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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At June 30, 2022, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2022 |  | 2023 and Thereafter
Provisional gold sales contracts | $ | 20,019 |  |  | $ | — |
Average gold price per ounce | $ | 1,846 |  |  | $ | — |
Notional ounces | 10,842 |  |  | — |
At June 30, 2022, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces |  |  | 2022 |  | 2023 and Thereafter |  |
Gold forwards |  |  |  |  |  |  |
Average gold fixed price per ounce |  |  | $ | 1,965 |  |  | $ | 1,982 |  |  |
Notional ounces |  |  | 108,500 |  |  | 112,500 |  |  |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments:
| June 30, 2022 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 7 |  |  | $ | 77 |  |  |  |  |  |  |
| December 31, 2021
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 86 |  |  | $ | 162 |  |  |  |  |  |  |
The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| June 30, 2022
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold forwards | $ | 23,820 |  |  | $ | 5,482 |  |  | $ | — |
| December 31, 2021
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold zero cost collars | $ | — |  |  | $ | — |  |  | $ | 1,212 |
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 six months ended June 30, 2022 and 2021, respectively (in thousands).
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Amount of Gain (Loss) Recognized in AOCI |  |  |  |  |  |  |  |  |
Gold forwards | $ | 34,245 |  |  | $ | — |  |  | $ | 32,413 |  |  | $ | — |  |  |
Gold zero cost collars | — |  |  | (4,571) |  |  | $ | (3,386) |  |  | $ | 23,976 |  |  |
Foreign currency forward exchange contracts | — |  |  | 1,589 |  |  | — |  |  | 400 |  |  |
| $ | 34,245 |  |  | $ | (2,982) |  |  | $ | 29,027 |  |  | $ | 24,376 |  |  |
Amount of (Gain) Loss Reclassified From AOCI to Earnings |  |  |  |  |  |  |  |  |
Gold forwards | $ | (3,110) |  |  | $ | — |  |  | $ | (3,110) |  |  | $ | — |  |  |
Gold zero cost collars | 1,379 |  |  | 437 |  |  | $ | 1,839 |  |  | $ | 828 |  |  |
Foreign currency forward exchange contracts | — |  |  | (3,498) |  |  | — |  |  | (6,611) |  |  |
| $ | (1,731) |  |  | $ | (3,061) |  |  | $ | (1,271) |  |  | $ | (5,783) |  |  |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2022 and 2021, respectively (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Financial statement line | Derivative | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Revenue | Provisional metal sales contracts | $ | (486) |  |  | $ | (137) |  |  | $ | 6 |  |  | $ | (697) |  |  |
Fair value adjustments, net | Exchange agreement embedded derivative | — |  |  | 664 |  |  | — |  |  | 664 |  |  |
Fair value adjustments, net | Terminated zero cost collars | — |  |  | — |  |  | (3,139) |  |  | — |  |  |
|  | $ | (486) |  |  | $ | 527 |  |  | $ | (3,133) |  |  | $ | (33) |  |  |

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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959 + Details
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