Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Fair Value Adjustments to Comprehensive income (Loss)



	Three Months Ended March 31,
In thousands	2019			2018
Unrealized gain (loss) on equity securities	$	9,185		$	4,842
Realized gain (loss) on equity securities	(8		)	(333		)
Zinc options	—			145
Interest rate swap, net	(57		)	—
Fair value adjustments, net	$	9,120		$	4,654

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, 2019
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	25,875	$	25,875	$	—	$	—
Other derivative instruments, net	$	553	—		553		—
	$	26,428	$	25,875	$	553	$	—
Liabilities:
Silvertip contingent consideration	$	49,455	$	—	$	—	$	49,455
Other derivative instruments, net	$	112	—		112		—
	$	49,567	$	—	$	112	$	49,455



	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

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, 2019:



	Three Months Ended March 31, 2019
In thousands	Balance at the beginning of the period		Revaluation		Settlements			Accretion		Balance at the end of the period
Assets:
Equity and debt securities	$	2,217	$	59	$	(2,276	)	$	—	$	—
Liabilities:
Silvertip contingent consideration	$	49,276	$	—	$	—		$	179	$	49,455

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, 2019 and December 31, 2018 is presented in the following table:



	March 31, 2019
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Manquiri Notes Receivable	$	1,982	$	1,982	$	—	$	—	$	1,982
Liabilities:
5.875% Senior Notes due 2024⁽¹⁾	$	246,045	$	237,895	$	—	$	237,895	$	—
RCF⁽²⁾	$	135,000	$	135,000	$	—	$	135,000	$	—

⁽¹⁾Net of unamortized debt issuance costs of $4.0 million.

⁽²⁾Unamortized debt issuance costs of $2.2 million included in Other Non-Current Assets.



	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	$	—
RCF⁽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.