v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Equity in Earnings (Losses) of Unconsolidated Affiliates

The components of income before income taxes and equity in earnings of unconsolidated affiliates are as follows:

						Year Ended December 31,
(in millions)						2025						2024						2023
Domestic						$	94					$	214					$	108
Foreign						1,497						1,455						1,351
						$	1,591					$	1,669					$	1,459

Components of Income Tax Expense Attributable to Continuing Operations

The components of income tax expense attributable to continuing operations are as follows:

						Year Ended December 31,
(in millions)						2025						2024						2023
Current expense:
Federal and state						$	49					$	44					$	21
Foreign						383						386						349
						432						430						370
Deferred (benefit) expense:
Federal and state						(132)						(116)						(236)
Foreign						(48)						(13)						(33)
						(180)						(129)						(269)
						$	252					$	301					$	101

Effective Income Tax Rate Reconciliation

The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the United States statutory income tax rate of 21% were as follows:

						Year Ended December 31,
(in millions)						2025
Federal income tax expense at statutory rate						$	334					21.0		%
Foreign tax effects						23						1.4		%
Effect of cross-border tax laws
Foreign Derived Intangible Income ("FDII")						(57)						(3.6)		%
Foreign earnings subject to US tax, net of related foreign tax credits						(56)						(3.5)		%
Change in unrecognized tax benefits						11						0.7		%
Other						(3)						(0.2)		%
						$	252					15.8		%

												Year Ended December 31,
(in millions)												2024						2023
Federal income tax expense at statutory rate												$	351					$	306
State and local income taxes, net of federal effect												9						16
Research and development												(28)						(25)
United States taxes recorded on foreign earnings(*)												(79)						(41)
Tax contingencies												14						17
Foreign Derived Intangible Income (“FDII”)												(56)						(53)
Foreign rate differential												87						45
Equity compensation												3						—
Valuation Allowance Release												—						(102)
Basis Difference Reversal												—						(61)
Other												—						(1)
												$	301					$	101

(*) Includes impact of GILTI, and other U.S. taxes on foreign earnings.

Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax Assets (Liabilities)

The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax assets (liabilities) are presented below:

						December 31,
(in millions)						2025						2024
Deferred income tax assets:
Net operating loss and other loss carryforwards						$	193					$	176
Tax credit carryforwards						230						292
Accrued expenses and unearned income						287						106
Employee benefits						169						180
U.S. interest expense limitation						65						93
Foreign exchange on debt instruments						106						—
Other						85						86
Total deferred income tax assets						1,135						933
Valuation allowance for deferred income tax assets						(206)						(196)
Total deferred income tax assets (net of valuation allowance)						929						737
Deferred income tax liabilities:
Amortization and depreciation						(644)						(545)
Foreign exchange on debt instruments						—						(104)
Other						(106)						(90)
Total deferred income tax liabilities						(750)						(739)
Net deferred income tax assets (liabilities)						$	179					$	(2)

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below:

						Year Ended December 31,
(in millions)						2025						2024						2023
Balance as of January 1						$	146					$	140					$	122
Additions based on tax positions related to the current year						15						15						53
Additions for income tax positions of prior years						5						17						8
Impact of changes in exchange rates						2						(2)						1
Settlements with tax authorities						(3)						(1)						(6)
Reductions for income tax positions of prior years						(4)						(18)						(25)
Reductions due to the lapse of the applicable statute of limitations						(7)						(5)						(13)
Balance as of December 31						$	154					$	146					$	140

Summary of Tax Years Open for Examination

The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates:

United States			2022-2024
India			2006-2025
Japan			2019-2024
United Kingdom			2023-2024
Switzerland			2022-2024
Singapore			2019-2024

Supplemental Cash Flow Information

The components of income taxes paid, net of refunds (inclusive of withholding taxes), are presented below:

(in millions)						Year Ended December 31, 2025
United Kingdom						$	105
Singapore						47
Japan						37
India						28
Other						178
Total income taxes paid, net of refunds (inclusive of withholding taxes)						$	395

The following table presents the Company’s supplemental cash flow information:

						Year Ended December 31,
(in millions)						2025						2024						2023
Supplemental Cash Flow Information:
Interest paid, net						$	647					$	589					$	556

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