Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.6.0.2
Assets and Liabilities, at Fair Value (Tables)
6 Months Ended
Dec. 31, 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 December 31, 2016 and June 30, 2016.
in thousands
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
June 30, 2016
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
13,270

 
$
13,270

 
$
17,142

 
$
17,142

Receivables, net
 
81,945

 
81,945

 
43,302

 
43,302

Secured loans receivable
 
80,939

 
80,939

 
70,504

 
70,504

Derivative assets - open sale and purchase commitments, net
 
3,184

 
3,184

 
32,347

 
32,347

Derivative assets - futures contracts
 
19,531

 
19,531

 

 

Derivative assets - forward contracts
 
16,862

 
16,862

 
1,385

 
1,385

Income taxes receivables
 
1,429

 
1,429

 
7,318

 
7,318

Income taxes receivable from Former Parent
 

 

 
203

 
203

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
185,000

 
$
185,000

 
$
212,000

 
$
212,000

Liability on borrowed metals
 
3,471

 
3,471

 
4,352

 
4,352

Product financing arrangements
 
121,466

 
121,466

 
59,358

 
59,358

Derivative liabilities - liability on margin accounts
 
5,415

 
5,415

 
8,182

 
8,182

Derivative liabilities - open sale and purchase commitments, net
 
68,434

 
68,434

 
1,919

 
1,919

Derivative liabilities - futures contracts
 
470

 
470

 
13,914

 
13,914

Derivative liabilities - forward contracts
 
39

 
39

 
12,439

 
12,439

Accounts payable
 
65,845

 
65,845

 
46,769

 
46,769

Accrued liabilities
 
4,499

 
4,499

 
7,660

 
7,660

Income taxes payable
 
5,745

 
5,745

 

 

Note payable - related party
 
500

 
500

 

 

 
 
 
 
 
 
 
 
 
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 December 31, 2016 and June 30, 2016 aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
December 31, 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)
 
$
290,889

 
$

 
$

 
$
290,889

Derivative assets — open sale and purchase commitments, net
 
3,184

 

 

 
3,184

Derivative assets — futures contracts
 
19,531

 

 

 
19,531

Derivative assets — forward contracts
 
16,862

 

 

 
16,862

Total assets, valued at fair value
 
$
330,466

 
$

 
$

 
$
330,466

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
3,471

 
$

 
$

 
$
3,471

Product financing arrangements
 
121,466

 

 

 
121,466

Derivative liabilities — liability on margin accounts
 
5,415

 

 

 
5,415

Derivative liabilities — open sale and purchase commitments, net
 
68,434

 

 

 
68,434

Derivative liabilities — future contracts
 
470

 

 

 
470

Derivative liabilities — forward contracts
 
39

 

 

 
39

Total liabilities, valued at fair value
 
$
199,295

 
$

 
$

 
$
199,295

____________________
(1) Commemorative coin inventory totaling $34,000 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.