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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense was $33 million and $105 million for the three and nine months ended September 30, 2025, compared to income tax expense (benefit) of $45 million and $(85) million for the same periods of 2024. The increase in tax expense for the nine months ended September 30, 2025, is primarily due to prior year tax benefits (partially offset by valuation allowances) related to legal entity restructuring projects in connection with the disposal of our European major appliance business and higher earnings in 2025. 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 | 2025 |  | 2024 |  | 2025 |  | 2024
Earnings (Loss) before income taxes | $ | 120 |  |  | $ | 179 |  |  | $ | 381 |  |  | $ | 31 |
Income tax expense (benefit) computed at United States statutory tax rate | 25 |  |  | 38 |  |  | 80 |  |  | 7 |
State and local taxes, net of federal tax benefit | 6 |  |  | (6) |  |  | 21 |  |  | (61) |
Valuation allowances | (25) |  |  | 11 |  |  | (28) |  |  | 416 |
Audit and Settlements | 9 |  |  | 11 |  |  | 17 |  |  | 24 |
U.S. foreign income items, net of credits | (8) |  |  | 4 |  |  | (12) |  |  | (12) |
Sale of minority shares and capital gains | — |  |  | — |  |  | — |  |  | 77 |
Legal Entity restructuring tax impact | 23 |  |  | (7) |  |  | 23 |  |  | (601) |
Non deductible impairments | — |  |  | — |  |  | — |  |  | 64 |
Non deductible fines and penalties | — |  |  | — |  |  | — |  |  | — |
Other | 3 |  |  | (6) |  |  | 4 |  |  | 1 |
Income tax expense (benefit) computed at effective worldwide tax rates | $ | 33 |  |  | $ | 45 |  |  | $ | 105 |  |  | $ | (85) |
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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