Item 1. Financial Statements

Condensed Consolidated Statements of Income (Unaudited)

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

			Three months ended						Nine months ended
			September 30						September 30
			2024			2023			2024			2023
Product revenues			7,482			7,157			20,158			19,926
Service revenues			3,033			2,971			6,544			6,338
Total revenues			10,515			10,128			26,702			26,264
Cost of product revenues			(3,674)			(3,609)			(11,010)			(11,285)
Cost of service revenues			(2,782)			(2,756)			(6,151)			(5,967)
Total cost of revenues			(6,456)			(6,365)			(17,161)			(17,252)
Gross profit			4,059			3,763			9,541			9,012
Selling, general and administrative expenses			(2,184)			(1,990)			(5,919)			(5,647)
Gain on disposal of long-lived assets			89			15			199			38
Operating income			1,964			1,788			3,821			3,403
Interest income			33			62			112			138
Interest expense			(164)			(131)			(452)			(285)
Other nonoperating income, net			62			1			246			3
Income from operations before income tax expense and income from equity method investments			1,895			1,720			3,727			3,259
Income tax expense			(531)			(416)			(942)			(781)
Income from equity method investments			25			14			27			21
Net income			1,389			1,318			2,812			2,499
Net (income) attributable to redeemable noncontrolling interests			(9)			(9)			(21)			(21)
Net (income) attributable to noncontrolling interests			(4)			(3)			(2)			(1)
Net income attributable to CRH plc			1,376			1,306			2,789			2,477
Earnings per share attributable to CRH plc
Basic			$1.99			$1.81			$4.03			$3.36
Diluted			$1.97			$1.80			$4.00			$3.34
Weighted average common shares outstanding
Basic			681.6			718.2			685.0			731.8
Diluted			685.5			722.1			690.0			736.6

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						Nine months ended
			September 30						September 30
			2024			2023			2024			2023
Net income			1,389			1,318			2,812			2,499
Other comprehensive income (loss), net of tax:
Currency translation adjustment			363			(130)			166			17
Net change in fair value of effective portion of cash flow hedges, net of tax of $6 million and $2 million for the three months ended September 30, 2024 and September 30, 2023, respectively; and $8 million and $(1) million for the nine months ended September 30, 2024 and September 30, 2023, respectively			(8)			(20)			(26)			4
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 September 30, 2024 and September 30, 2023, respectively; and $nil million and $nil million for the nine months ended September 30, 2024 and September 30, 2023, respectively			(7)			(1)			(8)			(4)
Other comprehensive income (loss)			348			(151)			132			17
Comprehensive income			1,737			1,167			2,944			2,516
Comprehensive (income) attributable to redeemable noncontrolling interests			(9)			(9)			(21)			(21)
Comprehensive (income) loss attributable to noncontrolling interests			(38)			10			(17)			6
Comprehensive income attributable to CRH plc			1,690			1,168			2,906			2,501

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)

			September 30			December 31			September 30
			2024			2023			2023
Assets
Current assets:
Cash and cash equivalents			2,978			6,341			5,722
Restricted cash			102			–			–
Accounts receivable, net			6,422			4,507			5,972
Inventories			4,644			4,291			4,191
Assets held for sale			–			1,268			–
Other current assets			694			478			430
Total current assets			14,840			16,885			16,315
Property, plant and equipment, net			21,289			17,841			18,103
Equity method investments			929			620			665
Goodwill			10,906			9,158			9,545
Intangible assets, net			1,105			1,041			1,074
Operating lease right-of-use assets, net			1,322			1,292			1,237
Other noncurrent assets			830			632			692
Total assets			51,221			47,469			47,631
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable			2,963			3,149			2,954
Accrued expenses			2,513			2,296			2,457
Current portion of long-term debt			3,218			1,866			1,860
Operating lease liabilities			271			255			245
Liabilities held for sale			–			375			–
Other current liabilities			1,703			2,072			1,675
Total current liabilities			10,668			10,013			9,191
Long-term debt			10,672			9,776			9,535
Deferred income tax liabilities			3,168			2,738			3,050
Noncurrent operating lease liabilities			1,117			1,125			1,065
Other noncurrent liabilities			2,430			2,196			2,142
Total liabilities			28,055			25,848			24,983
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests			361			333			320
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 September 30, 2024, December 31, 2023, and September 30, 2023			1			1			1
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 721,319,880, 734,519,598 and 750,725,468 issued and outstanding, as of September 30, 2024, December 31, 2023, and September 30, 2023 respectively			291			296			302
Treasury stock, at cost (41,493,074, 42,419,281 and 41,554,960 shares as of September 30, 2024, December 31, 2023 and September 30, 2023 respectively)			(2,141)			(2,199)			(2,132)
Additional paid-in capital			392			454			423
Accumulated other comprehensive loss			(499)			(616)			(763)
Retained earnings			23,831			22,918			23,936
Total shareholders’ equity attributable to CRH plc shareholders			21,875			20,854			21,767
Noncontrolling interests			930			434			561
Total equity			22,805			21,288			22,328
Total liabilities, redeemable noncontrolling interests and equity			51,221			47,469			47,631

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)

			Nine months ended
			September 30
			2024			2023
Cash Flows from Operating Activities:
Net income			2,812			2,499
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization			1,288			1,187
Share-based compensation			96			92
Gains on disposals from businesses and long-lived assets, net			(389)			(38)
Deferred tax expense			195			108
Income from equity method investments			(27)			(21)
Pension and other postretirement benefits net periodic benefit cost			27			22
Non-cash operating lease costs			188			212
Other items, net			(17)			33
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net			(1,527)			(1,643)
Inventories			(45)			62
Accounts payable			(276)			(30)
Operating lease liabilities			(218)			(204)
Other assets			(311)			(5)
Other liabilities			498			354
Pension and other postretirement benefits contributions			(35)			(34)
Net cash provided by operating activities			2,259			2,594
Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(1,635)			(1,175)
Acquisitions, net of cash acquired			(3,853)			(561)
Proceeds from divestitures and disposals of long-lived assets			1,180			64
Dividends received from equity method investments			22			23
Settlements of derivatives			(21)			3
Deferred divestiture consideration received			82			5
Other investing activities, net			(180)			(88)
Net cash used in investing activities			(4,405)			(1,729)

CRH Form 10-Q 5

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

			Nine months ended
			September 30
			2024			2023
Cash Flows from Financing Activities:
Proceeds from debt issuances			3,452			2,687
Payments on debt			(1,854)			(940)
Settlements of derivatives			34			5
Payments of finance lease obligations			(37)			(18)
Deferred and contingent acquisition consideration paid			(16)			(8)
Dividends paid			(1,469)			(761)
Distributions to noncontrolling and redeemable noncontrolling interests			(33)			(35)
Repurchases of common stock			(1,224)			(2,031)
Proceeds from exercise of stock options			3			4
Net cash used in financing activities			(1,144)			(1,097)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash			(20)			18
Decrease in cash and cash equivalents, including restricted cash			(3,310)			(214)
Cash and cash equivalents and restricted cash at the beginning of period			6,390			5,936
Cash and cash equivalents and restricted cash at the end of period			3,080			5,722
Supplemental cash flow information:
Cash paid for interest (including finance leases)			372			244
Cash paid for income taxes			654			620
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets			2,978			5,722
Restricted cash presented in the Condensed Consolidated Balance Sheets			102			–
Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows			3,080			5,722

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 June 30, 2024			0.9			$1			725.1			$292			(41.5)			($2,143)			$359			($813)			$23,030			$20,726			$390			$21,116
Net income			–			–			–			–			–			–			–			–			1,376			1,376			4			1,380
Other comprehensive income			–			–			–			–			–			–			–			314			–			314			34			348
Share-based compensation			–			–			–			–			–			–			33			–			–			33			–			33
Repurchases and retirement of common stock			–			–			(3.8)			(1)			–			–			–			–			(316)			(317)			–			(317)
Shares issued under employee share plans			–			–			–			–			–			2			–			–			2			4			–			4
Dividends declared on common stock			–			–			–			–			–			–			–			–			(238)			(238)			–			(238)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(5)			(5)
Noncontrolling interests arising on acquisition			–			–			–			–			–			–			–			–			–			–			507			507
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(23)			(23)			–			(23)
Balance at September 30, 2024			0.9			$1			721.3			$291			(41.5)			($2,141)			$392			($499)			$23,831			$21,875			$930			$22,805

For the three months ended September 30, 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, 2023			0.9			$1			734.5			$296			(42.4)			($2,199)			$454			($616)			$22,918			$20,854			$434			$21,288
Net income			–			–			–			–			–			–			–			–			2,789			2,789			2			2,791
Other comprehensive income			–			–			–			–			–			–			–			117			–			117			15			132
Share-based compensation			–			–			–			–			–			–			96			–			–			96			–			96
Repurchases of common stock			–			–			–			–			(2.6)			(179)			–			–			–			(179)			–			(179)
Repurchases and retirement of common stock			–			–			(13.2)			(5)			–			–			–			–			(1,040)			(1,045)			–			(1,045)
Shares issued under employee share plans			–			–			–			–			3.5			237			(158)			–			(87)			(8)			–			(8)
Dividends declared on common stock			–			–			–			–			–			–			–			–			(719)			(719)			–			(719)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(10)			(10)
Divestiture of noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(18)			(18)
Noncontrolling interests arising on acquisition			–			–			–			–			–			–			–			–			–			–			507			507
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(30)			(30)			–			(30)
Balance at September 30, 2024			0.9			$1			721.3			$291			(41.5)			($2,141)			$392			($499)			$23,831			$21,875			$930			$22,805

For the nine months ended September 30, 2024, dividends declared on common stock were $1.05 per common share.

CRH Form 10-Q 7

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 June 30, 2023			0.9			$1			752.1			$302			(24.2)			($1,140)			$391			($625)			$22,892			$21,821			$575			$22,396
Net income			–			–			–			–			–			–			–			–			1,306			1,306			3			1,309
Other comprehensive loss			–			–			–			–			–			–			–			(138)			–			(138)			(13)			(151)
Share-based compensation			–			–			–			–			–			–			32			–			–			32			–			32
Repurchases of common stock			–			–			–			–			(17.5)			(993)			–			–			–			(993)			–			(993)
Repurchases and retirement of common stock			–			–			(1.4)			–			–			–			–			–			(79)			(79)			–			(79)
Shares issued under employee share plans			–			–			–			–			0.1			1			–			–			–			1			–			1
Dividends declared on common stock			–			–			–			–			–			–			–			–			(177)			(177)			–			(177)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(4)			(4)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(6)			(6)			–			(6)
Balance at September 30, 2023			0.9			$1			750.7			$302			(41.6)			($2,132)			$423			($763)			$23,936			$21,767			$561			$22,328

For the three months ended September 30, 2023, dividends declared on common stock were $0.25 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 income			–			–			–			–			–			–			–			–			2,477			2,477			1			2,478
Other comprehensive income			–			–			–			–			–			–			–			24			–			24			(7)			17
Share-based compensation			–			–			–			–			–			–			92			–			–			92			–			92
Repurchases of common stock			–			–			–			–			(37.4)			(1,952)			–			–			–			(1,952)			–			(1,952)
Repurchases and retirement of common stock			–			–			(1.4)			–			–			–			–			–			(79)			(79)			–			(79)
Shares issued under employee share plans			–			–			–			–			3.5			117			(112)			–			(1)			4			–			4
Dividends declared on common stock			–			–			–			–			–			–			–			–			(938)			(938)			–			(938)
Distributions to noncontrolling interests			–			–			–			–			–			–			–			–			–			–			(8)			(8)
Adjustment of redeemable noncontrolling interests to redemption value			–			–			–			–			–			–			–			–			(18)			(18)			–			(18)
Balance at September 30, 2023			0.9			$1			750.7			$302			(41.6)			($2,132)			$423			($763)			$23,936			$21,767			$561			$22,328

For the nine months ended September 30, 2023, dividends declared on common stock were $1.28 per common share.

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

CRH Form 10-Q 8

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, and 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 Annual Report on 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 and nine months ended September 30, 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 Annual Report on 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

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

1.4. New accounting standards

Refer to Note 1.25 in the 2023 Annual Report on Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the nine months ended September 30, 2024.

CRH Form 10-Q 9

2. Revenue

The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and 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 September 30, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			Europe Materials Solutions			Europe Building Solutions			Total
Principal activities and products
Essential Materials			1,390			–			1,363			–			2,753
Road Solutions (i)			3,909			–			1,432			–			5,341
Building & Infrastructure Solutions (ii)			–			705			–			488			1,193
Outdoor Living Solutions			–			1,052			–			176			1,228
Total revenues			5,299			1,757			2,795			664			10,515
			Three months ended September 30, 2023
in $ millions			Americas Materials Solutions			Americas Building Solutions			Europe Materials Solutions			Europe Building Solutions			Total
Principal activities and products
Essential Materials			1,326			–			1,286			–			2,612
Road Solutions (i)			3,754			–			1,331			–			5,085
Building & Infrastructure Solutions (ii)			–			687			–			520			1,207
Outdoor Living Solutions			–			1,051			–			173			1,224
Total revenues			5,080			1,738			2,617			693			10,128

			Nine months ended September 30, 2024
in $ millions			Americas Materials Solutions			Americas Building Solutions			Europe Materials Solutions			Europe Building Solutions			Total
Principal activities and products
Essential Materials			3,605			–			3,560			–			7,165
Road Solutions (i)			8,302			–			3,652			–			11,954
Building & Infrastructure Solutions (ii)			–			1,933			–			1,509			3,442
Outdoor Living Solutions			–			3,633			–			508			4,141
Total revenues			11,907			5,566			7,212			2,017			26,702
			Nine months ended September 30, 2023
in $ millions			Americas Materials Solutions			Americas Building Solutions			Europe Materials Solutions			Europe Building Solutions			Total
Principal activities and products
Essential Materials			3,388			–			3,764			–			7,152
Road Solutions (i)			7,751			–			3,645			–			11,396
Building & Infrastructure Solutions (ii)			–			1,935			–			1,679			3,614
Outdoor Living Solutions			–			3,612			–			490			4,102
Total revenues			11,139			5,547			7,409			2,169			26,264

CRH Form 10-Q 10

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Americas Materials Solutions			2,333			2,259			4,665			4,360
Europe Materials Solutions			572			570			1,439			1,501
Total revenue from contracts with customers			2,905			2,829			6,104			5,861

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Americas Building Solutions			17			19			66			53
Europe Building Solutions			111			123			374			424
Total revenue from contracts with customers			128			142			440			477

Contract assets were $1,004 million, $716 million and $1,005 million and contract liabilities were $495 million, $439 million and $404 million, at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The Company recognized revenue of $382 million and $328 million for the nine months ended September 30, 2024, and September 30, 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 September 30, 2024, December 31, 2023 and September 30, 2023 amounting to $752 million and $252 million, $471 million and $245 million, and $790 million and $215 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 September 30, 2024, the Company had $4,069 million of transaction price allocated to remaining performance obligations. The majority of open contracts at September 30, 2024 are expected to close and revenue to be recognized within 12 months of the balance sheet date.

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 third phase, comprising the operations in Poland previously classified as held for sale, closed on August 30, 2024. In total, the divestiture resulted in a pretax gain of $163 million which is included in Other nonoperating income, net in the Condensed Consolidated Statements of Income. The results of the divested operations and the gain on divestiture are reported in the Europe Materials Solutions segment.

CRH Form 10-Q 11

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. The Hunter acquisition is reported in the Americas Materials Solutions segment.

On July 1, 2024, the Company acquired approximately 57% of the issued share capital of Adbri (the 'Adbri' acquisition), a materials business in Australia, for a total consideration of $802 million. The Adbri acquisition is reported in the Europe Materials Solutions segment.

During the nine months ended September 30, 2024, the Company completed the acquisition of 28 companies. The total cash consideration for these acquisitions net of cash acquired, was $3,853 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 September 30, 2024 were:

in $ millions			Adbri			Hunter			Other acquisitions (i)			Total
Identifiable assets acquired and liabilities assumed
Cash and cash equivalents			15			–			8			23
Accounts receivable, net			158			–			80			238
Inventories			136			70			42			248
Other current assets			4			2			2			8
Property, plant and equipment, net			1,361			1,070			431			2,862
Equity method investments			366			–			–			366
Intangible assets, net			4			2			75			81
Operating lease right-of-use assets, net			18			12			28			58
Accounts payable			17			-			24			41
Accrued expenses			63			6			8			77
Operating lease liabilities			18			12			28			58
Long-term debt			519			–			9			528
Deferred income tax liabilities			208			–			21			229
Other liabilities			172			7			35			214
Total identifiable net assets at fair value			1,065			1,131			541			2,737
Goodwill			244			975			489			1,708
Noncontrolling interests			(507)			–			–			(507)
Total consideration			802			2,106			1,030			3,938
Consideration satisfied by:
Cash payments			802			2,106			968			3,876
Asset exchange			–			–			41			41
Deferred consideration (stated at net present cost)			–			–			10			10
Contingent consideration			–			–			11			11
Total consideration			802			2,106			1,030			3,938
Acquisitions of businesses, net of cash acquired
Cash consideration			802			2,106			968			3,876
Less: cash and cash equivalents acquired			(15)			–			(8)			(23)
Total outflow in the Condensed Consolidated Statements of Cash Flows			787			2,106			960			3,853

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

As a result of the acquisitions completed through September 30, 2024, the Company recognized $81 million of amortizable intangible assets and $1,708 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 nine months ended September 30, 2024, $1,379 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of seven years.

CRH Form 10-Q 12

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 completed acquisitions. The Company incurred the following acquisition-related costs:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Adbri			22			–			22			–
Hunter			1			–			23			–
Other acquisitions			5			4			7			6
Total acquisition-related costs			28			4			52			6

The post-acquisition impact of acquisitions completed during the financial period on the Company’s results for the period ended September 30 was:

in $ millions			2024			2023
Revenue			733			114
Net loss attributable to CRH plc (i)			(3)			(7)

(i) Net loss amount excludes acquisition-related costs that arose during the nine months ended September 30, 2024, and September 30, 2023.

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, were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Trade receivables			5,106			3,574			4,766
Construction contract assets			1,004			716			1,005
Total accounts receivable			6,110			4,290			5,771
Less: allowance for credit losses			(151)			(149)			(139)
Other current receivables			463			366			340
Total accounts receivable, net			6,422			4,507			5,972

Of the total Accounts receivable, net balances $58 million, $27 million and $33 million at September 30, 2024, December 31, 2023 and September 30, 2023, respectively, were due from equity method investments.

The changes in the allowance for credit losses were:

in $ millions			2024						2023
At January 1			149						125
Charge-offs			(8)						(9)
Provision for credit losses			5						23
Foreign currency translation and other			5						–
At September 30			151						139

6. Inventories

Inventories were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Raw materials			2,182			1,865			2,007
Work-in-process			246			186			175
Finished goods			2,216			2,240			2,009
Total inventories			4,644			4,291			4,191

CRH Form 10-Q 13

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			1,270			160			281			(3)			1,708
Foreign currency translation adjustment			(11)			1			38			12			40
Divestitures			–			–			(201)			–			(201)
Reclassified from held for sale			–			–			201			–			201
Carrying value, September 30, 2024			5,676			2,913			1,681			636			10,906
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			15			237			28			74			354
Foreign currency translation adjustment			1			1			(6)			(4)			(8)
Carrying value, September 30, 2023			4,423			2,755			1,785			582			9,545

There were no charges for goodwill impairment in the nine months ended September 30, 2024 and September 30, 2023.

CRH Form 10-Q 14

8. Additional financial information

Other current assets were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Prepayments			323			285			290
Other financial assets			163			–			–
Other			208			193			140
Total other current assets			694			478			430

Other noncurrent assets were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Pension assets			296			271			358
Other			534			361			334
Total other noncurrent assets			830			632			692

Accrued expenses were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Accrued payroll and employee benefits			1,048			1,066			984
Other accruals			1,465			1,230			1,473
Total accrued expenses			2,513			2,296			2,457

Other current liabilities were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Dividends payable			–			750			177
Construction contract liabilities			495			439			404
Insurance liability			178			171			168
Income tax payable			148			129			196
Asset retirement obligations			74			50			65
Finance lease liability			60			31			25
Other			748			502			640
Total other current liabilities			1,703			2,072			1,675

Other noncurrent liabilities were:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Income tax payable			816			712			635
Asset retirement obligations			325			310			352
Finance lease liability			168			86			71
Pension liability			257			254			276
Insurance liability			266			260			266
Other			598			574			542
Total other noncurrent liabilities			2,430			2,196			2,142

CRH Form 10-Q 15

9. Debt

Long-term debt was:

						September 30			December 31			September 30
in $ millions			Effective interest rate			2024			2023			2023
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
0.875% euro Senior Notes due 2023			0.92		%	–			–			530
1.875% euro Senior Notes due 2024			2.02		%	–			663			636
3.875% Senior Notes due 2025			3.93		%	1,250			1,250			1,250
1.250% euro Senior Notes due 2026			1.25		%	840			829			795
3.400% Senior Notes due 2027			3.49		%	600			600			600
4.000% euro Senior Notes due 2027			4.13		%	560			553			530
3.950% Senior Notes due 2028			4.07		%	900			900			900
1.375% euro Senior Notes due 2028			1.42		%	672			663			636
5.200% Senior Notes due 2029			5.30		%	750			-			-
4.125% Sterling Senior Notes due 2029			4.22		%	536			509			490
1.625% euro Senior Notes due 2030			1.72		%	840			829			795
4.000% euro Senior Notes due 2031			4.10		%	840			829			795
6.400% Senior Notes due 2033 (i)			6.43		%	213			213			213
5.400% Senior Notes due 2034			5.52		%	750			–			–
4.250% euro Senior Notes due 2035			4.38		%	840			829			795
5.125% Senior Notes due 2045			5.25		%	500			500			500
4.400% Senior Notes due 2047			4.44		%	400			400			400
4.500% Senior Notes due 2048			4.63		%	600			600			600
PHP interest bearing loan due 2027			6.05		%	407			396			400
AUD interest bearing loan due 2029			5.10		%	565			–			–
U.S. Dollar Commercial Paper			5.47		%	1,295			1,002			260
Euro Commercial Paper			3.69		%	383			–			159
Other						66			37			6
Unamortized discounts and debt issuance costs						(70)			(67)			(68)
Total long-term debt (ii)						13,737			11,535			11,222
Less: current portion of long-term debt (iii)						(3,065)			(1,759)			(1,687)
Long-term debt						10,672			9,776			9,535

(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 the Company 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 $27 million, $30 million, and $30 million at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.

(ii) Of the Company’s nominal fixed rate debt at September 30, 2024, December 31, 2023, and September 30, 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 September 30, 2024, December 31, 2023, and September 30, 2023, AUD300 million, AUDnil million, and AUDnil million, respectively, was hedged to fixed rates using interest rate swaps.

(iii) Excludes borrowings from bank overdrafts of $153 million, $107 million and $173 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at September 30, 2024, December 31, 2023, and September 30, 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 senior unsubordinated indebtedness.

With the exception of the 6.400% Senior Notes due 2033, 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 2025, 3.400% Senior Notes due 2027, 3.950% Senior Notes due 2028, 5.200% Senior Notes due 2029, 5.400% Senior Notes due 2034, 5.125% Senior Notes due 2045, 4.400% Senior Notes due 2047, and 4.500% Senior Notes due 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 2025 and 5.125% Senior Notes due 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.

CRH Form 10-Q 16

Australian (AUD) Debt:

In July 2024, the Company acquired Adbri Ltd 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 into 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 ten-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 Facility (the 'RCF') with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of €3,500 million over five years, maturing May 11, 2029. The terms of the facility allow for one further plus one year extension option which, if successfully exercised with the agreement of the Lenders, would extend the maturity to May 11, 2030. 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, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility.

The deferred financing costs associated with the RCF were $6 million at September 30, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.

At September 30, 2024, December 31, 2023, and September 30, 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 September 30, 2024 were $3,919 million (€3,500 million equivalent).

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

At September 30, 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 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 September 30, 2024 are as follows:

in $ millions			Remainder of 2024			2025			2026			2027			2028			2029 and thereafter			Total
Long-term debt maturities			1,757			1,334			1,612			1,159			1,559			6,316			13,737

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 $13,737 million, $11,535 million, and $11,222 million at September 30, 2024, December 31, 2023, and September 30, 2023, respectively. The fair values of the Company’s Long-term debt were $13,599 million, $11,337 million, and $10,471 million at September 30, 2024, December 31, 2023, and September 30, 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 6.23% and 7.16%.

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, 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-Q 17

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 expense from operations was:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Total tax expense			531			416			942			781
Effective income tax rate			28%			24%			25%			24%

The increase in the effective tax rate for this quarter in comparison to the three months ended September 30, 2023 is mainly driven by the timing of discrete items occurring throughout the year, including non-deductible acquisition-related costs in the third quarter. The increase in the year-to-date compared to the nine months ended September 30, 2023 is mainly driven by a change in the mix of income earned in jurisdictions with a higher rate of tax and non-deductible acquisition-related costs which is partially offset by items arising in the first quarter (being 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:

			Three months ended						Nine months ended
			September 30						September 30
in $ millions, except share and per share data			2024			2023			2024			2023
Numerator
Net income			1,389			1,318			2,812			2,499
Net (income) attributable to redeemable noncontrolling interests			(9)			(9)			(21)			(21)
Net (income) attributable to noncontrolling interests			(4)			(3)			(2)			(1)
Adjustment of redeemable noncontrolling interests to redemption value			(23)			(6)			(30)			(18)
Net income attributable to CRH plc for EPS - basic and diluted			1,353			1,300			2,759			2,459
Denominator
Weighted average common shares outstanding - basic (i)			681.6			718.2			685.0			731.8
Effect of dilutive employee share awards (ii)			3.9			3.9			5.0			4.8
Weighted average common shares outstanding - diluted			685.5			722.1			690.0			736.6
Earnings per share attributable to CRH plc
Basic			$1.99			$1.81			$4.03			$3.36
Diluted			$1.97			$1.80			$4.00			$3.34

(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 3,919,037 at September 30, 2024 and 5,336,581 at September 30, 2023 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.

CRH Form 10-Q 18

13. Accumulated other comprehensive loss

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

in $ millions			Currency Translation			Cash Flow Hedges			Pension and Other Postretirement Plans			Total
Balance at June 30, 2024			(617)			(65)			(131)			(813)
Other comprehensive income (loss) before reclassifications			363			(9)			–			354
Amounts reclassified from Accumulated other comprehensive loss			–			1			(7)			(6)
Net current-period other comprehensive income (loss)			363			(8)			(7)			348
Other comprehensive (income) attributable to noncontrolling interests			(34)			–			–			(34)
Balance at September 30, 2024			(288)			(73)			(138)			(499)
Balance at December 31, 2023			(439)			(47)			(130)			(616)
Other comprehensive income (loss) before reclassifications			205			(46)			–			159
Amounts reclassified from Accumulated other comprehensive loss			(39)			20			(8)			(27)
Net current-period other comprehensive income (loss)			166			(26)			(8)			132
Other comprehensive (income) attributable to noncontrolling interests			(15)			–			–			(15)
Balance at September 30, 2024			(288)			(73)			(138)			(499)
Balance at June 30, 2023			(605)			5			(25)			(625)
Other comprehensive (loss) before reclassifications			(130)			(23)			–			(153)
Amounts reclassified from Accumulated other comprehensive loss			–			3			(1)			2
Net current-period other comprehensive (loss)			(130)			(20)			(1)			(151)
Other comprehensive loss attributable to noncontrolling interests			13			–			–			13
Balance at September 30, 2023			(722)			(15)			(26)			(763)
Balance at December 31, 2022			(746)			(19)			(22)			(787)
Other comprehensive income (loss) before reclassifications			17			(12)			-			5
Amounts reclassified from Accumulated other comprehensive loss			–			16			(4)			12
Net current-period other comprehensive income (loss)			17			4			(4)			17
Other comprehensive loss attributable to noncontrolling interests			7			–			–			7
Balance at September 30, 2023			(722)			(15)			(26)			(763)

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

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Cash flow hedges
Cost of product revenues			1			4			23			21
Income tax benefit			–			(1)			(3)			(5)
Total			1			3			20			16
Pension and other postretirement plans
Other nonoperating income, net			(6)			(1)			(8)			(4)
Income tax benefit			(1)			–			–			–
Total			(7)			(1)			(8)			(4)
Reclassifications from Accumulated other comprehensive loss to income			(6)			2			12			12

CRH Form 10-Q 19

14. Segment information

The Company has the following four operating and 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, 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, commercial and residential buildings to customers in construction markets primarily 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.

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 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 for the Company’s reportable segments were:

			Revenues
			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Americas Materials Solutions			5,299			5,080			11,907			11,139
Americas Building Solutions			1,757			1,738			5,566			5,547
Europe Materials Solutions			2,795			2,617			7,212			7,409
Europe Building Solutions			664			693			2,017			2,169
Total revenues			10,515			10,128			26,702			26,264

			Adjusted EBITDA
			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Americas Materials Solutions			1,484			1,284			2,692			2,184
Americas Building Solutions			355			391			1,139			1,166
Europe Materials Solutions			553			446			1,142			1,029
Europe Building Solutions			62			69			181			211
Total Adjusted EBITDA			2,454			2,190			5,154			4,590

CRH Form 10-Q 20

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Adjusted EBITDA			2,454			2,190			5,154			4,590
Depreciation, depletion and amortization			(467)			(402)			(1,288)			(1,187)
Interest income			33			62			112			138
Interest expense			(164)			(131)			(452)			(285)
Gain on divestitures and unrealized gains on investments (i)			59			–			242			–
Pension income excluding current service cost component (i)			1			1			3			3
Other interest, net (i)			2			–			1			–
Substantial acquisition-related costs			(23)			–			(45)			–
Income from operations before income tax expense and income from equity method investments			1,895			1,720			3,727			3,259

(i) Gain 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, net in the Condensed Consolidated Statements of Income.

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

			Three months ended						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Americas Materials Solutions			213			195			611			576
Americas Building Solutions			85			73			249			221
Europe Materials Solutions			145			112			357			324
Europe Building Solutions			24			22			71			66
Total depreciation, depletion and amortization			467			402			1,288			1,187

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 Pension and Other Postretirement Benefit (OPEB) Plans were:

			U.S.												Non-U.S.
			Three months ended						Nine months ended						Three months ended						Nine months ended
			September 30						September 30						September 30						September 30
in $ millions			2024			2023			2024			2023			2024			2023			2024			2023
Service cost			–			–			–			–			10			9			30			25
Interest cost			6			6			18			18			22			23			64			69
Expected return on assets			(5)			(5)			(15)			(15)			(23)			(23)			(67)			(69)
Amortization of:
Past service credit			–			–			–			–			(3)			(3)			(9)			(9)
Actuarial loss			1			1			3			3			1			–			3			–
Settlement gain (i)			–			–			–			–			–			–			(3)			–
Net periodic benefit cost (ii) (iii)			2			2			6			6			7			6			18			16

(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 and unrealized gains on investments, 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 September 30, 2024 and September 30, 2023, and $3 million and $3 million for the nine months ended September 30, 2024 and September 30, 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 21

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. 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:

			September 30			December 31			September 30
in $ millions			2024			2023			2023
Assets
Current assets:
Cash and cash equivalents			20			19			32
Accounts receivable, net			39			31			33
Inventories			101			99			97
Other current assets			56			51			48
Total current assets			216			200			210
Property, plant and equipment, net			882			923			913
Goodwill			197			200			488
Operating lease right-of-use assets, net			5			5			5
Other noncurrent assets			13			11			9
Total assets			1,313			1,339			1,625
Liabilities
Current liabilities:
Accounts payable			80			92			83
Accrued expenses			52			36			46
Current portion of long-term debt			77			98			108
Operating lease liabilities			1			1			1
Other current liabilities			23			25			23
Total current liabilities			233			252			261
Long-term debt			329			297			290
Deferred income tax liabilities			98			106			104
Noncurrent operating lease liabilities			4			5			5
Other noncurrent liabilities			20			17			15
Total liabilities			684			677			675

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						Nine months ended
			September 30						September 30
in $ millions			2024			2023			2024			2023
Total revenues			88			116			282			353
Total cost of revenues			(86)			(105)			(262)			(332)
Gross profit			2			11			20			21
Net loss			(10)			(5)			(22)			(23)
Net cash (used in) provided by operating activities									(11)			21

CRH Form 10-Q 22

17. Redeemable noncontrolling interests

The redeemable noncontrolling interests comprise 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 June 30, 2024			335
Net income attributable to redeemable noncontrolling interests			9
Adjustment to the redemption value			23
Dividends paid			(6)
Balance at September 30, 2024			361
Balance at December 31, 2023			333
Net income attributable to redeemable noncontrolling interests			21
Adjustment to the redemption value			30
Dividends paid			(23)
Balance at September 30, 2024			361

in $ millions
Balance at June 30, 2023			313
Net income attributable to redeemable noncontrolling interests			9
Adjustment to the redemption value			6
Dividends paid			(8)
Balance at September 30, 2023			320
Balance at December 31, 2022			308
Net income attributable to redeemable noncontrolling interests			21
Adjustment to the redemption value			18
Dividends paid			(27)
Balance at September 30, 2023			320

18. Commitments and contingencies

Guarantees

The Company has given letters of guarantee to secure obligations of subsidiary undertakings as follows: $12.9 billion, $11.3 billion, and $11.1 billion in respect of loans and borrowings, bank advances and derivative obligations at September 30, 2024, December 31, 2023 and September 30, 2023, respectively, and $0.5 billion, $0.4 billion, and $0.4 billion at September 30, 2024, December 31, 2023 and September 30, 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.

19. Subsequent events

The Company has evaluated subsequent events occurring through to the date the Condensed 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 Condensed Consolidated Financial Statements except as noted below.

Change in Operating and Reportable Segments

During the fourth quarter of 2024, there was a change to how the CODM reviews financial information to manage the business, assess performance and allocate resources. This resulted in a realignment of the Company's operating and reportable segments to the following three segments: Americas Materials Solutions, Americas Building Solutions and International Solutions. Beginning with the Form 10-K for the year ending December 31, 2024, any historical segment financial information presented will be recast to conform to the new reportable segment structure.

CRH Form 10-Q 23