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)

3 Months Ended

Sep. 30, 2018

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, 2018 and June 30, 2018.



in thousands
	September 30, 2018				June 30, 2018
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	22,714	$	22,714	$	6,291	$	6,291
Receivables, net	57,332		57,332		35,856		35,856
Secured loans receivable	81,891		81,891		110,424		110,424
Derivative asset on open sale and purchase commitments, net	1,981		1,981		2,274		2,274
Derivative asset on option contracts	392		392		390		390
Derivative asset on futures contracts	140		140		238		238
Derivative asset on forward contracts	193		193		4,493		4,493
Income taxes receivable	1,561		1,561		1,553		1,553
Financial liabilities:
Lines of credit	$	179,000	$	179,000	$	200,000	$	200,000
Debt obligation (related party)	7,257		7,257		7,226		7,226
Liability on borrowed metals	227,198		227,198		280,346		280,346
Product financing arrangements	53,126		53,126		113,940		113,940
Derivative liability on margin accounts	3,728		3,728		3,804		3,804
Derivative liability on price protection programs	116		116		168		168
Derivative liability on open sale and purchase commitments, net	25,488		25,488		16,485		16,485
Derivative liability on futures contracts	2,163		2,163		—		—
Derivative liability on forward contracts	4,479		4,479		—		—
Accounts payable	60,993		60,993		45,997		45,997
Accrued liabilities	4,838		4,838		5,129		5,129
Other long-term liabilities (related party) ⁽¹⁾	296		296		798		798
Notes payable	87,056		87,056		—		—

(1) Includes estimated contingent amounts due to SilverTowne.

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, 2018 and June 30, 2018, aggregated by the level in the fair value hierarchy within which the measurements fall:



	September 30, 2018
	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⁾	$	289,719	$	—	$	—	$	289,719
Precious metals held under financing arrangements	232,476						232,476
Derivative assets — open sale and purchase commitments, net	1,981		—		—		1,981
Derivative assets — option contracts	392		—		—		392
Derivative assets — futures contracts	140		—		—		140
Derivative assets — forward contracts	193		—		—		193
Total assets, valued at fair value	$	524,901	$	—	$	—	$	524,901
Liabilities:
Liability on borrowed metals	$	227,198	$	—	$	—	$	227,198
Product financing arrangements	53,126		—		—		53,126
Derivative liabilities — price protection programs	—		—		116		116
Derivative liabilities — liability on margin accounts	3,728		—		—		3,728
Derivative liabilities — open sale and purchase commitments, net	25,488		—		—		25,488
Derivative liabilities — future contracts	2,163		—		—		2,163
Derivative liabilities — forward contracts	4,479		—		—		4,479
Contingent earn-out liability	$	—	$	—	$	588	$	588
Total liabilities, valued at fair value	$	316,182	$	—	$	704	$	316,886

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⁽¹⁾ Commemorative coin inventory totaling $86,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 2018
	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⁾	$	280,017	$	—	$	—	$	280,017
Precious metals held under financing arrangements	262,566		—		—		262,566
Derivative assets — open sale and purchase commitments, net	2,274		—		—		2,274
Derivative assets — option contracts	390		—		—		390
Derivative assets — futures contracts	238		—		—		238
Derivative assets — forward contracts	4,493		—		—		4,493
Total assets, valued at fair value	$	549,978	$	—	$	—	$	549,978
Liabilities:
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
Derivative liabilities — open sale and purchase commitments, net	16,485		—		—		16,485
Contingent earn-out liability	—		—		588		588
Total liabilities, valued at fair value	$	414,575	$	—	$	756	$	415,331

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⁽¹⁾ Commemorative coin inventory totaling $99,000 is held at lower of cost or market and is thus excluded from this table.