Company Quick10K Filing
Quick10K
Coeur Mining
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$3.32 205 $681
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-17 Regulation FD
8-K 2019-07-11 Earnings, Other Events, Exhibits
8-K 2019-06-04 Other Events
8-K 2019-05-20 Enter Agreement, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-11 Earnings, Exhibits
8-K 2019-03-08 Officers, Amend Bylaw, Exhibits
8-K 2019-02-20 Earnings, Exhibits
8-K 2019-01-14 Earnings, Other Events, Exhibits
8-K 2018-12-13 Officers, Other Events, Exhibits
8-K 2018-11-30 Officers, Exhibits
8-K 2018-11-19 Sale of Shares, Exhibits
8-K 2018-11-16 Officers
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-16 Sale of Shares, Regulation FD, Exhibits
8-K 2018-10-09 Earnings, Exhibits
8-K 2018-10-01 M&A, Sale of Shares, Regulation FD, Exhibits
8-K 2018-09-25 Enter Agreement, Exhibits
8-K 2018-08-02 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-09 Earnings, Exhibits
8-K 2018-05-08 Officers, Shareholder Vote, Exhibits
8-K 2018-04-09 Earnings, Exhibits
8-K 2018-02-28 M&A, Regulation FD, Exhibits
8-K 2018-02-13 Enter Agreement, Other Events, Exhibits
8-K 2018-02-05 Officers, Exhibits
8-K 2018-01-26 Officers
8-K 2018-01-08 Earnings, Exhibits
BEN Franklin Resources 17,120
BIO Bio-Rad Laboratories 9,220
FFG FBL Financial Group 1,600
CNXM CNX Midstream Partners 930
HTBK Heritage Commerce 530
INVE Identiv 88
DPW DPW Holdings 4
ENTB Entest Group 0
FSNT Fuse Enterprises 0
FRLI Frelii 0
CDE 2019-06-30
Part I
Item 1. Financial Statements and Supplementary Data
Note 1 - Basis of Presentation
Note 2 - Summary of Significant Accounting Policies
Note 3 - Segment Reporting
Note 4 - Receivables
Note 5 - Inventory and Ore on Leach Pads
Note 6 - Investments
Note 7 - Leases
Note 8 - Debt
Note 9 - Reclamation
Note 10 - Income and Mining Taxes
Note 11 - Stock-Based Compensation
Note 12 - Fair Value Measurements
Note 13 - Derivative Financial Instruments
Note 14 - Other, Net
Note 15 - Net Income (Loss) per Share
Note 16 - Supplemental Guarantor Information
Note 17 - Commitments and Contingencies
Note 19 - Additional Balance Sheet Detail and Supplemental Cash Flow Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 cde-06301910qex102.htm
EX-31.1 cde-06301910qex311.htm
EX-31.2 cde-06301910qex312.htm
EX-32.1 cde-06301910qex321.htm
EX-32.2 cde-06301910qex322.htm
EX-95.1 cde-06301910qex951.htm

Coeur Mining Earnings 2019-06-30

CDE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________ 
FORM 10-Q
___________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             
Commission file number 001-08641
____________________________________________ 
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COEUR MINING, INC.
(Exact name of registrant as specified in its charter)
____________________________________________
Delaware
 
82-0109423
                                              (State or other jurisdiction of
                                               incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
                                        104 S. Michigan Ave.
 
 
                                         Suite 900
Chicago,
Illinois
 
60603
                                                  (Address of principal executive offices)
 
(Zip Code)
(312) 489-5800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock (par value $.01 per share)
CDE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The Company has 300,000,000 shares of common stock, par value of $0.01, authorized of which 222,163,463 shares were issued and outstanding as of August 5, 2019.



COEUR MINING, INC.
INDEX
 
Condensed Consolidated Balance Sheets
Page
Part I.
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 
 
 
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
 
 
 
Condensed Consolidated Statement of Changes in Stockholders’ Equity
 
 
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
 
 
 
 
 
 
 
Consolidated Financial Results
 
 
 
 
Results of Operations
 
 
 
 
Liquidity and Capital Resources
 
 
 
 
Non-GAAP Financial Performance Measures
 
 
 
 
 
 
 
 
 
 
 
Part II.
 
 
 
 
 
 
 
 
Item 1A. Risk Factors
 
 
 
 
 
 
 
 
Item 5. Other Information
 
 
 
 
Item 6. Exhibits
 
 
 
Signatures



3


PART I
Item 1.        Financial Statements and Supplementary Data

COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
June 30, 2019 (unaudited)
 
December 31, 2018
ASSETS
Notes
In thousands, except share data
CURRENT ASSETS
 
 
 
 
Cash and cash equivalents
 
$
37,907

 
$
115,081

Receivables
4
38,495

 
29,744

Inventory
5
59,048

 
66,279

Ore on leach pads
5
72,310

 
75,122

Prepaid expenses and other
 
12,066

 
11,393

 
 
219,826

 
297,619

NON-CURRENT ASSETS
 
 
 
 
Property, plant and equipment, net

298,926

 
298,451

Mining properties, net

945,839

 
971,567

Ore on leach pads
5
76,910

 
66,964

Restricted assets

8,730

 
12,133

Equity and debt securities
6
19,457

 
17,806

Receivables
4
31,871

 
31,151

Other
 
75,671

 
16,809

TOTAL ASSETS
 
$
1,677,230

 
$
1,712,500

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
Accounts payable
 
$
65,676

 
$
47,210

Accrued liabilities and other
19
116,187

 
82,619

Debt
8
21,772

 
24,937

Reclamation
9
6,552

 
6,552

 
 
210,187

 
161,318

NON-CURRENT LIABILITIES
 
 
 
 
Debt
8
348,205

 
433,889

Reclamation
9
133,127

 
128,994

Deferred tax liabilities
 
61,653

 
79,070

Other long-term liabilities
 
77,612

 
56,717

 
 
620,597

 
698,670

COMMITMENTS AND CONTINGENCIES
17
 
 
 
STOCKHOLDERS’ EQUITY
 
 
 
 
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018
 
2,219

 
2,033

Additional paid-in capital
 
3,492,736

 
3,443,082

Accumulated other comprehensive income (loss)
 

 
(59
)
Accumulated deficit
 
(2,648,509
)
 
(2,592,544
)
 
 
846,446

 
852,512

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
1,677,230

 
$
1,712,500


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


4


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
Notes
In thousands, except share data
Revenue
3
$
162,123

 
$
169,987

 
$
316,993

 
$
333,254

COSTS AND EXPENSES
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
3
131,948

 
108,246

 
263,598

 
207,586

Amortization
 
43,204

 
29,459

 
85,080

 
60,236

General and administrative
 
7,750

 
7,650

 
17,224

 
16,454

Exploration
 
5,719

 
6,429

 
9,433

 
13,112

Pre-development, reclamation, and other
 
4,334

 
3,620

 
8,768

 
7,845

Total costs and expenses
 
192,955

 
155,404

 
384,103

 
305,233

OTHER INCOME (EXPENSE), NET
 
 
 
 
 
 
 
 
Fair value adjustments, net
12
(5,296
)
 
(2,462
)
 
3,824

 
2,192

Interest expense, net of capitalized interest
8
(6,825
)
 
(6,018
)
 
(13,279
)
 
(11,983
)
Other, net
14
643

 
544

 
703

 
1,057

Total other income (expense), net
 
(11,478
)
 
(7,936
)
 
(8,752
)
 
(8,734
)
Income (loss) before income and mining taxes
 
(42,310
)
 
6,647

 
(75,862
)
 
19,287

Income and mining tax (expense) benefit
10
5,546

 
(3,717
)
 
14,204

 
(15,666
)
Income (loss) from continuing operations
 
$
(36,764
)
 
$
2,930

 
$
(61,658
)
 
$
3,621

Income (loss) from discontinued operations
18

 

 
5,693

 
550

NET INCOME (LOSS)
 
$
(36,764
)
 
$
2,930

 
$
(55,965
)
 
$
4,171

OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
 
 
 
 
 
 
 
 
Unrealized gain (loss) on debt and equity securities
 

 
(87
)
 
59

 
(365
)
Other comprehensive income (loss)
 

 
(87
)
 
59

 
(365
)
COMPREHENSIVE INCOME (LOSS)
 
$
(36,764
)
 
$
2,843

 
$
(55,906
)
 
$
3,806

 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) PER SHARE
15
 
 
 
 
 
 
 
Basic income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(0.18
)
 
$
0.02

 
$
(0.30
)
 
$
0.02

Net income (loss) from discontinued operations
 

 

 
0.03

 

Basic(2)
 
$
(0.18
)
 
$
0.02

 
$
(0.27
)
 
$
0.02

Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(0.18
)
 
$
0.02

 
$
(0.30
)
 
$
0.02

Net income (loss) from discontinued operations
 

 

 
0.03

 

Diluted(2)
 
$
(0.18
)
 
$
0.02

 
$
(0.27
)
 
$
0.02

(1) Excludes amortization.
(2) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
Notes
In thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(36,764
)
 
$
2,930

 
$
(55,965
)
 
$
4,171

(Income) loss from discontinued operations
 

 

 
(5,693
)
 
(550
)
Adjustments:
 
 
 
 
 
 
 
 
Amortization
 
43,204

 
29,459

 
85,080

 
60,236

Accretion
 
3,007

 
3,886

 
5,950

 
7,204

Deferred taxes
 
(9,158
)
 
(1,265
)
 
(17,417
)
 
(811
)
Fair value adjustments, net
12
5,296

 
2,462

 
(3,824
)
 
(2,192
)
Stock-based compensation
11
1,987

 
1,850

 
4,210

 
4,636

Inventory write-downs
5
11,872

 

 
27,319

 

Other
 
4,731

 
2,174

 
5,981

 
2,242

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Receivables
 
(7,624
)
 
(8,888
)
 
(17,359
)
 
(10,579
)
Prepaid expenses and other current assets
 
(834
)
 
8,126

 
(3,518
)
 
2,491

Inventory and ore on leach pads
 
(14,391
)
 
(2,766
)
 
(33,212
)
 
(11,474
)
Accounts payable and accrued liabilities
 
25,109

 
(39,262
)
 
19,037

 
(41,127
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES OF CONTINUING OPERATIONS
 
26,435

 
(1,294
)

10,589

 
14,247

CASH USED IN OPERATING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(2,690
)
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
 
26,435

 
(1,294
)
 
10,589

 
11,557

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
Capital expenditures
 
(20,749
)
 
(41,165
)
 
(48,187
)
 
(83,510
)
Proceeds from the sale of assets
 
57

 
96

 
904

 
156

Purchase of investments
 

 
(39
)
 

 
(400
)
Sale of investments
 
1,102

 
11,141

 
1,102

 
12,760

Proceeds from notes receivable
 
2,000

 

 
7,168

 

Other
 
277

 
(33
)
 
2,018

 
(98
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES OF CONTINUING OPERATIONS
 
(17,313
)
 
(30,000
)
 
(36,995
)
 
(71,092
)
CASH USED IN INVESTING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(28,470
)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
 
(17,313
)
 
(30,000
)
 
(36,995
)
 
(99,562
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
Issuance of common stock
15
48,887

 

 
48,887

 

Issuance of notes and bank borrowings, net of issuance costs
8

 

 
15,000

 
15,000

Payments on debt, finance leases, and associated costs
8
(90,812
)
 
(4,373
)
 
(113,273
)
 
(22,822
)
Other
 

 
(233
)
 
(3,259
)
 
(4,839
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES OF CONTINUING OPERATIONS
 
(41,925
)
 
(4,606
)

(52,645
)
 
(12,661
)
CASH USED IN FINANCING ACTIVITIES OF DISCONTINUED OPERATIONS
 

 

 

 
(22
)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
 
(41,925
)
 
(4,606
)
 
(52,645
)
 
(12,683
)
Effect of exchange rate changes on cash and cash equivalents
 
56

 
(175
)
 
257

 
382

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
(32,747
)
 
(36,075
)

(78,794
)
 
(100,306
)
Less net cash used in discontinued operations(1)
 

 

 

 
(32,930
)
 
 
(32,747
)
 
(36,075
)
 
(78,794
)
 
(67,376
)
Cash, cash equivalents and restricted cash at beginning of period
 
72,022

 
172,101

 
118,069

 
203,402

Cash, cash equivalents and restricted cash at end of period
 
$
39,275

 
$
136,026


$
39,275

 
$
136,026

(1) Less net cash used in discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $1,748, during the six months ended June 30, 2018.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6


COEUR MINING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY


The following table summarizes the changes in stockholders’ deficit for the six months ended June 30, 2019:
In thousands
Common
Stock
Shares
 
Common
Stock Par
Value
 
Additional
Paid-In Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balances at December 31, 2018
203,310

 
$
2,033

 
$
3,443,082

 
$
(2,592,544
)
 
$
(59
)
 
852,512

Net income (loss)

 

 

 
(19,201
)
 

 
(19,201
)
Other comprehensive income (loss)

 

 

 

 
59

 
59

Common stock issued under stock-based compensation plans, net
1,801

 
18

 
(1,053
)
 

 

 
(1,035
)
Balances at March 31, 2019 (Unaudited)
205,111

 
$
2,051

 
$
3,442,029

 
$
(2,611,745
)
 
$

 
$
832,335

Net income (loss)

 

 

 
(36,764
)
 

 
(36,764
)
Common stock issued under "at the market" stock offering
16,631

 
166

 
48,721

 

 

 
48,887

Common stock issued under stock-based compensation plans, net
117

 
2

 
1,986

 

 

 
1,988

Balances at June 30, 2019 (Unaudited)
221,859

 
$
2,219

 
$
3,492,736

 
$
(2,648,509
)
 
$

 
$
846,446


The following table summarizes the changes in stockholders’ deficit for the six months ended June 30, 2018:
In thousands
Common
Stock
Shares
 
Common
Stock Par
Value
 
Additional
Paid-In Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Balances at December 31, 2017
185,638

 
$
1,856

 
$
3,357,345

 
$
(2,546,743
)
 
$
2,519

 
814,977

Net income (loss)

 

 

 
1,241

 

 
1,241

Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01


 

 

 
2,604

 
(2,604
)
 

Other comprehensive income (loss)

 

 

 

 
(278
)
 
(278
)
Common stock issued under stock-based compensation plans, net
538

 
6

 
(1,635
)
 

 

 
(1,629
)
Balances at March 31, 2018 (Unaudited)
186,176


$
1,862


$
3,355,710


$
(2,542,898
)

$
(363
)

$
814,311

Net income (loss)

 
$

 
$

 
$
2,930

 
$

 
2,930

Other comprehensive income (loss)

 

 

 

 
(87
)
 
(87
)
Common stock issued under stock-based compensation plans, net
898

 
9

 
1,608

 

 

 
1,617

Balances at June 30, 2018 (Unaudited)
187,074


$
1,871


$
3,357,318


$
(2,539,968
)

$
(450
)

$
818,771


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements


NOTE 1 - BASIS OF PRESENTATION
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2019. The condensed consolidated December 31, 2018 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 10-K”).

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2018 10-K.
Leases
On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below.
From time to time, the Company enters into contractual agreements to lease mining equipment and facilities. Based upon the Company’s assessment of the terms of a specific lease agreement, the Company will classify a lease as either finance or operating. Right-of-use (“ROU”) assets and lease liabilities related to finance leases are presented in Property, plant and equipment, net and Debt on the Condensed Consolidated Balance Sheet. ROU assets and lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in Other asset, non-current, Accrued liabilities and other, and Other long-term liabilities on the Condensed Consolidated Balance Sheet.    
Operating and finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments, is the rate implicit in the lease unless that rate cannot be readily determined, in that case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expenses as incurred and are not included in determining the present value.
Accounting Standards Recently Implemented
In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes became effective for the Company’s fiscal year beginning January 1, 2019 and the Company adopted it using the cumulative-effect adjustment transition method approved by the FASB in July 2018, which does not require the Company to recast the comparative periods presented when transitioning to the new guidance on January 1, 2019. The Company elected to utilize the transition related practical expedients permitted by the new standard. In addition to existing finance leases and other financing obligations, the adoption of the new standard resulted in the recognition of additional ROU assets and lease liabilities related to operating leases of approximately $65.0 million. There was no material impact to the Consolidated Statements of Comprehensive Income (Loss) or the Consolidated Statements of Cash Flows or an impact on the Company’s debt covenant calculations as a result of the adoption of ASU 2016-02. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to leasing arrangements.
Accounting Standards Recently Issued
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The guidance is effective for interim and annual periods for the Company on January 1, 2020, with early adoption permitted. The Company is currently evaluating the

8

Coeur Mining, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements

impact of the new standard, but it does not expect this update to have a material impact to the Company's consolidated net income, financial position or cash flows.
    
NOTE 3 – SEGMENT REPORTING
The Company’s operating segments include the Palmarejo complex, and the Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown Block and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.
Financial information relating to the Company’s segments is as follows (in thousands):
Three months ended June 30, 2019
Palmarejo
 
Rochester
 
Kensington
 
Wharf
 
Silvertip
 
Other
 
Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold sales
$
33,916

 
$
11,195

 
$
45,161

 
$
20,054

 
$

 
$

 
$
110,326

Silver sales
25,406

 
14,257

 

 
189

 
5,111

 

 
44,963

Zinc sales

 

 

 

 
2,604

 

 
2,604

Lead sales

 

 

 

 
4,230

 

 
4,230

Metal sales
59,322

 
25,452

 
45,161

 
20,243

 
11,945

 

 
162,123

Costs and Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs applicable to sales(1)
36,496

 
24,693

 
29,133

 
15,466

 
26,160

 

 
131,948

Amortization
14,212

 
3,963

 
12,537

 
2,225

 
9,878

 
389

 
43,204

Exploration
1,140

 
96

 
2,024

 

 
670

 
1,789

 
5,719

Other operating expenses
1,769

 
1,346

 
410

 
753

 
386

 
7,420