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Note 20 - Deferred Income Tax | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of deferred taxes [text block] |
| 20 | Deferred income tax
Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country. The evolution of deferred tax assets and liabilities during the year are as follows: Deferred tax liabilities
|  | Fixed assets (*) |  | Inventories |  | Intangible and Other |  | Total
At the beginning of the year |  |  | 710,995 |  |  |  | 25,048 |  |  |  | 46,532 |  |  |  | 782,575 |
Translation differences |  |  | (347 | ) |  |  | - |  |  |  | (4 | ) |  |  | (351 | )
Increase due to business combinations |  |  | 5,621 |  |  |  | - |  |  |  | 11,209 |  |  |  | 16,830 |
Charged directly to other comprehensive income |  |  | - |  |  |  | - |  |  |  | 423 |  |  |  | 423 |
Income statement charge / (credit) |  |  | (64,930 | ) |  |  | (5,652 | ) |  |  | 59,902 |  |  |  | (10,680 | )
At December 31, 2019 |  |  | 651,339 |  |  |  | 19,396 |  |  |  | 118,062 |  |  |  | 788,797 |
|  | Fixed assets (*) |  | Inventories |  | Intangible and Other |  | Total
At the beginning of the year |  |  | 744,926 |  |  |  | 34,934 |  |  |  | 55,585 |  |  |  | 835,445 |
Effect of adoption of new standards |  |  | - |  |  |  | - |  |  |  | 35 |  |  |  | 35 |
Translation differences |  |  | (876 | ) |  |  | - |  |  |  | 92 |  |  |  | (784 | )
Charged directly to other comprehensive income |  |  | - |  |  |  | - |  |  |  | 288 |  |  |  | 288 |
Income statement charge |  |  | (33,055 | ) |  |  | (9,886 | ) |  |  | (9,468 | ) |  |  | (52,409 | )
At December 31, 2018 |  |  | 710,995 |  |  |  | 25,048 |  |  |  | 46,532 |  |  |  | 782,575 |
(*) Includes the effect of currency translation on tax base. See Note 7. Deferred tax assets
|  | Provisions and allowances |  | Inventories |  | Tax losses |  | Other |  | Total
At the beginning of the year |  |  | (16,116 | ) |  |  | (86,585 | ) |  |  | (396,257 | ) |  |  | (86,184 | ) |  |  | (585,142 | )
Translation differences |  |  | 362 |  |  |  | 306 |  |  |  | 497 |  |  |  | 286 |  |  |  | 1,451 |
Increase due to business combinations |  |  | (1,160 | ) |  |  | (1,413 | ) |  |  | (1,172 | ) |  |  | (2,238 | ) |  |  | (5,983 | )
Charged directly to other comprehensive income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,261 | ) |  |  | (1,261 | )
Income statement charge / (credit) |  |  | (2,739 | ) |  |  | (5,712 | ) |  |  | 14,100 |  |  |  | (92,209 | ) |  |  | (86,560 | )
At December 31, 2019 |  |  | (19,653 | ) |  |  | (93,404 | ) |  |  | (382,832 | ) |  |  | (181,606 | ) |  |  | (677,495 | )
|  | Provisions and allowances |  | Inventories |  | Tax losses |  | Other |  | Total
At the beginning of the year |  |  | (26,475 | ) |  |  | (89,555 | ) |  |  | (354,944 | ) |  |  | (60,033 | ) |  |  | (531,007 | )
Effect of adoption of new standards |  |  | 952 |  |  |  | - |  |  |  | - |  |  |  | (164 | ) |  |  | 788 |
Translation differences |  |  | 2,532 |  |  |  | 1,447 |  |  |  | 1,014 |  |  |  | (38 | ) |  |  | 4,955 |
Charged directly to other comprehensive income |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 1,587 |  |  |  | 1,610 |
Income statement charge / (credit) |  |  | 6,852 |  |  |  | 1,523 |  |  |  | (42,327 | ) |  |  | (27,536 | ) |  |  | (61,488 | )
At December 31, 2018 |  |  | (16,116 | ) |  |  | (86,585 | ) |  |  | (396,257 | ) |  |  | (86,184 | ) |  |  | (585,142 | )
In 2019 the effect of the adoption of IFRS 16 has been recognized as “Other” both for deferred tax assets and liabilities. Deferred tax assets related to taxable losses of Tenaris subsidiaries are recognized to the extent it is considered probable that future taxable profits will be available against which such losses can be utilized in the foreseeable future. This amount includes $338 million related to US subsidiaries mainly due to the recognition of accelerated fiscal depreciations. The remaining balance mainly corresponds to Japanese and Brazilian subsidiaries. These subsidiaries have incurred in fiscal losses in the past. Tenaris has concluded that these deferred tax assets will be recoverable based on the business plans and budgets. The expiration dates of the recognized tax losses in less than 1 year, between 2 and 5 years and in more than 5 years is 0.2%, 2.5% and 97.3% respectively. As of December 31, 2019, the net unrecognized deferred tax assets amount to $121.2 million. The expiration dates of the unrecognized tax losses less than 1 year, between 2 and 5 years and more than 5 years is approximately 2.8%, 20.2% and 77%. The estimated recovery analysis of deferred tax assets and deferred tax liabilities is as follows:
|  | Year ended December 31,
|  | 2019 |  | 2018
Deferred tax assets to be recovered after 12 months |  |  | (538,274 | ) |  |  | (452,330 | )
Deferred tax liabilities to be settled after 12 months |  |  | 766,852 |  |  |  | 739,670 |
Deferred income tax assets and liabilities are offset when ( 1 ) there is a legally enforceable right to set-off current tax assets against current tax liabilities and ( 2 ) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:
|  | Year ended December 31,
|  | 2019 |  | 2018
Deferred tax assets |  |  | (225,680 | ) |  |  | (181,606 | )
Deferred tax liabilities |  |  | 336,982 |  |  |  | 379,039 |
|  |  | 111,302 |  |  |  | 197,433 |
The movement in the net deferred income tax liability account is as follows:
|  | Year ended December 31,
|  | 2019 |  | 2018
At the beginning of the year |  |  | 197,433 |  |  |  | 304,438 |
Effect of adoption of new standards |  |  | - |  |  |  | 823 |
Translation differences |  |  | 1,100 |  |  |  | 4,171 |
Increase due to business combinations |  |  | 10,847 |  |  |  | - |
Charged directly to Other Comprehensive Income |  |  | (838 | ) |  |  | 1,898 |
Income statement credit |  |  | (97,240 | ) |  |  | (113,897 | )
At the end of the year |  |  | 111,302 |  |  |  | 197,433 |

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