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Pensions and Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits | For the years ended December 31, 2023, 2022 and 2021, the effects of pension plans and other post-employment benefits are summarized as follows:
|  |  |  |  | Pensions |  |  | Other benefits |  |  | Total |
Net period cost (income): |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Recorded in operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ |  |  |  |  | 7 |  |  |  | 8 |  |  |  | 9 |  |  |  | 4 |  |  |  | 4 |  |  |  | 3 |  |  |  | 11 |  |  |  | 12 |  |  |  | 12 |
Past service cost |  |  |  |  |  |  | – |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | – |
Settlements, curtailments and other changes |  |  |  |  |  |  | (10 | ) |  |  | – |  |  |  | (1 | ) |  |  | (1 | ) |  |  | – |  |  |  | (1 | ) |  |  | (11 | ) |  |  | – |  |  |  | (2) |
|  |  |  |  |  |  | (3 | ) |  |  | 9 |  |  |  | 8 |  |  |  | 3 |  |  |  | 4 |  |  |  | 2 |  |  |  | – |  |  |  | 13 |  |  |  | 10 |
Recorded in other financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest cost |  |  |  |  |  |  | 36 |  |  |  | 23 |  |  |  | 26 |  |  |  | 8 |  |  |  | 6 |  |  |  | 5 |  |  |  | 44 |  |  |  | 29 |  |  |  | 31 |
Recorded in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses (gains) for the period |  |  |  |  |  |  | 46 |  |  |  | (166 | ) |  |  | (257 | ) |  |  | (1 | ) |  |  | (10 | ) |  |  | (6 | ) |  |  | 45 |  |  |  | (176 | ) |  |  | (263) |
|  | $ |  |  |  |  | 79 |  |  |  | (134 | ) |  |  | (223 | ) |  |  | 10 |  |  |  | – |  |  |  | 1 |  |  |  | 89 |  |  |  | (134 | ) |  |  | (222) |
Disclosure of Net Defined Benefit Liability (Asset) | As of December 31, 2023 and 2022, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows:
|  |  |  |  |  |  | Pensions |  |  |  | Other benefits |  |  |  | Total |
|  |  |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in benefits obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of the period |  | $ |  |  |  |  | 1,811 |  |  |  | 2,685 |  |  |  | 92 |  |  |  | 98 |  |  |  | 1,903 |  |  |  | 2,783 |
Service cost |  |  |  |  |  |  | 7 |  |  |  | 8 |  |  |  | 4 |  |  |  | 4 |  |  |  | 11 |  |  |  | 12 |
Interest cost |  |  |  |  |  |  | 101 |  |  |  | 66 |  |  |  | 8 |  |  |  | 6 |  |  |  | 109 |  |  |  | 72 |
Actuarial losses (gains) |  |  |  |  |  |  | 30 |  |  |  | (632 | ) |  |  | (1 | ) |  |  | (10 | ) |  |  | 29 |  |  |  | (642) |
Initial valuation from new plan |  |  |  |  |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13 |
Reduction from disposal of assets |  |  |  |  |  |  | – |  |  |  | (6 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6) |
Settlements and curtailments |  |  |  |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | – |
Plan amendments |  |  |  |  |  |  | (10 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | – |  |  |  | (11 | ) |  |  | 1 |
Benefits paid |  |  |  |  |  |  | (122 | ) |  |  | (130 | ) |  |  | (8 | ) |  |  | (7 | ) |  |  | (130 | ) |  |  | (137) |
Foreign currency translation |  |  |  |  |  |  | 94 |  |  |  | (194 | ) |  |  | 7 |  |  |  | 1 |  |  |  | 101 |  |  |  | (193) |
Projected benefit obligation at end of the period |  |  |  |  |  |  | 1,909 |  |  |  | 1,811 |  |  |  | 101 |  |  |  | 92 |  |  |  | 2,010 |  |  |  | 1,903 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the period |  |  |  |  |  |  | 1,207 |  |  |  | 1,783 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1,208 |  |  |  | 1,784 |
Return on plan assets |  |  |  |  |  |  | 65 |  |  |  | 43 |  |  |  | – |  |  |  | – |  |  |  | 65 |  |  |  | 43 |
Actuarial losses |  |  |  |  |  |  | (16 | ) |  |  | (466 | ) |  |  | – |  |  |  | – |  |  |  | (16 | ) |  |  | (466) |
Employer contributions |  |  |  |  |  |  | 97 |  |  |  | 96 |  |  |  | 8 |  |  |  | 7 |  |  |  | 105 |  |  |  | 103 |
Initial valuation from new plan |  |  |  |  |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13 |
Settlements |  |  |  |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | – |
Benefits paid |  |  |  |  |  |  | (122 | ) |  |  | (130 | ) |  |  | (8 | ) |  |  | (7 | ) |  |  | (130 | ) |  |  | (137) |
Foreign currency translation |  |  |  |  |  |  | 44 |  |  |  | (132 | ) |  |  | 1 |  |  |  | – |  |  |  | 45 |  |  |  | (132) |
Fair value of plan assets at end of the period |  |  |  |  |  |  | 1,273 |  |  |  | 1,207 |  |  |  | 2 |  |  |  | 1 |  |  |  | 1,275 |  |  |  | 1,208 |
Net projected liability in the statement of financial position |  | $ |  |  |  |  | 636 |  |  |  | 604 |  |  |  | 99 |  |  |  | 91 |  |  |  | 735 |  |  |  | 695 |
Summary of Actuarial (Gains) Losses | For the years 2023, 2022 and 2021, actuarial (gains) losses for the period were generated by the following main factors as follows:
|  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Actuarial (gains) losses due to experience |  | $ |  |  |  |  | 13 |  |  |  | 96 |  |  |  | (87 | )
Actuarial (gains) losses due to demographic assumptions |  |  |  |  |  |  | (5 | ) |  |  | (2 | ) |  |  | 20 |
Actuarial (gains) losses due to financial assumptions |  |  |  |  |  |  | 37 |  |  |  | (270 | ) |  |  | (196 | )
|  | $ |  |  |  |  | 45 |  |  |  | (176 | ) |  |  | (263 | )
Summary of Plan Assets Measured at Estimated Fair Value | As of December 31, 2023 and 2022, based on the hierarchy of fair values, plan assets are detailed as follows:
|  |  |  |  | 2023 |  |  |  |  |  | 2022 |
|  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash |  | $ |  |  |  |  | 24 |  |  |  | – |  |  |  | – |  |  |  | 24 |  |  | $ |  |  |  |  | 38 |  |  |  | – |  |  |  | – |  |  |  | 38 |
Investments in corporate bonds |  |  |  |  |  |  | 11 |  |  |  | 391 |  |  |  | – |  |  |  | 402 |  |  |  |  |  |  |  | 7 |  |  |  | 289 |  |  |  | – |  |  |  | 296 |
Investments in government bonds |  |  |  |  |  |  | 114 |  |  |  | 209 |  |  |  | – |  |  |  | 323 |  |  |  |  |  |  |  | 90 |  |  |  | 266 |  |  |  | – |  |  |  | 356 |
Total fixed-income securities |  |  |  |  |  |  | 149 |  |  |  | 600 |  |  |  | – |  |  |  | 749 |  |  |  |  |  |  |  | 135 |  |  |  | 555 |  |  |  | – |  |  |  | 690 |
Investment in marketable securities |  |  |  |  |  |  | 179 |  |  |  | 43 |  |  |  | – |  |  |  | 222 |  |  |  |  |  |  |  | 226 |  |  |  | 42 |  |  |  | – |  |  |  | 268 |
Other investments and private funds |  |  |  |  |  |  | 70 |  |  |  | 33 |  |  |  | 201 |  |  |  | 304 |  |  |  |  |  |  |  | 91 |  |  |  | 42 |  |  |  | 117 |  |  |  | 250 |
Total variable-income securities |  |  |  |  |  |  | 249 |  |  |  | 76 |  |  |  | 201 |  |  |  | 526 |  |  |  |  |  |  |  | 317 |  |  |  | 84 |  |  |  | 117 |  |  |  | 518 |
Total plan assets |  | $ |  |  |  |  | 398 |  |  |  | 676 |  |  |  | 201 |  |  |  | 1,275 |  |  | $ |  |  |  |  | 452 |  |  |  | 639 |  |  |  | 117 |  |  |  | 1,208 |
Summary of Significant Assumptions Used in the Determination of the Benefit Obligation | The most significant assumptions used in the determination of the benefit obligation were as follows:
|  | 2023 |  |  |  | 2022
|  | Mexico |  |  | United States |  | United Kingdom |  | Range of rates in other countries |  |  |  | Mexico |  | United States |  | United Kingdom |  | Range of rates in other countries
Discount rates |  |  | 10.50 | % |  | 5.20% |  | 4.70% |  | 3.1% – 11.0% |  |  |  | 10.50% |  | 5.50% |  | 5.00% |  | 3.6% – 13.0%
Rate of return on plan assets |  |  | 10.50 | % |  | 5.20% |  | 4.70% |  | 3.1% – 11.0% |  |  |  | 10.50% |  | 5.50% |  | 5.00% |  | 3.6% – 13.0%
Rate of salary increases |  |  | 4.50 | % |  | – |  | 3.10% |  | 2.5% – 7.3% |  |  |  | 4.50% |  | – |  | 3.25% |  | 2.5% – 7.3%
Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits | As of December 31, 2023, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows:
|  |  |  |  | Estimated payments |
2024 |  | $ |  |  |  |  | 173 |
2025 |  |  |  |  |  |  | 149 |
2026 |  |  |  |  |  |  | 151 |
2027 |  |  |  |  |  |  | 148 |
2028 – 2033 |  |  |  |  |  |  | 882 |
Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country | As of December 31, 2023 and 2022, the aggregate projected benefit obligation (“PBO”) for pension plans and other post-employment benefits and the plan assets by country were as follows:
|  |  |  |  | 2023 |  |  |  |  |  | 2022 |
|  |  |  |  | PBO |  |  | Assets |  |  | Deficit |  |  |  |  |  | PBO |  |  | Assets |  |  | Deficit |
Mexico |  | $ |  |  |  |  | 253 |  |  |  | 44 |  |  |  | 209 |  |  | $ |  |  |  |  | 220 |  |  |  | 25 |  |  |  | 195 |
United States |  |  |  |  |  |  | 184 |  |  |  | 188 |  |  |  | (4 | ) |  |  |  |  |  |  | 194 |  |  |  | 166 |  |  |  | 28 |
United Kingdom |  |  |  |  |  |  | 1,129 |  |  |  | 821 |  |  |  | 308 |  |  |  |  |  |  |  | 1,062 |  |  |  | 791 |  |  |  | 271 |
Germany |  |  |  |  |  |  | 141 |  |  |  | 6 |  |  |  | 135 |  |  |  |  |  |  |  | 134 |  |  |  | 6 |  |  |  | 128 |
Other countries |  |  |  |  |  |  | 303 |  |  |  | 216 |  |  |  | 87 |  |  |  |  |  |  |  | 293 |  |  |  | 220 |  |  |  | 73 |
|  | $ |  |  |  |  | 2,010 |  |  |  | 1,275 |  |  |  | 735 |  |  | $ |  |  |  |  | 1,903 |  |  |  | 1,208 |  |  |  | 695 |
Schedule of Sensitivity Analysis of Pension and Other Post Employment Benefits | As of December 31, 2023, Cemex performed sensitivity analyses on the most significant assumptions that affect the PBO, considering reasonable independent changes of plus or minus 50 basis points in each of these assumptions. The increase (decrease) that would have resulted in the PBO of pensions and other post-employment benefits are shown below:
|  |  |  |  | Pensions |  |  | Other benefits |  |  | Total |
Assumptions: |  |  |  |  | +50 bps |  |  | -50 bps |  |  | +50 bps |  |  | -50 bps |  |  | +50 bps |  |  | -50 bps |
Discount Rate Sensitivity |  | $ |  |  |  |  | (95 | ) |  |  | 104 |  |  |  | (4 | ) |  |  | 4 |  |  |  | (99 | ) |  |  | 108 |
Salary Increase Rate Sensitivity |  |  |  |  |  |  | 4 |  |  |  | (4 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 5 |  |  |  | (5 | )
Pension Increase Rate Sensitivity |  |  |  |  |  |  | 73 |  |  |  | (68 | ) |  |  | – |  |  |  | – |  |  |  | 73 |  |  |  | (68 | )

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