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Income and Mining Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of Income (loss) before income taxes are below:
| Year ended December 31,
in thousands | 2014 |  | 2013 |  | 2012
United States | $ | (213,883 | ) |  | $ | (242,562 | ) |  | $ | (3,443 | )
Foreign | (1,401,245 | ) |  | (566,117 | ) |  | 122,927 |
Total | $ | (1,615,128 | ) |  | $ | (808,679 | ) |  | $ | 119,484 |
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:
| Year ended December 31,
in thousands | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |  |  |
United States | $ | 904 |  |  | $ | 4 |  |  | $ | (257 | )
United States — State mining taxes | (879 | ) |  | (714 | ) |  | (2,195 | )
United States — Foreign withholding tax | (6,250 | ) |  | 397 |  |  | (736 | )
Argentina | (71 | ) |  | (137 | ) |  | 976 |
Australia | — |  |  | (914 | ) |  | (1,760 | )
Mexico | (1,124 | ) |  | (9,046 | ) |  | (7,814 | )
Bolivia | (4,008 | ) |  | (6,716 | ) |  | (43,546 | )
Canada | (145 | ) |  | (1,936 | ) |  | — |
Deferred: |  |  |  |  |
Argentina | 24,478 |  |  | 8,062 |  |  | — |
Australia | (401 | ) |  | (2 | ) |  | (223 | )
Bolivia | 22,122 |  |  | (4,222 | ) |  | (1,087 | )
Canada | 1,807 |  |  | — |  |  | — |
Mexico | 417,068 |  |  | 94,851 |  |  | (10,579 | )
United States | 5,743 |  |  | 78,489 |  |  | (3,586 | )
Income tax (expense) benefit | $ | 459,244 |  |  | $ | 158,116 |  |  | $ | (70,807 | )
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below:
| Year ended December 31,
in thousands | 2014 |  | 2013 |  | 2012
Tax benefit (expense) from continuing operations | $ | 565,295 |  |  | $ | 283,038 |  |  | $ | (41,819 | )
State tax provision from continuing operations | 20,253 |  |  | 2,245 |  |  | (3,151 | )
Percentage depletion and related deductions | — |  |  | — |  |  | 7,461 |
Change in valuation allowance | (128,344 | ) |  | (106,802 | ) |  | (12,651 | )
Non-deductible imputed interest | — |  |  | (214 | ) |  | (525 | )
Uncertain tax positions | (4,425 | ) |  | (5,209 | ) |  | (9,849 | )
U.S. and foreign non-deductible expenses | (4,892 | ) |  | (2,383 | ) |  | (4,206 | )
Foreign exchange rates | 23,672 |  |  | 13,937 |  |  | (10,416 | )
Foreign inflation and indexing | 3,765 |  |  | 2,937 |  |  | 712 |
Foreign tax rate differences | (63,930 | ) |  | (24,108 | ) |  | 3,967 |
Foreign withholding and other foreign taxes | 91,882 |  |  | (100,331 | ) |  | (5,861 | )
Foreign tax credits and other, net | (44,032 | ) |  | 13,153 |  |  | 5,531 |
Change in Mexico permanent reinvestment assertion | — |  |  | 81,853 |  |  | — |
| $ | 459,244 |  |  | $ | 158,116 |  |  | $ | (70,807 | )
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2014 and 2013, the significant components of the Company’s deferred tax assets and liabilities are below:
| Year ended December 31,
In thousands | 2014 |  | 2013
Deferred tax liabilities: |  |  |  |  |
Mineral properties | $ | — |  |  | $ | 344,152 |
Mexican mining royalty tax | 7,586 |  |  | 76,386 |
Foreign subsidiaries — unremitted earnings | 45,249 |  |  | 182,464 |
Inventory | 1,100 |  |  | 2,746 |
Property, plant, and equipment, net | — |  |  | 33,094 |
| $ | 53,935 |  |  | $ | 638,842 |
Deferred tax assets: |  |  |  |  |
Net operating loss carryforwards | 153,689 |  |  | 130,170 |
Mineral properties | 70,510 |  |  | — |
Property, plant, and equipment | 46,042 |  |  | — |
Foreign subsidiaries — future tax credits | — |  |  | 163,947 |
Royalty and other long-term debt | 5,863 |  |  | 11,616 |
Capital loss carryforwards | 35,251 |  |  | 34,930 |
Asset retirement obligation | 21,586 |  |  | 18,589 |
Unrealized foreign currency loss and other | 8,213 |  |  | 9,567 |
Accrued expenses | 14,773 |  |  | 14,756 |
Tax credit carryforwards | 56,322 |  |  | 23,585 |
| 412,249 |  |  | 407,160 |
Valuation allowance | (409,883 | ) |  | (289,378 | )
| 2,366 |  |  | 117,782 |
Net deferred tax liabilities | $ | 51,569 |  |  | $ | 521,060 |
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows:
| Year ended December 31,
In thousands | 2014 |  | 2013
U.S. | $ | 305,534 |  |  | $ | 236,653 |
Argentina | 21,520 |  |  | 17,005 |
Canada | 2,009 |  |  | 4,453 |
Bolivia | 15,948 |  |  | — |
Mexico | 33,189 |  |  | — |
New Zealand | 28,710 |  |  | 27,292 |
Other | 2,973 |  |  | 3,975 |
| $ | 409,883 |  |  | $ | 289,378 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands):
Unrecognized tax benefits at January 1, 2013 | $ | 10,511 |
Gross increase to current period tax positions | 2,231 |
Gross increase to prior period tax positions | 2,761 |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (32 | )
Unrecognized tax benefits at December 31, 2013 | $ | 15,471 |
Gross increase to current period tax positions | 1,856 |
Gross increase to prior period tax positions | 524 |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (1,767 | )
Unrecognized tax benefits at December 31, 2014 | $ | 16,084 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2014, by jurisdiction (in thousands):
| U.S. |  | Argentina |  | Canada |  | Mexico |  | New Zealand |  | Other |  | Total
Regular net operating losses | 245,683 |  |  | 16,588 |  |  | 1,633 |  |  | 49,747 |  |  | 102,535 |  |  | 22,952 |  |  | 439,138 |
Alternative minimum tax net operating losses | 117,362 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 117,362 |
Capital losses | 91,019 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91,019 |
Alternative minimum tax credits | 4,142 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,142 |
Foreign tax credits | 52,181 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,181 |

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- 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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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