XML 35 R17.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 12 - Fair Value Measurement | 3 Months Ended
--- | ---
Mar. 31, 2018
Notes to Financial Statements |
Fair Value Disclosures [Text Block] | Note 12. Fair Value Measurement The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands).
Description |  | Balance at March 31, 2018 |  |  | Balance at December 31, 2017 |  | Input Hierarchy Level
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds and other bank deposits |  | $ | 212,569 |  |  | $ | 186,107 |  | Level 1
Available for sale securities: |  |  |  |  |  |  |  |  |
Debt securities – municipal and corporate bonds |  |  | 34,358 |  |  |  | 33,758 |  | Level 2
Equity securities – mining industry |  |  | 7,652 |  |  |  | 7,561 |  | Level 1
Trade accounts receivable: |  |  |  |  |  |  |  |  |
Receivables from provisional concentrate sales |  |  | 19,713 |  |  |  | 14,805 |  | Level 2
Restricted cash balances: |  |  |  |  |  |  |  |  |
Certificates of deposit and other bank deposits |  |  | 1,005 |  |  |  | 1,032 |  | Level 1
Derivative contracts: |  |  |  |  |  |  |  |  |
Metal forward contracts |  |  | 630 |  |  |  | — |  | Level 2
Foreign exchange contracts |  |  | 3,122 |  |  |  | 4,943 |  | Level 2
Total assets |  | $ | 279,049 |  |  | $ | 248,206 |  |
Liabilities: |  |  |  |  |  |  |  |  |
Derivative contracts: |  |  |  |  |  |  |  |  |
Metal forward contracts |  | $ | 7,066 |  |  | $ | 15,531 |  | Level 2
Foreign exchange contracts |  |  | 248 |  |  |  | — |  | Level 2
Total Liabilities |  | $ | 7,314 |  |  | $ | 15,531 |  |
Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 days, which are recorded at fair value. Current available-for-sale securities consist of municipal and corporate bonds having maturities of more than 90 days, which are recorded at fair value. Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our non-current available for sale securities consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security. Trade accounts receivable include amounts due to us for shipments of concentrates, doré and precipitate sold to customers. Revenues and the corresponding accounts receivable for sales of metals products are recorded when title and risk of loss transfer to the customer (generally at the time of ship loading, or at the time of customer arrival for trucked products). Sales of concentrates are recorded using estimated forward prices for the anticipated month of settlement applied to our estimate of payable metal quantities contained in each shipment. Sales are recorded net of estimated treatment and refining charges, which are also impacted by changes in metals prices and quantities of contained metals. We estimate the prices at which sales of our concentrates will be settled due to the time elapsed between shipment and final settlement with the customer. Receivables for previously recorded concentrate sales are adjusted to reflect estimated forward metals prices at the end of each period until final settlement by the customer. We obtain the forward metals prices used each period from a pricing service. Changes in metal prices between shipment and final settlement result in changes to revenues previously recorded upon shipment. The embedded derivative contained in our concentrate sales is adjusted to fair market value through earnings each period prior to final settlement. We use financially-settled forward contracts to manage exposure to changes in the exchange rate between USD and CAD and MXN, and the impact on CAD- and MXN-denominated operating costs incurred at our Casa Berardi and San Sebastian units (see Note 11 for more information). These contracts qualify for hedge accounting, with unrealized gains and losses related to the effective portion of the contracts included in accumulated other comprehensive loss, and unrealized gains and losses related to the ineffective portion of the contracts included in earnings each period. The fair value of each contract represents the present value of the difference between the forward exchange rate for the contract settlement period as of the measurement date and the contract settlement exchange rate. We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead contained in our forecasted future concentrate shipments (see Note 11 for more information). These contracts do not qualify for hedge accounting, and are marked-to-market through earnings each period. The fair value of each contract represents the present value of the difference between the forward metal price for the contract settlement period as of the measurement date and the contract settlement metal price. Our Senior Notes, which were recorded at their carrying value of $502.5 million, net of unamortized initial purchaser discount at March 31, 2018, had a fair value of $516.6 million at March 31, 2018. Quoted market prices, which we consider to be Level 1 inputs, are utilized to estimate fair values of the Senior Notes. See Note 9 for more information.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration