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	)