| Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings |
Fair value adjustments, net is comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Loss on derivative contracts |
|
$ |
(10,335 |
) |
|
$ |
(253 |
) |
Gain on sale of equity securities investments |
|
|
23,675 |
|
|
|
— |
|
Unrealized (loss) gain on equity securities investments |
|
|
(19,285 |
) |
|
|
3,641 |
|
Total fair value adjustments, net |
|
$ |
(5,945 |
) |
|
$ |
3,388 |
|
|
Fair value adjustments, net is comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
(Loss) gain on derivative contracts |
|
$ |
(43,568 |
) |
|
$ |
(162 |
) |
|
$ |
1,978 |
|
Unrealized gain (loss) on investments in equity securities |
|
|
40,914 |
|
|
|
3,703 |
|
|
|
(243 |
) |
Gain on disposition or exchange of investments |
|
|
10,986 |
|
|
|
— |
|
|
|
— |
|
Total fair value adjustments, net |
|
$ |
8,332 |
|
|
$ |
3,541 |
|
|
$ |
1,735 |
|
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The table below sets forth our assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category (in thousands).
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Balance at
March 31,
2026 |
|
|
Balance at
December 31,
2025 |
|
|
Input
Hierarchy Level |
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Money market funds and other bank deposits |
|
$ |
587,550 |
|
|
$ |
241,558 |
|
|
Level 1 |
Current and non-current investments: |
|
|
|
|
|
|
|
|
Equity securities |
|
|
178,049 |
|
|
|
107,486 |
|
|
Level 1 |
Trade accounts receivable: |
|
|
|
|
|
|
|
|
Receivables from provisional concentrate sales |
|
|
215,534 |
|
|
|
170,230 |
|
|
Level 2 |
Restricted cash and cash equivalent balances: |
|
|
|
|
|
|
|
|
Certificates of deposit and other deposits |
|
|
1,172 |
|
|
|
1,174 |
|
|
Level 1 |
Derivative contracts - current and non-current derivative assets: |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
|
384 |
|
|
|
1,127 |
|
|
Level 2 |
Metal forward contracts |
|
|
16,363 |
|
|
|
15,840 |
|
|
Level 2 |
Gold-price contingent asset |
|
|
3,254 |
|
|
|
— |
|
|
Level 2 |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Derivative contracts - current and non-current derivative liabilities: |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
$ |
1,318 |
|
|
$ |
829 |
|
|
Level 2 |
Metal forward contracts |
|
|
15,230 |
|
|
|
38,273 |
|
|
Level 2 |
|
The table below sets forth our assets and liabilities (in thousands) that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. See Note 7 for information on the fair values of our defined benefit pension plan assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31,
2025 |
|
|
Balance at
December 31,
2024 |
|
|
Input
Hierarchy
Level |
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Money market funds and other bank deposits |
|
$ |
241,558 |
|
|
$ |
26,868 |
|
|
Level 1 |
Current and non-current investments: |
|
|
|
|
|
|
|
|
Equity securities |
|
|
107,486 |
|
|
|
33,158 |
|
|
Level 1 |
Trade accounts receivable: |
|
|
|
|
|
|
|
|
Receivables from provisional concentrate sales |
|
|
170,230 |
|
|
|
31,515 |
|
|
Level 2 |
Derivative contracts - other current assets and other non-current assets: |
|
|
|
|
|
|
|
|
Metal forward contracts |
|
|
15,840 |
|
|
|
18,039 |
|
|
Level 2 |
Foreign exchange contracts |
|
|
1,127 |
|
|
|
— |
|
|
Level 2 |
Restricted cash and cash equivalents balances: |
|
|
|
|
|
|
|
|
Certificates of deposit and other deposits |
|
|
1,174 |
|
|
|
1,177 |
|
|
Level 1 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Derivative contracts - current and non-current derivative liabilities: |
|
|
|
|
|
|
|
|
Metal forward contracts |
|
$ |
38,273 |
|
|
$ |
— |
|
|
Level 2 |
Foreign exchange contracts |
|
|
829 |
|
|
|
10,176 |
|
|
Level 2 |
|