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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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 | 2024 | 2023 | 2022
Income |  |  |
U.S. | 3,069 | 2,729 | 2,225
Non-U.S. | 1,645 | 1,285 | 1,236
Total income | 4,714 | 4,014 | 3,461
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 | 2024 | 2023 | 2022
Current tax: |  |  |
U.S. - Federal | 466 | 632 | 443
U.S. - State | 84 | 67 | 87
Non-U.S. | 355 | 290 | 221
Total current tax expense | 905 | 989 | 751
Deferred tax: |  |  |
U.S. - Federal | 187 | (28) | 11
U.S. - State | (5) | (12) | (6)
Non-U.S. | (2) | (24) | 6
Total deferred tax expense (benefit) | 180 | (64) | 11
Total income tax expense | 1,085 | 925 | 762
Schedule of Effective Income Tax Rate Reconciliation | 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 | 2024 | 2023 | 2022
U.S. statutory rate | 990 | 843 | 727
State tax, net of federal tax benefit | 47 | 38 | 73
Tax rate differentials | 27 | (11) | (6)
Uncertain tax positions | 62 | 87 | 60
Tax credits | (127) | (125) | (96)
Non-deductible goodwill impairment | 10 | 75 | –
Non-taxable divestiture of the European Lime operations | (65) | – | –
Other | 141 | 18 | 4
Total tax expense | 1,085 | 925 | 762
Effective income tax rate | 23 | % | 23 | % | 22 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities at December 31 were:
in $ millions | 2024 | 2023
Deferred tax assets: |  |
Company retirement benefit plans | 2 | 38
Revaluation of derivative financial instruments to fair value | 4 | 2
Tax losses, credits and interest deduction carryforwards | 1,149 | 1,052
Share-based compensation | 39 | 41
Accrued expenses | 454 | 420
Lease liabilities | 286 | 292
Total deferred tax assets | 1,934 | 1,845
Less: valuation allowances | (1,059) | (914)
Total deferred tax assets after valuation allowances | 875 | 931
Deferred tax liabilities: |  |
Investment in subsidiaries | 146 | 155
Depreciation, depletion and amortization | 3,419 | 3,109
Leased right-of-use assets | 278 | 274
Rolled-over capital gains | 21 | 21
Other | 15 | 12
Total deferred tax liabilities | 3,879 | 3,571
Total net deferred tax liabilities | 3,004 | 2,640
The net deferred tax assets and liabilities that are included in the Consolidated Balance Sheets at December 31 were:
in $ millions | 2024 | 2023
Deferred income taxes, noncurrent assets | (101) | (98)
Deferred income taxes, noncurrent liabilities | 3,105 | 2,738
Total net deferred tax liabilities | 3,004 | 2,640
Summary of Valuation Allowance | The summary of the change in valuation allowance at December 31 was:
in $ millions | 2024 | 2023 | 2022
Balance at January 1 | 914 | 737 | 578
Acquisitions | 12 | – | –
Provision for income taxes | 188 | 151 | 203
Foreign currency and other | (55) | 26 | (44)
Balance at December 31 | 1,059 | 914 | 737
Schedule of Unrecognized Tax Benefits Roll Forward | The reconciliation of the changes in the unrecognized tax benefits at December 31 was:
in $ millions | 2024 | 2023 | 2022
Balance at January 1 | 665 | 576 | 547
Increases related to prior periods | – | 9 | 4
Decreases related to prior periods | (50) | (12) | (8)
Increases related to current period | 99 | 148 | 130
Decreases related to settlements with taxing authorities and lapse of statute of limitations | (65) | (68) | (67)
Foreign currency and other | (15) | 12 | (30)
Balance at December 31 | 634 | 665 | 576

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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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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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