Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | STILLWATER MINING CO /DE/ | |
Entity Central Index Key | 931948 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 120,693,925 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES | ||
Mine Production | $125,738 | $125,729 |
PGM Recycling | 74,682 | 93,535 |
Other | 100 | 235 |
Total revenues | 200,520 | 219,499 |
Costs of metals sold | ||
Mine Production | 80,041 | 77,992 |
PGM Recycling | 72,705 | 90,706 |
Other | 0 | 79 |
Total costs of metals sold (excludes depletion, depreciation and amortization) | 152,746 | 168,777 |
Depletion, depreciation and amortization | ||
Mine Production | 16,869 | 14,910 |
PGM Recycling | 252 | 241 |
Total depletion, depreciation and amortization | 17,121 | 15,151 |
Total costs of revenues | 169,867 | 183,928 |
Exploration | 1,080 | 1,046 |
General and administrative | 8,345 | 9,786 |
Loss on long-term investments | 55 | 0 |
Loss (gain) on disposal of property, plant and equipment | 3 | -238 |
Total costs and expenses | 179,350 | 194,522 |
OPERATING INCOME | 21,170 | 24,977 |
OTHER INCOME (EXPENSE) | ||
Other | 884 | 33 |
Interest income | 703 | 825 |
Interest expense | -5,304 | -5,850 |
Foreign currency transaction (loss) gain, net | -608 | 4,179 |
INCOME BEFORE INCOME TAX BENEFIT (PROVISION) | 16,845 | 24,164 |
Income tax benefit (provision) | 6,043 | -5,125 |
NET INCOME | 22,888 | 19,039 |
Net loss attributable to noncontrolling interest | -115 | -533 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 23,003 | 19,572 |
Other comprehensive income, net of tax | ||
Net unrealized gains (losses) on investments available-for-sale | 136 | -37 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 23,139 | 19,535 |
Comprehensive loss attributable to noncontrolling interest | -115 | -533 |
TOTAL COMPREHENSIVE INCOME | $23,024 | $19,002 |
Weighted average common shares outstanding | ||
Basic (in shares) | 120,521 | 119,608 |
Diluted (in shares) | 156,807 | 155,754 |
Basic earnings per share attributable to common stockholders (in usd per share) | $0.19 | $0.16 |
Diluted earnings per share attributable to common stockholders (in usd per share) | $0.17 | $0.15 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $262,608 | $280,286 |
Investments, at fair market value | 278,565 | 251,254 |
Inventories | 123,372 | 130,307 |
Trade receivables | 1,152 | 1,277 |
Deferred income taxes | 17,800 | 21,055 |
Prepaids | 1,363 | 2,546 |
Other current assets | 15,123 | 14,671 |
Total current assets | 699,983 | 701,396 |
Mineral properties | 159,252 | 159,252 |
Mine development, net | 422,551 | 409,754 |
Property, plant and equipment, net | 115,957 | 118,881 |
Deferred debt issuance costs | 5,729 | 6,032 |
Other noncurrent assets | 5,571 | 4,012 |
Total assets | 1,409,043 | 1,399,327 |
Current liabilities | ||
Accounts payable | 22,535 | 26,806 |
Accrued compensation and benefits | 27,821 | 29,973 |
Property, production and franchise taxes payable | 13,787 | 15,828 |
Current portion of long-term debt and capital lease obligations | 2,172 | 2,144 |
Other current liabilities | 8,561 | 7,288 |
Total current liabilities | 74,876 | 82,039 |
Long-term debt and capital lease obligations | 297,933 | 294,023 |
Deferred income taxes | 52,798 | 68,896 |
Accrued workers compensation | 5,914 | 6,060 |
Asset retirement obligation | 9,292 | 9,401 |
Other noncurrent liabilities | 10,035 | 7,200 |
Total liabilities | 450,848 | 467,619 |
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; 120,619,315 and 120,381,746 shares issued and outstanding | 1,206 | 1,204 |
Paid-in capital | 1,094,607 | 1,091,146 |
Accumulated deficit | -156,136 | -179,139 |
Accumulated other comprehensive income | 153 | 17 |
Total stockholders’ equity | 939,830 | 913,228 |
Noncontrolling interest | 18,365 | 18,480 |
Total equity | 958,195 | 931,708 |
Total liabilities and equity | $1,409,043 | $1,399,327 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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) | 120,619,315 | 120,381,746 |
Common stock, shares outstanding (in shares) | 120,619,315 | 120,381,746 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $22,888 | $19,039 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depletion, depreciation and amortization | 17,121 | 15,151 |
Loss (gain) on disposal of property, plant and equipment | 3 | -238 |
Loss on long-term investments | 55 | 0 |
Amortization/accretion on investment premium/discount | 420 | 574 |
Deferred taxes | -12,409 | -2,131 |
Foreign currency transaction loss (gain), net | 608 | -4,179 |
Accretion of asset retirement obligation | 191 | 181 |
Amortization of deferred debt issuance costs | 303 | 364 |
Accretion of convertible debenture debt discount | 4,525 | 4,170 |
Share based compensation and other benefits | 3,438 | 3,180 |
Non-cash capitalized interest | -866 | -679 |
Changes in operating assets and liabilities: | ||
Inventories | 5,997 | -6,133 |
Trade receivables | 125 | -19,883 |
Prepaids | 1,183 | 2,039 |
Accrued compensation and benefits | -2,152 | -1,164 |
Accounts payable | -2,043 | -7,579 |
Property, production and franchise taxes payable | 794 | 1,070 |
Income taxes payable | 0 | 1,683 |
Accrued workers compensation | -146 | -33 |
Other operating assets | -1,879 | -4,234 |
Other operating liabilities | 156 | 3,567 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 38,312 | 4,765 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | -27,902 | -26,133 |
Proceeds from disposal of property, plant and equipment | 0 | 259 |
Purchases of investments | -57,371 | -76,352 |
Proceeds from maturities of investments | 29,839 | 35,419 |
NET CASH USED IN INVESTING ACTIVITIES | -55,434 | -66,807 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on debt and capital lease obligations | -584 | -557 |
Proceeds from issuance of common stock | 28 | 536 |
NET CASH USED IN FINANCING ACTIVITIES | -556 | -21 |
CASH AND CASH EQUIVALENTS | ||
Net decrease | -17,678 | -62,063 |
Balance at beginning of period | 280,286 | 286,687 |
BALANCE AT END OF PERIOD | $262,608 | $224,624 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
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”) at March 31, 2015, the results of its operations and cash flows for the three-month periods ended March 31, 2015 and 2014. The results of operations for the first three months of 2015 are not necessarily indicative of the results to be expected for the full year. 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 2014 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 (U. S. GAAP) 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 reclassified Research and development and Marketing expenses into General and administrative for the period ended March 31, 2014, for presentation purposes within the Company's Consolidated Statements of Comprehensive Income. |
Sales
Sales | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Sales Revenue, Goods, Net [Abstract] | |||||||
Sales | SALES | ||||||
MINE PRODUCTION | |||||||
The Company mines and processes ores 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 a third-party refiner for final processing from which they are sold to several customers with whom the Company has established trading relationships. Refined platinum group metals (PGMs) in sponge form are transferred upon sale from the Company’s account at the third-party refiner to the account of the purchaser. By-product metals are normally sold at market price to customers, brokers or outside refiners. Sales of copper and nickel by-products typically reflect a discount from market prices. By-product sales are included in revenues from Mine Production. During each of the first three-month periods of 2015 and 2014, total by-product (gold, nickel, mined rhodium, copper and silver) sales were $6.7 million. | |||||||
In July 2014, the Company executed five-year supply and refining agreements with Johnson Matthey. Under the terms of these agreements, Johnson Matthey has an exclusive five-year right to refine all of the PGM filter cake the Company produces at its Columbus, Montana facilities. Johnson Matthey also has the right to purchase all of the Company's mine production of palladium and platinum at competitive market prices (except for platinum sales under the Company's sales agreement with Tiffany & Co., which are specifically excluded from the Johnson Matthey agreements) and has the right to bid for any recycling volumes the Company has available. Other provisions of the agreements include a good-faith effort by Johnson Matthey to assist in growing the Company's recycling volumes and the sharing of market intelligence to the extent permitted by law. The Company has the right to exit the Johnson Matthey PGM supply arrangement in return for the payment of a nominal fee. In addition, the Company, in its sole discretion, may elect to terminate the refining arrangement after four years. | |||||||
In accordance with the terms of the Johnson Matthey supply agreement, in the first quarter of 2015 all Company sales of mined PGMs, other than the platinum sales under contract with Tiffany & Co., were to Johnson Matthey. In the first quarter of 2014, all Company sales of mined PGMs were either in the spot market or under mutually agreed short-term (one year or less) supply agreements. | |||||||
PGM RECYCLING | |||||||
The Company purchases spent catalyst materials from third-parties for recycling and processes this material within 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 materials with various suppliers. Under these sourcing arrangements as currently structured, the Company may advance cash against a shipment of material shortly before actually receiving the physical shipment at the Company's processing facility in Columbus, Montana. 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, at which time the advance is reclassified 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 cash advance was made until the out-turn date of the inventory from the final refiner. | |||||||
TOTAL SALES | |||||||
Total sales to significant customers as a percentage of total revenues for the three-month periods ended March 31, 2015 and 2014 were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 (1) | 2014 | ||||||
Customer A | 74 | % | 33 | % | |||
Customer B | — | 22 | % | ||||
Customer C | — | 11 | % | ||||
74 | % | 66 | % | ||||
(1) The “—” symbol represents less than 10% of total revenues. |
Asset_Impairment
Asset Impairment | 3 Months Ended |
Mar. 31, 2015 | |
Asset Impairment Charges [Abstract] | |
Asset impairment | ASSET IMPAIRMENT |
In accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification 360, Property Plant and Equipment, (ASC 360-10), the Company reviews and evaluates its long-lived assets for impairment when events and changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable and may exceed their fair value. For purposes of determining impairment, assets are grouped at the lowest level for which identifiable cash flows (including estimated future cash flows from non-operating properties) are largely independent of the cash flows of other groups of assets and liabilities. | |
The Company determined there were no material events or changes in circumstances requiring the Company to test long-lived assets for impairment at March 31, 2015. However, the Company determined at December 31, 2014, that certain real estate properties owned by the Company in the town of Marathon that previously were associated with the Marathon project should be segregated and considered separately for impairment. The Company obtained an estimate of fair value from a real estate firm in the Marathon area and impaired those properties by approximately $0.5 million at December 31, 2014. |
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | NONCONTROLLING INTEREST |
In 2012, the Company entered into an agreement with Mitsubishi Corporation (Mitsubishi) in which a Mitsubishi subsidiary acquired a 25% interest in the Company's then wholly-owned subsidiary, Stillwater Canada Inc (SCI) which holds the Marathon PGM-copper project and related properties, for $81.25 million in cash. Mitsubishi also contributed an additional $13.6 million to satisfy its portion of the venture's initial cash call. The agreement provides that Mitsubishi is responsible for funding 25% of the operating, capital and exploration expenditures on the Marathon properties and will cooperate and support efforts to secure financing for Marathon. Under a related supply agreement, Mitsubishi also will have an option to purchase up to 100% of any future Marathon PGM production at a discount to market. The change in the 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. | |
Mitsubishi's 25% interest in the SCI net loss in each period is shown as Net loss attributable to noncontrolling interest in the Company's Consolidated Statements of Comprehensive Income. The amount of this loss is added back to the Company's reported Net income in each period in arriving at Net income attributable to common stockholders. The reported Net loss attributable to noncontrolling interest for the three-months ended March 31, 2015 and 2014 was $0.1 million and $0.5 million, respectively. | |
Mitsubishi's share of the equity in SCI is reflected as Noncontrolling interest in the Company's Consolidated Balance Sheets and totaled $18.4 million and $18.5 million at March 31, 2015 and December 31, 2014, respectively. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
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 PGM market commodity prices. | ||||||||||||||||||||||
COMMODITY DERIVATIVES | ||||||||||||||||||||||
PGM Recycling | ||||||||||||||||||||||
The Company customarily enters into fixed forward sales relating to PGM recycling of catalyst materials. Under these 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 to set in advance the pricing for metals acquired and processed in its recycling segment. The metals from PGM recycled materials are sold forward at the time of purchase and delivered against the fixed forward contracts when the ounces are recovered. Because this forward price is also used to set the acquisition price the Company pays for recycling materials, this arrangement significantly reduces exposure to PGM price volatility. The Company believes such transactions qualify for the exception to hedge accounting treatment and so has elected to account for these transactions as normal purchases and normal sales. | ||||||||||||||||||||||
All of the Company's fixed forward sales contracts open at March 31, 2015, will settle at various periods through September 2015. 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. At March 31, 2015, and December 31, 2014, no margin deposits were outstanding or due. | ||||||||||||||||||||||
The following is a summary of the Company's outstanding commodity derivatives in its Recycling Business Segment at March 31, 2015: | ||||||||||||||||||||||
PGM Recycling: | ||||||||||||||||||||||
Fixed Forward Contracts | Platinum | Palladium | Rhodium | |||||||||||||||||||
Settlement Period | Ounces | Average | Ounces | Average | Ounces | Average | ||||||||||||||||
Price/Ounce | Price/Ounce | Price/Ounce | ||||||||||||||||||||
Second Quarter 2015 | 19,606 | $ | 1,202 | 33,137 | $ | 791 | 4,642 | $ | 1,169 | |||||||||||||
Third Quarter 2015 | 3,827 | $ | 1,157 | 3,755 | $ | 788 | 904 | $ | 1,154 | |||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION | ||||||||
EQUITY PLANS | |||||||||
The Company sponsors equity plans (the “Plans”) that enable the Company to grant equity based compensation to employees and non-employee directors. The Company's current practice is to issue cash awards and/or restricted stock units as incentive compensation to employees and non-employee directors. The Company continues to have previously issued stock options that remain outstanding under the General Employee Plan and the 2004 Equity Incentive Plan. In April 2012, stockholders approved the 2012 Equity Incentive Plan. In total approximately 11.6 million shares of common stock were originally authorized under the Plans, including approximately 5.0 million, 5.2 million, and 1.4 million authorized shares for the 2012 Equity Incentive Plan, 2004 Equity Incentive Plan and the General Employee Plan, respectively. Approximately 4.4 million shares were available and reserved for grant under the 2012 Equity Incentive Plan at March 31, 2015. | |||||||||
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’ restricted stock units typically vest in equal annual installments over a three-year period after date of grant. Stock options expire ten years after the date of grant. | |||||||||
NONVESTED SHARES | |||||||||
Time-Based Restricted Stock Unit (RSU) Awards | |||||||||
Time-based RSU awards provide the participant with the right to receive a number of shares of the Company's common stock upon vesting of the awards provided the participant is employed by the Company on the vesting date. Time-based awards are valued using the Company's common stock price on the date of grant. Time-based awards are not entitled to any dividend equivalents with respect to the RSUs unless otherwise determined by the Board, nor any dividends on stock that may be delivered in settlement of the RSUs unless and until the stock is issued in settlement of the RSUs. | |||||||||
Nonvested time-based RSU activity during the first three months of 2015, is detailed in the following table: | |||||||||
Nonvested Shares | Weighted-Average Grant-Date Fair Value | ||||||||
Nonvested time-based RSUs at January 1, 2015 | 184,747 | $ | 13.8 | ||||||
Granted | 120,715 | 14.29 | |||||||
Vested | (35,030 | ) | 13.75 | ||||||
Forfeited | (4,480 | ) | 13.91 | ||||||
Nonvested time-based RSUs at March 31, 2015 | 265,952 | $ | 14.03 | ||||||
Total compensation expense related to grants of nonvested time-based RSUs was approximately $0.3 million and $0.2 million in the three-month periods ended March 31, 2015 and 2014, respectively. Compensation expense is recorded in General and administrative in the Company's Consolidated Statements of Comprehensive Income. | |||||||||
Performance-Based Restricted Stock Unit Awards | |||||||||
A performance-based RSU award provides the participant with the right to receive a number of shares of the Company's common stock depending on achievement of specific measurable performance criteria. The number of shares earned is determined at the end of each performance period, generally three years, based on the actual performance criteria predetermined by the Compensation Committee at the time of grant. In the period that it becomes probable that the performance criteria will be achieved, the Company recognizes expense for the proportionate share of the total fair value of the grant related to the vesting period that has already lapsed. The remaining cost of the grant is expensed over the balance of the vesting period. | |||||||||
The Company has granted performance-based RSU awards under its Long Term Incentive Plans. The payouts of the awards are dependent upon three distinct components with five separate sub-targets. Two of the sub-targets are market-based and equity classified; one sub-target is market-based and liability classified; and two sub-targets are performance-based and equity classified. The market-based sub-targets are valued using a Monte Carlo simulation valuation model on the date of grant. The fair value of the liability classified sub-target is remeasured each reporting period. The existence of a market condition requires recognition of compensation cost for the performance RSU awards over the requisite period regardless of whether the market condition is satisfied. Total compensation expense, included within General and administrative in the Company's Consolidated Statements of Comprehensive Income, related to grants of performance-based RSUs for the three-month periods ended March 31, 2015 and 2014 was $0.1 million and less than $0.1 million, respectively. | |||||||||
Performance-based RSU awards are not entitled to any dividend equivalents with respect to the RSUs unless otherwise determined by the Board, nor any dividends on stock that may be delivered in settlement of the RSUs unless and until the stock is issued in settlement of the RSUs. | |||||||||
Nonvested performance-based RSU activity during 2015 is detailed in the following table: | |||||||||
Nonvested | Weighted-Average Grant-Date Fair Value | ||||||||
Shares | |||||||||
Nonvested performance-based RSUs at January 1, 2015 | 214,236 | $ | 15.69 | ||||||
Granted * | 170,078 | 14.92 | |||||||
Vested | — | — | |||||||
Forfeited * | (2,071 | ) | 15.34 | ||||||
Nonvested performance-based RSUs at March 31, 2015 | 382,243 | $ | 15.35 | ||||||
* The number of performance-based RSUs granted and forfeited is based on the target award amounts in the related performance share grant agreements. | |||||||||
The following table presents the compensation expense of the nonvested RSUs outstanding at March 31, 2015, to be recognized over the remaining vesting periods: | |||||||||
(In thousands) | Time-based shares | Performance -based shares | |||||||
Remaining 2015 | $ | 1,287 | $ | 1,224 | |||||
2016 | 1,534 | 1,631 | |||||||
2017 | 624 | 868 | |||||||
2018 | 1 | — | |||||||
Total | $ | 3,446 | $ | 3,723 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
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. These assets and liabilities reflect 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 March 31, 2015, the Company has approximately $80.9 million of regular federal tax net operating loss carryforwards in the U.S. expiring from 2020 through 2028. Usage of these net operating losses is limited to approximately $10.2 million annually as a result of the change in control of the Company that occurred in connection with the Norilsk Nickel transaction in 2003. The Company has $39.9 million of alternative minimum tax credit carryforwards which will not expire and $1.7 million in general business credits expiring during 2029 to 2034. The Company has approximately $3.3 million of state tax net operating loss carryforwards expiring during 2020 through 2029. The Company also has $52.8 million of foreign net operating loss carryforwards. The foreign net operating losses expire as follows: $19.0 million during 2016 to 2019 and $25.0 million during 2024 to 2035. Currently, $8.8 million of foreign net operating losses have an indefinite life. | |
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company has a valuation allowance in 2015 and 2014 to reflect the estimated amount of deferred tax assets which may not be realized, which principally relate to foreign and state net operating losses, capital losses, and certain tax credits. | |
The provision for income taxes for the three-month period ended March 31, 2015 consists of U.S. Federal income tax, state tax expense, and deferred tax benefit from certain foreign jurisdictions. Changes in the Company’s net deferred tax assets and liabilities have been partially offset by a corresponding change in the valuation allowance. | |
The Company recognized an income tax benefit for the three-month period ended March 31, 2015 of $6.0 million and an income tax provision $5.1 million for the same three-month period ended March 31, 2014. The partial restructure of internal operations and the creation of a separate metal sales and trading subsidiary is primarily responsible for a discrete income tax benefit recognized for the three-month period ending March 31, 2015. The discrete income tax benefit of $8.6 million results from a re-measuring of the Company’s deferred state tax associated with deferred tax assets and liabilities from a blended deferred rate of 10.6% at December 31, 2014 to 4.0% at March 31, 2015. | |
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 Income. The Company does not have any uncertain benefits at March 31, 2015. There were no interest or penalties accrued at March 31, 2015 and for the comparable period in 2014, interest and penalties accrued were $2.1 million. The Company made income tax payments of $8.2 million and $1.2 million in the three-month periods ended March 31, 2015 and 2014, respectively. Tax years still open for examination by the taxing authorities are the years ended December 31, 2013, 2012 and 2011, although net operating loss and credit carryforwards from all years are subject to examination and adjustment for the three years following the year in which the carryforwards are utilized. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Debt and Capital Lease Obligations | DEBT AND CAPITAL LEASE OBLIGATIONS | ||||
1.75% CONVERTIBLE DEBENTURES | |||||
In October 2012, the Company issued $396.75 million aggregate principal amount of 1.75% senior unsecured convertible debentures, due October 15, 2032 (1.75% debentures). Each $1,000 principal amount of these 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 initially at $16.53 per share (also 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 at face value plus accrued and unpaid interest on October 15, of each of 2019, 2024, 2029, and upon the occurrence of certain corporate events. The Company will have the right to call 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 in 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 1.875% convertible debentures upon their redemption in March 2013 with the remainder being 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 at March 31, 2015, and December 31, 2014, was approximately $295.6 million and $291.1 million, respectively, which is net of unamortized discount of $101.1 million and $105.6 million, respectively. | |||||
Amortization of debt issuance costs related to the issuance of the 1.75% debentures for each of the three-month periods ended March 31, 2015 and 2014, was $0.2 million and $0.3 million, respectively. The interest expense related to the 1.75% debentures for the three-month periods ended March 31, 2015 and 2014 was approximately $6.3 million and $5.9 million, respectively. The Company made $3.5 million of interest expense payments during the three-month period ended March 31, 2015. There were no interest payments made in the comparable period in 2014. | |||||
1.875% CONVERTIBLE DEBENTURES | |||||
Holders of the remaining $2.2 million of outstanding 1.875% debentures may require the Company to redeem their 1.875% debentures at face value 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. Effective as of March 22, 2013, the Company has the right at its discretion to redeem the remaining $2.2 million of outstanding 1.875% debentures for cash at any time prior to maturity. The outstanding balance at March 31, 2015, and December 31, 2014, of $2.2 million aggregate principal amount, is reported as a long-term debt obligation. | |||||
There was no amortization expense related to the issuance costs of the 1.875% debentures for the three-month periods ended March 31, 2015 and 2014. Interest expense on the 1.875% debentures was less than $0.1 million for each of the three-month periods ended March 31, 2015 and 2014. The Company made cash payments of less than $0.1 million for interest on the 1.875% debentures for the three-month periods ended March 31, 2015 and 2014, respectively. | |||||
EXEMPT FACILITY REVENUE BONDS | |||||
During 2000, the Company completed a $30.0 million offering of 8.0% Exempt Facility Revenue Bonds, Series 2000. These bonds were issued by the State of Montana Board of Investments to finance a portion of the costs of constructing and equipping certain sewage and solid waste disposal facilities at both the Stillwater Mine and the East Boulder Mine. The bonds were scheduled to mature on July 1, 2020, and had a stated interest rate of 8.0% with interest paid semi-annually. Net discounted proceeds from the offering were $28.7 million, yielding an effective rate of 8.57%. | |||||
The balance outstanding on these bonds at December 31, 2013, was $29.6 million, which was net of unamortized discount of $0.4 million. In July 2014, the Company redeemed the entire $30.0 million of 8.0% Exempt Facility Revenue Bonds, Series 2000, which included accrued and unpaid interest of $40,000. | |||||
ASSET-BACKED REVOLVING CREDIT FACILITY | |||||
In December 2011, the Company signed 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 this facility and simultaneously expanded its maximum line of credit to $125.0 million, incurring additional debt issuance costs of $0.2 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. Terms of the credit agreement state that the borrowings will be 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 a commitment fee on committed but unutilized borrowing capacity available under the facility at a rate per annum of 0.375% or 0.5%, depending on the amount of the facility drawn. | |||||
The Company recognized $0.3 million in fees associated with the asset-backed revolving credit agreement in each of the three-month periods ended March 31, 2015 and 2014. 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 March 31, 2015 and 2014. At March 31, 2015 and 2014, there were no outstanding borrowings under this revolving credit facility, and approximately $18.1 million in undrawn irrevocable letters of credit had been issued under this facility as collateral for sureties, which reduce the amount available for borrowing under the facility on a dollar-for-dollar basis. | |||||
CAPITAL LEASE OBLIGATIONS | |||||
The Company is party to a lease agreement with General Electric Capital Corporation (GECC) covering the acquisition of a tunnel-boring machine (TBM) for use on the Blitz development adjacent to the Stillwater Mine. The transaction is structured as a capital lease with a four-year term maturing in 2016; lease payments are due quarterly in advance. The Company made cash payments of $0.5 million on its capital lease obligations in each of the three-month periods ended March 31, 2015 and 2014. The cash payments in each of the three-month periods ended March 31, 2015 and 2014, included interest of less than $0.1 million. At March 31, 2015, and December 31, 2014, the outstanding balance under the capital lease was $2.1 million and $2.6 million, respectively. | |||||
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) | |||||
2015 | $ | 1,626 | |||
2016 | 589 | ||||
Total minimum lease payments | 2,215 | ||||
Less interest at rates ranging from 5.21% to 5.46% (before-tax) | 75 | ||||
Net minimum lease payments | 2,140 | ||||
Less current portion | 2,094 | ||||
Total long-term capital lease obligation | $ | 46 | |||
CAPITALIZED INTEREST | |||||
The Company capitalizes interest incurred on its various debt instruments as a cost of specific and identified areas under development. For the three-month periods ended March 31, 2015 and 2014, the Company capitalized interest of $1.3 million and $1.1 million, respectively. Capitalized interest is recorded as a reduction to Interest expense in the Company's Consolidated Statements of Comprehensive Income. |
Mineral_Properties_and_Mine_De
Mineral Properties and Mine Development | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | |||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Mineral Properties: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | $ | 1,950 | $ | 1,950 | |||||
Ontario, Canada | |||||||||
Marathon properties | 55,332 | 55,332 | |||||||
San Juan, Argentina | |||||||||
Altar property | 101,970 | 101,970 | |||||||
Mine Development: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | 636,376 | 616,872 | |||||||
East Boulder Mine | 209,106 | 204,483 | |||||||
1,004,734 | 980,607 | ||||||||
Accumulated depletion and amortization | (422,931 | ) | (411,601 | ) | |||||
Total mineral properties and mine development, net | $ | 581,803 | $ | 569,006 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | |||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Machinery and equipment | $ | 153,795 | $ | 152,421 | |||||
Buildings and structural components | 170,365 | 169,609 | |||||||
Land | 9,488 | 9,488 | |||||||
Construction-in-progress: | |||||||||
Stillwater Mine | 2,145 | 2,633 | |||||||
East Boulder Mine | 1,458 | 1,539 | |||||||
Marathon | 148 | 148 | |||||||
Processing facilities and other | 3,593 | 1,994 | |||||||
340,992 | 337,832 | ||||||||
Accumulated depreciation | (225,035 | ) | (218,951 | ) | |||||
Total property, plant, and equipment, net | $ | 115,957 | $ | 118,881 | |||||
The Company's total capital expenditures for mine development and property, plant and equipment for the three-month periods ended March 31, 2015 and 2014 were as follows: | |||||||||
March 31, | March 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Stillwater Mine | $ | 21,013 | $ | 17,746 | |||||
East Boulder Mine | 4,269 | 4,439 | |||||||
Other | 3,093 | 2,489 | |||||||
Total capital expenditures | 28,375 | 24,674 | |||||||
Adjustments at March 31, | (473 | ) | 1,459 | ||||||
Cash capital spend for the period | $ | 27,902 | $ | 26,133 | |||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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. 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 third-party suppliers for its own account and sells the recovered metals directly, and it also accepts catalyst material from 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 mineral property assets. The exploration-stage Marathon mineral properties include a large PGM and copper deposit located near the town of Marathon, Ontario, Canada. as well as additional mineral properties located adjacent to the Marathon properties. | |||||||||||||||||||||||||
The South American Properties segment consists of the Peregrine Metals Ltd. assets. The principal Peregrine property is the Altar property, an exploration-stage copper-gold resource located in the San Juan province of Argentina. | |||||||||||||||||||||||||
The All Other group primarily consists of assets, including investments, revenues, and expenses of various corporate and support functions. | |||||||||||||||||||||||||
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 March 31, 2015 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 125,738 | $ | 74,682 | $ | — | $ | — | $ | 100 | $ | 200,520 | |||||||||||||
Depletion, depreciation and amortization | $ | 16,869 | $ | 252 | $ | — | $ | — | $ | — | $ | 17,121 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 235 | $ | 182 | $ | 7,928 | $ | 8,345 | |||||||||||||
Interest income | $ | — | $ | 403 | $ | 3 | $ | 14 | $ | 283 | $ | 703 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,304 | $ | 5,304 | |||||||||||||
Income (loss) before income taxes | $ | 28,828 | $ | 2,127 | $ | (433 | ) | $ | (773 | ) | $ | (12,904 | ) | $ | 16,845 | ||||||||||
Capital expenditures | $ | 25,548 | $ | 59 | $ | — | $ | — | $ | 2,295 | $ | 27,902 | |||||||||||||
Total assets | $ | 607,117 | $ | 57,740 | $ | 74,734 | $ | 105,795 | $ | 563,657 | $ | 1,409,043 | |||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 125,729 | $ | 93,535 | $ | — | $ | — | $ | 235 | $ | 219,499 | |||||||||||||
Depletion, depreciation and amortization | $ | 14,910 | $ | 241 | $ | — | $ | — | $ | — | $ | 15,151 | |||||||||||||
General and administrative expenses * | $ | — | $ | — | $ | 1,656 | $ | 200 | $ | 7,930 | $ | 9,786 | |||||||||||||
Interest income | $ | — | $ | 579 | $ | 2 | $ | 16 | $ | 228 | $ | 825 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,850 | $ | 5,850 | |||||||||||||
Income (loss) before income taxes | $ | 32,827 | $ | 3,168 | $ | (1,890 | ) | $ | 3,185 | $ | (13,126 | ) | $ | 24,164 | |||||||||||
Capital expenditures | $ | 24,861 | $ | 113 | $ | — | $ | — | $ | 1,159 | $ | 26,133 | |||||||||||||
Total assets | $ | 567,505 | $ | 88,931 | $ | 79,856 | $ | 108,839 | $ | 513,719 | $ | 1,358,850 | |||||||||||||
* The Company reclassified Research and development and Marketing expenses into General and administrative for All Other for the period ended March 31, 2014, for presentation purposes. | |||||||||||||||||||||||||
Investments
Investments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 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 discounts or premiums) of the sold investment. The amounts reclassified out of Other comprehensive income during the three-month periods ended March 31, 2015 and 2014, 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 at March 31, 2015, and December 31, 2014 are as follows: | |||||||||||||||||||
Investments | |||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair market value | |||||||||||||||
2015 | |||||||||||||||||||
Federal agency notes | $ | 168,485 | $ | 97 | $ | — | $ | 168,582 | |||||||||||
Commercial paper | 110,130 | 2 | (149 | ) | 109,983 | ||||||||||||||
Mutual funds | 468 | 297 | — | 765 | |||||||||||||||
Total | $ | 279,083 | $ | 396 | $ | (149 | ) | $ | 279,330 | ||||||||||
2014 | |||||||||||||||||||
Federal agency notes | $ | 143,132 | $ | 40 | $ | (33 | ) | $ | 143,139 | ||||||||||
Commercial paper | 108,371 | 1 | (257 | ) | 108,115 | ||||||||||||||
Mutual funds | 344 | 279 | — | 623 | |||||||||||||||
Total | $ | 251,847 | $ | 320 | $ | (290 | ) | $ | 251,877 | ||||||||||
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 March 31, 2015 are as follows: | |||||||||||||||||||
(In thousands) | Amortized cost | Fair market value | |||||||||||||||||
Federal agency notes | |||||||||||||||||||
Due in one year or less | $ | 117,412 | $ | 117,465 | |||||||||||||||
Due after one year through two years | 51,073 | 51,117 | |||||||||||||||||
Total | $ | 168,485 | $ | 168,582 | |||||||||||||||
Commercial paper | |||||||||||||||||||
Due in one year or less | $ | 77,447 | $ | 77,365 | |||||||||||||||
Due after one year through two years | 32,683 | 32,618 | |||||||||||||||||
Total | $ | 110,130 | $ | 109,983 | |||||||||||||||
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 certain of its long-term investments were other than temporarily impaired and recorded a loss of less than $0.1 million for the quarter ended March 31, 2015. No adjustment was made to the carrying value of the Company's long-term investments for the quarter ended March 31, 2014. These long-term investments totaled less than $1.0 million for the periods ended March 31, 2015 and December 31, 2014, and are recorded in Other noncurrent assets on the Company's Consolidated Balance Sheets. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | INVENTORIES | ||||||||
The Company carries items in its inventories at the lower of cost or market value. If market value in any period falls below the carrying value, the carrying value of the inventory item is reduced to its market value. | |||||||||
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 reduction to inventory value was necessary in the first three months of 2015 or 2014. | |||||||||
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, depletion, depreciation and amortization and other overhead costs relating to mining and processing activities incurred as of such date. Costs are aggregated and averaged for mined material carried in inventory. | |||||||||
The costs of PGM recycling 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. Costs incurred are allocated and tracked separately for each specific lot of recycling material (including material tolled on behalf of others). | |||||||||
Inventories reflected in the accompanying balance sheets consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Metals inventory | |||||||||
Raw ore | $ | 4,390 | $ | 4,984 | |||||
Concentrate and in-process | 56,091 | 48,712 | |||||||
Finished goods | 36,265 | 49,885 | |||||||
Total metals inventory | 96,746 | 103,581 | |||||||
Materials and supplies | 26,626 | 26,726 | |||||||
Total inventory | $ | 123,372 | $ | 130,307 | |||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
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 or nonvested shares were exercised or vested, the contingently issuable shares were issued and the Company’s convertible debt was converted. In calculating earnings per share attributable to common stockholders for the first quarter of 2015 and 2014, reported consolidated net income attributable to common stockholders was adjusted for the interest expense, net of capitalized interest (including amortization expense of deferred debt fees), the related income tax effect and the loss attributable to the noncontrolling interest in computing basic and diluted earnings per share attributable to common stockholders. The Company currently has only one class of equity shares outstanding. | |||||||||||||||||||||||
Reconciliations showing the computation of basic and diluted shares and the related impact on income for the three-month periods ended March 31, 2015 and 2014 are provided in the following table: | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||
(In thousands, except per share amounts) | Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | Amount | (Numerator) | Average | Amount | ||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||
(Denominator) | (Denominator) | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 23,003 | 120,521 | $ | 0.19 | $ | 19,572 | 119,608 | $ | 0.16 | |||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Stock options | — | 3 | — | 41 | |||||||||||||||||||
Nonvested shares | — | 31 | — | 7 | |||||||||||||||||||
Contingently issuable shares | — | 154 | — | — | |||||||||||||||||||
1.875% Convertible debentures, net of tax | — | 95 | — | 95 | |||||||||||||||||||
1.75% Convertible debentures, net of tax | 4,424 | 36,003 | 4,104 | 36,003 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Net income attributable to common stockholders and assumed conversions | $ | 27,427 | 156,807 | $ | 0.17 | $ | 23,676 | 155,754 | $ | 0.15 | |||||||||||||
Potential dilutive common shares include those associated with outstanding stock options, restricted stock units, performance shares and convertible debentures. A total of 159,654 and 35,785 contingently issuable performance-based RSUs were excluded from the computation of diluted earnings per share for the three-month periods ended March 31, 2015 and 2014, respectively, because the net effect of including them would have been antidilutive. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015, and December 31, 2014, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At March 31, 2015 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 765 | $ | 765 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 168,582 | $ | — | $ | 168,582 | $ | — | |||||||||
Commercial paper | $ | 109,983 | $ | — | $ | 109,983 | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 623 | $ | 623 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 143,139 | $ | — | $ | 143,139 | $ | — | |||||||||
Commercial paper | $ | 108,115 | $ | — | $ | 108,115 | $ | — | |||||||||
The fair value of the mutual funds is based on market prices that are readily available and are recorded in Other noncurrent assets on the Company's Consolidated Balance Sheets. The balance of the money market funds at March 31, 2015 and December 31, 2014, is $93.3 million and $120.0 million, respectively, and is classified as Level 1. The money market funds are recorded in Cash and cash equivalents on the Company's Consolidated Balance Sheets. 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 on the Company's Consolidated Balance Sheets. | |||||||||||||||||
Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2015, and December 31, 2014, consisted of the following: | |||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At March 31, 2015 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 322,363 | $ | — | $ | 322,363 | $ | — | |||||||||
Long-term investments | $ | 841 | $ | 841 | $ | — | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Certain Marathon real estate properties | $ | 754 | $ | — | $ | — | $ | 754 | |||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 303,108 | $ | — | $ | 303,108 | $ | — | |||||||||
Long-term investments | $ | 896 | $ | 896 | $ | — | $ | — | |||||||||
The Company determined at December 31, 2014, that certain real estate properties owned by the Company in the town of Marathon should be considered for impairment. The Company obtained an estimate of fair value and impaired those properties. | |||||||||||||||||
The Company used its current trading data to determine the fair value of its $2.2 million of outstanding 1.875% debentures. The Company determined the fair value of the liability component of its $396.75 million of outstanding 1.75% debentures at March 31, 2015 and December 31, 2014, by using observable market based information for debt instruments of similar amounts and duration. | |||||||||||||||||
The fair value of the Company's long-term investments in certain Canadian junior exploration companies at March 31, 2015 and December 31, 2014, is based on market prices which are readily available. |
Related_Parties
Related Parties | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES |
Mitsubishi owns a 25% interest in the Company's previously wholly-owned subsidiary, SCI, which owns Marathon and its related properties located in northern Ontario, Canada. The Company made PGM sales of $15.9 million and $48.0 million to Mitsubishi in the three-month periods ended March 31, 2015 and 2014, respectively. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of the Company’s consolidated financial statements in conformity with United States generally accepted accounting principles (U. S. GAAP) 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. |
Reclassifications | The Company reclassified Research and development and Marketing expenses into General and administrative for the period ended March 31, 2014, for presentation purposes within the Company's Consolidated Statements of Comprehensive Income. |
Sales_Tables
Sales (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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-month periods ended March 31, 2015 and 2014 were as follows: | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 (1) | 2014 | ||||||
Customer A | 74 | % | 33 | % | |||
Customer B | — | 22 | % | ||||
Customer C | — | 11 | % | ||||
74 | % | 66 | % | ||||
(1) The “—” symbol represents less than 10% of total revenues. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Company's outstanding commodity derivatives | The following is a summary of the Company's outstanding commodity derivatives in its Recycling Business Segment at March 31, 2015: | |||||||||||||||||||||
PGM Recycling: | ||||||||||||||||||||||
Fixed Forward Contracts | Platinum | Palladium | Rhodium | |||||||||||||||||||
Settlement Period | Ounces | Average | Ounces | Average | Ounces | Average | ||||||||||||||||
Price/Ounce | Price/Ounce | Price/Ounce | ||||||||||||||||||||
Second Quarter 2015 | 19,606 | $ | 1,202 | 33,137 | $ | 791 | 4,642 | $ | 1,169 | |||||||||||||
Third Quarter 2015 | 3,827 | $ | 1,157 | 3,755 | $ | 788 | 904 | $ | 1,154 | |||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Changes In The Company's Nonvested Shares | Nonvested time-based RSU activity during the first three months of 2015, is detailed in the following table: | ||||||||
Nonvested Shares | Weighted-Average Grant-Date Fair Value | ||||||||
Nonvested time-based RSUs at January 1, 2015 | 184,747 | $ | 13.8 | ||||||
Granted | 120,715 | 14.29 | |||||||
Vested | (35,030 | ) | 13.75 | ||||||
Forfeited | (4,480 | ) | 13.91 | ||||||
Nonvested time-based RSUs at March 31, 2015 | 265,952 | $ | 14.03 | ||||||
Nonvested performance-based RSU activity during 2015 is detailed in the following table: | |||||||||
Nonvested | Weighted-Average Grant-Date Fair Value | ||||||||
Shares | |||||||||
Nonvested performance-based RSUs at January 1, 2015 | 214,236 | $ | 15.69 | ||||||
Granted * | 170,078 | 14.92 | |||||||
Vested | — | — | |||||||
Forfeited * | (2,071 | ) | 15.34 | ||||||
Nonvested performance-based RSUs at March 31, 2015 | 382,243 | $ | 15.35 | ||||||
* The number of performance-based RSUs granted and forfeited is based on the target award amounts in the related performance share grant agreements. | |||||||||
Compensation Expense of Nonvested Shares | The following table presents the compensation expense of the nonvested RSUs outstanding at March 31, 2015, to be recognized over the remaining vesting periods: | ||||||||
(In thousands) | Time-based shares | Performance -based shares | |||||||
Remaining 2015 | $ | 1,287 | $ | 1,224 | |||||
2016 | 1,534 | 1,631 | |||||||
2017 | 624 | 868 | |||||||
2018 | 1 | — | |||||||
Total | $ | 3,446 | $ | 3,723 | |||||
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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) | |||||
2015 | $ | 1,626 | |||
2016 | 589 | ||||
Total minimum lease payments | 2,215 | ||||
Less interest at rates ranging from 5.21% to 5.46% (before-tax) | 75 | ||||
Net minimum lease payments | 2,140 | ||||
Less current portion | 2,094 | ||||
Total long-term capital lease obligation | $ | 46 | |||
Mineral_Properties_and_Mine_De1
Mineral Properties and Mine Development (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | ||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Mineral Properties: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | $ | 1,950 | $ | 1,950 | |||||
Ontario, Canada | |||||||||
Marathon properties | 55,332 | 55,332 | |||||||
San Juan, Argentina | |||||||||
Altar property | 101,970 | 101,970 | |||||||
Mine Development: | |||||||||
Montana, United States of America | |||||||||
Stillwater Mine | 636,376 | 616,872 | |||||||
East Boulder Mine | 209,106 | 204,483 | |||||||
1,004,734 | 980,607 | ||||||||
Accumulated depletion and amortization | (422,931 | ) | (411,601 | ) | |||||
Total mineral properties and mine development, net | $ | 581,803 | $ | 569,006 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | ||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Machinery and equipment | $ | 153,795 | $ | 152,421 | |||||
Buildings and structural components | 170,365 | 169,609 | |||||||
Land | 9,488 | 9,488 | |||||||
Construction-in-progress: | |||||||||
Stillwater Mine | 2,145 | 2,633 | |||||||
East Boulder Mine | 1,458 | 1,539 | |||||||
Marathon | 148 | 148 | |||||||
Processing facilities and other | 3,593 | 1,994 | |||||||
340,992 | 337,832 | ||||||||
Accumulated depreciation | (225,035 | ) | (218,951 | ) | |||||
Total property, plant, and equipment, net | $ | 115,957 | $ | 118,881 | |||||
Schedule Capital Expenditures | The Company's total capital expenditures for mine development and property, plant and equipment for the three-month periods ended March 31, 2015 and 2014 were as follows: | ||||||||
March 31, | March 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Stillwater Mine | $ | 21,013 | $ | 17,746 | |||||
East Boulder Mine | 4,269 | 4,439 | |||||||
Other | 3,093 | 2,489 | |||||||
Total capital expenditures | 28,375 | 24,674 | |||||||
Adjustments at March 31, | (473 | ) | 1,459 | ||||||
Cash capital spend for the period | $ | 27,902 | $ | 26,133 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 125,738 | $ | 74,682 | $ | — | $ | — | $ | 100 | $ | 200,520 | |||||||||||||
Depletion, depreciation and amortization | $ | 16,869 | $ | 252 | $ | — | $ | — | $ | — | $ | 17,121 | |||||||||||||
General and administrative expenses | $ | — | $ | — | $ | 235 | $ | 182 | $ | 7,928 | $ | 8,345 | |||||||||||||
Interest income | $ | — | $ | 403 | $ | 3 | $ | 14 | $ | 283 | $ | 703 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,304 | $ | 5,304 | |||||||||||||
Income (loss) before income taxes | $ | 28,828 | $ | 2,127 | $ | (433 | ) | $ | (773 | ) | $ | (12,904 | ) | $ | 16,845 | ||||||||||
Capital expenditures | $ | 25,548 | $ | 59 | $ | — | $ | — | $ | 2,295 | $ | 27,902 | |||||||||||||
Total assets | $ | 607,117 | $ | 57,740 | $ | 74,734 | $ | 105,795 | $ | 563,657 | $ | 1,409,043 | |||||||||||||
(In thousands) | South American Properties | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Mine | PGM | Canadian | All Other | Total | ||||||||||||||||||||
Production | Recycling | Properties | |||||||||||||||||||||||
Revenues | $ | 125,729 | $ | 93,535 | $ | — | $ | — | $ | 235 | $ | 219,499 | |||||||||||||
Depletion, depreciation and amortization | $ | 14,910 | $ | 241 | $ | — | $ | — | $ | — | $ | 15,151 | |||||||||||||
General and administrative expenses * | $ | — | $ | — | $ | 1,656 | $ | 200 | $ | 7,930 | $ | 9,786 | |||||||||||||
Interest income | $ | — | $ | 579 | $ | 2 | $ | 16 | $ | 228 | $ | 825 | |||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 5,850 | $ | 5,850 | |||||||||||||
Income (loss) before income taxes | $ | 32,827 | $ | 3,168 | $ | (1,890 | ) | $ | 3,185 | $ | (13,126 | ) | $ | 24,164 | |||||||||||
Capital expenditures | $ | 24,861 | $ | 113 | $ | — | $ | — | $ | 1,159 | $ | 26,133 | |||||||||||||
Total assets | $ | 567,505 | $ | 88,931 | $ | 79,856 | $ | 108,839 | $ | 513,719 | $ | 1,358,850 | |||||||||||||
* The Company reclassified Research and development and Marketing expenses into General and administrative for All Other for the period ended March 31, 2014, for presentation purposes. | |||||||||||||||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 at March 31, 2015, and December 31, 2014 are as follows: | ||||||||||||||||||
Investments | |||||||||||||||||||
(In thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair market value | |||||||||||||||
2015 | |||||||||||||||||||
Federal agency notes | $ | 168,485 | $ | 97 | $ | — | $ | 168,582 | |||||||||||
Commercial paper | 110,130 | 2 | (149 | ) | 109,983 | ||||||||||||||
Mutual funds | 468 | 297 | — | 765 | |||||||||||||||
Total | $ | 279,083 | $ | 396 | $ | (149 | ) | $ | 279,330 | ||||||||||
2014 | |||||||||||||||||||
Federal agency notes | $ | 143,132 | $ | 40 | $ | (33 | ) | $ | 143,139 | ||||||||||
Commercial paper | 108,371 | 1 | (257 | ) | 108,115 | ||||||||||||||
Mutual funds | 344 | 279 | — | 623 | |||||||||||||||
Total | $ | 251,847 | $ | 320 | $ | (290 | ) | $ | 251,877 | ||||||||||
Schedule of Maturities of Available-for-sale Securities | The maturities of available-for-sale securities at March 31, 2015 are as follows: | ||||||||||||||||||
(In thousands) | Amortized cost | Fair market value | |||||||||||||||||
Federal agency notes | |||||||||||||||||||
Due in one year or less | $ | 117,412 | $ | 117,465 | |||||||||||||||
Due after one year through two years | 51,073 | 51,117 | |||||||||||||||||
Total | $ | 168,485 | $ | 168,582 | |||||||||||||||
Commercial paper | |||||||||||||||||||
Due in one year or less | $ | 77,447 | $ | 77,365 | |||||||||||||||
Due after one year through two years | 32,683 | 32,618 | |||||||||||||||||
Total | $ | 110,130 | $ | 109,983 | |||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components Of Inventories | Inventories reflected in the accompanying balance sheets consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | |||||||
Metals inventory | |||||||||
Raw ore | $ | 4,390 | $ | 4,984 | |||||
Concentrate and in-process | 56,091 | 48,712 | |||||||
Finished goods | 36,265 | 49,885 | |||||||
Total metals inventory | 96,746 | 103,581 | |||||||
Materials and supplies | 26,626 | 26,726 | |||||||
Total inventory | $ | 123,372 | $ | 130,307 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share | Reconciliations showing the computation of basic and diluted shares and the related impact on income for the three-month periods ended March 31, 2015 and 2014 are provided in the following table: | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||
(In thousands, except per share amounts) | Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | Amount | (Numerator) | Average | Amount | ||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||
(Denominator) | (Denominator) | ||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 23,003 | 120,521 | $ | 0.19 | $ | 19,572 | 119,608 | $ | 0.16 | |||||||||||||
Effect of Dilutive Securities | |||||||||||||||||||||||
Stock options | — | 3 | — | 41 | |||||||||||||||||||
Nonvested shares | — | 31 | — | 7 | |||||||||||||||||||
Contingently issuable shares | — | 154 | — | — | |||||||||||||||||||
1.875% Convertible debentures, net of tax | — | 95 | — | 95 | |||||||||||||||||||
1.75% Convertible debentures, net of tax | 4,424 | 36,003 | 4,104 | 36,003 | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||
Net income attributable to common stockholders and assumed conversions | $ | 27,427 | 156,807 | $ | 0.17 | $ | 23,676 | 155,754 | $ | 0.15 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015, and December 31, 2014, consisted of the following: | ||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At March 31, 2015 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 765 | $ | 765 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 168,582 | $ | — | $ | 168,582 | $ | — | |||||||||
Commercial paper | $ | 109,983 | $ | — | $ | 109,983 | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mutual funds | $ | 623 | $ | 623 | $ | — | $ | — | |||||||||
Investments | |||||||||||||||||
Federal agency notes | $ | 143,139 | $ | — | $ | 143,139 | $ | — | |||||||||
Commercial paper | $ | 108,115 | $ | — | $ | 108,115 | $ | — | |||||||||
Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2015, and December 31, 2014, consisted of the following: | ||||||||||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At March 31, 2015 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 322,363 | $ | — | $ | 322,363 | $ | — | |||||||||
Long-term investments | $ | 841 | $ | 841 | $ | — | $ | — | |||||||||
(In thousands) | Fair Value Measurements | ||||||||||||||||
At December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Certain Marathon real estate properties | $ | 754 | $ | — | $ | — | $ | 754 | |||||||||
1.875% Convertible debentures | $ | 2,245 | $ | — | $ | 2,245 | $ | — | |||||||||
1.75% Convertible debentures | $ | 303,108 | $ | — | $ | 303,108 | $ | — | |||||||||
Long-term investments | $ | 896 | $ | 896 | $ | — | $ | — | |||||||||
Sales_Narrative_Details
Sales (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Sales Revenue, Goods, Net [Abstract] | |||
Revenues from by-product sales | $6.70 | $6.70 | |
Term of refining agreement | 5 years | ||
Period after which refining agreement may be terminated | 4 years |
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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue, Major Customer [Line Items] | ||
Major customer, percentage of total revenues | 74.00% | 66.00% |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Major customer, percentage of total revenues | 74.00% | 33.00% |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Major customer, percentage of total revenues | 0.00% | 22.00% |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Major customer, percentage of total revenues | 0.00% | 11.00% |
Asset_Impairment_Details
Asset Impairment (Details) (Marathon Property [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Marathon Property [Member] | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Impairment charge | $0.50 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Maximum PGM production purchase percentage | 100.00% | |||
Net income (loss) attributable to noncontrolling interest | ($115,000) | ($533,000) | ||
Noncontrolling interest | 18,365,000 | 18,480,000 | ||
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 | 18,400,000 | 18,500,000 | ||
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) | 3 Months Ended |
Mar. 31, 2015 | |
oz | |
Second Quarter 2015 [Member] | Platinum [Member] | |
Derivative [Line Items] | |
Ounces | 19,606 |
Average Price/Ounce | 1,202 |
Second Quarter 2015 [Member] | Palladium [Member] | |
Derivative [Line Items] | |
Ounces | 33,137 |
Average Price/Ounce | 791 |
Second Quarter 2015 [Member] | Rhodium [Member] | |
Derivative [Line Items] | |
Ounces | 4,642 |
Average Price/Ounce | 1,169 |
Third Quarter 2015 [Member] | Platinum [Member] | |
Derivative [Line Items] | |
Ounces | 3,827 |
Average Price/Ounce | 1,157 |
Third Quarter 2015 [Member] | Palladium [Member] | |
Derivative [Line Items] | |
Ounces | 3,755 |
Average Price/Ounce | 788 |
Third Quarter 2015 [Member] | Rhodium [Member] | |
Derivative [Line Items] | |
Ounces | 904 |
Average Price/Ounce | 1,154 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 11.6 | ||
Restricted stock units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Nonvested time-based shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (less than for performance-based RSUs in 2014) | 0.3 | $0.20 | |
Nonvested performance-based shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Number of distinct components | 3 | ||
Number of sub-targets | 5 | ||
Number of sub-targets, market-based and equity classified | 2 | ||
Number of sub-targets, market-based and liability classified | 1 | ||
Number of sub-targets, performance-based and equity classified | 2 | ||
Nonvested performance-based shares [Member] | General and administrative expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (less than for performance-based RSUs in 2014) | 0.1 | $0.10 | |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period | 10 years | ||
2004 and 2012 Plans Combined [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available and reserved for grant | 4.4 | ||
2012 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 5 | ||
2004 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 5.2 | ||
General Employee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 1.4 |
ShareBased_Compensation_Change
Share-Based Compensation (Changes In The Company's Nonvested Shares) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Nonvested time-based shares [Member] | |
Nonvested Shares | |
Nonvested Shares, Beginning Balance | 184,747 |
Nonvested Shares, Granted | 120,715 |
Nonvested Shares, Vested | -35,030 |
Nonvested Shares, Forfeited | -4,480 |
Nonvested Shares, Ending Balance | 265,952 |
Weighted-Average Grant-Date Fair Value | |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Beginning Balance (in usd per share) | $13.80 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Granted (in usd per share) | $14.29 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Vested (in usd per share) | $13.75 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Forfeited (in usd per share) | $13.91 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Ending Balance (in usd per share) | $14.03 |
Nonvested performance-based shares [Member] | |
Nonvested Shares | |
Nonvested Shares, Beginning Balance | 214,236 |
Nonvested Shares, Granted | 170,078 |
Nonvested Shares, Vested | 0 |
Nonvested Shares, Forfeited | -2,071 |
Nonvested Shares, Ending Balance | 382,243 |
Weighted-Average Grant-Date Fair Value | |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Beginning Balance (in usd per share) | $15.69 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Granted (in usd per share) | $14.92 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Vested (in usd per share) | $0 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Forfeited (in usd per share) | $15.34 |
Nonvested shares, Weighted-Average Grant-Date Fair Value, Ending Balance (in usd per share) | $15.35 |
ShareBased_Compensation_Compen
Share-Based Compensation (Compensation Expense of Nonvested Shares) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Nonvested time-based shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining 2015 | $1,287 |
2016 | 1,534 |
2017 | 624 |
2018 | 1 |
Total | 3,446 |
Nonvested performance-based shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining 2015 | 1,224 |
2016 | 1,631 |
2017 | 868 |
2018 | 0 |
Total | $3,723 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Alternative minimum tax credit carryforwards | $39,900,000 | ||
General business credits | 1,700,000 | ||
State tax net operating loss carryforwards | 3,300,000 | ||
Foreign net operating loss carryforward | 52,800,000 | ||
Income tax (provision)/benefit | 6,043,000 | -5,125,000 | |
Discrete income tax benefit | 8,600,000 | ||
Deferred state tax rate | 4.00% | 10.60% | |
Interest and penalties accrued | 0 | 2,100,000 | |
Cash paid for income taxes | 8,200,000 | 1,200,000 | |
Year 2016 to 2019 [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign net operating loss carryforward | 19,000,000 | ||
Year 2024 to 2034 [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign net operating loss carryforward | 25,000,000 | ||
Norilsk Nickel Change in Control [Member] | |||
Income Tax Contingency [Line Items] | |||
Annual limit on usage of net operating loss carryforwards | 10,200,000 | ||
Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 80,900,000 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Foreign net operating loss carryforward, not subject to expiration | $8,800,000 |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2000 | Jan. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instruments [Abstract] | ||||||||||
Amortization expense related to issuance costs (less than in 2015 and 2014 for asset-backed revolving credit agreement) | $303,000 | $364,000 | ||||||||
Capital Lease Obligation | ||||||||||
Payments on capital lease obligations | 500,000 | 500,000 | ||||||||
Capital lease obligations | 2,100,000 | 2,600,000 | ||||||||
Capitalized Interest | ||||||||||
Capitalized interest | 1,300,000 | 1,100,000 | ||||||||
1.875% Convertible Debentures [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Stated interest rate | 1.88% | 1.88% | 1.88% | |||||||
Repayments of convertible debt | 164,300,000 | |||||||||
Convertible debentures | 2,200,000 | 2,200,000 | ||||||||
Amortization expense related to issuance costs (less than in 2015 and 2014 for asset-backed revolving credit agreement) | 0 | 0 | ||||||||
Interest expense (less than in 2015 and 2014 for 1.875% debentures) | 100,000 | 100,000 | ||||||||
Cash paid for interest (less than in 2015 and 2014 for 1.875% debentures and capital lease obligations) | 100,000 | 100,000 | ||||||||
1.75% Convertible Debentures [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Debt, principal amount | 396,750,000 | |||||||||
Stated interest rate | 1.75% | 1.75% | 1.75% | 1.75% | ||||||
Convertible debt ratio | 0.0604961 | |||||||||
Debt conversion price (in usd per share) | $16.53 | |||||||||
Embedded conversion feature, warrant, conversion ratio | 30.2481 | |||||||||
Embedded conversion feature, warrant, conversion price (in usd per share) | $16.53 | |||||||||
Effective term of debt instrument | 7 years | |||||||||
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 discounted proceeds of the offering | 384,300,000 | |||||||||
Effective interest rate | 8.50% | |||||||||
Convertible debentures | 295,600,000 | 291,100,000 | ||||||||
Unamortized discount | 101,100,000 | 105,600,000 | ||||||||
Amortization expense related to issuance costs (less than in 2015 and 2014 for asset-backed revolving credit agreement) | 200,000 | 300,000 | ||||||||
Interest expense (less than in 2015 and 2014 for 1.875% debentures) | 6,300,000 | 5,900,000 | ||||||||
Cash paid for interest (less than in 2015 and 2014 for 1.875% debentures and capital lease obligations) | 3,500,000 | 0 | ||||||||
Long-term debt, balance outstanding | 396,750,000 | 396,750,000 | ||||||||
8% Series 2000 [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Debt, principal amount | 30,000,000 | |||||||||
Stated interest rate | 8.00% | |||||||||
Net discounted proceeds of the offering | 28,700,000 | |||||||||
Unamortized discount | 400,000 | |||||||||
Effective interest rate | 8.57% | |||||||||
Long-term debt, balance outstanding | 29,600,000 | |||||||||
Credit Agreement [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Amortization expense related to issuance costs (less than in 2015 and 2014 for asset-backed revolving credit agreement) | 100,000 | 100,000 | ||||||||
Credit agreement | 125,000,000 | 100,000,000 | ||||||||
Debt issuance costs | 200,000 | 1,100,000 | ||||||||
Borrowing base comprised eligible accounts receivable | 85.00% | |||||||||
Borrowing base comprised eligible accounts inventories | 70.00% | |||||||||
Letter of credit sub-facility | 60,000,000 | |||||||||
Asset-backed revolving credit facility fees recognized | 300,000 | 300,000 | ||||||||
Outstanding borrowings | 0 | 0 | ||||||||
Undrawn letters of credit issued as collateral for sureties | 18,100,000 | 18,100,000 | ||||||||
Credit Agreement [Member] | Minimum [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Basis spread over LIBOR | 2.25% | |||||||||
Commitment fee on unutilized borrowing capacity | 0.38% | |||||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Percentage of total borrowing capacity remaining when covenant takes effect (less than) | 30.00% | |||||||||
Basis spread over LIBOR | 2.75% | |||||||||
Commitment fee on unutilized borrowing capacity | 0.50% | |||||||||
Long-term Debt [Member] | 8% Series 2000 [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Cash paid for interest (less than in 2015 and 2014 for 1.875% debentures and capital lease obligations) | 40,000 | |||||||||
Repayment of debt | 30,000,000 | |||||||||
Capital Lease Obligations [Member] | ||||||||||
Debt Instruments [Abstract] | ||||||||||
Cash paid for interest (less than in 2015 and 2014 for 1.875% debentures and capital lease obligations) | $100,000 | $100,000 | ||||||||
Capital Lease Obligation | ||||||||||
Debt instrument term | 4 years |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligations (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Capital Leased Assets [Line Items] | |
2015 | $1,626 |
2016 | 589 |
Total minimum lease payments | 2,215 |
Less interest at rates ranging from 5.21% to 5.46% (before-tax) | 75 |
Net minimum lease payments | 2,140 |
Less current portion | 2,094 |
Total long-term capital lease obligation | $46 |
Minimum [Member] | |
Capital Leased Assets [Line Items] | |
Capital lease, interest rate | 5.21% |
Maximum [Member] | |
Capital Leased Assets [Line Items] | |
Capital lease, interest rate | 5.46% |
Mineral_Properties_and_Mine_De2
Mineral Properties and Mine Development (Schedule of Mineral Properties) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $1,004,734 | $980,607 |
Accumulated depletion and amortization | -422,931 | -411,601 |
Total mineral properties and mine development, net | 581,803 | 569,006 |
Montana, United States of America [Member] | Mining Properties and Mineral Rights [Member] | Stillwater Mine [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties and mine development, gross | 1,950 | 1,950 |
Montana, United States of America [Member] | Mine Development [Member] | Stillwater Mine [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties and mine development, gross | 636,376 | 616,872 |
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 | 209,106 | 204,483 |
Ontario, Canada [Member] | Mining Properties and Mineral Rights [Member] | Marathon Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties and mine development, gross | 55,332 | 55,332 |
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 | $101,970 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | $340,992 | $337,832 | |
Accumulated depreciation | -225,035 | -218,951 | |
Total property, plant, and equipment, net | 115,957 | 118,881 | |
Payments to Acquire Productive Assets [Abstract] | |||
Total capital expenditures | 28,375 | 24,674 | |
Non-cash and accruals | -473 | 1,459 | |
Cash capital spend for the period | 27,902 | 26,133 | |
Stillwater Mine [Member] | |||
Payments to Acquire Productive Assets [Abstract] | |||
Total capital expenditures | 21,013 | 17,746 | |
East Boulder Mine [Member] | |||
Payments to Acquire Productive Assets [Abstract] | |||
Total capital expenditures | 4,269 | 4,439 | |
Other Mine [Member] | |||
Payments to Acquire Productive Assets [Abstract] | |||
Total capital expenditures | 3,093 | 2,489 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 153,795 | 152,421 | |
Buildings and structural components [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 170,365 | 169,609 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 9,488 | 9,488 | |
Construction-in progress [Member] | Stillwater Mine [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 2,145 | 2,633 | |
Construction-in progress [Member] | East Boulder Mine [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 1,458 | 1,539 | |
Construction-in progress [Member] | Marathon Property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | 148 | 148 | |
Construction-in progress [Member] | Processing Facilities and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, gross | $3,593 | $1,994 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 5 |
Mine Production [Member] | |
Segment Reporting Information [Line Items] | |
Number of business components | 2 |
Segment_Information_Financial_
Segment Information (Financial Information Related To The Company's Business Segments) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenues | $200,520 | $219,499 | |
Depletion, depreciation and amortization | 17,121 | 15,151 | |
General and administrative expenses | 8,345 | 9,786 | |
Interest income | 703 | 825 | |
Interest expense | 5,304 | 5,850 | |
Income (loss) before income taxes | 24,164 | ||
Income (loss) before income taxes | 16,845 | 24,164 | |
Capital expenditures | 27,902 | 26,133 | |
Total assets | 1,409,043 | 1,358,850 | 1,399,327 |
Mine Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 125,738 | 125,729 | |
Depletion, depreciation and amortization | 16,869 | 14,910 | |
General and administrative expenses | 0 | 0 | |
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Income (loss) before income taxes | 32,827 | ||
Income (loss) before income taxes | 28,828 | ||
Capital expenditures | 25,548 | 24,861 | |
Total assets | 607,117 | 567,505 | |
PGM Recycling [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 74,682 | 93,535 | |
Depletion, depreciation and amortization | 252 | 241 | |
General and administrative expenses | 0 | 0 | |
Interest income | 403 | 579 | |
Interest expense | 0 | 0 | |
Income (loss) before income taxes | 3,168 | ||
Income (loss) before income taxes | 2,127 | ||
Capital expenditures | 59 | 113 | |
Total assets | 57,740 | 88,931 | |
Canadian Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Depletion, depreciation and amortization | 0 | 0 | |
General and administrative expenses | 235 | 1,656 | |
Interest income | 3 | 2 | |
Interest expense | 0 | 0 | |
Income (loss) before income taxes | -1,890 | ||
Income (loss) before income taxes | -433 | ||
Capital expenditures | 0 | 0 | |
Total assets | 74,734 | 79,856 | |
South American Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Depletion, depreciation and amortization | 0 | 0 | |
General and administrative expenses | 182 | 200 | |
Interest income | 14 | 16 | |
Interest expense | 0 | 0 | |
Income (loss) before income taxes | 3,185 | ||
Income (loss) before income taxes | -773 | ||
Capital expenditures | 0 | 0 | |
Total assets | 105,795 | 108,839 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 100 | 235 | |
Depletion, depreciation and amortization | 0 | 0 | |
General and administrative expenses | 7,928 | 7,930 | |
Interest income | 283 | 228 | |
Interest expense | 5,304 | 5,850 | |
Income (loss) before income taxes | -13,126 | ||
Income (loss) before income taxes | -12,904 | ||
Capital expenditures | 2,295 | 1,159 | |
Total assets | $563,657 | $513,719 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Other than temporary impairment of investments (less than in 2015) | $100,000 | $0 | |
Other Noncurrent Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Long-term investments (less than) | $1,000,000 | $1,000,000 |
Investments_Schedule_of_Availa
Investments (Schedule of Available-for-sale Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $279,083 | $251,847 |
Gross unrealized gains | 396 | 320 |
Gross unrealized losses | -149 | -290 |
Fair market value | 279,330 | 251,877 |
Federal agency notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 168,485 | 143,132 |
Gross unrealized gains | 97 | 40 |
Gross unrealized losses | 0 | -33 |
Fair market value | 168,582 | 143,139 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 110,130 | 108,371 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | -149 | -257 |
Fair market value | 109,983 | 108,115 |
Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 468 | 344 |
Gross unrealized gains | 297 | 279 |
Gross unrealized losses | 0 | 0 |
Fair market value | $765 | $623 |
Investments_Schedule_of_Maturi
Investments (Schedule of Maturities of Available-for-sale Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $279,083 | $251,847 |
Fair market value | 279,330 | 251,877 |
Federal agency notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, due in one year or less | 117,412 | |
Fair market value, due in one year or less | 117,465 | |
Amortized cost, due after year one through two years | 51,073 | |
Fair market value, due after year one through two years | 51,117 | |
Amortized cost | 168,485 | 143,132 |
Fair market value | 168,582 | 143,139 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, due in one year or less | 77,447 | |
Fair market value, due in one year or less | 77,365 | |
Amortized cost, due after year one through two years | 32,683 | |
Fair market value, due after year one through two years | 32,618 | |
Amortized cost | 110,130 | 108,371 |
Fair market value | $109,983 | $108,115 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Metals inventory | ||
Raw ore | $4,390 | $4,984 |
Concentrate and in-process | 56,091 | 48,712 |
Finished goods | 36,265 | 49,885 |
Total metals inventory | 96,746 | 103,581 |
Materials and supplies | 26,626 | 26,726 |
Total inventory | $123,372 | $130,307 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2012 |
Basic EPS | ||||
Net income attributable to common stockholders | 23,003 | 19,572 | ||
Weighted Average Shares (Denominator) (in shares) | 120,521,000 | 119,608,000 | ||
Net income attributable to common stockholders (in usd per share) | 0.19 | 0.16 | ||
Effect of Dilutive Securities | ||||
Convertible debentures, net of tax | 4,424 | 4,104 | ||
Stock options (in shares) | 3,000 | 41,000 | ||
Nonvested shares (in shares) | 31,000 | 7,000 | ||
Contingently issuable shares (in shares) | 154,000 | 0 | ||
Diluted EPS | ||||
Net income attributable to common stockholders and assumed conversions | 27,427 | 23,676 | ||
Weighted Average Shares (Denominator) (in shares) | 156,807,000 | 155,754,000 | ||
Net income attributable to common stockholders and assumed conversions (in usd per share) | 0.17 | 0.15 | ||
Restricted stock units (RSUs) [Member] | ||||
Diluted EPS | ||||
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 159,654 | 35,785 | ||
1.875% Convertible Debentures [Member] | ||||
Effect of Dilutive Securities | ||||
Convertible debentures, net of tax (in shares) | 95,000 | 95,000 | ||
Diluted EPS | ||||
Stated interest rate | 1.88% | 1.88% | 1.88% | |
1.75% Convertible Debentures [Member] | ||||
Effect of Dilutive Securities | ||||
Convertible debentures, net of tax (in shares) | 36,003,000 | 36,003,000 | ||
Diluted EPS | ||||
Stated interest rate | 1.75% | 1.75% | 1.75% | 1.75% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||||
1.875% Convertible Debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible debentures | $2.20 | $2.20 | ||
Stated interest rate | 1.88% | 1.88% | 1.88% | |
1.75% Convertible Debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible debentures | 295.6 | 291.1 | ||
Stated interest rate | 1.75% | 1.75% | 1.75% | 1.75% |
Long-term debt, balance outstanding | 396.75 | 396.75 | ||
Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Money market fund | $93.30 | $120 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $278,565 | $251,254 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual funds | 765 | 623 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual funds | 765 | 623 |
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 | 168,582 | 143,139 |
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 | 168,582 | 143,139 |
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 | 109,983 | 108,115 |
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 | 109,983 | 108,115 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certain Marathon real estate properties | $754 | |
Long-term investments | 841 | 896 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certain Marathon real estate properties | 0 | |
Long-term investments | 841 | 896 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certain Marathon real estate properties | 0 | |
Long-term investments | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Certain Marathon real estate properties | 754 | |
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 | 2,245 |
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 | 2,245 |
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 | 322,363 | 303,108 |
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 | 322,363 | 303,108 |
1.75% Convertible Debentures [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible debentures, fair value | $0 | $0 |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 |
Mitsubishi Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $15.90 | $48 | |
Stillwater Canada Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | ||
Stillwater Canada Inc [Member] | Mitsubishi Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% |