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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of income tax [Abstract] |
Components of income tax expense | Components of Income Tax Expense
|  | 2019 |  |  | 2018 |
Current tax expense (recovery) |  |  |  |  |  |
Recognized in profit or loss in current year |  | $ | 95,219 |  |  | $ | 59,056 |
Adjustments recognized in the current year with respect to prior years |  | (3,090 | ) |  | (5,155 | )
|  | 92,129 |  |  | 53,901 |
Deferred tax expense (recovery) |  |  |  |  |  |
Deferred tax recovery recognized in the current year |  | (13,079 | ) |  | (13,256 | )
Adjustments recognized in the current year with respect to prior years |  | (5,003 | ) |  | (1,098 | )
Recognition of previously unrecognized deferred tax assets |  | — |  |  | (6,140 | )
Benefit from previously unrecognized losses, and other temporary differences |  | — |  |  | (3,600 | )
Decrease in deferred tax liabilities due to tax impact of NRV charge to inventory |  | (2,779 | ) |  | (8,660 | )
|  | (20,861 | ) |  | (32,754 | )
Income tax expense |  | $ | 71,268 |  |  | $ | 21,147 |
Reconciliation of effective income tax rate | Reconciliation of Effective Income Tax Rate
|  | 2019 |  |  | 2018 |
Earnings before taxes and non-controlling interest |  | $ | 182,512 |  |  | $ | 33,188 |
Statutory Canadian income tax rate |  | 27.00 | % |  | 27.00 | %
Income tax expense based on above rates |  | $ | 49,278 |  |  | $ | 8,961 |
Increase (decrease) due to: |  |  |  |
Non-deductible expenditures |  | 7,271 |  |  | 3,929 |
Foreign tax rate differences |  | 2,507 |  |  | (2,160 | )
Change in net deferred tax assets not recognized: |  |  |  |
- Argentina exploration expenditures |  | 3,117 |  |  | 3,372 |
- Other deferred tax assets |  | (11,211 | ) |  | 1,168 |
Non-taxable portion of net earnings of affiliates |  | (132 | ) |  | (3,254 | )
Effect of other taxes paid (mining and withholding) |  | 21,307 |  |  | 14,371 |
Effect of foreign exchange on tax expense |  | (7,651 | ) |  | 1,611 |
Non-taxable impact of foreign exchange |  | 4,158 |  |  | (351 | )
Change in non-deductible portion of reclamation liabilities |  | 8,207 |  |  | — |
Change in current tax expense estimated for prior years |  | (6,694 | ) |  | (5,030 | )
Other |  | 1,111 |  |  | (1,470 | )
Income tax expense |  | $ | 71,268 |  |  | $ | 21,147 |
Effective income tax rate |  | 39.05 | % |  | 63.72 | %
Analysis of deferred tax assets and liabilities | The following is the analysis of the deferred tax assets (liabilities) presented in the consolidated financial statements:
|  | 2019 |  |  | 2018 |
Net deferred tax liability, beginning of year |  | $ | (136,575 | ) |  | $ | (168,549 | )
Initial deferred tax liability associated with the Tahoe Acquisition |  | (24,080 | ) |  | — |
Recognized in net earnings in the year |  | 20,861 |  |  | 32,754 |
Reduction due to Mexican de-consolidation payments applied to current tax |  | (705 | ) |  | (697 | )
Other |  | 138 |  |  | (83 | )
Net deferred liability, end of year |  | $ | (140,361 | ) |  | $ | (136,575 | )
Deferred tax assets |  | 36,447 |  |  | 12,244 |
Deferred tax liabilities |  | (176,808 | ) |  | (148,819 | )
Net deferred tax liability |  | $ | (140,361 | ) |  | $ | (136,575 | )
Components of deferred tax assets and liabilities | The deferred tax assets (liabilities) are comprised of the various temporary differences, as detailed below:
|  | 2019 |  |  | 2018 |
Deferred tax assets (liabilities) arising from: |  |  |  |  |  |
Closure and decommissioning costs |  | $ | 16,002 |  |  | $ | 9,105 |
Tax losses, resource pools and mining tax credits |  | 112,188 |  |  | 29,195 |
Deductible Mexican mining taxes |  | 2,701 |  |  | 2,974 |
Tax credit resulting from Mexican de-consolidation |  | — |  |  | 698 |
Accounts payable and accrued liabilities |  | 16,865 |  |  | 6,726 |
Trade and other receivables |  | 17,194 |  |  | 15,756 |
Provision for doubtful debts and inventory adjustments |  | (7,145 | ) |  | (11,752 | )
Mineral properties, plant, and equipment |  | (278,707 | ) |  | (169,703 | )
Estimated sales provisions |  | (23,026 | ) |  | (19,746 | )
Other temporary differences and provisions |  | 3,567 |  |  | 172 |
Net deferred tax liability |  | $ | (140,361 | ) |  | $ | (136,575 | )
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised | Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:
|  | 2019 |  |  | 2018 |
Tax loss (revenue in nature) |  | $ | 239,216 |  |  | $ | 131,179 |
Net tax loss (capital in nature) |  | 34,646 |  |  | 14,456 |
Resource pools and other tax credits |  | 260,413 |  |  | 18,266 |
Financing fees |  | 2,849 |  |  | 785 |
Mineral properties, plant, and equipment |  | 118,380 |  |  | 22,669 |
Closure and decommissioning costs |  | 141,018 |  |  | 33,835 |
Exploration and other expenses not currently deductible |  | 53,595 |  |  | 51,175 |
Intercompany debt |  | 11,339 |  |  | 10,160 |
Doubtful debt and inventory |  | 23,895 |  |  | 24,840 |
Payroll and vacation accruals |  | 1,055 |  |  | 827 |
Other temporary differences |  | 3,399 |  |  | 8,217 |
|  | $ | 889,805 |  |  | $ | 316,409 |
Schedule of operating loss carryforwards | Included in the above amounts are operating losses, which if not utilized will expire as follows:
At December 31, 2019
|  | Canada |  | US |  | Peru |  | Mexico |  | Barbados |  | Argentina |  |  | Total |
2020 |  | — |  |  | 79 |  |  | 2,110 |  |  | — |  |  | 7 |  |  | 1 |  |  | 2,197 |
2021 |  | — |  |  | 318 |  |  | 28 |  |  | — |  |  | 7 |  |  | 2 |  |  | 355 |
2022 – and after |  | 215,374 |  |  | 13,185 |  |  | 1,778 |  |  | 2,792 |  |  | 106 |  |  | 3,429 |  |  | 236,664 |
Total tax losses |  | $ | 215,374 |  |  | $ | 13,582 |  |  | $ | 3,916 |  |  | $ | 2,792 |  |  | $ | 120 |  |  | $ | 3,432 |  |  | 239,216 |
At December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Canada |  | US |  | Peru |  | Mexico |  | Barbados |  | Argentina |  |  | Total |
2019 |  | — |  |  | 85 |  |  | — |  |  | — |  |  | 4 |  |  | 45 |  |  | 134 |
2020 |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 7 |  |  | 61 |  |  | 148 |
2021 – and after |  | 114,466 |  |  | 13,469 |  |  | 250 |  |  | 2,456 |  |  | 105 |  |  | 151 |  |  | 130,897 |
Total tax losses |  | $ | 114,466 |  |  | $ | 13,634 |  |  | $ | 250 |  |  | $ | 2,456 |  |  | $ | 116 |  |  | $ | 257 |  |  | $ | 131,179 |

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