XML 28 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

Acquisitions | 9 Months Ended
--- | ---
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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. On July 1, 2024, the Company acquired approximately 57% of the issued share capital of Adbri (the 'Adbri' acquisition), a materials business in Australia, for a total consideration of $802 million. The Adbri acquisition is reported in the Europe Materials Solutions segment. During the nine months ended September 30, 2024, the Company completed the acquisition of 28 companies. The total cash consideration for these acquisitions net of cash acquired, was $3,853 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 September 30, 2024 were:
in $ millions | Adbri | Hunter | Other acquisitions (i) | Total
Identifiable assets acquired and liabilities assumed |  |  |  |
Cash and cash equivalents | 15 | – | 8 | 23
Accounts receivable, net | 158 | – | 80 | 238
Inventories | 136 | 70 | 42 | 248
Other current assets | 4 | 2 | 2 | 8
Property, plant and equipment, net | 1,361 | 1,070 | 431 | 2,862
Equity method investments | 366 | – | – | 366
Intangible assets, net | 4 | 2 | 75 | 81
Operating lease right-of-use assets, net | 18 | 12 | 28 | 58
Accounts payable | 17 | - | 24 | 41
Accrued expenses | 63 | 6 | 8 | 77
Operating lease liabilities | 18 | 12 | 28 | 58
Long-term debt | 519 | – | 9 | 528
Deferred income tax liabilities | 208 | – | 21 | 229
Other liabilities | 172 | 7 | 35 | 214
Total identifiable net assets at fair value | 1,065 | 1,131 | 541 | 2,737
Goodwill | 244 | 975 | 489 | 1,708
Noncontrolling interests | (507) | – | – | (507)
Total consideration | 802 | 2,106 | 1,030 | 3,938
Consideration satisfied by: |  |  |  |
Cash payments | 802 | 2,106 | 968 | 3,876
Asset exchange | – | – | 41 | 41
Deferred consideration (stated at net present cost) | – | – | 10 | 10
Contingent consideration | – | – | 11 | 11
Total consideration | 802 | 2,106 | 1,030 | 3,938
Acquisitions of businesses, net of cash acquired |  |  |  |
Cash consideration | 802 | 2,106 | 968 | 3,876
Less: cash and cash equivalents acquired | (15) | – | (8) | (23)
Total outflow in the Condensed Consolidated Statements of Cash Flows | 787 | 2,106 | 960 | 3,853
(i) Other acquisitions are aggregated on the basis of individual immateriality. As a result of the acquisitions completed through September 30, 2024, the Company recognized $81 million of amortizable intangible assets and $1,708 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 nine months ended September 30, 2024, $1,379 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of seven years. 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 | Nine months ended
| September 30 | September 30
in $ millions | 2024 | 2023 | 2024 | 2023
Adbri | 22 |  | – |  | 22 |  | – |
Hunter | 1 |  | – |  | 23 |  | – |
Other acquisitions | 5 |  | 4 |  | 7 |  | 6 |
Total acquisition-related costs | 28 |  | 4 |  | 52 |  | 6 |
The post-acquisition impact of acquisitions completed during the financial period on the Company’s results for the period ended September 30 was:
in $ millions | 2024 | 2023
Revenue | 733 |  | 114 |
Net loss attributable to CRH plc (i) | (3) |  | (7) |
(i) Net loss amount excludes acquisition-related costs that arose during the nine months ended September 30, 2024, and September 30, 2023. Pro forma results of operations for the current year acquisitions, as if they were combined as of January 1, 2023, 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