for more years. . |
Table T4.
Composition of Income Taxes for FRS Companies, 2001-2007 (Million 2007 Dollars) |
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2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | |
Income Taxes (as per Financial Statements) | |||||||
Current Paid or Accrued: | |||||||
U.S. Federal, before Investment Tax
Credit & Alternative Minimum Tax |
10,311 | 449 | 8,463 | 17,674 | 26,296 | 25,888 | 24,692 |
U.S. Federal Investment Tax Credit | -288 | -282 | -266 | -220 | -342 | -130 | -50 |
Effect of Alternative Minimum Tax | -739 | 79 | -372 | -502 | -323 | -150 | 87 |
U.S. State & Local Income Taxes | 1,248 | 550 | 1,232 | 2,246 | 3,676 | 3,196 | 3,010 |
Foreign Income Taxes | |||||||
Canada | 1,333 | 1,421 | 1,764 | 2,606 | 3,634 | 3,194 | 3,045 |
Europe1 | 7,455 | 6,412 | 7,544 | 12,119 | 16,248 | 19,709 | 16,277 |
Former Soviet Union 2 | 168 | 49 | 178 | 139 | 499 | 1,068 | 1,793 |
Africa | 3,577 | 3,317 | 4,336 | 6,662 | 10,254 | 16,859 | 16,901 |
Middle East | 2,266 | 2,016 | 2,382 | 2,927 | 4,136 | 6,236 | 8,753 |
Other Eastern Hemisphere | 1,961 | 1,925 | 3,111 | 3,302 | 3,697 | 5,541 | 5,725 |
Other Western Hemisphere | 813 | 769 | 1,269 | 2,048 | 3,159 | 2,265 | 2,126 |
Total Foreign | 17,574 | 15,910 | 20,585 | 29,804 | 41,627 | 54,873 | 54,620 |
Total Current | 28,105 | 16,706 | 29,643 | 49,002 | 70,934 | 83,676 | 82,359 |
Deferred | |||||||
U.S. Federal, before Investment Tax Credit | 2,812 | 277 | 5,371 | 2,432 | 1,622 | 6,763 | 2,526 |
U.S. Federal Investment Tax Credit | -12 | -21 | -19 | -19 | -18 | -14 | 1 |
Effect of Alternative Minimum Tax | 761 | -79 | 377 | 487 | 321 | 166 | -45 |
U.S. State & Local Income Taxes | 30 | 87 | 349 | 102 | 106 | 940 | 71 |
Foreign | 663 | -220 | 641 | 927 | 2,395 | 1,163 | -411 |
Total Deferred | 4,254 | 45 | 6,719 | 3,930 | 4,425 | 9,018 | 2,142 |
Total Income Tax Expense | 32,360 | 16,751 | 36,362 | 52,931 | 75,359 | 92,695 | 84,501 |
Reconciliation of Accrued U.S. Federal Income Tax Expense To Statutory Rate |
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Consolidated Pretax Income/(Loss) | 79,854 | 41,597 | 100,805 | 141,169 | 199,207 | 225,310 | 207,444 |
Less: Foreign Source Income not Subject to U.S. Tax | 10,435 | 10,138 | 20,064 | 31,344 | 40,747 | 30,280 | 27,173 |
Equals: Income Subject to U.S. Tax | 69,419 | 31,458 | 80,741 | 109,825 | 158,460 | 195,030 | 180,271 |
Less: U.S. State & Local Income Taxes | 1,047 | 397 | 1,075 | 2,290 | 3,799 | 4,087 | 2,888 |
Less: Applicable Foreign Income Taxes Deducted | 96 | 290 | 355 | 361 | 607 | 1,662 | 1,182 |
Equals: Pretax Income Subject to U.S. Tax | 68,276 | 30,772 | 79,311 | 107,174 | 154,054 | 189,281 | 176,201 |
Tax Provision Based on Previous Line | 23,914 | 10,767 | 27,765 | 37,154 | 53,897 | 66,216 | 61,657 |
Increase/(Decrease) in Taxes Due To: | |||||||
Foreign Tax Credits Recognized | -9,961 | -8,375 | -12,820 | -16,031 | -24,018 | -31,846 | -33,350 |
U.S. Federal Investment Tax Credit Recognized | -569 | -282 | -289 | -262 | -443 | -345 | -132 |
Statutory Depletion | -1 | -3 | -7 | -7 | -11 | -10 | -36 |
Effect of Alternative Minimum Tax | 19 | 0 | 0 | -14 | 0 | 5 | 25 |
Other | -681 | -1,681 | -1,084 | -983 | -1,860 | -1,499 | -953 |
Actual U.S. Federal Tax Provision (Refund) | 12,721 | 426 | 13,564 | 19,857 | 27,564 | 32,520 | 27,211 |
1 Prior to 2006, this region comprised of European member countries of the OECD. | |||||||
2 Prior to 2006, this region comprised of the Former Soviet Union and East Europe. | |||||||
Source: Energy Information Administration, Form EIA-28 (Financial Reporting System). |