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INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

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

			Year Ended December 31,
			2023									2022									2021
Income (loss) before income and mining taxes components:
United States			$			181,926						$			75,762						$			138,230
Canada						(76,407)									(21,831)									26,752
Türkiye						(319,775)									108,373									186,971
Argentina						13,733									2,662									77,562
Other Foreign						(1,885)									75,869									(14,757)
Total income (loss) before income and mining taxes			$			(202,408)						$			240,835						$			414,758

			Year Ended December 31,
			2023									2022									2021
Current income tax provision:
United States			$			27,322						$			15,149						$			15,603
Canada						9,738									33,408									27,672
Türkiye						4,390									23,515									49,851
Argentina						8,925									1,801									8,989
Other foreign						3,257									24,127									14,339
Total current income tax provision						53,632									98,000									116,454
Deferred income tax provision (benefit):
United States						1,373									7,092									13,288
Canada						(4,681)									(4,183)									(230)
Türkiye						(120,950)									(57,227)									(131,456)
Argentina						(11,958)									3,350									3,569
Other foreign						50									(16,964)									(15,741)
Total deferred income tax provision (benefit)						(136,166)									(67,932)									(130,570)
Total income tax provision (benefit)			$			(82,534)						$			30,068						$			(14,116)

Schedule of Components of Income Tax Expense (Benefit)

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

			Year Ended December 31,
			2023									2022									2021
Income (loss) before income and mining taxes components:
United States			$			181,926						$			75,762						$			138,230
Canada						(76,407)									(21,831)									26,752
Türkiye						(319,775)									108,373									186,971
Argentina						13,733									2,662									77,562
Other Foreign						(1,885)									75,869									(14,757)
Total income (loss) before income and mining taxes			$			(202,408)						$			240,835						$			414,758

			Year Ended December 31,
			2023									2022									2021
Current income tax provision:
United States			$			27,322						$			15,149						$			15,603
Canada						9,738									33,408									27,672
Türkiye						4,390									23,515									49,851
Argentina						8,925									1,801									8,989
Other foreign						3,257									24,127									14,339
Total current income tax provision						53,632									98,000									116,454
Deferred income tax provision (benefit):
United States						1,373									7,092									13,288
Canada						(4,681)									(4,183)									(230)
Türkiye						(120,950)									(57,227)									(131,456)
Argentina						(11,958)									3,350									3,569
Other foreign						50									(16,964)									(15,741)
Total deferred income tax provision (benefit)						(136,166)									(67,932)									(130,570)
Total income tax provision (benefit)			$			(82,534)						$			30,068						$			(14,116)

Schedule of Effective Income Tax Rate Reconciliation

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

						Year Ended December 31,
						2023									2022									2021
Income (loss) before income and mining taxes						$			(202,408)						$			240,835						$			414,758
Statutory tax rate									27		%							27		%							27		%
Expected income and mining tax expense (benefit)									(54,650)									65,025									111,985
Increase (decrease) attributable to:
Non-taxable items									(26,345)									(11,358)									(4,379)
Foreign exchange and inflation									(55,850)									(20,531)									(124,946)
Tax rate increase									68,917									—									—
Differences in foreign and future tax rates									(4,219)									(13,248)									738
Investment incentive tax credits									(22,760)									(10,126)									(14,082)
Mining taxes and overseas withholding tax									5,546									38,251									17,528
Impact of gain on acquisition of Kartaltepe									—									(18,826)									—
Change in estimates in respect of prior years									1,742									(3,630)									(2,046)
Changes in valuation allowance									4,748									2,602									1,086
Other									337									1,909									—
Total income and mining tax expense (benefit)						$			(82,534)						$			30,068						$			(14,116)

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,
			2023									2022
Deferred income tax assets
Deductible temporary differences relating to:
Marketable securities			$			1,147						$			2,397
Reclamation liabilities						40,118									31,080
Lease liabilities						26,618									28,730
Deductibility of other taxes						10,311									10,224
Stock-based compensation						2,030									2,931
Other items						19,627									13,286
						99,851									88,648
Investment incentive tax credits (1)						17,912									18,772
Tax loss carryforwards						53,164									43,384
Less: Valuation allowance						(74,640)									(61,101)
Total deferred income tax assets			$			96,287						$			89,703
Deferred income tax liabilities
Taxable temporary differences relating to:
Marketable securities			$			(1,137)						$			—
Inventories						(16,969)									(49,004)
Mineral properties, plant and equipment						(380,348)									(332,886)
Convertible notes						—									(95)
Mineral tax						(38,969)									(41,803)
Other items						(409)									(6,401)
Total deferred income tax liabilities			$			(437,832)						$			(430,189)
Balance sheet presentation
Deferred income tax assets			$			22,307						$			1,915
Deferred income tax liabilities						(363,852)									(342,401)
Deferred income tax liabilities, net			$			(341,545)						$			(340,486)

(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, 2023 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, 2023, 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 2024 and 2043.

			December 31, 2023									Expiration Year
Canada			$			173,384						2040-2043
U.S.A.			$			2,912						2024-Indefinite
Türkiye			$			40,990						2026-2027

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):

						2023									2022
Balance as of January 1						$			8,574						$			—
Increase associated with tax positions taken during the current year									—									—
Increase (decrease) associated with tax positions taken during a prior year (1)									(7,218)									9,200
Tax Payments									(1,356)									(626)
Decrease associated with lapses in statutes of limitation									—									—
Balance as of December 31						$			—						$			8,574

(1) Of the gross unrecognized tax benefits, $0.0 million were recognized as current liabilities in Consolidated Balance Sheet as of December 31, 2023.

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