10-Q Filing

SOUTHERN COPPER CORP/ CIK: 1001838 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001104659-14-035021`
Period End Date	20140331
Filing Date	20140506
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	scco-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 44 Cash Flow Statement 50 Comprehensive Income 12

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable other, related parties	`DueFromRelatedPartiesCurrent`	$38.06M	USD	Point-in-time
Accounts receivable other, related parties	`DueFromRelatedPartiesCurrent`	$37.45M	USD	Point-in-time
Accounts payable, related parties	`DueToRelatedPartiesCurrent`	$28.37M	USD	Point-in-time
Accounts payable, related parties	`DueToRelatedPartiesCurrent`	$39.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.67B	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$273.01M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$208.27M	USD	Point-in-time
Accounts receivable trade	`AccountsReceivableNetCurrent`	$533.23M	USD	Point-in-time
Accounts receivable trade	`AccountsReceivableNetCurrent`	$523.15M	USD	Point-in-time
Accounts receivable other (including related parties 2014 - $37,450 and 2013 - $ 38,062)	`OtherReceivables`	$84.70M	USD	Point-in-time
Accounts receivable other (including related parties 2014 - $37,450 and 2013 - $ 38,062)	`OtherReceivables`	$64.55M	USD	Point-in-time
Inventories	`InventoryNet`	$749.94M	USD	Point-in-time
Inventories	`InventoryNet`	$693.94M	USD	Point-in-time
Deferred income tax	`DeferredTaxAssetsNetCurrent`	$84.38M	USD	Point-in-time
Deferred income tax	`DeferredTaxAssetsNetCurrent`	$145.72M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$158.99M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$139.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.42B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.39B	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$5.35B	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$6.69B	USD	Point-in-time
Property, net	`PropertyPlantAndEquipmentNet`	$6.48B	USD	Point-in-time
Leachable material	`InventoryOreStockpilesOnLeachPads`	$395.18M	USD	Point-in-time
Leachable material	`InventoryOreStockpilesOnLeachPads`	$441.24M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$110.22M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$109.86M	USD	Point-in-time
Related parties receivable	`DueFromRelatedPartiesNoncurrent`	$161.24M	USD	Point-in-time
Related parties receivable	`DueFromRelatedPartiesNoncurrent`	$161.24M	USD	Point-in-time
Deferred income tax	`DeferredTaxAssetsNetNoncurrent`	$217.51M	USD	Point-in-time
Deferred income tax	`DeferredTaxAssetsNetNoncurrent`	$180.71M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$63.18M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$57.14M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$199.32M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$196.83M	USD	Point-in-time
Total assets	`Assets`	$11.26B	USD	Point-in-time
Total assets	`Assets`	$11.00B	USD	Point-in-time
Total assets	`Assets`	$10.56B	USD	Point-in-time
Accounts payable (including related parties 2014 -$39,488 and 2013 - $28,373)	`AccountsPayableCurrent`	$500.74M	USD	Point-in-time
Accounts payable (including related parties 2014 -$39,488 and 2013 - $28,373)	`AccountsPayableCurrent`	$502.31M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$47.62M	USD	Point-in-time
Accrued workers' participation	`AccruedWorkersParticipation`	$180.50M	USD	Point-in-time
Accrued workers' participation	`AccruedWorkersParticipation`	$192.37M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$70.79M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$88.91M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$19.69M	USD	Point-in-time
Other accrued liabilities	`OtherLiabilitiesCurrent`	$33.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$852.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$783.58M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.21B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.20B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$244.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$246.66M	USD	Point-in-time
Other liabilities and reserves	`OtherLiabilitiesNoncurrent`	$76.00M	USD	Point-in-time
Other liabilities and reserves	`OtherLiabilitiesNoncurrent`	$73.93M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$151.98M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$124.83M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$4.65B	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$4.68B	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$8.85M	USD	Point-in-time
Common stock	`CommonStockValue`	$8.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$3.35B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$3.34B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.62B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.39B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.24M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.09M	USD	Point-in-time
Treasury stock, at cost, common shares	`TreasuryStockValue`	$931.20M	USD	Point-in-time
Treasury stock, at cost, common shares	`TreasuryStockValue`	$1.22B	USD	Point-in-time
Treasury stock, at cost, common shares	`TreasuryStockValue`	$1.28B	USD	Point-in-time
Total Southern Copper Corporation stockholders' equity	`StockholdersEquity`	$5.53B	USD	Point-in-time
Total Southern Copper Corporation stockholders' equity	`StockholdersEquity`	$5.71B	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$28.16M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$24.00M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$29.04M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$25.10M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.73B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.56B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$11.26B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$11.00B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Royalty taxes	`RoyaltyTaxes`	$25.64M	USD	1 Quarter
Net sales (including sales to related parties, see note 7)	`RevenueMineralSales`	$1.35B	USD	1 Quarter
Royalty taxes	`RoyaltyTaxes`	$3.93M	USD	1 Quarter
Net sales (including sales to related parties, see note 7)	`RevenueMineralSales`	$1.62B	USD	1 Quarter
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)	`CostOfRevenue`	$641.89M	USD	1 Quarter
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)	`CostOfRevenue`	$722.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.50M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$25.37M	USD	1 Quarter
Depreciation, amortization and depletion	`DepreciationDepletionAndAmortization`	$110.45M	USD	1 Quarter
Depreciation, amortization and depletion	`DepreciationDepletionAndAmortization`	$90.57M	USD	1 Quarter
Exploration	`ExplorationExpenseMining`	$10.32M	USD	1 Quarter
Exploration	`ExplorationExpenseMining`	$14.61M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$791.46M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$849.02M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$562.93M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$773.98M	USD	1 Quarter
Interest expense	`InterestCostsIncurred`	$65.14M	USD	1 Quarter
Interest expense	`InterestCostsIncurred`	$65.29M	USD	1 Quarter
Capitalized interest	`InterestCostsCapitalized`	$-24.60M	USD	1 Quarter
Capitalized interest	`InterestCostsCapitalized`	$-12.24M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-4.21M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$848.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.54M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.97M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$727.75M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$522.72M	USD	1 Quarter
Income taxes (including royalty taxes: 2014 - $25,641 and 2013 - $3,933)	`IncomeTaxExpenseBenefit`	$204.16M	USD	1 Quarter
Income taxes (including royalty taxes: 2014 - $25,641 and 2013 - $3,933)	`IncomeTaxExpenseBenefit`	$238.88M	USD	1 Quarter
Net income before equity earnings of affiliate	`IncomeLossFromContinuingOperationsAfterIncomeTaxesAndBeforeIncomeLossFromEquityMethodInvestments`	$318.56M	USD	1 Quarter
Net income before equity earnings of affiliate	`IncomeLossFromContinuingOperationsAfterIncomeTaxesAndBeforeIncomeLossFromEquityMethodInvestments`	$488.87M	USD	1 Quarter
Equity earnings of affiliate, net of income tax	`EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss`	$6.04M	USD	1 Quarter
Equity earnings of affiliate, net of income tax	`EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss`	$8.16M	USD	1 Quarter
Net income	`ProfitLoss`	$324.60M	USD	1 Quarter
Net income	`ProfitLoss`	$497.03M	USD	1 Quarter
Less: Net income attributable to the non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.64M	USD	1 Quarter
Less: Net income attributable to the non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.21M	USD	1 Quarter
Net income attributable to SCC	`NetIncomeLossAvailableToCommonStockholdersBasic`	$495.39M	USD	1 Quarter
Net income attributable to SCC	`NetIncomeLossAvailableToCommonStockholdersBasic`	$323.39M	USD	1 Quarter
Net earnings - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.59	USD	1 Quarter
Net earnings - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.39	USD	1 Quarter
Dividends paid (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.24	USD	1 Quarter
Dividends paid (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.12	USD	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	845.55M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	833.79M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$324.60M	USD	1 Quarter
Net income	`ProfitLoss`	$497.03M	USD	1 Quarter
Depreciation, amortization and depletion	`DepreciationDepletionAndAmortization`	$110.45M	USD	1 Quarter
Depreciation, amortization and depletion	`DepreciationDepletionAndAmortization`	$90.57M	USD	1 Quarter
Equity earnings of affiliate, net of dividends received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$8.16M	USD	1 Quarter
Equity earnings of affiliate, net of dividends received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$3.41M	USD	1 Quarter
Loss (gain) on currency translation effect	`ForeignCurrencyTransactionGainLossUnrealized`	$5.69M	USD	1 Quarter
Loss (gain) on currency translation effect	`ForeignCurrencyTransactionGainLossUnrealized`	$-13.89M	USD	1 Quarter
(Benefit) for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-84.32M	USD	1 Quarter
(Benefit) for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-5.75M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$10.07M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-79.66M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$102.06M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$31.11M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$64.51M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$69.31M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-35.95M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$106.18M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$334.76M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$594.47M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$323.73M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$316.80M	USD	1 Quarter
Purchase of short-term investments, net	`PaymentsForProceedsFromShortTermInvestments`	$64.74M	USD	1 Quarter
Purchase of short-term investments, net	`PaymentsForProceedsFromShortTermInvestments`	$70.19M	USD	1 Quarter
Loan repaid by related party	`ProceedsFromCollectionOfLongtermLoansToRelatedParties`	$10.57M	USD	1 Quarter
Sale of property	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$224.00K	USD	1 Quarter
Sale of property	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$294.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-376.19M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-388.17M	USD	1 Quarter
Cash dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$100.03M	USD	1 Quarter
Cash dividends paid to common stockholders	`PaymentsOfDividendsCommonStock`	$202.93M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$52.48M	USD	1 Quarter
Distributions to non-controlling interest	`PaymentsOfDividendsMinorityInterest`	$472.00K	USD	1 Quarter
Distributions to non-controlling interest	`PaymentsOfDividendsMinorityInterest`	$302.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$258.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$273.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-203.15M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-152.53M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$6.35M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-12.27M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$2.86M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-199.59M	USD	1 Quarter
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.67B	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.46B	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.67B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$324.60M	USD	1 Quarter
Amortization of actuarial gain income tax portion	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax`	$80.00K	USD	1 Quarter
Net income	`ProfitLoss`	$497.03M	USD	1 Quarter
Amortization of actuarial gain income tax portion	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax`	$65.00K	USD	1 Quarter
Amortization of actuarial gain net of income tax (2014: $65 and 2013: $80)	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$152.00K	USD	1 Quarter
Amortization of actuarial gain net of income tax (2014: $65 and 2013: $80)	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$187.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$324.44M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$496.85M	USD	1 Quarter
Comprehensive income attributable to the non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.64M	USD	1 Quarter
Comprehensive income attributable to the non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.21M	USD	1 Quarter
Comprehensive income attributable to SCC	`ComprehensiveIncomeNetOfTax`	$323.24M	USD	1 Quarter
Comprehensive income attributable to SCC	`ComprehensiveIncomeNetOfTax`	$495.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.