Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe effective tax rate on earnings for the 2023 Quarter was (30.1)% compared to 35.4% for the 2022 Quarter. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:

	3ME March 31
(In millions)	2023		2022
U.S. statutory federal tax expense (benefit)	$	(21)	$	18
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects	(3)		1
Valuation allowance	52		16
Foreign tax effects	8		2
Noncontrolling interest	5		(2)
Sale of AMECO South America	(10)		—
Other adjustments	(1)		(4)
Total income tax expense	$	30	$	31