Page 109

APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) As of December 31, 2015, the Company has $53 million of debt discounts, which will be charged to interest expense over the life of the related debt issuances. Discount amortization of $3 million was recorded as interest expense in each of 2015, 2014, and 2013. As of December 31, 2015 and 2014, the Company had approximately $64 million and $69 million, respectively, of unamortized deferred loan costs associated with its various debt obligations. These costs are included in deferred charges and other in the accompanying consolidated balance sheet and are being charged to financing costs and expensed over the life of the related debt issuances. 7. INCOME TAXES Income (loss) from continuing operations before income taxes is composed of the following: For the Year Ended December 31, 2015 2014 2013 (In millions)

U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(20,415) (7,811)

$

(3,888) 1,079

$

1,191 2,717

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(28,226)

$

(2,809)

$

3,908

The total provision for income taxes from continuing operations consists of the following: For the Year Ended December 31, 2015 2014 2013 (In millions)

Current taxes: Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

363 41 (95)

$

309 Deferred taxes: Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F-27

$

(10) 1 1,186

$

1,177

(29) 1,648 1,619

(4,157) (90) (1,531)

(130) (43) (341)

509 44 (244)

(5,778)

(514)

309

(5,469)

$

663

$

1,928

Apache 2015 Summary Annual Report  

Adapting to a changing environment

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