Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Fair Value Adjustments to Comprehensive income (Loss)



	Three months ended March 31,
In thousands	2018		2017
Rochester royalty obligation	$	—	$	(1,200	)
Unrealized gain (loss) on equity securities	4,842		—
Zinc options	145		—
Fair value adjustments, net	$	4,987	$	(1,200	)

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, 2018
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity and debt securities	$	37,317	$	31,003	$	—	$	6,314
Other derivative instruments, net	552		—		552		—
	$	37,869	$	31,003	$	552	$	6,314
Liabilities:
Silvertip contingent consideration	$	48,289	$	—	$	—	$	48,289
Other derivative instruments, net	125		—		125		—
	$	48,414	$	—	$	125	$	48,289



	Fair Value at December 31, 2017
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity and debt securities	$	34,837	$	27,946	$	—	$	6,891
Other derivative instruments, net	251		—		251		—
	$	35,088	$	27,946	$	251	$	6,891
Liabilities:
Silvertip contingent consideration	$	47,965	$	—	$	—	$	47,965
Other derivative instruments, net	222		—		222		—
	$	48,187	$	—	$	222	$	47,965

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 months ended March 31, 2018:



	Three Months Ended March 31, 2018
In thousands	Balance at the beginning of the period		Revaluation			Settlements			Accretion		Balance at the end of the period
Assets:
Equity and debt securities	$	6,891	$	(278	)	$	(299	)	$	—	$	6,314
Liabilities:
Silvertip contingent consideration	$	47,965	$	—		$	—		$	324	$	48,289

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, 2018 and December 31, 2017 is presented in the following table:



	March 31, 2018
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Manquiri Notes Receivable	$	39,887	$	39,887	$	—	$	—	$	39,887
Liabilities:
5.875% Senior Notes due 2024⁽¹⁾	$	245,280	$	244,520	$	—	$	244,520	$	—
Revolving Credit Facility⁽²⁾	$	115,000	$	115,000	$	—	$	115,000	$	—

⁽¹⁾Net of unamortized debt issuance costs of $4.7 million.

⁽²⁾Unamortized debt issuance costs of $1.8 million included in Other Non-Current Assets.



	December 31, 2017
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
5.875% Senior Notes due 2024⁽¹⁾	$	245,088	$	243,913	$	—	$	243,913	$	—
Revolving Credit Facility⁽²⁾	$	100,000	$	100,000	$	—	$	100,000	$	—

⁽¹⁾Net of unamortized debt issuance costs of $4.9 million.

⁽²⁾Unamortized debt issuance costs of $1.9 million included in Other Non-Current Assets.