XML 53 R34.htm IDEA: XBRL DOCUMENT v3.20.2

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods:

						Three Months Ended September 30,																		Nine Months Ended September 30,
Millions of dollars						2020						2019						2020						2019
Earnings before income taxes						$	541					$	677					$	803					$	1,221
Income tax expense computed at United States statutory tax rate						113						142						169						256
Valuation allowances						6						1						12						(195)
U.S. transition tax and prior period adjustments						—						56						—						56
Audits and settlements						14						7						31						(6)
U.S. foreign income items, net of credits						(2)						8						(1)						19
Changes in enacted tax rates						(6)						41						(6)						66
Sale of Embraco						—						43						—						54
Other						18						15						28						61
Income tax expense (benefit) computed at effective worldwide tax rates						$	143					$	313					$	233					$	311

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration