v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Schedule of Income (Loss) Before Income Taxes
December 31,
(US$ thousands)
2025
2024
2023
U.S.
$
(31,293)
$
7,843
$
334,373
Non-U.S.
(413,122)
(157,033)
(210,559)
Total
$
(444,415)
$
(149,190)
$
123,814
Schedule of Income Tax Expense
December 31,
(US$ thousands)
2025
2024
2023
Current:
U.S. federal
$
1,635
$
(867)
$
(6,303)
Non-U.S.
(166)
720
(2,715)
State
448
(636)
(1,895)
Total
current
1,917
(783)
(10,913)
Deferred:
U.S. federal
(12,156)
(61,977)
28,943
Non-U.S.
(551)
23,706
(45,976)
State
(1,569)
(1,255)
(4,305)
Total
deferred
(14,276)
(39,526)
(21,338)
Total
income tax benefit
$
(12,359)
$
(40,309)
$
(32,251)
Reconciliation of Income Tax Expense (Benefit)
December 31,
(US$ thousands)
2025
U.S. federal statutory tax rate
$
(93,327)
21.0%
State and local income tax, net of federal (national) income
tax effect
(1)
(864)
0.2%
Foreign tax effects
Australia
Statutory tax rate difference between Australia and
United States
(37,070)
8.4%
Valuation allowance
109,438
(
24.6
%)
Foreign exchange permanent differences
14,992
(
3.4
%)
Other
(1,580)
0.4%
Effects of cross-border tax laws
U.S. impact of branch income at
3.4
%
(85,469)
19.2%
Changes in valuation allowance
81,640
(
18.4
%)
Non-taxable or non-deductible items
(1,765)
0.3%
Changes in unrecognized tax benefits
1,906
(
0.4
%)
Other adjustments
(260)
0.1%
Total
income tax benefit
$
(12,359)
2.8%
Effective tax rate
2.8%
December 31,
(US$ thousands)
2024
2023
Current:
Expected income tax expense at U.S. federal statutory rate
$
(31,330)
$
26,001
Percentage depletion
(3,407)
(17,871)
FDII deduction
—
(7,796)
Permanent differences
(1,130)
2,176
Prior period tax return adjustments and amendments
(1,347)
(46,060)
Uncertain tax positions
(1,007)
21,243
U.S. and residual tax on foreign earnings
(32,007)
(11,146)
Australian branch impact on US taxes
29,924
(3,406)
State income taxes, net of federal benefit
(5)
4,608
Total
income tax benefit
$
(40,309)
$
(32,251)
Effective tax rate
27%
(
26.0
%)
Schedule of Deferred Taxes
December 31,
(US$ thousands)
2025
2024
Deferred income tax assets:
Accruals and provisions
$
54,488
$
40,594
Contract obligations
91,754
90,849
Lease obligations
47,327
43,633
Asset retirement obligation
56,845
59,981
Goodwill
6,510
6,047
Tax
losses
331,732
115,695
Interest limitation carried forward
74,788
26,943
Other
12,158
31,228
Gross deferred income tax assets
675,602
414,970
Valuation allowance
(1)
(316,489)
(114,088)
Total
deferred income tax assets, net of valuation allowance
359,113
300,882
Deferred income tax liabilities:
Property, plant, equipment
and mine development, principally due to
differences in depreciation, depletion and asset
impairments
(313,866)
(277,424)
Warehouse stock
(18,053)
(12,209)
Right of use asset
(44,085)
(41,947)
U.S. liability on foreign deferred taxes
—
—
Other
(6,358)
(6,039)
Total
deferred income tax liabilities
(382,362)
(337,619)
Net deferred income tax liability
$
(23,249)
$
(36,737)
(1)
As of
December 31,
2025, the
Company recorded a
valuation allowance
of $
316.5
million (2024:
$
114.1
million)
against deferred tax
assets consisting predominantly of
tax losses, land
and goodwill. A
valuation allowance must
be established for deferred
tax assets if it is “more
-likely-than-not” that they will
not be realized. The
increase in
the valuation
allowance of
$
202.4
million for
the year
was predominantly
driven by
tax losses
incurred in
2025
which have
not been
recognized.
Under Australian
tax law,
tax losses
may be
carried forward
indefinitely and
utilized
subject
to
meeting
the
tax
loss
recoupment
rules,
which
broadly
look
at
whether
the
Company
has
maintained the
same majority
ownership and
control, and
failing that,
whether the
Company has
maintained a
similar business.
In the
United
States,
tax
losses
may
be carried
forward
indefinitely
but
can
only
be
used
to
shelter 80% of future taxable income in any year
.
Schedule of Uncertain Tax Positions
December 31,
(US$ Thousands)
2025
2024
At beginning of the year
$
18,897
$
20,784
Additions based on tax positions related to current year
—
122
Additions for tax positions of prior years
992
2,342
Reductions for tax positions of prior year (including impacts
due to lapse
in statute)
(586)
(4,351)
At end of the year
19,303
18,897