Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes 

The provision for income taxes for the second quarter of 2025 was $45 million on $183 million profit before income taxes compared with $47 million on $18 million loss before income taxes for the second quarter of 2024. The provision for income taxes for the first six months of 2025 was $89 million on $357 million profit before income taxes compared with $106 million on $211 million profit before income taxes in the first six months of 2024. The effective tax rate for the three and six months ended June 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).

On July 4, 2025, U.S. tax legislation was enacted containing several corporate tax provisions including reinstatement of 100 percent bonus depreciation. This change in tax law will be accounted for in the period of enactment. We do not currently expect this change to have a material impact on our 2025 effective tax rate.