v3.25.4

Income taxes (Tables)

12 Months Ended

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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