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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 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
Consolidated Assets |
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 |
Long Lived Assets by Country | 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 by Country |
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 |
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 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

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