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income taxes | 6 Months Ended
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Jun. 30, 2026
income taxes |
income taxes |
10 | income taxes
Expense composition and rate reconciliation ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months | ​ | Six months
Periods ended June 30 (millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Current income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the current reporting period | ​ | $ | 25 | ​ | $ | 148 | ​ | $ | 114 | ​ | $ | 265
Adjustments recognized in the current period for income taxes of prior periods | ​ | ​ | (27) | ​ | ​ | (18) | ​ | ​ | (27) | ​ | ​ | (23)
Pillar Two global minimum tax | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1
​ | ​ | ​ | (1) | ​ | ​ | 130 | ​ | ​ | 88 | ​ | ​ | 243
Deferred income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Arising from the origination and reversal of temporary differences | ​ | ​ | (262) | ​ | ​ | (83) | ​ | ​ | (296) | ​ | ​ | (89)
Adjustments recognized in the current period for income taxes of prior periods | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | 12 | ​ | ​ | —
Arising from write-down of deferred tax asset | ​ | ​ | 89 | ​ | ​ | — | ​ | ​ | 89 | ​ | ​ | —
​ | ​ | ​ | (161) | ​ | ​ | (83) | ​ | ​ | (195) | ​ | ​ | (89)
​ | ​ | $ | (162) | ​ | $ | 47 | ​ | $ | (107) | ​ | $ | 154
​ Our income tax expense and effective income tax rate differ from those computed by applying the applicable statutory rates for the following reasons: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three-month periods ended June 30 ($ in millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Income taxes computed at applicable statutory rates | ​ | $ | (503) | ​ ​ ​ | 25.3 | % | $ | (55) | ​ ​ ​ | 27.8 | %
Adjustments recognized in the current period for income taxes of prior periods | ​ | ​ | (15) | ​ | 0.8 | ​ | ​ | (18) | ​ | 9.1 | ​
Pillar Two global minimum tax | ​ | ​ | 1 | ​ | (0.1) | ​ | ​ | — | ​ | — | ​
Impairment of intangible assets and goodwill | ​ | ​ | 229 | ​ | (11.6) | ​ | ​ | 107 | ​ | (53.9) | ​
Write down of deferred tax asset | ​ | ​ | 89 | ​ | (4.5) | ​ | ​ | — | ​ | — | ​
(Non-taxable) non-deductible amounts, net | ​ | ​ | (5) | ​ | 0.3 | ​ | ​ | 4 | ​ | (2.0) | ​
Withholding and other taxes | ​ | ​ | 5 | ​ | (0.3) | ​ | ​ | 10 | ​ | (5.1) | ​
Losses not recognized | ​ | ​ | 38 | ​ | (1.9) | ​ | ​ | 2 | ​ | (1.0) | ​
Foreign tax differential | ​ | ​ | (1) | ​ | 0.1 | ​ | ​ | (2) | ​ | 1.0 | ​
Other | ​ |  | — |  | — | ​ |  | (1) |  | 0.4 | ​
Income tax expense (recovery) per Consolidated statements of income and other comprehensive income | ​ | $ | (162) |  | 8.1 | % | $ | 47 |  | (23.7) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six-month periods ended June 30 ($ in millions) | ​ | 2026 | ​ | 2025 | ​
Income taxes computed at applicable statutory rates | ​ | $ | (450) | ​ ​ ​ | 25.1 | % | $ | 46 | ​ | 21.9 | %
Adjustments recognized in the current period for income taxes of prior periods | ​ | ​ | (15) | ​ | 0.8 | ​ | ​ | (23) | ​ | (11.0) | ​
Pillar Two global minimum tax | ​ | ​ | 1 | ​ | (0.1) | ​ | ​ | 1 | ​ | 0.5 | ​
Impairment of intangible assets and goodwill | ​ | ​ | 229 | ​ | (12.8) | ​ | ​ | 107 | ​ | 51.0 | ​
Write down of deferred tax asset | ​ | ​ | 89 | ​ | (5.0) | ​ | ​ | — | ​ | — | ​
(Non-taxable) non-deductible amounts, net | ​ | ​ | (12) | ​ | 0.7 | ​ | ​ | 3 | ​ | 1.4 | ​
Withholding and other taxes | ​ | ​ | 13 | ​ | (0.7) | ​ | ​ | 19 | ​ | 9.0 | ​
Losses not recognized | ​ | ​ | 39 | ​ | (2.1) | ​ | ​ | 3 | ​ | 1.4 | ​
Foreign tax differential | ​ | ​ | (1) | ​ | 0.1 | ​ | ​ | (3) | ​ | (1.4) | ​
Other | ​ | ​ | — |  | — | ​ | ​ | 1 | ​ | 0.5 | ​
Income tax expense (recovery) per Consolidated statements of income and other comprehensive income | ​ | $ | (107) |  | 6.0 | % | $ | 154 |  | 73.3 | %
​

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