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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands):
Year Ended December 31, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 157,595 |  |  | $ | 64,460 |  |  | $ | 201,859 |  |  | $ | 148,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 572,877 |
Silver sales | 145,839 |  |  | 65,203 |  |  | 634 |  |  | 1,083 |  |  | — |  |  | — |  |  | 212,759 |
Metal sales | 303,434 |  |  | 129,663 |  |  | 202,493 |  |  | 150,046 |  |  | — |  |  | — |  |  | 785,636 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 182,576 |  |  | 165,166 |  |  | 155,725 |  |  | 103,063 |  |  | — |  |  | — |  |  | 606,530 |
Amortization | 35,432 |  |  | 22,626 |  |  | 39,032 |  |  | 8,247 |  |  | 4,912 |  |  | 1,377 |  |  | 111,626 |
Exploration | 6,605 |  |  | 4,627 |  |  | 6,637 |  |  | — |  |  | 4,628 |  |  | 4,127 |  |  | 26,624 |
Other operating expenses | 4,372 |  |  | 7,340 |  |  | 1,870 |  |  | 1,947 |  |  | 22,322 |  |  | 42,896 |  |  | 80,747 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (66,668) |  |  | (66,668) |
Interest expense, net | (12) |  |  | (810) |  |  | (1,446) |  |  | (66) |  |  | (176) |  |  | (21,351) |  |  | (23,861) |
Other, net(3) | 3,204 |  |  | (506) |  |  | (21) |  |  | 506 |  |  | (354) |  |  | 64,142 |  |  | 66,971 |
Income and mining tax (expense) benefit | (28,771) |  |  | 876 |  |  | 127 |  |  | (2,868) |  |  | — |  |  | 15,978 |  |  | (14,658) |
Net Income (loss) | $ | 48,870 |  |  | $ | (70,536) |  |  | $ | (2,111) |  |  | $ | 34,361 |  |  | $ | (32,392) |  |  | $ | (56,299) |  |  | $ | (78,107) |
Segment assets(2) | $ | 295,715 |  |  | $ | 809,116 |  |  | $ | 148,516 |  |  | $ | 105,209 |  |  | $ | 244,151 |  |  | $ | 67,275 |  |  | $ | 1,669,982 |
Capital expenditures | $ | 42,648 |  |  | $ | 246,360 |  |  | $ | 31,456 |  |  | $ | 3,138 |  |  | $ | 24,797 |  |  | $ | 3,955 |  |  | $ | 352,354 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 16 -- Additional Comprehensive Income (Loss) Detail for additional detail
Year Ended December 31, 2021 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 150,098 |  |  | $ | 49,659 |  |  | $ | 214,635 |  |  | $ | 164,519 |  |  | $ | — |  |  | $ | — |  |  | $ | 578,911 |
Silver sales | 170,176 |  |  | 81,163 |  |  | 370 |  |  | 2,208 |  |  | — |  |  | — |  |  | 253,917 |
Metal sales | 320,274 |  |  | 130,822 |  |  | 215,005 |  |  | 166,727 |  |  | — |  |  | — |  |  | 832,828 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 153,655 |  |  | 131,240 |  |  | 133,065 |  |  | 93,579 |  |  | — |  |  | — |  |  | 511,539 |
Amortization | 36,062 |  |  | 20,187 |  |  | 54,933 |  |  | 11,038 |  |  | 4,797 |  |  | 1,298 |  |  | 128,315 |
Exploration | 8,561 |  |  | 6,016 |  |  | 6,656 |  |  | 143 |  |  | 15,287 |  |  | 14,506 |  |  | 51,169 |
Other operating expenses | 4,443 |  |  | 5,886 |  |  | 6,299 |  |  | 1,786 |  |  | 25,031 |  |  | 45,632 |  |  | 89,077 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,173) |  |  | (9,173) |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (543) |  |  | (543) |
Interest expense, net | (592) |  |  | (1,034) |  |  | (704) |  |  | (145) |  |  | 1,276 |  |  | (15,252) |  |  | (16,451) |
Other, net(3) | (28,197) |  |  | (357) |  |  | (150) |  |  | 1,650 |  |  | (1,465) |  |  | 5,594 |  |  | (22,925) |
Income and mining tax (expense) benefit | (29,730) |  |  | 559 |  |  | (414) |  |  | (4,799) |  |  | 1,478 |  |  | (2,052) |  |  | (34,958) |
Net Income (loss) | $ | 59,034 |  |  | $ | (33,339) |  |  | $ | 12,784 |  |  | $ | 56,887 |  |  | $ | (43,826) |  |  | $ | (82,862) |  |  | $ | (31,322) |
Segment assets(2) | $ | 294,893 |  |  | $ | 559,283 |  |  | $ | 142,926 |  |  | $ | 87,579 |  |  | $ | 230,617 |  |  | $ | 109,636 |  |  | $ | 1,424,934 |
Capital expenditures | $ | 36,539 |  |  | $ | 166,548 |  |  | $ | 27,522 |  |  | $ | 8,072 |  |  | $ | 70,069 |  |  | $ | 1,031 |  |  | $ | 309,781 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 16 -- Additional Comprehensive Income (Loss) Detail for additional detail
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 |
Other operating expenses | 7,927 |  |  | 5,144 |  |  | 12,012 |  |  | 838 |  |  | 23,123 |  |  | 40,332 |  |  | 89,376 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,601 |  |  | 7,601 |
Interest expense, net | (918) |  |  | (1,142) |  |  | (1,017) |  |  | (182) |  |  | (672) |  |  | (16,777) |  |  | (20,708) |
Other, net(3) | (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) |
Net Income (loss) | $ | 67,402 |  |  | $ | (3,335) |  |  | $ | 22,434 |  |  | $ | 59,501 |  |  | $ | (58,927) |  |  | $ | (61,448) |  |  | $ | 25,627 |
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 (3) See Note 16 -- Additional Comprehensive Income (Loss) Detail for additional detail
Consolidated Assets |
Assets | December 31, 2022 |  | December 31, 2021
Total assets for reportable segments | $ | 1,669,982 |  |  | $ | 1,424,934 |
Cash and cash equivalents | 61,464 |  |  | 56,664 |
Other assets | 114,697 |  |  | 252,824 |
Total consolidated assets | $ | 1,846,143 |  |  | $ | 1,734,422 |
Long Lived Assets by Country | Geographic Information
Long-Lived Assets | December 31, 2022 |  | December 31, 2021
United States | $ | 899,960 |  |  | $ | 704,007 |
Mexico | 251,950 |  |  | 244,758 |
Canada | 237,723 |  |  | 223,876 |
Other | 122 |  |  | 125 |
Total | $ | 1,389,755 |  |  | $ | 1,172,766 |
Revenue by Country |
Revenue |  |  | Year ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
United States |  |  |  |  | $ | 482,202 |  |  | $ | 512,554 |  |  | $ | 496,997 |
Mexico |  |  |  |  | 303,434 |  |  | 320,274 |  |  | 286,581 |
Canada |  |  |  |  | — |  |  | — |  |  | 1,883 |
Total |  |  |  |  | $ | 785,636 |  |  | $ | 832,828 |  |  | $ | 785,461 |
Major Customers by Reporting Segments | The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2022, 2021, and 2020 (in millions):
| Year ended December 31, |
Customer | 2022 |  | 2021 |  | 2020 | Segments reporting revenue
Bank of Montreal | $ | 341.5 |  |  | $ | 98.7 |  |  | $ | 17.0 |  | Palmarejo, Rochester, Wharf
Ocean Partners | 168.9 |  |  | 176.4 |  |  | 161.0 |  | Palmarejo, Kensington, Silvertip
Asahi | 125.3 |  |  | 323.8 |  |  | 272.1 |  | Palmarejo, Rochester, Kensington, Wharf
Argor-Heraeus | 49.3 |  |  | 23.3 |  |  | 79.9 |  | Palmarejo, Rochester
Toronto Dominion Bank | 26.5 |  |  | 61.9 |  |  | 88.6 |  | Rochester
Techemet Metal Trading | — |  |  | 62.2 |  |  | 81.8 |  | Rochester, Wharf

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