v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income before income taxes by domestic and foreign subsidiaries (in millions):

Year Ended December 31,
202520242023
Liberia$3,411 $2,417 $1,432 
Foreign subsidiaries962524279
Income before income taxes$4,373 $2,941 $1,711 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation of income tax expense, computed by applying the Liberia statutory rate (in millions):

Year Ended December 31,
2025
Income before income taxes$4,373 
Less: Equity investment income414 
Income before income taxes, excluding equity investment income3,959 
Tax at Liberia statutory rate of 25%990 25 %
Nontaxable or nondeductible items
Liberia international shipping income exemption(850)(21)%
Foreign tax effects
 United States
US source shipping income not exempt under Section 883 of the Internal Revenue Code 1
37 1 %
United Kingdom
Profits exempt under tonnage tax(94)(2)%
Other(1)— %
Total$82 2 %

(1) The tax benefit associated with US source shipping income exempt under Section 883 of the Internal Revenue Code was approximately $200 million.