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Income Taxes
3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

11.   Income Taxes

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

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

First Quarter

 

 

2016

 

 

2015

 

United States

$

(203

)

 

$

165

 

Outside United States

 

825

 

 

 

1,129

 

 

$

622

 

 

$

1,294

 

 

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,

 

 

2016

 

 

2015

 

Postretirement benefits

$

264

 

 

$

266

 

Intangible assets

 

(1,414

)

 

 

(1,418

)

Investments in non-US subsidiaries

 

(149

)

 

 

(152

)

Fixed assets, net

 

(173

)

 

 

(176

)

Inventories

 

144

 

 

 

159

 

Other, net

 

613

 

 

 

454

 

 

$

(715

)

 

$

(867

)

 

The above deferred tax balances at March 31, 2016 and December 31, 2015 were net of valuation allowances relating to net operating losses in certain countries of $155 million and $162 million, respectively.

The components of Taxes on income were as follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

First Quarter

 

 

2016

 

 

2015

 

Current:

 

 

 

 

 

 

 

United States-Federal

$

40

 

 

$

75

 

United States-State

 

1

 

 

 

5

 

Outside United States

 

217

 

 

 

248

 

 

 

258

 

 

 

328

 

Deferred:

 

 

 

 

 

 

 

United States-Federal

$

(116

)

 

$

(26

)

United States-State

 

(7

)

 

 

-

 

Outside United States

 

(35

)

 

 

4

 

Valuation Allowance

 

(1

)

 

 

-

 

 

 

(159

)

 

 

(22

)

 

$

99

 

 

$

306

 

 

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

 

 

First Quarter

 

 

 

2016

 

 

2015

 

 

US federal statutory rate

 

35

%

 

 

35

%

 

State tax

 

(1

)

 

 

-

 

 

Non-US income taxed at different rates

 

(16

)

 

 

(12

)

 

Charges and credits (See Note 2)

 

-

 

 

 

3

 

 

Other

 

(2

)

 

 

(2

)

 

 

 

16

%

 

 

24

%