Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s income tax provision and effective income tax rate were as follows:

	Three Months Ended March 31,
(In millions)	2023			2022
Income tax provision	$	124		$	98
Effective income tax rate	17.4		%	14.5		%

The income tax provision as a percentage of income before income taxes and (loss) income from investments in unconsolidated affiliates was 17.4% and 14.5% for the three months ended March 31, 2023 and 2022, respectively. The effective income tax rate for the three months ended March 31, 2023 and 2022 includes discrete tax benefits from subsidiary restructurings and equity compensation related tax benefits.

The Company’s potential liability for unrecognized tax benefits before interest and penalties was approximately $95 million at March 31, 2023. The Company believes it is reasonably possible that the liability for unrecognized tax benefits may decrease by up to $10 million over the next twelve months as a result of possible closure of tax audits, potential audit settlements, and the lapse of the statutes of limitations in various jurisdictions.

As of March 31, 2023, the Company’s U.S. federal income tax return for 2021 and 2022, and tax returns in certain states and foreign jurisdictions for 2015 through 2022, remain subject to examination by taxing authorities.