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Deferred tax assets and liabilities (Tables)

12 Months Ended

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

X

- Definition

The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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