v3.25.4

Income Taxes (Tables)

12 Months Ended

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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