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Financial instruments | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Financials instruments [Abstract] |
Disclosure of financial instruments [text block] | Note 10 Financial instruments Financial instruments in accordance with IAS 39 are detailed as follows:
| 10.1 | Types of other financial assets
Description of other financial assets |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |
Other current financial assets (1) |  |  | 360,941 |  |  | 284,160 |
Derivatives (2) |  |  | 6,038 |  |  | 4,095 |
Hedging assets |  |  | - |  |  | 934 |
Total other current financial assets |  |  | 366,979 |  |  | 289,189 |
Other non-current financial assets (3) |  |  | 42,879 |  |  | 14,099 |
Total other non-current financial assets |  |  | 42,879 |  |  | 14,099 |
(1) | Relates to term deposits with maturities exceeding 90 days and less than 360 days from the investment date.
(2) | Relates to forwards and options that were not classified as hedging instruments (see detail in Note 10.3).
(3) | The detail of other financial assets, non-current is as follows:
|  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |
Non-current investments not accounted for using the equity accounting method, classified as available for sale |  |  | 9,179 |  |  | 6,899 |
Hedging assets |  |  | 8,910 |  |  | 7,156 |
Contribution for constitution of Joint Venture (1) |  |  | 24,745 |  |  | - |
Other financial assets, non-current |  |  | 45 |  |  | 44 |
Total other financial assets, non-current |  |  | 42,879 |  |  | 14,099 |
(1) | SQM Potasio S.A. contributed ThUS$24,745 to set up Western Australia Lithium (WAL). This has still not been legally constituted as a company, so the funds remain in trust waiting to be transferred to WAL.
Detail of other current financial assets
Institution |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |
Banco Santander |  |  | 163,269 |  |  | 54,364 |
Banco de Crédito e Inversiones |  |  | 71,748 |  |  | 40,627 |
Banco Itaú - Corpbanca |  |  | 77,527 |  |  | 63,969 |
Banco Security |  |  | 28,592 |  |  | 15,007 |
Morgan Stanley |  |  | - |  |  | 3,150 |
Scotiabank Sud Americano |  |  | 13,764 |  |  | 107,043 |
Banco Chile |  |  | 4,834 |  |  | - |
Banco BBVA Chile |  |  | 1,207 |  |  | - |
Total |  |  | 360,941 |  |  | 284,160 |
| 10.2 | Trade and other receivables
|  | 12/31/2017 |  | 12/31/2016 |
|  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$$ |  | ThUS$ |
Trade receivables |  |  | 412,321 |  |  | - |  |  | 412,321 |  |  | 344,839 |  |  | - |  |  | 344,839 |
Prepayments |  |  | 16,177 |  |  | - |  |  | 16,177 |  |  | 6,621 |  |  | - |  |  | 6,621 |
Other receivables |  |  | 18,377 |  |  | 1,912 |  |  | 20,289 |  |  | 17,301 |  |  | 1,840 |  |  | 19,141 |
Total trade and other receivables |  |  | 446,875 |  |  | 1,912 |  |  | 448,787 |  |  | 368,761 |  |  | 1,840 |  |  | 370,601 |
|  | 12/31/2017 |  | 12/31/2016 |
|  | Assets before allowances |  | Allowance for doubtful trade receivables |  | Assets for trade receivables, net |  | Assets before allowances |  | Allowance for doubtful trade receivables |  | Assets for trade receivables, net |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Receivables related to credit operations, current |  |  | 427,400 |  |  | (15,079) |  |  | 412,321 |  |  | 361,656 |  |  | (16,817) |  |  | 344,839 |
Trade receivables, current |  |  | 427,400 |  |  | (15,079) |  |  | 412,321 |  |  | 361,656 |  |  | (16,817) |  |  | 344,839 |
Prepayments, current |  |  | 16,877 |  |  | (700) |  |  | 16,177 |  |  | 9,421 |  |  | (2,800) |  |  | 6,621 |
Other receivables, current |  |  | 23,409 |  |  | (5,032) |  |  | 18,377 |  |  | 19,300 |  |  | (1,999) |  |  | 17,301 |
Current trade and other receivables |  |  | 40,286 |  |  | (5,732) |  |  | 34,554 |  |  | 28,721 |  |  | (4,799) |  |  | 23,922 |
Other receivables, non-current |  |  | 1,912 |  |  | - |  |  | 1,912 |  |  | 1,840 |  |  | - |  |  | 1,840 |
Non-current receivables |  |  | 1,912 |  |  | - |  |  | 1,912 |  |  | 1,840 |  |  | - |  |  | 1,840 |
Total trade and other receivables |  |  | 469,598 |  |  | (20,811) |  |  | 448,787 |  |  | 392,217 |  |  | (21,616) |  |  | 370,601 |
The Company’s policy is to require guarantees (such as letters of credit, guarantee clauses and others) and/or maintaining insurance policies for certain accounts as deemed necessary by management. Uncollateralized portfolio As of December 31, 2017 the detail of the uncollateralized portfolio is as follows:
|  | Current |  | Between 1 and 30 days |  | Between 31 and 60 days |  | Between 61 and 90 days |  | More than 91 days |  | Total |
|  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |
Number of customers, portfolio under no renegotiated terms |  |  | 2,282 |  |  | 194 |  |  | 68 |  |  | 21 |  |  | 21 |  |  | 2,586 |
Portfolio under no renegotiated terms |  |  | 388,516 |  |  | 20,022 |  |  | 9,909 |  |  | 851 |  |  | 8,102 |  |  | 427,400 |
Number of customers under renegotiated terms portfolio |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Portfolio under renegotiated terms, gross |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Total gross portfolio |  |  | 388,516 |  |  | 20,022 |  |  | 9,909 |  |  | 851 |  |  | 8,102 |  |  | 427,400 |
As of December 31, 2016 the detail of the uncollateralized portfolio is as follows:
|  | Current |  | Between 1 and 30 days |  | Between 31 and 60 days |  | Between 61 and 90 days |  | More than 91 days |  | Total |
|  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |  | THUS$ |
Number of customers, portfolio under no renegotiated terms |  |  | 503 |  |  | 173 |  |  | 59 |  |  | 19 |  |  | 40 |  |  | 794 |
Portfolio under no renegotiated terms |  |  | 304,072 |  |  | 42,732 |  |  | 7,218 |  |  | 1,182 |  |  | 6,452 |  |  | 361,656 |
Number of customers under renegotiated terms portfolio |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Portfolio under renegotiated terms, gross |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Total gross portfolio |  |  | 304,072 |  |  | 42,732 |  |  | 7,218 |  |  | 1,182 |  |  | 6,452 |  |  | 361,656 |
As of December 31, 2017, 2016 and 2015, movements in provisions are as follows:
Reconciliation |  | 12/31/2017 |  | 12/31/2016 |  | 12/31/2015 |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Opening balance |  |  | 21,616 |  |  | 19,731 |  |  | 18.980 |
Additional provisions |  |  | 7,172 |  |  | 10,632 |  |  | 2.356 |
Decrease in provisions |  |  | (7,977) |  |  | (8,747) |  |  | (1.605) |
Closing balance |  |  | 20,811 |  |  | 21,616 |  |  | 19.731 |
Credit risk concentration Credit risk concentration with respect to trade receivables is reduced due to the great number of entities in the Company’s client base and their distribution throughout the world.
10.3 | Hedging assets and liabilities
The balance represents derivative instruments measured at fair value which have been classified as hedges from exchange and interest rate risks related to the total obligations associated with bonds in Chilean pesos and UF . As of December 31, 2017, the notional amount of cash flows in Cross Currency Swap contracts agreed upon in US dollars amounted to ThUS$266,335 and as of December 31, 2016 such contracts amounted to ThUS$320,155.
Hedging assets with underlying debt |  | Derivative instruments (Fwds) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
December 31, 2017 |  |  | 8,910 |  |  | 5,641 |  |  | 2,170 |  |  | - |  |  | 2,170 |
Hedging liabilities with underlying debt |  | Derivative instruments (CCS) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
December 31, 2017 |  |  | 17,128 |  |  | 33,696 |  |  | 41 |  |  | - |  |  | 41 |
Hedging liabilities with underlying investments |  | Derivative instruments (CCS) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
December 31, 2017 |  |  | (20,159) |  |  | (20,256) |  |  | 97 |  |  | - |  |  | 97 |
Hedging assets with underlying debt |  | Derivative instruments (Fwds) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
December 31, 2016 |  |  | 830 |  |  | 789 |  |  | 41 |  |  | (9) |  |  | 32 |
Hedging liabilities with underlying debt |  | Derivative instruments (CCS) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
December 31, 2016 |  |  | 43,235 |  |  | 28,108 |  |  | (29) |  |  | 5 |  |  | (24) |
Hedging liabilities with underlying investments |  | Derivative instruments (CCS) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  | ThUS$ |
December 31, 2016 |  |  | 218 |  |  | (294) |  |  | 76 |  |  | (19) |  |  | 57 |
Hedging liabilities with underlying investments |  | Derivative instruments (CCS) |  | Effect on profit or loss for the period Derivative instruments |  | Hedging reserve in gross equity |  | Deferred tax hedging reserve in equity |  | Hedging reserve in equity |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  | ThUS$ |
December 31, 2015 |  |  | 74.786 |  |  | (29.245) |  |  | 86 |  |  | 96 |  |  | 182 |
The balances in the “effect on profit or loss” column consider the interim effects of the contracts in force As of December 31, 2017, 2016 and 2015. Derivative contract maturities are detailed as follows:
Series |  | Contract amount |  | Currency |  | Maturity date |
|  | ThUS$ |  |  |  |  |
H |  |  | 191,638 |  | UF |  | 01/05/2018 |
O |  |  | 58,748 |  | UF |  | 02/01/2022 |
The Company uses cross currency swap derivative instruments to hedge the possible financial risk associated with the volatility of the exchange rate associated with Chilean pesos and UF. The objective is to hedge the exchange rate financial risks associated with bonds payable. Hedges are documented and tested to measure their effectiveness. Based on a comparison of critical terms, hedging is highly effective, given that the hedged amount is consistent with obligations maintained for bonds denominated in Chilean pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same expiration dates of bond principal and interest payments. Hedge Accounting The Company classifies derivative instruments as hedging that may include derivative or embedded derivatives either as fair value hedge derivative instruments, cash flow hedge derivative instruments, or hedge derivative instruments for net investment in a business abroad. a) Fair value hedge Changes in fair values of derivative instruments classified as fair value hedge derivative instruments are accounted for in gains and losses immediately along with any change in the fair value of the hedged item that is attributable to the risk being hedged. The Company documents the relationship between hedge instruments and the hedged item along with the objectives of its risk management and strategy to carry out different hedging transactions. In addition, upon commencement of the period hedged and then on a quarterly basis, the Company documents whether hedge instruments have been efficient and met the objective of hedging market fluctuations. For this purpose, we use the effectiveness test. A hedge instrument is deemed effective if the effectiveness test result is between 80% and 125%. The hedge instruments are classified as effective or not effective on the basis of the effectiveness test results. At present, hedges are classified as effective on the basis of the effectiveness tests. This note includes the detail of fair values of derivatives classified as hedging instruments. b) Cash flow hedges Cash flow hedges cover exposure to the cash flow variations attributable to a risk associated with a specific transaction that is very likely to be executed, which may have material effects on the results of the Company. 10.4 Financial liabilities Other current and non-current financial liabilities As of December 31, 2017 and December 31, 2016, the detail is as follows:
|  | 12/31/2017 |  | 12/31/2016 |
|  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Bank borrowings |  |  | 163,568 |  |  | - |  |  | 163,568 |  |  | 101,270 |  |  | - |  |  | 101,270 |
Obligations with the public (bonds) |  |  | 13,494 |  |  | 1,031,507 |  |  | 1,045,001 |  |  | 58,973 |  |  | 1,059,706 |  |  | 1,118,679 |
Derivatives |  |  | 5,979 |  |  | - |  |  | 5,979 |  |  | 1,920 |  |  | - |  |  | 1,920 |
Hedging liabilities |  |  | 37,287 |  |  | - |  |  | 37,287 |  |  | 16,981 |  |  | 33,732 |  |  | 50,713 |
Total |  |  | 220,328 |  |  | 1,031,507 |  |  | 1,251,835 |  |  | 179,144 |  |  | 1,093,438 |  |  | 1,272,582 |
Current and non-current bank borrowings As of December 31, 2017 and December 31, 2016, the detail is as follows:
|  | 12/31/2017 |  | 12/31/2016 |
|  | ThUS$ |  | ThUS$ |
Long-term bank borrowings |  |  | - |  |  | - |
Short-term bank borrowings |  |  | 163,568 |  |  | 101.270 |
Short-term borrowings and current portion of long-term borrowings |  |  | 163,568 |  |  | 101.270 |
Total bank borrowings |  |  | 163,568 |  |  | 101.270 |
a) Bank borrowings, current: As of December 31, 2017 and December 31, 2016, the detail of this caption is as follows:
Debtor |  | Creditor |  | Currency or |  |  |  |  |  |  |
Tax ID No |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  | adjustment index |  | Repayment |  | Effective rate |  | Nominal rate |
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.63 | % | 1.63 | %
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.73 | % | 1.73 | %
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.73 | % | 1.73 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 97,018,000-1 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.64 | % | 1.64 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 97,018,000-1 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.67 | % | 1.67 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 97,018,000-1 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.67 | % | 1.67 | %
79,626,800-K |  | SQM Salar S.A. |  | Chile |  | 97,018,000-1 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.91 | % | 1.91 | %
79,626,800-K |  | SQM Salar S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.94 | % | 1.94 | %
79,947,100-0 |  | SQM Industrial S.A. |  | Chile |  | 97,030,000-7 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.74 | % | 1.74 | %
79,947,100-0 |  | SQM Industrial S.A. |  | Chile |  | 97,030,000-7 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.65 | % | 1.65 | %
|  |  |  | 12/31/2017 |  | 12/31/2017 |
Debtor |  | Creditor |  | Nominal amounts |  | Current amounts
Company |  | Financial institution |  | Up to 90 days ThUS$ |  | 90 days to 1 year ThUS$ |  | Total ThUS$ |  | Up to 90 days ThUS$ |  | 90 days to 1 year ThUS$ |  | Subtotal ThUS$ |  | Borrowing costs ThUS$ |  | Total ThUS$ |
SQM,S,A, |  | Scotiabank Sud Americano |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | - |  |  | 20,137 |  |  | 20,137 |  |  | - |  |  | 20,137 |
SQM,S,A, |  | Scotiabank Sud Americano |  |  | - |  |  | 17,000 |  |  | 17,000 |  |  | - |  |  | 17,140 |  |  | 17,140 |  |  | - |  |  | 17,140 |
SQM,S,A, |  | Scotiabank Sud Americano |  |  | - |  |  | 3,000 |  |  | 3,000 |  |  | - |  |  | 3,025 |  |  | 3,025 |  |  | - |  |  | 3,025 |
SQM,S,A, |  | Banco Estado |  |  | 15,000 |  |  | - |  |  | 15,000 |  |  | 15,011 |  |  | - |  |  | 15,011 |  |  | - |  |  | 15,011 |
SQM,S,A, |  | Banco Estado |  |  | 15,000 |  |  | - |  |  | 15,000 |  |  | 15,011 |  |  | - |  |  | 15,011 |  |  | - |  |  | 15,011 |
SQM,S,A, |  | Banco Estado |  |  | 15,000 |  |  | - |  |  | 15,000 |  |  | 15,011 |  |  | - |  |  | 15,011 |  |  | - |  |  | 15,011 |
SQM Salar S,A, |  | Banco Estado |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | - |  |  | 20,071 |  |  | 20,071 |  |  | - |  |  | 20,071 |
SQM Salar S,A, |  | Scotiabank Sud Americano |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | - |  |  | 20,072 |  |  | 20,072 |  |  | - |  |  | 20,072 |
SQM Industrial S,A, |  | Banco Estado |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | - |  |  | 20,064 |  |  | 20,064 |  |  | - |  |  | 20,064 |
SQM Industrial S,A, |  | Banco Estado |  |  | 18,000 |  |  | - |  |  | 18,000 |  |  | 18,026 |  |  | - |  |  | 18,026 |  |  | - |  |  | 18,026 |
Total |  |  |  |  | 63,000 |  |  | 100,000 |  |  | 163,000 |  |  | 63,059 |  |  | 100,509 |  |  | 163,568 |  |  | - |  |  | 163,568 |
Debtor |  |  |  | Creditor |  | Currency or |  |  |  |  |  |  |
Tax ID No |  | Company |  | Country |  | Tax ID No. |  | Financial institution |  | Country |  | adjustment index |  | Repayment |  | Effective rate |  | Nominal rate |
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.00 | % | 1.00 | %
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,030,000-7 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 4.3 | % | 4.3 | %
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 0.74 | % | 0.85 | %
93,007,000-9 |  | SQM.S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 0.74 | % | 0.84 | %
79,626,800-K |  | SQM Salar S.A. |  | Chile |  | 97,018,000-1 |  | Scotiabank Sud Americano |  | Chile |  | US$ |  | Upon maturity |  | 1.34 | % | 0.84 | %
79,947,100-0 |  | SQM Industrial S.A. |  | Chile |  | 97,030,000-7 |  | Banco Estado |  | Chile |  | US$ |  | Upon maturity |  | 1.20 | % | 1.20 | %
|  |  |  | 12/31/2016 |  | 1231/2016 |
Debtor |  | Creditor |  | Nominal amounts |  | Current amounts |
Company |  | Financial institution |  | Up to 90 days ThUS$ |  | 90 days to 1 year ThUS$ |  | Total ThUS$ |  | Up to 90 days ThUS$ |  | 90 days to 1 year ThUS$ |  | Subtotal ThUS$ |  | Borrowing costs ThUS$ |  | Total ThUS$ |
SQM.S.A. |  | Scotiabank Sud Americano |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | 30 |  |  | 20,000 |  |  | 20,030 |  |  | - |  |  | 20,030 |
SQM.S.A. |  | Banco Estado |  |  | - |  |  | 20,412 |  |  | 20,412 |  |  | - |  |  | 20,919 |  |  | 20,919 |  |  | - |  |  | 20,919 |
SQM.S.A. |  | Scotiabank Sud Americano |  |  | - |  |  | 17,000 |  |  | 17,000 |  |  | - |  |  | 17,057 |  |  | 17,057 |  |  | - |  |  | 17,057 |
SQM.S.A. |  | Scotiabank Sud Americano |  |  | - |  |  | 3,000 |  |  | 3,000 |  |  | - |  |  | 3,010 |  |  | 3,010 |  |  | - |  |  | 3,010 |
SQM Salar S.A. |  | Scotiabank Sud Americano |  |  | - |  |  | 20,000 |  |  | 20,000 |  |  | - |  |  | 20,042 |  |  | 20,042 |  |  | - |  |  | 20,042 |
SQM Industrial S.A. |  | Banco Estado |  |  | 20,000 |  |  | - |  |  | 20,000 |  |  | 20,212 |  |  | - |  |  | 20,212 |  |  | - |  |  | 20,212 |
Total |  |  |  |  | 20,000 |  |  | 80,412 |  |  | 100,412 |  |  | 20,242 |  |  | 81,028 |  |  | 101,270 |  |  | - |  |  | 101,270 |
b) Unsecured obligations, current: As of December 31, 2017 and December 31, 2016, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows: Bonds
Debtor |  |  |  |  |  |  |  |  |  | Periodicity |  |  |  |  |  |  |
Tax ID No. |  | Company |  | País |  | Number of registration or ID of the instrument |  | Series |  | Maturity date |  | Currency or adjustment index |  | Payment of interest |  | Repayment |  | Effective rate |  |  | Nominal rate |
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 04/21/2018 |  | US$ |  | Semiannual |  | Upon maturity |  | 1.47 | % |  |  | 5.50 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 01/28/2018 |  | US$ |  | Semiannual |  | Upon maturity |  | 3.17 | % |  |  | 4.38 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$300,000 |  | 0403//2018 |  | US$ |  | Semiannual |  | Upon maturity |  | 2.12 | % |  |  | 3.63 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2018 |  | UF |  | Semiannual |  | Semiannual |  | 2.18 | % |  |  | 4.90 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2018 |  | UF |  | Semiannual |  | Upon maturity |  | 2.80 | % |  |  | 3.80 | %
|  |  |  |  |  | 12/31/2017 |  | 12/31/2017 |
|  |  |  |  |  | Nominal maturities |  | Current maturities |
Company |  | Country |  | Series |  | Up to 90 days |  | 91 days to 1 year |  | Total |  | Up to 90 days |  | 91 days to 1 year |  | Subtotal |  | Bond issuance costs |  | Total |
|  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
SQM S,A, |  | Chile |  | ThUS$250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,674 |  |  | 2,674 |  |  | (385) |  |  | 2,289 |
SQM S,A, |  | Chile |  | ThUS$250,000 |  |  | - |  |  | - |  |  | - |  |  | 4,648 |  |  | - |  |  | 4,648 |  |  | (433) |  |  | 4,215 |
SQM S,A, |  | Chile |  | ThUS$300,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,658 |  |  | 2,658 |  |  | (615) |  |  | 2,043 |
SQM S,A, |  | Chile |  | H |  |  | - |  |  | - |  |  | - |  |  | 4,127 |  |  | - |  |  | 4,127 |  |  | (139) |  |  | 3,988 |
SQM S,A, |  | Chile |  | O |  |  | - |  |  | - |  |  | - |  |  | 1,026 |  |  | - |  |  | 1,026 |  |  | (67) |  |  | 959 |
Total |  |  |  |  |  |  | - |  |  | - |  |  | - |  |  | 9,801 |  |  | 5,332 |  |  | 15,133 |  |  | (1,639) |  |  | 13,494 |
Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements.
Debtor |  |  |  |  |  |  |  |  |  | Periodicity |  |  |  |  |
Tax ID No. |  | Company |  | País |  | Number of registration or ID of the instrument |  | Series |  | Maturity date |  | Currency or adjustment index |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate |
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 10/21/2016 |  | US$ |  | Semiannual |  | Upon maturity |  | 1.97 | % |  | 5.50 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 01/28/2017 |  | US$ |  | Semiannual |  | Upon maturity |  | 3.61 | % |  | 4.38 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$300,000 |  | 10/03/2016 |  | US$ |  | Semiannual |  | Upon maturity |  | 2.48 | % |  | 3.63 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 446 |  | C |  | 12/01/2016 |  | UF |  | Semiannual |  | Semiannual |  | 1.34 | % |  | 4.00 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2017 |  | UF |  | Semiannual |  | Semiannual |  | 2.47 | % |  | 4.90 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 700 |  | M |  | 02/01/2017 |  | UF |  | Semiannual |  | Upon maturity |  | 0.69 | % |  | 3.30 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2017 |  | UF |  | Semiannual |  | Upon maturity |  | 3.00 | % |  | 3.80 | %
|  |  |  |  |  | 12/31/2016 |  | 12/31/2016 |
|  |  |  |  |  | Nominal maturities |  | Current maturities |
Company |  | Country |  | Series |  | Up to 90 days |  | 91 days to 1 year |  | Total |  | Up to 90 days |  | 91 days to 1 year |  | Subtotal |  | Bond issuance costs |  | Total |
|  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
SQM S,A, |  | Chile |  | ThUS$250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,674 |  |  | 2,674 |  |  | (386) |  |  | 2,288 |
SQM S,A, |  | Chile |  | ThUS$250,000 |  |  | - |  |  | - |  |  | - |  |  | 4,649 |  |  | - |  |  | 4,649 |  |  | (433) |  |  | 4,216 |
SQM S,A, |  | Chile |  | ThUS$300,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2,658 |  |  | 2,658 |  |  | (615) |  |  | 2,043 |
SQM S,A, |  | Chile |  | C |  |  | - |  |  | 5,903 |  |  | 5,903 |  |  | - |  |  | 6,098 |  |  | 6,098 |  |  | - |  |  | 6,098 |
SQM S,A, |  | Chile |  | H |  |  | - |  |  | - |  |  | - |  |  | 3,726 |  |  | - |  |  | 3,726 |  |  | (139) |  |  | 3,587 |
SQM S,A, |  | Chile |  | M |  |  | 39,356 |  |  | - |  |  | 39,356 |  |  | 39,893 |  |  | - |  |  | 39,893 |  |  | (11) |  |  | 39,882 |
SQM S,A, |  | Chile |  | O |  |  | - |  |  | - |  |  | - |  |  | 926 |  |  | - |  |  | 926 |  |  | (67) |  |  | 859 |
Total |  |  |  |  |  |  | 39,356 |  |  | 5,903 |  |  | 45,259 |  |  | 49,194 |  |  | 11,430 |  |  | 60,624 |  |  | (1,651) |  |  | 58,973 |
Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements. c) Non-current unsecured interest-bearing bonds The breakdown of non-current unsecured interest-bearing bonds as of December 31, 2017 and December 31, 2016 is detailed as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Periodicity |  |  |  |  |
Tax ID No. |  | Company |  | Country |  | Number of registration or ID of the instrument |  | Series |  | Maturity date |  | Currency or adjustment index |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate |
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 04/21/2020 |  | US$ |  | Semiannual |  | Upon maturity |  | 5.50 | % | 5.50 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 01/28/2025 |  | US$ |  | Semiannual |  | Upon maturity |  | 4.38 | % | 4.38 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$300,000 |  | 04/03/2023 |  | US$ |  | Semiannual |  | Upon maturity |  | 3.63 | % | 3.63 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2030 |  | UF |  | Semiannual |  | Semiannual |  | 4.90 | % | 6.01 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2033 |  | UF |  | Semiannual |  | Upon maturity |  | 3.80 | % | 3.80 | %
Nominal non-current maturities 12/31/2017 |  | Non-current maturities 12/31/2017 |
Series |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Total |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Subtotal |  | Bond issuance costs |  | Total |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ | ThUS$ | ThUS$ |  | ThUS$ | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
MUS$250 |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | (517) |  |  | 249,483 |
MUS$250 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | 250,000 |  |  | (2,636) |  |  | 247,364 |
MUS$300 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 300,000 |  |  | 300,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 300,000 |  |  | 300,000 |  |  | (2,618) |  |  | 297,382 |
H |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 174,367 |  |  | 174,367 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 174,367 |  |  | 174,367 |  |  | (1,532) |  |  | 172,835 |
O |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 65,388 |  |  | 65,388 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 65,388 |  |  | 65,388 |  |  | (945) |  |  | 64,443 |
Total |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | 789,755 |  |  | 1,039,755 |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | 789,755 |  |  | 1,039,755 |  |  | (8,248) |  |  | 1,031,507 |
As of December 31, 2017 and December 31, 2016, the breakdown of unsecured interest-bearing liabilities, non-current is as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Periodicity |  |  |  |  |
Tax ID No. |  | Company |  | Country |  | Number of registration or ID of the instrument |  | Series |  | Maturity date |  | Currency or adjustment index |  | Payment of interest |  | Repayment |  | Effective rate |  | Nominal rate |
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 04/21/2020 |  | US$ |  | Semiannual |  | Upon maturity |  | 5.94 | % | 5.50 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$250,000 |  | 01/28/2025 |  | US$ |  | Semiannual |  | Upon maturity |  | 4.62 | % | 4.38 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | - |  | ThUS$300,000 |  | 04/03/2023 |  | US$ |  | Semiannual |  | Upon maturity |  | 3.95 | % | 3.63 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 446 |  | C |  | 12/01/2026 |  | UF |  | Semiannual |  | Semiannual |  | 5.57 | % | 4.00 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 564 |  | H |  | 01/05/2030 |  | UF |  | Semiannual |  | Semiannual |  | 5.22 | % | 4.90 | %
93,007,000-9 |  | SQM S.A. |  | Chile |  | 699 |  | O |  | 02/01/2033 |  | UF |  | Semiannual |  | Upon maturity |  | 3.97 | % | 3.80 | %
Nominal non-current maturities 12/31/2016 |  |  | Non-current maturities 12/31/2016 |
Series |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Total |  | Over 1 year to 2 |  | Over 2 years to 3 |  | Over 3 Years to 4 |  | Over 4 Years to 5 |  | Over 5 years |  | Subtotal |  | Bond issuance costs |  | Total |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
MUS$250 |  |  | - |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | - |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | (904) |  |  | 249,096 |
MUS$250 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | 250,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 250,000 |  |  | 250,000 |  |  | (3,069) |  |  | 246,931 |
MUS$300 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 300,000 |  |  | 300,000 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 300,000 |  |  | 300,000 |  |  | (3,230) |  |  | 296,770 |
C |  |  | 5,903 |  |  | 5,903 |  |  | 5,903 |  |  | 5,903 |  |  | 29,519 |  |  | 53,131 |  |  | 5,903 |  |  | 5,903 |  |  | 5,903 |  |  | 5,903 |  |  | 29,519 |  |  | 53,131 |  |  | - |  |  | 53,131 |
H |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 157,426 |  |  | 157,426 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 157,426 |  |  | 157,426 |  |  | (1,671) |  |  | 155,755 |
O |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 59,035 |  |  | 59,035 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 59,035 |  |  | 59,035 |  |  | (1,012) |  |  | 58,023 |
Total |  |  | 5,903 |  |  | 255,903 |  |  | 5,903 |  |  | 5,903 |  |  | 795,980 |  |  | 1,069,592 |  |  | 5,903 |  |  | 255,903 |  |  | 5,903 |  |  | 5,903 |  |  | 795,980 |  |  | 1,069,592 |  |  | (9,886) |  |  | 1,059,706 |
e) Additional information On December 15, 2017, the Company filed a request with the Financial Markets Commission (FMC, formerly the Chilean Superintendence of Securities and Insurance) to modify the bond line registered in the FMC Securities Registry on December 31, 2008, under number 563. The main objective of this change is to adapt the obligations and grounds for early payment and default to the Company's current circumstances. If the modified line is approved by the Financial Markets Commission, a series of bonds denominated Series P will be issued for a nominal value of up to UF 3 million, with a maturity date of January 15, 2028. Once these bonds have been approved by the Financial Markets Commission, they are expected to be placed through direct sale to investors. Bonds On December 31, 2017 and December 31, 2016, short term bonds of ThUS$13,494 and ThUS$58,973 respectively were classified as short-term, consisting of the current portion due plus accrued interest to date; debt is presented net of bond issuance costs. The non-current portion consisted of ThUS$1,031,507 on December 31, 2017 and ThUS$1,059,706 on December 31, 2016, corresponding to the issuance series H bonds second issue single series bonds (ThUS$250), series M bonds, series O bonds, third issue single series bonds (ThUS$300) and fourth issue single series bonds (ThUS$250) excluding debt issue costs. As of December 31, 2017 and December 31, 2016, the details of each issuance are as follows: Series “C” bonds On January 24, 2006, the Company placed Series C bonds for UF 3,000,000 (ThUS$101,918) at an annual rate of 4.00%. On July 5, 2017, the Series C bond was prepaid. As of December 31, 2017, December 31, 2016 and December 31, 2015, the Company has made the following payments with a charge to the Series C bonds:
Payments made |  | 12/31/2017 |  | 12/31/2016 |  | 12/31/2015 |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Principal payment |  |  | 57,290 |  |  | 5,729 |  |  | 5,729 |
Interest payment |  |  | 1,515 |  |  | 3,275 |  |  | 3,570 |
Single series first issue ThUS$200,000 On April 5, 2006, the Company placed Single Series bonds for ThUS$200,000 at an annual rate of 6.125% under "Rule 144 and regulation S of the U.S. Securities Act of 1933." As of December 31, 2017, December 31, 2016 and December 31, 2015, the Company has made the following payments with a charge to the Single series bonds:
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Payments of principal owed |  |  | - |  |  | 200,000 |  |  | - |
Payments of interest |  |  | - |  |  | 6,125 |  |  | 12,250 |
Series “G” and “H” bonds On January 13, 2009, the Company placed two bond series in the domestic market. The first was Series H for UF 4,000,000 (ThUS$139,216) at an annual interest rate of 4.9%, with a term of 21 years and payment of the principal beginning in 2019. The second was Series G for ThCh$21,000,000 (ThUS$34,146), which was placed at a term of 5 years with a single payment at the maturity of the term and an annual interest rate of 7%. As of December 31, 2017, December 31, 2016 and December 2015, the Company has made the following payments with a charge to the Series H bonds:
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Payments of interest, Series H bonds |  |  | 7,691 |  |  | 7,289 |  |  | 7,696 |
Single series bonds, second issue ThUS$250,000 On April 21, 2010, the Company informed the Financial Markets Commission (formerly the Chilean Superintendence of Securities and Insurance) of its placement in international markets of an unsecured bond of ThUS$250,000 with a maturity of 10 years beginning on the aforementioned date with an annual interest rate of 5.5% and destined to refinance long-term liabilities. As of December 31, 2017, December 31, 2016 and December 31, 2015, the detail of payments charged to the line of single series bonds, second issue is as follows:
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Interest payment |  |  | 13,750 |  |  | 13,750 |  |  | 13,750 |
Series “M” and “O” bonds On April 4, 2012, the Company placed two bond series in the domestic market. Series M for UF 1,000,000 (ThUS$46,601) was placed at a term of 5 years with a single payment at the maturity of the term and an annual interest rate of 3.3%. Series O for UF 1,500,000 (ThUS$69,901) was placed at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80% As of December 31, 2017, December 31, 2016 and December 2015 the Company has made the following payments with a charge to the Series M and O bonds:
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Principal paymen, Series M bondst |  |  | 40,726 |  |  | - |  |  | - |
Payment of interest, Series M bonds |  |  | 667 |  |  | 1,242 |  |  | 1,248 |
Payment of interest, Series O bonds |  |  | 2,301 |  |  | 2,142 |  |  | 2,153 |
Single series bonds, third issue ThUS$300,000 On April 3, 2013, the Company issued a non-guaranteed bond in the United States with a value of US$300 million. The bond is for a 10-year term with an annual coupon rate of 3.625% and an annual yield of 3.716%. This rate equates to a difference of 180 basis points to comparable US Treasury bonds. The funds raised will be used to refinance long term liabilities and finance general corporate objectives. As of December 31, 2017, December 31, 2016 and December 31, 2015, the following payments have been made with a debit to the line of single-series bonds, third issue:
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Payment of interest |  |  | 10,875 |  |  | 10,875 |  |  | 10,875 |
Single series bonds, fourth issuance ThUS$250 On October 23, 2014, the Company informed the Financial Markets Commission (formerly the Chilean Superintendence of Securities and Insurance) that Sociedad Química y Minera de Chile S.A. had agreed to issue and place unsecured bonds of ThUS$250,000 in international markets. These mature in 2025 and have annual interest rate of 4.375%, equivalent to a spread of 215 basis points on comparable US Treasury bonds, which were offered to investors at a price of 99.410% with respect to capital. The aforementioned agreement was agreed on October 23, 2014 and the issuance and placement of such bonds was performed in conformity with the provisions of Rule 144A of the US Securities Act of 1933 and these bonds will not be publicly offered in Chile. As of December 31, 2017, December 31, 2016 and December 31, 2015, the following payments have been made.
Payments made |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |  | 12/31/2015 ThUS$ |
Payment of interest |  |  | 10,938 |  |  | 10,938 |  |  | 8,203 |
10.5 | Trade and other payables
|  | 12/31/2017 |  | 12/31/2016 |
|  | Current |  | Non- current |  | Total |  | Current |  | Non- current |  | Total |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Accounts payable |  |  | 195,858 |  |  | - |  |  | 195,858 |  |  | 200,215 |  |  | - |  |  | 200,215 |
Other accounts payable |  |  | 422 |  |  | - |  |  | 422 |  |  | 281 |  |  | - |  |  | 281 |
Total |  |  | 196,280 |  |  | - |  |  | 196,280 |  |  | 200,496 |  |  | - |  |  | 200,496 |
Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2017, the Company has purchase orders amounting to ThUS$41,601 (ThUS$19,959 as of December 31, 2016).
10.6 | Financial liabilities at fair value through profit or loss
This balance relates to derivative instruments measured at their fair value, which has generated balances against the Company. The detail of this type of instrument is as follows:
Financial liabilities at fair value through profit or loss |  |  |  | Effect on profit or loss as of 12/31/2017 |  |  |  | Effect on profit or loss as of 12/31/2016 |  |  |  | Effect on profit or loss as of 12/31/2015 |
|  | 12/31/2017 ThUS$ |  | ThUS$ |  | 12/31/2016 ThUS$ |  | ThUS$ |  | 12/31/2015 ThUS$ |  | ThUS$ |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivate instruments (options) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 215 |  |  | 1,304 |
Derivative instruments (IRS) |  |  | - |  |  | - |  |  | - |  |  | (229) |  |  | 283 |  |  | (242) |
|  |  | - |  |  | - |  |  | - |  |  | (229) |  |  | 498 |  |  | 1,062 |
Balances in the “effect on profit or loss” column consider the effects of agreements which were in force as of December 31, 2017, including derivatives received during the year.
10.7 | Financial asset and liability categories
a) Financial Assets
|  |  |  | 12/31/2017 |  | 12/31/2016 |
|  | Financial |  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total |
Description of financial assets |  | instruments |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |
Cash and cash equivalent |  |  |  |  | 630,438 |  |  | - |  |  | 630,438 |  |  | 514,669 |  |  | - |  |  | 514,669 |
Trade receivables due from related parties |  |  |  |  | 59,132 |  |  | - |  |  | 59,132 |  |  | 82,259 |  |  | - |  |  | 82,259 |
Financial assets measured at amortized cost |  | Term deposits |  |  | 360,941 |  |  | 45 |  |  | 360,986 |  |  | 284,160 |  |  | 44 |  |  | 284,204 |
Loans and receivables measured at amortized cost |  | Trade and other receivables |  |  | 446,875 |  |  | 1,912 |  |  | 448,787 |  |  | 368,761 |  |  | 1,840 |  |  | 370,601 |
Total financial assets measured at amortized cost |  |  |  |  | 1,497,386 |  |  | 1,957 |  |  | 1,499,343 |  |  | 1,249,849 |  |  | 1,884 |  |  | 1,251,733 |
Financial assets at fair value through profit or loss |  | Derivative instruments |  |  | 6,038 |  |  | 8,910 |  |  | 14,948 |  |  | 5,029 |  |  | 7,156 |  |  | 12,185 |
Financial assets classified as available for sale at fair value through equity |  | Other investments |  |  | - |  |  | 33,924 |  |  | 33,924 |  |  | - |  |  | 6,899 |  |  | 6,899 |
Total financial assets at fair value |  |  |  |  | 6,038 |  |  | 42,834 |  |  | 48,872 |  |  | 5,029 |  |  | 14,055 |  |  | 19,084 |
Total financial assets |  |  |  |  | 1,503,424 |  |  | 44,791 |  |  | 1,548,215 |  |  | 1,254,878 |  |  | 15,939 |  |  | 1,270,817 |
b) Financial liabilities
|  |  |  | 12/31/2017 |  | 12/31/2016 |
|  | Financial |  | Current |  | Non-current |  | Total |  | Current |  | Non-current |  | Total |
Description of financial liabilities |  | instruments |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |  | Amount ThUS$ |
Trade payables due to related parties |  |  |  |  | 1,365 |  |  | - |  |  | 1,365 |  |  | 7 |  |  | - |  |  | 7 |
Financial liabilities at fair value through profit or loss |  | Derivative instruments |  |  | 43,266 |  |  | - |  |  | 43,266 |  |  | 18,901 |  |  | 33,732 |  |  | 52,633 |
Financial liabilities at fair value through profit or loss |  |  |  |  | 44,631 |  |  | - |  |  | 44,631 |  |  | 18,908 |  |  | 33,732 |  |  | 52,640 |
Financial liabilities measured at amortized cost |  | Bank borrowings |  |  | 163,568 |  |  | - |  |  | 163,568 |  |  | 101,270 |  |  | - |  |  | 101,270 |
Financial liabilities measured at amortized cost |  | Obligations with the public |  |  | 13,494 |  |  | 1,031,507 |  |  | 1,045,001 |  |  | 58,973 |  |  | 1,059,706 |  |  | 1,118,679 |
Financial liabilities measured at amortized cost |  | Trade and other payables |  |  | 196,280 |  |  | - |  |  | 196,280 |  |  | 200,496 |  |  | - |  |  | 200,496 |
Total financial liabilities measured at amortized cost |  |  |  |  | 373,342 |  |  | 1,031,507 |  |  | 1,404,849 |  |  | 360,739 |  |  | 1,059,706 |  |  | 1,420,445 |
Total financial liabilities |  |  |  |  | 417,973 |  |  | 1,031,507 |  |  | 1,449,480 |  |  | 379,647 |  |  | 1,093,438 |  |  | 1,473,085 |
| 10.8 | Fair value measurement of assets and liabilities
Financial assets and liabilities measured at fair value consist of Options and Forwards hedging the mismatch in the balance sheet and cash flows, Cross Currency Swaps (CCS) to hedge bonds issued in local currency ($/UF), and Interest Rate Swaps (IRS) to hedge LIBOR rate debt issued. The value of the Company’s assets and liabilities recognized by CCS contracts is calculated as the difference between the present value of discounted cash flows of the asset (pesos/UF) and liability (US$) parts of the derivative. In the case of the IRS, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards: Are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Options: The value recognized is calculated using the Black-Scholes method. In the case of CCS, the entry data used for the valuation models are UF, peso,USD and basis swap rates. In the case of fair value calculations for IRS, the FRA (Forward Rate Agreement) rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, with options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation. The effects on profit or loss of movements in these amounts may be recognized in the caption Finance costs, foreign currency translation gain (loss) or cash flow hedges in the statement of comprehensive income, depending on each particular case. The fair value measurement of debt is only performed to determine the present market value of secured and unsecured long-term obligations; bonds denominated in local currency (Ch$/UF) and foreign currency (US$), credits denominated in foreign currency (US$), which is classified under Level 2 in the fair value hierarchy established by IFRS. The value of the Company’s reported liabilities is calculated as the present value of discounted cash flows at market rates at the time of valuation, taking into account the maturity date and exchange rate. The entry data used for the model includes the UF and peso rates, which are obtained using Bloomberg, the well-known financial software company and the ‘Asociación de Bancos e Instituciones Financieras’ (ABIF) (Association of Banks and Financial Institutions’). Fair value hierarchy The fair value hierarchy is detailed as follows:
| a) | Level 1: using quoted prices (unadjusted) only in active markets.
| b) | Level 2: when in any phase in the valuation process inputs other than quoted prices have been used in Level 1 that are observable directly in markets.
| c) | Level 3: inputs for the asset or liability that are not based on observable market data.
The valuation technique used for determining fair value of our hedging instruments is that indicated in Level 2.
|  |  | Fair value |  | Measurement methodology |
|  | 12/31/2017 |  | Level 1 |  | Level 2 |  | Level 3 |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investment |  |  |  |  |  |  |  |  |  |  |  |  |
Investment SQM Australia |  |  | 24,746 |  |  | 24,746 |  |  | - |  |  | - |
Shares |  |  | 9,159 |  |  | 9,159 |  |  | - |  |  | - |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | 2,744 |  |  | - |  |  | 2,744 |  |  | - |
Options |  |  | 110 |  |  | - |  |  | 110 |  |  | - |
Swaps |  |  | 3,184 |  |  | - |  |  | 3,184 |  |  | - |
Hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 8,726 |  |  | - |  |  | 8,726 |  |  | - |
Deposits, more than 90 days |  |  | 360,941 |  |  |  |  |  | 360,941 |  |  | - |
Other |  |  | 249 |  |  | - |  |  | 249 |  |  | - |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | 5,534 |  |  | - |  |  | 5,534 |  |  | - |
Options |  |  | 445 |  |  | - |  |  | 445 |  |  | - |
Hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 37,287 |  |  | - |  |  | 37,287 |  |  | - |
Bank loans |  |  | 163,568 |  |  | - |  |  | 163,568 |  |  | - |
Non-guaranteed bonds |  |  | 1,039,956 |  |  | - |  |  | 1,039,956 |  |  | - |
Other |  |  | 5,945 |  |  | - |  |  | 5,945 |  |  | - |
|  | Fair value |  | Measurement methodology |
|  | 12/31/2016 |  | Level 1 |  | Level 2 |  | Level 3 |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investment |  |  |  |  |  |  |  |  |  |  |  |  |
Shares |  |  | 6,879 |  |  | 6,879 |  |  | - |  |  | - |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | 924 |  |  | - |  |  | 924 |  |  | - |
Options |  |  | 426 |  |  | - |  |  | 426 |  |  | - |
Swaps |  |  | 2,745 |  |  | - |  |  | 2,745 |  |  | - |
Hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 8,090 |  |  | - |  |  | 8,090 |  |  | - |
Deposits, more than 90 days |  |  | 284,159 |  |  |  |  |  | 284,159 |  |  | - |
Other |  |  | 2,809 |  |  | - |  |  | 2,809 |  |  | - |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Non-hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | 871 |  |  | - |  |  | 871 |  |  | - |
Options |  |  | 363 |  |  | - |  |  | 363 |  |  | - |
Hedging derivatives |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | 50,713 |  |  | - |  |  | 50,713 |  |  | - |
Bank loans |  |  | 101,270 |  |  | - |  |  | 101,270 |  |  | - |
Non-guaranteed bonds |  |  | 1,103,324 |  |  | - |  |  | 1,103,324 |  |  | - |
Other |  |  | 16,041 |  |  | - |  |  | 16,041 |  |  | - |
10.9 | Financial assets pledged as a guarantee
On November 4, 2004, Isapre Norte Grande maintains a guarantee equivalent to the total amount owed to its members and healthcare providers, which is managed and maintained by Banco de Chile. As of December 31, 2017 and December 31, 2016, assets pledged as guarantees are as follows:
Restricted cash |  | 12/31/2017 ThUS$ |  | 12/31/2016 ThUS$ |
Isapre Norte Grande Ltda. |  |  | 771 |  |  | 685 |
Total |  |  | 771 |  |  | 685 |
10.10 | Estimated fair value of financial instruments and financial derivatives
As required by IFRS 7, the following information is presented for the disclosure of the estimated fair value of financial assets and liabilities. Although inputs represent Management's best estimate, they are subjective and involve significant estimates related to the current economic and market conditions, as well as risk features. Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:
- | Cash equivalent approximates fair value due to the short-term maturities of these instruments.
- | The fair value of trade receivables, current is considered to be equal to the carrying amount due to the maturity of such accounts at short-term.
- | The fair value of other current financial liabilities is considered to be equal to their carrying values.
- | For interest-bearing liabilities with original maturity of more than a year, fair values are calculated by discounting contractual cash flows at their original current market rates with similar terms.
- | The fair value of debt is considered in Level 2.
- | For forward and swap contracts, fair value is determined using quoted market prices of financial instruments with similar characteristics.
The detail of the Company’s instruments at carrying value and estimated fair value is as follows:
|  | 12/31/2017 |  | 12/31/2016 |
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |
Cash and cash equivalents |  |  | 630,438 |  |  | 630,438 |  |  | 514,669 |  |  | 514,669 |
Current trade and other receivables |  |  | 446,875 |  |  | 446,875 |  |  | 368,761 |  |  | 368,761 |
Receivables due from related parties, current |  |  | 59,132 |  |  | 59,132 |  |  | 82,259 |  |  | 82,259 |
Other financial assets, current: |  |  |  |  |  |  |  |  |  |  |  |  |
- Time deposits |  |  | 360,941 |  |  | 360,941 |  |  | 284,160 |  |  | 284,160 |
- Derivative instruments |  |  | 6,038 |  |  | 6,038 |  |  | 4,095 |  |  | 4,095 |
- Hedging assets |  |  | - |  |  | - |  |  | 934 |  |  | 934 |
Total other current financial assets |  |  | 366,979 |  |  | 366,979 |  |  | 289,189 |  |  | 289,189 |
Non-Current Trade Receivables |  |  | 1,912 |  |  | 1,912 |  |  | 1,840 |  |  | 1,840 |
Other non-current financial assets: |  |  | 42,879 |  |  | 42,879 |  |  | 14,099 |  |  | 14,099 |
Total other non-current financial assets: |  |  | 42,879 |  |  | 42,879 |  |  | 14,099 |  |  | 14,099 |
Other financial liabilities, current: |  |  |  |  |  |  |  |  |  |  |  |  |
- Bank loans |  |  | 163,568 |  |  | 163,568 |  |  | 101,270 |  |  | 101,270 |
- Derivative instruments |  |  | 5,979 |  |  | 5,979 |  |  | 1,920 |  |  | 1,920 |
- Hedging liabilities |  |  | 37,287 |  |  | 37,287 |  |  | 16,981 |  |  | 16,981 |
- Unsecured obligations |  |  | 13,494 |  |  | 13,494 |  |  | 58,973 |  |  | 58,973 |
Other financial liabilities, current |  |  | 220,328 |  |  | 220,328 |  |  | 179,144 |  |  | 179,144 |
Current and non-current accounts payable |  |  | 196,280 |  |  | 196,280 |  |  | 200,496 |  |  | 200,496 |
Payables due to related parties, non-current |  |  | 1,365 |  |  | 1,365 |  |  | 7 |  |  | 7 |
Other non-current financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
- Bank loans |  |  | - |  |  | - |  |  | - |  |  | - |
- Unsecured obligations |  |  | 1,031,507 |  |  | 1,131,639 |  |  | 1,059,706 |  |  | 1,195,512 |
- Non-current hedging liabilities |  |  | - |  |  | - |  |  | 33,732 |  |  | 33,732 |
Other non-current financial liabilities: |  |  | 1,031,507 |  |  | 1,131,639 |  |  | 1,093,438 |  |  | 1,229,244 |
All the fair value estimates are included in levels 1 and 2.
10.11 | Nature and scope of risks arising from financing instruments
As indicated in paragraphs 33 to 42 of IFRS 7 the disclosure of information associated with the nature and scope of risks arising from financial instruments is presented in Note 4 - Financial Risk Management.

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