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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Debt Summarized by Interest Rates and Currencies

As of December 31, 2022 and 2021, CEMEX´s consolidated debt summarized by interest rates and currencies, was as follows:


	2022								2021
	Current			Non-current			Total 1, 2		Current			Non-current			Total 1, 2
Floating rate debt	$	—			1,750			1,750	$	27			896			923
Fixed rate debt		51			5,170			5,221		46			6,410			6,456

	$	51			6,920			6,971	$	73			7,306			7,379

Effective rate 3
Floating rate		3.2	%		4.6	%				2.7	%		2.6	%
Fixed rate		5.1	%		5.3	%				5.2	%		4.8	%


	2022									2021
Currency	Current		Non-current		Total		Effective rate 3			Current		Non-current		Total		Effective rate 3
Dollars	$	5		5,511		5,516		5.7	%	$	6		6,375		6,381		4.4	%
Euros		2		962		964		3.3	%		1		453		454		3.1	%
Pesos		—		267		267		12.2	%		—		254		254		7.2	%
Philippine Pesos		8		139		147		5.4	%		66		109		175		4.4	%
Other currencies		36		41		77		4.3	%		—		115		115		4.1	%

	$	51		6,920		6,971				$	73		7,306		7,379

1	As of December 31, 2022 and 2021, from total debt of $6,971 and $7,379, respectively, 94% was held in the Parent Company and 6% in subsidiaries of the Parent Company, in both periods.

As of December 31, 2022 and 2021, cumulative discounts, fees and other direct costs incurred in CEMEX’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $45 and $53, respectively, are presented reducing debt balances and are amortized to financial expense over the maturity of the related debt instruments under the effective interest rate method.

3	In 2022 and 2021, 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, 2022 and 2021, CEMEX´s consolidated debt summarized by type of instrument, was as follows:


2022	Current		Non-current			2021	Current		Non-current
Bank loans						Bank loans
Loans in foreign countries, 2024 to 2025	$	43		184		Loans in foreign countries, 2023 to 2024	$	—		289
Syndicated loans, 2024 to 2026		—		2,578		Syndicated loans, 2023 to 2026		—		1,728

		43		2,762				—		2,017

Notes payable						Notes payable
Medium-term notes, 2024 to 2031		—		3,988		Medium-term notes, 2024 to 2031		—		5,179
Other notes payable, 2022 to 2027		6		172		Other notes payable, 2022 to 2027		5		178

		6		4,160				5		5,357

Total bank loans and notes payable		49		6,922		Total bank loans and notes payable		5		7,374
Current maturities		2		(2	)	Current maturities		68		(68	)

	$	51		6,920			$	73		7,306

Summary of Changes in Consolidated Debt

Changes in consolidated debt for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022			2021			2020
Debt at beginning of year	$	7,379			9,339			9,365
Proceeds from new debt instruments		2,006			3,960			4,210
Debt repayments		(2,420	)		(5,897	)		(4,572	)
Foreign currency translation and accretion effects		6			(23	)		336

Debt at end of year	$	6,971			7,379			9,339

Summary of Non-Current Notes Payable

As of December 31, 2022 and 2021,

non-current

notes payable for $4,160 and $5,357, respectively, were detailed as follows:


Description	Date of issuance		Issuer 1	Currency		Principal amount		Rate			Maturity date	Redeemed amount 2 $			Outstanding amount 2 $		2022		2021
July 2031 Notes 3		12/Jan/21	CEMEX, S.A.B. de C.V.		Dollar		1,750		3.875	%	11/Jul/31		(642	)		1,108	$	1,102		1,741
September 2030 Notes 3		17/Sep/20	CEMEX, S.A.B. de C.V.		Dollar		1,000		5.2	%	17/Sep/30		(283	)		717		714		995
November 2029 Notes 3		19/Nov/19	CEMEX, S.A.B. de C.V.		Dollar		1,000		5.45	%	19/Nov/29		(247	)		753		749		994
June 2027 Notes		05/Jun/20	CEMEX, S.A.B. de C.V.		Dollar		1,000		7.375	%	05/Jun/27		—			1,000		996		995
March 2026 Notes		19/Mar/19	CEMEX, S.A.B. de C.V.		Euro		400		3.125	%	19/Mar/26		—			428		427		454
July 2025 Notes		01/Apr/03	CEMEX Materials LLC		Dollar		150		7.70	%	21/Jul/25		—			150		152		152
Other notes payable																		20		26

																	$	4,160		5,357

1	As of December 31, 2021, after closing the 2021 Credit Agreement, these issued notes 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 notes repurchased by CEMEX. As of December 31, 2022, all repurchased notes have been canceled.

During 2022, pursuant to tender offers and other market transactions, CEMEX partially repurchased different series of its notes for an aggregate notional amount of $1,172. The difference between the amount paid for such notes and the notional amount redeemed, net of transactional costs, generated a repurchase gain of $104, recognized in the statement of operations for the year.

Schedule of Consolidated Long-Term Debt

The maturities of consolidated long-term debt as of December 31, 2022, were as follows:


	Bank loans		Notes payable		Total
2024	$	379		6		385
2025		1,280		156		1,436
2026		1,056		433		1,489
2027		45		999		1,044
2028 and thereafter		—		2,566		2,566

	$	2,760		4,160		6,920

Schedule of Lines of Credit

As of December 31, 2022, 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 3.38% and 5.65%, depending on the negotiated currency:


	Lines of credit		Available
Other lines of credit in foreign subsidiaries 1	$	364		204
Other lines of credit from banks 1		556		356
Revolving credit facility 2021 Credit Agreement		1,750		1,450

	$	2,670		2,010

1	Uncommitted amounts subject to the banks’ availability.

Summary of Consolidated Financial Ratios

As of December 31, 2022, 2021 and 2020, 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

2022

2021

2020

Leverage ratio

Limit

<=3.75

<=6.25

Calculation

2.84

2.73

4.07

Coverage ratio

Limit

>=2.75

>=1.75

Calculation

6.27

5.99

3.82

Summary of Other Financial Obligations

As of December 31, 2022 and 2021, other financial obligations in the consolidated statement of financial position were detailed as follows:


	2022						2021
	Current		Non-current		Total		Current		Non-current		Total
I. Leases	$	258		918		1,176	$	265		911		1,176
II. Liabilities secured with accounts receivable		678		—		678		602		—		602

	$	936		918		1,854	$	867		911		1,778

I.	Leases (notes 2.7, 8.1, 15.2 and 24.1)

CEMEX has several operating and administrative assets under lease contracts (note 15.2). As mentioned in note 2.7, CEMEX applies the recognition exemption for short-term leases and leases of

low-value

assets. Changes in the balance of lease financial liabilities during 2022, 2021 and 2020 were as follows:


	2022			2021			2020
Lease financial liability at beginning of year	$	1,176			1,260			1,306
Additions from new leases		296			227			213
Reductions from payments		(276	)		(313	)		(276	)
Cancellations and liability remeasurements		7			27			(9	)
Foreign currency translation and accretion effects		(27	)		(25	)		26

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

Detailed Information about In Lease Liabilities

Changes in the balance of lease financial liabilities during 2022, 2021 and 2020 were as follows:


	2022			2021			2020
Lease financial liability at beginning of year	$	1,176			1,260			1,306
Additions from new leases		296			227			213
Reductions from payments		(276	)		(313	)		(276	)
Cancellations and liability remeasurements		7			27			(9	)
Foreign currency translation and accretion effects		(27	)		(25	)		26

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

Summary of Disclosure Detail Of Financial Lease Liabilities

As of December 31, 2022, the maturities of

non-current

lease financial liabilities are as follows:


	Total
2024	$	194
2025		151
2026		109
2027		81
2028 and thereafter		383

	$	918

Summary of Carrying Amounts and Fair Value of Financial Instruments

As of December 31, 2022 and 2021, the carrying amounts of financial assets and liabilities and their respective fair values were as follows:


	2022				2021
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Derivative financial instruments (notes 14.2 and 17.4)	$	57		57	$	22		22
Other investments and non-current accounts receivable (note 14.2)		236		236		221		221

	$	293		293	$	243		243

Financial liabilities
Long-term debt (note 17.1)	$	6,920		6,517	$	7,306		7,629
Other financial obligations (note 17.2)		918		788		911		919
Derivative financial instruments (notes 17.4 and 18.2)		2		2		30		30

	$	7,840		7,307	$	8,247		8,578

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

As of December 31, 2022 and 2021, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 2.7):


2022	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 14.2 and 17.4)	$	—		57		—		57
Investments in strategic equity securities (note 14.2)		5		—		—		5
Other investments at fair value through earnings (note 14.2)		—		3		—		3

	$	5		60		—		65

Liabilities measured at fair value
Derivative financial instruments (notes 17.4 and 18.2)	$	—		2		—		2


2021	Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 14.2 and 17.4)	$	—		22		—		22
Investments in strategic equity securities (note 14.2)		14		—		—		14
Other investments at fair value through earnings (note 14.2)		—		3		—		3

	$	14		25		—		39

Liabilities measured at fair value
Derivative financial instruments (notes 17.4 and 18.2)	$	—		30		—		30

Summary of Derivative Financial Instruments

As of December 31, 2022 and 2021, the notional amounts and fair values of CEMEX’s derivative instruments were as follows:


	2022					2021
	Notional amount		Fair value			Notional amount		Fair value
I. Net investment hedges	$	837		(48	)		1,511		3
II. Interest rate swaps		1,018		54			1,005		(18	)
III. Fuel price hedging		136		8			145		30
IV. Foreign exchange options		500		18			250		6

	$	2,491		32			2,911		21

Summary of Consolidated Net Monetary Assets (Liabilities) by Currency

As of December 31, 2022 and 2021, CEMEX’s consolidated net monetary assets (liabilities) by currency are as follows:


	2022
	Mexico			United States			EMEAA			SCA&C			Others 1			Total
Monetary assets	$	960			650			1,315			204			—			3,129
Monetary liabilities		1,951			2,559			2,887			519			7,174			15,090

Net monetary assets (liabilities)	$	(991	)		(1,909	)		(1,572	)		(315	)		(7,174	)		(11,961	)

Out of which:
Dollars	$	8			(1,909	)		12			(42	)		(5,633	)		(7,564	)
Pesos		(999	)		—			—			—			(72	)		(1,071	)
Euros		—			—			(632	)		—			(1,183	)		(1,815	)
Pounds		—			—			(931	)		—			171			(760	)
Other currencies		—			—			(21	)		(273	)		(457	)		(751	)

	$	(991	)		(1,909	)		(1,572	)		(315	)		(7,174	)		(11,961	)


	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	)

1	Includes the Parent Company, CEMEX’s financing subsidiaries, among other entities.