XML 35 R19.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesFor the three months ended March 31, 2023 and 2022, the provision for income taxes was $394 million and $330 million, respectively, representing effective tax rates of 20.6% and 18.9%, respectively. The higher effective tax rate for the three months ended March 31, 2023 was primarily due to higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the three months ended March 31, 2022, and the adoption of the Investments in Tax Credit Structures accounting standard related to the proportional amortization of tax credit investments in the current quarter. Refer to “Note 1. Basis of Presentation” for additional information on the adoption of this guidance. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusting for discrete items that occurred during the period.