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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Taxes [Abstract] |
Components of Income (Loss) from Continuing Operations Before Income Taxes and Income Tax Expense |
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2018 |  | 2017 |  | 2016
﻿Income (loss) from continuing operations before income taxes |  |  |  |  |  |
﻿ United States | $ | 14,907 |  | (299,349) |  | (595,196)
﻿ Foreign |  | 417,431 |  | 371,151 |  | 102,081
﻿ Total | $ | 432,338 |  | 71,802 |  | (493,115)
﻿Income tax expense (benefit) |  |  |  |  |  |
﻿ Federal – Current | $ | (9,765) |  | – |  | -
﻿ – Deferred |  | (131,200) |  | 156,065 |  | (197,450)
﻿ Total Federal |  | (140,965) |  | 156,065 |  | (197,450)
﻿ State |  | 3,299 |  | 4,230 |  | 13,984
﻿ Foreign – Current |  | 202,775 |  | 122,318 |  | 146,861
﻿ – Deferred |  | (55,779) |  | 100,125 |  | (182,567)
﻿ Total Foreign |  | 146,996 |  | 222,443 |  | (35,706)
﻿ Total | $ | 9,330 |  | 382,738 |  | (219,172)
﻿
Effective Income Tax Rates |
﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2018 |  | 2017 |  | 2016
﻿Income tax expense (benefit) based on the U.S. statutory tax rate | $ | 90,791 |  | 25,131 |  | (172,590)
﻿Revaluation of deferred tax (US tax reform) |  | – |  | 118,004 |  | –
﻿Tax impact of deemed repatriation of foreign invested earnings (U.S. tax reform) |  | (135,700) |  | 156,000 |  | –
﻿Deferred tax effect on Canadian earnings no longer indefinitely invested |  | – |  | 65,000 |  | –
﻿Foreign income (loss) subject to foreign tax rates different than the U.S. statutory rate |  | 72,007 |  | 12,658 |  | 8,582
﻿State income taxes, net of federal benefit |  | 2,607 |  | 2,438 |  | 9,090
﻿U.S. tax benefit on certain foreign upstream investments |  | (14,702) |  | (32,926) |  | (21,336)
﻿Tax effects on sale of Canadian assets |  | – |  | – |  | (89,473)
﻿Tax effects on sale of Malaysian assets |  | – |  | – |  | 2,080
﻿Increase in deferred tax asset valuation allowance related to other foreign exploration expenditures |  | 3,283 |  | 18,601 |  | 25,734
﻿Other, net |  | (8,956) |  | 17,832 |  | 18,741
﻿ Total | $ | 9,330 |  | 382,738 |  | (219,172)
﻿
Analysis of Deferred Tax Assets and Deferred Tax Liabilities Showing Tax Effects of Significant Temporary Differences |
﻿ |  |  |  |
﻿ |  |  |  |
﻿(Thousands of dollars) | 2018 |  | 2017
﻿Deferred tax assets |  |  |  |
﻿ Property and leasehold costs | $ | 491,660 |  | 488,584
﻿ Liabilities for dismantlements |  | 88,075 |  | 98,444
﻿ Postretirement and other employee benefits |  | 113,826 |  | 134,444
﻿ Alternative minimum tax |  | 9,765 |  | 29,710
﻿ Foreign tax credit carryforwards |  | – |  | 228,159
﻿ U. S. net operating loss |  | 496,629 |  | 272,930
﻿ Other deferred tax assets |  | 19,974 |  | 13,892
﻿ Total gross deferred tax assets |  | 1,219,929 |  | 1,266,163
﻿ Less valuation allowance |  | (213,815) |  | (476,256)
﻿ Net deferred tax assets |  | 1,006,114 |  | 789,907
﻿Deferred tax liabilities |  |  |  |
﻿ Deferred tax on undistributed foreign earnings |  | (5,000) |  | (65,000)
﻿ Accumulated depreciation, depletion and amortization |  | (742,562) |  | (669,638)
﻿ Other deferred tax liabilities |  | (28,802) |  | (2,824)
﻿ Total gross deferred tax liabilities |  | (776,364) |  | (737,462)
﻿ Net deferred tax assets | $ | 229,750 |  | 52,445
﻿
Reconciliation of Beginning and Ending Amount of Consolidated Liability for Unrecognized Income Tax Benefits |
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﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2018 |  | 2017 |  | 2016
﻿Balance at January 1 | $ | 3,437 |  | 7,417 |  | 6,631
﻿Additions for tax positions related to current year |  | 454 |  | 769 |  | 756
﻿Settlements due to lapse of time |  | (988) |  | (4,834) |  | –
﻿Foreign currency translation effect |  | – |  | 85 |  | 30
﻿ Balance at December 31 | $ | 2,903 |  | 3,437 |  | 7,417
﻿

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