v2.4.0.6

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes Charged to Income (Loss) from Continuing Operations | Income taxes charged to income from continuing operations were:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,073 |  |  |  | 1,240 |  |  |  | 289 |
Deferred |  |  | 264 |  |  |  | 126 |  |  |  | 257 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 6,966 |  |  |  | 7,289 |  |  |  | 5,366 |
Deferred |  |  | 49 |  |  |  | (1,058 | ) |  |  | (1,082 | )
State and local |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 317 |  |  |  | 260 |  |  |  | 99 |
Deferred |  |  | 101 |  |  |  | 6 |  |  |  | (12 | )
|  | $ | 8,770 |  |  |  | 7,863 |  |  |  | 4,917 |
Components of Deferred Tax Liabilities and Assets | Major components of deferred tax liabilities and assets at December 31 were:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
PP&E and intangibles |  | $ | 21,159 |  |  |  | 20,344 |
Investment in joint ventures |  |  | 2,943 |  |  |  | 2,201 |
Inventory |  |  | — |  |  |  | 43 |
Partnership income deferral |  |  | 363 |  |  |  | 434 |
Other |  |  | 703 |  |  |  | 571 |
Total deferred tax liabilities |  |  | 25,168 |  |  |  | 23,593 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Benefit plan accruals |  |  | 2,063 |  |  |  | 1,691 |
Asset retirement obligations and accrued environmental costs |  |  | 4,254 |  |  |  | 3,971 |
Inventory |  |  | 43 |  |  |  | — |
Deferred state income tax |  |  | 299 |  |  |  | 257 |
Other financial accruals and deferrals |  |  | 618 |  |  |  | 394 |
Loss and credit carryforwards |  |  | 1,608 |  |  |  | 1,344 |
Other |  |  | 692 |  |  |  | 717 |
Total deferred tax assets |  |  | 9,577 |  |  |  | 8,374 |
Less valuation allowance |  |  | (1,487 | ) |  |  | (1,400 | )
Net deferred tax assets |  |  | 8,090 |  |  |  | 6,974 |
Net deferred tax liabilities |  | $ | 17,078 |  |  |  | 16,619 |
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2011, 2010 and 2009:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Balance at January 1 |  | $ | 1,125 |  |  |  | 1,208 |  |  |  | 1,068 |
Additions based on tax positions related to the current year |  |  | 46 |  |  |  | 63 |  |  |  | 18 |
Additions for tax positions of prior years |  |  | 145 |  |  |  | 344 |  |  |  | 177 |
Reductions for tax positions of prior years |  |  | (35 | ) |  |  | (199 | ) |  |  | (33 | )
Settlements |  |  | (206 | ) |  |  | (215 | ) |  |  | (19 | )
Lapse of statute |  |  | (4 | ) |  |  | (76 | ) |  |  | (3 | )
Balance at December 31 |  | $ | 1,071 |  |  |  | 1,125 |  |  |  | 1,208 |
Amounts of U.S. and Foreign Income (Loss) from Continuing Operations Before Income Taxes | The amounts of U.S. and foreign income from continuing operations before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were:
|  |  |  |  |  |  |  |  |  |  | Percent of |
|  | Millions of Dollars |  |  | Pretax Income |
|  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 4,703 |  |  |  | 3,810 |  |  |  | 2,218 |  |  |  | 29.0 |  |  |  | 20.8 |  |  |  | 25.5 |
Foreign |  |  | 11,522 |  |  |  | 14,502 |  |  |  | 6,496 |  |  |  | 71.0 |  |  |  | 79.2 |  |  |  | 74.5 |
|  | $ | 16,225 |  |  |  | 18,312 |  |  |  | 8,714 |  |  |  | 100.0 | % |  |  | 100.0 |  |  |  | 100.0 |
Federal statutory income tax |  | $ | 5,679 |  |  |  | 6,409 |  |  |  | 3,050 |  |  |  | 35.0 | % |  |  | 35.0 |  |  |  | 35.0 |
Foreign taxes in excess of federal statutory rate |  |  | 2,924 |  |  |  | 1,375 |  |  |  | 1,902 |  |  |  | 18.0 |  |  |  | 7.5 |  |  |  | 21.8 |
Federal manufacturing deduction |  |  | (73 | ) |  |  | (75 | ) |  |  | (40 | ) |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.5 | )
State income tax |  |  | 272 |  |  |  | 173 |  |  |  | 57 |  |  |  | 1.7 |  |  |  | 0.9 |  |  |  | 0.7 |
Other |  |  | (32 | ) |  |  | (19 | ) |  |  | (52 | ) |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | (0.6 | )
|  | $ | 8,770 |  |  |  | 7,863 |  |  |  | 4,917 |  |  |  | 54.1 | % |  |  | 42.9 |  |  |  | 56.4 |

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- 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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- 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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References No definition available. + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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