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Note 22 - Deferred tax assets and liabilities | 12 Months Ended
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Dec. 31, 2024
Note 22 - Deferred tax assets and liabilities |
Note 22 - Deferred tax assets and liabilities | 22 Deferred tax assets and liabilities 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 is as follows: Deferred tax liabilities
| Fixed assets |  |  | Inventories |  |  | Intangible assets and other |  |  | Total |
At the beginning of the year | 618,874 |  |  | 114,335 |  |  | 160,202 |  |  | 893,411 |
Translation differences | (194 | ) |  | (72 | ) |  | (174 | ) |  | (440 | )
Changes due to business combinations (*) | 1,223 |  |  | - |  |  | 2,033 |  |  | 3,256 |
Charged to other comprehensive income | - |  |  | - |  |  | (904 | ) |  | (904 | )
Income statement credit | (51,265 | ) |  | (39,033 | ) |  | (46,940 | ) |  | (137,238 | )
At December 31, 2024 | 568,638 |  |  | 75,230 |  |  | 114,217 |  |  | 758,085 |
| Fixed assets |  |  | Inventories |  |  | Intangible assets and other |  |  | Total |
At the beginning of the year | 575,667 |  |  | 43,532 |  |  | 114,542 |  |  | 733,741 |
Translation differences | 41 |  |  | 113 |  |  | 397 |  |  | 551 |
Increase due to business combinations (**) | 4,175 |  |  | 7,563 |  |  | 5,498 |  |  | 17,236 |
Charged to other comprehensive income | - |  |  | - |  |  | 138 |  |  | 138 |
Income statement charge | 38,991 |  |  | 63,127 |  |  | 39,627 |  |  | 141,745 |
At December 31, 2023 | 618,874 |  |  | 114,335 |  |  | 160,202 |  |  | 893,411 |
(*) For the year 2024, r elated to Mattr’s pipe coating business unit acquisition. For more information see note 34. (**) For the year 2023, r elated to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. Deferred tax assets
| Provisions and allowances |  |  | Inventories |  |  | Tax losses |  |  | Other |  |  | Total |
At the beginning of the year | 31,511 |  |  | 199,019 |  |  | 634,894 |  |  | 185,997 |  |  | 1,051,421 |
Translation differences | (22 | ) |  | (277 | ) |  | (76 | ) |  | (829 | ) |  | (1,204 | )
Changes due to business combinations (*) | - |  |  | 88 |  |  | (414 | ) |  | 1,821 |  |  | 1,495 |
Charged to other comprehensive income | - |  |  | - |  |  | (2,006 | ) |  | 885 |  |  | (1,121 | )
Income statement credit / (charge) | 24,436 |  |  | (44,915 | ) |  | 82,400 |  |  | (27,070 | ) |  | 34,851 |
At December 31, 2024 | 55,925 |  |  | 153,915 |  |  | 714,798 |  |  | 160,804 |  |  | 1,085,442 |
| Provisions and allowances |  |  | Inventories |  |  | Tax losses |  |  | Other |  |  | Total |
At the beginning of the year | 25,817 |  |  | 180,152 |  |  | 310,589 |  |  | 156,984 |  |  | 673,542 |
Translation differences | 6 |  |  | 24 |  |  | (1 | ) |  | 611 |  |  | 640 |
Increase due to business combinations (**) | 1,374 |  |  | 223 |  |  | 1,875 |  |  | 35,941 |  |  | 39,413 |
Charged to other comprehensive income | - |  |  | - |  |  | - |  |  | 2,342 |  |  | 2,342 |
Income statement credit / (charge) | 4,314 |  |  | 18,620 |  |  | 322,431 |  |  | (9,881 | ) |  | 335,484 |
At December 31, 2023 | 31,511 |  |  | 199,019 |  |  | 634,894 |  |  | 185,997 |  |  | 1,051,421 |
(*) For the year 2024, r elated to Mattr’s pipe coating business unit acquisition. For more information see note 34. (**) For the year 2023, r elated to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized to the extent it is probable that future taxable profits will be available, against which such losses can be utilized. The utilization of such tax losses may also be restricted by the nature of the profit, expiration dates and / or potential limitations on the ir yearly consumption. In determining the amount of deferred taxes to be recognized, Tenaris considered existing evidence, both positive and negative, including the historical taxable profits and the projections of future taxable profits prepared by m anagement to assess the probability that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable profits will be available. Deferred tax assets related to tax losses as of the end of 2024 and 2023 include $623.8 million and $550.3 million respectively, recognized in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings in the past years. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of 17 years. Tenaris has concluded as of end 202 4 and 2023 that it is probable that sufficient future taxable profits will be generated by business carried out by its Luxembourg subsidiary which has expanded its activities including sales, distribution, logistics and marketing of steel products and other related services, against which the above-mentioned tax losses could be utilized prior to their expiration. Deferred tax assets related to tax losses as of the end of 2024 and 2023 also in clude $79.4 million and $77.9 million respectively, from U.S. subsidiaries mainly related to the acquisition of IPSCO in 2020. Tenaris has concluded that these deferred tax assets will be recoverable based on t he business plans and budgets. Approximately 97% of the recognized tax losses have an expiration date in more than 5 years or do not expire. As of December 31, 202 4, the unrecognized deferred tax assets originating in tax losses or tax credits amounted to $2,683.5 million. Approximately 98% of the unrecognized deferred tax assets have an expiration date in more than 5 years or do not expire. The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into consideration m anagement assumptions and estimates, is as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
Deferred tax assets to be recovered after 12 months | 755,743 |  |  | 655,415 |
Deferred tax liabilities to be settled after 12 months | 696,693 |  |  | 689,976 |
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 C onsolidated S tatement of F inancial P osition:
| Year ended December 31, |
| 2024 |  |  | 2023 |
Deferred tax assets | 831,298 |  |  | 789,615 |
Deferred tax liabilities | 503,941 |  |  | 631,605 |
| 327,357 |  |  | 158,010 |
The movement i n the net deferred income tax asset / (liability) account is as follows:
| Year ended December 31, |
| 2024 |  |  | 2023 |
At the beginning of the year | 158,010 |  |  | (60,199 | )
Translation differences | (764 | ) |  | 89 |
Changes due to business combinations (*) | (1,761 | ) |  | 22,177 |
Charged to other comprehensive income | (217 | ) |  | 2,204 |
Income statement credit | 172,089 |  |  | 193,739 |
At the end of the year | 327,357 |  |  | 158,010 |
(*) For the year 2024, r elated to Mattr’s pipe coating business unit acquisitions. For more information see note 34. For the year 2023, r elated to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions.

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