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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of income tax expense with federal income taxes at the statutory rate are as follows (in millions of dollars):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Federal income tax			$	89					$	89					$	228					$	171
States income taxes, net of federal income tax benefit			12						12						29						23
Foreign rate difference			7						10						19						17
Net tax benefit related to foreign subsidiaries			—						(4)						—						(92)
Other - net			(1)						(1)						(5)						(1)
Income tax provision			$	107					$	106					$	271					$	118
Effective tax rate			25.5		%				29.3		%				25.0		%				17.3		%

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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