XML 33 R20.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes For the three months ended June 30, 2021, we recorded an income tax expense of $59 million on pre-tax loss of $3 million compared to an income tax expense of $128 million on pre-tax income of $992 million for the three months ended June 30, 2020. Our effective income tax rate was (1,966.7)% and 12.9% for the three months ended June 30, 2021 and 2020, respectively. For the three months ended June 30, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to permanent difference on dividends and changes in the valuation allowance. For the three months ended June 30, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to changes in the valuation allowance and partnership income for which there was no tax expense, as such income is allocated to the partners. For the six months ended June 30, 2021, we recorded an income tax expense of $76 million on pre-tax income of $613 million compared to an income tax benefit of $52 million on pre-tax loss of $1,494 million for the six months ended June 30, 2020. Our effective income tax rate was 12.4% and 3.5% for the six months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners. For the six months ended June 30, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to changes in the valuation allowance and partnership loss for which there was no tax benefit, as such loss is allocated to the partners.

Income Taxes

6 Months Ended

Jun. 30, 2021

13. Income Taxes

For the three months ended June 30, 2021, we recorded an income tax expense of $59 million on pre-tax loss of $3 million compared to an income tax expense of $128 million on pre-tax income of $992 million for the three months ended June 30, 2020. Our effective income tax rate was (1,966.7)% and 12.9% for the three months ended June 30, 2021 and 2020, respectively.

For the three months ended June 30, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to permanent difference on dividends and changes in the valuation allowance.

For the three months ended June 30, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to changes in the valuation allowance and partnership income for which there was no tax expense, as such income is allocated to the partners.

For the six months ended June 30, 2021, we recorded an income tax expense of $76 million on pre-tax income of $613 million compared to an income tax benefit of $52 million on pre-tax loss of $1,494 million for the six months ended June 30, 2020. Our effective income tax rate was 12.4% and 3.5% for the six months ended June 30, 2021 and 2020, respectively.

For the six months ended June 30, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners.

For the six months ended June 30, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to changes in the valuation allowance and partnership loss for which there was no tax benefit, as such loss is allocated to the partners.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details