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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (benefit) expense were as follows:
(in millions of US dollars) | 2023 |  | 2022 |  | 2021
Current taxes |  |  |  |  |
United States | $ | 62 |  |  | $ | — |  |  | $ | — |
Foreign | 46 |  |  | 39 |  |  | 1 |
Current taxes | 108 |  |  | 39 |  |  | 1 |
Deferred taxes |  |  |  |  |
United States | 21 |  |  | (40) |  |  | — |
Foreign | (905) |  |  | — |  |  | — |
Deferred taxes | (884) |  |  | (40) |  |  | — |
Income tax (benefit) expense | $ | (776) |  |  | $ | (1) |  |  | $ | 1 |
Schedule of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are as follows:
(in millions of US dollars) | 2023 |  | 2022 |  | 2021
United States | $ | (217) |  |  | $ | (232) |  |  | $ | (297) |
Foreign | 801 |  |  | 139 |  |  | (1,245) |
Income (loss) before income taxes | $ | 584 |  |  | $ | (93) |  |  | $ | (1,542) |
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate | Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:
(in millions of US dollars) | 2023 |  | 2022 |  | 2021
Taxes computed at the federal statutory rate | $ | 122 |  |  | $ | (20) |  |  | $ | (324) |
Differences resulting from: |  |  |  |  |
Statutory rate difference | 28 |  |  | 51 |  |  | (44) |
Change in valuation allowances | (1,031) |  |  | (144) |  |  | 393 |
GILTI | 91 |  |  | 93 |  |  | — |
Stock compensation | 44 |  |  | 37 |  |  | (20) |
Tax credit | (47) |  |  | (35) |  |  | (5) |
Other nondeductible expense | 17 |  |  | 15 |  |  | — |
Other | — |  |  | 2 |  |  | 1 |
Income tax (benefit) expense | $ | (776) |  |  | $ | (1) |  |  | $ | 1 |
Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities | The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
(in millions of US dollars) | December 31, 2023 |  | December 31, 2022
Deferred tax assets |  |  |
Provision and allowances | $ | 69 |  |  | $ | 57 |
Depreciation | 8 |  |  | 7 |
Accrued expenses | 69 |  |  | 52 |
Amortization | 21 |  |  | 32 |
Defined severance benefits | 84 |  |  | 71 |
Lease liabilities | 409 |  |  | 353 |
Net operating loss carryforwards | 643 |  |  | 790 |
Tax credits | 33 |  |  | 55 |
Other | 49 |  |  | 28 |
Total deferred tax assets | 1,385 |  |  | 1,445 |
Less: valuation allowances | (82) |  |  | (1,085) |
Total deferred tax assets net of valuation allowance | $ | 1,303 |  |  | $ | 360 |
Deferred tax liabilities |  |  |
Lease asset | (371) |  |  | (317) |
Other | (7) |  |  | (3) |
Total deferred tax liabilities | (378) |  |  | (320) |
Net deferred tax assets | $ | 925 |  |  | $ | 40 |
Summary of Valuation Allowance | Changes in the valuation allowances were as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Beginning balance, January 1 | $ | (1,085) |  |  | $ | (1,284) |  |  | $ | (975) |
Changes to existing valuation allowances | 140 |  |  | 103 |  |  | (393) |
Derecognition of valuation allowances | 905 |  |  | 41 |  |  | — |
Changes in foreign exchange rates, statutory rates and other | (42) |  |  | 55 |  |  | 84 |
Ending balance, December 31 | $ | (82) |  |  | $ | (1,085) |  |  | $ | (1,284) |
Summary of Operating Loss Carryforwards | The net operating loss carryforwards in Korea expire as follows:
(in millions) |  |  | Korea
2026 |  |  | 14 |
2027 |  |  | 506 |
2028 |  |  | 819 |
2029 |  |  | 128 |
2035 - 2037 |  |  | 899 |
Total net operating loss carryforwards |  |  | $ | 2,366 |

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