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REVENUE RECOGNITION: | 9 Months Ended
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Sep. 30, 2018
REVENUE RECOGNITION: |
REVENUE RECOGNITION: | NOTE 5 — REVENUE RECOGNITION: The Company’s net sales were $5,402.1 million in the nine months ended September 30, 2018, compared to $4,790.2 million in the same period of 2017. The geographic breakdown of the Company’s sales is as follows (in millions):
|  | Three Months Ended September 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 329.3 |  | $ | 86.4 |  | $ | — |  | $ | (17.2 | ) | $ | 398.5 |
United States |  | 263.1 |  | 0.5 |  | 40.8 |  | — |  | 304.4 |
Peru |  | — |  | — |  | 92.6 |  | — |  | 92.6 |
Brazil |  | — |  | 6.6 |  | 55.9 |  | — |  | 62.5 |
Chile |  | — |  | — |  | 42.4 |  | — |  | 42.4 |
Other American countries |  | 15.2 |  | 0.5 |  | — |  | — |  | 15.7 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 141.4 |  | 6.8 |  | 31.4 |  | — |  | 179.6 |
Italy |  | 5.1 |  | 3.4 |  | 64.3 |  | — |  | 72.8 |
Spain |  | 42.0 |  | — |  | — |  | — |  | 42.0 |
Other European countries |  | 74.0 |  | 2.9 |  | 24.3 |  | — |  | 101.2 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 104.9 |  | — |  | 164.1 |  | — |  | 269.0 |
Japan |  | (4.7 | ) | — |  | 114.0 |  | — |  | 109.3 |
Other Asian countries |  | 24.8 |  | 0.2 |  | 8.7 |  | — |  | 33.7 |
Total |  | $ | 995.1 |  | $ | 107.3 |  | $ | 638.5 |  | $ | (17.2 | ) | $ | 1,723.7 |
|  | Three Months Ended September 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 332.9 |  | $ | 77.2 |  | $ | 2.8 |  | $ | (16.0 | ) | $ | 396.9 |
United States |  | 272.3 |  | 10.1 |  | 47.5 |  | — |  | 329.9 |
Peru |  | — |  | — |  | 94.5 |  | — |  | 94.5 |
Brazil |  | — |  | 5.7 |  | 52.8 |  | — |  | 58.5 |
Chile |  | — |  | — |  | 26.5 |  | — |  | 26.5 |
Other American countries |  | 19.4 |  | 0.7 |  | 6.6 |  | — |  | 26.7 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 91.1 |  | 1.8 |  | 29.0 |  | — |  | 121.9 |
Italy |  | 7.9 |  | 3.7 |  | 62.3 |  | — |  | 73.9 |
Spain |  | 34.8 |  | — |  | — |  | — |  | 34.8 |
Other European countries |  | 35.1 |  | 4.2 |  | 19.4 |  | — |  | 58.7 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 172.1 |  | — |  | 115.4 |  | — |  | 287.5 |
Japan |  | 35.5 |  | — |  | 98.9 |  | — |  | 134.4 |
Other Asian countries |  | 22.2 |  | 0.1 |  | 10.0 |  | — |  | 32.3 |
Total |  | $ | 1,023.3 |  | $ | 103.5 |  | $ | 565.7 |  | $ | (16.0 | ) | $ | 1,676.5 |
|  | Nine Months Ended September 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 1,026.2 |  | $ | 307.0 |  | $ | — |  | $ | (55.6 | ) | $ | 1,277.6 |
United States |  | 782.4 |  | 6.1 |  | 139.1 |  | — |  | 927.6 |
Peru |  | — |  | — |  | 292.7 |  | — |  | 292.7 |
Brazil |  | — |  | 28.8 |  | 183.2 |  | — |  | 212.0 |
Chile |  | — |  | — |  | 102.1 |  | — |  | 102.1 |
Other American countries |  | 41.6 |  | 2.9 |  | 1.2 |  | — |  | 45.7 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 340.4 |  | 33.9 |  | 105.8 |  | — |  | 480.1 |
Italy |  | 18.2 |  | 16.8 |  | 224.6 |  | — |  | 259.6 |
Spain |  | 130.7 |  | — |  | — |  | — |  | 130.7 |
Other European countries |  | 195.7 |  | 13.4 |  | 72.4 |  | — |  | 281.5 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 389.0 |  | — |  | 443.1 |  | — |  | 832.1 |
Japan |  | 68.7 |  | — |  | 333.2 |  | — |  | 401.9 |
Other Asian countries |  | 132.0 |  | 0.7 |  | 25.8 |  | — |  | 158.5 |
Total |  | $ | 3,124.9 |  | $ | 409.6 |  | $ | 1,923.2 |  | $ | (55.6 | ) | $ | 5,402.1 |
|  | Nine Months Ended September 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
The Americas: |  |  |  |  |  |  |  |  |  |  |
Mexico |  | $ | 897.1 |  | $ | 253.2 |  | $ | 5.1 |  | $ | (54.1 | ) | $ | 1,101.3 |
United States |  | 733.0 |  | 33.7 |  | 105.8 |  | — |  | 872.5 |
Peru |  | — |  | 0.8 |  | 264.4 |  | — |  | 265.2 |
Brazil |  | — |  | 29.7 |  | 142.1 |  | — |  | 171.8 |
Chile |  | — |  | — |  | 77.8 |  | — |  | 77.8 |
Other American countries |  | 50.5 |  | 2.4 |  | 12.9 |  | — |  | 65.8 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Switzerland |  | 316.9 |  | 7.6 |  | 55.1 |  | — |  | 379.6 |
Italy |  | 22.2 |  | 12.1 |  | 205.7 |  | — |  | 240.0 |
Spain |  | 100.2 |  | — |  | — |  | — |  | 100.2 |
Other European countries |  | 162.4 |  | 17.8 |  | 55.7 |  | — |  | 235.9 |
Asia: |  |  |  |  |  |  |  |  |  |  |
Singapore |  | 427.6 |  | 1.4 |  | 378.6 |  | — |  | 807.6 |
Japan |  | 70.0 |  | — |  | 281.0 |  | — |  | 351.0 |
Other Asian countries |  | 95.4 |  | 0.4 |  | 25.7 |  | — |  | 121.5 |
Total |  | $ | 2,875.3 |  | $ | 359.1 |  | $ | 1,609.9 |  | $ | (54.1 | ) | $ | 4,790.2 |
The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and nine months ended September 30, 2018 and 2017 (in millions):
|  | Three Months Ended September 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 840.8 |  | $ | 9.9 |  | $ | 550.8 |  | $ | (10.0 | ) | $ | 1,391.5 |
Molybdenum |  | 89.2 |  | — |  | 48.4 |  | — |  | 137.6 |
Zinc |  | — |  | 63.2 |  | — |  | — |  | 63.2 |
Silver |  | 42.5 |  | 19.0 |  | 16.8 |  | (6.6 | ) | 71.7 |
Other |  | 22.6 |  | 15.2 |  | 22.5 |  | (0.6 | ) | 59.7 |
Total |  | $ | 995.1 |  | $ | 107.3 |  | $ | 638.5 |  | $ | (17.2 | ) | $ | 1,723.7 |
|  | Three Months Ended September 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 898.9 |  | $ | 9.2 |  | $ | 502.6 |  | $ | (9.2 | ) | $ | 1,401.5 |
Molybdenum |  | 57.3 |  | — |  | 33.9 |  | — |  | 91.2 |
Zinc |  | — |  | 59.8 |  | — |  | 0.2 |  | 60.0 |
Silver |  | 42.3 |  | 16.5 |  | 17.7 |  | (5.8 | ) | 70.7 |
Other |  | 24.8 |  | 18.0 |  | 11.5 |  | (1.2 | ) | 53.1 |
Total |  | $ | 1,023.3 |  | $ | 103.5 |  | $ | 565.7 |  | $ | (16.0 | ) | $ | 1,676.5 |
|  | Nine Months Ended September 30, 2018 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 2,661.9 |  | $ | 37.0 |  | $ | 1,686.7 |  | $ | (32.2 | ) | $ | 4,353.4 |
Molybdenum |  | 254.2 |  | — |  | 124.3 |  | — |  | 378.5 |
Zinc |  | — |  | 253.0 |  | — |  | (0.1 | ) | 252.9 |
Silver |  | 133.2 |  | 63.4 |  | 50.6 |  | (21.2 | ) | 226.0 |
Other |  | 75.6 |  | 56.2 |  | 61.6 |  | (2.1 | ) | 191.3 |
Total |  | $ | 3,124.9 |  | $ | 409.6 |  | $ | 1,923.2 |  | $ | (55.6 | ) | $ | 5,402.1 |
|  | Nine Months Ended September 30, 2017 |
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
Copper |  | $ | 2,515.5 |  | $ | 28.1 |  | $ | 1,428.0 |  | $ | (28.2 | ) | $ | 3,943.4 |
Molybdenum |  | 153.9 |  | — |  | 97.2 |  | — |  | 251.1 |
Zinc |  | — |  | 215.5 |  | — |  | 0.2 |  | 215.7 |
Silver |  | 132.7 |  | 56.4 |  | 51.6 |  | (20.7 | ) | 220.0 |
Other |  | 73.2 |  | 59.1 |  | 33.1 |  | (5.4 | ) | 160.0 |
Total |  | $ | 2,875.3 |  | $ | 359.1 |  | $ | 1,609.9 |  | $ | (54.1 | ) | $ | 4,790.2 |
The following table presents information regarding the opening and closing balances of receivables by reporting segment of the Company for the nine months ended September 30, 2018 (in millions):
|  | Mexican Open-Pit |  | Mexican IMMSA Unit |  | Peruvian Operations |  | Corporate & Elimination |  | Consolidated |
As of September 30, 2018: |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | $ | 459.7 |  | $ | 47.3 |  | $ | 271.4 |  | $ | — |  | $ | 778.4 |
Related parties |  | 81.8 |  | — |  | — |  | 8.9 |  | 90.7 |
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 September 30, 2018, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the September 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 September 30, 2018:
|  | Sales volume (million lbs.) |  | Priced at (per pound) |  | Month of settlement |
Copper |  | 51.3 |  | $ | 2.80 |  | October 2018 through January 2019 |
Molybdenum |  | 11.4 |  | $ | 11.80 |  | October through December 2018 |
The provisional sales price adjustment included in accounts receivable and net sales at September 30, 2018 includes positive adjustments of $2.0 million and $0.3 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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