|
Hedging Transactions (Tables)
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9 Months Ended |
|
Mar. 31, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 March 31, 2014 and at June 30, 2013:
|
|
|
|
|
|
|
|
|
in thousands |
March 31, 2014 |
|
June 30, 2013 |
Inventory |
$ |
193,801 |
|
|
$ |
162,378 |
|
Less unhedgable inventory: |
|
|
|
Commemorative coin inventory, held at lower of cost or market |
(1,804 |
) |
|
— |
|
Premium on metals position |
(3,435 |
) |
|
(1,787 |
) |
Premium on inventory |
(5,239 |
) |
|
(1,787 |
) |
|
|
|
|
Subtotal |
188,562 |
|
|
160,591 |
|
Commitments at market: |
|
|
|
|
|
Open inventory purchase commitments |
473,095 |
|
|
461,883 |
|
Open inventory sales commitments |
(253,818 |
) |
|
(272,044 |
) |
Margin sale commitments |
(13,525 |
) |
|
(13,651 |
) |
In-transit inventory no longer subject to market risk |
(5,768 |
) |
|
(24,221 |
) |
Unhedgable premiums on open commitment positions |
1,555 |
|
|
2,107 |
|
Inventory borrowed from suppliers |
(8,620 |
) |
|
(20,117 |
) |
Product financing obligation |
(49,684 |
) |
|
(38,554 |
) |
Advances on industrial metals |
(5,678 |
) |
|
33 |
|
Inventory subject to price risk |
326,119 |
|
|
256,027 |
|
Inventory subject to derivative financial instruments: |
|
|
|
Precious metals forward contracts at market values |
149,401 |
|
|
84,999 |
|
Precious metals futures contracts at market values |
177,093 |
|
|
171,272 |
|
Total market value of derivative financial instruments |
326,494 |
|
|
256,271 |
|
Net inventory subject to commodity price risk |
$ |
(375 |
) |
|
$ |
(244 |
) |
|
| Schedule of outstanding commitments |
As of March 31, 2014 and June 30, 2013, the Company had the following outstanding commitments:
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|
in thousands |
|
March 31, 2014 |
|
June 30, 2013 |
|
|
|
|
|
Purchase commitments |
|
$ |
473,095 |
|
|
$ |
461,883 |
|
Sales commitments |
|
(253,818 |
) |
|
(272,044 |
) |
Margin sales commitments |
|
(13,525 |
) |
|
(13,651 |
) |
Open forward contracts |
|
149,401 |
|
|
84,999 |
|
Open futures contracts |
|
177,093 |
|
|
171,272 |
|
|
| Offsetting Assets and Liabilities |
Offsetting Derivative Instruments
In respect to the Company's derivative contracts with the same counterparty, the receivables and payables have been netted on the condensed consolidated balance sheets. Such derivative contracts include open sales and purchase commitments, futures, forwards and margin accounts. In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of March 31, 2014 and June 30, 2013.
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March 31, 2014 |
|
June 30, 2013 |
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|
in thousands |
Type of Hedge |
|
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 |
COM |
|
$ |
4,284 |
|
|
$ |
(2,039 |
) |
|
$ |
— |
|
|
$ |
2,245 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Future contracts |
COM |
|
5,741 |
|
|
— |
|
|
— |
|
|
5,741 |
|
|
14,967 |
|
|
— |
|
|
— |
|
|
14,967 |
|
Forward contracts |
COM |
|
9,813 |
|
|
— |
|
|
— |
|
|
9,813 |
|
|
471 |
|
|
— |
|
|
— |
|
|
471 |
|
|
|
|
$ |
19,838 |
|
|
$ |
(2,039 |
) |
|
$ |
— |
|
|
$ |
17,799 |
|
|
$ |
15,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,438 |
|
Nettable derivative payables: |
Open sales and purchase commitments |
COM |
|
$ |
11,579 |
|
|
$ |
(958 |
) |
|
$ |
— |
|
|
$ |
10,621 |
|
|
$ |
48,015 |
|
|
$ |
(17,823 |
) |
|
$ |
— |
|
|
$ |
30,192 |
|
Margin accounts |
COM |
|
13,525 |
|
|
— |
|
|
(5,611 |
) |
|
7,914 |
|
|
13,651 |
|
|
— |
|
|
(7,015 |
) |
|
6,636 |
|
Future contracts |
COM |
|
716 |
|
|
— |
|
|
— |
|
|
716 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Forward contracts |
FX |
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
$ |
25,822 |
|
|
$ |
(958 |
) |
|
$ |
(5,611 |
) |
|
$ |
19,253 |
|
|
$ |
61,666 |
|
|
$ |
(17,823 |
) |
|
$ |
(7,015 |
) |
|
$ |
36,828 |
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