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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12: Income Taxes Income tax expense was $31 million for the three months ended September 30, 2025 compared to $64 million for the same period in 2024. The effective tax rates were 32.3% an d 26.2% for each of the respective periods. For the three months ended September 30, 2025, nondeductible permanent differences accounted for a 1.4% increase in the effective rate. Changes in the valuation allowance resulted in a 3.6% increase in the effective tax rate. Income tax expense was $111 million for the nine months ended September 30, 2025 compared to $169 million for the same period in 2024. The effective tax rates w ere 30.5% a nd 27.2% for each of the respective periods. For the nine months ended September 30, 2025, nondeductible permanent differences accounted for a 1.6% increase to the effective tax rate. Changes in the valuation allowance resulted in a 1.3% increase in the effective tax rate. The Company calculates its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period. Future changes in the forecasted annual income projections could result in significant adjustments to quarterly income tax expense in future periods. On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act (“OBBBA”) was signed into law, which includes significant changes to federal tax law and other regulatory provisions that will be applicable to the Company beginning in 2025. As of the date of these financial statements, the Company expects OBBBA will not have a material impact on its estimated annual effective tax rate in 2025 but will impact the split between current taxes payable and deferred taxes.

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