Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Income Taxes [Abstract]

Components of Income Tax Expense Benefit

The following table presents the components of the income tax expense / (benefit) for the years ended December 31, 2017, 2016 and 2015:

	For the years ended December 31,
	2017			2016			2015
Current Income Tax and Adjustments to Current Income Tax for Previous Periods	ThCh$			ThCh$			ThCh$
Current income tax		(162,820,181	)		(162,033,295	)		(84,003,064	)
Adjustments to current tax from the previous period		(1,127,646	)		(710,740	)		(7,307,511	)
Other current tax benefit / (expense)		15,934,106			21,380,071			(34,995,137	)
Current tax expense, net		(148,013,721	)		(141,363,964	)		(126,305,712	)
Benefit / (expense) from deferred taxes for origination and reversal of temporary differences		4,671,420			29,960,782			16,693,113
Total deferred tax benefit / (expense)		4,671,420			29,960,782			16,693,113
Income tax expense		(143,342,301	)		(111,403,182	)		(109,612,599	)

Summary of Reconciliation of Tax Expense

The following table reconciles income taxes resulting from applying the local current tax rate to “Net income before taxes” and the actual income tax expense recorded in the accompanying Consolidated Statement of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015:

				12-31-2017						12-31-2016						12-31-2015
Reconciliation of Tax Expense	Rate			ThCh$			Rate			ThCh$			Rate			ThCh$
ACCOUNTING INCOME BEFORE TAX					666,760,212						676,674,298						456,580,763
Total tax income (expense) using statutory rate		(25.50	%)		(170,023,854	)		(24.00	%)		(162,401,830	)		(22.50	%)		(102,730,671	)
Tax effect of rates applied in other countries		0.05	%		328,968
Tax effect of non-taxable revenues		5.67	%		37,774,743			6.53	%		44,163,296			2.12	%		9,674,087
Tax effect of non-tax-deductible expenses		(3.11	%)		(20,737,858	)		(2.13	%)		(14,392,926	)		(4.61	%)		(21,060,811	)
Tax effect of adjustments to taxes in previous periods		(0.17	%)		(1,127,646	)		(0.11	%)		(710,740	)		(1.60	%)		(7,307,511	)
Price level restatement for tax purposes (investments and equity)		1.57	%		10,443,346			3.24	%		21,939,018			2.58	%		11,812,307
Total adjustments to tax expense using statutory rate		4.00	%		26,681,553			7.53	%		50,998,648			(1.51	%)		(6,881,928	)
Income tax benefit (expense)		(21.50	%)		(143,342,301	)		(16.47	%)		(111,403,182	)		(24.01	%)		(109,612,599	)

Summary of Origination and Changes in Deferred Tax Assets and Liabilities

The origination and changes in deferred tax assets and liabilities as of December 31, 2017 and 2016, are as follows:

	December 31, 2017						December 31, 2016
	Assets			Liabilities			Assets			Liabilities
Deferred Tax Assets (Liabilities)	ThCh$			ThCh$			ThCh$			ThCh$
Accumulated depreciation		162,315			(263,847,598	)		5,465,105			(246,373,416	)
Provisions		39,890,472			—			36,785,893			(342,283	)
Post-employment benefit obligations		6,336,920			(364,925	)		6,795,806			(579,978	)
Tax loss carryforwards		9,536,102			—			11,911,396			—
Other		49,635,500			(10,734,675	)		21,979,742			(13,210,542	)
Deferred Tax Assets/Liabilities before compensation		105,561,309			(274,947,198	)		82,937,942			(260,506,219	)
Compensation of Assets (Liabilities) for deferred taxes		(102,723,517	)		102,723,517			(61,141,425	)		61,141,425
Deferred Tax Assets (Liabilities) after compensation		2,837,792			(172,223,681	)		21,796,517			(199,364,794	)

	Opening balance January 1, 2017			Changes 2017																Closing balance December 31, 2017
	Opening balance January 1, 2017			Increase (decrease) in profit or loss			Increase (decrease) in other comprehensive income			Recognized directly in equity		Foreign currency translation			Transfers to (from) Noncurrent Assets and Groups in Dispossession held for sale		Other increases (decreases)			Closing balance December 31, 2017
Deferred Tax Assets (Liabilities)	ThCh$			ThCh$			ThCh$			ThCh$		ThCh$			ThCh$		ThCh$			ThCh$
Accumulated depreciation		(240,908,311	)		(22,836,691	)		—			—		61,222			—		(1,503	)		(263,685,283	)
Provisions		36,443,610			2,940,867			—			—		—			—		505,995			39,890,472
Post-employment benefit obligations		6,215,828			976,808			(463,556	)		—		—			—		(757,085	)		5,971,995
Tax loss carryforwards		11,911,396			(2,375,294	)		—			—		—			—		—			9,536,102
Other (1)		8,769,200			25,965,730			(497	)		—		(28,356	)		—		4,194,748			38,900,825
Deferred Tax Assets (Liabilities)		(177,568,277	)		4,671,420			(464,053	)		—		32,866			—		3,942,155			(169,385,889	)

	Opening balance January 1, 2016			Changes 2016																Closing balance December 31, 2016
	Opening balance January 1, 2016			Increase (decrease) in profit or loss			Increase (decrease) in other comprehensive income		Recognized directly in equity			Foreign currency translation		Transfers to (from) Noncurrent Assets and Groups in Dispossession held for sale			Other increases (decreases)			Closing balance December 31, 2016
Deferred Tax Assets (Liabilities)	ThCh$			ThCh$			ThCh$		ThCh$			ThCh$		ThCh$			ThCh$			ThCh$
Accumulated depreciation		(265,258,085	)		24,331,401			—		—			15,488		—			2,885			(240,908,311	)
Provisions		33,240,241			3,203,369			—		—			—		(62,749	)		62,749			36,443,610
Post-employment benefit obligations		5,236,522			(807,693	)		1,786,999		—			—		21,853			(21,853	)		6,215,828
Tax loss carryforwards		12,084,821			(173,368	)		—		—			—		—			(57	)		11,911,396
Other		43,365,996			756,651			1,822		(30,829,099	)		12,645		—			(4,538,815	)		8,769,200
Deferred Tax Assets (Liabilities)		(171,330,505	)		27,310,360			1,788,821		(30,829,099	)		28,133		(40,896	)		(4,495,091	)		(177,568,277	)

(1)

Deferred taxes recognized in increase (decrease) in profit and loss are mainly the related to recognition of tax on the investment in Hidroaysen, which has been classified as non-current assets held for distribution to the owners.

Effects of Deferred Tax on Components of Other Comprehensive Income

The effects of deferred tax on the components of other comprehensive income for the years ended December 31, 2017, 2016 and 2015, are as follows:

	For the years ended December 31,
	2017									2016									2015
Effects of Deferred Tax on the Components of	Amount Before Tax			Income Tax Expense (Benefit)			Amount After Tax			Amount Before Tax			Income Tax Expense (Benefit)			Amount After Tax			Amount Before Tax			Income Tax Expense (Benefit)			Amount After Tax
Other Comprehensive Income	ThCh$			ThCh$			ThCh$			ThCh$			ThCh$			ThCh$			ThCh$			ThCh$			ThCh$
Available-for-sale financial assets		1,840			(497	)		1,343			(6,740	)		1,820			(4,920	)		1,077			(290	)		787
Cash flow hedge		97,558,961			(25,701,599	)		71,857,362			89,068,357			(21,116,232	)		67,952,125			(122,593,576	)		31,868,299			(90,725,277	)
Share of other comprehensive income from associates and joint ventures accounted for using the equity method		(1,490	)		—			(1,490	)		(11,691,075	)		—			(11,691,075	)		(577,862	)		—			(577,862	)
Foreign currency translation		(3,686,549	)		—			(3,686,549	)		(3,532,844	)		—			(3,532,844	)		162,373			—			162,373
Actuarial gains(losses) on defined-benefit pension plans		1,716,875			(463,556	)		1,253,319			(6,618,514	)		1,786,999			(4,831,515	)		(5,645,532	)		1,325,242			(4,320,290	)
Income tax related to components of other comprehensive income		95,589,637			(26,165,652	)		69,423,985			67,219,184			(19,327,413	)		47,891,771			(128,653,520	)		33,193,251			(95,460,269	)

Movements in Deferred Taxes for Components of Other Comprehensive Income

The movements in deferred taxes for the components of other comprehensive income as of December 31, 2017, 2016 and 2015, are as follows:

	For the years ended December 31,
	2017			2016			2015
Reconciliation of changes in deferred taxes of components of other comprehensive income	ThCh$			ThCh$			ThCh$
Total increases (decreases) for deferred taxes of other comprehensive income from continuing operations		(497	)		1,788,821			1,724,427
Income tax of changes in cash flow hedge transactions		(25,701,599	)		(21,116,234	)		31,468,824
Total income tax relating to components of other comprehensive income		(25,702,096	)		(19,327,413	)		33,193,251