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INCOME TAXES: (Tables) | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES: |
Components of the provision for income taxes |
|  | Years ended December 31, |
(in millions) |  | 2014 |  | 2013 |  | 2012 |
U.S. federal and state: |  |  |  |  |  |  |
Current |  | $ | — |  | $ | — |  | $ | (0.1 | )
Deferred |  | (194.1 | ) | (139.3 | ) | (108.6 | )
Uncertain tax positions |  | 10.7 |  | — |  | 147.4 |
|  | (183.4 | ) | (139.3 | ) | 38.7 |
Foreign (Peru and Mexico): |  |  |  |  |  |  |
Current |  | 987.1 |  | 866.3 |  | 1,025.1 |
Deferred |  | (49.1 | ) | 42.3 |  | 17.1 |
|  | 938.0 |  | 908.6 |  | 1,042.2 |
Total provision for income taxes |  | $ | 754.6 |  | $ | 769.3 |  | $ | 1,080.9 |
Schedule of source of income |
|  | For the years ended December 31, |
(in millions) |  | 2014 |  | 2013 |  | 2012 |
Earnings by location: |  |  |  |  |  |  |
U.S. |  | $ | (1.7 | ) | $ | 0.1 |  | $ | (0.1 | )
Foreign |  |  |  |  |  |  |
Peru |  | 605.8 |  | 773.8 |  | 846.0 |
Mexico |  | 1,464.6 |  | 1,598.7 |  | 2,127.6 |
|  | 2,070.4 |  | 2,372.5 |  | 2,973.6 |
Earnings before taxes on income |  | $ | 2,068.7 |  | $ | 2,372.6 |  | $ | 2,973.5 |
Reconciliation of the statutory income tax rate to the effective tax rate | The reconciliation of the statutory income tax rate to the effective tax rate is as follows (in percentage points):
|  | For the years ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Expected tax at U.S. statutory rate |  | 35.0 | % | 35.0 | % | 35.0 | %
Foreign tax at other than statutory rate, net of foreign tax credit benefit |  | (0.9 | ) | (0.2 | ) | (0.5 | )
Percentage depletion |  | (5.2 | ) | (5.0 | ) | (4.2 | )
Other permanent differences |  | 4.6 |  | 3.5 |  | 3.7 |
Increase (decrease) in unrecognized tax benefits for uncertain tax positions |  | 0.5 |  | — |  | 5.0 |
Repatriated foreign earnings |  | (0.4 | ) | (1.4 | ) | (1.7 | )
Amounts (over) / under provided in prior years |  | 2.2 |  | 0.4 |  | (0.6 | )
Other |  | 0.7 |  | 0.1 |  | (0.4 | )
Effective income tax rate |  | 36.5 | % | 32.4 | % | 36.3 | %
Schedule of deferred tax assets and liabilities |
|  | As of December 31, |
(in millions) |  | 2014 |  | 2013 |
Assets: |  |  |  |  |
Inventories |  | $ | 32.5 |  | $ | 18.7 |
Capitalized exploration expenses |  | 27.8 |  | 29.4 |
U.S. foreign tax credit carryforward, net of FIN 48 liability |  | 144.8 |  | 52.6 |
U.S. tax effect of Peruvian deferred tax liability |  | 251.4 |  | 68.0 |
Reserves |  | 101.7 |  | 35.0 |
Other |  | 19.8 |  | 27.9 |
Total deferred tax assets |  | 578.0 |  | 231.6 |
Liabilities: |  |  |  |  |
Property, plant and equipment |  | (213.0 | ) | (105.8 | )
Deferred charges |  | (74.9 | ) | (79.6 | )
Mexican tax on consolidated dividends |  | (5.7 | ) | (31.5 | )
Outside basis difference |  | — |  | (7.4 | )
Other |  | (9.8 | ) | (0.1 | )
Total deferred tax liabilities |  | (303.4 | ) | (224.4 | )
Total net deferred tax assets / (liabilities) |  | $ | 274.6 |  | $ | 7.2 |
Summary of expire of foreign tax credits |
Year |  | Amount |
2016 |  | $ | 19.0 |
2018 |  | 20.4 |
2019 |  | 63.7 |
2020 |  | 42.0 |
2021 |  | 11.7 |
2022 |  | 84.1 |
2023 |  | 69.2 |
2024 |  | 136.9 |
Total |  | $ | 447.0 |
Summary of income tax rate and dividend tax rate due to change in enacted tax law |
Year |  | Income Tax Rate |  | Dividend Tax Rate |
2015- 2016 |  | 28 | % | 6.8 | %
2017- 2018 |  | 27 | % | 8.0 | %
2019 and later |  | 26 | % | 9.3 | %
Schedule of reconciliation of amount of unrecognized tax benefits | The total amount of unrecognized tax benefits in 2014, 2013 and 2012, was as follows (in millions):
|  | 2014 |  | 2013 |  | 2012 |
Unrecognized tax benefits, opening balance |  | $ | 221.2 |  | $ | 221.2 |  | $ | 70.6 |
Gross increases — tax positions in prior period |  | 55.1 |  | — |  | 39.7 |
Gross decreases — tax positions in prior period |  | — |  | — |  | 0.2 |
Gross increases — current-period tax positions |  | 43.1 |  | — |  | 110.7 |
|  | 98.2 |  | — |  | 150.6 |
Unrecognized tax benefits, ending balance |  | $ | 319.4 |  | $ | 221.2 |  | $ | 221.2 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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