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Variable interest entities | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable interest entities | 22. Variable interest entities The Company’s operations in the Philippines are conducted through a 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 in the event where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent). The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Consolidated Balance Sheets before intragroup eliminations with other CRH plc companies at December 31 were:
in $ millions | 2023 | 2022
Assets |  |
Current assets: |  |
Cash and cash equivalents | 19 | 34
Accounts receivable, net | 31 | 34
Inventories | 99 | 149
Other current assets | 51 | 48
Total current assets | 200 | 265
Property, plant and equipment, net | 923 | 954
Goodwill | 200 | 495
Operating lease right-of-use assets, net | 5 | 6
Other noncurrent assets | 11 | 7
Total assets | 1,339 | 1,727
Liabilities |  |
Current liabilities: |  |
Accounts payable | 92 | 118
Accrued expenses | 36 | 48
Current portion of long-term debt | 98 | 72
Operating lease liabilities | 1 | 1
Other current liabilities | 25 | 28
Total current liabilities | 252 | 267
Long-term debt | 297 | 347
Deferred income tax liabilities | 106 | 108
Noncurrent operating lease liabilities | 5 | 5
Other noncurrent liabilities | 17 | 15
Total liabilities | 677 | 742
The operating results of the consolidated VIE, reported within the Consolidated Statements of Income and Consolidated Statements of Cash Flows before intragroup eliminations with other CRH plc companies for the years ended December 31 were:
in $ millions | 2023 | 2022 | 2021
Total revenues | 446 | 544 | 616
Total cost of revenues | (416) | (479) | (487)
Gross profit | 30 | 65 | 129
Net (loss) income | (325) | (24) | 61
Net cash provided by operating activities | 24 | 12 | 75

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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