Income Taxes |
9 Months Ended |
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Sep. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax Disclosure | Income Taxes On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. During the three months ended September 30, 2025, we recorded incremental tax charges of approximately $130 primarily relating to a valuation allowance on current and prior year U.S. foreign tax credits. Of these total charges, approximately $96 was associated with the realizability of our prior year U.S. foreign tax credits. The effective tax rate for the three months ended September 30, 2025 and 2024 was 45.4% and 19.4%, respectively, and 30.6% and 19.1% for the nine months ended September 30, 2025 and 2024, respectively. The increases relative to the prior periods were primarily driven by the valuation allowance charges relating to the enactment of OBBBA discussed above and the resolution of certain tax matters in the prior year.
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