v3.26.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table presents the components of our income tax (benefit) provision and effective tax rate:

Three months ended
September 30,		Nine months ended
September 30,
2026202520262025
(in millions)(in millions)
(Loss) income before income taxes$(428)$75 $(730)$479 
Current income tax (benefit) provision — (24)— 52 
Deferred income tax (benefit) provision
(113)35 (218)76 
Income tax (benefit) provision
$(113)$11 $(218)$128 

Our income tax (benefit) provision for interim periods is determined by applying an estimated annual effective tax rate to year to date (loss) income before income taxes with the result adjusted for discrete items, if any, in the relevant period. Our effective tax rate of 30% in the nine months ended September 30, 2026, differed from the U.S. statutory rate of 21% primarily due to state taxes and income tax credits. Our effective tax rate of 27% for the nine months ended September 30, 2025, differed from the U.S. statutory rate of 21% primarily due to state taxes.
Management expects to realize the recorded deferred tax assets primarily through future income and reversal of taxable temporary differences. Realization of our existing deferred tax assets is not assured and depends on a number of factors including our ability to generate sufficient taxable income in future periods.