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)

6 Months Ended

Dec. 31, 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 fixed-rate notes payable of December 31, 2019 and June 30, 2019:

in thousands

December 31, 2019

June 30, 2019

Carrying Amount

Fair value

Carrying Amount

Fair value

Notes payable

92,181

99,785

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 December 31, 2019 and June 30, 2019, aggregated by the level in the fair value hierarchy within which the measurements fall:



	December 31, 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:
Inventories ⁽¹⁾	$	261,533	$	—	$	—	$	261,533
Precious metals held under financing arrangements	196,972		—		—		196,972
Derivative assets — open sale and purchase commitments, net	4,950		—		—		4,950
Derivative assets — option contracts	1		—		—		1
Derivative assets — futures contracts	60		—		—		60
Derivative assets — forward contracts	348		—		—		348
Total assets, valued at fair value	$	463,864	$	—	$	—	$	463,864

Liabilities:
Liabilities on borrowed metals	$	192,889	$	—	$	—	$	192,889
Product financing arrangements	79,766		—		—		79,766
Derivative liabilities — price protection programs	—		—		2		2
Derivative liabilities — margin accounts	3,618		—		—		3,618
Derivative liabilities — open sale and purchase commitments, net	2,589		—		—		2,589
Derivative liabilities — futures contracts	2,840		—		—		2,840
Total liabilities, valued at fair value	$	281,702	$	—	$	2	$	281,704

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⁽¹⁾ Commemorative coin inventory totaling $1.4 million is held at lower of cost or net realizable value and thus is excluded from the inventories balance shown in 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:
Inventories ⁽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 thus is excluded from the inventories balance shown in this table.