Income taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income taxes

10. Income taxes

The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.

The summary of the income tax benefit from operations was:

	Three months ended
	March 31
in $ millions	2025	2024
Total tax benefit	(58)	(19)
Effective income tax rate	40%	(19%)

The effective tax rate for this quarter has increased compared to the three months ended March 31, 2024. This is primarily driven by the inclusion of the largely tax-exempt divestiture of phases one and two of the European Lime operations in the three months ended March 31, 2024, which is in excess of the amount of tax-exempt divestitures in the three months ended March 31, 2025. Additionally, there has been an increase in the tax deduction for share-based compensation, which has proportionately increased the tax benefit in the three months ended March 31, 2025.