XML 131 R52.htm IDEA: XBRL DOCUMENT

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Debt Summarized by Interest Rates and Currencies

As of December 31, 2021 and 2020, CEMEX’s consolidated debt summarized by interest rates and currencies, was as follows:


	2021								2020
	Current			Non-current			Total 1, 2		Current			Non-current			Total 1, 2

Floating rate debt	$	27			896			923	$	172			2,538			2,710
Fixed rate debt		46			6,410			6,456		7			6,622			6,629

	$	73			7,306			7,379	$	179			9,160			9,339

Effective rate 3
Floating rate		2.7	%		2.6	%				3.1	%		4.0	%
Fixed rate		5.2	%		4.8	%				4.7	%		5.6	%


	2021									2020
Currency	Current		Non-current		Total		Effective rate 3			Current		Non-current		Total		Effective rate 3


Dollars	$	6		6,375		6,381		4.4	%	$	6		6,089		6,095		5.8	%
Euros		1		453		454		3.1	%		73		2,078		2,151		2.7	%
Pounds		—		—		—		—			55		329		384		2.5	%
Philippine pesos		66		109		175		4.4	%		3		220		223		4.1	%
Mexican pesos		—		254		254		7.2	%		—		334		334		6.8	%
Other currencies		—		115		115		4.1	%		42		110		152		4.9	%

	$	73		7,306		7,379				$	179		9,160		9,339

1	As of December 31, 2021 and 2020, from total debt of $7,379 and $9,339, respectively, 94% in 2021 and 93% in 2020 was held in the Parent Company and 6% in 2021 and 7% in 2020 was in subsidiaries of the Parent Company.

As of December 31, 2021 and 2020, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $53 and $66, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the amortized cost method.

3	In 2021 and 2020 , represents the weighted-average nominal interest rate of the related debt agreements determined at the end of each period.

Summary of Consolidated Debt by Type of Instrument

As of December 31, 2021 and 2020, CEMEX’s consolidated debt summarized by type of instrument, was as

follows:


2021	Current		Non-current			2020	Current		Non-current


Bank loans						Bank loans
Loans in foreign countries, 2023 to 2024	$	—		289		Loans in foreign countries, 2021 to 2024	$	67		371
Syndicated loans, 2023 to 2026		—		1,728		Syndicated loans, 2021 to 2025		—		2,383

		—		2,017				67		2,754

Notes payable						Notes payable
Medium-term notes, 2024 to 2031		—		5,179		Medium-term notes, 2024 to 2030		—		6,327
Other notes payable, 2022 to 2027		5		178		Other notes payable, 2021 to 2027		7		184

		5		5,357				7		6,511

Total bank loans and notes payable		5		7,374		Total bank loans and notes payable		74		9,265
Current maturities		68		(68	)	Current maturities		105		(105	)

	$	73		7,306			$	179		9,160

Summary of Changes in Consolidated Debt

Changes in consolidated debt for the years ended December 31, 2021, 2020 and 2019 were as

follows:


	2021			2020			2019

Debt at beginning of year	$	9,339			9,365			9,311
Proceeds from new debt instruments		3,960			4,210			3,331
Debt repayments		(5,897	)		(4,572	)		(3,284	)
Foreign currency translation and accretion effects		(23	)		336			7

Debt at end of year	$	7,379			9,339			9,365

Summary of Non-Current Notes Payable

As of December 31, 2021 and 2020,

non-current

notes payable for $5,357 and $6,511, respectively, were detailed as follows:


Description	Date of issuance		Issuer 1	Currency		Principal amount		Rate			Maturity date		Redeemed amount 2 $			Outstanding amount 2 $		2021		2020


July 2031 Notes 3		12/Jan/2 1	CEMEX, S.A.B. de C.V.		Dollar		1,750		3.875	%		11/Jul/3 1		—			1,750	$	1,741		—
September 2030 Notes		17/Sep/2 0	CEMEX, S.A.B. de C.V.		Dollar		1,000		5.2	%		17/Sep/3 0		—			1,000		995		995
November 2029 Notes		19/Nov/19	CEMEX, S.A.B. de C.V.		Dollar		1,000		5.45	%		19/Nov/2 9		—			1,000		994		993
June 2027 Notes		05/Jun/2 0	CEMEX, S.A.B. de C.V.		Dollar		1,000		7.375	%		05/Jun/2 7		—			1,000		995		994
April 2026 Notes 3		16/Mar/1 6	CEMEX, S.A.B. de C.V.		Dollar		1,000		7.75	%		16/Apr/2 6		(1,000	)		—		—		997
March 2026 Notes		19/Mar/1 9	CEMEX, S.A.B. de C.V.		Euro		400		3.125	%		19/Mar/2 6		—			455		454		487
July 2025 Notes		01/Apr/0 3	CEMEX Materials LLC		Dollar		150		7.70	%		21/Jul/2 5		—			150		152		153
January 2025 Notes 3		11/Sep/1 4	CEMEX, S.A.B. de C.V.		Dollar		1,100		5.70	%		11/Jan/2 5		(1,100	)		—		—		1,069
December 2024 Notes		05/Dec/1 7	CEMEX, S.A.B. de C.V.		Euro		650		2.75	%		05/Dec/2 4		(650	)		—		—		792
Other notes payable																			26		31

																		$	5,357		6,511

1	As of December 31, 2021, after closing the 2021 Credit Agreement, all notes issued are fully and unconditionally guaranteed by CEMEX Concretos, S.A. de C.V., CEMEX Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and CEMEX Corp.

2	Presented net of all outstanding notes repurchased and held by CEMEX. As of December 31, 2021 there are no repurchased notes outstanding.

3	CEMEX used the proceeds from the July 2031 Notes to redeem in full the April 2026 Notes and partially the January 2025 Notes.

Schedule of Consolidated Long-Term Debt

The maturities of consolidated long-term debt as of December 31, 2021, were as follows:


	Bank loans		Notes payable		Total
2023	$	199		6		205
2024		368		5		373
2025		691		157		848
2026		691		460		1,151
2027 and thereafter		—		4,729		4,729

	$	1,949		5,357		7,306

Schedule of Lines of Credit

As of December 31, 2021, CEMEX had the following lines of credit, of which, the only committed portion refers to the revolving credit facility under the 2021 Credit Agreement, at annual interest rates ranging between 1.65% and 3.94%, depending on the negotiated currency:


	Lines of credit		Available
Other lines of credit in foreign subsidiaries 1	$	199		87
Other lines of credit from banks 1		540		339
Revolving credit facility 2021 Credit Agreement		1,750		1,750

	$	2,489		2,176

Summary of Coverage Ratio and Leverage Ratio

Period	Leverage Ratio
For the period ending on December 31, 2020 up to and including the period ending on March 31, 2021	< = 6.25
For the period ending on June 30, 2021	< = 6.00
For the period ending on September 30, 2021	< = 5.75

Summary of Consolidated Financial Ratios

As of December 31, 2021, 2020 and 2019, under the 2021 Credit Agreement and the 2017 Facilities Agreement, as applicable, the main consolidated financial ratios were as follows:

Consolidated financial ratios

Refers to the compliance limits
and calculations that were
effective on each date

2021

2020

2019

Leverage ratio

Limit

<=3.75

<=6.25

<=5.25

Calculation

2.73

4.07

4.17

Coverage ratio

Limit

>=2.75

>=1.75

>=2.50

Calculation

5.99

3.82

3.86

Summary of Other Financial Obligations

As of December 31, 2021 and 2020, other financial obligations in the consolidated statement of financial position were detailed as follows:


	2021						2020
	Current		Non-current		Total		Current		Non-current		Total

I. Leases	$	265		911		1,176	$	293		967		1,260
II. Liabilities secured with accounts receivable		602		—		602		586		—		586

	$	867		911		1,778	$	879		967		1,846

Detailed Information about In Lease Liabilities

Changes in the balance of lease financial liabilities during 2021, 2020 and 2019 were as follows:


	2021			2020			2019

Lease financial liability at beginning of year	$	1,260			1,306			1,315
Additions from new leases		227			213			274
Reductions from payments		(313	)		(276	)		(239	)
Cancellations and liability remeasurements		27			(9	)		(54	)
Foreign currency translation and accretion effects		(25	)		26			10

Lease financial liability at end of year	$	1,176			1,260			1,306

Summary of Disclosure Detail Of Financial Lease Liabilities

As of December 31, 2021, the maturities of

non-current

lease financial liabilities are as follows:


	Total
2023	$	233
2024		137
2025		104
2026		70
2027 and thereafter		367
	$	911

Summary of Carrying Amounts and Fair Value of Financial Instruments

As of December 31, 2021 and 2020, the carrying amounts of financial assets and liabilities and their respective fair values were as follows:


	2021				2020
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Derivative financial instruments (notes 15.2 and 18.4)	$	22		22	$	3		3
Other investments and non-current accounts receivable (note 15.2)		221		221		272		272

	$	243		243	$	275		275

Financial liabilities
Long-term debt (note 18.1)	$	7,306		7,629	$	9,160		9,687
Other financial obligations (note 18.2)		911		919		967		1,012
Derivative financial instruments (notes 18.4 and 19.2)		30		30		53		53

	$	8,247		8,578	$	10,180		10,752

Summary of Fair Value of Derivative Financial Instruments at Fair Value Hierarchy

As of December 31, 2021 and 2020, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 3.6):


2021	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 15.2 and 18.4)	$	—		22		—		22
Investments in strategic equity securities (note 15.2)		14		–		—		14
Other investments at fair value through earnings (note 15.2)		—		3		—		3

	$	14		25		—		39

Liabilities measured at fair value
Derivative financial instruments (notes 18.4 and 19.2)	$	—		30		—		30


2020	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 15.2 and 18.4)	$	—		3		—		3
Investments in strategic equity securities (note 15.2)		23		—		—		23
Other investments at fair value through earnings (note 15.2)		—		3		—		3

	$	23		6		—		29

Liabilities measured at fair value
Derivative financial instruments (notes 18.4 and 19.2)	$	—		53		–—		53

Summary of Derivative Financial Instruments

As of December 31, 2021 and 2020, the notional amounts and fair values of CEMEX’s derivative instruments were as follows:


	2021					2020
	Notional amount		Fair value			Notional amount		Fair value


I. Net investment hedge	$	1,511		3			741		(42	)
II. Interest rate swaps		1,005		(18	)		1,334		(47	)
III. Equity forwards on third party shares		—		—			27		3
IV. Fuel price hedging		145		30			128		5
V. Options		250		6			—		—

	$	2,911		21			2,230		(81	)

Summary of Consolidated Net Monetary Assets (Liabilities) by Currency

As of December 31, 2021 and 2020, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows:


	2021
	Mexico			United States			EMEAA			SCA&C			Others 1			Total
Monetary assets	$	873			605			1,255			262			193			3,188
Monetary liabilities		1,644			2,701			3,279			659			7,544			15,827

Net monetary assets (liabilities)	$	(771	)		(2,096	)		(2,024	)		(397	)		(7,351	)		(12,639	)

Out of which:
Dollars	$	(166	)		(2,096	)		23			(87	)		(6,254	)		(8,580	)
Pesos		(601	)		—			—			—			(17	)		(618	)
Euros		—			—			(762	)		1			(384	)		(1,145	)
Pounds		—			—			(1,191	)		—			28			(1,163	)
Other currencies		(4	)		—			(94	)		(311	)		(724	)		(1,133	)

	$	(771	)		(2,096	)		(2,024	)		(397	)		(7,351	)		(12,639	)


		2020
		Mexico		United States			EMEAA			SCA&C			Others 1			Total
Monetary assets	$	856			550			1,452			240			419			3,517
Monetary liabilities		1,420			2,480			3,534			680			9,625			17,739

Net monetary assets (liabilities)	$	(564	)		(1,930	)		(2,082	)		(440	)		(9,206	)		(14,222	)

Out of which:
Dollars	$	(161	)		(1,930	)		17			(37	)		(6,065	)		(8,176	)
Pesos		(403	)		—			—			—			(87	)		(490	)
Euros		—			—			(743	)		—			(2,451	)		(3,194	)
Pounds		—			—			(1,174	)		—			26			(1,148	)
Other currencies		—			—			(182	)		(403	)		(629	)		(1,214	)

	$	(564	)		(1,930	)		(2,082	)		(440	)		(9,206	)		(14,222	)

1	Includes the Parent Company, CEMEX’s financing subsidiaries, as well as Neoris N.V., among other entities.