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)	1		(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)