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INCOME TAXES: (Tables)

12 Months Ended

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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