Assets held for sale and divestitures

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets held for sale and divestitures

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 31	December 31
in $ millions	2024	2023
Assets
Cash and cash equivalents	1	49
Accounts receivable, net	30	70
Inventories	59	102
Other assets	3	8
Property, plant and equipment, net	139	832
Operating lease right-of-use assets, net	-	6
Goodwill	4	201
Assets held for sale	236	1,268
Liabilities
Accounts payable	34	59
Accrued expenses	1	17
Other liabilities	9	145
Deferred income tax liabilities	-	148
Operating lease liabilities	-	6
Liabilities held for sale	44	375