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Pensions and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2023

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	)