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INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022									2021									2020
Income before income and mining taxes components:
United States			$			75,762						$			138,230						$			119,654
Canada						(21,831)									26,752									26,207
Türkiye						108,373									186,971									41,385
Other Foreign						78,531									62,805									14,545
Total income before incomes taxes			$			240,835						$			414,758						$			201,791

			Years Ended December 31,
			2022									2021									2020
Current income tax provision:
United States			$			15,149						$			15,603						$			13,945
Canada						33,408									27,672									5,720
Türkiye						23,515									49,851									1,805
Other Foreign						25,928									23,328									1,074
Total current income tax provision						98,000									116,454									22,544
Deferred income tax provision (benefit):
United States						7,092									13,288									8,265
Canada						(4,183)									(230)									765
Türkiye						(57,227)									(131,456)									19,205
Other foreign						(13,614)									(12,172)									(7,576)
Total deferred income tax provision (benefit)						(67,932)									(130,570)									20,659
Total income tax provision (benefit)			$			30,068						$			(14,116)						$			43,203

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,
			2022									2021									2020
Income before income and mining taxes components:
United States			$			75,762						$			138,230						$			119,654
Canada						(21,831)									26,752									26,207
Türkiye						108,373									186,971									41,385
Other Foreign						78,531									62,805									14,545
Total income before incomes taxes			$			240,835						$			414,758						$			201,791

			Years Ended December 31,
			2022									2021									2020
Current income tax provision:
United States			$			15,149						$			15,603						$			13,945
Canada						33,408									27,672									5,720
Türkiye						23,515									49,851									1,805
Other Foreign						25,928									23,328									1,074
Total current income tax provision						98,000									116,454									22,544
Deferred income tax provision (benefit):
United States						7,092									13,288									8,265
Canada						(4,183)									(230)									765
Türkiye						(57,227)									(131,456)									19,205
Other foreign						(13,614)									(12,172)									(7,576)
Total deferred income tax provision (benefit)						(67,932)									(130,570)									20,659
Total income tax provision (benefit)			$			30,068						$			(14,116)						$			43,203

Schedule of Effective Income Tax Rate Reconciliation

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

						Years Ended December 31,
						2022									2021									2020
Income before income and mining taxes						$			240,835						$			414,758						$			201,791
Statutory tax rate									27		%							27		%							27		%
Expected income and mining tax expense									65,025									111,985									54,484
Increase (decrease) attributable to:
Non-taxable items									(11,358)									(4,379)									(22,236)
Foreign exchange and inflation									(20,531)									(124,946)									(676)
Differences in foreign and future tax rates									(13,248)									738									(10,641)
Investment incentive tax credits									(10,126)									(14,082)									1,983
Mining taxes and overseas withholding tax									38,251									17,528									17,006
Impact of gain on acquisition of Kartaltepe									(18,826)									—									—
Change in estimates in respect of prior years									(3,630)									(2,046)									(1,616)
Changes in recognition of deferred tax assets									2,602									1,086									3,550
Other									1,909									—									1,349
Total income and mining tax expense						$			30,068						$			(14,116)						$			43,203

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,
			2022									2021
Deferred income tax assets
Deductible temporary differences relating to:
Marketable securities			$			2,397						$			634
Reclamation liabilities						31,080									27,608
Lease liabilities						28,730									23,895
Deductibility of other taxes						10,224									9,299
Stock-based compensation						2,931									7,247
Other items						13,286									16,595
						88,648									85,278
Investment incentive tax credits (1)						18,772									46,354
Tax loss carryforwards						43,384									25,395
Less: Valuation allowance						(61,101)									(38,496)
Total deferred income tax assets			$			89,703						$			118,531
Deferred income tax liabilities
Taxable temporary differences relating to:
Marketable securities			$			—						$			(270)
Inventories						(49,004)									(17,768)
Mineral properties, plant and equipment						(332,886)									(365,793)
Convertible notes						(95)									(359)
Mineral tax						(41,803)									(38,452)
Foreign withholding tax						—									(17,080)
Other items						(6,401)									(9,096)
Total deferred income tax liabilities			$			(430,189)						$			(448,818)
Balance sheet presentation
Deferred income tax assets			$			1,915						$			8,501
Deferred income tax liabilities						(342,401)									(338,788)
Deferred income tax liabilities, net			$			(340,486)						$			(330,287)

(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, 2022 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, 2022, the Company had the following estimated tax operating and capital losses (in thousands) 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 have a valuation allowance against. Losses expire at various dates and amounts between 2023 and 2042.

			December 31, 2022									Expiration Year
Mexico			$			511						2023-2032
Canada			$			179,935						2040-2042
U.S.A.			$			7,382						2023-Indefinite
Argentina			$			5,692						2026-2027
Türkiye			$			7,621						2026-2027
Peru			$			263						Indefinite

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows during the years ended December 31 (in thousands):

						2022									2021
Balance as of January 1						$			—						$			—
Increase associated with tax positions taken during the current year									—									—
Increase (decrease) associated with tax positions taken during a prior year (1)									9,200									—
Settlements									(626)									—
Decrease associated with lapses in statutes of limitation									—									—
Balance as of December 31						$			8,574						$			—

(1) Of the gross unrecognized tax benefits, $8.6 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of December, 31, 2022.

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