Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:

	Three months ended September 30,						Nine months ended September 30,
In thousands	2014			2013			2014			2013
Palmarejo royalty obligation embedded derivative	$	8,736		$	(15,279	)	$	(6,560	)	$	60,216
Rochester net smelter royalty obligation	4,345			(2,363		)	1,835			(2,363		)
Silver and gold options	3,081			(3,104		)	213			7,474
Foreign exchange contracts	(57		)	100			901			(1,422		)
Fair value adjustments, net	$	16,105		$	(20,646	)	$	(3,611	)	$	63,905

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:

	Fair Value at September 30, 2014
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Short-term investments	$	49,520	$	49,520	$	—	$	—
Marketable equity securities	9,162		9,162		—		—
Silver and gold options	4,939		—		4,939		—
	$	63,621	$	58,682	$	4,939	$	—
Liabilities:
Palmarejo royalty obligation embedded derivative	$	30,261	$	—	$	—	$	30,261
Rochester net smelter royalty obligation	18,268		—		—		18,268
Silver and gold options	1,331		—		1,331		—
Other derivative instruments, net	501		—		501		—
	$	50,361	$	—	$	1,832	$	48,529

	Fair Value at December 31, 2013
In thousands	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 nine months ended September 30, 2014:

	Three months ended September 30, 2014
In thousands	Balance at the beginning of the period		Revaluation			Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	43,960	$	(8,736	)	$	(4,963	)	$	30,261
Rochester net smelter royalty obligation	23,656		(4,345		)	(1,043		)	18,268

	Nine months ended September 30, 2014
In thousands	Balance at the beginning of the period		Revaluation			Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	40,338	$	6,560		$	(16,637	)	$	30,261
Rochester net smelter royalty obligation	21,630		(1,835		)	(1,527		)	18,268

Financial Assets and Liabilities not Measured at Fair Value

The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2014 and December 31, 2013 is presented in the following table:

	September 30, 2014
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	5,334	$	5,187	$	—	$	5,187	$	—
7.875% Senior Notes due 2021	440,075		408,156		—		408,156		—
Palmarejo gold production royalty obligation	38,137		44,931		—		—		44,931

	December 31, 2013
In thousands	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