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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2017 and 2016, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follow:
|  |  |  |  | 2017 |  |  |  |  |  | 2016 |
|  |  |  |  | Short-term |  |  | Long-term |  |  | Total |  |  |  |  |  | Short-term |  |  | Long-term |  |  | Total |
Floating rate debt |  |  | Ps |  |  |  | 7,282 |  |  |  | 53,389 |  |  |  | 60,671 |  |  |  | Ps |  |  |  | 519 |  |  |  | 64,550 |  |  |  | 65,069 |
Fixed rate debt |  |  |  |  |  |  | 9,691 |  |  |  | 123,633 |  |  |  | 133,324 |  |  |  |  |  |  |  | 703 |  |  |  | 170,466 |  |  |  | 171,169 |
|  |  | Ps |  |  |  | 16,973 |  |  |  | 177,022 |  |  |  | 193,995 |  |  |  | Ps |  |  |  | 1,222 |  |  |  | 235,016 |  |  |  | 236,238 |
Effective rate1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate |  |  |  |  |  |  | 6.1 | % |  |  | 3.0 | % |  |  |  |  |  |  |  |  |  |  | 9.7 | % |  |  | 4.4 | % |  |  |  |
Fixed rate |  |  |  |  |  |  | 4.8 | % |  |  | 5.7 | % |  |  |  |  |  |  |  |  |  |  | 4.4 | % |  |  | 6.5 | % |  |  |  |
|  |  |  |  | 2017 |  |  |  |  |  | 2016 |
Currency |  |  |  |  | Short- term |  |  | Long- term |  |  | Total |  |  | Effective rate1 |  |  |  |  |  | Short- term |  |  | Long- term |  |  | Total |  |  | Effective rate1 |
Dollars |  |  | Ps |  |  |  | 6,206 |  |  |  | 107,508 |  |  |  | 113,714 |  |  |  | 5.9 | % |  |  | Ps |  |  |  | 114 |  |  |  | 179,675 |  |  |  | 179,789 |  |  |  | 6.3 | %
Euros |  |  |  |  |  |  | 9,705 |  |  |  | 54,906 |  |  |  | 64,611 |  |  |  | 3.5 | % |  |  |  |  |  |  | 50 |  |  |  | 55,292 |  |  |  | 55,342 |  |  |  | 4.3 | %
Pounds |  |  |  |  |  |  | — |  |  |  | 9,141 |  |  |  | 9,141 |  |  |  | 2.6 | % |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Philippine pesos |  |  |  |  |  |  | — |  |  |  | 5,408 |  |  |  | 5,408 |  |  |  | 4.6 | % |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Pesos |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 648 |  |  |  | — |  |  |  | 648 |  |  |  | 4.4 | %
Other currencies |  |  |  |  |  |  | 1,062 |  |  |  | 59 |  |  |  | 1,121 |  |  |  | 6.2 | % |  |  |  |  |  |  | 410 |  |  |  | 49 |  |  |  | 459 |  |  |  | 10.2 | %
|  |  | Ps |  |  |  | 16,973 |  |  |  | 177,022 |  |  |  | 193,995 |  |  |  |  |  |  |  | Ps |  |  |  | 1,222 |  |  |  | 235,016 |  |  |  | 236,238 |  |  |  |  |
1 | In 2017 and 2016, represents the weighted average interest rate of the related debt agreements.
Summary of Consolidated Debt by Type of Instrument | As of December 31, 2017 and 2016, CEMEX´s consolidated debt summarized by type of instrument, was as follow:
2017 |  |  |  |  | Short- term |  |  | Long- term |  |  | 2016 |  |  |  |  | Short- term |  |  | Long- term |
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  | Bank loans |  |  |  |  |  |  |  |  |  |  |  |
Loans in foreign countries, 2018 to 2022 |  |  | Ps |  |  |  | 910 |  |  |  | 5,439 |  |  | Loans in foreign countries, 2017 to 2022 |  |  | Ps |  |  |  | 261 |  |  |  | 1,090 |
Syndicated loans, 2018 to 2020 |  |  |  |  |  |  | — |  |  |  | 50,132 |  |  | Syndicated loans, 2017 to 2020 |  |  |  |  |  |  | 36 |  |  |  | 57,032 |
|  |  |  |  |  |  | 910 |  |  |  | 55,571 |  |  |  |  |  |  |  |  |  | 297 |  |  |  | 58,122 |
Notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  | Notes payable |  |  |  |  |  |  |  |  |  |  |  |
Notes payable in Mexico, 2018 |  |  |  |  |  |  | — |  |  |  | — |  |  | Notes payable in Mexico, 2017 |  |  |  |  |  |  | — |  |  |  | 648 |
Medium-term notes, 2018 to 2026 |  |  |  |  |  |  | 224 |  |  |  | 133,949 |  |  | Medium-term notes, 2017 to 2026 |  |  |  |  |  |  | — |  |  |  | 173,656 |
Other notes payable, 2018 to 2025 |  |  |  |  |  |  | 154 |  |  |  | 3,187 |  |  | Other notes payable, 2017 to 2025 |  |  |  |  |  |  | 173 |  |  |  | 3,342 |
|  |  |  |  |  |  | 378 |  |  |  | 137,136 |  |  |  |  |  |  |  |  |  | 173 |  |  |  | 177,646 |
Total bank loans and notes payable |  |  |  |  |  |  | 1,288 |  |  |  | 192,707 |  |  | Total bank loans and notes payable |  |  |  |  |  |  | 470 |  |  |  | 235,768 |
Current maturities |  |  |  |  |  |  | 15,685 |  |  |  | (15,685 | ) |  | Current maturities |  |  |  |  |  |  | 752 |  |  |  | (752 | )
|  |  | Ps |  |  |  | 16,973 |  |  |  | 177,022 |  |  |  |  |  | Ps |  |  |  | 1,222 |  |  |  | 235,016 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2017, 2016 and 2015 were as follows:
|  |  |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Debt at beginning of year |  |  | Ps |  |  |  | 236,238 |  |  |  | 229,343 |  |  |  | 205,834 |
Proceeds from new debt instruments |  |  |  |  |  |  | 93,620 |  |  |  | 48,748 |  |  |  | 52,764 |
Debt repayments |  |  |  |  |  |  | (128,411 | ) |  |  | (85,798 | ) |  |  | (64,237 | )
Foreign currency translation and inflation effects |  |  |  |  |  |  | (7,452 | ) |  |  | 43,945 |  |  |  | 34,982 |
Debt at end of year |  |  | Ps |  |  |  | 193,995 |  |  |  | 236,238 |  |  |  | 229,343 |
Summary of Long Term Notes Payable | As of December 31, 2017 and 2016, CEMEX’s long-term notes payable are detailed as follows:
Description |  | Date of issuance |  |  | Issuer1, 2 |  |  | Currency |  |  | Principal amount |  |  | Rate1 |  |  | Maturity Date |  |  | Repurchased amount US$ |  |  | Outstanding amount3 US$ |  |  | 2017 |  | 2016 |
April 2026 Notes8 |  |  | 16/Mar/16 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 7.75% |  |  |  | 16/Apr/26 |  |  |  | — |  |  |  | 1,000 |  |  | Ps 19,568 |  |  | 20,631 |
July 2025 Notes |  |  | 02/Apr/03 |  |  |  | CEMEX Materials LLC |  |  |  | Dollar |  |  |  | 150 |  |  |  | 7.70% |  |  |  | 21/Jul/25 |  |  |  | — |  |  |  | 150 |  |  | 3,061 |  |  | 3,249 |
March 2025 Notes |  |  | 03/Mar/15 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 750 |  |  |  | 6.125% |  |  |  | 05/May/25 |  |  |  | — |  |  |  | 750 |  |  | 14,691 |  |  | 15,488 |
January 2025 Notes |  |  | 11/Sep/14 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,100 |  |  |  | 5.70% |  |  |  | 11/Jan/25 |  |  |  | (29 | ) |  |  | 1,071 |  |  | 20,988 |  |  | 22,124 |
December 2024 Notes4 |  |  | 05/Dec/17 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 650 |  |  |  | 2.75% |  |  |  | 05/Dec/24 |  |  |  | — |  |  |  | 780 |  |  | 15,257 |  |  | — |
June 2024 Notes8 |  |  | 14/Jun/16 |  |  |  | CEMEX Finance LLC |  |  |  | Euro |  |  |  | 400 |  |  |  | 4.625% |  |  |  | 15/Jun/24 |  |  |  | — |  |  |  | 480 |  |  | 9,390 |  |  | 8,665 |
April 2024 Notes |  |  | 01/Apr/14 |  |  |  | CEMEX Finance LLC |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 6.00% |  |  |  | 01/Apr/24 |  |  |  | (10 | ) |  |  | 990 |  |  | 18,924 |  |  | 19,886 |
March 2023 Notes |  |  | 03/Mar/15 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 550 |  |  |  | 4.375% |  |  |  | 05/Mar/23 |  |  |  | — |  |  |  | 660 |  |  | 12,938 |  |  | 11,948 |
October 2022 Notes5, 8 |  |  | 12/Oct/12 |  |  |  | CEMEX Finance LLC |  |  |  | Dollar |  |  |  | 1,500 |  |  |  | 9.375% |  |  |  | 12/Oct/22 |  |  |  | (1,500 | ) |  |  | — |  |  | — |  |  | 21,738 |
January 2022 Notes5 |  |  | 11/Sep/14 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 400 |  |  |  | 4.75% |  |  |  | 11/Jan/22 |  |  |  | — |  |  |  | 480 |  |  | 9,434 |  |  | 8,696 |
April 2021 Notes6 |  |  | 01/Apr/14 |  |  |  | CEMEX Finance LLC |  |  |  | Euro |  |  |  | 400 |  |  |  | 5.25% |  |  |  | 01/Apr/21 |  |  |  | (447 | ) |  |  | — |  |  | — |  |  | 8,679 |
January 2021 Notes7, 8 |  |  | 02/Oct/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 7.25% |  |  |  | 15/Jan/21 |  |  |  | (659 | ) |  |  | 341 |  |  | 6,606 |  |  | 14,845 |
December 2019 Notes5, 7, 8 |  |  | 12/Aug/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 6.50% |  |  |  | 10/Dec/19 |  |  |  | (1,000 | ) |  |  | — |  |  | — |  |  | 14,471 |
October 2018 Variable Notes8 |  |  | 02/Oct/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 500 |  |  |  | L+475bps |  |  |  | 15/Oct/18 |  |  |  | (187 | ) |  |  | 313 |  |  | 6,154 |  |  | 6,485 |
November 2017 Notes |  |  | 30/Nov/07 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Peso |  |  |  | 627 |  |  |  | 4.40% |  |  |  | 17/Nov/17 |  |  |  | (37 | ) |  |  | — |  |  | — |  |  | 648 |
Other notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 125 |  |  | 93 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ps 137,136 |  |  | 177,646 |
1 | In all applicable cases the issuer refers to CEMEX España, S.A. acting through its Luxembourg Branch. The letter “L” included above refers to LIBOR, which represents the London Inter-Bank Offered Rate, variable rate used in international markets for debt denominated in U.S. dollars. As of December 31, 2017 and 2016, 3-Month LIBOR rate was 1.6943% and 0.9979%, respectively. The contraction “bps” means basis points. One hundred basis points equal 1%.
2 | Unless otherwise indicated, all issuances are fully and unconditionally guaranteed by CEMEX, S.A.B. de C.V., CEMEX México, S.A. de C.V., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., New Sunward Holding B.V., CEMEX España, S.A., CEMEX Asia, B.V., CEMEX Corp., CEMEX Egyptian Investments, B.V., CEMEX Finance LLC, CEMEX France Gestion, (S.A.S.), CEMEX Research Group AG and CEMEX UK. CEMEX Egyptian Investments II, B.V. and CEMEX Shipping B.V. originally guaranteed the issuances listed above but were merged into CEMEX España, S.A. on October 3, 2016.
3 | Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries.
4 | On December 5, 2017, CEMEX issued €650 of 2.75% senior secured notes due December 5, 2024 (the “December 2024 Notes”). The proceeds will be used to repay other indebtedness.
5 | In connection with tender offers or the execution of call notice, as applicable, on December 10, 2017, CEMEX repurchased the outstanding amount of the December 2019 Notes for an aggregate principal amount of US$611; and on September 25, 2017, CEMEX repurchased US$701 aggregate principal amount of the October 2022 Notes. The notes of the holders that did not tender in the offer for US$343 were redeemed on October 12, 2017. In addition, on November 28, 2017, CEMEX announced its intention to redeem the total outstanding amount of the January 2022 Notes for an aggregate principal amount of €400 (US$480 or Ps9,432) that would be payable on January 10, 2018 and are presented as current maturities of long-term debt in the statement of financial position as of December 31, 2017 (note 26).
6 | On May 31, 2017, by means of a tender offer for the April 2021 Notes, CEMEX redeemed the remaining €400 of aggregate principal amount of such notes.
7 | On February 28, 2017, by means of a tender offer, CEMEX repurchased US$385 aggregate principal amount of the January 2021 Notes and US$90 of the December 2019 Notes.
8 | During 2016, by means of tender offers, using available funds from the issuance of the April 2026 Notes, the June 2024 Notes, the sale of assets and cash flows provided by operating activities, CEMEX completed the purchase of US$739 principal amount of the October 2022 Notes, the purchase of US$178 principal amount of the October 2018 Variable Notes, the purchase of US$219 principal amount of the December 2019 Notes, and the purchase of US$242 principal amount of the January 2021 Notes.
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2017, were as follows:
|  |  |  |  | 2017 |
2019 |  |  | Ps |  |  |  | 30 |
2020 |  |  |  |  |  |  | 10,175 |
2021 |  |  |  |  |  |  | 26,948 |
2022 |  |  |  |  |  |  | 19,594 |
2023 and thereafter. |  |  |  |  |  |  | 120,275 |
|  |  | Ps |  |  |  | 177,022 |
Schedule of Lines of Credit | As of December 31, 2017, CEMEX had the following lines of credit, the majority of which are uncommitted, at annual interest rates ranging between 1.25% and 6.50%, depending on the negotiated currency:
|  |  |  |  | Lines of credit |  |  | Available |
Other lines of credit in foreign subsidiaries |  |  | Ps |  |  |  | 9,506 |  |  |  | 7,237 |
Other lines of credit from banks |  |  |  |  |  |  | 9,309 |  |  |  | 8,169 |
|  |  | Ps |  |  |  | 18,815 |  |  |  | 15,406 |
Summary of Margin over LIBOR Depending on Leverage Ration | All tranches under the 2017 Credit Agreement have substantially the same terms, including an applicable margin over LIBOR or EURIBOR, as applicable, of between 125 to 350 basis points, depending on the leverage ratio (as defined below) of CEMEX, as follows:
Consolidated leverage ratio |  | Applicable margin
> = 5.50x |  | 350 bps
< 5.00x > 4.50x |  | 300 bps
< 4.50x > 4.00x |  | 250 bps
< 4.00x > 3.50x |  | 212.5 bps
< 3.50x > 3.00x |  | 175 bps
< 3.00x > 2.50x |  | 150 bps
< 2.50x |  | 125 bps
Summary of Coverage Ratio and Leverage Ratio | As of December 31, 2017, CEMEX must comply with a Coverage ratio and a Leverage ratio for each period of four consecutive fiscal quarters as follows:
Period |  | Coverage ratio |  |  | Period |  | Leverage ratio |
For the period ending on December 31, 2017 up to and including the period ending on March 31, 2020 |  |  | > = 2.50 |  |  | For the period ending on December 31, 2017 up to and including the period ending on March 31, 2018 |  |  | < = 5.25 |
|  |  |  |  |  | For the period ending on June 30, 2018 up to and including the period ending on September 30, 2018 |  |  | < = 5.00 |
For the period ending on June 30, 2020 and each subsequent reference period |  |  | > = 2.75 |  |  | For the period ending on December 31, 2018 up to and including the period ending on March 31, 2019 |  |  | < = 4.75 |
|  |  |  |  |  | For the period ending on June 30, 2019 up to and including the period ending on March 31, 2020 |  |  | < = 4.50 |
|  |  |  |  |  | For the period ending on June 30, 2020 and each subsequent reference period |  |  | < = 4.25 |
Summary of Consolidated Financial Ratios | The main consolidated financial ratios as of December 31, 2017, 2016 and 2015 were as follows:
|  |  |  | Consolidated financial ratios |
|  |  | 2017 |  |  | 2016 |  |  | 2015 |
Leverage ratio1, 2 |  | Limit |  |  | < = 5.25 |  |  |  | < = 6.00 |  |  |  | < = 6.00 |
|  | Calculation |  |  | 3.85 |  |  |  | 4.22 |  |  |  | 5.21 |
Coverage ratio3 |  | Limit |  |  | > = 2.50 |  |  |  | > = 1.85 |  |  |  | > = 1.85 |
|  | Calculation |  |  | 3.46 |  |  |  | 3.18 |  |  |  | 2.61 |
1 | The leverage ratio is calculated in pesos by dividing “Funded debt” by pro forma Operating EBITDA for the last twelve months as of the calculation date. Funded debt equals debt, as reported in the statement of financial position, excluding finance leases, components of liability of convertible subordinated notes, plus perpetual debentures and guarantees, plus or minus the fair value of derivative financial instruments, as applicable, among other adjustments.
2 | Pro forma Operating EBITDA represents, all calculated in pesos, Operating EBITDA for the last twelve months as of the calculation date, plus the portion of Operating EBITDA referring to such twelve-month period of any significant acquisition made in the period before its consolidation in CEMEX, minus Operating EBITDA referring to such twelve-month period of any significant disposal that had already been liquidated.
3 | The coverage ratio is calculated in pesos using the amounts from the financial statements, by dividing the pro forma Operating EBITDA by the financial expense for the last twelve months as of the calculation date. Financial expense includes interest accrued on the perpetual debentures.
Summary of Other Financial Obligations | As of December 31, 2017 and 2016, other financial obligations in the consolidated statement of financial position are detailed as follows:
|  |  |  |  | 2017 |  |  |  |  |  | 2016 |
|  |  |  |  | Short-term |  |  | Long-term |  |  | Total |  |  |  |  |  | Short-term |  |  | Long-term |  |  | Total |
I. Convertible subordinated notes due 2020 |  |  | Ps |  |  |  | — |  |  |  | 9,985 |  |  |  | 9,985 |  |  |  | Ps |  |  |  | — |  |  |  | 10,417 |  |  |  | 10,417 |
II. Convertible subordinated notes due 2018 |  |  |  |  |  |  | 7,115 |  |  |  | — |  |  |  | 7,115 |  |  |  |  |  |  |  | — |  |  |  | 13,575 |  |  |  | 13,575 |
III. Mandatorily convertible securities 2019 |  |  |  |  |  |  | 323 |  |  |  | 371 |  |  |  | 694 |  |  |  |  |  |  |  | 278 |  |  |  | 689 |  |  |  | 967 |
IV. Liabilities secured with accounts receivable |  |  |  |  |  |  | 11,313 |  |  |  | — |  |  |  | 11,313 |  |  |  |  |  |  |  | 11,095 |  |  |  | — |  |  |  | 11,095 |
V. Finance leases |  |  |  |  |  |  | 611 |  |  |  | 2,503 |  |  |  | 3,114 |  |  |  |  |  |  |  | 285 |  |  |  | 1,291 |  |  |  | 1,576 |
|  |  | Ps |  |  |  | 19,362 |  |  |  | 12,859 |  |  |  | 32,221 |  |  |  | Ps |  |  |  | 11,658 |  |  |  | 25,972 |  |  |  | 37,630 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2017 and 2016, the carrying amounts of financial assets and liabilities and their respective fair values were as follows:
|  |  |  |  | 2017 |  |  |  |  |  | 2016 |
|  |  |  |  | Carrying amount |  |  | Fair value |  |  |  |  |  | Carrying amount |  |  | Fair value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 13.2 and 16.4) |  |  | Ps |  |  |  | 794 |  |  |  | 794 |  |  |  | Ps |  |  |  | 1,900 |  |  |  | 1,900 |
Other investments and non-current accounts receivable (note 13.2) |  |  |  |  |  |  | 4,964 |  |  |  | 4,964 |  |  |  |  |  |  |  | 5,220 |  |  |  | 5,220 |
|  |  | Ps |  |  |  | 5,758 |  |  |  | 5,758 |  |  |  | Ps |  |  |  | 7,120 |  |  |  | 7,120 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt (note 16.1) |  |  | Ps |  |  |  | 177,022 |  |  |  | 184,220 |  |  |  | Ps |  |  |  | 235,016 |  |  |  | 241,968 |
Other financial obligations (note 16.2) |  |  |  |  |  |  | 12,859 |  |  |  | 13,381 |  |  |  |  |  |  |  | 25,972 |  |  |  | 27,419 |
Derivative instruments (notes 16.4 and 17) |  |  |  |  |  |  | 402 |  |  |  | 402 |  |  |  |  |  |  |  | 818 |  |  |  | 818 |
|  |  | Ps |  |  |  | 190,283 |  |  |  | 198,003 |  |  |  | Ps |  |  |  | 261,806 |  |  |  | 270,205 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2017 and 2016, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories:
2017 |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 13.2 and 16.4) |  |  | Ps |  |  |  | — |  |  |  | 794 |  |  |  | — |  |  |  | 794 |
Investments available-for-sale (note 13.2) |  |  |  |  |  |  | 275 |  |  |  | — |  |  |  | — |  |  |  | 275 |
Investments held for trading (note 13.2) |  |  |  |  |  |  | — |  |  |  | 77 |  |  |  | — |  |  |  | 77 |
|  |  | Ps |  |  |  | 275 |  |  |  | 871 |  |  |  | — |  |  |  | 1,146 |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 16.4 and 17) |  |  | Ps |  |  |  | — |  |  |  | 402 |  |  |  | — |  |  |  | 402 |
2016 |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 13.2 and 16.4) |  |  | Ps |  |  |  | — |  |  |  | 1,900 |  |  |  | — |  |  |  | 1,900 |
Investments available-for-sale (note 13.2) |  |  |  |  |  |  | 491 |  |  |  | — |  |  |  | — |  |  |  | 491 |
Investments held for trading (note 13.2) |  |  |  |  |  |  | — |  |  |  | 157 |  |  |  | — |  |  |  | 157 |
|  |  | Ps |  |  |  | 491 |  |  |  | 2,057 |  |  |  | — |  |  |  | 2,548 |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 16.4 and 17) |  |  | Ps |  |  |  | — |  |  |  | 818 |  |  |  | — |  |  |  | 818 |
Summary of Derivative Financial Instruments | As of December 31, 2017 and 2016, the notional amounts and fair values of CEMEX’s derivative instruments were as follows:
|  |  |  |  | 2017 |  |  | 2016 |
(U.S. dollars millions) |  |  |  |  | Notional amount |  |  | Fair value |  |  | Notional amount |  |  | Fair value |
I. Net investment hedge |  |  | US$ |  |  |  | 1,160 |  |  |  | 47 |  |  |  | — |  |  |  | — |
II. Foreign exchange forwards related to forecasted transactions |  |  |  |  |  |  | 381 |  |  |  | 3 |  |  |  | 80 |  |  |  | — |
III. Equity forwards on third party shares |  |  |  |  |  |  | 168 |  |  |  | 7 |  |  |  | — |  |  |  | — |
IV. Interest rate swaps |  |  |  |  |  |  | 137 |  |  |  | 16 |  |  |  | 147 |  |  |  | 23 |
V. Fuels price hedging |  |  |  |  |  |  | 72 |  |  |  | 20 |  |  |  | 77 |  |  |  | 15 |
VI. 2019 Mandatorily Convertible Securities and options on the Parent Company’s own shares |  |  |  |  |  |  | — |  |  |  | (20 | ) |  |  | 576 |  |  |  | 26 |
|  |  | US$ |  |  |  | 1,918 |  |  |  | 73 |  |  |  | 880 |  |  |  | 64 |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2017 and 2016, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows:
|  | 2017 |
|  | Mexico |  |  | United States |  |  | Europe |  |  | South, Central America and the Caribbean |  |  | Asia, Middle East and Africa |  |  | Others 1 |  |  | Total |
Monetary assets |  |  | Ps 11,798 |  |  |  | 9,453 |  |  |  | 14,182 |  |  |  | 7,347 |  |  |  | 9,780 |  |  |  | 5,163 |  |  |  | 57,723 |
Monetary liabilities |  |  | 17,505 |  |  |  | 32,158 |  |  |  | 45,675 |  |  |  | 12,016 |  |  |  | 11,522 |  |  |  | 221,579 |  |  |  | 340,455 |
Net monetary assets (liabilities)2 |  |  | Ps (5,707) |  |  |  | (22,705 | ) |  |  | (31,493 | ) |  |  | (4,669 | ) |  |  | (1,742 | ) |  |  | (216,416 | ) |  |  | (282,732 | )
Out of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dollars |  |  | Ps(1,097) |  |  |  | (22,710 | ) |  |  | 39 |  |  |  | (126 | ) |  |  | 221 |  |  |  | (133,530 | ) |  |  | (157,203 | )
Pesos |  |  | (4,610 | ) |  |  | 4 |  |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | (7,745 | ) |  |  | (12,327 | )
Euros |  |  | — |  |  |  | — |  |  |  | (10,155 | ) |  |  | 2 |  |  |  | — |  |  |  | (58,452 | ) |  |  | (68,605 | )
Pounds |  |  | — |  |  |  | — |  |  |  | (19,358 | ) |  |  | — |  |  |  | — |  |  |  | (9,119 | ) |  |  | (28,477 | )
Other currencies |  |  | — |  |  |  | 1 |  |  |  | (2,043 | ) |  |  | (4,545 | ) |  |  | (1,963 | ) |  |  | (7,570 | ) |  |  | (16,120 | )
|  |  | Ps(5,707) |  |  |  | (22,705) |  |  |  | (31,493 | ) |  |  | (4,669 | ) |  |  | (1,742 | ) |  |  | (216,416 | ) |  |  | (282,732 | )
|  | 2016 |
|  | Mexico |  |  | United States |  |  | Europe |  |  | South, Central America and the Caribbean |  |  | Asia, Middle East and Africa |  |  | Others 1 |  |  | Total |
Monetary assets |  |  | Ps 10,261 |  |  |  | 26,685 |  |  |  | 12,724 |  |  |  | 6,132 |  |  |  | 13,101 |  |  |  | 11,836 |  |  |  | 80,739 |
Monetary liabilities |  |  | 10,564 |  |  |  | 33,145 |  |  |  | 42,336 |  |  |  | 9,130 |  |  |  | 11,305 |  |  |  | 277,117 |  |  |  | 383,597 |
Net monetary assets (liabilities)2 |  |  | Ps (303) |  |  |  | (6,460) |  |  |  | (29,612) |  |  |  | (2,998) |  |  |  | 1,796 |  |  |  | (265,281) |  |  |  | (302,858) |
Out of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dollars |  |  | Ps (483) |  |  |  | (6,463) |  |  |  | 38 |  |  |  | 35 |  |  |  | 364 |  |  |  | (214,751) |  |  |  | (221,260) |
Pesos |  |  | 180 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,395) |  |  |  | (3,212) |
Euros |  |  | — |  |  |  | — |  |  |  | (9,465) |  |  |  | — |  |  |  | — |  |  |  | (48,470) |  |  |  | (57,935) |
Pounds |  |  | — |  |  |  | — |  |  |  | (14,408) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,408) |
Other currencies |  |  | — |  |  |  | — |  |  |  | (5,777) |  |  |  | (3,033) |  |  |  | 1,432 |  |  |  | 1,335 |  |  |  | (6,043) |
|  |  | Ps (303) |  |  |  | (6,460) |  |  |  | (29,612) |  |  |  | (2,998) |  |  |  | 1,796 |  |  |  | (265,281) |  |  |  | (302,858) |
1 | Includes the Parent Company, CEMEX’s financing subsidiaries, as well as Neoris N.V., among other entities.
2 | Includes assets held for sale and liabilities directly related with these assets considering that such items will be realized in the short-term.

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