v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 6 - INCOME TAXES

The following table summarizes components of income tax expense:

Three months ended March 31,
millions20262025
Income before income taxes$390$1,177
Current
Federal10(330)
State and Local2(13)
Foreign(116)(129)
Total current tax expense$(104)$(472)
Deferred
Federal(28)139
State and Local(3)4
Foreign(19)(18)
Total deferred tax benefit (expense)$(50)$125
Total income tax expense
Federal(18)(191)
State and Local(1)(9)
Foreign(135)(147)
Total income tax expense$(154)$(347)
Income from continuing operations$236$830
Worldwide effective tax rate39 %29%
The worldwide effective tax rates for the periods presented in the table above were primarily driven by the Company's jurisdictional mix of income from continuing operations. U.S. income is taxed at a U.S. federal statutory rate of 21%, while international income is subject to tax at statutory rates as high as 55%. The reclassification of OxyChem, which primarily consists of domestic operations, to discontinued operations increased the Company's effective tax rate from continuing operations. The effective tax rate for discontinued operations was 23% and 26% for the three months ended March 31, 2026 and 2025, respectively.