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INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES |
NOTE 7 - INCOME TAXES
The following table summarizes components of income tax expense:
| Three months ended September 30, | Nine months ended September 30,
millions | 2024 | 2023 | 2024 | 2023
Income before income taxes | $ | 1,594 | $ | 1,809 | $ | 4,239 | $ | 4,870
Current |  |  |  |
Federal | (286) | (243) | (832) | (689)
State and Local | (19) | (21) | (43) | (53)
Foreign | (196) | (120) | (530) | (482)
Total current tax expense | $ | (501) | $ | (384) | $ | (1,405) | $ | (1,224)
Deferred |  |  |  |
Federal | 54 | (56) | 177 | (75)
State and Local | (3) | (2) | (2) | (8)
Foreign | (4) | 8 | 7 | (65)
Total deferred tax benefit (expense) | $ | 47 | $ | (50) | $ | 182 | $ | (148)
Total income tax expense | $ | (454) | $ | (434) | $ | (1,223) | $ | (1,372)
Income from continuing operations | $ | 1,140 | $ | 1,375 | $ | 3,016 | $ | 3,498
Worldwide effective tax rate | 28 | % | 24% | 29 | % | 28%
The worldwide effective tax rates for the periods presented in the table above were 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%. INFLATION REDUCTION ACT AND PILLAR TWO In August 2022, Congress passed the IRA that contains, among other provisions, a corporate book minimum tax on financial statement income, an excise tax on stock buybacks, a methane emissions charge and certain tax incentives related to climate change and clean energy. Occidental is currently evaluating the guidance and proposed regulations. The ultimate impact of the IRA to Occidental will depend on a number of factors including future commodity prices, interpretations and assumptions as well as additional regulatory guidance. Approximately 140 countries have agreed to a statement in support of the OECD Pillar Two initiative that proposes a 15% global minimum tax on a jurisdiction-by-jurisdiction basis. A number of countries, including European Union member states, the United Kingdom, and Canada have enacted or are in the process of enacting legislation to be effective in 2024, with widespread implementation of a global minimum tax expected by 2025. As the legislation becomes effective in countries in which Occidental operates, its cash tax could increase, and its effective tax rate could be negatively impacted. Occidental will continue to monitor proposed legislation and guidance issued by both the OECD as well as the jurisdictions in which it operates to assess the impact on its tax position. We do not expect the provisions effective in 2024 to have a material adverse impact on our results of operations, financial position or cash flows.

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