Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Taxes | |
| Income Taxes | 14. Income Taxes For the three months ended March 31, 2026, we recorded an income tax benefit of $49 million on pre-tax loss of $612 million compared to an income tax benefit of $74 million on pre-tax loss of $654 million for the three months ended March 31, 2025. Our effective income tax rate was 7.97% and 11.2% for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such loss is allocated to the partners, changes in pre-tax earnings attributable to noncontrolling interests and changes in valuation allowances. For the three months ended March 31, 2025, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such loss is allocated to the partners.
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