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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

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			2022						2021						2022						2021
Earnings (Loss) before income taxes			$	200					$	586					$	295					$	1,859
Income tax expense (benefit) computed at United States statutory tax rate			42						123						62						390
State and local taxes, net of federal tax benefit			(2)						17						14						49
Valuation allowances			12						3						19						5
Audit and Settlements			6						(32)						(13)						(17)
U.S. foreign income items, net of credits			2						(1)						(8)						(1)
Changes in enacted tax rates			—						—						—						(14)
Non deductible impairments			—						—						150						—
Divestiture tax impact			—						(1)						—						(22)
Legal entity restructuring tax impact			—						—						—						(46)
Other			(7)						(9)						(28)						9
Income tax expense (benefit) computed at effective worldwide tax rates			$	53					$	100					$	196					$	353

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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