DOMESTIC AND FOREIGN INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

DOMESTIC AND FOREIGN INCOME TAXES

Domestic and foreign components of income from continuing operations before domestic and foreign income taxes

For the years ended December 31, (in millions)	Domestic		Foreign		Total
2015	$	(5,810)	$	(3,666)	$	(9,476	)
2014	$	(732)	$	2,273	$	1,541
2013	$	3,399	$	4,747	$	8,146

Provisions (credits) for domestic and foreign income taxes on continuing operations

For the years ended December 31, (in millions)	United States Federal		State and Local		Foreign		Total
2015
Current	$	(810)	$	(31)	$	883	$	42
Deferred	(1,146)		(83)		(143)		(1,372		)
	$	(1,956)	$	(114)	$	740	$	(1,330	)
2014
Current	$	870	$	81	$	1,912	$	2,863
Deferred	(1,037)		(71)		(70)		(1,178		)
	$	(167)	$	10	$	1,842	$	1,685
2013
Current	$	113	$	17	$	2,170	$	2,300
Deferred	883		48		(17)		914
	$	996	$	65	$	2,153	$	3,214

Reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations stated as a percentage of pre-tax income

For the years ended December 31,	2015	2014	2013
United States federal statutory tax rate	35%	35%	35	%
Other than temporary loss on available for sale investment in California Resources stock	(1)	12	—
Operations outside the United States	(21)	65	5
State income taxes, net of federal benefit	1	1	1
Other	—	(4)	(1	)
Worldwide effective tax rate	14%	109%	40	%

Tax effects of temporary differences resulting in deferred income taxes

	2015				2014
Tax effects of temporary differences (in millions)	Deferred Tax Assets		Deferred Tax Liabilities		Deferred Tax Assets		Deferred Tax Liabilities
Property, plant and equipment differences	$	—	$	3,232	$	—	$	4,081
Equity investments, partnerships and foreign subsidiaries	—		12		—		—
Environmental reserves	136		—		123		—
Postretirement benefit accruals	346		—		379		—
Deferred compensation and benefits	179		—		208		—
Asset retirement obligations	372		—		307		—
Foreign tax credit carryforwards	2,034		—		1,765		—
Federal benefit of state income taxes	11		—		85		—
All other	677		—		274		221
Subtotal	3,755		3,244		3,141		4,302
Valuation allowance	(1,834)		—		(1,744)		—
Total deferred taxes	$	1,921	$	3,244	$	1,397	$	4,302

Reconciliation of the beginning and ending amount of unrecognized tax benefits

For the years ended December 31, (in millions)	2015		2014
Balance at January 1,	$	61	$	61
Reductions based on tax positions related to prior years and settlements	(39)		—
Balance at December 31,	$	22	$	61