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DEFERRED INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
Income Tax [Abstract] |
DEFERRED INCOME TAXES | Deferred Income Taxes Recognition and Measurement We record deferred income tax assets and liabilities where temporary differences exist between the carrying amounts of assets and liabilities in our balance sheet and their tax bases. The measurement and recognition of deferred income tax assets and liabilities takes into account: substantively enacted rates that will apply when temporary differences reverse; interpretations of relevant tax legislation; estimates of the tax bases of assets and liabilities; and the deductibility of expenditures for income tax purposes. In addition, the measurement and recognition of deferred tax assets takes into account tax planning strategies. We recognize the effect of changes in our assessment of these estimates and factors when they occur. Changes in deferred income tax assets and liabilities are allocated between net income, other comprehensive income, equity and goodwill based on the source of the change. Current income taxes of $16 million have been provided in the year on the undistributed earnings of certain foreign subsidiaries. Deferred income taxes have not been provided on the undistributed earnings of all other foreign subsidiaries for which we are able to control the timing of the remittance, and it is probable that there will be no remittance in the foreseeable future. These undistributed earnings amounted to $16,112 million as at December 31, 2020. Sources of Deferred Income Tax Assets and Liabilities
| As at December 31, 2020 | As at December 31, 2019
Deferred tax assets |  |
Tax loss carry forwards | $456 |  | $511 |
Tax credits | 13 |  | 28 |
Environmental rehabilitation | 358 |  | 329 |
Post-retirement benefit obligations and other employee benefits | 30 |  | 24 |
Other working capital | 70 |  | 75 |
Other | 3 |  | 11 |
| $930 |  | $978 |
Deferred tax liabilities |  |
Property, plant and equipment | (3,375) |  | (3,263) |
Inventory | (463) |  | (545) |
Accrued interest payable | (28) |  | (26) |
| ($2,936) |  | ($2,856) |
Classification: |  |
Non-current assets | $98 |  | $235 |
Non-current liabilities | (3,034) |  | (3,091) |
| ($2,936) |  | ($2,856) |
The deferred tax asset of $98 million includes $43 million expected to be realized in more than one year. The deferred tax liability of $3,034 million is expected to be realized in more than one year. Expiry Dates of Tax Losses
| 2021 | 2022 | 2023 | 2024 | 2025+ | No expiry date | Total |
Non-capital tax losses 1 |  |  |  |  |  |  |  |
Barbados | $13 |  | $— |  | $263 |  | $77 |  | $655 |  | $— |  | $1,008 |  |
Canada | — |  | — |  | — |  | — |  | 2,176 |  | — |  | 2,176 |  |
Chile | — |  | — |  | — |  | — |  | — |  | 1,050 |  | 1,050 |  |
Tanzania | — |  | — |  | — |  | — |  | — |  | 1,455 |  | 1,455 |  |
Zambia | — |  | 150 |  | — |  | — |  | 14 |  | — |  | 164 |  |
Other | — |  | 4 |  | 12 |  | — |  | 21 |  | 380 |  | 417 |  |
| $13 |  | $154 |  | $275 |  | $77 |  | $2,866 |  | $2,885 |  | $6,270 |  |
1 Represents the gross amount of tax loss carry forwards translated at closing exchange rates at December 31, 2020. The non-capital tax losses include $4,728 million of losses which are not recognized in deferred tax assets. Of these, $13 million expire in 2021, $4 million expire in 2022, $275 million expire in 2023, $77 million expire in 2024, $2,830 million expire in 2025 or later, and $1,529 million have no expiry date. Recognition of Deferred Tax Assets We recognize deferred tax assets taking into account the effects of local tax law. Deferred tax assets are fully recognized when we conclude that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors considered are: •Historic and expected future levels of taxable income; •Tax plans that affect whether tax assets can be realized; and •The nature, amount and expected timing of reversal of taxable temporary differences. Levels of future income are mainly affected by: market gold, copper and silver prices; forecasted future costs and expenses to produce gold and copper reserves; quantities of proven and probable gold and copper reserves; market interest rates; and foreign currency exchange rates. If these factors or other circumstances change, we record an adjustment to the recognition of deferred tax assets to reflect our latest assessment of the amount of deferred tax assets that is probable will be realized. Deferred Tax Assets Not Recognized
| As at December 31, 2020 | As at December 31, 2019
Argentina | $105 |  | $103 |
Australia | 298 |  | 277 |
Barbados | 10 |  | 17 |
Canada | 1,127 |  | 1,097 |
Chile | 1,037 |  | 1,074 |
Côte d'Ivoire | 6 |  | 5 |
Mali | 9 |  | 8 |
Peru | 281 |  | 329 |
Saudi Arabia | 70 |  | 70 |
Tanzania | 110 |  | 156 |
United States | — |  | 1 |
Zambia | — |  | 24 |
| $3,053 |  | $3,161 |
Deferred Tax Assets Not Recognized relate to: non-capital loss carry forwards of $1,092 million (2019: $1,082 million), capital loss carry forwards with no expiry date of $323 million (2019: $331 million), and other deductible temporary differences with no expiry date of $1,638 million (2019: $1,748 million).
Source of Changes in Deferred Tax Balances
For the years ended December 31 | 2020 | 2019
Temporary differences |  |
Property, plant and equipment | ($112) |  | ($1,851) |
Environmental rehabilitation | 29 |  | 37 |
Tax loss carry forwards | (54) |  | (27) |
AMT and other tax credits | (14) |  | (10) |
Inventory | 81 |  | (42) |
Other | (10) |  | 14 |
| ($80) |  | ($1,879) |
Intraperiod allocation to: |  |
Income from continuing operations before income taxes | ($151) |  | ($1,073) |
Allocation to PPA | — |  | (799) |
Sale of 50% interest in Kalgoorlie | — |  | 12 |
Income Tax Payable | 65 |  | (16) |
Other comprehensive income | (6) |  | (3) |
Other | 12 |  | — |
| ($80) |  | ($1,879) |
Income Tax Related Contingent Liabilities
| 2020 | 2019
At January 1 | $327 |  | $306 |
Net additions based on uncertain tax positions related to prior years | 39 |  | 21 |
Reductions for tax positions of prior years | (100) |  | — |
At December 31 1 | $266 |  | $327 |
1 If reversed, the total amount of $266 million would be recognized as a benefit to income taxes on the income statement, and therefore would impact the reported effective tax rate.
Tax Years Still Under Examination
Argentina | 2010-2011, 2014-2020
Australia | 2016-2020
Canada | 2015-2020
Chile | 2015-2020
Côte d'Ivoire | 2019-2020
Democratic Republic of Congo | 2019-2020
Dominican Republic | 2015-2020
Mali | 2017-2020
Papua New Guinea | 2006-2020
Peru | 2013-2020
Saudi Arabia | 2019-2020
Tanzania | 2018-2020
United States | 2019-2020
Zambia | 2018-2020

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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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