Note 10. Income Taxes

The income tax provision consists of the following:

	Three Months Ended March 31,
	2012			2011
(millions)
Current	$	79		$	12
Deferred		32			11
Total Income Tax Provision	$	111		$	23
Effective Tax Rate		30	%		62	%

Our effective tax rate decreased for the first quarter of 2012 as compared with the first quarter of 2011. During the first quarter of 2011, we increased the valuation allowance against our deferred tax asset for foreign tax credits by $11 million resulting in a corresponding increase in income tax expense, which was primarily responsible for the difference in the quarterly effective tax rates.

Years Remaining Open to Examination In our major tax jurisdictions, the earliest years remaining open to examination are as follows: US – 2008, Equatorial Guinea – 2007, Israel – 2008, UK – 2010, the Netherlands – 2009, and China – 2006.