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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense was $43 million for the three months ended March 31, 2025, compared to income tax expense of $76 million for the same period of 2024. The decrease in tax expense is primarily due to prior year non-recurring items, partially offset by tax expense related to improved results. 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 | 2025 |  | 2024 |  |  |  |
Earnings (Loss) before income taxes | $ | 139 |  |  | $ | (177) |  |  |  |  |
Income tax expense (benefit) computed at United States statutory tax rate | 29 |  |  | (37) |  |  |  |  |
State and local taxes, net of federal tax benefit | 13 |  |  | (1) |  |  |  |  |
Valuation allowances | 1 |  |  | 19 |  |  |  |  |
Audit and Settlements | 1 |  |  | 2 |  |  |  |  |
U.S. foreign income items, net of credits | (2) |  |  | (13) |  |  |  |  |
Sale of minority shares and capital gains | — |  |  | 79 |  |  |  |  |
Legal Entity restructuring tax impact | — |  |  | (35) |  |  |  |  |
Non deductible impairments | — |  |  | 49 |  |  |  |  |
Non deductible fines and penalties | — |  |  | — |  |  |  |  |
Other | 1 |  |  | 13 |  |  |  |  |
Income tax expense (benefit) computed at effective worldwide tax rates | $ | 43 |  |  | $ | 76 |  |  |  |  |
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.

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