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, 2019

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

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⁽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

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