v3.25.4

Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of Income before income tax expense and income from equity method investments are as follows:
| For the years ended December 31,
(In millions) | 2025 |  | 2024 |  | 2023
Swiss | $288 |  | $328 |  | $218
Non-Swiss | 1,209 |  | 1,300 |  | 1,085
Total income before income tax expense and income from equity method investments | $1,497 |  | $1,628 |  | $1,303
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following:
| For the years ended December 31,
(In millions) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Swiss – Federal | $24 |  | $24 |  | $2
Swiss – Cantonal | 11 |  | — |  | 1
Non-Swiss | 213 |  | 379 |  | 347
Total current tax expense | 248 |  | 403 |  | 350
Deferred: |  |  |  |  |
Swiss – Federal | (1) |  | 25 |  | 17
Swiss – Cantonal | — |  | 14 |  | 7
Non-Swiss | 79 |  | (74) |  | (13)
Total deferred tax expense (benefit) | 78 |  | (35) |  | 11
Total income tax expense | $326 |  | $368 |  | $361
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory Swiss federal tax rate and the Company’s effective tax rate is as follows:
| For the years ended December 31, |
(In millions, except for percentage data) | 2025 | % | 2024 | % | 2023 | %
Swiss federal statutory tax rate | $127 | 8.5 | $138 | 8.5 | $111 | 8.5
Cantonal income taxes (1) | 11 | 0.7 | 14 | 0.8 | 8 | 0.6
Changes in unrecognized tax benefits | (20) | (1.4) | 15 | 0.9 | 43 | 3.3
OECD Pillar Two tax | (6) | (0.4) | 24 | 1.5 |  |
Other adjustments: |  |  |  |  |  |
Deferred tax adjustments | 7 | 0.5 |  |  |  |
Other | (3) | (0.1) | (2) | (0.1) |  |
Foreign tax effects |  |  |  |  |  |
United States |  |  |  |  |  |
Effect of rates different than statutory | 97 | 6.5 | 118 | 7.2 | 96 | 7.4
State and local income taxes | 33 | 2.2 | 46 | 2.8 | 46 | 3.6
Nontaxable or nondeductible items |  |  |  |  | 5 | 0.4
Other adjustments: |  |  |  |  |  |
Percentage depletion | (17) | (1.1) | (18) | (1.1) | (16) | (1.3)
Deferred tax adjustments |  |  | (18) | (1.1) | 2 | 0.2
Purchase price adjustments |  |  | (13) | (0.8) |  |
Other | (2) | (0.1) | (8) | (0.5) | 4 | 0.3
Canada |  |  |  |  |  |
Effect of rates different than statutory | 70 | 4.6 | 58 | 3.5 | 51 | 4.0
State and local income taxes | 1 | 0.1 | 1 | 0.1 | 1 | 0.1
Nontaxable or nondeductible items |  |  | 7 | 0.5 | 7 | 0.6
Other adjustments: |  |  |  |  |  |
Repatriation cost | 28 | 1.8 |  |  |  |
Other | (1) | (0.1) | 6 | 0.4 | 3 | 0.1
Other foreign jurisdictions: |  |  |  |  |  |
Other adjustments | 1 | 0.1 |  |  |  |
Total income tax expense | $326 |  | $368 |  | $361 |
Effective income tax rate | 21.8% |  | 22.6% |  | 27.8% |
__________________ (1)Entirely comprised of income taxes from the Canton of Zug.
Schedule of Cash Flow, Supplemental Disclosures | Income Taxes Paid
| For the years ended December 31,
(In millions) | 2025 |  | 2024 |  | 2023
Swiss | $— |  | $— |  | $—
United States | 230 |  | 196 |  | 142
Canada | 139 |  | 106 |  | 69
Total income taxes paid | $369 |  | $302 |  | $211
Cash expenditures were as follows:
|  | For the years ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Interest paid |  | $411 |  | $497 |  | $504
Income taxes paid |  | 369 |  | 302 |  | 211
Operating cash flows used for operating leases |  | (169) |  | (159) |  | (161)
Operating cash flows used for finance leases |  | (19) |  | (16) |  | (11)
Financing cash flows used for finance leases |  | (106) |  | (82) |  | (55)
Non-cash investing and financing transactions were as follows:
|  | For the years ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Accrued purchases of property, plant and equipment |  | $90 |  | $72 |  | $81
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 197 |  | 244 |  | 166
Right-of-use assets obtained in exchange for new finance lease liabilities |  | 223 |  | 150 |  | 89
Equity contribution from Holcim related to the Spin-off |  | 1,999 |  | — |  | —
Schedule of Deferred Tax Assets and Liabilities | The components of Deferred income tax liabilities, net were as follows:
| As of December 31,
(In millions) | 2025 |  | 2024
Deferred tax assets: |  |  |
Deferred expenses and defined benefit pension plan obligations | $265 |  | $291
Lease liabilities | 171 |  | 138
Site restoration | 122 |  | 61
Net operating loss | 90 |  | 22
Other assets | 49 |  | 78
Total deferred tax assets | 697 |  | 590
Less: valuation allowances | (66) |  | (13)
Total deferred tax assets after valuation allowances | $631 |  | $577
Deferred tax liabilities: |  |  |
Cost depletion | $(144) |  | $(107)
Property, plant and equipment | (1,018) |  | (1,009)
Intangible and other long-lived assets | (301) |  | (260)
Leased right-of-use assets | (163) |  | (137)
Other liabilities | (33) |  | —
Total deferred tax liabilities | (1,659) |  | (1,513)
Total net deferred tax liabilities | $(1,028) |  | $(936)
Reported as: |  |  |
Deferred tax liabilities | $(1,048) |  | $(936)
Other noncurrent assets | 20 |  | —
Deferred tax liabilities, net | $(1,028) |  | $(936)
Summary of Valuation Allowance | The summary of the change in valuation allowance at December 31 was:
(In millions) | 2025 |  | 2024 |  | 2023
Balance as of January 1 | $13 |  | $12 |  | $12
Increase (decrease) charged to tax expense | 3 |  | 1 |  | —
Currency translation and other | 50 |  | — |  | —
Balance as of December 31 | $66 |  | $13 |  | $12
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows:
(In millions) | 2025 |  | 2024 |  | 2023
Balance as of January 1 | $167 |  | $161 |  | $128
Increases related to current period tax positions | 2 |  | 15 |  | 27
Increases related to prior period tax positions | 14 |  | 10 |  | 8
Decreases related to prior period tax positions | (3) |  | (12) |  | —
Decreases related to lapses in statutes of limitations | (40) |  | (7) |  | (2)
Balance as of December 31 | $140 |  | $167 |  | $161

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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