XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.20.4

Income and Mining Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
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 | 2020 |  | 2019 |  | 2018
United States | $ | 40,890 |  |  | $ | (16,702) |  |  | $ | (50,522) |
Foreign | 21,782 |  |  | (341,323) |  |  | (15,213) |
Total | $ | 62,672 |  |  | $ | (358,025) |  |  | $ | (65,735) |
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:
| Year ended December 31,
In thousands | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
United States | $ | 226 |  |  | $ | (334) |  |  | $ | 1,188 |
United States — State mining taxes | (8,384) |  |  | (4,001) |  |  | (3,208) |
United States — Foreign withholding tax | (800) |  |  | (1,598) |  |  | (5,617) |
Canada | 232 |  |  | 119 |  |  | 378 |
Mexico | (36,066) |  |  | (19,619) |  |  | (26,021) |
Other | 33 |  |  | (3) |  |  | 67 |
Deferred: |  |  |  |  |
United States | (49) |  |  | 236 |  |  | 23,322 |
United States — State mining taxes | (354) |  |  | 251 |  |  | 1,134 |
Canada | — |  |  | 32,084 |  |  | 16,057 |
Mexico | 8,117 |  |  | 3,994 |  |  | 9,929 |
Other | — |  |  | — |  |  | (449) |
Income tax (expense) benefit | $ | (37,045) |  |  | $ | 11,129 |  |  | $ | 16,780 |
Schedule of Effective Income Tax Rate Reconciliation | he Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
| Year ended December 31,
In thousands | 2020 |  | 2019 |  | 2018
Income and mining tax (expense) benefit at statutory rate | $ | (13,161) |  |  | $ | 75,185 |  |  | $ | 14,052 |
State tax provision from continuing operations | (152) |  |  | 1,243 |  |  | 2,284 |
Change in valuation allowance | (17,522) |  |  | (77,220) |  |  | 2,471 |
Percentage depletion | 5,056 |  |  | 820 |  |  | 89 |
Uncertain tax positions | 2,321 |  |  | 2,358 |  |  | 1,830 |
U.S. and foreign permanent differences | 3,844 |  |  | 2,272 |  |  | 3,314 |
Foreign exchange rates | 1,390 |  |  | (7,066) |  |  | (3,973) |
Foreign inflation and indexing | 684 |  |  | (2,933) |  |  | (2,374) |
Foreign tax rate differences | (3,971) |  |  | 19,729 |  |  | (24) |
Mining, foreign withholding, and other taxes | (17,457) |  |  | (2,746) |  |  | (3,857) |
Other, net | 1,923 |  |  | (513) |  |  | 2,968 |
Income and mining tax (expense) benefit | $ | (37,045) |  |  | $ | 11,129 |  |  | $ | 16,780 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2020 and 2019, the significant components of the Company’s deferred tax assets and liabilities are below:
| Year ended December 31,
In thousands | 2020 |  | 2019
Deferred tax liabilities: |  |  |
Mineral properties | $ | — |  |  | $ | 25,691 |
Inventory | 5 |  |  | 847 |
Royalty and other long-term debt | 1,094 |  |  | — |
Foreign subsidiaries - unremitted earnings | 99 |  |  | 50 |
| $ | 1,198 |  |  | $ | 26,588 |
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 241,985 |  |  | $ | 219,192 |
Mineral properties | 1,907 |  |  | — |
Property, plant, and equipment | 10,841 |  |  | 20,212 |
Mining royalty tax | 7,447 |  |  | 6,764 |
Capital loss carryforwards | 17,341 |  |  | 21,956 |
Asset retirement obligation | 38,761 |  |  | 34,134 |
Unrealized foreign currency loss and other | 3,386 |  |  | 9,133 |
Royalty and other long-term debt | — |  |  | 6,235 |
Accrued expenses | 16,849 |  |  | 8,899 |
Tax credit carryforwards | 29,809 |  |  | 29,881 |
| 368,326 |  |  | 356,406 |
Valuation allowance | (401,304) |  |  | (371,277) |
| (32,978) |  |  | (14,871) |
Net deferred tax liabilities | $ | 34,176 |  |  | $ | 41,459 |
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows:
| Year ended December 31,
In thousands | 2020 |  | 2019 |  |
U.S. | $ | 215,396 |  |  | $ | 213,783 |  |  |
Canada | 146,611 |  |  | 118,738 |  |  |
Mexico | 15,885 |  |  | 15,884 |  |  |
New Zealand | 22,740 |  |  | 21,863 |  |  |
Other | 672 |  |  | 1,009 |  |  |
| $ | 401,304 |  |  | $ | 371,277 |  |  |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2020, by jurisdiction:
In thousands | U.S. |  | Canada |  |  |  | Mexico |  | New Zealand |  | Other |  | Total
Regular net operating losses | $ | 432,447 |  |  | $ | 304,237 |  |  |  |  | $ | 52,951 |  |  | $ | 86,486 |  |  | $ | 1,337 |  |  | $ | 877,458 |
Expiration years | 2021-2038 |  | 2029-2039 |  |  |  | 2021-2030 |  | Indefinite |  | 2021-2022 |  |
Capital losses | 63,024 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 63,024 |
Foreign tax credits | 24,939 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 24,939 |
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 December 31, 2018 | $ | 3,776 |
Gross increase to current period tax positions | — |
Gross increase to prior period tax positions | 137 |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (1,207) |
Unrecognized tax benefits at December 31, 2019 | $ | 2,706 |
Gross increase to current period tax positions | — |
Gross increase to prior period tax positions | (122) |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (1,861) |
Unrecognized tax benefits at December 31, 2020 | $ | 723 |

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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration