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REVENUE RECOGNITION: | 3 Months Ended
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Mar. 31, 2018
REVENUE RECOGNITION: |
REVENUE RECOGNITION: | NOTE 5 —REVENUE RECOGNITION: On January 1, 2018, the Company adopted FASB Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Upon adoption by the Company, no cumulative effect adjustment was required to be recognized, as the adoption of the standard has not resulted in a change to the way the Company recognizes its revenue. The Company’s net sales were $1,841.1 million in the three months ended March 31, 2018, compared to $1,583.9 million in the same period of 2017. The geographic breakdown of the Company’s sales is as follows (in millions):
|  | Three Months Ended March 31, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 368.8 |  | $ | 111.3 |  | $ | — |  | $ | (19.6 | ) | $ | 460.5 |
United States |  | 248.4 |  | 5.0 |  | 41.5 |  | — |  | 294.9 |
Peru |  | — |  | — |  | 93.5 |  | — |  | 93.5 |
Brazil |  | — |  | 12.6 |  | 62.9 |  | — |  | 75.5 |
Chile |  | — |  | — |  | 36.0 |  | — |  | 36.0 |
Other American countries |  | 12.6 |  | 0.8 |  | 1.0 |  | — |  | 14.4 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 82.3 |  | 9.2 |  | 43.8 |  | — |  | 135.3 |
Italy |  | 8.3 |  | 5.5 |  | 82.2 |  | — |  | 96.0 |
Spain |  | 44.5 |  | — |  | — |  | — |  | 44.5 |
Other European countries |  | 51.8 |  | 4.6 |  | 25.7 |  | — |  | 82.1 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 143.9 |  | — |  | 132.5 |  | — |  | 276.4 |
Japan |  | 44.2 |  | — |  | 115.2 |  | — |  | 159.4 |
Other Asian countries |  | 63.8 |  | 0.2 |  | 8.6 |  | — |  | 72.6 |
Total |  | $ | 1,068.6 |  | $ | 149.2 |  | $ | 642.9 |  | $ | (19.6 | ) | $ | 1,841.1 |
|  | Three Months Ended March 31, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 300.5 |  | $ | 88.5 |  | $ | — |  | $ | (20.6 | ) | $ | 368.4 |
United States |  | 266.6 |  | 11.7 |  | 22.1 |  | — |  | 300.4 |
Peru |  | — |  | 0.5 |  | 87.4 |  | — |  | 87.9 |
Brazil |  | — |  | 11.9 |  | 45.5 |  | — |  | 57.4 |
Chile |  | — |  | — |  | 33.2 |  | — |  | 33.2 |
Other American countries |  | 16.8 |  | 1.0 |  | 6.2 |  | — |  | 24.0 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 91.3 |  | 3.3 |  | 2.5 |  | — |  | 97.1 |
Italy |  | 5.8 |  | 5.1 |  | 76.7 |  | — |  | 87.6 |
Spain |  | 30.2 |  | — |  | — |  | — |  | 30.2 |
Other European countries |  | 50.2 |  | 7.2 |  | 18.7 |  | — |  | 76.1 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 141.6 |  | 1.5 |  | 135.5 |  | — |  | 278.6 |
Japan |  | 26.4 |  | — |  | 89.1 |  | — |  | 115.5 |
Other Asian countries |  | 22.8 |  | 0.1 |  | 4.6 |  | — |  | 27.5 |
Total |  | $ | 952.2 |  | $ | 130.8 |  | $ | 521.5 |  | $ | (20.6 | ) | $ | 1,583.9 |
The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three months ended March 31, 2018 and 2017 (in millions):
|  | Three Months Ended March 31, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 909.4 |  | $ | 11.2 |  | $ | 564.0 |  | $ | (11.2 | ) | $ | 1,473.4 |
Molybdenum |  | 91.0 |  | — |  | 45.3 |  | — |  | 136.3 |
Zinc |  | — |  | 95.0 |  | — |  | (0.1 | ) | 94.9 |
Silver |  | 42.6 |  | 20.6 |  | 15.4 |  | (7.5 | ) | 71.1 |
Other |  | 25.6 |  | 22.4 |  | 18.2 |  | (0.8 | ) | 65.4 |
Total |  | $ | 1,068.6 |  | $ | 149.2 |  | $ | 642.9 |  | $ | (19.6 | ) | $ | 1,841.1 |
|  | Three Months Ended March 31, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 828.2 |  | $ | 10.9 |  | $ | 457.6 |  | $ | (10.9 | ) | $ | 1,285.8 |
Molybdenum |  | 53.9 |  | — |  | 38.9 |  | — |  | 92.8 |
Zinc |  | — |  | 79.3 |  | — |  | (0.3 | ) | 79.0 |
Silver |  | 47.5 |  | 19.7 |  | 14.0 |  | (7.4 | ) | 73.8 |
Other |  | 22.6 |  | 20.9 |  | 11.0 |  | (2.0 | ) | 52.5 |
Total |  | $ | 952.2 |  | $ | 130.8 |  | $ | 521.5 |  | $ | (20.6 | ) | $ | 1,583.9 |
The following table presents information regarding the opening and closing balances of receivables by reporting segment of the Company for the three months ended March 31, 2018 (in millions):
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
As of March 31, 2018: |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | $ | 539.7 |  | $ | 71.7 |  | $ | 262.5 |  | $ | — |  | $ | 873.9 |
Related parties |  | 58.1 |  | — |  | — |  | $ | 8.0 |  | $ | 66.1 |
As of December 31, 2017: |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | $ | 556.2 |  | $ | 79.7 |  | $ | 254.7 |  | $ | — |  | $ | 890.6 |
Related parties |  | 18.0 |  | — |  | — |  | 8.1 |  | 26.1 |
Provisionally priced sales: At March 31, 2018, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 2018 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement. Following are the provisionally priced copper and molybdenum sales outstanding at March 31, 2018:
|  | Sales volume (million lbs.) |  | Priced at (per pound) |  | Month of settlement |
Copper |  | 45.5 |  | $ | 3.02 |  | From April 2018 to June 2018 |
Molybdenum |  | 9.4 |  | $ | 12.63 |  | From April 2018 to June 2018 |
The provisional sales price adjustment included in accounts receivable and net sales at March, 31, 2018 includes positive adjustments of $0.1 million and $6.4 million for copper and molybdenum, respectively. Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References No definition available. + Details
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