v3.25.4
Deferred Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Text block [abstract]  
Summary of Movements of Deferred Income Tax Liabilities

The movements of deferred tax assets and liabilities are shown below:

 

Deferred tax liabilities
(millions of U.S. dollars)

 

 

Goodwill and Other Identifiable Intangible Assets

Equity Method Investments

Other

Total

December 31, 2023

 

 

507

302

151

960

Acquisitions

 

 

10

-

59

69

Benefit to income statement - continuing
   operations

 

 

(1)

(258)

(58)

(317)

Expense to other comprehensive income

 

 

-

-

2

2

Translation and other, net

 

 

-

-

(17)

(17)

December 31, 2024

 

 

516

44

137

697

Acquisitions

 

 

5

4

69

78

Expense (benefit) to income statement -
   continuing operations

 

 

1

(5)

48

44

Expense to other comprehensive income

 

 

-

-

5

5

Translation and other, net

 

 

(13)

(1)

17

3

December 31, 2025

 

 

509

42

276

827
Summary of Movements of Deferred Income Tax Assets

Deferred tax assets
(millions of U.S. dollars)

Tax Losses and Other Attributes

 

Goodwill and Other Identifiable Intangible Assets

Employee Benefits and Compensation

Other

Total

December 31, 2023

190

 

980

177

164

1,511

Acquisitions

18

 

-

-

1

19

Benefit (expense) to income statement -
   continuing operations

323

 

(113)

5

108

323

Expense to other comprehensive income

-

 

-

(5)

(1)

(6)

Expense to equity

-

 

-

(4)

-

(4)

Translation and other, net

(8)

 

(2)

-

(1)

(11)

December 31, 2024

523

 

865

173

271

1,832

Acquisitions

12

 

(1)

-

4

15

Benefit (expense) to income statement -
   continuing operations

82

 

(34)

7

(71)

(16)

Expense to other comprehensive income

-

 

-

(20)

1

(19)

Expense to equity

-

 

-

(11)

-

(11)

Translation and other, net

9

 

2

3

(9)

5

December 31, 2025

626

 

832

152

196

1,806

Net deferred tax asset as of December 31, 2024

 

 

 

 

1,135

Net deferred tax asset as of December 31, 2025

 

 

 

 

979
Summary of Estimated Recovery Period for Deferred Tax Balances

The estimated recovery period for the deferred tax balances, which is based on the classification of the underlying items in the consolidated statement of financial position, is shown below:

 

 

 

 

                                 December 31,

(millions of U.S. dollars)

 

2025

 

2024

Deferred tax liabilities

 

 

 

 

 

Deferred tax liabilities to be recovered after more than 12 months

 

 

812

 

690

Deferred tax liabilities to be recovered within 12 months

 

 

15

 

7

Total deferred tax liabilities

 

 

827

 

697

Deferred tax assets

 

 

 

 

 

Deferred tax assets to be recovered after more than 12 months

 

 

1,723

 

1,744

Deferred tax assets to be recovered within 12 months

 

 

83

 

88

Total deferred tax assets

 

 

1,806

 

1,832

Net deferred tax asset

 

 

979

 

1,135
Summary of Tax Losses and Other Tax Attributes

As of December 31, 2025, the following summarizes the Company’s tax losses, certain deductible temporary differences and other tax attributes:

 

(millions of U.S. dollars)

 

 

Carry Forward Loss/ Tax Attributes

Tax
Value

Unrecognized Deferred Tax Assets

Net Deferred Tax Assets

Canadian net operating losses

 

 

1,799

477

 

(141)

336

Net operating losses - other jurisdictions

1,784

427

 

(289)

138

Capital losses

 

 

552

139

 

(112)

27

Investment in subsidiaries

 

 

365

90

 

(90)

-

Other deductible temporary differences

542

143

 

(20)

123

U.S. state net operating losses(1)

 

 

-

4

 

(2)

2

Total

 

 

5,042

1,280

 

(654)

626

 

(1)
The aggregation of U.S. state net operating losses is not meaningful due to differing combination and apportionment rules in various states.