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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-32846

CRH-Logo-FullColour-RGB.jpg

CRH public limited company 
(Exact name of registrant as specified in its charter)
Ireland98-0366809
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

Stonemason’s Way, Rathfarnham, Dublin 16, D16 KH51, Ireland
+353 1 404 1000
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbols:Name of each exchange on which registered:
Ordinary Shares of €0.32 each
CRH
New York Stock Exchange
6.40% notes due 2033
CRH/33A
New York Stock Exchange
    
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes      ☐ No




Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes      ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes      ☒ No
As of April 26, 2024, the number of outstanding Ordinary Shares was 686,677,448.686,677,448.






EXPLANATORY NOTE
CRH plc (together with its consolidated subsidiaries, the “Company”, “CRH”, the “Group”, “we”, “us” or “our”), a corporation organized under the laws of the Republic of Ireland, is a foreign private issuer in the United States (U.S.) for purposes of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). CRH voluntarily has chosen to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the U.S. Securities and Exchange Commission (SEC) instead of filing on the reporting forms available to foreign private issuers.






TABLE OF CONTENTS


















CERTAIN TERMS
Except as otherwise specified or the context otherwise requires, references to years indicate our fiscal year ended December 31 of the respective year.
References to the '2023 Form 10-K' are to our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 and amended on March 15, 2024. References to this 'Quarterly Report' are to our Quarterly Report on Form 10-Q for the three months ended March 31, 2024. All references to the 'Condensed Consolidated Financial Statements' are to Part I, Item 1 of this Quarterly Report. All references to the 'same period in 2023' refer to the three months ended March 31, 2023, unless otherwise indicated.
References to the 'Ordinary Shares' refer to our ordinary shares of €0.32 each.
CRH Form 10-Q 1


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)

Three months ended
March 31
20242023
Product revenues5,3685,338
Service revenues1,1651,089
Total revenues6,5336,427
Cost of product revenues(3,577)(3,744)
Cost of service revenues(1,149)(1,064)
Total cost of revenues(4,726)(4,808)
Gross profit1,8071,619
Selling, general and administrative expenses(1,787)(1,622)
Gain on disposal of long-lived assets85
Operating income282
Interest income4340
Interest expense(133)(81)
Other nonoperating income, net161-
Income (loss) from operations before income tax expense and income from equity method investments99(39)
Income tax benefit 1914
Loss from equity method investments(4)(6)
Net income (loss)114(31)
Net (income) attributable to redeemable noncontrolling interests(2)(2)
Net loss attributable to noncontrolling interests45
Net income (loss) attributable to CRH plc116(28)
Earnings (loss) per share attributable to CRH plc
Basic$0.16 ($0.05)
Diluted$0.16 ($0.05)
Weighted average common shares outstanding
Basic687.8 742.9 
Diluted693.4 742.9 
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 2


Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in $ millions)

Three months ended
March 31
20242023
Net income (loss)114(31)
Other comprehensive income (loss), net of tax:
Currency translation adjustment(148)98
Net change in fair value of effective portion of cash flow hedges, net of tax of $6 million and $(6) million for the three months ended March 31, 2024 and March 31, 2023, respectively
(37)31
Actuarial losses and prior service costs for pension and other postretirement plans, net of tax of $1 million and $nil million for the three months ended March 31, 2024 and March 31, 2023, respectively
(3)(3)
Other comprehensive (loss) income(188)126
Comprehensive (loss) income(74)95
Comprehensive (income) attributable to redeemable noncontrolling interests(2)(2)
Comprehensive loss (income) attributable to noncontrolling interests11(7)
Comprehensive (loss) income attributable to CRH plc(65)86
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.




CRH Form 10-Q 3


Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)

March 31December 31March 31
202420232023
Assets
Current assets:
Cash and cash equivalents3,3086,3414,650
Accounts receivable, net4,7984,5074,706
Inventories4,6194,2914,458
Assets held for sale2361,268-
Other current assets748478416
Total current assets13,70916,88514,230
Property, plant and equipment, net18,87817,84117,997
Equity method investments609620655
Goodwill10,1259,1589,308
Intangible assets, net1,0931,0411,094
Operating lease right-of-use assets, net1,2851,2921,192
Other noncurrent assets634632631
Total assets46,33347,46945,107
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable2,7303,1492,627
Accrued expenses2,2412,2962,079
Current portion of long-term debt2,9921,8662,251
Operating lease liabilities255255235
Liabilities held for sale44375-
Other current liabilities1,7352,0722,063
Total current liabilities9,99710,0139,255
Long-term debt9,6809,7767,583
Deferred income tax liabilities2,6842,7382,972
Noncurrent operating lease liabilities1,1201,1251,021
Other noncurrent liabilities2,1102,1962,132
Total liabilities25,59125,84822,963
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests326333307
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 shares issued and outstanding for 5% preferred stock and 872,000 shares authorized, issued and outstanding for 7% 'A' preferred stock, as of March 31, 2024, December 31, 2023, and March 31, 2023
111
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 729,477,337, 734,519,598 and 752,140,338 issued and outstanding, as of March 31, 2024, December 31, 2023, and March 31, 2023 respectively
294296302
Treasury stock, at cost (41,897,429, 42,419,281 and 11,596,581 shares as of March 31, 2024, December 31, 2023 and March 31, 2023 respectively)
(2,166)(2,199)(487)
Additional paid-in capital337454420
Accumulated other comprehensive loss(797)(616)(673)
Retained earnings22,34622,91821,692
Total shareholders’ equity attributable to CRH plc shareholders20,01520,85421,255
Noncontrolling interests401434582
Total equity20,41621,28821,837
Total liabilities, redeemable noncontrolling interests and equity46,33347,469 45,107 
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
CRH Form 10-Q 4


Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)

Three months ended
March 31
20242023
Cash Flows from Operating Activities:
Net income (loss)114(31)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation, depletion and amortization397384
Share-based compensation3031
Gains on disposals from businesses and long-lived assets, net(123)(5)
Deferred tax (benefit) expense(36)49
Loss from equity method investments46
Pension and other postretirement benefits net periodic benefit cost98
Non-cash operating lease costs7569
Other items, net(25)(3)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net(326)(356)
Inventories(270)(217)
Accounts payable(396)(339)
Operating lease liabilities(75)(70)
Other assets(77)(21)
Other liabilities1(164)
Pension and other postretirement benefits contributions(14)(12)
Net cash used in operating activities(712)(671)
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(506)(332)
Acquisitions, net of cash acquired(2,206)(155)
Proceeds from divestitures and disposals of long-lived assets7396
Dividends received from equity method investments68
Settlements of derivatives(13)(2)
Other investing activities, net(116)(17)
Net cash used in investing activities(2,096)(492)


CRH Form 10-Q 5


Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
Three months ended
March 31
20242023
Cash Flows from Financing Activities:
Proceeds from debt issuances1,81871
Payments on debt(651)-
Settlements of derivatives(1)6
Payments of finance lease obligations(9)(6)
Deferred and contingent acquisition consideration paid(7)(4)
Dividends paid(750)-
Distributions to noncontrolling and redeemable noncontrolling interests(17)(13)
Repurchases of common stock(559)(246)
Proceeds from exercise of stock options-1
Net cash used in financing activities(176)(191)
Effect of exchange rate changes on cash and cash equivalents(97)68
Decrease in cash and cash equivalents(3,081)(1,286)
Cash and cash equivalents at the beginning of period6,3905,936
Cash and cash equivalents at the end of period3,3094,650
Supplemental cash flow information:
Cash paid for interest (including finance leases)4554
Cash paid for income taxes159104
Reconciliation of cash and cash equivalents
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets3,3084,650
Cash and cash equivalents included in assets held for sale1-
Total cash and cash equivalents presented in the Condensed Consolidated Statements of Cash Flows3,3094,650 
The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.
CRH Form 10-Q 6


Condensed Consolidated Statements of Changes in Equity (Unaudited)
(in $ millions, except share and per share data)

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Shareholders' Equity Attributable to CRH plc ShareholdersNoncontrolling InterestsTotal Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 20230.9 $1 734.5 $296 (42.4)($2,199)$454 ($616)$22,918 $20,854 $434 $21,288 
Net income116 116 (4)112 
Other comprehensive loss(181)(181)(7)(188)
Share-based compensation30 30 30 
Repurchases of common stock(2.6)(179)(179)(179)
Repurchases and retirement of common stock(5.0)(2)(378)(380)(380)
Shares issued under employee share plans3.1 212 (147)(65)- 
Dividends declared on common stock(241)(241)(241)
Distributions to noncontrolling interests(4)(4)
Divestiture of noncontrolling interests(18)(18)
Adjustment of redeemable noncontrolling interests to redemption value(4)(4)(4)
Balance at March 31, 20240.9 $1 729.5 $294 (41.9)($2,166)$337 ($797)$22,346 $20,015 $401 $20,416 
For the three months ended March 31, 2024, dividends declared on common stock were $0.35 per common share.

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Shareholders' Equity Attributable to CRH plc ShareholdersNoncontrolling InterestsTotal Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 20220.9 $1 752.1 $302 (7.7)($297)$443 ($787)$22,495 $22,157 $575 $22,732 
Net loss(28)(28)(5)(33)
Other comprehensive income114 114 12 126 
Share-based compensation31 31 31 
Repurchases of common stock(5.6)(246)(246)(246)
Shares issued under employee share plans1.7 56 (54)(1)1 1 
Dividends declared on common stock(764)(764)(764)
Adjustment of redeemable noncontrolling interests to redemption value(10)(10)(10)
Balance at March 31, 20230.9 $1 752.1 $302 (11.6)($487)$420 ($673)$21,692 $21,255 $582 $21,837 
For the three months ended March 31, 2023, dividends declared on common stock were $1.03 per common share.

The accompanying notes form an integral part of the Condensed Consolidated Financial Statements.

CRH Form 10-Q 7


Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Summary of significant accounting policies
1.1. Description of business
CRH plc (the Company) is a multinational company that operates in the building materials industry, providing essential products and services for construction projects primarily in North America and Europe. The Company is one of the largest suppliers of building materials globally. The Company is a major producer of aggregates, cement, readymixed concrete, asphalt, paving and construction services, and value-added building products. The Company provides solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market.
1.2. Basis of presentation and use of estimates
The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2023 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and at the dates presented. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K.
The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.
Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.
1.3. Restricted cash
The Company had restricted cash of $6 million, $6 million and $5 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, included within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. The Company is restricted from utilizing the cash for purposes other than with government approval as it is linked to the awarding of government licenses for quarrying.
1.4. New accounting standards
Refer to note 1.25 in the 2023 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the three months ended March 31, 2024.
CRH Form 10-Q 8


2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. The Company’s reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, (3) Europe Materials Solutions, and (4) Europe Building Solutions.
Revenue is disaggregated by principal activities and products. Business lines are reviewed and evaluated as follows: (1) Essential Materials, (2) Road Solutions, (3) Building & Infrastructure Solutions, and (4) Outdoor Living Solutions.
The vertically integrated Essential Materials businesses manufacture and supply aggregates and cement for use in a range of construction and industrial applications.
Road Solutions support the manufacturing, installation and maintenance of public highway infrastructure projects and commercial infrastructure.
Building & Infrastructure Solutions connect, protect and transport critical water, energy and telecommunications infrastructure and deliver complex commercial building projects.
Outdoor Living Solutions integrate specialized materials, products and design features to enhance the quality of private and public spaces.

Three months ended March 31, 2024
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials903-990-1,893
Road Solutions (i)1,299-1,023-2,322
Building & Infrastructure Solutions (ii)-548-4931,041
Outdoor Living Solutions-1,145-1321,277
Total revenues2,2021,6932,0136256,533

Three months ended March 31, 2023
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials807-1,097-1,904
Road Solutions (i)1,088-1,081-2,169
Building & Infrastructure Solutions (ii)-569-5631,132
Outdoor Living Solutions-1,092-1301,222
Total revenues1,8951,6612,1786936,427
(i)     Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time for the three months ended March 31 were:
in $ millions20242023
Americas Materials Solutions596495
Europe Materials Solutions414429
Total revenue from contracts with customers1,010924
(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time for     
the three months ended March 31 were:
in $ millions20242023
Americas Building Solutions2316
Europe Building Solutions132149
Total revenue from contracts with customers155165

Contract assets were $637 million, $716 million and $622 million and contract liabilities were $430 million, $439 million and $337 million, at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The decrease in contract assets during the three months ended March 31, 2024 was primarily attributed to the timing of billings and retentions received. The decrease in contract liabilities during the three months ended March 31, 2024 was due to the timing of billings in excess of revenue recognized. The Company recognized revenue of $265 million and $191 million for the three months ended March 31, 2024, and March 31, 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and December 31, 2022, respectively.
Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at March 31, 2024, December 31, 2023 and March 31, 2023 amounting to $416 million and $221 million, $471 million and $245 million, and $449 million and $173 million, respectively. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retentions represent amounts that have been billed to customers but payment is withheld until final acceptance of the performance obligation by the customer. Retentions that have been billed, but are not due until completion of performance and acceptance by customers, are generally expected to be collected within one year. The Company applies the practical expedient and does not adjust any of its transaction prices for the time value of money.
On March 31, 2024, the Company had $4,385 million of transaction price allocated to remaining performance obligations. The majority of open contracts at March 31, 2024 will close and revenue will be recognized within 12 months of the balance sheet date.
CRH Form 10-Q 9


3. Assets held for sale and divestitures
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, closed on January 1, 2024 and the second phase comprising the operations in the United Kingdom, closed on March 27, 2024. The divestitures resulted in a pretax gain of $115 million which was included in Other nonoperating income, net. The results of the divested operations and the gain on divestiture were reported in the Europe Materials Solutions segment. The third phase comprising the operations in Poland, is expected to close in the second half of 2024.
In December 2023, the Company entered into a sales agreement to dispose of certain of its cement and materials assets in Canada, which closed on April 1, 2024.
The Lime operations in Poland and the cement and materials assets in Canada 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 were:

March 31December 31
in $ millions20242023
Assets
Cash and cash equivalents1 49 
Accounts receivable, net30 70 
Inventories59 102 
Other assets3 8 
Property, plant and equipment, net139 832 
Operating lease right-of-use assets, net- 6 
Goodwill4 201 
Assets held for sale2361,268
Liabilities
Accounts payable34 59 
Accrued expenses1 17 
Other liabilities9 145 
Deferred income tax liabilities- 148 
Operating lease liabilities- 6 
Liabilities held for sale44 375 


CRH Form 10-Q 10


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 $ millionsHunterOther acquisitions (i)Total
Identifiable assets acquired and liabilities assumed
Accounts receivable, net-66
Inventories71172
Other current assets224
Property, plant and equipment, net1,075381,113
Intangible assets, net21820
Operating lease right-of-use assets, net121931
Accounts payable-33
Accrued expenses538
Operating lease liabilities121931
Long-term debt-(2)(2)
Deferred income tax liabilities-11
Other liabilities81422
Total identifiable net assets at fair value 1,137461,183
Goodwill969561,025
Total consideration2,1061022,208
Consideration satisfied by:
Cash payments2,1061002,206
Deferred consideration (stated at net present cost)-22
Total consideration2,1061022,208
Acquisitions of businesses, net of cash acquired
Cash consideration2,1061002,206
Total outflow in the Condensed Consolidated Statements of Cash Flows2,1061002,206
(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 $ millions20242023
Acquisition-related costs
Hunter20 - 
Other acquisitions- 2 
Total acquisition-related costs20 2 

CRH Form 10-Q 11


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 $ millions20242023
Revenue57 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.
5. Accounts receivable, net
Accounts receivable, net, were:
March 31December 31March 31
in $ millions202420232023
Trade receivables3,9163,5743,799
Construction contract assets637716622
Total accounts receivable4,5534,2904,421
Less: allowance for credit losses(150)(149)(134)
Other current receivables395366419
Total accounts receivable, net4,7984,5074,706
Of the total Accounts receivable, net, balances, $32 million, $27 million and $41 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, were due from equity method investments.

The changes in the allowance for credit losses were as follows:
in $ millions20242023
At January 1149125
Charge-offs(2)(4)
Provision for credit losses410
Foreign currency translation and other(1)3
At March 31150134
6. Inventories
Inventories were:
March 31December 31March 31
in $ millions202420232023
Raw materials2,1861,8652,166
Work-in-process211186179
Finished goods2,2222,2402,113
Total inventories4,6194,2914,458
CRH Form 10-Q 12


7. Goodwill
The changes in the carrying amount of goodwill were:
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Carrying value, December 31, 20234,4172,7521,3626279,158
Acquisitions97652(1)(2)1,025
Foreign currency translation adjustment(12)(4)(27)(15)(58)
Divestitures--(197)-(197)
Reclassified from held for sale--197-197
Carrying value, March 31, 20245,3812,8001,33461010,125
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Carrying value, December 31, 20224,4072,5171,7635129,199
Acquisitions342403886398
Foreign currency translation adjustment8(5)572989
Impairment charge for the year(32)-(295)-(327)
Reclassified as held for sale--(201)-(201)
Carrying value, December 31, 20234,4172,7521,3626279,158
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Carrying value, December 31, 20224,4072,5171,7635129,199
Acquisitions6(10)16764
Foreign currency translation adjustment(3)-381045
Carrying value, March 31, 20234,4102,5071,8025899,308
There were no charges for goodwill impairment in the three months ended March 31, 2024 and March 31, 2023.

CRH Form 10-Q 13


8. Additional financial information
Other current assets were:
March 31December 31March 31
in $ millions202420232023
Prepayments358285249
Other390193167
Total other current assets748478416

Accrued expenses were:
March 31December 31March 31
in $ millions202420232023
Accrued payroll and employee benefits9971,066821
Other accruals1,2441,2301,258
Total accrued expenses2,2412,2962,079

Other current liabilities were:
March 31December 31March 31
in $ millions202420232023
Dividends payable241 750 764 
Construction contract liabilities430 439 337 
Insurance liability159 171 205 
Income tax payable77 129 3 
Other828 583 754 
Total other current liabilities1,735 2,072 2,063 

Other noncurrent liabilities were:
March 31December 31March 31
in $ millions202420232023
Income tax payable633 712 622 
Asset retirement obligations307 310 339 
Pension liability250 254 276 
Insurance liability260 260 266 
Other660 660 629 
Total other noncurrent liabilities2,110 2,196 2,132 





CRH Form 10-Q 14


9. Debt
Long-term debt was:
March 31December 31March 31
in $ millionsEffective interest rate202420232023
Long-term debt
(U.S. Dollar denominated unless otherwise noted)
3.125% € notes due 2023
3.23 %--815
0.875% € notes due 2023
0.92 %--543
1.875% € notes due 2024
2.02 %-663652
3.875% U.S. Dollar notes due 2025
3.93 %1,2501,2501,250
1.250% € notes due 2026
1.25 %810829815
3.400% U.S. Dollar notes due 2027
3.49 %600600600
4.000% € notes due 2027
4.13 %540553-
3.950% U.S. Dollar notes due 2028
4.07 %900900900
1.375% € notes due 2028
1.42 %648663652
4.125% Sterling notes due 2029
4.22 %509509495
1.625% € notes due 2030
1.72 %810829815
4.000% € notes due 2031
4.10 %810829-
6.400% U.S. Dollar notes due 2033 (i)
6.43 %213213213
4.250% € notes due 2035
4.38 %810829-
5.125% U.S. Dollar notes due 2045
5.25 %500500500
4.400% U.S. Dollar notes due 2047
4.44 %400400400
4.500% U.S. Dollar notes due 2048
4.63 %600600600
PHP interest bearing loan due 20276.03 %400396443
U.S. Dollar Commercial Paper5.72 %1,8631,002-
Euro Commercial Paper4.08 %929--
Other263737
Unamortized discounts and debt issuance costs(64)(67)(52)
Total long-term debt (ii)12,55411,5359,678
Less: current portion of long-term debt (iii)(2,874)(1,759)(2,095)
Long-term debt9,6809,7767,583
(i) The $300 million bond was issued in September 2003, and at the time of issuance the bond was partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued notes were acquired by CRH plc as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Condensed Consolidated Balance Sheets was $29 million, $30 million, and $32 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
(ii) Of the Company’s nominal fixed rate debt at March 31, 2024 and December 31, 2023, $1,375 million, was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal fixed rate debt at March 31, 2023, $1,782 million was hedged to a mix of U.S. Dollar London Interbank Offered Rate (LIBOR) and Euro Interbank Offered Rate (EURIBOR) floating rates using interest rate swaps.
(iii) Excludes borrowings from bank overdrafts of $118 million, $107 million and $156 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
Senior Notes:
The Senior Notes are issued by wholly owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future unsubordinated indebtedness.
The Senior Notes can be redeemed before their respective par call dates, with the exception of the 6.40% Senior Notes due in 2033, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount.
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.875% Senior Notes due in 2025, 3.40% Senior Notes due in 2027, 3.95% Senior Notes due in 2028, 5.125% Senior Notes due in 2045, 4.40% Senior Notes due in 2047, and 4.50% Senior Notes due in 2048. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 3.875% Senior Notes due in 2025 and 5.125% Senior Notes due in 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
On January 9, 2024 the Company utilized available cash to fully redeem €600 million of outstanding 1.875% euro Senior Notes due January 2024.





CRH Form 10-Q 15


Philippines (PHP) Debt:
In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP 12.5 billion for a ten-year term, which was later expanded to PHP 22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates.
Bank Credit:
The Company maintains a multi-currency Revolving Credit Facility (the 'RCF') with a syndicate of lenders. The RCF offers a senior unsecured revolving facility of €3,500 million over five years. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, EURIBOR for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (SARON) for Swiss Francs, respectively. The facility entails an annual commitment fee calculated as a percentage of the applicable margin.
During April 2024, the Company completed a one-year extension option on the undrawn committed facilities extending the maturity date to May 11, 2029. The terms of the facility allow for one further plus-1 (+1) extension option which, if successfully exercised with the agreement of the Lenders, would extend the maturity to May 11, 2030. The deferred financing costs associated with the RCF were $7 million at March 31, 2024. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
At March 31, 2024, December 31, 2023, and March 31, 2023, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facilities available to be drawn by the Company at March 31, 2024 were $3,781 million (€3,500 million equivalent).
The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.
At March 31, 2024, the Company had a $2,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program. In April 2024, the Company increased the size of its existing U.S. Dollar Commercial Paper Program to $4,000 million. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either euro or U.S. Dollar. The amount of commercial paper outstanding does not reduce available capacity under the RCF. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to March 31, 2024 are as follows:
in $ millionsRemainder of 202420252026202720282029 and thereafterTotal
Long-term debt maturities2,8741,2198141,4311,5164,70012,554

10. Fair value measurement
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:
Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment.
Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.
Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
Considerable judgment may be required in interpreting market data used to develop the estimates of fair value.
The carrying values of the Company’s Long-term debt were $12,554 million, $11,535 million, and $9,678 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. The fair values of the Company’s Long-term debt were $12,244 million, $11,337 million, and $9,159 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. The Company’s Long-term debt obligations are Level 2 instruments whose fair value is derived from quoted market prices.
The redeemable noncontrolling interests included in the Condensed Consolidated Balance Sheets are marked to fair value on a recurring basis using Level 3 inputs. The redemption value of redeemable noncontrolling interests approximates the fair value and is based on a range of estimated potential outcomes of the expected payment amounts primarily dependent on underlying performance metrics. The unobservable inputs in the valuation include a discount rate determined using a Capital Asset Pricing Model methodology with ranges of between 6.54% and 7.47%.
See Note 17 for the changes in the fair value of redeemable noncontrolling interests.
The carrying values of the Company’s Cash and cash equivalents, Accounts receivable, net, Current portion of long-term debt, Accounts payable, Accrued expenses, and Other current liabilities approximate their fair values because of the short-term nature of these instruments.
CRH Form 10-Q 16


11. Income taxes
The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.
The summary of the income tax benefit from operations was:
Three months ended
March 31
in $ millions20242023
Total tax benefit(19)(14)
Effective income tax rate(19)%36%
The movement in the effective tax rate compared with the corresponding period in the prior year was primarily driven by the impact of the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations.
12. Earnings per share (EPS)
The calculation of basic and diluted earnings per share was as follows:
Three months ended
March 31
in $ millions, except share and per share data20242023
Numerator
Net income (loss)114(31)
Net (income) attributable to redeemable noncontrolling interests(2)(2)
Net loss attributable to noncontrolling interests45
Adjustment of redeemable noncontrolling interests to redemption value(4)(10)
Net income (loss) attributable to CRH plc for EPS - basic and diluted112(38)
Denominator
Weighted average common shares outstanding – basic (i)687.8742.9
Effect of dilutive employee share awards (ii)5.6-
Weighted average common shares outstanding – diluted693.4742.9
Earnings (loss) per share attributable to CRH plc
Basic$0.16 ($0.05)
Diluted$0.16 ($0.05)
(i) The weighted average number of common shares included in the computation of basic and diluted earnings per share has been adjusted to exclude shares repurchased and held by the Company as Treasury Stock given that these shares do not rank for dividend.
(ii) Common shares that would only be issued contingent on certain conditions totaling 4,045,950 at March 31, 2024 are excluded from the computation of diluted earnings per share where the conditions governing exercisability have not been satisfied as of the end of the reporting period or they are antidilutive for the period presented. In periods of loss, shares that otherwise would have been included in the diluted weighted average common shares outstanding computation have been excluded. Due to the net loss for the three months ended March 31, 2023, contingently issuable common shares representing 6,928,751, are excluded from the computation of diluted net loss per share as their inclusion would have been antidilutive.
CRH Form 10-Q 17


13. Accumulated other comprehensive loss
The changes in the balances for each component of Accumulated other comprehensive loss, net of tax, were as follows:
in $ millionsCurrency TranslationCash Flow
Hedges
Pension and Other Postretirement PlansTotal
Balance at December 31, 2023(439)(47)(130)(616)
Other comprehensive loss before reclassifications(114)(63)-(177)
Amounts reclassified from Accumulated other comprehensive loss(34)26(3)(11)
Net current-period other comprehensive (loss)(148)(37)(3)(188)
Other comprehensive loss attributable to noncontrolling interests7--7
Balance at March 31, 2024(580)(84)(133)(797)
Balance at December 31, 2022(746)(19)(22)(787)
Other comprehensive income before reclassifications9821-119
Amounts reclassified from Accumulated other comprehensive loss-10(3)7
Net current-period other comprehensive income (loss)9831(3)126
Other comprehensive (income) attributable to noncontrolling interests(12)--(12)
Balance at March 31, 2023(660)12(25)(673)

The amounts reclassified from Accumulated other comprehensive loss to income were as follows:
Three months ended
March 31
in $ millions20242023
Cash flow hedges
Cost of product revenues3014
Income tax benefit(4)(4)
Total2610
Pension and other postretirement plans
Other nonoperating income, net(4)(3)
Income tax expense1-
Total(3)(3)
Reclassifications from Accumulated other comprehensive loss to income237

14. Segment information
The Company has the following four reportable segments:
Americas Materials Solutions;
Americas Building Solutions;
Europe Materials Solutions; and
Europe Building Solutions.
The Americas Materials Solutions segment provides solutions for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.
The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical utility infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.
The Europe Materials Solutions segment provides solutions for the construction of public infrastructure and commercial and residential buildings to customers in construction markets in Europe. The primary materials produced in this segment include aggregates, cement, readymixed concrete, asphalt and concrete products.
The Europe Building Solutions segment combines materials, products and services to produce a wide range of architectural and infrastructural solutions for use in the building and renovation of critical utility infrastructure, commercial and residential buildings, and outdoor living spaces. This business serves the growing demand across the construction value chain for innovative and value-added products and services.
The Company’s reportable segments are the same as the Company’s operating segments and correspond with how the Chief Operating Decision Maker (CODM) regularly reviews financial information to allocate resources and assess performance under the Company’s organizational structure.
CRH Form 10-Q 18


The CODM monitors the operating results of segments separately in order to allocate resources between segments and to assess performance. Segment performance is evaluated using Adjusted EBITDA. Given that Interest expense and Income tax benefit are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below. There are no asymmetrical allocations to reporting segments which would require disclosure.
Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.
The key performance measures for the Company’s reportable segments were:
Revenues
Three months ended
March 31
in $ millions20242023
Americas Materials Solutions2,202 1,895 
Americas Building Solutions1,693 1,661 
Europe Materials Solutions2,013 2,178 
Europe Building Solutions625 693 
Total revenues6,533 6,427 


Adjusted EBITDA
Three months ended
March 31
in $ millions20242023
Americas Materials Solutions15(35)
Americas Building Solutions308301
Europe Materials Solutions9068
Europe Building Solutions3252
Total Adjusted EBITDA445386


Three months ended
March 31
in $ millions20242023
Adjusted EBITDA445386
Depreciation, depletion and amortization(397)(384)
Interest income4340
Interest expense(133)(81)
Gain on divestitures and unrealized gains on investments (i) (ii)160-
Pension income excluding current service cost component (i)1-
Substantial acquisition-related costs(20)-
Income (loss) from operations before income tax expense and income from equity method investments99(39)
(i) Gain on divestitures and unrealized gains on investments and pension income excluding current service cost component have been included in Other nonoperating income, net in the Condensed Consolidated Statements of Income.
(ii) For the period ended March 31, 2024, there was a gain on divestitures of $115 million within Europe Materials Solutions.

Depreciation, depletion and amortization for each of the segments were:
Three months ended
March 31
in $ millions20242023
Depreciation, depletion and amortization
Americas Materials Solutions190186
Americas Building Solutions8075
Europe Materials Solutions103 101 
Europe Building Solutions24 22 
Total depreciation, depletion and amortization397 384 
CRH Form 10-Q 19


15. Pension and other postretirement benefits
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost (income) recognized in the Condensed Consolidated Statements of Income for the three months ended March 31 for the Pension and Other Postretirement Benefit (OPEB) Plans were:
Pension and OPEB Plans
U.S.Non-U.S.
Three months ended March 31Three months ended March 31
in $ millions2024202320242023
Service cost  10 8 
Interest cost6 6 21 24 
Expected return on assets(5)(5)(22)(23)
Amortization of:
Prior service credit  (3)(3)
Actuarial loss1 1 1  
Settlement gain (i)  (3) 
Net periodic benefit cost (ii) (iii)2 2 4 6 
(i)     Settlement gain of $3 million relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in gain on divestitures, within Other nonoperating income, net.
(ii) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended March 31, 2024 and March 31, 2023, respectively.
(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating income, net.

CRH Form 10-Q 20


16. Variable interest entities
The Company’s operations in the Philippines are conducted through a Variable Interest Entity (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 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 Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH plc companies were:
March 31December 31March 31
in $ millions202420232023
Assets
Current assets:
Cash and cash equivalents29 19 37 
Accounts receivable, net30 31 34 
Inventories106 99 121 
Other current assets54 51 49 
Total current assets219 200 241 
Property, plant and equipment, net897 923 969 
Goodwill196 200 507 
Operating lease right-of-use assets, net5 5 6 
Other noncurrent assets10 11 9 
Total assets1,327 1,3391,732
Liabilities
Current liabilities:
Accounts payable95 92 95 
Accrued expenses37 36 43 
Current portion of long-term debt87 98 89 
Operating lease liabilities1 1 1 
Other current liabilities24 25 25 
Total current liabilities244 252 253 
Long-term debt312 297 353 
Deferred income tax liabilities104 106 112 
Noncurrent operating lease liabilities4 5 5 
Other noncurrent liabilities18 17 15 
Total liabilities682 677738

The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH plc companies were:

Three months ended
March 31
in $ millions20242023