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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Debt Summarized by Interest Rates and Currencies

As of December 31, 2024 and 2023, Cemex’s consolidated debt summarized by interest rates and currencies, was as follows:


		2024							2023

		Current		Non-current		Total 1, 2			Current		Non-current		Total 1, 2

Floating rate debt	$		23		1,305		1,328	$		13		1,968		1,981
Fixed rate debt			166		4,035		4,201			12		4,235		4,247

	$		189		5,340		5,529	$		25		6,203		6,228

Effective rate 3
Floating rate			5.1%		6.0%					6.4%		7.1%
Fixed rate			7.3%		4.6%					4.4%		5.0%


		2024									2023

Currency		Current		Non-current		Total		Effective rate 3			Current		Non-current		Total		Effective rate 3

Dollars	$		161		3,595		3,756		5.1%	$		1		4,348		4,349		5.5%
Euros			2		876		878		3.9%			9		990		999		4.2%
Pesos			—		842		842		11.2%			—		704		704		12.0%
Philippine Pesos			—		—		—		—			11		112		123		7.1%
Other currencies			26		27		53		5.4%			4		49		53		4.5%

		$	189		5,340		5,529			$		25		6,203		6,228

1	As of December 31, 2024 and 2023, from the total debt of $5,529 and $6,228, respectively, 95% and 94% was held in the Parent Company and 5% and 6% in subsidiaries of the Parent Company, respectively.

As of December 31, 2024 and 2023, cumulative discounts, fees and other direct costs incurred in Cemex’s outstanding debt borrowings and the issuance of notes payable (jointly “Issuance Costs”) for $29 and $47, 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 2024 and 2023, represents the weighted-average effective 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, 2024 and 2023, Cemex’s consolidated debt summarized by type of instrument, was as follows:


2024		Current		Non-current		2023		Current		Non-current

Bank loans						Bank loans
Lines of credit, 2025 to 2026			$11		81	Lines of credit, 2024 to 2025	$		10		202
Syndicated loans, 2026 to 2029			—		1,731	Syndicated loans, 2025 to 2028			—		2,476

			11		1,812				10		2,678

Notes payable						Notes payable
Medium-term notes, 2025 to 2031			150		3,538	Medium-term notes, 2026 to 2031			—		3,508
Other notes payable, 2025 to 2027			6		12	Other notes payable, 2024 to 2027			5		27

			156		3,550				5		3,535

Total bank loans and notes payable			167		5,362	Total bank loans and notes payable			15		6,213
Current maturities			22		(22)	Current maturities			10		(10)

	$		189		5,340		$		25		6,203

Summary of Changes in Consolidated Debt

Changes in consolidated debt for the years ended December 31, 2024, 2023 and 2022 were as follows:


		2024		2023		2022

Debt at beginning of year	$		6,228		6,971		7,379
Proceeds from new debt instruments			5,048		2,938		2,006
Debt repayments			(5,497)		(3,840)		(2,420)
Foreign currency translation and accretion effects			(250)		159		6

Debt at end of year	$		5,529		6,228		6,971

Summary of Non-Current Notes Payable

As of December 31, 2024 and 2023,

non-current

notes payable for $3,550 and $3,535, respectively, were detailed as follows:


Description	Date of issuance	Issuer 1	Currency	Principal amount	Rate	Maturity	Redeemed amount 2 $	Outstanding amount 2 $		2024	2023

2023 CEBURES variable rate 3	05/Oct/23	Cemex, S.A.B. de C.V.	Peso	3,000	TIIE+.45%	01/Oct/26	—	144	$	144	59
2023 CEBURES fixed rate 3	05/Oct/23	Cemex, S.A.B. de C.V.	Peso	8,500	11.480%	26/Sep/30	—	408		411	292
July 2031 Notes 4	12/Jan/21	Cemex, S.A.B. de C.V.	Dollar	1,750	3.875%	11/Jul/31	(642)	1,108		1,104	1,102
September 2030 Notes 4	17/Sep/20	Cemex, S.A.B. de C.V.	Dollar	1,000	5.2%	17/Sep/30	(283)	717		715	714
November 2029 Notes 4	19/Nov/19	Cemex, S.A.B. de C.V.	Dollar	1,000	5.45%	19/Nov/29	(247)	753		750	749
March 2026 Notes 4	19/Mar/19	Cemex, S.A.B. de C.V.	Euro	400	3.125%	19/Mar/26	—	414		414	441
July 2025 Notes	01/Apr/03	Cemex Materials LLC	Dollar	150	7.70%	21/Jul/25	—	150		—	151
Other notes payable										12	27

									$	3,550	3,535

As of December 31, 2024, except for the July 2025 Notes and other notes payable, these issuances 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. The July 2025 Notes are fully and unconditionally guaranteed by Cemex Corp.

2	Presented net of all notes repurchased by Cemex. As of December 31, 2024, all repurchased notes have been canceled.

On February 16, 2024, Cemex reopened and placed an additional principal amount of Ps5,500 of its sustainability-linked long-term notes (

Certificados Bursátiles de Largo Plazo

or the “2023 CEBURES”) issued in 2023 . The reopening closed on February 20, 2024 and consisted of two tranches: the first of Ps2,000 at a floating annual interest rate of TIIE 28 plus 0.45%, and the second of Ps3,500 at a fixed annual interest rate of 11.48%. In connection with these issuances in 2024 and 2023, Cemex negotiated interest rate and currency derivative instruments to synthetically change the financial risks profile of these issuances from the Peso to the Dollar (note 17.4).

During 2022, pursuant to tender offers and other market transactions, Cemex partially repurchased several 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 line item “Financial income and other items, net.”

Schedule of Consolidated Long-Term Debt

The maturities of consolidated long-term debt as of December 31, 2024, were as follows:


		Bank loans		Notes payable		Total

2026	$		275		565		840
2027			694		4		698
2028			694		2		696
2029			93		750		843
2030 and thereafter			34		2,229		2,263

	$		1,790		3,550		5,340

Schedule of Lines of Credit

As of December 31, 2024, Cemex had the following lines of credit, of which, the committed portion refers to the revolving credit facility under the 2023 Credit Agreement, at annual interest rates ranging between 5.25% and 6.35%, depending on the negotiated currency:


		Lines of credit		Available

Other lines of credit in foreign subsidiaries 1	$		392		250
Other lines of credit from banks 1			1,009		1,009
Revolving credit facility 2023 Credit Agreement			2,311		2,311

	$		3,712		3,570

1	Uncommitted amounts subject to the banks’ availability.

Summary of Consolidated Financial Ratios

As of December 31, 2024, 2023 and 2022, under the 2023 Credit Agreement and the 2021 Credit 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

2024

2023

2022

Leverage ratio

Limit

<=3.75

Calculation

1.81

2.06

2.84

Coverage ratio

Limit

>=2.75

Calculation

7.26

7.91

6.27

Summary of Other Financial Obligations

As of December 31, 2024 and 2023, other financial obligations in the consolidated statement of financial position were detailed as follows:


					2024							2023

		Current		Non-current		Total			Current		Non-current		Total

I. Leases	$		269		902		1,171		$	272		986		1,258
II. Liabilities secured with accounts receivable			658		—		658			678		—		678

	$		927		902		1,829	$		950		986		1,936

Detailed Information about In Lease Liabilities

Changes in the balance of lease financial liabilities during

2024

2023

and

2022

were as follows:


		2024			2023			2022

Lease financial liability at beginning of year	$		1,258			1,176			1,176
Additions from new leases			290			341			296
Reductions from payments			(296	)		(256	)		(276)
Cancellations and liability remeasurements			(47	)		(24	)		7
Foreign currency translation and accretion effects			(34	)		21			(27)

Lease financial liability at end of year	$		1,171			1,258			1,176

Summary of Disclosure Detail Of Financial Lease Liabilities

As of December 31, 2024, the maturities of

non-current

lease financial liabilities are as follows:


		Total

2026	$		203
2027			149
2028			124
2029			85
2030 and thereafter			341

	$		902

Summary of Carrying Amounts and Fair Value of Financial Instruments

As of December 31, 2024 and 2023, the carrying amounts of financial assets and liabilities and their respective fair values were as follows:


		2024					2023
		Carrying amount		Fair value			Carrying amount		Fair value
Financial assets
Derivative financial instruments (notes 14.2 and 17.4)	$		60		60	$		64		64
Other investments and non-current accounts receivable (note 14.2)			196		179			276		266

	$		256		239	$		340		330

Financial liabilities
Long-term debt (note 17.1)	$		5,340		5,145	$		6,203		6,030
Other financial obligations (note 17.2)			902		898			986		919
Derivative financial instruments (notes 17.4 and 18.3)			100		100			15		15

	$		6,342		6,143	$		7,204		6,964

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

As of December 31, 2024 and 2023, assets and liabilities carried at fair value in the consolidated statements of financial position are included in the following fair value hierarchy categories (note 29.4):


2024		Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 14.2 and 17.4)	$		—		60		—		60
Investments in strategic equity securities (note 14.2)			4		—		—		4
Other investments at fair value through earnings (note 14.2)			—		1		—		1

	$		4		61		—		65

Liabilities measured at fair value
Derivative financial instruments (notes 17.4 and 18.3)	$		—		100		—		100


2023		Level 1		Level 2		Level 3		Total
Assets measured at fair value
Derivative financial instruments (notes 14.2 and 17.4)	$		—		64		—		64
Investments in strategic equity securities (note 14.2)			3		—		—		3
Other investments at fair value through earnings (note 14.2)			—		1		—		1

		$	3		65		—		68

Liabilities measured at fair value
Derivative financial instruments (notes 17.4 and 18.3)	$		—		15		—		15

Summary of Derivative Financial Instruments

As of December 31, 2024 and 2023, the notional amounts and fair values of Cemex’s derivative instruments were as follows:


		2024					2023
		Notional amount		Fair value			Notional amount		Fair value
I. Foreign exchange forwards hedging the net investment	$		713		63			976		(94	)
II. Cross currency swaps			658		(100	)		335		23
III. Interest rate swaps			600		14			750		30
IV. Fuel price hedging			356		6			232		5
V. Foreign exchange options			650		41			300		10

	$		2,977		24			2,593		(26	)

Summary of Consolidated Net Monetary Assets (Liabilities) by Currency

As of December 31, 2024 and 2023, Cemex’s consolidated net monetary assets (liabilities) by currency are as follows:


		2024
		Mexico			United States			EMEA			SCA&C			Others 1			Total
Monetary assets	$		1,683			648			1,216			241			338			4,126
Monetary liabilities			1,859			2,893			2,699			701			6,352			14,504

Net monetary assets (liabilities)	$		(176	)		(2,245	)		(1,483	)		(460	)		(6,014	)		(10,378)

Out of which:
Dollars	$		(149	)		(2,248	)		(16	)		(24	)		(4,087	)		(6,524)
Pesos			(27	)		—			—			—			(797	)		(824)
Euros			—			—			(606	)		—			(1,278	)		(1,884)
Pounds			—			—			(601	)		—			85			(516)
Other currencies			—			3			(260	)		(436	)		63			(630)

	$		(176	)		(2,245	)		(1,483	)		(460	)		(6,014	)		(10,378)


		2023
		Mexico			United States			EMEA			SCA&C			Others 1			Total
Monetary assets	$		1,627			651			1,491			274			(241	)		3,802
Monetary liabilities			2,184			2,679			3,087			730			7,179			15,859

Net monetary assets (liabilities)	$		(557	)		(2,028	)		(1,596	)		(456	)		(7,420	)		(12,057)

Out of which:
Dollars	$		(157	)		(2,030	)		(5	)		(61	)		(4,780	)		(7,033)
Pesos			(400	)		—			—			—			(524	)		(924)
Euros			—			—			(660	)		—			(1,563	)		(2,223)
Pounds			—			—			(710	)		—			97			(613)
Other currencies			—			2			(221	)		(395	)		(650	)		(1,264)

	$		(557	)		(2,028	)		(1,596	)		(456	)		(7,420	)		(12,057)

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