Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.5.0.2
Assets and Liabilities, at Fair Value (Tables)
3 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of financial instruments not required to be carried at fair value
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of September 30, 2016 and June 30, 2016.
in thousands
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
June 30, 2016
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
16,753

 
$
16,753

 
$
17,142

 
$
17,142

Receivables, net
 
20,746

 
20,746

 
43,302

 
43,302

Secured loans
 
82,782

 
82,782

 
70,504

 
70,504

Derivative assets - open sale and purchase commitments, net
 
21,874

 
21,874

 
32,347

 
32,347

Derivative assets - futures contracts
 
6,901

 
6,901

 

 

Derivative assets - forward contracts
 

 

 
1,385

 
1,385

Income tax receivables
 
8,341

 
8,341

 
7,318

 
7,318

Income taxes receivable from Former Parent
 

 

 
203

 
203

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
203,000

 
$
203,000

 
$
212,000

 
$
212,000

Liability on borrowed metals
 
4,196

 
4,196

 
4,352

 
4,352

Product financing arrangements
 
117,789

 
117,789

 
59,358

 
59,358

Derivative liabilities - liability on margin accounts
 
8,372

 
8,372

 
8,182

 
8,182

Derivative liabilities - open sale and purchase commitments, net
 
662

 
662

 
1,919

 
1,919

Derivative liabilities - futures contracts
 

 

 
13,914

 
13,914

Derivative liabilities - forward contracts
 
4,485

 
4,485

 
12,439

 
12,439

Accounts payable, advances and other payables
 
61,867

 
61,867

 
46,769

 
46,769

Accrued liabilities
 
4,279

 
4,279

 
7,660

 
7,660

Schedule of fair value, assets and liabilities measured on recurring basis
The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and June 30, 2016 aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
September 30, 2016
 
 
Quoted Price in
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
for Identical
 
Observable
 
Unobservable
 
 
 
 
Instruments
 
Inputs
 
Inputs
 
 
in thousands
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
 
Inventory (1)
 
$
297,608

 
$

 
$

 
$
297,608

Derivative assets — open sale and purchase commitments, net
 
21,874

 

 

 
21,874

Derivative assets — futures contracts
 
6,901

 

 

 
6,901

Total assets, valued at fair value
 
$
326,383

 
$

 
$

 
$
326,383

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
4,196

 
$

 
$

 
$
4,196

Product financing arrangements
 
117,789

 

 

 
117,789

Derivative liabilities — liability on margin accounts
 
8,372

 

 

 
8,372

Derivative liabilities — open sales and purchase commitments, net
 
662

 

 

 
662

Derivative liabilities — forward contracts
 
4,485

 

 

 
4,485

Total liabilities, valued at fair value
 
$
135,504

 
$

 
$

 
$
135,504

____________________
(1) Commemorative coin inventory totaling $7,000 is held at lower of cost or market and is thus excluded from this table.
 
 
June 30, 2016
 
 
Quoted Price in
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
for Identical
 
Observable
 
Unobservable
 
 
 
 
Instruments
 
Inputs
 
Inputs
 
 
in thousands
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
 
Inventory (1)
 
$
245,041

 
$

 
$

 
$
245,041

Derivative assets — open sale and purchase commitments, net
 
32,347

 

 

 
32,347

Derivative assets — forward contracts
 
1,385

 

 

 
1,385

Total assets, valued at fair value
 
$
278,773

 
$

 
$

 
$
278,773

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
4,352

 
$

 
$

 
$
4,352

Product financing arrangements
 
59,358

 

 

 
59,358

Derivative liabilities — liability on margin accounts
 
8,182

 

 

 
8,182

Derivative liabilities — open sale and purchase commitments, net
 
1,919

 

 

 
1,919

Derivative liabilities — futures contracts
 
13,914

 

 

 
13,914

Derivative liabilities — forward contracts
 
12,439

 

 

 
12,439

Total liabilities, valued at fair value
 
$
100,164

 
$

 
$

 
$
100,164


____________________
(1) Commemorative coin inventory totaling $16,000 is held at lower of cost or market and is thus excluded from this table.