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Income Taxes
9 Months Ended
Sep. 30, 2023
Income Taxes [Abstract]  
Income Taxes
Note 9 – Income Taxes
 
 
 
 
 
 
For the nine months ended September 30, 2023 our effective tax rate was
22.5
%, compared to
23.5
% for the prior
year period.
 
The difference between our effective tax rate and the federal statutory tax rate primarily
 
relates to state
and foreign income taxes and interest expense.
The total amount of unrecognized tax benefits, which are included in
 
“other liabilities” within our condensed
consolidated balance sheets, as of September 30, 2023 and December 31,
 
2022 was $
110
 
million and $
94
 
million,
respectively, of which $
102
 
million and $
80
 
million, respectively, would affect the effective tax rate if recognized.
 
It is possible that the amount of unrecognized tax benefits will
 
change in the next 12 months, which may result in a
material impact on our condensed consolidated statements of income.
All tax returns audited by the IRS are officially closed through 2019.
 
The tax years subject to examination by the
IRS include years 2020 and forward.
 
In addition, limited positions reported in the 2017 tax year are subject
 
to IRS
examination.
The total amounts of interest and penalties are classified as a component
 
of the provision for income taxes.
 
The
amount of tax interest expense was $
3
 
million for the nine months ended September 30, 2023 and $
1
 
million for the
nine months ended September 24, 2022.
 
The total amount of accrued interest is included in “other
 
liabilities,” and
was $
15
 
million as of September 30, 2023 and $
12
 
million as of December 31, 2022.
 
The amount of penalties
accrued for during the periods presented were not material to our condensed
 
consolidated financial statements.