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Variable interest entities
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable interest entities
16. 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 plc companies were:
June 30December 31June 30
in $ millions202420232023
Assets
Current assets:
Cash and cash equivalents34 19 39 
Accounts receivable, net38 31 32 
Inventories98 99 114 
Other current assets52 51 46 
Total current assets222 200 231 
Property, plant and equipment, net852 923 946 
Goodwill188 200 500 
Operating lease right-of-use assets, net
Other noncurrent assets10 11 10 
Total assets1,277 1,3391,693
Liabilities
Current liabilities:
Accounts payable94 92 88 
Accrued expenses36 36 47 
Current portion of long-term debt82 98 74 
Operating lease liabilities
Other current liabilities25 25 25 
Total current liabilities238 252 235 
Long-term debt303 297 348 
Deferred income tax liabilities95 106 109 
Noncurrent operating lease liabilities
Other noncurrent liabilities18 17 15 
Total liabilities658 677712

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 plc companies were:
Three months endedSix months ended
June 30June 30
in $ millions2024202320242023
Total revenues98122194237
Total cost of revenues(89)(113)(176)(227)
Gross profit991810
Net loss(3)(6)(12)(18)
Net cash (used in) provided by operating activities(2)6