AMAK ZAKAT AND INCOME TAX (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] |
|
Components of Income Tax Benefit (Expense) |
The provision for income taxes consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
(thousands of dollars) |
Current federal provision (benefit) |
$ |
(74 |
) |
|
$ |
(1,202 |
) |
|
$ |
1,691 |
|
Current state provision |
31 |
|
|
282 |
|
|
18 |
|
|
|
|
|
|
|
Deferred federal provision (benefit) |
(974 |
) |
|
(6,320 |
) |
|
8,645 |
|
Deferred state provision |
210 |
|
|
81 |
|
|
150 |
|
|
|
|
|
|
|
Income tax expense (benefit) |
$ |
(807 |
) |
|
$ |
(7,159 |
) |
|
$ |
10,504 |
|
|
Tax Effects of Temporary Differences |
Tax effects of temporary differences that give rise to significant portions of federal and state deferred tax assets and deferred tax liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2018 |
|
|
2017 |
|
|
(thousands of dollars) |
Deferred tax liabilities: |
|
|
|
Plant, pipeline and equipment |
$ |
(25,169 |
) |
|
$ |
(17,014 |
) |
Intangible assets |
(1,075 |
) |
|
(778 |
) |
Other assets |
(40 |
) |
|
(4 |
) |
Investment in AMAK |
(671 |
) |
|
(1,023 |
) |
Total deferred tax liabilities |
$ |
(26,955 |
) |
|
$ |
(18,819 |
) |
|
|
|
|
Deferred tax assets: |
|
|
|
Accounts receivable |
238 |
|
|
198 |
|
Inventory |
133 |
|
|
156 |
|
Mineral interests |
226 |
|
|
226 |
|
Foreign tax credit |
802 |
|
|
— |
|
Net operating loss carryforward |
9,073 |
|
|
— |
|
Post-retirement benefits |
79 |
|
|
252 |
|
Stock-based compensation |
954 |
|
|
971 |
|
Gross deferred tax assets |
11,505 |
|
|
1,803 |
|
Valuation allowance |
(226 |
) |
|
(226 |
) |
Total net deferred tax assets |
$ |
11,279 |
|
|
$ |
1,577 |
|
Net deferred tax liabilities |
$ |
(15,676 |
) |
|
$ |
(17,242 |
) |
|
AMAK |
|
Schedule of Equity Method Investments [Line Items] |
|
Components of Income Tax Benefit (Expense) |
The components of Zakat and income tax benefit (expense) are as follows:
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2018 |
|
|
2017 |
|
|
2016 |
|
Deferred income tax benefit |
12,961,569 |
|
|
8,617,706 |
|
|
6,694,909 |
|
Change in valuation allowance |
(5,736,640 |
) |
|
(9,035,670 |
) |
|
(8,413,167 |
) |
Current Zakat and income tax expense |
(5,400,000 |
) |
|
(3,209,229 |
) |
|
(1,877,986 |
) |
|
|
|
|
|
|
Zakat and income tax benefit (expense) |
1,824,929 |
|
|
(3,627,193 |
) |
|
(3,596,244 |
) |
|
Tax Effects of Temporary Differences |
Tax effects of temporary differences that give rise to significant portions of non-Saudi owners deferred tax assets and deferred tax liabilities were as follows:
|
|
|
|
|
|
|
|
December 31, |
|
2018 |
|
|
2017 |
|
Deferred tax assets: |
|
|
|
Loss carryforward |
42,194 |
|
|
42,884 |
|
Other |
657 |
|
|
469 |
|
|
|
|
|
|
42,851 |
|
|
43,352 |
|
Deferred tax liabilities: |
|
|
|
Property and Equipment |
(7,806 |
) |
|
(21,236 |
) |
|
|
|
|
Net deferred tax asset |
35,045 |
|
|
22,116 |
|
Valuation allowance |
(38,837 |
) |
|
(33,134 |
) |
|
|
|
|
Net deferred tax liability |
(3,793 |
) |
|
(11,018 |
) |
|