Cemex 2012 Annual Report Download - page 65
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Notes to the
consolidated
financial
statements
65
< previous I contents I next >
Allowances for doubtful accounts are established according to the credit history and risk profile of each customer. Changes in the
valuation of allowance for doubtful accounts in 2012, 2011 and 2010, were as follows:
2012 2011 2010
Allowances for doubtful accounts at beginning of period $ 2,171 2,246 2,571
Charged to selling expenses 372 338 353
Deductions (595) (695) (609)
Business combinations – 82 2
Foreign currency translation effects (182) 200 (71)
Allowances for doubtful accounts at end of period $ 1,766 2,171 2,246
10) Other accounts receivable
As of December 31, 2012 and 2011, consolidated other accounts receivable consisted of:
2012 2011
Non-trade accounts receivable 1 $ 2,321 1,964
Interest and notes receivable 2 2,721 2,284
Loans to employees and others 171 191
Refundable taxes 1,026 819
$ 6,239 5,258
1 Non-trade accounts receivable are mainly attributable to the sale of assets.
2 Includes $171 in 2012 and $185 in 2011, representing the short-term portion of the investment arising from the settlement of derivative
instruments related to perpetual debentures issued by CEMEX (notes 16C and 20D)
11) Inventories
As of December 31, 2012 and 2011, consolidated balances of inventories are summarized as follows:
2012 2011
Finished goods $ 5,934 6,437
Work-in-process 2,819 2,597
Raw materials 2,980 3,219
Materials and spare parts 4,523 5,328
Inventory in transit 820 517
Allowance for obsolescence (591) (444)
$ 16,485 17,654
For the years ended December 31, 2012, 2011 and 2010, CEMEX recognized in the statements of operations, inventory
impairment losses of approximately $44, $19 and $17, respectively.
12) Other current assets
As of December 31, 2012 and 2011, consolidated other current assets consisted of:
2012 2011
Advance payments $ 2,228 1,946
Assets held for sale 2,193 2,007
$ 4,421 3,953
As of December 31, 2012 and 2011, advance payments include $18 and $549, respectively, associated with advances to
suppliers of inventory (note 2G). Assets held for sale are stated at their estimated realizable value and include real estate properties
received in payment of trade receivables as well as other assets held for sale.
During 2012, 2011 and 2010, CEMEX recognized within “Other expenses, net” impairment losses in connection with assets held
for sale of approximately $595, $190 and $420, respectively. Of such 2012 impairment losses, approximately $123 (US$9)
related to the amount of goodwill that was written-off due to the decision to classify these assets as held for sale (note 15A).