National Oilwell Varco 2011 Annual Report Download - page 94
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Index to Financial Statements
14. Income Taxes
The domestic and foreign components of income before income taxes were as follows (in millions):
Years Ended December 31,
2011 2010 2009
Domestic $ 1,282 $ 727 $ 761
Foreign 1,640 1,670 1,447
$ 2,922 $ 2,397 $ 2,208
The components of the provision for income taxes consisted of (in millions):
Years Ended December 31,
2011 2010 2009
Current:
Federal $ 484 $ 421 $ 526
State 37 34 35
Foreign 768 448 348
Total current income tax provision 1,289 903 909
Deferred:
Federal (28) (260) (249)
State (3) (8) (5)
Foreign (321) 103 80
Total deferred income tax provision (352) (165) (174)
Total income tax provision $ 937 $ 738 $ 735
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):
Years Ended December 31,
2011 2010 2009
Federal income tax at U.S. statutory rate $ 1,023 $ 839 $ 773
Foreign income tax rate differential (152) (117) (120)
State income tax, net of federal benefit 22 17 18
Nondeductible expenses 42 40 30
Tax benefit of manufacturing deduction (37) (19) (17)
Foreign dividends, net of foreign tax credits 9 15 10
Change in deferred tax valuation allowance (18)
Change in contingency reserve and other 48 (37) 41
Total income tax provision $ 937 $ 738 $ 735
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