Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | NOTE O. INCOME TAXES For the three and six months ended June 30, 2026, the Company recorded total income tax expense of $47 million and $67 million, respectively. The effective tax rate for the three and six months ended June 30, 2026 was 21% and 19%, respectively. For the three and six months ended June 30, 2025, the Company recorded total income tax expense of $47 million and $88 million, respectively. The effective tax rate for each of the three and six months ended June 30, 2025 was 19%. The decrease in income tax expense for the six months ended June 30, 2026 compared to 2025 was principally driven by lower taxable income. The need to establish a valuation allowance against the deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold, in accordance with authoritative accounting guidance. Management has determined, based on an evaluation of available objective and subjective evidence, that it is more likely than not that certain federal, state and foreign deferred tax assets will not be realized; therefore, these deferred tax assets are offset with a valuation allowance. |