Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.8.0.1
Assets and Liabilities, at Fair Value (Tables)
3 Months Ended
Sep. 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 September 30, 2017 and June 30, 2017.
in thousands
 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
June 30, 2017
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
8,357

 
$
8,357

 
$
13,059

 
$
13,059

Receivables, net
 
42,133

 
42,133

 
39,295

 
39,295

Secured loans receivable
 
88,871

 
88,871

 
91,238

 
91,238

Derivative asset on open sale and purchase commitments, net
 
2,745

 
2,745

 
931

 
931

Derivative asset on option contracts
 
214

 
214

 

 

Derivative asset on futures contracts
 
7,263

 
7,263

 
1,273

 
1,273

Derivative asset on forward contracts
 
10,104

 
10,104

 
15,383

 
15,383

Income taxes receivable
 
5,881

 
5,881

 

 

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
219,000

 
$
219,000

 
$
180,000

 
$
180,000

Debt obligation (related party)
 
6,818

 
6,818

 

 

Liability on borrowed metals
 
15,010

 
15,010

 
5,625

 
5,625

Product financing arrangements
 
124,864

 
124,864

 
135,343

 
135,343

Derivative liability on margin accounts
 
3,577

 
3,577

 
4,797

 
4,797

Derivative liability on price protection programs
 
198

 
198

 

 

Derivative liability on open sale and purchase commitments, net
 
20,214

 
20,214

 
29,785

 
29,785

Accounts payable
 
45,660

 
45,660

 
41,947

 
41,947

Accrued liabilities
 
4,831

 
4,831

 
4,945

 
4,945

Other long-term liabilities (related party) (1)
 
1,123

 
1,123

 
1,117

 
1,117

Income taxes payable
 

 

 
1,418

 
1,418

Note payable - related party
 

 

 
500

 
500

 
 
 
 
 
 
 
 
 
(1) Includes estimated contingent amounts due to SilverTowne and Goldline Lenders.
 
 
 
 
 
 
 
 
 
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, 2017 and June 30, 2017, aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
September 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)
 
$
311,369

 
$

 
$

 
$
311,369

Derivative assets — open sale and purchase commitments, net
 
2,745

 

 

 
2,745

Derivative assets — option contracts
 
214

 

 

 
214

Derivative assets — futures contracts
 
7,263

 

 

 
7,263

Derivative assets — forward contracts
 
10,104

 

 

 
10,104

Total assets, valued at fair value
 
$
331,695

 
$

 
$

 
$
331,695

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
15,010

 
$

 
$

 
$
15,010

Product financing arrangements
 
124,864

 

 

 
124,864

Liability on price protection programs
 

 

 
198

 
198

Derivative liabilities — liability on margin accounts
 
3,577

 

 

 
3,577

Derivative liabilities — open sale and purchase commitments, net
 
20,214

 

 

 
20,214

Derivative liabilities — future contracts
 

 

 

 

Derivative liabilities — forward contracts
 

 

 

 

Contingent earn-out liability
 
$

 
$

 
$
1,117

 
$
1,117

Total liabilities, valued at fair value
 
$
163,665

 
$

 
$
1,315

 
$
164,980

____________________
(1) Commemorative coin inventory totaling $215,000 is held at lower of cost or market and is thus excluded from this table.
 
 
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

Derivative liabilities — forward contracts
 

 

 
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.