Quarterly report pursuant to Section 13 or 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.10.0.1
Assets and Liabilities, at Fair Value (Tables)
6 Months Ended
Dec. 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 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

____________________
(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


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