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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 14. Income Taxes As of the second quarter of 2024, our estimated annual effective tax rate, which excludes discrete tax impacts, was 27.8%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our 2024 second quarter effective tax rate was 34.7% and includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the three months ended June 30, 2024 was 28.5%. The 28.5% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. Our effective tax rate for the six months ended June 30, 2024 of 26.2% also includes discrete tax impacts in connection with unrealized gains and losses on hedging activities. Excluding these impacts, our effective tax rate for the six months ended June 30, 2024 was 27.2%. The 27.2% reflects the impact of unfavorable foreign provisions under U.S. tax laws as well as the net unfavorable impact attributable to jurisdictional mix of pre-tax income and applicable tax rates. As of the second quarter of 2023, our estimated annual effective tax rate, which excluded discrete tax impacts, was 24.6%. This rate reflected the impact of unfavorable foreign provisions under U.S. tax laws partially offset by favorable impacts from the mix of pre-tax income as well as applicable tax rates in various non-U.S. jurisdictions. Our 2023 second quarter effective tax rate of 23.1% included a net tax benefit related to gains and losses on KDP marketable securities and a net tax expense incurred in connection with unrealized gains and losses on hedging activities as well as other discrete net tax expense. Our effective tax rate for the six months ended June 30, 2023 of 27.3% was higher due to a $127 million net tax expense incurred in connection with the KDP share sale during the first quarter (the earnings are reported separately on our statement of earnings and thus not included in earnings before income taxes). Excluding this impact, our effective tax rate for the six months ended June 30, 2023 was 23.6%. The 23.6% rate also included net tax expense related to gains and losses on KDP marketable securities as well as the associated pre-tax impacts.

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