v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Comprehensive (loss) Income before Income Tax, Domestic and Foreign
The domestic and foreign components of income before income taxes and provision for income taxes were as follows:
Years ended
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Income before income taxes
Domestic450 537 599 
Foreign1,059 1,691 (414)
1,509 2,228 185 
Current income tax (expense)
Federal(35)(14)1 
Provincial(64)(18)— 
Foreign(193)(99)(55)
(292)(131)(54)
Deferred income tax recovery (expense)
Federal1 (41)(1)
Provincial17 (31)(1)
Foreign(4)(6)3 
14 (78)1 
Provision for income taxes(278)(209)(53)
Schedule of Components of Income Tax Expense (Benefit)
The domestic and foreign components of income before income taxes and provision for income taxes were as follows:
Years ended
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Income before income taxes
Domestic450 537 599 
Foreign1,059 1,691 (414)
1,509 2,228 185 
Current income tax (expense)
Federal(35)(14)1 
Provincial(64)(18)— 
Foreign(193)(99)(55)
(292)(131)(54)
Deferred income tax recovery (expense)
Federal1 (41)(1)
Provincial17 (31)(1)
Foreign(4)(6)3 
14 (78)1 
Provision for income taxes(278)(209)(53)
Schedule of Reconciliation of the Expected Provision for Income Tax Recovery/Expense to the Actual Provision for Income Tax Recovery/Expense
The reconciliation of the expected income tax expense calculated using the statutory tax rate to the actual provision for income taxes reported in the consolidated statements of operations and comprehensive income for the years ended December 31, 2025, 2024 and 2023 is as follows:
Years ended
 December 31, 2025December 31, 2024December 31, 2023
(in US $ millions, except percentages)
Income before income taxes1,509 2,228 185 
Expected income tax expense at Canadian Federal statutory income tax rate of 15.0%(1)
(226)15.0 %(334)15.0 %(28)15.0 %
Provincial tax(2)
(47)3.1 %(46)2.1 %(1)0.5 %
Other jurisdiction tax effects
United States
Foreign tax rate differential4 (0.3)%(8)0.4 %(39)21.1 %
U.S. State taxes
(18)1.2 %(242)10.9 %119 (64.3)%
Change in valuation allowance(13)0.9 %361 (16.2)%(543)293.5 %
Income not subject to tax in U.S.(3)
36 (2.4)%33 (1.5)%43 (23.2)%
Unrealized investment (loss) gain not subject to tax in U.S.(3)
(3)0.2 %49 (2.2)%29 (15.7)%
Stock-based compensation30 (2.0)%15 (0.7)%(47)25.4 %
Sales of businesses— — %— — %196 (105.9)%
Effect in changes in tax rates on unrealized investment gain— — %(132)5.9 %— — %
Other(17)1.1 %13 (0.6)%3 (1.6)%
Singapore
Foreign tax rate differential
(5)0.3 %(3)0.1 %(1)0.5 %
Singapore benefit of tax holiday20 (1.3)%21 (0.9)%9 (4.9)%
Pillar Two tax(10)0.7 %— — %— — %
Other(5)0.3 %(4)0.2 %3 (1.6)%
Ireland
Foreign tax rate differential
12 (0.8)%20 (0.9)%16 (8.6)%
Unrealized investment (loss) gain not subject to tax in Ireland(3)
(46)3.0 %44 (2.0)%53 (28.6)%
Pillar Two tax(16)1.1 %(5)0.2 %— — %
Other(13)0.9 %(14)0.6 %5 (2.7)%
Other foreign jurisdictions
1 (0.1)%8 (0.4)%(12)6.5 %
Effect of cross-border tax laws
Domestic taxes on foreign earnings(3)
(66)4.4 %(60)2.7 %(58)31.4 %
Domestic taxes on unrealized investment gains(3)
46 (3.0)%(62)2.8 %(45)24.3 %
Other— — %(13)0.6 %— — %
Tax credits
30 (2.0)%13 (0.6)%18 (9.7)%
Change in valuation allowance
— — %115 (5.2)%71 (38.4)%
Nontaxable or nondeductible items
Net unrealized gain on equity and other investments34 (2.3)%29 (1.3)%128 (69.2)%
Sales of businesses— — %— — %45 (24.3)%
Stock-based compensation12 (0.8)%— — %(15)8.1 %
Non-deductible loss on embedded derivative(19)1.3 %— — %— — %
Other permanent differences1 (0.1)%(3)0.1 %(1)0.5 %
Other adjustments
— — %(4)0.2 %(1)0.5 %
Provision for income taxes(278)18.4 %(209)9.4 %(53)28.6 %
(1) This represents the Canadian federal statutory income tax rate, which is 15% after a 13% general tax reduction and 10% federal abatement are applied to the 38% basic rate.
(2) Provincial taxes in Ontario made up the majority of the tax effect in this category.
(3) Foreign income is subject to tax in Canada.
Cash Paid for Income Taxes Net of Refunds Received The below table illustrates the total cash paid for income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024 and 2023:
Years ended
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Federal1 4 3 
Provincial43 2 1 
Aggregated Other Jurisdictions16 14 10 
Disaggregated Other Jurisdictions
Ireland116 60 27 
Singapore10 5 — 
U.S.8 31 9 
Total cash paid for income taxes, net194 116 50 
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities
The significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows:
 December 31, 2025December 31, 2024
(in US $ millions)
Deferred tax assets  
Tax loss carryforwards578 608 
Accruals and reserves124 107 
Lease liabilities51 57 
Capital and intangible assets39 48 
Stock-based compensation expense33 37 
Research and development expenditures11 23 
Tax credits— 15 
Other deferred tax assets1 — 
Total deferred tax assets, before valuation allowance837 895 
Valuation allowance(489)(482)
Total deferred tax assets348 413 
Deferred tax liabilities  
Equity and other investments(255)(294)
Outside basis difference of foreign subsidiaries(80)(125)
Lease assets(23)(25)
Intangible assets(4)— 
Other deferred tax liabilities(8)(5)
Total deferred tax liabilities(370)(449)
Total deferred tax (liabilities) assets, net(22)(36)
Schedule of Unrecognized Tax Benefits Roll Forward
The gross unrecognized tax benefits related to uncertain tax positions were as follows:
Years ended
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Balance at the beginning of the year15 10 9 
Additions for tax positions of prior years5 — — 
Additions based on tax positions related to the current year5 5 1 
Balance at the end of the year25 15 10