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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Taxes  
Income Taxes

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15.  Income Taxes

For the three months ended June 30, 2024, we recorded an income tax expense of $4 million on pre-tax loss of $482 million compared to an income tax expense of $2 million on pre-tax loss of $417 million for the three months ended June 30, 2023. Our effective income tax rate was (0.8%) and (0.5%) for the three months ended June 30, 2024 and 2023, respectively.

For the three months ended June 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax

benefit as such losses are allocated to the partners. For the three months ended June 30, 2023, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners.

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For the six months ended June 30, 2024, we recorded an income tax expense of $11 million on a pre-tax loss of $501 million compared to an income tax benefit of $14 million on a pre-tax loss of $791 million for the six months ended June 30, 2023. Our effective income tax rate was (2.2%) and 1.8% for the six months ended June 30, 2024 and 2023, respectively.

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For the six months ended June 30, 2024, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partner. For the six months ended June 30, 2023, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partner.

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