Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value Adjustments to Comprehensive income (Loss)

The following table presents the components of Fair value adjustments, net (in thousands):

	Three months ended March 31,						Six months ended June 30,
	2014			2013			2014			2013
Palmarejo royalty obligation embedded derivative	$	(5,061	)	$	61,066		$	(15,296	)	$	75,495
Rochester net smelter royalty obligation	(1,837		)	—			(2,510		)	—
Silver and gold options	(1,374		)	6,350			(2,868		)	10,577
Foreign exchange contracts	(10		)	(662		)	957			(1,522		)
Fair value adjustments, net	$	(8,282	)	$	66,754		$	(19,717	)	$	84,550

Financial assets and liabilities measured at fair value on recurring basis

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 (in thousands):

	Fair Value at June 30, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Short-term investments	$	47,642	$	47,642	$	—	$	—
Marketable equity securities	13,761		13,761		—		—
Silver and gold options	1,298		—		1,298		—
Other derivative instruments, net	240		—		240		—
	$	62,941	$	61,403	$	1,538	$	—
Liabilities:
Palmarejo royalty obligation embedded derivative	$	43,960	$	—	$	—	$	43,960
Rochester net smelter royalty obligation	23,656		—		—		23,656
Silver and gold options	291		—		291		—
	$	67,907	$	—	$	291	$	67,616

	Fair Value at December 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	14,521	$	14,521	$	—	$	—
Silver and gold options	135		—		135		—
	$	14,656	$	14,521	$	135	$	—
Liabilities:
Palmarejo royalty obligation embedded derivative	$	40,338	$	—	$	—	$	40,338
Rochester net smelter royalty obligation	21,630		—		—		21,630
Other derivative instruments, net	1,591		—		1,591		—
	$	63,559	$	—	$	1,591	$	61,968

Changes in the fair value of the Company's Level 3 financial liabilities

The following tables present the changes in the fair value of the Company's Level 3 financial liabilities for the three and six months ended June 30, 2014 (in thousands):

	Three months ended June 30, 2014
	Balance at the beginning of the period		Revaluation		Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	44,357	$	5,061	$	(5,458	)	$	43,960
Rochester net smelter royalty obligation	22,303		1,837		(484		)	23,656

	Six months ended June 30, 2014
	Balance at the beginning of the period		Revaluation		Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	40,338	$	15,296	$	(11,674	)	$	43,960
Rochester net smelter royalty obligation	21,630		2,510		(484		)	23,656

Financial Assets and Liabilities not Measured at Fair Value

The fair value of financial assets and liabilities measured at book value in the financial statements at June 30, 2014 and December 31, 2013 is presented in the following table (in thousands):

	June 30, 2014
	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	5,334	$	5,047	$	—	$	5,047	$	—
7.875% Senior Notes due 2021	452,855		455,625		—		455,625		—
Palmarejo Gold Production Royalty Obligation	41,976		51,252		—		—		51,252

	December 31, 2013
	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	5,334	$	5,067	$	5,067	$	—	$	—
7.875% Senior Notes due 2021	300,000		307,314		307,314		—		—
Palmarejo Gold Production Royalty Obligation	51,193		65,212		—		—		65,212