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INCOME TAXES | 3 Months Ended
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Mar. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes |
NOTE 6 - INCOME TAXES
The following table summarizes components of income tax expense for the three months ended March 31, 2023 and 2022:
| Three months ended March 31, |
millions | 2023 | 2022 |  |  |
Income before income taxes | $ | 1,734 | $ | 3,083 |  |  |
Current |  |  |  |  |
Federal | (265) | (215) |  |  |
State and Local | (18) | (34) |  |  |
Foreign | (171) | (198) |  |  |
Total current tax expense | $ | (454) | $ | (447) |  |  |
Deferred |  |  |  |  |
Federal | (14) | 2,213 |  |  |
State and Local | (3) | 73 |  |  |
Foreign | — | (46) |  |  |
Total deferred tax benefit (expense) | $ | (17) | $ | 2,240 |  |  |
Total income tax benefit (expense) | $ | (471) | $ | 1,793 |  |  |
Net income | $ | 1,263 | $ | 4,876 |  |  |
Worldwide effective tax rate | 27 | % | (58) | % |  |  |
The difference between the 27% worldwide effective tax rate for the three months ended March 31, 2023 and the 21% U.S. federal statutory tax rate was primarily driven by Occidental's jurisdictional mix of income. U.S. income is taxed at a U.S. federal statutory rate of 21%, while international income is subject to tax at statutory rates as high as 55%. The difference between the (58)% worldwide effective rate for the three months ended March 31, 2022 and the 21% U.S. federal statutory tax rate were primarily driven by the jurisdictional mix of income as well as tax benefits associated with Occidental's legal entity reorganization, which is currently under IRS review as part of Occidental's 2022 federal tax audit.

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