Annual report pursuant to Section 13 and 15(d)

AMAK ZAKAT AND INCOME TAX (Tables)

v3.19.1
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
)