % 4.2 % 5.6 % 2019 2018 Currency Short- term Long- term Total Effective rate 3 Short- term Long- term Total Effective rate 3 Dollars $ 25 6,144 6,169 5.2 % $ 30 5,837 5,867 5.8 % Euros 3 2,438 2,441 3.1 % 1 2,665 2,666 2.8 % Pounds 23 433 456 3.2 % 0 439 439 2.9 % Philippine pesos 3 221 224 5.2 % 3 257 260 5.4 % Other currencies 8 67 75 5.6 % 11 68 79 5.9 % $ 62 9,303 9,365 $ 45 9,266 9,311 1 As of December 31, 2019 and 2018, from total debt of $9,365 and $9,311, respectively, 84% in 2019 and 79% in 2018 was held in the Parent Company, 11% in 2019 and 15% in 2018 was in finance subsidiaries in the Netherlands and the United States, and 5% in 2019 and 6% in 2018 was in other countries. 2 As of December 31, 2019 and 2018, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $71 and $65, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the amortized cost method. 3 In 2019 and 2018, represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period. As of December 31, 2019 and 2018, CEMEX´s consolidated debt summarized by type of instrument, was as follow: 2019 Short- term Long- term 2018 Short- term Long- term Bank loans Bank loans Loans in foreign countries, 2020 to 2024 $ 1 290 Loans in foreign countries, 2019 to 2024 $ 31 328 Syndicated loans, 2021 to 2022 0 2,865 Syndicated loans, 2020 to 2022 0 3,179 1 3,155 31 3,507 Notes payable Notes payable Medium-term notes, 2023 to 2026 0 6,044 Medium-term notes, 2023 to 2026 0 5,606 Other notes payable, 2020 to 2025 6 159 Other notes payable, 2019 to 2025 7 160 6 6,203 7 5,766 Total bank loans and notes payable 7 9,358 Total bank loans and notes payable 38 9,273 Current maturities 55 (55 ) Current maturities 7 (7 ) $ 62 9,303 $ 45 9,266 As of December 31, 2019 and 2018, CEMEX’s bank loans included the balances under CEMEX’s facilities agreement entered into with 20 financial institutions on July 19, 2017, as amended and restated on April 2, 2019 and November 4, 2019, (the “2017 Credit Agreement”) as described below, for $2,897 and $3,208, respectively. The 2017 Credit Agreement is multi-currency and includes a committed revolving credit facility of $1,135 in 2019 and in 2018. Changes in consolidated debt for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Debt at beginning of year $ 9,311 9,873 11,401 Proceeds from new debt instruments 3,331 2,325 4,990 Debt repayments (3,284 ) (2,745 ) (7,046 ) Foreign currency translation and accretion effects 7 (142 ) 528 Debt at end of year $ 9,365 9,311 9,873 As of December 31, 2019 and 2018, non-current Description Date of issuance Issuer 1 Currency Principal amount Rate Maturity Date Repurchased $ Outstanding 2 $ 2019 2018 November 2029 Notes 3 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 0 1,000 $ 992 0 April 2026 Notes 16/Mar/16 CEMEX, S.A.B. de C.V. Dollar 1,000 7.75 % 16/Apr/26 0 1,000 996 996 March 2026 Notes 3 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 0 449 446 0 July 2025 Notes 02/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 0 150 154 155 March 2025 Notes 03/Mar/15 CEMEX, S.A.B. de C.V. Dollar 750 6.125 % 05/May/25 0 750 748 748 January 2025 Notes 11/Sep/14 CEMEX, S.A.B. de C.V. Dollar 1,100 5.70 % 11/Jan/25 (29 ) 1,071 1,069 1,068 December 2024 Notes 05/Dec/17 CEMEX, S.A.B. de C.V. Euro 650 2.75 % 05/Dec/24 0 729 726 742 June 2024 Notes 14/Jun/16 CEMEX Finance LLC Euro 400 4.625 % 15/Jun/24 0 449 447 456 April 2024 Notes 3 01/Apr/14 CEMEX Finance LLC Dollar 1,000 6.00 % 01/Apr/24 (360 ) 640 621 967 March 2023 Notes 3 03/Mar/15 CEMEX, S.A.B. de C.V. Euro 550 4.375 % 05/Mar/23 (629 ) 0 0 629 Other notes payable 4 5 $ 6,203 5,766 1 Unless otherwise indicated, all issuances are fully and unconditionally guaranteed by CEMEX, S.A.B. de C.V., CEMEX México, S.A. de C.V., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., New Sunward Holding B.V., CEMEX España, S.A. (“CEMEX España”), CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion , 2 Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries. 3 In December 2019, CEMEX used a portion of the proceeds of the November 2029 Notes and increased to $360 the repurchased amount of the April 2024 Notes. Moreover, in April 2019, CEMEX used the proceeds of the March 2026 Notes to repurchase in full the March 2023 Notes. The maturities of consolidated long-term debt as of December 31, 2019, were as follows: Bank loans Notes payable Total 2021 $ 672 1 673 2022 1,229 0 1,229 2023 664 1 665 2024 537 1,794 2,331 2025 and thereafter 0 4,405 4,405 $ 3,102 6,201 9,303 As of December 31, 2019, CEMEX had the following lines of credit, of which, the only commited portion referes to the revolving credit facility under the 2017 Credit Agreement, at annual interest rates ranging between 0.75% and 8.50%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries $ 385 286 Other lines of credit from banks 683 635 Revolving credit facility 2017 Credit Agreement 1,135 1,135 $ 2,203 2,056 As a result of debt issuances, exchange offers and tender offers incurred to refinance, replace and/or repurchase existing debt instruments, as applicable, CEMEX paid Issuance Costs for a combined amount of $63 in 2019, $51 in 2018 and $251 in 2017. Of these incurred Issuance Costs, $24 in 2019 and $39 in 2017, corresponding to new debt instruments or the refinancing of old debt, adjusted the carrying amount of the related debt instruments and are amortized over the remaining term of each instrument, while $39 in 2019, $51 in 2018 and $212 in 2017 of such I C “Financial expense.” 2017 Credit Agreement and 2014 Credit Agreement On July 19, 2017, the Parent Company and certain subsidiaries entered into the 2017 Credit Agreement for an amount in different currencies equivalent to $4,050 at the origination date. The proceeds were used to refinance in full the $3,680 then outstanding under the former facilities agreements (the “2014 Credit Agreement”) and other debt repayments. All tranches under the 2017 Credit Agreement have substantially the same terms and share the same guarantors and collateral package as other secured debt obligations of CEMEX. All tranches under the 2017 Credit Agreement amortize in five equal semi-annual payments beginning in July 2020, except for the commitments under the revolving credit which have a five-year maturity. All tranches under the 2017 Credit Agreement have substantially the same terms, including a margin over LIBOR or EURIBOR, as applicable, of between 125 to 350 basis points, depending on the consolidated leverage ratio (as defined below in the Financial Covenants section) of CEMEX, as follows: Consolidated leverage ratio Applicable margin 1 > = 5.00x 350 bps < 5.00x > 300 bps < 4.50x > = 250 bps < 4.00x > = 212.5 bps < 3.50x > = 175 bps < 3.00x > = 150 bps < 2.50 x 125 bps 1 LIBOR and EURIBOR refer to the London Inter-Bank Offered Rate and the Euro Inter-Bank Offered Rate, respectively, variable rates used in international markets for debt denominated in U.S. dollars and Euros, respectively. As of December 31, 2019 and 2018, 3-Month 3-Month As part of the April 2, 2019 amendment process to the 2017 Credit Agreement, among other aspects, CEMEX extended $1,060 of maturities by three years and made certain adjustments to its consolidated financial leverage ratio, as described below in the financial covenants section, in connection with the implementation of IFRS 16 and the neutralization of any potential effect from such adoption. In addition, CEMEX delayed the scheduled tightening of the consolidated financial leverage ratio limit by one year. Moreover, as a result of the November 4, 2019 amendments, among other aspects, CEMEX negotiated: a) an exclusive amount of up to $500 permitted for share buy-back; non-controlling The balance of debt under the 2017 Credit Agreement and previously under the 2014 Credit Agreement, which debtor is CEMEX, S.A.B. de C.V., was originally guaranteed by CEMEX México, S.A. de C.V., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., New Sunward Holding B.V., CEMEX España, CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion (S.A.S.), CEMEX Research Group AG and CEMEX UK. In addition, the debt under these agreements (together with all other senior capital markets debt issued or guaranteed by CEMEX, and certain other preceding facilities) is also secured by a first-priority security interest in: (a) substantially all the shares of CEMEX México, S.A. de C.V., CEMEX Operaciones México, S.A. de C.V, New Sunward Holding B.V., CEMEX Trademarks Holding Ltd. and CEMEX España (the “Collateral”); and (b) all proceeds of such Collateral. CEMEX México, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V. entered into a merger agreement with CEMEX, S.A.B. de C.V. (note 27). During the years 2019, 2018 and 2017, under both the 2017 Credit Agreement and the 2014 Credit Agreement, CEMEX was required to: a) not exceed the aggregate amount allowed for capital expenditures of $1,500 per year, excluding certain capital expenditures, joint venture investments and acquisitions by CHP and its subsidiaries and CLH and its subsidiaries, which had a separate aggregate limit of $500 (or its equivalent) each; and b) not exceed the amounts allowed for permitted acquisitions and investments in joint ventures of $400 per year. Nonetheless, such limitations did not apply if capital expenditures or acquisitions did not exceed free cash flow generation or were funded with proceeds from equity issuances or asset disposals. In addition to the restrictions mentioned above, and subject in each case to the permitted negotiated amounts and other exceptions, CEMEX is also subject to a number of negative covenants that, among other things, restrict or limit its ability to incur additional obligations, change its line of business, enter into mergers and enter into speculative derivatives transactions. Certain covenants and restrictions, such as the capital expenditure restrictions and several negative covenants, including restrictions on CEMEX’s ability to declare or pay cash dividends and distributions to shareholders, among others, shall cease to apply or become less restrictive if CEMEX so elects upon CEMEX’s Leverage Ratio (as defined hereinafter) for the two most recently completed quarterly testing periods being less than or equal to 3.75 times and no default under the 2017 Credit Agreement is continuing. CEMEX cannot assure that it will be able to meet the conditions for these restrictions to cease to apply prior to the final maturity date under the 2017 Credit Agreement. In addition, the 2017 Credit Agreement, and previously the 2014 Credit Agreement, contains events of default, some of which may occur and are outside of CEMEX’s control such as expropriation, sequestration and availability of foreign exchange. As of December 31, 2019 and 2018, CEMEX was in compliance with such limitations and restrictions contained in the 2017 Credit Agreement. CEMEX cannot assure that in the future it will be able to comply with such restrictive covenants and limitations. CEMEX’s failure to comply with such covenants and limitations could result in an event of default, which could materially and adversely affect CEMEX’s business and financial condition. Financial Covenants The 2017 Credit Agreement requires CEMEX to comply with financial ratios, which mainly include: a) the consolidated ratio of debt to Operating EBITDA (the “Leverage Ratio”); and b) the consolidated ratio of Operating EBITDA to interest expense (the “Coverage Ratio”). These financial ratios are calculated using the consolidated amounts under IFRS. After the April 2, 2019 amendments, which modified the calculation of the Leverage Ratio and increased temporarily certain limits, CEMEX must comply with a Coverage Ratio and a Leverage Ratio for each period of four consecutive quarters. For the Coverage Ratio, the limit should be Period Leverage Ratio For the period ending on December 31 , 2019 up to and including the period ending on March 31 , 2021 < = 5.25 For the period ending on June 30 , 2021 up to and including the period ending on September 30 , 2021 < = 5.00 For the period ending on December 31 , 2021 up to and including the period ending on September 30 , 2022 < = 4.75 For the period ending on December 31 , 2022 up to and including the period ending on March 31 , 2023 < = 4.50 For the period ending on June 30 , 2023 and each subsequent reference period < = 4.25 Leverage Ratio: Pro forma Operating EBITDA represents, Operating EBITDA for the last twelve months as of the calculation date, after IFRS 16 effects, plus the portion of Operating EBITDA referring to such twelve-month period of any significant acquisition made in the period before its consolidation in CEMEX, minus Operating EBITDA referring to such twelve-month period of any significant disposal that had already been liquidated. Coverage R For the compliance periods ended as of December 31, 2019, 2018 and 2017, under the 2017 Credit Agreement and the 2014 Credit Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios 2019 2018 1 2017 1 Leverage ratio Limit < < = 4.75 < = 5.25 Calculation 4.17 3.84 3.85 Coverage ratio Limit > > = 2.50 > = 2.50 Calculation 3.86 4.41 3.46 1 Refers to the compliance limits and calculations that were effective according to the outstanding conditions on such dates, before the April 2, 2019 amendments, the November 4, 2019 amendments and the adoption of IFRS 16 in the financial statements. CEMEX’s ability to comply with these ratios may be affected by economic conditions and volatility in foreign exchange rates, as well as by overall conditions in the financial and capital markets. CEMEX will classify all of its outstanding debt as current debt if: 1) as of any measurement date CEMEX fails to comply with the aforementioned financial ratios; or 2) the cross default clause that is part of the 2017 Credit Agreement is triggered by the provisions contained therein; 3) as of any date prior to a subsequent measurement date CEMEX expects not to be in compliance with such financial ratios in the absence of: a) amendments and/or waivers covering the next succeeding 12 months; b) high probability that the violation will be cured during any agreed upon remediation period and be sustained for the next succeeding 12 months; and/or c) an agreement to refinance the relevant debt on a long-term basis. As a result of such classification of debt as short-term for noncompliance with the agreed upon financial ratios or, in such event, the absence of a waiver of compliance or a negotiation thereof, after certain procedures upon CEMEX’s lenders’ request, they would call for the acceleration of payments due under the 2017 Credit Agreement. That scenario would have a material adverse effect on CEMEX’s operating results, liquidity or financial position. 16.2) OTHER FINANCIAL OBLIGATIONS As of December 31, 2019 and 2018, other financial obligations in the consolidated statement of financial position were detailed as follows: 2019 2018 Short-term Long-term Total Short-term Long-term Total I. Leases $ 262 1,044 1,306 $ 237 1,078 1,315 II. Liabilities secured with accounts receivable 599 — 599 599 — 599 III. Convertible subordinated notes due 2020 520 — 520 — 514 514 IV. Mandatorily convertible securities due 2019 — — — 19 — 19 $ 1,381 1,044 2,425 $ 855 1,592 2,447 I. Leases (notes 2.1, 2.6, 7.1, 14.2 and 23.1) CEMEX has several operating and administrative assets under lease contracts (note 14.2). As mentioned in note 2.1, beginning January 1, 2019, CEMEX applied IFRS 16 using the full retrospective approach and re-presented low-value 2019 2018 2017 Lease financial liability at beginning of year $ 1,315 1,309 1,054 Additions from new leases 274 296 328 Reductions from payments (239 ) (192 ) (112 ) Cancellations and liability remeasurements (54 ) (67 ) (11 ) Foreign currency translation and accretion effects 10 (31 ) 50 Lease financial liability at end of year $ 1,306 1,315 1,309 As of December 31, 2019, the maturities of lease financial liabilities are as follows: Total 2020 $ 262 2021 221 2022 159 2023 115 2024 and thereafter 549 $ 1,306 Total cash outflows for leases in 2019, 2018 and 2017 were $316, $266 and $183, respectively. Future payments associated with these contracts are presented in note 23.1. II. Liabilities secured with accounts receivable As mentioned in note 9, the funded amounts of sale of trade accounts receivable under securitization programs and/or factoring programs with recourse, are recognized in “Other financial obligations” in the statement of financial position. III. Optional convertible subordinated notes due 2020 During 2015, the Parent Company issued $521 aggregate principal amount of 3.72% optional convertible subordinated notes due in March 2020 (the “2020 Convertible Notes”) as a result of exchanges or settlements of other convertible notes. The 2020 Convertible Notes, which are subordinated to all of CEMEX’s liabilities and commitments, are convertible into a fixed number of the Parent Company’s ADSs at any time at the holder’s election and are subject to antidilution adjustments. The value of the conversion option as of the issuance date which amounted to $12 was recognized in other equity reserves. As of December 31, 2019 and 2018, the conversion price per ADS for the 2020 Convertible Notes was $10.73 and $11.01 dollars, respectively. After antidilution adjustments, the conversion rate for the 2020 Convertible Notes as of December 31, 2019 and 2018 was 93.2334 and 90.8592 ADS per each 1 thousand dollars principal amount of such notes. IV. Mandatorily convertible securities due in 2019 In December 2009, the Parent Company exchanged debt into $315 principal amount of 10% mandatorily convertible securities denominated in pesos with maturity in November 2019. On November 28, 2019, the securities expired and were converted into 236 million CPOs at a conversion price in pesos equi v 16.3) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities The book values of cash, trade receivables, other accounts receivable, trade payables, other accounts payable and accrued expenses, as well as short-term debt, approximate their corresponding estimated fair values due to the revolving nature of these financial assets and liabilities in the short-term. The estimated fair value of CEMEX´s long-term debt is level 2 and is either based on estimated market prices for such or similar instruments, considering interest rates currently available for CEMEX to negotiate debt with the same maturities, or determined by discounting future cash flows using market-based interest rates currently available to CEMEX. The fair values determined by CEMEX for its derivative financial instruments are level 2. There is no direct measure for the risk of CEMEX or its counterparties in connection with such instruments. Therefore, the risk factors applied for CEMEX’s assets and liabilities originated by the valuation of such derivatives were extrapolated from publicly available risk discounts for other public debt instruments of CEMEX or of its counterparties. The estimated fair value of derivative instruments fluctuates over time and is determined by measuring the effect of future relevant economic variables according to the yield curves shown in the market as of the reporting date. These values should be analyzed in relation to the fair values of the underlying transactions and as part of CEMEX’s overall exposure to fluctuations in interest rates and foreign exchange rates. The notional amounts of derivative instruments do not represent amounts of cash exchanged by the parties, and consequently, there is no direct measure of CEMEX’s exposure to the use of these derivatives. The amounts exchanged are determined on the basis of the notional amounts and other terms included in the derivative instruments. As of December 31, 2019 and 2018, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2019 2018 Carrying amount Fair value Carrying amount Fair value Financial assets Derivative financial instruments (notes 13.2 and 16.4) $ 2 2 $ 15 15 Other investments and non-current 234 234 253 253 $ 236 236 $ 268 268 Financial liabilities Long-term debt (note 16.1) $ 9,303 9,711 $ 9,266 9,147 Other financial obligations (note 16.2) 1,044 1,071 1,592 1,552 Derivative financial instruments (notes 16.4 and 17) 46 46 21 21 $ 10,393 10,828 $ 10,879 10,720 As of December 31, 2019 and 2018, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 2.6): 2019 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 13.2 and 16.4) $ — 2 — 2 Investments in strategic equity securities (note 13.2) 3 — — 3 Other investments at fair value through earnings (note 13.2) — 34 — 34 $ 3 36 — 39 Liabilities measured at fair value Derivative instruments (notes 16.4 and 17) $ — 46 — 46 2018 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 13.2 and 16.4) $ — 15 — 15 Investments in strategic equity securities (note 13.2) 11 — — 11 Other investments at fair value through earnings (note 13.2) — 22 — 22 $ 11 37 — 48 Liabilities measured at fair value Derivative financial instruments (notes 16.4 and 17) $ — 21 — 21 16.4) 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 16.5), CEMEX held derivative instruments, with the objectives of, as the case may be of: a) changing the risk profile or fixed the price of fuels and electric energy; b) foreign exchange hedging; c) hedge of forecasted transactions; and d) other corporate purposes. As of December 31, 2019 and 2018, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2019 2018 Notional amount Fair value Notional amount Fair value I. Net investment hedge $ 1,154 (67 ) 1,249 2 II. Interest rate swaps 1,000 (35 ) 1,126 (8 ) III. Equity forwards on third party shares 74 1 111 2 IV. Fuel price hedging 96 1 122 (14 ) $ 2,324 (100 ) 2,608 (18 ) The caption “Financial income and other items, net” in the income statement includes gains and losses related to the recognition of changes in fair values of the derivative financial instruments during the applicable period, which represented net losses of $1 in 2019, net gains of $39 in 2018 and net gains of $9 in 2017. I. Net investment hedge As of December 31, 2019 and 2018, there are Dollar / Mexican peso foreign exchange forward contracts under a program that started at around $1,250, which notional can be adjusted in relation to hedged risks, with monthly revolving settlement dates from 1 to 24 months. The average life of these contracts is approximately one year. For accounting purposes under IFRS, CEMEX has designated this program as a hedge of CEMEX’s net investment in Mexican pesos, pursuant to which changes in fair market value of these instruments are recognized as part of other comprehensive income in equity. For the years 2019, 2018 and 2017, these contracts generated losses of $126, $59 and gains of $6, respectively, which partially offset currency translation results in each year recognized in equity generated from CEMEX’s net assets denominated in Mexican pesos due to the appreciation of the peso in 2019 and 2018 and the depreciation of the peso in 2017. II. Interest rate swap contracts As of December 31, 2019 and 2018, CEMEX held interest rate swaps for a notional amount of $1,000 the fair value of which represented a liability of $35 and $19, respectively, negotiated in June 2018 to fix interest payments of existing bank loans bearing floating rates. The contracts mature in June 2023. For accounting purposes under IFRS, CEMEX designated these contracts as cash flow hedges, pursuant to which, changes in fair value are initially recognized as part of other comprehensive income in equity and are subsequently allocated through financial expense as interest expense on the related bank loans is accrued. For the years ended in 2019 and 2018, changes in fair value of these contracts generated losses of $26 and $19, respectively, recognized in other comprehensive income. As of December 31, 2018, CEMEX had an interest rate swap maturing in September 2022 associated with an agreement entered by CEMEX for the acquisition of electric energy in Mexico, the fair value of which represented assets of $11. Pursuant to this instrument, during the tenure of the swap and based on its notional amount, CEMEX receives fixed rate of 5.4% and pays LIBOR. Changes in the fair value of this interest rate swap generated losses of $6 in 2018 and $6 in 2017, recognized in the income statement for each period. During 2019, CEMEX unwound and settled its interest rate swap. III. Equity forwards on third party shares As of December 31, 2019 and 2018, CEMEX maintained equity forward contracts with cash settlement in March 2021 and March 2020, respectively, over the price of 13.9 million shares of GCC in 2019 and 20.9 million in 2018, in connection with the sale of CEMEX’s remaining GCC shares in September 2017 (note 13.1). During 2019 and 2018, CEMEX early settled a portion of these contracts for 6.9 and 10.6 million shares, respectively. Changes in the fair value of these instruments and early settlement effects generated gains of $2 in 2019, gains of $26 in 2018 and losses of $24 in 2017 recognized within “Financial income and other items, net” in the income statement. IV. Fuel price hedging As of December 31, 2019 and 2018, CEMEX maintained forward and option contracts negotiated to hedge the price of certain fuels, including diesel, and gas, as solid fuel, in several operations for aggregate notional amounts of $96 and $122, respectively, with an estimated aggregate fair value representing assets of $1 in 2019 and liabilities of $14 in 2018. By means of these contracts, for its own consumption only, CEMEX fixed the price of these fuels over certain volumes representing a portion of the estimated consumption of such fuels in several operations. These contracts have been designated as cash flow hedges of diesel, gas or coal 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 2019, 2018 and 2017, changes in fair value of these contracts recognized in other comprehensive income represented gains of $15, losses of $35 and gains of $4, respectively. 16.5) RISK MANAGEMENT Enterprise risks may arise from any of the following situations: i) the potential change in the value of assets owned or reasonably anticipated to be owned, ii) the potential change in value of liabilities incurred or reasonably anticipated to be incurred, iii) the potential change in value of services provided, purchase or reasonably anticipated to be provided or purchased in the ordinary course of business, iv) the potential change in the value of assets, services, inputs, products or commodities owned, produced, manufactured, processed, merchandised, leased or sell or reasonably anticipated to be owned, produced, manufactured, processed, merchandising, leasing or selling in the ordinary course of business, or v) any potential change in the value arising from interest rate or foreign exchange rate exposures arising from current or anticipated assets or liabilities. In the ordinary course of business, CEMEX is exposed to commodities risk, including the exposure from inputs such as fuel, coal, petcoke, fly-ash, As of December 31, 2019 and 2018, these strategies are sometimes complemented with the use of derivative financial instruments as mentioned in note 16.4, 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, 2019 and 2018, the maximum exposure to credit risk is represented by the balance of financial assets. Management has developed policies for the authorization of credit to customers. Exposure to credit risk is monitored constantly according to the payment behavior of debtors. Credit is assigned on a customer-by-customer The Company’s management has established a policy of low risk tolerance which analyzes the creditworthiness of each new client individually before offering the general conditions of payment terms and delivery. The 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 that 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, 2019, considering CEMEX’s best estimate of potential expected losses based on the ECL model developed by CEMEX (note 9), the allowance for expected credit losses was $116. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument 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. All of CEMEX’s fixed-rate long-term debt is carried at amortized cost and therefore is not subject to interest rate risk. CEMEX’s accounting 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. Nonetheless, it is not economically efficient to concentrate on fixed rates at a high point when the interest rates market expects a downward trend. That is, 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 variable rates while attempting to reduce its interest costs. In addition, when the interest rate of a debt instrument has turned relatively high as compared to current market rates, CEMEX intends to renegotiate the conditions or repurchase the debt, to the extent the net present value of the expected future benefits from the interest rate reduction would exceed the cost and commissions that would have to be paid in such renegotiation or repurchase of debt. As of December 31, 2019 and 2018, 22% and 37%, respectively, of CEMEX’s long-term debt was denominated in floating rates at a weighted-average interest rate of LIBOR plus 285 basis points in 2019 and 241 basis points in 2018. As of December 31, 2019 and 2018, if interest rates at that date had been 0.5% higher, with all other variables held constant, CEMEX’s net income for 2019 and 2018 would have reduced by $19 and $19, respectively, as a result of higher interest expense on variable rate denominated debt. This analysis does not include the effect of interest rate swaps held by CEMEX during 2019 and 2018. Foreign currency risk Forei |
Other Current and Non-current L
Other Current and Non-current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Current and Non-current Liabilities | 17) OTHER CURRENT AND NON-CURRENT 17.1) OTHER CURRENT LIABILITIES As of December 31, 2019 and 2018, consolidated other current liabilities were as follows: 2019 2018 Provisions 1 $ 558 536 Interest payable 88 94 Other accounts payable and accrued expenses 2 313 266 Contract liabilities with customers (note 3) 3 225 234 $ 1,184 1,130 1 Current provisions primarily consist of accrued employee benefits, insurance payments, accruals for legal assessments and others. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. 2 As of December 31, 2019 and 2018, includes $22 and $30, respectively, of the current portion of other taxes payable in Mexico. 3 As of December 31, 2019 and 2018, contract liabilities with customers included $184 and $195, respectively, of advances received from customers, as well as in 2019 the current portion of deferred revenues in connection with commercial agreements of Cemento Bayano, S.A. (“Cemento Bayano”) of $4 as described below. 17.2) OTHER NON-CURRENT As of December 31, 2019 and 2018, consolidated other non-current 2019 2018 Asset retirement obligations 1 $ 497 408 Accruals for legal assessments and other responsibilities 2 30 45 Non-current 46 21 Environmental liabilities 3 29 29 Other non-current 4 , 323 257 $ 925 760 1 Provisions for asset retirement include future estimated costs for demolition, cleaning and reforestation of production sites at the end of their operation, which are initially recognized against the related assets and are depreciated over their estimated useful life. 2 Provisions for legal claims and other responsibilities include items related to tax contingencies. 3 Environmental liabilities include future estimated costs arising from legal or constructive obligations, related to cleaning, reforestation and other remedial actions to remediate damage caused to the environment. The expected average period to settle these obligations is greater than 15 years. 4 As of December 31, 2019 and 2018, includes $31 and $50, respectively, of the non-current 5 As of December 31, 2019, in connection with the sale of CEMEX’s non-controlling 10-year Changes in consolidated other current and non-current 2019 Asset Environmental Accruals for legal Valuation of derivative Other liabilities and provisions Total 2018 Balance at beginning of period $ 408 29 45 35 818 1,335 1,452 Additions or increase in estimates 141 1 18 26 1,455 1,641 1,382 Releases or decrease in estimates (47 ) 1 (34 ) — (1,447 ) (1,527 ) (1,454 ) Reclassifications 43 — — — 19 62 (20 ) Accretion expense (12 ) — — — (47 ) (59 ) (59 ) Foreign currency translation (36 ) (2 ) 1 41 68 72 34 Balance at end of period $ 497 29 30 102 866 1,524 1,335 Out of which: Current provisions $ — — — 56 543 599 536 |
Pensions and Post-Employment Be
Pensions and Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Pensions and Post-Employment Benefits | 18) PENSIONS AND POST-EMPLOYMENT BENEFITS Defined contribution pension plans The consolidated costs of defined contribution plans for the years ended December 31, 2019, 2018 and 2017 were $50, $45 and $49, 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-retirement 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, 2019, 2018 and 2017, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2019 2018 2017 2019 2018 2017 2019 2018 2017 Recorded in operating costs and expenses Service cost $ 10 10 12 2 3 2 12 13 14 Past service cost 1 9 (3 ) — — — 1 9 (3 ) Settlements and curtailments (3 ) — — — — — (3 ) — — 8 19 9 2 3 2 10 22 11 Recorded in other financial expenses Net interest cost 34 35 37 5 5 4 39 40 41 Recorded in other comprehensive income Actuarial (gains) losses for the period 203 (176 ) 1 7 — (1 ) 210 (176 ) — $ 245 (122 ) 47 14 8 5 259 (114 ) 52 As of December 31, 2019 and 2018, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2019 2018 2019 2018 2019 2018 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,375 2,794 79 73 2,454 2,867 Service cost 10 10 2 3 12 13 Interest cost 78 83 5 5 83 88 Actuarial (gains) losses 268 (265 ) 7 — 275 (265 ) Additions through business combinations — — — 6 — 6 Settlements and curtailments (3 ) — — — (3 ) — Reduction from disposal of assets (2 ) — — — (2 ) — Plan amendments 1 9 — — 1 9 Benefits paid (141 ) (146 ) (7 ) (5 ) (148 ) (151 ) Foreign currency translation 65 (110 ) 1 (3 ) 66 (113 ) Projected benefit obligation at end of the period 2,651 2,375 87 79 2,738 2,454 Change in plan assets: Fair value of plan assets at beginning of the period 1,486 1,662 1 1 1,487 1,663 Return on plan assets 44 48 — — 44 48 Actuarial gains ( ) 65 (89 ) — — 65 (89 ) Employer contributions 103 81 7 5 110 86 Reduction for disposal of assets (1 ) — — — (1 ) — Benefits paid (141 ) (146 ) (7 ) (5 ) (148 ) (151 ) Foreign currency translation 43 (70 ) — — 43 (70 ) Fair value of plan assets at end of the period 1,599 1,486 1 1 1,600 1,487 Net projected liability in the statement of financial position $ 1,052 889 86 78 1,138 967 For the years 2019, 2018 and 2017, actuarial (gains) losses for the period were generated by the following main factors as follows: 2019 2018 2017 Actuarial (gains) losses due to experience $ 5 (58 ) 6 Actuarial (gains) losses due to demographic assumptions (11 ) (57 ) (2 ) Actuarial (gains) losses due financial assumptions 216 (61 ) (4 ) $ 210 (176 ) — In 2019, net actuarial losses due to financial assumptions were mainly driven by a general decrease in the discount rates applicable to the calculation of the benefits’ obligations mainly in the United Kingdom, the United States, Germany and Mexico, as market interest rates decrease globally in 2019 as compared to 2018, partially offset by actual returns in plan assets higher than estimated in the United Kingdom and the United States. In 2018, net actuarial gains due to financial assumptions were mainly generated by a general increase in the discounts rates applied for the calculation of the pension benefit obligations in the United Kingdom, Germany, United States and Mexico, among others, resulting from the increase in market interest rates after several years in which such rates reached historically low levels. As of December 31, 2019 and 2018, based on the hierarchy of fair values, plan assets are detailed as follows: 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 45 16 — 61 $ 36 — — 36 Investments in corporate bonds 4 396 — 400 7 342 — 349 Investments in government bonds 90 450 — 540 84 345 — 429 Total fixed-income securities 139 862 — 1,001 127 687 — 814 Investment in marketable securities 223 157 — 380 259 79 — 338 Other investments and private funds 46 85 88 219 50 212 73 335 Total variable-income securities 269 242 88 599 309 291 73 673 Total plan assets $ 408 1,104 88 1,600 $ 436 978 73 1,487 The most significant assumptions used in the determination of the benefit obligation were as follows: 2019 2018 United United Range of rates in United United Rates ranges in Mexico States Kingdom other countries Mexico States Kingdom other countries Discount rates 8.75% 3.6% 2.1% 0.4% – 8.8% 10.8% 4.5% 2.9% 1.3% – 7.5% Rate of return on plan assets 8.75% 3.6% 2.1% 0.4% – 8.8% 10.8% 4.5% 2.9% 1.3% – 7.5% Rate of salary increases 4.0% — 3.0% 2.3% – 6.8% 4.0% — 3.3% 2.3% – 6.0% As of December 31, 2019, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: 2019 2020 1 $ 156 2021 140 2022 142 2023 144 2024 – 2029 852 1 The amount of estimated payments during the year 2020 includes the expected funding to the Company’s plan assets. As of December 31, 2019 and 2018, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2019 2018 PBO Assets Deficit PBO Assets Deficit Mexico $ 203 24 179 $ 168 30 138 United States 297 219 78 286 174 112 United Kingdom 1 1,681 1,128 553 1,464 1,057 407 Germany 204 9 195 202 10 192 Other countries 353 220 133 334 216 118 $ 2,738 1,600 1,138 $ 2,454 1,487 967 1 Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund receives annual dividends of $20, increasing at a 5% rate per year, from a limited partnership (the “Partnership”), whose assets transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. In some countries, CEMEX has established health care benefits for retired personnel limited to a certain number of years after retirement. As of December 31, 2019 and 2018, the projected benefits obligation related to these benefits was $62 and $58, respectively, included within other benefits liability. The medical inflation rates used to determine the projected benefits obligation of these benefits in 2019 and 2018 for Mexico were 8.0% and 7.0%, respectively, for Puerto Rico 6.3% and 6.2%, respectively, and for the United Kingdom were 6.5% and 6.8%, respectively. In connection with the acquisition of TCL (note 4.1), CEMEX integrated TCL’s consolidated health care benefits into its operations. For 2019 and 2018, the medical inflation rate used to determine the projected benefits obligation was 8.0% in 2019 and 5.0% in 2018. Significant events of settlements or curtailments related to employees’ pension benefits and other post-employment benefits during the reported periods During 2019, CEMEX in France closed two legal entities resulting in a curtailment gain of $3, which were recognized in the income statement for the period. There were no significant events during 2018. During 2017, CEMEX in Spain removed certain increases in pension benefits which resulted in an adjustment to past service cost generating gains of $5 in 2017, recognized in the income statement for the year. In addition, due to the acquisition of TCL (note 4.1), CEMEX integrated TCL’s consolidated pensions plans, which were fully funded, as well as TCL’s consolidated health care benefits which represented an increase in the net projected liability of $6 in 2018 upon conclusion of the purchase price allocation. Sensitivity analysis of pension and other post-employment benefits For the year ended December 31, 2019, CEMEX performed sensitivity analyses on the most significant assumptions that affect the PBO, considering reasonable independent changes of plus or minus 50 basis points in each of these assumptions. The increase (decrease) that would have resulted in the PBO of pensions and other post-employment benefits as of December 31, 2019 are shown below: Pensions Other benefits Total +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Assumptions: Discount Rate Sensitivity $ (175 ) 196 (4 ) 5 (179 ) 201 Salary Increase Rate Sensitivity 8 (7 ) — — 8 (7 ) Pension Increase Rate Sensitivity 126 (105 ) — — 126 (105 ) Multiemployer defined benefit pension plans In addition to the Company’s sponsored plans, certain union employees in the United States and the United Kingdom are covered under multiemployer defined benefit plans administered by their unions. The Company’s funding arrangements, rate of contributions and funding requirements were made in accordance with the contractual multiemployer agreements. The combined amounts contributed to the multiemployer plans were $18 in 2019, $17 in 2018 and $17 in 2017. The Company expects to contribute approximately $19 to the multiemployer plans in 2020. In addition to the funding described in the preceding paragraph, CEMEX negotiated with a union managing a multiemployer plan in the United States the change of the plan from defined benefit to defined contribution beginning on September 29, 2019. This change generated a one-time |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income Taxes | 19) INCOME TAXES 19.1) INCOME TAXES FOR THE PERIOD The amounts of income tax expense in the statements of operations for 2019, 2018 and 2017 are summarized as follows: 2019 2018 2017 Current income tax expense $ 143 99 184 Deferred income tax expense (revenue) 19 125 (168 ) $ 162 224 16 19.2) DEFERRED INCOME TAXES As of December 31, 2019 and 2018, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2019 2018 Deferred tax assets: Tax loss carryforwards and other tax credits $ 757 702 Accounts payable and accrued expenses 458 338 Intangible assets, net 57 142 Total deferred tax assets, gross 1,272 1,182 Presentation offset regarding same legal entity (645 ) (564 ) 627 618 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,323 ) (1,283 ) Investments and other assets (42 ) (29 ) Total deferred tax liabilities, gross (1,365 ) (1,312 ) Presentation offset regarding same legal entity 645 564 Total deferred tax liabilities, net in the statement of financial position (720 ) (748 ) Net deferred tax liabilities $ (93 ) (130 ) Out of which: Net deferred tax liability in Mexican entities 1 $ (157 ) (205 ) Net deferred tax asset in Foreign entities 2 64 75 Net deferred tax liability $ (93 ) (130 ) 1 Net deferred tax liabilities in Mexico mainly refer to a temporary difference resulting when comparing at the reporting date the carrying amount of property, machinery and equipment, as per IFRS, and their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2019 and 2018 are mainly related to tax loss carryforwards recognized in prior years, mainly in the United States, that are expected to be recovered in the future against taxable income. As of December 31, 2019 and 2018, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2019 2018 Asset Liability Net Asset Liability Net Mexican entities $ 189 (346 ) (157 ) $ 174 (379 ) (205 ) Foreign entities 438 (374 ) 64 444 (369 ) 75 $ 627 (720 ) (93 ) $ 618 (748 ) (130 ) The breakdown of changes in consolidated deferred income taxes during 2019, 2018 and 2017 was as follows: 2019 2018 2017 Deferred income tax expense (revenue) in the income statement 1 $ 19 125 (168 ) Deferred income tax revenue in stockholders’ equity 2 (59 ) (10 ) (11 ) Reclassifications 3 3 3 5 Change in deferred income tax during the period $ (37 ) 118 (174 ) 1 In 2017, includes net income tax revenue related to the recognition of deferred income tax assets in CEMEX’s operations in the United States (note 19.4). 2 In 2018, includes a deferred income tax revenue of $8 in connection with the adoption of IFRS 9 on January 1, 2018. 3 In 2019, 2018 and 2017, 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 2019, 2018 and 2017 were as follows: 2019 2018 2017 Revenue related to foreign exchange fluctuations from intercompany balances (note 20.2) $ (19 ) (2 ) (2 ) Expense (revenue) associated to actuarial results (note 20.2) (29 ) 31 — Revenue related to derivative financial instruments (note 16.4) (34 ) (3 ) — Expense (revenue) from foreign currency translation and other effects 4 (38 ) (11 ) $ (78 ) (12 ) (13 ) As of December 31, 2019, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of recognized carryforwards 2020 $ 58 56 2 2021 202 176 26 2022 301 273 28 2023 437 432 5 2024 and thereafter 14,497 11,479 3,018 $ 15,495 12,416 3,079 As of December 31, 2019, in connection with CEMEX’s deferred tax loss carryforwards presented in the table above, in order to realize the benefits associated with such deferred tax assets that have not been reserved, before their expiration, CEMEX would need to generate $3,079 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. 19.3) RECONCILIATION OF EFFECTIVE INCOME TAX RATE For the years ended December 31, 2019, 2018 and 2017, the effective consolidated income tax rates were as follows: 2019 2018 2017 Earnings before income tax $ 253 717 661 Income tax expense (162 ) (224 ) (16 ) Effective consolidated income tax expense rate 1 64.0 % 31.2 % 2.4 % 1 The average effective tax rate equals the net amount of income tax revenue or expense divided by income or loss before income taxes, as these line items are reported in the income statement. 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 operations, which in 2019, 2018 and 2017 were as follows: 2019 2018 2017 % $ % $ % $ Mexican statutory tax rate 30.0 76 30.0 215 30.0 198 Difference between accounting and tax expenses, net 1 109.2 277 18.7 134 18.7 124 Non-taxable (13.4 ) (34 ) (4.6 ) (33 ) (15.0 ) (99 ) Difference between book and tax inflation 38.1 96 19.5 140 31.2 206 Differences in the income tax rates in the countries where CEMEX operates 2 (31.9 ) (81 ) (16.0 ) (115 ) (21.9 ) (145 ) Changes in deferred tax assets 3 (59.8 ) (151 ) (15.6 ) (112 ) (39.8 ) (263 ) Changes in provisions for uncertain tax positions (5.2 ) (13 ) (1.8 ) (13 ) 0.3 2 Others (3.0 ) (8 ) 1.0 8 (1.1 ) (7 ) Effective consolidated income tax expense rate 64.0 162 31.2 224 2.4 16 1 In 2019, includes $117 of difference between book and tax foreign exchange fluctuations of the Parent Company. 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2018 and 2017, includes the effect related to the change in statutory tax rate in Colombia and the United States, respectively (note 19.4). 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. The following table compares variations between the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2019 and 2018: 2019 2018 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ 0 84 0 139 Derecognition related to tax loss carryforwards recognized in prior years (43 ) (43 ) (92 ) (3 ) Recognition related to unrecognized tax loss carryforwards 92 92 5 5 Foreign currency translation and other effects 6 18 (29 ) (29 ) Changes in deferred tax assets $ 55 151 (116 ) 112 19.4) UNCERTAIN TAX POSITIONS AND SIGNIFICANT TAX PROCEEDINGS Uncertain tax positions As of December 31, 2019 and 2018, as part of current provisions and non-current 2019 2018 2017 Balance of tax positions at beginning of the period $ 44 80 55 Adoption effects of IFRIC 23 credited to retained earnings (note 2.1) (6 ) 0 0 Additions for tax positions of prior periods 0 1 1 Additions for tax positions of current period 4 6 35 Reductions for tax positions related to prior periods and other items (13 ) (2 ) (2 ) Settlements and reclassifications 0 (7 ) (6 ) Expiration of the statute of limitations (2 ) (32 ) (7 ) Foreign currency translation effects 1 (2 ) 4 Balance of tax positions at end of the period $ 28 44 80 During 2017, considering recoverability analyses and cash flow projections, CEMEX recognized deferred income tax assets related to its operations in the United States for $700 considering the then applicable income tax rate of 35%. However, regarding the Tax Cuts and Jobs Act (the “Act”) enacted on December 22, 2017, the U.S. statutory federal tax rate was reduced from 35% to 21%. For this reason, CEMEX reduced its net deferred tax assets by $124. The reduction in the U.S. statutory federal tax rate is expected to positively impact CEMEX’s future after-tax Tax examinations can involve complex issues, and the resolution of issues may span multiple years, particularly if subject to negotiation or litigation. Although CEMEX believes its estimates of the total unrecognized tax benefits are reasonable, uncertainties regarding the final determination of income tax audit settlements and any related litigation could affect the amount of total unrecognized tax benefits in future periods. It is difficult to estimate the timing and range of possible changes related to uncertain tax positions, as finalizing audits with the income tax authorities may involve formal administrative and legal proceedings. Accordingly, it is not possible to reasonably estimate the expected changes to the total unrecognized tax benefits over the next 12 months, although any settlements or statute of limitations expirations may result in a significant increase or decrease in the total unrecognized tax benefits, including those positions related to tax examinations being currently conducted. Significant tax proceedings As of December 31, 2019, the Company’s most significant tax proceedings are as follows: • The tax authorities in Spain have challenged part of the tax loss carryforwards reported by CEMEX España covering the tax years from and including 2006 to 2009. During 2014, the tax authorities in Spain notified CEMEX España of fines in the aggregate amount of $547. CEMEX España filed appeals against such resolution. On September 20, 2017, CEMEX España was notified about an adverse resolution to such appeals. CEMEX España challenged this decision and applied for the suspension of the payment before the National Court ( Audiencia Nacional • On April 6, 2018, CEMEX Colombia received a special proceeding from the Colombian Tax Authority (the “Tax Authority”), where certain deductions included in the 2012 income tax return were rejected. The Tax Authority assessed an increase in the income tax payable by CEMEX Colombia and imposed an inaccuracy penalty for amounts in Colombian pesos equivalent to $38 of income tax and $38 of penalty. On June 22, 2018, CEMEX Colombia filed a response to the special proceeding within the legal term. On December 28, 2018, CEMEX Colombia received an official review settlement ratifying the rejected deductible items and amounts. CEMEX Colombia filed a reconsideration request on February 21, 2019. If the proceeding would be 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, 2019, in this stage of the proceeding, CEMEX considers that an adverse resolution in this proceeding after conclusion of all available defense procedures is not probable, however, it is difficult to assess with certainty the likelihood of an adverse result in the proceeding; but if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. See note 26 for Subsequent Events in connection with this proceeding. • In September 2012, the Tax Authority requested CEMEX Colombia to amend its income tax return for the year 2011 in connection with several deductible expenses including the amortization of goodwill. CEMEX Colombia rejected the arguments of the ordinary request and filed a motion requesting the case to be closed. The 2011 income tax return was under audit of the Tax Authority from August 2013 until September 5, 2018, when CEMEX Colombia was notified of a special requirement in which the Tax Authority rejects certain deductions included in such income tax return of the year 2011 and determined an increase in the income tax payable and imposed a penalty for amounts in Colombian pesos equivalent to $26 of income tax and $26 of penalty. CEMEX Colombia filed a response to the special requirement on November 30, 2018 and the tax authority notified the official review liquidation on May 15, 2019, maintaining the claims of the special requirement; therefore, CEMEX Colombia filed an appeal within the legal term on July 11, 2019. If the proceeding would be 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, 2019, in this stage of the proceeding, CEMEX considers that an adverse resolution in this proceeding after conclusion of all available defense procedures is not probable, however, it is difficult to assess with certainty the likelihood of an adverse result in the proceeding; but if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. • In April 2011, the Tax Authority notified CEMEX Colombia of a special proceeding rejecting certain deductions taken by CEMEX Colombia in its 2009 tax return considering they are not linked to direct revenues recorded in the same fiscal year, and assessed an increase in taxes to be paid by CEMEX Colombia and imposed a penalty for amounts in Colombian pesos equivalent to $27 of income tax and $27 of penalty, considering changes in law that reduced the original penalty. After several appeals of CEMEX Colombia to the Colombian Tax Authority’s special proceeding in the applicable courts in which CEMEX Colombia obtained negative resolutions in each case over the years, in July 2014, CEMEX Colombia filed an appeal against this resolution before the Colombian State Council ( Consejo de Estado) b |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
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Stockholders' Equity | 20) STOCKHOLDERS’ EQUITY For purposes of the parent entities applying the equity method of accounting for its investments in subsidiaries under IFRS, total stockholders’ equity in the stand-alone statement of financial position is the same as total controlling interest in the consolidated statement of financial position. Nonetheless, considering that: a) CEMEX, S.A.B. de C.V.’s presentation currency continues to be the Mexican peso; and b) under IAS 21, the financial statements in the new presentation currency should be reported as if such financial statements had always been reported in the new presentation currency, which implies that certain items in stockholders’ equity including common stock, additional paid-in line-by-line line-by-line As of December 31, 2019 Consolidated Parent Company Common stock and additional paid-in 1 $ 10,424 7,836 Other equity reserves 1, 2 (2,724 ) (32 ) Retained earnings 2 1,621 1,517 Total controlling interest $ 9,321 9,321 1 The difference relates to the method of accruing dollars using the historical exchange rates to translate each common stock and additional paid-in 2 The difference relates with the method of accruing dollars using the exchange rates of each month during the period for income statement purposes. The cumulative effect from these changes in exchange rates is recognized against other equity reserves. As of December 31, 2019 and 2018, stockholders’ equity excludes investments in CPOs of the Parent Company held by subsidiaries of $8 (20,541,277 CPOs) and $10 (20,541,277 CPOs), respectively, which were eliminated within “Other equity reserves.” 20.1) COMMON STOCK AND ADDITIONAL PAID-IN As of December 31, 2019 and 2018, the breakdown of consolidated common stock and additional paid-in 2019 2018 Common stock $ 318 318 Additional paid-in 10,106 10,013 $ 10,424 10,331 As of December 31, 2019 and 2018 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2019 2018 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 30,214,262,692 15,107,131,346 30,002,628,318 15,001,314,159 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 936,375,524 468,187,762 Repurchased shares 3 315,400,000 157,700,000 307,207,506 153,603,753 Shares that guarantee/guaranteed the issuance of convertible securities 4 2,842,339,760 1,421,169,880 4,529,603,200 2,264,801,600 Shares authorized for the issuance of stock or convertible securities 5 302,144,720 151,072,360 302,144,720 151,072,360 34,555,590,002 17,277,795,001 36,077,959,268 18,038,979,634 1 As of December 31, 2019 and 2018, 13,068,000,000 shares correspond to the fixed portion, and 38,765,385,003 shares as of December 31, 2019 and 41,048,938,902 shares as of December 31, 2018, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 20.2). 4 Refers to those shares that guarantee the conversion of outstanding convertible securities, of both, voluntary in 2019 and voluntary and mandatorily in 2018 and those that are leftover from the mandatory conversion that took place in November 2019 (note 16.2). 5 Shares authorized for issuance in a public offering or private placement and/or by issuance of new convertible securities. On March 28, 2019, stockholders at the annual ordinary shareholders’ meeting approved: (i) a cash dividend of $150. The dividend was paid in two installments, the first installment, for half of the dividend was paid on June 17, 2019 at the rate of US$0.001663 per share and the second installment for the remainder of the dividend was paid on December 17, 2019 at the rate of US$0.001654 per share; (ii) the acquisition of own shares of up to $500 or its equivalent in Mexican pesos, as the maximum amount of resources that through fiscal year 2019, and until the next ordinary annual shareholder’s meeting is held, CEMEX may be used for the acquisition of its own shares or securities that represent such shares; (iii) a decrease of CEMEX’s share capital, in its variable part for the amount in pesos equivalent to par-value, On April 5, 2018, stockholders at the annual ordinary shareholders’ meeting approved: (i) a resolution to increase the variable common stock by issuing up to 750 million shares (250 million CPOs), which will be kept in the Parent Company’s treasury and used to be subscribed and paid pursuant to the terms and conditions of CEMEX’s long-term compensation stock program ; On March 30, 2017, stockholders at the annual ordinary shareholders’ meeting approved resolutions to: (i) increase the variable common stock through the capitalization of retained earnings by issuing up to 1,687 million shares (562 million CPOs), which shares were issued, representing an increase in additional paid-in In connection with the long-term executive share-based compensation programs (note 21) in 2019, 2018 and 2017, CEMEX CPOs, respectively, paid-in 20.2) OTHER EQUITY RESERVES As of December 31, 2019 and 2018 other equity reserves are summarized as follows: 2019 2018 Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 19.2 and 20.4) $ (2,098 ) (2,180 ) Cumulative actuarial losses (593 ) (383 ) Treasury shares repurchased under share repurchase program (note 20.1) (50 ) (75 ) Effects associated with the Parent Company´s convertible securities 1 25 176 Treasury shares held by subsidiaries (8 ) (10 ) $ (2,724 ) (2,472 ) 1 Represents the equity component upon the issuance of CEMEX, S.A.B. de C.V.’s convertible securities described in note 16.2, as well as the effects associated with such securities in connection with the change in the Parent Company’s functional currency (note 2.4). Upon conversion of these securities, the balances have been correspondingly reclassified to common stock and/or additional paid-in For the years ended December 31, 2019, 2018 and 2017, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2019 2018 2017 Foreign currency translation result 1 $ 88 (191 ) 328 Foreign exchange fluctuations from debt 2 19 120 (224 ) Foreign exchange fluctuations from intercompany balances 3 (47 ) (20 ) (118 ) $ 60 (91 ) (14 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 16.4). 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 2.4). 3 Refers to foreign exchange fluctuations arising from balances with related parties in foreign currencies that are of a long-term investment nature considering that their liquidation is not anticipated in the foreseeable future and foreign exchange fluctuations over a notional amount of debt of a subsidiary of CEMEX España identified and designated as a hedge of the net investment in foreign subsidiaries. 20.3) RETAINED EARNINGS The Parent Company’s net income for the year is subject to a 5% allocation toward a legal reserve until such reserve equals one fifth of the common stock. As of December 31, 2019, the legal reserve amounted to $95. 20.4) NON-CONTROLLING Non-controlling Non-controlling non-controlling non-controlling non-controlling non-controlling • In February 2017, as described in note 4.1, CEMEX acquired a controlling interest in TCL, whose shares trade in the Trinidad and Tobago Stock Exchange. As of December 31, 2019 and 2018, there is a non-controlling • In July 2016, CHP, a then indirect wholly owned subsidiary of CEMEX España, closed its initial offering of 2,337,927,954 common shares, or 45% of CHP’s common shares. Pursuant to the repurchase of CHP’s shares in the market during 2019, CEMEX’s reduced the non-controlling • In November 2012, pursuant to a public offering in Colombia and an international private placement, CLH, a direct subsidiary of CEMEX España, concluded its initial offering of common shares. CLH’s assets include substantially all of CEMEX’s assets in Colombia, Panama, Costa Rica, Guatemala, El Salvador and until September 27, 2018 the operations in Brazil (note 4.2). As of December 31, 2019 and 2018, there is a non-controlling Perpetual debentures As of December 31, 2019 and 2018, the balances of the non-controlling Coupon payments on the perpetual debentures was included within “Other equity reserves” and amounted to $29 in 2019, $29 in 2018 and $25 in 2017, excluding in all the periods the coupons accrued by perpetual debentures held by subsidiaries. CEMEX’s perpetual debentures have no fixed maturity date and there are no contractual obligations for CEMEX to exchange any series of its outstanding perpetual debentures for financial assets or financial liabilities. As a result, these debentures, issued entirely by Special Purpose Vehicles (“SPVs”), qualify as equity instruments and are classified within non-controlling As of December 31, 2019 and 2018, the detail of CEMEX’s perpetual debentures, excluding the perpetual debentures held by subsidiaries, was as follows: 2019 2018 Repurchase Issuer Issuance date Nominal amount Nominal amount option 1 Interest rate C10-EUR May 2007 € 64 € 64 Tenth anniversary EURIBOR+4.79% C8 Capital (SPV) Ltd February 2007 $ 135 $ 135 Eighth anniversary LIBOR+4.40% C5 Capital (SPV) Ltd December 2006 $ 61 $ 61 Fifth anniversary LIBOR+4.277% C10 Capital (SPV) Ltd December 2006 $ 175 $ 175 Tenth anniversary LIBOR+4.71% 1 Under the 2017 Credit Agreement, CEMEX is not permitted to call these debentures. |
Executive Share-Based Compensat
Executive Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
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Executive Share-Based Compensation | 21) EXECUTIVE SHARE-BASED COMPENSATION CEMEX has long-term restricted share-based compensation programs providing for the grant of the CEMEX’s CPOs to a group of eligible executives, pursuant to which, according to CEMEX’s election, either new CPOs are issued, or CEMEX provides funds to the administration trust owned by the executives for the purchase of a portion or all of the required CPOs in the market for delivery to such executives under each annual program over a service period of four years (the “Ordinary Program”). The Parent Company’s CPOs of the annual grant (25% of each annual ordinary program) are placed at the beginning of the service period in the executives’ accounts to comply with a one-year Beginning in 2017, with the approval of the Parent Company’s Board of Directors, for a group of key executives, the conditions of the program were modified for new awards by reducing the service period from four to three years and implementing tri-annual Beginning January 1, 2013, those eligible executives belonging to the operations of CLH and subsidiaries ceased to receive Parent Company’s CPOs and instead started receiving shares of CLH, sharing significantly the same conditions of CEMEX’s plan also over a service period of four years. During 2019, 2018 and 2017, CLH physically delivered 393,855 shares, 258,511 shares and 172,981 shares, respectively, corresponding to the vested portion of prior years’ grants, which were subscribed and held in CLH’s treasury. As of December 31, 2019, there are 1,584,822 shares of CLH associated with these annual programs that are expected to be delivered in the following years as the executives render services. In addition, beginning in 2018, those eligible executives belonging to the operations of CHP and subsidiaries ceased to receive Parent Company’s CPOs and instead started receiving shares of CHP, sharing significantly the same conditions of CEMEX’s plan. During 2019 and 2018, CHP provided funds to a broker for the purchase of 4,961,130 and 871,189 CHP’s shares in the marke t The combined compensation expense related to the programs described above as determined considering the fair value of the awards at the date of grant in 2019, 2018 and 2017, was recognized in the operating results against other equity reserves or a cash outflow, as applicable, and amounted to $32, $34 and $42, respectively, including in 2019 and 2018 the cost of CEMEX’s CPOs and the CHP’s shares, as correspond, acquired in the market on behalf of the executives. The weighted-average price per CEMEX CPO granted during the period was determined in pesos and was equivalent to $0.6263 dollars in 2019, $0.7067 dol l |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
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Earnings per Share | 22) EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income attributable to ordinary equity holders of the Parent Company (the numerator) by the weighted-average number of shares outstanding (the denominator) during the period. Shares that would be issued depending only on the passage of time should be included in the determination of the basic weighted-average number of shares outstanding. Diluted earnings per share should reflect in both the numerator and denominator the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions, to the extent that such assumption would lead to a reduction in basic earnings per share or an increase in basic loss per share. Otherwise, the effects of potential shares are not considered because they generate antidilution. The amounts considered for calculations of earnings per share in 2019, 2018 and 2017 were as follows: 2019 2018 2017 Denominator (thousands of shares) Weighted-average number of shares outstanding 1 45,393,602 45,569,180 43,107,457 Capitalization of retained earnings 1 — — 1,687,295 Effect of dilutive instruments – mandatorily convertible securities (note 16.2) 2 — 708,153 708,153 Weighted-average number of shares – basic 45,393,602 46,277,333 45,502,905 Effect of dilutive instruments – share-based compensation (note 21) 2 470,985 316,970 237,102 Effect of potentially dilutive instruments – optionally convertible securities (note 16.2) 2 1,457,554 1,420,437 2,698,600 Weighted-average number of shares – diluted 47,322,141 48,014,740 48,438,607 Numerator Net income from continuing operations $ 91 493 645 Less: non-controlling 36 42 75 Controlling interest net income from continuing operations 55 451 570 Plus: after tax interest expense on mandatorily convertible securities 1 3 5 Controlling interest net income from continuing operations – for basic earnings per share calculations 56 454 575 Plus: after tax interest expense on optionally convertible securities 18 23 48 Controlling interest net income from continuing operations – for diluted earnings per share calculations $ 74 477 623 Net income from discontinued operations $ 88 77 222 Basic earnings per share Controlling interest basic earnings per share $ 0.0031 0.0114 0.0174 Controlling interest basic earnings per share from continuing operations 0.0012 0.0098 0.0125 Controlling interest basic earnings per share from discontinued operations 0.0019 0.0016 0.0049 Controlling interest diluted earnings per share 3 Controlling interest diluted earnings per share $ 0.0031 0.0114 0.0174 Controlling interest diluted earnings per share 0.0012 0.0098 0.0125 Controlling interest diluted earnings per share 0.0019 0.0016 0.0049 1 The weighted-average number of shares outstanding in 2017 reflects the shares issued as a result of the capitalization of retained earnings approved by the general ordinary shareholders’ meeting (the “Assembly”) in such year. In 2019, the Assembly approved the delivery of a cash dividend, meanwhile, in 2018, the Assembly did not determine any cash dividend or capitalization of retained earnings (note 20.1). 2 The number of Parent Company CPOs to be issued under the executive share-based compensation programs, as well as the total amount of Parent Company CPOs committed for issuance in the future under the mandatorily and optionally convertible securities, are computed from the beginning of the reporting period. The number of shares resulting from the executives’ stock-based compensation programs is determined under the inverse treasury method. 3 For 2019, 2018 and 2017, the effects on the denominator and numerator of potential dilutive shares generate antidilution; therefore, there is no change between the reported basic earnings per share and diluted earnings per share. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
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Commitments | 23) COMMITMENTS 23.1) CONTRACTUAL OBLIGATIONS As of December 31, 2019, CEMEX had the following contractual obligations: 2019 Obligations Less than 1 year 1-3 years 3-5 years More 5 years Total Long-term debt $ 55 1,915 3,041 4,420 9,431 Leases 1 333 546 295 552 1,726 Convertible notes 2 520 — — — 520 Total debt and other financial obligations 3 908 2,461 3,336 4,972 11,677 Interest payments on debt 4 469 870 720 471 2,530 Pension plans and other benefits 5 156 282 287 709 1,434 Acquisition of property, plant and equipment 6 155 30 1 3 189 Purchases of raw materials, 7 482 595 613 1,134 2,824 Total contractual obligations $ 2,170 4,238 4,957 7,289 18,654 1 Represent nominal cash flows. As of December 31, 2019, the NPV of future payments under such leases was $1,404, of which, $508 refers to payments from 1 to 3 years and $254 refer s 2 Refers to the components of liability of the convertible notes described in note 16.2 and assumes repayment at maturity and no conversion of the notes. 3 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 o 4 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31 , 2019 . 5 Represents estimated annual payments under these benefits for the next 10 years (note 18), including the estimate of new retirees during such future years. 6 Refers mainly to the expansion of a cement-production line in the Philippines. 7 Future payments for the purchase of raw materials are presented on the basis of contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments on the basis of 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. 23.2) OTHER COMMITMENTS As of December 31, 2019 and 2018, 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 23.1. A description of the most significant contracts is as follows: • Beginning in April 2016, in connection with the Ventika S.A.P.I. de C.V. and the Ventika II S.A.P.I. de C.V. wind farms (jointly “Ventikas”) located in the Mexican state of Nuevo Leon with a combined generation capacity of 252 Megawatts (“MW”), CEMEX agreed to acquire a portion of the energy generated by Ventikas for its overall electricity needs in Mexico for a period of 20 years. The estimated annual cost of this agreement is $18 (unaudited) assuming that CEMEX receives all its energy allocation. Nonetheless, energy supply from wind is variable in nature and final amounts are determined considering the final MW per hour (“MWh”) effectively received at the agreed prices per unit. • On July 27, 2012, CEMEX signed a 10-year • Beginning in February 2010, for its overall electricity needs in Mexico CEMEX agreed with EURUS the purchase a portion of the electric energy generated for a period of no less than 20 years. EURUS is a wind farm with an installed capacity of 250 MW operated by ACCIONA in the Mexican state of Oaxaca. The estimated annual cost of this agreement is $64 (unaudited) assuming that CEMEX receives all its energy allocation. Nonetheless, energy supply from wind source is variable in nature and final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • CEMEX maintains a commitment initiated in April 2004 to purchase the energy generated by Termoeléctrica del Golfo (“TEG”) until 2027 for its overall electricity needs in Mexico. The estimated annual cost of this agreement is $113 (unaudited) assuming that CEMEX receives all its energy allocation. Nonetheless, final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • In regards with the above, CEMEX also committed to supply TEG and another third-party electrical energy generating plant adjacent to TEG all fuel necessary for their operations until the year 2027, equivalent to approximately 1.2 million tons of petroleum coke per year. CEMEX covers its commitments under this agreement acquiring the aforementioned volume of fuel from sources in the international markets and Mexico. • CEMEX Zement GmbH (“CZ”), CEMEX’s subsidiary in Germany, held a long-term energy supply contract until 2023 with STEAG—Industriekraftwerk Rüdersdorf GmbH (“SIKW”) in connection with the overall electricity needs of CEMEX’s Rüdersdorf plant. Based on the contract, each year CZ has the option to fix in advance the volume of energy in terms of MW that it will acquire from SIKW, with the option to adjust the purchase amount one time on a monthly and quarterly basis. The estimated annual cost of this agreement is $18 (unaudited) assuming that CEMEX receives all its energy allocation. • On October 24, 2018, CEMEX, S.A.B. de C.V. entered into an energy financial hedge agreement in Mexico, commencing October 1, 2019 and for a period of 20 years. Trough the aforementioned contract, the Company fixed the megawatt hour 23.3) 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, 2019, in certain plans, CEMEX has established stop-loss limits for continued medical assistance derived from a specific cause (e.g., an automobile accident, illness, etc.) ranging from 23 thousand dollars to 550 thousand dollars. In other plans, CEMEX has established stop-loss limits per employee regardless of the number of events ranging from 100 thousand dollars to 2.5 million dollars. The contingency for CEMEX if all employees qualifying for health care benefits required medical services simultaneously is significantly. However, CEMEX believes this scenario is remote. The amount expensed through self-insured health care benefits was $62 in 2019, $62 in 2018 and $64 in 2017. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2019 | |
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Legal Proceedings | 24) LEGAL PROCEEDINGS 24.1) PROVISIONS RESULTING FROM LEGAL PROCEEDINGS CEMEX is involved in various significant legal proceedings, the resolutions of which are deemed probable and imply the incurrence of losses and/or cash outflows or the delivery of other resources owned by CEMEX. As a result, certain provisions and/or losses have been recognized in the financial statements, representing the best estimate of cash outflows. Therefore, CEMEX believes that it will not make significant expenditure or incur significant losses in excess of the amounts recorded. As of December 31, 2019, the details of the most significant events giving effect to provisions or losses are as follows: • On December 11, 2017, in the context of a market investigation opened in 2013 against five cement companies and 14 executives of those companies, including two former executives of CEMEX Colombia for purported practices that limited free competition, and after several processes over the years, the Colombian Superintendence of Industry and Commerce ( Superintendencia de Industria y Comercio • In January 2007, the Polish Competition and Consumers Protection Office (the “Protection Office”) initiated an antitrust proceeding against all cement producers in the country, including CEMEX Polska Sp. Z.o.o. • As of December 31, 2019, CEMEX had accrued environmental remediation liabilities through its subsidiaries in the United Kingdom pertaining to closed and current landfill sites for the confinement of waste, representing the NPV of such obligations for an amount in pounds sterling equivalent to $174. 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, 2019, CEMEX had accrued environmental remediation liabilities through its subsidiaries in the United States for $63, related to: a) the disposal of various materials in accordance with past industry practice, which might currently be categorized as hazardous substances or wastes ; • 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 $75, 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 March 13, 2018, the court of appeals issued an enforceable resolution ordering the rescission of the Quarry Contract and designated a judicial expert to: a) determine the volume of both excavated and backfilling materials, and b) give his opinion on the potential damages suffered by SCI, a process that is expected to end by February 28, 2020. CEMEX GRM appealed this resolution with the court of cassation, which on May 23, 2019 dismissed such appeal. As of December 31, 2019, CEMEX had accrued a provision through its subsidiaries in France for $8 in connection with the best estimate of the remediation costs resulting from this claim. Altough the final amount may difer, CEMEX considers that any such amount should not have a material adverse impact on CEMEX’s results of operations, liquidity and financial condition. 24.2) 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, 2019, the most significant events with a quantification of the potential loss, when it is determinable and would not impair the outcome of the relevant proceeding, were as follows: • On September 20, 2018, triggered by heavy rainfall, a landslide causing damages and fatalities (the “Landslide”) occurred in a site located within an area covered by mining rights of APO Land & Quarry Corporation (“ALQC”) in Naga City, Cebu, Philippines. ALQC is a principal raw material supplier of APO Cement Corporation (“APO”), a wholly owned subsidiary of CHP. CEMEX indirectly owns a minority 40% stake in ALQC. On November 19, 2018, CHP and APO were served summons concerning an environmental class action lawsuit filed by 40 individuals and one legal entity (on behalf of 8,000 individuals allegedly affected by the Landslide) 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. In the complaint, (i) among other allegations, plaintiffs claim that the Landslide occurred as a result of the defendants’ gross negligence; and (ii) seek, among other relief, (a) monetary damages for an amount in Philippine Pesos equivalent to $85, (b) the establishment of a rehabilitation fund for an amount in Philippine Pesos equivalent to $10, and (c) the issuance of a Temporary Environment Protection Order against ALQC aiming to prevent ALQC from performing further quarrying activities while the case is still pending. This last request was rejected by the Court on August 16, 2019. Moreover, on September 30, 2019 the Court dismissed the case against CHP and APO, order that is not yet final and that was appealed by the plaintiffs on November 26, 2019. As of December 31, 2019, CHP, APO and ALQC (collectively, the “Private Defendants”) hold and will defend its position that the Landslide occurred due to natural causes and deny any liability. In the event that the latter order is reconsidered, and a final adverse resolution is issued in this matter, plaintiffs will have the option to proceed against any one of ALQC, APO or CHP for satisfaction of the entirety of the potential judgement award, without the need to proceed against any other Private Defendant beforehand. Thus, ALQC’s, APO’s or CHP’s assets alone could be exposed to execution proceedings. As of December 31, 2019, because of the status and preliminary stage of the lawsuit, CEMEX is not able to assess with certainty the likelihood of an adverse result in this lawsuit; and, CEMEX is neither able to assess if a final adverse result in this lawsuit would have a material adverse impact on its results of operations, liquidity and financial position. • On June 12, 2018, the Authority for Consumer Protection and Competition Defense of Panama (the “Panama Authority”) carried out an investigation against Cemento Bayano and other competitors for the alleged commission of monopolistic practices in relation to the gray cement and the ready-mix ready-mix concrete producers ready-mix • Certain of CEMEX’s subsidiaries in the United States were notified of a grand jury subpoena dated March 29, 2018 issued by the United States Department of Justice (“DOJ”) related to an investigation of possible antitrust law violations in connection with CEMEX’s sales (and related sales practices) of gray Portland cement and slag in the United States and its territories. The objective of this subpoena is to gather facts necessary to make an informed decision about whether violations of U.S. law have occurred. CEMEX has been cooperating with the DOJ and is complying with the subpoena. As of December 31, 2019, given the status of the investigation, CEMEX is not able to assess if this investigation will lead to any fines, penalties or remedies, or if such fines, penalties or remedies, if any, would have a material adverse effect on the Company’s results of operations, liquidity or financial position. • On March 16, 2018, a putative securities class action complaint was filed against the Parent Company and one of our members of the B D re-plead. • 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 P • In February 2014, the Egyptian Tax Authority requested Assiut Cement Company (“ACC”), a subsidiary of CEMEX in Egypt, the payment of a development levy on clay used in the Egyptian cement industry for an amount equivalent as of December 31, 2019 to $20 for the period from May 5, 2008 to November 30, 2011. In March 2014, ACC appealed the levy and on September 2014 it was notified that it obtained a favorable resolution from the Ministerial Committee for Resolution of Investment Disputes, which instructed the Egyptian Tax Authority to cease claiming from ACC the aforementioned payment of the levy on clay. It was further decided that the levy on clay should not be imposed on imported clinker. Nonetheless, in May 2016, the Egyptian Tax Authority challenged ACC´s right to cancel the levy on clay before the North Cairo Court, which referred the cases to Cairo’s Administrative Judiciary Court. These cases have been adjourned by the Commissioners of the Cairo Administrative Judiciary Court to January 20, 2020 until the request submitted to the Committee for Resolution of Tax Disputes is resolved. CEMEX does not expect that such referral will prejudice ACC’s favorable legal position in this dispute. As of December 31, 2019, CEMEX does not expect a material adverse impact due to this matter in its results of operations, liquidity or financial position. • In September 2012, in connection with a lawsuit submitted to a first instance court in Assiut, Egypt in 2011, the first instance court of Assiut issued a resolution in order to nullify the Share Purchase Agreement (the “SPA”) pursuant to which CEMEX acquired in 1999 a controlling interest in Assiut Cement Company. In addition, during 2011 and 2012, lawsuits seeking, among other things, the annulment of the SPA were filed by different plaintiffs, including 25 former employees of ACC, before Cairo’s State Council. After several appeals, hearings and resolutions over the years, the cases are held in Cairo’s 7 th In connection with the legal proceedings presented in notes 24.1 and 24.2, the exchange rates as of December 31, 2019 used by CEMEX to convert the amounts in local currency to their equivalents in dollars were the official closing exchange rates of 3.79 Polish zloty per dollar, 0.8917 Euro per dollar, 0.7550 British pounds sterling per dollar and 16.0431 Egyptian p o In addition to the legal proceedings described above in notes 24.1 and 24.2, case-by-case 24.3) OTHER SIGNIFICANT PROCESSES In connection with the cement plant located in the municipality of Maceo in Colombia, as described in note 14.1, as of December 31, 2019, the plant has not initiated commercial operations considering several significant processes for the profitability of the investment. The evolution and status of the main issues related to such plant are described as follows: Memorandums of understanding • In August 2012, CEMEX Colombia signed a memorandum of understanding (the “MOU”) with the representative of the entity CI Calizas y Minerales S.A. (“CI Calizas”), for the acquisition and transfer of assets mainly comprising land, the mining concession and the shares of Zona Franca Especial Cementera del Magdalena Medio S.A.S. (“Zomam”) (holder of the free trade zone concession). In addition, in December 2013, CEMEX Colombia engaged the same representative of CI Calizas to also represent in the name and on behalf of CEMEX Colombia in the acquisition of certain land adjacent to the plant, signing a new memorandum of understanding (the “Land MOU”). Under the MOU and the Land MOU, CEMEX Colombia made cash advances to this representative for amounts in Colombian Pesos equivalent to approximately $13.4 million of a total of approximately $22.5 million, and paid interest accrued over the unpaid committed amount for approximately $1.2 million. These amounts considering the exchange rate as of December 31, 2016 of 3,000.75 Colombian Pesos per U.S. Dollar. In September 2016, after confirming irregularities in the acquisition processes by means of investigations and internal audits initiated in response to complaints received, which were reported to Colombia’s Attorney General (the “Attorney General”), providing the findings obtained, and considering that such payments were made in breach of the Parent Company’s and CLH’s policies, the Company decided to terminate the employment relationship with then those responsible for the Planning and Legal areas and accepted the resignation of the then Chief Executive Officer. Moreover, as a result of the findings and considering the available legal opinions as well as the low likelihood of recovering those advances, in December 2016, CEMEX Colombia write off such advances from its investments in progress (note 14.1) and cancelled the remaining advance payable. Expiration of property process and other related matters • After the signing of the MOU, in December 2012, a former shareholder of CI Calizas, who presumptively transferred its shares of CI Calizas two years before the signing of the MOU, was linked to a process of expiration of property initiated by the Attorney General. Amongst other measures, the Attorney General ordered the seizure and consequent suspension of the right to dispose the assets subject to the MOU, including the shares of Zomam acquired by CEMEX Colombia before the beginning of such process. As a third party acting in good faith and free of guilt, CEMEX Colombia joined the expiration of property process fully cooperating with the Attorney General. As of December 31, 2019, it is estimated that a final resolution in the ongoing expiration of property process, under which is about to begin the evidentiary phase, may take between 10 and 15 years from its beginning. As of December 31, 2019, pursuant to the expiration of property process of the assets subject to the MOU and the failures to legally formalize the purchases under the Land MOU, CEMEX Colombia does not have the legal representation of Zomam, is not the rightful owner of the land and is not the assigned entity of the mining concession. In addition, there is an ongoing criminal investigation that resulted in a legal resolution by means of which an indictment was issued to two of the Company’s former officers and to CI Calizas’ representative. CEMEX is not able to anticipate the actions that criminal judges may impose against these people. Lease contract, mandate agreement and operation contract • In July 2013, CEMEX Colombia signed with the provisional depository designated by the former Drugs National Department (then depository of the assets subject to the expiration of property process), which functions after its liquidation were assumed by the Administrator of Special Assets ( Sociedad de Activos Especiales S.A.S. • On April 12, 2019, CEMEX Colombia, CCL and another of its subsidiaries reached a conciliatory agreement with the SAE and CI Calizas before the Attorney General’s Office and signed a contract of Mining Operation, Manufacturing and Delivery Services and Leasing of Properties for Cement Production (the “Operation Contract”), which will allow CEMEX Colombia to continue using the assets subject to the aforementioned expiration of property process for an initial term of 21 years that can be renewed for 10 additional years, provided that the extension of the mining concession is obtained. The Operation Contract was signed by CI Calizas and Zomam with the authorization of the SAE as delegate of these last two companies, considering the following terms: • As consideration for entering into the agreement, CEMEX Colombia and /or a subsidiary will pay to CI Calizas and Zomam the following amounts in Colombian Pesos equivalent: a) an annual payment of $15 to CI Calizas for the use of land that will be adjusted annually for changes in the Consumer Price Index; b) a single payment for the rental of the aforementioned land from July 2013 to the signing date, based on the agreed upon rental amounts, reducing the lease payments made by CEMEX Colombia prior to the signing of the Operation Contract; c) an additional single payment in Colombian Pesos equivalent to $305 already paid for considerations not received during the negotiations of the Operation Contract; and d) a payment for the limestone extracted to date for an amount in Colombian Pesos equivalent to $1 million payable in two installments, the first already paid and the second a year after the signing of the Operation Contract. • Once the Maceo Plant begins commercial operations, CEMEX Colombia and/or a subsidiary will pay on a quarterly basis: a) 0.9% of the net sales resulting from the cement produced in the plant as compensation to CI Calizas for the right of CEMEX Colombia to extract and use the mineral reserves; and b) 0.8% of the net sales resulting from the cement produced in the plant as payment to Zomam for cement manufacturing and delivery services, as long as Zomam maintains the Free Zone benefit, or, 0.3% of the aforementioned net sales exclusively for the use of equipments, in case that Zomam losses the benefits as Free Trade Zone. • The Operation Contract will continue in force regardless of the result in the expiration of property process, except that the applicable criminal judge would recognize ownership rights of the assets under expiration of property to CEMEX Colombia and its subsidiary, in which case the Operation Contract would no longer be needed and would be early terminated. Under the presumption that CEMEX Colombia conducted itself in good faith, CEMEX considers that it will be able to keep ownership of the plant, and that the rest of its investments are protected by Colombian law, under which, if a person builds on the property of a third party, with full knowledge of such third party, this third party may: a) take ownership of the plant, provided a corresponding indemnity to CEMEX Colombia, or otherwise, b) oblige CEMEX Colombia to purchase the land. Nonetheless, had this not be the case, CEMEX Colombia would take all necessary actions to safeguard its rights. In the event that the expiration of property over the assets subject to the MOU is ordered in favor of the State, if the assets were adjudicated to a third party in a public tender offer, considering the signing of the Operation Contract, such third party would have to subrogate to the Operation Contract. As of December 31, 2019, CEMEX is not able to estimate whether the expiration of property over the assets subject to the M OU Status in connection with the commissioning of the plant On September 3, 2019, CEMEX Colombia was notified of the resolution issued by Corantioquia’s Directive Council, the regional environmental authority, regarding to the approval for the subtraction from the Integrated Management District (“IMD”) of the Canyon of the Alicante River of 169.2 hectares corresponding to the surface of the Maceo Plant. As of December 31, 2019, after the signing of the Operation Contract and the subtraction of the plant’s surface from the IMD, the commissioning of the Maceo plant and the conclusion of the access road remain suspended until favorable resolutions would be obtained in other significant procedures in process with the respective authorities to guarantee the commissioning of the plant, such as: a) modify the land use where the project is located to harmonize it with industrial and mining use; b) modify the environmental license to expand the extraction capacity of limestone, essential raw material for the production of cement, up to 990 thousand tons per year; and c) obtaining several permits for the conclusion of the access road. CEMEX Colombia continues to work to address these issues as soon as possible and limits its activities to those on which it has the relevant authorizations. As of December 31, 2019, CEMEX continues working intensively in the necessary processes for the commissioning of the plant, nonetheless, at this date, the Company cannot provide a precise date for the plant’s startup. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Related Parties | 25) RELATED PARTIES All significant balances and transactions between the entities that constitute the CEMEX group have been eliminated in the preparation of the consolidated financial statements. These balances with related parties resulted primarily from: (i) the sale and purchase of goods between group entities; (ii) the sale and/or acquisition of subsidiaries’ shares within the CEMEX group; (iii) the invoicing of administrative services, rentals, trademarks and commercial name rights, royalties and other services rendered between group entities; and (iv) loans between related parties. Transactions between group entities are conducted on arm’s length terms based on market prices and conditions. When market prices and/or market conditions are not readily available, CEMEX conducts transfer pricing studies in the countries in which it operates to assure compliance with regulations applicable to transactions between related parties. The definition of related parties includes entities or individuals outside the CEMEX group, which, due to their relationship with CEMEX, may take advantage of being in a privileged situation. Likewise, this applies to cases in which CEMEX may take advantage of such relationships and obtain benefits in its financial position or operating results. CEMEX’s transactions with related parties are executed under market conditions. For the years ended December 31, 2019, 2018 and 2017, in ordinary course of business, CEMEX has entered into transactions with related parties for the sale and/or purchase of products, sale and/or purchase of services or the lease of assets, all of which are not significant for CEMEX and to the best of CEMEX’s knowledge are not significant to the related party, are incurred for non-significant In addition, for the years ended December 31, 2019, 2018 and 2017, the aggregate amount of compensation of CEMEX, S.A.B. de C.V. Board of Directors, including alternate directors, and CEMEX’s top management executives was $40, $38 and $47, respectively. Of these amounts, $34 in 2019, $29 in 2018, $35 in 2017, were paid as base compensation plus performance bonuses, including pension and post-employment benefits. In addition, $6 in 2019, $9 in 2018 and $12 in 2017 of the aggregate amounts in each year, corresponded to allocations of Parent Company CPOs under CEMEX’s executive share-based compensation programs. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Subsequent Events | 26) SUBSEQUENT EVENTS • On January 8, 2020, in connection with the assets held for sale in the United Kingdom (note 4.2), CEMEX announced that one of its subsidiaries signed an agreement for the sale of such assets to Breedon Group plc, for a total consideration of $235, which includes $31 of debt. Furthermore, on January 20, 2020, the Competition and Markets Authority (the “CMA”) served an initial enforcement order on Breedon Group plc, Breedon Southern Limited and CEMEX Investments Limited in relation to the proposed acquisition of a portfolio of assets by Breedon Group p • On January 8, 2020, in connection with the tax proceeding related to the year 2012 in Colombia, CEMEX Colombia was notified of the resolution that concludes the reconsideration request in which, the Tax Authority confirmed the official settlement in all respects. CEMEX Colombia has a period of four months to appeal this resolution before the administrative courts. Notwithstanding this resolution, in this stage of the proceeding, CEMEX considers that an adverse resolution in this proceeding after conclusion of all available defense procedures is not probable, however, it is difficult to assess with certainty the likelihood of an adverse result in the proceeding; but if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. • In connection with the putative securities class action complaint filed in the U.S. District Court for the Southern District of New York on March 16, 2018, as amended on August 1, 2019 (note 24.2), on February 11, 2020, the aforementioned complaint was dismissed and has concluded as a result of the plaintiffs’ agreement of not appealing the resolution. • On March 4, 2020, pursuant to CHP’s share rights offering, CEMEX informed that, an indirect subsidiary of CEMEX, increased its interest in CHP, from 66.78% to 75.66% after giving effect to the mentioned share rights offerings (note 20.4). • • As part of the corporate reorganization approved on November 13, 2019 and the resulting intragroup mergers, by means of which, CEMEX, S.A.B. de C.V. merged and abosorbed Empresas Tolteca de México, S.A. de C.V. and CEMEX, S.A.B. de C.V. merged and absorbed CEMEX México, S.A. de C.V., with effects among the participants beginning December 1, 2019 (note 27), on March 11, 2020, CEMEX announced that those mergers became effective on February 26, 2020 and March 9, 2020, respectively. As a result of the mergers, which were executed in compliance with CEMEX’s debt agreements and other financial instruments, CEMEX México, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V. have ceased to guarantee CEMEX’s indebtedness to the extent that they provided guarantees. In addition, shares of CEMEX México, S.A. de C.V. that were pledged or transferred to trustees to benefit certain creditors of CEMEX are no longer part of the collateral (note 16.1). • • On March 13, 2020, CEMEX paid $521 as full settlement of the aggregate outstanding amount of the 2020 Convertible Notes which matured on March 15, 2020 without conversion (note 16.2). • On March 11, 2020, the World Health Organization declared a pandemic the outbreak of the novel spread of the Coronavirus COVID-19 (the “COVID-19 Pandemic”), due to its rapid spread throughout the world, having affected as of such date more than 150 countries. Most governments took and are taking restrictive measures to contain the spread of such pandemic, which, have resulted, or may result in the following implications for the Company’s business units: (i) temporary restrictions on, or suspended access to, or shutdown, or suspension or the halt of, its manufacturing facilities, personnel shortages, production slowdowns or stoppages and disruptions in the delivery systems; (ii) disruptions or delays in the supply chains, including shortages of materials, products and services on which the Company and its businesses depend; (iii) reduced availability of land and sea transport, including labor shortages, logistics constraints and increased border controls or closures; (iv) increased cost of materials, products and services on which the Company and its businesses depend; (v) reduced investor confidence and consumer spending in the countries where the Company operates; (vi) a general slowdown in economic activity, including construction, and a decrease in demand for the Company’s products and services and industry demand generally; (vii) constraints on the availability of financing in the financial markets, if available at all; or (viii) inability to, if required, to further refinance the Company’s existing indebtedness in desired conditions, if financing is available at all. The wide spread of COVID-19 Pandemic has adversely affected and may continue to adversely affect CEMEX’s business continuity in some of the countries and markets in which the Company operates and offer its products and services. These measures are negatively affecting and may further affect the workforce and operations of CEMEX, as well as the operations of its customers, distributors and suppliers. The Company maintains significant uncertainty regarding such measures and potential future measures, and restrictions on its access to its operating facilities, on its operations or on its workforce, or similar limitations for its distributors and suppliers, which could limit customer demand and/or the Company’s capacity to meet customers demand, any of which could have a material adverse effect on CEMEX’s financial condition and results of operations. The degree to which the COVID-19 Pandemic would affect the financial condition and results of operations of CEMEX will depend on future developments, which are highly uncertain, including, but not limited to, the duration and spread of the outbreak, its severity, the actions taken by local governments to contain the COVID-19 virus or ease its effects, and how quickly and to which extent normal economic and operating conditions will recover. From the beginning of the COVID-19 Pandemic, CEMEX implemented, and has continue to implement, strict hygiene guidelines in all its operations and modified its manufacturing, selling and distributions processes in order to implement physical distancing for employees, and reduce the possibility of contagion. CEMEX’s operations have begun to be affected to different degrees. As of the date hereof, according and in compliance to the quarantine measures enacted and implemented by the local governments, certain CEMEX’s cement, ready-mix concrete and aggregates operating facilities in different parts of the world have been operating with reduced volumes and, in some cases, have temporarily halted operations due to the effects of the COVID-19 Pandemic. CEMEX most important segments are, or have been, affected as follows: • In Mexico, CEMEX is operating in accordance with technical guidelines set by the Mexican government. CEMEX had initially, announced that the Company would temporarily halt all production and certain related activities in Mexico until April 30, 2020, in accordance with a decree (the “Mexico COVID-19 Decree”) issued by the Health Ministry in Mexico in response to COVID-19 Pandemic. However, on April 7, 2020, relying on technical guidelines to the Mexico COVID-19 Decree issued by the Health Ministry of Mexico in the Official Mexican Gazette, CEMEX announced that the Company would be permitted to resume production and related activities in Mexico to support the development of sectors designated as essential by the Mexican government during the COVID-19 Pandemic. • In most of CEMEX’s South America, Central America and Caribbean region, the Company’s operations have been temporarily affected. As a result of different regulations, CEMEX’s operations in Trinidad and Tobago, Barbados and Panama, have been temporarily halted in most of its operations. Furthermore, in Colombia, CEMEX temporarily halted production and related activities on March 25, 2020. However, pursuant to a subsequent nationwide decree on April 8, 2020, CEMEX partially resumed certain operations that were deemed essential to attend to the COVID-19 pandemic in Colombia from April 13 to April 27, 2020, after which time our full operations in Colombia would resume. CEMEX has also adopted certain preventive measures with respect to its operations in Guatemala and the Dominican Republic, resulting in reduced activity and, in turn, production, in these countries. • In Europe, Middle East, Africa and Asia region, CEMEX’s main effects have been experienced in Spain and the Philippines, where its operations are running on a limited basis or have temporarily halted. Other countries have experienced negative effect on the market side, with drops in demand resulting in some temporary site closures. • In the United States, except for a few ready-mix concrete plants in the San Francisco area that have been temporarily shut down, all sites that were operational before the COVID-19 Pandemic remain active. Although states and local governments continue to modify terms of shelter in place orders, while CEMEX has seen some decrease in volumes attributable to COVID-19 Pandemic, CEMEX believes that its customers have generally adjusted to the increased operating safety requirements on projects under construction and do not seem to be ceasing their activity. The International Monetary Fund recently published its World Economic Outlook report, which stated that as a result of the COVID-19 Pandemic and its effects on supply chains, global trade, mobility of persons, business continuity, lower demand for goods and services and oil prices, have significantly increased the risk of a deep global recession and projects the global economy to contract sharply. Even though some governments and central banks have implemented monetary and fiscal policies to curb the potential adverse effects on economies and financial markets, these measures may vary by country and may not be enough to deter material adverse economic and financial effects. The Company expects that the construction activity across most of the markets in which it operates will be adversely affected for a few months, once that restrictive measures would be lifted, before returning to pre-COVID-19 Pandemic levels. The consequences resulting from the COVID-19 Pandemic have started to considerably affect the Company. CEMEX considers that, as the effects and duration of such pandemic may extend, there could be significant adverse effects in the future mainly in connection with: (i) increases in estimated credit losses on trade accounts receivable; (ii) impairment of long-lived assets including goodwill; (iii) variation in exchange rates; (iv) further disruption in supply chains; and (v) liquidity effects to meet the Company’s short-term obligations. As of the issuance date of these financial statements it is not possible to make reliable estimates of potential unforeseen adverse effects on the Company’s business from the COVID-19 Pandemic that may arise due to the uncertainty associated to the duration and consequences of the COVID-19 in the different markets in which the Company operates. Nonetheless, as events evolve during the year 2020 and there will be increased visibility identify and measure such effects, CEMEX will continue to evaluate and recognize the possible adverse effects in its financial condition, results of operations and cash flow. In order to mitigate short-term liquidity risks to the Company, in March 2020, CEMEX drew down $1,135 under the committed revolving facility, which consist of the full amount available under the committed revolving credit facility (note 16.1). CEMEX also has identified several cost-savings and cash enhancing initiatives for year-2020. Among other things, CEMEX intends to suspend, reduce or delay certain planned (i) capital expenditures; (ii) budgeted operating expenses in line with the evolution of demand per market in which CEMEX operates, (iii) production and, where required, inventory levels in all of CEMEX’s markets in line with lower demand conditions; and (iv) corporate and global network activities that detract from the Company’s business focus on managing the crisis and their respective operations. In addition, CEMEX is suspending its share repurchase program for the remainder of the year and, as previously informed, CEMEX, S.A.B. de C.V. will not be paying dividends during 2020. The Company projects it will generate sufficient cash flows from operations in 2020 which, will enable the Company to meet its short-term obligations. Moreover, CEMEX shall undertake the following temporary measures, starting May 1st, 2020 and for a 90-day period and subject to all applicable laws and regulations, CEMEX, S.A.B. de C.V.’s Chairman of the Board of Directors, Chief Executive Officer and the members of our Executive Committee have agreed to forgo 25% of their salaries; the members of the Board of Directors of CEMEX, S.A.B. de C.V. have agreed to forgo 25% of their remuneration (including with respect to the upcoming meetings in April 2020). In addition, CEMEX has asked certain senior executives to voluntarily forgo 15% of their monthly salaries also during May, June and July 2020. Finally, CEMEX has asked other salaried employees to voluntarily defer 10% of their monthly salary during the same three-month period, the deferred amount to be paid in full during December 2020; and for hourly employees, where applicable, CEMEX will work to mitigate the effects on jobs derived from any operational shutdowns due to demand contraction or government measures as a consequence of the COVID-19 Pandemic and economic crisis. Going concern • As of December 31, 2019, the Company was in compliance with its financial covenants (note 16.1) under the 2017 Credit Agreement. Nonetheless, the anticipated adverse effects on the Company’s business and operating performance in 2020 as a result of the COVID-19 Pandemic, as discussed above, could result in the Company not meeting its financial covenants under the 2017 Credit Agreement in a future compliance date during 2020, including the leverage and coverage ratios. Considering this, on April 23, 2020 the Company formally requested its lenders under the 2017 Credit Agreement to modify the financial covenants contained therein. CEMEX’s failure to comply with such financial covenants could result in an event of default under the 2017 Credit Agreement, as well as the notes payable under the cross-default provisions thereof (note 16.1), which if that were to occur would materially and adversely affect the Company’s business, financial condition, liquidity and results of operations. In seeking any modifications to the 2017 Credit Agreement, it is expected that the lenders under the 2017 Credit Agreement may require CEMEX to agree to additional restrictions, for example with respect to capital expenditures, share repurchase programs, acquisitions or the use of proceeds from asset sales and fundraising activities, and may increase the financial expense CEMEX would be required to pay under the 2017 Credit Agreement. While CEMEX has historically successfully renegotiated credit facilities in the normal course, its ability to reach an agreement with its lenders to modify the 2017 Credit Agreement is not within the Company’s control. As of the date of these financial statements, CEMEX cannot assure that it will be able to reach an agreement with its lenders to amend the 2017 Credit Agreement, or to waive any potential non-compliance of the 2017 Credit Agreement. In an event of default and in the absence of a waiver of compliance or a negotiation thereof, after certain procedures upon CEMEX’s lenders’ request, the amounts due under the 2017 Credit Agreement would be accelerated and due on demand, along with amounts due under the notes payable. In that event, CEMEX would seek alternative financing arrangements, which it could not guarantee would be available to the Company at acceptable terms, or at all. The consolidated financial statements have been prepared under the principle of going concern. Considering past and recent experience of negotiations with its lenders, the Company anticipates it may be successful in its current negotiations with its lenders under the 2017 Credit Agreement, to avoid a potential event of default as explained above. However, as of the date of issuance of these financial statements, its ability to reach an agreement with its lenders to modify the 2017 Credit Agreement is not within the Company’s control which raises significant doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. • The accompanying consolidated financial statements were authorized for issuance in the Company´s annual report on Form 20-F, by the Chief Executive Officer of CEMEX, S.A.B. de C.V. on April 29, 2020, hereby updated for subsequent events, to be filed with the United States Securities and Exchange Commission. |
Main Subsidiaries
Main Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Main Subsidiaries | 27) MAIN SUBSIDIARIES As mentioned in note s non-controlling % Interest Subsidiary Country 2019 2018 CEMEX México, S. A. de C.V. 1 Mexico — 100.0 CEMEX España, S.A. 2 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 3 Spain 73.2 73.2 CEMEX (Costa Rica), S.A. Costa Rica 99.2 99.1 CEMEX Nicaragua, S.A. Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia S.A. 4 Colombia 99.7 99.9 Cemento Bayano, S.A. 5 Panama 100.0 100.0 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 6 Jamaica 79.0 79.0 CEMEX de Puerto Rico Inc. Puerto Rico 100.0 100.0 CEMEX France Gestion (S.A.S.) France 100.0 100.0 CEMEX Holdings Philippines, Inc. 7 Philippines 66.8 55.0 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 SIA Latvia — 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 8 United Arab Emirates 100.0 100.0 Neoris N.V. 9 The Netherlands 99.8 99.8 CEMEX International Trading LLC 10 United States of America 100.0 100.0 Transenergy, Inc. 11 United States of America 100.0 100.0 1 Effective among the participants beginning December 1, 2019, the corporate reorganization approved on November 13, 2019 was formalized, by means of which, CEMEX, S.A.B. de C.V. merged and absorbed CEMEX México, S.A. de C.V. and Empresas Tolteca de México , 2 CEMEX España is the indirect holding company of most of CEMEX’s international operations. 3 The interest reported excludes own shares held in CLH’s treasury. CLH, incorporated in Spain, trades its ordinary shares in the Colombian Stock Exchange under the symbol CLH, and is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador (note 20.4). 4 Represents CEMEX’s direct and indirect interest of 99.74% and 98.93% interest in ordinary and preferred shares, respectively. The interest reported excludes shares held in CEMEX Colombia, S.A.’s treasury. 5 Includes a 0.515% interest held in Cemento Bayano’s treasury. 6 Represents the aggregate ownership interest of CEMEX in this entity of 79.04%, which includes TCL’s direct and indirect 74.08% interest. 7 Represents CHP direct and indirect interest. CEMEX’s operations in the Philippines are conducted through CHP, subsidiary incorporated in the Philippines which since July 2016 trades its ordinary shares on the Philippines Stock Exchange under the symbol CHP (note 20.4). 8 CEMEX owns a 49% equity interest in each of these entities and holds the remaining 51% of the economic benefits, through agreements with other shareholders. 9 Neoris N.V. is the holding company of the entities involved in the sale of information technology solutions and services. 10 CEMEX International Trading, LLC is involved in the international trading of CEMEX’s products. 11 Formerly named Gulf Coast Portland Cement Co., it is engaged in the procurement and trading of fuels, such as coal and petroleum coke, used in certain operations of CEMEX. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Explanatory Description Of Accounting Policy for Basis of Presentation and Disclosure | 2.1) BASIS OF PRESENTATION AND DISCLOSURE The consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms Beginning March 31, 2019 and for all subsequent periods, as permitted by International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates • For a consolidated group that comprises operations with a number of functional currencies, it is a decision of each entity to select its presentation currency under IAS 21, which may be the currency that management uses when controlling and monitoring the performance and financial position of the group. In the case of CEMEX, management uses the U.S. dollar for these purposes; • The Company believes that presenting its consolidated financial information using the U.S. dollar will improve and facilitate the analysis to a broad range of users (rating agencies, analysts, investors and lenders, among others) of the Company’s consolidated financial statements; and • The use of the U.S. dollar as presentation currency will also improve the comparison of CEMEX’s consolidated financial statements with those of other global entities. The consolidated financial statements, including comparative amounts and the accompanying notes to the consolidated financial statements, are presented as if the new presentation currency had always been CEMEX’s presentation currency. All currency translation adjustments have been set to zero as of January 1, 2010, which was the date of CEMEX’s transition to IFRS. Translation adjustments and cumulative translation adjustments recognized in other comprehensive income have been presented as if CEMEX had used U.S. dollars as the presentation currency from that date. Comparative financial statements and their related notes were re-presented Presentation of Financial Statements Leases When reference is made to U.S. dollars or “$” it means dollars of the United States of America (“United States”). The amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “pesos”, it means Mexican pesos. When reference is made to “€” or “euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “pounds”, it means British pounds sterling. When it is deemed relevant, certain amounts in foreign currency presented in the notes to the financial statements include between parentheses a convenience translation into dollars and/or into pesos, as applicable. Previously reported convenience translations of prior years are not restated unless the transaction is still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. These translations should not be construed as representations that the amounts in dollars or pesos, as applicable, represent those dollar or peso amounts or could be converted into dollar or peso at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 19.4 and 24), 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) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s income statements present in the single line item of “Discontinued operations,” the results of: a) the assets held for sale in the United Kingdom for the years 2019, 2018 and 2017; b) the assets held for sale in the United States for the years 2019, 2018 and 2017; c) the white cement business held for sale in Spain for the years 2019, 2018 and 2017, d) the French assets sold for the period from January 1 to June 28, 2019 and for the years ended 2018 and 2017, e) the German assets sold for the period from January 1 to May 31, 2019 and for the years 2018 and 2017, f) the Baltic and Nordic businesses sold for the period from January 1 to March 29, 2019 and for the years 2018 and 2017, g) the operating segment in Brazil sold for the period from January 1 to September 27, 2018 and for the year 2017, h) CEMEX’s Pacific Northwest Materials Business operations in the United States sold on June 30, 2017 for the six-months one-month Income statements CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a relevant operating measure for CEMEX’s management. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities, including impairment losses of long-lived assets, results on disposal of assets and restructuring costs, among others (note 6). Under IFRS, the inclusion of certain subtotals such as “Operating earnings before other expenses, net” and the display of the statement of operations vary significantly by industry and company according to specific needs. Considering that it is an indicator of CEMEX’s ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 4.4 and 16, CEMEX presents “Operating EBITDA” (operating earnings before other expenses, net, plus depreciation and amortization). This is not an indicator of CEMEX’s financial performance, an alternative to cash flows, a measure of liquidity or comparable to other similarly titled measures of other companies. In addition, this indicator is used by CEMEX’s management for decision-making purposes. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2019, 2018 and 2017, the increases in other financing obligations in connection with lease contracts negotiated during the year for $220, $229 and $317, respectively (note 16.2); • In 2019, 2018 and 2017, in connection with the CPOs issued as part of the executive share-based compensation programs (note 21), the total increases in equity for $17 in 2019, $34 in 2018 and $42 in 2017; • In 2017, in connection with the capitalization of retained earnings (note 20.1), the increases in common stock and additional paid-in • In 2017, in connection with the early conversion of part of the 2018 optional convertible subordinated notes (note 16.2), the decrease in debt for $301, the net decrease in other equity reserves for $74 and the increase in additional paid-in Investing activities: • In 2019, 2018 and 2017, in connection with the leases negotiated during the year, the increases in assets for the right-of-use Newly issued IFRS adopted in the reported periods IFRS 16 (notes 2.6, 14 and 16.2) Beginning January 1, 2019, IFRS 16 superseded all existing guidance related to lease accounting including IAS 17, Leases right-of-use right-of-use The effects of IFRS 16 in the Company’s opening balance sheet as of January 1, 2017 were as follows: Condensed Consolidated Statement of Financial Position As of January 1, 2017 Original IFRS 16 adoption As of January 1, 2017 Re-presented Total current assets $ 4,273 — 4,273 Property, machinery and equipment, net and assets for the right-of-use, 11,107 851 11,958 Deferred income tax assets 751 23 774 Other items of non-current 12,813 — 12,813 Total non-current 24,671 874 25,545 TOTAL ASSETS $ 28,944 874 29,818 Short-term other financial obligations $ 562 163 725 Other items of current liabilities 3,571 — 3,571 Total current liabilities 4,133 163 4,296 Long-term other financial obligations 1,253 815 2,068 Deferred income tax liabilities 946 — 946 Other items of non-current 13,118 — 13,118 Total non-current 15,317 815 16,132 TOTAL LIABILITIES 19,450 978 20,428 Retained earnings 1 933 (104 ) 829 Other items of controlling interest 7,002 — 7,002 Total controlling interest 7,935 (104 ) 7,831 Non-controlling 1,559 — 1,559 TOTAL STOCKHOLDERS’ EQUITY 9,494 (104 ) 9,390 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,944 874 29,818 1 The initial effect refers to a temporary difference between the straight-line amortization expense of the right-of-use Moreover, resulting from the adoption of IFRS 16, CEMEX re-presented Condensed Consolidated Statement of Financial Position As of December 31, 2018 Original IFRS 16 As of December 31, 2018 Re-presented Total current assets $ 3,421 — 3,421 Property, machinery and equipment, net and assets for the right-of-use, 11,423 1,031 12,454 Deferred income tax assets 592 26 618 Other items of non-current 12,688 — 12,688 Total non-current 24,703 1,057 25,760 TOTAL ASSETS $ 28,124 1,057 29,181 Short-term other financial obligations $ 648 207 855 Other items of current liabilities 3,940 — 3,940 Total current liabilities 4,588 207 4,795 Long-term other financial obligations 612 980 1,592 Deferred income tax liabilities 758 (10 ) 748 Other items of non-current 10,993 — 10,993 Total non-current 12,363 970 13,333 TOTAL LIABILITIES 16,951 1,177 18,128 Retained earnings 1,742 (120 ) 1,622 Other items of controlling interest 7,859 — 7,859 Total controlling interest 9,601 (120 ) 9,481 Non-controlling 1,572 — 1,572 TOTAL STOCKHOLDERS’ EQUITY 11,173 (120 ) 11,053 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,124 1,057 29,181 In addition, resulting from the adoption of IFRS 16, CEMEX re-presented For the years ended December 31, Condensed C I S 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented Revenues $ 13,531 — 13,531 12,926 — 12,926 Cost of sales (8,883 ) 34 (8,849 ) (8,397 ) 32 (8,365 ) Operating expenses (3,003 ) 24 (2,979 ) (2,846 ) 20 (2,826 ) Other expenses, net (296 ) — (296 ) (205 ) — (205 ) Financial expense (653 ) (69 ) (722 ) (1,023 ) (63 ) (1,086 ) Financial income and other items, net 35 (3 ) 32 219 (2 ) 217 Earnings before income tax 731 (14 ) 717 674 (13 ) 661 Income tax (226 ) 2 (224 ) (10 ) (6 ) (16 ) Net income from continuing operations 505 (12 ) 493 664 (19 ) 645 Discontinued operations 77 — 77 222 — 222 CONSOLIDATED NET INCOME 582 (12 ) 570 886 (19 ) 867 Non-controlling 42 — 42 75 — 75 CONTROLLING INTEREST NET INCOME $ 540 (12 ) 528 811 (19 ) 792 For the years ended December 31, Condensed C S C F 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented OPERATING ACTIVITIES Net income from continuing operations $ 513 (20 ) 493 673 (28 ) 645 Non-cash Depreciation and amortization of assets 763 219 982 787 176 963 Other non-cash 896 67 963 759 61 820 Changes in working capital, excluding income taxes (55 ) — (55 ) 431 — 431 Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes 2,117 266 2,383 2,650 209 2,859 Interest on debt and coupons on perpetual debentures paid (672 ) (69 ) (741 ) (836 ) (63 ) (899 ) Income taxes paid (208 ) 1 (207 ) (240 ) (6 ) (246 ) Operating cash flows from continuing operations 1,237 198 1,435 1,574 140 1,714 Operating cash flows from discontinued operations 132 — 132 131 — 131 Net cash flows provided by operating activities 1,369 198 1,567 1,705 140 1,845 INVESTING ACTIVITIES Property, machinery and equipment and assets for the right-of-use, (601 ) — (601 ) (567 ) — (567 ) Other items of investing activities (214 ) — (214 ) 1,120 — 1,120 Net cash flows provided by (used in) investing activities (815 ) — (815 ) 553 — 553 FINANCING ACTIVITIES Other financial obligations, net (388 ) (190 ) (578 ) (78 ) (112 ) (190 ) Other items of financing activities (585 ) — (585 ) (2,200 ) — (2,200 ) Net cash flows used in financing activities (973 ) (190 ) (1,163 ) (2,278 ) (112 ) (2,390 ) Decrease in cash and cash equivalents from continuing operations (551 ) 8 (543 ) (151 ) 28 (123 ) Increase in cash and cash equivalents from discontinued operations 132 — 132 131 — 131 Foreign currency translation effect on cash 29 (8 ) 21 158 (28 ) 130 Cash and cash equivalents at beginning of period 699 — 699 561 — 561 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 309 — 309 699 — 699 IFRS 9, Financial Instruments: classification and measurement (“IFRS 9”) CEMEX adopted IFRS 9 beginning January 1, 2018, which sets forth the guidance relating to the classification and measurement of financial assets and financial liabilities, the accounting for expected credit losses of financial assets and commitments to extend credits, as well as the requirements for hedge accounting; and replaced IAS 39, Financial instruments: recognition and measurement Among other aspects of presentation that had no impact on the valuation or the book value of the Company’s financial assets and liabilities and therefore on the retained earnings of CEMEX, regarding the new impairment model under IFRS 9 based on expected credit losses, impairment losses for the entire lifetime of financial assets, including trade accounts receivable, are recognized on initial recognition of the asset, and in 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 the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. CEMEX developed an expected credit loss model applicable to its trade accounts receivable that considers the historical performance and economic environment, as well as the credit risk and expected developments for each group of customers and applied the simplified approach upon adoption of IFRS 9. The effects of the adoption of IFRS 9 on January 1, 2018 related to the expected credit loss model represented an increase in the allowance of expected credit losses of $29 recognized against retained earnings, net of a deferred income tax asset of $8. The balances of such allowance of expected credit losses and deferred tax assets increased from the reported amounts as of December 31, 2017 of $109 and $754, respectively, to $138 and $762 as of January 1, 2018, respectively, after the adoption effects. Other newly issued IFRS adopted in the reported periods In addition, there were other new standards, interpretations and standard amendments adopted as of January 1, 2019 prospectively, that did not result in any material impact on CEMEX´s results or financial position, and which are explained as follows: Standard Main topic IFRIC 23, Uncertainty over income tax treatments (note 19.4) When an entity concludes that it is not probable that a particular tax treatment is accepted, the decision should be based on which method provides better predictions of the resolution of the uncertainty. Amendments to IAS 28, Long-term interests in associates and joint ventures The amendment clarifies that IFRS 9, including its impairment requirements, applies to long-term interests. Amendments to IAS 12, Income taxes Clarify that an entity should recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized the transactions that generated the distributable profits. Amendments to IAS 23, Borrowing costs Clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. Amendments to IFRS 9, Prepayment features with negative compensation Clarify that financial assets with prepayment features with negative compensation do not automatically fail to meet the ‘solely payments of principal and interest’ condition. IFRS 11, Joint Arrangements – Previously held Interests in a joint operation Clarify that a party that participates in, but does not have joint control of, a joint operation does not remeasure its previously held interest in the joint operation when it obtains joint control. Amendments to IFRS 3, Business combinations Clarify that when an entity obtains control of a business that is a joint operation, the entity applies the requirements for a business combination achieved in stages, including remeasuring its previously held interest in the joint operation at fair value. Amendments to IAS 19, Employee benefits Clarify that the past service cost (or of the gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling (that may arise when the defined benefit plan is in a surplus position). |
Principles of Consolidation | 2.2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and those of the entities in which the Parent Company exercises control, including structured entities (special purpose entities), by means of which the Parent Company, directly or indirectly, is exposed, or has rights, to variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee’s relevant activities. Balances and operations between related parties are eliminated in consolidation. Investments are accounted for by the equity method when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%. The equity method reflects in the financial statements, the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. The financial statements of joint ventures, which relate to those arrangements in which CEMEX and other third-party investors have joint control and have rights to the net assets of the arrangements, are recognized under the equity method. During the reported periods, CEMEX did not have joint operations, referring to those cases in which the parties that have joint control of the arrangement have rights over specific assets and obligations for specific liabilities relating to the arrangements. The equity method is discontinued when the carrying amount of the investment, including any long-term interest in the investee or joint venture, is reduced to zero, unless CEMEX has incurred or guaranteed additional obligations of the investee or joint venture. |
Use of Estimates and Critical Assumptions | 2.3) USE OF ESTIMATES AND CRITICAL ASSUMPTIONS The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements; as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets, as well as the measurement of financial instruments at fair value, and the assets and liabilities related to employee benefits. Significant judgment is required by management to appropriately assess the amounts of these concepts. |
Foreign Currency Transactions and Translation of Foreign Currency Financial Statements | 2.4) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 20.2) until the disposal of the foreign net investment, at which time, the accumulated amount is recognized through the statement of operations as part of the gain or loss on disposal. The financial statements of foreign subsidiaries, as determined using their respective functional currency, are translated to U.S. dollars at the closing exchange rate for statement of financial position accounts and at the closing exchange rates of each month within the period for statements of operations accounts. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 20.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2019, 2018 and 2017, were as follows: 2019 2018 2017 Currency Closing Average Closing Average Closing Average Mexican peso 18.92 19.35 19.65 19.2583 19.65 18.8825 Euro 0.8917 0.8941 0.8727 0.8483 0.8331 0.8817 British Pound Sterling 0.7550 0.7831 0.7843 0.7521 0.7405 0.7707 Colombian Peso 3,277 3,300 3,250 2,972 2,984 2,958 Egyptian Pound 16.0431 16.7382 17.9559 17.8223 17.7308 17.7785 Philippine Peso 50.6350 51.5650 52.58 52.6925 49.9300 50.3817 |
Cash and Cash Equivalents | 2.5) CASH AND CASH EQUIVALENTS (note 8) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly-liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” To the extent that any restriction will be lifted in less than three months from the statement of financial position reporting date, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments, when applicable, comprised of deposits in margin accounts that guarantee certain of CEMEX’s obligations, except when contracts contain provisions for net settlement, in which case, these restricted amounts of cash and cash equivalents are offset against the liabilities that CEMEX has with its counterparties. When the restriction period is greater than three months, any restricted balance of cash and investments is not considered cash equivalents and is included within short-term or long-term “Other accounts receivable,” as appropriate. |
Financial Instruments | 2.6) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments The financial assets that 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, are classified as “Held to collect” and measured at amortized cost. Amortized cost represents the net present value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 2.5 and 8). • Trade receivables, other current accounts receivable and other current assets (notes 9 and 10). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 9 and 16.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 13.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 13.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 16.1 and 16.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 16.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the expected credit loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience over the last 24 months and analyses of future delinquency, that is applied to the balance of the accounts receivable. The average ECL rate increases in each segment of days past due until the rate is 100% for the segment of 365 days or more past due. Costs incurred in the issuance of debt or borrowings Direct costs incurred in debt issuances or borrowings, as well as debt refinancing or non-substantial Leases (notes 2.8, 14 and 16.2) As mentioned in note 2.1, CEMEX adopted IFRS 16 beginning January 1, 2019 using the full retrospective approach. At the inception of a lease contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an indentified asset for a period in exchange for consideration. CEMEX uses the definition of a lease in IFRS 16 to assess whether a contract conveys the right to control the use of an identified asset. Based on IFRS 16, leases are recognized as financial liabilities against assets for the right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is amortized using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Financial instruments with components of both liabilities and equity (note 16.2) Financial instruments that contain components of both liability and equity, such as notes convertible into a fixed number of the issuer’s shares and denominated its same functional currency, are accounted for by each component being recognized separately in the statement of financial position according to the specific characteristics of each transaction. In the case of instruments mandatorily convertible into shares of the issuer, the liability component represents the NPV of interest payments on the principal amount using a market interest rate, without assuming early conversion, and is recognized within “Other financial obligations,” whereas the equity component represents the difference between the principal amount and the liability component, and is recognized within “Other equity reserves”, net of commissions. In the case of instruments that are optionally convertible into a fixed number of shares, the equity component represents the difference between the total proceeds received for issuing the financial instruments and the fair value of the financial liability component (note 2.14). When the transaction is denominated in a currency different than the functional currency of the issuer, the conversion option is accounted for as a derivative financial instrument at fair value in the income statement. Hedging instruments (note 16.4) 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 16.5). 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 2.4), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedded derivatives. Identified embedded derivatives are analyzed to determine if they need to be separated from the host contract and recognized in the statement of financial position as assets or liabilities, applying the same valuation rules used for other derivative instruments. Put options granted for the purchase of non-controlling Under IFRS 9, represent agreements by means of which a non-controlling Fair value measurements (note 16.3) Under IFRS, fair value represents an “Exit Value” which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there are no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1.- represent quoted prices (unadjusted) in active markets for identical assets or liabilities that CEMEX has the ability to access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. • Level 2.- are inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 2 inputs included equity prices, certain interest rates and yield curves, implied volatility and credit spreads, among others, as well as inputs extrapolated from other observable inputs. In the absence of Level 1 inputs, CEMEX determined fair values by iteration of the applicable Level 2 inputs, the number of securities and/or the other relevant terms of the contract, as applicable. • Level 3.- inputs are unobservable inputs for the asset or liability. CEMEX used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples of Operative Ebitda, including risk assumptions consistent with what market participants would use to arrive at fair value. |
Inventories | 2.7) INVENTORIES (note 11) Inventories are valued using the lower of cost or net realizable value. The cost of inventories is based on weighted average cost formula and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. CEMEX analyzes its inventory balances to determine if, as a result of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value. In such cases, these adjustments are recognized against the results of the period. Advances to suppliers of inventory are presented as part of other current assets. |
Property, Machinery And Equipment And Assets For The Right-Of-Use | 2.8) PROPERTY, MACHINERY AND EQUIPMENT AND ASSETS FOR THE RIGHT-OF-USE Property, machinery and equipment are recognized at their acquisition or construction cost, as applicable, less accumulated depreciation and accumulated impairment losses. Depreciation of fixed assets is recognized as part of cost and operating expenses (note 5) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production Years Administrative buildings 31 Industrial buildings 31 Machinery and equipment in plant 17 Ready-mix 8 Office equipment and other assets 7 Assets for the right-of-use right-of-use right-of-use right-of-use right-of-use CEMEX capitalizes, as part of the related cost of fixed assets, interest expense from existing debt during the construction or installation period of significant fixed assets, considering CEMEX’s corporate average interest rate and the average balance of investments in process for the period. All waste removal costs or stripping costs incurred in the operative phase of a surface mine in order to access the mineral reserves are recognized as part of the carrying amount of the related quarries. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production Costs incurred in respect of operating fixed assets that result in future economic benefits, such as an extension in their useful lives, an increase in their production capacity or in safety, as well as those costs incurred to mitigate or prevent environmental damage, are capitalized as part of the carrying amount of the related assets. The capitalized costs are depreciated over the remaining useful lives of such fixed assets. Periodic maintenance of fixed assets is expensed as incurred. Advances to suppliers of fixed assets are presented as part of other long-term accounts receivable. |
Business Combinations, Goodwill And Other Intangible Assets | 2.9) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 4.1 and 15) Business combinations are recognized using the acquisition method, by allocating the consideration transferred to assume control of the entity to all assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date. Intangible assets acquired are identified and recognized at fair value. Any unallocated portion of the purchase price represents goodwill, which is not amortized and is subject to periodic impairment tests (note 2.10). Goodwill may be adjusted for any change to the preliminary assessment given to the assets acquired and/or liabilities assumed within the twelve-month period after purchase. Costs associated with the acquisition are expensed in the income statement as incurred. CEMEX capitalizes intangible assets acquired, as well as costs incurred in the development of intangible assets, when probable future economic benefits associated are identified and there is evidence of control over such benefits. Intangible assets are recognized at their acquisition or development cost, as applicable. Indefinite life intangible assets are not amortized since the period in which the benefits associated with such intangibles will terminate cannot be accurately established. Definite life intangible assets are amortized on a straight-line basis as part of operating costs and expenses (note 5). Startup costs are recognized in the income statement as they are incurred. Costs associated with research and development activities (“R&D activities”), performed by CEMEX to create products and services, as well as to develop processes, equipment and methods to optimize operational efficiency and reduce costs are recognized in the operating results as incurred. Direct costs incurred in the development stage of computer software for internal use are capitalized and amortized through the operating results over the useful life of the software, which on average is approximately 5 years. Costs incurred in exploration activities such as payments for rights to explore, topographical and geological studies, as well as trenching, among other items incurred to assess the technical and commercial feasibility of extracting a mineral resource, which are not significant to CEMEX, are capitalized when probable future economic benefits associated with such activities are identified. When extraction begins, these costs are amortized during the useful life of the quarry based on the estimated tons of material to be extracted. When future economic benefits are not achieved, any capitalized costs are subject to impairment. CEMEX’s extraction rights have a weighted-average useful lives of 83 years, depending on the sector and the expected life of the related reserves. As of December 31, 2019, except for extraction rights and/or as otherwise indicated, CEMEX’s intangible assets are amortized on a straight-line basis over their useful lives that range on average from 3 to 20 years. |
Impairment of Long-lived Assets | 2.10) IMPAIRMENT OF LONG-LIVED ASSETS (notes 14 and 15) Property, machinery and equipment, assets for the right-of-use, These assets are tested for impairment upon the occurrence of internal or external indicators of impairment, such as changes in CEMEX’s operating business model or in technology that affect the asset, or expectations of lower operating results, to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the income statement for the period within “Other expenses, net,” for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, as generally determined by an external appraiser, and the asset’s value in use, the latter represented by the NPV of estimated cash flows related to the use and eventual disposal of the asset. The main assumptions utilized to develop estimates of NPV are a discount rate that reflects the risk of the cash flows associated with the assets and the estimations of generation of future income. Those assumptions are evaluated for reasonableness by comparing such discount rates to available market information and by comparing to third-party expectations of industry growth, such as governmental agencies or industry chambers. When impairment indicators exist, for each intangible asset, CEMEX determines its projected revenue streams over the estimated useful life of the asset. To obtain discounted cash flows attributable to each intangible asset, such revenue is adjusted for operating expenses, changes in working capital and other expenditures, as applicable, and discounted to NPV using the risk adjusted discount rate of return. The most significant economic assumptions are: a) the useful life of the asset; b) the risk adjusted discount rate of return; c) royalty rates; and d) growth rates. Assumptions used for these cash flows are consistent with internal forecasts and industry practices. The fair values of these assets are significantly sensitive to changes in such relevant assumptions. Certain key assumptions are more subjective than others. In respect of trademarks, CEMEX considers that the most subjective key assumption is the royalty rate. In respect of extraction rights and customer relationships, the most subjective assumptions are revenue growth rates and estimated useful lives. CEMEX validates its assumptions through benchmarking with industry practices and the corroboration of third-party valuation advisors. Significant judgment by management is required to appropriately assess the fair values and values in use of the related assets, as well as to determine the appropriate valuation method and select the significant economic assumptions. Impairment of long-lived assets – 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. CEMEX determines the recoverable amount of the group of cash-generating units (“CGUs”) to which goodwill balances were allocated, which consists of the higher of such group of CGUs fair value less cost to sell and its value in use, the latter represented by the NPV of estimated future cash flows to be generated by such CGUs to which goodwill was allocated, which are generally determined over periods of 5 years. However, in specific circumstances, when CEMEX considers that actual results for a CGU do not fairly reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement in the mid-term The reportable segments reported by CEMEX (note 4.4), represent CEMEX’s groups of CGUs to which goodwill has been allocated for purposes of testing goodwill for impairment, considering: a) that after the acquisition, goodwill was allocated at the level of the reportable segment; b) that the operating components that comprise the reported segment have similar economic characteristics; c) that the reported segments are used by CEMEX to organize and evaluate its activities in its internal information system; d) the homogeneous nature of the items produced and traded in each operative component, which are all used by the construction industry; e) the vertical integration in the value chain of the products comprising each component; f) the type of clients, which are substantially similar in all components; g) the operative integration among components; and h) that the compensation system of a specific country is based on the consolidated results of the geographic segment and not on the particular results of the components. In addition, the country level represents the lowest level within CEMEX at which goodwill is monitored for internal management purposes. Impairment tests are significantly sensitive to the estimation of future prices of CEMEX’s products, the development of operating expenses, local and international economic trends in the construction industry, the long-term growth expectations in the different markets, as well as the discount rates and the growth rates in perpetuity applied. For purposes of estimating future prices, CEMEX uses, to the extent available, historical data; plus the expected increase or decrease according to information issued by trusted external sources, such as national construction or cement producer chambers and/or in governmental economic expectations. Operating expenses are normally measured as a constant proportion of revenues, following experience. However, such operating expenses are also reviewed considering external information sources in respect of inputs that behave according to international prices, such as oil and gas. CEMEX uses specific pre-tax pre-tax |
Provisions | 2.11) PROVISIONS CEMEX recognizes provisions when it has a legal or constructive obligation resulting from past events, whose resolution would require cash outflows, or the delivery of other resources owned by the Company. As of December 31, 2019 and 2018, some significant proceedings that gave rise to a portion of the carrying amount of CEMEX’s other current and non-current Considering guidance under IFRS, CEMEX recognizes provisions for levies imposed by governments when the obligating event or the activity that triggers the payment of the levy has occurred, as defined in the legislation. Restructuring CEMEX recognizes provisions for restructuring when the restructuring detailed plans have been properly finalized and authorized by management and have been communicated to the third parties involved and/or affected by the restructuring prior to the statement of financial position’s date. These provisions may include costs not associated with CEMEX’s ongoing activities. Asset retirement obligations (note 17) Unavoidable obligations, legal or constructive, to restore operating sites upon retirement of long-lived assets at the end of their useful lives are measured at the NPV of estimated future cash flows to be incurred in the restoration process and are initially recognized against the related assets’ book value. The increase to the assets’ book value is depreciated during its remaining useful life. The increase in the liability related to adjustments to NPV by the passage of time is charged to the line item “Financial income and other items, net.” Adjustments to the liability for changes in estimations are recognized against fixed assets, and depreciation is modified prospectively. These obligations are related mainly to future costs of demolition, cleaning and reforestation, so that quarries, maritime terminals and other production sites are left in acceptable condition at the end of their operation. Costs related to remediation of the environment (notes 17 and 24) Provisions associated with environmental damage represent the estimated future cost of remediation, which are recognized at their nominal value when the time schedule for the disbursement is not clear, or when the economic effect for the passage of time is not significant; otherwise, such provisions are recognized at their discounted values. Reimbursements from insurance companies are recognized as assets only when their recovery is practically certain. In that case, such reimbursement assets are not offset against the provision for remediation costs. Contingencies and commitments (notes 23 and 24) Obligations or losses related to contingencies are recognized as liabilities in the statement of financial position only when present obligations exist resulting from past events that are probable to result in an outflow of resources and the amount can be measured reliably. Otherwise, a qualitative disclosure is included in the notes to the financial statements. The effects of long-term commitments established with third parties, such as supply contracts with suppliers or customers, are recognized in the financial statements on an incurred or accrued basis, after taking into consideration the substance of the agreements. Relevant commitments are disclosed in the notes to the financial statements. The Company recognizes contingent revenues, income or assets only when their realization is virtually certain. |
Pensions and Other Post-Employment Benefits | 2.12) PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS (note 18) Defined contribution pension plans The costs of defined contribution pension plans are recognized in the operating results as they are incurred. Liabilities arising from such plans are settled through cash transfers to the employees’ retirement accounts, without generating future obligations. Defined benefit pension plans and other post-employment benefits The costs associated with employees’ benefits for defined benefit pension plans and other post-employment benefits, generally comprised of health care benefits, life insurance and seniority premiums, granted by CEMEX and/or pursuant to applicable law, are recognized as services are rendered by the employees based on actuarial estimations of the benefits’ present value considering the advice of external actuaries. For certain pension plans, CEMEX has created irrevocable trust funds to cover future benefit payments (“plan assets”). These plan assets are valued at their estimated fair value at the statement of financial position date. The actuarial assumptions and accounting policy consider: a) the use of nominal rates; b) a single rate is used for the determination of the expected return on plan assets and the discount of the benefits obligation to present value; c) a net interest is recognized on the net defined benefit liability (liability minus plan assets); and d) all actuarial gains and losses for the period, related to differences between the projected and real actuarial assumptions at the end of the period, as well as the difference between the expected and real return on plan assets, are recognized as part of “Other items of comprehensive income, net” within stockholders’ equity. The service cost, corresponding to the increase in the obligation for additional benefits earned by employees during the period, is recognized within operating costs and expenses. The net interest cost, resulting from the increase in obligations for changes in NPV and the change during the period in the estimated fair value of plan assets, is recognized within “Financial income and other items, net.” The effects from modifications to the pension plans that affect the cost of past services are recognized within operating costs and expenses over the period in which such modifications become effective to the employees or without delay if changes are effective immediately. Likewise, the effects from curtailments and/or settlements of obligations occurring during the period, associated with events that significantly reduce the cost of future services and/or reduce significantly the population subject to pension benefits, respectively, are recognized within operating costs and expenses. Termination benefits Termination benefits, not associated with a restructuring event, which mainly represent severance payments by law, are recognized in the operating results for the period in which they are incurred. |
Income Taxes | 2.13) INCOME TAXES (note 19) The effects reflected in the income statement for income taxes include the amounts incurred during the period and the amounts of deferred income taxes, determined according to the income tax law applicable to each subsidiary, reflecting uncertainty in income tax treatments, if any. Consolidated deferred income taxes represent the addition of the amounts determined in each subsidiary by applying the enacted statutory income tax rate to the total temporary differences resulting from comparing the book and taxable values of assets and liabilities, considering tax assets such as loss carryforwards and other recoverable taxes, to the extent that it is probable that future taxable profits will be available against which they can be utilized. The measurement of deferred income taxes at the reporting period reflects the tax consequences that follow the way in which CEMEX expects to recover or settle the carrying amount of its assets and liabilities. Deferred income taxes for the period represent the difference between balances of deferred income taxes at the beginning and the end of the period. Deferred income tax assets and liabilities relating to different tax jurisdictions are not offset. According to IFRS, all items charged or credited directly in stockholders’ equity or as part of other comprehensive income or loss for the period are recognized net of their current and deferred income tax effects. The effect of a change in enacted statutory tax rates is recognized in the period in which the change is officially enacted. Deferred tax assets are reviewed at each reporting date and are reduced when it is not deemed probable that the related tax benefit will be realized, considering the aggregate amount of self-determined tax loss carryforwards that CEMEX believes will not be rejected by the tax authorities based on available evidence and the likelihood of recovering them prior to their expiration through an analysis of estimated future taxable income. If it is probable that the tax authorities would reject a self-determined deferred tax asset, CEMEX would decrease such asset. When it is considered that a deferred tax asset will not be recovered before its expiration, CEMEX would not recognize such deferred tax asset. Both situations would result in additional income tax expense for the period in which such determination is made. In order to determine whether it is probable that deferred tax assets will ultimately be recovered, CEMEX takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, expansion plans, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, tax planning strategies, future reversals of existing temporary differences. Likewise, CEMEX analyzes its actual results versus the Company’s estimates, and adjusts, as necessary, its tax asset valuations. If actual results vary from CEMEX’s estimates, the deferred tax asset and/or valuations may be affected, and necessary adjustments will be made based on relevant information in CEMEX’s income statement for such period. Based on IFRIC 23, Uncertainty over income tax treatments The effective income tax rate is determined dividing the line item “Income Tax” by the line item “Earnings before income tax.” This effective tax rate is further reconciled to CEMEX’s statutory tax rate applicable in Mexico (note 19.3). A significant effect in CEMEX’s effective tax rate and consequently in the reconciliation of CEMEX’s effective tax rate, relates to the difference between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. For the years ended December 31, 2019, 2018 and 2017, the statutory tax rates in CEMEX’s main operations were as follows: Country 2019 2018 2017 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 35.0% United Kingdom 19.3% 19.3% 19.3% France 34.4% 34.4% 34.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 30.0% 30.0% 30.0% Colombia 33.0% 37.0% 40.0% Egypt 22.5% 22.5% 22.5% Others 7.8% – 35.0% 7.8% – 39.0% 7.8% – 39.0% CEMEX’s current and deferred income tax amounts included in the income statement for the period are highly variable, and are subject, among other factors, to taxable income determined in each jurisdiction in which CEMEX operates. Such amounts of taxable income depend on factors such as sale volumes and prices, costs and expenses, exchange rate fluctuations and interest on debt, among others, as well as to the estimated tax assets at the end of the period due to the expected future generation of taxable gains in each jurisdiction. |
Stockholders' Equity | 2.14) STOCKHOLDERS’ EQUITY Common stock and additional paid-in These items represent the value of stockholders’ contributions, and include increases related to the capitalization of retained earnings and the recognition of executive compensation programs in CEMEX, S.A.B. de C.V.’s CPOs as well as decreases associated with the restitution of retained earnings. Other equity reserves (note 20.2) Groups the cumulative effects of items and transactions that are, temporarily or permanently, recognized directly to stockholders’ equity, and includes the comprehensive income, which reflects certain changes in stockholders’ equity that do not result from investments by owners and distributions to owners. The most significant items within “Other equity reserves” during the reported periods are as follows: Items of “Other equity reserves” included within other comprehensive income: • Currency translation effects from the translation of foreign subsidiaries, net of: a) exchange results from foreign currency debt directly related to the acquisition of foreign subsidiaries; and b) exchange results from foreign currency related parties’ balances that are of a non-current • The effective portion of the valuation and liquidation effects from derivative financial instruments under cash flow hedging relationships, which are recorded temporarily in stockholders’ equity (note 2.6); • Changes in fair value of other investments in strategic securities (note 2.6); and • Current and deferred income taxes during the period arising from items whose effects are directly recognized in stockholders’ equity. Items of “Other equity reserves” not included in comprehensive income: • Effects related to controlling stockholders’ equity for changes or transactions affecting non-controlling • Effects attributable to controlling stockholders’ equity for financial instruments issued by consolidated subsidiaries that qualify for accounting purposes as equity instruments, such as the interest expense paid on perpetual debentures; • The equity component of securities which are mandatorily or optionally convertible into shares of the Parent Company (notes 2.6 and 16.2). Upon conversion, this amount will be reclassified to common stock and additional paid-in • The cancellation of the Parent Company’s shares held by consolidated entities. Retained earnings (note 20.3) Retained earnings represent the cumulative net results of prior years, net of: a) dividends declared; b) capitalization of retained earnings; c) restitution of retained earnings when applicable; and d) cumulative effects from adoption of new IFRS. Non-controlling This caption includes the share of non-controlling |
Revenue Recognition | 2.15) REVENUE RECOGNITION (note 3) Revenue is recognized at a point in time or over time in the amount of the price, before tax on sales, expected to be received by CEMEX’s subsidiaries for goods and services supplied as a result of their ordinary activities, as contractual performance obligations are fulfilled, and control of goods and services passes to the customer. Revenues are decreased by any trade discounts or volume rebates granted to customers. Transactions between related parties are eliminated in consolidation. Variable consideration is recognized when it is highly probable that a significant reversal in the amount of cumulative revenue recognized for the contract will not occur and is measured using the expected value or the most likely amount method, whichever is expected to better predict the amount based on the terms and conditions of the contract. Revenue and costs from trading activities, in which CEMEX acquires finished goods from a third party and subsequently sells the goods to another third-party, are recognized on a gross basis, considering that CEMEX assumes ownership risks on the goods purchased, not acting as agent or broker. When revenue is earned over time as contractual performance obligations are satisfied, which is the case of construction contracts, CEMEX apply the stage of completion method to measure revenue, which represents: a) the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs; b) the surveys of work performed; or c) the physical proportion of the contract work completed ; Progress payments and advances received from customers do not reflect the work performed and are recognized as short-term or long-term advanced payments, as appropriate. |
Cost of Sales and Operating Expenses | 2.16) COST OF SALES AND OPERATING EXPENSES (note 5) Cost of sales represents the production cost of inventories at the moment of sale. Such cost of sales includes depreciation, amortization and depletion of assets involved in production, expenses related to storage in production plants and freight expenses of raw material in plants and delivery expenses of CEMEX’s ready-mix Administrative expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, related to managerial activities and back office for the Company’s management. Sales expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, involved specifically in sales activities. Distribution and logistics expenses refer to expenses of storage at points of sales, including depreciation and amortization, as well as freight expenses of finished products between plants and points of sale and freight expenses between points of sales and the customers’ facilities. |
Executive Share-Based Compensation | 2.17) EXECUTIVE SHARE-BASED COMPENSATION (note 21) Share-based payments to executives are defined as equity instruments when services received from employees are settled by delivering shares of the Parent Company and/or a subsidiary; or as liability instruments when CEMEX commits to make cash payments to the executives on the exercise date of the awards based on changes in the Parent Company and/or subsidiary’s own stock (intrinsic value). The cost of equity instruments represents their estimated fair value at the date of grant and is recognized in the income statement during the period in which the exercise rights of the employees become vested. In respect of liability instruments, these instruments are valued at their estimated fair value at each reporting date, recognizing the changes in fair value through the operating results. |
Emission Rights | 2.18) EMISSION RIGHTS In certain countries where CEMEX operates, such as EU countries, mechanisms aimed at reducing carbon dioxide emissions (“CO 2 2 2 2 2 2 CEMEX does not maintain emission rights, CERs and/or enter into forward transactions with trading purposes. CEMEX accounts for the effects associated with CO 2 • Certificates received for free are not recognized in the statement of financial position. Revenues from the sale of any surplus of certificates are recognized by decreasing cost of sales. In forward sale transactions, revenues are recognized upon physical delivery of the emission certificates. • Certificates and/or CERs acquired to hedge current CO 2 • CEMEX accrues a provision against cost of sales when the estimated annual emissions of CO 2 • CERs received from the UNFCCC are recognized as intangible assets at their development cost, which are attributable mainly to legal expenses incurred in the process of obtaining such CERs. During 2019, 2018 and 2017, there were no sales of emission rights to third parties. In addition, in certain countries, the environmental authorities impose levies per ton of CO 2 |
Concentration of Credit | 2.19) CONCENTRATION OF CREDIT CEMEX sells its products primarily to distributors in the construction industry, with no specific geographic concentration within the countries in which CEMEX operates. As of and for the years ended December 31, 2019, 2018 and 2017, no single customer individually accounted for a significant amount of the reported amounts of sales or in the balances of trade receivables. In addition, there is no significant concentration of a specific supplier relating to the purchase of raw materials. |
Newly Issued IFRS Not Yet Adopted | 2.20) NEWLY ISSUED IFRS NOT YET ADOPTED There are several amendments or new IFRS issued but not yet effective which are under analysis and the Company’s management expects to adopt in their specific effective dates considering preliminarily without any significant effect in the Company’s financial position or operating results, and which are summarized as follows: Standard Main topic Effective date Amendments to IFRS 10, Consolidated financial statements Clarify the recognition of gains or losses in the Parent’s financial statements for the sale or contribution of assets between an investor and its associate or joint venture Has yet to be set Amendments to IFRS 3, Business Combination The amended definition of a business requires an acquisition to include an input and a substantive process that together significantly contribute to the ability to create outputs. The definition of the term ‘outputs’ is amended to focus on goods and services provided to customers, generating investment income and other income, and it excludes returns in the form of lower costs and other economic benefits. The amendments will likely result in more acquisitions being accounted for as asset acquisitions. January 1, 2020 Amendments to IAS 1, Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The amendments use a consistent definition of materiality throughout International Financial Reporting Standards and the Conceptual Framework for Financial Reporting, clarify when information is material and incorporate some of the guidance in IAS 1 about immaterial information. January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform The amendments respond to the effects of Interbank Offered Rates (IBOR) reform on financial reporting and provide temporary reliefs to continue hedge accounting during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate. January 1, 2020 IFRS 17, Insurance contracts The new Standard establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4, Insurance contracts January 1, 2021 |
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Significant Accounting Policies (Tables) | 12 Months Ended |
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Summary of Presentation Of Opening Balancesheet of IFRS 16 Explanatory | The effects of IFRS 16 in the Company’s opening balance sheet as of January 1, 2017 were as follows: Condensed Consolidated Statement of Financial Position As of January 1, 2017 Original IFRS 16 adoption As of January 1, 2017 Re-presented Total current assets $ 4,273 — 4,273 Property, machinery and equipment, net and assets for the right-of-use, 11,107 851 11,958 Deferred income tax assets 751 23 774 Other items of non-current 12,813 — 12,813 Total non-current 24,671 874 25,545 TOTAL ASSETS $ 28,944 874 29,818 Short-term other financial obligations $ 562 163 725 Other items of current liabilities 3,571 — 3,571 Total current liabilities 4,133 163 4,296 Long-term other financial obligations 1,253 815 2,068 Deferred income tax liabilities 946 — 946 Other items of non-current 13,118 — 13,118 Total non-current 15,317 815 16,132 TOTAL LIABILITIES 19,450 978 20,428 Retained earnings 1 933 (104 ) 829 Other items of controlling interest 7,002 — 7,002 Total controlling interest 7,935 (104 ) 7,831 Non-controlling 1,559 — 1,559 TOTAL STOCKHOLDERS’ EQUITY 9,494 (104 ) 9,390 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,944 874 29,818 1 The initial effect refers to a temporary difference between the straight-line amortization expense of the right-of-use Moreover, resulting from the adoption of IFRS 16, CEMEX re-presented Condensed Consolidated Statement of Financial Position As of December 31, 2018 Original IFRS 16 As of December 31, 2018 Re-presented Total current assets $ 3,421 — 3,421 Property, machinery and equipment, net and assets for the right-of-use, 11,423 1,031 12,454 Deferred income tax assets 592 26 618 Other items of non-current 12,688 — 12,688 Total non-current 24,703 1,057 25,760 TOTAL ASSETS $ 28,124 1,057 29,181 Short-term other financial obligations $ 648 207 855 Other items of current liabilities 3,940 — 3,940 Total current liabilities 4,588 207 4,795 Long-term other financial obligations 612 980 1,592 Deferred income tax liabilities 758 (10 ) 748 Other items of non-current 10,993 — 10,993 Total non-current 12,363 970 13,333 TOTAL LIABILITIES 16,951 1,177 18,128 Retained earnings 1,742 (120 ) 1,622 Other items of controlling interest 7,859 — 7,859 Total controlling interest 9,601 (120 ) 9,481 Non-controlling 1,572 — 1,572 TOTAL STOCKHOLDERS’ EQUITY 11,173 (120 ) 11,053 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,124 1,057 29,181 |
Summary of Detailed Information About In IFRS 16 of Income Statement And Cash Flows | In addition, resulting from the adoption of IFRS 16, CEMEX re-presented For the years ended December 31, Condensed C I S 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented Revenues $ 13,531 — 13,531 12,926 — 12,926 Cost of sales (8,883 ) 34 (8,849 ) (8,397 ) 32 (8,365 ) Operating expenses (3,003 ) 24 (2,979 ) (2,846 ) 20 (2,826 ) Other expenses, net (296 ) — (296 ) (205 ) — (205 ) Financial expense (653 ) (69 ) (722 ) (1,023 ) (63 ) (1,086 ) Financial income and other items, net 35 (3 ) 32 219 (2 ) 217 Earnings before income tax 731 (14 ) 717 674 (13 ) 661 Income tax (226 ) 2 (224 ) (10 ) (6 ) (16 ) Net income from continuing operations 505 (12 ) 493 664 (19 ) 645 Discontinued operations 77 — 77 222 — 222 CONSOLIDATED NET INCOME 582 (12 ) 570 886 (19 ) 867 Non-controlling 42 — 42 75 — 75 CONTROLLING INTEREST NET INCOME $ 540 (12 ) 528 811 (19 ) 792 For the years ended December 31, Condensed C S C F 2018 IFRS 16 2018 Re-presented 2017 IFRS 16 2017 Re-presented OPERATING ACTIVITIES Net income from continuing operations $ 513 (20 ) 493 673 (28 ) 645 Non-cash Depreciation and amortization of assets 763 219 982 787 176 963 Other non-cash 896 67 963 759 61 820 Changes in working capital, excluding income taxes (55 ) — (55 ) 431 — 431 Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes 2,117 266 2,383 2,650 209 2,859 Interest on debt and coupons on perpetual debentures paid (672 ) (69 ) (741 ) (836 ) (63 ) (899 ) Income taxes paid (208 ) 1 (207 ) (240 ) (6 ) (246 ) Operating cash flows from continuing operations 1,237 198 1,435 1,574 140 1,714 Operating cash flows from discontinued operations 132 — 132 131 — 131 Net cash flows provided by operating activities 1,369 198 1,567 1,705 140 1,845 INVESTING ACTIVITIES Property, machinery and equipment and assets for the right-of-use, (601 ) — (601 ) (567 ) — (567 ) Other items of investing activities (214 ) — (214 ) 1,120 — 1,120 Net cash flows provided by (used in) investing activities (815 ) — (815 ) 553 — 553 FINANCING ACTIVITIES Other financial obligations, net (388 ) (190 ) (578 ) (78 ) (112 ) (190 ) Other items of financing activities (585 ) — (585 ) (2,200 ) — (2,200 ) Net cash flows used in financing activities (973 ) (190 ) (1,163 ) (2,278 ) (112 ) (2,390 ) Decrease in cash and cash equivalents from continuing operations (551 ) 8 (543 ) (151 ) 28 (123 ) Increase in cash and cash equivalents from discontinued operations 132 — 132 131 — 131 Foreign currency translation effect on cash 29 (8 ) 21 158 (28 ) 130 Cash and cash equivalents at beginning of period 699 — 699 561 — 561 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 309 — 309 699 — 699 |
Summary of Foreign Exchange Rates | The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2019, 2018 and 2017, were as follows: 2019 2018 2017 Currency Closing Average Closing Average Closing Average Mexican peso 18.92 19.35 19.65 19.2583 19.65 18.8825 Euro 0.8917 0.8941 0.8727 0.8483 0.8331 0.8817 British Pound Sterling 0.7550 0.7831 0.7843 0.7521 0.7405 0.7707 Colombian Peso 3,277 3,300 3,250 2,972 2,984 2,958 Egyptian Pound 16.0431 16.7382 17.9559 17.8223 17.7308 17.7785 Philippine Peso 50.6350 51.5650 52.58 52.6925 49.9300 50.3817 |
Summary of Maximum Average Useful Lives of Fixed Assets | As of December 31, 2019, the average useful lives by category of fixed assets, which are reviewed at each reporting date and adjusted if appropriate, were as follows: Years Administrative buildings 31 Industrial buildings 31 Machinery and equipment in plant 17 Ready-mix 8 Office equipment and other assets 7 |
Summary of Statutory Tax Rates | For the years ended December 31, 2019, 2018 and 2017, the statutory tax rates in CEMEX’s main operations were as follows: Country 2019 2018 2017 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 35.0% United Kingdom 19.3% 19.3% 19.3% France 34.4% 34.4% 34.4% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 30.0% 30.0% 30.0% Colombia 33.0% 37.0% 40.0% Egypt 22.5% 22.5% 22.5% Others 7.8% – 35.0% 7.8% – 39.0% 7.8% – 39.0% |
Revenue and Construction Cont_2
Revenue and Construction Contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation | For the years ended December 31, 2019, 2018 and 2017, revenue is as follows: 2019 2018 2017 From the sale of goods associated to CEMEX’s main activities 1 $ 12,605 13,018 12,387 From the sale of services 2 147 159 176 From the sale of other goods and services 3 378 354 363 $ 13,130 13,531 12,926 1 Includes in each period revenue generated under construction contracts that are presented in the table below. 2 Refers mainly to revenue generated by Neoris N.V. and its subsidiaries, involved in providing information technology solutions and services. 3 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. |
Disclosure of recognised revenue from construction contracts | For 2019, 2018 and 2017, revenues and costs related to construction contracts in progress were as follows: Accrued 1 2019 2018 2017 Revenue from construction contracts included in consolidated revenues 2 $ 114 79 72 89 Costs incurred in construction contracts included in consolidated cost of sales 3 (115 ) (79 ) (68 ) (102 ) Construction contracts gross operating profit (loss) $ (1 ) — 4 (13 ) 1 Revenues and costs recognized from inception of the contracts until December 31, 2019 in connection with those projects still in progress. 2 Revenues from construction contracts during 2019, 2018 and 2017, were mainly obtained in Mexico and Colombia. 3 Refers to actual costs incurred during the periods. |
Summary of Changes in the Balance of Contract Liabilities with Customers | For the years ended December 31, 2019, 2018 and 2017 changes in the balance of contract liabilities with customers are as follows: 2019 2018 2017 Opening balance of contract liabilities with customers $ 234 237 196 Increase during the period for new transactions 1,931 1,763 3,147 Decrease during the period for exercise or expiration of incentives (1,946 ) (1,762 ) (3,126 ) Currency translation effects 6 (4 ) 20 Closing balance of contract liabilities with customers $ 225 234 237 |
Business Combinations, Discon_2
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [line items] | |
Summary of Purchase Price Allocation | As of December 31, 2019, the following table presents condensed combined information of the statement of financial position for the assets held for sale in the United Kin g 2019 Current assets $ 41 Non-current 751 Total assets of the disposal group 792 Current liabilities 8 Non-current 29 Total liabilities directly related to disposal group 37 Total net assets of disposal group $ 755 |
Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations | the following table presents condensed combined information of the income statements of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the years ended December 31, 2019, 2018 and 2017; b) the United States related to Kosmos for the years ended December 31, 2019, 2018 and 2017; c) France for the period from January 1 to June 28, 2019 and for the years ended December 31, 2018 and 2017; d) Germany for the period from January 1 to May 31, 2019 and for the years ended December 31, 2018 and 2017; e) the Baltics and Nordics for the period from January 1 to March 29, 2019 and for the years ended December 31, 2018 and 2017; f) Spain for the years ended December 31, 2019, 2018 and 2017; g) Brazil for the period from January 1 to September 27, 2018 and for the year ended December 31, 2017; h) the Pacific Northwest Materials Business in the United States for the six-months one-month 2019 2018 2017 Revenues $ 572 868 873 Cost of sales and operating expenses (534 ) (792 ) (811 ) Other income (expenses), net 1 (1 ) — Financial expenses, net and others — (2 ) (3 ) Earnings before income tax 39 73 59 Income tax (6 ) (7 ) (6 ) Result of discontinued operations 33 66 53 Net disposal result 55 11 169 Net result of discontinued operations $ 88 77 222 |
Summary of Combined Statement of Operations Information of the Net Assets Sold | For the year 2017, selected combined income statement information of the net assets sold to Eagle Materials until their disposal, was as follows: 2017 Net sales $ 86 Operating costs and expenses (71 ) Operating earnings (losses) before other expenses, net $ 15 |
Summary of Consolidating Income Statements by Reportable Segment | Selected information of the consolidated income statements by reportable segment for the years 2019, 2018 and 2017, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 13.1, was as follows: 2019 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,897 (105 ) 2,792 969 159 810 (48 ) (36 ) (1 ) United States 3,780 — 3,780 629 392 237 (22 ) (64 ) (13 ) Europe United Kingdom 749 — 749 119 69 50 (2 ) (11 ) (17 ) France 869 — 869 94 48 46 (4 ) (11 ) — Germany 439 (25 ) 414 65 28 37 3 (3 ) (4 ) Spain 319 (25 ) 294 16 34 (18 ) (8 ) (2 ) 2 Rest of Europe 672 (14 ) 658 122 49 73 (1 ) (5 ) (4 ) SCA&C Colombia 1 504 — 504 90 29 61 (21 ) (4 ) (3 ) Panama 1 181 (2 ) 179 48 17 31 (9 ) (1 ) — Caribbean TCL 2 248 (8 ) 240 56 23 33 (2 ) (6 ) (4 ) Dominican Republic 245 (17 ) 228 84 9 75 (1 ) — — Rest of SCA&C 1 511 (17 ) 494 107 20 87 (60 ) (3 ) (6 ) AMEA Philippines 3 458 — 458 117 38 79 1 6 4 Israel 660 — 660 89 23 66 — (2 ) 1 Rest of AMEA 286 — 286 10 22 (12 ) (6 ) (2 ) 30 Others 1,104 (579 ) 525 (237 ) 85 (322 ) (167 ) (567 ) (56 ) Continuing operations 13,922 (792 ) 13,130 2,378 1,045 1,333 (347 ) (711 ) (71 ) Discontinued operations 572 — 572 89 51 38 1 — — Total $ 14,494 (792 ) 13,702 2,467 1,096 1,371 (346 ) (711 ) (71 ) 2018 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexic o $ 3,302 (91 ) 3,211 1,217 148 1,069 (33 ) (32 ) (3 ) United States 3,614 — 3,614 686 369 317 (18 ) (53 ) (11 ) Europe United Kingdom 773 — 773 117 67 50 (7 ) (12 ) (22 ) France 895 — 895 91 50 41 (47 ) (13 ) — Germany 429 (75 ) 354 37 28 9 (8 ) (3 ) (4 ) Spain 334 (47 ) 287 13 33 (20 ) (16 ) (3 ) 3 Rest of Europe 733 (51 ) 682 113 50 63 (3 ) (4 ) (2 ) SCA&C Colombia 1 524 — 524 97 29 68 6 (7 ) (22 ) Panam 1 222 — 222 66 17 49 (3 ) (1 ) — Caribbean TCL 2 254 (5 ) 249 58 19 39 (15 ) (3 ) (2 ) Dominican Republic 218 (16 ) 202 61 10 51 (1 ) (1 ) 2 Rest of SCA&C 1 590 (20 ) 570 133 21 112 (7 ) (3 ) 14 AMEA Philippines 3 448 — 448 93 36 57 (3 ) (2 ) (4 ) Israel 630 — 630 87 21 66 — (3 ) (1 ) Rest of AMEA 357 — 357 44 22 22 (9 ) (2 ) (3 ) Others 1,247 (734 ) 513 (228 ) 62 (290 ) (132 ) (580 ) 53 Continuing operations 14,570 (1,039 ) 13,531 2,685 982 1,703 (296 ) (722 ) (2 ) Discontinued operations 868 — 868 147 71 76 (1 ) (2 ) — Total $ 15,438 (1,039 ) 14,399 2,832 1,053 1,779 (297 ) (724 ) (2 ) 2017 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,104 (58 ) 3,046 1,188 147 1,041 (61 ) (28 ) (28 ) United States 3,320 — 3,320 603 379 224 (39 ) (59 ) (9 ) Europe United Kingdom 841 — 841 153 66 87 23 (13 ) (21 ) France 805 — 805 68 45 23 (7 ) (12 ) 1 Germany 412 (71 ) 341 40 26 14 (1 ) (3 ) (3 ) Spain 306 (52 ) 254 14 33 (19 ) (38 ) (3 ) 1 Rest of Europe 616 (19 ) 597 63 52 11 (14 ) (7 ) 4 SCA&C Colombia 1 566 — 566 113 27 86 (49 ) (7 ) (2 ) Panama 1 266 — 266 108 19 89 (2 ) (1 ) — Caribbean TCL 2 232 (3 ) 229 57 32 25 (10 ) (12 ) (2 ) Dominican Republic 207 (18 ) 189 57 10 47 (1 ) (1 ) — Rest of SCA&C 1 605 (33 ) 572 144 21 123 (5 ) (4 ) — AMEA — Philippines 3 440 — 440 82 35 47 (5 ) (3 ) (1 ) Israel 603 — 603 84 20 64 (1 ) (2 ) 1 Rest of AMEA 318 — 318 53 21 32 (11 ) (4 ) 26 Others 1,090 (551 ) 539 (129 ) 30 (159 ) 16 (927 ) 217 Continuing operations 13,731 (805 ) 12,926 2,698 963 1,735 (205 ) (1,086 ) 184 Discontinued operations 873 — 873 125 63 62 — (3 ) — Total $ 14,604 (805 ) 13,799 2,823 1,026 1,797 (205 ) (1,089 ) 184 1 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador. At year end 2019 and 2018, there is a non-controlling 2 As mentioned in note 4.1, in February 2017, CEMEX’s acquired a controlling interest in TCL, whose shares trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2019 and 2018, there is a non-controlling 3 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, 2019 and 2018, there is a non-controlling |
Summary of Balance sheet Information by Reportable Segment | Debt by reportable segment is included in note 16.1. As of December 31, 2019 and 2018, selected statement of financial position information by reportable segment was as follows: 2019 Equity accounted investees Other segment assets Total assets Total liabilities Net assets by segment Additions to fixed assets 1 Mexico $ — 3,910 3,910 1,443 2,467 199 United States 143 13,755 13,898 2,440 11,458 398 Europe United Kingdom 6 1,556 1,562 1,225 337 67 France 50 928 978 460 518 38 Germany 4 397 401 353 48 25 Spain — 1,190 1,190 185 1,005 34 Rest of Europe 11 745 756 304 452 52 SCA&C Colombia — 1,187 1,187 428 759 25 Panama — 337 337 105 232 10 Caribbean TCL — 542 542 236 306 21 Dominican Republic — 193 193 66 127 8 Rest of SCA&C — 381 381 164 217 18 AMEA Philippines — 689 689 141 548 84 Israel — 611 611 429 182 33 Rest of AMEA — 423 423 131 292 13 Others 267 1,199 1,466 10,392 (8,926 ) 8 Total 481 28,043 28,524 18,502 10,022 1,033 Assets held for sale and related liabilities (note 12.1) — 839 839 37 802 — Total consolidated $ 481 28,882 29,363 18,539 10,824 1,033 2018 Equity Other segment assets Total assets Total liabilities Net assets by segment Additions to fixed assets 1 Mexico $ — 3,630 3,630 1,442 2,188 168 United States 126 14,080 14,206 2,277 11,929 405 Europe United Kingdom 6 1,779 1,785 1,107 678 61 France 47 938 985 512 473 44 Germany 4 460 464 377 87 27 Spain — 1,301 1,301 171 1,130 27 Rest of Europe 8 1,110 1,118 359 759 54 SCA&C Colombia — 1,249 1,249 444 805 22 Panama — 368 368 65 303 12 Caribbean TCL — 574 574 215 359 29 Dominican Republic — 206 206 64 142 8 Rest of SCA&C — 457 457 176 281 14 AMEA Philippines — 644 644 184 460 36 Israel — 507 507 367 140 27 Rest of AMEA — 438 438 145 293 15 Others 293 849 1,142 10,207 (9,065 ) 15 Total 484 28,590 29,074 18,112 10,962 964 Assets held for sale and related liabilities (note 12.1) — 107 107 16 91 — Total consolidated $ 484 28,697 29,181 18,128 11,053 964 1 In 2019 and 2018, the column “Additions to fixed assets” includes capital expenditures, which comprises acquisitions of property, machinery and equipment as well as additions of assets for the right-of-use, |
Summary of Revenues by Line of Business and Reportable Segment | Revenues by line of business and reportable segment for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,009 798 196 445 (656 ) 2,792 United States 1,608 2,189 917 332 (1,266 ) 3,780 Europe United Kingdom 227 310 290 246 (324 ) 749 France — 720 355 4 (210 ) 869 Germany 192 184 62 43 (67 ) 414 Spain 228 86 23 18 (61 ) 294 Rest of Europe 396 284 88 23 (133 ) 658 SCA&C Colombia 363 176 53 51 (139 ) 504 Panama 141 49 15 12 (38 ) 179 Caribbean TCL 241 9 5 9 (24 ) 240 Dominican Republic 194 27 8 25 (26 ) 228 Rest of SCA&C 448 48 11 18 (31 ) 494 AMEA Philippines 457 — — 2 (1 ) 458 Israel — 554 166 78 (138 ) 660 Rest of AMEA 213 94 1 5 (27 ) 286 Others — — — 1,107 (582 ) 525 Continuing operations 6,717 5,528 2,190 2,418 (3,723 ) 13,130 Discontinued operations 229 110 154 85 (6 ) 572 Total $ 6,946 5,638 2,344 2,503 (3,729 ) 13,702 2018 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,302 898 210 642 (841 ) 3,211 United States 1,584 2,088 850 393 (1,301 ) 3,614 Europe United Kingdom 237 325 300 281 (370 ) 773 France — 735 353 9 (202 ) 895 Germany 186 197 56 136 (221 ) 354 Spain 250 70 19 17 (69 ) 287 Rest of Europe 399 298 93 193 (301 ) 682 SCA&C Colombia 353 189 55 92 (165 ) 524 Panama 171 71 23 14 (57 ) 222 Caribbean TCL 245 10 5 13 (24 ) 249 Dominican Republic 178 27 9 24 (36 ) 202 Rest of SCA&C 510 63 14 24 (41 ) 570 AMEA Philippines 444 — 3 2 (1 ) 448 Israel — 521 159 110 (160 ) 630 Rest of AMEA 257 118 1 12 (31 ) 357 Others — — — 1,285 (772 ) 513 Continuing operations 7,116 5,610 2,150 3,247 (4,592 ) 13,531 Discontinued operations 420 219 236 144 (151 ) 868 Total $ 7,536 5,829 2,386 3,391 (4,743 ) 14,399 2017 Cement Concrete Aggregates Others Eliminations Revenues Mexico $ 2,241 780 182 593 (750 ) 3,046 United States 1,353 1,832 785 384 (1,034 ) 3,320 Europe United Kingdom 189 290 301 309 (248 ) 841 France — 669 319 10 (193 ) 805 Germany 192 192 88 96 (227 ) 341 Spain 292 50 14 36 (138 ) 254 Rest of Europe 358 267 84 36 (148 ) 597 SCA&C Colombia 373 213 65 104 (189 ) 566 Panama 206 91 24 10 (65 ) 266 Caribbean TCL 220 11 7 13 (22 ) 229 Dominican Republic 169 30 10 22 (42 ) 189 Rest of SCA&C 510 70 14 15 (37 ) 572 AMEA Philippines 430 4 8 3 (5 ) 440 Israel — 498 152 114 (161 ) 603 Rest of AMEA 227 114 1 9 (33 ) 318 Others — — — 1,090 (551 ) 539 Continuing operations 6,760 5,111 2,054 2,844 (3,843 ) 12,926 Discontinued operations 439 296 168 160 (190 ) 873 Total $ 7,199 5,407 2,222 3,004 (4,033 ) 13,799 |
Operating Expenses, Depreciat_2
Operating Expenses, Depreciation and Amortization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Consolidated Operating Expense | Consolidated operating expenses during 2019, 2018 and 2017 by function are as follows : 2019 2018 2017 Administrative expenses 1 $ 1,112 1,130 1,091 Selling expenses 371 312 323 Distribution and logistics expenses 1,489 1,537 1,412 $ 2,972 2,979 2,826 1 All significant R&D activities are executed by several internal areas as part of their daily activities. In 2019, 2018 and 2017, total combined expenses of these departments recognized within administrative expenses were $38, $39 and $38, respectively. |
Summary of Depreciation and Amortization Recognized | Depreciation and amortization recognized during 2019, 2018 and 2017 are detailed as follows: 2019 2018 2017 Included in cost of sales $ 865 853 841 Included in administrative, selling and distribution and logistics expenses 180 129 122 $ 1,045 982 963 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Expenses | The detail of the line item “Other expenses, net” in 2019, 2018 and 2017 was as follows: 2019 2018 2017 Results from the sale of assets and others, net 1 $ (230 ) (149 ) (2 ) Restructuring costs 2 (48 ) (72 ) (45 ) Impairment losses 3 (64 ) (62 ) (151 ) Remeasurement of pension liabilities 4 — (8 ) — Charitable contributions (5 ) (5 ) (7 ) $ (347 ) (296 ) (205 ) 1 In 2019 and 2018, includes $55 and $56, respectively, in connection with property damages and natural disasters. In 2017, includes an expense of $25 related to a penalty in connection with a market investigation in Colombia (note 24.1). 2 Restructuring costs mainly refer to severance payments and the definite closing of operating sites. 3 In 2019, 2018 and 2017, among others, includes impairment losses of fixed assets for $64, $23 and $49, respectively, as well as 4 Refers to a past services remeasurement of CEMEX’s defined benefit plan in the United Kingdom determined in 2018 as a result of a recently enacted gender parity law. |
Financial Items (Tables)
Financial Items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Items | The detail of financial income and other items, net in 2019, 2018 and 2017 was as follows: 2019 2018 2017 Effects of amortized cost on assets and liabilities and others, net $ (59 ) (59 ) (59 ) Foreign exchange results (32 ) 10 (5 ) Results from financial instruments, net (notes 13.2 and 16.4) (1 ) 39 9 Financial income 21 18 18 Results in the sale of associates and remeasurement of previously held interest before change in control of associates (notes 4.1 and 13.1) — (10 ) 221 $ (71 ) (2 ) 184 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2019 and 2018, consolidated cash and cash equivalents consisted of: 2019 2018 Cash and bank accounts $ 547 258 Fixed-income securities and other cash equivalents 241 51 $ 788 309 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade Accounts Receivable | As of December 31, 2019 and 2018, consolidated trade accounts receivable consisted of: 2019 2018 Trade accounts receivable $ 1,637 1,607 Allowances for expected credit losses (116 ) (119 ) $ 1,521 1,488 |
Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss | As of December 31, 2019, the balances of trade accounts receivable and the allowance for ECL were as follows: Accounts ECL allowance ECL average Mexico $ 266 35 13.2 % United States 474 6 1.3 % Europe 432 30 6.9 % South, Central America and the Caribbean 126 25 19.8 % Asia, Middle East and Africa 301 16 5.3 % Others 38 4 10.5 % $ 1,637 116 |
Summary of Allowance for Expected Credit Losses | Changes in the allowance for expected credit losses in 2019, 2018 and 2017, were as follows: 2019 2018 2017 Allowances for expected credit losses at beginning of period $ 119 109 106 Adoption effects of IFRS 9 charged to retained earnings (note 2.6) — 29 — Charged to selling expenses 12 8 13 Additions through business combinations — — 7 Deductions (16 ) (20 ) (23 ) Foreign currency translation effects 1 (7 ) 6 Allowances for expected credit losses at end of period $ 116 119 109 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Consolidated Other Accounts Receivable | As of December 31, 2019 and 2018, consolidated other accounts receivable consisted of: 2019 2018 Non-trade 1 $ 113 138 Interest and notes receivable 50 46 Current portion of valuation of derivative financial instruments 1 1 Loans to employees and others 14 12 Refundable taxes 147 115 $ 325 312 1 Non-trade |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Consolidated Balance of Inventories | As of December 31, 2019 and 2018, the consolidated balance of inventories was summarized as follows: 2019 2018 Finished goods $ 320 345 Work-in-process 195 194 Raw materials 194 194 Materials and spare parts 263 303 Inventory in transit 17 45 $ 989 1,081 |
Assets Held for Sale and Othe_2
Assets Held for Sale and Other Current Asset (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Assets and Liabilities Held for Sale | As of December 31, 2019 and 2018, assets held for sale, which are measured at the lower of their estimated realizable value, less costs to sell, and their carrying amounts, as well as liabilities directly related with such assets are detailed as follows: 2019 2018 Assets Liabilities Net assets Assets Liabilities Net assets Kosmos’ assets in the United States $ 457 14 443 $ — — — Assets in the United Kingdom 229 23 206 — — — White cement assets in Spain 106 — 106 — — — Assets in the central region of France — — — 48 16 32 Other assets held for sale 47 — 47 59 — 59 $ 839 37 802 $ 107 16 91 |
Equity Accounted Investees, O_2
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Main Investments in Common Shares of Associates | As of December 31, 2019 and 2018, the investments in common shares of associates were as follows: Activity Country % 2019 2018 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 229 208 Concrete Supply Co. LLC Concrete United States 40.0 75 66 Lehigh White Cement Company Cement United States 36.8 64 60 Société d’Exploitation de Carrières Aggregates France 50.0 17 16 Société Méridionale de Carrières Aggregates France 33.3 15 16 Akmenes Cementas AB Cement Lithuania 37.8 0 27 Cemento Interoceánico, S.A. Cement Panama 25.0 0 8 Other companies 0 0 0 81 83 $ 481 484 Out of which: Book value at acquisition date $ 331 368 Changes in stockholders’ equity $ 150 116 |
Summary of Combined Condensed Statement of Financial Position | Combined condensed statement of financial position information of CEMEX’s associates as of December 31, 2019 and 2018 is set forth below: 2019 2018 Current assets $ 982 849 Non-current 1,757 1,674 Total assets 2,739 2,523 Current liabilities 326 289 Non-current 898 879 Total liabilities 1,224 1,168 Total net assets $ 1,515 1,355 |
Summary of Combined Selected Information of the Statements of Operations | Combined selected information of the statements of operations of CEMEX’s associates in 2019, 2018 and 2017 is set forth below: 2019 2018 2017 Sales $ 1,600 1,449 1,433 Operating earnings 237 224 227 Income before income tax 158 110 125 Net income 118 86 97 |
Summary of Share of Profit of Equity Accounted Investees by Reportable Segment | The share of equity accounted investees by reportable segment in the income statements for 2019, 2018 and 2017 is detailed as follows: 2019 2018 2017 Mexico $ 23 13 15 United States 18 15 14 Europe 10 7 6 Corporate and others (2 ) (1 ) (2 ) $ 49 34 33 |
Summary of Other Investments and Non-current Accounts Receivable | As of December 31, 2019 and 2018, consolidated other investments and non-current 2019 2018 Non-current 1 $ 197 220 Investments at fair value through the income statement 2 34 22 Non-current 2 15 Investments in strategic equity securities 3 3 11 $ 236 268 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $32 in 2019 and $65 in 2018, b) advances to suppliers of fixed assets of $32 in 2019 and $45 in 2018, c) employee prepaid compensation of $7 in 2019 and $6 in 2018, d) refundable taxes of $10 in 2019 and $13 in 2018 ; 2 Refers to investments in private funds and investments related to employee’ savings funds. In 2019 and 2018, no contributions were made to such private funds. 3 This line item refers mainly to a strategic investment in CPOs of Axtel, S.A.B. de C.V. (“Axtel”). This investment is recognized at fair value through other comprehensive income. |
Property, Machinery and Equip_2
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Detailed Information About In Property Plant Equipment Right Of Use Assets | As of December 31, 2019 and 2018, consolidated property, machinery and equipment, net and assets for the right-of-use, 2019 2018 Property, machinery and equipment, net $ 10,565 11,232 Assets for the right-of-use, 1 1,285 1,222 $ 11,850 12,454 1 CEMEX adopted IFRS 16 using the full retrospective approach as of January 1, 2017. The figures as of December 31, 2018 previously reported were re-presented. |
Disclosure of Net Change in Property, Machinery and Equipment | As of December 31, 2019 and 2018, consolidated property, machinery and equipment, net and the changes in this line item during 2019, 2018 and 2017, were as follows: 2019 Land and Building Machinery Construction 2 Total Cost at beginning of period $ 4,789 2,633 12,185 1,035 20,642 Accumulated depreciation and depletion (958 ) (1,371 ) (7,081 ) — (9,410 ) Net book value at beginning of period 3,831 1,262 5,104 1,035 11,232 Capital expenditures 46 28 663 — 737 Stripping costs 22 — — — 22 Total capital expenditures 68 28 663 — 759 Disposals 3 (38 ) (8 ) (50 ) — (96 ) Reclassifications 4 (163 ) (23 ) (203 ) (13 ) (402 ) Depreciation and depletion for the period (121 ) (61 ) (451 ) — (633 ) Impairment losses (18 ) (17 ) (29 ) — (64 ) Foreign currency translation effects 79 (133 ) (364 ) 187 (231 ) Cost at end of period 4,606 2,374 11,519 1,209 19,708 Accumulated depreciation and depletion (968 ) (1,326 ) (6,849 ) – (9,143 ) Net book value at end of period $ 3,638 1,048 4,670 1,209 10,565 2018 1 Land and Building Machinery Construction 2 Total 2017 1, 2 Cost at beginning of period $ 4,830 2,665 12,168 990 20,653 19,053 Accumulated depreciation and depletion (857 ) (1,308 ) (6,900 ) — (9,065 ) (8,023 ) Net book value at beginning of period 3,973 1,357 5,268 990 11,588 11,030 Capital expenditures 26 29 575 — 630 615 Stripping costs 38 — — — 38 41 Total capital 64 29 575 — 668 656 Disposals 3 (13 ) (6 ) (30 ) — (49 ) (94 ) Reclassifications 4 (18 ) (2 ) (4 ) 30 6 (83 ) Business combinations 4 — 2 — 6 331 Depreciation and depletion for the period (184 ) (102 ) (371 ) — (657 ) (679 ) Impairment losses (6 ) (2 ) (15 ) — (23 ) (51 ) Foreign currency translation effects 11 (12 ) (321 ) 15 (307 ) 478 Cost at end of period 4,789 2,633 12,185 1,035 20,642 20,653 Accumulated depreciation and depletion (958 ) (1,371 ) (7,081 ) — (9,410 ) (9,065 ) Net book value at end of period $ 3,831 1,262 5,104 1,035 11,232 11,588 1 CEMEX adopted IFRS 16 using the full retrospective approach as of January 1, 2017. The figures as of December 31, 2018 and 2017 previously reported were re-presented. 2 In 2017, CEMEX Colombia significantly concluded the construction of a cement plant in the municipality of Maceo in the Antioquia department in Colombia with an annual capacity of approximately 1.1 million tons. The plant has not initiated commercial operations. As of the reporting date, the works related to the access road to the plant remain suspended and the beginning of commercial operations is subject to the successful conclusion of several ongoing processes for the proper operation of the assets and other legal proceedings (note 24.3). As of December 31, 2019, the carrying amount of the plant, net of impairment adjustments of certain advances recognized in 2016 of $23, is for an amount in Colombian pesos equivalent to $278. 3 In 2019, includes sales of non-strategic the non-strategic non-strategic 4 In 2019, refers to the reclassification of the assets in the United States, United Kingdom and Spain for $134, $182 and $86, respectively. In 2018, refers mainly to the reclassification of the assets in Spain (note 12.1) for $30. In 2017, refers to the construction materials’ business in the Pacific Northwest of the United States for $83 (note 4.2). |
Summary of Recognized Impairment Losses | During the years ended December 31, 2019, 2018 and 2017 impairment losses of fixed assets by country are as follows: 2019 2018 2017 Puerto Rico $ 52 — — United States 6 13 8 Colombia 3 2 — France 1 — 3 Poland — 5 — Spain — 2 24 Mexico — 1 2 Czech Republic — — 8 Panama — — 3 Others 2 — 1 $ 64 23 49 |
Asset for the Right of Use,Net | As of December 31, 2019 and 2018, consolidated assets for the right-of-use, 2019 Land Buildings Machinery and equipment Others Total Assets for the right-of-use $ 384 393 1,289 7 2,073 Accumulated depreciation (83 ) (265 ) (499 ) (4 ) (851 ) Net book value at beginning of period 301 128 790 3 1,222 Additions of new leasses 25 52 193 4 274 Cancellations and remeasurements (6 ) (6 ) (40 ) — (52 ) Reclassifications (5 ) 65 (25 ) — 35 Depreciation (29 ) (39 ) (219 ) (1 ) (288 ) Foreign currency translation effects (37 ) 38 93 — 94 Assets for the right-of-use 366 471 1,417 11 2,265 Accumulated depreciation (117 ) (233 ) (625 ) (5 ) (980 ) Net book value at end of period $ 249 238 792 6 1,285 2018 Land Buildings Machinery and equipment Others Total 2017 Assets for the right-of-use $ 373 393 1,109 6 1,881 1,487 Accumulated depreciation (72 ) (242 ) (371 ) (3 ) (688 ) (448 ) Net book value at beginning of period 301 151 738 3 1,193 1,039 Additions of new leasses 19 19 257 1 296 328 Cancellations and remeasurements — (1 ) (8 ) — (9 ) (1 ) Depreciation (19 ) (32 ) (167 ) (1 ) (219 ) (176 ) Foreign currency translation effects — (9 ) (30 ) — (39 ) 3 Assets for the right-of-use 384 393 1,289 7 2,073 1,881 Accumulated depreciation (83 ) (265 ) (499 ) (4 ) (851 ) (688 ) Net book value at end of period $ 301 128 790 3 1,222 1,193 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges | As of December 31, 2019 and 2018, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2019 2018 Cost Accumulated amortization Carrying Amount Cost Accumulated amortization Carrying Amount Intangible assets of indefinite useful life: Goodwill $ 9,562 — 9,562 $ 9,912 — 9,912 Intangible assets of definite useful life: Extraction rights 1,985 (395 ) 1,590 1,979 (357 ) 1,622 Industrial property and trademarks 42 (18 ) 24 44 (20 ) 24 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 48 (5 ) 43 42 (5 ) 37 Others intangible assets 1,014 (643 ) 371 917 (576 ) 341 $ 12,847 (1,257 ) 11,590 $ 13,090 (1,154 ) 11,936 |
Summary of Changes in Consolidated goodwill | Changes in consolidated goodwill in 2019, 2018 and 2017, were as follows: 2019 2018 2017 Balance at beginning of period $ 9,912 9,948 9,957 Business combinations — 16 100 Reclassification to assets held for sale (notes 4.2, 4.3 and 12) (371 ) (22 ) 92 Impairment losses — — 98 Foreign currency translation effects 21 (30 ) (299 ) Balance at end of period $ 9,562 9,912 9,948 |
Summary of Changes in Intangible Asset | Changes in intangible assets of definite life in 2019, 2018 and 2017, were as follows: 2019 Extraction rights Industrial property and trademarks Mining projects Others 1 Total Balance at beginning of period $ 1,622 24 37 341 2,024 Additions (disposals), net 1 (26 ) (6 ) 5 108 81 Reclassifications (notes 4.1, 4.2 and 12) — — — (2 ) (2 ) Amortization for the period (8 ) (1 ) (1 ) (114 ) (124 ) Foreign currency translation effects 2 7 2 38 49 Balance at the end of period $ 1,590 24 43 371 2,028 2018 Extraction rights Industrial property and trademarks Mining projects Others 1 Total 2017 Balance at beginning of period $ 1,686 29 36 255 2,006 1,989 Additions (disposals), net 1 (11 ) (2 ) 6 164 157 66 Business combinations (note 4.1) — — — — — 4 Reclassifications (notes 4.1, 4.2 and 12) (11 ) — — — (11 ) — Amortization for the period (32 ) (5 ) (1 ) (68 ) (106 ) (108 ) Impairment losses (9 ) — — — (9 ) 1 Foreign currency translation effects (1 ) 2 (4 ) (10 ) (13 ) 54 Balance at the end of period $ 1,622 24 37 341 2,024 2,006 1 As of December 31, 2019 and 2018, “Others” includes the carrying amount of internal-use internal-use |
Summary of Goodwill Balances Allocated by Operating Segment | As of December 31, 2019 and 2018, goodwill balances allocated by operating segment were as follows: 2019 2018 Mexico $ 384 375 United States 7,469 7,760 Europe Spain 494 523 United Kingdom 279 324 France 221 211 Czech Republic 30 30 SCA&C Colombia 296 299 Caribbean TCL 100 104 Rest of SCA&C 1 62 62 AMEA Philippines 92 89 United Arab Emirates 96 96 Egypt 12 12 Others Other reporting segments 2 27 27 $ 9,562 9,912 1 This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. 2 This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. |
Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows | CEMEX’s pre-tax Discount rates Growth rates Groups of CGUs 2019 2018 2017 2019 2018 2017 United States 7.8% 8.5% 8.8% 2.5% 2.5% 2.5% Spain 8.3% 8.8% 9.5% 1.6% 1.7% 1.7% Mexico 9.0% 9.4% 10.2% 2.4% 3.0% 2.7% Colombia 8.9% 9.5% 10.5% 3.7% 3.6% 3.7% France 8.0% 8.4% 9.0% 1.4% 1.6% 1.8% United Arab Emirates 8.8% 11.0% 10.4% 2.5% 2.9% 3.1% United Kingdom 8.0% 8.4% 9.0% 1.5% 1.6% 1.7% Range of rates in other countries 8.1% - 11.5% 8.5% - 13.3% 9.1% - 11.8% 1.6% - 6.5% 2.3% - 6.9% 2.3% - 6.8% |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2019 and 2018, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2019 2018 Short-term Long-term Total 1, 2 Short-term Long-term Total 1, 2 Floating rate debt $ 59 2,997 3,056 $ 13 3,400 3,413 Fixed rate debt 3 6,306 6,309 32 5,866 5,898 $ 62 9,303 9,365 $ 45 9,266 9,311 Effective rate 3 Floating rate 4.3 % 4.1 % 7.8 % 3.6 % Fixed rate 5.5 % 5.5 % 4.2 % 5.6 % 2019 2018 Currency Short- term Long- term Total Effective rate 3 Short- term Long- term Total Effective rate 3 Dollars $ 25 6,144 6,169 5.2 % $ 30 5,837 5,867 5.8 % Euros 3 2,438 2,441 3.1 % 1 2,665 2,666 2.8 % Pounds 23 433 456 3.2 % — 439 439 2.9 % Philippine pesos 3 221 224 5.2 % 3 257 260 5.4 % Other currencies 8 67 75 5.6 % 11 68 79 5.9 % $ 62 9,303 9,365 $ 45 9,266 9,311 |
Summary of Consolidated Debt by Type of Instrument | As of December 31, 2019 and 2018, CEMEX´s consolidated debt summarized by type of instrument, was as follow: 2019 Short- term Long- term 2018 Short- term Long- term Bank loans Bank loans Loans in foreign countries, 2020 to 2024 $ 1 290 Loans in foreign countries, 2019 to 2024 $ 31 328 Syndicated loans, 2021 to 2022 0 2,865 Syndicated loans, 2020 to 2022 0 3,179 1 3,155 31 3,507 Notes payable Notes payable Medium-term notes, 2023 to 2026 0 6,044 Medium-term notes, 2023 to 2026 0 5,606 Other notes payable, 2020 to 2025 6 159 Other notes payable, 2019 to 2025 7 160 6 6,203 7 5,766 Total bank loans and notes payable 7 9,358 Total bank loans and notes payable 38 9,273 Current maturities 55 (55 ) Current maturities 7 (7 ) $ 62 9,303 $ 45 9,266 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Debt at beginning of year $ 9,311 9,873 11,401 Proceeds from new debt instruments 3,331 2,325 4,990 Debt repayments (3,284 ) (2,745 ) (7,046 ) Foreign currency translation and accretion effects 7 (142 ) 528 Debt at end of year $ 9,365 9,311 9,873 |
Summary of Non-Current Notes Payable | As of December 31, 2019 and 2018, non-current Description Date of issuance Issuer 1 Currency Principal amount Rate Maturity Date Repurchased $ Outstanding 2 $ 2019 2018 November 2029 Notes 3 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 0 1,000 $ 992 0 April 2026 Notes 16/Mar/16 CEMEX, S.A.B. de C.V. Dollar 1,000 7.75 % 16/Apr/26 0 1,000 996 996 March 2026 Notes 3 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 0 449 446 0 July 2025 Notes 02/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 0 150 154 155 March 2025 Notes 03/Mar/15 CEMEX, S.A.B. de C.V. Dollar 750 6.125 % 05/May/25 0 750 748 748 January 2025 Notes 11/Sep/14 CEMEX, S.A.B. de C.V. Dollar 1,100 5.70 % 11/Jan/25 (29 ) 1,071 1,069 1,068 December 2024 Notes 05/Dec/17 CEMEX, S.A.B. de C.V. Euro 650 2.75 % 05/Dec/24 0 729 726 742 June 2024 Notes 14/Jun/16 CEMEX Finance LLC Euro 400 4.625 % 15/Jun/24 0 449 447 456 April 2024 Notes 3 01/Apr/14 CEMEX Finance LLC Dollar 1,000 6.00 % 01/Apr/24 (360 ) 640 621 967 March 2023 Notes 3 03/Mar/15 CEMEX, S.A.B. de C.V. Euro 550 4.375 % 05/Mar/23 (629 ) 0 0 629 Other notes payable 4 5 $ 6,203 5,766 1 Unless otherwise indicated, all issuances are fully and unconditionally guaranteed by CEMEX, S.A.B. de C.V., CEMEX México, S.A. de C.V., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., New Sunward Holding B.V., CEMEX España, S.A. (“CEMEX España”), CEMEX Asia B.V., CEMEX Corp., CEMEX Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion , 2 Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries. 3 In December 2019, CEMEX used a portion of the proceeds of the November 2029 Notes and increased to $360 the repurchased amount of the April 2024 Notes. Moreover, in April 2019, CEMEX used the proceeds of the March 2026 Notes to repurchase in full the March 2023 Notes. |
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2019, were as follows: Bank loans Notes payable Total 2021 $ 672 1 673 2022 1,229 0 1,229 2023 664 1 665 2024 537 1,794 2,331 2025 and thereafter 0 4,405 4,405 $ 3,102 6,201 9,303 |
Schedule of Lines of Credit | As of December 31, 2019, CEMEX had the following lines of credit, of which, the only commited portion referes to the revolving credit facility under the 2017 Credit Agreement, at annual interest rates ranging between 0.75% and 8.50%, depending on the negotiated currency: Lines of credit Available Other lines of credit in foreign subsidiaries $ 385 286 Other lines of credit from banks 683 635 Revolving credit facility 2017 Credit Agreement 1,135 1,135 $ 2,203 2,056 |
Summary of Margin over LIBOR Depending on Leverage Ration | All tranches under the 2017 Credit Agreement have substantially the same terms, including a margin over LIBOR or EURIBOR, as applicable, of between 125 to 350 basis points, depending on the consolidated leverage ratio (as defined below in the Financial Covenants section) of CEMEX, as follows: Consolidated leverage ratio Applicable margin 1 > = 5.00x 350 bps < 5.00x > 300 bps < 4.50x > = 250 bps < 4.00x > = 212.5 bps < 3.50x > = 175 bps < 3.00x > = 150 bps < 2.50x 125 bps |
Summary of Coverage Ratio and Leverage Ratio | The limits for the Leverage Ratio are as follows: Period Leverage Ratio For the period ending on December 31, 2019 up to and including the period ending on March 31, 2021 < = 5.25 For the period ending on June 30, 2021 up to and including the period ending on September 30, 2021 < = 5.00 For the period ending on December 31, 2021 up to and including the period ending on September 30, 2022 < = 4.75 For the period ending on December 31, 2022 up to and including the period ending on March 31, 2023 < = 4.50 For the period ending on June 30, 2023 and each subsequent reference period < = 4.25 |
Summary of Consolidated Financial Ratios | For the compliance periods ended as of December 31, 2019, 2018 and 2017, under the 2017 Credit Agreement and the 2014 Credit Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios 2019 2018 1 2017 1 Leverage ratio Limit < < = 4.75 < = 5.25 Calculation 4.17 3.84 3.85 Coverage ratio Limit > > = 2.50 > = 2.50 Calculation 3.86 4.41 3.46 1 Refers to the compliance limits and calculations that were effective according to the outstanding conditions on such dates, before the April 2, 2019 amendments, the November 4, 2019 amendments and the adoption of IFRS 16 in the financial statements. |
Summary of Other Financial Obligations | As of December 31, 2019 and 2018, other financial obligations in the consolidated statement of financial position were detailed as follows: 2019 2018 Short-term Long-term Total Short-term Long-term Total I. Leases $ 262 1,044 1,306 $ 237 1,078 1,315 II. Liabilities secured with accounts receivable 599 — 599 599 — 599 III. Convertible subordinated notes due 2020 520 — 520 — 514 514 IV. Mandatorily convertible securities due 2019 — — — 19 — 19 $ 1,381 1,044 2,425 $ 855 1,592 2,447 |
Detailed Information about In Lease Liabilities | Changes in the balance of lease financial liabilities during 2019, 2018 and 2017 were as follows: 2019 2018 2017 Lease financial liability at beginning of year $ 1,315 1,309 1,054 Additions from new leases 274 296 328 Reductions from payments (239 ) (192 ) (112 ) Cancellations and liability remeasurements (54 ) (67 ) (11 ) Foreign currency translation and accretion effects 10 (31 ) 50 Lease financial liability at end of year $ 1,306 1,315 1,309 |
Summary of Disclosure Detail Of Financial Lease Liabilities | As of December 31, 2019, the maturities of lease financial liabilities are as follows: Total 2020 $ 262 2021 221 2022 159 2023 115 2024 and thereafter 549 $ 1,306 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2019 and 2018, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2019 2018 Carrying amount Fair value Carrying amount Fair value Financial assets Derivative financial instruments (notes 13.2 and 16.4) $ 2 2 $ 15 15 Other investments and non-current 234 234 253 253 $ 236 236 $ 268 268 Financial liabilities Long-term debt (note 16.1) $ 9,303 9,711 $ 9,266 9,147 Other financial obligations (note 16.2) 1,044 1,071 1,592 1,552 Derivative financial instruments (notes 16.4 and 17) 46 46 21 21 $ 10,393 10,828 $ 10,879 10,720 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2019 and 2018, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 2.6): 2019 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 13.2 and 16.4) $ — 2 — 2 Investments in strategic equity securities (note 13.2) 3 — — 3 Other investments at fair value through earnings (note 13.2) — 34 — 34 $ 3 36 — 39 Liabilities measured at fair value Derivative instruments (notes 16.4 and 17) $ — 46 — 46 2018 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 13.2 and 16.4) $ — 15 — 15 Investments in strategic equity securities (note 13.2) 11 — — 11 Other investments at fair value through earnings (note 13.2) — 22 — 22 $ 11 37 — 48 Liabilities measured at fair value Derivative financial instruments (notes 16.4 and 17) $ — 21 — 21 |
Summary of Derivative Financial Instruments | As of December 31, 2019 and 2018, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2019 2018 Notional amount Fair value Notional amount Fair value I. Net investment hedge $ 1,154 (67 ) 1,249 2 II. Interest rate swaps 1,000 (35 ) 1,126 (8 ) III. Equity forwards on third party shares 74 1 111 2 IV. Fuel price hedging 96 1 122 (14 ) $ 2,324 (100 ) 2,608 (18 ) |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2019 and 2018, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows: 2019 Mexico United Europe South, Central Asia, Middle Others 1 Total Monetary assets $ 721 1,017 1,001 280 592 190 3,801 Monetary liabilities 1,311 2,444 2,481 589 681 10,220 17,726 Net monetary assets (liabilities) 2 $ (590 ) (1,427 ) (1,480 ) (309 ) (89 ) (10,030 ) (13,925 ) Out of which: Dollars $ (23 ) (1,427 ) (5 ) (72 ) 5 (6,715 ) (8,237 ) Pesos (567 ) — — — — (144 ) (711 ) Euros — — (519 ) 1 — (2,505 ) (3,023 ) Pounds — — (807 ) — — 20 (787 ) Other currencies — — (149 ) (238 ) (94 ) (686 ) (1,167 ) $ (590 ) (1,427 ) (1,480 ) (309 ) (89 ) (10,030 ) (13,925 ) 2018 Mexico United Europe South, Central Asia, Middle Others 1 Total Monetary assets $ 427 507 670 308 520 153 2,585 Monetary liabilities 1,007 1,703 2,043 552 624 10,215 16,144 Net monetary assets (liabilities) 2 $ (580 ) (1,196 ) (1,373 ) (244 ) (104 ) (10,062 ) (13,559 ) Out of which: Dollars $ (28 ) (1,196 ) 8 (48 ) 1 (5,989 ) (7,252 ) Pesos (552 ) — — — — (278 ) (830 ) Euros — — (538 ) — — (2,694 ) (3,232 ) Pounds — — (928 ) — — (438 ) (1,366 ) Other currencies — — 85 (196 ) (105 ) (663 ) (879 ) $ (580 ) (1,196 ) (1,373 ) (244 ) (104 ) (10,062 ) (13,559 ) |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Current Liabilities | As of December 31, 2019 and 2018, consolidated other current liabilities were as follows: 2019 2018 Provisions 1 $ 558 536 Interest payable 88 94 Other accounts payable and accrued expenses 2 313 266 Contract liabilities with customers (note 3) 3 225 234 $ 1,184 1,130 |
Summary of Other Non-current Liabilities | As of December 31, 2019 and 2018, consolidated other non-current 2019 2018 Asset retirement obligations 1 $ 497 408 Accruals for legal assessments and other responsibilities 2 30 45 Non-current 46 21 Environmental liabilities 3 29 29 Other non-current 4 , 323 257 $ 925 760 |
Summary of Changes in Consolidated Other Current and Non-Current Liabilities | Changes in consolidated other current and non-current 2019 Asset Environmental Accruals for legal Valuation of derivative Other liabilities and provisions Total 2018 Balance at beginning of period $ 408 29 45 35 818 1,335 1,452 Additions or increase in estimates 141 1 18 26 1,455 1,641 1,382 Releases or decrease in estimates (47 ) 1 (34 ) — (1,447 ) (1,527 ) (1,454 ) Reclassifications 43 — — — 19 62 (20 ) Accretion expense (12 ) — — — (47 ) (59 ) (59 ) Foreign currency translation (36 ) (2 ) 1 41 68 72 34 Balance at end of period $ 497 29 30 102 866 1,524 1,335 Out of which: Current provisions $ — — — 56 543 599 536 |
Pensions and Post-Employment _2
Pensions and Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2019, 2018 and 2017, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2019 2018 2017 2019 2018 2017 2019 2018 2017 Recorded in operating costs and expenses Service cost $ 10 10 12 2 3 2 12 13 14 Past service cost 1 9 (3 ) — — — 1 9 (3 ) Settlements and curtailments (3 ) — — — — — (3 ) — — 8 19 9 2 3 2 10 22 11 Recorded in other financial expenses Net interest cost 34 35 37 5 5 4 39 40 41 Recorded in other comprehensive income Actuarial (gains) losses for the period 203 (176 ) 1 7 — (1 ) 210 (176 ) — $ 245 (122 ) 47 14 8 5 259 (114 ) 52 |
Summary of Actuarial (Gains) Losses | For the years 2019, 2018 and 2017, actuarial (gains) losses for the period were generated by the following main factors as follows: 2019 2018 2017 Actuarial (gains) losses due to experience $ 5 (58 ) 6 Actuarial (gains) losses due to demographic assumptions (11 ) (57 ) (2 ) Actuarial (gains) losses due financial assumptions 216 (61 ) (4 ) $ 210 (176 ) — |
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2019 and 2018, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2019 2018 2019 2018 2019 2018 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,375 2,794 79 73 2,454 2,867 Service cost 10 10 2 3 12 13 Interest cost 78 83 5 5 83 88 Actuarial (gains) losses 268 (265 ) 7 — 275 (265 ) Additions through business combinations — — — 6 — 6 Settlements and curtailments (3 ) — — — (3 ) — Reduction from disposal of assets (2 ) — — — (2 ) — Plan amendments 1 9 — — 1 9 Benefits paid (141 ) (146 ) (7 ) (5 ) (148 ) (151 ) Foreign currency translation 65 (110 ) 1 (3 ) 66 (113 ) Projected benefit obligation at end of the period 2,651 2,375 87 79 2,738 2,454 Change in plan assets: Fair value of plan assets at beginning of the period 1,486 1,662 1 1 1,487 1,663 Return on plan assets 44 48 — — 44 48 Actuarial gains ( ) 65 (89 ) — — 65 (89 ) Employer contributions 103 81 7 5 110 86 Reduction for disposal of assets (1 ) — — — (1 ) — Benefits paid (141 ) (146 ) (7 ) (5 ) (148 ) (151 ) Foreign currency translation 43 (70 ) — — 43 (70 ) Fair value of plan assets at end of the period 1,599 1,486 1 1 1,600 1,487 Net projected liability in the statement of financial position $ 1,052 889 86 78 1,138 967 |
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2019 and 2018, based on the hierarchy of fair values, plan assets are detailed as follows: 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 45 16 — 61 $ 36 — — 36 Investments in corporate bonds 4 396 — 400 7 342 — 349 Investments in government bonds 90 450 — 540 84 345 — 429 Total fixed-income securities 139 862 — 1,001 127 687 — 814 Investment in marketable securities 223 157 — 380 259 79 — 338 Other investments and private funds 46 85 88 219 50 212 73 335 Total variable-income securities 269 242 88 599 309 291 73 673 Total plan assets $ 408 1,104 88 1,600 $ 436 978 73 1,487 |
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: 2019 2018 United United Range of rates in United United Rates ranges in Mexico States Kingdom other countries Mexico States Kingdom other countries Discount rates 8.75% 3.6% 2.1% 0.4% – 8.8% 10.8% 4.5% 2.9% 1.3% – 7.5% Rate of return on plan assets 8.75% 3.6% 2.1% 0.4% – 8.8% 10.8% 4.5% 2.9% 1.3% – 7.5% Rate of salary increases 4.0% — 3.0% 2.3% – 6.8% 4.0% — 3.3% 2.3% – 6.0% |
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2019, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: 2019 2020 1 $ 156 2021 140 2022 142 2023 144 2024 – 2029 852 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2019 and 2018, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2019 2018 PBO Assets Deficit PBO Assets Deficit Mexico $ 203 24 179 $ 168 30 138 United States 297 219 78 286 174 112 United Kingdom 1 1,681 1,128 553 1,464 1,057 407 Germany 204 9 195 202 10 192 Other countries 353 220 133 334 216 118 $ 2,738 1,600 1,138 $ 2,454 1,487 967 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Income Tax Expense | The amounts of income tax expense in the statements of operations for 2019, 2018 and 2017 are summarized as follows: 2019 2018 2017 Current income tax expense $ 143 99 184 Deferred income tax expense (revenue) 19 125 (168 ) $ 162 224 16 |
Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities | As of December 31, 2019 and 2018, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2019 2018 Deferred tax assets: Tax loss carryforwards and other tax credits $ 757 702 Accounts payable and accrued expenses 458 338 Intangible assets, net 57 142 Total deferred tax assets, gross 1,272 1,182 Presentation offset regarding same legal entity (645 ) (564 ) 627 618 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,323 ) (1,283 ) Investments and other assets (42 ) (29 ) Total deferred tax liabilities, gross (1,365 ) (1,312 ) Presentation offset regarding same legal entity 645 564 Total deferred tax liabilities, net in the statement of financial position (720 ) (748 ) Net deferred tax liabilities $ (93 ) (130 ) Out of which: Net deferred tax liability in Mexican entities 1 $ (157 ) (205 ) Net deferred tax asset in Foreign entities 2 64 75 Net deferred tax liability $ (93 ) (130 ) 1 Net deferred tax liabilities in Mexico mainly refer to a temporary difference resulting when comparing at the reporting date the carrying amount of property, machinery and equipment, as per IFRS, and their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2019 and 2018 are mainly related to tax loss carryforwards recognized in prior years, mainly in the United States, that are expected to be recovered in the future against taxable income. |
Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position | As of December 31, 2019 and 2018, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2019 2018 Asset Liability Net Asset Liability Net Mexican entities $ 189 (346 ) (157 ) $ 174 (379 ) (205 ) Foreign entities 438 (374 ) 64 444 (369 ) 75 $ 627 (720 ) (93 ) $ 618 (748 ) (130 ) |
Summary of Breakdown of Changes in Consolidated Deferred Income Taxes | The breakdown of changes in consolidated deferred income taxes during 2019, 2018 and 2017 was as follows: 2019 2018 2017 Deferred income tax expense (revenue) in the income statement 1 $ 19 125 (168 ) Deferred income tax revenue in stockholders’ equity 2 (59 ) (10 ) (11 ) Reclassifications 3 3 3 5 Change in deferred income tax during the period $ (37 ) 118 (174 ) 1 In 2017, includes net income tax revenue related to the recognition of deferred income tax assets in CEMEX’s operations in the United States (note 19.4). 2 In 2018, includes a deferred income tax revenue of $8 in connection with the adoption of IFRS 9 on January 1, 2018. 3 In 2019, 2018 and 2017, 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 2019, 2018 and 2017 were as follows: 2019 2018 2017 Revenue related to foreign exchange fluctuations from intercompany balances (note 20.2) $ (19 ) (2 ) (2 ) Expense (revenue) associated to actuarial results (note 20.2) (29 ) 31 — Revenue related to derivative financial instruments (note 16.4) (34 ) (3 ) — Expense (revenue) from foreign currency translation and other effects 4 (38 ) (11 ) $ (78 ) (12 ) (13 ) |
Schedule of Consolidated Tax Loss and Tax Credits Carry Forwards Expire | As of December 31, 2019, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of recognized carryforwards 2020 $ 58 56 2 2021 202 176 26 2022 301 273 28 2023 437 432 5 2024 and thereafter 14,497 11,479 3,018 $ 15,495 12,416 3,079 |
Schedule of Effective Tax Rate Table | For the years ended December 31, 2019, 2018 and 2017, the effective consolidated income tax rates were as follows: 2019 2018 2017 Earnings before income tax $ 253 717 661 Income tax expense (162 ) (224 ) (16 ) Effective consolidated income tax expense rate 1 64.0 % 31.2 % 2.4 % 1 The average effective tax rate equals the net amount of income tax revenue or expense divided by income or loss before income taxes, as these line items are reported in the income statement. |
Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | 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 operations, which in 2019, 2018 and 2017 were as follows: 2019 2018 2017 % $ % $ % $ Mexican statutory tax rate 30.0 76 30.0 215 30.0 198 Difference between accounting and tax expenses, net 1 109.2 277 18.7 134 18.7 124 Non-taxable (13.4 ) (34 ) (4.6 ) (33 ) (15.0 ) (99 ) Difference between book and tax inflation 38.1 96 19.5 140 31.2 206 Differences in the income tax rates in the countries where CEMEX operates 2 (31.9 ) (81 ) (16.0 ) (115 ) (21.9 ) (145 ) Changes in deferred tax assets 3 (59.8 ) (151 ) (15.6 ) (112 ) (39.8 ) (263 ) Changes in provisions for uncertain tax positions (5.2 ) (13 ) (1.8 ) (13 ) 0.3 2 Others (3.0 ) (8 ) 1.0 8 (1.1 ) (7 ) Effective consolidated income tax expense rate 64.0 162 31.2 224 2.4 16 1 In 2019, includes $117 of difference between book and tax foreign exchange fluctuations of the Parent Company. 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2018 and 2017, includes the effect related to the change in statutory tax rate in Colombia and the United States, respectively (note 19.4). 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. |
Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet | The following table compares variations between the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2019 and 2018: 2019 2018 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ 0 84 0 139 Derecognition related to tax loss carryforwards recognized in prior years (43 ) (43 ) (92 ) (3 ) Recognition related to unrecognized tax loss carryforwards 92 92 5 5 Foreign currency translation and other effects 6 18 (29 ) (29 ) Changes in deferred tax assets $ 55 151 (116 ) 112 |
Schedule of Unrecognized Tax Benefits | A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017, excluding interest and penalties, is as follows: 2019 2018 2017 Balance of tax positions at beginning of the period $ 44 80 55 Adoption effects of IFRIC 23 credited to retained earnings (note 2.1) (6 ) 0 0 Additions for tax positions of prior periods 0 1 1 Additions for tax positions of current period 4 6 35 Reductions for tax positions related to prior periods and other items (13 ) (2 ) (2 ) Settlements and reclassifications 0 (7 ) (6 ) Expiration of the statute of limitations (2 ) (32 ) (7 ) Foreign currency translation effects 1 (2 ) 4 Balance of tax positions at end of the period $ 28 44 80 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of reconciliation of controlling interest due to different currencies | As of December 31, 2019 Consolidated Parent Company Common stock and additional paid-in 1 $ 10,424 7,836 Other equity reserves 1, 2 (2,724 ) (32 ) Retained earnings 2 1,621 1,517 Total controlling interest $ 9,321 9,321 1 The difference relates to the method of accruing dollars using the historical exchange rates to translate each common stock and additional paid-in 2 The difference relates with the method of accruing dollars using the exchange rates of each month during the period for income statement purposes. The cumulative effect from these changes in exchange rates is recognized against other equity reserves. |
Summary of Breakdown of Common Stock and Additional Paid-in Capital | As of December 31, 2019 and 2018, the breakdown of consolidated common stock and additional paid-in 2019 2018 Common stock $ 318 318 Additional paid-in 10,106 10,013 $ 10,424 10,331 |
Summary of Common Stock | As of December 31, 2019 and 2018 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2019 2018 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 30,214,262,692 15,107,131,346 30,002,628,318 15,001,314,159 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 936,375,524 468,187,762 Repurchased shares 3 315,400,000 157,700,000 307,207,506 153,603,753 Shares that guarantee/guaranteed the issuance of convertible securities 4 2,842,339,760 1,421,169,880 4,529,603,200 2,264,801,600 Shares authorized for the issuance of stock or convertible securities 5 302,144,720 151,072,360 302,144,720 151,072,360 34,555,590,002 17,277,795,001 36,077,959,268 18,038,979,634 1 As of December 31, 2019 and 2018, 13,068,000,000 shares correspond to the fixed portion, and 38,765,385,003 shares as of December 31, 2019 and 41,048,938,902 shares as of December 31, 2018, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 20.2). 4 Refers to those shares that guarantee the conversion of outstanding convertible securities, of both, voluntary in 2019 and voluntary and mandatorily in 2018 and those that are leftover from the mandatory conversion that took place in November 2019 (note 16.2). 5 Shares authorized for issuance in a public offering or private placement and/or by issuance of new convertible securities. |
Summary of Other Equity Reserves | As of December 31, 2019 and 2018 other equity reserves are summarized as follows: 2019 2018 Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 19.2 and 20.4) $ (2,098 ) (2,180 ) Cumulative actuarial losses (593 ) (383 ) Treasury shares repurchased under share repurchase program (note 20.1) (50 ) (75 ) Effects associated with the Parent Company´s convertible securities 1 25 176 Treasury shares held by subsidiaries (8 ) (10 ) $ (2,724 ) (2,472 ) 1 Represents the equity component upon the issuance of CEMEX, S.A.B. de C.V.’s convertible securities described in note 16.2, as well as the effects associated with such securities in connection with the change in the Parent Company’s functional currency (note 2.4). Upon conversion of these securities, the balances have been correspondingly reclassified to common stock and/or additional paid-in |
Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) | For the years ended December 31, 2019, 2018 and 2017, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2019 2018 2017 Foreign currency translation result 1 $ 88 (191 ) 328 Foreign exchange fluctuations from debt 2 19 120 (224 ) Foreign exchange fluctuations from intercompany balances 3 (47 ) (20 ) (118 ) $ 60 (91 ) (14 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 16.4). 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 2.4). 3 Refers to foreign exchange fluctuations arising from balances with related parties in foreign currencies that are of a long-term investment nature considering that their liquidation is not anticipated in the foreseeable future and foreign exchange fluctuations over a notional amount of debt of a subsidiary of CEMEX España identified and designated as a hedge of the net investment in foreign subsidiaries. |
Detail of Cemex's Perpetual Debentures, Excluding Perpetual Debentures Held by Subsidiaries | As of December 31, 2019 and 2018, the detail of CEMEX’s perpetual debentures, excluding the perpetual debentures held by subsidiaries, was as follows: 2019 2018 Repurchase Issuer Issuance date Nominal amount Nominal amount option 1 Interest rate C10-EUR May 2007 € 64 € 64 Tenth anniversary EURIBOR+4.79% C8 Capital (SPV) Ltd February 2007 $ 135 $ 135 Eighth anniversary LIBOR+4.40% C5 Capital (SPV) Ltd December 2006 $ 61 $ 61 Fifth anniversary LIBOR+4.277% C10 Capital (SPV) Ltd December 2006 $ 175 $ 175 Tenth anniversary LIBOR+4.71% 1 Under the 2017 Credit Agreement, CEMEX is not permitted to call these debentures. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Calculations of Earnings per Share | The amounts considered for calculations of earnings per share in 2019, 2018 and 2017 were as follows: 2019 2018 2017 Denominator (thousands of shares) Weighted-average number of shares outstanding 1 45,393,602 45,569,180 43,107,457 Capitalization of retained earnings 1 — — 1,687,295 Effect of dilutive instruments – mandatorily convertible securities (note 16.2) 2 — 708,153 708,153 Weighted-average number of shares – basic 45,393,602 46,277,333 45,502,905 Effect of dilutive instruments – share-based compensation (note 21) 2 470,985 316,970 237,102 Effect of potentially dilutive instruments – optionally convertible securities (note 16.2) 2 1,457,554 1,420,437 2,698,600 Weighted-average number of shares – diluted 47,322,141 48,014,740 48,438,607 Numerator Net income from continuing operations $ 91 493 645 Less: non-controlling 36 42 75 Controlling interest net income from continuing operations 55 451 570 Plus: after tax interest expense on mandatorily convertible securities 1 3 5 Controlling interest net income from continuing operations – for basic earnings per share calculations 56 454 575 Plus: after tax interest expense on optionally convertible securities 18 23 48 Controlling interest net income from continuing operations – for diluted earnings per share calculations $ 74 477 623 Net income from discontinued operations $ 88 77 222 Basic earnings per share Controlling interest basic earnings per share $ 0.0031 0.0114 0.0174 Controlling interest basic earnings per share from continuing operations 0.0012 0.0098 0.0125 Controlling interest basic earnings per share from discontinued operations 0.0019 0.0016 0.0049 Controlling interest diluted earnings per share 3 Controlling interest diluted earnings per share $ 0.0031 0.0114 0.0174 Controlling interest diluted earnings per share 0.0012 0.0098 0.0125 Controlling interest diluted earnings per share 0.0019 0.0016 0.0049 1 The weighted-average number of shares outstanding in 2017 reflects the shares issued as a result of the capitalization of retained earnings approved by the general ordinary shareholders’ meeting (the “Assembly”) in such year. In 2019, the Assembly approved the delivery of a cash dividend, meanwhile, in 2018, the Assembly did not determine any cash dividend or capitalization of retained earnings (note 20.1). 2 The number of Parent Company CPOs to be issued under the executive share-based compensation programs, as well as the total amount of Parent Company CPOs committed for issuance in the future under the mandatorily and optionally convertible securities, are computed from the beginning of the reporting period. The number of shares resulting from the executives’ stock-based compensation programs is determined under the inverse treasury method. 3 For 2019, 2018 and 2017, the effects on the denominator and numerator of potential dilutive shares generate antidilution; therefore, there is no change between the reported basic earnings per share and diluted earnings per share. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Contractual Obligations | As of December 31, 2019, CEMEX had the following contractual obligations: 2019 Obligations Less than 1 year 1-3 years 3-5 years More 5 years Total Long-term debt $ 55 1,915 3,041 4,420 9,431 Leases 1 333 546 295 552 1,726 Convertible notes 2 520 — — — 520 Total debt and other financial obligations 3 908 2,461 3,336 4,972 11,677 Interest payments on debt 4 469 870 720 471 2,530 Pension plans and other benefits 5 156 282 287 709 1,434 Acquisition of property, plant and equipment 6 155 30 1 3 189 Purchases of raw materials, 7 482 595 613 1,134 2,824 Total contractual obligations $ 2,170 4,238 4,957 7,289 18,654 1 Represent nominal cash flows. As of December 31, 2019, the NPV of future payments under such leases was $1,404, of which, $508 refers to payments from 1 to 3 years and $254 refer s 2 Refers to the components of liability of the convertible notes described in note 16.2 and assumes repayment at maturity and no conversion of the notes. 3 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 o 4 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31 , 2019 . 5 Represents estimated annual payments under these benefits for the next 10 years (note 18), including the estimate of new retirees during such future years. 6 Refers mainly to the expansion of a cement-production line in the Philippines. 7 Future payments for the purchase of raw materials are presented on the basis of contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments on the basis of an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. |
Main Subsidiaries (Tables)
Main Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Main Subsidiaries Interests | The main subsidiaries as of December 31, 2019 and 2018, which ownership interest is presented according to the interest maintained by CEMEX, were as follows: % Interest Subsidiary Country 2019 2018 CEMEX México, S. A. de C.V. 1 Mexico — 100.0 CEMEX España, S.A. 2 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 3 Spain 73.2 73.2 CEMEX (Costa Rica), S.A. Costa Rica 99.2 99.1 CEMEX Nicaragua, S.A. Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia S.A. 4 Colombia 99.7 99.9 Cemento Bayano, S.A. 5 Panama 100.0 100.0 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 6 Jamaica 79.0 79.0 CEMEX de Puerto Rico Inc. Puerto Rico 100.0 100.0 CEMEX France Gestion (S.A.S.) France 100.0 100.0 CEMEX Holdings Philippines, Inc. 7 Philippines 66.8 55.0 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 SIA Latvia — 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 8 United Arab Emirates 100.0 100.0 Neoris N.V. 9 The Netherlands 99.8 99.8 CEMEX International Trading LLC 10 United States of America 100.0 100.0 Transenergy, Inc. 11 United States of America 100.0 100.0 1 Effective among the participants beginning December 1, 2019, the corporate reorganization approved on November 13, 2019 was formalized, by means of which, CEMEX, S.A.B. de C.V. merged and absorbed CEMEX México, S.A. de C.V. and Empresas Tolteca de México , 2 CEMEX España is the indirect holding company of most of CEMEX’s international operations. 3 The interest reported excludes own shares held in CLH’s treasury. CLH, incorporated in Spain, trades its ordinary shares in the Colombian Stock Exchange under the symbol CLH, and is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador (note 20.4). 4 Represents CEMEX’s direct and indirect interest of 99.74% and 98.93% interest in ordinary and preferred shares, respectively. The interest reported excludes shares held in CEMEX Colombia, S.A.’s treasury. 5 Includes a 0.515% interest held in Cemento Bayano’s treasury. 6 Represents the aggregate ownership interest of CEMEX in this entity of 79.04%, which includes TCL’s direct and indirect 74.08% interest. 7 Represents CHP direct and indirect interest. CEMEX’s operations in the Philippines are conducted through CHP, subsidiary incorporated in the Philippines which since July 2016 trades its ordinary shares on the Philippines Stock Exchange under the symbol CHP (note 20.4). 8 CEMEX owns a 49% equity interest in each of these entities and holds the remaining 51% of the economic benefits, through agreements with other shareholders. 9 Neoris N.V. is the holding company of the entities involved in the sale of information technology solutions and services. 10 CEMEX International Trading, LLC is involved in the international trading of CEMEX’s products. 11 Formerly named Gulf Coast Portland Cement Co., it is engaged in the procurement and trading of fuels, such as coal and petroleum coke, used in certain operations of CEMEX. |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ in Millions | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($)Anniversaries | Dec. 31, 2018USD ($)Anniversaries | Dec. 31, 2017USD ($)Anniversaries | Dec. 31, 2016USD ($) | ||
Disclosure of significant accounting policies [line items] | |||||||
Allowance for expected credit loss | $ 116 | $ 119 | $ 109 | $ 106 | |||
Share-based compensation | $ 32 | $ 35 | 43 | ||||
Decrease in debt | 301 | ||||||
Increase (decrease) through conversion of convertible instruments | $ 319 | ||||||
Minimum equity interest for significant influence | 20.00% | ||||||
Number of customers | Anniversaries | 0 | 0 | 0 | ||||
Revenues | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] | ||
Increase decrease in financing obligations connected with leases | 220 | 229 | 317 | ||||
Emission Rights [Member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Revenues | $ 0 | 0 | 0 | ||||
Increase Decrease Due To Application Of IFRS9 [Member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Allowance for expected credit loss | $ 138 | ||||||
Expected credit loss net of deferred tax recognised in retained Earnings | 29 | ||||||
Deferred tax effect | 8 | ||||||
Deferred tax assets allowances for credit losses | $ 762 | ||||||
Previously stated [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Allowance for expected credit loss | 109 | ||||||
Deferred tax assets allowances for credit losses | 754 | ||||||
Revenues | 13,531 | 12,926 | |||||
Computer software [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Useful life of intangible asset | 5 years | ||||||
Extraction rights [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Useful life of intangible asset | 83 years | ||||||
Bottom of range [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Useful life of intangible asset | 3 years | ||||||
Top of range [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Useful life of intangible asset | 20 years | ||||||
Mobile equipment [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Carrying amount of assets acquired through capital lease | $ 222 | 287 | 327 | ||||
Equity Reserve [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Increase (decrease) through conversion of convertible instruments | 74 | ||||||
Additional paid-in capital [member] | |||||||
Disclosure of significant accounting policies [line items] | |||||||
Capitalization of retained earnings | 506 | ||||||
Share-based compensation | 17 | $ 34 | 42 | ||||
Increase (decrease) through conversion of convertible instruments | $ 151 | $ 393 | |||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Presentation Of Opening Balancesheet of IFRS 16 Explanatory (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | [1] | Jan. 01, 2017 | Dec. 31, 2016 | |
Statement [line items] | |||||||||
Total current assets | $ 4,579 | $ 3,421 | [1] | $ 3,636 | $ 4,273 | ||||
Property, machinery and equipment, net and assets for the right-of-use, net | 11,850 | 12,454 | [1] | 12,782 | 11,958 | ||||
Deferred income tax assets | 627 | 618 | [1] | 783 | 774 | ||||
Other items of non-current assets | 12,688 | 12,813 | |||||||
Total non-current assets | 24,784 | 25,760 | [1] | 26,248 | 25,545 | ||||
TOTAL ASSETS | 29,363 | 29,181 | [1] | 29,884 | 29,818 | ||||
Short-term other financial obligations | 1,381 | 855 | [1] | 1,176 | 725 | ||||
Other items of current liabilities | 3,940 | 3,571 | |||||||
Total current liabilities | 5,409 | 4,795 | [1] | 5,906 | 4,296 | ||||
Long-term other financial obligations | 1,044 | 1,592 | [1] | 1,577 | 2,068 | ||||
Deferred income tax liabilities | 720 | 748 | [1] | 795 | 946 | ||||
Other items of non-current liabilities | 10,993 | 13,118 | |||||||
Total non-current liabilities | 13,130 | 13,333 | [1] | 13,380 | 16,132 | ||||
TOTAL LIABILITIES | 18,539 | 18,128 | [1] | 19,286 | 20,428 | ||||
Retained earnings | 1,621 | 1,622 | [1] | 1,115 | 829 | ||||
Other items of controlling interest | 7,859 | 7,002 | |||||||
Total controlling interest | 9,321 | 9,481 | [1] | 9,027 | 7,831 | ||||
Non-controlling interest and perpetual debentures | 1,503 | 1,572 | [1] | 1,571 | 1,559 | ||||
TOTAL STOCKHOLDERS' EQUITY | 10,824 | 11,053 | [1] | 10,598 | $ 10,598 | 9,390 | $ 9,494 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 29,363 | 29,181 | [1] | $ 29,884 | 29,818 | ||||
Increase (decrease) due to application of IFRS 16 [member] | |||||||||
Statement [line items] | |||||||||
Total current assets | 0 | ||||||||
Property, machinery and equipment, net and assets for the right-of-use, net | 1,031 | 851 | |||||||
Deferred income tax assets | 26 | 23 | |||||||
Other items of non-current assets | 0 | ||||||||
Total non-current assets | 1,057 | 874 | |||||||
TOTAL ASSETS | 1,057 | 874 | |||||||
Short-term other financial obligations | 207 | 163 | |||||||
Total current liabilities | 207 | 163 | |||||||
Long-term other financial obligations | 980 | 815 | |||||||
Deferred income tax liabilities | (10) | ||||||||
Total non-current liabilities | 970 | 815 | |||||||
TOTAL LIABILITIES | 1,177 | 978 | |||||||
Retained earnings | (120) | (104) | |||||||
Total controlling interest | (120) | (104) | |||||||
TOTAL STOCKHOLDERS' EQUITY | (120) | (104) | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,057 | 874 | |||||||
Previously stated [member] | |||||||||
Statement [line items] | |||||||||
Total current assets | 3,421 | 4,273 | |||||||
Property, machinery and equipment, net and assets for the right-of-use, net | 11,423 | 11,107 | |||||||
Deferred income tax assets | 592 | 751 | |||||||
Other items of non-current assets | 12,688 | 12,813 | |||||||
Total non-current assets | 24,703 | 24,671 | |||||||
TOTAL ASSETS | 28,124 | 28,944 | |||||||
Short-term other financial obligations | 648 | 562 | |||||||
Other items of current liabilities | 3,940 | 3,571 | |||||||
Total current liabilities | 4,588 | 4,133 | |||||||
Long-term other financial obligations | 612 | 1,253 | |||||||
Deferred income tax liabilities | 758 | 946 | |||||||
Other items of non-current liabilities | 10,993 | 13,118 | |||||||
Total non-current liabilities | 12,363 | 15,317 | |||||||
TOTAL LIABILITIES | 16,951 | 19,450 | |||||||
Retained earnings | 1,742 | 933 | |||||||
Other items of controlling interest | 7,859 | 7,002 | |||||||
Total controlling interest | 9,601 | 7,935 | |||||||
Non-controlling interest and perpetual debentures | 1,572 | 1,559 | |||||||
TOTAL STOCKHOLDERS' EQUITY | 11,173 | 9,494 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 28,124 | $ 28,944 | |||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Detailed Information About In IFRS 16 of Income Statement And Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Profit or loss [abstract] | ||||||
Revenues | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] | |
Cost of sales | (8,825) | (8,849) | [1] | (8,365) | [1] | |
Operating expenses | (2,972) | (2,979) | [1] | (2,826) | [1] | |
Other expenses, net | (347) | (296) | [1] | (205) | [1] | |
Financial expense | (711) | (722) | [1] | (1,086) | [1] | |
Financial income and other items, net | 32 | 217 | ||||
Earnings before income tax | 253 | 717 | [1] | 661 | [1] | |
Income tax | (162) | (224) | [1] | (16) | [1] | |
Net income from continuing operations | 493 | 645 | ||||
Discontinued operations | 88 | 77 | [1] | 222 | [1] | |
CONSOLIDATED NET INCOME | 179 | 570 | [1] | 867 | [1] | |
Non-controlling interest net income | 36 | 42 | [1] | 75 | [1] | |
CONTROLLING INTEREST NET INCOME | 143 | 528 | [1] | 792 | [1] | |
OPERATING ACTIVITIES | ||||||
Net income from continuing operations | 493 | 645 | ||||
Non-cash items: | ||||||
Depreciation and amortization of assets | 1,045 | 982 | [1] | 963 | [1] | |
Other non-cash items | 963 | 820 | ||||
Changes in working capital, excluding income taxes | 98 | (55) | [1] | 431 | [1] | |
Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes | 2,144 | 2,383 | [1] | 2,859 | [1] | |
Interest on debt and coupons on perpetual debentures paid | (694) | (741) | [1] | (899) | [1] | |
Income taxes paid | (168) | (207) | [1] | (246) | [1] | |
Cash flows provided by operating activities from continuing operations | 1,282 | 1,435 | [1] | 1,714 | [1] | |
Net cash flow provided by operating activities from discontinued operations | 71 | 132 | [1] | 131 | [1] | |
Net cash flows provided by operating activities | 1,353 | 1,567 | [1] | 1,845 | [1] | |
INVESTING ACTIVITIES | ||||||
Property, machinery and equipment and assets for the right-of-use, net | (601) | (567) | ||||
Other items of investing activities | (214) | 1,120 | ||||
Net cash flows used in investing activities | (293) | (815) | [1] | 553 | [1] | |
FINANCING ACTIVITIES | ||||||
Other financial obligations, net | (233) | (578) | [1] | (190) | [1] | |
Other items of financing activities | (585) | (2,200) | ||||
Net cash flows used in financing activities | (544) | (1,163) | [1] | (2,390) | [1] | |
Decrease in cash and cash equivalents from continuing operations | 445 | (543) | [1] | (123) | [1] | |
Increase in cash and cash equivalents from discontinued operations | 71 | 132 | [1] | 131 | [1] | |
Foreign currency translation effect on cash | (37) | 21 | [1] | 130 | [1] | |
Cash and cash equivalents at beginning of period | [1] | 309 | 699 | 561 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 788 | 309 | [1] | 699 | [1] | |
Increase (decrease) due to application of IFRS 16 [member] | ||||||
Profit or loss [abstract] | ||||||
Cost of sales | 34 | 32 | ||||
Operating expenses | 24 | 20 | ||||
Financial expense | (69) | (63) | ||||
Financial income and other items, net | (3) | (2) | ||||
Earnings before income tax | (14) | (13) | ||||
Income tax | 2 | (6) | ||||
Net income from continuing operations | (12) | (19) | ||||
CONSOLIDATED NET INCOME | (12) | (19) | ||||
CONTROLLING INTEREST NET INCOME | (12) | (19) | ||||
OPERATING ACTIVITIES | ||||||
Net income from continuing operations | (20) | (28) | ||||
Non-cash items: | ||||||
Depreciation and amortization of assets | 219 | 176 | ||||
Other non-cash items | 67 | 61 | ||||
Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes | 266 | 209 | ||||
Interest on debt and coupons on perpetual debentures paid | (69) | (63) | ||||
Income taxes paid | 1 | (6) | ||||
Cash flows provided by operating activities from continuing operations | 198 | 140 | ||||
Net cash flows provided by operating activities | 198 | 140 | ||||
FINANCING ACTIVITIES | ||||||
Other financial obligations, net | (190) | (112) | ||||
Net cash flows used in financing activities | (190) | (112) | ||||
Decrease in cash and cash equivalents from continuing operations | 8 | 28 | ||||
Foreign currency translation effect on cash | (8) | (28) | ||||
Previously stated [member] | ||||||
Profit or loss [abstract] | ||||||
Revenues | 13,531 | 12,926 | ||||
Cost of sales | (8,883) | (8,397) | ||||
Operating expenses | (3,003) | (2,846) | ||||
Other expenses, net | (296) | (205) | ||||
Financial expense | (653) | (1,023) | ||||
Financial income and other items, net | 35 | 219 | ||||
Earnings before income tax | 731 | 674 | ||||
Income tax | (226) | (10) | ||||
Net income from continuing operations | 505 | 664 | ||||
Discontinued operations | 77 | 222 | ||||
CONSOLIDATED NET INCOME | 582 | 886 | ||||
Non-controlling interest net income | 42 | 75 | ||||
CONTROLLING INTEREST NET INCOME | 540 | 811 | ||||
OPERATING ACTIVITIES | ||||||
Net income from continuing operations | 513 | 673 | ||||
Non-cash items: | ||||||
Depreciation and amortization of assets | 763 | 787 | ||||
Other non-cash items | 896 | 759 | ||||
Changes in working capital, excluding income taxes | (55) | 431 | ||||
Operating cash flows from continuing operations before financial expense, coupons on perpetual debentures and income taxes | 2,117 | 2,650 | ||||
Interest on debt and coupons on perpetual debentures paid | (672) | (836) | ||||
Income taxes paid | (208) | (240) | ||||
Cash flows provided by operating activities from continuing operations | 1,237 | 1,574 | ||||
Net cash flow provided by operating activities from discontinued operations | 132 | 131 | ||||
Net cash flows provided by operating activities | 1,369 | 1,705 | ||||
INVESTING ACTIVITIES | ||||||
Property, machinery and equipment and assets for the right-of-use, net | (601) | (567) | ||||
Other items of investing activities | (214) | 1,120 | ||||
Net cash flows used in investing activities | (815) | 553 | ||||
FINANCING ACTIVITIES | ||||||
Other financial obligations, net | (388) | (78) | ||||
Other items of financing activities | (585) | (2,200) | ||||
Net cash flows used in financing activities | (973) | (2,278) | ||||
Decrease in cash and cash equivalents from continuing operations | (551) | (151) | ||||
Increase in cash and cash equivalents from discontinued operations | 132 | 131 | ||||
Foreign currency translation effect on cash | 29 | 158 | ||||
Cash and cash equivalents at beginning of period | $ 309 | 699 | 561 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 309 | $ 699 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Foreign Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pesos [Member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 18.92 | 19.65 | 19.65 |
Average | 19.35 | 19.2583 | 18.8825 |
Euro [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.8917 | 0.8727 | 0.8331 |
Average | 0.8941 | 0.8483 | 0.8817 |
Pounds [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.7550 | 0.7843 | 0.7405 |
Average | 0.7831 | 0.7521 | 0.7707 |
Colombian Peso [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 3,277 | 3,250 | 2,984 |
Average | 3,300 | 2,972 | 2,958 |
Egyptian, Pound [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 16.0431 | 17.9559 | 17.7308 |
Average | 16.7382 | 17.8223 | 17.7785 |
Philippine pesos [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 50.6350 | 52.58 | 49.9300 |
Average | 51.5650 | 52.6925 | 50.3817 |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Maximum Average Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Administrative Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 31 years |
Industrial Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 31 years |
Machinery and Equipment in Plant [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 17 years |
Ready-mix Trucks and Motor Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 8 years |
Office Equipment and Other Assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 7 years |
Significant Accounting Polici_9
Significant Accounting Policies - Summary of Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
United States [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 21.00% | 21.00% | 35.00% |
United Kingdom [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 19.30% | 19.30% | 19.30% |
France [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 34.40% | 34.40% | 34.40% |
Germany [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 28.20% | 28.20% | 28.20% |
Spain [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
Philippines [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 33.00% | 37.00% | 40.00% |
Egypt [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 22.50% | 22.50% | 22.50% |
Bottom of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 7.80% | 7.80% | 7.80% |
Top of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 35.00% | 39.00% | 39.00% |
Revenue and Construction Cont_3
Revenue and Construction Contracts - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 15 days |
Top of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 90 days |
Revenue and Construction Cont_4
Revenue and Construction Contracts - Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Analysis of income and expense [abstract] | |||||
From the sale of goods associated to CEMEX's main activities | $ 12,605 | $ 13,018 | $ 12,387 | ||
From the sale of services | 147 | 159 | 176 | ||
From the sale of other goods and services | 378 | 354 | 363 | ||
Total | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Revenue and Construction Cont_5
Revenue and Construction Contracts - Summary of Revenues and Costs Related to Construction Contracts in Progress (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Revenue from construction contracts included in consolidated revenues, accumulated | $ 114 | ||
Costs incurred in construction contracts included in consolidated cost of sales, accumulated | (115) | ||
Construction contracts gross operating profit (loss), accumulated | (1) | ||
Revenue from construction contracts included in consolidated revenues | 79 | $ 72 | $ 89 |
Costs incurred in construction contracts included in consolidated cost of sales | (79) | (68) | (102) |
Construction contracts gross operating profit (loss) | $ 0 | $ 4 | $ (13) |
Revenue and Construction Cont_6
Revenue and Construction Contracts - Summary of Changes in the Balance of Contract Liabilities with Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract liabilities [abstract] | |||
Opening balance of contract liabilities with customers | $ 234 | $ 237 | $ 196 |
Increase during the period for new transactions | 1,931 | 1,763 | 3,147 |
Decrease during the period for exercise or expiration of incentives | (1,946) | (1,762) | (3,126) |
Currency translation effects | 6 | (4) | 20 |
Closing balance of contract liabilities with customers | $ 225 | $ 234 | $ 237 |
Business Combinations, Discon_3
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Additional Information (Detail) T in Thousands, € in Millions, MT in Millions, $ in Millions | Nov. 26, 2019USD ($) | Jun. 28, 2019USD ($) | Jun. 28, 2019EUR (€) | Mar. 29, 2019USD ($)MT | Sep. 27, 2018USD ($) | Apr. 28, 2017USD ($) | Feb. 01, 2017USD ($) | Jan. 09, 2017shares | Sep. 12, 2016USD ($)T | May 31, 2019USD ($) | May 31, 2019EUR (€) | Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Jan. 01, 2018USD ($) | [1] | Jan. 01, 2017USD ($) | |
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Ownership percentage | 37.80% | 39.50% | ||||||||||||||||||||
Goodwill | $ 9,562 | $ 9,948 | $ 9,957 | $ 9,912 | ||||||||||||||||||
Gain (loss) on sale of business | 32 | |||||||||||||||||||||
Sale of Assets Disposal Group | $ 387 | |||||||||||||||||||||
Current liabilities | 5,409 | 4,795 | [1] | $ 5,906 | $ 4,296 | |||||||||||||||||
Procon Readymix Ltd [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Consideration transferred | $ 22 | |||||||||||||||||||||
Net assets acquired | 10 | |||||||||||||||||||||
Goodwill | 12 | |||||||||||||||||||||
Cimentos Vencemos Do Amazonas Ltda [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Proceeds from divestiture | $ 31 | |||||||||||||||||||||
Gain (loss) on sale of business | $ 12 | |||||||||||||||||||||
Heidelberg Cement Group [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | $ 73 | |||||||||||||||||||||
Proceeds from divestiture | 150 | |||||||||||||||||||||
Gain (loss) on sale of business | $ 22 | |||||||||||||||||||||
Cemex [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | $ 8 | |||||||||||||||||||||
Proceeds from divestiture | 36.2 | € 31.8 | ||||||||||||||||||||
Gain (loss) on sale of business | $ 17 | $ 66 | ||||||||||||||||||||
Gunter Papenburg [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Proceeds from divestiture | $ 97 | € 87 | ||||||||||||||||||||
Gain (loss) on sale of business | $ 59 | |||||||||||||||||||||
Concrete Reinforced Pipe Manufacturing Business [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Proceeds from divestiture | $ 500 | |||||||||||||||||||||
Contingent consideration on divestiture | $ 40 | |||||||||||||||||||||
Breedon Group Plc [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | 49 | |||||||||||||||||||||
Gain (loss) on sale of business | 235 | |||||||||||||||||||||
Current liabilities | 31 | |||||||||||||||||||||
Kosoms [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Additional ownership percentage acquired | 75.00% | |||||||||||||||||||||
Goodwill | $ 291 | |||||||||||||||||||||
Proceeds from divestiture | 499 | |||||||||||||||||||||
Gain (loss) on sale of business | $ 665 | |||||||||||||||||||||
Caribbean TCL [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | 100 | 104 | ||||||||||||||||||||
United States [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | $ 7,469 | $ 7,760 | ||||||||||||||||||||
United States [member] | Concrete Reinforced Pipe Manufacturing Business [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | 260 | |||||||||||||||||||||
Gain (loss) on sale of business | $ 148 | |||||||||||||||||||||
Estonia | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Annual production capacity of cement plant sold | MT | 1.8 | |||||||||||||||||||||
Trinidad Cement Limited [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Fair value of assets acquired | $ 531 | |||||||||||||||||||||
Debt assumed | 113 | |||||||||||||||||||||
Gain on Financial income and other items, net | $ 32 | |||||||||||||||||||||
Trinidad Cement Limited [member] | The Offer [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Ownership percentage | 69.80% | |||||||||||||||||||||
Consideration transferred | $ 86 | |||||||||||||||||||||
Trinidad Cement Limited [member] | Caribbean TCL [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Ownership percentage | 39.50% | |||||||||||||||||||||
Trinidad Cement Limited [member] | Caribbean TCL [member] | The Offer [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Option to acquire, number of shares | shares | 132,616,942 | |||||||||||||||||||||
Additional ownership percentage acquired | 30.20% | |||||||||||||||||||||
Schwenk [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Annual production capacity of cement plant sold | MT | 1.7 | |||||||||||||||||||||
Eagle Materials Inc [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Goodwill | 211 | |||||||||||||||||||||
Proceeds from divestiture | $ 400 | |||||||||||||||||||||
Gain (loss) on sale of business | $ 188 | |||||||||||||||||||||
Annual production capacity of cement plant sold | T | 730 | |||||||||||||||||||||
Cementos Espaoles de Bombeo, S. de R.L. [member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Proceeds from divestiture | $ 88 | |||||||||||||||||||||
Fixed assets sold | $ 16 | |||||||||||||||||||||
Lease term of facilities | 10 years | |||||||||||||||||||||
Aggregate initial amount of lease | $ 71 | |||||||||||||||||||||
Contingent revenue | $ 30 | |||||||||||||||||||||
Cimsa Cimento Sanayi Ve Ticaret AS [Member] | ||||||||||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||||||||||
Proceeds from divestiture | $ 180 | |||||||||||||||||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Business Combinations, Discon_4
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Discontinued Operations [line items] | |||||
Revenues | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] |
Other products (expenses), net | 1 | ||||
Earnings before income tax | 253 | 717 | [1] | 661 | [1] |
Disposal result, withholding taxes and reclassification of currency translation effects | 32 | ||||
Net result of discontinued operations | 88 | 77 | [1] | 222 | [1] |
Discontinued Operations [member] | |||||
Disclosure of Discontinued Operations [line items] | |||||
Revenues | 572 | 868 | 873 | ||
Other products (expenses), net | (1) | ||||
Discontinued Operations [member] | Croatia [Member] | |||||
Disclosure of Discontinued Operations [line items] | |||||
Revenues | 572 | 868 | 873 | ||
Cost of sales and operating expenses | (534) | (792) | (811) | ||
Other products (expenses), net | 1 | (1) | |||
Financial expenses, net and others | (2) | (3) | |||
Earnings before income tax | 39 | 73 | 59 | ||
Income tax | (6) | (7) | (6) | ||
Result of discontinued operations | 33 | 66 | 53 | ||
Disposal result, withholding taxes and reclassification of currency translation effects | 55 | 11 | 169 | ||
Net result of discontinued operations | $ 88 | $ 77 | $ 222 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Business Combinations, Discon_5
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Combined Condensed Financial Information of Reclassification of Assets and Liabilities Held for Sale (Detail) - United Kingdom United States and Spain [Member] $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of Discontinued Operations [line items] | |
Current assets | $ 41 |
Property, machinery and equipment, net and other non-current assets | 751 |
Total assets held for sale | 792 |
Current liabilities | 8 |
Non-current liabilities | 29 |
Total liabilities directly related to assets held for sale | 37 |
Net assets held for sale | $ 755 |
Business Combinations, Discon_6
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Combined Statement of Operations Information of the Net Assets Sold (Detail) - Eagle Materials [Member] - France [member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure Of Discontinued Operations And Disposal Groups [line items] | |
Net sales | $ 86 |
Operating costs and expenses | (71) |
Operating earnings (losses) before other expenses, net | $ 15 |
Business Combinations, Discon_7
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | $ 13,922 | $ 14,570 | $ 13,731 | ||
Less: Intragroup transactions | (792) | (1,039) | (805) | ||
Revenues | 13,130 | 13,531 | [1] | 12,926 | [1] |
Operating EBITDA | 2,378 | 2,685 | 2,698 | ||
Less: Depreciation and amortization | 1,045 | 982 | 963 | ||
Operating earnings before other expenses, net | 1,333 | 1,703 | [1] | 1,735 | [1] |
Other expenses, net | (347) | (296) | [1] | (205) | [1] |
Financial expense | (711) | (722) | [1] | (1,086) | [1] |
Other financing items, net | (71) | (2) | [1] | 184 | [1] |
Revenues (including intragroup transactions), discontinued operations | 572 | 873 | |||
Operating EBITDA, discontinued operations | 89 | 125 | |||
Less: Depreciation and amortization, discontinued operations | 51 | 63 | |||
Operating earnings before other expenses, net, discontinued operations | 38 | 62 | |||
Other expenses, net, discontinued operations | 1 | ||||
Financial expense, discontinued operations | (3) | ||||
Revenues (including intragroup transactions), continuing and discontinued operations | 14,494 | 15,438 | 14,604 | ||
Less: Intragroup transactions, continuing and discontinued operations | (792) | (1,039) | (805) | ||
Revenues, continuing and discontinued operations | 13,702 | 14,399 | 13,799 | ||
Operating EBITDA, continuing and discontinued operations | 2,467 | 2,832 | 2,823 | ||
Less: Depreciation and amortization, continuing and discontinued operations | 1,096 | 1,053 | 1,026 | ||
Operating earnings before other expenses, net, continuing and discontinued operations | 1,371 | 1,779 | 1,797 | ||
Other expenses, net, continuing and discontinued operations | (346) | (297) | (205) | ||
Financial expense, continuing and discontinued operations | (711) | (724) | (1,089) | ||
Other financing items, net, continuing and discontinued operations | (71) | (2) | 184 | ||
Discontinued Operations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues | 572 | 868 | 873 | ||
Revenues (including intragroup transactions), discontinued operations | 868 | ||||
Operating EBITDA, discontinued operations | 147 | ||||
Less: Depreciation and amortization, discontinued operations | 71 | ||||
Operating earnings before other expenses, net, discontinued operations | 76 | ||||
Other expenses, net, discontinued operations | (1) | ||||
Financial expense, discontinued operations | (2) | ||||
Mexico [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 2,897 | 3,302 | 3,104 | ||
Less: Intragroup transactions | (105) | (91) | (58) | ||
Revenues | 2,792 | 3,211 | 3,046 | ||
Operating EBITDA | 969 | 1,217 | 1,188 | ||
Less: Depreciation and amortization | 159 | 148 | 147 | ||
Operating earnings before other expenses, net | 810 | 1,069 | 1,041 | ||
Other expenses, net | (48) | (33) | (61) | ||
Financial expense | (36) | (32) | (28) | ||
Other financing items, net | (1) | (3) | (28) | ||
United States [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 3,780 | 3,614 | 3,320 | ||
Revenues | 3,780 | 3,614 | 3,320 | ||
Operating EBITDA | 629 | 686 | 603 | ||
Less: Depreciation and amortization | 392 | 369 | 379 | ||
Operating earnings before other expenses, net | 237 | 317 | 224 | ||
Other expenses, net | (22) | (18) | (39) | ||
Financial expense | (64) | (53) | (59) | ||
Other financing items, net | (13) | (11) | (9) | ||
United Kingdom [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 749 | 773 | 841 | ||
Revenues | 749 | 773 | 841 | ||
Operating EBITDA | 119 | 117 | 153 | ||
Less: Depreciation and amortization | 69 | 67 | 66 | ||
Operating earnings before other expenses, net | 50 | 50 | 87 | ||
Other expenses, net | (2) | (7) | 23 | ||
Financial expense | (11) | (12) | (13) | ||
Other financing items, net | (17) | (22) | (21) | ||
France [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 869 | 895 | 805 | ||
Revenues | 869 | 895 | 805 | ||
Operating EBITDA | 94 | 91 | 68 | ||
Less: Depreciation and amortization | 48 | 50 | 45 | ||
Operating earnings before other expenses, net | 46 | 41 | 23 | ||
Other expenses, net | (4) | (47) | (7) | ||
Financial expense | (11) | (13) | (12) | ||
Other financing items, net | 1 | ||||
Germany [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 439 | 429 | 412 | ||
Less: Intragroup transactions | (25) | (75) | (71) | ||
Revenues | 414 | 354 | 341 | ||
Operating EBITDA | 65 | 37 | 40 | ||
Less: Depreciation and amortization | 28 | 28 | 26 | ||
Operating earnings before other expenses, net | 37 | 9 | 14 | ||
Other expenses, net | 3 | (8) | (1) | ||
Financial expense | (3) | (3) | (3) | ||
Other financing items, net | (4) | (4) | (3) | ||
Spain [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 319 | 334 | 306 | ||
Less: Intragroup transactions | (25) | (47) | (52) | ||
Revenues | 294 | 287 | 254 | ||
Operating EBITDA | 16 | 13 | 14 | ||
Less: Depreciation and amortization | 34 | 33 | 33 | ||
Operating earnings before other expenses, net | (18) | (20) | (19) | ||
Other expenses, net | (8) | (16) | (38) | ||
Financial expense | (2) | (3) | (3) | ||
Other financing items, net | 2 | 3 | 1 | ||
Rest of Europe [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 672 | 733 | 616 | ||
Less: Intragroup transactions | (14) | (51) | (19) | ||
Revenues | 658 | 682 | 597 | ||
Operating EBITDA | 122 | 113 | 63 | ||
Less: Depreciation and amortization | 49 | 50 | 52 | ||
Operating earnings before other expenses, net | 73 | 63 | 11 | ||
Other expenses, net | (1) | (3) | (14) | ||
Financial expense | (5) | (4) | (7) | ||
Other financing items, net | (4) | (2) | 4 | ||
Colombia [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 504 | 524 | 566 | ||
Revenues | 504 | 524 | 566 | ||
Operating EBITDA | 90 | 97 | 113 | ||
Less: Depreciation and amortization | 29 | 29 | 27 | ||
Operating earnings before other expenses, net | 61 | 68 | 86 | ||
Other expenses, net | (21) | 6 | (49) | ||
Financial expense | (4) | (7) | (7) | ||
Other financing items, net | (3) | (22) | (2) | ||
Panama [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 181 | 222 | 266 | ||
Less: Intragroup transactions | (2) | ||||
Revenues | 179 | 222 | 266 | ||
Operating EBITDA | 48 | 66 | 108 | ||
Less: Depreciation and amortization | 17 | 17 | 19 | ||
Operating earnings before other expenses, net | 31 | 49 | 89 | ||
Other expenses, net | (9) | (3) | (2) | ||
Financial expense | (1) | (1) | (1) | ||
Other financing items, net | 0 | ||||
Caribbean TCL [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 248 | 254 | 232 | ||
Less: Intragroup transactions | (8) | (5) | (3) | ||
Revenues | 240 | 249 | 229 | ||
Operating EBITDA | 56 | 58 | 57 | ||
Less: Depreciation and amortization | 23 | 19 | 32 | ||
Operating earnings before other expenses, net | 33 | 39 | 25 | ||
Other expenses, net | (2) | (15) | (10) | ||
Financial expense | (6) | (3) | (12) | ||
Other financing items, net | (4) | (2) | (2) | ||
Dominican Republic [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 245 | 218 | 207 | ||
Less: Intragroup transactions | (17) | (16) | (18) | ||
Revenues | 228 | 202 | 189 | ||
Operating EBITDA | 84 | 61 | 57 | ||
Less: Depreciation and amortization | 9 | 10 | 10 | ||
Operating earnings before other expenses, net | 75 | 51 | 47 | ||
Other expenses, net | (1) | (1) | (1) | ||
Financial expense | (1) | (1) | |||
Other financing items, net | 2 | ||||
Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 511 | 590 | 605 | ||
Less: Intragroup transactions | (17) | (20) | (33) | ||
Revenues | 494 | 570 | 572 | ||
Operating EBITDA | 107 | 133 | 144 | ||
Less: Depreciation and amortization | 20 | 21 | 21 | ||
Operating earnings before other expenses, net | 87 | 112 | 123 | ||
Other expenses, net | (60) | (7) | (5) | ||
Financial expense | (3) | (3) | (4) | ||
Other financing items, net | (6) | 14 | |||
Philippines [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 458 | 448 | 440 | ||
Revenues | 458 | 448 | 440 | ||
Operating EBITDA | 117 | 93 | 82 | ||
Less: Depreciation and amortization | 38 | 36 | 35 | ||
Operating earnings before other expenses, net | 79 | 57 | 47 | ||
Other expenses, net | 1 | (3) | (5) | ||
Financial expense | 6 | (2) | (3) | ||
Other financing items, net | 4 | (4) | (1) | ||
Israel [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 660 | 630 | 603 | ||
Revenues | 660 | 630 | 603 | ||
Operating EBITDA | 89 | 87 | 84 | ||
Less: Depreciation and amortization | 23 | 21 | 20 | ||
Operating earnings before other expenses, net | 66 | 66 | 64 | ||
Other expenses, net | 0 | (1) | |||
Financial expense | (2) | (3) | (2) | ||
Other financing items, net | 1 | (1) | 1 | ||
Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 286 | 357 | 318 | ||
Revenues | 286 | 357 | 318 | ||
Operating EBITDA | 10 | 44 | 53 | ||
Less: Depreciation and amortization | 22 | 22 | 21 | ||
Operating earnings before other expenses, net | (12) | 22 | 32 | ||
Other expenses, net | (6) | (9) | (11) | ||
Financial expense | (2) | (2) | (4) | ||
Other financing items, net | 30 | (3) | 26 | ||
Other Locations [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenues (including intragroup transactions) | 1,104 | 1,247 | 1,090 | ||
Less: Intragroup transactions | (579) | (734) | (551) | ||
Revenues | 525 | 513 | 539 | ||
Operating EBITDA | (237) | (228) | (129) | ||
Less: Depreciation and amortization | 85 | 62 | 30 | ||
Operating earnings before other expenses, net | (322) | (290) | (159) | ||
Other expenses, net | (167) | (132) | 16 | ||
Financial expense | (567) | (580) | (927) | ||
Other financing items, net | $ (56) | $ 53 | $ 217 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Business Combinations, Discon_8
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 26.83% | 26.78% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 33.22% | 45.00% |
Business Combinations, Discon_9
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment (Detail) $ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | [1] | Jan. 01, 2017USD ($) | |
Disclosure of operating segments [line items] | |||||||
Total assets | $ 29,363 | $ 29,181 | [1] | $ 29,884 | $ 29,818 | ||
Total liabilities | 18,539 | 18,128 | [1] | $ 19,286 | $ 20,428 | ||
Net assets by segment | 10,824 | 11,053 | |||||
Additions to fixed assets | 1,033 | 964 | |||||
Mexico [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 3,910 | 3,630 | |||||
Total liabilities | 1,443 | 1,442 | |||||
Net assets by segment | 2,467 | 2,188 | |||||
Additions to fixed assets | 199 | 168 | |||||
United States [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 13,898 | 14,206 | |||||
Total liabilities | 2,440 | 2,277 | |||||
Net assets by segment | 11,458 | 11,929 | |||||
Additions to fixed assets | 398 | 405 | |||||
United Kingdom [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,562 | 1,785 | |||||
Total liabilities | 1,225 | 1,107 | |||||
Net assets by segment | 337 | 678 | |||||
Additions to fixed assets | 67 | 61 | |||||
France [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 978 | 985 | |||||
Total liabilities | 460 | 512 | |||||
Net assets by segment | 518 | 473 | |||||
Additions to fixed assets | 38 | 44 | |||||
Germany [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 401 | 464 | |||||
Total liabilities | 353 | 377 | |||||
Net assets by segment | 48 | 87 | |||||
Additions to fixed assets | 25 | 27 | |||||
Spain [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,190 | 1,301 | |||||
Total liabilities | 185 | 171 | |||||
Net assets by segment | 1,005 | 1,130 | |||||
Additions to fixed assets | 34 | 27 | |||||
Rest of Europe [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 756 | 1,118 | |||||
Total liabilities | 304 | 359 | |||||
Net assets by segment | 452 | 759 | |||||
Additions to fixed assets | 52 | 54 | |||||
Colombia [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,187 | 1,249 | |||||
Total liabilities | 428 | 444 | |||||
Net assets by segment | 759 | 805 | |||||
Additions to fixed assets | 25 | 22 | |||||
Panama [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 337 | 368 | |||||
Total liabilities | 105 | 65 | |||||
Net assets by segment | 232 | 303 | |||||
Additions to fixed assets | 10 | 12 | |||||
Caribbean TCL [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 542 | 574 | |||||
Total liabilities | 236 | 215 | |||||
Net assets by segment | 306 | 359 | |||||
Additions to fixed assets | 21 | 29 | |||||
Dominican Republic [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 193 | 206 | |||||
Total liabilities | 66 | 64 | |||||
Net assets by segment | 127 | 142 | |||||
Additions to fixed assets | 8 | 8 | |||||
Rest of South, Central America and the Caribbean [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 381 | 457 | |||||
Total liabilities | 164 | 176 | |||||
Net assets by segment | 217 | 281 | |||||
Additions to fixed assets | 18 | 14 | |||||
Philippines [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 689 | 644 | |||||
Total liabilities | 141 | 184 | |||||
Net assets by segment | 548 | 460 | |||||
Additions to fixed assets | 84 | 36 | |||||
Israel [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 611 | 507 | |||||
Total liabilities | 429 | 367 | |||||
Net assets by segment | 182 | 140 | |||||
Additions to fixed assets | 33 | 27 | |||||
Rest of Asia, Middle East and Africa [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 423 | 438 | |||||
Total liabilities | 131 | 145 | |||||
Net assets by segment | 292 | 293 | |||||
Additions to fixed assets | 13 | 15 | |||||
Other Locations [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,466 | 1,142 | |||||
Total liabilities | 10,392 | 10,207 | |||||
Net assets by segment | (8,926) | (9,065) | |||||
Additions to fixed assets | 8 | 15 | |||||
Continuing operation [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 28,524 | 29,074 | |||||
Total liabilities | 18,502 | 18,112 | |||||
Net assets by segment | 10,022 | 10,962 | |||||
Additions to fixed assets | 1,033 | 964 | |||||
Disposal groups classified as held for sale [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 839 | 107 | |||||
Total liabilities | 37 | 16 | |||||
Net assets by segment | 802 | 91 | |||||
Equity accounted investment [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 481 | 484 | |||||
Equity accounted investment [member] | United States [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 143 | 126 | |||||
Equity accounted investment [member] | United Kingdom [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 6 | 6 | |||||
Equity accounted investment [member] | France [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 50 | 47 | |||||
Equity accounted investment [member] | Germany [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 4 | 4 | |||||
Equity accounted investment [member] | Rest of Europe [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 11 | 8 | |||||
Equity accounted investment [member] | Other Locations [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 267 | 293 | |||||
Equity accounted investment [member] | Continuing operation [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 481 | 484 | |||||
Equity accounted investment [member] | Disposal groups classified as held for sale [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | $ 0 | ||||||
All other assets [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 28,882 | 28,882 | 28,697 | ||||
All other assets [member] | Mexico [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 3,910 | 3,630 | |||||
All other assets [member] | United States [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 13,755 | 14,080 | |||||
All other assets [member] | United Kingdom [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,556 | 1,779 | |||||
All other assets [member] | France [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 928 | 938 | |||||
All other assets [member] | Germany [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 397 | 460 | |||||
All other assets [member] | Spain [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,190 | 1,301 | |||||
All other assets [member] | Rest of Europe [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 745 | 1,110 | |||||
All other assets [member] | Colombia [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,187 | 1,249 | |||||
All other assets [member] | Panama [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 337 | 368 | |||||
All other assets [member] | Caribbean TCL [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 542 | 574 | |||||
All other assets [member] | Dominican Republic [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 193 | 206 | |||||
All other assets [member] | Rest of South, Central America and the Caribbean [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 381 | 457 | |||||
All other assets [member] | Philippines [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 689 | 644 | |||||
All other assets [member] | Israel [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 611 | 507 | |||||
All other assets [member] | Rest of Asia, Middle East and Africa [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 423 | 438 | |||||
All other assets [member] | Other Locations [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 1,199 | 849 | |||||
All other assets [member] | Continuing operation [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | 28,043 | 28,590 | |||||
All other assets [member] | Disposal groups classified as held for sale [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total assets | $ 839 | $ 839 | $ 107 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Business Combinations, Disco_10
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure - Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment [Abstract] | ||
Capital expenditure incurred | $ 1,033 | $ 964 |
Business Combinations, Disco_11
Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Reportable Segment and Line of Business - Summary of Net Sales by Product and Geographic Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of geographical areas [line items] | |||||
Revenues | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] |
Net sales, continuing and discontinued operations | 13,702 | 14,399 | 13,799 | ||
Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,792 | 3,211 | 3,046 | ||
United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 3,780 | 3,614 | 3,320 | ||
United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 749 | 773 | 841 | ||
France [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 869 | 895 | 805 | ||
Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 414 | 354 | 341 | ||
Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 294 | 287 | 254 | ||
Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 658 | 682 | 597 | ||
Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 504 | 524 | 566 | ||
Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 179 | 222 | 266 | ||
Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 240 | 249 | 229 | ||
Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 228 | 202 | 189 | ||
Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 494 | 570 | 572 | ||
Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 458 | 448 | 440 | ||
Israel [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 660 | 630 | 603 | ||
Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 286 | 357 | 318 | ||
Other Locations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 525 | 513 | 539 | ||
Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 572 | 868 | 873 | ||
Operating segments [member] | Cement segment [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 6,717 | 7,116 | 6,760 | ||
Net sales, continuing and discontinued operations | 6,946 | 7,536 | 7,199 | ||
Operating segments [member] | Cement segment [member] | Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,009 | 2,302 | 2,241 | ||
Operating segments [member] | Cement segment [member] | United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 1,608 | 1,584 | 1,353 | ||
Operating segments [member] | Cement segment [member] | United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 227 | 237 | 189 | ||
Operating segments [member] | Cement segment [member] | Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 192 | 186 | 192 | ||
Operating segments [member] | Cement segment [member] | Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 228 | 250 | 292 | ||
Operating segments [member] | Cement segment [member] | Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 396 | 399 | 358 | ||
Operating segments [member] | Cement segment [member] | Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 363 | 353 | 373 | ||
Operating segments [member] | Cement segment [member] | Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 141 | 171 | 206 | ||
Operating segments [member] | Cement segment [member] | Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 241 | 245 | 220 | ||
Operating segments [member] | Cement segment [member] | Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 194 | 178 | 169 | ||
Operating segments [member] | Cement segment [member] | Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 448 | 510 | 510 | ||
Operating segments [member] | Cement segment [member] | Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 457 | 444 | 430 | ||
Operating segments [member] | Cement segment [member] | Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 213 | 257 | 227 | ||
Operating segments [member] | Cement segment [member] | Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 229 | 420 | 439 | ||
Operating segments [member] | Concrete segment [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 5,528 | 5,610 | 5,111 | ||
Net sales, continuing and discontinued operations | 5,638 | 5,829 | 5,407 | ||
Operating segments [member] | Concrete segment [member] | Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 798 | 898 | 780 | ||
Operating segments [member] | Concrete segment [member] | United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,189 | 2,088 | 1,832 | ||
Operating segments [member] | Concrete segment [member] | United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 310 | 325 | 290 | ||
Operating segments [member] | Concrete segment [member] | France [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 720 | 735 | 669 | ||
Operating segments [member] | Concrete segment [member] | Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 184 | 197 | 192 | ||
Operating segments [member] | Concrete segment [member] | Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 86 | 70 | 50 | ||
Operating segments [member] | Concrete segment [member] | Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 284 | 298 | 267 | ||
Operating segments [member] | Concrete segment [member] | Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 176 | 189 | 213 | ||
Operating segments [member] | Concrete segment [member] | Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 49 | 71 | 91 | ||
Operating segments [member] | Concrete segment [member] | Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 9 | 10 | 11 | ||
Operating segments [member] | Concrete segment [member] | Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 27 | 27 | 30 | ||
Operating segments [member] | Concrete segment [member] | Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 48 | 63 | 70 | ||
Operating segments [member] | Concrete segment [member] | Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 4 | ||||
Operating segments [member] | Concrete segment [member] | Israel [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 554 | 521 | 498 | ||
Operating segments [member] | Concrete segment [member] | Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 94 | 118 | 114 | ||
Operating segments [member] | Concrete segment [member] | Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 110 | 219 | 296 | ||
Operating segments [member] | Aggregates segment [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,190 | 2,150 | 2,054 | ||
Net sales, continuing and discontinued operations | 2,344 | 2,386 | 2,222 | ||
Operating segments [member] | Aggregates segment [member] | Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 196 | 210 | 182 | ||
Operating segments [member] | Aggregates segment [member] | United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 917 | 850 | 785 | ||
Operating segments [member] | Aggregates segment [member] | United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 290 | 300 | 301 | ||
Operating segments [member] | Aggregates segment [member] | France [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 355 | 353 | 319 | ||
Operating segments [member] | Aggregates segment [member] | Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 62 | 56 | 88 | ||
Operating segments [member] | Aggregates segment [member] | Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 23 | 19 | 14 | ||
Operating segments [member] | Aggregates segment [member] | Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 88 | 93 | 84 | ||
Operating segments [member] | Aggregates segment [member] | Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 53 | 55 | 65 | ||
Operating segments [member] | Aggregates segment [member] | Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 15 | 23 | 24 | ||
Operating segments [member] | Aggregates segment [member] | Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 5 | 5 | 7 | ||
Operating segments [member] | Aggregates segment [member] | Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 8 | 9 | 10 | ||
Operating segments [member] | Aggregates segment [member] | Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 11 | 14 | 14 | ||
Operating segments [member] | Aggregates segment [member] | Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 3 | 8 | |||
Operating segments [member] | Aggregates segment [member] | Israel [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 166 | 159 | 152 | ||
Operating segments [member] | Aggregates segment [member] | Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 1 | 1 | 1 | ||
Operating segments [member] | Aggregates segment [member] | Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 154 | 236 | 168 | ||
Operating segments [member] | All other segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2,418 | 3,247 | 2,844 | ||
Net sales, continuing and discontinued operations | 2,503 | 3,391 | 3,004 | ||
Operating segments [member] | All other segments [member] | Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 445 | 642 | 593 | ||
Operating segments [member] | All other segments [member] | United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 332 | 393 | 384 | ||
Operating segments [member] | All other segments [member] | United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 246 | 281 | 309 | ||
Operating segments [member] | All other segments [member] | France [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 4 | 9 | 10 | ||
Operating segments [member] | All other segments [member] | Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 43 | 136 | 96 | ||
Operating segments [member] | All other segments [member] | Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 18 | 17 | 36 | ||
Operating segments [member] | All other segments [member] | Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 23 | 193 | 36 | ||
Operating segments [member] | All other segments [member] | Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 51 | 92 | 104 | ||
Operating segments [member] | All other segments [member] | Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 12 | 14 | 10 | ||
Operating segments [member] | All other segments [member] | Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 9 | 13 | 13 | ||
Operating segments [member] | All other segments [member] | Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 25 | 24 | 22 | ||
Operating segments [member] | All other segments [member] | Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 18 | 24 | 15 | ||
Operating segments [member] | All other segments [member] | Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 2 | 2 | 3 | ||
Operating segments [member] | All other segments [member] | Israel [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 78 | 110 | 114 | ||
Operating segments [member] | All other segments [member] | Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 5 | 12 | 9 | ||
Operating segments [member] | All other segments [member] | Other Locations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 1,107 | 1,285 | 1,090 | ||
Operating segments [member] | All other segments [member] | Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | 85 | 144 | 160 | ||
Elimination of intersegment amounts [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (3,723) | (4,592) | (3,843) | ||
Net sales, continuing and discontinued operations | (3,729) | (4,743) | (4,033) | ||
Elimination of intersegment amounts [member] | Mexico [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (656) | (841) | (750) | ||
Elimination of intersegment amounts [member] | United States [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (1,266) | (1,301) | (1,034) | ||
Elimination of intersegment amounts [member] | United Kingdom [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (324) | (370) | (248) | ||
Elimination of intersegment amounts [member] | France [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (210) | (202) | (193) | ||
Elimination of intersegment amounts [member] | Germany [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (67) | (221) | (227) | ||
Elimination of intersegment amounts [member] | Spain [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (61) | (69) | (138) | ||
Elimination of intersegment amounts [member] | Rest of Europe [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (133) | (301) | (148) | ||
Elimination of intersegment amounts [member] | Colombia [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (139) | (165) | (189) | ||
Elimination of intersegment amounts [member] | Panama [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (38) | (57) | (65) | ||
Elimination of intersegment amounts [member] | Caribbean TCL [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (24) | (24) | (22) | ||
Elimination of intersegment amounts [member] | Dominican Republic [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (26) | (36) | (42) | ||
Elimination of intersegment amounts [member] | Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (31) | (41) | (37) | ||
Elimination of intersegment amounts [member] | Philippines [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (1) | (1) | (5) | ||
Elimination of intersegment amounts [member] | Israel [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (138) | (160) | (161) | ||
Elimination of intersegment amounts [member] | Rest of Asia, Middle East and Africa [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (27) | (31) | (33) | ||
Elimination of intersegment amounts [member] | Other Locations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | (582) | (772) | (551) | ||
Elimination of intersegment amounts [member] | Discontinued Operations [member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenues | $ (6) | $ (151) | $ (190) | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Operating Expenses, Depreciat_3
Operating Expenses, Depreciation and Amortization - Summary of Consolidated Operating Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Analysis of income and expense [abstract] | |||||
Administrative expenses | $ 1,112 | $ 1,130 | $ 1,091 | ||
Selling expenses | 371 | 312 | 323 | ||
Distribution and logistics expenses | 1,489 | 1,537 | 1,412 | ||
Operating expenses | $ 2,972 | $ 2,979 | [1] | $ 2,826 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Operating Expenses, Depreciat_4
Operating Expenses, Depreciation and Amortization - Summary of Consolidated Operating Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Expense [Line items] | |||
Administrative expenses | $ 1,112 | $ 1,130 | $ 1,091 |
R&D activities by internal areas [member] | |||
Operating Expense [Line items] | |||
Administrative expenses | $ 38 | $ 39 | $ 38 |
Operating Expenses, Depreciat_5
Operating Expenses, Depreciation and Amortization - Summary of Depreciation and Amortization Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Depreciation and amortisation expense [abstract] | |||||
Depreciation and amortization expense included in cost of sales | $ 865 | $ 853 | $ 841 | ||
Depreciation and amortization expense included in administrative, selling and distribution and logistics expenses | 180 | 129 | 122 | ||
Depreciation and amortization | $ 1,045 | $ 982 | [1] | $ 963 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Other Expenses, Net - Summary o
Other Expenses, Net - Summary of Other Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Material income and expense [abstract] | |||||
Results from the sale of assets and others, net | $ (230) | $ (149) | $ (2) | ||
Restructuring costs | (48) | (72) | (45) | ||
Impairment losses and remeasurement of assets held for sale | (64) | (62) | (151) | ||
Remeasurement of pension liabilities | (8) | ||||
Charitable contributions | (5) | (5) | (7) | ||
Other expenses, net | $ (347) | $ (296) | [1] | $ (205) | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Other Expenses, Net - Summary_2
Other Expenses, Net - Summary of Other Expenses (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Material income and expense [abstract] | |||
Income tax penalty imposed | $ 25 | ||
Property damages and natural disasters | $ 55 | $ 56 | |
Impairment losses of fixed assets | $ 64 | 23 | 49 |
Impairment losses of goodwill | $ 98 | ||
Losses in the valuation of assets held for sale | $ 22 |
Financial Items - Summary of Fi
Financial Items - Summary of Financial Items (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Material income and expense [abstract] | |||||
Results in the sale of associates and remeasurement of previously held interest before change in control of associates (notes 4.1 and 13.1) | $ (10) | $ 221 | |||
Financial income | $ 21 | 18 | 18 | ||
Results from financial instruments, net (notes 13.2 and 16.4) | (1) | 39 | 9 | ||
Foreign exchange results | (32) | 10 | (5) | ||
Effects of amortized cost on assets and liabilities and others, net | (59) | (59) | (59) | ||
Other financial income (expense), net | $ (71) | $ (2) | [1] | $ 184 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Items - Additional In
Financial Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Material income and expense [abstract] | |||
Interest expense on lease liabilities | $ 77 | $ 74 | $ 71 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |
Cash and cash equivalents [abstract] | |||||||||
Cash and bank accounts | $ 547 | $ 258 | |||||||
Fixed-income securities and other cash equivalents | 241 | 51 | |||||||
Consolidated cash and cash equivalents | $ 788 | $ 309 | [1] | $ 699 | $ 699 | $ 561 | |||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Addition Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | ||
Deposits in margin accounts guarantees several obligations | $ 27 | $ 21 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade and other receivables [abstract] | |||||||
Trade accounts receivable | $ 1,637 | $ 1,607 | |||||
Allowances for expected credit losses | (116) | (119) | $ (109) | $ (106) | |||
Trade receivables | $ 1,521 | $ 1,488 | [1] | $ 1,557 | |||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | ||
Disclosure Of Trade Accounts Receivable [line items] | |||||||
Receivables | $ 1,521 | $ 1,488 | [1] | $ 1,557 | |||
Other financial obligations | 1,381 | 855 | [1] | $ 1,176 | $ 725 | ||
Securitization programs [member] | |||||||
Disclosure Of Trade Accounts Receivable [line items] | |||||||
Receivables | 682 | 664 | |||||
Other financial obligations | 599 | 599 | |||||
Financial expense | $ 25 | $ 23 | $ 16 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Trade Accounts Receivable, Ne_4
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 1,637 | $ 1,607 | ||
ECL allowance | 116 | $ 119 | $ 109 | $ 106 |
Mexico [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | 266 | |||
ECL allowance | $ 35 | |||
ECL average rate | 13.20% | |||
United States [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 474 | |||
ECL allowance | $ 6 | |||
ECL average rate | 1.30% | |||
Europe [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 432 | |||
ECL allowance | $ 30 | |||
ECL average rate | 6.90% | |||
South, Central America And Caribbean [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 126 | |||
ECL allowance | $ 25 | |||
ECL average rate | 19.80% | |||
Asia, Middle East and Africa [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 301 | |||
ECL allowance | $ 16 | |||
ECL average rate | 5.30% | |||
Other country [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 38 | |||
ECL allowance | $ 4 | |||
ECL average rate | 10.50% |
Trade Accounts Receivable, Ne_5
Trade Accounts Receivable, Net - Summary of Allowance for Expected Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [abstract] | |||
Allowances for expected credit losses at beginning of period | $ 119 | $ 109 | $ 106 |
Adoption effects of IFRS 9 charged to retained earnings | 29 | ||
Charged to selling expenses | 12 | 8 | 13 |
Additions through business combinations | 7 | ||
Deductions | (16) | (20) | (23) |
Foreign currency translation effects | 1 | (7) | 6 |
Allowances for expected credit losses at end of period | $ 116 | $ 119 | $ 109 |
Other Accounts Receivable - Sum
Other Accounts Receivable - Summary of Consolidated Other Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [2] | ||
Miscellaneous current assets [abstract] | ||||||
Non-trade accounts receivable | [1] | $ 113 | $ 138 | |||
Interest and notes receivable | 50 | 46 | ||||
Current portion of valuation of derivative financial instruments | 1 | 1 | ||||
Loans to employees and others | 14 | 12 | ||||
Refundable taxes | 147 | 115 | ||||
Other accounts receivable | $ 325 | $ 312 | [2] | $ 252 | ||
[1] | Non-trade accounts receivable are mainly attributable to the sale of assets. | |||||
[2] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Inventories, Net - Summary of C
Inventories, Net - Summary of Consolidated Balance of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Classes of current inventories [abstract] | |||||
Finished goods | $ 320 | $ 345 | |||
Work-in-process | 195 | 194 | |||
Raw materials | 194 | 194 | |||
Materials and spare parts | 263 | 303 | |||
Inventory in transit | 17 | 45 | |||
Current inventories | $ 989 | $ 1,081 | [1] | $ 959 | |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of current inventories [abstract] | |||
Inventory impairment losses recognized within cost of sales | $ 6 | $ 6 | $ 1 |
Assets Held For Sale and Othe_3
Assets Held For Sale and Other Current Assets - Summary of Assets and liabilities Held for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Asset held for sale and discontinued operations [line items] | |||||
Assets | $ 839 | $ 107 | [1] | $ 70 | |
Liabilities | 37 | 16 | [1] | ||
Net assets | 802 | 91 | |||
Kosmos' assets in the United States [member] | |||||
Asset held for sale and discontinued operations [line items] | |||||
Assets | 457 | ||||
Liabilities | 14 | ||||
Net assets | 443 | ||||
Assets in the United Kingdom [member] | |||||
Asset held for sale and discontinued operations [line items] | |||||
Assets | 229 | ||||
Liabilities | 23 | ||||
Net assets | 206 | ||||
White cement assets in Spain [member] | |||||
Asset held for sale and discontinued operations [line items] | |||||
Assets | 106 | ||||
Net assets | 106 | ||||
Assets in the central region of France [member] | |||||
Asset held for sale and discontinued operations [line items] | |||||
Assets | 48 | ||||
Liabilities | 16 | ||||
Net assets | 32 | ||||
Other assets held for sale [member] | |||||
Asset held for sale and discontinued operations [line items] | |||||
Assets | 47 | 59 | |||
Net assets | $ 47 | $ 59 | |||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Assets Held For Sale and Othe_4
Assets Held For Sale and Other Current Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Asset held for sale and discontinued operations [line items] | ||
Cash | $ 547 | $ 258 |
CEMEX Colombia S.A [member] | ||
Asset held for sale and discontinued operations [line items] | ||
Cash | $ 12 |
Equity Accounted Investees, O_3
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates (Detail) - USD ($) $ in Millions | Mar. 29, 2019 | Feb. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | |
Disclosure of associates [line items] | ||||||||
Investment, percentage | 37.80% | 39.50% | ||||||
Investments | $ 481 | $ 484 | [1] | $ 436 | ||||
Book value at acquisition date | 331 | 368 | ||||||
Changes in stockholders' equity | $ 150 | 116 | ||||||
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 | $ 229 | 208 | ||||||
Concrete Supply Co. LLC [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Concrete Supply Co. LLC | |||||||
Activity | Concrete | |||||||
Country | United States | |||||||
Investment, percentage | 40.00% | |||||||
Investments | $ 75 | $ 66 | ||||||
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% | 36.80% | 24.50% | |||||
Investments | $ 64 | $ 60 | ||||||
Akmenes Cementas AB [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Akmenes Cementas AB | |||||||
Activity | Cement | |||||||
Country | Lithuania | |||||||
Investment, percentage | 37.80% | |||||||
Investments | 27 | |||||||
Societe Meridionale de Carrieres [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Société Méridionale de Carrières | |||||||
Activity | Aggregates | |||||||
Country | France | |||||||
Investment, percentage | 33.30% | |||||||
Investments | $ 15 | 16 | ||||||
Societe d Exploitation de Carrieres [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Société d’Exploitation de Carrières | |||||||
Activity | Aggregates | |||||||
Country | France | |||||||
Investment, percentage | 50.00% | |||||||
Investments | $ 17 | 16 | ||||||
Cemento Interocenico Sa [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Cemento Interoceánico, S.A. | |||||||
Activity | Cement | |||||||
Country | Panama | |||||||
Investment, percentage | 25.00% | |||||||
Investments | 8 | |||||||
Other companies [member] | ||||||||
Disclosure of associates [line items] | ||||||||
Name of associate | Other companies | |||||||
Investments | $ 81 | $ 83 | ||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Equity Accounted Investees, O_4
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Nov. 15, 2019 | Mar. 29, 2019 | Sep. 28, 2017 | Feb. 01, 2017 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 37.80% | 39.50% | ||||||
Gain (loss) on sale of business | $ 32 | |||||||
Long-term contracts [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Period Of Contract | 0 years | |||||||
Camcem [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 40.10% | |||||||
Camcem [member] | Disposal groups classified as held for sale [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 20.00% | |||||||
Lehigh White Cement Company [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 36.80% | 36.80% | 24.50% | |||||
Equity method investment, additional investment | $ 36 | |||||||
Cemento Interoceanico [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 25.00% | |||||||
Equity interests of acquirer | $ 44 | |||||||
Additional consideration received in 2020 | $ 20 | |||||||
Akmenes Cementas AB [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 37.80% | |||||||
Grupo Cementos de Chihuahua SAB de CV [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Ownership percentage | 23.00% | |||||||
Gain (loss) on sale of business | $ 187 | |||||||
Number of shares sold | 76.5 | |||||||
Consideration transferred | $ 377 |
Equity Accounted Investees, O_5
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Combined Condensed Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | |
Disclosure of associates [line items] | ||||||
Current assets | $ 4,579 | $ 3,421 | [1] | $ 3,636 | $ 4,273 | |
Non-current assets | 24,784 | 25,760 | [1] | 26,248 | 25,545 | |
Total assets | 29,363 | 29,181 | [1] | 29,884 | 29,818 | |
Current liabilities | 5,409 | 4,795 | [1] | 5,906 | 4,296 | |
Non-current liabilities | 13,130 | 13,333 | [1] | 13,380 | 16,132 | |
Total liabilities | 18,539 | 18,128 | [1] | $ 19,286 | $ 20,428 | |
Total net assets | 10,824 | 11,053 | ||||
Associates [member] | ||||||
Disclosure of associates [line items] | ||||||
Current assets | 982 | 849 | ||||
Non-current assets | 1,757 | 1,674 | ||||
Total assets | 2,739 | 2,523 | ||||
Current liabilities | 326 | 289 | ||||
Non-current liabilities | 898 | 879 | ||||
Total liabilities | 1,224 | 1,168 | ||||
Total net assets | $ 1,515 | $ 1,355 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Equity Accounted Investees, O_6
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Combined Selected Information of the Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of associates [line items] | |||||
Sales | $ 13,130 | $ 13,531 | [1] | $ 12,926 | [1] |
Operating earnings | 986 | 1,407 | [1] | 1,530 | [1] |
Income before income tax | 253 | 717 | [1] | 661 | [1] |
Net income | 179 | 570 | [1] | 867 | [1] |
Associates [member] | |||||
Disclosure of associates [line items] | |||||
Sales | 1,600 | 1,449 | 1,433 | ||
Operating earnings | 237 | 224 | 227 | ||
Income before income tax | 158 | 110 | 125 | ||
Net income | $ 118 | $ 86 | $ 97 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Equity Accounted Investees, O_7
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Share of Profit of Equity Accounted Investees by Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of associates [line items] | |||||
Share of profit of equity accounted investees | $ 49 | $ 34 | [1] | $ 33 | [1] |
Mexico [member] | |||||
Disclosure of associates [line items] | |||||
Share of profit of equity accounted investees | 23 | 13 | 15 | ||
United States [member] | |||||
Disclosure of associates [line items] | |||||
Share of profit of equity accounted investees | 18 | 15 | 14 | ||
Europe [member] | |||||
Disclosure of associates [line items] | |||||
Share of profit of equity accounted investees | 10 | 7 | 6 | ||
Corporate and other [member] | |||||
Disclosure of associates [line items] | |||||
Share of profit of equity accounted investees | $ (2) | $ (1) | $ (2) | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Equity Accounted Investees, O_8
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Miscellaneous non-current assets [abstract] | |||||
Non-current accounts receivable | $ 197 | $ 220 | |||
Investments at fair value through the income statement | 34 | 22 | |||
Non-current portion of valuation of derivative financial instruments | 2 | 15 | |||
Investments in strategic equity securities | 3 | 11 | |||
Other investments and non-current accounts receivable | $ 236 | $ 268 | [1] | $ 293 | |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Equity Accounted Investees, O_9
Equity Accounted Investees, Other Investments and Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous non-current assets [abstract] | ||
Accounts receivable from investees and joint ventures | $ 32 | $ 65 |
Advances to suppliers of fixed assets | 32 | 45 |
Employee prepaid compensation | 7 | 6 |
Refundable taxes | 10 | 13 |
Warranty deposits | $ 33 | $ 20 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Detailed Information About In Property Plant Equipment Right Of Use Assets [Abstract] | ||||
Property, machinery and equipment, net | $ 10,565 | $ 11,232 | $ 11,588 | $ 11,030 |
Assets for the right-of-use, net | 1,285 | 1,222 | ||
Property Plant Equipment And Right Of Use Asset | $ 11,850 | $ 12,454 |
Property, Machinery and Equip_4
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Disclosure of Net Change in Property, Machinery and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | $ 11,232 | $ 11,588 | $ 11,030 |
Capital expenditures | 737 | 630 | 615 |
Stripping costs | 22 | 38 | 41 |
Total capital expenditures | 759 | 668 | 656 |
Disposals | (96) | (49) | (94) |
Reclassifications | (402) | 6 | (83) |
Business combinations | 6 | 331 | |
Depreciation and depletion for the period | (633) | (657) | (679) |
Impairment losses | (64) | (23) | (51) |
Foreign currency translation effects | (231) | (307) | 478 |
Net book value at end of period | 10,565 | 11,232 | 11,588 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 20,642 | 20,653 | 19,053 |
Net book value at end of period | 19,708 | 20,642 | 20,653 |
Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (9,410) | (9,065) | (8,023) |
Net book value at end of period | (9,143) | (9,410) | (9,065) |
Land and mineral reserves [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 3,831 | 3,973 | |
Capital expenditures | 46 | 26 | |
Stripping costs | 22 | 38 | |
Total capital expenditures | 68 | 64 | |
Disposals | (38) | (13) | |
Reclassifications | (163) | (18) | |
Business combinations | 4 | ||
Depreciation and depletion for the period | (121) | (184) | |
Impairment losses | (18) | (6) | |
Foreign currency translation effects | 79 | 11 | |
Net book value at end of period | 3,638 | 3,831 | 3,973 |
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 | 4,789 | 4,830 | |
Net book value at end of period | 4,606 | 4,789 | 4,830 |
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 | (958) | (857) | |
Net book value at end of period | (968) | (958) | (857) |
Building [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,262 | 1,357 | |
Capital expenditures | 28 | 29 | |
Total capital expenditures | 28 | 29 | |
Disposals | (8) | (6) | |
Reclassifications | (23) | (2) | |
Depreciation and depletion for the period | (61) | (102) | |
Impairment losses | (17) | (2) | |
Foreign currency translation effects | (133) | (12) | |
Net book value at end of period | 1,048 | 1,262 | 1,357 |
Building [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 2,633 | 2,665 | |
Net book value at end of period | 2,374 | 2,633 | 2,665 |
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 | (1,371) | (1,308) | |
Net book value at end of period | (1,326) | (1,371) | (1,308) |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 5,104 | 5,268 | |
Capital expenditures | 663 | 575 | |
Total capital expenditures | 663 | 575 | |
Disposals | (50) | (30) | |
Reclassifications | (203) | (4) | |
Business combinations | 2 | ||
Depreciation and depletion for the period | (451) | (371) | |
Impairment losses | (29) | (15) | |
Foreign currency translation effects | (364) | (321) | |
Net book value at end of period | 4,670 | 5,104 | 5,268 |
Machinery and equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 12,185 | 12,168 | |
Net book value at end of period | 11,519 | 12,185 | 12,168 |
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 | (7,081) | (6,900) | |
Net book value at end of period | (6,849) | (7,081) | (6,900) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,035 | 990 | |
Reclassifications | (13) | 30 | 83 |
Foreign currency translation effects | 187 | 15 | |
Net book value at end of period | 1,209 | 1,035 | 990 |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,035 | 990 | |
Net book value at end of period | $ 1,209 | $ 1,035 | $ 990 |
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 (Parenthetical) (Detail) T in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)T | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | $ (402) | $ 6 | $ (83) |
Mexico [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Annual production capacity | T | 1.1 | ||
Sale of fixed assets | 6 | 18 | |
United States [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 19 | 12 | |
Reclassifications | $ 134 | ||
Spain [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 8 | ||
Reclassifications | 86 | 30 | |
France [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 12 | 12 | |
United Kingdom [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 6 | ||
Reclassifications | 182 | ||
Germany [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 32 | ||
Pacific Northwest Materials Business [member] | United States [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 83 | ||
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value of adjustment in investment property | 23 | ||
Reclassifications | (13) | $ 30 | $ 83 |
Construction in progress [member] | Colombia [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value of adjustment in investment property | $ 278 |
Property, Machinery and Equip_6
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 64 | $ 23 | $ 49 |
United States [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 6 | 13 | 8 |
Poland [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 5 | ||
Colombia [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 3 | 2 | |
Spain [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 2 | 24 | |
Mexico [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 1 | 2 | |
Czech Republic [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 8 | ||
Panama [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 3 | ||
France [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 1 | $ 0 | 3 |
Puerto Rico [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 52 | ||
Other countries [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 2 | $ 1 |
Property, Machinery and Equip_7
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | $ 1,222 | ||
Reclassifications | (402) | $ 6 | $ (83) |
Foreign currency translation effects | (231) | (307) | 478 |
Net book value at Ending of period | 1,285 | 1,222 | |
Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 1,222 | 1,193 | 1,039 |
Additions of new leases | 274 | 296 | 328 |
Cancellations and remeasurements | (52) | (9) | (1) |
Reclassifications | 35 | ||
Depreciation | (288) | (219) | (176) |
Foreign currency translation effects | 94 | (39) | 3 |
Net book value at Ending of period | 1,285 | 1,222 | 1,193 |
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 | 2,073 | 1,881 | 1,487 |
Net book value at Ending of period | 2,265 | 2,073 | 1,881 |
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 | (851) | (688) | (448) |
Net book value at Ending of period | (980) | (851) | (688) |
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 | 301 | 301 | |
Additions of new leases | 25 | 19 | |
Cancellations and remeasurements | (6) | ||
Reclassifications | (5) | ||
Depreciation | (29) | (19) | |
Foreign currency translation effects | (37) | ||
Net book value at Ending of period | 249 | 301 | 301 |
Land [member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 384 | 373 | |
Net book value at Ending of period | 366 | 384 | 373 |
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 | (83) | (72) | |
Net book value at Ending of period | (117) | (83) | (72) |
Building [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Reclassifications | (23) | (2) | |
Foreign currency translation effects | (133) | (12) | |
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 | 128 | 151 | |
Additions of new leases | 52 | 19 | |
Cancellations and remeasurements | (6) | (1) | |
Reclassifications | 65 | ||
Depreciation | (39) | (32) | |
Foreign currency translation effects | 38 | (9) | |
Net book value at Ending of period | 238 | 128 | 151 |
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 | 393 | 393 | |
Net book value at Ending of period | 471 | 393 | 393 |
Building [member] | Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (265) | (242) | |
Net book value at Ending of period | (233) | (265) | (242) |
Machinery And Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Reclassifications | (203) | (4) | |
Foreign currency translation effects | (364) | (321) | |
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 | 790 | 738 | |
Additions of new leases | 193 | 257 | |
Cancellations and remeasurements | (40) | (8) | |
Reclassifications | (25) | ||
Depreciation | (219) | (167) | |
Foreign currency translation effects | 93 | (30) | |
Net book value at Ending of period | 792 | 790 | 738 |
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 | 1,289 | 1,109 | |
Net book value at Ending of period | 1,417 | 1,289 | 1,109 |
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 | (499) | (371) | |
Net book value at Ending of period | (625) | (499) | (371) |
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 | 3 | 3 | |
Additions of new leases | 4 | 1 | |
Depreciation | (1) | (1) | |
Net book value at Ending of period | 6 | 3 | 3 |
Other assets [member] | Gross carrying amount [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 7 | 6 | |
Net book value at Ending of period | 11 | 7 | 6 |
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 | (4) | (3) | |
Net book value at Ending of period | $ (5) | $ (4) | $ (3) |
Property, Machinery and Equip_8
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cemex [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental expense | $ 104 | $ 89 | $ 96 |
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, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | $ 11,590 | $ 11,936 | [1] | $ 11,954 | |
Goodwill [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 9,562 | 9,912 | |||
Extraction rights [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,590 | 1,622 | |||
Industrial property and trademarks [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 24 | 24 | |||
Mining projects [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 43 | 37 | |||
Others intangible assets [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 371 | 341 | |||
Cost [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 12,847 | 13,090 | |||
Cost [member] | Goodwill [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 9,562 | 9,912 | |||
Cost [member] | Extraction rights [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,985 | 1,979 | |||
Cost [member] | Industrial property and trademarks [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 42 | 44 | |||
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 | 48 | 42 | |||
Cost [member] | Others intangible assets [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,014 | 917 | |||
Accumulated Depreciation, amortization and Impairment [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | (1,257) | (1,154) | |||
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 | (395) | (357) | |||
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 | (18) | (20) | |||
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 | (5) | (5) | |||
Accumulated Depreciation, amortization and Impairment [member] | Others intangible assets [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | $ (643) | $ (576) | |||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |||
Amount of net book value in excess of net present value of projected cash flows | $ 98 | ||
Funding cost percentage | 7.30% | 6.10% | |
Risk free rate | 2.90% | 2.90% | 2.80% |
Increase in pre-tax discount rate | 1.00% | ||
Decrease in long-term growth rate | 1.00% | ||
Weighted average Operating EBITDA multiple | 11.5 | 11.1 | 9 |
Cemex [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Funding cost percentage | 5.40% | 7.30% | |
Discount rates | 0.60% | 2.60% | |
Decrease In Weighing Of Debt Percentage | 33.50% | 31.70% | |
Top of range [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Decrease in discount rates with goodwill | 100 | ||
Top of range [member] | Cemex [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Decription Of Stock Volatility Rate Increase | 1.08% | ||
Bottom of range [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Decrease in discount rates with goodwill | 30 | ||
Bottom of range [member] | Cemex [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Decription Of Stock Volatility Rate Increase | 1.06% | ||
United States [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of goodwill allocated | 78.00% | 78.00% | |
Discount rates | 7.80% | 8.50% | 8.80% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |||
Balance at beginning of period | $ 9,912 | $ 9,948 | $ 9,957 |
Business combinations | 16 | 100 | |
Reclassification to assets held for sale and other current assets (notes 4.2, 4.3 and 12) | (371) | (22) | 92 |
Impairment losses | 98 | ||
Foreign currency translation effects | 21 | (30) | (299) |
Balance at end of period | $ 9,562 | $ 9,912 | $ 9,948 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | $ 2,024 | $ 2,006 | $ 1,989 | |
Additions (disposals), net | [1] | 81 | 157 | 66 |
Business combinations (note 4.1) | 4 | |||
Reclassifications (notes 4.1, 4.2 and 12) | (2) | (11) | ||
Amortization for the period | (124) | (106) | (108) | |
Impairment losses | (9) | 1 | ||
Foreign currency translation effects | 49 | (13) | 54 | |
Balance at the end of period | 2,028 | 2,024 | 2,006 | |
Extraction rights [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 1,622 | 1,686 | ||
Additions (disposals), net | [1] | (26) | (11) | |
Reclassifications (notes 4.1, 4.2 and 12) | (11) | |||
Amortization for the period | (8) | (32) | ||
Impairment losses | (9) | |||
Foreign currency translation effects | 2 | (1) | ||
Balance at the end of period | 1,590 | 1,622 | 1,686 | |
Industrial property and trademarks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 24 | 29 | ||
Additions (disposals), net | [1] | (6) | (2) | |
Amortization for the period | (1) | (5) | ||
Foreign currency translation effects | 7 | 2 | ||
Balance at the end of period | 24 | 24 | 29 | |
Mining projects [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | 37 | 36 | ||
Additions (disposals), net | [1] | 5 | 6 | |
Amortization for the period | (1) | (1) | ||
Foreign currency translation effects | 2 | (4) | ||
Balance at the end of period | 43 | 37 | 36 | |
Others intangible assets [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Balance at beginning of period | [1] | 341 | 255 | |
Additions (disposals), net | [1] | 108 | 164 | |
Reclassifications (notes 4.1, 4.2 and 12) | [1] | (2) | ||
Amortization for the period | [1] | (114) | (68) | |
Foreign currency translation effects | [1] | 38 | (10) | |
Balance at the end of period | [1] | $ 371 | $ 341 | $ 255 |
[1] | As of December 31, 2019 and 2018, “Others” includes the carrying amount of internal-use software of $253 and $227, respectively. Capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses amounted to $102 in 2019, $133 in 2018 and $76 in 2017. |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net - Summary of Changes in intangible Asset (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Carrying amount of internal-use software | $ 253 | $ 227 | |
Computer software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Capitalized direct costs | $ 102 | $ 133 | $ 76 |
Goodwill and Intangible Asset_8
Goodwill and Intangible Assets, Net - Summary of Goodwill Balances Allocated by Operating Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | $ 9,562 | $ 9,912 | $ 9,948 | $ 9,957 | |
Mexico [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 384 | 375 | |||
United States [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 7,469 | 7,760 | |||
Spain [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 494 | 523 | |||
United Kingdom [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 279 | 324 | |||
France [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 221 | 211 | |||
Czech Republic [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 30 | 30 | |||
Colombia [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 296 | 299 | |||
Caribbean TCL [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 100 | 104 | |||
Rest of South, Central America and the Caribbean [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [1] | 62 | 62 | ||
Philippines [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 92 | 89 | |||
United Arab Emirates [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 96 | 96 | |||
Egypt [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | 12 | 12 | |||
Other countries [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Goodwill | [2] | $ 27 | $ 27 | ||
[1] | This caption refers to the operating segments in the Dominican Republic, the Caribbean, Costa Rica and Panama. | ||||
[2] | This caption is primarily associated with Neoris N.V., CEMEX’s subsidiary involved in the sale of information technology and services. |
Goodwill and Intangible Asset_9
Goodwill and Intangible Assets, Net - Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
United States [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 7.80% | 8.50% | 8.80% |
Growth rates | 2.50% | 2.50% | 2.50% |
Spain [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.30% | 8.80% | 9.50% |
Growth rates | 1.60% | 1.70% | 1.70% |
Mexico [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 9.00% | 9.40% | 10.20% |
Growth rates | 2.40% | 3.00% | 2.70% |
Colombia [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.90% | 9.50% | 10.50% |
Growth rates | 3.70% | 3.60% | 3.70% |
France [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.00% | 8.40% | 9.00% |
Growth rates | 1.40% | 1.60% | 1.80% |
United Arab Emirates [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.80% | 11.00% | 10.40% |
Growth rates | 2.50% | 2.90% | 3.10% |
United Kingdom [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.00% | 8.40% | 9.00% |
Growth rates | 1.50% | 1.60% | 1.70% |
Bottom of range [member] | Other countries [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 8.10% | 8.50% | 9.10% |
Growth rates | 1.60% | 2.30% | 2.30% |
Top of range [member] | Other countries [member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates | 11.50% | 13.30% | 11.80% |
Growth rates | 6.50% | 6.90% | 6.80% |
Financial Instruments - Summary
Financial Instruments - Summary of Debt Summarized by Interest Rates and Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 62 | $ 45 | [1] | $ 864 | |||
Long- term | 9,303 | 9,266 | [1] | $ 9,009 | |||
Total | 9,365 | 9,311 | $ 9,873 | $ 11,401 | |||
Floating interest rate [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | 59 | 13 | |||||
Long- term | 2,997 | 3,400 | |||||
Total | $ 3,056 | $ 3,413 | |||||
Short-term | 4.30% | 7.80% | |||||
Long-term | 4.10% | 3.60% | |||||
Fixed interest rate [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 3 | $ 32 | |||||
Long- term | 6,306 | 5,866 | |||||
Total | $ 6,309 | $ 5,898 | |||||
Short-term | 5.20% | 4.20% | |||||
Long-term | 5.50% | 5.60% | |||||
US Dollar [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 25 | $ 30 | |||||
Long- term | 6,144 | 5,837 | |||||
Total | $ 6,169 | $ 5,867 | |||||
Effective rate | 5.20% | 5.80% | |||||
Euro [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 3 | $ 1 | |||||
Long- term | 2,438 | 2,665 | |||||
Total | $ 2,441 | $ 2,666 | |||||
Effective rate | 3.10% | 2.80% | |||||
Pounds [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 23 | ||||||
Long- term | 433 | $ 439 | |||||
Total | $ 456 | $ 439 | |||||
Effective rate | 3.20% | 2.90% | |||||
Philippine pesos [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 3 | $ 3 | |||||
Long- term | 221 | 257 | |||||
Total | $ 224 | $ 260 | |||||
Effective rate | 5.20% | 5.40% | |||||
Other Currencies [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Short- term | $ 8 | $ 11 | |||||
Long- term | 67 | 68 | |||||
Total | $ 75 | $ 79 | |||||
Effective rate | 5.60% | 5.90% | |||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Summa_2
Financial Instruments - Summary of Consolidated Debt by Type of Instrument (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of detailed information about financial instruments [line items] | |||||
Current maturities | $ (55) | $ (7) | |||
Short- term | 55 | 7 | |||
Short-term debt | 62 | 45 | [1] | $ 864 | |
Long- term | 9,303 | 9,266 | [1] | $ 9,009 | |
Bank loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Short- term | 1 | 31 | |||
Long- term | 3,155 | 3,507 | |||
Bank loans [member] | Loans in Foreign Countries [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Short- term | 1 | 31 | |||
Long- term | 290 | 328 | |||
Bank loans [member] | Syndicated loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long- term | 2,865 | 3,179 | |||
Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Short- term | 6 | 7 | |||
Long- term | 6,203 | 5,766 | |||
Notes payable [member] | Medium term notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long- term | 6,044 | 5,606 | |||
Notes payable [member] | Other Notes Payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Short- term | 6 | 7 | |||
Long- term | 159 | 160 | |||
Total bank loans and notes payables [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Short- term | 7 | 38 | |||
Long- term | $ 9,358 | $ 9,273 | |||
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 | 2020 | 2019 | |||
Bottom of range [member] | Bank loans [member] | Syndicated loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2021 | 2020 | |||
Bottom of range [member] | Notes payable [member] | Medium term notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2023 | 2023 | |||
Bottom of range [member] | Notes payable [member] | Other Notes Payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2020 | 2019 | |||
Top of range [member] | Bank loans [member] | Loans in Foreign Countries [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2024 | 2024 | |||
Top of range [member] | Bank loans [member] | Syndicated loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2022 | 2022 | |||
Top of range [member] | Notes payable [member] | Medium term notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2026 | 2026 | |||
Top of range [member] | Notes payable [member] | Other Notes Payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Debt instrument maturity period | 2025 | 2025 | |||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Additio
Financial Instruments - Additional Information - Short-Term and Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | Jul. 19, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Issuance of outstanding notes payables | $ 71 | $ 65 | ||||||
Total debt | $ 9,365 | $ 9,311 | $ 9,873 | $ 11,401 | ||||
Share in borrowings, percentage | 84.00% | 79.00% | ||||||
Long term borrowings | $ 9,303 | $ 9,266 | [1] | $ 9,009 | ||||
Premiums, fees and issuance costs paid | 63 | 51 | 251 | |||||
Issuance costs of new debt | 24 | 39 | ||||||
Proportional fees and issuance costs related to the extinguished debt instruments | 39 | 51 | 212 | |||||
Addtion to Extinguished Debt Instruments | $ 1 | $ 4 | $ 16 | |||||
Other countries [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Share in borrowings, percentage | 5.00% | 6.00% | ||||||
Finance subsidiaries [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Share in borrowings, percentage | 11.00% | 15.00% | ||||||
2017 Credit Agreement [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Bank indebtedness | $ 2,897 | $ 3,208 | $ 4,050 | |||||
2017 Credit Agreement [member] | Revolving Credit Facility [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Debt instruments held | 1,135 | 1,135 | ||||||
Notes payable [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Long term borrowings | $ 6,203 | $ 5,766 | ||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Summa_3
Financial Instruments - Summary of Changes in Consolidated Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Debt at beginning of year | $ 9,311 | $ 9,873 | $ 11,401 |
Proceeds from new debt instruments | 3,331 | 2,325 | 4,990 |
Debt repayments | (3,284) | (2,745) | (7,046) |
Foreign currency translation and accretion effects | 7 | (142) | 528 |
Debt at end of year | $ 9,365 | $ 9,311 | $ 9,873 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Long Term Notes Payable (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 9,303 | $ 9,266 | [1] | $ 9,009 | |
Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 6,203 | 5,766 | |||
Notes payable [member] | Other Notes Payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 4 | 5 | |||
Notes payable [member] | CEMEX SAB de CV November 2029 Notes [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 1,000 | ||||
Rate | 5.45% | ||||
Long term borrowings | $ 992 | ||||
Notes payable [member] | CEMEX SAB de CV November 2029 Notes [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 1,000 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. April 2026 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Mar. 16, 2016 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 1,000 | ||||
Rate | 7.75% | ||||
Maturity date | Apr. 16, 2026 | ||||
Long term borrowings | $ 996 | 996 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. April 2026 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 1,000 | ||||
Notes payable [member] | CEMEX SAB de CV March 2026 Notes [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Mar. 19, 2019 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Euro | ||||
Principal amount | $ 400 | ||||
Rate | 3.125% | ||||
Maturity date | Mar. 19, 2026 | ||||
Long term borrowings | $ 446 | ||||
Notes payable [member] | CEMEX SAB de CV March 2026 Notes [Member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 449 | ||||
Notes payable [member] | CEMEX Materials, LLC July 2025 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Apr. 2, 2003 | ||||
Issuer | CEMEX Materials LLC | ||||
Currency | Dollar | ||||
Principal amount | $ 150 | ||||
Rate | 7.70% | ||||
Maturity date | Jul. 21, 2025 | ||||
Long term borrowings | $ 154 | 155 | |||
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 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2025 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Mar. 3, 2015 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 750 | ||||
Rate | 6.125% | ||||
Maturity date | May 5, 2025 | ||||
Long term borrowings | $ 748 | 748 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2025 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 750 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. January 2025 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Sep. 11, 2014 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Dollar | ||||
Principal amount | $ 1,100 | ||||
Rate | 5.70% | ||||
Maturity date | Jan. 11, 2025 | ||||
Repurchased amount | $ (29) | ||||
Long term borrowings | 1,069 | 1,068 | |||
Notes payable [member] | CEMEX, S.A.B. de C.V. January 2025 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 1,071 | ||||
Notes payable [member] | CEMEX, SAB. de CV. December 2024 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Dec. 5, 2017 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Euro | ||||
Principal amount | $ 650 | ||||
Rate | 2.75% | ||||
Maturity date | Dec. 5, 2024 | ||||
Long term borrowings | $ 726 | 742 | |||
Notes payable [member] | CEMEX, SAB. de CV. December 2024 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 729 | ||||
Notes payable [member] | CEMEX Finance LLC June 2024 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Jun. 14, 2016 | ||||
Issuer | CEMEX Finance LLC | ||||
Currency | Euro | ||||
Principal amount | $ 400 | ||||
Rate | 4.625% | ||||
Maturity date | Jun. 15, 2024 | ||||
Long term borrowings | $ 447 | 456 | |||
Notes payable [member] | CEMEX Finance LLC June 2024 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 449 | ||||
Notes payable [member] | CEMEX Finance LLC April 2024 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Apr. 1, 2014 | ||||
Issuer | CEMEX Finance LLC | ||||
Currency | Dollar | ||||
Principal amount | $ 1,000 | ||||
Rate | 6.00% | ||||
Maturity date | Apr. 1, 2024 | ||||
Repurchased amount | $ (360) | ||||
Long term borrowings | 621 | 967 | |||
Notes payable [member] | CEMEX Finance LLC April 2024 Notes [member] | Cost [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 640 | ||||
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2023 Notes [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Date of issuance | Mar. 3, 2015 | ||||
Issuer | CEMEX, S.A.B. de C.V. | ||||
Currency | Euro | ||||
Principal amount | $ 550 | ||||
Rate | 4.375% | ||||
Maturity date | Mar. 5, 2023 | ||||
Repurchased amount | $ (629) | ||||
Long term borrowings | $ 629 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Summa_5
Financial Instruments - Summary of Long Term Notes Payable (Parenthetical) (Detail) - MXN ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
3-Month LIBOR rate | 1.9084% | 2.8076% |
3-Month EURIBOR rate | 0.383% | 0.309% |
CEMEX SAB de CV November 2029 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Repurchased of Notes Amount | $ 360 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Consolidated Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] |
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 9,303 | $ 9,266 | $ 9,009 | ||
Bank loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 3,102 | ||||
Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 6,201 | ||||
Later Than One Year and Not Later Than Two Years [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 673 | ||||
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 | 672 | ||||
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 | 1 | ||||
Later Than Two Years and Not Later Than Three Years [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 1,229 | ||||
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 | 1,229 | ||||
Later Than Three Years and Not Later Than Four Years [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 665 | ||||
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 | 664 | ||||
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 | 1 | ||||
Later Than Four Years and Not Later Than Five Years [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 2,331 | ||||
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 | 537 | ||||
Later Than Four Years and Not Later Than Five Years [Member] | Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 1,794 | ||||
More than 5 Years [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | 4,405 | ||||
More than 5 Years [Member] | Notes payable [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Long term borrowings | $ 4,405 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Addit_2
Financial Instruments - Additional Information - Credit Agreement, Facilities Agreement and Financing Agreement (Detail) $ in Millions | Nov. 04, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2022 | Apr. 02, 2019USD ($) | Jul. 19, 2017USD ($) |
Disclosure of detailed information about financial instruments [line items] | |||||||
Maximum capital expenditure | $ 1,000 | $ 1,000 | |||||
Leverage Ratio | 4.17% | 3.84% | 3.85% | ||||
Coverage Ratio | 3.86% | 4.41% | 3.46% | ||||
CEMEX Holdings Philippines, Inc. [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maximum capital expenditure | $ 500 | $ 500 | $ 500 | ||||
CEMEX Latam Holdings, S.A [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maximum capital expenditure | 1,500 | 1,500 | 1,500 | ||||
Acquisitions and investments in joint ventures | 400 | 400 | 400 | ||||
2017 Credit Agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Bank indebtedness | $ 2,897 | $ 3,208 | $ 4,050 | ||||
Revolving Credit Facility Amount Extended | $ 1,060 | ||||||
Repurchase of Share Issuance Amount | $ 500 | ||||||
Allowance for disposals of non controlling interests per year | $ 100 | ||||||
2014 Credit Agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Bank indebtedness | $ 3,680 | ||||||
Greater than or equal to two point five zero ratio [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Coverage Ratio | 2.50% | 2.50% | 2.50% | ||||
Greater than or equal to two point five zero ratio [member] | Financial instruments valuation assumption [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Coverage Ratio | 0.025% | ||||||
Greater than or equal to two point seven five ratio [member] | Financial instruments valuation assumption [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Coverage Ratio | 0.0275% | ||||||
Bottom of range [member] | Credit agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Interest rate | 0.75% | ||||||
Bottom of range [member] | 2017 Credit Agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Interest rate basis | 0.0125 | ||||||
Top of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Leverage Ratio | 3.75% | ||||||
Top of range [member] | Credit agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Interest rate | 8.50% | ||||||
Top of range [member] | 2017 Credit Agreement [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Interest rate basis | 0.0350 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Lines of Credit (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of detailed information about financial instruments [abstract] | |
Other lines of credit in foreign subsidiaries | $ 385 |
Other lines of credit from banks | 683 |
Revolving credit facility | 1,135 |
Total | 2,203 |
Other lines of credit in foreign subsidiaries, available | 286 |
Other lines of credit from banks, available | 635 |
Revolving credit facility, available | 1,135 |
Total, available | $ 2,056 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Margin over LIBOR Depending on Leverage Ration (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.17% | 3.84% | 3.85% |
Greater than 5.00x [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 350.00% | ||
Less than 5.00 Greater than 4.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 300.00% | ||
Less than 4.50 Greater than 4.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 250.00% | ||
Less than 4.00 Greater than 3.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 212.50% | ||
Less than 3.50 Greater than 3.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 175.00% | ||
Less than 3.00 Greater than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 150.00% | ||
Less than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Applicable margin | 125.00% | ||
Top of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.75% | ||
Top of range [member] | Greater than 5.00x [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.00% | ||
Top of range [member] | Less than 5.00 Greater than 4.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 5.00% | ||
Top of range [member] | Less than 4.50 Greater than 4.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.50% | ||
Top of range [member] | Less than 4.00 Greater than 3.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.00% | ||
Top of range [member] | Less than 3.50 Greater than 3.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.50% | ||
Top of range [member] | Less than 3.00 Greater than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.00% | ||
Bottom of range [member] | Less than 5.00 Greater than 4.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.50% | ||
Bottom of range [member] | Less than 4.50 Greater than 4.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 4.00% | ||
Bottom of range [member] | Less than 4.00 Greater than 3.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.50% | ||
Bottom of range [member] | Less than 3.50 Greater than 3.00 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 3.00% | ||
Bottom of range [member] | Less than 3.00 Greater than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 2.50% | ||
Bottom of range [member] | Less than 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Consolidated leverage ratio | 2.50% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Coverage Ratio and Leverage Ratio (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 3.86% | 4.41% | 3.46% |
Leverage Ratio | 4.17% | 3.84% | 3.85% |
Less than or Equal to 5.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.25% | ||
Less than or Equal to 5.00 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.00% | ||
Less than or Equal to 4.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.75% | 4.75% | |
Less than or Equal to 4.50 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.50% | ||
Less than or Equal to 4.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.25% |
Financial Instruments - Summa_8
Financial Instruments - Summary of Consolidated Financial Ratios (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.17% | 3.84% | 3.85% |
Coverage Ratio | 3.86% | 4.41% | 3.46% |
Less than or Equal to 5.25 Ratio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 5.25% | 5.25% | |
Greater than or Equal to 2.50 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 2.50% | 2.50% | 2.50% |
Less than or Equal to 4.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 4.75% | 4.75% |
Financial Instruments - Summa_9
Financial Instruments - Summary of Other Financial Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | |
Disclosure of financial liabilities [line items] | ||||||
Other financial obligations, short-term | $ 1,381 | $ 855 | [1] | $ 1,176 | $ 725 | |
Other financial obligations, long-term | 1,044 | 1,592 | [1] | $ 1,577 | $ 2,068 | |
Total | 2,425 | 2,447 | ||||
Convertible Subordinated Notes Due 2020 [Member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Other financial obligations, short-term | 520 | |||||
Other financial obligations, long-term | 514 | |||||
Total | 520 | 514 | ||||
Mandatory Convertible Securities 2019 [Member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Other financial obligations, short-term | 19 | |||||
Total | 19 | |||||
Liabilities Secured With Accounts Receivable [member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Other financial obligations, short-term | 599 | 599 | ||||
Total | 599 | 599 | ||||
Leases [Member] | ||||||
Disclosure of financial liabilities [line items] | ||||||
Other financial obligations, short-term | 262 | 237 | ||||
Other financial obligations, long-term | 1,044 | 1,078 | ||||
Total | $ 1,306 | $ 1,315 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Detaile
Financial Instruments - Detailed Information about In Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Text block [abstract] | |||
Lease financial liability at beginning of year | $ 1,315 | $ 1,309 | $ 1,054 |
Additions From New Leases | 274 | 296 | 328 |
Increase Decrease Reductions Of Leases Financial Liabilities From Payments | (239) | (192) | (112) |
Increase Decrease Cancellation And Remeasurements Of Lease Financial Liabilities | (54) | (67) | (11) |
Increase Decrease Through Foreign Exchange Difference Lease Financial Liabilities | 10 | (31) | 50 |
Lease financial liability at end of year | $ 1,306 | $ 1,315 | $ 1,309 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Disclosure Detail Of Financial Lease Liabilities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 1,306 |
Less than 1 year [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 262 |
Later Than One Year and Not Later Than Two Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 221 |
Later Than Two Years and Not Later Than Three Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 159 |
Later Than Three Years and Not Later Than Four Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 115 |
More than 5 Years [member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 549 |
Financial Instruments - Addit_3
Financial Instruments - Additional Information - Other Financial Obligations (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Nov. 28, 2019USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2009USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Leases | $ 316 | $ 266 | $ 183 | |||
Convertible Subordinated Notes Due 2020 [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Debt principal amount | $ 521 | |||||
Debt interest percentage | 3.72% | |||||
Conversion price | $ / shares | $ 10.73 | $ 11.01 | ||||
Conversion rate per dollars | 93.2334 | 90.8592 | ||||
Convertible subordinated notes due 2018 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Debt instrument maturity date | 2019 | |||||
Mandatory Convertible Securities [Member] | CPO [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Conversion price | $ / shares | $ 8,937 | |||||
Nominal value of securities converted | $ 236 | |||||
Mandatory Convertible Securities [Member] | Mandatory Convertible Securities 2019 [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Debt principal amount | $ 315 | |||||
Debt interest percentage | 10.00% | |||||
Reserve of Equity Component of Convertible Instruments [Member] | Convertible Subordinated Notes Due 2020 [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Fair value of conversion price | $ 12 |
Financial Instruments - Summ_11
Financial Instruments - Summary of Carrying Amounts and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | |
Financial assets | ||||||
Derivative instruments | $ 2 | $ 15 | ||||
Other investments and non-current accounts receivable | 234 | 253 | ||||
Other investments and non-current accounts receivable | 236 | 268 | [1] | $ 293 | ||
Financial liabilities | ||||||
Long-term debt | 9,303 | 9,266 | [1] | 9,009 | ||
Other financial obligations | 1,044 | 1,592 | [1] | $ 1,577 | $ 2,068 | |
Derivative instruments | 46 | 21 | ||||
Total financial liabilities | 10,393 | 10,879 | ||||
At Fair Value [Member] | ||||||
Financial assets | ||||||
Derivative instruments | 2 | 15 | ||||
Other investments and non-current accounts receivable | 234 | 253 | ||||
Other investments and non-current accounts receivable | 236 | 268 | ||||
Financial liabilities | ||||||
Long-term debt | 9,711 | 9,147 | ||||
Other financial obligations | 1,071 | 1,552 | ||||
Derivative instruments | 46 | 21 | ||||
Total financial liabilities | $ 10,828 | $ 10,720 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Summ_12
Financial Instruments - Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | $ 2 | $ 15 |
Investments in strategic equity securities | 3 | 11 |
Other investments at fair value through earnings | 34 | 22 |
Total derivative financial assets | 39 | 48 |
Liabilities measured at fair value Derivative instruments | 46 | 21 |
Level 1 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Investments in strategic equity securities | 3 | 11 |
Other investments at fair value through earnings | 0 | |
Total derivative financial assets | 3 | 11 |
Liabilities measured at fair value Derivative instruments | 0 | |
Level 2 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | 2 | 15 |
Other investments at fair value through earnings | 34 | 22 |
Total derivative financial assets | 36 | 37 |
Liabilities measured at fair value Derivative instruments | $ 46 | $ 21 |
Financial Instruments - Summ_13
Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | $ 2,324 | $ 2,608 |
Derivative financial instrument, Fair value | (100) | (18) |
Net Investment Hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 1,154 | 1,249 |
Derivative financial instrument, Fair value | (67) | 2 |
Equity forwards on third party shares [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 74 | 111 |
Derivative financial instrument, Fair value | 1 | 2 |
Interest Rate Swap Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 1,000 | 1,126 |
Derivative financial instrument, Fair value | (35) | (8) |
Fuels Price Hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 96 | 122 |
Derivative financial instrument, Fair value | $ 1 | $ (14) |
Financial Instruments - Addit_4
Financial Instruments - Additional Information - Derivative Financial Instruments (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gains and (losses) related to recognition of changes in fair values of the derivative instruments | $ (1) | $ 39 | $ 9 |
Fuel Price Forward Contracts [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative financial instrument, Notional amount | 96 | 122 | |
Financial liabilities at estimated fair value | 1 | 14 | |
Gain (loss) due to changes in estimated fair value | 15 | (35) | 4 |
Net Investment Hedges [member] | Forward Contract [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net foreign exchange gain (loss) | $ (126) | (59) | 6 |
Average contract life of foreign exchange forward program | 1 year | ||
Net Investment Hedges [member] | Top of range [member] | Forward Contract [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative financial instrument, Notional amount | $ 1,250 | ||
Equity Investments [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at fair value through profit or loss | $ 2 | $ 26 | (24) |
Forward contract to be settled in shares | 13.9 | 20.9 | |
Forward contract settled in cash | 6.9 | 10.6 | |
Interest Rate Swap Contract [Member] | Electric Energy [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at estimated fair value | $ 11 | ||
Borrowings, interest rate | 5.40% | ||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities at estimated fair value | $ 35 | $ 19 | |
Gain (loss) due to changes in estimated fair value | $ (26) | (19) | |
Foreign exchange forwards related to forecasted transactions [member] | Electric Energy [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net foreign exchange loss | $ (6) | $ (6) |
Financial Instruments - Addit_5
Financial Instruments - Additional Information - Risk Management (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Jan. 01, 2018 | [1] | Jan. 01, 2017 | ||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reduction in income | $ 76 | $ 63 | ||||||
Hypothetic foreign exchange rate strengthening | 10.00% | |||||||
Financial debt percentage | 67.00% | |||||||
Decrease in net income due to change in the fair value | $ 7 | 11 | ||||||
Current maturities of debt | 55 | 7 | ||||||
Other financial obligations | 1,381 | 855 | [1] | $ 1,176 | $ 725 | |||
Cash flows provided by operating activities from continuing operations | 1,282 | $ 1,435 | [1] | $ 1,714 | ||||
Revolving credit facility | $ 1,135 | |||||||
Euro [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Financial debt percentage | 23.00% | |||||||
Pounds [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings, interest rate | 3.20% | 2.90% | ||||||
Financial debt percentage | 5.00% | |||||||
Philippine pesos [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings, interest rate | 5.20% | 5.40% | ||||||
Financial debt percentage | 2.00% | |||||||
Hedge fund investments [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Foreign currency translation | $ 1,250 | |||||||
Interest rate risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reduction in income | $ 19 | $ 19 | ||||||
Interest rate risk [member] | Top of range [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings, interest rate | 0.50% | 0.50% | ||||||
Interest rate risk [member] | Floating interest rate [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings, interest rate | 22.00% | 37.00% | ||||||
Currency risk [member] | Mexico [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 21.00% | |||||||
Currency risk [member] | United States [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 27.00% | |||||||
Currency risk [member] | United Kingdom [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 5.00% | |||||||
Currency risk [member] | Germany [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 3.00% | |||||||
Currency risk [member] | France [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 6.00% | |||||||
Currency risk [member] | Spain [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 2.00% | |||||||
Currency risk [member] | Rest Of Europe Region [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 5.00% | |||||||
Currency risk [member] | Colombia [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 4.00% | |||||||
Currency risk [member] | Panama [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 1.00% | |||||||
Currency risk [member] | Rest of South, Central America and the Caribbean region [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 4.00% | |||||||
Currency risk [member] | Caribbean Tcl [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 2.00% | |||||||
Currency risk [member] | Philippines [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 3.00% | |||||||
Currency risk [member] | Asia, Middle East and Africa [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 2.00% | |||||||
Currency risk [member] | Other Operations [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 8.00% | |||||||
Currency risk [member] | Dominican Republic [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 2.00% | |||||||
Currency risk [member] | Israel [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of entity's revenue | 5.00% | |||||||
Liquidity risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Current maturities of debt | $ 1,443 | |||||||
Other financial obligations | 830 | |||||||
Cash flows provided by operating activities from continuing operations | 1,284 | |||||||
Revolving credit facility | 1,135 | |||||||
Credit risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Expense recognised during period for bad and doubtful debts for related party transaction | $ 116 | |||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Financial Instruments - Summ_14
Financial Instruments - Summary of Consolidated Net Monetary Assets (Liabilities) by Currency (Detail) $ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) |
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | $ 3,801 | $ 2,585 | |
Monetary liabilities | 17,726 | 16,144 | |
Net monetary assets (liabilities) | (13,925) | (13,559) | $ (13,559) |
US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (8,237) | (7,252) | |
Pesos [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (711) | (830) | |
Euro [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (3,023) | (3,232) | |
Pounds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (787) | (1,366) | |
Other Currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (1,167) | (879) | |
Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 721 | 427 | |
Monetary liabilities | 1,311 | 1,007 | |
Net monetary assets (liabilities) | (590) | (580) | (580) |
Mexico [member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (23) | (28) | |
Mexico [member] | Pesos [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (567) | (552) | |
United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 1,017 | 507 | |
Monetary liabilities | 2,444 | 1,703 | |
Net monetary assets (liabilities) | (1,427) | (1,196) | (1,196) |
United States [member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (1,427) | (1,196) | |
Europe [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 1,001 | 670 | |
Monetary liabilities | 2,481 | 2,043 | |
Net monetary assets (liabilities) | (1,480) | (1,373) | (1,373) |
Europe [member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (5) | 8 | |
Europe [member] | Euro [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (519) | (538) | |
Europe [member] | Pounds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (807) | (928) | |
Europe [member] | Other Currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (149) | 85 | |
South, Central America And Caribbean [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 280 | 308 | |
Monetary liabilities | 589 | 552 | |
Net monetary assets (liabilities) | (309) | (244) | (244) |
South, Central America And Caribbean [member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (72) | (48) | |
South, Central America And Caribbean [member] | Euro [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | 1 | ||
South, Central America And Caribbean [member] | Other Currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (238) | (196) | |
Asia, Middle East and Africa [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 592 | 520 | |
Monetary liabilities | 681 | 624 | |
Net monetary assets (liabilities) | (89) | (104) | (104) |
Asia, Middle East and Africa [member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | 5 | 1 | |
Asia, Middle East and Africa [member] | Other Currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (94) | (105) | |
Other Operations [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Monetary assets | 190 | 153 | |
Monetary liabilities | 10,220 | 10,215 | |
Net monetary assets (liabilities) | (10,030) | (10,062) | $ (10,062) |
Other Operations [Member] | US Dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (6,715) | (5,989) | |
Other Operations [Member] | Pesos [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (144) | (278) | |
Other Operations [Member] | Euro [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | (2,505) | (2,694) | |
Other Operations [Member] | Pounds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | 20 | (438) | |
Other Operations [Member] | Other Currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net monetary assets (liabilities) | $ (686) | $ (663) |
Other Current and Non-current_3
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [4] | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Provisions | [1] | $ 558 | $ 536 | |||
Interest payable | 88 | 94 | ||||
Other accounts payable and accrued expenses | [2] | 313 | 266 | |||
Contract liabilities with customers | [3] | 225 | 234 | |||
Other current liabilities | $ 1,184 | $ 1,130 | [4] | $ 1,242 | ||
[1] | Current provisions primarily consist of accrued employee benefits, insurance payments, accruals for legal assessments and others. These amounts are revolving in nature and are expected to be settled and replaced by similar amounts within the next 12 months. | |||||
[2] | As of December 31, 2019 and 2018, includes $22 and $30, respectively, of the current portion of other taxes payable in Mexico. | |||||
[3] | As of December 31, 2019 and 2018, contract liabilities with customers included $184 and $195, respectively, of advances received from customers, as well as in 2019 the current portion of deferred revenues in connection with commercial agreements of Cemento Bayano, S.A. (“Cemento Bayano”) of $4 as described below. | |||||
[4] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Other Current and Non-current_4
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contract customers advances payable [member] | Commercial agreement with cemeto bayano [member] | ||
Statement [line Items] | ||
Current advances from contract with customers received | $ 184 | $ 195 |
Deferred revenue current | 4 | |
Mexico [member] | ||
Statement [line Items] | ||
Other taxes payable current | $ 22 | $ 30 |
Other Current and Non-current_5
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [6] | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Asset retirement obligations | [1] | $ 497 | $ 408 | |||
Accruals for legal assessments and other responsibilities | [2] | 30 | 45 | |||
Non-current liabilities for valuation of derivative instruments | 46 | 21 | ||||
Environmental liabilities | [3] | 29 | 29 | |||
Other non-current liabilities and provisions | [4],[5] | 323 | 257 | |||
Other non-current liabilities | $ 925 | $ 760 | [6] | $ 795 | ||
[1] | Provisions for asset retirement include future estimated costs for demolition, cleaning and reforestation of production sites at the end of their operation, which are initially recognized against the related assets and are depreciated over their estimated useful life. | |||||
[2] | Provisions for legal claims and other responsibilities include items related to tax contingencies. | |||||
[3] | Environmental liabilities include future estimated costs arising from legal or constructive obligations, related to cleaning, reforestation and other remedial actions to remediate damage caused to the environment. The expected average period to settle these obligations is greater than 15 years. | |||||
[4] | As of December 31, 2019 and 2018, includes $31 and $50, respectively, of the non-current portion of taxes payable in Mexico. | |||||
[5] | As of December 31, 2019, in connection with the sale of CEMEX’s non-controlling interest in Cemento Interoceánico and the related commercial agreements between the Purchaser and Cemento Bayano (note 13.1), the balance includes deferred revenues of $50 that will be amortized to the income statement as deliverables are fulfilled over the 10-year maturity of the agreements. | |||||
[6] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Other Current and Non-current_6
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Non-current portion of tax payable | $ 31 | $ 50 |
Cemento interoceanio [member] | Liabilitites classified as held for sale [member] | ||
Disclosure of transactions between related parties [line items] | ||
Deferred revenues | $ 50 | |
Period of amortisation of deferred revenue | 10 years |
Other Current and Non-current_7
Other Current and Non-current Liabilities - Changes in Consolidated Other Current and Non-current Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of period | $ 1,335 | $ 1,452 |
Additions or increase in estimates | 1,641 | 1,382 |
Releases or decrease in estimates | (1,527) | (1,454) |
Reclassifications | 62 | (20) |
Accretion expense | (59) | (59) |
Foreign currency translation | 72 | 34 |
Balance at end of period | 1,524 | 1,335 |
Current provisions | 599 | 536 |
Asset retirement obligations [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 408 | |
Additions or increase in estimates | 141 | |
Releases or decrease in estimates | (47) | |
Reclassifications | 43 | |
Accretion expense | (12) | |
Foreign currency translation | (36) | |
Balance at end of period | 497 | 408 |
Environmental liability [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 29 | |
Additions or increase in estimates | 1 | |
Releases or decrease in estimates | 1 | |
Foreign currency translation | (2) | |
Balance at end of period | 29 | 29 |
Legal proceedings provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 45 | |
Additions or increase in estimates | 18 | |
Releases or decrease in estimates | (34) | |
Foreign currency translation | 1 | |
Balance at end of period | 30 | 45 |
Valuation derivative instruments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 35 | |
Additions or increase in estimates | 26 | |
Foreign currency translation | 41 | |
Balance at end of period | 102 | 35 |
Current provisions | 56 | |
Other liabilities and provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 818 | |
Additions or increase in estimates | 1,455 | |
Releases or decrease in estimates | (1,447) | |
Reclassifications | 19 | |
Accretion expense | (47) | |
Foreign currency translation | 68 | |
Balance at end of period | 866 | $ 818 |
Current provisions | $ 543 |
Pensions and Post-Employment _3
Pensions and Post-Employment Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012 | ||
Disclosure of defined benefit plans [line items] | |||||
Costs of defined contribution plans | $ 50 | $ 45 | $ 49 | ||
Projected benefits obligation | 2,738 | 2,454 | 2,867 | ||
increase in the net projected liability | 10 | 22 | 11 | ||
Curtailment gain loss on settlement | $ 3 | ||||
Period of settlement of one time settlement obligation | 20 years | ||||
Post employment healthcare benefits [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Projected benefits obligation | $ 62 | 58 | |||
Trinidad Cement Limited [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
increase in the net projected liability | 6 | ||||
Mexico [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Projected benefits obligation | $ 203 | $ 168 | |||
Medical inflation rates used to determine the projected benefits obligation | 8.00% | 7.00% | |||
Puerto Rico [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Medical inflation rates used to determine the projected benefits obligation | 6.30% | 6.20% | |||
United Kingdom [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Projected benefits obligation | [1] | $ 1,681 | $ 1,464 | ||
Medical inflation rates used to determine the projected benefits obligation | 6.50% | 6.80% | |||
United States [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Projected benefits obligation | $ 297 | $ 286 | |||
Medical inflation rates used to determine the projected benefits obligation | 8.00% | 5.00% | |||
United States [member] | Transition to defined contribution plan [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
One time settlement obligation incurred due to transition of contribution plans | $ 24 | ||||
Spain [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Income from prior period adjustment of retirement benefit | 5 | ||||
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 | 18 | $ 17 | $ 17 | ||
Estimate of contribution to be made to the plan in the subsequent annual period | $ 19 | ||||
CEMEX U.K. [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Operating assets | $ 553 | ||||
Dividends received | $ 20 | ||||
Percentage of annual rate | 5.00% | ||||
[1] | Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund receives annual dividends of $20, increasing at a 5% rate per year, from a limited partnership (the “Partnership”), whose assets transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. |
Pensions and Post-Employment _4
Pensions and Post-Employment Benefits - Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Recorded in operating costs and expenses | ||||
Service cost | $ 12 | $ 13 | $ 14 | |
Past service cost | 1 | 9 | (3) | |
Settlements and curtailments | (3) | |||
Total defined benefit expense | 10 | 22 | 11 | |
Recorded in other financial expenses | ||||
Net interest cost | 39 | 40 | 41 | |
Recorded in other comprehensive income | ||||
Actuarial (gains) losses for the period | 210 | (176) | [1] | |
Total (loss) / gain recognized during the period | 259 | (114) | 52 | |
Pension defined benefit plans [member] | ||||
Recorded in operating costs and expenses | ||||
Service cost | 10 | 10 | 12 | |
Past service cost | 1 | 9 | (3) | |
Settlements and curtailments | (3) | |||
Total defined benefit expense | 8 | 19 | 9 | |
Recorded in other financial expenses | ||||
Net interest cost | 34 | 35 | 37 | |
Recorded in other comprehensive income | ||||
Actuarial (gains) losses for the period | 203 | (176) | 1 | |
Total (loss) / gain recognized during the period | 245 | (122) | 47 | |
Other Benefits Plans [Member] | ||||
Recorded in operating costs and expenses | ||||
Service cost | 2 | 3 | 2 | |
Total defined benefit expense | 2 | 3 | 2 | |
Recorded in other financial expenses | ||||
Net interest cost | 5 | 5 | 4 | |
Recorded in other comprehensive income | ||||
Actuarial (gains) losses for the period | 7 | (1) | ||
Total (loss) / gain recognized during the period | $ 14 | $ 8 | $ 5 | |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Pensions and Post-Employment _5
Pensions and Post-Employment Benefits - Summary of Actuarial (Gains) Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (loss) on remeasurement, net defined benefit liability (asset) [abstract] | |||
Actuarial (gains) losses due to experience | $ 5 | $ (58) | $ 6 |
Actuarial (gains) losses due to demographic assumptions | (11) | (57) | (2) |
Actuarial (gains) losses due financial assumptions | 216 | (61) | $ (4) |
Total | $ 210 | $ (176) |
Pensions and Post-Employment _6
Pensions and Post-Employment Benefits - Schedule of Reconciliations of the Actuarial Benefits Obligations, Pension Plan Assets, And Liabilities Recognized in the Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | [1] | ||
Disclosure of defined benefit plans [line items] | ||||||
Projected benefit obligation at beginning of the period | $ 2,454 | $ 2,867 | ||||
Service cost | 12 | 13 | $ 14 | |||
Interest cost | 83 | 88 | ||||
Actuarial (gains) losses | 275 | (265) | ||||
Additions through business combinations | 6 | |||||
Settlements and curtailments | (3) | |||||
Reduction from disposal of assets | (2) | |||||
Plan amendments | 1 | 9 | ||||
Benefits paid | (148) | (151) | ||||
Foreign currency translation | 66 | (113) | ||||
Projected benefit obligation at end of the period | 2,738 | 2,454 | 2,867 | |||
Fair value of plan assets at beginning of the period | 1,487 | 1,663 | ||||
Return on plan assets | 44 | 48 | ||||
Actuarial gains (losses) | 65 | (89) | ||||
Employer contributions | 110 | 86 | ||||
Reduction for disposal of assets | (1) | |||||
Benefits paid | (148) | (151) | ||||
Foreign currency translation | 43 | (70) | ||||
Fair value of plan assets at end of the period | 1,600 | 1,487 | 1,663 | |||
Net projected liability in the statement of financial position | 1,138 | 967 | [1] | $ 1,204 | ||
Pension defined benefit plans [member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Projected benefit obligation at beginning of the period | 2,375 | 2,794 | ||||
Service cost | 10 | 10 | 12 | |||
Interest cost | 78 | 83 | ||||
Actuarial (gains) losses | 268 | (265) | ||||
Settlements and curtailments | (3) | |||||
Reduction from disposal of assets | (2) | |||||
Plan amendments | 1 | 9 | ||||
Benefits paid | (141) | (146) | ||||
Foreign currency translation | 65 | (110) | ||||
Projected benefit obligation at end of the period | 2,651 | 2,375 | 2,794 | |||
Fair value of plan assets at beginning of the period | 1,486 | 1,662 | ||||
Return on plan assets | 44 | 48 | ||||
Actuarial gains (losses) | 65 | (89) | ||||
Employer contributions | 103 | 81 | ||||
Reduction for disposal of assets | (1) | |||||
Benefits paid | (141) | (146) | ||||
Foreign currency translation | 43 | (70) | ||||
Fair value of plan assets at end of the period | 1,599 | 1,486 | 1,662 | |||
Net projected liability in the statement of financial position | 1,052 | 889 | ||||
Other Benefits Plans [Member] | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Projected benefit obligation at beginning of the period | 79 | 73 | ||||
Service cost | 2 | 3 | 2 | |||
Interest cost | 5 | 5 | ||||
Actuarial (gains) losses | 7 | |||||
Additions through business combinations | 6 | |||||
Benefits paid | (7) | (5) | ||||
Foreign currency translation | 1 | (3) | ||||
Projected benefit obligation at end of the period | 87 | 79 | 73 | |||
Fair value of plan assets at beginning of the period | 1 | 1 | ||||
Employer contributions | 7 | 5 | ||||
Benefits paid | (7) | (5) | ||||
Fair value of plan assets at end of the period | 1 | 1 | $ 1 | |||
Net projected liability in the statement of financial position | $ 86 | $ 78 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [line items] | |||
Cash | $ 61 | $ 36 | |
Investments in corporate bonds | 400 | 349 | |
Investments in government bonds | 540 | 429 | |
Total fixed-income securities | 1,001 | 814 | |
Investment in marketable securities | 380 | 338 | |
Other investments and private funds | 219 | 335 | |
Total variable-income securities | 599 | 673 | |
Total plan assets | 1,600 | 1,487 | $ 1,663 |
Level 1 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 45 | 36 | |
Investments in corporate bonds | 4 | 7 | |
Investments in government bonds | 90 | 84 | |
Total fixed-income securities | 139 | 127 | |
Investment in marketable securities | 223 | 259 | |
Other investments and private funds | 46 | 50 | |
Total variable-income securities | 269 | 309 | |
Total plan assets | 408 | 436 | |
Level 2 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 16 | 0 | |
Investments in corporate bonds | 396 | 342 | |
Investments in government bonds | 450 | 345 | |
Total fixed-income securities | 862 | 687 | |
Investment in marketable securities | 157 | 79 | |
Other investments and private funds | 85 | 212 | |
Total variable-income securities | 242 | 291 | |
Total plan assets | 1,104 | 978 | |
Level 3 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Other investments and private funds | 88 | 73 | |
Total variable-income securities | 88 | 73 | |
Total plan assets | $ 88 | $ 73 |
Pensions and Post-Employment _8
Pensions and Post-Employment Benefits - Summary of Significant Assumptions Used in the Determination of the Benefit Obligation (Detail) - Defined Benefit Obligation [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 8.75% | 10.80% |
Rate of return on plan assets | 8.75% | 10.80% |
Rate of salary increases | 4.00% | 4.00% |
United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 3.60% | 4.50% |
Rate of return on plan assets | 3.60% | 4.50% |
United Kingdom [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 2.10% | 2.90% |
Rate of return on plan assets | 2.10% | 2.90% |
Rate of salary increases | 3.00% | 3.30% |
Top of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 8.80% | 7.50% |
Rate of return on plan assets | 8.80% | 7.50% |
Rate of salary increases | 6.80% | 6.00% |
Bottom of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 0.40% | 1.30% |
Rate of return on plan assets | 0.40% | 1.30% |
Rate of salary increases | 2.30% | 2.30% |
Pensions and Post-Employment _9
Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Disclosure - Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits [Abstract] | ||
2020 | $ 156 | [1] |
2021 | 140 | |
2022 | 142 | |
2023 | 144 | |
2024 - 2029 | $ 852 | |
[1] | The amount of estimated payments during the year 2020 includes the expected funding to the Company’s plan assets. |
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, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Dec. 31, 2017 | ||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | $ 2,738 | $ 2,454 | $ 2,867 | ||||
Assets | 1,600 | 1,487 | $ 1,663 | ||||
Deficit | 1,138 | 967 | [1] | $ 1,204 | |||
Mexico [member] | |||||||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | 203 | 168 | |||||
Assets | 24 | 30 | |||||
Deficit | 179 | 138 | |||||
United States [member] | |||||||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | 297 | 286 | |||||
Assets | 219 | 174 | |||||
Deficit | 78 | 112 | |||||
United Kingdom [member] | |||||||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | [2] | 1,681 | 1,464 | ||||
Assets | [2] | 1,128 | 1,057 | ||||
Deficit | [2] | 553 | 407 | ||||
Germany [member] | |||||||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | 204 | 202 | |||||
Assets | 9 | 10 | |||||
Deficit | 195 | 192 | |||||
Other countries [member] | |||||||
Disclosure of fair value of plan assets [line items] | |||||||
PBO | 353 | 334 | |||||
Assets | 220 | 216 | |||||
Deficit | $ 133 | $ 118 | |||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. | ||||||
[2] | Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund receives annual dividends of $20, increasing at a 5% rate per year, from a limited partnership (the “Partnership”), whose assets transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. |
Pensions and Post-Employment_11
Pensions and Post-Employment Benefits - Sensitivity Analysis of Pension and Other Post-Employment Benefits (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | $ (179) |
Sensitivity, possible decrease in actuarial assumption | 201 |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 8 |
Sensitivity, possible decrease in actuarial assumption | (7) |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 126 |
Sensitivity, possible decrease in actuarial assumption | (105) |
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 | (175) |
Sensitivity, possible decrease in actuarial assumption | 196 |
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 | 8 |
Sensitivity, possible decrease in actuarial assumption | (7) |
Pension defined benefit plans [member] | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 126 |
Sensitivity, possible decrease in actuarial assumption | (105) |
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 | $ 5 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Major components of tax expense (income) [abstract] | |||||
Current income tax expense | $ 143 | $ 99 | $ 184 | ||
Deferred income tax expense (revenue) | 19 | 125 | (168) | ||
Effective consolidated income tax expense rate | $ 162 | $ 224 | [1] | $ 16 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Net deferred tax asset (liability) | $ (93) | $ (130) | ||||
Deferred tax assets: | ||||||
Tax loss carryforwards and other tax credits | 757 | 702 | ||||
Accounts payable and accrued expenses | 458 | 338 | ||||
Intangible assets, net | 57 | 142 | ||||
Total deferred tax assets, gross | 1,272 | 1,182 | ||||
Presentation offset regarding same legal entity | (645) | (564) | ||||
Total deferred tax assets, net in the statement of financial position | 627 | 618 | [1] | $ 783 | $ 774 | |
Deferred tax liabilities: | ||||||
Property, machinery and equipment and right-of-use asset, net | (1,323) | (1,283) | ||||
Investments and other assets | (42) | (29) | ||||
Total deferred tax liabilities, gross | (1,365) | (1,312) | ||||
Presentation offset regarding same legal entity | 645 | 564 | ||||
Total deferred tax liabilities, net in the statement of financial position | (720) | (748) | [1] | $ (795) | $ (946) | |
Net deferred tax liabilities | (93) | (130) | ||||
Country of domicile [member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Net deferred tax asset (liability) | (157) | (205) | ||||
Deferred tax assets: | ||||||
Total deferred tax assets, net in the statement of financial position | 189 | 174 | ||||
Deferred tax liabilities: | ||||||
Total deferred tax liabilities, net in the statement of financial position | (346) | (379) | ||||
Net deferred tax liabilities | (157) | (205) | ||||
Foreign countries [member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Net deferred tax asset (liability) | 64 | 75 | ||||
Deferred tax assets: | ||||||
Total deferred tax assets, net in the statement of financial position | 438 | 444 | ||||
Deferred tax liabilities: | ||||||
Total deferred tax liabilities, net in the statement of financial position | (374) | (369) | ||||
Net deferred tax liabilities | $ 64 | $ 75 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Income Taxes - Summary of Tem_2
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred tax assets and liabilities [abstract] | |
Mineral reserves useful life, years | 35 years |
Income Taxes - Summary of the B
Income Taxes - Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | Jan. 01, 2017 | |
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||||||
Asset | $ 627 | $ 618 | [1] | $ 783 | $ 774 | |
Liability | (720) | (748) | [1] | $ (795) | $ (946) | |
Net | (93) | (130) | ||||
Country of domicile [member] | ||||||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||||||
Asset | 189 | 174 | ||||
Liability | (346) | (379) | ||||
Net | (157) | (205) | ||||
Foreign countries [member] | ||||||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||||||
Asset | 438 | 444 | ||||
Liability | (374) | (369) | ||||
Net | $ 64 | $ 75 | ||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in deferred tax liability (asset) [abstract] | |||
Deferred income tax expense (revenue) in the income statement | $ 19 | $ 125 | $ (168) |
Deferred income tax revenue in stockholders' equity | (59) | (10) | (11) |
Reclassifications | 3 | 3 | 5 |
Change in deferred income tax during the period | $ (37) | $ 118 | $ (174) |
Income Taxes - Summary of Bre_2
Income Taxes - Summary of Breakdown of Changes in Consolidated Deferred Income Taxes (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Changes in deferred tax liability (asset) [abstract] | |
Deferred income tax revenue | $ 8 |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Income Tax Relative to Items of Other Comprehensive Income Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax relating to components of other comprehensive income [abstract] | |||
Revenue related to foreign exchange fluctuations from intercompany balances (note 20.2) | $ (19) | $ (2) | $ (2) |
Expense (revenue) associated to actuarial results (note 20.2) | (29) | 31 | |
Revenue related to derivative financial instruments (note 16.4) | (34) | (3) | |
Expense (revenue) from foreign currency translation and other effects | 4 | (38) | (11) |
Total current and deferred income tax relative to items of other comprehensive income (loss) | $ (78) | $ (12) | $ (13) |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Loss and Tax Credits (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Tax Loss Carry Forwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2020 | $ 58 |
2021 | 202 |
2022 | 301 |
2023 | 437 |
2024 and thereafter | 14,497 |
Tax Loss And Tax Credits, Total | 15,495 |
Amount of unrecognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2020 | 56 |
2021 | 176 |
2022 | 273 |
2023 | 432 |
2024 and thereafter | 11,479 |
Tax Loss And Tax Credits, Total | 12,416 |
Amount of recognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2020 | 2 |
2021 | 26 |
2022 | 28 |
2023 | 5 |
2024 and thereafter | 3,018 |
Tax Loss And Tax Credits, Total | $ 3,079 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Sep. 05, 2018 | Apr. 06, 2018 | Apr. 11, 2011 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Income Taxes [Line Items] | ||||||
pre-tax income | $ 3,079 | |||||
Deferred income tax liabilities | $ 93 | $ 130 | ||||
Applicable income tax rate | 30.00% | 30.00% | 30.00% | |||
Prior year tax loss carryforwards value | $ 547 | |||||
Increase in tax to be paid | $ 27 | |||||
United States [member] | ||||||
Disclosure of Income Taxes [Line Items] | ||||||
Deferred income tax liabilities | $ 700 | |||||
Applicable income tax rate | 21.00% | 21.00% | 35.00% | |||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Increase (decrease) in net deferred tax assets | $ 124 | |||||
Income tax return 2012 [member] | ||||||
Disclosure of Income Taxes [Line Items] | ||||||
Income tax penalty imposed | $ 38 | |||||
Income tax return 2011 [member] | ||||||
Disclosure of Income Taxes [Line Items] | ||||||
Income tax penalty imposed | $ 26 |
Income taxes - Effective Consol
Income taxes - Effective Consolidated Income Tax Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Major components of tax expense (income) [abstract] | |||||
Earnings before income tax | $ 253 | $ 717 | [1] | $ 661 | [1] |
Income tax | $ (162) | $ (224) | [1] | $ (16) | [1] |
Effective consolidated income tax expense rate | 64.00% | 31.20% | 2.40% | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Mexican statutory tax rate value | 30.00% | 30.00% | 30.00% | ||
Difference between accounting and tax expenses, net | 109.20% | 18.70% | 18.70% | ||
Non-taxable sale of equity securities and fixed assets | (13.40%) | (4.60%) | (15.00%) | ||
Difference between book and tax inflation | 38.10% | 19.50% | 31.20% | ||
Differences in the income tax rates in the countries where CEMEX operates | (31.90%) | (16.00%) | (21.90%) | ||
Changes in deferred tax assets | (59.80%) | (15.60%) | (39.80%) | ||
Changes in provisions for uncertain tax positions | (5.20%) | (1.80%) | 0.30% | ||
Others | (3.00%) | 1.00% | (1.10%) | ||
Effective consolidated income tax expense rate | 64.00% | 31.20% | 2.40% | ||
Mexican statutory tax rate | $ 76 | $ 215 | $ 198 | ||
Difference between accounting and tax expenses, net | 277 | 134 | 124 | ||
Non-taxable sale of equity securities and fixed assets | (34) | (33) | (99) | ||
Difference between book and tax inflation | 96 | 140 | 206 | ||
Differences in the income tax rates in the countries where CEMEX operates | (81) | (115) | (145) | ||
Changes in deferred tax assets | (151) | (112) | (263) | ||
Changes in provisions for uncertain tax positions | (13) | (13) | 2 | ||
Others | (8) | 8 | (7) | ||
Effective consolidated income tax expense rate | $ 162 | $ 224 | [1] | $ 16 | [1] |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate in Mexico | 30.00% | 30.00% | 30.00% |
Difference tax component between books and tax foreign exchange fluctuations | $ (81) | $ (115) | $ (145) |
Parent [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Difference tax component between books and tax foreign exchange fluctuations | $ 117 | ||
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate in Mexico | 30.00% | 30.00% | 30.00% |
Income Tax - Schedule of Variat
Income Tax - Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (43) | $ (92) |
Recognition related to unrecognized tax loss carryforwards | 92 | 5 |
Foreign currency translation and other effects | 6 | (29) |
Changes in deferred tax assets | 55 | (116) |
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 | 84 | 139 |
Derecognition related to tax loss carryforwards recognized in prior years | (43) | (3) |
Recognition related to unrecognized tax loss carryforwards | 92 | 5 |
Foreign currency translation and other effects | 18 | (29) |
Changes in deferred tax assets | $ 151 | $ 112 |
Income tax - Schedule of Unreco
Income tax - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets and liabilities [abstract] | |||
Balance of tax positions at beginning of the period | $ 44 | $ 80 | $ 55 |
Adoption effects of IFRIC 23 credited to retained earnings (note 2.1) | (6) | ||
Additions for tax positions of prior periods | 1 | 1 | |
Additions for tax positions of current period | 4 | 6 | 35 |
Reductions for tax positions related to prior periods and other items | (13) | (2) | (2) |
Settlements and reclassifications | (7) | (6) | |
Expiration of the statute of limitations | (2) | (32) | (7) |
Foreign currency translation effects | 1 | (2) | 4 |
Balance of tax positions at end of the period | $ 28 | $ 44 | $ 80 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Controlling Interest due to Different Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Jan. 01, 2018 | [1] | Jan. 01, 2017 |
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||||||
Common stock and additional paid-in capital | $ 10,424 | $ 10,331 | $ 10,297 | |||
Other equity reserves | (2,724) | (2,472) | (2,385) | |||
Retained earnings | 1,621 | 1,622 | 1,115 | $ 829 | ||
Total controlling interest | 9,321 | $ 9,481 | $ 9,027 | $ 7,831 | ||
Parent [member] | ||||||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||||||
Common stock and additional paid-in capital | 7,836 | |||||
Other equity reserves | (32) | |||||
Retained earnings | 1,517 | |||||
Total controlling interest | 9,321 | |||||
Consolidated One [Member] | ||||||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||||||
Common stock and additional paid-in capital | 10,424 | |||||
Other equity reserves | (2,724) | |||||
Retained earnings | 1,621 | |||||
Total controlling interest | $ 9,321 | |||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Dec. 17, 2019$ / shares | Jun. 17, 2019$ / shares | Mar. 28, 2019USD ($)$ / sharesshares | Mar. 30, 2017USD ($)shares | Jul. 18, 2016shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Apr. 05, 2018USD ($)shares | Jan. 01, 2018USD ($) | [1] | Jan. 01, 2017USD ($) | |
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Increase in variable common stock issued to preserve the anti-dilutive rights of note holders | shares | 258,000,000 | 750,000,000 | |||||||||||
Capital reserve | $ 500,000,000 | ||||||||||||
Increase in variable common stock issued through the capitalization of retained earning | shares | 1,687,000,000 | ||||||||||||
Additional paid-in capital | $ 506,000,000 | $ 10,106,000,000 | $ 10,013,000,000 | ||||||||||
Percentage of net income allocation toward legal reserve | 5.00% | ||||||||||||
Legal reserve | $ 95,000,000 | ||||||||||||
Non-controlling interest and perpetual debentures | 1,503,000,000 | 1,572,000,000 | [1] | $ 1,571,000,000 | $ 1,559,000,000 | ||||||||
Coupon payment on perpetual debentures | (2,724,000,000) | (2,472,000,000) | [1] | $ (2,385,000,000) | |||||||||
Dividend Declaration Date | Mar. 28, 2019 | ||||||||||||
Dividend declared | $ 150,000,000 | ||||||||||||
Dividend amount per share | $ / shares | $ 0.001654 | $ 0.001663 | |||||||||||
Purchase of treasury shares | 50,000,000 | 75,000,000 | |||||||||||
Explanation of the fact that shares have no par value | without par-value | ||||||||||||
Treasury shares | 8,000,000 | $ 10,000,000 | |||||||||||
Parent [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Coupon payment on perpetual debentures | $ (32,000,000) | ||||||||||||
Pesos [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Closing foreign exchange rate | 18.92 | 19.65 | 19.65 | ||||||||||
Coupon Payment [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Coupon payment on perpetual debentures | $ 29,000,000 | $ 29,000,000 | $ 25,000,000 | ||||||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Treasury shares repurchase amount authorized | $ 500,000,000 | ||||||||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | Share Repurchase One [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Purchase of treasury shares | 282,600 | ||||||||||||
Cancellation of treasury shares | $ 282,600 | ||||||||||||
Purchase of treasury shares in shares | shares | 2,000,000,000 | ||||||||||||
Decrease in variable part of common stock treasury shares repurchased and cancelled | shares | 2,000,000,000 | ||||||||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | Share Repurchase Two [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Purchase of treasury shares | $ 67,000 | ||||||||||||
Cancellation of treasury shares | $ 67,000 | ||||||||||||
Purchase of treasury shares in shares | shares | 461,000,000 | ||||||||||||
Decrease in variable part of common stock treasury shares repurchased and cancelled | shares | 461,000,000 | ||||||||||||
Dividend Declared Date One [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Dividend declared date of payment | Jun. 17, 2019 | ||||||||||||
Dividend Declared Date Two [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Dividend declared date of payment | Dec. 17, 2019 | ||||||||||||
Additional paid-in capital [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Additional paid-in capital | 32,000,000 | 34,000,000 | 42,000,000 | ||||||||||
Purchase of treasury shares | 75,000,000 | ||||||||||||
Non-controlling Interest [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Non-controlling interest and perpetual debentures | 1,503,000,000 | 1,572,000,000 | |||||||||||
Net income attributable to noncontroling interest | 36,000,000 | 42,000,000 | $ 75,000,000 | ||||||||||
Variable Part Of Share Capital [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Increase in variable common stock share issue | $ 22,000 | ||||||||||||
Increase in variable common stock share issue in shares | shares | 150,000,000 | ||||||||||||
Share price | $ / shares | $ 0.000143 | ||||||||||||
Extraordinary [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Increase in variable common stock issued to preserve the anti-dilutive rights of note holders | shares | 453,000,000 | ||||||||||||
Perpetual Subordinated Bonds [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Non-controlling interest and perpetual debentures | $ 443,000,000 | $ 444,000,000 | |||||||||||
CEMEX Holdings Philippines, Inc. [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Non-controlling interest ownership percentage | 33.22% | 45.00% | |||||||||||
Number of shares issued | shares | 2,337,927,954 | ||||||||||||
Percentage of outstanding common shares owned by the subsidiary | 45.00% | ||||||||||||
CEMEX Latam Holdings, S.A. [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Non-controlling interest ownership percentage | 26.83% | 26.78% | |||||||||||
Caribbean TCL [member] | Trinidad Cement Limited [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Non-controlling interest ownership percentage | 30.17% | 30.17% | |||||||||||
CPO [Member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Increase in variable common stock issued to preserve the anti-dilutive rights of note holders | shares | 86,000,000 | 250,000,000 | |||||||||||
Increase in variable common stock issued through the capitalization of retained earning | shares | 562,000,000 | ||||||||||||
Number of shares issued | shares | 27,400,000 | 49,300,000 | 53,200,000 | ||||||||||
CPO [Member] | Parent [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Treasury shares | $ 8,000,000 | $ 10,000,000 | |||||||||||
Investment in shares held by the subsidiary | shares | 20,541,277 | 20,541,277 | |||||||||||
CPO [Member] | Treasury shares [member] | Two Thousand And Nineteen Treasury Repurchase Program [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Share price | $ / shares | $ 0.3164 | $ 0.4883 | |||||||||||
Number of shares cumulatively repurchased | shares | 157,700,000 | 153,600,000 | |||||||||||
Treasury shares | $ 50,000,000 | $ 75,000,000 | |||||||||||
CPO [Member] | Extraordinary [member] | |||||||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||||||
Increase in variable common stock issued to preserve the anti-dilutive rights of note holders | shares | 151,000,000 | ||||||||||||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
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, 2019 | Dec. 31, 2018 | Mar. 30, 2017 | |
Disclosure of classes of share capital [abstract] | |||
Common stock | $ 318 | $ 318 | |
Additional paid-in capital | 10,106 | 10,013 | $ 506 |
Common stock and additional paid-in capital | $ 10,424 | $ 10,331 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Common Stock (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 30,214,262,692 | 30,002,628,318 |
Unissued shares authorized for executives' stock compensation programs | 881,442,830 | 936,375,524 |
Repurchased shares | 315,400,000 | 307,207,506 |
Shares that guarantee/guaranteed the issuance of convertible securities | 2,842,339,760 | 4,529,603,200 |
Shares authorized for the issuance of stock or convertible securities | 302,144,720 | 302,144,720 |
Number of shares issued | 34,555,590,002 | 36,077,959,268 |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 15,107,131,346 | 15,001,314,159 |
Unissued shares authorized for executives' stock compensation programs | 440,721,415 | 468,187,762 |
Repurchased shares | 157,700,000 | 153,603,753 |
Shares that guarantee/guaranteed the issuance of convertible securities | 1,421,169,880 | 2,264,801,600 |
Shares authorized for the issuance of stock or convertible securities | 151,072,360 | 151,072,360 |
Number of shares issued | 17,277,795,001 | 18,038,979,634 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Common Stock (Parenthetical) (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 38,765,385,003 | 41,048,938,902 |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 64.00% | |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 36.00% |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Other Equity Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | [1] | ||
Disclosure of reserves within equity [abstract] | |||||
Cumulative translation effect, net of effects from perpetual debentures and deferred income taxes recognized directly in equity (notes 19.2 and 20.4) | $ (2,098) | $ (2,180) | |||
Cumulative actuarial losses | (593) | (383) | |||
Treasury shares repurchased under share repurchase program (note 20.1) | (50) | (75) | |||
Effects associated with the Parent Company's convertible securities | 25 | 176 | |||
Treasury shares held by subsidiaries | (8) | (10) | |||
Other equity reserves | $ (2,724) | $ (2,472) | [1] | $ (2,385) | |
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exchange differences on translation [abstract] | |||
Foreign currency translation result | $ 88 | $ (191) | $ 328 |
Foreign exchange fluctuations from debt | 19 | 120 | (224) |
Foreign exchange fluctuations from intercompany balances | (47) | (20) | (118) |
Translation effects of foreign subsidiaries, net | $ 60 | $ (91) | $ (14) |
Stockholders' Equity - Detail o
Stockholders' Equity - Detail of Cemex's Perpetual Debentures, Excluding Perpetual Debentures Held by Subsidiaries (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Anniversaries | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
EURIBOR [member] | C10-EUR Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2007-05 | |||
Nominal amount | € | € 64,000,000 | € 64,000,000 | ||
Repurchase option | 10 | |||
Interest rate | 4.79% | 4.79% | ||
LIBOR [Member] | C8 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2007-02 | |||
Nominal amount | $ | $ 135,000,000 | $ 135,000,000 | ||
Repurchase option | 8 | |||
Interest rate | 4.40% | 4.40% | ||
LIBOR [Member] | C5 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2006-12 | |||
Nominal amount | $ | $ 61,000,000 | 61,000,000 | ||
Repurchase option | 5 | |||
Interest rate | 4.277% | 4.277% | ||
LIBOR [Member] | C10 Capital (SPV) Ltd [Member] | ||||
Disclosure of Perpetual Debentures [Line Items] | ||||
Issuance date | 2006-12 | |||
Nominal amount | $ | $ 175,000,000 | $ 175,000,000 | ||
Repurchase option | 10 | |||
Interest rate | 4.71% | 4.71% |
Executive Share-based Compens_2
Executive Share-based Compensation - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016 | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Share-based compensation expense | $ | $ 32,000,000 | $ 34,000,000 | $ 42,000,000 | |
Commitment payments in cash | $ | $ 0 | $ 0 | ||
CEMEX Latam Holdings, S.A [member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Share-based compensation program service period | 4 years | |||
Share-based compensation shares issued | 393,855 | 258,511 | 172,981 | |
Share-based compensation shares expected to be issued | 1,584,822 | |||
Weighted average price per granted shares | $ / shares | $ 1.31 | $ 2.14 | $ 3.90 | |
CEMEX Holdings Philippines, Inc. [member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Own shares repurchased | 4,961,130 | 871,189 | ||
CPO [Member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Share-based compensation program service period | 4 years | 4 years | 3 years | |
Share-based compensation annual grant percentage | (25.00%) | (25.00%) | ||
Share-based compensation shares issued | 27,400,000 | 49,300,000 | 53,200,000 | |
Share-based compensation shares issued | 21,200,000 | |||
Share-based compensation shares expected to be issued | 157,000,000 | |||
Weighted average price per granted shares | $ / shares | $ 0.6263 | $ 0.7067 | $ 0.7563 | |
CPO [Member] | Bottom of range [member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Share-based compensation annual grant percentage | 0.00% | |||
CPO [Member] | Top of range [member] | ||||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||||
Share-based compensation annual grant percentage | 200.00% |
Earnings per Share - Summary of
Earnings per Share - Summary of Calculations of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings per share [abstract] | |||||
Weighted-average number of shares outstanding | 45,393,602 | 45,569,180 | 43,107,457 | ||
Capitalization of retained earnings | 1,687,295 | ||||
Effect of dilutive instruments - mandatorily convertible securities (note 16.2) | 708,153 | 708,153 | |||
Weighted-average number of shares - basic | 45,393,602 | 46,277,333 | 45,502,905 | ||
Effect of dilutive instruments - share-based compensation (note 21) | 470,985 | 316,970 | 237,102 | ||
Effect of potentially dilutive instruments - optionally convertible securities (note 16.2) | 1,457,554 | 1,420,437 | 2,698,600 | ||
Weighted-average number of shares - diluted | 47,322,141 | 48,014,740 | 48,438,607 | ||
Net income from continuing operations | $ 91 | $ 493 | [1] | $ 645 | [1] |
Less: non-controlling interest net income | 36 | 42 | [1] | 75 | [1] |
Controlling interest net income from continuing operations | 55 | 451 | 570 | ||
Plus: after tax interest expense on mandatorily convertible securities | 1 | 3 | 5 | ||
Controlling interest net income from continuing operations - for basic earnings per share calculations | 56 | 454 | 575 | ||
Plus: after tax interest expense on optionally convertible securities | 18 | 23 | 48 | ||
Controlling interest net income from continuing operations - for diluted earnings per share calculations | 74 | 477 | 623 | ||
Net income from discontinued operations | $ 88 | $ 77 | [1] | $ 222 | [1] |
Basic earnings per share | |||||
Controlling interest basic earnings per share | $ 0.0031 | $ 0.0114 | [1] | $ 0.0174 | [1] |
Controlling interest basic earnings per share from continuing operations | 0.0012 | 0.0098 | [1] | 0.0125 | [1] |
Controlling interest basic earnings per share from discontinued operations | 0.0019 | 0.0016 | 0.0049 | ||
Diluted earnings per share | |||||
Controlling interest diluted earnings per share | 0.0031 | 0.0114 | [1] | 0.0174 | [1] |
Controlling interest diluted earnings per share from continuing operations | 0.0012 | 0.0098 | [1] | 0.0125 | [1] |
Controlling interest diluted earnings per share from discontinued operations | $ 0.0019 | $ 0.0016 | $ 0.0049 | ||
[1] | The Company’s comparative financial statements were re-presented, see note 2.1 for a description of main changes. |
Commitments - Additional Inform
Commitments - Additional Information (Detail) T in Millions | Oct. 01, 2019 | Jul. 27, 2012 | Apr. 30, 2016MWh | Feb. 28, 2010 | Dec. 31, 2019USD ($)TMWh$ / MWh | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Self-insured health care benefits | $ 62,000,000 | $ 62,000,000 | $ 64,000,000 | ||||
Cost per megawatt hour | $ / MWh | 25.375 | ||||||
MX [Member] | Energy Financial Hedge [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Period of hedging agreement | 20 years | ||||||
Electric energy expected consumption | MWh | 400,000 | ||||||
Percentage increase in the price of the commodity | 1.50% | ||||||
Proceeds payments from financial hedge | $ 1,100,000 | ||||||
Bottom of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 23,000 | ||||||
Bottom of range [member] | Employees [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 100,000 | ||||||
Top of range [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 550,000 | ||||||
Top of range [member] | Employees [Member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Stop-loss limits value under medical assistance | 2,500,000 | ||||||
International Business Machines Corporation [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Strategic agreement period | 10-year | ||||||
Ventikas [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Acquired energy usage period | 20 years | ||||||
Estimated annual cost | 18,000,000 | ||||||
Combined generation capacity | MWh | 252 | ||||||
EURUS [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Acquired energy usage period | 20 years | ||||||
Estimated annual cost | 64,000,000 | ||||||
Installed capacity | 250 MW | ||||||
Termoelectrica del Golfo [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Estimated annual cost | $ 113,000,000 | ||||||
Combined volume allocate to TEG and other energy producer | T | 1.2 | ||||||
CEMEX Ostzement GmbH [member] | |||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||
Estimated annual cost | $ 18,000,000 |
Commitments - Summary of Contra
Commitments - Summary of Contractual Obligations (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | $ 9,431 | |
Leases | 1,726 | [1] |
Convertible notes | 520 | [2] |
Total debt and other financial obligations | 11,677 | [3] |
Interest payments on debt | 2,530 | [4] |
Pension plans and other benefits | 1,434 | [5] |
Acquisition of property, plant and equipment | 189 | [6] |
Purchases of raw materials, fuel and energy | 2,824 | [7] |
Total contractual obligations | 18,654 | |
Less than 1 year [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 55 | |
Leases | 333 | [1] |
Convertible notes | 520 | [2] |
Total debt and other financial obligations | 908 | [3] |
Interest payments on debt | 469 | [4] |
Pension plans and other benefits | 156 | [5] |
Acquisition of property, plant and equipment | 155 | [6] |
Purchases of raw materials, fuel and energy | 482 | [7] |
Total contractual obligations | 2,170 | |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 1,915 | |
Leases | 546 | [1] |
Total debt and other financial obligations | 2,461 | [3] |
Interest payments on debt | 870 | [4] |
Pension plans and other benefits | 282 | [5] |
Acquisition of property, plant and equipment | 30 | [6] |
Purchases of raw materials, fuel and energy | 595 | [7] |
Total contractual obligations | 4,238 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 3,041 | |
Leases | 295 | [1] |
Total debt and other financial obligations | 3,336 | [3] |
Interest payments on debt | 720 | [4] |
Pension plans and other benefits | 287 | [5] |
Acquisition of property, plant and equipment | 1 | [6] |
Purchases of raw materials, fuel and energy | 613 | [7] |
Total contractual obligations | 4,957 | |
More than 5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 4,420 | |
Leases | 552 | [1] |
Total debt and other financial obligations | 4,972 | [3] |
Interest payments on debt | 471 | [4] |
Pension plans and other benefits | 709 | [5] |
Acquisition of property, plant and equipment | 3 | [6] |
Purchases of raw materials, fuel and energy | 1,134 | [7] |
Total contractual obligations | $ 7,289 | |
[1] | Represent nominal cash flows. As of December 31, 2019, the NPV of future payments under such leases was $1,404, of which, $508 refers to payments from 1 to 3 years and $254 refers to payments from 3 to 5 years. | |
[2] | Refers to the components of liability of the convertible notes described in note 16.2 and assumes repayment at maturity and no conversion of the notes. | |
[3] | The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. | |
[4] | Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2019. | |
[5] | Represents estimated annual payments under these benefits for the next 10 years (note 18), including the estimate of new retirees during such future years. | |
[6] | Refers mainly to the expansion of a cement-production line in the Philippines. | |
[7] | Future payments for the purchase of raw materials are presented on the basis of contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments on the basis of an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. |
Commitments - Summary of Cont_2
Commitments - Summary of Contractual Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 1,404 | |
Estimated annual benefit payment period | next 10 years | next 10 years |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 508 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 254 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) shares in Thousands, $ in Thousands, $ in Millions | Apr. 12, 2019 | Jul. 13, 2013 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016MXN ($) | Sep. 03, 2019ha | Dec. 31, 2016MXN ($) |
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Lease contract for a period | 5 years | ||||||||
Long term lease contract period | 21 years | ||||||||
Extended long term lease contract period | 10 years | ||||||||
Cash advances by CEMEX Colombia | $ 13,400 | ||||||||
Interest for advances | 1,200 | ||||||||
Purchase of the assets related to the project in Colombian pesos | $ 14,100 | 3,000,750 | |||||||
Impairment loss | $ 64,000 | $ 23,000 | $ 49,000 | ||||||
Area of land | ha | 169.2 | ||||||||
Excluding MOU and the Land MOU [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Impairment loss | 22,500 | $ 13.4 | |||||||
CI Calizas [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Reduction of other accounts payable | 305,000 | $ 305 | |||||||
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 | shares | 990 | ||||||||
Bottom of range [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Expiration of property over the aforementioned assets | 10 years | ||||||||
Top of range [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Expiration of property over the aforementioned assets | 15 years | ||||||||
VAT Payable [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Accounts payable | 1,000 | $ 1 | |||||||
Adjustments in accounts payable | $ 15,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Nov. 19, 2018sharesIndividualsEntity | Dec. 11, 2017USD ($) | Sep. 30, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2012USD ($)Employees | Dec. 31, 2011Employees | Dec. 31, 2017 |
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Development levy on clay | $ 20 | |||||||
Number of former employees | Employees | 25 | 25 | ||||||
Amount of damages and interest identified | $ 75 | |||||||
Accrued Provision For Remediation Costs | $ 8 | |||||||
Euro [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.8917 | 0.8727 | 0.8331 | |||||
Pounds [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.7550 | 0.7843 | 0.7405 | |||||
Egyptian, Pound [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 16.0431 | 17.9559 | 17.7308 | |||||
United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | $ 174 | |||||||
United States [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | $ 63 | |||||||
Parent [member] | Polish Zloty [Member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 3.79 | |||||||
Parent [member] | Euro [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.8917 | |||||||
Parent [member] | Pounds [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 0.7550 | |||||||
Parent [member] | Egyptian, Pound [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Official closing exchange rates | 16.0431 | |||||||
Superintendencia de Industria y Comercio [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Fine imposed | $ 25 | |||||||
CEMEX Polska [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Fine imposed | $ 31 | |||||||
Reduction of Fine Imposed | $ 18 | |||||||
APO Land & Quarry Corporation [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Mibority interest percentage | 40.00% | |||||||
Number of individuals filed lawsuit | Individuals | 40 | |||||||
Number of entities | Entity | 1 | |||||||
Number of individuals affected by landslide | shares | 8,000 | |||||||
Loss contingency | $ 85 | |||||||
APO Land & Quarry Corporation [member] | Rehabilitation fund [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Loss contingency | $ 10 | |||||||
Top of range [member] | United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Environmental expenditure assessment and quantification period from the date of closure, maximum | 60 years |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 40 | $ 38 | $ 47 |
Performance Bonuses [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | 34 | 29 | 35 |
Executive Share-Based Compensation Programs [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 6 | $ 9 | $ 12 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) shares in Millions | Mar. 13, 2020USD ($) | Mar. 06, 2020USD ($) | Mar. 04, 2020 | Dec. 31, 2017USD ($) | Mar. 31, 2020USD ($) | Mar. 24, 2020USD ($)shares | Mar. 24, 2020$ / shares | Jan. 08, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Gain (loss) on sale of business | $ 32,000,000 | |||||||||
Treasury shares | $ 8,000,000 | $ 10,000,000 | ||||||||
Reduction of Debt securities | $ 521,000,000 | |||||||||
Revolving credit facility | $ 1,135,000,000 | |||||||||
Breedon Group Plc [Member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Consideration Sale Of Assets | $ 235,000,000 | |||||||||
Debt | $ 31,000,000 | |||||||||
Events after reporting period [member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Ownership Percentage | 75.00% | |||||||||
Gain (loss) on sale of business | $ 665,000,000 | |||||||||
Proceeds from divestiture | $ 499,000,000 | |||||||||
Number Of Shares Cumulatively Repurchased In Shares | shares | 378.2 | |||||||||
Share price | $ / shares | $ 5.01 | |||||||||
Treasury shares | $ 83,200 | |||||||||
Revolving credit facility | $ 1,135,000,000 | |||||||||
Events after reporting period [member] | Bottom of range [member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proportion of ownership interest in subsidiary | 66.78% | |||||||||
Events after reporting period [member] | Top of range [member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proportion of ownership interest in subsidiary | 75.66% |
Main Subsidiaries - Summary of
Main Subsidiaries - Summary of Main Subsidiaries Interests (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CEMEX Mexico, S. A. de C.V. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX México, S. A. de C.V. | |
Country of incorporation of subsidiary | Mexico | |
Proportion of ownership interest in subsidiary | 100.00% | |
CEMEX Espana, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX España, S.A | |
Country of incorporation of subsidiary | Spain | |
Proportion of ownership interest in subsidiary | 99.90% | 99.90% |
CEMEX, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX, Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Latam Holdings, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Latam Holdings, S.A. | |
Country of incorporation of subsidiary | Spain | |
Proportion of ownership interest in subsidiary | 73.20% | 73.20% |
CEMEX (Costa Rica), S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX (Costa Rica), S.A. | |
Country of incorporation of subsidiary | Costa Rica | |
Proportion of ownership interest in subsidiary | 99.20% | 99.10% |
CEMEX Nicaragua, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Nicaragua, S.A. | |
Country of incorporation of subsidiary | Nicaragua | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Assiut Cement Company [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Assiut Cement Company | |
Country of incorporation of subsidiary | Egypt | |
Proportion of ownership interest in subsidiary | 95.80% | 95.80% |
CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Colombia S.A. | |
Country of incorporation of subsidiary | Colombia | |
Proportion of ownership interest in subsidiary | 99.70% | 99.90% |
Cemento Bayano, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Cemento Bayano, S.A. | |
Country of incorporation of subsidiary | Panama | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Dominicana, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Dominicana, S.A. | |
Country of incorporation of subsidiary | Dominican Republic | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Trinidad Cement Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Trinidad Cement Limited | |
Country of incorporation of subsidiary | Trinidad and Tobago | |
Proportion of ownership interest in subsidiary | 69.80% | 69.80% |
Caribbean Cement Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Caribbean Cement Company Limited | |
Country of incorporation of subsidiary | Jamaica | |
Proportion of ownership interest in subsidiary | 79.00% | 79.00% |
CEMEX de Puerto Rico Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX de Puerto Rico Inc. | |
Country of incorporation of subsidiary | Puerto Rico | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX France Gestion (S.A.S.) [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX France Gestion (S.A.S.) | |
Country of incorporation of subsidiary | France | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings Philippines, Inc. | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 66.80% | 55.00% |
Solid Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Solid Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
APO Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | APO Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX U.K. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX U.K. | |
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Deutschland, AG. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Deutschland, AG. | |
Country of incorporation of subsidiary | Germany | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Czech Republic, s.r.o. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Czech Republic, s.r.o. | |
Country of incorporation of subsidiary | Czech Republic | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Polska sp. Z.o.o.[member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Polska sp. Z.o.o. | |
Country of incorporation of subsidiary | Poland | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX Holdings (Israel) Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings (Israel) Ltd. | |
Country of incorporation of subsidiary | Israel | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
CEMEX SIA [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX SIA | |
Country of incorporation of subsidiary | Latvia | |
Proportion of ownership interest in subsidiary | 100.00% | |
CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC | |
Country of incorporation of subsidiary | United Arab Emirates | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Neoris N.V. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Neoris N.V. | |
Country of incorporation of subsidiary | The Netherlands | |
Proportion of ownership interest in subsidiary | 99.80% | 99.80% |
CEMEX International Trading, LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX International Trading LLC | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Transenegy, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Transenergy, Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Main Subsidiaries - Summary o_2
Main Subsidiaries - Summary of Main Subsidiaries Interests (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 99.70% | 99.90% |
Percentage of equity interest | 51.00% | |
CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 100.00% | 100.00% |
Percentage of equity interest | 49.00% | |
Cemento Bayano, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 100.00% | 100.00% |
Interest held on treasury | 0.515% | |
Trinidad Cement Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 69.80% | 69.80% |
Percentage of ownership interest | 74.08% | |
Caribbean Cement Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 79.00% | 79.00% |
Percentage of ownership interest | 79.04% | |
Common Stock [member] | CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 99.74% | |
Preferred Shares [member] | CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 98.93% |