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Exxon Mobil Corp. (XOM) | Analysis of Income Taxes

Income Tax Expense (Benefit)

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Exxon Mobil 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 Federal
chart Non-U.S.
chart U.S. tax on non-U.S. operations
chart State
chart Current income taxes
chart Federal
chart Non-U.S.
chart Deferred income taxes
chart Income tax expense

Source: Based on data from Exxon Mobil Corp. Annual Reports

Item Description The company
Current income taxes 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. Exxon Mobil Corp.'s current income taxes increased from 2009 to 2010 and from 2010 to 2011.
Deferred income taxes 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. Exxon Mobil Corp.'s deferred income taxes declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Income tax expense 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. Exxon Mobil Corp.'s income tax expense increased from 2009 to 2010 and from 2010 to 2011.

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Deferred Tax Assets (Liabilities), Net

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Exxon Mobil 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 Pension and other postretirement benefits
chart Asset retirement obligations
chart Tax loss carryforwards
chart Other assets
chart Deferred tax assets, gross
chart Asset valuation allowances
chart Deferred tax assets, net
chart Property, plant and equipment
chart Other liabilities
chart Deferred tax liabilities
chart Net deferred tax liabilities

Source: Based on data from Exxon Mobil 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. Exxon Mobil 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. Exxon Mobil Corp.'s deferred tax assets, net increased from 2009 to 2010 and from 2010 to 2011.
Net deferred tax liabilities 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. Exxon Mobil Corp.'s net deferred tax liabilities declined from 2009 to 2010 but then slightly increased from 2010 to 2011.

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