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REVENUE RECOGNITION: | 6 Months Ended
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Jun. 30, 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 $3,678.4 million in the six months ended June 30, 2018, compared to $3,113.8 million in the same period of 2017. The geographic breakdown of the Company’s sales is as follows (in millions):
|  | Three Months Ended June 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 328.1 |  | $ | 109.3 |  | $ | — |  | $ | (18.8 | ) | $ | 418.6 |
United States |  | 270.9 |  | 0.6 |  | 56.9 |  | — |  | 328.4 |
Peru |  | — |  | — |  | 106.5 |  | — |  | 106.5 |
Brazil |  | — |  | 9.7 |  | 64.4 |  | — |  | 74.1 |
Chile |  | — |  | — |  | 23.6 |  | — |  | 23.6 |
Other American countries |  | 13.8 |  | 1.6 |  | 0.2 |  | — |  | 15.6 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 116.7 |  | 17.8 |  | 30.6 |  | — |  | 165.1 |
Italy |  | 4.7 |  | 8.0 |  | 78.1 |  | — |  | 90.8 |
Spain |  | 44.2 |  | — |  | — |  | — |  | 44.2 |
Other European countries |  | 69.9 |  | 5.8 |  | 22.4 |  | — |  | 98.1 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 140.2 |  | — |  | 146.6 |  | — |  | 286.8 |
Japan |  | 29.1 |  | — |  | 104.0 |  | — |  | 133.1 |
Other Asian countries |  | 43.5 |  | 0.3 |  | 8.5 |  | — |  | 52.3 |
Total |  | $ | 1,061.1 |  | $ | 153.1 |  | $ | 641.8 |  | $ | (18.8 | ) | $ | 1,837.2 |
|  | Three Months Ended June 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 263.6 |  | $ | 87.5 |  | $ | 2.2 |  | $ | (17.6 | ) | $ | 335.7 |
United States |  | 194.1 |  | 11.9 |  | 36.4 |  | — |  | 242.4 |
Peru |  | — |  | 0.4 |  | 82.4 |  | — |  | 82.8 |
Brazil |  | — |  | 12.1 |  | 43.8 |  | — |  | 55.9 |
Chile |  | — |  | — |  | 18.1 |  | — |  | 18.1 |
Other American countries |  | 14.2 |  | 0.7 |  | 0.1 |  | — |  | 15.0 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 134.5 |  | 2.5 |  | 23.7 |  | — |  | 160.7 |
Italy |  | 8.5 |  | 3.4 |  | 66.7 |  | — |  | 78.6 |
Spain |  | 35.2 |  | — |  | — |  | — |  | 35.2 |
Other European countries |  | 77.1 |  | 6.4 |  | 17.5 |  | — |  | 101.0 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 114.0 |  | (0.1 | ) | 127.6 |  | — |  | 241.5 |
Japan |  | 8.1 |  | — |  | 93.1 |  | — |  | 101.2 |
Other Asian countries |  | 50.5 |  | 0.1 |  | 11.1 |  | — |  | 61.7 |
Total |  | $ | 899.8 |  | $ | 124.9 |  | $ | 522.7 |  | $ | (17.6 | ) | $ | 1,529.8 |
|  | Six Months Ended June 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 696.9 |  | $ | 220.7 |  | $ | — |  | $ | (38.4 | ) | $ | 879.2 |
United States |  | 519.3 |  | 5.5 |  | 98.4 |  | — |  | 623.2 |
Peru |  | — |  | — |  | 200.0 |  | — |  | 200.0 |
Brazil |  | — |  | 22.3 |  | 127.3 |  | — |  | 149.6 |
Chile |  | — |  | — |  | 59.6 |  | — |  | 59.6 |
Other American countries |  | 26.4 |  | 2.3 |  | 1.2 |  | — |  | 29.9 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 199.0 |  | 27.1 |  | 74.4 |  | — |  | 300.5 |
Italy |  | 13.1 |  | 13.5 |  | 160.3 |  | — |  | 186.9 |
Spain |  | 88.7 |  | — |  | — |  | — |  | 88.7 |
Other European countries |  | 121.7 |  | 10.5 |  | 48.1 |  | — |  | 180.3 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 284.1 |  | — |  | 279.0 |  | — |  | 563.1 |
Japan |  | 73.3 |  | — |  | 219.3 |  | — |  | 292.6 |
Other Asian countries |  | 107.2 |  | 0.5 |  | 17.1 |  | — |  | 124.8 |
Total |  | $ | 2,129.7 |  | $ | 302.4 |  | $ | 1,284.7 |  | $ | (38.4 | ) | $ | 3,678.4 |
|  | Six Months Ended June 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 564.1 |  | $ | 176.0 |  | $ | 2.2 |  | $ | (38.1 | ) | $ | 704.2 |
United States |  | 460.7 |  | 23.6 |  | 58.4 |  | — |  | 542.7 |
Peru |  | — |  | 0.8 |  | 169.9 |  | — |  | 170.7 |
Brazil |  | — |  | 24.0 |  | 89.3 |  | — |  | 113.3 |
Chile |  | — |  | — |  | 51.3 |  | — |  | 51.3 |
Other American countries |  | 31.1 |  | 1.7 |  | 6.3 |  | — |  | 39.1 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 225.7 |  | 5.8 |  | 26.1 |  | — |  | 257.6 |
Italy |  | 14.2 |  | 8.5 |  | 143.5 |  | — |  | 166.2 |
Spain |  | 65.4 |  | — |  | — |  | — |  | 65.4 |
Other European countries |  | 127.3 |  | 13.6 |  | 36.3 |  | — |  | 177.2 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 255.6 |  | 1.4 |  | 263.1 |  | — |  | 520.1 |
Japan |  | 34.6 |  | — |  | 182.1 |  | — |  | 216.7 |
Other Asian countries |  | 73.3 |  | 0.3 |  | 15.7 |  | — |  | 89.3 |
Total |  | $ | 1,852.0 |  | $ | 255.7 |  | $ | 1,044.2 |  | $ | (38.1 | ) | $ | 3,113.8 |
The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and six months ended June 30, 2018 and 2017 (in millions):
|  | Three Months Ended June 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 911.7 |  | $ | 15.9 |  | $ | 571.9 |  | $ | (11.0 | ) | $ | 1,488.5 |
Molybdenum |  | 73.9 |  | — |  | 30.6 |  | — |  | 104.5 |
Zinc |  | — |  | 94.8 |  | — |  | — |  | 94.8 |
Silver |  | 48.1 |  | 23.9 |  | 18.4 |  | (7.1 | ) | 83.3 |
Other |  | 27.4 |  | 18.5 |  | 20.9 |  | (0.7 | ) | 66.1 |
Total |  | $ | 1,061.1 |  | $ | 153.1 |  | $ | 641.8 |  | $ | (18.8 | ) | $ | 1,837.2 |
|  | Three Months Ended June 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 788.4 |  | $ | 8.0 |  | $ | 467.8 |  | $ | (8.1 | ) | $ | 1,256.1 |
Molybdenum |  | 42.7 |  | — |  | 24.4 |  | — |  | 67.1 |
Zinc |  | — |  | 76.4 |  | — |  | 0.3 |  | 76.7 |
Silver |  | 42.9 |  | 20.2 |  | 19.9 |  | (7.5 | ) | 75.5 |
Other |  | 25.8 |  | 20.3 |  | 10.6 |  | (2.3 | ) | 54.4 |
Total |  | $ | 899.8 |  | $ | 124.9 |  | $ | 522.7 |  | $ | (17.6 | ) | $ | 1,529.8 |
|  | Six Months Ended June 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 1,821.1 |  | $ | 27.1 |  | $ | 1,135.9 |  | $ | (22.2 | ) | $ | 2,961.9 |
Molybdenum |  | 164.9 |  | — |  | 75.9 |  | — |  | 240.8 |
Zinc |  | — |  | 189.8 |  | — |  | (0.1 | ) | 189.7 |
Silver |  | 90.7 |  | 44.5 |  | 33.8 |  | (14.6 | ) | 154.4 |
Other |  | 53.0 |  | 41.0 |  | 39.1 |  | (1.5 | ) | 131.6 |
Total |  | $ | 2,129.7 |  | $ | 302.4 |  | $ | 1,284.7 |  | $ | (38.4 | ) | $ | 3,678.4 |
|  | Six Months Ended June 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 1,616.6 |  | $ | 18.9 |  | $ | 925.4 |  | $ | (19.0 | ) | $ | 2,541.9 |
Molybdenum |  | 96.6 |  | — |  | 63.3 |  | — |  | 159.9 |
Zinc |  | — |  | 155.7 |  | — |  | — |  | 155.7 |
Silver |  | 90.4 |  | 39.9 |  | 33.9 |  | (14.9 | ) | 149.3 |
Other |  | 48.4 |  | 41.2 |  | 21.6 |  | (4.2 | ) | 107.0 |
Total |  | $ | 1,852.0 |  | $ | 255.7 |  | $ | 1,044.2 |  | $ | (38.1 | ) | $ | 3,113.8 |
The following table presents information regarding the opening and closing balances of receivables by reporting segment of the Company for the six months ended June 30, 2018 (in millions):
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
As of June 30, 2018: |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | $ | 503.3 |  | $ | 62.9 |  | $ | 247.0 |  | $ | — |  | $ | 813.2 |
Related parties |  | 67.4 |  | — |  | — |  | 8.8 |  | 76.2 |
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 June 30, 2018, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the June 30, 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 June 30, 2018:
|  | Sales volume (million lbs.) |  | Priced at (per pound) |  | Month of settlement |
Copper |  | 31.3 |  | $ | 2.96 |  | July through September 2018 |
Molybdenum |  | 10.0 |  | $ | 10.60 |  | July through September 2018 |
The provisional sales price adjustment included in accounts receivable and net sales at June 30, 2018 includes negative adjustments of $2.1 million and $13.8 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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