Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 04, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | HECLA MINING CO/DE/ | |
Entity Central Index Key | 719,413 | |
Trading Symbol | hl | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 395,992,936 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 176,786 | $ 169,777 |
Short-term investments | 36,505 | 29,117 |
Accounts receivable: | ||
Trade | 17,210 | 20,082 |
Other, net | 22,234 | 9,967 |
Inventories: | ||
Concentrates, doré, and stockpiled ore | 30,816 | 25,944 |
Materials and supplies | 23,348 | 24,079 |
Other current assets | 8,256 | 12,125 |
Total current assets | 315,155 | 291,091 |
Non-current investments | 5,104 | 5,002 |
Non-current restricted cash and investments | 2,200 | 2,200 |
Properties, plants, equipment and mineral interests, net | 2,032,983 | 2,032,685 |
Non-current deferred income taxes | 48,410 | 35,815 |
Other non-current assets | 2,609 | 4,884 |
Total assets | 2,406,461 | 2,371,677 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 51,739 | 60,064 |
Accrued payroll and related benefits | 38,554 | 36,515 |
Accrued taxes | 11,089 | 9,061 |
Current portion of capital leases | 5,647 | 5,653 |
Current portion of accrued reclamation and closure costs | 7,453 | 5,653 |
Current portion of debt | 470 | |
Other current liabilities | 18,173 | 8,809 |
Total current liabilities | 132,655 | 126,225 |
Capital leases | 6,088 | 5,838 |
Accrued reclamation and closure costs | 79,334 | 79,927 |
Long-term debt | 501,292 | 500,979 |
Non-current deferred tax liability | 121,025 | 122,855 |
Non-current pension liability | 46,443 | 44,491 |
Other non-current liabilities | 5,321 | 11,518 |
Total liabilities | 892,158 | 891,833 |
Commitments and contingencies (Notes 2, 4, 7, 9, and 11) | ||
Preferred stock, 5,000,000 shares authorized: | ||
Series B preferred stock, $0.25 par value, 157,816 shares issued and outstanding, liquidation preference — $7,891 | 39 | 39 |
Common stock, $0.25 par value, 500,000,000 shares authorized; issued and outstanding 2017 — 395,825,410 shares and 2016 — 395,286,875 shares | 99,973 | 99,806 |
Capital surplus | 1,603,324 | 1,597,212 |
Accumulated deficit | (141,730) | (167,437) |
Accumulated other comprehensive loss | (31,398) | (34,602) |
Less treasury stock, at cost; 2017 - 4,085,599 and 2016 - 3,941,210 shares issued and held in treasury | (15,905) | (15,174) |
Total stockholders’ equity | 1,514,303 | 1,479,844 |
Total liabilities and stockholders’ equity | $ 2,406,461 | $ 2,371,677 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series B preferred stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Series B preferred stock, shares issued (in shares) | 157,816 | 157,816 |
Series B preferred stock, shares outstanding (in shares) | 157,816 | 157,816 |
Series B preferred stock, liquidation preference | $ 7,891 | $ 7,891 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares outstanding (in shares) | 395,825,410 | 395,286,875 |
Treasury stock, shares (in shares) | 4,085,599 | 3,941,210 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Sales of products | $ 142,544 | $ 131,017 |
Cost of sales and other direct production costs | 78,676 | 74,320 |
Depreciation, depletion and amortization | 28,952 | 25,875 |
Total cost of sales | 107,628 | 100,195 |
Gross profit | 34,916 | 30,822 |
Other operating expenses: | ||
General and administrative | 9,206 | 10,214 |
Exploration | 4,514 | 2,950 |
Pre-development | 1,252 | 404 |
Research and development | 683 | |
Other operating expense | 690 | 640 |
Lucky Friday suspension-related costs | 1,581 | |
Provision for closed operations and environmental matters | 1,119 | 1,041 |
Total other operating expense | 19,045 | 15,249 |
Income from operations | 15,871 | 15,573 |
Other income (expense): | ||
Loss on disposal of investments | (167) | |
Unrealized income (loss) on investments | 327 | (711) |
Loss on derivative contracts | (7,809) | |
Net foreign exchange loss | (2,262) | (8,203) |
Interest and other income | 325 | 88 |
Interest expense, net of amounts capitalized | (8,522) | (5,711) |
Total other expense | (18,108) | (14,537) |
(Loss) income before income taxes | (2,237) | 1,036 |
Income tax benefit (provision) | 29,071 | (1,654) |
Net income (loss) | 26,834 | (618) |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 26,696 | (756) |
Comprehensive income: | ||
Net income (loss) | 26,834 | (618) |
Reclassification of disposal and impairment of investments included in net income | 167 | 1,000 |
Unrealized holding (losses) gains on investments | (256) | 65 |
Unrealized gain (loss) and amortization of prior service on pension plans | 32 | |
Change in fair value of derivative contracts designated as hedge transactions | 3,261 | |
Comprehensive income | $ 30,038 | $ 447 |
Basic income per common share after preferred dividends (in dollars per share) | $ 70 | |
Diluted income per common share after preferred dividends (in dollars per share) | $ 70 | |
Weighted average number of common shares outstanding - basic (in shares) | 395,370 | 379,022 |
Weighted average number of common shares outstanding - diluted (in shares) | 398,149 | 379,022 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Net income (loss) | $ 26,834 | $ (618) |
Non-cash elements included in net income (loss): | ||
Depreciation, depletion and amortization | 29,590 | 26,153 |
Unrealized (gain) loss on investments | (327) | 711 |
Loss on disposal of investments | 167 | |
Gain on disposition of properties, plants, equipment, and mineral interests | (32) | (210) |
Provision for reclamation and closure costs | 1,026 | 999 |
Stock compensation | 1,349 | 1,231 |
Deferred income taxes | (21,234) | 3,320 |
Amortization of loan origination fees | 480 | 459 |
Loss on derivative contracts | 7,343 | 170 |
Foreign exchange loss | 506 | 7,989 |
Other non-cash gains, net | 2 | 6 |
Change in assets and liabilities: | ||
Accounts receivable | (8,738) | (20,036) |
Inventories | (3,358) | (5,922) |
Other current and non-current assets | 1,363 | (619) |
Accounts payable and accrued liabilities | (1,510) | 10,036 |
Accrued payroll and related benefits | 6,881 | (2,826) |
Accrued taxes | 1,754 | (37) |
Accrued reclamation and closure costs and other non-current liabilities | (3,811) | (2,058) |
Cash provided by operating activities | 38,285 | 18,748 |
Investing activities: | ||
Additions to properties, plants, equipment and mineral interests | (21,658) | (34,654) |
Proceeds from disposition of properties, plants and equipment | 61 | 215 |
Purchases of investments | (11,113) | |
Maturities of investments | 3,634 | |
Addition to restricted cash for environmental matters | (3,900) | |
Net cash used in investing activities | (29,076) | (38,339) |
Financing activities: | ||
Proceeds from sale of common stock, net of offering costs | 2,052 | |
Acquisition of treasury shares | (731) | (1,256) |
Dividends paid to common stockholders | (989) | (952) |
Dividends paid to preferred stockholders | (138) | (138) |
Credit facility fees paid | (91) | (59) |
Repayments of debt | (470) | (664) |
Repayments of capital leases | (1,595) | (2,118) |
Net cash used in financing activities | (4,014) | (3,135) |
Effect of exchange rates on cash | 1,814 | 1,535 |
Net increase (decrease) in cash and cash equivalents | 7,009 | (21,191) |
Cash and cash equivalents at beginning of period | 169,777 | 155,209 |
Cash and cash equivalents at end of period | 176,786 | 134,018 |
Significant non-cash investing and financing activities: | ||
Addition of capital lease obligations | 1,798 | |
Payment of accrued compensation in stock | $ 4,240 | $ 5,511 |
Note 1 - Basis of Preparation o
Note 1 - Basis of Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements and notes to the unaudited interim condensed consolidated financial statements contain all adjustments, consisting of normal recurring items and items which are nonrecurring, necessary to present fairly, in all material respects, the financial position of Hecla Mining Company and its consolidated subsidiaries ("Hecla" or "the Company" or “we” or “our” or “us”). These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes as set forth in our annual report filed on Form 10 December 31, 2016, may The results of operations for the periods presented may may The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ materially from those estimates. |
Note 2 - Investments and Restri
Note 2 - Investments and Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments and Restricted Cash Disclosure [Text Block] | Note 2. Investments Our current investments, which are classified as "available for sale" and consist of bonds having maturities of greater than 90 365 $36.5 $29.1 March 31, 2017 December 31, 2016. first 2017, $11.1 $3.6 no first 2016. March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Amortized cost Unrealized loss Fair market value Amortized cost Unrealized loss Fair market value Corporate bonds $ 30,077 $ (38 ) $ 30,039 $ 22,100 $ (46 ) $ 22,054 Municipal bonds 3,138 — 3,138 3,727 (1 ) 3,726 Agency bonds 3,331 (3 ) 3,328 3,339 (2 ) 3,337 Total $ 36,546 $ (41 ) $ 36,505 $ 29,166 $ (49 ) $ 29,117 At March 31, 2017 December 31, 2016, $5.1 $5.0 $3.9 $4.1 March 31, 2017 December 31, 2016. first 2016, $1.0 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 3. Major components of our income tax provision for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Current: Domestic $ (12,797 ) $ (2,506 ) Foreign 5,515 1,015 Total current income tax benefit (7,282 ) (1,491 ) Deferred: Domestic (18,903 ) 588 Foreign (2,886 ) 2,557 Total deferred income tax (benefit) provision (21,789 ) 3,145 Total income tax (benefit) provision $ (29,071 ) $ 1,654 As of March 31, 2017, $48.4 $121.0 $72.6 first 2017, #4 $15 March 31, 2017 December 31, 2016, $81 $100 The current income tax provisions for the three March 31, 2017 2016 #4 |
Note 4 - Commitments, Contingen
Note 4 - Commitments, Contingencies and Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4. General We follow GAAP guidance in determining our accruals and disclosures with respect to loss contingencies, and evaluate such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Rio Grande Silver Guaranty Our wholly-owned subsidiary, Rio Grande Silver Inc. (“Rio”), is party to a joint venture with Emerald Mining & Leasing, LLC (“EML”) and certain other parties with respect to a land package in the Creede Mining District of Colorado that is adjacent to other land held by Rio. Rio holds a 70% third $2.5 March 31, 2017, may $2.5 third March 31, 2017. Lucky Friday Water Permit Matters Over the last several years the Lucky Friday unit has experienced several regulatory issues relating to its water discharge permits and water management more generally. In December 2013, (“2013 NOV”) 2013 NOV 308 3 We completed the investigation mandated by the EPA and submitted a draft report to the agency in December 2015. Hecla Limited strives to maintain its water discharges at the Lucky Friday unit in full compliance with its permits and applicable laws, however, we cannot provide assurance that in the future it will be able to fully comply with the permit limits and other regulatory requirements regarding water management. Johnny M Mine Area near San Mateo, McKinley County, New Mexico In May 2011, may August 2012, $1.1 $1.1 December 2014, three 1) 2) 3) $0 $221 $5.6 June 2015, $5.6 $5.6 In September 2016, may Carpenter Snow Creek Site, Cascade County, Montana In July 2010, 1980s 6 1988. In June 2011, may June 2011 $4.5 may $100 Senior Notes On April 12, 2013, $500 6.875% 2021. 2014, $6.5 one 2014. May 1 November 1 November 1, 2013. Note 9 Other Commitments Our contractual obligations as of March 31, 2017 $1.8 March 31, 2017 $0.2 $2.1 $9.5 $12.3 Note 9 March 31, 2017, $112.8 Other Contingencies When we acquired Revett Mining Company, Inc. (now known as Hecla Montana, Inc.) in June 2015, We also have certain other contingencies resulting from litigation, claims, EPA investigations, and other commitments and are subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. We currently expect that the resolution of such contingencies will not materially affect our financial position, results of operations or cash flows. However, in the future, there may may |
Note 5 - Earnings (Loss) Per Co
Note 5 - Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5. We are authorized to issue 500,000,000 $0.25 March 31, 2017, 399,911,009 4,085,599 395,825,410 Diluted income (loss) per share for the three March 31, 2017 2016 For the three March 31, 2017, 2,735,569 727,262 three March 31, 2016, no three March 31, 2017. |
Note 6 - Business Segments
Note 6 - Business Segments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 6. We are currently organized and managed in four General corporate activities not associated with operating units and their various exploration activities, as well as discontinued operations and idle properties, are presented as “other.” Interest expense, interest income and income taxes are considered general corporate items, and are not allocated to our segments. The following tables present information about reportable segments for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Net sales to unaffiliated customers: Greens Creek $ 58,850 $ 53,882 Lucky Friday 20,010 21,252 Casa Berardi 41,712 32,198 San Sebastian 21,972 23,685 $ 142,544 $ 131,017 Income (loss) from operations: Greens Creek $ 14,114 $ 8,078 Lucky Friday 3,880 2,743 Casa Berardi (2,245 ) 1,934 San Sebastian 13,454 14,912 Other (13,332 ) (12,094 ) $ 15,871 $ 15,573 The following table presents identifiable assets by reportable segment as of March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Identifiable assets: Greens Creek $ 681,266 $ 681,303 Lucky Friday 439,991 442,829 Casa Berardi 804,886 806,044 San Sebastian 47,561 33,608 Other 432,757 407,893 $ 2,406,461 $ 2,371,677 The sales and income (loss) from operations amounts reported above include results from our Lucky Friday segment. The Lucky Friday mine is our only operation where some of our employees are subject to a collective bargaining agreement, and the most recent agreement expired on April 30, 2016. February 19, 2017, March 13, 2017 $1.6 first 2017. |
Note 7 - Employee Benefit Plans
Note 7 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 7. Employee Benefit Plans We sponsor defined benefit pension plans covering substantially all U.S. employees. Net periodic pension cost for the plans consisted of the following for the three March 31, 2017 2016 Three Months Ended March 31, 2017 2016 Service cost $ 1,196 $ 1,077 Interest cost 1,339 1,307 Expected return on plan assets (1,462 ) (1,325 ) Amortization of prior service benefit (84 ) (84 ) Amortization of net loss 1,033 1,093 Net periodic benefit cost $ 2,022 $ 2,068 In April 2017, $1.2 $2.8 2017. $0.4 2017. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8. Stock-based Compensation Plans We periodically grant restricted stock unit awards and/or shares of common stock to our employees and directors. We measure compensation cost for restricted stock units and stock grants at the closing price of our stock at the time of grant. Restricted stock unit grants vest after a specified period with compensation cost amortized over that period. Although we have no current plans to issue stock options, we may In March 2017, 641,406 December 31, 2016. March 2017, $4.2 March 31, 2017. Stock-based compensation expense for vesting restricted stock unit grants to employees and shares issued to nonemployee directors recorded in the first three 2017 $1.3 $1.2 In connection with the vesting of restricted stock units and other stock grants, employees have in the past, at their election and when permitted by us, chosen to satisfy their minimum tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy such withholding obligations. As a result, in the first three 2017 154,933 $0.7 $4.67 first three 2016 532,157 $1.3 $2.36 Common Stock Dividends September 2011 February 2012, two (1) (2) $0.01 first Quarterly average realized silver price per ounce Quarterly dividend per share Annualized dividend per share $30 $0.01 $0.04 $35 $0.02 $0.08 $40 $0.03 $0.12 $45 $0.04 $0.16 $50 $0.05 $0.20 On May 4, 2017, $0.0025 $1.0 June 2017. first 2017 $17.90 $30 At-The-Market Equity Distribution Agreement Pursuant to an equity distribution agreement dated February 23, 2016, may $75 may 1933, 3, February 23, 2016. March 31, 2017, 2,780,087 $8.1 $166 Common Stock Repurchase Program On May 8, 2012, 20 may may may March 31, 2017, 934,100 $3.99 19.1 may May 4, 2017, $5.14 |
Note 9 - Senior Notes, Credit F
Note 9 - Senior Notes, Credit Facilities and Capital Leases | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Senior Notes On April 12, 2013, $500 May 1, 2021 144A 1933, 2014, $6.5 one April 12, 2013, ($490 The Senior Notes are recorded net of a 2% $10 April 2013 $5.2 March 31, 2017. 6.875% May 1 November 1 November 1, 2013. three March 31, 2017 2016, $8.1 $5.2 three March 31, 2017 2016 $0.9 $3.8 #4 January 2017. The Senior Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries (the "Guarantors"). The Senior Notes and the guarantees are, respectively, Hecla's and the Guarantors' general senior unsecured obligations and are subordinated to all of Hecla's and the Guarantors' existing and future secured debt to the extent of the assets securing that secured debt. In addition, the Senior Notes are effectively subordinated to all of the liabilities of Hecla's subsidiaries that are not guaranteeing the Senior Notes, to the extent of the assets of those subsidiaries. The Senior Notes became redeemable in whole or in part, at any time and from time to time after May 1, 2016, Upon the occurrence of a change of control (as defined in the Indenture), each holder of Senior Notes will have the right to require us to purchase all or a portion of such holder's Senior Notes pursuant to a change of control offer (as defined in the Indenture), at a purchase price equal to 101% Credit Facilities In May 2016, $100 three $100 Interest rates: Spread over the London Interbank Offer Rate 2.25 - 3.25% Spread over alternative base rate 1.25 - 2.25% Standby fee per annum on undrawn amounts 0.50% Covenant financial ratios: Senior leverage ratio (debt secured by liens/EBITDA) not more than 2.50:1 Leverage ratio (total debt less unencumbered cash/EBITDA) (1) not more than 4.00:1 Interest coverage ratio (EBITDA/interest expense) not more than 3.00:1 (1) 5.00:1 2016, 4.00:1 January 1, 2017. We are also able to obtain letters of credit under the facility, and for any such letters we are required to pay a participation fee of between 2.25% 3.25% 0.20% $2.6 March 31, 2017. We believe we were substantially in compliance with all covenants under the credit agreement and no amounts were outstanding as of March 31, 2017. Capital Leases We have entered into various lease agreements, primarily for equipment at our Greens Creek, Lucky Friday and Casa Berardi units, which we have determined to be capital leases. At March 31, 2017, $11.7 $5.6 $6.1 December 31, 2016, $11.5 $5.7 $5.8 $12.3 March 31, 2017, $0.6 At March 31, 2017, Twelve-month period ending March 31, 2018 $ 5,988 2019 3,946 2020 1,771 2021 604 Total 12,309 Less: imputed interest (585 ) Net capital lease obligation $ 11,724 |
Note 10 - Developments in Accou
Note 10 - Developments in Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 10. In May 2014, 2014 09 605 10 five August 2015, 2015 14 606): 2015 14 2014 09 December 15, 2017. We have performed a preliminary assessment of the impact of implementation of ASU No. 2014 09, Our concentrate sales involve variable consideration, as they are subject to changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the month of settlement, and we then adjust the values each period until final settlement. Also, it is unlikely a significant reversal of revenue for any one During 2017, 2014 09 In July 2015, 2015 11 330): December 15, 2016. In November 2015, 2015 17 740). 2015 17 December 15, 2016. 2015 17 $12.3 $1.3 December 31, 2016 In January 2016, 2016 01 825 10): December 15, 2017. March 31, 2017, $1.1 In February 2016, 2016 02 842). December 15, 2018, In March 2016, 2016 09 718): December 15, 2016. In August 2016, 2016 15 230): eight December 15, 2017, In November 2016, 2016 18 230): December 15, 2017, In January 2017, 2017 01 805): December 15, 2017, In March 2017, 2107 07 715): December 15, 2017, |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11. Foreign Currency Our wholly-owned subsidiaries owning the Casa Berardi and San Sebastian mines are U.S. dollar ("USD")-functional entities which routinely incur expenses denominated in Canadian dollar ("CAD") and Mexican peso ("MXN"), and such expenses expose us to exchange rate fluctuations between the USD and CAD and MXN. In April 2016, October 2016, March 31, 2017, 118 CAD$260.1 USD$200.0 18 MXN$150.0 USD$7.6 20% 75% 2017 2020 1.2787 1.3380. 75% 2017 19.1956 21.0000. 75% five As of March 31, 2017, • a current asset of $0.2 • a non-current asset of $0.1 • a current liability of $1.6 • a non-current liability of $1.2 Net unrealized losses of approximately $2.0 March 31, 2017, $1.4 March 31, 2017 twelve $0.1 three March 31, 2017. $10 three March 31, 2017. Metals Prices At times, we may 75% five We are currently using financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments between the time of shipment and final settlement. In addition, we currently use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead (but not silver and gold) contained in our forecasted future concentrate shipments. These contracts are not designated as hedges and are marked-to-market through earnings each period. As of March 31, 2017, • a current asset of $0.2 • a current liability of $2.0 $0.7 • a non-current liability of $0.4 $0.2 We recognized a $4.1 first 2017 We recognized a $7.8 first 2017 first 2017 The following tables summarize the quantities of metals committed under forward sales contracts at March 31, 2017 December 31, 2016: March 31, 2017 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2017 settlements 1,455 6 20,999 4,079 $ 18.10 $ 1,245 $ 1.27 $ 1.03 Contracts on forecasted sales 2017 settlements — — 17,527 11,133 N/A N/A $ 1.23 $ 1.05 2018 settlements — — 20,613 9,700 N/A N/A $ 1.23 $ 1.06 2019 settlements — — 1,102 — N/A N/A $ 1.21 N/A December 31, 2016 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2017 settlements 1,295 4 19,070 7,441 $ 16.29 $ 1,172 $ 1.18 $ 0.97 Contracts on forecasted sales 2017 settlements — — 35,384 17,637 N/A N/A $ 1.19 $ 1.03 2018 settlements — — 13,779 5,732 N/A N/A $ 1.21 $ 1.05 Our concentrate sales are based on a provisional sales price containing an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward price at the time of the sale. The embedded derivative, which results from changes to silver, gold, lead and zinc prices between the time of sale and final settlement, does not qualify for hedge accounting and is marked-to-market through earnings each period prior to final settlement. Credit-risk-related Contingent Features Certain of our derivative contracts contain cross default provisions which provide that a default under our revolving credit agreement would cause a default under the derivative contracts. As of March 31, 2017, $5.9 March 31, 2017. March 31, 2017, $5.9 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12. The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands). Description Balance at March 31, 2017 Balance at December 31, 2016 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 176,786 $ 169,777 Level 1 Available for sale securities: Debt securities – municipal and corporate bonds 36,505 29,117 Level 2 Equity securities – mining industry 5,104 5,002 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 17,210 20,082 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 2,200 2,200 Level 1 Derivative contracts: Metal forward contracts 254 5,403 Level 2 Foreign exchange contracts 364 27 Level 2 Total assets $ 238,423 $ 231,608 Liabilities: Derivative contracts: Metal forward contracts $ 2,386 $ 192 Level 2 Foreign exchange contracts 2,723 5,288 Level 2 Total Liabilities $ 5,109 $ 5,480 Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value, and a small portion consists of municipal bonds having maturities of less than 90 Current available-for-sale securities consist of municipal and corporate bonds having maturities of more than 90 Current and non-current restricted cash balances consist primarily of certificates of deposit, U.S. Treasury securities, and other deposits and are valued at cost, which approximates fair value. Our non-current available for sale securities consist of marketable equity securities of companies in the mining industry which are valued using quoted market prices for each security. Trade accounts receivable include amounts due to us for shipments of concentrates, doré and precipitate sold to customers. Revenues and the corresponding accounts receivable for sales of metals products are recorded when title and risk of loss transfer to the customer (generally at the time of ship loading, or at the time of customer arrival for trucked products). Sales of concentrates are recorded using estimated forward prices for the anticipated month of settlement applied to our estimate of payable metal quantities contained in each shipment. Sales are recorded net of estimated treatment and refining charges, which are also impacted by changes in metals prices and quantities of contained metals. We estimate the prices at which sales of our concentrates will be settled due to the time elapsed between shipment and final settlement with the customer. Receivables for previously recorded concentrate sales are adjusted to reflect estimated forward metals prices at the end of each period until final settlement by the customer. We obtain the forward metals prices used each period from a pricing service. Changes in metal prices between shipment and final settlement result in changes to revenues previously recorded upon shipment. The embedded derivative contained in our concentrate sales is adjusted to fair market value through earnings each period prior to final settlement. We use financially-settled forward contracts to manage exposure to changes in the exchange rate between the U.S. dollar and Canadian dollar and Mexican peso, and the impact on Canadian dollar and Mexican peso denominated operating costs incurred at our Casa Berardi and San Sebastian units (see Note 11 We use financially-settled forward contracts to manage the exposure to changes in prices of silver, gold, zinc and lead contained in our concentrate shipments that have not reached final settlement. We also use financially-settled forward contracts to manage the exposure to changes in prices of zinc and lead contained in our forecasted future concentrate shipments (see Note 11 Our Senior Notes issued in April 2013, $501.3 March 31, 2017, $509.1 March 31, 2017. 1 Note 9 |
Note 13 - Guarantor Subsidiarie
Note 13 - Guarantor Subsidiaries | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Guarantor Subsidiaries [Text Block] | Note 13. Presented below are Hecla’s unaudited interim condensed consolidating financial statements as required by Rule 3 10 1934, Note 9 100% April 12, 2013, January 3, 2014. The unaudited interim condensed consolidating financial statements below have been prepared from our financial information on the same basis of accounting as the unaudited interim condensed consolidated financial statements set forth elsewhere in this report. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate Hecla, the Guarantors, and our non-guarantor subsidiaries are reflected in the intercompany eliminations column. In the course of preparing consolidated financial statements, we eliminate the effects of various transactions conducted between Hecla and its subsidiaries and among the subsidiaries. While valid at an individual subsidiary level, such activities are eliminated in consolidation because, when taken as a whole, they do not represent business activity with third • Investments in subsidiaries • Capital contributions • Debt. • Dividends. • Deferred taxes may Separate financial statements of the Guarantors are not presented because the guarantees by the Guarantors are joint and several and full and unconditional, except for certain customary release provisions, including: (1) (2) (3) (4) (5) Effective December 31, 2015, 100% $240.8 five 29.7331% January 1, 2016. Unaudited Interim Condensed Consolidating Balance Sheets As of March 31, 2017 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 104,526 $ 29,783 $ 42,477 $ — $ 176,786 Other current assets 49,158 51,092 38,693 (574 ) 138,369 Properties, plants, and equipment - net 2,031 1,259,079 771,873 — 2,032,983 Intercompany receivable (payable) 453,210 (243,979 ) (314,308 ) 105,077 — Investments in subsidiaries 1,499,401 — — (1,499,401 ) — Other non-current assets 1,761 188,815 5,534 (137,787 ) 58,323 Total assets $ 2,110,087 $ 1,284,790 $ 544,269 $ (1,532,685 ) $ 2,406,461 Liabilities and Stockholders' Equity Current liabilities $ 47,831 $ 52,762 $ 47,968 $ (15,906 ) $ 132,655 Long-term debt 501,292 3,692 2,396 — 507,380 Non-current portion of accrued reclamation — 61,706 17,628 — 79,334 Non-current deferred tax liability — 11,767 126,635 (17,377 ) 121,025 Other non-current liabilities 46,661 5,328 (225 ) — 51,764 Stockholders' equity 1,514,303 1,149,535 349,867 (1,499,402 ) 1,514,303 Total liabilities and stockholders' equity $ 2,110,087 $ 1,284,790 $ 544,269 $ (1,532,685 ) $ 2,406,461 As of December 31, 2016 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 113,275 $ 24,388 $ 32,114 $ — $ 169,777 Other current assets 33,950 65,369 35,524 (1,236 ) 133,607 Properties, plants, and equipment - net 2,103 1,258,890 771,692 — 2,032,685 Intercompany receivable (payable) 404,121 (222,072 ) (307,018 ) 124,969 — Investments in subsidiaries 1,496,787 — — (1,496,787 ) — Other non-current assets 4,186 186,988 5,350 (160,916 ) 35,608 Total assets $ 2,054,422 $ 1,313,563 $ 537,662 $ (1,533,970 ) $ 2,371,677 Liabilities and Stockholders' Equity Current liabilities $ 22,401 $ 86,730 $ 41,348 $ (22,999 ) $ 127,480 Long-term debt 500,979 3,065 2,773 — 506,817 Non-current portion of accrued reclamation — 63,025 16,902 — 79,927 Non-current deferred tax liability — 14,212 121,600 (14,212 ) 121,600 Other non-current liabilities 51,198 5,108 (325 ) 28 56,009 Stockholders' equity 1,479,844 1,141,423 355,364 (1,496,787 ) 1,479,844 Total liabilities and stockholders' equity $ 2,054,422 $ 1,313,563 $ 537,662 $ (1,533,970 ) $ 2,371,677 Unaudited Interim Condensed Consolidating Statements of Operations Three Months Ended March 31, 2017 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Revenues $ (4,093 ) $ 82,953 $ 63,684 $ — $ 142,544 Cost of sales (148 ) (42,772 ) (35,756 ) — (78,676 ) Depreciation, depletion, amortization — (15,766 ) (13,186 ) — (28,952 ) General and administrative (6,469 ) (2,319 ) (418 ) — (9,206 ) Exploration and pre-development (244 ) (1,901 ) (3,621 ) — (5,766 ) Gain on derivative contracts (7,809 ) — — — (7,809 ) Equity in earnings of subsidiaries 2,701 — — (2,701 ) — Other (expense) income 42,896 (3,116 ) (9,332 ) (44,820 ) (14,372 ) Income (loss) before income taxes 26,834 17,079 1,371 (47,521 ) (2,237 ) (Provision) benefit from income taxes — (8,969 ) (6,780 ) 44,820 29,071 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 26,696 8,110 (5,409 ) (2,701 ) 26,696 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Changes in comprehensive income (loss) 3,204 — (89 ) 89 3,204 Comprehensive income (loss) $ 30,038 $ 8,110 $ (5,498 ) $ (2,612 ) $ 30,038 Three Months Ended March 31, 2016 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ (6,135 ) $ 81,269 $ 55,883 $ — $ 131,017 Cost of sales — (46,753 ) (27,567 ) — (74,320 ) Depreciation, depletion, amortization — (16,606 ) (9,269 ) — (25,875 ) General and administrative (5,240 ) (4,523 ) (451 ) — (10,214 ) Exploration and pre-development (45 ) (1,287 ) (2,022 ) — (3,354 ) Gain on derivative contracts — — — — — Equity in earnings of subsidiaries (20,991 ) — — 20,991 — Other (expense) income 31,793 4,336 (35,518 ) (16,829 ) (16,218 ) Income (loss) before income taxes (618 ) 16,436 (18,944 ) 4,162 1,036 (Provision) benefit from income taxes — (4,833 ) (13,650 ) 16,829 (1,654 ) Net income (loss) (618 ) 11,603 (32,594 ) 20,991 (618 ) Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders (756 ) 11,603 (32,594 ) 20,991 (756 ) Net income (loss) (618 ) 11,603 (32,594 ) 20,991 (618 ) Changes in comprehensive income (loss) 1,065 8 1,060 (1,068 ) 1,065 Comprehensive income (loss) $ 447 $ 11,611 $ (31,534 ) $ 19,923 $ 447 Unaudited Interim Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 40,953 $ 11,508 $ 15,642 $ (29,818 ) $ 38,285 Cash flows from investing activities: Additions to properties, plants, and equipment — (7,540 ) (14,118 ) — (21,658 ) Other investing activities, net (7,479 ) 61 — — (7,418 ) Cash flows from financing activities: Dividends paid to stockholders (1,127 ) — — — (1,127 ) Payments on debt — (1,658 ) (407 ) — (2,065 ) Other financing activity (41,096 ) 3,024 7,432 29,818 (822 ) Effect of exchange rate changes on cash — — 1,814 — 1,814 Changes in cash and cash equivalents (8,749 ) 5,395 10,363 — 7,009 Beginning cash and cash equivalents 113,275 24,388 32,114 — 169,777 Ending cash and cash equivalents $ 104,526 $ 29,783 $ 42,477 $ — $ 176,786 Three Months Ended March 31, 2016 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 7,848 $ (21,658 ) $ (7,884 ) $ 40,442 $ 18,748 Cash flows from investing activities: Additions to properties, plants, and equipment (53 ) (18,552 ) (16,049 ) — (34,654 ) Other investing activities, net — 215 (3,900 ) — (3,685 ) Cash flows from financing activities: Dividends paid to stockholders (1,090 ) — — — (1,090 ) Payments on debt — (2,556 ) (226 ) (2,782 ) Other financing activity (9,833 ) 27,189 23,823 (40,442 ) 737 Effect of exchange rate changes on cash — — 1,535 — 1,535 Changes in cash and cash equivalents (3,128 ) (15,362 ) (2,701 ) — (21,191 ) Beginning cash and cash equivalents 94,167 42,692 18,350 — 155,209 Ending cash and cash equivalents $ 91,039 $ 27,330 $ 15,649 $ — $ 134,018 |
Note 2 - Investments and Rest19
Note 2 - Investments and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2017 December 31, 2016 Amortized cost Unrealized loss Fair market value Amortized cost Unrealized loss Fair market value Corporate bonds $ 30,077 $ (38 ) $ 30,039 $ 22,100 $ (46 ) $ 22,054 Municipal bonds 3,138 — 3,138 3,727 (1 ) 3,726 Agency bonds 3,331 (3 ) 3,328 3,339 (2 ) 3,337 Total $ 36,546 $ (41 ) $ 36,505 $ 29,166 $ (49 ) $ 29,117 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2017 2016 Current: Domestic $ (12,797 ) $ (2,506 ) Foreign 5,515 1,015 Total current income tax benefit (7,282 ) (1,491 ) Deferred: Domestic (18,903 ) 588 Foreign (2,886 ) 2,557 Total deferred income tax (benefit) provision (21,789 ) 3,145 Total income tax (benefit) provision $ (29,071 ) $ 1,654 |
Note 6 - Business Segments (Tab
Note 6 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2017 2016 Net sales to unaffiliated customers: Greens Creek $ 58,850 $ 53,882 Lucky Friday 20,010 21,252 Casa Berardi 41,712 32,198 San Sebastian 21,972 23,685 $ 142,544 $ 131,017 Income (loss) from operations: Greens Creek $ 14,114 $ 8,078 Lucky Friday 3,880 2,743 Casa Berardi (2,245 ) 1,934 San Sebastian 13,454 14,912 Other (13,332 ) (12,094 ) $ 15,871 $ 15,573 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2017 December 31, 2016 Identifiable assets: Greens Creek $ 681,266 $ 681,303 Lucky Friday 439,991 442,829 Casa Berardi 804,886 806,044 San Sebastian 47,561 33,608 Other 432,757 407,893 $ 2,406,461 $ 2,371,677 |
Note 7 - Employee Benefit Pla22
Note 7 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2017 2016 Service cost $ 1,196 $ 1,077 Interest cost 1,339 1,307 Expected return on plan assets (1,462 ) (1,325 ) Amortization of prior service benefit (84 ) (84 ) Amortization of net loss 1,033 1,093 Net periodic benefit cost $ 2,022 $ 2,068 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Potential Per Share Dividend Amounts Quarterly Price Levels [Table Text Block] | Quarterly average realized silver price per ounce Quarterly dividend per share Annualized dividend per share $30 $0.01 $0.04 $35 $0.02 $0.08 $40 $0.03 $0.12 $45 $0.04 $0.16 $50 $0.05 $0.20 |
Note 9 - Senior Notes, Credit24
Note 9 - Senior Notes, Credit Facilities and Capital Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Interest rates: Spread over the London Interbank Offer Rate 2.25 - 3.25% Spread over alternative base rate 1.25 - 2.25% Standby fee per annum on undrawn amounts 0.50% Covenant financial ratios: Senior leverage ratio (debt secured by liens/EBITDA) not more than 2.50:1 Leverage ratio (total debt less unencumbered cash/EBITDA) (1) not more than 4.00:1 Interest coverage ratio (EBITDA/interest expense) not more than 3.00:1 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Twelve-month period ending March 31, 2018 $ 5,988 2019 3,946 2020 1,771 2021 604 Total 12,309 Less: imputed interest (585 ) Net capital lease obligation $ 11,724 |
Note 11 - Derivative Instrume25
Note 11 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | March 31, 2017 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2017 settlements 1,455 6 20,999 4,079 $ 18.10 $ 1,245 $ 1.27 $ 1.03 Contracts on forecasted sales 2017 settlements — — 17,527 11,133 N/A N/A $ 1.23 $ 1.05 2018 settlements — — 20,613 9,700 N/A N/A $ 1.23 $ 1.06 2019 settlements — — 1,102 — N/A N/A $ 1.21 N/A December 31, 2016 Ounces/pounds under contract (in 000's) Average price per ounce/pound Silver Gold Zinc Lead Silver Gold Zinc Lead (ounces) (ounces) (pounds) (pounds) (ounces) (ounces) (pounds) (pounds) Contracts on provisional sales 2017 settlements 1,295 4 19,070 7,441 $ 16.29 $ 1,172 $ 1.18 $ 0.97 Contracts on forecasted sales 2017 settlements — — 35,384 17,637 N/A N/A $ 1.19 $ 1.03 2018 settlements — — 13,779 5,732 N/A N/A $ 1.21 $ 1.05 |
Note 12 - Fair Value Measurem26
Note 12 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Description Balance at March 31, 2017 Balance at December 31, 2016 Input Hierarchy Level Assets: Cash and cash equivalents: Money market funds and other bank deposits $ 176,786 $ 169,777 Level 1 Available for sale securities: Debt securities – municipal and corporate bonds 36,505 29,117 Level 2 Equity securities – mining industry 5,104 5,002 Level 1 Trade accounts receivable: Receivables from provisional concentrate sales 17,210 20,082 Level 2 Restricted cash balances: Certificates of deposit and other bank deposits 2,200 2,200 Level 1 Derivative contracts: Metal forward contracts 254 5,403 Level 2 Foreign exchange contracts 364 27 Level 2 Total assets $ 238,423 $ 231,608 Liabilities: Derivative contracts: Metal forward contracts $ 2,386 $ 192 Level 2 Foreign exchange contracts 2,723 5,288 Level 2 Total Liabilities $ 5,109 $ 5,480 |
Note 13 - Guarantor Subsidiar27
Note 13 - Guarantor Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of March 31, 2017 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 104,526 $ 29,783 $ 42,477 $ — $ 176,786 Other current assets 49,158 51,092 38,693 (574 ) 138,369 Properties, plants, and equipment - net 2,031 1,259,079 771,873 — 2,032,983 Intercompany receivable (payable) 453,210 (243,979 ) (314,308 ) 105,077 — Investments in subsidiaries 1,499,401 — — (1,499,401 ) — Other non-current assets 1,761 188,815 5,534 (137,787 ) 58,323 Total assets $ 2,110,087 $ 1,284,790 $ 544,269 $ (1,532,685 ) $ 2,406,461 Liabilities and Stockholders' Equity Current liabilities $ 47,831 $ 52,762 $ 47,968 $ (15,906 ) $ 132,655 Long-term debt 501,292 3,692 2,396 — 507,380 Non-current portion of accrued reclamation — 61,706 17,628 — 79,334 Non-current deferred tax liability — 11,767 126,635 (17,377 ) 121,025 Other non-current liabilities 46,661 5,328 (225 ) — 51,764 Stockholders' equity 1,514,303 1,149,535 349,867 (1,499,402 ) 1,514,303 Total liabilities and stockholders' equity $ 2,110,087 $ 1,284,790 $ 544,269 $ (1,532,685 ) $ 2,406,461 As of December 31, 2016 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Assets Cash and cash equivalents $ 113,275 $ 24,388 $ 32,114 $ — $ 169,777 Other current assets 33,950 65,369 35,524 (1,236 ) 133,607 Properties, plants, and equipment - net 2,103 1,258,890 771,692 — 2,032,685 Intercompany receivable (payable) 404,121 (222,072 ) (307,018 ) 124,969 — Investments in subsidiaries 1,496,787 — — (1,496,787 ) — Other non-current assets 4,186 186,988 5,350 (160,916 ) 35,608 Total assets $ 2,054,422 $ 1,313,563 $ 537,662 $ (1,533,970 ) $ 2,371,677 Liabilities and Stockholders' Equity Current liabilities $ 22,401 $ 86,730 $ 41,348 $ (22,999 ) $ 127,480 Long-term debt 500,979 3,065 2,773 — 506,817 Non-current portion of accrued reclamation — 63,025 16,902 — 79,927 Non-current deferred tax liability — 14,212 121,600 (14,212 ) 121,600 Other non-current liabilities 51,198 5,108 (325 ) 28 56,009 Stockholders' equity 1,479,844 1,141,423 355,364 (1,496,787 ) 1,479,844 Total liabilities and stockholders' equity $ 2,054,422 $ 1,313,563 $ 537,662 $ (1,533,970 ) $ 2,371,677 |
Condensed Income Statement [Table Text Block] | Three Months Ended March 31, 2017 Parent Guarantors Non-Guarantors Eliminations Consolidated (in thousands) Revenues $ (4,093 ) $ 82,953 $ 63,684 $ — $ 142,544 Cost of sales (148 ) (42,772 ) (35,756 ) — (78,676 ) Depreciation, depletion, amortization — (15,766 ) (13,186 ) — (28,952 ) General and administrative (6,469 ) (2,319 ) (418 ) — (9,206 ) Exploration and pre-development (244 ) (1,901 ) (3,621 ) — (5,766 ) Gain on derivative contracts (7,809 ) — — — (7,809 ) Equity in earnings of subsidiaries 2,701 — — (2,701 ) — Other (expense) income 42,896 (3,116 ) (9,332 ) (44,820 ) (14,372 ) Income (loss) before income taxes 26,834 17,079 1,371 (47,521 ) (2,237 ) (Provision) benefit from income taxes — (8,969 ) (6,780 ) 44,820 29,071 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders 26,696 8,110 (5,409 ) (2,701 ) 26,696 Net income (loss) 26,834 8,110 (5,409 ) (2,701 ) 26,834 Changes in comprehensive income (loss) 3,204 — (89 ) 89 3,204 Comprehensive income (loss) $ 30,038 $ 8,110 $ (5,498 ) $ (2,612 ) $ 30,038 Three Months Ended March 31, 2016 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Revenues $ (6,135 ) $ 81,269 $ 55,883 $ — $ 131,017 Cost of sales — (46,753 ) (27,567 ) — (74,320 ) Depreciation, depletion, amortization — (16,606 ) (9,269 ) — (25,875 ) General and administrative (5,240 ) (4,523 ) (451 ) — (10,214 ) Exploration and pre-development (45 ) (1,287 ) (2,022 ) — (3,354 ) Gain on derivative contracts — — — — — Equity in earnings of subsidiaries (20,991 ) — — 20,991 — Other (expense) income 31,793 4,336 (35,518 ) (16,829 ) (16,218 ) Income (loss) before income taxes (618 ) 16,436 (18,944 ) 4,162 1,036 (Provision) benefit from income taxes — (4,833 ) (13,650 ) 16,829 (1,654 ) Net income (loss) (618 ) 11,603 (32,594 ) 20,991 (618 ) Preferred stock dividends (138 ) — — — (138 ) Income (loss) applicable to common stockholders (756 ) 11,603 (32,594 ) 20,991 (756 ) Net income (loss) (618 ) 11,603 (32,594 ) 20,991 (618 ) Changes in comprehensive income (loss) 1,065 8 1,060 (1,068 ) 1,065 Comprehensive income (loss) $ 447 $ 11,611 $ (31,534 ) $ 19,923 $ 447 |
Condensed Cash Flow Statement [Table Text Block] | Three Months Ended March 31, 2017 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 40,953 $ 11,508 $ 15,642 $ (29,818 ) $ 38,285 Cash flows from investing activities: Additions to properties, plants, and equipment — (7,540 ) (14,118 ) — (21,658 ) Other investing activities, net (7,479 ) 61 — — (7,418 ) Cash flows from financing activities: Dividends paid to stockholders (1,127 ) — — — (1,127 ) Payments on debt — (1,658 ) (407 ) — (2,065 ) Other financing activity (41,096 ) 3,024 7,432 29,818 (822 ) Effect of exchange rate changes on cash — — 1,814 — 1,814 Changes in cash and cash equivalents (8,749 ) 5,395 10,363 — 7,009 Beginning cash and cash equivalents 113,275 24,388 32,114 — 169,777 Ending cash and cash equivalents $ 104,526 $ 29,783 $ 42,477 $ — $ 176,786 Three Months Ended March 31, 2016 Parent Guarantors Non- Guarantors Eliminations Consolidated (in thousands) Cash flows from operating activities $ 7,848 $ (21,658 ) $ (7,884 ) $ 40,442 $ 18,748 Cash flows from investing activities: Additions to properties, plants, and equipment (53 ) (18,552 ) (16,049 ) — (34,654 ) Other investing activities, net — 215 (3,900 ) — (3,685 ) Cash flows from financing activities: Dividends paid to stockholders (1,090 ) — — — (1,090 ) Payments on debt — (2,556 ) (226 ) (2,782 ) Other financing activity (9,833 ) 27,189 23,823 (40,442 ) 737 Effect of exchange rate changes on cash — — 1,535 — 1,535 Changes in cash and cash equivalents (3,128 ) (15,362 ) (2,701 ) — (21,191 ) Beginning cash and cash equivalents 94,167 42,692 18,350 — 155,209 Ending cash and cash equivalents $ 91,039 $ 27,330 $ 15,649 $ — $ 134,018 |
Note 2 - Investments and Rest28
Note 2 - Investments and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Available-for-sale Securities, Debt Securities, Current | $ 36,500 | $ 0 | $ 29,100 |
Payments to Acquire Investments | 11,113 | ||
Proceeds from Sale and Maturity of Marketable Securities | 3,634 | ||
Available-for-sale Securities, Equity Securities, Noncurrent | 5,100 | 5,000 | |
Available-for-sale Equity Securities, Amortized Cost Basis | $ 3,900 | $ 4,100 | |
Other than Temporary Impairment Losses, Investments | $ 1,000 |
Note 2 - Investments and Rest29
Note 2 - Investments and Restricted Cash - Current Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized cost | $ 36,546 | $ 29,166 |
Unrealized loss | (41) | (49) |
Short-term investments | 36,505 | 29,117 |
Corporate Bond Securities [Member] | ||
Amortized cost | 30,077 | 22,100 |
Unrealized loss | (38) | (46) |
Short-term investments | 30,039 | 22,054 |
Municipal Bonds [Member] | ||
Amortized cost | 3,138 | 3,727 |
Unrealized loss | (1) | |
Short-term investments | 3,138 | 3,726 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 3,331 | 3,339 |
Unrealized loss | (3) | (2) |
Short-term investments | $ 3,328 | $ 3,337 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Deferred Tax Liabilities, Net | $ 72.6 | |
Deferred Tax Assets, Valuation Allowance | 81 | $ 100 |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Net | 48.4 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (15) | |
Canada Revenue Agency [Member] | Foreign Tax Authority [Member] | ||
Deferred Tax Liabilities, Net | $ 121 |
Note 3 - Income Taxes - Major C
Note 3 - Income Taxes - Major Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | ||
Domestic | $ (12,797) | $ (2,506) |
Foreign | 5,515 | 1,015 |
Total current income tax benefit | (7,282) | (1,491) |
Deferred: | ||
Domestic | (18,903) | 588 |
Foreign | (2,886) | 2,557 |
Total deferred income tax (benefit) provision | (21,789) | 3,145 |
Total income tax (benefit) provision | $ (29,071) | $ 1,654 |
Note 4 - Commitments, Conting32
Note 4 - Commitments, Contingencies and Obligations (Details Textual) - USD ($) | Apr. 12, 2013 | Aug. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2014 |
Contractual Obligations | $ 1,800,000 | |||||
Commitments For Capital Lease Payments | 12,300,000 | |||||
Surety Bonds | 112,800,000 | |||||
Lucky Friday [Member] | ||||||
Open Purchase Orders | 200,000 | |||||
Casa Berardi [Member] | ||||||
Open Purchase Orders | 2,100,000 | |||||
Greens Creek [Member] | ||||||
Open Purchase Orders | 9,500,000 | |||||
Senior Notes [Member] | ||||||
Proceeds from Issuance of Debt | $ 500,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||
Debt Instrument, Increase (Decrease), Net | $ 6,500,000 | |||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | ||||||
Payment Of Response Costs | $ 1,100,000 | $ 1,100,000 | ||||
Estimated Response Costs | 5,600,000 | |||||
Liability for Remediation | 5,600,000 | |||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Minimum [Member] | ||||||
Estimated Alternative Response Costs | 0 | |||||
Johnny M Mine Area near San Mateo, New Mexico [Member] | Maximum [Member] | ||||||
Estimated Alternative Response Costs | $ 221,000,000 | |||||
Carpenter Snow Creek Superfund Site, Cascade County, Montana [Member] | ||||||
Estimated Response Costs | $ 4,500,000 | |||||
Estimated Future Response Cost | $ 100,000,000 | |||||
Joint Venture [Member] | Rio Grande Silver Inc and Emerald Mining and Leasing LLC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 70.00% | |||||
Maximum Environmental Remediation Obligation | $ 2,500,000 |
Note 5 - Earnings (Loss) Per 33
Note 5 - Earnings (Loss) Per Common Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 |
Common Stock, Shares, Issued | 399,911,009 | |
Treasury Stock, Shares | 4,085,599 | 3,941,210 |
Common Stock, Shares, Outstanding | 395,825,410 | 395,286,875 |
Class of Warrant or Right, Outstanding | 0 | |
Restricted Stock Units (RSUs) [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,735,569 | |
Deferred Shares [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 727,262 |
Note 6 - Business Segments (Det
Note 6 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Number of Reportable Segments | 4 | |
Employee Labor Strike Related Costs | $ 1,581 | |
Lucky Friday [Member] | ||
Employee Labor Strike Related Costs | $ 1,600 |
Note 6 - Business Segments - In
Note 6 - Business Segments - Information about Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Sales of products | $ 142,544 | $ 131,017 |
Income from operations | 15,871 | 15,573 |
Greens Creek [Member] | ||
Sales of products | 58,850 | 53,882 |
Income from operations | 14,114 | 8,078 |
Lucky Friday [Member] | ||
Sales of products | 20,010 | 21,252 |
Income from operations | 3,880 | 2,743 |
Casa Berardi [Member] | ||
Sales of products | 41,712 | 32,198 |
Income from operations | (2,245) | 1,934 |
San Sebastian [Member] | ||
Sales of products | 21,972 | 23,685 |
Income from operations | 13,454 | 14,912 |
Other Segments [Member] | ||
Income from operations | $ (13,332) | $ (12,094) |
Note 6 - Business Segments - Id
Note 6 - Business Segments - Identifiable Assets by Reporting Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total assets | $ 2,406,461 | $ 2,371,677 |
Greens Creek [Member] | ||
Total assets | 681,266 | 681,303 |
Lucky Friday [Member] | ||
Total assets | 439,991 | 442,829 |
Casa Berardi [Member] | ||
Total assets | 804,886 | 806,044 |
San Sebastian [Member] | ||
Total assets | 47,561 | 33,608 |
Other Segments [Member] | ||
Total assets | $ 432,757 | $ 407,893 |
Note 7 - Employee Benefit Pla37
Note 7 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 1 Months Ended | |
Apr. 30, 2017 | Mar. 31, 2017 | |
Supplemental Employee Retirement Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0.4 | |
Subsequent Event [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1.2 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 2.8 |
Note 7 - Employee Benefit Pla38
Note 7 - Employee Benefit Plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Service cost | $ 1,196 | $ 1,077 |
Interest cost | 1,339 | 1,307 |
Expected return on plan assets | (1,462) | (1,325) |
Amortization of prior service benefit | (84) | (84) |
Amortization of net loss | 1,033 | 1,093 |
Net periodic benefit cost | $ 2,022 | $ 2,068 |
Note 8 - Stockholders' Equity39
Note 8 - Stockholders' Equity (Details Textual) | May 04, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares$ / ozshares | Mar. 31, 2017USD ($)$ / shares$ / ozshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / shares$ / ozshares | Feb. 23, 2016USD ($) | May 08, 2012shares |
Shares Paid for Tax Withholding for Share Based Compensation | shares | 154,933 | 532,157 | |||||
Payments Related to Tax Withholding for Share-based Compensation | $ 700,000 | $ 1,300,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 4.67 | $ 2.36 | |||||
Average Realized Silver Price | $ 17.90 | ||||||
Average Realized Silver Price Minimum Dividend Threshold | $ / oz | 30 | 30 | 30 | ||||
Stock Issued During Period, Shares, New Issues | shares | 2,780,087 | ||||||
Stock Issued During Period, Value, New Issues | $ 8,100,000 | ||||||
Payments for Brokerage Fees | $ 166,000 | ||||||
Common Stock Repurchase Program [Member] | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 3.99 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 20,000,000 | ||||||
Cumulative Stock Repurchased | shares | 934,100 | 934,100 | 934,100 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 19,100,000 | 19,100,000 | 19,100,000 | ||||
Subsequent Event [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.0025 | ||||||
Dividends, Common Stock | $ 1,000,000 | ||||||
Subsequent Event [Member] | Common Stock Repurchase Program [Member] | |||||||
Share Price | $ / shares | $ 5.14 | $ 5.14 | $ 5.14 | ||||
Minimum [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.01 | ||||||
Maximum [Member] | |||||||
Common Stock, Aggregate Offering Price | $ 75,000,000 | ||||||
Employees and Non-employee Directors [Member] | |||||||
Allocated Share-based Compensation Expense | $ 1,300,000 | $ 1,200,000 | |||||
Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 641,406 | ||||||
Allocated Share-based Compensation Expense | $ 4,200,000 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Common Stock Dividend Policy (Details) | 3 Months Ended |
Mar. 31, 2017$ / shares$ / item | |
Quarterly Average Realized Price, Level 1 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 30 |
Quarterly dividend per share (in dollars per share) | $ 0.01 |
Annual dividend per share (in dollars per share) | $ 0.04 |
Quarterly Average Realized Price, Level 2 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 35 |
Quarterly dividend per share (in dollars per share) | $ 0.02 |
Annual dividend per share (in dollars per share) | $ 0.08 |
Quarterly Average Realized Price, Level 3 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 40 |
Quarterly dividend per share (in dollars per share) | $ 0.03 |
Annual dividend per share (in dollars per share) | $ 0.12 |
Quarterly Average Realized Price, Level 4 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 45 |
Quarterly dividend per share (in dollars per share) | $ 0.04 |
Annual dividend per share (in dollars per share) | $ 0.16 |
Quarterly Average Realized Price, Level 5 [Member] | |
Quarterly average realized silver price per ounce (in USD per Per Share) | $ / item | 50 |
Quarterly dividend per share (in dollars per share) | $ 0.05 |
Annual dividend per share (in dollars per share) | $ 0.20 |
Note 9 - Senior Notes, Credit41
Note 9 - Senior Notes, Credit Facilities and Capital Leases (Details Textual) | Apr. 12, 2013USD ($) | May 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2017 | Dec. 31, 2016USD ($) | |
Underwriting Discount On Senior Notes | 2.00% | |||||||
Leverage Ratio | 5 | |||||||
Letters of Credit Outstanding, Amount | $ 2,600,000 | |||||||
Capital Lease Obligations | 11,724,000 | $ 11,500,000 | ||||||
Capital Lease Obligations, Current | 5,647,000 | 5,653,000 | ||||||
Capital Lease Obligations, Noncurrent | 6,088,000 | $ 5,838,000 | ||||||
Capital Leases, Future Minimum Payments Due | 12,309,000 | |||||||
Capital Leases, Future Minimum Payments, Interest Included in Payments | $ 585,000 | |||||||
Maximum [Member] | ||||||||
Leverage Ratio | [1] | 4 | ||||||
Scenario, Forecast [Member] | ||||||||
Leverage Ratio | 4 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||
Debt Instrument, Term | 3 years | |||||||
Long-term Line of Credit | $ 0 | |||||||
Letter of Credit [Member] | ||||||||
Letter of Credit Outstanding, Fronting Fee | 0.20% | |||||||
Letter of Credit [Member] | Minimum [Member] | ||||||||
Letter of Credit, Participation Fee, Percent | 2.25% | |||||||
Letter of Credit [Member] | Maximum [Member] | ||||||||
Letter of Credit, Participation Fee, Percent | 3.25% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||
Payment for Pension Benefits | $ 6,500,000 | |||||||
Proceeds from Issuance of Senior Long-term Debt | 490,000,000 | |||||||
Debt Instrument, Unamortized Discount | $ 10,000,000 | $ 5,200,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||||
Interest Costs Capitalized | 8,100,000 | $ 5.20 | ||||||
Interest Expense, Debt | $ 900,000 | $ 3,800,000 | ||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||
[1] | The leverage ratio was amended for to be 5.00:1 for 2016, and reverted back to 4.00:1 effective January 1, 2017. |
Note 9 - Senior Notes, Credit42
Note 9 - Senior Notes, Credit Facility, and Capital Leases - Credit Facilities (Details) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Leverage ratio (total debt less unencumbered cash/EBITDA) | 5 | ||
Maximum [Member] | |||
Senior leverage ratio (debt secured by liens/EBITDA) | 2.5 | ||
Leverage ratio (total debt less unencumbered cash/EBITDA) | [1] | 4 | |
Interest coverage ratio (EBITDA/interest expense) | 3 | ||
New Facility [Member] | |||
Standby fee per annum on undrawn amounts | 0.50% | ||
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Variable rate | 2.25% | ||
New Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Variable rate | 3.25% | ||
New Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Variable rate | 1.25% | ||
New Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Variable rate | 2.25% | ||
[1] | The leverage ratio was amended for to be 5.00:1 for 2016, and reverted back to 4.00:1 effective January 1, 2017. |
Note 9 - Senior Notes, Credit43
Note 9 - Senior Notes, Credit Facility, and Capital Leases - Annual Maturities of Capital Lease Commitments, Including Interest (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 5,988,000 | |
2,019 | 3,946,000 | |
2,020 | 1,771,000 | |
2,021 | 604,000 | |
Total | 12,309,000 | |
Less: imputed interest | (585,000) | |
Net capital lease obligation | $ 11,724,000 | $ 11,500,000 |
Note 10 - Developments in Acc44
Note 10 - Developments in Accounting Pronouncements (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Equity Securities [Member] | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 1.1 |
Reclassification of Deferred Tax Assets from Current to Noncurrent [Member] | December 31, 2016 [Member] | |
Prior Period Reclassification Adjustment | 12.3 |
Reclassification of Deferred Tax Liabilities from Current to Noncurrent [Member] | December 31, 2016 [Member] | |
Prior Period Reclassification Adjustment | $ 1.3 |
Note 11 - Derivative Instrume45
Note 11 - Derivative Instruments (Details Textual) $ in Thousands, MXN in Millions, CAD in Millions | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017CAD | Mar. 31, 2017MXN | |
Maximum Allocation of Forecasted CAD-demonimated Operating Costs | 75.00% | 75.00% | 75.00% | |
Forecasted CAD-denominated Operating Costs to be Hedged, Term | 5 years | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (2,000) | |||
Gain (Loss) on Sale of Derivatives | (7,809) | |||
Gain (Loss) on Components Excluded from Assessment of Foreign Currency Cash Flow Hedge Effectiveness | 10 | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 5,900 | |||
Derivative, Fair Value, Obligations Under the Agreements | 5,900 | |||
Cost of Sales [Member] | ||||
Gain (Loss) on Sale of Derivatives | (100) | |||
Other Comprehensive Income (Loss) [Member] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ (1,400) | |||
Casa Berardi [Member] | Minimum [Member] | ||||
Derivative, Forward Contracts, Forecasted Cash Operating Costs, Percent | 20.00% | 20.00% | 20.00% | |
Casa Berardi [Member] | Maximum [Member] | ||||
Derivative, Forward Contracts, Forecasted Cash Operating Costs, Percent | 75.00% | 75.00% | 75.00% | |
San Sebastian [Member] | ||||
Derivative, Forward Contracts, Forecasted Cash Operating Costs, Percent | 75.00% | 75.00% | 75.00% | |
Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivative Asset, Current | $ 200 | |||
Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Asset, Noncurrent | 100 | |||
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||||
Derivative Liability, Current | 1,600 | |||
Foreign Exchange Contract [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivative Liability, Noncurrent | $ 1,200 | |||
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Minimum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 1.2787 | 1.2787 | 1.2787 | |
Foreign Exchange Contract [Member] | Casa Berardi [Member] | Maximum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 1.338 | 1.338 | 1.338 | |
Foreign Exchange Contract [Member] | San Sebastian [Member] | Minimum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 19.1956 | 19.1956 | 19.1956 | |
Foreign Exchange Contract [Member] | San Sebastian [Member] | Maximum [Member] | United States of America, Dollars | ||||
Derivative, Forward Exchange Rate | 21 | 21 | 21 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Casa Berardi [Member] | ||||
Derivative, Number of Instruments Held | 118 | 118 | 118 | |
Derivative, Notional Amount | $ 200,000 | CAD 260.1 | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | San Sebastian [Member] | ||||
Derivative, Number of Instruments Held | 18 | 18 | 18 | |
Derivative, Notional Amount | $ 7,600 | MXN 150 | ||
Commodity Contract [Member] | Other Current Assets [Member] | ||||
Derivative Asset, Current | 200 | |||
Commodity Contract [Member] | Other Current Liabilities [Member] | ||||
Derivative Liability, Current | 2,000 | |||
Derivative Liability, Fair Value, Gross Asset | 700 | |||
Commodity Contract [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivative Liability, Noncurrent | 400 | |||
Derivative Liability, Fair Value, Gross Asset | 200 | |||
Unsettled Concentrate Sales Contracts [Member] | ||||
Derivative, Loss on Derivative | 4,100 | |||
Forecasted Future Concentrate Contracts [Member] | ||||
Derivative, Loss on Derivative | $ 7,800 |
Note 11 - Derivative Instrume46
Note 11 - Derivative Instruments - Summary of Forward Sales Contracts (Details) oz in Thousands, lb in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017ozlb$ / oz$ / lb | Dec. 31, 2016ozlb$ / oz$ / lb | |
Silver 2017 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 1,455 | 1,295 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 18.1 | 16.29 |
Gold 2017 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | oz | 6 | 4 |
Average price per ounce/pound (in USD per Ounce) | $ / oz | 1,245 | 1,172 |
Zinc 2017 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 20,999 | 19,070 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.27 | 1.18 |
Lead 2017 Settlements for Provisional Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 4,079 | 7,441 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.03 | 0.97 |
Zinc 2017 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 17,527 | 35,384 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.23 | 1.19 |
Lead 2017 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 11,133 | 17,637 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.05 | 1.03 |
Zinc 2018 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 20,613 | 13,779 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.23 | 1.21 |
Lead 2018 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 9,700 | 5,732 |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.06 | 1.05 |
Zinc 2019 Settlements for Forecasted Sales [Member] | ||
Ounces/pounds under contract (Ounce) | lb | 1,102 | |
Average price per ounce/pound (in USD per Ounce) | $ / lb | 1.21 |
Note 12 - Fair Value Measurem47
Note 12 - Fair Value Measurement (Details Textual) - Senior Notes [Member] $ in Millions | Mar. 31, 2017USD ($) |
Notes Payable | $ 501.3 |
Fair Value, Inputs, Level 1 [Member] | |
Notes Payable, Fair Value Disclosure | $ 509.1 |
Note 12 - Fair Value Measurem48
Note 12 - Fair Value Measurement - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables from provisional concentrate sales | $ 22,234 | $ 9,967 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 238,423 | 231,608 |
Total liabilities | 5,109 | 5,480 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Money market funds and other bank deposits | 176,786 | 169,777 |
Equity securities – mining industry | 5,104 | 5,002 |
Certificates of deposit and other bank deposits | 2,200 | 2,200 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Debt securities – municipal and corporate bonds | 36,505 | 29,117 |
Receivables from provisional concentrate sales | 17,210 | 20,082 |
Metal forward contracts | 254 | 5,403 |
Foreign exchange contracts | 364 | 27 |
Metal forward contracts | 2,386 | 192 |
Foreign exchange contracts | $ 2,723 | $ 5,288 |
Note 13 - Guarantor Subsidiar49
Note 13 - Guarantor Subsidiaries (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2015 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |
Hecla Limited [Member] | ||
Sale of Stock, Percentage of Ownership before Transaction | 100.00% | |
Proceeds from Divestiture of Businesses | $ 240.8 | |
Capital Requirements Limited Funding Period | 5 years | |
Hecla Alaska LLC [Member] | Greens Creek [Member] | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 29.7331% |
Note 13 - Guarantor Subsidiar50
Note 13 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 176,786 | $ 169,777 | $ 134,018 | $ 155,209 |
Other current assets | 8,256 | 12,125 | ||
Properties, plants, and equipment - net | 2,032,983 | 2,032,685 | ||
Other non-current assets | 2,609 | 4,884 | ||
Total assets | 2,406,461 | 2,371,677 | ||
Current liabilities | 132,655 | 126,225 | ||
Long-term debt | 501,292 | 500,979 | ||
Non-current deferred tax liability | 121,025 | 122,855 | ||
Other non-current liabilities | 5,321 | 11,518 | ||
Stockholders' equity | 1,514,303 | 1,479,844 | ||
Total liabilities and stockholders' equity | 2,406,461 | 2,371,677 | ||
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents | ||||
Other current assets | (574) | (1,236) | ||
Properties, plants, and equipment - net | ||||
Intercompany receivable (payable) | 105,077 | 124,969 | ||
Investments in subsidiaries | (1,499,401) | (1,496,787) | ||
Other non-current assets | (137,787) | (160,916) | ||
Total assets | (1,532,685) | (1,533,970) | ||
Current liabilities | (15,906) | (22,999) | ||
Long-term debt | ||||
Non-current portion of accrued reclamation | ||||
Non-current deferred tax liability | (17,377) | (14,212) | ||
Other non-current liabilities | 28 | |||
Stockholders' equity | (1,499,402) | (1,496,787) | ||
Total liabilities and stockholders' equity | (1,532,685) | (1,533,970) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 104,526 | 113,275 | 91,039 | 94,167 |
Other current assets | 49,158 | 33,950 | ||
Properties, plants, and equipment - net | 2,031 | 2,103 | ||
Intercompany receivable (payable) | 453,210 | 404,121 | ||
Investments in subsidiaries | 1,499,401 | 1,496,787 | ||
Other non-current assets | 1,761 | 4,186 | ||
Total assets | 2,110,087 | 2,054,422 | ||
Current liabilities | 47,831 | 22,401 | ||
Long-term debt | 501,292 | 500,979 | ||
Non-current portion of accrued reclamation | ||||
Non-current deferred tax liability | ||||
Other non-current liabilities | 46,661 | 51,198 | ||
Stockholders' equity | 1,514,303 | 1,479,844 | ||
Total liabilities and stockholders' equity | 2,110,087 | 2,054,422 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 29,783 | 24,388 | 27,330 | 42,692 |
Other current assets | 51,092 | 65,369 | ||
Properties, plants, and equipment - net | 1,259,079 | 1,258,890 | ||
Intercompany receivable (payable) | (243,979) | (222,072) | ||
Investments in subsidiaries | ||||
Other non-current assets | 188,815 | 186,988 | ||
Total assets | 1,284,790 | 1,313,563 | ||
Current liabilities | 52,762 | 86,730 | ||
Long-term debt | 3,692 | 3,065 | ||
Non-current portion of accrued reclamation | 61,706 | 63,025 | ||
Non-current deferred tax liability | 11,767 | 14,212 | ||
Other non-current liabilities | 5,328 | 5,108 | ||
Stockholders' equity | 1,149,535 | 1,141,423 | ||
Total liabilities and stockholders' equity | 1,284,790 | 1,313,563 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and cash equivalents | 42,477 | 32,114 | $ 15,649 | $ 18,350 |
Other current assets | 38,693 | 35,524 | ||
Properties, plants, and equipment - net | 771,873 | 771,692 | ||
Intercompany receivable (payable) | (314,308) | (307,018) | ||
Investments in subsidiaries | ||||
Other non-current assets | 5,534 | 5,350 | ||
Total assets | 544,269 | 537,662 | ||
Current liabilities | 47,968 | 41,348 | ||
Long-term debt | 2,396 | 2,773 | ||
Non-current portion of accrued reclamation | 17,628 | 16,902 | ||
Non-current deferred tax liability | 126,635 | 121,600 | ||
Other non-current liabilities | (225) | (325) | ||
Stockholders' equity | 349,867 | 355,364 | ||
Total liabilities and stockholders' equity | 544,269 | 537,662 | ||
Consolidated Entities [Member] | ||||
Cash and cash equivalents | 176,786 | 169,777 | ||
Other current assets | 138,369 | 133,607 | ||
Properties, plants, and equipment - net | 2,032,983 | 2,032,685 | ||
Intercompany receivable (payable) | ||||
Investments in subsidiaries | ||||
Other non-current assets | 58,323 | 35,608 | ||
Total assets | 2,406,461 | 2,371,677 | ||
Current liabilities | 132,655 | 127,480 | ||
Long-term debt | 507,380 | 506,817 | ||
Non-current portion of accrued reclamation | 79,334 | 79,927 | ||
Non-current deferred tax liability | 121,025 | 121,600 | ||
Other non-current liabilities | 51,764 | 56,009 | ||
Stockholders' equity | 1,514,303 | 1,479,844 | ||
Total liabilities and stockholders' equity | $ 2,406,461 | $ 2,371,677 |
Note 13 - Guarantor Subsidiar51
Note 13 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | $ 142,544 | $ 131,017 |
Cost of sales | (78,676) | (74,320) |
Depreciation, depletion, amortization | (28,952) | (25,875) |
General and administrative | (9,206) | (10,214) |
Exploration and pre-development | (5,766) | (3,354) |
Loss on derivative contracts | (7,809) | |
Other (expense) income | (14,372) | (16,218) |
Income (loss) before income taxes | (2,237) | 1,036 |
Income tax benefit (provision) | 29,071 | (1,654) |
Net income (loss) | 26,834 | (618) |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 26,696 | (756) |
Changes in comprehensive income (loss) | 3,204 | 1,065 |
Comprehensive income (loss) | 30,038 | 447 |
Consolidation, Eliminations [Member] | ||
Revenues | ||
Cost of sales | ||
Depreciation, depletion, amortization | ||
General and administrative | ||
Exploration and pre-development | ||
Loss on derivative contracts | ||
Equity in earnings of subsidiaries | (2,701) | 20,991 |
Other (expense) income | (44,820) | (16,829) |
Income (loss) before income taxes | (47,521) | 4,162 |
Income tax benefit (provision) | 44,820 | 16,829 |
Net income (loss) | (2,701) | 20,991 |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | (2,701) | 20,991 |
Changes in comprehensive income (loss) | 89 | (1,068) |
Comprehensive income (loss) | (2,612) | 19,923 |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Revenues | (4,093) | (6,135) |
Cost of sales | (148) | |
Depreciation, depletion, amortization | ||
General and administrative | (6,469) | (5,240) |
Exploration and pre-development | (244) | (45) |
Loss on derivative contracts | (7,809) | |
Equity in earnings of subsidiaries | 2,701 | (20,991) |
Other (expense) income | 42,896 | 31,793 |
Income (loss) before income taxes | 26,834 | (618) |
Income tax benefit (provision) | ||
Net income (loss) | 26,834 | (618) |
Preferred stock dividends | (138) | (138) |
Income (loss) applicable to common stockholders | 26,696 | (756) |
Changes in comprehensive income (loss) | 3,204 | 1,065 |
Comprehensive income (loss) | 30,038 | 447 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenues | 82,953 | 81,269 |
Cost of sales | (42,772) | (46,753) |
Depreciation, depletion, amortization | (15,766) | (16,606) |
General and administrative | (2,319) | (4,523) |
Exploration and pre-development | (1,901) | (1,287) |
Loss on derivative contracts | ||
Equity in earnings of subsidiaries | ||
Other (expense) income | (3,116) | 4,336 |
Income (loss) before income taxes | 17,079 | 16,436 |
Income tax benefit (provision) | (8,969) | (4,833) |
Net income (loss) | 8,110 | 11,603 |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | 8,110 | 11,603 |
Changes in comprehensive income (loss) | 8 | |
Comprehensive income (loss) | 8,110 | 11,611 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenues | 63,684 | 55,883 |
Cost of sales | (35,756) | (27,567) |
Depreciation, depletion, amortization | (13,186) | (9,269) |
General and administrative | (418) | (451) |
Exploration and pre-development | (3,621) | (2,022) |
Loss on derivative contracts | ||
Equity in earnings of subsidiaries | ||
Other (expense) income | (9,332) | (35,518) |
Income (loss) before income taxes | 1,371 | (18,944) |
Income tax benefit (provision) | (6,780) | (13,650) |
Net income (loss) | (5,409) | (32,594) |
Preferred stock dividends | ||
Income (loss) applicable to common stockholders | (5,409) | (32,594) |
Changes in comprehensive income (loss) | (89) | 1,060 |
Comprehensive income (loss) | $ (5,498) | $ (31,534) |
Note 13 - Guarantor Subsidiar52
Note 13 - Guarantor Subsidiaries - Unaudited Interim Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | $ 38,285 | $ 18,748 |
Additions to properties, plants, and equipment | (21,658) | (34,654) |
Other investing activities, net | (7,418) | (3,685) |
Dividends paid to stockholders | (1,127) | (1,090) |
Payments on debt | (2,065) | (2,782) |
Other financing activity | (822) | 737 |
Effect of exchange rate changes on cash | 1,814 | 1,535 |
Changes in cash and cash equivalents | 7,009 | (21,191) |
Cash and cash equivalents at beginning of period | 169,777 | 155,209 |
Cash and cash equivalents at end of period | 176,786 | 134,018 |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities | (29,818) | 40,442 |
Additions to properties, plants, and equipment | ||
Other investing activities, net | ||
Dividends paid to stockholders | ||
Payments on debt | ||
Other financing activity | 29,818 | (40,442) |
Effect of exchange rate changes on cash | ||
Changes in cash and cash equivalents | ||
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 40,953 | 7,848 |
Additions to properties, plants, and equipment | (53) | |
Other investing activities, net | (7,479) | |
Dividends paid to stockholders | (1,127) | (1,090) |
Payments on debt | ||
Other financing activity | (41,096) | (9,833) |
Effect of exchange rate changes on cash | ||
Changes in cash and cash equivalents | (8,749) | (3,128) |
Cash and cash equivalents at beginning of period | 113,275 | 94,167 |
Cash and cash equivalents at end of period | 104,526 | 91,039 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 11,508 | (21,658) |
Additions to properties, plants, and equipment | (7,540) | (18,552) |
Other investing activities, net | 61 | 215 |
Dividends paid to stockholders | ||
Payments on debt | (1,658) | (2,556) |
Other financing activity | 3,024 | 27,189 |
Effect of exchange rate changes on cash | ||
Changes in cash and cash equivalents | 5,395 | (15,362) |
Cash and cash equivalents at beginning of period | 24,388 | 42,692 |
Cash and cash equivalents at end of period | 29,783 | 27,330 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Cash flows from operating activities | 15,642 | (7,884) |
Additions to properties, plants, and equipment | (14,118) | (16,049) |
Other investing activities, net | (3,900) | |
Dividends paid to stockholders | ||
Payments on debt | (407) | (226) |
Other financing activity | 7,432 | 23,823 |
Effect of exchange rate changes on cash | 1,814 | 1,535 |
Changes in cash and cash equivalents | 10,363 | (2,701) |
Cash and cash equivalents at beginning of period | 32,114 | 18,350 |
Cash and cash equivalents at end of period | $ 42,477 | $ 15,649 |