Chesapeake Energy 2000 Annual Report Download - page 70
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5. Income Taxes
The components of the income tax provision (benefit) for each of the periods are as follows:
Years Ended December 31,
The effective income tax expense (benefit) differed from the computed "expected" federal income tax expense
(benefit) on earnings before income taxes for the following reasons:
Years Ended December 31,
-59-
Deferred income taxes are provided to reflect temporary differences in the basis of net assets for income tax and
financial reporting purposes. The tax-effected temporary differences and tax loss carryforwards which comprise
deferred taxes are as follows:
At December 31, 2000, we classified $41 million of our deferred tax assets as current to recognize the portion of
the NOL carryover that is expected to be utilized to reduce taxable income in 2001.
During 2000, we revised our estimate of the 1999 U.S. net deferred tax asset from $442 million to $330 million
as a result of further evaluation of the income tax basis of several acquisitions. Since there was a full valuation
allowance against the deferred tax asset, this revision had no impact on net income.
1998 1999 2000
($ in thousands)
Current $$$1,800
Deferred:
United States (266,800)
Foreign 1,764 5,592
Total $ - $1,764 $(259,408)
Deferred tax liabilities:
Acquisition, exploration and development costs and related depreciation, depletion and
Years Ended
December 31,
1999 2000
($ in thousands)
amortization $(6,484) $(ll,850)
Deferred tax assets:
Acquisition, exploration and development costs and related depreciation, depletion and
amortization 211,961 50,567
Net operating loss cariyforwards 228,279 216,332
Percentage depletion carryforward 1,776 1,851
Alternative minimum tax credits -1,892
Deferred tax asset 442,016 270,642
Net deferred tax asset (liability) 435,532 258,792
Less: Valuation allowance (442,016)
Total deferred tax asset (liability) $(6,484) $258,792
Reflected in accompanying balance sheets as:
Current income tax asset -40,819
Deferred income tax asset -229,823
Deferred income tax liability (6,484) (11,850)
$(6,484) $258,792
1998 1999 2000
($ in thousands)
Computed "expected" income tax provision (benefit) $(322,182) $12,720 $70,168
Tax percentage depletion (430) (240) (191)
Change in valuation allowance 380,969 (10,956) (329,516)
State income taxes and other (58,357) 240 131
$$ 1,764 $(259,408)