Income Taxes (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliation of the (Benefit) Provision for Income Taxes

A reconciliation of the provision (benefit) for income taxes to the amounts computed by applying the statutory federal income tax rate to income (loss) before income taxes is as follows for the periods presented:


	Six months ended June 30,
	2025			2024
	(in millions)
Income tax expense (benefit) at the federal statutory rate	$	6		$	5
State income taxes, net of effect of federal tax benefit		1			2
Unrecognized tax benefits and related interest (1)		(10	)		1
Stock-based compensation		5			4
Research tax credit		(2	)		(2	)
Change in valuation allowance		1			(2	)
IRS audit settlement		—			45
Transfer pricing reserves adjustment		—			(4	)
Other, net		1			8
Provision (benefit) for income taxes	$	2		$	57

(1)

Includes a discrete tax benefit of $11 million in income tax reserves during the first quarter of 2025, related to the U.S. federal statute of limitation of assessment closing on tax years 2014, 2015, and 2016, during the first quarter of 2025.