XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Acquisitions | 3 Months Ended
--- | ---
Mar. 31, 2024
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 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 |
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.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration