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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, 2023PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$155,036 $75,571 $162,010 $183,060 $— $— $575,677 
Silver sales158,171 80,451 468 6,439 — — 245,529 
Metal sales313,207 156,022 162,478 189,499 — — 821,206 
Costs and Expenses
Costs applicable to sales(1)
194,309 171,271 152,659 114,657 — — 632,896 
Amortization35,709 26,392 25,905 6,694 4,018 1,104 99,822 
Exploration7,840 1,221 7,900 — 12,251 1,750 30,962 
Other operating expenses8,064 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, net844 (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, 2022PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$157,595 $64,460 $201,859 $148,963 $— $— $572,877 
Silver sales145,839 65,203 634 1,083 — — 212,759 
Metal sales303,434 129,663 202,493 150,046 — — 785,636 
Costs and Expenses
Costs applicable to sales(1)
182,576 165,166 155,725 103,063 — — 606,530 
Amortization35,432 22,626 39,032 8,247 4,912 1,377 111,626 
Exploration6,605 4,627 6,637 — 4,628 4,127 26,624 
Other operating expenses4,372 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, 2021PalmarejoRochesterKensingtonWharfSilvertip OtherTotal
Revenue
Gold sales$150,098 $49,659 $214,635 $164,519 $— $— $578,911 
Silver sales170,176 81,163 370 2,208 — — 253,917 
Metal sales320,274 130,822 215,005 166,727 — — 832,828 
Costs and Expenses
Costs applicable to sales(1)
153,655 131,240 133,065 93,579 — — 511,539 
Amortization36,062 20,187 54,933 11,038 4,797 1,298 128,315 
Exploration8,561 6,016 6,656 143 15,287 14,506 51,169 
Other operating expenses4,442 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, 2023December 31, 2022
Total assets for reportable segments$1,943,037 $1,669,982 
Cash and cash equivalents61,633 61,464 
Other assets76,178 114,697 
Total consolidated assets$2,080,848 $1,846,143 
Geographic Information
Long-Lived Assets December 31, 2023December 31, 2022
United States$1,201,988 $899,960 
Mexico256,906 251,950 
Canada229,242 237,723 
Other152 122 
Total$1,688,288 $1,389,755 
RevenueYear ended December 31,
202320222021
United States$507,999 $482,202 $512,554 
Mexico313,207 303,434 320,274 
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,
Customer202320222021Segments 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