Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At December 31, 2023, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2024		2025 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	2,076	$	—
Notional ounces	94,950		—
Silver forwards
Average silver fixed price per ounce	$	25.16	$	—
Notional ounces	3,099,999		—

At December 31, 2023, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2024		2025 and Thereafter
Provisional gold sales contracts	$	31,570	$	—
Average gold price per ounce	$	2,032	$	—
Notional ounces	15,537		—

Fair value of the derivative instruments

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

	December 31, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	—	$	—	$	1,981
Silver forwards	$	3,312	$	—	$	—

	December 31, 2022
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	12,343	$	—	$	—

The following table sets forth the after-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 years ended December 31, 2023, 2022 and 2021, respectively (in thousands).

	Year Ended December 31,
	2023		2022		2021
Amount of Gain (Loss) Recognized in AOCI
Gold forwards	$	(10,627)	$	42,043	$	—
Silver forwards	10,309		—		—
Gold zero cost collars	—		(4,598)		22,733
Foreign currency forward exchange contracts	—		—		50
	$	(318)	$	37,445	$	22,783
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards	$	(3,697)	$	(28,488)	$	—
Silver forwards	(6,997)		—		—
Gold zero cost collars	—		4,598		938
Foreign currency forward exchange contracts	—		—		(13,797)
	$	(10,694)	$	(23,890)	$	(12,859)

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

	December 31, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	318	$	—

	December 31, 2022
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	299	$	10

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the years ended December 31, 2023, 2022, and 2021, respectively (in thousands):

		Year Ended December 31,
Financial statement line	Derivative	2023		2022		2021
Revenue	Provisional metal sales contracts	$	30	$	365	$	(490)
Fair value adjustments, net	Exchange agreement embedded derivative	—		—		9,933
Fair value adjustments, net	Terminated zero cost collars	—		(3,139)		—
		$	30	$	(2,774)	$	9,443

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.