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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments, future settlement
At March 31, 2016, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces
2016
 
Thereafter
Palmarejo gold production royalty
$
17,240

 
$
—

Average gold price in excess of minimum contractual deduction
$
821

 
$
—

Notional ounces
20,994

 
—

 
 
 
 
Provisional silver sales
$
6,736

 
$
—

Average silver price
$
15.36

 
$
—

Notional ounces
438,573

 
—

 
 
 
 
Provisional gold sales
$
45,868

 
$
—

Average gold price
$
1,183

 
$
—

Notional ounces
38,773

 
—

 
 
 
 
Silver put options purchased
$
4,500

 
$
—

Average silver strike price
$
15.00

 
$
—

Notional ounces
300,000

 
—

 
 
 
 
Silver put options sold
$
(4,200
)
 
$
—

Average silver strike price
$
14.00

 
$
—

Notional ounces
300,000

 
—
Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments:
 
March 31, 2016
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
—

 
—

 
6,827

 
—

Silver and gold options
131

 
36

 
—

 
—

Concentrate sales contracts
85

 
28

 
—

 
—

 
$
216

 
$
64

 
$
6,827

 
$
—

 
December 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
—

 
—

 
4,957

 
—

Concentrate sales contracts
28

 
536

 
—

 
—

 
$
28

 
$
536

 
$
4,957

 
$
—
Gain losses on derivative instruments
The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2016 and 2015 (in thousands):
 
 
 
Three months ended March 31,
Financial statement line
Derivative
 
2016
 
2015
Revenue
Concentrate sales contracts
 
$
566

 
$
914

Fair value adjustments, net
Palmarejo gold royalty
 
(4,878
)
 
(1,545
)
Fair value adjustments, net
Silver and gold options
 
(1,568
)
 
(1,046
)
 
 
 
$
(5,880
)
 
$
(1,677
)