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Income taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income taxes  
Schedule of detailed income taxes

For the year ended December 31,

(M$)

2020

    

2019

    

2018

Current income taxes

    

(2,450)

    

(5,469)

    

(6,971)

Deferred income taxes

 

2,132

 

(403)

 

455

TOTAL INCOME TAXES

 

(318)

 

(5,872)

 

(6,516)

Schedule of deferred tax balances, including balance sheet presentation and analysis of variation

As of December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Net operating losses and tax carry forwards

 

5,106

 

3,752

 

3,779

Employee benefits

 

1,004

 

970

 

995

Other temporary non-deductible provisions

 

9,068

 

8,660

 

8,409

Differences in depreciations

 

(14,641)

 

(16,029)

 

(15,469)

Other temporary tax deductions

 

(3,847)

 

(2,995)

 

(2,541)

NET DEFERRED TAX LIABILITY

 

(3,310)

 

(5,642)

 

(4,827)

As of December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Deferred tax assets

 

7,016

 

6,216

 

6,663

Deferred tax liabilities

 

(10,326)

 

(11,858)

 

(11,490)

NET AMOUNT

 

(3,310)

 

(5,642)

 

(4,827)

As of December 31,

    

    

    

(M$)

2020

    

2019

    

2018

Opening balance

 

(5,642)

 

(4,827)

 

(5,622)

Deferred tax on income

 

2,132

 

(403)

 

455

Deferred tax on shareholders' equity (a)

 

137

 

255

 

27

Changes in scope of consolidation and others

 

76

 

(695)

 

151

Currency translation adjustment

 

(13)

 

28

 

162

CLOSING BALANCE

 

(3,310)

 

(5,642)

 

(4,827)

(a)This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments inequity instruments, as well as deferred taxes related to the cash flow hedge (see Note 9 to the Consolidated Financial Statements).
Reconciliation between provision for income taxes and pre-tax income

For the year ended December 31,

    

    

    

 

(M$)

2020

    

2019

    

2018

Consolidated net income

 

(7,336)

 

11,438

 

11,550

 

Income taxes

 

318

 

5,872

 

6,516

 

Pre-tax income

 

(7,018)

 

17,310

 

18,066

 

French statutory tax rate

 

32.02%

34.43%

34.43%

Theoretical tax charge

 

2,247

 

(5,960)

 

(6,220)

 

Difference between French and foreign income tax rates

 

(1,109)

 

(2,007)

 

(3,058)

 

Tax effect of equity in income (loss) of affiliates

 

145

 

1,173

 

1,080

 

Permanent differences

 

665

 

1,422

 

1,740

 

Adjustments on prior years income taxes

 

(31)

 

12

 

(40)

 

Adjustments on deferred tax related to changes in tax rates

 

(204)

 

(270)

 

2

 

Variation of deferred tax assets not recognized

 

(2,031)

 

(242)

 

(20)

 

INCOME TAXES IN THE STATEMENT OF INCOME

 

(318)

 

(5,872)

 

(6,516)

 

Schedule of net operating losses and carried forward tax credits by expiration and main countries

As of December 31,

(M$)

    

2020

    

2019

    

2018

2019

 

 

 

90

2020

 

 

71

 

70

2021

 

69

 

48

 

38

2022

 

26

 

27

 

32

2023(a)

 

7

 

19

 

1,423

2024(b)

 

2

 

1,310

 

2025 and after

1,643

 

Unlimited

 

3,359

 

2,277

 

2,126

TOTAL

 

5,106

 

3,752

 

3,779

(a)2023 and after for 2018.
(b)2024 and after for 2019.

As of December 31, 2020 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows:

Tax

As of December 31, 2020

    

    

United

    

    

    

United

(M$)

Australia

States

 

Canada

France

 

Kingdom

2021

 

 

 

2022

 

 

 

2023

 

 

 

2024

17

2025 and after

 

 

420

 

1,084

 

 

Unlimited

 

1,140

 

536

 

 

900

 

184

TOTAL

 

1,140

 

956

 

1,101

 

900

 

184