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Derivative Financial Instruments and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments Settlement
As of September 30, 2012, the Company had the following derivative instruments that settle in each of the years indicated in the table (in thousands except average prices, ounces and notional data):
 
Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments as of September 30, 2012 and December 31, 2011 (in thousands):
 
September 30, 2012
 
Prepaid
expenses and
other
 
Accrued
liabilities and
other
 
Other long-
term
liabilities
 
Current
portion of
royalty
obligation
 
Non-current
portion of
royalty
obligation
Silver ounces receivable from Mandalay
$
676

 
$
—

 
$
—

 
$
—

 
$
—

Forward foreign exchange contracts
286

 
80

 
—

 
—

 
—

Palmarejo gold production royalty
—

 
—

 
—

 
46,005

 
124,148

Put and call options, net
—

 
2,840

 
13,915

 
—

 
—

Concentrate sales contracts
1,239

 
5

 
—

 
—

 
—

 
$
2,201

 
$
2,925

 
$
13,915

 
$
46,005

 
$
124,148


 
September 30, 2012
 
Prepaid
expenses and
other
 
Accrued
liabilities and
other
 
Other long-
term
liabilities
 
Current
portion of
royalty
obligation
 
Non-current
portion of
royalty
obligation
Silver ounces receivable from Mandalay
$
676

 
$
—

 
$
—

 
$
—

 
$
—

Forward foreign exchange contracts
286

 
80

 
—

 
—

 
—

Palmarejo gold production royalty
—

 
—

 
—

 
46,005

 
124,148

Put and call options, net
—

 
2,840

 
13,915

 
—

 
—

Concentrate sales contracts
1,239

 
5

 
—

 
—

 
—

 
$
2,201

 
$
2,925

 
$
13,915

 
$
46,005

 
$
124,148
Gain losses on derivative instruments
The following represent mark-to-market gains (losses) on derivative instruments for the three and nine months ended September 30, 2012 and 2011 (in thousands):
 
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
Financial statement line
Derivative
 
2012
 
2011
 
2012
 
2011
Sales of metal
Concentrate sales contracts
 
$
1,591

 
$
1,466

 
$
2,050

 
$
4,339

Production costs applicable to sales
Forward foreign exchange contracts
 
394

 
(65
)
 
(1,540
)
 
1,045

Fair value adjustments, net
Gold lease facility
 
—

 
—

 
—

 
(132
)
Fair value adjustments, net
Forward foreign exchange contracts
 
621

 
(4,089
)
 
3,394

 
(3,791
)
Fair value adjustments, net
Forward gold contract
 
—

 
—

 
—

 
35

Fair value adjustments, net
Silver ounces receivable
 
280

 
(554
)
 
302

 
(90
)
Fair value adjustments, net
Palmarejo gold royalty
 
(34,266
)
 
(26,464
)
 
(45,771
)
 
(46,505
)
Fair value adjustments, net
Put and call options
 
(4,283
)
 
(22,244
)
 
(2,647
)
 
(20,568
)
 
 
 
$
(35,663
)
 
$
(51,950
)
 
$
(44,212
)
 
$
(65,667
)