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Acquisitions | 6 Months Ended
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Jun. 30, 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. The Hunter acquisition is reported in the Americas Materials Solutions segment. During the six months ended June 30, 2024, the Company completed the acquisition of 16 companies. The total cash consideration for these acquisitions net of cash acquired, was $2,522 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 June 30, 2024 were:
in $ millions | Hunter | Other acquisitions (i) | Total |
Identifiable assets acquired and liabilities assumed |  |  |  |
Cash and cash equivalents | - | 2 | 2 |
Accounts receivable, net | - | 12 | 12 |
Inventories | 70 | 9 | 79 |
Other current assets | 2 | 10 | 12 |
Property, plant and equipment, net | 1,070 | 229 | 1,299 |
Intangible assets, net | 2 | 43 | 45 |
Operating lease right-of-use assets, net | 12 | 34 | 46 |
Accounts payable | - | 7 | 7 |
Accrued expenses | 6 | 3 | 9 |
Operating lease liabilities | 12 | 34 | 46 |
Long-term debt | - | (2) | (2) |
Deferred income tax liabilities | - | 15 | 15 |
Other liabilities | 7 | 16 | 23 |
Total identifiable net assets at fair value | 1,131 | 266 | 1,397 |
Goodwill | 975 | 196 | 1,171 |
Total consideration | 2,106 | 462 | 2,568 |
Consideration satisfied by: |  |  |  |
Cash payments | 2,106 | 418 | 2,524 |
Asset exchange | - | 41 | 41 |
Deferred consideration (stated at net present cost) | - | 2 | 2 |
Contingent consideration | - | 1 | 1 |
Total consideration | 2,106 | 462 | 2,568 |
Acquisitions of businesses, net of cash acquired |  |  |  |
Cash consideration | 2,106 | 418 | 2,524 |
Less: cash and cash equivalents acquired | - | (2) | (2) |
Total outflow in the Condensed Consolidated Statements of Cash Flows | 2,106 | 416 | 2,522 |
(i) Other acquisitions are aggregated on the basis of individual immateriality. As a result of the acquisitions completed through June 30, 2024, the Company recognized $45 million of amortizable intangible assets and $1,171 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 six months ended June 30, 2024, $1,125 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of six years. On February 26, 2024, the Company announced that it had entered into a binding agreement to acquire a majority stake in Adbri (the ‘Adbri transaction’), a materials business in Australia. On July 1, 2024, the Adbri transaction was completed with the acquisition of approximately 57% of the issued share capital for $0.8 billion. The assets acquired complement the Company’s core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for the Company’s existing Australian business. Due to the timing of the Adbri transaction, the preliminary purchase price accounting remains ongoing as the Company continues to collect and assess information as of the transaction date. 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 | Six months ended
| June 30 | June 30
in $ millions | 2024 | 2023 | 2024 | 2023
Hunter | 2 |  | - |  | 22 |  | - |
Other acquisitions | 2 |  | - |  | 2 |  | 2 |
Total acquisition-related costs | 4 |  | - |  | 24 |  | 2 |
The financial information regarding the acquisitions included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition through June 30 were:
in $ millions | 2024 | 2023
Revenue | 179 |  | 46 |
Net loss attributable to CRH plc (i) | (17) |  | (3) |
(i) Net loss amount excludes acquisition-related costs that arose during the six months ended June 30, 2024, and June 30, 2023. Pro forma results of operations for the acquisitions have not been presented because they are not material to the Condensed 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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