Taxes on Income |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Taxes on Income | |
| Taxes on Income | 16. Taxes on Income The company’s effective tax rate was 23.4 percent and 23.7 percent for the three and six months ended June 30, 2026, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and six months ended June 30, 2026, increased by 3.6 and 3.5 percentage points, respectively, for non-U.S. rate differences, increased by 1.9 and 1.8 percentage points, respectively, for U.S. taxes on foreign income net of credits and decreased by 2.5 and 2.6 percentage points, respectively, for tax holidays. The company’s effective tax rate was 22.8 percent and 22.9 percent for the three and six months ended June 30, 2025, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and six months ended June 30, 2025, increased by 0.8 and 0.9 percentage points, respectively, for non-U.S. rate differences and withholding taxes net of credits, increased by 0.7 and 0.9 percentage points, respectively, for state and local taxes, increased by 0.7 and 0.6 percentage points, respectively, for Pillar Two Global Minimum Taxes and decreased by 1.4 and 0.8 percentage points, respectively, for federal tax credits. |