2.2.0.25falsefalse10801 - Disclosure - Segment Informationtruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif;">
<div style="margin-top: 18pt; font-size: 10pt;" align="center"><b>NOTE 8<br />SEGMENT INFORMATION</b> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The Company operates three reportable business segments: Mine Production, PGM Recycling and Canadian Properties. These segments are managed separately based on fundamental differences in their operations. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> 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 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. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> 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. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The Canadian Properties segment consists of the Marathon PGM assets (the majority of which is mineral property) purchased in late 2010 and the Bermuda exploration mineral property purchased in February 2011. 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 March 31, 2011, consists of total asset values, general and administrative costs, exploration costs and capital expenditures as the properties are developed. </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The All Other group primarily consists of assets, revenues, and expenses of various corporate and support functions.</div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left">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: </div></div>
<div style="font-family: 'Times New Roman',Times,serif;">
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr valign="bottom"><td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td nowrap="nowrap" align="left"><b>(in thousands)</b></td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"><b>Mine</b></td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"><b>PGM</b></td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"><b>Canadian</b></td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"><b>All</b></td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"> </td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="left"><b>Three Months Ended March 31, 2011</b></td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>Production</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>Recycling</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>Properties</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>Other</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center"><b>Total</b></td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Revenues</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">121,980</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">48,081</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">170,061</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Depreciation and amortization</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">15,801</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">262</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">16,063</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Interest income</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">375</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">407</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">782</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Interest expense</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,635</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,635</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Income (loss) before income taxes</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">45,948</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,890</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(274</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(8,288</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">40,276</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Capital expenditures</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">15,255</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,840</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,185</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Total assets</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">397,711</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">80,158</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">190,245</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">306,432</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">974,546</td>
<td> </td></tr></table></div>
<table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr valign="bottom"><td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td nowrap="nowrap" align="left">(in thousands)</td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center">Mine</td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center">PGM</td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center">Canadian</td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center">All</td>
<td> </td>
<td> </td>
<td colspan="2" nowrap="nowrap" align="center"> </td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="left">Three Months Ended March 31, 2010</td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center">Production</td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center">Recycling</td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center">Properties</td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center">Other</td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" nowrap="nowrap" align="center">Total</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Revenues</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">95,199</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">33,650</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,622</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">133,471</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Depreciation and amortization</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">18,457</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">18,501</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Interest income</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">288</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">113</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">401</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Interest expense</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,633</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,633</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Income (loss) before income taxes</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">19,096</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,899</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(8,403</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td align="left">$</td>
<td align="right">13,592</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Capital expenditures</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,405</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,259</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,727</td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="text-indent: -15px; margin-left: 15px;">Total assets</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">399,760</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">39,896</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">308,771</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">748,427</td>
<td> </td></tr></table></div>
<div> </div>
<div> </div> </div>NOTE 8SEGMENT INFORMATION
The Company operates three reportable business segments: Mine Production, PGM Recycling and Canadianfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
falsefalse
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