Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At March 31, 2015, the Company had the following derivative instruments that settle in each of the years indicated:

In thousands except average prices and notional ounces	2015			2016		Thereafter
Palmarejo gold production royalty	$	39,043		$	23,712	$	—
Average gold price in excess of minimum contractual deduction	$	781		$	771	$	—
Notional ounces	50,004			30,744		—
Silver concentrate sales contracts	$	9,129		$	—	$	—
Average silver price	$	16.67		$	—	$	—
Notional ounces	547,611			—		—
Gold concentrate sales contracts	$	40,495		$	—	$	—
Average gold price	$	1,224		$	—	$	—
Notional ounces	33,084			—		—
Silver put options purchased	$	45,900		$	—	$	—
Average silver strike price	$	17.00		$	—	$	—
Notional ounces	2,700,000			—		—
Silver put options sold	$	(41,850	)	$	—	$	—
Average silver strike price	$	15.50		$	—	$	—
Notional ounces	2,700,000			—		—

Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments:

	March 31, 2015
In thousands	Prepaid expenses and other		Accrued liabilities and other		Current portion of royalty obligation		Non-current portion of royalty obligation
Palmarejo gold production royalty	—		—		14,541		4,709
Silver and gold options	2,066		529		—		—
Concentrate sales contracts	541		431		—		—
	$	2,607	$	960	$	14,541	$	4,709

	December 31, 2014
	Prepaid expenses and other		Accrued liabilities and other		Current portion of royalty obligation		Non-current portion of royalty obligation
Palmarejo gold production royalty	—		—		14,405		7,507
Silver and gold options	3,882		1,039		—		—
Concentrate sales contracts	43		848		—		—
	$	3,925	$	1,887	$	14,405	$	7,507

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2015, and 2014 (in thousands):

		Three months ended March 31,
Financial statement line	Derivative	2015			2014
Revenue	Concentrate sales contracts	$	914		$	879
Costs applicable to sales	Foreign exchange contracts	—			(924		)
Fair value adjustments, net	Foreign exchange contracts	—			968
Fair value adjustments, net	Palmarejo gold royalty	(1,545		)	(10,237		)
Fair value adjustments, net	Silver and gold options	(1,046		)	(1,494		)
		$	(1,677	)	$	(10,808	)