Income tax (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of income tax (expense) benefit

Income tax

	For the year ended December 31,
(In $ million)	2019		2018		2017
Current tax (expense) benefit
Current year	(43	)	(101	)	(190	)
Adjustments for prior years	—		(1	)	1
	(43	)	(102	)	(189	)
Deferred tax (expense) benefit
Origination and reversal of temporary differences	(95	)	93		128
Adjustments for prior years	4		7		(4	)
	(91	)	100		124
Income tax (expense) benefit	(134	)	(2	)	(65	)

Reconciliation of income tax expense

Reconciliation of income tax expense

	For the year ended December 31,
(In $ million)	2019		2018		2017
Profit (loss) from continuing operations before income tax	317		(27	)	486
Income tax using the New Zealand tax rate of 28%	(89	)	7		(136	)
Effect of tax rates in foreign jurisdictions	(10	)	(11	)	(55	)
Non-deductible expenses and permanent differences	(10	)	(20	)	(29	)
Tax exempt income and income at a reduced tax rate	3		4		7
Goodwill impairment	(3	)	(28	)	—
Currency translation (gain) loss	(2	)	(1	)	25
Foreign tax credit	57		—		—
Domestic manufacturing deduction	—		—		12
Withholding tax	(6	)	(4	)	(5	)
Withholding tax related to prior periods	—		(5	)	—
Deemed mandatory repatriation	—		—		(5	)
Tax rate modifications	(1	)	16		339
Write-off of previously recognized deferred tax assets	(44	)	—		(227	)
Change in unrecognized tax losses and temporary differences	(34	)	9		3
Tax on unremitted earnings	1		(2	)	9
Tax uncertainties	(2	)	27		(4	)
Over (under) provided in prior periods	4		6		(3	)
Tax credits	4		2		2
Other	(2	)	(2	)	2
Total income tax (expense) benefit	(134	)	(2	)	(65	)

Schedule of deferred tax assets and liabilities

Movement in recognized deferred tax assets and liabilities

(In $ million)	Derivatives		Property, plant and equipment		Intangible assets		Employee benefits		Tax loss carry-forwards		Interest		Other items		Net deferred tax assets (liabilities)
Balance as of January 1, 2018	(73	)	(360	)	(1,102	)	258		85		112		98		(982	)
Recognized in profit or loss	73		(15	)	48		20		(18	)	9		(27	)	90
Recognized in equity	—		—		—		(10	)	—		—		3		(7	)
Other	—		(1	)	2		1		(2	)	—		5		5
Balance as of December 31, 2018	—		(376	)	(1,052	)	269		65		121		79		(894	)
Recognized in profit or loss	(33	)	(26	)	17		(6	)	(24	)	(32	)	8		(96	)
Recognized in equity	—		—		—		(51	)	—		—		—		(51	)
Disposals	—		20		28		(3	)	(2	)	—		—		43
Other	—		1		(2	)	(1	)	(1	)	—		3		—
Balance as of December 31, 2019	(33	)	(381	)	(1,009	)	208		38		89		90		(998	)

	As of December 31,
(In $ million)	2019		2018
Included in the statement of financial position as:
Deferred tax assets - non-current	27		28
Deferred tax liabilities - non-current	(1,025	)	(922	)
Total recognized net deferred tax liabilities	(998	)	(894	)

Unrecognized deferred taxes

	As of December 31,
(In $ million)	2019	2018
Deductible (taxable) temporary differences	419	284
Tax losses	286	294
Total unrecognized deferred tax assets	705	578