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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes Charged to Income (Loss) | Components of income tax provision (benefit) were:
| Millions of Dollars
| 2022 |  | 2021 |  | 2020
Income Taxes |  |  |  |  |
Federal |  |  |  |  |
Current | $ | 1,263 |  |  | 32 |  |  | 3 |
Deferred | 1,629 |  |  | 1,161 |  |  | (625) |
Foreign |  |  |  |  |
Current | 5,813 |  |  | 3,128 |  |  | 350 |
Deferred | 387 |  |  | 66 |  |  | (70) |
State and local |  |  |  |  |
Current | 386 |  |  | 127 |  |  | (4) |
Deferred | 70 |  |  | 119 |  |  | (139) |
Total tax provision (benefit) | $ | 9,548 |  |  | 4,633 |  |  | (485) |
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
| 2022 | 2021
Deferred Tax Liabilities |  |
PP&E and intangibles | $ | 11,100 |  | 10,170 |
Inventory | 48 |  | 44 |
Other | 190 |  | 213 |
Total deferred tax liabilities | 11,338 |  | 10,427 |
Deferred Tax Assets |  |
Benefit plan accruals | 450 |  | 321 |
Asset retirement obligations and accrued environmental costs | 2,333 |  | 2,297 |
Investments in joint ventures | 1,917 |  | 1,684 |
Other financial accruals and deferrals | 736 |  | 827 |
Loss and credit carryforwards | 6,354 |  | 7,402 |
Other | 112 |  | 399 |
Total deferred tax assets | 11,902 |  | 12,930 |
Less: valuation allowance | (8,049) |  | (8,342) |
Total deferred tax assets net of valuation allowance | 3,853 |  | 4,588 |
Net deferred tax liabilities | $ | 7,485 |  | 5,839 |
Reconciliation of Deferred Tax Asset Valuation Allowance | The following table shows a reconciliation of the beginning and ending deferred tax asset valuation allowance for 2022, 2021 and 2020:
| Millions of Dollars
| 2022 | 2021 | 2020
Balance at January 1 | $ | 8,342 |  | 9,965 |  | 10,214 |
Charged to expense (benefit) | 5 |  | (45) |  | 460 |
Other* | (298) |  | (1,578) |  | (709) |
Balance at December 31 | $ | 8,049 |  | 8,342 |  | 9,965 |
*Represents changes due to originating deferred tax assets that have no impact to our effective tax rate, acquisitions/dispositions/revisions and the effect of translating foreign financial statements.
Reconciliation of Unrecognized Tax Benefits | The following table shows a reconciliation of the beginning and ending unrecognized tax benefits for 2022, 2021 and 2020:
| Millions of Dollars
| 2022 | 2021 | 2020
Balance at January 1 | $ | 1,345 |  | 1,206 |  | 1,177 |
Additions based on tax positions related to the current year | 6 |  | 15 |  | 6 |
Additions for tax positions of prior years | 6 |  | 177 |  | 67 |
Reductions for tax positions of prior years | (62) |  | (5) |  | (34) |
Settlements | (510) |  | — |  | (9) |
Lapse of statute | (75) |  | (48) |  | (1) |
Balance at December 31 | $ | 710 |  | 1,345 |  | 1,206 |
Effective Income Tax Rate Reconciliation | The amounts of U.S. and foreign income (loss) before income taxes, with a reconciliation of tax at the federal statutory rate to the provision for income taxes, were:
| Millions of Dollars |  | Percent of Pre-Tax Income (Loss)
| 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
Income (loss) before income taxes |  |  |  |  |  |  |
United States | $ | 16,739 |  | 8,024 |  | (3,587) |  |  | 59.3 | % | 63.1 |  | 114.2 |
Foreign | 11,489 |  | 4,688 |  | 447 |  |  | 40.7 |  | 36.9 |  | (14.2) |
| $ | 28,228 |  | 12,712 |  | (3,140) |  |  | 100.0 | % | 100.0 |  | 100.0 |
Federal statutory income tax | $ | 5,928 |  | 2,670 |  | (659) |  |  | 21.0 | % | 21.0 |  | 21.0 |
Non-U.S. effective tax rates | 3,866 |  | 1,915 |  | 194 |  |  | 13.7 |  | 15.1 |  | (6.2) |
Australia disposition | — |  | — |  | (349) |  |  | — |  | — |  | 11.1 |
Recovery of outside basis | (30) |  | (55) |  | (22) |  |  | (0.1) |  | (0.4) |  | 0.7 |
Adjustment to tax reserves | (551) |  | (11) |  | 18 |  |  | (2.0) |  | (0.1) |  | (0.6) |
Adjustment to valuation allowance | 5 |  | (45) |  | 460 |  |  | — |  | (0.4) |  | (14.6) |
State income tax | 405 |  | 194 |  | (112) |  |  | 1.4 |  | 1.5 |  | 3.6 |
Enhanced oil recovery credit | (37) |  | (99) |  | (6) |  |  | (0.1) |  | (0.8) |  | 0.2 |
Other | (38) |  | 64 |  | (9) |  |  | (0.1) |  | 0.5 |  | 0.3 |
Total | $ | 9,548 |  | 4,633 |  | (485) |  |  | 33.8 | % | 36.4 |  | 15.5 |

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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