Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At March 31, 2021, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2021		2022 and Thereafter
Provisional gold sales contracts	$	21,630	$	—
Average gold price per ounce	$	1,782	$	—
Notional ounces	12,137		—

At March 31, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2021		2022 and Thereafter
Gold put options
Average gold strike price per ounce	$	1,600	$	1,626
Notional ounces	119,025		126,000
Gold call options
Average gold strike price per ounce	$	1,877	$	2,030
Notional ounces	119,025		126,000
Foreign currency forward exchange contracts - Mexican Peso
Average Mexican Peso exchange rate	$	25.14	$	—
Notional US dollar	$	45,000	$	—

Fair value of the derivative instruments

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

	March 31, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	3	$	148

	December 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	481	$	67

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

	March 31, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	4,056	$	—
Foreign currency forward exchange contracts	9,444		—
	$	13,500	$	—

	December 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	—	$	24,883
Foreign currency forward exchange contracts	13,747		—
	$	13,747	$	24,883

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in Accumulated Other Comprehensive Income (“AOCI”) and the Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020, respectively (in thousands).

	Three Months Ended March 31,
	2021		2020
Amount of Gain (Loss) Recognized in AOCI
Gold zero cost collars	$	28,547	$	163
Foreign currency forward exchange contracts	(1,190)		65
	$	27,357	$	228
Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold zero cost collars	$	392	$	—
Foreign currency forward exchange contracts	(3,113)		—
	$	(2,721)	$	—

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2021 and 2020, respectively (in thousands):

		Three Months Ended March 31,
Financial statement line	Derivative	2021		2020
Revenue	Provisional metal sales contracts	$	(559)	$	500