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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Adjustments to Comprehensive income (Loss)
 
 
Three months ended September 30,
 
Nine months ended September 30,
In thousands
 
2016
 
2015
 
2016
 
2015
Palmarejo royalty obligation embedded derivative
 
$
(110
)
 
$
2,983

 
$
(5,866
)
 
$
1,823

Rochester net smelter returns (“NSR”) royalty obligation
 
(851
)
 
1,752

 
(5,787
)
 
596

Silver and gold options
 
—

 
1,051

 
(1,582
)
 
1,238

Fair value adjustments, net
 
$
(961
)
 
$
5,786

 
$
(13,235
)
 
$
3,657
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, 2016
In thousands
Total
 
Level 1
 
Level 2
 
Level 3  
Assets:
 
 
 
 
 
 
 
Equity securities
$
6,208

 
$
6,201

 
$
—

 
$
7

Liabilities:
 
 
 
 
 
 
 
Rochester NSR royalty obligation
12,278

 
—

 
—

 
12,278

Other derivative instruments, net
130

 
—

 
130

 
—

 
$
12,408

 
$
—

 
$
130

 
$
12,278


 
 
Fair Value at December 31, 2015
In thousands
Total
 
Level 1
 
Level 2
 
Level 3  
Assets:
 
 
 
 
 
 
 
Equity securities
$
2,766

 
$
2,756

 
$
—

 
$
10

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
4,957

 
$
—

 
$
—

 
$
4,957

Rochester NSR royalty obligation
9,593

 
—

 
—

 
9,593

Other derivative instruments, net
508

 
—

 
508

 
—

 
$
15,058

 
$
—

 
$
508

 
$
14,550
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 assets and liabilities for the three and nine months ended September 30, 2016:
 
Three Months Ended September 30, 2016
In thousands
Balance at the beginning of the period
 
Revaluation
 
Settlements
 
Balance at the
end of the
period
Assets:
 
 
 
 
 
 
 
Equity securities
$
7

 
$
—

 
$
—

 
$
7

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
3,317

 
$
110

 
$
(3,427
)
 
$
—

Rochester NSR royalty obligation
$
12,559

 
$
851

 
$
(1,132
)
 
$
12,278


 
Nine Months Ended September 30, 2016
In thousands
Balance at the beginning of the period
 
Revaluation
 
Settlements
 
Balance at the
end of the
period
Assets:
 
 
 
 
 
 
 
Equity securities
$
10

 
$
—

 
$
(3
)
 
$
7

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
4,957

 
$
5,866

 
$
(10,823
)
 
$
—

Rochester NSR royalty obligation
$
9,593

 
$
5,787

 
$
(3,102
)
 
$
12,278
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, 2016 and December 31, 2015 is presented in the following table:
 
September 30, 2016
In thousands
Book Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3  
Liabilities:
 
 

 
 
 
 
 
 
7.875% Senior Notes due 2021(1)
$
363,596

 
$
378,577

 
$
—

 
$
378,577

 
$
—


(1)
Net of unamortized debt issuance costs and premium received of $4.4 million.
 
December 31, 2015
In thousands
Book Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3  
Liabilities:
 
 
 
 
 
 
 
 
 
3.25% Convertible Senior Notes due 2028
$
712

 
$
693

 
$
—

 
$
693

 
$
—

7.875% Senior Notes due 2021(1)
373,433

 
227,487

 
—

 
227,487

 
—

Term Loan due 2020(2)
94,489

 
99,500

 
—

 
99,500

 
—

San Bartolomé Lines of Credit
4,571

 
4,571

 
—

 
4,571

 
—

Palmarejo gold production royalty obligation
15,207

 
15,580

 
—

 
—

 
15,580


(1)
Net of unamortized debt issuance costs and premium received of $5.3 million.
(2)
Net of unamortized debt issuance costs of $5.0 million.