Assets held for sale and discontinued operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets held for sale and discontinued operations

3. Assets held for sale and discontinued operations

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 third phase, comprising the operations in Poland, closed on August 30, 2024. The divestitures resulted in a pretax gain of $167 million which is included in Other nonoperating income (expense), net. The results of the divested operations and the gain on divestiture are reported in the International Solutions segment.

The disposal of certain cement, aggregates and readymixed concrete operations in Quebec, Canada, previously classified as held for sale, completed during 2024.

The assets associated with these transactions comprised part of the Company’s International Solutions and Americas Materials Solutions segments, respectively. As the businesses were divested in 2024, all opening balances have been reclassified back to the relevant asset and liability categories prior to their divestiture for presentation purposes.

The major classes of assets and liabilities classified as held for sale at December 31 were:

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

In April 2022, the Company completed the divestiture of its Building Envelope business, formerly part of the Americas Building Solutions segment. The Company analyzed the quantitative and qualitative factors relevant to the Building Envelope business and determined that the criteria for discontinued operations presentation were met during the year ended 2022. As a result, the operating results of the Building Envelope business were reported separately as discontinued operations, net of income tax expense, in the Consolidated Statements of Income for the period ended December 31, 2022.

The financial results for the Company’s discontinued operations for the year ended December 31 were:

in $ millions	2022
Total revenues	645
Operating income	89
Gain on divestiture before income taxes	1,471
Income from discontinued operations before income tax expense	1,560
Income tax expense	(370)
Income from discontinued operations, net of income tax expense	1,190

The cash flows from discontinued operations included in the accompanying Consolidated Statements of Cash Flows for the year ended December 31 were:

in $ millions	2022
Cash flows from discontinued operations
Net cash used in operating activities (i)	(444)
Net cash provided by investing activities (ii)	3,446
Net cash provided by financing activities	3

(i)     Includes the corporation tax paid on the sale of discontinued operations.

(ii)     Includes the proceeds from the divestiture of discontinued operations.