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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Components of income before income taxes | For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2021
United States |  | $ | 64,105 |  | $ | 86,321 |  | $ | 68,239 |  | $ | 130,175
Foreign | ​ |  | 218,035 | ​ |  | 186,547 | ​ |  | 100,597 | ​ |  | 209,468
​ | ​ | $ | 282,140 | ​ | $ | 272,868 | ​ | $ | 168,836 | ​ | $ | 339,643
Components of income tax expense (benefit) | Our Income tax expense consisted of (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 24,046 | ​ | $ | 29,228 | ​ | $ | 19,285 | ​ | $ | 38,146
State | ​ |  | (68) | ​ |  | 467 | ​ |  | (503) | ​ |  | 867
Foreign | ​ |  | 24,499 | ​ |  | 23,067 | ​ |  | 8,716 | ​ |  | (2,602)
​ | ​ | $ | 48,477 | ​ | $ | 52,762 | ​ | $ | 27,498 | ​ | $ | 36,411
Deferred and others: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ | $ | (763) | ​ | $ | (957) | ​ | $ | 104 | ​ | $ | 376
State | ​ |  | (14) | ​ |  | (18) | ​ |  | 2 | ​ |  | (2)
Foreign | ​ |  | (5,692) | ​ |  | (18,861) | ​ |  | 2,404 | ​ |  | 82
​ | ​ | $ | (6,469) | ​ | $ | (19,836) | ​ | $ | 2,510 | ​ | $ | 456
Total income tax expense | ​ | $ | 42,008 | ​ | $ | 32,926 | ​ | $ | 30,008 | ​ | $ | 36,867
Schedule of income tax expense (benefit) and effective tax rate | The provision for income taxes for the years ended December 31, 2023 and 2022, six months ended December 31, 2021, and fiscal year ended June 30, 2021 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2021
Total expense computed by applying federal rates |  | $ | 59,249 |  | $ | 57,303 |  | $ | 35,456 |  | $ | 71,325
State and provincial income taxes, net of federal benefit | ​ |  | 625 | ​ |  | 545 | ​ |  | 518 | ​ |  | 874
Excess depletion | ​ |  | (2,259) | ​ |  | (1,907) | ​ |  | (1,363) | ​ |  | (1,812)
Estimates for uncertain tax positions | ​ |  | — | ​ |  | — | ​ |  | (910) | ​ |  | (26,179)
Statutory tax attributable to non-controlling interest | ​ |  | (224) | ​ |  | (363) | ​ |  | (219) | ​ |  | (72)
Effect of foreign earnings | ​ |  | (10,116) | ​ |  | (8,846) | ​ |  | (3,896) | ​ |  | (7,659)
Unrealized foreign exchange gains | ​ |  | (988) | ​ |  | 853 | ​ |  | 54 | ​ |  | (616)
Rate adjustment | ​ | ​ | (6) | ​ | ​ | — | ​ | ​ | 1,694 | ​ | ​ | —
Changes in estimates | ​ |  | 11 | ​ |  | 119 | ​ |  | (2,614) | ​ |  | (858)
Valuation allowance | ​ | ​ | (6,030) | ​ | ​ | (15,877) | ​ | ​ | 833 | ​ | ​ | 1,284
Other | ​ |  | 1,746 | ​ |  | 1,099 | ​ |  | 455 | ​ |  | 580
Total income tax expense | ​ | $ | 42,008 | ​ | $ | 32,926 | ​ | $ | 30,008 | ​ | $ | 36,867
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2023 and 2022 are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Stock-based compensation | ​ | $ | 1,952 | ​ | $ | 1,846
Net operating losses | ​ |  | 4,683 | ​ |  | 3,184
Foreign tax credits | ​ | ​ | 35,751 | ​ | ​ | 33,301
Amortizable tax goodwill | ​ | ​ | 46,821 | ​ | ​ | 52,783
Other | ​ |  | 5,044 | ​ |  | 4,575
Total deferred tax assets | ​ |  | 94,251 | ​ |  | 95,689
Valuation allowance | ​ |  | (40,814) | ​ |  | (46,844)
Net deferred tax assets | ​ | $ | 53,437 | ​ | $ | 48,845
Deferred tax liabilities: | ​ |  |  | ​ |  |
Mineral property basis | ​ | $ | (122,543) | ​ | $ | (124,373)
Unrealized foreign exchange gains | ​ |  | (582) | ​ |  | (582)
Other | ​ |  | (97) | ​ |  | (143)
Total deferred tax liabilities | ​ |  | (123,222) | ​ |  | (125,098)
Total net deferred taxes | ​ | $ | (69,785) | ​ | $ | (76,253)
Reconciliation of beginning and ending amount of gross unrecognized tax benefit |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended | ​ | Six Months Ended | ​ | Fiscal Year Ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2021
Total gross unrecognized tax benefits at beginning of year |  | $ | — |  | $ | — |  | $ | 652 |  | $ | 25,389
Additions / Reductions for tax positions of current year | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Additions / Reductions for tax positions of prior years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (60) | ​ | ​ | (812)
Reductions due to settlements with taxing authorities | ​ |  | — | ​ |  | — | ​ |  | (592) | ​ |  | (23,925)
Total amount of gross unrecognized tax benefits at end of year | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 652

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