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Income Taxes | 9 Months Ended
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Sep. 30, 2020
Income Taxes [Abstract] |
Income Taxes | Note 21—Income Taxes Our effective tax rate was 12 percent in the three-month periods ended September 30, 2020 and 2019. Both periods were primarily impacted by shifts in our before-tax income between higher and lower tax jurisdictions as well as the change in our U.S. valuation allowance driven by the fair value measurement of our Cenovus Energy common shares. The three-month period ended September 30, 2019 was also impacted by the recognition of certain tax incentives in Malaysia. Our effective tax rates for the nine-month periods ended September 30, 2020 and 2019 were 8 percent and 21 percent, respectively. The nine-month period ended September 30, 2020 was impacted by the same items noted above. Additionally, the nine-months ended September 30, 2020 was impacted by the gain on disposition recognized for our Australia-West assets of $ 587 million with an associated tax benefit of $ 10 million, the de-recognition of $ 92 million of deferred tax assets recorded as income tax expense as a result of this divestiture, and a $ 48 million refund from the Alberta Tax and Revenue Administration. The nine-month period ended September 30, 2019 was impacted by the same items noted above in addition to a benefit of $ 262 million related to the recognition of a U.S. capital loss benefit from our U.K. entity disposition. As a result of the COVID-19 pandemic and the resulting economic uncertainty, many countries in which we operate, including Australia, Canada, Norway and the U.S., have enacted responsive tax legislation. During the second quarter, Norway enacted legislation to accelerate the recovery of capital expenditures and allow immediate monetization of tax losses. As a result, in the second quarter of 2020, we recorded an increase to our net deferred tax liability of $ 120 million and a decrease to our accrued income and other taxes liability of $ 124 million. Legislation in other jurisdictions did not have a material impact to ConocoPhillips. During the three- and nine-month periods ended September 30, 2020, our valuation allowance increased by $ 33 million and $ 264 million, respectively. The change to our U.S. valuation allowance for both periods relates primarily to the fair value measurement of our Cenovus Energy common shares and our expectation of the tax impact related to incremental capital gains and losses.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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