XML 31 R11.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip exploration property. Except for the Silvertip exploration property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration property, which suspended mining and processing activities in February 2020, is engaged in the discovery of silver, zinc and lead. Other includes the Sterling/Crown exploration properties (which were sold in the fourth quarter of 2022), other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. In 2022, the Company disposed of the Sterling/Crown exploration properties and La Preciosa project, see Note 20 -- Dispositions for additional information. Financial information relating to the Company’s segments is as follows (in thousands):
Year Ended December 31, 2023 | Palmarejo |  | Rochester |  | Kensington |  | Wharf |  | Silvertip |  | Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Gold sales | $ | 155,036 |  |  | $ | 75,571 |  |  | $ | 162,010 |  |  | $ | 183,060 |  |  | $ | — |  |  | $ | — |  |  | $ | 575,677 |
Silver sales | 158,171 |  |  | 80,451 |  |  | 468 |  |  | 6,439 |  |  | — |  |  | — |  |  | 245,529 |
Metal sales | 313,207 |  |  | 156,022 |  |  | 162,478 |  |  | 189,499 |  |  | — |  |  | — |  |  | 821,206 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Costs applicable to sales(1) | 194,309 |  |  | 171,271 |  |  | 152,659 |  |  | 114,657 |  |  | — |  |  | — |  |  | 632,896 |
Amortization | 35,709 |  |  | 26,392 |  |  | 25,905 |  |  | 6,694 |  |  | 4,018 |  |  | 1,104 |  |  | 99,822 |
Exploration | 7,840 |  |  | 1,221 |  |  | 7,900 |  |  | — |  |  | 12,251 |  |  | 1,750 |  |  | 30,962 |
Other operating expenses | 8,064 |  |  | 26,005 |  |  | 3,440 |  |  | 4,157 |  |  | 17,104 |  |  | 37,471 |  |  | 96,241 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on debt extinguishment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,437 |  |  | 3,437 |
Fair value adjustments, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,384 |  |  | 3,384 |
Interest expense, net | 844 |  |  | (1,603) |  |  | (1,744) |  |  | (329) |  |  | (63) |  |  | (26,204) |  |  | (29,099) |
Other, net(3) | 4,590 |  |  | (293) |  |  | (311) |  |  | (396) |  |  | (129) |  |  | (10,924) |  |  | (7,463) |
Income and mining tax (expense) benefit | (26,016) |  |  | (816) |  |  | — |  |  | (7,047) |  |  | — |  |  | (1,277) |  |  | (35,156) |
Net Income (loss) | $ | 46,703 |  |  | $ | (71,579) |  |  | $ | (29,481) |  |  | $ | 56,219 |  |  | $ | (33,565) |  |  | $ | (71,909) |  |  | $ | (103,612) |
Segment assets(2) | $ | 312,879 |  |  | $ | 1,081,442 |  |  | $ | 171,602 |  |  | $ | 102,245 |  |  | $ | 215,545 |  |  | $ | 59,324 |  |  | $ | 1,943,037 |
Capital expenditures | $ | 41,766 |  |  | $ | 263,401 |  |  | $ | 53,316 |  |  | $ | 2,472 |  |  | $ | 2,867 |  |  | $ | 795 |  |  | $ | 364,617 |
(1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 15 -- Additional Comprehensive Income (Loss) Detail for additional detail
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 |  |  | 7,540 |  |  | 1,685 |  |  | 1,379 |  |  | 22,322 |  |  | 42,809 |  |  | 80,107 |
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 |  |  | (306) |  |  | (206) |  |  | (62) |  |  | (354) |  |  | 64,055 |  |  | 66,331 |
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 15 -- 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 | 4,442 |  |  | 5,915 |  |  | 6,285 |  |  | 1,770 |  |  | 26,090 |  |  | 40,464 |  |  | 84,966 |
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) | (28,198) |  |  | (328) |  |  | (164) |  |  | 1,634 |  |  | (406) |  |  | 426 |  |  | (27,036) |
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 15 -- Additional Comprehensive Income (Loss) Detail for additional detail
Assets | December 31, 2023 |  | December 31, 2022
Total assets for reportable segments | $ | 1,943,037 |  |  | $ | 1,669,982 |
Cash and cash equivalents | 61,633 |  |  | 61,464 |
Other assets | 76,178 |  |  | 114,697 |
Total consolidated assets | $ | 2,080,848 |  |  | $ | 1,846,143 |
Geographic Information
Long-Lived Assets | December 31, 2023 |  | December 31, 2022
United States | $ | 1,201,988 |  |  | $ | 899,960 |
Mexico | 256,906 |  |  | 251,950 |
Canada | 229,242 |  |  | 237,723 |
Other | 152 |  |  | 122 |
Total | $ | 1,688,288 |  |  | $ | 1,389,755 |
Revenue |  |  | Year ended December 31,
|  |  |  | 2023 |  | 2022 |  | 2021
United States |  |  |  |  | $ | 507,999 |  |  | $ | 482,202 |  |  | $ | 512,554 |
Mexico |  |  |  |  | 313,207 |  |  | 303,434 |  |  | 320,274 |
Total |  |  |  |  | $ | 821,206 |  |  | $ | 785,636 |  |  | $ | 832,828 |
The Company's doré, as well as the electrolytic cathodic sludge produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, 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, 2023. The Company's sales of doré or electrolytic cathodic sludge product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 80%, 74%, and 74%, of total metal sales for the years ended December 31, 2023, 2022, and 2021, respectively. The Company's gold concentrate product from the Kensington mine is sold under a long term offtake agreement and is shipped to geographically diverse third-party smelters who are responsible for arranging the smelting of the concentrate. The Company’s sales of concentrate produced by the Kensington amounted to approximately 20%, 26%, and 26% of total metal sales for the years ended December 31, 2023, 2022, and 2021, 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 ended December 31, 2023, 2022, and 2021 (in millions):
| Year ended December 31, |
Customer | 2023 |  | 2022 |  | 2021 | Segments reporting revenue
Bank of Montreal | $ | 367.2 |  |  | $ | 341.5 |  |  | $ | 98.7 |  | Palmarejo, Rochester, Wharf
Ocean Partners | $ | 346.2 |  |  | $ | 168.9 |  |  | $ | 176.4 |  | Palmarejo, Kensington
Asahi | $ | 63.7 |  |  | $ | 125.3 |  |  | $ | 323.8 |  | Palmarejo, Rochester, Kensington, Wharf

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration