Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe effective tax rate on earnings (loss) from Cont Ops was 939.2% for the 2022 Quarter and 46.0% for the 2022 Period compared to 43.5% and (49.4)% for the corresponding periods of 2021. A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense follows:

	3ME September 30				9ME September 30
(In millions)	2022		2021		2022		2021
U.S statutory federal income tax expense (benefit)	$	1	$	14	$	41	$	(15)
Increase (decrease) in taxes resulting from:
State and local income taxes	1		(1)		3		(1)
Valuation allowance, net	15		11		50		32
Foreign tax impact	—		6		(11)		15
Noncontrolling interest	10		—		6		(3)
Other	—		(1)		—		7
Total income tax expense (benefit)	$	27	$	29	$	89	$	35