Segment information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment information

20. Segment information

During the fourth quarter of 2024, the Company's reportable segments changed to the following three segments:

Americas Materials Solutions;

Americas Building Solutions; and

International Solutions

The Americas Materials Solutions segment provides building materials for the construction and maintenance of public infrastructure and commercial and residential buildings in North America. The primary materials produced by this segment include aggregates, cement, readymixed concrete and asphalt. This segment also provides paving and construction services for customers.

The Americas Building Solutions segment manufactures, supplies and delivers solutions for the built environment in communities across North America. Our subsidiaries within this segment offer building and infrastructure solutions serving complex critical infrastructure (such as water, energy, transportation and telecommunications projects) and outdoor living solutions for enhancing private and public spaces.

The International Solutions segment provides integrated building solutions primarily across Europe and Australia. The business integrates materials, products, and services to provide complete building solutions for use in the construction and renovation of public infrastructure, critical networks, commercial and residential buildings and outdoor living spaces.

The new segment structure reflects the nature of the financial information reported to and assessed by the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, who are together determined to fulfil the role of CODM. Comparative segment information for 2023 and 2022 has been recast to reflect the change in segments.

The principal factors employed in the identification of the three segments reflected in this note include:

(i)     the Company’s organizational structure in 2024 (during 2024 the Divisional President fulfilled the role of “segment manager”);

(ii)     the nature of the reporting lines to the CODM; and

(iii)     the structure of internal reporting documentation such as management accounts and budgets.

The Company’s reportable segments are the same as the Company’s operating segments and correspond with how the CODM regularly reviews financial information to allocate resources and assess performance under the Company’s organizational structure.

The CODM uses Adjusted EBITDA as part of their review of the monthly operating results on a segment basis. The CODM considers actual monthly results against the budget and the prior year as part of their assessment of the performance of the business and when making decisions regarding resource allocation. Given that Interest expense and Income tax expense are managed on a centralized basis, these items are not allocated between operating segments for the purposes of the information presented to the CODM and are accordingly omitted from the detailed segmental analysis below. There are no asymmetrical allocations to reporting segments which would require disclosure.

Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, income/loss from equity method investments, substantial acquisition-related costs and pension expense/income excluding current service cost component.

The key performance measures and segment expenses for the Company’s reportable segments for the years ended December 31 were:

	2024
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Revenue	16,173	7,059	12,340	35,572
Less:
Labor	3,493	1,447	2,389	7,329
Energy costs	743	121	983	1,847
Other segment items (i)	8,192	4,102	7,172	19,466
Adjusted EBITDA	3,745	1,389	1,796	6,930

	2023
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Revenue	15,435	7,017	12,497	34,949
Less:
Labor	3,274	1,306	2,264	6,844
Energy costs	805	122	1,314	2,241
Other segment items (i)	8,297	4,147	7,244	19,688
Adjusted EBITDA	3,059	1,442	1,675	6,176

	2022
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Revenue	14,324	6,188	12,211	32,723
Less:
Labor	3,009	1,097	2,119	6,225
Energy costs	877	121	1,267	2,265
Other segment items (i)	7,800	3,751	7,294	18,845
Adjusted EBITDA	2,638	1,219	1,531	5,388

(i)    The nature of other segment items is similar for each segment and primarily includes raw materials, haulage costs, subcontractor costs and other Selling, general and administrative expenses. As a result of our integrated building solutions model, the composition of other segment items is such that at a segment level none of these items is individually significant in determining segment performance.

in $ millions	2024	2023	2022
Adjusted EBITDA	6,930	6,176	5,388
Depreciation, depletion and amortization	(1,798)	(1,633)	(1,552)
Loss on impairments (i)	(161)	(357)	–
Interest income	143	206	65
Interest expense	(612)	(376)	(344)
Gain (loss) on divestitures and unrealized gains on investments (ii)	250	–	(99)
Pension income excluding current service cost component (ii)	7	3	30
Other interest, net (ii)	1	(5)	–
Substantial acquisition-related costs	(46)	–	(27)
Income from continuing operations before income tax expense and income from equity method investments	4,714	4,014	3,461

(i)    The total Loss on impairments comprised of $161 million and $295 million within International Solutions for the years ended December 31, 2024 and 2023, respectively and $62 million within Americas Materials Solutions for the year ended December 31, 2023.

(ii)    Gain (loss) on divestitures and unrealized gains on investments, pension income excluding current service cost component and other interest, net have been included in Other nonoperating income (expense), net in the Consolidated Statements of Income.

Depreciation, depletion and amortization for each of the segments for the years ended December 31 were:

in $ millions	2024	2023	2022
Depreciation, depletion and amortization
Americas Materials Solutions	846	781	777
Americas Building Solutions	337	299	236
International Solutions	615	553	539
Total depreciation, depletion and amortization	1,798	1,633	1,552

The Gain (loss) on divestitures and unrealized gains on investments for each of the segments for the years ended December 31 were:

in $ millions	2024	2023	2022
Gain (loss) on divestitures and unrealized gains on investments
Americas Building Solutions	1	–	–
International Solutions	249	–	(99)
Total gain (loss) on divestitures and unrealized gains on investments	250	–	(99)

The segment assets at December 31 were:

in $ millions	2024	2023	2022
Assets
Americas Materials Solutions	21,474	17,534	17,615
Americas Building Solutions	9,049	7,961	7,749
International Solutions	15,011	13,373	13,140
Total assets for reportable segments	45,534	38,868	38,504
Cash and cash equivalents	3,720	6,341	5,936
Restricted cash	39	–	–
Other current assets, excluding segment assets	446	193	134
Equity method investments	737	620	649
Assets held for sale	–	1,268	–
Other noncurrent assets, excluding segment assets	137	179	96
Total assets as reported in the Consolidated Balance Sheets	50,613	47,469	45,319

The segment liabilities at December 31 were:

in $ millions	2024	2023	2022
Liabilities
Americas Materials Solutions	3,154	3,349	2,908
Americas Building Solutions	1,769	1,770	1,567
International Solutions	4,848	5,050	4,408
Total liabilities for reportable segments	9,771	10,169	8,883
Other current liabilities, excluding segment liabilities	163	156	193
Total debt	13,968	11,642	9,636
Deferred income tax liabilities	3,105	2,738	2,885
Liabilities held for sale	–	375	–
Other noncurrent liabilities, excluding segment liabilities	756	768	682
Total liabilities as reported in the Consolidated Balance Sheets	27,763	25,848	22,279

Additions to property, plant and equipment and intangible assets for each of the segments for the years ended December 31 were:

in $ millions	2024	2023	2022
Property, plant and equipment and intangible asset additions (i)
Americas Materials Solutions	1,151	854	715
Americas Building Solutions	480	360	259
International Solutions	1,074	664	559
Total property, plant and equipment and intangible asset additions	2,705	1,878	1,533

(i)     Property, plant and equipment and intangible asset additions exclude asset retirement cost additions.

Long-lived assets by geographic area at December 31 were:

in $ millions	2024	2023	2022
Long-lived assets by geographical area (i)
United Kingdom	1,819	1,786	1,691
United States	13,504	10,821	10,916
Other	7,403	6,526	6,336
Total long-lived assets by geographical area	22,726	19,133	18,943

(i)     Long-lived assets comprise property, plant and equipment and operating lease right-of-use assets.

Information about major customers

There are no material dependencies or concentrations of individual customers that require disclosure. The individual entities within the Company have a large number of customers spread across various activities, end-users and geographies.