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Segment Reporting | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The 2019 novel strain of coronavirus causing a contagious respiratory disease known as COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, poses a material risk to Coeur’s business and operations. Early in the second quarter of 2020, the Company temporarily suspended active mining and processing activities at the Palmarejo complex in the State of Chihuahua, Mexico, in accordance with a government decree in response to COVID-19. After receiving guidance from the Mexican government in May that the suspension decree did not apply to precious metals mining, production began ramping back up in June, increasing steadily during the month and in the third quarter. In addition, as a result of several reported positive COVID-19 cases at our Kensington mine outside of Juneau, Alaska, during the third quarter of 2020 the Company experienced a minor short-term production impact associated with this situation, which adversely impacted production and cash flows. Coeur continues to require all employees who travel to the Kensington mine to submit to a quarantine and testing protocol in Juneau, Alaska before traveling to the mine. The Company believes this is an important step to protect the health and safety of all workers who stay at the Kensington camp as well as the Juneau community, although it has required changes to worker scheduling and has resulted and is expected to continue to result in higher labor costs due to additional overtime pay and pay during the quarantine period. Incremental costs associated with the Company’s COVID-19 health and safety protocols are recorded in Pre-development, reclamation, and other expenses in our Consolidated Statement of Comprehensive Income (Loss) and are included in Other operating expenses in the table below. Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of the pandemic on the Company’s operating segments. However, these effects could have a material impact on our operations, and Coeur will continue to monitor the COVID-19 situation closely. Financial information relating to the Company’s segments is as follows (in thousands):
Year Ended December 31, 2020 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 154,056 |  |  | $ | 46,337 |  |  | $ | 216,497 |  |  | $ | 167,743 |  |  | $ | — |  |  | $ | — |  |  | $ | 584,633 |
Silver sales | 132,525 |  |  | 63,916 |  |  | — |  |  | 2,504 |  |  | 1,230 |  |  | — |  |  | 200,175 |
Zinc sales | — |  |  | — |  |  | — |  |  | — |  |  | (662) |  |  | — |  |  | (662) |
Lead sales | — |  |  | — |  |  | — |  |  | — |  |  | 1,315 |  |  | — |  |  | 1,315 |
Metal sales | 286,581 |  |  | 110,253 |  |  | 216,497 |  |  | 170,247 |  |  | 1,883 |  |  | — |  |  | 785,461 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 125,204 |  |  | 86,112 |  |  | 121,727 |  |  | 89,635 |  |  | 17,657 |  |  | — |  |  | 440,335 |
Amortization | 44,873 |  |  | 14,306 |  |  | 49,477 |  |  | 12,473 |  |  | 8,923 |  |  | 1,335 |  |  | 131,387 |
Exploration | 6,955 |  |  | 3,303 |  |  | 8,568 |  |  | 905 |  |  | 12,228 |  |  | 10,684 |  |  | 42,643 |
Write-downs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other operating expenses | 7,927 |  |  | 5,144 |  |  | 12,012 |  |  | 838 |  |  | 23,123 |  |  | 40,332 |  |  | 89,376 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,601 |  |  | 7,601 |
Interest expense, net | (918) |  |  | (1,142) |  |  | (1,017) |  |  | (182) |  |  | (672) |  |  | (16,777) |  |  | (20,708) |
Other, net | (5,273) |  |  | (2,718) |  |  | (18) |  |  | (69) |  |  | 1,793 |  |  | 344 |  |  | (5,941) |
Income and mining tax (expense) benefit | (28,029) |  |  | (863) |  |  | (1,244) |  |  | (6,644) |  |  | — |  |  | (265) |  |  | (37,045) |
Income (loss) from continuing operations | $ | 67,402 |  |  | $ | (3,335) |  |  | $ | 22,434 |  |  | $ | 59,501 |  |  | $ | (58,927) |  |  | $ | (61,448) |  |  | $ | 25,627 |
Income (loss) from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Segment assets(2) | $ | 305,291 |  |  | $ | 346,986 |  |  | $ | 169,414 |  |  | $ | 75,047 |  |  | $ | 157,529 |  |  | $ | 177,886 |  |  | $ | 1,232,153 |
Capital expenditures | $ | 25,511 |  |  | $ | 37,542 |  |  | $ | 19,825 |  |  | $ | 2,447 |  |  | $ | 13,144 |  |  | $ | 810 |  |  | $ | 99,279 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
Year Ended December 31, 2019 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 141,669 |  |  | $ | 50,225 |  |  | $ | 181,111 |  |  | $ | 120,342 |  |  | $ | — |  |  | $ | — |  |  | $ | 493,347 |
Silver sales | 111,032 |  |  | 61,799 |  |  | — |  |  | 1,072 |  |  | 17,575 |  |  | $ | — |  |  | 191,478 |
Zinc sales | — |  |  | — |  |  | — |  |  | — |  |  | 12,806 |  |  | — |  |  | 12,806 |
Lead sales | — |  |  | — |  |  | — |  |  | — |  |  | 13,871 |  |  | — |  |  | 13,871 |
Metal sales | 252,701 |  |  | 112,024 |  |  | 181,111 |  |  | 121,414 |  |  | 44,252 |  |  | — |  |  | 711,502 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 141,927 |  |  | 100,205 |  |  | 119,602 |  |  | 80,689 |  |  | 108,758 |  |  | — |  |  | 551,181 |
Amortization | 59,379 |  |  | 18,041 |  |  | 50,592 |  |  | 12,280 |  |  | 36,738 |  |  | 1,846 |  |  | 178,876 |
Exploration | 5,658 |  |  | 657 |  |  | 5,588 |  |  | 272 |  |  | 2,469 |  |  | 7,883 |  |  | 22,527 |
Write-downs | — |  |  | — |  |  | — |  |  | — |  |  | 250,814 |  |  | — |  |  | 250,814 |
Other operating expenses | 4,591 |  |  | 4,572 |  |  | 1,248 |  |  | 2,832 |  |  | 1,216 |  |  | 38,455 |  |  | 52,914 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,281) |  |  | (1,281) |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,030 |  |  | 16,030 |
Interest expense, net | (444) |  |  | (1,015) |  |  | (1,333) |  |  | (100) |  |  | (1,137) |  |  | (20,742) |  |  | (24,771) |
Other, net | (4,798) |  |  | (378) |  |  | (704) |  |  | 89 |  |  | (557) |  |  | 3,155 |  |  | (3,193) |
Income and mining tax (expense) benefit | (14,257) |  |  | (709) |  |  | — |  |  | (3,041) |  |  | 32,084 |  |  | (2,948) |  |  | 11,129 |
Income (loss) from continuing operations | $ | 21,647 |  |  | $ | (13,553) |  |  | $ | 2,044 |  |  | $ | 22,289 |  |  | $ | (325,353) |  |  | $ | (53,970) |  |  | $ | (346,896) |
Income (loss) from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | 5,693 |  |  | $ | 5,693 |
Segment assets(2) | $ | 319,292 |  |  | $ | 284,878 |  |  | $ | 194,076 |  |  | $ | 84,765 |  |  | 164,125 |  |  | $ | 168,647 |  |  | $ | 1,215,783 |
Capital expenditures | $ | 32,658 |  |  | $ | 22,592 |  |  | $ | 23,513 |  |  | $ | 2,220 |  |  | 17,504 |  |  | $ | 1,285 |  |  | $ | 99,772 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
Year Ended December 31, 2018 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 131,758 |  |  | $ | 66,556 |  |  | $ | 132,924 |  |  | $ | 95,770 |  |  | $ | — |  |  | $ | — |  |  | $ | 427,008 |
Silver sales | 113,998 |  |  | 75,252 |  |  | — |  |  | 746 |  |  | 3,157 |  |  | $ | — |  |  | 193,153 |
Zinc sales | — |  |  | — |  |  | — |  |  | — |  |  | 3,612 |  |  | — |  |  | 3,612 |
Lead sales | — |  |  | — |  |  | — |  |  | — |  |  | 2,131 |  |  | — |  |  | 2,131 |
Metal sales | 245,756 |  |  | 141,808 |  |  | 132,924 |  |  | 96,516 |  |  | 8,900 |  |  | — |  |  | 625,904 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 120,088 |  |  | 105,677 |  |  | 112,364 |  |  | 67,201 |  |  | 35,620 |  |  | — |  |  | 440,950 |
Amortization | 60,744 |  |  | 20,909 |  |  | 29,508 |  |  | 11,072 |  |  | 5,235 |  |  | 1,005 |  |  | 128,473 |
Exploration | 10,516 |  |  | 332 |  |  | 5,871 |  |  | 104 |  |  | 2,748 |  |  | 5,826 |  |  | 25,397 |
Write-downs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other operating expenses | 3,043 |  |  | 7,071 |  |  | 1,721 |  |  | 2,686 |  |  | 303 |  |  | 36,564 |  |  | 51,388 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,638 |  |  | 3,638 |
Interest expense, net | (2,137) |  |  | (466) |  |  | (973) |  |  | (40) |  |  | (766) |  |  | (19,982) |  |  | (24,364) |
Other, net | (8,308) |  |  | (1,211) |  |  | 2,795 |  |  | (834) |  |  | (370) |  |  | (16,777) |  |  | (24,705) |
Income and mining tax (expense) benefit | (15,724) |  |  | (874) |  |  | — |  |  | (1,063) |  |  | 16,057 |  |  | 18,384 |  |  | 16,780 |
Income (loss) from continuing operations | $ | 25,196 |  |  | $ | 5,268 |  |  | $ | (14,718) |  |  | $ | 13,516 |  |  | $ | (20,085) |  |  | $ | (58,132) |  |  | $ | (48,955) |
Income (loss) from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | 550 |  |  | $ | 550 |
Segment assets(2) | $ | 363,024 |  |  | $ | 269,903 |  |  | $ | 224,460 |  |  | $ | 102,246 |  |  | 415,998 |  |  | $ | 175,040 |  |  | $ | 1,550,671 |
Capital expenditures | $ | 29,425 |  |  | $ | 9,919 |  |  | $ | 44,738 |  |  | $ | 3,382 |  |  | 52,932 |  |  | $ | 391 |  |  | $ | 140,787 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests
Assets | December 31, 2020 |  | December 31, 2019
Total assets for reportable segments | $ | 1,232,153 |  |  | $ | 1,215,783 |
Cash and cash equivalents | 92,794 |  |  | 55,645 |
Other assets | 79,030 |  |  | 107,208 |
Total consolidated assets | $ | 1,403,977 |  |  | $ | 1,378,636 |
Geographic Information
Long-Lived Assets | December 31, 2020 |  | December 31, 2019
United States | $ | 503,818 |  |  | $ | 494,286 |
Mexico | 293,436 |  |  | 312,168 |
Canada | 149,018 |  |  | 146,804 |
Other | 657 |  |  | 7,486 |
Total | $ | 946,929 |  |  | $ | 960,744 |
Revenue |  |  | Year ended December 31,
|  |  |  | 2020 |  | 2019 |  | 2018
United States |  |  |  |  | $ | 496,997 |  |  | $ | 414,548 |  |  | $ | 371,248 |
Mexico |  |  |  |  | 286,581 |  |  | 252,701 |  |  | 245,756 |
Canada |  |  |  |  | 1,883 |  |  | 44,253 |  |  | 8,900 |
Total |  |  |  |  | $ | 785,461 |  |  | $ | 711,502 |  |  | $ | 625,904 |
The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company had seven trading counterparties at December 31, 2020. The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 72%, 68%, and 77%, of total metal sales for the years ended December 31, 2020, 2019, and 2018, respectively. In November 2018, one of the refiners of the Company’s doré, Republic Metals Corporation (“RMC”), a U.S.-based precious metals refiner, filed for protection under Chapter 11 of the United States Bankruptcy Code. See Note 5 -- Receivables for additional detail. The Company's gold concentrate product from the Kensington mine and the zinc and lead concentrates from the Silvertip mine are sold under a variety of agreements with smelters and traders, and the smelters and traders pay the Company for the metals recovered from the concentrates. The Company’s sales of concentrate produced by the Kensington and Silvertip mines amounted to approximately 28%, 32%, and 23% of total metal sales for the years ended December 31, 2020, 2019, and 2018, respectively. The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2020, 2019, and 2018 (in millions):
| Year ended December 31, |
Customer | 2020 |  | 2019 |  | 2018 | Segments reporting revenue
Asahi | $ | 272.1 |  |  | $ | 341.0 |  |  | $ | 213.0 |  | Palmarejo, Wharf, Rochester, Kensington
Ocean Partners | 161.0 |  |  | 149.7 |  |  | 74.8 |  | Silvertip, Kensington
Toronto Dominion Bank | 88.6 |  |  | 35.1 |  |  | 44.9 |  | Rochester
Techemet Metal Trading | 81.8 |  |  | 9.4 |  |  | 83.3 |  | Rochester, Wharf
Argor-Heraeus | 79.9 |  |  | 23.1 |  |  | — |  | Palmarejo
RMC | — |  |  | — |  |  | 71.7 |  | Palmarejo, Rochester
China National Gold | — |  |  | — |  |  | 54.1 |  | Kensington

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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