XML 91 R57.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Taxes on Income |
Income Taxes | Year ended December 31
| 2024 |  |  | 2023 |  | 2022
Income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  |  |  |  |  |
Current | $ | 854 |  |  |  | $ | 895 |  |  | $ | 1,723 |
Deferred | 748 |  |  |  | 666 |  |  | 2,240 |
State and local |  |  |  |  |  |
Current | 275 |  |  |  | 211 |  |  | 482 |
Deferred | 10 |  |  |  | 1 |  |  | 39 |
Total United States | 1,887 |  |  |  | 1,773 |  |  | 4,484 |
International |  |  |  |  |  |
Current | 7,388 |  |  |  | 6,745 |  |  | 9,738 |
Deferred | 482 |  |  |  | (345) |  |  | (156) |
Total International | 7,870 |  |  |  | 6,400 |  |  | 9,582 |
Total income tax expense (benefit) | $ | 9,757 |  |  |  | $ | 8,173 |  |  | $ | 14,066 |
Schedule of Reconciliation Between the U.S. Statutory Federal Income Tax Rate and the Company's Effective Income Tax Rate | The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is detailed in the following table:
| Year ended December 31
| 2024 |  |  | 2023 |  | 2022
Income (loss) before income taxes |  |  |  |  |  |
United States | $ | 8,056 |  |  |  | $ | 8,565 |  |  | $ | 21,005 |
International | 19,450 |  |  |  | 21,019 |  |  | 28,669 |
Total income (loss) before income taxes | 27,506 |  |  |  | 29,584 |  |  | 49,674 |
Theoretical tax (at U.S. statutory rate of 21%) | 5,776 |  |  |  | 6,213 |  |  | 10,432 |
Equity affiliate accounting effect | (845) |  |  |  | (1,072) |  |  | (1,678) |
Effect of income taxes from international operations | 4,742 |  |  |  | 3,001 |  |  | 5,041 |
State and local taxes on income, net of U.S. federal income tax benefit | 214 |  |  |  | 252 |  |  | 508 |
Prior year tax adjustments, claims and settlements 1 | (30) |  |  |  | (32) |  |  | (90) |
Tax credits | (28) |  |  |  | (20) |  |  | (6) |
Other U.S. 1, 2 | (72) |  |  |  | (169) |  |  | (141) |
Total income tax expense (benefit) | $ | 9,757 |  |  |  | $ | 8,173 |  |  | $ | 14,066 |
Effective income tax rate 3 | 35.5 | % |  |  | 27.6 | % |  | 28.3 | %
1 Includes one-time tax costs (benefits) associated with changes in uncertain tax positions. 2 Includes one-time tax costs (benefits) associated with changes in valuation allowances (2024 - $(12); 2023 - $(84); 2022 - $(36)). 3 The company’s effective tax rate is reflective of equity income reported on an after-tax basis as part of the “Total Income (Loss) Before Income Tax Expense,” in accordance with U.S. Generally Accepted Accounting Principles. Chevron’s share of its equity affiliates’ total income tax expense in 2024 was $1,286.
Schedule of Composition of Deferred Tax Balances | The reported deferred tax balances are composed of the following:
|  |  |  | At December 31
| 2024 |  |  | 2023
Deferred tax liabilities |  |  |  |
Properties, plant and equipment | $ | 20,648 |  |  |  | $ | 20,303 |
Investments and other | 5,254 |  |  |  | 4,263 |
Total deferred tax liabilities | 25,902 |  |  |  | 24,566 |
Deferred tax assets |  |  |  |
Foreign tax credits | (15,261) |  |  |  | (13,560) |
Asset retirement obligations/environmental reserves | (4,220) |  |  |  | (4,543) |
Employee benefits | (2,050) |  |  |  | (1,785) |
Deferred credits | (292) |  |  |  | (268) |
Tax loss carryforwards | (3,034) |  |  |  | (3,492) |
Other accrued liabilities | (1,137) |  |  |  | (1,416) |
Inventory | (68) |  |  |  | (126) |
Operating leases | (1,352) |  |  |  | (1,479) |
Miscellaneous | (4,180) |  |  |  | (3,652) |
Total deferred tax assets | (31,594) |  |  |  | (30,321) |
Deferred tax assets valuation allowance | 21,313 |  |  |  | 20,416 |
Total deferred income taxes, net | $ | 15,621 |  |  |  | $ | 14,661 |
Schedule of Classification of Deferred Taxes | At December 31, 2024 and 2023, deferred taxes were classified on the Consolidated Balance Sheet as follows:
| At December 31
| 2024 |  |  | 2023
Deferred charges and other assets | $ | (3,516) |  |  |  | $ | (4,169) |
Noncurrent deferred income taxes | 19,137 |  |  |  | 18,830 |
Total deferred income taxes, net | $ | 15,621 |  |  |  | $ | 14,661 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included.
| 2024 |  |  | 2023 |  | 2022
Balance at January 1 | $ | 5,452 |  |  |  | $ | 5,323 |  |  | $ | 5,288 |
Foreign currency effects | — |  |  |  | (27) |  |  | (2) |
Additions based on tax positions taken in current year | 236 |  |  |  | 248 |  |  | 30 |
Additions for tax positions taken in prior years | 101 |  |  |  | 265 |  |  | 234 |
Reductions based on tax positions taken in current year | (54) |  |  |  | (104) |  |  | — |
Reductions for tax positions taken in prior years | (883) |  |  |  | (251) |  |  | (117) |
Settlements with taxing authorities in current year | — |  |  |  | (2) |  |  | (110) |
Balance at December 31 | $ | 4,852 |  |  |  | $ | 5,452 |  |  | $ | 5,323 |
Schedule of Taxes Other than on Income |
Taxes Other Than on Income |  |  |  |  |  |
| Year ended December 31
| 2024 |  |  | 2023 |  | 2022
United States |  |  |  |  |  |
Import duties and other levies | $ | 8 |  |  |  | $ | (9) |  |  | $ | 10 |
Property and other miscellaneous taxes | 977 |  |  |  | 818 |  |  | 609 |
Payroll taxes | 296 |  |  |  | 286 |  |  | 248 |
Taxes on production | 842 |  |  |  | 801 |  |  | 989 |
Total United States | 2,123 |  |  |  | 1,896 |  |  | 1,856 |
International |  |  |  |  |  |
Import duties and other levies | 90 |  |  |  | 72 |  |  | 63 |
Property and other miscellaneous taxes | 2,283 |  |  |  | 2,004 |  |  | 1,789 |
Payroll taxes | 125 |  |  |  | 121 |  |  | 122 |
Taxes on production | 95 |  |  |  | 127 |  |  | 202 |
Total International | 2,593 |  |  |  | 2,324 |  |  | 2,176 |
Total taxes other than on income | $ | 4,716 |  |  |  | $ | 4,220 |  |  | $ | 4,032 |

X
- Definition Classification of deferred taxes. + References No definition available. + Details
Name: | cvx_ClassificationOfDeferredTaxesTableTextBlock
Namespace Prefix: | cvx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Taxes other than on income. + References No definition available. + Details
Name: | cvx_TaxesOtherThanOnIncomeTableTextBlock
Namespace Prefix: | cvx_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration