v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income taxes were as follows (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | (123 | ) |  | $ | 413 |  |  | $ | 249 |
Foreign |  |  | 498 |  |  |  | 418 |  |  |  | 363 |
|  | $ | 375 |  |  | $ | 831 |  |  | $ | 612 |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes consisted of (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (30 | ) |  | $ | 9 |  |  | $ | (4 | )
State |  |  | 10 |  |  |  | 5 |  |  |  | 2 |
Foreign |  |  | 151 |  |  |  | 133 |  |  |  | 118 |
Total current income tax provision |  |  | 131 |  |  |  | 147 |  |  |  | 116 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 23 |  |  |  | 41 |  |  |  | (252 | )
State |  |  | 22 |  |  |  | 4 |  |  |  | (47 | )
Foreign |  |  | 48 |  |  |  | 4 |  |  |  | (190 | )
Total deferred income tax provision (benefit) |  |  | 93 |  |  |  | 49 |  |  |  | (489 | )
Total income tax provision (benefit) |  | $ | 224 |  |  | $ | 196 |  |  | $ | (373 | )
Difference Between Effective Tax Rate | The difference between the effective tax rate reflected in the provision (benefit) for income taxes and the U.S. federal statutory rate was as follows (in millions) for the year ended December 31, 2025:
|  | Year Ended December 31, 2025 |
|  | Amount |  |  | Rate |
U.S federal statutory income tax rate |  | $ | 79 |  |  |  | 21.0 | %
U.S. state and local income taxes, net of federal income tax effect (1) |  |  | 26 |  |  |  | 6.9 | %
Foreign tax effects |  |  |  |  |  |
Austria |  |  | 20 |  |  |  | 5.3 | %
Brazil |  |  |  |  |  |
State and local taxes |  |  | 8 |  |  |  | 2.1 | %
Withholding taxes |  |  | 7 |  |  |  | 1.9 | %
Other |  |  | 6 |  |  |  | 1.6 | %
Canada |  |  | 5 |  |  |  | 1.3 | %
Mexico |  |  |  |  |  |
Changes in valuation allowances |  |  | 4 |  |  |  | 1.1 | %
Other |  |  | 1 |  |  |  | 0.3 | %
Netherlands |  |  |  |  |  |
Nondeductible expense |  |  | 6 |  |  |  | 1.6 | %
Adjustment to prior year taxes |  |  | 7 |  |  |  | 1.9 | %
Changes in valuation allowances |  |  | 8 |  |  |  | 2.1 | %
Other |  |  | 3 |  |  |  | 0.8 | %
Norway |  |  |  |  |  |
Foreign currency gain |  |  | 5 |  |  |  | 1.3 | %
Refund of withholding taxes |  |  | (5 | ) |  |  | (1.3 | )%
Saudi Arabia |  |  |  |  |  |
Withholding taxes |  |  | 7 |  |  |  | 1.9 | %
Other |  |  | 5 |  |  |  | 1.3 | %
United Kingdom |  |  |  |  |  |
Adjustment to prior year taxes |  |  | (7 | ) |  |  | (1.9 | )%
Other |  |  | (2 | ) |  |  | (0.5 | )%
Other foreign jurisdictions |  |  | 26 |  |  |  | 6.9 | %
Effect of cross-border tax laws |  |  |  |  |  |
Foreign income inclusions, net of foreign tax credits |  |  | (42 | ) |  |  | (11.2 | )%
Impact of BEAT provisions |  |  | 14 |  |  |  | 3.7 | %
FDII deduction |  |  | (7 | ) |  |  | (1.9 | )%
Income tax credits |  |  | (3 | ) |  |  | (0.8 | )%
Changes in deferred tax valuation allowance |  |  | 82 |  |  |  | 21.9 | %
Nondeductible expenses |  |  |  |  |  |
Impairment of nondeductible goodwill |  |  | 8 |  |  |  | 2.1 | %
Tax expense on stock compensation |  |  | 14 |  |  |  | 3.7 | %
Other |  |  | 4 |  |  |  | 1.1 | %
Change in uncertain tax benefits |  |  | (47 | ) |  |  | (12.5 | )%
Other |  |  | (8 | ) |  |  | (2.1 | )%
Total income tax provision |  | $ | 224 |  |  |  | 59.7 | %
(1) The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in the category include Texas and Louisiana. The difference between the effective tax rate reflected in the provision (benefit) for income taxes and the U.S. federal statutory rate disclosed as follows (in million) for the years ended December 31, 2024 and 2023:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Federal income tax at U.S. statutory rate |  | $ | 175 |  |  | $ | 129 |
Foreign income tax rate differential |  |  | — |  |  |  | 3 |
Change in deferred tax valuation allowance |  |  | (64 | ) |  |  | (564 | )
Nondeductible expenses |  |  | 47 |  |  |  | 18 |
Foreign inclusions and FDII, net of foreign tax credits |  |  | (36 | ) |  |  | 5 |
Change in uncertain tax benefits |  |  | 3 |  |  |  | 12 |
Withholding taxes |  |  | 47 |  |  |  | 30 |
Income tax credits |  |  | (6 | ) |  |  | (8 | )
Other |  |  | 30 |  |  |  | 2 |
Total income tax provision (benefit) |  | $ | 196 |  |  | $ | (373 | )
Significant Components of Deferred Tax Assets and Liability | Significant components of our deferred tax assets and liabilities were as follows (in millions):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Allowances and operating liabilities |  | $ | 246 |  |  | $ | 235 |
Net operating loss carryforwards |  |  | 138 |  |  |  | 186 |
Stock compensation |  |  | 29 |  |  |  | 38 |
Tax credit carryforwards |  |  | 303 |  |  |  | 257 |
Other |  |  | 123 |  |  |  | 113 |
Valuation allowance |  |  | (352 | ) |  |  | (266 | )
Total deferred tax assets |  |  | 487 |  |  |  | 563 |
Deferred tax liabilities: |  |  |  |  |  |
Tax over book depreciation |  |  | 26 |  |  |  | 31 |
Capital leases |  |  | 58 |  |  |  | 68 |
Intangible assets |  |  | 41 |  |  |  | 44 |
Deferred income |  |  | 43 |  |  |  | 22 |
Accrued tax on unremitted earnings |  |  | 43 |  |  |  | 41 |
Other |  |  | 11 |  |  |  | — |
Total deferred tax liabilities |  |  | 222 |  |  |  | 206 |
Net deferred tax asset |  | $ | 265 |  |  | $ | 357 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Unrecognized tax benefit at beginning of year |  | $ | 68 |  |  | $ | 67 |  |  | $ | 62 |
Gross increase for tax position in current year |  |  | 6 |  |  |  | — |  |  |  | 18 |
Gross increase for tax positions in prior years |  |  | 30 |  |  |  | 4 |  |  |  | 1 |
Gross decrease for tax positions in prior years |  |  | (37 | ) |  |  | — |  |  |  | (3 | )
Cash settlements |  |  | (4 | ) |  |  | — |  |  |  | (4 | )
Lapse of statute of limitations |  |  | (7 | ) |  |  | (3 | ) |  |  | (7 | )
Unrecognized tax benefit at end of year |  | $ | 56 |  |  | $ | 68 |  |  | $ | 67 |
Summary of Net Operating Loss Carryforwards | Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2025 were as follows (in millions):
|  | Federal |  |  | State |  |  | Foreign |  |  | Total |
2026 - 2030 expiration |  | $ | — |  |  | $ | 6 |  |  | $ | 44 |  |  | $ | 50 |
2031 - 2041 expiration |  |  | 13 |  |  |  | 118 |  |  |  | 52 |  |  |  | 183 |
Unlimited expiration |  |  | 50 |  |  |  | 109 |  |  |  | 346 |  |  |  | 505 |
Total net operating loss (NOL) |  | $ | 63 |  |  | $ | 233 |  |  | $ | 442 |  |  | $ | 738 |
Tax effected NOL |  | $ | 13 |  |  | $ | 11 |  |  | $ | 114 |  |  | $ | 138 |
Schedule of Cash Paid (Received) for Income Taxes | Cash paid (received) for income taxes for the year ended December 31, 2025, is as follows (in millions):
U.S. federal income taxes |  | $ | (93 | )
U.S. state income taxes |  |  | 9 |
Austria |  |  | 28 |
Brazil |  |  | 26 |
Canada |  |  | 32 |
China |  |  | 7 |
Indonesia |  |  | 7 |
Saudi Arabia |  |  | 17 |
Other |  |  | 73 |
Total income taxes paid (received) |  | $ | 106 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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