The following table summarizes the difference between income tax expense (benefit) at the U.S. statutory rate of 21% and the income tax expense (benefit) at effective worldwide tax rates for the respective periods:


	Three Months Ended June 30,				Six Months Ended June 30,
Millions of dollars	2026		2025		2026		2025
Earnings (loss) before income taxes	$	96	$	121	$	45	$	260

Income tax expense (benefit) computed at United States statutory tax rate	21		25		10		55
State and local taxes, net of federal tax benefit	(3)		2		(2)		15
Valuation allowances	(37)		(3)		(31)		(2)
Audit and Settlements	11		7		13		8
U.S. foreign income items, net of credits	14		(2)		16		(4)








Other	(3)		—		11		1
Income tax expense (benefit) computed at effective worldwide tax rates	$	3	$	29	$	17	$	72