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SEGMENT AND RELATED INFORMATION: | 9 Months Ended
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Sep. 30, 2024
SEGMENT AND RELATED INFORMATION: |
SEGMENT AND RELATED INFORMATION: | NOTE 13 — SEGMENT AND RELATED INFORMATION: ​ Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit. ​ The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, types of products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition, each mine within the individual group earns revenues from similar types of customers for their products and services and each group incurs expenses independently, including commercial transactions between groups. ​ Financial information is regularly prepared for each of the three segments and the results of the Company’s operations are regularly reported to the Chief Operating Decision Maker (“CODM”) on the segment basis. The CODM of the Company focuses on operating income and on total assets as measures of performance to evaluate different segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry. ​ Financial information relating to Southern Copper Corporation’s segments is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024
​ | ​ | (in millions)
​ |  | ​ |  | Mexican |  | ​ | ​ |  | Corporate, other |  | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | and | ​ | ​ | ​
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | eliminations | ​ | Consolidated
Net sales outside of segments | ​ | $ | 1,596.7 | ​ | $ | 144.3 | ​ | $ | 1,189.9 | ​ | $ | — | ​ | $ | 2,930.9
Intersegment sales | ​ |  | 6.0 | ​ | ​ | 40.6 | ​ | ​ | — | ​ | ​ | (46.6) | ​ |  | —
Cost of sales (exclusive of depreciation, amortization and depletion) | ​ |  | 612.7 | ​ | ​ | 123.2 | ​ | ​ | 543.9 | ​ | ​ | (56.8) | ​ |  | 1,223.1
Selling, general and administrative | ​ |  | 17.1 | ​ | ​ | 3.2 | ​ | ​ | 9.1 | ​ | ​ | 1.8 | ​ |  | 31.2
Depreciation, amortization and depletion | ​ |  | 105.4 | ​ | ​ | 19.3 | ​ | ​ | 79.9 | ​ | ​ | 8.5 | ​ |  | 213.1
Exploration | ​ |  | 1.3 | ​ | ​ | 2.6 | ​ | ​ | 7.3 | ​ | ​ | 2.0 | ​ |  | 13.2
Operating income | ​ | $ | 866.2 | ​ | $ | 36.6 | ​ | $ | 549.7 | ​ | $ | (2.2) | ​ | ​ | 1,450.3
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (44.8)
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 21.2
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (526.4)
Equity earnings of affiliate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (0.5)
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (3.1)
Net income attributable to SCC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 896.7
Capital investment | ​ | $ | 145.2 | ​ | $ | 30.2 | ​ | $ | 67.2 | ​ | $ | 3.7 | ​ | $ | 246.4
Property and mine development, net | ​ | $ | 4,852.6 | ​ | $ | 784.9 | ​ | $ | 3,776.5 | ​ | $ | 513.1 | ​ | $ | 9,927.1
Total assets | ​ | $ | 8,975.0 | ​ | $ | 1,196.6 | ​ | $ | 5,473.9 | ​ | $ | 2,770.0 | ​ | $ | 18,415.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023
​ | ​ | (in millions)
​ |  | ​ |  | Mexican |  | ​ | ​ |  | Corporate, other |  | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | and | ​ | ​
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | eliminations | ​ | Consolidated
Net sales outside of segments | ​ | $ | 1,462.2 | ​ | $ | 107.4 | ​ | $ | 936.0 | ​ | $ | — | ​ | $ | 2,505.6
Intersegment sales | ​ |  | ​ | ​ | ​ | 46.2 | ​ | ​ | ​ | ​ | ​ | (46.2) | ​ |  | —
Cost of sales (exclusive of depreciation, amortization and depletion) | ​ |  | 591.6 | ​ | ​ | 133.3 | ​ | ​ | 490.9 | ​ | ​ | (40.1) | ​ |  | 1,175.7
Selling, general and administrative | ​ |  | 18.9 | ​ | ​ | 2.6 | ​ | ​ | 9.4 | ​ | ​ | 1.8 | ​ |  | 32.7
Depreciation, amortization and depletion | ​ |  | 96.9 | ​ | ​ | 16.8 | ​ | ​ | 88.6 | ​ | ​ | 10.2 | ​ |  | 212.5
Exploration | ​ |  | 1.9 | ​ | ​ | 2.1 | ​ | ​ | 8.1 | ​ | ​ | 3.4 | ​ |  | 15.5
Operating income | ​ | $ | 752.9 | ​ | $ | (1.2) | ​ | $ | 339.0 | ​ | $ | (21.5) | ​ | ​ | 1,069.2
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (60.7)
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 8.9
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (395.3)
Equity earnings of affiliate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (0.1)
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2.5)
Net income attributable to SCC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 619.5
Capital investment | ​ | $ | 141.5 | ​ | $ | 40.1 | ​ | $ | 76.1 | ​ | $ | 5.0 | ​ | $ | 262.7
Property and mine development, net | ​ | $ | 4,634.3 | ​ | $ | 727.4 | ​ | $ | 3,616.2 | ​ | $ | 752.9 | ​ | $ | 9,730.8
Total assets | ​ | $ | 8,531.7 | ​ | $ | 1,153.6 | ​ | $ | 4,643.2 | ​ | $ | 2,636.5 | ​ | $ | 16,965.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2024
​ | ​ | (in millions)
​ |  | ​ |  | Mexican |  | ​ | ​ |  | Corporate, other |  | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | and | ​ | ​ | ​
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | eliminations | ​ | Consolidated
Net sales outside of segments | ​ | $ | 4,801.1 | ​ | $ | 382.5 | ​ | $ | 3,465.3 | ​ | $ | — | ​ | $ | 8,649.0
Intersegment sales | ​ |  | 6.0 | ​ |  | 134.0 | ​ |  | — | ​ |  | (140.1) | ​ |  | —
Cost of sales (exclusive of depreciation, amortization and depletion) | ​ |  | 1,870.3 | ​ |  | 362.8 | ​ |  | 1,544.6 | ​ |  | (148.3) | ​ |  | 3,629.6
Selling, general and administrative | ​ |  | 52.3 | ​ |  | 9.1 | ​ |  | 28.2 | ​ |  | 6.4 | ​ |  | 96.0
Depreciation, amortization and depletion | ​ |  | 307.7 | ​ |  | 56.7 | ​ |  | 241.1 | ​ |  | 26.2 | ​ |  | 631.7
Exploration | ​ |  | 7.3 | ​ |  | 7.0 | ​ |  | 23.8 | ​ |  | 6.4 | ​ |  | 44.4
Operating income | ​ | $ | 2,569.6 | ​ | $ | 80.9 | ​ | $ | 1,627.6 | ​ | $ | (30.9) | ​ | ​ | 4,247.3
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (154.7)
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 20.3
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,528.6)
Equity earnings of affiliate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 8.1
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (9.5)
Net income attributable to SCC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,582.9
Capital investment | ​ | $ | 486.9 | ​ | $ | 91.5 | ​ | $ | 203.6 | ​ | $ | 10.0 | ​ | $ | 792.0
Property and mine development, net | ​ | $ | 4,852.6 | ​ | $ | 784.9 | ​ | $ | 3,776.5 | ​ | $ | 513.1 | ​ | $ | 9,927.1
Total assets | ​ | $ | 8,975.0 | ​ | $ | 1,196.6 | ​ | $ | 5,473.9 | ​ | $ | 2,770.0 | ​ | $ | 18,415.5
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2023
​ | ​ | (in millions)
​ |  | ​ |  | Mexican |  | ​ | ​ |  | Corporate, other |  | ​ | ​
​ | ​ | Mexican | ​ | IMMSA | ​ | Peruvian | ​ | and | ​ | ​
​ | ​ | Open-pit | ​ | Unit | ​ | Operations | ​ | eliminations | ​ | Consolidated
Net sales outside of segments | ​ | $ | 4,400.3 | ​ | $ | 351.3 | ​ | $ | 2,848.6 | ​ | $ | — | ​ | $ | 7,600.2
Intersegment sales | ​ |  | — | ​ |  | 123.0 | ​ |  | — | ​ |  | (123.0) | ​ |  | —
Cost of sales (exclusive of depreciation, amortization and depletion) | ​ |  | 1,781.9 | ​ |  | 411.5 | ​ |  | 1,442.7 | ​ |  | (118.5) | ​ |  | 3,517.6
Selling, general and administrative | ​ |  | 51.7 | ​ |  | 7.9 | ​ |  | 27.9 | ​ |  | 6.6 | ​ |  | 94.1
Depreciation, amortization and depletion | ​ |  | 288.1 | ​ |  | 51.6 | ​ |  | 253.0 | ​ |  | 32.7 | ​ |  | 625.4
Exploration | ​ |  | 4.6 | ​ |  | 6.0 | ​ |  | 20.2 | ​ |  | 8.7 | ​ |  | 39.5
Operating income | ​ | $ | 2,274.0 | ​ | $ | (2.7) | ​ | $ | 1,104.8 | ​ | $ | (52.5) | ​ | ​ | 3,323.6
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (180.5)
Other income (expense) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 24.9
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,170.2)
Equity earnings of affiliate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (10.3)
Non-controlling interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (7.3)
Net income attributable to SCC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,980.2
Capital investment | ​ | $ | 406.3 | ​ | $ | 102.6 | ​ | $ | 232.5 | ​ | $ | 11.8 | ​ | $ | 753.2
Property and mine development, net | ​ | $ | 4,634.3 | ​ | $ | 727.4 | ​ | $ | 3,616.2 | ​ | $ | 752.9 | ​ | $ | 9,730.8
Total assets | ​ | $ | 8,531.7 | ​ | $ | 1,153.6 | ​ | $ | 4,643.2 | ​ | $ | 2,636.5 | ​ | $ | 16,965.0
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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