Annual report pursuant to Section 13 and 15(d)

AMAK Zakat and Income Tax (Tables)

v3.20.4
AMAK Zakat and Income Tax (Tables)
12 Months Ended
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]  
Components of Income Tax Benefit (Expense)
The provision (benefit) for income taxes from continuing operations consisted of the following:
Year ended December 31,
2020 2019 2018
(thousands of dollars)
Current federal benefit $ (19,190) $ —  $ (74)
Current state expense 86  91  31 
Deferred federal expense (benefit) 15,140  (3,564) (813)
Deferred state expense (benefit) (93) 210 
Income tax expense (benefit) $ (3,963) $ (3,566) $ (646)
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,
2020 2019
(thousands of dollars)
Deferred tax liabilities:
Plant, pipeline and equipment $ (31,119) $ (29,227)
Other assets (31) (32)
Operating lease asset (2,211) (2,838)
Total deferred tax liabilities $ (33,361) $ (32,097)
Deferred tax assets:
Net operating loss carryforward —  11,685 
Intangible assets 3,396  3,699 
Operating lease liability 2,211  2,838 
Stock-based compensation 956  1,093 
Investment in AMAK —  589 
Accounts receivable 65  240 
Mineral interests 226  226 
Interest expense carryforward —  211 
General business credit —  140 
Inventory 146  111 
Post-retirement benefits 70  71 
Charitable contributions —  45 
Gross deferred tax assets 7,070  20,948 
Valuation allowance (226) (226)
Total net deferred tax assets $ 6,844  $ 20,722 
Net deferred tax liabilities $ (26,517) $ (11,375)
AMAK  
Schedule of Equity Method Investments [Line Items]  
Components of Income Tax Benefit (Expense)
The components of Zakat and income tax expense (benefit) for the nine months ended September 30, 2020 and years ended December 31, 2019 and 2018 are as follows:
2020 2019 2018
Deferred income tax expense (benefit) (3,277,217) 1,737,276  (12,961,569)
Change in valuation allowance (940,440) (1,312,403) 5,736,640 
Current Zakat and income tax expense 6,054,522  6,326,283  5,400,000 
Zakat and income tax expense (benefit) 1,836,865  6,751,156  (1,824,929)
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:
September 30, December 31,
2020 2019
Deferred tax assets:
Loss carryforward 40,645,080  41,293,547 
Other 449,302  799,526 
41,094,382  42,093,073 
Deferred tax liabilities:
Property and Equipment (4,509,734) (8,785,642)
Net deferred tax asset 36,584,648  33,307,431 
Valuation allowance (36,584,648) (37,525,089)
Net deferred tax liability —  (4,217,658)