XML 40 R21.htm IDEA: XBRL DOCUMENT v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
12. Income Taxes

The income tax expense (benefit) was $133 million and $(378) million for the three months ended June 30, 2023 and 2022, respectively. Our effective tax rate was 21% and 12% for the three months ended June 30, 2023 and 2022, respectively. The income tax expense (benefit) was $296 million and $(662) million for the six months ended June 30, 2023 and 2022, respectively. Our effective tax rate was 15% and 12% for the six months ended June 30, 2023 and 2022, respectively.

On August 16, 2022, the US government enacted the Inflation Reduction Act of 2022 (IRA). The IRA contains a number of tax-related provisions including a 15% minimum corporate income tax on certain large corporations as well as an excise tax on stock repurchases. It is unclear how the IRA will be ultimately implemented by the US Department of the Treasury through regulation although the IRS has issued interim guidance relevant to us describing regulations it intends to issue upon which taxpayers are entitled to rely until the issuance of regulations. We are still evaluating the impact of the IRA on our tax liability, which tax liability could also be affected by how the provisions of the IRA are implemented through such regulation. We will continue to evaluate the IRA’s impact as further information becomes available.