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Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business | 12 Months Ended
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Dec. 31, 2024
Disclosure [Abstract] |
Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business |
4) | BUSINESS COMBINATIONS, DIVESTITURES AND DISCONTINUED OPERATIONS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS
4.1) | BUSINESS COMBINATIONS
On September 3, 2024, Cemex acquired from the Heim Group in Germany for a price of $4 a 51% controlling interest in RC-Baustoffe Berlin GmbH & Co. KG (“RC-Baustoffe Berlin”), a Berlin-based recycling company that processes mineral construction, demolition, excavation materials and operates one plant to permanently store biogenic CO 2 in recycled mineral waste. The acquired recycling facility should process up to 0.4 million tons of materials per year to turn into repurposed aggregates for concrete production, reintroducing them into the construction value chain. In connection with the excess of the purchase price and the fair value of the net assets acquired, Cemex determined goodwill of $5. On November 1, 2023, Cemex completed in Germany the acquisition of a 100% controlling interest in Kiesel, a mortars and adhesives technological leader in the construction industry that serves the German, French, Polish, and Czech markets, consisting of a production facility and five distribution locations for a total consideration of $13. Cemex determined goodwill of $5. On May 11, 2023, Cemex completed the asset acquisition of Atlantic Minerals Limited in Newfoundland and Labrador, Canada, consisting mainly of an aggregates quarry and maritime port operations for a price of $75. With this investment, Cemex secured a long-term aggregates reserve for its operations in Florida and the east coast of the United States, as well as a source for chemical-grade stone serving broader base of customers. Cemex did not determine goodwill. On January 30, 2023, for a price of $13, Cemex acquired a 51% controlling interest in Israel-based SHTANG Recycle LTD (“SHTANG”), a construction demolition and excavation waste recycling company. The acquisition is aligned with the strategy of strengthening Cemex’s business in developed markets through bolt-on acquisitions in businesses with strong circular and sustainable attributes. SHTANG holds a 13-year license to build and operate the facility. The state-of-the-art facility should be processing 600,000 tons of waste annually. The facility’s production is used as raw materials for aggregate production, reintegrating them into the construction value chain. Cemex determined goodwill of $3. On July 11, 2022, Cemex completed the acquisition of a 53% controlling interest in the German aggregates company ProStein for a total consideration of $21. The investment expands Cemex’s aggregates business in the region and the estimated life of aggregates reserves in Central Europe for at least 25 years. The majority stake in ProStein’s assets adds a full range of fine and hardstone aggregates to Cemex’s aggregates portfolio. In addition to supplying the greater Berlin area, the additional capacity should supply several urban centers in Poland and the Czech Republic. ProStein’s assets include six active hardstone plants and six CDEW recovery sites. Cemex did not determine goodwill. On December 30, 2024, a sale option of the owners of the remaining 47% was activated in two tranches, a 21% in 2025 and a 26% in 2026, consequently, Cemex recognized a current liability of $8 and a non-current liability of $10 and cancelled the non-controlling interest in consolidated equity. The following table presents the combined condensed fair value information of the assets acquired and liabilities assumed that were integrated into Cemex in connection with the acquisition of RC-Baustoffe Berlin in 2024 and of Kiesel, Atlantic Minerals and SHTANG in 2023.
|  |  |  | 2024 |  |  | 2023 |
Current assets |  | $ |  |  | 2 |  |  |  | 30 |
Property, machinery and equipment |  |  |  |  | 8 |  |  |  | 89 |
Other non-current assets and goodwill |  |  |  |  | 5 |  |  |  | 25 |
Total assets |  |  |  |  | 15 |  |  |  | 144 |
Current liabilities |  |  |  |  | 1 |  |  |  | 17 |
Non-current liabilities |  |  |  |  | 9 |  |  |  | 19 |
Total liabilities |  |  |  |  | 10 |  |  |  | 36 |
Net assets acquired |  | $ |  |  | 5 |  |  |  | 108 |
4.2) | DIVESTITURES AND DISCONTINUED OPERATIONS
On December 2, 2024, considering separate agreements with each counterparty and the satisfaction of closing conditions, which included the approval by the Philippine Competition Commission and the fulfillment of other requirements by the purchasers to the shareholders of Cemex Holdings Philippines, Inc. (“CHP”), including the non-controlling interest owned by third parties in CHP, Cemex concluded the sale of its operations and assets in the Philippines to DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation, for a total consideration related to the Cemex’s controlling interest of $798 including the sale of minority investments in land ownership and mineral extraction activities, as well as debt assumed by the purchaser. The divested assets mainly consisted of two cement plants with an installed capacity of around 5.7 million metric tons per year, six marine distributions terminals and 18 land distribution centers, among other assets and investments in extracting entities. For the period from January 1 to December 2, 2024 and for the years ended December 31, 2023 and 2022, Cemex’s operations in the Philippines are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2024 a loss on sale of $119, net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control and goodwill cancellation of $79. On November 1, 2024, Cemex sold its non-controlling interest of 34.8% in Neoris N.V. (“Neoris”) (note 14.1) to EPAM Systems, Inc. for a total of $215 resulting in a gain of $139 recognized within Other expenses, net. Neoris operates in the digital solutions sector and, after the sale, remains a services supplier for Cemex. Previously, on October 25, 2022, Cemex sold to Advent International a 65% controlling interest in Neoris for a total of $119 and retained such non-controlling interest of 34.8%. The remaining non-controlling interest was remeasured at fair value upon loss of control, was subsequently accounted for under the equity method and was presented within the line item “Investments in associates and joint ventures.” Neoris’ results for the period from January 1 to October 25, 2022 are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2022 a gain on sale of $117, net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control. On September 10, 2024, Cemex sold its operations in Guatemala to a subsidiary of Holcim Ltd, for a total consideration of $212. The divested assets mainly consist of one grinding mill with an installed capacity of around 0.6 million metric tons per year, three ready mix plants and five distribution centers. For the period from January 1 to September 10, 2024 and for the years ended December 31, 2023 and 2022, Cemex’s operations in Guatemala are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2024 a gain on sale of $163, net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control. On August 5, 2024, Cemex announced an agreement with Cementos Progreso Holdings, S.L. and its strategic partners, for the sale of its operations in the Dominican Republic, for a total consideration of $950, subject to final adjustments. The assets for divestment mainly consist of one cement plant in the Dominican Republic with two integrated production lines and related cement, concrete, aggregates and marine terminal assets. As of December 31, 2024, Cemex’s assets and liabilities in the Dominican Republic are presented in the line items “Assets held for sale” and “Liabilities related to assets held for sale,” respectively (note 13). For the years ended December 31, 2024, 2023 and 2022, Cemex’s operations in the Dominican Republic are reported in Cemex’s income statements, net of income tax, in the single line item “Discontinued operations.” See note 28 for subsequent events related to this disposal. On August 31, 2022, through subsidiaries, Cemex concluded the sale with affiliates of Cementos Progreso Holdings, S.L. of its entire operations in Costa Rica and El Salvador for a total of $325, related to Cemex’s aggregate controlling interest. The assets sold consisted of one cement plant, one grinding station, seven ready-mix plants, one aggregates quarry, one distribution center in Costa Rica and one distribution center in El Salvador. Cemex’s results of these operations for the period from January 1 to August 31, 2022 are reported in the statements of income, net of income tax, in the single line item “Discontinued operations,” including in 2022 a gain on sale of $240 which includes the reclassification of foreign currency translation effects accrued in equity until the disposal date. The following table presents combined condensed information of the statement of financial position of the operations held for sale in the Dominican Republic as of December 31, 2024, and as of the date of sale in 2024 of Guatemala and the Philippines.
|  |  |  | 2024 |
Current assets |  | $ |  |  | 326 |
Property, machinery and equipment |  |  |  |  | 733 |
Other non-current assets and goodwill |  |  |  |  | 161 |
Total assets |  |  |  |  | 1,220 |
Current liabilities |  |  |  |  | 291 |
Non-current liabilities |  |  |  |  | 113 |
Total liabilities |  |  |  |  | 404 |
Net assets sold or held for sale |  | $ |  |  | 816 |
The following table presents condensed combined information of the statements of income of: a) the operations in the Philippines for the period from January 1 to December 2, 2024 and the years 2023 and 2022; b) the operations in Guatemala for the period from January 1 to September 10, 2024 and the years 2023 and 2022; c) the operations in the Dominican Republic for the years 2024, 2023 and 2022; d) Neoris’ operations for the period from January 1 to October 25, 2022; and e) the operations in Costa Rica and El Salvador for the period from January 1 to August 31, 2022.
|  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues |  | $ |  |  | 737 |  |  |  | 833 |  |  |  | 1,127 |
Cost of sales, operating expenses and other expenses, net |  |  |  |  | (633 | ) |  |  | (732 | ) |  |  | (882 | )
Financial expenses, net, and others |  |  |  |  | 9 |  |  |  | 25 |  |  |  | (22 | )
Earnings before income tax |  |  |  |  | 113 |  |  |  | 126 |  |  |  | 223 |
Income tax |  |  |  |  | (109 | ) |  |  | (46 | ) |  |  | (44 | )
Result of discontinued operations |  |  |  |  | 4 |  |  |  | 80 |  |  |  | 179 |
Net disposal result |  |  |  |  | 43 |  |  |  | — |  |  |  | 304 |
Net result of discontinued operations |  | $ |  |  | 47 |  |  |  | 80 |  |  |  | 483 |
4.3) | SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS
Reportable segments The Company’s operating segments represent the components of Cemex that engage in business activities from which Cemex earns revenues and incurs expenses, whose operating results are reviewed by Cemex’s Chief Executive Officer (“CEO”) and senior management to make decisions about resources to be allocated to the segments and assess their performance, and for which discrete financial information is available. A reportable segment represents an operating segment or an aggregation of operating segments considering certain thresholds, under which entities must report separately any operating segments which account for 10% or more of combined revenues, both internal and external, 10% or more of combined net profit or loss, depending on the individual result of the operating segment, and/or 10% or more of the combined assets of all operating segments. In addition, despite the described 10% threshold not being met individually, entities must report as many individual operating segments as needed to cover at least 75% of the entity’s revenue. Cemex operates by geography and line of business. Cemex discloses its segment information presenting 12 reportable segments. After discontinued operations, Cemex’s operations are organized in four regions, each under the supervision of a regional president, as follows: 1) Mexico, comprised of one operating and reportable segment, 2) United States, comprised of one operating and reportable segment, 3) Europe, Middle East and Africa (“EMEA”), comprised of 10 operating segments, of which four were aggregated into a single reportable operating segment as described below, and 4) South, Central America and the Caribbean (“SCA&C”), comprised of 10 operating segments, of which six were aggregated into two reportable operating segments as described below. The material accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 29. Aggregation criteria Considering materiality, as well as similar regional and/or economic characteristics, such as: (a) the nature of the products and services, all related to construction materials and the construction industry, (b) the nature of the production processes, which are the same for cement, ready-mix concrete, aggregates and urbanization solutions across geographies, (c) the type of customers for their products or services, in all cases construction materials distributors and wholesalers, governments and big construction firms, and (d) the methods used to distribute their products or provide their services, which are very similar among the Company’s geographies using both third-party transportation for cement and aggregates and our own mixers fleet for ready-mix, certain operating segments have been aggregated and presented as single reportable segments. These reportable segments are as follows: a) the “Rest of EMEA” reportable segment refers to Cemex’s operating segments in the Czech Republic, Croatia, Egypt and the United Arab Emirates; b) the “Rest of SCA&C” reportable segment refers to Cemex’s operating segments in Puerto Rico, Nicaragua, Jamaica and the Caribbean, excluding the operations of Trinidad Cement Limited (“TCL”); and c) the “Caribbean TCL” reportable segment refers to the operating segments of TCL and subsidiaries in Trinidad and Tobago, Jamaica, Guyana and Barbados. The line item “Other activities,” included to reconcile the total of reportable segments with the consolidated amounts from continuing operations, refers to the following combined transactions: 1) cement trade maritime operations, 2) the non-operating transactions of the Parent Company, other corporate entities and finance subsidiaries, and 3) other minor subsidiaries with different lines of business. Selected information of the consolidated statements of income by reportable segment for the years 2024, 2023 and 2022, excluding the share of profits of equity accounted investments by reportable segment that is included in note 14.1, was as follows:
2024 |  |  |  |  | Sales (including intragroup transactions) |  |  | Less: Intragroup transactions |  |  | External revenues |  |  |  |  |  | Operating EBITDA |  |  | Less: Depreciation and amortization |  |  | Operating earnings before other expenses, net |  |  | Other expenses, net |  |  | Financial expense |  |  | Financial income and other items, net |
Mexico |  | $ |  |  |  |  | 4,881 |  |  |  | (136 | ) |  |  | 4,745 |  |  |  |  |  |  |  | 1,475 |  |  |  | 207 |  |  |  | 1,268 |  |  |  | (26 | ) |  |  | (38 | ) |  |  | (269 | )
United States |  |  |  |  |  |  | 5,194 |  |  |  | — |  |  |  | 5,194 |  |  |  |  |  |  |  | 1,031 |  |  |  | 514 |  |  |  | 517 |  |  |  | (4 | ) |  |  | (74 | ) |  |  | (33 | )
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 953 |  |  |  | — |  |  |  | 953 |  |  |  |  |  |  |  | 186 |  |  |  | 91 |  |  |  | 95 |  |  |  | (6 | ) |  |  | (14 | ) |  |  | 15 |
France |  |  |  |  |  |  | 756 |  |  |  | — |  |  |  | 756 |  |  |  |  |  |  |  | 34 |  |  |  | 42 |  |  |  | (8 | ) |  |  | (56 | ) |  |  | (16 | ) |  |  | 1 |
Germany |  |  |  |  |  |  | 476 |  |  |  | (52 | ) |  |  | 424 |  |  |  |  |  |  |  | 23 |  |  |  | 34 |  |  |  | (11 | ) |  |  | 2 |  |  |  | (3 | ) |  |  | (5 | )
Poland |  |  |  |  |  |  | 543 |  |  |  | (1 | ) |  |  | 542 |  |  |  |  |  |  |  | 100 |  |  |  | 27 |  |  |  | 73 |  |  |  | (1 | ) |  |  | (3 | ) |  |  | — |
Spain |  |  |  |  |  |  | 455 |  |  |  | (46 | ) |  |  | 409 |  |  |  |  |  |  |  | 60 |  |  |  | 29 |  |  |  | 31 |  |  |  | (13 | ) |  |  | (4 | ) |  |  | (1 | )
Israel |  |  |  |  |  |  | 724 |  |  |  | — |  |  |  | 724 |  |  |  |  |  |  |  | 79 |  |  |  | 37 |  |  |  | 42 |  |  |  | (1 | ) |  |  | (8 | ) |  |  | 1 |
Rest of EMEA |  |  |  |  |  |  | 784 |  |  |  | — |  |  |  | 784 |  |  |  |  |  |  |  | 155 |  |  |  | 47 |  |  |  | 108 |  |  |  | (8 | ) |  |  | (7 | ) |  |  | (5 | )
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia 1 |  |  |  |  |  |  | 468 |  |  |  | (2 | ) |  |  | 466 |  |  |  |  |  |  |  | 65 |  |  |  | 27 |  |  |  | 38 |  |  |  | (11 | ) |  |  | (4 | ) |  |  | (15 | )
Panama 1 |  |  |  |  |  |  | 148 |  |  |  | (23 | ) |  |  | 125 |  |  |  |  |  |  |  | 29 |  |  |  | 17 |  |  |  | 12 |  |  |  | (2 | ) |  |  | (1 | ) |  |  | — |
Caribbean TCL 2 |  |  |  |  |  |  | 330 |  |  |  | (21 | ) |  |  | 309 |  |  |  |  |  |  |  | 87 |  |  |  | 20 |  |  |  | 67 |  |  |  | (18 | ) |  |  | (3 | ) |  |  | (4 | )
Rest of SCA&C 1 |  |  |  |  |  |  | 302 |  |  |  | (1 | ) |  |  | 301 |  |  |  |  |  |  |  | 54 |  |  |  | 16 |  |  |  | 38 |  |  |  | (5 | ) |  |  | (2 | ) |  |  | — |
Reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,732 |  |  |  |  |  |  |  | 3,378 |  |  |  | 1,108 |  |  |  | 2,270 |  |  |  | (149 | ) |  |  | (177 | ) |  |  | (315 | )
Other activities 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 468 |  |  |  |  |  |  |  | (300 | ) |  |  | 142 |  |  |  | (442 | ) |  |  | 142 |  |  |  | (378 | ) |  |  | (64 | )
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  | 16,200 |  |  |  |  |  |  |  | 3,078 |  |  |  | 1,250 |  |  |  | 1,828 |  |  |  | (7 | ) |  |  | (555 | ) |  |  | (379 | )
2023 |  |  |  |  | Sales (including intragroup transactions) |  |  | Less: Intragroup transactions |  |  | External revenues |  |  |  |  |  | Operating EBITDA |  |  | Less: Depreciation and amortization |  |  | Operating earnings before other expenses, net |  |  | Other expenses, net |  |  | Financial expense |  |  | Financial income and other items, net |
Mexico |  | $ |  |  |  |  | 5,060 |  |  |  | (205 | ) |  |  | 4,855 |  |  |  |  |  |  |  | 1,488 |  |  |  | 221 |  |  |  | 1,267 |  |  |  | (59 | ) |  |  | (39 | ) |  |  | 105 |
United States |  |  |  |  |  |  | 5,338 |  |  |  | — |  |  |  | 5,338 |  |  |  |  |  |  |  | 1,040 |  |  |  | 483 |  |  |  | 557 |  |  |  | (31 | ) |  |  | (75 | ) |  |  | (30 | )
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 992 |  |  |  | — |  |  |  | 992 |  |  |  |  |  |  |  | 193 |  |  |  | 72 |  |  |  | 121 |  |  |  | (6 | ) |  |  | (14 | ) |  |  | (17 | )
France |  |  |  |  |  |  | 842 |  |  |  | — |  |  |  | 842 |  |  |  |  |  |  |  | 53 |  |  |  | 54 |  |  |  | (1 | ) |  |  | (39 | ) |  |  | (15 | ) |  |  | (1 | )
Germany |  |  |  |  |  |  | 497 |  |  |  | (50 | ) |  |  | 447 |  |  |  |  |  |  |  | 37 |  |  |  | 32 |  |  |  | 5 |  |  |  | (3 | ) |  |  | (2 | ) |  |  | (5 | )
Poland |  |  |  |  |  |  | 467 |  |  |  | (1 | ) |  |  | 466 |  |  |  |  |  |  |  | 72 |  |  |  | 24 |  |  |  | 48 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 2 |
Spain |  |  |  |  |  |  | 449 |  |  |  | (38 | ) |  |  | 411 |  |  |  |  |  |  |  | 71 |  |  |  | 31 |  |  |  | 40 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 1 |
Israel |  |  |  |  |  |  | 794 |  |  |  | — |  |  |  | 794 |  |  |  |  |  |  |  | 90 |  |  |  | 33 |  |  |  | 57 |  |  |  | 5 |  |  |  | (6 | ) |  |  | 1 |
Rest of EMEA |  |  |  |  |  |  | 770 |  |  |  | (4 | ) |  |  | 766 |  |  |  |  |  |  |  | 147 |  |  |  | 48 |  |  |  | 99 |  |  |  | (7 | ) |  |  | (6 | ) |  |  | (6 | )
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia 1 |  |  |  |  |  |  | 458 |  |  |  | — |  |  |  | 458 |  |  |  |  |  |  |  | 62 |  |  |  | 25 |  |  |  | 37 |  |  |  | (19 | ) |  |  | (6 | ) |  |  | (1 | )
Panama 1 |  |  |  |  |  |  | 158 |  |  |  | (26 | ) |  |  | 132 |  |  |  |  |  |  |  | 35 |  |  |  | 17 |  |  |  | 18 |  |  |  | (2 | ) |  |  | — |  |  |  | — |
Caribbean TCL 2 |  |  |  |  |  |  | 329 |  |  |  | (12 | ) |  |  | 317 |  |  |  |  |  |  |  | 78 |  |  |  | 20 |  |  |  | 58 |  |  |  | (17 | ) |  |  | (2 | ) |  |  | (2 | )
Rest of SCA&C 1 |  |  |  |  |  |  | 285 |  |  |  | — |  |  |  | 285 |  |  |  |  |  |  |  | 54 |  |  |  | 11 |  |  |  | 43 |  |  |  | (10 | ) |  |  | (1 | ) |  |  | 1 |
Reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,103 |  |  |  |  |  |  |  | 3,420 |  |  |  | 1,071 |  |  |  | 2,349 |  |  |  | (184 | ) |  |  | (170 | ) |  |  | 48 |
Other activities 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 451 |  |  |  |  |  |  |  | (271 | ) |  |  | 119 |  |  |  | (390 | ) |  |  | (27 | ) |  |  | (369 | ) |  |  | (32 | )
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  | 16,554 |  |  |  |  |  |  |  | 3,149 |  |  |  | 1,190 |  |  |  | 1,959 |  |  |  | (211 | ) |  |  | (539 | ) |  |  | 16 |
2022 |  |  |  |  | Sales (including intragroup transactions) |  |  | Less: Intragroup transactions |  |  | External revenues |  |  |  |  |  | Operating EBITDA |  |  | Less: Depreciation and amortization |  |  | Operating earnings before other expenses, net |  |  | Other expenses, net |  |  | Financial expense |  |  | Financial income and other items, net |
Mexico |  | $ |  |  |  |  | 3,842 |  |  |  | (200 | ) |  |  | 3,642 |  |  |  |  |  |  |  | 1,133 |  |  |  | 172 |  |  |  | 961 |  |  |  | (69 | ) |  |  | (28 | ) |  |  | 32 |
United States |  |  |  |  |  |  | 5,038 |  |  |  | (4 | ) |  |  | 5,034 |  |  |  |  |  |  |  | 762 |  |  |  | 455 |  |  |  | 307 |  |  |  | (205 | ) |  |  | (55 | ) |  |  | (21 | )
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 982 |  |  |  | — |  |  |  | 982 |  |  |  |  |  |  |  | 195 |  |  |  | 60 |  |  |  | 135 |  |  |  | (8 | ) |  |  | (8 | ) |  |  | (8 | )
France |  |  |  |  |  |  | 781 |  |  |  | — |  |  |  | 781 |  |  |  |  |  |  |  | 63 |  |  |  | 50 |  |  |  | 13 |  |  |  | 1 |  |  |  | (10 | ) |  |  | 2 |
Germany |  |  |  |  |  |  | 485 |  |  |  | (46 | ) |  |  | 439 |  |  |  |  |  |  |  | 40 |  |  |  | 28 |  |  |  | 12 |  |  |  | 2 |  |  |  | (2 | ) |  |  | (3 | )
Poland |  |  |  |  |  |  | 419 |  |  |  | (4 | ) |  |  | 415 |  |  |  |  |  |  |  | 64 |  |  |  | 22 |  |  |  | 42 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 4 |
Spain |  |  |  |  |  |  | 382 |  |  |  | (36 | ) |  |  | 346 |  |  |  |  |  |  |  | 6 |  |  |  | 28 |  |  |  | (22 | ) |  |  | (113 | ) |  |  | (2 | ) |  |  | 2 |
Israel |  |  |  |  |  |  | 840 |  |  |  | — |  |  |  | 840 |  |  |  |  |  |  |  | 112 |  |  |  | 46 |  |  |  | 66 |  |  |  | 5 |  |  |  | (4 | ) |  |  | — |
Rest of EMEA |  |  |  |  |  |  | 707 |  |  |  | (1 | ) |  |  | 706 |  |  |  |  |  |  |  | 116 |  |  |  | 55 |  |  |  | 61 |  |  |  | (10 | ) |  |  | (4 | ) |  |  | 2 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia 1 |  |  |  |  |  |  | 429 |  |  |  | — |  |  |  | 429 |  |  |  |  |  |  |  | 61 |  |  |  | 24 |  |  |  | 37 |  |  |  | 12 |  |  |  | (7 | ) |  |  | 22 |
Panama 1 |  |  |  |  |  |  | 149 |  |  |  | (34 | ) |  |  | 115 |  |  |  |  |  |  |  | 28 |  |  |  | 16 |  |  |  | 12 |  |  |  | (2 | ) |  |  | — |  |  |  | — |
Caribbean TCL 2 |  |  |  |  |  |  | 302 |  |  |  | (8 | ) |  |  | 294 |  |  |  |  |  |  |  | 74 |  |  |  | 17 |  |  |  | 57 |  |  |  | (19 | ) |  |  | (4 | ) |  |  | (1 | )
Rest of SCA&C 1 |  |  |  |  |  |  | 271 |  |  |  | (1 | ) |  |  | 270 |  |  |  |  |  |  |  | 53 |  |  |  | 11 |  |  |  | 42 |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (5 | )
Reportable segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,293 |  |  |  |  |  |  |  | 2,707 |  |  |  | 984 |  |  |  | 1,723 |  |  |  | (407 | ) |  |  | (128 | ) |  |  | 26 |
Other activities 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 413 |  |  |  |  |  |  |  | (274 | ) |  |  | 88 |  |  |  | (362 | ) |  |  | (81 | ) |  |  | (377 | ) |  |  | 146 |
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  | 14,706 |  |  |  |  |  |  |  | 2,433 |  |  |  | 1,072 |  |  |  | 1,361 |  |  |  | (488 | ) |  |  | (505 | ) |  |  | 172 |
1 | Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Nicaragua and, until September 10, 2024, of the operations in Guatemala and, until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2024 and 2023, there was a non-controlling interest in CLH of 0.16% and 0.50%, respectively (note 21.4).
2 | The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2024 and 2023, there was a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4).
3 | In regards of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities.
Selected information of the consolidated statements of financial position by reportable segment As of December 31, 2024 and 2023, the selected statement of financial position information by reportable segment was as follows:
2024 |  |  |  |  | Associates and joint ventures |  |  | Other segment assets |  |  | Total assets |  |  | Total liabilities |  |  | Net assets by segment |  |  |  |  |  | Capital expenditures 1 |
Mexico |  | $ |  |  |  |  | — |  |  |  | 4,155 |  |  |  | 4,155 |  |  |  | 1,693 |  |  |  | 2,462 |  |  |  |  |  |  |  | 315 |
United States |  |  |  |  |  |  | 285 |  |  |  | 12,700 |  |  |  | 12,985 |  |  |  | 2,903 |  |  |  | 10,082 |  |  |  |  |  |  |  | 486 |
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 6 |  |  |  | 1,386 |  |  |  | 1,392 |  |  |  | 848 |  |  |  | 544 |  |  |  |  |  |  |  | 65 |
France |  |  |  |  |  |  | 38 |  |  |  | 820 |  |  |  | 858 |  |  |  | 412 |  |  |  | 446 |  |  |  |  |  |  |  | 52 |
Germany |  |  |  |  |  |  | 3 |  |  |  | 487 |  |  |  | 490 |  |  |  | 279 |  |  |  | 211 |  |  |  |  |  |  |  | 36 |
Poland |  |  |  |  |  |  | — |  |  |  | 426 |  |  |  | 426 |  |  |  | 138 |  |  |  | 288 |  |  |  |  |  |  |  | 38 |
Spain |  |  |  |  |  |  | — |  |  |  | 637 |  |  |  | 637 |  |  |  | 234 |  |  |  | 403 |  |  |  |  |  |  |  | 41 |
Israel |  |  |  |  |  |  | — |  |  |  | 895 |  |  |  | 895 |  |  |  | 540 |  |  |  | 355 |  |  |  |  |  |  |  | 57 |
Rest of EMEA |  |  |  |  |  |  | 10 |  |  |  | 732 |  |  |  | 742 |  |  |  | 316 |  |  |  | 426 |  |  |  |  |  |  |  | 79 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | — |  |  |  | 954 |  |  |  | 954 |  |  |  | 280 |  |  |  | 674 |  |  |  |  |  |  |  | 105 |
Panama |  |  |  |  |  |  | — |  |  |  | 281 |  |  |  | 281 |  |  |  | 73 |  |  |  | 208 |  |  |  |  |  |  |  | 13 |
Caribbean TCL |  |  |  |  |  |  | — |  |  |  | 511 |  |  |  | 511 |  |  |  | 238 |  |  |  | 273 |  |  |  |  |  |  |  | 50 |
Rest of SCA&C |  |  |  |  |  |  | — |  |  |  | 234 |  |  |  | 234 |  |  |  | 85 |  |  |  | 149 |  |  |  |  |  |  |  | 21 |
Reportable segments |  |  |  |  |  |  | 342 |  |  |  | 24,218 |  |  |  | 24,560 |  |  |  | 8,039 |  |  |  | 16,521 |  |  |  |  |  |  |  | 1,358 |
Other activities |  |  |  |  |  |  | 411 |  |  |  | 2,063 |  |  |  | 2,474 |  |  |  | 6,692 |  |  |  | (4,218 | ) |  |  |  |  |  |  | 22 |
Assets held for sale |  |  |  |  |  |  | — |  |  |  | 265 |  |  |  | 265 |  |  |  | 91 |  |  |  | 174 |  |  |  |  |  |  |  | — |
Consolidated |  | $ |  |  |  |  | 753 |  |  |  | 26,546 |  |  |  | 27,299 |  |  |  | 14,822 |  |  |  | 12,477 |  |  |  |  |  |  |  | 1,380 |
2023 |  |  |  |  | Associates and joint ventures |  |  | Other segment assets |  |  | Total assets |  |  | Total liabilities |  |  | Net assets by segment |  |  |  |  |  | Capital expenditures 1 |
Mexico |  | $ |  |  |  |  | — |  |  |  | 5,381 |  |  |  | 5,381 |  |  |  | 2,052 |  |  |  | 3,329 |  |  |  |  |  |  |  | 264 |
United States |  |  |  |  |  |  | 216 |  |  |  | 12,782 |  |  |  | 12,998 |  |  |  | 2,770 |  |  |  | 10,228 |  |  |  |  |  |  |  | 521 |
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 6 |  |  |  | 1,484 |  |  |  | 1,490 |  |  |  | 960 |  |  |  | 530 |  |  |  |  |  |  |  | 107 |
France |  |  |  |  |  |  | 41 |  |  |  | 922 |  |  |  | 963 |  |  |  | 467 |  |  |  | 496 |  |  |  |  |  |  |  | 44 |
Germany |  |  |  |  |  |  | 3 |  |  |  | 506 |  |  |  | 509 |  |  |  | 289 |  |  |  | 220 |  |  |  |  |  |  |  | 47 |
Poland |  |  |  |  |  |  | — |  |  |  | 415 |  |  |  | 415 |  |  |  | 153 |  |  |  | 262 |  |  |  |  |  |  |  | 44 |
Spain |  |  |  |  |  |  | — |  |  |  | 666 |  |  |  | 666 |  |  |  | 212 |  |  |  | 454 |  |  |  |  |  |  |  | 38 |
Philippines |  |  |  |  |  |  | — |  |  |  | 795 |  |  |  | 795 |  |  |  | 135 |  |  |  | 660 |  |  |  |  |  |  |  | 85 |
Israel |  |  |  |  |  |  | — |  |  |  | 808 |  |  |  | 808 |  |  |  | 507 |  |  |  | 301 |  |  |  |  |  |  |  | 41 |
Rest of EMEA |  |  |  |  |  |  | 11 |  |  |  | 852 |  |  |  | 863 |  |  |  | 329 |  |  |  | 534 |  |  |  |  |  |  |  | 75 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | — |  |  |  | 1,007 |  |  |  | 1,007 |  |  |  | 308 |  |  |  | 699 |  |  |  |  |  |  |  | 76 |
Panama |  |  |  |  |  |  | — |  |  |  | 292 |  |  |  | 292 |  |  |  | 78 |  |  |  | 214 |  |  |  |  |  |  |  | 13 |
Caribbean TCL |  |  |  |  |  |  | — |  |  |  | 478 |  |  |  | 478 |  |  |  | 207 |  |  |  | 271 |  |  |  |  |  |  |  | 18 |
Dominican Republic |  |  |  |  |  |  | — |  |  |  | 233 |  |  |  | 233 |  |  |  | 95 |  |  |  | 138 |  |  |  |  |  |  |  | 16 |
Rest of SCA&C |  |  |  |  |  |  | — |  |  |  | 280 |  |  |  | 280 |  |  |  | 111 |  |  |  | 169 |  |  |  |  |  |  |  | 25 |
Reportable segments |  |  |  |  |  |  | 277 |  |  |  | 26,901 |  |  |  | 27,178 |  |  |  | 8,673 |  |  |  | 18,505 |  |  |  |  |  |  |  | 1,414 |
Other activities |  |  |  |  |  |  | 452 |  |  |  | 754 |  |  |  | 1,206 |  |  |  | 7,644 |  |  |  | (6,438 | ) |  |  |  |  |  |  | 3 |
Assets held for sale |  |  |  |  |  |  | — |  |  |  | 49 |  |  |  | 49 |  |  |  | — |  |  |  | 49 |  |  |  |  |  |  |  | — |
Consolidated |  | $ |  |  |  |  | 729 |  |  |  | 27,704 |  |  |  | 28,433 |  |  |  | 16,317 |  |  |  | 12,116 |  |  |  |  |  |  |  | 1,417 |
1 | Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use incurred during the respective period (notes 15.1 and 15.2) and exclude increases in assets related to asset retirement obligations (note 18.3).
Revenue information by line of business and reportable segment The Company’s main activities are oriented to the construction industry, mainly through the production, marketing, sale and distribution of cement, ready-mix concrete, aggregates, urbanization solutions and other construction materials and services. Revenues including intragroup transactions and external customers by line of business and reportable segment for the years ended December 31, 2024, 2023 and 2022, were as follows:
2024 |  |  |  |  | Cement |  |  | Concrete |  |  | Aggregates |  |  | Urbanization solutions |  |  | Others |  |  | Eliminations |  |  | External revenues |
Mexico |  | $ |  |  |  |  | 3,207 |  |  |  | 1,434 |  |  |  | 393 |  |  |  | 1,077 |  |  |  | 10 |  |  |  | (1,376 | ) |  |  | 4,745 |
United States |  |  |  |  |  |  | 1,905 |  |  |  | 2,905 |  |  |  | 1,374 |  |  |  | 658 |  |  |  | 1 |  |  |  | (1,649 | ) |  |  | 5,194 |
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 285 |  |  |  | 292 |  |  |  | 379 |  |  |  | 208 |  |  |  | 24 |  |  |  | (235 | ) |  |  | 953 |
France |  |  |  |  |  |  | — |  |  |  | 568 |  |  |  | 339 |  |  |  | 17 |  |  |  | — |  |  |  | (168 | ) |  |  | 756 |
Germany |  |  |  |  |  |  | 210 |  |  |  | 141 |  |  |  | 84 |  |  |  | 67 |  |  |  | 54 |  |  |  | (132 | ) |  |  | 424 |
Poland |  |  |  |  |  |  | 381 |  |  |  | 197 |  |  |  | 52 |  |  |  | 8 |  |  |  | 1 |  |  |  | (97 | ) |  |  | 542 |
Spain |  |  |  |  |  |  | 325 |  |  |  | 117 |  |  |  | 45 |  |  |  | 27 |  |  |  | — |  |  |  | (105 | ) |  |  | 409 |
Israel |  |  |  |  |  |  | — |  |  |  | 592 |  |  |  | 190 |  |  |  | 113 |  |  |  | — |  |  |  | (171 | ) |  |  | 724 |
Rest of EMEA |  |  |  |  |  |  | 540 |  |  |  | 318 |  |  |  | 57 |  |  |  | 18 |  |  |  | 19 |  |  |  | (168 | ) |  |  | 784 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | 318 |  |  |  | 178 |  |  |  | 50 |  |  |  | 56 |  |  |  | 24 |  |  |  | (160 | ) |  |  | 466 |
Panama |  |  |  |  |  |  | 112 |  |  |  | 33 |  |  |  | 8 |  |  |  | 15 |  |  |  | 4 |  |  |  | (47 | ) |  |  | 125 |
Caribbean TCL |  |  |  |  |  |  | 316 |  |  |  | 5 |  |  |  | 9 |  |  |  | 1 |  |  |  | 3 |  |  |  | (25 | ) |  |  | 309 |
Rest of SCA&C |  |  |  |  |  |  | 269 |  |  |  | 9 |  |  |  | 5 |  |  |  | 25 |  |  |  | 1 |  |  |  | (8 | ) |  |  | 301 |
Reportable segments |  |  |  |  |  |  | 7,868 |  |  |  | 6,789 |  |  |  | 2,985 |  |  |  | 2,290 |  |  |  | 141 |  |  |  | (4,341 | ) |  |  | 15,732 |
Other activities |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 468 |  |  |  | — |  |  |  | 468 |
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,200 |
2023 |  |  |  |  | Cement |  |  | Concrete |  |  | Aggregates |  |  | Urbanization solutions |  |  | Others |  |  | Eliminations |  |  | External revenues |
Mexico |  | $ |  |  |  |  | 3,378 |  |  |  | 1,397 |  |  |  | 399 |  |  |  | 1,163 |  |  |  | 13 |  |  |  | (1,495 | ) |  |  | 4,855 |
United States |  |  |  |  |  |  | 1,988 |  |  |  | 3,070 |  |  |  | 1,347 |  |  |  | 694 |  |  |  | 14 |  |  |  | (1,775 | ) |  |  | 5,338 |
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 315 |  |  |  | 344 |  |  |  | 376 |  |  |  | 201 |  |  |  | 22 |  |  |  | (266 | ) |  |  | 992 |
France |  |  |  |  |  |  | — |  |  |  | 656 |  |  |  | 356 |  |  |  | 17 |  |  |  | — |  |  |  | (187 | ) |  |  | 842 |
Germany |  |  |  |  |  |  | 227 |  |  |  | 171 |  |  |  | 91 |  |  |  | 38 |  |  |  | 62 |  |  |  | (142 | ) |  |  | 447 |
Poland |  |  |  |  |  |  | 331 |  |  |  | 169 |  |  |  | 44 |  |  |  | 6 |  |  |  | — |  |  |  | (84 | ) |  |  | 466 |
Spain |  |  |  |  |  |  | 326 |  |  |  | 119 |  |  |  | 41 |  |  |  | 25 |  |  |  | — |  |  |  | (100 | ) |  |  | 411 |
Israel |  |  |  |  |  |  | — |  |  |  | 662 |  |  |  | 200 |  |  |  | 116 |  |  |  | 2 |  |  |  | (186 | ) |  |  | 794 |
Rest of EMEA |  |  |  |  |  |  | 551 |  |  |  | 288 |  |  |  | 52 |  |  |  | 17 |  |  |  | 23 |  |  |  | (165 | ) |  |  | 766 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | 316 |  |  |  | 163 |  |  |  | 48 |  |  |  | 54 |  |  |  | 22 |  |  |  | (145 | ) |  |  | 458 |
Panama |  |  |  |  |  |  | 128 |  |  |  | 30 |  |  |  | 9 |  |  |  | 12 |  |  |  | 4 |  |  |  | (51 | ) |  |  | 132 |
Caribbean TCL |  |  |  |  |  |  | 316 |  |  |  | 5 |  |  |  | 8 |  |  |  | 1 |  |  |  | 4 |  |  |  | (17 | ) |  |  | 317 |
Rest of SCA&C |  |  |  |  |  |  | 253 |  |  |  | 9 |  |  |  | 5 |  |  |  | 25 |  |  |  | 1 |  |  |  | (8 | ) |  |  | 285 |
Reportable segments |  |  |  |  |  |  | 8,129 |  |  |  | 7,083 |  |  |  | 2,976 |  |  |  | 2,369 |  |  |  | 167 |  |  |  | (4,621 | ) |  |  | 16,103 |
Other activities |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 451 |  |  |  | — |  |  |  | 451 |
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,554 |
2022 |  |  |  |  | Cement |  |  | Concrete |  |  | Aggregates |  |  | Urbanization solutions |  |  | Others |  |  | Eliminations |  |  | External revenues |
Mexico |  | $ |  |  |  |  | 2,663 |  |  |  | 925 |  |  |  | 261 |  |  |  | 843 |  |  |  | 14 |  |  |  | (1,064 | ) |  |  | 3,642 |
United States |  |  |  |  |  |  | 2,017 |  |  |  | 2,871 |  |  |  | 1,202 |  |  |  | 697 |  |  |  | 12 |  |  |  | (1,765 | ) |  |  | 5,034 |
EMEA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  | 312 |  |  |  | 329 |  |  |  | 371 |  |  |  | 206 |  |  |  | 27 |  |  |  | (263 | ) |  |  | 982 |
France |  |  |  |  |  |  | — |  |  |  | 622 |  |  |  | 332 |  |  |  | 15 |  |  |  | — |  |  |  | (188 | ) |  |  | 781 |
Germany |  |  |  |  |  |  | 220 |  |  |  | 186 |  |  |  | 81 |  |  |  | 32 |  |  |  | 71 |  |  |  | (151 | ) |  |  | 439 |
Poland |  |  |  |  |  |  | 282 |  |  |  | 160 |  |  |  | 41 |  |  |  | 4 |  |  |  | 1 |  |  |  | (73 | ) |  |  | 415 |
Spain |  |  |  |  |  |  | 281 |  |  |  | 99 |  |  |  | 34 |  |  |  | 25 |  |  |  | — |  |  |  | (93 | ) |  |  | 346 |
Israel |  |  |  |  |  |  | — |  |  |  | 718 |  |  |  | 213 |  |  |  | 97 |  |  |  | 21 |  |  |  | (209 | ) |  |  | 840 |
Rest of EMEA |  |  |  |  |  |  | 504 |  |  |  | 260 |  |  |  | 48 |  |  |  | 18 |  |  |  | 26 |  |  |  | (150 | ) |  |  | 706 |
SCA&C |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  |  |  |  |  | 296 |  |  |  | 137 |  |  |  | 40 |  |  |  | 62 |  |  |  | 19 |  |  |  | (125 | ) |  |  | 429 |
Panama |  |  |  |  |  |  | 119 |  |  |  | 27 |  |  |  | 7 |  |  |  | 13 |  |  |  | 2 |  |  |  | (53 | ) |  |  | 115 |
Caribbean TCL |  |  |  |  |  |  | 297 |  |  |  | 4 |  |  |  | 6 |  |  |  | 2 |  |  |  | 5 |  |  |  | (20 | ) |  |  | 294 |
Rest of SCA&C |  |  |  |  |  |  | 245 |  |  |  | 9 |  |  |  | 3 |  |  |  | 19 |  |  |  | 1 |  |  |  | (7 | ) |  |  | 270 |
Reportable segments |  |  |  |  |  |  | 7,236 |  |  |  | 6,347 |  |  |  | 2,639 |  |  |  | 2,033 |  |  |  | 199 |  |  |  | (4,161 | ) |  |  | 14,293 |
Other activities |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 413 |  |  |  | — |  |  |  | 413 |
Consolidated |  | $ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,706 |

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