XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

REVENUE: | 3 Months Ended
--- | ---
Mar. 31, 2024
REVENUE: |
REVENUE: | ​ NOTE 12 — REVENUE: ​ The Company’s net sales were $2,599.8 million in the three-month period ended March 31, 2024, compared to $2,793.9 million in the same period of 2023. The geographic breakdown of the Company’s sales is as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2024
​ | ​ | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | Corporate & | ​ | ​ | ​
​ |  | Open-Pit |  | Unit |  | Operations |  | Elimination |  | Consolidated
The Americas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mexico | ​ | $ | 591.3 | ​ | $ | 106.2 | ​ | $ | 7.9 | ​ | $ | (33.0) | ​ | $ | 672.3
United States | ​ |  | 272.2 | ​ |  | 1.7 | ​ |  | 38.7 | ​ |  | ​ | ​ |  | 312.6
Peru | ​ |  | — | ​ |  | 8.4 | ​ |  | 165.9 | ​ |  | (8.3) | ​ |  | 166.1
Brazil | ​ |  | — | ​ |  | 9.0 | ​ |  | 116.0 | ​ |  | ​ | ​ |  | 124.9
Chile | ​ |  | — | ​ |  | — | ​ |  | 94.4 | ​ |  | ​ | ​ |  | 94.4
Other American countries | ​ |  | 7.2 | ​ |  | — | ​ |  | 4.1 | ​ |  | ​ | ​ |  | 11.3
Europe: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Switzerland | ​ |  | 161.8 | ​ |  | 15.3 | ​ |  | 52.0 | ​ |  | ​ | ​ |  | 229.0
Italy | ​ |  | (*) | ​ |  | 6.0 | ​ |  | 75.3 | ​ |  | ​ | ​ |  | 81.3
Spain | ​ |  | 110.3 | ​ |  | — | ​ |  | 19.8 | ​ |  | ​ | ​ |  | 130.1
Other European countries | ​ |  | 58.6 | ​ |  | 1.4 | ​ |  | 106.9 | ​ |  | ​ | ​ |  | 166.8
Asia: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
China | ​ | ​ | 175.6 | ​ | ​ | 1.1 | ​ | ​ | 109.7 | ​ | ​ | ​ | ​ | ​ | 286.4
Singapore | ​ |  | 17.7 | ​ |  | (2.6) | ​ |  | 42.3 | ​ |  | ​ | ​ |  | 57.3
Japan | ​ |  | 54.0 | ​ |  | — | ​ |  | 190.9 | ​ |  | ​ | ​ |  | 245.0
Other Asian countries | ​ |  | 17.4 | ​ |  | — | ​ |  | 4.7 | ​ | ​ | ​ | ​ |  | 22.1
Total | ​ | $ | 1,466.0 | ​ | $ | 146.4 | ​ | $ | 1,028.7 | ​ | $ | (41.3) | ​ | $ | 2,599.8
(*) Less than $0.1 million. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2023
​ | ​ | ​ | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | Corporate & | ​ | ​ | ​
​ |  | Open-Pit |  | Unit |  | Operations |  | Elimination |  | Consolidated
The Americas: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mexico | ​ | $ | 660.9 | ​ | $ | 137.0 | ​ | $ | — | ​ | $ | (36.5) | ​ | $ | 761.4
United States | ​ |  | 356.7 | ​ |  | 7.4 | ​ |  | 148.3 | ​ |  | ​ | ​ |  | 512.4
Peru | ​ |  | — | ​ |  | 1.8 | ​ |  | 164.4 | ​ |  | (1.7) | ​ |  | 164.5
Brazil | ​ |  | — | ​ |  | 10.9 | ​ |  | 97.2 | ​ |  | ​ | ​ |  | 108.1
Chile | ​ |  | (5.2) | ​ |  | — | ​ |  | 105.9 | ​ |  | ​ | ​ |  | 100.7
Other American countries | ​ |  | 9.5 | ​ |  | — | ​ |  | 6.2 | ​ |  | ​ | ​ |  | 15.7
Europe: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Switzerland | ​ | ​ | 136.8 | ​ |  | 8.6 | ​ |  | 103.5 | ​ |  | ​ | ​ |  | 248.9
Italy | ​ | ​ | (0.2) | ​ |  | 6.4 | ​ |  | 117.1 | ​ |  | ​ | ​ |  | 123.3
Spain | ​ | ​ | 123.9 | ​ |  | — | ​ |  | — | ​ |  | ​ | ​ |  | 123.9
Other European countries | ​ | ​ | 59.6 | ​ |  | 7.3 | ​ |  | 53.3 | ​ |  | ​ | ​ |  | 120.2
Asia: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
China | ​ | ​ | 153.3 | ​ | ​ | — | ​ | ​ | 29.7 | ​ | ​ | ​ | ​ | ​ | 183.0
Singapore | ​ | ​ | 44.2 | ​ |  | — | ​ |  | 57.3 | ​ |  | ​ | ​ |  | 101.5
Japan | ​ | ​ | 61.9 | ​ |  | — | ​ |  | 137.6 | ​ |  | ​ | ​ |  | 199.5
Other Asian countries | ​ | ​ | 25.5 | ​ |  | 0.1 | ​ |  | 5.2 | ​ | ​ | ​ | ​ |  | 30.8
Total | ​ | $ | 1,626.9 | ​ | $ | 179.5 | ​ | $ | 1,025.7 | ​ | $ | (38.2) | ​ | $ | 2,793.9
​ The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three-month period ended March 31, 2024 and 2023 (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2024
​ |  | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican |  | IMMSA |  | Peruvian |  | Corporate, Other & |  | Total
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | Eliminations | ​ | Consolidated
Copper | ​ | $ | 1,206.2 | ​ | $ | 27.5 | ​ | $ | 829.0 | ​ | $ | (19.0) | ​ | $ | 2,043.7
Molybdenum | ​ |  | 144.6 | ​ |  | — | ​ |  | 129.0 | ​ |  | — | ​ |  | 273.6
Silver | ​ |  | 66.7 | ​ |  | 35.5 | ​ |  | 31.1 | ​ |  | (21.7) | ​ |  | 111.6
Zinc | ​ |  | 4.3 | ​ |  | 65.2 | ​ |  | — | ​ |  | 0.6 | ​ |  | 70.1
Other | ​ |  | 44.2 | ​ |  | 18.2 | ​ |  | 39.6 | ​ |  | (1.2) | ​ |  | 100.8
Total | ​ | $ | 1,466.0 | ​ | $ | 146.4 | ​ | $ | 1,028.7 | ​ | $ | (41.3) | ​ | $ | 2,599.8
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2023
​ |  | ​ | ​ | Mexican | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mexican |  | IMMSA |  | Peruvian |  | Corporate, Other & |  | Total
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | Eliminations | ​ | Consolidated
Copper | ​ | $ | 1,340.6 | ​ | $ | 19.5 | ​ | $ | 804.9 | ​ | $ | (17.1) | ​ | $ | 2,147.9
Molybdenum | ​ |  | 160.7 | ​ |  | — | ​ |  | 140.9 | ​ |  | — | ​ |  | 301.6
Silver | ​ |  | 65.3 | ​ |  | 42.8 | ​ |  | 25.5 | ​ |  | (18.5) | ​ |  | 115.1
Zinc | ​ |  | — | ​ |  | 91.5 | ​ |  | — | ​ |  | 0.6 | ​ |  | 92.1
Other | ​ |  | 60.3 | ​ |  | 25.7 | ​ |  | 54.4 | ​ |  | (3.2) | ​ |  | 137.2
Total | ​ | $ | 1,626.9 | ​ | $ | 179.5 | ​ | $ | 1,025.7 | ​ | $ | (38.2) | ​ | $ | 2,793.9
​ 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 March 31, 2024: |  | ​ |  |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Trade receivables | ​ | $ | 708.1 | ​ | $ | 47.7 | ​ | $ | 538.1 | ​ | $ | — | ​ | $ | 1,293.9
Related parties, current | ​ |  | 20.8 | ​ |  | 2.2 | ​ |  | 0.2 | ​ |  | — | ​ |  | 23.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2023: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Trade receivables | ​ | $ | 556.3 | ​ | $ | 49.1 | ​ | $ | 535.7 | ​ | $ | — | ​ | $ | 1,141.1
Related parties, current | ​ |  | 25.7 | ​ |  | 0.9 | ​ |  | 0.8 | ​ |  | (0.1) | ​ |  | 27.3
​ As of March 31, 2024, the Company has long-term contracts with promises to deliver the following products in 2024: ​
​ | ​ | ​
Copper concentrates (in tonnes) |  | 180,000
Copper cathodes (in tonnes) | ​ | 48,000
Molybdenum concentrates (in tonnes) |  | 18,970
Sulfuric acid (in tonnes) |  | 346,276
​ Provisionally priced sales: At March 31, 2024, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 2024 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, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Sales volume |  | Priced at |  | ​
​ | ​ | (million lbs.) | ​ | (per pound) | ​ | Month of settlement
Copper | ​ | 211.4 | ​ | 4.01 | ​ | April 2024 through August 2024
Molybdenum | ​ | 16.2 | ​ | 19.70 | ​ | April 2024 through July 2024
​ The provisional sales price adjustment included in accounts receivable and net sales as of March 31, 2024 includes positive adjustments of $36.3 million for copper and $1.5 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
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
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 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration