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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the quarterly period ended June 30, 2024

For the transition period from to
Commission File Number: 001-32846

CRH public limited company 
(Exact name of registrant as specified in its charter)

Stonemason’s Way, Rathfarnham, Dublin 16, D16 KH51, Ireland
+353 1 404 1000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

    

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes      ☒ No

As of July 26, 2024, the number of outstanding Ordinary Shares was 682,777,425.686,67

CRH plc (together with its consolidated subsidiaries, the 'Company', 'CRH', the 'Group', 'we', 'us' or 'our'), a corporation organized under the laws of the Republic of Ireland, has determined, as of June 30, 2024 (including as a result of more than 50% of its ordinary shares being held by U.S. residents), that it will no longer qualify as a foreign private issuer as defined under the U.S. Securities Exchange Act of 1934 (the 'Exchange Act'). Effective as of January 1, 2025 CRH will be considered a U.S. domestic issuer.

For fiscal year 2024, CRH has voluntarily chosen to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the U.S. Securities and Exchange Commission (SEC) instead of filing on the reporting forms available to foreign private issuers.

Except as otherwise specified or the context otherwise requires, references to years indicate our fiscal year ended December 31 of the respective year.

References to the '2023 Form 10-K' are to our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 and amended on March 15, 2024. References to this 'Quarterly Report' are to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. All references to the 'Condensed Consolidated Financial Statements' are to Part I, Item 1 of this Quarterly Report. All references to the ‘same period in 2023’ refer to either the three months ended June 30, 2023 or the six months ended June 30, 2023, as applicable, unless otherwise indicated.

References to the 'Ordinary Shares' and 'Common Shares' refer to our ordinary shares of €0.32 each.

For the three months ended June 30, 2024, dividends declared on common stock were $0.35 per common share.

For the six months ended June 30, 2024, dividends declared on common stock were $0.70 per common share.

For the three months ended June 30, 2023, dividends declared on common stock were $nil per common share.

For the six months ended June 30, 2023, dividends declared on common stock were $1.03 per common share.

CRH plc (the Company) is a multinational company that operates in the building materials industry, providing essential products and services for construction projects primarily in North America and Europe. The Company is one of the largest suppliers of building materials globally. The Company is a major producer of aggregates, cement, readymixed concrete, asphalt, paving and construction services, and value-added building products. The Company provides solutions to a wide range of customers, including contractors, builders, engineers, infrastructure developers, and the residential market.

The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to the Quarterly Report on Form 10-Q and in Article 10 of Regulation S-X. The Company has continued to follow the accounting policies set forth in the audited Consolidated Financial Statements and related notes thereto included in the Company’s 2023 Form 10-K. In the opinion of our management, these statements reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods and at the dates presented. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K.

The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, impairment of goodwill, pension and other postretirement benefits, tax matters and litigation, including insurance and environmental compliance costs. These estimates and assumptions are based on management’s judgment.

Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.

Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.

Restricted cash consists of amounts held in escrow related to transactions expected to close in a future period, including amounts payable for the acquisition of Adbri Ltd. (Adbri) as referenced in Note 4, as well as amounts designated for exchange of assets under Section 1031 of the U.S. Internal Revenue Code.

Refer to Note 1.25 in the 2023 Form 10-K for impacts of new accounting standards. There were no material impacts from the adoption of new accounting standards for the six months ended June 30, 2024.

The Company disaggregates revenue based on its operating and reportable segments. The Company’s reportable segments are: (1) Americas Materials Solutions, (2) Americas Building Solutions, (3) Europe Materials Solutions, and (4) Europe Building Solutions.

Revenue is disaggregated by principal activities and products. 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.

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

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

Contract assets were $887 million, $716 million and $906 million and contract liabilities were $448 million, $439 million and $329 million, at June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The Company recognized revenue of $339 million and $270 million for the six months ended June 30, 2024, and June 30, 2023, respectively, which was previously included in the contract liability balance at December 31, 2023 and December 31, 2022, respectively.

Contract assets include unbilled revenue and retentions held by customers in respect of construction contracts at June 30, 2024, December 31, 2023 and June 30, 2023 amounting to $664 million and $223 million, $471 million and $245 million, and $723 million and $183 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 June 30, 2024, the Company had $4,032 million of transaction price allocated to remaining performance obligations. The majority of open contracts at June 30, 2024 are expected to close and revenue to be recognized within 12 months of the balance sheet date.

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 divestitures resulted in a pretax gain of $115 million which is included in Other nonoperating income, net. The results of the divested operations and the gain on divestiture are reported in the Europe Materials Solutions segment. The third phase comprising the operations in Poland, is expected to close in the second half of 2024.

The Lime operations in Poland comprise part of the Company’s Europe Materials Solutions segment and the relevant assets, $67 million, and liabilities, $14 million, have accordingly been reclassified as assets and liabilities held for sale.

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

The Company strategically acquires companies in order to increase its footprint and offer products and services that enhance its existing offerings. These acquisitions are accounted for as business combinations using the acquisition method, whereby the purchase price is allocated to the assets acquired and liabilities assumed, based on their estimated fair values at the date of the acquisition with the remaining amount recorded in goodwill.

On February 9, 2024, the Company acquired a portfolio of cement and readymixed concrete assets and operations in Texas, United States (the 'Hunter' acquisition) for a total consideration of $2,106 million. The Hunter acquisition is reported in the Americas Materials Solutions segment.

During the six months ended June 30, 2024, the Company completed the acquisition of 16 companies. The total cash consideration for these acquisitions net of cash acquired, was $2,522 million. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocations as soon as practical but no later than one year from the acquisition dates.

The provisional amounts for assets acquired, liabilities assumed, and consideration related to the acquisitions at June 30, 2024 were:

(i) Other acquisitions are aggregated on the basis of individual immateriality.

As a result of the acquisitions completed through June 30, 2024, the Company recognized $45 million of amortizable intangible assets and $1,171 million of goodwill. Goodwill represents the excess of the consideration paid over the fair value of net assets acquired and includes the expected benefit of cost savings and synergies within the Company’s segments and intangible assets that do not qualify for separate recognition. Of the goodwill recognized in respect of the acquisitions completed in the six months ended June 30, 2024, $1,125 million is expected to be deductible for tax purposes. The amortizable intangible assets will be amortized against earnings over a weighted average of six years.

On February 26, 2024, the Company announced that it had entered into a binding agreement to acquire a majority stake in Adbri (the ‘Adbri transaction’), a materials business in Australia. On July 1, 2024, the Adbri transaction was completed with the acquisition of approximately 57% of the issued share capital for $0.8 billion. The assets acquired complement the Company’s core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for the Company’s existing Australian business. Due to the timing of the Adbri transaction, the preliminary purchase price accounting remains ongoing as the Company continues to collect and assess information as of the transaction date.

Acquisition-related costs have been included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These costs include legal and consulting expenses incurred in connection with completed acquisitions. The Company incurred the following acquisition-related costs:

The financial information regarding the acquisitions included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition through June 30 were:

(i) Net loss amount excludes acquisition-related costs that arose during the six months ended June 30, 2024, and June 30, 2023.

Pro forma results of operations for the acquisitions have not been presented because they are not material to the Condensed Consolidated Financial Statements.

Accounts receivable, net, were:

Of the total Accounts receivable, net balances $34 million, $27 million and $39 million at June 30, 2024, December 31, 2023 and June 30, 2023, respectively, were due from equity method investments.

The changes in the allowance for credit losses were as follows:

Inventories were:

The changes in the carrying amount of goodwill were:

There were no charges for goodwill impairment in the six months ended June 30, 2024 and June 30, 2023.

Other current assets were:

Accrued expenses were:

Other current liabilities were: