Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES We recorded an income tax expense of $181 million and an income tax benefit of $10 million during the three and six months ended June 30, 2022, respectively, and an income tax benefit of $93 million and $4 million during the three and six months ended June 30, 2021, respectively.
Our effective tax rate was 16.5% and (8.2)% for the three and six months ended June 30, 2022, respectively. The effective tax rate for the three months ended June 30, 2022 was lower than the statutory income tax rate primarily due to income allocated to non-controlling interest that is not taxable to Cheniere. The effective tax rate for the six months ended June 30, 2022 did not bear a customary relationship to the 21% statutory income tax rate due to a combination of factors including income allocated to non-controlling interest that is not taxable to Cheniere and discrete tax benefits primarily related to stock-based compensation awards that vested in the first quarter.
Our effective tax rate was 41.5% and (0.9)% for the three and six months ended June 30, 2021, respectively, and did not bear a customary relationship to the statutory income tax rate due to a combination of factors including income allocated to non-controlling interest that is not taxable to Cheniere and a $58 million discrete tax benefit related to releasing a portion of our valuation allowance caused by a change in tax law allowing for indefinite Louisiana net operating loss carryover.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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