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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 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			2021						2020						2021						2020
Earnings before income taxes			$	586					$	534					$	1,859					$	793
Income tax expense computed at United States statutory tax rate			123						112						390						167
State and local taxes, net of federal tax benefit			17						15						49						22
Valuation allowances			3						6						5						12
Audit and settlements			(32)						14						(17)						31
U.S. foreign income items, net of credits			(1)						(2)						(1)						(1)
Changes in enacted tax rates			—						(6)						(14)						(6)
Divestiture tax impact			(1)						—						(22)						—
Legal entity restructuring tax impact			—						—						(46)						—
Other			(9)						2						9						6
Income tax expense (benefit) computed at effective worldwide tax rates			$	100					$	141					$	353					$	231

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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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