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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES For interim periods, we recognize income tax expense by applying the estimated annual effective income tax rate to year-to-date results unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted in the current quarter. Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates. The provision for income taxes for the three months ended March 31, 2025, and 2024, reflected an estimated annual effective tax rate of 24% and 25%, respectively, excluding discrete items discussed below. The total tax provision for the three months ended March 31, 2025, was $26 million, compared to $41 million for the comparable period in 2024. The total effective tax rate for the three months ended March 31, 2025, was 22%, compared to 28% for the comparable period in 2024. The decrease in the total effective tax rate primarily resulted from the discrete tax benefits and expenses discussed below. During the three months ended March 31, 2025, we recognized a $3 million net discrete tax benefit, and during the three months ended March 31, 2024, we recognized a net discrete tax expense of $4 million. The current year net tax benefit related primarily to inflationary and foreign currency exchange-related effects and stock-based compensation while the net discrete tax expense in the prior year primarily related to inflationary and foreign currency exchange-related effects. In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules (Pillar Two) applicable to large multinational corporations which would establish a global per-country minimum tax of 15%. While the United States has not enacted legislation to adopt the Pillar Two framework and it is uncertain if it will do so in the future, certain countries in which we operate have enacted such legislation. Specifically, the Canadian government enacted legislation in 2024 implementing aspects of the OECD’s minimum tax rules under the Pillar Two framework effective in the 2024 fiscal year and released draft legislation proposed to implement further aspects of the framework effective for the 2025 fiscal year. In addition, in 2024, the Brazilian Congress approved legislation implementing a tax measure that took effect in 2025, that is largely aligned with certain aspects of the OECD’s minimum tax rules under the Pillar Two framework. To date, no other jurisdictions in which LP operates have enacted Pillar Two legislation. At this time, we do not expect Pillar Two legislation to have a material impact on our effective tax rate or our consolidated results of operations, financial position or cash flows. The Company will continue to monitor future developments related to Pillar Two legislation to determine any potential impact in the countries in which we operate.

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