INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Components of income before income taxes

For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):

	Year Ended		Six Months Ended		Fiscal Years Ended
	December 31,		December 31,		June 30,		June 30,
	2022		2021		2021		2020
United States	$	86,321	$	68,239	$	130,175	$	35,446
Foreign		186,547		100,597		209,468		157,150
	$	272,868	$	168,836	$	339,643	$	192,596

Components of income tax expense (benefit)

Our Income tax expense (benefit) consisted of (amounts in thousands):

	Year Ended		Six Months Ended		Fiscal Years Ended
	December 31,		December 31,		June 30,		June 30,
	2022		2021		2021		2020
Current:
Federal	$	29,228	$	19,285	$	38,146	$	18,320
State		467		(503)		867		347
Foreign		23,067		8,716		(2,602)		10,078
	$	52,762	$	27,498	$	36,411	$	28,745
Deferred and others:
Federal	$	(957)	$	104	$	376	$	(1,047)
State		(18)		2		(2)		(19)
Foreign		(18,861)		2,404		82		(31,333)
	$	(19,836)	$	2,510	$	456	$	(32,399)
Total income tax expense (benefit)	$	32,926	$	30,008	$	36,867	$	(3,654)

Schedule of income tax expense (benefit) and effective tax rate

The provision for income taxes for the year ended December 31, 2022, six months ended December 31, 2021, and fiscal years ended June 30, 2021, and 2020 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):

	Year Ended		Six Months Ended		Fiscal Years Ended
	December 31,		December 31,		June 30,		June 30,
	2022		2021		2021		2020
Total expense (benefit) computed by applying federal rates	$	57,303	$	35,456	$	71,325	$	40,445
State and provincial income taxes, net of federal benefit		545		518		874		304
Excess depletion		(1,907)		(1,363)		(1,812)		(1,291)
Estimates for uncertain tax positions		—		(910)		(26,179)		(11,146)
Statutory tax attributable to non-controlling interest		(363)		(219)		(72)		654
Effect of foreign earnings		(8,846)		(3,896)		(7,659)		(8,249)
Unrealized foreign exchange gains		853		54		(616)		(286)
Effects of Swiss income tax reform		—		—		—		(72,669)
Rate adjustment		—		1,694		—		—
Changes in estimates		119		(2,614)		(858)		24
Valuation allowance		(15,877)		833		1,284		47,840
Other		1,099		455		580		720
Total income tax expense (benefit)	$	32,926	$	30,008	$	36,867	$	(3,654)

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2022 and 2021 are as follows (amounts in thousands):

	December 31,		December 31,
	2022		2021
Deferred tax assets:
Stock-based compensation	$	1,846	$	1,490
Net operating losses		3,184		168
Foreign tax credits		33,301		28,148
Amortizable tax goodwill		52,783		57,926
Other		4,575		4,175
Total deferred tax assets		95,689		91,907
Valuation allowance		(46,844)		(62,721)
Net deferred tax assets	$	48,845	$	29,186
Deferred tax liabilities:
Mineral property basis	$	(124,373)	$	(70,922)
Unrealized foreign exchange gains		(582)		(582)
Other		(143)		(199)
Total deferred tax liabilities		(125,098)		(71,703)
Total net deferred taxes	$	(76,253)	$	(42,517)

Reconciliation of beginning and ending amount of gross unrecognized tax benefit

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the year ended December 31, 2022, six months ended December 31, 2021, and fiscal years ended June 30, 2021 and 2020 is as follows (amounts in thousands):

	Year Ended		Six Months Ended		Fiscal Years Ended
	December 31,		December 31,		June 30,		June 30,
	2022		2021		2021		2020
Total gross unrecognized tax benefits at beginning of year	$	—	$	652	$	25,389	$	36,547
Additions / Reductions for tax positions of current year		—		—		—		537
Additions / Reductions for tax positions of prior years		—		(60)		(812)		(694)
Reductions due to settlements with taxing authorities		—		(592)		(23,925)		(11,001)
Total amount of gross unrecognized tax benefits at end of year	$	—	$	—	$	652	$	25,389