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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
Millions of dollars			2023						2022
Earnings (Loss) before income taxes			$	(109)					$	427
Income tax expense (benefit) computed at United States statutory tax rate			(23)						90
State and local taxes, net of federal tax benefit			1						9
Valuation allowances			4						7
Audit and Settlements			20						—
U.S. foreign income items, net of credits			2						(8)
Non deductible impairments			50						—
Non deductible fines and penalties			10						—
Other			4						8
Income tax expense (benefit) computed at effective worldwide tax rates			68						106

(1) Prior year amounts on the table above have been reclassified to conform with current year presentation.

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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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