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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 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 September 30,												Nine Months Ended September 30,
Millions of dollars			2024						2023						2024						2023
Earnings (Loss) before income taxes			$	179					$	172					$	31					$	267
Income tax expense (benefit) computed at United States statutory tax rate			38						36						7						56
State and local taxes, net of federal tax benefit			(6)						(6)						(61)						(1)
Valuation allowances			11						8						416						29
Audit and Settlements			11						29						24						83
U.S. foreign income items, net of credits			4						(9)						(12)						(6)
Sale of minority shares and capital gains			—						—						77						—
Legal Entity restructuring tax impact			(7)						—						(601)						—
Non deductible impairments			—						6						64						57
Non deductible fines and penalties			—						—						—						20
Other			(6)						22						1						30
Income tax expense (benefit) computed at effective worldwide tax rates			$	45					$	86					$	(85)					$	268

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- References

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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