Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

8.    INCOME TAXES

During the three months ended June 30, 2021, certain statutory income tax rate changes were enacted (primarily an increase in the United Kingdom (U.K.) rate from 19 percent to 25 percent effective in 2023) that resulted in the remeasurement of our deferred tax liabilities. We recognized income tax expense of $64 million during the three and six months ended June 30, 2021, which represents the net increase in our deferred tax liabilities resulting from the change in the income tax rates.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted, which resulted in significant changes to the U.S. Internal Revenue Code of 1986, as amended. Our income tax expense (benefit) for the three and six months ended June 30, 2020, therefore, included a tax benefit of $7 million and $117 million, respectively, attributable to the carryback of our 2020 tax net operating loss (NOL) to our 2015 income tax year in which we paid federal income tax at a 35 percent tax rate.