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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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 | 2023 | 2022 | 2021
Income |  |  |
U.S. | 2,729 | 2,225 | 1,596
Non-U.S. | 1,285 | 1,236 | 1,506
Total income | 4,014 | 3,461 | 3,102
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 | 2023 | 2022 | 2021
Current tax: |  |  |
U.S. - Federal | 632 | 443 | 304
U.S. - State | 67 | 87 | 47
Non-U.S. | 290 | 221 | 205
Total current tax expense | 989 | 751 | 556
Deferred tax: |  |  |
U.S. - Federal | (28) | 11 | 54
U.S. - State | (12) | (6) | 11
Non-U.S. | (24) | 6 | 29
Total deferred tax (benefit) expense | (64) | 11 | 94
Total income tax expense | 925 | 762 | 650
Schedule of Effective Income Tax Rate Reconciliation | While the Company is domiciled in Ireland, 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 | 2023 | 2022 | 2021
U.S. statutory rate | 843 | 727 | 651
State tax, net of federal tax benefit | 38 | 73 | 61
Tax rate differentials | (11) | (6) | 4
Uncertain tax positions | 87 | 60 | 75
Tax credits | (125) | (96) | (107)
Non-deductible goodwill impairment | 75 | – | –
Other | 18 | 4 | (34)
Total tax expense | 925 | 762 | 650
Effective income tax rate | 23 | % | 22 | % | 21 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities at December 31 were:
in $ millions | 2023 | 2022
Deferred tax assets: |  |
Company retirement benefit plans | 38 | 26
Revaluation of derivative financial instruments to fair value | 2 | –
Tax losses, credits and interest deduction carryforwards | 1,052 | 855
Share-based compensation | 41 | 31
Accrued expenses | 420 | 350
Lease liabilities | 292 | 263
Total deferred tax assets | 1,845 | 1,525
Less: valuation allowances | (914) | (737)
Total deferred tax assets after valuation allowances | 931 | 788
Deferred tax liabilities: |  |
Investment in subsidiaries | 155 | 159
Depreciation, depletion and amortization | 3,109 | 3,165
Leased right-of-use assets | 274 | 250
Rolled-over capital gains | 21 | 20
Other | 12 | –
Total deferred tax liabilities | 3,571 | 3,594
Total net deferred tax liabilities | 2,640 | 2,806
The net deferred tax assets and liabilities that are included in the Consolidated Balance Sheets at December 31 were:
in $ millions | 2023 | 2022
Deferred income taxes, noncurrent assets | (98) | (79)
Deferred income taxes, noncurrent liabilities | 2,738 | 2,885
Total net deferred tax liabilities | 2,640 | 2,806
Summary of Valuation Allowance | The summary of the change in valuation allowance at December 31 was:
in $ millions | 2023 | 2022 | 2021
Balance at January 1 | 737 | 578 | 507
Provision for income taxes | 151 | 203 | 102
Foreign currency and other | 26 | (44) | (31)
Balance at December 31 | 914 | 737 | 578
Schedule of Unrecognized Tax Benefits Roll Forward | The reconciliation of the changes in the unrecognized tax benefits at December 31 was:
in $ millions | 2023 | 2022 | 2021
Balance at January 1 | 576 | 547 | 536
Increases related to prior periods | 9 | 4 | 2
Decreases related to prior periods | (12) | (8) | (21)
Increases related to current period | 148 | 130 | 104
Decreases related to settlements with taxing authorities and lapse of statute of limitations | (68) | (67) | (56)
Foreign currency and other | 12 | (30) | (18)
Balance at December 31 | 665 | 576 | 547

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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