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Income tax and deferred taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Major components of tax expense (income) [abstract] |
Schedule of current and non-current tax assets |
Current tax assets |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Monthly provisional income tax payments, Chilean companies |  | 584,382 |  | 894
Monthly provisional income tax payments, foreign companies |  | 26,741 |  | 96,906
Corporate tax credits (1) |  | 1,918 |  | 653
1st category tax absorbed by tax losses (2) |  | 1,872 |  | 169
Taxes in recovery process |  | 22,120 |  | 126,292
Total |  | 637,033 |  | 224,914
Non-current tax assets |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Non current tax receivable (see note 20.3) |  | 59,541 |  | 127,114
Total |  | 59,541 |  | 127,114
(1)These credits are available for companies and are related to corporate tax payments in April of the following year. These credits include, among others, credits for training expenses (SENCE), credits for acquisition of fixed assets, donations and credits in Chile for taxes paid abroad. (2)This concept corresponds to the tax loss absorptions determined by the company at the end of the year, which must be attributed to the dividends received during the year.
Schedule of current tax liabilities |
Current tax liabilities |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Chilean income tax |  | 636 |  | 337,245
Specific mining tax to lithium mining (see note 20.3) |  | 162,743 |  | —
Foreign company income tax |  | 20,254 |  | 19,366
Total |  | 183,633 |  | 356,611
Schedule of income tax rates | The income tax rate for the main countries where the Company operates is presented below:
Country |  | Income tax 2023 |  | Income tax 2022
Spain |  | 25 % |  | 25 %
Belgium |  | 25 % |  | 25 %
Mexico |  | 30 % |  | 30 %
United States |  | 21% +3% |  | 21% + 3.51%
South Africa |  | 27 % |  | 28 %
South Korea |  | 24 % (2) |  | 25 %
China |  | 25%+12% (1) |  | 25%+12% (1)
(1)Additional tax of 12% on VAT payable. (2)Sliding scale from 9% to 24% of taxable income.
Schedule of deferred taxes |
|  | Net liability position
Description of deferred tax assets and liabilities as of December 31, 2023 |  | Assets |  | Liabilities
|  | ThUS$ |  | ThUS$
Unrealized loss |  | 321,340 |  | —
Property, plant and equipment and capitalized interest (1) |  | — |  | (240,056) |
Restoration and rehabilitation provision |  | 6,336 |  | —
Manufacturing expenses |  | — |  | (159,879) |
Employee benefits and unemployment insurance |  | — |  | (9,438) |
Vacation accrual |  | 9,373 |  | —
Inventory provision |  | 34,718 |  | —
Materials provision |  | 14,405 |  | —
Others employee benefits |  | 6,561 |  | —
Research and development expenses |  | — |  | (16,046) |
Bad debt provision |  | 3,060 |  | —
Provision for legal complaints and expenses |  | 2,932 |  | —
Loan acquisition expenses |  | — |  | (12,735) |
Financial instruments recorded at market value |  | — |  | (52,016)
Specific tax on mining activity |  | — |  | (3,303) |
Tax loss benefit |  | 23,340 |  | —
Other |  | — |  | (21,119)
Foreign items (other) |  | 75 |  | —
Balances to date |  | 422,140 |  | (514,592) |
Net balance |  |  |  | (92,452)
(1)This includes right-of-use assets. (b)Deferred tax assets and liabilities as of December 31, 2022
|  | Net liability position
Description of deferred tax assets and liabilities as of December 31, 2022 |  | Assets |  | Liabilities
|  | ThUS$ |  | ThUS$
Unrealized loss |  | 655,695 |  |  | — |
Property, plant and equipment and capitalized interest (1) |  | — |  |  | (244,560) |
Restoration and rehabilitation provision |  | 4,685 |  |  | — |
Manufacturing expenses |  | — |  |  | (139,383) |
Employee benefits and unemployment insurance |  | — |  |  | (8,995) |
Vacation accrual |  | 7,650 |  |  | — |
Inventory provision |  | 27,512 |  |  | — |
Materials provision |  | 11,915 |  |  | — |
Others employee benefits |  | 1,177 |  |  | — |
Research and development expenses |  | — |  |  | (12,294) |
Bad debt provision |  | 715 |  |  | — |
Provision for legal complaints and expenses |  | 6,827 |  |  | — |
Loan acquisition expenses |  | — |  |  | (8,793) |
Financial instruments recorded at market value |  | 5,226 |  |  | — |
Specific tax on mining activity |  | — |  |  | (5,799) |
Tax loss benefit |  | 10,059 |  |  | — |
Other |  | 2,913 |  |  | — |
Foreign items (other) |  | 96 |  |  | — |
Balances to date |  | 734,470 |  |  | (419,824) |
Net balance |  |  |  | 314,646 |
(1)This item includes right-of-use assets.
Schedule of movement in deferred taxes | Deferred tax assets and liabilities in the consolidated statement of financial position as of December 31, 2023 and 2022, are as follows:
Movements of deferred tax assets and liabilities |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Deferred tax assets |  | 302,236 |  | 604,471
Deferred tax liabilities |  | (394,688) |  |  | (289,825) |
Total |  | (92,452) |  | 314,646 |
Schedule of deferred tax liabilities (assets) |
Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2023 |  | Deferred tax (liability) asset at beginning of period |  | Deferred tax (expense) benefit recognized in income for the year |  | Deferred taxes related to items (credited) charged directly to equity |  | Total change in deferred taxes |  | Deferred tax (liability) asset at end of period
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Unrealized loss |  | 655,695 |  |  | (334,355) |  |  | — |  |  | (334,355) |  |  | 321,340 |
Property, plant and equipment and capitalized interest |  | (244,560) |  |  | 4,504 |  |  | — |  |  | 4,504 |  |  | (240,056) |
Restoration and rehabilitation provision |  | 4,685 |  |  | 1,651 |  |  | — |  |  | 1,651 |  |  | 6,336 |
Manufacturing expenses |  | (139,383) |  |  | (20,496) |  |  | — |  |  | (20,496) |  |  | (159,879) |
Employee benefits and unemployment insurance |  | (8,995) |  |  | (2,020) |  |  | 1,577 |  |  | (443) |  |  | (9,438) |
Vacation accrual |  | 7,650 |  |  | 1,723 |  |  | — |  |  | 1,723 |  |  | 9,373 |
Inventory provision |  | 27,512 |  |  | 7,206 |  |  | — |  |  | 7,206 |  |  | 34,718 |
Materials provision |  | 11,915 |  |  | 2,490 |  |  | — |  |  | 2,490 |  |  | 14,405 |
Derivative financial instruments |  | — |  |  | 5,047 |  |  | (5,047) |  |  | — |  |  | — |
Others employee benefits |  | 1,177 |  |  | 5,384 |  |  | — |  |  | 5,384 |  |  | 6,561 |
Research and development expenses |  | (12,294) |  |  | (3,752) |  |  | — |  |  | (3,752) |  |  | (16,046) |
Bad debt provision |  | 715 |  |  | 2,345 |  |  | — |  |  | 2,345 |  |  | 3,060 |
Provision for legal complaints and expenses |  | 6,827 |  |  | (3,895) |  |  | — |  |  | (3,895) |  |  | 2,932 |
Loan approval expenses |  | (8,793) |  |  | (3,942) |  |  | — |  |  | (3,942) |  |  | (12,735) |
Financial instruments recorded at market value |  | 5,226 |  |  | — |  |  | (57,242) |  |  | (57,242) |  |  | (52,016) |
Specific tax on mining activity |  | (5,799) |  |  | 2,491 |  |  | 5 |  |  | 2,496 |  |  | (3,303) |
Tax loss benefit |  | 10,059 |  |  | 13,281 |  |  | — |  |  | 13,281 |  |  | 23,340 |
Others |  | 2,913 |  |  | (24,032) |  |  | — |  |  | (24,032) |  |  | (21,119) |
Foreign items (other) |  | 96 |  |  | (21) |  |  | — |  |  | (21) |  |  | 75 |
Total temporary differences, unused losses and unused tax credits |  | 314,646 |  |  | (346,391) |  |  | (60,707) |  |  | (407,098) |  |  | (92,452) |
Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2022 |  | Deferred tax (liability) asset at beginning of period |  | Deferred tax (expense) benefit recognized in income for the year |  | Deferred taxes related to items (credited) charged directly to equity |  | Total change in deferred taxes |  | Deferred tax (liability) asset at end of period
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Unrealized loss |  | 144,181 |  |  | 511,514 |  |  | — |  |  | 511,514 |  |  | 655,695 |
Property, plant and equipment and capitalized interest |  | (189,073) |  |  | (55,487) |  |  | — |  |  | (55,487) |  |  | (244,560) |
Restoration and rehabilitation provision |  | 6,567 |  |  | (1,882) |  |  | — |  |  | (1,882) |  |  | 4,685 |
Manufacturing expenses |  | (108,181) |  |  | (31,202) |  |  | — |  |  | (31,202) |  |  | (139,383) |
Employee benefits and unemployment insurance |  | (7,486) |  |  | (2,779) |  |  | 1,270 |  |  | (1,509) |  |  | (8,995) |
Vacation accrual |  | 6,039 |  |  | 1,611 |  |  | — |  |  | 1,611 |  |  | 7,650 |
Inventory provision |  | 20,557 |  |  | 6,955 |  |  | — |  |  | 6,955 |  |  | 27,512 |
Materials provision |  | 10,554 |  |  | 1,361 |  |  | — |  |  | 1,361 |  |  | 11,915 |
Derivative financial instruments |  | — |  |  | 7,172 |  |  | (7,172) |  |  | — |  |  | — |
Others employee benefits |  | 929 |  |  | 248 |  |  | — |  |  | 248 |  |  | 1,177 |
Research and development expenses |  | (5,387) |  |  | (6,907) |  |  | — |  |  | (6,907) |  |  | (12,294) |
Bad debt provision |  | 2,708 |  |  | (1,993) |  |  | — |  |  | (1,993) |  |  | 715 |
Provision for legal complaints and expenses |  | 334 |  |  | 6,493 |  |  | — |  |  | 6,493 |  |  | 6,827 |
Loan approval expenses |  | (8,967) |  |  | 174 |  |  | — |  |  | 174 |  |  | (8,793) |
Financial instruments recorded at market value |  | 5,243 |  |  | — |  |  | (17) |  |  | (17) |  |  | 5,226 |
Specific tax on mining activity |  | (4,545) |  |  | (1,257) |  |  | 3 |  |  | (1,254) |  |  | (5,799) |
Tax loss benefit |  | 8,557 |  |  | 1,502 |  |  | — |  |  | 1,502 |  |  | 10,059 |
Others |  | (4,274) |  |  | 7,187 |  |  | — |  |  | 7,187 |  |  | 2,913 |
Foreign items (other) |  | 11,828 |  |  | (11,732) |  |  | — |  |  | (11,732) |  |  | 96 |
Total temporary differences, unused losses and unused tax credits |  | (110,416) |  |  | 430,978 |  |  | (5,916) |  |  | 425,062 |  |  | 314,646 |
schedule of net operating loss carryforwards | As of December 31, 2023, and 2022, tax loss carryforwards are detailed as follows:
Deferred taxes related to benefits for tax losses |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Chile |  | 16,087 |  | 10,059
Foreign |  | 7,253 |  | —
Total |  | 23,340 |  | 10,059
schedule of movements in deferred tax assets and liabilities | Movements in deferred tax assets and liabilities as of December 31, 2023 and 2022 are detailed as follows:
|  | Assets (liabilities)
Movements in deferred tax assets and liabilities |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$
Deferred tax assets and liabilities, net opening balance |  | 314,646 |  |  | (110,416) |
Increase (decrease) in deferred taxes in income |  | (346,391) |  | 430,978
Increase (decrease) deferred taxes in equity |  | (60,707) |  |  | (5,916)
Total |  | (92,452) |  | 314,646 |
Schedule of current and deferred tax (expenses) | Current and deferred tax (expenses) benefits are detailed as follows:
|  | (Expense) Income
Disclosures on income tax (expense) benefit |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$
Current income tax (expense) benefit |  |  |  |  |  |
Current tax expense (1) |  | (1,533,809) |  |  | (2,002,564) |  |  | (279,105) |
Adjustments to prior year current income tax (expense) benefit |  | 3,449 |  |  | (626) |  | 2,326 |
Current income tax expense, net, total |  | (1,530,360) |  |  | (2,003,190) |  |  | (276,779) |
Deferred tax (expense) benefit |  |  |  |  |  |
Deferred tax benefits relating to the creation and reversal of temporary differences |  | (342,363) |  | 427,680 |  | 28,445
Tax adjustments related to the creation and reversal of temporary differences from the previous year |  | (4,028) |  | 3,298 |  |  | (682)
Total deferred tax benefits, net |  | (346,391) |  | 430,978 |  | 27,763
Income tax expense |  | (1,876,751) |  |  | (1,572,212) |  |  | (249,016) |
(1) Includes a tax expense adjustment amounting US$1,089.5 million for the year ended December 31, 2023 relating to the specific mining tax to lithium mining claims (see note 20.3). Income tax (expenses) benefit for foreign and domestic parties are detailed as follows:
|  | (Expense) Income
Income tax (expense) benefit |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$
Current income tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |
Current income tax (expenses), foreign parties, net |  | (120,893) |  |  | (213,060) |  |  | (46,748) |
Current income tax (expenses), domestic, net (1) |  | (1,409,467) |  |  | (1,790,130) |  |  | (230,031) |
Current income tax expense, net, total |  | (1,530,360) |  |  | (2,003,190) |  |  | (276,779) |
Deferred tax benefit (expense) by foreign and domestic parties, net |  |  |  |  |  |
Current income tax (expense) benefit, foreign parties, net |  | (34,014) |  |  | (21,338) |  |  | (6,679) |
Current income tax (expense) benefits, domestic, net |  | (312,377) |  |  | 452,316 |  |  | 34,442 |
Deferred tax expense, net, total |  | (346,391) |  |  | 430,978 |  |  | 27,763 |
Income tax expense |  | (1,876,751) |  |  | (1,572,212) |  |  | (249,016) |
(1) Includes a tax expense adjustment amounting US$1,089.5 million for the year ended December 31, 2023 relating to the specific mining tax to lithium mining claims (see note 20.3).
Schedule of tax effects of other comprehensive income components | Disclosures on the tax effects of other comprehensive income components:
|  | As of December 31, 2023
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  | (Expense) income for income taxes |  | Amount after taxes
|  | ThUS$ |  | ThUS$ |  | ThUS$
(Losses) income from defined benefit plans |  | (5,843) |  |  | 1,582 |  | (4,261) |
Cash flow hedges |  | 18,692 |  | (5,047) |  |  | 13,645
Reserve for (losses) income from financial assets measured at fair value through other comprehensive income |  | 190,509 |  | (57,242) |  |  | 133,267
Total |  | 203,358 |  | (60,707) |  |  | 142,651
|  | As of December 31, 2022
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  | (Expense) income for income taxes |  | Amount after taxes
|  | ThUS$ |  | ThUS$ |  | ThUS$
(Losses) income from defined benefit plans |  | (6,350) |  |  | 1,273 |  |  | (5,077) |
Cash flow hedges |  | 26,622 |  |  | (7,172) |  |  | 19,450 |
Reserve for (losses) income from financial assets measured at fair value through other comprehensive income |  | 190 |  |  | (17) |  |  | 173 |
Total |  | 20,462 |  |  | (5,916) |  |  | 14,546 |
|  | As of December 31, 2021
Income tax related to other income and expense components with a charge or credit to net equity |  | Amount before taxes (expense) gain |  | (Expense) income for income taxes |  | Amount after taxes
|  | ThUS$ |  | ThUS$ |  | ThUS$
Income (losses) from defined benefit plans |  | 4,679 |  | (142) |  |  | 4,537
Cash flow hedges |  | (52,762) |  |  | 14,246 |  | (38,516) |
Reserve for income (losses) from financial assets measured at fair value through other comprehensive income |  | (12,072) |  | 3,818 |  |  | (8,254)
Total |  | (60,155) |  | 17,922 |  |  | (42,233)
Schedule of tax benefit (expense) | Reconciliation between the tax expense and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.
|  | (Expense) Benefit
Income Tax (Expense) Benefit |  | As of December 31, 2023 |  | As of December 31, 2022 |  | As of December 31, 2021
|  | ThUS$ |  | ThUS$ |  | ThUS$
Consolidated income before taxes |  | 2,807,018 |  | 5,486,496 |  | 841,221
Statutory income tax rate in Chile |  | 27 % |  | 27 % |  | 27 %
Tax expense using the statutory tax rate |  | (757,895) |  |  | (1,481,354) |  |  | (227,130) |
Net effect of royalty tax payments |  | (6,889) |  |  | (57,500) |  |  | (13,350) |
Specific mining tax to lithium mining claims (see note 20.3) |  | (1,089,476) |  | — |  | — |
Tax effect of income from regular activities exempt from taxation and dividends from abroad |  | (1,457) |  | 3,490 |  |  | (260)
Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss) |  | 3,509 |  |  | (11,058) |  |  | (2,226) |
Effect due to the difference in tax rates related to abroad subsidiaries |  | (24,748) |  |  | (25,053) |  |  | (5,622) |
Other tax effects of reconciliation of accounting income to tax expense |  | 205 |  |  | (737) |  |  | (428) |
Tax expense using the effective tax rate |  | (1,876,751) |  |  | (1,572,212) |  |  | (249,016) |

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