11. Income Taxes

Income before taxes subject to US and non-US income taxes was as follows:

(Stated in millions)
	First Quarter
	2015			2014
United States	$	165	$	524
Outside United States		1,129		1,553
	$	1,294	$	2,077

Schlumberger recorded pretax charges of $439 million during the three months ended March 31, 2015 ($93 million of charges in the US and $346 million of charges outside the US). See Note 2 – Charges and Credits.

The components of net deferred tax assets (liabilities) were as follows:

(Stated in millions)
	Mar. 31,			Dec. 31,
	2015			2014
Postretirement benefits	$	314		$	327
Intangible assets		(1,484	)		(1,435	)
Investments in non-US subsidiaries		(225	)		(227	)
Other, net		188			183
	$	(1,207	)	$	(1,152	)

The above deferred tax balances at March 31, 2015 and December 31, 2014 were net of valuation allowances relating to net operating losses in certain countries of $172 million and $190 million, respectively.

The components of consolidated Taxes on income were as follows:

(Stated in millions)
	First Quarter
		2015			2014
Current:
United States-Federal	$	75		$	147
United States-State		5			7
Outside United States		248			336
	$	328		$	490
Deferred:
United States-Federal	$	(26	)	$	7
United States-State		—			(1	)
Outside United States		4			(27	)
	$	(22	)	$	(21	)
	$	306		$	469

A reconciliation of the US statutory federal tax rate of 35% to the consolidated effective income tax rate follows:

	First Quarter
		2015		2014
US federal statutory rate		35	%	35	%
Non-US income taxed at different rates		(12	)	(11	)
Charges and credits (See Note 2)		3		—
Other		(2	)	(1	)
		24	%	23	%