CHEVRON CORP | 2013 | FY | 3

The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in the financial statements. Interest and penalties are not included.
 
2013

 
 
2012

 
2011

Balance at January 1
$
3,071

 
 
$
3,481

 
$
3,507

Foreign currency effects
(58
)
 
 
4

 
(2
)
Additions based on tax positions
taken in current year
276

 
 
543

 
469

Additions/reductions resulting from current-year asset acquisitions/sales
—

 
 
—

 
(41
)
Additions for tax positions taken
in prior years
1,164

 
 
152

 
236

Reductions for tax positions taken in prior years
(176
)
 
 
(899
)
 
(366
)
Settlements with taxing authorities in current year
(320
)
 
 
(138
)
 
(318
)
Reductions as a result of a lapse
of the applicable statute of limitations
(109
)
 
 
(72
)
 
(4
)
Balance at December 31
$
3,848

 
 
$
3,071

 
$
3,481

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