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Segment Information | 12 Months Ended
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Dec. 31, 2020
Disclosure of entity's operating segments [Abstract] |
Segmented Information | 27. SEGMENTED INFORMATION
Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company has determined that each producing mine and significant development property represents a reportable segment. The Company has organized its reportable segments by significant revenue streams and geographic regions. Significant information relating to the Company’s reportable segments is summarized in the table below:
For the year ended December 31, 2020 |  |  |  |  |
Segment/Country | Mine | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | Dolores | $ | 250,219 |  | $ | 146,961 |  | $ | 87,694 |  | $ | 15,564 |  | $ | 10,175 |  | $ | 44,861 |
| La Colorada | 128,824 |  | 69,663 |  | 19,608 |  | 39,553 |  | 7,973 |  | 29,388 |
Peru | Huaron | 72,073 |  | 39,612 |  | 7,069 |  | 25,392 |  | 20,840 |  | 4,500 |
| Morococha | 47,046 |  | 35,768 |  | 7,203 |  | 4,075 |  | 20,023 |  | 10,168 |
Bolivia | San Vicente | 48,396 |  | 35,753 |  | 6,725 |  | 5,918 |  | 2,890 |  | 4,877 |
Argentina | Manantial Espejo | 84,051 |  | 68,381 |  | 9,787 |  | 5,883 |  | 5,617 |  | 10,789 |
Guatemala | Escobal |  | — |  |  | — |  | 21,001 |  | 4,807 |
Total Silver Segment | 630,609 |  | 396,138 |  | 138,086 |  | 96,385 |  | 88,519 |  | 109,390 |
Gold Segment: |  |  |  |  |  |  |
Peru | Shahuindo | 270,043 |  | 97,940 |  | 40,562 |  | 131,541 |  | 3,855 |  | 23,335 |
| La Arena | 176,028 |  | 72,676 |  | 27,683 |  | 75,669 |  | 3,712 |  | 37,324 |
Canada | Timmins | 262,132 |  | 157,412 |  | 46,605 |  | 58,115 |  | — |  | 20,751 |
Total Gold Segment | 708,203 |  | 328,028 |  | 114,850 |  | 265,325 |  | 7,567 |  | 81,410 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp |  | — |  | 491 |  | (491) |  | — |  | 297 |
Argentina | Navidad |  | — |  | — |  | — |  | 6,019 |  | — |
Other | Other | — |  | — |  | 1,042 |  | (1,042) |  | — |  | 560 |
Total |  | $ | 1,338,812 |  | $ | 724,166 |  | $ | 254,469 |  | $ | 360,177 |  | $ | 102,105 |  | $ | 191,657 |
(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases.
For the year ended December 31, 2019 |  |  |  |  |
Segment/Country | Mine | Revenue | Production costs and royalties | Depreciation | Mine operating earnings | Mine care and maintenance | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | Dolores | $ | 248,744 |  | $ | 191,320 |  | $ | 104,701 |  | $ | (47,277) |  | $ | — |  | $ | 50,657 |
| La Colorada | 177,698 |  | 75,139 |  | 23,175 |  | 79,384 |  | — |  | 20,275 |
Peru | Huaron | 117,118 |  | 76,962 |  | 13,638 |  | 26,518 |  | — |  | 10,936 |
| Morococha | 101,549 |  | 73,396 |  | 15,482 |  | 12,671 |  | — |  | 15,556 |
Bolivia | San Vicente | 76,968 |  | 57,805 |  | 9,449 |  | 9,714 |  | — |  | 4,960 |
Argentina | Manantial Espejo | 63,289 |  | 63,432 |  | 5,854 |  | (5,997) |  | — |  | 26,512 |
Guatemala | Escobal | — |  | — |  | — |  | — |  | 17,738 |  | 1,107 |
Total Silver Segment | 785,366 |  | 538,054 |  | 172,299 |  | 75,013 |  | 17,738 |  | 130,003 |
Gold Segment: |  |  |  |  |  |  |
| Shahuindo | 189,372 |  | 90,877 |  | 28,649 |  | 69,846 |  | — |  | 33,280 |
| La Arena | 174,803 |  | 99,915 |  | 14,873 |  | 60,015 |  | — |  | 47,557 |
Canada | Timmins | 201,218 |  | 139,172 |  | 36,302 |  | 25,744 |  | — |  | 13,747 |
Total Gold Segment | 565,393 |  | 329,964 |  | 79,824 |  | 155,605 |  | — |  | 94,584 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp | — |  | — |  | 488 |  | (488) |  | — |  | 396 |
Argentina | Navidad | — |  | — |  | — |  | — |  | 5,924 |  | 9 |
Other | Other | — |  | — |  | 842 |  | (842) |  | — |  | 85 |
Total |  | $ | 1,350,759 |  | $ | 868,018 |  | $ | 253,453 |  | $ | 229,288 |  | $ | 23,662 |  | $ | 225,077 |
(1)Includes payments for mineral properties, plant and equipment and amounts have been recast, and presented, for the year ended ended December 31, 2020 to include payment of equipment leases. A reconciliation of segment mine operating earnings to the Company’s earnings before income taxes per the Consolidated Income Statements is as follows:
| 2020 | 2019
Mine operating earnings | $ | 360,177 |  | $ | 229,288 |
General and administrative | (36,375) |  | (31,752) |
Exploration and project development | (7,096) |  | (11,684) |
Mine care and maintenance | (102,105) |  | (23,662) |
Foreign exchange losses | (5,474) |  | (5,003) |
Impairments | — |  | (40,050) |
Gains on commodity and foreign currency contracts | 3,543 |  | 3,315 |
Gains on sale of mineral properties, plant and equipment | 7,922 |  | 3,858 |
Share of income from associate and dilution gain | 10,529 |  | 15,245 |
Transaction and integration costs | — |  | (7,515) |
Other expense | (22,067) |  | (4,936) |
Earnings from operations | 209,054 |  | 127,104 |
Gain (loss) on derivatives | 38 |  | (14) |
Investment income | 63,024 |  | 84,704 |
Interest and finance expense | (20,104) |  | (29,282) |
Earnings before income taxes | $ | 252,012 |  | $ | 182,512 |
At December 31, 2020 |  |  |
Segment/Country | Mine | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | Dolores | $ | 752,873 |  | $ | 169,444 |  | $ | 583,429 |
| La Colorada | 231,217 |  | 48,971 |  | 182,246 |
Peru | Huaron | 113,177 |  | 40,663 |  | 72,514 |
| Morococha | 121,004 |  | 34,906 |  | 86,098 |
Bolivia | San Vicente | 83,668 |  | 40,536 |  | 43,132 |
Argentina | Manantial Espejo | 75,113 |  | 26,950 |  | 48,163 |
Guatemala | Escobal | 288,588 |  | 24,427 |  | 264,161 |
Total Silver Segment |  | 1,665,640 |  | 385,897 |  | 1,279,743 |
Gold Segment: |  |  |  |
Peru | Shahuindo | 566,734 |  | 201,427 |  | 365,307 |
| La Arena | 299,372 |  | 112,475 |  | 186,897 |
Canada | Timmins | 414,396 |  | 60,482 |  | 353,914 |
Total Gold Segment |  | 1,280,502 |  | 374,384 |  | 906,118 |
Other segment: |  |  |  |
Canada | Pas Corp | 230,872 |  | 18,795 |  | 212,077 |
Argentina | Navidad | 192,999 |  | — |  | 192,999 |
| Other | 63,862 |  | 48,960 |  | 14,902 |
Total |  | $ | 3,433,875 |  | $ | 828,036 |  | $ | 2,605,839 |
At December 31, 2019 |  |  |
Segment/Country | Mine | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | Dolores | $ | 763,301 |  | $ | 137,396 |  | $ | 625,905 |
| La Colorada | 223,416 |  | 46,476 |  | 176,940 |
Peru | Huaron | 110,642 |  | 39,962 |  | 70,680 |
| Morococha | 128,280 |  | 36,754 |  | 91,526 |
Bolivia | San Vicente | 76,418 |  | 35,331 |  | 41,087 |
Argentina | Manantial Espejo | 77,635 |  | 27,455 |  | 50,180 |
Guatemala | Escobal | 293,178 |  | 19,340 |  | 273,838 |
Total Silver Segment |  | 1,672,870 |  | 342,714 |  | 1,330,156 |
Gold Segment: |  |  |  |
Peru | Shahuindo | 600,096 |  | 162,821 |  | 437,275 |
| La Arena | 282,978 |  | 90,472 |  | 192,506 |
Canada | Timmins | 429,060 |  | 50,171 |  | 378,889 |
Total Gold Segment |  | 1,312,134 |  | 303,464 |  | 1,008,670 |
Other segment: |  |  |  |
Canada | Pas Corp | 229,814 |  | 304,184 |  | (74,370) |
Argentina | Navidad | 193,034 |  | — |  | 193,034 |
| Other | 53,830 |  | 43,474 |  | 10,356 |
|  | $ | 3,461,682 |  | $ | 993,836 |  | $ | 2,467,846 |
Product Revenue | 2020 | 2019
Refined silver and gold | $ | 1,047,601 |  | $ | 894,202 |
Zinc concentrate | 65,033 |  | 134,992 |
Lead concentrate | 132,823 |  | 183,343 |
Copper concentrate | 50,081 |  | 78,865 |
Silver concentrate | 43,274 |  | 59,357 |
Total | $ | 1,338,812 |  | $ | 1,350,759 |
The Company has 26 customers that account for 100% of the concentrate and silver and gold sales revenue. The Company has 7 customers that accounted for 19%, 17%, 12%, 11%, 7%, 7%, and 5% of total sales in 2020, and 7 customers that accounted for 15%, 15%, 13%, 13%, 9%, 8%, and 8% of total sales in 2019. The loss of certain of these customers or curtailment of purchases by such customers could have a material adverse effect on the Company’s financial performance, financial position, and cash flows.

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