Segment Information

12 Months Ended

Dec. 31, 2021

Disclosure of entity's operating segments [Abstract]

25. SEGMENTED INFORMATION

The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker to review operating segment performance. We have determined that each producing mine and significant development property represents an operating segment. The Company has organized its reportable and operating segments by significant revenue streams and geographic regions.

Significant information relating to the Company’s reportable operating segments is summarized in the table below:


For the year ended December 31, 2021
Segment/Country	Mine	Revenue		Production costs and royalties		Depreciation		Mine operating earnings		Capital expenditures(1)
Silver Segment:
Mexico	La Colorada	$	130,112	$	75,192	$	20,505	$	34,415	$	65,532
Peru	Huaron	154,634		90,126		11,564		52,944		10,897
	Morococha	108,699		75,182		13,738		19,779		8,329
Bolivia	San Vicente	80,446		54,569		9,276		16,601		5,340
Argentina	Manantial Espejo	127,445		106,874		16,031		4,540		7,575
Guatemala	Escobal	—		—		—		—		778
Total Silver Segment		601,336		401,943		71,114		128,279		98,451
Gold Segment:
Mexico	Dolores(2)	342,556		186,285		106,397		49,874		40,566
Peru	Shahuindo	255,771		115,009		42,600		98,162		27,678
	La Arena	194,582		84,243		41,362		68,977		45,479
Canada	Timmins	238,505		174,374		39,768		24,363		42,298
Total Gold Segment		1,031,414		559,911		230,127		241,376		156,021
Other segment:
Canada	Pas Corp	—		—		407		(407)		332
Argentina	Navidad	—		—		—		—		90
Other	Other	—		—		1,310		(1,310)		980
Total		$	1,632,750	$	961,854	$	302,958	$	367,938	$	255,874

(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases.

(2)The mine was reclassified to the Gold Segment in 2021 as a result of expected mine sequencing into a higher gold zone.


For the year ended December 31, 2020
Segment/Country	Mine	Revenue		Production costs and royalties		Depreciation		Mine operating earnings		Capital expenditures(1)
Silver Segment:
Mexico	La Colorada	$	128,824	$	69,663	$	19,608	$	39,553	$	29,388
Peru	Huaron	72,073		39,612		7,069		25,392		4,500
	Morococha	47,046		35,768		7,203		4,075		10,168
Bolivia	San Vicente	48,396		35,753		6,725		5,918		4,877
Argentina	Manantial Espejo	84,051		68,381		9,787		5,883		10,789
Guatemala	Escobal			—				—		4,807
Total Silver Segment		380,390		249,177		50,392		80,821		64,529
Gold Segment:
Mexico	Dolores(2)	250,219		146,961		87,694		15,564		44,861
Peru	Shahuindo	270,043		97,940		40,562		131,541		23,335
	La Arena	176,028		72,676		27,683		75,669		37,324
Canada	Timmins	262,132		157,412		46,605		58,115		20,751
Total Gold Segment		958,422		474,989		202,544		280,889		126,271
Other segment:
Canada	Pas Corp			—		491		(491)		297
Argentina	Navidad			—		—		—		—
Other	Other	—		—		1,042		(1,042)		560
Total		$	1,338,812	$	724,166	$	254,469	$	360,177	$	191,657

(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases.

(2)The mine has been represented in the Gold Segment to align with current year presentation.

A reconciliation of segment mine operating earnings to the Company’s earnings before income taxes per the Consolidated Income Statements is as follows:


	2021		2020
Mine operating earnings	$	367,938	$	360,177
General and administrative	(34,852)		(36,375)
Exploration and project development	(11,071)		(7,096)
Mine care and maintenance	(31,780)		(102,105)
Foreign exchange losses	(11,267)		(5,474)

Gains on commodity and foreign currency contracts	5,393		3,543
Gains on sale of mineral properties, plant and equipment	32,167		7,922
Share of income from associate and dilution gain	4,347		10,529
Other income (expense)	36		(21,144)
Earnings from operations	320,911		209,977
Investment (loss) income	(59,722)		62,139
Interest and finance expense	(16,198)		(20,104)
Earnings before income taxes	$	244,991	$	252,012


At December 31, 2021
Segment/Country	Mine	Assets		Liabilities		Net assets
Silver Segment:
Mexico	La Colorada	$	299,038	$	52,934	$	246,104
Peru	Huaron	117,514		59,975		57,539
	Morococha	124,607		40,494		84,113
Bolivia	San Vicente	88,924		53,264		35,660
Argentina	Manantial Espejo	71,012		29,017		41,995
Guatemala	Escobal	287,811		19,833		267,978
Total Silver Segment		988,906		255,517		733,389
Gold Segment:
Mexico	Dolores(1)	750,220		193,638		556,582
Peru	Shahuindo	591,164		199,450		391,714
	La Arena	317,371		106,799		210,572
Canada	Timmins	419,106		62,196		356,910
Total Gold Segment		2,077,861		562,083		1,515,778
Other segment:
Canada	Pas Corp	176,006		16,492		159,514
Argentina	Navidad	193,077		—		193,077
	Other	82,734		48,484		34,250
Total		$	3,518,584	$	882,576	$	2,636,008

(1)The mine was reclassified to the Gold Segment in 2021 as a result of expected mine sequencing into a higher gold zone.


At December 31, 2020
Segment/Country	Mine	Assets		Liabilities		Net assets
Silver Segment:
Mexico	La Colorada	$	231,217	$	48,971	$	182,246
Peru	Huaron	113,177		40,663		72,514
	Morococha	121,004		34,906		86,098
Bolivia	San Vicente	83,668		40,536		43,132
Argentina	Manantial Espejo	75,113		26,950		48,163
Guatemala	Escobal	288,588		24,427		264,161
Total Silver Segment		912,767		216,453		696,314
Gold Segment:
Mexico	Dolores(1)	752,873		169,444		583,429
Peru	Shahuindo	566,734		201,427		365,307
	La Arena	299,372		112,475		186,897
Canada	Timmins	414,396		60,482		353,914
Total Gold Segment		2,033,375		543,828		1,489,547
Other segment:
Canada	Pas Corp	230,872		18,795		212,077
Argentina	Navidad	192,999		—		192,999
	Other	63,862		48,960		14,902
		$	3,433,875	$	828,036	$	2,605,839

(1)The mine has been represented in the Gold Segment to align with current year presentation.


Product Revenue	2021		2020
Refined silver and gold	$	1,177,388	$	1,047,601
Zinc concentrate	119,059		65,033
Lead concentrate	145,524		132,823
Copper concentrate	133,025		50,081
Silver concentrate	57,754		43,274
Total	$	1,632,750	$	1,338,812

The Company has 25 customers that account for 100% of the concentrate and silver and gold sales revenue. The Company has 7 customers that accounted for 21%, 13%, 12%, 11%, 9%, 7%, and 7% of total sales in 2021, and 7 customers that accounted for 19%, 17%, 12%, 11%, 7%, 7%, and 5% of total sales in 2020. The loss of certain of these customers or curtailment of purchases by such customers could have a material adverse effect on the Company’s financial performance, financial position, and cash flows.