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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

		Three Months Ended March 31,
Millions of dollars		2014				2013
Earnings before income taxes		$	214			$	190
Income tax expense computed at United States statutory tax rate		$	75			$	67
U.S. government tax incentives, including Energy Tax Credits		—				(94		)
U.S. foreign income items, net of credits		(12		)		(22		)
Foreign government tax incentive, including BEFIEX		(5		)		(11		)
Other		(8		)		(7		)
Income tax (benefit) expense computed at effective worldwide tax rates		$	50			$	(67	)

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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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