| 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.
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|
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|
|
|
|
in thousands |
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|
|
|
|
|
|
|
|
|
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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|