INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our Provision for/(Benefit from) income taxes for the third quarter and first nine months of 2026 was a provision of $97 million and a benefit of $253 million, respectively, resulting in an effective tax rate of 4.5% for the third quarter and negative 8.4% for the first nine months. These rates were driven by a benefit of $179 million in the third quarter resulting from legal entity restructuring of our South American operations. The first nine months rate was also driven by a benefit resulting from the recognition of a U.S. Qualified Opportunity Zone tax incentive and a tax law change in the United Kingdom.
|