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