|
Hedging Transactions (Tables)
|
12 Months Ended |
|
Jun. 30, 2014
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of market values of derivative instruments |
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
June 30, |
|
2014 |
|
2013 |
Inventory |
|
$ |
175,554 |
|
|
$ |
162,378 |
|
Less unhedgable inventory: |
|
|
|
|
Commemorative coin inventory, held at lower of cost or market |
|
(2,564 |
) |
|
— |
|
Premium on metals position |
|
(3,285 |
) |
|
(1,787 |
) |
Premium on inventory |
|
(5,849 |
) |
|
(1,787 |
) |
|
|
|
|
|
Subtotal |
|
169,705 |
|
|
160,591 |
|
Commitments at market: |
|
|
|
|
|
|
Open inventory purchase commitments |
|
489,944 |
|
|
461,883 |
|
Open inventory sales commitments |
|
(190,108 |
) |
|
(272,044 |
) |
Margin sale commitments |
|
(15,751 |
) |
|
(13,651 |
) |
In-transit inventory no longer subject to market risk |
|
(4,522 |
) |
|
(24,221 |
) |
Unhedgable premiums on open commitment positions |
|
1,694 |
|
|
2,107 |
|
Inventory borrowed from suppliers |
|
(8,709 |
) |
|
(20,117 |
) |
Product financing obligation |
|
(24,610 |
) |
|
(38,554 |
) |
Advances on industrial metals |
|
8,813 |
|
|
33 |
|
Inventory subject to price risk |
|
426,456 |
|
|
256,027 |
|
Inventory subject to derivative financial instruments: |
|
|
|
|
Precious metals forward contracts at market values |
|
206,055 |
|
|
84,999 |
|
Precious metals futures contracts at market values |
|
220,984 |
|
|
171,272 |
|
Total market value of derivative financial instruments |
|
427,039 |
|
|
256,271 |
|
Net inventory subject to commodity price risk |
|
$ |
(583 |
) |
|
$ |
(244 |
) |
|
| Schedule of outstanding commitments |
As of June 30, 2014 and June 30, 2013, the Company had the following outstanding commitments and open forward and future contracts:
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
June 30, |
|
2014 |
|
2013 |
Purchase commitments |
|
$ |
489,944 |
|
|
$ |
461,883 |
|
Sales commitments |
|
(190,108 |
) |
|
(272,044 |
) |
Margin sales commitments |
|
(15,751 |
) |
|
(13,651 |
) |
Open forward contracts |
|
206,055 |
|
|
84,999 |
|
Open futures contracts |
|
220,984 |
|
|
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 consolidated balance sheets. Such derivative contracts include open sale 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 June 30, 2014 and June 30, 2013.
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|
|
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|
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|
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|
|
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|
|
|
|
|
|
June 30, |
|
2014 |
|
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 sale and purchase commitments |
|
$ |
26,282 |
|
|
$ |
(4,112 |
) |
|
$ |
— |
|
|
$ |
22,170 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Future contracts |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14,967 |
|
|
— |
|
|
— |
|
|
14,967 |
|
Forward contracts |
|
14 |
|
|
— |
|
|
— |
|
|
14 |
|
|
471 |
|
|
— |
|
|
— |
|
|
471 |
|
|
|
$ |
26,296 |
|
|
$ |
(4,112 |
) |
|
$ |
— |
|
|
$ |
22,184 |
|
|
$ |
15,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,438 |
|
Nettable derivative payables: |
Open sale and purchase commitments |
|
$ |
1,022 |
|
|
$ |
(174 |
) |
|
$ |
— |
|
|
$ |
848 |
|
|
$ |
48,015 |
|
|
$ |
(17,823 |
) |
|
$ |
— |
|
|
$ |
30,192 |
|
Margin accounts |
|
15,751 |
|
|
— |
|
|
(6,768 |
) |
|
8,983 |
|
|
13,651 |
|
|
— |
|
|
(7,015 |
) |
|
6,636 |
|
Future contracts |
|
(15,121 |
) |
|
— |
|
|
23,199 |
|
|
8,078 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Forward contracts |
|
14,873 |
|
|
— |
|
|
— |
|
|
14,873 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
$ |
16,525 |
|
|
$ |
(174 |
) |
|
$ |
16,431 |
|
|
$ |
32,782 |
|
|
$ |
61,666 |
|
|
$ |
(17,823 |
) |
|
$ |
(7,015 |
) |
|
$ |
36,828 |
|
|