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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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Summary of Income Tax Expense | The amounts of income tax expense in the statements of operations for 2021, 2020 and 2019 are summarized as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current income tax expense |  | $ | 179 |  |  |  | 167 |  |  |  | 138 |
Deferred income tax expense (income) |  |  | (35 | ) |  |  | (122 | ) |  |  | 19 |
|  | $ | 144 |  |  |  | 45 |  |  |  | 157 |
Summary of Temporary Differences in Deferred Income Tax Assets and Liabilities | As of December 31, 2021 and 2020, the main temporary differences that generated the consolidated deferred income tax assets and liabilities are presented below:
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Tax loss carryforwards and other tax credits |  | $ | 662 |  |  |  | 777 |
Accounts payable and accrued expenses |  |  | 808 |  |  |  | 558 |
Intangible assets, net |  |  | 138 |  |  |  | 49 |
Total deferred tax assets, gross |  |  | 1,608 |  |  |  | 1,384 |
Presentation offset regarding same legal entity |  |  | (1,046 | ) |  |  | (644 | )
|  |  | 562 |  |  |  | 740 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, machinery and equipment and right-of-use asset, net |  |  | (1,502 | ) |  |  | (1,273 | )
Investments and other assets |  |  | (29 | ) |  |  | (29 | )
Total deferred tax liabilities, gross |  |  | (1,531 | ) |  |  | (1,302 | )
Presentation offset regarding same legal entity |  |  | 1,046 |  |  |  | 644 |
Total deferred tax liabilities, net in the statement of financial position |  |  | (485 | ) |  |  | (658 | )
Net deferred tax assets (liabilities) |  | $ | 77 |  |  |  | 82 |
Out of which: |  |  |  |  |  |  |  |
Net deferred tax liabilities in Mexican entities 1 |  | $ | (81 | ) |  |  | (77 | )
Net deferred tax assets in foreign entities 2 |  |  | 158 |  |  |  | 159 |
Net deferred tax assets |  | $ | 77 |  |  |  | 82 |
1 | Net deferred tax liabilities in Mexico at the reporting date mainly refer to a temporary difference resulting when comparing the carrying amount of property, machinery and equipment, against their corresponding tax values (remaining tax-deductible amount), partially offset by certain deferred tax assets from tax loss carryforwards that are expected to be recovered in the future against taxable income. When the book value is greater than the related tax value results in a deferred tax liability. In 2011, upon transition to IFRS, CEMEX elected to measure its fixed assets at fair value, which resulted in a significant increase in book value, mainly associated with the revaluation of mineral reserves. Such restated amounts are depleted to the income statement in a period close to 35 years, generating accounting expense that is not tax-deductible; hence the temporary difference will gradually reverse over time but does not represent a payment obligation to the tax authority at the reporting date.
2 | Net deferred tax assets in foreign entities in 2021 and 2020 are mainly related to tax loss carryforwards recognized in prior years, mainly in the United States, that are expected to be recovered in the future against taxable income.
Summary of the Balances of the Deferred tax Assets and Liabilities in Statement of Financial Position | As of December 31, 2021 and 2020, balances of the deferred tax assets and liabilities included in the statement of financial position are located in the following entities :
|  | 2021 |  |  | 2020 |
|  | Assets |  |  | Liabilities |  |  | Net |  |  | Assets |  |  | Liabilities |  |  | Net |
Mexican entities |  | $ | 191 |  |  |  | (272 | ) |  |  | (81 | ) |  | $ | 152 |  |  |  | (229 | ) |  |  | (77 | )
Foreign entities |  |  | 371 |  |  |  | (213 | ) |  |  | 158 |  |  |  | 588 |  |  |  | (429 | ) |  |  | 159 |
|  | $ | 562 |  |  |  | (485 | ) |  |  | 77 |  |  | $ | 740 |  |  |  | (658 | ) |  |  | 82 |
Summary of Breakdown of Changes in Consolidated Deferred Income Taxes | The breakdown of changes in consolidated deferred income taxes during 2021, 2020 and 2019 was as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Deferred income tax expense (income) in the income statement |  | $ | (35 | ) |  |  | (122 | ) |  |  | 19 |
Deferred income tax revenue in stockholders’ equity |  |  | (38 | ) |  |  | (41 | ) |  |  | (59 | )
Reclassifications 1 |  |  | 78 |  |  |  | (12 | ) |  |  | 3 |
Change in deferred income tax during the period |  | $ | 5 |  |  |  | (175 | ) |  |  | (37 | )
1 | In 2021, 2020 and 2019, refers to the effects of the reclassification of balances to assets held for sale and related liabilities (note 5.2).
Summary of Current and Deferred Income Tax Relative to Items of Other Comprehensive Income Loss | Current and/or deferred income tax relative to items of other comprehensive income during 2021, 2020 and 2019 were as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Revenue related to foreign exchange fluctuations from intercompany balances (note 22.2) |  | $ | (6 | ) |  |  | (19 | ) |  |  | (19 | )
Expense (revenue) associated to actuarial results (note 22.2) |  |  | 26 |  |  |  | (41 | ) |  |  | (29 | )
Revenue related to derivative financial instruments (note 18.4) |  |  | (1 | ) |  |  | 14 |  |  |  | (34 | )
Expense (revenue) from foreign currency translation and other effects |  |  | (63 | ) |  |  | (14 | ) |  |  | 4 |
|  | $ | (44 | ) |  |  | (60 | ) |  |  | (78 | )
Schedule of Consolidated Tax Loss and Tax Credits Carry Forwards Expire | As of December 31, 2021, consolidated tax loss and tax credits carryforwards expire as follows:
|  | Amount of carryforwards |  |  | Amount of unrecognized carryforwards |  |  | Amount of recognized carryforwards |
2022 |  | $ | 4,341 |  |  |  | 4,340 |  |  |  | 1 |
2023 |  |  | 274 |  |  |  | 258 |  |  |  | 16 |
2024 |  |  | 426 |  |  |  | 195 |  |  |  | 231 |
2025 |  |  | 185 |  |  |  | 148 |  |  |  | 37 |
2026 and thereafter |  |  | 9,569 |  |  |  | 7,221 |  |  |  | 2,348 |
|  | $ | 14,795 |  |  |  | 12,162 |  |  |  | 2,633 |
Schedule of Effective Tax Rate Table | For the years ended December 31, 2021, 2020 and 2019, the effective consolidated income tax rates were as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Earnings before income tax |  | $ | 932 |  |  |  | (1,302 | ) |  |  | 238 |
Income tax expense |  |  | (144 | ) |  |  | (45 | ) |  |  | (157 | )
Effective consolidated income tax expense rate 1 |  |  | 15.5 | % |  |  | (3.5 | )% |  |  | 66.0 | %
1 | The average effective tax rate equals the net amount of income tax revenue or expense divided by income or loss before income taxes, as these line items are reported in the income statement.
Schedule of Reconciliation Between Actual Income Tax Expense and Amount Computed by Applying Statutory Tax Rate | Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to CEMEX, among other factors, give rise to permanent differences between the statutory tax rate applicable in Mexico, and the effective tax rate presented in the consolidated statements of operations, which in 2021, 2020 and 2019 were as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | % |  |  | $ |  |  | % |  |  | $ |  |  | % |  |  | $ |
Mexican statutory tax rate |  |  | 30.0 |  |  |  | 280 |  |  |  | 30.0 |  |  |  | (391 | ) |  |  | 30.0 |  |  |  | 71 |
Difference between accounting and tax expenses, net 1 |  |  | 4.8 |  |  |  | 45 |  |  |  | (18.4 | ) |  |  | 240 |  |  |  | 111.2 |  |  |  | 265 |
Non-taxable sale of equity securities and fixed assets |  |  | (3.8 | ) |  |  | (35 | ) |  |  | 1.3 |  |  |  | (17 | ) |  |  | (13.4 | ) |  |  | (32 | )
Difference between book and tax inflation |  |  | 23.9 |  |  |  | 223 |  |  |  | (7.1 | ) |  |  | 92 |  |  |  | 38.1 |  |  |  | 91 |
Differences in the income tax rates in the countries where CEMEX operates 2 |  |  | 4.7 |  |  |  | 44 |  |  |  | (0.9 | ) |  |  | 12 |  |  |  | (31.9 | ) |  |  | (76 | )
Changes in deferred tax assets 3 |  |  | (48.7 | ) |  |  | (454 | ) |  |  | (9.6 | ) |  |  | 125 |  |  |  | (59.8 | ) |  |  | (142 | )
Changes in provisions for uncertain tax positions |  |  | 2.6 |  |  |  | 24 |  |  |  | 0.2 |  |  |  | (3 | ) |  |  | (5.2 | ) |  |  | (12 | )
Others |  |  | 2.0 |  |  |  | 17 |  |  |  | 1.0 |  |  |  | (13 | ) |  |  | (3.0 | ) |  |  | (8 | )
Effective consolidated income tax expense rate |  |  | 15.5 |  |  |  | 144 |  |  |  | (3.5 | ) |  |  | 45 |  |  |  | 66.0 |  |  |  | 157 |
1 | In 2020 includes $312, related to the effects of the impairment charges which are basically non-deductible (note 8). In 2019, includes $117 of difference between book and tax foreign exchang e fluctuations of the Parent Company.
2 | Refers mainly to the effects of the differences between the statutory income tax rate in Mexico of 30% against the applicable income tax rates of each country where CEMEX operates and includes the effect related to the change in statutory tax rate in Colombia from 30% to 35%.
3 | Refers to the effects in the effective income tax rate associated with changes during the period in the amount of deferred income tax assets related to CEMEX’s tax loss carryforwards.
Schedule of Variations Between the Line Item Changes in Deferred Tax Assets Against the Changes in Deferred Tax Assets in the Balance Sheet | The following table compares variations between the line item “Changes in deferred tax assets” as presented in the table above against the changes in deferred tax assets in the statement of financial position for the years ended December 31, 2021 and 2020:
|  | 2021 |  |  | 2020 |
|  | Changes in the statement of financial position |  |  | Amounts in reconciliation |  |  | Changes in the statement of financial position |  |  | Amounts in reconciliation |
Tax loss carryforwards generated and not recognized during the year |  | $ | — |  |  |  | 9 |  |  |  | — |  |  |  | 178 |
Derecognition related to tax loss carryforwards recognized in prior years |  |  | (145 | ) |  |  | — |  |  |  | (70 | ) |  |  | 12 |
Recognition related to unrecognized tax loss carryforwards |  |  | 19 |  |  |  | (460 | ) |  |  | 82 |  |  |  | (84 | )
Foreign currency translation and other effects |  |  | 11 |  |  |  | (3 | ) |  |  | 8 |  |  |  | 19 |
Changes in deferred tax assets |  | $ | (115 | ) |  |  | (454 | ) |  |  | 20 |  |  |  | 125 |
Schedule of Unrecognized Tax Benefits | A summary of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, excluding interest and penalties, is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance of tax positions at beginning of the period |  | $ | 27 |  |  |  | 28 |  |  |  | 44 |
Adoption effects of IFRIC 23 credited to retained earnings (note 3.1) |  |  | — |  |  |  | — |  |  |  | (6 | )
Additions for tax positions of prior periods |  |  | 4 |  |  |  | — |  |  |  | — |
Additions for tax positions of current period |  |  | 27 |  |  |  | 3 |  |  |  | 4 |
Reductions for tax positions related to prior periods and other items |  |  | (2 | ) |  |  | (1 | ) |  |  | (13 | )
Settlements and reclassifications |  |  | (5 | ) |  |  | (3 | ) |  |  | — |
Expiration of the statute of limitations |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
Foreign currency translation effects |  |  | (1 | ) |  |  | 2 |  |  |  | 1 |
Balance of tax positions at end of the period |  | $ | 48 |  |  |  | 27 |  |  |  | 28 |

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