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Segment Reporting | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc and lead. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands):
Three Months Ended June 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 35,296 |  |  | $ | 12,638 |  |  | $ | 24,538 |  |  | $ | 48,883 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,355 |
Silver sales | 37,432 |  |  | 16,463 |  |  | 63 |  |  | 1,922 |  |  | — |  |  | — |  |  | 55,880 |
Metal sales | 72,728 |  |  | 29,101 |  |  | 24,601 |  |  | 50,805 |  |  | — |  |  | — |  |  | 177,235 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 46,591 |  |  | 26,068 |  |  | 39,149 |  |  | 27,829 |  |  | — |  |  | — |  |  | 139,637 |
Amortization | 8,017 |  |  | 3,649 |  |  | 4,801 |  |  | 1,805 |  |  | 1,021 |  |  | 302 |  |  | 19,595 |
Exploration | 1,614 |  |  | 279 |  |  | 2,327 |  |  | — |  |  | (1,628) |  |  | 328 |  |  | 2,920 |
Other operating expenses | 2,233 |  |  | 2,048 |  |  | 984 |  |  | 1,029 |  |  | 4,977 |  |  | 8,566 |  |  | 19,837 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,961 |  |  | 2,961 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,922) |  |  | (3,922) |
Interest expense, net | 178 |  |  | (287) |  |  | (325) |  |  | (30) |  |  | (18) |  |  | (6,430) |  |  | (6,912) |
Other, net(3) | 3,022 |  |  | (399) |  |  | (56) |  |  | 145 |  |  | (94) |  |  | (12,537) |  |  | (9,919) |
Income and mining tax (expense) benefit | (6,220) |  |  | 137 |  |  | — |  |  | (2,301) |  |  | — |  |  | (1,482) |  |  | (9,866) |
Net Income (loss) | $ | 11,253 |  |  | $ | (3,492) |  |  | $ | (23,041) |  |  | $ | 17,956 |  |  | $ | (4,482) |  |  | $ | (30,606) |  |  | $ | (32,412) |
Segment assets(2) | $ | 311,609 |  |  | $ | 977,958 |  |  | $ | 160,145 |  |  | $ | 103,249 |  |  | $ | 217,831 |  |  | $ | 61,920 |  |  | $ | 1,832,712 |
Capital expenditures | $ | 11,914 |  |  | $ | 61,458 |  |  | $ | 11,656 |  |  | $ | 150 |  |  | $ | 138 |  |  | $ | 265 |  |  | $ | 85,581 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Three Months Ended June 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 44,127 |  |  | $ | 15,199 |  |  | $ | 50,030 |  |  | $ | 37,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 146,625 |
Silver sales | 41,837 |  |  | 15,304 |  |  | 233 |  |  | 124 |  |  | — |  |  | — |  |  | 57,498 |
Metal sales | 85,964 |  |  | 30,503 |  |  | 50,263 |  |  | 37,393 |  |  | — |  |  | — |  |  | 204,123 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 49,063 |  |  | 37,953 |  |  | 39,311 |  |  | 24,352 |  |  | — |  |  | — |  |  | 150,679 |
Amortization | 9,737 |  |  | 4,961 |  |  | 9,369 |  |  | 2,248 |  |  | 1,259 |  |  | 391 |  |  | 27,965 |
Exploration | 1,686 |  |  | 1,466 |  |  | 1,218 |  |  | — |  |  | (262) |  |  | 1,171 |  |  | 5,279 |
Other operating expenses | 752 |  |  | 1,830 |  |  | 308 |  |  | 527 |  |  | 5,090 |  |  | 9,958 |  |  | 18,465 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62,810) |  |  | (62,810) |
Interest expense, net | (11) |  |  | (203) |  |  | (421) |  |  | (14) |  |  | (50) |  |  | (4,471) |  |  | (5,170) |
Other, net(3) | 832 |  |  | (43) |  |  | (25) |  |  | 634 |  |  | (230) |  |  | (855) |  |  | 313 |
Income and mining tax (expense) benefit | (10,445) |  |  | 1,000 |  |  | 127 |  |  | (972) |  |  | — |  |  | (1,212) |  |  | (11,502) |
Net Income (loss) | $ | 15,102 |  |  | $ | (14,953) |  |  | $ | (262) |  |  | $ | 9,914 |  |  | $ | (6,367) |  |  | $ | (80,868) |  |  | $ | (77,434) |
Segment assets(2) | $ | 292,246 |  |  | $ | 689,215 |  |  | $ | 149,365 |  |  | $ | 90,645 |  |  | $ | 239,348 |  |  | $ | 163,190 |  |  | $ | 1,624,009 |
Capital expenditures | $ | 10,060 |  |  | $ | 46,956 |  |  | $ | 8,828 |  |  | $ | 475 |  |  | $ | 5,703 |  |  | $ | 1,134 |  |  | $ | 73,156 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Six Months Ended June 30, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 75,903 |  |  | $ | 28,685 |  |  | $ | 64,662 |  |  | $ | 79,206 |  |  | $ | — |  |  | $ | — |  |  | $ | 248,456 |
Silver sales | 79,132 |  |  | 34,316 |  |  | 137 |  |  | 2,492 |  |  | — |  |  | — |  |  | 116,077 |
Metal sales | 155,035 |  |  | 63,001 |  |  | 64,799 |  |  | 81,698 |  |  | — |  |  | — |  |  | 364,533 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 95,856 |  |  | 68,933 |  |  | 76,531 |  |  | 51,373 |  |  | — |  |  | — |  |  | 292,693 |
Amortization | 16,736 |  |  | 8,867 |  |  | 10,645 |  |  | 3,214 |  |  | 2,242 |  |  | 599 |  |  | 42,303 |
Exploration | 2,927 |  |  | 662 |  |  | 3,323 |  |  | — |  |  | (131) |  |  | 789 |  |  | 7,570 |
Other operating expenses | 3,759 |  |  | 4,073 |  |  | 1,968 |  |  | 2,043 |  |  | 11,523 |  |  | 19,444 |  |  | 42,810 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,961 |  |  | 2,961 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,639 |  |  | 6,639 |
Interest expense, net | 300 |  |  | (462) |  |  | (855) |  |  | (44) |  |  | (40) |  |  | (13,200) |  |  | (14,301) |
Other, net(3) | 2,884 |  |  | (492) |  |  | (127) |  |  | (331) |  |  | (103) |  |  | (12,711) |  |  | (10,880) |
Income and mining tax (expense) benefit | (15,922) |  |  | 376 |  |  | — |  |  | (2,720) |  |  | — |  |  | (2,308) |  |  | (20,574) |
Net Income (loss) | $ | 23,019 |  |  | $ | (20,112) |  |  | $ | (28,650) |  |  | $ | 21,973 |  |  | $ | (13,777) |  |  | $ | (39,451) |  |  | $ | (56,998) |
Segment assets(2) | $ | 311,609 |  |  | $ | 977,958 |  |  | $ | 160,145 |  |  | $ | 103,249 |  |  | $ | 217,831 |  |  | $ | 61,920 |  |  | $ | 1,832,712 |
Capital expenditures | $ | 22,064 |  |  | $ | 113,420 |  |  | $ | 22,358 |  |  | $ | 271 |  |  | $ | 807 |  |  | $ | 709 |  |  | $ | 159,629 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Six Months Ended June 30, 2022 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 84,201 |  |  | $ | 26,251 |  |  | $ | 94,089 |  |  | $ | 71,535 |  |  | $ | — |  |  | $ | — |  |  | $ | 276,076 |
Silver sales | 84,836 |  |  | 30,621 |  |  | 478 |  |  | 516 |  |  | — |  |  | — |  |  | 116,451 |
Metal sales | 169,037 |  |  | 56,872 |  |  | 94,567 |  |  | 72,051 |  |  | — |  |  | — |  |  | 392,527 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 92,288 |  |  | 70,228 |  |  | 76,221 |  |  | 45,209 |  |  | — |  |  | — |  |  | 283,946 |
Amortization | 19,123 |  |  | 9,671 |  |  | 17,991 |  |  | 4,309 |  |  | 2,518 |  |  | 786 |  |  | 54,398 |
Exploration | 3,296 |  |  | 3,408 |  |  | 1,620 |  |  | — |  |  | (262) |  |  | 2,635 |  |  | 10,697 |
Other operating expenses | 1,673 |  |  | 3,661 |  |  | 923 |  |  | 1,039 |  |  | 11,584 |  |  | 21,269 |  |  | 40,149 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52,205) |  |  | (52,205) |
Interest expense, net | (126) |  |  | (381) |  |  | (669) |  |  | (27) |  |  | (118) |  |  | (8,417) |  |  | (9,738) |
Other, net(3) | 493 |  |  | (91) |  |  | 81 |  |  | 673 |  |  | (235) |  |  | 1,129 |  |  | 2,050 |
Income and mining tax (expense) benefit | (22,520) |  |  | 965 |  |  | 127 |  |  | (1,965) |  |  | — |  |  | 10,197 |  |  | (13,196) |
Net Income (loss) | $ | 30,504 |  |  | $ | (29,603) |  |  | $ | (2,649) |  |  | $ | 20,175 |  |  | $ | (14,193) |  |  | $ | (73,986) |  |  | $ | (69,752) |
Segment assets(2) | $ | 292,246 |  |  | $ | 689,215 |  |  | $ | 149,365 |  |  | $ | 90,645 |  |  | $ | 239,348 |  |  | $ | 163,190 |  |  | $ | 1,624,009 |
Capital expenditures | $ | 23,671 |  |  | $ | 80,006 |  |  | $ | 16,752 |  |  | $ | 1,836 |  |  | $ | 17,562 |  |  | $ | 2,831 |  |  | $ | 142,658 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 13 -- Additional Comprehensive Income (Loss) Detail for additional detail
Assets | June 30, 2023 |  | December 31, 2022
Total assets for reportable segments | $ | 1,832,712 |  |  | $ | 1,669,982 |
Cash and cash equivalents | 56,845 |  |  | 61,464 |
Other assets | 82,547 |  |  | 114,697 |
Total consolidated assets | $ | 1,972,104 |  |  | $ | 1,846,143 |
Geographic Information
Long-Lived Assets | June 30, 2023 |  | December 31, 2022
United States | $ | 1,062,114 |  |  | $ | 899,960 |
Mexico | 258,467 |  |  | 251,950 |
Canada | 233,030 |  |  | 237,723 |
Other | 122 |  |  | 122 |
Total | $ | 1,553,733 |  |  | $ | 1,389,755 |
Revenue | Three months ended June 30, |  | Six months ended June 30,
2023 |  | 2022 |  | 2023 |  | 2022 |  |
United States | $ | 104,507 |  |  | $ | 118,159 |  |  | $ | 209,498 |  |  | $ | 223,490 |  |  |
Mexico | 72,728 |  |  | 85,964 |  |  | 155,035 |  |  | 169,037 |  |  |
Total | 177,235 |  |  | $ | 204,123 |  |  | $ | 364,533 |  |  | $ | 392,527 |  |  |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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