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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue
2. Revenue
The Company disaggregates revenue based on its operating and reportable segments. During the fourth quarter of 2024, the Company changed its reportable segments as described in Note 20 Segment Information. The Company’s operating and reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, and (3) International Solutions.
Revenue is disaggregated by principal activities and products and by primary geographic market. 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.

For the Year Ended December 31, 2024
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Principal activities and products
Essential Materials4,793–4,7679,560
Road Solutions (i)11,380–4,93016,310
Building & Infrastructure Solutions (ii)–2,5691,9984,567
Outdoor Living Solutions–4,4906455,135
Total revenues16,1737,05912,34035,572

For the Year Ended December 31, 2023
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Principal activities and products
Essential Materials4,583–4,8769,459
Road Solutions (i)10,852–4,81415,666
Building & Infrastructure Solutions (ii)–2,5242,1744,698
Outdoor Living Solutions–4,4936335,126
Total revenues15,4357,01712,49734,949

For the Year Ended December 31, 2022
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Principal activities and products
Essential Materials4,160–4,6258,785
Road Solutions (i)10,164–4,72414,888
Building & Infrastructure Solutions (ii)–2,3792,2524,631
Outdoor Living Solutions–3,8096104,419
Total revenues14,3246,18812,21132,723

(i)     Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time for the years ended December 31 were:
in $ millions202420232022
Americas Materials Solutions6,4266,1465,791
International Solutions1,8802,0041,814
Total revenue from contracts with customers8,3068,1507,605
(ii)     Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time for the years ended December 31 were:
in $ millions202420232022
Americas Building Solutions817078
International Solutions486573521
Total revenue from contracts with customers567643599

For the Year Ended December 31, 2024
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Primary geographic markets
United States14,9756,73612321,834
Rest of World (i)1,1983231,1992,720
United Kingdom––3,9943,994
Rest of Europe (ii)––7,0247,024
Total revenues16,1737,05912,34035,572

For the Year Ended December 31, 2023
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Primary geographic markets
United States14,0886,69215020,930
Rest of World (i)1,3473256332,305
United Kingdom––4,3124,312
Rest of Europe (ii)––7,4027,402
Total revenues15,4357,01712,49734,949

For the Year Ended December 31, 2022
in $ millionsAmericas Materials SolutionsAmericas Building SolutionsInternational SolutionsTotal
Primary geographic markets
United States13,0505,86017819,088
Rest of World (i)1,2743257012,300
United Kingdom––4,2414,241
Rest of Europe (ii)–37,0917,094
Total revenues14,3246,18812,21132,723
(i)    The Rest of World principally includes Australia, Canada and the Philippines.
(ii)    The Rest of Europe principally includes Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Luxembourg, the Netherlands, Poland, Romania, Serbia, Slovakia, Spain, Sweden, Switzerland and Ukraine. Revenues generated in the Republic of Ireland represented approximately 2%, 3%, and 2% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022, respectively.
Contract assets were $690 million and $716 million and contract liabilities were $500 million and $439 million, at December 31, 2024 and 2023, respectively. The decrease in contract assets was primarily attributed to revenue recognized on certain contracts partially offset by the timing of billings. The increase in contract liabilities was due to the timing of advance payments and revenue recognized during the period. The Company recognized revenue of $387 million and $308 million for the years ended December 31, 2024 and 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and 2022, respectively.
Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at December 31, 2024 and 2023 amounting to $450 million and $240 million, and $471 million and $245 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 December 31, 2024, the Company had $3,551 million of transaction price allocated to remaining performance obligations. The majority of open contracts at December 31, 2024, are expected to close and revenue to be recognized within 12 months of the balance sheet date.
Revenue from sales to equity method investments for the years ended December 31, 2024, 2023, and 2022 were $296 million, $221 million, and $237 million, respectively.