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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Our provision for income taxes on a consolidated basis was $91 million for the three months ended September 30, 2025 as compared to a provision for income taxes of $67 million for the three months ended September 30, 2024. The increase of $24 million is primarily related to an increase in earnings and favorable permanent book tax differences. Our effective tax rate decreased to 18.7% for the three months ended September 30, 2025 from 21.5% for the three months ended September 30, 2024. Our provision for income taxes on a consolidated basis was $203 million for the nine months ended September 30, 2025 as compared to a provision for income taxes of $70 million for the nine months ended September 30, 2024. The increase of $133 million is primarily related to an increase in current year earnings, favorable permanent book tax differences, and a reversal of unrecognized tax positions in the prior year. Our effective tax rate increased to 19.7% for the nine months ended September 30, 2025 from 11.6% for the nine months ended September 30, 2024. Our effective tax rates for the three and nine months ended September 30, 2025 were different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and favorable permanent book tax differences. On July 4, 2025, the U.S. federal government enacted H.R.1, the One Big Beautiful Bill Act (OBBBA), a budget reconciliation package that changes the U.S. federal income tax laws, including extensions of various expiring provisions from the Tax Cuts and Jobs Act of 2017. The 2025 impacts of the OBBBA are insignificant based on our current operations. As of September 30, 2025 and December 31, 2024, the company had gross unrecognized tax benefits of $364 million and $347 million, respectively.

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