Revenue

3 Months Ended

Mar. 31, 2025

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 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.

	Three months ended March 31, 2025
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	876	–	1,062	1,938
Road Solutions (i)	1,367	–	1,135	2,502
Building & Infrastructure Solutions (ii)	–	568	506	1,074
Outdoor Living Solutions	–	1,114	128	1,242
Total revenues	2,243	1,682	2,831	6,756
	Three months ended March 31, 2024
in $ millions	Americas Materials Solutions	Americas Building Solutions	International Solutions	Total
Principal activities and products
Essential Materials	903	–	990	1,893
Road Solutions (i)	1,299	–	1,023	2,322
Building & Infrastructure Solutions (ii)	–	548	493	1,041
Outdoor Living Solutions	–	1,145	132	1,277
Total revenues	2,202	1,693	2,638	6,533

(i) Revenue from contracts with customers in the Road Solutions principal activities and products category that is recognized over time was:

	Three months ended
	March 31
in $ millions	2025	2024
Americas Materials Solutions	638	596
International Solutions	395	414
Total revenue from contracts with customers	1,033	1,010

(ii) Revenue from contracts with customers in the Building & Infrastructure Solutions principal activities and products category that is recognized over time was:

	Three months ended
	March 31
in $ millions	2025	2024
Americas Building Solutions	14	23
International Solutions	97	132
Total revenue from contracts with customers	111	155

Contract assets were $659 million, $690 million and $637 million and contract liabilities were $481 million, $500 million and $430 million, at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The Company recognized revenue of $276 million and $265 million for the three months ended March 31, 2025, and March 31, 2024, respectively, which was previously included in the contract liability balance at December 31, 2024 and December 31, 2023, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at March 31, 2025, December 31, 2024 and March 31, 2024 amounting to $430 million and $229 million, $450 million and $240 million, and $416 million and $221 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 March 31, 2025, the Company had $3,848 million of transaction price allocated to remaining performance obligations. The majority of open contracts at March 31, 2025 are expected to close and revenue to be recognized within 12 months of the balance sheet date.