AMAK Zakat and Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] |
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Components of Income Tax Benefit (Expense) |
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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 |
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|
31 |
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|
|
|
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Deferred federal expense (benefit) |
15,140 |
|
|
(3,564) |
|
|
(813) |
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Deferred state expense (benefit) |
1 |
|
|
(93) |
|
|
210 |
|
|
|
|
|
|
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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:
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December 31, |
|
2020 |
|
2019 |
|
(thousands of dollars) |
Deferred tax liabilities: |
|
|
|
Plant, pipeline and equipment |
$ |
(31,119) |
|
|
$ |
(29,227) |
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|
|
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Other assets |
(31) |
|
|
(32) |
|
Operating lease asset |
(2,211) |
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|
(2,838) |
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Total deferred tax liabilities |
$ |
(33,361) |
|
|
$ |
(32,097) |
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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) |
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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) |
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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: |
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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 |
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Current Zakat and income tax expense |
6,054,522 |
|
|
6,326,283 |
|
|
5,400,000 |
|
|
|
|
|
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|
Zakat and income tax expense (benefit) |
1,836,865 |
|
|
6,751,156 |
|
|
(1,824,929) |
|
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Tax Effects of Temporary Differences |
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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: |
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September 30, |
|
December 31, |
|
2020 |
|
2019 |
Deferred tax assets: |
|
|
|
Loss carryforward |
40,645,080 |
|
|
41,293,547 |
|
Other |
449,302 |
|
|
799,526 |
|
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|
|
|
|
41,094,382 |
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|
42,093,073 |
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Deferred tax liabilities: |
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Property and Equipment |
(4,509,734) |
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|
(8,785,642) |
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Net deferred tax asset |
36,584,648 |
|
|
33,307,431 |
|
Valuation allowance |
(36,584,648) |
|
|
(37,525,089) |
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Net deferred tax liability |
— |
|
|
(4,217,658) |
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