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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) |
|  | Three months ended March 31,
In thousands |  | 2016 |  | 2015
Palmarejo royalty obligation embedded derivative |  | $ | (4,878 | ) |  | $ | (1,545 | )
Rochester net smelter returns ("NSR") royalty obligation |  | (2,249 | ) |  | (2,293 | )
Silver and gold options |  | (1,568 | ) |  | (1,046 | )
Fair value adjustments, net |  | $ | (8,695 | ) |  | $ | (4,884 | )
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
| Fair Value at March 31, 2016
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Equity securities | $ | 5,530 |  |  | $ | 5,523 |  |  | $ | — |  |  | $ | 7 |
Silver and gold options | 131 |  |  | — |  |  | 131 |  |  | — |
Other derivative instruments, net | 57 |  |  | — |  |  | 57 |  |  | — |
| $ | 5,718 |  |  | $ | 5,523 |  |  | $ | 188 |  |  | $ | 7 |
Liabilities: |  |  |  |  |  |  |
Palmarejo royalty obligation embedded derivative | $ | 6,827 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,827 |
Rochester NSR royalty obligation | 10,877 |  |  | — |  |  | — |  |  | 10,877 |
Silver and gold options | 36 |  |  | — |  |  | 36 |  |  | — |
| $ | 17,740 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 17,704 |
| Fair Value at December 31, 2015
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Equity securities | $ | 2,766 |  |  | $ | 2,756 |  |  | $ | — |  |  | $ | 10 |
Liabilities: |  |  |  |  |  |  |
Palmarejo royalty obligation embedded derivative | $ | 4,957 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,957 |
Rochester NSR royalty obligation | 9,593 |  |  | — |  |  | — |  |  | 9,593 |
Other derivative instruments, net | 508 |  |  | — |  |  | 508 |  |  | — |
| $ | 15,058 |  |  | $ | — |  |  | $ | 508 |  |  | $ | 14,550 |
Changes in the fair value of the Company's Level 3 financial liabilities | The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three months ended March 31, 2016:
| Three Months Ended March 31, 2016
In thousands | Balance at the beginning of the period |  | Revaluation |  | Settlements |  | Balance at the end of the period
Assets: |  |  |  |  |  |  |
Equity securities | $ | 10 |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 7 |
Liabilities: |  |  |  |  |  |  |
Palmarejo royalty obligation embedded derivative | $ | 4,957 |  |  | $ | 4,878 |  |  | $ | (3,008 | ) |  | $ | 6,827 |
Rochester NSR royalty obligation | $ | 9,593 |  |  | 2,249 |  |  | (965 | ) |  | $ | 10,877 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2016 and December 31, 2015 is presented in the following table:
| March 31, 2016
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
3.25% Convertible Senior Notes due 2028 | $ | 712 |  |  | $ | 591 |  |  | $ | — |  |  | $ | 591 |  |  | $ | — |
7.875% Senior Notes due 2021(1) | 373,695 |  |  | 307,732 |  |  | — |  |  | 307,732 |  |  | — |
Term Loan due 2020(2) | 94,517 |  |  | 99,250 |  |  | — |  |  | 99,250 |  |  | — |
Palmarejo gold production royalty obligation | 9,833 |  |  | 10,081 |  |  | — |  |  | — |  |  | 10,081 |
(1) | Net of unamortized debt issuance costs and premium received of $5.1 million.
(2) | Net of unamortized debt issuance costs of $4.7 million.
| December 31, 2015
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
3.25% Convertible Senior Notes due 2028 | $ | 712 |  |  | $ | 693 |  |  | $ | — |  |  | $ | 693 |  |  | $ | — |
7.875% Senior Notes due 2021(1) | 373,433 |  |  | 227,487 |  |  | — |  |  | 227,487 |  |  | — |
Term Loan due 2020(2) | 94,489 |  |  | 99,500 |  |  | — |  |  | 99,500 |  |  | — |
San Bartolomé Lines of Credit | 4,571 |  |  | 4,571 |  |  | — |  |  | 4,571 |  |  | — |
Palmarejo gold production royalty obligation | 15,207 |  |  | 15,580 |  |  | — |  |  | — |  |  | 15,580 |
(1) | Net of unamortized debt issuance costs and premium received of $5.3 million.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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