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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes |
Note 17: | Income Taxes
Tax Rate A reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows:
| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Statutory rate | 21.0 | % |  | 21.0 | % |  |  |  |
State taxes | 1.9 |  |  | 1.5 |  |  |  |  |
Taxes on foreign earnings, including valuation allowances | (9.9) |  |  | (3.7) |  |  |  |  |
Tax credits | (1.9) |  |  | (2.5) |  |  |  |  |
Purchased inventory valuation step-up and intangible assets | 2.7 |  |  | 1.3 |  |  |  |  |
GILTI | 1.3 |  |  | (2.7) |  |  |  |  |
Share-based compensation awards | 5.5 |  |  | 0.7 |  |  |  |  |
Other, including permanent items | 2.1 |  |  | (0.2) |  |  |  |  |
Effective tax rate | 22.7 | % |  | 15.4 | % |  |  |  |
Changes in Tax Rate For the three months ended March 31, 2025, compared to the same period in 2024, the increase in our effective tax rate was partially driven by the impacts of certain share-based compensation awards that vested during the first quarter of 2025 and the changes in the territorial mix of our profitability. This is partially offset by benefits related to a decrease in our foreign valuation allowance and our estimate of our Pillar Two minimum tax liabilities, both of which are included in our taxes on foreign earnings, including valuation allowance. Accounting for Uncertainty in Income Taxes We and our subsidiaries are routinely examined by various taxing authorities. We file income tax returns in various U.S. states and in U.S. federal and other foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal tax examination for years before 2021 or state, local or non-U.S. income tax examinations for years before 2013. The U.S. Internal Revenue Service and other national tax authorities routinely examine our intercompany transfer pricing with respect to intellectual property related transactions and it is possible that they may disagree with one or more positions we have taken with respect to such valuations. It is reasonably possible that we will adjust the value of our uncertain tax positions related to certain transfer pricing, collaboration matters, withholding taxes and other issues as we receive additional information from various taxing authorities, including reaching settlements with such authorities. We estimate that it is reasonably possible that our gross unrecognized tax benefits, exclusive of interest, could decrease by up to approximately $40.0 million in the next 12 months as a result of various audit closures, settlements and expiration of the statute of limitations.

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