v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Comprehensive (loss) Income before Income Tax, Domestic and Foreign
The domestic and foreign components of income (loss) before income taxes and (provision for) recovery of income taxes were as follows:
Years ended
December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Income (loss) before income taxes
Domestic537 599 (2,553)
Foreign1,691 (414)(1,070)
2,228 185 (3,623)
Current income tax (expense) recovery
Domestic(32)1 — 
Foreign(99)(55)(24)
(131)(54)(24)
Deferred income tax recovery (expense)
Domestic(72)(2)180 
Foreign(6)3 7 
(78)1 187 
(Provision for) recovery of income taxes(209)(53)163 
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) recovery calculated using the statutory tax rate to the actual (provision for) recovery of income taxes reported in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022 is as follows:
Years ended
 December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Income (loss) before income taxes2,228 185 (3,623)
Expected income tax (expense) recovery at Canadian statutory income tax rate of 26.5%(1)
(590)(49)960 
Permanent differences
Domestic taxes on foreign earnings(49)(51)— 
Stock-based compensation15 (74)(18)
Other permanent differences(9)(6)(11)
Net unrealized gain (loss) on equity and other investments121 276 (419)
Sales of businesses— 195 — 
Foreign taxes on net unrealized gain (loss) on equity and other investments(132)— 
Foreign tax rate differential112 48 36 
Tax credits recognized during the year21 21 17 
Pillar Two tax(18)— 
U.S. State taxes
(242)— — 
Change in valuation allowance557 (409)(397)
Other items5 (4)(5)
(Provision for) recovery of income taxes(209)(53)163 
(1) Our Canadian corporate tax rate is comprised of a basic Part I federal tax rate of 38%, net 15% after federal tax abatement and general tax reduction, plus the additional provincial tax of 11.5%.
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, 2024 and 2023 were as follows:
 December 31, 2024December 31, 2023
(in US $ millions)
Deferred tax assets  
Tax loss carryforwards608 806 
Accruals and reserves107 98 
Lease liabilities57 74 
Capital and intangible assets48 39 
Stock-based compensation expense37 34 
Research and development expenditures23 156 
Tax credits15 84 
Share issuance costs— 5 
Other deferred tax assets— 1 
Total deferred tax assets, before valuation allowance895 1,297 
Valuation allowance(482)(1,039)
Total deferred tax assets413 258 
Deferred tax liabilities  
Equity and other investments(294)(77)
Outside basis difference of foreign subsidiaries(125)(104)
Lease assets(25)(29)
Intangible assets— (6)
Other deferred tax liabilities(5)(4)
Total deferred tax liabilities(449)(220)
Total deferred tax (liabilities) assets, net(36)38