Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

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	2024	2023	2022
Income
U.S.	3,069	2,729	2,225
Non-U.S.	1,645	1,285	1,236
Total income	4,714	4,014	3,461

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	2024	2023	2022
Current tax:
U.S. - Federal	466	632	443
U.S. - State	84	67	87
Non-U.S.	355	290	221
Total current tax expense	905	989	751
Deferred tax:
U.S. - Federal	187	(28)	11
U.S. - State	(5)	(12)	(6)
Non-U.S.	(2)	(24)	6
Total deferred tax expense (benefit)	180	(64)	11
Total income tax expense	1,085	925	762

Schedule of Effective Income Tax Rate Reconciliation

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	2024		2023		2022
U.S. statutory rate	990		843		727
State tax, net of federal tax benefit	47		38		73
Tax rate differentials	27		(11)		(6)
Uncertain tax positions	62		87		60
Tax credits	(127)		(125)		(96)
Non-deductible goodwill impairment	10		75		–
Non-taxable divestiture of the European Lime operations	(65)		–		–
Other	141		18		4
Total tax expense	1,085		925		762
Effective income tax rate	23	%	23	%	22	%

Schedule of Deferred Tax Assets and Liabilities

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

in $ millions	2024	2023
Deferred tax assets:
Company retirement benefit plans	2	38
Revaluation of derivative financial instruments to fair value	4	2
Tax losses, credits and interest deduction carryforwards	1,149	1,052
Share-based compensation	39	41
Accrued expenses	454	420
Lease liabilities	286	292
Total deferred tax assets	1,934	1,845
Less: valuation allowances	(1,059)	(914)
Total deferred tax assets after valuation allowances	875	931
Deferred tax liabilities:
Investment in subsidiaries	146	155
Depreciation, depletion and amortization	3,419	3,109
Leased right-of-use assets	278	274
Rolled-over capital gains	21	21
Other	15	12
Total deferred tax liabilities	3,879	3,571
Total net deferred tax liabilities	3,004	2,640

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

in $ millions	2024	2023
Deferred income taxes, noncurrent assets	(101)	(98)
Deferred income taxes, noncurrent liabilities	3,105	2,738
Total net deferred tax liabilities	3,004	2,640

Summary of Valuation Allowance

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

in $ millions	2024	2023	2022
Balance at January 1	914	737	578
Acquisitions	12	–	–
Provision for income taxes	188	151	203
Foreign currency and other	(55)	26	(44)
Balance at December 31	1,059	914	737

Schedule of Unrecognized Tax Benefits Roll Forward

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

in $ millions	2024	2023	2022
Balance at January 1	665	576	547
Increases related to prior periods	–	9	4
Decreases related to prior periods	(50)	(12)	(8)
Increases related to current period	99	148	130
Decreases related to settlements with taxing authorities and lapse of statute of limitations	(65)	(68)	(67)
Foreign currency and other	(15)	12	(30)
Balance at December 31	634	665	576