Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at September 30, 2025, including measurement period adjustments to provisional fair values in respect of acquisitions completed in previous periods, were:

in $ millions	Eco Material	Other acquisitions (i)	Total
Identifiable assets acquired and liabilities assumed
Assets
Cash and cash equivalents	23	8	31
Accounts receivable, net	137	100	237
Inventories	37	46	83
Other current assets	19	6	25
Property, plant and equipment, net	533	465	998
Equity method investments	–	(49)	(49)
Intangible assets, net	921	64	985
Operating lease right-of-use assets, net	71	34	105
Total assets	1,741	674	2,415
Liabilities
Accounts payable	49	47	96
Accrued expenses	17	9	26
Operating lease liabilities	55	35	90
Long-term debt	–	22	22
Deferred income tax liabilities	192	(2)	190
Other liabilities	130	62	192
Total liabilities	443	173	616
Total identifiable net assets at fair value	1,298	501	1,799
Goodwill	791	608	1,399
Redeemable noncontrolling interests	–	(17)	(17)
Noncontrolling interests	–	(6)	(6)
Total consideration	2,089	1,086	3,175
Consideration satisfied by:
Cash payments	2,089	1,063	3,152
Deferred consideration (stated at net present cost)	–	4	4
Contingent consideration	–	19	19
Total consideration	2,089	1,086	3,175
Acquisitions of businesses, net of cash acquired
Cash consideration	2,089	1,063	3,152
Less: cash and cash equivalents acquired	(23)	(8)	(31)
Total outflow in the Condensed Consolidated Statements of Cash Flows	2,066	1,055	3,121

(i)    Acquisitions are aggregated on the basis of individual immateriality. The acquisition balance sheet presented in this note reflects the identifiable net assets acquired in respect of acquisitions completed in the nine months through September 30, 2025, together with measurement period adjustments to provisional fair values in respect of acquisitions completed during previous periods; none of which were material.

Schedule of Acquisition-Related Costs

The Company incurred the following acquisition-related costs:

	Three months ended		Nine months ended
	September 30		September 30
in $ millions	2025	2024	2025	2024
Acquisition-related costs
Substantial acquisition-related (i)	13	23	13	45
Other acquisitions	3	5	18	7
Total acquisition-related costs	16	28	31	52

(i) Represents expenses associated with the non-routine substantial acquisition of Eco Material during the third quarter of 2025. The comparative periods presented include expenses related to the acquisition of Adbri, an Australian-based materials business, and to the acquisition of a portfolio of cement and readymixed concrete operations and assets in Texas, during 2024.