XML 377 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1

INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following tables represent the major components of Income before taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands):

						Years ended December 31,
						2021									2020									2019
Income before income and mining taxes components:
United States						$			138,230						$			119,654						$			61,198
Canada									26,752									26,207									71,537
Turkey									186,971									41,385									—
Other Foreign									62,805									14,545									3,922
Total income before incomes taxes						$			414,758						$			201,791						$			136,657

			Years Ended December 31,
			2021									2020									2019
Current income tax provision:
United States			$			15,603						$			13,945						$			6,003
Canada						27,672									5,720									18,367
Turkey						49,851									1,805									—
Other Foreign						23,328									1,074									426
Total current income tax provision						116,454									22,544									24,796
Deferred income tax provision (benefit):
United States						13,288									8,265									7,145
Canada						(230)									765									520
Turkey						(131,456)									19,205									—
Other foreign						(12,172)									(7,576)									2,978
Total deferred income tax provision (benefit)						(130,570)									20,659									10,643
Total income tax provision (benefit)			$			(14,116)						$			43,203						$			35,439

Schedule of Components of Income Tax Expense (Benefit)

The following tables represent the major components of Income before taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands):

						Years ended December 31,
						2021									2020									2019
Income before income and mining taxes components:
United States						$			138,230						$			119,654						$			61,198
Canada									26,752									26,207									71,537
Turkey									186,971									41,385									—
Other Foreign									62,805									14,545									3,922
Total income before incomes taxes						$			414,758						$			201,791						$			136,657

			Years Ended December 31,
			2021									2020									2019
Current income tax provision:
United States			$			15,603						$			13,945						$			6,003
Canada						27,672									5,720									18,367
Turkey						49,851									1,805									—
Other Foreign						23,328									1,074									426
Total current income tax provision						116,454									22,544									24,796
Deferred income tax provision (benefit):
United States						13,288									8,265									7,145
Canada						(230)									765									520
Turkey						(131,456)									19,205									—
Other foreign						(12,172)									(7,576)									2,978
Total deferred income tax provision (benefit)						(130,570)									20,659									10,643
Total income tax provision (benefit)			$			(14,116)						$			43,203						$			35,439

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the differences are as follows (in thousands):

						Years Ended December 31,
						2021									2020									2019
Income before income and mining taxes						$			414,758						$			201,791						$			136,657
Statutory tax rate									27		%							27		%							27		%
Expected income and mining tax expense									111,985									54,484									36,897
Increase (decrease) attributable to:
Non-taxable items									(4,379)									(22,236)									(7,518)
Foreign exchange and inflation									(124,946)									(676)									1,650
Differences in foreign and future tax rates									738									(10,641)									(8,699)
Investment incentive tax credits									(14,082)									1,983									—
Mining taxes and overseas withholding tax									17,528									17,006									10,207
Expired losses									1,455									1,129									738
Change in estimates in respect of prior years									(2,046)									(1,616)									(2,316)
Changes in recognition of deferred tax assets									1,086									3,550									4,074
Other									(1,455)									220									406
Total income and mining tax expense						$			(14,116)						$			43,203						$			35,439

Schedule of Deferred Tax Assets and Liabilities

The significant components of Deferred income tax assets and Deferred income tax liabilities were (in thousands):

			December 31,
			2021									2020
Deferred income tax assets
Deductible temporary differences relating to:
Marketable securities			$			634						$			—
Inventories						—									3,245
Reclamation liabilities						27,608									20,117
Lease liabilities						23,895									24,307
Deductibility of other taxes						9,299									10,770
Stock-based compensation						7,247									11,410
Other items						16,595									7,873
						85,278									77,722
Investment incentive tax credits (1)						46,354									168,447
Tax loss carryforwards						25,395									22,597
Less: Valuation allowance						(38,496)									(37,410)
Total deferred income tax assets			$			118,531						$			231,356
Deferred income tax liabilities
Taxable temporary differences relating to:
Marketable securities			$			(270)						$			(2,041)
Inventories						(17,768)									(47,484)
Mineral properties, plant and equipment						(365,793)									(566,922)
Convertible notes						(359)									(414)
Mineral tax						(38,452)									(39,575)
Foreign withholding tax						(17,080)									(32,875)
Other items						(9,096)									—
Total deferred income tax liabilities			$			(448,818)						$			(689,311)
Balance sheet presentation
Deferred income tax assets			$			8,501						$			15,072
Deferred income tax liabilities						(338,788)									(473,027)
Deferred income tax liabilities, net			$			(330,287)						$			(457,955)

(1)The Company receives investment incentive tax credits for qualifying capital expenditures at Çöpler. The application of these tax credits, which are denominated in Turkish Lira, reduced income and mining tax expense and cash tax payments for the year ended December 31, 2021 and are expected to offset future cash tax payments. Reviews of eligible expenditures for tax credits by local tax authorities occur periodically and can result in adjustments to the recognition of investment incentive tax credits.

Summary of Operating Loss Carryforwards

As of December 31, 2021, the Company had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. Losses expire at various dates and amounts between 2022 and 2041. There were no operating losses generated in Turkey.

			December 31, 2021									Expiration Year
Mexico			$			34,695						2022 - 2031
Canada			$			42,632						2040 - 2041
U.S.A.			$			7,797						Indefinite
Argentina			$			5,146						2026

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=121826272&loc=d3e32639-109319

+ 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://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=121826272&loc=d3e32537-109319

+ 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://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=121826272&loc=d3e32687-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ 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=121826272&loc=d3e32559-109319

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration