Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'STILLWATER MINING CO /DE/ | ' |
Entity Central Index Key | '0000931948 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 119,320,525 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ' | ' | ' | ' |
Mine Production | $123,193 | $107,057 | $364,249 | $339,951 |
PGM Recycling | 156,814 | 73,987 | 432,897 | 256,919 |
Total revenues | 280,007 | 181,044 | 797,146 | 596,870 |
Costs of metals sold | ' | ' | ' | ' |
Mine Production | 83,913 | 69,910 | 237,042 | 218,935 |
PGM Recycling | 136,843 | 72,096 | 402,859 | 249,360 |
Total costs of metals sold | 220,756 | 142,006 | 639,901 | 468,295 |
Depletion, depreciation and amortization | ' | ' | ' | ' |
Mine Production | 15,057 | 13,843 | 43,824 | 42,848 |
PGM Recycling | 285 | 264 | 804 | 793 |
Total depletion, depreciation and amortization | 15,342 | 14,107 | 44,628 | 43,641 |
Total costs of revenues | 236,098 | 156,113 | 684,529 | 511,936 |
Marketing | 207 | 1,886 | 4,197 | 7,874 |
Exploration | 2,143 | 1,668 | 10,247 | 13,785 |
Research and development | 104 | 82 | 192 | 864 |
Proxy contest expense | 0 | 0 | 4,307 | 0 |
Accelerated equity based compensation expense | 0 | 0 | 9,063 | 0 |
General and administrative | 9,316 | 9,882 | 35,846 | 32,477 |
Loss on long-term investments | 112 | 1,697 | 1,766 | 1,697 |
Impairment of non-producing mineral property | 290,417 | 0 | 290,417 | 0 |
Abandonment of non-producing property | 0 | 0 | 0 | 2,835 |
Loss on disposal of property, plant and equipment | 66 | 71 | 106 | 363 |
Total costs and expenses | 538,463 | 171,399 | 1,040,670 | 571,831 |
OPERATING (LOSS) INCOME | -258,456 | 9,645 | -243,524 | 25,039 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Other | 8 | 82 | 1,170 | 667 |
Interest income | 1,102 | 271 | 3,516 | 1,706 |
Interest expense | -5,556 | -1,493 | -17,646 | -4,361 |
Foreign currency transaction gain, net | 6,220 | 6,407 | 15,679 | 12,981 |
(LOSS) INCOME BEFORE INCOME TAX BENEFIT (PROVISION) | -256,682 | 14,912 | -240,805 | 36,032 |
Income tax benefit (provision) | 54,698 | -2,109 | 47,468 | 1,508 |
NET (LOSS) INCOME | -201,984 | 12,803 | -193,337 | 37,540 |
Net loss attributable to noncontrolling interest | -489 | -273 | -1,117 | -631 |
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | -201,495 | 13,076 | -192,220 | 38,171 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized gains on securities available-for-sale | 219 | 421 | 288 | 620 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | -201,276 | 13,497 | -191,932 | 38,791 |
Comprehensive loss attributable to noncontrolling interest | -489 | -273 | -1,117 | -631 |
TOTAL COMPREHENSIVE (LOSS) INCOME | ($201,765) | $13,224 | ($193,049) | $38,160 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 119,153 | 116,377 | 118,347 | 115,918 |
Diluted (in shares) | 119,153 | 117,145 | 118,347 | 116,847 |
Basic (loss) earnings per share attributable to common stockholders (in usd per share) | ($1.69) | $0.11 | ($1.62) | $0.33 |
Diluted (loss) earnings per share attributable to common stockholders (in usd per share) | ($1.69) | $0.11 | ($1.62) | $0.33 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $235,055 | $379,680 |
Investments, at fair market value | 229,174 | 261,983 |
Inventories | 181,888 | 153,208 |
Trade receivables | 18,739 | 9,953 |
Deferred income taxes | 21,304 | 21,304 |
Prepaids | 6,340 | 4,967 |
Other current assets | 23,475 | 21,767 |
Total current assets | 715,975 | 852,862 |
Mineral properties | 285,942 | 576,359 |
Mine development, net | 373,357 | 322,866 |
Property, plant and equipment, net | 121,105 | 122,677 |
Deferred debt issuance costs | 8,315 | 9,609 |
Other noncurrent assets | 6,795 | 6,390 |
Total assets | 1,511,489 | 1,890,763 |
Current liabilities | ' | ' |
Accounts payable | 32,226 | 28,623 |
Accrued compensation and benefits | 32,340 | 31,369 |
Property, production and franchise taxes payable | 12,057 | 13,722 |
Current portion of long-term debt and capital lease obligations | 2,009 | 168,432 |
Income taxes payable | 9,454 | 0 |
Other current liabilities | 8,549 | 4,702 |
Total current liabilities | 96,635 | 246,848 |
Long-term debt and capital lease obligations | 305,105 | 292,685 |
Deferred income taxes | 130,911 | 199,802 |
Accrued workers compensation | 5,851 | 5,815 |
Asset retirement obligation | 8,477 | 7,965 |
Other noncurrent liabilities | 9,023 | 5,068 |
Total liabilities | 556,002 | 758,183 |
Stockholders’ equity | ' | ' |
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 119,246,710 and 116,951,081 shares issued and outstanding | 1,192 | 1,170 |
Paid-in capital | 1,074,913 | 1,058,978 |
Accumulated (deficit) earnings | -171,451 | 20,770 |
Accumulated other comprehensive income (loss) | 189 | -99 |
Total stockholders’ equity | 904,843 | 1,080,819 |
Noncontrolling interest | 50,644 | 51,761 |
Total equity | 955,487 | 1,132,580 |
Total liabilities and equity | $1,511,489 | $1,890,763 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 119,246,710 | 116,951,081 |
Common stock, shares outstanding (in shares) | 119,246,710 | 116,951,081 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net (loss) income | ($193,337) | $37,540 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Depletion, depreciation and amortization | 44,628 | 43,641 |
Loss on disposal of property, plant and equipment | 106 | 363 |
Impairment of non-producing mineral property | 290,417 | 0 |
Loss on long-term investments | 1,766 | 1,697 |
Deferred taxes | -60,743 | -4,913 |
Foreign currency transaction gain, net | -15,679 | -12,981 |
Abandonment of non-producing property | 0 | 2,835 |
Accretion of asset retirement obligation | 512 | 470 |
Amortization of debt issuance costs | 1,294 | 944 |
Accretion of convertible debenture debt discount | 11,722 | 0 |
Accelerated equity based compensation expense | 9,063 | 0 |
Share based compensation and other benefits | 13,673 | 12,899 |
Non-cash capitalized interest | -1,918 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Inventories | -28,961 | 6,221 |
Trade receivables | -8,786 | -3,727 |
Prepaids | -1,373 | -1,870 |
Accrued compensation and benefits | 989 | 2,258 |
Accounts payable | 2,270 | -1,270 |
Property, production and franchise taxes payable | 1,330 | 1,041 |
Income taxes payable | 9,454 | -1,235 |
Workers compensation | 36 | 490 |
Restricted cash | 0 | 15,825 |
Other | 5,238 | 206 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 81,701 | 100,434 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -91,187 | -84,688 |
Proceeds from disposal of property, plant and equipment | 126 | 39 |
Purchases of investments | -116,769 | -68,286 |
Proceeds from maturities of investments | 147,103 | 42,003 |
NET CASH USED IN INVESTING ACTIVITIES | -60,727 | -110,932 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from sale of noncontrolling interest, net of transaction costs | 0 | 93,821 |
Issuance of long-term debt | 0 | 7,176 |
Payments on debt and capital lease obligations | -165,714 | -946 |
Payments for debt issuance costs | 0 | -219 |
Issuance of common stock | 115 | 44 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -165,599 | 99,876 |
CASH AND CASH EQUIVALENTS | ' | ' |
Net (decrease) increase | -144,625 | 89,378 |
Balance at beginning of period | 379,680 | 109,097 |
BALANCE AT END OF PERIOD | $235,055 | $198,475 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
GENERAL | |
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position of Stillwater Mining Company (the “Company”) as of September 30, 2013, the results of its operations for the three- and nine-month periods ended September 30, 2013 and 2012, and its cash flows for the nine-months then ended. The results of operations for the first nine months of 2013 are not necessarily indicative of the results to be expected for the full year. Certain prior period income statement and balance sheet amounts have been reclassified to conform to the current period presentation; there was no impact to the total amounts for net income (loss) or total assets, liabilities or stockholders' equity. The accompanying consolidated financial statements in this quarterly report should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's previously filed 2013 Quarterly Reports on Form 10-Q and the Company's 2012 Annual Report on Form 10-K. All intercompany transactions and balances have been eliminated in consolidation. | |
The preparation of the Company’s consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. The more significant areas requiring the use of management’s estimates relate to mineral reserves, reclamation and environmental obligations, valuation allowance for deferred tax assets, useful lives utilized for depreciation, amortization and accretion calculations, future cash flows from long-lived assets, and fair value of derivatives and other financial instruments. Actual results could differ from these estimates. | |
The Company evaluates subsequent events through the date the consolidated financial statements are issued. No subsequent events were identified that required additional disclosure in the consolidated financial statements through the date of this filing. |
Sales
Sales | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Sales Revenue, Goods, Net [Abstract] | ' | ||||||||||||
Sales | ' | ||||||||||||
SALES | |||||||||||||
MINE PRODUCTION | |||||||||||||
The Company mines and processes ores from its Montana operations containing palladium, platinum, rhodium, gold, silver, copper and nickel into intermediate and final products for sale to customers. Palladium, platinum, rhodium, gold and silver are sent to third party refineries for final processing from where they are sold to a number of consumers and dealers with whom the Company has established trading relationships. Refined platinum group metals (PGMs) of 99.95% purity (rhodium of 99.9%) in sponge form are transferred upon sale from the Company’s account at third party refineries to the account of the purchaser. By-product metals are normally sold at market prices to customers, brokers or outside refiners. By-products of copper and nickel are produced by the Company at less than commercial grade, so prices for these metals typically reflect a quality discount. By-product sales are included in revenues from Mine Production. During the third quarter of 2013 and 2012, total by-product (copper, nickel, gold, silver and mined rhodium) sales were $6.7 million and $7.2 million, respectively. During the first nine months of 2013 and 2012, total by-product sales were $21.1 million and $23.6 million, respectively. | |||||||||||||
The Company has a supply agreement with General Motors Corporation (GM) that provides for fixed quantities of palladium to be delivered each month, a platinum supply agreement with Tiffany & Co., and PGM supply agreements with Johnson Matthey, BASF and Ford Motor Company, all of which expire at the end of 2013. Some of these agreements provide for pricing at a small discount to a trailing market price. Based on the targeted 2013 mine production of about 505,000 to 515,000 ounces, up to 93% of the Company's mined palladium production and up to 88% of its platinum production is committed under its supply agreements. The Company currently sells its remaining uncommitted mined production under spot sales agreements. | |||||||||||||
Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred either physically or through an irrevocable transfer of metals to customers’ accounts, the price is fixed or determinable, no related obligations remain and collectability is probable. | |||||||||||||
PGM RECYCLING | |||||||||||||
The Company purchases spent catalyst material from third parties and processes this material in its facilities in Columbus, Montana to recover palladium, platinum and rhodium for sale. It also accepts material supplied from third parties on a tolling basis, processing it for a fee and returning the recovered metals to the supplier. The Company has entered into sourcing arrangements for catalyst material with multiple suppliers. Under these sourcing arrangements as currently structured, the Company sometimes advances cash against a shipment of material shortly before actually receiving the physical shipment. These advances are included in Other current assets on the Company’s Consolidated Balance Sheets until such time as the material has been physically received and title has transferred to the Company. The Company holds a security interest in materials procured by its largest recycling supplier that have not been received by the Company. Once the material is physically received and title has transferred, the associated advance is reclassified from Other current assets into Inventories. Finance charges collected on advances and inventories prior to being earned are included in Other current liabilities on the Company’s Consolidated Balance Sheets. Finance charges are reclassified from Other current liabilities to Interest income ratably from the time the advance was made until the out-turn date of the inventory. | |||||||||||||
At the same time the Company purchases recycling material, it typically enters into a fixed forward contract for future delivery of the PGMs contained in the recycled material at a price consistent with the purchase cost of the recycled material. The contract commits the Company to deliver finished metal on a specified date that normally corresponds to the expected out-turn date for the metal from the final refiner. The purpose of this arrangement is to eliminate the Company’s exposure to fluctuations in market prices during processing. However, doing so does create an obligation for the Company to deliver metal at a future point in time that could be subject to operational risks. If the Company is unable to complete the processing of the recycled material by the contractual delivery date, it could either cover its delivery commitments with mine production or purchase finished metal in the open market. If open market purchases are used, the Company bears the risk of any changes in the market price relative to the price stipulated in the delivery contract. | |||||||||||||
TOTAL SALES | |||||||||||||
Total sales to significant customers as a percentage of total revenues for the three- and nine-month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013(1) | 2012(1) | 2013(1) | 2012(1) | ||||||||||
Customer A | 30 | % | 28 | % | 28 | % | 26 | % | |||||
Customer B | 14 | % | 16 | % | 14 | % | 17 | % | |||||
Customer C | 14 | % | — | 14 | % | — | |||||||
Customer D | — | 18 | % | 13 | % | 18 | % | ||||||
Customer E | — | — | — | 10 | % | ||||||||
58 | % | 62 | % | 69 | % | 71 | % | ||||||
(1) The “—” symbol represents less than 10% of total revenues. |
Asset_Impairment_Notes
Asset Impairment (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Asset Impairment Charges [Abstract] | ' |
Asset Impairment Charges [Text Block] | ' |
ASSET IMPAIRMENT | |
The Company reviews and evaluates its long-lived assets for impairment when events and changes in circumstances indicate that the related carrying amounts of its assets may not be recoverable. | |
The Company identified certain events and changes in circumstances that occurred both during the third quarter of 2013 and subsequently, but prior to the filing of its quarterly report on Form 10-Q. Continuing uncertainty in the legal and business climate in Argentina, announcements of reduced investment or the placement on care and maintenance of certain projects in the vicinity of the Company’s Altar mineral property, significant changes in the global mining industry and on-going technical reviews within the Company were all considered in the Company’s assessment. Considering these events individually, and in the aggregate, the Company concluded that a triggering event had occurred during the 2013 third quarter requiring it to assess whether its investment in the Altar mineral property was impaired. These adverse changes required the Company to assess whether it could generate cash flows sufficient to recover its investment in the Altar mineral property utilizing scenarios under current consideration by the Company on an undiscounted basis. Based on these scenarios for the Altar mineral property, which have been evolving pursuant to the technical reviews described above, the Company determined that the probability-weighted undiscounted future cash flows from the Altar mineral property more likely than not are not sufficient to recover the carrying value at September 30, 2013. Having made such determination, the Company undertook an assessment of the fair market value of the property which included examining recent comparable transactions for similar undeveloped mineral properties and market multiples for similar projects. Accordingly, the Company’s reported loss at September 30, 2013, includes a $290.4 million (before-tax) impairment in the carrying value of the Altar mineral property in Argentina, reducing the carrying value to its estimated fair market value of $102.0 million. |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interest | ' |
NONCONTROLLING INTEREST | |
In March 2012, the Company entered into an agreement with Mitsubishi Corporation (Mitsubishi) in which a Mitsubishi subsidiary acquired a 25% interest in the Company's wholly-owned subsidiary, Stillwater Canada Inc (SCI), which owns the Marathon PGM-copper project and related properties, for approximately $81.25 million in cash and contributed an additional $13.6 million to satisfy Mitsubishi's portion of the venture's initial cash call. Mitsubishi will be responsible for funding its 25% share of operating, capital and exploration expenditures on the Marathon properties and has agreed to cooperate and support efforts to secure project financing for Marathon. Mitsubishi will have an option to purchase up to 100% of Marathon's future PGM production under a related supply agreement at a relatively small discount to market. The transaction closed in April 2012. The change in the parent company's equity as a result of the sale of the noncontrolling interest in SCI was an increase to Additional paid in capital of $42.5 million, offset in part by expenses incurred of $1.1 million. | |
The noncontrolling interest's share of equity in SCI is reflected as Noncontrolling interest in the Company's Consolidated Balance Sheets and was $50.6 million as of September 30, 2013. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||
The Company uses various derivative financial instruments to manage its exposure to changes in interest rates and PGM market commodity prices. Some of these derivatives are designated as hedges. Because the Company hedges only with instruments that have a high correlation with the value of the underlying exposures, changes in the derivatives’ fair value are expected to be offset by changes in the value of the hedged transaction. | ||||||||||||||||||||||
COMMODITY DERIATIVES | ||||||||||||||||||||||
The Company customarily enters into fixed forward contracts and on occasion it also enters into financially settled forward contracts to offset the price risk in its PGM Recycling segment. From time to time, it also has entered into these types of contracts on portions of its mine production. Under these customary fixed forward transactions, the Company agrees to deliver a stated quantity of metal on a specific future date at a price stipulated in advance. The Company uses fixed forward transactions primarily to price in advance the metals acquired for processing in its PGM Recycling segment. Under financially settled forward transactions, at each settlement date the Company receives the difference between the forward price and the market price if the market price is below the forward price and the Company pays the difference between the forward price and the market price if the market price is above the forward price. These financially settled forward contracts are settled in cash at maturity and do not require physical delivery of metal at settlement. The Company typically has used financially settled forward contracts with third parties to reduce its exposure to price risk on metal it is obligated to deliver under long-term sales agreements. | ||||||||||||||||||||||
MINE PRODUCTION | ||||||||||||||||||||||
The Company had no outstanding derivative contracts pertaining to its mined production during the nine-month periods ended September 30, 2013 and 2012. | ||||||||||||||||||||||
PGM RECYCLING | ||||||||||||||||||||||
The Company customarily enters into fixed forward sales relating to PGM recycling of catalyst materials. The metals recovered from recycling of catalyst material are typically sold forward at the time of purchase of the catalyst material and delivered against the fixed forward contracts once the metals are recovered. All of the fixed forward sales contracts for recovered metals in effect at September 30, 2013 will settle at various periods through March 2014. The Company has credit agreements with its major trading partners that provide for margin deposits in the event that forward prices for metals exceed the Company’s hedged prices by a predetermined margin limit. As of September 30, 2013, no such margin deposits were outstanding or due. | ||||||||||||||||||||||
Occasionally, the Company also has entered into financially settled forward contracts on its recycled materials. Such contracts are utilized when the Company wishes to establish a firm forward price for recycled metal on a specific future date. No financially settled forward contracts were entered into during the three- and nine-month periods ended September 30, 2013 and 2012. The Company generally has not designated these contracts as cash flow hedges, so they are marked to market at the end of each accounting period. The change in the fair value of the derivatives is reflected in the Company's Consolidated Statements of Comprehensive (Loss) Income. | ||||||||||||||||||||||
The following is a summary of the Company’s obligations to deliver metal under commodity derivatives in place as of September 30, 2013: | ||||||||||||||||||||||
PGM Recycling: | ||||||||||||||||||||||
Fixed Forwards | ||||||||||||||||||||||
Platinum | Palladium | Rhodium | ||||||||||||||||||||
Settlement Period | Ounces | Average | Ounces | Average | Ounces | Average | ||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Fourth Quarter 2013 | 36,280 | $ | 1,457 | 62,903 | $ | 724 | 9,764 | $ | 982 | |||||||||||||
First Quarter 2014 | 3,014 | $ | 1,453 | 5,197 | $ | 726 | 1,472 | $ | 970 | |||||||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Share-Based Compensation | ' | |||||||
SHARE-BASED COMPENSATION | ||||||||
STOCK PLANS | ||||||||
The Company sponsors stock plans (the “Plans”) that enable the Company to grant stock options or other equity based compensation to employees and non-employee directors. Effective March 1, 2011, the Company ceased offering stock options as incentive compensation to employees and non-employee directors, and began to and expects to continue to issue only cash awards or restricted stock units in lieu of stock options. The Company continues to have previously issued stock options that remain outstanding under three separate plans: the 1994 Incentive Plan (amended by the 1998 Incentive Plan), the General Employee Plan and the 2004 Equity Incentive Plan. In April 2012, stockholders approved the 2012 Equity Incentive Plan. At inception of the plans, approximately 16.4 million shares of common stock were authorized for issuance under the Plans, including approximately 5.0 million, 5.2 million, 1.4 million and 4.8 million authorized shares for the 2012 Equity Incentive Plan, 2004 Equity Incentive Plan, the General Employee Plan and the 1994 Incentive Plan (as amended by the 1998 Incentive Plan), respectively. The 1998 Incentive Plan and the General Employee Plan have been terminated and no additional options, shares or units may be issued under these two terminated plans. Approximately 5.0 million shares remain available and reserved for grant under the 2004 Equity Incentive Plan and the 2012 Equity Incentive Plan combined, as of September 30, 2013. | ||||||||
The Compensation Committee of the Company’s Board of Directors administers the Plans and determines the type of equity awards to be issued, the exercise period, vesting period and all other terms of instruments issued under the Plans. Employees’ options and restricted stock units vest in equal annual installments over a three year period after date of grant. Options expire ten years after the date of grant. Certain of the Company's equity incentive plans and award agreements contain "change in control" provisions which provide that, among other triggering events, a "change in control" occurs if following the election of new directors to the Board of Directors, a majority of the members of the Board of Directors are not considered "incumbent directors." | ||||||||
On May 7, 2013, the Company announced the election of four new directors to the Company's Board of Directors. The election resulted in four incumbent directors being retained on the board and four new directors being elected to the board. This four/four split constituted a "change in control" event under the 2004 and 2012 Plans. As a result of this change in control, all unvested stock options and unvested restricted stock units that had previously been granted under the 2004 and 2012 Plans (excluding those unrestricted stock units granted under the 2004 Plan to individuals eligible for the Company's 409A deferral plans) became fully vested, effective May 7, 2013. | ||||||||
On June 7, 2013, Francis R. McAllister, the Company's former Chief Executive Officer, announced his retirement from the Company. At the time of his retirement, Mr. McAllister was a member of the Company's Board of Directors. His retirement constituted another "change in control" event that resulted in the accelerated vesting of all remaining unvested restricted stock that had been granted through the date of Mr. McAllister's retirement. | ||||||||
Historically, the Company recognized compensation expense associated with its stock option grants based on their fair market value on the date of grant as determined using a Black-Scholes option pricing model. As discussed above, the change in control that occurred in the second quarter of this year resulted in all outstanding, unvested stock options granted under the 2004 and 2012 Plans becoming fully vested. Unless vesting is accelerated due to a change in control or other event, the Company recognizes stock option expense ratably over the vesting period of the options. If options are canceled or forfeited prior to vesting, the Company stops recognizing the related expense effective with the date of forfeiture. However, because of the accelerated vesting of all outstanding stock options in the second quarter of 2013, the Company was required to recognize the remaining expense of such vesting immediately. Total compensation expense related to the accelerated vesting of unvested stock options and nonvested shares was approximately $9.1 million (non-cash charge) in the second quarter of 2013 and is recorded as Accelerated equity based compensation expense in the Company's Consolidated Statements of Comprehensive (Loss) Income. | ||||||||
Because all outstanding, unvested stock options vested in the second quarter of 2013, there was no compensation expense associated with stock option grants recorded for the three- month period ended September 30, 2013. Compensation expense related to the fair value of stock options during the three- month period ended September 30, 2012, was approximately $22,900. Compensation expense related to the fair value of stock options during the nine-month periods ended September 30, 2013 and 2012 was $41,400 and $78,200, respectively. The compensation expense for prior periods was recorded in General and administrative in the Company's Consolidated Statements of Comprehensive (Loss) Income. The Company received approximately $0.1 million in cash from the exercise of stock options in the nine-month period ended September 30, 2013 and less than $0.1 million in the comparable period in 2012. | ||||||||
NONVESTED SHARES | ||||||||
The following table summarizes the status of and changes in the Company’s nonvested shares during the first nine months of 2013: | ||||||||
Nonvested Shares | Weighted-Average | |||||||
Grant-Date Fair Value | ||||||||
Nonvested shares at January 1, 2013 | 1,149,333 | $ | 14.38 | |||||
Granted | 469,498 | 13.89 | ||||||
Vested | (712,401 | ) | 13.73 | |||||
Forfeited | (250 | ) | 15.79 | |||||
Nonvested shares at March 31, 2013 | 906,180 | $ | 14.63 | |||||
Granted | 44,942 | 12.47 | ||||||
Vested (1) | (949,448 | ) | 14.53 | |||||
Forfeited | (133 | ) | 13.99 | |||||
Nonvested shares at June 30, 2013 | 1,541 | $ | 11.85 | |||||
Granted | 3,149 | 11.57 | ||||||
Vested | — | — | ||||||
Forfeited | (100 | ) | 10.82 | |||||
Nonvested shares at September 30, 2013 | 4,590 | $ | 11.68 | |||||
(1) Pursuant to the terms of the 2004 and 2012 Plans, the change in control that occurred in the second quarter of this year resulted in all outstanding nonvested shares granted under those Plans immediately becoming fully vested. | ||||||||
Total compensation expense related to grants of nonvested shares was $3,300 and $2.8 million in each of the three- month periods ended September 30, 2013 and 2012, respectively. Compensation expense related to grants of nonvested shares was $14.6 million and $6.5 million in the nine-month periods ended September 30, 2013 and 2012, respectively. Of the total compensation expense related to grants of nonvested shares for the nine months ended September 30, 2013, $5.5 million is included within General and administrative in the Company's Consolidated Statements of Comprehensive (Loss) Income and $9.1 million (non-cash charge) resulting from the triggering of the change in control provisions under the 2004 and 2012 Equity Incentive Plans is recorded as Accelerated equity based compensation expense in the Company's Consolidated Statements of Comprehensive (Loss) Income. | ||||||||
Total compensation expense related to nonvested shares is currently expected to be approximately $4,500, $17,600, $17,800 and $9,900 for the remainder of 2013 and the years 2014, 2015 and 2016, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company determines income taxes using the asset and liability method which results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amount and the tax basis of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets and liabilities are recorded on a jurisdictional basis. | |
At September 30, 2013, the Company has U.S. net operating loss carryforwards (NOLs), which expire at various times in years through 2028. The Company has reviewed its net deferred tax assets and has provided a valuation allowance to reflect the estimated amount of net deferred tax assets which management considers, more likely than not, will not be realized. | |
The Company recorded an income tax benefit of $54.7 million and $47.5 million for the three- and nine-month periods ended September 30, 2013, respectively. The three- and nine-month periods ended September 30, 2013 include an income tax benefit of $63.9 million that resulted from the reduction of the carrying value of the Altar mineral property in Argentina to its estimated fair market value. | |
The provision for income taxes for the three- and nine-month periods ended September 30, 2013 consists of U.S. Alternative Minimum Tax (AMT), state tax expense, as well as deferred tax benefit from certain foreign jurisdictions. During the three- month period ended September 30, 2013, the Company made immaterial adjustments to income tax expense and additional paid-in capital as a result of the completion of the 2012 income tax return. Changes in the Company’s net deferred tax assets and liabilities have been partially offset by a corresponding change in the valuation allowance. As a result of an analysis concluded during the three- month period ended June 30, 2013, the Company determined it has tax exposure in certain states for which tax filings had not previously been made. Tax returns will be filed in such states for the tax years affected, and any unpaid taxes will be paid. This will also require the amendment of tax returns previously filed in Montana for the tax years affected. As of September 30, 2013, the tax provision impact of the unpaid tax, net of expense recorded including interest and penalties, associated with this matter is estimated at $1.6 million. | |
The Company recognized an income tax provision of $2.1 million and an income tax benefit of $1.5 million for the three- and nine-month periods ended September 30, 2012, respectively. | |
The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in Income tax benefit (provision) in the Company's Consolidated Statements of Comprehensive (Loss) Income. There were no interest or penalties on unrecognized tax (provision) benefits for the nine-month periods ended September 30, 2013 and 2012. The Company made income tax payments of $2.4 million and $4.8 million in the nine-month periods ended September 30, 2013 and 2012, respectively. Tax years still open for examination by the taxing authorities are the years ended December 31, 2012, 2011 and 2010 although net operating loss and credit carryforwards from all years are subject to examination and adjustments for the three years following the year in which the carryforwards are utilized. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt and Capital Lease Obligations | ' | ||||
DEBT AND CAPITAL LEASE OBLIGATIONS | |||||
1.875% CONVERTIBLE DEBENTURES | |||||
In March 2008, the Company issued and sold $181.5 million aggregate principal amount of senior unsecured convertible debentures due March 15, 2028, which pay interest at 1.875% per annum, payable semi-annually on March 15 and September 15 of each year, and commenced paying interest on September 15, 2008 (1.875% debentures). The 1.875% debentures will mature on March 15, 2028, subject to earlier repurchase or conversion. Each $1,000 principal amount of debentures is initially convertible, at the option of the holders, into approximately 42.5351 shares of the Company’s common stock, at any time prior to the maturity date. The conversion rate is subject to certain adjustments, but will not be adjusted for accrued interest or any unpaid interest. The conversion rate initially represents a conversion price of $23.51 per share. | |||||
In October 2009, the Company undertook an exchange of $15.0 million in aggregate face amount of the 1.875% debentures for 1.84 million shares of the Company's common stock. Holders of $164.3 million of the 1.875% debentures exercised their option to require the Company to repurchase all or a portion of their 1.875% debentures on March 15, 2013. Holders of the remaining $2.2 million of outstanding 1.875% debentures may require the Company to repurchase all or a portion of their 1.875% debentures on March 15, 2018 or March 15, 2023, or at any time before March 15, 2028 upon the occurrence of certain events including a change in control. As of March 22, 2013, the Company has available the option to redeem the remaining $2.2 million of outstanding 1.875% debentures for cash at its discretion. The outstanding balance of $2.2 million is reported as a long-term debt obligation as of September 30, 2013. | |||||
There was no amortization expense related to the issuance costs of the 1.875% debentures for the three- month period ended September 30, 2013, and for the same period of 2012 there was approximately $0.2 million of such expense. Amortization expense related to the 1.875% debentures was $0.2 million and $0.7 million for the nine- month periods ended September 30, 2013 and 2012, respectively. The interest expense on the 1.875% debentures was approximately $10,500 and $0.7 million for the three- month periods ended September 30, 2013 and 2012, respectively. Interest expense for the nine-month periods ended September 30, 2013 and 2012 was $0.7 million and $2.3 million, respectively. The Company made cash payments of $21,000 and $1.6 million for interest on the debentures for the three- and nine-month periods ended September 30, 2013, respectively. Cash payments in the comparable periods of 2012 were $1.6 million and $3.1 million, respectively. | |||||
1.75% CONVERTIBLE DEBENTURES | |||||
In October 2012, the Company completed the issuance and sale of $396.75 million of 1.75% senior unsecured convertible debentures, due October 15, 2032 (1.75% debentures). Each $1,000 principal amount of the 1.75% debentures is initially convertible, under certain circumstances and during certain periods, into 60.4961 shares (subject to customary anti-dilution adjustments) of the Company's common stock, which represents an initial conversion price of $16.53 per share. The 1.75% debentures also include an embedded conversion enhancement feature that is equivalent to including with each debenture a warrant initially exercisable for 30.2481 shares at $16.53 per share (both subject to customary anti-dilution adjustments). The Company, at its election, may settle conversions of the 1.75% debentures in cash, shares of its common stock or any combination of cash and shares of its common stock. Holders have the right to redeem their 1.75% debentures on October 15 of each of 2019, 2024, 2029, and upon the occurrence of certain corporate events, at face value plus accrued and unpaid interest, up to, but excluding, the relevant repurchase date. The Company will have the option to redeem the 1.75% debentures at any time on or after October 20, 2019. | |||||
The 1.75% debentures were bifurcated under U.S. GAAP into separate debt and equity components, and reflect an effective maturity (to the first optional redemption date) of seven years. The residual amount of $141.6 million recorded within equity is treated for accounting purposes as additional debt discount and accreted as an additional non-cash interest charge to earnings over the expected life. Debt and equity issuance costs totaling approximately $12.4 million were deducted from the gross proceeds of the offering of the 1.75% debentures and the debt portion is being amortized ratably over seven years. Net proceeds of $384.3 million from the offering were used in part to retire $164.3 million of the Company's outstanding 1.875% debentures on March 18, 2013, with the remaining proceeds to be used for general corporate purposes. | |||||
The 1.75% debentures have an effective interest rate of 8.50% and a stated interest rate of 1.75% with interest paid semi-annually. The balance outstanding for the period ended September 30, 2013 was $269.9 million, which is net of unamortized discount of $126.8 million. | |||||
Amortization expense related to the issuance costs of the 1.75% debentures was approximately $0.3 million and $0.9 million for the three- and nine-month periods ended September 30, 2013, respectively. The interest expense was approximately $5.7 million and $16.9 million for the three- and nine-month periods ended September 30, 2013, respectively. The Company made $3.2 million in interest payments on the 1.75% debentures during the nine-month period ended September 30, 2013. | |||||
The 1.75% and 1.875% debentures contain a “change in control” provision, which provides that a “change in control” occurs if, following the election of new directors to the Board of Directors a majority of the members of the Board of Directors are not considered “incumbent directors.” In the second quarter of 2013, the Company's Board of Directors took steps pursuant to the indentures governing the 1.75% and 1.875% debentures to ensure that the election of four non-incumbent directors at the 2013 annual meeting of the Company did not constitute a “change in control” under such indenture. | |||||
EXEMPT FACILITY REVENUE BONDS | |||||
The Company also has outstanding $30.0 million in aggregate principal amount of 8.0% Exempt Facility Revenue Bonds, Series 2000 (exempt facility revenue bonds), issued through the State of Montana Board of Investments and maturing on July 1, 2020. The balance outstanding at September 30, 2013, was $29.6 million, which is net of unamortized discount of $0.4 million. The Company made $1.2 million in interest payments on the revenue bonds during each of the nine-month periods ended September 30, 2013 and 2012. | |||||
ASSET-BACKED REVOLVING CREDIT FACILITY | |||||
In December 2011, the Company entered into a $100.0 million asset-backed revolving credit agreement incurring debt issuance costs of $1.1 million. In January 2012, the Company completed the syndication of the credit facility and simultaneously expanded the maximum line of credit to $125.0 million. Borrowings under this working capital credit facility are limited to a borrowing base equal to the sum of 85% of eligible accounts receivable and 70% of eligible inventories. Any borrowings are secured by the Company’s accounts receivable, metals inventories and other accounts. The asset-backed revolving credit facility includes a single fixed-charge coverage covenant that only takes effect when less than 30% of the total borrowing capacity under the facility remains available. The facility includes a $60.0 million letter of credit sub-facility. Outstanding borrowings under the facility accrue interest at a spread over the London Interbank Offer Rate that varies from 2.25% to 2.75%, decreasing progressively as the percentage drawn under the facility increases. The Company also pays an unused capacity fee on committed but unutilized borrowing capacity available under the facility at a rate per annum of 0.375% or 0.5%, depending on utilization of the facility. The asset-backed revolving credit agreement does contain a “change in control” provision which if triggered would constitute an event of default under the credit agreement. If an event of default occurs under the credit agreement, the holders of any indebtedness outstanding under the facility would have a right to accelerate such indebtedness. | |||||
The “change in control” provision provides that a “change in control” event will have occurred if the composition of the Board of Directors of the Company changes such that a majority of the members of the Company's Board of Directors are not Continuing Directors. On May 7, 2013, the Company announced the election of four new directors to its Board of Directors. The election resulted in four incumbent (continuing) directors being retained on the board and four new directors being elected to the board. This four/four split constituted a "change in control" event under the credit facility. As a result of this change in control, the Company was considered to be in default of the credit agreement. On July 1, 2013, the Company was issued a waiver by the four banks that have provided commitments under the facility. At the time of default, the Company had not yet drawn a balance, although approximately $17.5 million had been utilized to collateralize outstanding irrevocable letters of credit in support of the Company's long-term reclamation obligations. | |||||
The Company recognized $0.3 million and $0.2 million in fees associated with the asset-backed revolving credit agreement in the three- month periods ended September 30, 2013 and 2012, respectively, and $0.8 million and $0.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively. Amortization expense related to the issuance costs of the credit agreement was less than $0.1 million for each of the three- month periods ended September 30, 2013 and 2012, and $0.2 million for each of the nine-month periods ended September 30, 2013 and 2012. | |||||
CAPITAL LEASE OBLIGATIONS | |||||
In June 2012, the Company entered into a lease agreement with General Electric Capital Corporation (GECC) covering the acquisition of a tunnel-boring machine for use on the Blitz project adjacent to the Stillwater Mine. The transaction is structured as a capital lease with a four-year term; lease payments are due quarterly in advance. In the third quarter of 2012, the Company increased the lease balance due under the original GECC capital lease by $0.7 million. The Company made cash payments of $1.6 million and $1.0 million on its capital lease obligations in each of the nine-month periods ended September 30, 2013 and 2012, respectively. The cash payment for the nine- month period ended September 30, 2013 included interest of $0.2 million. There was $0.1 million of interest included in the cash payment for the nine-month period ended September 30, 2012. As of September 30, 2013, the outstanding balance under the capital lease was $5.1 million. | |||||
The following is a schedule, by year, of the future minimum lease payments for the capital lease together with the present value of the net minimum lease payments: | |||||
(In thousands) | |||||
Remaining 2013 | $ | 541 | |||
2014 | 2,168 | ||||
2015 | 2,168 | ||||
2016 | 590 | ||||
Total minimum lease payments | $ | 5,467 | |||
Less interest at rates ranging from 5.21% to 5.46% (before tax) | 390 | ||||
Net minimum lease payments | $ | 5,077 | |||
Less current portion | 1,931 | ||||
Total long-term capital lease obligation | $ | 3,146 | |||
CAPITALIZED INTEREST | |||||
The Company capitalizes interest incurred on its various debt instruments as a cost of specific and identified projects under development. For the three- month periods ended September 30, 2013 and 2012, the Company capitalized interest of $1.2 million and $0.3 million, respectively. For the nine-month periods ended September 30, 2013 and 2012, the Company capitalized interest of $3.3 million and $0.9 million, respectively. Capitalized interest is recorded as a reduction to Interest expense in the Company's Consolidated Statements of Comprehensive (Loss) Income. |
Mineral_Properties_and_Mine_De
Mineral Properties and Mine Development | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Extractive Industries [Abstract] | ' | ||||||||
Mineral Properties and Mine Development | ' | ||||||||
MINERAL PROPERTIES AND MINE DEVELOPMENT | |||||||||
Mineral properties and mine development reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Mineral Properties: | |||||||||
Ontario, Canada | |||||||||
Marathon property | $ | 169,916 | $ | 169,916 | |||||
Coldwell Complex property | 14,056 | 14,056 | |||||||
San Juan, Argentina | |||||||||
Altar property | 101,970 | 392,387 | |||||||
Mine Development: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | $ | 515,565 | $ | 464,882 | |||||
East Boulder Mine | 173,897 | 155,878 | |||||||
Ontario, Canada | |||||||||
Marathon | 39,393 | 28,083 | |||||||
$ | 1,014,797 | $ | 1,225,202 | ||||||
Less accumulated depletion and amortization | (355,498 | ) | (325,977 | ) | |||||
Total mineral properties and mine development | $ | 659,299 | $ | 899,225 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Machinery and equipment | $ | 132,012 | $ | 107,957 | |||||
Buildings and structural components | 156,372 | 145,347 | |||||||
Land | 8,692 | 8,418 | |||||||
Construction-in-progress: | |||||||||
Stillwater Mine | 2,896 | 18,515 | |||||||
East Boulder Mine | 481 | 888 | |||||||
Marathon | 720 | 238 | |||||||
Processing facilities and other | 8,177 | 11,247 | |||||||
$ | 309,350 | $ | 292,610 | ||||||
Less accumulated depreciation | (188,245 | ) | (169,933 | ) | |||||
Total property, plant, and equipment | $ | 121,105 | $ | 122,677 | |||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||||||||||
The Company operates five reportable business segments: Mine Production, PGM Recycling, Canadian Properties, South American Properties and All Other. These segments are managed separately based on fundamental differences in their operations and geographic separation. | |||||||||||||||||||||||||
The Mine Production segment consists of two business components: the Stillwater Mine and the East Boulder Mine. The Mine Production segment is engaged in the development, extraction, processing and refining of PGMs. The Company sells PGMs from mine production under short-term and long-term sales agreements and in open PGM markets. The financial results for the Stillwater Mine and the East Boulder Mine have been aggregated, as both have similar products, processes, customers, distribution methods and economic characteristics. | |||||||||||||||||||||||||
The PGM Recycling segment is engaged in the recycling of spent catalyst material to recover the PGMs contained in the material. The Company purchases the majority of catalyst material processed by the PGM Recycling segment from multiple third party suppliers for its own account and sells the recovered metals directly, and it also accepts catalyst material supplied from several third parties on a tolling basis, processing it for a fee and returning the recovered metals to the supplier. The Company allocates costs of the Company's smelting and base metal refining facilities to both the Mine Production segment and to the PGM Recycling segment for internal and segment reporting purposes because these facilities support the PGM extraction requirements of both business segments. | |||||||||||||||||||||||||
The Canadian Properties segment consists of the Marathon PGM assets (which consist primarily of the Marathon project mineral property) and the Coldwell Complex exploration mineral properties. The Marathon project mineral property is a large PGM and copper deposit located near the town of Marathon, Ontario, Canada. The Marathon project is currently in the environmental review and permitting stage and will not be in production for several years. The Coldwell Complex exploration mineral properties are located adjacent to the Marathon property. Financial information for this segment consists of total asset values, general and administrative costs, exploration costs and capital expenditures as the properties are developed. | |||||||||||||||||||||||||
The South American Properties segment consists of the Peregrine Metals Ltd. assets. The principal Peregrine property is the Altar project, a copper-gold resource, located in the San Juan province of Argentina. The Peregrine project is currently in the exploration stage. Financial information for this segment consists of total asset values, general and administrative costs and exploration costs. | |||||||||||||||||||||||||
The All Other group primarily consists of assets, including investments, revenues, and expenses of various corporate and support functions and, historically, marketing expenditures related to promoting palladium. | |||||||||||||||||||||||||
The Company evaluates performance and allocates resources based on income or loss before income taxes. | |||||||||||||||||||||||||
The following financial information relates to the Company’s business segments: | |||||||||||||||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 123,193 | $ | 156,814 | $ | — | $ | — | $ | — | $ | 280,007 | |||||||||||||
Depletion, depreciation and amortization | $ | 15,057 | $ | 285 | $ | — | $ | — | $ | — | $ | 15,342 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 245 | $ | 322 | $ | 8,749 | $ | 9,316 | |||||||||||||
Interest income | $ | — | $ | 867 | $ | 6 | $ | 23 | $ | 206 | $ | 1,102 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,556 | $ | 5,556 | |||||||||||||
Income (loss) before impairment charge and income taxes | $ | 24,223 | $ | 20,553 | $ | (1,941 | ) | $ | 5,470 | $ | (14,570 | ) | $ | 33,735 | |||||||||||
Impairment charge | $ | — | $ | — | $ | — | $ | 290,417 | $ | — | $ | 290,417 | |||||||||||||
Income (loss) after impairment charge, before income taxes | $ | 24,223 | $ | 20,553 | $ | (1,941 | ) | $ | (284,947 | ) | $ | (14,570 | ) | $ | (256,682 | ) | |||||||||
Capital expenditures | $ | 26,425 | $ | 153 | $ | 3,036 | $ | — | $ | 1,837 | $ | 31,451 | |||||||||||||
Total assets | $ | 529,980 | $ | 110,503 | $ | 257,030 | $ | 111,113 | $ | 502,863 | $ | 1,511,489 | |||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 107,057 | $ | 73,987 | $ | — | $ | — | $ | — | $ | 181,044 | |||||||||||||
Depletion, depreciation and amortization | $ | 13,843 | $ | 264 | $ | — | $ | — | $ | — | $ | 14,107 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 661 | $ | 251 | $ | 8,970 | $ | 9,882 | |||||||||||||
Interest income | $ | — | $ | 472 | $ | 15 | $ | 44 | $ | (260 | ) | $ | 271 | ||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 1,493 | $ | 1,493 | |||||||||||||
Income (loss) before income taxes | $ | 23,307 | $ | 1,884 | $ | (1,282 | ) | $ | 4,821 | $ | (13,818 | ) | $ | 14,912 | |||||||||||
Capital expenditures | $ | 19,530 | $ | 61 | $ | 3,558 | $ | 6 | $ | 2,220 | $ | 25,375 | |||||||||||||
Total assets | $ | 452,734 | $ | 63,105 | $ | 245,351 | $ | 425,322 | $ | 277,985 | $ | 1,464,497 | |||||||||||||
(In thousands) | South | ||||||||||||||||||||||||
American | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Mine | PGM | Canadian | Properties | All Other | Total | |||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 364,249 | $ | 432,897 | $ | — | $ | — | $ | — | $ | 797,146 | |||||||||||||
Depletion, depreciation and amortization | $ | 43,824 | $ | 804 | $ | — | $ | — | $ | — | $ | 44,628 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 952 | $ | 2,264 | $ | 32,630 | $ | 35,846 | |||||||||||||
Interest income | $ | — | $ | 2,638 | $ | 15 | $ | 165 | $ | 698 | $ | 3,516 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 17,646 | $ | 17,646 | |||||||||||||
Income (loss) before impairment charge and income taxes | $ | 83,382 | $ | 31,873 | $ | (4,024 | ) | $ | 7,434 | $ | (69,053 | ) | $ | 49,612 | |||||||||||
Impairment charge | $ | — | $ | — | $ | — | $ | 290,417 | $ | — | $ | 290,417 | |||||||||||||
Income (loss) after impairment charge, before income taxes | $ | 83,382 | $ | 31,873 | $ | (4,024 | ) | $ | (282,983 | ) | $ | (69,053 | ) | $ | (240,805 | ) | |||||||||
Capital expenditures | $ | 75,966 | $ | 285 | $ | 9,189 | $ | 100 | $ | 5,647 | $ | 91,187 | |||||||||||||
Total assets | $ | 529,980 | $ | 110,503 | $ | 257,030 | $ | 111,113 | $ | 502,863 | $ | 1,511,489 | |||||||||||||
(In thousands) | South | ||||||||||||||||||||||||
American | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | Mine | PGM | Canadian | Properties | All Other | Total | |||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 339,951 | $ | 256,919 | $ | — | $ | — | $ | — | $ | 596,870 | |||||||||||||
Depletion, depreciation and amortization | $ | 42,848 | $ | 793 | $ | — | $ | — | $ | — | $ | 43,641 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 2,436 | $ | 2,793 | $ | 27,248 | $ | 32,477 | |||||||||||||
Interest income | $ | — | $ | 1,661 | $ | 24 | $ | 166 | $ | (145 | ) | $ | 1,706 | ||||||||||||
Interest expense | $ | — | $ | — | $ | 12 | $ | — | $ | 4,349 | $ | 4,361 | |||||||||||||
Income (loss) before income taxes | $ | 77,879 | $ | 7,912 | $ | (6,174 | ) | $ | (2,861 | ) | $ | (40,724 | ) | $ | 36,032 | ||||||||||
Capital expenditures | $ | 73,354 | $ | 115 | $ | 6,881 | $ | 6 | $ | 4,332 | $ | 84,688 | |||||||||||||
Total assets | $ | 452,734 | $ | 63,105 | $ | 245,351 | $ | 425,322 | $ | 277,985 | $ | 1,464,497 | |||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||
Investments | ' | ||||||||||||||||||
INVESTMENTS | |||||||||||||||||||
The Company classifies the marketable securities in which it invests as available-for-sale securities. These securities are measured at fair market value in the financial statements with unrealized gains or losses recorded in Other comprehensive income in the Company's Consolidated Statements of Comprehensive (Loss) Income. At the time the securities are sold, or otherwise disposed of, gross realized gains and losses are included in Net income. Gross realized gains and losses are based on the carrying value (cost, net of discount or premiums) of the sold investment. The Company adopted ASU 2013-02 Reporting Amounts Reclassified out of Other Comprehensive Income as of January 1, 2013. The amounts reclassified out of Other comprehensive income (loss) during the three- and nine- month periods ended September 30, 2013 and 2012 were insignificant. All of the marketable securities amounts are available to satisfy current obligations. | |||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale investment securities by major security type and class of security for the periods ended September 30, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||
Investments | |||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair market value | |||||||||||||||
2013 | |||||||||||||||||||
Federal agency notes | $ | 106,281 | $ | 115 | $ | — | $ | 106,396 | |||||||||||
Commercial paper | 123,252 | 14 | (488 | ) | 122,778 | ||||||||||||||
Mutual funds | 1,211 | 548 | — | 1,759 | |||||||||||||||
Total | $ | 230,744 | $ | 677 | $ | (488 | ) | $ | 230,933 | ||||||||||
2012 | |||||||||||||||||||
Federal agency notes | $ | 124,682 | $ | 37 | $ | (4 | ) | $ | 124,715 | ||||||||||
Commercial paper | 137,661 | 3 | (396 | ) | 137,268 | ||||||||||||||
Mutual funds | 1,556 | 261 | — | 1,817 | |||||||||||||||
Total | $ | 263,899 | $ | 301 | $ | (400 | ) | $ | 263,800 | ||||||||||
The mutual funds included in the investment table above are included in Other noncurrent assets on the Company's Consolidated Balance Sheets. | |||||||||||||||||||
The maturities of available-for-sale securities at September 30, 2013, are as follows: | |||||||||||||||||||
(In thousands) | Amortized cost | Fair market value | |||||||||||||||||
Federal agency notes | |||||||||||||||||||
Due in one year or less | $ | 52,523 | $ | 52,565 | |||||||||||||||
Due after one year through two years | 53,758 | 53,831 | |||||||||||||||||
Total | $ | 106,281 | $ | 106,396 | |||||||||||||||
Commercial paper | |||||||||||||||||||
Due in one year or less | $ | 93,227 | $ | 92,895 | |||||||||||||||
Due after one year through two years | 30,025 | 29,883 | |||||||||||||||||
Total | $ | 123,252 | $ | 122,778 | |||||||||||||||
The Company has long-term investments in several Canadian junior exploration companies, recorded on the Company's Consolidated Balance Sheets at cost. The Company determined that its long-term investments were other than temporarily impaired and recorded a loss of $0.1 million for the three- month period ended September 30, 2013 and $1.8 million year-to-date. At September 30, 2013, these long-term investments totaled $1.1 million and are recorded in Other noncurrent assets on the Company's Consolidated Balance Sheets. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
INVENTORIES | |||||||||
For purposes of inventory accounting, the market value of inventory is generally deemed equal to the Company’s current cost of replacing the inventory, provided that: (1) the market value of the inventory may not exceed the estimated selling price of such inventory in the ordinary course of business less reasonably predictable costs of completion and disposal, and (2) the market value may not be less than net realizable value reduced by an allowance for a normal profit margin. No adjustments were made to the inventory value in the first nine months of 2013 or 2012. | |||||||||
The costs of mined PGM inventories as of any date are determined based on combined production costs per ounce and include all inventoriable production costs, including direct labor, direct materials, depreciation and amortization and other overhead costs relating to mining and processing activities incurred as of such date. | |||||||||
The costs of recycled PGM inventories as of any date are determined based on the acquisition cost of the recycled material and include all inventoriable processing costs, including direct labor, direct materials, depreciation and third party refining costs which relate to the processing activities incurred as of such date. | |||||||||
Inventories reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Metals inventory | |||||||||
Raw ore | $ | 3,199 | $ | 3,505 | |||||
Concentrate and in-process | 63,517 | 51,498 | |||||||
Finished goods | 88,885 | 74,942 | |||||||
155,601 | 129,945 | ||||||||
Materials and supplies | 26,287 | 23,263 | |||||||
Total inventory | $ | 181,888 | $ | 153,208 | |||||
The Company also holds in its possession, but does not reflect in inventory, materials it processes on a toll basis for customers and holds for such customers until the tolled material is transported to a third party refiner. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
EARNINGS PER SHARE | |
Basic earnings per share attributable to common stockholders is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to common stockholders reflects the potential dilution that could occur if the Company’s dilutive outstanding stock options and nonvested shares were exercised or vested and the Company’s convertible debt was converted. No adjustments were made to reported net income (loss) attributable to common stockholders in the calculation of basic earnings (loss) per share or diluted earnings (loss) per share during the three- and nine-month periods ended September 30, 2013 and 2012. The Company currently has only one class of equity shares outstanding. | |
A total of 137,518 and 144,179 weighted shares of common stock from outstanding options were excluded from the computation of diluted earnings (loss) per share for the three- and nine-month periods ended September 30, 2013 because the Company reported a net loss in both periods and thus the effect would have been antidilutive because inclusion of these options would have reduced the net loss per share. A total of 48,742 and 58,793 weighted shares of common stock from outstanding options were included in the computation of diluted earnings (loss) per share for the three- and nine-month periods ended September 30, 2012. Outstanding options to purchase 118,928 and 123,996 of weighted shares of common stock were excluded from the computation of diluted earnings (loss) per share for the three- and nine-month periods ended September 30, 2012, respectively, because the market price at the end of each period was lower than the exercise price, and therefore the effect would have been antidilutive. | |
There was no effect of outstanding nonvested shares on diluted weighted average shares outstanding in the three- and nine-month periods ended September 30, 2013 because the Company reported a net loss and the inclusion of these shares would have reduced the net loss per share amounts. The effect of including outstanding nonvested shares was to increase diluted weighted average shares outstanding by 718,977 and 870,870 for the three- and nine-month periods ended September 30, 2012. | |
All 36.1 million and 38.0 million shares of common stock applicable to the outstanding 1.875% and 1.75% convertible debentures were excluded from the computation of diluted weighted average shares for the three- and nine-month periods ended September 30, 2013, respectively, because the Company reported a net loss in both periods, thus the effect would have been antidilutive because inclusion of these shares would have reduced the net loss per share. | |
All 7.1 million shares of common stock applicable to the outstanding 1.875% convertible debentures were excluded from the computation of diluted weighted average shares for the three- and nine-month periods ended September 30, 2012 because the net effect of assuming all the debentures were converted would have been antidilutive. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of each financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 - Observable inputs other than quoted prices included in Level 1 such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3 - Unobservable inputs supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At September 30, 2013 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 1,759 | $ | 1,759 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 106,396 | $ | — | $ | 106,396 | $ | — | |||||||||
Commercial paper | $ | 122,778 | $ | — | $ | 122,778 | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2012 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 1,817 | $ | 1,817 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 124,715 | $ | — | $ | 124,715 | $ | — | |||||||||
Commercial paper | $ | 137,268 | $ | — | $ | 137,268 | $ | — | |||||||||
The fair value of the mutual funds is based on market prices which are readily available. The fair value of the investments is valued indirectly using observable data, quoted prices for similar assets or liabilities in active markets. Unrealized gains or losses on mutual funds and investments are recorded in Accumulated other comprehensive income (loss) on the Company's Consolidated Balance Sheets. | |||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At September 30, 2013 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Altar mineral property | $ | 101,970 | $ | — | $ | — | $ | 101,970 | |||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 282,587 | $ | — | $ | 282,587 | $ | — | |||||||||
Exempt facility revenue bonds | $ | 31,377 | $ | — | $ | — | $ | 31,377 | |||||||||
Long-term investments | $ | 1,149 | $ | 1,149 | $ | — | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2012 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
1.875% Convertible debentures | $ | 166,292 | $ | — | $ | 166,292 | $ | — | |||||||||
1.75% Convertible debentures | $ | 302,466 | $ | — | $ | 302,466 | $ | — | |||||||||
Exempt facility revenue bonds | $ | 29,968 | $ | — | $ | — | $ | 29,968 | |||||||||
Long-term investments | $ | 2,922 | $ | 2,922 | $ | — | $ | — | |||||||||
The carrying value of the Company’s Altar mineral property in Argentina at September 30, 2013 was $392.4 million. An impairment charge of $290.4 million (before-tax) was taken on the Altar mineral property at September 30, 2013 reflecting an estimated fair market value of $102.0 million. The impairment charge was included in earnings for the period. | |||||||||||||||||
The Company used implicit interest rates of comparable unsecured obligations to calculate the fair value of the Company’s $30 million in principal amount of 8% Series 2000 exempt facility revenue bonds at September 30, 2013, and December 31, 2012. The Company used its current trading data to determine the fair value of each of its convertible debentures, the $2.2 million of outstanding 1.875% debentures and the $396.75 million of outstanding 1.75% debentures at September 30, 2013 and December 31, 2012. The fair value of the Company's long-term investments in certain Canadian junior exploration companies at September 30, 2013 and December 31, 2012 is based on market prices which are readily available. The fair market value of the Altar mineral property is based on recent comparable transactions for similar undeveloped mineral properties and market multiples for similar projects. |
Correction_of_Immaterial_Error
Correction of Immaterial Error | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Correction of Immaterial Error | ' |
CORRECTION OF IMMATERIAL ERROR | |
During the year ended December 31, 2012, the Company recorded an immaterial error correction to recognize deferred tax benefits associated with its foreign exploration activities. For the three- and nine-month periods ended September 30, 2012, the Company revised net income by $0.1 million and $4.6 million, respectively, to recognize the tax benefit. For further information, see Note 21 “Quarterly Data (Unaudited)” in the Company’s audited consolidated financial statements as presented in the Company’s 2012 Annual Report on Form 10-K. |
Related_Parties
Related Parties | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
RELATED PARTIES | |
Mitsubishi Corporation owns a 25% interest in the Company's previously wholly-owned subsidiary, Stillwater Canada Inc (SCI), which owns the Marathon PGM-copper project and related properties located in Ontario, Canada. The Company made PGM sales of $82.8 million and $51.1 million to Mitsubishi Corporation in the three- month periods ended September 30, 2013 and 2012, respectively, and $222.5 million and $156.3 million for the nine-month periods ended September 30, 2013 and 2012, respectively. |
Legal_Proceedings_Notes
Legal Proceedings (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
LEGAL PROCEEDINGS | |
The Company is involved in various claims and legal actions arising in the ordinary course of business, primarily consisting of lawsuits brought against the Company by employees and former employees. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. |
Sales_Tables
Sales (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Sales Revenue, Goods, Net [Abstract] | ' | ||||||||||||
Percentage Of Total Revenues From Significant Customers | ' | ||||||||||||
Total sales to significant customers as a percentage of total revenues for the three- and nine-month periods ended September 30, 2013 and 2012 were as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013(1) | 2012(1) | 2013(1) | 2012(1) | ||||||||||
Customer A | 30 | % | 28 | % | 28 | % | 26 | % | |||||
Customer B | 14 | % | 16 | % | 14 | % | 17 | % | |||||
Customer C | 14 | % | — | 14 | % | — | |||||||
Customer D | — | 18 | % | 13 | % | 18 | % | ||||||
Customer E | — | — | — | 10 | % | ||||||||
58 | % | 62 | % | 69 | % | 71 | % | ||||||
(1) The “—” symbol represents less than 10% of total revenues. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Company's outstanding commodity derivatives | ' | |||||||||||||||||||||
The following is a summary of the Company’s obligations to deliver metal under commodity derivatives in place as of September 30, 2013: | ||||||||||||||||||||||
PGM Recycling: | ||||||||||||||||||||||
Fixed Forwards | ||||||||||||||||||||||
Platinum | Palladium | Rhodium | ||||||||||||||||||||
Settlement Period | Ounces | Average | Ounces | Average | Ounces | Average | ||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Fourth Quarter 2013 | 36,280 | $ | 1,457 | 62,903 | $ | 724 | 9,764 | $ | 982 | |||||||||||||
First Quarter 2014 | 3,014 | $ | 1,453 | 5,197 | $ | 726 | 1,472 | $ | 970 | |||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Changes In The Company's Nonvested Shares | ' | |||||||
The following table summarizes the status of and changes in the Company’s nonvested shares during the first nine months of 2013: | ||||||||
Nonvested Shares | Weighted-Average | |||||||
Grant-Date Fair Value | ||||||||
Nonvested shares at January 1, 2013 | 1,149,333 | $ | 14.38 | |||||
Granted | 469,498 | 13.89 | ||||||
Vested | (712,401 | ) | 13.73 | |||||
Forfeited | (250 | ) | 15.79 | |||||
Nonvested shares at March 31, 2013 | 906,180 | $ | 14.63 | |||||
Granted | 44,942 | 12.47 | ||||||
Vested (1) | (949,448 | ) | 14.53 | |||||
Forfeited | (133 | ) | 13.99 | |||||
Nonvested shares at June 30, 2013 | 1,541 | $ | 11.85 | |||||
Granted | 3,149 | 11.57 | ||||||
Vested | — | — | ||||||
Forfeited | (100 | ) | 10.82 | |||||
Nonvested shares at September 30, 2013 | 4,590 | $ | 11.68 | |||||
(1) Pursuant to the terms of the 2004 and 2012 Plans, the change in control that occurred in the second quarter of this year resulted in all outstanding nonvested shares granted under those Plans immediately becoming fully vested. |
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||
The following is a schedule, by year, of the future minimum lease payments for the capital lease together with the present value of the net minimum lease payments: | |||||
(In thousands) | |||||
Remaining 2013 | $ | 541 | |||
2014 | 2,168 | ||||
2015 | 2,168 | ||||
2016 | 590 | ||||
Total minimum lease payments | $ | 5,467 | |||
Less interest at rates ranging from 5.21% to 5.46% (before tax) | 390 | ||||
Net minimum lease payments | $ | 5,077 | |||
Less current portion | 1,931 | ||||
Total long-term capital lease obligation | $ | 3,146 | |||
Mineral_Properties_and_Mine_De1
Mineral Properties and Mine Development (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Extractive Industries [Abstract] | ' | ||||||||
Schedule of Mineral Properties and Mine Development | ' | ||||||||
Mineral properties and mine development reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Mineral Properties: | |||||||||
Ontario, Canada | |||||||||
Marathon property | $ | 169,916 | $ | 169,916 | |||||
Coldwell Complex property | 14,056 | 14,056 | |||||||
San Juan, Argentina | |||||||||
Altar property | 101,970 | 392,387 | |||||||
Mine Development: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | $ | 515,565 | $ | 464,882 | |||||
East Boulder Mine | 173,897 | 155,878 | |||||||
Ontario, Canada | |||||||||
Marathon | 39,393 | 28,083 | |||||||
$ | 1,014,797 | $ | 1,225,202 | ||||||
Less accumulated depletion and amortization | (355,498 | ) | (325,977 | ) | |||||
Total mineral properties and mine development | $ | 659,299 | $ | 899,225 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Machinery and equipment | $ | 132,012 | $ | 107,957 | |||||
Buildings and structural components | 156,372 | 145,347 | |||||||
Land | 8,692 | 8,418 | |||||||
Construction-in-progress: | |||||||||
Stillwater Mine | 2,896 | 18,515 | |||||||
East Boulder Mine | 481 | 888 | |||||||
Marathon | 720 | 238 | |||||||
Processing facilities and other | 8,177 | 11,247 | |||||||
$ | 309,350 | $ | 292,610 | ||||||
Less accumulated depreciation | (188,245 | ) | (169,933 | ) | |||||
Total property, plant, and equipment | $ | 121,105 | $ | 122,677 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Financial Information Related To The Company's Business Segments | ' | ||||||||||||||||||||||||
The following financial information relates to the Company’s business segments: | |||||||||||||||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 123,193 | $ | 156,814 | $ | — | $ | — | $ | — | $ | 280,007 | |||||||||||||
Depletion, depreciation and amortization | $ | 15,057 | $ | 285 | $ | — | $ | — | $ | — | $ | 15,342 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 245 | $ | 322 | $ | 8,749 | $ | 9,316 | |||||||||||||
Interest income | $ | — | $ | 867 | $ | 6 | $ | 23 | $ | 206 | $ | 1,102 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,556 | $ | 5,556 | |||||||||||||
Income (loss) before impairment charge and income taxes | $ | 24,223 | $ | 20,553 | $ | (1,941 | ) | $ | 5,470 | $ | (14,570 | ) | $ | 33,735 | |||||||||||
Impairment charge | $ | — | $ | — | $ | — | $ | 290,417 | $ | — | $ | 290,417 | |||||||||||||
Income (loss) after impairment charge, before income taxes | $ | 24,223 | $ | 20,553 | $ | (1,941 | ) | $ | (284,947 | ) | $ | (14,570 | ) | $ | (256,682 | ) | |||||||||
Capital expenditures | $ | 26,425 | $ | 153 | $ | 3,036 | $ | — | $ | 1,837 | $ | 31,451 | |||||||||||||
Total assets | $ | 529,980 | $ | 110,503 | $ | 257,030 | $ | 111,113 | $ | 502,863 | $ | 1,511,489 | |||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 107,057 | $ | 73,987 | $ | — | $ | — | $ | — | $ | 181,044 | |||||||||||||
Depletion, depreciation and amortization | $ | 13,843 | $ | 264 | $ | — | $ | — | $ | — | $ | 14,107 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 661 | $ | 251 | $ | 8,970 | $ | 9,882 | |||||||||||||
Interest income | $ | — | $ | 472 | $ | 15 | $ | 44 | $ | (260 | ) | $ | 271 | ||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 1,493 | $ | 1,493 | |||||||||||||
Income (loss) before income taxes | $ | 23,307 | $ | 1,884 | $ | (1,282 | ) | $ | 4,821 | $ | (13,818 | ) | $ | 14,912 | |||||||||||
Capital expenditures | $ | 19,530 | $ | 61 | $ | 3,558 | $ | 6 | $ | 2,220 | $ | 25,375 | |||||||||||||
Total assets | $ | 452,734 | $ | 63,105 | $ | 245,351 | $ | 425,322 | $ | 277,985 | $ | 1,464,497 | |||||||||||||
(In thousands) | South | ||||||||||||||||||||||||
American | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Mine | PGM | Canadian | Properties | All Other | Total | |||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 364,249 | $ | 432,897 | $ | — | $ | — | $ | — | $ | 797,146 | |||||||||||||
Depletion, depreciation and amortization | $ | 43,824 | $ | 804 | $ | — | $ | — | $ | — | $ | 44,628 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 952 | $ | 2,264 | $ | 32,630 | $ | 35,846 | |||||||||||||
Interest income | $ | — | $ | 2,638 | $ | 15 | $ | 165 | $ | 698 | $ | 3,516 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 17,646 | $ | 17,646 | |||||||||||||
Income (loss) before impairment charge and income taxes | $ | 83,382 | $ | 31,873 | $ | (4,024 | ) | $ | 7,434 | $ | (69,053 | ) | $ | 49,612 | |||||||||||
Impairment charge | $ | — | $ | — | $ | — | $ | 290,417 | $ | — | $ | 290,417 | |||||||||||||
Income (loss) after impairment charge, before income taxes | $ | 83,382 | $ | 31,873 | $ | (4,024 | ) | $ | (282,983 | ) | $ | (69,053 | ) | $ | (240,805 | ) | |||||||||
Capital expenditures | $ | 75,966 | $ | 285 | $ | 9,189 | $ | 100 | $ | 5,647 | $ | 91,187 | |||||||||||||
Total assets | $ | 529,980 | $ | 110,503 | $ | 257,030 | $ | 111,113 | $ | 502,863 | $ | 1,511,489 | |||||||||||||
(In thousands) | South | ||||||||||||||||||||||||
American | |||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | Mine | PGM | Canadian | Properties | All Other | Total | |||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 339,951 | $ | 256,919 | $ | — | $ | — | $ | — | $ | 596,870 | |||||||||||||
Depletion, depreciation and amortization | $ | 42,848 | $ | 793 | $ | — | $ | — | $ | — | $ | 43,641 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 2,436 | $ | 2,793 | $ | 27,248 | $ | 32,477 | |||||||||||||
Interest income | $ | — | $ | 1,661 | $ | 24 | $ | 166 | $ | (145 | ) | $ | 1,706 | ||||||||||||
Interest expense | $ | — | $ | — | $ | 12 | $ | — | $ | 4,349 | $ | 4,361 | |||||||||||||
Income (loss) before income taxes | $ | 77,879 | $ | 7,912 | $ | (6,174 | ) | $ | (2,861 | ) | $ | (40,724 | ) | $ | 36,032 | ||||||||||
Capital expenditures | $ | 73,354 | $ | 115 | $ | 6,881 | $ | 6 | $ | 4,332 | $ | 84,688 | |||||||||||||
Total assets | $ | 452,734 | $ | 63,105 | $ | 245,351 | $ | 425,322 | $ | 277,985 | $ | 1,464,497 | |||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||
Schedule of Available-for-sale Securities | ' | ||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale investment securities by major security type and class of security for the periods ended September 30, 2013 and December 31, 2012, are as follows: | |||||||||||||||||||
Investments | |||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair market value | |||||||||||||||
2013 | |||||||||||||||||||
Federal agency notes | $ | 106,281 | $ | 115 | $ | — | $ | 106,396 | |||||||||||
Commercial paper | 123,252 | 14 | (488 | ) | 122,778 | ||||||||||||||
Mutual funds | 1,211 | 548 | — | 1,759 | |||||||||||||||
Total | $ | 230,744 | $ | 677 | $ | (488 | ) | $ | 230,933 | ||||||||||
2012 | |||||||||||||||||||
Federal agency notes | $ | 124,682 | $ | 37 | $ | (4 | ) | $ | 124,715 | ||||||||||
Commercial paper | 137,661 | 3 | (396 | ) | 137,268 | ||||||||||||||
Mutual funds | 1,556 | 261 | — | 1,817 | |||||||||||||||
Total | $ | 263,899 | $ | 301 | $ | (400 | ) | $ | 263,800 | ||||||||||
Schedule of Maturities of Available-for-sale Securities | ' | ||||||||||||||||||
The maturities of available-for-sale securities at September 30, 2013, are as follows: | |||||||||||||||||||
(In thousands) | Amortized cost | Fair market value | |||||||||||||||||
Federal agency notes | |||||||||||||||||||
Due in one year or less | $ | 52,523 | $ | 52,565 | |||||||||||||||
Due after one year through two years | 53,758 | 53,831 | |||||||||||||||||
Total | $ | 106,281 | $ | 106,396 | |||||||||||||||
Commercial paper | |||||||||||||||||||
Due in one year or less | $ | 93,227 | $ | 92,895 | |||||||||||||||
Due after one year through two years | 30,025 | 29,883 | |||||||||||||||||
Total | $ | 123,252 | $ | 122,778 | |||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components Of Inventories | ' | ||||||||
Inventories reflected in the accompanying balance sheets consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, 2012 | |||||||
2013 | |||||||||
Metals inventory | |||||||||
Raw ore | $ | 3,199 | $ | 3,505 | |||||
Concentrate and in-process | 63,517 | 51,498 | |||||||
Finished goods | 88,885 | 74,942 | |||||||
155,601 | 129,945 | ||||||||
Materials and supplies | 26,287 | 23,263 | |||||||
Total inventory | $ | 181,888 | $ | 153,208 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At September 30, 2013 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 1,759 | $ | 1,759 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 106,396 | $ | — | $ | 106,396 | $ | — | |||||||||
Commercial paper | $ | 122,778 | $ | — | $ | 122,778 | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2012 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 1,817 | $ | 1,817 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 124,715 | $ | — | $ | 124,715 | $ | — | |||||||||
Commercial paper | $ | 137,268 | $ | — | $ | 137,268 | $ | — | |||||||||
Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | ' | ||||||||||||||||
ssets and liabilities measured at fair value on a nonrecurring basis at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At September 30, 2013 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Altar mineral property | $ | 101,970 | $ | — | $ | — | $ | 101,970 | |||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 282,587 | $ | — | $ | 282,587 | $ | — | |||||||||
Exempt facility revenue bonds | $ | 31,377 | $ | — | $ | — | $ | 31,377 | |||||||||
Long-term investments | $ | 1,149 | $ | 1,149 | $ | — | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2012 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
1.875% Convertible debentures | $ | 166,292 | $ | — | $ | 166,292 | $ | — | |||||||||
1.75% Convertible debentures | $ | 302,466 | $ | — | $ | 302,466 | $ | — | |||||||||
Exempt facility revenue bonds | $ | 29,968 | $ | — | $ | — | $ | 29,968 | |||||||||
Long-term investments | $ | 2,922 | $ | 2,922 | $ | — | $ | — | |||||||||
Sales_Narrative_Details
Sales (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales [Line Items] | ' | ' | ' | ' |
Platinum group metals purity percentage | ' | ' | 99.95% | ' |
Rhodium purity percentage | ' | ' | 99.90% | ' |
Revenues from by-product sales | $6.70 | $7.20 | $21.10 | $23.60 |
Palladium [Member] | ' | ' | ' | ' |
Sales [Line Items] | ' | ' | ' | ' |
Maximum percentage of production committed under supply agreements | ' | ' | 93.00% | ' |
Platinum [Member] | ' | ' | ' | ' |
Sales [Line Items] | ' | ' | ' | ' |
Maximum percentage of production committed under supply agreements | ' | ' | 88.00% | ' |
Minimum [Member] | ' | ' | ' | ' |
Sales [Line Items] | ' | ' | ' | ' |
Targeted 2013 mine production (in ounces) | ' | ' | 505,000 | ' |
Maximum [Member] | ' | ' | ' | ' |
Sales [Line Items] | ' | ' | ' | ' |
Targeted 2013 mine production (in ounces) | ' | ' | 515,000 | ' |
Sales_Percentage_Of_Total_Reve
Sales (Percentage Of Total Revenues From Significant Customers) (Details) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 58.00% | [1] | 62.00% | [1] | 69.00% | [1] | 71.00% | [1] |
Customer A | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 30.00% | [1] | 28.00% | [1] | 28.00% | [1] | 26.00% | [1] |
Customer B | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 14.00% | [1] | 16.00% | [1] | 14.00% | [1] | 17.00% | [1] |
Customer C | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 14.00% | [1] | 0.00% | [1] | 14.00% | [1] | 0.00% | [1] |
Customer D | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 0.00% | [1] | 18.00% | [1] | 13.00% | [1] | 18.00% | [1] |
Customer E | ' | ' | ' | ' | ||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ||||
Major customer, percentage of total revenues | 0.00% | [1] | 0.00% | [1] | 0.00% | [1] | 10.00% | [1] |
[1] | The “—†symbol represents less than 10% of total revenues |
Asset_Impairment_Details
Asset Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
Altar Property [Member] | ||||||
San Juan Argentina [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ' | ' |
Impairment charge | $290,417 | $0 | $290,417 | $0 | ' | $290,400 |
Mineral properties | $285,942 | ' | $285,942 | ' | $576,359 | $102,000 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Maximum PGM production purchase percentage | ' | 100.00% | ' |
Transaction closing date | 'April 2012 | ' | ' |
Noncontrolling interest | ' | $50,644,000 | $51,761,000 |
Additional Paid-in Capital [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Issuance of noncontrolling interest | 42,500,000 | ' | ' |
Expenses incurred for issuance of noncontrolling interest | 1,100,000 | ' | ' |
Noncontrolling Interest [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling interest | ' | 50,644,000 | ' |
Stillwater Canada Inc [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | ' | ' |
Cost of acquired entity, cash paid by third party | 81,250,000 | ' | ' |
Contribution, initial cash call, amount paid by third party | 13,600,000 | ' | ' |
Derivative_Instruments_Company
Derivative Instruments (Company's Outstanding Commodity Derivatives) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
oz | |
Fourth Quarter 2013 | Platinum [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 36,280 |
Average Price | 1,457 |
Fourth Quarter 2013 | Palladium [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 62,903 |
Average Price | 724 |
Fourth Quarter 2013 | Rhodium [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 9,764 |
Average Price | 982 |
First Quarter 2014 | Platinum [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 3,014 |
Average Price | 1,453 |
First Quarter 2014 | Palladium [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 5,197 |
Average Price | 726 |
First Quarter 2014 | Rhodium [Member] | ' |
Derivative [Line Items] | ' |
Ounces | 1,472 |
Average Price | 970 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Plan | Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of stock plans | 3 | ' | 3 | ' |
Number of terminated stock plans | 2 | ' | 2 | ' |
Vesting period | ' | ' | '3 years | ' |
Award expiration period | ' | ' | '10 years | ' |
Accelerated equity based compensation expense | $0 | $0 | $9,063,000 | $0 |
Cash received from stock options exercised | ' | ' | 100,000 | 100,000 |
Compensation Expense Of Nonvested Shares Outstanding Remainder of Fiscal Year | ' | ' | 4,500 | ' |
Share-based compensation cost related to nonvested shares not yet recognized in 2014 | ' | ' | 17,600 | ' |
Share-based compensation cost related to nonvested shares not yet recognized in 2015 | ' | ' | 17,800 | ' |
Share-based compensation cost related to nonvested shares not yet recognized in 2016 | ' | ' | 9,900 | ' |
Stillwater Mining Company [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized for issuance | 16.4 | ' | 16.4 | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Cash received from stock options exercised | ' | ' | ' | 100,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0 | 2,800,000 | 14,600,000 | 6,500,000 |
Restricted Stock Units (RSUs) [Member] | General and administrative expense | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 5,500,000 | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | Accelerated Vesting [Member] | Accelerated equity based compensation expense | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Accelerated equity based compensation expense | 9,100,000 | ' | ' | ' |
Stock Options [Member] | General and administrative expense | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0 | $22,900 | $41,400 | $78,200 |
2004 and 2012 Plans Combined [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available and reserved for grant | 5 | ' | 5 | ' |
2012 Equity Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized for issuance | 5 | ' | 5 | ' |
2004 Equity Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized for issuance | 5.2 | ' | 5.2 | ' |
General Employee Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized for issuance | 1.4 | ' | 1.4 | ' |
1994 Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock shares authorized for issuance | 4.8 | ' | 4.8 | ' |
ShareBased_Compensation_Change
Share-Based Compensation (Changes In The Company's Nonvested Shares) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Non Vested Shares [Member] | |
Nonvested Shares | ' | ' | ' |
Nonvested Shares, Beginning Balance | ' | 1,149,333 | ' |
Nonvested Shares, Granted | 44,942 | 469,498 | 3,149 |
Nonvested Shares, Vested | -949,448 | -712,401 | 0 |
Nonvested Shares, Forfeited | -133 | -250 | 100 |
Nonvested Shares, Ending Balance | 1,541 | 906,180 | 4,590 |
Weighted-Average Grant-Date Fair Value | ' | ' | ' |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Beginning Balance (in usd per share) | ' | $14.38 | ' |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Granted (in usd per share) | $12.47 | $13.89 | $11.57 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Vested (in usd per share) | $14.53 | $13.73 | $0 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Forfeited (in usd per share) | $13.99 | $15.79 | $10.82 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Ending Balance (in usd per share) | $11.85 | $14.63 | $11.68 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Income tax benefit (provision) | $54,698,000 | ($2,109,000) | $47,468,000 | $1,508,000 |
Cash paid for income taxes | 2,400,000 | 4,800,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax provision impact of unpaid tax | 1,600,000 | ' | 1,600,000 | ' |
San Juan Argentina [Member] | Altar Property [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Income tax benefit from reduction of carrying value of property | ($63,800,000) | ' | ($63,900,000) | ' |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 7-May-13 | Mar. 15, 2013 | Oct. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2008 | Oct. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 13, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 08, 2013 | |
Director | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | 8% Series 2000 [Member] | 8% Series 2000 [Member] | 8% Series 2000 [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Subsequent Event [Member] | |||||
Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Credit Agreement [Member] | |||||||||||||||||||||||||||
Debt Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $181,500,000 | $396,750,000 | $396,750,000 | $396,750,000 | $396,750,000 | $30,000,000 | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-28 | ' | ' | ' | ' | ' | ' | ' | 1-Jul-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | 1.88% | ' | 1.88% | ' | 1.88% | ' | ' | 1.75% | 1.75% | 1.75% | 8.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt, frequency of interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annually on March 15 and September 15 of each year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio amount per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable on conversion of debt per $1,000 (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.5351 | ' | ' | ' | ' | ' | ' | 60.4961 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion price (in usd per share) | ' | ' | ' | ' | ' | ' | ' | $23.51 | ' | $23.51 | ' | ' | ' | ' | $16.53 | ' | $16.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debentures exchanged for shares, value | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debentures exchanged for shares, shares | ' | ' | ' | ' | ' | ' | 1,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of convertible debentures | ' | ' | ' | ' | ' | 164,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debentures | ' | ' | ' | ' | ' | 166,500,000 | ' | 2,200,000 | ' | 2,200,000 | ' | 2,200,000 | ' | ' | 269,900,000 | ' | 269,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to issuance costs | ' | ' | 1,294,000 | 944,000 | ' | ' | ' | 0 | 200,000 | 200,000 | 700,000 | ' | ' | ' | 300,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | 100,000 | 100,000 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | 10,500 | ' | 700,000 | 2,300,000 | ' | ' | ' | 5,700,000 | ' | 16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest | ' | ' | 200,000 | 100,000 | ' | ' | ' | 21,000 | 1,600,000 | 1,600,000 | 3,100,000 | ' | ' | ' | ' | ' | 3,200,000 | 1,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embedded conversion feature, warrant, conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.2481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embedded conversion feature, warrant, conversion price (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.53 | ' | $16.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to equity, component of convertible debt treated as additional debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and equity issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and equity issuance costs amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, balance outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,800,000 | ' | 126,800,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | 0 | 219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base comprised eligible accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' |
Borrowing base comprised eligible accounts inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of total borrowing capacity remaining when covenant takes effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | 30.00% | ' |
Letter of credit sub-facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' |
Basis spread over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | 2.75% | ' |
Unused line fee on committed but unutilized commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | 0.50% | ' |
Number of new directors elected | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of directors retained | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undrawn letters of credit issued as collateral for sureties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 |
Asset-backed revolving credit facility fees recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 200,000 | 800,000 | 700,000 | ' | ' | ' | ' | ' | ' |
Capital Lease Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations incurred during the period | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on capital lease obligations | ' | ' | 1,600,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest | ' | ' | 200,000 | 100,000 | ' | ' | ' | 21,000 | 1,600,000 | 1,600,000 | 3,100,000 | ' | ' | ' | ' | ' | 3,200,000 | 1,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | 5,100,000 | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | $1,200,000 | $300,000 | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligation (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Present Value of Net Minimum Lease Payments | ' |
Remaining 2013 | $541 |
2014 | 2,168 |
2015 | 2,168 |
2016 | 590 |
Total minimum lease payments | 5,467 |
Less interest at rates ranging from 5.21% to 5.46% (before tax) | 390 |
Net minimum lease payments | 5,077 |
Less current portion | 1,931 |
Total long-term capital lease obligation | $3,146 |
Minimum [Member] | ' |
Present Value of Net Minimum Lease Payments | ' |
Capital lease, interest rate | 5.21% |
Maximum [Member] | ' |
Present Value of Net Minimum Lease Payments | ' |
Capital lease, interest rate | 5.46% |
Mineral_Properties_and_Mine_De2
Mineral Properties and Mine Development (Schedule of Mineral Properties) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mining Properties, Mineral Rights and Mine Development [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | $1,014,797 | $1,225,202 |
Less accumulated depletion and amortization | -355,498 | -325,977 |
Total mineral properties and mine development | 659,299 | 899,225 |
Ontario Canada [Member] | Mining Properties and Mineral Rights [Member] | Marathon Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | 169,916 | 169,916 |
Ontario Canada [Member] | Mining Properties and Mineral Rights [Member] | Coldwell Complex Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | 14,056 | 14,056 |
Ontario Canada [Member] | Mine Development [Member] | Marathon Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | 39,393 | 28,083 |
San Juan Argentina [Member] | Mining Properties and Mineral Rights [Member] | Altar Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | 101,970 | 392,387 |
Montana, United States of America [Member] | Mine Development [Member] | Stillwater Mine [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | 515,565 | 464,882 |
Montana, United States of America [Member] | Mine Development [Member] | East Boulder Mine [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Mineral properties and mine development, gross | $173,897 | $155,878 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $309,350 | $292,610 |
Less accumulated depreciation | -188,245 | -169,933 |
Total property, plant, and equipment | 121,105 | 122,677 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 132,012 | 107,957 |
Buildings and structural components | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 156,372 | 145,347 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 8,692 | 8,418 |
Construction-in progress | Stillwater Mine [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 2,896 | 18,515 |
Construction-in progress | East Boulder Mine [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 481 | 888 |
Construction-in progress | Marathon [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 720 | 238 |
Construction-in progress | Processing Facilities and Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $8,177 | $11,247 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Business_Component | |
Mine Production [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of business components | 2 |
Stillwater Mining Company [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of business segments | 5 |
Segment_Information_Financial_
Segment Information (Financial Information Related To The Company's Business Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $280,007 | $181,044 | $797,146 | $596,870 | ' |
Depletion, depreciation and amortization | 15,342 | 14,107 | 44,628 | 43,641 | ' |
General and administrative expenses | 9,316 | 9,882 | 35,846 | 32,477 | ' |
Interest income | 1,102 | 271 | 3,516 | 1,706 | ' |
Interest expense | 5,556 | 1,493 | 17,646 | 4,361 | ' |
Income (loss) before impairment charge and income taxes | 33,735 | ' | 49,612 | ' | ' |
Impairment charge | 290,417 | 0 | 290,417 | 0 | ' |
Income (loss) after impairment charge, before income taxes | -256,682 | 14,912 | -240,805 | 36,032 | ' |
Capital expenditures | 31,451 | 25,375 | 91,187 | 84,688 | ' |
Total assets | 1,511,489 | 1,464,497 | 1,511,489 | 1,464,497 | 1,890,763 |
Mine Production [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 123,193 | 107,057 | 364,249 | 339,951 | ' |
Depletion, depreciation and amortization | 15,057 | 13,843 | 43,824 | 42,848 | ' |
General and administrative expenses | 0 | 0 | 0 | 0 | ' |
Interest income | 0 | 0 | 0 | 0 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Income (loss) before impairment charge and income taxes | 24,223 | ' | 83,382 | ' | ' |
Impairment charge | 0 | ' | 0 | ' | ' |
Income (loss) after impairment charge, before income taxes | 24,223 | 23,307 | 83,382 | 77,879 | ' |
Capital expenditures | 26,425 | 19,530 | 75,966 | 73,354 | ' |
Total assets | 529,980 | 452,734 | 529,980 | 452,734 | ' |
PGM Recycling [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 156,814 | 73,987 | 432,897 | 256,919 | ' |
Depletion, depreciation and amortization | 285 | 264 | 804 | 793 | ' |
General and administrative expenses | 0 | 0 | 0 | 0 | ' |
Interest income | 867 | 472 | 2,638 | 1,661 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Income (loss) before impairment charge and income taxes | 20,553 | ' | 31,873 | ' | ' |
Impairment charge | 0 | ' | 0 | ' | ' |
Income (loss) after impairment charge, before income taxes | 20,553 | 1,884 | 31,873 | 7,912 | ' |
Capital expenditures | 153 | 61 | 285 | 115 | ' |
Total assets | 110,503 | 63,105 | 110,503 | 63,105 | ' |
Canadian Properties [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Depletion, depreciation and amortization | 0 | 0 | 0 | 0 | ' |
General and administrative expenses | 245 | 661 | 952 | 2,436 | ' |
Interest income | 6 | 15 | 15 | 24 | ' |
Interest expense | 0 | 0 | 0 | 12 | ' |
Income (loss) before impairment charge and income taxes | -1,941 | ' | -4,024 | ' | ' |
Impairment charge | 0 | ' | 0 | ' | ' |
Income (loss) after impairment charge, before income taxes | -1,941 | -1,282 | -4,024 | -6,174 | ' |
Capital expenditures | 3,036 | 3,558 | 9,189 | 6,881 | ' |
Total assets | 257,030 | 245,351 | 257,030 | 245,351 | ' |
South American Properties [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Depletion, depreciation and amortization | 0 | 0 | 0 | 0 | ' |
General and administrative expenses | 322 | 251 | 2,264 | 2,793 | ' |
Interest income | 23 | 44 | 165 | 166 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Income (loss) before impairment charge and income taxes | 5,470 | ' | 7,434 | ' | ' |
Impairment charge | 290,417 | ' | 290,417 | ' | ' |
Income (loss) after impairment charge, before income taxes | -284,947 | 4,821 | -282,983 | -2,861 | ' |
Capital expenditures | 0 | 6 | 100 | 6 | ' |
Total assets | 111,113 | 425,322 | 111,113 | 425,322 | ' |
All Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 | ' |
Depletion, depreciation and amortization | 0 | 0 | 0 | 0 | ' |
General and administrative expenses | 8,749 | 8,970 | 32,630 | 27,248 | ' |
Interest income | 206 | -260 | 698 | -145 | ' |
Interest expense | 5,556 | 1,493 | 17,646 | 4,349 | ' |
Income (loss) before impairment charge and income taxes | -14,570 | ' | -69,053 | ' | ' |
Impairment charge | 0 | ' | 0 | ' | ' |
Income (loss) after impairment charge, before income taxes | -14,570 | -13,818 | -69,053 | -40,724 | ' |
Capital expenditures | 1,837 | 2,220 | 5,647 | 4,332 | ' |
Total assets | $502,863 | $277,985 | $502,863 | $277,985 | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Loss on long-term investments | $112,000 | $1,697,000 | $1,766,000 | $1,697,000 |
Other Noncurrent Assets [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Long-term investments | $1,100,000 | ' | $1,100,000 | ' |
Investments_Schedule_of_Availa
Investments (Schedule of Available-for-sale Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $230,744 | $263,899 |
Gross unrealized gains | 677 | 301 |
Gross unrealized losses | -488 | -400 |
Fair market value | 230,933 | 263,800 |
Federal agency notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 106,281 | 124,682 |
Gross unrealized gains | 115 | 37 |
Gross unrealized losses | 0 | -4 |
Fair market value | 106,396 | 124,715 |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 123,252 | 137,661 |
Gross unrealized gains | 14 | 3 |
Gross unrealized losses | -488 | -396 |
Fair market value | 122,778 | 137,268 |
Mutual funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,211 | 1,556 |
Gross unrealized gains | 548 | 261 |
Gross unrealized losses | 0 | 0 |
Fair market value | $1,759 | $1,817 |
Investments_Schedule_of_Maturi
Investments (Schedule of Maturities of Available-for-sale Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $230,744 | $263,899 |
Fair market value | 230,933 | 263,800 |
Federal agency notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost, due in one year or less | 52,523 | ' |
Fair market value, due in one year or less | 52,565 | ' |
Amortized cost, due after year one through two years | 53,758 | ' |
Fair market value, due after year one through two years | 53,831 | ' |
Amortized cost | 106,281 | 124,682 |
Fair market value | 106,396 | 124,715 |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost, due in one year or less | 93,227 | ' |
Fair market value, due in one year or less | 92,895 | ' |
Amortized cost, due after year one through two years | 30,025 | ' |
Fair market value, due after year one through two years | 29,883 | ' |
Amortized cost | 123,252 | 137,661 |
Fair market value | $122,778 | $137,268 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Metals inventory | ' | ' |
Raw ore | $3,199 | $3,505 |
Concentrate and in-process | 63,517 | 51,498 |
Finished goods | 88,885 | 74,942 |
Metals inventory | 155,601 | 129,945 |
Materials and supplies | 26,287 | 23,263 |
Total inventory | $181,888 | $153,208 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Stock Options, Market Price Less Than Exercise Price [Member] | Stock Options, Market Price Less Than Exercise Price [Member] | Convertible Debt Securities [Member] | Convertible Debt Securities [Member] | Convertible Debt Securities [Member] | Convertible Debt Securities [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options included in diluted weighted average shares calculation | 137,518 | 48,742 | 144,179 | 58,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding nonvested shares included in diluted weighted average shares calculation | ' | 718,977 | ' | 870,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 118,928 | 123,996 | 36,100,000 | 7,100,000 | 38,000,000 | 7,100,000 | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 1.75% | 1.88% | 1.88% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 15, 2013 | Dec. 31, 2012 | Mar. 31, 2008 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2013 | |
8% Series 2000 [Member] | 8% Series 2000 [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.875% Convertible debentures [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | 1.75% Convertible Debentures [Member] | San Juan Argentina [Member] | ||||||
Altar Property [Member] | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral properties value before impairment chages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $392,400,000 |
Mineral properties | 285,942,000 | ' | 285,942,000 | ' | 576,359,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,000,000 |
Impairment charge | 290,417,000 | 0 | 290,417,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,400,000 |
Debt, principal amount | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | 181,500,000 | 396,750,000 | 396,750,000 | 396,750,000 | ' |
Stated interest rate | ' | ' | ' | ' | ' | 8.00% | 8.00% | 1.88% | ' | 1.88% | ' | 1.75% | 1.75% | ' | ' |
Convertible debentures | ' | ' | ' | ' | ' | ' | ' | $2,200,000 | $166,500,000 | $2,200,000 | ' | $269,900,000 | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | $229,174 | $261,983 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mutual funds | 1,759 | 1,817 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mutual funds | 1,759 | 1,817 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Federal Agency Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 106,396 | 124,715 |
Fair Value, Measurements, Recurring [Member] | Federal Agency Notes [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Federal Agency Notes [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 106,396 | 124,715 |
Fair Value, Measurements, Recurring [Member] | Federal Agency Notes [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 122,778 | 137,268 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 122,778 | 137,268 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | $0 | $0 |
Fair_Value_Measurements_Financ1
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Altar mineral property | $101,970 | ' |
Exempt facility revenue bonds | 31,377 | 29,968 |
Long-term investments | 1,149 | 2,922 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Altar mineral property | 0 | ' |
Exempt facility revenue bonds | 0 | 0 |
Long-term investments | 1,149 | 2,922 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Altar mineral property | 0 | ' |
Exempt facility revenue bonds | 0 | 0 |
Long-term investments | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Altar mineral property | 101,970 | ' |
Exempt facility revenue bonds | 31,377 | 29,968 |
Long-term investments | 0 | 0 |
1.875% Convertible debentures [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 2,245 | 166,292 |
1.875% Convertible debentures [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 0 | 0 |
1.875% Convertible debentures [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 2,245 | 166,292 |
1.875% Convertible debentures [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 0 | 0 |
1.75% Convertible Debentures [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 282,587 | 302,466 |
1.75% Convertible Debentures [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 0 | 0 |
1.75% Convertible Debentures [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | 282,587 | 302,466 |
1.75% Convertible Debentures [Member] | Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Convertible debentures, fair value | $0 | $0 |
Correction_of_Immaterial_Error1
Correction of Immaterial Error (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Immaterial Error Correction [Member] | Immaterial Error Correction [Member] | |||
Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||
Deferred tax (expense) benefit | $60,743 | $4,913 | $100 | $4,600 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 |
Mitsubishi Corporation [Member] | Mitsubishi Corporation [Member] | Mitsubishi Corporation [Member] | Mitsubishi Corporation [Member] | Stillwater Canada Inc [Member] | Stillwater Canada Inc [Member] | |
Mitsubishi Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | 25.00% | 25.00% |
Revenue from related parties | $82.80 | $51.10 | $222.50 | $156.30 | ' | ' |