Segment Information

9 Months Ended

Sep. 30, 2015

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. The financial results for the Stillwater Mine and the East Boulder Mine have been consolidated, as both have similar products, processes, customers, distribution methods and economic characteristics.

The PGM Recycling segment is engaged in the recycling of spent catalyst materials to recover the PGMs contained in the materials. The Company purchases the majority of catalyst materials processed by the PGM Recycling segment from third-party suppliers for its own account and sells the recovered metals directly, and it also accepts catalyst materials from third-parties on a tolling basis, processing it for a fee and returning the recovered metals to the supplier. The Company allocates costs of the Company's smelting and base metal refining facilities to both the Mine Production segment and to the PGM Recycling segment for internal and segment reporting purposes because these facilities support the PGM extraction requirements of both business segments.

The Canadian Properties segment consists of the Marathon mineral property assets. The exploration-stage Marathon mineral properties include a large PGM and copper deposit located near the town of Marathon, Ontario, Canada as well as additional mineral properties located adjacent to the Marathon properties.

The South American Properties segment consists of the Peregrine Metals Ltd. assets. The principal Peregrine property is the Altar property, an exploration-stage copper-gold resource located in the San Juan province of Argentina.

The All Other group primarily consists of assets, including investments, revenues, and expenses of various corporate and support functions.

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 September 30, 2015	Mine Production		PGM Recycling		Canadian Properties *						All Other			Total
Revenues	$	86,359	$	81,982	$	—		$	—		$	100		$	168,441
Depletion, depreciation and amortization	$	15,132	$	230	$	—		$	—		$	—		$	15,362
General and administrative expenses	$	—	$	—	$	275		$	100		$	8,536		$	8,911
Interest income	$	—	$	437	$	1		$	4		$	324		$	766
Interest expense	$	—	$	—	$	—		$	—		$	5,097		$	5,097
Income (loss) before income taxes	$	2,224	$	3,261	$	(577	)	$	(339	)	$	(19,062	)	$	(14,493	)
Capital expenditures	$	24,661	$	57	$	—		$	—		$	450		$	25,168
Total assets	$	608,198	$	3,390	$	27,078		$	104,265		$	574,256		$	1,317,187

* Total assets includes cash and cash equivalents of $17.1 million.

(In thousands)								South American Properties
Three Months Ended September 30, 2014	Mine Production		PGM Recycling		Canadian Properties					All Other			Total
Revenues	$	137,067	$	109,509	$	—		$	—	$	5,490		$	252,066
Depletion, depreciation and amortization	$	16,923	$	258	$	—		$	—	$	—		$	17,181
General and administrative expenses *	$	—	$	—	$	794		$	17	$	9,240		$	10,051
Interest income	$	—	$	681	$	1		$	13	$	236		$	931
Interest expense	$	—	$	—	$	—		$	—	$	6,018		$	6,018
Income (loss) before income taxes	$	34,904	$	3,131	$	(1,205	)	$	748	$	(14,124	)	$	23,454
Capital expenditures	$	32,604	$	28	$	—		$	2	$	624		$	33,258
Total assets	$	584,538	$	88,411	$	76,678		$	107,909	$	526,923		$	1,384,459

* The Company reclassified Marketing expenses into General and administrative for All Other for the three-month period ended September 30, 2014, for presentation purposes.

(In thousands)								South American Properties
Nine Months Ended September 30, 2015	Mine Production		PGM Recycling		Canadian Properties *						All Other			Total
Revenues	$	331,065	$	222,980	$	—		$	—		$	300		$	554,345
Depletion, depreciation and amortization	$	48,943	$	738	$	—		$	—		$	—		$	49,681
General and administrative expenses	$	—	$	—	$	790		$	454		$	26,408		$	27,652
Interest income	$	—	$	1,256	$	7		$	23		$	906		$	2,192
Interest expense	$	—	$	—	$	—		$	—		$	15,713		$	15,713
Income (loss) before impairment charge and income taxes	$	52,446	$	7,424	$	(1,364	)	$	(1,216	)	$	(46,805	)	$	10,485
Impairment charge	$	—	$	—	$	46,772		$	—		$	—		$	46,772
Income (loss) after impairment charge, before income taxes	$	52,446	$	7,424	$	(48,136	)	$	(1,216	)	$	(46,805	)	$	(36,287	)
Capital expenditures	$	77,370	$	221	$	—		$	46		$	5,749		$	83,386
Total assets	$	608,198	$	3,390	$	27,078		$	104,265		$	574,256		$	1,317,187

* Total assets includes cash and cash equivalents of $17.1 million.

(In thousands)								South American Properties
Nine Months Ended September 30, 2014	Mine Production		PGM Recycling		Canadian Properties					All Other			Total
Revenues	$	409,967	$	305,760	$	—		$	—	$	5,725		$	721,452
Depletion, depreciation and amortization	$	49,373	$	761	$	—		$	—	$	—		$	50,134
General and administrative expenses *	$	—	$	—	$	2,783		$	339	$	24,895		$	28,017
Interest income	$	—	$	1,998	$	3		$	44	$	705		$	2,750
Interest expense	$	—	$	—	$	—		$	—	$	17,737		$	17,737
Income (loss) before income taxes	$	107,864	$	9,225	$	(3,843	)	$	2,841	$	(45,646	)	$	70,441
Capital expenditures	$	84,335	$	155	$	—		$	2	$	2,546		$	87,038
Total assets	$	584,538	$	88,411	$	76,678		$	107,909	$	526,923		$	1,384,459

* The Company reclassified Research and development and Marketing expenses into General and administrative for All Other for the nine-month period ended September 30, 2014, for presentation purposes.