Income taxes

9 Months Ended

Sep. 30, 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 expense from operations was:

	Three months ended		Nine months ended
	September 30		September 30
in $ millions	2025	2024	2025	2024
Total tax expense	428	531	795	942
Effective income tax rate	22%	28%	23%	25%

The decrease in the effective tax rate for the three months ended September 30, 2025 is mainly driven by movement in uncertain tax positions during the period. The decrease in the effective tax rate for the nine months ended September 30, 2025 is mainly driven by movement in uncertain tax positions and valuation allowances.