Annual report pursuant to Section 13 and 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.7.0.1
Assets and Liabilities, at Fair Value (Tables)
12 Months Ended
Jun. 30, 2017
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 June 30, 2017 and June 30, 2016.
in thousands
 
 
 
 
 
 
 
 
 
 
June 30, 2017
 
June 30, 2016
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
13,059

 
$
13,059

 
$
17,142

 
$
17,142

Receivables, net
 
39,295

 
39,295

 
43,302

 
43,302

Secured loans receivable
 
91,238

 
91,238

 
70,504

 
70,504

Derivative assets - open sale and purchase commitments, net
 
931

 
931

 
32,347

 
32,347

Derivative assets - futures contracts
 
1,273

 
1,273

 

 

Derivative assets - forward contracts
 
15,383

 
15,383

 
1,385

 
1,385

Income taxes receivables
 

 

 
7,318

 
7,318

Income taxes receivable from Former Parent
 

 

 
203

 
203

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
180,000

 
$
180,000

 
$
212,000

 
$
212,000

Liability on borrowed metals
 
5,625

 
5,625

 
4,352

 
4,352

Product financing arrangements
 
135,343

 
135,343

 
59,358

 
59,358

Derivative liabilities - liability on margin accounts
 
4,797

 
4,797

 
8,182

 
8,182

Derivative liabilities - open sale and purchase commitments, net
 
29,785

 
29,785

 
1,919

 
1,919

Derivative liabilities - futures contracts
 

 

 
13,914

 
13,914

Derivative liabilities - forward contracts
 

 

 
12,439

 
12,439

Accounts payable
 
41,947

 
41,947

 
46,769

 
46,769

Accrued liabilities
 
4,945

 
4,945

 
7,660

 
7,660

Other long-term liabilities
 
1,117

 
1,117

 

 

Income taxes payable
 
1,418

 
1,418

 

 

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 June 30, 2017 and June 30, 2016, aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
June 30, 2017
 
 
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)
 
$
284,619

 
$

 
$

 
$
284,619

Derivative assets — open sale and purchase commitments, net
 
931

 

 

 
931

Derivative assets — futures contracts
 
1,273

 

 

 
1,273

Derivative assets — forward contracts
 
15,383

 

 

 
15,383

Total assets, valued at fair value
 
$
302,206

 
$

 
$

 
$
302,206

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
5,625

 
$

 
$

 
$
5,625

Product financing arrangements
 
135,343

 

 

 
135,343

Derivative liabilities — liability on margin accounts
 
4,797

 

 

 
4,797

Derivative liabilities — open sale and purchase commitments, net
 
29,785

 

 

 
29,785

Contingent earn-out liability
 
$

 
$

 
$
1,325

 
$
1,325

Total liabilities, valued at fair value
 
$
175,550

 
$

 
$
1,325

 
$
176,875

____________________
(1) Commemorative coin inventory totaling $40,000 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.