Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 05, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COEUR MINING, INC. | ||
Entity Central Index Key | 215,466 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q4 | ||
Trading Symbol | CDE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 185,442,526 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,538,261,285 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||
Revenues | $ 214,585 | $ 159,919 | $ 149,540 | $ 185,554 | $ 139,204 | $ 148,762 | $ 156,822 | $ 127,109 | $ 709,598 | $ 571,897 | $ 561,407 | |||
COSTS AND EXPENSES | ||||||||||||||
Costs applicable to sales | 121,982 | 101,559 | 102,229 | 114,490 | 84,903 | 84,594 | 81,820 | 84,058 | 440,260 | [1] | 335,375 | [1] | 403,827 | [1] |
Amortization | 44,722 | 32,401 | 30,733 | 38,693 | 28,625 | 26,040 | 35,653 | 26,210 | 146,549 | 116,528 | 125,953 | |||
General and administrative | 33,616 | 29,275 | 32,636 | |||||||||||
Exploration | 7,454 | 9,792 | 7,813 | 5,252 | 5,260 | 3,706 | 2,233 | 1,731 | 30,311 | 12,930 | 11,521 | |||
Write-downs | 0 | 4,446 | 246,625 | |||||||||||
Pre-development, reclamation, and other | 18,936 | 14,411 | 16,204 | |||||||||||
Total costs and expenses | 669,672 | 512,965 | 836,766 | |||||||||||
OTHER INCOME (EXPENSE), NET | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (9,342) | (21,365) | 15,916 | |||||||||||
Fair value adjustments, net, pretax | (864) | (11,581) | 5,202 | |||||||||||
Interest expense, net of capitalized interest | (16,440) | (36,896) | (44,978) | |||||||||||
Other, net | 26,643 | 98 | (17,667) | |||||||||||
Total other income (expense), net | (3) | (69,744) | (41,527) | |||||||||||
Total | 39,923 | (10,812) | (316,886) | |||||||||||
Income and mining tax benefit (expense) | (28,998) | 33,247 | 29,075 | |||||||||||
Income (loss) from continuing operations | 14,349 | (11,728) | (9,995) | 18,299 | (10,328) | 46,123 | 8,280 | (21,640) | 10,925 | 22,435 | (287,811) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (6,724) | (4,924) | (960) | 364 | 2,020 | 23,436 | 6,217 | 1,244 | (12,244) | 32,917 | (79,372) | |||
Net income (loss) | $ 7,625 | $ (16,652) | $ (10,955) | $ 18,663 | $ (8,308) | $ 69,559 | $ 14,497 | $ (20,396) | (1,319) | 55,352 | (367,183) | |||
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||||||||||||
Unrealized gain (loss) on equity securities, net of tax of ($767) for the year ended December 31, 2016 | 3,227 | 3,222 | (4,154) | |||||||||||
Reclassification adjustments for impairment of equity securities | 426 | 703 | 2,346 | |||||||||||
Reclassification adjustments for realized (gain) loss on sale of equity securities | 1,354 | (2,691) | 894 | |||||||||||
Other comprehensive income (loss) | 5,007 | 1,234 | (914) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ 3,688 | $ 56,586 | $ (368,097) | |||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.08 | $ (0.06) | $ (0.05) | $ 0.10 | $ (0.06) | $ 0.29 | $ 0.05 | $ (0.15) | $ 0.06 | $ 0.14 | $ (2.22) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.04) | (0.03) | (0.01) | 0 | 0.01 | 0.14 | 0.04 | 0.01 | (0.07) | 0.21 | (0.61) | |||
NET INCOME (LOSS) PER SHARE | ||||||||||||||
Basic (in dollars per share) | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.43 | 0.09 | (0.14) | (0.01) | 0.35 | (2.83) | |||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.42 | 0.09 | (0.14) | 0.06 | 0.14 | (2.22) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.08 | (0.06) | (0.05) | 0.10 | (0.06) | 0.28 | 0.05 | (0.15) | (0.07) | 0.20 | (0.61) | |||
Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.01) | $ 0 | $ 0.01 | $ 0.14 | $ 0.04 | $ 0.01 | $ (0.01) | $ 0.34 | $ (2.83) | |||
[1] | Excludes amortization. |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized gain (loss) on equity securities, tax | $ 0 | $ 767 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ (1,319) | $ 55,352 | $ (367,183) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 12,244 | (32,917) | 79,372 | |
Adjustments: | ||||
Amortization | 146,549 | 116,528 | 125,953 | |
Accretion | 9,980 | 9,142 | 13,332 | |
Deferred income taxes | (13,888) | (54,184) | (38,496) | |
Loss on Extinguishment of Debt | 9,342 | 21,365 | (15,916) | |
Fair value adjustments, net | 864 | 11,581 | (5,202) | |
Stock-based compensation | 10,541 | 9,715 | 9,272 | |
Gain on sale of the Joaquin project | (21,138) | 0 | 0 | |
Write-downs | 0 | 4,446 | 246,625 | |
Foreign exchange and other | (7,974) | 356 | 18,983 | |
Changes in operating assets and liabilities: | ||||
Receivables | 18,895 | (2,783) | (5,022) | |
Prepaid expenses and other current assets | (2,015) | (4,420) | 5,702 | |
Inventories | 23,517 | (34,610) | 15,578 | |
Accounts payable and accrued liabilities | 11,562 | (3,110) | 4,414 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 197,160 | 96,461 | 87,412 | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 11,296 | 29,356 | 26,130 | |
Net Cash Provided by (Used in) Operating Activities | 208,456 | 125,817 | 113,542 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (136,734) | (94,382) | (88,973) | |
Payments to Acquire Businesses, Net of Cash Acquired | (156,248) | (1,417) | (110,846) | |
Proceeds from the sale of assets | 16,705 | 16,296 | 607 | |
Purchase of short term investments and equity securities | (15,058) | (178) | (1,880) | |
Sales and maturities of short-term investments | 11,321 | 7,077 | 605 | |
Other | (217) | (4,208) | (4,586) | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (280,231) | (76,812) | (205,073) | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (1,392) | (6,631) | (6,220) | |
CASH USED IN INVESTING ACTIVITIES | (281,623) | (83,443) | (211,293) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from Issuance of Common Stock | 0 | 269,556 | 0 | |
Proceeds from Issuance of Unsecured Debt | 342,620 | 0 | 150,000 | |
Payments on long-term debt, capital leases, and associated costs | (203,045) | (318,153) | (70,603) | |
Gold production royalty payments | 0 | (27,155) | (39,235) | |
Other | (3,746) | 172 | (542) | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 135,829 | (75,580) | 39,620 | |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (84) | (4,648) | (10,612) | |
Net Cash Provided by (Used in) Financing Activities | 135,745 | (80,228) | 29,008 | |
Effect of exchange rate changes on cash and cash equivalents | 203 | (678) | (1,404) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 62,781 | (38,532) | (70,147) | |
Cash and cash equivalents at beginning of period | 118,312 | 158,420 | 240,119 | |
Cash and cash equivalents at end of period | 192,032 | 118,312 | 158,420 | |
Net Cash Provided by (Used in) Discontinued Operations | [1] | (10,939) | 1,576 | 11,552 |
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 73,720 | (40,108) | (81,699) | |
Net subsidiary payments to parent company | $ 20,759 | $ 16,501 | ||
Net parent company payments to subsidiary | $ 2,254 | |||
[1] | Less net cash provided by (used in) discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $20,759, $16,501 during the years ended December 31, 2017, 2016, respectively, and net parent company payments to subsidiary of $2,254 during the year ended December 31, 2015. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 192,032 | $ 118,312 |
Receivables | 19,069 | 53,415 |
Inventory | 58,230 | 93,436 |
Ore on leach pads | 73,752 | 64,167 |
Prepaid expenses and other | 15,053 | 10,015 |
Disposal Group, Including Discontinued Operation, Assets, Current | 91,421 | 71,442 |
Current assets | 449,557 | 410,787 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 254,737 | 193,423 |
Mining properties, net | 829,569 | 550,290 |
Ore on leach pads, noncurrent | 65,393 | 67,231 |
Restricted assets | 20,847 | 17,597 |
Equity and debt securities | 34,837 | 4,488 |
Receivables | 28,750 | 13,745 |
Other | 17,485 | 12,585 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 48,763 |
TOTAL ASSETS | 1,701,175 | 1,318,909 |
CURRENT LIABILITIES | ||
Accounts payable | 48,592 | 44,660 |
Accrued liabilities and other | 94,930 | 36,445 |
Debt | 30,753 | 11,955 |
Royalty obligations | 0 | 4,995 |
Reclamation | 3,777 | 3,109 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 50,677 | 15,470 |
Current liabilities | 228,729 | 116,634 |
NON-CURRENT LIABILITIES | ||
Debt | 380,569 | 198,682 |
Royalty obligations | 0 | 4,292 |
Reclamation | 117,055 | 85,592 |
Deferred tax liabilities | 105,148 | 69,811 |
Other long-term liabilities | 54,697 | 41,654 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 33,757 |
Non-current liabilities | 657,469 | 433,788 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | 1,856 | 1,809 |
Additional paid-in capital | 3,357,345 | 3,314,590 |
Accumulated other comprehensive income (loss) | 2,519 | (2,488) |
Accumulated deficit | (2,546,743) | (2,545,424) |
Stockholders' equity | 814,977 | 768,487 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,701,175 | $ 1,318,909 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 185,637,724 | 180,933,287 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | JDS Silver [Member] | JDS Silver [Member]Common Stock | JDS Silver [Member]Additional Paid-In Capital | Paramount Gold and Silver Corp. | Paramount Gold and Silver Corp.Common Stock | Paramount Gold and Silver Corp.Additional Paid-In Capital |
Balances at Dec. 31, 2014 | $ 554,328 | $ 1,034 | $ 2,789,695 | $ (2,233,593) | $ (2,808) | ||||||
Balances, in shares at Dec. 31, 2014 | 103,384 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (367,183) | (367,183) | |||||||||
Other comprehensive income (loss) | (914) | (914) | |||||||||
Stock Issued During Period, Shares, Acquisitions | 32,667 | ||||||||||
Stock Issued During Period, Value, Acquisitions | $ 188,817 | $ 327 | $ 188,490 | ||||||||
Stock Issued During Period, Shares, Extinguishment of Debt | 14,365 | ||||||||||
Stock Issued During Period, Value, Extinguishment of Debt | 38,523 | $ 144 | 38,379 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 923 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 7,905 | $ 8 | 7,897 | ||||||||
Balances at Dec. 31, 2015 | 421,476 | $ 1,513 | 3,024,461 | (2,600,776) | (3,722) | ||||||
Balances, in shares at Dec. 31, 2015 | 151,339 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 55,352 | 55,352 | |||||||||
Other comprehensive income (loss) | 1,234 | 1,234 | |||||||||
Stock Issued During Period, Shares, Extinguishment of Debt | 739 | ||||||||||
Stock Issued During Period, Value, Extinguishment of Debt | 11,813 | $ 7 | 11,806 | ||||||||
Stock Issued During Period, Shares, New Issues | 26,944 | ||||||||||
Stock Issued During Period, Value, New Issues | 269,556 | $ 270 | 269,286 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,911 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 9,056 | $ 19 | 9,037 | ||||||||
Balances at Dec. 31, 2016 | 768,487 | $ 1,809 | 3,314,590 | (2,545,424) | (2,488) | ||||||
Balances, in shares at Dec. 31, 2016 | 180,933 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (1,319) | (1,319) | |||||||||
Other comprehensive income (loss) | 5,007 | 5,007 | |||||||||
Stock Issued During Period, Shares, Acquisitions | 4,192 | ||||||||||
Stock Issued During Period, Value, Acquisitions | $ 36,007 | $ 42 | $ 35,965 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 513 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 6,795 | $ 5 | 6,790 | ||||||||
Balances at Dec. 31, 2017 | $ 814,977 | $ 1,856 | $ 3,357,345 | $ (2,546,743) | $ 2,519 | ||||||
Balances, in shares at Dec. 31, 2017 | 185,638 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | THE COMPANY Coeur Mining, Inc. (“Coeur” or “the Company”) is a gold and silver producer, as well as a zinc and lead producer after the acquisition of Silvertip, with mines located in the United States, Mexico, and Canada and exploration projects in the United States and Mexico. The Company operates the Palmarejo complex as well as the Kensington, Rochester, Wharf, and Silvertip mines. At December 31, 2017, the Company determined that the expected disposal of Empresa Minera Manquiri S.A. ("Manquiri") and the San Bartolomé mine represents a strategic shift to a North America-focused mining portfolio that is expected to have a major effect on the entity's results and operations; therefore, the applicable assets and liabilities for all periods presented are included in the consolidated balance sheets as held for sale and the results of operations as discontinued operations for all periods. The cash flow and profitability of the Company's operations are significantly impacted by the market price of gold and silver. The prices of gold and silver are affected by numerous factors beyond the Company's control. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to conform to the 2017 presentations. These reclassifications primarily represent reclassifications of revenue and expenses to discontinued operations on the consolidated statements of operations and comprehensive income and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and reclassifications of assets and liabilities to held for sale on the consolidated balance sheet as of December 31, 2016. Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., Coeur Silvertip Holdings Ltd., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $11.7 million and $12.9 million at December 31, 2017 and 2016, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units of- production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Write-downs We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. During 2016 and 2015, we recorded impairments of $4.4 million and $246.6 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . Properties Held for Sale In determining whether to classify a property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the property; (ii) the investment is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the property for sale at a price that is reasonable in relation to its estimated fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the property as held for sale. When these criteria are met, the Company suspends depreciation on the properties held for sale. The properties held for sale and associated liabilities are classified separately on the consolidated balance sheets. Such properties are recorded at the lesser of the carrying value or estimated fair value less costs to sell. Additionally, if the sale represents a strategic shift that has (or will have) a major effect on the entity's results and operations, the assets, liabilities and operations for the periods presented are classified on the consolidated balance sheets as held for sale and consolidated statements of operations and comprehensive income (loss) as discontinued operations for all periods presented. At December 31, 2017, the San Bartolomé mine met the held for sale criteria. Furthermore, considering that San Bartolomé is one of the Company’s current five operating mines and the expected sale would represent an exit from the South American region, the Company has determined that the expected disposal of Manquiri and the San Bartolomé mine through a sale of all of the issued and outstanding shares of Manquiri represents a strategic shift to a North America-focused mining portfolio that is expected to have a major effect on the entity's results and operations, therefore, the applicable assets, liabilities and operations for the periods presented are classified on the consolidated balance sheets as held for sale and the consolidated statements of operations and comprehensive income (loss) as discontinued operations for all periods presented. Results of operations for the year ended December 31, 2017 include a $3.4 million write-down of assets to expected realizable value, included in Income (loss) from discontinued operations. Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2017 and 2016, the Company held certificates of deposit and cash under these agreements of $20.8 million and $17.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are remeasured at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock based on the Company's stock price on the date of grant. The fair value of performance leverage stock units (“PSUs”) with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. On December 22, 2017, the United States (“U.S.”) enacted significant changes to U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” which makes widespread changes to the Internal Revenue Code, including, among other items, a reduction in the federal corporate tax rate to 21%, effective January 1, 2018. The Company is subject to the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. The carrying value of our U.S. deferred taxes is determined by the enacted U.S. corporate income tax rate. Consequently, the reduction in the U.S. corporate income tax rate impacts the carrying value of our deferred tax assets. Under the new corporate income tax rate of 21%, the U.S. net deferred tax asset position will decrease as will the related valuation allowance. The net effect of the tax reform enactment on the financial statements is minimal. While there are certain aspects of the new tax law that will not impact the Company based on its tax attributes, such as the one-time transition tax on unremitted foreign earnings; there are other aspects of the law, which could have a positive impact on the Company’s future U.S. income tax expense, including the elimination of the U.S. corporate alternative minimum tax. However, uncertainty regarding the impact of tax reform remains, as a result of factors including future regulatory and rulemaking processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation, and other factors. Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated statement of cash flows. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes became effective for the Company’s fiscal year beginning January 1, 2017, and the Company’s adoption had no impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU 2016-02, “ Leases, ” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company’s fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes become effective for the Company’s fiscal year beginning January 1, 2018, and will result in a reclassification of unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. After the initial reclassification, unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities will be recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory, ” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company has elected the modified retrospective method for adoption of ASC 606. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. Currently, revenue is recognized for these contracts based on varying contractual terms indicating when risk of loss and title have transferred to the buyer. Upon adoption, revenue related to concentrate sales will typically be recognized upon completion of loading the material for shipment to the customer and satisfaction of the Company’s significant performance obligations. Based on our current analysis, the estimate of revenue recognized for concentrates will remain unchanged as sales will initially be recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities delivered based on weighing and assay data. The Company believes changes in the underlying weight and metal content are not significant to the sale as a whole and therefore do not preclude the recognition of revenue upon transfer of control. The Company’s provisional gold and copper concentrate sales will continue to contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the gold concentrates at the prevailing indices’ prices at the time of sale. The emb |
Write-Downs (Notes)
Write-Downs (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Write Down of Property [Text Block] | WRITE-DOWNS Year ended December 31, 2017 2016 2015 Mining properties Palmarejo $ — $ — $ 205,803 Coeur Capital — 4,446 22,118 — 4,446 227,921 Property, plant, and equipment Palmarejo $ — $ — $ 18,704 Total $ — $ 4,446 $ 246,625 The 2016 write-down of $4.4 million ( $3.9 million net of tax) was due to the impairment of Coeur Capital assets. The operator of the Endeavor mine in Australia, on which the Company holds a 100% silver stream, announced in early 2016 a significant curtailment of production due to low lead and zinc prices. As a result, Coeur recorded a $2.5 million write-down of the mineral interest associated with the Endeavor Silver Stream at March 31, 2016. In April 2016, Coeur sold its tiered NSR royalty on the El Gallo mine to the operator, a subsidiary of McEwen Mining Inc., for total consideration of approximately $6.3 million , including $1 million in contingent consideration. In anticipation of this sale, the Company recorded a $1.9 million write-down of the mineral interest at March 31, 2016. The 2015 write-down of $246.6 million ( $209.8 million net of tax) was due to a $224.5 million impairment of the Palmarejo complex ( $193.5 million net of tax) and a $22.1 million impairment ( $16.3 million net of tax) of certain Coeur Capital assets, including the Endeavor Silver Stream and other royalties. The non-cash impairment charges were largely driven by significant decreases in long-term metal price assumptions and revised mine plans in the fourth quarter. For purposes of this evaluation, estimates of future cash flows of the individual reporting units were used to determine fair value. The estimated cash flows were derived from life-of-mine plans, developed using long-term pricing reflective of the current price environment and management’s projections for operating costs. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo complex, and the Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, which was acquired in the fourth quarter of 2017, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. Silvertip is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the La Preciosa project, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The Company eliminated Coeur Capital as a standalone reportable segment in the first quarter and has classified the operating performance, segment assets, and capital expenditures of the Endeavor Silver Stream and other remaining non-core assets in Other. All prior period amounts have been adjusted to conform to the current presentation. At December 31, 2017, we determined that the expected disposition of Manquiri and the San Bartolomé mine represents a strategic shift to a North America-focused mining portfolio that is expected to have a major effect on the entity's results and operations, therefore, the applicable assets and liabilities for all periods presented are included in the consolidated balance sheets as held for sale and the results of operations as discontinued operations for all periods. Financial information relating to the Company’s segments is as follows (in thousands): Year ended December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 274,809 $ 152,680 $ — $ 154,469 $ 125,901 $ 1,739 $ 709,598 Costs and Expenses Costs applicable to sales (1) 146,176 107,921 — 116,096 69,322 745 440,260 Amortization 73,744 22,306 — 36,022 13,012 1,465 146,549 Exploration 11,924 1,352 — 8,604 320 8,111 30,311 Other operating expenses 1,263 3,394 153 1,412 2,468 43,862 52,552 Other income (expense) Loss on debt extinguishment — — — — — (9,342 ) (9,342 ) Fair value adjustments, net — (864 ) — — — — (864 ) Interest expense, net (487 ) (496 ) (2,212 ) (413 ) (66 ) (12,766 ) (16,440 ) Other, net (851 ) 2,193 1,142 (922 ) 172 24,909 26,643 Income and mining tax (expense) benefit (24,330 ) (1,028 ) (932 ) — (3,936 ) 1,228 (28,998 ) Income (loss) from continuing operations $ 16,034 $ 17,512 $ (2,155 ) $ (9,000 ) $ 36,949 $ (48,415 ) $ 10,925 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ (12,244 ) $ (12,244 ) Segment assets (2) $ 377,621 $ 239,223 $ 339,369 $ 212,588 $ 104,010 $ 71,742 $ 1,344,553 Capital expenditures $ 29,902 $ 40,874 $ 17,684 $ 36,248 $ 8,844 $ 3,182 $ 136,734 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2016 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 141,273 $ 139,945 $ 146,593 $ 136,678 $ 4,128 $ 568,617 Royalties — — — — 3,280 3,280 141,273 139,945 146,593 136,678 7,408 571,897 Costs and Expenses Costs applicable to sales (1) 80,820 89,726 96,731 66,379 1,719 335,375 Amortization 36,599 21,838 34,787 20,621 2,683 116,528 Exploration 5,063 841 3,487 2 3,537 12,930 Write-downs — — — — 4,446 4,446 Other operating expenses 1,213 2,801 1,038 2,238 36,396 43,686 Other income (expense) Loss on debt extinguishment — — — — (21,365 ) (21,365 ) Fair value adjustments, net (5,814 ) (4,133 ) — — (1,634 ) (11,581 ) Interest expense, net (1,187 ) (664 ) (128 ) (69 ) (34,848 ) (36,896 ) Other, net (12,125 ) (3,859 ) (25 ) 17 16,090 98 Income and mining tax (expense) benefit 45,085 (2,785 ) — (4,293 ) (4,760 ) 33,247 Income (loss) from continuing operations $ 43,537 $ 13,298 $ 10,397 $ 43,093 $ (87,890 ) $ 22,435 Income (loss) from discontinued operations $ — $ — $ — $ — $ 32,917 $ 32,917 Segment assets (2) $ 436,642 $ 219,009 $ 199,232 $ 105,901 $ 84,938 $ 1,045,722 Capital expenditures $ 35,810 $ 16,446 $ 36,826 $ 4,812 $ 488 $ 94,382 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales 169,133 143,930 148,710 84,052 8,732 $ 554,557 Royalties — — — — 6,850 6,850 169,133 143,930 148,710 84,052 15,582 561,407 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 3,520 403,827 Amortization 32,423 23,906 42,240 16,378 11,006 125,953 Exploration 4,533 1,324 2,596 134 2,934 11,521 Write-downs 224,507 — — — 22,118 246,625 Other operating expenses 1,293 2,948 1,301 1,717 41,581 48,840 Other income (expense) Loss on debt extinguishment — — — — 15,916 15,916 Fair value adjustments, net 3,160 818 — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (39,743 ) (44,978 ) Other, net (10,968 ) (13 ) 7 143 (6,836 ) (17,667 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (6,168 ) 29,075 Income (loss) from continuing operations (206,579 ) 10,318 (3,278 ) 12,912 (101,184 ) (287,811 ) Income (loss) from discontinued operations — — — — (79,372 ) (79,372 ) Segment assets (2) 406,648 190,714 197,873 113,305 103,629 1,012,169 Capital expenditures 35,991 25,330 23,834 3,211 607 88,973 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets December 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,344,553 $ 1,045,722 Cash and cash equivalents 192,032 118,312 Other assets 164,590 154,875 Total consolidated assets $ 1,701,175 $ 1,318,909 Geographic Information Long-Lived Assets December 31, 2017 December 31, 2016 Mexico $ 370,188 $ 397,697 United States 377,768 338,897 Canada 331,440 — Argentina 229 10,228 Other 4,681 8,547 Total $ 1,084,306 $ 755,369 Revenue Year ended December 31, 2017 2016 2015 United States $ 433,050 $ 423,216 $ 376,692 Mexico 274,809 142,198 171,911 Australia 1,739 4,128 8,732 Other — 2,355 4,072 Total $ 709,598 $ 571,897 $ 561,407 The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eight trading counterparties at December 31, 2017. The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 78% , 74% , and 72% of total metal sales for the years ended December 31, 2017, 2016, and 2015, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and availability of alternative trading counterparties. The Company's gold concentrate products from the Kensington mine are primarily sold to one smelter under a purchase and sale agreement, and the smelter pays the Company for the metals recovered from the concentrates. The Company’s sales of concentrate produced by the Kensington mine amounted to approximately 22% , 26% , and 27% of total metal sales for the years ended December 31, 2017, 2016, and 2015, respectively. While the loss of a smelter may have a material adverse effect if alternate smelters are not available or if the failure to engage a new smelter results in a delay in the sale or purchase of Kensington concentrate, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2017, 2016, and 2015 (in millions): Year ended December 31, Customer 2017 2016 2015 Segments reporting revenue China National Gold $ 137.5 $ 126.6 $ 126.2 Kensington Republic Metal Corporation 132.4 47.3 0.6 Palmarejo,Wharf Asahi (formerly Johnson Matthey) 124.1 62.6 84.2 Palmarejo, Wharf, Rochester Techemet Metal Trading 104.8 40.7 — Rochester, Wharf TD Securities — 15.5 81.3 Palmarejo, Rochester INTL Commodities 9.6 76.6 33.1 Palmarejo, Rochester, Wharf Mitsui & Co. — — 137.7 Palmarejo, Rochester |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. Stock-based compensation expense for the years ended December 31, 2017, 2016, and 2015 was $10.5 million , $9.7 million and $9.3 million , respectively. At December 31, 2017, there was $6.1 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.4 years. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2017 2016 2015 Weighted average fair value of stock options granted $ 3.91 $ 1.06 $ 2.65 Volatility 67.07 % 61.75 % 55.71 % Expected life in years 4.00 3.99 4.75 Risk-free interest rate 1.69 % 1.50 % 1.51 % Dividend yield — — — The following table summarizes stock option and SAR activity for the years ended December 31, 2017, 2016, and 2015: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2014 598,346 $ 16.26 46,572 $ 14.06 Granted 310,028 5.57 — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 12.58 46,572 14.06 Granted 183,251 2.19 — — Exercised (170,897 ) 7.81 — — Canceled/forfeited (25,752 ) 16.76 (4,420 ) 13.31 Outstanding at December 31, 2016 656,611 10.76 42,152 14.14 Granted 14,820 7.60 — — Exercised (26,966 ) 3.28 — — Canceled/forfeited (27,019 ) 21.88 — — Outstanding at December 31, 2017 617,446 $ 10.53 42,152 $ 14.14 The following table summarizes outstanding stock options as of December 31, 2017. Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 434,520 $ 5.45 7.24 $10.00-$20.00 47,051 12.73 5.68 $20.00-$30.00 133,692 25.64 4.33 $30.00-$40.00 — — 0.00 $40.00-$50.00 2,183 48.50 0.03 Outstanding 617,446 $ 10.53 6.47 $ 1,127 Vested and expected to vest 601,545 $ 10.71 6.42 $ 1,065 Exercisable 427,730 $ 13.62 5.81 $ 377 At December 31, 2017, there was $0.1 million of unrecognized compensation cost related to non-vested stock options to be recognized over a weighted average period of 1.0 year. The total intrinsic value of options exercised for the year ended December 31, 2017 was $0.2 million . Cash received from options exercised for the year ended December 31, 2017 was $0.1 million for which there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2017, 2016, and 2015 was $0.5 million , $1.0 million and $1.4 million , respectively. Restricted Stock Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock activity for the years ended December 31, 2017, 2016, and 2015 : Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 901,999 $ 12.19 Granted 1,180,384 5.49 Vested (317,122 ) 13.38 Cancelled/Forfeited (257,849 ) 7.59 Outstanding at December 31, 2015 1,507,412 7.49 Granted 1,768,746 3.72 Vested (681,829 ) 8.51 Cancelled/Forfeited (160,414 ) 7.16 Outstanding at December 31, 2016 2,433,915 4.48 Granted 799,165 8.78 Vested (1,023,708 ) 5.14 Cancelled/Forfeited (53,527 ) 5.90 Outstanding at December 31, 2017 2,155,845 $ 5.72 At December 31, 2017, there was $3.5 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.3 years. Performance Shares Performance shares granted under the Company’s incentive plans are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. Performance share awards are accounted for as equity awards. The performance shares vest at the end of a three -year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. The following table summarizes performance shares activity for the years ended December 31, 2017, 2016, and 2015 : Performance Shares Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 516,830 $ 17.61 Granted 809,293 6.97 Cancelled/Forfeited (190,988 ) 15.62 Outstanding at December 31, 2015 1,135,135 10.35 Granted 1,437,077 1.79 Cancelled/Forfeited (199,580 ) 17.98 Outstanding at December 31, 2016 2,372,632 4.53 Granted 316,213 11.58 Vested (66,696 ) 14.18 Cancelled/Forfeited (253,868 ) 11.56 Outstanding at December 31, 2017 2,368,281 $ 4.44 At December 31, 2017, there was $2.6 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.6 years. |
Income and Mining Taxes
Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2017 2016 2015 United States $ 10,099 $ (13,299 ) $ (44,101 ) Foreign 29,824 2,487 (272,785 ) Total $ 39,923 $ (10,812 ) $ (316,886 ) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2017 2016 2015 Current: United States $ 1,428 $ — $ 49 United States — State mining taxes (6,016 ) (7,826 ) (4,305 ) United States — Foreign withholding tax (8,466 ) (1,838 ) — Argentina 55 10 715 Australia — 14 130 Canada 876 (1,841 ) (516 ) Mexico (30,763 ) (9,581 ) (476 ) Deferred: United States 6,367 (1,610 ) (564 ) United States — State mining taxes 1,052 748 1,952 Argentina 1,531 115 (1,197 ) Australia — (1,638 ) 3,223 Canada 104 1,338 2,875 Mexico 4,805 55,383 27,189 New Zealand 29 (27 ) — Income tax (expense) benefit $ (28,998 ) $ 33,247 $ 29,075 The Company’s effective tax rate is impacted by recurring items, such as foreign exchange rates on deferred tax balances, mining tax expense, full valuation allowance on the deferred tax assets relating to losses in the United States and certain foreign jurisdictions, and uncertain tax positions. During the year ended December 31, 2016, the Company completed a legal entity reorganization to integrate recent acquisitions resulting in a valuation allowance release of $40.8 million . In addition, the Company’s consolidated effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in our consolidated effective tax rate. A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2017 2016 2015 Income and mining tax (expense) benefit at statutory rate $ (14,037 ) $ 3,718 $ 110,848 State tax provision from continuing operations 26 336 (2,075 ) Change in valuation allowance 86,712 40,517 (70,457 ) Effect of tax legislation (88,174 ) — — Percentage depletion 703 983 — Uncertain tax positions 2,596 (8,829 ) 170 U.S. and foreign permanent differences 2,348 (2,652 ) (3,376 ) Mineral interest related — — (18,318 ) Foreign exchange rates (14,180 ) 19,701 21,461 Foreign inflation and indexing (2,346 ) (670 ) 1,117 Foreign tax rate differences 2,929 120 (14,062 ) Mining, foreign withholding, and other taxes (11,274 ) (11,052 ) 8,141 Other, net 5,699 — (4,374 ) Legal entity reorganization — (8,925 ) — Income and mining tax (expense) benefit $ (28,998 ) $ 33,247 $ 29,075 At December 31, 2017 and 2016, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2017 2016 Deferred tax liabilities: Mineral properties $ 143,773 $ 60,199 Unrealized foreign currency loss and other 1,748 — Inventory 8,258 4,629 Royalty and other long-term debt — 8,685 $ 153,779 $ 73,513 Deferred tax assets: Net operating loss carryforwards $ 155,512 $ 186,005 Property, plant, and equipment 60,286 60,828 Mining Royalty Tax 11,797 6,359 Capital loss carryforwards 19,881 6,770 Asset retirement obligation 25,309 26,951 Foreign subsidiaries - unremitted earnings 1,842 3,685 Unrealized foreign currency loss and other 218 7,413 Accrued expenses 13,512 15,193 Tax credit carryforwards 45,277 29,227 333,634 342,431 Valuation allowance (282,868 ) (338,539 ) 50,766 3,892 Net deferred tax liabilities $ 103,013 $ 69,621 A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” included in Item 1A. Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2017 2016 U.S. $ 235,395 $ 292,446 Argentina 3,914 6,197 Canada 2,455 1,296 Mexico 17,087 13,033 New Zealand 23,792 23,717 Other 225 1,850 $ 282,868 $ 338,539 The Company has the following tax attribute carryforwards at December 31, 2017, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 369,973 $ 39,833 $ 56,958 $ 86,165 $ 12,436 $ 565,365 Expiration years 2019-2037 2029-2036 2017-2026 Indefinite 2017-2021 Alternative minimum tax net operating losses 179,882 — — — — 179,882 Capital losses 72,772 14,018 — — — 86,790 Alternative minimum tax credits 1,654 — — — — 1,654 Foreign tax credits 41,730 — — — — 41,730 The majority of the U.S. capital losses will expire from 2020 through 2022. Alternative minimum tax credits do not expire and foreign tax credits expire if unused beginning in 2019. The Company intends to indefinitely reinvest earnings from Mexican operations. A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at December 31, 2015 $ 2,131 Gross increase to current period tax positions 239 Gross increase to prior period tax positions 5,187 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (400 ) Unrecognized tax benefits at December 31, 2016 $ 7,157 Gross increase to current period tax positions 202 Gross increase to prior period tax positions 316 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (2,351 ) Unrecognized tax benefits at December 31, 2017 $ 5,324 At December 31, 2017, 2016, and 2015, $4.3 million , $5.1 million , and $1.2 million , respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2014 for the US federal jurisdiction and from 2008 for certain other foreign jurisdictions. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $1.5 million and $2.5 million in the next 12 months. The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $4.8 million , $5.5 million , and $0.7 million at December 31, 2017, 2016, and 2015, respectively. On December 22, 2017, the United States (“U.S.”) enacted significant changes to U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” which makes widespread changes to the Internal Revenue Code, including, among other items, a reduction in the federal corporate tax rate to 21%, effective January 1, 2018. The Company is subject to the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. The carrying value of our U.S. deferred taxes is determined by the enacted U.S. corporate income tax rate. Consequently, the reduction in the U.S. corporate income tax rate impacts the carrying value of our deferred tax assets. Under the new corporate income tax rate of 21%, the U.S. net deferred tax asset position will decrease as will the related valuation allowance. The net effect of the tax reform enactment on the financial statements is minimal. While there are certain aspects of the new tax law that will not impact the Company based on its tax attributes, such as the one-time transition tax on unremitted foreign earnings; there are other aspects of the law, which could have a positive impact on the Company’s future U.S. income tax expense, including the elimination of the U.S. corporate alternative minimum tax. However, uncertainty regarding the impact of tax reform remains, as a result of factors including future regulatory and rulemaking processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation, and other factors. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Year ended December 31, In thousands 2017 2016 2015 Rochester royalty obligation $ (864 ) $ (4,133 ) $ 818 Palmarejo royalty obligation embedded derivative — (5,866 ) 3,101 Silver and gold options — (1,582 ) 1,283 Fair value adjustments, net $ (864 ) $ (11,581 ) $ 5,202 Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). 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, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester royalty obligation $ 9,287 $ — $ — $ 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. Quoted market prices are not available for certain debt and equity securities; these securities are valued using pricing models, which require the use of observable and unobservable inputs, and are classified within Level 3 of the fair value hierarchy. The Company’s other derivative instruments, net, relate to concentrate and certain doré sales contracts valued using pricing models, which require inputs that are derived from observable market data, including contractual terms, forward market prices, yield curves, credit spreads, and other unobservable inputs. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. In May 2017, the Company repurchased the Rochester royalty obligation for $5.0 million , resulting in a pre-tax gain of $2.3 million , which is included in Other, net . The fair value of the Rochester royalty obligation was estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves, and credit spreads, as well as the Company’s current mine plan which is considered a significant unobservable input. Therefore, the Company historically classified this obligation as a Level 3 financial liability. In July 2017, the Company sold the Endeavor Silver Stream and remaining non-core royalties to Metalla Royalty & Streaming Ltd. (“Metalla”) for total consideration of $13.0 million , including a $6.7 million convertible debenture. The convertible debenture matures June 30, 2027 , bears interest at a rate of 5% payable semi-annually, and is convertible into Metalla shares in connection with future equity financings or asset acquisitions by Metalla at the then-current price to maintain the Company’s approximate 19.9% ownership. The fair value of the convertible debenture is estimated based on observable market data including yield curves and credit spreads. Therefore, the Company classifies the convertible debenture in Level 3 of the fair value hierarchy. In October 2017 the Company acquired the Silvertip mine from JDS Silver. The consideration for the Silvertip mine includes two $25.0 million contingent payments, which are payable in cash and common stock upon reaching a future resource declaration milestone in 2019 and a future permitting milestone, respectively. The fair value of the Silvertip contingent consideration is estimated based on an estimated discount rate of 2.5% for the contingent permitting payment and 2.9% for the contingent resource declaration payment and is classified within Level 3 of the fair value hierarchy. No assets or liabilities were transferred between fair value levels in the year ended December 31, 2017. 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, 2017 and 2016: Year Ended December 31, 2017 In thousands Balance at the beginning of the period Additions Revaluation Settlements Gain on settlement Balance at the end of the period Assets: Equity and debt securities $ 279 $ 6,677 $ (65 ) $ — $ — $ 6,891 Liabilities: Rochester royalty obligation $ 9,287 $ — $ 864 $ (7,819 ) $ (2,332 ) $ — Silvertip contingent consideration $ — $ 47,705 $ 260 $ — $ — $ 47,965 Year Ended December 31, 2016 In thousands Balance at the beginning of the period Additions Revaluation Settlements Gain on settlement Balance at the end of the period Assets: Equity and debt securities $ 10 $ — $ 272 $ (3 ) $ — $ 279 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ — $ 5,866 $ (10,823 ) $ — $ — Rochester royalty obligation $ 9,593 $ — $ 4,133 $ (4,439 ) $ — $ 9,287 The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2017 and December 31, 2016 is presented in the following table: December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million at December 31, 2017 included in Other Non-Current Assets . December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 $ — $ 184,373 $ — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . The fair value of the 5.875% Senior Notes due 2024 (the “2024 Senior Notes”) and the 7.875% Senior Notes due 2021 (the “2021 Senior Notes”) were estimated using quoted market prices. The fair value of the Revolving Credit Facility approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Reclamation
Reclamation | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for operating sites are as follows: Year ended December 31, In thousands 2017 2016 Asset retirement obligation - Beginning $ 86,754 $ 71,763 Accretion 8,769 7,030 Additions and changes in estimates 25,370 9,389 Settlements (2,094 ) (1,428 ) Asset retirement obligation - Ending $ 118,799 $ 86,754 The Company has accrued $2.0 million and $1.9 million at December 31, 2017 and December 31, 2016 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. The Company increased the reclamation liability at Palmarejo by $17.1 million due to the inclusion of the waste rock facility closure plan and tailings facility expansion and at Rochester by $1.2 million at December 31, 2017 due to leach pad expansion. The Company also recorded a $7.1 million reclamation liability in conjunction with the Silvertip acquisition. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Palmarejo Gold Production Royalty In January 2009, the Company's subsidiary, Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), entered into a gold production royalty agreement with a subsidiary of Franco-Nevada Corporation that covered 50% of the life of mine production from the Palmarejo mine and legacy adjacent properties. The royalty transaction included a minimum obligation of 4,167 gold ounces per month and terminated upon delivery of 400,000 gold ounces, which occurred in July 2016. The price volatility associated with the minimum royalty obligation was considered an embedded derivative. The Company was required to recognize the change in fair value of the remaining minimum obligation due to changing gold prices. For the years ended December 31, 2016 and 2015, the mark-to-market adjustment associated with the change were losses of $5.9 million and gains of $17.0 million , respectively. Payments on the royalty obligation decreased the carrying amount of the minimum obligation and the derivative liability. For the years ended December 31, 2016 and 2015, realized losses on settlement of the liabilities were $10.8 million and $13.9 million , respectively. The mark-to-market adjustments and realized losses are included in Fair value adjustments, net . Provisional Silver and Gold Sales The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Changes in silver and gold prices resulted in provisional pricing mark-to-market gains of $0.6 million , losses of $0.2 million , and gains of $0.2 million in the years ended December 31, 2017, 2016, and 2015 , respectively. At December 31, 2017 , the Company had the following provisionally priced sales that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 383 $ — Average silver price $ 16.61 $ — Notional ounces 23,065 — Provisional gold sales contracts $ 53,214 $ — Average gold price $ 1,283 $ — Notional ounces 41,476 — Silver and Gold Options During the years ended December 31, 2016 and 2015, the Company had realized losses of $1.6 million and realized gains of $1.3 million , respectively, from settled option contracts. At December 31, 2017 , the Company had no outstanding gold and silver options contracts. The following summarizes the classification of the fair value of the derivative instruments: December 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ 251 $ 222 $ — $ — December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ — $ 762 $ — $ — The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2017, 2016, and 2015 , respectively (in thousands): Year ended December 31, Financial statement line Derivative 2017 2016 2015 Revenue Provisional silver and gold sales contracts $ 631 $ (239 ) $ 214 Fair value adjustments, net Palmarejo gold production royalty — (5,866 ) 3,101 Fair value adjustments, net Silver and gold options — (1,582 ) 1,283 $ 631 $ (7,687 ) $ 4,598 Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In October 2017, the Company completed the acquisition of JDS Silver Holdings, Ltd. and its wholly-owned subsidiary JDS Silver Inc. (collectively, “JDS Silver”), which owns the underground Silvertip silver-zinc-lead mine in northern British Columbia, Canada. JDS Silver was purchased for approximately $156.2 million in cash and $36.0 million in Coeur common stock. In addition, the Company recorded $47.7 million of contingent consideration payable in cash and common stock upon reaching future permitting and resource declaration milestones. The cash consideration was funded with $100.0 million of borrowing under the Facility (as defined below) and cash on hand. Upon closing, the Company issued approximately 4.2 million Coeur shares to former shareholders of JDS Silver. The acquisition aligns with the Company’s strategic shift to a North America-focused mining portfolio. The transaction was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date. The Company incurred $3.3 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Consolidated Statements of Comprehensive Income (Loss). The acquisition is not significant to the Company’s results of operations, individually or in the aggregate, because the Silvertip mine is in pre-production. As there is no significant differences from the Company’s historical results of operations, no pro forma financial information is provided. In accordance with the acquisition method of accounting, the purchase price of Silvertip has been allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date. The fair value estimates were based on, but not limited to, quoted market prices, where available; current replacement cost for similar capacity for certain fixed assets; and appropriate discount rates. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable acquired assets and liabilities assumed has been recorded as mineral interest. The allocation of purchase price to the acquired assets and liabilities assumed is preliminary as of December 31, 2017 and subsequent adjustments may result in changes to mineral interest and other carrying amounts initially assigned based on the preliminary fair value analysis. The principal remaining items to be valued are property, plant and equipment and mining properties, which will be finalized as management continues to review the valuation methodologies used to estimate the fair value of these assets. The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 156,247 Contingent consideration 47,705 Total purchase price $ 239,959 Assets: Receivables and other assets $ 9,881 Property, plant, and equipment 29,943 Mining properties, net 288,464 328,288 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 239,959 In April 2015, the Company completed the acquisition of Paramount, which held mineral claims adjacent to the Company's Palmarejo mine, including a continuation of the Independencia deposit. Upon closing, Paramount became a wholly-owned subsidiary of the Company, and each issued and outstanding share of Paramount common stock was converted into 0.2016 shares of Coeur common stock, with cash paid in lieu of fractional shares. Immediately prior to completion of the acquisition, Paramount spun off to its existing stockholders a separate, publicly-traded company, Paramount Gold Nevada Corp. (“SpinCo”), which owns the Sleeper Gold Project and other assets in Nevada. SpinCo was capitalized with $8.5 million in cash contributed by Coeur, which amount has been included in the total consideration paid for the acquisition of Paramount. The Company also paid $1.5 million to acquire 4.9% of the newly issued and outstanding shares of SpinCo. The transaction was accounted for as an asset acquisition, as Paramount is an exploration stage project, which requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their relative fair values. The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price $ 201,367 Total assets acquired $ 307,193 Total liabilities assumed 105,826 Net assets acquired $ 201,367 The assets acquired and liabilities assumed have been assigned to the Palmarejo reportable operating segment. In February 2015, the Company completed its acquisition of the Wharf gold mine located near Lead, South Dakota, from a subsidiary of Goldcorp in exchange for $99.4 million in cash. The transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date. The Company incurred $2.1 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Consolidated Statements of Comprehensive Income (Loss). The purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Total assets acquired 133,269 Total liabilities assumed 33,873 Net assets acquired $ 99,396 |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company has a 401(k) retirement savings plan that covers all eligible U.S. employees. Eligible employees may elect to contribute up to 75% of base salary, subject to ERISA limitations. The Company generally makes matching contributions equal to the employee’s contribution up to 4% of the employee’s salary. The Company may also provide an additional contribution based on an eligible employee’s salary. Total plan expenses recognized for the years ended December 31, 2017, 2016, and 2015 were $7.3 million , $5.4 million , and $2.9 million , respectively, due to additional Company contributions. In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Year ended December 31, In thousands 2017 2016 2015 Foreign exchange gain (loss) $ 1,281 $ (11,456 ) $ (16,021 ) Gain (loss) on sale of assets and investments (1,037 ) 11,334 (352 ) Gain on sale of the Joaquin project 21,138 — — Gain on repurchase of the Rochester royalty obligation 2,332 — — Gain on sale of Endeavor stream and other royalties 1,036 — — Impairment of equity securities (426 ) (703 ) (2,346 ) Other 2,319 923 1,052 Other, net $ 26,643 $ 98 $ (17,667 ) |
Assets and Liabilities Held For
Assets and Liabilities Held For Sale (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | ASSETS AND LIABILITIES HELD FOR SALE On December 22, 2017, the Company and certain of its subsidiaries entered into a definitive agreement (the “Agreement”) to sell all of the outstanding capital stock of Manquiri, which is the owner and operator of the San Bartolomé mine and processing facility (the “Transaction”). The Agreement provides that Manquiri will be sold to Argentum Investments, AB (“Argentum”), a privately-held Swedish company owned by a group of Mexican individuals with extensive mining experience in Latin America. The transaction is expected to close in early 2018, subject to customary closing conditions. Results of operations for the year ended December 31, 2017 include a $3.4 million write-down of assets to expected realizable value. The Company considered the terms of the Agreement to determine the expected realizable value. Under the Agreement, affiliates of Argentum will acquire Manquiri from Coeur and its subsidiaries for the following consideration: • 2.0% net smelter returns royalty (the “NSR”) payable to Coeur on all metals processed through the San Bartolomé Mine’s processing facility, commencing on the first anniversary of the closing of the Transaction. Coeur estimates the value of this NSR to be approximately $5.0 million . • Approximately $13.0 million of pre-closing value added tax refunds that will be collected or received by Manquiri in the future will be paid to Coeur (net of collection costs). • One-year promissory note of approximately $28.0 million payable to Coeur with an aggregate principal amount equal to Manquiri’s cash and cash equivalents (the “Note”). • The Agreement includes certain post-closing covenants, guaranties and indemnification obligations on the part of the Company for which the Company is expected to recognize a liability of approximately $6.0 million when the Transaction closes. In accordance with GAAP, the Company classified Manquiri as held for sale and the associated assets and liabilities are classified separately on the consolidated balance sheets. The major classes of assets and liabilities associated with San Bartolomé as of December 31, 2017 and 2016 are as follows: December 31, 2017 December 31, 2016 ASSETS CURRENT ASSETS Cash and cash equivalents $ 32,931 $ 43,870 Receivables 7,295 7,016 Inventory 10,655 12,590 Prepaid expenses and other 13,415 7,966 Property, plant and equipment, net 20,240 — Mining properties, net 6,885 — 91,421 71,442 NON-CURRENT ASSETS Property, plant and equipment, net — 23,373 Mining properties, net — 8,165 Receivables — 17,225 TOTAL ASSETS $ 91,421 $ 120,205 LIABILITIES CURRENT LIABILITIES Accounts payable $ 10,974 $ 8,675 Accrued liabilities and other 5,161 6,382 Reclamation 15,179 413 Other 19,363 — 50,677 15,470 NON-CURRENT LIABILITIES Reclamation — 10,212 Deferred tax liabilities — 4,987 Other — 18,558 TOTAL LIABILITIES $ 50,677 $ 49,227 The expected sale of Manquiri and San Bartolomé is expected to have a major effect on the Company's results and operations. Accordingly, San Bartolomé’s operations for the years ended December 31, 2017, 2016 and 2015 are classified on the consolidated statements of operations and comprehensive income (loss) as Income (loss) from discontinued operations . The major classes of line items constituting the pretax profit or loss for the years ended December 31, 2017, 2016 and 2015 are as follows: Year ended December 31, 2017 2016 2015 Revenue $ 73,065 $ 93,880 $ 84,679 Costs applicable to sales (1) 74,074 74,166 75,827 Amortization 5,899 6,633 17,798 General and administrative 172 101 198 Exploration 23 — 126 Write-downs 3,390 — 66,712 Pre-development, reclamation, and other 4,664 2,808 1,589 Interest expense, net of capitalized interest (27 ) (24 ) (725 ) Other, net 1,763 1,777 1,736 Pretax profit or loss of discontinued operations related to major classes of pretax profit (loss) (13,421 ) 11,925 (76,560 ) Pretax gain or loss on the disposal of the discontinued operation — — — Total pretax gain or loss on discontinued operations (13,421 ) 11,925 (76,560 ) Income and mining tax (expense) benefit 1,177 20,992 (2,812 ) Income (loss) from discontinued operations. $ (12,244 ) $ 32,917 $ (79,372 ) (1) Excludes amortization. Net cash provided by operating activities from San Bartolomé were $11.3 million , $29.4 million , and $26.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. Net cash used in investing activities, which primarily relate to capital expenditures, from San Bartolomé were $1.4 million , $6.6 million , and $6.2 million for the years ended December 31, 2017, 2016 and 2015. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the years ended December 31, 2017, 2016, and 2015 , 653,354 , 386,771 and 3,239,425 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. The 3.25% Convertible Senior Notes (“Convertible Notes”) were not included in the computation of diluted net income (loss) per share for the year ended December 31, 2015 because there was no excess value upon conversion over the principal amount of the Convertible Notes. The outstanding Convertible Notes were redeemed in the third quarter of 2016. Year ended December 31, In thousands except per share amounts 2017 2016 2015 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 10,925 $ 22,435 $ (287,811 ) Income (loss) from discontinued operations (12,244 ) 32,917 (79,372 ) $ (1,319 ) $ 55,352 $ (367,183 ) Weighted average shares: Basic 180,096 159,853 129,639 Effect of stock-based compensation plans 4,048 3,606 — Diluted 184,144 163,459 129,639 Basic income (loss) per share: Income (loss) from continuing operations $ 0.06 $ 0.14 $ (2.22 ) Income (loss) from discontinued operations (0.07 ) 0.21 (0.61 ) Basic $ (0.01 ) $ 0.35 $ (2.83 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.06 $ 0.14 $ (2.22 ) Income (loss) from discontinued operations (0.07 ) 0.20 (0.61 ) Diluted $ (0.01 ) $ 0.34 $ (2.83 ) |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity and Debt Securities The Company makes strategic investments in equity and debt securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss) . At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 The Company performs a quarterly assessment on each of its equity and debt securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded pre-tax other-than-temporary impairment losses of $0.4 million , $0.7 million and $2.3 million in the years ended December 31, 2017, 2016 and 2015, in Other, net . The following table summarizes unrealized losses on equity and debt securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Equity securities $ 881 $ 5,662 $ — $ — $ 881 $ 5,662 Debt securities 85 6,592 — — 85 6,592 Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its asset retirement obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year to the applicable institutions or agencies. At December 31, 2017 and December 31, 2016, the Company held certificates of deposit and cash under these agreements of $20.8 million and $17.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the obligation. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands December 31, 2017 December 31, 2016 Current receivables: Trade receivables $ 5,883 $ 5,973 Income tax receivable 7 1,038 Value added tax receivable 10,982 44,150 Other 2,197 2,254 $ 19,069 $ 53,415 Non-current receivables: Value added tax receivable $ 28,750 $ 2,088 Income tax receivable — 11,657 28,750 13,745 Total receivables $ 47,819 $ 67,160 After considering the timing required for judgment and appeals, the Company reclassified $26.8 million of value added tax receivables related to Palmarejo from short-term to long-term at December 31, 2017. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2017 December 31, 2016 Inventory: Concentrate $ 6,831 $ 17,994 Precious metals 18,803 41,955 Supplies 32,596 33,487 58,230 93,436 Ore on leach pads: Current 73,752 64,167 Non-current 65,393 67,231 139,145 131,398 Total inventory and ore on leach pads $ 197,375 $ 224,834 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: In thousands December 31, 2017 December 31, 2016 Land $ 9,408 $ 7,869 Facilities and equipment 554,160 532,122 Assets under capital leases 82,753 54,297 646,321 594,288 Accumulated amortization (1) (448,001 ) (423,361 ) 198,320 170,927 Construction in progress 56,417 22,496 Property, plant and equipment, net $ 254,737 $ 193,423 (1) Includes $28.2 million and $14.8 million of accumulated amortization related to assets under capital leases at December 31, 2017 and 2016, respectively. Rent expense for operating lease agreements was $18.0 million , $16.8 million , and $14.3 million for the years ended December 31, 2017, 2016, and 2015, respectively. |
Mining Properties
Mining Properties | 12 Months Ended |
Dec. 31, 2017 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 December 31, 2016 Palmarejo Rochester Kensington Wharf La Preciosa Joaquin Other Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ — $ — $ — $ 648,780 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) — — (439,682 ) 39,895 26,986 116,431 25,786 — — — 209,098 Mineral interests 629,303 — — 45,837 49,085 10,000 37,272 771,497 Accumulated amortization (381,686 ) — — (19,249 ) — — (29,370 ) (430,305 ) 247,617 — — 26,588 49,085 10,000 7,902 341,192 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 49,085 $ 10,000 $ 7,902 $ 550,290 Palmarejo is located in the State of Chihuahua in northern Mexico and consists of the Palmarejo mine and mill, the Guadalupe underground mine, the Independencia underground mine, and other deposits and exploration targets. Palmarejo commenced production in April 2009. The Rochester silver and gold mine, located in northwestern Nevada has been operated by the Company since September 1986. The mine utilizes heap-leaching to extract both silver and gold from ore mined using open pit methods. The Silvertip is a silver-zinc-lead mine located in northern British Columbia, Canada. Silvertip is expected to commence production in the first quarter of 2018. The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010. The Wharf gold mine is an open pit gold mine located near the city of Lead, South Dakota. The Company acquired Wharf in February 2015. The La Preciosa silver-gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve. Asset Sales In February 2017, the Company sold the Joaquin silver-gold exploration project for consideration of $27.4 million and a 2.0% NSR royalty on the Joaquin project, the Company recognized a $21.1 million pre-tax gain on this sale, included in Other, net on the Consolidated Statements of Comprehensive Income. In July 2017, the Company sold the Endeavor Silver Stream and our remaining portfolio of royalties to Metalla for total consideration of $13.0 million comprised of $6.3 million of Metalla shares and a $6.7 million convertible debenture. The Company recognized a $1.2 million pre-tax gain, included in Other, net on the Consolidated Statements of Comprehensive Income. In December 2017, the Company entered into an agreement to sell Manquiri, which operates the San Bartolomé mine. See Note 22 -- Held for Sale for additional detail. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT December 31, 2017 December 31, 2016 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,088 $ — $ — 2021 Senior Notes, net (2) — — — 175,991 Revolving Credit Facility (3) — 100,000 — — Capital lease obligations 16,559 35,481 11,955 22,691 Silvertip debt obligation 14,194 — — — $ 30,753 $ 380,569 $ 11,955 $ 198,682 (1) Net of unamortized debt issuance costs of $4.9 million at December 31, 2017 . (2) Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016. (3) Unamortized debt issuance costs of $1.9 million at December 31, 2017 included in Other Non-Current Assets . 5.875% Senior Notes due 2024 In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 2024 Senior Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended for net proceeds of approximately $245.0 million . The 2024 Senior Notes are governed by an Indenture dated as of May 31, 2017 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and the Bank of New York Mellon, as trustee. In connection with the sale of the 2024 Senior Notes, the Company entered into a Registration Rights Agreement. On August 4, 2017, the Company commenced an exchange offer of registered 2024 Senior Notes for privately-placed 2024 Senior Notes which was completed on September 12, 2017. The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance. Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2017. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to June 1, 2020, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2024 Senior Notes on or after June 1, 2020, at redemption prices set forth in the Indenture, together with accrued and unpaid interest. At any time prior to June 1, 2020, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional 2024 Senior Notes, at a redemption price equal to 105.875% of the principal amount. The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. 7.875% Senior Notes due 2021 Concurrent with the offering of the 2024 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $178.0 million in aggregate principal amount of its 2021 Senior Notes. The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated May 19, 2017. Holders of the 2021 Senior Notes who tendered their notes were entitled to receive $1,043.88 per $1,000 principal amount of the Notes, plus accrued and unpaid interest. $118.1 million aggregate principal amount of the Notes were tendered and purchased by the Company on May 31, 2017. In accordance with the terms of the indenture governing the 2021 Senior Notes, the remaining $59.9 million aggregate principal amount of the Notes were redeemed on June 30, 2017 at the redemption price of $1,039.38 per $1,000 principal amount, plus accrued and unpaid interest. The Company recorded a loss of $9.3 million as a result of the extinguishment of the 2021 Senior Notes. Revolving Credit Facility In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, Chicago Branch, and the Bank of Nova Scotia. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75% , as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. The Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines, as well as a pledge of the shares of certain of the Company’s subsidiaries. The Credit Agreement contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The Credit Agreement contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the Credit Agreement may be accelerated upon the occurrence of certain customary events of default. At December 31, 2017, the Company had $88.0 million available under the Facility; $12.0 million of the amounts used under the Facility currently support outstanding letters of credit and $100.0 million was used to partially fund the Silvertip acquisition. At December 31, 2017, the interest rate of the Facility was 3.7% . Silvertip Debt Obligation The Company assumed an existing third-party debt obligation as part of the Silvertip acquisition (the “Silvertip Debt”). The Silvertip Debt is comprised of three $5.0 million tranches, all of which are contractually due October 31, 2018 and secured by machinery and equipment. Two of the three tranches bear interest at the 3-month LIBOR rate plus 5.5% and one tranche bears interest at the 3-month LIBOR rate plus 6.7% . Capital Lease Obligations From time to time, the Company acquires mining equipment under capital lease agreements. In the year ended December 31, 2017 , the Company entered into new lease financing arrangements primarily for diesel generators at Kensington and mining equipment at Palmarejo, Rochester, Silvertip and Kensington. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. Minimum future lease payments under capital and operating leases with terms longer than one year are as follows: At December 31, ( In thousands) Operating leases Capital leases 2018 $ 5,220 $ 18,758 2019 5,154 13,938 2020 4,669 11,018 2021 3,798 9,646 2022 2,646 3,510 Thereafter 4,099 40 Total $ 25,586 $ 56,910 Less: imputed interest — (4,696 ) Net lease obligation $ 25,586 $ 52,214 Interest Expense Year ended December 31, In thousands 2017 2016 2015 2024 Senior Notes $ 8,608 $ — $ — 2021 Senior Notes 6,221 28,871 $ 33,437 Revolving Credit Facility 885 — — 3.25% Convertible Senior Notes due 2028 — 13 54 Term Loan due 2020 — 4,939 4,715 Capital lease obligations 1,621 1,422 999 Accretion of Palmarejo gold production royalty obligation — 1,211 6,567 Amortization of debt issuance costs 809 1,933 2,257 Accretion of debt premium (71 ) (345 ) (409 ) Accretion of Silvertip contingent consideration 260 — — Other debt obligations 42 58 350 Capitalized interest (1,935 ) (1,206 ) (2,992 ) Total interest expense, net of capitalized interest $ 16,440 $ 36,896 $ 44,978 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, and Coeur Capital, Inc. (collectively, the “Subsidiary Guarantors”) of the 2024 Senior Notes. The following schedules present Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 433,050 $ 276,548 $ — $ 709,598 COSTS AND EXPENSES Costs applicable to sales (1) — 293,340 146,920 — 440,260 Amortization 1,157 71,340 74,052 — 146,549 General and administrative 33,379 28 209 — 33,616 Exploration 1,592 13,689 15,030 — 30,311 Pre-development, reclamation, and other 4,705 7,497 6,734 — 18,936 Total costs and expenses 40,833 385,894 242,945 — 669,672 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (9,342 ) — — — (9,342 ) Fair value adjustments, net — (864 ) — — (864 ) Other, net 21,254 2,936 10,179 (7,726 ) 26,643 Interest expense, net of capitalized interest (14,657 ) (975 ) (8,534 ) 7,726 (16,440 ) Total other income (expense), net (2,745 ) 1,097 1,645 — (3 ) Income (loss) from continuing operations before income and mining taxes (43,578 ) 48,253 35,248 — 39,923 Income and mining tax (expense) benefit 2,170 (5,758 ) (25,410 ) — (28,998 ) Income (loss) from continuing operations (41,408 ) 42,495 9,838 — 10,925 Equity income (loss) in consolidated subsidiaries 40,089 (577 ) 4,416 (43,928 ) — Income (loss) from discontinued operations — — (12,244 ) — (12,244 ) NET INCOME (LOSS) $ (1,319 ) $ 41,918 $ 2,010 $ (43,928 ) $ (1,319 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,227 915 — (915 ) 3,227 Reclassification adjustments for impairment of equity securities, net of tax 426 426 — (426 ) 426 Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,354 486 — (486 ) 1,354 Other comprehensive income (loss) 5,007 1,827 — (1,827 ) 5,007 COMPREHENSIVE INCOME (LOSS) $ 3,688 $ 43,745 $ 2,010 $ (45,755 ) $ 3,688 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 423,488 $ 148,409 $ — $ 571,897 COSTS AND EXPENSES Costs applicable to sales (1) — 252,836 82,539 — 335,375 Amortization 1,558 77,392 37,578 — 116,528 COSTS AND EXPENSES General and administrative 28,704 250 321 — 29,275 Exploration 1,596 6,127 5,207 — 12,930 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 2,044 5,839 6,528 — 14,411 Total costs and expenses 33,902 342,444 136,619 — 512,965 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (21,365 ) — — — (21,365 ) Fair value adjustments, net (1,635 ) (4,133 ) (5,813 ) — (11,581 ) Other, net 4,357 2,139 (1,314 ) (5,084 ) 98 Interest expense, net of capitalized interest (35,158 ) (861 ) (5,961 ) 5,084 (36,896 ) Total other income (expense), net (53,801 ) (2,855 ) (13,088 ) — (69,744 ) Income (loss) from continuing operations before income and mining taxes (87,703 ) 78,189 (1,298 ) — (10,812 ) Income and mining tax (expense) benefit 11,733 (7,517 ) 29,031 — 33,247 Income (loss) from continuing operations (75,970 ) 70,672 27,733 — 22,435 Equity income (loss) in consolidated subsidiaries 131,322 (4,353 ) — (126,969 ) — Income (loss) from discontinued operations — — 32,917 — 32,917 NET INCOME (LOSS) $ 55,352 $ 66,319 $ 60,650 $ (126,969 ) $ 55,352 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,222 3,156 — (3,156 ) 3,222 Reclassification adjustments for impairment of equity securities, net of tax 703 703 — (703 ) 703 Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,691 ) (3,181 ) — 3,181 (2,691 ) Other comprehensive income (loss) 1,234 678 — (678 ) 1,234 COMPREHENSIVE INCOME (LOSS) $ 56,586 $ 66,997 $ 60,650 $ (127,647 ) $ 56,586 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 183,129 $ — $ 561,407 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 141,997 — 403,827 Amortization 1,991 83,325 40,637 — 125,953 COSTS AND EXPENSES General and administrative 32,405 35 196 — 32,636 Exploration 2,265 3,931 5,325 — 11,521 Write-downs — 1,630 244,995 — 246,625 Pre-development, reclamation, and other 4,083 5,920 6,201 — 16,204 Total costs and expenses 40,744 356,671 439,351 — 836,766 OTHER INCOME (EXPENSE), NET Gain on debt extinguishments 15,916 — — — 15,916 Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 4,336 (3,106 ) (15,121 ) (3,776 ) (17,667 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (7,921 ) 3,776 (44,978 ) Total other income (expense), net (18,391 ) (3,254 ) (19,882 ) — (41,527 ) Income (loss) from continuing operations before income and mining taxes (59,135 ) 18,353 (276,104 ) — (316,886 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 29,602 — 29,075 Income (loss) from continuing operations (57,308 ) 15,999 (246,502 ) — (287,811 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — Income (loss) from discontinued operations — — (79,372 ) — (79,372 ) NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of equity securities, net of tax 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of equity securities, net of tax 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (8,470 ) $ 118,667 $ 130,491 $ (43,528 ) 197,160 Cash provided by (used in) activities of discontinued operations — — 11,296 — 11,296 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (8,470 ) 118,667 141,787 (43,528 ) 208,456 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,941 ) (85,967 ) (48,826 ) — (136,734 ) Proceeds from the sale of assets 8,917 6,902 886 — 16,705 Purchase of investments (15,057 ) (1 ) — — (15,058 ) Sales of investments 9,157 2,164 — — 11,321 Acquisitions, net of cash acquired (156,248 ) — 52,577 — — (156,248 ) Other (3,020 ) — 2,803 — (217 ) Investments in consolidated subsidiaries (34,419 ) 12,911 (881 ) 22,389 — Cash provided by (used in) activities of continuing operations (192,611 ) (63,991 ) (46,018 ) 22,389 (280,231 ) Cash provided by (used in) activities of discontinued operations — — (1,392 ) — (1,392 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (192,611 ) (63,991 ) (47,410 ) 22,389 (281,623 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 342,620 — 52,577 — — 342,620 Payments on debt, capital leases, and associated costs (185,538 ) (7,926 ) (9,581 ) — (203,045 ) Net intercompany financing activity 34,359 (44,540 ) 9,801 380 — Other (3,746 ) — — — (3,746 ) Cash provided by (used in) activities of continuing operations 187,695 (52,466 ) 220 380 135,829 Cash provided by (used in) activities of discontinued operations — — (20,843 ) 20,759 (84 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 187,695 (52,466 ) (20,623 ) 21,139 135,745 Effect of exchange rate changes on cash and cash equivalents — 6 197 — 203 Less net cash provided by (used in) discontinued operations — — (10,939 ) — (10,939 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (13,386 ) 2,216 84,890 — 73,720 Cash and cash equivalents at beginning of period 58,048 50,023 10,241 — 118,312 Cash and cash equivalents at end of period $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ 62,207 $ 134,892 $ 26,331 $ (126,969 ) 96,461 Cash provided by (used in) activities of discontinued operations — — 29,356 — 29,356 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 62,207 134,892 55,687 (126,969 ) 125,817 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (246 ) (58,084 ) (36,052 ) — (94,382 ) Proceeds from the sale of assets — 4,800 11,496 — 16,296 Purchase of investments (178 ) — — — (178 ) Sales of investments 501 6,576 — — 7,077 Acquisitions, net of cash acquired — — (1,417 ) — (1,417 ) Other (4,396 ) 368 (180 ) — (4,208 ) Investments in consolidated subsidiaries (107,855 ) 25,047 — 82,808 — Cash provided by (used in) activities of continuing operations (112,174 ) (21,293 ) (26,153 ) 82,808 (76,812 ) Cash provided by (used in) activities of discontinued operations — — (6,631 ) — (6,631 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (112,174 ) (21,293 ) (32,784 ) 82,808 (83,443 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (303,686 ) (10,894 ) (3,573 ) — (318,153 ) Gold production royalty payments — — (27,155 ) — (27,155 ) Net intercompany financing activity 45,850 (86,914 ) 13,404 27,660 — Issuance of common stock 269,556 — — — 269,556 Other 172 — — — 172 Cash provided by (used in) activities of continuing operations 11,892 (97,808 ) (17,324 ) 27,660 (75,580 ) Cash provided by (used in) activities of discontinued operations — — (21,149 ) 16,501 (4,648 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,892 (97,808 ) (38,473 ) 44,161 (80,228 ) Effect of exchange rate changes on cash and cash equivalents — 4 (682 ) — (678 ) Less net cash provided by (used in) discontinued operations — — 1,576 — 1,576 NET CHANGE IN CASH AND CASH EQUIVALENTS (38,075 ) 15,795 (17,828 ) — (40,108 ) Cash and cash equivalents at beginning of period 96,123 34,228 28,069 — 158,420 Cash and cash equivalents at end of period $ 58,048 $ 50,023 $ 10,241 $ — $ 118,312 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (377,091 ) $ 86,486 $ 53,328 $ 324,689 87,412 Cash provided by (used in) activities of discontinued operations — — 26,130 — 26,130 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (377,091 ) 86,486 79,458 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (36,083 ) — (88,973 ) Proceeds from the sale of assets — 289 318 — 607 Purchase of investments (1,880 ) — — — (1,880 ) Sales of investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 234 (110 ) — (4,586 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — Cash provided by (used in) activities of continuing operations 164,093 (31,082 ) (35,684 ) (302,400 ) (205,073 ) Cash provided by (used in) activities of discontinued operations — — (6,220 ) — (6,220 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — — — 150,000 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (245 ) — (70,603 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 27,321 (20,035 ) — Other (542 ) — — — (542 ) Cash provided by (used in) activities of continuing operations 98,760 (26,946 ) (12,159 ) (20,035 ) 39,620 Cash provided by (used in) activities of discontinued operations — — (8,358 ) (2,254 ) (10,612 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) Less net cash provided by (used in) discontinued operations — — 11,552 — 11,552 NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 4,092 — (81,699 ) Cash and cash equivalents at beginning of period 210,361 5,781 23,977 — 240,119 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 28,069 $ — $ 158,420 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Royalty obligations — — — — — Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 10,241 $ — $ 118,312 Receivables 12 6,865 46,538 — 53,415 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 44,043 — 93,436 Prepaid expenses and other 3,803 1,459 4,753 — 10,015 Assets held for sale — — 71,442 — 71,442 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 50,316 — 193,423 Mining properties, net — 195,791 354,499 — 550,290 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity and debt securities — 4,488 — — 4,488 Receivables — — 13,745 — 13,745 Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,500 (221,559 ) 12,585 Assets held for sale — — 48,763 — 48,763 TOTAL ASSETS $ 569,692 $ 600,441 $ 655,041 $ (506,265 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 17,586 $ — $ 44,660 Other accrued liabilities 12,881 13,664 9,900 — 36,445 Debt — 6,516 5,439 — 11,955 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 437 — 3,109 Liabilities held for sale — — 15,470 — 15,470 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,559 ) 198,682 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 10,409 — 85,592 Deferred tax liabilities 13,810 6,179 49,822 — 69,811 Other long-term liabilities 1,993 4,750 34,911 — 41,654 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — Liabilities held for sale — — 33,757 — 33,757 (213,829 ) 442,431 426,745 (221,559 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 655,041 $ (506,265 ) $ 1,318,909 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Palmarejo Gold Stream Effective August 2016, Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from the Paramount properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2015, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur has satisfied its contractual obligation to repay the deposit to the subsidiary of Franco-Nevada Corporation, the deposit is accounted for as deferred revenue and is recognized as revenue on a units of production basis as ounces are sold to the Franco-Nevada Corporation subsidiary. As of December 31, 2017, the remaining unamortized balance was $14.9 million . Silvertip Contingent Consideration A total of $50.0 million of contingent consideration, payable in cash and common stock, was offered in conjunction with the Silvertip acquisition in October 2017. The contingent consideration is based on the achievement of two milestones, which the Company has determined to be probable at December 31, 2017. The first milestone payment of $25.0 million is contingent upon receipt of a permit expansion for a sustained mining and milling rate of 1,000 tonnes per day. The application must be submitted to the British Columbia Ministry of Energy and Mining no later than June 2018. The second milestone payment of $25.0 million is contingent upon the amount of resource tonnes added as of December 31, 2019. The maximum payment of $25.0 million can be earned if the total resource reaches 3.7 million tonnes. The former JDS Silver shareholders will receive $5.0 million for a total resource of at least 2.5 million tonnes and $5.0 million for every 0.3 million tonnes over 2.5 million tonnes up to 3.7 million tonnes. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: December 31, 2017 December 31, 2016 Accrued salaries and wages $ 26,559 $ 20,895 Income and mining taxes 25,788 3,721 Silvertip contingent consideration 24,393 — Accrued operating costs 12,323 3,199 Taxes other than income and mining 4,354 2,738 Accrued interest payable 1,513 5,892 Accrued liabilities and other $ 94,930 $ 36,445 The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2017 2016 2015 Capital lease obligations $ 34,604 $ 32,243 $ 4,123 Non-cash extinguishment of senior notes — 10,616 53,373 Non-cash acquisitions and related deferred taxes 131,833 — 297,821 Other cash flow information: Interest paid $ 21,943 $ 41,919 $ 41,442 Income taxes paid 13,000 17,181 1,937 |
Summary of Quarterly Financial
Summary of Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Consolidated Quarterly Financial Information | SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth a summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 (in thousands, except per share data): Q1 Q2 Q3 Q4 2017 Revenues $ 185,554 $ 149,540 $ 159,919 $ 214,585 Costs applicable to sales 114,490 102,229 101,559 121,982 Amortization 38,693 30,733 32,401 44,722 Exploration 5,252 7,813 9,792 7,454 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs) 13,962 11,110 12,374 15,106 Income (loss) from continuing operations 18,299 (9,995 ) (11,728 ) 14,349 Income (loss) from discontinued operations 364 (960 ) (4,924 ) (6,724 ) Net income (loss) 18,663 (10,955 ) (16,652 ) 7,625 Cash provided by (used in) operating activities 43,938 24,103 37,308 91,811 Capital expenditures 23,591 37,107 28,982 47,054 Basic income (loss) per share: Net income (loss) from continuing operations $ 0.10 $ (0.05 ) $ (0.06 ) $ 0.08 Net income (loss) from discontinued operations — (0.01 ) (0.03 ) (0.04 ) Basic $ 0.10 $ (0.06 ) $ (0.09 ) $ 0.04 Diluted income (loss) per share: Net income (loss) from continuing operations $ 0.10 $ (0.05 ) $ (0.06 ) $ 0.08 Net income (loss) from discontinued operations — (0.01 ) (0.03 ) (0.04 ) Diluted $ 0.10 $ (0.06 ) $ (0.09 ) $ 0.04 Q1 Q2 Q3 Q4 2016 Revenues $ 127,109 $ 156,822 $ 148,762 $ 139,204 Costs applicable to sales 84,058 81,820 84,594 84,903 Amortization 26,210 35,653 26,040 28,625 Exploration 1,731 2,233 3,706 5,260 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs) 16,635 10,688 10,439 10,370 Income (loss) from continuing operations (21,640 ) 8,280 46,123 (10,328 ) Income (loss) from discontinued operations 1,244 6,217 23,436 2,020 Net income (loss) (20,396 ) 14,497 69,559 (8,308 ) Cash provided by (used in) operating activities 1,085 34,752 39,201 21,423 Capital expenditures 21,651 21,971 22,626 28,134 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.15 ) $ 0.05 $ 0.29 $ (0.06 ) Net income (loss) from discontinued operations 0.01 0.04 0.14 0.01 Basic $ (0.14 ) $ 0.09 $ 0.43 $ (0.05 ) Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.15 ) $ 0.05 $ 0.28 $ (0.06 ) Net income (loss) from discontinued operations 0.01 0.04 0.14 0.01 Diluted $ (0.14 ) $ 0.09 $ 0.42 $ (0.05 ) |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reclassification, Policy | Reclassifications Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to conform to the 2017 presentations. These reclassifications primarily represent reclassifications of revenue and expenses to discontinued operations on the consolidated statements of operations and comprehensive income and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and reclassifications of assets and liabilities to held for sale on the consolidated balance sheet as of December 31, 2016. |
Use of Estimates, Policy | Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Consolidation, Policy | Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., Coeur Silvertip Holdings Ltd., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. |
Receivables, Policy | Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. |
Ore on Leach Pad Policy | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. |
Metal and Other Inventory Policy | Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. |
Property, Plant and Equipment, Policy | Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. |
Operational Mining Properties and Mine Policy | Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $11.7 million and $12.9 million at December 31, 2017 and 2016, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. |
Mineral Interests Policy | Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units of- production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. |
Impairment or Disposal of Long-Lived Assets, Policy | Write-downs We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. During 2016 and 2015, we recorded impairments of $4.4 million and $246.6 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . |
Mining Properties Held for Sale Policy | Properties Held for Sale In determining whether to classify a property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the property; (ii) the investment is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the property for sale at a price that is reasonable in relation to its estimated fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the property as held for sale. When these criteria are met, the Company suspends depreciation on the properties held for sale. The properties held for sale and associated liabilities are classified separately on the consolidated balance sheets. Such properties are recorded at the lesser of the carrying value or estimated fair value less costs to sell. Additionally, if the sale represents a strategic shift that has (or will have) a major effect on the entity's results and operations, the assets, liabilities and operations for the periods presented are classified on the consolidated balance sheets as held for sale and consolidated statements of operations and comprehensive income (loss) as discontinued operations for all periods presented. At December 31, 2017, the San Bartolomé mine met the held for sale criteria. Furthermore, considering that San Bartolomé is one of the Company’s current five operating mines and the expected sale would represent an exit from the South American region, the Company has determined that the expected disposal of Manquiri and the San Bartolomé mine through a sale of all of the issued and outstanding shares of Manquiri represents a strategic shift to a North America-focused mining portfolio that is expected to have a major effect on the entity's results and operations, therefore, the applicable assets, liabilities and operations for the periods presented are classified on the consolidated balance sheets as held for sale and the consolidated statements of operations and comprehensive income (loss) as discontinued operations for all periods presented. Results of operations for the year ended December 31, 2017 include a $3.4 million write-down of assets to expected realizable value, included in Income (loss) from discontinued operations. |
Restricted Assets Policy | Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2017 and 2016, the Company held certificates of deposit and cash under these agreements of $20.8 million and $17.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Asset Retirement Obligation Policy | Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. |
Revenue Recognition, Policy | Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. |
Foreign Currency Transactions and Translations Policy | Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are remeasured at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. |
Derivatives, Policy | Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. |
Share-based Compensation, Option and Incentive Plans Policy | Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock based on the Company's stock price on the date of grant. The fair value of performance leverage stock units (“PSUs”) with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. |
Income Tax, Policy | Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. On December 22, 2017, the United States (“U.S.”) enacted significant changes to U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” which makes widespread changes to the Internal Revenue Code, including, among other items, a reduction in the federal corporate tax rate to 21%, effective January 1, 2018. The Company is subject to the provisions of the Financial Accounting Standards Board (“FASB”) ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. The carrying value of our U.S. deferred taxes is determined by the enacted U.S. corporate income tax rate. Consequently, the reduction in the U.S. corporate income tax rate impacts the carrying value of our deferred tax assets. Under the new corporate income tax rate of 21%, the U.S. net deferred tax asset position will decrease as will the related valuation allowance. The net effect of the tax reform enactment on the financial statements is minimal. While there are certain aspects of the new tax law that will not impact the Company based on its tax attributes, such as the one-time transition tax on unremitted foreign earnings; there are other aspects of the law, which could have a positive impact on the Company’s future U.S. income tax expense, including the elimination of the U.S. corporate alternative minimum tax. However, uncertainty regarding the impact of tax reform remains, as a result of factors including future regulatory and rulemaking processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation, and other factors. |
Recent Accounting Standards | Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated statement of cash flows. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes became effective for the Company’s fiscal year beginning January 1, 2017, and the Company’s adoption had no impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU 2016-02, “ Leases, ” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company’s fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes become effective for the Company’s fiscal year beginning January 1, 2018, and will result in a reclassification of unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. After the initial reclassification, unrealized holding gains and losses and deferred income taxes related to investments in marketable equity securities will be recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory, ” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company has elected the modified retrospective method for adoption of ASC 606. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. Currently, revenue is recognized for these contracts based on varying contractual terms indicating when risk of loss and title have transferred to the buyer. Upon adoption, revenue related to concentrate sales will typically be recognized upon completion of loading the material for shipment to the customer and satisfaction of the Company’s significant performance obligations. Based on our current analysis, the estimate of revenue recognized for concentrates will remain unchanged as sales will initially be recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities delivered based on weighing and assay data. The Company believes changes in the underlying weight and metal content are not significant to the sale as a whole and therefore do not preclude the recognition of revenue upon transfer of control. The Company’s provisional gold and copper concentrate sales will continue to contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the gold concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement. The Company does not expect the adoption of ASC 606 to materially impact the Company’s consolidated net income, financial position or cash flows. |
Write-Downs (Tables)
Write-Downs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Year ended December 31, 2017 2016 2015 Mining properties Palmarejo $ — $ — $ 205,803 Coeur Capital — 4,446 22,118 — 4,446 227,921 Property, plant, and equipment Palmarejo $ — $ — $ 18,704 Total $ — $ 4,446 $ 246,625 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Year ended December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 274,809 $ 152,680 $ — $ 154,469 $ 125,901 $ 1,739 $ 709,598 Costs and Expenses Costs applicable to sales (1) 146,176 107,921 — 116,096 69,322 745 440,260 Amortization 73,744 22,306 — 36,022 13,012 1,465 146,549 Exploration 11,924 1,352 — 8,604 320 8,111 30,311 Other operating expenses 1,263 3,394 153 1,412 2,468 43,862 52,552 Other income (expense) Loss on debt extinguishment — — — — — (9,342 ) (9,342 ) Fair value adjustments, net — (864 ) — — — — (864 ) Interest expense, net (487 ) (496 ) (2,212 ) (413 ) (66 ) (12,766 ) (16,440 ) Other, net (851 ) 2,193 1,142 (922 ) 172 24,909 26,643 Income and mining tax (expense) benefit (24,330 ) (1,028 ) (932 ) — (3,936 ) 1,228 (28,998 ) Income (loss) from continuing operations $ 16,034 $ 17,512 $ (2,155 ) $ (9,000 ) $ 36,949 $ (48,415 ) $ 10,925 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ (12,244 ) $ (12,244 ) Segment assets (2) $ 377,621 $ 239,223 $ 339,369 $ 212,588 $ 104,010 $ 71,742 $ 1,344,553 Capital expenditures $ 29,902 $ 40,874 $ 17,684 $ 36,248 $ 8,844 $ 3,182 $ 136,734 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2016 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 141,273 $ 139,945 $ 146,593 $ 136,678 $ 4,128 $ 568,617 Royalties — — — — 3,280 3,280 141,273 139,945 146,593 136,678 7,408 571,897 Costs and Expenses Costs applicable to sales (1) 80,820 89,726 96,731 66,379 1,719 335,375 Amortization 36,599 21,838 34,787 20,621 2,683 116,528 Exploration 5,063 841 3,487 2 3,537 12,930 Write-downs — — — — 4,446 4,446 Other operating expenses 1,213 2,801 1,038 2,238 36,396 43,686 Other income (expense) Loss on debt extinguishment — — — — (21,365 ) (21,365 ) Fair value adjustments, net (5,814 ) (4,133 ) — — (1,634 ) (11,581 ) Interest expense, net (1,187 ) (664 ) (128 ) (69 ) (34,848 ) (36,896 ) Other, net (12,125 ) (3,859 ) (25 ) 17 16,090 98 Income and mining tax (expense) benefit 45,085 (2,785 ) — (4,293 ) (4,760 ) 33,247 Income (loss) from continuing operations $ 43,537 $ 13,298 $ 10,397 $ 43,093 $ (87,890 ) $ 22,435 Income (loss) from discontinued operations $ — $ — $ — $ — $ 32,917 $ 32,917 Segment assets (2) $ 436,642 $ 219,009 $ 199,232 $ 105,901 $ 84,938 $ 1,045,722 Capital expenditures $ 35,810 $ 16,446 $ 36,826 $ 4,812 $ 488 $ 94,382 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales 169,133 143,930 148,710 84,052 8,732 $ 554,557 Royalties — — — — 6,850 6,850 169,133 143,930 148,710 84,052 15,582 561,407 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 3,520 403,827 Amortization 32,423 23,906 42,240 16,378 11,006 125,953 Exploration 4,533 1,324 2,596 134 2,934 11,521 Write-downs 224,507 — — — 22,118 246,625 Other operating expenses 1,293 2,948 1,301 1,717 41,581 48,840 Other income (expense) Loss on debt extinguishment — — — — 15,916 15,916 Fair value adjustments, net 3,160 818 — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (39,743 ) (44,978 ) Other, net (10,968 ) (13 ) 7 143 (6,836 ) (17,667 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (6,168 ) 29,075 Income (loss) from continuing operations (206,579 ) 10,318 (3,278 ) 12,912 (101,184 ) (287,811 ) Income (loss) from discontinued operations — — — — (79,372 ) (79,372 ) Segment assets (2) 406,648 190,714 197,873 113,305 103,629 1,012,169 Capital expenditures 35,991 25,330 23,834 3,211 607 88,973 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets December 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,344,553 $ 1,045,722 Cash and cash equivalents 192,032 118,312 Other assets 164,590 154,875 Total consolidated assets $ 1,701,175 $ 1,318,909 |
Consolidated Assets | Assets December 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,344,553 $ 1,045,722 Cash and cash equivalents 192,032 118,312 Other assets 164,590 154,875 Total consolidated assets $ 1,701,175 $ 1,318,909 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets December 31, 2017 December 31, 2016 Mexico $ 370,188 $ 397,697 United States 377,768 338,897 Canada 331,440 — Argentina 229 10,228 Other 4,681 8,547 Total $ 1,084,306 $ 755,369 |
Revenue by Country | Revenue Year ended December 31, 2017 2016 2015 United States $ 433,050 $ 423,216 $ 376,692 Mexico 274,809 142,198 171,911 Australia 1,739 4,128 8,732 Other — 2,355 4,072 Total $ 709,598 $ 571,897 $ 561,407 The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eight trading counterparties at December 31, 2017. The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 78% , 74% , and 72% of total metal sales for the years ended December 31, 2017, 2016, and 2015, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and availability of alternative trading counterparties. The Company's gold concentrate products from the Kensington mine are primarily sold to one smelter under a purchase and sale agreement, and the smelter pays the Company for the metals recovered from the concentrates. The Company’s sales of concentrate produced by the Kensington mine amounted to approximately 22% , 26% , and 27% of total metal sales for the years ended December 31, 2017, 2016, and 2015, respectively. While the loss of a smelter may have a material adverse effect if alternate smelters are not available or if the failure to engage a new smelter results in a delay in the sale or purchase of Kensington concentrate, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2017, 2016, and 2015 (in millions): Year ended December 31, Customer 2017 2016 2015 Segments reporting revenue China National Gold $ 137.5 $ 126.6 $ 126.2 Kensington Republic Metal Corporation 132.4 47.3 0.6 Palmarejo,Wharf Asahi (formerly Johnson Matthey) 124.1 62.6 84.2 Palmarejo, Wharf, Rochester Techemet Metal Trading 104.8 40.7 — Rochester, Wharf TD Securities — 15.5 81.3 Palmarejo, Rochester INTL Commodities 9.6 76.6 33.1 Palmarejo, Rochester, Wharf Mitsui & Co. — — 137.7 Palmarejo, Rochester |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2017 2016 2015 Weighted average fair value of stock options granted $ 3.91 $ 1.06 $ 2.65 Volatility 67.07 % 61.75 % 55.71 % Expected life in years 4.00 3.99 4.75 Risk-free interest rate 1.69 % 1.50 % 1.51 % Dividend yield — — — |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes stock option and SAR activity for the years ended December 31, 2017, 2016, and 2015: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2014 598,346 $ 16.26 46,572 $ 14.06 Granted 310,028 5.57 — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 12.58 46,572 14.06 Granted 183,251 2.19 — — Exercised (170,897 ) 7.81 — — Canceled/forfeited (25,752 ) 16.76 (4,420 ) 13.31 Outstanding at December 31, 2016 656,611 10.76 42,152 14.14 Granted 14,820 7.60 — — Exercised (26,966 ) 3.28 — — Canceled/forfeited (27,019 ) 21.88 — — Outstanding at December 31, 2017 617,446 $ 10.53 42,152 $ 14.14 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes outstanding stock options as of December 31, 2017. Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 434,520 $ 5.45 7.24 $10.00-$20.00 47,051 12.73 5.68 $20.00-$30.00 133,692 25.64 4.33 $30.00-$40.00 — — 0.00 $40.00-$50.00 2,183 48.50 0.03 Outstanding 617,446 $ 10.53 6.47 $ 1,127 Vested and expected to vest 601,545 $ 10.71 6.42 $ 1,065 Exercisable 427,730 $ 13.62 5.81 $ 377 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes restricted stock activity for the years ended December 31, 2017, 2016, and 2015 : Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 901,999 $ 12.19 Granted 1,180,384 5.49 Vested (317,122 ) 13.38 Cancelled/Forfeited (257,849 ) 7.59 Outstanding at December 31, 2015 1,507,412 7.49 Granted 1,768,746 3.72 Vested (681,829 ) 8.51 Cancelled/Forfeited (160,414 ) 7.16 Outstanding at December 31, 2016 2,433,915 4.48 Granted 799,165 8.78 Vested (1,023,708 ) 5.14 Cancelled/Forfeited (53,527 ) 5.90 Outstanding at December 31, 2017 2,155,845 $ 5.72 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following table summarizes performance shares activity for the years ended December 31, 2017, 2016, and 2015 : Performance Shares Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2014 516,830 $ 17.61 Granted 809,293 6.97 Cancelled/Forfeited (190,988 ) 15.62 Outstanding at December 31, 2015 1,135,135 10.35 Granted 1,437,077 1.79 Cancelled/Forfeited (199,580 ) 17.98 Outstanding at December 31, 2016 2,372,632 4.53 Granted 316,213 11.58 Vested (66,696 ) 14.18 Cancelled/Forfeited (253,868 ) 11.56 Outstanding at December 31, 2017 2,368,281 $ 4.44 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2017 2016 2015 United States $ 10,099 $ (13,299 ) $ (44,101 ) Foreign 29,824 2,487 (272,785 ) Total $ 39,923 $ (10,812 ) $ (316,886 ) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2017 2016 2015 Current: United States $ 1,428 $ — $ 49 United States — State mining taxes (6,016 ) (7,826 ) (4,305 ) United States — Foreign withholding tax (8,466 ) (1,838 ) — Argentina 55 10 715 Australia — 14 130 Canada 876 (1,841 ) (516 ) Mexico (30,763 ) (9,581 ) (476 ) Deferred: United States 6,367 (1,610 ) (564 ) United States — State mining taxes 1,052 748 1,952 Argentina 1,531 115 (1,197 ) Australia — (1,638 ) 3,223 Canada 104 1,338 2,875 Mexico 4,805 55,383 27,189 New Zealand 29 (27 ) — Income tax (expense) benefit $ (28,998 ) $ 33,247 $ 29,075 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2017 2016 2015 Income and mining tax (expense) benefit at statutory rate $ (14,037 ) $ 3,718 $ 110,848 State tax provision from continuing operations 26 336 (2,075 ) Change in valuation allowance 86,712 40,517 (70,457 ) Effect of tax legislation (88,174 ) — — Percentage depletion 703 983 — Uncertain tax positions 2,596 (8,829 ) 170 U.S. and foreign permanent differences 2,348 (2,652 ) (3,376 ) Mineral interest related — — (18,318 ) Foreign exchange rates (14,180 ) 19,701 21,461 Foreign inflation and indexing (2,346 ) (670 ) 1,117 Foreign tax rate differences 2,929 120 (14,062 ) Mining, foreign withholding, and other taxes (11,274 ) (11,052 ) 8,141 Other, net 5,699 — (4,374 ) Legal entity reorganization — (8,925 ) — Income and mining tax (expense) benefit $ (28,998 ) $ 33,247 $ 29,075 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2017 and 2016, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2017 2016 Deferred tax liabilities: Mineral properties $ 143,773 $ 60,199 Unrealized foreign currency loss and other 1,748 — Inventory 8,258 4,629 Royalty and other long-term debt — 8,685 $ 153,779 $ 73,513 Deferred tax assets: Net operating loss carryforwards $ 155,512 $ 186,005 Property, plant, and equipment 60,286 60,828 Mining Royalty Tax 11,797 6,359 Capital loss carryforwards 19,881 6,770 Asset retirement obligation 25,309 26,951 Foreign subsidiaries - unremitted earnings 1,842 3,685 Unrealized foreign currency loss and other 218 7,413 Accrued expenses 13,512 15,193 Tax credit carryforwards 45,277 29,227 333,634 342,431 Valuation allowance (282,868 ) (338,539 ) 50,766 3,892 Net deferred tax liabilities $ 103,013 $ 69,621 |
Summary of Valuation Allowance | For additional information, please see the section titled “Risk Factors” included in Item 1A. Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2017 2016 U.S. $ 235,395 $ 292,446 Argentina 3,914 6,197 Canada 2,455 1,296 Mexico 17,087 13,033 New Zealand 23,792 23,717 Other 225 1,850 $ 282,868 $ 338,539 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2017, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 369,973 $ 39,833 $ 56,958 $ 86,165 $ 12,436 $ 565,365 Expiration years 2019-2037 2029-2036 2017-2026 Indefinite 2017-2021 Alternative minimum tax net operating losses 179,882 — — — — 179,882 Capital losses 72,772 14,018 — — — 86,790 Alternative minimum tax credits 1,654 — — — — 1,654 Foreign tax credits 41,730 — — — — 41,730 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at December 31, 2015 $ 2,131 Gross increase to current period tax positions 239 Gross increase to prior period tax positions 5,187 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (400 ) Unrecognized tax benefits at December 31, 2016 $ 7,157 Gross increase to current period tax positions 202 Gross increase to prior period tax positions 316 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (2,351 ) Unrecognized tax benefits at December 31, 2017 $ 5,324 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Year ended December 31, In thousands 2017 2016 2015 Rochester royalty obligation $ (864 ) $ (4,133 ) $ 818 Palmarejo royalty obligation embedded derivative — (5,866 ) 3,101 Silver and gold options — (1,582 ) 1,283 Fair value adjustments, net $ (864 ) $ (11,581 ) $ 5,202 |
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, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester royalty obligation $ 9,287 $ — $ — $ 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 |
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, 2017 and 2016: Year Ended December 31, 2017 In thousands Balance at the beginning of the period Additions Revaluation Settlements Gain on settlement Balance at the end of the period Assets: Equity and debt securities $ 279 $ 6,677 $ (65 ) $ — $ — $ 6,891 Liabilities: Rochester royalty obligation $ 9,287 $ — $ 864 $ (7,819 ) $ (2,332 ) $ — Silvertip contingent consideration $ — $ 47,705 $ 260 $ — $ — $ 47,965 Year Ended December 31, 2016 In thousands Balance at the beginning of the period Additions Revaluation Settlements Gain on settlement Balance at the end of the period Assets: Equity and debt securities $ 10 $ — $ 272 $ (3 ) $ — $ 279 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ — $ 5,866 $ (10,823 ) $ — $ — Rochester royalty obligation $ 9,593 $ — $ 4,133 $ (4,439 ) $ — $ 9,287 |
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, 2017 and December 31, 2016 is presented in the following table: December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million at December 31, 2017 included in Other Non-Current Assets . December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 $ — $ 184,373 $ — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . |
Reclamation (Tables)
Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for operating sites are as follows: Year ended December 31, In thousands 2017 2016 Asset retirement obligation - Beginning $ 86,754 $ 71,763 Accretion 8,769 7,030 Additions and changes in estimates 25,370 9,389 Settlements (2,094 ) (1,428 ) Asset retirement obligation - Ending $ 118,799 $ 86,754 |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At December 31, 2017 , the Company had the following provisionally priced sales that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 383 $ — Average silver price $ 16.61 $ — Notional ounces 23,065 — Provisional gold sales contracts $ 53,214 $ — Average gold price $ 1,283 $ — Notional ounces 41,476 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: December 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ 251 $ 222 $ — $ — December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ — $ 762 $ — $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2017, 2016, and 2015 , respectively (in thousands): Year ended December 31, Financial statement line Derivative 2017 2016 2015 Revenue Provisional silver and gold sales contracts $ 631 $ (239 ) $ 214 Fair value adjustments, net Palmarejo gold production royalty — (5,866 ) 3,101 Fair value adjustments, net Silver and gold options — (1,582 ) 1,283 $ 631 $ (7,687 ) $ 4,598 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price and Acquired Assets and Liabilities | The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price $ 201,367 Total assets acquired $ 307,193 Total liabilities assumed 105,826 Net assets acquired $ 201,367 The purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Total assets acquired 133,269 Total liabilities assumed 33,873 Net assets acquired $ 99,396 The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 156,247 Contingent consideration 47,705 Total purchase price $ 239,959 Assets: Receivables and other assets $ 9,881 Property, plant, and equipment 29,943 Mining properties, net 288,464 328,288 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 239,959 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Year ended December 31, In thousands 2017 2016 2015 Foreign exchange gain (loss) $ 1,281 $ (11,456 ) $ (16,021 ) Gain (loss) on sale of assets and investments (1,037 ) 11,334 (352 ) Gain on sale of the Joaquin project 21,138 — — Gain on repurchase of the Rochester royalty obligation 2,332 — — Gain on sale of Endeavor stream and other royalties 1,036 — — Impairment of equity securities (426 ) (703 ) (2,346 ) Other 2,319 923 1,052 Other, net $ 26,643 $ 98 $ (17,667 ) |
Assets and Liabilities Held F42
Assets and Liabilities Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of line items constituting the pretax profit or loss for the years ended December 31, 2017, 2016 and 2015 are as follows: Year ended December 31, 2017 2016 2015 Revenue $ 73,065 $ 93,880 $ 84,679 Costs applicable to sales (1) 74,074 74,166 75,827 Amortization 5,899 6,633 17,798 General and administrative 172 101 198 Exploration 23 — 126 Write-downs 3,390 — 66,712 Pre-development, reclamation, and other 4,664 2,808 1,589 Interest expense, net of capitalized interest (27 ) (24 ) (725 ) Other, net 1,763 1,777 1,736 Pretax profit or loss of discontinued operations related to major classes of pretax profit (loss) (13,421 ) 11,925 (76,560 ) Pretax gain or loss on the disposal of the discontinued operation — — — Total pretax gain or loss on discontinued operations (13,421 ) 11,925 (76,560 ) Income and mining tax (expense) benefit 1,177 20,992 (2,812 ) Income (loss) from discontinued operations. $ (12,244 ) $ 32,917 $ (79,372 ) (1) Excludes amortization. The major classes of assets and liabilities associated with San Bartolomé as of December 31, 2017 and 2016 are as follows: December 31, 2017 December 31, 2016 ASSETS CURRENT ASSETS Cash and cash equivalents $ 32,931 $ 43,870 Receivables 7,295 7,016 Inventory 10,655 12,590 Prepaid expenses and other 13,415 7,966 Property, plant and equipment, net 20,240 — Mining properties, net 6,885 — 91,421 71,442 NON-CURRENT ASSETS Property, plant and equipment, net — 23,373 Mining properties, net — 8,165 Receivables — 17,225 TOTAL ASSETS $ 91,421 $ 120,205 LIABILITIES CURRENT LIABILITIES Accounts payable $ 10,974 $ 8,675 Accrued liabilities and other 5,161 6,382 Reclamation 15,179 413 Other 19,363 — 50,677 15,470 NON-CURRENT LIABILITIES Reclamation — 10,212 Deferred tax liabilities — 4,987 Other — 18,558 TOTAL LIABILITIES $ 50,677 $ 49,227 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year ended December 31, In thousands except per share amounts 2017 2016 2015 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 10,925 $ 22,435 $ (287,811 ) Income (loss) from discontinued operations (12,244 ) 32,917 (79,372 ) $ (1,319 ) $ 55,352 $ (367,183 ) Weighted average shares: Basic 180,096 159,853 129,639 Effect of stock-based compensation plans 4,048 3,606 — Diluted 184,144 163,459 129,639 Basic income (loss) per share: Income (loss) from continuing operations $ 0.06 $ 0.14 $ (2.22 ) Income (loss) from discontinued operations (0.07 ) 0.21 (0.61 ) Basic $ (0.01 ) $ 0.35 $ (2.83 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.06 $ 0.14 $ (2.22 ) Income (loss) from discontinued operations (0.07 ) 0.20 (0.61 ) Diluted $ (0.01 ) $ 0.34 $ (2.83 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Marketable Securities [Abstract] | |
Investments | These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss) . At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes unrealized losses on equity and debt securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Equity securities $ 881 $ 5,662 $ — $ — $ 881 $ 5,662 Debt securities 85 6,592 — — 85 6,592 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands December 31, 2017 December 31, 2016 Current receivables: Trade receivables $ 5,883 $ 5,973 Income tax receivable 7 1,038 Value added tax receivable 10,982 44,150 Other 2,197 2,254 $ 19,069 $ 53,415 Non-current receivables: Value added tax receivable $ 28,750 $ 2,088 Income tax receivable — 11,657 28,750 13,745 Total receivables $ 47,819 $ 67,160 |
Inventory and Ore on Leach Pa46
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands December 31, 2017 December 31, 2016 Inventory: Concentrate $ 6,831 $ 17,994 Precious metals 18,803 41,955 Supplies 32,596 33,487 58,230 93,436 Ore on leach pads: Current 73,752 64,167 Non-current 65,393 67,231 139,145 131,398 Total inventory and ore on leach pads $ 197,375 $ 224,834 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands December 31, 2017 December 31, 2016 Land $ 9,408 $ 7,869 Facilities and equipment 554,160 532,122 Assets under capital leases 82,753 54,297 646,321 594,288 Accumulated amortization (1) (448,001 ) (423,361 ) 198,320 170,927 Construction in progress 56,417 22,496 Property, plant and equipment, net $ 254,737 $ 193,423 (1) Includes $28.2 million and $14.8 million of accumulated amortization related to assets under capital leases at December 31, 2017 and 2016, respectively. |
Mining Properties (Tables)
Mining Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 December 31, 2016 Palmarejo Rochester Kensington Wharf La Preciosa Joaquin Other Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ — $ — $ — $ 648,780 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) — — (439,682 ) 39,895 26,986 116,431 25,786 — — — 209,098 Mineral interests 629,303 — — 45,837 49,085 10,000 37,272 771,497 Accumulated amortization (381,686 ) — — (19,249 ) — — (29,370 ) (430,305 ) 247,617 — — 26,588 49,085 10,000 7,902 341,192 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 49,085 $ 10,000 $ 7,902 $ 550,290 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] [Table Text Block] | Minimum future lease payments under capital and operating leases with terms longer than one year are as follows: At December 31, ( In thousands) Operating leases Capital leases 2018 $ 5,220 $ 18,758 2019 5,154 13,938 2020 4,669 11,018 2021 3,798 9,646 2022 2,646 3,510 Thereafter 4,099 40 Total $ 25,586 $ 56,910 Less: imputed interest — (4,696 ) Net lease obligation $ 25,586 $ 52,214 |
Long term debt and capital lease obligations | December 31, 2017 December 31, 2016 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,088 $ — $ — 2021 Senior Notes, net (2) — — — 175,991 Revolving Credit Facility (3) — 100,000 — — Capital lease obligations 16,559 35,481 11,955 22,691 Silvertip debt obligation 14,194 — — — $ 30,753 $ 380,569 $ 11,955 $ 198,682 (1) Net of unamortized debt issuance costs of $4.9 million at December 31, 2017 . (2) Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016. (3) Unamortized debt issuance costs of $1.9 million at December 31, 2017 included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Year ended December 31, In thousands 2017 2016 2015 2024 Senior Notes $ 8,608 $ — $ — 2021 Senior Notes 6,221 28,871 $ 33,437 Revolving Credit Facility 885 — — 3.25% Convertible Senior Notes due 2028 — 13 54 Term Loan due 2020 — 4,939 4,715 Capital lease obligations 1,621 1,422 999 Accretion of Palmarejo gold production royalty obligation — 1,211 6,567 Amortization of debt issuance costs 809 1,933 2,257 Accretion of debt premium (71 ) (345 ) (409 ) Accretion of Silvertip contingent consideration 260 — — Other debt obligations 42 58 350 Capitalized interest (1,935 ) (1,206 ) (2,992 ) Total interest expense, net of capitalized interest $ 16,440 $ 36,896 $ 44,978 |
Supplemental Guarantor Inform50
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 433,050 $ 276,548 $ — $ 709,598 COSTS AND EXPENSES Costs applicable to sales (1) — 293,340 146,920 — 440,260 Amortization 1,157 71,340 74,052 — 146,549 General and administrative 33,379 28 209 — 33,616 Exploration 1,592 13,689 15,030 — 30,311 Pre-development, reclamation, and other 4,705 7,497 6,734 — 18,936 Total costs and expenses 40,833 385,894 242,945 — 669,672 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (9,342 ) — — — (9,342 ) Fair value adjustments, net — (864 ) — — (864 ) Other, net 21,254 2,936 10,179 (7,726 ) 26,643 Interest expense, net of capitalized interest (14,657 ) (975 ) (8,534 ) 7,726 (16,440 ) Total other income (expense), net (2,745 ) 1,097 1,645 — (3 ) Income (loss) from continuing operations before income and mining taxes (43,578 ) 48,253 35,248 — 39,923 Income and mining tax (expense) benefit 2,170 (5,758 ) (25,410 ) — (28,998 ) Income (loss) from continuing operations (41,408 ) 42,495 9,838 — 10,925 Equity income (loss) in consolidated subsidiaries 40,089 (577 ) 4,416 (43,928 ) — Income (loss) from discontinued operations — — (12,244 ) — (12,244 ) NET INCOME (LOSS) $ (1,319 ) $ 41,918 $ 2,010 $ (43,928 ) $ (1,319 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,227 915 — (915 ) 3,227 Reclassification adjustments for impairment of equity securities, net of tax 426 426 — (426 ) 426 Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,354 486 — (486 ) 1,354 Other comprehensive income (loss) 5,007 1,827 — (1,827 ) 5,007 COMPREHENSIVE INCOME (LOSS) $ 3,688 $ 43,745 $ 2,010 $ (45,755 ) $ 3,688 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 423,488 $ 148,409 $ — $ 571,897 COSTS AND EXPENSES Costs applicable to sales (1) — 252,836 82,539 — 335,375 Amortization 1,558 77,392 37,578 — 116,528 COSTS AND EXPENSES General and administrative 28,704 250 321 — 29,275 Exploration 1,596 6,127 5,207 — 12,930 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 2,044 5,839 6,528 — 14,411 Total costs and expenses 33,902 342,444 136,619 — 512,965 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (21,365 ) — — — (21,365 ) Fair value adjustments, net (1,635 ) (4,133 ) (5,813 ) — (11,581 ) Other, net 4,357 2,139 (1,314 ) (5,084 ) 98 Interest expense, net of capitalized interest (35,158 ) (861 ) (5,961 ) 5,084 (36,896 ) Total other income (expense), net (53,801 ) (2,855 ) (13,088 ) — (69,744 ) Income (loss) from continuing operations before income and mining taxes (87,703 ) 78,189 (1,298 ) — (10,812 ) Income and mining tax (expense) benefit 11,733 (7,517 ) 29,031 — 33,247 Income (loss) from continuing operations (75,970 ) 70,672 27,733 — 22,435 Equity income (loss) in consolidated subsidiaries 131,322 (4,353 ) — (126,969 ) — Income (loss) from discontinued operations — — 32,917 — 32,917 NET INCOME (LOSS) $ 55,352 $ 66,319 $ 60,650 $ (126,969 ) $ 55,352 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,222 3,156 — (3,156 ) 3,222 Reclassification adjustments for impairment of equity securities, net of tax 703 703 — (703 ) 703 Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,691 ) (3,181 ) — 3,181 (2,691 ) Other comprehensive income (loss) 1,234 678 — (678 ) 1,234 COMPREHENSIVE INCOME (LOSS) $ 56,586 $ 66,997 $ 60,650 $ (127,647 ) $ 56,586 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 183,129 $ — $ 561,407 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 141,997 — 403,827 Amortization 1,991 83,325 40,637 — 125,953 COSTS AND EXPENSES General and administrative 32,405 35 196 — 32,636 Exploration 2,265 3,931 5,325 — 11,521 Write-downs — 1,630 244,995 — 246,625 Pre-development, reclamation, and other 4,083 5,920 6,201 — 16,204 Total costs and expenses 40,744 356,671 439,351 — 836,766 OTHER INCOME (EXPENSE), NET Gain on debt extinguishments 15,916 — — — 15,916 Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 4,336 (3,106 ) (15,121 ) (3,776 ) (17,667 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (7,921 ) 3,776 (44,978 ) Total other income (expense), net (18,391 ) (3,254 ) (19,882 ) — (41,527 ) Income (loss) from continuing operations before income and mining taxes (59,135 ) 18,353 (276,104 ) — (316,886 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 29,602 — 29,075 Income (loss) from continuing operations (57,308 ) 15,999 (246,502 ) — (287,811 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — Income (loss) from discontinued operations — — (79,372 ) — (79,372 ) NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of equity securities, net of tax 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of equity securities, net of tax 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (8,470 ) $ 118,667 $ 130,491 $ (43,528 ) 197,160 Cash provided by (used in) activities of discontinued operations — — 11,296 — 11,296 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (8,470 ) 118,667 141,787 (43,528 ) 208,456 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,941 ) (85,967 ) (48,826 ) — (136,734 ) Proceeds from the sale of assets 8,917 6,902 886 — 16,705 Purchase of investments (15,057 ) (1 ) — — (15,058 ) Sales of investments 9,157 2,164 — — 11,321 Acquisitions, net of cash acquired (156,248 ) — 52,577 — — (156,248 ) Other (3,020 ) — 2,803 — (217 ) Investments in consolidated subsidiaries (34,419 ) 12,911 (881 ) 22,389 — Cash provided by (used in) activities of continuing operations (192,611 ) (63,991 ) (46,018 ) 22,389 (280,231 ) Cash provided by (used in) activities of discontinued operations — — (1,392 ) — (1,392 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (192,611 ) (63,991 ) (47,410 ) 22,389 (281,623 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 342,620 — 52,577 — — 342,620 Payments on debt, capital leases, and associated costs (185,538 ) (7,926 ) (9,581 ) — (203,045 ) Net intercompany financing activity 34,359 (44,540 ) 9,801 380 — Other (3,746 ) — — — (3,746 ) Cash provided by (used in) activities of continuing operations 187,695 (52,466 ) 220 380 135,829 Cash provided by (used in) activities of discontinued operations — — (20,843 ) 20,759 (84 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 187,695 (52,466 ) (20,623 ) 21,139 135,745 Effect of exchange rate changes on cash and cash equivalents — 6 197 — 203 Less net cash provided by (used in) discontinued operations — — (10,939 ) — (10,939 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (13,386 ) 2,216 84,890 — 73,720 Cash and cash equivalents at beginning of period 58,048 50,023 10,241 — 118,312 Cash and cash equivalents at end of period $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ 62,207 $ 134,892 $ 26,331 $ (126,969 ) 96,461 Cash provided by (used in) activities of discontinued operations — — 29,356 — 29,356 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 62,207 134,892 55,687 (126,969 ) 125,817 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (246 ) (58,084 ) (36,052 ) — (94,382 ) Proceeds from the sale of assets — 4,800 11,496 — 16,296 Purchase of investments (178 ) — — — (178 ) Sales of investments 501 6,576 — — 7,077 Acquisitions, net of cash acquired — — (1,417 ) — (1,417 ) Other (4,396 ) 368 (180 ) — (4,208 ) Investments in consolidated subsidiaries (107,855 ) 25,047 — 82,808 — Cash provided by (used in) activities of continuing operations (112,174 ) (21,293 ) (26,153 ) 82,808 (76,812 ) Cash provided by (used in) activities of discontinued operations — — (6,631 ) — (6,631 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (112,174 ) (21,293 ) (32,784 ) 82,808 (83,443 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (303,686 ) (10,894 ) (3,573 ) — (318,153 ) Gold production royalty payments — — (27,155 ) — (27,155 ) Net intercompany financing activity 45,850 (86,914 ) 13,404 27,660 — Issuance of common stock 269,556 — — — 269,556 Other 172 — — — 172 Cash provided by (used in) activities of continuing operations 11,892 (97,808 ) (17,324 ) 27,660 (75,580 ) Cash provided by (used in) activities of discontinued operations — — (21,149 ) 16,501 (4,648 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,892 (97,808 ) (38,473 ) 44,161 (80,228 ) Effect of exchange rate changes on cash and cash equivalents — 4 (682 ) — (678 ) Less net cash provided by (used in) discontinued operations — — 1,576 — 1,576 NET CHANGE IN CASH AND CASH EQUIVALENTS (38,075 ) 15,795 (17,828 ) — (40,108 ) Cash and cash equivalents at beginning of period 96,123 34,228 28,069 — 158,420 Cash and cash equivalents at end of period $ 58,048 $ 50,023 $ 10,241 $ — $ 118,312 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (377,091 ) $ 86,486 $ 53,328 $ 324,689 87,412 Cash provided by (used in) activities of discontinued operations — — 26,130 — 26,130 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (377,091 ) 86,486 79,458 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (36,083 ) — (88,973 ) Proceeds from the sale of assets — 289 318 — 607 Purchase of investments (1,880 ) — — — (1,880 ) Sales of investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 234 (110 ) — (4,586 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — Cash provided by (used in) activities of continuing operations 164,093 (31,082 ) (35,684 ) (302,400 ) (205,073 ) Cash provided by (used in) activities of discontinued operations — — (6,220 ) — (6,220 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — — — 150,000 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (245 ) — (70,603 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 27,321 (20,035 ) — Other (542 ) — — — (542 ) Cash provided by (used in) activities of continuing operations 98,760 (26,946 ) (12,159 ) (20,035 ) 39,620 Cash provided by (used in) activities of discontinued operations — — (8,358 ) (2,254 ) (10,612 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) Less net cash provided by (used in) discontinued operations — — 11,552 — 11,552 NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 4,092 — (81,699 ) Cash and cash equivalents at beginning of period 210,361 5,781 23,977 — 240,119 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 28,069 $ — $ 158,420 |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Royalty obligations — — — — — Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 10,241 $ — $ 118,312 Receivables 12 6,865 46,538 — 53,415 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 44,043 — 93,436 Prepaid expenses and other 3,803 1,459 4,753 — 10,015 Assets held for sale — — 71,442 — 71,442 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 50,316 — 193,423 Mining properties, net — 195,791 354,499 — 550,290 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity and debt securities — 4,488 — — 4,488 Receivables — — 13,745 — 13,745 Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,500 (221,559 ) 12,585 Assets held for sale — — 48,763 — 48,763 TOTAL ASSETS $ 569,692 $ 600,441 $ 655,041 $ (506,265 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 17,586 $ — $ 44,660 Other accrued liabilities 12,881 13,664 9,900 — 36,445 Debt — 6,516 5,439 — 11,955 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 437 — 3,109 Liabilities held for sale — — 15,470 — 15,470 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,559 ) 198,682 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 10,409 — 85,592 Deferred tax liabilities 13,810 6,179 49,822 — 69,811 Other long-term liabilities 1,993 4,750 34,911 — 41,654 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — Liabilities held for sale — — 33,757 — 33,757 (213,829 ) 442,431 426,745 (221,559 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 655,041 $ (506,265 ) $ 1,318,909 |
Additional Balance Sheet Deta51
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: December 31, 2017 December 31, 2016 Accrued salaries and wages $ 26,559 $ 20,895 Income and mining taxes 25,788 3,721 Silvertip contingent consideration 24,393 — Accrued operating costs 12,323 3,199 Taxes other than income and mining 4,354 2,738 Accrued interest payable 1,513 5,892 Accrued liabilities and other $ 94,930 $ 36,445 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2017 2016 2015 Capital lease obligations $ 34,604 $ 32,243 $ 4,123 Non-cash extinguishment of senior notes — 10,616 53,373 Non-cash acquisitions and related deferred taxes 131,833 — 297,821 Other cash flow information: Interest paid $ 21,943 $ 41,919 $ 41,442 Income taxes paid 13,000 17,181 1,937 |
Summary of Quarterly Financia52
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table sets forth a summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 (in thousands, except per share data): Q1 Q2 Q3 Q4 2017 Revenues $ 185,554 $ 149,540 $ 159,919 $ 214,585 Costs applicable to sales 114,490 102,229 101,559 121,982 Amortization 38,693 30,733 32,401 44,722 Exploration 5,252 7,813 9,792 7,454 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs) 13,962 11,110 12,374 15,106 Income (loss) from continuing operations 18,299 (9,995 ) (11,728 ) 14,349 Income (loss) from discontinued operations 364 (960 ) (4,924 ) (6,724 ) Net income (loss) 18,663 (10,955 ) (16,652 ) 7,625 Cash provided by (used in) operating activities 43,938 24,103 37,308 91,811 Capital expenditures 23,591 37,107 28,982 47,054 Basic income (loss) per share: Net income (loss) from continuing operations $ 0.10 $ (0.05 ) $ (0.06 ) $ 0.08 Net income (loss) from discontinued operations — (0.01 ) (0.03 ) (0.04 ) Basic $ 0.10 $ (0.06 ) $ (0.09 ) $ 0.04 Diluted income (loss) per share: Net income (loss) from continuing operations $ 0.10 $ (0.05 ) $ (0.06 ) $ 0.08 Net income (loss) from discontinued operations — (0.01 ) (0.03 ) (0.04 ) Diluted $ 0.10 $ (0.06 ) $ (0.09 ) $ 0.04 Q1 Q2 Q3 Q4 2016 Revenues $ 127,109 $ 156,822 $ 148,762 $ 139,204 Costs applicable to sales 84,058 81,820 84,594 84,903 Amortization 26,210 35,653 26,040 28,625 Exploration 1,731 2,233 3,706 5,260 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs) 16,635 10,688 10,439 10,370 Income (loss) from continuing operations (21,640 ) 8,280 46,123 (10,328 ) Income (loss) from discontinued operations 1,244 6,217 23,436 2,020 Net income (loss) (20,396 ) 14,497 69,559 (8,308 ) Cash provided by (used in) operating activities 1,085 34,752 39,201 21,423 Capital expenditures 21,651 21,971 22,626 28,134 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.15 ) $ 0.05 $ 0.29 $ (0.06 ) Net income (loss) from discontinued operations 0.01 0.04 0.14 0.01 Basic $ (0.14 ) $ 0.09 $ 0.43 $ (0.05 ) Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.15 ) $ 0.05 $ 0.28 $ (0.06 ) Net income (loss) from discontinued operations 0.01 0.04 0.14 0.01 Diluted $ (0.14 ) $ 0.09 $ 0.42 $ (0.05 ) |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Drilling and Related Costs Capitalized | $ 11,700 | $ 12,900 | |
Impairment of long-lived assets | 0 | 4,446 | $ 246,625 |
Write-downs | 3,390 | ||
Held-to-maturity Securities, Restricted | $ 20,800 | $ 17,600 |
Write-Downs (Details)
Write-Downs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 0 | $ 4,446 | $ 246,625 |
Mining Properties and Mineral Rights [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 4,446 | 227,921 |
Mining Properties and Mineral Rights [Member] | Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 0 | 205,803 |
Mining Properties and Mineral Rights [Member] | Coeur Capital [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 4,446 | 22,118 |
Property, Plant and Equipment, Other Types [Member] | Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 0 | $ 0 | $ 18,704 |
Write-Downs (Details Textual)
Write-Downs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 19, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | $ 0 | $ 4,446 | $ 246,625 | |
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 3,900 | 209,800 | ||
Palmarejo [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 224,500 | |||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 193,500 | |||
Coeur Capital [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 22,100 | |||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | $ 16,300 | |||
Endeavor [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 2,500 | |||
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | $ 1,900 | |||
Transfer of financial assets accounted for as sales, amount | $ 6,300 | |||
Disposition of Assets, Contingent Consideration, Asset | $ 1,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | $ 709,598 | $ 568,617 | $ 554,557 | |||||||||||||
Royalty Revenue | 3,280 | 6,850 | ||||||||||||||
Revenues | $ 214,585 | $ 159,919 | $ 149,540 | $ 185,554 | $ 139,204 | $ 148,762 | $ 156,822 | $ 127,109 | 709,598 | 571,897 | 561,407 | |||||
Costs applicable to sales | 121,982 | 101,559 | 102,229 | 114,490 | 84,903 | 84,594 | 81,820 | 84,058 | 440,260 | [1] | 335,375 | [1] | 403,827 | [1] | ||
Amortization | 44,722 | 32,401 | 30,733 | 38,693 | 28,625 | 26,040 | 35,653 | 26,210 | 146,549 | 116,528 | 125,953 | |||||
Exploration | 7,454 | 9,792 | 7,813 | 5,252 | 5,260 | 3,706 | 2,233 | 1,731 | 30,311 | 12,930 | 11,521 | |||||
Write-downs | 0 | 4,446 | 246,625 | |||||||||||||
Other operating expenses | 52,552 | 43,686 | 48,840 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | (9,342) | (21,365) | 15,916 | |||||||||||||
Fair value adjustments, net, pretax | (864) | (11,581) | 5,202 | |||||||||||||
Interest expense, net | (16,440) | (36,896) | (44,978) | |||||||||||||
Other, net | 26,643 | 98 | (17,667) | |||||||||||||
Income and mining tax benefit (expense) | (28,998) | 33,247 | 29,075 | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 14,349 | (11,728) | (9,995) | 18,299 | (10,328) | 46,123 | 8,280 | (21,640) | 10,925 | 22,435 | (287,811) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (6,724) | (4,924) | (960) | 364 | 2,020 | 23,436 | 6,217 | 1,244 | (12,244) | 32,917 | (79,372) | |||||
Assets, Net | [2] | 1,344,553 | 1,045,722 | 1,344,553 | 1,045,722 | 1,012,169 | ||||||||||
Capital expenditures | 47,054 | $ 28,982 | $ 37,107 | $ 23,591 | 28,134 | $ 22,626 | $ 21,971 | $ 21,651 | 136,734 | 94,382 | 88,973 | |||||
Palmarejo [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 274,809 | 141,273 | 169,133 | |||||||||||||
Royalty Revenue | 0 | 0 | ||||||||||||||
Revenues | 141,273 | 169,133 | ||||||||||||||
Costs applicable to sales | [1] | 146,176 | 80,820 | 138,476 | ||||||||||||
Amortization | 73,744 | 36,599 | 32,423 | |||||||||||||
Exploration | 11,924 | 5,063 | 4,533 | |||||||||||||
Write-downs | 0 | 224,507 | ||||||||||||||
Other operating expenses | 1,263 | 1,213 | 1,293 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | (5,814) | 3,160 | |||||||||||||
Interest expense, net | (487) | 1,187 | 4,269 | |||||||||||||
Other, net | (851) | (12,125) | (10,968) | |||||||||||||
Income and mining tax benefit (expense) | (24,330) | (45,085) | (37,597) | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 16,034 | 43,537 | (206,579) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Assets, Net | [2] | 377,621 | 436,642 | 377,621 | 436,642 | 406,648 | ||||||||||
Capital expenditures | 29,902 | 35,810 | 35,991 | |||||||||||||
Rochester [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 152,680 | 139,945 | 143,930 | |||||||||||||
Royalty Revenue | 0 | 0 | ||||||||||||||
Revenues | 139,945 | 143,930 | ||||||||||||||
Costs applicable to sales | [1] | 107,921 | 89,726 | 103,994 | ||||||||||||
Amortization | 22,306 | 21,838 | 23,906 | |||||||||||||
Exploration | 1,352 | 841 | 1,324 | |||||||||||||
Write-downs | 0 | 0 | ||||||||||||||
Other operating expenses | 3,394 | 2,801 | 2,948 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||||
Fair value adjustments, net, pretax | (864) | (4,133) | 818 | |||||||||||||
Interest expense, net | (496) | 664 | 748 | |||||||||||||
Other, net | 2,193 | (3,859) | (13) | |||||||||||||
Income and mining tax benefit (expense) | (1,028) | 2,785 | 1,497 | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 17,512 | 13,298 | 10,318 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Assets, Net | [2] | 239,223 | 219,009 | 239,223 | 219,009 | 190,714 | ||||||||||
Capital expenditures | 40,874 | 16,446 | 25,330 | |||||||||||||
Silvertip [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 0 | |||||||||||||||
Costs applicable to sales | [1] | 0 | ||||||||||||||
Amortization | 0 | |||||||||||||||
Exploration | 0 | |||||||||||||||
Other operating expenses | 153 | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | |||||||||||||||
Fair value adjustments, net, pretax | 0 | |||||||||||||||
Interest expense, net | (2,212) | |||||||||||||||
Other, net | 1,142 | |||||||||||||||
Income and mining tax benefit (expense) | (932) | |||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (2,155) | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | |||||||||||||||
Assets, Net | [2] | 339,369 | 339,369 | |||||||||||||
Capital expenditures | 17,684 | |||||||||||||||
Kensington [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 154,469 | 146,593 | 148,710 | |||||||||||||
Royalty Revenue | 0 | 0 | ||||||||||||||
Revenues | 146,593 | 148,710 | ||||||||||||||
Costs applicable to sales | [1] | 116,096 | 96,731 | 105,640 | ||||||||||||
Amortization | 36,022 | 34,787 | 42,240 | |||||||||||||
Exploration | 8,604 | 3,487 | 2,596 | |||||||||||||
Write-downs | 0 | 0 | ||||||||||||||
Other operating expenses | 1,412 | 1,038 | 1,301 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | |||||||||||||
Interest expense, net | (413) | 128 | 218 | |||||||||||||
Other, net | (922) | (25) | 7 | |||||||||||||
Income and mining tax benefit (expense) | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (9,000) | 10,397 | (3,278) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Assets, Net | [2] | 212,588 | 199,232 | 212,588 | 199,232 | 197,873 | ||||||||||
Capital expenditures | 36,248 | 36,826 | 23,834 | |||||||||||||
Wharf [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 125,901 | 136,678 | 84,052 | |||||||||||||
Royalty Revenue | 0 | 0 | ||||||||||||||
Revenues | 136,678 | 84,052 | ||||||||||||||
Costs applicable to sales | [1] | 69,322 | 66,379 | 52,197 | ||||||||||||
Amortization | 13,012 | 20,621 | 16,378 | |||||||||||||
Exploration | 320 | 2 | 134 | |||||||||||||
Write-downs | 0 | 0 | ||||||||||||||
Other operating expenses | 2,468 | 2,238 | 1,717 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | |||||||||||||
Interest expense, net | (66) | 69 | 0 | |||||||||||||
Other, net | 172 | 17 | 143 | |||||||||||||
Income and mining tax benefit (expense) | (3,936) | 4,293 | 857 | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 36,949 | 43,093 | 12,912 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Assets, Net | [2] | 104,010 | 105,901 | 104,010 | 105,901 | 113,305 | ||||||||||
Capital expenditures | 8,844 | 4,812 | 3,211 | |||||||||||||
Other Mining Properties [Member] | ||||||||||||||||
Financial information relating to reporting segments | ||||||||||||||||
Revenue | 1,739 | 4,128 | 8,732 | |||||||||||||
Royalty Revenue | 3,280 | 6,850 | ||||||||||||||
Revenues | 7,408 | 15,582 | ||||||||||||||
Costs applicable to sales | [1] | 745 | 1,719 | 3,520 | ||||||||||||
Amortization | 1,465 | 2,683 | 11,006 | |||||||||||||
Exploration | 8,111 | 3,537 | 2,934 | |||||||||||||
Write-downs | 4,446 | 22,118 | ||||||||||||||
Other operating expenses | 43,862 | 36,396 | 41,581 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | (9,342) | (21,365) | 15,916 | |||||||||||||
Fair value adjustments, net, pretax | 0 | (1,634) | 1,224 | |||||||||||||
Interest expense, net | (12,766) | 34,848 | 39,743 | |||||||||||||
Other, net | 24,909 | 16,090 | (6,836) | |||||||||||||
Income and mining tax benefit (expense) | 1,228 | 4,760 | 6,168 | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (48,415) | (87,890) | (101,184) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (12,244) | 32,917 | (79,372) | |||||||||||||
Assets, Net | $ 71,742 | $ 84,938 | [2] | 71,742 | 84,938 | [2] | 103,629 | [2] | ||||||||
Capital expenditures | $ 3,182 | $ 488 | $ 607 | |||||||||||||
[1] | Excludes amortization. | |||||||||||||||
[2] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||
Assets, Net | [1] | $ 1,344,553 | $ 1,045,722 | $ 1,012,169 | |
Cash and cash equivalents | 192,032 | 118,312 | $ 158,420 | $ 240,119 | |
Other assets | 164,590 | 154,875 | |||
TOTAL ASSETS | $ 1,701,175 | $ 1,318,909 | |||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | $ 1,084,306 | $ 755,369 | $ 1,084,306 | $ 755,369 | |||||||
Revenues | |||||||||||
Revenues | 214,585 | $ 159,919 | $ 149,540 | $ 185,554 | 139,204 | $ 148,762 | $ 156,822 | $ 127,109 | 709,598 | 571,897 | $ 561,407 |
United States | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 377,768 | 338,897 | 377,768 | 338,897 | |||||||
Revenues | |||||||||||
Revenues | 433,050 | 423,216 | 376,692 | ||||||||
Canada | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 331,440 | 0 | 331,440 | 0 | |||||||
Mexico | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 370,188 | 397,697 | 370,188 | 397,697 | |||||||
Revenues | |||||||||||
Revenues | 274,809 | 142,198 | 171,911 | ||||||||
Australia | |||||||||||
Revenues | |||||||||||
Revenues | 1,739 | 4,128 | 8,732 | ||||||||
Argentina | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 229 | 10,228 | 229 | 10,228 | |||||||
Other Foreign Countries [Member] | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | $ 4,681 | $ 8,547 | 4,681 | 8,547 | |||||||
Revenues | |||||||||||
Revenues | $ 0 | $ 2,355 | $ 4,072 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 709,598 | $ 568,617 | $ 554,557 |
China National Gold [Domain] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 137,500 | 126,600 | 126,200 |
Republic Metals Corporation [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 132,400 | 47,300 | 600 |
Asahi Formerly Johnson Matthey [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 124,100 | 62,600 | 84,200 |
Techemet Metal Trading [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 104,800 | 40,700 | 0 |
TD Securities [Domain] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 15,500 | 81,300 |
INTL Commodities [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 9,600 | 76,600 | 33,100 |
Mitsui & Co. [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 137,700 |
Dore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | 8 | ||
Dore [Member] | Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 78.00% | 74.00% | 72.00% |
Smelting and Refining [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | 1 | ||
Smelting and Refining [Member] | Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 26.00% | 27.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 6.1 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 5 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.2 | ||
Proceeds from Stock Options Exercised | 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 0.5 | $ 1 | $ 1.4 |
Annual Incentive Plan and Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock based compensation awards | 10.5 | $ 9.7 | $ 9.3 |
Restricted Stock and Restricted Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 3.5 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 3 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Performance Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 2.6 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months | ||
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 0.1 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock-Based Compensation (Det61
Stock-Based Compensation (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement by Share Based Payment Award Grants in Period Weighted Average Grant Date Fair Value | $ 3.91 | $ 1.06 | $ 2.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 67.07% | 61.75% | 55.71% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years | 3 years 11 months 27 days | 4 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.69% | 1.50% | 1.51% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Det62
Stock-Based Compensation (Details 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 656,611 | 670,009 | 598,346 | 617,446 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 10.76 | $ 12.58 | $ 16.26 | $ 10.53 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Number | 42,152 | 46,572 | 46,572 | 42,152 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Weighted Average Exercise Price | $ 14.14 | $ 14.06 | $ 14.06 | $ 14.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 14,820 | 183,251 | 310,028 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.60 | $ 2.19 | $ 5.57 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period | 0 | 0 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 27,019 | 25,752 | 238,365 | |
Share Based Compensation Arrangement by Share Based Payment Award Option Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 21.88 | $ 16.76 | $ 12.69 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Forfeitures in Period | 0 | 4,420 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 0 | $ 13.31 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 26,966 | 170,897 | ||
Share Based Compensation Arrangement by Share Based Payment Award Option Exercises in Period Weighted Average Grant Date Fair Value | $ 3.28 | $ 7.81 | ||
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period | 0 | 0 | ||
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 |
Stock-Based Compensation (Det63
Stock-Based Compensation (Details 2) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 617,446 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 10.53 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 5 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,127 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 601,545 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 10.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 6 years 5 months 2 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 1,065 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | shares | 427,730 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ / shares | $ 13.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 9 months 21 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 377 |
Zero to Ten Dollars [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 434,520 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 5.45 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 2 months 25 days |
Ten Dollars to Twenty Dollars [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 47,051 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 12.73 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 8 months 6 days |
Twenty Dollars to Thirty Dollars [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 133,692 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 25.64 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 4 months |
Thirty Dollars to Forty Dollars [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 0 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 0 years |
Forty Dollars to Fifty Dollars [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | shares | 2,183 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ / shares | $ 48.50 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 days |
Stock-Based Compensation (Det64
Stock-Based Compensation (Details 3) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,155,845 | 2,433,915 | 1,507,412 | 901,999 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.72 | $ 4.48 | $ 7.49 | $ 12.19 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 799,165 | 1,768,746 | 1,180,384 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.78 | $ 3.72 | $ 5.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,023,708 | 681,829 | 317,122 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 5.14 | $ 8.51 | $ 13.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 53,527 | 160,414 | 257,849 | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 5.90 | $ 7.16 | $ 7.59 |
Stock-Based Compensation (Det65
Stock-Based Compensation (Details 4) - Performance Shares [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,368,281 | 2,372,632 | 1,135,135 | 516,830 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.44 | $ 4.53 | $ 10.35 | $ 17.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 316,213 | 1,437,077 | 809,293 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.58 | $ 1.79 | $ 6.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 66,696 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 14.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 253,868 | 199,580 | 190,988 | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 11.56 | $ 17.98 | $ 15.62 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 21, 2009oz | |
Income Tax Contingency [Line Items] | ||||||
Valuation allowance | $ 40.8 | |||||
Gross unrecognized benefits | 4.3 | 5.1 | 1.2 | |||
Income tax penalties and interest expense | $ 4.8 | $ 5.5 | $ 0.7 | |||
Minimum | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized income tax liability | 1.5 | |||||
Maximum | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized income tax liability | $ 2.5 | |||||
Palmarejo gold production royalty | ||||||
Income Tax Contingency [Line Items] | ||||||
Payment made for gold on the end of royalty obligation | oz | 4,167 | |||||
Silver and gold options | ||||||
Income Tax Contingency [Line Items] | ||||||
Net derivative gain (loss) | $ 1.6 | $ 1.3 | ||||
Franco-Nevada warrant | ||||||
Income Tax Contingency [Line Items] | ||||||
Market-to-market adjustment | $ 5.9 | $ 17 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 10,099 | $ (13,299) | $ (44,101) |
Foreign | 29,824 | 2,487 | (272,785) |
Total | $ 39,923 | $ (10,812) | $ (316,886) |
Income and Mining Taxes - Inc68
Income and Mining Taxes - Income and Mining Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | ||||
Income tax (expense) benefit | $ 28,998 | $ (33,247) | $ (29,075) | |
United States | ||||
Income Tax Examination [Line Items] | ||||
Deferred federal income tax expense (benefit) | 6,367 | (1,610) | $ (564) | |
United States - Alternative Minimum tax [Member] | ||||
Income Tax Examination [Line Items] | ||||
Current federal tax expense (benefit) | 1,428 | 0 | 49 | |
United States — State mining taxes | ||||
Income Tax Examination [Line Items] | ||||
Current federal tax expense (benefit) | (6,016) | (7,826) | (4,305) | |
Deferred federal income tax expense (benefit) | 1,052 | 748 | 1,952 | |
United States — Foreign withholding tax | ||||
Income Tax Examination [Line Items] | ||||
Current federal tax expense (benefit) | (8,466) | (1,838) | 0 | |
Argentina | ||||
Income Tax Examination [Line Items] | ||||
Current foreign tax expense (benefit) | 55 | 10 | 715 | |
Deferred foreign income tax expense (benefit) | 1,531 | 115 | (1,197) | |
Australia | ||||
Income Tax Examination [Line Items] | ||||
Current foreign tax expense (benefit) | 0 | 14 | 130 | |
Deferred foreign income tax expense (benefit) | 0 | (1,638) | 3,223 | |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Current foreign tax expense (benefit) | 876 | (1,841) | (516) | |
Deferred foreign income tax expense (benefit) | 104 | 1,338 | 2,875 | |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Current foreign tax expense (benefit) | (30,763) | (9,581) | (476) | |
Deferred foreign income tax expense (benefit) | 4,805 | 55,383 | 27,189 | |
New Zealand | ||||
Income Tax Examination [Line Items] | ||||
Deferred foreign income tax expense (benefit) | $ 29 | $ (27) | $ 0 |
Income and Mining Taxes - Recon
Income and Mining Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income and mining tax (expense) benefit at statutory rate | $ (14,037) | $ 3,718 | $ 110,848 |
State tax provision from continuing operations | 26 | 336 | (2,075) |
Change in valuation allowance | 86,712 | 40,517 | (70,457) |
Effect of tax legislation | (88,174) | 0 | 0 |
Percentage depletion | 703 | 983 | 0 |
Uncertain tax positions | 2,596 | (8,829) | 170 |
U.S. and foreign permanent differences | 2,348 | (2,652) | (3,376) |
Mineral interest related | 0 | 0 | (18,318) |
Foreign exchange rates | (14,180) | 19,701 | 21,461 |
Foreign inflation and indexing | (2,346) | (670) | 1,117 |
Foreign tax rate differences | 2,929 | 120 | (14,062) |
Mining, foreign withholding, and other taxes | (11,274) | (11,052) | 8,141 |
Other, net | 5,699 | 0 | (4,374) |
Legal entity reorganization | 0 | (8,925) | 0 |
Income and mining tax benefit (expense) | $ 28,998 | $ (33,247) | $ (29,075) |
Income and Mining Taxes - Defer
Income and Mining Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Mineral properties | $ 143,773 | $ 60,199 |
Unrealized foreign currency loss and other | 1,748 | 0 |
Inventory | 8,258 | 4,629 |
Royalty and other long-term debt | 0 | 8,685 |
Gross deferred tax liabilities | 153,779 | 73,513 |
Deferred tax assets: | ||
Net operating loss carryforwards | 155,512 | 186,005 |
Property, plant, and equipment | 60,286 | 60,828 |
Mining Royalty Tax | 11,797 | 6,359 |
Capital loss carryforwards | 19,881 | 6,770 |
Asset retirement obligation | 25,309 | 26,951 |
Foreign subsidiaries - unremitted earnings | 1,842 | 3,685 |
Unrealized foreign currency loss and other | 218 | 7,413 |
Accrued expenses | 13,512 | 15,193 |
Tax credit carryforwards | 45,277 | 29,227 |
Gross deferred tax assets | 333,634 | 342,431 |
Valuation allowance | (282,868) | (338,539) |
Deferred tax assets, net of valuation allowance | 50,766 | 3,892 |
Net deferred tax liabilities | $ 103,013 | $ 69,621 |
Income and Mining Taxes - Valua
Income and Mining Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 282,868 | $ 338,539 |
United States | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 235,395 | 292,446 |
Argentina | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 3,914 | 6,197 |
Canada | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 2,455 | 1,296 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 17,087 | 13,033 |
New Zealand | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 23,792 | 23,717 |
Other | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 225 | $ 1,850 |
Income and Mining Taxes - Summa
Income and Mining Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | $ 565,365 |
Alternative minimum tax net operating losses | 179,882 |
Capital losses | 86,790 |
Alternative minimum tax credits | 1,654 |
Foreign tax credits | 41,730 |
United States | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 369,973 |
Alternative minimum tax net operating losses | 179,882 |
Capital losses | 72,772 |
Alternative minimum tax credits | 1,654 |
Foreign tax credits | 41,730 |
Canada | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 39,833 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 14,018 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
Mexico | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 56,958 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
New Zealand | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 86,165 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
Other | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 12,436 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | $ 0 |
Income and Mining Taxes - Rec73
Income and Mining Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Beginning unrecognized tax benefits | $ 7,157 | $ 2,131 |
Gross increase to current period tax positions | 202 | 239 |
Gross increase to prior period tax positions | 316 | 5,187 |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (2,351) | (400) |
Ending unrecognized tax benefits | $ 5,324 | $ 7,157 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ (864) | $ (11,581) | $ 5,202 |
Rochester Royalty Obligation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | (864) | (4,133) | 818 |
Palmarejo gold production royalty | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | 0 | (5,866) | 3,101 |
Silver and gold options | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ 0 | $ (1,582) | $ 1,283 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 86,754 | $ 71,763 |
Accretion | 8,769 | 7,030 |
Additions and changes in estimates | 25,370 | 9,389 |
Settlements | (2,094) | (1,428) |
Asset retirement obligation - Ending | 118,799 | 86,754 |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | 25,370 | 9,389 |
Accrued reclamation liabilities | 2,000 | $ 1,900 |
Palmarejo [Member] | ||
Asset retirement obligation | ||
Additions and changes in estimates | 17,100 | |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | 17,100 | |
Rochester [Member] | ||
Asset retirement obligation | ||
Additions and changes in estimates | 1,200 | |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | 1,200 | |
Silvertip [Member] | ||
Asset retirement obligation | ||
Additions and changes in estimates | 7,100 | |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | $ 7,100 |
Fair Value Measurements - Sum76
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Assets | $ 35,088 | $ 4,488 |
Liabilities: | ||
Total liabilities | 48,187 | 10,049 |
Other derivative instruments, net | ||
Assets: | ||
Other derivative instruments, net | 251 | |
Liabilities: | ||
Fair value of derivative liability | 222 | 762 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 47,965 | |
Rochester Royalty Obligation | ||
Liabilities: | ||
Fair value of derivative liability | 9,287 | |
Equity and debt securities | ||
Assets: | ||
Equity and debt securities | 28,245 | 4,488 |
Level 1 | ||
Assets: | ||
Assets | 27,946 | 4,209 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Other derivative instruments, net | ||
Assets: | ||
Other derivative instruments, net | 0 | |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Rochester Royalty Obligation | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Equity and debt securities | ||
Assets: | ||
Equity and debt securities | 27,946 | 4,209 |
Level 2 | ||
Assets: | ||
Assets | 251 | 0 |
Liabilities: | ||
Total liabilities | 222 | 762 |
Level 2 | Other derivative instruments, net | ||
Assets: | ||
Other derivative instruments, net | 251 | |
Liabilities: | ||
Fair value of derivative liability | 222 | 762 |
Level 2 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 2 | Rochester Royalty Obligation | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 2 | Equity and debt securities | ||
Assets: | ||
Equity and debt securities | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 6,891 | 279 |
Liabilities: | ||
Total liabilities | 47,965 | 9,287 |
Level 3 | Other derivative instruments, net | ||
Assets: | ||
Other derivative instruments, net | 0 | |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Rochester Royalty Obligation | ||
Liabilities: | ||
Fair value of derivative liability | 9,287 | |
Level 3 | Equity and debt securities | ||
Assets: | ||
Equity and debt securities | 6,891 | 279 |
Silvertip Mine | ||
Liabilities: | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 47,965 | $ 0 |
Fair Value Measurements - Sum77
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 279 | $ 10 |
Asset Purchases | 6,677 | 0 |
Revaluation | (65) | 272 |
Settlements | 0 | 3 |
Asset Sales | 0 | 0 |
Balance at the end of the period | 6,891 | 279 |
Palmarejo royalty obligation | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 0 | 4,957 |
Liability Purchases | 0 | |
Revaluation | 5,866 | |
Settlements | (10,823) | |
Liability Sales | 0 | |
Balance at the end of the period | 0 | |
Rochester Royalty Obligation | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 9,287 | 9,593 |
Liability Purchases | 0 | 0 |
Revaluation | 864 | 4,133 |
Settlements | (7,819) | (4,439) |
Liability Sales | (2,332) | 0 |
Balance at the end of the period | 0 | 9,287 |
Silvertip Mine | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 0 | |
Liability Purchases | 47,705 | |
Revaluation | 260 | |
Settlements | 0 | |
Liability Sales | 0 | |
Balance at the end of the period | $ 47,965 | $ 0 |
Fair Value Measurements - Sum78
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Book value | $ 380,569 | $ 198,682 | |||
Senior Notes due 2024 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Book value | [1] | 245,088 | 0 | ||
Senior Notes due 2021 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Book value | [2] | 0 | 175,991 | ||
Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Book value | 100,000 | [1] | 0 | [2] | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 243,913 | ||||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 1 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 0 | ||||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 2 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 243,913 | ||||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 0 | ||||
Portion at Other than Fair Value Measurement | Senior Notes due 2021 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | [3] | 184,373 | |||
Portion at Other than Fair Value Measurement | Senior Notes due 2021 | Level 1 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | [3] | 0 | |||
Portion at Other than Fair Value Measurement | Senior Notes due 2021 | Level 2 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | [3] | 184,373 | |||
Portion at Other than Fair Value Measurement | Senior Notes due 2021 | Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | [3] | $ 0 | |||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 100,000 | ||||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 0 | ||||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | 100,000 | ||||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of long-term debt | $ 0 | ||||
[1] | Net of unamortized debt issuance costs of $4.9 million at December 31, 2017. | ||||
[2] | Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016. | ||||
[3] | Net of unamortized debt issuance costs and premium received of $2.0 million. |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Sep. 30, 2017 | Jul. 31, 2017 | May 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Gain on repurchase of the Rochester royalty obligation | $ 0 | $ 2,332 | $ 0 | |||||
Ownership in Metalla Royalty & Streaming Ltd. | 19.90% | |||||||
Senior Notes due 2024 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Net unamortized debt issuance costs | $ 4,900 | |||||||
Stated interest rate | 5.875% | |||||||
Senior Notes due 2024 | Senior Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Stated interest rate | 5.875% | |||||||
Senior Notes due 2021 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Net unamortized debt issuance costs | $ 2,000 | |||||||
Senior Notes due 2021 | Senior Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Stated interest rate | 7.875% | |||||||
Rochester Royalty Obligation | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Transfer of financial assets accounted for as sales, amount | $ 5,000 | |||||||
Non-core three royalties and stream | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Total consideration | $ 13,000 | |||||||
Convertible debenture | $ 6,700 | |||||||
Debt Securities | Metalla Royalty & Streaming Ltd. | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Stated interest rate | 5.00% | |||||||
Silvertip Mine | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration payment | $ 25,000 | |||||||
Permitting payment, estimated discount rate (percentage) | 2.50% | |||||||
Resource declaration payment, estimated discount rate (percentage) | 2.90% |
Derivative Financial Instrume80
Derivative Financial Instruments - Summary of Provisionally Priced Sales $ in Thousands | Dec. 31, 2017USD ($)oz$ / oz |
Silver concentrate sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 383 |
Derivative average price | $ / oz | 16.61 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 23,065 |
Silver concentrate sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 0 |
Gold concentrates sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 53,214 |
Derivative average price | $ / oz | 1,283.11 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 41,476 |
Gold concentrates sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume81
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | $ 251 | |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 222 | $ 762 |
Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 0 | $ 0 |
Derivative Financial Instrume82
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net, pretax | $ (864) | $ (11,581) | $ 5,202 |
Fair value adjustments, net | 631 | (7,687) | 4,598 |
Provisional silver and gold sales contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Provisional gain (loss) on derivatives and commodity contracts | 631 | (239) | 214 |
Palmarejo gold production royalty | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net, pretax | 0 | (5,866) | 3,101 |
Silver and gold options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net, pretax | $ 0 | $ (1,582) | $ 1,283 |
Derivative Financial Instrume83
Derivative Financial Instruments - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 21, 2009oz | |
Palmarejo gold production royalty | ||||||
Derivative [Line Items] | ||||||
Production to be sold, percent | 50.00% | |||||
Payment made for gold on the end of royalty obligation | oz | 4,167 | |||||
Palmarejo gold production royalty | Maximum | ||||||
Derivative [Line Items] | ||||||
Payable ounces under royalty obligation | oz | 400,000 | |||||
Franco-Nevada warrant | ||||||
Derivative [Line Items] | ||||||
Market-to-market adjustment | $ 5,900 | $ 17,000 | ||||
Realized losses | $ 10,800 | $ 13,900 | ||||
Concentrate Sales Contracts | ||||||
Derivative [Line Items] | ||||||
Provisional gain (loss) on derivatives and commodity contracts | $ 631 | $ (239) | $ 214 | |||
Silver and gold options | ||||||
Derivative [Line Items] | ||||||
Net derivative gain (loss) | $ 1,600 | $ 1,300 |
Acquisitions - JDS Silver (Deta
Acquisitions - JDS Silver (Details) - JDS Silver Holdings, Ltd. shares in Thousands | 1 Months Ended |
Oct. 31, 2017USD ($)shares | |
Business Acquisition [Line Items] | |
Shares issued | shares | 4,200 |
Transaction advisory fees and other acquisition costs | $ 3,300,000 |
Cash | 156,247,000 |
Contingent consideration, liability | 47,705,000 |
Cash consideration | 100,000,000 |
Total purchase price | 239,959,000 |
Assets: | |
Receivables and other assets | 9,881,000 |
Property, plant, and equipment | 29,943,000 |
Mining properties, net | 288,464,000 |
Total assets acquired | 328,288,000 |
Liabilities: | |
Accounts payable and accrued liabilities | 13,077,000 |
Asset retirement obligation | 6,982,000 |
Debt and capital lease | 20,149,000 |
Deferred income taxes | 48,121,000 |
Total liabilities assumed | 88,329,000 |
Net assets acquired | 239,959,000 |
Common Stock | |
Business Acquisition [Line Items] | |
Common shares issued (value) | $ 36,007,000 |
Common shares issued (in shares) | shares | 4,191,679 |
Price per common share issued (UDS per share) | $ 8,590 |
Acquisitions - Paramount (Detai
Acquisitions - Paramount (Details) - Paramount Gold and Silver Corp. shares in Thousands | Apr. 17, 2015USD ($)shares |
Business Acquisition [Line Items] | |
Common stock conversion ratio | 0.2016 |
Common shares issued (value) | $ 188,817,000 |
Cash | 8,530,000 |
Transaction advisory fees and other acquisition costs | 4,020,000 |
Total purchase price | 201,367,000 |
Total assets acquired | 307,193,000 |
Total liabilities assumed | 105,826,000 |
Net assets acquired | 201,367,000 |
Payments to acquire additional interests | $ 1,500,000 |
Ownership percentage acquired | 4.90% |
Common Stock | |
Business Acquisition [Line Items] | |
Common shares issued (in shares) | shares | 32,667,327 |
Price per common share issued (UDS per share) | $ 5,780 |
Acquisitions - Wharf Gold Mine
Acquisitions - Wharf Gold Mine (Details) - Wharf Gold Mine $ in Thousands | Feb. 20, 2015USD ($) |
Business Acquisition [Line Items] | |
Payments to acquire businesses, gross | $ 99,400 |
Transaction advisory fees and other acquisition costs | 2,100 |
Total assets acquired | 133,269 |
Total liabilities assumed | 33,873 |
Net assets acquired | $ 99,396 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | ||||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Total plan expenses | $ 7.3 | $ 5.4 | $ 2.9 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange gain (loss) | $ (11,456) | $ 1,281 | $ (16,021) | |
Gain (loss) on sale of assets and investments | 11,334 | (1,037) | (352) | |
Gain on sale of the Joaquin project | 0 | 21,138 | $ 0 | 0 |
Gain on repurchase of the Rochester royalty obligation | 0 | 2,332 | 0 | |
Gain (loss) on the sale of the Endeavor stream and other royalties | 0 | 1,036 | 0 | |
Impairment of equity securities | (703) | (426) | (700) | (2,346) |
Other | $ 923 | 2,319 | 1,052 | |
Other, net | $ 26,643 | $ 98 | $ (17,667) |
Assets and Liabilities Held F89
Assets and Liabilities Held For Sale - Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CURRENT ASSETS | |||||||||||
Current assets | $ 91,421 | $ 71,442 | $ 91,421 | $ 71,442 | |||||||
CURRENT LIABILITIES | |||||||||||
Current liabilities | 50,677 | 15,470 | 50,677 | 15,470 | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Write-downs | 3,390 | ||||||||||
Income (loss) from discontinued operations. | (6,724) | $ (4,924) | $ (960) | $ 364 | 2,020 | $ 23,436 | $ 6,217 | $ 1,244 | (12,244) | 32,917 | $ (79,372) |
Cash provided by (used in) operating activities, discontinued operations | 11,296 | 29,356 | 26,130 | ||||||||
Cash provided by (used in) investing activities, discontinued operations | (1,392) | (6,631) | (6,220) | ||||||||
Held-for-sale | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | 32,931 | 43,870 | 32,931 | 43,870 | |||||||
Receivables | 7,295 | 7,016 | 7,295 | 7,016 | |||||||
Inventory | 10,655 | 12,590 | 10,655 | 12,590 | |||||||
Prepaid expenses and other | 13,415 | 7,966 | 13,415 | 7,966 | |||||||
Property, plant and equipment, net | 20,240 | 0 | 20,240 | 0 | |||||||
Mining properties, net | 6,885 | 0 | 6,885 | 0 | |||||||
Current assets | 91,421 | 71,442 | 91,421 | 71,442 | |||||||
NON-CURRENT ASSETS | |||||||||||
Property, plant and equipment, net | 0 | 23,373 | 0 | 23,373 | |||||||
Mining properties, net | 0 | 8,165 | 0 | 8,165 | |||||||
Receivables | 0 | 17,225 | 0 | 17,225 | |||||||
TOTAL ASSETS | 91,421 | 120,205 | 91,421 | 120,205 | |||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | 10,974 | 8,675 | 10,974 | 8,675 | |||||||
Accrued liabilities and other | 5,161 | 6,382 | 5,161 | 6,382 | |||||||
Reclamation | 15,179 | 413 | 15,179 | 413 | |||||||
Other | 19,363 | 0 | 19,363 | 0 | |||||||
Current liabilities | 50,677 | 15,470 | 50,677 | 15,470 | |||||||
NON-CURRENT LIABILITIES | |||||||||||
Reclamation | 0 | 10,212 | 0 | 10,212 | |||||||
Deferred tax liabilities | 0 | 4,987 | 0 | 4,987 | |||||||
Other | 0 | 18,558 | 0 | 18,558 | |||||||
TOTAL LIABILITIES | $ 50,677 | $ 49,227 | 50,677 | 49,227 | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Revenue | 73,065 | 93,880 | 84,679 | ||||||||
Costs applicable to sales | 74,074 | 74,166 | 75,827 | ||||||||
Amortization | 5,899 | 6,633 | 17,798 | ||||||||
General and administrative | 172 | 101 | 198 | ||||||||
Exploration | 23 | 0 | 126 | ||||||||
Write-downs | 3,390 | 0 | 66,712 | ||||||||
Pre-development, reclamation, and other | 4,664 | 2,808 | 1,589 | ||||||||
Interest expense, net of capitalized interest | (27) | (24) | (725) | ||||||||
Other, net | 1,763 | 1,777 | 1,736 | ||||||||
Pretax profit or loss of discontinued operations related to major classes of pretax profit (loss) | (13,421) | 11,925 | (76,560) | ||||||||
Pretax gain or loss on the disposal of the discontinued operation | 0 | 0 | 0 | ||||||||
Total pretax gain or loss on discontinued operations | (13,421) | 11,925 | (76,560) | ||||||||
Income and mining tax (expense) benefit | 1,177 | 20,992 | (2,812) | ||||||||
Cash provided by (used in) operating activities, discontinued operations | 11,296 | 29,356 | 26,130 | ||||||||
Cash provided by (used in) investing activities, discontinued operations | $ (1,392) | $ (6,631) | $ (6,220) |
Assets and Liabilities Held F90
Assets and Liabilities Held For Sale - Narrative (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Write-down of assets | $ 3,400 | |||
Cash provided by (used in) operating activities, discontinued operations | 11,296 | $ 29,356 | $ 26,130 | |
Cash provided by (used in) investing activities, discontinued operations | (1,392) | (6,631) | (6,220) | |
Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net smelter returns royalty (percentage) | 2.00% | |||
Net smelter returns royalty, estimated value | $ 5,000 | |||
Value added tax receivable, outstanding | 13,000 | |||
Promissory note receivable | 28,000 | |||
Expected post-closing obligations | $ 6,000 | |||
Cash provided by (used in) operating activities, discontinued operations | 11,296 | 29,356 | 26,130 | |
Cash provided by (used in) investing activities, discontinued operations | $ (1,392) | $ (6,631) | $ (6,220) |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income (Loss) Attributable to Coeur Stockholders | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 14,349 | $ (11,728) | $ (9,995) | $ 18,299 | $ (10,328) | $ 46,123 | $ 8,280 | $ (21,640) | $ 10,925 | $ 22,435 | $ (287,811) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (6,724) | (4,924) | (960) | 364 | 2,020 | 23,436 | 6,217 | 1,244 | (12,244) | 32,917 | (79,372) |
Net income (loss) | $ 7,625 | $ (16,652) | $ (10,955) | $ 18,663 | $ (8,308) | $ 69,559 | $ 14,497 | $ (20,396) | $ (1,319) | $ 55,352 | $ (367,183) |
Weighted Average Number of Shares Outstanding | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 180,096,000 | 159,853,000 | 129,639,000 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 4,048,000 | 3,606,000 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 184,144,000 | 163,459,000 | 129,639,000 | ||||||||
Basic EPS | |||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.08 | $ (0.06) | $ (0.05) | $ 0.10 | $ (0.06) | $ 0.29 | $ 0.05 | $ (0.15) | $ 0.06 | $ 0.14 | $ (2.22) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.04) | (0.03) | (0.01) | 0 | 0.01 | 0.14 | 0.04 | 0.01 | (0.07) | 0.21 | (0.61) |
Basic (in dollars per share) | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.43 | 0.09 | (0.14) | (0.01) | 0.35 | (2.83) |
Diluted EPS | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.42 | 0.09 | (0.14) | 0.06 | 0.14 | (2.22) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.08 | (0.06) | (0.05) | 0.10 | (0.06) | 0.28 | 0.05 | (0.15) | (0.07) | 0.20 | (0.61) |
Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.01) | $ 0 | $ 0.01 | $ 0.14 | $ 0.04 | $ 0.01 | $ (0.01) | $ 0.34 | $ (2.83) |
Convertible Senior Notes Due March 2028 [Member] | |||||||||||
Earnings Per Share (Textual) [Abstract] | |||||||||||
Stated interest rate | 3.25% | ||||||||||
Stock Options [Member] | |||||||||||
Earnings Per Share (Textual) [Abstract] | |||||||||||
Number of shares of common stock equivalents related to convertible debt | 653,354 | 386,771 | 3,239,425 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment in Marketable Securities (Textual) [Abstract] | ||||
Impairment of equity securities | $ 703 | $ 426 | $ 700 | $ 2,346 |
Held-to-maturity Securities, Restricted | 20,800 | 17,600 | ||
Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 21,771 | 3,107 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (881) | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,355 | 1,381 | ||
Available-for-sale Securities | 28,245 | 4,488 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 881 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,662 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,662 | |||
Debt Securities | ||||
Available-for-sale Securities | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (85) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 85 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,592 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,592 | |||
Equity and debt securities | ||||
Available-for-sale Securities | ||||
Cost | 28,448 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (966) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 7,355 | |||
Available-for-sale Securities | 34,837 | |||
Metalla Royalty & Streaming Ltd. | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 6,294 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1,354 | |||
Available-for-sale Securities | 7,648 | |||
Metalla Royalty & Streaming Ltd. | Debt Securities | ||||
Available-for-sale Securities | ||||
Cost | 6,677 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (85) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities | 6,592 | |||
Corvus Gold Inc. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 3,582 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,518 | |||
Available-for-sale Securities | 8,100 | |||
Almaden Minerals, Ltd. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 3,125 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (235) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities | 2,890 | |||
Northern Empire Resources Corp. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 4,489 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1,077 | |||
Available-for-sale Securities | 5,566 | |||
Rockhaven Resources, Ltd. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 2,064 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (193) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities | 1,871 | |||
Kootenay Silver, Inc. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 738 | 2,645 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | 0 | ||
Available-for-sale Securities | 739 | 2,645 | ||
Silver Bull Resources, Inc. [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 233 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 783 | |||
Available-for-sale Securities | 1,016 | |||
Other Investments [Member] | Equity securities | ||||
Available-for-sale Securities | ||||
Cost | 1,479 | 229 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (453) | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 405 | 598 | ||
Available-for-sale Securities | $ 1,431 | $ 827 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables - current portion | ||
Accounts receivable - trade | $ 5,883 | $ 5,973 |
Refundable income tax | 7 | 1,038 |
Refundable value added tax | 10,982 | 44,150 |
Accounts receivable - other | 2,197 | 2,254 |
Receivables, net current portion | 19,069 | 53,415 |
Receivables - non-current portion | ||
Refundable value added tax | 28,750 | 2,088 |
Income Taxes Receivable, Noncurrent | 0 | 11,657 |
Accounts Receivable, Net, Noncurrent | 28,750 | 13,745 |
Total receivables | $ 47,819 | $ 67,160 |
Receivables (Details Textual)
Receivables (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Value Added Tax Receivable, Noncurrent | $ 28,750 | $ 2,088 |
Palmarejo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Value Added Tax Receivable, Noncurrent | $ 26,800 |
Inventory and Ore on Leach Pa95
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 6,831 | $ 17,994 |
Other Inventory, Net of Reserves | 18,803 | 41,955 |
Inventory, Supplies, Net of Reserves | 32,596 | 33,487 |
Inventory | 58,230 | 93,436 |
Ore on Leach Pad, Current | 73,752 | 64,167 |
Ore on leach pads, noncurrent | 65,393 | 67,231 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 139,145 | 131,398 |
Inventory and Ore on Leach Pads | $ 197,375 | $ 224,834 |
Property, Plant and Equipment96
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment | |||
Land | $ 9,408 | $ 7,869 | |
Building improvements | 554,160 | 532,122 | |
Capitalized leases for machinery, equipment and buildings | 82,753 | 54,297 | |
Property, plant and equipment, gross | 646,321 | 594,288 | |
Accumulated depreciation and amortization | [1] | (448,001) | (423,361) |
Property Plant and Equipment Net before Construction in Progress | 198,320 | 170,927 | |
Construction in Progress | 56,417 | 22,496 | |
Property, plant and equipment, net | $ 254,737 | $ 193,423 | |
[1] | Includes $28.2 million and $14.8 million of accumulated amortization related to assets under capital leases at December 31, 2017 and 2016, respectively. |
Property, Plant and Equipment97
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 28.2 | $ 14.8 | |
Operating Leases, Rent Expense, Net | $ 18 | $ 16.8 | $ 14.3 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mining Properties | ||
Operational mining properties: | $ 804,845 | $ 648,780 |
Accumulated depletion | (485,368) | (439,682) |
Operational mining properties, net | 319,477 | 209,098 |
Mineral interest | 969,341 | 771,497 |
Accumulated depletion | (459,249) | (430,305) |
Mineral interest, net | 510,092 | 341,192 |
Total mining properties | 829,569 | 550,290 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 214,383 | 174,890 |
Accumulated depletion | (146,598) | (134,995) |
Operational mining properties, net | 67,785 | 39,895 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (435,215) | (381,686) |
Mineral interest, net | 194,088 | 247,617 |
Total mining properties | 261,873 | 287,512 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 193,881 | 165,230 |
Accumulated depletion | (144,390) | (138,244) |
Operational mining properties, net | 49,491 | 26,986 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 49,491 | 26,986 |
Silvertip [Member] | ||
Mining Properties | ||
Operational mining properties: | 57,214 | |
Accumulated depletion | 0 | |
Operational mining properties, net | 57,214 | |
Mineral interest | 245,116 | |
Accumulated depletion | 0 | |
Mineral interest, net | 245,116 | |
Total mining properties | 302,330 | |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 298,749 | 271,175 |
Accumulated depletion | (178,632) | (154,744) |
Operational mining properties, net | 120,117 | 116,431 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 120,117 | 116,431 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 40,618 | 37,485 |
Accumulated depletion | (15,748) | (11,699) |
Operational mining properties, net | 24,870 | 25,786 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (24,034) | (19,249) |
Mineral interest, net | 21,803 | 26,588 |
Total mining properties | 46,673 | 52,374 |
La Preciosa [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,085 | 49,085 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,085 | 49,085 |
Total mining properties | $ 49,085 | 49,085 |
Joaquin Project - Argentina | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | ||
Operational mining properties, net | 0 | |
Mineral interest | 10,000 | |
Accumulated depletion | 0 | |
Mineral interest, net | 10,000 | |
Total mining properties | 10,000 | |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | 0 | |
Operational mining properties, net | 0 | |
Mineral interest | 37,272 | |
Accumulated depletion | (29,370) | |
Mineral interest, net | 7,902 | |
Total mining properties | $ 7,902 |
Mining Properties (Details Text
Mining Properties (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017 | Feb. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||||
Gain (loss) on sale of assets and investments | $ 0 | $ 21,138 | $ 0 | $ 0 | |||
Joaquin Project - Argentina | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Transfer of financial assets accounted for as sales, amount | $ 27,400 | ||||||
Net Smelter Return Percentage Paid | 2.00% | ||||||
Gain (loss) on sale of assets and investments | $ 21,100 | ||||||
Non-core three royalties and stream | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Gain (loss) on sale of assets and investments | $ 1,200 | ||||||
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | 13,000 | ||||||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Outstanding Balance | $ 6,700 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | ||||
Long term debt and capital lease obligations | |||||||
Current | $ 30,753 | $ 11,955 | |||||
Debt | 380,569 | 198,682 | |||||
Interest paid on Revolving Credit Facility | 885 | 0 | $ 0 | ||||
Interest Paid on Convertible Notes due 2028 | 0 | 13 | 54 | ||||
Interest expenses incurred for various debt instruments | |||||||
Interest paid on Senior Notes due 2024 | 8,608 | 0 | 0 | ||||
Interest Paid on Senior Notes due 2021 | 6,221 | 28,871 | 33,437 | ||||
Interest paid on term loan due 2020 | 0 | 4,939 | 4,715 | ||||
Interest Paid on Capital Leases | 1,621 | 1,422 | 999 | ||||
Accretion of Franco Nevada royalty obligation | 0 | 1,211 | 6,567 | ||||
Debt Issuance Cost (Deprecated 2016-01-31) | 809 | 1,933 | 2,257 | ||||
Amortization of debt issuance costs | (71) | (345) | (409) | ||||
Accretion | 260 | 0 | 0 | ||||
Interest Expense, Debt | 42 | 58 | 350 | ||||
Capitalized interest | (1,935) | (1,206) | (2,992) | ||||
Total interest expense, net of capitalized interest | 16,440 | 36,896 | $ 44,978 | ||||
Revolving Credit Facility | |||||||
Long term debt and capital lease obligations | |||||||
Debt | 100,000 | [1] | 0 | [2] | |||
Silvertip Debt Obligation [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt | 0 | 0 | |||||
Senior Notes due 2024 | |||||||
Long term debt and capital lease obligations | |||||||
Debt | [1] | 245,088 | 0 | ||||
Senior Notes due 2021 | |||||||
Long term debt and capital lease obligations | |||||||
Debt | [2] | 0 | 175,991 | ||||
Stated interest rate | 7.875% | ||||||
Capital Lease Obligations [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt | 35,481 | 22,691 | |||||
Revolving Credit Facility | |||||||
Long term debt and capital lease obligations | |||||||
Current | [2] | 0 | 0 | ||||
Silvertip Debt Obligation [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Current | 14,194 | 0 | |||||
Senior Notes due 2024 | |||||||
Long term debt and capital lease obligations | |||||||
Current | [1] | 0 | 0 | ||||
Senior Notes due 2021 | |||||||
Long term debt and capital lease obligations | |||||||
Current | [2] | 0 | 0 | ||||
Capital Lease Obligations [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Current | $ 16,559 | $ 11,955 | |||||
Revolving Credit Facility | |||||||
Long term debt and capital lease obligations | |||||||
Stated interest rate | 3.70% | ||||||
[1] | Net of unamortized debt issuance costs of $4.9 million at December 31, 2017. | ||||||
[2] | Net of unamortized debt issuance costs and premium received of $2.0 million at December 31, 2016. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ 9,342,000 | $ 21,365,000 | $ (15,916,000) | |||
Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.875% | |||||
Silvertip Debt Obligation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 5,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Net unamortized debt issuance costs | 1,900,000 | |||||
Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Net unamortized debt issuance costs | 4,900,000 | |||||
Debt Instrument, Face Amount | $ 250,000,000 | |||||
Proceeds from Debt | $ 245,000,000 | |||||
Stated interest rate | 5.875% | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Net unamortized debt issuance costs | $ 2,000,000 | |||||
Debt Instrument, Repurchase Amount | $ 178,000,000 | |||||
Gain (Loss) on Extinguishment of Debt | 9,300,000 | |||||
Debt Instrument, Redemption, Equity Offering [Member] | Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||
Debt Instrument, Redemption Price, Percentage | 105.875% | |||||
Debt Instrument, Tender [Member] | Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 118,100,000 | |||||
Debt Instrument, Redemption Price, Per $1,000 Principal | $ 1,043.88 | |||||
Debt Instrument, Redeemed [Member] | Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 59,900,000 | |||||
Debt Instrument, Redemption Price, Per $1,000 Principal | $ 1,039.38 | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 12,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | |||||
Debt Instrument, Term | 4 years | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 88,000,000 | |||||
Stated interest rate | 3.70% | |||||
Silvertip [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 100,000,000 | |||||
Base Rate [Member] | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.00% | |||||
Base Rate [Member] | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.75% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Silvertip Debt Obligation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Silvertip Debt Obligation, Interest Rate, Two of Three Tranches | 5.50% | |||||
Silvertip Debt Obligation, Interest Rate, One of Three Tranches | 6.675% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 2.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 2.75% |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating leases | |
Operating leases, 2018 | $ 5,220 |
Operating leases, 2019 | 5,154 |
Operating leases, 2020 | 4,669 |
Operating leases, 2021 | 3,798 |
Operating leases, 2022 | 2,646 |
Operating leases, thereafter | 4,099 |
Operating leases, total | 25,586 |
Operating leases, less: imputed interest | 0 |
Capital leases, net lease obligation | 25,586 |
Capital leases | |
Capital leases, 2018 | 18,758 |
Capital leases, 2019 | 13,938 |
Capital leases, 2020 | 11,018 |
Capital leases, 2021 | 9,646 |
Capital leases, 2022 | 3,510 |
Capital leases, thereafter | 40 |
Capital leases, total | 56,910 |
Capital leases, less: imputed interest | (4,696) |
Capital leases, net lease obligation | $ 52,214 |
Supplemental Guarantor Infor103
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues | $ 214,585 | $ 159,919 | $ 149,540 | $ 185,554 | $ 139,204 | $ 148,762 | $ 156,822 | $ 127,109 | $ 709,598 | $ 571,897 | $ 561,407 | |||
Costs applicable to sales | 121,982 | 101,559 | 102,229 | 114,490 | 84,903 | 84,594 | 81,820 | 84,058 | 440,260 | [1] | 335,375 | [1] | 403,827 | [1] |
Amortization | 44,722 | 32,401 | 30,733 | 38,693 | 28,625 | 26,040 | 35,653 | 26,210 | 146,549 | 116,528 | 125,953 | |||
General and Administrative Expense | 33,616 | 29,275 | 32,636 | |||||||||||
Exploration | 7,454 | 9,792 | 7,813 | 5,252 | 5,260 | 3,706 | 2,233 | 1,731 | 30,311 | 12,930 | 11,521 | |||
Write-downs | 0 | 4,446 | 246,625 | |||||||||||
Pre-development, reclamation, and other | 18,936 | 14,411 | 16,204 | |||||||||||
Total costs and expenses | 669,672 | 512,965 | 836,766 | |||||||||||
Gain (Loss) on Extinguishment of Debt | (9,342) | (21,365) | 15,916 | |||||||||||
Gain (loss) on derivative instruments | (864) | (11,581) | 5,202 | |||||||||||
Other, net | 26,643 | 98 | (17,667) | |||||||||||
Interest expense, net | (16,440) | (36,896) | (44,978) | |||||||||||
Total other income (expense), net | (3) | (69,744) | (41,527) | |||||||||||
Total | 39,923 | (10,812) | (316,886) | |||||||||||
Income and mining tax benefit (expense) | (28,998) | 33,247 | 29,075 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 10,925 | 22,435 | (287,811) | |||||||||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (6,724) | (4,924) | (960) | 364 | 2,020 | 23,436 | 6,217 | 1,244 | (12,244) | 32,917 | (79,372) | |||
Net income (loss) | $ 7,625 | $ (16,652) | $ (10,955) | $ 18,663 | $ (8,308) | $ 69,559 | $ 14,497 | $ (20,396) | (1,319) | 55,352 | (367,183) | |||
Unrealized gain (loss) on available for sale securities | 3,227 | 3,222 | (4,154) | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 426 | 703 | 2,346 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,354 | (2,691) | 894 | |||||||||||
Other comprehensive income (loss) | 5,007 | 1,234 | (914) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 3,688 | 56,586 | (368,097) | |||||||||||
Revenue | 709,598 | 568,617 | 554,557 | |||||||||||
Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues | 433,050 | 423,488 | 378,278 | |||||||||||
Costs applicable to sales | 293,340 | 252,836 | 261,830 | |||||||||||
Amortization | 71,340 | 77,392 | 83,325 | |||||||||||
General and Administrative Expense | 28 | 250 | 35 | |||||||||||
Exploration | 13,689 | 6,127 | 3,931 | |||||||||||
Write-downs | 0 | 1,630 | ||||||||||||
Pre-development, reclamation, and other | 7,497 | 5,839 | 5,920 | |||||||||||
Total costs and expenses | 385,894 | 342,444 | 356,671 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||
Gain (loss) on derivative instruments | (864) | (4,133) | 818 | |||||||||||
Other, net | 2,936 | 2,139 | (3,106) | |||||||||||
Interest expense, net | (975) | (861) | (966) | |||||||||||
Total other income (expense), net | 1,097 | (2,855) | (3,254) | |||||||||||
Total | 48,253 | 78,189 | 18,353 | |||||||||||
Income and mining tax benefit (expense) | (5,758) | (7,517) | (2,354) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 42,495 | 70,672 | 15,999 | |||||||||||
Income (Loss) from Equity Method Investments | (577) | (4,353) | (14,814) | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||
Net income (loss) | 41,918 | 66,319 | 1,185 | |||||||||||
Unrealized gain (loss) on available for sale securities | 915 | 3,156 | (3,118) | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 426 | 703 | 2,346 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 486 | (3,181) | 894 | |||||||||||
Other comprehensive income (loss) | 1,827 | 678 | 122 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 43,745 | 66,997 | 1,307 | |||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues | 276,548 | 148,409 | 183,129 | |||||||||||
Costs applicable to sales | 146,920 | 82,539 | 141,997 | |||||||||||
Amortization | 74,052 | 37,578 | 40,637 | |||||||||||
General and Administrative Expense | 209 | 321 | 196 | |||||||||||
Exploration | 15,030 | 5,207 | 5,325 | |||||||||||
Write-downs | 4,446 | 244,995 | ||||||||||||
Pre-development, reclamation, and other | 6,734 | 6,528 | 6,201 | |||||||||||
Total costs and expenses | 242,945 | 136,619 | 439,351 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||
Gain (loss) on derivative instruments | 0 | (5,813) | 3,160 | |||||||||||
Other, net | 10,179 | (1,314) | (15,121) | |||||||||||
Interest expense, net | (8,534) | (5,961) | (7,921) | |||||||||||
Total other income (expense), net | 1,645 | (13,088) | (19,882) | |||||||||||
Total | 35,248 | (1,298) | (276,104) | |||||||||||
Income and mining tax benefit (expense) | (25,410) | 29,031 | 29,602 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,838 | 27,733 | (246,502) | |||||||||||
Income (Loss) from Equity Method Investments | 4,416 | 0 | 0 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (12,244) | 32,917 | (79,372) | |||||||||||
Net income (loss) | 2,010 | 60,650 | (325,874) | |||||||||||
Unrealized gain (loss) on available for sale securities | 0 | 0 | 0 | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 0 | 0 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | |||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 2,010 | 60,650 | (325,874) | |||||||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||||||||
Amortization | 1,157 | 1,558 | 1,991 | |||||||||||
General and Administrative Expense | 33,379 | 28,704 | 32,405 | |||||||||||
Exploration | 1,592 | 1,596 | 2,265 | |||||||||||
Write-downs | 0 | 0 | ||||||||||||
Pre-development, reclamation, and other | 4,705 | 2,044 | 4,083 | |||||||||||
Total costs and expenses | 40,833 | 33,902 | 40,744 | |||||||||||
Gain (Loss) on Extinguishment of Debt | (9,342) | (21,365) | 15,916 | |||||||||||
Gain (loss) on derivative instruments | 0 | (1,635) | 1,224 | |||||||||||
Other, net | 21,254 | 4,357 | 4,336 | |||||||||||
Interest expense, net | (14,657) | (35,158) | (39,867) | |||||||||||
Total other income (expense), net | (2,745) | (53,801) | (18,391) | |||||||||||
Total | (43,578) | (87,703) | (59,135) | |||||||||||
Income and mining tax benefit (expense) | 2,170 | 11,733 | 1,827 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (41,408) | (75,970) | (57,308) | |||||||||||
Income (Loss) from Equity Method Investments | 40,089 | 131,322 | (309,875) | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||
Net income (loss) | (1,319) | 55,352 | (367,183) | |||||||||||
Unrealized gain (loss) on available for sale securities | 3,227 | 3,222 | (4,154) | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 426 | 703 | 2,346 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,354 | (2,691) | 894 | |||||||||||
Other comprehensive income (loss) | 5,007 | 1,234 | (914) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 3,688 | 56,586 | (368,097) | |||||||||||
Eliminations | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||||||||
Amortization | 0 | 0 | 0 | |||||||||||
General and Administrative Expense | 0 | 0 | 0 | |||||||||||
Exploration | 0 | 0 | 0 | |||||||||||
Write-downs | 0 | 0 | ||||||||||||
Pre-development, reclamation, and other | 0 | 0 | 0 | |||||||||||
Total costs and expenses | 0 | 0 | 0 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 0 | |||||||||||
Gain (loss) on derivative instruments | 0 | 0 | 0 | |||||||||||
Other, net | (7,726) | (5,084) | (3,776) | |||||||||||
Interest expense, net | 7,726 | 5,084 | 3,776 | |||||||||||
Total other income (expense), net | 0 | 0 | 0 | |||||||||||
Total | 0 | 0 | 0 | |||||||||||
Income and mining tax benefit (expense) | 0 | 0 | 0 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||||
Income (Loss) from Equity Method Investments | (43,928) | (126,969) | 324,689 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||
Net income (loss) | (43,928) | (126,969) | 324,689 | |||||||||||
Unrealized gain (loss) on available for sale securities | (915) | (3,156) | 3,118 | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | (426) | (703) | (2,346) | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (486) | 3,181 | (894) | |||||||||||
Other comprehensive income (loss) | (1,827) | (678) | (122) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ (45,755) | $ (127,647) | $ 324,567 | |||||||||||
[1] | Excludes amortization. |
Supplemental Guarantor Infor104
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 197,160 | $ 96,461 | $ 87,412 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 11,296 | 29,356 | 26,130 | |||||||||
Cash provided by (used in) operating activities | $ 91,811 | $ 37,308 | $ 24,103 | $ 43,938 | $ 21,423 | $ 39,201 | $ 34,752 | $ 1,085 | 208,456 | 125,817 | 113,542 | |
Capital expenditures | (47,054) | $ (28,982) | $ (37,107) | (23,591) | (28,134) | $ (22,626) | $ (21,971) | (21,651) | (136,734) | (94,382) | (88,973) | |
Payments to Acquire Businesses, Net of Cash Acquired | (156,248) | (1,417) | (110,846) | |||||||||
Proceeds from the sale of assets | 16,705 | 16,296 | 607 | |||||||||
Purchase of short term investments and equity securities | (15,058) | (178) | (1,880) | |||||||||
Sales and maturities of short-term investments | 11,321 | 7,077 | 605 | |||||||||
Payments for (Proceeds from) Other Investing Activities | (217) | (4,208) | (4,586) | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (280,231) | (76,812) | (205,073) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (1,392) | (6,631) | (6,220) | |||||||||
CASH USED IN INVESTING ACTIVITIES | (281,623) | (83,443) | (211,293) | |||||||||
Proceeds from Issuance of Unsecured Debt | 342,620 | 0 | 150,000 | |||||||||
Proceeds from Issuance of Common Stock | 0 | 269,556 | 0 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (203,045) | (318,153) | (70,603) | |||||||||
Cash payments on gold production royalty | 0 | (27,155) | (39,235) | |||||||||
Proceeds From Repayment Intercompany Borrowings | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | (3,746) | 172 | (542) | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 135,829 | (75,580) | 39,620 | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (84) | (4,648) | (10,612) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 135,745 | (80,228) | 29,008 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 203 | (678) | (1,404) | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [1] | (10,939) | 1,576 | 11,552 | ||||||||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 73,720 | (40,108) | (81,699) | |||||||||
Cash and cash equivalents at beginning of period | 118,312 | 158,420 | 118,312 | 158,420 | 240,119 | |||||||
Cash and cash equivalents at end of period | 192,032 | 118,312 | 192,032 | 118,312 | 158,420 | |||||||
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (8,470) | 62,207 | (377,091) | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Cash provided by (used in) operating activities | (8,470) | 62,207 | (377,091) | |||||||||
Capital expenditures | (1,941) | (246) | (514) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (156,248) | 0 | (110,846) | |||||||||
Proceeds from the sale of assets | 8,917 | 0 | 0 | |||||||||
Purchase of short term investments and equity securities | (15,057) | (178) | (1,880) | |||||||||
Sales and maturities of short-term investments | 9,157 | 501 | 2 | |||||||||
Payments for (Proceeds from) Other Investing Activities | (3,020) | (4,396) | (4,710) | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | (34,419) | (107,855) | 282,041 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (192,611) | (112,174) | 164,093 | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
CASH USED IN INVESTING ACTIVITIES | (192,611) | (112,174) | 164,093 | |||||||||
Proceeds from Issuance of Unsecured Debt | 342,620 | 150,000 | ||||||||||
Proceeds from Issuance of Common Stock | 269,556 | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (185,538) | (303,686) | (62,930) | |||||||||
Cash payments on gold production royalty | 0 | 0 | ||||||||||
Proceeds From Repayment Intercompany Borrowings | (34,359) | (45,850) | (12,232) | |||||||||
Proceeds from (Payments for) Other Financing Activities | (3,746) | 172 | (542) | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 187,695 | 11,892 | 98,760 | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 187,695 | 11,892 | 98,760 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | 0 | |||||||||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | (13,386) | (38,075) | (114,238) | |||||||||
Cash and cash equivalents at beginning of period | 58,048 | 96,123 | 58,048 | 96,123 | 210,361 | |||||||
Cash and cash equivalents at end of period | 44,662 | 58,048 | 44,662 | 58,048 | 96,123 | |||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 118,667 | 134,892 | 86,486 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Cash provided by (used in) operating activities | 118,667 | 134,892 | 86,486 | |||||||||
Capital expenditures | (85,967) | (58,084) | (52,376) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |||||||||
Proceeds from the sale of assets | 6,902 | 4,800 | 289 | |||||||||
Purchase of short term investments and equity securities | (1) | 0 | 0 | |||||||||
Sales and maturities of short-term investments | 2,164 | 6,576 | 532 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 368 | 234 | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 12,911 | 25,047 | 20,239 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (63,991) | (21,293) | (31,082) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
CASH USED IN INVESTING ACTIVITIES | (63,991) | (21,293) | (31,082) | |||||||||
Proceeds from Issuance of Unsecured Debt | 0 | 0 | ||||||||||
Proceeds from Issuance of Common Stock | 0 | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (7,926) | (10,894) | (7,428) | |||||||||
Cash payments on gold production royalty | 0 | 0 | ||||||||||
Proceeds From Repayment Intercompany Borrowings | 44,540 | 86,914 | 19,518 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (52,466) | (97,808) | (26,946) | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities | (52,466) | (97,808) | (26,946) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 6 | 4 | (11) | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | 0 | |||||||||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 2,216 | 15,795 | 28,447 | |||||||||
Cash and cash equivalents at beginning of period | 50,023 | 34,228 | 50,023 | 34,228 | 5,781 | |||||||
Cash and cash equivalents at end of period | 52,239 | 50,023 | 52,239 | 50,023 | 34,228 | |||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 130,491 | 26,331 | 53,328 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 11,296 | 29,356 | 26,130 | |||||||||
Cash provided by (used in) operating activities | 141,787 | 55,687 | 79,458 | |||||||||
Capital expenditures | (48,826) | (36,052) | (36,083) | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (1,417) | 0 | |||||||||
Proceeds from the sale of assets | 886 | 11,496 | 318 | |||||||||
Purchase of short term investments and equity securities | 0 | 0 | 0 | |||||||||
Sales and maturities of short-term investments | 0 | 0 | 71 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 2,803 | (180) | (110) | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | (881) | 0 | 120 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (46,018) | (26,153) | (35,684) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (1,392) | (6,631) | (6,220) | |||||||||
CASH USED IN INVESTING ACTIVITIES | (47,410) | (32,784) | (41,904) | |||||||||
Proceeds from Issuance of Unsecured Debt | 0 | 0 | ||||||||||
Proceeds from Issuance of Common Stock | 0 | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (9,581) | (3,573) | (245) | |||||||||
Cash payments on gold production royalty | (27,155) | (39,235) | ||||||||||
Proceeds From Repayment Intercompany Borrowings | (9,801) | (13,404) | (27,321) | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 220 | (17,324) | (12,159) | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (20,843) | (21,149) | (8,358) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (20,623) | (38,473) | (20,517) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 197 | (682) | (1,393) | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | (10,939) | 1,576 | 11,552 | |||||||||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 84,890 | (17,828) | 4,092 | |||||||||
Cash and cash equivalents at beginning of period | 10,241 | 28,069 | 10,241 | 28,069 | 23,977 | |||||||
Cash and cash equivalents at end of period | 95,131 | 10,241 | 95,131 | 10,241 | 28,069 | |||||||
Eliminations | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (43,528) | (126,969) | 324,689 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Cash provided by (used in) operating activities | (43,528) | (126,969) | 324,689 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |||||||||
Proceeds from the sale of assets | 0 | 0 | 0 | |||||||||
Purchase of short term investments and equity securities | 0 | 0 | 0 | |||||||||
Sales and maturities of short-term investments | 0 | 0 | 0 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 22,389 | 82,808 | (302,400) | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 22,389 | 82,808 | (302,400) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
CASH USED IN INVESTING ACTIVITIES | 22,389 | 82,808 | (302,400) | |||||||||
Proceeds from Issuance of Unsecured Debt | 0 | 0 | ||||||||||
Proceeds from Issuance of Common Stock | 0 | |||||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |||||||||
Cash payments on gold production royalty | 0 | 0 | ||||||||||
Proceeds From Repayment Intercompany Borrowings | 380 | 27,660 | (20,035) | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 380 | 27,660 | (20,035) | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 20,759 | 16,501 | (2,254) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 21,139 | 44,161 | (22,289) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | 0 | |||||||||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 0 | 0 | 0 | |||||||||
Cash and cash equivalents at beginning of period | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
[1] | Less net cash provided by (used in) discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $20,759, $16,501 during the years ended December 31, 2017, 2016, respectively, and net parent company payments to subsidiary of $2,254 during the year ended December 31, 2015. |
Supplemental Guarantor Infor105
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 192,032 | $ 118,312 | ||
Receivables | 19,069 | 53,415 | ||
Ore on leach pads | 73,752 | 64,167 | ||
Inventory, Net | 58,230 | 93,436 | ||
Prepaid expenses and other | 15,053 | 10,015 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 91,421 | 71,442 | ||
Current assets | 449,557 | 410,787 | ||
Property, plant and equipment, net | 254,737 | 193,423 | ||
Mining properties, net | 829,569 | 550,290 | ||
Ore on leach pads | 65,393 | 67,231 | ||
Restricted assets | 20,847 | 17,597 | ||
Equity and debt securities | 34,837 | 4,488 | ||
Receivables | 28,750 | 13,745 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other Assets, Noncurrent | 17,485 | 12,585 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 48,763 | ||
TOTAL ASSETS | 1,701,175 | 1,318,909 | ||
Accounts payable | 48,592 | 44,660 | ||
Accrued liabilities and other | 94,930 | 36,445 | ||
Debt | 30,753 | 11,955 | ||
Royalty obligations | 0 | 4,995 | ||
Reclamation | 3,777 | 3,109 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 50,677 | 15,470 | ||
Liabilities, Current | 228,729 | 116,634 | ||
Debt | 380,569 | 198,682 | ||
Royalty obligations | 0 | 4,292 | ||
Reclamation | 117,055 | 85,592 | ||
Deferred tax liabilities | 105,148 | 69,811 | ||
Other long-term liabilities | 54,697 | 41,654 | ||
Intercompany Payable Receivable | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 33,757 | ||
Non-current liabilities | 657,469 | 433,788 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | 1,856 | 1,809 | ||
Additional paid-in capital | 3,357,345 | 3,314,590 | ||
Accumulated deficit | (2,546,743) | (2,545,424) | ||
Accumulated other comprehensive income (loss) | 2,519 | (2,488) | ||
Stockholders' equity | 814,977 | 768,487 | $ 421,476 | $ 554,328 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,701,175 | 1,318,909 | ||
Accrued Income Taxes, Current | 25,788 | 3,721 | ||
Interest Payable, Current | 1,513 | 5,892 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 44,662 | 58,048 | ||
Receivables | 137 | 12 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid expenses and other | 7,824 | 3,803 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | ||
Current assets | 52,623 | 61,863 | ||
Property, plant and equipment, net | 4,007 | 3,222 | ||
Mining properties, net | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 13,251 | 10,170 | ||
Equity and debt securities | 33,569 | 0 | ||
Receivables | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 422,074 | 273,056 | ||
Other Assets, Noncurrent | 320,335 | 221,381 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | |||
TOTAL ASSETS | 845,859 | 569,692 | ||
Accounts payable | 3,607 | 2,153 | ||
Accrued liabilities and other | 13,205 | 12,881 | ||
Debt | 0 | 0 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 16,812 | 15,034 | ||
Debt | 345,088 | 175,991 | ||
Royalty obligations | 0 | |||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 4,110 | 13,810 | ||
Other long-term liabilities | 2,311 | 1,993 | ||
Intercompany Payable Receivable | (337,439) | (405,623) | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | |||
Non-current liabilities | 14,070 | (213,829) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | 1,856 | 1,809 | ||
Additional paid-in capital | 3,357,345 | 3,314,590 | ||
Accumulated deficit | (2,546,743) | (2,545,424) | ||
Accumulated other comprehensive income (loss) | 2,519 | (2,488) | ||
Stockholders' equity | 814,977 | 768,487 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 845,859 | 569,692 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 52,239 | 50,023 | ||
Receivables | 7,922 | 6,865 | ||
Ore on leach pads | 73,752 | 64,167 | ||
Inventory, Net | 29,769 | 49,393 | ||
Prepaid expenses and other | 2,816 | 1,459 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | ||
Current assets | 166,498 | 171,907 | ||
Property, plant and equipment, net | 161,487 | 139,885 | ||
Mining properties, net | 216,281 | 195,791 | ||
Ore on leach pads | 65,393 | 67,231 | ||
Restricted assets | 227 | 226 | ||
Equity and debt securities | 1,268 | 4,488 | ||
Receivables | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 223 | 11,650 | ||
Other Assets, Noncurrent | 11,040 | 9,263 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | |||
TOTAL ASSETS | 622,417 | 600,441 | ||
Accounts payable | 24,534 | 24,921 | ||
Accrued liabilities and other | 19,262 | 13,664 | ||
Debt | 9,215 | 6,516 | ||
Royalty obligations | 0 | 4,995 | ||
Reclamation | 2,313 | 2,672 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 55,324 | 52,768 | ||
Debt | 28,313 | 15,214 | ||
Royalty obligations | 4,292 | |||
Reclamation | 82,021 | 75,183 | ||
Deferred tax liabilities | 5,127 | 6,179 | ||
Other long-term liabilities | 3,063 | 4,750 | ||
Intercompany Payable Receivable | 317,759 | 336,813 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | |||
Non-current liabilities | 436,283 | 442,431 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | 19,630 | 250 | ||
Additional paid-in capital | 149,194 | 181,009 | ||
Accumulated deficit | (34,551) | (73,529) | ||
Accumulated other comprehensive income (loss) | (3,463) | (2,488) | ||
Stockholders' equity | 130,810 | 105,242 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 622,417 | 600,441 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 95,131 | 10,241 | ||
Receivables | 11,010 | 46,538 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 28,461 | 44,043 | ||
Prepaid expenses and other | 4,413 | 4,753 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 91,421 | 71,442 | ||
Current assets | 230,436 | 177,017 | ||
Property, plant and equipment, net | 89,243 | 50,316 | ||
Mining properties, net | 613,288 | 354,499 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 7,369 | 7,201 | ||
Equity and debt securities | 0 | 0 | ||
Receivables | 28,750 | 13,745 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (18) | 0 | ||
Other Assets, Noncurrent | 2,854 | 3,500 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 48,763 | |||
TOTAL ASSETS | 971,922 | 655,041 | ||
Accounts payable | 20,451 | 17,586 | ||
Accrued liabilities and other | 62,463 | 9,900 | ||
Debt | 21,538 | 5,439 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | 1,464 | 437 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 50,677 | 15,470 | ||
Liabilities, Current | 156,593 | 48,832 | ||
Debt | 323,912 | 229,036 | ||
Royalty obligations | 0 | |||
Reclamation | 35,034 | 10,409 | ||
Deferred tax liabilities | 95,911 | 49,822 | ||
Other long-term liabilities | 49,323 | 34,911 | ||
Intercompany Payable Receivable | 19,680 | 68,810 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 33,757 | |||
Non-current liabilities | 523,860 | 426,745 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | 195,020 | 197,913 | ||
Additional paid-in capital | 1,885,046 | 1,864,261 | ||
Accumulated deficit | (1,788,597) | (1,882,710) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 291,469 | 179,464 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 971,922 | 655,041 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | ||
Current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Mining properties, net | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 0 | 0 | ||
Equity and debt securities | 0 | 0 | ||
Receivables | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (422,279) | (284,706) | ||
Other Assets, Noncurrent | (316,744) | (221,559) | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | |||
TOTAL ASSETS | (739,023) | (506,265) | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities and other | 0 | 0 | ||
Debt | 0 | 0 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 0 | 0 | ||
Debt | (316,744) | (221,559) | ||
Royalty obligations | 0 | |||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany Payable Receivable | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | |||
Non-current liabilities | (316,744) | (221,559) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 185,637,724 at December 31, 2017 and 180,933,287 at December 31, 2016 | (214,650) | (198,163) | ||
Additional paid-in capital | (2,034,240) | (2,045,270) | ||
Accumulated deficit | 1,823,148 | 1,956,239 | ||
Accumulated other comprehensive income (loss) | 3,463 | 2,488 | ||
Stockholders' equity | (422,279) | (284,706) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (739,023) | $ (506,265) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017USD ($)t | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | |
Palmarejo gold production royalty | |||
Business Acquisition [Line Items] | |||
Production to be sold, percent | 50.00% | ||
Price per ounce under agreement | $ 800 | ||
Aggregate deposit to be received | $ 22,000,000 | ||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 14,900,000 | ||
JDS Silver Holdings, Ltd. | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | $ 50,000,000 | ||
Number of milestones | 2 | ||
JDS Silver Holdings, Ltd. | First Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Sustained minim and milling per day (in tones) | t | 1,000 | ||
JDS Silver Holdings, Ltd. | Second Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Maximum payment | $ 25,000,000 | ||
Tonnes of Resource Added | t | 3,700,000 | ||
Amount of resource required (in tonnes) | t | 300,000 | ||
Commitment amount per resource amount reached | $ 5,000,000 | ||
Minimum Resource Tonnes Milestone | t | 2,500,000 |
Additional Balance Sheet Det107
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Other Significant Noncash Transaction, Value of Consideration Given | $ 34,604 | $ 32,243 | $ 4,123 |
Extinguishment of Debt, Amount | 0 | 10,616 | 53,373 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 131,833 | 0 | 297,821 |
Interest Paid | 21,943 | 41,919 | 41,442 |
Income Taxes Paid | $ 13,000 | $ 17,181 | $ 1,937 |
Additional Balance Sheet Det108
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Other Accrued Liabilities | $ 12,323 | $ 3,199 |
Accrued Income Taxes, Current | 25,788 | 3,721 |
Accrual for Taxes Other than Income Taxes, Current | 4,354 | 2,738 |
Interest Payable, Current | 1,513 | 5,892 |
Accrued Salaries, Current | 26,559 | 20,895 |
Business Combination, Contingent Consideration, Liability, Current | 24,393 | 0 |
Accrued liabilities and other | $ 94,930 | $ 36,445 |
Summary of Quarterly Financi109
Summary of Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenues | $ 214,585 | $ 159,919 | $ 149,540 | $ 185,554 | $ 139,204 | $ 148,762 | $ 156,822 | $ 127,109 | $ 709,598 | $ 571,897 | $ 561,407 | |||
Costs applicable to sales | 121,982 | 101,559 | 102,229 | 114,490 | 84,903 | 84,594 | 81,820 | 84,058 | 440,260 | [1] | 335,375 | [1] | 403,827 | [1] |
Amortization | 44,722 | 32,401 | 30,733 | 38,693 | 28,625 | 26,040 | 35,653 | 26,210 | 146,549 | 116,528 | 125,953 | |||
Exploration | 7,454 | 9,792 | 7,813 | 5,252 | 5,260 | 3,706 | 2,233 | 1,731 | 30,311 | 12,930 | 11,521 | |||
Other Cost and Expense, Operating | 15,106 | 12,374 | 11,110 | 13,962 | 10,370 | 10,439 | 10,688 | 16,635 | ||||||
Income (loss) from continuing operations | 14,349 | (11,728) | (9,995) | 18,299 | (10,328) | 46,123 | 8,280 | (21,640) | 10,925 | 22,435 | (287,811) | |||
Income (loss) from discontinued operations. | (6,724) | (4,924) | (960) | 364 | 2,020 | 23,436 | 6,217 | 1,244 | (12,244) | 32,917 | (79,372) | |||
Net income (loss) | 7,625 | (16,652) | (10,955) | 18,663 | (8,308) | 69,559 | 14,497 | (20,396) | (1,319) | 55,352 | (367,183) | |||
Cash provided by (used in) operating activities | 91,811 | 37,308 | 24,103 | 43,938 | 21,423 | 39,201 | 34,752 | 1,085 | 208,456 | 125,817 | 113,542 | |||
Capital expenditures | $ (47,054) | $ (28,982) | $ (37,107) | $ (23,591) | $ (28,134) | $ (22,626) | $ (21,971) | $ (21,651) | $ (136,734) | $ (94,382) | $ (88,973) | |||
Basic net income (loss) from continuing operations (USD per share) | $ 0.08 | $ (0.06) | $ (0.05) | $ 0.10 | $ (0.06) | $ 0.29 | $ 0.05 | $ (0.15) | $ 0.06 | $ 0.14 | $ (2.22) | |||
Basic net income (loss) from discontinued operations (USD per share) | (0.04) | (0.03) | (0.01) | 0 | 0.01 | 0.14 | 0.04 | 0.01 | (0.07) | 0.21 | (0.61) | |||
Basic (in dollars per share) | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.43 | 0.09 | (0.14) | (0.01) | 0.35 | (2.83) | |||
Diluted net income (loss) from continuing operations (USD per share) | 0.04 | (0.09) | (0.06) | 0.10 | (0.05) | 0.42 | 0.09 | (0.14) | 0.06 | 0.14 | (2.22) | |||
Diluted net income (loss) from discontinued operations (USD per share) | 0.08 | (0.06) | (0.05) | 0.10 | (0.06) | 0.28 | 0.05 | (0.15) | (0.07) | 0.20 | (0.61) | |||
Diluted (in dollars per share) | $ (0.04) | $ (0.03) | $ (0.01) | $ 0 | $ 0.01 | $ 0.14 | $ 0.04 | $ 0.01 | $ (0.01) | $ 0.34 | $ (2.83) | |||
[1] | Excludes amortization. |