A-Mark Precious Metals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

Assets and Liabilities, at Fair Value (Tables)

6 Months Ended

Dec. 31, 2017

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, 2017 and June 30, 2017.



in thousands
	December 31, 2017				June 30, 2017
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	12,011	$	12,011	$	13,059	$	13,059
Receivables, net	39,418		39,418		39,295		39,295
Secured loans receivable	96,971		96,971		91,238		91,238
Derivative asset on open sale and purchase commitments, net	1,009		1,009		931		931
Derivative asset on option contracts	158		158		—		—
Derivative asset on futures contracts	179		179		1,273		1,273
Derivative asset on forward contracts	53		53		15,383		15,383
Income taxes receivable	663		663		—		—
Financial liabilities:
Lines of credit	$	214,000	$	214,000	$	180,000	$	180,000
Debt obligation (related party)	6,873		6,873		—		—
Liability on borrowed metals	19,526		19,526		5,625		5,625
Product financing arrangements	120,161		120,161		135,343		135,343
Derivative liability on margin accounts	4,252		4,252		4,797		4,797
Derivative liability on price protection programs	84		84		—		—
Derivative liability on open sale and purchase commitments, net	2,561		2,561		29,785		29,785
Derivative liability on futures contracts	4,167		4,167		—		—
Derivative liability on forward contracts	16,356		16,356		—		—
Accounts payable	59,754		59,754		41,947		41,947
Accrued liabilities	5,263		5,263		4,945		4,945
Other long-term liabilities (related party) ⁽¹⁾	1,103		1,103		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 December 31, 2017 and June 30, 2017, aggregated by the level in the fair value hierarchy within which the measurements fall:



	December 31, 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⁾	$	335,106	$	—	$	—	$	335,106
Derivative assets — open sale and purchase commitments, net	1,009		—		—		1,009
Derivative assets — option contracts	158		—		—		158
Derivative assets — futures contracts	179		—		—		179
Derivative assets — forward contracts	53		—		—		53
Total assets, valued at fair value	$	336,505	$	—	$	—	$	336,505
Liabilities:
Liability on borrowed metals	$	19,526	$	—	$	—	$	19,526
Product financing arrangements	120,161		—		—		120,161
Derivative liabilities — price protection programs	—		—		84		84
Derivative liabilities — liability on margin accounts	4,252		—		—		4,252
Derivative liabilities — open sale and purchase commitments, net	2,561		—		—		2,561
Derivative liabilities — future contracts	4,167		—		—		4,167
Derivative liabilities — forward contracts	16,356		—		—		16,356
Contingent earn-out liability	$	—	$	—	$	588	$	588
Total liabilities, valued at fair value	$	167,023	$	—	$	672	$	167,695

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⁽¹⁾ Commemorative coin inventory totaling $129,000 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
Contingent earn-out liability	—		—		1,325		1,325
Total liabilities, valued at fair value	$	175,550	$	—	$	1,325	$	176,875

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⁽¹⁾ Commemorative coin inventory totaling $40,000 is held at lower of cost or market and is thus excluded from this table.