Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31,
In thousands	2015			2014
Palmarejo royalty obligation embedded derivative	$	(1,545	)	$	(10,237	)
Rochester net smelter royalty (NSR) royalty obligation	(2,292		)	(673		)
Silver and gold options	(1,046		)	(1,494		)
Foreign exchange contracts	—			968
Fair value adjustments, net	$	(4,884	)	$	(11,436	)

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 March 31, 2015
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	4,488	$	3,109	$	—	$	1,379
Silver and gold options	2,066		—		2,066		—
Other derivative instruments, net	110		—		110		—
	$	6,664	$	3,109	$	2,176	$	1,379
Liabilities:
Palmarejo royalty obligation embedded derivative	$	19,250	$	—	$	—	$	19,250
Rochester NSR royalty obligation	16,522		—		—		16,522
Silver and gold options	529		—		529		—
	$	36,301	$	—	$	529	$	35,772

	Fair Value at December 31, 2014
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	5,982	$	4,603	$	—	$	1,379
Silver and gold options	3,882		—		3,882		—
	$	9,864	$	4,603	$	3,882	$	1,379
Liabilities:
Palmarejo royalty obligation embedded derivative	$	21,912	$	—	$	—	$	21,912
Rochester NSR royalty obligation	15,370		—		—		15,370
Silver and gold options	1,039		—		1,039		—
Other derivative instruments, net	805		—		805		—
	$	39,126	$	—	$	1,844	$	37,282

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 months ended March 31, 2015:

	Three months ended March 31, 2015
In thousands	Balance at the beginning of the period		Revaluation		Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	21,912	$	1,545	$	(4,207	)	$	19,250
Rochester NSR royalty obligation	15,370		2,292		(1,140		)	16,522

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 March 31, 2015 and December 31, 2014 is presented in the following table:

	March 31, 2015
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	712	$	688	$	—	$	688	$	—
7.875% Senior Notes due 2021	425,935		371,489		—		371,489		—
Short-term Credit Agreement	50,000		50,000		—		50,000		—
San Bartolomé Line of Credit	18,213		18,213		—		18,213		—
Palmarejo gold production royalty obligation	29,889		33,916		—		—		33,916

	December 31, 2014
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	5,334	$	4,979	$	—	$	4,979	$	—
7.875% Senior Notes due 2021	437,454		343,305		—		343,305		—
San Bartolomé Line of Credit	14,785		14,785		—		14,785		—
Palmarejo gold production royalty obligation	34,047		38,290		—		—		38,290