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Variable interest entities
9 Months Ended
Sep. 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:
September 30December 31September 30
in $ millions202420232023
Assets
Current assets:
Cash and cash equivalents20 19 32 
Accounts receivable, net39 31 33 
Inventories101 99 97 
Other current assets56 51 48 
Total current assets216 200 210 
Property, plant and equipment, net882 923 913 
Goodwill197 200 488 
Operating lease right-of-use assets, net
Other noncurrent assets13 11 
Total assets1,313 1,3391,625
Liabilities
Current liabilities:
Accounts payable80 92 83 
Accrued expenses52 36 46 
Current portion of long-term debt77 98 108 
Operating lease liabilities
Other current liabilities23 25 23 
Total current liabilities233 252 261 
Long-term debt329 297 290 
Deferred income tax liabilities98 106 104 
Noncurrent operating lease liabilities
Other noncurrent liabilities20 17 15 
Total liabilities684 677675

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 endedNine months ended
September 30September 30
in $ millions2024202320242023
Total revenues88116282353
Total cost of revenues(86)(105)(262)(332)
Gross profit2112021
Net loss(10)(5)(22)(23)
Net cash (used in) provided by operating activities(11)21