National Oilwell Varco 2015 Annual Report Download - page 100
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Table of Contents
The domestic and foreign components of income before income taxes were as follows (in millions):
Domestic $(1,577) $1,415 $1,362
Foreign 988 2,079 1,762
$ (589) $3,494 $3,124
The components of the provision for income taxes consisted of (in millions):
Current:
Federal $ 30 $ 681 $ 632
State (58) 43 55
Foreign 464 615 592
Total current income tax provision 436 1,339 1,279
Deferred:
Federal (41) (309) (157)
State (38) (5) (12)
Foreign (179) 14 (167)
Total deferred income tax benefit (258) (300) (336)
Total income tax provision $ 178 $1,039 $ 943
The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):
Federal income tax at U.S. statutory rate $(206) $1,223 $1,093
Foreign income tax rate differential (110) (261) (216)
State income tax, net of federal benefit (4) 25 27
Nondeductible expenses 528 24 26
Tax benefit of manufacturing deduction (1) (37) (33)
Foreign dividends, net of foreign tax credits 28 132 32
Tax rate change on timing differences (45) (2) (22)
Change in tax reserve 69 (11) (1)
Prior years taxes (47) (11) (40)
Foreign exchange losses (46) 28 25
Change in deferred tax valuation allowance 15 (83) 40
Other (3) 12 12
Total income tax provision $ 178 $1,039 $ 943
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