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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Summary of Major Components of Consolidated Net Deferred Income Tax Assets and Liabilities | The major components of consolidated net deferred income tax assets and liabilities recognized in our consolidated statements of financial position as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Net deferred income tax assets |  |  | 19,556 |  |  |  | 23,623 |
Net deferred income tax liabilities |  |  | 726 |  |  |  | 2,583 |
Summary of Components of Net Deferred Income Tax Assets and Liabilities | The components of our consolidated net deferred income tax assets and liabilities as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Net deferred income tax assets: |  |  |  |  |  |  |  |
Pension and other employee benefits |  |  | 6,394 |  |  |  | 4,886 |
Unamortized past service pension costs |  |  | 4,874 |  |  |  | 5,846 |
Accumulated provision for doubful accounts |  |  | 3,577 |  |  |  | 3,806 |
Provisions |  |  | 2,917 |  |  |  | 1,661 |
Unearned revenues |  |  | 2,509 |  |  |  | 2,108 |
Customer list and trademark |  |  | 1,116 |  |  |  | 3,890 |
Accumulated write-down of inventories to net realizable values |  |  | 699 |  |  |  | 701 |
Lease liability over right-of-use assets under IFRS 16 |  |  | 666 |  |  |  | 393 |
NOLCO |  |  | 88 |  |  |  | 432 |
Fixed asset impairment/depreciation due to shortened life of property and equipment |  |  | 61 |  |  |  | 138 |
Derivative financial instruments |  |  | 33 |  |  |  | — |
Excess MCIT over RCIT |  |  | 3 |  |  |  | 1,408 |
Taxes and duties capitalized |  |  | (124 | ) |  |  | — |
Unrealized foreign exchange losses (gains) |  |  | (457 | ) |  |  | 580 |
Others |  |  | (2,800 | ) |  |  | (2,226 | )
Total deferred income tax assets – net |  |  | 19,556 |  |  |  | 23,623 |
Net deferred income tax liabilities: |  |  |  |  |  |  |  |
Investment property |  |  | 569 |  |  |  | 278 |
Unrealized foreign exchange gains |  |  | 167 |  |  |  | 254 |
Intangible assets and fair value adjustment on assets acquired – net of amortization |  |  | 70 |  |  |  | 1,964 |
Others |  |  | (80 | ) |  |  | 87 |
Total deferred income tax liabilities |  |  | 726 |  |  |  | 2,583 |
Summary of Changes in Consolidated Net Deferred Income Tax Assets (Liabilities) | Changes in our consolidated net deferred income tax assets (liabilities) as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Net deferred income tax assets – balances at beginning of the year |  |  | 23,623 |  |  |  | 27,697 |
Net deferred income tax liabilities – balances at beginning of the year |  |  | (2,583 | ) |  |  | (2,981 | )
Net balances at beginning of the year |  |  | 21,040 |  |  |  | 24,716 |
Movement charged directly to other comprehensive income |  |  | 1,811 |  |  |  | 2,673 |
Provision for deferred income tax |  |  | (3,989 | ) |  |  | (6,267 | )
Adjustments due to adoption of IFRS 16 |  |  | — |  |  |  | (83 | )
Others |  |  | (32 | ) |  |  | 1 |
Net balances at end of the period |  |  | 18,830 |  |  |  | 21,040 |
Net deferred income tax assets – balances at end of the year |  |  | 19,556 |  |  |  | 23,623 |
Net deferred income tax liabilities – balances at end of the year |  |  | (726 | ) |  |  | (2,583 | )
Summary of Analysis of Net Deferred Income Tax Assets | The analysis of our consolidated net deferred income tax assets as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Deferred income tax assets: |  |  |  |  |  |  |  |
Deferred income tax assets to be recovered after 12 months |  |  | 13,041 |  |  |  | 16,033 |
Deferred income tax assets to be recovered within 12 months |  |  | 6,515 |  |  |  | 7,590 |
|  |  | 19,556 |  |  |  | 23,623 |
Summary of Analysis of Net Deferred Income Tax Liabilities | The analysis of our consolidated net deferred income tax liabilities as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Deferred income tax liabilities to be settled after 12 months |  |  | (477 | ) |  |  | (2,376 | )
Deferred income tax liabilities to be settled within 12 months |  |  | (249 | ) |  |  | (207 | )
Net deferred income tax liabilities |  |  | (726 | ) |  |  | (2,583 | )
Summary of Provision for Income Tax | Provision for income tax for the years ended December 31, 2020, 2019 and 2018 consist of:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Current |  |  | 4,452 |  |  |  | 3,283 |  |  |  | 2,467 |
Deferred (Note 3) |  |  | 3,989 |  |  |  | 6,267 |  |  |  | 1,375 |
|  |  | 8,441 |  |  |  | 9,550 |  |  |  | 3,842 |
Summary of Reconciliation Between the Provision for Income Tax at the Applicable Statutory Tax Rate and the Actual Provision for Corporate Income Tax | The reconciliation between the provision for income tax at the applicable statutory tax rate and the actual provision for corporate income tax for the years ended December 31, 2020, 2019 and 2018 are as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in million pesos) |
Provision for income tax at the applicable statutory tax rate |  |  | 9,906 |  |  |  | 9,701 |  |  |  | 6,845 |
Tax effects of: |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible expenses |  |  | 144 |  |  |  | 907 |  |  |  | 1,235 |
Equity share in net losses (income) of associates and joint ventures |  |  | (20 | ) |  |  | (220 | ) |  |  | 26 |
Loss (income) not subject to income tax |  |  | (27 | ) |  |  | 154 |  |  |  | (1,827 | )
Income subject to final tax |  |  | (189 | ) |  |  | (599 | ) |  |  | (297 | )
Difference between Optical Standard Deduction, OSD, and itemized deductions |  |  | (426 | ) |  |  | (251 | ) |  |  | (22 | )
Special deductible items and income subject to lower tax rate |  |  | (537 | ) |  |  | (643 | ) |  |  | (750 | )
Net movement in unrecognized deferred income tax assets and other adjustments |  |  | (410 | ) |  |  | 501 |  |  |  | (1,368 | )
Actual provision for income tax |  |  | 8,441 |  |  |  | 9,550 |  |  |  | 3,842 |
Summary of Amount of Unrecognized Deferred Income Tax Assets | The breakdown of our consolidated deductible temporary differences, carryforward benefits of unused tax credits from excess of MCIT over RCIT, and NOLCO (excluding those not recognized due to the adoption of the OSD method) for which no deferred income tax assets were recognized and the equivalent amount of unrecognized deferred income tax assets as at December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
|  | (in million pesos) |
Accumulated provision for expected credit losses |  |  | 2,907 |  |  |  | 2,947 |
NOLCO |  |  | 1,358 |  |  |  | 3,322 |
Fixed asset impairment |  |  | 1,284 |  |  |  | 1,146 |
Provisions |  |  | 761 |  |  |  | 116 |
Pension and other employee benefits |  |  | 61 |  |  |  | — |
Excess MCIT over RCIT |  |  | 20 |  |  |  | 27 |
Unearned revenues |  |  | 17 |  |  |  | 95 |
Operating lease |  |  | 10 |  |  |  | 1 |
Unrealized foreign exchange losses |  |  | 5 |  |  |  | 45 |
Accumulated write-down of inventories to net realizable values |  |  | 2 |  |  |  | 11 |
Interest on subordinated shareholder advances |  |  | (4 | ) |  |  | — |
Gain on disposal of asset |  |  | — |  |  |  | 105 |
|  |  | 6,421 |  |  |  | 7,815 |
Unrecognized deferred income tax assets |  |  | 1,940 |  |  |  | 2,294 |
Summary of Breakdown of Consolidated Excess MCIT and NOLCO | The breakdown of our consolidated excess MCIT and NOLCO as at December 31, 2020 are as follows:
Date Incurred |  | Expiry Date |  | MCIT |  |  | NOLCO |
|  |  |  | (in million pesos) |
December 31, 2018 |  | December 31, 2021 |  |  | — |  |  |  | 1,224 |
December 31, 2019 |  | December 31, 2022 |  |  | 9 |  |  |  | 63 |
December 31, 2020 |  | December 31, 2025 |  |  | 14 |  |  |  | 188 |
|  |  |  |  | 23 |  |  |  | 1,475 |
NOLCO incurred by foreign affiliates which can be carried over indefinitely |  |  |  |  | — |  |  |  | 195 |
|  |  |  |  | 23 |  |  |  | 1,670 |
Consolidated tax benefits |  |  |  |  | 23 |  |  |  | 501 |
Consolidated unrecognized deferred income tax assets |  |  |  |  | (20 | ) |  |  | (413 | )
Consolidated recognized deferred income tax assets |  |  |  |  | 3 |  |  |  | 88 |

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