Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
SUPPLEMENTAL GUARANTOR INFORMATION | ' |
SUPPLEMENTAL GUARANTOR INFORMATION |
The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., and Coeur Capital Inc. (collectively, the “Subsidiary Guarantors”) of the $450 million aggregate principal amount of Senior Notes. The following schedules present Condensed Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional. There are no restrictions on the ability of Coeur to obtain funds from its subsidiaries by dividend or loan. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
THREE MONTHS ENDED MARCH 31, 2014 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue | | $ | — | | | $ | 60,500 | | | $ | 99,133 | | | $ | — | | | $ | 159,633 | |
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COSTS AND EXPENSES | | | | | | | | | | |
Costs applicable to sales(1) | | — | | | 43,238 | | | 63,658 | | | — | | | 106,896 | |
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Amortization | | 377 | | | 15,296 | | | 24,786 | | | — | | | 40,459 | |
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General and administrative | | 13,052 | | | 166 | | | 678 | | | — | | | 13,896 | |
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Exploration | | 586 | | | 2,421 | | | 1,210 | | | — | | | 4,217 | |
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Pre-development, reclamation, and other | | — | | | 1,536 | | | 5,448 | | | — | | | 6,984 | |
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Total costs and expenses | | 14,015 | | | 62,657 | | | 95,780 | | | — | | | 172,452 | |
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OTHER INCOME (EXPENSE), NET | | | | | | | | | | |
Fair value adjustments, net | | (526 | ) | | (673 | ) | | (10,237 | ) | | — | | | (11,436 | ) |
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Impairment of marketable securities | | — | | | (2,588 | ) | | — | | | — | | | (2,588 | ) |
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Interest income and other, net | | 840 | | | 46 | | | (2,211 | ) | | (658 | ) | | (1,983 | ) |
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Interest expense, net of capitalized interest | | (10,183 | ) | | (26 | ) | | (3,503 | ) | | 658 | | | (13,054 | ) |
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Total other income (expense), net | | (9,869 | ) | | (3,241 | ) | | (15,951 | ) | | — | | | (29,061 | ) |
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Loss before income and mining taxes | | (23,884 | ) | | (5,398 | ) | | (12,598 | ) | | — | | | (41,880 | ) |
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Income and mining tax (expense) benefit | | (146 | ) | | — | | | 4,835 | | | — | | | 4,689 | |
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Total loss after income and mining taxes | | (24,030 | ) | | (5,398 | ) | | (7,763 | ) | | — | | | (37,191 | ) |
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Equity income (loss) in consolidated subsidiaries | | (13,161 | ) | | 178 | | | — | | | 12,983 | | | — | |
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NET INCOME (LOSS) | | $ | (37,191 | ) | | $ | (5,220 | ) | | $ | (7,763 | ) | | $ | 12,983 | | | $ | (37,191 | ) |
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OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | | | | | | | | | | |
Unrealized gain (loss) on marketable securities, net of tax | | 371 | | | 467 | | | — | | | (467 | ) | | 371 | |
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Reclassification adjustments for impairment of marketable securities | | 1,587 | | | 1,587 | | | | | | (1,587 | ) | | 1,587 | |
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Other comprehensive income (loss) | | 1,958 | | | 2,054 | | | — | | | (2,054 | ) | | 1,958 | |
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COMPREHENSIVE INCOME (LOSS) | | $ | (35,233 | ) | | $ | (3,166 | ) | | $ | (7,763 | ) | | $ | 10,929 | | | $ | (35,233 | ) |
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(1) Excludes amortization. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
THREE MONTHS ENDED MARCH 31, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Revenue | | $ | — | | | $ | 78,748 | | | $ | 93,049 | | | $ | — | | | $ | 171,797 | |
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COSTS AND EXPENSES | | | | | | | | | | |
Costs applicable to sales(1) | | — | | | 44,342 | | | 43,717 | | | — | | | 88,059 | |
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Amortization | | 219 | | | 15,141 | | | 34,364 | | | — | | | 49,724 | |
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General and administrative | | 9,736 | | | 168 | | | 323 | | | — | | | 10,227 | |
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Exploration | | 349 | | | 1,464 | | | 5,028 | | | — | | | 6,841 | |
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Write-downs | | — | | | — | | | 119 | | | — | | | 119 | |
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Pre-development, reclamation, and other | | — | | | 429 | | | 4,768 | | | — | | | 5,197 | |
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Total costs and expenses | | 10,304 | | | 61,544 | | | 88,319 | | | — | | | 160,167 | |
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OTHER INCOME (EXPENSE), NET | | | | | | | | | | |
Fair value adjustments, net | | (860 | ) | | 4,227 | | | 14,429 | | | — | | | 17,796 | |
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Impairment of marketable securities | | (35 | ) | | — | | | — | | | — | | | (35 | ) |
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Interest income and other, net | | 899 | | | 234 | | | 3,563 | | | (840 | ) | | 3,856 | |
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Interest expense, net of capitalized interest | | (5,698 | ) | | (264 | ) | | (4,610 | ) | | 840 | | | (9,732 | ) |
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Total other income (expense), net | | (5,694 | ) | | 4,197 | | | 13,382 | | | — | | | 11,885 | |
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Loss before income and mining taxes | | (15,998 | ) | | 21,401 | | | 18,112 | | | — | | | 23,515 | |
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Income and mining tax (expense) benefit | | (2,486 | ) | | (780 | ) | | (7,979 | ) | | — | | | (11,245 | ) |
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Total loss after income and mining taxes | | (18,484 | ) | | 20,621 | | | 10,133 | | | — | | | 12,270 | |
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Equity income (loss) in consolidated subsidiaries | | 30,754 | | | — | | | — | | | (30,754 | ) | | — | |
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NET INCOME (LOSS) | | $ | 12,270 | | | $ | 20,621 | | | $ | 10,133 | | | $ | (30,754 | ) | | $ | 12,270 | |
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OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | | | | | | | | | | |
Unrealized gain (loss) on marketable securities, net of tax | | (3,566 | ) | | — | | | — | | | — | | | (3,566 | ) |
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Reclassification adjustments for impairment of marketable securities | | 35 | | | — | | | — | | | — | | | 35 | |
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Other comprehensive loss | | (3,531 | ) | | — | | | — | | | — | | | (3,531 | ) |
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COMPREHENSIVE INCOME (LOSS) | | $ | 8,739 | | | $ | 20,621 | | | $ | 10,133 | | | $ | (30,754 | ) | | $ | 8,739 | |
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(1) Excludes amortization. |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
THREE MONTHS ENDED MARCH 31, 2014 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | (37,623 | ) | | $ | 4,932 | | | $ | 10,082 | | | $ | 12,982 | | | (9,627 | ) |
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CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | |
Capital expenditures | | (945 | ) | | (5,670 | ) | | (5,321 | ) | | — | | | (11,936 | ) |
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Purchase of short term investments and marketable securities | | (45,796 | ) | | (424 | ) | | — | | | — | | | (46,220 | ) |
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Sales and maturities of short term investments | | 90 | | | — | | | — | | | — | | | 90 | |
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Other | | — | | | — | | | (25 | ) | | — | | | (25 | ) |
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Investments in consolidated subsidiaries | | 13,160 | | | (178 | ) | | — | | | (12,982 | ) | | — | |
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CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | | (33,491 | ) | | (6,272 | ) | | (5,346 | ) | | (12,982 | ) | | (58,091 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | |
Issuance of notes and bank borrowings | | 153,000 | | | — | | | — | | | — | | | 153,000 | |
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Payments on long-term debt, capital leases, and associated costs | | (3,196 | ) | | (412 | ) | | (503 | ) | | — | | | (4,111 | ) |
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Gold production royalty payments | | — | | | — | | | (14,683 | ) | | — | | | (14,683 | ) |
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Net intercompany borrowings (lending) | | (11,475 | ) | | 1,515 | | | 9,960 | | | — | | | — | |
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Other | | (246 | ) | | — | | | — | | | — | | | (246 | ) |
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CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | 138,083 | | | 1,103 | | | (5,226 | ) | | — | | | 133,960 | |
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NET CHANGE IN CASH AND CASH EQUIVALENTS | | 66,969 | | | (237 | ) | | (490 | ) | | — | | | 66,242 | |
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Cash and cash equivalents at beginning of period | | 137,076 | | | 991 | | | 68,623 | | | — | | | 206,690 | |
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Cash and cash equivalents at end of period | | $ | 204,045 | | | $ | 754 | | | $ | 68,133 | | | $ | — | | | $ | 272,932 | |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
THREE MONTHS ENDED MARCH 31, 2013 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 22,976 | | | $ | 16,889 | | | $ | 3,823 | | | $ | (30,754 | ) | | $ | 12,934 | |
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CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | |
Capital expenditures | | (428 | ) | | (6,626 | ) | | (5,773 | ) | | — | | | (12,827 | ) |
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Purchase of short term investments and marketable securities | | (1,598 | ) | | (16 | ) | | (3,035 | ) | | — | | | (4,649 | ) |
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Sales and maturities of short term investments | | 1,375 | | | 14 | | | 3,433 | | | — | | | 4,822 | |
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Other | | (11,553 | ) | | 238 | | | 705 | | | — | | | (10,610 | ) |
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Investments in consolidated subsidiaries | | (30,754 | ) | | — | | | — | | | 30,754 | | | — | |
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CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | | (42,958 | ) | | (6,390 | ) | | (4,670 | ) | | 30,754 | | | (23,264 | ) |
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CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | |
Issuance of notes and bank borrowings | | 300,000 | | | — | | | — | | | — | | | 300,000 | |
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Payments on long-term debt, capital leases, and associated costs | | (52,565 | ) | | (1,240 | ) | | (1,535 | ) | | — | | | (55,340 | ) |
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Gold production royalty payments | | — | | | — | | | (15,448 | ) | | — | | | (15,448 | ) |
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Share repurchases | | (12,557 | ) | | — | | | — | | | — | | | (12,557 | ) |
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Net intercompany borrowings (lending) | | 7,355 | | | (9,377 | ) | | 2,022 | | | — | | | — | |
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Other | | (454 | ) | | — | | | — | | | — | | | (454 | ) |
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CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | 241,779 | | | (10,617 | ) | | (14,961 | ) | | — | | | 216,201 | |
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NET CHANGE IN CASH AND CASH EQUIVALENTS | | 221,797 | | | (118 | ) | | (15,808 | ) | | — | | | 205,871 | |
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Cash and cash equivalents at beginning of period | | 86,788 | | | 400 | | | 38,252 | | | — | | | 125,440 | |
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Cash and cash equivalents at end of period | | $ | 308,585 | | | $ | 282 | | | $ | 22,444 | | | $ | — | | | $ | 331,311 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
31-Mar-14 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
ASSETS | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | |
Cash and cash equivalents | | $ | 204,045 | | | $ | 754 | | | $ | 68,133 | | | $ | — | | | $ | 272,932 | |
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Investments | | 45,628 | | | — | | | — | | | — | | | 45,628 | |
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Receivables | | 102 | | | 13,121 | | | 62,583 | | | — | | | 75,806 | |
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Ore on leach pads | | — | | | 59,895 | | | — | | | — | | | 59,895 | |
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Inventory | | — | | | 37,386 | | | 96,192 | | | — | | | 133,578 | |
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Deferred tax assets | | — | | | — | | | 34,998 | | | — | | | 34,998 | |
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Prepaid expenses and other | | 3,729 | | | 9,449 | | | 17,657 | | | — | | | 30,835 | |
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| | 253,504 | | | 120,605 | | | 279,563 | | | — | | | 653,672 | |
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NON-CURRENT ASSETS | | | | | | | | | | |
Property, plant and equipment, net | | 6,576 | | | 141,364 | | | 328,897 | | | — | | | 476,837 | |
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Mining properties, net | | — | | | 236,130 | | | 1,504,344 | | | — | | | 1,740,474 | |
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Ore on leach pads | | — | | | 34,485 | | | — | | | — | | | 34,485 | |
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Restricted assets | | 830 | | | 50 | | | 6,546 | | | — | | | 7,426 | |
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Marketable securities | | — | | | 15,646 | | | — | | | — | | | 15,646 | |
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Receivables | | — | | | — | | | 36,271 | | | — | | | 36,271 | |
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Debt issuance costs, net | | 11,356 | | | — | | | — | | | — | | | 11,356 | |
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Deferred tax assets | | 955 | | | | | | (126 | ) | | — | | | 829 | |
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Net investment in subsidiaries | | 1,231,366 | | | 24,202 | | | 1,600,990 | | | (2,856,558 | ) | | — | |
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Other | | 54,521 | | | 31,372 | | | 324,489 | | | (400,393 | ) | | 9,989 | |
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TOTAL ASSETS | | $ | 1,559,108 | | | $ | 603,854 | | | $ | 4,080,974 | | | $ | (3,256,951 | ) | | $ | 2,986,985 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | |
Accounts payable | | $ | 1,301 | | | $ | 17,840 | | | $ | 30,817 | | | $ | — | | | $ | 49,958 | |
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Accrued liabilities and other | | 9,811 | | | 7,904 | | | 13,214 | | | (1,068 | ) | | 29,861 | |
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Debt | | 5,334 | | | 1,903 | | | 335,137 | | | (334,279 | ) | | 8,095 | |
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Royalty obligations | | — | | | 4,951 | | | 45,299 | | | — | | | 50,250 | |
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Reclamation | | — | | | — | | | 643 | | | 119 | | | 762 | |
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Deferred tax liabilities | | — | | | 847 | | | 1,011 | | | — | | | 1,858 | |
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| | 16,446 | | | 33,445 | | | 426,121 | | | (335,228 | ) | | 140,784 | |
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NON-CURRENT LIABILITIES | | | | | | | | | | |
Debt | | 452,964 | | | 2,765 | | | 65,469 | | | (65,046 | ) | | 456,152 | |
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Royalty obligations | | — | | | 17,352 | | | 45,038 | | | — | | | 62,390 | |
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Reclamation | | — | | | 46,627 | | | 12,122 | | | (119 | ) | | 58,630 | |
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Deferred tax liabilities | | 37,096 | | | 1,618 | | | 505,382 | | | — | | | 544,096 | |
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Other long-term liabilities | | 2,634 | | | 518 | | | 24,084 | | | — | | | 27,236 | |
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Intercompany payable (receivable) | | (647,729 | ) | | 428,962 | | | 218,767 | | | — | | | — | |
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| | (155,035 | ) | | 497,842 | | | 870,862 | | | (65,165 | ) | | 1,148,504 | |
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STOCKHOLDERS’ EQUITY | | | | | | | | | | |
Common stock | | 1,035 | | | 250 | | | 122,666 | | | (122,916 | ) | | 1,035 | |
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Additional paid-in capital | | 2,783,520 | | | 79,712 | | | 3,258,037 | | | (3,337,749 | ) | | 2,783,520 | |
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Accumulated deficit | | (1,083,910 | ) | | (4,544 | ) | | (596,712 | ) | | 601,256 | | | (1,083,910 | ) |
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Accumulated other comprehensive loss | | (2,948 | ) | | (2,851 | ) | | — | | | 2,851 | | | (2,948 | ) |
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| | 1,697,697 | | | 72,567 | | | 2,783,991 | | | (2,856,558 | ) | | 1,697,697 | |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,559,108 | | | $ | 603,854 | | | $ | 4,080,974 | | | $ | (3,256,951 | ) | | $ | 2,986,985 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
31-Dec-13 |
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| | | | | | | | | | | | | | | | | | | | |
| | Coeur Mining, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
ASSETS | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | |
Cash and cash equivalents | | $ | 137,076 | | | $ | 991 | | | $ | 68,623 | | | $ | — | | | $ | 206,690 | |
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Investments | | — | | | — | | | — | | | — | | | — | |
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Receivables | | 530 | | | 19,982 | | | 60,562 | | | — | | | 81,074 | |
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Ore on leach pads | | — | | | 50,495 | | | — | | | — | | | 50,495 | |
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Inventory | | — | | | 35,290 | | | 96,733 | | | — | | | 132,023 | |
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Deferred tax assets | | — | | | — | | | 35,008 | | | — | | | 35,008 | |
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Prepaid expenses and other | | 4,128 | | | 5,282 | | | 16,530 | | | — | | | 25,940 | |
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| | 141,734 | | | 112,040 | | | 277,456 | | | — | | | 531,230 | |
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NON-CURRENT ASSETS | | | | | | | | | | |
Property, plant and equipment, net | | 5,980 | | | 143,118 | | | 337,175 | | | — | | | 486,273 | |
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Mining properties, net | | — | | | 235,537 | | | 1,515,964 | | | — | | | 1,751,501 | |
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Ore on leach pads | | — | | | 31,528 | | | — | | | — | | | 31,528 | |
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Restricted assets | | 830 | | | 50 | | | 6,134 | | | — | | | 7,014 | |
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Marketable securities | | — | | | 14,521 | | | — | | | — | | | 14,521 | |
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Receivables | | — | | | — | | | 36,574 | | | — | | | 36,574 | |
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Debt issuance costs, net | | 10,812 | | | — | | | — | | | — | | | 10,812 | |
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Deferred tax assets | | 955 | | | — | | | 234 | | | — | | | 1,189 | |
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Net investment in subsidiaries | | 1,242,480 | | | 46,215 | | | 1,578,799 | | | (2,867,494 | ) | | — | |
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Other | | 53,858 | | | 14,616 | | | 320,425 | | | (373,563 | ) | | 15,336 | |
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TOTAL ASSETS | | $ | 1,456,649 | | | $ | 597,625 | | | $ | 4,072,761 | | | $ | (3,241,057 | ) | | $ | 2,885,978 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | |
Accounts payable | | $ | 1,963 | | | $ | 15,864 | | | $ | 36,020 | | | $ | — | | | $ | 53,847 | |
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Accrued liabilities and other | | 16,693 | | | 8,016 | | | 14,611 | | | (1,054 | ) | | 38,266 | |
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Debt | | — | | | 1,262 | | | 309,472 | | | (308,229 | ) | | 2,505 | |
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Royalty obligations | | — | | | 3,934 | | | 44,085 | | | — | | | 48,019 | |
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Reclamation | | — | | | — | | | 794 | | | 119 | | | 913 | |
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Deferred tax liabilities | | — | | | — | | | 1,011 | | | — | | | 1,011 | |
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| | 18,656 | | | 29,076 | | | 405,993 | | | (309,164 | ) | | 144,561 | |
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NON-CURRENT LIABILITIES | | | | | | | | | | |
Debt | | 305,335 | | | 255 | | | 64,820 | | | (64,280 | ) | | 306,130 | |
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Royalty obligations | | — | | | 17,696 | | | 47,446 | | | — | | | 65,142 | |
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Reclamation | | — | | | 45,894 | | | 11,740 | | | (119 | ) | | 57,515 | |
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Deferred tax liabilities | | 37,095 | | | 1,618 | | | 517,533 | | | — | | | 556,246 | |
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Other long-term liabilities | | 2,467 | | | 544 | | | 22,806 | | | — | | | 25,817 | |
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Intercompany payable (receivable) | | (637,471 | ) | | 427,085 | | | 210,386 | | | — | | | — | |
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| | (292,574 | ) | | 493,092 | | | 874,731 | | | (64,399 | ) | | 1,010,850 | |
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STOCKHOLDERS’ EQUITY | | | | | | | | | | |
Common stock | | 1,028 | | | 250 | | | 122,666 | | | (122,916 | ) | | 1,028 | |
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Additional paid-in capital | | 2,781,164 | | | 79,712 | | | 3,258,037 | | | (3,337,749 | ) | | 2,781,164 | |
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Accumulated deficit | | (1,046,719 | ) | | 401 | | | (588,666 | ) | | 588,265 | | | (1,046,719 | ) |
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Accumulated other comprehensive loss | | (4,906 | ) | | (4,906 | ) | | — | | | 4,906 | | | (4,906 | ) |
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| | 1,730,567 | | | 75,457 | | | 2,792,037 | | | (2,867,494 | ) | | 1,730,567 | |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 1,456,649 | | | $ | 597,625 | | | $ | 4,072,761 | | | $ | (3,241,057 | ) | | $ | 2,885,978 | |
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