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Property, Machinery and Equipment, Net | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Property, Machinery and Equipment, Net |
14) | PROPERTY, MACHINERY AND EQUIPMENT, NET
As of December 31, 2017 and 2016, consolidated property, machinery and equipment, net and the changes in such line item during 2017, 2016 and 2015, were as follows:
|  |  |  |  | 2017 |
|  |  |  |  | Land and mineral reserves1 |  |  | Building1 |  |  | Machinery and equipment2 |  |  | Construction in progress3 |  |  | Total |
Cost at beginning of period |  |  | Ps |  |  |  | 97,218 |  |  |  | 51,740 |  |  |  | 229,717 |  |  |  | 17,247 |  |  |  | 395,922 |
Accumulated depreciation and depletion |  |  |  |  |  |  | (16,301 | ) |  |  | (24,224 | ) |  |  | (125,263 | ) |  |  | — |  |  |  | (165,788 | )
Net book value at beginning of period |  |  |  |  |  |  | 80,917 |  |  |  | 27,516 |  |  |  | 104,454 |  |  |  | 17,247 |  |  |  | 230,134 |
Capital expenditures |  |  |  |  |  |  | 547 |  |  |  | 802 |  |  |  | 8,165 |  |  |  | — |  |  |  | 9,514 |
Additions through capital leases |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 2,096 |  |  |  | — |  |  |  | 2,096 |
Stripping costs |  |  |  |  |  |  | 809 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 809 |
Total capital expenditures |  |  |  |  |  |  | 1,356 |  |  |  | 802 |  |  |  | 10,261 |  |  |  | — |  |  |  | 12,419 |
Disposals4 |  |  |  |  |  |  | (347 | ) |  |  | (223 | ) |  |  | (1,274 | ) |  |  | — |  |  |  | (1,844 | )
Reclassifications5 |  |  |  |  |  |  | (784 | ) |  |  | (82 | ) |  |  | (768 | ) |  |  | — |  |  |  | (1,634 | )
Business combinations |  |  |  |  |  |  | 2,179 |  |  |  | 749 |  |  |  | 3,136 |  |  |  | 428 |  |  |  | 6,492 |
Depreciation and depletion for the period |  |  |  |  |  |  | (2,571 | ) |  |  | (1,967 | ) |  |  | (9,417 | ) |  |  | — |  |  |  | (13,955 | )
Impairment losses |  |  |  |  |  |  | (202 | ) |  |  | (1 | ) |  |  | (763 | ) |  |  | (18 | ) |  |  | (984 | )
Foreign currency translation effects |  |  |  |  |  |  | (1,895 | ) |  |  | 908 |  |  |  | 719 |  |  |  | 1,800 |  |  |  | 1,532 |
Cost at end of period |  |  |  |  |  |  | 95,495 |  |  |  | 53,927 |  |  |  | 242,636 |  |  |  | 19,457 |  |  |  | 411,515 |
Accumulated depreciation and depletion |  |  |  |  |  |  | (16,842 | ) |  |  | (26,225 | ) |  |  | (136,288 | ) |  |  | — |  |  |  | (179,355 | )
Net book value at end of period |  |  | Ps |  |  |  | 78,653 |  |  |  | 27,702 |  |  |  | 106,348 |  |  |  | 19,457 |  |  |  | 232,160 |
|  |  |  |  | 2016 |  |  |  |
|  |  |  |  | Land and mineral reserves1 |  |  | Building1 |  |  | Machinery and equipment2 |  |  | Construction in progress3 |  |  | Total |  |  | 2015 |
Cost at beginning of period |  |  | Ps |  |  |  | 86,441 |  |  |  | 48,563 |  |  |  | 211,232 |  |  |  | 13,853 |  |  |  | 360,089 |  |  |  | 324,210 |
Accumulated depreciation and depletion |  |  |  |  |  |  | (12,215 | ) |  |  | (21,228 | ) |  |  | (109,952 | ) |  |  | — |  |  |  | (143,395 | ) |  |  | (118,668 | )
Net book value at beginning of period |  |  |  |  |  |  | 74,226 |  |  |  | 27,335 |  |  |  | 101,280 |  |  |  | 13,853 |  |  |  | 216,694 |  |  |  | 205,542 |
Capital expenditures |  |  |  |  |  |  | 2,149 |  |  |  | 1,856 |  |  |  | 8,671 |  |  |  | — |  |  |  | 12,676 |  |  |  | 11,454 |
Additions through capital leases |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | 63 |
Capitalization of financial expense |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 175 |  |  |  | 175 |  |  |  | 73 |
Stripping costs |  |  |  |  |  |  | 421 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 421 |  |  |  | 723 |
Total capital expenditures |  |  |  |  |  |  | 2,570 |  |  |  | 1,856 |  |  |  | 8,678 |  |  |  | 175 |  |  |  | 13,279 |  |  |  | 12,313 |
Disposals4 |  |  |  |  |  |  | (388 | ) |  |  | (141 | ) |  |  | (1,268 | ) |  |  | (44 | ) |  |  | (1,841 | ) |  |  | (2,247 | )
Reclassifications5 |  |  |  |  |  |  | (2,029 | ) |  |  | (703 | ) |  |  | (1,731 | ) |  |  | (86 | ) |  |  | (4,549 | ) |  |  | (3,099 | )
Business combinations |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,004 |
Depreciation and depletion for the period |  |  |  |  |  |  | (2,426 | ) |  |  | (2,033 | ) |  |  | (9,582 | ) |  |  | — |  |  |  | (14,041 | ) |  |  | (13,086 | )
Impairment losses |  |  |  |  |  |  | (671 | ) |  |  | (303 | ) |  |  | (547 | ) |  |  | (378 | ) |  |  | (1,899 | ) |  |  | (1,145 | )
Foreign currency translation effects |  |  |  |  |  |  | 9,635 |  |  |  | 1,505 |  |  |  | 7,624 |  |  |  | 3,727 |  |  |  | 22,491 |  |  |  | 14,412 |
Cost at end of period |  |  |  |  |  |  | 97,218 |  |  |  | 51,740 |  |  |  | 229,717 |  |  |  | 17,247 |  |  |  | 395,922 |  |  |  | 360,089 |
Accumulated depreciation and depletion |  |  |  |  |  |  | (16,301 | ) |  |  | (24,224 | ) |  |  | (125,263 | ) |  |  | — |  |  |  | (165,788 | ) |  |  | (143,395 | )
Net book value at end of period |  |  | Ps |  |  |  | 80,917 |  |  |  | 27,516 |  |  |  | 104,454 |  |  |  | 17,247 |  |  |  | 230,134 |  |  |  | 216,694 |
1 | Includes corporate buildings and related land sold to financial institutions in previous years, which were leased back. The aggregate carrying amount of these assets as of December 31, 2017 and 2016 was Ps1,690 and Ps1,777, respectively.
2 | Includes assets, mainly mobile equipment, acquired through finance leases, which carrying amount as of December 31, 2017 and 2016 was Ps2,096 and Ps7, respectively.
3 | In July 2014, CEMEX Colombia began the construction of a new cement plant in the municipality of Maceo in the Antioquia department in Colombia with an annual capacity of approximately 1.1 million tons. The first phase included the construction of a cement mill, which began operating in testing phase for some months in 2016 with the supply of clinker from the Caracolito plant in Ibague, and the cement obtained was used in its entirety in the construction of the plant. The next phase, which includes the construction of the kiln, has been completed. In connection with the access road to the plant, the works were suspended meanwhile CEMEX Colombia obtains the permits for its completion. The beginning of commercial operations is subject to the successful conclusion of several ongoing processes related to certain operating permits and other proceedings. As a result of the investigations carried out for the deficiencies found (note 24.1), during the fourth quarter of 2016, CEMEX Colombia reduced construction in progress for Ps483 (US$23), of which, Ps295 (US$14) were recognized as impairment losses against “Other expenses, net,” considering that the assets, mainly advances for the purchase of land through a representative, were considered contingent assets based on the low probability for their recoverability due to deficiencies in the legal processes, and Ps188 (US$9) were decreased against “Other accounts payable” in connection with the cancellation of the portion payable of such assets. CEMEX Colombia determined an initial total budget for the plant of US$340. As of December 31, 2017, the carrying amount of the project, net of adjustments, is for an amount in Colombian pesos equivalent to US$333 (Ps6,543), considering the exchange rates as of December 31, 2017.
4 | In 2017, includes sales of non-strategic fixed assets in Mexico, the United States, and Spain for Ps343, Ps223 and Ps220, respectively. In 2016, includes sales of non-strategic fixed assets in the United States, Mexico, and France for Ps317, Ps281 and Ps165, respectively. In 2015, includes the sales of non-strategic fixed assets in the United Kingdom, the United States and Spain for Ps584, Ps451 and Ps417, respectively.
5 | In 2017, refers mainly to those assets of the Pacific Northwest Materials Business in the United States for Ps1,634 (note 4.2). In 2016, refers mainly to those assets of the Concrete Pipe Business in the United States for Ps2,747, as well as other disposal groups in the United States reclassified to assets available for sale for Ps1,386 (notes 4.2, 4.3 and 12.1). In 2015, refers to other disposal groups in the United States reclassified to assets available for sale for Ps537 (notes 4.3 and 12.1).
As a result of impairment tests conducted on several CGUs considering certain triggering events, mainly: a) the closing and/or reduction of operations of cement and ready-mix concrete plants resulting from adjusting the supply to current demand conditions, such as the situation in Puerto Rico in the last quarter of 2016 due to the adverse outlook and the overall uncertain economic conditions in such country; b) the transferring of installed capacity to more efficient plants, such as the projected closing in the short-term of a cement mill in Colombia; as well as c) the recoverability of certain investments in Colombia as described above, for the years ended December 31, 2017, 2016 and 2015, 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 2.10 and 6). During the years ended December 31, 2017, 2016 and 2015 impairment losses of fixed assets by countries are as follows:
|  |  |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Spain |  |  | Ps |  |  |  | 452 |  |  |  | — |  |  |  | 392 |
Czech Republic |  |  |  |  |  |  | 157 |  |  |  | — |  |  |  | — |
United States |  |  |  |  |  |  | 153 |  |  |  | 277 |  |  |  | 269 |
Panama |  |  |  |  |  |  | 56 |  |  |  | — |  |  |  | 118 |
France |  |  |  |  |  |  | 50 |  |  |  | — |  |  |  | — |
Latvia |  |  |  |  |  |  | 46 |  |  |  | — |  |  |  | 126 |
Mexico |  |  |  |  |  |  | 45 |  |  |  | 46 |  |  |  | 46 |
Puerto Rico |  |  |  |  |  |  | — |  |  |  | 1,087 |  |  |  | 172 |
Colombia |  |  |  |  |  |  | — |  |  |  | 454 |  |  |  | — |
Other countries |  |  |  |  |  |  | 25 |  |  |  | 35 |  |  |  | 22 |
|  |  | Ps |  |  |  | 984 |  |  |  | 1,899 |  |  |  | 1,145 |

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