INCOME TAXES

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For the three months ended March 31, 2023, the provision for income taxes was $141 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income subject to U.S. tax at an effective rate less than 21% due to valuation allowances, which is partially offset by income in jurisdictions with tax rates higher than in the U.S. In addition, since we are a partnership for U.S. federal tax purposes, any tax impacts associated with U.S. income or losses are recognized by our Members and not reflected in our tax expense.

For the three months ended March 31, 2022, the provision for income taxes was $95 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to losses with no tax benefit due to valuation allowances and income in jurisdictions with tax rates higher than the U.S., partially offset by tax benefits related to uncertain tax positions.