Variable interest entities

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable interest entities

15. Variable interest entities

The Company’s operations in the Philippines are conducted through a Variable Interest Entity (VIE), wherein the Company holds 40% of the equity share capital and a 55% share of earnings and distributions. The remaining noncontrolling interest of 60% equity share capital and 45% share of earnings and distributions is held by an unrelated party. The Company’s voting rights are not proportional to its share of earnings and distributions, and substantially all of the activities of the Philippines business are conducted on behalf of the Company and controlled by the Company through contractual relationships. The Philippines business meets the definition of a VIE for which the Company is the primary beneficiary and, therefore, is consolidated.

Further, the Company has provided subordinated debt to the intermediate parent of the Philippines business which exposes the Company to the profits and losses of the Philippines business. The debt is repayable only where the shareholder agreement of the intermediate parent of the Philippines business is terminated or where the Company transfers its shares in the intermediate parent to an unrelated entity (i.e., the debt exposure of the Company becomes in substance a residual interest in the intermediate parent).

The carrying amounts of assets and liabilities of the consolidated VIE, reported within the Condensed Consolidated Balance Sheets before intragroup eliminations with other CRH companies were:

	March 31	December 31	March 31
in $ millions	2025	2024	2024
Assets
Current assets:
Cash and cash equivalents	18	21	29
Accounts receivable, net	43	38	30
Inventories	88	96	106
Other current assets	60	58	54
Total current assets	209	213	219
Property, plant and equipment, net	845	846	897
Goodwill	193	190	196
Intangible assets, net	1	1	–
Operating lease right-of-use assets, net	5	5	5
Other noncurrent assets	9	9	10
Total assets	1,262	1,264	1,327
Liabilities
Current liabilities:
Accounts payable	94	106	95
Accrued expenses	43	44	37
Current portion of long-term debt	55	33	87
Operating lease liabilities	1	1	1
Other current liabilities	23	25	24
Total current liabilities	216	209	244
Long-term debt	343	345	312
Deferred income tax liabilities	94	94	104
Noncurrent operating lease liabilities	4	4	4
Other noncurrent liabilities	22	21	18
Total liabilities	679	673	682

The operating results of the consolidated VIE, reported within the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows before intragroup eliminations with other CRH companies were:

	Three months ended
	March 31
in $ millions	2025	2024
Total revenues	84	96
Total cost of revenues	(80)	(87)
Gross profit	4	9
Net loss	(13)	(9)
Net cash used in operating activities	(18)	(6)