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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 4. INCOME TAXES The effective tax rate for the three months period ended September 30, 2024 was 29.6% compared to 33.4% for the three months period ended September 30, 2023. Discrete tax items, net for the three months period ended September 30, 2024 had a favorable impact of 1.2%. Discrete tax items, net for the three months period ended September 30, 2023 had an unfavorable impact of 0.2%. The effective tax rate for the nine months period ended September 30, 2024 was 27.0% compared to 33.4% for the nine months period ended September 30, 2023. Discrete tax items, net for the nine months period ended September 30, 2024 had a favorable impact of 2.8%. Discrete tax items, net for the nine months period ended September 30, 2023 had a favorable impact of 0.6%. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. states, and non-U.S. jurisdictions. At any given time, the Company is undergoing tax audits in several tax jurisdictions covering multiple years. The Company is no longer subject to income tax examination by the U.S. federal income tax authorities for years prior to 2015. With few exceptions, the Company is no longer subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2012. As of September 30, 2024, the Company is not aware of any proposed income tax adjustments resulting from tax examinations that would have a material impact on the Company’s condensed consolidated financial statements. The conclusion of such audits could result in additional increases or decreases to unrecognized tax benefits in some future period or periods. During the nine months period ended September 30, 2024, the Company recorded a net increase of $6 million to income tax reserves for unrecognized tax benefits based on tax positions related to the current year, including accruing additional interest related to unrecognized tax benefits from prior years. In addition, during the nine month period ended September 30, 2024, the Company recorded a net decrease of $17 million to income tax reserves for unrecognized tax benefits based on tax positions taken in prior years, mainly due to conclusion of tax audits and expiration of the statute of limitations in various jurisdictions. Of the total unrecognized tax benefits of $53 million recorded as of September 30, 2024, $14 million is classified as current tax payable within Other current liabilities and $39 million is classified as non-current tax payable within Other non-current liabilities on the Condensed Consolidated Balance Sheet.

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