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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our Provision for/(Benefit from) income taxes for the third quarter and first nine months of 2025 was a benefit of $630 million and a provision of $88 million, respectively. This resulted in an effective tax rate of negative 34.7% for the third quarter and 3.0% for the first nine months. During the third quarter, these rates were impacted by a net benefit of $1.4 billion associated with the release of a valuation allowance resulting from improvements in our South American operations. The third quarter and first nine months rates were also impacted by a non-cash charge of $424 million to deferred tax assets to recognize the impact of tax legislation enacted in Germany during the quarter. In addition, the nine-month rate was impacted by a non-cash charge of $471 million to deferred tax assets recorded in the second quarter associated with resolving transfer pricing matters in certain non-U.S. operations.

On July 4, 2025, P.L. 119-21 (otherwise known as the “One Big Beautiful Bill Act”) was signed into law. We have analyzed the provisions within the act and determined there was no material impact in the third quarter of 2025, nor do we expect a material impact on our 2025 consolidated financial statements.