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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Summary of Contract Liability | The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Franco-Nevada contract liability balance:
|  |  | Year Ended December 31,
In thousands |  |  |  |  | 2020 |  | 2019 |  | 2018
Opening Balance |  |  |  |  | $ | 11,061 |  |  | $ | 12,918 |  |  | $ | 14,883 |
Revenue Recognized |  |  |  |  | (1,685) |  |  | (1,857) |  |  | (1,965) |
Closing Balance |  |  |  |  | $ | 9,376 |  |  | $ | 11,061 |  |  | $ | 12,918 |
In June 2020, the Company received a $15.0 million prepayment (the “June 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance:
|  |  | Year Ended December 31,
In thousands |  |  |  |  | 2020 |  | 2019 |  | 2018
Opening Balance |  |  |  |  | $ | 15,009 |  |  | $ | — |  |  | $ | — |
Additions |  |  |  |  | 30,177 |  |  | 40,009 |  |  | — |
Revenue Recognized |  |  |  |  | (30,183) |  |  | (25,000) |  |  | — |
Closing Balance |  |  |  |  | $ | 15,003 |  |  | $ | 15,009 |  |  | $ | — |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
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