Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At March 31, 2022, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2022		2023 and Thereafter
Provisional gold sales contracts	$	24,283	$	—
Average gold price per ounce	$	1,938	$	—
Notional ounces	12,530		—

At March 31, 2022, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2022		2023 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	1,955	$	1,956
Notional ounces	157,000		75,000

Fair value of the derivative instruments

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

	March 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	461	$	46

	December 31, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	86	$	162

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

	March 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold forwards	$	—	$	1,832

	December 31, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	—	$	1,212

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 quarter ended March 31, 2022 and 2021, respectively (in thousands).

	Three Months Ended March 31,
	2022		2021
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	(1,832)	$	—
Gold zero cost collars	(3,386)		28,547
Foreign currency forward exchange contracts	—		(1,190)
	$	(5,218)	$	27,357
Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold forwards	$	—	$	—
Gold zero cost collars	460		392
Foreign currency forward exchange contracts	—		(3,113)
	$	460	$	(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, 2022 and 2021, respectively (in thousands):

		Three Months Ended March 31,
Financial statement line	Derivative	2022		2021
Revenue	Provisional metal sales contracts	$	492	$	(559)
Fair value adjustments, net	Terminated zero cost collars	(3,139)		—
		$	(2,647)	$	(559)