Item 1. Financial Statements

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Item 1. Financial Statements

Condensed Consolidated Statements of Income (Unaudited)

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


	Three months ended
	March 31
	2024	2023
Product revenues	5,368	5,338
Service revenues	1,165	1,089
Total revenues	6,533	6,427
Cost of product revenues	(3,577)	(3,744)
Cost of service revenues	(1,149)	(1,064)
Total cost of revenues	(4,726)	(4,808)
Gross profit	1,807	1,619
Selling, general and administrative expenses	(1,787)	(1,622)
Gain on disposal of long-lived assets	8	5


Operating income	28	2
Interest income	43	40
Interest expense	(133)	(81)
Other nonoperating income, net	161	-
Income (loss) from operations before income tax expense and income from equity method investments	99	(39)
Income tax benefit	19	14
Loss from equity method investments	(4)	(6)
Net income (loss)	114	(31)
Net (income) attributable to redeemable noncontrolling interests	(2)	(2)
Net loss attributable to noncontrolling interests	4	5
Net income (loss) attributable to CRH plc	116	(28)

Earnings (loss) per share attributable to CRH plc
Basic	$0.16	($0.05)
Diluted	$0.16	($0.05)

Weighted average common shares outstanding
Basic	687.8	742.9
Diluted	693.4	742.9

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

CRH Form 10-Q 2

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(in $ millions)


	Three months ended
	March 31
	2024	2023
Net income (loss)	114	(31)
Other comprehensive income (loss), net of tax:
Currency translation adjustment	(148)	98
Net change in fair value of effective portion of cash flow hedges, net of tax of $6 million and $(6) million for the three months ended March 31, 2024 and March 31, 2023, respectively	(37)	31
Actuarial losses and prior service costs for pension and other postretirement plans, net of tax of $1 million and $nil million for the three months ended March 31, 2024 and March 31, 2023, respectively	(3)	(3)
Other comprehensive (loss) income	(188)	126
Comprehensive (loss) income	(74)	95
Comprehensive (income) attributable to redeemable noncontrolling interests	(2)	(2)
Comprehensive loss (income) attributable to noncontrolling interests	11	(7)
Comprehensive (loss) income attributable to CRH plc	(65)	86

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

CRH Form 10-Q 3

Condensed Consolidated Balance Sheets (Unaudited)

(in $ millions, except share data)


	March 31	December 31	March 31
	2024	2023	2023
Assets
Current assets:
Cash and cash equivalents	3,308	6,341	4,650
Accounts receivable, net	4,798	4,507	4,706
Inventories	4,619	4,291	4,458
Assets held for sale	236	1,268	-
Other current assets	748	478	416
Total current assets	13,709	16,885	14,230
Property, plant and equipment, net	18,878	17,841	17,997
Equity method investments	609	620	655
Goodwill	10,125	9,158	9,308
Intangible assets, net	1,093	1,041	1,094
Operating lease right-of-use assets, net	1,285	1,292	1,192
Other noncurrent assets	634	632	631
Total assets	46,333	47,469	45,107

Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable	2,730	3,149	2,627
Accrued expenses	2,241	2,296	2,079
Current portion of long-term debt	2,992	1,866	2,251
Operating lease liabilities	255	255	235
Liabilities held for sale	44	375	-
Other current liabilities	1,735	2,072	2,063
Total current liabilities	9,997	10,013	9,255
Long-term debt	9,680	9,776	7,583
Deferred income tax liabilities	2,684	2,738	2,972
Noncurrent operating lease liabilities	1,120	1,125	1,021
Other noncurrent liabilities	2,110	2,196	2,132
Total liabilities	25,591	25,848	22,963
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests	326	333	307
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 March 31, 2024, December 31, 2023, and March 31, 2023	1	1	1
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 729,477,337, 734,519,598 and 752,140,338 issued and outstanding, as of March 31, 2024, December 31, 2023, and March 31, 2023 respectively	294	296	302
Treasury stock, at cost (41,897,429, 42,419,281 and 11,596,581 shares as of March 31, 2024, December 31, 2023 and March 31, 2023 respectively)	(2,166)	(2,199)	(487)
Additional paid-in capital	337	454	420
Accumulated other comprehensive loss	(797)	(616)	(673)
Retained earnings	22,346	22,918	21,692
Total shareholders’ equity attributable to CRH plc shareholders	20,015	20,854	21,255
Noncontrolling interests	401	434	582
Total equity	20,416	21,288	21,837
Total liabilities, redeemable noncontrolling interests and equity	46,333	47,469	45,107

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

CRH Form 10-Q 4

Condensed Consolidated Statements of Cash Flows (Unaudited)****(in $ millions)


	Three months ended
	March 31
	2024	2023
Cash Flows from Operating Activities:
Net income (loss)	114	(31)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, depletion and amortization	397	384

Share-based compensation	30	31
Gains on disposals from businesses and long-lived assets, net	(123)	(5)
Deferred tax (benefit) expense	(36)	49
Loss from equity method investments	4	6
Pension and other postretirement benefits net periodic benefit cost	9	8
Non-cash operating lease costs	75	69
Other items, net	(25)	(3)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net	(326)	(356)
Inventories	(270)	(217)
Accounts payable	(396)	(339)
Operating lease liabilities	(75)	(70)
Other assets	(77)	(21)
Other liabilities	1	(164)
Pension and other postretirement benefits contributions	(14)	(12)
Net cash used in operating activities	(712)	(671)

Cash Flows from Investing Activities:
Purchases of property, plant and equipment	(506)	(332)
Acquisitions, net of cash acquired	(2,206)	(155)
Proceeds from divestitures and disposals of long-lived assets	739	6
Dividends received from equity method investments	6	8
Settlements of derivatives	(13)	(2)

Other investing activities, net	(116)	(17)
Net cash used in investing activities	(2,096)	(492)

CRH Form 10-Q 5

Condensed Consolidated Statements of Cash Flows (Unaudited)****(in $ millions)


	Three months ended
	March 31
	2024	2023
Cash Flows from Financing Activities:
Proceeds from debt issuances	1,818	71
Payments on debt	(651)	-
Settlements of derivatives	(1)	6

Payments of finance lease obligations	(9)	(6)
Deferred and contingent acquisition consideration paid	(7)	(4)
Dividends paid	(750)	-
Distributions to noncontrolling and redeemable noncontrolling interests	(17)	(13)


Repurchases of common stock	(559)	(246)
Proceeds from exercise of stock options	-	1
Net cash used in financing activities	(176)	(191)

Effect of exchange rate changes on cash and cash equivalents	(97)	68
Decrease in cash and cash equivalents	(3,081)	(1,286)
Cash and cash equivalents at the beginning of period	6,390	5,936
Cash and cash equivalents at the end of period	3,309	4,650

Supplemental cash flow information:
Cash paid for interest (including finance leases)	45	54
Cash paid for income taxes	159	104

Reconciliation of cash and cash equivalents
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets	3,308	4,650
Cash and cash equivalents included in assets held for sale	1	-
Total cash and cash equivalents presented in the Condensed Consolidated Statements of Cash Flows	3,309	4,650

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

CRH Form 10-Q 6

Condensed Consolidated Statements of Changes in Equity (Unaudited)

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


	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total Shareholders' Equity Attributable to CRH plc 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	-	-	-	-	-	-	-	-	116	116	(4)	112
Other comprehensive loss	-	-	-	-	-	-	-	(181)	-	(181)	(7)	(188)
Share-based compensation	-	-	-	-	-	-	30	-	-	30	-	30
Repurchases of common stock	-	-	-	-	(2.6)	(179)	-	-	-	(179)	-	(179)
Repurchases and retirement of common stock	-	-	(5.0)	(2)	-	-	-	-	(378)	(380)	-	(380)
Shares issued under employee share plans	-	-	-	-	3.1	212	(147)	-	(65)	-	-	-
Dividends declared on common stock	-	-	-	-	-	-	-	-	(241)	(241)	-	(241)
Distributions to noncontrolling interests	-	-	-	-	-	-	-	-	-	-	(4)	(4)
Divestiture of noncontrolling interests	-	-	-	-	-	-	-	-	-	-	(18)	(18)

Adjustment of redeemable noncontrolling interests to redemption value	-	-	-	-	-	-	-	-	(4)	(4)	-	(4)
Balance at March 31, 2024	0.9	$1	729.5	$294	(41.9)	($2,166)	$337	($797)	$22,346	$20,015	$401	$20,416

For the three months ended March 31, 2024, dividends declared on common stock were $0.35 per common share.


	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total Shareholders' Equity Attributable to CRH plc 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 loss	-	-	-	-	-	-	-	-	(28)	(28)	(5)	(33)
Other comprehensive income	-	-	-	-	-	-	-	114	-	114	12	126
Share-based compensation	-	-	-	-	-	-	31	-	-	31	-	31
Repurchases of common stock	-	-	-	-	(5.6)	(246)	-	-	-	(246)	-	(246)



Shares issued under employee share plans	-	-	-	-	1.7	56	(54)	-	(1)	1	-	1
Dividends declared on common stock	-	-	-	-	-	-	-	-	(764)	(764)	-	(764)

Adjustment of redeemable noncontrolling interests to redemption value	-	-	-	-	-	-	-	-	(10)	(10)	-	(10)
Balance at March 31, 2023	0.9	$1	752.1	$302	(11.6)	($487)	$420	($673)	$21,692	$21,255	$582	$21,837

For the three months ended March 31, 2023, dividends declared on common stock were $1.03 per common share.

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

CRH Form 10-Q 7

Notes to Condensed Consolidated Financial Statements (Unaudited)

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 primarily in North America and Europe. The Company is one of the largest suppliers of building materials globally. The Company is a major producer of aggregates, cement, readymixed concrete, asphalt, paving and construction services, and value-added building products. The Company provides solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market.

1.2. Basis of presentation and use of estimates

The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2023 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and at the dates presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K.

The preparation of the Company's Condensed Consolidated Financial Statements 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 period in which the change in estimate occurs.

1.3. Restricted cash

The Company had restricted cash of $6 million, $6 million and $5 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, included within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. The Company is restricted from utilizing the cash for purposes other than with government approval as it is linked to the awarding of government licenses for quarrying.

1.4. New accounting standards

Refer to note 1.25 in the 2023 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the three months ended March 31, 2024.

CRH Form 10-Q 8

2. Revenue

The Company disaggregates revenue based on its operating and reportable segments. The Company’s reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, (3) Europe Materials Solutions, and (4) Europe Building Solutions.

Revenue is disaggregated by principal activities and products. 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.











	Three months ended March 31, 2024
in $ millions	Americas Materials Solutions	Americas Building Solutions	Europe Materials Solutions	Europe Building Solutions	Total
Principal activities and products
Essential Materials	903	-	990	-	1,893
Road Solutions (i)	1,299	-	1,023	-	2,322
Building & Infrastructure Solutions (ii)	-	548	-	493	1,041
Outdoor Living Solutions	-	1,145	-	132	1,277
Total revenues	2,202	1,693	2,013	625	6,533











	Three months ended March 31, 2023
in $ millions	Americas Materials Solutions	Americas Building Solutions	Europe Materials Solutions	Europe Building Solutions	Total
Principal activities and products
Essential Materials	807	-	1,097	-	1,904
Road Solutions (i)	1,088	-	1,081	-	2,169
Building & Infrastructure Solutions (ii)	-	569	-	563	1,132
Outdoor Living Solutions	-	1,092	-	130	1,222
Total revenues	1,895	1,661	2,178	693	6,427

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




in $ millions	2024	2023
Americas Materials Solutions	596	495
Europe Materials Solutions	414	429
Total revenue from contracts with customers	1,010	924

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




in $ millions	2024	2023
Americas Building Solutions	23	16
Europe Building Solutions	132	149
Total revenue from contracts with customers	155	165

Contract assets were $637 million, $716 million and $622 million and contract liabilities were $430 million, $439 million and $337 million, at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The decrease in contract assets during the three months ended March 31, 2024 was primarily attributed to the timing of billings and retentions received. The decrease in contract liabilities during the three months ended March 31, 2024 was due to the timing of billings in excess of revenue recognized. The Company recognized revenue of $265 million and $191 million for the three months ended March 31, 2024, and March 31, 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and December 31, 2022, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at March 31, 2024, December 31, 2023 and March 31, 2023 amounting to $416 million and $221 million, $471 million and $245 million, and $449 million and $173 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 March 31, 2024, the Company had $4,385 million of transaction price allocated to remaining performance obligations. The majority of open contracts at March 31, 2024 will close and revenue will be recognized within 12 months of the balance sheet date.

CRH Form 10-Q 9

3. Assets held for sale and divestitures

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 divestitures resulted in a pretax gain of $115 million which was included in Other nonoperating income, net. The results of the divested operations and the gain on divestiture were reported in the Europe Materials Solutions segment. The third phase comprising the operations in Poland, is expected to close in the second half of 2024.

In December 2023, the Company entered into a sales agreement to dispose of certain of its cement and materials assets in Canada, which closed on April 1, 2024.

The Lime operations in Poland and the cement and materials assets in Canada comprise part of the Company’s Europe Materials Solutions and Americas Materials Solutions segments, respectively, and the relevant assets and liabilities have accordingly been reclassified as assets and liabilities held for sale.

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


	March 31	December 31
in $ millions	2024	2023
Assets
Cash and cash equivalents	1	49
Accounts receivable, net	30	70
Inventories	59	102
Other assets	3	8
Property, plant and equipment, net	139	832
Operating lease right-of-use assets, net	-	6
Goodwill	4	201
Assets held for sale	236	1,268

Liabilities
Accounts payable	34	59
Accrued expenses	1	17
Other liabilities	9	145
Deferred income tax liabilities	-	148
Operating lease liabilities	-	6
Liabilities held for sale	44	375

CRH Form 10-Q 10

4. Acquisitions

The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance 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 acquired a portfolio of cement and readymixed concrete assets and operations in Texas, United States (the 'Hunter' acquisition) for a total consideration of $2,106 million.

During the three months ended March 31, 2024, the Company completed the acquisition of eight companies, each individually immaterial except for the aforementioned Hunter acquisition in the Americas Materials Solutions segment. The total cash consideration for these acquisitions net of cash acquired, was $2,206 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. 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.

The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at March 31, 2024 were:


in $ millions	Hunter	Other acquisitions (i)	Total
Identifiable assets acquired and liabilities assumed

Accounts receivable, net	-	6	6
Inventories	71	1	72
Other current assets	2	2	4
Property, plant and equipment, net	1,075	38	1,113

Intangible assets, net	2	18	20
Operating lease right-of-use assets, net	12	19	31
Accounts payable	-	3	3
Accrued expenses	5	3	8
Operating lease liabilities	12	19	31
Long-term debt	-	(2)	(2)

Deferred income tax liabilities	-	1	1
Other liabilities	8	14	22
Total identifiable net assets at fair value	1,137	46	1,183
Goodwill	969	56	1,025
Total consideration	2,106	102	2,208

Consideration satisfied by:
Cash payments	2,106	100	2,206
Deferred consideration (stated at net present cost)	-	2	2

Total consideration	2,106	102	2,208

Acquisitions of businesses, net of cash acquired
Cash consideration	2,106	100	2,206

Total outflow in the Condensed Consolidated Statements of Cash Flows	2,106	100	2,206

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

As a result of the 2024 acquisitions, the Company recognized $20 million of amortizable intangible assets and $1,025 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 the three months ended March 31, 2024, $980 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of eight years.

There have been no other acquisitions completed subsequent to the balance sheet date which would be individually material to the Company.

Acquisition-related costs

Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed 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:


	Three months ended
	March 31
in $ millions	2024	2023
Acquisition-related costs
Hunter	20	-
Other acquisitions	-	2
Total acquisition-related costs	20	2

CRH Form 10-Q 11

The financial information regarding the acquisitions included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition through March 31 were:


in $ millions	2024	2023
Revenue	57	20
Net income (loss) attributable to CRH plc (i)	9	(1)

(i) Net income (loss) amount excludes substantial acquisition-related costs that arose during the three months ended March 31, 2024, and March 31, 2023.

Pro forma results of operations for the acquisitions have not been presented because they are not material to the Condensed Consolidated Financial Statements.

5. Accounts receivable, net

Accounts receivable, net, were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Trade receivables	3,916	3,574	3,799
Construction contract assets	637	716	622
Total accounts receivable	4,553	4,290	4,421
Less: allowance for credit losses	(150)	(149)	(134)
Other current receivables	395	366	419
Total accounts receivable, net	4,798	4,507	4,706

Of the total Accounts receivable, net, balances, $32 million, $27 million and $41 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, were due from equity method investments.

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


in $ millions	2024	2023
At January 1	149	125
Charge-offs	(2)	(4)
Provision for credit losses	4	10
Foreign currency translation and other	(1)	3
At March 31	150	134

6. Inventories

Inventories were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Raw materials	2,186	1,865	2,166
Work-in-process	211	186	179
Finished goods	2,222	2,240	2,113
Total inventories	4,619	4,291	4,458

CRH Form 10-Q 12

7. Goodwill

The changes in the carrying amount of goodwill were:


in $ millions	Americas Materials Solutions	Americas Building Solutions	Europe Materials Solutions	Europe Building Solutions	Total
Carrying value, December 31, 2023	4,417	2,752	1,362	627	9,158
Acquisitions	976	52	(1)	(2)	1,025
Foreign currency translation adjustment	(12)	(4)	(27)	(15)	(58)
Divestitures	-	-	(197)	-	(197)

Reclassified from held for sale	-	-	197	-	197
Carrying value, March 31, 2024	5,381	2,800	1,334	610	10,125

in $ millions	Americas Materials Solutions	Americas Building Solutions	Europe Materials Solutions	Europe Building Solutions	Total
Carrying value, December 31, 2022	4,407	2,517	1,763	512	9,199
Acquisitions	34	240	38	86	398
Foreign currency translation adjustment	8	(5)	57	29	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	1,362	627	9,158

in $ millions	Americas Materials Solutions	Americas Building Solutions	Europe Materials Solutions	Europe Building Solutions	Total
Carrying value, December 31, 2022	4,407	2,517	1,763	512	9,199
Acquisitions	6	(10)	1	67	64
Foreign currency translation adjustment	(3)	-	38	10	45


Carrying value, March 31, 2023	4,410	2,507	1,802	589	9,308

There were no charges for goodwill impairment in the three months ended March 31, 2024 and March 31, 2023.

CRH Form 10-Q 13

8. Additional financial information

Other current assets were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Prepayments	358	285	249
Other	390	193	167
Total other current assets	748	478	416

Accrued expenses were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Accrued payroll and employee benefits	997	1,066	821
Other accruals	1,244	1,230	1,258
Total accrued expenses	2,241	2,296	2,079

Other current liabilities were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Dividends payable	241	750	764
Construction contract liabilities	430	439	337
Insurance liability	159	171	205
Income tax payable	77	129	3
Other	828	583	754
Total other current liabilities	1,735	2,072	2,063

Other noncurrent liabilities were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Income tax payable	633	712	622
Asset retirement obligations	307	310	339
Pension liability	250	254	276
Insurance liability	260	260	266
Other	660	660	629
Total other noncurrent liabilities	2,110	2,196	2,132

CRH Form 10-Q 14

9. Debt

Long-term debt was:


			March 31	December 31	March 31
in $ millions	Effective interest rate		2024	2023	2023
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
3.125% € notes due 2023	3.23	%	-	-	815
0.875% € notes due 2023	0.92	%	-	-	543
1.875% € notes due 2024	2.02	%	-	663	652
3.875% U.S. Dollar notes due 2025	3.93	%	1,250	1,250	1,250
1.250% € notes due 2026	1.25	%	810	829	815
3.400% U.S. Dollar notes due 2027	3.49	%	600	600	600
4.000% € notes due 2027	4.13	%	540	553	-
3.950% U.S. Dollar notes due 2028	4.07	%	900	900	900
1.375% € notes due 2028	1.42	%	648	663	652
4.125% Sterling notes due 2029	4.22	%	509	509	495
1.625% € notes due 2030	1.72	%	810	829	815
4.000% € notes due 2031	4.10	%	810	829	-
6.400% U.S. Dollar notes due 2033 (i)	6.43	%	213	213	213
4.250% € notes due 2035	4.38	%	810	829	-
5.125% U.S. Dollar notes due 2045	5.25	%	500	500	500
4.400% U.S. Dollar notes due 2047	4.44	%	400	400	400
4.500% U.S. Dollar notes due 2048	4.63	%	600	600	600
PHP interest bearing loan due 2027	6.03	%	400	396	443
U.S. Dollar Commercial Paper	5.72	%	1,863	1,002	-
Euro Commercial Paper	4.08	%	929	-	-
Other			26	37	37
Unamortized discounts and debt issuance costs			(64)	(67)	(52)
Total long-term debt (ii)			12,554	11,535	9,678
Less: current portion of long-term debt (iii)			(2,874)	(1,759)	(2,095)
Long-term debt			9,680	9,776	7,583

(i) The $300 million bond was issued in September 2003, and at the time of issuance the bond was partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued notes were acquired by CRH plc 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 Condensed Consolidated Balance Sheets was $29 million, $30 million, and $32 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

(ii) Of the Company’s nominal fixed rate debt at March 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 fixed rate debt at March 31, 2023, $1,782 million was hedged to a mix of U.S. Dollar London Interbank Offered Rate (LIBOR) and Euro Interbank Offered Rate (EURIBOR) floating rates using interest rate swaps.

(iii) Excludes borrowings from bank overdrafts of $118 million, $107 million and $156 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at March 31, 2024, December 31, 2023, and March 31, 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.

The Senior Notes can be redeemed before their respective par call dates, with the exception of the 6.40% Senior Notes due in 2033, 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, 3.40% Senior Notes due in 2027, 3.95% Senior Notes due in 2028, 5.125% Senior Notes due in 2045, 4.40% Senior Notes due in 2047, and 4.50% 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.

CRH Form 10-Q 15

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 PHP 12.5 billion for a ten-year term, which was later expanded to PHP 22.5 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 Facility (the 'RCF') with a syndicate of lenders. 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, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (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-1 (+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 $7 million at March 31, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.

At March 31, 2024, December 31, 2023, and March 31, 2023, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facilities available to be drawn by the Company at March 31, 2024 were $3,781 million (€3,500 million equivalent).

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

At March 31, 2024, the Company had a $2,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program. In April 2024, the Company increased the size of its existing U.S. Dollar Commercial Paper Program to $4,000 million. 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 euro or U.S. Dollar. 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 March 31, 2024 are as follows:


in $ millions			Remainder of 2024			2025			2026			2027			2028			2029 and thereafter			Total
Long-term debt maturities			2,874			1,219			814			1,431			1,516			4,700			12,554

10. 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 of the Company’s Long-term debt were $12,554 million, $11,535 million, and $9,678 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. The fair values of the Company’s Long-term debt were $12,244 million, $11,337 million, and $9,159 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. 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 Condensed 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 6.54% and 7.47%.

See Note 17 for the changes in the fair value of redeemable noncontrolling interests.

The carrying values of the Company’s Cash and cash equivalents, 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-Q 16

11. Income taxes

The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.

The summary of the income tax benefit from operations was:


	Three months ended
	March 31
in $ millions	2024	2023







Total tax benefit	(19)	(14)
Effective income tax rate	(19)%	36%

The movement in the effective tax rate compared with the corresponding period in the prior year was primarily driven by the impact of the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations.

12. Earnings per share (EPS)

The calculation of basic and diluted earnings per share was as follows:


	Three months ended
	March 31
in $ millions, except share and per share data	2024	2023
Numerator
Net income (loss)	114	(31)
Net (income) attributable to redeemable noncontrolling interests	(2)	(2)
Net loss attributable to noncontrolling interests	4	5
Adjustment of redeemable noncontrolling interests to redemption value	(4)	(10)
Net income (loss) attributable to CRH plc for EPS - basic and diluted	112	(38)

Denominator
Weighted average common shares outstanding – basic (i)	687.8	742.9
Effect of dilutive employee share awards (ii)	5.6	-
Weighted average common shares outstanding – diluted	693.4	742.9

Earnings (loss) per share attributable to CRH plc
Basic	$0.16	($0.05)
Diluted	$0.16	($0.05)

(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 4,045,950 at March 31, 2024 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 period presented. In periods of loss, shares that otherwise would have been included in the diluted weighted average common shares outstanding computation have been excluded. Due to the net loss for the three months ended March 31, 2023, contingently issuable common shares representing 6,928,751, are excluded from the computation of diluted net loss per share as their inclusion would have been antidilutive.

CRH Form 10-Q 17

13. Accumulated other comprehensive loss

The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were as follows:


in $ millions	Currency Translation	Cash Flow Hedges	Pension and Other Postretirement Plans	Total







Balance at December 31, 2023	(439)	(47)	(130)	(616)
Other comprehensive loss before reclassifications	(114)	(63)	-	(177)
Amounts reclassified from Accumulated other comprehensive loss	(34)	26	(3)	(11)
Net current-period other comprehensive (loss)	(148)	(37)	(3)	(188)
Other comprehensive loss attributable to noncontrolling interests	7	-	-	7
Balance at March 31, 2024	(580)	(84)	(133)	(797)








Balance at December 31, 2022	(746)	(19)	(22)	(787)
Other comprehensive income before reclassifications	98	21	-	119
Amounts reclassified from Accumulated other comprehensive loss	-	10	(3)	7
Net current-period other comprehensive income (loss)	98	31	(3)	126
Other comprehensive (income) attributable to noncontrolling interests	(12)	-	-	(12)
Balance at March 31, 2023	(660)	12	(25)	(673)

The amounts reclassified from Accumulated other comprehensive loss to income were as follows:


	Three months ended
	March 31
in $ millions	2024	2023
Cash flow hedges
Cost of product revenues	30	14
Income tax benefit	(4)	(4)
Total	26	10
Pension and other postretirement plans
Other nonoperating income, net	(4)	(3)
Income tax expense	1	-
Total	(3)	(3)
Reclassifications from Accumulated other comprehensive loss to income	23	7

14. Segment information

The Company has the following four reportable segments:

Americas Materials Solutions;

Americas Building Solutions;

Europe Materials Solutions; and

Europe Building Solutions.

The Americas Materials Solutions segment provides solutions 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 utility infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.

The Europe Materials Solutions segment provides solutions for the construction of public infrastructure and commercial and residential buildings to customers in construction markets in Europe. The primary materials produced in this segment include aggregates, cement, readymixed concrete, asphalt and concrete products.

The Europe Building Solutions segment combines materials, products and services to produce a wide range of architectural and infrastructural solutions for use in the building and renovation of critical utility infrastructure, commercial and residential buildings, and outdoor living spaces. This business serves the growing demand across the construction value chain for innovative and value-added products and services.

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

CRH Form 10-Q 18

The CODM monitors the operating results of segments separately in order to allocate resources between segments and to assess performance. Segment performance is evaluated using Adjusted EBITDA. Given that Interest expense and Income tax benefit 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 for the Company’s reportable segments were:


	Revenues
	Three months ended
	March 31
in $ millions	2024	2023
Americas Materials Solutions	2,202	1,895
Americas Building Solutions	1,693	1,661
Europe Materials Solutions	2,013	2,178
Europe Building Solutions	625	693
Total revenues	6,533	6,427


	Adjusted EBITDA
	Three months ended
	March 31
in $ millions	2024	2023
Americas Materials Solutions	15	(35)
Americas Building Solutions	308	301
Europe Materials Solutions	90	68
Europe Building Solutions	32	52
Total Adjusted EBITDA	445	386


	Three months ended
	March 31
in $ millions	2024	2023
Adjusted EBITDA	445	386
Depreciation, depletion and amortization	(397)	(384)

Interest income	43	40
Interest expense	(133)	(81)
Gain on divestitures and unrealized gains on investments (i) (ii)	160	-
Pension income excluding current service cost component (i)	1	-

Substantial acquisition-related costs	(20)	-
Income (loss) from operations before income tax expense and income from equity method investments	99	(39)

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

(ii) For the period ended March 31, 2024, there was a gain on divestitures of $115 million within Europe Materials Solutions.

Depreciation, depletion and amortization for each of the segments were:


	Three months ended
	March 31
in $ millions	2024	2023
Depreciation, depletion and amortization
Americas Materials Solutions	190	186
Americas Building Solutions	80	75
Europe Materials Solutions	103	101
Europe Building Solutions	24	22
Total depreciation, depletion and amortization	397	384

CRH Form 10-Q 19

15. Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost (income) recognized in the Condensed Consolidated Statements of Income for the three months ended March 31 for the Pension and Other Postretirement Benefit (OPEB) Plans were:


	Pension and OPEB Plans
	U.S.			Non-U.S.
	Three months ended March 31		Three months ended March 31
in $ millions	2024	2023		2024	2023
Service cost	–	–		10	8
Interest cost	6	6		21	24
Expected return on assets	(5)	(5)		(22)	(23)
Amortization of:
Prior service credit	–	–		(3)	(3)
Actuarial loss	1	1		1	–

Settlement gain (i)	–	–		(3)	–
Net periodic benefit cost (ii) (iii)	2	2		4	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, net.

(ii) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended March 31, 2024 and March 31, 2023, 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, net.

CRH Form 10-Q 20

16. 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. Therefore, 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 Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH plc companies were:


	March 31	December 31	March 31
in $ millions	2024	2023	2023
Assets
Current assets:
Cash and cash equivalents	29	19	37
Accounts receivable, net	30	31	34
Inventories	106	99	121
Other current assets	54	51	49
Total current assets	219	200	241
Property, plant and equipment, net	897	923	969
Goodwill	196	200	507
Operating lease right-of-use assets, net	5	5	6
Other noncurrent assets	10	11	9
Total assets	1,327	1,339	1,732

Liabilities
Current liabilities:
Accounts payable	95	92	95
Accrued expenses	37	36	43
Current portion of long-term debt	87	98	89
Operating lease liabilities	1	1	1
Other current liabilities	24	25	25
Total current liabilities	244	252	253
Long-term debt	312	297	353
Deferred income tax liabilities	104	106	112
Noncurrent operating lease liabilities	4	5	5
Other noncurrent liabilities	18	17	15
Total liabilities	682	677	738

The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH plc companies were:


	Three months ended
	March 31
in $ millions	2024	2023
Total revenues	96	115
Total cost of revenues	(87)	(114)
Gross profit	9	1
Net loss	(9)	(12)

Net cash used in operating activities	(6)	(7)

CRH Form 10-Q 21

17. Redeemable noncontrolling interests

The redeemable noncontrolling interests comprises 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.

The following table summarizes the redeemable noncontrolling interest for the following periods:


in $ millions
Balance at December 31, 2023			333
Net income attributable to redeemable noncontrolling interests			2
Adjustment to the redemption value			4

Dividends paid			(13)
Balance at March 31, 2024			326

Balance at December 31, 2022			308
Net income attributable to redeemable noncontrolling interests			2
Adjustment to the redemption value			10

Dividends paid			(13)
Balance at March 31, 2023			307

18. Commitments and contingencies

Guarantees

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $12.4 billion, $11.3 billion, and $9.5 billion in respect of loans and borrowings, bank advances and derivative obligations at March 31, 2024, December 31, 2023 and March 31, 2023 respectively, and $0.4 billion, $0.4 billion, and $0.4 billion at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, in respect of letters of credit due within one year.

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.

CRH Form 10-Q 22

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