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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Fair Value Adjustments to Comprehensive income (Loss)


	Three Months Ended June 30,				Six Months Ended June 30,
In thousands	2021		2020		2021		2020
Unrealized gain (loss) on equity securities	$	36,575	$	(2,273)	$	32,007	$	(11,092)
Realized gain (loss) on equity securities	—		12,340		769		12,340

Exchange agreement embedded derivative	664		—		664		—
Fair value adjustments, net	$	37,239	$	10,067	$	33,440	$	1,248

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 June 30, 2021
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	174,370	$	174,370	$	—	$	—

Foreign currency forward exchange contracts	7,535		—		7,535		—
Provisional metal sales contracts	137		—		137		—
	$	182,042	$	174,370	$	7,672	$	—
Liabilities:
Gold zero cost collars	$	78	$	—	$	78	$	—
Exchange agreement embedded derivative	9,269		—		—		9,269
Provisional metal sales contracts	420		—		420		—
	$	9,767	$	—	$	498	$	9,269


	Fair Value at December 31, 2020
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity and debt securities	$	12,943	$	12,943	$	—	$	—
Foreign currency forward exchange contracts	13,747		—		13,747		—
Provisional metal sales contracts	481		—		481		—
	$	27,171	$	12,943	$	14,228	$	—
Liabilities:
Gold zero cost collars	$	24,883	$	—	$	24,883	$	—
Provisional metal sales contracts	67		—		67		—
	$	24,950	$	—	$	24,950	$	—

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 in the three and six months ended June 30, 2021.


	Three Months Ended June 30, 2021
In thousands	Balance at the beginning of the period		Initial valuation		Revaluation		Settlements		Balance at the end of the period
Liabilities:
Exchange agreement embedded derivative	$	—	$	9,933	$	(664)	$	—	$	9,269


	Six Months Ended June 30, 2021
In thousands	Balance at the beginning of the period		Initial valuation		Revaluation		Settlements		Balance at the end of the period
Liabilities:
Exchange agreement embedded derivative	$	—	$	9,933	$	(664)	$	—	$	9,269

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 June 30, 2021 and December 31, 2020 is presented in the following table:


	June 30, 2021
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3


Liabilities:
2029 Senior Notes(1)	$	367,804	$	365,044	$	—	$	365,044	$	—
Revolving Credit Facility(2)	$	—	$	—	$	—	$	—	$	—

(1) Net of unamortized debt issuance costs of $7.2 million

(2) Unamortized debt issuance costs of $2.7 million included in Other Non-Current Assets.


	December 31, 2020
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3


Liabilities:
2024 Senior Notes(1)	$	227,590	$	229,874	$	—	$	229,874	$	—
Revolving Credit Facility(2)	$	—	$	—	$	—	$	—	$	—

(1) Net of unamortized debt issuance costs of $2.4 million.

(2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets.