Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense (benefit) were:

	Millions of Dollars
	2019			2018		2017
Income Tax Expense (Benefit)
Federal
Current	$	354		739		9
Deferred	177			257		(1,960	)
Foreign
Current	204			326		126
Deferred	(50		)	53		3
State and local
Current	61			255		61
Deferred	55			(58	)	68
	$	801		1,572		(1,693	)

Schedule of Deferred Tax Assets and Liabilities

Major components of deferred tax liabilities and assets at December 31 were:

	Millions of Dollars
	2019		2018
Deferred Tax Liabilities
Properties, plants and equipment, and intangibles	$	3,297	3,074
Investment in joint ventures	2,137		2,041
Investment in subsidiaries	794		602
Inventory	—		66
Other	263		14
Total deferred tax liabilities	6,491		5,797
Deferred Tax Assets
Benefit plan accruals	460		395
Asset retirement obligations and accrued environmental costs	115		109
Loss and credit carryforwards	54		59
Other financial accruals and deferrals	70		16
Inventory	28		—
Other	281		—
Total deferred tax assets	1,008		579
Less: valuation allowance	22		8
Net deferred tax assets	986		571
Net deferred tax liabilities	$	5,505	5,226

Schedule of Unrecognized Tax Benefits Roll Forward

The following table is a reconciliation of the changes in our unrecognized income tax benefits balance:

	Millions of Dollars
	2019			2018		2017
Balance at January 1	$	23		34		70
Additions for tax positions of current year	2			—		—
Additions for tax positions of prior years	29			1		1
Reductions for tax positions of prior years	(14		)	(2	)	(5	)
Settlements	—			(10	)	(32	)
Balance at December 31	$	40		23		34

Schedule of Effective Income Tax Rate Reconciliation

The amounts of U.S. and foreign income before income taxes, with a reconciliation of income tax at the federal statutory rate to the recorded income tax expense (benefit), were:

	Millions of Dollars							Percentage of Income Before Income Taxes
	2019			2018		2017		2019		2018		2017
Income before income taxes
United States	$	3,267		5,716		2,799		78.2	%	76.8		78.7
Foreign	911			1,729		756		21.8		23.2		21.3
	$	4,178		7,445		3,555		100.0	%	100.0		100.0
Federal statutory income tax	$	877		1,563		1,244		21.0	%	21.0		35.0
State income tax, net of federal benefit	92			155		79		2.2		2.1		2.2
Tax Cuts and Jobs Act	(42		)	36		(2,721	)	(1.0	)	0.5		(76.5	)
Foreign rate differential	(31		)	(3	)	(137	)	(0.7	)	—		(3.9	)
Noncontrolling interests	(61		)	(58	)	(46	)	(1.5	)	(0.8	)	(1.3	)
Change in valuation allowance	14			(20	)	(4	)	0.3		(0.3	)	(0.1	)
Other*	(48		)	(101	)	(108	)	(1.1	)	(1.4	)	(3.0	)
	$	801		1,572		(1,693	)	19.2	%	21.1		(47.6	)

* Other includes individually immaterial items but is primarily attributable to foreign operations.