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Acquisitions | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | 4. Acquisitions The Company strategically acquires companies in order to increase its footprint and offer products and services that diversify its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in goodwill. During 2023, the Company completed the acquisition of 22 companies, each individually immaterial. The total cash consideration for these acquisitions net of cash acquired, was $640 million. The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at December 31, 2023 were:
in $ millions | Total
Identifiable assets acquired and liabilities assumed |
Cash and cash equivalents | 19
Accounts receivable, net | 71
Inventories | 65
Other current assets | 8
Property, plant and equipment, net | 252
Intangible assets, net | 86
Operating lease right-of-use assets, net | 35
Accounts payable | 56
Accrued expenses | 30
Operating lease liabilities | 35
Long-term debt | 104
Deferred income tax liabilities | 30
Other liabilities | 6
Total identifiable net assets at fair value | 275
Goodwill | 398
Total consideration | 673
Consideration satisfied by: |
Cash payments | 659
Deferred consideration (stated at net present cost) | 8
Contingent consideration | 6
Total consideration | 673
Acquisitions of businesses, net of cash acquired |
Cash consideration | 659
Less: cash and cash equivalents acquired | (19)
Total outflow in the Consolidated Statements of Cash Flows | 640
As a result of the 2023 acquisitions, the Company recognized $86 million of amortizable intangible assets and $398 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the Goodwill recognized in respect of the acquisitions completed in 2023, $33 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 6 years. On November 21, 2023, the Company announced that it had reached an agreement to acquire a portfolio of cement and readymixed concrete assets and operations in Texas, United States from Martin Marietta, Inc. (the ‘Transaction’) for a total consideration of $2.1 billion. On February 9, 2024, the Transaction was completed. The assets acquired are located in the United States and are expected to strengthen the Company’s position in Texas as well as increasing exposure to attractive, high-growth markets. Due to the timing of the Transaction, the preliminary purchase price accounting remains ongoing as the Company continues to collect and assess information as of the transaction date. There have been no other acquisitions completed subsequent to the balance sheet date which would be individually material to the Company. 2022 Barrette Outdoor Living, Inc. Acquisition On July 8, 2022 the Company acquired Barrette Outdoor Living, Inc. (Barrette), North America's leading provider of residential fencing and railing solutions headquartered in Middleburg Heights, Ohio, United States, at an effective 100% stake. The assets acquired are all in the United States and are expected to enhance the Company’s existing offering of sustainable outdoor living solutions in North America. The total cash consideration for this acquisition, net of cash acquired, was $1,903 million. During 2022, the Company completed the acquisition of 28 other companies, each individually immaterial. The total cash consideration for these acquisitions net of cash acquired, was $1,350 million. The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions at December 31, 2022 were:
in $ millions | Barrette | Other acquisitions | Total
Identifiable assets acquired and liabilities assumed |  |  |
Cash and cash equivalents | 8 | 14 | 22
Accounts receivable, net | 128 | 49 | 177
Inventories | 247 | 128 | 375
Other current assets | 40 | 10 | 50
Property, plant and equipment, net | 266 | 539 | 805
Equity method investments | – | 28 | 28
Intangible assets, net | 809 | 178 | 987
Operating lease right-of-use assets, net | 43 | 59 | 102
Accounts payable | 26 | 20 | 46
Accrued expenses | 121 | 27 | 148
Operating lease liabilities | 43 | 59 | 102
Long-term debt | – | 8 | 8
Deferred income tax liabilities | 192 | 55 | 247
Other liabilities | 22 | 4 | 26
Total identifiable net assets at fair value | 1,137 | 832 | 1,969
Goodwill | 774 | 546 | 1,320
Total consideration | 1,911 | 1,378 | 3,289
Consideration satisfied by: |  |  |
Cash payments | 1,911 | 1,364 | 3,275
Deferred consideration (stated at net present cost) | – | 10 | 10
Contingent consideration | – | 4 | 4
Total consideration | 1,911 | 1,378 | 3,289
Acquisitions of businesses, net of cash acquired |  |  |
Cash consideration | 1,911 | 1,364 | 3,275
Less: cash and cash equivalents acquired | (8) | (14) | (22)
Total outflow in the Consolidated Statements of Cash Flows | 1,903 | 1,350 | 3,253
As a result of the 2022 acquisitions, the Company recognized $987 million of amortizable intangible assets and $1,320 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the Goodwill recognized in respect of the acquisitions completed in 2022, $1,289 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 19 years. During 2021, the Company completed the acquisition of 20 companies (19 continuing operations), each individually immaterial. The total cash consideration for these acquisitions net of cash acquired, was $1,494 million. The identifiable assets acquired, liabilities assumed, and consideration related to the acquisitions at December 31, 2021 were:
in $ millions | Total
Identifiable assets acquired and liabilities assumed |
Cash and cash equivalents | 7
Accounts receivable, net | 173
Inventories | 157
Other current assets | 18
Property, plant and equipment, net | 526
Intangible assets, net | 131
Operating lease right-of-use assets, net | 83
Accounts payable | 94
Accrued expenses | 49
Operating lease liabilities | 83
Long-term debt | 3
Deferred income tax liabilities | 37
Other liabilities | 6
Total identifiable net assets at fair value | 823
Goodwill | 679
Total consideration | 1,502
Consideration satisfied by: |
Cash payments | 1,501
Contingent consideration | 1
Total consideration | 1,502
Acquisitions of businesses, net of cash acquired |
Cash consideration | 1,501
Less: cash and cash equivalents acquired | (7)
Total outflow in the Consolidated Statements of Cash Flows | 1,494
As a result of the 2021 acquisitions, the Company recognized $131 million of amortizable intangible assets and $679 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 2021, $284 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of 8 years. Acquisition-related costs Acquisition-related costs have been included in Selling, general and administrative expenses in the Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with acquisitions completed during the applicable period. The Company incurred the following acquisition-related costs for the years ended December 31, 2023, 2022, and 2021:
in $ millions | 2023 | 2022 | 2021
Acquisition-related costs |
Barrette | – |  | 27 |  | – |
Other acquisitions | 10 |  | 12 |  | 13 |
Total acquisition-related costs | 10 |  | 39 |  | 13 |
The financial information regarding the acquisitions included in the Company’s Consolidated Statements of Income from the date of acquisition through December 31 were:
| Actual from acquisition date
in $ millions | 2023 | 2022 | 2021
Revenue | 228 | 761 | 524
Net (loss) income attributable to CRH plc | (15) | (18) | 38
Pro forma results of operations for the acquisitions have not been presented because they are not material to the Consolidated Financial Statements.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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