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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☑    No  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

COEUR MINING, INC.

Item 1.        Financial Statements and Supplementary Data

(1) Excludes amortization.

The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2025. The condensed consolidated December 31, 2024 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 10-K”).

Please see Note 2 — Summary of Significant Accounting Policies contained in the 2024 10-K.

The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company’s Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold on stockpiles and leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.

The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate.

The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. There are five reusable heap leach pads (load/offload) used at Wharf. Each pad goes through an approximate 24-month process of loading of ore, leaching and offloading which includes a neutralization and denitrification process. During the leaching cycle of each pad, revised estimated recoverable ounces for each of the pads may result in an upward or downward revision from time to time, which generally have not been significant. Updated recoverable ounce estimates are considered a change in estimate and was accounted for prospectively. As of March 31, 2025, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 54,208 and 7.4 million, respectively.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have adopted the new standard effective December 31, 2024 retrospectively for all periods presented. See Note 4 -- Segment Reporting for all periods presented with the new required disclosures. The new standard did not impact our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Although early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance, the Company believes that there is no material impact to the reader in early adoption. The Company plans to adopt this new guidance on our Consolidated Financial Statements and related disclosures on reporting year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include: purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. We are evaluating the impact of the amendments on our Condensed Consolidated Financial Statements and related disclosures.

On October 3, 2024, the Company entered into a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur would acquire all of the issued and outstanding shares of SilverCrest Metals Inc. (“SilverCrest”) pursuant to a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, SilverCrest shareholders received 1.6022 Coeur common shares for each SilverCrest common share (the “Exchange Ratio”).

On February 14, 2025, the Company completed the closing of the Transaction after receiving regulatory approval on February 3, 2025 followed by shareholder approval on February 6, 2025. Coeur acquired all of the issued and outstanding shares of SilverCrest in exchange for 239,331,799 common shares. Based on the closing price of Coeur common shares on the NYSE on February 14, 2025, the implied total equity value was approximately $1.58 billion based on SilverCrest’s common shares outstanding and the Exchange Ratio.

The Company retained an independent appraiser to assist with the determination of the preliminary fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of SilverCrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes and was assigned to the Las Chispas segment. The goodwill balance is comprised of amounts attributable to the assembled workforce, potential strategic and financial benefits, including the financial flexibility to execute capital priorities, and new book to tax basis differences of assets acquired and liabilities assumed. The acquisition of SilverCrest increased the Company’s gold and other metal reserves and expanded our footprint in a jurisdiction where the Company has significant experience.

As of March 31, 2025, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for SilverCrest is preliminary. At March 31, 2025, remaining items to finalize include the fair value of property plant and mine development, goodwill, reclamation, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Coeur’s measurement period, which is not to exceed one year from the acquisition date. Prior to the closing of the Transaction, the Company entered into a loan with SilverCrest through which Coeur Rochester, Inc., a subsidiary of the Company, owed $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net. Total transaction costs were $17.5 million with $8.9 million incurred in the three months ended March 31, 2025. These transaction costs are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (loss) and are reflected in pro forma earnings in the table below for the three months ended March 31, 2024.

The following table summarizes the preliminary purchase price allocation for the Transaction as of March 31, 2025:

(1) As of March 31, 2025, 0.2 million common shares were issued related to the exercise of 0.6 million replacement options.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to the preliminary fair value of the assets acquired in Mexico and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.

SilverCrest contributed revenue of $58.0 million and net income of $2.9 million from February 15, 2025 to March 31, 2025. The following unaudited pro forma financial information presents consolidated results assuming the Transaction occurred on January 1, 2024.

These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of SilverCrest to reflect the additional depreciation, depletion and amortization that would have been recognized assuming the fair value adjustments to property, plant, and equipment, and mining properties had been applied from January 1, 2024, with the consequential tax effects.

The Company’s operating segments include the Las Chispas, Palmarejo, Rochester, Kensington and Wharf mines, and the Silvertip exploration project. Except for the Silvertip exploration project, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip exploration project is engaged in the discovery of silver, zinc, lead, and other related metals. “Other” includes certain mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts.

The Company’s Chief Operating Decision Maker (“CODM”), composed of Mitchell J. Krebs, Chairman, President and Chief Executive Officer, Thomas S. Whelan, Chief Financial Officer, and Michael Routledge, Chief Operating Officer, evaluates performance and allocates resources for all of the Company’s reportable segments based on Income (loss) from operations. The CODM uses segment Income (loss) from operations to allocate resources such as corporate employees, and financial or capital resources for each segment during the annual budget and forecasting processes. The CODM considers budget-to-actual variances on a monthly basis using the segment Income (loss) from operations measure when making decisions about allocating capital and personnel to the segments. The accounting policies of the reportable segments are the same as those described in Note 2 -- Summary of Significant Accounting Policies.

Financial information relating to the Company’s segments is as follows (in thousands):

Three Months Ended March 31, 2025			Las Chispas (5)						Palmarejo						Rochester						Kensington						Wharf						Silvertip						Other						Total
Revenue
Gold sales			$	27,882					$	43,695					$	41,783					$	65,207					$	56,760					$	—					$	—					$	235,327
Silver sales			30,137						52,111						40,843						36						1,608						—						—						124,735
Metal sales			58,019						95,806						82,626						65,243						58,368						—						—						360,062
Costs and Expenses
Costs applicable to sales(1)			42,834						43,703						48,536						42,156						27,037						—						—						204,266
Amortization			8,936						9,181						14,907						7,471						1,474						946						178						43,093
Exploration			1,878						3,860						1,467						3,301						2,629						6,107						440						19,682
Other operating expenses(2)			67						1,629						2,754						570						1,188						3,078						21,579						30,865
Costs and expenses			53,715						58,373						67,664						53,498						32,328						10,131						22,197						297,906
Income (loss) from operations			4,304						37,433						14,962						11,745						26,040						(10,131)						(22,197)						62,156
Other income (expense)
Fair value adjustments, net			—						—						(346)						—						—						—						—						(346)
Interest expense, net			(17)						15						(2,258)						(177)						(98)						—						(7,915)						(10,450)
Other, net(3)			428						(688)						(88)						(85)						(43)						97						785						406
Income (loss) before income and mining taxes			4,715						36,760						12,270						11,483						25,899						(10,034)						(29,327)						51,766
Income and mining tax (expense) benefit			(1,852)						(11,099)						(613)						(488)						(2,522)						—						(1,839)						(18,413)
Net Income (loss)			$	2,863					$	25,661					$	11,657					$	10,995					$	23,377					$	(10,034)					$	(31,166)					$	33,353
Segment assets(4)			$	1,717,053					$	312,023					$	1,229,683					$	233,190					$	124,776					$	219,103					$	62,948					$	3,898,776
Capital expenditures			$	5,338					$	5,857					$	14,853					$	15,473					$	7,364					$	854					$	263					$	50,002

(1) Excludes amortization.

(2) Other operating expenses include General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.

(5) Las Chispas was acquired through the SilverCrest Transaction. Financial results presented correspond to the period after the acquisition. See Note 3 - Acquisitions for further information.

Three Months Ended March 31, 2024			Palmarejo						Rochester						Kensington						Wharf						Silvertip						Other						Total
Revenue
Gold sales			$	53,902					$	12,681					$	43,485					$	41,701					$	—					$	—					$	151,769
Silver sales			42,476						17,148						34						1,633						—						—						61,291
Metal sales			96,378						29,829						43,519						43,334						—						—						213,060
Costs and Expenses
Costs applicable to sales(1)			54,294						26,999						39,289						25,415						—						—						145,997
Amortization			12,602						6,633						5,596						1,393						852						221						27,297
Exploration			2,485						431						1,545						123						5,280						627						10,491
Other operating expenses(2)			2,254						5,750						7,626						1,101						2,705						13,196						32,632
Costs and expenses			71,635						39,813						54,056						28,032						8,837						14,044						216,417
Income (loss) from operations			24,743						(9,984)						(10,537)						15,302						(8,837)						(14,044)						(3,357)
Other income (expense)
Gain on debt extinguishment			—						—						—						—						—						438						438
Fair value adjustments, net			—						—						—						—						—						—						—
Interest expense, net			(26)						(1,340)						(471)						(152)						(6)						(10,952)						(12,947)
Other, net(3)			546						30						(81)						(42)						(58)						2,378						2,773
Income (loss) before income and mining taxes			25,263						(11,294)						(11,089)						15,108						(8,901)						(22,180)						(13,093)
Income and mining tax (expense) benefit			(11,683)						234						—						(1,136)						—						(3,439)						(16,024)
Net Income (loss)			$	13,580					$	(11,060)					$	(11,089)					$	13,972					$	(8,901)					$	(25,619)					$	(29,117)
Segment assets(4)			$	314,217					$	1,110,479					$	182,085					$	102,351					$	214,522					$	57,607					$	1,981,261
Capital expenditures			$	6,761					$	21,243					$	13,258					$	308					$	509					$	4					$	42,083

(1) Excludes amortization.

(2) Other operating expenses includes General and administrative and Pre-development, reclamation, and other

(3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail.

(4) Segment assets include receivables, prepaids, inventories, property, plant and equipment, mineral interests, and goodwill.

    Receivables consist of the following:

(1) Consists of exploration credit refunds at Silvertip.

(2) Represents the fair value of the contingent consideration related to the sale of La Preciosa Deferred Consideration, which included the right to an additional payment of $1.0 million on the first anniversary of initial production from any portion of the La Preciosa project. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

(3) Represents the fair value of the contingent consideration associated with the sale of Sterling/Crown exploration properties, which included the right to an additional payment of $50.0 million should the buyer, its affiliates or its successors, report gold resources in the Sterling/Crown exploration properties. The fair value of the contingent consideration was valued using a discounted cash flow model and is measured at fair value on a non-recurring basis.

    Inventory consists of the following:

In thousands			March 31, 2025						December 31, 2024
Inventory:
Concentrate			$	4,136					$	2,663
Stockpile ore (1)			116,892						6,773
Precious metals			34,372						16,034
Supplies			62,910						53,147
			$	218,310					$	78,617
Ore on Leach Pads:
Current			$	123,028					$	92,724
Non-current			93,199						106,670
			$	216,227					$	199,394
Long-term Stockpile (included in Other)			$	41,720					$	41,718
Total Inventory and Ore on Leach Pads			$	476,257					$	319,729

    

(1) Includes $113.3 million, $2.2 million, $0.8 million, and $0.5 million at Las Chispas, Kensington, Palmarejo, and Wharf at March 31, 2025, respectively. Includes $3.1 million, $0.5 million, and $3.2 million at Kensington, Palmarejo, and Wharf at December 31, 2024, respectively.

Property, plant and equipment and mining properties, net consist of the following:

(1) Includes $164.7 million and $170.1 million associated with facilities and equipment assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

(2) Includes $67.4 million and $63.3 million of accumulated amortization related to assets under finance leases at March 31, 2025 and December 31, 2024, respectively.

(1) Net of unamortized debt issuance costs of $2.9 million and $3.1 million at March 31, 2025 and December 31, 2024, respectively.

(2) Unamortized debt issuance costs of $3.0 million and $3.4 million at March 31, 2025 and December 31, 2024, respectively, included in Other Non-Current Assets.

In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of senior notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $367.5 million (the “2029 Senior Notes”). For more details, please see Note 8 -- Debt contained in the 2024 10-K.

At March 31, 2025, the Company had $110.0 million drawn at a weighted-average interest rate of 6.7%, $29.1 million in outstanding letters of credit and $260.9 million available under the revolving credit facility (“RCF”). Future borrowing may be subject to certain financial covenants.

From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the three months ended March 31, 2025, the Company entered into a new lease financing arrangement for mining equipment at Rochester for $0.8 million at an interest rate of 7.2%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. For more details, please see Note 7 -- Leases in the 2024 10-K.

Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. The asset retirement obligation increased in 2025 due to increased reclamation and mine closure costs associated with Las Chispas.

Changes to the Company’s asset retirement obligations for its operating sites are as follows:

									Three Months Ended March 31,
In thousands															2025						2024
Asset retirement obligation - Beginning															$	260,492					$	214,013
Accretion															4,732						4,076
Additions and changes to estimates															8,644						—
Settlements															(1,356)						(1,100)
Asset retirement obligation - Ending															$	272,512					$	216,989

    

    The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2025 and 2024 by significant jurisdiction:

    During the first quarter of 2025, the Company reported estimated income and mining tax expense of approximately $18.4 million, resulting in an effective tax rate of 35.6%. This compares to income tax expense of $16.0 million for an effective tax rate of (122.4)% during the first quarter of 2024. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) mining taxes; (ii) variations in our income before income taxes; (iii) geographic distribution of that income; (iv) the impact of uncertain tax positions; (v) percentage depletion; and (vi) foreign exchange rates. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period.

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced.

There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Item 1A - Risk Factors” in the 2024 10-K.

The Company or one of its subsidiaries files income tax returns in the U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2021 for the U.S. federal jurisdiction, for 2016 and from 2020 for the Mexico federal jurisdiction, and from 2018 for certain other foreign jurisdictions. Our 2016 federal tax return is currently under audit in Mexico. As a result of the statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.0 and $1.5 million in the next twelve months.

At March 31, 2025 and December 31, 2024, the Company had $15.4 million and $0.0 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At March 31, 2025 and December 31, 2024, the amount of accrued income-tax-related interest and penalties was $3.3 million and $0.0 million, respectively.

In 2021, the Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. The Company’s worldwide revenues did not exceed the thresholds necessary to be subject to the Pillar Two rules during its year ended December 31, 2024.

As a result of 2025 business expansions, including the first quarter of 2025 closing of acquisition of SilverCrest Metals Inc., the Company expects to fall within the scope of the Pillar Two rules from January 1, 2025. The Company will continue to monitor developments and evaluate the potential impact on 2025 and future periods. At this time, based on the Company’s current analysis of the Pillar Two provisions and because the Company primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its Consolidated Financial Statements.

    The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three months ended March 31, 2025 was $3.3 million, compared to $4.2 million in the three months ended March 31, 2024. At March 31, 2025, there was $7.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

    The following table summarizes the grants awarded during the three months ended March 31, 2025:

(1) Includes 3.3 million shares of Coeur Options granted as replacement awards for SilverCrest Options that are fully vested and are exercisable at the Transaction date. See Note 3 - Acquisitions for additional detail on the Transaction.

Coeur Rochester, Inc., a subsidiary of the Company, had a loan payable of $72.3 million related to the purchase of bullion and metal inventory from SilverCrest that was in effect settled on the date of the Transaction. The acquired bullion and metal inventory was sold during Q1 2025 for proceeds of $72.0 million. The proceeds are included in the operating cash flows for the first quarter and the $0.3 million loss was recorded in Fair value adjustments, net.

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: