INCOME TAXES: (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES:

Components of the provision for income taxes

(in millions)	2024		2023		2022
U.S. federal and state:
Current	$	(4.8)	$	4.6	$	0.1
Deferred		—		—		—
Uncertain tax positions		(0.6)		0.6		—
		(5.4)		5.2		0.1
Foreign (Peru and Mexico):
Current		1,985.8		1,491.0		1,443.1
Deferred		(52.2)		(59.1)		118.6
Uncertain tax positions		47.1		81.8		34.3
		1,980.7		1,513.7		1,596.0
Total provision for income taxes	$	1,975.3	$	1,518.9	$	1,596.1

Schedule of source of income

(in millions)	2024		2023		2022
Earnings by location:
U.S.	$	31.5	$	23.3	$	0.5
Foreign
Peru		1,796.4		1,151.3		1,167.8
Mexico		3,529.5		2,781.2		3,079.5
		5,325.9		3,932.5		4,247.3
Earnings before taxes on income	$	5,357.4	$	3,955.8	$	4,247.8

Reconciliation of the statutory income tax rate to the effective tax rate

The reconciliation of the statutory income tax rate to the effective tax rate for the three years ended December 31, 2024, is as follows (in percentage points):

	2024		2023		2022
Expected tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax at other than statutory rate, net of foreign tax credit benefit (1)	13.9		15.3		14.7
Percentage depletion	(2.1)		(2.4)		(2.1)
Other permanent differences	(0.4)		(0.3)		(0.1)
Additional valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect on Peruvian deferred taxes	4.5		6.3		5.5
Increase (decrease) in unrecognized tax benefits for uncertain tax positions	1.2		1.9		1.5
Amounts (over) / under provided in prior years	0.5		(0.4)		(1.7)
Other	(1.7)		(3.0)		(1.2)
Effective income tax rate	36.9	%	38.4	%	37.6	%

(1) Foreign tax at other than statutory rates, net of foreign tax credit benefit, also includes the effects of permanent differences in Peru and Mexico, that are determined at the local statutory rate.

Schedule of deferred tax assets and liabilities

	At December 31,
(in millions)	2024		2023
Assets:
Inventories	$	57.2	$	52.4
Capitalized exploration expenses		19.2		15.6
U.S. foreign tax credit carryforward, net of Uncertain Tax Positions		2,171.3		1,904.1
U.S. tax effect of Peruvian deferred tax liability		85.7		83.5
U.S. tax effect of Peruvian Uncertain Tax Positions		59.6		69.6
Reserves		284.3		315.4
Deferred workers participation		12.2		12.2
Accrued salaries, wages and vacations		8.4		7.7
Sales price adjustment (PUI)		4.2		(0.3)
Deferred charges		106.8		—
Valuation allowance on U.S. deferred tax assets, foreign tax credits and U.S. tax effect of Peruvian deferreds		(2,545.9)		(2,301.7)
Accrued royalty and special mining tax		14.1		29.6
Other		11.3		16.5
Total deferred tax assets		288.4		204.6
	At December 31,
(in millions)	2024		2023
Liabilities:
Property, plant and equipment		(92.0)		(68.1)
Social responsibility expenses		(10.3)		(9.7)
Deferred charges		—		(2.9)
Total deferred tax liabilities		(102.3)		(80.7)
Total net deferred tax (liabilities) / assets	$	186.1	$	123.9

Summary of expiry of foreign tax credits

Year	Amount
2025		146.7
2026		110.3
2027		-
2028		171.8
2029		234.5
2030		263.3
2031		582.3
2032		161.2
2033		244.0
2034		284.3
Total	$	2,198.4

Schedule of amount of recognized tax benefits

The total amount of unrecognized tax benefits in 2024, 2023 and 2022, was as follows (in millions):

	2024		2023		2022
Unrecognized tax benefits, opening balance	$	111.0	$	56.0	$	—
Gross decreases—tax positions in prior period		—		—		—
Gross increases—tax positions in prior period		23.7		50.2		104.2
Gross increases—current-period tax positions		12.9		8.6		—
Gross decreases—current-period tax positions		—		—		(10.7)
Decreases related to settlements with taxing authorities		(62.9)		(15.7)		(37.5)
Lapse in statute of Limitations		12.3		10.8		—
Foreign Currency Effects		(4.3)		1.1		—
		(18.3)		55.0		56.0
Unrecognized tax benefits, ending balance	$	92.7	$	111.0	$	56.0

Summary of tax years remaining open to examination and adjustment in major tax jurisdictions

Peru:	2019 and all subsequent years
U.S.:	2021 and all subsequent years
Mexico:	2019 and all subsequent years