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Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Summary of Consolidated Goodwill, Intangible Assets and Deferred Charges | As of December 31, 2023 and 2022, consolidated goodwill, intangible assets and deferred charges were summarized as follows:
|  |  |  |  | 2023 |  |  |  |  |  | 2022 |
|  |  |  |  | Cost |  |  | Accumulated amortization |  |  | Carrying amount |  |  |  |  |  | Cost |  |  | Accumulated amortization |  |  | Carrying amount |
Intangible assets of indefinite useful life: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ |  |  |  |  | 7,674 |  |  |  | – |  |  |  | 7,674 |  |  | $ |  |  |  |  | 7,538 |  |  |  | – |  |  |  | 7,538 |
Intangible assets of definite useful life: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Extraction rights |  |  |  |  |  |  | 1,768 |  |  |  | (479 | ) |  |  | 1,289 |  |  |  |  |  |  |  | 1,729 |  |  |  | (452 | ) |  |  | 1,277 |
Internally developed software |  |  |  |  |  |  | 973 |  |  |  | (639 | ) |  |  | 334 |  |  |  |  |  |  |  | 820 |  |  |  | (534 | ) |  |  | 286 |
Customer relationships |  |  |  |  |  |  | 196 |  |  |  | (196 | ) |  |  | – |  |  |  |  |  |  |  | 196 |  |  |  | (196 | ) |  |  | – |
Mining projects |  |  |  |  |  |  | 47 |  |  |  | (7 | ) |  |  | 40 |  |  |  |  |  |  |  | 39 |  |  |  | (6 | ) |  |  | 33 |
Industrial property and trademarks |  |  |  |  |  |  | 32 |  |  |  | (16 | ) |  |  | 16 |  |  |  |  |  |  |  | 32 |  |  |  | (15 | ) |  |  | 17 |
Other intangible assets |  |  |  |  |  |  | 357 |  |  |  | (180 | ) |  |  | 177 |  |  |  |  |  |  |  | 305 |  |  |  | (163 | ) |  |  | 142 |
|  | $ |  |  |  |  | 11,047 |  |  |  | (1,517 | ) |  |  | 9,530 |  |  | $ |  |  |  |  | 10,659 |  |  |  | (1,366 | ) |  |  | 9,293 |
Summary of Changes in Consolidated goodwill | Changes in consolidated goodwill for the years ended December 31, 2023 and 2022, were as follows:
|  |  |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ |  |  |  |  | 7,538 |  |  |  | 7,984 |
Impairment losses (notes 7 and 16.2) |  |  |  |  |  |  | – |  |  |  | (365) |
Business combinations (note 4.1) |  |  |  |  |  |  | 8 |  |  |  | 4 |
Foreign currency translation effects |  |  |  |  |  |  | 128 |  |  |  | (85) |
Balance at end of period |  | $ |  |  |  |  | 7,674 |  |  |  | 7,538 |
Summary of Changes in Intangible Asset | Changes in intangible assets of definite life in 2023 and 2022, were as follows:
|  |  |  |  | 2023 |
|  |  |  |  | Extraction rights |  |  | Internally developed software 1 |  |  | Mining projects |  |  | Industrial property and trademarks |  |  | Others |  |  | Total |
Balance at beginning of period |  | $ |  |  |  |  | 1,277 |  |  |  | 286 |  |  |  | 33 |  |  |  | 17 |  |  |  | 142 |  |  |  | 1,755 |
Amortization for the period |  |  |  |  |  |  | (42 | ) |  |  | (91 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | (20 | ) |  |  | (155) |
Impairment losses (note 7) |  |  |  |  |  |  | (7 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (7) |
Additions (decreases), net 1 |  |  |  |  |  |  | 2 |  |  |  | 148 |  |  |  | 7 |  |  |  | 2 |  |  |  | 48 |  |  |  | 207 |
Business combinations |  |  |  |  |  |  | 26 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 26 |
Foreign currency translation effects |  |  |  |  |  |  | 33 |  |  |  | (9 | ) |  |  | 1 |  |  |  | (2 | ) |  |  | 7 |  |  |  | 30 |
Balance at the end of period |  | $ |  |  |  |  | 1,289 |  |  |  | 334 |  |  |  | 40 |  |  |  | 16 |  |  |  | 177 |  |  |  | 1,856 |
|  |  |  |  | 2022 |
|  |  |  |  | Extraction rights |  |  | Internally developed software 1 |  |  | Mining projects |  |  | Industrial property and trademarks |  |  | Others |  |  | Total |
Balance at beginning of period |  | $ |  |  |  |  | 1,350 |  |  |  | 228 |  |  |  | 45 |  |  |  | 23 |  |  |  | 133 |  |  |  | 1,779 |
Amortization for the period |  |  |  |  |  |  | (44 | ) |  |  | (73 | ) |  |  | (1 | ) |  |  | (7 | ) |  |  | (13 | ) |  |  | (138) |
Additions (decreases), net 1 |  |  |  |  |  |  | (10 | ) |  |  | 136 |  |  |  | (10 | ) |  |  | – |  |  |  | 35 |  |  |  | 151 |
Foreign currency translation effects |  |  |  |  |  |  | (19 | ) |  |  | (5 | ) |  |  | (1 | ) |  |  | 1 |  |  |  | (13 | ) |  |  | (37) |
Balance at the end of period |  | $ |  |  |  |  | 1,277 |  |  |  | 286 |  |  |  | 33 |  |  |  | 17 |  |  |  | 142 |  |  |  | 1,755 |
1 | Includes the capitalized direct costs incurred in the development stage of internal-use software, such as professional fees, direct labor and related travel expenses. The capitalized amounts are amortized to the statement of income over a period ranging from 3 to 5 years.
Summary of Goodwill Balances Allocated by Operating Segment | As of December 31, 2023 and 2022, goodwill balances allocated by Operating Segment after impairment adjustments were as follows:
|  |  |  |  |  |  | 2023 |  |  |  | 2022 |
Mexico |  | $ |  |  |  |  | 441 |  |  |  | 384 |
United States |  |  |  |  |  |  | 6,176 |  |  |  | 6,176 |
EMEAA |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 264 |  |  |  | 250 |
France |  |  |  |  |  |  | 207 |  |  |  | 201 |
Spain |  |  |  |  |  |  | 59 |  |  |  | 57 |
Philippines |  |  |  |  |  |  | 82 |  |  |  | 82 |
Rest of EMEAA 1 |  |  |  |  |  |  | 50 |  |  |  | 38 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | 254 |  |  |  | 202 |
Caribbean TCL |  |  |  |  |  |  | 83 |  |  |  | 83 |
Rest of SCA&C 2 |  |  |  |  |  |  | 58 |  |  |  | 65 |
|  | $ |  |  |  |  | 7,674 |  |  |  | 7,538 |
1 | This caption refers to the operating segments in Israel, the Czech Republic, Egypt and Germany.
2 | This caption refers to the operating segments in the Dominican Republic, the Caribbean and Panama.
Summary of Pre-tax Discount Rates and Long-term Growth Rates Used to Determine the Discounted Cash Flows | As of December 31, 2023, 2022 and 2021, Cemex’s pre-tax discount rates and long-term growth rates used to determine the discounted cash flows in the group of CGUs with the main goodwill balances were as follows:
|  | Discount rates |  | Long-term growth rates 1
Groups of CGUs |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
United States |  | 10.1% |  | 9.1% |  | 7.2% |  | 2.0% |  | 2.0% |  | 2.0%
United Kingdom |  | 10.4% |  | 9.1% |  | 7.3% |  | 1.5% |  | 1.5% |  | 1.5%
France |  | 10.4% |  | 9.2% |  | 7.3% |  | 1.5% |  | 1.4% |  | 1.4%
Spain |  | 10.7% |  | 9.4% |  | 7.6% |  | 1.6% |  | 1.7% |  | 1.5%
Mexico |  | 11.6% |  | 10.3% |  | 8.4% |  | 1.0% |  | 1.1% |  | 1.0%
Colombia |  | 12.7% |  | 10.9% |  | 8.5% |  | 3.3% |  | 3.3% |  | 3.5%
Range of rates in other countries |  | 10.3% – 17.0% |  | 9.3% – 13.9% |  | 7.4% – 11.7% |  | 1.5% – 6.4% |  | 1.5% – 6.0% |  | 1.7% – 6.0%
1 | The long-term growth rates are generally based on projections issued by the International Monetary Fund (“IMF”).
Summary Of Operating Segments Presenting Impairment Charges Or Relative Impairment Risk | In relation to the economic assumptions used by the Company described above, the additional impairment losses that would have resulted from the sensitivity analyses derived from independent changes in each of the relevant assumptions, as well as the average multiple of Operating EBITDA, in those operating segments that presented relative impairment risk as of December 31, 2023, are as follows:
|  |  |  |  | Impairment effects from the sensitivity analyses to changes in assumptions as of December 31, 2023 |
Operating segment |  |  |  |  | Impairment losses recognized |  |  | Discount rate +1% |  |  | Long-term growth rate –1% |  |  | Multiples Operating EBITDA 10.9x |
United States |  | $ |  |  |  |  | – |  |  |  | 357 |  |  |  | 64 |  |  |  | – |

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