Item 8. Financial Statements and Supplementary Data

Independent Auditor’s Report

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of CRH public limited company (CRH plc)

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of CRH plc and subsidiaries (the Company) as of December 31, 2024, and 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the Audit Committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Acquisitions - Valuation of Property, plant and equipment related to the Hunter and Adbri acquisitions - Refer to Notes 1 and 4 to the financial statements

Critical Audit Matter Description

On February 9, 2024, the Company wholly acquired a portfolio of cement and readymixed concrete operations and assets in Texas, United States for a total cash consideration, net of cash acquired, of $2,106 million (the ‘Hunter’ acquisition), and on July 1, 2024, it acquired 57% of the issued share capital of Adbri, a materials business in Australia, for a total cash consideration, net of cash acquired, of $787 million (the ‘Adbri’ acquisition). The Company accounted for these acquisitions as business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. These acquisitions included Property, plant and equipment of $1,069 million and $1,364 million respectively.

We identified the valuation of Property, plant and equipment as a critical audit matter because of the estimates made by management to determine the fair value of these assets for purposes of recording the acquisitions. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our valuation specialists when performing audit procedures to determine the fair value of acquired Property, plant and equipment under the replacement cost approach. This included estimating the useful lives based on management’s historical experience and expectations as to the period of time over which the assets will be used and estimating the cost to replace or reproduce comparable assets adjusted for the remaining useful lives.

How the Critical Audit Matter was Addressed in the Audit

Our audit procedures related to the fair value of Property, plant and equipment acquired as part of the acquisitions included the following, among others:

• We tested the effectiveness of controls over the purchase price allocation, including management's controls over the assumptions used in the replacement cost approach for Property, plant and equipment and the review of the work of management's third-party specialists.

• We evaluated the underlying terms of the purchase agreements, in order to corroborate our understanding of the substance of the acquisition obtained through inquiry with the Company's management, as well as to assess the completeness of the assets acquired.

• We evaluated the competency, capabilities and objectivity of the third-party specialists engaged by management to perform the valuations.

• We read the third-party valuation reports and, with the assistance of our valuation specialists, we evaluated the appropriateness of the Company's methodology used to estimate the cost to replace or reproduce comparable assets adjusted for the remaining useful lives.

CRH Form 10-K 51

Service revenues - Revenue recognition for certain long-term contracts - Refer to Notes 1 and 2 to the financial statements

Critical Audit Matter Description

The Company recognizes long-term contract revenue over the contract term as the work progresses because transfer of control and the fulfillment of performance obligations to the customer is continuous. Revenue derived from long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date involves judgment, particularly as it relates to the process of estimating total forecasted costs of the contracts.

We identified revenue recognition for certain long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date as a critical audit matter because of the judgments made by management in estimating total forecasted costs of the contracts. This required extensive audit effort due to the complexity of certain long-term contracts and required a high degree of auditor judgment when performing audit procedures to audit management’s estimates and evaluating the results of those procedures.

How the Critical Audit Matter was Addressed in the Audit

Our audit procedures related to management’s recognition of revenue for certain long-term contracts, measured on a percentage of completion basis and in-progress at the balance sheet date included the following, among others:

• We tested the effectiveness of controls over long-term contract revenue, including management’s controls over the estimates of total forecasted costs.

• We selected a sample of long-term contracts and:

–assessed whether the contracts were properly included in management's calculation of long-term contract revenue based on the terms and conditions of each contract, including whether continuous transfer of control to the customer occurred as progress was made toward fulfilling the performance obligation;

–tested the accuracy and completeness of the costs incurred to date for the performance obligation to supporting documentation;

–evaluated management's ability to estimate total forecasted costs accurately by:

◦comparing costs incurred to date to the costs management estimated, at either the inception of the contract or the start of the reporting period;

◦evaluating management’s ability to accurately estimate the total cost by performing corroborating inquiries with the Company’s project managers, and comparing the estimates to management’s work plans, engineering specifications, and supplier contracts; and

◦comparing management’s estimates for the selected contracts to costs of similar performance obligations, when applicable.

–tested the mathematical accuracy of management’s calculation of revenue, measured on a percentage of completion basis, for the performance obligation.

/s/ Deloitte Ireland LLP

Dublin, Ireland

February 26, 2025

We have served as the Company’s auditor since 2020.

CRH Form 10-K 52

Consolidated Statements of Income

(in $ millions, except share and per share data)

For the years ended December 31			2024			2023			2022
Product revenues			26,699			26,156			24,519
Service revenues			8,873			8,793			8,204
Total revenues			35,572			34,949			32,723
Cost of product revenues			(14,651)			(14,741)			(14,123)
Cost of service revenues			(8,220)			(8,245)			(7,785)
Total cost of revenues			(22,871)			(22,986)			(21,908)
Gross profit			12,701			11,963			10,815
Selling, general and administrative expenses			(7,852)			(7,486)			(7,056)
Gain on disposal of long-lived assets			237			66			50
Loss on impairments			(161)			(357)			–
Operating income			4,925			4,186			3,809
Interest income			143			206			65
Interest expense			(612)			(376)			(344)
Other nonoperating income (expense), net			258			(2)			(69)
Income from continuing operations before income tax expense and income from equity method investments			4,714			4,014			3,461
Income tax expense			(1,085)			(925)			(762)
Loss from equity method investments			(108)			(17)			–
Income from continuing operations			3,521			3,072			2,699
Income from discontinued operations, net of income tax expense			–			–			1,190
Net income			3,521			3,072			3,889
Net (income) attributable to redeemable noncontrolling interests			(28)			(28)			(27)
Net (income) loss attributable to noncontrolling interests			(1)			134			–
Net income attributable to CRH			3,492			3,178			3,862
Basic earnings per share attributable to CRH
Continuing operations			$5.06			$4.36			$3.58
Discontinued operations			–			–			$1.57
Net income			$5.06			$4.36			$5.15
Diluted earnings per share attributable to CRH
Continuing operations			$5.02			$4.33			$3.55
Discontinued operations			–			–			$1.56
Net income			$5.02			$4.33			$5.11
Weighted average common shares outstanding
Basic			683.3			723.9			758.3
Diluted			689.5			729.2			764.1

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 53

Consolidated Statements of Comprehensive Income

(in $ millions)

For the years ended December 31			2024			2023			2022
Net income			3,521			3,072			3,889
Other comprehensive (loss) income, net of tax:
Currency translation adjustment			(470)			310			(665)
Net change in fair value of effective portion of cash flow hedges, net of tax of $3 million, $1 million, and $6 million in 2024, 2023, and 2022, respectively			(16)			(28)			(37)
Actuarial gains (losses) and prior service credits (costs) for pension and other postretirement plans, net of tax of $(4) million, $17 million, and $(66) million in 2024, 2023, and 2022, respectively			44			(108)			294
Other comprehensive (loss) income			(442)			174			(408)
Comprehensive income			3,079			3,246			3,481
Comprehensive (income) attributable to redeemable noncontrolling interests			(28)			(28)			(27)
Comprehensive loss attributable to noncontrolling interests			52			131			46
Comprehensive income attributable to CRH			3,103			3,349			3,500

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 54

Consolidated Balance Sheets

(in $ millions, except share data)

At December 31			2024			2023
Assets
Current assets:
Cash and cash equivalents			3,720			6,341
Restricted cash			39			–
Accounts receivable, net			4,820			4,507
Inventories			4,755			4,291
Assets held for sale			–			1,268
Other current assets			749			478
Total current assets			14,083			16,885
Property, plant and equipment, net			21,452			17,841
Equity method investments			737			620
Goodwill			11,061			9,158
Intangible assets, net			1,211			1,041
Operating lease right-of-use assets, net			1,274			1,292
Other noncurrent assets			795			632
Total assets			50,613			47,469
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable			3,207			3,149
Accrued expenses			2,248			2,296
Current portion of long-term debt			2,999			1,866
Operating lease liabilities			265			255
Liabilities held for sale			–			375
Other current liabilities			1,577			2,072
Total current liabilities			10,296			10,013
Long-term debt			10,969			9,776
Deferred income tax liabilities			3,105			2,738
Noncurrent operating lease liabilities			1,074			1,125
Other noncurrent liabilities			2,319			2,196
Total liabilities			27,763			25,848
Commitments and contingencies (Note 24)
Redeemable noncontrolling interests			384			333
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of December 31, 2024, and December 31, 2023			1			1
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 718,647,277 and 734,519,598 shares issued and outstanding, as of December 31, 2024, and December 31, 2023, respectively			290			296
Treasury stock, at cost (41,355,384 and 42,419,281 shares as of December 31, 2024, and December 31, 2023, respectively)			(2,137)			(2,199)
Additional paid-in capital			422			454
Accumulated other comprehensive loss			(1,005)			(616)
Retained earnings			24,036			22,918
Total shareholders’ equity attributable to CRH shareholders			21,607			20,854
Noncontrolling interests			859			434
Total equity			22,466			21,288
Total liabilities, redeemable noncontrolling interests and equity			50,613			47,469

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 55

Consolidated Statements of Cash Flows

(in $ millions)

For the years ended December 31			2024			2023			2022
Cash Flows from Operating Activities:
Net income			3,521			3,072			3,889
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization			1,798			1,633			1,577
Loss on impairments			161			357			–
Share-based compensation			125			123			101
Gains on disposals from discontinued operations, businesses and long-lived assets, net			(431)			(66)			(1,422)
Deferred tax expense (benefit)			180			(64)			(63)
Loss from equity method investments			108			17			–
Pension and other postretirement benefits net periodic benefit cost			34			31			30
Non-cash operating lease costs			262			293			273
Other items, net			14			68			45
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net			(122)			(164)			(226)
Inventories			(224)			(60)			(655)
Accounts payable			48			144			403
Operating lease liabilities			(287)			(276)			(269)
Other assets			(69)			25			(45)
Other liabilities			(86)			(72)			205
Pension and other postretirement benefits contributions			(43)			(44)			(43)
Net cash provided by operating activities			4,989			5,017			3,800
Cash Flows from Investing Activities:
Purchases of property, plant and equipment, and intangibles			(2,578)			(1,817)			(1,523)
Acquisitions, net of cash acquired			(4,900)			(640)			(3,253)
Proceeds from divestitures			1,001			–			3,712
Proceeds from disposal of long-lived assets			272			104			115
Dividends received from equity method investments			44			44			36
Settlements of derivatives			(9)			(1)			(11)
Deferred divestiture consideration received			83			6			52
Other investing activities, net			(204)			(87)			(45)
Net cash used in investing activities			(6,291)			(2,391)			(917)

CRH Form 10-K 56

Consolidated Statements of Cash Flows

(in $ millions)

For the years ended December 31			2024			2023			2022
Cash Flows from Financing Activities:
Proceeds from debt issuances			4,001			3,163			38
Payments on debt			(1,859)			(1,462)			(364)
Settlements of derivatives			(36)			7			(11)
Payments of finance lease obligations			(57)			(26)			(28)
Deferred and contingent acquisition consideration paid			(21)			(22)			(24)
Dividends paid			(1,706)			(940)			(917)
Distributions to noncontrolling and redeemable noncontrolling interests			(53)			(35)			(23)
Transactions involving noncontrolling interests			19			(2)			(3)
Repurchases of common stock			(1,482)			(3,067)			(1,178)
Proceeds from exercise of stock options			8			4			11
Net cash used in financing activities			(1,186)			(2,380)			(2,499)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash			(143)			208			(231)
(Decrease)/increase in cash and cash equivalents, including restricted cash			(2,631)			454			153
Cash and cash equivalents and restricted cash at the beginning of year			6,390			5,936			5,783
Cash and cash equivalents and restricted cash at the end of year			3,759			6,390			5,936
Supplemental cash flow information:
Cash paid for interest (including finance leases)			599			418			329
Cash paid for income taxes			960			959			1,043
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents presented in the Consolidated Balance Sheets			3,720			6,341			5,936
Restricted cash presented in the Consolidated Balance Sheets			39			–			–
Cash and cash equivalents included in Assets held for sale			–			49			–
Total cash and cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows			3,759			6,390			5,936

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 57

Consolidated Statements of Changes in Equity

(in $ millions, except share and per share data)

For the year ended December 31, 2022

			Preferred stock						Common stock						Treasury stock						Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity Attributable to CRH Shareholders			Noncontrolling Interests			Total Equity
			Shares			Amount			Shares			Amount			Shares			Amount
Balance at December 31, 2021			0.9			$1			774.1			$309			(3.7)			($195)			$458			($425)			$20,466			$20,614			$632			$21,246
Net income			–			–			–			–			–			–			–			–			3,862			3,862			–			3,862
Other comprehensive loss			–			–			–			–			–			–			–			(362)			–			(362)			(46)			(408)
Share-based compensation			–			–			–			–			–			–			101			–			–			101			–			101
Repurchases of common stock			–			–			–			–			(30.0)			(1,178)			–			–			–			(1,178)			–			(1,178)
Retirement of treasury stock			–			–			(22.0)			(7)			22.0			879			–			–			(872)			–			–			–
Shares issued under employee share plans			–			–			–			–			4.0			197			(116)			–			(70)			11			–			11
Dividends declared on common stock			–			–			–			–			–			–			–			–			(931)			(931)			–			(931)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(8)			(8)
Transactions involving noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(3)			(3)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			40			40			–			40
Balance at December 31, 2022			0.9			$1			752.1			$302			(7.7)			($297)			$443			($787)			$22,495			$22,157			$575			$22,732

For the year ended December 31, 2022, dividends declared on common stock were $1.27 per common share.

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 58

Consolidated Statements of Changes in Equity

(in $ millions, except share and per share data)

For the year ended December 31, 2023

			Preferred stock						Common stock						Treasury stock						Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity Attributable to CRH Shareholders			Noncontrolling Interests			Total Equity
			Shares			Amount			Shares			Amount			Shares			Amount
Balance at December 31, 2022			0.9			$1			752.1			$302			(7.7)			($297)			$443			($787)			$22,495			$22,157			$575			$22,732
Net income			–			–			–			–			–			–			–			–			3,178			3,178			(134)			3,044
Other comprehensive income			–			–			–			–			–			–			–			171			–			171			3			174
Share-based compensation			–			–			–			–			–			–			123			–			–			123			–			123
Repurchases of common stock			–			–			–			–			(38.2)			(2,019)			–			–			–			(2,019)			–			(2,019)
Repurchases and retirement of common stock			–			–			(17.6)			(6)			–			–			–			–			(1,042)			(1,048)			–			(1,048)
Shares issued under employee share plans			–			–			–			–			3.5			117			(112)			–			(1)			4			–			4
Dividends declared on common stock			–			–			–			–			–			–			–			–			(1,688)			(1,688)			–			(1,688)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(8)			(8)
Transactions involving noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(2)			(2)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(24)			(24)			–			(24)
Balance at December 31, 2023			0.9			$1			734.5			$296			(42.4)			($2,199)			$454			($616)			$22,918			$20,854			$434			$21,288

For the year ended December 31, 2023, dividends declared on common stock were $1.33 per common share.

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 59

Consolidated Statements of Changes in Equity

(in $ millions, except share and per share data)

For the year ended December 31, 2024

			Preferred stock						Common stock						Treasury stock						Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total Shareholders' Equity Attributable to CRH Shareholders			Noncontrolling Interests			Total Equity
			Shares			Amount			Shares			Amount			Shares			Amount
Balance at December 31, 2023			0.9			$1			734.5			$296			(42.4)			($2,199)			$454			($616)			$22,918			$20,854			$434			$21,288
Net income			–			–			–			–			–			–			–			–			3,492			3,492			1			3,493
Other comprehensive loss			–			–			–			–			–			–			–			(389)			–			(389)			(53)			(442)
Share-based compensation			–			–			–			–			–			–			125			–			–			125			–			125
Repurchases of common stock			–			–			–			–			(2.6)			(180)			–			–			–			(180)			–			(180)
Repurchases and retirement of common stock			–			–			(15.9)			(6)			–			–			–			–			(1,296)			(1,302)			–			(1,302)
Shares issued under employee share plans			–			–			–			–			3.6			242			(157)			–			(88)			(3)			–			(3)
Dividends declared on common stock			–			–			–			–			–			–			–			–			(956)			(956)			–			(956)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(30)			(30)
Divestiture of noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(19)			(19)
Noncontrolling interests arising on acquisition			–			–			–			–			–			–			–			–			–			–			507			507
Transactions involving noncontrolling interests			–			–			–			–			–			–			–			–			–			–			19			19
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(34)			(34)			–			(34)
Balance at December 31, 2024			0.9			$1			718.6			$290			(41.4)			($2,137)			$422			($1,005)			$24,036			$21,607			$859			$22,466

For the year ended December 31, 2024, dividends declared on common stock were $1.40 per common share.

The accompanying notes form an integral part of the Consolidated Financial Statements.

CRH Form 10-K 60

Notes To Consolidated Financial Statements

1. Summary of significant accounting policies

1.1. Description of business

CRH plc (the Company) is a multinational company that operates in the building materials industry, providing essential products and services for construction projects worldwide. The Company is a major producer of aggregates, cement, readymixed concrete, and asphalt and a supplier of paving and constructions services, providing solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market. CRH is one of the largest suppliers of building materials globally.

Effective during the fourth quarter of 2024, the Company's reportable segments changed to the following three segments: Americas Materials Solutions, Americas Building Solutions and International Solutions. See Note 20 for further information.

A summary of significant accounting policies used in the preparation of the accompanying Consolidated Financial Statements follows.

1.2. Basis of presentation and use of estimates

The accompanying Consolidated Financial Statements and notes thereto, including all prior periods presented, have been presented under U.S. GAAP, which requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.

Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.

Changes in estimates, including those resulting from changes in the economic environment, are reflected in the Consolidated Financial Statements for the period in which the change in estimate occurs.

Certain amounts in the prior period have been reclassified to conform with the current period presentation in the Consolidated Statements of Cash Flows. These reclassifications had no effect on the previously reported net cash provided by (used in) operating, investing, or financing activities, or in the Consolidated Balance Sheets or Consolidated Statements of Income.

1.3. Consolidation

The Consolidated Financial Statements include the accounts of CRH plc, and the wholly- and majority-owned subsidiaries of CRH plc, in addition to variable interest entities (VIEs) in which the Company is the primary beneficiary. In evaluating whether the Company has a controlling financial interest, the following are considered: (1) for voting interest entities, the Company consolidates those entities in which they own a majority of the voting interests; and (2) for VIEs, the Company consolidates those entities for which they are the primary beneficiary. All intercompany transactions and accounts have been eliminated.

The Company uses the equity method of accounting for their investments in entities over which the Company has the ability to exercise significant influence over the operating and financial policies or exercise joint control with other investors but does not control and is not the primary beneficiary. Equity method investments are initially recognized at cost and are included within Equity method investments in the Consolidated Balance Sheets. The Company’s proportionate interest in the results of the investment is included within Income (loss) from equity method investments in the Consolidated Statements of Income.

Where the Company is an active party to contractual arrangements that involve a joint operating activity and is exposed to significant risks and rewards that are dependent on the commercial success of the activity, the Company treats such operations as collaborative arrangements. For such operations, the Company accounts for its pro rata share of assets, liabilities, revenues, and costs in the Consolidated Balance Sheets and Consolidated Statements of Income.

The Company evaluates its Equity method investments for other-than-temporary impairment when events or conditions indicate that the carrying amounts of such investments are not recoverable. Challenging market conditions in China have impacted future growth prospects and provided indicators of impairment for the carrying value of the Company's equity method investment in China, which forms part of International Solutions. Accordingly, the Company performed a valuation of its investment in China and identified an impairment charge of $190 million, which reflects the difference between its fair value and carrying value at December 31, 2024. An impairment charge of $nil million and $nil million was recognised for the years ended December 31, 2023 and 2022, respectively. The Company calculated fair value by using a discounted cash flow model, which reflects the value of an investment based on its future cash flows. The impairment charge was recorded within Loss from equity method investments in the Consolidated Statements of Income and as a reduction to the Equity method investments balance in the Consolidated Balance Sheets.

1.4. Noncontrolling interests – nonredeemable and redeemable

Noncontrolling interests represent the portion of the equity of a subsidiary not attributable either directly or indirectly to the Company and are presented separately in the Consolidated Statements of Income and within equity in the Consolidated Balance Sheets, distinguished from Company shareholders’ equity. Acquisitions of noncontrolling interests are accounted for as transactions with equity holders in their capacity as equity holders and therefore no goodwill is recognized as a result of such transactions. Noncontrolling interests are measured initially at fair value.

Noncontrolling interests with redemption features, such as put/call options, that are not solely within the Company’s control (Redeemable noncontrolling interests) are reported separately in the Consolidated Balance Sheets at the greater of carrying value or redemption value. The Redeemable noncontrolling interests primarily comprise of the noncontrolling interests in two of the Company’s North American subsidiaries. The respective shareholders’ agreements for these entities contain put options that provide the noncontrolling shareholders the right to put their shares to the Company at a value based on a calculated formula. The put options are currently exercisable.

See Note 23 for further information.

CRH Form 10-K 61

1.5. Business combinations

Acquisitions are accounted for using the acquisition method, which requires allocation of the purchase price to assets acquired and liabilities assumed based on estimated fair values. The purchase price is determined based on the fair value of consideration transferred to and liabilities assumed from the seller as of the date of acquisition. The Company allocates the purchase price to the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed is recorded as goodwill.

Determining the fair values of assets acquired and liabilities assumed requires judgment and often involves the use of significant estimates and assumptions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction, and therefore represents an exit price. A fair value measurement assumes the highest and best use of the asset by market participants.

Allocations of the purchase price are based on preliminary estimates and assumptions at the date of acquisition and are subject to revision based on final information received including appraisals and other analyses which support underlying estimates within the measurement period, a period of no more than one year from the acquisition date. Measurement period adjustments are generally recorded as increases or decreases to goodwill, if any, recognized in the transaction.

See Note 4 for further information.

1.6. Foreign currency translation

The Consolidated Financial Statements are presented in U.S. Dollar, which is the reporting currency of the Company.

Transactions in foreign currencies are recorded at the rate of exchange in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange in effect at the balance sheet date. The Company releases any related cumulative translation adjustment into earnings only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. Non-monetary items are measured at historical rates.

Results and cash flows of subsidiaries and equity method investments with non-U.S. Dollar functional currencies have been translated into U.S. Dollar at average exchange rates for the periods, and the related balance sheets have been translated at the rates of exchange in effect at the balance sheet date. Adjustments arising on translation of the results and net assets of non-U.S. Dollar subsidiaries and equity method investments are recognized as a component of Accumulated other comprehensive income (loss) and Noncontrolling interests both of which are presented in the Consolidated Balance Sheets.

1.7. Revenue recognition

The Company recognizes revenues in the amount of the price expected to be received for goods and services supplied at a point in time or over time, as contractual performance obligations are fulfilled, and control of goods and services passes to the customer. Revenue excludes trade discounts and value-added tax or sales tax. Trade receivables and construction contract assets are in general receivable within 90 days of the balance sheet date.

Revenues derived from sale of goods (sources other than construction contracts)

The Company manufactures and supplies a diverse range of building materials and products. Revenues from the sale of goods are recognized at a point in time when control of the promised goods is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled to receive in exchange for the goods. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the goods. Control passes to the customer either upon leaving the Company’s premises or upon delivery to the customer, depending on the terms of the sale. Contracts do not contain multiple performance obligations.

Goods are often sold with discounts or rebates based on cumulative sales over a period. This variable consideration is only recognized when it is probable that it will not be subsequently reversed and is recognized using the most-likely amount or expected value methods, depending on the individual contract terms. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management.

Revenues derived from construction contracts

The Company enters into construction contracts to complete large construction projects. Contracts usually commence and complete within one year and are generally fixed price but may be subject to indexation and/or escalation clauses that can either increase or decrease the final transaction price.

The Company typically recognizes revenue within its construction contract businesses over time as it performs its obligations. The Company believes this best reflects the transfer of control to the customer by providing a faithful depiction of the enhancement of a customer-controlled asset or the construction of an asset with no alternative use.

The percentage-of-completion method is used to recognize revenue when the outcome of a contract can be estimated reliably. The percentage-of-completion is calculated using an input method and based on the proportion of contract costs incurred at the balance sheet date relative to the total estimated costs of the contract. In all construction contract arrangements, the Company has an enforceable right to payment for work and performance obligations completed to date.

Some of the Company’s construction contracts may contain forms of variable consideration that can either increase or decrease the transaction price. Variable consideration is estimated based on the most likely amount or expected value methods (depending on the contract terms) and the transaction price is adjusted to the extent it is probable that a significant reversal of revenue recognized will not occur.

See Note 2 for further information.

CRH Form 10-K 62

1.8. Contract assets and liabilities

A contract asset is recognized when the related performance obligation has been satisfied, but the Company has not yet invoiced the customer and so is not unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are classified as Accounts receivable, net, in the Consolidated Balance Sheets.

A contract liability is recognized when a non-refundable payment is received from a customer in advance of work being performed. A contract liability would also be recognized if the Company has an unconditional right to receive non-refundable consideration before the Company recognizes the related revenue. Contract liabilities are classified as Other current liabilities in the Consolidated Balance Sheets.

The Company’s contracts generally are for a duration of less than one year and therefore the Company does not capitalize incremental contract costs; instead these are expensed as incurred, as permitted by the practical expedient.

1.9. Cash and cash equivalents and restricted cash

Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities at the time of purchase of three months or less.

Restricted cash consists of amounts held in escrow designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code.

1.10. Accounts receivable, net

Accounts receivable are stated at amortized cost. The Company records an allowance for credit losses, which includes an allowance for probable losses based on historical write-offs, adjusted for current conditions as deemed necessary, and a specific reserve for accounts deemed at risk. The allowance is the Company’s estimate for receivables as of the balance sheet date that ultimately will not be collected. Any changes in the allowance are reflected in earnings in the period in which the change occurs. The Company writes off accounts receivable when it becomes probable, based upon customer facts and circumstances, that such amounts will not be collected.

See Note 5 for further information.

1.11. Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method or weighted average method. Net realizable value is the estimated selling price in the ordinary course of business, less estimates for costs of completion, disposal, and transportation.

Materials and other supplies held for use in the production of inventories are not written down below cost if the finished goods, in which they will be incorporated, are expected to be sold at or above cost.

See Note 6 for further information.

1.12. Property, plant and equipment, net

Property, plant and equipment are stated at cost less any accumulated depreciation, depletion, and any accumulated impairments.

Expenditures for additions and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repair and maintenance costs that do not substantially expand productive capacity or extend the life of property, plant and equipment are expensed as incurred.

The Company reviews the carrying value of property, plant and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset group may not be recoverable. Such indicators may include, among others, deterioration in general economic conditions, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows over multiple periods. An impairment loss is recognized if the estimated future (undiscounted) cash flows expected to result from the use and eventual disposition of that asset group are less than its carrying value and is measured by the amount by which the carrying value of the asset group exceeds its fair value.

The Company capitalizes interest as part of the cost of capital projects incurred during construction. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:

• Buildings 40 years; and

• Plant and machinery 5 to 30 years

Mineral-bearing land, less an estimate of its residual value, is depleted over the period of the mineral extraction in the proportion to which product for the year bears to the latest estimates of proven and probable mineral reserves. Land, other than mineral-bearing land, is not depreciated.

See Note 7 for further information.

CRH Form 10-K 63

1.13. Leases

A contract contains a lease if it is enforceable and conveys the right to control the use of a specified asset for a period of time in exchange for consideration, which is assessed at inception. A right-of-use asset and lease liability are recognized at the commencement date for contracts containing a lease.

Leases are evaluated and classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term; (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised; (3) the lease term is for a major part of the remaining useful life of the asset; (4) the underlying asset is of such a specialized nature that is expected to have no alternative use to the lessor at the end of the lease term; or (5) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of the above criteria.

The lease liability is initially measured at the present value of the future lease payments, discounted using the incremental borrowing rate or the interest rate implicit in the lease, if this is readily determinable, over the remaining lease term. Lease payments include fixed payments less any lease incentives receivable, variable payments that are dependent on a rate or index known at the commencement date, amounts expected to be paid under residual value guarantees and any payments for an optional renewal period and purchase and termination option payments, if the Company is reasonably certain to exercise those options. The lease term is the non-cancellable period of the lease adjusted for any renewal or termination options which are reasonably certain to be exercised. The Company applies judgment in determining whether it is reasonably certain that a renewal, termination or purchase option will be exercised.

The right-of-use asset for each lease is initially measured at cost, which comprises the lease liability adjusted for any payments made at or before the commencement date, initial direct costs incurred, lease incentives received and an estimate of the cost to dismantle or restore the underlying asset or the site on which it is located at the end of the lease term. The right-of-use asset of finance leases is amortized over the lease term or, where a purchase option is reasonably certain to be exercised, over the useful economic life of the asset in line with depreciation rates for owned property, plant and equipment. The right-of-use asset of operating leases is amortized as a balancing amount that together with the accretion on lease liability produces straight-line total lease expenses.

The amortization of operating lease right-of-use assets and the accretion of operating lease liabilities are reported together as fixed lease expense in the Consolidated Financial Statements. The fixed lease expense is recognized on a straight-line basis over the life of the lease. Interest expense on a finance lease is recognized using the effective interest method over the lease term.

The Company has elected to separate non-lease components in a contract such as maintenance and other service charges from the lease component and expense such components as incurred. Variable lease payments directly linked to sales or usage are also expensed as incurred. Additionally, for short-term leases with an initial lease term of 12 months or less and with purchase options which the Company is reasonably certain not to exercise, the Company has elected not to record the corresponding right-of-use asset or the corresponding lease liability in the Consolidated Balance Sheets and to expense short-term lease payments as incurred.

Incremental borrowing rates are calculated using a portfolio approach, based on the risk profile of the entity holding the lease and the term and currency of the lease.

See Note 12 for further information.

1.14. Asset retirement obligations

The Company records a liability for an asset retirement obligation at fair value in the period in which it is incurred where a legal or contractual obligation exists, and the liability can be reasonably estimated. When the liability is initially recorded, the Company capitalizes the cost by increasing the carrying amount of the related long-lived asset. The liability is accreted over time and the asset is depreciated over the useful life of the related asset.

Upon settlement of the liability, the Company recognizes a gain or loss for any difference between the settlement amount and the liability recorded. Asset retirement obligations consist primarily of quarry closure and post-closure costs.

See Note 13 for further information.

1.15. Derivative financial instruments and hedging practices

The Company enters into various derivative financial instruments to manage its exposure to fluctuating interest rates, currency exchange rates, and commodity pricing. Such instruments primarily include interest rate swap agreements, currency swap agreements, commodity swap agreements, and currency and commodity forward contracts. These instruments are not entered into for trading purposes.

There are three types of derivatives the Company enters into: (i) those relating to fair value exposures; (ii) those relating to cash flow exposures; and (iii) those relating to foreign currency net investment exposures. Fair value exposures relate to recognized assets or liabilities, and firm commitments; cash flow exposures relate to the variability of future cash flows associated with recognized assets or liabilities, or forecasted transactions; and net investment exposures relate to the impact of foreign currency exchange rate changes on the carrying value of net assets denominated in foreign currencies.

When a derivative is executed and hedge accounting is appropriate, it is designated as either a fair value hedge, cash flow hedge, or a net investment hedge. Whether designated as hedges for accounting purposes or not, all derivatives are linked to an appropriate underlying exposure. On an ongoing basis, the Company assesses the hedge effectiveness of all derivatives designated as hedges for accounting purposes to determine if they continue to be highly effective in offsetting changes in fair values or cash flows of the underlying hedged items. If it is determined that the hedge is not highly effective, then hedge accounting will be discontinued prospectively.

Changes in the fair value of derivatives designated as fair value hedges are recognized in earnings as an offset to the change in the fair values of the underlying exposures being hedged. The changes in fair value of derivatives that are designated as cash flow hedges are deferred in Accumulated other comprehensive income (loss) and are reclassified to earnings as the underlying hedged transaction affects earnings. Provided the hedge remains highly effective, any ineffectiveness is deferred in Accumulated other comprehensive income (loss) and is reclassified to earnings as the underlying hedged transaction affects earnings. Hedges of net investments in foreign subsidiaries are recognized in the currency translation adjustment component of Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets to offset translation gains and losses associated with the hedged net investment.

Derivatives that are entered into for risk management purposes and are not designated as hedges are recorded at their fair market values and recognized in net income.

The fair values of the Company's derivatives are not material. The notional amount of the Company’s outstanding fair value hedges, cash flow hedges, and net investment hedges was $1,375 million, $342 million, and $1,371 million at December 31, 2024, respectively, and $1,375 million, $550 million, and $1,187 million at December 31, 2023, respectively. The notional amount of derivatives not designated as hedging instruments was $3,323 million and $338 million at December 31, 2024 and 2023, respectively.

CRH Form 10-K 64

1.16. Debt

Debt is recorded at initial fair value, which normally reflects the proceeds received by the Company, net of debt issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs are amortized to Interest expense over the term of the debt. Debt issuance discounts and premiums are also amortized to Interest expense using the effective interest rate method over the term of the debt.

Debt issuance costs associated with the Company’s revolving facility are amortized to Interest expense on a straight-line basis over the facility’s term.

1.17. Goodwill

Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed in a business combination. Goodwill is tested for impairment annually at October 1 or more frequently if events or circumstances indicate that an impairment loss may have been incurred, at the reporting unit level, one level below the Company’s operating segments. The Company has the option of either assessing qualitative factors to determine whether it is more likely than not that the carrying value of the reporting units exceeds their respective fair value or proceeding directly to a quantitative test. The Company elected to perform the quantitative impairment test for all years presented. If the fair value exceeds its carrying value, the goodwill of the reporting unit is not considered impaired. However, if the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized by writing down the assets to their fair value.

See Note 9 for further information.

1.18. Intangible assets, net

Intangible assets acquired in business combinations are stated at their fair value as determined at the date of acquisition. Intangible assets are amortized on a straight-line basis. In general, based on the current composition of definite-lived intangible assets, the useful lives for customer-related intangible assets range from 5 to 20 years and the useful lives for marketing-related intangible assets range from 10 to 30 years. The Company evaluates the recoverability of its intangible assets subject to amortization when facts and circumstances indicate that the carrying value of the asset may not be recoverable. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value.

See Note 8 for further information.

1.19. Pension and other postretirement benefits

The Company sponsors defined benefit retirement plans and also provides other postretirement benefits. The Company recognizes the funded status, defined as the difference between the fair value of plan assets and the benefit obligation, of its pension plans and other postretirement benefits as an asset or liability in the Consolidated Balance Sheets. Actuarial gains or losses that arise during the year are recognized as a component of Accumulated other comprehensive income (loss). Amounts in excess of a corridor are subsequently amortized over the participants’ average remaining service period and recognized as a component of net periodic benefit cost. The corridor represents the excess over 10% of the greater of the projected benefit obligation or pension plan assets and is determined on a plan-by-plan basis.

See Note 21 for further information.

1.20. Insurance

The Company has insurance arrangements which comprise employer’s liability (workers’ compensation in the United States), public and products liability (general liability in the United States), automobile liability, property damage, business interruption and various other insurances. Due to the extended timeframe associated with many of the insurances, a significant proportion of the total liability is subject to periodic actuarial valuation. The projected cash flows underlying the discounting process are established through the application of actuarial triangulations, which are extrapolated from historical claims experience. While the Company believes the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience and/or significant changes in those assumptions may materially affect insurance liabilities.

1.21. Share-based compensation

The Company grants share-based awards, which consist of performance stock units (PSUs) and stock options. All of the share-based compensation awards are classified as equity awards. The Company measures share-based compensation awards using fair value based measurement methods. This results in the recognition of compensation expense for all share-based compensation awards based on their fair value as of the grant date. For performance-based awards, compensation expense is recognized only if it is probable that the performance condition will be achieved. Compensation expense is recognized over the requisite service period for time and performance-based awards, net of estimated forfeitures.

See Note 17 for further information.

1.22. Treasury stock

The Company accounts for Treasury stock under the cost method. When Treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of Additional paid-in capital in the Consolidated Balance Sheets. When Treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of Additional paid-in capital to the extent that there are previously recorded gains to offset the losses. If there are no Treasury stock gains in Additional paid-in capital, the losses upon re-issuance of Treasury stock are recorded as a reduction of Retained earnings in the Consolidated Balance Sheets.

1.23. Environmental remediation costs

The Company records an accrual for environmental remediation liabilities in the period in which it is probable that a liability has been incurred and the appropriate amounts can be estimated reasonably. Such accruals are adjusted as further information develops or circumstances change. Generally, these costs are not discounted to their present value or offset for potential insurance or other claims or potential gains from future alternative uses for a site.

CRH Form 10-K 65

1.24. Income taxes

Current tax represents the expected tax payable (or recoverable) on the taxable profit for the year using tax rates enacted for the period. Where items are accounted for outside of profit or loss, the related income tax is recognized either in Other comprehensive (loss) income or directly in equity, as appropriate. Interest and penalties associated with the liability for income tax are classified as Income tax expense. The Company’s policy is to release tax effects from Accumulated other comprehensive income (loss) when the underlying items affect earnings.

Deferred tax is recognized using the liability method on temporary differences arising at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. For the most part, no provision has been made for undistributed earnings as the majority of earnings are considered indefinitely reinvested or can be distributed on a tax-free basis. However, a temporary difference has been recognized to the extent that earnings are not permanently reinvested.

Deferred tax is determined using tax rates (and laws) that have been enacted as of the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized.

The Company’s income tax charge is based on reported profit and enacted statutory tax rates, which reflect various allowances and reliefs available to the Company in the multiple tax jurisdictions in which it operates. The determination of the Company’s provision for income tax requires certain judgments and estimates in relation to matters where the ultimate tax outcome may not be certain. In addition, the Company is subject to tax audits which can involve complex issues that could require extended periods to conclude, the resolution of which is often not within the control of the Company. Although the Company believes that the estimates included in the Consolidated Financial Statements and its tax return positions are reasonable, there is no certainty that the final outcome of these matters will not be different to that which is reflected in the Company’s historical income tax provisions and accruals. The Company evaluates these positions regularly and records a tax benefit only to the extent it is more likely than not that a position will be sustained upon examination by taxing authorities.

See Note 15 for further information.

1.25. New accounting standards

Accounting pronouncements recently adopted

For the year ended December 31, 2024, the Company adopted Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosure of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Adoption of the ASU has been applied retrospectively to all prior periods presented in the Consolidated Financial Statements.

Recently issued accounting pronouncements not yet adopted

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the provisions of this ASU and will adopt them for the year ending December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disclosure of specified information about certain costs and expenses in the notes to the financial statements. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. These amendments should be applied either prospectively to financial statements issued after the effective date or retrospectively to any or all prior periods presented in the financial statements. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU and will adopt them for the year ending December 31, 2027.

CRH Form 10-K 66

2. Revenue

The Company disaggregates revenue based on its operating and reportable segments. During the fourth quarter of 2024, the Company changed its reportable segments as described in Note 20 Segment Information. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.

Revenue is disaggregated by principal activities and products and by primary geographic market. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.

The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications.

Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.

Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.

Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

			For the Year Ended December 31, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions						Total
Principal activities and products
Essential Materials			4,793			–			4,767						9,560
Road Solutions (i)			11,380			–			4,930						16,310
Building & Infrastructure Solutions (ii)			–			2,569			1,998						4,567
Outdoor Living Solutions			–			4,490			645						5,135
Total revenues			16,173			7,059			12,340						35,572

			For the Year Ended December 31, 2023
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Principal activities and products
Essential Materials			4,583			–			4,876			9,459
Road Solutions (i)			10,852			–			4,814			15,666
Building & Infrastructure Solutions (ii)			–			2,524			2,174			4,698
Outdoor Living Solutions			–			4,493			633			5,126
Total revenues			15,435			7,017			12,497			34,949

			For the Year Ended December 31, 2022
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Principal activities and products
Essential Materials			4,160			–			4,625			8,785
Road Solutions (i)			10,164			–			4,724			14,888
Building & Infrastructure Solutions (ii)			–			2,379			2,252			4,631
Outdoor Living Solutions			–			3,809			610			4,419
Total revenues			14,324			6,188			12,211			32,723

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time for the years ended December 31 were:

in $ millions			2024			2023			2022
Americas Materials Solutions			6,426			6,146			5,791
International Solutions			1,880			2,004			1,814
Total revenue from contracts with customers			8,306			8,150			7,605

CRH Form 10-K 67

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time for the years ended December 31 were:

in $ millions			2024			2023			2022
Americas Building Solutions			81			70			78
International Solutions			486			573			521
Total revenue from contracts with customers			567			643			599

			For the Year Ended December 31, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Primary geographic markets
United States			14,975			6,736			123			21,834
Rest of World (i)			1,198			323			1,199			2,720
United Kingdom			–			–			3,994			3,994
Rest of Europe (ii)			–			–			7,024			7,024
Total revenues			16,173			7,059			12,340			35,572

			For the Year Ended December 31, 2023
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Primary geographic markets
United States			14,088			6,692			150			20,930
Rest of World (i)			1,347			325			633			2,305
United Kingdom			–			–			4,312			4,312
Rest of Europe (ii)			–			–			7,402			7,402
Total revenues			15,435			7,017			12,497			34,949

			For the Year Ended December 31, 2022
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Primary geographic markets
United States			13,050			5,860			178			19,088
Rest of World (i)			1,274			325			701			2,300
United Kingdom			–			–			4,241			4,241
Rest of Europe (ii)			–			3			7,091			7,094
Total revenues			14,324			6,188			12,211			32,723

(i) The Rest of World principally includes Australia, Canada and the Philippines.

(ii) The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Luxembourg, the Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. Revenues generated in the Republic of Ireland represented approximately 2%, 3%, and 2% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively.

Contract assets were $690 million and $716 million and contract liabilities were $500 million and $439 million, at December 31, 2024 and 2023, respectively. The decrease in contract assets was primarily attributed to revenue recognized on certain contracts partially offset by the timing of billings. The increase in contract liabilities was due to the timing of advance payments and revenue recognized during the period. The Company recognized revenue of $387 million and $308 million for the years ended December 31, 2024 and 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and 2022, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at December 31, 2024 and 2023 amounting to $450 million and $240 million, and $471 million and $245 million respectively. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.

On December 31, 2024, the Company had $3,551 million of transaction price allocated to remaining performance obligations. The majority of open contracts at December 31, 2024, are expected to close and revenue to be recognized within 12 months of the balance sheet date.

Revenue from sales to equity method investments for the years ended December 31, 2024, 2023, and 2022 were $296 million, $221 million, and $237 million, respectively.

CRH Form 10-K 68

3. Assets held for sale and discontinued operations

In November 2023, the Company entered into a sales agreement with SigmaRoc plc. to divest of its Lime operations in Europe for consideration of $1.1 billion. The transaction was structured in three phases. The first phase of the transaction, comprising the Company’s Lime operations in Germany, Czech Republic and Ireland, closed on January 1, 2024, and the second phase, comprising the operations in the United Kingdom, closed on March 27, 2024. The third phase, comprising the operations in Poland, closed on August 30, 2024. The divestitures resulted in a pretax gain of $167 million which is included in Other nonoperating income (expense), net. The results of the divested operations and the gain on divestiture are reported in the International Solutions segment.

The disposal of certain cement, aggregates and readymixed concrete operations in Quebec, Canada, previously classified as held for sale, completed during 2024.

The assets associated with these transactions comprised part of the Company’s International Solutions and Americas Materials Solutions segments, respectively. As the businesses were divested in 2024, all opening balances have been reclassified back to the relevant asset and liability categories prior to their divestiture for presentation purposes.

The major classes of assets and liabilities classified as held for sale at December 31 were:

in $ millions						2023
Assets
Cash and cash equivalents						49
Accounts receivable, net						70
Inventories						102
Property, plant and equipment, net						832
Goodwill						201
Operating lease right-of-use assets, net						6
Other assets						8
Assets held for sale						1,268
Liabilities
Accounts payable						59
Accrued expenses						17
Deferred income tax liabilities						148
Operating lease liabilities						6
Other liabilities						145
Liabilities held for sale						375

In April 2022, the Company completed the divestiture of its Building Envelope business, formerly part of the Americas Building Solutions segment. The Company analyzed the quantitative and qualitative factors relevant to the Building Envelope business and determined that the criteria for discontinued operations presentation were met during the year ended 2022. As a result, the operating results of the Building Envelope business were reported separately as discontinued operations, net of income tax expense, in the Consolidated Statements of Income for the period ended December 31, 2022.

CRH Form 10-K 69

The financial results for the Company’s discontinued operations for the year ended December 31 were:

in $ millions						2022
Total revenues						645
Operating income						89
Gain on divestiture before income taxes						1,471
Income from discontinued operations before income tax expense						1,560
Income tax expense						(370)
Income from discontinued operations, net of income tax expense						1,190

The cash flows from discontinued operations included in the accompanying Consolidated Statements of Cash Flows for the year ended December 31 were:

in $ millions						2022
Cash flows from discontinued operations
Net cash used in operating activities (i)						(444)
Net cash provided by investing activities (ii)						3,446
Net cash provided by financing activities						3

(i) Includes the corporation tax paid on the sale of discontinued operations.

(ii) Includes the proceeds from the divestiture of discontinued operations.

4. Acquisitions

The Company strategically acquires companies in order to increase its footprint and offer products and services that diversify its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition, with the remaining amount recorded in Goodwill.

On February 9, 2024, the Company wholly acquired a portfolio of cement and readymixed concrete operations and assets in Texas, United States (the 'Hunter' acquisition) for a total cash consideration, net of cash acquired, of $2,106 million. The Hunter acquisition is reported in the Americas Materials Solutions segment.

On July 1, 2024, the Company acquired 57% of the issued share capital of Adbri (the 'Adbri' acquisition), a construction materials business in Australia, for a total cash consideration, net of cash acquired, of $787 million. The Adbri acquisition is reported in the International Solutions segment. Due to the size and scale of Adbri, the determination of the fair values of identifiable assets acquired and liabilities assumed as disclosed are provisional.

During 2024, the Company completed the acquisition of 38 other companies in addition to Hunter and Adbri. The total cash consideration for these acquisitions, net of cash acquired, was $2,007 million.

CRH Form 10-K 70

The amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2024, were:

in $ millions			Hunter			Adbri (i)			Other acquisitions (i) (ii)			Total
Identifiable assets acquired and liabilities assumed
Assets
Cash and cash equivalents			–			15			38			53
Accounts receivable, net			–			156			152			308
Inventories			70			133			149			352
Other current assets			2			6			8			16
Property, plant and equipment, net			1,069			1,364			850			3,283
Equity method investments			–			366			–			366
Intangible assets, net			2			4			184			190
Operating lease right-of-use assets, net			12			18			85			115
Total assets			1,155			2,062			1,466			4,683
Liabilities
Accounts payable			–			17			54			71
Accrued expenses			6			67			30			103
Operating lease liabilities			12			18			85			115
Long-term debt			–			519			9			528
Deferred income tax liabilities			–			208			27			235
Other liabilities			8			151			57			216
Total liabilities			26			980			262			1,268
Total identifiable net assets at fair value			1,129			1,082			1,204			3,415
Goodwill			977			227			940			2,144
Redeemable noncontrolling interests			–			–			(12)			(12)
Noncontrolling interests			–			(507)			–			(507)
Total consideration			2,106			802			2,132			5,040
Consideration satisfied by:
Cash payments			2,106			802			2,045			4,953
Asset exchange			–			–			41			41
Deferred consideration (stated at net present cost)			–			–			27			27
Contingent consideration			–			–			19			19
Total consideration			2,106			802			2,132			5,040
Acquisitions of businesses, net of cash acquired
Cash consideration			2,106			802			2,045			4,953
Less: cash and cash equivalents acquired			–			(15)			(38)			(53)
Total outflow in the Consolidated Statements of Cash Flows			2,106			787			2,007			4,900

(i) The estimated fair values of assets acquired and liabilities assumed associated with these acquisitions are provisional (principally in respect of Property, plant and equipment, net, provisions for liabilities and the associated goodwill and deferred tax aspects) and are based on the information that was available as of the reporting date. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.

(ii) Other acquisitions are aggregated on the basis of individual immateriality.

As a result of the 2024 acquisitions, the Company recognized $190 million of amortizable intangible assets and $2,144 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in 2024, $1,712 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of nine years.

CRH Form 10-K 71

During 2023, the Company completed the acquisition of 22 companies. The total cash consideration for these acquisitions, net of cash acquired, was $640 million.

The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2023, were:

in $ millions			Total (i)
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents			19
Accounts receivable, net			71
Inventories			65
Other current assets			8
Property, plant and equipment, net			252
Intangible assets, net			86
Operating lease right-of-use assets, net			35
Accounts payable			56
Accrued expenses			30
Operating lease liabilities			35
Long-term debt			104
Deferred income tax liabilities			30
Other liabilities			6
Total identifiable net assets at fair value			275
Goodwill			398
Total consideration			673
Consideration satisfied by:
Cash payments			659
Deferred consideration (stated at net present cost)			8
Contingent consideration			6
Total consideration			673
Acquisitions of businesses, net of cash acquired
Cash consideration			659
Less: cash and cash equivalents acquired			(19)
Total outflow in the Consolidated Statements of Cash Flows			640

(i) Total acquisitions are aggregated on the basis of individual immateriality.

As a result of the 2023 acquisitions, the Company recognized $86 million of amortizable intangible assets and $398 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in 2023, $33 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of six years.

CRH Form 10-K 72

On July 8, 2022, the Company acquired Barrette Outdoor Living, Inc. (Barrette), North America's leading provider of residential fencing and railing solutions headquartered in Middleburg Heights, Ohio, United States, at an effective 100% stake. The total cash consideration for this acquisition, net of cash acquired, was $1,903 million.

During 2022, the Company completed the acquisition of 28 other companies. The total cash consideration for these acquisitions, net of cash acquired, was $1,350 million.

The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions during the year ended December 31, 2022, were:

in $ millions			Barrette			Other acquisitions (i)			Total
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents			8			14			22
Accounts receivable, net			128			49			177
Inventories			247			128			375
Other current assets			40			10			50
Property, plant and equipment, net			266			539			805
Equity method investments			–			28			28
Intangible assets, net			809			178			987
Operating lease right-of-use assets, net			43			59			102
Accounts payable			26			20			46
Accrued expenses			121			27			148
Operating lease liabilities			43			59			102
Long-term debt			–			8			8
Deferred income tax liabilities			192			55			247
Other liabilities			22			4			26
Total identifiable net assets at fair value			1,137			832			1,969
Goodwill			774			546			1,320
Total consideration			1,911			1,378			3,289
Consideration satisfied by:
Cash payments			1,911			1,364			3,275
Deferred consideration (stated at net present cost)			–			10			10
Contingent consideration			–			4			4
Total consideration			1,911			1,378			3,289
Acquisitions of businesses, net of cash acquired
Cash consideration			1,911			1,364			3,275
Less: cash and cash equivalents acquired			(8)			(14)			(22)
Total outflow in the Consolidated Statements of Cash Flows			1,903			1,350			3,253

(i) Other acquisitions are aggregated on the basis of individual immateriality.

As a result of the 2022 acquisitions, the Company recognized $987 million of amortizable intangible assets and $1,320 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in 2022, $1,289 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 19 years.

CRH Form 10-K 73

Acquisition-related costs

Acquisition-related costs have been included in Selling, general and administrative expenses in the Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with acquisitions completed during the applicable period. The Company incurred the following acquisition-related costs for the years ended December 31, 2024, 2023, and 2022:

in $ millions			2024			2023			2022
Acquisition-related costs
Hunter			23			–			–
Adbri			23			–			–
Barrette			–			–			27
Other acquisitions			27			10			12
Total acquisition-related costs			73			10			39

For the period from acquisition date through December 31, 2024, 2023, and 2022, acquisitions contributed $1,387 million, $228 million and $761 million to Revenues and a loss of $23 million, $15 million and $18 million to Net income attributable to CRH, excluding acquisition-related costs that arose in that period and including the effect of interest expense to finance the acquisitions, respectively.

Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2023, have not been presented because they are not material to the Condensed Consolidated Financial Statements.

5. Accounts receivable, net

Accounts receivable, net at December 31 were:

in $ millions			2024			2023
Trade receivables			3,829			3,574
Construction contract assets			690			716
Total accounts receivable			4,519			4,290
Less: allowance for credit losses			(140)			(149)
Other current receivables			441			366
Total accounts receivable, net			4,820			4,507

Of the total Accounts receivable, net balances, $46 million and $27 million at December 31, 2024, and 2023, respectively, were due from equity method investments.

The changes in the allowance for credit losses at December 31 were as follows:

in $ millions			2024			2023			2022
At January 1			149			125			131
Charge-offs			(14)			(18)			(19)
Provision for credit losses			7			39			24
Foreign currency translation and other			(2)			3			(11)
At December 31			140			149			125

6. Inventories

Inventories at December 31 were:

in $ millions			2024			2023
Raw materials			2,074			1,865
Work-in-process			267			186
Finished goods			2,414			2,240
Total inventories			4,755			4,291

CRH Form 10-K 74

7. Property, plant and equipment, net

Property, plant and equipment, net at December 31 were:

in $ millions			2024			2023
Mineral-bearing land			5,159			4,847
Land and buildings			6,609			5,991
Plant and machinery			23,047			20,468
Construction in progress			1,963			1,271
Finance lease right-of-use assets			376			187
Total property, plant and equipment			37,154			32,764
Less: accumulated depreciation, depletion, amortization and impairment			(15,702)			(14,923)
Total property, plant and equipment, net			21,452			17,841

Depreciation, depletion and amortization expense related to property, plant and equipment was $1,646 million, $1,494 million and $1,449 million for the years ended December 31, 2024, 2023 and 2022, respectively. Depreciation, depletion and amortization expense includes amortization of right-of-use assets from finance leases.

Potential impairment of property, plant and equipment is considered by applying a series of external and internal indicators including a limited number of climate change factors.

An impairment charge of $89 million was recognized during the year ended December 31, 2024, principally relating to the write-down of property, plant and equipment in our Architectural Products business in Europe which is part of our International Solutions segment. The fair value did not exceed carrying value, driven by challenging market conditions which had an impact on growth prospects and as such an impairment charge has been recorded. An impairment charge of $30 million was recognized during the year ended December 31, 2023, principally relating to the write-down of property, plant and equipment in our Americas Materials Solutions segment.

8. Intangible assets, net

Intangible assets, net at December 31 were:

in $ millions			2024			2023
Marketing-related			337			310
Customer-related (i)			1,394			1,260
Contract-based			110			101
Software costs			126			–
IT projects in progress			63			–
Total intangible assets, gross			2,030			1,671
Accumulated amortization			(819)			(630)
Total intangible assets, net			1,211			1,041

(i) The customer-related intangible assets relate predominantly to non-contractual customer relationships.

Amortization of intangibles included predominantly in Selling, general and administrative expenses in the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 amounted to $152 million, $139 million and $103 million, respectively.

The estimated amortization for intangible assets for the five years subsequent to December 31, 2024, and thereafter is as follows:

in $ millions			2025			2026			2027			2028			2029			2030 and thereafter
Amortization			207			112			116			104			85			587

CRH Form 10-K 75

9. Goodwill

During the fourth quarter of 2024, the Company's operating and reportable segments changed to the following three segments: Americas Materials Solutions; Americas Building Solutions; and International Solutions and existing goodwill was reallocated to each of the new reportable segments and associated reporting units. See Note 20 for further information. The results of this reallocation of goodwill have been recast below, by reportable segment, at December 31, 2023. As a result of this revision to reportable segments and associated reporting units, the Company performed an impairment assessment before and after the reallocation. Both before and after the reallocation, the Company concluded that the fair values of the reporting units affected were above their carrying values and therefore there was no indication of impairment.

The Company uses the present value of estimated future cash flows to establish the estimated fair value of the reporting units at the testing date. This approach includes many assumptions related to future growth rates, discount factors, and tax rates, among other considerations. Changes in economic and operating conditions impacting these assumptions could result in goodwill impairment in future periods. Additionally, the Company uses the market approach to corroborate the estimated fair value.

The changes in the carrying amount of goodwill at December 31 were:

in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Carrying value, December 31, 2022			4,407			2,517			2,275			9,199
Acquisitions			34			240			124			398
Foreign currency translation adjustment			8			(5)			86			89
Impairment charge for the year			(32)			–			(295)			(327)
Reclassified as held for sale			–			–			(201)			(201)
Carrying value, December 31, 2023			4,417			2,752			1,989			9,158
Acquisitions			1,426			333			385			2,144
Foreign currency translation adjustment			(40)			(12)			(114)			(166)
Impairment charge for the year			–			–			(72)			(72)
Divestitures			–			(3)			(201)			(204)
Reclassified from held for sale			–			–			201			201
Carrying value, December 31, 2024			5,803			3,070			2,188			11,061

For the year ended December 31, 2024, the fair value of the Architectural Products reporting unit within International Solutions did not exceed its carrying value. As a result, a goodwill impairment loss of $72 million was recorded in Loss on impairments, driven by challenging market conditions (primarily new build residential) which has had an impact on growth prospects. The assumption underlying the estimated future cash flows resulted in a present value (using a real pre-tax discount rate of 9.1%) of $252 million and a related goodwill impairment being recorded of $72 million.

For the year ended December 31, 2023, the fair value of the Company’s Philippines reporting unit within International Solutions did not exceed its carrying value. As a result, a goodwill impairment loss of $295 million was recorded in Loss on impairments.

Accumulated goodwill impairment losses amount to $1,050 million and $1,001 million at December 31, 2024 and 2023, respectively and relate predominantly to International Solutions.

CRH Form 10-K 76

10. Additional financial information

Other current assets at December 31 were:

in $ millions			2024			2023
Prepayments			303			285
Other financial assets			161			–
Other			285			193
Total other current assets			749			478

Accrued expenses at December 31 were:

in $ millions			2024			2023
Accrued payroll and employee benefits			1,062			1,066
Other accruals			1,186			1,230
Total accrued expenses			2,248			2,296

Other current liabilities at December 31 were:

in $ millions			2024			2023
Dividends payable			–			750
Construction contract liabilities			500			439
Insurance liability			185			171
Income tax payable			97			129
Other			795			583
Total other current liabilities			1,577			2,072

Other noncurrent liabilities at December 31 were:

in $ millions			2024			2023
Income tax payable			726			712
Asset retirement obligations			319			310
Pension liability			223			254
Insurance liability			269			260
Other			782			660
Total other noncurrent liabilities			2,319			2,196

CRH Form 10-K 77

11. Debt

Long-term debt at December 31 was:

in $ millions			Effective interest rate			2024			2023
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
1.875% euro Senior Notes due 2024			2.02		%	–			663
3.875% Senior Notes due 2025			3.93		%	1,250			1,250
1.250% euro Senior Notes due 2026			1.25		%	780			829
3.400% Senior Notes due 2027			3.49		%	600			600
4.000% euro Senior Notes due 2027			4.13		%	520			553
3.950% Senior Notes due 2028			4.07		%	900			900
1.375% euro Senior Notes due 2028			1.42		%	624			663
5.200% Senior Notes due 2029			5.30		%	750			–
4.125% Sterling Senior Notes due 2029			4.22		%	501			509
1.625% euro Senior Notes due 2030			1.72		%	780			829
4.000% euro Senior Notes due 2031			4.10		%	780			829
6.400% Senior Notes due 2033 (i)			6.43		%	213			213
5.400% Senior Notes due 2034			5.52		%	750			–
4.250% euro Senior Notes due 2035			4.38		%	780			829
5.125% Senior Notes due 2045			5.25		%	500			500
4.400% Senior Notes due 2047			4.44		%	400			400
4.500% Senior Notes due 2048			4.63		%	600			600
USD interest bearing loan due 2026			4.96		%	750			–
PHP interest bearing loan due 2027			5.97		%	379			396
AUD interest bearing loan due 2029			5.07		%	478			–
U.S. Dollar Commercial Paper			4.77		%	1,189			1,002
Euro Commercial Paper			3.08		%	347			–
Other						48			37
Unamortized discounts and debt issuance costs						(68)			(67)
Total long-term debt (ii)						13,851			11,535
Less: current portion of long-term debt (iii)						(2,882)			(1,759)
Long-term debt						10,969			9,776

(i) The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by CRH as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Consolidated Balance Sheets was $27 million and $30 million at December 31, 2024 and 2023, respectively.

(ii) Of the Company’s nominal fixed rate debt at both December 31, 2024 and December 31, 2023, $1,375 million was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at December 31, 2024 and December 31, 2023, $140 million and $nil million, respectively, was hedged to fixed rates using interest rate swaps.

(iii) Excludes borrowings from bank overdrafts of $117 million and $107 million, which are recorded within Current portion of long-term debt in the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively.

Senior Notes:

The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future unsubordinated indebtedness.

With the exception of the 6.400% Senior Notes due 2033, which can be redeemed at any time, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount.

In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.875% Senior Notes due in 2025, 3.400% Senior Notes due in 2027, 3.950% Senior Notes due in 2028, 5.200% Senior Notes due 2029, 5.400% Senior Notes due 2034, 5.125% Senior Notes due in 2045, 4.400% Senior Notes due in 2047, and 4.500% Senior Notes due in 2048. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.

If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 3.875% Senior Notes due in 2025 and 5.125% Senior Notes due in 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.

On January 9, 2024, the Company utilized available cash to fully redeem €600 million of outstanding 1.875% euro Senior Notes due January 2024.

In May 2024, the Company issued $750 million 5.200% Senior Notes due 2029 and $750 million 5.400% Senior Notes due 2034.

CRH Form 10-K 78

Australian (AUD) Debt:

In July 2024, the Company acquired Adbri who have committed credit agreements with a range of banks and credit institutions totaling AUD940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.

Philippines (PHP) Debt:

In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP12.5 billion for a 10-year term, which was later expanded to PHP22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates.

Bank Credit:

The Company maintains a multi-currency revolving credit arrangement with a syndicate of lenders (the ‘RCF’). The RCF offers a senior unsecured revolving facility of €3,500 million over five years. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, EURIBOR for euros, SONIA for Sterling, and SARON for Swiss Francs, respectively. The facility entails an annual commitment fee calculated as a percentage of the applicable margin.

During April 2024, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2029. The terms of the facility allow for one further plus-one (+1) extension option which, if successfully exercised with the agreement of the Lenders, would extend the maturity to May 11, 2030. The deferred financing costs associated with the RCF were $6 million at December 31, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.

At December 31, 2024, and 2023, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facility available to be drawn by the Company at December 31, 2024, was $3,639 million (€3,500 million equivalent).

The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.

In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn.

At December 31, 2024, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either U.S Dollar or euro. The amount of commercial paper outstanding does not reduce available capacity under the RCF. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.

The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to December 31, 2024, are as follows:

in $ millions			2025			2026			2027			2028			2029			2030 and thereafter			Total
Long-term debt maturities			2,882			1,923			1,430			1,506			1,258			4,852			13,851

CRH Form 10-K 79

12. Leases

In the normal course of its business, the Company enters into various leases as the lessee, primarily related to property. The Company also leases plant and machinery, vehicles and equipment.

Lease liabilities at December 31 were:

in $ millions			2024			2023
Current:
Operating lease liabilities			265			255
Finance lease liabilities			67			31
Noncurrent:
Operating lease liabilities			1,074			1,125
Finance lease liabilities			190			86
Total lease liabilities			1,596			1,497

The current portion of finance lease liabilities is included within Other current liabilities and the noncurrent portion of finance lease liabilities is included within Other noncurrent liabilities in the Consolidated Balance Sheets.

The maturity analysis for the discounted and undiscounted lease liability arising from the Company’s leasing activities at December 31, 2024, was:

in $ millions			Operating leases			Finance leases
2025			279			70
2026			230			62
2027			182			51
2028			153			39
2029			107			22
Thereafter			755			133
Total minimum lease payments			1,706			377
Less: lease payments representing interest			(367)			(120)
Present value of future minimum lease payments			1,339			257
Less: current portion of lease liabilities			(265)			(67)
Noncurrent portion of lease liabilities			1,074			190

The projections are based on the foreign exchange rates applied at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio.

The components of lease expense for the years ended December 31 were:

in $ millions			2024			2023			2022
Finance leases
Amortization of right-of-use-assets			45			19			20
Interest on lease liabilities			7			3			3
Operating leases			262			293			255
Short-term leases			301			329			273
Variable leases			80			85			94
Total lease expense (i)			695			729			645

(i) Income from subleasing transactions were not material for the Company.

CRH Form 10-K 80

The weighted average remaining lease term and discount rates at December 31 were:

			2024			2023
Weighted average remaining lease term (years)
Operating leases			10			12
Finance leases			11			13
Weighted average discount rate (%)
Operating leases			3.86		%	3.63		%
Finance leases			5.10		%	4.07		%

The supplemental cash flow information for the years ended December 31 was:

in $ millions			2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			(287)			(276)			(269)
Financing cash flows from finance leases			(57)			(26)			(28)
Non-cash investing and financing activities
Leased assets obtained in exchange for new operating lease liabilities			195			232			130
Leased assets obtained in exchange for new finance lease liabilities			99			51			24

13. Asset retirement obligations

Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to Cost of revenues. If the ARO is settled for other than the carrying amount of the liability, a gain or loss on settlement is recognized.

ARO costs related to accretion of the Company’s liabilities and the depreciation of the related assets for the years ended December 31 were:

in $ millions			2024			2023			2022
Accretion			9			12			11
Depreciation			12			27			46
Total costs			21			39			57

AROs are reported within Other current liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. At December 31, 2024 and 2023, the carrying amount of the Company’s AROs were $385 million and $360 million, of which, $66 million and $50 million are current, respectively.

14. Fair value measurement

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:

Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Considerable judgment may be required in interpreting market data used to develop the estimates of fair value.

The carrying values and fair values of the Company’s Long-term debt were $13,851 million and $13,604 million, respectively, at December 31, 2024, and $11,535 million and $11,337 million, respectively, at December 31, 2023. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices.

The Redeemable noncontrolling interests included in the Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of Redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.36% and 7.28%.

See Note 23 for the changes in the fair value of Redeemable noncontrolling interests.

The carrying values of the Company’s Cash and cash equivalents, Restricted cash, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.

CRH Form 10-K 81

15. Income taxes

The summary of the Income from continuing operations before income tax expense for the years ended December 31 was:

in $ millions			2024			2023			2022
Income
U.S.			3,069			2,729			2,225
Non-U.S.			1,645			1,285			1,236
Total income			4,714			4,014			3,461

The summary of the Income tax expense from continuing operations for the years ended December 31 was:

in $ millions			2024			2023			2022
Current tax:
U.S. - Federal			466			632			443
U.S. - State			84			67			87
Non-U.S.			355			290			221
Total current tax expense			905			989			751
Deferred tax:
U.S. - Federal			187			(28)			11
U.S. - State			(5)			(12)			(6)
Non-U.S.			(2)			(24)			6
Total deferred tax expense (benefit)			180			(64)			11
Total income tax expense			1,085			925			762

Due to the percentage of global operations subject to tax in the United States, the Company uses the U.S. Federal statutory tax rate in the reconciliation of the effective income tax rate. The reconciliation of the applicable U.S. Federal income tax rate to the effective income tax rates was:

in $ millions			2024			2023			2022
U.S. statutory rate			990			843			727
State tax, net of federal tax benefit			47			38			73
Tax rate differentials			27			(11)			(6)
Uncertain tax positions			62			87			60
Tax credits			(127)			(125)			(96)
Non-deductible goodwill impairment			10			75			–
Non-taxable divestiture of the European Lime operations			(65)			–			–
Other			141			18			4
Total tax expense			1,085			925			762
Effective income tax rate			23		%	23		%	22		%

CRH Form 10-K 82

The significant components of the deferred tax assets and liabilities at December 31 were:

in $ millions			2024			2023
Deferred tax assets:
Company retirement benefit plans			2			38
Revaluation of derivative financial instruments to fair value			4			2
Tax losses, credits and interest deduction carryforwards			1,149			1,052
Share-based compensation			39			41
Accrued expenses			454			420
Lease liabilities			286			292
Total deferred tax assets			1,934			1,845
Less: valuation allowances			(1,059)			(914)
Total deferred tax assets after valuation allowances			875			931
Deferred tax liabilities:
Investment in subsidiaries			146			155
Depreciation, depletion and amortization			3,419			3,109
Leased right-of-use assets			278			274
Rolled-over capital gains			21			21
Other			15			12
Total deferred tax liabilities			3,879			3,571
Total net deferred tax liabilities			3,004			2,640

The net deferred tax assets and liabilities that are included in the Consolidated Balance Sheets at December 31 were:

in $ millions			2024			2023
Deferred income taxes, noncurrent assets			(101)			(98)
Deferred income taxes, noncurrent liabilities			3,105			2,738
Total net deferred tax liabilities			3,004			2,640

At December 31, 2024, the Company had gross loss carryforwards of $1,087 million related to foreign operations and $37 million of state net operating loss carryforwards. $390 million of certain foreign and state loss carryforwards have various expiration dates ranging from 2025 to 2050; $734 million do not expire based on current tax legislation. The Company had gross interest deduction carryforwards of $2,603 million related to foreign operations. $88 million of certain interest carryforwards have various expiration dates ranging from 2025 to 2045, $2,515 million do not expire based on current tax legislation.

The summary of the change in valuation allowance at December 31 was:

in $ millions			2024			2023			2022
Balance at January 1			914			737			578
Acquisitions			12			–			–
Provision for income taxes			188			151			203
Foreign currency and other			(55)			26			(44)
Balance at December 31			1,059			914			737

The Company maintains a valuation allowance on net operating losses and other deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. At December 31, 2024, and December 31, 2023, the Company has a valuation allowance on net deferred tax assets of $1,059 million and $914 million, respectively. For the year ended December 31, 2024, the valuation allowance increased due to an increase in interest deduction carryforwards.

A deferred tax liability has been recognized in respect of any undistributed earnings in which the Company is not permanently reinvested. The Company has $18.6 billion of undistributed earnings that are considered permanently reinvested at December 31, 2024, for which no deferred tax liabilities have been recognized. It is not practicable to estimate the amount of tax that would be paid if there was a distribution of these earnings. Participation exemptions and tax credits are available in the majority of jurisdictions in which the Company operates.

CRH Form 10-K 83

The reconciliation of the changes in the unrecognized tax benefits at December 31 was:

in $ millions			2024			2023			2022
Balance at January 1			665			576			547
Increases related to prior periods			–			9			4
Decreases related to prior periods			(50)			(12)			(8)
Increases related to current period			99			148			130
Decreases related to settlements with taxing authorities and lapse of statute of limitations			(65)			(68)			(67)
Foreign currency and other			(15)			12			(30)
Balance at December 31			634			665			576

The Company files income tax returns in Ireland, the United States, the United Kingdom, Germany, Canada, and other various foreign jurisdictions and is subject to ongoing examination by tax authorities throughout the world. In general, the Company is no longer subject to significant income tax examinations by tax authorities in the jurisdictions noted for years before 2016. The Company believes that its income tax reserves are adequately maintained taking into consideration both the technical merits of its tax return positions and ongoing developments in its income tax audits. However, the final determination of the Company's tax return positions, if audited, is uncertain and therefore there is a possibility that the outcomes of such events could cause the Company’s estimate to change in the future. No single position is expected to generate a significant increase or decrease to the liability for unrecognized tax benefits within 12 months of the reporting date. At December 31, 2024, and December 31, 2023, the unrecognized tax benefits that, if recognized, would impact the effective tax rate were $589 million and $627 million, respectively.

The Company’s policy is to accrue interest and penalties related to potential underpayment of income taxes within the provision for income taxes. At December 31, 2024, and December 31, 2023, the Company had accrued interest of $101 million and $84 million, respectively. At December 31, 2024, December 31, 2023, and December 31, 2022, the interest and penalties included in Income tax expense was $20 million, $14 million, and $5 million, respectively.

16. Earnings per share (EPS)

The calculation of basic and diluted earnings per share for the years ended December 31 were:

in $ millions, except share and per share data			2024			2023			2022
Numerator
Income from continuing operations			3,521			3,072			2,699
Net (income) attributable to redeemable noncontrolling interests			(28)			(28)			(27)
Net (income) loss attributable to noncontrolling interests			(1)			134			–
Adjustment of redeemable noncontrolling interests to redemption value			(34)			(24)			40
Income from continuing operations for EPS - basic and diluted			3,458			3,154			2,712
Income from discontinued operations, net of income tax expense			–			–			1,190
Net income attributable to CRH for EPS - basic and diluted			3,458			3,154			3,902
Denominator
Weighted average common shares outstanding – basic (i)			683.3			723.9			758.3
Effect of dilutive employee share awards (ii)			6.2			5.3			5.8
Weighted average common shares outstanding – diluted			689.5			729.2			764.1
Basic earnings per share attributable to CRH
Continuing operations			$5.06			$4.36			$3.58
Discontinued operations			–			–			$1.57
Net income			$5.06			$4.36			$5.15
Diluted earnings per share attributable to CRH
Continuing operations			$5.02			$4.33			$3.55
Discontinued operations			–			–			$1.56
Net income			$5.02			$4.33			$5.11

(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury stock given that these shares do not rank for dividend.

(ii) Common shares that would only be issued contingent on certain conditions totaling 2,140,879, 4,677,404 and 4,209,404 at December 31, 2024, 2023 and 2022, respectively, are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the periods presented.

CRH Form 10-K 84

17. Share-based compensation

Share-based compensation relates primarily to awards granted under the 2014 Performance Share Plan (PSP) and the Company’s Savings-related Share Option Schemes. The expense, net of estimated forfeitures, is reflected in Operating income in the Consolidated Statements of Income.

The share-based compensation for these plans for the years ended December 31 was:

in $ millions			2024			2023			2022
Performance Share Plan expense			123			120			97
Share Option expense			2			3			3
Total share-based compensation			125			123			100

2014 Performance Share Plan

The PSP authorizes the granting of conditional awards or nil-cost options (right to acquire shares during an exercise period without cost to the participant). The number of shares authorized under the PSP during the years ended December 31, 2024, 2023 and 2022 did not exceed 10% of the issued share capital at that time.

Under the PSP, the Company has granted performance stock units (PSUs) to its employees. PSUs provide an employee with the right to receive shares of the Company’s stock, subject to fulfillment of certain market, performance and service conditions over a vesting period. The performance conditions are as follows for the 2024, 2023 and 2022 PSUs: 20% of each award made is subject to Total Shareholder Return (TSR) performance measured against a tailored peer group; 20% is subject to a RONA metric; 15% is subject to ESG metrics; with the remaining 45% subject to a cumulative cash flow metric. Performance for the awards is assessed over a three-year period.

The details of the awards granted under the PSP for the year ended December 31, 2024 were:

			Number of shares			Weighted average grant date fair value
			Shares in whole numbers			Amounts in $			Amounts in €
Outstanding at beginning of year			9,816,619			41.56			37.90
Granted			1,856,679			79.52			73.85
Forfeited			(294,689)			46.12			41.44
Vested			(3,080,029)			40.93			34.97
Outstanding at end of year			8,298,580			50.11			46.89

During fiscal years 2023 and 2022, the weighted average grant date fair values were $48.55 (€45.57) and $36.29 (€34.50), respectively.

The fair value of (i) the portion of awards subject to a cash flow performance metric; (ii) the portion of awards subject to a RONA metric; (iii) the portion of awards subject to ESG metrics; and (iv) the portion of awards with no performance conditions which are subject to a two-year service period; was calculated as the Company’s closing share price at the date the award was granted.

The fair value assigned to the portion of awards subject to a TSR performance metric was calculated using the Monte Carlo simulation model, at the grant date, taking account of peer group TSR, volatilities and correlations together with the following assumptions:

			2024			2023			2022
Risk-free interest rate (%)			4.44			3.16			0.51
Expected volatility (%)			30.3			28.9			36.9

The expected volatility was determined using a historical sample of the Company’s daily share prices over a period equal to the expected term.

The risk-free interest rate is based on the U.S. Treasury bond yield at the grant date with a maturity period equal to the expected term.

During the years ended December 31, 2024, 2023 and 2022, 3,080,029 shares vested having a fair value of $256 million; 2,985,299 shares vested having a fair value of $147 million, and 3,084,926 shares vested having a fair value of $123 million, respectively. At December 31, 2024, unrecognized compensation expense related to the awards was $183 million, which will be recognized over the remaining weighted average vesting period of 1.22 years.

2010 and 2021 Savings-related Share Option Schemes

In April 2021, shareholders approved the adoption of the 2021 Savings-related Share Option Schemes (Share Option Schemes), which replaced the schemes approved by shareholders in May 2010. The number of shares authorized under the Share Option Schemes during the years ended December 31, 2024, 2023 and 2022 did not exceed 10% of the issued share capital at that time.

Under the Share Option Schemes, participants may save up to €500/Stg£500 per month from their net salaries, for a fixed term of three or five years (the savings period). Within a period of six months after the end of the savings period, they have the option to buy shares of the Company at a discount of up to 15% of the market price on the date of invitation of each savings contract.

Under the Share Options Schemes, 236,581, 86,520 and 402,645 shares of the Company were purchased at a weighted average price of $28.68, $26.82 and $25.24 respectively, during the years ended December 31, 2024, 2023, and 2022. At December 31, 2024, the total unrecognized stock-based compensation expense related to the Share Option Schemes was $1 million and is expected to be recognized over a weighted average period of 1.13 years.

The fair values assigned to options issued under the Share Option Schemes were calculated in accordance with the trinomial valuation methodology.

CRH Form 10-K 85

The assumptions used to determine the fair value of the options issued under the Share Options Schemes with three-year and five-year savings periods at December 31 were:

						2022
									3-year			5-year
Risk-free interest rate (%)									2.08			2.24
Expected dividend payments over the expected life (€)									4.06			7.05
Expected volatility (%)									26.4			24.2
Expected life term (years)									3			5

There were no options granted during the years ended December 31, 2024, and 2023. The expected volatility was determined using a historical sample of 37 month-end Company share prices in respect of the three-year savings-related share options and 61 month-end share prices in respect of the five-year savings-related share options. The expected lives of the options are based on historical data and are therefore not necessarily indicative of exercise patterns that may materialize.

Other than the assumptions listed above, no other features of options grants were factored into the determination of fair value.

The terms of the options issued under the Share Option Schemes do not contain any market conditions.

18. Shareholders' equity

The Company’s capital stock consists of common stock, 5% preferred stock and 7% ‘A’ preferred stock. Holders of the Company’s common stock are entitled to one vote per share.

The holders of the 5% preferred stock are entitled to a fixed preferred dividend at a rate of 5% per annum and priority in a winding-up to repayment of capital but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears. Dividends on the 5% preferred stock are payable half-yearly on April 15 and October 15 in each year. The 5% preferred stock represent 0.03% and 0.03% of the total issued share capital at December 31, 2024, and 2023, respectively.

The holders of the 7% ‘A’ preferred stock are entitled to a fixed preferred dividend at a rate of 7% per annum, and subject to the rights of the holders of the 5% preferred stock, priority in a winding-up to repayment of capital, but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears or unless the business of the meeting includes certain matters. Dividends on the 7% ‘A’ preferred stock are payable half-yearly on April 5 and October 5 in each year. The 7% ‘A’ preferred stock represent 0.48% and 0.47% of the total issued share capital at December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024, 2023, and 2022, dividends declared on 5% preferred stock and 7% ‘A’ preferred stock were all less than $1 million, respectively.

During 2024 and 2023, a total of 15,872,321 and 54,900,928 shares of Common stock (equivalent to 2.21% and 7.47% of the Company’s issued share capital) were repurchased at an average price of $82.01 and $54.92 per share under the share buyback program, respectively. During 2024, all repurchased shares of Common stock were retired on repurchase. During 2023, 17,620,740 shares of Treasury stock (equivalent to 2.40% of the Company’s issued share capital) were retired.

At December 31, 2024 and 2023, 41,355,384 and 42,419,281 shares were held as Treasury stock, equivalent to 5.75% and 5.78% of the Common stock issued, respectively.

CRH Form 10-K 86

19. Accumulated other comprehensive loss

The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, for the years ended December 31 were:

in $ millions			Currency Translation			Cash Flow Hedges			Pension and Other Postretirement Plans			Total
Balance at December 31, 2021			(127)			18			(316)			(425)
Other comprehensive (loss) income before reclassifications			(664)			23			288			(353)
Amounts reclassified from Accumulated other comprehensive loss (i)			(1)			(60)			6			(55)
Net current-period other comprehensive (loss) income			(665)			(37)			294			(408)
Other comprehensive loss attributable to noncontrolling interests			46			–			–			46
Balance at December 31, 2022			(746)			(19)			(22)			(787)
Other comprehensive income (loss) before reclassifications			310			(37)			(104)			169
Amounts reclassified from Accumulated other comprehensive loss (i)			–			9			(4)			5
Net current-period other comprehensive income (loss)			310			(28)			(108)			174
Other comprehensive (income) attributable to noncontrolling interests			(3)			–			–			(3)
Balance at December 31, 2023			(439)			(47)			(130)			(616)
Other comprehensive (loss) income before reclassifications			(431)			(27)			39			(419)
Amounts reclassified from Accumulated other comprehensive loss (i)			(39)			11			5			(23)
Net current-period other comprehensive (loss) income			(470)			(16)			44			(442)
Other comprehensive loss attributable to noncontrolling interests			53			–			–			53
Balance at December 31, 2024			(856)			(63)			(86)			(1,005)

(i) For the years ended December 31, 2024, 2023, and 2022, $(39) million, $nil million, and $4 million respectively were transferred from currency translation related to (losses) gains on divestitures that were reclassified from Accumulated other comprehensive loss to Other nonoperating income (expense), net. For the year ended December 31, 2022, $(5) million was transferred from currency translation related to losses on divestitures that were reclassified from Accumulated other comprehensive loss to Income from discontinued operations, net of income tax expense.

The amounts reclassified from Accumulated other comprehensive loss to income for the years ended December 31 were:

in $ millions			2024			2023			2022
Cash flow hedges
Cost of product revenues			14			12			(73)
Income tax (benefit) expense			(3)			(3)			13
Total			11			9			(60)
Pension and other postretirement plans
Other nonoperating expense (income), net			9			(7)			8
Income tax (benefit) expense			(4)			3			(2)
Total			5			(4)			6
Reclassifications from Accumulated other comprehensive loss to income			16			5			(54)

20. Segment information

During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments:

Americas Materials Solutions;

Americas Building Solutions; and

International Solutions

The Americas Materials Solutions segment provides building materials for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.

The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.

The International Solutions segment provides integrated building solutions primarily across Europe and Australia. The business integrates materials, products, and services to provide complete building solutions for use in the construction and renovation of public infrastructure, critical networks, commercial and residential buildings and outdoor living spaces.

The new segment structure reflects the nature of the financial information reported to and assessed by the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, who are together determined to fulfil the role of CODM. Comparative segment information for 2023 and 2022 has been recast to reflect the change in segments.

The principal factors employed in the identification of the three segments reflected in this note include:

CRH Form 10-K 87

(i) the Company’s organizational structure in 2024 (during 2024 the Divisional President fulfilled the role of “segment manager”);

(ii) the nature of the reporting lines to the CODM; and

(iii) the structure of internal reporting documentation such as management accounts and budgets.

The Company’s reportable segments are the same as the Company’s operating segments and correspond with how the CODM regularly reviews financial information to allocate resources and assess performance under the Company’s organizational structure.

The CODM uses Adjusted EBITDA as part of their review of the monthly operating results on a segment basis. The CODM considers actual monthly results against the budget and the prior year as part of their assessment of the performance of the business and when making decisions regarding resource allocation. Given that Interest expense and Income tax expense are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below. There are no asymmetrical allocations to reporting segments which would require disclosure.

Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.

The key performance measures and segment expenses for the Company’s reportable segments for the years ended December 31 were:

			2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Revenue			16,173			7,059			12,340			35,572
Less:
Labor			3,493			1,447			2,389			7,329
Energy costs			743			121			983			1,847
Other segment items (i)			8,192			4,102			7,172			19,466
Adjusted EBITDA			3,745			1,389			1,796			6,930

			2023
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Revenue			15,435			7,017			12,497			34,949
Less:
Labor			3,274			1,306			2,264			6,844
Energy costs			805			122			1,314			2,241
Other segment items (i)			8,297			4,147			7,244			19,688
Adjusted EBITDA			3,059			1,442			1,675			6,176

			2022
in $ millions			Americas Materials Solutions			Americas Building Solutions			International Solutions			Total
Revenue			14,324			6,188			12,211			32,723
Less:
Labor			3,009			1,097			2,119			6,225
Energy costs			877			121			1,267			2,265
Other segment items (i)			7,800			3,751			7,294			18,845
Adjusted EBITDA			2,638			1,219			1,531			5,388

(i) The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. As a result of our integrated building solutions model, the composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.

CRH Form 10-K 88

in $ millions			2024			2023			2022
Adjusted EBITDA			6,930			6,176			5,388
Depreciation, depletion and amortization			(1,798)			(1,633)			(1,552)
Loss on impairments (i)			(161)			(357)			–
Interest income			143			206			65
Interest expense			(612)			(376)			(344)
Gain (loss) on divestitures and unrealized gains on investments (ii)			250			–			(99)
Pension income excluding current service cost component (ii)			7			3			30
Other interest, net (ii)			1			(5)			–
Substantial acquisition-related costs			(46)			–			(27)
Income from continuing operations before income tax expense and income from equity method investments			4,714			4,014			3,461

(i) The total Loss on impairments comprised of $161 million and $295 million within International Solutions for the years ended December 31, 2024 and 2023, respectively and $62 million within Americas Materials Solutions for the year ended December 31, 2023.

(ii) Gain (loss) on divestitures and unrealized gains on investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

Depreciation, depletion and amortization for each of the segments for the years ended December 31 were:

in $ millions			2024			2023			2022
Depreciation, depletion and amortization
Americas Materials Solutions			846			781			777
Americas Building Solutions			337			299			236
International Solutions			615			553			539
Total depreciation, depletion and amortization			1,798			1,633			1,552

The Gain (loss) on divestitures and unrealized gains on investments for each of the segments for the years ended December 31 were:

in $ millions			2024			2023			2022
Gain (loss) on divestitures and unrealized gains on investments
Americas Building Solutions			1			–			–
International Solutions			249			–			(99)
Total gain (loss) on divestitures and unrealized gains on investments			250			–			(99)

The segment assets at December 31 were:

in $ millions			2024			2023			2022
Assets
Americas Materials Solutions			21,474			17,534			17,615
Americas Building Solutions			9,049			7,961			7,749
International Solutions			15,011			13,373			13,140
Total assets for reportable segments			45,534			38,868			38,504
Cash and cash equivalents			3,720			6,341			5,936
Restricted cash			39			–			–
Other current assets, excluding segment assets			446			193			134
Equity method investments			737			620			649
Assets held for sale			–			1,268			–
Other noncurrent assets, excluding segment assets			137			179			96
Total assets as reported in the Consolidated Balance Sheets			50,613			47,469			45,319

CRH Form 10-K 89

The segment liabilities at December 31 were:

in $ millions			2024			2023			2022
Liabilities
Americas Materials Solutions			3,154			3,349			2,908
Americas Building Solutions			1,769			1,770			1,567
International Solutions			4,848			5,050			4,408
Total liabilities for reportable segments			9,771			10,169			8,883
Other current liabilities, excluding segment liabilities			163			156			193
Total debt			13,968			11,642			9,636
Deferred income tax liabilities			3,105			2,738			2,885
Liabilities held for sale			–			375			–
Other noncurrent liabilities, excluding segment liabilities			756			768			682
Total liabilities as reported in the Consolidated Balance Sheets			27,763			25,848			22,279

Additions to property, plant and equipment and intangible assets for each of the segments for the years ended December 31 were:

in $ millions			2024			2023			2022
Property, plant and equipment and intangible asset additions (i)
Americas Materials Solutions			1,151			854			715
Americas Building Solutions			480			360			259
International Solutions			1,074			664			559
Total property, plant and equipment and intangible asset additions			2,705			1,878			1,533

(i) Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.

Long-lived assets by geographic area at December 31 were:

in $ millions			2024			2023			2022
Long-lived assets by geographical area (i)
United Kingdom			1,819			1,786			1,691
United States			13,504			10,821			10,916
Other			7,403			6,526			6,336
Total long-lived assets by geographical area			22,726			19,133			18,943

(i) Long-lived assets comprise property, plant and equipment and operating lease right-of-use assets.

Information about major customers

There are no material dependencies or concentrations of individual customers that require disclosure. The individual entities within the Company have a large number of customers spread across various activities, end-users and geographies.

21. Pension and other postretirement benefits

The Company operates either defined benefit or defined contribution pension schemes in all of its principal operating areas. The disclosures included below relate to all pension schemes in the Company. The Company operates defined benefit pension schemes in Australia, Belgium, Canada, France, Germany, Italy, the Netherlands, the Philippines, the Republic of Ireland, Romania, Serbia, Slovakia, Switzerland, the United Kingdom, the United States and Ukraine. The Company has a mixture of funded and unfunded defined benefit pension schemes. The net surplus of the funded schemes was $290 million and $218 million at December 31, 2024, and December 31, 2023, respectively. Unfunded obligations (including jubilee, postretirement healthcare obligations and long-term service commitments) comprise of a number of schemes in Canada, France, Germany, Ireland, Italy, the Netherlands, the Philippines, Romania, Serbia, Slovakia, Switzerland, the United States and Ukraine totaling a net liability of $235 million and $260 million at December 31, 2024, and December 31, 2023, respectively.

Funded defined benefit schemes in Australia, the Republic of Ireland, Switzerland and the United Kingdom are administered by separate funds that are legally distinct from the Company under the jurisdiction of Trustees. The Trustees are required by law to act in the best interests of the scheme participants and are responsible for the definition of investment strategy and for scheme administration. Other schemes are also administered in line with the local regulatory environment. The level of benefits available to most members depends on length of service and either their average salary over their period of employment or their salary in the final years leading up to retirement. For Switzerland, the level of benefits depends on salary, level of savings contributions, the interest rate on old age accounts (which cannot be negative) and the annuity conversion factor on retirement. The Company’s pension schemes in Switzerland are contribution-based schemes with guarantees. This means the Company pays an age-dependent fixed contribution percentage but should the invested assets be insufficient to meet the guaranteed benefit obligations, additional contributions might be required.

CRH Form 10-K 90

The change in benefit obligation, change in plan assets, funded status of pension and other postretirement benefit (OPEB) plans, and amounts recognized in the Consolidated Balance Sheets were:

			Pension Plans												OPEB Plans (i)
			2024						2023						2024			2023
in $ millions			U.S.			Non-U.S.			U.S.			Non-U.S.
Change in benefit obligation:
Benefit obligation at beginning of year			496			2,414			497			2,105			105			100
Service cost			2			39			1			31			3			2
Interest cost			24			81			24			86			5			5
Amendments			–			–			–			(1)			–			–
Actuarial (gains) and losses			(24)			(28)			9			178			(10)			3
Benefits paid			(34)			(104)			(35)			(89)			(5)			(5)
Plan participant contributions			–			10			–			9			–			–
Curtailments			–			(4)			–			–			–			–
Settlements			–			(7)			–			(4)			–			–
Net transfer in/(out) (including the effect of any business combinations/divestitures)			–			27			–			–			(1)			–
Foreign currency rate changes			–			(145)			–			99			(2)			–
Benefit obligation at end of year			464			2,283			496			2,414			95			105
Change in plan assets
Fair value of plan assets at beginning of year			449			2,524			446			2,316			–			–
Actual gain on plan assets			17			77			37			143			–			–
Employer contributions			2			36			1			38			5			5
Plan participant contributions			–			10			–			9			–			–
Benefits paid			(34)			(104)			(35)			(89)			(5)			(5)
Settlements			–			(7)			–			(4)			–			–
Net transfer in (including effect of any business combinations/divestitures)			–			82			–			–			–			–
Foreign currency rate changes			–			(155)			–			111			–			–
Fair value of plan assets at end of year			434			2,463			449			2,524			–			–
Reconciliation of funded status:
Fair value of plan assets			434			2,463			449			2,524			–			–
Benefit obligation			464			2,283			496			2,414			95			105
Funded status			(30)			180			(47)			110			(95)			(105)
Accumulated Benefit Obligation			464			2,231			496			2,349
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets			–			290			–			271			–			–
Current liabilities			(2)			(4)			(2)			(4)			(6)			(6)
Noncurrent liabilities			(28)			(106)			(45)			(111)			(89)			(98)
Liabilities held for sale			–			–			–			(46)			–			(1)
Funded status at end of year			(30)			180			(47)			110			(95)			(105)
Net actuarial (loss) gain			(45)			(190)			(68)			(225)			42			35
Prior service (cost) credit			(1)			74			(1)			92			2			3
Total accumulated other comprehensive (loss) income			(46)			(116)			(69)			(133)			44			38

(i) Includes a benefit obligation of $8 million and $11 million related to non-U.S. OPEB plans at December 31, 2024 and 2023, respectively.

CRH Form 10-K 91

The pension and other postretirement plans for which their accumulated benefit obligation, projected benefit obligation or accumulated postretirement benefit obligation exceeds the fair value of their respective plan assets at December 31 were:

			U.S. Plans						Non-U.S. Plans
in $ millions			2024			2023			2024			2023
Pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation			464			496			565			580
Fair value of plan assets			434			449			458			421
Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation			464			496			147			527
Fair value of plan assets			434			449			61			394
Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets:
Accumulated postretirement benefit obligation			–			–			6			9
Fair value of plan assets			–			–			–			–

Impact on Consolidated Statements of Income

The total retirement benefit expense recognized in the Consolidated Statements of Income for the years ended December 31 were:

in $ millions			2024			2023			2022
Total defined contribution expense			345			320			307
Total defined benefit expense			34			31			30
Total expense within the Consolidated Statements of Income			379			351			337

Components of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost (income) recognized in the Consolidated Statements of Income for the years ended December 31 were:

			Pension Plans																		OPEB Plans (ii)
			U.S.									Non-U.S.
in $ millions			2024			2023			2022			2024			2023			2022			2024			2023			2022
Service cost			2			1			2			39			31			55			3			2			3
Interest cost			24			24			18			81			86			43			5			5			3
Expected return on assets			(21)			(20)			(30)			(87)			(91)			(72)			–			–			–
Amortization of:
Prior service cost (credit)			–			–			1			(12)			(11)			(11)			–			–			–
Actuarial loss (gain)			2			3			2			6			4			15			(2)			(3)			–
Curtailment loss (gain)			–			–			3			(3)			–			–			–			(1)			–
Settlement (gain) loss (i)			–			–			–			(3)			1			(2)			–			–			–
Net periodic benefit cost (income) (iii)			7			8			(4)			21			20			28			6			3			6

(i) Settlement gain of $3 million relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in gain on divestitures, within Other nonoperating income (expense), net.

(ii) Includes the net periodic benefit cost of $nil million, $nil million and $1 million related to non-U.S. OPEB plans for the years ended December 31, 2024, 2023, and 2022 respectively.

(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating income (expense), net.

CRH Form 10-K 92

The changes in plan assets and benefit obligations that were recognized in Other comprehensive (income) loss for the years ended December 31 were:

			Pension Plans																		OPEB Plans (i)
			U.S.									Non-U.S.
in $ millions			2024			2023			2022			2024			2023			2022			2024			2023			2022
Net actuarial (gain) loss			(20)			(8)			(1)			(17)			126			(292)			(10)			3			(32)
Prior service cost (credit)			–			–			2			–			(1)			(2)			–			–			–
Amortization or curtailment recognition of prior service (cost) credit			–			–			(4)			12			11			11			–			–			–
Amortization or settlement recognition of net (loss) gain			(2)			(3)			(2)			(5)			(4)			(13)			2			3			–
Foreign currency exchange effects			–			–			–			(4)			(2)			(27)			–			–			–
Amount recognized in other comprehensive (income) loss (i)			(22)			(11)			(5)			(14)			130			(323)			(8)			6			(32)
Amount recognized in net periodic pension benefit cost (income) and other comprehensive (income) loss			(15)			(3)			(9)			3			150			(295)			(2)			9			(26)

(i) Includes an amount recognized in Other comprehensive (income) loss of $nil million, $1 million and $(2) million related to non-U.S. OPEB plans for the years ended December 31, 2024, 2023, and 2022, respectively.

The weighted average assumptions used to determine net periodic benefit cost (income) for the years ended December 31 were:

			Pension Plans																		OPEB Plans
			U.S.									Non-U.S.
			2024			2023			2022			2024			2023			2022			2024			2023			2022
Discount rate			4.95		%	5.20		%	2.70		%	3.49		%	4.13		%	1.54		%	4.86		%	5.08		%	2.59		%
Rate of compensation increase			N/A			N/A			3.50		%	3.22		%	3.22		%	2.74		%	2.75		%	2.80		%	2.22		%
Expected long‐term rate of return on plan assets			5.50		%	5.50		%	5.50		%	3.62		%	4.04		%	2.54		%	N/A			N/A			N/A
Interest crediting rates			N/A			N/A			N/A			1.60		%	1.50		%	2.25		%	N/A			N/A			N/A

The weighted average assumptions used to determine the benefit obligation at December 31 were:

			Pension Plans																		OPEB Plans
			U.S.									Non-U.S.
			2024			2023						2024			2023						2024			2023
Discount rate			5.55		%	4.95		%				3.41		%	3.49		%				5.34		%	4.86		%
Rate of compensation increase			N/A			N/A						2.88		%	3.22		%				2.33		%	2.75		%

The long-term return expectation is developed based on a diversified investment strategy that takes into account historical experience, as well as the impact of portfolio diversification, active portfolio management, and the Company’s view of current and future economic and financial market conditions. In determining the expected rate of return for the plan assets, the Company performs an analysis of investment community forecasts and current market conditions to develop expected returns for each of the asset classes used by the plans, which are weighted to reflect the asset allocation of each plan. As market conditions and other factors change, the Company may adjust targets accordingly, and asset allocations may vary from the target allocations.

The assets of the Company’s pension and other postretirement plans are managed externally for the benefit of the plan members. Consideration is given to the long-term nature of the benefit obligations and the investment strategy is set at plan level, typically to maintain a diversified portfolio of assets with the objective of meeting future obligations and long-term cash requirements as they fall due. Assets are primarily invested in diversified funds that hold equity and debt securities to maintain security while maximizing returns within each plan’s investment policy. The investment policy for each plan specifies the type of investment vehicle, asset allocation guidelines as well as investment monitoring and performance requirements. For the main funded plans, the target allocations to equity/debt are as follows:

(i) Ireland: Equities 10-20% / Debt 55-65%.

(ii) U.S.: Equities 10-30% / Debt 65-85%.

(iii) Switzerland: Equities 25-35% / Debt 25-55%.

(iv) Other asset classes have a range of smaller % targets.

CRH Form 10-K 93

The target allocation ranges and fair values by asset class at December 31 were:

			Pension Plans
			Target allocation ranges
			U.S. Plans			Non-U.S. Plans
			2024 (%)
Cash and cash equivalents			–			0-5
Equity instruments (i)			10-30			15-25
Debt instruments (ii)			65-85			25-40
Real estate			–			5-10
Derivatives			–			–
Investment funds			0-15			0-5
Assets held by insurance company			–			0-5
Other			–			–

(i) For U.S. pension plans, equity instruments with a total allocation range of 10-30% are made up of 10-30% in developed markets’ diversified equity instruments and 10-30% in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments with a total allocation range of 15-25% are made up of 16-24% in developed markets’ diversified equity instruments and 1-2% in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments with a total allocation range of 65-85% are made up of 65-85% in non-government debt instruments and 65-85% in government fixed interest instruments. For non-U.S. pension plans, debt instruments with a total allocation range of 25-40% are made up of 24-35% in non-government debt instruments, 32-44% in government fixed interest instruments, 23-31% in government inflation-protected bonds, 9-16% in asset-backed instruments, 9-16% in inflation-protected bonds and 9-16% in structured debt.

The Company’s asset allocations by asset category at December 31 were:

			Pension Plans
			Fair Values
			2024
			U.S. Plans												Non-U.S. Plans
in $ millions			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Cash and cash equivalents			3			–			–			3			32			22			–			54
Equity instruments (i)			–			87			–			87			499			59			–			558
Debt instruments (ii)			–			326			–			326			1,226			211			–			1,437
Real estate			–			–			–			–			111			81			8			200
Derivatives			–			–			–			–			8			(23)			–			(15)
Investment funds			16			–			–			16			87			21			–			108
Assets held by insurance company			–			–			–			–			–			2			105			107
Other			–			–			2			2			3			3			8			14
Total			19			413			2			434			1,966			376			121			2,463

(i) For U.S. pension plans, equity instruments of $87 million are made up of $78 million in developed markets’ diversified equity instruments and $9 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $558 million are made up of $521 million in developed markets’ diversified equity instruments and $37 million in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments of $326 million are made up of $226 million in non-government debt instruments and $100 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,437 million are made up of $245 million in non-government debt instruments, $721 million in government fixed interest instruments, $434 million in government inflation-protected bonds and $37 million in asset-backed instruments.

There were no other postretirement plan assets at December 31, 2024.

CRH Form 10-K 94

			Pension Plans
			Fair Values
			2023
			U.S. Plans												Non-U.S. Plans
in $ millions			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Cash and cash equivalents			3			–			–			3			50			15			–			65
Equity instruments (i)			–			90			–			90			462			56			–			518
Debt instruments (ii)			–			341			–			341			1,310			179			–			1,489
Real estate			–			–			–			–			97			82			14			193
Derivatives			–			–			–			–			12			2			–			14
Investment funds			11			–			–			11			85			13			–			98
Assets held by insurance company			–			–			–			–			–			2			117			119
Other			–			–			4			4			1			19			8			28
Total			14			431			4			449			2,017			368			139			2,524

(i) For U.S. pension plans, equity instruments of $90 million are made up of $79 million in developed markets’ diversified equity instruments and $11 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $518 million are made up of $486 million in developed markets’ diversified equity instruments and $32 million in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments of $341 million are made up of $233 million in non-government debt instruments and $108 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,489 million are made up of $251 million in non-government debt instruments, $400 million in government fixed interest instruments, $763 million in government inflation-protected bonds, $34 million in asset-backed instruments and $41 million in inflation-protected bonds.

There were no other postretirement plan assets at December 31, 2023.

The Level 3 reconciliation for pension plans by asset class for the years ended December 31, 2024 and 2023 were:

			U.S. Plans
in $ millions			Beginning balance on 1/1/2024			Actual return on plan assets, relating to assets still held at reporting date			Purchases, sales and settlements			Transfer out of Level 3			Change due to exchange rate changes			Ending balance on 12/31/2024
Asset Class
Other			4			–			–			(2)			–			2
Total			4			–			–			(2)			–			2

			Non-U.S. Plans
in $ millions			Beginning balance on 1/1/2024			Actual return on plan assets, relating to assets still held at reporting date			Purchases, sales and settlements			Transfer out of Level 3			Change due to exchange rate changes			Ending balance on 12/31/2024
Asset Class
Real estate			14			–			(6)			–			–			8
Assets held by insurance company			117			6			(9)			–			(9)			105
Other			8			–			–			–			–			8
Total			139			6			(15)			–			(9)			121

			U.S. Plans
in $ millions			Beginning balance on 1/1/2023			Actual return on plan assets, relating to assets still held at reporting date						Purchases, sales and settlements						Transfer (out of) Level 3						Ending balance on 12/31/2023
Asset Class
Investment funds			11			–						–						(11)						–
Other			8			1						(1)						(4)						4
Total			19			1						(1)						(15)						4

CRH Form 10-K 95

			Non-U.S. Plans
in $ millions			Beginning balance on 1/1/2023			Actual return on plan assets, relating to assets still held at reporting date						Purchases, sales and settlements						Change due to exchange rate changes			Ending balance on 12/31/2023
Asset Class
Real estate			13			–						–						1			14
Assets held by insurance company			113			11						(10)						3			117
Other			6			2						–						–			8
Total			132			13						(10)						4			139

The following is a description of the methods and assumptions used to estimate the fair value of the pension and other postretirement plans’ assets:

Cash and cash equivalents: Cash and all highly liquid securities with original maturities of three months or less are classified as Cash and cash equivalents, primarily consisting of cash deposits in interest bearing accounts, time deposits and money market funds. These assets are classified as Level 1.

Equity instruments: Individual securities that are valued at the closing price or last trade reported on the major market on which they are traded are classed as Level 1. Commingled funds that are publicly traded are based upon market quotes and are classed as Level 1. The fair value of non-publicly traded funds are determined using the Net Asset Value (NAV) provided by the administrator and are classified as Level 2.

Debt instruments: The fair value is determined using market prices (Level 1) or prices derived from observable inputs (Level 2). Level 2 investments may also include commingled funds that have a readily determinable fair value based on observable prices of the underlying securities.

Real estate: Investments in real estate funds that are publicly traded are based upon market quotes and are classed as Level 1. Direct investments in real estate are classed as Level 2 and determined using the NAV provided by the administrator.

Assets held by insurance company: The fair value is based on negotiated value and the underlying investments held in separate account portfolios, as well as the consideration of the creditworthiness of the issuer. The underlying investments are primarily government, asset-backed and fixed income securities. Assets held by insurance company are generally classified as Level 2 or Level 3 depending on the structure of the contract/market pricing information.

The assumed healthcare cost trend rates at December 31 were:

			2024			2023			2022
Healthcare cost trend rate assumed for next year			6.55		%	6.85		%	1.76		%
Rate to which the cost trend rate gradually declines			3.80		%	3.70		%	3.70		%
Year the rate reaches the ultimate rate			2090			2090			2090

The following table presents the expected future benefit payments to be made over the next 10 years:

			Pension plans						OPEB
in $ millions			U.S.			Non-U.S.
2025			37			117			6
2026			37			115			6
2027			37			116			6
2028			37			114			6
2029			36			115			6
2030-2034			175			593			32

The Company expects that it will contribute $2 million to the U.S. pension plans, $36 million to the non-U.S. pension plans and $6 million to the OPEB plans, including minimum funding payments, in 2025.

CRH Form 10-K 96

22. Variable interest entities

The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40% of the equity share capital and a 55% share of earnings and distributions. The remaining noncontrolling interest of 60% equity share capital and 45% share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.

Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e. the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).

The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Consolidated Balance Sheets before intragroup eliminations with other CRH companies at December 31 were:

in $ millions			2024			2023
Assets
Current assets:
Cash and cash equivalents			21			19
Accounts receivable, net			38			31
Inventories			96			99
Other current assets			58			51
Total current assets			213			200
Property, plant and equipment, net			846			923
Goodwill			190			200
Intangible assets, net			1			–
Operating lease right-of-use assets, net			5			5
Other noncurrent assets			9			11
Total assets			1,264			1,339
Liabilities
Current liabilities:
Accounts payable			106			92
Accrued expenses			44			36
Current portion of long-term debt			33			98
Operating lease liabilities			1			1
Other current liabilities			25			25
Total current liabilities			209			252
Long-term debt			345			297
Deferred income tax liabilities			94			106
Noncurrent operating lease liabilities			4			5
Other noncurrent liabilities			21			17
Total liabilities			673			677

The operating results of the consolidated VIE, reported within the Consolidated Statements of Income and Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies for the years ended December 31 were:

in $ millions			2024			2023			2022
Total revenues			359			446			544
Total cost of revenues			(339)			(416)			(479)
Gross profit			20			30			65
Net loss			(40)			(325)			(24)
Net cash provided by operating activities			10			24			12

CRH Form 10-K 97

23. Redeemable noncontrolling interests

The Redeemable noncontrolling interests primarily comprise of the noncontrolling interests in two of the Company’s North American subsidiaries, that are currently redeemable. The Company has the ability to exercise the call option for the noncontrolling interests on or after December 31, 2031. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.

During the year ended December 31, 2024, the Company recognized an addition to redeemable noncontrolling interest, as reflected in Note 4, and adjusted the carrying amount of the redeemable noncontrolling interests to reflect the estimated redemption values as of the balance sheet date. The adjustment was based on the formulaic redemption values, with an offsetting entry to retained earnings.

The rollforward of Redeemable noncontrolling interests at December 31 was:

in $ millions
Balance at December 31, 2021			336
Net income attributable to redeemable noncontrolling interests			27
Adjustment to the redemption value			(40)
Dividends paid			(15)
Balance at December 31, 2022			308
Net income attributable to redeemable noncontrolling interests			28
Adjustment to the redemption value			24
Dividends paid			(27)
Balance at December 31, 2023			333
Net income attributable to redeemable noncontrolling interests			28
Acquisitions			12
Adjustment to the redemption value			34
Dividends paid			(23)
Balance at December 31, 2024			384

24. Commitments and contingencies

Guarantees

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $13.1 billion and $11.3 billion in respect of loans and borrowings, bank advances and derivative obligations at December 31, 2024, and 2023, respectively, and $0.4 billion and $0.4 billion at December 31, 2024, and 2023, respectively, in respect of letters of credit due within one year.

Contractual commitments

Contractual commitments at December 31, 2024, were:

in $ millions			Unconditional purchase obligations
2025			1,750
Thereafter			799
Total contractual commitments			2,549

Legal Proceedings

The Company is not involved in any proceedings that it believes could reasonably be expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.

25. Subsequent events

The Company has evaluated subsequent events occurring through to the date the Consolidated Financial Statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the Consolidated Financial Statements except as noted below.

Issuance of Senior Notes

In January 2025, wholly-owned subsidiaries of the Company completed the issuance and sale of $1.25 billion 5.125% Guaranteed Notes due 2030, $1.25 billion 5.500% Guaranteed Notes due 2035, and $0.5 billion 5.875% Guaranteed Notes due 2055. The first three tranches of debt are fully and unconditionally guaranteed by the Company as to the principal, interest, premium, if any, and any other amounts payable in respect of them.

CRH Form 10-K 98