Redeemable noncontrolling interest

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Redeemable noncontrolling interest

23. Redeemable noncontrolling interests

The redeemable noncontrolling interests comprises the noncontrolling interests in two of the Company’s subsidiaries within the Americas Materials Solutions segment, that are currently redeemable. The Company has the ability to exercise the call option for the noncontrolling interests on or after December 31, 2031. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These put and call options are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.

During the twelve months ended December 31, 2023, the Company increased the carrying amount of the redeemable noncontrolling interests to reflect the estimated redemption values as of the balance sheet date based on the formulaic redemption values, with an offsetting entry to retained earnings.

The rollforward of Redeemable noncontrolling interests at December 31 was:

in $ millions
Balance at December 31, 2020	322
Net income attributable to redeemable noncontrolling interests	22
Adjustment to the redemption value	18
Dividends paid	(26)
Balance at December 31, 2021	336
Net income attributable to redeemable noncontrolling interests	27
Adjustment to the redemption value	(40)
Dividends paid	(15)
Balance at December 31, 2022	308
Net income attributable to redeemable noncontrolling interests	28
Adjustment to the redemption value	24
Dividends paid	(27)
Balance at December 31, 2023	333