XML 74 R39.htm IDEA: XBRL DOCUMENT
v3.25.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of income before income taxes | For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
United States | $ | 153,710 |  |  | $ | 127,366 |  |  | $ | 64,105 |
Foreign | 420,156 |  |  | 298,726 |  |  | 218,035 |
Income before income taxes | $ | 573,866 |  |  | $ | 426,092 |  |  | $ | 282,140 |
Components of income tax expense (benefit) | Our Income tax expense consisted of (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Current: |  |  |  |  |
Federal | $ | 43,294 |  |  | $ | 51,643 |  |  | $ | 24,046 |
State | (716) |  |  | 715 |  |  | (68) |
Foreign | 63,638 |  |  | 32,901 |  |  | 24,499 |
Current tax expense | $ | 106,216 |  |  | $ | 85,259 |  |  | $ | 48,477 |
Deferred and others: |  |  |  |  |
Federal | $ | 589 |  |  | $ | (92) |  |  | $ | (763) |
State | 104 |  |  | (2) |  |  | (14) |
Foreign | (4,619) |  |  | 8,448 |  |  | (5,692) |
Deferred tax expense | $ | (3,926) |  |  | $ | 8,354 |  |  | $ | (6,469) |
Total income tax expense | $ | 102,290 |  |  | $ | 93,613 |  |  | $ | 42,008 |
Schedule of income tax expense (benefit) and effective tax rate | The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 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
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
| Tax Effected | Rate |  | Tax Effected | Rate |  | Tax Effected | Rate
Income taxes at statutory rates | $ | 120,512 |  | 21.0 | % |  | $ | 89,479 |  | 21.0 | % |  | $ | 59,249 |  | 21.0 | %
State income taxes, net of federal benefit | 429 |  | 0.1 | % |  | 914 |  | 0.2 | % |  | 625 |  | 0.2 | %
Foreign tax effects: |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |
Withholding tax less foreign tax credits | 7,619 |  | 1.3 | % |  | — |  | — | % |  | (92) |  | — | %
Change in valuation allowance | 6,816 |  | 1.2 | % |  | — |  | — | % |  | — |  | — | %
Non taxable income and expenses | 7,979 |  | 1.4 | % |  | (16) |  | — | % |  | 22 |  | — | %
Other | 731 |  | 0.1 | % |  | 1,382 |  | 0.3 | % |  | 397 |  | 0.1 | %
Switzerland |  |  |  |  |  |  |  |
Statutory tax rate differential - federal | (58,136) |  | (10.1) | % |  | (37,273) |  | (8.8) | % |  | (27,491) |  | (9.7) | %
Cantonal taxes | 19,675 |  | 3.4 | % |  | 13,216 |  | 3.1 | % |  | 9,504 |  | 3.4 | %
Other | 2,247 |  | 0.4 | % |  | 1,298 |  | 0.3 | % |  | (1,024) |  | (0.4) | %
Additional recoverable basis | (16,264) |  | (2.8) | % |  | — |  | — | % |  | — |  | — | %
Change in valuation allowance | — |  | — | % |  | — |  | — | % |  | (8,462) |  | (3.0) | %
Mexico |  |  |  |  |  |  |  |
Withholding taxes, net of refund | 11,893 |  | 2.1 | % |  | 15,656 |  | 3.7 | % |  | 8,125 |  | 2.9 | %
Other foreign jurisdictions | 315 |  | 0.1 | % |  | 826 |  | 0.2 | % |  | 293 |  | 0.1 | %
Effects of cross-border tax law: |  |  |  |  |  |  |  |
GILTI & subpart F, net of foreign tax credits | 15,576 |  | 2.7 | % |  | 22,087 |  | 5.2 | % |  | 7,235 |  | 2.6 | %
Tax credits: |  |  |  |  |  |  |  |
Foreign tax credits | (10,944) |  | (1.9) | % |  | (16,166) |  | (3.8) | % |  | (8,598) |  | (3.1) | %
Change in valuation allowance | (4,118) |  | (0.7) | % |  | 3,873 |  | 0.9 | % |  | 3,180 |  | 1.1 | %
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |
Excess depletion | (2,548) |  | (0.4) | % |  | (2,473) |  | (0.6) | % |  | (2,259) |  | (0.8) | %
Statutory tax attributes to non-controlling interest | (1,044) |  | (0.2) | % |  | (74) |  | — | % |  | (118) |  | — | %
Other | (63) |  | — | % |  | 884 |  | 0.2 | % |  | 1,421 |  | 0.5 | %
Non-deductible acquisition cost | 1,615 |  | 0.3 | % |  | — |  | — | % |  | — |  | — | %
Total income tax expense | $ | 102,290 |  | 17.8 | % |  | $ | 93,613 |  | 22.0 | % |  | $ | 42,008 |  | 14.9 | %
Schedule of supplemental cash flow information | Cash taxes paid consisted of (amounts in thousands):
| Year Ended December 31, 2025
United States | $ | 41,111 |
Switzerland |
Federal | 21,859 |
Cantonal | 8,616 |
Mexico | 11,187 |
Australia | 6,825 |
Other | 5,750 |
Total cash taxes paid | $ | 95,348 |
| Year Ended December 31, 2024
United States | $ | 33,608 |
Switzerland |
Federal | 15,794 |
Cantonal | 3,502 |
Mexico | 12,058 |
Australia | 5,118 |
Other | 2,028 |
Total cash taxes paid | $ | 72,108 |
| Year Ended December 31, 2023
United States | $ | 14,261 |
Switzerland |
Federal | 17,070 |
Cantonal | 1,967 |
Mexico | 10,160 |
Canada | 2,362 |
Other | 4,483 |
Total cash taxes paid | $ | 50,303 |
Our supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 is as follows (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Cash paid during the period for: |  |  |  |  |
Interest | $ | 19,484 |  |  | $ | 6,593 |  |  | $ | 28,054 |
Income taxes, net of refunds | $ | 95,348 |  |  | $ | 72,108 |  |  | $ | 50,303 |
Non-cash investing and financing activities: |  |  |  |  |
Share issuance to Sandstorm shareholders | $ | 3,597,560 |  |  | $ | — |  |  | $ | — |
Sandstorm assumed stock options | $ | 80,602 |  |  | $ | — |  |  | $ | — |
Dividends declared | $ | 129,101 |  |  | $ | 108,556 |  |  | $ | 100,232 |
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, 2025 and 2024 are as follows (amounts in thousands):
| December 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Stock-based compensation | $ | 3,229 |  |  | $ | 1,989 |
Net operating losses | 54,455 |  |  | 5,863 |
Foreign tax credits | 35,630 |  |  | 39,748 |
Amortizable tax goodwill | 41,249 |  |  | 37,672 |
Other tax attributes | 10,871 |  |  | 1,784 |
Capital losses | 8,673 |  |  | 1,853 |
Lease liability | 9,805 |  |  | 1,067 |
Other | 1,896 |  |  | 1,788 |
Total deferred tax assets | 165,808 |  |  | 91,764 |
Valuation allowance | (86,747) |  |  | (44,656) |
Net deferred tax assets | $ | 79,061 |  |  | $ | 47,108 |
Deferred tax liabilities: |  |  |
Mineral property basis | $ | (1,117,909) |  |  | $ | (123,482) |
Equity method investments | (84,036) |  |  | — |
Marketable securities | (6,941) |  |  | — |
Lease right-of-use asset | (8,913) |  |  | (930) |
Other | (793) |  |  | (836) |
Total deferred tax liabilities | $ | (1,218,592) |  |  | $ | (125,248) |
Total net deferred taxes | $ | (1,139,531) |  |  | $ | (78,140) |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration