Occidental Petroleum 2002 Annual Report Download - page 76
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================================================== ========== ========== ==========
2002 $ 438 $ 1,147 $ 1,585
========== ========== ==========
2001 $ 272 $ 1,463 $ 1,735
========== ========== ==========
2000 $ 1,511 $ 1,480 $ 2,991
================================================== ========== ========== ==========
The provisions(credits) for domestic and foreign income and other taxes
consisted of the following (in millions):
U.S. State
For the years ended December 31, Federal and Local Foreign Total
======================================================= ========== ========== ========== ==========
2002
Current $ 79 $ 9 $ 475 $ 563
Deferred (112) (26) (3) (141)
---------- ---------- ---------- ----------
$ (33) $ (17) $ 472 $ 422
======================================================= ========== ========== ========== ==========
2001
Current $ 326 $ 17 $ 396 $ 739
Deferred (40) (141) (2) (183)
---------- ---------- ---------- ----------
$ 286 $ (124) $ 394 $ 556
======================================================= ========== ========== ========== ==========
2000
Current $ 425 $ 18 $ 578 $ 1,021
Deferred 403 9 1 413
---------- ---------- ---------- ----------
$ 828 $ 27 $ 579 $ 1,434
======================================================= ========== ========== ========== ==========
The credit for deferred federal and state and local income taxes in 2002
results primarily from the sale of the investment in Equistar.
The credit for deferred state and local income taxes in 2001 reflects a
benefit of $70 million related to the settlement of a state tax issue, deferred
tax reversing due to the sale of the entity owning pipelines in Texas that are
leased to a former subsidiary and an adjustment to reflect lower effective state
tax rates.
The following is a reconciliation, stated as a percentage of pre-tax
income, of the U.S. statutory federal income tax rate to Occidental's effective
tax rate on income from continuing operations:
For the years ended December 31, 2002 2001 2000
============================================================ ========== ========== ==========
U.S. federal statutory tax rate 35 % 35 % 35 %
Operations outside the United States (a) 12 2 11
Benefit from sale of subsidiary stock (21) -- --
State taxes, net of federal benefit -- (5) 1
Other 1 -- 1
---------- ---------- ----------
Tax rate provided by Occidental 27 % 32 % 48 %
============================================================ ========== ========== ==========
(a) Included in these figures is the impact of not providing U.S. taxes on the
unremitted earnings of certain foreign subsidiaries. The effect of this is
to reduce the U.S. federal tax rate by approximately 7 percent in 2002. The
effect on 2001 and 2000 was insignificant due to distributions from these
subsidiaries.
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