Chevron 2013 Annual Report Download - page 55

Chevron Corporation 2013 Annual Report 53
Note 15 Taxes – Continued
e company completed its assessment of the potential
impact of the August 2012 decision by the U.S. Court of
Appeals for the ird Circuit that disallowed the Historic
Rehabilitation Tax Credits claimed by an unrelated taxpayer.
e ndings of this assessment did not result in a material
impact on the company’s nancial position, results of opera-
tions or cash ows.
On the Consolidated Statement of Income, the company
reports interest and penalties related to liabilities for uncertain
tax positions as “Income tax expense.” As of December 31,
2013, accruals of $215 for anticipated interest and penalty
obligations were included on the Consolidated Balance Sheet,
compared with accruals of $293 as of year-end 2012. Income
tax expense (benet) associated with interest and penalties was
$(42), $145 and $(64) in 2013, 2012 and 2011, respectively.
Taxes Other an on Income
Year ended December 31
2013 2012 2011
United States
Excise and similar taxes on
products and merchandise $ 4,792 $ 4,665 $ 4,199
Import duties and other levies 4 1 4
Property and other
miscellaneous taxes 1,036 782 726
Payroll taxes 255 240 236
Taxes on production 333 328 308
Total United States 6,420 6,016 5,473
International
Excise and similar taxes on
products and merchandise 3,700 3,345 3,886
Import duties and other levies 41 106 3,511
Property and other
miscellaneous taxes 2,486 2,501 2,354
Payroll taxes 168 160 148
Taxes on production 248 248 256
Total International 6,643 6,360 10,155
Total taxes other than on income $ 13,063 $ 12,376 $ 15,628
Note 16
Short-Term Debt
At December 31
2013 2012
Commercial paper* $ 5,130 $ 2,783
Notes payable to banks and others with
originating terms of one year or less 49 23
Current maturities of long-term debt – 20
Current maturities of long-term
capital leases 34 38
Redeemable long-term obligations
Long-term debt 3,152 3,151
Capital leases 9 12
Subtotal 8,374 6,027
Reclassied to long-term debt (8,000) (5,900)
Total short-term debt $ 374 $ 127
* Weighted-average interest rates at December 31, 2013 and 2012, were 0.09 percent
and 0.13 percent, respectively.
Redeemable long-term obligations consist primarily of tax-
exempt variable-rate put bonds that are included as current
liabilities because they become redeemable at the option of the
bondholders during the year following the balance sheet date.
e company may periodically enter into interest rate
swaps on a portion of its short-term debt. At December 31,
2013, the company had no interest rate swaps on short-
term debt.
At December 31, 2013, the company had $8,000 in com-
mitted credit facilities with various major banks, expiring in
December 2016, that enable the renancing of short-term
obligations on a long-term basis. ese facilities support com-
mercial paper borrowing and can also be used for general
corporate purposes. e company’s practice has been to
continually replace expiring commitments with new commit-
ments on substantially the same terms, maintaining levels
management believes appropriate. Any borrowings under the
facilities would be unsecured indebtedness at interest rates
based on the London Interbank Oered Rate or an average of
base lending rates published by specied banks and on terms
reecting the company’s strong credit rating. No borrowings
were outstanding under these facilities at December 31, 2013.
At December 31, 2013 and 2012, the company classied
$8,000 and $5,900, respectively, of short-term debt as long-
term. Settlement of these obligations is not expected to require
the use of working capital within one year, as the company has
both the intent and the ability, as evidenced by committed
credit facilities, to renance them on a long-term basis.