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Deferred tax assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of Deferred Tax Assets and Liabilities [abstract] |
Schedule of Deferred Tax Assets and Liabilities |
(USD millions) |  | Property, plant and equipment |  | Intangible assets |  | Pensions and other benefit obligations of associates |  | Inventories |  | Tax loss carry- forwards |  | Other assets, provisions and accruals |  | Total |
Gross deferred tax assets at January 1, 2020 |  | 108 |  | 1 469 |  | 1 078 |  | 2 446 |  | 255 |  | 2 596 |  | 7 952 |
Gross deferred tax liabilities at January 1, 2020 |  | – 390 |  | – 3 610 |  | – 291 |  | – 287 |  | – 7 |  | – 1 325 |  | – 5 910 |
Net deferred tax balance at January 1, 2020 |  | – 282 |  | – 2 141 |  | 787 |  | 2 159 |  | 248 |  | 1 271 |  | 2 042 |
At January 1, 2020 |  | – 282 |  | – 2 141 |  | 787 |  | 2 159 |  | 248 |  | 1 271 |  | 2 042 |
Credited/(charged) to income |  | 89 |  | 110 |  | – 25 |  | 212 |  | – 164 |  | 71 |  | 293 |
Charged to equity |  |  |  |  |  |  |  |  |  |  |  | 9 |  | 9 |
Charged to other comprehensive income |  |  |  |  |  | – 3 |  |  |  |  |  | – 36 |  | – 39 |
Impact of acquisitions of businesses |  | 5 |  | – 1 945 |  |  |  | – 3 |  | 408 |  | 34 |  | – 1 501 |
Other movements |  | – 53 |  | 58 |  | 38 |  | – 25 |  | 5 |  | – 35 |  | – 12 |
Net deferred tax balance at December 31, 2020 |  | – 241 |  | – 3 918 |  | 797 |  | 2 343 |  | 497 |  | 1 314 |  | 792 |
Gross deferred tax assets at December 31, 2020 |  | 189 |  | 1 351 |  | 1 137 |  | 2 502 |  | 507 |  | 2 658 |  | 8 344 |
Gross deferred tax liabilities at December 31, 2020 |  | – 430 |  | – 5 269 |  | – 340 |  | – 159 |  | – 10 |  | – 1 344 |  | – 7 552 |
Net deferred tax balance at December 31, 2020 |  | – 241 |  | – 3 918 |  | 797 |  | 2 343 |  | 497 |  | 1 314 |  | 792 |
After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: |  |  |  |  |  |  |  |  |  |  |  |  |  | 130 |
Deferred tax assets at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 8 214 |
Deferred tax liabilities at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | – 7 422 |
Net deferred tax balance at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 792 |
Gross deferred tax assets at January 1, 2019 |  | 191 |  | 1 233 |  | 1 188 |  | 3 722 |  | 273 |  | 2 175 |  | 8 782 |
Gross deferred tax liabilities at January 1, 2019 |  | – 622 |  | – 5 384 |  | – 273 |  | – 474 |  |  |  | – 805 |  | – 7 558 |
Net deferred tax balance at January 1, 2019 |  | – 431 |  | – 4 151 |  | 915 |  | 3 248 |  | 273 |  | 1 370 |  | 1 224 |
At January 1, 2019 |  | – 431 |  | – 4 151 |  | 915 |  | 3 248 |  | 273 |  | 1 370 |  | 1 224 |
Net deferred tax balance related to discontinued operations 1 |  | 82 |  | 1 403 |  | – 123 |  | – 248 |  | – 39 |  | – 217 |  | 858 |
Credited/(charged) to income |  | 74 |  | 605 |  | 308 |  | – 818 |  | – 113 |  | 298 |  | 354 |
Charged to equity |  |  |  | 8 |  |  |  |  |  | 75 |  | – 166 |  | – 83 |
Charged to other comprehensive income |  |  |  |  |  | – 313 |  |  |  |  |  | 24 |  | – 289 |
Impact of acquisitions of businesses |  | 3 |  | – 45 |  |  |  |  |  | 21 |  | – 26 |  | – 47 |
Other movements |  | – 10 |  | 39 |  |  |  | – 23 |  | 31 |  | – 12 |  | 25 |
Net deferred tax balance at December 31, 2019 |  | – 282 |  | – 2 141 |  | 787 |  | 2 159 |  | 248 |  | 1 271 |  | 2 042 |
Gross deferred tax assets at December 31, 2019 |  | 108 |  | 1 469 |  | 1 078 |  | 2 446 |  | 255 |  | 2 596 |  | 7 952 |
Gross deferred tax liabilities at December 31, 2019 |  | – 390 |  | – 3 610 |  | – 291 |  | – 287 |  | – 7 |  | – 1 325 |  | – 5 910 |
Net deferred tax balance at December 31, 2019 |  | – 282 |  | – 2 141 |  | 787 |  | 2 159 |  | 248 |  | 1 271 |  | 2 042 |
After offsetting the following amount of deferred tax assets and liabilities within the same tax jurisdiction, the balance amounts to: |  |  |  |  |  |  |  |  |  |  |  |  |  | 43 |
Deferred tax assets at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 7 909 |
Deferred tax liabilities at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | – 5 867 |
Net deferred tax balance at December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 042 |
1 Notes 1, 2 and 30 provide information related to discontinued operations.
Deferred tax assets/liabilities, expected to have impact on current taxes payable |
(USD billions) |  | 2020 |  | 2019 |
Expected to have an impact on current tax payable after more than 12 months |  |  |  |  |
– Deferred tax assets |  | 4.5 |  | 4.3 |
– Deferred tax liabilities |  | 7.0 |  | 5.2 |
Temporary differences on which no deferred tax assets have been provided |
(USD billions) |  | 2020 |  | 2019 |
Investments in subsidiaries |  | 5 |  | 3 |
Goodwill from acquisitions |  | – 27 |  | – 24 |
Gross value of tax-loss carry-forwards |
(USD millions) |  | Not capitalized |  | Capitalized |  | 2020 total |
One year |  | 20 |  |  |  | 20 |
Two years |  | 1 |  | 5 |  | 6 |
Three years |  | 2 |  | 6 |  | 8 |
Four years |  | 23 |  |  |  | 23 |
Five years |  | 11 |  | 40 |  | 51 |
More than five years 1 |  | 3 400 |  | 2 291 |  | 5 691 |
Not subject to expiry |  | 323 |  | 683 |  | 1 006 |
Total |  | 3 780 |  | 3 025 |  | 6 805 |
1 Not capitalized more than five years includes USD 3.2 billion attributable to US state tax-loss carry-forwards, of which USD 1.6 billion relates to The Medicines Company, which was acquired in 2020 (see Note 2).
(USD millions) |  | Not capitalized |  | Capitalized |  | 2019 total |
One year |  | 14 |  | 0 |  | 14 |
Two years |  | 28 |  | 0 |  | 28 |
Three years |  | 28 |  | 6 |  | 34 |
Four years |  | 16 |  | 46 |  | 62 |
Five years |  | 127 |  | 37 |  | 164 |
More than five years |  | 125 |  | 2 214 |  | 2 339 |
Not subject to expiry |  | 310 |  | 35 |  | 345 |
Total |  | 648 |  | 2 338 |  | 2 986 |
(USD millions) |  | 2020 |  | 2019 |  | 2018 |
Tax losses carried forward that expired |  | 14 |  | 9 |  | 8 |
CH Corporate tax rate, impact on the revaluation of deferred assets and liabilities and current income tax liabilities |
(USD millions) |  | Income statement continuing operations |  | Equity |  | Total |
Deferred tax asset and liability revaluation |  |  |  |  |  |  |
Items previously recognized in consolidated income statement |  | 234 |  |  |  | 234 |
Items previously recognized in other comprehensive income 1 |  |  |  | – 358 |  | – 358 |
Total revaluation of deferred tax assets and liabilities |  | 234 |  | – 358 |  | – 124 |
1 Related to post-employment benefits

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