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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Taxes [Abstract] | |
| Income Taxes | Note 22—Income Taxes
Our effective tax rates from continuing operations for the second quarter and first six months of 2013 were 44 percent and 45 percent, respectively, compared with 56 percent and 53 percent for the same two periods of 2012. The lower rates were due primarily to a smaller proportion of income in higher tax jurisdictions in 2013. Additionally, the tax rate for the first six months of 2013 reflected a favorable tax resolution associated with the sale of certain western Canada properties, which occurred in a prior year.
During the first six months of 2013, unrecognized tax benefits decreased $255 million to $617 million at June 30, 2013, mainly due to the favorable tax resolution noted above. Included in this balance is $387 million which, if recognized, would impact our effective tax rate.
For both the second quarter and the first six months of 2013, the effective tax rate in excess of the domestic federal statutory rate of 35 percent was primarily due to foreign taxes. |