AMAK ZAKAT AND INCOME TAX (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Equity Method Investments [Line Items] |
|
| Components of Income Tax Benefit (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for income taxes from continuing operations consisted of the following: |
|
Year ended December 31, |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
(thousands of dollars) |
Current federal benefit |
$ |
— |
|
|
$ |
(74 |
) |
|
$ |
(1,202 |
) |
Current state expense |
91 |
|
|
31 |
|
|
282 |
|
|
|
|
|
|
|
Deferred federal benefit |
(3,564 |
) |
|
(813 |
) |
|
(5,389 |
) |
Deferred state expense (benefit) |
(93 |
) |
|
210 |
|
|
81 |
|
|
|
|
|
|
|
Income tax benefit |
$ |
(3,566 |
) |
|
$ |
(646 |
) |
|
$ |
(6,228 |
) |
|
| 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, |
|
2019 |
|
|
2018 |
|
|
(thousands of dollars) |
Deferred tax liabilities: |
|
|
|
Plant, pipeline and equipment |
$ |
(29,227 |
) |
|
$ |
(25,169 |
) |
Intangible assets |
— |
|
|
(1,075 |
) |
Other assets |
(32 |
) |
|
(40 |
) |
Operating lease asset |
(2,838 |
) |
|
— |
|
Investment in AMAK |
(302 |
) |
|
(671 |
) |
Total deferred tax liabilities |
$ |
(32,399 |
) |
|
$ |
(26,955 |
) |
|
|
|
|
Deferred tax assets: |
|
|
|
Net operating loss carryforward |
11,685 |
|
|
9,073 |
|
Intangible assets |
3,699 |
|
|
— |
|
Operating lease liability |
2,838 |
|
|
— |
|
Stock-based compensation |
1,093 |
|
|
954 |
|
Foreign tax credit |
891 |
|
|
802 |
|
Accounts receivable |
240 |
|
|
238 |
|
Mineral interests |
226 |
|
|
226 |
|
Interest expense carryforward |
211 |
|
|
— |
|
General business credit |
140 |
|
|
— |
|
Inventory |
111 |
|
|
133 |
|
Post-retirement benefits |
71 |
|
|
79 |
|
Charitable contributions |
45 |
|
|
— |
|
Gross deferred tax assets |
21,250 |
|
|
11,505 |
|
Valuation allowance |
(226 |
) |
|
(226 |
) |
Total net deferred tax assets |
$ |
21,024 |
|
|
$ |
11,279 |
|
Net deferred tax liabilities |
$ |
(11,375 |
) |
|
$ |
(15,676 |
) |
|
| AMAK |
|
| Schedule of Equity Method Investments [Line Items] |
|
| Components of Income Tax Benefit (Expense) |
|
|
|
|
|
|
|
|
|
|
The components of Zakat and income tax expense (benefit) are as follows: |
|
|
|
|
|
|
Years ended December 31, |
|
2019 |
|
|
2018 |
|
|
2017 |
|
Deferred income tax benefit |
1,737,276 |
|
|
(12,961,569 |
) |
|
(8,617,706 |
) |
Change in valuation allowance |
(1,312,403 |
) |
|
5,736,640 |
|
|
9,035,670 |
|
Current Zakat and income tax expense |
6,326,283 |
|
|
5,400,000 |
|
|
3,209,229 |
|
Zakat and income tax expense (benefit) |
6,751,156 |
|
|
(1,824,929 |
) |
|
3,627,193 |
|
|
| 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, |
|
2019 |
|
|
2018 |
|
Deferred tax assets: |
|
|
|
Loss carryforward |
41,293,547 |
|
|
42,193,939 |
|
Other |
799,526 |
|
|
656,819 |
|
|
42,093,073 |
|
|
42,850,758 |
|
Deferred tax liabilities: |
|
|
|
Property and Equipment |
(8,785,642 |
) |
|
(7,806,051 |
) |
Net deferred tax asset |
33,307,431 |
|
|
35,044,707 |
|
Valuation allowance |
(37,525,089 |
) |
|
(38,837,492 |
) |
Net deferred tax liability |
(4,217,658 |
) |
|
(3,792,785 |
) |
|