Note 10 - Developments in Accounting Pronouncements	6 Months Ended
Jun. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 10. Developments in Accounting Pronouncements Accounting Standards Updates Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014 - 09 Revenue Recognition, replacing guidance currently codified in Subtopic 605 - 10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015 - 14 Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date. ASU No. 2015 - 14 deferred the effective date of ASU No. 2014 - 09 until annual and interim reporting periods beginning after December 15, 2017. We adopted ASU No. 2014 - 09 as of January 1, 2018 using the modified-retrospective transition approach. The impact of adoption of the update to our consolidated financial statements for the six months ended June 30, 2017 would have been a reclassification of $1.1 million in doré refining costs from sales of products to cost of sales and other direct production costs. We performed an assessment of the impact of implementation of ASU No. 2014 - 09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenues involve a relatively limited number of types of contracts and customers. In addition, our revenue contracts do not involve multiple types of performance obligations. Revenues from doré are recognized, and the transaction price is known, at the time the metals sold are delivered to the customer. Concentrate revenues are generally recognized at the time of shipment. Concentrates sold at our Lucky Friday unit typically leave the mine and are received by the customer within the same day. There is a period of time between shipment of concentrates from our Greens Creek unit and their physical receipt by the customer. However, based on our assessment, we believe control of the concentrate parcels is generally obtained by the customer at the time of shipment. Our concentrate sales involve variable consideration, as they are subject to changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and we then adjust the values each period until final settlement. Also, it is unlikely a significant reversal of revenue for any one concentrate parcel will occur. Adoption of ASU No. 2014 - 09 involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 6 for information on our sales of products. In January 2016, the FASB issued ASU No. 2016 - 01 Financial Instruments - Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that are not accounted for under the equity method at fair value, with any changes in fair value included in current earnings, and updates certain disclosure requirements. The update is effective for fiscal years beginning after December 15, 2017. We adopted ASU No. 2016 - 01 as of January 1, 2018 using the modified-retrospective approach, with a cumulative-effect adjustment from accumulated other comprehensive loss to retained deficit on our balance sheet of $1.3 million, net of the income tax effect. In August 2016, the FASB issued ASU No. 2016 - 15 Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this update as of January 1, 2018. In November 2016, the FASB issued ASU No. 2016 - 18 Statement of Cash Flows (Topic 230 ): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted this update as of January 1, 2018. Cash, cash equivalents, and restricted cash and cash equivalents on the condensed consolidated statement of cash flows includes restricted cash and cash equivalents of $1.0 million as of June 30, 2018 and December 31, 2017, $1.1 million as of June 30, 2017 and $2.2 million as of December 31, 2016, as well as amounts previously reported for cash and cash equivalents. In January 2017, the FASB issued ASU No. 2017 - 01 Business Combinations (Topic 805 ): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We will apply the applicable provisions of the update to any acquisitions occurring after the effective date. In March 2017, the FASB issued ASU No. 2017 - 07 Compensation - Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Period Postretirement Benefit Cost. The update provides specific requirements for classification and disclosure regarding the service cost component and other components of net benefit cost related to pension plans. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We have implemented this update effective January 1, 2018. For the full year of 2018, a total net expense of approximately $2.8 million for the components of net benefit cost except service cost is expected to be included in other income (expense) on our consolidated statements of operations, and not reported in the same line items as other employee compensation costs. Accounting Standards Updates to Become Effective in Future Periods In February 2016, the FASB issued ASU No. 2016 - 02 Leases (Topic 842 ). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently reviewing our leases and compiling the information required to implement the new guidance. See Note 9 for information on future commitments related to our operating leases; the present value of these leases will be recognized on our balance sheet upon implementation of the new guidance. We are currently evaluating the potential impact of implementing this update on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017 - 12 Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities. The objective of the update is to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements, and simplify the application of existing hedge accounting guidance. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of implementing this update on our consolidated financial statements.

Note

10.

Developments in Accounting Pronouncements

Accounting Standards Updates Adopted

May 2014,

the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")

No.

2014

Revenue Recognition, replacing guidance currently codified in Subtopic

605

Revenue Recognition-Overall. The new ASU establishes a new

five

step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In

August 2015,

the FASB issued ASU

No.

2015

Revenue from Contracts with Customers (Topic

606

): Deferral of the Effective Date. ASU

No.

2015

deferred the effective date of ASU

No.

2014

until annual and interim reporting periods beginning after

December 15, 2017.

We adopted ASU

No.

2014

as of

January 1, 2018

using the modified-retrospective transition approach. The impact of adoption of the update to our consolidated financial statements for the

six

months ended

June 30, 2017

would have been a reclassification of

$1.1

million in doré refining costs from sales of products to cost of sales and other direct production costs.

We performed an assessment of the impact of implementation of ASU

No.

2014

09,

and concluded it does

not

change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenues involve a relatively limited number of types of contracts and customers. In addition, our revenue contracts do

not

involve multiple types of performance obligations. Revenues from doré are recognized, and the transaction price is known, at the time the metals sold are delivered to the customer. Concentrate revenues are generally recognized at the time of shipment. Concentrates sold at our Lucky Friday unit typically leave the mine and are received by the customer within the same day. There is a period of time between shipment of concentrates from our Greens Creek unit and their physical receipt by the customer. However, based on our assessment, we believe control of the concentrate parcels is generally obtained by the customer at the time of shipment.

Our concentrate sales involve variable consideration, as they are subject to changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and we then adjust the values each period until final settlement. Also, it is unlikely a significant reversal of revenue for any

one

concentrate parcel will occur.

Adoption of ASU

No.

2014

involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See

Note

for information on our sales of products.

January 2016,

the FASB issued ASU

No.

2016

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that are

not

accounted for under the equity method at fair value, with any changes in fair value included in current earnings, and updates certain disclosure requirements. The update is effective for fiscal years beginning after

December 15, 2017.

We adopted ASU

No.

2016

as of

January 1, 2018

using the modified-retrospective approach, with a cumulative-effect adjustment from accumulated other comprehensive loss to retained deficit on our balance sheet of

$1.3

million, net of the income tax effect.

August 2016,

the FASB issued ASU

No.

2016

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to

eight

specific issues. The update is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years, with early adoption permitted. We adopted this update as of

January 1, 2018.

November 2016,

the FASB issued ASU

No.

2016

Statement of Cash Flows (Topic

230

): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years, with early adoption permitted. We adopted this update as of

January 1, 2018.

Cash, cash equivalents, and restricted cash and cash equivalents on the condensed consolidated statement of cash flows includes restricted cash and cash equivalents of

$1.0

million as of

June

30,

2018

and

December

31,

2017,

$1.1

million as of

June 30, 2017

and

$2.2

million as of

December 31, 2016,

as well as amounts previously reported for cash and cash equivalents.

January 2017,

the FASB issued ASU

No.

2017

Business Combinations (Topic

805

): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. We will apply the applicable provisions of the update to any acquisitions occurring after the effective date.

March 2017,

the FASB issued ASU

No.

2017

Compensation - Retirement Benefits (Topic

715

): Improving the Presentation of Net Periodic Pension Cost and Net Period Postretirement Benefit Cost. The update provides specific requirements for classification and disclosure regarding the service cost component and other components of net benefit cost related to pension plans. The update is effective for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. We have implemented this update effective

January 1, 2018.

For the full year of

2018,

a total net expense of approximately

$2.8

million for the components of net benefit cost except service cost is expected to be included in other income (expense) on our consolidated statements of operations, and

not

reported in the same line items as other employee compensation costs.

Accounting Standards Updates to Become Effective in Future Periods

February 2016,

the FASB issued ASU

No.

2016

Leases (Topic

842

). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after

December 15, 2018,

with early adoption permitted. We are currently reviewing our leases and compiling the information required to implement the new guidance. See

Note

for information on future commitments related to our operating leases; the present value of these leases will be recognized on our balance sheet upon implementation of the new guidance. We are currently evaluating the potential impact of implementing this update on our consolidated financial statements.

August 2017,

the FASB issued ASU

No.

2017

Derivatives and Hedging (Topic

815

): Targeted Improvements to Accounting for Hedging Activities. The objective of the update is to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements, and simplify the application of existing hedge accounting guidance. The update is effective for fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of implementing this update on our consolidated financial statements.