Segment Information

3 Months Ended

Mar. 31, 2013

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 and in open PGM markets. The financial results for 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 requirements 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 the Marathon project mineral property) and the Coldwell Complex exploration mineral properties. The Marathon project mineral property is a large PGM and copper deposit located near the town of Marathon, Ontario, Canada. The Marathon project is currently in the environmental review and permitting stage and will not be in production for several years. The Coldwell Complex exploration mineral properties are located adjacent to the Marathon property. Financial information for this segment 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 is the Altar project, a copper-gold resource, located in the San Juan province of Argentina. The Peregrine project is currently in the exploration stage. Financial information for this segment consists of total asset values, general and administrative costs and exploration costs.

The All Other group primarily consists of assets, including short term investments, revenues, and expenses of various corporate and support functions and the marketing expenditures related to promoting palladium.

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
Three Months Ended March 31, 2013	Mine Production		PGM Recycling		Canadian Properties						All Other			Total
Revenues	$	128,314	$	122,334	$	—		$	—		$	—		$	250,648
Depletion, depreciation and amortization	$	15,025	$	258	$	—		$	—		$	—		$	15,283
General and administrative expenses	$	—	$	—	$	391		$	1,121		$	13,675		$	15,187
Interest income	$	—	$	817	$	5		$	109		$	269		$	1,200
Interest expense	$	—	$	—	$	—		$	—		$	6,652		$	6,652
Income (loss) before income taxes	$	37,536	$	6,031	$	(851	)	$	(1,164	)	$	(22,398	)	$	19,154
Capital expenditures	$	24,660	$	50	$	2,988		$	94		$	1,614		$	29,406
Total assets	$	485,640	$	114,656	$	258,032		$	407,235		$	492,902		$	1,758,465

(In thousands)								South American Properties
Three Months Ended March 31, 2012	Mine Production		PGM Recycling		Canadian Properties						All Other			Total
Revenues	$	116,704	$	86,347	$	—		$	—		$	—		$	203,051
Depletion, depreciation and amortization	$	14,404	$	268	$	—		$	—		$	—		$	14,672
General and administrative expenses	$	—	$	—	$	725		$	1,970		$	9,783		$	12,478
Interest income	$	—	$	540	$	5		$	74		$	26		$	645
Interest expense	$	—	$	—	$	—		$	—		$	1,715		$	1,715
Income (loss) before income taxes	$	28,276	$	2,354	$	(3,645	)	$	(8,991	)	$	(14,358	)	$	3,636
Capital expenditures	$	20,414	$	31	$	1,758		$	—		$	517		$	22,720
Total assets	$	425,200	$	74,939	$	195,280		$	432,521		$	207,817		$	1,335,757