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Pensions and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Schedule Actuarial Results Related to Pension and Other Post Retirement Benefits

For the years ended December 31, 2024, 2023 and 2022, the effects of pension plans and other post-employment benefits are summarized as follows:


		Pensions									Other benefits								Total

Net period cost (income):		2024			2023			2022			2024		2023			2022			2024			2023			2022

Recorded in operating costs and expenses
Service cost	$		7			6			7			4		4			4			11			10			11
Past service cost			—			—			1			—		—			—			—			—			1
Settlements, curtailments and other changes			—			(9	)		2			—		(1	)		—			—			(10	)		2

			7			(3	)		10			4		3			4			11			—			14

Recorded in other financial expenses
Net interest cost			32			36			22			8		8			6			40			44			28

Recorded in other comprehensive income
Actuarial (gains) losses for the period			(75	)		46			(166	)		1		(1	)		(10	)		(74	)		45			(176)

	$		(36	)		79			(134	)		13		10			—			(23	)		89			(134)

Disclosure of Net Defined Benefit Liability (Asset)

As of December 31, 2024 and 2023, the reconciliation of the actuarial benefits’ obligations and pension plan assets, are presented as follows:


			Pensions						Other benefits						Total

		2024			2023			2024			2023			2024			2023

Change in benefits obligation:
Projected benefit obligation at beginning of the period	$		1,909			1,811			101			92			2,010			1,903
Service cost			7			6			4			4			11			10
Interest cost			97			100			8			8			105			108
Actuarial (gains) losses			(159	)		30			1			(1	)		(158	)		29
Reduction from disposal of assets			(17	)		2			—			—			(17	)		2
Settlements and curtailments			—			(2	)		—			—			—			(2)
Plan amendments			—			(10	)		—			(1	)		—			(11)
Benefits paid			(160	)		(122	)		(10	)		(8	)		(170	)		(130)
Foreign currency translation			(65	)		94			(12	)		7			(77	)		101

Projected benefit obligation at end of the period			1,612			1,909			92			101			1,704			2,010

Change in plan assets:
Fair value of plan assets at beginning of the period			1,273			1,207			2			1			1,275			1,208
Return on plan assets			65			64			—			—			65			64
Actuarial losses			(84	)		(16	)		—			—			(84	)		(16)
Employer contributions			85			97			10			8			95			105
Reduction from disposal of assets			(13	)		1			—			—			(13	)		1
Settlements			—			(2	)		—			—			—			(2)
Benefits paid			(160	)		(122	)		(10	)		(8	)		(170	)		(130)
Foreign currency translation			(22	)		44			(1	)		1			(23	)		45

Fair value of plan assets at end of the period			1,144			1,273			1			2			1,145			1,275

Net projected liability in the statement of financial position	$		468			636			91			99			559			735

Summary of Actuarial (Gains) Losses

For the years 2024, 2023 and 2022, actuarial (gains) losses for the period were generated by the following main factors as follows:


		2024			2023			2022
Actuarial (gains) losses due to experience	$		(26	)		13			96
Actuarial (gains) losses due to demographic assumptions			(28	)		(5	)		(2)
Actuarial (gains) losses due to financial assumptions			(20	)		37			(270)

	$		(74	)		45			(176)

Summary of Plan Assets Measured at Estimated Fair Value

As of December 31, 2024 and 2023, based on the hierarchy of fair values, plan assets are detailed as follows:


		2024									2023
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Cash	$		25		—		—		25	$		24		—		—		24
Investments in corporate bonds			237		46		—		283			11		391		—		402
Investments in government bonds			339		—		—		339			114		209		—		323

Total fixed-income securities			601		46		—		647			149		600		—		749

Investment in marketable securities			127		73		—		200			179		43		—		222
Other investments and private funds			44		32		222		298			70		33		201		304

Total variable-income securities			171		105		222		498			249		76		201		526

Total plan assets	$		772		151		222		1,145	$		398		676		201		1,275

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:


	2024				2023
	Mexico	United States	United Kingdom	Range of rates in other countries	Mexico	United States	United Kingdom	Range of rates in other countries
Discount rates	11.8%	5.7%	5.6%	3.3% – 9.5%	10.5%	5.2%	4.7%	3.1% – 11.0%
Rate of return on plan assets	11.8%	5.7%	5.6%	3.3% – 9.5%	10.5%	5.2%	4.7%	3.1% – 11.0%
Rate of salary increases	4.5%	—	3.2%	2.5% – 7.3%	4.5%	—	3.1%	2.5% – 7.3%

Schedule of Estimated Payments for Pensions and Other Post-Employment Benefits

As of December 31, 2024, estimated payments for pensions and other post-employment benefits over the next 10 years were as follows:


		Estimated payments
2025	$		156
2026			135
2027			133
2028			133
2029 – 2034			803

Aggregate Projected Benefit Obligation for Pension Plans and Other Post-Employment Benefits and the Plan Assets by Country

As of December 31, 2024 and 2023, the aggregate PBO for pension plans and other post-employment benefits and the plan assets by country were as follows:


		2024							2023
		PBO		Assets		Deficit			PBO		Assets		Deficit
Mexico	$		200		30		170	$		253		44		209
United States			142		143		(1)			184		188		(4)
United Kingdom			960		752		208			1,129		821		308
Germany			121		5		116			141		6		135
Other countries			281		215		66			303		216		87

	$		1,704		1,145		559	$		2,010		1,275		735

Schedule of Sensitivity Analysis of Pension and Other Post Employment Benefits

As of December 31, 2024, 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	$		(75	)		83			(3	)		3			(78	)		86
Salary Increase Rate Sensitivity			4			(4	)		1			(1	)		5			(5	)
Pension Increase Rate Sensitivity			56			(54	)		—			—			56			(54	)