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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Fair Value Adjustments to Comprehensive income (Loss)



	Three months ended September 30,					Nine months ended September 30,
In thousands	2019		2018			2019			2018
Unrealized gain (loss) on equity securities	$	3,877	$	286		$	7,515		$	(2,898	)
Realized gain (loss) on equity securities	485		(3		)	859			5,199
Zinc options	—		226			—			588
Interest rate swap, net	15		206			(173		)	18
Fair value adjustments, net	$	4,377	$	715		$	8,201		$	2,907

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, 2019
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	22,812	$	22,812	$	—	$	—
Other derivative instruments, net	785		—		785		—
	$	23,597	$	22,812	$	785	$	—
Liabilities:
Silvertip contingent consideration	$	49,817	$	—	$	—	$	49,817
Other derivative instruments, net	2,162		—		2,162		—
	$	51,979	$	—	$	2,162	$	49,817



	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 and nine months ended September 30, 2019:



	Three Months Ended September 30, 2019
In thousands	Balance at the beginning of the period		Revaluation		Settlements		Accretion		Balance at the end of the period
Liabilities:
Silvertip contingent consideration	$	49,635	$	—	$	—	$	182	$	49,817



	Nine Months Ended September 30, 2019
In thousands	Balance at the beginning of the period		Revaluation		Settlements		Accretion		Balance at the end of the period
Liabilities:
Silvertip contingent consideration	$	49,276	$	—	$	—	$	541	$	49,817

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



	September 30, 2019
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2024 Senior Notes⁽¹⁾	$	226,709	$	226,843	$	—	$	226,843	$	—
Revolving Credit Facility⁽²⁾	$	—	$	—	$	—	$	—	$	—

⁽¹⁾Net of unamortized debt issuance costs of $3.3 million.

⁽²⁾Unamortized debt issuance costs of $2.5 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:
2024 Senior Notes⁽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.