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Financial instruments

12 Months Ended

Dec. 31, 2019

Disclosure Of Financials instruments [Abstract]

Disclosure of financial instruments [text block]

Note 13

Financial instruments

Financial instruments recognized in accordance with IFRS 9 are detailed as follows, except for liabilities recognized under IFRS 16 disclosed in Note 14.4 f):

13.1

Types of other financial assets

Description of other financial assets	As of December ‎ 31, 2019		As of December ‎ 31, 2018
	ThUS $		ThUS $
Financial assets at amortized cost (1)		485,689		291,790
Derivative financial instruments
- For hedging		17,270		18,238
- Non-hedging (2)		2,531		2,693
Total other current financial assets		505,490		312,721
Financial assets at fair value through other comprehensive income		4,785		3,631
Derivative financial instruments
- For hedging		3,918		13,425
Financial assets at amortized cost		75		75
Total other non-current financial assets		8,778		17,131

Institution	As of December ‎ 31, 2019		As of December ‎ 31, 2018
	ThUS $		ThUS $
Banco de Crédito e Inversiones		185,400		145,834
Banco Santander (3)		74,365		23,124
Banco Itaú CorpBanca		120,628		70,719
Banco Security		17,964		27,215
Banco de Chile		18,026		-
Banco Estado		15,126		-
Scotiabank Sud Americano		54,180		24,898
Total		485,689		291,790

(1)

Corresponds to term deposits whose maturity date is greater than 90 days and less than 360 days from the investment date constituted in the aforementioned financial institutions.

(2)

Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 14.3).

(3)

This balance includes ThUS$ 1,870 corresponding to margin calls, which are considered as collateral guarantees.

13.2

Trade and other receivables

	As of December 31, 2019						As of December 31, 2018
Trade and other receivables	Currents		Non-current		Total		Currents		Non-current		Total
	ThUS $		ThUS $		ThUS $		ThUS $		ThUS $		ThUS $
Trade receivables, current		367,583		-		367,583		430,914		-		430,914
Prepayments, current		20,309		-		20,309		16,147		-		16,147
Other receivables, current		11,250		1,710		12,960		19,558		2,275		21,833
Total trade and other receivables		399,142		1,710		400,852		466,619		2,275		468,894

	As of December 31, 2019							As of December 31, 2018
Trade and other receivablaes	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		383,775		(16,192	)		367,583		445,670		(14,756	)		430,914
Trade receivables, current		383,775		(16,192	)		367,583		445,670		(14,756	)		430,914
Prepayments, current		21,092		(783	)		20,309		16,990		(843	)		16,147
Other receivables, current		15,659		(4,409	)		11,250		23,863		(4,305	)		19,558
Current other receivables		36,751		(5,192	)		31,559		40,853		(5,148	)		35,705
Other receivables. non-current		1,710		-			1,710		2,275		-			2,275
Non-current receivables		1,710		-			1,710		2,275		-			2,275
Total trade and other receivables		422,236		(21,384	)		400,852		488,798		(19,904	)		468,894

(a)

Portfolio stratification

The Company’s policy is to require guarantees (such as letters of credit, guarantee clauses and others) and/or maintaining insurance policies for certain account receivables as deemed necessary by management.

(b)

Uncollateralized portfolio

As of December 31, 2019 and December 31, 2018 the detail of the uncollateralized portfolio is as follows:

As of December 31, 2019
Total uncollateralized portfolio
Past due segments	Number of customers with non- ‎ renegotiated portfolio		Gross non-renegotiated portfolio ThUS$		Number of customers with ‎ renegotiated portfolio		Gross renegotiated portfolio ‎ ThUS$
Current		1,486		351,931		69		892
1 - 30 days		166		20,195		72		526
31 - 60 days		26		1,279		4		10
61 - 90 days		12		519		3		54
91 - 120 days		5		1,026		2		66
121 - 150 days		5		361		7		49
151 - 180 days		7		190		2		33
181 - 210 days		4		51		-		-
211 - 250 days		6		48		8		11
>250 days		144		5,449		137		1,085
Total		1,861		381,049		304		2,726

As of December 31, 2018
Total uncollateralized portfolio
Past due segments	Number of customers with non-renegotiated portfolio		Gross non-renegotiated ‎ portfolio ThUS$		Number of customers with ‎ renegotiated portfolio		Gross renegotiated portfolio ‎ ThUS$
Current		1,390		404,670		136		668
1 - 30 days		1,229		19,422		390		596
31 - 60 days		801		5,705		154		118
61 - 90 days		648		2,279		41		75
91 - 120 days		489		1,220		27		47
121 - 150 days		80		423		16		29
151 - 180 days		43		186		21		176
181 - 210 days		7		1,291		41		231
211 - 250 days		7		108		101		242
>250 days		140		7,036		305		1,148
Total		4,834		442,340		1,232		3,330

(c)

Allowance for doubtful accounts:

As of December 31, 2019
																		Trade
																		receivables due
	Trade accounts receivable days past due																	from related
Trade and other receivables	Current			1 to 30 days			31 to 60 days			61 to 90 days			Over 90 days			Trade		parties
																ThUS $		ThUS $
Expected loss rate		1	%		18	%		34	%		44	%		78	%		-		-
Total gross carrying amount		352,823			20,721			1,288			573			8,370			383,775		72,859
Impairment estimate		5,285			3,664			440			251			6,552			16,192		11,323

As of December 31, 2018
																		Trade
																		receivables due
	Trade accounts receivable days past due																	from related
Trade and other receivables	Current			1 to 30 days			31 to 60 days			61 to 90 days			Over 90 days			Trade		parties
																ThUS $		ThUS $
Expected loss rate		1	%		9	%		5	%		4	%		65	%		-		-
Total gross carrying amount		408,300			20,018			2,861			2,354			12,137			445,670		55,520
Allowance for doubtful accounts		4,811			1,858			146			89			7,852			14,756		12,730

As of December 31, 2019 and 2018, the reconciliation of the allowance is as follows

Provisions	As of December ‎ 31, 2019			As of December ‎ 31, 2019
	ThUS $			ThUS $
Allowance for doubtful accounts at the beginning of the Period		32,634			34,936
Adjustment to initial balance derived from the adoption of IFRS 9		-			2,301
Increase / (decrease) of impairment provision		1,057			(2,967	)
Provision used		(984	)		(1,636	)
Allowance for doubtful accounts at the end of the year		32,707			32,634
(1) Trade and Other Receivables allowance current		16,192			14,756
(2) Other receivables allowance current		5,192			5,148
(3) Related party receivables allowance current		11,323			12,730
Recovery of Insurance		320			827

Total allowance for doubtful accounts		32,707			32,634
Renegotiated allowance		1,905			2,056
Non-renegotiated allowance		30,802			30,578

13.3 Hedging assets and liabilities

The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments

in Chilean pesos.

As of December 31, 2019 and 2018, the notional amount of cash flows agreed upon in US dollars of the cross-currency swap contracts amounted to ThUS$

435,167 and ThUS$ 461,659, respectively.

ThUS$	Assets / (Liabilities) ‎ Derivative financial ‎ instruments			Total Realized			Hedging Reserve in Gross ‎ Equity
Hedging of underlying debt at December 31, 2019
Hedging Assets		3,918			(4,194	)		8,112
Hedging Liabilities		(22,771	)		(25,363	)		2,592
Hedge of underlying Debt		(18,853	)		(29,557	)		10,704
Hedge of underlying investment at December 31, 2019
Hedging Assets		17,270			17,857			(587	)
Hedging Liabilities		(889	)		(711	)		(178	)
Hedge of underlying investments		16,381			17,146			(765	)

ThUS$	Assets / (Liabilities) ‎ Derivative financial ‎ instruments			Total Realized			Hedging Reserve in Gross ‎ Equity
Hedge of underlying debt at December 31, 2018
Hedging Assets		13,425			5,244			8,181
Hedging Liabilities		(17,318	)		(18,859	)		1,541
Hedge of underlying debt		(3,893	)		(13,615	)		9,722
Hedge of underlying investment at December 31, 2018
Hedging Assets		18,146			19,911			(1,765	)
Hedge of Underlying Investments		18,146			19,911			(1,765	)

Hedging effect in profit and loss and equity for the year ended December 31, 2019	Total variation			Profit and loss			Hedging reserve due to variation of hedge gross
Analysis effect by type of hedging
Hedge of underlying debt		(14,960	)		(15,942	)		982
Hedge of underlying investments		(1,765	)		(2,765	)		1,000
Total hedging effect on profit or loss and equity for the year		(16,725	)		(18,707	)		1,982
Analysis Effect by type of asset
Hedging in Current and Non-Current Assets		(10,383	)		(11,492	)		1,109
Hedging in Current and Non-Current Liabilities		(6,342	)		(7,215	)		873
Total hedging effect in Profit or Loss and Shareholders' Equity for the year		(16,725	)		(18,707	)		1,982

The balances in the “total realized” column consider the intermediate effects of the contracts in force from January 1 to December 31, 2019 and from January 1 to December 31, 2018.

Hedging derivative contract maturities are detailed as follows:

Series	Contract amount		Currency	Maturity date
	ThUS$
H		148,159	UF		01-04-2023
O		58,748	UF		02-01-2022
P		134,228	UF		01-15-2028

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 UF. Likewise, hedging contracts are denominated in the same currencies and have the same maturity dates of bond principal and interest payments.

Effectiveness

Effectiveness tests have verified that hedges are effective as of the reporting date. This note describes the fair values of derivative instruments classified as hedges.

13.4

Financial liabilities

Other current and non-current financial liabilities

As of December 31, 2019 and 2018, the detail is as follows:

	As of December 31, 2019						As of December 31, 2018
Other current and non-current financial ‎ liabilities	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Liabilities at amortized cost
Bank borrowings		199		69,138		69,337		300		68,870		69,170
Unsecured obligations		280,578		1,403,108		1,683,686		15,145		1,249,479		1,264,624
Derivative financial instruments
For hedging		7,183		16,477		23,660		5,285		12,033		17,318
Non-hedging liabilities		3,168		-		3,168		2,855		-		2,855
Lease liabilities		7,694		30,203		37,897		-		-		-
Total		298,822		1,518,926		1,817,748		23,585		1,330,382		1,353,967

Current and non-current bank borrowings

As of December 31, 2019 and 2018, the detail is as follows:

Current and non-current bank borrowings	As of December ‎ 31, 2019		As of December ‎ 31, 2018
	ThUS$		ThUS$
Current bank borrowings		199		300
Non-current bank borrowings		69,138		68,870
Current and non-current bank borrowings		69,337		69,170

Bank borrowings, current:

As of December 31, 2019 and December 31, 2018, the detail of this caption is as follows:

Currency or

Debtor

Creditor

adjustment

Tax ID No

Company

Country

Tax ID No

Financial institution

Country

index

Repayment

maturity

Effective rate

Nominal rate

93.007.000-9

SQM S.A.

Chile

Foreign

Scotiabank Cayman

USA

US$

Upon maturity

05-29-2023

2.11

3.01

Foreign

Nitratos Naturais do Chile Lim.

Brazil

Foreign

Banco Itau Brasil

Brazil

BRL

Upon maturity

12-31-2019

13.57

4.25

Debtor	Creditor		Nominal amounts as of December 31, 2019						Current amounts as of December 31, 2019
Company	Financial institution		Up to 90 days		90 days to ‎ 1 year		Total		Up to 90 days		90 days to ‎ 1 year		Subtotal		Borrowing ‎ costs		Total
			ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
SQM S.A.		Scotiabank Cayman		-		-		-		-		187		187		-		187
Nitratos Naturais do Chile		Banco Itau Brasil		-		-		-		12		-		12		-		12
Total				-		-		-		12		187		199		-		199

Currency or

Debtor

Creditor

adjustment

Tax ID No

Company

Country

Tax ID No

Financial institution

Country

index

Repayment

maturity

Effective rate

Nominal rate

93.007.000-9

SQM S.A.

Chile

Foreign

Scotiabank Cayman

USA

US$

Upon maturity

05-29-2023

3.60

3.98

Foreign

Nitratos Naturais do Chile Lim

Brazil

Foreign

Banco ITAU Brasil

Brazil

BRL

Upon maturity

01-31-2019

5.17

Foreign

SQM Brasil Limitada

Brazil

Foreign

Banco ITAU Brasil

Brazil

BRL

Upon maturity

01-31-2019

5.5

Debtor	Creditor	Nominal amounts as of December 31, 2018						Current amounts as of December 31, 2018
Company	Financial institution	Up to 90 days		90 days to ‎ 1 year		Total		Up to 90 days		90 days to ‎ 1 year		Subtotal		Borrowing ‎ costs		Total
		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
SQM S.A.	Scotiabank Cayman		-		-		-		-		248		248		-		248
Nitratos Naturais do Chile Lim	Banco ITAU Brasil		-		-		-		11		-		11		-		11
SQM Brasil Limitada	Banco ITAU Brasil		-		-		-		41		-		41		-		41
Total			-		-		-		52		248		300		-		300

Unsecured obligations, current:

As of December 31, 2019 and 2018, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds is as follows:

Debtor					Number of								Periodicity
					registration or ID of						Currency or		Payment of
Tax ID No.	Company		Country		the instrument		Series		Maturity date		adjustment index		interest		Repayment		Effective rate			Nominal rate
93.007.000-9		SQM S.A.		Chile		-		MUS$250		04-21-2020		US$		Semiannual		Upon maturity		0.43	%		5.50	%
93.007.000-9		SQM S.A.		Chile		-		MUS$250		01-28-2020		US$		Semiannual		Upon maturity		2.35	%		4.38	%
93.007.000-9		SQM S.A.		Chile		-		MUS$300		04-03-2020		US$		Semiannual		Upon maturity		1.42	%		3.63	%
93.007.000-9		SQM S.A.		Chile		-		MUS$450		05-07-2020		US$		Semiannual		Upon maturity		4.07	%		4.25	%
93.007.000-9		SQM S.A.		Chile		564		H		01-05-2020		UF		Semiannual		Semiannual		1.36	%		4.90	%
93.007.000-9		SQM S.A.		Chile		699		O		02-01-2020		UF		Semiannual		Upon maturity		2.41	%		3.80	%
93.007.000-9		SQM S.A.		Chile		563		P		01-15-2020		UF		Semiannual		Upon maturity		2.71	%		3.25	%
93.007.000-9		SQM S.A.		Chile		700		Q		06-01-2020		UF		Semiannual		Upon maturity		3.11	%		3.45	%

					Nominal amounts as of December 31, 2019						Current amounts as of December 31, 2019
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		MUS$250		-		252,674		252,674		-		252,674		252,674		(386	)		252,288
SQM S.A.		Chile		MUS$250		4,648		-		4,648		4,648		-		4,648		(433	)		4,215
SQM S.A.		Chile		MUS$300		-		2,658		2,658		-		2,658		2,658		(614	)		2,044
SQM S.A.		Chile		MUS$450		-		2,869		2,869		-		2,869		2,869		(679	)		2,190
SQM S.A.		Chile		H		17,166		-		17,166		17,166		-		17,166		(139	)		17,027
SQM S.A.		Chile		O		890		-		890		890		-		890		(67	)		823
SQM S.A.		Chile		P		1,686		-		1,686		1,686		-		1,686		(12	)		1,674
SQM S.A.		Chile		Q		-		323		323		-		323		323		(6	)		317
Total						24,390		258,524		282,914		24,390		258,524		282,914		(2,336	)		280,578

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					Number of								Periodicity
					registration or ID of						Currency or		Payment of
Tax ID No.	Company		Country		the instrument		Series		Maturity date		adjustment index		interest		Repayment		Effective rate			Nominal rate
93.007.000-9		SQM S.A.		Chile		-		MUS$250		04-21-2019		US$		Semiannual		Upon maturity		0.95	%		5.50	%
93.007.000-9		SQM S.A.		Chile		-		MUS$250		01-28-2019		US$		Semiannual		Upon maturity		2.75	%		4.38	%
93.007.000-9		SQM S.A.		Chile		-		MUS$300		04-03-2019		US$		Semiannual		Upon maturity		1.77	%		3.63	%
93.007.000-9		SQM S.A.		Chile		564		H		01-05-2019		UF		Semiannual		Semiannual		1.90	%		4.90	%
93.007.000-9		SQM S.A.		Chile		699		O		02-01-2019		UF		Semiannual		Upon maturity		2.60	%		3.80	%
93.007.000-9		SQM S.A.		Chile		563		P		01-15-2019		UF		Semiannual		Upon maturity		3.07	%		3.25	%
93.007.000-9		SQM S.A.		Chile		700		Q		06-01-2019		UF		Semiannual		Upon maturity		3.34	%		3.45	%

					Nominal maturities as of December 31, 2018						Current maturities as of December 31, 2018
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		MUS$250		2,674		-		2,674		2,674		-		2,674		(386	)		2,288
SQM S.A.		Chile		MUS$250		-		4,648		4,648		-		4,648		4,648		(433	)		4,215
SQM S.A.		Chile		MUS$300		2,658		-		2,658		2,658		-		2,658		(614	)		2,044
SQM S.A.		Chile		H		-		3,756		3,756		-		3,756		3,756		(139	)		3,617
SQM S.A.		Chile		O		-		934		934		-		934		934		(67	)		867
SQM S.A.		Chile		P		-		1,784		1,784		-		1,784		1,784		(12	)		1,772
SQM S.A.		Chile		Q		342		-		342		342		-		342		-			342
Total						5,674		11,122		16,796		5,674		11,122		16,796		(1,651	)		15,145

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.

Bank borrowings, non-current

The following table shows the details of bank loans that accrue non-current interest as of December 31, 2019 and 2018:

Debtor

Creditor

Currency or

Type of

Tax ID No.

Company

Country

Tax ID No.

Financial institution

Country

adjustment index

amortization

Effective rate

Nominal rate

93.007.000-9

SQM S.A.

Chile

Foreign

Scotiabank Cayman

USA

USD

Maturity

2.84

3.01

Debtor	Creditor		Nominal non-current amounts as of December 31, 2019								Non-current amounts as of December 31, 2019
Company	Financial institution		Between ‎ 1 and 2		Between ‎ 2 and 3		Between ‎ 3 and 4		Total		Between ‎ 1 and 2		Between ‎ 2 and 3		Between ‎ 3 and 4		Subtotal		Costs of ‎ obtaining ‎ loans			Total
			ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
SQM S.A.		Scotiabank Cayman		-		-		70,000		70,000		-		-		70,000		70,000		(862	)		69,138
Total				-		-		70,000		70,000		-		-		70,000		70,000		(862	)		69,138

Debtor

Creditor

Currency or

Type of

Tax ID No.

Company

Country

Tax ID No.

Financial institution

Country

adjustment index

amortization

Effective rate

Nominal rate

93.007.000-9

SQM S.A

Chile

Foreign

Scotiabank Cayman

USA

USD

Maturity

3.98

Debtor	Creditor		Nominal non-current amounts as of December 31, 2018								Non-current amounts as of December 31, 2018
Company	Financial institution		Between ‎1 and 2		Between ‎2 and 3		Between ‎3 and 4		Total		Between ‎1 and 2		Between ‎2 and 3		Between ‎3 and 4		Subtotal		Costs of ‎obtaining ‎loans			Total
			ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
SQM S.A.		Scotiabank Cayman		-		-		70,000		70,000		-		-		70,000		70,000		(1,130	)		68,870
Total				-		-		70,000		70,000		-		-		70,000		70,000		(1,130	)		68,870

Non-current unsecured interest-bearing bonds

The following table shows the details of bank loans that accrue non-current interest as of December 31, 2019 and 2018:

Debtor					Number of								Periodicity
					registration or ID of						Currency or		Payment of
Tax ID No.	Company		Country		the instrument		Series		Maturity date		adjustment index		interest		Repayment		Effective rate			Nominal rate
93.007.000-9		SQM S.A.		Chile		-		MUS$250		01-28-2025		US$		Semiannual		Upon maturity		4.08	%		4.38	%
93.007.000-9		SQM S.A.		Chile		-		MUS$300		04-03-2023		US$		Semiannual		Upon maturity		3.43	%		3.63	%
93.007.000-9		SQM S.A.		Chile		-		MUS$450		05-07-2029		US$		Semiannual		Upon maturity		4.19	%		4.25	%
93.007.000-9		SQM S.A.		Chile		564		H		01-05-2030		UF		Semiannual		Semiannual		4.78	%		4.90	%
93.007.000-9		SQM S.A.		Chile		699		O		02-01-2033		UF		Semiannual		Upon maturity		3.70	%		5.50	%
93.007.000-9		SQM S.A.		Chile		563		P		01-15-2028		UF		Semiannual		Upon maturity		3.24	%		3.25	%
93.007.000-9		SQM S.A.		Chile		700		Q		06-01-2038		UF		Semiannual		Upon maturity		3.45	%		3.45	%

	Nominal non-current amounts as of December 31, 2019												Non-current amounts as of December 31, 2019
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		(1,514	)		248,486
MUS$300		-		-		300,000		-		-		300,000		-		-		300,000		-		-		300,000		(1,393	)		298,607
MUS$450		-		-		-				450,000		450,000		-		-		-		-		450,000		450,000		(5,923	)		444,077
H		13,749		13,749		13,749		13,749		75,621		130,617		13,749		13,749		13,749		13,749		75,621		130,617		(1,253	)		129,364
O		-		-		-		-		56,715		56,715		-		-		-		-		56,715		56,715		(811	)		55,904
P		-		-		-		-		113,430		113,430		-		-		-		-		113,430		113,430		(89	)		113,341
Q		-		-		-		-		113,430		113,430		-		-		-		-		113,430		113,430		(101	)		113,329
Total		13,749		13,749		313,749		13,749		1,059,196		1,414,192		13,749		13,749		313,749		13,749		1,059,196		1,414,192		(11,084	)		1,403,108

Debtor					Number of								Periodicity
					registration or ID of						Currency or		Payment of
Tax ID No.	Company		Country		the instrument		Series		Maturity date		adjustment index		interest		Repaymen		Effective rate			Nominal rate
93.007.000-9		SQM S.A.		Chile		-		MUS$250		04-21-2020		US$		Semiannual		Upon maturity		5.50	%		5.50	%
93.007.000-9		SQM S.A.		Chile		-		MUS$250		01-28-2025		US$		Semiannual		Upon maturity		4.38	%		4.38	%
93.007.000-9		SQM S.A.		Chile		-		MUS$300		04-03-2023		US$		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	%		4.90	%
93.007.000-9		SQM S.A.		Chile		699		O		02-01-2033		UF		Semiannual		Upon maturity		3.80	%		5.50	%
93.007.000-9		SQM S.A.		Chile		563		P		01-15-2028		UF		Semiannual		Upon maturity		3.25	%		3.25	%
93.007.000-9		SQM S.A.		Chile		700		Q		06-01-2038		UF		Semiannual		Upon maturity		3.45	%		3.45	%

	Nominal non-current amounts as of December 31, 2018												Non-current amounts as of December 31, 2018
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		(131	)		249,869
MUS$250		-		-		-		-		250,000		250,000		-		-		-		-		250,000		250,000		(2,202	)		247,798
MUS$300		-		-		300,000		-		-		300,000		-		-		300,000		-		-		300,000		(2,006	)		297,994
H		14,428		14,428		14,428		14,428		100,992		158,704		14,428		14,428		14,428		14,428		100,992		158,704		(1,392	)		157,312
O		-		-		-		-		59,514		59,514		-		-		-		-		59,514		59,514		(878	)		58,636
P		-		-		-		-		119,028		119,028		-		-		-		-		119,028		119,028		(101	)		118,927
Q		-		-		-		-		119,028		119,028		-		-		-		-		119,028		119,028		(85	)		118,943
Total		264,428		14,428		314,428		14,428		648,562		1,256,274		264,428		14,428		314,428		14,428		648,562		1,256,274		(6,795	)		1,249,479

Additional information

Bonds

As of December 31, 2019 and 2018, the details of each issuance are as follows:

(i)

Serie “H” bonds

On January 13, 2009, the Company placed the Series H bond for UF 4,000,000 (ThUS$139,216) at an annual interest rate of 4.9%, with a term of 21 years and amortizations of principal beginning in 2019.

On July 5, 2019, amortization of principal amounted to UF 181,818.18, (ThUS$ 7.494) with an associated cross currency swap hedge income of

ThUS$ 439.

For the years ended December 31, 2019, 2018

and 2017

, the Company made the following payments relating to the Series H bonds:

Payments made	For the year ended ‎ December 31, ‎ 2019		For the year ended ‎ December 31, ‎ 2018		For the year ended ‎ December 31, ‎ 2017
	ThUS$		ThUS$		ThUS$
Payments of interest, Series H bonds		7,868		8,325		7,691
Hedge		1,952		495		-

(ii)

Single series bonds, second issue ThUS$ 250,000

On April 21, 2010, the Company informed the CMF 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.

For the years ended December 31, 2019, 2018 and 2017, the detail of payments charged to this line of single series bonds, second issue is as follows:

Payments made

For the year ended

‎

December 31,

‎

2019

For the year ended

‎

December 31, 2018

For the year ended

‎

December 31,

‎

2017

ThUS$

Interest payment

13,750

(iii)

Series “O” bonds

On April 4, 2012, the Company issued “Series O” for UF 1,500,000 (ThUS$ 69,901) at a term of 21 years with a single payment at the maturity of the term and annual interest rate of 3.80%.

For the years ended December 31, 2019, 2018 and 2017, the Company made the following payments relating to Series O bonds and their associated hedging:

Payments made	For the year ended ‎ December 31, ‎ 2019		For the year ended ‎ December 31, ‎ 2018		For the year ended ‎ December 31, ‎ 2017
	ThUS$		ThUS$		ThUS$
Payment of interest, Series O bonds		2,308		2,457		2,301
Hedge		354		205		-

(iv)

Single series bonds, third issue MUS$ 300

On April 3, 2013, the Company issued a non-secured 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%. The funds raised were used to refinance long term liabilities and finance general corporate objectives.

For the years ended December 31, 2019, 2018 and 2017, the following payments have been made with a debit to the line of single-series bonds, third issue:

Payments made

For the year ended

‎

December 31,

‎

2019

For the year ended

‎

December 31,

‎

2018

For the year ended

‎

December 31,

‎

2017

ThUS$

Payment of interest

10,875

(v)

Single series bonds, fourth issuance ThUS $250,000

On October 23, 2014, the Company informed the CMF the issuance and placement of unsecured bonds amounting ThUS$ 250,000 in international markets. These bonds mature in 2025 and have annual interest rate of 4.375%, which were offered to investors at a price of 99.410% with respect to capital. The aforementioned agreement was performed in conformity with the provisions of Rule 144A of the US Securities Act of 1933 and these bonds were publicly offered in Chile.

For the years ended December 31, 2019, 2018 and 2017, the following payments have been made.

Payments made

For the year ended

‎

December 31,

‎

2019

For the year ended

‎

December 31,

‎

2018

For the year ended

‎

December 31,

‎

2017

ThUS$

Payment of interest

10,938

(vi)

Series “P” bonds

On April 5, 2018, the Company informed the CMF that on March 29, 2018, it was authorized the placement on the stock market of the Series “P” bond with a value of UF 3,000,000, with a charge to the 10 year Bonds Line registered in the CMF Securities Registry under number 563.

The bonds Series P (i) mature on January 15, 2028; (ii) will accrue on the unpaid principal, expressed in UF, at an annual interest rate of 3.25% from January 15, 2018; and (iii) can be early redeemed by the Company starting from the date of placement, that was, as of April 5, 2018.

For the years ended December 31, 2019 and 2018, the following payments and their associated CCS have been made:

Payments made	For the year ended ‎ 31, 2019		For the year ended ‎ 31, 2018		For the year ended ‎ 31, 2017
	ThUS$		ThUS$		ThUS$
Payment of interest		3,960		1,085		-
CCS Coverage		2,995		1,421		-

(vii)

Series Q bonds

On October 31, 2018, the issuance of Series Q bonds (the "Bonds" Series Q) was authorized in the general stock market for the amount of UF 3,000,000, which were registered in the Securities Registry of your Commission on February 14, 2012 under number 700.

The bonds Series Q (i) mature on the first day of June 2038; (ii) will earn an interest rate of 3.45% per annum on the outstanding capital, expressed in UF, from June 1, 2018 thereon; and (iii) may be early redeemed by the Company starting from the placement date, that was, as of November 8, 2018.

On November 8, 2018, all the Series Q Bonds have been placed and sold to Euroamerica S.A. for a total amount of $ 83,567,623,842, which was paid in full and in cash by Euroamerica S.A. to the Company.

The funds obtained from the aforementioned placement will be used approximately 90% to finance the expansion program of lithium, potassium nitrate and iodine plants in Chile; the remainder will be used for the investment plan of the Company and its subsidiaries, and to finance working capital.

For the years ended December 31, 2019 and 2018, the following payments have been made:

Payments made

For the year ended

‎

31, 2019

For the year ended

‎

31, 2018

For the year ended

‎

31, 2017

ThUS$

Payment of interest

3,791

319

(viii)

Single series fifth issue bonds ThUS$ 450,000

On May 7, 2019 the CMF was informed that the Company issued and placed unsecured bonds for ThUS$ 450,000 on international markets. Essentially, these bonds will mature in 2029, carry an interest rate of 4.25% per annum, and were offered to investors at a price of 99.984% with respect to the capital. This agreement was signed on May 7, 2019 and the bonds were issued and placed in accordance with the provisions of Rule 144A of the US Securities Act of 1933 and they will not be traded in Chile. For the year ended December 31, 2019, the following payments have been made:

Payments made

For the year ended

‎

31, 2019

For the year ended

‎

31, 2018

For the year ended

‎

31, 2017

ThUS$

Payment of interest

9,563

Current and non-current lease liabilities

	Current								Non-Current						Balance as of
Associated leasing	Up to 1 ‎ month		1 to 3 ‎ months		3 to 12 ‎ months		Total		1 to 5 ‎ years		5 or more ‎ years		Total		December 31, ‎ 2019
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Buildings		262		795		1,830		2,887		13,507		9,792		23,299		26,186
Transport equipment		70		211		571		852		2,530		-		2,530		3,382
Machinery, plant and equipment		327		993		2,635		3,955		3,993		381		4,374		8,329
Total		659		1,999		5,036		7,694		20,030		10,173		30,203		37,897

	As of December 31,		Adoption of		Monetary						Non- Monetary		Balance as of
Changes in Lease Liabilities	2018		IFRS 16		Principal l paid			Interest paid			Interest accrued		December 31, 2019
	ThUS$		ThUS$		ThUS$			ThUS$			ThUS$		ThUS$
Buildings		-		29,289		(3,101	)		(840	)		838		26,186
Machinery, plant and equipment		-		11,933		(3,605	)		(635	)		636		8,329
Transport equipment		-		3,893		(515	)		(62	)		66		3,382
Total		-		45,115		(7,221	)		(1,537	)		1,540		37,897

The weighted

average of the incremental lease loan rate applied to lease liabilities recognized in the statement of financial position as of December 31, 2019 is 8.08%.

Operating lease expenses

Total lease expenses relating to lease payments under 1 year, low-value leases and variable payments amounted to ThUS$ 51,756 for the year ended December 31, 2019. See Note 24.8.

13.5

Trade and other payables

Details trade and other payables

	As of December 31, 2019						As of December 31, 2018
Details trade and Other payables	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Accounts payable		205,414		-		205,414		163,373		-		163,373
Other accounts payable		376		-		376		378		-		378
Total		205,790		-		205,790		163,751		-		163,751

As of December 31, 2019 and 2018, the balance of current and past due suppliers is as follows:

Suppliers current on all payments

	Amounts according to payment periods as of December 31, 2019
Type of Supplier	Up to 30 days		31-60 days		61-90 days		91 - 120 days		121 – 365 ‎ days		366 and more ‎ days		Total
													ThUS$
Goods		126,577		4,655		128		116		2,019		-		133,495
Services		51,785		168		-		-		87		-		52,040
Others		8,741		146		-		-				-		8,887
Total		187,103		4,969		128		116		2,106		-		194,422

	Amounts according to payment periods as of December 31, 2018
Type of Supplier	Up to 30 days		31-60 days		61-90 days		91 - 120 days		121 - 365 ‎ days		366 and more ‎ days		Total
													ThUS$
Goods		48,969		1,919		912		25		280		-		52,105
Services		37,376		314		157		107		54		-		38,008
Others		54,978		161		20		-		3		-		55,162
Total		141,323		2,394		1,089		132		337		-		145,275

Suppliers past due on payments

	Amounts according to payment periods as of December 31, 2019
Type of Supplier	Up to 30 days		31-60 days		61-90 days		91 - 120 days		121 – 365 ‎ days		366 and more ‎ days		Total
													ThUS$
Goods		2,086		264		35		65		1,060		-		3,510
Services		3,073		329		116		387		580		-		4,485
Others		1,918		45		311		215		508		-		2,997
Total		7,077		638		462		667		2,148		-		10,992

	Amounts according to payment periods as of December 31, 2018
Type of Supplier	Up to 30 days		31-60 days		61-90 days		91 - 120 days		121 – 365 ‎ days		366 and more days		Total
													ThUS$
Goods		1,533		209		210		255		462		-		2,669
Services		12,229		838		109		111		450		-		13,737
Others		1,039		385		92		6		170		-		1,692
Total		14,801		1,432		411		372		1,082		-		18,098

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2019, the Company has purchase orders amounting to ThUS$ 101,280 (ThUS$ 59,919 as of December 31, 2018).

13.6 Financial liabilities at fair value through profit or loss

This balance relates to derivative instruments measured at their fair value, which have generated balances against the Company. The detail of this type of instrument is as follows:

Financial liabilities at fair value with an impact ‎ on profit or loss	As of December 31, ‎ 2019		Effect on profit or loss ‎ for the year ended ‎ December 31, 2019			As of December 31, ‎ 2018		Effect on profit or loss ‎ for the year ended ‎ December 31, 2018
	ThUS$		ThUS$			ThUS$		ThUS$
Current
Derivative financial instruments (IRS)		-		(16	)		91		16
Total		-		(16	)		91		16

13.7 Financial asset and liability categories

Financial Assets

	As of December 31, 2019						As of December 31, 2018
Description of financial assets	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Cash and cash equivalents		588,530		-		588,530		556,066		-		556,066
Trade receivables due from related parties		61,227		-		61,227		42,790		-		42,790
Financial assets measured at amortized cost		485,689		75		485,764		291,790		75		291,865
Loans and receivables measured at amortized cost		399,142		1,710		400,852		466,619		2,275		468,894
Total financial assets measured at amortized cost		1,534,588		1,785		1,536,373		1,357,265		2,350		1,359,615
Derivative financial instruments for hedging purposes		17,270		3,918		21,188		18,238		13,425		31,663
Derivative financial instruments held for trading		2,531		-		2,531		2,693		-		2,693
Financial assets at fair value through equity		-		4,785		4,785		-		3,631		3,631
Total financial assets at fair value		19,801		8,703		28,504		20,931		17,056		37,987
Total financial assets		1,554,389		10,488		1,564,877		1,378,196		19,406		1,397,602

Financial Liabilities

	As of December 31, 2019						As of December 31, 2018
Description of financial liabilities	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Derivative financial instruments for hedging purposes		7,183		16,477		23,660		5,285		12,033		17,318
Derivative financial instruments held for trading		3,168		-		3,168		2,855		-		2,855
Financial liabilities at fair value		10,351		16,477		26,828		8,140		12,033		20,173
Bank loans		199		69,138		69,337		300		68,870		69,170
Obligations to the public		280,578		1,403,108		1,683,686		15,145		1,249,479		1,264,624
Lease liabilities		7,694		30,203		37,897		-		-		-
Trade and other payables)		205,790		-		205,790		163,751		-		163,751
Trade payables due to related parties		475		-		475		9		-		9
Total financial liabilities at amortized cost		494,736		1,502,449		1,997,185		179,205		1,318,349		1,497,554
Total financial liabilities		505,087		1,518,926		2,024,013		187,345		1,330,382		1,517,727

13.8

Fair value measurement of assets and liabilities

Financial assets and liabilities measured at fair value consist of forwards hedging the mismatch in the balance sheet and cash flows, options hedging the mismatch in the balance sheet and cross currency swaps to hedge bonds issued in local currency (Peso/UF).

The value of the Company’s assets and liabilities recognized by cross currency swaps contracts is calculated as the difference between the present value of discounted cash flows of the asset (Ch/UF) and liability (US$) parts of the derivative. In the case of the interest rate swaps, 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. Financial options: the value recognized is calculated using the Black-Scholes method.

In the case of cross currency swaps, the entry data used for the valuation models are UF, peso, USD and basis swap rates. In the case of fair value calculations for interest rate swaps, the 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, for 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 is 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, considering 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 Association of Banks and Financial Institutions.

The fair value hierarchy is detailed as follows:

Level 1:

using quoted prices (unadjusted) only in active markets.

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.

Level 3:

nputs for the asset or liability that are not based on observable market data.

	As of December 31, 2019						Measurement Methodology
Fair value measurement of assets and liabilities	Carrying Amount at ‎ Amortized		Fair value ‎ (disclosure)		Fair value		Level 1		Level 2		Level 3
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Financial Assets
Cash and cash equivalents		588,530		588,530		-		-		588,530		-


Other current financial assets:
- Time deposits		485,689		485,689		-		-		485,689		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		2,420		-		2,420		-
- Options		-		-		111		-		111		-
- Hedging assets		-		-		-		-		-		-
- Investment hedge swaps		-		-		17,270		-		17,270		-
Non-current accounts receivable		1,710		1,710		-		-		-		-
Other non-current financial assets:
- Other		94		94		-		-		94		-
- Options		-		-		4,785		4,785		-		-
- Hedging assets – Swaps		-		-		3,918		-		3,918		-
Other current financial liabilities
- Bank loans		199		199		-		-		199		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		2,837		-		2,837		-
- O ptions		-		-		289		-		289		-
- Hedging liabilities		-		-		7,183		-		7,183		-
- Unsecured obligations		280,578		280,578		-		-		280,578		-
- Current lease liabilities		7,694		7,694		-		-		7,694		-


Other non-current financial liabilities:
- Bank loans		69,138		71,033		-		-		71,033		-
- Unsecured obligations		1,403,108		1,658,506		-		-		1,658,506		-
- Non-current hedging liabilities		-		-		16,477		-		16,477		-
- Non-current lease liabilities		30,203		33,187		-		-		33,187		-

	As of December 31, 2018						Measurement Methodology
Fair value measurement of assets and liabilities	Carrying Amount at ‎ Amortized		Fair value ‎ (informative)		Fair value		Level 1		Level 2		Level 3
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Financial Assets
Cash and cash equivalents		556,066		556,066		-		-		556,066		-


Other current financial assets:
- Time deposits		291,790		291,790		-		-		291,790		-
- Forwards		-		-		2,637		-		2,637		-
- Options		-		-		56		-		56		-
- Hedging assets		-		-		-		-		-		-
- Investment hedge swaps		-		-		18,238		-		18,238		-
Non-current accounts receivable		2,275		2,275		-		-		-		-
Other non-current financial assets:
- Other		75		75		-		-		75		-
- Options		-		-		3,631		-		-		-
- Hedging assets – Swaps		-		-		13,425		-		13,425		-
Other current financial liabilities
- Bank loans		300		300		-		-		300		-
- Forwards		-		-		2,723		-		2,723		-
- Options		-		-		132		-		132		-
- Hedging liabilities - Swaps		-		-		5,285		-		5,285		-
- Unsecured obligations		15,145		15,145		-		-		15,145		-


Other non-current financial liabilities:
- Bank loans		68,870		71,826		-		-		71,826		-
- Unsecured obligations		1,249,479		1,357,640		-		-		1,357,640		-
- Non-current hedging liabilities		-		-		12,033		-		12,033		-

13.9

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 equivalents approximates fair value due to the short-term maturities of these instruments.



The fair value of trade receivables and payables, 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.

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 5.