XML 83 R59.htm IDEA: XBRL DOCUMENT v3.3.1.900
DOMESTIC AND FOREIGN INCOME TAXES (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Domestic and foreign components of income from continuing operations before domestic and foreign income taxes      
Income from continuing operations before income taxes, Domestic $ (5,810.0) $ (732.0) $ 3,399.0
Income from continuing operations before income taxes, Foreign (3,666.0) 2,273.0 4,747.0
Income from continuing operations before income taxes, Total (9,476.0) 1,541.0 8,146.0
Provisions (credits) for domestic and foreign income taxes on continuing operations      
Current United States Federal tax expense (benefit) (810.0) 870.0 113.0
Current State and Local tax expense (benefit) (31.0) 81.0 17.0
Current Foreign tax expense (benefit) 883.0 1,912.0 2,170.0
Current Total tax expense (benefit) 42.0 2,863.0 2,300.0
Deferred United States Federal tax expense (benefit) (1,146.0) (1,037.0) 883.0
Deferred State and Local tax expense (benefit) (83.0) (71.0) 48.0
Deferred Foreign tax expense (benefit) (143.0) (70.0) (17.0)
Deferred Total tax expense (benefit) (1,372.0) (1,178.0) 914.0
United States Federal Total tax expense (benefit) (1,956.0) (167.0) 996.0
State and Local Total tax expense (benefit) (114.0) 10.0 65.0
Foreign Total tax expense (benefit) 740.0 1,842.0 2,153.0
Total tax expense (benefit) $ (1,330.0) $ 1,685.0 $ 3,214.0
Reconciliation of the United States federal statutory income tax rate to Occidental's worldwide effective tax rate on income from continuing operations      
United States federal statutory tax rate (as a percent) 35.00% 35.00% 35.00%
Effect of spin-off of California Resources (1.00%) 12.00%  
Operations outside the United States (as a percent) (21.00%) 65.00% 5.00%
State income taxes, net of federal benefit (as a percent) 1.00% 1.00% 1.00%
Other (as a percent)   (4.00%) (1.00%)
Worldwide effective tax rate (as a percent) 14.00% 109.00% 40.00%
Deferred Tax Assets and Liabilities      
Deferred Tax Assets, environmental reserves $ 136.0 $ 123.0  
Deferred Tax Assets, postretirement benefit accruals 346.0 379.0  
Deferred Tax Assets, deferred compensation and benefits 179.0 208.0  
Deferred Tax Assets, asset retirement obligations 372.0 307.0  
Deferred Tax Assets, foreign tax credit carryforwards 2,034.0 1,765.0  
Deferred tax Assets, federal benefit of state income taxes 11.0 85.0  
Deferred Tax Assets, all other 677.0 274.0  
Deferred Tax Assets, subtotal 3,755.0 3,141.0  
Deferred Tax Assets, valuation allowance (1,834.0) (1,744.0)  
Deferred Tax Assets, total deferred taxes 1,921.0 1,397.0  
Deferred Tax Liabilities, property, plant and equipment differences 3,232.0 4,081.0  
Deferred Tax Liabilities, equity investments, partnerships and foreign subsidiaries 12.0    
Deferred Tax Liabilities, all other   221.0  
Deferred Tax Liabilities, Gross 3,244.0 4,302.0  
Deferred Tax Liabilities, total deferred taxes 3,244.0 4,302.0  
Deferred tax assets, current   110.0  
Unremitted earnings of certain consolidated foreign subsidiaries 9,900.0    
Deferred tax liability not recognized, indefinitely reinvested foreign earnings 115.0    
Discontinued operations income tax charges (benefits) 1.0 454.0 $ 550.0
Credit to additional paid-in capital, excess tax benefit from the exercise of certain stock-based compensation awards 0.0 4.0 6.0
Unrecognized tax benefits included in deferred credits and other liabilities - other that would affect effective tax rate 22.0    
Reconciliation of unrecognized tax benefits      
Balance, at beginning of period 61.0 61.0  
Reductions based on tax positions related to prior years and settlements (39.0)    
Balance, at end of period $ 22.0 $ 61.0 $ 61.0