v3.26.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 6 - INCOME TAXES

The following table summarizes components of income tax expense:

Three months ended Six months ended
millionsJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
Income before income taxes$3,915$560$4,305$1,737
Current
Federal19(57)29(387)
State and Local(5)(4)(3)(17)
Foreign(222)(173)(338)(302)
Total current tax expense$(208)$(234)$(312)$(706)
Deferred
Federal(650)39(678)178
State and Local(27)(1)(30)3
Foreign(30)(26)(49)(44)
Total deferred tax benefit (expense)$(707)$12$(757)$137
Total income tax expense
Federal(631)(18)(649)(209)
State and Local(32)(5)(33)(14)
Foreign(252)(199)(387)(346)
Total income tax expense$(915)$(222)$(1,069)$(569)
Income from continuing operations$3,000$338$3,236$1,168
Worldwide effective tax rate23 %40 %25 %33 %
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%.