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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of loss before income taxes

The components of Loss before income taxes for 2023, 2022 and 2021 consist of:

(in millions)						2023						2022						2021
Domestic						$	(382)					$	64					$	(323)
Foreign						(8)						(193)						(701)
						$	(390)					$	(129)					$	(1,024)

Components of (provision for) benefit from income taxes

The components of (Provision for) benefit from income taxes for 2023, 2022 and 2021 consist of:

(in millions)						2023						2022						2021
Current:
Domestic						$	(21)					$	(15)					$	(23)
Foreign						(194)						(256)						74
						(215)						(271)						51
Deferred:
Domestic						(21)						14						20
Foreign						15						174						16
						(6)						188						36
						$	(221)					$	(83)					$	87

Reconciliation of (provision for) benefit from income taxes from the expected amount calculated by applying the Canadian statutory rate to income (loss) before income taxes

The (Provision for) benefit from income taxes differs from the expected amount calculated by applying the Company’s Canadian statutory rate of 26.9% to Loss before income taxes for 2023, 2022 and 2021 as follows:

(in millions)						2023						2022						2021
Loss before income taxes						$	(390)					$	(129)					$	(1,024)
(Provision for) benefit from income taxes
Expected benefit from income taxes at Canadian statutory rate						$	105					$	35					$	275
Non-deductible amount of share-based compensation						(19)						(19)						(9)
Adjustments to tax attributes						32						53						(59)
Change in valuation allowance related to foreign tax credits and NOLs						(6)						100						28
Change in valuation allowance on Canadian deferred tax assets and tax rate changes						(158)						24						40
Change in uncertain tax positions						(28)						(50)						112
Foreign tax rate differences						(42)						(57)						(198)
Non-deductible portion of Goodwill impairments						(104)						(175)						(99)
Other						(1)						6						(3)
						$	(221)					$	(83)					$	87

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

Deferred tax assets and liabilities as of December 31, 2023 and 2022 consist of:

(in millions)						2023						2022
Deferred tax assets:
Tax loss carryforwards						$	3,357					$	2,872
Provisions						629						859
Debt discounts and deferred financing costs						342						370
Research and development tax credits						97						140
Scientific Research and Experimental Development pool						51						48
Tax credit carryforwards						17						14
Deferred revenue						—						2
Prepaid expenses						23						26
Share-based compensation						20						22
Other						16						24
Total deferred tax assets						4,552						4,377
Less valuation allowance						(2,254)						(2,023)
Deferred tax assets net of valuation allowance						2,298						2,354
Deferred tax liabilities:
Intangible assets						173						191
Plant, equipment and technology						51						74
Outside basis differences						138						125
Total deferred tax liabilities						362						390
Net deferred tax asset						$	1,936					$	1,964

The following table presents a reconciliation of the deferred tax asset valuation allowance:

(in millions)						2023						2022						2021
Balance, beginning of year						$	2,023					$	2,222					$	2,252
Charged to Benefit from income taxes						164						(124)						(63)
Charged to other accounts						67						(75)						33
Balance, end of year						$	2,254					$	2,023					$	2,222

Summary of open tax years by jurisdiction

Jurisdiction:						Open Years
United States - Federal						2015 - 2023
Canada						2012 - 2023
Germany						2014 - 2023
France						2013 - 2023
Ireland						2018 - 2023
Australia						2018 - 2023
Luxembourg						2017 - 2021

Reconciliation of the beginning and ending amounts of unrecognized tax benefits

The following table presents a reconciliation of the unrecognized tax benefits:

(in millions)						2023						2022						2021
Balance, beginning of year						$	881					$	927					$	1,025
Additions based on tax positions related to the current year						6						156						79
Additions for tax positions of prior years						50						10						121
Reductions for tax positions of prior years						(15)						(127)						(129)
Lapse of statute of limitations						(4)						(85)						(169)
Balance, end of year						$	918					$	881					$	927

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