First quarter ended
March 31,

2025

2024

Income (loss) before income taxes

$

668

$

(325

)

Estimated annualized effective tax rate

19.3

%

(8.9

)

%

Income tax expense

$

129

$

29

Favorable tax impact related to losses in jurisdictions with no tax benefit

(11

)

(47

)

Discrete tax expense

2

—

Provision for (benefit from) income taxes

$

120

$

(18

)