Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At March 31, 2020, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2020		Thereafter
Provisional silver sales contracts	$	4,500	$	—
Average silver price per ounce	$	14.86	$	—
Notional ounces	302,871		—
Provisional gold sales contracts	$	8,346	$	—
Average gold price per ounce	$	1,596	$	—
Notional ounces	5,230		—
Provisional zinc sales contracts	$	11,769	$	—
Average zinc price per pound	$	0.86	$	—
Notional pounds	13,615,188		—
Provisional lead sales contracts	$	3,028	$	—
Average lead price per pound	$	0.79	$	—
Notional pounds	3,830,017		—

At March 31, 2020, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2020		2021
Gold put options
Average gold strike price per ounce	$	1,447	$	1,600
Notional ounces	153,000		12,000
Gold call options
Average gold strike price per ounce	$	1,826	$	1,800
Notional ounces	153,000		12,000
Foreign currency forward exchange contracts - Mexican Peso
Average Mexican Peso exchange rate	24.09		25.00
Notional US dollar	$	45,000	$	60,000
Foreign exchange forward exchange contracts - Canadian Dollar
Average Canadian Dollar exchange rate	1.44		—
Notional US dollar	$	25,000	$	—

Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments:

	March 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	1,023	$	46

	December 31, 2019
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	753	$	275

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

	March 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	27	$	—
Foreign currency forward exchange contracts	65		—
	$	92	$	—

	December 31, 2019
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	—	$	136

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the consolidated statement of comprehensive income for the three months ended March 31, 2020.

In thousands	December 31, 2019			Amount of Gain (Loss) Recognized in Other Comprehensive Income	Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings	March 31, 2020
Gold zero cost collars	$	(136	)	163	—	$	27
Foreign currency forward exchange contracts	$	—		65	—	$	65
Derivative contracts designated as cash flow hedges	$	(136	)	228	—	$	92

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2020 and 2019, respectively (in thousands):

		Three Months Ended March 31,
Financial statement line	Derivative	2020		2019
Revenue	Provisional metal sales contracts	$	500	$	250
Fair value adjustments, net	Interest rate swaps	—		(46		)
		$	500	$	204