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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes components of income tax expense:

			Three months ended June 30,						Six months ended June 30,
millions			2023			2022			2023			2022
Income before income taxes			$	1,327		$	4,986		$	3,061		$	8,069
Current
Federal			(181)			(640)			(446)			(855)
State and Local			(14)			(50)			(32)			(84)
Foreign			(191)			(338)			(362)			(536)
Total current tax expense			$	(386)		$	(1,028)		$	(840)		$	(1,475)
Deferred
Federal			(5)			(231)			(19)			1,982
State and Local			(3)			5			(6)			78
Foreign			(73)			23			(73)			(23)
Total deferred tax benefit (expense)			$	(81)		$	(203)		$	(98)		$	2,037
Total income tax benefit (expense)			$	(467)		$	(1,231)		$	(938)		$	562
Net income			$	860		$	3,755		$	2,123		$	8,631
Worldwide effective tax rate			35		%	25		%	31		%	(7)		%

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- References

No definition available.

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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