Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes 

For interim periods, we estimate an annual effective tax rate, which is applied to our year-to-date ordinary income. Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and are recognized in the period in which they occur. The effective tax rate for the nine months ended September 30, 2024 was negatively impacted by the $210 million loss on divestiture of a non-U.S. entity which had no related tax benefit (see Note 10). The effective tax rate for the three and nine months ended September 30, 2023 includes a discrete tax expense of $27 million for the repatriation of non-U.S. earnings and the change in the reinvestment position of a non-U.S. subsidiary.