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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Debt Summarized by Interest Rates and Currencies | As of December 31, 2018 and 2017, CEMEX’s consolidated debt summarized by interest rates and currencies, was as follows:
|  |  |  |  | 2018 |  |  |  |  |  | 2017 |
|  |  |  |  | Short-term |  |  | Long-term |  |  | Total |  |  |  |  |  | Short-term |  |  | Long-term |  |  | Total |
Floating rate debt |  |  | Ps |  |  |  | 262 |  |  |  | 66,819 |  |  |  | 67,081 |  |  |  | Ps |  |  |  | 7,282 |  |  |  | 53,389 |  |  |  | 60,671 |
Fixed rate debt |  |  |  |  |  |  | 621 |  |  |  | 115,255 |  |  |  | 115,876 |  |  |  |  |  |  |  | 9,691 |  |  |  | 123,633 |  |  |  | 133,324 |
|  |  | Ps |  |  |  | 883 |  |  |  | 182,074 |  |  |  | 182,957 |  |  |  | Ps |  |  |  | 16,973 |  |  |  | 177,022 |  |  |  | 193,995 |
Effective rate1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate |  |  |  |  |  |  | 7.8 | % |  |  | 3.6 | % |  |  |  |  |  |  |  |  |  |  | 6.1 | % |  |  | 3.0 | % |  |  |  |
Fixed rate |  |  |  |  |  |  | 4.2 | % |  |  | 5.6 | % |  |  |  |  |  |  |  |  |  |  | 4.8 | % |  |  | 5.7 | % |  |  |  |
|  | 2018 |  |  | 2017 |
Currency |  | Short- term |  |  | Long- term |  |  | Total |  |  | Effective rate1 |  |  | Short- term |  |  | Long- term |  |  | Total |  |  | Effective rate1 |
Dollars |  |  | 589 |  |  |  | 114,696 |  |  |  | 115,285 |  |  |  | 5.8 | % |  |  | 6,206 |  |  |  | 107,508 |  |  |  | 113,714 |  |  |  | 5.9 | %
Euros |  |  | 12 |  |  |  | 52,368 |  |  |  | 52,380 |  |  |  | 3.3 | % |  |  | 9,705 |  |  |  | 54,906 |  |  |  | 64,611 |  |  |  | 3.5 | %
Pounds |  |  | — |  |  |  | 8,631 |  |  |  | 8,631 |  |  |  | 2.9 | % |  |  | — |  |  |  | 9,141 |  |  |  | 9,141 |  |  |  | 2.6 | %
Philippine pesos |  |  | 52 |  |  |  | 5,041 |  |  |  | 5,093 |  |  |  | 4.6 | % |  |  | — |  |  |  | 5,408 |  |  |  | 5,408 |  |  |  | 4.6 | %
Other currencies |  |  | 230 |  |  |  | 1,338 |  |  |  | 1,568 |  |  |  | 5.9 | % |  |  | 1,062 |  |  |  | 59 |  |  |  | 1,121 |  |  |  | 6.2 | %
|  |  | 883 |  |  |  | 182,074 |  |  |  | 182,957 |  |  |  |  |  |  |  | 16,973 |  |  |  | 177,022 |  |  |  | 193,995 |  |  |  |  |
1 | In 2018 and 2017, represents the weighted-average nominal interest rate of the related debt agreements.
Summary of Consolidated Debt by Type of Instrument | As of December 31, 2018 and 2017, CEMEX’s consolidated debt summarized by type of instrument, was as follow:
2018 |  |  |  |  | Short- term |  |  | Long- term |  |  | 2017 |  |  |  |  | Short- term |  |  | Long- term |
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  | Bank loans |  |  |  |  |  |  |  |  |  |  |  |
Loans in foreign countries, 2019 to 2024 |  |  | Ps |  |  |  | 614 |  |  |  | 6,436 |  |  | Loans in foreign countries, 2018 to 2022 |  |  | Ps |  |  |  | 910 |  |  |  | 5,439 |
Syndicated loans, 2020 to 2022 |  |  |  |  |  |  | — |  |  |  | 62,460 |  |  | Syndicated loans, 2018 to 2022 |  |  |  |  |  |  | — |  |  |  | 50,132 |
|  |  |  |  |  |  | 614 |  |  |  | 68,896 |  |  |  |  |  |  |  |  |  | 910 |  |  |  | 55,571 |
Notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  | Notes payable |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes, 2023 to 2026 |  |  |  |  |  |  | — |  |  |  | 110,157 |  |  | Medium-term notes, 2018 to 2026 |  |  |  |  |  |  | 224 |  |  |  | 133,949 |
Other notes payable, 2019 to 2025 |  |  |  |  |  |  | 140 |  |  |  | 3,150 |  |  | Other notes payable, 2018 to 2025 |  |  |  |  |  |  | 154 |  |  |  | 3,187 |
|  |  |  |  |  |  | 140 |  |  |  | 113,307 |  |  |  |  |  |  |  |  |  | 378 |  |  |  | 137,136 |
Total bank loans and notes payable |  |  |  |  |  |  | 754 |  |  |  | 182,203 |  |  | Total bank loans and notes payable |  |  |  |  |  |  | 1,288 |  |  |  | 192,707 |
Current maturities |  |  |  |  |  |  | 129 |  |  |  | (129 | ) |  | Current maturities |  |  |  |  |  |  | 15,685 |  |  |  | (15,685 | )
|  |  | Ps |  |  |  | 883 |  |  |  | 182,074 |  |  |  |  |  | Ps |  |  |  | 16,973 |  |  |  | 177,022 |
Summary of Changes in Consolidated Debt | Changes in consolidated debt for the years ended December 31, 2018, 2017 and 2016 were as follows:
|  |  |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Debt at beginning of year |  |  | Ps |  |  |  | 193,995 |  |  |  | 236,238 |  |  |  | 229,343 |
Proceeds from new debt instruments |  |  |  |  |  |  | 43,765 |  |  |  | 93,620 |  |  |  | 48,748 |
Debt repayments |  |  |  |  |  |  | (53,025 | ) |  |  | (131,446 | ) |  |  | (89,792 | )
Foreign currency translation and accretion effects |  |  |  |  |  |  | (1,778 | ) |  |  | (4,417 | ) |  |  | 47,939 |
Debt at end of year |  |  | Ps |  |  |  | 182,957 |  |  |  | 193,995 |  |  |  | 236,238 |
Summary of Non-Current Notes Payable | As of December 31, 2018 and 2017, non-current notes payable for Ps113,307 and Ps137,136, respectively, was detailed as follows:
Description |  | Date of issuance |  |  | Issuer 1, 2 |  |  | Currency |  |  | Principal amount |  |  | Rate1 |  |  | Maturity Date |  |  | Repurchased amount US$ |  |  | Outstanding amount3 US$ |  |  | 2018 |  |  | 2017 |
April 2026 Notes8 |  |  | 16/Mar/16 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 7.75 | % |  |  | 16/Apr/26 |  |  |  | — |  |  |  | 1,000 |  |  |  | Ps19,575 |  |  |  | 19,568 |
July 2025 Notes |  |  | 02/Apr/03 |  |  |  | CEMEX Materials LLC |  |  |  | Dollar |  |  |  | 150 |  |  |  | 7.70 | % |  |  | 21/Jul/25 |  |  |  | — |  |  |  | 150 |  |  |  | 3,042 |  |  |  | 3,061 |
March 2025 Notes |  |  | 03/Mar/15 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 750 |  |  |  | 6.125 | % |  |  | 05/May/25 |  |  |  | — |  |  |  | 750 |  |  |  | 14,696 |  |  |  | 14,691 |
January 2025 Notes |  |  | 11/Sep/14 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,100 |  |  |  | 5.70 | % |  |  | 11/Jan/25 |  |  |  | (29 | ) |  |  | 1,071 |  |  |  | 20,994 |  |  |  | 20,988 |
December 2024 Notes7 |  |  | 05/Dec/17 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 650 |  |  |  | 2.75 | % |  |  | 05/Dec/24 |  |  |  | — |  |  |  | 745 |  |  |  | 14,572 |  |  |  | 15,257 |
June 2024 Notes8 |  |  | 14/Jun/16 |  |  |  | CEMEX Finance LLC |  |  |  | Euro |  |  |  | 400 |  |  |  | 4.625 | % |  |  | 15/Jun/24 |  |  |  | — |  |  |  | 458 |  |  |  | 8,968 |  |  |  | 9,390 |
April 2024 Notes |  |  | 01/Apr/14 |  |  |  | CEMEX Finance LLC |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 6.00 | % |  |  | 01/Apr/24 |  |  |  | (10 | ) |  |  | 990 |  |  |  | 18,995 |  |  |  | 18,924 |
March 2023 Notes |  |  | 03/Mar/15 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 550 |  |  |  | 4.375 | % |  |  | 05/Mar/23 |  |  |  | — |  |  |  | 630 |  |  |  | 12,356 |  |  |  | 12,938 |
October 2022 Notes6 |  |  | 12/Oct/12 |  |  |  | CEMEX Finance LLC |  |  |  | Dollar |  |  |  | 1,500 |  |  |  | 9.375 | % |  |  | 12/Oct/22 |  |  |  | (1,500 | ) |  |  | — |  |  |  | — |  |  |  | — |
January 2022 Notes4 |  |  | 11/Sep/14 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Euro |  |  |  | 400 |  |  |  | 4.75 | % |  |  | 11/Jan/22 |  |  |  | (480 | ) |  |  | — |  |  |  | — |  |  |  | 9,434 |
April 2021 Notes8 |  |  | 01/Apr/14 |  |  |  | CEMEX Finance LLC |  |  |  | Euro |  |  |  | 400 |  |  |  | 5.25 | % |  |  | 01/Apr/21 |  |  |  | (480 | ) |  |  | — |  |  |  | — |  |  |  | — |
January 2021 Notes5, 8 |  |  | 02/Oct/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 7.25 | % |  |  | 15/Jan/21 |  |  |  | (1,000 | ) |  |  | — |  |  |  | — |  |  |  | 6,606 |
December 2019 Notes6, 8 |  |  | 12/Aug/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 1,000 |  |  |  | 6.50 | % |  |  | 10/Dec/19 |  |  |  | (1,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
October 2018 Variable Notes5, 8 |  |  | 02/Oct/13 |  |  |  | CEMEX, S.A.B. de C.V. |  |  |  | Dollar |  |  |  | 500 |  |  |  | L+475bps |  |  |  | 15/Oct/18 |  |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | 6,154 |
Other notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 109 |  |  |  | 125 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ps | 113,307 |  |  |  | 137,136 |
1 | 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, 2018 and 2017, 3-Month LIBOR rate was 2.8076% and 1.6943%, 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 Africa & Middle East Investments B.V., CEMEX Finance LLC, CEMEX France Gestion, (S.A.S.), CEMEX Research Group AG and CEMEX UK. In March 2018, CEMEX Egyptian Investments B.V. changed its legal name to CEMEX Africa & Middle East Investments B.V.
3 | Presented net of all outstanding notes repurchased and held by CEMEX’s subsidiaries.
4 | On January 10, 2018, CEMEX completed the purchase of the outstanding amount of the January 2022 Notes for an aggregate principal amount of €400 using available funds from the issuance of the December 2024 Notes by means of an offer communicated on November 28, 2017.
5 | In March 2018, CEMEX early redeemed the outstanding amount of the October 2018 Variable Notes and the January 2021 Notes for US$313 and US$341, respectively.
6 | In December 2017, CEMEX repurchased the outstanding amount of the December 2019 Notes for an aggregate principal amount of US$611. During September and October 2017, CEMEX repurchased US$1,044 aggregate principal amount of the October 2022 Notes that remained outstanding.
7 | On December 5, 2017, CEMEX issued €650 of 2.75% senior secured notes due December 5, 2024 (the “December 2024 Notes”). The proceeds were used to repay other indebtedness.
8 | In May 2017, CEMEX redeemed the remaining €400 of aggregate principal amount of the April 2021 Notes. Moreover, in February 2017, CEMEX repurchased US$385 aggregate principal amount of the January 2021 Notes and US$90 of the December 2019 Notes. In addition, during 2016, 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$178 principal amount of the October 2018 Variable Notes and US$242 principal amount of the January 2021 Notes, among other debt repurchases incurred that year with those resources.
Schedule of Consolidated Long-Term Debt | The maturities of consolidated long-term debt as of December 31, 2018, were as follows:
|  |  |  |  | 2018 |
2020 |  | Ps |  |  |  |  | 11,523 |
2021 |  |  |  |  |  |  | 23,603 |
2022 |  |  |  |  |  |  | 30,175 |
2023 |  |  |  |  |  |  | 15,342 |
2024 and thereafter |  |  |  |  |  |  | 101,431 |
|  | Ps |  |  |  |  | 182,074 |
Schedule of Lines of Credit | As of December 31, 2018, CEMEX had the following lines of credit, of which, the only commited portion referes to the revolving credit facility, at annual interest rates ranging between 0.75% and 8.50%, depending on the negotiated currency:
|  |  |  |  | Lines of credit |  |  | Available |
Other lines of credit in foreign subsidiaries |  |  | Ps |  |  |  | 9,440 |  |  |  | 7,286 |
Other lines of credit from banks |  |  |  |  |  |  | 11,294 |  |  |  | 8,956 |
Revolving credit facility |  |  |  |  |  |  | 22,303 |  |  |  | 16,211 |
|  |  | Ps |  |  |  | 43,037 |  |  |  | 32,453 |
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, 2018, 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, 2018 up to and including the period ending on March 31, 2020 |  |  | > = 2.50 |  |  | 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 |  |  | > = 2.75 |  |  | For the period ending on June 30, 2020 and each subsequent reference period |  |  | < = 4.25 |
Summary of Consolidated Financial Ratios | For the compliance periods ended as of December 31, 2018, 2017 and 2016, under the 2017 Credit Agreement and the 2014 Credit Agreement, as applicable, the main consolidated financial ratios were as follows:
|  |  |  | Consolidated financial ratios |
|  |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Leverage Ratio1, 2 |  | Limit |  |  | < = 4.75 |  |  |  | < = 5.25 |  |  |  | < = 6.00 |
|  | Calculation |  |  | 3.84 |  |  |  | 3.85 |  |  |  | 4.22 |
Coverage Ratio3 |  | Limit |  |  | > = 2.50 |  |  |  | > = 2.50 |  |  |  | > = 1.85 |
|  | Calculation |  |  | 4.41 |  |  |  | 3.46 |  |  |  | 3.18 |
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, 2018 and 2017, other financial obligations in the consolidated statement of financial position are detailed as follows:
|  |  |  |  | 2018 |  |  |  |  |  | 2017 |
|  |  |  |  | Short-term |  |  | Long-term |  |  | Total |  |  |  |  |  | Short-term |  |  | Long-term |  |  | Total |
I. Convertible subordinated notes due 2020 |  | Ps |  |  |  |  | — |  |  |  | 10,097 |  |  |  | 10,097 |  |  |  | Ps |  |  |  | — |  |  |  | 9,985 |  |  |  | 9,985 |
II. Convertible subordinated notes due 2018 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 7,115 |  |  |  | — |  |  |  | 7,115 |
III. Mandatorily convertible securities due 2019 |  |  |  |  |  |  | 374 |  |  |  | — |  |  |  | 374 |  |  |  |  |  |  |  | 323 |  |  |  | 371 |  |  |  | 694 |
IV. Liabilities secured with accounts receivable |  |  |  |  |  |  | 11,770 |  |  |  | — |  |  |  | 11,770 |  |  |  |  |  |  |  | 11,313 |  |  |  | — |  |  |  | 11,313 |
V. Finance leases |  |  |  |  |  |  | 595 |  |  |  | 1,931 |  |  |  | 2,526 |  |  |  |  |  |  |  | 611 |  |  |  | 2,503 |  |  |  | 3,114 |
|  | Ps |  |  |  |  | 12,739 |  |  |  | 12,028 |  |  |  | 24,767 |  |  |  | Ps |  |  |  | 19,362 |  |  |  | 12,859 |  |  |  | 32,221 |
Summary of Carrying Amounts and Fair Value of Financial Instruments | As of December 31, 2018 and 2017, the carrying amounts of financial assets and liabilities and their respective fair values were as follows:
|  |  |  |  | 2018 |  |  |  |  |  | 2017 |
|  |  |  |  | Carrying amount |  |  | Fair value |  |  |  |  |  | Carrying amount |  |  | Fair value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 13.2 and 16.4) |  |  | Ps |  |  |  | 297 |  |  |  | 297 |  |  |  | Ps |  |  |  | 794 |  |  |  | 794 |
Other investments and non-current accounts receivable (note 13.2) |  |  |  |  |  |  | 4,974 |  |  |  | 4,974 |  |  |  |  |  |  |  | 4,964 |  |  |  | 4,964 |
|  |  | Ps |  |  |  | 5,271 |  |  |  | 5,271 |  |  |  | Ps |  |  |  | 5,758 |  |  |  | 5,758 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt (note 16.1) |  |  | Ps |  |  |  | 182,074 |  |  |  | 179,740 |  |  |  | Ps |  |  |  | 177,022 |  |  |  | 184,220 |
Other financial obligations (note 16.2) |  |  |  |  |  |  | 12,028 |  |  |  | 11,924 |  |  |  |  |  |  |  | 12,859 |  |  |  | 13,381 |
Derivative instruments (notes 16.4 and 17) |  |  |  |  |  |  | 406 |  |  |  | 406 |  |  |  |  |  |  |  | 402 |  |  |  | 402 |
|  |  | Ps |  |  |  | 194,508 |  |  |  | 192,070 |  |  |  | Ps |  |  |  | 190,283 |  |  |  | 198,003 |
Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy | As of December 31, 2018 and 2017, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories:
2018 |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 13.2 and 16.4) |  |  | Ps |  |  |  | — |  |  |  | 297 |  |  |  | — |  |  |  | 297 |
Investments in strategic equity securities (note 13.2) |  |  |  |  |  |  | 217 |  |  |  | — |  |  |  | — |  |  |  | 217 |
Other investments at fair value through earnings (note 13.2) |  |  |  |  |  |  | — |  |  |  | 428 |  |  |  | — |  |  |  | 428 |
|  |  | Ps |  |  |  | 217 |  |  |  | 725 |  |  |  | — |  |  |  | 942 |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 16.4 and 17) |  |  | Ps |  |  |  | — |  |  |  | 406 |  |  |  | — |  |  |  | 406 |
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 in strategic equity securities (note 13.2) |  |  |  |  |  |  | 275 |  |  |  | — |  |  |  | — |  |  |  | 275 |
Other investments at fair value through earnings (note 13.2) |  |  |  |  |  |  | — |  |  |  | 441 |  |  |  | — |  |  |  | 441 |
|  |  | Ps |  |  |  | 275 |  |  |  | 1,235 |  |  |  | — |  |  |  | 1,510 |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments (notes 16.4 and 17) |  |  | Ps |  |  |  | — |  |  |  | 402 |  |  |  | — |  |  |  | 402 |
Summary of Derivative Financial Instruments | As of December 31, 2018 and 2017, the notional amounts and fair values of CEMEX’s derivative instruments were as follows:
|  |  |  |  | 2018 |  |  | 2017 |
|  |  |  |  | Notional amount |  |  | Fair value |  |  | Notional amount |  |  | Fair value |
I. Net investment hedge |  | US$ |  |  |  |  | 1,249 |  |  |  | 2 |  |  |  | 1,160 |  |  |  | 47 |
II. Foreign exchange forwards related to forecasted transactions |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 381 |  |  |  | 3 |
III. Equity forwards on third party shares |  |  |  |  |  |  | 111 |  |  |  | 2 |  |  |  | 168 |  |  |  | 7 |
IV. Interest rate swaps |  |  |  |  |  |  | 1,126 |  |  |  | (8 | ) |  |  | 137 |  |  |  | 16 |
V. Fuel price hedging |  |  |  |  |  |  | 122 |  |  |  | (14 | ) |  |  | 72 |  |  |  | 20 |
VI. 2019 Mandatorily Convertible Securities |  |  |  |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (20 | )
|  | US$ |  |  |  |  | 2,608 |  |  |  | (19 | ) |  |  | 1,918 |  |  |  | 73 |
Summary of Consolidated Net Monetary Assets (Liabilities) by Currency | As of December 31, 2018 and 2017, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | Mexico |  |  | United States |  |  | Europe |  |  | South, Central America and the Caribbean |  |  | Asia, Middle East and Africa |  |  | Others1 |  |  | Total |
Monetary assets |  |  | Ps |  |  |  | 8,400 |  |  |  | 9,961 |  |  |  | 13,163 |  |  |  | 6,046 |  |  |  | 10,216 |  |  |  | 2,997 |  |  |  | 50,783 |
Monetary liabilities |  |  |  |  |  |  | 19,798 |  |  |  | 33,464 |  |  |  | 40,153 |  |  |  | 10,841 |  |  |  | 12,223 |  |  |  | 200,731 |  |  |  | 317,210 |
Net monetary assets (liabilities)2 |  |  |  |  |  | Ps | (11,398 | ) |  |  | (23,503 | ) |  |  | (26,990 | ) |  |  | (4,795 | ) |  |  | (2,007 | ) |  |  | (197,734 | ) |  |  | (266,427 | )
Out of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dollars |  |  | Ps |  |  |  | (560 | ) |  |  | (23,507 | ) |  |  | 153 |  |  |  | (947 | ) |  |  | 22 |  |  |  | (117,677 | ) |  |  | (142,516 | )
Pesos |  |  |  |  |  |  | (10,838 | ) |  |  | 4 |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (5,469 | ) |  |  | (16,309 | )
Euros |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (10,571 | ) |  |  | 13 |  |  |  | 40 |  |  |  | (52,942 | ) |  |  | (63,460 | )
Pounds |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (18,241 | ) |  |  | — |  |  |  | — |  |  |  | (8,609 | ) |  |  | (26,850 | )
Other currencies |  |  |  |  |  |  | — |  |  |  | – |  |  |  | 1,669 |  |  |  | (3,855 | ) |  |  | (2,069 | ) |  |  | (13,037 | ) |  |  | (17,292 | )
|  |  | Ps |  |  |  | (11,398 | ) |  |  | (23,503 | ) |  |  | (26,990 | ) |  |  | (4,795 | ) |  |  | (2,007 | ) |  |  | (197,734 | ) |  |  | (266,427 | )
|  |  |  |  | 2017 |
|  |  |  |  | Mexico |  |  | United States |  |  | Europe |  |  | South, Central America and the Caribbean |  |  | Asia, Middle East and Africa |  |  | Others1 |  |  | 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 | )
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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