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INCOME TAXES: (Tables) | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES: |
Components of the provision for income taxes |
(in millions) |  | 2015 |  | 2014 |  | 2013 |
U.S. federal and state: |  |  |  |  |  |  |
Current |  | $ | — |  | $ | — |  | $ | — |
Deferred |  | (143.0 | ) | (352.1 | ) | (139.3 | )
Uncertain tax positions |  | 80.0 |  | 10.7 |  | — |
|  | (63.0 | ) | (341.4 | ) | (139.3 | )
Foreign (Peru and Mexico): |  |  |  |  |  |  |
Current |  | 620.4 |  | 987.1 |  | 866.3 |
Deferred |  | (92.5 | ) | 108.9 |  | 42.3 |
|  | 527.9 |  | 1,096.0 |  | 908.6 |
Total provision for income taxes |  | $ | 464.9 |  | $ | 754.6 |  | $ | 769.3 |
Schedule of source of income |
(in millions) |  | 2015 |  | 2014 |  | 2013 |
Earnings by location: |  |  |  |  |  |  |
U.S. |  | $ | (2.1 | ) | $ | (1.7 | ) | $ | 0.1 |
Foreign |  |  |  |  |  |  |
Peru |  | 213.2 |  | 605.7 |  | 773.8 |
Mexico |  | 978.1 |  | 1,464.6 |  | 1,598.7 |
|  | 1,191.3 |  | 2,070.3 |  | 2,372.5 |
Earnings before taxes on income |  | $ | 1,189.2 |  | $ | 2,068.6 |  | $ | 2,372.6 |
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 for the three years ended December 31, 2015, is as follows (in percentage points):
|  | 2015 |  | 2014 |  | 2013 |
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 (1) |  | 3.6 |  | 3.6 |  | 3.5 |
Percentage depletion |  | (5.9 | ) | (5.2 | ) | (5.0 | )
Other permanent differences |  | 0.7 |  | 0.1 |  | (0.2 | )
Increase (decrease) in unrecognized tax benefits for uncertain tax positions |  | 6.7 |  | 0.5 |  | — |
Repatriated foreign earnings |  | — |  | (0.4 | ) | (1.4 | )
Amounts (over) under provided in prior years |  | (2.2 | ) | 2.2 |  | 0.4 |
Other |  | 1.2 |  | 0.7 |  | 0.1 |
Effective income tax rate |  | 39.1 | % | 36.5 | % | 32.4 | %
| (1) |  | Foreign tax at other than statutory rates, net of foreign tax credit benefit, also includes the effects of permanent differences in Peru and Mexico, that are determined at the local statutory rate.
Schedule of deferred tax assets and liabilities |
|  | At December 31, |
(in millions) |  | 2015 |  | 2014 |
Assets: |  |  |  |  |
Inventories |  | $ | 27.6 |  | $ | 32.5 |
Capitalized exploration expenses |  | 20.1 |  | 27.8 |
U.S. foreign tax credit carryforward, net of FIN 48 liability |  | 187.4 |  | 144.8 |
U.S. tax effect of Peruvian deferred tax liability |  | 171.2 |  | 251.4 |
Reserves |  | 42.3 |  | 101.7 |
Mexican tax on consolidated dividends |  | 5.5 |  | — |
Other |  | 22.8 |  | 19.8 |
Total deferred tax assets |  | 476.9 |  | 578.0 |
Liabilities: |  |  |  |  |
Property, plant and equipment |  | (18.5 | ) | (213.0 | )
Deferred charges |  | (38.1 | ) | (74.9 | )
Mexican tax on consolidated dividends |  | — |  | (5.7 | )
Other |  | (2.1 | ) | (9.8 | )
Total deferred tax liabilities |  | (58.7 | ) | (303.4 | )
Total net deferred tax assets / (liabilities) |  | $ | 418.2 |  | $ | 274.6 |
Summary of expiry 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 |  | 86.1 |
2025 |  | 184.5 |
Total |  | $ | 580.7 |
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 2015, 2014 and 2013, was as follows (in millions):
|  | 2015 |  | 2014 |  | 2013 |
Unrecognized tax benefits, opening balance |  | $ | 319.4 |  | $ | 221.2 |  | $ | 221.2 |
Gross increases — tax positions in prior period |  | 36.3 |  | 55.1 |  | — |
Gross decreases — tax positions in prior period |  | — |  | — |  | — |
Gross increases — current-period tax positions |  | 44.3 |  | 43.1 |  | — |
|  | 80.6 |  | 98.2 |  | — |
Unrecognized tax benefits, ending balance |  | $ | 400.0 |  | $ | 319.4 |  | $ | 221.2 |
Summary of tax years remaining open to examination and adjustment in major tax jurisdictions |
Peru: |  | 2011 up to 2015
U.S.: |  | 2008 and all subsequent years
Mexico: |  | 2011 and all subsequent years

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