Segment Information

3 Months Ended

Mar. 31, 2016

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 has agreements in place to sell its PGMs from mine production. 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 materials to recover the PGMs contained in the materials. The Company purchases 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 March 31, 2016	Mine Production		PGM Recycling		Canadian Properties						All Other			Total
Revenues	$	85,802	$	47,736	$	—		$	—		$	100		$	133,638
Depletion, depreciation and amortization	$	17,069	$	191	$	—		$	—		$	—		$	17,260
General and administrative expenses	$	—	$	—	$	136		$	308		$	7,853		$	8,297
Interest income	$	—	$	293	$	—		$	1		$	416		$	710
Interest expense	$	—	$	—	$	—		$	—		$	4,182		$	4,182
Income (loss) before income taxes	$	1,291	$	1,793	$	(168	)	$	(1,243	)	$	(12,164	)	$	(10,491	)
Capital expenditures	$	18,435	$	10	$	—		$	—		$	397		$	18,842
Total assets	$	621,003	$	33,349	$	26,327		$	105,749		$	488,811		$	1,275,239

(In thousands)								South American Properties
Three Months Ended March 31, 2015	Mine Production		PGM Recycling		Canadian Properties						All Other			Total
Revenues	$	125,738	$	74,682	$	—		$	—		$	100		$	200,520
Depletion, depreciation and amortization	$	16,869	$	252	$	—		$	—		$	—		$	17,121
General and administrative expenses	$	—	$	—	$	235		$	182		$	7,928		$	8,345
Interest income	$	—	$	403	$	3		$	14		$	283		$	703
Interest expense	$	—	$	—	$	—		$	—		$	5,304		$	5,304
Income (loss) before income taxes	$	28,828	$	2,127	$	(433	)	$	(773	)	$	(12,904	)	$	16,845
Capital expenditures	$	25,548	$	59	$	—		$	—		$	2,295		$	27,902
Total assets	$	607,117	$	57,740	$	74,734		$	105,795		$	563,657		$	1,409,043