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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s income tax provision and effective income tax rate were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Income tax provision |  | $ | 173 |  |  | $ | 74 |  |  | $ | 609 |  |  | $ | 448 |
Effective income tax rate |  | 17.9 | % |  | 5.8 | % |  | 18.4 | % |  | 13.5 | %
The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 17.9% and 5.8% for the three months ended September 30, 2025 and 2024, and 18.4% and 13.5% for the nine months ended September 30, 2025 and 2024, respectively. The effective income tax rate for each of the nine months ended September 30, 2025 and 2024 included discrete tax benefits from equity compensation, resulting in a lower effective income tax rate compared to the statutory income tax rate. The effective income tax rate for the three and nine months ended September 30, 2024 included a deferred tax benefit of $142 million recorded within the income tax provision associated with a non-cash impairment charge of $570 million recorded within income (loss) from investments in unconsolidated affiliates. Pursuant to provisions under the Inflation Reduction Act, the Company purchased transferable federal tax credits from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit during both the nine months ended September 30, 2025 and 2024. Receivables associated with transferable federal tax credits are recorded within prepaid expenses and other current assets, and amounts owed to counterparties for the purchased credits are recorded within accounts payable and other current liabilities within the consolidated balance sheets at September 30, 2025 and December 31, 2024. On July 4, 2025, the U.S. enacted tax legislation referred to as the One Big Beautiful Bill Act (the “Act”). The Act includes various provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Act contains multiple effective dates between 2025 and 2027. Provisions of the Act relevant to the Company are effective beginning in 2026. The Company is currently assessing the impact that these provisions will have on its consolidated financial statements. The Company’s potential liability for unrecognized tax benefits before interest and penalties was approximately $82 million at September 30, 2025. The Company believes it is reasonably possible that the liability for unrecognized tax benefits may decrease by up to $6 million over the next twelve months as a result of possible closure of tax audits, audit settlements, and the lapse of the statutes of limitations in various jurisdictions. As of September 30, 2025, the Company’s U.S. federal income tax returns for 2023 and 2024, and tax returns in certain states and foreign jurisdictions for 2017 through 2024, remain subject to examination by taxing authorities.

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