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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. The Company’s operating and 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 September 30, 2024
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials1,390–1,363–2,753
Road Solutions (i)3,909–1,432–5,341
Building & Infrastructure Solutions (ii)–705–4881,193
Outdoor Living Solutions–1,052–1761,228
Total revenues5,2991,7572,79566410,515
Three months ended September 30, 2023
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials1,326–1,286–2,612
Road Solutions (i)3,754–1,331–5,085
Building & Infrastructure Solutions (ii)–687–5201,207
Outdoor Living Solutions–1,051–1731,224
Total revenues5,0801,7382,61769310,128


Nine months ended September 30, 2024
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials3,605–3,560–7,165
Road Solutions (i)8,302–3,652–11,954
Building & Infrastructure Solutions (ii)–1,933–1,5093,442
Outdoor Living Solutions–3,633–5084,141
Total revenues11,9075,5667,2122,01726,702
Nine months ended September 30, 2023
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsEurope Materials SolutionsEurope Building SolutionsTotal
Principal activities and products
Essential Materials3,388–3,764–7,152
Road Solutions (i)7,751–3,645–11,396
Building & Infrastructure Solutions (ii)–1,935–1,6793,614
Outdoor Living Solutions–3,612–4904,102
Total revenues11,1395,5477,4092,16926,264
(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:
Three months endedNine months ended
September 30September 30
in $ millions2024202320242023
Americas Materials Solutions2,3332,2594,6654,360
Europe Materials Solutions5725701,4391,501
Total revenue from contracts with customers2,9052,8296,1045,861


(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:
Three months endedNine months ended
September 30September 30
in $ millions2024202320242023
Americas Building Solutions17196653
Europe Building Solutions111123374424
Total revenue from contracts with customers128142440477
Contract assets were $1,004 million, $716 million and $1,005 million and contract liabilities were $495 million, $439 million and $404 million, at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The Company recognized revenue of $382 million and $328 million for the nine months ended September 30, 2024, and September 30, 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 September 30, 2024, December 31, 2023 and September 30, 2023 amounting to $752 million and $252 million, $471 million and $245 million, and $790 million and $215 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 September 30, 2024, the Company had $4,069 million of transaction price allocated to remaining performance obligations. The majority of open contracts at September 30, 2024 are expected to close and revenue to be recognized within 12 months of the balance sheet date.