Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At June 30, 2021, the Company had the following derivative instruments that settle as follows:

In thousands except average prices and notional ounces	2021		2022 and Thereafter
Provisional gold sales contracts	$	26,614	$	—
Average gold price per ounce	$	1,858	$	—
Notional ounces	14,324		—

At June 30, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows:

In thousands except average prices and notional ounces	2021		2022 and Thereafter
Gold put options
Average gold strike price per ounce	$	1,600	$	1,630
Notional ounces	79,350		132,000
Gold call options
Average gold strike price per ounce	$	1,882	$	2,038
Notional ounces	79,350		132,000
Foreign currency forward exchange contracts - Mexican Peso
Average Mexican Peso exchange rate	$	25.28	$	—
Notional US dollar	$	30,000	$	—

Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments:

	June 30, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	137	$	420
Exchange agreement embedded derivative	—		9,269
	$	137	$	9,689

	December 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	481	$	67

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:

	June 30, 2021
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	—	$	78
Foreign currency forward exchange contracts	7,535		—
	$	7,535	$	78

	December 31, 2020
In thousands	Prepaid expenses and other		Accrued liabilities and other
Gold zero cost collars	$	—	$	24,883
Foreign currency forward exchange contracts	13,747		—
	$	13,747	$	24,883

    The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in Accumulated Other Comprehensive Income (“AOCI”) and the Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020, respectively (in thousands).

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amount of Gain (Loss) Recognized in AOCI
Gold zero cost collars	$	(4,571)	$	(14,490)	$	23,976	$	(14,349)
Foreign currency forward exchange contracts	1,589		7,393		400		7,458
	$	(2,982)	$	(7,097)	$	24,376	$	(6,891)
Amount of (Gain) Loss Reclassified From AOCI to Earnings
Gold zero cost collars	$	437	$	—	$	828	$	—
Foreign currency forward exchange contracts	(3,498)		(679)		(6,611)		(679)
	$	(3,061)	$	(679)	$	(5,783)	$	(679)

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2021 and 2020, respectively (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Financial statement line	Derivative	2021		2020		2021		2020
Revenue	Provisional metal sales contracts	$	(137)	$	713	$	(697)	$	1,213
Fair value adjustments, net	Exchange agreement embedded derivative	664		—		664		—
		$	527	$	713	$	(33)	$	1,213