Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended June 30, 2025, the provision for income taxes was $273 million compared to a benefit from income taxes of $1.3 billion for the three months ended June 30, 2024, representing effective tax rates of 18.0% and 25.3%, respectively. For the six months ended June 30, 2025, the provision for income taxes was $547 million compared to a benefit from income taxes of $1.1 billion for the six months ended June 30, 2024, representing effective tax rates of 17.9% and 28.3%, respectively. The benefit from income taxes for the three and six months ended June 30, 2024 was driven by the discrete impact of the balance sheet repositioning of securities. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.