Income Tax Accounting Policy
Income taxes disclosed in the statement of income include the current tax expenses and the deferred tax expenses.
Total uses the method whereby deferred income taxes are recorded based on the temporary differences between the carrying amounts of assets and liabilities recorded in the balance sheet and their tax bases, and on carry-forwards of unused tax losses and tax credits.
Deferred tax assets and liabilities are measured using the tax rates that have been enacted or substantially enacted at the balance sheet date. The tax rates used depend on the timing of reversals of temporary differences, tax losses and other tax credits. The effect of a change in tax rate is recognized either in the Consolidated Statement of Income or in shareholders' equity depending on the item it relates to.
Deferred tax assets are recognized when future recovery is probable.
Asset retirement obligations and finance leases give rise to the recognition of assets and liabilities for accounting purposes. Deferred income taxes resulting from temporary differences between the carrying amounts and tax bases of such assets and liabilities are recognized.
Deferred tax liabilities resulting from temporary differences between the carrying amounts of equity-method investments and their tax bases are recognized. The deferred tax calculation is based on the expected future tax effect (dividend distribution rate or tax rate on the gain or loss upon disposal of these investments).
Source: Total S.A., Annual Report
Income Tax Expense (Benefit)
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Total S.A., income tax expense (benefit), continuing operations
USD $ in millions, translated from EUR €
Source: Based on data from Total S.A. Annual Reports
| Item |
Description |
The company |
| Current income taxes |
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. |
Total S.A.'s current income taxes increased from 2009 to 2010 and from 2010 to 2011.
|
| Deferred income taxes |
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. |
Total S.A.'s deferred income taxes declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Income taxes |
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. |
Total S.A.'s income taxes increased from 2009 to 2010 and from 2010 to 2011.
|
Deferred Tax Assets (Liabilities), Net
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Total S.A., deferred tax assets (liabilities), net
USD $ in millions, translated from EUR €
Source: Based on data from Total S.A. Annual Reports
| Item |
Description |
The company |
| Gross deferred tax assets |
The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. |
Total S.A.'s gross deferred tax assets increased from 2009 to 2010 and from 2010 to 2011.
|
| Net deferred tax assets |
The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. |
Total S.A.'s net deferred tax assets increased from 2009 to 2010 and from 2010 to 2011.
|
| Net deferred tax assets (liabilities) |
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. |
Total S.A.'s net deferred tax assets (liabilities) declined from 2009 to 2010 and from 2010 to 2011.
|
