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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At September 30, 2021, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2021 |  | 2022 and Thereafter
Provisional gold sales contracts | $ | 28,520 |  |  | $ | — |
Average gold price per ounce | $ | 1,786 |  |  | $ | — |
Notional ounces | 15,966 |  |  | — |
At September 30, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces |  |  | 2021 |  | 2022 and Thereafter |  |
Gold put options |  |  |  |  |  |  |
Average gold strike price per ounce |  |  | $ | 1,600 |  |  | $ | 1,630 |  |  |
Notional ounces |  |  | 39,675 |  |  | 132,000 |  |  |
Gold call options |  |  |  |  |  |  |
Average gold strike price per ounce |  |  | $ | 1,882 |  |  | $ | 2,038 |  |  |
Notional ounces |  |  | 39,675 |  |  | 132,000 |  |  |
Foreign currency forward exchange contracts - Mexican Peso |  |  |  |  |  |  |
Average Mexican Peso exchange rate |  |  | $ | 25.43 |  |  | $ | — |  |  |
Notional US dollar |  |  | $ | 15,000 |  |  | $ | — |  |  |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments:
| September 30, 2021 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 51 |  |  | $ | 255 |  |  |  |  |  |  |
| December 31, 2020
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 481 |  |  | $ | 67 |  |  |  |  |  |  |
The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| September 30, 2021 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Gold zero cost collars | $ | 1,560 |  |  | $ | — |  |  |  |  |  |  |
Foreign currency forward exchange contracts | 3,344 |  |  | — |  |  |  |  |  |  |
| $ | 4,904 |  |  | $ | — |  |  |  |  |  |  |
| December 31, 2020 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Gold zero cost collars | $ | — |  |  | $ | 24,883 |  |  |  |  |  |  |
Foreign currency forward exchange contracts | 13,747 |  |  | — |  |  |  |  |  |  |
| $ | 13,747 |  |  | $ | 24,883 |  |  |  |  |  |  |
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 (Loss) for the three and nine months ended September 30, 2021 and 2020, respectively (in thousands).
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Amount of Gain (Loss) Recognized in AOCI |  |  |  |  |  |  |  |  |
Gold zero cost collars | $ | 1,614 |  |  | $ | (24,003) |  |  | $ | 25,590 |  |  | $ | (38,353) |  |  |
Foreign currency forward exchange contracts | (265) |  |  | 2,755 |  |  | 133 |  |  | 10,214 |  |  |
| $ | 1,349 |  |  | $ | (21,248) |  |  | $ | 25,723 |  |  | $ | (28,139) |  |  |
Amount of (Gain) Loss Reclassified From AOCI to Earnings |  |  |  |  |  |  |  |  |
Gold zero cost collars | $ | 23 |  |  | $ | 4,563 |  |  | $ | 853 |  |  | $ | 4,563 |  |  |
Foreign currency forward exchange contracts | (3,925) |  |  | (1,921) |  |  | (10,536) |  |  | (2,600) |  |  |
| $ | (3,902) |  |  | $ | 2,642 |  |  | $ | (9,683) |  |  | $ | 1,963 |  |  |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2021 and 2020, respectively (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Financial statement line | Derivative | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Revenue | Provisional metal sales contracts | $ | 79 |  |  | $ | (962) |  |  | $ | (618) |  |  | $ | 250 |  |  |
Fair value adjustments, net | Exchange agreement embedded derivative | 9,269 |  |  | — |  |  | 9,933 |  |  | — |  |  |
|  | $ | 9,348 |  |  | $ | (962) |  |  | $ | 9,315 |  |  | $ | 250 |  |  |

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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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5624171-113959 Reference 9: 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=121590274&loc=SL5579240-113959 + Details
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