Chesapeake Energy 2000 Annual Report Download - page 88
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-77-
Schedule II
CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
($ in thousands)
At December 31, 1998, $5.9 million of the valuation allowance was related to our Canadian deferred tax assets. During 1999, this valuation
allowance was eliminated as part of a purchase price reallocation related to a 1998 acquisition.
In the fourth quarter of 2000, we eliminated the valuation allowance for deferred tax assets. The reversal was based upon recent results of
operations and anticipated improvements in Chesapeake's outlook for sustained profitability. During 2000, we revised our estimate of the
1999 U.s. net deferred tax asset and related valuation allowance from $442 million to $330 million as a result of further evaluation of the
income tax basis of several acquisitions.
Description
Balance at
Beginning
of Period
Additions
Deductions
Balance at
End
of Period
Charged
to Expense
Charged
to Other
Accounts
December 31, 1998:
Allowance for doubtful accounts $691 $1,589 $ 1,000 $71 $3,209
Valuation allowance for deferred tax assets $ 77,934 $380,969 $-$$458,903
December 31, 1999:
Allowance for doubtful accounts $3,209 $9$-$$3,218
Valuation allowance for deferred tax assets $458,903 $-$(5,931) (a) $ 10,956 $442,016
December 31, 2000:
Allowance for doubtful accounts $3,218 $256 $$2,389 $1,085
Valuation allowance for deferred tax assets $442,016 $$$442,016(b) $