Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Fair Value Adjustments to Comprehensive income (Loss)

The following table presents the components of Fair value adjustments, net:



	Three months ended June 30,					Six months ended June 30,
In thousands	2015		2014			2015			2014
Palmarejo royalty obligation embedded derivative	$	385	$	(5,061	)	$	(1,160	)	$	(15,296	)
Rochester net smelter royalty (NSR) royalty obligation	1,137		(1,837		)	(1,155		)	(2,510		)
Silver and gold options	1,232		(1,374		)	185			(2,868		)
Foreign exchange contracts	—		(10		)	—			957
Fair value adjustments, net	$	2,754	$	(8,282	)	$	(2,130	)	$	(19,717	)

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 June 30, 2015
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	4,216	$	4,127	$	—	$	89
Silver and gold options	1,250		—		1,250		—
	$	5,466	$	4,127	$	1,250	$	89
Liabilities:
Palmarejo royalty obligation embedded derivative	$	15,281	$	—	$	—	$	15,281
Rochester NSR royalty obligation	13,905		—		—		13,905
Silver and gold options	123		—		123		—
Other derivative instruments, net	513		—		513		—
	$	29,822	$	—	$	636	$	29,186



	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 and six months ended June 30, 2015:



	Three months ended June 30, 2015
In thousands	Balance at the beginning of the period		Revaluation			Settlements			Balance at the end of the period
Palmarejo royalty obligation embedded derivative	$	19,250	$	(385	)	$	(3,584	)	$	15,281
Rochester NSR royalty obligation	16,522		(1,137		)	(1,480		)	13,905
Equity securities	1,379		(904		)	(386		)	89



	Six months ended June 30, 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	$	1,159		$	(7,790	)	$	15,281
Rochester NSR royalty obligation	15,370		1,155			(2,620		)	13,905
Equity securities	1,379		(904		)	(386		)	89

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 June 30, 2015 and December 31, 2014 is presented in the following table:



	June 30, 2015
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
3.25% Convertible Senior Notes due 2028	$	712	$	689	$	—	$	689	$	—
7.875% Senior Notes due 2021	435,234		367,701		—		367,701		—
Term Loan due 2020	100,000		100,000		—		100,000		—
San Bartolomé Line of Credit	9,141		9,141		—		9,141		—
Palmarejo gold production royalty obligation	25,488		27,903		—		—		27,903



	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