INCOME TAX |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAX | NOTE 12. INCOME TAX The following table summarizes tax provision and the effective tax rate for our income from continuing operations:
Our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations. The effective tax rate for the three months ended September 30, 2026 was higher than the same period in 2025 primarily due to the unwind of the remaining Note Hedges associated with the 2028 Notes, as well as a non-cash tax charge associated with the 5-year extension of the Singapore tax holiday incentive. For the nine months ended September 30, 2026, the effective tax rate was higher than the same period in 2025 primarily due to the unwind of the remaining Note Hedges associated with the 2028 Notes, the 2028 Note Exchange completed in May 2026, as well as a non-cash tax charge associated with a 5-year extension of the Singapore tax holiday incentive. Certain jurisdictions in which the Company operates have enacted, or are in the process of implementing, the Organisation for Economic Co-operation and Development (“OECD”) Pillar Two global minimum tax framework. During 2026, the OECD issued additional administrative guidance, including Side-by-Side guidance, which the Company continues to evaluate and monitor for the jurisdictions in which it operates. The Company's income tax provision reflects the effects of recent tax legislation and regulatory developments, including the OECD Pillar Two global minimum tax framework and the One Big Beautiful Bill Act ("OBBB"). The Company has incorporated the effects of enacted provisions and issued guidance into its financial statements and continues to monitor developments and evaluate their impact on its tax position, cash taxes, and effective tax rate. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||