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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 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 September 30,												Nine Months Ended September 30,
Millions of dollars			2023						2022						2023						2022
Earnings (Loss) before income taxes			$	172					$	200					$	267					$	295
Income tax expense (benefit) computed at United States statutory tax rate			36						42						56						62
State and local taxes, net of federal tax benefit			(6)						(2)						(1)						14
Valuation allowances			8						12						29						19
Audit and Settlements			29						6						83						(13)
U.S. foreign income items, net of credits			(9)						2						(6)						(8)
Non deductible impairments			6						—						57						150
Non deductible fines and penalties			—						—						20						—
Other			22						(7)						30						(28)
Income tax expense (benefit) computed at effective worldwide tax rates			$	86					$	53					$	268					$	196

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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