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INCOME TAXES: (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES:

Components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
(in millions)		2023			2022			2021
U.S. federal and state:	​	​	​	​	​	​	​	​	​
Current	​	$	4.6	​	$	0.1	​	$	—
Deferred	​		—	​		—	​		—
Uncertain tax positions	​		0.6	​		—	​		—
​	​		5.2	​		0.1	​		—
Foreign (Peru and Mexico):	​	​	​	​	​	​	​	​	​
Current	​		1,491.0	​		1,443.1	​		2,425.5
Deferred	​	​	(59.1)	​		118.6	​		(126.3)
Uncertain tax positions	​		81.8	​		34.3	​		—
​	​		1,513.7	​		1,596.0	​		2,299.2
Total provision for income taxes	​	$	1,518.9	​	$	1,596.1	​	$	2,299.2

Schedule of source of income

​

​	​	​	​	​	​	​	​	​	​
(in millions)		2023			2022			2021
Earnings by location:	​	​	​	​	​	​	​	​	​
U.S.	​	$	23.3	​	$	0.5	​	$	(32.4)
Foreign	​	​	​	​	​	​	​	​	​
Peru	​		1,151.3	​		1,167.8	​		1,962.8
Mexico	​		2,781.2	​		3,079.5	​		3,766.4
​	​		3,932.5	​		4,247.3	​		5,729.2
Earnings before taxes on income	​	$	3,955.8	​	$	4,247.8	​	$	5,696.8

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, 2023, is as follows (in percentage points):

​	​	​	​	​	​	​	​
​	​	​
​		2023		2022		2021
Expected tax at U.S. statutory rate		21.0	%	21.0	%	21.0	%
Foreign tax at other than statutory rate, net of foreign tax credit benefit (1)		15.3	​	14.7	​	13.8	​
Percentage depletion	​	(2.4)	​	(2.1)	​	(1.8)	​
Other permanent differences	​	(0.3)	​	(0.1)	​	(0.3)	​
Additional valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect on Peruvian deferred taxes	​	6.3	​	5.5	​	8.4	​
Increase (decrease) in unrecognized tax benefits for uncertain tax positions	​	1.9	​	1.5	​	(0.5)	​
Amounts (over) / under provided in prior years	​	(0.4)	​	(1.7)	​	—	​
Other	​	(3.0)	​	(1.2)	​	(0.2)	​
​		38.4	%	37.6	%	40.4	%

​

(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)		2023			2022
Assets:	​	​	​	​	​	​
Inventories	​	$	52.4	​	$	28.5
Capitalized exploration expenses	​		15.6	​		12.4
U.S. foreign tax credit carryforward, net of Uncertain Tax Positions	​		1,904.1	​		1,653.5
U.S. tax effect of Peruvian deferred tax liability	​		83.5	​		112.5
U.S. tax effect of Peruvian Uncertain Tax Positions	​	​	69.6	​	​	45.1
Reserves	​		315.4	​		249.6
Deferred workers participation	​	​	12.2	​	​	15.9
Accrued salaries, wages and vacations	​	​	7.7	​	​	7.4
Sales price adjustment (PUI)	​	​	(0.3)	​	​	—
Deferred charges	​	​	—	​	​	28.6
Valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect of Peruvian deferreds	​	​	(2,301.7)	​	​	(2,053.7)
Accrued royalty and special mining tax	​	​	29.6	​	​	10.8
Other	​		16.5	​		21.9
Total deferred tax assets	​		204.6	​		132.5
​	​	​	​	​	​	​
​	​	At December 31,
(in millions)		2023			2022
Liabilities:	​	​	​	​	​	​
Property, plant and equipment	​		(68.1)	​		(19.7)
Social responsibility expenses	​		(9.7)	​		(7.7)
Sales price adjustment (PUI)	​	​	—	​	​	(29.0)
Deferred charges	​		(2.9)	​		—
Total deferred tax liabilities	​		(80.7)	​		(56.4)
Total net deferred tax (liabilities) / assets	​	$	123.9	​	$	76.1

Summary of expiry of foreign tax credits

​

​	​	​	​
Year		Amount
2024	​	​	59.7
2025	​	​	146.7
2026	​		95.1
2027	​	​	-
2028	​	​	171.8
2029	​	​	219.9
2030	​	​	247.6
2031	​	​	582.3
2032	​	​	161.2
2033	​	​	231.5
Total	​	$	1,915.8

Schedule of reconciliation of amount of unrecognized tax benefits

The total amount of unrecognized tax benefits, excluding interest and penalties, in 2023, 2022 and 2021, was as follows (in millions):

​

​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
Unrecognized tax benefits, opening balance	​	$	56.0	​	$	—	​	$	66.1
Gross decreases—tax positions in prior period	​		—	​		—	​		(10.9)
Gross increases—tax positions in prior period	​	​	50.2	​	​	104.2	​	​	—
Gross increases—current-period tax positions	​		8.6	​		—	​		—
Gross decreases—current-period tax positions	​	​	—	​	​	(10.7)	​	​	(1.1)
Decreases related to settlements with taxing authorities	​		(15.7)	​		(37.5)	​		(54.1)
Lapse in statute of Limitations	​	​	10.8	​	​	—	​	​	—
Foreign Currency Effects	​	​	1.1	​	​	—	​	​	—
​	​		55.0	​		56.0	​		(66.1)
Unrecognized tax benefits, ending balance	​	$	111.0	​	$	56.0	​	$	—

Summary of tax years remaining open to examination and adjustment in major tax jurisdictions

​

​	​	​
Peru:		2018 and all subsequent years
U.S.:	​	2020 and all subsequent years
Mexico:	​	2016 and all subsequent years

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