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Assets held for sale and discontinued operations | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets held for sale and discontinued operations | 3. Assets held for sale and discontinued operations In November 2023, the Company entered into a sales agreement with SigmaRoc plc. to divest of its Lime operations in Europe for consideration of $1.1 billion. The transaction was structured in three phases. The first phase of the transaction, comprising the Company’s lime operations in Germany, Czech Republic and Ireland, was closed effective January 1, 2024 and the second and third phases comprising the operations of the United Kingdom and Poland, respectively, are expected to close in 2024. No impairment loss was recognized on the reclassification of the Lime operations as held for sale. In December 2023, the Company entered into a sales agreement to dispose of certain of its cement and materials assets in Canada, which is expected to close in 2024. An impairment of $30 million has been recognized on the Canadian cement and materials assets in the fourth quarter of 2023 to reflect the reduction to fair value less costs to sell. The assets associated with these transactions 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 at December 31, 2023 were:
in $ millions | 2023
Assets |
Cash and cash equivalents | 49
Accounts receivable, net | 70
Inventories | 102
Property, plant and equipment, net | 832
Goodwill | 201
Operating lease right-of-use assets, net | 6
Other assets | 8
Assets held for sale | 1,268
Liabilities |
Accounts payable | 59
Accrued expenses | 17
Deferred income tax liabilities | 148
Operating lease liabilities | 6
Other liabilities | 145
Liabilities held for sale | 375
In April 2022, the Company completed the divestiture of its Building Envelope business, formerly part of the Americas Building Solutions segment. The Company analyzed the quantitative and qualitative factors relevant to the Building Envelope business and determined that the criteria for discontinued operations presentation were met during the year ended 2022. As a result, the operating results of the Building Envelope business were reported separately as discontinued operations, net of income tax expense, in the Consolidated Statements of Income for the periods ended December 31, 2022 and 2021, respectively. The financial results for the Company’s discontinued operations for the years ended December 31 were:
in $ millions | 2022 | 2021
Total revenues | 645 | 1,775
Operating income | 89 | 239
Gain on divestiture before income taxes | 1,471 | -
Income from discontinued operations before income tax expense | 1,560 | 239
Income tax expense | (370) | (60)
Income from discontinued operations, net of income tax expense | 1,190 | 179
The cash flows from discontinued operations included in the accompanying Consolidated Statements of Cash Flows for the years ended December 31 were:
in $ millions | 2022 | 2021
Cash flows from discontinued operations |  |
Net cash (used in) provided by operating activities (i) | (444) | 208
Net cash provided by (used in) investing activities (ii) | 3,446 | (102)
Net cash provided by (used in) financing activities | 3 | (2)
(i) Includes the corporation tax paid on the sale of discontinued operations. (ii) Includes the proceeds from the divestiture of discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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