Cemex 2013 Annual Report Download - page 102
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Please find page 102 of the 2013 Cemex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to the consolidated financial statements
During2011,followingtherequirednoticestotheplans’trustees,CEMEXsettleditsdenedbenetpensionplansintheRepublicofIreland.
Asaresult,theavailableassetswereusedtoprovidebeneciaries’entitlementsinaccordancewiththeagreementreachedwiththeplans’
trustees.Asofthewind update,thetotaldecitinthese schemeswasapproximately€15 (US$19or$266).As partofthewind up
agreementtosettlethisliability,CEMEXagreedtomakecontributionsofapproximately€11,ofwhichapproximately€10willbepaidover
thenext20yearssubjecttoacompoundannualinterestrateof3%fromthedateofwinduptothedateofpayment.CEMEXgranted
securityovercertainnon-operatingassetsforthispayment.Thewindupgaverisetoasettlementgainin2011ofapproximately€4(US$6
or$70),andtheremainingliabilityasofDecember31,2011ofapproximately€10(US$13or$181)wasreclassiedtoothercurrentand
non-currentliabilities,asappropriate.
During2012,inPuertoRico,CEMEXeliminatedcoverageunderthemedicalplanforanyparticipantswhohadnotretiredbyJanuary2,2012.
Thiseventgeneratedacurtailmentgainofapproximately$18recognizedaspartofthenetperiodiccost.Thenetperiodiccostfor2011
reectsacurtailmentgainofapproximately$107relatedtothesignicantdecreaseinthenumberofactiveparticipantsintheMexican
plans,ofwhichapproximately$97refertootherpostretirementbenets.
Sensitivity analysis of pension and other postretirement benets
FortheyearendedDecember31,2013,CEMEXperformedsensitivityanalysesonthemostsignicantassumptionsthataffectthePBO,
consideringreasonableindependentchangesofplusorminus50basispointsineachoftheseassumptions.Theincrease(decrease)that
wouldhaveresultedinthePBOofpensionsandotherpostretirementbenetsasofDecember31,2013areshownbelow:
Pensions Other benets Total
+50 bps -50 bps +50 bps -50 bps +50 bps -50 bps
Assumptions:
DiscountRateSensitivity $ (2,166) 2,418 (94) 35 (2,260) 2,453
SalaryIncreaseRateSensitivity 36 (29) 13 (12) 49 (41)
PensionIncreaseRateSensitivity 1,567 (1,456) – – 1,567 (1,456)
19) Income taxes
19A) Income taxes for the period
Theamountsforincometax(expense)incometothestatementsofoperationsin2013,2012and2011aresummarizedasfollows:
2013 2012 2011
Current income taxes
FromMexicanoperations $ (12,227) 1,825 (11,010)
Fromforeignoperations (2,013) 4,377 (3,326)
(14,240) 6,202 (14,336)
Deferred income taxes
FromMexicanoperations 8,645 1,276 327
Fromforeignoperations (615) (13,521) 1,874
8,030 (12,245) 2,201
$ (6,210) (6,043) (12,135)
AsofDecember31,2013,consolidatedtaxlossandtaxcreditscarryforwardsandreservedcarryforwardsexpireasfollows:
Amount of Amount of reserved
carryforwards carryforwards
2014 $ 1,635 455
2015 3,793 241
2016 2,603 658
2017 3,385 453
2018andthereafter 353,187 274,656
$ 364,603 276,463
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