| Disclosure of financial instruments [text block] | Note 10 Financial instruments Financial instruments in accordance with IAS 39 are detailed as follows: 10.1 Types of other financial assets Description of other financial assets 12/31/2017 12/31/2016 Other current financial assets (1) 360,941 284,160 Derivatives (2) 6,038 4,095 Hedging assets - 934 Total other current financial assets 366,979 289,189 Other non-current financial assets (3) 42,879 14,099 Total other non-current financial assets 42,879 14,099 (1) Relates to term deposits with maturities exceeding 90 days and less than 360 days (2) Relates to forwards and options that were not classified as hedging instruments (see detail in Note 10.3). (3) The detail of other financial assets, non-current is as follows: 12/31/2017 12/31/2016 Non-current investments not accounted for using the equity accounting method, classified as available for sale 9,179 6,899 Hedging assets 8,910 7,156 Contribution for constitution of Joint Venture (1) 24,745 - Other financial assets, non-current 45 44 Total other financial assets, non-current 42,879 14,099 (1) SQM Potasio S.A. contributed ThUS$ 24,745 Detail of other current financial assets Institution 12/31/2017 12/31/2016 Banco Santander 163,269 54,364 Banco de Crédito e Inversiones 71,748 40,627 Banco Itaú - Corpbanca 77,527 63,969 Banco Security 28,592 15,007 Morgan Stanley - 3,150 Scotiabank Sud Americano 13,764 107,043 Banco Chile 4,834 - Banco BBVA Chile 1,207 - Total 360,941 284,160 10.2 Trade and other receivables 12/31/2017 12/31/2016 Current Non-current Total Current Non-current Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$$ ThUS$ Trade receivables 412,321 - 412,321 344,839 - 344,839 Prepayments 16,177 - 16,177 6,621 - 6,621 Other receivables 18,377 1,912 20,289 17,301 1,840 19,141 Total trade and other receivables 446,875 1,912 448,787 368,761 1,840 370,601 12/31/2017 12/31/2016 Assets before Allowance for Assets for trade Assets before Allowance for Assets for trade ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Receivables related to credit operations, current 427,400 (15,079) 412,321 361,656 (16,817) 344,839 Trade receivables, current 427,400 (15,079) 412,321 361,656 (16,817) 344,839 Prepayments, current 16,877 (700) 16,177 9,421 (2,800) 6,621 Other receivables, current 23,409 (5,032) 18,377 19,300 (1,999) 17,301 Current trade and other receivables 40,286 (5,732) 34,554 28,721 (4,799) 23,922 Other receivables, non-current 1,912 - 1,912 1,840 - 1,840 Non-current receivables 1,912 - 1,912 1,840 - 1,840 Total trade and other receivables 469,598 (20,811) 448,787 392,217 (21,616) 370,601 The Company’s policy is to require guarantees (such as letters of credit, guarantee clauses and others) and/or maintaining insurance policies for certain accounts as deemed necessary by management. Uncollateralized As of December 31, 2017 the detail of the uncollateralized portfolio is as follows: Current Between 1 Between 31 Between 61 More than Total THUS$ THUS$ THUS$ THUS$ THUS$ THUS$ Number of customers, portfolio under no renegotiated terms 2,282 194 68 21 21 2,586 Portfolio under no renegotiated terms 388,516 20,022 9,909 851 8,102 427,400 Number of customers under renegotiated terms portfolio - - - - - - Portfolio under renegotiated terms, gross - - - - - - Total gross portfolio 388,516 20,022 9,909 851 8,102 427,400 As of December 31, 2016 the detail of the uncollateralized portfolio is Current Between 1 Between 31 Between 61 More than Total THUS$ THUS$ THUS$ THUS$ THUS$ THUS$ Number of customers, portfolio under no renegotiated terms 503 173 59 19 40 794 Portfolio under no renegotiated terms 304,072 42,732 7,218 1,182 6,452 361,656 Number of customers under renegotiated terms portfolio - - - - - - Portfolio under renegotiated terms, gross - - - - - - Total gross portfolio 304,072 42,732 7,218 1,182 6,452 361,656 As of December 31, 2017, 2016 and 2015, movements in provisions are as follows: Reconciliation 12/31/2017 12/31/2016 12/31/2015 ThUS$ ThUS$ ThUS$ Opening balance 21,616 19,731 18.980 Additional provisions 7,172 10,632 2.356 Decrease in provisions (7,977) (8,747) (1.605) Closing balance 20,811 21,616 19.731 Credit risk concentration Credit risk concentration with respect to trade receivables is reduced due to the great number of entities in the Company’s client base and their distribution throughout the world. 10.3 Hedging assets and liabilities The balance represents derivative instruments measured at fair value which have been classified as hedges from exchange and interest rate risks related to the total obligations associated with bonds in Chilean pesos and UF . As of December 31, 2017, the notional amount of cash flows in Cross Currency Swap contracts agreed upon in US dollars amounted to ThUS$266,335 and as of December 31, 2016 such contracts amounted to ThUS$320,155. Hedging assets with Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2017 8,910 5,641 2,170 - 2,170 Hedging liabilities Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2017 17,128 33,696 41 - 41 Hedging liabilities with Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2017 (20,159) (20,256) 97 - 97 Hedging assets with Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2016 830 789 41 (9) 32 Hedging liabilities Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2016 43,235 28,108 (29) 5 (24) Hedging liabilities with Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2016 218 (294) 76 (19) 57 Hedging liabilities with Derivative Effect on profit or Hedging reserve Deferred tax Hedging ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ December 31, 2015 74.786 (29.245) 86 96 182 The balances in the “effect on profit or loss” column consider the interim effects of the contracts in force As of December 31, 2017, 2016 and 2015. Derivative contract maturities are detailed as follows: Series Contract amount Currency Maturity date ThUS$ H 191,638 UF 01/05/2018 O 58,748 UF 02/01/2022 The Company uses cross currency swap derivative instruments to hedge the possible financial risk associated with the volatility of the exchange rate associated with Chilean pesos and UF. The objective is to hedge the exchange rate financial risks associated with bonds payable. Hedges are documented and tested to measure their effectiveness. Based on a comparison of critical terms, hedging is highly effective, given that the hedged amount is consistent with obligations maintained for bonds denominated in Chilean pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same expiration dates of bond principal and interest payments. Hedge Accounting The Company classifies derivative instruments as hedging that may include derivative or embedded derivatives either as fair value hedge derivative instruments, cash flow hedge derivative instruments, or hedge derivative instruments for net investment in a business abroad. a) Fair value hedge Changes in fair values of derivative instruments classified as fair value hedge derivative instruments are accounted for in gains and losses immediately along with any change in the fair value of the hedged item that is attributable to the risk being hedged. The Company documents the relationship between hedge instruments and the hedged item along with the objectives of its risk management and strategy to carry out different hedging transactions. In addition, upon commencement of the period hedged and then on a quarterly basis, the Company documents whether hedge instruments have been efficient and met the objective of hedging market fluctuations. For this purpose, we use the effectiveness test. A hedge instrument is deemed effective if the effectiveness test result is between 80% and 125%. The hedge instruments are classified as effective or not effective on the basis of the effectiveness test results. At present, hedges are classified as effective on the basis of the effectiveness tests. This note includes the detail of fair values of derivatives classified as hedging instruments. b) Cash flow hedges Cash flow hedges cover exposure to the cash flow variations attributable to a risk associated with a specific transaction that is very likely to be executed, which may have material effects on the results of the Company. 10.4 Financial liabilities Other current and non-current financial liabilities As of December 31, 2017 and December 31, 2016, the detail is as follows: 12/31/2017 12/31/2016 Current Non-current Total Current Non-current Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Bank borrowings 163,568 - 163,568 101,270 - 101,270 Obligations with the public (bonds) 13,494 1,031,507 1,045,001 58,973 1,059,706 1,118,679 Derivatives 5,979 - 5,979 1,920 - 1,920 Hedging liabilities 37,287 - 37,287 16,981 33,732 50,713 Total 220,328 1,031,507 1,251,835 179,144 1,093,438 1,272,582 Current and non-current bank borrowings As of December 31, 2017 and December 31, 2016, the detail is as follows: 12/31/2017 12/31/2016 ThUS$ ThUS$ Long-term bank borrowings - - Short-term bank borrowings 163,568 101.270 Short-term borrowings and current portion of long-term borrowings 163,568 101.270 Total bank borrowings 163,568 101.270 a) Bank borrowings, current: As of December 31, 2017 and December 31, 2016, the detail of this caption is as follows: Debtor Creditor Currency or Tax ID No Company Country Tax ID No. Financial institution Country adjustment Repayment Effective Nominal 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.63 % 1.63 % 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.73 % 1.73 % 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.73 % 1.73 % 93,007,000-9 SQM S.A. Chile 97,018,000-1 Banco Estado Chile US$ Upon maturity 1.64 % 1.64 % 93,007,000-9 SQM S.A. Chile 97,018,000-1 Banco Estado Chile US$ Upon maturity 1.67 % 1.67 % 93,007,000-9 SQM S.A. Chile 97,018,000-1 Banco Estado Chile US$ Upon maturity 1.67 % 1.67 % 79,626,800-K SQM Salar S.A. Chile 97,018,000-1 Banco Estado Chile US$ Upon maturity 1.91 % 1.91 % 79,626,800-K SQM Salar S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.94 % 1.94 % 79,947,100-0 SQM Industrial S.A. Chile 97,030,000-7 Banco Estado Chile US$ Upon maturity 1.74 % 1.74 % 79,947,100-0 SQM Industrial S.A. Chile 97,030,000-7 Banco Estado Chile US$ Upon maturity 1.65 % 1.65 % 12/31/2017 12/31/2017 Debtor Creditor Nominal amounts Current amounts Company Financial institution Up to 90 90 days to Total Up to 90 90 days to Subtotal Borrowing Total ThUS$ SQM,S,A, Scotiabank Sud Americano - 20,000 20,000 - 20,137 20,137 - 20,137 SQM,S,A, Scotiabank Sud Americano - 17,000 17,000 - 17,140 17,140 - 17,140 SQM,S,A, Scotiabank Sud Americano - 3,000 3,000 - 3,025 3,025 - 3,025 SQM,S,A, Banco Estado 15,000 - 15,000 15,011 - 15,011 - 15,011 SQM,S,A, Banco Estado 15,000 - 15,000 15,011 - 15,011 - 15,011 SQM,S,A, Banco Estado 15,000 - 15,000 15,011 - 15,011 - 15,011 SQM Salar S,A, Banco Estado - 20,000 20,000 - 20,071 20,071 - 20,071 SQM Salar S,A, Scotiabank Sud Americano - 20,000 20,000 - 20,072 20,072 - 20,072 SQM Industrial S,A, Banco Estado - 20,000 20,000 - 20,064 20,064 - 20,064 SQM Industrial S,A, Banco Estado 18,000 - 18,000 18,026 - 18,026 - 18,026 Total 63,000 100,000 163,000 63,059 100,509 163,568 - 163,568 Debtor Creditor Currency or Tax ID No Company Country Tax ID No. Financial institution Country adjustment Repayment Effective Nominal 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.00 % 1.00 % 93,007,000-9 SQM.S.A. Chile 97,030,000-7 Banco Estado Chile US$ Upon maturity 4.3 % 4.3 % 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 0.74 % 0.85 % 93,007,000-9 SQM.S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 0.74 % 0.84 % 79,626,800-K SQM Salar S.A. Chile 97,018,000-1 Scotiabank Sud Americano Chile US$ Upon maturity 1.34 % 0.84 % 79,947,100-0 SQM Industrial S.A. Chile 97,030,000-7 Banco Estado Chile US$ Upon maturity 1.20 % 1.20 % 12/31/2016 1231/2016 Debtor Creditor Nominal amounts Current amounts Company Financial institution Up to 90 90 days to Total Up to 90 90 days to Subtotal Borrowing Total ThUS$ SQM.S.A. Scotiabank Sud Americano - 20,000 20,000 30 20,000 20,030 - 20,030 SQM.S.A. Banco Estado - 20,412 20,412 - 20,919 20,919 - 20,919 SQM.S.A. Scotiabank Sud Americano - 17,000 17,000 - 17,057 17,057 - 17,057 SQM.S.A. Scotiabank Sud Americano - 3,000 3,000 - 3,010 3,010 - 3,010 SQM Salar S.A. Scotiabank Sud Americano - 20,000 20,000 - 20,042 20,042 - 20,042 SQM Industrial S.A. Banco Estado 20,000 - 20,000 20,212 - 20,212 - 20,212 Total 20,000 80,412 100,412 20,242 81,028 101,270 - 101,270 b) Unsecured obligations, current: As of December 31, 2017 and December 31, 2016, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows: Bonds Debtor Periodicity Tax ID No. Company País Number of Series Maturity Currency or Payment of Repayment Effective rate Nominal 93,007,000-9 SQM S.A. Chile - ThUS$250,000 04/21/2018 US$ Semiannual Upon maturity 1.47 % 5.50 % 93,007,000-9 SQM S.A. Chile - ThUS$250,000 01/28/2018 US$ Semiannual Upon maturity 3.17 % 4.38 % 93,007,000-9 SQM S.A. Chile - ThUS$300,000 0403//2018 US$ Semiannual Upon maturity 2.12 % 3.63 % 93,007,000-9 SQM S.A. Chile 564 H 01/05/2018 UF Semiannual Semiannual 2.18 % 4.90 % 93,007,000-9 SQM S.A. Chile 699 O 02/01/2018 UF Semiannual Upon maturity 2.80 % 3.80 % 12/31/2017 12/31/2017 Nominal maturities Current maturities Company Country Series Up to 90 91 days to 1 Total Up to 90 91 days to 1 Subtotal Bond Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ SQM S,A, Chile ThUS$250,000 - - - - 2,674 2,674 (385) 2,289 SQM S,A, Chile ThUS$250,000 - - - 4,648 - 4,648 (433) 4,215 SQM S,A, Chile ThUS$300,000 - - - - 2,658 2,658 (615) 2,043 SQM S,A, Chile H - - - 4,127 - 4,127 (139) 3,988 SQM S,A, Chile O - - - 1,026 - 1,026 (67) 959 Total - - - 9,801 5,332 15,133 (1,639) 13,494 Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements. Debtor Periodicity Tax ID No. Company País Number of Series Maturity Currency or Payment of Repayment Effective rate Nominal 93,007,000-9 SQM S.A. Chile - ThUS$250,000 10/21/2016 US$ Semiannual Upon maturity 1.97 % 5.50 % 93,007,000-9 SQM S.A. Chile - ThUS$250,000 01/28/2017 US$ Semiannual Upon maturity 3.61 % 4.38 % 93,007,000-9 SQM S.A. Chile - ThUS$300,000 10/03/2016 US$ Semiannual Upon maturity 2.48 % 3.63 % 93,007,000-9 SQM S.A. Chile 446 C 12/01/2016 UF Semiannual Semiannual 1.34 % 4.00 % 93,007,000-9 SQM S.A. Chile 564 H 01/05/2017 UF Semiannual Semiannual 2.47 % 4.90 % 93,007,000-9 SQM S.A. Chile 700 M 02/01/2017 UF Semiannual Upon maturity 0.69 % 3.30 % 93,007,000-9 SQM S.A. Chile 699 O 02/01/2017 UF Semiannual Upon maturity 3.00 % 3.80 % 12/31/2016 12/31/2016 Nominal maturities Current maturities Company Country Series Up to 90 91 days to 1 Total Up to 90 91 days to 1 Subtotal Bond Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ SQM S,A, Chile ThUS$250,000 - - - - 2,674 2,674 (386) 2,288 SQM S,A, Chile ThUS$250,000 - - - 4,649 - 4,649 (433) 4,216 SQM S,A, Chile ThUS$300,000 - - - - 2,658 2,658 (615) 2,043 SQM S,A, Chile C - 5,903 5,903 - 6,098 6,098 - 6,098 SQM S,A, Chile H - - - 3,726 - 3,726 (139) 3,587 SQM S,A, Chile M 39,356 - 39,356 39,893 - 39,893 (11) 39,882 SQM S,A, Chile O - - - 926 - 926 (67) 859 Total 39,356 5,903 45,259 49,194 11,430 60,624 (1,651) 58,973 Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements. c) Non-current unsecured interest-bearing bonds The breakdown of non-current unsecured interest-bearing bonds as of December 31, 2017 and December 31, 2016 is detailed as follows: Periodicity Tax ID No. Company Country Number of Series Maturity date Currency or Payment of Repayment Effective Nominal 93,007,000-9 SQM S.A. Chile - ThUS$250,000 04/21/2020 US$ Semiannual Upon maturity 5.50 % 5.50 % 93,007,000-9 SQM S.A. Chile - ThUS$250,000 01/28/2025 US$ Semiannual Upon maturity 4.38 % 4.38 % 93,007,000-9 SQM S.A. Chile - ThUS$300,000 04/03/2023 US$ Semiannual Upon maturity 3.63 % 3.63 % 93,007,000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 4.90 % 6.01 % 93,007,000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.80 % 3.80 % Nominal non-current maturities Non-current maturities Series Over 1 Over 2 Over 3 Over 4 Over 5 Total Over 1 Over 2 Over 3 Over 4 Over 5 Subtotal Bond issuance costs Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ MUS$250 250,000 - - - - 250,000 250,000 - - - - 250,000 (517) 249,483 MUS$250 - - - - 250,000 250,000 - - - - 250,000 250,000 (2,636) 247,364 MUS$300 - - - - 300,000 300,000 - - - - 300,000 300,000 (2,618) 297,382 H - - - - 174,367 174,367 - - - - 174,367 174,367 (1,532) 172,835 O - - - - 65,388 65,388 - - - - 65,388 65,388 (945) 64,443 Total 250,000 - - - 789,755 1,039,755 250,000 - - - 789,755 1,039,755 (8,248) 1,031,507 As of December 31, 2017 and December 31, 2016, the breakdown of unsecured interest-bearing liabilities, non-current is as follows: Periodicity Tax ID No. Company Country Number of Series Maturity date Currency or Payment of Repayment Effective Nominal 93,007,000-9 SQM S.A. Chile - ThUS$250,000 04/21/2020 US$ Semiannual Upon maturity 5.94 % 5.50 % 93,007,000-9 SQM S.A. Chile - ThUS$250,000 01/28/2025 US$ Semiannual Upon maturity 4.62 % 4.38 % 93,007,000-9 SQM S.A. Chile - ThUS$300,000 04/03/2023 US$ Semiannual Upon maturity 3.95 % 3.63 % 93,007,000-9 SQM S.A. Chile 446 C 12/01/2026 UF Semiannual Semiannual 5.57 % 4.00 % 93,007,000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 5.22 % 4.90 % 93,007,000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.97 % 3.80 % Nominal non-current maturities Non-current maturities Series Over 1 Over 2 Over 3 Over 4 Over 5 Total Over 1 Over 2 Over 3 Over 4 Over 5 Subtotal Bond Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ MUS$250 - 250,000 - - - 250,000 - 250,000 - - - 250,000 (904) 249,096 MUS$250 - - - - 250,000 250,000 - - - - 250,000 250,000 (3,069) 246,931 MUS$300 - - - - 300,000 300,000 - - - - 300,000 300,000 (3,230) 296,770 C 5,903 5,903 5,903 5,903 29,519 53,131 5,903 5,903 5,903 5,903 29,519 53,131 - 53,131 H - - - - 157,426 157,426 - - - - 157,426 157,426 (1,671) 155,755 O - - - - 59,035 59,035 - - - - 59,035 59,035 (1,012) 58,023 Total 5,903 255,903 5,903 5,903 795,980 1,069,592 5,903 255,903 5,903 5,903 795,980 1,069,592 (9,886) 1,059,706 e) Additional information On December 15, 2017, the Company filed a request with the Financial Markets Commission (FMC, formerly the Chilean Superintendence of Securities and Insurance) to modify the bond line registered in the FMC Securities Registry on December 31, 2008, under number 563. The main objective of this change is to adapt the obligations and grounds for early payment and default to the Company's current circumstances. If the modified line is approved by the Financial Markets Commission, a series of bonds denominated Series P will be issued for a nominal value of up to UF 3 million, with a maturity date of January 15, 2028. Once these bonds have been approved by the Financial Markets Commission, they are expected to be placed through direct sale to investors. Bonds On December 31, 2017 and December 31, 2016, short term bonds of ThUS$ 13,494 58,973 1,031,507 1,059,706 As of December 31, 2017 and December 31, 2016, the details of each issuance are as follows: Series “C” bonds On January 24, 2006, the Company placed Series C bonds for UF 3,000,000 101,918 4.00 On July 5, 2017, the Series C bond was prepaid. As of December 31, 2017, December 31, 2016 and December 31, 2015, the Company has made the following payments with a charge to the Series C bonds: Payments made 12/31/2017 12/31/2016 12/31/2015 ThUS$ ThUS$ ThUS$ Principal payment 57,290 5,729 5,729 Interest payment 1,515 3,275 3,570 Single series first issue ThUS$200,000 On April 5, 2006, the Company placed Single Series bonds for ThUS$ 200,000 6.125 As of December 31, 2017, December 31, 2016 and December 31, 2015, the Company has made the following payments with a charge to the Single series bonds: Payments made 12/31/2017 12/31/2016 12/31/2015 Payments of principal owed - 200,000 - Payments of interest - 6,125 12,250 Series “G” and “H” bonds On January 13, 2009, the Company placed two bond series in the domestic market. The first was Series H for UF 4,000,000 139,216 4.9 21 21,000,000 34,146 5 7 As of December 31, 2017, December 31, 2016 and December 2015, the Company has made the following payments with a charge to the Series H bonds: Payments made 12/31/2017 12/31/2016 12/31/2015 Payments of interest, Series H bonds 7,691 7,289 7,696 Single series bonds, second issue ThUS$250,000 On April 21, 2010, the Company informed the Financial Markets Commission (formerly the Chilean Superintendence of Securities and Insurance) of its placement in international markets of an unsecured bond of ThUS$ 250,000 10 5.5 As of December 31, 2017, December 31, 2016 and December 31, 2015, the detail of payments charged to the line of single series bonds, second issue is as follows: Payments made 12/31/2017 12/31/2016 12/31/2015 Interest payment 13,750 13,750 13,750 Series “M” and “O” bonds On April 4, 2012, the Company placed two bond series in the domestic market. Series M for UF 1,000,000 46,601 5 3.3 1,500,000 69,901 21 3.80 As of December 31, 2017, December 31, 2016 and December 2015 the Company has made the following payments with a charge to the Series M and O bonds: Payments made 12/31/2017 12/31/2016 12/31/2015 Principal paymen, Series M bondst 40,726 - - Payment of interest, Series M bonds 667 1,242 1,248 Payment of interest, Series O bonds 2,301 2,142 2,153 Single series bonds, third issue ThUS$300,000 On April 3, 2013, the Company issued a non-guaranteed bond in the United States with a value of US$ 300 10 3.625 3.716 This rate equates to a difference of 180 basis points to comparable US Treasury bonds. As of December 31, 2017, December 31, 2016 and December 31, 2015, the following payments have been made with a debit to the line of single-series bonds, third issue: Payments made 12/31/2017 12/31/2016 12/31/2015 Payment of interest 10,875 10,875 10,875 Single series bonds, fourth issuance ThUS$250 On October 23, 2014, the Company informed the Financial Markets Commission (formerly the Chilean Superintendence of Securities and Insurance) that Sociedad Química y Minera de Chile S.A. had agreed to issue and place unsecured bonds of ThUS$ 250,000 2025 4.375 99.410 As of December 31, 2017, December 31, 2016 and December 31, 2015, the following payments have been made. Payments made 12/31/2017 12/31/2016 12/31/2015 Payment of interest 10,938 10,938 8,203 10.5 Trade and other payables 12/31/2017 12/31/2016 Current Non- Total Current Non- Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accounts payable 195,858 - 195,858 200,215 - 200,215 Other accounts payable 422 - 422 281 - 281 Total 196,280 - 196,280 200,496 - 200,496 Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2017, the Company has purchase orders amounting to ThUS$ 41,601 19,959 10.6 Financial liabilities at fair value through profit or loss This balance relates to derivative instruments measured at their fair value, which has generated balances against the Company. The detail of this type of instrument is as follows: Financial liabilities at fair Effect on Effect on Effect on 12/31/2017 ThUS$ 12/31/2016 ThUS$ 12/31/2015 ThUS$ Current Derivate instruments (options) - - - - 215 1,304 Derivative instruments (IRS) - - - (229) 283 (242) - - - (229) 498 1,062 Balances in the “effect on profit or loss” column consider the effects of agreements which were in force as of December 31, 2017, including derivatives received during the year. 10.7 Financial asset and liability categories a) Financial Assets 12/31/2017 12/31/2016 Financial Current Non-current Total Current Non-current Total Description of financial assets instruments Amount Amount Amount Amount Amount Amount Cash and cash equivalent 630,438 - 630,438 514,669 - 514,669 Trade receivables due from related parties 59,132 - 59,132 82,259 - 82,259 Financial assets measured at amortized cost Term deposits 360,941 45 360,986 284,160 44 284,204 Loans and receivables measured at amortized cost Trade and other receivables 446,875 1,912 448,787 368,761 1,840 370,601 Total financial assets measured at amortized cost 1,497,386 1,957 1,499,343 1,249,849 1,884 1,251,733 Financial assets at fair value through profit or loss Derivative instruments 6,038 8,910 14,948 5,029 7,156 12,185 Financial assets classified as available for sale at fair value through equity Other investments - 33,924 33,924 - 6,899 6,899 Total financial assets at fair value 6,038 42,834 48,872 5,029 14,055 19,084 Total financial assets 1,503,424 44,791 1,548,215 1,254,878 15,939 1,270,817 b) Financial liabilities 12/31/2017 12/31/2016 Financial Current Non-current Total Current Non-current Total Description of financial liabilities instruments Amount Amount Amount Amount Amount Amount Trade payables due to related parties 1,365 - 1,365 7 - 7 Financial liabilities at fair value through profit or loss Derivative instruments 43,266 - 43,266 18,901 33,732 52,633 Financial liabilities at fair value through profit or loss 44,631 - 44,631 18,908 33,732 52,640 Financial liabilities measured at amortized cost Bank borrowings 163,568 - 163,568 101,270 - 101,270 Financial liabilities measured at amortized cost Obligations with the public 13,494 1,031,507 1,045,001 58,973 1,059,706 1,118,679 Financial liabilities measured at amortized cost Trade and other payables 196,280 - 196,280 200,496 - 200,496 Total financial liabilities measured at amortized cost 373,342 1,031,507 1,404,849 360,739 1,059,706 1,420,445 Total financial liabilities 417,973 1,031,507 1,449,480 379,647 1,093,438 1,473,085 10.8 Fair value measurement of assets and liabilities Financial assets and liabilities measured at fair value consist of Options and Forwards hedging the mismatch in the balance sheet and cash flows, Cross Currency Swaps (CCS) to hedge bonds issued in local currency ($/UF), and Interest Rate Swaps (IRS) to hedge LIBOR rate debt issued. The value of the Company’s assets and liabilities recognized by CCS contracts is calculated as the difference between the present value of discounted cash flows of the asset (pesos/UF) and liability (US$) parts of the derivative. In the case of the IRS, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards: Are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Options: The value recognized is calculated using the Black-Scholes method. In the case of CCS, the entry data used for the valuation models are UF, peso,USD and basis swap rates. In the case of fair value calculations for IRS, the FRA (Forward Rate Agreement) rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, with options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation. The effects on profit or loss of movements in these amounts may be recognized in the caption Finance costs, foreign currency translation gain (loss) or cash flow hedges in the statement of comprehensive income, depending on each particular case. The fair value measurement of debt is only performed to determine the present market value of secured and unsecured long-term obligations; bonds denominated in local currency (Ch$/UF) and foreign currency (US$), credits denominated in foreign currency (US$), which is classified under Level 2 in the fair value hierarchy established by IFRS. The value of the Company’s reported liabilities is calculated as the present value of discounted cash flows at market rates at the time of valuation, taking into account the maturity date and exchange rate. The entry data used for the model includes the UF and peso rates, which are obtained using Bloomberg, the well-known financial software company and the ‘Asociación de Bancos e Instituciones Financieras’ (ABIF) (Association of Banks and Financial Institutions’). Fair value hierarchy The fair value hierarchy is detailed as follows: a) Level 1: b) Level 2: c) Level 3: The valuation technique used for determining fair value of our hedging instruments is that indicated in Level 2. Fair value Measurement methodology 12/31/2017 Level 1 Level 2 Level 3 ThUS$ ThUS$ ThUS$ ThUS$ Financial assets Investment Investment SQM Australia 24,746 24,746 - - Shares 9,159 9,159 - - Non-hedging derivatives Forwards 2,744 - 2,744 - Options 110 - 110 - Swaps 3,184 - 3,184 - Hedging derivatives Swaps 8,726 - 8,726 - Deposits, more than 90 days 360,941 360,941 - Other 249 - 249 - Financial liabilities Non-hedging derivatives Forwards 5,534 - 5,534 - Options 445 - 445 - Hedging derivatives Swaps 37,287 - 37,287 - Bank loans 163,568 - 163,568 - Non-guaranteed bonds 1,039,956 - 1,039,956 - Other 5,945 - 5,945 - Fair value Measurement methodology 12/31/2016 Level 1 Level 2 Level 3 ThUS$ ThUS$ ThUS$ ThUS$ Financial assets Investment Shares 6,879 6,879 - - Non-hedging derivatives Forwards 924 - 924 - Options 426 - 426 - Swaps 2,745 - 2,745 - Hedging derivatives Swaps 8,090 - 8,090 - Deposits, more than 90 days 284,159 284,159 - Other 2,809 - 2,809 - Financial liabilities Non-hedging derivatives Forwards 871 - 871 - Options 363 - 363 - Hedging derivatives Swaps 50,713 - 50,713 - Bank loans 101,270 - 101,270 - Non-guaranteed bonds 1,103,324 - 1,103,324 - Other 16,041 - 16,041 - 10.9 Financial assets pledged as a guarantee On November 4, 2004, Isapre Norte Grande maintains a guarantee equivalent to the total amount owed to its members and healthcare providers, which is managed and maintained by Banco de Chile. As of December 31, 2017 and December 31, 2016, assets pledged as guarantees are as follows: Restricted cash 12/31/2017 12/31/2016 Isapre Norte Grande Ltda. 771 685 Total 771 685 10.10 Estimated fair value of financial instruments and financial derivatives As required by IFRS 7, the following information is presented for the disclosure of the estimated fair value of financial assets and liabilities. Although inputs represent Management's best estimate, they are subjective and involve significant estimates related to the current economic and market conditions, as well as risk features. Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary: - Cash equivalent approximates fair value due to the short-term maturities of these instruments. - The fair value of trade receivables, current is considered to be equal to the carrying amount due to the maturity of such accounts at short-term. - The fair value of other current financial liabilities is considered to be equal to their carrying values. - For interest-bearing liabilities with original maturity of more than a year, fair values are calculated by discounting contractual cash flows at their original current market rates with similar terms. - The fair value of debt is considered in Level 2. - For forward and swap contracts, fair value is determined using quoted market prices of financial instruments with similar characteristics. The detail of the Company’s instruments at carrying value and estimated fair value is as follows: 12/31/2017 12/31/2016 Carrying value Fair value Carrying |
