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