XML 65 R16.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Income tax expense was $90 million and $99 million for the three and six months ended June 30, 2015 compared to income tax expense of $50 million and $100 million in the same periods of 2014. For the three and six months ended June 30, 2015, changes in the effective tax rate from the prior period include tax planning strategies made available in the first quarter of 2015 resulting in releases of tax valuation allowances. 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 respective periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Millions of dollars |  | 2015 |  | 2014 |  | 2015 |  | 2014
Earnings before income taxes |  | $ | 275 |  |  | $ | 235 |  |  | $ | 482 |  |  | $ | 449 |
Income tax expense computed at United States statutory tax rate |  | 96 |  |  | 82 |  |  | 169 |  |  | 157 |
U.S. foreign income items, net of credits |  | (11 | ) |  | (13 | ) |  | (13 | ) |  | (25 | )
Valuation allowance release |  | — |  |  | (13 | ) |  | (58 | ) |  | (13 | )
Foreign government tax incentive (including BEFIEX in 2014) |  | (4 | ) |  | (5 | ) |  | (8 | ) |  | (11 | )
Other |  | 9 |  |  | (1 | ) |  | 9 |  |  | (8 | )
Income tax expense computed at effective worldwide tax rates |  | $ | 90 |  |  | $ | 50 |  |  | $ | 99 |  |  | $ | 100 |
At the end of each interim period, we make our best estimate of the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the quarterly rate as necessary.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration