Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.19.3
Assets and Liabilities, at Fair Value (Tables)
3 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
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, 2019 and June 30, 2019.
in thousands
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
June 30, 2019
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
12,461

 
$
12,461

 
$
8,320

 
$
8,320

Receivables, net
 
23,643

 
23,643

 
26,895

 
26,895

Secured loans receivable
 
150,473

 
150,473

 
125,298

 
125,298

Derivative assets on open sale and purchase commitments, net
 
4,960

 
4,960

 
2,322

 
2,322

Derivative assets on option contracts
 
11

 
11

 
61

 
61

Derivative assets on futures contracts
 
3,871

 
3,871

 
2

 
2

Derivative assets on forward contracts
 
10,704

 
10,704

 
43

 
43

Income taxes receivable
 
1,500

 
1,500

 
1,473

 
1,473

Other long-term assets
 
3,000

 
3,000

 

 

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
204,000

 
$
204,000

 
$
167,000

 
$
167,000

Liabilities on borrowed metals
 
196,738

 
196,738

 
201,144

 
201,144

Product financing arrangements
 
159,130

 
159,130

 
94,505

 
94,505

Derivative liabilities on margin accounts
 
3,455

 
3,455

 
2,981

 
2,981

Derivative liabilities on price protection programs
 
13

 
13

 
22

 
22

Derivative liabilities on open sale and purchase commitments, net
 
3,115

 
3,115

 
3,822

 
3,822

Derivative liabilities on futures contracts
 

 

 
1,241

 
1,241

Derivative liabilities on forward contracts
 
107

 
107

 
1,905

 
1,905

Accounts payable
 
85,405

 
85,405

 
62,180

 
62,180

Accrued liabilities
 
5,391

 
5,391

 
6,137

 
6,137

Notes payable
 
92,017

 
99,172

 
91,859

 
98,609

 
 
 
 
 
 
 
 
 
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, 2019 and June 30, 2019, aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
September 30, 2019
 
 
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)
 
$
369,862

 
$

 
$

 
$
369,862

Precious metals held under financing arrangements
 
200,809

 

 

 
200,809

Derivative assets — open sale and purchase commitments, net
 
4,960

 

 

 
4,960

Derivative assets — option contracts
 
11

 

 

 
11

Derivative assets — futures contracts
 
3,871

 

 

 
3,871

Derivative assets — forward contracts
 
10,704

 

 

 
10,704

Total assets, valued at fair value
 
$
590,217

 
$

 
$

 
$
590,217

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Liabilities on borrowed metals
 
$
196,738

 
$

 
$

 
$
196,738

Product financing arrangements
 
159,130

 

 

 
159,130

Derivative liabilities — price protection programs
 

 

 
13

 
13

Derivative liabilities — margin accounts
 
3,455

 

 

 
3,455

Derivative liabilities — open sale and purchase commitments, net
 
3,115

 

 

 
3,115

Derivative liabilities — forward contracts
 
107

 

 

 
107

Total liabilities, valued at fair value
 
$
362,545

 
$

 
$
13

 
$
362,558

____________________
(1) Commemorative coin inventory totaling $2.3 million is held at lower of cost or net realizable value and is thus excluded from this table.
 
 
June 30, 2019
 
 
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)
 
$
292,844

 
$

 
$

 
$
292,844

Precious metals held under financing arrangements
 
208,792

 

 

 
208,792

Derivative assets — open sale and purchase commitments, net
 
2,322

 

 

 
2,322

Derivative assets — option contracts
 
61

 

 

 
61

Derivative assets — futures contracts
 
2

 

 

 
2

Derivative assets — forward contracts
 
43

 

 

 
43

Total assets, valued at fair value
 
$
504,064

 
$

 
$

 
$
504,064

Liabilities:
 
 
 
 
 
 
 
 
Liabilities on borrowed metals
 
$
201,144

 
$

 
$

 
$
201,144

Product financing arrangements
 
94,505

 

 

 
94,505

Derivative liabilities — price protection programs
 

 

 
22

 
22

Derivative liabilities — margin accounts
 
2,981

 

 

 
2,981

Derivative liabilities — open sale and purchase commitments, net
 
3,822

 

 

 
3,822

Derivative liabilities — futures contracts
 
1,241

 

 

 
1,241

Derivative liabilities — forward contracts
 
1,905

 

 

 
1,905

Total liabilities, valued at fair value
 
$
305,598

 
$

 
$
22

 
$
305,620

____________________
(1) Commemorative coin inventory totaling $17 thousand is held at lower of cost or net realizable value and is thus excluded from this table.