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Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable
 12 Months Ended
Dec. 31, 2022
Text block [abstract]  
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable
14)
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES, OTHER INVESTMENTS AND
NON-CURRENT
ACCOUNTS RECEIVABLE
 
14.1)
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
As of December 31, 2022 and 2021, the investments in common shares of associates and joint ventures were as follows:
 
    
Activity
     
Country
     
%
     
2022
     
2021
  
Camcem, S.A. de C.V.      Cement        Mexico        40.1      $ 306        269  
Concrete Supply Co. LLC      Concrete        United States        40.0        96        90  
Lehigh White Cement Company      Cement        United States        36.8        76        69  
Neoris N.V. 1      Technology        The Netherlands        34.8        62        —    
Société d’Exploitation de Carrières      Aggregates        France        50.0        23        22  
Société Méridionale de Carrières      Aggregates        France        33.3        12        12  
Other companies      —        —        —          65        73  
                               
 
 
     
 
 
  
                                $ 640        535  
                               
 
 
     
 
 
  
Out of which:
                                             
Acquisition cost
 
    $ 302        303  
Equity method recognition
 
    $ 338        232  
      
 
 
     
 
 
  
 
 
 
 
1
On October 25, 2022, in connection with the sale of Neoris’ 65% stake to Advent described in note 4.2, CEMEX’s remaining equity interest in Neoris was remeasured at fair value at the date of loss of control, measured prospectively under the equity method and is presented in the line item of investments in associates and joint ventures.
Combined condensed statement of financial position information of CEMEX’s equity accounted investees as of December 31, 2022 and 2021 is set forth below:
 
    
2022
     
2021
  
Current assets
    $ 1,603        1,424  
Non-current
assets
      1,699        1,718  
    
 
 
     
 
 
  
Total assets
      3,302        3,142  
    
 
 
     
 
 
  
Current liabilities
      468        532  
Non-current
liabilities
      774        737  
    
 
 
     
 
 
  
Total liabilities
      1,242        1,269  
    
 
 
     
 
 
  
Total net assets
    $ 2,060        1,873  
    
 
 
     
 
 
  
Combined selected information of the statements of operations of CEMEX’s equity accounted investees in 2022, 2021 and 2020 is set forth below:
 
    
2022
     
2021
     
2020
  
Revenues
    $ 2,319        1,801        1,759  
Operating earnings
      398        312        296  
Income before income tax
      268        219        175  
Net income
      186        153        128  
The share of equity accounted investees by reportable segment in the statements of operations for 2022, 2021 and 2020 is detailed as follows:
 
    
2022
     
2021
     
2020
  
Mexico
    $ 39        28        30  
United States
      17        18        15  
EMEAA
      8        8        6  
Corporate and others
      (34 )       —          (2 ) 
    
 
 
     
 
 
     
 
 
  
     $ 30        54        49  
    
 
 
     
 
 
     
 
 
  
 
 
 
14.2)
OTHER INVESTMENTS AND
NON-CURRENT
ACCOUNTS RECEIVABLE
As of December 31, 2022 and 2021, consolidated other investments and
non-current
accounts receivable were summarized as follows:
 
    
2022
     
2021
  
Non-current
accounts receivable
1
    $ 228        204  
Investments in strategic equity securities
2
      5        14  
Non-current
portion of valuation of derivative financial instruments (note 17.4)
      57        22  
Investments at fair value through the income statement
3
      3        3  
    
 
 
     
 
 
  
     $ 293        243  
    
 
 
     
 
 
  
 
1
Includes, among other items: a) accounts receivable from investees and joint ventures of $33 in 2022 and $21 in 2021, b) advances to suppliers of fixed assets of $58 in 2022 and $35 in 2021, c) employee prepaid compensation of $12 in 2022 and $7 in 2021, and d) warranty deposits of $21 in 2022 and $27 in 2021.
2
These investments are recognized at fair value through other comprehensive income.
3
Refers to investments in private funds. In 2022 and 2021, no contributions were made to such private funds.