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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At March 31, 2020, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2020 |  | Thereafter
Provisional silver sales contracts | $ | 4,500 |  |  | $ | — |
Average silver price per ounce | $ | 14.86 |  |  | $ | — |
Notional ounces | 302,871 |  |  | — |
Provisional gold sales contracts | $ | 8,346 |  |  | $ | — |
Average gold price per ounce | $ | 1,596 |  |  | $ | — |
Notional ounces | 5,230 |  |  | — |
Provisional zinc sales contracts | $ | 11,769 |  |  | $ | — |
Average zinc price per pound | $ | 0.86 |  |  | $ | — |
Notional pounds | 13,615,188 |  |  | — |
Provisional lead sales contracts | $ | 3,028 |  |  | $ | — |
Average lead price per pound | $ | 0.79 |  |  | $ | — |
Notional pounds | 3,830,017 |  |  | — |
At March 31, 2020, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces | 2020 | 2021
Gold put options |  |
Average gold strike price per ounce | $ | 1,447 |  | $ | 1,600 |
Notional ounces | 153,000 |  | 12,000 |
Gold call options |  |
Average gold strike price per ounce | $ | 1,826 |  | $ | 1,800 |
Notional ounces | 153,000 |  | 12,000 |
Foreign currency forward exchange contracts - Mexican Peso |  |
Average Mexican Peso exchange rate | 24.09 |  | 25.00 |
Notional US dollar | $ | 45,000 |  | $ | 60,000 |
Foreign exchange forward exchange contracts - Canadian Dollar |  |
Average Canadian Dollar exchange rate | 1.44 |  | — |
Notional US dollar | $ | 25,000 |  | $ | — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments:
| March 31, 2020
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Provisional metal sales contracts | $ | 1,023 |  |  | $ | 46 |
| December 31, 2019
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Provisional metal sales contracts | $ | 753 |  |  | $ | 275 |
The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| March 31, 2020
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Gold zero cost collars | $ | 27 |  |  | $ | — |
Foreign currency forward exchange contracts | 65 |  |  | — |
| $ | 92 |  |  | $ | — |
| December 31, 2019
In thousands | Prepaid expenses and other |  | Accrued liabilities and other
Gold zero cost collars | $ | — |  |  | $ | 136 |
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 months ended March 31, 2020.
In thousands | December 31, 2019 |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  | Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings |  | March 31, 2020
Gold zero cost collars | $ | (136 | ) |  | 163 |  |  | — |  |  | $ | 27 |
Foreign currency forward exchange contracts | $ | — |  |  | 65 |  |  | — |  |  | $ | 65 |
Derivative contracts designated as cash flow hedges | $ | (136 | ) |  | 228 |  |  | — |  |  | $ | 92 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2020 and 2019, respectively (in thousands):
|  | Three Months Ended March 31,
Financial statement line | Derivative | 2020 |  | 2019
Revenue | Provisional metal sales contracts | $ | 500 |  |  | $ | 250 |
Fair value adjustments, net | Interest rate swaps | — |  |  | (46 | )
|  | $ | 500 |  |  | $ | 204 |

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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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