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 |