Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STILLWATER MINING CO /DE/ | ||
Entity Central Index Key | 931,948 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 121,235,862 | ||
Entity Public Float | $ 1.3 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Mine Production | $ 405,070 | $ 415,774 | $ 536,010 |
PGM Recycling | 305,865 | 310,156 | 401,684 |
Other | 400 | 400 | 5,925 |
Total revenues | 711,335 | 726,330 | 943,619 |
Costs of metals sold | |||
Mine Production | 279,274 | 293,955 | 332,632 |
PGM Recycling | 294,850 | 300,710 | 391,481 |
Other | 0 | 0 | 5,357 |
Total costs of metals sold (excludes depletion, depreciation and amortization) | 574,124 | 594,665 | 729,470 |
Depletion, depreciation and amortization | |||
Mine Production | 73,080 | 64,200 | 66,387 |
PGM Recycling | 728 | 949 | 1,019 |
Total depletion, depreciation and amortization | 73,808 | 65,149 | 67,406 |
Total costs of revenues | 647,932 | 659,814 | 796,876 |
Gain on disposal of property, plant and equipment | (148) | (216) | (337) |
(Gain) / loss on long-term investments | (678) | 372 | 125 |
Impairment of non-producing mineral properties | 0 | 46,772 | 550 |
Exploration | 5,474 | 3,591 | 2,768 |
Reorganization | 0 | 1,658 | 10,402 |
General and administrative | 34,664 | 34,033 | 35,067 |
Total costs and expenses | 687,244 | 746,024 | 845,451 |
OPERATING INCOME (LOSS) | 24,091 | (19,694) | 98,168 |
OTHER INCOME (EXPENSE) | |||
Other | 118 | 920 | 904 |
Loss on extinguishment of debt, net | 0 | (4,010) | 0 |
Interest income | 4,216 | 2,955 | 3,551 |
Interest expense, net of capitalized interest | (16,491) | (20,187) | (22,719) |
Foreign currency transaction gain, net | 1,219 | 3,947 | 5,237 |
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | 13,153 | (36,069) | 85,141 |
Income tax (provision) benefit | (3,680) | 12,333 | (16,258) |
NET INCOME (LOSS) | 9,473 | (23,736) | 68,883 |
Net loss attributable to noncontrolling interest | 0 | (11,808) | (1,414) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 9,473 | (11,928) | 70,297 |
Other comprehensive income, net of tax | |||
Net unrealized (loss) gain on investments available-for-sale and deferred compensation | (17) | (214) | 11 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 9,456 | (12,142) | 70,308 |
Comprehensive loss attributable to noncontrolling interest | 0 | (11,808) | (1,414) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 9,456 | $ (23,950) | $ 68,894 |
Weighted average shares of common stock outstanding | |||
Basic (in shares) | 121,072 | 120,809 | 119,953 |
Diluted (in shares) | 121,576 | 120,809 | 156,233 |
Basic income (loss) per share attributable to common stockholders (in usd per share) | $ 0.08 | $ (0.10) | $ 0.59 |
Diluted income (loss) per share attributable to common stockholders (in usd per share) | $ 0.08 | $ (0.10) | $ 0.56 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 123,238 | $ 147,336 |
Investments, at fair value (Note 11) | 326,884 | 316,429 |
Inventories | 138,653 | 102,072 |
Trade receivables | 1,621 | 800 |
Prepaid expenses | 3,239 | 2,821 |
Other current assets | 20,684 | 21,628 |
Total current assets | 614,319 | 591,086 |
Mineral properties | 112,480 | 112,480 |
Mine development, net | 484,452 | 460,751 |
Property, plant and equipment, net | 111,396 | 109,957 |
Other noncurrent assets | 4,390 | 4,115 |
Total assets | 1,327,037 | 1,278,389 |
Current liabilities | ||
Accounts payable | 37,056 | 18,205 |
Accrued compensation and benefits | 29,589 | 30,046 |
Property, production and franchise taxes payable | 13,791 | 13,907 |
Current portion of long-term debt and capital lease obligations | 0 | 657 |
Income taxes payable | 2,230 | 0 |
Other current liabilities | 4,642 | 5,286 |
Total current liabilities | 87,308 | 68,101 |
Long-term debt | 274,806 | 255,099 |
Deferred income taxes | 16,403 | 22,761 |
Accrued workers compensation | 6,426 | 6,070 |
Asset retirement obligation | 11,596 | 11,027 |
Other noncurrent liabilities | 9,652 | 6,102 |
Total liabilities | 406,191 | 369,160 |
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; 121,234,192 and 121,049,471 issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 1,212 | 1,210 |
Paid-in capital | 1,101,442 | 1,099,283 |
Accumulated deficit | (181,594) | (191,067) |
Accumulated other comprehensive loss | (214) | (197) |
Total stockholders’ equity | 920,846 | 909,229 |
Total liabilities and equity | $ 1,327,037 | $ 1,278,389 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 121,234,192 | 121,049,471 |
Common stock, shares outstanding | 121,234,192 | 121,049,471 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 9,473 | $ (23,736) | $ 68,883 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depletion, depreciation and amortization | 73,808 | 65,149 | 67,406 |
Gain on disposal of property, plant and equipment | (148) | (216) | (337) |
(Gain) / loss on long-term investments | (678) | 372 | 125 |
Impairment of non-producing mineral properties | 0 | 46,772 | 550 |
Loss on extinguishment of debt, net | 0 | 4,010 | 0 |
Amortization / accretion of premiums / discounts for investments | 2,405 | 2,414 | 1,810 |
Deferred income taxes | (4,444) | (17,711) | (4,590) |
Foreign currency transaction gain, net | (1,219) | (3,947) | (5,237) |
Accretion of asset retirement obligation | 858 | 812 | 747 |
Amortization of deferred debt issuance costs | 892 | 2,211 | 2,265 |
Accretion of convertible debenture debt discount | 18,815 | 17,222 | 17,156 |
Share based compensation and other benefits | 3,771 | 10,080 | 14,001 |
Non-cash capitalized interest | (6,504) | (4,068) | (3,278) |
Excess tax (benefit) shortfall from stock-based compensation | (108) | 154 | (46) |
Changes in operating assets and liabilities: | |||
Inventories | (38,010) | 28,440 | 27,062 |
Trade receivables | (821) | 477 | 7,711 |
Prepaid expenses | (418) | (275) | 1,366 |
Accounts payable | 15,273 | (4,611) | (7,952) |
Accrued compensation and benefits | (457) | 73 | (673) |
Property, production and franchise taxes payable | (112) | (3,019) | 1,271 |
Income taxes payable | 2,230 | 0 | (4,416) |
Accrued workers compensation | 356 | 10 | 29 |
Other operating assets | 1,030 | (6,792) | 1,206 |
Other operating liabilities | 2,263 | (3,400) | 2,493 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 78,255 | 110,421 | 187,552 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (88,696) | (107,434) | (119,682) |
Proceeds from disposal of property, plant and equipment | 224 | 387 | 465 |
Proceeds from sale of long-term investments | 1,099 | 0 | 0 |
Purchases of investments | (281,303) | (286,380) | (229,462) |
Proceeds from maturities and sales of investments | 268,590 | 218,475 | 185,722 |
NET CASH USED IN INVESTING ACTIVITIES | (100,086) | (174,952) | (162,957) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Purchase of noncontrolling interest | 0 | (5,216) | 0 |
Excess tax benefit (shortfall) from stock-based compensation | 108 | (154) | 46 |
Payments on debt and capital lease obligations | (657) | (63,109) | (32,035) |
Payments Related to Tax Withholding for Share-based Compensation | 1,752 | 0 | 0 |
Proceeds from issuance of common stock | 34 | 60 | 993 |
NET CASH USED IN FINANCING ACTIVITIES | (2,267) | (68,419) | (30,996) |
CASH AND CASH EQUIVALENTS | |||
Net decrease | (24,098) | (132,950) | (6,401) |
Balance at beginning of period | 147,336 | 280,286 | 286,687 |
BALANCE AT END OF PERIOD | $ 123,238 | $ 147,336 | $ 280,286 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interest [Member] |
Balance (in shares) at Dec. 31, 2013 | 119,466,000 | |||||
Balance at Dec. 31, 2013 | $ 847,859 | $ 1,195 | $ 1,076,200 | $ (249,436) | $ 6 | $ 19,894 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income (loss) | 68,883 | 70,297 | (1,414) | |||
Change in fair market value of investments available-for-sale, net of tax | 11 | 11 | ||||
Deferred taxes | (83) | (83) | ||||
Common stock issued under share-based plans (in shares) | 916,000 | |||||
Common stock issued under share-based plans | 10,851 | $ 9 | 10,842 | |||
Income tax benefit (shortfall) on share-based plans | 46 | 46 | ||||
Compensation expense under share-based plans | 4,141 | 4,141 | ||||
Balance (in shares) at Dec. 31, 2014 | 120,382,000 | |||||
Balance at Dec. 31, 2014 | 931,708 | $ 1,204 | 1,091,146 | (179,139) | 17 | 18,480 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income (loss) | (23,736) | (11,928) | (11,808) | |||
Change in fair market value of investments available-for-sale, net of tax | (384) | (384) | ||||
Change in fair value of deferred compensation, net of tax | 170 | 170 | ||||
Common stock issued under share-based plans (in shares) | 667,000 | |||||
Common stock issued under share-based plans | $ 7,234 | $ 6 | 7,228 | |||
Shares withheld to cover employees tax obligations (in shares) | (31,000) | |||||
Shares withheld to cover employees tax obligations | $ (300) | |||||
Income tax benefit (shortfall) on share-based plans | (154) | (154) | ||||
Compensation expense under share-based plans | 2,905 | 2,905 | ||||
Extinguishment of debt, net of tax | (3,298) | (3,298) | ||||
Purchase of noncontrolling interest | $ (5,216) | 1,456 | (6,672) | |||
Balance (in shares) at Dec. 31, 2015 | 121,049,471 | 121,049,000 | ||||
Balance at Dec. 31, 2015 | $ 909,229 | $ 1,210 | 1,099,283 | (191,067) | (197) | 0 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income (loss) | 9,473 | 9,473 | 0 | |||
Change in fair market value of investments available-for-sale, net of tax | 97 | 97 | ||||
Change in fair value of deferred compensation, net of tax | (114) | (114) | ||||
Common stock issued under share-based plans (in shares) | 299,000 | |||||
Common stock issued under share-based plans | $ 51 | $ 3 | 48 | |||
Shares withheld to cover employees tax obligations (in shares) | (114,000) | (114,000) | ||||
Shares withheld to cover employees tax obligations | $ (1,753) | $ (1) | (1,752) | |||
Income tax benefit (shortfall) on share-based plans | 108 | 108 | ||||
Compensation expense under share-based plans | $ 3,755 | 3,755 | ||||
Balance (in shares) at Dec. 31, 2016 | 121,234,192 | 121,234,000 | ||||
Balance at Dec. 31, 2016 | $ 920,846 | $ 1,212 | $ 1,101,442 | $ (181,594) | $ (214) | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS Stillwater Mining Company (the Company) is engaged in the development, extraction, processing, smelting, and refining of palladium, platinum and associated metals (platinum group metals or PGMs) from a geological formation in south-central Montana known as the J-M Reef and from the recycling of spent catalytic converters and other industrial sources. The Company is also engaged in expanding its mining development along the J-M Reef, and holds exploration-stage properties at the Marathon PGM-copper property adjacent to Lake Superior in northern Ontario, Canada (Marathon) and at the Altar copper-gold property in San Juan province, Argentina. On December 9, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sibanye Gold Limited (“Sibanye”), Thor US Holdco Inc. and Thor Mergco Inc., an indirect wholly-owned subsidiary of Parent (“Merger Sub”), which provides that, among other things and subject to the terms and conditions therein, (1) Merger Sub will be merged with and into the Company and (2) at the effective time of the merger, each outstanding share of common stock of the Company, par value $0.01 per share (other than shares owned by the Company, Sibanye or their respective subsidiaries or shares with respect to which appraisal rights are validly exercised and not lost in accordance with Delaware law) will be converted into the right to receive $18.00 per share in cash without interest. The closing of the merger is subject to (1) the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of the Company’s common stock, (2) the approval of the merger by the holders of a majority of Sibanye’s shares present and voting, (3) the approval of the related issuance of shares by Sibanye in a rights offering by the holders of at least 75% of Sibanye’s shares present and voting, (4) the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), CFIUS clearance and the approval of the South African Reserve Bank, and (5) other customary conditions. Early termination of the waiting period applicable to the completion of the merger under the HSR Act was previously granted. As of the date of this Form 10-K, the Company expects to complete the merger in the second quarter of 2017. However, completion of the merger is subject to the satisfaction or waiver of the conditions to the completion of the merger, which are described above and include various regulatory clearances and approvals. It is possible that factors outside the control of the Company or Sibanye could delay the completion of the merger or prevent it from being completed at all. The Company expects to complete the merger promptly following the receipt of all required approvals. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Stillwater Mining Company, its wholly-owned subsidiaries and entities in which it holds a controlling interest (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated upon consolidation. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of all cash balances and all highly liquid investments purchased with an original maturity of three months or less. INVESTMENTS Investment securities at December 31, 2016 , and 2015 , consist of mutual funds, federal agency notes and commercial paper with stated maturities less than two years . All securities are reported at fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Realized gains and losses are based on the carrying value (cost, net of discounts or premiums) of the sold investment and recorded as a component of other income. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction of the carrying amount of the security to fair value. The impairment is charged to earnings and a new cost basis for the security is established. The Company’s long-term investments in various junior exploration companies were originally recorded at cost due to less than 20% equity ownership interest and no significant Company control over the investees. A decline in the market value of these long-term investments that is deemed to be other-than-temporary will result in a reduction of the carrying amount of the investment to fair value. The impairment is charged to earnings and a new cost basis for the investment is established. RESTRICTED INVESTMENTS Restricted investments are amounts that have been pledged as collateral on outstanding undrawn letters of credit (associated with reclamation obligations). The Company reviews the letters of credit and the nature of the collateral annually and therefore restricted investments is classified as current. The restrictions on the balances lapse upon expiration of the letters of credit which currently have terms of one year or less. INVENTORIES Mined inventories are carried at the lower of current realizable value or average cost. Production costs include the costs of direct labor and materials, depletion, depreciation and amortization, and overhead costs relating to mining and processing activities. The value of recycled inventories is determined based on the acquisition costs of the recycled material and includes all inventoriable processing costs, including direct labor, direct materials, depreciation, transportation and third-party refining costs which relate to the processing activities. Materials and supplies inventories are valued at the lower of average cost or fair market value. RECEIVABLES Trade receivables and other receivable balances recorded in other current assets are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party’s credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectable. The Company determined that no allowance against its receivable balances at December 31, 2016 and 2015 was necessary. MINERAL PROPERTIES AND MINE DEVELOPMENT Costs of acquiring mineral properties and mineral rights are capitalized as incurred. Prior to acquiring such mineral properties or mineral rights, the Company makes a preliminary evaluation to determine that the mineral property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a mineral property’s potential is variable and is determined by many factors including its location relative to existing infrastructure, stage of development, geological controls and relevant metal prices. When it has been determined that proven and probable ore reserves have been established in compliance with the SEC's Industry Guide 7, and a determination has been made to proceed toward commercial development, mining development costs incurred to develop the mineral property are capitalized. Mining exploration costs are expensed as incurred. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on the estimated quantities of recoverable metal. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the mineral property has no future economic value. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. Capitalized mine development costs are expenditures incurred to increase existing production, develop new ore bodies or develop mineral property substantially in advance of production. Capitalized mine development costs include a vertical shaft, multiple surface adits and underground infrastructure development including footwall laterals, ramps, rail and transportation, electrical and ventilation systems, shop facilities, material handling areas, ore handling facilities, dewatering and pumping facilities. These expenditures are capitalized and amortized over the life of the mine or over a shorter mining period, depending on the period benefited by those expenditures, using the units-of-production method. The Company utilizes Industry Guide 7 compliant total proven and probable ore reserves, measured in tons, as the basis for determining the life of mine and uses the ore reserves in the immediate and relevant vicinity as the basis for determining the shorter mining period. The Company calculates amortization of capitalized mine development costs in any vicinity by applying an amortization rate to the relevant current production. The amortization rates are each based upon a ratio of unamortized capitalized mine development costs to the related ore reserves. Capital development expenditures are added to the unamortized capitalized mine development costs and amortization rates are updated as the related assets are placed into service. In calculating the amortization rate, changes in ore reserves are accounted for as a prospective change in estimate. Ore reserves and the further benefit of capitalized mine development costs are determined based on management assumptions. Any significant changes in these assumptions, such as a change in the mine plan or a change in estimated proven and probable ore reserves could have a material effect on the expected period of benefit resulting in a potentially significant change in the amortization rate and / or the valuations of related assets. The Company’s proven ore reserves are generally expected to be extracted utilizing its existing mine development infrastructure. Additional capital expenditures will be required to access the Company’s estimated probable ore reserves. These anticipated capital expenditures are not included in the current calculation of depletion, depreciation and amortization. Expenditures incurred to sustain existing production and directly access specific ore reserve blocks or stopes provide benefit to ore reserve production over limited periods of time (secondary development) and are charged to operations as incurred. These costs include ramp and stope access excavations from the primary haulage levels (footwall laterals), stope material re-handling / laydown excavations, stope ore and waste pass excavations and chute installations, stope ventilation raise excavations and stope utility and pipe raise excavations. PROPERTY, PLANT AND EQUIPMENT Plant facilities and equipment are recorded at cost and depreciated using the straight-line method over estimated useful lives ranging from one to fifteen years. Interest is capitalized on expenditures related to major construction or development projects and is amortized using the same method as the related asset. Interest capitalization is discontinued when the asset is placed into operation or when development and construction cease. Maintenance and repairs are charged to costs of revenues as incurred. LEASES The Company classifies a lease as either capital or operating. All capital leases are depreciated over the shorter of the useful life of the asset or the lease term. ASSET IMPAIRMENT The Company reviews and evaluates its long-lived assets, including mineral properties and mine development, for impairment when events or changes in circumstances indicate that the related carrying amounts for such an asset may not be recoverable. For purposes of determining impairment, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment is considered to exist if the carrying amount of any long-lived asset or asset group is not recoverable and exceeds its fair value; the carrying value of a long-lived asset is considered not recoverable if it exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset or asset group. If impairment exists, the associated impairment loss to be recognized is the amount by which the carrying amount of the long-lived asset or asset group exceeds the fair value. In the Company’s case, the estimation of future cash flows takes into account estimates of recoverable ounces, prices for PGMs and other relevant metals (using twelve-quarter historical trailing prices and third-party projections of future prices, rather than prices at a single point in time, as indicators of longer-term future prices), any structural shifts in supply and demand or in competitive position, anticipated production levels, and future capital and reclamation expenditures, all based on life-of-mine plans and projections and measured as of the reporting date. The Company assesses, at least quarterly, whether there has been any event or change in circumstances that might indicate that the carrying value of capitalized mining costs and related property, plant and equipment, if any, may not be recoverable out of expected undiscounted future cash flows plus any estimated salvage value. In estimating the fair value of an asset or asset group, the Company takes into account various measurement alternatives, often engaging third-party advisors to assist in the process. Such alternatives will vary depending on the circumstances but could include information from recent sales of comparable assets, third-party professional appraisals, bona fide purchase offers, and valuations derived from discounted future cash flow models. Assumptions underlying future cash flows are subject to risks and uncertainties. Any differences between significant assumptions and market conditions such as PGM prices, lower than expected recoverable ounces, and / or the Company’s operating performance could have a material effect on the Company’s determination of ore reserves, or its ability to recover the carrying amounts of its long-lived assets resulting in potential additional impairment charges. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s non-derivative financial instruments consist primarily of cash equivalents, trade receivables, payables, investments, convertible debentures and capital lease obligations. The carrying amounts of cash equivalents, trade receivables and payables approximate fair value due to their short maturities. The carrying amounts of investments approximate fair value based on market quotes. 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 fair value hierarchy was established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy distinguishes among three levels of inputs that may be utilized when measuring fair value: Level 1 inputs (using quoted prices in active markets for identical assets or liabilities), Level 2 inputs (using external inputs other than Level 1 prices such as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability) and Level 3 inputs (unobservable inputs supported by little or no market activity and based on internal assumptions used to measure assets and liabilities). The classification of each financial asset or liability within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement. REVENUE RECOGNITION Revenue is comprised of Mine Production revenue, PGM Recycling revenue and other sales revenue. Mine Production revenue consists of the sales of palladium and platinum extracted by the Company’s mining operations, including any realized hedging gains or losses. Mine Production revenue also consists of the sales of by-products (rhodium, gold, silver, copper and nickel) extracted by mining operations. PGM Recycling revenue consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic materials, including any unrealized and realized hedging gains or losses. PGM recycling revenue also includes revenue from toll processing. Other sales revenue consists of sales of PGMs that are acquired periodically in the open market and simultaneously resold to third parties. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred either physically or through an irrevocable transfer of metals to customers’ accounts, the price is fixed or determinable, no related obligations remain and collectability is probable. Under the terms of sales contracts and purchase orders received from customers, the Company recognizes revenue when the product is in a refined and saleable form and title passes, which is typically when the product is transferred from the account of the Company to the account of the customer. Under certain of its sales agreements, the Company instructs a third-party refiner to transfer metal from the Company’s account to the customer’s account; at this point, the Company’s account at the third-party refinery is reduced and the purchaser’s account is increased by the number of ounces of metal sold. These transfers are irrevocable and the Company has no further responsibility for the delivery of the metals. Under other sales agreements, physical conveyance occurs by the Company arranging for shipment of metal from the third-party refinery to the purchaser. In these cases, revenue is recognized at the point when title passes contractually to the purchaser. Sales discounts are recognized when the related revenue is recorded. The Company classifies any sales discounts as a reduction in revenue. The Company recognizes revenue from its toll processing services at the time the contained metals are returned to the supplier at the third-party refinery. NONCONTROLLING INTEREST Noncontrolling interest is related to the sale of a 25% ownership interest in Stillwater Canada Inc during 2012. Noncontrolling interest is classified in the Company's Consolidated Statements of Comprehensive Income (Loss) as part of consolidated net income (loss) and the accumulated amount of noncontrolling interest in the Company's Consolidated Balance Sheets as a component of equity. In the fourth quarter of 2015, the Company repurchased the 25% ownership interest. RECLAMATION AND ENVIRONMENTAL COSTS The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If the obligation is settled for other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement. Accounting for reclamation obligations requires management to make estimates for each mining operation of the future costs the Company will incur to complete final reclamation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work that the Company is required to perform. Any such increases in future costs could materially impact the amounts charged in future periods to operations for reclamation and remediation. INCOME TAXES The Company determines income taxes using the asset and liability method which results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases 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. In assessing the realizability of U.S. and foreign deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Each quarter, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. A valuation allowance has been provided at December 31, 2016 , and 2015 , for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. STOCK-BASED COMPENSATION The Company estimates the fair value of performance-based restricted stock awards using a Monte Carlo simulation valuation model. The fair value of time-based restricted stock awards is determined by the market value of the underlying shares on the date of grant. Costs resulting from all share-based payment transactions are recognized in the financial statements over the respective vesting periods. All liability classified performance-based restricted stock awards are revalued each period with a charge to earnings. EARNINGS (LOSS) PER COMMON SHARE Basic earnings (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) 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 and the Company’s 1.875% and 1.75% Convertible Debentures were converted. Reported net income (loss) attributable to common stockholders is adjusted for the interest expense net of capitalized interest (including amortization expense of deferred debt and equity fees), the related income tax effect and the income (loss) attributable to the noncontrolling interest in the computation of basic and diluted earnings per share attributable to common stockholders. The Company currently has only one class of equity shares outstanding. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes net income (loss), as well as other changes in stockholders’ equity that result from transactions and events other than those with stockholders. Other comprehensive income (loss) in 2016, 2015 and 2014 consisted of unrealized gains and losses related to available-for-sale marketable securities and deferred compensation. DEBT ISSUANCE COSTS Debt issuance costs are capitalized and amortized to interest expense using the effective interest method over the lives of the related debt agreements. On April 7, 2015, as part of their initiative to simplify and reduce complexity in the financial statements, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Interest - Imputation, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance. This ASU requires the debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. Also, requiring retrospective application for all prior periods presented in the financial statements and a disclosure of the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. The Company adopted ASU 2015-03 in the first quarter of 2016 and reclassified Deferred debt issue costs against the related liability for all periods presented. Adoption of ASU 2015-03 had no financial impact other than to decrease the related liability. Prior to the adoption of ASU 2015-03, the balance reported at December 31, 2015 for total Long-term debt and capital lease obligations was $258.9 million , and after adoption and reclassification of Deferred debt issue costs of $3.8 million , the total adjusted balance reported at December 31, 2015 became $255.1 million . FOREIGN CURRENCY TRANSACTIONS The functional currency of the Company’s Canadian and South American subsidiaries is the U.S. dollar. Gains or losses resulting from transactions denominated in Canadian and South American currencies are included in Foreign currency transaction gain, net in the Company's Consolidated Statements of Comprehensive Income (Loss) . USE OF ESTIMATES The preparation of the Company’s consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. The more significant areas requiring the use of management’s estimates relate to mineral reserves, reclamation and environmental obligations, valuation allowance for deferred tax assets, useful lives utilized for depletion, depreciation, amortization and accretion calculations, future cash flows from long-lived assets, fair value of long-lived assets, and fair value of derivatives. Actual results could differ from these estimates. DEVELOPMENTS IN ACCOUNTING PRONOUNCEMENTS On May 28, 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. The effective date of the new standard has been deferred by one year to January 1, 2018, and will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the retrospective or cumulative effect transition method. As of the date of this filing, the Company has not identified any revenue contracts that would require a material change in the Company's timing of revenue recognition. However, the Company continues to evaluate the impact that ASU 2014-09 will have on its consolidated financial position, results of operations, and cash flows and has not yet finalized the overall impact of the standard. The Company has not selected a transition method. Early application is not permitted. On July 22, 2015, as part of its initiative to simplify and reduce complexity in financial statements, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11, changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company does not expect ASU 2015-11 to have a material impact on its consolidated financial position, results of operations, or cash flows. The ASU requires prospective adoption and permits early adoption. On February 25, 2016, the FASB issued ASU 2016-02, Leases, (Topic 842) , which requires an entity that leases assets, with terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 31, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial position, results of operations, and cash flows, but does not expect that the adoption will result in a significant increase in the Company's assets and liabilities given the limited current and anticipated lease activities. As of the date of this filing, the Company has not selected a transition method. Early adoption is permitted. On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employees Shared-Based Payment Accounting. The ASU will change several aspects within share based payments: (1) accounting for income taxes, (2) classification of excess tax benefits, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid when an employer withholds shares for tax-withholding purposes, (6) practical expedient - expected term, (7) intrinsic value, and (8) eliminating the indefinite deferral. ASU 2016-09 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company will adopt ASU 2016-09 in the first quarter of 2017. The Company is continuing to quantify the final effect that ASU 2016-09 will have on its consolidated financial position, results of operations, and cash flows. The Company chose not to early adopt. even though early adoption was permitted in any interim or annual period provided that the entire ASU was adopted. The Company anticipates the primary impact will be the excess tax benefits in the Company's income tax provision rather than in additional paid-in capital. ASU 2016-09 allows the Company to make a policy election as to whether it will include an estimate of awards expected to be forfeited or whether to account for forfeitures as they occur. The current forfeiture rate is immaterial, therefore, upon adoption the Company will account for the forfeitures as they occur. An additional amendment provides the Company with an option to make a policy change that will allow for withholding of maximum statutory rates in applicable jurisdictions without triggering liability accounting. |
Sales
Sales | 12 Months Ended |
Dec. 31, 2016 | |
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 customers with whom the Company has established trading relationships. Refined 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. For the respective years 2016, 2015 and 2014 , sales of by-products (gold, nickel, mined rhodium, copper and silver) totaled $23.7 million , $23.1 million and $29.6 million . In July 2014, the Company executed five -year supply and refining agreements with Johnson Matthey (JM). Under the terms of these agreements, JM has an exclusive five -year right to refine all of the PGM filter cake the Company produces at its Columbus, Montana facilities. JM 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 currently under the Company's sales agreement with Tiffany & Co., which are specifically excluded from the JM 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 JM 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 JM 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 . PGM RECYCLING The Company purchases spent catalyst and other industrial source materials from third-parties 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 recycling material 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 facilities 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 it 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. OTHER In addition to Mine Production and PGM Recycling metal sales, the Company makes other open market purchases of PGMs from time to time for resale to third parties. The Company recognized other revenue of $5.9 million in 2014, including $5.3 million for metal acquired in the open market for immediate resale to third parties. There were no comparable acquisitions in the open market during 2016 or 2015. |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment [Abstract] | |
Asset Impairment | ASSET IMPAIRMENT In accordance with the 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 was no material event or change in circumstances requiring the Company to test its long-lived assets for impairment at December 31, 2016. Marathon As a result of inquiries relating to the Marathon project received during the second quarter of 2015, the Company concluded that there was evidence to suggest that there had been a significant decrease in the fair value of the Marathon mineral properties. Accordingly, the Company performed an analysis that indicated the carrying value of the Marathon mineral properties exceeded its recoverable amount at June 30, 2015. The Company undertook an assessment of the fair value of its Marathon mineral properties, which included the examination of recent comparable transactions. At June 30, 2015, the Company recorded an impairment charge of $46.8 million (before-tax) against the carrying value of the Marathon mineral properties in Canada, reducing its carrying value to an estimated fair value of $8.6 million . 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 area and impaired those properties by approximately $0.5 million at December 31, 2014. Assumptions underlying future cash flows associated with the Company’s long-lived assets are subject to risks and uncertainties. Future changes in such factors as supply and demand fundamentals, metals prices, recoverable reserve estimates, legal requirements and actual operating performance could have a material effect on the Company’s ability to recover the carrying amounts of its long-lived assets, potentially resulting in additional impairment charges. In the case of the Altar and Marathon exploration properties (for which future expected cash flows are difficult to estimate), a pattern of declining realized prices for sales of comparable mineral properties could provide an indication of impairment. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | NONCONTROLLING INTEREST In the fourth quarter of 2015, the Company purchased Mitsubishi's 25% interest in Stillwater Canada Inc (SCI) and related properties for a total cash consideration of $5.2 million . The total cash consideration was comprised of $1.0 million in cash and the equivalent of 25% of the total cash and cash equivalents held by SCI. Prior to the repurchase, Mitsubishi's 25% interest in the SCI net loss for each period was shown as Net loss attributable to noncontrolling interest in the Company's Consolidated Statements of Comprehensive Income (Loss) . The amount of the loss was added back to the Company's reported Net income (loss) in each period in arriving at Net income (loss) attributable to common stockholders . The reported Net loss attributable to noncontrolling interest for the years ended December 31, 2015, and 2014 was $11.8 million , and $1.4 million , respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company uses derivative financial instruments to manage certain of its exposures to changes in PGM market commodity prices. COMMODITY DERIVATIVES PGM Recycling The Company customarily enters into fixed forward sales relating to PGM recycling of catalysts and other industrial sourced 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 December 31, 2016 , will settle at various periods through June 2017 . 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 December 31, 2016 , 2015 and 2014 , no margin deposits were outstanding or due. The following is a summary of the Company’s outstanding commodity derivatives in its PGM Recycling segment at December 31, 2016 : PGM Recycling: Fixed Forward Contracts Platinum Palladium Rhodium Settlement Period Ounces Average Price/Ounce Ounces Average Price/Ounce Ounces Average Price/Ounce First Quarter 2017 29,942 $ 959 61,634 $ 690 8,618 $ 714 Second Quarter 2017 4,058 $ 940 5,143 $ 697 1,695 $ 762 Mine Production The Company was not a party to any derivative instruments involving its mined production during 2016 , 2015 or 2014 . |
Share Compensation Plans
Share Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Compensation Plans | SHARE COMPENSATION PLANS EQUITY PLANS The Company sponsors equity plans (the “Plans”) that enable the Company to grant equity based compensation to employees and non-employee directors. In total, approximately 11.6 million shares of common stock have been 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 3.9 million shares were available and reserved for grant under the 2012 Equity Incentive Plan at December 31, 2016 . The Compensation Committee of the Board administers the Plans and determines the type of equity awards to be issued, the exercise period, vesting period and all other terms of instruments issued under the Plans. Employees’ options and restricted stock units vest in equal annual installments over a three year period after date of grant. Options expire ten years after the date of grant. NONVESTED SHARES Time-Based Restricted Stock Unit Awards Time-based restricted stock unit 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 restricted stock units nor any dividends on stock that may be delivered in settlement of the restricted stock units unless and until the stock is issued in settlement of restricted stock units. Nonvested time-based share activity during 2016 , 2015 and 2014 , is detailed in the following table: Year ended December 31, Nonvested Shares Weighted- Average Grant- Date Fair Value Nonvested time-based shares at December 31, 2013 31,057 $ 11.55 Granted 348,056 14.68 Vested (158,412 ) 13.84 Forfeited (35,954 ) 14.22 Nonvested time-based shares at December 31, 2014 184,747 $ 13.80 Granted 127,407 14.17 Vested (114,129 ) 13.91 Forfeited (11,370 ) 14.21 Nonvested time-based shares at December 31, 2015 186,655 $ 13.97 Granted 213,525 10.00 Vested (180,082 ) 11.76 Forfeited (8,294 ) 11.27 Nonvested time-based shares at December 31, 2016 211,804 $ 10.25 Total compensation expense, included within General and administrative in the Company's Consolidated Statements of Comprehensive Income (Loss) related to grants of time-based nonvested shares for the years ended December 31, 2016 , 2015 and 2014 was $2.0 million , $1.6 million , and $2.6 million , respectively. Performance-Based Restricted Stock Unit Awards A performance-based restricted stock unit 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 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. In the event the Company determines it is no longer probable that it will achieve the minimum performance criteria specified in the Plan, the Company reverses all of the previously recognized compensation expense in the period such a determination is made. In 2014, the Company began granting performance-based stock unit awards under its Long-Term Incentive Plan (LTIP). The payout of the awards is 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. Market-based performance shares 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 share 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 (Loss) related to grants of performance-based shares for the years ended December 31, 2016 , 2015 and 2014 was $1.7 million , $1.3 million and $1.5 million , respectively. Performance-based awards are not entitled to any dividend equivalents with respect to the restricted stock units nor any dividends on stock that may be delivered in settlement of the restricted stock units unless and until the stock is issued in settlement of restricted stock units. Nonvested performance-based share activity during 2016 , 2015 and 2014 is detailed in the following table: Nonvested Shares Weighted-Average Grant-Date Fair Value Nonvested performance-based shares at January 1, 2014 — $ — Granted * 223,412 15.69 Vested — — Forfeited (9,176 ) 15.69 Nonvested performance-based shares at December 31, 2014 214,236 $ 15.69 Granted * 170,078 14.92 Vested — — Forfeited (5,037 ) 15.34 Nonvested performance-based shares at December 31, 2015 379,277 $ 15.34 Granted * 186,285 10.13 Vested (115,314 ) 14.32 Forfeited (9,894 ) 12.85 Nonvested performance-based shares at December 31, 2016 440,354 $ 14.32 * The number of performance-based shares granted is based on the target award amounts in the performance share grant agreements. In connection with the vesting of restricted stock units and performance shares, employees can make an election to withhold shares to cover their tax withholding obligations through net share settlement, pursuant to which the Company withholds the number of shares necessary to satisfy the tax withholding obligations. For the year ended December 31, 2016, the Company withheld approximately 114,000 shares valued at $1.8 million , or $15.37 per share. For the same period in 2015, the Company withheld approximately 31,000 shares valued at $0.3 million , or $10.29 per share. The following table presents the compensation expense of the nonvested shares outstanding at December 31, 2016 , to be recognized over the remaining vesting periods: (In thousands) Time-based shares Performance -based shares 2017 $ 1,200 $ 2,041 2018 587 1,125 2019 13 — Total $ 1,800 $ 3,166 STOCK OPTIONS Effective March 2011, the Company ceased offering stock options 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. There is, however, no remaining unamortized compensation expense related to the stock options. Stock option activity for the years ended December 31, 2016 , 2015 and 2014 , is summarized as follows: Year Ended December 31, Shares Weighted Average Exercise Price Options outstanding at December 31, 2013 199,291 $ 11.68 Options exercisable at December 31, 2013 81,144 14.03 2014 Activity Options exercised (105,047 ) 9.54 Options canceled / forfeited (13,100 ) 14.32 Options outstanding and exercisable at December 31, 2014 81,144 $ 14.03 2015 Activity Options exercised (6,492 ) 9.16 Options canceled / forfeited (17,542 ) 11.01 Options outstanding and exercisable at December 31, 2015 57,110 $ 15.51 2016 Activity Options exercised (3,317 ) 10.43 Options canceled / forfeited (2,450 ) 14.22 Options outstanding and exercisable at December 31, 2016 51,343 $ 15.90 The following table summarizes additional stock option activity: (In thousands) 2016 2015 2014 Intrinsic value of exercisable options $ 103 $ 9 $ 207 Cash received from options exercised $ 34 $ 60 $ 993 Intrinsic value of options exercised $ 12 $ 25 $ 674 The following table summarizes information for outstanding and exercisable options at December 31, 2016 : Options Outstanding and Exercisable Range of Exercise Price Number Outstanding and Exercisable Weighted Average Remaining Contract Life Weighted Average Exercise Price $ 5.05 - $11.97 9,834 2.0 $ 9.48 $11.98 - $14.12 10,125 1.9 12.81 $14.13 - $18.56 10,359 3.1 16.33 $18.57 - $19.55 10,600 3.9 19.05 $19.56 - $24.55 10,425 3.3 21.34 51,343 2.8 $ 15.90 DEFERRAL PLANS The Company suspended new deferrals into its Non-Employee Directors’ Deferral Plan effective mid-2014. The Plan previously allowed non-employee directors to defer all or any portion of the compensation received as directors, in accordance with the provisions of Section 409A of the Internal Revenue Code and associated Treasury regulations. All amounts previously deferred under this Plan are fully vested, and each participant elected the deferral period and form of the compensation (Company common stock including a 20% Company match or cash). Compensation expense under the Plan was $13,500 in 2014. The Company match was made in Company common stock. Independent Director Deferred Share Unit Plan (DSU Plan) The Company's DSU Plan was approved in August 2014. Each year, an independent director may irrevocably elect to defer up to 100% of annual fees (annual cash fees payable by the Company to an independent director with respect to service as a member of the Board). A deferred share unit (DSU) is a compensatory unit which represents a promise by the Company to deliver cash equal to the fair market value of one share of the Company's common stock for each awarded DSU. The DSUs are revalued at the end of each reporting period using the closing price of the Company's common stock on the last trading day of the reporting period. Upon separation of service from the Board, an independent director's entire account balance is distributed in a lump sum cash payment. The Company recognized compensation expense of approximately $1.2 million , $0.6 million and $0.5 million in 2016, 2015 and 2014 , respectively. The following table summarizes the activity for the DSU Plan for the years ended December 31, 2016, 2015 and 2014: (In thousands) DSUs Fair market value (1) Closing Share Price Granted 30,420 $ 18.69 Distributions (5,070 ) $ (66,667 ) Liability at December 31, 2014 25,350 $ 373,637 $ 14.74 Granted 37,053 13.22 Liability at December 31, 2015 62,403 $ 534,804 $ 8.57 Granted 46,242 10.12 Liability at December 31, 2016 108,645 $ 1,750,302 $ 16.11 (1) Fair market value of DSUs includes effect of fractional shares. Nonqualified Deferred Compensation Plan (NQDC Plan) The Company's NQDC Plan allows certain key personnel of the Company to defer up to 60% of their salaries and up to 100% of other cash compensation and vested restricted stock units in accordance with the provisions of Section 409A of the Internal Revenue Code and associated Treasury regulations. All amounts deferred under this plan are fully vested, and each participant elects the deferral period and form of the compensation (Company common stock or cash). For each Plan year, the Company matches the amount of compensation deferred during that year up to a maximum of 8% of the participant’s total compensation for the calendar year. Compensation expense deferred in cash was approximately $0.6 million , $0.3 million and $0.2 million in 2016, 2015 and 2014 , respectively. Compensation expense deferred upon the vesting of common stock was $13,150 and $12,620 for the years ended December 31, 2016 and 2015, respectively. There were no deferrals upon the vesting of common stock for the year ended December 31, 2014. EMPLOYEE BENEFIT PLANS The Company has two savings plans, which qualify under section 401(k) of the U.S. Internal Revenue Code, covering essentially all non-bargaining and bargaining employees. Employees may elect to contribute up to 60% of their eligible compensation, subject to the Employee Retirement Income Security Act of 1974 (ERISA) limitations. The Company is required to make matching contributions equal to 100% of the employee’s contribution up to 8% of the employee’s compensation. Prior to September 1, 2015 matching contributions were made with common stock of the Company. During 2015 and 2014, the Company issued approximately 0.6 million and 0.7 million shares of common stock, respectively, with a market value on the respective grant dates of $7.5 million and $10.3 million , respectively, to match employees’ contributions. In September 2015, the Company began matching contributions in cash. The Company made cash contributions of $2.7 million and $3.9 million into the plans in 2016 and 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of the Company’s deferred income tax liabilities (assets) are comprised of the following temporary differences and carryforwards at December 31, 2016 , and 2015 . (In thousands) 2016 2015 Mine development and mineral interests-US $ 83,201 $ 86,905 Mineral interests-South America 16,986 13,697 Long-term debt 21,422 27,835 Total deferred tax liabilities $ 121,609 $ 128,437 Noncurrent liabilities (11,232 ) (9,896 ) Mine development and mineral interests-Canada (16,024 ) (15,900 ) Property and equipment (16,776 ) (16,440 ) Current liabilities (20,042 ) (18,844 ) Long-term investments (1,540 ) (2,989 ) Inventory (1,783 ) (993 ) AMT credit and other carryforwards (40,531 ) (34,383 ) Exploration (9,910 ) (3,578 ) Net operating loss (NOL) and other carryforwards (25,946 ) (39,244 ) Total deferred tax assets $ (143,784 ) $ (142,267 ) Valuation allowance 38,578 36,591 Total net deferred tax assets (105,206 ) (105,676 ) Net deferred tax liabilities $ 16,403 $ 22,761 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 provided a valuation allowance in 2016 and 2015 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 NOLs and other carryforwards for 2016 above represent $9.2 million from U.S. operations and $16.7 million from foreign operations. The NOLs for 2015 above represent $24.4 million from U.S. operations and $14.8 million from foreign operations. Reconciliation of the income tax (benefit) provision at the applicable statutory income tax rates to the effective rate is as follows: December 31, (In thousands) 2016 2015 2014 (Loss) income before income taxes $ 13,153 $ (36,069 ) $ 85,141 Income tax (benefit) provision at statutory rates 4,603 (12,624 ) 29,799 State income tax expense, net of federal benefit 218 50 3,553 Percentage depletion (6,098 ) (5,366 ) (17,302 ) Foreign currency transaction loss (gain), net 1,571 3,471 (1,353 ) Compensation related adjustment 834 59 6 Change in valuation allowance 1,987 13,780 2,127 Return-to-provision (561 ) (1,259 ) 92 Impact of foreign operations (3,372 ) (2,981 ) (52 ) Rate adjustment 17 (7,290 ) (96 ) Tax contingencies, net of reversals 3,515 — — Other 966 (173 ) (516 ) Net income tax (benefit) provision $ 3,680 $ (12,333 ) $ 16,258 At December 31, 2016 , the Company had approximately $70.7 million of regular federal tax net operating loss carryforwards in the U.S. expiring from 2021 through 2023. Usage of the $70.7 million 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 had $37.4 million of alternative minimum tax credit carryforwards which will not expire and $1.9 million in general business credits expiring during 2029 to 2036. The Company had approximately $3.3 million of state tax net operating loss carryforwards expiring during 2020 through 2029. The Company also had $59.9 million of foreign net operating loss carryforwards. The foreign net operating losses expire as follows: $23.5 million during 2017 to 2021 and $26.7 million during 2024 to 2036. Currently, $9.7 million of foreign net operating losses have an indefinite life. Cash payments for state income taxes were made in 2016, 2015 and 2014 in the amounts of $0.3 million , $2.4 million and $15.3 million , respectively. The Company made U.S. federal tax payments in the amounts of $3.0 million , $11.0 million , $11.1 million in 2016, 2015, and 2014, respectively. The Company had a net tax receivable of $8.2 million relating to current and prior year anticipated U.S. and state tax filings. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the tax position will be sustained upon examination. The Company recorded an uncertain tax position reserve of $3.7 million for the year ended December 31, 2016. No reserve was recorded for the years ended December 31, 2015 and 2014. The Company does not anticipate that the amount of unrecognized tax benefits as of December 31, 2016 will significantly change within the next twelve months. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits as a component of income tax expense. Interest and penalties of $0.1 million have been accrued at December 31, 2016. There were no interest and penalties accrued at December 31, 2015 or 2014. The Company's total amounts of unrecognized tax benefits at the beginning and end of the period are as follows: (In thousands) Balance accrued as of December 31, 2015 $ — Additions related to current period tax positions — Additions related to prior period tax positions 3,742 Reductions related to prior period tax positions — Reductions related to lapse of statute of limitations — Balance accrued as of December 31, 2016 $ 3,742 The Company’s significant taxing jurisdiction is the federal United States. The tax years still open for examination by the taxing authorities in this jurisdiction are the years ended December 31, 2016 , 2015 , 2014 , 2013 and 2011, although, net operating loss and credit carryforwards from all years are subject to examination and adjustments for three years following the year in which the carryforwards are utilized. The income tax (benefit) provision is comprised of the following: December 31, (In thousands) 2016 2015 2014 Current Federal $ 5,114 $ 3,203 $ 13,902 State 3,010 2,175 6,947 Current income tax $ 8,124 $ 5,378 $ 20,849 Deferred Federal (1,859 ) (1,474 ) (1,577 ) State (1,428 ) (14,510 ) (2,462 ) Foreign (1,157 ) (1,727 ) (552 ) Deferred income tax benefit (4,444 ) (17,711 ) (4,591 ) Income tax (benefit) provision $ 3,680 $ (12,333 ) $ 16,258 The components of income (loss) before income tax provision (benefit) by tax jurisdiction for the years ended December 31, 2016, 2015 and 2014 were as follows: (In thousands) 2016 2015 2014 United States $ 17,667 $ 10,574 $ 88,281 Foreign (4,514 ) (46,643 ) (3,140 ) Income / (loss) before income tax provision (benefit) $ 13,153 $ (36,069 ) $ 85,141 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS) Comprehensive income / (loss) consists of earnings items and other gains and losses affecting stockholders’ equity that are excluded from current net income. At December 31, 2016, 2015 and 2014 , such items consisted of unrealized gains / losses on available-for-sale marketable securities and deferred compensation. The following summary sets forth the changes in Accumulated other comprehensive loss during 2016, 2015 and 2014 : (In thousands) Available-for-sale marketable securities Deferred Compensation Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2013 $ 6 $ — $ 6 Change in value, net of tax 11 — 11 Balance at December 31, 2014 17 — 17 Change in value, net of tax (384 ) 170 (214 ) Balance at December 31, 2015 (367 ) 170 (197 ) Change in value, net of tax 97 (114 ) (17 ) Balance at December 31, 2016 $ (270 ) $ 56 $ (214 ) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
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 either purchases the catalyst material processed by the PGM Recycling segment from third-party suppliers for its own account and sells the recovered metals directly, or it accepts catalyst material supplied 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 mainly 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. In the second quarter of 2015 the Company recorded an impairment charge of $46.8 million (before-tax) against the carrying value of the Marathon mineral properties in Canada. In the fourth quarter of 2014 the Company recorded an impairment charge of approximately $0.5 million against certain real estate properties owned by the Company in the town of Marathon. In general, the Company now expenses Marathon costs in the period in which they are incurred. See " Note 4 - Asset Impairment " for more information. The South American Properties segment consists of the Peregrine Metals Ltd. assets. The principal Peregrine asset 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) Mine Production PGM Recycling Canadian Properties South American Properties All Other Total Year ended December 31, 2016 Revenues $ 405,070 $ 305,865 $ — $ — $ 400 $ 711,335 Costs of metals sold $ 279,274 $ 294,850 $ — $ — $ — $ 574,124 Depletion, depreciation and amortization $ 73,080 $ 728 $ — $ — $ — $ 73,808 General and administrative expenses $ — $ — $ 695 $ 577 $ 33,392 $ 34,664 Interest income $ — $ 2,105 $ 2 $ 1 $ 2,108 $ 4,216 Interest expense $ — $ — $ — $ — $ 16,491 $ 16,491 Income (loss) before income taxes $ 52,716 $ 12,392 $ (1,082 ) $ (3,126 ) $ (47,747 ) $ 13,153 Capital expenditures $ 87,967 $ 28 $ — $ 41 $ 660 $ 88,696 Total assets $ 636,310 $ 87,553 $ 24,988 $ 102,980 $ 475,206 $ 1,327,037 (In thousands) Mine PGM Canadian South All Total Year ended December 31, 2015 Revenues $ 415,774 $ 310,156 $ — $ — $ 400 $ 726,330 Costs of metals sold $ 293,955 $ 300,710 $ — $ — $ — $ 594,665 Depletion, depreciation and amortization $ 64,200 $ 949 $ — $ — $ — $ 65,149 General and administrative expenses $ — $ — $ 1,146 $ 504 $ 32,383 $ 34,033 Interest income $ — $ 1,653 $ 7 $ 27 $ 1,268 $ 2,955 Interest expense $ — $ — $ — $ — $ 20,187 $ 20,187 Income (loss) before impairment charge and income taxes $ 57,618 $ 10,151 $ (1,910 ) $ 2,218 $ (57,374 ) $ 10,703 Impairment charge $ — $ — $ 46,772 $ — $ — $ 46,772 Income (loss) after impairment charge, before income taxes $ 57,618 $ 10,151 $ (48,682 ) $ 2,218 $ (57,374 ) $ (36,069 ) Capital expenditures $ 100,725 $ 327 $ 46 $ — $ 6,336 $ 107,434 Total assets $ 613,498 $ 40,757 $ 26,517 $ 103,774 $ 493,843 $ 1,278,389 (In thousands) Mine PGM Canadian South All Total Year ended December 31, 2014 Revenues $ 536,010 $ 401,684 $ — $ — $ 5,925 $ 943,619 Costs of metals sold $ 332,632 $ 391,481 $ — $ — $ 5,357 $ 729,470 Depletion, depreciation and amortization $ 66,387 $ 1,019 $ — $ — $ — $ 67,406 General and administrative expenses $ — $ — $ 3,251 $ 337 $ 31,479 $ 35,067 Interest income $ — $ 2,535 $ 6 $ 68 $ 942 $ 3,551 Interest expense $ — $ — $ 1 $ — $ 22,718 $ 22,719 Income (loss) before impairment charge and income taxes $ 136,990 $ 11,719 $ (4,581 ) $ 2,600 $ (61,037 ) $ 85,691 Impairment charge $ — $ — $ 550 $ — $ — $ 550 Income (loss) after impairment charge, before income taxes $ 136,990 $ 11,719 $ (5,131 ) $ 2,600 $ (61,037 ) $ 85,141 Capital expenditures $ 115,147 $ 181 $ — $ 45 $ 4,309 $ 119,682 Total assets $ 596,653 $ 65,513 $ 75,250 $ 106,947 $ 554,964 $ 1,399,327 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
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 (loss) in the Company's Consolidated Statements of Comprehensive Income (Loss) . At the time the securities are sold or otherwise disposed of, gross realized gains and losses are included in Net income (loss) . Gross realized gains and losses are based on the carrying value (cost, net of discounts or premiums) of the sold investment. Amounts reclassified out of Other comprehensive income (loss) during the periods ended December 31, 2016 , and 2015 were insignificant. 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 December 31, are as follows: (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value 2016 Federal agency notes $ 292,928 $ — $ (348 ) $ 292,580 Commercial paper 34,385 — (81 ) 34,304 Subtotal 327,313 — (429 ) 326,884 Mutual funds 1,148 86 — 1,234 Total $ 328,461 $ 86 $ (429 ) $ 328,118 2015 Federal agency notes $ 285,276 $ — $ (519 ) $ 284,757 Commercial paper 31,730 — (58 ) 31,672 Subtotal 317,006 — (577 ) 316,429 Mutual funds 482 261 — 743 Total $ 317,488 $ 261 $ (577 ) $ 317,172 The mutual funds included in the investment table above are included in Other noncurrent assets on the Company's Consolidated Balance Sheets . Included in the investments balance at December 31, 2016 and 2015 is $18.5 million which has been reserved as collateral on the Company's undrawn letters of credit of approximately $17.5 million . The maturities of available-for-sale securities at December 31, 2016 , are as follows: (In thousands) Amortized cost Fair market value Federal agency notes Due in one year or less $ 232,610 $ 232,462 Due after one year through two years 60,318 60,118 Total $ 292,928 $ 292,580 Commercial paper Due in one year or less $ 11,740 $ 11,737 Due after one year through two years 22,645 22,567 Total $ 34,385 $ 34,304 The Company has long-term investments in various Canadian junior exploration companies, recorded on the balance sheet at cost. During 2016, the Company sold its investment in Marathon Gold and Coro Mining and completed a partial sale of its investment in Benton Resources and recorded a combined gain of $0.7 million . The Company determined there was no impairment of the remaining long-term investments for the year ended December 31, 2016 . The Company determined for the year ended December 31, 2015, that certain of its long-term investments were other than temporarily impaired and recorded a loss of $0.4 million . At December 31, 2016 , these long-term investments totaled less than $0.1 million and are recorded in Other noncurrent assets on the Company's Consolidated Balance Sheets . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
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 during 2016 and 2015 . 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 recycled PGM inventories as of any date are determined based on the acquisition cost of the recycled material and include all inventoriable processing costs, including direct labor, direct materials, depreciation and third-party refining costs which relate to the processing activities incurred as of such date. 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 at December 31, consisted of the following: (In thousands) 2016 2015 Metals inventory Raw ore $ 3,193 $ 4,234 Concentrate and in-process 76,520 43,727 Finished goods 41,329 32,618 $ 121,042 $ 80,579 Materials and supplies 17,611 21,493 Total inventory $ 138,653 $ 102,072 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic income (loss) 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 income (loss) 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, reported consolidated net income (loss) attributable to common stockholders is adjusted for the interest expense, net of capitalized interest (including amortization expense of deferred debt fees) and the related income tax effect, in computing basic and diluted earnings per share attributable to common stockholders. The Company currently has only one class of equity shares outstanding. Potential dilutive common shares include those associated with outstanding stock options, restricted stock units, performance shares and convertible debentures. For periods in which the Company reports a net loss attributable to common stockholders, potential dilutive common shares are excluded, as their conversion and exercise would be anti-dilutive. The Company reported a consolidated net loss attributable to common stockholders for the year ended December 31, 2015. The reconciliation showing the computation of basic and diluted shares and the related impact on income for the years ended December 31, 2016 and 2014 is shown in the following table: Year Ended Year Ended December 31, 2016 December 31, 2014 (In thousands, except per share amounts) Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount Basic EPS Net income attributable to common stockholders $ 9,473 121,072 $ 0.08 $ 70,297 119,953 $ 0.59 Effect of Dilutive Securities Stock options — 1 — 31 Nonvested shares — 126 — 53 Contingently issuable shares — 377 — 98 1.875% Convertible Debentures, net of tax — — — 95 1.75% Convertible Debentures, net of tax and capitalized interest — — 16,613 36,003 Diluted EPS Net income attributable to common stockholders and assumed conversions $ 9,473 121,576 $ 0.08 $ 86,910 156,233 $ 0.56 The following table shows the shares that were excluded from the computation of diluted earnings per share for the years ended December 31, 2016, 2015 and 2014: (In thousands) 2016 2015 2014 Stock options 3 6 34 Nonvested time-based shares 3 44 13 Contingently issuable shares 226 308 116 1.875% Convertible debentures, net of tax 22 22 — 1.75% Convertible debentures, net of tax 30,413 30,413 — |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
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 of 1.75% Convertible Debentures, due October 15, 2032. Each $1,000 principal amount of these 1.75% Convertible 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% Convertible Debentures also include an embedded conversion enhancement feature that is equivalent to including with each $1,000 of Convertible 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% Convertible 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% Convertible 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% Convertible Debentures at any time on or after October 20, 2019. The 1.75% Convertible 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% Convertible 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. In the third quarter of 2015, the Company elected to repurchase $61.6 million of the outstanding principal of the 1.75% Convertible Debentures, due 2032, paying cash of $59.4 million . The Company reduced the debt component by $50.7 million , which included a reduction of the debt discount by $10.9 million . The difference between the book value and the fair value (including $0.7 million of debt and equity issuance costs) of the debt component resulted in a $4.2 million loss, recorded in Loss on extinguishment of debt, net in the Company's Consolidated Statements of Comprehensive Income (Loss) . The 1.75% Convertible Debentures have an effective interest rate of 8.50% and a stated interest rate of 1.75% with interest paid semi-annually. The balance included in long-term debt on the Company's Consolidated Balance Sheets for the year ended December 31, 2016 was approximately $274.3 million which is net of unamortized discount of $57.9 million and $2.9 million deferred debt issue costs. For the year ended December 31, 2015 the balance included in long-term debt was $254.6 million , which is net of unamortized discount of $76.8 million and $3.8 million of deferred debt issue costs. 1.875% CONVERTIBLE DEBENTURES In the third quarter of 2015, the Company repurchased $1.7 million of the outstanding principal of the 1.875% Convertible Debentures, due 2028, paying cash of $1.6 million and recording a gain of approximately $0.1 million , recorded in Loss on extinguishment of debt, net in the Company's Consolidated Statements of Comprehensive Income (Loss) . The outstanding balance of $0.5 million is reported as a long-term debt obligation at December 31, 2016 and 2015. Holders of the remaining $0.5 million of outstanding 1.875% Convertible Debentures may require the Company to redeem their 1.875% Convertible 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 corporate events. The Company has the right at its discretion to redeem the remaining outstanding 1.875% Convertible Debentures for cash at any time prior to maturity. EXEMPT FACILITY REVENUE BONDS During 2000, the Company completed a $30.0 million offering of 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 8.00% with interest paid semi-annually. Net discounted proceeds from the offering were $28.7 million , yielding an effective interest rate of 8.57% . In July 2014, the Company redeemed the entire $30.0 million of 8.00% 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 the maximum line of credit to $125.0 million , incurring additional debt issuance costs of $0.2 million . The Company paid an unused line fee on the committed but not drawn on balance under the facility at a rate per annum of 0.375% or 0.5% , depending on utilization of the facility. The Company terminated its $125.0 million asset-backed revolving credit facility on December 31, 2015, incurring expenses and fees of approximately $0.2 million . OUTSTANDING DEBT BALANCES AND RELATED DEBT COSTS The following table reflects the amortization of debt issuance costs, interest expense and cash payments for interest on the Company's outstanding debt for the years ended December 31, 2016 , 2015 and 2014 : (In thousands) 2016 2015 * 2014 * 1.75% Convertible Debentures Amortization of debt issuance costs $ 892 $ 925 $ 1,120 Interest expense, net of capitalized interest $ 15,585 $ 18,596 $ 18,947 Reduction in debt issuance costs (repurchase of debt) $ — $ 747 $ — Cash payments for interest $ 5,865 $ 6,827 $ 6,943 1.875% Convertible Debentures Amortization of debt issuance costs $ — $ — $ — Interest expense, net of capitalized interest $ 6 $ 25 $ 33 Cash payments for interest $ 10 $ 42 $ 42 Asset-Backed Revolving Credit Facility Amortization of debt issuance costs $ — $ 539 $ 272 Fees $ — $ 1,168 $ 1,026 Exempt Facility Revenue Bonds, Series 2000 Amortization of debt issuance costs $ — $ — $ 896 Interest expense $ — $ — $ 1,240 Cash payments for interest $ — $ — $ 1,240 Capital Lease Obligation Interest expense $ 8 $ 102 $ 211 Cash payments for interest $ 8 $ 102 $ 211 * Prior year numbers have been adjusted to conform to current year presentation. The Company's total current and long-term debt balances at December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 (In thousands) Current Long-Term Current Long-Term 1.75% Convertible Debentures Aggregate principal $ — $ 335,150 $ — $ 335,150 Debt discount — (57,939 ) — (76,754 ) Deferred debt issuance costs — (2,929 ) — (3,821 ) Debt balance * $ — $ 274,282 $ — $ 254,575 1.875% Convertible Debentures — 524 — 524 Capital Lease Obligation — — 580 — Small Land Purchase — — 77 — Total debt balances * $ — $ 274,806 $ 657 $ 255,099 * Prior year numbers have been adjusted to conform to current year presentation. See " Note 2 - Summary of Significant Accounting Policies ". CAPITAL LEASE OBLIGATIONS The Company was 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 was structured as a capital lease with a four -year term maturing in 2016; lease payments were due quarterly in advance. The Company made cash payments on its capital lease obligations of $0.6 million for the year ended December 31, 2016 and $2.2 million for the years ended December 31, 2015 and 2014. The Company paid the lease off in the second quarter of 2016. CAPITALIZED INTEREST The Company capitalizes interest incurred on its various debt instruments as a cost of specific and identified projects under development. For the years ended December 31, 2016 , 2015 and 2014 , the Company capitalized interest of $9.1 million , $6.0 million and $5.1 million , respectively. Capitalized interest is recorded as a reduction to Interest expense, net of capitalized interest in the Company's Consolidated Statements of Comprehensive Income (Loss) . |
Mineral Properties and Mine Dev
Mineral Properties and Mine Development | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Mineral Properties and Mine Development | MINERAL PROPERTIES AND MINE DEVELOPMENT Mineral properties and mine development at December 31, 2016 , and 2015 , consisted of the following: (In thousands) 2016 2015 Mineral Properties: Montana, United States of America Stillwater Mine $ 1,950 $ 1,950 Ontario, Canada Marathon properties 8,560 8,560 San Juan, Argentina Altar property 101,970 101,970 Mine Development: Montana, United States of America Stillwater Mine 764,054 697,781 East Boulder Mine 235,511 220,281 $ 1,112,045 $ 1,030,542 Accumulated depletion and amortization (515,113 ) (457,311 ) Total mineral properties and mine development, net $ 596,932 $ 573,231 An impairment charge of $46.8 million (before-tax) was taken against the Marathon mineral properties in the second quarter of 2015, reflecting an estimated fair market value of $8.6 million . See "Note 4 - Asset Impairment" for further information. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at December 31, 2016, and 2015, consisted of the following: (In thousands) 2016 2015 Machinery and equipment $ 165,490 $ 161,292 Buildings and structural components 176,612 173,580 Land 11,740 11,740 Construction-in-progress: Stillwater Mine 13,967 2,615 East Boulder Mine 1,016 435 Marathon 148 148 Processing facilities and other 1,846 1,982 $ 370,819 $ 351,792 Accumulated depreciation (259,423 ) (241,835 ) Total property, plant, and equipment, net $ 111,396 $ 109,957 The Company’s capital outlay for mine development and property, plant and equipment for the years ended December 31, was as follows: (In thousands) 2016 2015 2014 Stillwater Mine $ 84,634 $ 88,799 $ 95,038 East Boulder Mine 16,709 17,916 28,813 Altar project 41 46 45 Other 1,219 5,089 5,917 Total capital outlay $ 102,603 $ 111,850 $ 129,813 Non-cash capitalized interest / depreciation (10,329 ) (9,347 ) (8,443 ) Change in accounts payable for capital expenditures (3,578 ) 4,931 (1,688 ) Total cash paid $ 88,696 $ 107,434 $ 119,682 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | ASSET RETIREMENT OBLIGATION The following summary sets forth the annual changes to the Company’s asset retirement obligation in 2016, 2015 and 2014 : (In thousands) Stillwater Mine East Boulder Mine Total Balance at December 31, 2014 $ 8,720 $ 681 $ 9,401 Accretion expense 777 35 812 Additions and changes in estimates 1,115 (301 ) 814 Balance at December 31, 2015 $ 10,612 $ 415 $ 11,027 Accretion expense 800 58 858 Additions and changes in estimates (452 ) 163 (289 ) Balance at December 31, 2016 $ 10,960 $ 636 $ 11,596 In the first quarter of 2016, the Company recorded a decrease of $0.5 million in estimated reclamation costs at the Stillwater Mine and an increase of $0.2 million at the East Boulder Mine. Both adjustments related to changes in the life of the mines. At the time of this adjustment the Company estimated the mine life of the Stillwater Mine and the East Boulder Mine to the year 2035 and 2065 , respectively. At December 31, 2016 , the Company had posted surety bonds with the State of Montana and the USFS in the amount of $42.6 million to satisfy the current financial guarantee requirements determined by the regulatory agencies. These financial guarantees are reviewed in five year increments. The East Boulder financial guarantee was updated in 2014, whereas the Stillwater Mine financial guarantee was updated in 2016. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
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 that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015 consisted of the following: (In thousands) Fair Value Measurements At December 31, 2016 Total Level 1 Level 2 Level 3 Money market funds $ 35,131 $ 35,131 $ — $ — Mutual funds $ 1,234 $ 1,234 $ — $ — Investments Federal agency notes $ 292,580 $ — $ 292,580 $ — Commercial paper $ 34,304 $ — $ 34,304 $ — (In thousands) Fair Value Measurements At December 31, 2015 Total Level 1 Level 2 Level 3 Money market funds $ 54,761 $ 54,761 $ — $ — Mutual funds $ 743 $ 743 $ — $ — Investments Federal agency notes $ 284,757 $ — $ 284,757 $ — Commercial paper $ 31,672 $ — $ 31,672 $ — The fair value of the mutual funds is based on market prices which are readily available and are recorded in Other noncurrent assets on the Company's Consolidated Balance Sheets . The money market funds are recorded in Cash and cash equivalents on the Company's Consolidated Balance Sheets . The fair values of the investments are 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 loss on the Company's Consolidated Balance Sheets . Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2016 , and 2015 consisted of the following: (In thousands) Fair Value Measurements At December 31, 2016 Total Level 1 Level 2 Level 3 1.875 % Convertible Debentures $ 524 $ — $ 524 $ — 1.75% Convertible Debentures $ 244,807 $ — $ 244,807 $ — Long-term investments $ 91 $ 91 $ — $ — (In thousands) Fair Value Measurements At December 31, 2015 Total Level 1 Level 2 Level 3 1.875% Convertible Debentures $ 524 $ — $ 524 $ — 1.75% Convertible Debentures $ 285,446 $ — $ 285,446 $ — Long-term investments $ 524 $ 524 $ — $ — The Company determined the fair value of the liability component of its outstanding 1.75% Convertible Debentures at December 31, 2016 and 2015 , by using observable market based information for debt instruments of similar amounts and duration. The Company used the book value of its outstanding 1.875% Convertible Debentures to represent the fair value at December 31, 2016 and 2015 . The fair value of the Company's long-term investments in certain Canadian junior exploration companies at December 31, 2016 , and 2015 is based on quoted market prices which are readily available. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES Mitsubishi Corporation maintained a 25% ownership interest in the Company's subsidiary, SCI, until the Company purchased Mitsubishi's 25% interest in the fourth quarter of 2015. The Company made PGM sales to Mitsubishi Corporation of $38.7 million during the first nine months of 2015, and $141.7 million during the full year of 2014. See "Note 5 - Noncontrolling Interest" for further information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company manages risk through insurance coverage, credit monitoring and diversification of suppliers and customers. The Company also seeks to maintain adequate liquidity to offset the risk of pricing cycles. REFINING AGREEMENT AND SUPPLY AGREEMENT Under the terms of the Company’s agreements with JM, the Company utilizes JM for all of its precious metals refining services. In addition, with the exception of platinum sales commitments to Tiffany & Co., all of the Company’s current mined palladium and platinum is committed for sale to JM. This significant concentration of business with JM could leave the Company without precious metal refining services should JM experience significant financial or operating difficulties during the contract period. Under such circumstances, it is not clear that sufficient alternate processing capacity would be available to cover the Company’s requirements, nor that the terms of any such alternate processing arrangements as might be available would be financially acceptable to the Company. Any such disruption in refining services could have a negative effect on the Company’s ability to generate revenues, profits, and cash flows. OPERATING LEASES The Company has operating leases for various mining equipment, office equipment and office space expiring at various dates through November 30, 2019 . Total rental expense for cancelable and non-cancelable operating leases was $1.7 million , $1.8 million and $2.0 million in 2016, 2015 and 2014 , respectively. Future minimum lease payments for operating leases with terms in excess of one year are as follows: Year ended (In thousands) Minimum Lease Payments 2017 $ 148 2018 120 2019 66 Total $ 334 SIGNIFICANT CUSTOMERS Total sales to significant customers as a percentage of total revenues for the years ended December 31, were as follows: 2016 (1) 2015 (1) 2014 (1) Customer A 70 % 75 % 51 % Customer B 10 % — — Customer C — — 15 % 80 % 75 % 66 % (1) The “—” symbol represents less than 10% of total revenues LABOR UNION CONTRACTS The Company's represented workforce is covered under two separate collective bargaining agreements. Approximately 54% and 22% of its active labor force are covered by collective bargaining agreements expiring on June 1, 2019 and December 31, 2019, respectively, with re-negotiation (for wages only) in 2017. LEGAL PROCEEDINGS The Company is involved in various claims and legal actions arising in the ordinary course of business, primarily employee lawsuits. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | QUARTERLY DATA (UNAUDITED) Quarterly earnings data for the years ended December 31, 2016 , and 2015 were as follows: (In thousands, except per share data) 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 133,638 $ 165,683 $ 196,617 $ 215,397 Depletion, depreciation and amortization $ 17,260 $ 20,711 $ 17,771 $ 18,066 Operating (loss) income $ (8,253 ) $ 3,630 $ 18,011 $ 10,703 Net (loss) income * $ (9,930 ) $ 784 $ 12,599 $ 6,021 Comprehensive (loss) income attributable to common stockholders* $ (9,583 ) $ 967 $ 12,406 $ 5,667 Basic (loss) earnings per share attributable to common stockholders $ (0.08 ) $ 0.01 $ 0.10 $ 0.05 Diluted (loss) earnings per share attributable to common stockholders $ (0.08 ) $ 0.01 $ 0.10 $ 0.05 * The amounts do not equal the year-to-date amounts due to the impact of rounding. (In thousands, except per share data) 2015 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 200,520 $ 185,384 $ 168,441 $ 171,985 Depletion, depreciation and amortization $ 17,121 $ 17,198 $ 15,362 $ 15,468 Operating income (loss) $ 21,170 $ (34,812 ) $ (6,181 ) $ 129 Net income (loss) * $ 22,888 $ (39,018 ) $ (12,029 ) $ 4,424 Comprehensive income (loss) attributable to common stockholders * $ 23,139 $ (27,429 ) $ (11,912 ) $ 4,061 Basic earnings (loss) per share attributable to common stockholders $ 0.19 $ (0.23 ) $ (0.10 ) $ 0.04 Diluted earnings (loss) per share attributable to common stockholders * $ 0.17 $ (0.23 ) $ (0.10 ) $ 0.04 * The amounts in the table above do not equal the year-to-date amounts due to the impact of rounding. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of Stillwater Mining Company, its wholly-owned subsidiaries and entities in which it holds a controlling interest (collectively referred to as the “Company”). All inter-company transactions and balances have been eliminated upon consolidation. |
Cash and Cash Equivalents | Cash and cash equivalents consist of all cash balances and all highly liquid investments purchased with an original maturity of three months or less. |
Investments and Restricted Investments | INVESTMENTS Investment securities at December 31, 2016 , and 2015 , consist of mutual funds, federal agency notes and commercial paper with stated maturities less than two years . All securities are reported at fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Realized gains and losses are based on the carrying value (cost, net of discounts or premiums) of the sold investment and recorded as a component of other income. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction of the carrying amount of the security to fair value. The impairment is charged to earnings and a new cost basis for the security is established. The Company’s long-term investments in various junior exploration companies were originally recorded at cost due to less than 20% equity ownership interest and no significant Company control over the investees. A decline in the market value of these long-term investments that is deemed to be other-than-temporary will result in a reduction of the carrying amount of the investment to fair value. The impairment is charged to earnings and a new cost basis for the investment is established. RESTRICTED INVESTMENTS Restricted investments are amounts that have been pledged as collateral on outstanding undrawn letters of credit (associated with reclamation obligations). The Company reviews the letters of credit and the nature of the collateral annually and therefore restricted investments is classified as current. The restrictions on the balances lapse upon expiration of the letters of credit which currently have terms of one year or less. |
Inventories | Mined inventories are carried at the lower of current realizable value or average cost. Production costs include the costs of direct labor and materials, depletion, depreciation and amortization, and overhead costs relating to mining and processing activities. The value of recycled inventories is determined based on the acquisition costs of the recycled material and includes all inventoriable processing costs, including direct labor, direct materials, depreciation, transportation and third-party refining costs which relate to the processing activities. Materials and supplies inventories are valued at the lower of average cost or fair market value. |
Receivables | Trade receivables and other receivable balances recorded in other current assets are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party’s credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectable. |
Mineral Properties and Mine Development | Costs of acquiring mineral properties and mineral rights are capitalized as incurred. Prior to acquiring such mineral properties or mineral rights, the Company makes a preliminary evaluation to determine that the mineral property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a mineral property’s potential is variable and is determined by many factors including its location relative to existing infrastructure, stage of development, geological controls and relevant metal prices. When it has been determined that proven and probable ore reserves have been established in compliance with the SEC's Industry Guide 7, and a determination has been made to proceed toward commercial development, mining development costs incurred to develop the mineral property are capitalized. Mining exploration costs are expensed as incurred. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on the estimated quantities of recoverable metal. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the mineral property has no future economic value. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. Capitalized mine development costs are expenditures incurred to increase existing production, develop new ore bodies or develop mineral property substantially in advance of production. Capitalized mine development costs include a vertical shaft, multiple surface adits and underground infrastructure development including footwall laterals, ramps, rail and transportation, electrical and ventilation systems, shop facilities, material handling areas, ore handling facilities, dewatering and pumping facilities. These expenditures are capitalized and amortized over the life of the mine or over a shorter mining period, depending on the period benefited by those expenditures, using the units-of-production method. The Company utilizes Industry Guide 7 compliant total proven and probable ore reserves, measured in tons, as the basis for determining the life of mine and uses the ore reserves in the immediate and relevant vicinity as the basis for determining the shorter mining period. The Company calculates amortization of capitalized mine development costs in any vicinity by applying an amortization rate to the relevant current production. The amortization rates are each based upon a ratio of unamortized capitalized mine development costs to the related ore reserves. Capital development expenditures are added to the unamortized capitalized mine development costs and amortization rates are updated as the related assets are placed into service. In calculating the amortization rate, changes in ore reserves are accounted for as a prospective change in estimate. Ore reserves and the further benefit of capitalized mine development costs are determined based on management assumptions. Any significant changes in these assumptions, such as a change in the mine plan or a change in estimated proven and probable ore reserves could have a material effect on the expected period of benefit resulting in a potentially significant change in the amortization rate and / or the valuations of related assets. The Company’s proven ore reserves are generally expected to be extracted utilizing its existing mine development infrastructure. Additional capital expenditures will be required to access the Company’s estimated probable ore reserves. These anticipated capital expenditures are not included in the current calculation of depletion, depreciation and amortization. Expenditures incurred to sustain existing production and directly access specific ore reserve blocks or stopes provide benefit to ore reserve production over limited periods of time (secondary development) and are charged to operations as incurred. These costs include ramp and stope access excavations from the primary haulage levels (footwall laterals), stope material re-handling / laydown excavations, stope ore and waste pass excavations and chute installations, stope ventilation raise excavations and stope utility and pipe raise excavations. |
Property, Plant and Equipment | Plant facilities and equipment are recorded at cost and depreciated using the straight-line method over estimated useful lives ranging from one to fifteen years. Interest is capitalized on expenditures related to major construction or development projects and is amortized using the same method as the related asset. Interest capitalization is discontinued when the asset is placed into operation or when development and construction cease. Maintenance and repairs are charged to costs of revenues as incurred. |
Leases | The Company classifies a lease as either capital or operating. All capital leases are depreciated over the shorter of the useful life of the asset or the lease term. |
Asset Impairment | The Company reviews and evaluates its long-lived assets, including mineral properties and mine development, for impairment when events or changes in circumstances indicate that the related carrying amounts for such an asset may not be recoverable. For purposes of determining impairment, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. Impairment is considered to exist if the carrying amount of any long-lived asset or asset group is not recoverable and exceeds its fair value; the carrying value of a long-lived asset is considered not recoverable if it exceeds the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset or asset group. If impairment exists, the associated impairment loss to be recognized is the amount by which the carrying amount of the long-lived asset or asset group exceeds the fair value. In the Company’s case, the estimation of future cash flows takes into account estimates of recoverable ounces, prices for PGMs and other relevant metals (using twelve-quarter historical trailing prices and third-party projections of future prices, rather than prices at a single point in time, as indicators of longer-term future prices), any structural shifts in supply and demand or in competitive position, anticipated production levels, and future capital and reclamation expenditures, all based on life-of-mine plans and projections and measured as of the reporting date. The Company assesses, at least quarterly, whether there has been any event or change in circumstances that might indicate that the carrying value of capitalized mining costs and related property, plant and equipment, if any, may not be recoverable out of expected undiscounted future cash flows plus any estimated salvage value. In estimating the fair value of an asset or asset group, the Company takes into account various measurement alternatives, often engaging third-party advisors to assist in the process. Such alternatives will vary depending on the circumstances but could include information from recent sales of comparable assets, third-party professional appraisals, bona fide purchase offers, and valuations derived from discounted future cash flow models. Assumptions underlying future cash flows are subject to risks and uncertainties. Any differences between significant assumptions and market conditions such as PGM prices, lower than expected recoverable ounces, and / or the Company’s operating performance could have a material effect on the Company’s determination of ore reserves, or its ability to recover the carrying amounts of its long-lived assets resulting in potential additional impairment charges. |
Fair Value of Financial Instruments | The Company’s non-derivative financial instruments consist primarily of cash equivalents, trade receivables, payables, investments, convertible debentures and capital lease obligations. The carrying amounts of cash equivalents, trade receivables and payables approximate fair value due to their short maturities. The carrying amounts of investments approximate fair value based on market quotes. 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 fair value hierarchy was established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy distinguishes among three levels of inputs that may be utilized when measuring fair value: Level 1 inputs (using quoted prices in active markets for identical assets or liabilities), Level 2 inputs (using external inputs other than Level 1 prices such as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability) and Level 3 inputs (unobservable inputs supported by little or no market activity and based on internal assumptions used to measure assets and liabilities). The classification of each financial asset or liability within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
Revenue Recognition | Revenue is comprised of Mine Production revenue, PGM Recycling revenue and other sales revenue. Mine Production revenue consists of the sales of palladium and platinum extracted by the Company’s mining operations, including any realized hedging gains or losses. Mine Production revenue also consists of the sales of by-products (rhodium, gold, silver, copper and nickel) extracted by mining operations. PGM Recycling revenue consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic materials, including any unrealized and realized hedging gains or losses. PGM recycling revenue also includes revenue from toll processing. Other sales revenue consists of sales of PGMs that are acquired periodically in the open market and simultaneously resold to third parties. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred either physically or through an irrevocable transfer of metals to customers’ accounts, the price is fixed or determinable, no related obligations remain and collectability is probable. Under the terms of sales contracts and purchase orders received from customers, the Company recognizes revenue when the product is in a refined and saleable form and title passes, which is typically when the product is transferred from the account of the Company to the account of the customer. Under certain of its sales agreements, the Company instructs a third-party refiner to transfer metal from the Company’s account to the customer’s account; at this point, the Company’s account at the third-party refinery is reduced and the purchaser’s account is increased by the number of ounces of metal sold. These transfers are irrevocable and the Company has no further responsibility for the delivery of the metals. Under other sales agreements, physical conveyance occurs by the Company arranging for shipment of metal from the third-party refinery to the purchaser. In these cases, revenue is recognized at the point when title passes contractually to the purchaser. Sales discounts are recognized when the related revenue is recorded. The Company classifies any sales discounts as a reduction in revenue. The Company recognizes revenue from its toll processing services at the time the contained metals are returned to the supplier at the third-party refinery. |
Noncontrolling Interest | Noncontrolling interest is related to the sale of a 25% ownership interest in Stillwater Canada Inc during 2012. Noncontrolling interest is classified in the Company's Consolidated Statements of Comprehensive Income (Loss) as part of consolidated net income (loss) and the accumulated amount of noncontrolling interest in the Company's Consolidated Balance Sheets as a component of equity. In the fourth quarter of 2015, the Company repurchased the 25% ownership interest. |
Reclamation and Environmental Costs | The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If the obligation is settled for other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement. Accounting for reclamation obligations requires management to make estimates for each mining operation of the future costs the Company will incur to complete final reclamation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work that the Company is required to perform. Any such increases in future costs could materially impact the amounts charged in future periods to operations for reclamation and remediation. |
Income Taxes | The Company determines income taxes using the asset and liability method which results in the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases 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. In assessing the realizability of U.S. and foreign deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Each quarter, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. A valuation allowance has been provided at December 31, 2016 , and 2015 , for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. |
Stock-based Compensation | The Company estimates the fair value of performance-based restricted stock awards using a Monte Carlo simulation valuation model. The fair value of time-based restricted stock awards is determined by the market value of the underlying shares on the date of grant. Costs resulting from all share-based payment transactions are recognized in the financial statements over the respective vesting periods. All liability classified performance-based restricted stock awards are revalued each period with a charge to earnings. |
Earnings (Loss) Per Common Share | Basic earnings (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) 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 and the Company’s 1.875% and 1.75% Convertible Debentures were converted. Reported net income (loss) attributable to common stockholders is adjusted for the interest expense net of capitalized interest (including amortization expense of deferred debt and equity fees), the related income tax effect and the income (loss) attributable to the noncontrolling interest in the computation of basic and diluted earnings per share attributable to common stockholders. The Company currently has only one class of equity shares outstanding. |
Comprehensive Income (Loss) | Comprehensive income (loss) includes net income (loss), as well as other changes in stockholders’ equity that result from transactions and events other than those with stockholders. Other comprehensive income (loss) in 2016, 2015 and 2014 consisted of unrealized gains and losses related to available-for-sale marketable securities and deferred compensation. |
Debt Issuance Costs | Debt issuance costs are capitalized and amortized to interest expense using the effective interest method over the lives of the related debt agreements. On April 7, 2015, as part of their initiative to simplify and reduce complexity in the financial statements, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Interest - Imputation, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance. This ASU requires the debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. Also, requiring retrospective application for all prior periods presented in the financial statements and a disclosure of the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 31, 2015, and interim periods within those fiscal years. The Company adopted ASU 2015-03 in the first quarter of 2016 and reclassified Deferred debt issue costs against the related liability for all periods presented. Adoption of ASU 2015-03 had no financial impact other than to decrease the related liability. |
Foreign Currency Transactions | The functional currency of the Company’s Canadian and South American subsidiaries is the U.S. dollar. Gains or losses resulting from transactions denominated in Canadian and South American currencies are included in Foreign currency transaction gain, net in the Company's Consolidated Statements of Comprehensive Income (Loss) . |
Use of Estimates | The preparation of the Company’s consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. The more significant areas requiring the use of management’s estimates relate to mineral reserves, reclamation and environmental obligations, valuation allowance for deferred tax assets, useful lives utilized for depletion, depreciation, amortization and accretion calculations, future cash flows from long-lived assets, fair value of long-lived assets, and fair value of derivatives. Actual results could differ from these estimates. |
Developments in Accounting Pronouncements | On May 28, 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. The effective date of the new standard has been deferred by one year to January 1, 2018, and will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the retrospective or cumulative effect transition method. As of the date of this filing, the Company has not identified any revenue contracts that would require a material change in the Company's timing of revenue recognition. However, the Company continues to evaluate the impact that ASU 2014-09 will have on its consolidated financial position, results of operations, and cash flows and has not yet finalized the overall impact of the standard. The Company has not selected a transition method. Early application is not permitted. On July 22, 2015, as part of its initiative to simplify and reduce complexity in financial statements, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11, changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company does not expect ASU 2015-11 to have a material impact on its consolidated financial position, results of operations, or cash flows. The ASU requires prospective adoption and permits early adoption. On February 25, 2016, the FASB issued ASU 2016-02, Leases, (Topic 842) , which requires an entity that leases assets, with terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 31, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial position, results of operations, and cash flows, but does not expect that the adoption will result in a significant increase in the Company's assets and liabilities given the limited current and anticipated lease activities. As of the date of this filing, the Company has not selected a transition method. Early adoption is permitted. On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employees Shared-Based Payment Accounting. The ASU will change several aspects within share based payments: (1) accounting for income taxes, (2) classification of excess tax benefits, (3) forfeitures, (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid when an employer withholds shares for tax-withholding purposes, (6) practical expedient - expected term, (7) intrinsic value, and (8) eliminating the indefinite deferral. ASU 2016-09 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company will adopt ASU 2016-09 in the first quarter of 2017. The Company is continuing to quantify the final effect that ASU 2016-09 will have on its consolidated financial position, results of operations, and cash flows. The Company chose not to early adopt. even though early adoption was permitted in any interim or annual period provided that the entire ASU was adopted. The Company anticipates the primary impact will be the excess tax benefits in the Company's income tax provision rather than in additional paid-in capital. ASU 2016-09 allows the Company to make a policy election as to whether it will include an estimate of awards expected to be forfeited or whether to account for forfeitures as they occur. The current forfeiture rate is immaterial, therefore, upon adoption the Company will account for the forfeitures as they occur. An additional amendment provides the Company with an option to make a policy change that will allow for withholding of maximum statutory rates in applicable jurisdictions without triggering liability accounting. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Commodity Derivatives | The following is a summary of the Company’s outstanding commodity derivatives in its PGM Recycling segment at December 31, 2016 : PGM Recycling: Fixed Forward Contracts Platinum Palladium Rhodium Settlement Period Ounces Average Price/Ounce Ounces Average Price/Ounce Ounces Average Price/Ounce First Quarter 2017 29,942 $ 959 61,634 $ 690 8,618 $ 714 Second Quarter 2017 4,058 $ 940 5,143 $ 697 1,695 $ 762 |
Share Compensation Plans (Table
Share Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Share Activity | Nonvested time-based share activity during 2016 , 2015 and 2014 , is detailed in the following table: Year ended December 31, Nonvested Shares Weighted- Average Grant- Date Fair Value Nonvested time-based shares at December 31, 2013 31,057 $ 11.55 Granted 348,056 14.68 Vested (158,412 ) 13.84 Forfeited (35,954 ) 14.22 Nonvested time-based shares at December 31, 2014 184,747 $ 13.80 Granted 127,407 14.17 Vested (114,129 ) 13.91 Forfeited (11,370 ) 14.21 Nonvested time-based shares at December 31, 2015 186,655 $ 13.97 Granted 213,525 10.00 Vested (180,082 ) 11.76 Forfeited (8,294 ) 11.27 Nonvested time-based shares at December 31, 2016 211,804 $ 10.25 Nonvested performance-based share activity during 2016 , 2015 and 2014 is detailed in the following table: Nonvested Shares Weighted-Average Grant-Date Fair Value Nonvested performance-based shares at January 1, 2014 — $ — Granted * 223,412 15.69 Vested — — Forfeited (9,176 ) 15.69 Nonvested performance-based shares at December 31, 2014 214,236 $ 15.69 Granted * 170,078 14.92 Vested — — Forfeited (5,037 ) 15.34 Nonvested performance-based shares at December 31, 2015 379,277 $ 15.34 Granted * 186,285 10.13 Vested (115,314 ) 14.32 Forfeited (9,894 ) 12.85 Nonvested performance-based shares at December 31, 2016 440,354 $ 14.32 * The number of performance-based shares granted is based on the target award amounts in the performance share grant agreements. |
Compensation Expense of Nonvested Shares Outstanding to be Recognized | The following table presents the compensation expense of the nonvested shares outstanding at December 31, 2016 , to be recognized over the remaining vesting periods: (In thousands) Time-based shares Performance -based shares 2017 $ 1,200 $ 2,041 2018 587 1,125 2019 13 — Total $ 1,800 $ 3,166 |
Stock Option Activity | Stock option activity for the years ended December 31, 2016 , 2015 and 2014 , is summarized as follows: Year Ended December 31, Shares Weighted Average Exercise Price Options outstanding at December 31, 2013 199,291 $ 11.68 Options exercisable at December 31, 2013 81,144 14.03 2014 Activity Options exercised (105,047 ) 9.54 Options canceled / forfeited (13,100 ) 14.32 Options outstanding and exercisable at December 31, 2014 81,144 $ 14.03 2015 Activity Options exercised (6,492 ) 9.16 Options canceled / forfeited (17,542 ) 11.01 Options outstanding and exercisable at December 31, 2015 57,110 $ 15.51 2016 Activity Options exercised (3,317 ) 10.43 Options canceled / forfeited (2,450 ) 14.22 Options outstanding and exercisable at December 31, 2016 51,343 $ 15.90 The following table summarizes additional stock option activity: (In thousands) 2016 2015 2014 Intrinsic value of exercisable options $ 103 $ 9 $ 207 Cash received from options exercised $ 34 $ 60 $ 993 Intrinsic value of options exercised $ 12 $ 25 $ 674 |
Information for Outstanding and Exercisable Options | The following table summarizes information for outstanding and exercisable options at December 31, 2016 : Options Outstanding and Exercisable Range of Exercise Price Number Outstanding and Exercisable Weighted Average Remaining Contract Life Weighted Average Exercise Price $ 5.05 - $11.97 9,834 2.0 $ 9.48 $11.98 - $14.12 10,125 1.9 12.81 $14.13 - $18.56 10,359 3.1 16.33 $18.57 - $19.55 10,600 3.9 19.05 $19.56 - $24.55 10,425 3.3 21.34 51,343 2.8 $ 15.90 |
DSU Plan Activity | The following table summarizes the activity for the DSU Plan for the years ended December 31, 2016, 2015 and 2014: (In thousands) DSUs Fair market value (1) Closing Share Price Granted 30,420 $ 18.69 Distributions (5,070 ) $ (66,667 ) Liability at December 31, 2014 25,350 $ 373,637 $ 14.74 Granted 37,053 13.22 Liability at December 31, 2015 62,403 $ 534,804 $ 8.57 Granted 46,242 10.12 Liability at December 31, 2016 108,645 $ 1,750,302 $ 16.11 (1) Fair market value of DSUs includes effect of fractional shares. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Income Tax Assets and Liabilities | The components of the Company’s deferred income tax liabilities (assets) are comprised of the following temporary differences and carryforwards at December 31, 2016 , and 2015 . (In thousands) 2016 2015 Mine development and mineral interests-US $ 83,201 $ 86,905 Mineral interests-South America 16,986 13,697 Long-term debt 21,422 27,835 Total deferred tax liabilities $ 121,609 $ 128,437 Noncurrent liabilities (11,232 ) (9,896 ) Mine development and mineral interests-Canada (16,024 ) (15,900 ) Property and equipment (16,776 ) (16,440 ) Current liabilities (20,042 ) (18,844 ) Long-term investments (1,540 ) (2,989 ) Inventory (1,783 ) (993 ) AMT credit and other carryforwards (40,531 ) (34,383 ) Exploration (9,910 ) (3,578 ) Net operating loss (NOL) and other carryforwards (25,946 ) (39,244 ) Total deferred tax assets $ (143,784 ) $ (142,267 ) Valuation allowance 38,578 36,591 Total net deferred tax assets (105,206 ) (105,676 ) Net deferred tax liabilities $ 16,403 $ 22,761 |
Reconciliation of the Income Tax (Benefit) Provision | Reconciliation of the income tax (benefit) provision at the applicable statutory income tax rates to the effective rate is as follows: December 31, (In thousands) 2016 2015 2014 (Loss) income before income taxes $ 13,153 $ (36,069 ) $ 85,141 Income tax (benefit) provision at statutory rates 4,603 (12,624 ) 29,799 State income tax expense, net of federal benefit 218 50 3,553 Percentage depletion (6,098 ) (5,366 ) (17,302 ) Foreign currency transaction loss (gain), net 1,571 3,471 (1,353 ) Compensation related adjustment 834 59 6 Change in valuation allowance 1,987 13,780 2,127 Return-to-provision (561 ) (1,259 ) 92 Impact of foreign operations (3,372 ) (2,981 ) (52 ) Rate adjustment 17 (7,290 ) (96 ) Tax contingencies, net of reversals 3,515 — — Other 966 (173 ) (516 ) Net income tax (benefit) provision $ 3,680 $ (12,333 ) $ 16,258 |
Unrecognized Tax Benefits | The Company's total amounts of unrecognized tax benefits at the beginning and end of the period are as follows: (In thousands) Balance accrued as of December 31, 2015 $ — Additions related to current period tax positions — Additions related to prior period tax positions 3,742 Reductions related to prior period tax positions — Reductions related to lapse of statute of limitations — Balance accrued as of December 31, 2016 $ 3,742 |
Schedule of Income Tax (Benefit) Provision | The income tax (benefit) provision is comprised of the following: December 31, (In thousands) 2016 2015 2014 Current Federal $ 5,114 $ 3,203 $ 13,902 State 3,010 2,175 6,947 Current income tax $ 8,124 $ 5,378 $ 20,849 Deferred Federal (1,859 ) (1,474 ) (1,577 ) State (1,428 ) (14,510 ) (2,462 ) Foreign (1,157 ) (1,727 ) (552 ) Deferred income tax benefit (4,444 ) (17,711 ) (4,591 ) Income tax (benefit) provision $ 3,680 $ (12,333 ) $ 16,258 |
Schedule of (Loss) Income Before Income Tax (Benefit) Provision | The components of income (loss) before income tax provision (benefit) by tax jurisdiction for the years ended December 31, 2016, 2015 and 2014 were as follows: (In thousands) 2016 2015 2014 United States $ 17,667 $ 10,574 $ 88,281 Foreign (4,514 ) (46,643 ) (3,140 ) Income / (loss) before income tax provision (benefit) $ 13,153 $ (36,069 ) $ 85,141 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following summary sets forth the changes in Accumulated other comprehensive loss during 2016, 2015 and 2014 : (In thousands) Available-for-sale marketable securities Deferred Compensation Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2013 $ 6 $ — $ 6 Change in value, net of tax 11 — 11 Balance at December 31, 2014 17 — 17 Change in value, net of tax (384 ) 170 (214 ) Balance at December 31, 2015 (367 ) 170 (197 ) Change in value, net of tax 97 (114 ) (17 ) Balance at December 31, 2016 $ (270 ) $ 56 $ (214 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) Mine Production PGM Recycling Canadian Properties South American Properties All Other Total Year ended December 31, 2016 Revenues $ 405,070 $ 305,865 $ — $ — $ 400 $ 711,335 Costs of metals sold $ 279,274 $ 294,850 $ — $ — $ — $ 574,124 Depletion, depreciation and amortization $ 73,080 $ 728 $ — $ — $ — $ 73,808 General and administrative expenses $ — $ — $ 695 $ 577 $ 33,392 $ 34,664 Interest income $ — $ 2,105 $ 2 $ 1 $ 2,108 $ 4,216 Interest expense $ — $ — $ — $ — $ 16,491 $ 16,491 Income (loss) before income taxes $ 52,716 $ 12,392 $ (1,082 ) $ (3,126 ) $ (47,747 ) $ 13,153 Capital expenditures $ 87,967 $ 28 $ — $ 41 $ 660 $ 88,696 Total assets $ 636,310 $ 87,553 $ 24,988 $ 102,980 $ 475,206 $ 1,327,037 (In thousands) Mine PGM Canadian South All Total Year ended December 31, 2015 Revenues $ 415,774 $ 310,156 $ — $ — $ 400 $ 726,330 Costs of metals sold $ 293,955 $ 300,710 $ — $ — $ — $ 594,665 Depletion, depreciation and amortization $ 64,200 $ 949 $ — $ — $ — $ 65,149 General and administrative expenses $ — $ — $ 1,146 $ 504 $ 32,383 $ 34,033 Interest income $ — $ 1,653 $ 7 $ 27 $ 1,268 $ 2,955 Interest expense $ — $ — $ — $ — $ 20,187 $ 20,187 Income (loss) before impairment charge and income taxes $ 57,618 $ 10,151 $ (1,910 ) $ 2,218 $ (57,374 ) $ 10,703 Impairment charge $ — $ — $ 46,772 $ — $ — $ 46,772 Income (loss) after impairment charge, before income taxes $ 57,618 $ 10,151 $ (48,682 ) $ 2,218 $ (57,374 ) $ (36,069 ) Capital expenditures $ 100,725 $ 327 $ 46 $ — $ 6,336 $ 107,434 Total assets $ 613,498 $ 40,757 $ 26,517 $ 103,774 $ 493,843 $ 1,278,389 (In thousands) Mine PGM Canadian South All Total Year ended December 31, 2014 Revenues $ 536,010 $ 401,684 $ — $ — $ 5,925 $ 943,619 Costs of metals sold $ 332,632 $ 391,481 $ — $ — $ 5,357 $ 729,470 Depletion, depreciation and amortization $ 66,387 $ 1,019 $ — $ — $ — $ 67,406 General and administrative expenses $ — $ — $ 3,251 $ 337 $ 31,479 $ 35,067 Interest income $ — $ 2,535 $ 6 $ 68 $ 942 $ 3,551 Interest expense $ — $ — $ 1 $ — $ 22,718 $ 22,719 Income (loss) before impairment charge and income taxes $ 136,990 $ 11,719 $ (4,581 ) $ 2,600 $ (61,037 ) $ 85,691 Impairment charge $ — $ — $ 550 $ — $ — $ 550 Income (loss) after impairment charge, before income taxes $ 136,990 $ 11,719 $ (5,131 ) $ 2,600 $ (61,037 ) $ 85,141 Capital expenditures $ 115,147 $ 181 $ — $ 45 $ 4,309 $ 119,682 Total assets $ 596,653 $ 65,513 $ 75,250 $ 106,947 $ 554,964 $ 1,399,327 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities by Major Security Type and Class | 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 December 31, are as follows: (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair market value 2016 Federal agency notes $ 292,928 $ — $ (348 ) $ 292,580 Commercial paper 34,385 — (81 ) 34,304 Subtotal 327,313 — (429 ) 326,884 Mutual funds 1,148 86 — 1,234 Total $ 328,461 $ 86 $ (429 ) $ 328,118 2015 Federal agency notes $ 285,276 $ — $ (519 ) $ 284,757 Commercial paper 31,730 — (58 ) 31,672 Subtotal 317,006 — (577 ) 316,429 Mutual funds 482 261 — 743 Total $ 317,488 $ 261 $ (577 ) $ 317,172 |
Maturities of Available-for-sale Securities | The maturities of available-for-sale securities at December 31, 2016 , are as follows: (In thousands) Amortized cost Fair market value Federal agency notes Due in one year or less $ 232,610 $ 232,462 Due after one year through two years 60,318 60,118 Total $ 292,928 $ 292,580 Commercial paper Due in one year or less $ 11,740 $ 11,737 Due after one year through two years 22,645 22,567 Total $ 34,385 $ 34,304 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories reflected in the accompanying balance sheets at December 31, consisted of the following: (In thousands) 2016 2015 Metals inventory Raw ore $ 3,193 $ 4,234 Concentrate and in-process 76,520 43,727 Finished goods 41,329 32,618 $ 121,042 $ 80,579 Materials and supplies 17,611 21,493 Total inventory $ 138,653 $ 102,072 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The reconciliation showing the computation of basic and diluted shares and the related impact on income for the years ended December 31, 2016 and 2014 is shown in the following table: Year Ended Year Ended December 31, 2016 December 31, 2014 (In thousands, except per share amounts) Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount Income (Numerator) Weighted Average Shares (Denominator) Per Share Amount Basic EPS Net income attributable to common stockholders $ 9,473 121,072 $ 0.08 $ 70,297 119,953 $ 0.59 Effect of Dilutive Securities Stock options — 1 — 31 Nonvested shares — 126 — 53 Contingently issuable shares — 377 — 98 1.875% Convertible Debentures, net of tax — — — 95 1.75% Convertible Debentures, net of tax and capitalized interest — — 16,613 36,003 Diluted EPS Net income attributable to common stockholders and assumed conversions $ 9,473 121,576 $ 0.08 $ 86,910 156,233 $ 0.56 |
Anti-dilutive Shares Excluded From Computation of Diluted Earnings Per Share | The following table shows the shares that were excluded from the computation of diluted earnings per share for the years ended December 31, 2016, 2015 and 2014: (In thousands) 2016 2015 2014 Stock options 3 6 34 Nonvested time-based shares 3 44 13 Contingently issuable shares 226 308 116 1.875% Convertible debentures, net of tax 22 22 — 1.75% Convertible debentures, net of tax 30,413 30,413 — |
Debt and Capital Lease Obliga37
Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuance Costs, Interest Expense and Cash Payments For Interest | The following table reflects the amortization of debt issuance costs, interest expense and cash payments for interest on the Company's outstanding debt for the years ended December 31, 2016 , 2015 and 2014 : (In thousands) 2016 2015 * 2014 * 1.75% Convertible Debentures Amortization of debt issuance costs $ 892 $ 925 $ 1,120 Interest expense, net of capitalized interest $ 15,585 $ 18,596 $ 18,947 Reduction in debt issuance costs (repurchase of debt) $ — $ 747 $ — Cash payments for interest $ 5,865 $ 6,827 $ 6,943 1.875% Convertible Debentures Amortization of debt issuance costs $ — $ — $ — Interest expense, net of capitalized interest $ 6 $ 25 $ 33 Cash payments for interest $ 10 $ 42 $ 42 Asset-Backed Revolving Credit Facility Amortization of debt issuance costs $ — $ 539 $ 272 Fees $ — $ 1,168 $ 1,026 Exempt Facility Revenue Bonds, Series 2000 Amortization of debt issuance costs $ — $ — $ 896 Interest expense $ — $ — $ 1,240 Cash payments for interest $ — $ — $ 1,240 Capital Lease Obligation Interest expense $ 8 $ 102 $ 211 Cash payments for interest $ 8 $ 102 $ 211 * Prior year numbers have been adjusted to conform to current year presentation. |
Schedule of Debt | The Company's total current and long-term debt balances at December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 (In thousands) Current Long-Term Current Long-Term 1.75% Convertible Debentures Aggregate principal $ — $ 335,150 $ — $ 335,150 Debt discount — (57,939 ) — (76,754 ) Deferred debt issuance costs — (2,929 ) — (3,821 ) Debt balance * $ — $ 274,282 $ — $ 254,575 1.875% Convertible Debentures — 524 — 524 Capital Lease Obligation — — 580 — Small Land Purchase — — 77 — Total debt balances * $ — $ 274,806 $ 657 $ 255,099 * Prior year numbers have been adjusted to conform to current year presentation. See " Note 2 - Summary of Significant Accounting Policies ". |
Mineral Properties and Mine D38
Mineral Properties and Mine Development (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Mineral Properties and Mine Development | Mineral properties and mine development at December 31, 2016 , and 2015 , consisted of the following: (In thousands) 2016 2015 Mineral Properties: Montana, United States of America Stillwater Mine $ 1,950 $ 1,950 Ontario, Canada Marathon properties 8,560 8,560 San Juan, Argentina Altar property 101,970 101,970 Mine Development: Montana, United States of America Stillwater Mine 764,054 697,781 East Boulder Mine 235,511 220,281 $ 1,112,045 $ 1,030,542 Accumulated depletion and amortization (515,113 ) (457,311 ) Total mineral properties and mine development, net $ 596,932 $ 573,231 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment at December 31, 2016, and 2015, consisted of the following: (In thousands) 2016 2015 Machinery and equipment $ 165,490 $ 161,292 Buildings and structural components 176,612 173,580 Land 11,740 11,740 Construction-in-progress: Stillwater Mine 13,967 2,615 East Boulder Mine 1,016 435 Marathon 148 148 Processing facilities and other 1,846 1,982 $ 370,819 $ 351,792 Accumulated depreciation (259,423 ) (241,835 ) Total property, plant, and equipment, net $ 111,396 $ 109,957 |
Schedule of Capital Expenditures | The Company’s capital outlay for mine development and property, plant and equipment for the years ended December 31, was as follows: (In thousands) 2016 2015 2014 Stillwater Mine $ 84,634 $ 88,799 $ 95,038 East Boulder Mine 16,709 17,916 28,813 Altar project 41 46 45 Other 1,219 5,089 5,917 Total capital outlay $ 102,603 $ 111,850 $ 129,813 Non-cash capitalized interest / depreciation (10,329 ) (9,347 ) (8,443 ) Change in accounts payable for capital expenditures (3,578 ) 4,931 (1,688 ) Total cash paid $ 88,696 $ 107,434 $ 119,682 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Asset Retirement Obligation | The following summary sets forth the annual changes to the Company’s asset retirement obligation in 2016, 2015 and 2014 : (In thousands) Stillwater Mine East Boulder Mine Total Balance at December 31, 2014 $ 8,720 $ 681 $ 9,401 Accretion expense 777 35 812 Additions and changes in estimates 1,115 (301 ) 814 Balance at December 31, 2015 $ 10,612 $ 415 $ 11,027 Accretion expense 800 58 858 Additions and changes in estimates (452 ) 163 (289 ) Balance at December 31, 2016 $ 10,960 $ 636 $ 11,596 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and 2015 consisted of the following: (In thousands) Fair Value Measurements At December 31, 2016 Total Level 1 Level 2 Level 3 Money market funds $ 35,131 $ 35,131 $ — $ — Mutual funds $ 1,234 $ 1,234 $ — $ — Investments Federal agency notes $ 292,580 $ — $ 292,580 $ — Commercial paper $ 34,304 $ — $ 34,304 $ — (In thousands) Fair Value Measurements At December 31, 2015 Total Level 1 Level 2 Level 3 Money market funds $ 54,761 $ 54,761 $ — $ — Mutual funds $ 743 $ 743 $ — $ — Investments Federal agency notes $ 284,757 $ — $ 284,757 $ — Commercial paper $ 31,672 $ — $ 31,672 $ — |
Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2016 , and 2015 consisted of the following: (In thousands) Fair Value Measurements At December 31, 2016 Total Level 1 Level 2 Level 3 1.875 % Convertible Debentures $ 524 $ — $ 524 $ — 1.75% Convertible Debentures $ 244,807 $ — $ 244,807 $ — Long-term investments $ 91 $ 91 $ — $ — (In thousands) Fair Value Measurements At December 31, 2015 Total Level 1 Level 2 Level 3 1.875% Convertible Debentures $ 524 $ — $ 524 $ — 1.75% Convertible Debentures $ 285,446 $ — $ 285,446 $ — Long-term investments $ 524 $ 524 $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments for operating leases with terms in excess of one year are as follows: Year ended (In thousands) Minimum Lease Payments 2017 $ 148 2018 120 2019 66 Total $ 334 |
Schedule of Total Sales to Significant Customers as a Percentage of Total Revenues | Total sales to significant customers as a percentage of total revenues for the years ended December 31, were as follows: 2016 (1) 2015 (1) 2014 (1) Customer A 70 % 75 % 51 % Customer B 10 % — — Customer C — — 15 % 80 % 75 % 66 % (1) The “—” symbol represents less than 10% of total revenues |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Earnings Data | Quarterly earnings data for the years ended December 31, 2016 , and 2015 were as follows: (In thousands, except per share data) 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 133,638 $ 165,683 $ 196,617 $ 215,397 Depletion, depreciation and amortization $ 17,260 $ 20,711 $ 17,771 $ 18,066 Operating (loss) income $ (8,253 ) $ 3,630 $ 18,011 $ 10,703 Net (loss) income * $ (9,930 ) $ 784 $ 12,599 $ 6,021 Comprehensive (loss) income attributable to common stockholders* $ (9,583 ) $ 967 $ 12,406 $ 5,667 Basic (loss) earnings per share attributable to common stockholders $ (0.08 ) $ 0.01 $ 0.10 $ 0.05 Diluted (loss) earnings per share attributable to common stockholders $ (0.08 ) $ 0.01 $ 0.10 $ 0.05 * The amounts do not equal the year-to-date amounts due to the impact of rounding. (In thousands, except per share data) 2015 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 200,520 $ 185,384 $ 168,441 $ 171,985 Depletion, depreciation and amortization $ 17,121 $ 17,198 $ 15,362 $ 15,468 Operating income (loss) $ 21,170 $ (34,812 ) $ (6,181 ) $ 129 Net income (loss) * $ 22,888 $ (39,018 ) $ (12,029 ) $ 4,424 Comprehensive income (loss) attributable to common stockholders * $ 23,139 $ (27,429 ) $ (11,912 ) $ 4,061 Basic earnings (loss) per share attributable to common stockholders $ 0.19 $ (0.23 ) $ (0.10 ) $ 0.04 Diluted earnings (loss) per share attributable to common stockholders * $ 0.17 $ (0.23 ) $ (0.10 ) $ 0.04 * The amounts in the table above do not equal the year-to-date amounts due to the impact of rounding. |
Nature of Operations (Details)
Nature of Operations (Details) - $ / shares | Dec. 09, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |
Sibanye [Member] | |||
Business Acquisition [Line Items] | |||
Merger price (in usd per share) | $ 18 | ||
Percentage of acquiror's shares required for approval of merger (at least) | 75.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||||
Available-for-sale, stated maturities, less than | 2 years | 2 years | ||||
Allowance for uncollectible receivables | $ 0 | $ 0 | $ 0 | |||
Percent of noncontrolling interest purchased | 25.00% | |||||
Long-term debt | $ 255,099,000 | $ 274,806,000 | 255,099,000 | |||
Accounting Standards Update 2015-03 [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Deferred debt issuance costs | 3,800,000 | 3,800,000 | ||||
Scenario, Previously Reported [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt | $ 258,900,000 | $ 258,900,000 | ||||
Stillwater Canada, Inc. [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Noncontrolling interest ownership percentage | 25.00% | 25.00% | 25.00% | |||
Percent of noncontrolling interest purchased | 25.00% | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment, useful life | 1 year | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment, useful life | 15 years | |||||
1.875% convertible debentures [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt instrument, stated rate | 1.875% | |||||
1.75% convertible debentures [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt instrument, stated rate | 1.75% |
Sales (Narrative) (Details)
Sales (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Sales [Line Items] | ||||
Revenues from by-product sales | $ 23,700 | $ 23,100 | $ 29,600 | |
Supply and refining agreement term | 5 years | |||
Period after which refining arrangement may be terminated | 4 years | |||
Metal resold to third parties | $ 400 | $ 400 | 5,925 | |
Metal Acquired in Open Market and Resold to Third Parties [Member] | ||||
Sales [Line Items] | ||||
Metal resold to third parties | $ 5,300 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment charge | $ 0 | $ 46,772 | $ 550 | ||
Marathon Properties [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment charge | $ 46,800 | $ 500 | |||
Mineral properties, fair value | $ 8,600 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ||||||
Percent of noncontrolling interest purchased | 25.00% | |||||
Purchase of noncontrolling interest | $ 5,200 | |||||
Payments to acquire noncontrolling interest | $ 1,000 | |||||
Net income (loss) attributable to noncontrolling interest | $ 0 | $ (11,808) | $ (1,414) | |||
Stillwater Canada, Inc. [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Percent of noncontrolling interest purchased | 25.00% | |||||
Noncontrolling interest ownership percentage | 25.00% | 25.00% | 25.00% |
Derivative Instruments (Company
Derivative Instruments (Company's Outstanding Commodity Derivatives) (Details) | 12 Months Ended |
Dec. 31, 2016oz$ / oz | |
First Quarter 2017 [Member] | Platinum [Member] | |
Derivative [Line Items] | |
Ounces | oz | 29,942 |
Average Price/Ounce (usd per ounce) | $ / oz | 959 |
First Quarter 2017 [Member] | Palladium [Member] | |
Derivative [Line Items] | |
Ounces | oz | 61,634 |
Average Price/Ounce (usd per ounce) | $ / oz | 690 |
First Quarter 2017 [Member] | Rhodium [Member] | |
Derivative [Line Items] | |
Ounces | oz | 8,618 |
Average Price/Ounce (usd per ounce) | $ / oz | 714 |
Second Quarter 2017 [Member] | Platinum [Member] | |
Derivative [Line Items] | |
Ounces | oz | 4,058 |
Average Price/Ounce (usd per ounce) | $ / oz | 940 |
Second Quarter 2017 [Member] | Palladium [Member] | |
Derivative [Line Items] | |
Ounces | oz | 5,143 |
Average Price/Ounce (usd per ounce) | $ / oz | 697 |
Second Quarter 2017 [Member] | Rhodium [Member] | |
Derivative [Line Items] | |
Ounces | oz | 1,695 |
Average Price/Ounce (usd per ounce) | $ / oz | 762 |
Share Compensation Plans (Chang
Share Compensation Plans (Changes In The Company's Nonvested Shares) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Time-based shares [Member] | |||
DSUs | |||
Nonvested shares (in shares) | 186,655 | 184,747 | 31,057 |
Nonvested shares, granted (in shares) | 213,525 | 127,407 | 348,056 |
Nonvested shares, vested (in shares) | (180,082) | (114,129) | (158,412) |
Nonvested shares, forfeited (in shares) | (8,294) | (11,370) | (35,954) |
Nonvested shares (in shares) | 211,804 | 186,655 | 184,747 |
Closing Share Price | |||
Nonvested shares, weighted-average grant-date fair value (in usd per share) | $ 13.97 | $ 13.80 | $ 11.55 |
Nonvested shares, weighted-average grant-date fair value, granted (in usd per share) | 10 | 14.17 | 14.68 |
Nonvested shares, weighted-average grant-date fair value, vested (in usd per share) | 11.76 | 13.91 | 13.84 |
Nonvested shares, weighted-average grant-date fair value, forfeited (in usd per share) | 11.27 | 14.21 | 14.22 |
Nonvested shares, weighted-average grant-date fair value (in usd per share) | $ 10.25 | $ 13.97 | $ 13.80 |
Performance-based shares [Member] | |||
DSUs | |||
Nonvested shares (in shares) | 379,277 | 214,236 | 0 |
Nonvested shares, granted (in shares) | 186,285 | 170,078 | 223,412 |
Nonvested shares, vested (in shares) | (115,314) | 0 | 0 |
Nonvested shares, forfeited (in shares) | (9,894) | (5,037) | (9,176) |
Nonvested shares (in shares) | 440,354 | 379,277 | 214,236 |
Closing Share Price | |||
Nonvested shares, weighted-average grant-date fair value (in usd per share) | $ 15.34 | $ 15.69 | $ 0 |
Nonvested shares, weighted-average grant-date fair value, granted (in usd per share) | 10.13 | 14.92 | 15.69 |
Nonvested shares, weighted-average grant-date fair value, vested (in usd per share) | 14.32 | 0 | 0 |
Nonvested shares, weighted-average grant-date fair value, forfeited (in usd per share) | 12.85 | 15.34 | 15.69 |
Nonvested shares, weighted-average grant-date fair value (in usd per share) | $ 14.32 | $ 15.34 | $ 15.69 |
Share Compensation Plans (Compe
Share Compensation Plans (Compensation Expense to be Recognized) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Time-based shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,017 | $ 1,200 |
2,018 | 587 |
2,019 | 13 |
Total | 1,800 |
Performance-based shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,017 | 2,041 |
2,018 | 1,125 |
2,019 | 0 |
Total | $ 3,166 |
Share Compensation Plans (Stock
Share Compensation Plans (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Options outstanding, Shares, Beginning Balance | 57,110 | 81,144 | 199,291 |
Options exercisable, Shares, Beginning Balance | 57,110 | 81,144 | 81,144 |
Options exercised, Shares | (3,317) | (6,492) | (105,047) |
Options canceled/forfeited, Shares | (2,450) | (17,542) | (13,100) |
Options outstanding, Shares, Ending Balance | 51,343 | 57,110 | 81,144 |
Options exercisable, Shares, Ending Balance | 57,110 | 57,110 | 81,144 |
Weighted Average Exercise Price | |||
Options outstanding, Weighted Average Exercise Price, Beginning of Period (in usd per share) | $ 15.51 | $ 14.03 | $ 11.68 |
Options exercisable, Weighted Average Exercise Price, Beginning of Period (in usd per share) | 15.51 | 14.03 | 14.03 |
Options exercised, Weighted Average Exercise Price (in usd per share) | 10.43 | 9.16 | 9.54 |
Options canceled/forfeited, Weighted Average Exercise Price (in usd per share) | 14.22 | 11.01 | 14.32 |
Options outstanding, Weighted Average Exercise Price, End of Period (in usd per share) | 15.90 | 15.51 | 14.03 |
Options exercisable, Weighted Average Exercise Price, End of Period (in usd per share) | $ 0 | $ 15.51 | $ 14.03 |
Intrinsic value of exercisable options | $ 103 | $ 9 | $ 207 |
Cash received from options exercised | 34 | 60 | 993 |
Intrinsic value of options exercised | $ 12 | $ 25 | $ 674 |
Share Compensation Plans (Outst
Share Compensation Plans (Outstanding and Exercisable Options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares, Number | 51,343 | 57,110 | 81,144 | 199,291 |
Options Outstanding, Average Remaining Contract Life | 2 years 10 months 4 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 15.90 | $ 15.51 | $ 14.03 | $ 11.68 |
$ 5.05 - $11.97 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower range limit (in usd per share) | 5.05 | |||
Range of Exercise Price, Upper range limit (in usd per share) | $ 11.97 | |||
Options Outstanding, Shares, Number | 9,834 | |||
Options Outstanding, Average Remaining Contract Life | 1 year 11 months 23 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 9.48 | |||
$11.98 - $14.12 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower range limit (in usd per share) | 11.98 | |||
Range of Exercise Price, Upper range limit (in usd per share) | $ 14.12 | |||
Options Outstanding, Shares, Number | 10,125 | |||
Options Outstanding, Average Remaining Contract Life | 1 year 10 months 23 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 12.81 | |||
$14.13 - $18.56 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower range limit (in usd per share) | 14.13 | |||
Range of Exercise Price, Upper range limit (in usd per share) | $ 18.56 | |||
Options Outstanding, Shares, Number | 10,359 | |||
Options Outstanding, Average Remaining Contract Life | 3 years 26 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 16.33 | |||
$18.57 - $19.55 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower range limit (in usd per share) | 18.57 | |||
Range of Exercise Price, Upper range limit (in usd per share) | $ 19.55 | |||
Options Outstanding, Shares, Number | 10,600 | |||
Options Outstanding, Average Remaining Contract Life | 3 years 10 months 28 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 19.05 | |||
$19.56 - $24.55 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Price, Lower range limit (in usd per share) | 19.56 | |||
Range of Exercise Price, Upper range limit (in usd per share) | $ 24.55 | |||
Options Outstanding, Shares, Number | 10,425 | |||
Options Outstanding, Average Remaining Contract Life | 3 years 3 months 7 days | |||
Options Outstanding, Weighted Average Exercise Price (in usd per share) | $ 21.34 |
Share Compensation Plans (Defer
Share Compensation Plans (Deferred Share Units) (Details) - Deferred Share Units (DSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
DSUs | |||
Nonvested shares (in shares) | 62,403 | 25,350 | |
Nonvested shares, granted (in shares) | 46,242 | 37,053 | 30,420 |
Nonvested shares, distributions (in shares) | (5,070) | ||
Nonvested shares (in shares) | 108,645 | 62,403 | 25,350 |
Fair market value | |||
Distributions | $ (66,667) | ||
Liability | $ 1,750,302 | $ 534,804 | $ 373,637 |
Closing Share Price | |||
Nonvested shares, closing share price, granted (in usd per share) | $ 10.12 | $ 13.22 | $ 18.69 |
Nonvested shares, closing share price (in usd per share) | $ 16.11 | $ 8.57 | $ 14.74 |
Share Compensation Plans (Narra
Share Compensation Plans (Narrative) (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)target$ / sharesplanshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock authorized for issuance under the plan | shares | 11,600 | ||
Shares withheld to cover employees tax obligations (in shares) | shares | 114 | 31 | |
Shares withheld to cover employees tax obligations | $ 1,753,000 | $ 300,000 | |
Shares withheld to cover employees tax obligations (in usd per share) | $ / shares | $ 15.37 | $ 10.29 | |
Deferred compensation arrangement, expense recognized | $ 1,200,000 | $ 600,000 | $ 500,000 |
Employee contributions to 401(k) plan | $ 2,700,000 | 3,900,000 | |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Award expiration period | 10 years | ||
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Time-based shares [Member] | General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2,000,000 | 1,600,000 | 2,600,000 |
Performance-based shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Number of distinct components | target | 3 | ||
Number of sub-targets | target | 5 | ||
Number of sub-targets, market-based and equity classified | target | 2 | ||
Number of sub-targets, market-based and liability classified | target | 1 | ||
Number of sub-targets, performance-based and equity classified | target | 2 | ||
Performance-based shares [Member] | General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1,700,000 | 1,300,000 | $ 1,500,000 |
2012 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock authorized for issuance under the plan | shares | 5,000 | ||
Number of shares available and reserved for grant | shares | 3,900 | ||
2004 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock authorized for issuance under the plan | shares | 5,200 | ||
General Employee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock authorized for issuance under the plan | shares | 1,400 | ||
Non Employee Directors Deferral Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer matching contribution percentage | 20.00% | ||
Share-based compensation expense deferred in common stock | $ 13,500 | ||
Deferred compensation arrangement, percent of fees which may be deferred | 100.00% | ||
Nonqualified Deferred Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense deferred in common stock | $ 13,150 | 12,620 | 0 |
Share-based compensation expense deferred in cash | $ 600,000 | $ 300,000 | $ 200,000 |
Nonqualified Deferred Compensation Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement, percentage of salaries deferred | 60.00% | ||
Deferred compensation arrangement, percentage of cash compensation other than salaries deferred | 100.00% | ||
Deferred compensation arrangement, percentage of total compensation deferred | 8.00% | ||
Employee Benefit Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement, percentage of cash compensation other than salaries deferred | 100.00% | ||
Deferred compensation arrangement, percentage of total compensation deferred | 8.00% | ||
Number of savings plans | plan | 2 | ||
Percentage of eligible compensation employees may elect to contribute to savings plan | 60.00% | ||
Number of shares issued | shares | 600 | 700 | |
Shares issued in period, market value on grant date | $ 7,500,000 | $ 10,300,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2003 | |
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss and other carryforwards | $ 25,946,000 | $ 39,244,000 | ||
Usage of net operating losses | $ 70,700,000 | |||
Foreign net operating losses | 59,900,000 | |||
Net tax receivable | 8,200,000 | |||
Unrecognized tax benefits | 3,742,000 | 0 | $ 0 | |
Accrued interest and penalties on unrecognized tax benefits | 100,000 | 0 | 0 | |
Norilsk Nickel [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Usage of net operating losses | $ 10,200,000 | |||
Net operating loss carryforward, indefinite life [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Alternative minimum tax credit carryforwards | 37,400,000 | |||
Foreign net operating losses | 9,700,000 | |||
Net operating loss carryforward, expiring 2029 to 2036 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
General business credits | 1,900,000 | |||
Net operating loss carryforward, expiring 2020 to 2029 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
State tax net operating loss carryforwards | 3,300,000 | |||
Net operating loss carryforward, expiring 2017 to 2021 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Foreign net operating losses | 23,500,000 | |||
Net operating loss carryforward, expiring 2024 to 2036 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Foreign net operating losses | 26,700,000 | |||
U.S. operations [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss and other carryforwards | 9,200,000 | 24,400,000 | ||
Foreign operations [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss and other carryforwards | 16,700,000 | 14,800,000 | ||
State income taxes [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Cash payments for income taxes | 300,000 | 2,400,000 | 15,300,000 | |
U.S. federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Cash payments for income taxes | 3,000,000 | $ 11,000,000 | $ 11,100,000 | |
U.S. federal [Member] | Net operating loss carryforward, expiring 2021 to 2023 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Regular net operating loss carryforwards | $ 70,700,000 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Liabilities (Assets)) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Deferred Tax Assets (Liabilities) [Line Items] | ||
Long-term debt | $ 21,422 | $ 27,835 |
Total deferred tax liabilities | 121,609 | 128,437 |
Noncurrent liabilities | (11,232) | (9,896) |
Property and equipment | (16,776) | (16,440) |
Current liabilities | (20,042) | (18,844) |
Long-term investments | (1,540) | (2,989) |
Inventory | (1,783) | (993) |
AMT credit and other carryforwards | (40,531) | (34,383) |
Exploration | (9,910) | (3,578) |
Net operating loss (NOL) and other carryforwards | (25,946) | (39,244) |
Total deferred tax assets | (143,784) | (142,267) |
Valuation allowance | 38,578 | 36,591 |
Total net deferred tax assets | (105,206) | (105,676) |
Net deferred tax liabilities | 16,403 | 22,761 |
United States [Member] | ||
Schedule Of Deferred Tax Assets (Liabilities) [Line Items] | ||
Mine development and mineral interests | 83,201 | 86,905 |
South America [Member] | ||
Schedule Of Deferred Tax Assets (Liabilities) [Line Items] | ||
Mine development and mineral interests | 16,986 | 13,697 |
Canada [Member] | ||
Schedule Of Deferred Tax Assets (Liabilities) [Line Items] | ||
Mine development and mineral interests-Canada | $ (16,024) | $ (15,900) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Federal Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
(Loss) income before income taxes | $ 13,153 | $ (36,069) | $ 85,141 |
Income tax (benefit) provision at statutory rates | 4,603 | (12,624) | 29,799 |
State income tax expense, net of federal benefit | 218 | 50 | 3,553 |
Percentage depletion | (6,098) | (5,366) | (17,302) |
Foreign currency transaction loss (gain), net | 1,571 | 3,471 | (1,353) |
Compensation related adjustment | 834 | 59 | 6 |
Change in valuation allowance | 1,987 | 13,780 | 2,127 |
Return-to-provision | (561) | (1,259) | 92 |
Impact of foreign operations | (3,372) | (2,981) | (52) |
Rate adjustment | 17 | (7,290) | (96) |
Tax contingencies, net of reversals | 3,515 | 0 | 0 |
Other | 966 | (173) | (516) |
Income tax (benefit) provision | $ 3,680 | $ (12,333) | $ 16,258 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance accrued | $ 0 |
Additions related to current period tax positions | 0 |
Additions related to prior period tax positions | 3,742,000 |
Reductions related to prior period tax positions | 0 |
Reductions related to lapse of statute of limitations | 0 |
Balance accrued | $ 3,742,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax (Benefit) Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 5,114 | $ 3,203 | $ 13,902 |
State | 3,010 | 2,175 | 6,947 |
Current income tax | 8,124 | 5,378 | 20,849 |
Deferred | |||
Federal | (1,859) | (1,474) | (1,577) |
State | (1,428) | (14,510) | (2,462) |
Foreign | (1,157) | (1,727) | (552) |
Deferred income tax benefit | (4,444) | (17,711) | (4,591) |
Income tax (benefit) provision | $ 3,680 | $ (12,333) | $ 16,258 |
Income Taxes (Schedule of Earni
Income Taxes (Schedule of Earnings (Losses) Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) From Continuing Operations Before Income Taxes, Minority Interest, And Income (Loss) From Equity Method Investments [Line Items] | |||
Income / (loss) before income tax provision (benefit) | $ 13,153 | $ (36,069) | $ 85,141 |
United States [Member] | |||
Income (Loss) From Continuing Operations Before Income Taxes, Minority Interest, And Income (Loss) From Equity Method Investments [Line Items] | |||
Income / (loss) before income tax provision (benefit) | 17,667 | 10,574 | 88,281 |
Foreign [Member] | |||
Income (Loss) From Continuing Operations Before Income Taxes, Minority Interest, And Income (Loss) From Equity Method Investments [Line Items] | |||
Income / (loss) before income tax provision (benefit) | $ (4,514) | $ (46,643) | $ (3,140) |
Comprehensive Income (Loss) (Ch
Comprehensive Income (Loss) (Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 909,229 | $ 931,708 | $ 847,859 |
Change in value, net of tax | (17) | (214) | 11 |
Balance | 920,846 | 909,229 | 931,708 |
Available-for-sale marketable securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (367) | 17 | 6 |
Change in value, net of tax | 97 | (384) | 11 |
Balance | (270) | (367) | 17 |
Deferred compensation [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 170 | 0 | 0 |
Change in value, net of tax | (114) | 170 | 0 |
Balance | 56 | 170 | 0 |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (197) | 17 | 6 |
Balance | $ (214) | $ (197) | $ 17 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)SegmentBusiness_Component | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable business segments | Segment | 5 | ||||
Impairment charge | $ 0 | $ 46,772 | $ 550 | ||
Marathon Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment charge | $ 46,800 | $ 500 | |||
Mine Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of business components | Business_Component | 2 |
Segment Information (Financial
Segment Information (Financial Information Related To The Company's Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 215,397 | $ 196,617 | $ 165,683 | $ 133,638 | $ 171,985 | $ 168,441 | $ 185,384 | $ 200,520 | $ 711,335 | $ 726,330 | $ 943,619 |
Costs of metals sold | 574,124 | 594,665 | 729,470 | ||||||||
Depletion, depreciation and amortization | 73,808 | 65,149 | 67,406 | ||||||||
General and administrative expenses | 34,664 | 34,033 | 35,067 | ||||||||
Interest income | 4,216 | 2,955 | 3,551 | ||||||||
Interest expense | 16,491 | 20,187 | 22,719 | ||||||||
Income (loss) before impairment charge and income taxes | 10,703 | 85,691 | |||||||||
Impairment charge | 0 | 46,772 | 550 | ||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | 13,153 | (36,069) | 85,141 | ||||||||
Capital expenditures | 88,696 | 107,434 | 119,682 | ||||||||
Total assets | 1,327,037 | 1,278,389 | 1,327,037 | 1,278,389 | 1,399,327 | ||||||
Business segments [Member] | Mine Production [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 405,070 | 415,774 | 536,010 | ||||||||
Costs of metals sold | 279,274 | 293,955 | 332,632 | ||||||||
Depletion, depreciation and amortization | 73,080 | 64,200 | 66,387 | ||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Income (loss) before impairment charge and income taxes | 57,618 | 136,990 | |||||||||
Impairment charge | 0 | 0 | |||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | 52,716 | 57,618 | 136,990 | ||||||||
Capital expenditures | 87,967 | 100,725 | 115,147 | ||||||||
Total assets | 636,310 | 613,498 | 636,310 | 613,498 | 596,653 | ||||||
Business segments [Member] | PGM Recycling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 305,865 | 310,156 | 401,684 | ||||||||
Costs of metals sold | 294,850 | 300,710 | 391,481 | ||||||||
Depletion, depreciation and amortization | 728 | 949 | 1,019 | ||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Interest income | 2,105 | 1,653 | 2,535 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Income (loss) before impairment charge and income taxes | 10,151 | 11,719 | |||||||||
Impairment charge | 0 | 0 | |||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | 12,392 | 10,151 | 11,719 | ||||||||
Capital expenditures | 28 | 327 | 181 | ||||||||
Total assets | 87,553 | 40,757 | 87,553 | 40,757 | 65,513 | ||||||
Business segments [Member] | Canadian Properties [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs of metals sold | 0 | 0 | 0 | ||||||||
Depletion, depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative expenses | 695 | 1,146 | 3,251 | ||||||||
Interest income | 2 | 7 | 6 | ||||||||
Interest expense | 0 | 0 | 1 | ||||||||
Income (loss) before impairment charge and income taxes | (1,910) | (4,581) | |||||||||
Impairment charge | 46,772 | 550 | |||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | (1,082) | (48,682) | (5,131) | ||||||||
Capital expenditures | 0 | 46 | 0 | ||||||||
Total assets | 24,988 | 26,517 | 24,988 | 26,517 | 75,250 | ||||||
Business segments [Member] | South American Properties [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs of metals sold | 0 | 0 | 0 | ||||||||
Depletion, depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative expenses | 577 | 504 | 337 | ||||||||
Interest income | 1 | 27 | 68 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Income (loss) before impairment charge and income taxes | 2,218 | 2,600 | |||||||||
Impairment charge | 0 | 0 | |||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | (3,126) | 2,218 | 2,600 | ||||||||
Capital expenditures | 41 | 0 | 45 | ||||||||
Total assets | 102,980 | 103,774 | 102,980 | 103,774 | 106,947 | ||||||
Business segments [Member] | All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 400 | 400 | 5,925 | ||||||||
Costs of metals sold | 0 | 0 | 5,357 | ||||||||
Depletion, depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative expenses | 33,392 | 32,383 | 31,479 | ||||||||
Interest income | 2,108 | 1,268 | 942 | ||||||||
Interest expense | 16,491 | 20,187 | 22,718 | ||||||||
Income (loss) before impairment charge and income taxes | (57,374) | (61,037) | |||||||||
Impairment charge | 0 | 0 | |||||||||
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT | (47,747) | (57,374) | (61,037) | ||||||||
Capital expenditures | 660 | 6,336 | 4,309 | ||||||||
Total assets | $ 475,206 | $ 493,843 | $ 475,206 | $ 493,843 | $ 554,964 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments reserved as collateral on undrawn letters of credit | $ 18,500,000 | $ 18,500,000 |
Gain (loss) on sale of investments | 700,000 | |
Impairment of investments | 0 | 400,000 |
Other noncurrent assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Long-term investments (less than) | 100,000 | |
Letter of credit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Undrawn letters of credit | $ 17,500,000 | $ 17,500,000 |
Investments (Available-for-sale
Investments (Available-for-sale Securities by Major Security Type and Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities [Abstract] | ||
Amortized Cost | $ 328,461 | $ 317,488 |
Gross unrealized gains | 86 | 261 |
Gross unrealized losses | (429) | (577) |
Fair market value | 328,118 | 317,172 |
Cash equivalents [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 327,313 | 317,006 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (429) | (577) |
Fair market value | 326,884 | 316,429 |
Federal agency notes [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 292,928 | 285,276 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (348) | (519) |
Fair market value | 292,580 | 284,757 |
Commercial paper [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 34,385 | 31,730 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (81) | (58) |
Fair market value | 34,304 | 31,672 |
Mutual funds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized Cost | 1,148 | 482 |
Gross unrealized gains | 86 | 261 |
Gross unrealized losses | 0 | 0 |
Fair market value | $ 1,234 | $ 743 |
Investments (Maturities of Avai
Investments (Maturities of Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Amortized Cost | $ 328,461 | $ 317,488 |
Fair market value | ||
Fair market value | 328,118 | 317,172 |
Federal agency notes [Member] | ||
Amortized cost | ||
Due in one year or less | 232,610 | |
Due after one year through two years | 60,318 | |
Amortized Cost | 292,928 | 285,276 |
Fair market value | ||
Due in one year or less | 232,462 | |
Due after one year through two years | 60,118 | |
Fair market value | 292,580 | 284,757 |
Commercial paper [Member] | ||
Amortized cost | ||
Due in one year or less | 11,740 | |
Due after one year through two years | 22,645 | |
Amortized Cost | 34,385 | 31,730 |
Fair market value | ||
Due in one year or less | 11,737 | |
Due after one year through two years | 22,567 | |
Fair market value | $ 34,304 | $ 31,672 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Metals inventory | ||
Raw ore | $ 3,193 | $ 4,234 |
Concentrate and in-process | 76,520 | 43,727 |
Finished goods | 41,329 | 32,618 |
Metals inventory | 121,042 | 80,579 |
Materials and supplies | 17,611 | 21,493 |
Total inventory | $ 138,653 | $ 102,072 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic EPS | |||||||||||
Net income attributable to common stockholders | $ 6,021 | $ 12,599 | $ 784 | $ (9,930) | $ 4,424 | $ (12,029) | $ (39,018) | $ 22,888 | $ 9,473 | $ (11,928) | $ 70,297 |
Basic EPS, weighted average shares (denominator) (in shares) | 121,072 | 120,809 | 119,953 | ||||||||
Basic EPS, per share amount (in usd per share) | $ 0.05 | $ 0.10 | $ 0.01 | $ (0.08) | $ 0.04 | $ (0.10) | $ (0.23) | $ 0.19 | $ 0.08 | $ (0.10) | $ 0.59 |
Effect of Dilutive Securities | |||||||||||
Effect of stock options (in shares) | 1 | 31 | |||||||||
Effect of nonvested shares (in shares) | 126 | 53 | |||||||||
Effect of contingently issuable shares (in shares) | 377 | 98 | |||||||||
Diluted EPS | |||||||||||
Net income attributable to common stockholders and assumed conversions | $ 9,473 | $ 86,910 | |||||||||
Net income attributable to common stockholders and assumed conversions, weighted average shares (denominator) (in shares) | 121,576 | 120,809 | 156,233 | ||||||||
Net income attributable to common stockholders and assumed conversions, per share amount (in usd per share) | $ 0.05 | $ 0.10 | $ 0.01 | $ (0.08) | $ 0.04 | $ (0.10) | $ (0.23) | $ 0.17 | $ 0.08 | $ (0.10) | $ 0.56 |
1.875% convertible debentures [Member] | |||||||||||
Effect of Dilutive Securities | |||||||||||
Effect of convertible debentures (in shares) | 95 | ||||||||||
Diluted EPS | |||||||||||
Debt instrument, stated rate | 1.875% | 1.875% | |||||||||
1.75% convertible debentures [Member] | |||||||||||
Effect of Dilutive Securities | |||||||||||
Effect of convertible debentures, net of tax and capitalized interest | $ 16,613 | ||||||||||
Effect of convertible debentures (in shares) | 36,003 | ||||||||||
Diluted EPS | |||||||||||
Debt instrument, stated rate | 1.75% | 1.75% |
Earnings Per Common Share (Anti
Earnings Per Common Share (Anti-dilutive Shares Excluded From Computation of Diluted Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted earnings per share | 3 | 6 | 34 |
Time-based shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted earnings per share | 3 | 44 | 13 |
Performance-based shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted earnings per share | 226 | 308 | 116 |
1.875% convertible debentures [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Debt instrument, stated rate | 1.875% | ||
1.875% convertible debentures [Member] | Convertible debentures [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted earnings per share | 22 | 22 | 0 |
1.75% convertible debentures [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Debt instrument, stated rate | 1.75% | ||
1.75% convertible debentures [Member] | Convertible debentures [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from computation of diluted earnings per share | 30,413 | 30,413 | 0 |
Debt and Capital Lease Obliga71
Debt and Capital Lease Obligations (Narrative) (Details) | Dec. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Mar. 31, 2013USD ($) | Oct. 31, 2012USD ($)$ / sharesshares | Jan. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2000USD ($) |
Debt Instrument [Line Items] | |||||||||||
Gain (loss) on extinguishment of debt, net | $ 0 | $ (4,010,000) | $ 0 | ||||||||
Capitalized Interest | |||||||||||
Capitalized interest | 9,100,000 | 6,000,000 | 5,100,000 | ||||||||
Capital Lease Obligation [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest payments | $ 8,000 | 102,000 | 211,000 | ||||||||
Capital Lease Obligations [Abstract] | |||||||||||
Capital lease term | 4 years | ||||||||||
Cash payments on capital lease obligations | $ 600,000 | 2,200,000 | 2,200,000 | ||||||||
1.75% convertible debentures [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated rate | 1.75% | ||||||||||
1.75% convertible debentures [Member] | Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 396,750,000 | ||||||||||
Debt instrument, stated rate | 1.75% | 1.75% | 1.75% | ||||||||
Convertible debentures conversion ratio | 0.0604961 | ||||||||||
Debt conversion price (in usd per share) | $ / shares | $ 16.53 | ||||||||||
Number of shares for each warrant (in shares) | shares | 30.2481 | ||||||||||
Warrant price (in dollars per share) | $ / shares | $ 16.53 | ||||||||||
Debt instrument, effective term | 7 years | ||||||||||
Equity component of convertible debenture | $ 141,600,000 | ||||||||||
Payments of debt issuance costs | $ 12,400,000 | ||||||||||
Debt issuance costs, amortization period | 7 years | ||||||||||
Net proceeds from the offering | $ 384,300,000 | ||||||||||
Extinguishment of debt | $ 61,600,000 | ||||||||||
Repayments of debt | 59,400,000 | ||||||||||
Extinguishment of debt, reduction of debt component | 50,700,000 | ||||||||||
Write-off of debt discount | 10,900,000 | ||||||||||
Loss on debt extinguishment - write-off of debt and equity issuance costs | 700,000 | $ 0 | 747,000 | 0 | |||||||
Gain (loss) on extinguishment of debt, net | $ (4,200,000) | ||||||||||
Debt instrument, effective interest rate | 8.50% | ||||||||||
Balance outstanding, convertible debt | $ 254,600,000 | 274,300,000 | 254,600,000 | ||||||||
Unamortized discount | 76,754,000 | 57,939,000 | 76,754,000 | ||||||||
Deferred debt issuance costs | 3,821,000 | 2,929,000 | 3,821,000 | ||||||||
Interest payments | $ 5,865,000 | 6,827,000 | 6,943,000 | ||||||||
1.875% convertible debentures [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated rate | 1.875% | ||||||||||
1.875% convertible debentures [Member] | Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, stated rate | 1.875% | 1.875% | 1.875% | 1.875% | |||||||
Repayments of convertible debt | $ 164,300,000 | ||||||||||
Extinguishment of debt | $ 1,700,000 | ||||||||||
Repayments of debt | 1,600,000 | ||||||||||
Gain (loss) on extinguishment of debt, net | $ 100,000 | ||||||||||
Balance outstanding, convertible debt | 500,000 | $ 500,000 | 500,000 | ||||||||
Interest payments | 10,000 | 42,000 | 42,000 | ||||||||
Exempt Facility Revenue Bonds, Series 2000 [Member] | Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 30,000,000 | ||||||||||
Debt instrument, stated rate | 8.00% | 8.00% | |||||||||
Net proceeds from the offering | $ 28,700,000 | ||||||||||
Extinguishment of debt | $ 30,000,000 | ||||||||||
Debt instrument, effective interest rate | 8.57% | ||||||||||
Interest payments | $ 40,000 | $ 0 | $ 0 | $ 1,240,000 | |||||||
Asset-Backed Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payments of debt issuance costs | $ 200,000 | $ 1,100,000 | |||||||||
Credit agreement, maximum borrowing capacity | $ 125,000,000 | $ 100,000,000 | |||||||||
Termination fees for credit facility | $ 200,000 | ||||||||||
Asset-Backed Revolving Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused capacity, commitment fee percentage | 0.375% | ||||||||||
Asset-Backed Revolving Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused capacity, commitment fee percentage | 0.50% |
Debt and Capital Lease Obliga72
Debt and Capital Lease Obligations (Amortization of Debt Issuance Costs, Interest Expense and Cash Payments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2000 | |
Debt Instrument [Line Items] | ||||||||
Amortization of debt issuance costs | $ 892 | $ 2,211 | $ 2,265 | |||||
1.75% convertible debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated rate | 1.75% | |||||||
1.875% convertible debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated rate | 1.875% | |||||||
Convertible Debt [Member] | 1.75% convertible debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated rate | 1.75% | 1.75% | 1.75% | |||||
Amortization of debt issuance costs | $ 892 | 925 | 1,120 | |||||
Interest expense, net of capitalized interest | 15,585 | 18,596 | 18,947 | |||||
Reduction in debt issuance costs (repurchase of debt) | $ 700 | 0 | 747 | 0 | ||||
Cash payments for interest | $ 5,865 | 6,827 | 6,943 | |||||
Convertible Debt [Member] | 1.875% convertible debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated rate | 1.875% | 1.875% | 1.875% | 1.875% | ||||
Amortization of debt issuance costs | $ 0 | 0 | 0 | |||||
Interest expense, net of capitalized interest | 6 | 25 | 33 | |||||
Cash payments for interest | 10 | 42 | 42 | |||||
Revolving Credit Facility [Member] | Asset-Backed Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of debt issuance costs | 0 | 539 | 272 | |||||
Fees | 0 | 1,168 | 1,026 | |||||
Notes Payable [Member] | Exempt Facility Revenue Bonds, Series 2000 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated rate | 8.00% | 8.00% | ||||||
Amortization of debt issuance costs | 0 | 0 | 896 | |||||
Interest expense, net of capitalized interest | 0 | 0 | 1,240 | |||||
Cash payments for interest | $ 40 | 0 | 0 | 1,240 | ||||
Capital Lease Obligation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense, net of capitalized interest | 8 | 102 | 211 | |||||
Cash payments for interest | $ 8 | $ 102 | $ 211 |
Debt and Capital Lease Obliga73
Debt and Capital Lease Obligations (Schedule of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2013 | Oct. 31, 2012 |
Current | |||||
Capital lease obligation, current | $ 0 | $ 580 | |||
Small land purchase, current | 0 | 77 | |||
Total debt balances, current | 0 | 657 | |||
Long-Term | |||||
Debt balance, long-term | 274,806 | 255,099 | |||
Capital lease obligation, long-term | 0 | 0 | |||
Small land purchase, long-term | 0 | 0 | |||
Total debt balances, long-term | $ 274,806 | 255,099 | |||
1.75% convertible debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated rate | 1.75% | ||||
1.875% convertible debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated rate | 1.875% | ||||
Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated rate | 1.75% | 1.75% | 1.75% | ||
Current | |||||
Aggregate principal, current | $ 0 | 0 | |||
Long-Term | |||||
Aggregate principal, long-term | 335,150 | 335,150 | |||
Debt discount, long-term | (57,939) | (76,754) | |||
Deferred debt issuance costs, long-term | (2,929) | (3,821) | |||
Debt balance, long-term | $ 274,282 | 254,575 | |||
Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated rate | 1.875% | 1.875% | 1.875% | 1.875% | |
Current | |||||
Aggregate principal, current | $ 0 | 0 | |||
Long-Term | |||||
Debt balance, long-term | $ 524 | $ 524 |
Mineral Properties and Mine D74
Mineral Properties and Mine Development (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Mineral Properties [Line Items] | |||||
Impairment charge | $ 0 | $ 46,772 | $ 550 | ||
Marathon Properties [Member] | |||||
Schedule Of Mineral Properties [Line Items] | |||||
Impairment charge | $ 46,800 | $ 500 | |||
Mineral properties, fair value | $ 8,600 |
Mineral Properties and Mine D75
Mineral Properties and Mine Development (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | $ 1,112,045 | $ 1,030,542 |
Accumulated depletion and amortization | (515,113) | (457,311) |
Total mineral properties and mine development, net | 596,932 | 573,231 |
Mineral Properties [Member] | Stillwater Mine [Member] | Montana, United States of America [Member] | ||
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | 1,950 | 1,950 |
Mineral Properties [Member] | Marathon Properties [Member] | Ontario, Canada [Member] | ||
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | 8,560 | 8,560 |
Mineral Properties [Member] | Altar Property [Member] | San Juan, Argentina [Member] | ||
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | 101,970 | 101,970 |
Mine Development [Member] | Stillwater Mine [Member] | Montana, United States of America [Member] | ||
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | 764,054 | 697,781 |
Mine Development [Member] | East Boulder Mine [Member] | Montana, United States of America [Member] | ||
Mineral Properties and Mine Development [Abstract] | ||
Mineral properties and mine development, gross | $ 235,511 | $ 220,281 |
Property, Plant and Equipment76
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 370,819 | $ 351,792 |
Accumulated depreciation | (259,423) | (241,835) |
Total property, plant, and equipment, net | 111,396 | 109,957 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 165,490 | 161,292 |
Building and structural components [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 176,612 | 173,580 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,740 | 11,740 |
Construction-in-progress [Member] | Stillwater Mine [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,967 | 2,615 |
Construction-in-progress [Member] | East Boulder Mine [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,016 | 435 |
Construction-in-progress [Member] | Marathon [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 | $ 1,846 | $ 1,982 |
Property, Plant and Equipment77
Property, Plant and Equipment (Schedule Of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Total capital outlay | $ 102,603 | $ 111,850 | $ 129,813 |
Non-cash capitalized interest / depreciation | (10,329) | (9,347) | (8,443) |
Change in accounts payable for capital expenditures | (3,578) | 4,931 | (1,688) |
Total cash paid | 88,696 | 107,434 | 119,682 |
Stillwater Mine [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total capital outlay | 84,634 | 88,799 | 95,038 |
East Boulder Mine [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total capital outlay | 16,709 | 17,916 | 28,813 |
Altar project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total capital outlay | 41 | 46 | 45 |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total capital outlay | $ 1,219 | $ 5,089 | $ 5,917 |
Asset Retirement Obligation (Na
Asset Retirement Obligation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |||
Increase (decrease) in estimated reclamation costs | $ (289) | $ 814 | |
Surety Bond [Member] | |||
Asset Retirement Obligation [Abstract] | |||
Current financial guarantee requirements | $ 42,600 | ||
Term of financial guarantee | 5 years | ||
Stillwater Mine [Member] | |||
Asset Retirement Obligation [Abstract] | |||
Increase (decrease) in estimated reclamation costs | $ (500) | $ (452) | 1,115 |
East Boulder Mine [Member] | |||
Asset Retirement Obligation [Abstract] | |||
Increase (decrease) in estimated reclamation costs | $ 200 | $ 163 | $ (301) |
Asset Retirement Obligation (Ch
Asset Retirement Obligation (Changes In Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning Balance | $ 11,027 | $ 11,027 | $ 9,401 | |
Accretion expense | 858 | 812 | $ 747 | |
Additions and changes in estimates | (289) | 814 | ||
Ending Balance | 11,596 | 11,027 | 9,401 | |
Stillwater Mine [Member] | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning Balance | 10,612 | 10,612 | 8,720 | |
Accretion expense | 800 | 777 | ||
Additions and changes in estimates | (500) | (452) | 1,115 | |
Ending Balance | 10,960 | 10,612 | 8,720 | |
East Boulder Mine [Member] | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning Balance | 415 | 415 | 681 | |
Accretion expense | 58 | 35 | ||
Additions and changes in estimates | $ 200 | 163 | (301) | |
Ending Balance | $ 636 | $ 415 | $ 681 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Dec. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2013 | Oct. 31, 2012 |
1.75% convertible debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, stated rate | 1.75% | |||
1.875% convertible debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, stated rate | 1.875% | |||
Convertible Debt [Member] | 1.75% convertible debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, stated rate | 1.75% | 1.75% | 1.75% | |
Convertible Debt [Member] | 1.875% convertible debentures [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, stated rate | 1.875% | 1.875% | 1.875% | 1.875% |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 326,884 | $ 316,429 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 35,131 | 54,761 |
Mutual funds | 1,234 | 743 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 35,131 | 54,761 |
Mutual funds | 1,234 | 743 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 0 | 0 |
Mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money market funds | 0 | 0 |
Mutual funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Federal agency notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 292,580 | 284,757 |
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 | 292,580 | 284,757 |
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 | 34,304 | 31,672 |
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 | 34,304 | 31,672 |
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 (Fina82
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2013 | Oct. 31, 2012 |
1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated rate | 1.875% | ||||
1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated rate | 1.75% | ||||
Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated rate | 1.875% | 1.875% | 1.875% | 1.875% | |
Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated rate | 1.75% | 1.75% | 1.75% | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term investments | $ 91 | $ 524 | |||
Fair Value, Measurements, Nonrecurring [Member] | Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 524 | 524 | |||
Fair Value, Measurements, Nonrecurring [Member] | Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 244,807 | 285,446 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term investments | 91 | 524 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term investments | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 524 | 524 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 244,807 | 285,446 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term investments | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Convertible Debt [Member] | 1.875% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Convertible Debt [Member] | 1.75% convertible debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Convertible debentures | $ 0 | $ 0 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||||
Percent of noncontrolling interest purchased | 25.00% | ||||
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
PGM sales to related party | $ 38.7 | $ 141.7 | |||
Stillwater Canada, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling interest ownership percentage | 25.00% | 25.00% | 25.00% | ||
Percent of noncontrolling interest purchased | 25.00% | ||||
Stillwater Canada, Inc. [Member] | Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling interest ownership percentage | 25.00% | ||||
Percent of noncontrolling interest purchased | 25.00% |
Commitments and Contingencies84
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Total rental expense for cancelable and non-cancelable operating leases | $ | $ 1.7 | $ 1.8 | $ 2 |
Number of collective bargaining agreements | agreement | 2 | ||
Active labor force covered by collective bargaining arrangements expiring on June 1, 2019 [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of active labor force covered by collective bargaining agreements | 54.00% | ||
Active labor force covered by collective bargaining arrangements expiring on December 31, 2019 [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of active labor force covered by collective bargaining agreements | 22.00% |
Commitments and Contingencies85
Commitments and Contingencies (Future Minimum Lease Payments For Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 148 |
2,018 | 120 |
2,019 | 66 |
Total | $ 334 |
Commitments and Contingencies86
Commitments and Contingencies (Percentage Of Total Revenues From Significant Customers) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 80.00% | 75.00% | 66.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 70.00% | 75.00% | 51.00% |
Revenues [Member] | Customer Concentration Risk [Member] | Customer B [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Revenues [Member] | Customer Concentration Risk [Member] | Customer C [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 15.00% |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 215,397 | $ 196,617 | $ 165,683 | $ 133,638 | $ 171,985 | $ 168,441 | $ 185,384 | $ 200,520 | $ 711,335 | $ 726,330 | $ 943,619 |
Depletion, depreciation and amortization | 18,066 | 17,771 | 20,711 | 17,260 | 15,468 | 15,362 | 17,198 | 17,121 | 73,808 | 65,149 | 67,406 |
Operating income (loss) | 10,703 | 18,011 | 3,630 | (8,253) | 129 | (6,181) | (34,812) | 21,170 | 24,091 | (19,694) | 98,168 |
Net income (loss) | 6,021 | 12,599 | 784 | (9,930) | 4,424 | (12,029) | (39,018) | 22,888 | 9,473 | (11,928) | 70,297 |
Comprehensive income (loss) attributable to common stockholders | $ 5,667 | $ 12,406 | $ 967 | $ (9,583) | $ 4,061 | $ (11,912) | $ (27,429) | $ 23,139 | $ 9,456 | $ (12,142) | $ 70,308 |
Basic earnings (loss) per share attributable to common stockholders (in usd per share) | $ 0.05 | $ 0.10 | $ 0.01 | $ (0.08) | $ 0.04 | $ (0.10) | $ (0.23) | $ 0.19 | $ 0.08 | $ (0.10) | $ 0.59 |
Diluted earnings (loss) per share attributable to common stockholders (in usd per share) | $ 0.05 | $ 0.10 | $ 0.01 | $ (0.08) | $ 0.04 | $ (0.10) | $ (0.23) | $ 0.17 | $ 0.08 | $ (0.10) | $ 0.56 |