Occidental Petroleum 2014 Annual Report Download - page 63
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2013
Tax effects of temporary differences (in millions)
Deferred Tax
Assets
Deferred Tax
Liabilities
Property, plant and equipment differences
$ —
$ 8,363
Equity investments, partnerships and foreign subsidiaries
—
225
Environmental reserves
121
—
Postretirement benefit accruals
376
—
Deferred compensation and benefits
222
—
Asset retirement obligations
407
—
Foreign tax credit carryforwards
1,091
—
Federal benefit of state income taxes
136
—
All other
344
82
Subtotal
2,697
8,670
Valuation allowance
(1,074)
—
Total deferred taxes
$ 1,623
$ 8,670
For the years ended December 31, (in millions)
2013
Balance at January 1,
$ 76
Reductions based on tax positions related to prior years and settlements
(15)
Balance at December 31,
$ 61
61