Occidental Petroleum 2015 Annual Report Download - page 65
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For the years ended December 31, (in millions)
United States
Federal
State
and Local
Foreign
Total
Current
Deferred
2014
Current
$ 870
$ 81
$ 1,912
$ 2,863
Deferred
(1,037)
(71)
(70)
(1,178)
$ (167)
$ 10
$ 1,842
$ 1,685
2013
Current
$ 113
$ 17
$ 2,170
$ 2,300
Deferred
883
48
(17)
914
$ 996
$ 65
$ 2,153
$ 3,214
For the years ended December 31,
2014
2013
United States federal statutory tax rate
35 %
35 %
Other than temporary loss on available for sale investment in California Resources stock
12
—
Operations outside the United States
65
5
State income taxes, net of federal benefit
1
1
Other
(4)
(1)
Worldwide effective tax rate
109 %
40 %
2014
Tax effects of temporary differences (in millions)
Deferred Tax Assets
Deferred Tax
Liabilities
Property, plant and equipment differences
$ —
$ 4,081
Equity investments, partnerships and foreign subsidiaries
—
—
Environmental reserves
123
—
Postretirement benefit accruals
379
—
Deferred compensation and benefits
208
—
Asset retirement obligations
307
—
Foreign tax credit carryforwards
1,765
—
Federal benefit of state income taxes
85
—
All other
274
221
Subtotal
3,141
4,302
Valuation allowance
(1,744)
—
Total deferred taxes
$ 1,397
$ 4,302
62