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INCOME TAXES: (Tables)

12 Months Ended

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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