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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At June 30, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:
In thousands except average prices and notional ounces | 2023 |  | 2024 and Thereafter |  |
Gold forwards |  |  |  |  |
Average gold fixed price per ounce | $ | 1,977 |  |  | $ | — |  |  |
Notional ounces | 111,498 |  |  | — |  |  |
Silver forwards |  |  |  |  |
Average silver fixed price per ounce | $ | 25.40 |  |  | $ | — |  |  |
Notional ounces | 2,490,000 |  |  | — |  |  |
At June 30, 2023, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2023 |  | 2024 and Thereafter
Provisional gold sales contracts | $ | 12,714 |  |  | $ | — |
Average gold price per ounce | $ | 1,957 |  |  | $ | — |
Notional ounces | 6,498 |  |  | — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| June 30, 2023
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold forwards | $ | 3,399 |  |  | $ | — |  |  | $ | — |
Silver forwards | 5,949 |  |  | — |  |  | — |
| December 31, 2022
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold forwards | $ | 12,343 |  |  | $ | — |  |  | $ | — |
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022, respectively (in thousands).
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Amount of Gain (Loss) Recognized in AOCI |  |  |  |  |  |  |  |  |
Gold forwards | $ | 7,303 |  |  | $ | 34,245 |  |  | $ | (8,053) |  |  | $ | 32,413 |  |  |
Silver forwards | 5,539 |  |  | — |  |  | 7,967 |  |  | — |  |  |
Gold zero cost collars | — |  |  | — |  |  | — |  |  | (3,386) |  |  |
| $ | 12,842 |  |  | $ | 34,245 |  |  | $ | (86) |  |  | $ | 29,027 |  |  |
Amount of (Gain) Loss Reclassified from AOCI to Earnings |  |  |  |  |  |  |  |  |
Gold forwards | $ | 1,369 |  |  | $ | (3,110) |  |  | $ | (892) |  |  | $ | (3,110) |  |  |
Silver forwards | (145) |  |  | — |  |  | (2,018) |  |  | — |  |  |
Gold zero cost collars | — |  |  | 1,379 |  |  | — |  |  | 1,839 |  |  |
| $ | 1,224 |  |  | $ | (1,731) |  |  | $ | (2,910) |  |  | $ | (1,271) |  |  |
The following summarizes the classification of the fair value of the derivative instruments:
| June 30, 2023 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 36 |  |  | $ | 67 |  |  |  |  |  |  |
| December 31, 2022
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 299 |  |  | $ | 10 |  |  |  |  |  |  |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and six ended June 30, 2023, and 2022, respectively (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Financial statement line | Derivative | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Revenue | Provisional metal sales contracts | $ | (71) |  |  | $ | (486) |  |  | $ | (319) |  |  | $ | 6 |  |  |
Fair value adjustments, net | Terminated zero cost collars | — |  |  | — |  |  | — |  |  | (3,139) |  |  |
|  | $ | (71) |  |  | $ | (486) |  |  | $ | (319) |  |  | $ | (3,133) |  |  |
Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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