Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.8.0.1
Assets and Liabilities, at Fair Value (Tables)
9 Months Ended
Mar. 31, 2018
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 March 31, 2018 and June 30, 2017.
in thousands
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
June 30, 2017
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
4,941

 
$
4,941

 
$
13,059

 
$
13,059

Receivables, net
 
41,260

 
41,260

 
39,295

 
39,295

Secured loans receivable
 
109,493

 
109,493

 
91,238

 
91,238

Derivative asset on open sale and purchase commitments, net
 
1,233

 
1,233

 
931

 
931

Derivative asset on option contracts
 
144

 
144

 

 

Derivative asset on futures contracts
 
1,059

 
1,059

 
1,273

 
1,273

Derivative asset on forward contracts
 
5,199

 
5,199

 
15,383

 
15,383

Income taxes receivable
 
1,521

 
1,521

 

 

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
210,000

 
$
210,000

 
$
180,000

 
$
180,000

Debt obligation (related party)
 
6,993

 
6,993

 

 

Liability on borrowed metals
 
243,295

 
243,295

 
5,625

 
5,625

Product financing arrangements
 
97,370

 
97,370

 
135,343

 
135,343

Derivative liability on margin accounts
 
3,841

 
3,841

 
4,797

 
4,797

Derivative liability on price protection programs
 
57

 
57

 

 

Derivative liability on open sale and purchase commitments, net
 
14,273

 
14,273

 
29,785

 
29,785

Accounts payable
 
51,833

 
51,833

 
41,947

 
41,947

Accrued liabilities
 
6,042

 
6,042

 
4,945

 
4,945

Other long-term liabilities (related party) (1)
 
1,049

 
1,049

 
1,117

 
1,117

Income taxes payable
 

 

 
1,418

 
1,418

Note payable - related party
 

 

 
500

 
500

 
 
 
 
 
 
 
 
 
(1) Includes estimated contingent amounts due to SilverTowne and to Goldline Lenders.
 
 
 
 
 
 
 
 
 
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 March 31, 2018 and June 30, 2017, aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
March 31, 2018
 
 
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)
 
$
499,255

 
$

 
$

 
$
499,255

Derivative assets — open sale and purchase commitments, net
 
1,233

 

 

 
1,233

Derivative assets — option contracts
 
144

 

 

 
144

Derivative assets — futures contracts
 
1,059

 

 

 
1,059

Derivative assets — forward contracts
 
5,199

 

 

 
5,199

Total assets, valued at fair value
 
$
506,890

 
$

 
$

 
$
506,890

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
243,295

 
$

 
$

 
$
243,295

Product financing arrangements
 
97,370

 

 

 
97,370

Derivative liabilities — price protection programs
 

 

 
57

 
57

Derivative liabilities — liability on margin accounts
 
3,841

 

 

 
3,841

Derivative liabilities — open sale and purchase commitments, net
 
14,273

 

 

 
14,273

Derivative liabilities — future contracts
 

 

 

 

Derivative liabilities — forward contracts
 

 

 

 

Contingent earn-out liability
 
$

 
$

 
$
588

 
$
588

Total liabilities, valued at fair value
 
$
358,779

 
$

 
$
645

 
$
359,424

____________________
(1) Commemorative coin inventory totaling $162,000 is held at lower of cost or market and is thus excluded from this table.
 
 
June 30, 2017
 
 
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)
 
$
284,619

 
$

 
$

 
$
284,619

Derivative assets — open sale and purchase commitments, net
 
931

 

 

 
931

Derivative assets — futures contracts
 
1,273

 

 

 
1,273

Derivative assets — forward contracts
 
15,383

 

 

 
15,383

Total assets, valued at fair value
 
$
302,206

 
$

 
$

 
$
302,206

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
5,625

 
$

 
$

 
$
5,625

Product financing arrangements
 
135,343

 

 

 
135,343

Derivative liabilities — liability on margin accounts
 
4,797

 

 

 
4,797

Derivative liabilities — open sale and purchase commitments, net
 
29,785

 

 

 
29,785

Contingent earn-out liability
 

 

 
1,325

 
1,325

Total liabilities, valued at fair value
 
$
175,550

 
$

 
$
1,325

 
$
176,875


____________________
(1) Commemorative coin inventory totaling $40,000 is held at lower of cost or market and is thus excluded from this table.