DEFERRED INCOME TAXES |
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| Income tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Income Taxes | n Deferred Income Taxes Recognition and Measurement We record deferred income tax assets and liabilities where temporary differences exist between the carrying amounts of assets and liabilities in our balance sheet and their tax bases. The measurement and recognition of deferred income tax assets and liabilities takes into account: substantively enacted rates that will apply when temporary differences reverse; interpretations of relevant tax legislation; estimates of the tax bases of assets and liabilities; and the deductibility of expenditures for income tax purposes. In addition, the measurement and recognition of deferred tax assets takes into account tax planning strategies. We recognize the effect of changes in our assessment of these estimates and factors when they occur. Changes in deferred income tax assets and liabilities are allocated between net income, other comprehensive income, equity and goodwill based on the source of the change. Current income taxes of $6 million have been provided in the year on the undistributed earnings of certain foreign subsidiaries. Our total income tax provision for these items as at December 31, 2025 is $6 million. Deferred income taxes have not been provided on the undistributed earnings of all other foreign subsidiaries for which we are able to control the timing of the remittance, and it is probable that there will be no remittance in the foreseeable future. These undistributed earnings amounted to $14,362 million as at December 31, 2025. Sources of Deferred Income Tax Assets and Liabilities
Expiry Dates of Tax Losses
1Represents the gross amount of tax loss carryforwards translated at closing exchange rates at December 31, 2025. The non-capital tax losses include $4,059 million of losses which are not recognized in deferred tax assets. Of these, $4 million expire in 2026, $122 million expire in 2027, $29 million expire in 2028, $3 million expire in 2029, $1,879 million expire in 2030 or later, and $2,022 million have no expiry date. Recognition of Deferred Tax Assets We recognize deferred tax assets taking into account the effects of local tax law. Deferred tax assets are fully recognized when we conclude that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors considered are: •Historic and expected future levels of taxable income; •Tax plans that affect whether tax assets can be realized; and •The nature, amount and expected timing of reversal of taxable temporary differences. Levels of future income are mainly affected by: market prices for gold, copper and silver; forecasted future costs and expenses to produce gold and copper; quantities of proven and probable gold and copper reserves; market interest rates; and foreign currency exchange rates. If these factors or other circumstances change, we record an adjustment to the recognition of deferred tax assets to reflect our latest assessment of the amount of deferred tax assets that is probable will be realized. Deferred Tax Assets Not Recognized
Deferred tax assets not recognized relate to: non-capital loss carryforwards of $1,043 million (2024: $1,059 million), capital loss carryforwards with no expiry date of $397 million (2024: $403 million), and other deductible temporary differences with no expiry date of $1,127 million (2024: $1,264 million).
1If reversed, the total amount of $8 million would be recognized as a benefit to income taxes on the income statement, and therefore would impact the reported effective tax rate.
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