| 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, 2018 and June 30, 2017.
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in thousands |
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June 30, 2018 |
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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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|
|
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Cash |
|
$ |
6,291 |
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|
$ |
6,291 |
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|
$ |
13,059 |
|
|
$ |
13,059 |
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Receivables, net |
|
35,856 |
|
|
35,856 |
|
|
39,295 |
|
|
39,295 |
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Secured loans receivable |
|
110,424 |
|
|
110,424 |
|
|
91,238 |
|
|
91,238 |
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Derivative asset on open sale and purchase commitments, net |
|
2,274 |
|
|
2,274 |
|
|
931 |
|
|
931 |
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Derivative asset on option contracts |
|
390 |
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|
390 |
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|
— |
|
|
— |
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Derivative asset on futures contracts |
|
238 |
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|
238 |
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|
1,273 |
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|
1,273 |
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Derivative asset on forward contracts |
|
4,493 |
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|
4,493 |
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|
15,383 |
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|
15,383 |
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Income taxes receivable |
|
1,553 |
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|
1,553 |
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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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$ |
200,000 |
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|
$ |
200,000 |
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|
$ |
180,000 |
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|
$ |
180,000 |
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Debt obligation (related party) |
|
7,226 |
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|
7,226 |
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|
— |
|
|
— |
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Liability on borrowed metals |
|
280,346 |
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|
280,346 |
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|
5,625 |
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|
5,625 |
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Product financing arrangements |
|
113,940 |
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|
113,940 |
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|
135,343 |
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|
135,343 |
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Derivative liability on margin accounts |
|
3,804 |
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|
3,804 |
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|
4,797 |
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|
4,797 |
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Derivative liability on price protection programs |
|
168 |
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|
168 |
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|
— |
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|
— |
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Derivative liability on open sale and purchase commitments, net |
|
16,485 |
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|
16,485 |
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|
29,785 |
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|
29,785 |
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Accounts payable |
|
45,997 |
|
|
45,997 |
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|
41,947 |
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|
41,947 |
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Accrued liabilities |
|
5,129 |
|
|
5,129 |
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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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|
798 |
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|
798 |
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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 to 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 June 30, 2018 and June 30, 2017, aggregated by the level in the fair value hierarchy within which the measurements fall:
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June 30, 2018 |
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Quoted Price in |
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|
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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 |
|
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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$ |
280,017 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
280,017 |
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Precious metals held under financing arrangements |
|
262,566 |
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|
|
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|
262,566 |
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Derivative assets — open sale and purchase commitments, net |
|
2,274 |
|
|
— |
|
|
— |
|
|
2,274 |
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Derivative assets — option contracts |
|
390 |
|
|
— |
|
|
— |
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|
390 |
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Derivative assets — futures contracts |
|
238 |
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|
— |
|
|
— |
|
|
238 |
|
Derivative assets — forward contracts |
|
4,493 |
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|
— |
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|
— |
|
|
4,493 |
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Total assets, valued at fair value |
|
$ |
549,978 |
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|
$ |
— |
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|
$ |
— |
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$ |
549,978 |
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Liabilities: |
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|
|
|
|
|
|
|
Liability on borrowed metals |
|
$ |
280,346 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
280,346 |
|
Product financing arrangements |
|
113,940 |
|
|
— |
|
|
— |
|
|
113,940 |
|
Derivative liabilities — price protection programs |
|
— |
|
|
— |
|
|
168 |
|
|
168 |
|
Derivative liabilities — liability on margin accounts |
|
3,804 |
|
|
— |
|
|
— |
|
|
3,804 |
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Derivative liabilities — open sale and purchase commitments, net |
|
16,485 |
|
|
— |
|
|
— |
|
|
16,485 |
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Contingent earn-out liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
588 |
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|
$ |
588 |
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Total liabilities, valued at fair value |
|
$ |
414,575 |
|
|
$ |
— |
|
|
$ |
756 |
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|
$ |
415,331 |
|
____________________
(1) Commemorative coin inventory totaling $99,000 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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|
|
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|
|
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Active Markets |
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Significant Other |
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Significant |
|
|
|
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for Identical |
|
Observable |
|
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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|
|
|
|
|
|
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.
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