v3.25.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of components of (loss) income before provision for income taxes

The components of Loss before provision for income taxes for 2025, 2024 and 2023 consist of:

(in millions)						2025						2024						2023
Domestic						$	(239)					$	(159)					$	(194)
Foreign						(78)						(75)						28
						$	(317)					$	(234)					$	(166)

Schedule of components of provision for income taxes

The components of Provision for income taxes for 2025, 2024 and 2023 consist of:

(in millions)						2025						2024						2023
Current:
Domestic						$	—					$	(1)					$	—
Foreign						(70)						(74)						(71)
						(70)						(75)						(71)
Deferred:
Domestic						(1)						(1)						(20)
Foreign						36						5						9
						35						4						(11)
						$	(35)					$	(71)					$	(82)

Schedule of Effective Income Tax Rate Reconciliation

(in millions)						2025
						Amount						Percent
Loss before provision for income taxes						$	(317)
Provision for income taxes
Expected provision for income taxes at Canadian statutory rate						$	79					25		%
Domestic provincial and local income taxes, net of federal (national) income tax effect						—						—		%
Foreign Tax Effects
United States
State and local taxes						5						2		%
Effects of cross-border taxes						(4)						(1)		%
Research & Development Tax Credits						8						3		%
Contingent Consideration Fair Value Adjustments						6						2		%
Intercompany Profit in Ending Inventory						(2)						(1)		%
All Other						(4)						(1)		%
Ireland
Statutory Rate Differential						(49)						(15)		%
Changes in Valuation Allowance						(11)						(3)		%
Non-Deductible Interest						(17)						(5)		%
Capital Loss on Sale of Assets						7						2		%
Foreign exchange impact on EUR denominated assets in Ireland						(5)						(2)		%
Intercompany Profit in Ending Inventory						18						6		%
All Other						—						—		%
Netherlands
Changes in Valuation Allowance						(4)						(1)		%
All Other						(1)						—		%
Germany
Statutory Rate Differential						8						3		%
Other						(2)						(1)		%
Other Foreign Jurisdictions						(7)						(2)		%
Effect of Changes in Tax Laws or Rates enacted in the current period						—						—		%
Effect of Cross Border Taxes (FAPI)						(2)						(1)		%
Tax Credits						—						—		%
Changes in Valuation Allowances						(15)						(5)		%
Nontaxable and Nondeductible Items
Share-based Compensation						(14)						(4)		%
Non-Deductible Interest						(5)						(2)		%
Worldwide Changes to Uncertain Tax Positions						—						—		%
All Other
Foreign exchange impact on USD denominated debt in Canada						(24)						(8)		%
All Other						—						—		%
						$	(35)					(11)		%

(in millions)						2024						2023
Loss before provision for income taxes						$	(234)					$	(166)
Provision for income taxes
Expected provision for income taxes at Canadian statutory rate						$	62					$	44
Adjustments to tax attributes						2						1
Non-deductible amount of share-based compensation						(10)						(7)
Change in valuation allowance						(44)						(42)
Change in uncertain tax positions						1						2
Withholding tax						(7)						(5)
Return to provision						5						(1)
Foreign tax rate differences						(74)						(57)
Foreign exchange impact on USD denominated debt in Canada						25						—
Disallowed interest						(28)						(14)
Other						(3)						(3)
						$	(71)					$	(82)

Schedule of tax effect of major items recorded as deferred tax assets and liabilities and valuation allowance

Deferred tax assets and liabilities consist of:

(in millions)						December 31, 2025						December 31, 2024
Deferred tax assets:
Tax loss and credit carryforwards						$	1,032					$	923
Intangible assets						—						25
Provisions						173						145
Share-based compensation						22						15
Leases						15						14
Other						28						45
Total deferred tax assets						1,270						1,167
Less valuation allowance						(212)						(179)
Net deferred tax assets						1,058						988
Deferred tax liabilities:
Plant, equipment and technology						71						64
Intangible assets						17						—
Leases and Right of Use Assets						14						14
Outside basis differences						41						38
Total deferred tax liabilities						143						116
Net deferred tax asset						$	915					$	872

The following table presents a reconciliation of the deferred tax asset valuation allowance for 2025, 2024 and 2023:

(in millions)						2025						2024						2023
Balance, beginning of year						$	179					$	150					$	54
Charged to Benefit from income taxes						29						30						42
Other						4						(1)						54
Balance, end of year						$	212					$	179					$	150

Schedule of open tax years by jurisdiction

Jurisdiction:						Open Years
United States - Federal						2017 - 2024
Canada						2021 - 2024
Germany						2017 - 2024
France						2013 - 2015, 2022 - 2024
Ireland						2021 - 2024
China						2015 - 2024

Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits

The following table presents a reconciliation of the unrecognized tax benefits, not including interest and penalties, for 2025, 2024 and 2023:

(in millions)						2025						2024						2023
Balance, beginning of year						$	55					$	59					$	60
Additions for tax positions of prior years						6						—						2
Reductions for tax positions of prior years						(1)						(3)						(1)
Lapse of statute of limitations						(1)						(1)						(2)
Balance, end of year						$	59					$	55					$	59

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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