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INCOME AND MINING TAXES
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
INCOME AND MINING TAXES INCOME AND MINING TAXES
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Income (loss) before income and mining tax and other items
$550  $20  $1,329  $295  
U.S. Federal statutory tax rate21 %$115  21 %$ 21 %$279  21 %$62  
Reconciling items:
Percentage depletion(3) (17) (20) (4) (2) (27) (6) (17) 
Change in valuation allowance on deferred tax assets(2) (11) (25) (5) (9) (120) 
(1)
 24  
Foreign rate differential 42  10   10  126  13  38  
Mining and other taxes 35  70  14   55  12  37  
Uncertain tax position reserve adjustment 15  70  14  (1) (9)  14  
Tax impact of foreign exchange (2)
(1) (8) (15) (3) (14) (187) (1) (3) 
Other(1) (7) (11) (2)  24  (3) (10) 
Income and mining tax expense (benefit)30 %$164  100 %$20  11 %$141  49 %$145  
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(1)Change in valuation allowance is due to a net release on marketable securities, capital losses and other capital assets associated with the sales of Kalgoorlie and Continental Gold, partially offset by increases associated with net operating losses, tax credits, and equity method investments.
(2)Tax impact of foreign exchange includes the following: (i) Mexican inflation on tax values, (ii) currency translation effects of local currency deferred tax assets and deferred tax liabilities, (iii) the tax impact of local currency foreign exchange gains or losses and (iv) non-taxable or non-deductible U.S. dollar currency foreign exchange gains or losses.