XML 138 R122.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
Increase/(decrease) resulting from:      
State and local income taxes, net of federal tax benefit 1.60% 1.10% 1.60%
Tax impacts from our foreign operations 2.00% (1.60%) 1.10%
Changes in judgment on realizability of deferred tax assets (1.10%) 0.10% (2.20%)
Reversal of other tax accruals no longer required (1.40%) (0.50%) (0.80%)
Tax accrual on investment in KDP (including tax impact of share sales) 0.50% 4.70% 6.70%
Excess tax benefits from equity compensation (0.80%) (0.70%) (1.00%)
Foreign tax legislation/reform 0.50% 2.30% 1.00%
Business sales (including tax impact from JDE Peet's transaction) 0.10% 0.00% 7.40%
Foreign tax provisions under TCJA (GILTI, FDII And BEAT) [1] 0.10% 0.80% 1.10%
Non-deductible expenses, including buyout of Clif Bar ESOP and European Commission legal matter 4.10% 0.10% 0.10%
Other 0.20% (0.10%) 0.20%
Effective tax rate 26.80% 27.20% 36.20%
[1] The Tax Cuts and Jobs Act of 2017 (“TCJA”) established the Global Intangible Low-Tax Income (“GILTI”) provision, which taxes U.S. allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (“FDII”) provision, which allows a deduction against certain types of U.S. taxable income resulting in a lower effective U.S. tax rate on such income; and the Base Erosion Anti-abuse Tax (“BEAT”), which is a minimum tax based on cross-border service payments by U.S. entities.