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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The effective tax rate on earnings was 28.5% for the 2024 Quarter and 36.4% for the 2024 Period compared to 48.1% for the 2023 Quarter and 300.0% for the 2023 Period. During the 2024 Quarter, we received a refund of $77 million, including interest, from the IRS attributable to the 2013 tax year that was originally recognized as a receivable in 2020 pursuant to the CARES Act. Tax refunds of $82 million remain unpaid but are anticipated to be received later in 2024. The underlying assets were included in other current assets as of December 31, 2023. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:
| 3ME June 30, |  | 6ME June 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
U.S statutory federal income tax expense | $ | 45 |  |  | $ | 27 |  |  | $ | 64 |  |  | $ | 6 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |
State and local income taxes, net of federal income tax effects | 3 |  |  | — |  |  | 3 |  |  | (2) |
Valuation allowance, net | 35 |  |  | 23 |  |  | 30 |  |  | 75 |
Foreign tax impacts | (6) |  |  | 8 |  |  | 1 |  |  | 16 |
Noncontrolling interest | 3 |  |  | (1) |  |  | 7 |  |  | 3 |
Sale of AMECO South America | — |  |  | — |  |  | — |  |  | (10) |
Reserve for uncertain tax positions | (21) |  |  | — |  |  | (4) |  |  | — |
Other adjustments | 2 |  |  | 6 |  |  | 10 |  |  | 5 |
Total income tax expense | $ | 61 |  |  | $ | 63 |  |  | $ | 111 |  |  | $ | 93 |

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