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Chevron Corp. (CVX) | Analysis of Income Taxes

Income Tax Expense (Benefit)

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Chevron Corp., income tax expense (benefit), continuing operations

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart U.S. Federal
chart State and local
chart International
chart Current
chart U.S. Federal
chart State and local
chart International
chart Deferred
chart Taxes on income

Source: Based on data from Chevron Corp. Annual Reports

Item Description The company
Current The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. Chevron Corp.'s current increased from 2009 to 2010 and from 2010 to 2011.
Deferred The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Chevron Corp.'s deferred increased from 2009 to 2010 and from 2010 to 2011.
Taxes on income The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. Chevron Corp.'s taxes on income increased from 2009 to 2010 and from 2010 to 2011.

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Effective Income Tax Rate (EITR)

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Chevron Corp., effective income tax rate (EITR) reconciliation

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart U.S. statutory federal income tax rate % % % % %
chart Effect of income taxes from international operations at rates different from the U.S. statutory rate % % % % %
chart State and local taxes on income, net of U.S. federal income tax benefit % % % % %
chart Prior year tax adjustments % % % % %
chart Tax credits % % % % %
chart Effects of changes in tax rates % % % % %
chart Other % % % % %
chart Effective tax rate % % % % %

Source: Based on data from Chevron Corp. Annual Reports

Item Description The company
Effective tax rate A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Chevron Corp.'s effective tax rate declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

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Deferred Tax Assets (Liabilities), Net

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Chevron Corp., deferred tax assets (liabilities), net

USD $ in millions

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Foreign tax credits
chart Abandonment/environmental reserves
chart Employee benefits
chart Deferred credits
chart Tax loss carryforwards
chart Other accrued liabilities
chart Inventory
chart Miscellaneous
chart Deferred tax assets, gross
chart Deferred tax assets valuation allowance
chart Deferred tax assets, net
chart Properties, plant and equipment
chart Investments and other
chart Deferred tax liabilities
chart Deferred taxes, net

Source: Based on data from Chevron Corp. Annual Reports

Item Description The company
Deferred tax assets, gross The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. Chevron Corp.'s deferred tax assets, gross increased from 2009 to 2010 and from 2010 to 2011.
Deferred tax assets, net The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Chevron Corp.'s deferred tax assets, net declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Deferred taxes, net For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. Chevron Corp.'s deferred taxes, net declined from 2009 to 2010 and from 2010 to 2011.

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