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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

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			2024						2023
Earnings (Loss) before income taxes			$	(177)					$	(109)
Income tax expense (benefit) computed at United States statutory tax rate			(37)						(23)
State and local taxes, net of federal tax benefit			(1)						1
Valuation allowances			19						4
Audit and Settlements			2						20
U.S. foreign income items, net of credits			(13)						2
Sale of minority shares and capital gains			79						—
Legal Entity restructuring tax impact			(35)						—
Non deductible impairments			49						50
Non deductible fines and penalties			—						10
Other			13						4
Income tax expense (benefit) computed at effective worldwide tax rates			$	76					$	68

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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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