Commitments (Tables)

12 Months Ended

Dec. 31, 2017

As of December 31, 2017 and 2016, CEMEX had the following contractual obligations:


(U.S. dollars millions)	2017										2016
Obligations	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total		Total
Long-term debt	US$	798		519		2,411		6,164		9,892		11,379
Finance lease obligations¹		36		87		52		—		175		107
Convertible notes²		379		527		—		—		906		1,205

Total debt and other financial obligations³		1,213		1,133		2,463		6,164		10,973		12,691
Operating leases⁴		109		181		136		68		494		515
Interest payments on debt⁵		448		968		809		848		3,073		3,996
Pension plans and other benefits⁶		156		307		316		808		1,587		1,414
Purchases of raw materials, fuel and energy⁷		649		810		866		2,001		4,326		4,440

Total contractual obligations	US$	2,575		3,399		4,590		9,889		20,453		23,056

	Ps	50,599		66,790		90,193		194,319		401,901		477,720

1	Represent nominal cash flows. As of December 31, 2017, the NPV of future payments under such leases was US$158 (Ps3,105), of which, US$79 (Ps1,552) refers to payments from 1 to 3 years and US$48 (Ps943) refer to payments from 3 to 5 years.

2	Refers to the components of liability of the convertible notes described in note 16.2 and assumes repayment at maturity and no conversion of the notes.

3	The schedule of debt payments, which includes current maturities, does not consider the effect of any refinancing of debt that may occur during the following years. In the past, CEMEX has replaced its long-term obligations for others of a similar nature.

The amounts represent nominal cash flows. CEMEX has operating leases, primarily for operating facilities, cement storage and distribution facilities and certain transportation and other equipment, under which annual rental payments are required plus the payment of certain operating expenses. Rental expense was US$115 (Ps2,252) in 2017, US$121 (Ps2,507) in 2016 and US$114 (Ps1,967) in 2015.

5	Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2017 and 2016.

6	Represents estimated annual payments under these benefits for the next 10 years (note 18), including the estimate of new retirees during such future years.

Future payments for the purchase of raw materials are presented on the basis of contractual nominal cash flows. Future nominal payments for energy were estimated for all contractual commitments on the basis of an aggregate average expected consumption per year using the future prices of energy established in the contracts for each period. Future payments also include CEMEX’s commitments for the purchase of fuel.