| 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.
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in thousands |
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September 30, 2017 |
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June 30, 2017 |
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Carrying Amount |
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Fair value |
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Carrying Amount |
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Fair value |
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|
|
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Financial assets: |
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Cash |
|
$ |
8,357 |
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|
$ |
8,357 |
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|
$ |
13,059 |
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|
$ |
13,059 |
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Receivables, net |
|
42,133 |
|
|
42,133 |
|
|
39,295 |
|
|
39,295 |
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Secured loans receivable |
|
88,871 |
|
|
88,871 |
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|
91,238 |
|
|
91,238 |
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Derivative asset on open sale and purchase commitments, net |
|
2,745 |
|
|
2,745 |
|
|
931 |
|
|
931 |
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Derivative asset on option contracts |
|
214 |
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|
214 |
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|
— |
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|
— |
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Derivative asset on futures contracts |
|
7,263 |
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|
7,263 |
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|
1,273 |
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|
1,273 |
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Derivative asset on forward contracts |
|
10,104 |
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|
10,104 |
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|
15,383 |
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|
15,383 |
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Income taxes receivable |
|
5,881 |
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|
5,881 |
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— |
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|
— |
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Financial liabilities: |
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Lines of credit |
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$ |
219,000 |
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$ |
219,000 |
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$ |
180,000 |
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|
$ |
180,000 |
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Debt obligation (related party) |
|
6,818 |
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|
6,818 |
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|
— |
|
|
— |
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Liability on borrowed metals |
|
15,010 |
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|
15,010 |
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|
5,625 |
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|
5,625 |
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Product financing arrangements |
|
124,864 |
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|
124,864 |
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|
135,343 |
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|
135,343 |
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Derivative liability on margin accounts |
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3,577 |
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|
3,577 |
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|
4,797 |
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|
4,797 |
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Derivative liability on price protection programs |
|
198 |
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|
198 |
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— |
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|
— |
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Derivative liability on open sale and purchase commitments, net |
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20,214 |
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|
20,214 |
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|
29,785 |
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|
29,785 |
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Accounts payable |
|
45,660 |
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|
45,660 |
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|
41,947 |
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|
41,947 |
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Accrued liabilities |
|
4,831 |
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|
4,831 |
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|
4,945 |
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|
4,945 |
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Other long-term liabilities (related party) (1)
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1,123 |
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1,123 |
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|
1,117 |
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|
1,117 |
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Income taxes payable |
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— |
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— |
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|
1,418 |
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|
1,418 |
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Note payable - related party |
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— |
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— |
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|
500 |
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|
500 |
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(1) Includes estimated contingent amounts due to SilverTowne and Goldline Lenders. |
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| 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:
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September 30, 2017 |
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Quoted Price in |
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Active Markets |
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Significant Other |
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Significant |
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|
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for Identical |
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Observable |
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Unobservable |
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|
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Instruments |
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Inputs |
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Inputs |
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in thousands |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Total |
Assets: |
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Inventory (1)
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$ |
311,369 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
311,369 |
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Derivative assets — open sale and purchase commitments, net |
|
2,745 |
|
|
— |
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|
— |
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|
2,745 |
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Derivative assets — option contracts |
|
214 |
|
|
— |
|
|
— |
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|
214 |
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Derivative assets — futures contracts |
|
7,263 |
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|
— |
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|
— |
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|
7,263 |
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Derivative assets — forward contracts |
|
10,104 |
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|
— |
|
|
— |
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|
10,104 |
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Total assets, valued at fair value |
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$ |
331,695 |
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|
$ |
— |
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$ |
— |
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$ |
331,695 |
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Liabilities: |
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|
|
|
|
|
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Liability on borrowed metals |
|
$ |
15,010 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,010 |
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Product financing arrangements |
|
124,864 |
|
|
— |
|
|
— |
|
|
124,864 |
|
Liability on price protection programs |
|
— |
|
|
— |
|
|
198 |
|
|
198 |
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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 |
|
— |
|
|
— |
|
|
— |
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|
— |
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Derivative liabilities — forward contracts |
|
— |
|
|
— |
|
|
— |
|
|
— |
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Contingent earn-out liability |
|
$ |
— |
|
|
$ |
— |
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|
$ |
1,117 |
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|
$ |
1,117 |
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Total liabilities, valued at fair value |
|
$ |
163,665 |
|
|
$ |
— |
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|
$ |
1,315 |
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|
$ |
164,980 |
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____________________
(1) Commemorative coin inventory totaling $215,000 is held at lower of cost or market and is thus excluded from this table.
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June 30, 2017 |
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Quoted Price in |
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Active Markets |
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Significant Other |
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Significant |
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for Identical |
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Observable |
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Unobservable |
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Instruments |
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Inputs |
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Inputs |
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in thousands |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Total |
Assets: |
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|
|
|
|
|
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|
Inventory (1)
|
|
$ |
284,619 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
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.
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