Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Fair Value Adjustments to Comprehensive income (Loss)



	Year ended December 31,
In thousands	2018			2017			2016
Unrealized gain (loss) on equity securities	$	(5,019	)	$	—		$	—
Realized gain (loss) on equity securities	7,964			—			—
Zinc options	753			—			—
Interest rate swap	(60		)	—			—
Rochester royalty obligation	—			(864		)	(4,133		)
Palmarejo royalty obligation embedded derivative	—			—			(5,866		)
Silver and gold options	—			—			(1,582		)
Fair value adjustments, net	$	3,638		$	(864	)	$	(11,581	)

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 December 31, 2018
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity and debt securities	$	17,806	$	15,589	$	—	$	2,217
Other derivative instruments, net	$	914	—		914		—
	$	18,720	$	15,589	$	914	$	2,217
Liabilities:
Silvertip contingent consideration	$	49,276	$	—	$	—	$	49,276
Other derivative instruments, net	$	644	—		644		—
	$	49,920	$	—	$	644	$	49,276



	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 years ended December 31, 2018 and 2017:



	Year Ended December 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	$	(274	)	$	(4,400	)	$	—	$	2,217
Liabilities:
Silvertip contingent consideration	$	47,965	$	—		$	—		$	1,311	$	49,276



	Year Ended December 31, 2017
In thousands	Balance at the beginning of the period		Additions		Revaluation			Settlements			Accretion		Gain on settlement			Balance at the end of the period
Assets:
Equity and debt securities	$	279	$	6,677	$	(65	)	$	—		$	—	$	—		$	6,891
Liabilities:
Rochester royalty obligation	$	9,287	$	—	$	864		$	(7,819	)	$	—	$	(2,332	)	$	—
Silvertip contingent consideration	$	—	$	47,705	$	260		$	—		$	—	$	—		$	47,965

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



	December 31, 2018
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Manquiri Notes Receivable	$	5,487	$	5,487	$	—	$	—	$	5,487
Liabilities:
5.875% Senior Notes due 2024⁽¹⁾	$	245,854	$	220,446	$	—	$	220,446	$	—
Revolving Credit Facility⁽²⁾	$	135,000	$	135,000	$	—	$	135,000	$	—

⁽¹⁾Net of unamortized debt issuance costs of $4.1 million.

⁽²⁾Unamortized debt issuance costs of $2.2 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.