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Pensions and Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
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Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2021, 2020 and 2019, the effects of pension plans and other post-employment benefits are summarized as follows:
|  | Pensions |  |  | Other benefits |  |  | Total |
Net period cost (income): |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Recorded in operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 9 |  |  |  | 10 |  |  |  | 10 |  |  |  | 3 |  |  |  | 2 |  |  |  | 2 |  |  |  | 12 |  |  |  | 12 |  |  |  | 12 |
Past service cost |  |  | — |  |  |  | (2 | ) |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | 1 |
Settlements and curtailments |  |  | (1 | ) |  |  | — |  |  |  | (3 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
|  |  | 8 |  |  |  | 8 |  |  |  | 8 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 10 |  |  |  | 10 |  |  |  | 10 |
Recorded in other financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest cost |  |  | 26 |  |  |  | 28 |  |  |  | 34 |  |  |  | 5 |  |  |  | 5 |  |  |  | 5 |  |  |  | 31 |  |  |  | 33 |  |  |  | 39 |
Recorded in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (gains) losses for the period |  |  | (257 | ) |  |  | 181 |  |  |  | 203 |  |  |  | (6 | ) |  |  | 18 |  |  |  | 7 |  |  |  | (263 | ) |  |  | 199 |  |  |  | 210 |
|  | $ | (223 | ) |  |  | 217 |  |  |  | 245 |  |  |  | 1 |  |  |  | 25 |  |  |  | 14 |  |  |  | (222 | ) |  |  | 242 |  |  |  | 259 |
Summary of Actuarial (Gains) Losses | For the years 2021 , 2020 and 2019 , actuarial (gains) losses for the period were generated by the following main factors as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Actuarial (gains) losses due to experience |  | $ | (87 | ) |  |  | 1 |  |  |  | 5 |
Actuarial (gains) losses due to demographic assumptions |  |  | 20 |  |  |  | 18 |  |  |  | (11 | )
Actuarial (gains) losses due financial assumptions |  |  | (196 | ) |  |  | 180 |  |  |  | 216 |
|  | $ | (263 | ) |  |  | 199 |  |  |  | 210 |
In 2021 , net actuarial gains due to financial assumptions were mainly driven by moderate increases in the discount rates applicable to the calculation of the benefits’ obligations in the United Kingdom, the United States, Germany and Mexico, as market interest rates increased in 2021 as compared to 2020 . In addition, there were significant reduction effects in the net projected liability related to adjustments due to experience in the United Kingdom, the United States and Germany for a combined amount of $ 81 . Moreover, the net projected liability significantly decreased by actual returns in plan assets higher than estimated returns for a total of $ 122 , of which $ 86 refers to the United Kingdom, $ 13 to the United States and $ 23 to other countries, partially offset by actuarial losses due to demographic assumption of $ 20 , of which $ 12 refers to the United Kingdom.
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2021 and 2020, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows :
|  | Pensions |  |  | Other benefits |  |  | Total |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Change in benefits obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of the period |  | $ | 2,928 |  |  |  | 2,651 |  |  |  | 105 |  |  |  | 87 |  |  |  | 3,033 |  |  |  | 2,738 |
Service cost |  |  | 9 |  |  |  | 10 |  |  |  | 3 |  |  |  | 2 |  |  |  | 12 |  |  |  | 12 |
Interest cost |  |  | 62 |  |  |  | 70 |  |  |  | 5 |  |  |  | 5 |  |  |  | 67 |  |  |  | 75 |
Actuarial (gains) losses |  |  | (134 | ) |  |  | 258 |  |  |  | (6 | ) |  |  | 18 |  |  |  | (140 | ) |  |  | 276 |
Additions through business combinations |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Settlements and curtailments |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (1 | )
Plan amendments |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | (1 | )
Benefits paid |  |  | (132 | ) |  |  | (140 | ) |  |  | (7 | ) |  |  | (6 | ) |  |  | (139 | ) |  |  | (146 | )
Foreign currency translation |  |  | (47 | ) |  |  | 80 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | (48 | ) |  |  | 79 |
Projected benefit obligation at end of the period |  |  | 2,685 |  |  |  | 2,928 |  |  |  | 98 |  |  |  | 105 |  |  |  | 2,783 |  |  |  | 3,033 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the period |  |  | 1,693 |  |  |  | 1,599 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1,694 |  |  |  | 1,600 |
Return on plan assets |  |  | 36 |  |  |  | 42 |  |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 42 |
Actuarial gains |  |  | 123 |  |  |  | 77 |  |  |  | — |  |  |  | — |  |  |  | 123 |  |  |  | 77 |
Employer contributions |  |  | 78 |  |  |  | 75 |  |  |  | 7 |  |  |  | 6 |  |  |  | 85 |  |  |  | 81 |
Benefits paid |  |  | (132 | ) |  |  | (140 | ) |  |  | (7 | ) |  |  | (6 | ) |  |  | (139 | ) |  |  | (146 | )
Foreign currency translation |  |  | (15 | ) |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | 40 |
Fair value of plan assets at end of the period |  |  | 1,783 |  |  |  | 1,693 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1,784 |  |  |  | 1,694 |
Net projected liability in the statement of financial position |  | $ | 902 |  |  |  | 1,235 |  |  |  | 97 |  |  |  | 104 |  |  |  | 999 |  |  |  | 1,339 |
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2021 and 2020, based on the hierarchy of fair values, plan assets are detailed as follows:
|  | 2021 |  |  | 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash |  | $ | 33 |  |  |  | — |  |  |  | — |  |  |  | 33 |  |  | $ | 44 |  |  |  | — |  |  |  | — |  |  |  | 44 |
Investments in corporate bonds |  |  | 1 |  |  |  | 432 |  |  |  | — |  |  |  | 433 |  |  |  | 1 |  |  |  | 474 |  |  |  | — |  |  |  | 475 |
Investments in government bonds |  |  | 85 |  |  |  | 393 |  |  |  | — |  |  |  | 478 |  |  |  | 86 |  |  |  | 371 |  |  |  | — |  |  |  | 457 |
Total fixed-income securities |  |  | 119 |  |  |  | 825 |  |  |  | — |  |  |  | 944 |  |  |  | 131 |  |  |  | 845 |  |  |  | — |  |  |  | 976 |
Investment in marketable securities |  |  | 380 |  |  |  | 109 |  |  |  | — |  |  |  | 489 |  |  |  | 341 |  |  |  | 89 |  |  |  | — |  |  |  | 430 |
Other investments and private funds |  |  | 163 |  |  |  | 88 |  |  |  | 100 |  |  |  | 351 |  |  |  | 146 |  |  |  | 55 |  |  |  | 87 |  |  |  | 288 |
Total variable-income securities |  |  | 543 |  |  |  | 197 |  |  |  | 100 |  |  |  | 840 |  |  |  | 487 |  |  |  | 144 |  |  |  | 87 |  |  |  | 718 |
Total plan assets |  | $ | 662 |  |  |  | 1,022 |  |  |  | 100 |  |  |  | 1,784 |  |  | $ | 618 |  |  |  | 989 |  |  |  | 87 |  |  |  | 1,694 |
Summary of Significant Assumptions Used in the Determination of the Benefit Obligation | The most significant assumptions used in the determination of the benefit obligation were as follows:
|  | 2021 |  |  | 2020 |
|  | Mexico |  |  | United States |  |  | United Kingdom |  |  | Range of rates in other countries |  |  | Mexico |  |  | United States |  |  | United Kingdom |  |  | Rates ranges in other countries |
Discount rates |  |  | 9.25 | % |  |  | 2.90 | % |  |  | 1.90 | % |  |  | 0.4% – 9.3% |  |  |  | 7.80 | % |  |  | 2.60 | % |  |  | 1.50 | % |  |  | 0.2% – 9.0% |
Rate of return on plan assets |  |  | 9.25 | % |  |  | 2.90 | % |  |  | 1.90 | % |  |  | 0.4% – 9.3% |  |  |  | 7.80 | % |  |  | 2.60 | % |  |  | 1.50 | % |  |  | 0.2% – 9.0% |
Rate of salary increases |  |  | 4.50 | % |  |  | — |  |  |  | 3.35 | % |  |  | 2.3% – 7.3% |  |  |  | 4.50 | % |  |  | — |  |  |  | 3.00 | % |  |  | 2.3% – 6.8% |
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2021, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows:
|  | Estimated payments |
2022 |  | $ | 155 |
2023 |  |  | 139 |
2024 |  |  | 140 |
2025 |  |  | 142 |
2026 – 2031 |  |  | 850 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2021 and 2020 , the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows:
|  | 2021 |  |  | 2020 |
|  | PBO |  |  | Assets |  |  | Deficit |  |  | PBO |  |  | Assets |  |  | Deficit |
Mexico |  | $ | 200 |  |  |  | 38 |  |  |  | 162 |  |  | $ | 216 |  |  |  | 29 |  |  |  | 187 |
United States |  |  | 270 |  |  |  | 226 |  |  |  | 44 |  |  |  | 305 |  |  |  | 222 |  |  |  | 83 |
United Kingdom 1 |  |  | 1,794 |  |  |  | 1,273 |  |  |  | 521 |  |  |  | 1,925 |  |  |  | 1,214 |  |  |  | 711 |
Germany |  |  | 180 |  |  |  | 7 |  |  |  | 173 |  |  |  | 219 |  |  |  | 8 |  |  |  | 211 |
Other countries |  |  | 339 |  |  |  | 240 |  |  |  | 99 |  |  |  | 368 |  |  |  | 221 |  |  |  | 147 |
|  | $ | 2,783 |  |  |  | 1,784 |  |  |  | 999 |  |  | $ | 3,033 |  |  |  | 1,694 |  |  |  | 1,339 |
1 | Applicable regulation in the United Kingdom requires to maintain plan assets at a level similar to that of the obligations. Beginning in 2012, the pension fund started to receive annual dividends from a limited partnership (the “Partnership”), whose assets, transferred by CEMEX UK of an approximate value of $553, are leased back to CEMEX UK. The Partnership is owned, controlled and consolidated by CEMEX UK. The annual dividends received by the pension funds in 2021, 2020 and 2019, which increase at a 5% rate per year, were £22.3 ($30), £21.3 ($29) and £20.3 ($27), respectively. In 2037, on expiry of the arrangement, the Partnership will be terminated and under the terms of the agreement, the remaining assets will be distributed to CEMEX UK. Distributions from the Partnership to the pension fund are considered as employer contributions to plan assets in the period in which they occur.
Schedule of Sensitivity Analysis of Pension and Other Post Employment Benefits | For the year ended December 31, 2021, CEMEX performed sensitivity analyses on the most significant assumptions that affect the PBO, considering reasonable independent changes of plus or minus 50 basis points in each of these assumptions. The increase (decrease) that would have resulted in the PBO of pensions and other post-employment benefits as of December 31, 2021 are shown below:
|  | Pensions |  |  | Other benefits |  |  | Total |
Assumptions: |  | +50 bps |  |  | -50 bps |  |  | +50 bps |  |  | -50 bps |  |  | +50 bps |  |  | -50 bps |
Discount Rate Sensitivity |  | $ | (178 | ) |  |  | 200 |  |  |  | (5 | ) |  |  | 5 |  |  |  | (183 | ) |  |  | 205 |
Salary Increase Rate Sensitivity |  |  | 6 |  |  |  | (5 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 7 |  |  |  | (6 | )
Pension Increase Rate Sensitivity |  |  | 124 |  |  |  | (121 | ) |  |  | — |  |  |  | — |  |  |  | 124 |  |  |  | (121 | )

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