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Note 2 - Revision of Previously Issued Financial Statements for Immaterial Misstatements | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Accounting Changes and Error Corrections [Text Block] | Note 2. Revision of Previously Issued Financial Statements for Immaterial Misstatements In the third quarter of 2018, we determined accumulated DDA on our consolidated balance sheets and DDA expense on our consolidated statements of operations and comprehensive (loss) income related to Casa Berardi, a business unit within our Hecla Quebec Inc. subsidiary, were understated for the periods from June 1, 2013 through June 30, 2018 as a result of errors in calculation from the date of acquisition of Casa Berardi as noted below:
| i. | understatement of DDA by approximately $35.5 million in the aggregate over 5 1/2 years. The error in calculation resulted from the foreign exchange translation of accumulated DDA and DDA expense from Canadian dollars (“CAD”) to U.S. dollars (“USD”), which was incorrectly set up in the financial reporting system to use the average exchange rate for the respective reporting period, when the historical exchange rate should have been used. The CAD to USD exchange rate at June 1, 2013 was 0.9646 and has subsequently weakened over the intervening periods, resulting in an understatement of accumulated DDA and DDA expense during the periods from June 1, 2013 to June 30, 2018.
| ii. | overstatement of DDA of approximately $14.2 million in the aggregate over 5 1/2 years related to the accelerated conversion of costs from the mineral interest asset, which represents the value of the undeveloped mineral interest and is not depletable, to the mineral properties asset, which represents the value of proven and probable reserves and is depletable. The error in calculation arose from the incorrect use of fair value information available on the per ounce value at the date of acquisition and resulted in the overstatement of the proven and probable reserves asset, which is subject to depletion, and an understatement of the undeveloped mineral interest asset, both of which are categories reported within properties, plants, equipment and mineral interests, net on the balance sheet. The overstatement of the conversions to the proven and probable reserves asset during the periods from January 1, 2014 through June 30, 2018 resulted in overstatements of accumulated DDA and DDA expense in each of these periods.
We assessed the materiality of the effect of the errors on our prior quarterly and annual financial statements, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin ("SAB") No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and concluded the errors were not material to any of our previously issued financial statements. Consequently, we made the decision to correct these errors prospectively and revise our financial statements when the consolidated balance sheets, statements of operations and comprehensive income and cash flows for such prior periods are included in filings made after the third quarter of 2018, including in this report (the "Revisions"). The Revisions had no net impact on our sales or net cash provided by operating activities for any period presented. The following tables present a summary of the impact, by financial statement line item, of the Revisions as of and for the years ended December 31, 2017 and 2016, and as of January 1, 2016:
|  | As of and for the Year Ended December 31, 2017 |
(in thousands) |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Condensed Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Inventories: Concentrate, doré, and stockpiled ore |  | $ | 28,455 |  |  | $ | 911 |  |  | $ | 29,366 |
Total current assets |  |  | 320,325 |  |  |  | 911 |  |  |  | 321,236 |
Properties, plants, equipment and mineral interests, net |  |  | 2,020,021 |  |  |  | (20,710 | ) |  |  | 1,999,311 |
Total assets |  |  | 2,364,957 |  |  |  | (19,799 | ) |  |  | 2,345,158 |
Deferred tax liability |  |  | 121,546 |  |  |  | 2,806 |  |  |  | 124,352 |
Total liabilities |  |  | 881,075 |  |  |  | 2,806 |  |  |  | 883,881 |
Accumulated deficit |  |  | (195,484 | ) |  |  | (22,605 | ) |  |  | (218,089 | )
Total shareholders' equity |  |  | 1,483,882 |  |  |  | (22,605 | ) |  |  | 1,461,277 |
Total liabilities and shareholders' equity |  |  | 2,364,957 |  |  |  | (19,799 | ) |  |  | 2,345,158 |
Consolidated Statements of Operations and Comprehensive (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | $ | 116,062 |  |  | $ | 4,537 |  |  | $ | 120,599 |
Total cost of sales |  |  | 420,789 |  |  |  | 4,537 |  |  |  | 425,326 |
Gross profit |  |  | 156,986 |  |  |  | (4,537 | ) |  |  | 152,449 |
Income (loss) from operations |  |  | 64,643 |  |  |  | (4,537 | ) |  |  | 60,106 |
Foreign exchange (loss) gain |  |  | (10,300 | ) |  |  | 620 |  |  |  | (9,680 | )
Total other (expense) income |  |  | (68,283 | ) |  |  | 620 |  |  |  | (67,663 | )
(Loss) income before income taxes |  |  | (3,640 | ) |  |  | (3,917 | ) |  |  | (7,557 | )
Income tax (provision) benefit |  |  | (19,879 | ) |  |  | (1,084 | ) |  |  | (20,963 | )
Net (loss) income |  | $ | (23,519 | ) |  | $ | (5,001 | ) |  | $ | (28,520 | )
(Loss) income applicable to common shareholders |  | $ | (24,071 | ) |  | $ | (5,001 | ) |  | $ | (29,072 | )
Comprehensive income (loss) |  |  | (12,290 | ) |  |  | (5,001 | ) |  |  | (17,291 | )
Basic (loss) income per common share after preferred dividends |  | $ | (0.06 | ) |  | $ | (0.01 | ) |  | $ | (0.07 | )
Diluted (loss) income per common share after preferred dividends |  | $ | (0.06 | ) |  | $ | (0.01 | ) |  | $ | (0.07 | )
Condensed Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (23,519 | ) |  | $ | (5,001 | ) |  | $ | (28,520 | )
Depreciation, depletion and amortization |  |  | 121,930 |  |  |  | 4,537 |  |  |  | 126,467 |
Foreign exchange loss (gain) |  |  | 10,828 |  |  |  | (620 | ) |  |  | 10,208 |
Deferred income taxes |  |  | 18,308 |  |  |  | 1,084 |  |  |  | 19,392 |
|  | As of and for the Year Ended December 31, 2016 |
(in thousands) |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Condensed Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (167,437 | ) |  | $ | (17,604 | ) |  | $ | (185,041 | )
Total shareholders' equity |  |  | 1,479,844 |  |  |  | (17,604 | ) |  |  | 1,462,240 |
Consolidated Statements of Operations and Comprehensive (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 116,126 |  |  |  | 7,505 |  |  |  | 123,631 |
Total cost of sales |  |  | 454,451 |  |  |  | 7,505 |  |  |  | 461,956 |
Gross profit |  |  | 191,506 |  |  |  | (7,505 | ) |  |  | 184,001 |
Income (loss) from operations |  |  | 116,944 |  |  |  | (7,505 | ) |  |  | 109,439 |
Foreign exchange (loss) gain |  |  | (2,926 | ) |  |  | 189 |  |  |  | (2,737 | )
Total other (expense) income |  |  | (19,969 | ) |  |  | 189 |  |  |  | (19,780 | )
(Loss) income before income taxes |  |  | 96,975 |  |  |  | (7,316 | ) |  |  | 89,659 |
Income tax (provision) benefit |  |  | (27,428 | ) |  |  | (662 | ) |  |  | (28,090 | )
Net (loss) income |  | $ | 69,547 |  |  | $ | (7,978 | ) |  | $ | 61,569 |
(Loss) income applicable to common shareholders |  | $ | 68,995 |  |  | $ | (7,978 | ) |  | $ | 61,017 |
Comprehensive income (loss) |  |  | 67,576 |  |  |  | (7,978 | ) |  |  | 59,598 |
Basic (loss) income per common share after preferred dividends |  | $ | 0.18 |  |  | $ | (0.02 | ) |  | $ | 0.16 |
Diluted (loss) income per common share after preferred dividends |  | $ | 0.18 |  |  | $ | (0.02 | ) |  | $ | 0.16 |
Condensed Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | 69,547 |  |  | $ | (7,978 | ) |  | $ | 61,569 |
Depreciation, depletion and amortization |  |  | 117,413 |  |  |  | 7,505 |  |  |  | 124,918 |
Foreign exchange loss (gain) |  |  | 4,649 |  |  |  | (189 | ) |  |  | 4,460 |
Deferred income taxes |  |  | 2,112 |  |  |  | 662 |  |  |  | 2,774 |
|  | As of January 1, 2016 |
(in thousands) |  | As Previously Reported |  |  | Adjustment |  |  | As Revised |
Consolidated Statements of Changes in Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (232,565 | ) |  | $ | (9,626 | ) |  | $ | (242,191 | )
Total shareholders' equity |  |  | 1,338,926 |  |  |  | (9,626 | ) |  |  | 1,329,300 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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