XML 103 R85.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes, Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount      
Income tax expense at statutory rates $ 706 $ 2,409 $ 3,071
U.S. state and Canadian provincial tax expense, net of federal income tax effect 120 275 437
Permanent differences (81) (105) (77)
GILTI tax 79 167 413
Foreign tax credits (59) (149) (396)
Biofuels tax credits [1] (101)    
Repatriation withholding tax 57 45 51
Tax effects of income associated with noncontrolling interests (56) (54) (53)
Valuation allowance 57    
Other, net (30) 31 (18)
Income tax expense $ 692 $ 2,619 $ 3,428
Effective Income Tax Rate Reconciliation, Percent      
Income tax expense (benefit) at statutory rates (percent) 19.10% 20.50% 20.10%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent) 3.20% 2.30% 2.80%
Permanent differences (percent) (2.20%) (0.90%) (0.50%)
GILTI tax (percent) 2.10% 1.40% 2.70%
Foreign tax credits (percent) (1.50%) (1.30%) (2.60%)
Biofuels tax credits (percent) [1] (2.70%)    
Repatriation withholding tax (percent) 1.50% 0.40% 0.30%
Tax effects of income associated with noncontrolling interests (percent) (1.50%) (0.40%) (0.30%)
Valuation allowance (percent) 1.50%    
Other, net (percent) (0.80%) 0.30% (0.10%)
Income tax expense (percent) 18.70% 22.30% 22.40%
U.S. [Member]      
Effective Income Tax Rate Reconciliation, Amount      
Income tax expense at statutory rates $ 564 $ 1,960 $ 2,460
U.S. state and Canadian provincial tax expense, net of federal income tax effect 19 114 182
Permanent differences (83) (87) (61)
GILTI tax 79 167 413
Foreign tax credits (59) (149) (396)
Biofuels tax credits [1] (101)    
Repatriation withholding tax 57 45 51
Tax effects of income associated with noncontrolling interests (50) (84) (78)
Valuation allowance 0    
Other, net (37) 8 (27)
Income tax expense $ 389 $ 1,974 $ 2,544
Effective Income Tax Rate Reconciliation, Percent      
Income tax expense (benefit) at statutory rates (percent) 21.00% 21.00% 21.00%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent) 0.70% 1.20% 1.60%
Permanent differences (percent) (3.10%) (0.90%) (0.50%)
GILTI tax (percent) 2.90% 1.80% 3.50%
Foreign tax credits (percent) (2.20%) (1.60%) (3.40%)
Biofuels tax credits (percent) [1] (3.70%)    
Repatriation withholding tax (percent) 2.10% 0.50% 0.40%
Tax effects of income associated with noncontrolling interests (percent) (1.80%) (0.90%) (0.70%)
Valuation allowance (percent) 0.00%    
Other, net (percent) (1.40%) 0.00% (0.20%)
Income tax expense (percent) 14.50% 21.10% 21.70%
Foreign [Member]      
Effective Income Tax Rate Reconciliation, Amount      
Income tax expense at statutory rates $ 142 $ 449 $ 611
U.S. state and Canadian provincial tax expense, net of federal income tax effect 101 161 255
Permanent differences 2 (18) (16)
GILTI tax 0 0 0
Foreign tax credits 0 0 0
Biofuels tax credits [1] 0    
Repatriation withholding tax 0 0 0
Tax effects of income associated with noncontrolling interests (6) 30 25
Valuation allowance 57    
Other, net 7 23 9
Income tax expense $ 303 $ 645 $ 884
Effective Income Tax Rate Reconciliation, Percent      
Income tax expense (benefit) at statutory rates (percent) 14.00% 18.50% 17.00%
U.S. state and Canadian provincial tax expense (benefit), net of federal income tax effect (percent) 10.00% 6.60% 7.10%
Permanent differences (percent) 0.20% (0.70%) (0.50%)
GILTI tax (percent) 0.00% 0.00% 0.00%
Foreign tax credits (percent) 0.00% 0.00% 0.00%
Biofuels tax credits (percent) [1] 0.00%    
Repatriation withholding tax (percent) 0.00% 0.00% 0.00%
Tax effects of income associated with noncontrolling interests (percent) (0.60%) 1.20% 0.70%
Valuation allowance (percent) 5.60%    
Other, net (percent) 0.70% 0.90% 0.30%
Income tax expense (percent) 29.90% 26.50% 24.60%
[1] As permitted under Section 40(b) of the Internal Revenue Code of 1986, as amended (the Code), producers of second-generation biofuels that are registered with the Internal Revenue Service (IRS) are eligible for an income tax credit of up to $1.01 per gallon of qualified biofuel that was produced and sold in the U.S. through December 31, 2024. We recorded a gross tax benefit in December 2024 related to these tax credits for the cellulosic ethanol produced by our Ethanol segment from 2020 through 2024.