Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 12. Income Taxes Our effective tax rate was 19.2% for the second quarter of 2026 as compared to 26.9% in the second quarter of 2025. The decrease in our effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits recorded in the current quarter related to a legal entity reorganization and a U.S. amended tax return filing. Our effective tax rate for the six months ended June 30, 2026 was 22.1% as compared to 27.4% for the six months ended June 30, 2025. The decrease in our year-to-date effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits related to a legal entity reorganization and a U.S. amended tax return filing in the six months ended June 30, 2026, partially offset by tax benefits from releases of liabilities for uncertain tax positions due to audit developments in the six months ended June 30, 2025.
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