Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The summary of the Income from continuing operations before income tax expense for the years ended December 31 was:

in $ millions	2023	2022	2021
Income
U.S.	2,729	2,225	1,596
Non-U.S.	1,285	1,236	1,506
Total income	4,014	3,461	3,102

Schedule of Components of Income Tax Expense (Benefit)

The summary of the Income tax expense from continuing operations for the years ended December 31 was:

in $ millions	2023	2022	2021
Current tax:
U.S. - Federal	632	443	304
U.S. - State	67	87	47
Non-U.S.	290	221	205
Total current tax expense	989	751	556
Deferred tax:
U.S. - Federal	(28)	11	54
U.S. - State	(12)	(6)	11
Non-U.S.	(24)	6	29
Total deferred tax (benefit) expense	(64)	11	94
Total income tax expense	925	762	650

Schedule of Effective Income Tax Rate Reconciliation

While the Company is domiciled in Ireland, due to the percentage of global operations subject to tax in the United States, the Company uses the U.S. Federal statutory tax rate in the reconciliation of the effective income tax rate. The reconciliation of the applicable U.S. Federal income tax rate to the effective income tax rates was:

in $ millions	2023		2022		2021
U.S. statutory rate	843		727		651
State tax, net of federal tax benefit	38		73		61
Tax rate differentials	(11)		(6)		4
Uncertain tax positions	87		60		75
Tax credits	(125)		(96)		(107)
Non-deductible goodwill impairment	75		–		–
Other	18		4		(34)
Total tax expense	925		762		650
Effective income tax rate	23	%	22	%	21	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31 were:

in $ millions	2023	2022
Deferred tax assets:
Company retirement benefit plans	38	26
Revaluation of derivative financial instruments to fair value	2	–
Tax losses, credits and interest deduction carryforwards	1,052	855
Share-based compensation	41	31
Accrued expenses	420	350
Lease liabilities	292	263
Total deferred tax assets	1,845	1,525
Less: valuation allowances	(914)	(737)
Total deferred tax assets after valuation allowances	931	788
Deferred tax liabilities:
Investment in subsidiaries	155	159
Depreciation, depletion and amortization	3,109	3,165
Leased right-of-use assets	274	250
Rolled-over capital gains	21	20
Other	12	–
Total deferred tax liabilities	3,571	3,594
Total net deferred tax liabilities	2,640	2,806

The net deferred tax assets and liabilities that are included in the Consolidated Balance Sheets at December 31 were:

in $ millions	2023	2022
Deferred income taxes, noncurrent assets	(98)	(79)
Deferred income taxes, noncurrent liabilities	2,738	2,885
Total net deferred tax liabilities	2,640	2,806

Summary of Valuation Allowance

The summary of the change in valuation allowance at December 31 was:

in $ millions	2023	2022	2021
Balance at January 1	737	578	507
Provision for income taxes	151	203	102
Foreign currency and other	26	(44)	(31)
Balance at December 31	914	737	578

Schedule of Unrecognized Tax Benefits Roll Forward

The reconciliation of the changes in the unrecognized tax benefits at December 31 was:

in $ millions	2023	2022	2021
Balance at January 1	576	547	536
Increases related to prior periods	9	4	2
Decreases related to prior periods	(12)	(8)	(21)
Increases related to current period	148	130	104
Decreases related to settlements with taxing authorities and lapse of statute of limitations	(68)	(67)	(56)
Foreign currency and other	12	(30)	(18)
Balance at December 31	665	576	547