Statement of Financial Position, Classified

6 Months Ended

Jun. 30, 2023

Statement of Financial Position [Abstract]

Income Tax Disclosure

NOTE 12 - INCOME TAXES

Our effective income tax rates for the three and six months ended June 30, 2023 were 25.7 percent and 23.2 percent, respectively, and 18.5 percent and 19.6 percent, excluding our discrete gain on bargain purchase of $100 million for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2023, our effective income tax rate was different from the U.S. statutory tax rate of 21 percent primarily due to the effects of state income taxes and nondeductible executive compensation, partially offset by the benefit of excess stock-based compensation deductions. For the three and six months ended June 30, 2022, our effective income tax rate was different from the U.S. statutory tax rate of 21 percent primarily due to our valuation allowance against our deferred tax assets.

I