Segment Information

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company operates five reportable business segments: Mine Production, PGM Recycling, Canadian Properties, South American Properties and All Other. These segments are managed separately based on fundamental differences in their operations and geographic separation.

The Mine Production segment consists of two business components: the Stillwater Mine and the East Boulder Mine. The Mine Production segment is engaged in the development, extraction, processing and refining of PGMs. The Company sells PGMs from mine production under short-term and long-term sales agreements, through derivative financial instruments and in open PGM markets. The financial results of the Stillwater Mine and the East Boulder Mine have been aggregated, as both have similar products, processes, customers, distribution methods and economic characteristics.

The PGM Recycling segment is engaged in the recycling of spent catalyst material to recover the PGMs contained in the material. The Company allocates costs of the smelter and base metal refinery to both the Mine Production segment and to the PGM Recycling segment for internal and segment reporting purposes because the Company’s smelting and refining facilities support the PGM extraction of both business segments. The Company also accepts material supplied from third parties on a tolling basis, processing it for a fee and returning the recovered metals to the supplier.

The Canadian Properties segment consists of the Marathon PGM assets (the majority of which is mineral property) and the Bermuda exploration mineral property. The principal Marathon property acquired is a large PGM and copper deposit located near the town of Marathon, Ontario, Canada. The Marathon deposit is currently in the permitting stage and will not be in production for several years. The Bermuda exploration mineral property is located adjacent to the Marathon property. Financial information available for this segment of the Company as of June 30, 2012, consists of total asset values, general and administrative costs, exploration costs and capital expenditures as the properties are developed.

The South American Properties segment consists of the Peregrine Metals Ltd. assets. The principal Peregrine property acquired is a copper-gold discovery, located in the San Juan province of Argentina. The Peregrine deposit is currently in the exploration stage. Financial information available for this segment of the Company consists of total asset values, general and administrative costs and exploration costs.

The All Other group primarily consists of assets, revenues, and expenses of various corporate and support functions.

The Company evaluates performance and allocates resources based on income or loss before income taxes.

The following financial information relates to the Company’s business segments:

(in thousands)								South American Properties
	Mine Production		PGM Recycling		Canadian Properties					All Other			Total
Three Months Ended June 30, 2012
Revenues	$	116,190	$	96,585	$	—		$	—	$	—		$	212,775
Depletion, depreciation and amortization	$	14,601	$	261	$	—		$	—	$	—		$	14,862
Interest income	$	—	$	649	$	4		$	48	$	89		$	790
Interest expense	$	—	$	—	$	12		$	—	$	1,141		$	1,153
Income (loss) before income taxes	$	26,296	$	3,674	$	(1,247	)	$	1,443	$	(12,547	)	$	17,619
Capital expenditures	$	33,410	$	23	$	1,565		$	—	$	1,595		$	36,593
Total assets	$	441,090	$	61,349	$	246,449		$	427,748	$	359,271		$	1,535,907

(in thousands)								South American Properties
Three Months Ended June 30, 2011	Mine Production		PGM Recycling		Canadian Properties					All Other			Total
Revenues	$	139,733	$	82,872	$	—		$	—	$	—		$	222,605
Depletion, depreciation and amortization	$	15,395	$	265	$	—		$	—	$	—		$	15,660
Interest income	$	—	$	544	$	—		$	—	$	407		$	951
Interest expense	$	—	$	—	$	—		$	—	$	1,637		$	1,637
Income (loss) before income taxes	$	59,451	$	3,449	$	(766	)	$	—	$	(13,699	)	$	48,435
Capital expenditures	$	21,492	$	39	$	1,510		$	—	$	69		$	23,110
Total assets	$	402,990	$	89,855	$	192,859		$	—	$	353,233		$	1,038,937

(in thousands)								South American Properties
Six Months Ended June 30, 2012	Mine Production		PGM Recycling		Canadian Properties						All Other			Total
Revenues	$	232,894	$	182,932	$	—		$	—		$	—		$	415,826
Depletion, depreciation and amortization	$	29,005	$	529	$	—		$	—		$	—		$	29,534
Interest income	$	—	$	1,189	$	9		$	122		$	115		$	1,435
Interest expense	$	—	$	—	$	12		$	—		$	2,856		$	2,868
Income (loss) before income taxes	$	54,572	$	6,028	$	(4,892	)	$	(7,548	)	$	(26,905	)	$	21,255
Capital expenditures	$	53,824	$	54	$	3,323		$	—		$	2,112		$	59,313
Total assets	$	441,090	$	61,349	$	246,449		$	427,748		$	359,271		$	1,535,907

(in thousands)								South American Properties
Six Months Ended June 30, 2011	Mine Production		PGM Recycling		Canadian Properties					All Other			Total
Revenues	$	261,713	$	130,953	$	—		$	—	$	—		$	392,666
Depletion, depreciation and amortization	$	31,196	$	527	$	—		$	—	$	—		$	31,723
Interest income	$	—	$	919	$	—		$	—	$	814		$	1,733
Interest expense	$	—	$	—	$	—		$	—	$	3,272		$	3,272
Income (loss) before income taxes	$	105,399	$	6,339	$	(1,040	)	$	—	$	(21,987	)	$	88,711
Capital expenditures	$	36,747	$	64	$	9,350		$	—	$	134		$	46,295
Total assets	$	402,990	$	89,855	$	192,859		$	—	$	353,233		$	1,038,937