Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 20, 2020 | |
Cover [Abstract] | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | COEUR MINING, INC. | |
City Area Code | 312 | |
Entity Central Index Key | 0000215466 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 001-08641 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 243,537,380 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 82-0109423 | |
Entity Address, Address Line One | 104 S. Michigan Ave. | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60603 | |
Local Phone Number | 489-5800 | |
Security Exchange Name | NYSE |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue | $ 173,167 | $ 154,870 | |
COSTS AND EXPENSES | |||
Amortization | 36,162 | 41,876 | |
General and administrative | 8,920 | 9,474 | |
Pre-development, reclamation, and other | 6,555 | 4,434 | |
Total costs and expenses | 176,940 | 191,148 | |
OTHER INCOME (EXPENSE), NET | |||
Fair value adjustments, net, pretax | (8,819) | 9,120 | |
Interest expense, net of capitalized interest | (5,128) | (6,454) | |
Other, net | 1,881 | 60 | |
Total other income (expense), net | (12,066) | 2,726 | |
Total | (15,839) | (33,552) | |
Income and mining tax (expense) benefit | 3,939 | 8,658 | |
Income (loss) from continuing operations | (11,900) | (24,894) | |
Income (loss) from discontinued operations | 0 | 5,693 | |
NET INCOME (LOSS) | (11,900) | (19,201) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||
Unrealized gain (loss) on hedger, net of tax | 206 | 0 | |
Unrealized gain (loss) on debt and equity securities | 0 | 59 | |
Other comprehensive income (loss) | 206 | 59 | |
COMPREHENSIVE INCOME (LOSS) | $ (11,694) | $ (19,142) | |
Basic EPS | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.05) | $ (0.12) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0.03 | |
Earnings Per Share, Basic | [1] | (0.05) | (0.09) |
Diluted EPS | |||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.05) | (0.12) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0.03 | |
Earnings Per Share, Diluted | [1] | $ (0.05) | $ (0.09) |
Product | |||
COSTS AND EXPENSES | |||
Costs applicable to sales | [2] | $ 118,917 | $ 131,650 |
Mineral, Exploration | |||
COSTS AND EXPENSES | |||
Costs applicable to sales | $ 6,386 | $ 3,714 | |
[1] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. | ||
[2] | Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME (LOSS) | $ (11,900) | $ (19,201) |
(Income) Loss from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (5,693) |
Adjustments: | ||
Amortization | 36,162 | 41,876 |
Accretion | 2,847 | 2,943 |
Deferred income taxes | (5,487) | (8,259) |
Fair value adjustments, net | 8,819 | (9,120) |
Stock-based compensation | 2,013 | 2,223 |
(Gain) Loss on Modification of Lease | (4,051) | 0 |
Inventory Write-down | 10,381 | 15,447 |
Revenue Recognized | (7,548) | (445) |
Foreign exchange and other | (1,092) | 1,695 |
Changes in operating assets and liabilities: | ||
Receivables | (813) | (9,735) |
Prepaid expenses and other current assets | (346) | (2,684) |
Inventories | (21,925) | (18,821) |
Accounts payable and accrued liabilities | (15,051) | (6,072) |
CASH PROVIDED BY OPERATING ACTIVITIES CONTINUING OPERATIONS | (7,991) | (15,846) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) operating activities | (7,991) | (15,846) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (22,208) | (27,438) |
Proceeds from the sale of assets | 4,506 | 847 |
Proceeds from Collection of Notes Receivable | 0 | 5,168 |
Other | (17) | 1,741 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (17,719) | (19,682) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (17,719) | (19,682) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of notes and bank borrowings, net of issuance costs | 50,000 | 15,000 |
Payments on long-term debt, capital leases, and associated costs | (5,901) | (22,356) |
Gold production royalty payments | (18,750) | 0 |
Other | (1,973) | (3,364) |
Cash provided by (used in) activities of continuing operations | 23,376 | (10,720) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 23,376 | (10,720) |
Effect of exchange rate changes on cash and cash equivalents | (626) | 201 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,960) | (46,047) |
Less net cash provided by (used in) discontinued operations | 0 | 0 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,960) | (46,047) |
Cash, cash equivalents and restricted cash at beginning of period | 57,018 | 118,069 |
Cash, cash equivalents and restricted cash at end of period | $ 54,058 | $ 72,022 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 52,895 | $ 55,645 |
Receivables | 19,722 | 18,666 |
Inventory | 51,857 | 55,886 |
Ore on leach pads | 83,035 | 66,192 |
Prepaid expenses and other | 14,150 | 14,047 |
Current assets | 221,659 | 210,436 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 242,018 | 248,789 |
Mining properties, net | 702,960 | 711,955 |
Ore on leach pads, noncurrent | 66,703 | 71,539 |
Restricted assets | 8,123 | 8,752 |
Equity and debt securities | 26,826 | 35,646 |
Receivables | 23,149 | 28,709 |
Other | 57,659 | 62,810 |
TOTAL ASSETS | 1,349,097 | 1,378,636 |
CURRENT LIABILITIES | ||
Accounts payable | 61,519 | 69,176 |
Accrued liabilities and other | 49,935 | 95,616 |
Debt | 23,588 | 22,746 |
Reclamation | 3,094 | 3,114 |
Current liabilities | 138,136 | 190,652 |
NON-CURRENT LIABILITIES | ||
Debt | 319,521 | 272,751 |
Reclamation | 135,436 | 133,417 |
Deferred tax liabilities | 36,472 | 41,976 |
Other long-term liabilities | 58,888 | 72,836 |
Non-current liabilities | 550,317 | 520,980 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | 2,436 | 2,415 |
Additional paid-in capital | 3,603,785 | 3,598,472 |
Accumulated other comprehensive income (loss) | 70 | (136) |
Accumulated deficit | (2,945,647) | (2,933,747) |
Stockholders' equity | 660,644 | 667,004 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,349,097 | $ 1,378,636 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 243,586,226 | 241,529,021 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | JDS Silver [Member] | JDS Silver [Member]Common Stock | JDS Silver [Member]Additional Paid-In Capital |
Balances at Dec. 31, 2018 | $ 852,512 | $ 2,033 | $ 3,443,082 | $ (2,592,544) | $ (59) | |||
Balances, in shares at Dec. 31, 2018 | 203,310 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (19,201) | (19,201) | ||||||
Other comprehensive income (loss) | 59 | 59 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,801 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (1,035) | $ 18 | (1,053) | |||||
Balances at Mar. 31, 2019 | 832,335 | $ 2,051 | 3,442,029 | (2,611,745) | 0 | |||
Balances, in shares at Mar. 31, 2019 | 205,111 | |||||||
Balances at Dec. 31, 2019 | 667,004 | $ 2,415 | 3,598,472 | (2,933,747) | (136) | |||
Balances, in shares at Dec. 31, 2019 | 241,529 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (11,900) | (11,900) | ||||||
Other comprehensive income (loss) | 206 | 206 | ||||||
Stock Issued During Period, Shares, Acquisitions | 878 | |||||||
Stock Issued During Period, Value, Acquisitions | $ 5,295 | $ 9 | $ 5,286 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,179 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 39 | $ 12 | 27 | |||||
Balances at Mar. 31, 2020 | $ 660,644 | $ 2,436 | $ 3,603,785 | $ (2,945,647) | $ 70 | |||
Balances, in shares at Mar. 31, 2020 | 243,586 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2020. The condensed consolidated December 31, 2019 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2019 10-K. Revenue Recognition The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $20.0 million, net, deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. See Note 17 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended March 31, In thousands 2020 2019 Opening Balance $ 11,061 $ 12,918 Revenue Recognized (556 ) $ (445 ) Closing Balance $ 10,505 $ 12,473 In December 2019, the Company received a $15.0 million prepayment for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined below). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to the customer. See Note 17 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Three months ended March 31, In thousands 2020 2019 Opening Balance $ 15,010 $ — Revenue Recognized (6,992 ) $ — Closing Balance $ 8,018 $ — Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)”. The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted the new credit loss standard effective January 1, 2020. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on its consolidated financial statements. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Three months ended March 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 41,647 $ 8,666 $ 51,666 $ 25,626 $ — $ — $ 127,605 Silver sales 32,692 10,739 — 248 1,230 — 44,909 Zinc sales — — — — (662 ) — (662 ) Lead sales — — — — 1,315 — 1,315 Metal sales 74,339 19,405 51,666 25,874 1,883 — 173,167 Costs and Expenses Costs applicable to sales (1) 35,974 16,956 30,507 17,823 17,657 — 118,917 Amortization 13,175 2,904 11,922 2,444 5,345 372 36,162 Exploration 1,492 220 1,772 4 251 2,647 6,386 Other operating expenses 722 1,246 331 442 2,374 10,360 15,475 Other income (expense) Fair value adjustments, net — — — — — (8,819 ) (8,819 ) Interest expense, net (155 ) (268 ) (309 ) (51 ) (259 ) (4,086 ) (5,128 ) Other, net (47 ) (53 ) 71 (13 ) 1,130 793 1,881 Income and mining tax (expense) benefit 2,287 (43 ) — (475 ) — 2,170 3,939 Income (loss) from continuing operations $ 25,061 $ (2,285 ) $ 6,896 $ 4,622 $ (22,873 ) $ (23,321 ) $ (11,900 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 307,662 $ 295,972 $ 188,470 $ 85,531 $ 161,214 $ 164,745 $ 1,203,594 Capital expenditures $ 7,080 $ 5,058 $ 4,808 $ 409 $ 4,616 $ 237 $ 22,208 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 31,600 $ 11,053 $ 40,286 $ 23,825 — $ — $ 106,764 Silver sales 21,625 15,317 — 217 2,955 — 40,114 Zinc sales — — — — 5,634 — 5,634 Lead sales — — — — 2,358 — 2,358 Metal sales 53,225 26,370 40,286 24,042 10,947 — 154,870 Costs and Expenses Costs applicable to sales (1) 33,244 22,454 32,175 17,392 26,385 — 131,650 Amortization 14,528 4,037 11,727 2,681 8,426 477 41,876 Exploration 1,010 90 481 — 61 2,072 3,714 Other operating expenses 702 962 271 664 241 11,068 13,908 Other income (expense) Fair value adjustments, net — — — — — 9,120 9,120 Interest expense, net (136 ) (142 ) (229 ) (21 ) (197 ) (5,729 ) (6,454 ) Other, net (1,040 ) (27 ) 13 86 (188 ) 1,216 60 Income and mining tax (expense) benefit 1,291 144 — (173 ) 9,751 (2,355 ) 8,658 Income (loss) from continuing operations $ 3,856 $ (1,198 ) $ (4,584 ) $ 3,197 $ (14,800 ) $ (11,365 ) $ (24,894 ) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 5,693 $ 5,693 Segment assets (2) $ 360,734 $ 271,403 $ 221,164 $ 103,579 417,089 $ 174,430 $ 1,548,399 Capital expenditures $ 8,676 $ 4,645 $ 9,356 $ 431 4,077 $ 253 $ 27,438 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2020 December 31, 2019 Total assets for reportable segments $ 1,203,594 $ 1,215,783 Cash and cash equivalents 52,895 55,645 Other assets 92,608 107,208 Total consolidated assets $ 1,349,097 $ 1,378,636 Geographic Information Long-Lived Assets March 31, 2020 December 31, 2019 United States $ 486,989 $ 494,286 Mexico 306,651 312,168 Canada 147,828 146,804 Other 3,510 7,486 Total $ 944,978 $ 960,744 Revenue Three months ended March 31, 2020 2019 United States $ 96,945 $ 90,699 Mexico 74,339 53,225 Canada 1,883 10,946 Total $ 173,167 $ 154,870 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands March 31, 2020 December 31, 2019 Inventory: Concentrate 2,227 $ 10,772 Precious metals 13,330 20,761 Supplies 36,300 24,353 51,857 55,886 Ore on leach pads: Current 83,035 66,192 Non-current 66,703 71,539 149,738 137,731 Total inventory and ore on leach pads $ 201,595 $ 193,617 Prior to the temporary suspension of mining activities at Silvertip, Silvertip recognized inventory write-downs of $10.4 million in the three months ended March 31, 2020, which is recognized in Costs applicable to sales, |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands March 31, 2020 December 31, 2019 Current receivables: Trade receivables $ 6,607 $ 6,028 Value added tax (“VAT”) receivable 11,354 10,729 Income tax receivable 116 105 Other 1,645 1,804 $ 19,722 $ 18,666 Non-current receivables: VAT receivable (1) $ 22,449 $ 28,009 RMC receivable (2) 700 700 23,149 28,709 Total receivables $ 42,871 $ 47,375 (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). See Note 17 -- Commitments and Contingencies for additional detail. The $5.6 million decrease in the three months ended March 31, 2020 is attributable to a weaker Mexican Peso. (2) Represents receivable due from the successor to Republic Metals Corporation, whose filed bankruptcy filing in November 2018 impacted approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold. In September 2019, the Company received a partial settlement payment of $2.6 million in respect of its claims in the bankruptcy proceedings and as a result, the Company recorded a $1.0 million charge in Other, net , against the receivable balance to reflect the new carrying value of the Company’s remaining claims. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity and Debt Securities The Company makes strategic investments in equity and debt securities of silver and gold exploration, development and royalty and streaming companies. At March 31, 2020 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 11,546 $ 22,009 Integra Resources Corp. 5,000 (1,463 ) — 3,537 Rockhaven Resources Ltd. 2,064 (1,101 ) — 963 Other 1,304 (987 ) — 317 Equity securities $ 18,831 $ (3,551 ) $ 11,546 $ 26,826 At December 31, 2019 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 17,725 $ 28,188 Integra Resources Corp. 5,000 — 355 $ 5,355 Rockhaven Resources, Ltd. 2,064 (376 ) — 1,688 Other 1,304 (889 ) — 415 Equity securities $ 18,831 $ (1,265 ) $ 18,080 $ 35,646 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended March 31, In thousands 2020 2019 Lease Cost Operating lease cost $ 2,897 $ 3,449 Short-term operating lease cost $ 1,667 $ 2,751 Finance Lease Cost: Amortization of leased assets $ 5,973 $ 2,968 Interest on lease liabilities 1,005 1,107 Total finance lease cost $ 6,978 $ 4,075 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, In thousands 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,871 $ 6,200 Operating cash flows from finance leases $ 1,005 $ 1,107 Financing cash flows from finance leases $ 5,901 $ 7,356 Supplemental balance sheet information related to leases was as follows: In thousands March 31, 2020 December 31, 2019 Operating Leases Other assets, non-current $ 44,436 $ 49,169 Accrued liabilities and other $ 12,198 $ 13,104 Other long-term liabilities 32,448 40,634 Total operating lease liabilities $ 44,646 $ 53,738 Finance Leases Property and equipment, gross $ 102,768 $ 103,903 Accumulated depreciation (43,734 ) (42,209 ) Property and equipment, net $ 59,034 $ 61,694 Debt, current $ 23,588 $ 22,746 Debt, non-current 42,459 45,866 Total finance lease liabilities $ 66,047 $ 68,612 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.63 1.73 Weighted-average remaining lease term - operating leases 4.47 4.70 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.35 % 5.40 % Weighted-average discount rate - operating leases 5.19 % 5.20 % In the three months ended March 31, 2020, the Company entered into an agreement to modify one of its operating leases, significantly reducing the lease amount and lease term, thereby decreasing the operating lease liability at remeasurement. The Company recognized a gain of $4.1 million , which is recognized in Pre-development, reclamation, and other , together with the adjustment to the right of use asset and operating lease liability. Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At March 31, (In thousands) Operating leases Finance leases 2020 $ 9,524 $ 19,938 2021 11,119 25,412 2022 10,684 18,779 2023 10,205 6,817 2024 8,605 1,690 Thereafter — 145 Total $ 50,137 $ 72,781 Less: imputed interest (5,491 ) (6,734 ) Net lease obligation $ 44,646 $ 66,047 |
LEASES | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended March 31, In thousands 2020 2019 Lease Cost Operating lease cost $ 2,897 $ 3,449 Short-term operating lease cost $ 1,667 $ 2,751 Finance Lease Cost: Amortization of leased assets $ 5,973 $ 2,968 Interest on lease liabilities 1,005 1,107 Total finance lease cost $ 6,978 $ 4,075 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, In thousands 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,871 $ 6,200 Operating cash flows from finance leases $ 1,005 $ 1,107 Financing cash flows from finance leases $ 5,901 $ 7,356 Supplemental balance sheet information related to leases was as follows: In thousands March 31, 2020 December 31, 2019 Operating Leases Other assets, non-current $ 44,436 $ 49,169 Accrued liabilities and other $ 12,198 $ 13,104 Other long-term liabilities 32,448 40,634 Total operating lease liabilities $ 44,646 $ 53,738 Finance Leases Property and equipment, gross $ 102,768 $ 103,903 Accumulated depreciation (43,734 ) (42,209 ) Property and equipment, net $ 59,034 $ 61,694 Debt, current $ 23,588 $ 22,746 Debt, non-current 42,459 45,866 Total finance lease liabilities $ 66,047 $ 68,612 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.63 1.73 Weighted-average remaining lease term - operating leases 4.47 4.70 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.35 % 5.40 % Weighted-average discount rate - operating leases 5.19 % 5.20 % In the three months ended March 31, 2020, the Company entered into an agreement to modify one of its operating leases, significantly reducing the lease amount and lease term, thereby decreasing the operating lease liability at remeasurement. The Company recognized a gain of $4.1 million , which is recognized in Pre-development, reclamation, and other , together with the adjustment to the right of use asset and operating lease liability. Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At March 31, (In thousands) Operating leases Finance leases 2020 $ 9,524 $ 19,938 2021 11,119 25,412 2022 10,684 18,779 2023 10,205 6,817 2024 8,605 1,690 Thereafter — 145 Total $ 50,137 $ 72,781 Less: imputed interest (5,491 ) (6,734 ) Net lease obligation $ 44,646 $ 66,047 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT March 31, 2020 December 31, 2019 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 227,062 $ — $ 226,885 Revolving Credit Facility (2) — 50,000 — — Finance lease obligations 23,588 42,459 22,746 45,866 $ 23,588 $ 319,521 $ 22,746 $ 272,751 (1) Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2020 and December 31, 2019 , respectively. (2) Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019 , respectively, included in Other Non-Current Assets . 2024 Senior Notes In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 5.875% Senior Notes due 2024 (“2024 Senior Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act, for net proceeds of approximately $245.0 million , followed by an exchange offer for publicly-traded 2024 Senior Notes. For more details, please see Note 12 -- Debt contained in the 2019 10-K. Revolving Credit Facility At March 31, 2020 , the Company had $200.0 million available under its $250.0 million revolving credit facility (the “RCF”) provided pursuant to the credit agreement entered into in September 2017 (as amended, the “Credit Agreement”) among the Company, as borrower, and certain subsidiaries of the Company, as guarantors, and Bank of America, N.A, as administrative agent (the “Agent”), and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, and the Bank of Nova Scotia (the “RCF Lenders”). At March 31, 2020 , the interest rate on the principal of the RCF was 3.4% . Finance Lease Obligations From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2020, the Company entered into new lease financing arrangements primarily for mining equipment at Kensington and Palmarejo. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Three Months Ended March 31, In thousands 2020 2019 2024 Senior Notes $ 3,378 $ 3,673 Revolving Credit Facility 549 1,853 Finance lease obligations 1,005 1,107 Amortization of debt issuance costs 381 342 Accretion of Silvertip contingent consideration — 179 Other debt obligations 35 — Capitalized interest (220 ) (700 ) Total interest expense, net of capitalized interest $ 5,128 $ 6,454 |
Reclamation
Reclamation | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three Months Ended March 31, In thousands 2020 2019 Asset retirement obligation - Beginning $ 134,543 $ 133,508 Accretion 2,804 2,895 Settlements (719 ) (662 ) Asset retirement obligation - Ending $ 136,628 $ 135,741 The Company accrued $1.9 million at each of March 31, 2020 and December 31, 2019 , respectively, for reclamation liabilities related to former mining activities, which are included in |
Income and Mining Taxes
Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2020 and 2019 by significant jurisdiction: Three months ended March 31, 2020 2019 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (11,005 ) $ (736 ) $ (6,047 ) $ (2,162 ) Canada (26,029 ) 15 (26,525 ) 9,792 Mexico 21,359 4,631 (772 ) 1,024 Other jurisdictions (164 ) 29 (208 ) 4 $ (15,839 ) $ 3,939 $ (33,552 ) $ 8,658 During the first quarter of 2020, the Company reported estimated income and mining tax benefit of approximately $3.9 million, resulting in an effective tax rate of 24.9% . This compares to income tax benefit of $8.7 million for an effective tax rate of 25.8% during the first quarter of 2019. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the non-recognition of tax assets; (ii) foreign exchange rates; (iii) the impact of uncertain tax positions; (iv) variations in our income before income taxes; (v) geographic distribution of that income and (vi) mining taxes. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2019 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2016 forward for the U.S. federal jurisdiction and from 2011 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $0.5 million and $1.5 million in the next twelve months. At March 31, 2020 and December 31, 2019, the Company had $0.7 million and $2.7 million of total gross unrecognized tax benefits from continuing operations, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At March 31, 2020 and December 31, 2019, the amount of accrued income-tax-related interest and penalties was $0.9 million and $2.3 million , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three months ended March 31, 2020 and 2019 was $2.0 million and $2.2 million , respectively. At March 31, 2020 , there was $9.9 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years. The following table summarizes the grants awarded during the three months ended March 31, 2020 : Grant date Restricted stock Grant date fair value of restricted stock Performance shares Grant date fair value of performance shares February 24, 2020 1,322,341 $ 5.12 — $ — February 25, 2020 120,491 $ 4.94 — $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended March 31, In thousands 2020 2019 Unrealized gain (loss) on equity securities $ (8,819 ) $ 9,185 Realized gain (loss) on equity securities — (8 ) Interest rate swap, net — (57 ) Fair value adjustments, net $ (8,819 ) $ 9,120 Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 26,826 $ 26,826 $ — $ — Other derivative instruments, net 1,023 — 1,023 — $ 27,849 $ 26,826 $ 1,023 $ — Liabilities: Other derivative instruments, net $ 46 $ — $ 46 $ — Fair Value at December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 35,646 $ 35,646 $ — $ — Other derivative instruments, net 753 — 753 — $ 36,399 $ 35,646 $ 753 $ — Liabilities: Silvertip contingent consideration $ 25,000 $ — $ — $ 25,000 Other derivative instruments, net 275 — 275 — $ 25,275 $ — $ 275 $ 25,000 The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. Quoted market prices are not available for certain debt securities; these securities are valued using pricing models, which require the use of observable and unobservable inputs, and are classified within Level 3 of the fair value hierarchy. The Company’s other derivative instruments, net, include concentrate and certain doré sales contracts, gold and foreign exchange hedges, and an interest rate swap which are valued using pricing models with inputs derived from observable market data, including contractual terms, forward market prices, yield curves, credit spreads, and other unobservable inputs. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. In October 2017, the Company acquired the Silvertip mine from shareholders of JDS Silver Holdings Ltd (the “Silvertip Acquisition”). The consideration for the Silvertip Acquisition included two $25.0 million contingent payments, which were payable in cash and common stock upon reaching a future permitting milestone and resource declaration milestone, respectively. The fair value of the Silvertip contingent consideration was estimated based on an estimated discount rate of 2.5% for the contingent permitting payment and 2.9% for the contingent resource declaration payment and is classified within Level 3 of the fair value hierarchy. During 2019, the Company paid the $25.0 million due for the permitting milestone in the form of cash and common stock and in the first quarter of 2020, the Company paid the remaining $25.0 million due for the resource declaration milestone in the form of cash and common stock. No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2020 . The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities in the three months ended March 31, 2020 : Three Months Ended March 31, In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 25,000 $ — $ (25,000 ) $ — $ — The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2020 and December 31, 2019 is presented in the following table: March 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,062 $ 202,433 $ — $ 202,433 $ — Revolving Credit Facility (2) $ 50,000 $ 50,000 $ — $ 50,000 $ — (1) Net of unamortized debt issuance costs of $2.9 million . (2) Unamortized debt issuance costs of $2.1 million included in Other Non-Current Assets . December 31, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 226,885 $ 228,585 $ — $ 228,585 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $3.1 million . (2) Unamortized debt issuance costs of $2.3 million included in Other Non-Current Assets . The fair value of the 2024 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. At March 31, 2020 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2020 Thereafter Provisional silver sales contracts $ 4,500 $ — Average silver price per ounce $ 14.86 $ — Notional ounces 302,871 — Provisional gold sales contracts $ 8,346 $ — Average gold price per ounce $ 1,596 $ — Notional ounces 5,230 — Provisional zinc sales contracts $ 11,769 $ — Average zinc price per pound $ 0.86 $ — Notional pounds 13,615,188 — Provisional lead sales contracts $ 3,028 $ — Average lead price per pound $ 0.79 $ — Notional pounds 3,830,017 — The following summarizes the classification of the fair value of the derivative instruments: March 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 1,023 $ 46 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 753 $ 275 The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2020 and 2019 , respectively (in thousands): Three Months Ended March 31, Financial statement line Derivative 2020 2019 Revenue Provisional metal sales contracts $ 500 $ 250 Fair value adjustments, net Interest rate swaps — (46 ) $ 500 $ 204 Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts are net cash settled monthly and, if the price of gold at the time of expiration is between the put and call prices, would expire at no cost to the Company. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. To protect the Company’s exposure to fluctuations in foreign currency exchange rates for subsidiaries whose functional currency is U.S dollar and are exposed to forecasted transaction denominated in the Mexican Peso and the Canadian Dollar, in March 2020, the Company entered into foreign currency forward exchange contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. At March 31, 2020 , the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2020 2021 Gold put options Average gold strike price per ounce $ 1,447 $ 1,600 Notional ounces 153,000 12,000 Gold call options Average gold strike price per ounce $ 1,826 $ 1,800 Notional ounces 153,000 12,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate 24.09 25.00 Notional US dollar $ 45,000 $ 60,000 Foreign exchange forward exchange contracts - Canadian Dollar Average Canadian Dollar exchange rate 1.44 — Notional US dollar $ 25,000 $ — The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of net sales in the same period as the related revenue is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of costs applicable to sales in the same period the related expenses are incurred. As of March 31, 2020, the Company had $0.1 million of after-tax gains in AOCI related to gains from cash flow hedge transactions. The Company does not expect to recognize any of these after-tax gains in its consolidated statement of comprehensive income during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold in effect when derivative contracts currently outstanding mature. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: March 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ 27 $ — Foreign currency forward exchange contracts 65 — $ 92 $ — December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 136 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the consolidated statement of comprehensive income for the three months ended March 31, 2020. In thousands December 31, 2019 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings March 31, 2020 Gold zero cost collars $ (136 ) 163 — $ 27 Foreign currency forward exchange contracts $ — 65 — $ 65 Derivative contracts designated as cash flow hedges $ (136 ) 228 — $ 92 Credit Risk |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three Months Ended March 31, In thousands 2020 2019 Foreign exchange gain (loss) $ (76 ) $ (665 ) Gain (loss) on sale of assets and investments 9 52 Gain (loss) on sale of Manquiri NSR consideration (1) 365 — Gain (loss) on Silvertip contingent consideration 955 — Interest income on notes receivable — 180 Other 628 493 Other, net $ 1,881 $ 60 (1) As defined in Note 18 -- Discontinued Operations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2020 and 2019 , there were 1,712,033 and 2,593,294 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. Three months ended March 31, In thousands except per share amounts 2020 2019 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (11,900 ) $ (24,894 ) Income (loss) from discontinued operations — 5,693 $ (11,900 ) $ (19,201 ) Weighted average shares: Basic 240,255 202,422 Effect of stock-based compensation plans — — Diluted 240,255 202,422 Basic income (loss) per share: Income (loss) from continuing operations $ (0.05 ) $ (0.12 ) Income (loss) from discontinued operations 0.00 0.03 Basic (1) $ (0.05 ) $ (0.09 ) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.05 ) $ (0.12 ) Income (loss) from discontinued operations 0.00 0.03 Diluted (1) $ (0.05 ) $ (0.09 ) (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2024 Senior Notes. The following schedules present Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,594 $ 16,832 $ 28,469 $ — $ 52,895 Receivables — 7,014 12,708 — 19,722 Ore on leach pads — 83,035 — — 83,035 Inventory — 24,729 27,128 — 51,857 Prepaid expenses and other 6,649 1,080 6,421 — 14,150 14,243 132,690 74,726 — 221,659 NON-CURRENT ASSETS Property, plant and equipment, net 2,176 160,632 79,210 — 242,018 Mining properties, net — 327,587 375,373 — 702,960 Ore on leach pads — 66,703 — — 66,703 Restricted assets 1,468 206 6,449 — 8,123 Equity and debt securities 26,826 — — — 26,826 Receivables — — 23,149 — 23,149 Net investment in subsidiaries 403,171 82,558 (82,713 ) (403,016 ) — Other 243,008 50,552 2,622 (238,523 ) 57,659 TOTAL ASSETS $ 690,892 $ 820,928 $ 478,816 $ (641,539 ) $ 1,349,097 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,070 $ 26,138 $ 33,311 $ — $ 61,519 Other accrued liabilities 9,327 27,031 13,577 — 49,935 Debt — 15,469 8,119 — 23,588 Reclamation — 1,628 1,466 — 3,094 11,397 70,266 56,473 — 138,136 NON-CURRENT LIABILITIES Debt 277,062 32,596 248,386 (238,523 ) 319,521 Reclamation — 92,665 42,771 — 135,436 Deferred tax liabilities 366 8,190 27,916 — 36,472 Other long-term liabilities 3,826 37,117 17,945 — 58,888 Intercompany payable (receivable) (262,403 ) 244,608 17,795 — — 18,851 415,176 354,813 (238,523 ) 550,317 STOCKHOLDERS’ EQUITY Common stock 2,436 20,401 214,816 (235,217 ) 2,436 Additional paid-in capital 3,603,785 338,479 2,018,080 (2,356,559 ) 3,603,785 Accumulated deficit (2,945,647 ) (23,394 ) (2,165,366 ) 2,188,760 (2,945,647 ) Accumulated other comprehensive income (loss) 70 — — — 70 660,644 335,486 67,530 (403,016 ) 660,644 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 690,892 $ 820,928 $ 478,816 $ (641,539 ) $ 1,349,097 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,985 $ 27,217 $ 25,443 $ — $ 55,645 Receivables (65 ) 5,978 12,753 — 18,666 Ore on leach pads — 66,192 — — 66,192 Inventory — 24,763 31,123 — 55,886 Prepaid expenses and other 6,202 1,192 6,653 — 14,047 9,122 125,342 75,972 — 210,436 NON-CURRENT ASSETS Property, plant and equipment, net 2,370 167,159 79,260 — 248,789 Mining properties, net 4,452 327,685 379,818 — 711,955 Ore on leach pads — 71,539 — — 71,539 Restricted assets 1,470 206 7,076 — 8,752 Equity and debt securities 35,646 — — — 35,646 Receivables — — 28,709 — 28,709 Net investment in subsidiaries 325,723 85,755 (85,740 ) (325,738 ) — Other 267,281 52,040 20,937 (277,448 ) 62,810 TOTAL ASSETS $ 646,064 $ 829,726 $ 506,032 $ (603,186 ) $ 1,378,636 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,277 $ 26,211 $ 41,688 $ — $ 69,176 Other accrued liabilities 9,036 35,547 51,033 — 95,616 Debt — 15,347 7,399 — 22,746 Reclamation — 1,628 1,486 — 3,114 10,313 78,733 101,606 — 190,652 NON-CURRENT LIABILITIES Debt 226,885 32,989 290,325 (277,448 ) 272,751 Reclamation — 91,524 41,893 — 133,417 Deferred tax liabilities 50 8,104 33,822 — 41,976 Other long-term liabilities 4,225 40,012 28,599 — 72,836 Intercompany payable (receivable) (262,413 ) 246,186 16,227 — — (31,253 ) 418,815 410,866 (277,448 ) 520,980 STOCKHOLDERS’ EQUITY Common stock 2,415 20,309 215,792 (236,101 ) 2,415 Additional paid-in capital 3,598,472 337,975 1,960,187 (2,298,162 ) 3,598,472 Accumulated deficit (2,933,747 ) (26,106 ) (2,182,419 ) 2,208,525 (2,933,747 ) Accumulated other comprehensive income (loss) (136 ) — — — (136 ) 667,004 332,178 (6,440 ) (325,738 ) 667,004 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 646,064 $ 829,726 $ 506,032 $ (603,186 ) $ 1,378,636 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 96,944 $ 76,223 $ — $ 173,167 COSTS AND EXPENSES Costs applicable to sales (1) — 65,286 53,631 — 118,917 Amortization 215 17,415 18,532 — 36,162 General and administrative 8,910 2 8 — 8,920 Exploration 280 4,363 1,743 — 6,386 Pre-development, reclamation, and other 18 2,616 3,921 — 6,555 Total costs and expenses 9,423 89,682 77,835 — 176,940 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (8,819 ) — — — (8,819 ) Other, net 4,615 (9 ) 1,002 (3,727 ) 1,881 Interest expense, net of capitalized interest (4,105 ) (736 ) (4,014 ) 3,727 (5,128 ) Total other income (expense), net (8,309 ) (745 ) (3,012 ) — (12,066 ) Income (loss) from continuing operations before income and mining taxes (17,732 ) 6,517 (4,624 ) — (15,839 ) Income and mining tax (expense) benefit (218 ) (518 ) 4,675 — 3,939 Income (loss) from continuing operations (17,950 ) 5,999 51 — (11,900 ) Equity income (loss) in consolidated subsidiaries 6,050 (3,157 ) 3,027 (5,920 ) — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ (11,900 ) $ 2,842 $ 3,078 $ (5,920 ) $ (11,900 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities — — — — — Unrealized gain (loss) on cash flow hedges, net of tax of $22 for the three months ended March 31, 2020 206 — — — 206 COMPREHENSIVE INCOME (LOSS) $ (11,694 ) $ 2,842 $ 3,078 $ (5,920 ) $ (11,694 ) CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 90,699 $ 64,171 $ — $ 154,870 COSTS AND EXPENSES Costs applicable to sales (1) — 72,022 59,628 — 131,650 Amortization 221 18,445 23,210 — 41,876 General and administrative 9,474 — — — 9,474 Exploration 336 1,124 2,254 — 3,714 Pre-development, reclamation, and other 160 1,943 2,331 — 4,434 Total costs and expenses 10,191 93,534 87,423 — 191,148 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 9,120 — — — 9,120 Other, net 4,998 165 (800 ) (4,303 ) 60 Interest expense, net of capitalized interest (5,729 ) (392 ) (4,636 ) 4,303 (6,454 ) Total other income (expense), net 8,389 (227 ) (5,436 ) — 2,726 Income (loss) from continuing operations before income and mining taxes (1,802 ) (3,062 ) (28,688 ) — (33,552 ) Income and mining tax (expense) benefit (2,077 ) (32 ) 10,767 — 8,658 Income (loss) from continuing operations (3,879 ) (3,094 ) (17,921 ) — (24,894 ) Equity income (loss) in consolidated subsidiaries (21,015 ) (418 ) 283 21,150 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (19,201 ) $ (3,512 ) $ (17,638 ) $ 21,150 $ (19,201 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 59 — — — 59 COMPREHENSIVE INCOME (LOSS) $ (19,142 ) $ (3,512 ) $ (17,638 ) $ 21,150 $ (19,142 ) CONDENSED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,457 ) $ 2,231 $ (845 ) $ (5,920 ) $ (7,991 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (21 ) (10,491 ) (11,696 ) — (22,208 ) Proceeds from the sale of assets 4,500 6 — — 4,506 Other — — (17 ) — (17 ) Investments in consolidated subsidiaries (6,050 ) (39 ) 169 5,920 — Cash provided by (used in) activities of continuing operations (1,571 ) (10,524 ) (11,544 ) 5,920 (17,719 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,571 ) (10,524 ) (11,544 ) 5,920 (17,719 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 50,000 — — — 50,000 Payments on debt, capital leases, and associated costs — (3,975 ) (1,926 ) — (5,901 ) Silvertip contingent consideration — — (18,750 ) — (18,750 ) Net intercompany financing activity (38,600 ) 1,857 36,743 — — Other (1,973 ) — — — (1,973 ) Cash provided by (used in) activities of continuing operations 9,427 (2,118 ) 16,067 — 23,376 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 9,427 (2,118 ) 16,067 — 23,376 Effect of exchange rate changes on cash and cash equivalents — (27 ) (599 ) — (626 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 4,399 (10,438 ) 3,079 — (2,960 ) Cash, cash equivalents and restricted cash at beginning of period 6,675 27,238 23,105 — 57,018 Cash, cash equivalents and restricted cash at end of period $ 11,074 $ 16,800 $ 26,184 $ — $ 54,058 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (34,395 ) 8,468 (11,069 ) 21,150 (15,846 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (38 ) (14,431 ) (12,969 ) — (27,438 ) Proceeds from the sale of assets — 753 94 — 847 Sales of investments 5,168 — — — 5,168 Other 1,803 — (62 ) — 1,741 Investments in consolidated subsidiaries 21,015 — 135 (21,150 ) — Cash provided by (used in) activities of continuing operations 23,948 (13,678 ) (12,802 ) (21,150 ) (19,682 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 23,948 (13,678 ) (12,802 ) (21,150 ) (19,682 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs (15,000 ) (4,387 ) (2,969 ) — (22,356 ) Net intercompany financing activity 10,226 (5,357 ) (4,869 ) — — Other (3,364 ) — — — (3,364 ) Cash provided by (used in) activities of continuing operations 6,862 (9,744 ) (7,838 ) — (10,720 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,862 (9,744 ) (7,838 ) — (10,720 ) Effect of exchange rate changes on cash and cash equivalents — 3 198 — 201 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 415 (14,951 ) (31,511 ) — (46,047 ) Cash, cash equivalents and restricted cash at beginning of period 12,747 25,532 79,790 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 13,162 $ 10,581 $ 48,279 $ — $ 72,022 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Palmarejo Gold Stream Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), a subsidiary of Coeur, sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2015, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur Mexicana has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units of production basis as ounces are sold to Franco-Nevada. At March 31, 2020 the remaining unamortized balance was $10.5 million , which is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. Kensington Prepayment In June 2019, Coeur entered into a transaction with an existing metal sales counterparty whereby it amended its existing sales and purchase contract for gold concentrate from its Kensington mine (the “Amended Sales Contract”) to allow for a $25.0 million prepayment for deliveries of gold concentrate from the Kensington mine, which was repaid in 2019. The Amended Sales Contract also includes an option to allow for an additional $15.0 million prepayment for deliveries of gold concentrate, which Coeur exercised in December 2019. In the first quarter of 2020, the Kensington mine delivered approximately $7.0 million of gold concentrate to the counterparty. The remaining deliveries of $8.0 million are recognized as a deferred revenue liability and are presented in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by June 30, 2020. Silvertip Contingent Consideration A total of up to $50.0 million of contingent consideration, payable in cash and common stock, was payable in conjunction with the Silvertip Acquisition based upon the achievement of two milestones, one of which was achieved and paid during 2019 and the other of which was achieved and paid during the first quarter of 2020. The first milestone payment of $25.0 million was contingent upon receipt of a permit expansion for a sustained mining and milling rate of 1,000 tonnes per day (the “Permit contingent consideration”). The permit application was submitted to the British Columbia Ministry of Energy and Mining on April 30, 2018 and following its approval in November 2019, the Company made a payment of $25.0 million in the form of $18.7 million in cash and 1.0 million shares of common stock to satisfy the Permit contingent consideration obligation. At December 31, 2019, based on the Silvertip mine’s total mineralized material (including reserves) (the “Resource contingent consideration”), the former JDS Silver Holdings Ltd. shareholders were entitled to the full second contingent payment of $25.0 million . In the first quarter of 2020, the Company made a payment of $25.0 million in the form of $18.8 million in cash and 0.9 million shares of common stock to satisfy the Resource contingent consideration obligation. Mexico VAT Litigation Included in non-current receivables as of March 31, 2020 are $22.4 million due from the Mexican government associated with VAT that was paid under Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Under the royalty agreement, Coeur applied for and initially received VAT refunds associated with the royalty payments in the normal course; however, in 2011 the Mexican tax authorities began denying the Company’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur began to request refunds of the VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover the VAT from the Mexican government (including through litigation). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation continues, some of which was determined unfavorably to the Company in 2019 based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are erroneous and which are now under appeal. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable, the Company may continue to experience delays or obstacles in the recovery of VAT and it is possible that some or all of the VAT receivable may not ultimately be recovered as outcomes in Mexican tax courts and the process for recovering funds even if there is a successful outcome in litigation can be unpredictable. Other Commitments and Contingencies As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, and other general corporate purposes. As of March 31, 2020 and December 31, 2019, the Company had surety bonds totaling $215.6 million in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and from time-to-time, the Company may be required to post collateral, including cash, to support these instruments. As the specific |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | DISCONTINUED OPERATIONS In December 2017, the Company and certain of its subsidiaries entered into a definitive agreement (as amended, the “Manquiri Agreement”) to sell all of the outstanding capital stock of Empresa Minera Manquiri S.A. (“Manquiri”), which is the operator of the San Bartolomé mine and processing facility (the “Manquiri Divestiture”). On February 28, 2018, the Manquiri Divestiture was completed, and, in accordance with the Manquiri Agreement, the capital stock in Manquiri was sold to Ag-Mining Investments, AB, a privately-held Swedish company (the “Buyer”), in exchange for, among other items, (A) 2.0% net smelter returns royalty on all metals processed through the San Bartolomé mine’s processing facility (the “NSR”) and (B) promissory notes payable by the Buyer with an aggregate principal amount equal to $27.6 million (the “Manquiri Notes Receivable”). In September 2018, the Company entered into the Letter Agreement with the Buyer pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable was reduced to $25.0 million, and the Buyer made a concurrent cash payment of $15.0 million to the Sellers in respect of the Manquiri Notes Receivable. In addition, the Company also agreed to forgo any rights to any value added tax refunds collected or received by Manquiri. On February 28, 2019, the parties executed a letter agreement (the “February Letter Agreement”), which amended certain terms of the Manquiri Agreement. Pursuant to the February Letter Agreement, the Buyer agreed to accelerate repayment of the remaining aggregate $6.0 million owed under the Manquiri Notes Receivable, which was received. As of the date of the entry into the February Letter Agreement, the remaining obligations under the Manquiri Agreement (including post-closing indemnification obligations) terminated. The Company recorded a $5.7 million gain on the sale Manquiri following the release of the indemnification liability (associated with termination of post-closing indemnification obligations) pursuant to the February Letter Agreement. In January 2020, the Buyer purchased the NSR from Coeur by making a payment to Coeur of $4.5 million . Coeur recorded a gain of $0.4 million following the payment. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands March 31, 2020 December 31, 2019 Accrued salaries and wages $ 14,567 $ 20,047 Silvertip contingent consideration — 25,000 Deferred revenue (1) 9,909 16,672 Income and mining taxes 1,908 11,243 Accrued operating costs 3,395 4,163 Taxes other than income and mining 2,692 3,554 Accrued interest payable 5,266 1,833 Operating lease liabilities 12,198 13,104 Accrued liabilities and other $ 49,935 $ 95,616 (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three months ended March 31, 2020 and 2019 : In thousands March 31, 2020 March 31, 2019 Cash and cash equivalents $ 52,895 $ 69,033 Restricted cash equivalents 1,163 2,989 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 54,058 $ 72,022 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The 2019 novel strain of coronavirus (“COVID-19”) was characterized as a global pandemic by the World Health Organization on March 11, 2020. In early April 2020, in accordance with a decree from the Federal government of Mexico issued in response to COVID-19, that restricted all non-essential business activities (including mining) in the country, Coeur began taking steps toward temporarily suspending active mining and processing activities at Palmarejo. The Company is taking all appropriate actions to be able to safely and expeditiously ramp production back up once the suspension has been lifted. All of the Company’s other active mines continue to operate at full capacity and there have been no confirmed cases of COVID-19 across Coeur’s portfolio. Precious metals mining is considered essential to support critical infrastructure under guidelines of the U.S. Department of Homeland Security and every state where Coeur operates in the U.S. (Nevada, Alaska and South Dakota). In addition, Coeur Alaska, Inc. is requiring that all employees who travel to the Kensington mine are required to submit to a 14-day quarantine in Juneau, Alaska before traveling to the mine. The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). To provide additional flexibility to respond to potential downside scenarios, Coeur drew an additional $100.0 million from its RCF shortly after the end of the first quarter as a precautionary measure. As of April 22, 2020, the Company had approximately $150.0 million drawn under its RCF. Additionally, as Coeur seeks to proactively maximize its financial flexibility during these unprecedented levels of volatility and uncertainty, the Company intends to take the prudent step of re-establishing an at-the-market equity facility. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)”. The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We adopted the new credit loss standard effective January 1, 2020. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Contract Liability | The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended March 31, In thousands 2020 2019 Opening Balance $ 11,061 $ 12,918 Revenue Recognized (556 ) $ (445 ) Closing Balance $ 10,505 $ 12,473 The following table presents a rollforward of the Amended Sales Contract liability balance: Three months ended March 31, In thousands 2020 2019 Opening Balance $ 15,010 $ — Revenue Recognized (6,992 ) $ — Closing Balance $ 8,018 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three months ended March 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 41,647 $ 8,666 $ 51,666 $ 25,626 $ — $ — $ 127,605 Silver sales 32,692 10,739 — 248 1,230 — 44,909 Zinc sales — — — — (662 ) — (662 ) Lead sales — — — — 1,315 — 1,315 Metal sales 74,339 19,405 51,666 25,874 1,883 — 173,167 Costs and Expenses Costs applicable to sales (1) 35,974 16,956 30,507 17,823 17,657 — 118,917 Amortization 13,175 2,904 11,922 2,444 5,345 372 36,162 Exploration 1,492 220 1,772 4 251 2,647 6,386 Other operating expenses 722 1,246 331 442 2,374 10,360 15,475 Other income (expense) Fair value adjustments, net — — — — — (8,819 ) (8,819 ) Interest expense, net (155 ) (268 ) (309 ) (51 ) (259 ) (4,086 ) (5,128 ) Other, net (47 ) (53 ) 71 (13 ) 1,130 793 1,881 Income and mining tax (expense) benefit 2,287 (43 ) — (475 ) — 2,170 3,939 Income (loss) from continuing operations $ 25,061 $ (2,285 ) $ 6,896 $ 4,622 $ (22,873 ) $ (23,321 ) $ (11,900 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 307,662 $ 295,972 $ 188,470 $ 85,531 $ 161,214 $ 164,745 $ 1,203,594 Capital expenditures $ 7,080 $ 5,058 $ 4,808 $ 409 $ 4,616 $ 237 $ 22,208 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 31,600 $ 11,053 $ 40,286 $ 23,825 — $ — $ 106,764 Silver sales 21,625 15,317 — 217 2,955 — 40,114 Zinc sales — — — — 5,634 — 5,634 Lead sales — — — — 2,358 — 2,358 Metal sales 53,225 26,370 40,286 24,042 10,947 — 154,870 Costs and Expenses Costs applicable to sales (1) 33,244 22,454 32,175 17,392 26,385 — 131,650 Amortization 14,528 4,037 11,727 2,681 8,426 477 41,876 Exploration 1,010 90 481 — 61 2,072 3,714 Other operating expenses 702 962 271 664 241 11,068 13,908 Other income (expense) Fair value adjustments, net — — — — — 9,120 9,120 Interest expense, net (136 ) (142 ) (229 ) (21 ) (197 ) (5,729 ) (6,454 ) Other, net (1,040 ) (27 ) 13 86 (188 ) 1,216 60 Income and mining tax (expense) benefit 1,291 144 — (173 ) 9,751 (2,355 ) 8,658 Income (loss) from continuing operations $ 3,856 $ (1,198 ) $ (4,584 ) $ 3,197 $ (14,800 ) $ (11,365 ) $ (24,894 ) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 5,693 $ 5,693 Segment assets (2) $ 360,734 $ 271,403 $ 221,164 $ 103,579 417,089 $ 174,430 $ 1,548,399 Capital expenditures $ 8,676 $ 4,645 $ 9,356 $ 431 4,077 $ 253 $ 27,438 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2020 December 31, 2019 Total assets for reportable segments $ 1,203,594 $ 1,215,783 Cash and cash equivalents 52,895 55,645 Other assets 92,608 107,208 Total consolidated assets $ 1,349,097 $ 1,378,636 |
Consolidated Assets | Assets March 31, 2020 December 31, 2019 Total assets for reportable segments $ 1,203,594 $ 1,215,783 Cash and cash equivalents 52,895 55,645 Other assets 92,608 107,208 Total consolidated assets $ 1,349,097 $ 1,378,636 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets March 31, 2020 December 31, 2019 United States $ 486,989 $ 494,286 Mexico 306,651 312,168 Canada 147,828 146,804 Other 3,510 7,486 Total $ 944,978 $ 960,744 |
Revenue by Country | Revenue Three months ended March 31, 2020 2019 United States $ 96,945 $ 90,699 Mexico 74,339 53,225 Canada 1,883 10,946 Total $ 173,167 $ 154,870 |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands March 31, 2020 December 31, 2019 Inventory: Concentrate 2,227 $ 10,772 Precious metals 13,330 20,761 Supplies 36,300 24,353 51,857 55,886 Ore on leach pads: Current 83,035 66,192 Non-current 66,703 71,539 149,738 137,731 Total inventory and ore on leach pads $ 201,595 $ 193,617 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands March 31, 2020 December 31, 2019 Current receivables: Trade receivables $ 6,607 $ 6,028 Value added tax (“VAT”) receivable 11,354 10,729 Income tax receivable 116 105 Other 1,645 1,804 $ 19,722 $ 18,666 Non-current receivables: VAT receivable (1) $ 22,449 $ 28,009 RMC receivable (2) 700 700 23,149 28,709 Total receivables $ 42,871 $ 47,375 (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). See Note 17 -- Commitments and Contingencies for additional detail. The $5.6 million decrease in the three months ended March 31, 2020 is attributable to a weaker Mexican Peso. (2) Represents receivable due from the successor to Republic Metals Corporation, whose filed bankruptcy filing in November 2018 impacted approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold. In September 2019, the Company received a partial settlement payment of $2.6 million in respect of its claims in the bankruptcy proceedings and as a result, the Company recorded a $1.0 million charge in Other, net , against the receivable balance to reflect the new carrying value of the Company’s remaining claims. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Marketable Securities [Abstract] | |
Investments | The Company makes strategic investments in equity and debt securities of silver and gold exploration, development and royalty and streaming companies. At March 31, 2020 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 11,546 $ 22,009 Integra Resources Corp. 5,000 (1,463 ) — 3,537 Rockhaven Resources Ltd. 2,064 (1,101 ) — 963 Other 1,304 (987 ) — 317 Equity securities $ 18,831 $ (3,551 ) $ 11,546 $ 26,826 At December 31, 2019 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 17,725 $ 28,188 Integra Resources Corp. 5,000 — 355 $ 5,355 Rockhaven Resources, Ltd. 2,064 (376 ) — 1,688 Other 1,304 (889 ) — 415 Equity securities $ 18,831 $ (1,265 ) $ 18,080 $ 35,646 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Lease Cost and Cash Flow Information | The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended March 31, In thousands 2020 2019 Lease Cost Operating lease cost $ 2,897 $ 3,449 Short-term operating lease cost $ 1,667 $ 2,751 Finance Lease Cost: Amortization of leased assets $ 5,973 $ 2,968 Interest on lease liabilities 1,005 1,107 Total finance lease cost $ 6,978 $ 4,075 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, In thousands 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,871 $ 6,200 Operating cash flows from finance leases $ 1,005 $ 1,107 Financing cash flows from finance leases $ 5,901 $ 7,356 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands March 31, 2020 December 31, 2019 Operating Leases Other assets, non-current $ 44,436 $ 49,169 Accrued liabilities and other $ 12,198 $ 13,104 Other long-term liabilities 32,448 40,634 Total operating lease liabilities $ 44,646 $ 53,738 Finance Leases Property and equipment, gross $ 102,768 $ 103,903 Accumulated depreciation (43,734 ) (42,209 ) Property and equipment, net $ 59,034 $ 61,694 Debt, current $ 23,588 $ 22,746 Debt, non-current 42,459 45,866 Total finance lease liabilities $ 66,047 $ 68,612 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.63 1.73 Weighted-average remaining lease term - operating leases 4.47 4.70 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.35 % 5.40 % Weighted-average discount rate - operating leases 5.19 % 5.20 % |
Operating Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At March 31, (In thousands) Operating leases Finance leases 2020 $ 9,524 $ 19,938 2021 11,119 25,412 2022 10,684 18,779 2023 10,205 6,817 2024 8,605 1,690 Thereafter — 145 Total $ 50,137 $ 72,781 Less: imputed interest (5,491 ) (6,734 ) Net lease obligation $ 44,646 $ 66,047 |
Finance Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At March 31, (In thousands) Operating leases Finance leases 2020 $ 9,524 $ 19,938 2021 11,119 25,412 2022 10,684 18,779 2023 10,205 6,817 2024 8,605 1,690 Thereafter — 145 Total $ 50,137 $ 72,781 Less: imputed interest (5,491 ) (6,734 ) Net lease obligation $ 44,646 $ 66,047 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | March 31, 2020 December 31, 2019 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 227,062 $ — $ 226,885 Revolving Credit Facility (2) — 50,000 — — Finance lease obligations 23,588 42,459 22,746 45,866 $ 23,588 $ 319,521 $ 22,746 $ 272,751 (1) Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2020 and December 31, 2019 , respectively. (2) Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019 , respectively, included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Three Months Ended March 31, In thousands 2020 2019 2024 Senior Notes $ 3,378 $ 3,673 Revolving Credit Facility 549 1,853 Finance lease obligations 1,005 1,107 Amortization of debt issuance costs 381 342 Accretion of Silvertip contingent consideration — 179 Other debt obligations 35 — Capitalized interest (220 ) (700 ) Total interest expense, net of capitalized interest $ 5,128 $ 6,454 |
Reclamation (Tables)
Reclamation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three Months Ended March 31, In thousands 2020 2019 Asset retirement obligation - Beginning $ 134,543 $ 133,508 Accretion 2,804 2,895 Settlements (719 ) (662 ) Asset retirement obligation - Ending $ 136,628 $ 135,741 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2020 and 2019 by significant jurisdiction: Three months ended March 31, 2020 2019 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (11,005 ) $ (736 ) $ (6,047 ) $ (2,162 ) Canada (26,029 ) 15 (26,525 ) 9,792 Mexico 21,359 4,631 (772 ) 1,024 Other jurisdictions (164 ) 29 (208 ) 4 $ (15,839 ) $ 3,939 $ (33,552 ) $ 8,658 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the three months ended March 31, 2020 : Grant date Restricted stock Grant date fair value of restricted stock Performance shares Grant date fair value of performance shares February 24, 2020 1,322,341 $ 5.12 — $ — February 25, 2020 120,491 $ 4.94 — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three Months Ended March 31, In thousands 2020 2019 Unrealized gain (loss) on equity securities $ (8,819 ) $ 9,185 Realized gain (loss) on equity securities — (8 ) Interest rate swap, net — (57 ) Fair value adjustments, net $ (8,819 ) $ 9,120 |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 26,826 $ 26,826 $ — $ — Other derivative instruments, net 1,023 — 1,023 — $ 27,849 $ 26,826 $ 1,023 $ — Liabilities: Other derivative instruments, net $ 46 $ — $ 46 $ — Fair Value at December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 35,646 $ 35,646 $ — $ — Other derivative instruments, net 753 — 753 — $ 36,399 $ 35,646 $ 753 $ — Liabilities: Silvertip contingent consideration $ 25,000 $ — $ — $ 25,000 Other derivative instruments, net 275 — 275 — $ 25,275 $ — $ 275 $ 25,000 |
Changes in the fair value of the Company's Level 3 financial liabilities | The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities in the three months ended March 31, 2020 : Three Months Ended March 31, In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 25,000 $ — $ (25,000 ) $ — $ — |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2020 and December 31, 2019 is presented in the following table: March 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,062 $ 202,433 $ — $ 202,433 $ — Revolving Credit Facility (2) $ 50,000 $ 50,000 $ — $ 50,000 $ — (1) Net of unamortized debt issuance costs of $2.9 million . (2) Unamortized debt issuance costs of $2.1 million included in Other Non-Current Assets . December 31, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 226,885 $ 228,585 $ — $ 228,585 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $3.1 million . (2) Unamortized debt issuance costs of $2.3 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At March 31, 2020 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2020 Thereafter Provisional silver sales contracts $ 4,500 $ — Average silver price per ounce $ 14.86 $ — Notional ounces 302,871 — Provisional gold sales contracts $ 8,346 $ — Average gold price per ounce $ 1,596 $ — Notional ounces 5,230 — Provisional zinc sales contracts $ 11,769 $ — Average zinc price per pound $ 0.86 $ — Notional pounds 13,615,188 — Provisional lead sales contracts $ 3,028 $ — Average lead price per pound $ 0.79 $ — Notional pounds 3,830,017 — At March 31, 2020 , the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2020 2021 Gold put options Average gold strike price per ounce $ 1,447 $ 1,600 Notional ounces 153,000 12,000 Gold call options Average gold strike price per ounce $ 1,826 $ 1,800 Notional ounces 153,000 12,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate 24.09 25.00 Notional US dollar $ 45,000 $ 60,000 Foreign exchange forward exchange contracts - Canadian Dollar Average Canadian Dollar exchange rate 1.44 — Notional US dollar $ 25,000 $ — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: March 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 1,023 $ 46 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 753 $ 275 The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: March 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ 27 $ — Foreign currency forward exchange contracts 65 — $ 92 $ — December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 136 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the consolidated statement of comprehensive income for the three months ended March 31, 2020. In thousands December 31, 2019 Amount of Gain (Loss) Recognized in Other Comprehensive Income Less: Amount of Gain (Loss) Reclassified From AOCI to Earnings March 31, 2020 Gold zero cost collars $ (136 ) 163 — $ 27 Foreign currency forward exchange contracts $ — 65 — $ 65 Derivative contracts designated as cash flow hedges $ (136 ) 228 — $ 92 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2020 and 2019 , respectively (in thousands): Three Months Ended March 31, Financial statement line Derivative 2020 2019 Revenue Provisional metal sales contracts $ 500 $ 250 Fair value adjustments, net Interest rate swaps — (46 ) $ 500 $ 204 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended March 31, In thousands 2020 2019 Foreign exchange gain (loss) $ (76 ) $ (665 ) Gain (loss) on sale of assets and investments 9 52 Gain (loss) on sale of Manquiri NSR consideration (1) 365 — Gain (loss) on Silvertip contingent consideration 955 — Interest income on notes receivable — 180 Other 628 493 Other, net $ 1,881 $ 60 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended March 31, In thousands except per share amounts 2020 2019 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (11,900 ) $ (24,894 ) Income (loss) from discontinued operations — 5,693 $ (11,900 ) $ (19,201 ) Weighted average shares: Basic 240,255 202,422 Effect of stock-based compensation plans — — Diluted 240,255 202,422 Basic income (loss) per share: Income (loss) from continuing operations $ (0.05 ) $ (0.12 ) Income (loss) from discontinued operations 0.00 0.03 Basic (1) $ (0.05 ) $ (0.09 ) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.05 ) $ (0.12 ) Income (loss) from discontinued operations 0.00 0.03 Diluted (1) $ (0.05 ) $ (0.09 ) (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,594 $ 16,832 $ 28,469 $ — $ 52,895 Receivables — 7,014 12,708 — 19,722 Ore on leach pads — 83,035 — — 83,035 Inventory — 24,729 27,128 — 51,857 Prepaid expenses and other 6,649 1,080 6,421 — 14,150 14,243 132,690 74,726 — 221,659 NON-CURRENT ASSETS Property, plant and equipment, net 2,176 160,632 79,210 — 242,018 Mining properties, net — 327,587 375,373 — 702,960 Ore on leach pads — 66,703 — — 66,703 Restricted assets 1,468 206 6,449 — 8,123 Equity and debt securities 26,826 — — — 26,826 Receivables — — 23,149 — 23,149 Net investment in subsidiaries 403,171 82,558 (82,713 ) (403,016 ) — Other 243,008 50,552 2,622 (238,523 ) 57,659 TOTAL ASSETS $ 690,892 $ 820,928 $ 478,816 $ (641,539 ) $ 1,349,097 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,070 $ 26,138 $ 33,311 $ — $ 61,519 Other accrued liabilities 9,327 27,031 13,577 — 49,935 Debt — 15,469 8,119 — 23,588 Reclamation — 1,628 1,466 — 3,094 11,397 70,266 56,473 — 138,136 NON-CURRENT LIABILITIES Debt 277,062 32,596 248,386 (238,523 ) 319,521 Reclamation — 92,665 42,771 — 135,436 Deferred tax liabilities 366 8,190 27,916 — 36,472 Other long-term liabilities 3,826 37,117 17,945 — 58,888 Intercompany payable (receivable) (262,403 ) 244,608 17,795 — — 18,851 415,176 354,813 (238,523 ) 550,317 STOCKHOLDERS’ EQUITY Common stock 2,436 20,401 214,816 (235,217 ) 2,436 Additional paid-in capital 3,603,785 338,479 2,018,080 (2,356,559 ) 3,603,785 Accumulated deficit (2,945,647 ) (23,394 ) (2,165,366 ) 2,188,760 (2,945,647 ) Accumulated other comprehensive income (loss) 70 — — — 70 660,644 335,486 67,530 (403,016 ) 660,644 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 690,892 $ 820,928 $ 478,816 $ (641,539 ) $ 1,349,097 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,985 $ 27,217 $ 25,443 $ — $ 55,645 Receivables (65 ) 5,978 12,753 — 18,666 Ore on leach pads — 66,192 — — 66,192 Inventory — 24,763 31,123 — 55,886 Prepaid expenses and other 6,202 1,192 6,653 — 14,047 9,122 125,342 75,972 — 210,436 NON-CURRENT ASSETS Property, plant and equipment, net 2,370 167,159 79,260 — 248,789 Mining properties, net 4,452 327,685 379,818 — 711,955 Ore on leach pads — 71,539 — — 71,539 Restricted assets 1,470 206 7,076 — 8,752 Equity and debt securities 35,646 — — — 35,646 Receivables — — 28,709 — 28,709 Net investment in subsidiaries 325,723 85,755 (85,740 ) (325,738 ) — Other 267,281 52,040 20,937 (277,448 ) 62,810 TOTAL ASSETS $ 646,064 $ 829,726 $ 506,032 $ (603,186 ) $ 1,378,636 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,277 $ 26,211 $ 41,688 $ — $ 69,176 Other accrued liabilities 9,036 35,547 51,033 — 95,616 Debt — 15,347 7,399 — 22,746 Reclamation — 1,628 1,486 — 3,114 10,313 78,733 101,606 — 190,652 NON-CURRENT LIABILITIES Debt 226,885 32,989 290,325 (277,448 ) 272,751 Reclamation — 91,524 41,893 — 133,417 Deferred tax liabilities 50 8,104 33,822 — 41,976 Other long-term liabilities 4,225 40,012 28,599 — 72,836 Intercompany payable (receivable) (262,413 ) 246,186 16,227 — — (31,253 ) 418,815 410,866 (277,448 ) 520,980 STOCKHOLDERS’ EQUITY Common stock 2,415 20,309 215,792 (236,101 ) 2,415 Additional paid-in capital 3,598,472 337,975 1,960,187 (2,298,162 ) 3,598,472 Accumulated deficit (2,933,747 ) (26,106 ) (2,182,419 ) 2,208,525 (2,933,747 ) Accumulated other comprehensive income (loss) (136 ) — — — (136 ) 667,004 332,178 (6,440 ) (325,738 ) 667,004 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 646,064 $ 829,726 $ 506,032 $ (603,186 ) $ 1,378,636 |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 96,944 $ 76,223 $ — $ 173,167 COSTS AND EXPENSES Costs applicable to sales (1) — 65,286 53,631 — 118,917 Amortization 215 17,415 18,532 — 36,162 General and administrative 8,910 2 8 — 8,920 Exploration 280 4,363 1,743 — 6,386 Pre-development, reclamation, and other 18 2,616 3,921 — 6,555 Total costs and expenses 9,423 89,682 77,835 — 176,940 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (8,819 ) — — — (8,819 ) Other, net 4,615 (9 ) 1,002 (3,727 ) 1,881 Interest expense, net of capitalized interest (4,105 ) (736 ) (4,014 ) 3,727 (5,128 ) Total other income (expense), net (8,309 ) (745 ) (3,012 ) — (12,066 ) Income (loss) from continuing operations before income and mining taxes (17,732 ) 6,517 (4,624 ) — (15,839 ) Income and mining tax (expense) benefit (218 ) (518 ) 4,675 — 3,939 Income (loss) from continuing operations (17,950 ) 5,999 51 — (11,900 ) Equity income (loss) in consolidated subsidiaries 6,050 (3,157 ) 3,027 (5,920 ) — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ (11,900 ) $ 2,842 $ 3,078 $ (5,920 ) $ (11,900 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities — — — — — Unrealized gain (loss) on cash flow hedges, net of tax of $22 for the three months ended March 31, 2020 206 — — — 206 COMPREHENSIVE INCOME (LOSS) $ (11,694 ) $ 2,842 $ 3,078 $ (5,920 ) $ (11,694 ) CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 90,699 $ 64,171 $ — $ 154,870 COSTS AND EXPENSES Costs applicable to sales (1) — 72,022 59,628 — 131,650 Amortization 221 18,445 23,210 — 41,876 General and administrative 9,474 — — — 9,474 Exploration 336 1,124 2,254 — 3,714 Pre-development, reclamation, and other 160 1,943 2,331 — 4,434 Total costs and expenses 10,191 93,534 87,423 — 191,148 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 9,120 — — — 9,120 Other, net 4,998 165 (800 ) (4,303 ) 60 Interest expense, net of capitalized interest (5,729 ) (392 ) (4,636 ) 4,303 (6,454 ) Total other income (expense), net 8,389 (227 ) (5,436 ) — 2,726 Income (loss) from continuing operations before income and mining taxes (1,802 ) (3,062 ) (28,688 ) — (33,552 ) Income and mining tax (expense) benefit (2,077 ) (32 ) 10,767 — 8,658 Income (loss) from continuing operations (3,879 ) (3,094 ) (17,921 ) — (24,894 ) Equity income (loss) in consolidated subsidiaries (21,015 ) (418 ) 283 21,150 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (19,201 ) $ (3,512 ) $ (17,638 ) $ 21,150 $ (19,201 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 59 — — — 59 COMPREHENSIVE INCOME (LOSS) $ (19,142 ) $ (3,512 ) $ (17,638 ) $ 21,150 $ (19,142 ) |
Condensed Cash Flow Statement | CONDENSED STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,457 ) $ 2,231 $ (845 ) $ (5,920 ) $ (7,991 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (21 ) (10,491 ) (11,696 ) — (22,208 ) Proceeds from the sale of assets 4,500 6 — — 4,506 Other — — (17 ) — (17 ) Investments in consolidated subsidiaries (6,050 ) (39 ) 169 5,920 — Cash provided by (used in) activities of continuing operations (1,571 ) (10,524 ) (11,544 ) 5,920 (17,719 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,571 ) (10,524 ) (11,544 ) 5,920 (17,719 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 50,000 — — — 50,000 Payments on debt, capital leases, and associated costs — (3,975 ) (1,926 ) — (5,901 ) Silvertip contingent consideration — — (18,750 ) — (18,750 ) Net intercompany financing activity (38,600 ) 1,857 36,743 — — Other (1,973 ) — — — (1,973 ) Cash provided by (used in) activities of continuing operations 9,427 (2,118 ) 16,067 — 23,376 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 9,427 (2,118 ) 16,067 — 23,376 Effect of exchange rate changes on cash and cash equivalents — (27 ) (599 ) — (626 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 4,399 (10,438 ) 3,079 — (2,960 ) Cash, cash equivalents and restricted cash at beginning of period 6,675 27,238 23,105 — 57,018 Cash, cash equivalents and restricted cash at end of period $ 11,074 $ 16,800 $ 26,184 $ — $ 54,058 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (34,395 ) 8,468 (11,069 ) 21,150 (15,846 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (38 ) (14,431 ) (12,969 ) — (27,438 ) Proceeds from the sale of assets — 753 94 — 847 Sales of investments 5,168 — — — 5,168 Other 1,803 — (62 ) — 1,741 Investments in consolidated subsidiaries 21,015 — 135 (21,150 ) — Cash provided by (used in) activities of continuing operations 23,948 (13,678 ) (12,802 ) (21,150 ) (19,682 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 23,948 (13,678 ) (12,802 ) (21,150 ) (19,682 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs (15,000 ) (4,387 ) (2,969 ) — (22,356 ) Net intercompany financing activity 10,226 (5,357 ) (4,869 ) — — Other (3,364 ) — — — (3,364 ) Cash provided by (used in) activities of continuing operations 6,862 (9,744 ) (7,838 ) — (10,720 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,862 (9,744 ) (7,838 ) — (10,720 ) Effect of exchange rate changes on cash and cash equivalents — 3 198 — 201 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 415 (14,951 ) (31,511 ) — (46,047 ) Cash, cash equivalents and restricted cash at beginning of period 12,747 25,532 79,790 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 13,162 $ 10,581 $ 48,279 $ — $ 72,022 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands March 31, 2020 December 31, 2019 Accrued salaries and wages $ 14,567 $ 20,047 Silvertip contingent consideration — 25,000 Deferred revenue (1) 9,909 16,672 Income and mining taxes 1,908 11,243 Accrued operating costs 3,395 4,163 Taxes other than income and mining 2,692 3,554 Accrued interest payable 5,266 1,833 Operating lease liabilities 12,198 13,104 Accrued liabilities and other $ 49,935 $ 95,616 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | he following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three months ended March 31, 2020 and 2019 : In thousands March 31, 2020 March 31, 2019 Cash and cash equivalents $ 52,895 $ 69,033 Restricted cash equivalents 1,163 2,989 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 54,058 $ 72,022 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Oct. 02, 2014 |
Palmarejo gold production royalty | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate deposit to be received | $ 22,000,000 | |||||
Production to be sold, percent | 50.00% | |||||
Price per ounce under agreement | $ 800 | |||||
Kensington | ||||||
Business Acquisition [Line Items] | ||||||
Revenue liability | $ 8,018,000 | $ 15,010,000 | $ 25,000,000 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contract Liabilities | ||
Revenue Recognized | $ (7,548) | $ (445) |
Franco-Nevada | ||
Contract Liabilities | ||
Opening Balance | 11,061 | 12,918 |
Revenue Recognized | 556 | 445 |
Closing Balance | 10,505 | 12,473 |
Kensington | ||
Contract Liabilities | ||
Opening Balance | 15,010 | 0 |
Revenue Recognized | 6,992 | 0 |
Closing Balance | $ 8,018 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Financial information relating to reporting segments | ||||
Revenue | $ 173,167 | $ 154,870 | ||
Amortization | 36,162 | 41,876 | ||
Other operating expenses | 15,475 | 13,908 | ||
Fair value adjustments, net, pretax | (8,819) | 9,120 | ||
Interest expense, net of capitalized interest | (5,128) | (6,454) | ||
Other, net | 1,881 | 60 | ||
Income and mining tax (expense) benefit | 3,939 | 8,658 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (11,900) | (24,894) | ||
NET INCOME (LOSS) | (11,900) | (19,201) | ||
Income (loss) from discontinued operations | 0 | 5,693 | ||
Assets, Net | [1] | 1,203,594 | 1,548,399 | $ 1,215,783 |
Capital expenditures | 22,208 | 27,438 | ||
Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Amortization | 13,175 | 14,528 | ||
Other operating expenses | 722 | 702 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net of capitalized interest | (155) | (136) | ||
Other, net | (47) | (1,040) | ||
Income and mining tax (expense) benefit | 2,287 | 1,291 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 25,061 | 3,856 | ||
Income (loss) from discontinued operations | 0 | 0 | ||
Assets, Net | [1] | 307,662 | 360,734 | |
Capital expenditures | 7,080 | 8,676 | ||
Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Amortization | 2,904 | 4,037 | ||
Other operating expenses | 1,246 | 962 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net of capitalized interest | (268) | (142) | ||
Other, net | (53) | (27) | ||
Income and mining tax (expense) benefit | (43) | 144 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (2,285) | (1,198) | ||
Income (loss) from discontinued operations | 0 | 0 | ||
Assets, Net | [1] | 295,972 | 271,403 | |
Capital expenditures | 5,058 | 4,645 | ||
Kensington | ||||
Financial information relating to reporting segments | ||||
Amortization | 11,922 | 11,727 | ||
Other operating expenses | 331 | 271 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net of capitalized interest | (309) | (229) | ||
Other, net | 71 | 13 | ||
Income and mining tax (expense) benefit | 0 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 6,896 | (4,584) | ||
Income (loss) from discontinued operations | 0 | 0 | ||
Assets, Net | [1] | 188,470 | 221,164 | |
Capital expenditures | 4,808 | 9,356 | ||
Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Amortization | 2,444 | 2,681 | ||
Other operating expenses | 442 | 664 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net of capitalized interest | (51) | (21) | ||
Other, net | (13) | 86 | ||
Income and mining tax (expense) benefit | (475) | (173) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 4,622 | 3,197 | ||
Income (loss) from discontinued operations | 0 | 0 | ||
Assets, Net | [1] | 85,531 | 103,579 | |
Capital expenditures | 409 | 431 | ||
Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Amortization | 5,345 | 8,426 | ||
Other operating expenses | 2,374 | 241 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net of capitalized interest | (259) | (197) | ||
Other, net | 1,130 | (188) | ||
Income and mining tax (expense) benefit | 0 | 9,751 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (22,873) | (14,800) | ||
Income (loss) from discontinued operations | 0 | 0 | ||
Assets, Net | [1] | 161,214 | 417,089 | |
Capital expenditures | 4,616 | 4,077 | ||
Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Amortization | 372 | 477 | ||
Other operating expenses | 10,360 | 11,068 | ||
Fair value adjustments, net, pretax | (8,819) | 9,120 | ||
Interest expense, net of capitalized interest | (4,086) | (5,729) | ||
Other, net | 793 | 1,216 | ||
Income and mining tax (expense) benefit | 2,170 | (2,355) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (23,321) | (11,365) | ||
Income (loss) from discontinued operations | 0 | 5,693 | ||
Assets, Net | [1] | 164,745 | 174,430 | |
Capital expenditures | 237 | 253 | ||
Gold [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 127,605 | 106,764 | ||
Gold [Member] | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 41,647 | 31,600 | ||
Gold [Member] | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 8,666 | 11,053 | ||
Gold [Member] | Kensington | ||||
Financial information relating to reporting segments | ||||
Revenue | 51,666 | 40,286 | ||
Gold [Member] | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 25,626 | 23,825 | ||
Gold [Member] | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Gold [Member] | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Silver | ||||
Financial information relating to reporting segments | ||||
Revenue | 44,909 | 40,114 | ||
Product, Silver | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 32,692 | 21,625 | ||
Product, Silver | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 10,739 | 15,317 | ||
Product, Silver | Kensington | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Silver | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 248 | 217 | ||
Product, Silver | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 1,230 | 2,955 | ||
Product, Silver | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Zinc | ||||
Financial information relating to reporting segments | ||||
Revenue | (662) | 5,634 | ||
Product, Zinc | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Zinc | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Zinc | Kensington | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Zinc | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Zinc | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | (662) | 5,634 | ||
Product, Zinc | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Lead | ||||
Financial information relating to reporting segments | ||||
Revenue | 1,315 | 2,358 | ||
Product, Lead | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Lead | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Lead | Kensington | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Lead | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Lead | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 1,315 | 2,358 | ||
Product, Lead | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product, Metal [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 173,167 | 154,870 | ||
Product, Metal [Member] | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 74,339 | 53,225 | ||
Product, Metal [Member] | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 19,405 | 26,370 | ||
Product, Metal [Member] | Kensington | ||||
Financial information relating to reporting segments | ||||
Revenue | 51,666 | 40,286 | ||
Product, Metal [Member] | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 25,874 | 24,042 | ||
Product, Metal [Member] | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 1,883 | 10,947 | ||
Product, Metal [Member] | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 0 | ||
Product | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 118,917 | 131,650 | |
Product | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 35,974 | 33,244 | |
Product | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 16,956 | 22,454 | |
Product | Kensington | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 30,507 | 32,175 | |
Product | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 17,823 | 17,392 | |
Product | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 17,657 | 26,385 | |
Product | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | [2] | 0 | 0 | |
Mineral, Exploration | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 6,386 | 3,714 | ||
Mineral, Exploration | Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 1,492 | 1,010 | ||
Mineral, Exploration | Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 220 | 90 | ||
Mineral, Exploration | Kensington | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 1,772 | 481 | ||
Mineral, Exploration | Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 4 | 0 | ||
Mineral, Exploration | Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | 251 | 61 | ||
Mineral, Exploration | Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Costs applicable to sales | $ 2,647 | $ 2,072 | ||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | |||
[2] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,203,594 | $ 1,215,783 | $ 1,548,399 |
Cash and cash equivalents | 52,895 | 55,645 | $ 69,033 | |
Other assets | 92,608 | 107,208 | ||
TOTAL ASSETS | $ 1,349,097 | $ 1,378,636 | ||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 944,978 | $ 960,744 | |
Revenues | |||
Revenue | 173,167 | $ 154,870 | |
United States | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 486,989 | 494,286 | |
Revenues | |||
Revenue | 96,945 | 90,699 | |
Canada | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 147,828 | 146,804 | |
Revenues | |||
Revenue | 1,883 | 10,946 | |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 306,651 | 312,168 | |
Revenues | |||
Revenue | 74,339 | $ 53,225 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 3,510 | $ 7,486 |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 2,227 | $ 10,772 |
Other Inventory, Net of Reserves | 13,330 | 20,761 |
Inventory, Supplies, Net of Reserves | 36,300 | 24,353 |
Inventory | 51,857 | 55,886 |
Ore on Leach Pad, Current | 83,035 | 66,192 |
Ore on leach pads, noncurrent | 66,703 | 71,539 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 149,738 | 137,731 |
Inventory and Ore on Leach Pads | $ 201,595 | $ 193,617 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 6,607 | $ 6,028 | |
Refundable value added tax | 11,354 | 10,729 | |
Income Taxes Receivable | 116 | 105 | |
Accounts receivable - other | 1,645 | 1,804 | |
Receivables, net current portion | 19,722 | 18,666 | |
Receivables - non-current portion | |||
Refundable value added tax | [1] | 22,449 | 28,009 |
Nontrade Receivables, Noncurrent | [2] | 700 | 700 |
Accounts Receivable, Net, Noncurrent | 23,149 | 28,709 | |
Total receivables | $ 42,871 | $ 47,375 | |
[1] | Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). See Note 17 -- Commitments and Contingencies for additional detail. The $5.6 million decrease in the three months ended March 31, 2020 is attributable to a weaker Mexican Peso. | ||
[2] | Represents receivable due from the successor to Republic Metals Corporation, whose filed bankruptcy filing in November 2018 impacted approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold. In September 2019, the Company received a partial settlement payment of $2.6 million in respect of its claims in the bankruptcy proceedings and as a result, the Company recorded a $1.0 million charge in Other, net , against the receivable balance to reflect the new carrying value of the Company’s remaining claims. |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Inventory [Line Items] | ||
Inventory Write-down | $ 10,381 | $ 15,447 |
Silvertip [Member] | ||
Inventory [Line Items] | ||
Inventory Write-down | $ 10,400 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | $ 18,831 | $ 18,831 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (3,551) | (1,265) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 11,546 | 18,080 | |
Available-for-sale Securities | 26,826 | 35,646 | |
Debt Securities, Available-for-sale [Abstract] | |||
Marketable Securities, Realized Gain (Loss) | 0 | $ 8 | |
Equity and debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities | 35,646 | ||
Metalla Royalty & Streaming Ltd. | Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 10,463 | 10,463 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 11,546 | 17,725 | |
Available-for-sale Securities | 22,009 | 28,188 | |
Integra Resources Corp. [Member] | Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 5,000 | 5,000 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,463) | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 355 | |
Available-for-sale Securities | 3,537 | 5,355 | |
Rockhaven Resources, Ltd. [Member] | Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 2,064 | 2,064 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,101) | (376) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities | 963 | 1,688 | |
Other Investments [Member] | Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 1,304 | 1,304 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (987) | (889) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities | 317 | 415 | |
Level 3 | Equity and debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities | $ 0 | ||
Available-for-sale Securities | Level 3 | Equity and debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities | $ 0 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease Cost | ||
Operating lease cost | $ 2,897 | $ 3,449 |
Short-term Lease, Cost | 1,667 | 2,751 |
Finance Lease Cost: | ||
Amortization of leased assets | 5,973,000 | 2,968,000 |
Finance Lease, Interest Expense | 1,005,000 | 1,107,000 |
Total finance lease cost | 6,978,000 | 4,075,000 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 4,871 | 6,200 |
Financing cash flows from finance leases | $ 5,901,000 | $ 7,356,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 5.35% | 5.40% |
Weighted-average discount rate - operating leases | 5.19% | 5.20% |
Operating Leases | ||
Other assets, non-current | $ 44,436 | $ 49,169 |
Accrued liabilities and other | 12,198 | 13,104 |
Other long-term liabilities | 32,448 | 40,634 |
Total operating lease liabilities | 44,646 | 53,738 |
Finance Leases | ||
Property and equipment, gross | 102,768 | 103,903 |
Accumulated depreciation | (43,734) | (42,209) |
Property and equipment, net | 59,034 | 61,694 |
Total finance lease liabilities | $ 66,047 | $ 68,612 |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 7 months 17 days | 1 year 8 months 23 days |
Weighted-average remaining lease term - operating leases | 4 years 5 months 19 days | 4 years 8 months 12 days |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, current | $ 23,588 | $ 22,746 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
2020 | $ 9,524 | |
2021 | 11,119 | |
2022 | 10,684 | |
2023 | 10,205 | |
2024 | 8,605 | |
Thereafter | 0 | |
Total | 50,137 | |
Less: imputed interest | (5,491) | |
Net lease obligation | 44,646 | $ 53,738 |
Finance leases | ||
2020 | 19,938 | |
2021 | 25,412 | |
2022 | 18,779 | |
2023 | 6,817 | |
2024 | 1,690 | |
Thereafter | 145 | |
Total | 72,781 | |
Less: imputed interest | (6,734) | |
Net lease obligation | $ 66,047 | $ 68,612 |
Leases - Leases - Narrative (De
Leases - Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
(Gain) Loss on Modification of Lease | $ 4,051 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Long term debt and capital lease obligations | ||||
Current | $ 23,588 | $ 22,746 | ||
Debt | 319,521 | 272,751 | ||
Finance Lease, Interest Expense | 1,005 | $ 1,107 | ||
Interest expenses incurred for various debt instruments | ||||
Interest paid on Senior Notes due 2024 | 3,378 | 3,673 | ||
Interest paid on Revolving Credit Facility | 549 | 1,853 | ||
Amortization of Debt Issuance Costs | 381 | 342 | ||
Accretion | 0 | 179 | ||
Interest Expense, Other | 35 | 0 | ||
Capitalized interest | (220) | (700) | ||
Total interest expense, net of capitalized interest | 5,128 | $ 6,454 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 50,000 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Debt | [2] | 227,062 | 226,885 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Debt | 45,866 | |||
Debt, non-current | 42,459 | 45,866 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Current | [1] | 0 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Current | [2] | 0 | 0 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Current | $ 23,588 | $ 22,746 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Stated interest rate | 3.40% | |||
[1] | Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019 , respectively, included in Other Non-Current Assets . | |||
[2] | Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2020 and December 31, 2019 , respectively. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
May 31, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | |
Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | $ 2.9 | $ 3.1 | |
Debt Instrument, Face Amount | $ 250 | ||
Proceeds from Debt | $ 245 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | 2.1 | $ 2.3 | |
Line of Credit Facility, Current Borrowing Capacity | $ 200 | ||
Stated interest rate | 3.40% |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 134,543 | $ 133,508 |
Accretion | 2,804 | 2,895 |
Settlements | (719) | (662) |
Asset retirement obligation - Ending | 136,628 | $ 135,741 |
Property, Plant and Equipment [Line Items] | ||
Accrued reclamation liabilities, former mines | $ 1,900 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Examination [Line Items] | ||
Total | $ (15,839) | $ (33,552) |
Tax (expense) benefit | (3,939) | (8,658) |
United States | ||
Income Tax Examination [Line Items] | ||
United States, Income (loss) before tax | (11,005) | (6,047) |
Tax (expense) benefit | (736) | (2,162) |
Canada | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | (26,029) | (26,525) |
Tax (expense) benefit | 15 | 9,792 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | 21,359 | (772) |
Tax (expense) benefit | 4,631 | 1,024 |
Other jurisdictions | ||
Income Tax Examination [Line Items] | ||
Foreign, Income (loss) before tax | (164) | (208) |
Tax (expense) benefit | $ 29 | $ 4 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Tax (expense) benefit | $ (3,939) | $ (8,658) | |
Effective Income Tax Rate Reconciliation, Percent | (24.90%) | 25.80% | |
Unrecognized Tax Benefits | $ 700 | $ 2,700 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 900 | $ 2,300 | |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | 500 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | $ 1,500 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $ 9.9 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days | |
Annual Incentive Plan and Long Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock based compensation awards | $ 2 | $ 2.2 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
February 24, 2020 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 1,322,341 |
Grant date fair value of restricted stock | $ / shares | $ 5.12 |
February 24, 2020 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 0 |
Grant date fair value of performance shares | $ / shares | $ 0 |
February 25, 2020 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 120,491 |
Grant date fair value of restricted stock | $ / shares | $ 4.94 |
February 25, 2020 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 0 |
Grant date fair value of performance shares | $ / shares | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value adjustments, net | $ (8,819) | $ 9,120 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized Gain (Loss) on Securities | (8,819) | 9,185 |
Realized gain (loss) on equity securities | 0 | (8) |
Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value adjustments, net | $ 0 | $ (57) |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Assets | $ 27,849 | $ 36,399 |
Liabilities: | ||
Total liabilities | 25,275 | |
Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,023 | 753 |
Liabilities: | ||
Fair value of derivative liability | 46 | 275 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 25,000 | |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 35,646 | |
Level 1 | ||
Assets: | ||
Assets | 26,826 | 35,646 |
Liabilities: | ||
Total liabilities | 0 | |
Level 1 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 26,826 | 35,646 |
Level 2 | ||
Assets: | ||
Assets | 1,023 | 753 |
Liabilities: | ||
Total liabilities | 275 | |
Level 2 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,023 | 753 |
Liabilities: | ||
Fair value of derivative liability | 46 | 275 |
Level 2 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 2 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 25,000 | |
Level 3 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | |
Silvertip Mine | Level 3 | ||
Liabilities: | ||
Fair value of derivative liability | $ 25,000 | |
Available-for-sale Securities | Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - Silvertip Mine $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the start of the period | $ 25,000 |
Revaluation | 0 |
Settlements | (25,000) |
Accretion | 0 |
Balance at the end of the period | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | $ 319,521 | $ 272,751 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [1] | 227,062 | 226,885 |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [2] | 50,000 | 0 |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 202,433 | 228,585 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 202,433 | 228,585 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 50,000 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 50,000 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | $ 2,900 | 3,100 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 3.40% | ||
Net unamortized debt issuance costs | $ 2,100 | $ 2,300 | |
[1] | Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2020 and December 31, 2019 , respectively. | ||
[2] | Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019 , respectively, included in Other Non-Current Assets . |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2017USD ($) | Mar. 31, 2020USD ($)milestone | Dec. 31, 2019USD ($) | |
Senior Notes due 2024 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net unamortized debt issuance costs | $ 2.9 | $ 3.1 | |
JDS Silver Holdings Ltd. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Purchase Commitment, Milestones | milestone | 2 | ||
Silvertip Mine | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration payment | $ 25 | ||
Permitting payment, estimated discount rate (percentage) | 2.50% | ||
Resource declaration payment, estimated discount rate (percentage) | 2.90% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) $ in Thousands | Mar. 31, 2020USD ($)oz$ / oz |
Silver concentrate sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 14.86 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 302,871 |
Notional Amount Derivative | $ | $ 4,500 |
Silver concentrate sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Gold concentrates sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,596 |
Notional Amount Derivative | $ | $ 8,346 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 5,230 |
Gold concentrates sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Zinc concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0.86 |
Notional Amount Derivative | $ | $ 11,769 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 13,615,188 |
Zinc concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Lead concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0.79 |
Notional Amount Derivative | $ | $ 3,028 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 3,830,017 |
Lead concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 1,023 | $ 753 |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 46 | $ 275 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value adjustments, net, pretax | $ (8,819) | $ 9,120 |
Fair value adjustments, net | 500 | 204 |
Provisional metal sales contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Provisional gain (loss) on derivatives and commodity contracts | 500 | 250 |
Interest rate swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain (loss) | $ 0 | $ (46) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Concentrate Sales Contracts | ||
Derivative [Line Items] | ||
Provisional gain (loss) on derivatives and commodity contracts | $ 500 | $ 250 |
Interest rate swap | ||
Derivative [Line Items] | ||
Net derivative gain (loss) | 0 | $ (46) |
Designated as Hedging Instrument | Gold zero cost collars | ||
Derivative [Line Items] | ||
After tax gains in AOCI | $ 100 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 92 | |
Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | |
Gold zero cost collars | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 27 | $ 0 |
Gold zero cost collars | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | $ 136 |
Foreign Exchange Forward | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 65 | |
Foreign Exchange Forward | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Accumulated other comprehensive income (loss) | $ 70 | $ (136) |
Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Accumulated other comprehensive income (loss) | 92 | (136) |
Gains (losses) recognized in OCI - effective portion: | 228 | |
Gains (losses) reclassified from AOCI into net income - effective portion: | 0 | |
Gold zero cost collars | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Accumulated other comprehensive income (loss) | 27 | (136) |
Gains (losses) recognized in OCI - effective portion: | 163 | |
Gains (losses) reclassified from AOCI into net income - effective portion: | 0 | |
Foreign Exchange Forward | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Accumulated other comprehensive income (loss) | 65 | $ 0 |
Gains (losses) recognized in OCI - effective portion: | 65 | |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)oz$ / ozRate | |
Gold Put Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,447 |
Notional ounces | oz | 153,000 |
Gold Call Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,826 |
Notional ounces | oz | 153,000 |
Gold Put Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,600 |
Notional ounces | oz | 12,000 |
Gold Call Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,800 |
Notional ounces | oz | 12,000 |
Mexican peso forward exchange contracts 2020 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 2409.00% |
Derivative, notional amount | $ | $ 45,000 |
Mexican peso forward exchange contracts 2021 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 2500.00% |
Derivative, notional amount | $ | $ 60,000 |
Canadian Forward Exchange Contracts 2020 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 144.00% |
Derivative, notional amount | $ | $ 25,000 |
Canadian Dollar Forward Purchase Contracts 2021 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 0.00% |
Derivative, notional amount | $ | $ 0 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ (76) | $ (665) | |
Gain (loss) on sale of assets and investments | 9 | 52 | |
Gain (loss) on sale of Manquiri consideration | [1] | 365 | 0 |
Interest Income, Other | 0 | 180 | |
Gain (loss) on Silvertip consideration | 955 | 0 | |
Other | 628 | 493 | |
Other, net | $ 1,881 | $ 60 | |
[1] | As defined in Note 18 -- Discontinued Operations. |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net Income (Loss) Attributable to Coeur Stockholders | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (11,900) | $ (24,894) | |
Income (loss) from discontinued operations | 0 | 5,693 | |
NET INCOME (LOSS) | $ (11,900) | $ (19,201) | |
Weighted Average Number of Shares Outstanding | |||
Weighted Average Number of Shares Outstanding, Basic | 240,255,000 | 202,422,000 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | |
Weighted Average Number of Shares Outstanding, Diluted | 240,255,000 | 202,422,000 | |
Basic EPS | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.05) | $ (0.12) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0.03 | |
Earnings Per Share, Basic | [1] | (0.05) | (0.09) |
Diluted EPS | |||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.05) | (0.12) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0.03 | |
Earnings Per Share, Diluted | [1] | $ (0.05) | $ (0.09) |
Stock Options | |||
Earnings Per Share (Textual) [Abstract] | |||
Number of antidilutive shares of common stock equivalents | 1,712,033 | 2,593,294 | |
[1] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 52,895 | $ 55,645 | ||
Receivables | 19,722 | 18,666 | ||
Ore on leach pads | 83,035 | 66,192 | ||
Inventory | 51,857 | 55,886 | ||
Prepaid expenses and other | 14,150 | 14,047 | ||
Current assets | 221,659 | 210,436 | ||
Property, plant and equipment, net | 242,018 | 248,789 | ||
Mining properties, net | 702,960 | 711,955 | ||
Ore on leach pads | 66,703 | 71,539 | ||
Restricted assets | 8,123 | 8,752 | ||
Equity and debt securities | 26,826 | 35,646 | ||
Receivables | 23,149 | 28,709 | ||
Net investment in subsidiaries | 0 | 0 | ||
Other | 57,659 | 62,810 | ||
TOTAL ASSETS | 1,349,097 | 1,378,636 | ||
Accounts payable | 61,519 | 69,176 | ||
Accrued liabilities and other | 49,935 | 95,616 | ||
Debt | 23,588 | 22,746 | ||
Reclamation | 3,094 | 3,114 | ||
Current liabilities | 138,136 | 190,652 | ||
Debt | 319,521 | 272,751 | ||
Reclamation | 135,436 | 133,417 | ||
Deferred tax liabilities | 36,472 | 41,976 | ||
Other long-term liabilities | 58,888 | 72,836 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Non-current liabilities | 550,317 | 520,980 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | 2,436 | 2,415 | ||
Additional paid-in capital | 3,603,785 | 3,598,472 | ||
Accumulated deficit | (2,945,647) | (2,933,747) | ||
Accumulated other comprehensive income (loss) | 70 | (136) | ||
Stockholders' equity | 660,644 | 667,004 | $ 832,335 | $ 852,512 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,349,097 | 1,378,636 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Mining properties, net | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 0 | 0 | ||
Equity and debt securities | 0 | 0 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | (403,016) | (325,738) | ||
Other | (238,523) | (277,448) | ||
TOTAL ASSETS | (641,539) | (603,186) | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities and other | 0 | 0 | ||
Debt | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Debt | (238,523) | (277,448) | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Non-current liabilities | (238,523) | (277,448) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | (235,217) | (236,101) | ||
Additional paid-in capital | (2,356,559) | (2,298,162) | ||
Accumulated deficit | 2,188,760 | 2,208,525 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | (403,016) | (325,738) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | (641,539) | (603,186) | ||
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 7,594 | 2,985 | ||
Receivables | 0 | (65) | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other | 6,649 | 6,202 | ||
Current assets | 14,243 | 9,122 | ||
Property, plant and equipment, net | 2,176 | 2,370 | ||
Mining properties, net | 0 | 4,452 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 1,468 | 1,470 | ||
Equity and debt securities | 26,826 | 35,646 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | 403,171 | 325,723 | ||
Other | 243,008 | 267,281 | ||
TOTAL ASSETS | 690,892 | 646,064 | ||
Accounts payable | 2,070 | 1,277 | ||
Accrued liabilities and other | 9,327 | 9,036 | ||
Debt | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Current liabilities | 11,397 | 10,313 | ||
Debt | 277,062 | 226,885 | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 366 | 50 | ||
Other long-term liabilities | 3,826 | 4,225 | ||
Intercompany payable (receivable) | (262,403) | (262,413) | ||
Non-current liabilities | 18,851 | (31,253) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | 2,436 | 2,415 | ||
Additional paid-in capital | 3,603,785 | 3,598,472 | ||
Accumulated deficit | (2,945,647) | (2,933,747) | ||
Accumulated other comprehensive income (loss) | 70 | (136) | ||
Stockholders' equity | 660,644 | 667,004 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 690,892 | 646,064 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 16,832 | 27,217 | ||
Receivables | 7,014 | 5,978 | ||
Ore on leach pads | 83,035 | 66,192 | ||
Inventory | 24,729 | 24,763 | ||
Prepaid expenses and other | 1,080 | 1,192 | ||
Current assets | 132,690 | 125,342 | ||
Property, plant and equipment, net | 160,632 | 167,159 | ||
Mining properties, net | 327,587 | 327,685 | ||
Ore on leach pads | 66,703 | 71,539 | ||
Restricted assets | 206 | 206 | ||
Equity and debt securities | 0 | 0 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | 82,558 | 85,755 | ||
Other | 50,552 | 52,040 | ||
TOTAL ASSETS | 820,928 | 829,726 | ||
Accounts payable | 26,138 | 26,211 | ||
Accrued liabilities and other | 27,031 | 35,547 | ||
Debt | 15,469 | 15,347 | ||
Reclamation | 1,628 | 1,628 | ||
Current liabilities | 70,266 | 78,733 | ||
Debt | 32,596 | 32,989 | ||
Reclamation | 92,665 | 91,524 | ||
Deferred tax liabilities | 8,190 | 8,104 | ||
Other long-term liabilities | 37,117 | 40,012 | ||
Intercompany payable (receivable) | 244,608 | 246,186 | ||
Non-current liabilities | 415,176 | 418,815 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | 20,401 | 20,309 | ||
Additional paid-in capital | 338,479 | 337,975 | ||
Accumulated deficit | (23,394) | (26,106) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 335,486 | 332,178 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 820,928 | 829,726 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 28,469 | 25,443 | ||
Receivables | 12,708 | 12,753 | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 27,128 | 31,123 | ||
Prepaid expenses and other | 6,421 | 6,653 | ||
Current assets | 74,726 | 75,972 | ||
Property, plant and equipment, net | 79,210 | 79,260 | ||
Mining properties, net | 375,373 | 379,818 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 6,449 | 7,076 | ||
Equity and debt securities | 0 | 0 | ||
Receivables | 23,149 | 28,709 | ||
Net investment in subsidiaries | (82,713) | (85,740) | ||
Other | 2,622 | 20,937 | ||
TOTAL ASSETS | 478,816 | 506,032 | ||
Accounts payable | 33,311 | 41,688 | ||
Accrued liabilities and other | 13,577 | 51,033 | ||
Debt | 8,119 | 7,399 | ||
Reclamation | 1,466 | 1,486 | ||
Current liabilities | 56,473 | 101,606 | ||
Debt | 248,386 | 290,325 | ||
Reclamation | 42,771 | 41,893 | ||
Deferred tax liabilities | 27,916 | 33,822 | ||
Other long-term liabilities | 17,945 | 28,599 | ||
Intercompany payable (receivable) | 17,795 | 16,227 | ||
Non-current liabilities | 354,813 | 410,866 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,586,226 issued and outstanding at March 31, 2020 and 241,529,021 at December 31, 2019 | 214,816 | 215,792 | ||
Additional paid-in capital | 2,018,080 | 1,960,187 | ||
Accumulated deficit | (2,165,366) | (2,182,419) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 67,530 | (6,440) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 478,816 | $ 506,032 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 173,167 | $ 154,870 | |
Pre-development, reclamation, and other | 6,555 | 4,434 | |
Amortization | 36,162 | 41,876 | |
General and administrative | 8,920 | 9,474 | |
Fair value adjustments, net | (8,819) | 9,120 | |
Other, net | 1,881 | 60 | |
Interest expense, net of capitalized interest | (5,128) | (6,454) | |
Total other income (expense), net | (12,066) | 2,726 | |
Total | (15,839) | (33,552) | |
Income and mining tax (expense) benefit | 3,939 | 8,658 | |
Income (loss) from continuing operations | (11,900) | (24,894) | |
Equity income (loss) in consolidated subsidiaries | 0 | 0 | |
Income (loss) from discontinued operations | 0 | 5,693 | |
NET INCOME (LOSS) | (11,900) | (19,201) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 59 | |
Reclassification adjustments for impairment of equity securities, net of tax | 206 | 0 | |
Other comprehensive income (loss) | 206 | 59 | |
COMPREHENSIVE INCOME (LOSS) | (11,694) | (19,142) | |
Operating Expenses | 176,940 | 191,148 | |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | 0 | |
Pre-development, reclamation, and other | 0 | 0 | |
Amortization | 0 | 0 | |
General and administrative | 0 | 0 | |
Fair value adjustments, net | 0 | 0 | |
Other, net | (3,727) | (4,303) | |
Interest expense, net of capitalized interest | 3,727 | 4,303 | |
Total other income (expense), net | 0 | 0 | |
Total | 0 | 0 | |
Income and mining tax (expense) benefit | 0 | 0 | |
Income (loss) from continuing operations | 0 | 0 | |
Equity income (loss) in consolidated subsidiaries | (5,920) | 21,150 | |
Income (loss) from discontinued operations | 0 | 0 | |
NET INCOME (LOSS) | (5,920) | 21,150 | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | |
Reclassification adjustments for impairment of equity securities, net of tax | 0 | ||
COMPREHENSIVE INCOME (LOSS) | (5,920) | 21,150 | |
Operating Expenses | 0 | 0 | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | 0 | |
Pre-development, reclamation, and other | 18 | 160 | |
Amortization | 215 | 221 | |
General and administrative | 8,910 | 9,474 | |
Fair value adjustments, net | (8,819) | 9,120 | |
Other, net | 4,615 | 4,998 | |
Interest expense, net of capitalized interest | (4,105) | (5,729) | |
Total other income (expense), net | (8,309) | 8,389 | |
Total | (17,732) | (1,802) | |
Income and mining tax (expense) benefit | (218) | (2,077) | |
Income (loss) from continuing operations | (17,950) | (3,879) | |
Equity income (loss) in consolidated subsidiaries | 6,050 | (21,015) | |
Income (loss) from discontinued operations | 0 | 5,693 | |
NET INCOME (LOSS) | (11,900) | (19,201) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 59 | |
Reclassification adjustments for impairment of equity securities, net of tax | 206 | ||
COMPREHENSIVE INCOME (LOSS) | (11,694) | (19,142) | |
Operating Expenses | 9,423 | 10,191 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 96,944 | 90,699 | |
Pre-development, reclamation, and other | 2,616 | 1,943 | |
Amortization | 17,415 | 18,445 | |
General and administrative | 2 | 0 | |
Fair value adjustments, net | 0 | 0 | |
Other, net | (9) | 165 | |
Interest expense, net of capitalized interest | (736) | (392) | |
Total other income (expense), net | (745) | (227) | |
Total | 6,517 | (3,062) | |
Income and mining tax (expense) benefit | (518) | (32) | |
Income (loss) from continuing operations | 5,999 | (3,094) | |
Equity income (loss) in consolidated subsidiaries | (3,157) | (418) | |
Income (loss) from discontinued operations | 0 | 0 | |
NET INCOME (LOSS) | 2,842 | (3,512) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | |
Reclassification adjustments for impairment of equity securities, net of tax | 0 | ||
COMPREHENSIVE INCOME (LOSS) | 2,842 | (3,512) | |
Operating Expenses | 89,682 | 93,534 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 76,223 | 64,171 | |
Pre-development, reclamation, and other | 3,921 | 2,331 | |
Amortization | 18,532 | 23,210 | |
General and administrative | 8 | 0 | |
Fair value adjustments, net | 0 | 0 | |
Other, net | 1,002 | (800) | |
Interest expense, net of capitalized interest | (4,014) | (4,636) | |
Total other income (expense), net | (3,012) | (5,436) | |
Total | (4,624) | (28,688) | |
Income and mining tax (expense) benefit | 4,675 | 10,767 | |
Income (loss) from continuing operations | 51 | (17,921) | |
Equity income (loss) in consolidated subsidiaries | 3,027 | 283 | |
Income (loss) from discontinued operations | 0 | 0 | |
NET INCOME (LOSS) | 3,078 | (17,638) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | |
Reclassification adjustments for impairment of equity securities, net of tax | 0 | ||
COMPREHENSIVE INCOME (LOSS) | 3,078 | (17,638) | |
Operating Expenses | 77,835 | 87,423 | |
Product | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | [1] | 118,917 | 131,650 |
Product | Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 0 | 0 | |
Product | Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 0 | 0 | |
Product | Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 65,286 | 72,022 | |
Product | Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 53,631 | 59,628 | |
Mineral, Exploration | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 6,386 | 3,714 | |
Mineral, Exploration | Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 0 | 0 | |
Mineral, Exploration | Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 280 | 336 | |
Mineral, Exploration | Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | 4,363 | 1,124 | |
Mineral, Exploration | Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Costs applicable to sales | $ 1,743 | $ 2,254 | |
[1] | Excludes amortization. |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) activities of continuing operations | $ (7,991) | $ (15,846) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) operating activities | (7,991) | (15,846) |
Capital expenditures | (22,208) | (27,438) |
Proceeds from the sale of assets | 4,506 | 847 |
Proceeds from Collection of Notes Receivable | 0 | 5,168 |
Other | (17) | 1,741 |
Investments in consolidated subsidiaries | 0 | 0 |
Cash provided by (used in) activities of continuing operations | (17,719) | (19,682) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (17,719) | (19,682) |
Issuance of notes and bank borrowings, net of issuance costs | 50,000 | 15,000 |
Payments on debt, capital leases, and associated costs | (5,901) | (22,356) |
Payment for Contingent Consideration Liability, Financing Activities | (18,750) | 0 |
Net intercompany financing activity | 0 | 0 |
Other | (1,973) | (3,364) |
Cash provided by (used in) activities of continuing operations | 23,376 | (10,720) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 23,376 | (10,720) |
Effect of exchange rate changes on cash and cash equivalents | (626) | 201 |
Less net cash provided by (used in) discontinued operations | 0 | 0 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (2,960) | (46,047) |
Cash, cash equivalents and restricted cash at beginning of period | 57,018 | 118,069 |
Cash, cash equivalents and restricted cash at end of period | 54,058 | 72,022 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | (5,920) | 21,150 |
Capital expenditures | 0 | 0 |
Proceeds from the sale of assets | 0 | 0 |
Proceeds from Collection of Notes Receivable | 0 | |
Other | 0 | 0 |
Investments in consolidated subsidiaries | 5,920 | (21,150) |
Cash provided by (used in) activities of continuing operations | (21,150) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 5,920 | (21,150) |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 |
Payments on debt, capital leases, and associated costs | 0 | 0 |
Payment for Contingent Consideration Liability, Financing Activities | 0 | |
Net intercompany financing activity | 0 | 0 |
Other | 0 | 0 |
Cash provided by (used in) activities of continuing operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash at end of period | 0 | 0 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | (3,457) | (34,395) |
Capital expenditures | (21) | (38) |
Proceeds from the sale of assets | 4,500 | 0 |
Proceeds from Collection of Notes Receivable | 5,168 | |
Other | 0 | 1,803 |
Investments in consolidated subsidiaries | (6,050) | 21,015 |
Cash provided by (used in) activities of continuing operations | 23,948 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,571) | 23,948 |
Issuance of notes and bank borrowings, net of issuance costs | 50,000 | 15,000 |
Payments on debt, capital leases, and associated costs | 0 | (15,000) |
Payment for Contingent Consideration Liability, Financing Activities | 0 | |
Net intercompany financing activity | (38,600) | 10,226 |
Other | (1,973) | (3,364) |
Cash provided by (used in) activities of continuing operations | 9,427 | 6,862 |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 9,427 | 6,862 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,399 | 415 |
Cash, cash equivalents and restricted cash at beginning of period | 6,675 | 12,747 |
Cash, cash equivalents and restricted cash at end of period | 11,074 | 13,162 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | 2,231 | 8,468 |
Capital expenditures | (10,491) | (14,431) |
Proceeds from the sale of assets | 6 | 753 |
Proceeds from Collection of Notes Receivable | 0 | |
Other | 0 | 0 |
Investments in consolidated subsidiaries | (39) | 0 |
Cash provided by (used in) activities of continuing operations | (13,678) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (10,524) | (13,678) |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 |
Payments on debt, capital leases, and associated costs | (3,975) | (4,387) |
Payment for Contingent Consideration Liability, Financing Activities | 0 | |
Net intercompany financing activity | 1,857 | (5,357) |
Other | 0 | 0 |
Cash provided by (used in) activities of continuing operations | (2,118) | (9,744) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | (2,118) | (9,744) |
Effect of exchange rate changes on cash and cash equivalents | (27) | 3 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (10,438) | (14,951) |
Cash, cash equivalents and restricted cash at beginning of period | 27,238 | 25,532 |
Cash, cash equivalents and restricted cash at end of period | 16,800 | 10,581 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | (845) | (11,069) |
Capital expenditures | (11,696) | (12,969) |
Proceeds from the sale of assets | 0 | 94 |
Proceeds from Collection of Notes Receivable | 0 | |
Other | (17) | (62) |
Investments in consolidated subsidiaries | 169 | 135 |
Cash provided by (used in) activities of continuing operations | (12,802) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (11,544) | (12,802) |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 |
Payments on debt, capital leases, and associated costs | (1,926) | (2,969) |
Payment for Contingent Consideration Liability, Financing Activities | (18,750) | |
Net intercompany financing activity | 36,743 | (4,869) |
Other | 0 | 0 |
Cash provided by (used in) activities of continuing operations | 16,067 | (7,838) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 |
Cash provided by (used in) activities of discontinued operations | 16,067 | (7,838) |
Effect of exchange rate changes on cash and cash equivalents | (599) | 198 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,079 | (31,511) |
Cash, cash equivalents and restricted cash at beginning of period | 23,105 | 79,790 |
Cash, cash equivalents and restricted cash at end of period | $ 26,184 | $ 48,279 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 1 Months Ended | 3 Months Ended | |||||||
Jan. 31, 2020USD ($) | Mar. 31, 2020USD ($)tmilestone | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | ||
Business Acquisition [Line Items] | |||||||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 10,500,000 | ||||||||
Deferred Revenue Recognized | 7,548,000 | $ 445,000 | |||||||
Silvertip acquisition contingent consideration | 0 | $ 25,000,000 | |||||||
Payment for Contingent Consideration Liability, Financing Activities | 18,750,000 | 0 | |||||||
Value Added Tax Receivable, Noncurrent | [1] | 22,449,000 | 28,009,000 | ||||||
Surety Bonds Outstanding | $ 215,600,000 | ||||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Production to be sold, percent | 50.00% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
JDS Silver Holdings Ltd. | |||||||||
Business Acquisition [Line Items] | |||||||||
Silvertip acquisition contingent consideration | $ 50,000,000 | ||||||||
Long-term Purchase Commitment, Milestones | milestone | 2 | ||||||||
JDS Silver Holdings Ltd. | Permit Contingent Consideration | |||||||||
Business Acquisition [Line Items] | |||||||||
Silvertip acquisition contingent consideration | $ 25,000,000 | ||||||||
Sustained minim and milling per day (in tones) | t | 1,000 | ||||||||
Silvertip [Member] | Permit Contingent Consideration | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, liability | $ 25,000,000 | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | 18,700,000 | ||||||||
Stock Issued During Period, Value, New Issues | 1,000,000 | ||||||||
Silvertip [Member] | Resource Contingent Consideration | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent consideration, liability | 25,000,000 | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 18,800,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 900,000 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | 8,018,000 | 0 | $ 15,010,000 | $ 25,000,000 | $ 0 | ||||
Deferred Revenue Recognized | $ (6,992,000) | $ 0 | |||||||
[1] | Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). See Note 17 -- Commitments and Contingencies for additional detail. The $5.6 million decrease in the three months ended March 31, 2020 is attributable to a weaker Mexican Peso. |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from the sale of assets | $ 4,506 | $ 847 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 5,693 |
Cash provided by (used in) operating activities, discontinued operations | 0 | 0 |
Cash provided by (used in) investing activities, discontinued operations | 0 | 0 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from the sale of assets | 4,500 | |
Gain (loss) on the sale of Manquiri royalty | $ 400 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 5,700 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |||
Other Accrued Liabilities | $ 3,395 | $ 4,163 | |
Accrued Income Taxes, Current | 1,908 | 11,243 | |
Accrual for Taxes Other than Income Taxes, Current | 2,692 | 3,554 | |
Interest Payable, Current | 5,266 | 1,833 | |
Operating Lease, Liability, Current | 12,198 | 13,104 | |
Accrued Salaries, Current | 14,567 | 20,047 | |
Silvertip acquisition contingent consideration | 0 | 25,000 | |
Deferred Revenue | [1] | 9,909 | 16,672 |
Accrued liabilities and other | $ 49,935 | $ 95,616 | |
[1] | (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 52,895 | $ 55,645 | $ 69,033 | |
Restricted Cash Equivalents | 1,163 | 2,989 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 54,058 | $ 57,018 | $ 72,022 | $ 118,069 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Apr. 22, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | ||||
Debt | $ 23,588 | $ 22,746 | ||
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Debt | [1] | $ 0 | $ 0 | |
Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from lines of credit | [1] | $ 100,000 | ||
Debt | [1] | $ 150,000 | ||
[1] | Unamortized debt issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019 , respectively, included in Other Non-Current Assets . |