Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At September 30, 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	$	28,520	$	—
Average gold price per ounce	$	1,786	$	—
Notional ounces	15,966		—

At September 30, 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	$	1,630
Notional ounces	39,675		132,000
Gold call options
Average gold strike price per ounce	$	1,882	$	2,038
Notional ounces	39,675		132,000
Foreign currency forward exchange contracts - Mexican Peso
Average Mexican Peso exchange rate	$	25.43	$	—
Notional US dollar	$	15,000	$	—

Fair value of the derivative instruments

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

	September 30, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	51	$	255

	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:

	September 30, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	1,560	$	—
Foreign currency forward exchange contracts	3,344		—
	$	4,904	$	—

	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 AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020, respectively (in thousands).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Amount of Gain (Loss) Recognized in AOCI
Gold zero cost collars	$	1,614	$	(24,003)	$	25,590	$	(38,353)
Foreign currency forward exchange contracts	(265)		2,755		133		10,214
	$	1,349	$	(21,248)	$	25,723	$	(28,139)
Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold zero cost collars	$	23	$	4,563	$	853	$	4,563
Foreign currency forward exchange contracts	(3,925)		(1,921)		(10,536)		(2,600)
	$	(3,902)	$	2,642	$	(9,683)	$	1,963

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2021 and 2020, respectively (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
Financial statement line	Derivative	2021		2020		2021		2020
Revenue	Provisional metal sales contracts	$	79	$	(962)	$	(618)	$	250
Fair value adjustments, net	Exchange agreement embedded derivative	9,269		—		9,933		—
		$	9,348	$	(962)	$	9,315	$	250