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INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax benefit was $(206) million and $(130) million for the three and six months ended June 30, 2024, compared to income tax expense of $114 million and $182 million for the same periods of 2023. The decrease in tax expense is primarily due to an overall lower level of earnings and tax benefits related to the completion of legal entity restructuring projects in connection with the disposal of our European major appliance business, partially offset by associated valuation allowances.
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 June 30, Six Months Ended June 30,
Millions of dollars2024202320242023
Earnings (Loss) before income taxes$30 $204 $(148)$95 
Income tax expense (benefit) computed at United States statutory tax rate6 43 (31)20 
State and local taxes, net of federal tax benefit(54)4 (55)5 
Valuation allowances386 17 405 21 
Audit and Settlements11 34 13 54 
U.S. foreign income items, net of credits(2)— (15)2 
Sale of minority shares and capital gains(2)— 77 — 
Legal Entity restructuring tax impact(559)— (594)— 
Non deductible impairments15 1 64 51 
Non deductible fines and penalties— 10 — 20 
Other(7)5 6 9 
Income tax expense (benefit) computed at effective worldwide tax rates$(206)$114 $(130)$182 
At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the quarterly rate as necessary.