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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2013

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the difference between income tax expense at the United States statutory rate of 35% and the income tax expense at effective worldwide tax rates for the periods presented:

		Three Months Ended September 30,								Nine Months Ended September 30,
Millions of dollars		2013				2012				2013				2012
Earnings before income taxes		$	254			$	127			$	689			$	384
Income tax expense computed at United States statutory tax rate		$	89			$	44			$	241			$	134
U.S. government tax incentive - Energy Tax Credits		(15		)		—				(115		)		—
Valuation allowance release		—				—				—				(55		)
Foreign government tax incentive - BEFIEX		(7		)		(4		)		(24		)		(11		)
Other		(12		)		7				(75		)		19
Income tax expense computed at effective worldwide tax rates		$	55			$	47			$	27			$	87

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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