|
Hedging Transactions (Tables)
|
6 Months Ended |
|
Dec. 31, 2013
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of market values of derivative instruments |
A summary of the market values of the Company’s physical inventory positions, sales and purchase commitments, and its outstanding forward and futures contracts is as follows at December 31, 2013 and at June 30, 2013:
|
|
|
|
|
|
|
|
|
in thousands |
December 31, 2013 |
|
June 30, 2013 |
Inventory |
$ |
160,029 |
|
|
$ |
162,378 |
|
Less unhedgable inventory: |
|
|
|
Premium on metals position |
(3,336 |
) |
|
(1,787 |
) |
Subtotal |
156,693 |
|
|
160,591 |
|
Commitments at market: |
|
|
|
|
|
Open inventory purchase commitments |
391,320 |
|
|
461,883 |
|
Open inventory sales commitments |
(138,805 |
) |
|
(272,044 |
) |
Margin sales commitments |
(15,765 |
) |
|
(13,651 |
) |
In-transit inventory no longer subject to market risk |
(15,522 |
) |
|
(24,221 |
) |
Unhedgable premiums on open commitment positions |
1,601 |
|
|
2,107 |
|
Inventory borrowed from suppliers |
(11,226 |
) |
|
(20,117 |
) |
Product financing obligation |
(25,506 |
) |
|
(38,554 |
) |
Advances on industrial metals |
(3,254 |
) |
|
33 |
|
Inventory subject to price risk |
339,536 |
|
|
256,027 |
|
Inventory subject to derivative financial instruments: |
|
|
|
Precious metals forward contracts at market values |
167,928 |
|
|
84,999 |
|
Precious metals futures contracts at market values |
171,728 |
|
|
171,272 |
|
Total market value of derivative financial instruments |
339,656 |
|
|
256,271 |
|
Net inventory subject to price risk, Company consolidated basis |
$ |
(120 |
) |
|
$ |
(244 |
) |
|
| Summary of effects of related parties on inventory subject to price risk |
|
|
|
|
|
|
|
|
|
in thousands |
December 31, 2013 |
|
June 30, 2013 |
Effects of open related party transactions between A-Mark and affiliates: |
|
|
|
Net inventory subject to price risk, Company consolidated basis |
$ |
(120 |
) |
|
$ |
(244 |
) |
Open inventory sales commitments with affiliates |
(256 |
) |
|
(1,402 |
) |
Open inventory purchase commitments with affiliates |
287 |
|
|
1,282 |
|
Net inventory subject to price risk, Company stand-alone basis |
$ |
(89 |
) |
|
$ |
(364 |
) |
|
| Schedule of outstanding commitments |
As of December 31, 2013 and June 30, 2013, the Company had the following outstanding commitments:
|
|
|
|
|
|
|
|
|
|
in thousands |
|
December 31, 2013 |
|
June 30, 2013 |
|
|
|
|
|
Purchase commitments |
|
$ |
391,320 |
|
|
$ |
461,883 |
|
Sales commitments |
|
(138,805 |
) |
|
(272,044 |
) |
Margin sales commitments |
|
(15,765 |
) |
|
(13,651 |
) |
Open forward contracts |
|
167,928 |
|
|
84,999 |
|
Open futures contracts |
|
171,728 |
|
|
171,272 |
|
|
| Schedule of offsetting assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
June 30, 2013 |
|
|
|
|
in thousands |
Gross Derivative |
|
Amounts Netted |
|
Cash Collateral Pledge |
|
Net Derivative |
|
Gross Derivative |
|
Amounts Netted |
|
Cash Collateral Pledge |
|
Net Derivative |
Nettable derivative receivables: |
Open sales and purchase commitments |
$ |
3,631 |
|
|
$ |
(338 |
) |
|
$ |
— |
|
|
$ |
3,293 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Future contracts |
10,921 |
|
|
— |
|
|
— |
|
|
10,921 |
|
|
14,967 |
|
|
— |
|
|
— |
|
|
14,967 |
|
Forward contracts |
4,933 |
|
|
— |
|
|
— |
|
|
4,933 |
|
|
471 |
|
|
— |
|
|
— |
|
|
471 |
|
|
$ |
19,485 |
|
|
$ |
(338 |
) |
|
$ |
— |
|
|
$ |
19,147 |
|
|
$ |
15,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,438 |
|
Nettable derivative payables: |
Open sales and purchase commitments |
$ |
32,528 |
|
|
$ |
(501 |
) |
|
$ |
— |
|
|
$ |
32,027 |
|
|
$ |
48,015 |
|
|
$ |
(17,823 |
) |
|
$ |
— |
|
|
$ |
30,192 |
|
Margin accounts |
15,765 |
|
|
— |
|
|
(9,296 |
) |
|
6,469 |
|
|
13,651 |
|
|
— |
|
|
(7,015 |
) |
|
6,636 |
|
Forward contracts |
10 |
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
48,303 |
|
|
$ |
(501 |
) |
|
$ |
(9,296 |
) |
|
$ |
38,506 |
|
|
$ |
61,666 |
|
|
$ |
(17,823 |
) |
|
$ |
(7,015 |
) |
|
$ |
36,828 |
|
|