Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate on earnings was 47.9% for the 2023 Quarter and 302.7% for the 2023 Period compared to 30.7% for the 2022 Quarter and 32.8% for the 2022 Period. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:

	3ME  June 30				6ME June 30
(In millions)	2023		2022		2023		2022
U.S statutory federal income tax expense	$	27	$	22	$	6	$	40
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects	—		1		(2)		1
Valuation allowance, net	23		20		75		35
Foreign tax impacts	8		(13)		16		(10)
Noncontrolling interest	(1)		(2)		3		(3)
Sale of AMECO South America	—		—		(10)		—
Other adjustments	6		4		5		—
Total income tax expense	$	63	$	32	$	93	$	63