XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS
| Three Months Ended September 30, |  | Nine Months Ended September 30,
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Change in the value of equity securities(1) | $ | — |  |  | $ | (2,010) |  |  | $ | — |  |  | $ | 4,629 |  |  |
Fair value adjustments, net | $ | — |  |  | $ | (2,010) |  |  | $ | — |  |  | $ | 4,629 |  |  |
(1) Includes unrealized losses on held equity securities of $2.0 million and $2.3 million for the three and nine months ended September 30, 2023, respectively. Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
| Fair Value at September 30, 2024
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 359 |  |  | $ | — |  |  | $ | 359 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 143 |  |  | $ | — |  |  | $ | 143 |  |  | $ | — |
| Fair Value at December 31, 2023
In thousands | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Provisional metal sales contracts | $ | 318 |  |  | $ | — |  |  | $ | 318 |  |  | $ | — |
Silver forwards | 3,312 |  |  | — |  |  | 3,312 |  |  | — |
| $ | 3,630 |  |  | $ | — |  |  | $ | 3,630 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Gold forwards | $ | 1,981 |  |  | $ | — |  |  | $ | 1,981 |  |  | $ | — |
The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices. The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads. No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2024. The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2024 and December 31, 2023 is presented in the following table:
| September 30, 2024
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
2029 Senior Notes(1) | $ | 289,874 |  |  | $ | 281,899 |  |  | $ | — |  |  | $ | 281,899 |  |  | $ | — |
Revolving Credit Facility(2) | $ | 225,000 |  |  | $ | 225,000 |  |  | $ | — |  |  | $ | 225,000 |  |  | $ | — |
Deferred Cash Due 2025 | $ | 9,471 |  |  | $ | 9,357 |  |  | $ | — |  |  | $ | 9,357 |  |  | $ | — |
Deferred Cash Due 2026 | $ | 4,427 |  |  | $ | 4,693 |  |  | $ | — |  |  | $ | 4,693 |  |  | $ | — |
(1) Net of unamortized debt issuance costs of $3.2 million. (2) Unamortized debt issuance costs of $3.8 million included in Other Non-Current Assets.
| December 31, 2023
In thousands | Book Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |  |  |
2029 Senior Notes(1) | $ | 295,115 |  |  | $ | 271,272 |  |  | $ | — |  |  | $ | 271,272 |  |  | $ | — |
Revolving Credit Facility(2) | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | — |  |  | $ | 175,000 |  |  | $ | — |
(1) Net of unamortized debt issuance costs of $3.9 million. (2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets. The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. In July 2024, the Company completed the purchase of the Fresnillo mining concessions. Total consideration includes a cash payment of $10 million due at closing, the Deferred Cash Due 2025 of $10 million, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration