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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Adjustments to Comprehensive income (Loss)
The following table presents the components of Fair value adjustments, net:
 
 
Year ended December 31,
In thousands
 
2015
 
2014
 
2013
Palmarejo royalty obligation embedded derivative
 
$
3,101

 
$
(2,001
)
 
$
76,200

Rochester net smelter royalty (NSR) royalty obligation
 
818

 
3,653

 
416

Silver and gold options
 
1,283

 
1,058

 
7,119

Foreign exchange contracts
 
—

 
908

 
(967
)
Fair value adjustments, net
 
$
5,202

 
$
3,618

 
$
82,768
Financial assets and liabilities measured at fair value on recurring basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
 
Fair Value at December 31, 2015
In thousands
Total
 
Level 1
 
Level 2
 
Level 3  
Assets:
 
 
 
 
 
 
 
Equity securities
$
2,766

 
$
2,756

 
$
—

 
$
10

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
4,957

 
$
—

 
$
—

 
$
4,957

Rochester NSR royalty obligation
9,593

 
—

 
—

 
9,593

Other derivative instruments, net
508

 
—

 
508

 
—

 
$
15,058

 
$
—

 
$
508

 
$
14,550


 
 
Fair Value at December 31, 2014
In thousands
Total
 
Level 1
 
Level 2
 
Level 3  
Assets:
 
 
 
 
 
 
 
Equity securities
$
5,982

 
$
4,603

 
$
—

 
$
1,379

Silver and gold options
3,882

 
—

 
3,882

 
—

 
$
9,864

 
$
4,603

 
$
3,882

 
$
1,379

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
21,912

 
$
—

 
$
—

 
$
21,912

Rochester NSR royalty obligation
15,370

 
—

 
—

 
15,370

Silver and gold options
1,039

 
—

 
1,039

 
—

Other derivative instruments, net
805

 
—

 
805

 
—

 
$
39,126

 
$
—

 
$
1,844

 
$
37,282
Changes in the fair value of the Company's Level 3 financial liabilities
The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the years ended December 31, 2015 and 2014:
 
Year ended December 31, 2015
In thousands
Balance at the beginning of the period
 
Revaluation
 
Settlements
 
Balance at the
end of the
period
Assets:
 
 
 
 
 
 
 
Equity securities
$
1,379

 
$
(983
)
 
$
(386
)
 
$
10

Liabilities:
 
 
 
 
 
 
 
Palmarejo royalty obligation embedded derivative
$
21,912

 
$
(3,101
)
 
$
(13,854
)
 
$
4,957

Rochester NSR royalty obligation
$
15,370

 
(818
)
 
(4,959
)
 
$
9,593


 
Year ended December 31, 2014
In thousands
Balance at the beginning of the period
 
Additions
 
Revaluation
 
Settlements
 
Transfers from Level 1
 
Balance at the
end of the
period
Palmarejo royalty obligation embedded derivative
$
40,338

 
$
—

 
$
2,001

 
$
(20,427
)
 
$
—

 
$
21,912

Rochester NSR royalty obligation
21,630

 
—

 
(3,653
)
 
(2,607
)
 
—

 
15,370

Equity securities
—

 
69

 
(55
)
 
—

 
1,365

 
1,379
Fair Value Inputs, Assets, Quantitative Information
The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements:
Description
Valuation technique
Unobservable input
Range / Weighted Average
Property, plant, and equipment and Mining properties
Discounted cash flow
Discount rate
8.00% - 10.75%
 
 
Long-term silver price
$19.00
 
 
Long-term gold price
$1,275
The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements:
Description
Valuation technique
Unobservable input
Range / Weighted Average
Property, plant, and equipment and Mining properties
Discounted cash flow
Discount rate
8.50% - 10.50%
 
 
Long-term silver price
$25.00
 
 
Long-term gold price
$1,450
The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements:
Description
Valuation technique
Unobservable input
Range / Weighted Average
Property, plant, and equipment and Mining properties
Discounted cash flow
Discount rate
7.50% - 11.00%
 
 
Long-term silver price
$17.50
 
 
Long-term gold price
$1,200
Financial Assets and Liabilities not Measured at Fair Value
The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2015 and December 31, 2014 is presented in the following table:
 
December 31, 2015
In thousands
Book Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3  
Liabilities:
 
 

 
 
 
 
 
 
3.25% Convertible Senior Notes due 2028
$
712

 
$
693

 
$
—

 
$
693

 
$
—

7.875% Senior Notes due 2021(1)
373,433

 
227,487

 
—

 
227,487

 
—

Term Loan due 2020(2)
94,489

 
99,500

 
—

 
99,500

 
—

San Bartolomé Lines of Credit
4,571

 
4,571

 
—

 
4,571

 
—

Palmarejo gold production royalty obligation
15,207

 
15,580

 
—

 
—

 
15,580


(1)
Net of unamortized debt issuance costs and premium received of $5.3 million.
(2)
Net of unamortized debt issuance costs of $5.0 million.
 
December 31, 2014
In thousands
Book Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3  
Liabilities:
 
 
 
 
 
 
 
 
 
3.25% Convertible Senior Notes due 2028
$
5,334

 
$
4,979

 
$
—

 
$
4,979

 
$
—

7.875% Senior Notes due 2021(1)
427,603

 
343,305

 
—

 
343,305

 
—

San Bartolomé Lines of Credit
14,785

 
14,785

 
—

 
14,785

 
—

Palmarejo gold production royalty obligation
34,047

 
38,290

 
—

 
—

 
38,290


(1)
Net of unamortized debt issuance costs and premium received of $7.3 million.