Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | CX |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NYSE |
Entity Registrant Name | CEMEX SAB DE CV |
Entity Central Index Key | 0001076378 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 14,711,512,721 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Address, Country | MX |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity File Number | 1-14946 |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Avenida Ricardo Margáin Zozaya #325 |
Entity Address, Address Line Two | Colonia Valle del Campestre |
Entity Address, Address Line Three | San Pedro Garza García |
Entity Address, City or Town | Nuevo León |
Entity Address, Postal Zip Code | 66265 |
Auditor Name | KPMG Cárdenas Dosal, S.C. |
Auditor Firm ID | 1141 |
Auditor Location | Nuevo León, México |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | MX |
Entity Address, Address Line One | Avenida Ricardo Margáin Zozaya #325 |
Entity Address, Address Line Two | Colonia Valle del Campestre |
Entity Address, Address Line Three | San Pedro Garza García |
Entity Address, City or Town | Nuevo León |
Entity Address, Postal Zip Code | 66265 |
Contact Personnel Name | Roger Saldaña Madero |
Contact Personnel Fax Number | +52 81 8888-4399 |
Country Region | +52 |
City Area Code | 81 |
Local Phone Number | 8888-8888 |
Series A Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 29,457,941,452 |
Series B Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 14,728,970,726 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenues | $ 15,577 | $ 14,379 | $ 12,669 |
Cost of sales | (10,755) | (9,743) | (8,586) |
Gross profit | 4,822 | 4,636 | 4,083 |
Operating expenses | (3,261) | (2,917) | (2,791) |
Operating earnings before other expenses, net | 1,561 | 1,719 | 1,292 |
Other expenses, net | (467) | (82) | (1,763) |
Operating earnings (loss) | 1,094 | 1,637 | (471) |
Financial expense | (401) | (658) | (773) |
Financial income and other items, net | 47 | (79) | (115) |
Share of profit of equity accounted investees | 30 | 54 | 49 |
Earnings (loss) before income tax | 770 | 954 | (1,310) |
Income tax | (209) | (137) | (36) |
Net income (loss) from continuing operations | 561 | 817 | (1,346) |
Discontinued operations | 324 | (39) | (100) |
CONSOLIDATED NET INCOME (LOSS) | 885 | 778 | (1,446) |
Non-controlling interest net income | 27 | 25 | 21 |
CONTROLLING INTEREST NET INCOME (LOSS) | $ 858 | $ 753 | $ (1,467) |
Basic earnings (loss) per share | $ 0.0197 | $ 0.0171 | $ (0.0332) |
Basic earnings (loss) per share from continuing operations | 0.0123 | 0.018 | (0.0309) |
Diluted earnings (loss) per share | 0.0193 | 0.0168 | (0.0332) |
Diluted earnings (loss) per share from continuing operations | $ 0.012 | $ 0.0177 | $ (0.0309) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
CONSOLIDATED NET INCOME (LOSS) | $ 885 | $ 778 | $ (1,446) |
Items that will not be reclassified subsequently to the statement of operations | |||
Net actuarial gains (losses) from remeasurements of defined benefit pension plans | 176 | 263 | (199) |
Effects from strategic equity investments | (9) | (9) | (11) |
Income tax income (expense) recognized directly in other comprehensive income | (32) | (26) | 41 |
Items that will not be reclassified subsequently to profit or loss | 135 | 228 | (169) |
Items that are or may be reclassified subsequently to the statement of operations | |||
Results from derivative financial instruments designated as cash flow hedges | 80 | 60 | (5) |
Currency translation results of foreign subsidiaries | (326) | (400) | (193) |
Income tax income (expense) recognized directly in other comprehensive income | 18 | 70 | 19 |
Items that are or may be reclassified subsequently to profit or loss | (228) | (270) | (179) |
Total items of other comprehensive income (loss), net | (93) | (42) | (348) |
TOTAL COMPREHENSIVE INCOME (LOSS) | 792 | 736 | (1,794) |
Non-controlling interest comprehensive income (loss) | (36) | 14 | (181) |
CONTROLLING INTEREST COMPREHENSIVE INCOME (LOSS) | $ 828 | $ 722 | $ (1,613) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 495 | $ 613 |
Trade accounts receivable | 1,644 | 1,521 |
Other accounts receivable | 535 | 558 |
Inventories | 1,669 | 1,261 |
Assets held for sale and other current assets | 183 | 272 |
Total current assets | 4,526 | 4,225 |
NON-CURRENT ASSETS | ||
Investments in associates and joint ventures | 640 | 535 |
Other investments and non-current accounts receivable | 293 | 243 |
Property, machinery and equipment, net and assets for the right-of-use, net | 11,284 | 11,322 |
Goodwill and intangible assets, net | 9,293 | 9,763 |
Deferred income tax assets | 411 | 562 |
Total non-current assets | 21,921 | 22,425 |
TOTAL ASSETS | 26,447 | 26,650 |
CURRENT LIABILITIES | ||
Current debt | 51 | 73 |
Other current financial obligations | 936 | 867 |
Trade payables | 2,966 | 2,762 |
Income tax payable | 368 | 437 |
Other current liabilities | 1,225 | 1,202 |
Liabilities directly related to assets held for sale | 0 | 39 |
Total current liabilities | 5,546 | 5,380 |
NON-CURRENT LIABILITIES | ||
Non-current debt | 6,920 | 7,306 |
Other non-current financial obligations | 918 | 911 |
Pensions and other post-employment benefits | 695 | 999 |
Deferred income tax liabilities | 394 | 485 |
Other non-current liabilities | 1,065 | 1,298 |
Total non-current liabilities | 9,992 | 10,999 |
TOTAL LIABILITIES | 15,538 | 16,379 |
Controlling interest: | ||
Common stock and additional paid-in capital | 7,810 | 7,810 |
Other equity reserves and subordinated notes | (1,555) | (1,371) |
Retained earnings | 4,246 | 3,388 |
Total controlling interest | 10,501 | 9,827 |
Non-controlling interest | 408 | 444 |
TOTAL STOCKHOLDERS' EQUITY | 10,909 | 10,271 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 26,447 | $ 26,650 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Consolidated net income (loss) | $ 885 | $ 778 | $ (1,446) |
Discontinued operations | 324 | (39) | (100) |
Net income (loss) from continuing operations | 561 | 817 | (1,346) |
Adjustments for: | |||
Gain on sale of emission allowances | 0 | (600) | 0 |
Depreciation and amortization of assets | 1,120 | 1,120 | 1,105 |
Impairment losses of longed-lived assets | 442 | 509 | 1,520 |
Share of profit of equity accounted investees | (30) | (54) | (49) |
Results on sale of subsidiaries, other disposal groups and others | (116) | (23) | (5) |
Financial expense, financial income and other items, net | 354 | 737 | 888 |
Income taxes | 209 | 137 | 36 |
Changes in working capital, excluding income taxes | (390) | (143) | 199 |
Cash flow provided by operating activities from continuing operations | 2,150 | 2,500 | 2,348 |
Interest paid | (493) | (524) | (679) |
Income taxes paid | (188) | (170) | (124) |
Net cash flow provided by operating activities from continuing operations | 1,469 | 1,806 | 1,545 |
Net cash flows provided by operating activities from discontinued operations | 6 | 37 | 49 |
Net cash flows provided by operating activities | 1,475 | 1,843 | 1,594 |
INVESTING ACTIVITIES | |||
Purchase of property, machinery and equipment, net | (909) | (776) | (538) |
Proceeds from disposal of subsidiaries and assets held for sale, net | 341 | 122 | 628 |
Proceeds from the sale of emission allowances | 0 | 600 | 0 |
Acquisition of intangible assets, net | (151) | (192) | (53) |
Non-current assets and others, net | (12) | (10) | 50 |
Cash flows provided by (used in) investing activities from continuing operations | (731) | (256) | 87 |
Net cash flows provided by (used in) investing activities from discontinued operations | (1) | (17) | 0 |
Net cash flows provided by (used in) investing activities | (732) | (273) | 87 |
FINANCING ACTIVITIES | |||
Proceeds from new debt instruments | 2,006 | 3,960 | 4,210 |
Debt repayments | (2,420) | (5,897) | (4,572) |
Issuance of subordinated notes | 0 | 994 | 0 |
Other financial obligations, net | (197) | (288) | (820) |
Share repurchase program | (111) | 0 | (83) |
Shares in trust for future deliveries under share-based compensation | (36) | 0 | 0 |
Changes in non-controlling interests and repayment of perpetual debentures | (14) | (447) | (105) |
Derivative financial instruments | 34 | (41) | 12 |
Coupons on perpetual debentures and subordinated notes | (51) | (24) | (24) |
Non-current liabilities, net | (172) | (109) | (138) |
Net cash flows used in financing activities | (961) | (1,852) | (1,520) |
Increase (decrease) in cash and cash equivalents from continuing operations | (223) | (302) | 112 |
Increase in cash and cash equivalents from discontinued operations | 5 | 20 | 49 |
Foreign currency translation effect on cash | 100 | (55) | 1 |
Cash and cash equivalents at beginning of period | 613 | 950 | 788 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 495 | 613 | 950 |
Changes in working capital, excluding income taxes: | |||
Trade receivables | (208) | (20) | 25 |
Other accounts receivable and other assets | (23) | 94 | (22) |
Inventories | (464) | (341) | 24 |
Trade payables | 290 | 290 | 20 |
Other accounts payable and accrued expenses | $ 15 | $ (166) | $ 152 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Other equity reserves and subordinated notes | Retained earnings | Total controlling interest | Non-controlling interests |
Balance as of at Dec. 31, 2019 | $ 10,824 | $ 318 | $ 10,106 | $ (2,724) | $ 1,621 | $ 9,321 | $ 1,503 |
Net income for the period | (1,446) | (1,467) | (1,467) | 21 | |||
Other comprehensive income (loss) for the period | (348) | (146) | (146) | (202) | |||
Total of other comprehensive income (loss) for the period | (1,794) | (146) | (1,467) | (1,613) | (181) | ||
Own shares purchased under share repurchase program | (83) | (50) | (33) | (83) | |||
Restitution of retained earnings | (2,481) | 2,481 | |||||
Changes in non-controlling interest | 445 | 445 | (445) | ||||
Share-based compensation | 29 | 0 | 29 | 29 | |||
Coupons paid on perpetual debentures | (24) | (24) | (24) | ||||
Balance as of (Restated balance [member]) at Dec. 31, 2020 | 318 | 7,575 | (2,453) | 2,635 | 8,075 | 877 | |
Balance as of at Dec. 31, 2020 | 8,952 | ||||||
Net income for the period | 778 | 753 | 753 | 25 | |||
Other comprehensive income (loss) for the period | (42) | (31) | (31) | (11) | |||
Total of other comprehensive income (loss) for the period | 736 | (31) | 753 | 722 | 14 | ||
Own shares purchased under share repurchase program | 0 | (83) | 83 | 0 | |||
Issuance of subordinated notes | 994 | 994 | 994 | ||||
Changes in non-controlling interest and repayment of perpetual debentures | (447) | (447) | |||||
Share-based compensation | 77 | 77 | 77 | ||||
Coupons paid on perpetual debentures | (41) | (41) | (41) | ||||
Balance as of at Dec. 31, 2021 | 10,271 | 318 | 7,492 | (1,371) | 3,388 | 9,827 | 444 |
Net income for the period | 885 | 858 | 858 | 27 | |||
Other comprehensive income (loss) for the period | (93) | (30) | (30) | (63) | |||
Total of other comprehensive income (loss) for the period | 792 | (30) | 858 | 828 | (36) | ||
Own shares purchased under share repurchase program | (111) | 0 | (111) | (111) | |||
Changes in non-controlling interest | 0 | 0 | 0 | ||||
Share-based compensation | 47 | 47 | 47 | ||||
Shares in trust for future deliveries under share-based compensation | (36) | (36) | (36) | ||||
Coupons paid on perpetual debentures and subordinated notes | (54) | (54) | (54) | ||||
Balance as of at Dec. 31, 2022 | $ 10,909 | $ 318 | $ 7,492 | $ (1,555) | $ 4,246 | $ 10,501 | $ 408 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Description of Business | 1) DESCRIPTION OF BUSINESS CEMEX, S.A.B. de C.V., originated in 1906, is a publicly traded variable stock corporation (Sociedad Anónima Bursátil de Capital Variable) ready-mix The shares of CEMEX, S.A.B. de C.V. are listed on the Mexican Stock Exchange (“MSE”) as Ordinary Participation Certificates (“CPOs”) ( Certificados de Participación Ordinaria American Depositary Shares The terms “CEMEX, S.A.B. de C.V.” and/or the “Parent Company” used in these accompanying notes to the financial statements refer to CEMEX, S.A.B. de C.V. without its consolidated subsidiaries. The terms 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 9, 2023 considering the favorable recommendation of its Audit Committee. These financial statements were approved by |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in Dollars of the United States of America (“United States”), except when specific reference is made to a different currency. When reference is made to “Dollar,” “Dollars” or “$” it means Dollars of the United States. All amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “Pesos”, it means Mexican Pesos. When reference is made to “€” or “Euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “Pounds”, it means British Pounds sterling. Previously reported Dollar amounts of prior years are not restated unless the transactions in other currencies are still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. Amounts reported in Dollars should not be construed as representations that such amounts represented those Dollars or could be converted into Dollars at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 20.4 and 25), which are originated in jurisdictions where currencies are different from the Dollar, are presented in Dollar equivalents as of the closing of the most recent year presented. Consequently, without any change in the original currency, such Dollar amounts will fluctuate over time due to changes in exchange rates. Discontinued operations (note 4.2) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s Statements of Operations present in the single line item of “Discontinued operations,” net of income tax, the results of: a) Neoris N.V. (“Neoris”) operations for the period from January 1 to October 25, 2022 and for the years 2021 and 2020; b) the operating segments in Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the years 2021 and 2020; c) the white cement business sold in Spain for the period from January 1 to July 9, 2021 and for the year 2020; d) France related to the assets sold in the Rhone Alpes region for the three-month period ended March 31, 2021 and for the year 2020; e) certain assets sold in the United Kingdom for the period from January 1 to August 3, 2020 and; f) the cement assets sold in the United States for the period from January 1 to March 6, 2020. Statements of operations CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a subtotal relevant for the determination of CEMEX’s “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization) as described below in this note. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities or which are of a non-recurring non-recurring Considering that it is a relevant measure used by CEMEX’s management to review operating performance and for decision-making purposes, as well as an indicator used by CEMEX’s creditors of its ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 4.3 and 17, CEMEX presents “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization). Operating EBITDA is not a measure of financial performance, an alternative to cash flows or a measure of liquidity under IFRS. Moreover, Operating EBITDA may not be comparable to other similarly titled measures of other companies. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2022, 2021 and 2020, the increases in other financing obligations in connection with lease contracts negotiated during the year for $296, $227 and $213, respectively (note 17.2); and Investing activities: • In 2022, 2021 and 2020, 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 Beginning January 1, 2022, CEMEX adopted prospectively IFRS amendments that did not result in any material impact on its results or financial position, and which are explained as follows: Standard Main topic Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets Clarifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. Amendments to IAS 16, Property, Plant and Equipment Clarifies the standard to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Annual improvements (2018-2020 cycle): IFRS 1 , First-time Adoption of IFRS The amendment permits a subsidiary to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRSs. Annual improvements (2018-2020 cycle): IFRS 9, Financial Instruments The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. Amendments to IFRS 3, Business Combinations Update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. 2.2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include those of CEMEX, S.A.B. de C.V. and those of the entities over 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 in associates when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%, and/or joint ventures arrangements in which the Company and other third-party investors have joint control and have rights to the net assets of the arrangements, are accounted for by the equity method. The equity method reflects the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. 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 the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets and uncertain tax positions, the measurement of financial instruments at fair value, the assets and liabilities related to employee benefits, legal proceedings and provisions regarding assets retirements obligations and environmental liabilities. Significant judgment is required by management to appropriately assess the amounts of these concepts. 2.4) CLIMATE CHANGE AND COMMITMENTS FOR THE REDUCTION OF CARBON DIOXIDE (“CO 2 The cement industry releases CO2 as part of the production process, mainly during the calcination of limestone, as well as CO2 released through the use of fossil fuels in the kilns. Currently, it is estimated that the whole cement industry releases between 5% to 7% of global CO 2 2 CEMEX has an agenda of medium-term and long-term initiatives aiming at significantly reducing its CO 2 pre-industrial 2 2 net-zero ambitious climate action in the private sector by enabling companies to set science-based emissions reductions targets. To meet CEMEX’s 2030 targets, the objectives will have an impact that will range from -10% roll-out 2 Furthermore, to achieve the net-zero 2 start-ups, 2 As of the reporting date, there are no internal plans or commitments with local authorities to shut down operating assets due to climate change issues or concerns. For the years ended December 31, 2022, 2021 and 2020, the Company’s other expenses, net, in the statement of operations, include expenses and losses associated with severe weather conditions of $1, $5 and less than $1, respectively, mainly related with hurricane Ian in 2022, storms in Texas in 2021 and Hurricanes Sally and Maria in 2020. The incremental cost is related to power and gas consumption costs and additional parts replacement due to these events. As of December 31, 2022, CEMEX does not expect additional investments, expenses, or losses in connection with these events of nature. 2.5) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency of each consolidated entity at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of each consolidated entity at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 21.2) until the disposal of the foreign net investment, at which time, the accumulated amount 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 Dollars at the closing exchange rate for the statement of financial position and at the closing exchange rates of each month within the period for the statements of operations. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 21.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the Dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the Peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of operations in respect to CEMEX’s main functional currencies to the Dollar as of December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Currency Closing Average Closing Average Closing Average Peso 19.5000 20.0274 20.5000 20.4266 19.8900 21.5766 Euro 0.9344 0.9522 0.8789 0.8467 0.8183 0.8736 British Pound Sterling 0.8266 0.8139 0.7395 0.7262 0.7313 0.7758 Colombian Peso 4,810 4,277 3,981 3,783 3,433 3,730 2.6) CASH AND CASH EQUIVALENTS (note 9) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” When applicable, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments to the extent that any restriction will be lifted in less than three months from the reporting date, comprised of deposits in margin accounts that guarantee certain 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. 2.7) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments Financial assets are classified as “Held to collect” and measured at amortized cost when they meet both of the following conditions and are not designated as at fair value through profit or loss: a) are held within a business model whose objective is to hold assets to collect contractual cash flows; and b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortized cost represents the Net Present Value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 2.6 and 9). • Trade receivables, other current accounts receivable and other current assets (notes 10 and 11). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 10 and 17.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 14.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 14.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 17.1 and 17.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 17.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the Expected Credit Loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience generally over the last 12 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 2.9, 15 and 17.2) At the inception of a contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if at inception of the contract, it conveys the right to control the use of an identified asset for a period in exchange for consideration, based on IFRS 16, Leases right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is measured at amortized cost using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Hedging instruments (note 17.4) A hedging relationship is established to the extent the entity considers, based on the analysis of the overall characteristics of the hedging and hedged items, that the hedge will be highly effective in the future and the hedge relationship at inception is aligned with the entity’s reported risk management strategy (note 17.5). The accounting categories of hedging instruments are: a) cash flow hedge; b) fair value hedge of an asset or forecasted transaction; and c) hedge of a net investment in a subsidiary. In cash flow hedges, the effective portion of changes in fair value of derivative instruments are recognized in stockholders’ equity within other equity reserves and are reclassified to earnings as the interest expense of the related debt is accrued, in the case of interest rate swaps, or when the underlying products are consumed in the case of contracts on the price of raw materials and commodities. In hedges of the net investment in foreign subsidiaries, changes in fair value are recognized in stockholders’ equity as part of the foreign currency translation result within “Other equity reserves” (note 2.5), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedded derivatives. Identified embedded derivatives are analyzed to determine if they need to be separated from the host contract and recognized in the statement of financial position as assets or liabilities, applying the same valuation rules used for other derivative instruments. Put options granted for the purchase of non-controlling Under IFRS 9, represent agreements by means of which a non-controlling Fair value measurements (note 17.3) Under IFRS, fair value represents an “Exit Value” which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there are no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1.- represent quoted prices (unadjusted) in active markets for identical assets or liabilities that CEMEX can access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. • Level 2.- are inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 2 inputs included equity prices, certain interest rates and yield curves, implied volatility and credit spreads, among others, as well as inputs extrapolated from other observable inputs. In the absence of Level 1 inputs, CEMEX determined fair values by iteration of the applicable Level 2 inputs, the number of securities and/or the other relevant terms of the contract, as applicable. • Level 3.- inputs are unobservable inputs for the asset or liability. CEMEX used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples of Operating EBITDA, including risk assumptions consistent with what market participants would use to arrive at fair value. 2.8) INVENTORIES (note 12) Inventories are valued using the lower of cost or net realizable value. The cost of inventories is based on weighted average cost formula and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. CEMEX analyzes its inventory balances to determine if, because of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value. In such cases, these adjustments are recognized against the results of the period. Advances to suppliers of inventory are presented as part of other current assets. 2.9) 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 (notes 5 and 6) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production As of December 31, 2022, the average useful lives by category of fixed assets, which are reviewed at each reporting date, were as follows: Years Administrative buildings 27 Industrial buildings 24 Machinery and equipment in plant 16 Ready-mix 8 Office equipment and other assets 6 As of December 31, 2022, to the best of its knowledge, management considers that its commitments and actions in relation to climate change will not affect the estimated average useful lives of its property, machinery and equipment described above (note 2.4). Assets for the right-of-use right-of-use right-of-use right-of-use right-of-use CEMEX capitalizes, as part of the related cost of fixed assets, interest expense from existing debt during the construction or installation period of significant fixed assets, considering CEMEX’s corporate average interest rate and the average balance of investments in process for the period. All waste removal costs or stripping costs incurred in the operative phase of a surface mine to access the mineral reserves are recognized as part of its carrying amount. 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. 2.10) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 4.1 and 16) Business combinations are recognized using the acquisition method, by allocating the consideration transferred to assume control of the entity to all assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date. Intangible assets acquired are identified and recognized at fair value. Any unallocated portion of the purchase price represents goodwill, which is not amortized and is subject to periodic impairment tests (note 2.11). 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 and costs incurred in the development of intangible assets when probable future economic benefits 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 or using the units-of-production Startup costs are recognized in the income statement as they are incurred. Costs associated with research and development activities (“R&D”), performed by CEMEX to create products and services, as well as to develop processes, equipment and methods to optimize operational efficiency and reduce costs are recognized in the operating results as incurred. Direct costs incurred in the development stage of computer software for internal use are capitalized and amortized through the operating results over the useful life of the software, which on average is approximately 5 years. Costs incurred in exploration activities such as payments for rights to explore, topographical and geological studies, as well as trenching, among other items incurred to assess the technical and commercial feasibility of extracting a mineral resource, which are not significant to CEMEX, are capitalized when probable future economic benefits associated with such activities are identified. When extraction begins, these costs are amortized during the useful life of the quarry based on the estimated tons of material to be extracted. When future economic benefits are not achieved, any capitalized costs are subject to impairment. CEMEX’s extraction rights have weighted-average useful lives of 83 years, depending on the sector and the expected life of the related reserves. As of December 31, 2022, except for extraction rights which are amortized using the units-of-production 2.11) IMPAIRMENT OF LONG-LIVED ASSETS (notes 15 and 16) Property, machinery and equipment, assets for the right-of-use, These assets are tested for impairment upon the occurrence of internal or external indicators of impairment, such as changes in CEMEX’s operating business model or in technology that affect the asset, or expectations of lower operating results, to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the income statement for the period within “Other expenses, net,” for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, as generally determined by an external appraiser, and the asset’s value in use, the latter represented by the NPV of estimated cash flows related to the use and eventual disposal of the asset. The main assumptions utilized to develop estimates of NPV are a discount rate that reflects the risk of the cash flows associated with the assets and the estimations of generation of future income. Those assumptions are evaluated for reasonableness by comparing such discount rates to available market information and by comparing to third-party expectations of industry growth, such as governmental agencies or industry chambers. When impairment indicators exist, for each intangible asset, CEMEX determines its projected revenue streams over the estimated useful life of the asset. To obtain discounted cash flows attributable to each intangible asset, such revenue is adjusted for operating expenses, changes in working capital and other expenditures, as applicable, and discounted to NPV using the risk adjusted discount rate of return. The most significant economic assumptions are: a) the useful life of the asset; b) the risk adjusted discount rate of return; c) royalty rates; and d) growth rates. Assumptions used for these cash flows are consistent with internal forecasts and industry practices. The fair values of these assets are significantly sensitive to changes in such relevant assumptions. Certain key assumptions are more subjective than others. In respect of trademarks, CEMEX considers t |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Revenues | 3) REVENUES CEMEX’s revenues are mainly originated from the sale and distribution of cement, ready-mix 2022 2021 2020 From the sale of goods associated to CEMEX’s main activities 1 $ 15,137 14,009 12,344 From the sale of other goods and services 2 440 370 325 $ 15,577 14,379 12,669 1 Include in each period immaterial amounts of revenue generated under construction contracts. 2 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 2022, 2021 and 2020 is presented in note 4.3 As of December 31, 2022 and 2021, amounts receivable for progress billings to and advances received from customers of construction contracts were not significant. Moreover, for the years 2022, 2021 and 2020, revenues and costs related to construction contracts in progress were not material. 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, 2022, 2021 and 2020 changes in the balance of contract liabilities with customers are as follows: 2022 2021 2020 Opening balance of contract liabilities with customers $ 257 201 225 Increase during the period for new transactions 1,493 1,626 1,536 Decrease during the period for exercise or expiration of incentives (1,458 ) (1,574 ) (1,561 ) Currency translation effects 1 4 1 Closing balance of contract liabilities with customers $ 293 257 201 For the years 2022, 2021 and 2020, CEMEX did not identify any significant costs required to be capitalized as contract fulfilment assets and released over the contract life according to IFRS 15, Revenues from contracts with customers |
Business Combinations, Disconti
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business | 4) BUSINESS COMBINATIONS, DISCONTINUED OPERATIONS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS 4.1) BUSINESS COMBINATIONS On July 11, 2022, through a subsidiary in Germany, CEMEX completed the acquisition of a 53% stake in the German aggregates company ProStein for a total consideration of $21. The investment expands CEMEX’s aggregates business in the region and CEMEX estimates increases the life of aggregates reserves for CEMEX’s operations in Central Europe for at least the next 25 years. The majority stake in ProStein’s assets adds a full range of fine and hard aggregates to CEMEX’s aggregates portfolio. In addition to supplying the greater Berlin area, the additional capacity can supply several urban centers in Poland and the Czech Republic. ProStein’s assets include six active hardstone plants and six construction, demolition, and excavation waste (CDEW) recovery sites. As of December 31, 2022, based on the preliminary valuation of the fair values of the assets acquired and liabilities assumed, CEMEX has not determined any goodwill. On December 10, 2021, through a subsidiary in Mexico, CEMEX acquired Broquers Ambiental, a sustainable waste management company for a total consideration of $13. Broquers Ambiental assets include a plant for solid waste treatment for its use as alternate fuel. During 2022, considering the valuation of the fair values of the assets acquired and liabilities assumed, CEMEX determined goodwill of $4. In January 2021, a subsidiary of CEMEX in Israel acquired two ready-mix Beton-He’Emek During the first 6 months of 2020, a subsidiary of CEMEX in Israel acquired a ready-mix 4.2) DISCONTINUED OPERATIONS On October 25, 2022, to accelerate the growth and development of Neoris, its subsidiary in the digital solutions sector, CEMEX closed a partnership with Advent International (“Advent”). As part of the partnership CEMEX sold to Advent a stake in Neoris for a total cash consideration of While surrendering control to Advent, CEMEX retains a stake and remains as a key strategic partner and customer of Neoris. CEMEX’s retained stake in Neoris was remeasured at fair value at the date of loss of control, is subsequently accounted for under the equity method and is presented in the line item “Investments in associates and joint ventures”. Neoris’ results for the period from January 1 to October 25, 2022 and for the years ended December 31, 2021 and 2020 are reported in the statements of operations, net of income tax, in the single line item “Discontinued operations,” including in 2022 a gain on sale of , net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control. In connection with this transaction, CEMEX, as borrower, entered into short-terms loan agreements with certain subsidiaries of Neoris to support Neoris with working capital requirements while the ownership transition took place. These loans were in market terms and conditions and were for amounts that are not material to CEMEX but material to Neoris. On August 31, 2022, through subsidiaries in Colombia and Spain, CEMEX concluded the sale with affiliates of Cementos Progreso Holdings, S.L. of its entire operations in Costa Rica and El Salvador for a total cash consideration of $325, related to CEMEX’s aggregate controlling interest. The assets sold consisted of one cement plant, one grinding station, seven ready-mix On July 9, 2021, CEMEX closed the sale to Çimsa Çimento Sanayi Ve Ticaret A.Ş., of its white cement business, except for Mexico and the United States, for a total cash consideration of $155, including its Buñol cement plant in Spain and its white cement customer list. CEMEX’s operations of these assets in Spain for the period from January 1 to July 9, 2021 and for the year ended December 31, 2020 are reported in the statements of operations, net of income tax, in the single line item “Discontinued operations,” including in 2021 a loss on sale of $67 net of the proportional allocation of goodwill of $41. On March 31, 2021, CEMEX closed the sale to LafargeHolcim of 24 concrete plants and one aggregates quarry located in the Rhone Alpes region in the Southeast of France for a total cash consideration of $44. CEMEX’s operations of these assets in France for the three-month period ended on March 31, 2021 and the year ended December 31, 2020 are reported in the statements of operations, net of income tax, in the single line item “Discontinued operations.” On August 3, 2020, through a subsidiary in the United Kingdom, CEMEX concluded the sale to Breedon Group plc of certain assets for a total cash consideration in Pounds equivalent to $230, including $30 of debt. The assets sold consisted of 49 ready-mix August 3, 2020, including in 2020 a loss on sale of $57 net of the proportional allocation of goodwill of $47 are reported in the statements of operations, net of tax, in the single line item “Discontinued operations.” The following table presents condensed combined information of the statement of financial position for the assets held for sale in 2021 related to the operating segments in Costa Rica and El Salvador, as mentioned above: 2021 Current assets $ 29 Non-current 48 Total assets held for sale 77 Current liabilities 31 Non-current 8 Total liabilities directly related to assets held for sale 39 Total net assets held for sale $ 38 In addition, the following table presents condensed combined information of the statements of operations of CEMEX’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for years ended December 31, 2021 and 2020; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the years ended December 31, 2021 and 2020; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and for the year ended December 31, 2020; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021 and the year ended December 31, 2020; e) the United Kingdom for the period from January 1 to August 3, 2020 and; f) the United States related to Kosmos assets for the period from January 1 to March 6, 2020. 2022 2021 2020 Revenues $ 256 354 490 Cost of sales and operating expenses (225 ) (304 ) (434 ) Other income (expenses), net (8 ) (42 ) (21 ) Financial expenses, net and others — 5 2 Earnings before income tax 23 13 37 Income tax (3 ) (48 ) (92 ) Result of discontinued operations 20 (35 ) (55 ) Net disposal result 304 (4 ) (45 ) Net result of discontinued operations $ 324 (39 ) (100 ) 4.3) SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS Reportable segments represent the components of CEMEX that engage in business activities from which CEMEX may earn revenues and incur expenses, whose operating results are 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 by geography and business on a regional basis. For the reported periods, CEMEX’s operations were organized in four regions, each under the supervision of a regional president, as follows: 1) Mexico, 2) United States, 3) Europe, Middle East, Africa and Asia (“EMEAA”) and 4) South, Central America and the Caribbean (“SCA&C”). The accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 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 EMEAA” refers to CEMEX’s operations in the Czech Republic, Croatia, Egypt and the United Arab Emirates; b) “Rest of SCA&C” refers to CEMEX’s operations in Puerto Rico, Nicaragua, Jamaica, the Caribbean and Guatemala, excluding the operations of Trinidad Cement Limited (“TCL”); and c) “Caribbean TCL” refers to the operations of TCL and subsidiaries in Trinidad and Tobago, Jamaica, Guyana and Barbados. The segment “Others” refers to: 1) cement trade maritime operations, 2) the Parent Company, other corporate entities and finance subsidiaries, and 3) other minor subsidiaries with different lines of business. For the years 2022, 2021 and 2020, for purposes of the selected financial information by reportable segment and line of business, the operations of Neoris, formerly part of the segment “Others”, are presented as discontinued operations. The financial information for the years 2021 and 2020 previously reported was reformulated to consider this new presentation. Selected information of the consolidated statements of operations by reportable segment for the years 2022, 2021 and 2020, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 14.1, was as follows: 2022 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,842 (200 ) 3,642 1,133 172 961 (69 ) (28 ) 32 United States 5,038 (4 ) 5,034 762 455 307 (205 ) (55 ) (21 ) EMEAA United Kingdom 982 — 982 195 60 135 (8 ) (8 ) (8 ) France 781 — 781 63 50 13 1 (10 ) 2 Germany 485 (46 ) 439 40 28 12 2 (2 ) (3 ) Poland 419 (4 ) 415 64 22 42 1 (2 ) 4 Spain 382 (36 ) 346 6 28 (22 ) (113 ) (2 ) 2 Philippines 1 379 — 379 84 37 47 (2 ) 18 (9 ) Israel 840 — 840 112 46 66 5 (4 ) — Rest of EMEAA 707 (1 ) 706 116 55 61 (10 ) (4 ) 2 SCA&C Colombia 2 429 — 429 61 24 37 12 (7 ) 22 Panama 2 149 (34 ) 115 28 16 12 (2 ) — — Caribbean TCL 3 302 (8 ) 294 74 17 57 (19 ) (4 ) (1 ) Dominican Republic 348 (6 ) 342 133 8 125 (1 ) (1 ) (3 ) Rest of SCA&C 2 394 (1 ) 393 90 13 77 (2 ) (2 ) (3 ) Others 2,849 (2,409 ) 440 (280 ) 89 (369 ) (57 ) (290 ) 31 Continuing operations 18,326 (2,749 ) 15,577 2,681 1,120 1,561 (467 ) (401 ) 47 Discontinued operations 256 — 256 39 8 31 (8 ) (4 ) 4 Total $ 18,582 (2,749 ) 15,833 2,720 1,128 1,592 (475 ) (405 ) 51 2021 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,466 (142 ) 3,324 1,164 161 1,003 (43 ) (29 ) 2 United States 4,359 (4 ) 4,355 778 464 314 (127 ) (47 ) (19 ) EMEAA United Kingdom 940 — 940 141 69 72 (3 ) (8 ) (17 ) France 863 — 863 93 50 43 (6 ) (11 ) — Germany 472 (43 ) 429 69 28 41 — (2 ) (2 ) Poland 405 (6 ) 399 73 25 48 (4 ) (2 ) 1 Spain 359 (25 ) 334 (6 ) 33 (39 ) (331 ) (3 ) 51 Philippines 1 424 — 424 114 40 74 (1 ) 17 (2 ) Israel 785 — 785 114 45 69 (1 ) (4 ) 2 Rest of EMEAA 618 (5 ) 613 87 56 31 (110 ) (3 ) 1 SCA&C Colombia 2 437 — 437 87 26 61 (19 ) (7 ) (12 ) Panama 2 121 (23 ) 98 31 16 15 (2 ) — — Caribbean TCL 3 280 (7 ) 273 65 19 46 (1 ) (6 ) (6 ) Dominican Republic 299 (8 ) 291 128 7 121 3 — (1 ) Rest of SCA&C 2 465 (21 ) 444 110 13 97 (5 ) (2 ) (3 ) Others 1,621 (1,251 ) 370 (209 ) 68 (277 ) 568 (551 ) (74 ) Continuing operations 15,914 (1,535 ) 14,379 2,839 1,120 1,719 (82 ) (658 ) (79 ) Discontinued operations 354 — 354 66 16 50 (42 ) (5 ) 10 Total $ 16,268 (1,535 ) 14,733 2,905 1,136 1,769 (124 ) (663 ) (69 ) 2020 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,812 (134 ) 2,678 931 148 783 (46 ) (31 ) (4 ) United States 3,994 (1 ) 3,993 747 440 307 (1,350 ) (53 ) (20 ) EMEAA United Kingdom 739 — 739 88 67 21 (73 ) (9 ) (77 ) France 754 — 754 71 48 23 (1 ) (12 ) 3 Germany 489 (37 ) 452 67 28 39 (3 ) (2 ) (3 ) Poland 377 (7 ) 370 74 25 49 (1 ) (2 ) 1 Spain 319 (16 ) 303 25 39 (14 ) (195 ) (3 ) (9 ) Philippines 1 398 — 398 118 46 72 (1 ) 2 2 Israel 754 — 754 115 28 87 — (4 ) 1 Rest of EMEAA 582 (9 ) 573 75 56 19 (26 ) (3 ) (22 ) SCA&C Colombia 2 404 — 404 86 25 61 (14 ) (5 ) (13 ) Panama 2 80 (7 ) 73 12 16 (4 ) (19 ) (1 ) 1 Caribbean TCL 3 251 (7 ) 244 65 22 43 (9 ) (6 ) (8 ) Dominican Republic 229 (11 ) 218 84 8 76 (5 ) (1 ) 4 Rest of SCA&C 2 393 (3 ) 390 100 15 85 (38 ) (2 ) 7 Others 796 (470 ) 326 (261 ) 94 (355 ) 18 (641 ) 22 Continuing operations 13,371 (702 ) 12,669 2,397 1,105 1,292 (1,763 ) (773 ) (115 ) Discontinued operations 505 (15 ) 490 76 20 56 (21 ) (4 ) 6 Total $ 13,876 (717 ) 13,159 2,473 1,125 1,348 (1,784 ) (777 ) (109 ) 1 CEMEX’s operations in the Philippines are mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling 2 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. At year end 2022 and 2021, there is a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling Debt by reportable segment is disclosed in note 17.1. As of December 31, 2022 and 2021, selected statement of financial position information by reportable segment was as follows: 2022 Associates Other Total Total Net assets Additions to 1 Mexico $ — 3,846 3,846 1,381 2,465 265 United States 198 12,425 12,623 2,642 9,981 551 EMEAA United Kingdom 5 1,388 1,393 921 472 74 France 42 910 952 471 481 57 Germany 3 449 452 255 197 33 Poland — 341 341 119 222 33 Spain — 616 616 204 412 27 Philippines — 792 792 155 637 72 Israel — 771 771 495 276 37 Rest of EMEAA 10 773 783 303 480 55 SCA&C Colombia — 742 742 274 468 45 Panama — 302 302 88 214 19 Caribbean TCL — 499 499 218 281 16 Dominican Republic — 232 232 81 151 18 Rest of SCA&C — 268 268 104 164 20 Others 382 1,385 1,767 7,827 (6,060 ) 40 Total 640 25,739 26,379 15,538 10,841 1,362 Assets held for sale and related liabilities (note 13) — 68 68 — 68 — Total consolidated $ 640 25,807 26,447 15,538 10,909 1,362 2021 Associates Other Total Total Net assets Additions to 1 Mexico $ — 3,785 3,785 1,513 2,272 190 United States 159 12,651 12,810 2,707 10,103 373 EMEAA United Kingdom 6 1,585 1,591 1,220 371 94 France 41 952 993 476 517 44 Germany 3 398 401 287 114 29 Poland 1 321 322 126 196 29 Spain — 704 704 240 464 34 Philippines — 777 777 153 624 89 Israel — 776 776 526 250 45 Rest of EMEAA 9 798 807 287 520 66 SCA&C Colombia — 962 962 477 485 27 Panama — 282 282 88 194 9 Caribbean TCL — 498 498 219 279 22 Dominican Republic — 192 192 87 105 15 Rest of SCA&C — 262 262 173 89 15 Others 316 1,031 1,347 7,761 (6,414 ) 13 Total 535 25,974 26,509 16,340 10,169 1,094 Assets held for sale and related liabilities (note 13) — 141 141 39 102 5 Total consolidated $ 535 26,115 26,650 16,379 10,271 1,099 1 In 2022 and 2021, 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, 2022, 2021 and 2020 were as follows: 2022 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,663 925 261 843 14 (1,064 ) 3,642 United States 2,017 2,871 1,202 697 12 (1,765 ) 5,034 EMEAA United Kingdom 312 329 371 206 27 (263 ) 982 France — 622 332 15 — (188 ) 781 Germany 220 186 81 32 71 (151 ) 439 Poland 282 160 41 4 1 (73 ) 415 Spain 281 99 34 25 — (93 ) 346 Philippines 378 — — 4 — (3 ) 379 Israel — 718 213 97 21 (209 ) 840 Rest of EMEAA 504 260 48 18 26 (150 ) 706 SCA&C Colombia 296 137 40 62 19 (125 ) 429 Panama 119 27 7 13 2 (53 ) 115 Caribbean TCL 297 4 6 2 5 (20 ) 294 Dominican Republic 285 20 — 46 10 (19 ) 342 Rest of SCA&C 360 16 3 22 1 (9 ) 393 Others — — — — 2,851 (2,411 ) 440 Continuing operations 8,014 6,374 2,639 2,086 3,060 (6,596 ) 15,577 Discontinued operations 113 18 4 3 174 (56 ) 256 Total $ 8,127 6,392 2,643 2,089 3,234 (6,652 ) 15,833 F-37 2021 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,412 733 208 810 14 (853 ) 3,324 United States 1,731 2,479 1,005 558 13 (1,431 ) 4,355 EMEAA United Kingdom 270 311 377 200 53 (271 ) 940 France — 682 397 6 — (222 ) 863 Germany 210 204 65 30 69 (149 ) 429 Poland 272 154 38 6 1 (72 ) 399 Spain 256 93 31 23 — (69 ) 334 Philippines 423 — — 4 1 (4 ) 424 Israel — 657 199 89 27 (187 ) 785 Rest of EMEAA 423 232 47 14 21 (124 ) 613 SCA&C Colombia 309 130 36 58 21 (117 ) 437 Panama 103 16 5 7 1 (34 ) 98 Caribbean TCL 271 5 7 4 6 (20 ) 273 Dominican Republic 240 16 — 44 8 (17 ) 291 Rest of SCA&C 400 20 6 24 1 (7 ) 444 Others — — — — 1,619 (1,249 ) 370 Continuing operations 7,320 5,732 2,421 1,877 1,855 (4,826 ) 14,379 Discontinued operations 156 23 7 3 174 (9 ) 354 Total $ 7,476 5,755 2,428 1,880 2,029 (4,835 ) 14,733 2020 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,001 628 172 590 14 (727 ) 2,678 United States 1,599 2,255 954 468 13 (1,296 ) 3,993 EMEAA United Kingdom 201 274 314 176 53 (279 ) 739 France — 647 340 — — (233 ) 754 Germany 210 202 69 31 69 (129 ) 452 Poland 244 142 39 6 1 (62 ) 370 Spain 233 83 24 18 — (55 ) 303 Philippines 398 — — 2 1 (3 ) 398 Israel — 623 195 81 27 (172 ) 754 Rest of EMEAA 400 220 42 11 21 (121 ) 573 SCA&C Colombia 294 119 34 44 21 (108 ) 404 Panama 67 14 4 4 1 (17 ) 73 Caribbean TCL 245 5 7 2 6 (21 ) 244 Dominican Republic 185 15 5 31 8 (26 ) 218 Rest of SCA&C 359 3 6 19 1 2 390 Others — — — — 802 (476 ) 326 Continuing operations 6,436 5,230 2,205 1,483 1,038 (3,723 ) 12,669 Discontinued operations 167 90 77 3 201 (48 ) 490 Total $ 6,603 5,320 2,282 1,486 1,239 (3,771 ) 13,159 |
Cost Of Sales
Cost Of Sales | 12 Months Ended |
Dec. 31, 2022 | |
TextBlock1Abstract [Abstract] | |
Cost Of Sales | 5) COST OF SALES The detail of consolidated cost of sales by nature for the years 2022, 2021 and 2020 is as follows: 2022 2021 2020 Raw materials and goods for resale $ 4,916 4,875 4,108 Payroll 1,474 1,349 1,254 Electricity, fuels and other services 1,655 1,174 1,052 Depreciation and amortization 929 934 914 Maintenance, repairs and supplies 809 722 648 Transportation costs 671 573 352 Other production costs 969 982 929 Change in inventory (668 ) (866 ) (671 ) $ 10,755 9,743 8,586 |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
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Operating Expenses | 6) OPERATING EXPENSES Consolidated operating expenses during 2022, 2021 and 2020 by function are as follows: 2022 2021 2020 Administrative expenses 1, 2 $ 1,074 958 1,049 Selling expenses 2 363 322 329 Total administrative and selling expenses 1,437 1,280 1,378 Distribution and logistics expenses 1,824 1,637 1,413 Total operating expenses $ 3,261 2,917 2,791 1 All significant R&D activities are executed by several internal areas of CEMEX as part of their daily activities. In 2022, 2021 and 2020, total combined expenses of these departments recognized within administrative expenses were $42, $44 and $39, respectively. 2 In 2022, 2021 and 2020, administrative expenses include depreciation and amortization of $140, $137 and $141, respectively, and selling expenses include depreciation and amortization of $51 in 2022, $49 in 2021 and $50 in 2020. Consolidated operating expenses during 2022, 2021 and 2020 by nature are as follows: 2022 2021 2020 Transportation costs $ 1,676 1,502 1,313 Payroll 1,038 905 935 Depreciation and amortization 191 186 191 Professional legal, accounting and advisory services 145 144 174 Maintenance, repairs and supplies 84 76 72 Other operating expenses 127 104 106 $ 3,261 2,917 2,791 |
Other Expenses, Net
Other Expenses, Net | 12 Months Ended |
Dec. 31, 2022 | |
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Other Expenses, Net | 7) OTHER EXPENSES, NET The detail of the line item “Other expenses, net” for the years 2022, 2021 and 2020 is as follows: 2022 2021 2020 Impairment losses (notes 15.1, 16.1 and 16.2) $ (442 ) (513 ) (1,520 ) Results from the sale of assets and others 1 9 (126 ) (114 ) Incremental costs and expenses related to the COVID-19 2 (14 ) (26 ) (48 ) Restructuring costs 3 (20 ) (17 ) (81 ) Sale of CO 2 4 — 600 — $ (467 ) (82 ) (1,763 ) 1 In 2022, 2021 and 2020, includes $14, $29 and $11, respectively, in connection with property damages and natural disasters (note 25.1). In addition, in 2022 includes a gain of $48 as a result of the remeasurement at fair value of CEMEX’s previous controlling interest in Neoris at the time of sale. 2 Refers to certain incremental costs and expenses related to the compliance of the hygiene measures and other negative effects of the Coronavirus SARS-CoV-2 “COVID-19 COVID-19 3 Restructuring costs mainly refer to severance payments and the definite closing of operating sites. 4 In connection with the CO 2 2 |
Financial Items
Financial Items | 12 Months Ended |
Dec. 31, 2022 | |
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Financial Items | 8) FINANCIAL ITEMS 8.1) FINANCIAL EXPENSE Consolidated financial expense in 2022, 2021 and 2020 includes $67, $67 and $74 of interest expense from financial obligations related to lease contracts (notes 15.2 and 17.2). 8.2) FINANCIAL INCOME AND OTHER ITEMS, NET The detail of financial income and other items, net in 2022, 2021 and 2020 was as follows: 2022 2021 2020 Effects of amortized cost on assets and liabilities and others, net $ (32 ) (28 ) (89 ) Net interest cost of pension liabilities (note 19) (26 ) (25 ) (27 ) Results from financial instruments, net (notes 14.2 and 17.4) (5 ) (6 ) (17 ) Foreign exchange results 73 (35 ) (3 ) Financial income 27 22 20 Others 10 (7 ) 1 $ 47 (79 ) (115 ) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
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Cash and Cash Equivalents | 9) CASH AND CASH EQUIVALENTS As of December 31, 2022 and 2021, consolidated cash and cash equivalents consisted of: 2022 2021 Cash and bank accounts $ 297 367 Fixed-income securities and other cash equivalents 198 246 $ 495 613 Based on net settlement agreements, the balance of cash and cash equivalents excludes deposits in margin accounts that guarantee several obligations of CEMEX of $6 in 2022 and $15 in 2021, which were offset against |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
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Trade Accounts Receivable | 10) TRADE ACCOUNTS RECEIVABLE As of December 31, 2022 and 2021, consolidated trade accounts receivable consisted of: 2022 2021 Trade accounts receivable $ 1,735 1,622 Allowances for expected credit losses (91 ) (101 ) $ 1,644 1,521 As of December 31, 2022 and 2021, trade accounts receivable include receivables of $828 and $727, 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 $678 in 2022 and $602 in 2021, 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 $24 in 2022, $11 in 2021 and $13 in 2020. CEMEX’s securitization programs are usually negotiated for periods of one to two years and are usually renewed at their maturity. As of December 31, 2022, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL Mexico $ 306 31 10.1 % United States 591 9 1.5 % Europe, Middle East, Africa and Asia 763 41 5.4 % South, Central America and the Caribbean 73 10 13.7 % Others 2 — — $ 1,735 91 Changes in the allowance for expected credit losses in 2022, 2021 and 2020, were as follows: 2022 2021 2020 Allowances for expected credit losses at beginning of period $ 101 121 116 Charged to selling expenses 9 1 23 Deductions (21 ) (16 ) (19 ) Reclassification to assets held for sale (note 4.2) — (2 ) — Foreign currency translation effects 2 (3 ) 1 Allowances for expected credit losses at end of period $ 91 101 121 As of December 31, 2021, in relation to the COVID-19 non-recovery. COVID-19 |
Other Accounts Receivable
Other Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
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Other Accounts Receivable | 11) OTHER ACCOUNTS RECEIVABLE As of December 31, 2022 and 2021, consolidated other accounts receivable consisted of: 2022 2021 Advances of income taxes and other refundable taxes $ 335 396 Non-trade 1 119 84 Interest and notes receivable 41 31 Current portion of valuation of derivative financial instruments 25 36 Loans to employees and others 15 11 $ 535 558 1 Non-trade |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
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Inventories | 12) INVENTORIES As of December 31, 2022 and 2021, the consolidated balance of inventories was summarized as follows: 2022 2021 Materials and spare parts $ 563 372 Finished goods 406 343 Raw materials 329 242 Work-in-process 284 225 Inventory in transit 87 79 $ 1,669 1,261 For the years ended December 31, 2022, 2021 and 2020, CEMEX recognized within “Cost of sales” in the income statement, inventory impairment losses of $10, $4 and $9, respectively. |
Assets Held for Sale and Other
Assets Held for Sale and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Assets Held for Sale and Other Current Assets | 13) ASSETS HELD FOR SALE AND OTHER CURRENT ASSETS As of December 31, 2022 and 2021, assets held for sale and other current assets was detailed as follows: 2022 2021 Assets held for sale $ 68 141 Other current assets 115 131 $ 183 272 As of December 31, 2022 and 2021, 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: 2022 2021 Assets Liabilities Net assets Assets Liabilities Net assets Other assets held for sale $ 68 — 68 $ 64 — 64 Costa Rica and El Salvador (note 4.2) — — — 77 39 38 $ 68 — 68 $ 141 39 102 As of December 31, 2022 and 2021, other current assets presented above are mainly comprised of advance payments to suppliers. |
Investments In Associates And J
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
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Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable | 14) INVESTMENTS IN ASSOCIATES AND JOINT VENTURES, OTHER INVESTMENTS AND NON-CURRENT 14.1) INVESTMENTS IN ASSOCIATES AND JOINT VENTURES As of December 31, 2022 and 2021, the investments in common shares of associates and joint ventures were as follows: Activity Country % 2022 2021 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 306 269 Concrete Supply Co. LLC Concrete United States 40.0 96 90 Lehigh White Cement Company Cement United States 36.8 76 69 Neoris N.V. 1 Technology The Netherlands 34.8 62 — Société d’Exploitation de Carrières Aggregates France 50.0 23 22 Société Méridionale de Carrières Aggregates France 33.3 12 12 Other companies — — — 65 73 $ 640 535 Out of which: Acquisition cost $ 302 303 Equity method recognition $ 338 232 1 On October 25, 2022, in connection with the sale of Neoris’ 65% stake to Advent described in note 4.2, CEMEX’s remaining equity interest in Neoris was remeasured at fair value at the date of loss of control, measured prospectively under the equity method and is presented in the line item of investments in associates and joint ventures. Combined condensed statement of financial position information of CEMEX’s equity accounted investees as of December 31, 2022 and 2021 is set forth below: 2022 2021 Current assets $ 1,603 1,424 Non-current 1,699 1,718 Total assets 3,302 3,142 Current liabilities 468 532 Non-current 774 737 Total liabilities 1,242 1,269 Total net assets $ 2,060 1,873 Combined selected information of the statements of operations of CEMEX’s equity accounted investees in 2022, 2021 and 2020 is set forth below: 2022 2021 2020 Revenues $ 2,319 1,801 1,759 Operating earnings 398 312 296 Income before income tax 268 219 175 Net income 186 153 128 The share of equity accounted investees by reportable segment in the statements of operations for 2022, 2021 and 2020 is detailed as follows: 2022 2021 2020 Mexico $ 39 28 30 United States 17 18 15 EMEAA 8 8 6 Corporate and others (34 ) — (2 ) $ 30 54 49 14.2) OTHER INVESTMENTS AND NON-CURRENT As of December 31, 2022 and 2021, consolidated other investments and non-current 2022 2021 Non-current 1 $ 228 204 Investments in strategic equity securities 2 5 14 Non-current 57 22 Investments at fair value through the income statement 3 3 3 $ 293 243 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $33 in 2022 and $21 in 2021, b) advances to suppliers of fixed assets of $58 in 2022 and $35 in 2021, c) employee prepaid compensation of $12 in 2022 and $7 in 2021, and d) warranty deposits of $21 in 2022 and $27 in 2021. 2 These investments are recognized at fair value through other comprehensive income. 3 Refers to investments in private funds. In 2022 and 2021, no contributions were made to such private funds. |
Property, Machinery and Equipme
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 12 Months Ended |
Dec. 31, 2022 | |
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Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net | 15) PROPERTY, MACHINERY AND EQUIPMENT, NET AND ASSETS FOR THE RIGHT-OF-USE, As of December 31, 2022 and 2021, property, machinery and equipment, net and assets for the right-of-use, 2022 2021 Property, machinery and equipment, net $ 10,156 10,202 Assets for the right-of-use, 1,128 1,120 $ 11,284 11,322 15.1) PROPERTY, MACHINERY AND EQUIPMENT, NET As of December 31, 2022 and 2021, consolidated property, machinery and equipment, net and the changes in this line item during 2022, 2021 and 2020, were as follows: 2022 Land and Building Machinery Construction 1 Total Cost at beginning of period $ 4,801 2,532 11,727 1,262 20,322 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) — (10,120 ) Net book value at beginning of period 3,575 1,038 4,327 1,262 10,202 Capital expenditures 126 52 406 457 1,041 Stripping costs 25 — — — 25 Total capital expenditures 151 52 406 457 1,066 Disposals 2 (4 ) (4 ) (22 ) — (30 ) Business combinations (note 4.1) 32 1 9 1 43 Depreciation and depletion for the period (153 ) (78 ) (493 ) — (724 ) Impairment losses (note 7) (12 ) (8 ) (55 ) (2 ) (77 ) Foreign currency translation effects (83 ) (172 ) (19 ) (50 ) (324 ) Cost at end of period 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337 ) (1,513 ) (7,510 ) — (10,360 ) Net book value at end of period $ 3,506 829 4,153 1,668 10,156 2021 Land and Building Machinery Construction 1 Total 2020 1 Cost at beginning of period $ 4,741 2,438 11,929 1,188 20,296 19,708 Accumulated depreciation and depletion (1,177 ) (1,474 ) (7,475 ) — (10,126 ) (9,143 ) Net book value at beginning of period 3,564 964 4,454 1,188 10,170 10,565 Capital expenditures 81 159 609 — 849 564 Stripping costs 18 — — — 18 18 Total capital expenditures 99 159 609 — 867 582 Disposals 2 (20 ) (6 ) (80 ) — (106 ) (63 ) Reclassifications 3 (4 ) (8 ) (29 ) (3 ) (44 ) (18 ) Business combinations (note 4.1) — — — — — 11 Depreciation and depletion for the period (108 ) (74 ) (536 ) — (718 ) (736 ) Impairment losses (note 7) (11 ) (9 ) (15 ) (8 ) (43 ) (306 ) Foreign currency translation effects 55 12 (76 ) 85 76 135 Cost at end of period 4,801 2,532 11,727 1,262 20,322 20,296 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) — (10,120 ) (10,126 ) Net book value at end of period $ 3,575 1,038 4,327 1,262 10,202 10,170 1 As of December 31, 2022, the Maceo plant in Colombia, finalized significantly in 2017, with an annual capacity of approximately 1.3 million tons of cement, has not initiated commercial operations mainly as the access road has not been finalized. As of the reporting date, the works related to the access road to the plant reflect a significant progress; nonetheless, the beginning of commercial operations is subject also to the successful conclusion of several ongoing processes for the proper operation of the assets and other legal proceedings (note 25.3). As of December 31, 2022, the carrying amount of the plant, is for an amount in Colombian Pesos equivalent to $219. 2 In 2022 includes sales of non-strategic non-strategic non-strategic 3 In 2021, refers to the reclassification to held-for-sale During 2022, 2021 and 2020, CEMEX recognized impairment losses of fixed assets for $77, $43 and $306, respectively, mainly in connection with reductions in estimated discounted future cash flows due to the increase in interest rates and assets held for sale in 2022 and 2021, and the negative effects of the COVID-19 COVID-19 For the years ended December 31, 2022, 2021 and 2020, CEMEX adjusted the related fixed assets to their estimated value in use in those circumstances in which the assets would continue in operation based on estimated cash flows during the remaining useful life, or to their realizable value, in case of permanent shut down, and recognized impairment losses within the line item of “Other expenses, net” (notes 2.11 and 7). During the years ended December 31, 2022, 2021 and 2020 impairment losses of fixed assets by country are as follows: 2022 2021 2020 United States $ 26 18 76 Spain 23 — 135 Colombia — 10 2 Caribbean TCL 14 — — United Kingdom 10 5 39 Puerto Rico — — 20 Croatia — — 13 Panama — — 12 Others 4 10 9 $ 77 43 306 15.2) ASSETS FOR THE RIGHT-OF-USE, As of December 31, 2022 and 2021, consolidated assets for the right-of-use, 2022 Land Buildings Machinery Others Total Assets for the right-of-use $ 395 401 1,513 21 2,330 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210 ) Net book value at beginning of period 248 196 668 8 1,120 Additions of new leases 45 21 207 23 296 Cancellations and remeasurements (15 ) (27 ) (82 ) (1 ) (125 ) Depreciation (1 ) (77 ) (165 ) (15 ) (258 ) Foreign currency translation effects 20 19 48 8 95 Assets for the right-of-use 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271 ) Net book value at end of period $ 297 132 676 23 1,128 2021 Land Buildings Machinery Others Total 2020 Assets for the right-of-use $ 409 457 1,502 21 2,389 2,265 Accumulated depreciation (139 ) (253 ) (744 ) (10 ) (1,146 ) (980 ) Net book value at beginning of period 270 204 758 11 1,243 1,285 Additions of new leases 59 22 143 3 227 213 Cancellations and remeasurements (28 ) (19 ) (87 ) — (134 ) (76 ) Business combinations (note 4.1) — — — — — 13 Depreciation (17 ) (37 ) (226 ) (3 ) (283 ) (239 ) Foreign currency translation effects (36 ) 26 80 (3 ) 67 47 Assets for the right-of-use 395 401 1,513 21 2,330 2,389 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210 ) (1,146 ) Net book value at end of period $ 248 196 668 8 1,120 1,243 For the years ended December 31, 2022, 2021 and 2020, the combined rental expense related with short-term leases, leases of low-value sub-leasing COVID-19 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
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Goodwill and Intangible Assets, Net | 16) GOODWILL AND INTANGIBLE ASSETS, NET 16.1) BALANCES AND CHANGES DURING THE PERIOD As of December 31, 2022 and 2021, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2022 2021 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 7,538 — 7,538 $ 7,984 — 7,984 Intangible assets of definite useful life: Extraction rights 1,729 (452 ) 1,277 1,781 (431 ) 1,350 Industrial property and trademarks 32 (15 ) 17 45 (22 ) 23 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 39 (6 ) 33 52 (7 ) 45 Internally developed software 820 (534 ) 286 689 (461 ) 228 Other intangible assets 305 (163 ) 142 351 (218 ) 133 $ 10,659 (1,366 ) 9,293 $ 11,098 (1,335 ) 9,763 Changes in consolidated goodwill for the years ended December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Balance at beginning of period $ 7,984 8,506 9,562 Impairment losses (notes 7 and 16.2) (365 ) (440 ) (1,020 ) Business combinations (note 4.1) 4 5 2 Reclassification to assets held for sale — (2 ) (9 ) Foreign currency translation effects (85 ) (85 ) (29 ) Balance at end of period $ 7,538 7,984 8,506 Changes in intangible assets of definite life in 2022, 2021 and 2020, were as follows: 2022 Extraction Industrial Mining Internally 1 Others Total Balance at beginning of period $ 1,350 23 45 228 133 1,779 Amortization for the period (44 ) (7 ) (1 ) (73 ) (13 ) (138 ) Additions (decreases), net 1 (10 ) — (10 ) 136 35 151 Foreign currency translation effects (19 ) 1 (1 ) (5 ) (13 ) (37 ) Balance at the end of period $ 1,277 17 33 286 142 1,755 2021 Extraction Industrial Mining Internally 1 Others Total 2020 Balance at beginning of period $ 1,358 24 43 213 108 1,746 2,028 Impairment losses (note 7) — — — (49 ) (4 ) (53 ) (194 ) Amortization for the period (24 ) (2 ) (1 ) (71 ) (21 ) (119 ) (130 ) Additions (decreases), net 1 27 — 2 132 31 192 53 Business combinations (note 4.1) — — — — — — 7 Foreign currency translation effects (11 ) 1 1 3 19 13 (18 ) Balance at the end of period $ 1,350 23 45 228 133 1,779 1,746 1 Includes the capitalized direct costs incurred in the development stage of internal-use In 2021, CEMEX recognized impairment losses in connection with its internally developed software of $49 considering certain obsolescence generated by the significant replacement of the applications platform during the period. In 2020, in connection with the idle status of North Brooksville plant in the United States, CEMEX also recognized a non-cash 16.2) ANALYSIS OF GOODWILL IMPAIRMENT Based on IFRS, CEMEX analyses the possible impairment of goodwill mandatorily at least once a year, determination made during the last quarter, or additionally at any interim date when impairment indicators exist, by means of determining the value in use of its groups of Cash Generating Units (“CGUs”) to which goodwill balances have been allocated. The value in use represents the discounted cash flows projections of each CGU for the next five years using risk adjusted discount rates. In 2022, as part of the mandatory impairment tests during the fourth quarter, CEMEX recognized within Other expenses, net (note 7), non-cash During 2021 and 2020, in addition to the mandatory goodwill impairment tests at year end, considering the then negative effects and aftermath of the COVID-19 in relation to the duration and consequences in the different markets where the Company operates, management considered that impairment indicators occurred during the third quarter of 2021 and 2020 in its operating segments in Spain and the United Arab Emirates (“UAE”) in 2021, and in the United States, Spain, Egypt and the United Arab Emirates in 2020, and consequently carried out impairment analyses of goodwill as of September 30, 2021 and 2020 in these operating segments. As a result of these impairment analyses, in the third quarter of 2021 and 2020, the Company recognized within Other expenses, net (note 7) in the statement of operations, non-cash In 2021, the impairment losses in Spain and UAE referred closely to disruptions in the supply chains that have generated increases in the estimated production and transportation costs that are considered will be sustained in the mid-term. In 2020, the perceived high volatility, lack of visibility and reduced outlook associated with the effects of the COVID-19 7 5 As of December 31, 2022 and 2021, goodwill balances allocated by Operating Segment after impairment adjustments were as follows: 2022 2021 Mexico $ 384 361 United States 6,176 6,449 EMEAA United Kingdom 250 280 France 201 213 Spain 57 158 Philippines 82 89 Rest of EMEAA 1 38 48 SCA&C Colombia 202 244 Caribbean TCL 83 83 Rest of SCA&C 2 65 59 $ 7,538 7,984 1 This caption refers to the operating segments in Israel, the Czech Republic and Egypt. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. As of December 31, 2022, 2021 and 2020, CEMEX’s pre-tax Discount rates Long-term growth rates 1 Groups of CGUs 2022 2021 2020 2022 2021 2020 United States 9.1% 7.2% 7.3% 2.0% 2.0% 2.0% Spain 9.4% 7.6% 7.7% 1.7% 1.5% 1.5% United Kingdom 9.1% 7.3% 7.4% 1.5% 1.5% 1.6% France 9.2% 7.3% 7.4% 1.4% 1.4% 1.7% Mexico 10.3% 8.4% 8.3% 1.1% 1.0% 1.1% Colombia 10.9% 8.5% 8.4% 3.3% 3.5% 2.5% United Arab Emirates — — 8.3% — — 2.6% Egypt 13.6% 10.7% 10.2% 3.0% 3.0% 5.6% Range of rates in other countries 9.3% – 13.9% 7.4% – 11.7% 7.2% – 15.5% 1.5% – 6.0% 1.7% – 6.0% (0.3%) – 6.5% 1 The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). As of December 31, 2022, the discount rates used by CEMEX in its cash flows projections to determine the value in use of its operating segments increased by a weighted average of 2.0% in respect to the discount rates determined at December 31, 2021, mainly considering the increase in the risk-free rate associated to CEMEX which changed from 1.82% in 2021 to 3.58% in 2022, the significant increase in the funding cost observed in the industry which changed from 4.1% in 2021 to 6.7% in 2022, as well as the average increase of approximately 1.7% in 2022 in the cost of equity. The other variables remained relatively flat. These financial assumptions will be revised upwards or downwards again in the future as new economic data is available. CEMEX maintained certain reductions to the long-term growth rates used as of December 31, 2022 as compared to the IMF projections, mainly Mexico in 1.0% and Egypt in 2.85%. The discount rates used by CEMEX as of December 31, 2021 changed slightly as compared to 2020 in a range of -0.1% non-significant COVID-19 Moreover, the discount rates used by CEMEX as of December 31, 2020 generally decreased as compared to 2019 in a range of 0.1% up to 1.5%, mainly as a result of a decrease in the funding cost observed in the industry that changed from 5.4% in 2019 to 4.1% in 2020, the weighing of debt in the calculation of the discount rates that increased from 31.7% in 2019 to 34.6% in 2020 and the risk-free rate associated to CEMEX which changed from 2.9% in 2019 to 2.2% in 2020. These reductions were partially offset by a slight increase in the public comparable companies’ stock volatility (beta) that changed from 1.08 in 2019 to 1.19 in 2020. Moreover, in 2020, as preventive measure to consider the then high uncertainty, volatility and reduced visibility related to the negative effects of the COVID-19 In connection with the discount rates and long-term growth rates included in the table above, CEMEX verified the reasonableness of its conclusions using sensitivity analyses to changes in assumptions, affecting the value in use of all groups of CGUs with an independent reasonably possible increase of 1% in the pre-tax In relation to the economic assumptions used by the Company described above, the additional impairment losses that would have resulted from the sensitivity analyses derived from independent changes in each of the relevant assumptions, as well as the average multiple of Operating EBITDA, in those operating segments that presented relative impairment risk as of December 31, 2022, are as follows: Additional effects to the impairment Operating segment Impairment Discount rate +1% Long-term -1% Multiples 11.3x United States $ (273 ) (1,243 ) (986 ) — Spain (92 ) (59 ) (47 ) — As of December 31, 2022, except for the operating segments presented in the table above, none of the other sensitivity analyses indicated a potential impairment risk in CEMEX’s operating segments. The factors considered by the Company’s management that could cause the hypothetical scenarios of the previous sensitivity analysis in Spain and the United States are, in relation to the discount rate, an independent increase of 372 bps in the Company’s funding cost observed as of December 31, 2022 of 6.7% or, an independent increase in the risk-free rate of 137 bps over the rates of 4.0% in Spain and 3.6% in the United States. Nonetheless, such assumptions did not seem reasonable as of December 31, 2022. CEMEX continually monitors the evolution of the group of CGUs to which goodwill has been allocated that have presented relative goodwill impairment risk in any of the reported periods and, if the relevant economic variables and the related value in use would be negatively affected, it may result in a goodwill impairment loss in the future. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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Financial Instruments | 17) FINANCIAL INSTRUMENTS 17.1) CURRENT AND NON-CURRENT As of December 31, 2022 and 2021, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2022 2021 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ — 1,750 1,750 $ 27 896 923 Fixed rate debt 51 5,170 5,221 46 6,410 6,456 $ 51 6,920 6,971 $ 73 7,306 7,379 Effective rate 3 Floating rate 3.2 % 4.6 % 2.7 % 2.6 % Fixed rate 5.1 % 5.3 % 5.2 % 4.8 % 2022 2021 Currency Current Non-current Total Effective rate 3 Current Non-current Total Effective rate 3 Dollars $ 5 5,511 5,516 5.7 % $ 6 6,375 6,381 4.4 % Euros 2 962 964 3.3 % 1 453 454 3.1 % Pesos — 267 267 12.2 % — 254 254 7.2 % Philippine Pesos 8 139 147 5.4 % 66 109 175 4.4 % Other currencies 36 41 77 4.3 % — 115 115 4.1 % $ 51 6,920 6,971 $ 73 7,306 7,379 1 As of December 31, 2022 and 2021, from total debt of $6,971 and $7,379, respectively, 94% was held in the Parent Company and 6% in subsidiaries of the Parent Company, in both periods. 2 As of December 31, 2022 and 2021, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $45 and $53, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the effective interest rate method. 3 In 2022 and 2021, represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period. As of December 31, 2022 and 2021, CEMEX´s consolidated debt summarized by type of instrument, was as follows: 2022 Current Non-current 2021 Current Non-current Bank loans Bank loans Loans in foreign countries, 2024 to 2025 $ 43 184 Loans in foreign countries, 2023 to 2024 $ — 289 Syndicated loans, 2024 to 2026 — 2,578 Syndicated loans, 2023 to 2026 — 1,728 43 2,762 — 2,017 Notes payable Notes payable Medium-term notes, 2024 to 2031 — 3,988 Medium-term notes, 2024 to 2031 — 5,179 Other notes payable, 2022 to 2027 6 172 Other notes payable, 2022 to 2027 5 178 6 4,160 5 5,357 Total bank loans and notes payable 49 6,922 Total bank loans and notes payable 5 7,374 Current maturities 2 (2 ) Current maturities 68 (68 ) $ 51 6,920 $ 73 7,306 Changes in consolidated debt for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 Debt at beginning of year $ 7,379 9,339 9,365 Proceeds from new debt instruments 2,006 3,960 4,210 Debt repayments (2,420 ) (5,897 ) (4,572 ) Foreign currency translation and accretion effects 6 (23 ) 336 Debt at end of year $ 6,971 7,379 9,339 During 2022, CEMEX closed a €500 3-year 2 As a result of debt issuances and/or debt tender offers incurred during the reported periods to refinance, replace and/or repurchase existing debt instruments, as applicable, CEMEX paid transactional costs, including premiums and/or redemption costs (the “Transactional Costs”) for aggregate amounts of $51 in 2022, $142 in 2021 and $98 in 2020. Of these Transactional Costs, $4 in 2022, $37 in 2021 and $38 in 2020, 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 $47 in 2022, $99 in 2021 and $60 in 2020 of such Transactional Costs, associated with the extinguished portion of the related debt, were recognized each period in the line item of “Financial expense”. In addition, Transactional Costs pending for amortization related to extinguished debt instruments of $6 in 2022, $27 in 2021 and $19 in 2020 were also recognized within “Financial expense.” As of December 31, 2022 and 2021, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2022 2021 July 2031 Notes 3 12/Jan/21 CEMEX, S.A.B. de C.V. Dollar 1,750 3.875 % 11/Jul/31 (642 ) 1,108 $ 1,102 1,741 September 2030 Notes 3 17/Sep/20 CEMEX, S.A.B. de C.V. Dollar 1,000 5.2 % 17/Sep/30 (283 ) 717 714 995 November 2029 Notes 3 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 (247 ) 753 749 994 June 2027 Notes 05/Jun/20 CEMEX, S.A.B. de C.V. Dollar 1,000 7.375 % 05/Jun/27 — 1,000 996 995 March 2026 Notes 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 — 428 427 454 July 2025 Notes 01/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 — 150 152 152 Other notes payable 20 26 $ 4,160 5,357 1 As of December 31, 2021, after closing the 2021 Credit Agreement, these issued notes are fully and unconditionally guaranteed by CEMEX Concretos, S.A. de C.V., CEMEX Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and CEMEX Corp. 2 Presented net of all notes repurchased by CEMEX. As of December 31, 2022, all repurchased notes have been canceled. 3 During 2022, pursuant to tender offers and other market transactions, CEMEX partially repurchased different series of its notes for an aggregate notional amount of $1,172. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional costs, generated a repurchase gain of $104, recognized in the statement of operations for the year. The maturities of consolidated long-term debt as of December 31, 2022, were as follows: Bank Notes Total 2024 $ 379 6 385 2025 1,280 156 1,436 2026 1,056 433 1,489 2027 45 999 1,044 2028 and thereafter — 2,566 2,566 $ 2,760 4,160 6,920 As of December 31, 2022, CEMEX had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2021 Credit Agreement, at annual interest rates ranging between 3.38% and 5.65%, depending on the negotiated currency: Lines of Available Other lines of credit in foreign subsidiaries 1 $ 364 204 Other lines of credit from banks 1 556 356 Revolving credit facility 2021 Credit Agreement 1,750 1,450 $ 2,670 2,010 1 Uncommitted amounts subject to the banks’ availability. 2021 Credit Agreement On October 29, 2021, CEMEX, S.A.B. de C.V. closed a Dollar-denominated $3,250 syndicated sustainability-linked credit agreement (the “2021 Credit Agreement”), which proceeds were mainly used to fully repay its previous 2017 Facilities Agreement. The 2021 Credit Agreement originally consisted of a $1,500 five-year amortizing term loan and a $1,750 five-year committed Revolving Credit Facility (“RCF”). The 2021 Credit Agreement, which was the first debt instrument issued by CEMEX under the Sustainability-linked Financing Framework (the “Framework”) aligned to CEMEX’s strategy of CO 2 All tranches under the 2021 Credit Agreement include a margin over LIBOR 1 1 1 Moreover, on December 23, 2021, CEMEX closed a Peso-denominated of Ps 5,231 syndicated sustainability-linked credit agreement (the “2021 Pesos Credit Agreement”), under terms substantially similar to those of the 2021 Credit Agreement. The 2021 Pesos Credit Agreement has the same guarantor structure as the 2021 Credit Agreement. As of December 31, 2022 and 2021, debt outstanding under the 2021 Pesos Credit Agreement amounted to Ps 5,231, equivalent to $268 and $255, respectively. The balance of debt under the 2021 Credit Agreement, which debtor is CEMEX, S.A.B. de C.V., is guaranteed by CEMEX Concretos, S.A. de C.V., CEMEX Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and CEMEX Corp., same guarantor structure applicable in all senior notes of the Parent Company. Under the 2021 Credit Agreement, CEMEX has no limits or permitted baskets to incur capital expenditures, acquisitions, dividends, share buybacks and sale of assets, among others, as long as certain limited circumstances, such as non-compliance As of December 31, 2022 and 2021, CEMEX was in compliance with the limitations, restrictions and financial covenants contained in the 2021 Credit Agreement and in the 2021 Pesos Credit Agreement. CEMEX cannot assure that in the future it will be able to comply with such limitations, restrictions and financial covenants, which non-compliance 2017 Facilities Agreement In July 2017, the Parent Company and certain subsidiaries entered into a multi-currency equivalent to $4,050 at the origination date syndicated facilities agreement (the “2017 Facilities Agreement”), which proceeds were used to repay the $3,680 then outstanding under the former facilities agreement and other debt. All tranches under the 2017 Facilities Agreement, which was outstanding until October 29, 2021, included a margin of LIBOR or EURIBOR 2 2 In the amendment process to the 2017 Facilities Agreement that became effective on October 13, 2020, among other aspects, CEMEX negotiated modifications to the then applicable financial covenants considering the adverse effects arising during the COVID-19 one-time agreed to certain temporary restrictions with respect to permitted capital expenditures, the extension of loans to third parties, acquisitions and/or the use of proceeds from asset sales and fundraising activities, as well as the suspension of share repurchases whenever and for as long as the Company failed to report a consolidated leverage ratio of 4.50 times or less. During 2021 until October 29 and the years 2020 and 2019, under the 2017 Facilities Agreement, except when capital expenditures or acquisitions did not exceed free cash flow generation or were funded with proceeds from equity issuances or asset disposals, CEMEX was required to: a) not exceed an aggregate amount for capital expenditures of $1,500 per year, excluding certain capital expenditures, joint venture investments and acquisitions by CHP and its subsidiaries and CLH and its subsidiaries, which had a separate limit of $500 (or its equivalent) each; and b) not exceed the amount for permitted acquisitions and investments in joint ventures of $400 per year. 1 The London Inter-Bank Offered Rate (“LIBOR”) represent the variable rate used in international markets for debt denominated in Dollars. As of December 31, 2022 and 2021, 3-Month 2 The Euro Inter-Bank Offered Rate (“EURIBOR”) represent the variable rate used in international markets for debt denominated in Euros. The Tasa de Inter é s Interbancaria de Equilibrio 3-Month -0.57%, 28-day Financial Covenants Under the 2021 Credit Agreement, at the end of each quarter for each period of four consecutive quarters, CEMEX must comply with a maximum Consolidated Leverage Ratio of 3.75 times throughout the life of the Credit Agreement, and a minimum ratio of Operating EBITDA to interest expense (“Consolidated Coverage Ratio”) of 2.75 times. These financial ratios are calculated using the consolidated amounts under IFRS. As of December 31, 2020, under the 2017 Facilities Agreement, CEMEX had to comply with a Consolidated Coverage Ratio equal or greater than 1.75 times and a Consolidated Leverage Ratio equal or lower than 6.25 times. Consolidated Leverage Ratio • Under the 2021 Credit Agreement, the ratio is calculated dividing “Consolidated Net Debt” by “Consolidated EBITDA” for the last twelve months as of the calculation date. Consolidated Net Debt equals debt, as reported in the statement of financial position, net of cash and cash equivalents, excluding any existing or future obligations under any securitization program, and any subordinated debt of CEMEX, adjusted for net mark-to-market • Under the 2017 Facilities Agreement, the ratio was calculated dividing “Funded Debt” by pro forma Operating EBITDA for the last twelve months as of the calculation date including a permanent fixed adjustment from the adoption of IFRS 16. Funded Debt equals debt, as reported in the statement of financial position, net of cash and cash equivalents, excluding components of liability of convertible subordinated notes, plus lease liabilities, perpetual debentures and guarantees, plus or minus the fair value of derivative financial instruments, as applicable, among other adjustments for business acquisitions or disposals. Consolidated EBITDA: Pro forma Operating EBITDA: Consolidated Coverage Ratio • Under the 2021 Credit Agreement, the ratio is calculated by dividing Consolidated EBITDA by the financial expense for the last twelve months as of the calculation date. • Under the 2017 Facilities Agreement, the ratio was calculated by dividing pro forma Operating EBITDA by the financial expense for the last twelve months as of the calculation date, both including IFRS 16 effects. Financial expense included coupons accrued on the perpetual debentures. As of December 31, 2022, 2021 and 2020, under the 2021 Credit Agreement and the 2017 Facilities Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios Refers to the compliance limits 2022 2021 2020 Leverage ratio Limit <=3.75 <=3.75 <=6.25 Calculation 2.84 2.73 4.07 Coverage ratio Limit >=2.75 >=2.75 >=1.75 Calculation 6.27 5.99 3.82 CEMEX’s ability to comply with these ratios may be affected by economic conditions and volatility in foreign exchange rates, as well as by overall conditions in the financial and capital markets. CEMEX will classify all of its non-current 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 current 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 2021 Credit Agreement. That scenario would have a material adverse effect on CEMEX’s operating results, liquidity or financial position. 17.2) OTHER FINANCIAL OBLIGATIONS As of December 31, 2022 and 2021, other financial obligations in the consolidated statement of financial position were detailed as follows: 2022 2021 Current Non-current Total Current Non-current Total I. Leases $ 258 918 1,176 $ 265 911 1,176 II. Liabilities secured with accounts receivable 678 — 678 602 — 602 $ 936 918 1,854 $ 867 911 1,778 I. Leases (notes 2.7, 8.1, 15.2 and 24.1) CEMEX has several operating and administrative assets under lease contracts (note 15.2). As mentioned in note 2.7, CEMEX applies the recognition exemption for short-term leases and leases of low-value 2022 2021 2020 Lease financial liability at beginning of year $ 1,176 1,260 1,306 Additions from new leases 296 227 213 Reductions from payments (276 ) (313 ) (276 ) Cancellations and liability remeasurements 7 27 (9 ) Foreign currency translation and accretion effects (27 ) (25 ) 26 Lease financial liability at end of year $ 1,176 1,176 1,260 As of December 31, 2022, the maturities of non-current Total 2024 $ 194 2025 151 2026 109 2027 81 2028 and thereafter 383 $ 918 Total cash outflows for leases in 2022, 2021 and 2020, including the interest expense portion as disclosed at note 8.1, were $342, $381 and $350, respectively. Future payments associated with these contracts are presented in note 24.1. II. Liabilities secured with accounts receivable As mentioned in note 10, as of December 31, 2022 and 2021, the funded amounts of sale of trade accounts receivable under securitization programs and/or factoring programs with recourse of $678 and $602, respectively, were recognized within the line item “Other financial obligations” in the statement of financial position. For the years ended December 31, 2022, 2021 and 2020, the net cash flows generated by (used in) these securitization programs were $79, $25 and $(26), respectively. 17.3) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities The book values of cash, trade receivables, other accounts receivable, trade payables, other accounts payable and accrued expenses, as well as short-term debt, approximate their corresponding estimated fair values due to the revolving nature of these financial assets and liabilities in the short-term. The estimated fair value of CEMEX´s non-current The fair values determined by CEMEX for its derivative financial instruments are level 2. There is no direct measure for the risk of CEMEX or its counterparties in connection with such instruments. Therefore, the risk factors applied for CEMEX’s assets and liabilities originated by the valuation of such derivatives were extrapolated from publicly available risk discounts for other public debt instruments of CEMEX or of its counterparties. The estimated fair value of derivative instruments fluctuates over time and is determined by measuring the effect of future relevant economic variables according to the yield curves shown in the market as of the reporting date. These values should be analyzed in relation to the fair values of the underlying transactions and as part of CEMEX’s overall exposure to fluctuations in interest rates and foreign exchange rates. The notional amounts of derivative instruments do not represent amounts of cash exchanged by the parties, and consequently, there is no direct measure of CEMEX’s exposure to the use of these derivatives. The amounts exchanged are determined based on the notional amounts and other terms included in the derivative instruments. As of December 31, 2022 and 2021, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2022 2021 Carrying Fair Carrying Fair Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 57 57 $ 22 22 Other investments and non-current 236 236 221 221 $ 293 293 $ 243 243 Financial liabilities Long-term debt (note 17.1) $ 6,920 6,517 $ 7,306 7,629 Other financial obligations (note 17.2) 918 788 911 919 Derivative financial instruments (notes 17.4 and 18.2) 2 2 30 30 $ 7,840 7,307 $ 8,247 8,578 As of December 31, 2022 and 2021, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 2.7): 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 57 — 57 Investments in strategic equity securities (note 14.2) 5 — — 5 Other investments at fair value through earnings (note 14.2) — 3 — 3 $ 5 60 — 65 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 2 — 2 2021 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 22 — 22 Investments in strategic equity securities (note 14.2) 14 — — 14 Other investments at fair value through earnings (note 14.2) — 3 — 3 $ 14 25 — 39 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 30 — 30 17.4) DERIVATIVE FINANCIAL INSTRUMENTS During the reported periods, in compliance with the guidelines established by its Risk Management Committee, the restrictions set forth by its debt agreements and its hedging strategy (note 17.5), CEMEX held derivative instruments with the objectives explained in the following paragraphs. As of December 31, 2022 and 2021, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2022 2021 Notional Fair Notional Fair I. Net investment hedges $ 837 (48 ) 1,511 3 II. Interest rate swaps 1,018 54 1,005 (18 ) III. Fuel price hedging 136 8 145 30 IV. Foreign exchange options 500 18 250 6 $ 2,491 32 2,911 21 The caption “Financial income and other items, net” in the statements of operations includes certain gains and losses related to the recognition of changes in fair values of the derivative financial instruments during the applicable period, which represented net losses of $5 in 2022, of $6 in 2021 and of $17 in 2020. I. Net investment hedges As of December 31, 2022 and 2021, there are Dollar/Peso foreign exchange forward contracts with target tenor ranging from 1 to 18 months for notional amounts of $738 and $761, respectively. CEMEX has designated this program as a hedge of CEMEX’s net investment in 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 2022, 2021 and 2020, these contracts generated losses of $96, losses of $4 and gains of $53, respectively, which partially offset currency translation results in each year recognized in equity generated from CEMEX’s net assets denominated in Pesos due to the appreciation of the Peso in 2022 and the depreciation of the Peso in 2021 and 2020. In addition, as of December 31, 2022, as part of CEMEX’s Peso net investment hedge strategy, there are additional Dollar/Peso capped forwards, structured with option contracts, for a notional amount of $98. These capped forwards contain limits on the gain that the instrument may generate. Any changes in fair market value of such capped forward contracts are also recognized as part of other comprehensive income in equity. For the year 2022, these contracts generated losses of $2, which partially offset currency translation results recognized in equity generated from CEMEX’s net assets denominated in Pesos due to the appreciation of the Peso in 2022. Moreover, as of December 31, 2021, CEMEX held Dollar/Euro cross-currency swap contracts for a notional amount of $750, which were entered into in November 2021. During the year 2022, CEMEX unwound these instruments fixing a settlement gain of $80. CEMEX designated the foreign exchange forward component of these instruments as a hedge of CEMEX’s net investment in Euros, pursuant to which changes in fair market of such forward contracts were recognized as part of other comprehensive income in equity, while changes in fair value of the interest rate swap component were recognized within the line item of “Financial income and other items, net.” For the years 2022 and 2021, these contracts generated gains of $70 and $10 recognized in equity, which partially offset currency translation results recognized in equity generated from CEMEX’s net assets denominated in Euros due to the depreciation of the Euro in 2022 and 2021 against the Dollar, as well as gains of $8 in 2022 and losses of $1 in 2021 related to the exchange of interest rates in the statement of operations. II. Interest rate swap contracts For accounting purposes under IFRS, CEMEX designates interest rate swaps as cash flow hedges, to fix interest rate payments in relation to an equivalent amount of floating interest rate debt; therefore, changes in fair value of these contracts are initially recognized as part of other comprehensive income in equity and are subsequently reclassified to financial expense as the interest expense of the related floating interest rate debt is accrued in the statement of operations. As of December 31, 2022 and 2021, CEMEX held interest rate swaps for a notional amount of $750, in both periods, with a fair market value representing assets of $39 in 2022 and liabilities of $30 in 2021, negotiated in June 2018 to fix interest payments of existing bank loans bearing Dollar floating rates. During September 2020, CEMEX amended one of the interest rate swap contracts to reduce the weighted average fixed rate from 3.05% to 2.56% in exchange of a payment of $14 and, in November 2021, CEMEX unwound a portion of its interest rate swap in exchange of a payment of $5, recognized within “Financial income and other items, net” in the statement of operations. In November 2021, these contracts were extended with a new maturity date in November 2026. For the years 2022, 2021 and 2020, changes in fair value of these contracts generated gains of $69, gains of $23 and losses of $9, respectively, recognized in other comprehensive income. Moreover, during the same periods, CEMEX recycled results from equity to the line item of “Financial expenses” representing an expense of $2 in 2022, expense of $22 in 2021 and expense of $20 in 2020. In addition, as of December 31, 2022 and 2021, CEMEX held interest rate swaps for a notional of $268 and $255, respectively, negotiated to fix interest payments of existing bank loans referenced to Peso floating rates maturing in November 2023, which fair value represented an asset of $15 in 2022 and of $12 in 2021. During December 2021, CEMEX partially unwound its interest rate swap receiving $3 recognized within “Financial income and other items, net” in the statement of operations. 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 December 31, 2022, 2021 and 2020 changes in fair value of these contracts generated gains of $3, gains of $15 and losses of $3, respectively, recognized in other comprehensive income. Moreover, during the same periods, CEMEX recycled results from equity to the line item of “Financial expenses” representing gains of $7 in 2022, expense of $0.3 in 2021 and expense of $0.1 in 2020. In addition, as part of a forecasted debt issuance expected by mid-2023, III. Fuel price hedging As of December 31, 2022 and 2021, CEMEX maintained swap and option contracts negotiated to hedge the price of certain fuels, primarily diesel and gas, in several operations for aggregate notional amounts of $136 and $145, respectively, with an estimated aggregate fair value representing assets of $8 in 2022 and of $30 in 2021. By means of these contracts, for its own consumption only, CEMEX either fixed the price of these fuels, or entered into option contracts to limit the prices to be paid for these fuels, over certain volumes representing a portion of the estimated consumption of such fuels in several operations. These contracts have been designated as cash flow hedges of diesel or gas consumption, and as such, changes in fair value are recognized temporarily through other comprehensive income and are recycled to operating expenses as the related fuel volumes are consumed. For the years 2022, 2021 and 2020, changes in fair value of these contracts recognized in other comprehensive income represented losses of $25, gains of $22 and $7, respectively. Moreover, during the same periods, CEMEX recycled results from equity to the line items of “Cost of sales” and “Operating expenses”, as applicable, representing gains of $88 in 2022, gains of $36 in 2021 and an expense of $24 in 2020. IV. Foreign exchange options As of December 31, 2022 and 2021, CEMEX held Dollar/Peso call spread option contracts for a notional amount of $500 and $250, respectively. Such contracts mature between September 2024 and December 2024 and were negotiated to maintain the value in Dollars over an equivalent amount over revenue generated in Pesos. Changes in the fair value of these instruments, generated losses of $13 in 2022 and of losses of $5 in 2021, recognized within “Financial income and other items, net” in the statement of operations. Other derivative financial instruments negotiated during the periods During 2020, CEMEX negotiated Dollar/Peso, Dollar/Euro and Dollar/British Pound foreign exchange forward contracts to sell Dollars and Pesos and buy Euros and British Pounds, negotiated in connection with the voluntary prepayment and currency exchanges under the 2017 Facilities Agreement, for a combined notional amount of $397. For the year 2020, the aggregate results from positions entered and settled, generated losses of $15 recognized within “Financial income and other items, net” in the statements of operation. Additionally, during 2020, CEMEX negotiated Dollar/Euro foreign exchange forward contracts to sell Dollars and buy Euros, Other derivative financial instruments negotiated during the periods negotiated in connection with the redemption of the 4.625% April 2024 Notes. For the year 2020, the aggregate results of these instruments from positions entered and settled, generated gains of $3, recognized within “Financial income and other items, net” in the statement of operations. Moreover, in connection with the proceeds from the sale of certain assets in the United Kingdom (note 4.2), the Company negotiated British Pound/Euro foreign exchange forward contracts to sell British Pounds and buy Euros for a notional amount of $186. CEMEX settled such derivatives on August 5, 2020. During the year 2020, changes in the fair value of these instruments and their settlement generated gains of $9 recognized within “Financial income and other items, net” in the statement of operations. 17.5) RISK MANAGEMENT Enterprise risks may arise from any of the following situations: i) the potential change in the value of assets owned or reasonably anticipated to be owned, ii) the potential change in value of liabilities incurred or reasonably anticipated to be incurred, iii) the potential change in value of services provided, purchase or reasonably anticipated to be provided or purchased in the ordinary course of business, iv) the potential change in the value of assets, services, inputs, products or commodities owned, produced, manufactured, processed, merchandised, leased or sold or reasonably anticipated to be owned, produced, manufactured, processed, merchandised, leased or sold in the ordinary course of business, or v) any potential change in the value arising from interest rate or foreign exchange rate exposures arising from current or anticipated assets or liabilities. In the ordinary course of business, CEMEX is exposed to commodities risk, including the exposure from inputs such as fuel, coal, petcoke, fly-ash, As of December 31, 2022 and 2021, these strategies are sometimes complemented with the use of derivative financial instruments as mentioned in note 17.4, such as the commodity forward contracts on fuels negotiated to fix the price of these underlying commodities. The main risk categories are mentioned below: Credit risk Credit risk is the risk of financial loss faced by CEMEX if a customer or counterparty to a financial instrument does not meet its contractual obligations and originates mainly from trade accounts receivable. As of December 31, 2022 and 2021, 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 basis and is subject to assessments which consider the customers’ payment capacity, as well as past behavior regarding due dates, balances past due and delinquent accounts. In cases deemed necessary, CEMEX’s management requires guarantees from its customers and financial counterparties regarding financial assets. 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, 2022, considering CEMEX’s best estimate of potential expected losses based on the ECL model developed by CEMEX (note 10), the allowance for expected credit losses was $91. 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. Additionally, there is an opportunity cost for continuing to pay a determined fixed interest ra |
Other Current and Non-current L
Other Current and Non-current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other Current and Non-current Liabilities | 18) OTHER CURRENT AND NON-CURRENT 18.1) OTHER CURRENT LIABILITIES As of December 31, 2022 and 2021, consolidated other current liabilities were as follows: 2022 2021 Provisions 1 $ 620 620 Interest payable 96 92 Other accounts payable and accrued expenses 2 216 233 Contract liabilities with customers (note 3) 3 293 257 $ 1,225 1,202 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, 2022 and 2021, includes $6 and $7, respectively, of the current portion of other taxes payable in Mexico. 3 As of December 31, 2022 and 2021, contract liabilities with customers included $253 and $219, respectively, of advances received from customers, as well as in 2022 and 2021 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 and $4, respectively. 18.2) OTHER NON-CURRENT As of December 31, 2022 and 2021, consolidated other non-current 2022 2021 Asset retirement obligations 1 $ 465 553 Accruals for legal assessments and other responsibilities 2 41 48 Non-current 2 30 Environmental liabilities 3 233 276 Other non-current 4, 5 324 391 $ 1,065 1,298 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, 2021, includes $6 of the non-current orti 5 As of December 31, 2022 and 2021, the balance includes deferred revenues of $27 and $32, respectively, that are amortized to the income statement as deliverables are fulfilled over the maturity of long-term clinker supply agreements. Changes in consolidated other current and non-current 2022 Asset Environmental Accruals for legal Valuation Other Total 2021 Balance at beginning of period $ 553 276 48 37 1,043 1,957 1,756 Additions or increase in estimates 22 1 11 25 211 270 595 Releases or decrease in estimates (119 ) (37 ) (17 ) (29 ) (284 ) (486 ) (301 ) Business combinations 6 — — — — 6 — Reclassifications 34 — — — (26 ) 8 4 Accretion expense (24 ) — (4 ) — (30 ) (58 ) (28 ) Foreign currency translation (7 ) (7 ) 3 17 23 29 (69 ) Balance at end of period $ 465 233 41 50 937 1,726 1,957 Out of which: Current provisions $ — — — 48 613 661 659 |
Pensions and Post-Employment Be
Pensions and Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Pensions and other post-employment benefits | 19) PENSIONS AND POST-EMPLOYMENT BENEFITS Defined contribution pension plans The consolidated costs of defined contribution plans for the years ended December 31, 2022, 2021 and 2020 were $59, $54 and $48, respectively. CEMEX contributes periodically the amounts offered by the pension plan to the employee’s individual accounts, not retaining any remaining liability as of the financial statements’ date. Defined benefit pension plans Most of CEMEX’s defined benefit plans have been closed to new participants for several years. Actuarial results related to pension and other post-employment benefits are recognized in earnings and/or in “Other comprehensive income” for the period in which they are generated, as appropriate. For the years ended December 31, 2022, 2021 and 2020, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2022 2021 2020 2022 2021 2020 2022 2021 2020 Recorded in operating costs and expenses Service cost $ 8 9 9 4 3 2 12 12 11 Past service cost 1 — (2 ) — — 1 1 — (1 ) Settlements and curtailments — (1 ) — — (1 ) (1 ) — (2 ) (1 ) 9 8 7 4 2 2 13 10 9 Recorded in other financial expenses Net interest cost 23 26 27 6 5 5 29 30 32 Recorded in other comprehensive income Actuarial (gains) losses for the period (166 ) (257 ) 181 (10 ) (6 ) 18 (176 ) (263 ) 199 $ (134 ) (223 ) 215 — 1 25 (134 ) (223 ) 240 As of December 31, 2022 and 2021, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2022 2021 2022 2021 2022 2021 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,685 2,928 98 105 2,783 3,033 Service cost 8 9 4 3 12 12 Interest cost 66 62 6 5 72 67 Actuarial gains (632 ) (134 ) (10 ) (6 ) (642 ) (140 ) Initial valuation from new plan 13 — — — 13 — Reduction from disposal of assets 1 (6 ) — — — (6 ) — Settlements and curtailments — (1 ) — (1 ) — (2 ) Plan amendments 1 — — — 1 — Benefits paid (130 ) (132 ) (7 ) (7 ) (137 ) (139 ) Foreign currency translation (194 ) (47 ) 1 (1 ) (193 ) (48 ) Projected benefit obligation at end of the period 1,811 2,685 92 98 1,903 2,783 Change in plan assets: Fair value of plan assets at beginning of the period 1,783 1,693 1 1 1,784 1,694 Return on plan assets 43 36 — — 43 36 Actuarial (losses) gains (466 ) 123 — — (466 ) 123 Employer contributions 98 78 7 7 105 85 Initial valuation from new plan 13 — — — 13 — Benefits paid (132 ) (132 ) (7 ) (7 ) (139 ) (139 ) Foreign currency translation (132 ) (15 ) — — (132 ) (15 ) Fair value of plan assets at end of the period 1,207 1,783 1 1 1,208 1,784 Net projected liability in the statement of financial position $ 604 902 91 97 695 999 1 In connection with the sale of Neoris’ 65% stake as described in note 4.2. For the years 2022, 2021 and 2020, actuarial (gains) losses for the period were generated by the following main factors as follows: 2022 2021 2020 Actuarial (gains) losses due to experience $ 96 (87 ) 1 Actuarial (gains) losses due to demographic assumptions (2 ) 20 18 Actuarial (gains) losses due financial assumptions (270 ) (196 ) 180 $ (176 ) (263 ) 199 In 2022, net actuarial gains due to financial assumptions were mainly driven by a general increase 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 increased in 2022 as compared to 2021, partially offset by actual returns in plan assets lower than estimated for a total of $466, of which $373 refers to the United Kingdom, $52 to the United States and $19 to Mexico. In addition, there were significant increase effects in the net projected liability related to adjustments due to experience for a total of $96, mainly in the United Kingdom for $77 and Germany for $13. In 2022, the net actuarial gains were also driven by a gain in demographic assumptions of $2. In 2021, net actuarial gains due to financial assumptions were mainly driven by moderate increases in the discount rates applicable to the calculation of the benefits’ obligations in the United Kingdom, the United States, Germany and Mexico, as market interest rates increased in 2021 as compared to 2020. In addition, there were significant reduction effects in the net projected liability related to adjustments due to experience in the United Kingdom, the United States and Germany for a combined amount of $81. Moreover, the net projected liability significantly decreased by actual returns in plan assets higher than estimated returns for a total of $122, of which $86 refers to the United Kingdom, $13 to the United States and $23 to other countries, partially offset by actuarial losses due to demographic assumption of $20, of which $12 refers to the United Kingdom. As of December 31, 2022 and 2021, based on the hierarchy of fair values, plan assets are detailed as follows: 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 38 — — 38 $ 33 — — 33 Investments in corporate bonds 7 289 — 296 1 432 — 433 Investments in government bonds 90 266 — 356 85 393 — 478 Total fixed-income securities 135 555 — 690 119 825 — 944 Investment in marketable securities 226 42 — 268 380 109 — 489 Other investments and private funds 91 42 117 250 163 88 100 351 Total variable-income securities 317 84 117 518 543 197 100 840 Total plan assets $ 452 639 117 1,208 $ 662 1,022 100 1,784 The most significant assumptions used in the determination of the benefit obligation were as follows: 2022 2021 Mexico United United Range of rates in Mexico United United Rates ranges in Discount rates 10.50 % 5.50 % 5.00 % 3.6%–13.0% 9.25 % 2.90 % 1.90 % 0.4%–9.3% Rate of return on plan assets 10.50 % 5.50 % 5.00 % 3.6%–13.0% 9.25 % 2.90 % 1.90 % 0.4%–9.3% Rate of salary increases 4.50 % — 3.25 % 2.5%–7.3% 4.50 % — 3.35 % 2.3%–7.3% As of December 31, 2022, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2023 $ 145 2024 139 2025 140 2026 140 2027 – 2032 821 As of December 31, 2022 and 2021, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2022 2021 PBO Assets Deficit PBO Assets Deficit Mexico $ 220 25 195 $ 200 38 162 United States 194 166 28 270 226 44 United Kingdom 1 1,062 791 271 1,794 1,273 521 Germany 134 6 128 180 7 173 Other countries 293 220 73 339 240 99 $ 1,903 1,208 695 $ 2,783 1,784 999 1 Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund started to receive annual dividends from a limited partnership (the “Partnership”), whose assets, transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. The annual dividends received by the pension funds in 2022, 2021 and 2020, which increase at a 5% rate per year, were £22.3 ($30), £22.3 ($30) and £21.3 ($29), respectively. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. In some countries, CEMEX has established health care benefits for retired personnel limited to a certain number of years after retirement. As of December 31, 2022 and 2021, the projected benefits obligation related to these benefits was $60 and $69, respectively, included within other benefits liability. The medical inflation rates used to determine the projected benefits obligation of these benefits in 2022 and 2021 for Mexico were 7% and 7% respectively, for Puerto Rico 5.4% and 6.4%, respectively, for the United Kingdom were 6.8% and 6.9%, respectively, and for TCL was a rate range between 5.0% and 13.0% and 5.0% and 10.5%, respectively. Significant events of settlements or curtailments related to employees’ pension benefits and other post-employment benefits during the reported periods In 2022, there were no significant settlements or curtailments related to employees’ pension benefits and other post-employment benefits. Significant events of settlements or curtailments related to employees’ pension benefits and other post-employment benefits during the reported periods — continued In 2021, as an effect of a sale of assets in France (note 4.2), there was a curtailment gain of $1 in its pension plan recognized in the statement of operations for the period. In addition, one of the participating companies in other postretirement benefits of TCL ceased operations in February 2021, resulting in a curtailment gain in other postretirement benefits of $1 reflected in the statement of operations for the period. During 2020, in connection with the divestiture of Kosmos’ assets in the United States (note 4.1), CEMEX recognized a curtailment gain of $1 related to its medical plan. Moreover, in France, CEMEX changed certain formulas of the pension benefits resulting in a past service gain of $2. In addition, in Mexico, CEMEX changed some postretirement benefits resulting in an expense for past services of $1 in 2020. These effects were recognized in the income statement for the year. Sensitivity analysis of pension and other post-employment benefits For the year ended December 31, 2022, 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, 2022 are shown below: Pensions Other benefits Total Assumptions: +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Discount Rate Sensitivity $ (91 ) 100 (3 ) 3 (94 ) 103 Salary Increase Rate Sensitivity 5 (4 ) — (1 ) 5 (5 ) Pension Increase Rate Sensitivity 66 (63 ) — — 66 (63 ) 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 $61 in 2022, $58 in 2021 and $56 in 2020. The Company expects to contribute $58 to the multiemployer plans in 2023. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Income Taxes | 20) INCOME TAXES 20.1) INCOME TAXES FOR THE PERIOD The amounts of income tax expense in the statements of operations for 2022, 2021 and 2020 are summarized as follows: 2022 2021 2020 Current income tax expense $ 170 172 158 Deferred income tax expense (income) 39 (35 ) (122 ) $ 209 137 36 20.2) DEFERRED INCOME TAXES As of December 31, 2022 and 2021, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2022 2021 Deferred tax assets: Tax loss carryforwards and other tax credits $ 561 662 Accounts payable and accrued expenses 754 808 Intangible assets, net 140 138 Total deferred tax assets, gross 1,455 1,608 Presentation of net position by same legal entity (1,044 ) (1,046 ) 411 562 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,406 ) (1,502 ) Investments and other assets (32 ) (29 ) Total deferred tax liabilities, gross (1,438 ) (1,531 ) Presentation of net position by same legal entity 1,044 1,046 Total deferred tax liabilities, net in the statement of financial position (394 ) (485 ) Net deferred tax assets (liabilities) $ 17 77 Out of which: Net deferred tax liabilities in Mexican entities 1 $ (17 ) (81 ) Net deferred tax assets in foreign entities 2 34 158 Net deferred tax assets $ 17 77 1 Net deferred tax liabilities in Mexico at the reporting date mainly refer to a temporary difference resulting when comparing the carrying amount of property, machinery and equipment, against their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2022 and 2021 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. 20.2) DEFERRED INCOME TAXES — continued As of December 31, 2022 and 2021, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2022 2021 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 168 (185 ) (17 ) $ 191 (272 ) (81 ) Foreign entities 243 (209 ) 34 371 (213 ) 158 $ 411 (394 ) 17 $ 562 (485 ) 77 The breakdown of changes in consolidated deferred income taxes during 2022, 2021 and 2020 was as follows: 2022 2021 2020 Deferred income tax expense (income) in the income statement $ 39 (35 ) (122 ) Deferred income tax expense (income) in stockholders’ equity 14 (38 ) (41 ) Reclassifications 1 7 78 (12 ) Change in deferred income tax during the period $ 60 5 (175 ) 1 In 2022, 2021 and 2020, 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 2022, 2021 and 2020 were as follows: 2022 2021 2020 Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) $ — (6 ) (19 ) Expense (revenue) associated to actuarial results (note 21.2) 32 26 (41 ) Revenue related to derivative financial instruments (note 17.4) (30 ) (1 ) 14 Expense (revenue) from foreign currency translation and other effects 12 (63 ) (14 ) $ 14 (44 ) (60 ) As of December 31, 2022, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of 2023 $ 185 156 29 2024 148 20 128 2025 209 192 17 2026 209 191 18 2027 and thereafter 7,739 5,707 2,032 $ 8,490 6,266 2,224 As of December 31, 2022, in connection with CEMEX’s deferred tax loss carryforwards presented in the table above, to realize the benefits associated with such deferred tax assets that have been recognized, before their expiration, CEMEX would need to generate $2,224 in consolidated pre-tax The Parent Company does not recognize a deferred income tax liability related to its investments in subsidiaries considering that CEMEX controls the reversal of the temporary differences arising from these investments and management is satisfied that such temporary differences will not reverse in the foreseeable future. 20.3) RECONCILIATION OF EFFECTIVE INCOME TAX RATE For the years ended December 31, 2022, 2021 and 2020, the effective consolidated income tax rates were as follows: 2022 2021 2020 Earnings (loss) before income tax $ 770 954 (1,310 ) Income tax expense (209 ) (137 ) (36 ) Effective consolidated income tax expense rate 1 27.1 % 14.4 % (2.7 )% 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 2022, 2021 and 2020 were as follows: 2022 2021 2020 % $ % $ % $ Mexican statutory tax rate 30.0 231 30.0 280 30.0 (391 ) Difference between accounting and tax expenses, net 1 35.8 276 4.8 45 (18.4 ) 240 Non-taxable 3.4 26 (3.8 ) (35 ) 1.3 (17 ) Difference between book and tax inflation 28.2 217 23.9 223 (7.1 ) 92 Differences in the income tax rates in the countries where CEMEX operates 2 (6.2 ) (48 ) 4.7 44 (0.9 ) 12 Changes in deferred tax assets 3 (59.7 ) (460 ) (48.7 ) (454 ) (9.6 ) 125 Changes in provisions for uncertain tax positions (5.1 ) (39 ) 2.6 24 0.2 (3 ) Others 0.7 6 0.9 10 1.8 (22 ) Effective consolidated income tax expense rate 27.1 209 14.4 137 (2.7 ) 36 1 In 2022 includes $365 and in 2020 includes $312, related to the effects of the impairment charges during the periods which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2021 includes the effect related to the change in statutory tax rate in Colombia from 30% to 35%. 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. The following table compares the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2022 and 2021: 2022 2021 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ — 38 — 9 Derecognition related to tax loss carryforwards recognized in prior years (103 ) — (145 ) — Recognition related to unrecognized tax loss carryforwards 16 (498 ) 19 (460 ) Foreign currency translation and other effects (14 ) — 11 (3 ) Changes in deferred tax assets $ (101 ) (460 ) (115 ) (454 ) 20.4) UNCERTAIN TAX POSITIONS AND SIGNIFICANT TAX PROCEEDINGS Uncertain tax positions As of December 31, 2022 and 2021, as part of current provisions and non-current 2022 2021 2020 Balance of tax positions at beginning of the period $ 48 27 28 Additions for tax positions of prior periods 5 4 — Additions for tax positions of current period 5 27 3 Reductions for tax positions related to prior periods and other items (11 ) (2 ) (1 ) Settlements and reclassifications (4 ) (5 ) (3 ) Expiration of the statute of limitations (2 ) (2 ) (2 ) Foreign currency translation effects — (1 ) 2 Balance of tax positions at end of the period $ 41 48 27 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, 2022, the Company’s most significant tax proceedings are as follows: • The tax authorities in Spain (“the Spanish Tax Authorities”) challenged part of the tax loss carryforwards reported by CEMEX España covering the tax years from and including 2006 to 2009. During 2013, the Spanish Tax Authorities notified CEMEX España of fines in the aggregate amount of $489. In April 2014, CEMEX España filed appeals against such resolution before the Tribunal Económico Administrativo Central resolution in November 2017 before the National Court ( Audiencia Nacional • On March 26, 2021, the Spanish Tax Authorities notified CEMEX España of an assessment for Income Taxes in an amount in Euros equivalent to $51 as of December 31, 2022, plus late interest, derived from a tax audit process covering the tax years 2010 to 2014. This assessment was appealed before the TEAC. In order for the suspension of the payment of the tax assessment to be granted, CEMEX España provided a payment guarantee which was approved by such tax authorities. Moreover, on December 3, 2021, the Spanish Tax Authorities notified CEMEX España of a penalty for an amount in Euros equivalent to $73, derived from the tax audit process covering the same period from 2010 to 2014. This assessment was appealed before the TEAC. Until this appeal is resolved, no payment will be made and the company is not required to furnish a guarantee for the filing of the appeal. As of December 31, 2022, CEMEX believes an adverse resolution in these proceedings are not probable and no accruals have been created in connection with these proceedings. Nonetheless, it is difficult to assess with certainty the likelihood of an adverse result, and the appeals that CEMEX España has filed could take an extended amount of time to be resolved, but if adversely resolved, these proceedings could have a material adverse impact on CEMEX’s results of operations, liquidity or financial position. • During April, 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 $26 of income tax and $26 of penalty. After having appealed this requirement, 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, which was rejected in all its parts by the Tax Authority on January 8, 2020. On July 1, 2020, CEMEX Colombia filed an appeal against the aforementioned resolution in the Administrative Court of Cundinamarca. In the event of an unfavorable resolution, the aforementioned amounts include in the taxes payable, the adjustment of refunding to the Tax Authority credit balances for the year in question, which were used to offset taxes payable for subsequent years. If the proceeding is adversely resolved in the final stage, CEMEX Colombia must pay the amounts determined in the official settlement plus interest accrued on the amount of the income tax adjustment until the payment date. As of December 31, 2022, at 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; if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. • In September 2012, the Tax Authority requested CEMEX Colombia to amend its income tax return for the year 2011 in connection with several deductible expenses including the amortization of goodwill. CEMEX Colombia rejected the arguments of the ordinary request and filed a motion requesting the case to be closed. The 2011 income tax return was under audit of the Tax Authority from August 2013 until September 5, 2018, when the Tax Authority notified CEMEX Colombia of a special proceeding in which it rejected certain deductions included in the 2011 tax return and determined an increase in the income tax payable and imposed a penalty for amounts in Colombian Pesos equivalent to $18 of income tax and $18 of penalty. After having appealed this requirement, the Tax Authority notified the official reversal review liquidation in May, 2019, maintaining the claims of the special proceeding; CEMEX Colombia filed an appeal on July 11, 2019. On July 6, 2020, CEMEX Colombia was notified about a resolution to the appeal of reconsideration, in which the Tax Authority confirms the claims of the official liquidation. On October 22, 2020, CEMEX Colombia filed an appeal against the resolution in the Administrative Court of Cundinamarca within legal term. In the event of a final unfavorable resolution, the amounts mentioned above include in taxes payable, the adjustment of refunding to the Tax Authority of credit balances for the year in question, which were used to offset taxes payable in subsequent years. If the proceeding is adversely resolved in its final stage, CEMEX Colombia would have to pay the amounts determined in the official settlement plus interest accrued on the amount of the income tax adjustment until the date of payment. As of December 31, 2022, at 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; if adversely resolved, CEMEX believes this proceeding could have a material adverse impact on the operating results, liquidity or financial position of CEMEX. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
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Stockholders' Equity | 21) STOCKHOLDERS’ EQUITY The consolidated financial statements are presented in Dollars based on IAS 21, The Effects of Changes in Foreign Exchange Rates paid-in non-controlling line-by-line December 31, 2022, the line-by-line As of December 31, 2022 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,810 5,414 Other equity reserves 1, 2 (1,555 ) 1,687 Retained earnings 2 4,246 3,400 Total controlling interest $ 10,501 10,501 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, 2022 and 2021, stockholders’ equity excludes investments in CPOs of the Parent Company held by subsidiaries of $8 (20,541,277 CPOs) and $14 (20,541,277 CPOs), respectively, which were eliminated within “Other equity reserves.” 21.1) COMMON STOCK AND ADDITIONAL PAID-IN As of December 31, 2022 and 2021, the breakdown of consolidated common stock and additional paid-in 2022 2021 Common stock $ 318 318 Additional paid-in 7,492 7,492 $ 7,810 7,810 Effective as of December 31, 2020, the Company’s management approved a restitution to the consolidated line item of “Retained earnings” for $2,481, by means of transfer with charge to the line item of “Additional paid-in As of December 31, 2022 and 2021 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2022 2021 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,016,656,496 14,508,328,248 29,457,941,452 14,728,970,726 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 441,284,956 220,642,478 — — 30,339,384,282 15,169,692,141 30,339,384,282 15,169,692,141 1 As of December 31, 2022 and 2021, 13,068,000,000 shares correspond to the fixed portion, and 32,441,076,423 shares as of December 31, 2022 and 2021, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 21.2). On March 24, 2022, stockholders at the ordinary general shareholders’ meeting of CEMEX, S.A.B. de C.V. approved: (a) setting an amount of $500 or its equivalent in Pesos as the maximum amount of resources through year 2022 and until the next ordinary general shareholders’ meeting of the Parent Company that CEMEX, S.A.B. de C.V. may use for the acquisition of its own shares or securities that represent such shares; (b) authorize the Company’s Board of Directors to determine the bases on which the acquisition and placement of any such shares shall be instructed, designate the persons that shall make the decisions to acquire or place them, appoint those responsible for carrying out the transaction and giving the corresponding notices to the authorities; and (c) designation of the members of CEMEX’s Board of Directors, as well as members of the Audit, Corporate Practices and Finance, and Sustainability Committees. On March 25, 2021, stockholders at the annual ordinary shareholders’ meeting (the “Shareholders’ Meeting”) of CEMEX, S.A.B. de C.V. approved: (i) setting the amount of $500 or its equivalent in Pesos as the maximum amount of resources through year 2021 and until the next ordinary general shareholders’ meeting of the Parent Company is held for the acquisition of its own shares or securities that represent such shares; (ii) the decrease of the variable part of the Parent Company’s share capital through the cancellation of (a) 1,134 million shares repurchased during the 2020 fiscal year, under the share repurchase program and (b) an aggregate of 3,409.5 million shares that were authorized to guarantee the conversion of then existing convertible securities, as well as for any new issuance of convertible securities and/or to be subscribed and paid for in a public offering or private subscription; and (iii) the appointment of the members of the Board of Directors, the Audit Committee, the Corporate Practices and Finance Committee (which reduced its members from four to three) and the Sustainability Committee of the Parent Company. On March 26, 2020, the Shareholders’ Meeting of CEMEX, S.A.B. de C.V. approved: (i) setting the amount of $500 or its equivalent in Pesos as the maximum amount of resources through year 2020 and until the next ordinary Shareholders’ Meeting is held for the acquisition of its own shares or securities that represent such shares; and (ii) the cancellation of shares of repurchased during the 2019 fiscal year and the remained in the Parent Company’s treasury after the maturities of the November 2019 Mandatory Convertible Notes and the 3.72% Convertible Notes, except for the minimal conversion. Under the 2020 share repurchase program, the Parent Company repurchased 378.2 million CEMEX CPOs, at a weighted-average price in Pesos equivalent to 0.22 Dollars per CPO. The total amount of these CPO repurchases, excluding value-added tax, was $83. On April 8, 2020, the Parent Company announced that, to enhance its liquidity, it suspended the share repurchase program for the remainder of 2020. In connection with the long-term executive share-based compensation programs (note 22), in 2022 and 2021 CEMEX, S.A.B. de C.V. did not issue shares. 21.2) OTHER EQUITY RESERVES AND SUBORDINATED NOTES As of December 31, 2022 and 2021, the caption of other equity reserves and subordinated notes was integrated as follows: 2022 2021 Other equity reserves $ (2,549 ) (2,365 ) Subordinated notes 994 994 $ (1,555 ) (1,371 ) Other equity reserves As of December 31, 2022 and 2021, other equity reserves are detailed as follows: 2022 2021 Cumulative translation effect, net of effects from deferred income taxes recognized directly in equity (note 20.2) and derivative financial instruments designated as cash flow hedges $ (926 ) (722 ) Cumulative actuarial losses (353 ) (529 ) Cumulative coupon payments under perpetual debentures (note 21.4) (1,070 ) (1,070 ) Treasury shares repurchased under share repurchase program (note 21.1) (111 ) — Cumulative coupon payments under subordinated notes 1 (84 ) (30 ) Treasury shares held by subsidiaries (5 ) (14 ) $ (2,549 ) (2,365 ) 1 Interest accrued under the Parent Company’s subordinated notes described below are recognized as part of other equity reserves. For the years ended December 31, 2022, 2021 and 2020, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2022 2021 2020 Foreign currency translation result 1 $ (235 ) (389 ) 352 Foreign exchange fluctuations from debt 2 (23 ) 89 (126 ) Foreign exchange fluctuations from intercompany balances 3 (68 ) (13 ) (419 ) $ (326 ) (313 ) (193 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 17.4). 2 Generated by foreign exchange fluctuations over a notional amount of debt in CEMEX, S.A.B. de C.V., associated with the acquisition of foreign subsidiaries and designated as a hedge of the net investment in foreign subsidiaries (note 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. Subordinated notes On June 8, 2021, the Parent Company issued one series of $1,000 and a rate of 5.125% subordinated notes with no fixed maturity. After issuance costs, the Parent Company received $994. Considering that the Parent Company’s subordinated notes have no fixed maturity date, there is no contractual obligation for the Parent Company to deliver cash or any other financial assets, the payment of principal and interest may be deferred indefinitely at the sole discretion of CEMEX and specific redemption events, are fully under the Parent Company’s control, under applicable IFRS, these subordinated notes issued by the Parent Company qualify as equity instruments and are classified within controlling interest stockholders’ equity. The Parent Company has a repurchase option on the fifth anniversary of the subordinated notes. In the event of liquidation of the Parent Company’s due to commercial bankruptcy, the subordinated notes would come to the liquidation process according to its subordination after all liabilities. Coupon payments on the subordinated notes were included within “Other equity reserves” and amounted to $54 in 2022 and $30 in 2021. 21.3) RETAINED EARNINGS The Parent Company’s net income for the year is subject to a 5% allocation toward a legal reserve until such reserve equals one fifth of the common stock. As of December 31, 2022, the legal reserve amounted to $93. Non-controlling Non-controlling non-controlling non-controlling non-controlling non-controlling • In February 2017, CEMEX acquired a controlling interest in TCL, whose shares trade in the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling • In July 2016, CHP closed its initial offering of 45% of its common shares. Pursuant to the repurchase of CHP’s shares in the market and a public stock right offering, CEMEX reduced the non-controlling • In November 2012, 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, Guatemala and until August 31, 2022, operations in Costa Rica and El Salvador. In December 2020, by means of a public share tender offer, CEMEX España increased its ownership in CLH by acquiring 108,337,613 shares of CLH in exchange of $103. As of December 31, 2022 and 2021, there is a non-controlling Perpetual debentures As of December 31, 2020, the line item of “Non-controlling Until its repurchase, coupon payments on the perpetual debentures were included within “Other equity reserves” and amounted to $11 in 2021 and $24 in 2020, excluding in all the periods the coupons accrued by perpetual debentures held by subsidiaries. CEMEX’s perpetual debentures had no fixed maturity date and there were no contractual obligations for CEMEX to exchange any series of its outstanding perpetual debentures for financial assets or financial liabilities. As a result, these debentures, issued by Special Purpose Vehicles (“SPVs”), qualified as equity instruments under applicable IFRS and were classified within non-controlling |
Executive Share-Based Compensat
Executive Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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Executive Share-Based Compensation | 22) EXECUTIVE SHARE-BASED COMPENSATION Stock-based awards granted to executives are defined as equity instruments, considering that the services received from employees are settled by delivering shares. The cost of these equity instruments represent their estimated fair value at the grant date of each plan and is recognized in the statement of operations during the periods in which the executives render services and vest the exercise rights. CEMEX, S.A.B. de C.V. sponsors different long-term restricted share-based compensation programs for a wide range of executives, including top management, executives and other key performers, including beginning in 2022 those executives in CLH, providing for the grant of CEMEX CPOs (jointly the “Share-Based Compensation Programs”). Shares under each annual plan are initially restricted and are proportionately released to the executives as services are rendered at the end of each year over periods of three tri-annual The required Parent Company’s CPOs that are delivered to the executives to meet the Company’s awards are either newly issued or purchased, at the Company’s election. For these purposes, an external trust in which the executives are beneficiaries, receives funding from CEMEX to incur these purchases. Under the Share-Based Compensation Programs, during 2022, 2021 and 2020, executives on a global basis received 109.2 million CPOs, 93.4 million CPOs and 83.8 million CPOs, respectively. As of December 31, 2022, there are 264.4 million CPOs associated with these annual programs that are expected to be delivered in the following years as the executives render services and performance metrics are met, when applicable. Until December 31, 2021, under the Share-Based Compensation Programs, those eligible executives belonging to the operations of CLH and subsidiaries received shares of CLH, significantly sharing the same conditions of CEMEX’s plans. During 2022, 2021 and 2020, executives received 813,980 shares, 713,927 shares and 1,383,518 shares, respectively, that were held in CLH’s treasury, corresponding to the vested portion of prior years’ grants. Beginning in 2022, CLH’s executives receive CEMEX CPO awards. As of December 31, 2022, there are 2,662,885 shares of CLH associated with these annual programs that are expected to be delivered to the executives as services are rendered. In addition, those eligible executives belonging to the operations of CHP and subsidiaries receive shares of CHP, significantly sharing the same conditions of CEMEX’s plans. During 2022, 2021 and 2020, executives received 19,177,703, 16,511,882 and 11,546,350 CHP’s shares, respectively. 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 2022, 2021 and 2020, was recognized in the operating results of each subsidiary where the executives render services against other equity reserves. Upon vesting of the awards, in case of newly issued CPOs, the Parent Company recycles the fair value of the stock from other equity reserves to additional paid-in |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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Earnings (Loss) Per Share | 23) EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is calculated by dividing net income attributable to ordinary equity holders of the Parent Company (the numerator) by the weighted-average number of shares outstanding (the denominator) during the period. Shares that would be issued depending only on the passage of time should be included in the determination of the basic weighted-average number of shares outstanding. Diluted earnings (loss) per share should reflect in both the numerator and denominator the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions, to the extent that such assumption would lead to a reduction in basic earnings per share or an increase in basic loss per share. Otherwise, the effects of potential shares are not considered because they generate antidilution. The amounts considered for calculations of earnings (loss) per share in 2022, 2021 and 2020 were as follows: 2022 2021 2020 Denominator (thousands of shares) Weighted-average number of shares outstanding – basic 43,554,921 44,123,654 44,125,288 Effect of dilutive instruments – share-based compensation (note 22) 1 793,322 729,292 745,163 Weighted-average number of shares – diluted 44,348,243 44,852,946 44,870,451 Numerator Net income (loss) from continuing operations $ 561 817 (1,346 ) Less: non-controlling 27 25 21 Controlling interest net income (loss) from continuing operations – for basic earnings per share calculations 534 792 (1,367 ) Plus: after tax interest expense on optionally convertible securities — — 4 Controlling interest net income (loss) from continuing operations – for diluted earnings per share calculations $ 534 792 (1,363 ) Net income (loss) from discontinued operations $ 324 (39 ) (100 ) Basic earnings per share Controlling interest basic earnings (loss) per share $ 0.0197 0.0171 (0.0332 ) Controlling interest basic earnings (loss) per share from continuing operations 0.0123 0.0180 (0.0309 ) Controlling interest basic earnings (loss) per share from discontinued operations 0.0074 (0.0009 ) (0.0023 ) Controlling interest diluted earnings per share 2 Controlling interest diluted earnings (loss) per share $ 0.0193 0.0168 (0.0332 ) Controlling interest diluted earnings (loss) per share 0.0120 0.0177 (0.0309 ) Controlling interest diluted earnings (loss) per share 0.0073 (0.0009 ) (0.0023 ) 1 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. 2 For 2020, 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, 2022 | |
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Commitments | 24) COMMITMENTS 24.1) CONTRACTUAL OBLIGATIONS As of December 31, 2022, CEMEX had the following contractual obligations: 2022 Obligations Less than 1-3 years 3-5 years More than Total Long-term debt $ 45 1,820 2,567 2,578 7,010 Leases 1 304 428 244 535 1,511 Total debt and other financial obligations 2 349 2,248 2,811 3,113 8,521 Interest payments on debt 3 396 705 398 366 1,865 Pension plans and other benefits 4 145 279 279 682 1,385 Acquisition of property, plant and equipment 5 86 67 3 – 156 Purchases of services, raw materials, 6 785 837 695 645 2,962 Total contractual obligations $ 1,761 4,136 4,186 4,806 14,889 1 Represent nominal cash flows. As of December 31, 2022, the NPV of future payments under such leases was $1,075, of which, $368 refers to payments from 1 to 3 years and $183 refers to payments from 3 to 5 years. 2 The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. 3 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2022. 4 Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years. 5 Refers mainly to the expansion of a cement-production line in the Philippines. 6 Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. In addition, includes a contractual commitment with Neoris over a 5-year 24.2) OTHER COMMITMENTS As of December 31, 2022 and 2021, CEMEX was party to other commitments for several purposes, including the purchase of fuel and energy, the estimated future cash flows over maturity of which are presented in note 24.1. A description of the most significant contracts is as follows: • On February 8, 2022, CEMEX renewed or entered into new agreements with six service providers in the fields of data processing services (back office) in finance, accounting and human resources; as well as Information Technology (“IT”) infrastructure services, support and maintenance of IT applications in the countries in which CEMEX operates, for a tenure of five to seven years at an average annual cost of $60. These contracts replaced the agreements CEMEX maintained with IBM which expired on August 31, 2022. • Beginning in April 2016, in connection with the Ventika S.A.P.I. de C.V. and the Ventika II S.A.P.I. de C.V. wind farms (jointly “Ventikas”) located in the Mexican state of Nuevo Leon with a combined generation capacity of 252 Megawatts (“MW”), CEMEX agreed to acquire a portion of the energy generated by Ventikas for its overall electricity needs in Mexico for a period of 20 years. The estimated annual cost of this agreement is $23 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, energy supply from wind is variable in nature and final amounts are determined considering the final MW per hour (“MWh”) effectively received at the agreed prices per unit. • 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 $70 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, energy supply from wind source is variable in nature and final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • CEMEX maintains a commitment initiated in April 2004 to purchase the energy generated by Termoeléctrica del Golfo (“TEG”) until 2027 for its overall electricity needs in Mexico. The estimated annual cost of this agreement is $205 (unaudited) if CEMEX receives all its energy allocation. Nonetheless, final amounts will be determined considering the final MWh effectively received at the agreed prices per unit. • In regards with the above, CEMEX also committed to supply TEG and another third-party electrical energy generating plant adjacent to TEG all fuel necessary for their operations until the year 2027, equivalent to approximately 1.2 million tons of petroleum coke per year. CEMEX covers its commitments under this agreement acquiring the volume of fuel from sources in the international markets and Mexico. • On October 24, 2018, CEMEX, S.A.B. de C.V. entered into an energy financial hedge agreement in Mexico, commencing October 1, 2019 and for a period of 20 years. Through the contract, the Company fixed the megawatt hour cost over an electric energy volume of 400 thousand megawatts hour per year, through the payment of 25.375 Dollars per megawatt hour of electric power in exchange for a market price. The committed price to pay will increase 1.5% annually. The differential between the agreed price and the market price is settled monthly. CEMEX considers this agreement as a hedge for a portion of its aggregate consumption of electric energy in Mexico and recognizes the result of the exchange of price differentials described previously in the Income Statement as a part of the costs of energy. During 2022, the Company received $3. CEMEX, S.A.B. de C.V. does not record this agreement at fair value since there is not a deep market for electric power in Mexico that would effectively allow for its valuation. 24.3) COMMITMENTS FROM EMPLOYEE BENEFITS In some countries, CEMEX has self-insured health care benefits plans for its active employees, which are managed on cost-plus fee arrangements with major insurance companies or provided through health maintenance organizations. As of December 31, 2022, in particular plans, CEMEX has established stop-loss limits for continued medical assistance derived from a specific cause (e.g., an automobile accident, illness, etc.) ranging for a total limit of 550 thousand Dollars. In other plans, CEMEX has established stop-loss limits per employee regardless of the number of events for a total cost of 2.5 million Dollars. The contingency for CEMEX if all employees qualifying for health care benefits required medical services simultaneously is significantly. However, CEMEX believes this scenario is remote. The amount expensed through self-insured health care benefits was $64 in 2022, $59 in 2021 and $61 in 2020. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2022 | |
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Legal Proceedings | 25) LEGAL PROCEEDINGS 25.1) PROVISIONS RESULTING FROM LEGAL PROCEEDINGS CEMEX is involved in various significant legal proceedings, the adverse resolutions of which are deemed probable and imply the incurrence of losses and/or cash outflows or the delivery of other resources owned by CEMEX. As a result, certain provisions and/or losses have been recognized in the financial statements, representing the best estimate of cash outflows. CEMEX believes that it will not make significant expenditure in excess of the amounts recorded. As of December 31, 2022, the details of the most significant events giving effect to provisions or losses are as follows: • As of December 31, 2022, CEMEX accrued environmental remediation liabilities through its subsidiaries in the United Kingdom pertaining to closed and current landfill sites for the confinement of waste, representing the NPV of such obligations for an amount in Pounds sterling equivalent to $208. Expenditure was assessed and quantified over the period in which the sites have the potential to cause environmental harm, which is generally consistent with the views taken by the regulator as being up to 60 years from the date of closure. The assessed expenditure included the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. • As of December 31, 2022, CEMEX accrued environmental remediation liabilities through its subsidiaries in the United States for $53, related to: a) the disposal of various materials in accordance with past industry practice, which might currently be categorized as hazardous substances or wastes; and b) the cleanup of sites used or operated by CEMEX, including discontinued operations, regarding the disposal of hazardous substances or waste, either individually or jointly with other parties. Most of the proceedings are in the preliminary stages and a final resolution might take several years. CEMEX does not believe that it will be required to spend significant sums on these matters in excess of the amounts previously recorded. The ultimate cost that may be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work and negotiations with, or litigation against, potential sources of recovery have been completed. • In 2012, in connection with a contract entered into in 1990 (the “Quarry Contract”) by CEMEX Granulats Rhône Méditerranée (“CEMEX GRM”), one of CEMEX’s subsidiaries in France, with SCI La Quinoniere (“SCI”) pursuant to which CEMEX GRM had drilling rights to extract reserves and do quarry remediation at a quarry in the Rhône region of France, SCI filed a claim against CEMEX GRM for breach of the Quarry Contract, requesting the rescission of such contract and damages plus interest for a revised amount in Euros equivalent to $59, arguing that CEMEX GRM partially filled the quarry allegedly in breach of the terms of the Quarry Contract. After many hearings, resolutions and appeals over the years, on November 25, 2020, the expert appointed by the court of appeals determined an amount of loss of profits of $0.70 and a cost of backfilling the quarry in $13 and stated that the damages suffered by SCI could only be set based on the loss of profits. In 2020, CEMEX had accrued a provision through its subsidiaries in France for $1 in connection with the best estimate of the remediation costs resulting from this claim. On November 23, 2022, the court handed down its decision to confirm the final report issued by the expert and determined that the damages of SCI were set at $0.70. SCI may file a notice of appeal before the Court of Cassation within two months of the notification, which took place on December 22, 2022. As of December 31, 2022, although the final amount may differ, CEMEX considers that any such amount should not have a material adverse impact on CEMEX’s results of operations, liquidity and financial condition. 25.2) CONTINGENCIES FROM LEGAL PROCEEDINGS CEMEX is involved in various legal proceedings, which have not required the recognition of accruals, considering that the probability of loss is less than probable. Nonetheless, until all stages in the procedures are exhausted in each proceeding, CEMEX cannot assure the achievement of a final favorable resolution. As of December 31, 2022, the most significant contingencies with a quantification of the potential loss, when it is determinable and would not impair the outcome of the relevant proceeding, were as follows: • In July 2020, an individual filed a class action lawsuit ( Acción de Grupo • On September 20, 2018, triggered by heavy rainfall, a landslide causing damages and fatalities (the “Landslide”) occurred in a site located within an area covered by mining rights of APO Land & Quarry Corporation (“ALQC”) in Naga City, Cebu, Philippines. ALQC is a principal raw material supplier of APO Cement Corporation (“APO”), a wholly owned subsidiary of CHP. CEMEX indirectly owns a minority 40% stake in ALQC. On November 19, 2018, 40 individuals and one legal entity (on behalf of 8,000 individuals allegedly affected by the Landslide) filed an environmental class action lawsuit at the Regional Trial Court (the “Court”) of Talisay, Cebu, against CHP, ALQC, APO, the Mines and Geosciences Bureau of the Department of Environment and Natural Resources, the City Government of Naga, and the Province of Cebu. Plaintiffs claim that the Landslide occurred because of the defendants’ gross negligence and seek, among other relief, (a) damages for an amount in Philippine Pesos equivalent to $77, (b) a rehabilitation fund for an amount in Philippine Pesos equivalent to $9, and (c) the issuance of a Temporary Environment Protection Order against ALQC aiming to prevent ALQC from performing further quarrying activities while the case is still pending. This last request was rejected by the Court on August 16, 2019 and after reconsideration, the resolution became final on December 5, 2020. Moreover, on September 30, 2019 the Court dismissed the case against CHP and APO, order that is not yet final and that was appealed by the plaintiffs on November 26, 2019 and that was denied entirely in an order dated November 17, 2021. In such order, the Court dismissed the case against the other parties. As of December 31, 2022, only ALQC remains as a party-defendant in the case. This Court order can still be appealed by the Plaintiffs before the Court of Appeals. As of December 31, 2022, in this 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. • In December 2016, the Parent Company received subpoenas from the SEC seeking information to determine whether there have been any violations of the U.S. Foreign Corrupt Practices Act stemming from the Maceo Project. These subpoenas do not mean that the SEC has concluded that the Parent Company or any of its affiliates violated the law. The DOJ also opened an investigation into this matter. In this regard, on March 12, 2018, the DOJ issued a grand jury subpoena to the Parent Company relating to its operations in Colombia and other jurisdictions. The Parent Company intends to continue to cooperate fully with the SEC, the DOJ and any other investigatory entity. As of December 31, 2022, the Parent Company is unable to predict the duration, scope, or outcome of either the SEC investigation or the DOJ investigation, or any other investigation that may arise, or, because of the current status of the SEC investigation and the preliminary nature of the DOJ investigation, the potential sanctions which could be borne by the Parent Company, or if such sanctions, if any, would have a material adverse impact on CEMEX results of operations, liquidity or financial position. • In February 2014, the Egyptian Tax Authority requested Assiut Cement Company (“ACC”), a subsidiary of CEMEX in Egypt, the payment of a development levy on clay used in the Egyptian cement industry for the period from May 5, 2008 to November 30, 2011. In March 2014, ACC appealed the levy and on September 2014 it was notified that it obtained a favorable resolution from the Ministerial Committee for Resolution of Investment Disputes, which instructed the Egyptian Tax Authority to cease claiming from ACC the payment of the levy on clay. It was further decided that the levy on clay should not be imposed on imported clinker. Nonetheless, in May 2016, the Egyptian Tax Authority challenged ACC´s right to cancel the levy on clay before the North Cairo Court, which referred the cases to Cairo’s Administrative Judiciary Court. These cases have been adjourned by the Commissioners of the Cairo Administrative Judiciary Court, which on November 2, 2020 referred the cases to the Court and established a first hearing session for February 15, 2021 and was adjourned to the May 31, 2021 session. During the session held on May 31, 2021, the Court that is hearing the case decided to refer the case to another Chamber within the same Court considering the nature of the subject. On October 28, 2021 ACC held the first hearing session before the new Chamber. On this session, the court postponed the hearing to the session of January 20, 2022 for ACC lawyers to submit a power of attorney allowing the withdrawal of the court case. CEMEX does not expect that such referral will prejudice ACC’s favorable legal position in this dispute. On February 24, 2022, this case was dismissed by the relevant court and this matter has ended. • In September 2012, in connection with a lawsuit submitted to a first instance court in Assiut, Egypt in 2011, the first instance court of Assiut issued a resolution to nullify the Share Purchase Agreement (the “SPA”) pursuant to which CEMEX acquired in 1999 a controlling interest in Assiut Cement Company. In addition, during 2011 and 2012, lawsuits seeking, among other things, the annulment of the SPA were filed by different plaintiffs, including 25 former employees of ACC, before Cairo’s State Council. After several appeals, hearings and resolutions over the years, the cases are held in Cairo’s 7 th In addition to the legal proceedings described above in notes 25.1 and 25.2, as of December 31, 2022, CEMEX is involved in various legal proceedings of minor impact that have arisen in the ordinary course of business. These proceedings involve: 1) product warranty claims; 2) claims for environmental damages; 3) indemnification claims relating to acquisitions or divestitures; 4) claims to revoke permits and/or concessions; and 5) other diverse civil, administrative, commercial and lawless actions. CEMEX considers that in those instances in which obligations have been incurred, CEMEX has accrued adequate provisions to cover the related risks. CEMEX believes these matters will be resolved without any significant effect on its business, financial position or results of operations. In addition, in relation to certain ongoing legal proceedings, CEMEX is sometimes able to make and disclose reasonable estimates of the expected loss or range of possible loss, as well as disclose any provision accrued for such loss, but for a limited number of ongoing legal proceedings, CEMEX may not be able to make a reasonable estimate of the expected loss or range of possible loss or may be able to do so but believes that disclosure of such information on a case-by-case 25.3) OTHER SIGNIFICANT PROCESSES In connection with the cement plant located in the municipality of Maceo in Colombia (the “Maceo Plant”), as described in note 15.1, as of December 31, 2022, the plant has not initiated commercial operations considering several significant processes for the profitability of the investment. The evolution and status of the main issues related to such plant are described as follows: Maceo Plant – Memorandums of understanding • In August 2012, CEMEX Colombia signed a memorandum of understanding (the “MOU”) with the representative of CI Calizas y Minerales S.A. (“CI Calizas”), for the acquisition and transfer of assets mainly comprising land, the mining concession, environmental license 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 plots adjacent to the plant, signing another 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 $13.4 of a total of $22.5, and paid interest accrued over the unpaid committed amount for $1.2, considering the exchange rate as of December 31, 2016 of 3,000.75 Colombian Pesos per 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”), with 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. As result of findings, legal opinions and the low probability to recover the cash advances, in December 2016, CEMEX Colombia write off such advances from its investments in progress and cancelled the remaining advance payable. Maceo Plant – Expiration of property process and other related matters • In December 2012 after signing of the MDE, 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 suspended the sale and ordered the seizure of 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 cooperating with the Attorney General. The expiration process continues which has not progressed since February, 2020, CEMEX is not able to make a reasonable estimate of the duration. As of December 31, 2022, pursuant to the expiration of property process of the assets subject to the MOU and the failures to 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. Moreover, CEMEX Colombia filed a legal recourse for accountability against the representative, in connection with the responsibilities agreed under the Land MOU for the acquisition of certain land plots adjacent to the plant. This legal recourse finalized in 2021 with a definitive resolution favorable to CEMEX Colombia in which it was ordered the transfer to CEMEX Colombia of those land plots acquired by the representative, as well as the return of unused cash advances, equivalent to $1. As of the reporting date, CEMEX Colombia has initiated the corresponding actions to materialize the effects of the aforementioned resolution. Maceo Plant – Resource against the capitalization of Zomam • On December 7, 2020, the Parent Company, acting as shareholder of CEMEX Colombia, filed a lawsuit before the Business Superintendency of Colombia ( Superintendencia de Sociedades de Colombia in-kind Maceo Plant – Mining operation contracts, manufacturing services and delivery, and lease contract • In July 2013, CEMEX Colombia signed with the provisional depository designated by the former Drugs National Department (then depository of the assets subject to the expiration of property process), which functions after its liquidation were assumed by the Administrator of Special Assets ( Sociedad de Activos Especiales S.A.S. • On April 12, 2019, CEMEX Colombia, CCL and another of its subsidiaries reached a conciliatory agreement with the SAE and CI Calizas before the Attorney General’s Office and signed a contract of Mining Operation, Manufacturing and Delivery Services and Leasing of Properties for Cement Production (the “Operation Contract”), which will allow CEMEX Colombia to continue using the assets subject to the aforementioned expiration of property process for an initial term of 21 years that can be renewed for 10 additional years, provided that the extension of the mining concession is obtained. The Operation Contract was signed by CI Calizas and Zomam with the authorization of the SAE as delegate of these last two companies. In addition to certain one-time • Once the Maceo Plant begins commercial operations, CEMEX Colombia and/or a subsidiary will pay on a quarterly basis: a) 0.9% of the net sales resulting from the cement produced in the plant as compensation to CI Calizas for the right of CEMEX Colombia to extract and use the mineral reserves; and b) 0.8% of the net sales resulting from the cement produced in the plant as payment to Zomam for cement manufacturing and delivery services, as long as Zomam maintains the Free Zone benefit, or, 0.3% of the aforementioned net sales exclusively for the use of equipment, in case that Zomam losses the benefits as Free Trade Zone. • The Operation Contract will continue in force regardless of the result in the expiration of property process, except that the applicable criminal judge would recognize ownership rights of the assets under expiration of property to CEMEX Colombia and its subsidiary, in which case the Operation Contract would no longer be needed and would be early terminated. • Under the presumption that CEMEX Colombia conducted itself in good faith, CEMEX considers that it will be able to keep ownership of the plant, and that the rest of its investments are protected by Colombian law, under which, if a person builds on the property of a third party, with full knowledge of such third party, this third party may: a) take ownership of the plant, provided a corresponding indemnity to CEMEX Colombia, or otherwise, b) oblige CEMEX Colombia to purchase the land. Nonetheless, had this not be the case, CEMEX Colombia would take all necessary actions to safeguard its rights. If the expiration of property over the assets subject to the MOU is ordered in favor of the State, if the assets were adjudicated to a third party in a public tender offer, considering the signing of the Operation Contract, such third party would have to subrogate to the Operation Contract. As of December 31, 2022, CEMEX is not able to estimate whether the expiration of property over the assets subject to the MOU will be ordered in favor of the State, or, if applicable, if the assets would be adjudicated to a third party in a public tender offer. Maceo Plant – Status in connection with the commissioning of the plant To begin operations under the operating contracts described above, the following mandatory conditions must be completed: (a) extend the environmental license to permit the extraction of the required minerals to produce at least 950 thousand tons of cement; (b) permit the extraction of limestone and other minerals under the mining concession to achieve the minimum production of 950 thousand tons of cement under the environmental license, once the environmental license would be extended; (c) the partial and definitive subtraction of a portion of the plant from the Integrated Management District of the Canyon of the Alicante River (“IMD”) required to extract minerals to produce at least 950 thousand tons of cement; (d) obtaining all environmental permits and authorizations, including the release of any lockdown; (e) any permits required to conclude the access road and the plant’s employees housing; and (f) any applicable urban permits and authorizations. These conditions have been evolving, presenting the following progress: • On September 3, 2019, the Corantioquia’s Directive Council, the regional environmental authority (“Corantioquia”), approved the subtraction of a portion of the plant from the IMD. In addition, in February, 2021, Corantioquia notified CI Calizas of the modification of the environmental license allowing the extraction of up to 990 thousand tons of minerals (clay and limestone) and production of up to 1.5 million metric tons of cement annually, requiring in addition, the modification of the mining title before the Secretary of Mines of the Antioquia’s Government, which was approved on April 8, 2021. As of the date of issuance, the Company works with the authorities to expand the mineral extraction license mentioned above so the approved 1.5 million tons can be produced from Maceo’s own quarry without the need to bring minerals from other locations. • Regarding the permits to conclude the construction of several sections of the access road, on November 10, 2020, Maceo’s municipality issued the approval of the Road Infrastructure Intervention project and, on December 11, 2020, issued a decree establishing the public utility of the access road, required authorizations for both, to obtain the permits to acquire the required land and build the remainder of the road. In respect to the modification of the permitted land use where the project is located, CEMEX Colombia received favorable criteria from Corantioquia regarding the change of land use because of the approval for the subtraction from the IMD, which was endorsed by the municipality of Maceo on August 29, 2020, which allows for an industrial and mining use compatible with the project. • Moreover, in another significant progress, on June 15, 2022, the Ministry of Commerce, Industry and Tourism granted Zomam the extension of the free trade zone area, which now includes the full extension of the plant. • The obtention of the modification in the environmental license, which means a significant progress for future operation of Maceo Plant, the beginning of commercial operations is subject mainly to the construction of the access road and the authorization required from the owners of land plots adjacent to the plant, as well as the extension of environmental and mining permits that allow the production of up to 1.5 million tons from Maceo’s own quarry. As of the issuance date of these financial statements the estimated conclusion of the mandatory conditions cannot be established. CEMEX continues working to resolve these matters as soon as possible. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
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Related Parties | 26) RELATED PARTIES All significant balances and transactions between the entities that constitute the CEMEX group have been eliminated in the preparation of the consolidated financial statements. These balances with related parties resulted primarily from: (i) the sale and purchase of goods between group entities; (ii) the sale and/or acquisition of subsidiaries’ shares within the CEMEX group; (iii) the invoicing of administrative services, rentals, trademarks and commercial name rights, royalties and other services rendered between group entities; and (iv) loans between related parties. 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. For the years ended December 31, 2022, 2021 and 2020, 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 non-controlling annually by the Parent Company’s Board of Directors. For CEMEX, none of these transactions are material to be disclosed separately. In addition, for the years ended December 31, 2022, 2021 and 2020, 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 $44, $50 and $35, respectively. Of these amounts, $29 in 2022, $26 in 2021, $29 in 2020, were paid as base compensation plus performance bonuses, including pension and post-employment benefits. In addition, $15 in 2022, $24 in 2021 and $6 in 2020 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, 2022 | |
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Subsequent Events | 27) SUBSEQUENT EVENTS On January 14, 2023, in connection with the Egypt’s legal proceeding described in note 25.2, the High Constitutional Court determined that the Law 32/2014 is constitutionally compliant. This determination would allow CEMEX to challenge the legal standing of all current lawsuits and protect CEMEX’s investment in Egypt. On January 18, 2023, in connection with the Spain’s tax proceeding described in note 20.4, the admission section of the Spanish Supreme Court, considering the annulment recourse accepted in December 2022, approved CEMEX España’s cassation appeal project to be analyzed by the Spanish Supreme Court. CEMEX will file the applicable recourse before the Spanish Supreme Court. On January 24, 2023, through a subsidiary, CEMEX signed a definitive agreement for the purchase of the assets of Atlantic Minerals Limited in Newfoundland, Canada, consisting of a construction and chemical aggregates quarry and port operations for a price of $75. With this investment, CEMEX secures a new long-term aggregates reserve for its extensive Florida operations and the U.S. east coast, as well as a source for chemical-grade stone serving a broader geographic footprint. The closing of this transaction is subject to the satisfaction of certain conditions, including consent from government agencies. CEMEX expects to finalize this acquisition at the end of the first quarter of 2023 or soon thereafter. On January 25, 2023, in Manila, Philippines, CEMEX Asian South East Corporation (“CASEC”), an indirect subsidiary of CEMEX, filed a Tender Offer Report on Form 19-1 with the Securities and Exchange Commission of the Philippines (“PSEC”) and the Philippine Stock Exchange, pursuant to Rule 19 of the Securities Regulation Code of the Philippines, in connection with its intention to conduct a voluntary tender offer (the “Tender Offer”) to acquire a minimum of one (1) and a maximum of one billion six hundred fourteen million (1,614,000,000) common shares of CHP, which, if successful, would not cause CASEC to own 90% or more of CHP’s outstanding common shares. The Tender Offer period is expected to commence on or about February 16, 2023, in the Philippines, and shall last for a period of at least twenty (20) business days. Payment of the net proceeds of the validly tendered shares is expected to take place on or around March 30, 2023, in the Philippines. On January 30, 2023, through a subsidiary, CEMEX acquired a bolt-on 13-year state-of-the-art On February 3, 2023, in relation to the non-controlling interest in CLH (note 21.4), CEMEX España received authorization from the Colombian Finance Superintendency to launch a Delisting Tender Offer to acquire up to 4.69% of CLH’s outstanding common shares. In connection with the Delisting Tender Offer launched on February 3, 2023, on March 3, 2023, CEMEX announced the Tender Offer results, in which 88.40 % of CLH’s outstanding common shares have been acquired. On April 10, 2023, the Colombian Stock Exchange (BVC) approved the request for cancellation of the registration of CLH’s ordinary shares in the BVC, which became effective as of April 14, 2023. CEMEX continues with the process to cancel the registration of CLH, pending approval from the Superintendencia Financiera de Colombia (“SFC”). On March 9, 2023, CEMEX announced the pricing of $1,000 of subordinated notes by the Parent Company, with no fixed maturity at an initial rate of 9.125% per annum. On March 14, 2023, CEMEX announced that the Parent Company successfully issued $1,000 of the 9.125% Subordinated Notes, with no fixed maturity. After issuance costs, the Parent Company received $993. On March 17, 2023, CEMEX repaid in full the balance outstanding under the revolving credit facility of its 2021 Credit Agreement described in note 17.1. As a result, the available committed revolving credit facility increased to $1,750. On March 23, 2023, among other aspects, CEMEX, S.A.B. de C.V.’s shareholders at its ordinary general shareholders’ meeting approved an amount of $500 or its equivalent in Mexican Pesos as the maximum amount of resources that during the year 2023 (until the next ordinary general shareholders’ meeting of CEMEX, S.A.B. de C.V. is held), CEMEX, S.A.B. de C.V. may use for the acquisition of its own shares or securities that represent such shares; and b) the decrease of CEMEX, S.A.B. de C.V.’s variable share capital through the cancellation of 662 million shares repurchased during 2022, under the former share repurchase program. In connection with CEMEX Asian South East Corporation (“CASE”) offer for the acquisition of a maximum of 1,614,000,000 shares of CHP (the “CASE Tender Offer”) launched on February 16, 2023, on March 30, 2023, CEMEX announced the CASE Tender Offer results, in which it purchased 1,614,000,000 common shares of CHP, which have been fully paid and settle d 89.86 % of the issued and outstanding common shares of CHP. On April 21, 2023, CEMEX informed the Mexican Stock Exchange (Bolsa Mexicana de Valores) that it issued a notice of full redemption with respect to its June 2027 Notes for an aggregate principal amount of $993. These notes are expected to be fully redeemed on June 5, 2023. 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 28, 2023, hereby updated for subsequent events, to be filed with the United States Securities and Exchange Commission. |
Principal Subsidiaries
Principal Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Principal Subsidiaries | 28) PRINCIPAL SUBSIDIARIES As mentioned in notes 4.3 and 21.4, as of December 31, 2022 and 2021, there are non-controlling on as of December 31, 2022 and 2021, which ownership interest is presented according to the interest maintained by CEMEX, were as follows: % Interest Subsidiary Country 2022 2021 CEMEX España, S.A. 1 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 2 Spain 95.3 92.3 CEMEX (Costa Rica), S.A. 3 Costa Rica — 99.4 CEMEX Nicaragua, S.A. 4 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia, S.A. 5 Colombia 99.7 99.7 Cemento Bayano, S.A. 6 Panama 99.5 99.5 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 7 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. 8 Philippines 77.9 77.8 Solid Cement Corporation 9 Philippines 100.0 100.0 APO Cement Corporation 9 Philippines 100.0 100.0 CEMEX U.K. United Kingdom 100.0 100.0 CEMEX Deutschland, AG. Germany 100.0 100.0 CEMEX Czech Republic, s.r.o. Czech Republic 100.0 100.0 CEMEX Polska sp. Z.o.o. Poland 100.0 100.0 CEMEX Holdings (Israel) Ltd. Israel 100.0 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 10 United Arab Emirates 100.0 100.0 Neoris N.V. 11 The Netherlands 34.8 99.8 CEMEX International Trading LLC 12 United States of America 100.0 100.0 Sunbulk Shipping Limited 13 Bahamas 100.0 100.0 1 2 3 4 5 6 7 8 9 10 11 12 13 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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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, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020, were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Presentation currency and definition of terms The consolidated financial statements and the accompanying notes are presented in Dollars of the United States of America (“United States”), except when specific reference is made to a different currency. When reference is made to “Dollar,” “Dollars” or “$” it means Dollars of the United States. All amounts in the financial statements and the accompanying notes are stated in millions, except when references are made to earnings per share and/or prices per share. When reference is made to “Ps” or “Pesos”, it means Mexican Pesos. When reference is made to “€” or “Euros,” it means the currency in circulation in a significant number of European Union (“EU”) countries. When reference is made to “£” or “Pounds”, it means British Pounds sterling. Previously reported Dollar amounts of prior years are not restated unless the transactions in other currencies are still outstanding, in which case those are restated using the closing exchange rates as of the reporting date. Amounts reported in Dollars should not be construed as representations that such amounts represented those Dollars or could be converted into Dollars at the rate indicated. Amounts disclosed in the notes in connection with outstanding tax and/or legal proceedings (notes 20.4 and 25), which are originated in jurisdictions where currencies are different from the Dollar, are presented in Dollar equivalents as of the closing of the most recent year presented. Consequently, without any change in the original currency, such Dollar amounts will fluctuate over time due to changes in exchange rates. Discontinued operations (note 4.2) Considering the disposal of entire reportable operating segments as well as the sale of significant businesses, CEMEX’s Statements of Operations present in the single line item of “Discontinued operations,” net of income tax, the results of: a) Neoris N.V. (“Neoris”) operations for the period from January 1 to October 25, 2022 and for the years 2021 and 2020; b) the operating segments in Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the years 2021 and 2020; c) the white cement business sold in Spain for the period from January 1 to July 9, 2021 and for the year 2020; d) France related to the assets sold in the Rhone Alpes region for the three-month period ended March 31, 2021 and for the year 2020; e) certain assets sold in the United Kingdom for the period from January 1 to August 3, 2020 and; f) the cement assets sold in the United States for the period from January 1 to March 6, 2020. Statements of operations CEMEX includes the line item titled “Operating earnings before other expenses, net” considering that it is a subtotal relevant for the determination of CEMEX’s “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization) as described below in this note. The line item “Other expenses, net” consists primarily of revenues and expenses not directly related to CEMEX’s main activities or which are of a non-recurring non-recurring Considering that it is a relevant measure used by CEMEX’s management to review operating performance and for decision-making purposes, as well as an indicator used by CEMEX’s creditors of its ability to internally fund capital expenditures and to measure its ability to service or incur debt under its financing agreements, for purposes of notes 4.3 and 17, CEMEX presents “Operating EBITDA” (Operating earnings before other expenses, net plus depreciation and amortization). Operating EBITDA is not a measure of financial performance, an alternative to cash flows or a measure of liquidity under IFRS. Moreover, Operating EBITDA may not be comparable to other similarly titled measures of other companies. Statements of cash flows The statements of cash flows exclude the following transactions that did not represent sources or uses of cash: Financing activities: • In 2022, 2021 and 2020, the increases in other financing obligations in connection with lease contracts negotiated during the year for $296, $227 and $213, respectively (note 17.2); and Investing activities: • In 2022, 2021 and 2020, 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 Beginning January 1, 2022, CEMEX adopted prospectively IFRS amendments that did not result in any material impact on its results or financial position, and which are explained as follows: Standard Main topic Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets Clarifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. Amendments to IAS 16, Property, Plant and Equipment Clarifies the standard to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Annual improvements (2018-2020 cycle): IFRS 1 , First-time Adoption of IFRS The amendment permits a subsidiary to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to IFRSs. Annual improvements (2018-2020 cycle): IFRS 9, Financial Instruments The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. Amendments to IFRS 3, Business Combinations Update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. |
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 over 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 in associates when CEMEX has significant influence which is generally presumed with a minimum equity interest of 20%, and/or joint ventures arrangements in which the Company and other third-party investors have joint control and have rights to the net assets of the arrangements, are accounted for by the equity method. The equity method reflects the investee’s original cost and CEMEX’s share of the investee’s equity and earnings after acquisition. 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 the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These assumptions are reviewed on an ongoing basis using available information. Actual results could differ from these estimates. The items subject to significant estimates and assumptions by management include impairment tests of long-lived assets, recognition of deferred income tax assets and uncertain tax positions, the measurement of financial instruments at fair value, the assets and liabilities related to employee benefits, legal proceedings and provisions regarding assets retirements obligations and environmental liabilities. Significant judgment is required by management to appropriately assess the amounts of these concepts. |
Climate Change and Commitments For The Reduction of Carbon Dioxide ("CO2") Emissions | 2.4) CLIMATE CHANGE AND COMMITMENTS FOR THE REDUCTION OF CARBON DIOXIDE (“CO 2 The cement industry releases CO2 as part of the production process, mainly during the calcination of limestone, as well as CO2 released through the use of fossil fuels in the kilns. Currently, it is estimated that the whole cement industry releases between 5% to 7% of global CO 2 2 CEMEX has an agenda of medium-term and long-term initiatives aiming at significantly reducing its CO 2 pre-industrial 2 2 net-zero ambitious climate action in the private sector by enabling companies to set science-based emissions reductions targets. To meet CEMEX’s 2030 targets, the objectives will have an impact that will range from -10% roll-out 2 Furthermore, to achieve the net-zero 2 start-ups, 2 As of the reporting date, there are no internal plans or commitments with local authorities to shut down operating assets due to climate change issues or concerns. For the years ended December 31, 2022, 2021 and 2020, the Company’s other expenses, net, in the statement of operations, include expenses and losses associated with severe weather conditions of $1, $5 and less than $1, respectively, mainly related with hurricane Ian in 2022, storms in Texas in 2021 and Hurricanes Sally and Maria in 2020. The incremental cost is related to power and gas consumption costs and additional parts replacement due to these events. As of December 31, 2022, CEMEX does not expect additional investments, expenses, or losses in connection with these events of nature. |
Foreign Currency Transactions and Translation of Foreign Currency Financial Statements | 2.5) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION OF FOREIGN CURRENCY FINANCIAL STATEMENTS Transactions denominated in foreign currencies are recorded in the functional currency of each consolidated entity at the exchange rates prevailing on the dates of their execution. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of each consolidated entity at the exchange rates prevailing at the statement of financial position date, and the resulting foreign exchange fluctuations are recognized in earnings, except for exchange fluctuations arising from: 1) foreign currency indebtedness associated with the acquisition of foreign entities; and 2) fluctuations associated with related parties’ balances denominated in foreign currency, whose settlement is neither planned nor likely to occur in the foreseeable future and as a result, such balances are of a permanent investment nature. These fluctuations are recorded against “Other equity reserves”, as part of the foreign currency translation adjustment (note 21.2) until the disposal of the foreign net investment, at which time, the accumulated amount 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 Dollars at the closing exchange rate for the statement of financial position and at the closing exchange rates of each month within the period for the statements of operations. The functional currency is that in which each consolidated entity primarily generates and expends cash. The corresponding translation effect is included within “Other equity reserves” and is presented in the statement of other comprehensive income for the period as part of the foreign currency translation adjustment (note 21.2) until the disposal of the net investment in the foreign subsidiary. Considering its integrated activities, for purposes of functional currency, the Parent Company is considered to have two divisions, one related with its financial and holding company activities, in which the functional currency is the Dollar for all assets, liabilities and transactions associated with these activities, and another division related with the Parent Company’s operating activities in Mexico, in which the functional currency is the Peso for all assets, liabilities and transactions associated with these activities. The most significant closing exchange rates for the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of operations in respect to CEMEX’s main functional currencies to the Dollar as of December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Currency Closing Average Closing Average Closing Average Peso 19.5000 20.0274 20.5000 20.4266 19.8900 21.5766 Euro 0.9344 0.9522 0.8789 0.8467 0.8183 0.8736 British Pound Sterling 0.8266 0.8139 0.7395 0.7262 0.7313 0.7758 Colombian Peso 4,810 4,277 3,981 3,783 3,433 3,730 |
Cash and Cash Equivalents (note 9) | 2.6) CASH AND CASH EQUIVALENTS (note 9) The balance in this caption is comprised of available amounts of cash and cash equivalents, mainly represented by highly liquid short-term investments, which are readily convertible into known amounts of cash, and which are not subject to significant risks of changes in their values, including overnight investments, which yield fixed returns and have maturities of less than three months from the investment date. These fixed-income investments are recorded at cost plus accrued interest. Accrued interest is included in the income statement as part of “Financial income and other items, net.” When applicable, the amount of cash and cash equivalents in the statement of financial position includes restricted cash and investments to the extent that any restriction will be lifted in less than three months from the reporting date, comprised of deposits in margin accounts that guarantee certain 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 | 2.7) FINANCIAL INSTRUMENTS Classification and measurement of financial instruments Financial assets are classified as “Held to collect” and measured at amortized cost when they meet both of the following conditions and are not designated as at fair value through profit or loss: a) are held within a business model whose objective is to hold assets to collect contractual cash flows; and b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortized cost represents the Net Present Value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: • Cash and cash equivalents (notes 2.6 and 9). • Trade receivables, other current accounts receivable and other current assets (notes 10 and 11). Due to their short-term nature, CEMEX initially recognizes these assets at the original invoiced or transaction amount less expected credit losses, as explained below. • Trade receivables sold under securitization programs, in which certain residual interest in the trade receivables sold in case of recovery failure and continued involvement in such assets is maintained, do not qualify for derecognition and are maintained in the statement of financial position (notes 10 and 17.2). • Investments and non-current Certain strategic investments are measured at fair value through other comprehensive income within “Other equity reserves” (note 14.2). CEMEX does not maintain financial assets “Held to collect and sell” whose business model has the objective of collecting contractual cash flows and then selling those financial assets. The financial assets that are not classified as “Held to collect” or that do not have strategic characteristics fall into the residual category of held at fair value through the income statement as part of “Financial income and other items, net” (note 14.2). Debt instruments and other financial obligations are classified as “Loans” and measured at amortized cost (notes 17.1 and 17.2). Interest accrued on financial instruments is recognized within “Other accounts payable and accrued expenses” against financial expense. During the reported periods, CEMEX did not have financial liabilities voluntarily recognized at fair value or associated with fair value hedge strategies with derivative financial instruments. Derivative financial instruments are recognized as assets or liabilities in the statement of financial position at their estimated fair values, and the changes in such fair values are recognized in the income statement within “Financial income and other items, net” for the period in which they occur, except in the case of hedging instruments as described below (note 17.4). Impairment of financial assets Impairment losses of financial assets, including trade accounts receivable, are recognized using the Expected Credit Loss model (“ECL”) for the entire lifetime of such financial assets on initial recognition, and at each subsequent reporting period, even in the absence of a credit event or if a loss has not yet been incurred, considering for their measurement past events and current conditions, as well as reasonable and supportable forecasts affecting collectability. For purposes of the ECL model of trade accounts receivable, CEMEX segments its accounts receivable in a matrix by country, type of client or homogeneous credit risk and days past due and determines for each segment an average rate of ECL, considering actual credit loss experience generally over the last 12 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 2.9, 15 and 17.2) At the inception of a contract, CEMEX assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if at inception of the contract, it conveys the right to control the use of an identified asset for a period in exchange for consideration, based on IFRS 16, Leases right-of-use, CEMEX does not separate the non-lease non-lease At commencement date or on modification of a contract that contains a lease component, CEMEX allocates the consideration in the contract to each lease component based on their relative stand-alone prices. CEMEX applies the recognition exception for lease terms of 12 months or less and contracts of low-value low-value The lease liability is measured at amortized cost using the effective interest method as payments are incurred and is remeasured when: a) there is a change in future lease payments arising from a change in an index or rate, b) if there is a change in the amount expected to be payable under a residual guarantee, c) if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or d) if there is a revised in-substance right-of-use Hedging instruments (note 17.4) A hedging relationship is established to the extent the entity considers, based on the analysis of the overall characteristics of the hedging and hedged items, that the hedge will be highly effective in the future and the hedge relationship at inception is aligned with the entity’s reported risk management strategy (note 17.5). The accounting categories of hedging instruments are: a) cash flow hedge; b) fair value hedge of an asset or forecasted transaction; and c) hedge of a net investment in a subsidiary. In cash flow hedges, the effective portion of changes in fair value of derivative instruments are recognized in stockholders’ equity within other equity reserves and are reclassified to earnings as the interest expense of the related debt is accrued, in the case of interest rate swaps, or when the underlying products are consumed in the case of contracts on the price of raw materials and commodities. In hedges of the net investment in foreign subsidiaries, changes in fair value are recognized in stockholders’ equity as part of the foreign currency translation result within “Other equity reserves” (note 2.5), whose reversal to earnings would take place upon disposal of the foreign investment. During the reported periods, CEMEX did not have derivatives designated as fair value hedges. Derivative instruments are negotiated with institutions with significant financial capacity; therefore, CEMEX believes the risk of non-performance Embedded derivative financial instruments CEMEX reviews its contracts to identify the existence of embedded derivatives. Identified embedded derivatives are analyzed to determine if they need to be separated from the host contract and recognized in the statement of financial position as assets or liabilities, applying the same valuation rules used for other derivative instruments. Put options granted for the purchase of non-controlling Under IFRS 9, represent agreements by means of which a non-controlling Fair value measurements (note 17.3) Under IFRS, fair value represents an “Exit Value” which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, considering the counterparty’s credit risk in the valuation. The concept of Exit Value is premised on the existence of a market and market participants for the specific asset or liability. When there are no market and/or market participants willing to make a market, IFRS establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1.- represent quoted prices (unadjusted) in active markets for identical assets or liabilities that CEMEX can access at the measurement date. A quoted price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available. • Level 2.- are inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly, and are used mainly to determine the fair value of securities, investments or loans that are not actively traded. Level 2 inputs included equity prices, certain interest rates and yield curves, implied volatility and credit spreads, among others, as well as inputs extrapolated from other observable inputs. In the absence of Level 1 inputs, CEMEX determined fair values by iteration of the applicable Level 2 inputs, the number of securities and/or the other relevant terms of the contract, as applicable. • Level 3.- inputs are unobservable inputs for the asset or liability. CEMEX used unobservable inputs to determine fair values, to the extent there are no Level 1 or Level 2 inputs, in valuation models such as Black-Scholes, binomial, discounted cash flows or multiples of Operating EBITDA, including risk assumptions consistent with what market participants would use to arrive at fair value. |
Inventories (note 12) | 2.8) INVENTORIES (note 12) Inventories are valued using the lower of cost or net realizable value. The cost of inventories is based on weighted average cost formula and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. CEMEX analyzes its inventory balances to determine if, because of internal events, such as physical damage, or external events, such as technological changes or market conditions, certain portions of such balances have become obsolete or impaired. When an impairment situation arises, the inventory balance is adjusted to its net realizable value. In such cases, these adjustments are recognized against the results of the period. Advances to suppliers of inventory are presented as part of other current assets. |
Property, Machinery And Equipment And Assets For The Right-Of-Use (note 15) | 2.9) 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 (notes 5 and 6) and is calculated using the straight-line method over the estimated useful lives of the assets, except for mineral reserves, which are depleted using the units-of-production As of December 31, 2022, the average useful lives by category of fixed assets, which are reviewed at each reporting date, were as follows: Years Administrative buildings 27 Industrial buildings 24 Machinery and equipment in plant 16 Ready-mix 8 Office equipment and other assets 6 As of December 31, 2022, to the best of its knowledge, management considers that its commitments and actions in relation to climate change will not affect the estimated average useful lives of its property, machinery and equipment described above (note 2.4). Assets for the right-of-use right-of-use right-of-use right-of-use right-of-use CEMEX capitalizes, as part of the related cost of fixed assets, interest expense from existing debt during the construction or installation period of significant fixed assets, considering CEMEX’s corporate average interest rate and the average balance of investments in process for the period. All waste removal costs or stripping costs incurred in the operative phase of a surface mine to access the mineral reserves are recognized as part of its carrying amount. The capitalized amounts are further amortized over the expected useful life of exposed ore body based on the units-of-production Costs incurred in respect of operating fixed assets that result in future economic benefits, such as an extension in their useful lives, an increase in their production capacity or in safety, as well as those costs incurred to mitigate or prevent environmental damage, are capitalized as part of the carrying amount of the related assets. The capitalized costs are depreciated over the remaining useful lives of such fixed assets. Periodic maintenance of fixed assets is expensed as incurred. Advances to suppliers of fixed assets are presented as part of other long-term accounts receivable. |
Business Combinations, Goodwill And Other Intangible Assets (notes 4.1 and 16) | 2.10) BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (notes 4.1 and 16) Business combinations are recognized using the acquisition method, by allocating the consideration transferred to assume control of the entity to all assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date. Intangible assets acquired are identified and recognized at fair value. Any unallocated portion of the purchase price represents goodwill, which is not amortized and is subject to periodic impairment tests (note 2.11). 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 and costs incurred in the development of intangible assets when probable future economic benefits 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 or using the units-of-production Startup costs are recognized in the income statement as they are incurred. Costs associated with research and development activities (“R&D”), performed by CEMEX to create products and services, as well as to develop processes, equipment and methods to optimize operational efficiency and reduce costs are recognized in the operating results as incurred. Direct costs incurred in the development stage of computer software for internal use are capitalized and amortized through the operating results over the useful life of the software, which on average is approximately 5 years. Costs incurred in exploration activities such as payments for rights to explore, topographical and geological studies, as well as trenching, among other items incurred to assess the technical and commercial feasibility of extracting a mineral resource, which are not significant to CEMEX, are capitalized when probable future economic benefits associated with such activities are identified. When extraction begins, these costs are amortized during the useful life of the quarry based on the estimated tons of material to be extracted. When future economic benefits are not achieved, any capitalized costs are subject to impairment. CEMEX’s extraction rights have weighted-average useful lives of 83 years, depending on the sector and the expected life of the related reserves. As of December 31, 2022, except for extraction rights which are amortized using the units-of-production |
Impairment of Long-lived Assets (notes 15 and 16) | 2.11) IMPAIRMENT OF LONG-LIVED ASSETS (notes 15 and 16) Property, machinery and equipment, assets for the right-of-use, These assets are tested for impairment upon the occurrence of internal or external indicators of impairment, such as changes in CEMEX’s operating business model or in technology that affect the asset, or expectations of lower operating results, to determine whether their carrying amounts may not be recovered. An impairment loss is recorded in the income statement for the period within “Other expenses, net,” for the excess of the asset’s carrying amount over its recoverable amount, corresponding to the higher of the fair value less costs to sell the asset, as generally determined by an external appraiser, and the asset’s value in use, the latter represented by the NPV of estimated cash flows related to the use and eventual disposal of the asset. The main assumptions utilized to develop estimates of NPV are a discount rate that reflects the risk of the cash flows associated with the assets and the estimations of generation of future income. Those assumptions are evaluated for reasonableness by comparing such discount rates to available market information and by comparing to third-party expectations of industry growth, such as governmental agencies or industry chambers. When impairment indicators exist, for each intangible asset, CEMEX determines its projected revenue streams over the estimated useful life of the asset. To obtain discounted cash flows attributable to each intangible asset, such revenue is adjusted for operating expenses, changes in working capital and other expenditures, as applicable, and discounted to NPV using the risk adjusted discount rate of return. The most significant economic assumptions are: a) the useful life of the asset; b) the risk adjusted discount rate of return; c) royalty rates; and d) growth rates. Assumptions used for these cash flows are consistent with internal forecasts and industry practices. The fair values of these assets are significantly sensitive to changes in such relevant assumptions. Certain key assumptions are more subjective than others. In respect of trademarks, CEMEX considers that the most subjective key assumption is the royalty rate. In respect of extraction rights and customer relationships, the most subjective assumptions are revenue growth rates and estimated useful lives. CEMEX validates its assumptions through benchmarking with industry practices and the corroboration of third-party valuation advisors. Significant judgment by management is required to appropriately assess the fair values and values in use of the related assets, as well as to determine the appropriate valuation method and select the significant economic assumptions. Goodwill is tested for impairment when required upon the occurrence of internal or external indicators of impairment or at least once a year, during the last quarter of such year. CEMEX determines the recoverable amount of the group of cash-generating units (“CGUs”) to which goodwill balances were allocated, which consists of the higher of such group of CGUs fair value less cost to sell and its value in use, the latter represented by the NPV of estimated future cash flows to be generated by such CGUs to which goodwill was allocated, which are determined over periods of 5 years. If the value in use of a group of CGUs to which goodwill has been allocated is lower than its corresponding carrying amount, CEMEX determines the fair value of such group of CGUs using methodologies generally accepted in the market to determine the value of entities, such as multiples of Operating EBITDA and by reference to other market transactions. An impairment loss is recognized within “Other expenses, net”, if the recoverable amount is lower than the net book value of the group of CGUs. Impairment charges recognized on goodwill are not reversed in subsequent periods. The reportable segments reported by CEMEX (note 4.3), represent CEMEX’s groups of CGUs to which goodwill has been allocated for purposes of testing goodwill for impairment, 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 | 2.12) 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, 2022 and 2021, some significant proceedings that gave rise to a portion of the carrying amount of CEMEX’s other current and non-current Considering guidance under IFRS, CEMEX recognizes provisions for levies imposed by governments when the obligating event or the activity that triggers the payment of the levy has occurred, as defined in the legislation. Restructuring CEMEX recognizes provisions for restructuring when the restructuring detailed plans have been properly finalized and authorized by management and have been communicated to the third parties involved and/or affected by the restructuring prior to the statement of financial position’s date. These provisions may include costs not associated with CEMEX’s ongoing activities. Asset retirement obligations (note 18) Unavoidable obligations, legal or constructive, to restore operating sites upon retirement of long-lived assets at the end of their useful lives are measured at the NPV of estimated future cash flows to be incurred in the restoration process and are initially recognized against the related assets’ book value. The increase to the assets’ book value is depreciated during its remaining useful life. The increase in the liability related to adjustments to NPV by the passage of time is charged to the line item “Financial income and other items, net.” Adjustments to the liability for changes in estimations are recognized against fixed assets, and depreciation is modified prospectively. These obligations are related mainly to future costs of demolition, cleaning and reforestation, so that quarries, maritime terminals and other production sites are left in acceptable conditions at the end of their operation. Costs related to remediation of the environment (notes 18 and 25) Provisions associated with environmental damage represent the estimated future cost of remediation, which are recognized at their nominal value when the time schedule for the disbursement is not clear, or when the economic effect for the passage of time is not significant; otherwise, such provisions are recognized at their discounted values. Reimbursements from insurance companies are recognized as assets only when their recovery is practically certain. In that case, such reimbursement assets are not offset against the provision for remediation costs. Contingencies and commitments (notes 24 and 25) Obligations or losses related to contingencies are recognized as liabilities in the statement of financial position only when present obligations exist resulting from past events that are probable to result in an outflow of resources and the amount can be measured reliably. Otherwise, a qualitative disclosure is included in the notes to the financial statements. The effects of long-term commitments established with third parties, such as supply contracts with suppliers or customers, are recognized in the financial statements on an incurred or accrued basis, after taking into consideration the substance of the agreements. Relevant commitments are disclosed in the notes to the financial statements. The Company recognizes contingent revenues, income or assets only when their realization is virtually certain. |
Pensions and Other Post-Employment Benefits (note 19) | 2.13) PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS (note 19) Defined contribution pension plans The costs of defined contribution pension plans are recognized in the operating results as they are incurred. Liabilities arising from such plans are settled through cash transfers to the employees’ retirement accounts, without generating future obligations. Defined benefit pension plans and other post-employment benefits The costs associated with employees’ benefits for defined benefit pension plans and other post-employment benefits, generally comprised of health care benefits, life insurance and seniority premiums, granted by CEMEX and/or pursuant to applicable law, are recognized as services are rendered by the employees based on actuarial estimations of the benefits’ present value considering the advice of external actuaries. For certain pension plans, CEMEX has created irrevocable trust funds to cover future benefit payments (“plan assets”). These plan assets are valued at their estimated fair value at the statement of financial position date. The actuarial assumptions and accounting policy consider: a) the use of nominal rates; b) a single rate is used for the determination of the expected return on plan assets and the discount of the benefits obligation to present value; c) a net interest is recognized on the net defined benefit liability (liability minus plan assets); and d) all actuarial gains and losses for the period, related to differences between the projected and real actuarial assumptions at the end of the period, as well as the difference between the expected and real return on plan assets, are recognized as part of “Other items of comprehensive income, net” within stockholders’ equity. The service cost, corresponding to the increase in the obligation for additional benefits earned by employees during the period, is recognized within operating costs and expenses. The net interest cost, resulting from the increase in obligations for changes in NPV and the change during the period in the estimated fair value of plan assets, is recognized within “Financial income and other items, net.” The effects from modifications to the pension plans that affect the cost of past services are recognized within operating costs and expenses over the period in which such modifications become effective to the employees or without delay if changes are effective immediately. Likewise, the effects from curtailments and/or settlements of obligations occurring during the period, associated with events that significantly reduce the cost of future services and/or significantly reduce the population subject to pension benefits, respectively, are recognized within operating costs and expenses. Termination benefits Termination benefits, not associated with a restructuring event, which mainly represent severance payments by law, are recognized in the operating results for the period in which they are incurred. |
Income Taxes (note 20) | 2.14) INCOME TAXES (note 20) The effects reflected in the income statement for income taxes include the amounts incurred during the period and the amounts of deferred income taxes, determined according to the income tax law applicable to each subsidiary, reflecting uncertainty in income tax treatments, if any. Consolidated deferred income taxes represent the addition of the amounts determined in each subsidiary by applying the enacted statutory income tax rate or substantively enacted by the end of the reporting period to the total temporary differences resulting from comparing the book and taxable values of assets and liabilities, considering tax assets such as loss carryforwards and other recoverable taxes, to the extent that it is probable that future taxable profits will be available against which they can be utilized. The measurement of deferred income taxes at the reporting period reflects the tax consequences that follow the way in which CEMEX expects to recover or settle the carrying amount of its assets and liabilities. Deferred income taxes for the period represent the difference between balances of deferred income taxes at the beginning and the end of the period. Deferred income tax assets and liabilities relating to different tax jurisdictions are not offset. According to IFRS, all items charged or credited directly in stockholders’ equity or as part of other comprehensive income or loss for the period are recognized net of their current and deferred income tax effects. The effect of a change in enacted statutory tax rates is recognized in the period in which the change is officially enacted. Deferred tax assets are reviewed at each reporting date and are derecognized 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 derecognized such asset. When it is considered that a deferred tax asset will not be recovered before its expiration, CEMEX would not recognize such deferred tax asset. Both situations would result in additional income tax expense for the period in which such determination is made. To determine whether it is probable that deferred tax assets will ultimately be recovered, CEMEX takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, expansion plans, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, tax planning strategies, future reversals of existing temporary differences. Likewise, CEMEX analyzes its actual results versus the Company’s estimates, and adjusts, as necessary, its tax asset valuations. If actual results vary from CEMEX’s estimates, the deferred tax asset and/or valuations may be affected, and necessary adjustments will be made based on relevant information in CEMEX’s income statement for such period. The income tax effects from an uncertain tax position are recognized when it is probable that the position will be sustained based on its technical merits and assuming that the tax authorities will examine each position and have full knowledge of all relevant information. For each position is considered individually its probability, regardless of its relation to any other broader tax settlement. The probability threshold represents a positive assertion by management that CEMEX is entitled to the economic benefits of a tax position. If a tax position is considered not probable of being sustained, no benefits of the position are recognized. Interest and penalties related to unrecognized tax benefits are recorded as part of the income tax in the consolidated statements of operations. The effective income tax rate is determined dividing the line item “Income tax” by the line item “Earnings before income tax.” This effective tax rate is further reconciled to CEMEX’s statutory tax rate applicable in Mexico (note 20.3). A significant effect in CEMEX’s effective tax rate and consequently in the reconciliation of CEMEX’s effective tax rate, relates to the difference between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. For the years ended December 31, 2022, 2021 and 2020, the statutory tax rates in CEMEX’s main operations were as follows: Country 2022 2021 2020 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 19.0% 19.0% 19.0% France 25.8% 28.4% 32.0% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 25.0% 25.0% 30.0% Israel 23.0% 23.0% 23.0% Colombia 35.0% 31.0% 32.0% Others 5.5% – 30.0% 5.5% – 30.0% 9.0% – 30.0% 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 | 2.15) STOCKHOLDERS’ EQUITY Common stock and additional paid-in These items represent the value of stockholders’ contributions and include 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 and subordinated notes (note 21.2) Groups the cumulative effects of items and transactions that are, temporarily or permanently, recognized directly to stockholders’ equity, and includes the comprehensive income (loss), which reflects certain changes in stockholders’ equity that do not result from investments by owners and distributions to owners. Beginning in June 2021, this line item includes the balance of subordinated notes with no fixed maturity issued by the Parent Company. Considering that the Parent Company’s subordinated notes have no fixed maturity date, there is no contractual obligation for the Parent Company to deliver cash or any other financial assets, the payment of principal and interest may be deferred indefinitely at the sole discretion of CEMEX and specific redemption events, are fully under the Parent Company’s control, under applicable IFRS, these subordinated notes issued by the Parent Company qualify as equity instruments and are classified within controlling interest stockholders’ equity. In addition, this line item includes the accrued interest under subordinated notes. The most significant items within “Other equity reserves and subordinated notes” during the reported periods are as follows: Items of “Other equity reserves and subordinated notes” included within other comprehensive income (loss): • 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 2.7); • Changes in fair value of other investments in strategic securities (note 2.7); and • Current and deferred income taxes during the period arising from items whose effects are directly recognized in stockholders’ equity. Items of “Other equity reserves and subordinated notes” not included in comprehensive income (loss): • Effects related to controlling stockholders’ equity for changes or transactions affecting non-controlling • Effects attributable to controlling stockholders’ equity for financial instruments issued by consolidated subsidiaries that qualify for accounting purposes as equity instruments, such as the interest expense paid on perpetual debentures; • The balance of subordinated notes with no fixed maturity and any interest accrued thereof; and • The cancellation of the Parent Company’s shares held by consolidated entities. Retained earnings (note 21.3) Retained earnings represent the cumulative net results of prior years, net of: a) dividends declared; b) capitalization of retained earnings; c) restitution of retained earnings when applicable; and d) cumulative effects from adoption of new IFRS. Non-controlling This caption includes the share of non-controlling |
Revenue Recognition (note 3) | 2.16) 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 for goods and services supplied because of ordinary activities, as contractual performance obligations are fulfilled, and control of goods and services passes to the customer. Revenues are decreased by any trade discounts or volume rebates granted to customers. Transactions between related parties are eliminated in consolidation. Variable consideration is recognized when it is highly probable that a significant reversal in the amount of cumulative revenue recognized for the contract will not occur and is measured using the expected value or the most likely amount method, whichever is expected to better predict the amount based on the terms and conditions of the contract. Revenue and costs from trading activities, in which CEMEX acquires finished goods from a third party and subsequently sells the goods to another third-party, are recognized on a gross basis, considering that CEMEX assumes ownership risks on the goods purchased, not acting as agent or broker. When revenue is earned over time as contractual performance obligations are satisfied, which is the case of construction contracts, CEMEX applies the stage of completion method to measure revenue, which represents: a) the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs; b) the surveys of work performed; or c) the physical proportion of the contract work completed; whichever better reflects the percentage of completion under the specific circumstances. Revenue related to such construction contracts is recognized in the period in which the work is performed by reference to the contract’s stage of completion at the end of the period, considering that the following have been defined: a) each party’s enforceable rights regarding the asset under construction; b) the consideration to be exchanged; c) the manner and terms of settlement; d) actual costs incurred and contract costs required to complete the asset are effectively controlled; and e) it is probable that the economic benefits associated with the contract will flow to the entity. Progress payments and advances received from customers do not reflect the work performed and are recognized as short-term or long-term advanced payments, as appropriate. |
Cost of Sales and Operating Expenses (notes 5 and 6) | 2.17) COST OF SALES AND OPERATING EXPENSES (notes 5 and 6) Cost of sales represents the production cost of inventories at the moment of sale. Such cost of sales includes depreciation, amortization and depletion of assets involved in production, expenses related to storage in production plants and freight expenses of raw material in plants and delivery expenses of CEMEX’s ready-mix Administrative expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, related to managerial activities and back office for the Company’s management. Sales expenses represent the expenses associated with personnel, services and equipment, including depreciation and amortization, involved specifically in sales activities. Distribution and logistics expenses refer to expenses of storage at points of sales, including depreciation and amortization, as well as freight expenses of finished products between plants and points of sale and freight expenses between points of sales and the customers’ facilities. |
Executive Share-Based Compensation (note 22) | 2.18) EXECUTIVE SHARE-BASED COMPENSATION (note 22) Share-based payments to executives are defined as equity instruments when services received from employees are settled by delivering shares of the Parent Company and/or a subsidiary; or as liability instruments when CEMEX commits to make cash payments to the executives upon exercise of the awards based on changes in the Parent Company and/or the subsidiary’s stock (intrinsic value). The cost of equity instruments represents their estimated fair value at the date of grant and is recognized in the operating results during the periods in which the exercise rights are vested. Liability instruments are valued at their estimated fair value at each reporting date, recognizing the changes in fair value through the operating results. |
Allowances Related To Emissions Of CO2 | 2.19) ALLOWANCES RELATED TO EMISSIONS OF CO 2 According to the Paris Agreement objectives (note 2.4), in certain countries where CEMEX operates, such as the EU countries and the United Kingdom, among others, mechanisms aimed at reducing carbon dioxide emissions have been established, such as the EU’s Emissions Trading System (“EU ETS”), by means of which, the relevant environmental authorities grant annually certain number of emission rights (“Allowances”) so far free of cost to the entities releasing CO 2 2 additional Allowances to meet deficits between actual CO 2 As of December 31, 2022, according to management estimates (unaudited), CEMEX held excess Allowances received for no consideration in prior years sufficient to allow the Company offsetting CO 2 2 CEMEX accounts for the effects associated with CO 2 • Certificates received through government grants for no consideration paid are recognized at zero cost in the statement of financial position. • Revenues received from the sale of excess Allowances are recognized in the statement of operations in the period in which they occur. • Allowances that would be acquired to hedge exceeding CO 2 • CEMEX would accrue a provision at market value against cost of sales when current emissions of CO 2 • In addition, in certain countries, the environmental authorities impose levies per ton of CO 2 |
Concentration of Credit | 2.20) 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, 2022, 2021 and 2020, 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 | 2.21) NEWLY ISSUED IFRS NOT YET ADOPTED There are several amendments or new IFRS issued but not yet effective which are under analysis and the Company’s management expects to adopt in their specific effective dates considering preliminarily without any significant effect in the Company’s financial position or operating results, and which are summarized as follows: Standard Main topic Effective date Amendments to IFRS 10, Consolidated financial statements Clarify the recognition of gains or losses in the Parent’s financial statements for the sale or contribution of assets between an investor and its associate or joint venture Has yet to be set Amendments to IAS 1, Presentation of Financial Statements Non-current Clarifies the requirements to be applied in classifying liabilities as current and non-current. January 1, 2023 Amendments to IAS 8, Definition of Accounting Estimates The amendment makes a distinction between how an entity should present and disclose different types of accounting changes in its financial statements. Changes in accounting policies must be applied retrospectively while changes in accounting estimates are accounted for prospectively. January 1, 2023 Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies The amendment requires entities to disclose their material accounting policies rather than their significant accounting policies. To support this amendment the Board has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2 Making Materiality Judgements to accounting policy disclosures January 1, 2023 Amendments to IAS 12, Income Taxes The amendment clarifies that companies should account for deferred tax assets and liabilities on transactions such as leases and decommissioning obligations. CEMEX has always applied these criteria. January 1, 2023 IFRS 17, Insurance Contracts The new Standard establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4, Insurance contracts January 1, 2023 Standard Main topic Effective date Amendments to IFRS 16, Leases The amendments mentioned that on initial recognition, the seller-lessee would include variable payments when it measures a lease liability arising from a sale-and-leaseback January 1, 2024 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Foreign Exchange Rates | The most significant closing exchange rates for the statement of financial position and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for the statements of operations in respect to CEMEX’s main functional currencies to the Dollar as of December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Currency Closing Average Closing Average Closing Average Peso 19.5000 20.0274 20.5000 20.4266 19.8900 21.5766 Euro 0.9344 0.9522 0.8789 0.8467 0.8183 0.8736 British Pound Sterling 0.8266 0.8139 0.7395 0.7262 0.7313 0.7758 Colombian Peso 4,810 4,277 3,981 3,783 3,433 3,730 |
Summary of Maximum Average Useful Lives of Fixed Assets | As of December 31, 2022, the average useful lives by category of fixed assets, which are reviewed at each reporting date, were as follows: Years Administrative buildings 27 Industrial buildings 24 Machinery and equipment in plant 16 Ready-mix 8 Office equipment and other assets 6 |
Summary of Statutory Tax Rates | For the years ended December 31, 2022, 2021 and 2020, the statutory tax rates in CEMEX’s main operations were as follows: Country 2022 2021 2020 Mexico 30.0% 30.0% 30.0% United States 21.0% 21.0% 21.0% United Kingdom 19.0% 19.0% 19.0% France 25.8% 28.4% 32.0% Germany 28.2% 28.2% 28.2% Spain 25.0% 25.0% 25.0% Philippines 25.0% 25.0% 30.0% Israel 23.0% 23.0% 23.0% Colombia 35.0% 31.0% 32.0% Others 5.5% – 30.0% 5.5% – 30.0% 9.0% – 30.0% |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation | For the years ended December 31, 2022, 2021 and 2020, revenue is as follows: 2022 2021 2020 From the sale of goods associated to CEMEX’s main activities 1 $ 15,137 14,009 12,344 From the sale of other goods and services 2 440 370 325 $ 15,577 14,379 12,669 1 Include in each period immaterial amounts of revenue generated under construction contracts. 2 Refers mainly to revenues generated by subsidiaries not individually significant operating in different lines of business. |
Summary of Changes in the Balance of Contract Liabilities with Customers | For the years ended December 31, 2022, 2021 and 2020 changes in the balance of contract liabilities with customers are as follows: 2022 2021 2020 Opening balance of contract liabilities with customers $ 257 201 225 Increase during the period for new transactions 1,493 1,626 1,536 Decrease during the period for exercise or expiration of incentives (1,458 ) (1,574 ) (1,561 ) Currency translation effects 1 4 1 Closing balance of contract liabilities with customers $ 293 257 201 For the years 2022, 2021 and 2020, CEMEX did not identify any significant costs required to be capitalized as contract fulfilment assets and released over the contract life according to IFRS 15, Revenues from contracts with customers |
Business Combinations, Discon_2
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [line items] | |
Summary of Purchase Price Allocation | The following table presents condensed combined information of the statement of financial position for the assets held for sale in 2021 related to the operating segments in Costa Rica and El Salvador, as mentioned above: 2021 Current assets $ 29 Non-current 48 Total assets held for sale 77 Current liabilities 31 Non-current 8 Total liabilities directly related to assets held for sale 39 Total net assets held for sale $ 38 |
Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations | In addition, the following table presents condensed combined information of the statements of operations of CEMEX’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for years ended December 31, 2021 and 2020; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the years ended December 31, 2021 and 2020; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and for the year ended December 31, 2020; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021 and the year ended December 31, 2020; e) the United Kingdom for the period from January 1 to August 3, 2020 and; f) the United States related to Kosmos assets for the period from January 1 to March 6, 2020. 2022 2021 2020 Revenues $ 256 354 490 Cost of sales and operating expenses (225 ) (304 ) (434 ) Other income (expenses), net (8 ) (42 ) (21 ) Financial expenses, net and others — 5 2 Earnings before income tax 23 13 37 Income tax (3 ) (48 ) (92 ) Result of discontinued operations 20 (35 ) (55 ) Net disposal result 304 (4 ) (45 ) Net result of discontinued operations $ 324 (39 ) (100 ) |
Summary of Consolidating Income Statements by Reportable Segment | Selected information of the consolidated statements of operations by reportable segment for the years 2022, 2021 and 2020, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 14.1, was as follows: 2022 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,842 (200 ) 3,642 1,133 172 961 (69 ) (28 ) 32 United States 5,038 (4 ) 5,034 762 455 307 (205 ) (55 ) (21 ) EMEAA United Kingdom 982 — 982 195 60 135 (8 ) (8 ) (8 ) France 781 — 781 63 50 13 1 (10 ) 2 Germany 485 (46 ) 439 40 28 12 2 (2 ) (3 ) Poland 419 (4 ) 415 64 22 42 1 (2 ) 4 Spain 382 (36 ) 346 6 28 (22 ) (113 ) (2 ) 2 Philippines 1 379 — 379 84 37 47 (2 ) 18 (9 ) Israel 840 — 840 112 46 66 5 (4 ) — Rest of EMEAA 707 (1 ) 706 116 55 61 (10 ) (4 ) 2 SCA&C Colombia 2 429 — 429 61 24 37 12 (7 ) 22 Panama 2 149 (34 ) 115 28 16 12 (2 ) — — Caribbean TCL 3 302 (8 ) 294 74 17 57 (19 ) (4 ) (1 ) Dominican Republic 348 (6 ) 342 133 8 125 (1 ) (1 ) (3 ) Rest of SCA&C 2 394 (1 ) 393 90 13 77 (2 ) (2 ) (3 ) Others 2,849 (2,409 ) 440 (280 ) 89 (369 ) (57 ) (290 ) 31 Continuing operations 18,326 (2,749 ) 15,577 2,681 1,120 1,561 (467 ) (401 ) 47 Discontinued operations 256 — 256 39 8 31 (8 ) (4 ) 4 Total $ 18,582 (2,749 ) 15,833 2,720 1,128 1,592 (475 ) (405 ) 51 2021 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 3,466 (142 ) 3,324 1,164 161 1,003 (43 ) (29 ) 2 United States 4,359 (4 ) 4,355 778 464 314 (127 ) (47 ) (19 ) EMEAA United Kingdom 940 — 940 141 69 72 (3 ) (8 ) (17 ) France 863 — 863 93 50 43 (6 ) (11 ) — Germany 472 (43 ) 429 69 28 41 — (2 ) (2 ) Poland 405 (6 ) 399 73 25 48 (4 ) (2 ) 1 Spain 359 (25 ) 334 (6 ) 33 (39 ) (331 ) (3 ) 51 Philippines 1 424 — 424 114 40 74 (1 ) 17 (2 ) Israel 785 — 785 114 45 69 (1 ) (4 ) 2 Rest of EMEAA 618 (5 ) 613 87 56 31 (110 ) (3 ) 1 SCA&C Colombia 2 437 — 437 87 26 61 (19 ) (7 ) (12 ) Panama 2 121 (23 ) 98 31 16 15 (2 ) — — Caribbean TCL 3 280 (7 ) 273 65 19 46 (1 ) (6 ) (6 ) Dominican Republic 299 (8 ) 291 128 7 121 3 — (1 ) Rest of SCA&C 2 465 (21 ) 444 110 13 97 (5 ) (2 ) (3 ) Others 1,621 (1,251 ) 370 (209 ) 68 (277 ) 568 (551 ) (74 ) Continuing operations 15,914 (1,535 ) 14,379 2,839 1,120 1,719 (82 ) (658 ) (79 ) Discontinued operations 354 — 354 66 16 50 (42 ) (5 ) 10 Total $ 16,268 (1,535 ) 14,733 2,905 1,136 1,769 (124 ) (663 ) (69 ) 2020 Revenues Less: Revenues Operating Less: Operating Other Financial Other Mexico $ 2,812 (134 ) 2,678 931 148 783 (46 ) (31 ) (4 ) United States 3,994 (1 ) 3,993 747 440 307 (1,350 ) (53 ) (20 ) EMEAA United Kingdom 739 — 739 88 67 21 (73 ) (9 ) (77 ) France 754 — 754 71 48 23 (1 ) (12 ) 3 Germany 489 (37 ) 452 67 28 39 (3 ) (2 ) (3 ) Poland 377 (7 ) 370 74 25 49 (1 ) (2 ) 1 Spain 319 (16 ) 303 25 39 (14 ) (195 ) (3 ) (9 ) Philippines 1 398 — 398 118 46 72 (1 ) 2 2 Israel 754 — 754 115 28 87 — (4 ) 1 Rest of EMEAA 582 (9 ) 573 75 56 19 (26 ) (3 ) (22 ) SCA&C Colombia 2 404 — 404 86 25 61 (14 ) (5 ) (13 ) Panama 2 80 (7 ) 73 12 16 (4 ) (19 ) (1 ) 1 Caribbean TCL 3 251 (7 ) 244 65 22 43 (9 ) (6 ) (8 ) Dominican Republic 229 (11 ) 218 84 8 76 (5 ) (1 ) 4 Rest of SCA&C 2 393 (3 ) 390 100 15 85 (38 ) (2 ) 7 Others 796 (470 ) 326 (261 ) 94 (355 ) 18 (641 ) 22 Continuing operations 13,371 (702 ) 12,669 2,397 1,105 1,292 (1,763 ) (773 ) (115 ) Discontinued operations 505 (15 ) 490 76 20 56 (21 ) (4 ) 6 Total $ 13,876 (717 ) 13,159 2,473 1,125 1,348 (1,784 ) (777 ) (109 ) 1 CEMEX’s operations in the Philippines are mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling 2 CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. At year end 2022 and 2021, there is a non-controlling 3 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling |
Summary of Balance sheet Information by Reportable Segment | Debt by reportable segment is disclosed in note 17.1. As of December 31, 2022 and 2021, selected statement of financial position information by reportable segment was as follows: 2022 Associates Other Total Total Net assets Additions to 1 Mexico $ — 3,846 3,846 1,381 2,465 265 United States 198 12,425 12,623 2,642 9,981 551 EMEAA United Kingdom 5 1,388 1,393 921 472 74 France 42 910 952 471 481 57 Germany 3 449 452 255 197 33 Poland — 341 341 119 222 33 Spain — 616 616 204 412 27 Philippines — 792 792 155 637 72 Israel — 771 771 495 276 37 Rest of EMEAA 10 773 783 303 480 55 SCA&C Colombia — 742 742 274 468 45 Panama — 302 302 88 214 19 Caribbean TCL — 499 499 218 281 16 Dominican Republic — 232 232 81 151 18 Rest of SCA&C — 268 268 104 164 20 Others 382 1,385 1,767 7,827 (6,060 ) 40 Total 640 25,739 26,379 15,538 10,841 1,362 Assets held for sale and related liabilities (note 13) — 68 68 — 68 — Total consolidated $ 640 25,807 26,447 15,538 10,909 1,362 2021 Associates Other Total Total Net assets Additions to 1 Mexico $ — 3,785 3,785 1,513 2,272 190 United States 159 12,651 12,810 2,707 10,103 373 EMEAA United Kingdom 6 1,585 1,591 1,220 371 94 France 41 952 993 476 517 44 Germany 3 398 401 287 114 29 Poland 1 321 322 126 196 29 Spain — 704 704 240 464 34 Philippines — 777 777 153 624 89 Israel — 776 776 526 250 45 Rest of EMEAA 9 798 807 287 520 66 SCA&C Colombia — 962 962 477 485 27 Panama — 282 282 88 194 9 Caribbean TCL — 498 498 219 279 22 Dominican Republic — 192 192 87 105 15 Rest of SCA&C — 262 262 173 89 15 Others 316 1,031 1,347 7,761 (6,414 ) 13 Total 535 25,974 26,509 16,340 10,169 1,094 Assets held for sale and related liabilities (note 13) — 141 141 39 102 5 Total consolidated $ 535 26,115 26,650 16,379 10,271 1,099 1 In 2022 and 2021, 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, 2022, 2021 and 2020 were as follows: 2022 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,663 925 261 843 14 (1,064 ) 3,642 United States 2,017 2,871 1,202 697 12 (1,765 ) 5,034 EMEAA United Kingdom 312 329 371 206 27 (263 ) 982 France — 622 332 15 — (188 ) 781 Germany 220 186 81 32 71 (151 ) 439 Poland 282 160 41 4 1 (73 ) 415 Spain 281 99 34 25 — (93 ) 346 Philippines 378 — — 4 — (3 ) 379 Israel — 718 213 97 21 (209 ) 840 Rest of EMEAA 504 260 48 18 26 (150 ) 706 SCA&C Colombia 296 137 40 62 19 (125 ) 429 Panama 119 27 7 13 2 (53 ) 115 Caribbean TCL 297 4 6 2 5 (20 ) 294 Dominican Republic 285 20 — 46 10 (19 ) 342 Rest of SCA&C 360 16 3 22 1 (9 ) 393 Others — — — — 2,851 (2,411 ) 440 Continuing operations 8,014 6,374 2,639 2,086 3,060 (6,596 ) 15,577 Discontinued operations 113 18 4 3 174 (56 ) 256 Total $ 8,127 6,392 2,643 2,089 3,234 (6,652 ) 15,833 F-37 2021 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,412 733 208 810 14 (853 ) 3,324 United States 1,731 2,479 1,005 558 13 (1,431 ) 4,355 EMEAA United Kingdom 270 311 377 200 53 (271 ) 940 France — 682 397 6 — (222 ) 863 Germany 210 204 65 30 69 (149 ) 429 Poland 272 154 38 6 1 (72 ) 399 Spain 256 93 31 23 — (69 ) 334 Philippines 423 — — 4 1 (4 ) 424 Israel — 657 199 89 27 (187 ) 785 Rest of EMEAA 423 232 47 14 21 (124 ) 613 SCA&C Colombia 309 130 36 58 21 (117 ) 437 Panama 103 16 5 7 1 (34 ) 98 Caribbean TCL 271 5 7 4 6 (20 ) 273 Dominican Republic 240 16 — 44 8 (17 ) 291 Rest of SCA&C 400 20 6 24 1 (7 ) 444 Others — — — — 1,619 (1,249 ) 370 Continuing operations 7,320 5,732 2,421 1,877 1,855 (4,826 ) 14,379 Discontinued operations 156 23 7 3 174 (9 ) 354 Total $ 7,476 5,755 2,428 1,880 2,029 (4,835 ) 14,733 2020 Cement Concrete Aggregates Urbanization Others Eliminations Revenues Mexico $ 2,001 628 172 590 14 (727 ) 2,678 United States 1,599 2,255 954 468 13 (1,296 ) 3,993 EMEAA United Kingdom 201 274 314 176 53 (279 ) 739 France — 647 340 — — (233 ) 754 Germany 210 202 69 31 69 (129 ) 452 Poland 244 142 39 6 1 (62 ) 370 Spain 233 83 24 18 — (55 ) 303 Philippines 398 — — 2 1 (3 ) 398 Israel — 623 195 81 27 (172 ) 754 Rest of EMEAA 400 220 42 11 21 (121 ) 573 SCA&C Colombia 294 119 34 44 21 (108 ) 404 Panama 67 14 4 4 1 (17 ) 73 Caribbean TCL 245 5 7 2 6 (21 ) 244 Dominican Republic 185 15 5 31 8 (26 ) 218 Rest of SCA&C 359 3 6 19 1 2 390 Others — — — — 802 (476 ) 326 Continuing operations 6,436 5,230 2,205 1,483 1,038 (3,723 ) 12,669 Discontinued operations 167 90 77 3 201 (48 ) 490 Total $ 6,603 5,320 2,282 1,486 1,239 (3,771 ) 13,159 |
Cost Of Sales (Tables)
Cost Of Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
TextBlock1Abstract [Abstract] | |
Schedule of Cost of Sales | The detail of consolidated cost of sales by nature for the years 2022, 2021 and 2020 is as follows: 2022 2021 2020 Raw materials and goods for resale $ 4,916 4,875 4,108 Payroll 1,474 1,349 1,254 Electricity, fuels and other services 1,655 1,174 1,052 Depreciation and amortization 929 934 914 Maintenance, repairs and supplies 809 722 648 Transportation costs 671 573 352 Other production costs 969 982 929 Change in inventory (668 ) (866 ) (671 ) $ 10,755 9,743 8,586 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Consolidated Operating Expense | Consolidated operating expenses during 2022, 2021 and 2020 by function are as follows: 2022 2021 2020 Administrative expenses 1, 2 $ 1,074 958 1,049 Selling expenses 2 363 322 329 Total administrative and selling expenses 1,437 1,280 1,378 Distribution and logistics expenses 1,824 1,637 1,413 Total operating expenses $ 3,261 2,917 2,791 1 All significant R&D activities are executed by several internal areas of CEMEX as part of their daily activities. In 2022, 2021 and 2020, total combined expenses of these departments recognized within administrative expenses were $42, $44 and $39, respectively. 2 In 2022, 2021 and 2020, administrative expenses include depreciation and amortization of $140, $137 and $141, respectively, and selling expenses include depreciation and amortization of $51 in 2022, $49 in 2021 and $50 in 2020. |
Disclosure Of Operating Expenses By Nature | Consolidated operating expenses during 2022, 2021 and 2020 by nature are as follows: 2022 2021 2020 Transportation costs $ 1,676 1,502 1,313 Payroll 1,038 905 935 Depreciation and amortization 191 186 191 Professional legal, accounting and advisory services 145 144 174 Maintenance, repairs and supplies 84 76 72 Other operating expenses 127 104 106 $ 3,261 2,917 2,791 |
Other Expenses, Net (Tables)
Other Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Expenses | The detail of the line item “Other expenses, net” for the years 2022, 2021 and 2020 is as follows: 2022 2021 2020 Impairment losses (notes 15.1, 16.1 and 16.2) $ (442 ) (513 ) (1,520 ) Results from the sale of assets and others 1 9 (126 ) (114 ) Incremental costs and expenses related to the COVID-19 2 (14 ) (26 ) (48 ) Restructuring costs 3 (20 ) (17 ) (81 ) Sale of CO 2 4 — 600 — $ (467 ) (82 ) (1,763 ) |
Financial Items (Tables)
Financial Items (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Financial Items | The detail of financial income and other items, net in 2022, 2021 and 2020 was as follows: 2022 2021 2020 Effects of amortized cost on assets and liabilities and others, net $ (32 ) (28 ) (89 ) Net interest cost of pension liabilities (note 19) (26 ) (25 ) (27 ) Results from financial instruments, net (notes 14.2 and 17.4) (5 ) (6 ) (17 ) Foreign exchange results 73 (35 ) (3 ) Financial income 27 22 20 Others 10 (7 ) 1 $ 47 (79 ) (115 ) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | As of December 31, 2022 and 2021, consolidated cash and cash equivalents consisted of: 2022 2021 Cash and bank accounts $ 297 367 Fixed-income securities and other cash equivalents 198 246 $ 495 613 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Trade Accounts Receivable | As of December 31, 2022 and 2021, consolidated trade accounts receivable consisted of: 2022 2021 Trade accounts receivable $ 1,735 1,622 Allowances for expected credit losses (91 ) (101 ) $ 1,644 1,521 |
Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss | As of December 31, 2022, the balances of trade accounts receivable and the allowance for Expected Credit Losses (“ECL”) were as follows: Accounts ECL ECL Mexico $ 306 31 10.1 % United States 591 9 1.5 % Europe, Middle East, Africa and Asia 763 41 5.4 % South, Central America and the Caribbean 73 10 13.7 % Others 2 — — $ 1,735 91 |
Summary of Allowance for Expected Credit Losses | Changes in the allowance for expected credit losses in 2022, 2021 and 2020, were as follows: 2022 2021 2020 Allowances for expected credit losses at beginning of period $ 101 121 116 Charged to selling expenses 9 1 23 Deductions (21 ) (16 ) (19 ) Reclassification to assets held for sale (note 4.2) — (2 ) — Foreign currency translation effects 2 (3 ) 1 Allowances for expected credit losses at end of period $ 91 101 121 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Consolidated Other Accounts Receivable | As of December 31, 2022 and 2021, consolidated other accounts receivable consisted of: 2022 2021 Advances of income taxes and other refundable taxes $ 335 396 Non-trade 1 119 84 Interest and notes receivable 41 31 Current portion of valuation of derivative financial instruments 25 36 Loans to employees and others 15 11 $ 535 558 1 Non-trade |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Consolidated Balance of Inventories | As of December 31, 2022 and 2021, the consolidated balance of inventories was summarized as follows: 2022 2021 Materials and spare parts $ 563 372 Finished goods 406 343 Raw materials 329 242 Work-in-process 284 225 Inventory in transit 87 79 $ 1,669 1,261 |
Assets Held for Sale and Othe_2
Assets Held for Sale and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Detailed Information About Assets Held for Sale and Other Current Assets | As of December 31, 2022 and 2021, assets held for sale and other current assets was detailed as follows: 2022 2021 Assets held for sale $ 68 141 Other current assets 115 131 $ 183 272 |
Summary of Assets and Liabilities Held for Sale | As of December 31, 2022 and 2021, 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: 2022 2021 Assets Liabilities Net assets Assets Liabilities Net assets Other assets held for sale $ 68 — 68 $ 64 — 64 Costa Rica and El Salvador (note 4.2) — — — 77 39 38 $ 68 — 68 $ 141 39 102 |
Investments In Associates And_2
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Main Investments in Common Shares of Associates | As of December 31, 2022 and 2021, the investments in common shares of associates and joint ventures were as follows: Activity Country % 2022 2021 Camcem, S.A. de C.V. Cement Mexico 40.1 $ 306 269 Concrete Supply Co. LLC Concrete United States 40.0 96 90 Lehigh White Cement Company Cement United States 36.8 76 69 Neoris N.V. 1 Technology The Netherlands 34.8 62 — Société d’Exploitation de Carrières Aggregates France 50.0 23 22 Société Méridionale de Carrières Aggregates France 33.3 12 12 Other companies — — — 65 73 $ 640 535 Out of which: Acquisition cost $ 302 303 Equity method recognition $ 338 232 |
Summary of Combined Condensed Statement of Financial Position | Combined condensed statement of financial position information of CEMEX’s equity accounted investees as of December 31, 2022 and 2021 is set forth below: 2022 2021 Current assets $ 1,603 1,424 Non-current 1,699 1,718 Total assets 3,302 3,142 Current liabilities 468 532 Non-current 774 737 Total liabilities 1,242 1,269 Total net assets $ 2,060 1,873 |
Summary of Combined Selected Information of the Statements of Operations | Combined selected information of the statements of operations of CEMEX’s equity accounted investees in 2022, 2021 and 2020 is set forth below: 2022 2021 2020 Revenues $ 2,319 1,801 1,759 Operating earnings 398 312 296 Income before income tax 268 219 175 Net income 186 153 128 |
Summary of Share of Profit of Equity Accounted Investees by Reportable Segment | The share of equity accounted investees by reportable segment in the statements of operations for 2022, 2021 and 2020 is detailed as follows: 2022 2021 2020 Mexico $ 39 28 30 United States 17 18 15 EMEAA 8 8 6 Corporate and others (34 ) — (2 ) $ 30 54 49 |
Summary of Other Investments and Non-current Accounts Receivable | As of December 31, 2022 and 2021, consolidated other investments and non-current 2022 2021 Non-current 1 $ 228 204 Investments in strategic equity securities 2 5 14 Non-current 57 22 Investments at fair value through the income statement 3 3 3 $ 293 243 1 Includes, among other items: a) accounts receivable from investees and joint ventures of $33 in 2022 and $21 in 2021, b) advances to suppliers of fixed assets of $58 in 2022 and $35 in 2021, c) employee prepaid compensation of $12 in 2022 and $7 in 2021, and d) warranty deposits of $21 in 2022 and $27 in 2021. 2 These investments are recognized at fair value through other comprehensive income. 3 Refers to investments in private funds. In 2022 and 2021, no contributions were made to such private funds. |
Property, Machinery and Equip_2
Property, Machinery and Equipment, Net and Assets For The Right-Of-Use, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Detailed Information About In Property Plant Equipment Right Of Use Assets | As of December 31, 2022 and 2021, property, machinery and equipment, net and assets for the right-of-use, 2022 2021 Property, machinery and equipment, net $ 10,156 10,202 Assets for the right-of-use, 1,128 1,120 $ 11,284 11,322 |
Disclosure of Net Change in Property, Machinery and Equipment | As of December 31, 2022 and 2021, consolidated property, machinery and equipment, net and the changes in this line item during 2022, 2021 and 2020, were as follows: 2022 Land and Building Machinery Construction 1 Total Cost at beginning of period $ 4,801 2,532 11,727 1,262 20,322 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) — (10,120 ) Net book value at beginning of period 3,575 1,038 4,327 1,262 10,202 Capital expenditures 126 52 406 457 1,041 Stripping costs 25 — — — 25 Total capital expenditures 151 52 406 457 1,066 Disposals 2 (4 ) (4 ) (22 ) — (30 ) Business combinations (note 4.1) 32 1 9 1 43 Depreciation and depletion for the period (153 ) (78 ) (493 ) — (724 ) Impairment losses (note 7) (12 ) (8 ) (55 ) (2 ) (77 ) Foreign currency translation effects (83 ) (172 ) (19 ) (50 ) (324 ) Cost at end of period 4,843 2,342 11,663 1,668 20,516 Accumulated depreciation and depletion (1,337 ) (1,513 ) (7,510 ) — (10,360 ) Net book value at end of period $ 3,506 829 4,153 1,668 10,156 2021 Land and Building Machinery Construction 1 Total 2020 1 Cost at beginning of period $ 4,741 2,438 11,929 1,188 20,296 19,708 Accumulated depreciation and depletion (1,177 ) (1,474 ) (7,475 ) — (10,126 ) (9,143 ) Net book value at beginning of period 3,564 964 4,454 1,188 10,170 10,565 Capital expenditures 81 159 609 — 849 564 Stripping costs 18 — — — 18 18 Total capital expenditures 99 159 609 — 867 582 Disposals 2 (20 ) (6 ) (80 ) — (106 ) (63 ) Reclassifications 3 (4 ) (8 ) (29 ) (3 ) (44 ) (18 ) Business combinations (note 4.1) — — — — — 11 Depreciation and depletion for the period (108 ) (74 ) (536 ) — (718 ) (736 ) Impairment losses (note 7) (11 ) (9 ) (15 ) (8 ) (43 ) (306 ) Foreign currency translation effects 55 12 (76 ) 85 76 135 Cost at end of period 4,801 2,532 11,727 1,262 20,322 20,296 Accumulated depreciation and depletion (1,226 ) (1,494 ) (7,400 ) — (10,120 ) (10,126 ) Net book value at end of period $ 3,575 1,038 4,327 1,262 10,202 10,170 1 As of December 31, 2022, the Maceo plant in Colombia, finalized significantly in 2017, with an annual capacity of approximately 1.3 million tons of cement, has not initiated commercial operations mainly as the access road has not been finalized. As of the reporting date, the works related to the access road to the plant reflect a significant progress; nonetheless, the beginning of commercial operations is subject also to the successful conclusion of several ongoing processes for the proper operation of the assets and other legal proceedings (note 25.3). As of December 31, 2022, the carrying amount of the plant, is for an amount in Colombian Pesos equivalent to $219. 2 In 2022 includes sales of non-strategic non-strategic non-strategic 3 In 2021, refers to the reclassification to held-for-sale |
Summary of Recognized Impairment Losses | During the years ended December 31, 2022, 2021 and 2020 impairment losses of fixed assets by country are as follows: 2022 2021 2020 United States $ 26 18 76 Spain 23 — 135 Colombia — 10 2 Caribbean TCL 14 — — United Kingdom 10 5 39 Puerto Rico — — 20 Croatia — — 13 Panama — — 12 Others 4 10 9 $ 77 43 306 |
Asset for the Right of Use,Net | As of December 31, 2022 and 2021, consolidated assets for the right-of-use, 2022 Land Buildings Machinery Others Total Assets for the right-of-use $ 395 401 1,513 21 2,330 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210 ) Net book value at beginning of period 248 196 668 8 1,120 Additions of new leases 45 21 207 23 296 Cancellations and remeasurements (15 ) (27 ) (82 ) (1 ) (125 ) Depreciation (1 ) (77 ) (165 ) (15 ) (258 ) Foreign currency translation effects 20 19 48 8 95 Assets for the right-of-use 439 335 1,570 55 2,399 Accumulated depreciation (142 ) (203 ) (894 ) (32 ) (1,271 ) Net book value at end of period $ 297 132 676 23 1,128 2021 Land Buildings Machinery Others Total 2020 Assets for the right-of-use $ 409 457 1,502 21 2,389 2,265 Accumulated depreciation (139 ) (253 ) (744 ) (10 ) (1,146 ) (980 ) Net book value at beginning of period 270 204 758 11 1,243 1,285 Additions of new leases 59 22 143 3 227 213 Cancellations and remeasurements (28 ) (19 ) (87 ) — (134 ) (76 ) Business combinations (note 4.1) — — — — — 13 Depreciation (17 ) (37 ) (226 ) (3 ) (283 ) (239 ) Foreign currency translation effects (36 ) 26 80 (3 ) 67 47 Assets for the right-of-use 395 401 1,513 21 2,330 2,389 Accumulated depreciation (147 ) (205 ) (845 ) (13 ) (1,210 ) (1,146 ) Net book value at end of period $ 248 196 668 8 1,120 1,243 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges | As of December 31, 2022 and 2021, consolidated goodwill, intangible assets and deferred charges were summarized as follows: 2022 2021 Cost Accumulated Carrying Cost Accumulated Carrying Intangible assets of indefinite useful life: Goodwill $ 7,538 — 7,538 $ 7,984 — 7,984 Intangible assets of definite useful life: Extraction rights 1,729 (452 ) 1,277 1,781 (431 ) 1,350 Industrial property and trademarks 32 (15 ) 17 45 (22 ) 23 Customer relationships 196 (196 ) — 196 (196 ) — Mining projects 39 (6 ) 33 52 (7 ) 45 Internally developed software 820 (534 ) 286 689 (461 ) 228 Other intangible assets 305 (163 ) 142 351 (218 ) 133 $ 10,659 (1,366 ) 9,293 $ 11,098 (1,335 ) 9,763 |
Summary of Changes in Consolidated goodwill | Changes in consolidated goodwill for the years ended December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Balance at beginning of period $ 7,984 8,506 9,562 Impairment losses (notes 7 and 16.2) (365 ) (440 ) (1,020 ) Business combinations (note 4.1) 4 5 2 Reclassification to assets held for sale — (2 ) (9 ) Foreign currency translation effects (85 ) (85 ) (29 ) Balance at end of period $ 7,538 7,984 8,506 |
Summary of Changes in Intangible Asset | Changes in intangible assets of definite life in 2022, 2021 and 2020, were as follows: 2022 Extraction Industrial Mining Internally 1 Others Total Balance at beginning of period $ 1,350 23 45 228 133 1,779 Amortization for the period (44 ) (7 ) (1 ) (73 ) (13 ) (138 ) Additions (decreases), net 1 (10 ) — (10 ) 136 35 151 Foreign currency translation effects (19 ) 1 (1 ) (5 ) (13 ) (37 ) Balance at the end of period $ 1,277 17 33 286 142 1,755 2021 Extraction Industrial Mining Internally 1 Others Total 2020 Balance at beginning of period $ 1,358 24 43 213 108 1,746 2,028 Impairment losses (note 7) — — — (49 ) (4 ) (53 ) (194 ) Amortization for the period (24 ) (2 ) (1 ) (71 ) (21 ) (119 ) (130 ) Additions (decreases), net 1 27 — 2 132 31 192 53 Business combinations (note 4.1) — — — — — — 7 Foreign currency translation effects (11 ) 1 1 3 19 13 (18 ) Balance at the end of period $ 1,350 23 45 228 133 1,779 1,746 1 Includes the capitalized direct costs incurred in the development stage of internal-use |
Summary of Goodwill Balances Allocated by Operating Segment | As of December 31, 2022 and 2021, goodwill balances allocated by Operating Segment after impairment adjustments were as follows: 2022 2021 Mexico $ 384 361 United States 6,176 6,449 EMEAA United Kingdom 250 280 France 201 213 Spain 57 158 Philippines 82 89 Rest of EMEAA 1 38 48 SCA&C Colombia 202 244 Caribbean TCL 83 83 Rest of SCA&C 2 65 59 $ 7,538 7,984 1 This caption refers to the operating segments in Israel, the Czech Republic and Egypt. 2 This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. |
Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows | As of December 31, 2022, 2021 and 2020, CEMEX’s pre-tax Discount rates Long-term growth rates 1 Groups of CGUs 2022 2021 2020 2022 2021 2020 United States 9.1% 7.2% 7.3% 2.0% 2.0% 2.0% Spain 9.4% 7.6% 7.7% 1.7% 1.5% 1.5% United Kingdom 9.1% 7.3% 7.4% 1.5% 1.5% 1.6% France 9.2% 7.3% 7.4% 1.4% 1.4% 1.7% Mexico 10.3% 8.4% 8.3% 1.1% 1.0% 1.1% Colombia 10.9% 8.5% 8.4% 3.3% 3.5% 2.5% United Arab Emirates — — 8.3% — — 2.6% Egypt 13.6% 10.7% 10.2% 3.0% 3.0% 5.6% Range of rates in other countries 9.3% – 13.9% 7.4% – 11.7% 7.2% – 15.5% 1.5% – 6.0% 1.7% – 6.0% (0.3%) – 6.5% 1 The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk | In relation to the economic assumptions used by the Company described above, the additional impairment losses that would have resulted from the sensitivity analyses derived from independent changes in each of the relevant assumptions, as well as the average multiple of Operating EBITDA, in those operating segments that presented relative impairment risk as of December 31, 2022, are as follows: Additional effects to the impairment Operating segment Impairment Discount rate +1% Long-term -1% Multiples 11.3x United States $ (273 ) (1,243 ) (986 ) — Spain (92 ) (59 ) (47 ) — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2022 and 2021, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows: 2022 2021 Current Non-current Total 1, 2 Current Non-current Total 1, 2 Floating rate debt $ — 1,750 1,750 $ 27 896 923 Fixed rate debt 51 5,170 5,221 46 6,410 6,456 $ 51 6,920 6,971 $ 73 7,306 7,379 Effective rate 3 Floating rate 3.2 % 4.6 % 2.7 % 2.6 % Fixed rate 5.1 % 5.3 % 5.2 % 4.8 % 2022 2021 Currency Current Non-current Total Effective rate 3 Current Non-current Total Effective rate 3 Dollars $ 5 5,511 5,516 5.7 % $ 6 6,375 6,381 4.4 % Euros 2 962 964 3.3 % 1 453 454 3.1 % Pesos — 267 267 12.2 % — 254 254 7.2 % Philippine Pesos 8 139 147 5.4 % 66 109 175 4.4 % Other currencies 36 41 77 4.3 % — 115 115 4.1 % $ 51 6,920 6,971 $ 73 7,306 7,379 1 As of December 31, 2022 and 2021, from total debt of $6,971 and $7,379, respectively, 94% was held in the Parent Company and 6% in subsidiaries of the Parent Company, in both periods. 2 As of December 31, 2022 and 2021, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $45 and $53, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the effective interest rate method. 3 In 2022 and 2021, represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period. |
Summary of Consolidated Debt by Type of Instrument | As of December 31, 2022 and 2021, CEMEX´s consolidated debt summarized by type of instrument, was as follows: 2022 Current Non-current 2021 Current Non-current Bank loans Bank loans Loans in foreign countries, 2024 to 2025 $ 43 184 Loans in foreign countries, 2023 to 2024 $ — 289 Syndicated loans, 2024 to 2026 — 2,578 Syndicated loans, 2023 to 2026 — 1,728 43 2,762 — 2,017 Notes payable Notes payable Medium-term notes, 2024 to 2031 — 3,988 Medium-term notes, 2024 to 2031 — 5,179 Other notes payable, 2022 to 2027 6 172 Other notes payable, 2022 to 2027 5 178 6 4,160 5 5,357 Total bank loans and notes payable 49 6,922 Total bank loans and notes payable 5 7,374 Current maturities 2 (2 ) Current maturities 68 (68 ) $ 51 6,920 $ 73 7,306 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 Debt at beginning of year $ 7,379 9,339 9,365 Proceeds from new debt instruments 2,006 3,960 4,210 Debt repayments (2,420 ) (5,897 ) (4,572 ) Foreign currency translation and accretion effects 6 (23 ) 336 Debt at end of year $ 6,971 7,379 9,339 |
Summary of Non-Current Notes Payable | As of December 31, 2022 and 2021, non-current Description Date of Issuer 1 Currency Principal Rate Maturity date Redeemed 2 $ Outstanding 2 $ 2022 2021 July 2031 Notes 3 12/Jan/21 CEMEX, S.A.B. de C.V. Dollar 1,750 3.875 % 11/Jul/31 (642 ) 1,108 $ 1,102 1,741 September 2030 Notes 3 17/Sep/20 CEMEX, S.A.B. de C.V. Dollar 1,000 5.2 % 17/Sep/30 (283 ) 717 714 995 November 2029 Notes 3 19/Nov/19 CEMEX, S.A.B. de C.V. Dollar 1,000 5.45 % 19/Nov/29 (247 ) 753 749 994 June 2027 Notes 05/Jun/20 CEMEX, S.A.B. de C.V. Dollar 1,000 7.375 % 05/Jun/27 — 1,000 996 995 March 2026 Notes 19/Mar/19 CEMEX, S.A.B. de C.V. Euro 400 3.125 % 19/Mar/26 — 428 427 454 July 2025 Notes 01/Apr/03 CEMEX Materials LLC Dollar 150 7.70 % 21/Jul/25 — 150 152 152 Other notes payable 20 26 $ 4,160 5,357 1 As of December 31, 2021, after closing the 2021 Credit Agreement, these issued notes are fully and unconditionally guaranteed by CEMEX Concretos, S.A. de C.V., CEMEX Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and CEMEX Corp. 2 Presented net of all notes repurchased by CEMEX. As of December 31, 2022, all repurchased notes have been canceled. 3 During 2022, pursuant to tender offers and other market transactions, CEMEX partially repurchased different series of its notes for an aggregate notional amount of $1,172. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional costs, generated a repurchase gain of $104, recognized in the statement of operations for the year. |
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2022, were as follows: Bank Notes Total 2024 $ 379 6 385 2025 1,280 156 1,436 2026 1,056 433 1,489 2027 45 999 1,044 2028 and thereafter — 2,566 2,566 $ 2,760 4,160 6,920 |
Schedule of Lines of Credit | As of December 31, 2022, CEMEX had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2021 Credit Agreement, at annual interest rates ranging between 3.38% and 5.65%, depending on the negotiated currency: Lines of Available Other lines of credit in foreign subsidiaries 1 $ 364 204 Other lines of credit from banks 1 556 356 Revolving credit facility 2021 Credit Agreement 1,750 1,450 $ 2,670 2,010 1 Uncommitted amounts subject to the banks’ availability. |
Summary of Consolidated Financial Ratios | As of December 31, 2022, 2021 and 2020, under the 2021 Credit Agreement and the 2017 Facilities Agreement, as applicable, the main consolidated financial ratios were as follows: Consolidated financial ratios Refers to the compliance limits 2022 2021 2020 Leverage ratio Limit <=3.75 <=3.75 <=6.25 Calculation 2.84 2.73 4.07 Coverage ratio Limit >=2.75 >=2.75 >=1.75 Calculation 6.27 5.99 3.82 |
Summary of Other Financial Obligations | As of December 31, 2022 and 2021, other financial obligations in the consolidated statement of financial position were detailed as follows: 2022 2021 Current Non-current Total Current Non-current Total I. Leases $ 258 918 1,176 $ 265 911 1,176 II. Liabilities secured with accounts receivable 678 — 678 602 — 602 $ 936 918 1,854 $ 867 911 1,778 I. Leases (notes 2.7, 8.1, 15.2 and 24.1) CEMEX has several operating and administrative assets under lease contracts (note 15.2). As mentioned in note 2.7, CEMEX applies the recognition exemption for short-term leases and leases of low-value 2022 2021 2020 Lease financial liability at beginning of year $ 1,176 1,260 1,306 Additions from new leases 296 227 213 Reductions from payments (276 ) (313 ) (276 ) Cancellations and liability remeasurements 7 27 (9 ) Foreign currency translation and accretion effects (27 ) (25 ) 26 Lease financial liability at end of year $ 1,176 1,176 1,260 |
Detailed Information about In Lease Liabilities | Changes in the balance of lease financial liabilities during 2022, 2021 and 2020 were as follows: 2022 2021 2020 Lease financial liability at beginning of year $ 1,176 1,260 1,306 Additions from new leases 296 227 213 Reductions from payments (276 ) (313 ) (276 ) Cancellations and liability remeasurements 7 27 (9 ) Foreign currency translation and accretion effects (27 ) (25 ) 26 Lease financial liability at end of year $ 1,176 1,176 1,260 |
Summary of Disclosure Detail Of Financial Lease Liabilities | As of December 31, 2022, the maturities of non-current Total 2024 $ 194 2025 151 2026 109 2027 81 2028 and thereafter 383 $ 918 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2022 and 2021, the carrying amounts of financial assets and liabilities and their respective fair values were as follows: 2022 2021 Carrying Fair Carrying Fair Financial assets Derivative financial instruments (notes 14.2 and 17.4) $ 57 57 $ 22 22 Other investments and non-current 236 236 221 221 $ 293 293 $ 243 243 Financial liabilities Long-term debt (note 17.1) $ 6,920 6,517 $ 7,306 7,629 Other financial obligations (note 17.2) 918 788 911 919 Derivative financial instruments (notes 17.4 and 18.2) 2 2 30 30 $ 7,840 7,307 $ 8,247 8,578 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2022 and 2021, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 2.7): 2022 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 57 — 57 Investments in strategic equity securities (note 14.2) 5 — — 5 Other investments at fair value through earnings (note 14.2) — 3 — 3 $ 5 60 — 65 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 2 — 2 2021 Level 1 Level 2 Level 3 Total Assets measured at fair value Derivative financial instruments (notes 14.2 and 17.4) $ — 22 — 22 Investments in strategic equity securities (note 14.2) 14 — — 14 Other investments at fair value through earnings (note 14.2) — 3 — 3 $ 14 25 — 39 Liabilities measured at fair value Derivative financial instruments (notes 17.4 and 18.2) $ — 30 — 30 |
Summary of Derivative Financial Instruments | As of December 31, 2022 and 2021, the notional amounts and fair values of CEMEX’s derivative instruments were as follows: 2022 2021 Notional Fair Notional Fair I. Net investment hedges $ 837 (48 ) 1,511 3 II. Interest rate swaps 1,018 54 1,005 (18 ) III. Fuel price hedging 136 8 145 30 IV. Foreign exchange options 500 18 250 6 $ 2,491 32 2,911 21 |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2022 and 2021, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows: 2022 Mexico United EMEAA SCA&C Others 1 Total Monetary assets $ 960 650 1,315 204 — 3,129 Monetary liabilities 1,951 2,559 2,887 519 7,174 15,090 Net monetary assets (liabilities) $ (991 ) (1,909 ) (1,572 ) (315 ) (7,174 ) (11,961 ) Out of which: Dollars $ 8 (1,909 ) 12 (42 ) (5,633 ) (7,564 ) Pesos (999 ) — — — (72 ) (1,071 ) Euros — — (632 ) — (1,183 ) (1,815 ) Pounds — — (931 ) — 171 (760 ) Other currencies — — (21 ) (273 ) (457 ) (751 ) $ (991 ) (1,909 ) (1,572 ) (315 ) (7,174 ) (11,961 ) 2021 Mexico United EMEAA SCA&C Others 1 Total Monetary assets $ 873 605 1,255 262 193 3,188 Monetary liabilities 1,644 2,701 3,279 659 7,544 15,827 Net monetary assets (liabilities) $ (771 ) (2,096 ) (2,024 ) (397 ) (7,351 ) (12,639 ) Out of which: Dollars $ (166 ) (2,096 ) 23 (87 ) (6,254 ) (8,580 ) Pesos (601 ) — — — (17 ) (618 ) Euros — — (762 ) 1 (384 ) (1,145 ) Pounds — — (1,191 ) — 28 (1,163 ) Other currencies (4 ) — (94 ) (311 ) (724 ) (1,133 ) $ (771 ) (2,096 ) (2,024 ) (397 ) (7,351 ) (12,639 ) 1 Includes the Parent Company, CEMEX’s financing subsidiaries, among other entities. |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of Other Current Liabilities | As of December 31, 2022 and 2021, consolidated other current liabilities were as follows: 2022 2021 Provisions 1 $ 620 620 Interest payable 96 92 Other accounts payable and accrued expenses 2 216 233 Contract liabilities with customers (note 3) 3 293 257 $ 1,225 1,202 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, 2022 and 2021, includes $6 and $7, respectively, of the current portion of other taxes payable in Mexico. 3 As of December 31, 2022 and 2021, contract liabilities with customers included $253 and $219, respectively, of advances received from customers, as well as in 2022 and 2021 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 and $4, respectively. |
Summary of Other Non-current Liabilities | As of December 31, 2022 and 2021, consolidated other non-current 2022 2021 Asset retirement obligations 1 $ 465 553 Accruals for legal assessments and other responsibilities 2 41 48 Non-current 2 30 Environmental liabilities 3 233 276 Other non-current 4, 5 324 391 $ 1,065 1,298 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, 2021, includes $6 of the non-current orti 5 As of December 31, 2022 and 2021, the balance includes deferred revenues of $27 and $32, respectively, that are amortized to the income statement as deliverables are fulfilled over the maturity of long-term clinker supply agreements. |
Summary of Changes in Consolidated Other Current and Non-Current Liabilities | Changes in consolidated other current and non-current 2022 Asset Environmental Accruals for legal Valuation Other Total 2021 Balance at beginning of period $ 553 276 48 37 1,043 1,957 1,756 Additions or increase in estimates 22 1 11 25 211 270 595 Releases or decrease in estimates (119 ) (37 ) (17 ) (29 ) (284 ) (486 ) (301 ) Business combinations 6 — — — — 6 — Reclassifications 34 — — — (26 ) 8 4 Accretion expense (24 ) — (4 ) — (30 ) (58 ) (28 ) Foreign currency translation (7 ) (7 ) 3 17 23 29 (69 ) Balance at end of period $ 465 233 41 50 937 1,726 1,957 Out of which: Current provisions $ — — — 48 613 661 659 |
Pensions and Post-Employment _2
Pensions and Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2022, 2021 and 2020, the effects of pension plans and other post-employment benefits are summarized as follows: Pensions Other benefits Total Net period cost (income): 2022 2021 2020 2022 2021 2020 2022 2021 2020 Recorded in operating costs and expenses Service cost $ 8 9 9 4 3 2 12 12 11 Past service cost 1 — (2 ) — — 1 1 — (1 ) Settlements and curtailments — (1 ) — — (1 ) (1 ) — (2 ) (1 ) 9 8 7 4 2 2 13 10 9 Recorded in other financial expenses Net interest cost 23 26 27 6 5 5 29 30 32 Recorded in other comprehensive income Actuarial (gains) losses for the period (166 ) (257 ) 181 (10 ) (6 ) 18 (176 ) (263 ) 199 $ (134 ) (223 ) 215 — 1 25 (134 ) (223 ) 240 |
Summary of Actuarial (Gains) Losses | For the years 2022, 2021 and 2020, actuarial (gains) losses for the period were generated by the following main factors as follows: 2022 2021 2020 Actuarial (gains) losses due to experience $ 96 (87 ) 1 Actuarial (gains) losses due to demographic assumptions (2 ) 20 18 Actuarial (gains) losses due financial assumptions (270 ) (196 ) 180 $ (176 ) (263 ) 199 In 2022, net actuarial gains due to financial assumptions were mainly driven by a general increase in the discount rates applicable to the calculation of the benefits’ obligations mainly in the United Kingdom, the United States, |
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2022 and 2021, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows: Pensions Other benefits Total 2022 2021 2022 2021 2022 2021 Change in benefits obligation: Projected benefit obligation at beginning of the period $ 2,685 2,928 98 105 2,783 3,033 Service cost 8 9 4 3 12 12 Interest cost 66 62 6 5 72 67 Actuarial gains (632 ) (134 ) (10 ) (6 ) (642 ) (140 ) Initial valuation from new plan 13 — — — 13 — Reduction from disposal of assets 1 (6 ) — — — (6 ) — Settlements and curtailments — (1 ) — (1 ) — (2 ) Plan amendments 1 — — — 1 — Benefits paid (130 ) (132 ) (7 ) (7 ) (137 ) (139 ) Foreign currency translation (194 ) (47 ) 1 (1 ) (193 ) (48 ) Projected benefit obligation at end of the period 1,811 2,685 92 98 1,903 2,783 Change in plan assets: Fair value of plan assets at beginning of the period 1,783 1,693 1 1 1,784 1,694 Return on plan assets 43 36 — — 43 36 Actuarial (losses) gains (466 ) 123 — — (466 ) 123 Employer contributions 98 78 7 7 105 85 Initial valuation from new plan 13 — — — 13 — Benefits paid (132 ) (132 ) (7 ) (7 ) (139 ) (139 ) Foreign currency translation (132 ) (15 ) — — (132 ) (15 ) Fair value of plan assets at end of the period 1,207 1,783 1 1 1,208 1,784 Net projected liability in the statement of financial position $ 604 902 91 97 695 999 1 In connection with the sale of Neoris’ 65% stake as described in note 4.2. |
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2022 and 2021, based on the hierarchy of fair values, plan assets are detailed as follows: 2022 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 38 — — 38 $ 33 — — 33 Investments in corporate bonds 7 289 — 296 1 432 — 433 Investments in government bonds 90 266 — 356 85 393 — 478 Total fixed-income securities 135 555 — 690 119 825 — 944 Investment in marketable securities 226 42 — 268 380 109 — 489 Other investments and private funds 91 42 117 250 163 88 100 351 Total variable-income securities 317 84 117 518 543 197 100 840 Total plan assets $ 452 639 117 1,208 $ 662 1,022 100 1,784 |
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: 2022 2021 Mexico United United Range of rates in Mexico United United Rates ranges in Discount rates 10.50 % 5.50 % 5.00 % 3.6%–13.0% 9.25 % 2.90 % 1.90 % 0.4%–9.3% Rate of return on plan assets 10.50 % 5.50 % 5.00 % 3.6%–13.0% 9.25 % 2.90 % 1.90 % 0.4%–9.3% Rate of salary increases 4.50 % — 3.25 % 2.5%–7.3% 4.50 % — 3.35 % 2.3%–7.3% |
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2022, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows: Estimated 2023 $ 145 2024 139 2025 140 2026 140 2027 – 2032 821 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2022 and 2021, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows: 2022 2021 PBO Assets Deficit PBO Assets Deficit Mexico $ 220 25 195 $ 200 38 162 United States 194 166 28 270 226 44 United Kingdom 1 1,062 791 271 1,794 1,273 521 Germany 134 6 128 180 7 173 Other countries 293 220 73 339 240 99 $ 1,903 1,208 695 $ 2,783 1,784 999 1 Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund started to receive annual dividends from a limited partnership (the “Partnership”), whose assets, transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. The annual dividends received by the pension funds in 2022, 2021 and 2020, which increase at a 5% rate per year, were £22.3 ($30), £22.3 ($30) and £21.3 ($29), respectively. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur. |
Schedule of Sensitivity Analysis of Pension and Other Post Employment Benefits | For the year ended December 31, 2022, 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, 2022 are shown below: Pensions Other benefits Total Assumptions: +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Discount Rate Sensitivity $ (91 ) 100 (3 ) 3 (94 ) 103 Salary Increase Rate Sensitivity 5 (4 ) — (1 ) 5 (5 ) Pension Increase Rate Sensitivity 66 (63 ) — — 66 (63 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Income Tax Expense | The amounts of income tax expense in the statements of operations for 2022, 2021 and 2020 are summarized as follows: 2022 2021 2020 Current income tax expense $ 170 172 158 Deferred income tax expense (income) 39 (35 ) (122 ) $ 209 137 36 |
Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities | As of December 31, 2022 and 2021, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below: 2022 2021 Deferred tax assets: Tax loss carryforwards and other tax credits $ 561 662 Accounts payable and accrued expenses 754 808 Intangible assets, net 140 138 Total deferred tax assets, gross 1,455 1,608 Presentation of net position by same legal entity (1,044 ) (1,046 ) 411 562 Deferred tax liabilities: Property, machinery and equipment and right-of-use (1,406 ) (1,502 ) Investments and other assets (32 ) (29 ) Total deferred tax liabilities, gross (1,438 ) (1,531 ) Presentation of net position by same legal entity 1,044 1,046 Total deferred tax liabilities, net in the statement of financial position (394 ) (485 ) Net deferred tax assets (liabilities) $ 17 77 Out of which: Net deferred tax liabilities in Mexican entities 1 $ (17 ) (81 ) Net deferred tax assets in foreign entities 2 34 158 Net deferred tax assets $ 17 77 1 Net deferred tax liabilities in Mexico at the reporting date mainly refer to a temporary difference resulting when comparing the carrying amount of property, machinery and equipment, against their corresponding tax values (remaining tax-deductible tax-deductible; 2 Net deferred tax assets in foreign entities in 2022 and 2021 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, 2022 and 2021, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities: 2022 2021 Assets Liabilities Net Assets Liabilities Net Mexican entities $ 168 (185 ) (17 ) $ 191 (272 ) (81 ) Foreign entities 243 (209 ) 34 371 (213 ) 158 $ 411 (394 ) 17 $ 562 (485 ) 77 |
Summary of Breakdown of Changes in Consolidated Deferred Income Taxes | The breakdown of changes in consolidated deferred income taxes during 2022, 2021 and 2020 was as follows: 2022 2021 2020 Deferred income tax expense (income) in the income statement $ 39 (35 ) (122 ) Deferred income tax expense (income) in stockholders’ equity 14 (38 ) (41 ) Reclassifications 1 7 78 (12 ) Change in deferred income tax during the period $ 60 5 (175 ) 1 In 2022, 2021 and 2020, 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 2022, 2021 and 2020 were as follows: 2022 2021 2020 Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) $ — (6 ) (19 ) Expense (revenue) associated to actuarial results (note 21.2) 32 26 (41 ) Revenue related to derivative financial instruments (note 17.4) (30 ) (1 ) 14 Expense (revenue) from foreign currency translation and other effects 12 (63 ) (14 ) $ 14 (44 ) (60 ) |
Schedule of Consolidated Tax Loss and Tax Credits Carry Forwards Expire | As of December 31, 2022, consolidated tax loss and tax credits carryforwards expire as follows: Amount of Amount of Amount of 2023 $ 185 156 29 2024 148 20 128 2025 209 192 17 2026 209 191 18 2027 and thereafter 7,739 5,707 2,032 $ 8,490 6,266 2,224 |
Schedule of Effective Tax Rate Table | For the years ended December 31, 2022, 2021 and 2020, the effective consolidated income tax rates were as follows: 2022 2021 2020 Earnings (loss) before income tax $ 770 954 (1,310 ) Income tax expense (209 ) (137 ) (36 ) Effective consolidated income tax expense rate 1 27.1 % 14.4 % (2.7 )% 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 2022, 2021 and 2020 were as follows: 2022 2021 2020 % $ % $ % $ Mexican statutory tax rate 30.0 231 30.0 280 30.0 (391 ) Difference between accounting and tax expenses, net 1 35.8 276 4.8 45 (18.4 ) 240 Non-taxable 3.4 26 (3.8 ) (35 ) 1.3 (17 ) Difference between book and tax inflation 28.2 217 23.9 223 (7.1 ) 92 Differences in the income tax rates in the countries where CEMEX operates 2 (6.2 ) (48 ) 4.7 44 (0.9 ) 12 Changes in deferred tax assets 3 (59.7 ) (460 ) (48.7 ) (454 ) (9.6 ) 125 Changes in provisions for uncertain tax positions (5.1 ) (39 ) 2.6 24 0.2 (3 ) Others 0.7 6 0.9 10 1.8 (22 ) Effective consolidated income tax expense rate 27.1 209 14.4 137 (2.7 ) 36 1 In 2022 includes $365 and in 2020 includes $312, related to the effects of the impairment charges during the periods which are basically non-deductible 2 Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates. In 2021 includes the effect related to the change in statutory tax rate in Colombia from 30% to 35%. 3 Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards. |
Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet | The following table compares the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2022 and 2021: 2022 2021 Changes in the Amounts in Changes in the Amounts in Tax loss carryforwards generated and not recognized during the year $ — 38 — 9 Derecognition related to tax loss carryforwards recognized in prior years (103 ) — (145 ) — Recognition related to unrecognized tax loss carryforwards 16 (498 ) 19 (460 ) Foreign currency translation and other effects (14 ) — 11 (3 ) Changes in deferred tax assets $ (101 ) (460 ) (115 ) (454 ) |
Schedule of Unrecognized Tax Benefits | A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020, excluding interest and penalties, is as follows: 2022 2021 2020 Balance of tax positions at beginning of the period $ 48 27 28 Additions for tax positions of prior periods 5 4 — Additions for tax positions of current period 5 27 3 Reductions for tax positions related to prior periods and other items (11 ) (2 ) (1 ) Settlements and reclassifications (4 ) (5 ) (3 ) Expiration of the statute of limitations (2 ) (2 ) (2 ) Foreign currency translation effects — (1 ) 2 Balance of tax positions at end of the period $ 41 48 27 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Schedule of reconciliation of controlling interest due to different currencies | As of December 31, 2022, the line-by-line As of December 31, 2022 Consolidated Parent Company Common stock and additional paid-in 1 $ 7,810 5,414 Other equity reserves 1, 2 (1,555 ) 1,687 Retained earnings 2 4,246 3,400 Total controlling interest $ 10,501 10,501 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, 2022 and 2021, the breakdown of consolidated common stock and additional paid-in 2022 2021 Common stock $ 318 318 Additional paid-in 7,492 7,492 $ 7,810 7,810 |
Summary of Common Stock | As of December 31, 2022 and 2021 the common stock of CEMEX, S.A.B. de C.V. was presented as follows: 2022 2021 Shares 1 Series A 2 Series B 2 Series A 2 Series B 2 Subscribed and paid shares 29,016,656,496 14,508,328,248 29,457,941,452 14,728,970,726 Unissued shares authorized for executives’ stock compensation programs 881,442,830 440,721,415 881,442,830 440,721,415 Repurchased shares 3 441,284,956 220,642,478 — — 30,339,384,282 15,169,692,141 30,339,384,282 15,169,692,141 1 As of December 31, 2022 and 2021, 13,068,000,000 shares correspond to the fixed portion, and 32,441,076,423 shares as of December 31, 2022 and 2021, correspond to the variable portion. 2 Series “A” or Mexican shares must represent at least 64% of CEMEX’s capital stock; Series “B” or free subscription shares must represent at most 36% of CEMEX’s capital stock. 3 Shares repurchased under the share repurchase program authorized by the Company’s shareholders (note 21.2). |
Summary of other Equity Reserves and Subordinated Notes | As of December 31, 2022 and 2021, the caption of other equity reserves and subordinated notes was integrated as follows: 2022 2021 Other equity reserves $ (2,549 ) (2,365 ) Subordinated notes 994 994 $ (1,555 ) (1,371 ) |
Summary of Other Equity Reserves | As of December 31, 2022 and 2021, other equity reserves are detailed as follows: 2022 2021 Cumulative translation effect, net of effects from deferred income taxes recognized directly in equity (note 20.2) and derivative financial instruments designated as cash flow hedges $ (926 ) (722 ) Cumulative actuarial losses (353 ) (529 ) Cumulative coupon payments under perpetual debentures (note 21.4) (1,070 ) (1,070 ) Treasury shares repurchased under share repurchase program (note 21.1) (111 ) — Cumulative coupon payments under subordinated notes 1 (84 ) (30 ) Treasury shares held by subsidiaries (5 ) (14 ) $ (2,549 ) (2,365 ) 1 Interest accrued under the Parent Company’s subordinated notes described below are recognized as part of other equity reserves. |
Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) | For the years ended December 31, 2022, 2021 and 2020, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows: 2022 2021 2020 Foreign currency translation result 1 $ (235 ) (389 ) 352 Foreign exchange fluctuations from debt 2 (23 ) 89 (126 ) Foreign exchange fluctuations from intercompany balances 3 (68 ) (13 ) (419 ) $ (326 ) (313 ) (193 ) 1 These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 17.4). 2 Generated by foreign exchange fluctuations over a notional amount of debt in CEMEX, S.A.B. de C.V., associated with the acquisition of foreign subsidiaries and designated as a hedge of the net investment in foreign subsidiaries (note 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. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Calculations of Earnings per Share | The amounts considered for calculations of earnings (loss) per share in 2022, 2021 and 2020 were as follows: 2022 2021 2020 Denominator (thousands of shares) Weighted-average number of shares outstanding – basic 43,554,921 44,123,654 44,125,288 Effect of dilutive instruments – share-based compensation (note 22) 1 793,322 729,292 745,163 Weighted-average number of shares – diluted 44,348,243 44,852,946 44,870,451 Numerator Net income (loss) from continuing operations $ 561 817 (1,346 ) Less: non-controlling 27 25 21 Controlling interest net income (loss) from continuing operations – for basic earnings per share calculations 534 792 (1,367 ) Plus: after tax interest expense on optionally convertible securities — — 4 Controlling interest net income (loss) from continuing operations – for diluted earnings per share calculations $ 534 792 (1,363 ) Net income (loss) from discontinued operations $ 324 (39 ) (100 ) Basic earnings per share Controlling interest basic earnings (loss) per share $ 0.0197 0.0171 (0.0332 ) Controlling interest basic earnings (loss) per share from continuing operations 0.0123 0.0180 (0.0309 ) Controlling interest basic earnings (loss) per share from discontinued operations 0.0074 (0.0009 ) (0.0023 ) Controlling interest diluted earnings per share 2 Controlling interest diluted earnings (loss) per share $ 0.0193 0.0168 (0.0332 ) Controlling interest diluted earnings (loss) per share 0.0120 0.0177 (0.0309 ) Controlling interest diluted earnings (loss) per share 0.0073 (0.0009 ) (0.0023 ) 1 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. 2 For 2020, 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, 2022 | |
Text block [abstract] | |
Summary of Contractual Obligations | As of December 31, 2022, CEMEX had the following contractual obligations: 2022 Obligations Less than 1-3 years 3-5 years More than Total Long-term debt $ 45 1,820 2,567 2,578 7,010 Leases 1 304 428 244 535 1,511 Total debt and other financial obligations 2 349 2,248 2,811 3,113 8,521 Interest payments on debt 3 396 705 398 366 1,865 Pension plans and other benefits 4 145 279 279 682 1,385 Acquisition of property, plant and equipment 5 86 67 3 – 156 Purchases of services, raw materials, 6 785 837 695 645 2,962 Total contractual obligations $ 1,761 4,136 4,186 4,806 14,889 1 Represent nominal cash flows. As of December 31, 2022, the NPV of future payments under such leases was $1,075, of which, $368 refers to payments from 1 to 3 years and $183 refers to payments from 3 to 5 years. 2 The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature. 3 Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2022. 4 Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years. 5 Refers mainly to the expansion of a cement-production line in the Philippines. 6 Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. In addition, includes a contractual commitment with Neoris over a 5-year |
Principal Subsidiaries (Tables)
Principal Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Summary of Principal Subsidiaries Interests | As mentioned in notes 4.3 and 21.4, as of December 31, 2022 and 2021, there are non-controlling on as of December 31, 2022 and 2021, which ownership interest is presented according to the interest maintained by CEMEX, were as follows: % Interest Subsidiary Country 2022 2021 CEMEX España, S.A. 1 Spain 99.9 99.9 CEMEX, Inc. United States of America 100.0 100.0 CEMEX Latam Holdings, S.A. 2 Spain 95.3 92.3 CEMEX (Costa Rica), S.A. 3 Costa Rica — 99.4 CEMEX Nicaragua, S.A. 4 Nicaragua 100.0 100.0 Assiut Cement Company Egypt 95.8 95.8 CEMEX Colombia, S.A. 5 Colombia 99.7 99.7 Cemento Bayano, S.A. 6 Panama 99.5 99.5 CEMEX Dominicana, S.A. Dominican Republic 100.0 100.0 Trinidad Cement Limited Trinidad and Tobago 69.8 69.8 Caribbean Cement Company Limited 7 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. 8 Philippines 77.9 77.8 Solid Cement Corporation 9 Philippines 100.0 100.0 APO Cement Corporation 9 Philippines 100.0 100.0 CEMEX U.K. United Kingdom 100.0 100.0 CEMEX Deutschland, AG. Germany 100.0 100.0 CEMEX Czech Republic, s.r.o. Czech Republic 100.0 100.0 CEMEX Polska sp. Z.o.o. Poland 100.0 100.0 CEMEX Holdings (Israel) Ltd. Israel 100.0 100.0 CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC 10 United Arab Emirates 100.0 100.0 Neoris N.V. 11 The Netherlands 34.8 99.8 CEMEX International Trading LLC 12 United States of America 100.0 100.0 Sunbulk Shipping Limited 13 Bahamas 100.0 100.0 1 2 3 4 5 6 7 8 9 10 11 12 13 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) MT in Millions, $ in Millions | 12 Months Ended | |||||
Jan. 30, 2023 USD ($) t | Jan. 25, 2023 shares | Dec. 31, 2022 USD ($) Employees MT | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 24, 2023 USD ($) | |
Disclosure of significant accounting policies [line items] | ||||||
Minimum equity interest for significant influence | 20% | |||||
Increase decrease in financing obligations connected with leases | $ 296 | $ 227 | $ 213 | |||
Emissions of Co2 gross | MT | 50 | |||||
Percentage of Co2 released directly related to production process | 60% | |||||
Percentage of Co2 released directly related to electric consumption | 20% | |||||
Percentage of Co2 released through activity of supply and transportation | 20% | |||||
Loss from catastrophes | $ 1 | 5 | 1 | |||
Acquistion Of Subsidiary [Member] | SHTANG Recycle Limited [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Proportion of ownership interest in subsidiary | 51% | |||||
Payment to acquire interest in subsidiaries | $ 13 | |||||
Aggregate Processing Capacity Per Annum | t | 600,000 | |||||
Period For Which License Has Been Rewarded | 13 years | |||||
Tender Offer Report Filed For Acquiring Shares [Member] | CEMEX Asian South East Corporation [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Date of commencement of offer | Feb. 16, 2023 | |||||
Period of validiy of the offer | 20 days | |||||
Executive Variable Compensation [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Precease of decrease in annual executive variable compensation | 10% | |||||
Precease of increase in annual executive variable compensation | 10% | |||||
Number of employees | Employees | 4,400 | |||||
Two Thousand and Twenty Year Baseline [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 25% | |||||
Percentage decrease in transportation emissions | 30% | |||||
Percentage decrease of scope 3 emissions per ton of purchased fuels | 40% | |||||
Percentage decrease of absolute scope 3 emissions from the use of traded fuels | 42% | |||||
Scope Three [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 0% | |||||
Altantic Minerals [Member] | Definitive Agreement For The Purhcase Of Assets [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Business combination aggegate consideration | $ 75 | |||||
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 | |||||
Percentage of Co2 released | 5% | |||||
Bottom of range [member] | Tender Offer Report Filed For Acquiring Shares [Member] | CEMEX Asian South East Corporation [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Number of shares to be acquired pursuant to offer | shares | 1 | |||||
Bottom of range [member] | Scope One [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 35% | |||||
Bottom of range [member] | Scope Two [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 58% | |||||
Top of range [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Useful life of intangible asset | 20 years | |||||
Percentage of Co2 released | 7% | |||||
Top of range [member] | Tender Offer Report Filed For Acquiring Shares [Member] | CEMEX Asian South East Corporation [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Number of shares to be acquired pursuant to offer | shares | 1,614,000,000 | |||||
Top of range [member] | Scope One [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 47% | |||||
Top of range [member] | Scope Two [Member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Percentage reduction of Co2 emissions | 65% | |||||
Mobile equipment [member] | ||||||
Disclosure of significant accounting policies [line items] | ||||||
Carrying amount of assets acquired through capital lease | $ 296 | $ 227 | $ 213 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Foreign Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 Anniversaries | |
Mexican peso [Member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 19.5 | 20.5 | 19.89 |
Average | 20.0274 | 20.4266 | 21.5766 |
Euro [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.9344 | 0.8789 | 0.8183 |
Average | 0.9522 | 0.8467 | 0.8736 |
British Pound Sterling [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 0.8266 | 0.7395 | 0.7313 |
Average | 0.8139 | 0.7262 | 0.7758 |
Colombian Peso [member] | |||
Disclosure of foreign exchange rates [line items] | |||
Closing | 4,810 | 3,981 | 3,433 |
Average | 4,277 | 3,783 | 3,730 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Maximum Average Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Administrative Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 27 years |
Industrial Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 24 years |
Machinery and Equipment in Plant [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Years | 16 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 | 6 years |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Statutory Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
United States [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 21% | 21% | 21% |
United Kingdom [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 19% | 19% | 19% |
France [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25.80% | 28.40% | 32% |
Germany [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 28.20% | 28.20% | 28.20% |
Spain [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25% | 25% | 25% |
Philippines [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 25% | 25% | 30% |
Israel [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 23% | 23% | 23% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 35% | 31% | 32% |
Bottom of range [member] | Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Bottom of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 30% | 30% | 30% |
Top of range [member] | Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 35% | 35% | 35% |
Top of range [member] | Other [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Applicable tax rate | 5.50% | 5.50% | 9% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 15 days |
Top of range [member] | |
Disclosure of revenue [line items] | |
Customers credit term | 90 days |
Revenue - Summary of Revenue, A
Revenue - Summary of Revenue, After Sales and Eliminations Between Related Parties Resulting from Consolidation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
From the sale of goods associated to CEMEX's main activities | $ 15,137 | $ 14,009 | $ 12,344 |
From the sale of other goods and services | 440 | 370 | 325 |
Total | $ 15,577 | $ 14,379 | $ 12,669 |
Revenue - Summary of Changes in
Revenue - Summary of Changes in the Balance of Contract Liabilities with Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract liabilities [abstract] | |||
Opening balance of contract liabilities with customers | $ 257 | $ 201 | $ 225 |
Increase during the period for new transactions | 1,493 | 1,626 | 1,536 |
Decrease during the period for exercise or expiration of incentives | (1,458) | (1,574) | (1,561) |
Currency translation effects | 1 | 4 | 1 |
Closing balance of contract liabilities with customers | $ 293 | $ 257 | $ 201 |
Business Combinations, Discon_3
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2022 USD ($) | Oct. 25, 2022 USD ($) | Mar. 31, 2021 USD ($) Integer | Aug. 03, 2020 USD ($) | Mar. 29, 2019 USD ($) | Jul. 09, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 11, 2022 USD ($) | Dec. 10, 2021 USD ($) | Jan. 31, 2021 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure of operating segments [line items] | ||||||||||||||
Ownership percentage | 57% | |||||||||||||
Goodwill | $ 41 | $ 7,538 | $ 7,984 | $ 8,506 | $ 9,562 | |||||||||
Sale of Assets Disposal Group | $ 230 | |||||||||||||
Current liabilities | 5,546 | 5,380 | ||||||||||||
Loss on sale of discontinued operations | $ 67 | |||||||||||||
Sale Of Assets | $ 44 | |||||||||||||
Neoris N.V. | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Gain (loss) on sale of business | 48 | |||||||||||||
Proportion of ownership interest in joint venture | 34.80% | |||||||||||||
Concrete Plants [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Number Of Assets Held For Sale | Integer | 24 | |||||||||||||
Quarry [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Number Of Assets Held For Sale | Integer | 1 | |||||||||||||
White Cement Business [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration, on sale of operations | $ 155 | |||||||||||||
Pro Stein [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Percentage of voting equity interests acquired | 53% | |||||||||||||
Consideration transferred | $ 21 | |||||||||||||
Goodwill | $ 4 | |||||||||||||
Goodwill recognised as of acquisition date | $ 0 | |||||||||||||
Broquers Ambiental [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration transferred | $ 13 | |||||||||||||
CEMEX [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Gain (loss) on sale of business | $ 47 | |||||||||||||
Breedon Group Plc [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Current liabilities | 30 | |||||||||||||
Discontinued operations [member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Gain (loss) on sale of business | 304 | (4) | $ (45) | |||||||||||
Discontinued operations [member] | Neoris N.V. | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration, on sale of operations | $ 119 | |||||||||||||
Percentage of ownership interest sold | 65% | |||||||||||||
Discontinued operations [member] | Neoris [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Proceeds from divestiture | $ 117 | |||||||||||||
Israel [member] | Kinneret and Beton-He'Emek [Member] | Readymix Business Netei Noy [member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration transferred | $ 6 | |||||||||||||
Goodwill | $ 5 | |||||||||||||
Israel [member] | Ashtrom Industries [Member] | Readymix Business Netei Noy [member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration transferred | $ 33 | |||||||||||||
Goodwill | $ 2 | |||||||||||||
Costa Rica and El Salvador [Member] | ||||||||||||||
Disclosure of operating segments [line items] | ||||||||||||||
Consideration, on sale of operations | $ 325 | |||||||||||||
Gains (losses) on exchange differences on translation of foreign operations, net of tax | $ 240 |
Business Combinations, Discon_4
Business Combinations, Discontinued Operations 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Discontinued Operations [line items] | |||
Revenues | $ 15,577 | $ 14,379 | $ 12,669 |
Earnings (loss) before income tax | 770 | 954 | (1,310) |
Net result of discontinued operations | 324 | (39) | (100) |
Discontinued Operations [member] | |||
Disclosure of Discontinued Operations [line items] | |||
Revenues | 256 | 354 | 490 |
Cost of sales and operating expenses | (225) | (304) | (434) |
Other income (expenses), net | (8) | (42) | (21) |
Financial expenses, net and others | 0 | 5 | 2 |
Earnings (loss) before income tax | 23 | 13 | 37 |
Income tax | (3) | (48) | (92) |
Result of discontinued operations | 20 | (35) | (55) |
Disposal result, withholding taxes and reclassification of currency translation effects | 304 | (4) | (45) |
Net result of discontinued operations | $ 324 | $ (39) | $ (100) |
Business Combinations, Discon_5
Business Combinations, Discontinued Operations 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) - Costa Rica and El Salvador [Member] - Assets and liabilities classified as held for sale [member] $ in Millions | Dec. 31, 2021 USD ($) |
Disclosure of Discontinued Operations [line items] | |
Current assets | $ 29 |
Non-current assets | 48 |
Total assets held for sale | 77 |
Current liabilities | 31 |
Non-current liabilities | 8 |
Total liabilities directly related to assets held for sale | 39 |
Total net assets of disposal group | $ 38 |
Business Combinations, Discon_6
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | $ 18,326 | $ 15,914 | $ 13,371 | |
Less: Intragroup transactions | (2,749) | (1,535) | (702) | |
Revenues | 15,577 | 14,379 | 12,669 | |
Operating EBITDA | 2,681 | 2,839 | 2,397 | |
Less: Depreciation and amortization | 1,120 | 1,120 | 1,105 | |
Operating earnings before other expenses, net | 1,561 | 1,719 | 1,292 | |
Other expenses, net | (467) | (82) | (1,763) | |
Financial expense | (401) | (658) | (773) | |
Other financing items, net | 47 | (79) | (115) | |
Revenues (including intragroup transactions), continuing and discontinued operations | 18,582 | 16,268 | 13,876 | |
Less: Intragroup transactions, continuing and discontinued operations | (2,749) | (1,535) | (717) | |
Revenues, continuing and discontinued operations | 15,833 | 14,733 | 13,159 | |
Operating EBITDA, continuing and discontinued operations | 2,720 | 2,905 | 2,473 | |
Less: Depreciation and amortization, continuing and discontinued operations | 1,128 | 1,136 | 1,125 | |
Operating earnings before other expenses, net, continuing and discontinued operations | 1,592 | 1,769 | 1,348 | |
Other expenses, net, continuing and discontinued operations | (475) | (124) | (1,784) | |
Financial expense, continuing and discontinued operations | (405) | (663) | (777) | |
Other financing items, net, continuing and discontinued operations | 51 | (69) | (109) | |
Discontinued Operations [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 256 | 354 | 490 | |
Revenues (including intragroup transactions), discontinued operations | 256 | 354 | 505 | |
Less: Intragroup transactions, discontinued operations | (15) | |||
Operating EBITDA, discontinued operations | 39 | 66 | 76 | |
Less: Depreciation and amortization, discontinued operations | 8 | 16 | 20 | |
Operating earnings before other expenses, net, discontinued operations | 31 | 50 | 56 | |
Other expenses, net, discontinued operations | (8) | (42) | (21) | |
Financial expense, discontinued operations | (4) | (5) | (4) | |
Other financing items, net, discontinued operations | 4 | 10 | 6 | |
Mexico [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 3,842 | 3,466 | 2,812 | |
Less: Intragroup transactions | (200) | (142) | (134) | |
Revenues | 3,642 | 3,324 | 2,678 | |
Operating EBITDA | 1,133 | 1,164 | 931 | |
Less: Depreciation and amortization | 172 | 161 | 148 | |
Operating earnings before other expenses, net | 961 | 1,003 | 783 | |
Other expenses, net | (69) | (43) | (46) | |
Financial expense | (28) | (29) | (31) | |
Other financing items, net | 32 | 2 | (4) | |
United States [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 5,038 | 4,359 | 3,994 | |
Less: Intragroup transactions | (4) | (4) | (1) | |
Revenues | 5,034 | 4,355 | 3,993 | |
Operating EBITDA | 762 | 778 | 747 | |
Less: Depreciation and amortization | 455 | 464 | 440 | |
Operating earnings before other expenses, net | 307 | 314 | 307 | |
Other expenses, net | (205) | (127) | (1,350) | |
Financial expense | (55) | (47) | (53) | |
Other financing items, net | (21) | (19) | (20) | |
United Kingdom [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 982 | 940 | 739 | |
Revenues | 982 | 940 | 739 | |
Operating EBITDA | 195 | 141 | 88 | |
Less: Depreciation and amortization | 60 | 69 | 67 | |
Operating earnings before other expenses, net | 135 | 72 | 21 | |
Other expenses, net | (8) | (3) | (73) | |
Financial expense | (8) | (8) | (9) | |
Other financing items, net | (8) | (17) | (77) | |
France [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 781 | 863 | 754 | |
Revenues | 781 | 863 | 754 | |
Operating EBITDA | 63 | 93 | 71 | |
Less: Depreciation and amortization | 50 | 50 | 48 | |
Operating earnings before other expenses, net | 13 | 43 | 23 | |
Other expenses, net | 1 | (6) | (1) | |
Financial expense | (10) | (11) | (12) | |
Other financing items, net | 2 | 3 | ||
Germany [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 485 | 472 | 489 | |
Less: Intragroup transactions | (46) | (43) | (37) | |
Revenues | 439 | 429 | 452 | |
Operating EBITDA | 40 | 69 | 67 | |
Less: Depreciation and amortization | 28 | 28 | 28 | |
Operating earnings before other expenses, net | 12 | 41 | 39 | |
Other expenses, net | 2 | (3) | ||
Financial expense | (2) | (2) | (2) | |
Other financing items, net | (3) | (2) | (3) | |
Spain [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 382 | 359 | 319 | |
Less: Intragroup transactions | (36) | (25) | (16) | |
Revenues | 346 | 334 | 303 | |
Operating EBITDA | 6 | (6) | 25 | |
Less: Depreciation and amortization | 28 | 33 | 39 | |
Operating earnings before other expenses, net | (22) | (39) | (14) | |
Other expenses, net | (113) | (331) | (195) | |
Financial expense | (2) | (3) | (3) | |
Other financing items, net | 2 | 51 | (9) | |
Poland [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 419 | 405 | 377 | |
Less: Intragroup transactions | (4) | (6) | (7) | |
Revenues | 415 | 399 | 370 | |
Operating EBITDA | 64 | 73 | 74 | |
Less: Depreciation and amortization | 22 | 25 | 25 | |
Operating earnings before other expenses, net | 42 | 48 | 49 | |
Other expenses, net | 1 | (4) | (1) | |
Financial expense | (2) | (2) | (2) | |
Other financing items, net | 4 | 1 | 1 | |
Rest of EMEAA [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 707 | 618 | 582 | |
Less: Intragroup transactions | (1) | (5) | (9) | |
Revenues | 706 | 613 | 573 | |
Operating EBITDA | 116 | 87 | 75 | |
Less: Depreciation and amortization | 55 | 56 | 56 | |
Operating earnings before other expenses, net | 61 | 31 | 19 | |
Other expenses, net | (10) | (110) | (26) | |
Financial expense | (4) | (3) | (3) | |
Other financing items, net | 2 | 1 | (22) | |
Colombia [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | [1] | 429 | 437 | 404 |
Revenues | [1] | 429 | 437 | 404 |
Operating EBITDA | [1] | 61 | 87 | 86 |
Less: Depreciation and amortization | [1] | 24 | 26 | 25 |
Operating earnings before other expenses, net | [1] | 37 | 61 | 61 |
Other expenses, net | [1] | 12 | (19) | (14) |
Financial expense | [1] | (7) | (7) | (5) |
Other financing items, net | [1] | 22 | (12) | (13) |
Panama [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | [1] | 149 | 121 | 80 |
Less: Intragroup transactions | [1] | (34) | (23) | (7) |
Revenues | [1] | 115 | 98 | 73 |
Operating EBITDA | [1] | 28 | 31 | 12 |
Less: Depreciation and amortization | [1] | 16 | 16 | 16 |
Operating earnings before other expenses, net | [1] | 12 | 15 | (4) |
Other expenses, net | [1] | (2) | (2) | (19) |
Financial expense | [1] | (1) | ||
Other financing items, net | [1] | 1 | ||
Caribbean TCL [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | [2] | 302 | 280 | 251 |
Less: Intragroup transactions | [2] | (8) | (7) | (7) |
Revenues | [2] | 294 | 273 | 244 |
Operating EBITDA | [2] | 74 | 65 | 65 |
Less: Depreciation and amortization | [2] | 17 | 19 | 22 |
Operating earnings before other expenses, net | [2] | 57 | 46 | 43 |
Other expenses, net | [2] | (19) | (1) | (9) |
Financial expense | [2] | (4) | (6) | (6) |
Other financing items, net | [2] | (1) | (6) | (8) |
Dominican Republic [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 348 | 299 | 229 | |
Less: Intragroup transactions | (6) | (8) | (11) | |
Revenues | 342 | 291 | 218 | |
Operating EBITDA | 133 | 128 | 84 | |
Less: Depreciation and amortization | 8 | 7 | 8 | |
Operating earnings before other expenses, net | 125 | 121 | 76 | |
Other expenses, net | (1) | 3 | (5) | |
Financial expense | (1) | (1) | ||
Other financing items, net | (3) | (1) | 4 | |
Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | [1] | 394 | 465 | 393 |
Less: Intragroup transactions | [1] | (1) | (21) | (3) |
Revenues | [1] | 393 | 444 | 390 |
Operating EBITDA | [1] | 90 | 110 | 100 |
Less: Depreciation and amortization | [1] | 13 | 13 | 15 |
Operating earnings before other expenses, net | [1] | 77 | 97 | 85 |
Other expenses, net | [1] | (2) | (5) | (38) |
Financial expense | [1] | (2) | (2) | (2) |
Other financing items, net | [1] | (3) | (3) | 7 |
Philippines [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | [3] | 379 | 424 | 398 |
Revenues | [3] | 379 | 424 | 398 |
Operating EBITDA | [3] | 84 | 114 | 118 |
Less: Depreciation and amortization | [3] | 37 | 40 | 46 |
Operating earnings before other expenses, net | [3] | 47 | 74 | 72 |
Other expenses, net | [3] | (2) | (1) | (1) |
Financial expense | [3] | 18 | 17 | 2 |
Other financing items, net | [3] | (9) | (2) | 2 |
Israel [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 840 | 785 | 754 | |
Revenues | 840 | 785 | 754 | |
Operating EBITDA | 112 | 114 | 115 | |
Less: Depreciation and amortization | 46 | 45 | 28 | |
Operating earnings before other expenses, net | 66 | 69 | 87 | |
Other expenses, net | 5 | (1) | ||
Financial expense | (4) | (4) | (4) | |
Other financing items, net | 0 | 2 | 1 | |
Other Locations [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenues (including intragroup transactions) | 2,849 | 1,621 | 796 | |
Less: Intragroup transactions | (2,409) | (1,251) | (470) | |
Revenues | 440 | 370 | 326 | |
Operating EBITDA | (280) | (209) | (261) | |
Less: Depreciation and amortization | 89 | 68 | 94 | |
Operating earnings before other expenses, net | (369) | (277) | (355) | |
Other expenses, net | (57) | 568 | 18 | |
Financial expense | (290) | (551) | (641) | |
Other financing items, net | $ 31 | $ (74) | $ 22 | |
[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, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. At year end 2022 and 2021, there is a non-controlling interest in CLH of 4.70% and 7.74%, respectively, of its ordinary shares, excluding shares held in CLH’s treasury (note 21.4).[2]The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4).[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, 2022 and 2021, there is a non-controlling interest in CHP of 22.10% and 22.16%, respectively, of its ordinary shares (note 21.4). |
Business Combinations, Discon_7
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Summary of Consolidating Statements of Operations by Geographic Operating Segments (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 4.70% | 7.74% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of operating segments [line items] | ||
Non-controlling interest ownership percentage | 22.10% | 22.16% |
Business Combinations, Discon_8
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Summary of Balance sheet Information by Geographic Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of operating segments [line items] | ||
Total assets | $ 26,447 | $ 26,650 |
Total liabilities | 15,538 | 16,379 |
Net assets by segment | 10,909 | 10,271 |
Additions to fixed assets | 1,362 | 1,099 |
Mexico [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 3,846 | 3,785 |
Total liabilities | 1,381 | 1,513 |
Net assets by segment | 2,465 | 2,272 |
Additions to fixed assets | 265 | 190 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 12,623 | 12,810 |
Total liabilities | 2,642 | 2,707 |
Net assets by segment | 9,981 | 10,103 |
Additions to fixed assets | 551 | 373 |
United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,393 | 1,591 |
Total liabilities | 921 | 1,220 |
Net assets by segment | 472 | 371 |
Additions to fixed assets | 74 | 94 |
France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 952 | 993 |
Total liabilities | 471 | 476 |
Net assets by segment | 481 | 517 |
Additions to fixed assets | 57 | 44 |
Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 452 | 401 |
Total liabilities | 255 | 287 |
Net assets by segment | 197 | 114 |
Additions to fixed assets | 33 | 29 |
Spain [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 616 | 704 |
Total liabilities | 204 | 240 |
Net assets by segment | 412 | 464 |
Additions to fixed assets | 27 | 34 |
Poland [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 341 | 322 |
Total liabilities | 119 | 126 |
Net assets by segment | 222 | 196 |
Additions to fixed assets | 33 | 29 |
Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 783 | 807 |
Total liabilities | 303 | 287 |
Net assets by segment | 480 | 520 |
Additions to fixed assets | 55 | 66 |
Colombia [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 742 | 962 |
Total liabilities | 274 | 477 |
Net assets by segment | 468 | 485 |
Additions to fixed assets | 45 | 27 |
Panama [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 302 | 282 |
Total liabilities | 88 | 88 |
Net assets by segment | 214 | 194 |
Additions to fixed assets | 19 | 9 |
Caribbean TCL [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 499 | 498 |
Total liabilities | 218 | 219 |
Net assets by segment | 281 | 279 |
Additions to fixed assets | 16 | 22 |
Dominican Republic [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 232 | 192 |
Total liabilities | 81 | 87 |
Net assets by segment | 151 | 105 |
Additions to fixed assets | 18 | 15 |
Rest of South, Central America and the Caribbean [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 268 | 262 |
Total liabilities | 104 | 173 |
Net assets by segment | 164 | 89 |
Additions to fixed assets | 20 | 15 |
Philippines [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 792 | 777 |
Total liabilities | 155 | 153 |
Net assets by segment | 637 | 624 |
Additions to fixed assets | 72 | 89 |
Israel [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 771 | 776 |
Total liabilities | 495 | 526 |
Net assets by segment | 276 | 250 |
Additions to fixed assets | 37 | 45 |
Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,767 | 1,347 |
Total liabilities | 7,827 | 7,761 |
Net assets by segment | (6,060) | (6,414) |
Additions to fixed assets | 40 | 13 |
Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 26,379 | 26,509 |
Total liabilities | 15,538 | 16,340 |
Net assets by segment | 10,841 | 10,169 |
Additions to fixed assets | 1,362 | 1,094 |
Disposal groups classified as held for sale [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 68 | 141 |
Total liabilities | 39 | |
Net assets by segment | 68 | 102 |
Additions to fixed assets | 5 | |
Equity accounted investment [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 640 | 535 |
Equity accounted investment [member] | United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 198 | 159 |
Equity accounted investment [member] | United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 5 | 6 |
Equity accounted investment [member] | France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 42 | 41 |
Equity accounted investment [member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 3 | 3 |
Equity accounted investment [member] | Poland [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1 | |
Equity accounted investment [member] | Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 10 | 9 |
Equity accounted investment [member] | Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 382 | 316 |
Equity accounted investment [member] | Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 640 | 535 |
All other assets [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 25,807 | 26,115 |
All other assets [member] | Mexico [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 3,846 | 3,785 |
All other assets [member] | United States [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 12,425 | 12,651 |
All other assets [member] | United Kingdom [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,388 | 1,585 |
All other assets [member] | France [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 910 | 952 |
All other assets [member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 449 | 398 |
All other assets [member] | Spain [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 616 | 704 |
All other assets [member] | Poland [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 341 | 321 |
All other assets [member] | Rest of EMEAA [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 773 | 798 |
All other assets [member] | Colombia [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 742 | 962 |
All other assets [member] | Panama [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 302 | 282 |
All other assets [member] | Caribbean TCL [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 499 | 498 |
All other assets [member] | Dominican Republic [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 232 | 192 |
All other assets [member] | Rest of South, Central America and the Caribbean [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 268 | 262 |
All other assets [member] | Philippines [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 792 | 777 |
All other assets [member] | Israel [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 771 | 776 |
All other assets [member] | Other Locations [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 1,385 | 1,031 |
All other assets [member] | Continuing operation [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | 25,739 | 25,974 |
All other assets [member] | Disposal groups classified as held for sale [member] | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 68 | $ 141 |
Business Combinations, Discon_9
Business Combinations, Discontinued Operations 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, 2022 | Dec. 31, 2021 | |
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 | $ 1,362 | $ 1,099 |
Business Combinations, Disco_10
Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business - Summary of Net Sales by Product and Geographic Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 15,577 | $ 14,379 | $ 12,669 | |
Net sales, continuing and discontinued operations | 15,833 | 14,733 | 13,159 | |
Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3,642 | 3,324 | 2,678 | |
United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5,034 | 4,355 | 3,993 | |
United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 982 | 940 | 739 | |
France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 781 | 863 | 754 | |
Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 439 | 429 | 452 | |
Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 415 | 399 | 370 | |
Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 346 | 334 | 303 | |
Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [1] | 379 | 424 | 398 |
Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 840 | 785 | 754 | |
Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 706 | 613 | 573 | |
Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 429 | 437 | 404 |
Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 115 | 98 | 73 |
Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [3] | 294 | 273 | 244 |
Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 342 | 291 | 218 | |
Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [2] | 393 | 444 | 390 |
Other Locations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 440 | 370 | 326 | |
Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 256 | 354 | 490 | |
Operating segments [member] | Cement segment [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 8,014 | 7,320 | 6,436 | |
Net sales, continuing and discontinued operations | 8,127 | 7,476 | 6,603 | |
Operating segments [member] | Cement segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,663 | 2,412 | 2,001 | |
Operating segments [member] | Cement segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,017 | 1,731 | 1,599 | |
Operating segments [member] | Cement segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 312 | 270 | 201 | |
Operating segments [member] | Cement segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 220 | 210 | 210 | |
Operating segments [member] | Cement segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 282 | 272 | 244 | |
Operating segments [member] | Cement segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 281 | 256 | 233 | |
Operating segments [member] | Cement segment [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 378 | 423 | 398 | |
Operating segments [member] | Cement segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 504 | 423 | 400 | |
Operating segments [member] | Cement segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 296 | 309 | 294 | |
Operating segments [member] | Cement segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 119 | 103 | 67 | |
Operating segments [member] | Cement segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 297 | 271 | 245 | |
Operating segments [member] | Cement segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 285 | 240 | 185 | |
Operating segments [member] | Cement segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 360 | 400 | 359 | |
Operating segments [member] | Cement segment [member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 113 | 156 | 167 | |
Operating segments [member] | Concrete segment [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 6,374 | 5,732 | 5,230 | |
Net sales, continuing and discontinued operations | 6,392 | 5,755 | 5,320 | |
Operating segments [member] | Concrete segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 925 | 733 | 628 | |
Operating segments [member] | Concrete segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,871 | 2,479 | 2,255 | |
Operating segments [member] | Concrete segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 329 | 311 | 274 | |
Operating segments [member] | Concrete segment [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 622 | 682 | 647 | |
Operating segments [member] | Concrete segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 186 | 204 | 202 | |
Operating segments [member] | Concrete segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 160 | 154 | 142 | |
Operating segments [member] | Concrete segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 99 | 93 | 83 | |
Operating segments [member] | Concrete segment [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 718 | 657 | 623 | |
Operating segments [member] | Concrete segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 260 | 232 | 220 | |
Operating segments [member] | Concrete segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 137 | 130 | 119 | |
Operating segments [member] | Concrete segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 27 | 16 | 14 | |
Operating segments [member] | Concrete segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 5 | 5 | |
Operating segments [member] | Concrete segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 20 | 16 | 15 | |
Operating segments [member] | Concrete segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 16 | 20 | 3 | |
Operating segments [member] | Concrete segment [member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 18 | 23 | 90 | |
Operating segments [member] | Aggregates segment [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,639 | 2,421 | 2,205 | |
Net sales, continuing and discontinued operations | 2,643 | 2,428 | 2,282 | |
Operating segments [member] | Aggregates segment [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 261 | 208 | 172 | |
Operating segments [member] | Aggregates segment [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,202 | 1,005 | 954 | |
Operating segments [member] | Aggregates segment [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 371 | 377 | 314 | |
Operating segments [member] | Aggregates segment [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 332 | 397 | 340 | |
Operating segments [member] | Aggregates segment [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 81 | 65 | 69 | |
Operating segments [member] | Aggregates segment [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 41 | 38 | 39 | |
Operating segments [member] | Aggregates segment [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 34 | 31 | 24 | |
Operating segments [member] | Aggregates segment [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 213 | 199 | 195 | |
Operating segments [member] | Aggregates segment [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 48 | 47 | 42 | |
Operating segments [member] | Aggregates segment [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 40 | 36 | 34 | |
Operating segments [member] | Aggregates segment [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 7 | 5 | 4 | |
Operating segments [member] | Aggregates segment [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 6 | 7 | 7 | |
Operating segments [member] | Aggregates segment [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | 0 | 5 | |
Operating segments [member] | Aggregates segment [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3 | 6 | 6 | |
Operating segments [member] | Aggregates segment [member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 7 | 77 | |
Operating segments [member] | All other segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3,060 | 1,855 | 1,038 | |
Net sales, continuing and discontinued operations | 3,234 | 2,029 | 1,239 | |
Operating segments [member] | All other segments [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 14 | 14 | 14 | |
Operating segments [member] | All other segments [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 12 | 13 | 13 | |
Operating segments [member] | All other segments [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 27 | 53 | 53 | |
Operating segments [member] | All other segments [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | 0 | ||
Operating segments [member] | All other segments [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 71 | 69 | 69 | |
Operating segments [member] | All other segments [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | 1 | |
Operating segments [member] | All other segments [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | 0 | ||
Operating segments [member] | All other segments [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 0 | 1 | 1 | |
Operating segments [member] | All other segments [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 21 | 27 | 27 | |
Operating segments [member] | All other segments [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 26 | 21 | 21 | |
Operating segments [member] | All other segments [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 19 | 21 | 21 | |
Operating segments [member] | All other segments [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2 | 1 | 1 | |
Operating segments [member] | All other segments [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5 | 6 | 6 | |
Operating segments [member] | All other segments [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 10 | 8 | 8 | |
Operating segments [member] | All other segments [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | 1 | |
Operating segments [member] | All other segments [member] | Other Locations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,851 | 1,619 | 802 | |
Operating segments [member] | All other segments [member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 174 | 174 | 201 | |
Operating segments [member] | Urbanization solutions [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,086 | 1,877 | 1,483 | |
Net sales, continuing and discontinued operations | 2,089 | 1,880 | 1,486 | |
Operating segments [member] | Urbanization solutions [Member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 843 | 810 | 590 | |
Operating segments [member] | Urbanization solutions [Member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 697 | 558 | 468 | |
Operating segments [member] | Urbanization solutions [Member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 206 | 200 | 176 | |
Operating segments [member] | Urbanization solutions [Member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 15 | 6 | ||
Operating segments [member] | Urbanization solutions [Member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 32 | 30 | 31 | |
Operating segments [member] | Urbanization solutions [Member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 6 | 6 | |
Operating segments [member] | Urbanization solutions [Member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 25 | 23 | 18 | |
Operating segments [member] | Urbanization solutions [Member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4 | 4 | 2 | |
Operating segments [member] | Urbanization solutions [Member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 97 | 89 | 81 | |
Operating segments [member] | Urbanization solutions [Member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 18 | 14 | 11 | |
Operating segments [member] | Urbanization solutions [Member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 62 | 58 | 44 | |
Operating segments [member] | Urbanization solutions [Member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 13 | 7 | 4 | |
Operating segments [member] | Urbanization solutions [Member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2 | 4 | 2 | |
Operating segments [member] | Urbanization solutions [Member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 46 | 44 | 31 | |
Operating segments [member] | Urbanization solutions [Member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 22 | 24 | 19 | |
Operating segments [member] | Urbanization solutions [Member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3 | 3 | 3 | |
Elimination of intersegment amounts [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (6,596) | (4,826) | (3,723) | |
Net sales, continuing and discontinued operations | (6,652) | (4,835) | (3,771) | |
Elimination of intersegment amounts [member] | Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (1,064) | (853) | (727) | |
Elimination of intersegment amounts [member] | United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (1,765) | (1,431) | (1,296) | |
Elimination of intersegment amounts [member] | United Kingdom [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (263) | (271) | (279) | |
Elimination of intersegment amounts [member] | France [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (188) | (222) | (233) | |
Elimination of intersegment amounts [member] | Germany [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (151) | (149) | (129) | |
Elimination of intersegment amounts [member] | Poland [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (73) | (72) | (62) | |
Elimination of intersegment amounts [member] | Spain [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (93) | (69) | (55) | |
Elimination of intersegment amounts [member] | Philippines [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (3) | (4) | (3) | |
Elimination of intersegment amounts [member] | Israel [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (209) | (187) | (172) | |
Elimination of intersegment amounts [member] | Rest of EMEAA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (150) | (124) | (121) | |
Elimination of intersegment amounts [member] | Colombia [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (125) | (117) | (108) | |
Elimination of intersegment amounts [member] | Panama [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (53) | (34) | (17) | |
Elimination of intersegment amounts [member] | Caribbean TCL [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (20) | (20) | (21) | |
Elimination of intersegment amounts [member] | Dominican Republic [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (19) | (17) | (26) | |
Elimination of intersegment amounts [member] | Rest of South, Central America and the Caribbean [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (9) | (7) | 2 | |
Elimination of intersegment amounts [member] | Other Locations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (2,411) | (1,249) | (476) | |
Elimination of intersegment amounts [member] | Discontinued Operations [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ (56) | $ (9) | $ (48) | |
[1]CEMEX’s operations in the Philippines are mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling interest in CHP of 22.10% and 22.16%, respectively, of its ordinary shares (note 21.4).[2]CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. At year end 2022 and 2021, there is a non-controlling interest in CLH of 4.70% and 7.74%, respectively, of its ordinary shares, excluding shares held in CLH’s treasury (note 21.4).[3]The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4). |
Cost Of Sales - Summary of Cost
Cost Of Sales - Summary of Cost of Sales (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Cost Of Sales By nature [Line Items] | |||
Depreciation and amortization | $ 1,120 | $ 1,120 | $ 1,105 |
Cost of sales | 10,755 | 9,743 | 8,586 |
Cost of sales [member] | |||
Disclosure Of Cost Of Sales By nature [Line Items] | |||
Raw materials and goods for resale | 4,916 | 4,875 | 4,108 |
Payroll | 1,474 | 1,349 | 1,254 |
Electricity, fuels and other services | 1,655 | 1,174 | 1,052 |
Depreciation and amortization | 929 | 934 | 914 |
Maintenance, repairs and supplies | 809 | 722 | 648 |
Transportation Cost | 671 | 573 | 352 |
Other production costs | 969 | 982 | 929 |
Change in inventory | (668) | (866) | (671) |
Cost of sales | $ 10,755 | $ 9,743 | $ 8,586 |
Operating Expenses - Summary of
Operating Expenses - Summary of Consolidated Operating Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Analysis of income and expense [abstract] | ||||
Administrative expenses | [1],[2] | $ 1,074 | $ 958 | $ 1,049 |
Selling expenses | [2] | 363 | 322 | 329 |
Total administrative and selling expenses | 1,437 | 1,280 | 1,378 | |
Distribution and logistics expenses | 1,824 | 1,637 | 1,413 | |
Total operating expenses | $ 3,261 | $ 2,917 | $ 2,791 | |
[1]All significant R&D activities are executed by several internal areas of CEMEX as part of their daily activities. In 2022, 2021 and 2020, total combined expenses of these departments recognized within administrative expenses were $42, $44 and $39, respectively.[2]In 2022, 2021 and 2020, administrative expenses include depreciation and amortization of $140, $137 and $141, respectively, and selling expenses include depreciation and amortization of $51 in 2022, $49 in 2021 and $50 in 2020. |
Operating Expenses - Summary _2
Operating Expenses - Summary of Consolidated Operating Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating Expense [Line items] | ||||
Administrative expenses | [1],[2] | $ 1,074 | $ 958 | $ 1,049 |
Depreciation and amortization included in administrative expenses | 140 | 137 | 141 | |
Depreciation and amortization included in selling expenses | 51 | 49 | 50 | |
R&D activities by internal areas [member] | ||||
Operating Expense [Line items] | ||||
Administrative expenses | $ 42 | $ 44 | $ 39 | |
[1]All significant R&D activities are executed by several internal areas of CEMEX as part of their daily activities. In 2022, 2021 and 2020, total combined expenses of these departments recognized within administrative expenses were $42, $44 and $39, respectively.[2]In 2022, 2021 and 2020, administrative expenses include depreciation and amortization of $140, $137 and $141, respectively, and selling expenses include depreciation and amortization of $51 in 2022, $49 in 2021 and $50 in 2020. |
Operating Expenses - Schedule O
Operating Expenses - Schedule Of Operating Expenses By Nature (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation and amortization | $ 1,120 | $ 1,120 | $ 1,105 |
Other operating expenses | (467) | (82) | (1,763) |
Total operating expenses | 3,261 | 2,917 | 2,791 |
Operating Expenses [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Transportation costs | 1,676 | 1,502 | 1,313 |
Payroll | 1,038 | 905 | 935 |
Depreciation and amortization | 191 | 186 | 191 |
Professional legal, accounting and advisory services | 145 | 144 | 174 |
Maintenance, repairs and supplies | 84 | 76 | 72 |
Other operating expenses | 127 | 104 | 106 |
Total operating expenses | $ 3,261 | $ 2,917 | $ 2,791 |
Other Expenses, Net - Summary o
Other Expenses, Net - Summary of Other Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Material income and expense [abstract] | ||||
Impairment losses (notes 15.1, 16.1 and 16.2) | $ (442) | $ (513) | $ (1,520) | |
Results from the sale of assets and others, net | [1] | 9 | (126) | (114) |
Incremental costs and expenses related to the COVID-19 Pandemic (note 2) | [2] | (14) | (26) | (48) |
Restructuring costs | [3] | (20) | (17) | (81) |
Sale Of Emission Allowances | [4] | 0 | 600 | 0 |
Other expenses, net | $ (467) | $ (82) | $ (1,763) | |
[1]In 2022, 2021 and 2020, includes $14, $29 and $11, respectively, in connection with property damages and natural disasters (note 25.1). In addition, in 2022 includes a gain of $48 as a result of the remeasurement at fair value of CEMEX’s previous controlling interest in Neoris at the time of sale.[2]Refers to certain incremental costs and expenses related to the compliance of the hygiene measures and other negative effects of the Coronavirus SARS-CoV-2 “COVID-19 COVID-19 2 2 |
Other Expenses, Net - Summary_2
Other Expenses, Net - Summary of Other Expenses (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||||
Property damages and natural disasters | $ 14 | $ 29 | $ 11 | |
Sale of capital investment | $ 12.3 | |||
Emission allowances | $ 600 | |||
Neoris N.V. | ||||
Disclosure of operating segments [line items] | ||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 48 |
Financial Items - Summary of Fi
Financial Items - Summary of Financial Items (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Material income and expense [abstract] | |||
Effects of amortized cost on assets and liabilities and others, net | $ (32) | $ (28) | $ (89) |
Net interest cost of pension liabilities (note 19) | (26) | (25) | (27) |
Results from financial instruments, net (notes 14.2 and 17.4) | (5) | (6) | (17) |
Foreign exchange results | 73 | (35) | (3) |
Financial income | 27 | 22 | 20 |
Others | 10 | (7) | 1 |
Other financial income (expense), net | $ 47 | $ (79) | $ (115) |
Financial Items - Additional In
Financial Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Material income and expense [abstract] | |||
Interest expense on lease liabilities | $ 67 | $ 67 | $ 74 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash and bank accounts | $ 297 | $ 367 | ||
Fixed-income securities and other cash equivalents | 198 | 246 | ||
Consolidated cash and cash equivalents | $ 495 | $ 613 | $ 950 | $ 788 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Addition Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | ||
Deposits in margin accounts guarantees several obligations | $ 6 | $ 15 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||||
Trade accounts receivable | $ 1,735 | $ 1,622 | ||
Allowances for expected credit losses | (91) | (101) | $ (121) | $ (116) |
Trade receivables | $ 1,644 | $ 1,521 |
Trade Accounts Receivable - Add
Trade Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | $ 1,644 | $ 1,521 | |
Other financial obligations | 936 | 867 | |
Securitization programs [member] | |||
Disclosure Of Trade Accounts Receivable [line items] | |||
Receivables | 828 | 727 | |
Other financial obligations | 678 | 602 | |
Financial expense | $ 24 | $ 11 | $ 13 |
Trade Accounts Receivable - S_2
Trade Accounts Receivable - Summary of Trade Accounts Receivable and Allowance for Expected Credit Loss (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 1,735 | $ 1,622 | ||
ECL allowance | 91 | $ 101 | $ 121 | $ 116 |
Mexico [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | 306 | |||
ECL allowance | $ 31 | |||
ECL average rate | 10.10% | |||
United States [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 591 | |||
ECL allowance | $ 9 | |||
ECL average rate | 1.50% | |||
Europe, Middle East, Africa and Asia [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 763 | |||
ECL allowance | $ 41 | |||
ECL average rate | 5.40% | |||
South, Central America And Caribbean [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 73 | |||
ECL allowance | $ 10 | |||
ECL average rate | 13.70% | |||
Other country [member] | ||||
Trade Accounts Receivables And Allowance For Expected Credit Loss [line items] | ||||
Accounts receivable | $ 2 | |||
ECL allowance | $ 0 | |||
ECL average rate | 0% |
Trade Accounts Receivable - S_3
Trade Accounts Receivable - Summary of Allowance for Expected Credit Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |||
Allowances for expected credit losses at beginning of period | $ 101 | $ 121 | $ 116 |
Charged to selling expenses | 9 | 1 | 23 |
Deductions | (21) | (16) | (19) |
Reclassification to assets held for sale | (2) | ||
Foreign currency translation effects | 2 | (3) | 1 |
Allowances for expected credit losses at end of period | $ 91 | $ 101 | $ 121 |
Other Accounts Receivable - Sum
Other Accounts Receivable - Summary of Consolidated Other Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Miscellaneous current assets [abstract] | |||
Advances of income taxes and other refundable taxes | $ 335 | $ 396 | |
Non-trade accounts receivable | [1] | 119 | 84 |
Interest and notes receivable | 41 | 31 | |
Current portion of valuation of derivative financial instruments | 25 | 36 | |
Loans to employees and others | 15 | 11 | |
Other accounts receivable | $ 535 | $ 558 | |
[1]Non-trade accounts receivable are mainly attributable to the sale of assets. |
Inventories - Summary of Consol
Inventories - Summary of Consolidated Balance of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | ||
Materials and spare parts | $ 563 | $ 372 |
Finished goods | 406 | 343 |
Raw materials | 329 | 242 |
Work-in-process | 284 | 225 |
Inventory in transit | 87 | 79 |
Current inventories | $ 1,669 | $ 1,261 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Classes of current inventories [abstract] | |||
Inventory impairment losses recognized within cost of sales | $ 10 | $ 4 | $ 9 |
Assets Held For Sale and Othe_3
Assets Held For Sale and Other Current Assets - Summary of Detailed Information About Assets Held for Sale and Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Detailed Information About Assets Held for Sale and Other Current Assets [Abstract] | ||
Assets held for sale | $ 68 | $ 141 |
Other current financial obligations | 115 | 131 |
Total | $ 183 | $ 272 |
Assets Held For Sale and Othe_4
Assets Held For Sale and Other Current Assets - Summary of Assets and liabilities Held for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Asset held for sale and discontinued operations [line items] | ||
Assets | $ 68 | $ 141 |
Liabilities | 0 | 39 |
Net assets | 68 | 102 |
Other assets held for sale [member] | ||
Asset held for sale and discontinued operations [line items] | ||
Assets | 68 | 64 |
Net assets | $ 68 | 64 |
Costa Rica and El Salvador [Member] | ||
Asset held for sale and discontinued operations [line items] | ||
Assets | 77 | |
Liabilities | 39 | |
Net assets | $ 38 |
Investments In Associates And_3
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates and Joint Ventures (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Investments | $ 640 | $ 535 |
Acquisition cost | 302 | 303 |
Equity method recognition | $ 338 | 232 |
Camcem [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Camcem, S.A. de C.V. | |
Activity | Cement | |
Country | Mexico | |
Investment, percentage | 40.10% | |
Investments | $ 306 | 269 |
Concrete Supply Co. LLC [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Concrete Supply Co. LLC | |
Activity | Concrete | |
Country | United States | |
Investment, percentage | 40% | |
Investments | $ 96 | 90 |
Lehigh White Cement Company [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Lehigh White Cement Company | |
Activity | Cement | |
Country | United States | |
Investment, percentage | 36.80% | |
Investments | $ 76 | 69 |
Societe Meridionale de Carrieres [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Société Méridionale de Carrières | |
Activity | Aggregates | |
Country | France | |
Investment, percentage | 33.30% | |
Investments | $ 12 | 12 |
Societe d Exploitation de Carrieres [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Société d’Exploitation de Carrières | |
Activity | Aggregates | |
Country | France | |
Investment, percentage | 50% | |
Investments | $ 23 | 22 |
Other companies [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Other companies | |
Investments | $ 65 | $ 73 |
Neoris NV [member] | ||
Disclosure of associates [line items] | ||
Name of joint venture | Neoris N.V. 1 | |
Activity | Technology | |
Country | The Netherlands | |
Investment, percentage | 34.80% | |
Investments | $ 62 |
Investments In Associates And_4
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Main Investments in Common Shares of Associates and Joint Ventures (Parenthetical) (Detail) | Oct. 25, 2022 |
Neoris N.V. [Member] | Discontinued operations [member] | |
Disclousre of Investments in Associates and Joint Ventures Other Investments andNoncurrentAccounts Receivable [Line Items] | |
Percentage of ownership interest sold | 65% |
Investments In Associates And_5
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Combined Condensed Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of associates [line items] | ||
Current assets | $ 4,526 | $ 4,225 |
Non-current assets | 21,921 | 22,425 |
Total assets | 26,447 | 26,650 |
Current liabilities | 5,546 | 5,380 |
Non-current liabilities | 9,992 | 10,999 |
Total liabilities | 15,538 | 16,379 |
Total net assets | 10,909 | 10,271 |
Associates and Joint Ventures [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 1,603 | 1,424 |
Non-current assets | 1,699 | 1,718 |
Total assets | 3,302 | 3,142 |
Current liabilities | 468 | 532 |
Non-current liabilities | 774 | 737 |
Total liabilities | 1,242 | 1,269 |
Total net assets | $ 2,060 | $ 1,873 |
Investments In Associates And_6
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Combined Selected Information of the Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | |||
Revenues | $ 15,577 | $ 14,379 | $ 12,669 |
Operating earnings | 1,094 | 1,637 | (471) |
Income before income tax | 770 | 954 | (1,310) |
Net income | 885 | 778 | (1,446) |
Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Revenues | 2,319 | 1,801 | 1,759 |
Operating earnings | 398 | 312 | 296 |
Income before income tax | 268 | 219 | 175 |
Net income | $ 186 | $ 153 | $ 128 |
Investments In Associates And_7
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Share of Profit of Equity Accounted Investees by Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ 30 | $ 54 | $ 49 |
Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 30 | 54 | 49 |
Mexico [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 39 | 28 | 30 |
United States [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 17 | 18 | 15 |
EMEAA [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | 8 | 8 | 6 |
Corporate and other [member] | Associates and Joint Ventures [Member] | |||
Disclosure of associates [line items] | |||
Share of profit of equity accounted investees | $ (34) | $ 0 | $ (2) |
Investments In Associates And_8
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Miscellaneous non-current assets [abstract] | ||
Non-current accounts receivable | $ 228 | $ 204 |
Investments in strategic equity securities | 5 | 14 |
Non-current portion of valuation of derivative financial instruments | 57 | 22 |
Investments at fair value through the income statement | 3 | 3 |
Other investments and non-current accounts receivable | $ 293 | $ 243 |
Investments In Associates And_9
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable - Summary of Other Investments and Non-current Accounts Receivable (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Miscellaneous non-current assets [abstract] | ||
Accounts receivable from investees and joint ventures | $ 33 | $ 21 |
Advances to suppliers of fixed assets | 58 | 35 |
Employee prepaid compensation | 12 | 7 |
Warranty deposits | $ 21 | $ 27 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Detailed Information About In Property Plant Equipment Right Of Use Assets [Abstract] | ||||
Property, machinery and equipment, net | $ 10,156 | $ 10,202 | $ 10,170 | $ 10,565 |
Assets for the right-of-use, net | 1,128 | 1,120 | ||
Property Plant Equipment And Right Of Use Asset | $ 11,284 | $ 11,322 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | $ 10,202 | $ 10,170 | $ 10,565 |
Capital expenditures | 1,041 | 849 | 564 |
Stripping costs | 25 | 18 | 18 |
Total capital expenditures | 1,066 | 867 | 582 |
Disposals | (30) | (106) | (63) |
Reclassifications | (44) | (18) | |
Business combinations | 43 | 11 | |
Depreciation and depletion for the period | (724) | (718) | (736) |
Impairment losses | (77) | (43) | (306) |
Foreign currency translation effects | (324) | 76 | 135 |
Net book value at end of period | 10,156 | 10,202 | 10,170 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 20,322 | 20,296 | 19,708 |
Net book value at end of period | 20,516 | 20,322 | 20,296 |
Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (10,120) | (10,126) | (9,143) |
Net book value at end of period | (10,360) | (10,120) | (10,126) |
Land and mineral reserves [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 3,575 | 3,564 | |
Capital expenditures | 126 | 81 | |
Stripping costs | 25 | 18 | |
Total capital expenditures | 151 | 99 | |
Disposals | (4) | (20) | |
Reclassifications | (4) | ||
Business combinations | 32 | ||
Depreciation and depletion for the period | (153) | (108) | |
Impairment losses | (12) | (11) | |
Foreign currency translation effects | (83) | 55 | |
Net book value at end of period | 3,506 | 3,575 | 3,564 |
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 | 4,801 | 4,741 | |
Net book value at end of period | 4,843 | 4,801 | 4,741 |
Land and mineral reserves [member] | Accumulated depreciation and depletion [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | (1,226) | (1,177) | |
Net book value at end of period | (1,337) | (1,226) | (1,177) |
Building [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,038 | 964 | |
Capital expenditures | 52 | 159 | |
Total capital expenditures | 52 | 159 | |
Disposals | (4) | (6) | |
Reclassifications | (8) | ||
Business combinations | 1 | ||
Depreciation and depletion for the period | (78) | (74) | |
Impairment losses | (8) | (9) | |
Foreign currency translation effects | (172) | 12 | |
Net book value at end of period | 829 | 1,038 | 964 |
Building [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 2,532 | 2,438 | |
Net book value at end of period | 2,342 | 2,532 | 2,438 |
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 | (1,494) | (1,474) | |
Net book value at end of period | (1,513) | (1,494) | (1,474) |
Machinery and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 4,327 | 4,454 | |
Capital expenditures | 406 | 609 | |
Total capital expenditures | 406 | 609 | |
Disposals | (22) | (80) | |
Reclassifications | (29) | ||
Business combinations | 9 | ||
Depreciation and depletion for the period | (493) | (536) | |
Impairment losses | (55) | (15) | |
Foreign currency translation effects | (19) | (76) | |
Net book value at end of period | 4,153 | 4,327 | 4,454 |
Machinery and equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 11,727 | 11,929 | |
Net book value at end of period | 11,663 | 11,727 | 11,929 |
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 | (7,400) | (7,475) | |
Net book value at end of period | (7,510) | (7,400) | (7,475) |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,262 | 1,188 | |
Capital expenditures | 457 | ||
Total capital expenditures | 457 | ||
Reclassifications | (3) | ||
Business combinations | 1 | ||
Impairment losses | (2) | (8) | |
Foreign currency translation effects | (50) | 85 | |
Net book value at end of period | 1,668 | 1,262 | 1,188 |
Construction in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net book value at beginning of period | 1,262 | 1,188 | |
Net book value at end of period | $ 1,668 | $ 1,262 | $ 1,188 |
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, 2022 USD ($) T | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | $ (44) | $ (18) | |
Colombia [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Annual production capacity | T | 1.3 | ||
Colombia [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 3 | ||
United States [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | $ 5 | 29 | 18 |
Spain [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 51 | ||
France [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 8 | ||
United Kingdom [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | 5 | 12 | |
Costa Rica [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Sale of fixed assets | $ 28 | ||
Costa Rica [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 43 | ||
El Salvador [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 1 | ||
Puerto Rico [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 5 | ||
Dominican Republic [member] | Classification of assets as held for sale [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 2 | ||
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | $ (3) | ||
Construction in progress [member] | Colombia [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Carrying amount of plant | $ 219 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 77 | $ 43 | $ 306 |
United States [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 26 | 18 | 76 |
Spain [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 23 | 0 | 135 |
Colombia [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 0 | 10 | 2 |
Caribbean TCL [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 14 | ||
United Kingdom [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 10 | 5 | 39 |
Puerto Rico [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 0 | 20 | |
Croatia [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 0 | 13 | |
Panama [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | 0 | 12 | |
Other countries [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment losses | $ 4 | $ 10 | $ 9 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | $ 1,120 | ||
Foreign currency translation effects | (324) | $ 76 | $ 135 |
Net book value at Ending of period | 1,128 | 1,120 | |
Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | 1,120 | 1,243 | 1,285 |
Additions of new leases | 296 | 227 | 213 |
Cancellations and remeasurements | (125) | (134) | (76) |
Business combinations | 13 | ||
Depreciation | (258) | (283) | (239) |
Foreign currency translation effects | 95 | 67 | 47 |
Net book value at Ending of period | 1,128 | 1,120 | 1,243 |
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 | 2,330 | 2,389 | 2,265 |
Net book value at Ending of period | 2,399 | 2,330 | 2,389 |
Accumulated depreciation and amortisation [member] | Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net book value at beginning of period | (1,210) | (1,146) | (980) |
Net book value at Ending of period | (1,271) | (1,210) | (1,146) |
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 | 248 | 270 | |
Additions of new leases | 45 | 59 | |
Cancellations and remeasurements | (15) | (28) | |
Depreciation | (1) | (17) | |
Foreign currency translation effects | 20 | (36) | |
Net book value at Ending of period | 297 | 248 | 270 |
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 | 395 | 409 | |
Net book value at Ending of period | 439 | 395 | 409 |
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 | (147) | (139) | |
Net book value at Ending of period | (142) | (147) | (139) |
Building [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Foreign currency translation effects | (172) | 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 | 196 | 204 | |
Additions of new leases | 21 | 22 | |
Cancellations and remeasurements | (27) | (19) | |
Depreciation | (77) | (37) | |
Foreign currency translation effects | 19 | 26 | |
Net book value at Ending of period | 132 | 196 | 204 |
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 | 401 | 457 | |
Net book value at Ending of period | 335 | 401 | 457 |
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 | (205) | (253) | |
Net book value at Ending of period | (203) | (205) | (253) |
Machinery And Equipment [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Foreign currency translation effects | (19) | (76) | |
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 | 668 | 758 | |
Additions of new leases | 207 | 143 | |
Cancellations and remeasurements | (82) | (87) | |
Depreciation | (165) | (226) | |
Foreign currency translation effects | 48 | 80 | |
Net book value at Ending of period | 676 | 668 | 758 |
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 | 1,513 | 1,502 | |
Net book value at Ending of period | 1,570 | 1,513 | 1,502 |
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 | (845) | (744) | |
Net book value at Ending of period | (894) | (845) | (744) |
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 | 8 | 11 | |
Additions of new leases | 23 | 3 | |
Cancellations and remeasurements | (1) | ||
Depreciation | (15) | (3) | |
Foreign currency translation effects | 8 | (3) | |
Net book value at Ending of period | 23 | 8 | 11 |
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 | 21 | 21 | |
Net book value at Ending of period | 55 | 21 | 21 |
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 | (13) | (10) | |
Net book value at Ending of period | $ (32) | $ (13) | $ (10) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment losses | $ 77 | $ 43 | $ 306 |
COVID19 [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Reversal of impairment charges | 0 | 0 | |
Cemex [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental expense | $ 108 | $ 94 | $ 97 |
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, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ 9,293 | $ 9,763 |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 7,538 | 7,984 |
Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,277 | 1,350 |
Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 17 | 23 |
Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 33 | 45 |
Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 286 | 228 |
Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 142 | 133 |
Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 10,659 | 11,098 |
Cost [member] | Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 7,538 | 7,984 |
Cost [member] | Extraction rights [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 1,729 | 1,781 |
Cost [member] | Industrial property and trademarks [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 32 | 45 |
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 | 39 | 52 |
Cost [member] | Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 820 | 689 |
Cost [member] | Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | 305 | 351 |
Accumulated Depreciation, amortization and Impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (1,366) | (1,335) |
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 | (452) | (431) |
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 | (15) | (22) |
Accumulated Depreciation, amortization and Impairment [member] | Customer relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (196) | (196) |
Accumulated Depreciation, amortization and Impairment [member] | Mining projects [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (6) | (7) |
Accumulated Depreciation, amortization and Impairment [member] | Internally developed software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | (534) | (461) |
Accumulated Depreciation, amortization and Impairment [member] | Other intangible assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill | $ (163) | $ (218) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Risk free rate | 3.58% | 1.82% | 2.20% | 2.90% | |||||
Increase in pre-tax discount rate | 1% | ||||||||
Decrease in long-term growth rate | 1% | ||||||||
Weighted average Operating EBITDA multiple | 11.3 | 11.5 | 11.5 | ||||||
Discount rates | 7.70% | 7.70% | 7.80% | ||||||
Impairment loss | $ 77 | $ 43 | $ 306 | ||||||
Impairment of finite lived intangible assets | $ 53 | $ 194 | |||||||
Growth rate for cash flow projections | 2.50% | 2% | |||||||
Percentage of reduction in value in use of goodwill | 25.70% | ||||||||
Market risk premium percentage | 1.70% | 5.80% | 5.70% | ||||||
Stock volatility factor | 1.12 | 1.19 | 1.08 | ||||||
Long term growth rate used to determine the terminal value | 2% | 2% | 2.50% | ||||||
Impairment losses of goodwill | $ 365 | $ 440 | $ 1,020 | ||||||
Neoris NV [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Impairment losses of goodwill | $ 27 | ||||||||
Decrease Of Two Years In Cash Flow Projections [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 52% | ||||||||
Reduction In The Long Term Growth Rate [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 2% | ||||||||
Reduction In Sales Growth [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Percentage Allocation In Respect Of Reduction In Value Of Goodwill | 2.50% | ||||||||
Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Weighted average Operating EBITDA multiple | 11.3 | ||||||||
Impairment of finite lived intangible assets | $ 365 | ||||||||
Other intangible assets [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Impairment of finite lived intangible assets | $ 4 | $ 13 | |||||||
Goodwill [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Impairment test | No | No | |||||||
Internally Developed Software [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Impairment loss | $ 49 | ||||||||
Impairment of finite lived intangible assets | $ 49 | ||||||||
Cemex [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Funding cost percentage | 6.70% | 4.10% | 4.10% | 5.40% | |||||
Discount rates | 0.10% | 1.50% | |||||||
Decrease In Weighing Of Debt Percentage | 26.90% | 34.60% | 31.70% | ||||||
Cemex [Member] | Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 0.10% | 0.50% | |||||||
Top of range [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Funding cost percentage | 6.70% | ||||||||
Weighted average [member] | Cemex [Member] | Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 2% | ||||||||
United States [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 9.10% | 7.20% | 7.30% | ||||||
Impairment loss | $ 26 | $ 18 | $ 76 | ||||||
Impairment of finite lived intangible assets | $ 181 | ||||||||
Cash flow projection period | 5 years | ||||||||
Growth rate for cash flow projections | [1] | 2% | 2% | 2% | |||||
Percentage reduction in long term growth rate | 0.50% | ||||||||
United States [member] | Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 1% | ||||||||
Impairment of finite lived intangible assets | $ 273 | ||||||||
Growth rate for cash flow projections | 1% | ||||||||
United States [member] | Goodwill [member] | Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Impairment of finite lived intangible assets | $ 440 | $ 1,020 | |||||||
United States [member] | Top of range [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Risk free rate | 3.60% | ||||||||
Mexico [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 10.30% | 8.40% | 8.30% | ||||||
Growth rate for cash flow projections | [1] | 1.10% | 1% | 1.10% | |||||
Percentage reduction in long term growth rate | 1% | 1% | 1.30% | ||||||
Spain [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 9.40% | 7.60% | 7.70% | ||||||
Impairment loss | $ 23 | $ 0 | $ 135 | ||||||
Growth rate for cash flow projections | [1] | 1.70% | 1.50% | 1.50% | |||||
Spain [member] | Discount rate, measurement input [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rate | 7.70% | ||||||||
Spain [member] | Long Term Revenue Growth Rate Measurement Input [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Long term growth rate | 1.50% | ||||||||
Spain [member] | Goodwill [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Non cash impairment charges | $ 317 | ||||||||
Spain [member] | Operating segments [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 1% | ||||||||
Impairment of finite lived intangible assets | $ 92 | ||||||||
Growth rate for cash flow projections | 1% | ||||||||
Spain [member] | Top of range [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Risk free rate | 4% | ||||||||
Colombia [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 10.90% | 8.50% | 8.40% | ||||||
Impairment loss | $ 0 | $ 10 | $ 2 | ||||||
Growth rate for cash flow projections | [1] | 3.30% | 3.50% | 2.50% | |||||
Percentage reduction in long term growth rate | 1.20% | ||||||||
Egypt [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rates | 13.60% | 10.70% | 10.20% | ||||||
Growth rate for cash flow projections | [1] | 3% | 3% | 5.60% | |||||
Percentage reduction in long term growth rate | 2.85% | 2.80% | |||||||
UAE [Member] | Discount rate, measurement input [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Discount rate | 8.30% | ||||||||
UAE [Member] | Long Term Revenue Growth Rate Measurement Input [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Long term growth rate | 2.60% | ||||||||
UAE [Member] | Goodwill [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Non cash impairment charges | $ 96 | ||||||||
[1]The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |||
Balance at beginning of period | $ 7,984 | $ 8,506 | $ 9,562 |
Impairment losses (notes 7 and 16.2) | (365) | (440) | (1,020) |
Business combinations (note 4.1) | 4 | 5 | 2 |
Reclassification to assets held for sale (notes 4.2 and 13) | 0 | (2) | (9) |
Foreign currency translation effects | (85) | (85) | (29) |
Balance at end of period | $ 7,538 | $ 7,984 | $ 8,506 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | $ 1,779 | $ 1,746 | $ 2,028 | ||
Impairment losses (note 7) | (53) | (194) | |||
Amortization for the period | (138) | (119) | (130) | ||
Additions (decreases), net | 151 | 192 | [1] | 53 | [1] |
Business combinations (note 4.1) | 7 | ||||
Foreign currency translation effects | (37) | 13 | (18) | ||
Balance at the end of period | 1,755 | 1,779 | 1,746 | ||
Extraction rights [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | 1,350 | 1,358 | |||
Impairment losses (note 7) | 0 | ||||
Amortization for the period | (44) | (24) | |||
Additions (decreases), net | (10) | 27 | [1] | ||
Foreign currency translation effects | (19) | (11) | |||
Balance at the end of period | 1,277 | 1,350 | 1,358 | ||
Industrial property and trademarks [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | 23 | 24 | |||
Amortization for the period | (7) | (2) | |||
Foreign currency translation effects | 1 | 1 | |||
Balance at the end of period | 17 | 23 | 24 | ||
Mining projects [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | 45 | 43 | |||
Amortization for the period | (1) | (1) | |||
Additions (decreases), net | (10) | 2 | [1] | ||
Foreign currency translation effects | (1) | 1 | |||
Balance at the end of period | 33 | 45 | 43 | ||
Internally developed software [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | 228 | 213 | |||
Impairment losses (note 7) | (49) | ||||
Amortization for the period | (73) | (71) | |||
Additions (decreases), net | 136 | 132 | [1] | ||
Foreign currency translation effects | (5) | 3 | |||
Balance at the end of period | 286 | 228 | 213 | ||
Others intangible assets [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Balance at beginning of period | 133 | 108 | |||
Impairment losses (note 7) | (4) | (13) | |||
Amortization for the period | (13) | (21) | |||
Additions (decreases), net | 35 | 31 | [1] | ||
Foreign currency translation effects | (13) | 19 | |||
Balance at the end of period | $ 142 | $ 133 | $ 108 | ||
[1]Includes the capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses. The capitalized amounts are amortized to the statement of operations over a period ranging from 3 to 5 years. |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets, Net - Summary of Changes in intangible Asset (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Capitalized direct cost amortization, period | 3 years |
Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Capitalized direct cost amortization, period | 5 years |
Goodwill and Intangible Asset_8
Goodwill and Intangible Assets, Net - Summary of Goodwill Balances Allocated by Operating Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 09, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | $ 7,538 | $ 7,984 | $ 41 | $ 8,506 | $ 9,562 | |
Mexico [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 384 | 361 | ||||
United States [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 6,176 | 6,449 | ||||
United Kingdom [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 250 | 280 | ||||
France [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 201 | 213 | ||||
Spain [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 57 | 158 | ||||
Rest of EMEAA [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | [1] | 38 | 48 | |||
Colombia [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 202 | 244 | ||||
Caribbean TCL [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | 83 | 83 | ||||
Rest of South, Central America and the Caribbean [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | [2] | 65 | 59 | |||
Philippines [member] | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||
Goodwill | $ 82 | $ 89 | ||||
[1]This caption refers to the operating segments in Israel, the Czech Republic and Egypt.[2]This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama. |
Goodwill and Intangible Asset_9
Goodwill and Intangible Assets, Net - Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows (Detail) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 7.70% | 7.80% | ||||
Growth rates | 2.50% | 2% | ||||
United States [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 9.10% | 7.20% | 7.30% | |||
Growth rates | [1] | 2% | 2% | 2% | ||
Spain [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 9.40% | 7.60% | 7.70% | |||
Growth rates | [1] | 1.70% | 1.50% | 1.50% | ||
United Kingdom [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 9.10% | 7.30% | 7.40% | |||
Growth rates | [1] | 1.50% | 1.50% | 1.60% | ||
France [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 9.20% | 7.30% | 7.40% | |||
Growth rates | [1] | 1.40% | 1.40% | 1.70% | ||
Mexico [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 10.30% | 8.40% | 8.30% | |||
Growth rates | [1] | 1.10% | 1% | 1.10% | ||
Colombia [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 10.90% | 8.50% | 8.40% | |||
Growth rates | [1] | 3.30% | 3.50% | 2.50% | ||
United Arab Emirates [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 8.30% | |||||
Growth rates | [1] | 2.60% | ||||
Egypt [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 13.60% | 10.70% | 10.20% | |||
Growth rates | [1] | 3% | 3% | 5.60% | ||
Bottom of range [member] | Other countries [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 9.30% | 7.40% | 7.20% | |||
Growth rates | [1] | 1.50% | 1.70% | 0.30% | ||
Top of range [member] | Other countries [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rates | 13.90% | 11.70% | 15.50% | |||
Growth rates | [1] | 6% | 6% | 6.50% | ||
[1]The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
Goodwill and Intangible Asse_10
Goodwill and Intangible Assets, Net - Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk (Detail) - Operating segments [member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
United States [member] | |
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |
Impairment losses recognized | $ (273) |
Discount rate +1% | (1,243) |
Long-term growth rate –1% | (986) |
Spain [member] | |
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | |
Impairment losses recognized | (92) |
Discount rate +1% | (59) |
Long-term growth rate –1% | $ (47) |
Goodwill and Intangible Asse_11
Goodwill and Intangible Assets, Net - Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk (Parenthetical) (Detail) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Discount rate applied to cash flow projections | 7.70% | 7.80% | ||||
Growth rate used to extrapolate cash flow projections | 2.50% | 2% | ||||
Weighted average Operating EBITDA multiple | 11.3 | 11.5 | 11.5 | |||
Operating segments [member] | ||||||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Weighted average Operating EBITDA multiple | 11.3 | |||||
United States [member] | ||||||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Discount rate applied to cash flow projections | 9.10% | 7.20% | 7.30% | |||
Growth rate used to extrapolate cash flow projections | [1] | 2% | 2% | 2% | ||
United States [member] | Operating segments [member] | ||||||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Discount rate applied to cash flow projections | 1% | |||||
Growth rate used to extrapolate cash flow projections | 1% | |||||
Spain [member] | ||||||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Discount rate applied to cash flow projections | 9.40% | 7.60% | 7.70% | |||
Growth rate used to extrapolate cash flow projections | [1] | 1.70% | 1.50% | 1.50% | ||
Spain [member] | Operating segments [member] | ||||||
Disclosure Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk [Line Items] | ||||||
Discount rate applied to cash flow projections | 1% | |||||
Growth rate used to extrapolate cash flow projections | 1% | |||||
[1]The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”). |
Financial Instruments - Summary
Financial Instruments - Summary of Debt Summarized by Interest Rates and Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 51 | $ 73 | ||
Long- term | 6,920 | 7,306 | ||
Total | 6,971 | 7,379 | $ 9,339 | $ 9,365 |
Floating interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | 0 | 27 | ||
Long- term | 1,750 | 896 | ||
Total | $ 1,750 | $ 923 | ||
Short-term | 3.20% | 2.70% | ||
Long-term | 4.60% | 2.60% | ||
Fixed interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 51 | $ 46 | ||
Long- term | 5,170 | 6,410 | ||
Total | $ 5,221 | $ 6,456 | ||
Short-term | 5.10% | 5.20% | ||
Long-term | 5.30% | 4.80% | ||
US Dollar [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 5 | $ 6 | ||
Long- term | 5,511 | 6,375 | ||
Total | $ 5,516 | $ 6,381 | ||
Effective rate | 5.70% | 4.40% | ||
Euro [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 2 | $ 1 | ||
Long- term | 962 | 453 | ||
Total | $ 964 | $ 454 | ||
Effective rate | 3.30% | 3.10% | ||
Mexican pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 0 | $ 0 | ||
Long- term | 267 | 254 | ||
Total | $ 267 | $ 254 | ||
Effective rate | 12.20% | 7.20% | ||
Philippine pesos [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 8 | $ 66 | ||
Long- term | 139 | 109 | ||
Total | $ 147 | $ 175 | ||
Effective rate | 5.40% | 4.40% | ||
Other Currencies [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Short- term | $ 36 | $ 0 | ||
Long- term | 41 | 115 | ||
Total | $ 77 | $ 115 | ||
Effective rate | 4.30% | 4.10% |
Financial Instruments - Summa_2
Financial Instruments - Summary of Consolidated Debt by Type of Instrument (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Current maturities | $ (2) | $ (68) |
Short- term | 2 | 68 |
Short-term debt | 51 | 73 |
Long- term | 6,920 | 7,306 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 43 | 0 |
Long- term | 2,762 | 2,017 |
Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 43 | 0 |
Long- term | 184 | 289 |
Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 2,578 | 1,728 |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 6 | 5 |
Long- term | 4,160 | 5,357 |
Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long- term | 3,988 | 5,179 |
Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 6 | 5 |
Long- term | 172 | 178 |
Total bank loans and notes payables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short- term | 49 | 5 |
Long- term | $ 6,922 | $ 7,374 |
Bottom of range [member] | Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2023 |
Bottom of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2023 |
Bottom of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2024 | 2024 |
Bottom of range [member] | Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2022 | 2022 |
Top of range [member] | Bank loans [member] | Loans in Foreign Countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2025 | 2024 |
Top of range [member] | Bank loans [member] | Syndicated loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2026 | 2026 |
Top of range [member] | Notes payable [member] | Medium term notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2031 | 2031 |
Top of range [member] | Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt instrument maturity period | 2027 | 2027 |
Financial Instruments - Additio
Financial Instruments - Additional Information - Short-Term and Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Issuance of outstanding notes payables | $ 45 | $ 53 | ||
Total debt | 6,971 | 7,379 | $ 9,339 | $ 9,365 |
Long term borrowings | 6,920 | 7,306 | ||
Premiums, fees and issuance costs paid | 51 | 142 | 98 | |
Issuance costs of new debt | 4 | 37 | 38 | |
Proportional fees and issuance costs related to the extinguished debt instruments | 47 | 99 | 60 | |
Financial expense [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Payments for debt issue costs | $ 6 | $ 27 | $ 19 | |
Other countries [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Share in borrowings, percentage | 6% | 6% | ||
Finance subsidiaries [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Share in borrowings, percentage | 94% | 94% | ||
Notes payable [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Long term borrowings | $ 4,160 | $ 5,357 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Changes in Consolidated Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Debt at beginning of year | $ 7,379 | $ 9,339 | $ 9,365 |
Proceeds from new debt instruments | 2,006 | 3,960 | 4,210 |
Debt repayments | (2,420) | (5,897) | (4,572) |
Foreign currency translation and accretion effects | 6 | (23) | 336 |
Debt at end of year | $ 6,971 | $ 7,379 | $ 9,339 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Long Term Notes Payable (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 6,920 | $ 7,306 |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 4,160 | 5,357 |
Notes payable [member] | Other Notes Payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 20 | 26 |
Notes payable [member] | CEMEX SAB de CV July 2031 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Jan. 12, 2021 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,750 | |
Rate | 3.875% | |
Maturity date | Jul. 11, 2031 | |
Repurchased amount | $ (642) | |
Long term borrowings | 1,102 | 1,741 |
Notes payable [member] | CEMEX SAB de CV July 2031 Notes [Member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 1,108 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. September 2030 Notes [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Sep. 17, 2020 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 5.20% | |
Maturity date | Sep. 17, 2030 | |
Repurchased amount | $ (283) | |
Long term borrowings | 714 | 995 |
Notes payable [member] | CEMEX, S.A.B. de C.V. September 2030 Notes [Member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 717 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. November 2029 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Nov. 19, 2019 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 5.45% | |
Maturity date | Nov. 19, 2029 | |
Repurchased amount | $ (247) | |
Long term borrowings | 749 | 994 |
Notes payable [member] | CEMEX, S.A.B. de C.V. November 2029 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 753 | |
Notes payable [member] | CEMEX, S.A.B. de C.V. June 2027 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Jun. 05, 2020 | |
Issuer | CEMEX, S.A.B. de C.V. | |
Currency | Dollar | |
Principal amount | $ 1,000 | |
Rate | 7.375% | |
Maturity date | Jun. 05, 2027 | |
Long term borrowings | $ 996 | 995 |
Notes payable [member] | CEMEX, S.A.B. de C.V. June 2027 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. 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 | $ 427 | 454 |
Notes payable [member] | CEMEX, S.A.B. de C.V. March 2026 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 428 | |
Notes payable [member] | CEMEX Materials LLC July 2025 Notes [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Date of issuance | Apr. 01, 2003 | |
Issuer | CEMEX Materials LLC | |
Currency | Dollar | |
Principal amount | $ 150 | |
Rate | 7.70% | |
Maturity date | Jul. 21, 2025 | |
Long term borrowings | $ 152 | $ 152 |
Notes payable [member] | CEMEX Materials LLC July 2025 Notes [member] | Cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 150 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Long Term Notes Payable (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |
Debt instrument repurchased notes notional amount | $ 1,172 |
Gain loss on notes repurchases | $ 104 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Consolidated Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 6,920 | $ 7,306 |
Bank loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,760 | |
Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 4,160 | |
Later Than One Year and Not Later Than Two Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 385 | |
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 | 379 | |
Later Than One Year and Not Later Than Two Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 6 | |
Later Than Two Years and Not Later Than Three Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,436 | |
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 | 1,280 | |
Later Than Two Years and Not Later Than Three Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 156 | |
Later Than Three Years and Not Later Than Four Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,489 | |
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 | 1,056 | |
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 | 433 | |
Later Than Four Years and Not Later Than Five Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 1,044 | |
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 | 45 | |
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 | 999 | |
More than 5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | 2,566 | |
More than 5 Years [Member] | Notes payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long term borrowings | $ 2,566 |
Financial Instruments - Addit_2
Financial Instruments - Additional Information - Credit Agreement, Facilities Agreement and Financing Agreement (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 23, 2021 | Oct. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jul. 19, 2017 | |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Repayments of current borrowings | $ 2,420 | $ 5,897 | $ 4,572 | |||||
Total adjustment of the interest rate margin description | interest rate margin of plus or minus 5 basis points | |||||||
Borrowings | $ 6,971 | $ 7,379 | $ 9,339 | $ 9,365 | ||||
London Inter bank Offered Rate LIBOR [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 4.77% | 0.21% | ||||||
EuroInterBankOfferedRate [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 2.13% | (0.57%) | ||||||
Interbank Equilibrium Interest Rate [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 10.77% | 5.72% | ||||||
Two Thousand Twenty One Credit Agreement [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Repayments of current borrowings | $ 3,250 | |||||||
Line of credit ,Interest basis Points | 25 days | |||||||
Line of credit Leverage Ratio Description | 2.25 times in the lower end to greater than 3.25 | |||||||
Borrowings | $ 1,800 | $ 1,500 | ||||||
Two Thousand Twenty One Credit Agreement [Member] | Five year amortizing term loan [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Line of credit ,Maximum Amount | 1,500 | |||||||
Line of credit ,Expiration period | 5 years | |||||||
Two Thousand Twenty One Credit Agreement [Member] | Five year committed Revolving Credit Facility [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Line of credit ,Maximum Amount | $ 1,750 | |||||||
Line of credit ,Expiration period | 5 years | |||||||
Two Thousand Twenty One Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 300 | |||||||
CEMEX Holdings Philippines, Inc. [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Maximum capital expenditure | 500 | |||||||
CEMEX Latam Holdings, S.A [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Maximum capital expenditure | 1,500 | |||||||
Acquisitions and investments in joint ventures | $ 400 | |||||||
Mexico, Pesos | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 12.20% | 7.20% | ||||||
Repayments of current borrowings | $ 5,231 | |||||||
Borrowings | $ 267 | $ 254 | ||||||
Mexico, Pesos | Two Thousand Twenty One Credit Agreement [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | 5,231 | |||||||
BorrowingsReportingCurrencyDenominatedValue | $ 268 | $ 255 | ||||||
2017 Credit Agreement [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Bank indebtedness | $ 4,050 | |||||||
2014 Credit Agreement [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Bank indebtedness | $ 3,680 | |||||||
Bottom of range [member] | Two Thousand Twenty One Credit Agreement [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Line of credit ,Interest basis Points | 100 days | |||||||
Bottom of range [member] | Credit agreement [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 3.38% | |||||||
Top of range [member] | Two Thousand Twenty One Credit Agreement [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Line of credit ,Interest basis Points | 175 days | |||||||
Top of range [member] | Credit agreement [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Interest rate | 5.65% |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Lines of Credit (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about financial instruments [abstract] | |
Other lines of credit in foreign subsidiaries | $ 364 |
Other lines of credit from banks | 556 |
Revolving credit facility | 1,750 |
Total | 2,670 |
Other lines of credit in foreign subsidiaries, available | 204 |
Other lines of credit from banks, available | 356 |
Revolving credit facility, available | 1,450 |
Total, available | $ 2,010 |
Financial Instruments - Summa_6
Financial Instruments - Summary of Consolidated Financial Ratios (Detail) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 2.84% | 2.73% | 4.07% |
Coverage Ratio | 6.27% | 5.99% | 3.82% |
Less than or Equal to 3.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 3.75% | 3.75% | |
Less than or Equal to 6.25 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Leverage Ratio | 6.25% | ||
Greater than or Equal to 2.75 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 2.75% | 2.75% | |
Greater than or Equal to 1.75 Ratio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Coverage Ratio | 1.75% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Other Financial Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | $ 936 | $ 867 |
Other financial obligations, long-term | 918 | 911 |
Total | 1,854 | 1,778 |
Liabilities Secured With Accounts Receivable [member] | ||
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | 678 | 602 |
Total | 678 | 602 |
Leases [Member] | ||
Disclosure of financial liabilities [line items] | ||
Other current financial obligations | 258 | 265 |
Other financial obligations, long-term | 918 | 911 |
Total | $ 1,176 | $ 1,176 |
Financial Instruments - Detaile
Financial Instruments - Detailed Information about In Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Text block [abstract] | |||
Lease financial liability at beginning of year | $ 1,176 | $ 1,260 | $ 1,306 |
Additions from new leases | 296 | 227 | 213 |
Reductions from payments | (276) | (313) | (276) |
Cancellations and liability remeasurements | 7 | 27 | (9) |
Foreign currency translation and accretion effects | (27) | (25) | 26 |
Lease financial liability at end of year | $ 1,176 | $ 1,176 | $ 1,260 |
Financial Instruments - Summa_8
Financial Instruments - Summary of Disclosure Detail Of Financial Lease Liabilities (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 918 |
Later Than One Year and Not Later Than Two Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 194 |
Later Than Two Years and Not Later Than Three Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 151 |
Later Than Three Years and Not Later Than Four Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 109 |
Later Than Four Years and Not Later Than Five Years [Member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | 81 |
More than 5 Years [member] | |
Disclosure detail of financial lease liabilities [line items] | |
Lease financial liabilities | $ 383 |
Financial Instruments - Addit_3
Financial Instruments - Additional Information - Other Financial Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Leases | $ 342 | $ 381 | $ 350 |
Cash flows from used in securitization program | 79 | 25 | $ (26) |
Other Financial Obligations [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Recourse of accounts receivable | $ 678 | $ 602 |
Financial Instruments - Summa_9
Financial Instruments - Summary of Carrying Amounts and Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Derivative instruments | $ 57 | $ 22 |
Other investments and non-current accounts receivable | 236 | 221 |
Other investments and non-current accounts receivable | 293 | 243 |
Financial liabilities | ||
Long-term debt | 6,920 | 7,306 |
Other financial obligations | 918 | 911 |
Derivative financial instruments | 2 | 30 |
Total financial liabilities | 7,840 | 8,247 |
At Fair Value [Member] | ||
Financial assets | ||
Derivative instruments | 57 | 22 |
Other investments and non-current accounts receivable | 236 | 221 |
Other investments and non-current accounts receivable | 293 | 243 |
Financial liabilities | ||
Long-term debt | 6,517 | 7,629 |
Other financial obligations | 788 | 919 |
Derivative financial instruments | 2 | 30 |
Total financial liabilities | $ 7,307 | $ 8,578 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | $ 57 | $ 22 |
Investments in strategic equity securities | 5 | 14 |
Other investments at fair value through earnings | 3 | 3 |
Total derivative financial assets | 65 | 39 |
Liabilities measured at fair value Derivative instruments | 2 | 30 |
Level 1 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Investments in strategic equity securities | 5 | 14 |
Total derivative financial assets | 5 | 14 |
Level 2 [Member] | ||
Disclosure Of Financial Assets and Financial Liabilities [line items] | ||
Derivative instruments | 57 | 22 |
Other investments at fair value through earnings | 3 | 3 |
Total derivative financial assets | 60 | 25 |
Liabilities measured at fair value Derivative instruments | $ 2 | $ 30 |
Financial Instruments - Summ_11
Financial Instruments - Summary of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | $ 2,491 | $ 2,911 |
Derivative financial instrument, Fair value | 32 | 21 |
Net Investment Hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 837 | 1,511 |
Derivative financial instrument, Fair value | (48) | 3 |
Interest Rate Swap Contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 1,018 | 1,005 |
Derivative financial instrument, Fair value | 54 | (18) |
Fuels Price Hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 136 | 145 |
Derivative financial instrument, Fair value | 8 | 30 |
Foreign Exchange Options [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instrument, Notional amount | 500 | 250 |
Derivative financial instrument, Fair value | $ 18 | $ 6 |
Financial Instruments - Addit_4
Financial Instruments - Additional Information - Derivative Financial Instruments (Detail) £ in Millions, $ in Millions | 12 Months Ended | ||||||||
Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 USD ($) | Nov. 30, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Gains and (losses) related to recognition of changes in fair values of the derivative instruments | $ (5) | $ (6) | $ (17) | ||||||
Mexican Peso Floating Rates [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Payments on Contract | 3 | ||||||||
Currency swap contract [member] | Euro denominated [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 750 | ||||||||
Net foreign exchange loss | £ | £ 1 | ||||||||
Net foreign exchange gain | 70 | £ 8 | 10 | ||||||
Debt Instrument Settlement Gains | 80 | ||||||||
Foreign Exchange Options [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | $ 500 | 250 | |||||||
Financial Income And Other Items [Member] | CEMEX SAB De CV April 2024 Notes [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Gain (loss) due to changes in estimated fair value | 3 | ||||||||
Financial Income And Other Items [Member] | Foreign Exchange Options [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative contracts maturity date | September 2024 | September 2024 | |||||||
Changes in the fair value of these instruments | $ 13 | 5 | |||||||
Financial Income And Other Items [Member] | Foreign Exchange Options [Member] | Peso Denominated Value [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative contracts maturity date | December 2024 | December 2024 | |||||||
Fuel Price Forward Contracts [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | $ 136 | 145 | |||||||
Financial liabilities at estimated fair value | 8 | 30 | |||||||
Gain (loss) due to changes in estimated fair value | 25 | 22 | 7 | ||||||
Fuel Price Forward Contracts [member] | Operating Expense [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Reclassification adjustments on cash flow hedges, net of tax | 88 | 36 | 24 | ||||||
Net Investment Hedges [member] | Forward Contract [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 738 | 761 | |||||||
Net foreign exchange gain (loss) | (96) | 53 | |||||||
Net foreign exchange loss | 4 | ||||||||
Net Investment Hedges [member] | Capped Forwards With Option Contracts [Member] | Peso Denominated Value [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 98 | ||||||||
Net foreign exchange loss | $ 2 | ||||||||
Net Investment Hedges [member] | Top of range [member] | Forward Contract [Member] | Peso Denominated Value [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
BorrowingsMaturityPeriod | 18 months | 18 months | |||||||
Net Investment Hedges [member] | Bottom of range [member] | Forward Contract [Member] | Peso Denominated Value [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
BorrowingsMaturityPeriod | 1 month | 1 month | |||||||
Interest Rate Swap Contract [Member] | Finance Expense [Member] | Peso Floating Rates [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 7 | 0.3 | 0.1 | ||||||
Interest Rate Swap Contract [Member] | Cemex [Member] | Financial Income And Other Items [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Payments on Contract | $ 14 | ||||||||
Interest Rate Swap Contract [Member] | Top of range [member] | Cemex [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Borrowings, interest rate | 3.05% | ||||||||
Interest Rate Swap Contract [Member] | Bottom of range [member] | Cemex [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Borrowings, interest rate | 2.56% | ||||||||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 750 | ||||||||
Financial assets at fair value through profit or loss | $ 5 | ||||||||
Financial liabilities at estimated fair value | 30 | ||||||||
Gain (loss) due to changes in estimated fair value | 69 | 23 | 9 | ||||||
Financial assets at fair value through profit or loss, mandatorily measured at fair value | 39 | ||||||||
Interest Rate Swap Contract [Member] | Loans from banks at floating interest rate [member] | Peso Floating Rates [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Gain (loss) due to changes in estimated fair value | 3 | 15 | 3 | ||||||
Foreign exchange forwards related to forecasted transactions [member] | 2017 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 397 | ||||||||
Foreign exchange forwards related to forecasted transactions [member] | Financial Income And Other Items [Member] | 2017 Credit Agreement [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Net foreign exchange gain (loss) | $ 15 | ||||||||
DollarEuro Foreign Exchange Forward Contracts [Member] | April 2024 Notes [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Borrowings, interest rate | 4.625% | ||||||||
British PoundEuro Foreign Exchange Forward Contracts [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | $ 186 | ||||||||
British PoundEuro Foreign Exchange Forward Contracts [Member] | Financial Income And Other Items [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Gain (loss) due to changes in estimated fair value | 9 | ||||||||
Interest Rate Swaps [member] | Mexican Peso Floating Rates [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | 268 | 255 | |||||||
Financial liabilities at estimated fair value | 15 | ||||||||
Financial assets at estimated fair value | 12 | ||||||||
Interest Rate Swaps [member] | Loans from banks at floating interest rate [member] | Finance Expense [Member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 2 | $ 22 | $ 20 | ||||||
InterestRateSwapLockContract [Member] | Loans from banks at floating interest rate [member] | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative financial instrument, Notional amount | $ 300 | ||||||||
Gain (loss) due to changes in estimated fair value | $ 33 | $ 33 |
Financial Instruments - Addit_5
Financial Instruments - Additional Information - Risk Management (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Reduction in income | $ 42 | $ 10 | |
Hypothetic foreign exchange rate strengthening | 10% | ||
Financial debt percentage | 79% | ||
Current maturities of debt | $ 2 | 68 | |
Other financial obligations | 936 | 867 | |
Cash flows provided by operating activities from continuing operations | 1,469 | $ 1,806 | $ 1,545 |
Revolving credit facility | $ 1,750 | ||
Euro [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial debt percentage | 14% | ||
Mexican peso [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial debt percentage | 4% | ||
Philippine peso [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 5.40% | 4.40% | |
Financial debt percentage | 2% | ||
Other Currencies [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 4.30% | 4.10% | |
Financial debt percentage | 1% | ||
Foreign Exchange Options [Member] | Dollar Denominated [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notional amount | $ 500 | ||
Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Reduction in income | $ 13 | $ 7 | |
Interest rate risk [member] | Top of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 0.50% | ||
Interest rate risk [member] | Floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings, interest rate | 21% | 10% | |
Currency risk [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 21% | ||
Currency risk [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 27% | ||
Currency risk [member] | United Kingdom [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 5% | ||
Currency risk [member] | Germany [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 3% | ||
Currency risk [member] | France [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 4% | ||
Currency risk [member] | Poland [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Spain [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Rest Of Europe Region [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 4% | ||
Currency risk [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Panama [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 1% | ||
Currency risk [member] | Rest of South, Central America and the Caribbean region [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Caribbean Tcl [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Philippines [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Other Operations [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 16% | ||
Currency risk [member] | Dominican Republic [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 2% | ||
Currency risk [member] | Israel [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 5% | ||
Liquidity risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current maturities of debt | $ 987 | ||
Other financial obligations | 1,020 | ||
Cash flows provided by operating activities from continuing operations | 1,475 | ||
Revoving Credit Facility Disposed Amount | 300 | ||
Liquidity risk [member] | 2017 Credit Agreement [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Revolving credit facility | $ 1,750 |
Financial Instruments - Summ_12
Financial Instruments - Summary of Consolidated Net Monetary Assets (Liabilities) by Currency (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | $ 3,129 | $ 3,188 |
Monetary liabilities | 15,090 | 15,827 |
Net monetary assets (liabilities) | (11,961) | (12,639) |
US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (7,564) | (8,580) |
Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,071) | (618) |
Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,815) | (1,145) |
British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (760) | (1,163) |
Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (751) | (1,133) |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 960 | 873 |
Monetary liabilities | 1,951 | 1,644 |
Net monetary assets (liabilities) | (991) | (771) |
Mexico [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 8 | (166) |
Mexico [member] | Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (999) | (601) |
Mexico [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 0 | (4) |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 650 | 605 |
Monetary liabilities | 2,559 | 2,701 |
Net monetary assets (liabilities) | (1,909) | (2,096) |
United States [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,909) | (2,096) |
South, Central America And Caribbean [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 204 | 262 |
Monetary liabilities | 519 | 659 |
Net monetary assets (liabilities) | (315) | (397) |
South, Central America And Caribbean [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (42) | (87) |
South, Central America And Caribbean [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 0 | 1 |
South, Central America And Caribbean [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (273) | (311) |
Asia, Middle East and Africa [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 1,315 | 1,255 |
Monetary liabilities | 2,887 | 3,279 |
Net monetary assets (liabilities) | (1,572) | (2,024) |
Asia, Middle East and Africa [member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 12 | 23 |
Asia, Middle East and Africa [member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (632) | (762) |
Asia, Middle East and Africa [member] | British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (931) | (1,191) |
Asia, Middle East and Africa [member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (21) | (94) |
Other Operations [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Monetary assets | 0 | 193 |
Monetary liabilities | 7,174 | 7,544 |
Net monetary assets (liabilities) | (7,174) | (7,351) |
Other Operations [Member] | US Dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (5,633) | (6,254) |
Other Operations [Member] | Mexican peso [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (72) | (17) |
Other Operations [Member] | Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | (1,183) | (384) |
Other Operations [Member] | British Pound Sterling [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | 171 | 28 |
Other Operations [Member] | Other Currencies [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net monetary assets (liabilities) | $ (457) | $ (724) |
Other Current and Non-current_3
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Provisions | [1] | $ 620 | $ 620 |
Interest payable | 96 | 92 | |
Other accounts payable and accrued expenses | [2] | 216 | 233 |
Contract liabilities with customers | [3] | 293 | 257 |
Other current liabilities | $ 1,225 | $ 1,202 | |
[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, 2022 and 2021, includes $6 and $7, respectively, of the current portion of other taxes payable in Mexico.[3]As of December 31, 2022 and 2021, contract liabilities with customers included $253 and $219, respectively, of advances received from customers, as well as in 2022 and 2021 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 and $4, respectively. |
Other Current and Non-current_4
Other Current and Non-current Liabilities - Summary of Other Current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [line Items] | |||
Deferred revenue current | [1] | $ 293 | $ 257 |
Mexico [member] | |||
Statement [line Items] | |||
Other taxes payable current | 6 | 7 | |
Contract customers advances payable [member] | Commercial agreement with cemeto bayano [member] | |||
Statement [line Items] | |||
Current advances from contract with customers received | 253 | 219 | |
Deferred revenue current | $ 5 | $ 4 | |
[1]As of December 31, 2022 and 2021, contract liabilities with customers included $253 and $219, respectively, of advances received from customers, as well as in 2022 and 2021 the current portion of deferred revenues in connection with advances under long-term clinker supply agreements of $5 and $4, respectively. |
Other Current and Non-current_5
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Asset retirement obligations | [1] | $ 465 | $ 553 |
Accruals for legal assessments and other responsibilities | [2] | 41 | 48 |
Non-current liabilities for valuation of derivative instruments | 2 | 30 | |
Environmental liabilities | [3] | 233 | 276 |
Other non-current liabilities and provisions | [4],[5] | 324 | 391 |
Other non-current liabilities | $ 1,065 | $ 1,298 | |
[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, 2021, includes $6 of the non-current orti |
Other Current and Non-current_6
Other Current and Non-current Liabilities - Summary of Other Non-current Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||||
Non-current portion of tax payable | $ 6 | |||
Deferred revenues | $ 293 | 257 | $ 201 | $ 225 |
Cemento interoceanio [member] | Liabilitites classified as held for sale [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Period of amortisation of deferred revenue | 15 years | |||
Deferred revenues | $ 27 | $ 32 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of period | $ 1,957 | $ 1,756 |
Business combinations | 6 | 0 |
Additions or increase in estimates | 270 | 595 |
Releases or decrease in estimates | (486) | (301) |
Reclassifications | 8 | 4 |
Accretion expense | (58) | (28) |
Foreign currency translation | 29 | (69) |
Balance at end of period | 1,726 | 1,957 |
Current provisions | 661 | 659 |
Asset retirement obligations [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 553 | |
Business combinations | 6 | |
Additions or increase in estimates | 22 | |
Releases or decrease in estimates | (119) | |
Reclassifications | 34 | |
Accretion expense | (24) | |
Foreign currency translation | (7) | |
Balance at end of period | 465 | 553 |
Environmental liability [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 276 | |
Business combinations | 0 | |
Additions or increase in estimates | 1 | |
Releases or decrease in estimates | (37) | |
Foreign currency translation | (7) | |
Balance at end of period | 233 | 276 |
Legal proceedings provision [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 48 | |
Business combinations | 0 | |
Additions or increase in estimates | 11 | |
Releases or decrease in estimates | (17) | |
Reclassifications | 0 | |
Accretion expense | (4) | |
Foreign currency translation | 3 | |
Balance at end of period | 41 | 48 |
Valuation derivative instruments [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 37 | |
Business combinations | 0 | |
Additions or increase in estimates | 25 | |
Releases or decrease in estimates | (29) | |
Foreign currency translation | 17 | |
Balance at end of period | 50 | 37 |
Current provisions | 48 | |
Other liabilities and provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Balance at beginning of period | 1,043 | |
Business combinations | 0 | |
Additions or increase in estimates | 211 | |
Releases or decrease in estimates | (284) | |
Reclassifications | (26) | |
Accretion expense | (30) | |
Foreign currency translation | 23 | |
Balance at end of period | 937 | $ 1,043 |
Current provisions | $ 613 |
Pensions and Post-Employment _3
Pensions and Post-Employment Benefits - Additional Information (Detail) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 GBP (£) | |
Disclosure of defined benefit plans [line items] | |||||||
Costs of defined contribution plans | $ 59 | $ 54 | $ 48 | ||||
Projected benefits obligation | 1,903 | 2,783 | 3,033 | ||||
Increase (decrease) in net defined benefit liability (asset) | 13 | 10 | 9 | ||||
Curtailment gain loss on settlement | 1 | 1 | |||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 270 | 196 | (180) | ||||
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 2 | (20) | (18) | ||||
Top of range [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Increase (decrease) in net defined benefit liability (asset) | 96 | ||||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 466 | 122 | |||||
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 20 | ||||||
Post employment healthcare benefits [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 60 | $ 69 | |||||
Other Postretirement Benefits [Member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Curtailment gain loss on settlement | $ 1 | ||||||
Trinidad Cement Limited [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Medical inflation rates used to determine the projected benefits obligation | 5% | 10.50% | |||||
Mexico [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 220 | $ 200 | |||||
Medical inflation rates used to determine the projected benefits obligation | 7% | 7% | |||||
Income from prior period adjustment of retirement benefit | $ 1 | ||||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | $ 19 | ||||||
Puerto Rico [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Medical inflation rates used to determine the projected benefits obligation | 5.40% | 6.40% | |||||
United Kingdom [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | $ 1,062 | $ 1,794 | |||||
Medical inflation rates used to determine the projected benefits obligation | 6.90% | ||||||
Increase (decrease) in net defined benefit liability (asset) | 77 | 81 | |||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 373 | 86 | |||||
Actuarial Gains Losses Arising From Changes In Demographic Assumptions | 12 | ||||||
United States [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | 194 | 270 | |||||
Increase (decrease) in net defined benefit liability (asset) | 81 | ||||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 52 | 13 | |||||
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 | 61 | 58 | $ 56 | ||||
Estimate of contribution to be made to the plan in the subsequent annual period | 58 | ||||||
France [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Income from prior period adjustment of retirement benefit | 2 | ||||||
Other Countries [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | 293 | 339 | |||||
Actuarial Gains Losses Arising From Changes In Financial Assumptions | 23 | ||||||
Germany [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Projected benefits obligation | 134 | 180 | |||||
Increase (decrease) in net defined benefit liability (asset) | 13 | 81 | |||||
CEMEX U.K. [member] | |||||||
Disclosure of defined benefit plans [line items] | |||||||
Operating assets | 553 | ||||||
Dividends received | $ 30 | £ 22.3 | $ 30 | £ 22.3 | $ 29 | £ 21.3 | |
Percentage of annual rate | 5% | 5% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded in operating costs and expenses | |||
Service cost | $ 12 | $ 12 | $ 11 |
Past service cost | 1 | 0 | (1) |
Settlements and curtailments | 0 | (2) | (1) |
Total defined benefit expense | 13 | 10 | 9 |
Recorded in other financial expenses | |||
Net interest cost | 29 | 30 | 32 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | (176) | (263) | 199 |
Total (loss) / gain recognized during the period | (134) | (223) | 240 |
Pension defined benefit plans [member] | |||
Recorded in operating costs and expenses | |||
Service cost | 8 | 9 | 9 |
Past service cost | 1 | 0 | (2) |
Settlements and curtailments | 0 | (1) | 0 |
Total defined benefit expense | 9 | 8 | 7 |
Recorded in other financial expenses | |||
Net interest cost | 23 | 26 | 27 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | (166) | (257) | 181 |
Total (loss) / gain recognized during the period | (134) | (223) | 215 |
Other Benefits Plans [Member] | |||
Recorded in operating costs and expenses | |||
Service cost | 4 | 3 | 2 |
Past service cost | 0 | 0 | 1 |
Settlements and curtailments | 0 | (1) | (1) |
Total defined benefit expense | 4 | 2 | 2 |
Recorded in other financial expenses | |||
Net interest cost | 6 | 5 | 5 |
Recorded in other comprehensive income | |||
Actuarial (gains) losses for the period | (10) | (6) | 18 |
Total (loss) / gain recognized during the period | $ 0 | $ 1 | $ 25 |
Pensions and Post-Employment _5
Pensions and Post-Employment Benefits - Summary of Actuarial (Gains) Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (loss) on remeasurement, net defined benefit liability (asset) [abstract] | |||
Actuarial (gains) losses due to experience | $ 96 | $ (87) | $ 1 |
Actuarial (gains) losses due to demographic assumptions | (2) | 20 | 18 |
Actuarial (gains) losses due financial assumptions | (270) | (196) | 180 |
Total | $ (176) | $ (263) | $ 199 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | $ 2,783 | $ 3,033 | |
Service cost | 12 | 12 | $ 11 |
Interest cost | 72 | 67 | |
Actuarial (gains) losses | (642) | (140) | |
Initial valuation from new plan | 13 | 0 | |
Reduction from disposal of assets | (6) | 0 | |
Settlements and curtailments | 0 | (2) | (1) |
Plan amendments | 1 | 0 | |
Benefits paid | (137) | (139) | |
Foreign currency translation | (193) | (48) | |
Projected benefit obligation at end of the period | 1,903 | 2,783 | 3,033 |
Fair value of plan assets at beginning of the period | 1,784 | 1,694 | |
Return on plan assets | 43 | 36 | |
Actuarial gains (losses) | (466) | 123 | |
Employer contributions | 105 | 85 | |
Initial valuation from new plan | 13 | 0 | |
Benefits paid | (139) | (139) | |
Foreign currency translation | (132) | (15) | |
Fair value of plan assets at end of the period | 1,208 | 1,784 | 1,694 |
Net projected liability in the statement of financial position | 695 | 999 | |
Pension defined benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 2,685 | 2,928 | |
Service cost | 8 | 9 | 9 |
Interest cost | 66 | 62 | |
Actuarial (gains) losses | (632) | (134) | |
Initial valuation from new plan | 13 | 0 | |
Reduction from disposal of assets | (6) | 0 | |
Settlements and curtailments | 0 | (1) | 0 |
Plan amendments | 1 | 0 | |
Benefits paid | (130) | (132) | |
Foreign currency translation | (194) | (47) | |
Projected benefit obligation at end of the period | 1,811 | 2,685 | 2,928 |
Fair value of plan assets at beginning of the period | 1,783 | 1,693 | |
Return on plan assets | 43 | 36 | |
Actuarial gains (losses) | (466) | 123 | |
Employer contributions | 98 | 78 | |
Initial valuation from new plan | 13 | 0 | |
Benefits paid | (132) | (132) | |
Foreign currency translation | (132) | (15) | |
Fair value of plan assets at end of the period | 1,207 | 1,783 | 1,693 |
Net projected liability in the statement of financial position | 604 | 902 | |
Other Benefits Plans [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Projected benefit obligation at beginning of the period | 98 | 105 | |
Service cost | 4 | 3 | 2 |
Interest cost | 6 | 5 | |
Actuarial (gains) losses | (10) | (6) | |
Initial valuation from new plan | 0 | 0 | |
Reduction from disposal of assets | 0 | 0 | |
Settlements and curtailments | 0 | (1) | (1) |
Plan amendments | 0 | 0 | |
Benefits paid | (7) | (7) | |
Foreign currency translation | 1 | (1) | |
Projected benefit obligation at end of the period | 92 | 98 | 105 |
Fair value of plan assets at beginning of the period | 1 | 1 | |
Employer contributions | 7 | 7 | |
Initial valuation from new plan | 0 | 0 | |
Benefits paid | (7) | (7) | |
Fair value of plan assets at end of the period | 1 | 1 | $ 1 |
Net projected liability in the statement of financial position | $ 91 | $ 97 |
Pensions and Post-Employment _7
Pensions and Post-Employment Benefits - Schedule of Reconciliations of the Actuarial Benefits Obligations, Pension Plan Assets, And Liabilities Recognized in the Balance Sheet (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 25, 2022 | Dec. 31, 2022 | |
CXNeoris N V [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Equity holdings sold percentage | 65% | 65% |
Pensions and Post-Employment _8
Pensions and Post-Employment Benefits - Summary of Plan Assets Measured at Estimated Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value of plan assets [line items] | |||
Cash | $ 38 | $ 33 | |
Investments in corporate bonds | 296 | 433 | |
Investments in government bonds | 356 | 478 | |
Total fixed-income securities | 690 | 944 | |
Investment in marketable securities | 268 | 489 | |
Other investments and private funds | 250 | 351 | |
Total variable-income securities | 518 | 840 | |
Total plan assets | 1,208 | 1,784 | $ 1,694 |
Level 1 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Cash | 38 | 33 | |
Investments in corporate bonds | 7 | 1 | |
Investments in government bonds | 90 | 85 | |
Total fixed-income securities | 135 | 119 | |
Investment in marketable securities | 226 | 380 | |
Other investments and private funds | 91 | 163 | |
Total variable-income securities | 317 | 543 | |
Total plan assets | 452 | 662 | |
Level 2 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Investments in corporate bonds | 289 | 432 | |
Investments in government bonds | 266 | 393 | |
Total fixed-income securities | 555 | 825 | |
Investment in marketable securities | 42 | 109 | |
Other investments and private funds | 42 | 88 | |
Total variable-income securities | 84 | 197 | |
Total plan assets | 639 | 1,022 | |
Level 3 [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Other investments and private funds | 117 | 100 | |
Total variable-income securities | 117 | 100 | |
Total plan assets | $ 117 | $ 100 |
Pensions and Post-Employment _9
Pensions and Post-Employment Benefits - Summary of Significant Assumptions Used in the Determination of the Benefit Obligation (Detail) - Defined Benefit Obligation [Member] | Dec. 31, 2022 | Dec. 31, 2021 |
Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 10.50% | 9.25% |
Rate of return on plan assets | 10.50% | 9.25% |
Rate of salary increases | 4.50% | 4.50% |
United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 5.50% | 2.90% |
Rate of return on plan assets | 5.50% | 2.90% |
United Kingdom [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 5% | 1.90% |
Rate of return on plan assets | 5% | 1.90% |
Rate of salary increases | 3.25% | 3.35% |
Top of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 13% | 9.30% |
Rate of return on plan assets | 13% | 9.30% |
Rate of salary increases | 7.30% | 7.30% |
Bottom of range [member] | Other countries [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rates | 3.60% | 0.40% |
Rate of return on plan assets | 3.60% | 0.40% |
Rate of salary increases | 2.50% | 2.30% |
Pensions and Post-Employment_10
Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure - Pensions and Post-Employment Benefits - Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits [Abstract] | |
2023 | $ 145 |
2024 | 139 |
2025 | 140 |
2026 | 140 |
2027 – 2032 | $ 821 |
Pensions and Post-Employment_11
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value of plan assets [line items] | |||
PBO | $ 1,903 | $ 2,783 | $ 3,033 |
Assets | 1,208 | 1,784 | $ 1,694 |
Deficit | 695 | 999 | |
Mexico [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 220 | 200 | |
Assets | 25 | 38 | |
Deficit | 195 | 162 | |
United States [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 194 | 270 | |
Assets | 166 | 226 | |
Deficit | 28 | 44 | |
United Kingdom [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 1,062 | 1,794 | |
Assets | 791 | 1,273 | |
Deficit | 271 | 521 | |
Germany [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 134 | 180 | |
Assets | 6 | 7 | |
Deficit | 128 | 173 | |
Other countries [member] | |||
Disclosure of fair value of plan assets [line items] | |||
PBO | 293 | 339 | |
Assets | 220 | 240 | |
Deficit | $ 73 | $ 99 |
Pensions and Post-Employment_12
Pensions and Post-Employment Benefits - Sensitivity Analysis of Pension and Other Post-Employment Benefits (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | $ (94) |
Sensitivity, possible decrease in actuarial assumption | 103 |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 5 |
Sensitivity, possible decrease in actuarial assumption | (5) |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 66 |
Sensitivity, possible decrease in actuarial assumption | (63) |
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 | (91) |
Sensitivity, possible decrease in actuarial assumption | 100 |
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 | 5 |
Sensitivity, possible decrease in actuarial assumption | (4) |
Pension defined benefit plans [member] | Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 66 |
Sensitivity, possible decrease in actuarial assumption | (63) |
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 | (3) |
Sensitivity, possible decrease in actuarial assumption | 3 |
Other post employment benefits [Member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Sensitivity, possible increase in actuarial assumption | 0 |
Sensitivity, possible decrease in actuarial assumption | $ (1) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current income tax expense | $ 170 | $ 172 | $ 158 |
Deferred income tax expense (income) | 39 | (35) | (122) |
Effective consolidated income tax expense rate | $ 209 | $ 137 | $ 36 |
Income Taxes - Summary of Tempo
Income Taxes - Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | $ 17 | $ 77 |
Deferred tax assets: | ||
Tax loss carryforwards and other tax credits | 561 | 662 |
Accounts payable and accrued expenses | 754 | 808 |
Intangible assets, net | 140 | 138 |
Total deferred tax assets, gross | 1,455 | 1,608 |
Presentation offset regarding same legal entity | (1,044) | (1,046) |
Total deferred tax assets, net in the statement of financial position | 411 | 562 |
Deferred tax liabilities: | ||
Property, machinery and equipment and right-of-use asset, net | (1,406) | (1,502) |
Investments and other assets | (32) | (29) |
Total deferred tax liabilities, gross | (1,438) | (1,531) |
Presentation offset regarding same legal entity | 1,044 | 1,046 |
Total deferred tax liabilities, net in the statement of financial position | (394) | (485) |
Net deferred tax assets (liabilities) | 17 | 77 |
Country of domicile [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | (17) | (81) |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 168 | 191 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (185) | (272) |
Net deferred tax assets (liabilities) | (17) | (81) |
Foreign countries [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax asset (liability) | 34 | 158 |
Deferred tax assets: | ||
Total deferred tax assets, net in the statement of financial position | 243 | 371 |
Deferred tax liabilities: | ||
Total deferred tax liabilities, net in the statement of financial position | (209) | (213) |
Net deferred tax assets (liabilities) | $ 34 | $ 158 |
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, 2022 | |
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, 2022 | Dec. 31, 2021 |
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | $ 411 | $ 562 |
Liability | (394) | (485) |
Net | 17 | 77 |
Country of domicile [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 168 | 191 |
Liability | (185) | (272) |
Net | (17) | (81) |
Foreign countries [member] | ||
Disclosure of Deferred Tax Assets And Liabilities [line items] | ||
Asset | 243 | 371 |
Liability | (209) | (213) |
Net | $ 34 | $ 158 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in deferred tax liability (asset) [abstract] | |||
Deferred income tax expense (income) in the income statement | $ 39 | $ (35) | $ (122) |
Deferred income tax expense (income) in stockholders' equity | 14 | (38) | (41) |
Reclassifications | 7 | 78 | (12) |
Change in deferred income tax during the period | $ 60 | $ 5 | $ (175) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax relating to components of other comprehensive income [abstract] | |||
Revenue related to foreign exchange fluctuations from intercompany balances (note 21.2) | $ 0 | $ (6) | $ (19) |
Expense (revenue) associated to actuarial results (note 21.2) | 32 | 26 | (41) |
Revenue related to derivative financial instruments (note 17.4) | (30) | (1) | 14 |
Expense (revenue) from foreign currency translation and other effects | 12 | (63) | (14) |
Total current and deferred income tax relative to items of other comprehensive income (loss) | $ 14 | $ (44) | $ (60) |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Loss and Tax Credits (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Tax Loss Carry Forwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2023 | $ 185 |
2024 | 148 |
2025 | 209 |
2026 | 209 |
2027and thereafter | 7,739 |
Tax Loss And Tax Credits, Total | 8,490 |
Amount of unrecognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2023 | 156 |
2024 | 20 |
2025 | 192 |
2026 | 191 |
2027and thereafter | 5,707 |
Tax Loss And Tax Credits, Total | 6,266 |
Amount of recognized carryforwards [Member] | |
Disclosure of Income Taxes [Line Items] | |
2023 | 29 |
2024 | 128 |
2025 | 17 |
2026 | 18 |
2027and thereafter | 2,032 |
Tax Loss And Tax Credits, Total | $ 2,224 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 03, 2021 | Sep. 05, 2018 | Apr. 06, 2018 | Dec. 31, 2022 | |
Disclosure of Income Taxes [Line Items] | ||||
pre-tax income | $ 2,224 | |||
Prior year tax loss carryforwards value | 489 | |||
Income tax return 2012 [member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Income tax penalty imposed | $ 26 | |||
Income tax return 2011 [member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Income tax penalty imposed | $ 18 | |||
Income Tax Return 2010 to 2014 [Member] | Spanish Tax Authority [Member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Income tax penalty imposed | $ 73 | |||
Additional income tax payable due to assessment | $ 51 |
Income taxes - Effective Consol
Income taxes - Effective Consolidated Income Tax Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Earnings before income tax | $ 770 | $ 954 | $ (1,310) |
Income tax | $ (209) | $ (137) | $ (36) |
Effective consolidated income tax expense rate | 27.10% | 14.40% | (2.70%) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Mexican statutory tax rate value | 30% | 30% | 30% |
Difference between accounting and tax expenses, net | 35.80% | 4.80% | (18.40%) |
Non-taxable sale of equity securities and fixed assets | 3.40% | (3.80%) | 1.30% |
Difference between book and tax inflation | 28.20% | 23.90% | (7.10%) |
Differences in the income tax rates in the countries where CEMEX operates | (6.20%) | 4.70% | (0.90%) |
Changes in deferred tax assets | (59.70%) | (48.70%) | (9.60%) |
Changes in provisions for uncertain tax positions | (5.10%) | 2.60% | 0.20% |
Others | 0.70% | 0.90% | 1.80% |
Effective consolidated income tax expense rate | 27.10% | 14.40% | (2.70%) |
Mexican statutory tax rate | $ 231 | $ 280 | $ (391) |
Difference between accounting and tax expenses, net | 276 | 45 | 240 |
Non-taxable sale of equity securities and fixed assets | 26 | (35) | (17) |
Difference between book and tax inflation | 217 | 223 | 92 |
Differences in the income tax rates in the countries where CEMEX operates | (48) | 44 | 12 |
Changes in deferred tax assets | (460) | (454) | 125 |
Changes in provisions for uncertain tax positions | (39) | 24 | (3) |
Others | 6 | 10 | (22) |
Effective consolidated income tax expense rate | $ 209 | $ 137 | $ 36 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Difference tax component between books and tax foreign exchange fluctuations | $ (48) | $ 44 | $ 12 |
Parent [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Difference tax component between books and tax foreign exchange fluctuations | $ 365 | $ 312 | |
Mexico [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Colombia [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 35% | 31% | 32% |
Colombia [member] | Bottom of range [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 30% | 30% | 30% |
Colombia [member] | Top of range [member] | |||
Reconciliation of Effective Tax Rate [Line Items] | |||
Statutory tax rate | 35% | 35% | 35% |
Income 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, 2022 | Dec. 31, 2021 | |
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 | $ (103) | $ (145) |
Recognition related to unrecognized tax loss carryforwards | 16 | 19 |
Foreign currency translation and other effects | (14) | 11 |
Changes in deferred tax assets | (101) | (115) |
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 | 38 | 9 |
Derecognition related to tax loss carryforwards recognized in prior years | 0 | |
Recognition related to unrecognized tax loss carryforwards | (498) | (460) |
Foreign currency translation and other effects | 0 | (3) |
Changes in deferred tax assets | $ (460) | $ (454) |
Income tax - Schedule of Unreco
Income tax - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets and liabilities [abstract] | |||
Balance of tax positions at beginning of the period | $ 48 | $ 27 | $ 28 |
Additions for tax positions of prior periods | 5 | 4 | |
Additions for tax positions of current period | 5 | 27 | 3 |
Reductions for tax positions related to prior periods and other items | (11) | (2) | (1) |
Settlements and reclassifications | (4) | (5) | (3) |
Expiration of the statute of limitations | (2) | (2) | (2) |
Foreign currency translation effects | 0 | (1) | 2 |
Balance of tax positions at end of the period | $ 41 | $ 48 | $ 27 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Controlling Interest due to Different Currencies (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | $ 7,810 | $ 7,810 |
Other equity reserves | (2,549) | (2,365) |
Retained earnings | 4,246 | 3,388 |
Total controlling interest | 10,501 | $ 9,827 |
Parent [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | 5,414 | |
Other equity reserves | 1,687 | |
Retained earnings | 3,400 | |
Total controlling interest | 10,501 | |
Consolidated One [member] | ||
Disclosure Detail Of Reconciliation Of Controlling Interest Due To Different Currencies Line Items [Line Items] | ||
Common stock and additional paid-in capital | 7,810 | |
Other equity reserves | (1,555) | |
Retained earnings | 4,246 | |
Total controlling interest | $ 10,501 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||
Jun. 08, 2021 USD ($) | Mar. 25, 2021 USD ($) shares | Jul. 18, 2016 | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 26, 2020 USD ($) $ / shares shares | |
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Percentage of net income allocation toward legal reserve | 5% | ||||||||
Legal reserve | $ 93 | ||||||||
Non-controlling interest and perpetual debentures | 408 | $ 444 | |||||||
Coupon payment on perpetual debentures | (2,549) | (2,365) | |||||||
Share price | $ / shares | $ 0.22 | ||||||||
Treasury shares | 5 | 14 | $ 83 | ||||||
Issuance of subordinated notes | $ 994 | ||||||||
Mandatory Convertible Securities [member] | Mandatory Convertible Securities 2019 [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Borrowings interest rate | 3.72% | ||||||||
Parent [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | $ 1,687 | ||||||||
Mexican peso [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Closing foreign exchange rate | 19.5 | 20.5 | 19.89 | ||||||
Coupon Payment [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | $ 11 | $ 24 | |||||||
Two Thousand And Nineteen Treasury Repurchase Program [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares repurchase amount authorized | $ 500 | ||||||||
Two Thousand And Twenty Treasury Repurchase Program [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares repurchase amount authorized | $ 500 | ||||||||
Number of shares repurchased | shares | 1,134,000,000 | ||||||||
Shares authorized to guarantee the conversion of then existing convertible securities | shares | 3,409,500,000 | ||||||||
Retained earnings [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Restitution of retained earnings | 2,481 | ||||||||
Non-controlling Interest [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest and perpetual debentures | $ 408 | 444 | |||||||
Net income attributable to noncontroling interest | 27 | $ 25 | 21 | ||||||
Subordinated Notes [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Coupon payment on perpetual debentures | 54 | ||||||||
Issuance of subordinated notes | $ 1,000 | $ 994 | |||||||
Percentage of issuance on subordinated note | 5.125% | ||||||||
Perpetual Subordinated Bonds [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest and perpetual debentures | $ 449 | ||||||||
CEMEX Holdings Philippines, Inc. [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest ownership percentage | 33.22% | 45% | |||||||
Percentage of outstanding common shares owned by the subsidiary | 45% | ||||||||
Reduction in non-controlling interest | 22.16% | ||||||||
CEMEX Latam Holdings, S.A. [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest ownership percentage | 4.70% | 7.74% | |||||||
Caribbean TCL [member] | Trinidad Cement Limited [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Non-controlling interest ownership percentage | 30.17% | 30.17% | |||||||
CPO [Member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Number of shares cumulatively repurchased | shares | 378,200,000 | ||||||||
CPO [Member] | Parent [member] | |||||||||
Disclosure of Classes of Share Capital [Line Items] | |||||||||
Treasury shares | $ 8 | $ 14 | |||||||
Investment in shares held by the subsidiary | shares | (20,541,277) | (20,541,277) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Breakdown of Common Stock and Additional Paid-in Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
Common stock | $ 318 | $ 318 |
Additional paid-in capital | 7,492 | 7,492 |
Common stock and additional paid-in capital | $ 7,810 | $ 7,810 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Common Stock (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 29,016,656,496 | 29,457,941,452 |
Unissued shares authorized for executives' stock compensation programs | 881,442,830 | 881,442,830 |
Repurchased shares | 441,284,956 | 0 |
Number of shares issued | 30,339,384,282 | 30,339,384,282 |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Subscribed and paid shares | 14,508,328,248 | 14,728,970,726 |
Unissued shares authorized for executives' stock compensation programs | 440,721,415 | 440,721,415 |
Repurchased shares | 220,642,478 | 0 |
Number of shares issued | 15,169,692,141 | 15,169,692,141 |
Stockholders' Equity - Summar_4
Stockholders' Equity - Summary of Common Stock (Parenthetical) (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 32,441,076,423 | 32,441,076,423 |
Series A [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 64% | |
Series B [Member] | ||
Disclosure of Classes of Share Capital [Line Items] | ||
Percentage of capital stock | 36% |
Stockholders' Equity - Summar_5
Stockholders' Equity - Summary of Other Equity Reserves and Subordinated Notes (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Reserves Within Equity And Subordinated Notes [Abstract] | ||
Other equity reserves | $ (2,549) | $ (2,365) |
Subordinated liabilities | 994 | 994 |
Total Other Equity Reserves And Subordinated Notes | $ (1,555) | $ (1,371) |
Stockholders' Equity - Summar_6
Stockholders' Equity - Summary of Other Equity Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 26, 2020 | |
Disclosure of reserves within equity [abstract] | ||||
Cumulative translation effect, net of effects from deferred income taxes recognized directly in equity (note 21.2) and derivative financial instruments designated as cash flow hedges | $ (926) | $ (722) | ||
Cumulative actuarial losses | (353) | (529) | ||
Cumulative coupon payments under perpetual debentures (note 21.4) | (1,070) | (1,070) | ||
Treasury shares repurchased under share repurchase program (note 21.1) | (111) | 0 | $ (83) | |
Cumulative coupon payments under subordinated notes1 | (84) | (30) | ||
Treasury shares held by subsidiaries | (5) | (14) | $ (83) | |
Other equity reserves | $ (2,549) | $ (2,365) |
Stockholders' Equity - Summar_7
Stockholders' Equity - Summary of Translation Effects of Foreign Subsidiaries Included in Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exchange differences on translation [abstract] | |||
Foreign currency translation result | $ (235) | $ (389) | $ 352 |
Foreign exchange fluctuations from debt | (23) | 89 | (126) |
Foreign exchange fluctuations from intercompany balances | (68) | (13) | (419) |
Translation effects of foreign subsidiaries, net | $ (326) | $ (313) | $ (193) |
Executive Share-based Compens_2
Executive Share-based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Commitment payments in cash | $ | $ 0 | $ 0 | |
Decrease in other equity reserves | $ | $ 47,000,000 | $ 77,000,000 | $ 29,000,000 |
CPO [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation program service period | 4 years | 3 years | |
CPO [Member] | Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation annual grant percentage | 0% | ||
CPO [Member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation annual grant percentage | 200% | ||
CPO [Member] | CEMEX Latam Holdings, S.A [member] | Executive Officer [Member] | Vested [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation shares expected to be issued | 2,662,885 | ||
CPO [Member] | CEMEX Latam Holdings, S.A [member] | CPOS Based On Service And Performance Of The Executives [Member] | Executive Officer [Member] | Vested [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation shares issued | 109,200,000 | 93,400,000 | 83,800,000 |
Share-based compensation shares issued | 813,980 | 713,927 | 1,383,518 |
Share-based compensation shares expected to be issued | 264,400,000 | ||
CPO [Member] | CEMEX Holdings Philippines, Inc. [member] | Vested [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Decrease in other equity reserves | $ | $ (52,000,000) | $ (42,000,000) | $ (44,000,000) |
Transfer to additional paid in capital from other equity reserves | $ | $ 52,000,000 | $ 42,000,000 | $ 44,000,000 |
CPO [Member] | CEMEX Holdings Philippines, Inc. [member] | CPOS Based On Service And Performance Of The Executives [Member] | Executive Officer [Member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Share-based compensation shares issued | 19,177,703 | 16,511,882 | 11,546,350 |
Earnings (Loss) per Share - Sum
Earnings (Loss) per Share - Summary of Calculations of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Weighted-average number of shares outstanding – basic | 43,554,921 | 44,123,654 | 44,125,288 |
Effect of dilutive instruments – share-based compensation (note 22) | 793,322 | 729,292 | 745,163 |
Weighted-average number of shares — diluted | 44,348,243 | 44,852,946 | 44,870,451 |
Numerator | |||
Net income (loss) from continuing operations | $ 561 | $ 817 | $ (1,346) |
Less: non-controlling interest net income (loss) | 27 | 25 | 21 |
Controlling interest net income (loss) from continuing operations — for basic earnings per share calculations | 534 | 792 | (1,367) |
Plus: after tax interest expense on optionally convertible securities | 0 | 0 | 4 |
Controlling interest net income (loss) from continuing operations — for diluted earnings per share calculations | 534 | 792 | (1,363) |
Net income (loss) from discontinued operations | $ 324 | $ (39) | $ (100) |
Basic earnings per share | |||
Controlling interest basic earnings (loss) per share | $ 0.0197 | $ 0.0171 | $ (0.0332) |
Controlling interest basic earnings (loss) per share from continuing operations | 0.0123 | 0.018 | (0.0309) |
Controlling interest basic earnings (loss) per share from discontinued operations | 0.0074 | (0.0009) | (0.0023) |
Diluted earnings per share | |||
Controlling interest diluted earnings (loss) per share | 0.0193 | 0.0168 | (0.0332) |
Controlling interest diluted earnings (loss) per share from continuing operations | 0.012 | 0.0177 | (0.0309) |
Controlling interest diluted (loss) earnings per share from discontinued operations | $ 0.0073 | $ (0.0009) | $ (0.0023) |
Commitments - Additional Inform
Commitments - Additional Information (Detail) T in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 01, 2019 | Apr. 30, 2016 MWh | Feb. 28, 2010 | Dec. 31, 2022 USD ($) T MWh $ / MWh | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Self-insured health care benefits | $ 64,000,000 | $ 59,000,000 | $ 61,000,000 | |||
Cost per megawatt hour | $ / MWh | 25.375 | |||||
Commitement With Six Vendors For Back Office Services [Member] | Later than five years and not later than seven years [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Annual Commitement With Vendors Value | $ 60,000,000 | |||||
MX [Member] | Energy Financial Hedge [Member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Period of hedging agreement | 20 years | |||||
Electric energy expected consumption | MWh | 400,000 | |||||
Percentage increase in the price of the commodity | 1.50% | |||||
Proceeds payments from financial hedge | $ 3,000,000 | |||||
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 | |||||
Ventikas [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Acquired energy usage period | 20 years | |||||
Estimated annual cost | 23,000,000 | |||||
Combined generation capacity | MWh | 252 | |||||
EURUS [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Acquired energy usage period | 20 years | |||||
Estimated annual cost | 70,000,000 | |||||
Installed capacity | 250 MW | |||||
Termoelectrica del Golfo [member] | ||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||
Estimated annual cost | $ 205,000,000 | |||||
Combined volume allocate to TEG and other energy producer | T | 1.2 |
Commitments - Summary of Contra
Commitments - Summary of Contractual Obligations (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | $ 7,010 | |
Leases | 1,511 | [1] |
Total debt and other financial obligations | 8,521 | [2] |
Interest payments on debt | 1,865 | [3] |
Pension plans and other benefits | 1,385 | [4] |
Acquisition of property, plant and equipment | 156 | [5] |
Purchases of raw materials, fuel and energy | 2,962 | [6] |
Total contractual obligations | 14,889 | |
Less than 1 year [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 45 | |
Leases | 304 | [1] |
Total debt and other financial obligations | 349 | [2] |
Interest payments on debt | 396 | [3] |
Pension plans and other benefits | 145 | [4] |
Acquisition of property, plant and equipment | 86 | [5] |
Purchases of raw materials, fuel and energy | 785 | [6] |
Total contractual obligations | 1,761 | |
1-3 years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 1,820 | |
Leases | 428 | [1] |
Total debt and other financial obligations | 2,248 | [2] |
Interest payments on debt | 705 | [3] |
Pension plans and other benefits | 279 | [4] |
Acquisition of property, plant and equipment | 67 | [5] |
Purchases of raw materials, fuel and energy | 837 | [6] |
Total contractual obligations | 4,136 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 2,567 | |
Leases | 244 | [1] |
Total debt and other financial obligations | 2,811 | [2] |
Interest payments on debt | 398 | [3] |
Pension plans and other benefits | 279 | [4] |
Acquisition of property, plant and equipment | 3 | [5] |
Purchases of raw materials, fuel and energy | 695 | [6] |
Total contractual obligations | 4,186 | |
More than 5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Long-term debt | 2,578 | |
Leases | 535 | [1] |
Total debt and other financial obligations | 3,113 | [2] |
Interest payments on debt | 366 | [3] |
Pension plans and other benefits | 682 | [4] |
Acquisition of property, plant and equipment | 0 | [5] |
Purchases of raw materials, fuel and energy | 645 | [6] |
Total contractual obligations | $ 4,806 | |
[1]Represent nominal cash flows. As of December 31, 2022, the NPV of future payments under such leases was $1,075, of which, $368 refers to payments from 1 to 3 years and $183 refers to payments from 3 to 5 years.[2]The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature.[3]Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2022.[4]Represents estimated annual payments under these benefits for the next 10 years (note 19), including the estimate of new retirees during such future years.[5]Refers mainly to the expansion of a cement-production line in the Philippines.[6]Future payments for the purchase of raw materials are presented based on contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments based on an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel. In addition, includes a contractual commitment with Neoris over a 5-year contract beginning in 2023 until 2027 for the acquisition by CEMEX of digitalization services and solutions for an annual amount of $55. Moreover, includes the Company’s commitments with six vendors for back-office services for an average annual amount of $60. |
Commitments - Summary of Cont_2
Commitments - Summary of Contractual Obligations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | $ 1,075 | |
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 | $ 368 | |
3-5 Years [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Future minimum lease payments | 183 | |
Later than four years and not later than five years [member] | Commitement For Digitization Serivces And Solutions [Member] | Neoris NV [member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Annual commitement with vendors value | 55 | |
Later than four years and not later than five years [member] | Commitement With Six Vendors For Back Office Services [Member] | ||
Disclosure of Detailed Information About Borrowings [Line Items] | ||
Annual commitement with vendors value | $ 60 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) t in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Apr. 12, 2019 | Jul. 11, 2013 | Dec. 31, 2022 USD ($) t | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2016 USD ($) | Apr. 08, 2021 t | Feb. 28, 2021 t | |
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Lease contract for a period | 5 years | 21 years | |||||||
Extended long term lease contract period | 10 years | ||||||||
Cash advances by CEMEX Colombia | $ 13,400 | ||||||||
Interest for advances | 1,200 | ||||||||
Purchase of the assets related to the project in Colombian pesos | 3,000,750 | ||||||||
Impairment loss | $ 77,000 | $ 43,000 | $ 306,000 | ||||||
Colombian Peso [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
One Time Initial Payment | $ 1,500 | $ 1,500 | |||||||
Excluding MOU and the Land MOU [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Impairment loss | $ 22,500 | ||||||||
CI Calizas [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Percentage of entity's revenue | 0.90% | ||||||||
Zomam [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Percentage of entity's revenue | 0.80% | ||||||||
Concentration Risk Percentage | 0.30% | ||||||||
Assets Contribution | $ 43,000 | ||||||||
CEMEX Colombia [member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Number of Raw Materials Used For Production | t | 1,500 | 1,500 | 990 | ||||||
Annual Lease Payment | $ 11 | ||||||||
CEMEX Colombia [member] | Maceo Plant [Member] | |||||||||
Disclosure of Commitments and Contingencies [Line Items] | |||||||||
Minimum production of cement required subject to environmental clearance | t | 950 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 25, 2020 USD ($) | Jul. 20, 2020 USD ($) | Nov. 19, 2018 Individuals Entity | Sep. 30, 2018 | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2012 USD ($) Employees | Dec. 31, 2011 Employees | |
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | $ 208,000 | |||||||
Number of former employees | Employees | 25 | 25 | ||||||
Amount of damages and interest identified | $ 59,000 | |||||||
Accrued Provision For Remediation Costs | $ 1,000 | |||||||
Loss Contingency, Damages Value | $ 273,000 | |||||||
Unused cash advances | 1,000 | |||||||
United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Loss of profit | $ 700 | |||||||
Quarry Backfilling Costs | $ 13,000 | |||||||
United States [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Accrued environmental remediation liabilities | 53,000 | |||||||
APO Land & Quarry Corporation [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Minority interest percentage | 40% | |||||||
Number of individuals filed lawsuit | Individuals | 40 | |||||||
Number of entities | Entity | 1 | |||||||
Number of individuals affected by landslide | Individuals | 8,000 | |||||||
Loss contingency | 77,000 | |||||||
APO Land & Quarry Corporation [member] | Rehabilitation fund [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Loss contingency | $ 9,000 | |||||||
Top of range [member] | United Kingdom [member] | ||||||||
Disclosure of Commitments and Contingencies [Line Items] | ||||||||
Environmental expenditure assessment and quantification period from the date of closure, maximum | 60 years |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 44 | $ 50 | $ 35 |
Performance Bonuses [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | 29 | 26 | 29 |
Executive Share-Based Compensation Programs [Member] | |||
Disclosure of Transactions Between Related Parties [Line Items] | |||
Amount of compensation of CEMEX Board of Directors | $ 15 | $ 24 | $ 6 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||||||
Apr. 21, 2023 | Mar. 23, 2023 | Mar. 14, 2023 | Mar. 09, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 30, 2023 | Mar. 17, 2023 | Mar. 03, 2023 | Feb. 03, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Proceeds from borrowings, classified as financing activities | $ 2,006 | $ 3,960 | $ 4,210 | ||||||||
Potential Ordinary Share Transactions And Delisting [Member] | CEMEX Latam Holdings, S.A [member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Ownership Percentage | 88.40% | ||||||||||
Non adjusting event [Member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Aggregate principal amount redemption | $ 993 | ||||||||||
Threshold limit of resources approved | $ 500 | ||||||||||
Non adjusting event [Member] | Shares Repurchase Program [Member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Number of shares repurchased | 662,000,000 | ||||||||||
Non adjusting event [Member] | Subordinated Notes [Member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Borrowings, interest rate | 9.125% | 9.125% | |||||||||
Borrowings maturity | no | no | |||||||||
Proceeds from borrowings, classified as financing activities | $ 993 | ||||||||||
Notional amount | $ 1,000 | $ 1,000 | |||||||||
Authorization Received From Colombian Finance Superintendency To Launch A Delisting Offer [Member] | CEMEX Espana SA [member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Percentage of outstanding shares to be acquired | 4.69% | ||||||||||
Repayment Of Outstanding Balance Of Revolving Credit Facility [Member] | Two Thousand Twenty One Credit Agreement [Member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Debt instrument unused borrowing capacity | $ 1,750 | ||||||||||
Major business combination [member] | CEMEX Holdings Philippines, Inc. [member] | |||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||
Purchase of ordinary shares | 1,614,000,000 | ||||||||||
Percentage of acquisition of ordinary shares | 89.86% |
Principal Subsidiaries - Summar
Principal Subsidiaries - Summary of Principal Subsidiaries Interests (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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% | 100% |
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 | 95.30% | 92.30% |
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 | 0% | 99.40% |
CEMEX Nicaragua, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Nicaragua, S.A. | |
Country of incorporation of subsidiary | Nicaragua | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Assiut Cement Company [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Assiut Cement Company | |
Country of incorporation of subsidiary | Egypt | |
Proportion of ownership interest in subsidiary | 95.80% | 95.80% |
CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Colombia, S.A. | |
Country of incorporation of subsidiary | Colombia | |
Proportion of ownership interest in subsidiary | 99.70% | 99.70% |
Cemento Bayano, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Cemento Bayano, S.A. | |
Country of incorporation of subsidiary | Panama | |
Proportion of ownership interest in subsidiary | 99.50% | 99.50% |
CEMEX Dominicana, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Dominicana, S.A. | |
Country of incorporation of subsidiary | Dominican Republic | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Trinidad Cement Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Trinidad Cement Limited | |
Country of incorporation of subsidiary | Trinidad and Tobago | |
Proportion of ownership interest in subsidiary | 69.80% | 69.80% |
Caribbean Cement Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Caribbean Cement Company Limited | |
Country of incorporation of subsidiary | Jamaica | |
Proportion of ownership interest in subsidiary | 79% | 79% |
CEMEX de Puerto Rico Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX de Puerto Rico Inc. | |
Country of incorporation of subsidiary | Puerto Rico | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX France Gestion (S.A.S.) [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX France Gestion (S.A.S.) | |
Country of incorporation of subsidiary | France | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Holdings Philippines, Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings Philippines, Inc. | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 77.90% | 77.80% |
Solid Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Solid Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100% | 100% |
APO Cement Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | APO Cement Corporation | |
Country of incorporation of subsidiary | Philippines | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX U.K. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX U.K. | |
Country of incorporation of subsidiary | United Kingdom | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Deutschland, AG. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Deutschland, AG. | |
Country of incorporation of subsidiary | Germany | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Czech Republic, s.r.o. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Czech Republic, s.r.o. | |
Country of incorporation of subsidiary | Czech Republic | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Polska sp. Z.o.o.[member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Polska sp. Z.o.o. | |
Country of incorporation of subsidiary | Poland | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Holdings (Israel) Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Holdings (Israel) Ltd. | |
Country of incorporation of subsidiary | Israel | |
Proportion of ownership interest in subsidiary | 100% | 100% |
CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | CEMEX Topmix LLC, CEMEX Supermix LLC and CEMEX Falcon LLC | |
Country of incorporation of subsidiary | United Arab Emirates | |
Proportion of ownership interest in subsidiary | 100% | 100% |
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 | 34.80% | 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% | 100% |
Sunbulk Shipping Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Sunbulk Shipping Limited | |
Country of incorporation of subsidiary | Bahamas | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Principal Subsidiaries - Summ_2
Principal Subsidiaries - Summary of Principal Subsidiaries Interests (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 25, 2022 | Dec. 31, 2022 | |
CEMEX Colombia S.A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of interest | 99% | |
Cemento Bayano, S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Interest held on treasury | 0.516% | |
Percentage of indirectly interest | 99.483% | |
Trinidad Cement Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of ownership interest | 74.08% | |
Caribbean Cement Company Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of ownership interest | 79.04% | |
Other Subsidiaries [Member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of equity interest | 51% | |
Another Subsidiary [Member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of ownership interest | 4.96% | |
Percentage of indirectly interest | 1% | |
CEMEX Espana SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of equity interest | 49% | |
CXNeoris N V [Member] | ||
Disclosure of subsidiaries [line items] | ||
Equity holdings sold percentage | 65% | 65% |