Occidental Petroleum 2012 Annual Report Download - page 60
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For the years ended December 31,
2011
2010
United States federal statutory tax rate
35 %
35 %
Operations outside the United States
4
5
State income taxes, net of federal benefit
1
1
Other
(1)
(1)
Worldwide effective tax rate
39 %
40 %
2011
Tax effects of temporary differences (in millions)
Deferred Tax Assets
Deferred Tax
Liabilities
Property, plant and equipment differences
$—
$6,039
Equity investments, partnerships and foreign subsidiaries
—
351
Environmental reserves
131
—
Postretirement benefit accruals
410
—
Deferred compensation and benefits
286
—
Asset retirement obligations
318
—
Foreign tax credit carryforwards
1,240
—
Other tax credit carryforwards
—
—
Federal benefit of state income taxes
104
—
All other
374
116
Subtotal
2,863
6,506
Valuation allowance
(1,003)
—
Total deferred taxes
$1,860
$6,506