XML 61 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments, future settlement
At December 31, 2015, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces
2016
 
Thereafter
Palmarejo gold production royalty
$
21,641

 
$
—

Average gold price in excess of minimum contractual deduction
$
646

 
$
—

Notional ounces
33,495

 
—

 
 
 
 
Provisional silver sales
$
8,849

 
$
—

Average silver price
$
14.98

 
$
—

Notional ounces
590,750

 
—

 
 
 
 
Provisional gold sales
$
33,996

 
$
—

Average gold price
$
1,110

 
$
—

Notional ounces
30,627

 
—
Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments:
 
December 31, 2015
In thousands
Prepaid expenses and other
 
Accrued liabilities and other
 
Current portion of royalty obligation
 
Non-current portion of royalty obligation
Palmarejo gold production royalty
—

 
—

 
4,957

 
—

Concentrate sales contracts
28

 
536

 
—

 
—

 
$
28

 
$
536

 
$
4,957

 
$
—

 
December 31, 2014
 
Prepaid expenses and other
 
Accrued liabilities and other
 
Current portion of royalty obligation
 
Non-current portion of royalty obligation
Palmarejo gold production royalty
—

 
—

 
14,405

 
7,507

Silver and gold options
3,882

 
1,039

 
—

 
—

Concentrate sales contracts
43

 
848

 
—

 
—

 
$
3,925

 
$
1,887

 
$
14,405

 
$
7,507
Gain losses on derivative instruments
The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2015, 2014, and 2013 (in thousands):
 
 
 
Year ended December 31,
Financial statement line
Derivative
 
2015
 
2014
 
2013
Revenue
Concentrate sales contracts
 
$
296

 
$
(123
)
 
(1,995
)
Costs applicable to sales
Foreign exchange contracts
 
—

 
924

 
589

Fair value adjustments, net
Foreign exchange contracts
 
—

 
(16
)
 
(985
)
Fair value adjustments, net
Palmarejo gold royalty
 
3,101

 
(2,001
)
 
76,200

Fair value adjustments, net
Silver and gold options
 
1,283

 
1,058

 
7,119

 
 
 
$
4,680

 
$
(158
)
 
$
80,928