XML 34 R22.htm IDEA: XBRL DOCUMENT v3.23.3

REVENUE:

9 Months Ended

Sep. 30, 2023

REVENUE:

REVENUE:

NOTE 13 — REVENUE:

​

The Company’s net sales were $2,505.6 million and $7,600.2 million in the three and nine months ended September 30, 2023, compared to $2,156.9 million and $7,227.6 million in the same period of 2022. The geographic breakdown of the Company’s sales is as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2023

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

712.6

​

$

113.1

​

$

—

​

​

(36.6)

​

$

789.1

United States

​

257.4

​

—

​

144.7

​

​

​

402.1

Peru

​

—

​

9.6

​

113.1

​

(9.6)

​

113.1

Brazil

​

—

​

9.3

​

91.0

​

​

​

100.3

Chile

​

—

​

—

​

90.9

​

​

​

90.9

Other American countries

​

13.1

​

—

​

5.7

​

​

​

18.8

Europe:

​

​

​

​

​

​

​

​

​

​

Switzerland

​

81.7

​

8.6

​

146.7

​

​

​

237.0

Italy

​

0.5

​

3.6

​

95.9

​

​

​

100.0

Spain

​

106.8

​

—

​

18.3

​

​

​

125.1

Other European countries

​

35.7

​

5.7

​

64.9

​

​

​

106.3

Asia:

​

​

​

​

​

​

​

​

​

​

China

​

​

166.7

​

​

0.4

​

​

25.8

​

​

​

​

​

192.9

Singapore

​

45.3

​

3.2

​

64.2

​

​

​

112.7

Japan

​

15.5

​

—

​

74.0

​

​

​

89.5

Other Asian countries

​

26.9

​

0.1

​

0.8

​

​

​

27.8

Total

​

$

1,462.2

​

$

153.6

​

$

936.0

​

$

(46.2)

​

$

2,505.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2022

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

414.7

​

$

103.8

​

$

—

​

$

(30.9)

​

$

487.6

United States

​

333.9

​

11.4

​

86.4

​

—

​

​

431.7

Peru

​

(19.7)

​

—

​

126.6

​

11.4

​

​

118.3

Brazil

​

—

​

16.1

​

104.5

​

—

​

​

120.6

Chile

​

10.4

​

—

​

91.2

​

—

​

​

101.6

Other American countries

​

10.8

​

1.2

​

7.7

​

—

​

​

19.7

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

​

123.9

​

10.9

​

161.6

​

—

​

​

296.4

Italy

​

​

—

​

6.2

​

74.3

​

—

​

​

80.5

Spain

​

​

90.2

​

—

​

(3.0)

​

—

​

​

87.2

Other European countries

​

​

49.0

​

9.6

​

42.9

​

—

​

​

101.5

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

101.9

​

​

—

​

​

18.1

​

​

—

​

​

120.0

Singapore

​

​

48.1

​

(0.1)

​

14.1

​

—

​

​

62.1

Japan

​

​

9.2

​

—

​

84.6

​

—

​

​

93.8

Other Asian countries

​

​

29.1

​

0.1

​

6.7

​

—

​

​

35.9

Total

​

$

1,201.5

​

$

159.2

​

$

815.7

​

$

(19.5)

​

$

2,156.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2023

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

1,902.9

​

$

368.0

​

$

—

​

$

(105.5)

​

$

2,165.4

United States

​

851.9

​

8.6

​

397.0

​

​

​

1,257.5

Peru

​

—

​

17.4

​

386.5

​

(17.5)

​

386.4

Brazil

​

—

​

24.7

​

267.1

​

​

​

291.8

Chile

​

(8.4)

​

—

​

260.5

​

​

​

252.1

Other American countries

​

33.3

​

0.6

​

20.7

​

​

​

54.6

Europe:

​

​

​

​

​

​

​

​

​

​

Switzerland

​

393.0

​

20.6

​

431.2

​

​

​

844.8

Italy

​

0.7

​

13.1

​

306.3

​

​

​

320.1

Spain

​

319.3

​

—

​

37.8

​

​

​

357.1

Other European countries

​

109.4

​

16.5

​

162.1

​

​

​

288.0

Asia:

​

​

​

​

​

​

​

​

​

​

China

​

​

459.3

​

​

1.4

​

​

84.4

​

​

​

​

​

545.1

Singapore

​

154.2

​

3.2

​

173.4

​

​

​

330.8

Japan

​

107.6

​

—

​

313.3

​

​

​

420.9

Other Asian countries

​

77.1

​

0.2

​

8.3

​

​

​

85.6

Total

​

$

4,400.3

​

$

474.3

​

$

2,848.6

​

$

(123.0)

​

$

7,600.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2022

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

IMMSA

​

Peruvian

​

Corporate &

​

​

​

​

Open-Pit

Unit

Operations

Elimination

Consolidated

The Americas:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexico

​

$

1,390.8

​

$

356.8

​

$

—

​

$

(114.9)

​

$

1,632.7

United States

​

1,237.2

​

37.8

​

282.3

​

—

​

​

1,557.3

Peru

​

158.6

​

—

​

459.6

​

(166.6)

​

​

451.6

Brazil

​

—

​

25.7

​

319.3

​

—

​

​

345.0

Chile

​

10.9

​

—

​

276.2

​

—

​

​

287.1

Other American countries

​

28.5

​

2.2

​

22.3

​

—

​

​

53.0

Europe:

​

​

​

​

​

​

​

​

​

​

​

​

Switzerland

​

​

450.2

​

33.8

​

517.8

​

—

​

​

1,001.8

Italy

​

​

1.3

​

13.9

​

196.5

​

—

​

​

211.7

Spain

​

​

290.5

​

—

​

36.8

​

—

​

​

327.3

Other European countries

​

​

90.9

​

24.0

​

143.1

​

—

​

​

258.0

Asia:

​

​

​

​

​

​

​

​

​

​

​

​

China

​

​

308.8

​

​

—

​

​

18.1

​

​

—

​

​

326.9

Singapore

​

​

53.5

​

8.4

​

99.1

​

—

​

​

161.0

Japan

​

​

51.8

​

—

​

379.6

​

—

​

​

431.4

Other Asian countries

​

​

111.7

​

0.4

​

70.7

​

—

​

​

182.8

Total

​

$

4,184.7

​

$

503.0

​

$

2,821.4

​

$

(281.5)

​

$

7,227.6

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, 2023 and 2022 (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2023

​

​

​

Mexican

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Eliminations

​

Consolidated

Copper

​

$

1,118.1

​

$

23.7

​

$

755.0

​

$

(22.2)

​

$

1,874.6

Molybdenum

​

230.3

​

—

​

112.8

​

—

​

343.1

Silver

​

62.4

​

40.1

​

23.5

​

(22.0)

​

104.0

Zinc

​

—

​

69.8

​

—

​

0.2

​

70.0

Other

​

51.4

​

20.0

​

44.7

​

(2.2)

​

113.9

Total

​

$

1,462.2

​

$

153.6

​

$

936.0

​

$

(46.2)

​

$

2,505.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2022

​

​

​

Mexican

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Eliminations

​

Consolidated

Copper

​

$

950.4

​

$

11.9

​

$

650.8

​

$

(3.1)

​

$

1,610.0

Molybdenum

​

131.9

​

—

​

80.7

​

—

​

212.6

Silver

​

53.8

​

28.0

​

20.0

​

(14.2)

​

87.6

Zinc

​

—

​

100.9

​

—

​

0.1

​

101.0

Other

​

65.4

​

18.4

​

64.2

​

(2.3)

​

145.7

Total

​

$

1,201.5

​

$

159.2

​

$

815.7

​

$

(19.5)

​

$

2,156.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2023

​

​

​

Mexican

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Eliminations

​

Consolidated

Copper

​

$

3,501.4

​

$

65.1

​

$

2,294.9

​

$

(56.5)

​

$

5,804.9

Molybdenum

​

561.5

​

—

​

337.6

​

​

​

899.1

Silver

​

181.9

​

121.1

​

74.2

​

​

(59.4)

​

317.8

Zinc

​

—

​

224.6

​

—

​

0.5

​

225.1

Other

​

155.5

​

63.5

​

141.9

​

(7.6)

​

353.3

Total

​

$

4,400.3

​

$

474.3

​

$

2,848.6

​

$

(123.0)

​

$

7,600.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2022

​

​

​

Mexican

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

Corporate, Other &

Total

​

​

Open-pit

​

Unit

​

Operations

​

Eliminations

​

Consolidated

Copper

​

$

3,432.8

​

$

62.3

​

$

2,282.6

​

$

(215.0)

​

$

5,562.7

Molybdenum

​

388.1

​

—

​

298.5

​

—

​

686.6

Silver

​

178.6

​

101.8

​

68.4

​

​

(56.6)

​

292.2

Zinc

​

—

​

281.5

​

—

​

(0.9)

​

280.6

Other

​

185.2

​

57.4

​

171.9

​

(9.0)

​

405.5

Total

​

$

4,184.7

​

$

503.0

​

$

2,821.4

​

$

(281.5)

​

$

7,227.6

​

The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mexican

​

​

​

​

​

​

​

​

​

​

Mexican

IMMSA

Peruvian

Corporate &

​

​

​

​

Open-Pit

​

Unit

​

Operations

​

Elimination

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2023:

​

​

​

​

​

Trade receivables

​

$

684.3

​

$

49.0

​

$

397.7

​

$

—

​

$

1,131.0

Related parties, current

​

24.2

​

4.1

​

0.5

​

(4.2)

​

24.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2022:

​

​

​

​

​

Trade receivables

​

$

788.1

​

$

60.0

​

$

546.0

​

$

—

​

$

1,394.1

Related parties, current

​

31.1

​

0.1

​

0.1

​

2.0

​

33.3

​

As of September 30, 2023, the Company has long-term contracts with promises to deliver the following products in 2023:

​

​	​	​
Copper concentrates (in tonnes)		145,000
Copper cathodes (in tonnes)	​	48,000
Molybdenum concentrates (in tonnes)		19,290
Sulfuric acid (in tonnes)		413,672

​

Provisionally priced sales: At September 30, 2023, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the September 30, 2023 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, 2023:

​

​	​	​	​	​	​	​
​		Sales volume		Priced at		​
​	​	(million lbs.)	​	(per pound)	​	Month of settlement
Copper	​	207.9	​	3.74	​	October 2023 through February 2024
Molybdenum	​	15.8	​	22.50	​	October 2023 through January 2024

​

The provisional sales price adjustment included in accounts receivable and net sales as of September 30, 2023 includes negative adjustments of $11.8 million for copper and $16.8 million for molybdenum.

​

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or on operating results.

X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

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