Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | HECLA MINING CO/DE/ | |
Entity Central Index Key | 719,413 | |
Trading Symbol | hl | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 400,632,153 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 212,569 | $ 186,107 |
Short-term investments | 34,358 | 33,758 |
Accounts receivable: | ||
Trade | 19,713 | 14,805 |
Taxes | 10,382 | 10,382 |
Other, net | 8,911 | 7,003 |
Inventories: | ||
Concentrates, doré, and stockpiled ore | 37,024 | 28,455 |
Materials and supplies | 25,779 | 26,100 |
Other current assets | 17,369 | 13,715 |
Total current assets | 366,105 | 320,325 |
Non-current investments | 7,652 | 7,561 |
Non-current restricted cash and cash equivalents | 1,005 | 1,032 |
Properties, plants, equipment and mineral interests, net | 2,008,704 | 2,020,021 |
Non-current deferred income taxes | 671 | 1,509 |
Other non-current assets | 13,954 | 14,509 |
Total assets | 2,398,091 | 2,364,957 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 51,636 | 46,549 |
Accrued payroll and related benefits | 21,420 | 31,259 |
Accrued taxes | 7,273 | 5,919 |
Current portion of capital leases | 5,669 | 5,608 |
Current portion of accrued reclamation and closure costs | 8,315 | 6,679 |
Accrued interest | 14,555 | 5,745 |
Other current liabilities | 7,066 | 10,371 |
Total current liabilities | 115,934 | 112,130 |
Capital leases | 7,094 | 6,193 |
Accrued reclamation and closure costs | 78,887 | 79,366 |
Long-term debt | 533,566 | 502,229 |
Non-current deferred tax liability | 116,866 | 121,546 |
Non-current pension liability | 48,459 | 46,628 |
Other non-current liabilities | 2,784 | 12,983 |
Total liabilities | 903,590 | 881,075 |
Commitments and contingencies (Notes 2, 4, 7, 9, and 11) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, 5,000,000 shares authorized: Series B preferred stock, $0.25 par value, 157,816 shares issued and outstanding, liquidation preference — $7,891 | 39 | 39 |
Common stock, $0.25 par value, 750,000,000 shares authorized; issued and outstanding March 31, 2018 — 400,301,617 shares and December 31, 2017 — 399,176,425 shares | 101,290 | 100,926 |
Capital surplus | 1,626,298 | 1,619,816 |
Accumulated deficit | (187,092) | (195,484) |
Accumulated other comprehensive loss | (26,767) | (23,373) |
Less treasury stock, at cost; March 31, 2018 - 4,864,799 and December 31, 2017 - 4,529,450 shares issued and held in treasury | (19,267) | (18,042) |
Total stockholders’ equity | 1,494,501 | 1,483,882 |
Total liabilities and stockholders’ equity | $ 2,398,091 | $ 2,364,957 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Series B preferred stock, shares issued (in shares) | 157,816 | 157,816 |
Series B preferred stock, shares outstanding (in shares) | 157,816 | 157,816 |
Series B preferred stock, liquidation preference | $ 7,891 | $ 7,891 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 400,301,617 | 399,176,425 |
Common stock, shares outstanding (in shares) | 400,301,617 | 399,176,425 |
Treasury stock, shares (in shares) | 4,864,799 | 4,529,450 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales of products | $ 139,709 | $ 142,544 |
Cost of sales and other direct production costs | 72,869 | 78,676 |
Depreciation, depletion and amortization | 28,054 | 28,952 |
Total cost of sales | 100,923 | 107,628 |
Gross profit | 38,786 | 34,916 |
Other operating expenses: | ||
General and administrative | 7,735 | 9,206 |
Exploration | 7,360 | 4,514 |
Pre-development | 1,005 | 1,252 |
Research and development | 1,436 | 683 |
Other operating expense | 515 | 663 |
Lucky Friday suspension-related costs | 5,017 | 1,581 |
Acquisition costs | 2,507 | 27 |
Provision for closed operations and environmental matters | 1,262 | 1,119 |
Total other operating expense | 26,837 | 19,045 |
Income from operations | 11,949 | 15,871 |
Other income (expense): | ||
Loss on disposal of investments | (167) | |
Unrealized gain on investments | 310 | 327 |
Gain (loss) on derivative contracts | 4,007 | (7,809) |
Net foreign exchange gain (loss ) | 2,592 | (2,262) |
Other (expense) income | (56) | 325 |
Interest expense, net of amounts capitalized | (9,794) | (8,522) |
Total other expense | (2,941) | (18,108) |
Income (loss) before income taxes | 9,008 | (2,237) |
Income tax (provision) benefit | (768) | 29,071 |
Net income (loss) | 8,240 | 26,834 |
Preferred stock dividends | (138) | (138) |
Income applicable to common stockholders | 8,102 | 26,696 |
Comprehensive income: | ||
Net income | 8,240 | 26,834 |
Reclassification of disposal and impairment of investments included in net income | 167 | |
Unrealized holding losses on investments | (31) | (256) |
Unrealized gain and amortization of prior service on pension plans | 32 | |
Change in fair value of derivative contracts designated as hedge transactions | (2,073) | 3,261 |
Comprehensive income | $ 6,136 | $ 30,038 |
Basic income per common share after preferred dividends (in dollars per share) | $ 0.02 | $ 0.07 |
Diluted income per common share after preferred dividends (in dollars per share) | $ 0.02 | $ 0.07 |
Weighted average number of common shares outstanding - basic (in shares) | 399,322 | 395,370 |
Weighted average number of common shares outstanding - diluted (in shares) | 401,923 | 398,149 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 8,240 | $ 26,834 |
Non-cash elements included in net income: | ||
Depreciation, depletion and amortization | 29,490 | 29,590 |
Unrealized (gain) on investments | (310) | (327) |
Loss on disposal of investments | 167 | |
Gain on disposition of properties, plants, equipment, and mineral interests | (129) | (32) |
Provision for reclamation and closure costs | 1,323 | 1,026 |
Stock compensation | 1,127 | 1,349 |
Deferred income taxes | (438) | (21,234) |
Amortization of loan origination fees | 449 | 480 |
(Gain) loss on derivative contracts | (9,094) | 7,343 |
Foreign exchange (gain) loss | (3,399) | 506 |
Other non-cash items, net | (36) | 2 |
Change in assets and liabilities: | ||
Accounts receivable | (7,266) | (8,738) |
Inventories | (6,762) | (3,358) |
Other current and non-current assets | (3,171) | 1,363 |
Accounts payable and accrued liabilities | 13,956 | (1,510) |
Accrued payroll and related benefits | (3,927) | 6,881 |
Accrued taxes | 218 | 1,754 |
Accrued reclamation and closure costs and other non-current liabilities | (3,888) | (3,811) |
Cash provided by operating activities | 16,383 | 38,285 |
Investing activities: | ||
Additions to properties, plants, equipment and mineral interests | (17,635) | (21,658) |
Proceeds from disposition of properties, plants and equipment | 151 | 61 |
Purchases of investments | (31,182) | (11,113) |
Maturities of investments | 30,501 | 3,634 |
Net cash used in investing activities | (18,165) | (29,076) |
Financing activities: | ||
Acquisition of treasury shares | (1,225) | (731) |
Dividends paid to common stockholders | (998) | (989) |
Dividends paid to preferred stockholders | (138) | (138) |
Credit facility fees paid | (91) | |
Borrowings on debt | 31,024 | |
Repayments of debt | (470) | |
Repayments of capital leases | (1,322) | (1,595) |
Net cash provided by (used in) financing activities | 27,341 | (4,014) |
Effect of exchange rates on cash | 876 | 1,814 |
Net increase in cash, cash equivalents and restricted cash and cash equivalents | 26,435 | 7,009 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 187,139 | 171,977 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 213,574 | 178,986 |
Significant non-cash investing and financing activities: | ||
Addition of capital lease obligations | 2,446 | 1,798 |
Payment of accrued compensation in stock | $ 4,863 | $ 4,240 |
Note 1 - Basis of Preparation o
Note 1 - Basis of Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements and notes to the unaudited interim condensed consolidated financial statements contain all adjustments, consisting of normal recurring items and items which are nonrecurring, necessary to present fairly, in all material respects, the financial position of Hecla Mining Company and its consolidated subsidiaries ("Hecla" or "the Company" or “we” or “our” or “us”). These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes as set forth in our annual report filed on Form 10 December 31, 2017, may The results of operations for the periods presented may not may not Certain condensed consolidated financial statement amounts for the prior period have been reclassified to conform to the current period presentation. These reclassifications had no The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ materially from those estimates. |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Investments and Restricted Cash Disclosure [Text Block] | Note 2. Investments Our current investments, which are classified as "available for sale" and consist of bonds having maturities of greater than 90 365 $34.4 $33.8 March 31, 2018 December 31, 2017. first 2018 2017, $31.2 $11.1 $30.5 $3.6 March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Amortized cost Unrealized loss Fair market value Amortized cost Unrealized loss Fair market value Corporate bonds $ 34,394 $ (36 ) $ 34,358 $ 33,778 $ (20 ) $ 33,758 At March 31, 2018 December 31, 2017, $7.7 $7.6 $5.6 $5.7 March 31, 2018 December 31, 2017, $2.1 $1.9 March 31, 2018 December 31, 2017, March 31, 2018, $0.3 March 31, 2017, $0.3 $0.3 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 3. Major components of our income tax provision for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Current: Domestic $ — $ (12,797 ) Foreign 1,206 5,515 Total current income tax provision (benefit) 1,206 (7,282 ) Deferred: Domestic — (18,903 ) Foreign (438 ) (2,886 ) Total deferred income tax (benefit) provision (438 ) (21,789 ) Total income tax provision (benefit) $ 768 $ (29,071 ) The current income tax provisions for the three March 31, 2018 2017 2018, #4 2017, As of March 31, 2018, $0.3 $116.9 $1.0 $116.2 December 2017 March 31, 2018 first 2017, #4 $15 March 31, 2018 December 31, 2017, $80.4 $78.7 |
Note 4 - Commitments, Contingen
Note 4 - Commitments, Contingencies and Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4. General We follow U.S. Generally Accepted Accounting Principles guidance in determining our accruals and disclosures with respect to loss contingencies, and evaluate such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not Rio Grande Silver Guaranty Our wholly-owned subsidiary, Rio Grande Silver Inc. (“Rio”), is party to a joint venture with Emerald Mining & Leasing, LLC (“EML”) and certain other parties with respect to a land package in the Creede Mining District of Colorado that is adjacent to other land held by Rio. Rio holds a 70% third $2.5 March 31, 2018, not may $2.5 third not March 31, 2018. Lucky Friday Water Permit Matters In the past, the Lucky Friday unit experienced multiple regulatory issues relating to its water discharge permits and water management more generally. All of these issues have been resolved except for one: in December 2013, 308 no. 3 December 2015. Hecla Limited strives to maintain its water discharges at the Lucky Friday unit in full compliance with its permits and applicable laws; however, we cannot provide assurance that in the future it will be able to fully comply with the permit limits and other regulatory requirements regarding water management. Johnny M Mine Area near San Mateo, McKinley County, New Mexico In May 2011, may August 2012, $1.1 not $1.1 December 2014, three 1 no 2 3 $0 $221 $5.6 June 2015, not fourth 2014, $5.6 no not $5.6 not The Johnny M Mine is in an area known as the San Mateo Creek Basin (“SMCB”), which is an approximately 321 not may $5.6 Carpenter Snow Creek and Barker-Hughesville Sites in Montana In July 2010, 1980s 6 1988. In June 2011, may June 2011 $4.5 may $100 In February 2017, June December 1983, Debt On April 12, 2013, $500 6.875% 2021 2014, $6.5 one 2014. May 1 November 1 November 1, 2013. On March 5, 2018, CAD$40 USD$30.8 2018 May 1, 2021 ( 0.58%, 4.68% May 1 November 1 May 1, 2018. See Note 9 Other Commitments Our contractual obligations as of March 31, 2018 $7.1 March 31, 2018 $0.1 $3.1 $3.3 $13.6 Note 9 March 31, 2018, $117.0 Other Contingencies We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently have no may may no not |
Note 5 - Earnings (Loss) Per Co
Note 5 - Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5. We are authorized to issue 750,000,000 $0.25 March 31, 2018, 405,166,416 4,864,799 400,301,617 $0.02 $0.07 three March 31, 2018 2017, Diluted income (loss) per share for the three March 31, 2018 2017 no For the three March 31, 2018, 1,092,307 1,509,159 539,204 212,602 not three March 31, 2017, 2,051,734 727,262 |
Note 6 - Business Segments and
Note 6 - Business Segments and Sales of Products | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 6. We discover, acquire, develop, produce, and market concentrates and doré containing silver, gold, lead and zinc. We are currently organized and managed in four General corporate activities not not The following tables present information about reportable segments for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Net sales to unaffiliated customers: Greens Creek $ 65,850 $ 58,850 Lucky Friday 4,977 20,010 Casa Berardi 55,548 41,712 San Sebastian 13,334 21,972 $ 139,709 $ 142,544 Income (loss) from operations: Greens Creek $ 23,152 $ 14,114 Lucky Friday (4,146 ) 3,880 Casa Berardi 3,250 (2,245 ) San Sebastian 5,017 13,454 Other (15,324 ) (13,332 ) $ 11,949 $ 15,871 The following table presents identifiable assets by reportable segment as of March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Identifiable assets: Greens Creek $ 669,042 $ 671,960 Lucky Friday 432,369 432,400 Casa Berardi 802,017 804,505 San Sebastian 67,576 62,198 Other 427,087 393,894 $ 2,398,091 $ 2,364,957 Our products consist of both metal concentrates, which we sell to custom smelters and brokers, and unrefined bullion bars (doré), which may For sales of metals from refined doré, the performance obligation is met and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. For sales of doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of title and control of the doré containing the agreed-upon metal quantities to the customer. Refining, selling and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment. Concentrates sold at our Lucky Friday unit typically leave the mine and are received by the customer within the same day. However, there is a period of time between shipment of concentrates from our Greens Creek unit and their physical receipt by the customer, and judgment is required in determining when control has been transferred to the customer for those shipments. We have determined the performance obligation is met and title is transferred to the customer upon shipment of concentrate parcels from Greens Creek because, at that time, 1 2 3 4 5 Judgment is required in identifying the performance obligations for our concentrate sales. Most of our concentrate sales involve “frame contracts” with smelters that can cover multiple years and specify certain terms, under which individual parcels of concentrates are sold. However, some terms are not Our concentrate sales involve variable consideration, as they are subject to changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement with the customer. Also, it is unlikely a significant reversal of revenue for any one March 31, 2018, 1.5 6,151 11,030 1,800 Note 11 Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment, refining, smelting losses, and other charges negotiated by us with the customers, which represent components of the transaction price. Charges are estimated by us upon shipment of concentrates based on contractual terms, and actual charges typically do not may Sales of metal concentrates and metal products are made principally to custom smelters, brokers and metals traders. The percentage of sales contributed by each segment is reflected in the following table: Three Months Ended March 31, 2018 2017 Greens Creek 46 % 41 % Lucky Friday 4 % 14 % Casa Berardi 40 % 29 % San Sebastian 10 % 16 % 100 % 100 % Sales of products by metal for the thee-month periods ended March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Silver $ 35,222 $ 51,357 Gold 73,044 62,701 Lead 9,227 13,619 Zinc 30,109 29,865 Less: Smelter and refining charges (7,893 ) (14,998 ) 139,709 142,544 The following is sales information by geographic area based on the location of smelters and brokers (for concentrate shipments) and location of parent companies (for doré sales to metals traders) for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Canada $ 88,668 $ 100,219 Korea 32,703 28,971 Japan 13,773 12,290 United States 4,081 5,205 Other (131 ) (48 ) Total, excluding gains/losses on forward contracts 139,094 146,637 Sales by significant product type for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Doré and metals from doré $ 73,492 $ 68,981 Lead concentrate 34,334 48,917 Zinc concentrate 25,652 24,218 Bulk concentrate 5,616 4,521 Total, excluding gains/losses on forward contracts 139,094 146,637 Sales of products for the first three 2018 2017 $0.6 $4.1 Note 11 Sales of products to significant customers as a percentage of total sales were as follows for the three March 31, 2018 2017: Three Months Ended March 31, 2018 2017 CIBC 47 % 24 % Scotia 2 % 20 % Korea Zinc 23 % 20 % Teck Metals Ltd. 4 % 15 % Ocean Partners 10 % 10 % Our trade accounts receivable balance related to contracts with customers was $19.7 March 31, 2018 $14.8 December 31, 2017, no We have determined our contracts do not We do not not not March 31, 2018 December 31, 2017. The sales and income (loss) from operations amounts reported above include results from our Lucky Friday segment. The Lucky Friday mine is our only operation where some of our employees are subject to a collective bargaining agreement, and the most recent agreement expired on April 30, 2016. February 19, 2017, March 13, 2017, July 2017, first 2018 2017, not $4.1 $1.2 $0.9 $0.4 may March 31, 2018 $422 22 On April 30, 2018, March 2017. not May 4, 2018, December 2017. |
Note 7 - Employee Benefit Plans
Note 7 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7. Employee Benefit Plans We sponsor defined benefit pension plans covering substantially all U.S. employees. Net periodic pension cost for the plans consisted of the following for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Service cost $ 1,252 $ 1,196 Interest cost 1,377 1,339 Expected return on plan assets (1,634 ) (1,462 ) Amortization of prior service benefit 15 (84 ) Amortization of net loss 931 1,033 Net periodic benefit cost $ 1,941 $ 2,022 For the three March 31, 2018, $0.7 three March 31, 2017, In April 2018, $1.3 $2.6 2018. $0.5 2018. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8. Stock-based Compensation Plans We periodically grant restricted stock unit awards, performance-based share awards and shares of common stock to our employees and directors. We measure compensation cost for restricted stock units and stock grants at the closing price of our stock at the time of grant. We measure compensation cost for performance-based grants using a Monte Carlo simulation to estimate their value at grant date. Restricted stock unit and performance-based share grants vest after a specified period with compensation cost amortized over that period. Although we have no may In March 2018, 1,237,369 December 31, 2017. March 2018, $4.9 March 31, 2018. Stock-based compensation expense for vesting restricted stock unit and performance-based share grants to employees and shares issued to nonemployee directors totaled $1.1 first three 2018 $1.3 first three 2017. In connection with the vesting of restricted stock units and other stock grants, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations. As a result, in the first three 2018 335,349 $1.2 $3.65 first three 2017 154,933 $0.7 $4.67 Common Stock Dividends In September 2011 February 2012, two 1 2 $0.01 first Quarterly average realized silver price per ounce Quarterly dividend per share Annualized dividend per share $30 $0.01 $0.04 $35 $0.02 $0.08 $40 $0.03 $0.12 $45 $0.04 $0.16 $50 $0.05 $0.20 On May 9, 2018, $0.0025 $1.0 June 2018. first 2018 $16.84 $30 no At-The-Market Equity Distribution Agreement Pursuant to an equity distribution agreement dated February 23, 2016, may $75 not may 1933, 3, February 23, 2016. March 31, 2018, 4,608,847 $17.7 $0.4 No first 2018. Common Stock Repurchase Program On May 8, 2012, 20 may not may not may March 31, 2018, 934,100 $3.99 19.1 may May 8, 2018, $3.97 |
Note 9 - Debt, Credit Facilitie
Note 9 - Debt, Credit Facilities and Capital Leases | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Senior Notes On April 12, 2013, $500 May 1, 2021 144A 1933, 2014, $6.5 one April 12, 2013, $490 The Senior Notes are recorded net of a 2% $10 April 2013 $4.0 March 31, 2018. 6.875% May 1 November 1 November 1, 2013. three March 31, 2018 2017, $9.1 $8.1 three March 31, 2017 $0.9 #4 January 2017. The Senior Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries (the "Guarantors"). The Senior Notes and the guarantees are, respectively, Hecla's and the Guarantors' general senior unsecured obligations and are subordinated to all of Hecla's and the Guarantors' existing and future secured debt to the extent of the assets securing that secured debt. In addition, the Senior Notes are effectively subordinated to all of the liabilities of Hecla's subsidiaries that are not The Senior Notes became redeemable in whole or in part, at any time and from time to time after May 1, 2016, Upon the occurrence of a change of control (as defined in the Indenture), each holder of Senior Notes will have the right to require us to purchase all or a portion of such holder's Senior Notes pursuant to a change of control offer (as defined in the Indenture), at a purchase price equal to 101% Ressources Québec Notes On March 5, 2018, CAD$40 USD$30.8 2018 May 1, 2021 ( 0.58%, CAD$0.2 4.68% May 1 November 1 May 1, 2018. three March 31, 2018, $0.4 Credit Facilities In May 2016, $100 three July 2017 July 14, 2020. $100 Interest rates: Spread over the London Interbank Offer Rate 2.25 - 3.25% Spread over alternative base rate 1.25 - 2.25% Standby fee per annum on undrawn amounts 0.50% Covenant financial ratios: Senior leverage ratio (debt secured by liens/EBITDA) not more than 2.50:1 Leverage ratio (total debt less unencumbered cash/EBITDA) (1) not more than 4.00:1 Interest coverage ratio (EBITDA/interest expense) not less than 3.00:1 We are also able to obtain letters of credit under the facility, and for any such letters we are required to pay a participation fee of between 2.25% 3.25% 0.20% $2.6 March 31, 2018. We believe we were substantially in compliance with all covenants under the credit agreement as of March 31, 2018. $2.6 March 31, 2018, not Capital Leases We have entered into various lease agreements, primarily for equipment at our Greens Creek, Lucky Friday and Casa Berardi units, which we have determined to be capital leases. At March 31, 2018, $12.8 $5.7 $7.1 December 31, 2017, $11.8 $5.6 $6.2 $13.6 March 31, 2018, $0.8 At March 31, 2018, Twelve-month period ending March 31, 2019 $ 5,672 2020 3,771 2021 2,786 2022 1,361 Total 13,590 Less: imputed interest (826 ) Net capital lease obligation $ 12,764 |
Note 10 - Developments in Accou
Note 10 - Developments in Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 10. Accounting Standards Updates Adopted In May 2014, No. 2014 09 605 10 five August 2015, No. 2015 14 606 No. 2015 14 No. 2014 09 December 15, 2017. No. 2014 09 January 1, 2018 three March 31, 2017 $140 We performed an assessment of the impact of implementation of ASU No. 2014 09, not not Our concentrate sales involve variable consideration, as they are subject to changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and we then adjust the values each period until final settlement. Also, it is unlikely a significant reversal of revenue for any one Adoption of ASU No. 2014 09 Note 6 In January 2016, No. 2016 01 825 10 not December 15, 2017. No. 2016 01 January 1, 2018 $1.3 In August 2016, No. 2016 15 230 eight December 15, 2017, January 1, 2018. In November 2016, No. 2016 18 230 December 15, 2017, January 1, 2018. $1.0 March 31, 2018 December 31, 2017 $2.2 March 31, 2017 December 31, 2016, In January 2017, No. 2017 01 805 December 15, 2017, In March 2017, No. 2017 07 715 December 15, 2017, January 1, 2018. 2018, $2.8 not Accounting Standards Updates to Become Effective in Future Periods In February 2016, No. 2016 02 842 December 15, 2018, Note 9 In August 2017, No. 2017 12 815 December 15, 2018, |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11. Foreign Currency Our wholly-owned subsidiaries owning the Casa Berardi and San Sebastian mines are U.S. dollar ("USD")-functional entities which routinely incur expenses denominated in Canadian dollar ("CAD") and Mexican peso ("MXN"), and such expenses expose us to exchange rate fluctuations between the USD and CAD and MXN. In April 2016, October 2016, March 31, 2018, 120 CAD$285.4 USD$220.8 36 MXN$276.6 USD$13.9 2018 2022 1.2729 1.3360. 2018 2020 19.1750 20.8550. 75% five As of March 31, 2018, • a current asset of $1.1 • a non-current asset of $2.0 • a current liability of $0.2 Net unrealized gains of approximately $3.0 March 31, 2018, $0.8 March 31, 2018 twelve $0.5 three March 31, 2018. $15 three March 31, 2018. Metals Prices At times, we may 75% five We are currently using financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement. In addition, we currently use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead (but not not As of March 31, 2018, • a current asset of $0.3 • a non-current asset of $0.3 • a current liability of $6.8 $0.1 • a non-current liability of $0.3 $3.1 We recognized a $0.6 first 2018 We recognized a $4.0 first 2018 first 2018 The following tables summarize the quantities of metals committed under forward sales contracts at March 31, 2018 December 31, 2017: March 31, 2018 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2018 settlements 543 2 7,385 — $ 16.91 $ 1,342 $ 1.52 N/A Contracts on forecasted sales 2018 settlements — — 26,841 15,598 N/A N/A $ 1.23 $ 1.07 2019 settlements — — 48,502 20,283 N/A N/A $ 1.40 $ 1.10 2020 settlements — — 42,329 19,401 N/A N/A $ 1.40 $ 1.13 December 31, 2017 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2018 settlements 1,447 5 21,550 4,740 $ 16.64 $ 1,279 $ 1.45 $ 1.11 Contracts on forecasted sales 2018 settlements — — 32,187 16,645 N/A N/A $ 1.29 $ 1.06 2019 settlements — — 23,589 18,078 N/A N/A $ 1.33 $ 1.09 2020 settlements — — 3,307 2,866 N/A N/A $ 1.27 $ 1.08 Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contracts. As of March 31, 2018, not $10.9 March 31, 2018. March 31, 2018, $10.9 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12. The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands). Description Balance at March 31, 2018 Balance at December 31, 2017 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 212,569 $ 186,107 Level 1 Available for sale securities: Debt securities – municipal and corporate bonds 34,358 33,758 Level 2 Equity securities – mining industry 7,652 7,561 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 19,713 14,805 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 1,005 1,032 Level 1 Derivative contracts: Metal forward contracts 630 — Level 2 Foreign exchange contracts 3,122 4,943 Level 2 Total assets $ 279,049 $ 248,206 Liabilities: Derivative contracts: Metal forward contracts $ 7,066 $ 15,531 Level 2 Foreign exchange contracts 248 — Level 2 Total Liabilities $ 7,314 $ 15,531 Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 Current available-for-sale securities consist of municipal and corporate bonds having maturities of more than 90 Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our non-current available for sale securities consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security. Trade accounts receivable include amounts due to us for shipments of concentrates, doré and precipitate sold to customers. Revenues and the corresponding accounts receivable for sales of metals products are recorded when title and risk of loss transfer to the customer (generally at the time of ship loading, or at the time of customer arrival for trucked products). Sales of concentrates are recorded using estimated forward prices for the anticipated month of settlement applied to our estimate of payable metal quantities contained in each shipment. Sales are recorded net of estimated treatment and refining charges, which are also impacted by changes in metals prices and quantities of contained metals. We estimate the prices at which sales of our concentrates will be settled due to the time elapsed between shipment and final settlement with the customer. Receivables for previously recorded concentrate sales are adjusted to reflect estimated forward metals prices at the end of each period until final settlement by the customer. We obtain the forward metals prices used each period from a pricing service. Changes in metal prices between shipment and final settlement result in changes to revenues previously recorded upon shipment. The embedded derivative contained in our concentrate sales is adjusted to fair market value through earnings each period prior to final settlement. We use financially-settled forward contracts to manage exposure to changes in the exchange rate between USD and CAD and MXN, and the impact on CAD- and MXN-denominated operating costs incurred at our Casa Berardi and San Sebastian units (see Note 11 We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not Note 11 not Our Senior Notes, which were recorded at their carrying value of $502.5 March 31, 2018, $516.6 March 31, 2018. 1 Note 9 |
Note 13 - Acquisition of Klonde
Note 13 - Acquisition of Klondex Mines Ltd. | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 13. On March 16, 2018, $2.47 may $2.47 0.6272 $0.8411 0.4136 $157.4 77,411,859. US$0.8411 0.4136 179,668,072 May 7, 2018. 7,476,924 187,144,996 60 March 19, 2018 $3.94 $462.3 10% $30.5 $3.97 May 8, 2018. 66 2/3% Under the proposed Arrangement, we would also subscribe for US$7.0 |
Note 14 - Guarantor Subsidiarie
Note 14 - Guarantor Subsidiaries | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Guarantor Subsidiaries [Text Block] | Note 14. Presented below are Hecla’s unaudited interim condensed consolidating financial statements as required by Rule 3 10 X 1934, Note 9 100% April 12, 2013, January 3, 2014. March 5, 2018. The unaudited interim condensed consolidating financial statements below have been prepared from our financial information on the same basis of accounting as the unaudited interim condensed consolidated financial statements set forth elsewhere in this report. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate Hecla, the Guarantors, and our non-guarantor subsidiaries are reflected in the intercompany eliminations column. In the course of preparing consolidated financial statements, we eliminate the effects of various transactions conducted between Hecla and its subsidiaries and among the subsidiaries. While valid at an individual subsidiary level, such activities are eliminated in consolidation because, when taken as a whole, they do not third • Investments in subsidiaries • Capital contributions not not • Debt. • Dividends. • Deferred taxes may not Separate financial statements of the Guarantors are not 1 2 3 4 5 Unaudited Interim Condensed Consolidating Balance Sheets As of March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 137,504 $ 21,096 $ 53,969 $ — $ 212,569 Other current assets 48,067 55,771 49,767 (69 ) 153,536 Properties, plants, and equipment - net 1,934 1,241,325 765,445 — 2,008,704 Intercompany receivable (payable) 293,972 (163,503 ) (338,811 ) 208,342 — Investments in subsidiaries 1,373,604 — — (1,373,604 ) — Other non-current assets 13,807 7,370 8,325 (6,220 ) 23,282 Total assets $ 1,868,888 $ 1,162,059 $ 538,695 $ (1,171,551 ) $ 2,398,091 Liabilities and Stockholders' Equity Current liabilities $ (203,947 ) $ 67,735 $ 38,776 $ 213,370 $ 115,934 Long-term debt 533,566 3,682 3,412 — 540,660 Non-current portion of accrued reclamation — 66,614 12,273 — 78,887 Non-current deferred tax liability — 11,630 116,553 (11,317 ) 116,866 Other non-current liabilities 44,768 5,384 1,091 — 51,243 Stockholders' equity 1,494,501 1,007,014 366,590 (1,373,604 ) 1,494,501 Total liabilities and stockholders' equity $ 1,868,888 $ 1,162,059 $ 538,695 $ (1,171,551 ) $ 2,398,091 As of December 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 103,878 $ 31,016 $ 51,213 $ — $ 186,107 Other current assets 47,555 47,608 39,630 (575 ) 134,218 Properties, plants, and equipment - net 1,946 1,244,161 773,914 — 2,020,021 Intercompany receivable (payable) 287,310 (177,438 ) (341,182 ) 231,310 — Investments in subsidiaries 1,358,025 — — (1,358,025 ) — Other non-current assets 14,409 7,289 9,283 (6,370 ) 24,611 Total assets $ 1,813,123 $ 1,152,636 $ 532,858 $ (1,133,660 ) $ 2,364,957 Liabilities and Stockholders' Equity Current liabilities $ (226,576 ) $ 66,550 $ 37,671 $ 234,485 $ 112,130 Long-term debt 502,229 2,303 3,890 — 508,422 Non-current portion of accrued reclamation — 67,565 11,801 — 79,366 Non-current deferred tax liability — 10,120 121,546 (10,120 ) 121,546 Other non-current liabilities 53,588 5,185 838 — 59,611 Stockholders' equity 1,483,882 1,000,913 357,112 (1,358,025 ) 1,483,882 Total liabilities and stockholders' equity $ 1,813,123 $ 1,152,636 $ 532,858 $ (1,133,660 ) $ 2,364,957 Unaudited Interim Condensed Consolidating Statements of Operations Three Months Ended March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ 615 $ 70,211 $ 68,883 $ — $ 139,709 Cost of sales 475 (34,701 ) (38,643 ) — (72,869 ) Depreciation, depletion, amortization — (11,260 ) (16,794 ) — (28,054 ) General and administrative (3,833 ) (3,448 ) (454 ) — (7,735 ) Exploration and pre-development (55 ) (1,939 ) (6,371 ) — (8,365 ) Research and development — (482 ) (954 ) — (1,436 ) Gain on derivative contracts 4,007 — — — 4,007 Acquisition costs (2,360 ) — (147 ) — (2,507 ) Equity in earnings of subsidiaries 17,768 — — (17,768 ) — Other (expense) income (8,377 ) (6,794 ) 6,917 (5,488 ) (13,742 ) Income (loss) before income taxes 8,240 11,587 12,437 (23,256 ) 9,008 (Provision) benefit from income taxes — (5,488 ) (768 ) 5,488 (768 ) Net income (loss) 8,240 6,099 11,669 (17,768 ) 8,240 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 8,102 6,099 11,669 (17,768 ) 8,102 Net income (loss) 8,240 6,099 11,669 (17,768 ) 8,240 Changes in comprehensive income (loss) (2,104 ) — 38 (38 ) (2,104 ) Comprehensive income (loss) $ 6,136 $ 6,099 $ 11,707 $ (17,806 ) $ 6,136 Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ (4,093 ) $ 82,953 $ 63,684 $ — $ 142,544 Cost of sales (148 ) (42,772 ) (35,756 ) — (78,676 ) Depreciation, depletion, amortization — (15,766 ) (13,186 ) — (28,952 ) General and administrative (6,469 ) (2,319 ) (418 ) — (9,206 ) Exploration and pre-development (244 ) (1,901 ) (3,621 ) — (5,766 ) Gain on derivative contracts (7,809 ) — — — (7,809 ) Equity in earnings of subsidiaries 2,701 — — (2,701 ) — Other (expense) income 42,896 (3,116 ) (9,332 ) (44,820 ) (14,372 ) Income (loss) before income taxes 26,834 17,079 1,371 (47,521 ) (2,237 ) (Provision) benefit from income taxes — (8,969 ) (6,780 ) 44,820 29,071 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 26,696 8,110 (5,409 ) (2,701 ) 26,696 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Changes in comprehensive income (loss) 3,204 — (89 ) 89 3,204 Comprehensive income (loss) $ 30,038 $ 8,110 $ (5,498 ) $ (2,612 ) $ 30,038 Unaudited Interim Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 21,183 $ 18,747 $ 13,396 $ (36,943 ) $ 16,383 Cash flows from investing activities: Additions to properties, plants, and equipment — (8,082 ) (9,553 ) — (17,635 ) Other investing activities, net (16,260 ) 151 — 15,579 (530 ) Cash flows from financing activities: Dividends paid to stockholders (1,136 ) — — — (1,136 ) Borrowings on debt 31,024 — — — 31,024 Payments on debt — (644 ) (678 ) — (1,322 ) Other financing activity (1,186 ) (20,118 ) (1,285 ) 21,364 (1,225 ) Effect of exchange rate changes on cash — — 876 — 876 Changes in cash, cash equivalents and restricted cash and cash equivalents 33,625 (9,946 ) 2,756 — 26,435 Beginning cash, cash equivalents and restricted cash and cash equivalents 103,878 32,048 51,213 — 187,139 Ending cash, cash equivalents and restricted cash and cash equivalents $ 137,503 $ 22,102 $ 53,969 $ — $ 213,574 Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 40,953 $ 11,508 $ 15,642 $ (29,818 ) $ 38,285 Cash flows from investing activities: Additions to properties, plants, and equipment — (7,540 ) (14,118 ) — (21,658 ) Other investing activities, net (7,479 ) 61 — — (7,418 ) Cash flows from financing activities: Dividends paid to stockholders (1,127 ) — — — (1,127 ) Payments on debt — (1,658 ) (407 ) — (2,065 ) Other financing activity (41,096 ) 3,025 7,431 29,818 (822 ) Effect of exchange rate changes on cash — — 1,814 — 1,814 Changes in cash, cash equivalents and restricted cash and cash equivalents (8,749 ) 5,396 10,362 — 7,009 Beginning cash, cash equivalents and restricted cash and cash equivalents 113,275 26,588 32,114 — 171,977 Ending cash, cash equivalents and restricted cash and cash equivalents $ 104,526 $ 31,984 $ 42,476 $ — $ 178,986 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2018 December 31, 2017 Amortized cost Unrealized loss Fair market value Amortized cost Unrealized loss Fair market value Corporate bonds $ 34,394 $ (36 ) $ 34,358 $ 33,778 $ (20 ) $ 33,758 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2018 2017 Current: Domestic $ — $ (12,797 ) Foreign 1,206 5,515 Total current income tax provision (benefit) 1,206 (7,282 ) Deferred: Domestic — (18,903 ) Foreign (438 ) (2,886 ) Total deferred income tax (benefit) provision (438 ) (21,789 ) Total income tax provision (benefit) $ 768 $ (29,071 ) |
Note 6 - Business Segments an22
Note 6 - Business Segments and Sales of Products (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2018 2017 Net sales to unaffiliated customers: Greens Creek $ 65,850 $ 58,850 Lucky Friday 4,977 20,010 Casa Berardi 55,548 41,712 San Sebastian 13,334 21,972 $ 139,709 $ 142,544 Income (loss) from operations: Greens Creek $ 23,152 $ 14,114 Lucky Friday (4,146 ) 3,880 Casa Berardi 3,250 (2,245 ) San Sebastian 5,017 13,454 Other (15,324 ) (13,332 ) $ 11,949 $ 15,871 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2018 December 31, 2017 Identifiable assets: Greens Creek $ 669,042 $ 671,960 Lucky Friday 432,369 432,400 Casa Berardi 802,017 804,505 San Sebastian 67,576 62,198 Other 427,087 393,894 $ 2,398,091 $ 2,364,957 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, 2018 2017 Greens Creek 46 % 41 % Lucky Friday 4 % 14 % Casa Berardi 40 % 29 % San Sebastian 10 % 16 % 100 % 100 % |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2018 2017 Silver $ 35,222 $ 51,357 Gold 73,044 62,701 Lead 9,227 13,619 Zinc 30,109 29,865 Less: Smelter and refining charges (7,893 ) (14,998 ) 139,709 142,544 Three Months Ended March 31, 2018 2017 Doré and metals from doré $ 73,492 $ 68,981 Lead concentrate 34,334 48,917 Zinc concentrate 25,652 24,218 Bulk concentrate 5,616 4,521 Total, excluding gains/losses on forward contracts 139,094 146,637 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2018 2017 Canada $ 88,668 $ 100,219 Korea 32,703 28,971 Japan 13,773 12,290 United States 4,081 5,205 Other (131 ) (48 ) Total, excluding gains/losses on forward contracts 139,094 146,637 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended March 31, 2018 2017 CIBC 47 % 24 % Scotia 2 % 20 % Korea Zinc 23 % 20 % Teck Metals Ltd. 4 % 15 % Ocean Partners 10 % 10 % |
Note 7 - Employee Benefit Pla23
Note 7 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2018 2017 Service cost $ 1,252 $ 1,196 Interest cost 1,377 1,339 Expected return on plan assets (1,634 ) (1,462 ) Amortization of prior service benefit 15 (84 ) Amortization of net loss 931 1,033 Net periodic benefit cost $ 1,941 $ 2,022 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels [Table Text Block] | Quarterly average realized silver price per ounce Quarterly dividend per share Annualized dividend per share $30 $0.01 $0.04 $35 $0.02 $0.08 $40 $0.03 $0.12 $45 $0.04 $0.16 $50 $0.05 $0.20 |
Note 9 - Debt, Credit Facilit25
Note 9 - Debt, Credit Facilities and Capital Leases (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Interest rates: Spread over the London Interbank Offer Rate 2.25 - 3.25% Spread over alternative base rate 1.25 - 2.25% Standby fee per annum on undrawn amounts 0.50% Covenant financial ratios: Senior leverage ratio (debt secured by liens/EBITDA) not more than 2.50:1 Leverage ratio (total debt less unencumbered cash/EBITDA) (1) not more than 4.00:1 Interest coverage ratio (EBITDA/interest expense) not less than 3.00:1 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Twelve-month period ending March 31, 2019 $ 5,672 2020 3,771 2021 2,786 2022 1,361 Total 13,590 Less: imputed interest (826 ) Net capital lease obligation $ 12,764 |
Note 11 - Derivative Instrume26
Note 11 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | March 31, 2018 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2018 settlements 543 2 7,385 — $ 16.91 $ 1,342 $ 1.52 N/A Contracts on forecasted sales 2018 settlements — — 26,841 15,598 N/A N/A $ 1.23 $ 1.07 2019 settlements — — 48,502 20,283 N/A N/A $ 1.40 $ 1.10 2020 settlements — — 42,329 19,401 N/A N/A $ 1.40 $ 1.13 December 31, 2017 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2018 settlements 1,447 5 21,550 4,740 $ 16.64 $ 1,279 $ 1.45 $ 1.11 Contracts on forecasted sales 2018 settlements — — 32,187 16,645 N/A N/A $ 1.29 $ 1.06 2019 settlements — — 23,589 18,078 N/A N/A $ 1.33 $ 1.09 2020 settlements — — 3,307 2,866 N/A N/A $ 1.27 $ 1.08 |
Note 12 - Fair Value Measurem27
Note 12 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Balance at March 31, 2018 Balance at December 31, 2017 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 212,569 $ 186,107 Level 1 Available for sale securities: Debt securities – municipal and corporate bonds 34,358 33,758 Level 2 Equity securities – mining industry 7,652 7,561 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 19,713 14,805 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 1,005 1,032 Level 1 Derivative contracts: Metal forward contracts 630 — Level 2 Foreign exchange contracts 3,122 4,943 Level 2 Total assets $ 279,049 $ 248,206 Liabilities: Derivative contracts: Metal forward contracts $ 7,066 $ 15,531 Level 2 Foreign exchange contracts 248 — Level 2 Total Liabilities $ 7,314 $ 15,531 |
Note 14 - Guarantor Subsidiar28
Note 14 - Guarantor Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 137,504 $ 21,096 $ 53,969 $ — $ 212,569 Other current assets 48,067 55,771 49,767 (69 ) 153,536 Properties, plants, and equipment - net 1,934 1,241,325 765,445 — 2,008,704 Intercompany receivable (payable) 293,972 (163,503 ) (338,811 ) 208,342 — Investments in subsidiaries 1,373,604 — — (1,373,604 ) — Other non-current assets 13,807 7,370 8,325 (6,220 ) 23,282 Total assets $ 1,868,888 $ 1,162,059 $ 538,695 $ (1,171,551 ) $ 2,398,091 Liabilities and Stockholders' Equity Current liabilities $ (203,947 ) $ 67,735 $ 38,776 $ 213,370 $ 115,934 Long-term debt 533,566 3,682 3,412 — 540,660 Non-current portion of accrued reclamation — 66,614 12,273 — 78,887 Non-current deferred tax liability — 11,630 116,553 (11,317 ) 116,866 Other non-current liabilities 44,768 5,384 1,091 — 51,243 Stockholders' equity 1,494,501 1,007,014 366,590 (1,373,604 ) 1,494,501 Total liabilities and stockholders' equity $ 1,868,888 $ 1,162,059 $ 538,695 $ (1,171,551 ) $ 2,398,091 As of December 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 103,878 $ 31,016 $ 51,213 $ — $ 186,107 Other current assets 47,555 47,608 39,630 (575 ) 134,218 Properties, plants, and equipment - net 1,946 1,244,161 773,914 — 2,020,021 Intercompany receivable (payable) 287,310 (177,438 ) (341,182 ) 231,310 — Investments in subsidiaries 1,358,025 — — (1,358,025 ) — Other non-current assets 14,409 7,289 9,283 (6,370 ) 24,611 Total assets $ 1,813,123 $ 1,152,636 $ 532,858 $ (1,133,660 ) $ 2,364,957 Liabilities and Stockholders' Equity Current liabilities $ (226,576 ) $ 66,550 $ 37,671 $ 234,485 $ 112,130 Long-term debt 502,229 2,303 3,890 — 508,422 Non-current portion of accrued reclamation — 67,565 11,801 — 79,366 Non-current deferred tax liability — 10,120 121,546 (10,120 ) 121,546 Other non-current liabilities 53,588 5,185 838 — 59,611 Stockholders' equity 1,483,882 1,000,913 357,112 (1,358,025 ) 1,483,882 Total liabilities and stockholders' equity $ 1,813,123 $ 1,152,636 $ 532,858 $ (1,133,660 ) $ 2,364,957 |
Condensed Income Statement [Table Text Block] | Three Months Ended March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ 615 $ 70,211 $ 68,883 $ — $ 139,709 Cost of sales 475 (34,701 ) (38,643 ) — (72,869 ) Depreciation, depletion, amortization — (11,260 ) (16,794 ) — (28,054 ) General and administrative (3,833 ) (3,448 ) (454 ) — (7,735 ) Exploration and pre-development (55 ) (1,939 ) (6,371 ) — (8,365 ) Research and development — (482 ) (954 ) — (1,436 ) Gain on derivative contracts 4,007 — — — 4,007 Acquisition costs (2,360 ) — (147 ) — (2,507 ) Equity in earnings of subsidiaries 17,768 — — (17,768 ) — Other (expense) income (8,377 ) (6,794 ) 6,917 (5,488 ) (13,742 ) Income (loss) before income taxes 8,240 11,587 12,437 (23,256 ) 9,008 (Provision) benefit from income taxes — (5,488 ) (768 ) 5,488 (768 ) Net income (loss) 8,240 6,099 11,669 (17,768 ) 8,240 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 8,102 6,099 11,669 (17,768 ) 8,102 Net income (loss) 8,240 6,099 11,669 (17,768 ) 8,240 Changes in comprehensive income (loss) (2,104 ) — 38 (38 ) (2,104 ) Comprehensive income (loss) $ 6,136 $ 6,099 $ 11,707 $ (17,806 ) $ 6,136 Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ (4,093 ) $ 82,953 $ 63,684 $ — $ 142,544 Cost of sales (148 ) (42,772 ) (35,756 ) — (78,676 ) Depreciation, depletion, amortization — (15,766 ) (13,186 ) — (28,952 ) General and administrative (6,469 ) (2,319 ) (418 ) — (9,206 ) Exploration and pre-development (244 ) (1,901 ) (3,621 ) — (5,766 ) Gain on derivative contracts (7,809 ) — — — (7,809 ) Equity in earnings of subsidiaries 2,701 — — (2,701 ) — Other (expense) income 42,896 (3,116 ) (9,332 ) (44,820 ) (14,372 ) Income (loss) before income taxes 26,834 17,079 1,371 (47,521 ) (2,237 ) (Provision) benefit from income taxes — (8,969 ) (6,780 ) 44,820 29,071 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 26,696 8,110 (5,409 ) (2,701 ) 26,696 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Changes in comprehensive income (loss) 3,204 — (89 ) 89 3,204 Comprehensive income (loss) $ 30,038 $ 8,110 $ (5,498 ) $ (2,612 ) $ 30,038 |
Condensed Cash Flow Statement [Table Text Block] | Three Months Ended March 31, 2018 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 21,183 $ 18,747 $ 13,396 $ (36,943 ) $ 16,383 Cash flows from investing activities: Additions to properties, plants, and equipment — (8,082 ) (9,553 ) — (17,635 ) Other investing activities, net (16,260 ) 151 — 15,579 (530 ) Cash flows from financing activities: Dividends paid to stockholders (1,136 ) — — — (1,136 ) Borrowings on debt 31,024 — — — 31,024 Payments on debt — (644 ) (678 ) — (1,322 ) Other financing activity (1,186 ) (20,118 ) (1,285 ) 21,364 (1,225 ) Effect of exchange rate changes on cash — — 876 — 876 Changes in cash, cash equivalents and restricted cash and cash equivalents 33,625 (9,946 ) 2,756 — 26,435 Beginning cash, cash equivalents and restricted cash and cash equivalents 103,878 32,048 51,213 — 187,139 Ending cash, cash equivalents and restricted cash and cash equivalents $ 137,503 $ 22,102 $ 53,969 $ — $ 213,574 Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 40,953 $ 11,508 $ 15,642 $ (29,818 ) $ 38,285 Cash flows from investing activities: Additions to properties, plants, and equipment — (7,540 ) (14,118 ) — (21,658 ) Other investing activities, net (7,479 ) 61 — — (7,418 ) Cash flows from financing activities: Dividends paid to stockholders (1,127 ) — — — (1,127 ) Payments on debt — (1,658 ) (407 ) — (2,065 ) Other financing activity (41,096 ) 3,025 7,431 29,818 (822 ) Effect of exchange rate changes on cash — — 1,814 — 1,814 Changes in cash, cash equivalents and restricted cash and cash equivalents (8,749 ) 5,396 10,362 — 7,009 Beginning cash, cash equivalents and restricted cash and cash equivalents 113,275 26,588 32,114 — 171,977 Ending cash, cash equivalents and restricted cash and cash equivalents $ 104,526 $ 31,984 $ 42,476 $ — $ 178,986 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale, Current, Total | $ 34,358 | $ 33,758 | |
Payments to Acquire Debt Securities, Available-for-sale | 31,200 | $ 11,100 | |
Proceeds from Sale and Maturity of Marketable Securities, Total | 30,501 | 3,634 | |
Equity Securities, FV-NI | 7,700 | 7,600 | |
Equity Securities, FV-NI, Cost | 5,600 | 5,700 | |
Equity Securities, Accumulated Unrealized Gain (Loss) | 2,100 | $ 1,900 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ 300 | (300) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | $ (300) |
Note 2 - Investments - Current
Note 2 - Investments - Current Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair market value | $ 34,358 | $ 33,758 |
Corporate Bond Securities [Member] | ||
Amortized cost | 34,394 | 33,778 |
Unrealized loss | (36) | (20) |
Fair market value | $ 34,358 | $ 33,758 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Liabilities, Net, Total | $ 116.2 | ||
Deferred Tax Assets, Valuation Allowance, Total | 80.4 | $ 78.7 | |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | |||
Deferred Tax Liabilities, Net, Total | 0.3 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (15) | ||
Canada Revenue Agency [Member] | Foreign Tax Authority [Member] | |||
Deferred Tax Liabilities, Net, Total | 116.9 | ||
Mexican Tax Authority [Member] | Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Net, Total | $ 1 |
Note 3 - Income Taxes - Major C
Note 3 - Income Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | ||
Domestic | $ (12,797) | |
Foreign | 1,206 | 5,515 |
Total current income tax provision (benefit) | 1,206 | (7,282) |
Deferred: | ||
Domestic | (18,903) | |
Foreign | (438) | (2,886) |
Total deferred income tax (benefit) provision | (438) | (21,789) |
Total income tax provision (benefit) | $ 768 | $ (29,071) |
Note 4 - Commitments, Conting33
Note 4 - Commitments, Contingencies and Obligations (Details Textual) $ in Millions | Apr. 12, 2013USD ($) | Aug. 31, 2012USD ($) | Jun. 30, 2011USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Mar. 05, 2018USD ($) | Mar. 05, 2018CAD ($) |
Environmental Remediation Expense | $ 1,262,000 | $ 1,119,000 | ||||||||
Contractual Obligation, Total | 7,100,000 | |||||||||
Capital Leases, Future Minimum Payments Due, Total | 13,590,000 | |||||||||
Surety Bonds | 117,000,000 | |||||||||
Lucky Friday [Member] | ||||||||||
Open Purchase Orders | 100,000 | |||||||||
Casa Berardi [Member] | ||||||||||
Open Purchase Orders | 3,100,000 | |||||||||
Greens Creek [Member] | ||||||||||
Open Purchase Orders | 3,300,000 | |||||||||
Senior Notes [Member] | ||||||||||
Proceeds from Issuance of Debt | $ 500,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||||||
Debt Instrument, Increase (Decrease), Net, Total | $ 6,500,000 | |||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||
Series 2018-A Senior Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | 4.68% | ||||||||
Debt Instrument, Face Amount | $ 30,800,000 | $ 40 | ||||||||
Debt Instrument, Issuance, Discount Rate | 0.58% | 0.58% | ||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||||||||
Payment Of Response Costs | $ 1,100,000 | $ 1,100,000 | ||||||||
Estimated Response Costs | 5,600,000 | |||||||||
Environmental Remediation Expense | $ 5,600,000 | |||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Minimum [Member] | ||||||||||
Estimated Alternative Response Costs | 0 | |||||||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Maximum [Member] | ||||||||||
Estimated Alternative Response Costs | $ 221,000,000 | |||||||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||||||||
Estimated Response Costs | $ 4,500,000 | |||||||||
Estimated Future Response Cost | $ 100,000,000 | |||||||||
Joint Venture [Member] | Rio Grande Silver Inc and Emerald Mining and Leasing LLC [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | |||||||||
Maximum Environmental Remediation Obligation | $ 2,500,000 |
Note 5 - Earnings (Loss) Per 34
Note 5 - Earnings (Loss) Per Common Share (Details Textual) - $ / shares | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 | |
Common Stock, Shares, Issued, Total | 400,301,617 | 399,176,425 | |
Treasury Stock, Shares, Ending Balance | 4,864,799 | 4,529,450 | |
Common Stock, Shares, Outstanding, Ending Balance | 400,301,617 | 399,176,425 | |
Earnings Per Share, Basic and Diluted, Total | $ 0.02 | $ 0.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | ||
Class of Warrant or Right, Outstanding | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 1,092,307 | 2,051,734 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 539,204 | ||
Deferred Shares [Member] | |||
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total | 1,509,159 | 727,262 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 212,602 |
Note 6 - Business Segments an35
Note 6 - Business Segments and Sales of Products (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)ozT | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Number of Reportable Segments | 4 | ||
Derivative, Gain on Derivative | $ 600 | ||
Derivative, Loss on Derivative | $ 4,100 | ||
Accounts Receivable, Net, Current, Total | 19,713 | $ 14,805 | |
Allowance for Doubtful Accounts Receivable, Ending Balance | 0 | $ 0 | |
Employee Labor Strike Related Costs | 5,017 | 1,581 | |
Lucky Friday [Member] | |||
Long-Lived Assets | $ 422,000 | ||
Estimated Mine Life | 22 years | ||
Lucky Friday [Member] | Suspension Costs [Member] | |||
Employee Labor Strike Related Costs | $ 4,100 | 1,200 | |
Lucky Friday [Member] | Non-cash Depreciation Expense [Member] | |||
Employee Labor Strike Related Costs | $ 900 | $ 400 | |
Silver [Member] | |||
Metals Contained in Concentrates | oz | 1.5 | ||
Gold [Member] | |||
Metals Contained in Concentrates | oz | 6,151 | ||
Zinc [Member] | |||
Metals Contained in Concentrates | T | 11,030 | ||
Lead [Member] | |||
Metals Contained in Concentrates | T | 1,800 |
Note 6 - Business Segments an36
Note 6 - Business Segments and Sales of Products - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 139,709 | $ 142,544 |
Income (loss) from operations | 11,949 | 15,871 |
Greens Creek [Member] | ||
Net sales | 65,850 | 58,850 |
Income (loss) from operations | 23,152 | 14,114 |
Lucky Friday [Member] | ||
Net sales | 4,977 | 20,010 |
Income (loss) from operations | (4,146) | 3,880 |
Casa Berardi [Member] | ||
Net sales | 55,548 | 41,712 |
Income (loss) from operations | 3,250 | (2,245) |
San Sebastian [Member] | ||
Net sales | 13,334 | 21,972 |
Income (loss) from operations | 5,017 | 13,454 |
Other Segments [Member] | ||
Income (loss) from operations | $ (15,324) | $ (13,332) |
Note 6 - Business Segments - Id
Note 6 - Business Segments - Identifiable Assets by Reporting Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Identifiable assets: | ||
Identifiable assets | $ 2,398,091 | $ 2,364,957 |
Greens Creek [Member] | ||
Identifiable assets: | ||
Identifiable assets | 669,042 | 671,960 |
Lucky Friday [Member] | ||
Identifiable assets: | ||
Identifiable assets | 432,369 | 432,400 |
Casa Berardi [Member] | ||
Identifiable assets: | ||
Identifiable assets | 802,017 | 804,505 |
San Sebastian [Member] | ||
Identifiable assets: | ||
Identifiable assets | 67,576 | 62,198 |
Other Segments [Member] | ||
Identifiable assets: | ||
Identifiable assets | $ 427,087 | $ 393,894 |
Note 6 - Business Segments an38
Note 6 - Business Segments and Sales of Products - Percentage of Sales by Segments (Details) - Sales Revenue, Net [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Percentage of sales | 100.00% | 100.00% |
Greens Creek [Member] | ||
Percentage of sales | 46.00% | 41.00% |
Lucky Friday [Member] | ||
Percentage of sales | 4.00% | 14.00% |
Casa Berardi [Member] | ||
Percentage of sales | 40.00% | 29.00% |
San Sebastian [Member] | ||
Percentage of sales | 10.00% | 16.00% |
Note 6 - Business Segments an39
Note 6 - Business Segments and Sales of Products - Sales of Products (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales of products | $ 139,709 | $ 142,544 |
Less: Smelter and refining charges | (7,893) | (14,998) |
Sales by significant product type | 139,094 | 146,637 |
Silver [Member] | ||
Sales of products | 35,222 | 51,357 |
Doré and Metals from Doré [Member] | ||
Sales by significant product type | 73,492 | 68,981 |
Gold [Member] | ||
Sales of products | 73,044 | 62,701 |
Lead Concentrate [Member] | ||
Sales by significant product type | 34,334 | 48,917 |
Lead [Member] | ||
Sales of products | 9,227 | 13,619 |
Zinc Concentrate [Member] | ||
Sales by significant product type | 25,652 | 24,218 |
Zinc [Member] | ||
Sales of products | 30,109 | 29,865 |
Bulk Concentrate [Member] | ||
Sales by significant product type | $ 5,616 | $ 4,521 |
Note 6 - Business Segments an40
Note 6 - Business Segments and Sales of Products - Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Sales by geographical area | $ 139,094 | $ 146,637 |
CANADA | ||
Sales by geographical area | 88,668 | 100,219 |
KOREA, REPUBLIC OF | ||
Sales by geographical area | 32,703 | 28,971 |
JAPAN | ||
Sales by geographical area | 13,773 | 12,290 |
UNITED STATES | ||
Sales by geographical area | 4,081 | 5,205 |
Other Geographic Areas [Member] | ||
Sales by geographical area | $ (131) | $ (48) |
Note 6 - Business Segments an41
Note 6 - Business Segments and Sales of Products - Sales From Continuing Operations to Significant Metals Customers As a Percentage of Total Sales (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CIBC [Member] | ||
Significant metal customers | 47.00% | 24.00% |
Scotia [Member] | ||
Significant metal customers | 2.00% | 20.00% |
Korea Zinc [Member] | ||
Significant metal customers | 23.00% | 20.00% |
Teck Metals Ltd [Member] | ||
Significant metal customers | 4.00% | 15.00% |
Ocean Partners [Member] | ||
Significant metal customers | 10.00% | 10.00% |
Note 7 - Employee Benefit Pla42
Note 7 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2018 | Mar. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 2.6 | |
Pension Plan [Member] | Subsequent Event [Member] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1.3 | |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0.5 | |
Other Nonoperating Income (Expense) [Member] | ||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 0.7 |
Note 7 - Employee Benefit Pla43
Note 7 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Service cost | $ 1,252 | $ 1,196 |
Interest cost | 1,377 | 1,339 |
Expected return on plan assets | (1,634) | (1,462) |
Amortization of prior service benefit | 15 | (84) |
Amortization of net loss | 931 | 1,033 |
Net periodic benefit cost | $ 1,941 | $ 2,022 |
Note 8 - Stockholders' Equity44
Note 8 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | May 09, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / itemshares | Mar. 31, 2018USD ($)$ / shares$ / itemshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / itemshares | Mar. 31, 2018$ / shares$ / itemshares | May 08, 2018$ / shares | Feb. 23, 2016USD ($) | May 08, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 1,237,369 | ||||||||
Allocated Share-based Compensation Expense, Total | $ | $ 4.9 | $ 1.1 | $ 1.3 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 335,349 | 154,933 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | $ | $ 1.2 | $ 0.7 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 3.65 | $ 4.67 | |||||||
Average Realized Silver Price | $ / item | 16.84 | ||||||||
Average Realized Silver Price, Minimum Dividend, Threshold | $ / item | 30 | 30 | 30 | 30 | |||||
Stock Issued During Period, Shares, New Issues | shares | 0 | 4,608,847 | |||||||
Stock Issued During Period, Value, New Issues | $ | $ 17.7 | ||||||||
Payments for Brokerage Fees | $ | $ 0.4 | ||||||||
Common Stock Repurchase Program [Member] | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 3.99 | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 20,000,000 | ||||||||
Cumulative Stock Repurchased | shares | 934,100 | 934,100 | 934,100 | 934,100 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 19,100,000 | 19,100,000 | 19,100,000 | 19,100,000 | |||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.0025 | ||||||||
Dividends, Common Stock, Total | $ | $ 1 | ||||||||
Share Price | $ / shares | $ 3.97 | ||||||||
Subsequent Event [Member] | Common Stock Repurchase Program [Member] | |||||||||
Share Price | $ / shares | $ 3.97 | ||||||||
Minimum [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.01 | ||||||||
Maximum [Member] | |||||||||
Common Stock, Aggregate Offering Price | $ | $ 75 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Common Stock Dividend Policy (Details) | 3 Months Ended |
Mar. 31, 2018$ / shares$ / item | |
Quarterly Average Realized Price, Level 1 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 30 |
Quarterly dividend per share (in dollars per share) | $ 0.01 |
Annual dividend per share (in dollars per share) | $ 0.04 |
Quarterly Average Realized Price, Level 2 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 35 |
Quarterly dividend per share (in dollars per share) | $ 0.02 |
Annual dividend per share (in dollars per share) | $ 0.08 |
Quarterly Average Realized Price, Level 3 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 40 |
Quarterly dividend per share (in dollars per share) | $ 0.03 |
Annual dividend per share (in dollars per share) | $ 0.12 |
Quarterly Average Realized Price, Level 4 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 45 |
Quarterly dividend per share (in dollars per share) | $ 0.04 |
Annual dividend per share (in dollars per share) | $ 0.16 |
Quarterly Average Realized Price, Level 5 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 50 |
Quarterly dividend per share (in dollars per share) | $ 0.05 |
Annual dividend per share (in dollars per share) | $ 0.20 |
Note 9 - Debt, Credit Facilit46
Note 9 - Debt, Credit Facilities and Capital Leases (Details Textual) $ in Millions | May 31, 2016USD ($) | Apr. 12, 2013USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2014USD ($) | Mar. 05, 2018USD ($) | Mar. 05, 2018CAD ($) | Dec. 31, 2017USD ($) |
Letters of Credit Outstanding, Amount | $ 2,600,000 | |||||||
Capital Lease Obligations, Total | 12,764,000 | $ 11,800,000 | ||||||
Capital Lease Obligations, Current | 5,669,000 | 5,608,000 | ||||||
Capital Lease Obligations, Noncurrent | 7,094,000 | 6,193,000 | ||||||
Capital Leases, Future Minimum Payments Due, Total | 13,590,000 | |||||||
Capital Leases, Future Minimum Payments, Interest Included in Payments | 826,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||
Debt Instrument, Term | 3 years | |||||||
Long-term Line of Credit, Total | 0 | $ 0 | ||||||
Letter of Credit [Member] | ||||||||
Letter of Credit Outstanding, Fronting Fee | 0.20% | |||||||
Letter of Credit [Member] | Minimum [Member] | ||||||||
Letter of Credit, Participation Fee, Percent | 2.25% | |||||||
Letter of Credit [Member] | Maximum [Member] | ||||||||
Letter of Credit, Participation Fee, Percent | 3.25% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||
Payment for Pension Benefits | $ 6,500,000 | |||||||
Proceeds from Issuance of Senior Long-term Debt | $ 490,000,000 | |||||||
Underwriting Discount on Senior Notes | 2.00% | |||||||
Debt Instrument, Unamortized Discount, Total | $ 10,000,000 | 4,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||||
Interest Expense, Debt, Total | $ 9,100,000 | $ 8,100,000 | ||||||
Interest Costs Capitalized | $ 900,000 | |||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||
Series 2018-A Senior Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 30,800,000 | $ 40 | ||||||
Debt Instrument, Unamortized Discount, Total | $ 0.2 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | 4.68% | ||||||
Interest Expense, Debt, Total | $ 400,000 | |||||||
Debt Instrument, Issuance, Discount Rate | 0.58% | 0.58% |
Note 9 - Debt, Credit Facilit47
Note 9 - Debt, Credit Facilities and Capital Leases - Credit Facility (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Maximum [Member] | |
Senior leverage ratio (debt secured by liens/EBITDA) | 2.5 |
Leverage ratio (total debt less unencumbered cash/EBITDA) | 4 |
Interest coverage ratio (EBITDA/interest expense) | 3 |
New Facility [Member] | |
Standby fee per annum on undrawn amounts | 0.50% |
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |
Variable rate | 2.25% |
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |
Variable rate | 3.25% |
New Facility [Member] | Base Rate [Member] | Minimum [Member] | |
Variable rate | 1.25% |
New Facility [Member] | Base Rate [Member] | Maximum [Member] | |
Variable rate | 2.25% |
Note 9 - Debt, Credit Facilit48
Note 9 - Debt, Credit Facilities and Capital Leases - Annual Maturities of Capital Lease Commitments, Including Interest (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 5,672 | |
2,020 | 3,771 | |
2,021 | 2,786 | |
2,022 | 1,361 | |
Total | 13,590 | |
Less: imputed interest | (826) | |
Net capital lease obligation | $ 12,764 | $ 11,800 |
Note 10 - Developments in Acc49
Note 10 - Developments in Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 139,709 | $ 142,544 | |||
Restricted Cash and Cash Equivalents, Total | 1,000 | 2,200 | $ 1,000 | $ 2,200 | |
Cost of Goods Sold Before Depreciation, Depletion, and Amortization | 72,869 | 78,676 | |||
Other Nonoperating Income (Expense) [Member] | |||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 700 | ||||
Scenario, Forecast [Member] | Other Nonoperating Income (Expense) [Member] | |||||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 2,800 | ||||
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 140 | ||||
Cost of Goods Sold Before Depreciation, Depletion, and Amortization | $ 140 | ||||
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings | 1,300 | ||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |||||
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings | $ (1,300) |
Note 11 - Derivative Instrume50
Note 11 - Derivative Instruments (Details Textual) $ in Thousands, $ in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018MXN ($) | |
Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75.00% | 75.00% | 75.00% | |
Forecasted CAD-denominated Operating Costs to be Hedged, Term | 5 years | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | $ 3,000 | |||
Gain (Loss) on Sale of Derivatives | 4,007 | $ (7,809) | ||
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 15 | |||
Derivative, Gain on Derivative | 600 | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | 10,900 | |||
Derivative, Fair Value, Obligations Under the Agreements | 10,900 | |||
Cost of Sales [Member] | ||||
Gain (Loss) on Sale of Derivatives | 500 | |||
Other Comprehensive Income (Loss) [Member] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 800 | |||
Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivative Asset, Current | 1,100 | |||
Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets, Noncurrent, Total | 2,000 | |||
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||||
Derivative Liability, Current | $ 200 | |||
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Minimum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 1.2729 | 1.2729 | 1.2729 | |
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Maximum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 1.336 | 1.336 | 1.336 | |
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Number of Instruments Held, Total | 120 | 120 | 120 | |
Derivative, Notional Amount | $ 220,800 | $ 285.4 | ||
Foreign Exchange Contract [Member] | San Sebastian [Member] | Minimum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 19.175 | 19.175 | 19.175 | |
Foreign Exchange Contract [Member] | San Sebastian [Member] | Maximum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 20.855 | 20.855 | 20.855 | |
Foreign Exchange Contract [Member] | San Sebastian [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Number of Instruments Held, Total | 36 | 36 | 36 | |
Derivative, Notional Amount | $ 13,900 | $ 276.6 | ||
Commodity Contract [Member] | Other Current Assets [Member] | ||||
Derivative Asset, Current | 300 | |||
Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Assets, Noncurrent, Total | 300 | |||
Commodity Contract [Member] | Other Current Liabilities [Member] | ||||
Derivative Liability, Current | 6,800 | |||
Derivative Liability, Fair Value, Gross Asset | 100 | |||
Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivative Liability, Fair Value, Gross Asset | 3,100 | |||
Derivative Liability, Noncurrent | 300 | |||
Unsettled Concentrate Sales Contracts [Member] | ||||
Derivative, Gain on Derivative | 600 | |||
Forecasted Future Concentrate Contracts [Member] | ||||
Derivative, Gain on Derivative | $ 4,000 |
Note 11 - Derivative Instrume51
Note 11 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018ozlb$ / oz$ / lb | Dec. 31, 2017ozlb$ / oz$ / lb | |
Silver 2018 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 543 | 1,447 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 16.91 | 16.64 |
Gold 2018 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 2 | 5 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 1,342 | 1,279 |
Zinc 2018 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 7,385 | 21,550 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.52 | 1.45 |
Lead 2018 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 4,740 | |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.11 | |
Zinc 2018 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 26,841 | 32,187 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.23 | 1.29 |
Lead 2018 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 15,598 | 16,645 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.07 | 1.06 |
Zinc 2019 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 48,502 | 23,589 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.4 | 1.33 |
Lead 2019 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 20,283 | 18,078 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.1 | 1.09 |
Zinc 2020 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 42,329 | 3,307 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.4 | 1.27 |
Lead 2020 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 19,401 | 2,866 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.13 | 1.08 |
Note 12 - Fair Value Measurem52
Note 12 - Fair Value Measurement (Details Textual) - Senior Notes [Member] $ in Millions | Mar. 31, 2018USD ($) |
Notes Payable, Total | $ 502.5 |
Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 516.6 |
Note 12 - Fair Value Measurem53
Note 12 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Trade accounts receivable: | ||
Receivables from provisional concentrate sales | $ 8,911 | $ 7,003 |
Fair Value, Measurements, Recurring [Member] | ||
Restricted cash balances: | ||
Total assets | 279,049 | 248,206 |
Liabilities: | ||
Total liabilities | 7,314 | 15,531 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Cash and cash equivalents: | ||
Money market funds and other bank deposits | 212,569 | 186,107 |
Available for sale securities: | ||
Equity securities – mining industry | 7,652 | 7,561 |
Restricted cash balances: | ||
Certificates of deposit and other bank deposits | 1,005 | 1,032 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Debt securities – municipal and corporate bonds | 34,358 | 33,758 |
Trade accounts receivable: | ||
Receivables from provisional concentrate sales | 19,713 | 14,805 |
Restricted cash balances: | ||
Metal forward contracts | 630 | |
Foreign exchange contracts | 3,122 | 4,943 |
Liabilities: | ||
Metal forward contracts | 7,066 | 15,531 |
Foreign exchange contracts | $ 248 |
Note 13 - Acquisition of Klon54
Note 13 - Acquisition of Klondex Mines Ltd. (Details Textual) | May 01, 2018USD ($)shares | Mar. 19, 2018USD ($)$ / shares | Mar. 16, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($)shares | May 08, 2018$ / sharesshares | Dec. 31, 2017shares |
Common Stock, Shares, Issued, Total | shares | 400,301,617 | 399,176,425 | ||||
Stock Issued During Period, Value, New Issues | $ | $ 17,700,000 | |||||
Sixty Day Volumn-weighted Average Share Price | $ / shares | $ 3.94 | |||||
Common Stock, Shares, Outstanding, Ending Balance | shares | 400,301,617 | 399,176,425 | ||||
Subsequent Event [Member] | ||||||
Share Price | $ / shares | $ 3.97 | |||||
Klondex Mines Ltd [Member] | Subsequent Event [Member] | ||||||
Common Stock, Shares, Issued, Total | shares | 179,668,072 | 187,144,996 | ||||
Stock Issued During Period, Value, New Issues | $ | $ 7,476,924 | |||||
Common Stock, Shares, Outstanding, Ending Balance | shares | 179,668,072 | 187,144,996 | ||||
Klondex Mines Ltd [Member] | ||||||
Business Acquisition, Share Price | $ / shares | $ 2.47 | |||||
Business Combination, Consideration, Cash Alternative, Price Per Share | $ / shares | $ 2.47 | |||||
Business Combination, Consideration, Share Alternative, Share Exchange Rate | 0.6272 | |||||
Business Combination Consideration, Combined Alternative, Price Per Share | $ / shares | $ 0.8411 | |||||
Business Combination Consideration, Combined Alternative, Share Exchange Rate | 0.4136 | |||||
Business Combination, Conditional Consideration, Cash Per Share to Acquiree's Shareholder | $ / shares | $ 0.8411 | |||||
Business Combination, Conditional Consideration, Share to Acquiree's Shareholder, Per Share Base | 0.4136 | |||||
Business Combination, Consideration Transferred, Total | $ | $ 462,300,000 | |||||
Business Combination, Change in Total Consideration Transferred Per 10% Change in Share Price | $ | $ 30,500,000 | |||||
Business Combination, Approval, Percentage of Votes | 66.67% | |||||
Business Combination, Subscrition of New Formed Company, Value | $ | $ 7,000,000 | |||||
Klondex Mines Ltd [Member] | Maximum [Member] | ||||||
Payments to Acquire Businesses, Gross | $ | $ 157,400,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 77,411,859 |
Note 14 - Guarantor Subsidiar55
Note 14 - Guarantor Subsidiaries (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% |
Note 14 - Guarantor Subsidiar56
Note 14 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Identifiable assets: | ||
Cash and cash equivalents | $ 212,569 | $ 186,107 |
Other current assets | 153,536 | 134,218 |
Properties, plants, and equipment - net | 2,008,704 | 2,020,021 |
Intercompany receivable (payable) | ||
Investments in subsidiaries | ||
Other non-current assets | 23,282 | 24,611 |
Identifiable assets | 2,398,091 | 2,364,957 |
Liabilities and Stockholders' Equity | ||
Current liabilities | 115,934 | 112,130 |
Long-term debt | 540,660 | 508,422 |
Accrued reclamation and closure costs | 78,887 | 79,366 |
Non-current deferred tax liability | 116,866 | 121,546 |
Other non-current liabilities | 51,243 | 59,611 |
Stockholders' equity | 1,494,501 | 1,483,882 |
Total liabilities and shareholders' equity | 2,398,091 | 2,364,957 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Identifiable assets: | ||
Cash and cash equivalents | 137,504 | 103,878 |
Other current assets | 48,067 | 47,555 |
Properties, plants, and equipment - net | 1,934 | 1,946 |
Intercompany receivable (payable) | 293,972 | 287,310 |
Investments in subsidiaries | 1,373,604 | 1,358,025 |
Other non-current assets | 13,807 | 14,409 |
Identifiable assets | 1,868,888 | 1,813,123 |
Liabilities and Stockholders' Equity | ||
Current liabilities | (203,947) | (226,576) |
Long-term debt | 533,566 | 502,229 |
Accrued reclamation and closure costs | ||
Non-current deferred tax liability | ||
Other non-current liabilities | 44,768 | 53,588 |
Stockholders' equity | 1,494,501 | 1,483,882 |
Total liabilities and shareholders' equity | 1,868,888 | 1,813,123 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Identifiable assets: | ||
Cash and cash equivalents | 21,096 | 31,016 |
Other current assets | 55,771 | 47,608 |
Properties, plants, and equipment - net | 1,241,325 | 1,244,161 |
Intercompany receivable (payable) | (163,503) | (177,438) |
Investments in subsidiaries | ||
Other non-current assets | 7,370 | 7,289 |
Identifiable assets | 1,162,059 | 1,152,636 |
Liabilities and Stockholders' Equity | ||
Current liabilities | 67,735 | 66,550 |
Long-term debt | 3,682 | 2,303 |
Accrued reclamation and closure costs | 66,614 | 67,565 |
Non-current deferred tax liability | 11,630 | 10,120 |
Other non-current liabilities | 5,384 | 5,185 |
Stockholders' equity | 1,007,014 | 1,000,913 |
Total liabilities and shareholders' equity | 1,162,059 | 1,152,636 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Identifiable assets: | ||
Cash and cash equivalents | 53,969 | 51,213 |
Other current assets | 49,767 | 39,630 |
Properties, plants, and equipment - net | 765,445 | 773,914 |
Intercompany receivable (payable) | (338,811) | (341,182) |
Investments in subsidiaries | ||
Other non-current assets | 8,325 | 9,283 |
Identifiable assets | 538,695 | 532,858 |
Liabilities and Stockholders' Equity | ||
Current liabilities | 38,776 | 37,671 |
Long-term debt | 3,412 | 3,890 |
Accrued reclamation and closure costs | 12,273 | 11,801 |
Non-current deferred tax liability | 116,553 | 121,546 |
Other non-current liabilities | 1,091 | 838 |
Stockholders' equity | 366,590 | 357,112 |
Total liabilities and shareholders' equity | 538,695 | 532,858 |
Consolidation, Eliminations [Member] | ||
Identifiable assets: | ||
Cash and cash equivalents | ||
Other current assets | (69) | (575) |
Properties, plants, and equipment - net | ||
Intercompany receivable (payable) | 208,342 | 231,310 |
Investments in subsidiaries | (1,373,604) | (1,358,025) |
Other non-current assets | (6,220) | (6,370) |
Identifiable assets | (1,171,551) | (1,133,660) |
Liabilities and Stockholders' Equity | ||
Current liabilities | 213,370 | 234,485 |
Long-term debt | ||
Accrued reclamation and closure costs | ||
Non-current deferred tax liability | (11,317) | (10,120) |
Other non-current liabilities | ||
Stockholders' equity | (1,373,604) | (1,358,025) |
Total liabilities and shareholders' equity | $ (1,171,551) | $ (1,133,660) |
Note 14 - Guarantor Subsidiar57
Note 14 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 139,709 | $ 142,544 |
Cost of sales | (72,869) | (78,676) |
Depreciation, depletion, amortization | (28,054) | (28,952) |
General and administrative | (7,735) | (9,206) |
Exploration and pre-development | (100,923) | (107,628) |
Research and development | (1,436) | (683) |
Gain (loss) on derivative contracts | 4,007 | (7,809) |
Acquisition costs | 2,507 | 27 |
Equity in earnings of subsidiaries | ||
Other (expense) income | (13,742) | (14,372) |
Income (loss) before income taxes | 9,008 | (2,237) |
(Provision) benefit from income taxes | (768) | 29,071 |
Net income (loss) | 8,240 | 26,834 |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 8,102 | 26,696 |
Changes in comprehensive income (loss) | (2,104) | 3,204 |
Comprehensive income (loss) | 6,136 | 30,038 |
Mineral, Exploration [Member] | ||
Exploration and pre-development | (8,365) | (5,766) |
Reportable Legal Entities [Member] | Parent Company [Member] | ||
Revenues | 615 | (4,093) |
Cost of sales | 475 | (148) |
Depreciation, depletion, amortization | ||
General and administrative | (3,833) | (6,469) |
Research and development | ||
Gain (loss) on derivative contracts | 4,007 | (7,809) |
Acquisition costs | (2,360) | |
Equity in earnings of subsidiaries | 17,768 | 2,701 |
Other (expense) income | (8,377) | 42,896 |
Income (loss) before income taxes | 8,240 | 26,834 |
(Provision) benefit from income taxes | ||
Net income (loss) | 8,240 | 26,834 |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 8,102 | 26,696 |
Changes in comprehensive income (loss) | (2,104) | 3,204 |
Comprehensive income (loss) | 6,136 | 30,038 |
Reportable Legal Entities [Member] | Parent Company [Member] | Mineral, Exploration [Member] | ||
Exploration and pre-development | (55) | (244) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Revenues | 70,211 | 82,953 |
Cost of sales | (34,701) | (42,772) |
Depreciation, depletion, amortization | (11,260) | (15,766) |
General and administrative | (3,448) | (2,319) |
Research and development | (482) | |
Gain (loss) on derivative contracts | ||
Acquisition costs | ||
Equity in earnings of subsidiaries | ||
Other (expense) income | (6,794) | (3,116) |
Income (loss) before income taxes | 11,587 | 17,079 |
(Provision) benefit from income taxes | (5,488) | (8,969) |
Net income (loss) | 6,099 | 8,110 |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | 6,099 | 8,110 |
Changes in comprehensive income (loss) | ||
Comprehensive income (loss) | 6,099 | 8,110 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Mineral, Exploration [Member] | ||
Exploration and pre-development | (1,939) | (1,901) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Revenues | 68,883 | 63,684 |
Cost of sales | (38,643) | (35,756) |
Depreciation, depletion, amortization | (16,794) | (13,186) |
General and administrative | (454) | (418) |
Research and development | (954) | |
Gain (loss) on derivative contracts | ||
Acquisition costs | (147) | |
Equity in earnings of subsidiaries | ||
Other (expense) income | 6,917 | (9,332) |
Income (loss) before income taxes | 12,437 | 1,371 |
(Provision) benefit from income taxes | (768) | (6,780) |
Net income (loss) | 11,669 | (5,409) |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | 11,669 | (5,409) |
Changes in comprehensive income (loss) | 38 | (89) |
Comprehensive income (loss) | 11,707 | (5,498) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Mineral, Exploration [Member] | ||
Exploration and pre-development | (6,371) | (3,621) |
Consolidation, Eliminations [Member] | ||
Revenues | ||
Cost of sales | ||
Depreciation, depletion, amortization | ||
General and administrative | ||
Research and development | ||
Gain (loss) on derivative contracts | ||
Acquisition costs | ||
Equity in earnings of subsidiaries | (17,768) | (2,701) |
Other (expense) income | (5,488) | (44,820) |
Income (loss) before income taxes | (23,256) | (47,521) |
(Provision) benefit from income taxes | 5,488 | 44,820 |
Net income (loss) | (17,768) | (2,701) |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | (17,768) | (2,701) |
Changes in comprehensive income (loss) | (38) | 89 |
Comprehensive income (loss) | (17,806) | (2,612) |
Consolidation, Eliminations [Member] | Mineral, Exploration [Member] | ||
Exploration and pre-development |
Note 14 - Guarantor Subsidiar58
Note 14 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | $ 16,383 | $ 38,285 |
Additions to properties, plants, equipment and mineral interests | (17,635) | (21,658) |
Other investing activities, net | (530) | (7,418) |
Dividends paid to stockholders | (1,136) | (1,127) |
Borrowings on debt | 31,024 | |
Payments on debt | (1,322) | (2,065) |
Other financing activity | (1,225) | (822) |
Effect of exchange rate changes on cash | 876 | 1,814 |
Changes in cash, cash equivalents and restricted cash and cash equivalents | 26,435 | 7,009 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 187,139 | 171,977 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 213,574 | 178,986 |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities | (36,943) | (29,818) |
Additions to properties, plants, equipment and mineral interests | ||
Other investing activities, net | 15,579 | |
Dividends paid to stockholders | ||
Borrowings on debt | ||
Payments on debt | ||
Other financing activity | 21,364 | 29,818 |
Effect of exchange rate changes on cash | ||
Changes in cash, cash equivalents and restricted cash and cash equivalents | ||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | ||
Cash, cash equivalents and restricted cash and cash equivalents at end of period | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 21,183 | 40,953 |
Additions to properties, plants, equipment and mineral interests | ||
Other investing activities, net | (16,260) | (7,479) |
Dividends paid to stockholders | (1,136) | (1,127) |
Borrowings on debt | 31,024 | |
Payments on debt | ||
Other financing activity | (1,186) | (41,096) |
Effect of exchange rate changes on cash | ||
Changes in cash, cash equivalents and restricted cash and cash equivalents | 33,625 | (8,749) |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 103,878 | 113,275 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 137,503 | 104,526 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 18,747 | 11,508 |
Additions to properties, plants, equipment and mineral interests | (8,082) | (7,540) |
Other investing activities, net | 151 | 61 |
Dividends paid to stockholders | ||
Borrowings on debt | ||
Payments on debt | (644) | (1,658) |
Other financing activity | (20,118) | 3,025 |
Effect of exchange rate changes on cash | ||
Changes in cash, cash equivalents and restricted cash and cash equivalents | (9,946) | 5,396 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 32,048 | 26,588 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | 22,102 | 31,984 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 13,396 | 15,642 |
Additions to properties, plants, equipment and mineral interests | (9,553) | (14,118) |
Other investing activities, net | ||
Dividends paid to stockholders | ||
Borrowings on debt | ||
Payments on debt | (678) | (407) |
Other financing activity | (1,285) | 7,431 |
Effect of exchange rate changes on cash | 876 | 1,814 |
Changes in cash, cash equivalents and restricted cash and cash equivalents | 2,756 | 10,362 |
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 51,213 | 32,114 |
Cash, cash equivalents and restricted cash and cash equivalents at end of period | $ 53,969 | $ 42,476 |