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This excerpt taken from the MRO 10-Q filed May 9, 2008. Provision for income taxes
decreased $50 million in the first quarter of 2008 from the comparable
prior-year period partially due to the $36 million decrease in income before
income taxes, but more significantly due to the change in the geographic sources
of income and related tax expense including foreign currency remeasurement
effects. The following is an analysis of the effective tax rates for
the first quarters of 2008 and 2007:
Segment
Results
This excerpt taken from the MRO 10-Q filed Aug 7, 2007. Provision for income taxes decreased $47
million and $114 million in the second quarter and first six months of 2007
from the comparable periods of 2006 as a result of effective tax rate declines
in both periods and the $110 million decrease in income from continuing
operations before income taxes for the six-month period. The following is an analysis of the effective
income tax rates for continuing operations for the second quarters and first
six months of 2007 and 2006:
Discontinued operations in 2006 reflects the operations of our Russian oil exploration and production businesses and a $243 million after-tax gain related to the June 2006 disposal of these businesses. During the second quarter of 2007, adjustments to the sales price were substantially completed and an additional after-tax gain on the sale of $8 million was recognized. See Note 5 to the accompanying consolidated financial statements for additional information. This excerpt taken from the MRO 10-Q filed May 7, 2007. Provision
for income taxes in the
first quarter of 2007 decreased $67 million from the comparable prior-year
period primarily due to the $121 million decrease in income from
continuing operations before income taxes. The following is an analysis of the
effective tax rates for the first quarters of 2007 and 2006:
Discontinued operations in the first quarter of 2006 reflects the operations of our former Russian oil exploration and production businesses which were sold in June 2006. See Note 3 to the consolidated financial statements, for additional information. This excerpt taken from the MRO 10-Q filed Nov 4, 2005. Provision for income taxes
in the third quarter and the first nine months of 2005 increased by $336
million and $492 million from the comparable prior-year periods primarily due
to increases of $884 million and $1.431 billion in income before income taxes.
In the first quarter of 2005, the state of Kentucky enacted legislation which causes limited liability companies to be subject to Kentucky’s corporation income tax. Our provision for income taxes for the first nine months of 2005 includes $13 million related to the effects of this Kentucky income tax on deferred tax assets and liabilities as of January 1, 2005. The unfavorable effect on net income (after minority interest) was $6 million. In the second quarter of 2005, the state of Ohio enacted legislation which phases out Ohio’s income-based franchise taxes over a five-year period. Our provision for income taxes in the first nine months of 2005 includes a $15 million benefit related to the reversal of deferred income taxes as a result of this change in tax law. The state of Ohio replaced the income-based franchise tax with a commercial activity tax based on gross receipts which will be phased in over five years. The commercial activity tax will be reported in costs and expenses.
The effective tax rate for the first nine months of 2005 was 36.2 percent compared to 38.2 percent for the comparable period in 2004. The decrease in the rate is primarily related to the effects of foreign operations and the legislation discussed above.
This excerpt taken from the MRO 10-Q filed Aug 8, 2005. Provision for income taxes
in the second quarter of 2005 and the first six months of 2005 increased by $122
million and $156 million from the comparable prior-year periods primarily due
to increases of $447 million and $547 million in income before income
taxes. In the first quarter of 2005, the
state of Kentucky enacted legislation which causes limited liability companies
to be subject to Kentucky’s corporation income tax. Our provision for income taxes for the first
six months of 2005 includes $13 million related to the effects of this Kentucky
income tax on deferred tax assets and liabilities as of January 1,
2005. The unfavorable effect on net
income (after minority interest) was $6 million. In the second quarter of 2005, the state of
Ohio enacted legislation which phases out Ohio’s income-based franchise taxes
over a five-year period. Our provision
for income taxes in the second quarter and the first six months of 2005
includes a $15 million benefit related to the reversal of deferred income taxes
as a result of this change in tax law. The
state of Ohio replaced the income-based franchise tax with a commercial
activity tax based on gross receipts which will be phased in over five years. The commercial activity tax will be reported
in costs and expenses.
The effective tax rate for the first six months of 2005 was 34.9 percent compared to 38.5 percent for the comparable period in 2004. The decrease in the rate is primarily related to the effects of foreign operations and the legislation discussed above.
This excerpt taken from the MRO 10-Q filed May 9, 2005. Provision
for income taxes in the first quarter of 2005 increased by $34
million compared to the prior year comparable period primarily due to a $100
million increase in income before income taxes in 2005 compared to 2004. Effective
January 1, 2005, the state of Kentucky enacted legislation which causes limited
liability companies to be subject to Kentucky’s corporation income tax. In the first quarter 2005, Marathon’s
provision for income taxes includes $13 million related to the effects of this
Kentucky income tax on deferred tax assets and liabilities as of January 1,
2005. The effect on net income (after
minority interest) was $6 million.
Also beginning in the first quarter of 2005, Marathon’s effective rate reflects the estimated impact of a special deduction for qualified domestic production expected to be taken related to the American Jobs Creation Act of 2004. This deduction will be treated as a permanent difference. Based on managements’ best estimates of taxable income for 2005, the effective rate will be reduced by approximately one-half percent.
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