Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax (benefit) expense were as follows:

(in millions of US dollars)	2023		2022		2021
Current taxes
United States	$	62	$	—	$	—
Foreign	46		39		1
Current taxes	108		39		1
Deferred taxes
United States	21		(40)		—
Foreign	(905)		—		—
Deferred taxes	(884)		(40)		—
Income tax (benefit) expense	$	(776)	$	(1)	$	1

Schedule of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows:

(in millions of US dollars)	2023		2022		2021
United States	$	(217)	$	(232)	$	(297)
Foreign	801		139		(1,245)
Income (loss) before income taxes	$	584	$	(93)	$	(1,542)

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:

(in millions of US dollars)	2023		2022		2021
Taxes computed at the federal statutory rate	$	122	$	(20)	$	(324)
Differences resulting from:
Statutory rate difference	28		51		(44)
Change in valuation allowances	(1,031)		(144)		393
GILTI	91		93		—
Stock compensation	44		37		(20)
Tax credit	(47)		(35)		(5)
Other nondeductible expense	17		15		—
Other	—		2		1
Income tax (benefit) expense	$	(776)	$	(1)	$	1

Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities

The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:

(in millions of US dollars)	December 31, 2023		December 31, 2022
Deferred tax assets
Provision and allowances	$	69	$	57
Depreciation	8		7
Accrued expenses	69		52
Amortization	21		32
Defined severance benefits	84		71
Lease liabilities	409		353
Net operating loss carryforwards	643		790
Tax credits	33		55
Other	49		28
Total deferred tax assets	1,385		1,445
Less: valuation allowances	(82)		(1,085)
Total deferred tax assets net of valuation allowance	$	1,303	$	360
Deferred tax liabilities
Lease asset	(371)		(317)
Other	(7)		(3)
Total deferred tax liabilities	(378)		(320)
Net deferred tax assets	$	925	$	40

Summary of Valuation Allowance

Changes in the valuation allowances were as follows:

(in millions)	2023		2022		2021
Beginning balance, January 1	$	(1,085)	$	(1,284)	$	(975)
Changes to existing valuation allowances	140		103		(393)
Derecognition of valuation allowances	905		41		—
Changes in foreign exchange rates, statutory rates and other	(42)		55		84
Ending balance, December 31	$	(82)	$	(1,085)	$	(1,284)

Summary of Operating Loss Carryforwards

The net operating loss carryforwards in Korea expire as follows:

(in millions)	Korea
2026	14
2027	506
2028	819
2029	128
2035 - 2037	899
Total net operating loss carryforwards	$	2,366