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INCOME TAXES: | 3 Months Ended
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Mar. 31, 2020
INCOME TAXES: |
INCOME TAXES: | NOTE 5 — INCOME TAXES: ​ The income tax provision and the effective income tax rate for the first quarter of 2020 and 2019 consisted of ($ in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 | ​
Statutory income tax provision | ​ | $ | 207.4 | ​ | $ | 214.7 | ​
Peruvian royalty | ​ |  | 2.0 | ​ |  | 0.4 | ​
Mexican royalty | ​ |  | 8.1 | ​ |  | 16.7 | ​
Peruvian special mining tax | ​ |  | 4.2 | ​ |  | 6.1 | ​
Total income tax provision | ​ | $ | 221.7 | ​ | $ | 237.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate | ​ | ​ | 50.8 | % | ​ | 38.1 | %
​ These provisions include income taxes for Peru, Mexico and the United States. In addition, the Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The increase in the 2020 effective income tax rate from the same period in 2019 was primarily attributed to a movement in exchange gains and losses from the devaluation of the Mexican peso and the Peruvian sol versus the U.S. dollar. ​ Peruvian royalty and special mining tax: The Company has accrued $9.3 million and $6.0 million of royalty charge in the first quarter of 2020 and 2019, respectively, of which $2.0 million and $0.4 million were included in income taxes in 2020 and 2019, respectively. ​ The Company has accrued $4.2 million and $6.1 million of special mining tax as part of the income tax provision for the first quarter of 2020 and 2019, respectively. ​ Mexican mining royalty: The Company has accrued $8.1 million and $16.7 million of royalty taxes as part of the income tax provision for the first quarter of 2020 and 2019, respectively. ​ Accounting for uncertainty in income taxes: In the first quarter of 2020, there were no changes in the Company’s uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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