XML 35 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Income taxes
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income taxes
11. Income taxes
The Company’s tax provision for the interim period is calculated using an estimated annual effective tax rate based on the expected full-year results which is applied to ordinary year-to-date income or loss. The tax provision is adjusted for discrete items that occur in the applicable interim period to arrive at the effective income tax rate.
The summary of the income tax expense from operations was:
Three months endedSix months ended
June 30June 30
in $ millions2024202320242023
Total tax expense430379411365
Effective income tax rate25%24%22%24%
The increase in the effective tax rate for this quarter in comparison to the three months ended June 30, 2023 is mainly driven by a change in the mix of income earned in jurisdictions with a higher rate of tax. The decrease in the year-to-date effective tax rate compared to the six months ended June 30, 2023 is due to the offset of items arising in the first quarter (being the movement in tax provisions, a tax deduction for share-based compensation and the largely tax-exempt divestiture of phases one and two of the European Lime operations).