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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
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Summary of Foreign Exchange Rates | The most significant closing exchange rates for statement of financial position accounts and the approximate average exchange rates (as determined using the closing exchange rates of each month within the period) for income statement accounts for the main functional currencies to the U.S. dollar as of December 31, 2020, 2019 and 2018, were as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Currency |  | Closing |  |  | Average |  |  | Closing |  |  | Average |  |  | Closing |  |  | Average |
Mexican peso |  |  | 19.8900 |  |  |  | 21.5766 |  |  |  | 18.9200 |  |  |  | 19.3500 |  |  |  | 19.6500 |  |  |  | 19.2583 |
Euro |  |  | 0.8183 |  |  |  | 0.8736 |  |  |  | 0.8917 |  |  |  | 0.8941 |  |  |  | 0.8727 |  |  |  | 0.8483 |
British Pound Sterling |  |  | 0.7313 |  |  |  | 0.7758 |  |  |  | 0.7550 |  |  |  | 0.7831 |  |  |  | 0.7843 |  |  |  | 0.7521 |
Colombian Peso |  |  | 3,433 |  |  |  | 3,730 |  |  |  | 3,277 |  |  |  | 3,300 |  |  |  | 3,250 |  |  |  | 2,972 |
Philippine Peso |  |  | 48.0230 |  |  |  | 49.4944 |  |  |  | 50.6350 |  |  |  | 51.5650 |  |  |  | 52.5800 |  |  |  | 52.6925 |
Summary of Maximum Average Useful Lives of Fixed Assets | As of December 31, 2020, the average useful lives by category of fixed assets, which are reviewed at each reporting date and adjusted if appropriate, were as follows:
|  | Years |
Administrative buildings |  |  | 31 |
Industrial buildings |  |  | 26 |
Machinery and equipment in plant |  |  | 15 |
Ready-mix trucks and motor vehicles |  |  | 9 |
Office equipment and other assets |  |  | 6 |
Summary of Statutory Tax Rates | For the years ended December 31, 2020, 2019 and 2018, the statutory tax rates in CEMEX’s main operations were as follows:
Country |  | 2020 |  | 2019 |  | 2018
Mexico |  | 30.0% |  | 30.0% |  | 30.0%
United States |  | 21.0% |  | 21.0% |  | 21.0%
United Kingdom |  | 19.0% |  | 19.3% |  | 19.3%
France |  | 32.0% |  | 34.4% |  | 34.4%
Germany |  | 28.2% |  | 28.2% |  | 28.2%
Spain |  | 25.0% |  | 25.0% |  | 25.0%
Philippines |  | 30.0% |  | 30.0% |  | 30.0%
Colombia |  | 32.0% |  | 33.0% |  | 37.0%
Others |  | 9.0% – 30.0% |  | 7.8% – 35.0% |  | 7.8% – 39.0%

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