v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate on earnings was 70.9% for the 2024 Quarter and 44.0% for 2024 YTD compared to 30.4% for the 2023 Quarter and 59.1% for 2023 YTD. During 2024 YTD, we received a refund of $169 million, including interest, from the IRS attributable to the 2013 tax year that was originally recognized as a receivable in 2020 pursuant to the CARES Act. The underlying assets were included in other current assets as of December 31, 2023. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:

3ME
September 30,		9ME
September 30,
(In millions)2024202320242023
U.S statutory federal income tax expense18 $55 82 $61 
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects2 3 5 1 
Valuation allowance, net16 18 46 94 
Foreign tax impacts13 (2)14 14 
Noncontrolling interest6 5 14 9 
Sale of AMECO South America— — — (10)
Reserve for uncertain tax positions
2 — (2)— 
Other adjustments4 — 13 3 
Total income tax expense$61 $79 $172 $172