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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes [Abstract] |
Income taxes charged to income (loss) | Note 19—Income Taxes Income taxes charged to net income (loss) were: Millions of Dollars 2019 2018 2017 Income Taxes Federal Current $ 18 4 79 Deferred (113) 545 (3,046) Foreign Current 2,545 3,273 1,729 Deferred (323) (166) (510) State and local Current 148 108 51 Deferred (8) (96) (125) $ 2,267 3,668 (1,822)
Components of deferred tax liabilities and assets | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December 31 were: Millions of Dollars 2019 2018 Deferred Tax Liabilities PP&E and intangibles $ 8,660 8,004 Inventory 35 60 Deferred state income tax - 61 Other 234 156 Total deferred tax liabilities 8,929 8,281 Deferred Tax Assets Benefit plan accruals 542 641 Asset retirement obligations and accrued environmental costs 2,339 2,891 Investments in joint ventures 1,722 104 Other financial accruals and deferrals 777 330 Loss and credit carryforwards 8,968 2,378 Other 345 398 Total deferred tax assets 14,693 6,742 Less: valuation allowance (10,214) (3,040) Net deferred tax assets 4,479 3,702 Net deferred tax liabilities $ 4,450 4,579
Components of loss and credit carryforwards and applicable valulation allowances | At December 31, 2019, the components of our loss and credit carryforwards before and after consideration of the applicable valuation allowances were: Millions of Dollars Net Deferred Expiration of Gross Deferred Tax Asset After Net Deferred Tax Asset Valuation Allowance Tax Asset U.S. foreign tax credits $ 7,696 14 2028 U.S. general business credits 250 250 2036-2038 U.S. capital loss 202 32 2024 State net operating losses and tax credits 370 50 Various Foreign net operating losses and tax credits 450 413 Post 2025 $ 8,968 759
Reconciliation of the beginning and ending unrecognized tax benefits | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2019, 2018 and 2017: Millions of Dollars 2019 2018 2017 Balance at January 1 $ 1,081 882 381 Additions based on tax positions related to the current year 9 268 612 Additions for tax positions of prior years 120 43 109 Reductions for tax positions of prior years (22) (73) (129) Settlements (9) (35) (5) Lapse of statute (2) (4) (86) Balance at December 31 $ 1,177 1,081 882
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate with the provision for income taxes, were: Millions of Dollars Percent of Pre-Tax Income (Loss) 2019 2018 2017 2019 2018 2017 Income (loss) before income taxes United States $ 4,704 2,867 (5,250) 49.4 % 28.7 200.8 Foreign 4,820 7,106 2,635 50.6 71.3 (100.8) $ 9,524 9,973 (2,615) 100.0 % 100.0 100.0 Federal statutory income tax $ 2,000 2,095 (915) 21.0 % 21.0 35.0 Non-U.S. effective tax rates 1,399 1,766 625 14.7 17.7 (23.9) Tax Legislation - (10) (852) - (0.1) 32.6 Canada disposition - - (1,277) - - 48.8 U.K. disposition (732) (150) - (7.7) (1.5) - Recovery of outside basis (77) (21) (962) (0.8) (0.2) 36.8 Adjustment to tax reserves 9 (4) 881 0.1 - (33.7) Adjustment to valuation allowance (225) (26) - (2.4) (0.3) - APLNG impairment - - 834 - - (31.9) State income tax 123 135 (84) 1.3 1.4 3.2 Malaysia Deepwater Incentive (164) - - (1.7) - - Enhanced oil recovery credit (27) (99) (68) (0.3) (1.0) 2.6 Other (39) (18) (4) (0.4) (0.2) 0.2 $ 2,267 3,668 (1,822) 23.8 % 36.8 69.7

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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