content_image/1024613.jpg content_image/1024614.jpg
## 5. Other income (expense) 

<img src='content_image/1024613.jpg'>

Includes gains (losses) from foreign exchange derivative contracts. See Note 4 for further details. 1 

## 6. Income taxes 

## Reconciliation of the U.S. federal statutory rate to effective rate: 

<img src='content_image/1024614.jpg'>

 Excludes amounts included in valuation allowances, mandatory deemed repatriation of non-U.S. earnings, and net excess tax benefits from stock- based compensation. 1 

Included in the line item above labeled “Non-U.S. subsidiaries taxed at other than the U.S. rate” are the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances and other permanent differences between tax and U.S. GAAP results. 

The line item above labeled "Prior year tax adjustments" was an adjustment to prior year U.S. taxes including the impact of regulations received in 2020. 

