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Segment Information | 12 Months Ended
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Dec. 31, 2021
Disclosure of entity's operating segments [Abstract] |
Segmented Information | 25. SEGMENTED INFORMATION
The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker to review operating segment performance. We have determined that each producing mine and significant development property represents an operating segment. The Company has organized its reportable and operating segments by significant revenue streams and geographic regions. Significant information relating to the Company’s reportable operating segments is summarized in the table below:
For the year ended December 31, 2021 |  |  |  |  |
Segment/Country | Mine | Revenue | Production costs and royalties | Depreciation | Mine operating earnings |  | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | La Colorada | $ | 130,112 |  | $ | 75,192 |  | $ | 20,505 |  | $ | 34,415 |  |  | $ | 65,532 |
Peru | Huaron | 154,634 |  | 90,126 |  | 11,564 |  | 52,944 |  |  | 10,897 |
| Morococha | 108,699 |  | 75,182 |  | 13,738 |  | 19,779 |  |  | 8,329 |
Bolivia | San Vicente | 80,446 |  | 54,569 |  | 9,276 |  | 16,601 |  |  | 5,340 |
Argentina | Manantial Espejo | 127,445 |  | 106,874 |  | 16,031 |  | 4,540 |  |  | 7,575 |
Guatemala | Escobal | — |  | — |  | — |  | — |  |  | 778 |
Total Silver Segment | 601,336 |  | 401,943 |  | 71,114 |  | 128,279 |  |  | 98,451 |
Gold Segment: |  |  |  |  |  |  |
Mexico | Dolores(2) | 342,556 |  | 186,285 |  | 106,397 |  | 49,874 |  |  | 40,566 |
Peru | Shahuindo | 255,771 |  | 115,009 |  | 42,600 |  | 98,162 |  |  | 27,678 |
| La Arena | 194,582 |  | 84,243 |  | 41,362 |  | 68,977 |  |  | 45,479 |
Canada | Timmins | 238,505 |  | 174,374 |  | 39,768 |  | 24,363 |  |  | 42,298 |
Total Gold Segment | 1,031,414 |  | 559,911 |  | 230,127 |  | 241,376 |  |  | 156,021 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp | — |  | — |  | 407 |  | (407) |  |  | 332 |
Argentina | Navidad | — |  | — |  | — |  | — |  |  | 90 |
Other | Other | — |  | — |  | 1,310 |  | (1,310) |  |  | 980 |
Total |  | $ | 1,632,750 |  | $ | 961,854 |  | $ | 302,958 |  | $ | 367,938 |  |  | $ | 255,874 |
(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases. (2)The mine was reclassified to the Gold Segment in 2021 as a result of expected mine sequencing into a higher gold zone.
For the year ended December 31, 2020 |  |  |  |  |
Segment/Country | Mine | Revenue | Production costs and royalties | Depreciation | Mine operating earnings |  | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | La Colorada | $ | 128,824 |  | $ | 69,663 |  | $ | 19,608 |  | $ | 39,553 |  |  | $ | 29,388 |
Peru | Huaron | 72,073 |  | 39,612 |  | 7,069 |  | 25,392 |  |  | 4,500 |
| Morococha | 47,046 |  | 35,768 |  | 7,203 |  | 4,075 |  |  | 10,168 |
Bolivia | San Vicente | 48,396 |  | 35,753 |  | 6,725 |  | 5,918 |  |  | 4,877 |
Argentina | Manantial Espejo | 84,051 |  | 68,381 |  | 9,787 |  | 5,883 |  |  | 10,789 |
Guatemala | Escobal |  | — |  |  | — |  |  | 4,807 |
Total Silver Segment | 380,390 |  | 249,177 |  | 50,392 |  | 80,821 |  |  | 64,529 |
Gold Segment: |  |  |  |  |  |  |
Mexico | Dolores(2) | 250,219 |  | 146,961 |  | 87,694 |  | 15,564 |  |  | 44,861 |
Peru | Shahuindo | 270,043 |  | 97,940 |  | 40,562 |  | 131,541 |  |  | 23,335 |
| La Arena | 176,028 |  | 72,676 |  | 27,683 |  | 75,669 |  |  | 37,324 |
Canada | Timmins | 262,132 |  | 157,412 |  | 46,605 |  | 58,115 |  |  | 20,751 |
Total Gold Segment | 958,422 |  | 474,989 |  | 202,544 |  | 280,889 |  |  | 126,271 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp |  | — |  | 491 |  | (491) |  |  | 297 |
Argentina | Navidad |  | — |  | — |  | — |  |  | — |
Other | Other | — |  | — |  | 1,042 |  | (1,042) |  |  | 560 |
Total |  | $ | 1,338,812 |  | $ | 724,166 |  | $ | 254,469 |  | $ | 360,177 |  |  | $ | 191,657 |
(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases. (2)The mine has been represented in the Gold Segment to align with current year presentation. A reconciliation of segment mine operating earnings to the Company’s earnings before income taxes per the Consolidated Income Statements is as follows:
| 2021 | 2020
Mine operating earnings | $ | 367,938 |  | $ | 360,177 |
General and administrative | (34,852) |  | (36,375) |
Exploration and project development | (11,071) |  | (7,096) |
Mine care and maintenance | (31,780) |  | (102,105) |
Foreign exchange losses | (11,267) |  | (5,474) |
Gains on commodity and foreign currency contracts | 5,393 |  | 3,543 |
Gains on sale of mineral properties, plant and equipment | 32,167 |  | 7,922 |
Share of income from associate and dilution gain | 4,347 |  | 10,529 |
Other income (expense) | 36 |  | (21,144) |
Earnings from operations | 320,911 |  | 209,977 |
Investment (loss) income | (59,722) |  | 62,139 |
Interest and finance expense | (16,198) |  | (20,104) |
Earnings before income taxes | $ | 244,991 |  | $ | 252,012 |
At December 31, 2021 |  |  |
Segment/Country | Mine | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | La Colorada | $ | 299,038 |  | $ | 52,934 |  | $ | 246,104 |
Peru | Huaron | 117,514 |  | 59,975 |  | 57,539 |
| Morococha | 124,607 |  | 40,494 |  | 84,113 |
Bolivia | San Vicente | 88,924 |  | 53,264 |  | 35,660 |
Argentina | Manantial Espejo | 71,012 |  | 29,017 |  | 41,995 |
Guatemala | Escobal | 287,811 |  | 19,833 |  | 267,978 |
Total Silver Segment |  | 988,906 |  | 255,517 |  | 733,389 |
Gold Segment: |  |  |  |
Mexico | Dolores(1) | 750,220 |  | 193,638 |  | 556,582 |
Peru | Shahuindo | 591,164 |  | 199,450 |  | 391,714 |
| La Arena | 317,371 |  | 106,799 |  | 210,572 |
Canada | Timmins | 419,106 |  | 62,196 |  | 356,910 |
Total Gold Segment |  | 2,077,861 |  | 562,083 |  | 1,515,778 |
Other segment: |  |  |  |
Canada | Pas Corp | 176,006 |  | 16,492 |  | 159,514 |
Argentina | Navidad | 193,077 |  | — |  | 193,077 |
| Other | 82,734 |  | 48,484 |  | 34,250 |
Total |  | $ | 3,518,584 |  | $ | 882,576 |  | $ | 2,636,008 |
(1)The mine was reclassified to the Gold Segment in 2021 as a result of expected mine sequencing into a higher gold zone.
At December 31, 2020 |  |  |
Segment/Country | Mine | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | 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 |  | 912,767 |  | 216,453 |  | 696,314 |
Gold Segment: |  |  |  |
Mexico | Dolores(1) | 752,873 |  | 169,444 |  | 583,429 |
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 |  | 2,033,375 |  | 543,828 |  | 1,489,547 |
Other segment: |  |  |  |
Canada | Pas Corp | 230,872 |  | 18,795 |  | 212,077 |
Argentina | Navidad | 192,999 |  | — |  | 192,999 |
| Other | 63,862 |  | 48,960 |  | 14,902 |
|  | $ | 3,433,875 |  | $ | 828,036 |  | $ | 2,605,839 |
(1)The mine has been represented in the Gold Segment to align with current year presentation.
Product Revenue | 2021 | 2020
Refined silver and gold | $ | 1,177,388 |  | $ | 1,047,601 |
Zinc concentrate | 119,059 |  | 65,033 |
Lead concentrate | 145,524 |  | 132,823 |
Copper concentrate | 133,025 |  | 50,081 |
Silver concentrate | 57,754 |  | 43,274 |
Total | $ | 1,632,750 |  | $ | 1,338,812 |
The Company has 25 customers that account for 100% of the concentrate and silver and gold sales revenue. The Company has 7 customers that accounted for 21%, 13%, 12%, 11%, 9%, 7%, and 7% of total sales in 2021, and 7 customers that accounted for 19%, 17%, 12%, 11%, 7%, 7%, and 5% of total sales in 2020. 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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