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, 2018

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 December 31, 2018 and June 30, 2018.



in thousands
	December 31, 2018				June 30, 2018
	Carrying Amount		Fair value		Carrying Amount		Fair value

Financial assets:
Cash	$	11,830	$	11,830	$	6,291	$	6,291
Receivables, net	23,275		23,275		35,856		35,856
Secured loans receivable	104,757		104,757		110,424		110,424
Derivative asset on open sale and purchase commitments, net	1,401		1,401		2,274		2,274
Derivative asset on option contracts	174		174		390		390
Derivative asset on futures contracts	—		—		238		238
Derivative asset on forward contracts	26		26		4,493		4,493
Income taxes receivable	1,527		1,527		1,553		1,553
Financial liabilities:
Lines of credit	$	139,000	$	139,000	$	200,000	$	200,000
Debt obligation (related party)	—		—		7,226		7,226
Liability on borrowed metals	227,317		227,317		280,346		280,346
Product financing arrangements	82,413		82,413		113,940		113,940
Derivative liability on margin accounts	2,718		2,718		3,804		3,804
Derivative liability on price protection programs	—		—		168		168
Derivative liability on open sale and purchase commitments, net	6,112		6,112		16,485		16,485
Derivative liability on futures contracts	3,230		3,230		—		—
Derivative liability on forward contracts	13,244		13,244		—		—
Accounts payable	46,740		46,740		45,997		45,997
Accrued liabilities	4,951		4,951		5,129		5,129
Other long-term liabilities (related party) ⁽¹⁾	—		—		798		798
Notes payable	86,569		86,569		—		—

(1) Includes estimated contingent amounts due to SilverTowne.

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, 2018 and June 30, 2018, aggregated by the level in the fair value hierarchy within which the measurements fall:



	December 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⁾	$	276,238	$	—	$	—	$	276,238
Precious metals held under financing arrangements	226,905		—		—		226,905
Derivative assets — open sale and purchase commitments, net	1,401		—		—		1,401
Derivative assets — option contracts	174		—		—		174
Derivative assets — forward contracts	26		—		—		26
Total assets, valued at fair value	$	504,744	$	—	$	—	$	504,744

Liabilities:
Liability on borrowed metals	$	227,317	$	—	$	—	$	227,317
Product financing arrangements	82,413		—		—		82,413
Derivative liabilities — liability on margin accounts	2,718		—		—		2,718
Derivative liabilities — open sale and purchase commitments, net	6,112		—		—		6,112
Derivative liabilities — future contracts	3,230		—		—		3,230
Derivative liabilities — forward contracts	13,244		—		—		13,244
Contingent earn-out liability	$	—	$	—	$	84	$	84
Total liabilities, valued at fair value	$	335,034	$	—	$	84	$	335,118

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⁽¹⁾ Commemorative coin inventory totaling $47,000 is held at lower of cost or market and is thus excluded from this table.



	June 30, 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⁾	$	280,017	$	—	$	—	$	280,017
Precious metals held under financing arrangements	262,566		—		—		262,566
Derivative assets — open sale and purchase commitments, net	2,274		—		—		2,274
Derivative assets — option contracts	390		—		—		390
Derivative assets — futures contracts	238		—		—		238
Derivative assets — forward contracts	4,493		—		—		4,493
Total assets, valued at fair value	$	549,978	$	—	$	—	$	549,978
Liabilities:
Liability on borrowed metals	$	280,346	$	—	$	—	$	280,346
Product financing arrangements	113,940		—		—		113,940
Derivative liabilities — price protection programs	—		—		168		168
Derivative liabilities — liability on margin accounts	3,804		—		—		3,804
Derivative liabilities — open sale and purchase commitments, net	16,485		—		—		16,485
Contingent earn-out liability	—		—		588		588
Total liabilities, valued at fair value	$	414,575	$	—	$	756	$	415,331

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⁽¹⁾ Commemorative coin inventory totaling $99,000 is held at lower of cost or market and is thus excluded from this table.