Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES We recorded an income tax provision of $363 million and $1.7 billion during the three and six months ended June 30, 2023, respectively, and an income tax provision (benefit) of $181 million and $(10) million for the same periods of 2022, which was calculated using the annual effective tax rate method.
Our effective tax rate was 17.5% and 17.1% for the three and six months ended June 30, 2023, respectively, as compared to 16.5% and (8.2)% for the same periods of 2022. The effective tax rate for the periods was lower than the statutory tax rate of 21% primarily due to CQP income that is not taxable to us. The effective tax rate for the six months ended June 30, 2022 was also impacted by discrete tax benefits primarily related to stock-based compensation awards.
We are not subject to the 15% corporate alternative minimum tax (“CAMT”) in 2023 based on enacted law and regulatory guidance; however, our CAMT status for 2023 could change in the future, depending on new regulations or regulatory guidance issued by the U.S. Department of the Treasury.
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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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