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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At September 30, 2019, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces | 2019 |  | 2020
Gold put options |  |  |
Average gold strike price per ounce | $ | 1,405 |  |  | $ | 1,408 |
Notional ounces | 63,000 |  |  | 96,000 |
Gold call options |  |  |
Average gold strike price per ounce | $ | 1,798 |  |  | $ | 1,803 |
Notional ounces | 63,000 |  |  | 96,000 |
At September 30, 2019, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2019 |  | Thereafter
Provisional silver sales contracts | $ | 10,406 |  |  | $ | — |
Average silver price per ounce | $ | 17.53 |  |  | $ | — |
Notional ounces | 593,523 |  |  | — |
Provisional gold sales contracts | $ | 23,032 |  |  | $ | — |
Average gold price per ounce | $ | 1,472 |  |  | $ | — |
Notional ounces | 15,652 |  |  | — |
Provisional zinc sales contracts | $ | 14,451 |  |  | $ | — |
Average zinc price per pound | $ | 1.07 |  |  | $ | — |
Notional pounds | 13,512,379 |  |  | — |
Provisional lead sales contracts | $ | 7,650 |  |  | $ | — |
Average lead price per pound | $ | 0.93 |  |  | $ | — |
Notional pounds | 8,212,898 |  |  | — |
Fixed interest rate swap payable | $ | 240 |  |  | $ | — |
Fixed Interest rate | 2.51 | % |  | — |
Notional dollars | $ | 37,500 |  |  | $ | — |
Variable interest rate swap receivable | $ | 185 |  |  | $ | — |
Average variable interest rate | 2.37 | % |  | $ | — |
Notional dollars | $ | 37,500 |  |  | $ | — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| September 30, 2019
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Gold zero cost collars | $ | 1,497 |  |  | $ | — |
The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the consolidated statement of comprehensive income for the three and nine months ended September 30, 2019 and 2018.
|  | Three months ended September 30, |  | Nine months ended September 30,
In thousands |  | 2019 |  | 2018 |  | 2019 |  | 2018
Gains (losses) recognized in OCI - effective portion: |  |  |  |  |  |  |
Gold zero cost collars | $ | 1,497 |  |  | $ | — |  |  | $ | 1,497 |  |  | $ | — |
Gains (losses) reclassified from AOCI into net income - effective portion: |  |  |  |  |  |  |
Gold zero cost collars | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following summarizes the classification of the fair value of the derivative instruments:
| September 30, 2019
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Provisional metal sales contracts | $ | 785 |  |  | $ | 2,107 |
Interest rate swaps | — |  |  | 55 |
| $ | 785 |  |  | $ | 2,162 |
| December 31, 2018
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Provisional metal sales contracts | $ | 784 |  |  | $ | 644 |
Zinc options | 113 |  |  | — |
Interest rate swaps | 17 |  |  | — |
| $ | 914 |  |  | $ | 644 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three and nine months ended September 30, 2019 and 2018, respectively (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
Financial statement line | Derivative | 2019 |  | 2018 |  | 2019 |  | 2018
Revenue | Provisional metal sales contracts | $ | 233 |  |  | $ | 34 |  |  | $ | (1,461 | ) |  | $ | 15 |
Fair value adjustments, net | Zinc options | — |  |  | 225 |  |  | — |  |  | 588 |
Fair value adjustments, net | Interest rate swaps | 15 |  |  | 206 |  |  | (173 | ) |  | 18 |
|  | $ | 248 |  |  | $ | 465 |  |  | $ | (1,634 | ) |  | $ | 621 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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