As of December 31, 2018, CEMEX had the following contractual obligations:


	2018
Obligations	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Long-term debt	US$	7		1,788		2,347		5,197		9,339
Finance lease obligations¹		36		87		19		1		143
Convertible notes²		19		514		—		—		533

Total debt and other financial obligations³		62		2,389		2,366		5,198		10,015
Operating leases⁴		186		351		231		439		1,207
Interest payments on debt⁵		508		960		777		535		2,780
Pension plans and other benefits⁶		148		270		270		664		1,352
Acquisition of property, plant and equipment⁷		87		43		—		—		130
Purchases of raw materials, fuel and energy⁸		702		955		1,230		2,270		5,157

Total contractual obligations	US$	1,693		4,968		4,874		9,106		20,641

	Ps	33,267		97,621		95,774		178,933		405,595

Represent nominal cash flows. As of December 31, 2018, the NPV of future payments under such leases was US$122 (Ps2,396), of which, US$74 (Ps1,450) refers to payments from 1 to 3 years and US$14 (Ps276) refer to payments from 3 to 5 years. Beginning January 1, 2019, IFRS 16 eliminates the classifications of finance and operating leases. This elimination has no effect in the reported amounts of cash flows considering the contracts outstanding as of December 31, 2018 (note 2.20).

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$185 (Ps3,493) in 2018, US$115 (Ps2,252) in 2017 and US$121 (Ps2,507) in 2016. Beginning January 1, 2019, IFRS 16 eliminates the classifications of finance and operating leases. This elimination has no effect in the reported amounts of cash flows considering the contracts outstanding as of December 31, 2018 (note 2.20).

5	Estimated cash flows on floating rate denominated debt were determined using the floating interest rates in effect as of December 31, 2018.

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.

7	Refers mainly to the expansion of a cement-production line in the Philippines.

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.