Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STEEL PARTNERS HOLDINGS L.P. | ' |
Entity Central Index Key | '0001452857 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 29,575,745 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $241,322 | $198,027 | ||
Restricted cash | 25,882 | 28,180 | ||
Marketable securities | 169,495 | 199,128 | ||
Trade and other receivables (net of allowance for doubtful accounts of $2,422 in 2013 and $2,004 in 2012) | 114,259 | 84,014 | ||
Receivables from related parties | 121 | 145 | ||
Loans receivable, net | 17,715 | [1] | 51,899 | [1] |
Inventories, net | 68,863 | 48,823 | ||
Deferred income taxes | 23,539 | 24,029 | ||
Prepaid and other current assets | 19,269 | 13,780 | ||
Assets of discontinued operations | 4,467 | 45,850 | ||
Total current assets | 684,932 | 693,875 | ||
Long-term loans receivable, net | 33,416 | [1] | 16,216 | [1] |
Goodwill | 83,356 | 63,622 | ||
Other intangibles, net | 131,223 | 125,912 | ||
Deferred income taxes | 63,202 | 77,101 | ||
Other non-current assets | 42,108 | 24,186 | ||
Property, plant and equipment, net | 178,505 | 177,582 | ||
Long-term investments | 236,633 | 199,865 | ||
Total Assets | 1,453,375 | 1,378,359 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 43,870 | 33,984 | ||
Accrued liabilities | 44,021 | 45,405 | ||
Financial instruments | 24,632 | 24,742 | ||
Deposits | 46,421 | 43,744 | ||
Payable to related parties | 2,290 | 2,716 | ||
Short-term debt | 855 | 1,124 | ||
Current portion of long-term debt | 22,037 | 13,025 | ||
Deferred income taxes | 536 | 1,022 | ||
Other current liabilities | 3,962 | 4,629 | ||
Liabilities of discontinued operations | 490 | 9,160 | ||
Total current liabilities | 189,114 | 179,551 | ||
Long-term deposits | 29,738 | 34,865 | ||
Long-term debt | 214,062 | 140,065 | ||
Accrued pension liability | 206,489 | 217,141 | ||
Deferred income taxes | 5,444 | 5,736 | ||
Other liabilities | 21,325 | 24,254 | ||
Total Liabilities | 666,172 | 601,612 | ||
Commitments and Contingencies | ' | ' | ||
Capital: | ' | ' | ||
Partners’ capital common units: 29,655,138 and 30,786,100 issued and outstanding (after deducting 5,285,333 and 4,154,371 held in treasury, at cost of $77,639 and $63,181) at September 30, 2013 and December 31, 2012, respectively. | 534,228 | 545,206 | ||
Accumulated other comprehensive income (loss) | 12,170 | -17,862 | ||
Total Partners’ Capital | 546,398 | 527,344 | ||
Noncontrolling interests in consolidated entities | 240,805 | 249,403 | ||
Total Capital | 787,203 | 776,747 | ||
Total Liabilities and Capital | $1,453,375 | $1,378,359 | ||
[1] | The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, net was $51,333 and $71,111 at September 30, 2013 and December 31, 2012, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $2,422 | $2,004 |
Common units issued (in shares) | 29,655,138 | 30,786,100 |
Common units outstanding (in shares) | 29,655,138 | 30,786,100 |
Common units held in treasury (in shares) | 5,285,333 | 4,154,371 |
Common units held in treasury, at cost | $77,639 | $63,181 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenue | ' | ' | ' | ' | ||||
Diversified industrial net sales | $171,874 | $144,629 | $502,915 | $453,445 | [1] | |||
Energy net sales | 31,844 | 34,293 | 87,571 | 65,919 | [1] | |||
Financial services revenue | 7,162 | 5,384 | 20,742 | 13,519 | [1] | |||
Investment and other income | 119 | 8 | 548 | 133 | [1] | |||
Net investment (losses) gains | -262 | -609 | 1,519 | 15,661 | [1] | |||
Total revenue | 210,737 | 183,705 | 613,295 | 548,677 | [1] | |||
Costs and expenses | ' | ' | ' | ' | ||||
Cost of goods sold | 145,106 | 124,463 | 420,598 | 361,958 | [1] | |||
Selling, general and administrative expenses | 55,142 | 44,874 | 156,840 | 128,472 | [1] | |||
Impairment charges | 1,010 | 1,410 | 2,520 | 1,410 | [1] | |||
Finance interest expense | 164 | 236 | 524 | 948 | [1] | |||
Recovery of loan losses | -5 | -78 | -35 | -322 | [1] | |||
Interest expense | 1,428 | 3,100 | 4,744 | 10,104 | [1] | |||
Realized and unrealized loss (gain) on derivatives | 351 | 1,134 | -702 | -407 | [1] | |||
Deferred fee liability to related party-increase | 0 | 0 | 0 | 11,448 | [1] | |||
Other income | -1,770 | -303 | -1,209 | -1,257 | [1] | |||
Total costs and expenses | 201,426 | 174,836 | 583,280 | 512,354 | [1] | |||
Income from continuing operations before income taxes and equity method income (loss) | 9,311 | 8,869 | 30,015 | 36,323 | [1] | |||
Income tax provision | 7,363 | 2,246 | 16,077 | 14,366 | [1] | |||
(Loss) Income from equity method investments and investments held at fair value: | ' | ' | ' | ' | ||||
(Loss) Income of associated companies, net of taxes | -15,454 | -3,235 | -12,441 | 25,384 | [1] | |||
Income (Loss) from other investments - related party | 900 | 586 | 742 | -8,424 | [1] | |||
(Loss) Income from investments held at fair value | -124 | 3,887 | -4,665 | 12,865 | [1] | |||
Net (loss) income from continuing operations | -12,730 | 7,861 | -2,426 | 51,782 | [1] | |||
Discontinued operations: | ' | ' | ' | ' | ||||
Income (Loss) from discontinued operations, net of taxes | 285 | [2] | 1,208 | [3] | -715 | [4] | 3,347 | [1],[3] |
Gain on sale of discontinued operations, net of taxes | 1,863 | 0 | 6,294 | 2,585 | [1] | |||
Income from discontinued operations | 2,148 | 1,208 | 5,579 | 5,932 | [1] | |||
Net (loss) income | -10,582 | 9,069 | 3,153 | 57,714 | [1] | |||
Net (income) loss attributable to noncontrolling interests in consolidated entities: | ' | ' | ' | ' | ||||
Continuing operations | -3,747 | -5,074 | -11,627 | -12,878 | [1] | |||
Discontinued operations | -1,117 | -508 | -2,825 | -2,798 | [1] | |||
Net income (loss) attributable to noncontrolling interests in consolidated entities | -4,864 | -5,582 | -14,452 | -15,676 | [1] | |||
Net (loss) income attributable to common unitholders | ($15,446) | $3,487 | ($11,299) | $42,038 | [1] | |||
Net (loss) income per common unit - basic (in dollars per unit) | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations | -0.56 | 0.09 | -0.47 | 1.32 | [1] | |||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | [1] | |||
Net (loss) income attributable to common unitholders | -0.52 | 0.11 | -0.38 | 1.43 | [1] | |||
Net income per common unit - diluted (in dollars per unit) | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations | -0.56 | 0.09 | -0.47 | 1.32 | [1] | |||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | [1] | |||
Net (loss) income attributable to common unitholders | -0.52 | 0.11 | -0.38 | 1.43 | [1] | |||
Weighted average number of common units outstanding - basic (in shares) | 29,663,204 | 31,814,312 | 30,015,739 | 29,402,343 | [1] | |||
Weighted average number of common units outstanding - diluted (in shares) | 29,663,204 | [5] | 31,841,487 | [5] | 30,015,739 | [5] | 29,429,518 | [5] |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). | |||||||
[2] | Includes the operations of ITM through its sale date. | |||||||
[3] | Includes the operations of Continental, CMCC, ITM, DGT's RFI subsidiary and DGT's Villa subsidiary through their respective sale dates. | |||||||
[4] | Includes the operations of Continental, CMCC and ITM through their respective sale dates. | |||||||
[5] | The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; Approximately 457,548 and 591,294 incentive units, for the three and nine months ended September 30, 2013, respectively. Approximately 77,896 unvested restricted stock units, for the three and nine months ended September 30, 2013. |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net (loss) income | ($10,582) | $9,069 | $3,153 | $57,714 | [1] | |||
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' | ||||
Unrealized (loss) gain on available for sale securities, net of tax | -773 | [2] | 19,499 | [2] | 35,348 | [2] | 13,275 | |
Currency translation adjustment | -2,262 | 901 | -2,982 | -895 | ||||
Change in post-retirement benefit obligation, net of tax | 0 | [3] | 0 | [3] | 869 | [3] | 0 | [3] |
Other comprehensive (loss) income | -3,035 | 20,400 | 33,235 | 12,380 | ||||
Comprehensive (loss) income | -13,617 | 29,469 | 36,388 | 70,094 | ||||
Comprehensive income attributable to non-controlling interests | -4,403 | -7,407 | -17,656 | -12,739 | ||||
Comprehensive (loss) income attributable to common unit holders | ($18,020) | $22,062 | $18,732 | $57,355 | ||||
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). | |||||||
[2] | Includes a net tax benefit of $664 and a tax provision of $2,049 for the three months ended September 30, 2013 and 2012, respectively, and includes a net tax provision of $262 and a net tax benefit of $3,843 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[3] | Includes a net tax provision of $580 for the nine months ended September 30, 2013. |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax on unrealized loss on available for sale securities | $664 | ($2,049) | ($262) | $3,843 |
Tax on change in post-retirement benefit obligation | ' | ' | $580 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' | |
Net income | $3,153 | $57,714 | [1] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | |
Net investment gains | -1,519 | -15,661 | [1] |
Recovery of loan losses | -35 | -322 | [1] |
Loss (Income) of associated companies | 12,441 | -25,384 | [1] |
(Income) Loss from other investments - related party | -742 | 8,424 | [1] |
Loss (Income) from investments held at fair value | 4,665 | -12,865 | [1] |
Gain on sale of discontinued operations | -6,294 | -2,585 | [1] |
Deferred income taxes | 13,279 | 9,434 | |
Non-cash interest and dividend income | 457 | 0 | |
Depreciation and amortization | 26,343 | 20,192 | |
Loss on early retirement of debt | 1,782 | 0 | |
Amortization of debt related costs | 645 | 1,178 | |
Reclassification of net cash settlements on derivative instruments | -1,159 | 133 | |
Stock based compensation | 20,547 | 5,374 | |
Impairment charges | 2,520 | 1,410 | [1] |
Other | -1,866 | -373 | |
Net change in operating assets and liabilities: | ' | ' | |
Receivables | -17,298 | -16,221 | |
Receivables from related parties | 140 | 238 | |
Inventories | -1,851 | -2,671 | |
Prepaid and other assets | -1,608 | -3,076 | |
Accounts payable, accrued and other liabilities | -16,174 | -8,870 | |
Payable to related parties | -417 | -4,335 | |
Increase in deferred fee liability to related party | 0 | 11,448 | [1] |
Net increase in loans held for sale | 34,689 | -1,332 | |
Net cash (used in) provided by operating activities of discontinued operations | -5,591 | 6,512 | |
Net cash provided by operating activities | 66,107 | 28,362 | |
Cash flows from investing activities: | ' | ' | |
Purchases of investments | -213,026 | -164,550 | |
Proceeds from sales of investments | 94,224 | 211,125 | |
Maturities of marketable securities | 134,958 | 0 | |
Net increase in loans and other receivables | -17,770 | 937 | |
Purchases of property and equipment | -17,054 | -25,305 | |
Reclassification of restricted cash | -1,068 | -997 | |
Net cash settlements on derivative instruments | 1,159 | -133 | |
Proceeds from sale of assets | 775 | 5,889 | |
Acquisitions, net of cash acquired | -60,664 | 45,848 | |
Purchase of subsidiary shares from noncontrolling interests | -869 | -4,616 | |
Investments in associated companies | -36,329 | -16,567 | |
Proceeds from sales of discontinued operations | 45,572 | 22,194 | |
Net cash used in investing activities of discontinued operations | -102 | -566 | |
Other | 617 | 994 | |
Net cash (used in) provided by investing activities | -69,577 | 74,253 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from term loans | 80,000 | 1,838 | |
Repurchases of Subordinated Notes | -11,323 | -5,279 | |
Net revolver borrowings (repayments) | 38,800 | -4,728 | |
Net (repayments) borrowings of term loans – foreign | -1,834 | 1,811 | |
Repayments of term loans – domestic | -24,735 | -6,778 | |
Return of capital paid to noncontrolling interest holders | 0 | -10,316 | |
Subsidiary repurchases of common stock | -33,790 | 0 | |
Deferred finance charges | -1,887 | 0 | |
Net change in overdrafts | 4,933 | 2,322 | |
Net decrease in deposits | -2,481 | -19,863 | |
Other | -702 | -3,279 | |
Net cash provided by (used in) financing activities | 46,981 | -44,272 | |
Net change for the period | 43,511 | 58,343 | |
Effect of exchange rate changes on cash and cash equivalents | -216 | 119 | |
Cash and cash equivalents at beginning of period | 198,027 | 127,027 | |
Cash and cash equivalents at end of period | 241,322 | 185,489 | |
Cash paid during the period for: | ' | ' | |
Interest | 9,182 | 10,588 | |
Taxes | 13,891 | 5,748 | |
Non-cash investing activities: | ' | ' | |
Reclassification of investment in associated company to cost of an acquisition | 0 | 137,532 | |
Net decrease (increase) in restricted cash from purchase of foreign currency financial instruments | 110 | -260 | |
Non-cash financing activities: | ' | ' | |
Obligation to repurchase Subordinated Notes | $0 | ($913) | |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Partners Capital (USD $) | Total | Parent [Member] | Common Units [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Units [Member] | Partners' Capital [Member] | Noncontrolling Interest | |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at beginning of year at Dec. 31, 2012 | $776,747 | $527,344 | ' | ($17,862) | ($63,181) | $545,206 | $249,403 | |
Balance at beginning of year (in shares) at Dec. 31, 2012 | 30,786,100 | ' | 34,940,471 | ' | 4,154,371 | ' | ' | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net (loss) income | 3,153 | -11,299 | ' | ' | ' | -11,299 | 14,452 | |
Unrealized gain on available for sale securities, net of tax | 35,348 | [1] | 31,178 | ' | 31,178 | ' | ' | 4,170 |
Currency translation adjustment | -2,982 | -1,614 | ' | -1,614 | ' | ' | -1,368 | |
Changes in post-retirement benefit obligations | 869 | [2] | 468 | ' | 468 | ' | ' | 401 |
Acquisition by subsidiary | 2,896 | ' | ' | ' | ' | ' | 2,896 | |
Equity compensation | 20,662 | 17,928 | ' | ' | ' | 17,928 | 2,734 | |
Subsidiary's purchases of the Company's Common Units | -14,458 | -14,458 | ' | ' | -14,458 | -14,458 | ' | |
Subsidiary's purchases of the Company's Common Units (in shares) | ' | ' | ' | ' | -1,130,962 | ' | ' | |
Subsidiary share purchases, net | -33,790 | -1,992 | ' | ' | ' | -1,992 | -31,798 | |
SPLP purchases of subsidiary shares | -869 | -786 | ' | ' | ' | -786 | -83 | |
Other, net | -373 | -371 | ' | ' | ' | -371 | -2 | |
Balance at end of year at Sep. 30, 2013 | $787,203 | $546,398 | ' | $12,170 | ($77,639) | $534,228 | $240,805 | |
[1] | Includes a net tax benefit of $664 and a tax provision of $2,049 for the three months ended September 30, 2013 and 2012, respectively, and includes a net tax provision of $262 and a net tax benefit of $3,843 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Includes a net tax provision of $580 for the nine months ended September 30, 2013. |
Nature_of_the_Business_and_Bas
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of the Business and Basis of Presentation | ' |
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION | |
Nature of the Business | |
Steel Partners Holdings L.P. (“SPLP” or the “Company”) is a global diversified holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests which represent significant equity interests in these companies. The Company seeks to work with its businesses to increase corporate value over the long term for all stakeholders and shareholders by implementing Steel Partners Operational Excellence programs, the Steel Partners Purchasing Council, Steel Partners Corporate Services, balance sheet improvements, capital allocation policies and growth initiatives. Steel Partners Holdings GP Inc. (“SPH GP”), a Delaware corporation, is the general partner of SPLP and is wholly owned by SPLP. | |
Basis of Presentation | |
Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the comparable 2013 presentation. In addition, the nine months ended September 30, 2012, now includes a benefit for income taxes of $5,510, previously reflected in the fourth quarter of 2012, as a result of a measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. ("SWH"). The measurement period adjustment is reflected in Note 22 - "Quarterly Financial Data." | |
The consolidated financial statements include the consolidated financial results of SPLP, and its subsidiaries WebFinancial Holding Corporation (“WebFinancial” or "WebBank"), Handy & Harman Ltd ("HNH"), BNS Holding, Inc. ("BNS"), the BNS Liquidating Trust, ("BNS Liquidating Trust"), DGT Holdings Corp. ("DGT"), Steel Excel Inc. ("Steel Excel") and SPH Services, Inc. ("SPH Services"). Acquired companies are presented from their dates of acquisition (see Note 2 - "Acquisitions" for information on acquisition activity). DGT’s financial statements are recorded on a two-month lag, and as a result the balance sheet and statement of operations as of and for the three and nine months ended September 30, 2013 includes DGT’s activity for its three and nine months ended July 27, 2013. | |
DGT completed the sale of its RFI subsidiary's ("RFI") Power Conversion assets and operations in the fourth quarter of 2012 and the sale of its Villa subsidiary ("Villa") in the first quarter of 2012. Also, in January 2013, HNH divested substantially all of the assets and existing operations of its Continental Industries ("Continental") business unit, a wholly owned subsidiary of Handy & Harman ("H&H") and in June 2013 HNH divested Canfield Metal Coating Corporation ("CMCC") and discontinued the operations of Indiana Tube de México, S. De R.L. de C.V. ("ITM"). The results and operations of RFI, Villa and HNH's discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented as discontinued operations in SPLP's consolidated financial statements, through their respective sale dates, (see Note 3 - "Discontinued Operations"). | |
The accompanying unaudited consolidated financial statements, in accordance with Securities and Exchange Commission (“SEC”) rules for interim periods, do not contain all of the footnotes or other financial information that is required in annual financial statements by accounting principles generally accepted in the United States of America ("GAAP") and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
In the opinion of the Company, the interim financial statements reflect all normal and recurring adjustments necessary to present fairly the consolidated financial position and the results of operations and changes in cash flows for the interim periods. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results for the full year. | |
New Accounting Pronouncements | |
There have been no new accounting pronouncements issued but not yet adopted by the Company that are expected to have a material impact on the Company's financial statements. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions | ' | |||||||
ACQUISITIONS | ||||||||
2013 Acquisitions | ||||||||
Wolverine Joining Technologies, LLC | ||||||||
On April 16, 2013, HNH and its indirect subsidiary, Lucas-Milhaupt Warwick LLC (collectively, the "Buyer"), entered into an asset purchase agreement ("Purchase Agreement") with Wolverine Tube, Inc. ("Wolverine") and its subsidiary, Wolverine Joining Technologies, LLC ("Wolverine Joining" and, together with Wolverine, "Seller"), pursuant to which the Buyer agreed to purchase substantially all of the assets of the Seller used in the business of Wolverine Joining, consisting of assets used for the development, manufacturing and sale of brazing, flux and soldering products and the alloys for electrical, catalyst and other industrial specialties, other than certain leased real property, and to assume certain liabilities related to such business. By acquiring Wolverine Joining, HNH increased its capacity to produce brazing filler metals and fluxes, and broadened its platform for continued global expansion. The purchase price for the acquisition was approximately $59,700, reflecting a final working capital adjustment and certain other reductions totaling approximately $300 as provided in the Purchase Agreement. The closing of this transaction occurred on April 26, 2013. Funding of the purchase price for the acquisition was from cash on hand and borrowings under HNH's senior secured credit facility, which was amended in connection with the acquisition as discussed in Note 13 - "Debt and Capital Lease Obligations." Substantially all of the assets of Wolverine Joining have been pledged to guarantee borrowings under the senior secured credit facility. | ||||||||
In connection with the acquisition of Wolverine Joining, HNH currently expects to incur employee termination charges totaling approximately $400 associated with HNH's integration activities. The majority of the costs have been recorded and paid as of September 30, 2013, and are reflected in selling, general and administrative expenses. | ||||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed recognized at the acquisition date on a preliminary basis (in thousands): | ||||||||
Trade and other receivables | $ | 9,491 | ||||||
Inventories | 17,864 | |||||||
Prepaid and other current assets | 90 | |||||||
Property, plant and equipment | 6,096 | |||||||
Goodwill | 14,111 | |||||||
Other intangibles | 13,657 | |||||||
Total assets acquired | 61,309 | |||||||
Trade payables | (1,167 | ) | ||||||
Accrued liabilities | (395 | ) | ||||||
Net assets acquired | $ | 59,747 | ||||||
The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets. The goodwill of $14,111 arising from the acquisition consists largely of the synergies expected from combining the operations of the Buyer and Seller. All of the goodwill is assigned to SPLP's Diversified Industrial segment and is expected to be deductible for income tax purposes. Other intangibles consist primarily of acquired trade names of $4,600 and customer relationships of $9,000. The intangible assets have been assigned 20-year useful lives based on the long operating history, broad market recognition and continued demand for the associated brands, and the limited turnover and long-standing relationships Wolverine Joining has with its existing customer base. The valuation of acquired trade names was performed utilizing a relief from royalty method, and significant assumptions used in the valuation include the royalty rate assumed and the expected level of future sales. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation include the customer attrition rate assumed and the expected level of future sales. | ||||||||
The amount of net sales and operating income of the acquired business included in the consolidated income statement for the nine months ended September 30, 2013 was approximately $30,700 and $1,000, respectively, including $2,000 of intercompany sales which were eliminated in consolidation. The results of operations of the acquired business are reported as a product line within the Company's Diversified Industrial segment. | ||||||||
Steel Excel - Sports Acquisitions | ||||||||
During the first nine months of 2013, Steel Excel's sports business made two acquisitions totaling $3,250 that were not material to SPLP's operations. Steel Excel has determined that one of these acquisitions is a variable interest entity and that Steel Excel is the primary beneficiary. Accordingly, Steel Excel accounts for its acquisition of its 30% membership interest as a business combination and has consolidated this company in accordance with Accounting Standards Codification ("ASC") 805. | ||||||||
2012 Acquisitions | ||||||||
Steel Excel | ||||||||
On May 31, 2012 (the "Acquisition Date"), Steel Excel acquired all of the capital stock of SWH, Inc. ("SWH"), a wholly owned subsidiary of BNS and the parent company of Sun Well Services, Inc. ("Sun Well"), for an acquisition price of $68,747. The acquisition price was paid through a combination of 2,027,500 shares of common stock of Steel Excel, and $7,922 in cash. The $68,747 exceeded the carrying value of Sun Well by $26,237. Pursuant to ASC 810-10-45-23 this was deemed a transaction between entities under common control, and accordingly the excess of fair value received over the carrying value of Sun Well of $26,237 was credited to Capital. Also, Sun Well's assets and liabilities were maintained at their historical basis in the consolidated financial statements. | ||||||||
As a result of the transaction, Steel Excel became a majority-owned controlled subsidiary and is consolidated with SPLP from that date. Prior to obtaining a controlling interest on the Acquisition Date, SPLP owned 4,584,399 shares of Steel Excel (42.0% of the outstanding shares) and its investment was accounted for under the equity method at fair value. The additional shares of Steel Excel acquired on the Acquisition Date brought the total number of shares owned by SPLP to 6,611,899, representing 51.1% of the outstanding shares of Steel Excel. | ||||||||
The Company's previously held equity interest and the noncontrolling interest in Steel Excel were valued at $30 per share, which is the fair value of Steel Excel shares specified in the Share Acquisition Agreement. | ||||||||
The acquisition-date fair value of the Company's equity interest in Steel Excel was $137,532 prior to the 2,027,500 shares acquired on the Acquisition Date. | ||||||||
The following table summarizes the consideration paid for the controlling interest in Steel Excel: | ||||||||
Consideration Paid | ||||||||
Acquisition-date fair value of previously held equity interest | $ | 137,532 | ||||||
Fair value of SWH transferred to Steel Excel | 68,747 | |||||||
Less: cash received from Steel Excel for SWH | (7,922 | ) | ||||||
Total | $ | 198,357 | ||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the fair value of the noncontrolling interest in Steel Excel on the Acquisition Date: | ||||||||
Amount | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 41,963 | ||||||
Marketable securities | 217,526 | |||||||
Accounts receivable | 23,435 | |||||||
Prepaid expenses and other current assets | 3,129 | |||||||
Property, plant and equipment | 74,880 | |||||||
Goodwill | 48,468 | |||||||
Identifiable intangible assets | 22,793 | |||||||
Other assets | 4,088 | |||||||
Total assets acquired | $ | 436,282 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 10,842 | ||||||
Debt | 17,968 | |||||||
Other long-term liabilities | 19,517 | |||||||
Total liabilities assumed | 48,327 | |||||||
Fair value of non-controlling interests | 189,598 | |||||||
Net assets acquired | $ | 198,357 | ||||||
The goodwill of $48,468 arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of Sun Well and Steel Excel's oilfield services operations. All of the goodwill was assigned to the Company's Energy segment. None of the goodwill recognized is expected to be deductible for income tax purposes. | ||||||||
The valuation of the intangible assets acquired and related amortization periods are as follows: | ||||||||
Amount | Amortization Period (Years) | |||||||
Products and customer relationships | $ | 16,191 | 8 to 10 Years | |||||
Trademarks | 5,890 | 5 to 7 Years | ||||||
Favorable lease | 47 | 2 Years | ||||||
Non-compete agreement | 469 | 5 Years | ||||||
Other | 196 | |||||||
Total identifiable intangible assets | $ | 22,793 | ||||||
The estimated amortization of intangibles from the acquisition will be approximately $2,000 for the remainder of 2013, $3,265 in 2014, $2,807 in 2015, $2,186 in 2016, $1,664 in 2017 and $6,052 thereafter. | ||||||||
Zaklad Przetwórstwa Metali INMET Sp. z o.o. | ||||||||
On November 5, 2012, a subsidiary of H&H acquired 100% of the stock of Zaklad Przetwórstwa Metali INMET Sp. z o.o., a Polish manufacturer of brazing alloys and contact materials, for a cash purchase price of $4,000, net of cash acquired. This acquisition provides H&H with a new family of fabricated joining materials and a broader presence in the European market. | ||||||||
W.P. Hickman Company | ||||||||
On December 31, 2012, a subsidiary of H&H acquired substantially all of the assets of W.P. Hickman Company ("Hickman"), a North American manufacturer of perimeter metal roof edges for low slope roofs. The final purchase price was $8,200, which reflects proceeds from a final working capital adjustment of $300 received in February 2013. The final purchase price allocation was completed during the three months ended March 31, 2013, and HNH recorded final goodwill totaling approximately $2,800 in connection with the Hickman acquisition, which is expected to be deductible for income tax purposes. This acquisition provides H&H with an add-on product category to its existing roofing business. | ||||||||
Pro Forma Results | ||||||||
The following unaudited pro forma results of operations for the nine months ended September 30, 2013 and 2012 assumes that the Wolverine and Steel Excel acquisitions were made at the beginning of 2012. This unaudited pro forma information does not purport to be indicative of the results that would have been obtained if the acquisition had actually occurred at the beginning of 2012, or of the results that may be reported in the future. The 2013 supplemental pro forma earnings were adjusted to exclude $600 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. 2012 supplemental pro forma earnings were adjusted to include these charges. | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Revenue | $ | 638,445 | $ | 645,436 | ||||
Net (loss) income attributable to common unitholders | (9,868 | ) | 45,136 | |||||
Net (loss) income per common unit – basic and diluted | (0.33 | ) | 1.54 | |||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
Assets and Liabilities of discontinued operations at September 30, 2013 include certain remaining assets and liabilities related to HNH's discontinued operations as well as a building owned by DGT, which is being held for sale. Amounts at December 31, 2012 consist of three of HNH's businesses: Continental, CMCC and ITM. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets of discontinued operations: | ||||||||||||||||
Trade and other receivables | $ | — | $ | 6,372 | ||||||||||||
Inventories | — | 7,097 | ||||||||||||||
Other current assets | 639 | 1,438 | ||||||||||||||
Goodwill | — | 6,041 | ||||||||||||||
Other intangibles, net | — | 11,098 | ||||||||||||||
Property, plant and equipment, net | 3,724 | 13,683 | ||||||||||||||
Other assets | 104 | 121 | ||||||||||||||
Total assets | $ | 4,467 | $ | 45,850 | ||||||||||||
Liabilities of discontinued operations: | ||||||||||||||||
Trade payables and accrued liabilities | $ | 490 | $ | 9,160 | ||||||||||||
Total liabilities | $ | 490 | $ | 9,160 | ||||||||||||
Summary results for our discontinued operations included in the Company's Consolidated Statements of Operations are detailed in the table below. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 (a) | 2012 (b) | 2013 (c) | 2012 (b) | |||||||||||||
Sales | $ | 283 | $ | 23,651 | $ | 20,094 | $ | 77,483 | ||||||||
Net income (loss) | 285 | 1,208 | (715 | ) | 3,347 | |||||||||||
Gain (Loss) after taxes and noncontrolling interests | 218 | 698 | (478 | ) | 1,801 | |||||||||||
Gain on sale of discontinued operations after taxes and noncontrolling interests | 810 | — | 3,231 | 1,331 | ||||||||||||
(a) Includes the operations of ITM through its sale date. | ||||||||||||||||
(b) Includes the operations of Continental, CMCC, ITM, DGT's RFI subsidiary and DGT's Villa subsidiary through their respective sale dates. | ||||||||||||||||
(c) Includes the operations of Continental, CMCC and ITM through their respective sale dates. | ||||||||||||||||
Continental Industries | ||||||||||||||||
In January 2013, HNH divested substantially all of the assets and existing operations of its Continental Industries business unit, a wholly owned subsidiary of H&H, for a cash sales price totaling approximately $37,400 less transaction fees, reflecting a working capital adjustment of approximately $100 paid in the third quarter of 2013. Proceeds of $3,700 are currently held in escrow pending resolution of certain indemnification provisions contained in the sales agreement and are included in Trade and other receivables on the consolidated balance sheet. Located in the State of Oklahoma, Continental Industries manufactures plastic and steel fittings and connectors for natural gas, propane and water distribution service lines along with exothermic welding products for electrical grounding, cathodic protection and lightning protection. It was part of SPLP's Diversified Industrial reporting segment. | ||||||||||||||||
Canfield Metal Coating Corporation | ||||||||||||||||
In June 2013, HNH divested substantially all of the assets and existing operations of its CMCC business unit, a wholly-owned subsidiary of H&H, for a cash sales price totaling approximately $9,500 less transaction fees, reflecting a preliminary working capital adjustment of approximately $500. Located in the State of Ohio, CMCC manufactured electro-galvanized and painted cold rolled sheet steel products primarily for the construction, entry door, container and appliance industries. It was part of SPLP's Diversified Industrial reporting segment. | ||||||||||||||||
Indiana Tube Mexico | ||||||||||||||||
In July 2013, HNH divested substantially all of the equipment owned or utilized by ITM for the manufacture of refrigeration condensers for a cash sales price totaling $3,700, less transaction fees. ITM's operations, which were part of SPLP's Diversified Industrial segment, were discontinued in June 2013. The purchase price for ITM's equipment is payable in two equal installments of $1,850, the first paid at the closing date for the transaction and the second payable upon final equipment transfer, which occurred in September 2013. | ||||||||||||||||
In connection with the shut-down of ITM's operations, HNH initiated a series of restructuring activities, which will include the termination of all of ITM's employees and certain building lease termination costs. The estimated total cost of these restructuring activities is $900, which were entirely accrued as of June 30, 2013. Payment for the majority of these costs occurred during the third quarter of 2013, and HNH expects all restructuring payments to be completed by the end of 2013. | ||||||||||||||||
In 2008, the HNH decided to exit the welded specialty tubing market in Europe and close its Indiana Tube Denmark Subsidiary ("ITD"). During 2009, ITD ceased operations and sold or disposed of its inventory and most of its equipment. HNH completed the final liquidation of ITD in July 2013 and recognized $2,600 in foreign currency translation gains in earnings during the third quarter of 2013, which were previously reported in Accumulated other comprehensive loss on the Consolidated Balance Sheet. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||
A) Short-Term Investments | ||||||||||||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||||||||||
The Company's short-term investments primarily consist of its marketable securities portfolio held by its subsidiary, Steel Excel. Steel Excel's marketable securities as of September 30, 2013, and December 31, 2012, were classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as Other comprehensive income (loss). Classification of marketable securities as a current asset is based on the intended holding period and realizability of the investment. | ||||||||||||||||||||||||||||||||
The Company's portfolio of marketable securities was as follows: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | |||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||
Short-term deposits | $ | 106,903 | $ | — | $ | — | $ | 106,903 | $ | 48,596 | $ | — | $ | — | $ | 48,596 | ||||||||||||||||
Mutual funds | 12,505 | 3,624 | — | 16,129 | 10,368 | 1,452 | — | 11,820 | ||||||||||||||||||||||||
United States government securities | 50,383 | 29 | — | 50,412 | 99,525 | 20 | (68 | ) | 99,477 | |||||||||||||||||||||||
Equity securities | 69,888 | 8,279 | (4,197 | ) | 73,970 | 20,822 | 1,217 | (1,922 | ) | 20,117 | ||||||||||||||||||||||
Commercial paper | 6,297 | 1 | — | 6,298 | 22,292 | 5 | (6 | ) | 22,291 | |||||||||||||||||||||||
Corporate obligations | 23,574 | 855 | (43 | ) | 24,386 | 48,683 | 308 | (277 | ) | 48,714 | ||||||||||||||||||||||
Total marketable securities | 269,550 | 12,788 | (4,240 | ) | 278,098 | 250,286 | 3,002 | (2,273 | ) | 251,015 | ||||||||||||||||||||||
Amounts classified as cash equivalents | (108,603 | ) | — | — | (108,603 | ) | (51,887 | ) | — | — | (51,887 | ) | ||||||||||||||||||||
Amounts classified as marketable securities | $ | 160,947 | $ | 12,788 | $ | (4,240 | ) | $ | 169,495 | $ | 198,399 | $ | 3,002 | $ | (2,273 | ) | $ | 199,128 | ||||||||||||||
The Company's investment portfolio consists of both corporate and government securities that generally mature within three years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As market interest rates and bond yields increase, those securities purchased with a lower yield-at-cost will be in an unrealized loss position. Steel Excel has considered all available evidence and determined that the marketable securities in which unrealized losses were recorded in the periods ended September 30, 2013 were not deemed to be other-than-temporary. | ||||||||||||||||||||||||||||||||
Marketable securities of approximately $20,400 and $65,500 were sold in the three and nine months ended September 30, 2013, resulting in realized gains of $1,863 and $1,777, respectively. These gains are included in Other Income on the Consolidated Statement of Operations. The amortized cost and estimated fair value of investments in available-for-sale securities as of September 30, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Mature in one year or less | $ | 44,134 | $ | 44,157 | ||||||||||||||||||||||||||||
Mature after one year through three years | 14,285 | 14,435 | ||||||||||||||||||||||||||||||
Mature after three years | 21,834 | 22,504 | ||||||||||||||||||||||||||||||
Total debt securities | 80,253 | 81,096 | ||||||||||||||||||||||||||||||
Securities with no contractual maturities | 189,297 | 197,002 | ||||||||||||||||||||||||||||||
$ | 269,550 | $ | 278,098 | |||||||||||||||||||||||||||||
B) Long-Term Investments | ||||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term investments as of September 30, 2013 and December 31, 2012. For those investments at fair value, the carrying amount of the investment equals its respective fair value. | ||||||||||||||||||||||||||||||||
Investment Balance | Income (Loss) Recorded in Statement of Operations | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in OCI: | ||||||||||||||||||||||||||||||||
Equity securities - U.S. (1), (2) | ||||||||||||||||||||||||||||||||
Computer Software and Services | $ | 2,312 | $ | 3,824 | ||||||||||||||||||||||||||||
Aerospace/Defense | 67,021 | 38,256 | ||||||||||||||||||||||||||||||
Manufacturing | — | 28,032 | ||||||||||||||||||||||||||||||
Restaurants | 23,511 | 15,012 | ||||||||||||||||||||||||||||||
Other | 566 | 35,704 | ||||||||||||||||||||||||||||||
93,410 | 120,828 | |||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ||||||||||||||||||||||||||||||||
API Group PLC ("API") (1) | 28,942 | 32,678 | $ | 806 | $ | 3,568 | $ | (3,735 | ) | $ | 10,757 | |||||||||||||||||||||
Barbican Group Holdings Limited | — | — | — | 319 | — | 2,108 | ||||||||||||||||||||||||||
122,352 | 153,506 | $ | 806 | $ | 3,887 | $ | (3,735 | ) | $ | 12,865 | ||||||||||||||||||||||
(B) EQUITY METHOD INVESTMENTS | ||||||||||||||||||||||||||||||||
Investments in Associated Companies: | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
At Cost: | Ownership | |||||||||||||||||||||||||||||||
CoSine | 48.6 | % | 46.8 | % | $ | 5,973 | $ | 6,668 | $ | (75 | ) | $ | (59 | ) | $ | (320 | ) | $ | (235 | ) | ||||||||||||
Other (7) | 8,984 | — | (137 | ) | — | (217 | ) | — | ||||||||||||||||||||||||
At Fair Value: | ||||||||||||||||||||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (1) | 27.1 | % | 14.8 | % | 38,309 | — | (5,144 | ) | — | (11,694 | ) | — | ||||||||||||||||||||
SL Industries, Inc. ("SLI") (1) | 24 | % | 24.1 | % | 24,324 | 17,907 | (628 | ) | 1,684 | 6,417 | (1,298 | ) | ||||||||||||||||||||
JPS Industries, Inc. ("JPS") (2) | 39.3 | % | 39.3 | % | 19,706 | — | (3,378 | ) | — | 4,780 | — | |||||||||||||||||||||
Fox & Hound (3) | 50 | % | 50 | % | — | 10,521 | (6,206 | ) | (4,860 | ) | (11,521 | ) | 13,778 | |||||||||||||||||||
Other (3) | 45.9 | % | — | % | 3,490 | — | 114 | — | 114 | — | ||||||||||||||||||||||
Steel Excel | — | — | — | — | — | 13,139 | ||||||||||||||||||||||||||
100,786 | 35,096 | $ | (15,454 | ) | $ | (3,235 | ) | $ | (12,441 | ) | $ | 25,384 | ||||||||||||||||||||
Other Investments at Fair Value - Related Party: | ||||||||||||||||||||||||||||||||
SPII Liquidating Trust - Series B (Barbican) (3) | — | 16 | $ | — | $ | 356 | $ | (16 | ) | $ | 2,385 | |||||||||||||||||||||
SPII Liquidating Trust - Series D ( Fox & Hound)(3) | 508 | 542 | (15 | ) | (26 | ) | (34 | ) | (11,199 | ) | ||||||||||||||||||||||
SPII Liquidating Trust - Series G (SPCA) (3), (4) | 6,194 | 6,016 | 858 | 23 | 178 | 500 | ||||||||||||||||||||||||||
SPII Liquidating Trust - Series H (SPJSF) (3), (5) | 4,539 | 3,891 | 57 | 252 | 648 | 229 | ||||||||||||||||||||||||||
SPII Liquidating Trust - Series I (3), (6) | — | 798 | — | (19 | ) | (34 | ) | (339 | ) | |||||||||||||||||||||||
11,241 | 11,263 | $ | 900 | $ | 586 | $ | 742 | $ | (8,424 | ) | ||||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
ModusLink Warrants (3) | 2,254 | — | $ | (581 | ) | $ | — | $ | (930 | ) | $ | — | ||||||||||||||||||||
Total Long-Term Investments | $ | 236,633 | $ | 199,865 | ||||||||||||||||||||||||||||
(1) Level 1 investment. Equity securities totaling $91,098 and $79,352 were classified as Level 1 investments as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
(2) Level 2 investment. Equity securities totaling $2,312 and $41,476 were classified as Level 2 investments as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
(3) Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." | ||||||||||||||||||||||||||||||||
(4) Steel Partners China Access I L.P. | ||||||||||||||||||||||||||||||||
(5) Steel Partners Japan Strategic Fund, L.P. | ||||||||||||||||||||||||||||||||
(6) Sold in the second quarter of 2013. See Note 12 - "Related Party Transactions" for additional information. | ||||||||||||||||||||||||||||||||
(7) Represents Steel Excel's investments in a sports business and iGo, Inc. of 40% and 44.7%, respectively. | ||||||||||||||||||||||||||||||||
The following table presents activity for the available-for-sale securities presented in the table above for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in OCI: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 2,782 | $ | 580 | $ | 3,964 | $ | 29,317 | ||||||||||||||||||||||||
Gross gains from sales | $ | 1,149 | $ | 73 | $ | 1,245 | $ | 2,985 | ||||||||||||||||||||||||
Gross losses from sales | — | — | — | — | ||||||||||||||||||||||||||||
Net investment gain | $ | 1,149 | $ | 73 | $ | 1,245 | $ | 2,985 | ||||||||||||||||||||||||
Change in net unrealized holding gains (losses) included in other comprehensive income | $ | (2,158 | ) | $ | 19,732 | $ | 46,234 | $ | 7,007 | |||||||||||||||||||||||
Reclassified out of other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains | $ | 987 | $ | 65 | $ | 14,217 | $ | 3,118 | ||||||||||||||||||||||||
Unrealized losses | — | (828 | ) | (2,632 | ) | (828 | ) | |||||||||||||||||||||||||
Total | $ | 987 | $ | (763 | ) | $ | 11,585 | $ | 2,290 | |||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in OCI | ||||||||||||||||||||||||||||||||
For purposes of determining gross realized gains and losses, the cost of securities sold is based on specific identification. Gross unrealized gains and gross unrealized losses are reported in Accumulated other comprehensive loss in the consolidated balance sheets. In the third quarter 2013 and 2012 the Company recognized other than temporary impairment losses of approximately $1,010 and $829, respectively, related to available-for-sale securities which are included in Asset impairment charges in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
The cost basis and unrealized gains and losses related to our available for sale securities are as follows: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Computer Software and Services | $ | 2,312 | $ | — | $ | — | $ | 2,312 | $ | 4,447 | $ | 4 | $ | (627 | ) | $ | 3,824 | |||||||||||||||
Aerospace/Defense | 11,675 | 55,346 | — | 67,021 | 11,675 | 26,581 | — | 38,256 | ||||||||||||||||||||||||
Manufacturing | — | — | — | — | 16,278 | 11,754 | — | 28,032 | ||||||||||||||||||||||||
Restaurants | 5,974 | 17,537 | — | 23,511 | 5,974 | 9,038 | — | 15,012 | ||||||||||||||||||||||||
Other | 575 | — | (9 | ) | 566 | 43,177 | 101 | (7,574 | ) | 35,704 | ||||||||||||||||||||||
$ | 20,536 | $ | 72,883 | $ | (9 | ) | $ | 93,410 | $ | 81,551 | $ | 47,478 | $ | (8,201 | ) | $ | 120,828 | |||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||
Available for sale securities also includes the Company's investment in API. Changes in the fair value of the API and Barbican investments (prior to the sale of Barbican in the fourth quarter of 2012) are reported in the consolidated statement of operations as Income (loss) from investments held at fair value. | ||||||||||||||||||||||||||||||||
(B) EQUITY METHOD INVESTMENTS | ||||||||||||||||||||||||||||||||
Investments in Associated Companies | ||||||||||||||||||||||||||||||||
The Company’s investments in associated companies are accounted for under the equity method of accounting. The Company elected to record certain investments under the equity method at fair value beginning on the dates these investments became subject to the equity method. Associated companies are included in the Diversified Industrial, Energy or Corporate segments. Certain associated companies have a fiscal year end that differs from December 31. Additional information for each of SPLP's investments in associated companies that have impacted the Consolidated Statement of Operations during 2013 or 2012 follows: | ||||||||||||||||||||||||||||||||
Equity Method | ||||||||||||||||||||||||||||||||
• | The investment in CoSine is reported on the equity method. SPLP recorded $12 and $374 as its share of capital changes for the three and nine months ended September 30, 2013 and $2 and $51 as its share of capital changes for the three and nine months ended September 30, 2012. The aggregate market value of the Company’s interest in CoSine was $9,559 and $9,559 at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||
• | In the first quarter of 2013, Steel Excel made an investment in a fitness equipment company. The investment was a 40% membership interest for a cash price of $4,000. In the third quarter of 2013, Steel Excel made an investment of approximately $5,200 for a 44.7% voting interest in iGo, a mobile device accessories provider company. These investments are being accounted for as associated companies as Steel Excel does not have control over their operations. | |||||||||||||||||||||||||||||||
Equity Method, At Fair Value: | ||||||||||||||||||||||||||||||||
• | In March 2013, pursuant to an agreement (“Investment Agreement”) between the Company and MLNK, SPLP purchased 7,500,000 shares of MLNK common stock for $4.00 per share. MLNK provides supply chain and logistics services to companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. This investment, plus the 6,481,185 MLNK shares already owned by the Company and its subsidiaries, gave the Company a 27.1% ownership interest in MLNK common stock. Also, at its annual meeting on March 12, 2013, the MLNK shareholders elected two members of SPLP's management team to the MLNK board of directors, one of which serves as chairman. | |||||||||||||||||||||||||||||||
As a result of the foregoing events, SPLP has concluded that it now has significant influence over the operating and financial policies of MLNK and therefore its investment is subject to the equity method of accounting. SPLP has elected the fair value option to account for MLNK in order to more appropriately reflect the value of MLNK in its financial statements, and will record future unrealized gains and losses in earnings. Accordingly the investment, which was previously classified as an available-for-sale security, was reclassified to an associated company as of March 12, 2013. Approximately $4,800 of unrealized losses were reclassified out of AOCI and recorded in earnings for the six months ended June 30, 2013. | ||||||||||||||||||||||||||||||||
In accordance with the Investment Agreement, MLNK also issued the Company warrants to purchase an additional 2,000,000 shares at $5.00 per share. See the "Other Investments" section of this Note for a further description of these warrants and their valuation for financial statement reporting. | ||||||||||||||||||||||||||||||||
• | SLI is a publicly traded company that designs, manufactures and markets power electronics, motion control, power protection and specialized communication equipment. | |||||||||||||||||||||||||||||||
• | During the second quarter of 2013, JPS stockholders elected two members of SPLP's management team to their board to serve one-year terms, one of which will serve as chairman. As a result of the foregoing events, SPLP has concluded that it now has significant influence over the operating and financial policies of JPS and therefore its investment is subject to the equity method of accounting. Accordingly, the investment in JPS, which was previously classified as an available-for-sale security, was reclassified to an associated company as of June 30, 2013. Approximately $13,200 of unrealized gains were reclassified out of AOCI and recorded in the Consolidated Statement of Operations for the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||||
SPLP has elected the fair value option to account for JPS in order to more appropriately reflect the value of JPS in its financial statements and will record future unrealized gains and losses in earnings. JPS is a major U.S. manufacturer of extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for specialty applications. | ||||||||||||||||||||||||||||||||
• | On March 19, 2012, the Company invested $10,923 to acquire an indirect interest in Fox & Hound as part of a recapitalization which involved the issuance by Fox & Hound of new common equity in conjunction with a long-term refinancing of Fox & Hound's debt. The Company elected to record its investment in Fox & Hound on the equity method at fair value in order to more appropriately reflect the value of Fox & Hound in its financial statements. During the third quarter of 2013, due to the current and projected operating performance of Fox & Hound, the Company wrote its investment down to zero. | |||||||||||||||||||||||||||||||
• | The Company has an investment in a Japanese real estate partnership. In the second quarter of 2013, the Company made an additional investment of $311 and reclassified this investment to an associated company. SPLP has elected the fair value option to account for this investment in order to more appropriately reflect the value of the investment in its financial statements and will record future unrealized gains and losses in earnings. Prior to the second quarter of 2013, this investment was accounted for as an investment at cost and included in Other non-current assets on the consolidated balance sheet as of December 31, 2012 with a balance of $4,576. In the first quarter of 2013 and in the third quarter of 2012, due to declines observed in this business, the Company recorded impairments of $1,510 and $581, respectively, which are included in Asset impairment charges in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||
• | During the second quarter of 2012, SPLP acquired an additional 2,227,500 shares of Steel Excel, a publicly traded company. As a result SPLP's ownership increased to 51.1% of the outstanding shares and Steel Excel became a majority-owned controlled subsidiary (for additional information on this transaction, see Note 2 - "Acquisitions"). | |||||||||||||||||||||||||||||||
The following table presents summarized balance sheet and income statement data for SPLP's associated company investments: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Current assets | $ | 467,457 | $ | 96,280 | ||||||||||||||||||||||||||||
Noncurrent assets | 367,524 | 252,005 | ||||||||||||||||||||||||||||||
Total assets | $ | 834,981 | $ | 348,285 | ||||||||||||||||||||||||||||
Current liabilities | $ | 369,474 | $ | 61,201 | ||||||||||||||||||||||||||||
Noncurrent liabilities | 154,939 | 170,857 | ||||||||||||||||||||||||||||||
Total liabilities | 524,413 | 232,058 | ||||||||||||||||||||||||||||||
Parent equity | 310,568 | 116,227 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 834,981 | $ | 348,285 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Revenue | $ | 290,155 | $ | 112,916 | $ | 984,595 | $ | 369,582 | ||||||||||||||||||||||||
Gross profit | 47,201 | 17,206 | 139,829 | 54,697 | ||||||||||||||||||||||||||||
Loss from continuing operations | (2,675 | ) | (3,541 | ) | (19,596 | ) | (4,748 | ) | ||||||||||||||||||||||||
Net loss after noncontrolling interests | (2,918 | ) | (4,033 | ) | (19,287 | ) | (12,749 | ) | ||||||||||||||||||||||||
Other Investments at Fair Value - Related Party | ||||||||||||||||||||||||||||||||
Other investments - related party, consist of the Company’s investment in each series of the SPII Liquidating Trust (see Note 12 - “Related Party Transactions”) accounted for under the equity method. The purpose of the SPII Liquidating Trust is to effect the orderly liquidation of certain assets previously held by Steel Partners II, L.P. ("SPII"). SPLP’s financial position, financial performance and cash flows will be affected by the extent to which the operations of the SPII Liquidating Trust results in realized or unrealized gains (losses) and by distributions it makes in each reporting period. The Company holds variable interests in each series of the SPII Liquidating Trust. | ||||||||||||||||||||||||||||||||
Each series of the SPII Liquidating Trust is separate and distinct with respect to its assets, liabilities and net assets. Each individual series has no liability or claim with respect to the liabilities or assets of the other series. Each series shares in the costs, assets and liabilities, if any, that are not specifically attributable to a particular series. Each series generally holds the securities related to a specific investment and cash for operating expenses of the series. The investments in the SPII Liquidating Trust are not redeemable and distributions will be received from the SPII Liquidating Trust as the underlying assets held are sold over a period which is not determinable. There are no unfunded capital commitments with respect to these investments. The fair values for the investments in the SPII Liquidating Trust have been estimated using the net asset value of such interests as reported by the SPII Liquidating Trust. The following tables provide combined summarized data with respect to the other investments - related party accounted for under the equity method, at fair value: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Total assets | $ | 25,761 | $ | 25,824 | ||||||||||||||||||||||||||||
Total liabilities | (32 | ) | (37 | ) | ||||||||||||||||||||||||||||
Net Asset Value | $ | 25,729 | $ | 25,787 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 2,084 | $ | 1,469 | $ | 1,274 | $ | (19,264 | ) | |||||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
In connection with the acquisition of ModusLink common shares in March 2013, the Company received warrants ("ModusLink Warrants") to acquire an additional 2,000,000 shares at an exercise price of $5.00 per share. The ModusLink Warrants are accounted for as an asset at fair value with changes in fair value recognized each period in (Loss) Income from investments at fair value in the consolidated statement of operations. The warrants have a life of 5 years and were valued using the Black-Scholes option pricing model. Assumptions used in the current valuation were as follows: 1) volatility of 67.6% 2) term of 4.5 years 3) risk free interest rate of 1.390% based on the U.S. Treasury bill yield, and 4) an expected dividend of $0. | ||||||||||||||||||||||||||||||||
COST METHOD INVESTMENT | ||||||||||||||||||||||||||||||||
In July 2013, Steel Excel invested $25,000 in a limited partnership that co-invested with other private investment funds in a public company. Steel Excel accounts for this investment under the cost method as the limited partnership has no operations and Steel Excel does not have significant influence over the operations of the public company investee. Such investment had an approximate fair value of $24,900 at September 30, 2013, based on the net asset value included in the monthly statement it receives from the partnership. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of September 30, 2013 and December 31, 2012 are summarized by type of inputs applicable to the fair value measurements as follows: | ||||||||||||||||||||||||
30-Sep-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities (a) | $ | 134,463 | $ | 17,171 | $ | 17,861 | $ | 169,495 | ||||||||||||||||
Long-term investments (a) | 182,673 | 22,018 | 16,985 | 221,676 | ||||||||||||||||||||
Investments in certain funds | — | — | 849 | 849 | ||||||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 15,664 | — | — | 15,664 | ||||||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 1,397 | — | — | 1,397 | ||||||||||||||||||||
Total | $ | 334,197 | $ | 39,189 | $ | 35,695 | $ | 409,081 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Financial instruments | $ | — | $ | 24,632 | $ | — | $ | 24,632 | ||||||||||||||||
Interest rate swap agreement | — | (211 | ) | — | (211 | ) | ||||||||||||||||||
Total | $ | — | $ | 24,421 | $ | — | $ | 24,421 | ||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities (a) | $ | 128,123 | $ | 69,222 | $ | 1,783 | $ | 199,128 | ||||||||||||||||
Long-term investments (a) | 112,030 | 59,383 | 21,784 | 193,197 | ||||||||||||||||||||
Investments in certain funds | — | — | 1,021 | 1,021 | ||||||||||||||||||||
Commodity contracts on precious metals and commodity inventories | 127 | — | — | 127 | ||||||||||||||||||||
Total | $ | 240,280 | $ | 128,605 | $ | 24,588 | $ | 393,473 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Financial instruments | $ | — | $ | 24,742 | $ | — | $ | 24,742 | ||||||||||||||||
Derivative features of subordinated notes | — | — | 184 | 184 | ||||||||||||||||||||
Commodity contracts on precious metals and commodity inventories | — | 27 | — | 27 | ||||||||||||||||||||
Total | $ | — | $ | 24,769 | $ | 184 | $ | 24,953 | ||||||||||||||||
(a) For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." In addition. there is approximately $1,700 of other investments included in Cash and cash equivalents that are considered a Level 2 investment. | ||||||||||||||||||||||||
Investments measured and reported at fair value are classified and disclosed in one of the following categories: | ||||||||||||||||||||||||
Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments included in Level 1 are listed debt and equity securities. | ||||||||||||||||||||||||
Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments which are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities. | ||||||||||||||||||||||||
Level 3 - Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation and due to lack of observable inputs, the assumptions used may impact the fair value of these investments in future periods. Investments which are generally included in this category include private investments, non-exchange traded derivative contracts, and currency and interest rate swaps. | ||||||||||||||||||||||||
There were no investments transferred into or out of Level 1, Level 2 or Level 3 based upon changes of shares traded. | ||||||||||||||||||||||||
The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and trade payables, approximate carrying value due to the short-term maturities of these assets and liabilities. Carrying cost approximates fair value for long-term debt which has variable interest rates. | ||||||||||||||||||||||||
The precious metal and commodity inventories associated with HNH's fair value hedges (see Note 6 - "Financial Instruments") are reported at fair value. Fair value of these inventories is based on quoted market prices on commodity exchanges and are considered Level 1 measurements. The derivative instruments that HNH purchases in connection with its precious metal and commodity inventories, specifically commodity futures and forwards contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. | ||||||||||||||||||||||||
Following is a summary of changes in financial assets measured using Level 3 inputs: | ||||||||||||||||||||||||
Three months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Long - Term Investments | ||||||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Other Investments | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 29,561 | $ | 33,643 | $ | — | $ | — | $ | 15,413 | $ | 78,617 | ||||||||||||
Purchases | — | — | — | — | — | — | ||||||||||||||||||
Sales | — | (4,287 | ) | — | — | — | (4,287 | ) | ||||||||||||||||
Unrealized gains | (4,860 | ) | 631 | — | — | 319 | (3,910 | ) | ||||||||||||||||
Unrealized losses | — | (45 | ) | — | — | — | (45 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 24,701 | $ | 29,942 | $ | — | $ | — | $ | 15,732 | $ | 70,375 | ||||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | — | $ | 42,710 | ||||||||||||
Additions - fair value elections in 2013 | — | — | — | — | — | — | ||||||||||||||||||
Purchases | 1,000 | — | — | — | — | 1,000 | ||||||||||||||||||
Sales | — | — | — | (32 | ) | — | (32 | ) | ||||||||||||||||
Realized gain on sale | — | — | — | — | — | — | ||||||||||||||||||
Unrealized gains | 114 | 915 | — | — | — | 1,029 | ||||||||||||||||||
Unrealized losses | (6,206 | ) | (15 | ) | (581 | ) | (2,210 | ) | — | (9,012 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 3,490 | $ | 11,241 | $ | 2,254 | $ | 18,710 | $ | — | $ | 35,695 | ||||||||||||
Nine Months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Long - Term Investments | ||||||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Other Investments | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | — | $ | 42,653 | $ | — | $ | — | $ | 13,623 | $ | 56,276 | ||||||||||||
Purchases | 10,923 | — | — | — | — | 10,923 | ||||||||||||||||||
Sales | — | (4,287 | ) | — | — | — | (4,287 | ) | ||||||||||||||||
Unrealized gains | 13,778 | 3,114 | — | — | 2,109 | 19,001 | ||||||||||||||||||
Unrealized losses | — | (11,538 | ) | — | — | — | (11,538 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 24,701 | $ | 29,942 | $ | — | $ | — | $ | 15,732 | $ | 70,375 | ||||||||||||
Balance at December 31, 2012 | $ | 10,521 | $ | 11,263 | $ | — | $ | 2,804 | $ | — | $ | 24,588 | ||||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | — | 3,065 | ||||||||||||||||||
Purchases | 1,311 | — | 3,184 | 39,332 | — | 43,827 | ||||||||||||||||||
Sales | — | (764 | ) | — | (22,958 | ) | — | (23,722 | ) | |||||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||||||
Unrealized gains | 114 | 826 | — | 186 | — | 1,126 | ||||||||||||||||||
Unrealized losses | (11,521 | ) | (84 | ) | (930 | ) | (2,210 | ) | — | (14,745 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 3,490 | $ | 11,241 | $ | 2,254 | $ | 18,710 | $ | — | $ | 35,695 | ||||||||||||
(a) Unrealized losses are recorded in (Loss) Income of associated companies, net of taxes in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(b) Unrealized gains and losses are recorded in Income (Loss) from other investments-related party in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(c) Unrealized losses are recorded in Other (expense) income in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(d) Realized gain on sale is recorded in Other (expense) income in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
Long-Term Investments - Valuation Techniques | ||||||||||||||||||||||||
The Company primarily uses two valuation methods to estimate the fair value of its equity securities measured using Level 3 inputs. The Company estimates the value of its indirect investment in Fox & Hound primarily using a discounted cash flow method using a market risk premium of 35%. The Company estimates the value of its interest in the SPII Liquidating Trust based on the net asset value of each series of the Trust. The ModusLink Warrants are valued using the Black-Scholes option pricing model (for additional information see Note 4 - "Investments"). | ||||||||||||||||||||||||
Marketable Securities and Other - Investment Techniques | ||||||||||||||||||||||||
In November 2012, Steel Excel invested $6,000 in convertible debentures of School Specialty Inc. (“School | ||||||||||||||||||||||||
Specialty”) with a face amount of $11,900. On January 28, 2013, School Specialty filed for protection under Chapter 11 | ||||||||||||||||||||||||
of the United States Bankruptcy Code, and in subsequent months Steel Excel invested approximately $21,300 as part of | ||||||||||||||||||||||||
the debtor-in-possession loan to School Specialty. Upon School Specialty emerging from bankruptcy on June 11, 2013, Steel Excel received 26,457 shares of common stock of the post-bankruptcy entity in exchange for the convertible debentures, | ||||||||||||||||||||||||
and received $17,500 in cash and 49,136 shares of common stock of the post-bankruptcy entity in exchange for its | ||||||||||||||||||||||||
investment in the debtor-in-possession loan. The fair value of the common stock of the post-bankruptcy entity received was | ||||||||||||||||||||||||
$109 per share. In connection with these transactions, Steel Excel recognized a loss on disposal of the subordinated | ||||||||||||||||||||||||
debentures of approximately $3,200 and a gain on disposal of the investment in the debtor-in-possession loan of | ||||||||||||||||||||||||
approximately $1,600, both of which are included as a component of Other expense (income), net in the Consolidated Statements of Operations for the periods ended September 30, 2013. In addition, Steel Excel invested $9,800 in notes of the post-bankruptcy entity in June 2013. Steel Excel's investments in the common stock and notes of the post-bankruptcy entity are | ||||||||||||||||||||||||
included as Level 3 corporate securities and Level 3 corporate obligations, respectively, as of September 30, 2013. | ||||||||||||||||||||||||
Level 3 Liabilities | ||||||||||||||||||||||||
During the nine months ended September 30, 2013, the Company recognized a $184 decrease in fair value for the derivative features of the HNH Subordinated notes which reduced the balance from $184 at December 31, 2012 to $0 at September 30, 2013. As of September 30, 2013, the Company no longer holds any financial liabilities that are measured using Level 3 inputs. | ||||||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
The Company’s non-financial assets measured at fair value on a non-recurring basis include the assets acquired and liabilities assumed in the acquisitions described in Note 2 – “Acquisitions”. Significant judgments and estimates are made to determine the acquisition date fair values which may include the use of appraisals, discounted cash flow techniques or other information the Company considers relevant to the fair value measurement. Subsequent to initial measurement, the Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate, in management’s judgment, that carrying values may not be recoverable. Circumstances that could trigger an interim impairment test include but are not limited to: continuing adverse business conditions or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; or results of testing for recoverability of a significant asset group within a reporting unit. | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, WebBank has impaired loans of $2,665, of which $2,196 is guaranteed by the USDA or SBA and $2,915, of which $2,328 is guaranteed by the USDA or SBA, respectively. These loans are measured at fair value on a nonrecurring basis using Level 3 inputs. See the Impaired Loans section of Note 7 - "Trade, Other and Loans Receivable" for additional discussion of loan impairment measurements. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative and Other Financial Instrument [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
FINANCIAL INSTRUMENTS | |||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||
Financial instruments include $24,632 and $24,742 at September 30, 2013 and December 31, 2012, respectively, of amounts payable in foreign currencies which are subject to the risk of exchange rate changes. These financial instruments resulted from transactions entered into for risk management purposes, are collateralized by an equivalent amount included in restricted cash and have no maturity date. The liabilities are accounted for at fair value on the balance sheet date with changes in fair value reported in the consolidated statement of operations included in net investment gain (loss). The liabilities are not designated as hedging instruments. The foreign currency financial instrument liabilities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Currency | Carrying Amount | Notional Amount | Carrying Amount | Notional Amount | |||||||||||||||
Japanese Yen | $ | 1,532 | ¥150,481 | $ | 1,695 | ¥146,991 | |||||||||||||
Pound Sterling | 23,100 | £14,270 | 23,047 | £14,186 | |||||||||||||||
Total | $ | 24,632 | $ | 24,742 | |||||||||||||||
Information is summarized below for foreign currency financial liabilities and related restricted cash: | |||||||||||||||||||
Foreign exchange transactions: | September 30, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Balance, beginning of year | $ | 24,742 | $ | 23,736 | |||||||||||||||
Net investment (gains) losses | (274 | ) | 848 | ||||||||||||||||
Receipt of dividends, net of interest expense | 134 | 149 | |||||||||||||||||
Other | 30 | — | |||||||||||||||||
Balance of foreign currency financial instruments liability and related restricted cash, end of period (a) | $ | 24,632 | $ | 24,733 | |||||||||||||||
(a) The financial instruments payable in foreign currencies are entered into with a counterparty and are considered Level 2 measurements. Carrying value approximates fair value. | |||||||||||||||||||
Precious Metal and Commodity Inventories | |||||||||||||||||||
H&H's precious metal and commodity inventories are subject to market price fluctuations. H&H enters into commodity futures and forward contracts on its precious metal inventory and certain commodity inventory that is not subject to fixed-price contracts with its customers in order to economically hedge against price fluctuations. HNH's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price increases in these commodities or markets could negatively impact H&H's earnings. H&H does not enter into derivatives or other financial instruments for trading or speculative purposes. | |||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding future contracts with settlement dates ranging from October to December 2013: | |||||||||||||||||||
Commodity | Amount | Notional Value | |||||||||||||||||
Silver | 760,000 ounces | $ | 16,600 | ||||||||||||||||
Gold | 900 ounces | $ | 1,200 | ||||||||||||||||
Copper | 400,000 pounds | $ | 1,300 | ||||||||||||||||
Tin | 45 metric tons | $ | 1,000 | ||||||||||||||||
H&H accounts for these contracts as either fair value hedges or economic hedges under the guidance in ASC 815, Derivatives and Hedging. There were no forward contracts outstanding at September 30, 2013. | |||||||||||||||||||
Fair Value Hedges. Of the total futures contracts outstanding, 570,000 ounces of silver and substantially all of the copper contracts are designated and accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities in the consolidated balance sheet. The net change in fair value of the derivative assets and liabilities and the change in the fair value of the underlying hedged inventory are recognized in the consolidated income statement, and such amounts principally offset each other due to the effectiveness of the hedges. | |||||||||||||||||||
Economic Hedges. The remaining outstanding futures contracts for silver, and all of the contracts for gold and tin, are accounted for as economic hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market and both realized and unrealized gains and losses are recorded in current period earnings in the consolidated income statement. | |||||||||||||||||||
The futures contracts are exchange traded contracts through a third party broker. Accordingly, HNH has determined that there is minimal credit risk of default. HNH estimates the fair value of its derivative contracts through the use of market quotes or broker valuations when market information is not available. HNH maintains collateral on account with the third-party broker. Such collateral consists of both cash that varies in amount depending on the value of open futures contracts, as well as ounces of precious metal held on account by the broker. | |||||||||||||||||||
Debt Agreements | |||||||||||||||||||
As discussed in Note 13 - "Debt and Capital Lease Obligations," H&H Group has entered into two interest rate swap agreements as economic hedges of its debt, but has elected not to account for the interest rate swap agreements as hedges under ASC 815. HNH records the expense (or gain) both from the mark-to-market adjustments and net settlements in interest expense on the consolidated income statement as the hedges are intended to offset interest rate movements. | |||||||||||||||||||
HNH's Subordinated Notes had call premiums as well as Warrants associated with them. The Company treated the fair value of these features together as both a discount on the debt and a derivative liability at inception of the loan agreement. The discount was being amortized over the life of the notes as an adjustment to interest expense, and the derivative was marked to market at each balance sheet date. As discussed in Note 13 - "Debt and Capital lease Obligations," on March 26, 2013, the Company discharged its obligations associated with the Subordinated Notes and Warrants, and therefore, all discounts and derivative accounts related to the Subordinated Notes and Warrants are now zero. | |||||||||||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheets: | |||||||||||||||||||
Derivative | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Foreign currency financial instruments (a) | Financial instruments | $ | 24,632 | $ | 24,742 | ||||||||||||||
Commodity contracts (a), (b) | Prepaid and other current assets | $ | 1,397 | $ | (127 | ) | |||||||||||||
Commodity contracts (a) | Other current liabilities | $ | — | $ | 27 | ||||||||||||||
Interest rate swap agreement (a) | Other current liabilities | $ | (211 | ) | $ | — | |||||||||||||
Derivative features of subordinated notes (a) | Long-term debt | $ | — | $ | (184 | ) | |||||||||||||
(a) Carrying amount equals fair value. | |||||||||||||||||||
(b) Includes $961 designated as hedging instruments as of September 30, 2013. | |||||||||||||||||||
Effect of derivative instruments on the Consolidated Statements of Operations: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Derivative | Statement of Operations Location | Gain (loss) | Gain (loss) | Gain (loss) | Gain (loss) | ||||||||||||||
Foreign currency financial instruments (a) | Net investment gains | $ | (1,410 | ) | $ | (682 | ) | $ | 274 | $ | (848 | ) | |||||||
Commodity contracts (a) | Cost of goods sold | (1,543 | ) | — | 1,083 | — | |||||||||||||
Commodity contracts (b) | Realized and unrealized gain on derivatives | (351 | ) | (1,036 | ) | 1,495 | (284 | ) | |||||||||||
Interest rate swap agreements (b) | Interest expense | (161 | ) | — | (265 | ) | — | ||||||||||||
Derivative features of subordinated notes (b) | Realized and unrealized gain on derivatives | — | (98 | ) | (793 | ) | 691 | ||||||||||||
Total derivatives | $ | (3,465 | ) | $ | (1,816 | ) | $ | 1,794 | $ | (441 | ) | ||||||||
(a) Designated as hedging instruments. | |||||||||||||||||||
(b) Not designated as hedging instruments. | |||||||||||||||||||
Financial Instruments with Off-Balance Sheet Risk | |||||||||||||||||||
WebBank is a party to financial instruments with off-balance sheet risk. In the normal course of business, these financial instruments include commitments to extend credit in the form of loans. Those instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. | |||||||||||||||||||
At September 30, 2013 and December 31, 2012, WebBank’s undisbursed loan commitments totaled $35,506 and $155,378, respectively. Commitments to extend credit are agreements to lend to a customer provided there is no violation of any condition established in the contract. WebBank’s commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by WebBank upon extension of credit is based on management’s credit evaluation of the borrower. | |||||||||||||||||||
WebBank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. WebBank uses the same credit policy in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||||||||||||||||
WebBank also estimates an allowance for potential losses on off-balance sheet contingent credit exposure. WebBank determines an allowance for this contingent credit exposure based on historical experience and portfolio analysis. | |||||||||||||||||||
The allowance was $460 and $740 at September 30, 2013 and December 31, 2012, respectively, and is included within Other current liabilities in the consolidated balance sheets. Increases or decreases in the allowance are included in Selling, general and administrative expenses in the consolidated statements of operations. The amount included in Selling, general and administrative expenses for credit losses on off-balance sheet contingent credit exposure was an benefit of $146 and $146 and a benefit of $180 and $256 for the three and nine months ended September 30, 2013 and 2012, respectively. |
Trade_Other_and_Loans_Receivab
Trade, Other and Loans Receivable | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||
Trade, Other and Loans Receivable | ' | |||||||||||||||||||||||||||||
TRADE, OTHER AND LOANS RECEIVABLE | ||||||||||||||||||||||||||||||
Trade and Other Receivables | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Trade accounts receivable, net of allowance for | $ | 109,266 | $ | 81,820 | ||||||||||||||||||||||||||
doubtful accounts of $2,422 in 2013 and $2,004 in 2012 | ||||||||||||||||||||||||||||||
Other receivables | 4,993 | 2,194 | ||||||||||||||||||||||||||||
Total | $ | 114,259 | $ | 84,014 | ||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||||
Major classification of WebBank’s loans receivable at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||||||||
Total | Current | Non-current | ||||||||||||||||||||||||||||
September 30, 2013 | % | December 31, 2012 | % | September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||
Commercial – owner occupied | $ | 4,792 | 10 | % | $ | 6,724 | 10 | % | $ | 192 | $ | 198 | $ | 4,600 | $ | 6,526 | ||||||||||||||
Commercial – other | 182 | — | % | 318 | — | % | — | 9 | 182 | 309 | ||||||||||||||||||||
Total real estate loans | 4,974 | 10 | % | 7,042 | 10 | % | 192 | 207 | 4,782 | 6,835 | ||||||||||||||||||||
Commercial and industrial | 29,632 | 58 | % | 9,832 | 15 | % | 998 | 451 | 28,634 | 9,381 | ||||||||||||||||||||
Loans held for sale | 16,817 | 32 | % | 51,505 | 75 | % | 16,817 | 51,505 | — | — | ||||||||||||||||||||
Total loans | 51,423 | 100 | % | 68,379 | 100 | % | 18,007 | 52,163 | 33,416 | 16,216 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||
Deferred fees and discounts | 4 | 21 | 4 | 21 | — | — | ||||||||||||||||||||||||
Allowance for loan losses | (296 | ) | (285 | ) | (296 | ) | (285 | ) | — | — | ||||||||||||||||||||
Total loans receivable, net (a) | $ | 51,131 | $ | 68,115 | $ | 17,715 | $ | 51,899 | $ | 33,416 | $ | 16,216 | ||||||||||||||||||
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, net was $51,333 and $71,111 at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||||
The Allowance for Loan and Lease Losses (“ALLL”) represents an estimate of probable and estimable losses inherent in the loan and lease portfolio as of the balance sheet date. Losses are charged to the ALLL when recognized. Generally, commercial loans are charged off or charged down at the point at which they are determined to be uncollectible in whole or in part. The amount of the ALLL is established by analyzing the portfolio at least quarterly, and the provisions for loan losses is adjusted so that the ALLL is at an appropriate level at the balance sheet date. | ||||||||||||||||||||||||||||||
The methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. For the commercial loans a comprehensive loan grading system is used to assign loss given default grades to each loan. The credit quality indicators discussed subsequently are based on this grading system. Loss given default grades are based on both financial and statistical models and loan officers’ judgment. Groupings of these grades are created for each loan class and calculate historic loss rates ranging from the previous 36 to 48 months. | ||||||||||||||||||||||||||||||
After applying historic loss experience, as described above, the quantitatively derived level of ALLL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence judgment regarding the level of the ALLL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include: | ||||||||||||||||||||||||||||||
• | Asset quality trends | |||||||||||||||||||||||||||||
• | Risk management and loan administration practices | |||||||||||||||||||||||||||||
• | Risk identification practices | |||||||||||||||||||||||||||||
• | Effect of changes in the nature and volume of the portfolio | |||||||||||||||||||||||||||||
• | Existence and effect of any portfolio concentrations | |||||||||||||||||||||||||||||
• | National economic and business conditions | |||||||||||||||||||||||||||||
• | Regional and local economic and business conditions | |||||||||||||||||||||||||||||
• | Data availability and applicability | |||||||||||||||||||||||||||||
Changes in these factors are reviewed to ensure that changes in the level of the ALLL are consistent with changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ALLL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ALLL. | ||||||||||||||||||||||||||||||
Changes in the allowance for loan and lease losses are summarized as follows: | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Beginning balance - December 31, 2012 | $ | 187 | $ | 34 | $ | 64 | $ | 285 | ||||||||||||||||||||||
Charge-offs | — | — | (63 | ) | (63 | ) | ||||||||||||||||||||||||
Recoveries | 12 | 33 | 66 | 111 | ||||||||||||||||||||||||||
Provision | (121 | ) | (46 | ) | 130 | (37 | ) | |||||||||||||||||||||||
Ending Balance – September 30, 2013 | $ | 78 | $ | 21 | $ | 197 | $ | 296 | ||||||||||||||||||||||
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 78 | 21 | 197 | 296 | ||||||||||||||||||||||||||
Total | $ | 78 | $ | 21 | $ | 197 | $ | 296 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 2,522 | $ | — | $ | 142 | $ | 2,664 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,270 | 182 | 29,490 | 31,942 | ||||||||||||||||||||||||||
Total | $ | 4,792 | $ | 182 | $ | 29,632 | $ | 34,606 | ||||||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | ||||||||||||||||||||||||||||||
Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well secured and in the process of collection. | ||||||||||||||||||||||||||||||
A nonaccrual loan may be returned to accrual status when all delinquent interest and principal become current in accordance with the terms of the loan agreement; and the loan, if secured, is well secured; the borrower has paid according to the contractual terms for a minimum of six months; and analysis of the borrower indicates a reasonable assurance of the ability to maintain payments. Payments received on nonaccrual loans are applied as a reduction to the principal outstanding. | ||||||||||||||||||||||||||||||
Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. Loans past due 90 days or more and still accruing interest were $2,092 and $2,581 at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||
Nonaccrual loans are summarized as follows: | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 430 | $ | 147 | ||||||||||||||||||||||||||
Total Real Estate Loans | 430 | 147 | ||||||||||||||||||||||||||||
Commercial and Industrial | 110 | 94 | ||||||||||||||||||||||||||||
Total Loans | $ | 540 | $ | 241 | ||||||||||||||||||||||||||
Past due loans (accruing and nonaccruing) are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Current | 30-89 days | 90+ days | Total | Total | Recorded | |||||||||||||||||||||||||
past due | past due | past due (1) | loans | investment | ||||||||||||||||||||||||||
in accruing | ||||||||||||||||||||||||||||||
loans 90+ | ||||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,270 | $ | 419 | $ | 2,103 | $ | 2,522 | $ | 4,792 | $ | 2,092 | ||||||||||||||||||
Commercial - Other | 182 | — | — | — | 182 | — | ||||||||||||||||||||||||
Total Real Estate Loans | 2,452 | 419 | 2,103 | 2,522 | 4,974 | 2,092 | ||||||||||||||||||||||||
Commercial and Industrial | 29,465 | 57 | 110 | 167 | 29,632 | — | ||||||||||||||||||||||||
Total Loans | $ | 31,917 | $ | 476 | $ | 2,213 | $ | 2,689 | $ | 34,606 | $ | 2,092 | ||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||||
In addition to the past due and nonaccrual criteria, loans are analyzed using a loan grading system. Generally, internal grades are assigned to loans based on the performance of the loans, financial/statistical models and loan officer judgment. Loans are reviewed and graded annually or whenever material information is received. In some circumstances, such as smaller performing loans, it may not be possible to obtain the necessary information to update the grades annually. Upon consideration of relevant factors, the Bank Loan Committee may waive on a case-by-case basis the annual grading requirement. Grades follow definitions of Pass, Special Mention, Substandard, and Doubtful. The definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows: | ||||||||||||||||||||||||||||||
• | Pass: A pass asset is a higher quality asset and does not fit any of the other categories described below. The likelihood of loss is considered remote. | |||||||||||||||||||||||||||||
• | Special Mention: A receivable in this category has a specific weakness or problem but does not currently present a significant risk of loss or default as to any material term of the loan or financing agreement. | |||||||||||||||||||||||||||||
• | Substandard: A substandard receivable has a developing or currently minor weakness or weaknesses that could result in loss or default if deficiencies are not corrected or adverse conditions arise. | |||||||||||||||||||||||||||||
• | Doubtful: A doubtful receivable has an existing weakness or weaknesses that have developed into a serious risk of significant loss or default with regard to a material term of the financing agreement. | |||||||||||||||||||||||||||||
Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Pass | Special | Sub- | Doubtful | Total loans | ||||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial - Owner Occupied | 2,269 | — | 2,523 | — | 4,792 | |||||||||||||||||||||||||
Commercial - Other | 182 | — | — | — | 182 | |||||||||||||||||||||||||
Total Real Estate Loans | 2,451 | — | 2,523 | — | 4,974 | |||||||||||||||||||||||||
Commercial and Industrial | 25,785 | 3,705 | 142 | — | 29,632 | |||||||||||||||||||||||||
Total Loans | $ | 28,236 | $ | 3,705 | $ | 2,665 | $ | — | $ | 34,606 | ||||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||
Loans are considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. When loans are impaired, an estimate of the amount of the balance that is impaired is made and a specific reserve is assigned to the loan based on the estimated present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral less the cost to sell. When the impairment is based on amount on the fair value of the loan’s underlying collateral, the portion of the balance that is impaired is charged off, such that these loans do not have a specific reserve in the ALLL. Payments received on impaired loans that are accruing are recognized in interest income, according to the contractual loan agreement. Payments received on impaired loans that are on nonaccrual are not recognized in interest income, but are applied as a reduction to the principal outstanding. Payments are recognized when cash is received. | ||||||||||||||||||||||||||||||
Information on impaired loans is summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
Unpaid principle | with no | with | Total recorded | Related | Average recorded | |||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,734 | $ | 2,523 | $ | — | $ | 2,523 | $ | — | $ | 2,629 | ||||||||||||||||||
Total Real Estate Loans | 2,734 | 2,523 | — | 2,523 | — | 2,629 | ||||||||||||||||||||||||
Commercial and Industrial | 357 | 130 | 12 | 142 | — | — | ||||||||||||||||||||||||
Total Loans | $ | 3,091 | $ | 2,653 | $ | 12 | $ | 2,665 | $ | — | $ | 2,629 | ||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
A summary of inventories is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Finished products | $ | 18,245 | $ | 19,229 | ||||
In – process | 10,644 | 8,344 | ||||||
Raw materials | 15,229 | 14,346 | ||||||
Fine and fabricated precious metal in various stages of completion | 24,745 | 9,599 | ||||||
68,863 | 51,518 | |||||||
Excess of market value over LIFO cost | — | (2,695 | ) | |||||
$ | 68,863 | $ | 48,823 | |||||
Fine and Fabricated Precious Metal Inventory | ||||||||
In order to produce certain of its products, H&H purchases, maintains and utilizes precious metal inventory. H&H records its precious metal inventory at the lower of last-in, first-out ("LIFO") cost or market, with any adjustments recorded through cost of goods sold. As of September 30, 2013, the precious metal inventory is recorded at market. As of December 31, 2012, the precious metal inventory is recorded at LIFO cost, resulting in an inventory adjustment of $2,695. The increase in the amount of precious metal inventory was attributable to the acquisition of Wolverine Joining (see Note 2 - "Acquisitions"), whose precious metal inventory is accounted for at fair value. | ||||||||
Certain customers and suppliers of H&H choose to do business on a “pool” basis, and furnish precious metal to H&H for return in fabricated form (“customer metal”) or for purchase from or return to the supplier. When the customer metal is returned in fabricated form, the customer is charged a fabrication charge. The value of this customer metal is not included in the Company’s balance sheet. To the extent H&H is able to utilize customer precious metal in its production processes, such customer metal replaces the need for H&H to purchase its own inventory. As of September 30, 2013, H&H’s customer metal consisted of 280,832 ounces of silver, 553 ounces of gold, and 1,391 ounces of palladium. As of December 31, 2012, H&H’s customer metal consisted of 208,433 ounces of silver, 541 ounces of gold, and 1,399 ounces of palladium. | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Supplemental inventory information: | ||||||||
Precious metals stated at LIFO cost | $ | 9,443 | $ | 5,460 | ||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 14,685 | — | ||||||
Market value per ounce: | ||||||||
Silver | 21.81 | 30.2 | ||||||
Gold | 1,339.00 | 1,675.40 | ||||||
Palladium | 731.3 | 702.85 | ||||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
A summary of property, plant and equipment, net is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 11,203 | $ | 10,059 | ||||
Buildings and improvements | 52,191 | 52,983 | ||||||
Machinery, equipment and other | 158,134 | 143,281 | ||||||
Construction in progress | 12,132 | 10,059 | ||||||
233,660 | 216,382 | |||||||
Accumulated depreciation and amortization | (55,155 | ) | (38,800 | ) | ||||
Net property, plant and equipment | $ | 178,505 | $ | 177,582 | ||||
Depreciation expense was $6,048 and $4,865 for the three months ended September 30, 2013 and 2012, respectively and $17,491 and $12,219 for the nine months ended September 30, 2013 and 2012, respectively. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||||||||
A reconciliation of the change in the carrying value of goodwill by reportable segment is as follows: | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||||||||||
Balance at beginning of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | |||||||||||||||
Acquisitions | 14,111 | 6,071 | — | 20,182 | |||||||||||||||||||
Currency translation adjustment | 6 | — | — | 6 | |||||||||||||||||||
Other adjustments (a) | (454 | ) | — | — | (454 | ) | |||||||||||||||||
Balance at end of period | $ | 28,775 | $ | 54,500 | $ | 81 | $ | 83,356 | |||||||||||||||
(a) Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the prior year HNH acquisition of Hickman. For additional information, see Note 2 - "Acquisitions." | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||||||||||
Balance at beginning of year | $ | 11,838 | $ | 24,837 | $ | 81 | $ | 36,756 | |||||||||||||||
BNS sale of SWH to Steel Excel | — | (24,836 | ) | — | (24,836 | ) | |||||||||||||||||
Acquisition of Steel Excel | — | 48,468 | — | 48,468 | |||||||||||||||||||
Acquisition of Hickman | 3,267 | — | — | 3,267 | |||||||||||||||||||
Other acquisitions | — | 154 | — | 154 | |||||||||||||||||||
Impairment | — | (192 | ) | — | (192 | ) | |||||||||||||||||
Currency translation adjustment/other | 7 | (2 | ) | — | 5 | ||||||||||||||||||
Balance at end of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | |||||||||||||||
A summary of intangible assets other than goodwill is summarized as follows: | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Product and customer relationships | $ | 112,014 | $ | 20,606 | 91,408 | $ | 102,756 | $ | 14,664 | $ | 88,092 | ||||||||||||
Trademarks | 28,165 | 3,474 | 24,691 | 23,610 | 2,016 | 21,594 | |||||||||||||||||
Patents and technology | 19,265 | 5,270 | 13,995 | 19,025 | 4,063 | 14,962 | |||||||||||||||||
Other | 2,494 | 1,365 | 1,129 | 2,446 | 1,182 | 1,264 | |||||||||||||||||
$ | 161,938 | $ | 30,715 | 131,223 | $ | 147,837 | $ | 21,925 | $ | 125,912 | |||||||||||||
Trademarks with indefinite lives as of September 30, 2013 and December 31, 2012 were $8,020. Amortization expense related to intangible assets was $3,052 and $3,158 for the three months ended September 30, 2013 and 2012, respectively and was $8,852 and $7,540 for the nine months ended September 30, 2013 and 2012, respectively. Future amortization expense of the intangible assets acquired in the Wolverine Joining acquisition (see Note 2 - "Acquisitions") is expected to total $200 for the remainder of 2013, $700 in each of the years 2014 through 2017, respectively, and $10,400 thereafter. These balances are subject to adjustment during the finalization of the purchase price allocation for the Wolverine Joining acquisition. |
Bank_Deposits
Bank Deposits | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Bank Deposits | ' | |||||||
BANK DEPOSITS | ||||||||
A summary of WebBank deposits is as follows: | ||||||||
Time deposits year of maturity: | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
2013 | $ | 4,498 | $ | 25,838 | ||||
2014 | 10,843 | 9,094 | ||||||
2015 | 14,279 | 14,264 | ||||||
2016 | 11,514 | 11,507 | ||||||
Total time deposits | 41,134 | 60,703 | ||||||
Money market deposits | 35,025 | 17,906 | ||||||
Total deposits (a) | $ | 76,159 | $ | 78,609 | ||||
Current | $ | 46,421 | $ | 43,744 | ||||
Long-term | 29,738 | 34,865 | ||||||
Total deposits | $ | 76,159 | $ | 78,609 | ||||
Time deposit accounts under $100 | $ | 38,903 | $ | 53,897 | ||||
Time deposit accounts $100 and over | 2,231 | 6,806 | ||||||
Total time deposits | $ | 41,134 | $ | 60,703 | ||||
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $77,082 and $79,581 at September 30, 2013 and December 31, 2012, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Management Agreement | |
On May 11, 2012, SPLP, SPH Group LLC, a wholly owned subsidiary of SPLP, and Steel Partners LLC ("SPLLC") entered into the Fourth Amended and Restated Management Agreement ("Management Agreement"), effective as of January 1, 2012, to, among other things, revise the compensation to be paid to SP General Services LLC (the "Manager") and to extend the term of the agreement. Effective January 1, 2012, the Manager receives a fee at an annual rate of 1.5% of total partner’s capital ("Management Fee"), payable on the first day of each quarter and subject to quarterly adjustment. The Management Agreement will continue until December 31, 2013 and will be automatically renewed thereafter for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the independent directors. The Management Agreement was amended further in October 2013 (see Note 21 - "Subsequent Events"). | |
SPLP will bear (or reimburse the Manager with respect to) all its reasonable costs and expenses of the managed entities, the Manager, SPH GP or their affiliates, including but not limited to: legal, tax, accounting, auditing, consulting, administrative, compliance, investor relations costs related to being a public entity rendered for SPLP or SPH GP as well as expenses incurred by the Manager and SPH GP which are reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement and certain other expenses incurred by managers, officers, employees and agents of the Manager or its affiliates on behalf of SPLP. For the three months ended September 30, 2013 and 2012, the Manager earned a Management Fee of $2,110 and $2,025, respectively and for the nine months ended September 30, 2013 and 2012, the Manager earned a Management Fee of $6,129 and $5,327, respectively. The Management Fee is included in Selling General and Administrative expenses in the consolidated statement of operations. Unpaid amounts for management fees included in Payable to related parties were $2,110 and $2,097 at September 30, 2013 and December 31, 2012, respectively. The Manager incurred $211 and $216 of reimbursable expenses during the three months ended September 30, 2013 and 2012, respectively, and $770 and $968 of reimbursable expenses during the nine months ended September 30, 2013 and 2012 in connection with its provision of services under the Management Agreement. Unpaid amounts for reimbursable expenses were $180 and $573 at September 30, 2013 and December 31, 2012, respectively, and are included in Payable to related parties. | |
Corporate Services | |
On January 1, 2012, SPH Services, a new subsidiary of SPLP, was created to consolidate the executive and corporate functions of SPLP and certain of its affiliates, including SP Corporate Services LLC ("SP Corporate") and SPLLC, and to provide such services to other portfolio companies. SP Corporate, through Management Services Agreements with these companies, provides services which include assignment of C-Level management personnel, as well as a variety of services including legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations and other similar services. The fees payable under these agreements are initially based on the level of services expected to be provided. They are subject to annual review and adjustment and are approved by the respective company's board of directors. The agreements automatically renew for successive one-year periods unless and until terminated in accordance with agreement. Under certain circumstances, the termination may result in payment of a termination fee to SP Corporate. | |
Consolidated subsidiaries that have agreements with SP Corporate include HNH, Steel Excel, SPLP, DGT, WebBank and BNS. Effective January 1, 2013, annual amounts to be billed to these companies are $8,885, $3,600, $3,000, $576, $250 and $204, respectively, and are eliminated in consolidation. In October 2013, SP Corporate entered into a management services agreement with iGo, Inc. for $372 per year (see Note 21 - "Subsequent Events"). | |
In addition to its servicing agreements with SPLP and its consolidated subsidiaries, SP Corporate has management services agreements with other companies considered to be related parties, including CoSine, NOVT, Ore Holdings, Inc., Fox & Hound, J. Howard Inc., SL Industries, Inc. and Steel Partners, Ltd. SP Corporate will charge approximately $1,599 annually to these companies. | |
SPII Liquidating Trust | |
SPLP holds interests in the SPII Liquidating Trust, an entity that holds certain investments which it acquired in connection with the Exchange Transaction, which the Manager and its affiliate serve as the manager and liquidating trustee, respectively, without compensation other than reimbursement for out-of-pocket expenses. The SPII Liquidating Trust has an investment in Steel Partners Japan Strategic Fund, L.P. and in Steel Partners China Access I L.P. See Note 4 - "Investments" for additional information. | |
In the second quarter of 2013, the SPII Liquidating Trust sold its remaining investments comprising Trust I to a related party, Steel Partners Ltd. The Company received proceeds of $764 representing its proportionate interest in the Trust. There was no gain or loss on the transaction. | |
Mutual Securities | |
Pursuant to the Management Agreement, the Manager was responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability and best price and execution. The Manager has selected Mutual Securities as an introducing broker and may direct a substantial portion of the managed entities’ trades to such firm among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities. The Manager only uses Mutual Securities when such use would not compromise the Manager’s obligation to seek best price and execution. SPLP has the right to pay commissions to Mutual Securities, which are higher than those that can be obtained elsewhere, provided that the Manager believes that the rates paid are competitive institutional rates. Mutual Securities also served as an introducing broker for SPLP’s trades. The Commissions paid by SPLP to Mutual securities were approximately $95 and $83 for the three months ended September 30, 2013 and 2012, respectively and were approximately $311 and $188 for the nine months ended September 30, 2013 and 2012, respectively. Such commissions are included in the net investment gains (losses) in the consolidated statements of operations. The portion of the commission paid to Mutual Securities ultimately received by such officer is net of clearing and other charges. | |
Other | |
On March 31, 2012, Steel Partners, Ltd. assigned its rights, obligations and title to its New York City office lease to SPH Services. In connection with the assignment, Steel Partners, Ltd. agreed to remit $3,286 to SPH Services, subject to adjustment, which represents the present value of the lease payment obligations over the fair value of the leased facilities. In addition, for a total consideration of $1,203, Steel Partners, Ltd. sold to SPH Services the fixed assets held by it relating to the New York City location, which includes furniture, equipment and leasehold improvements. The Company agreed to reimburse Steel Partners, Ltd. $254 for occupancy costs for the three months ended March 31, 2012. These amounts were settled with Steel Partners, Ltd in the third quarter of 2012. | |
SPLP has an arrangement whereby it holds an asset on behalf of a related party in which it has an investment. The asset had a fair value of $30,699 and $30,172 at September 30, 2013 and December 31, 2012, respectively. Under the terms of this arrangement, the related party is the sole beneficiary and SPLP does not have an economic interest in the asset and SPLP has no capital at risk with respect to such asset, other than indirectly through its indirect investment in such related party. No amounts related to this arrangement are recorded on the Consolidated balance sheet. For the three and nine months ended September 30, 2013 and 2012, SPLP was indirectly compensated for providing this arrangement by the payment of a fee. The fees were not material. | |
The Company’s non-management directors receive an annual retainer of $150, of which $75 is paid in cash and $75 is paid in restricted common units of SPLP. The restricted units vest over a three year period. These directors are also paid fees of $1 for each board committee meeting attended. The chairmen of the Audit Committee, Corporate Governance and Nominating Committee and Compensation Committee are paid an additional fee of $15, $5 and $5 annually, respectively. Effective May 1, 2013, the annual fee for the chairmen of the Audit Committee was increased to $60 annually. For the three months ended September 30, 2013 and 2012 non-management directors’ fees expensed were $229 and $140, respectively and $627 and $425 for the nine months ended September 30, 2013 and 2012, respectively. Unpaid non-management directors’ fees are included in Payable to related parties and were $42 and $44 at September 30, 2013 and December 31, 2012, respectively. | |
At September 30, 2013, several related parties and consolidated subsidiaries had deposits totaling $25,601 in WebBank. These deposits earned $122 in interest through September 30, 2013. Interest of $34 has been eliminated in consolidation for the three months ended September 30, 2013, and deposits of $23,570 and interest of $115 has been eliminated in consolidation for the nine months ended September 30, 2013. At December 31, 2012, several related parties and consolidated subsidiaries had deposits totaling $27,559 in WebBank. | |
SPLP has an estimated liability of $116 as of September 30, 2013 and December 31, 2012 included in other current liabilities which, pursuant to the Amended Exchange Agreement, is indemnified by Steel Partners II (Onshore) LP (“SPII Onshore”). As a result, the Company recorded an amount receivable from SPII Onshore reported as Receivable from related parties in the consolidated balance sheet. | |
Deferred Fee Liability to Related Party | |
Pursuant to an assignment and assumption agreement effective as of July 15, 2009, SPLP assumed from Steel Partners II (Offshore) Ltd. (“SPII Offshore”), an entity previously affiliated with SPII, a liability due WGL Capital Corp. (the "Investment Manager") an affiliate of the Manager, pursuant to a deferred fee agreement (the “Deferred Fee Liability”), in the amount of $51,594. In exchange for assuming the liability, SPLP received consideration of equal value from SPII Offshore comprised of $4,487 in cash and 2,725,533 common units of SPLP (valued at $17.28 per common unit as determined in connection with the implementation of the Exchange Transaction) which are held by SPLP as treasury units. | |
The amount of the Deferred Fee Liability was indexed to the value of SPLP. The deferred fee was a fair value liability and increased or decreased quarterly by the same percentage as the increase or decrease in the index. The Deferred Fee Liability increased $11,448 in the nine months ended September 30, 2012, and is reported in the consolidated statements of operations as Deferred fee liability to related party-increase. On April 11, 2012 (the "Termination Date"), the Company and the Investment Manager terminated the Investor Services Agreement by mutual consent. Instead of receiving the deferred fee in cash, the Investment Manager elected for the total amount to be paid in common units of the Company. For additional information see Note 15 - "Capital and Accumulated Other Comprehensive Income (Loss)." | |
Investment Manager | |
SPLP is a party to an investor services agreement (the “Investor Services Agreement”) with the Investment Manager whereby the Investment Manager performed certain investor relations services on SPLP’s behalf and SPLP paid the Investment Manager a fee of $50 per year (the “Investor Services Fee”). The Management Fee payable to the Manager was offset and reduced on each payment date by the amount of the Investor Services Fee payable to the Investment Manager. The Investor Services Agreement was terminated in April of 2012 (see Note 15 - "Capital and Accumulated Other Comprehensive Income (Loss)").The Investment Manager earned an Investor Services Fee of $0 for the three months ended September 30, 2013 and 2012, and $0 and $13 for the nine months ended September 30, 2013 and 2012, respectively. There were no unpaid amounts for the Investor Services at September 30, 2013 and December 31, 2012. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt and Capital Lease Obligations | ' | |||||||
DEBT AND CAPITAL LEASE OBLIGATIONS | ||||||||
Debt and capital lease obligations consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Short term debt: | ||||||||
Foreign | $ | 509 | $ | 778 | ||||
3/4% Convertible Senior Subordinated Notes | 346 | 346 | ||||||
Total short-term debt | 855 | 1,124 | ||||||
Long-term debt - non related party: | ||||||||
Term Loans | 185,844 | 115,000 | ||||||
Revolving Facility | 38,800 | 15,340 | ||||||
10% Subordinated Notes, net of unamortized discount | — | 9,049 | ||||||
Other debt - domestic | 8,359 | 8,597 | ||||||
Foreign loan facilities | 3,096 | 4,713 | ||||||
Total debt to non related party | 236,099 | 152,699 | ||||||
Less portion due within one year | 22,037 | 13,025 | ||||||
Long-term debt to non related party | 214,062 | 139,674 | ||||||
Long-term debt - related party: | ||||||||
10% Subordinated Notes, net of unamortized discount | — | 391 | ||||||
Total long-term debt | 214,062 | 140,065 | ||||||
Total debt | $ | 236,954 | $ | 154,214 | ||||
Capital lease facility | ||||||||
Current portion of capital lease | $ | 937 | $ | 1,039 | ||||
Long-term portion of capital lease | 865 | 1,645 | ||||||
$ | 1,802 | $ | 2,684 | |||||
HNH Debt | ||||||||
Senior Credit Facility | ||||||||
On November 8, 2012, H&H Group entered into a $205,000 senior secured credit facility, consisting of a revolving credit facility ("Revolving Facility") in an aggregate principal amount not to exceed $90,000 and a term loan ("Senior Term Loan") in an aggregate principal amount of $115,000 (collectively, "Senior Credit Facility"). On April 26, 2013, in connection with the acquisition of Wolverine Joining (see Note 2 - "Acquisitions"), HNH's Senior Credit Facility was amended, and on September 13, 2013, the Senior Credit Facility was further amended. These amendments, among other things, increased the lenders' commitments under the Revolving Facility to $160,000 and their commitments under the Senior Term Loan to $125,000, provided H&H Group with additional flexibility regarding its ability to utilize net cash proceeds from permitted asset sales, reset the amount of dividends and other distributions that may be made by H&H Group to HNH following the payment of $7,000 of previously declared dividends, and amended certain financial covenants and the amortization schedule of the term loan. The term loan, as amended, requires quarterly principal payments of $2,300 for the remainder of 2013, and $3,100, $3,900, $3,900 and $3,900 in 2014, 2015, 2016 and 2017, respectively. | ||||||||
The facility will expire, with remaining outstanding balances due and payable, on November 8, 2017. The facility is guaranteed by substantially all existing and thereafter acquired or created domestic and Canadian wholly-owned subsidiaries of H&H Group. The Senior Credit Facility restricts H&H Group's ability to transfer cash or other assets to HNH, subject to certain exceptions including required pension payments to the WHX Corporation Pension Plan ("WHX Pension Plan"). Borrowings under the facility bear interest, at H&H Group's option, at a rate based on LIBOR or the Base Rate, as defined, plus an applicable margin as set forth in the loan agreement (2.75% and 1.75%, respectively, for LIBOR and Base Rate borrowings at September 30, 2013). The facility is subject to certain mandatory prepayment provisions and restrictive and financial covenants, which include a maximum ratio limit on Total Leverage and a minimum ratio limit on Fixed Charge Coverage, as defined, as well as a minimum liquidity level. The weighted-average interest rates on the Senior Term Loan and Revolving Facility were 3.10% and 3.04%, respectively, at September 30, 2013, and HNH was in compliance with all debt covenants at September 30, 2013. | ||||||||
In connection with lending requirements under the Senior Credit Facility, H&H Group entered into an interest rate swap agreement in February 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH receives one-month LIBOR in exchange for a fixed interest rate of 0.569% over the life of the agreement on an initial $56,400 notional amount of debt, with the notional amount decreasing by $1,100, $1,800 and $2,200 per quarter in 2013, 2014 and 2015, respectively. The agreement expires in February 2016. In connection with the amendments made to the Senior Credit Facility in connection with the Wolverine Joining acquisition, H&H Group entered into a second interest rate swap agreement in June 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH receives one-month LIBOR in exchange for a fixed interest rate of 0.598% over the life of the agreement on an initial $5,000 notional amount of debt, with the notional amount decreasing by $100, $200 and $200 per quarter in 2013, 2014 and 2015, respectively. The agreement expires in February 2016. | ||||||||
Subordinated Notes | ||||||||
On March 26, 2013, H&H Group instructed Wells Fargo Bank, National Association ("Wells Fargo"), as trustee and collateral agent, to deliver an irrevocable notice of H&H Group's election to redeem all of its outstanding 10% subordinated secured notes due 2017 ("Subordinated Notes") to the holders of the Subordinated Notes. Pursuant to the terms of that certain amended and restated indenture, dated as of December 13, 2010, as amended ("Indenture"), by and among H&H Group, the guarantors named therein and Wells Fargo, as trustee and collateral agent, H&H Group has instructed Wells Fargo to redeem, on April 25, 2013, approximately $31,800 principal amount of Subordinated Notes, representing all of the outstanding Subordinated Notes, at a redemption price equal to 112.6% of the principal amount and accrued but unpaid payment-in-kind-interest thereof, plus accrued and unpaid cash interest. The Subordinated Notes are part of a unit ("Unit"), and each Unit consists of (i) Subordinated Notes and (ii) warrants to purchase shares of common stock of HNH ("Warrants"). The Subordinated Notes and Warrants which comprised the Unit were not detachable until October 14, 2013. Accordingly, all Units were also redeemed. On March 26, 2013, H&H Group irrevocably deposited with Wells Fargo funds totaling $36,900 for such redemption and interest payment in order to satisfy and discharge its obligations under the Indenture from both a legal and accounting perspective. Interest expense for the three months ended March 31, 2013 included a $5,700 loss associated with the redemption of the Subordinated Notes, including the redemption premium and the write-off of remaining deferred finance costs and unamortized debt discounts. | ||||||||
Steel Excel Debt | ||||||||
On July 3, 2013, Steel Excel's energy business entered into a credit agreement (the “Energy Credit Agreement”) with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank. The Energy Credit Agreement provided for a borrowing capacity of $80,000 consisting of a $70,000 secured term loan (the “Term Loan”) that was fully drawn by Steel Excel's energy business on July 3, 2013, and up to $10,000 in revolving loans (the “Revolving Loans”) subject to a borrowing base of 85% of the eligible accounts receivable. Borrowings under the Energy Credit Agreement are collateralized by substantially all the assets of Steel Energy and its wholly-owned subsidiaries Sun Well Service, Inc. ("Sun Well") and Rogue Pressure Services, Inc. ("Rogue"), and a pledge of all of the issued and outstanding shares of capital stock of Sun Well and Rogue, and are fully guaranteed by Sun Well and Rogue. The proceeds of the Term Loan at closing, along with proceeds from intercompany loans to Steel Energy from Sun Well and Rogue, were used to pay Steel Excel a dividend of $80,000 and certain fees and expenses related to the Energy Credit Agreement. Steel Excel incurred fees totaling approximately $1,100 in connection with the Energy Credit Agreement that are being amortized over the life of the arrangement as a component of interest expense. The Energy Credit Agreement has a five-year term, with the Term Loan amortizing in quarterly installments of $2,500 and a balloon payment due on the maturity date. At September 30, 2013, $67,500 was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. | ||||||||
Borrowings under the Energy Credit Agreement bear interest at annual rates of either (i) the Base Rate plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25%. The “Base Rate” is the greatest of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.5%, and (iii) the one-month LIBOR plus 1.0%. The applicable margin for both Base Rate and LIBOR is determined based on the leverage ratio calculated in accordance with the Energy Credit Agreement. LIBOR-based borrowings are available for interest periods of one, three, or six months. In addition, Steel Excel is required to pay commitment fees of between 0.375% and 0.50% per annum on the daily unused amount of the Revolving Loans. For the three months and nine months ended September 30, 2013, Steel Excel incurred interest expense of $700 in connection with the Energy Credit Agreement, consisting of $500 in interest on the Term Loans and $200 of amortization of deferred financing fees. | ||||||||
The Energy Credit Agreement contains certain financial covenants, including (i) a leverage ratio not to exceed 3.00:1 for quarterly periods through June 15, 2015, 2.75:1 for quarterly periods through June 30, 2017, and 2.5:1 thereafter and (ii) a fixed charge coverage ratio of 1.15:1 for quarterly periods through December 31, 2016, and 1.25:1 thereafter. The Energy Credit Agreement also contains standard representations, warranties and covenants, including, among other things, covenants relating to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with law, (iv) maintenance of properties and (v) payment of restricted payments. The repayment of the Term Loan can be accelerated upon (i) a change in control, which would include Steel Energy owning less than 100% of the equity of Sun Well or Rogue or SPLP owning, directly or indirectly, less than 35% of Steel Excel's energy business or (ii) other events of default, including payment failure, false representations, covenant breaches, and bankruptcy. | ||||||||
Sun Well Debt | ||||||||
Sun Well, a wholly owned operating subsidiary of Steel Excel, previously had a credit agreement (the "Sun Well Credit Agreement") with Wells Fargo Bank, National Association, that included a term loan of $20,000 and a revolving line of credit for up to $5,000. All amounts due under the Sun Well Credit Agreement were fully repaid in the first nine months of 2013 and the facility was terminated as of July 3, 2013, upon closing of the Energy Credit Agreement. For the nine months ended September 30, 2013, Steel Excel incurred interest expense of $300 in connection with the Sun Well Credit Agreement. Upon termination of the Sun Well Credit Agreement, the Company recognized a loss on extinguishment of $500 from the write off of unamortized deferred financing costs, which was reported as a component of Other income in the consolidated statements of operations for the three and nine months ended September 30, 2013. |
Pension_Benefit_Plans
Pension Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension Benefit Plans | ' | |||||||||||||||
PENSION BENEFIT PLANS | ||||||||||||||||
The following table presents the components of pension expense and components of other post-retirement benefit (income) expense for the HNH pension plans included the following: | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 4,639 | $ | 5,503 | $ | 13,954 | $ | 16,238 | ||||||||
Expected return on plan assets | (5,976 | ) | (6,765 | ) | (17,988 | ) | (20,255 | ) | ||||||||
Amortization of actuarial loss | 1,196 | 875 | 3,863 | 2,140 | ||||||||||||
Total | $ | (141 | ) | $ | (387 | ) | $ | (171 | ) | $ | (1,877 | ) | ||||
The actuarial loss occurred principally because the investment returns on the assets of the HNH pension plans have been lower than the actuarial assumptions. The actuarial losses are being amortized over the average future lifetime of the participants, which is expected to be approximately 21 years. HNH believes that the future lifetime of the participants is appropriate because the plan is completely inactive. | ||||||||||||||||
HNH expects to have required minimum contributions to the WHX Pension Plan of $2,800 for the remainder of 2013, $22,500, $21,300, $18,200, $17,100 and $49,000 in 2014, 2015, 2016, 2017 and for the five years thereafter, respectively. Required future contributions are determined based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Pension costs and required funding obligations will be affected by changes in the factors and assumptions described in the previous sentence, as well as other changes such as any plan termination. | ||||||||||||||||
In addition to its pension plans, which are included in the table above, HNH also maintains several other post-retirement benefit plans covering certain of its employees and retirees. The approximate aggregate expense for these plans was $400 and $500 for the three months ended September 30, 2013 and 2012, respectively and $1,400 and $1,500 for the nine months ended September 30, 2013 and 2012, respectively. |
Capital_and_Accumulated_Other_
Capital and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Capital and Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
The Company has two classes of common units - Class A and Class B. Class B common units are identical to a Class A common unit, and the holder of a Class B common unit has all the rights of a holder of a Class A common unit with respect to, without limitation, Partnership distributions and allocations of income, gain, loss or deductions, except that they may not be sold in the public market until the capital account allocable to such Class B common units is equal to the capital account allocable to the Class A common units. At September 30, 2013 there were 22,715,491 Class A units and 6,939,647 Class B units outstanding. At December 31, 2012 there were 23,846,453 Class A units and 6,939,647 Class B units outstanding. | ||||||||||||||||
Common Units Issuance - Directors | ||||||||||||||||
In 2012 and 2011 the Company's non-management directors received equity compensation in the amount of $75 each year in the form of restricted common units of the Company. The restrictions vest over a three year period, with one-third of the units vesting on the anniversary date of the grants. The total value of the restricted units granted was $375 in 2012 and 2011. Total expense for the restricted units issued was approximately $104 and $31 for the three months ended September 30, 2013 and 2012, respectively and $250 and $93 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Common Units Issuance - Deferred Fee Liability | ||||||||||||||||
On April 11, 2012, the Company and the Investment Manager terminated the Investor Services Agreement by mutual consent. As a result, the full amount of the Deferred Fee Liability became immediately payable. Instead of receiving the deferred fee in cash, the Investment Manager elected for the total amount to be paid in common units of the Company. Under the Deferred Fee Agreement, the number of common units issued is determined by applying a 15% discount to the market price of the common units, which represents the fair value of the common units giving effect to the discount for lack of marketability. As a result, on April 11 and May 11, 2012, 6,403,002 and 536,645 class B common units, respectively, were issued to the Investment Manager. In connection with the termination of the Investor Services Agreement, the Investment Manager agreed not to sell any of the common units issued as payment for the deferred fee during the one year period following the Termination Date. | ||||||||||||||||
Common Unitholders — Allocation of Net Income (Loss) | ||||||||||||||||
For each period presented net (loss) income attributable to common unit holders is allocated to the common unitholders on a pro rata basis based on the number of units held. | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Changes, net of tax, in Accumulated other comprehensive loss are as follows: | ||||||||||||||||
Unrealized gain on available-for-sale securities | Cumulative translation adjustment | Change in net pension and other benefit obligations | ||||||||||||||
Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 44,521 | $ | (1,863 | ) | $ | (60,520 | ) | $ | (17,862 | ) | |||||
Current period other comprehensive gain | 44,435 | 952 | 468 | 45,855 | ||||||||||||
Reclassification adjustments, net of tax (a) | (13,257 | ) | (2,566 | ) | — | (15,823 | ) | |||||||||
Balance at September 30, 2013 | $ | 75,699 | $ | (3,477 | ) | $ | (60,052 | ) | $ | 12,170 | ||||||
(a) Includes a reclassification of unrealized gain to Other income of $1,834, a reclassification of net unrealized gain of $10,432 (net of tax of $1,900) to (Loss) Income of associated companies, net of tax and a reclassification of $991 to Net investment (losses) gains. | ||||||||||||||||
For the three and nine months ended September 30, 2013, the impact on comprehensive income related to companies accounted for under the traditional equity method was $0 and $1, respectively. At September 30, 2013 and December 31, 2012, Accumulated other comprehensive loss includes amounts for these companies of $0 and $1, respectively, for unrealized loss on available-for-sale securities. | ||||||||||||||||
For the three and nine months ended September 30, 2012, there was no impact on comprehensive income related to companies accounted for under the traditional equity method. | ||||||||||||||||
Noncontrolling Interests in Consolidated Entities | ||||||||||||||||
Noncontrolling interests in consolidated entities at September 30, 2013 and December 31, 2012 represent the interests held by the noncontrolling shareholders of the BNS Liquidating Trust, HNH, DGT and Steel Excel. | ||||||||||||||||
Incentive Compensation | ||||||||||||||||
Effective January 1, 2012, the Manager was granted incentive units which may entitle the Manager to receive Class B common units of SPLP upon the attainment of specified thresholds. The number of incentive units granted is equal to 100% of the sum of the common units outstanding. On the last day of each fiscal year SPLP will issue to the Manager Class B common units equal to a percentage of the incentive units, based on the specified thresholds. If the performance measurements are not met, no units will be issued. The incentive units are measured and paid on an annual basis and are accrued on a quarterly basis. Accordingly, the expense accrued will be adjusted to reflect the fair value of the incentive unit calculation at the end of each quarter. Incentive unit expense of $14,313, representing approximately 952,947 units, was recorded in selling, general and administrative expenses in the consolidated statements of operations with a corresponding amount recorded in partners' capital for the nine months ended September 30, 2013. The incentive unit expense adjustment was $7,536 for the three months ended September 30, 2013. There was no incentive unit expense recorded for the three and nine months ended September 30, 2012. |
Net_Income_Loss_Per_Common_Uni
Net Income (Loss) Per Common Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income Per Common Unit | ' | |||||||||||||||
NET INCOME (LOSS) PER COMMON UNIT | ||||||||||||||||
The following data was used in computing net (loss) income per common unit shown in the consolidated statements of operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income from continuing operations | $ | (12,730 | ) | $ | 7,861 | $ | (2,426 | ) | $ | 51,782 | ||||||
Restricted stock expense | — | 31 | — | 93 | ||||||||||||
Net income attributable to noncontrolling interests in consolidated entities | (3,747 | ) | (5,074 | ) | (11,627 | ) | (12,878 | ) | ||||||||
Net (loss) income from continuing operations | (16,477 | ) | 2,818 | (14,053 | ) | 38,997 | ||||||||||
Income from discontinued operations | 2,148 | 1,208 | 5,579 | 5,932 | ||||||||||||
Net income attributable to noncontrolling interests | (1,117 | ) | (508 | ) | (2,825 | ) | (2,798 | ) | ||||||||
1,031 | 700 | 2,754 | 3,134 | |||||||||||||
Net (loss) income attributable to common unitholders | $ | (15,446 | ) | $ | 3,518 | $ | (11,299 | ) | $ | 42,131 | ||||||
Net (loss) income per common unit - basic: | ||||||||||||||||
Net (loss) income from continuing operations | $ | (0.56 | ) | $ | 0.09 | $ | (0.47 | ) | $ | 1.32 | ||||||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | ||||||||||||
Net (loss) income attributable to common unitholders | $ | (0.52 | ) | $ | 0.11 | $ | (0.38 | ) | $ | 1.43 | ||||||
Net (loss) income per common unit – diluted: | ||||||||||||||||
Net (loss) income from continuing operations | $ | (0.56 | ) | $ | 0.09 | $ | (0.47 | ) | $ | 1.32 | ||||||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | ||||||||||||
Net (loss) income attributable to common unitholders | $ | (0.52 | ) | $ | 0.11 | $ | (0.38 | ) | $ | 1.43 | ||||||
Weighted average common units outstanding - basic | 29,663,204 | 31,814,312 | 30,015,739 | 29,402,343 | ||||||||||||
Unvested restricted stock | — | 27,175 | — | 27,175 | ||||||||||||
Denominator for net income per common unit - diluted (a) | 29,663,204 | 31,841,487 | 30,015,739 | 29,429,518 | ||||||||||||
(a) The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; Approximately 457,548 and 591,294 incentive units, for the three and nine months ended September 30, 2013, respectively. Approximately 77,896 unvested restricted stock units, for the three and nine months ended September 30, 2013. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
SPLP’s reportable segments consist of Diversified Industrial, Energy, Financial Services and Corporate and Other which are managed separately and offer different products and services. | ||||||||||||||||
Diversified Industrial | ||||||||||||||||
As of September 30, 2013, the Diversified Industrial segment for financial reporting purposes consists of HNH, which is a consolidated subsidiary, and JPS and SLI, which are associated companies. HNH is a diversified holding company that owns a variety of manufacturing operations encompassing joining materials, tubing, engineered materials, electronic materials and cutting replacement products and services businesses. BNS' 2012 results have been reclassified from the Diversified Industrial segment to the Energy segment (see below) for comparability. | ||||||||||||||||
Energy | ||||||||||||||||
SPLP's Energy segment consists of its consolidated subsidiary Steel Excel, which was acquired on May 31, 2012, and BNS Holding, Inc. (“BNS”). For comparability, BNS' results for 2012 (from January, 2012 through June 30, 2012), have been reclassified from the Diversified Industrial segment to the Energy segment since the results of BNS for such period includes the results of Sun Well, an oil field services company, prior to its sale to Steel Excel. | ||||||||||||||||
• | Steel Excel owns several oil field services companies, providing premium well services to exploration and production (“E&P”) companies operating primarily in the Williston Basin in North Dakota and eastern Montana. Steel Excel also has a sports business ("Steel Sports"). The operations of Steel Sports are not considered material and are included in the Energy segment. Steel Excel was previously accounted for as an associated company at fair value prior to SPLP increasing its ownership over 50%. | |||||||||||||||
• | BNS had no operations as of June 1, 2012 due to the sale of Sun Well to Steel Excel on May 31, 2012 (see Note 2 - "Acquisitions"). BNS' results include the operations of Sun Well prior to the sale of Sun Well to Steel Excel on May 31, 2012. | |||||||||||||||
Financial Services | ||||||||||||||||
The Financial Services segment primarily consists of our wholly owned subsidiary WebBank, which operates in niche banking markets. WebBank provides commercial and consumer loans and services. WebBank’s deposits are insured by the Federal Deposit Insurance Corporation ("FDIC"), and the bank is examined and regulated by the FDIC and Utah Department of Financial Institutions ("UDFI"). | ||||||||||||||||
Corporate and Other | ||||||||||||||||
The Corporate and Other segment consists of several consolidated subsidiaries as well as various investments and cash and cash equivalents. Corporate assets, revenues and overhead expenses are not allocated to the segments. Corporate revenues primarily consist of investment and other income, investment gains and losses and rental income. As of September 30, 2013, the Corporate and other segment had investments in available-for-sale securities, the SPII Liquidating Trust, associated companies accounted for under the equity method and cash and cash equivalents. Below is additional information related to the consolidated businesses and certain investments included in the Corporate and Other segment: | ||||||||||||||||
Consolidated businesses: | ||||||||||||||||
• | SPH services provides legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and similar services, to other affiliated companies. SPH Services charged the Diversified Industrial, Energy and Financial Services segments approximately $2,200, $900, and $63, for the three months ended September 30, 2013 and approximately $2,745, $450 and $63, for the three months ended September 30, 2012. SPH Services charged the Diversified Industrial, Energy and Financial Services segments approximately $6,600, $2,700 and $188, for the nine months ended September 30, 2013 and approximately $8,235, $1,100 and $188, for the nine months ended September 30, 2012. These amounts are eliminated in consolidation. | |||||||||||||||
• | DGT's current operations are the leasing and management of two facilities, one of which is classified as held for sale as of September 30, 2013, that were not included in the assets sold to the new owners of Villa and RFI. In addition to management of the real estate business, DGT's business is expected to consist primarily of capital redeployment and identification of new profitable operations where it can utilize its existing working capital and maximize the use of the Company’s net operating losses. | |||||||||||||||
• | The BNS Liquidating Trust is part of the Corporate and Other segment from July 1, 2012. | |||||||||||||||
Equity Method Investments include, CoSine, Fox & Hound, the SPII Liquidating Trust investments and other associated company investments (see Note 4 - "Investments" for additional information). | ||||||||||||||||
Segment information is presented below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Diversified industrial | $ | 171,874 | $ | 144,629 | $ | 502,915 | $ | 453,445 | ||||||||
Energy | 31,844 | 34,293 | 87,571 | 65,919 | ||||||||||||
Financial services | 7,162 | 5,384 | 20,742 | 13,519 | ||||||||||||
Corporate and other | (143 | ) | (601 | ) | 2,067 | 15,794 | ||||||||||
Total | $ | 210,737 | $ | 183,705 | $ | 613,295 | $ | 548,677 | ||||||||
Income (Loss) from continuing operations before income taxes: | ||||||||||||||||
Diversified industrial | $ | 10,782 | $ | 10,287 | $ | 50,301 | $ | 32,306 | ||||||||
Energy | 3,007 | 6,208 | 8,463 | 23,470 | ||||||||||||
Financial services | 4,731 | 3,229 | 13,167 | 7,595 | ||||||||||||
Corporate and other | (23,887 | ) | (9,617 | ) | (58,280 | ) | 2,777 | |||||||||
(Loss) Income from continuing operations before income taxes | (5,367 | ) | 10,107 | 13,651 | 66,148 | |||||||||||
Income tax provision | 7,363 | 2,246 | 16,077 | 14,366 | ||||||||||||
Net (loss) income from continuing operations | $ | (12,730 | ) | $ | 7,861 | $ | (2,426 | ) | $ | 51,782 | ||||||
(Loss) Income from equity method investments: | ||||||||||||||||
Diversified industrial | $ | (4,005 | ) | $ | 1,684 | $ | 11,197 | $ | (1,298 | ) | ||||||
Energy | (137 | ) | — | (217 | ) | 13,139 | ||||||||||
Corporate and other | (10,412 | ) | (4,333 | ) | (22,679 | ) | 5,119 | |||||||||
Total | $ | (14,554 | ) | $ | (2,649 | ) | $ | (11,699 | ) | $ | 16,960 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
For the three months ended September 30, 2013 and 2012, the Company recorded a tax provision of $7,363 and $2,246, respectively. For the nine months ended September 30, 2013 and 2012, the Company recorded a tax provision of $16,077 and $14,366, respectively. The Company’s tax provision represents the income tax expense or benefit of its consolidated subsidiaries. The Company's consolidated subsidiaries have recorded deferred tax valuation allowances to the extent that they believe it is more likely than not that the benefits of the deferred tax assets will not be realized in future periods. |
Regulatory_Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2013 | |
Regulatory Matters [Abstract] | ' |
Regulatory Matters | ' |
REGULATORY MATTERS | |
SPLP | |
The Company historically has conducted its business so as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Act”). The Company filed with the SEC a request for an order under the Act to provide the additional time for the Company to restructure its holdings so as not to be required to register as an investment company under the Act. Under the terms of the requested order, the Company is required to undertake transactions consistent with certain qualitative tests related to the Company’s assets and/or income and to refrain from trading for short-term speculative purposes. The Company is required to meet these tests (or otherwise not be subject to the Act) within one year following the order date. On May 23, 2012, the SEC granted the Company's request for an order. If the Company is unable to bring itself into conformity with the relevant tests within the relief period and is unable to otherwise remain outside of the Act’s registration requirement, the Company would be forced to register as an investment company or seek other alternatives, such as making significant changes to the Company’s business model to avoid investment company registration. Such significant changes could have a material adverse effect on the Company’s performance. | |
WebBank | |
WebBank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain actions by regulators that, if undertaken, could have a direct material effect on WebBank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, WebBank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. WebBank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |
Quantitative measures established by regulation to ensure capital adequacy require WebBank to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average quarterly assets (as defined). As of September 30, 2013, WebBank exceeded all the capital adequacy requirements to which it is subject. | |
As of September 30, 2013, WebBank was categorized as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events, since the most recent FDIC notification, which have changed WebBank’s prompt corrective action category. To remain categorized as well-capitalized, WebBank will have to maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage capital. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Environmental Matters | |
As discussed in more detail below, HNH and BNS have been designated as potentially responsible parties ("PRPs") by federal and state agencies with respect to certain sites with which they may have had direct or indirect involvement. These claims are in various stages of administrative or judicial proceedings and include demands for recovery of past governmental costs and for future investigations and remedial actions. In many cases, the dollar amounts of the claims have not been specified and, with respect to a number of the PRP claims, have been asserted against a number of other entities for the same cost recovery or other relief as was asserted against the HNH and BNS. The Company accrues costs associated with environmental matters, on an undiscounted basis, when they become probable and reasonably estimable. As of September 30, 2013, and December 31, 2012, on a consolidated basis, the Company has accrued $3,703 and $7,320, respectively, which represents its current estimate of the probable cleanup liabilities, including remediation and legal costs. In addition, the Company has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. | |
Estimates of the Company's liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. | |
HNH Environmental Matters | |
Certain subsidiaries of H&H Group have existing and contingent liabilities relating to environmental matters, including capital expenditures, costs of remediation and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have substantial remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. HNH had approximately $2,500 accrued related to estimated environmental remediation costs as of September 30, 2013. In addition, HNH has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. During the quarter ended September 30, 2013, HNH recorded an insurance reimbursement receivable of $1,100 for previously incurred remediation costs. Based upon information currently available, the H&H Group subsidiaries do not expect their respective environmental costs, including the incurrence of additional fines and penalties, if any, will have a material adverse effect on them or that the resolution of these environmental matters will have a material adverse effect on the financial position, results of operations or cash flows of such subsidiaries or HNH, but there can be no such assurances. HNH anticipates that the H&H Group subsidiaries will pay any such amounts out of their respective working capital, although there is no assurance that they will have sufficient funds to pay them. In the event that the H&H Group subsidiaries are unable to fund their liabilities, claims could be made against their respective parent companies, including H&H Group and/or HNH, for payment of such liabilities. | |
In addition, certain subsidiaries of H&H Group have been identified as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") or similar state statutes at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. | |
Among the sites where certain subsidiaries of H&H Group may have existing and material environmental liabilities are the following: | |
H&H has been working with the Connecticut Department of Environmental Protection ("CTDEP") with respect to its obligations under a 1989 consent order that applies to a property in Connecticut that H&H sold in 2003 ("Sold Parcel") and an adjacent parcel ("Adjacent Parcel") that together with the Sold Parcel comprises the site of a former H&H manufacturing facility. Remediation of all soil conditions on the Sold Parcel was completed on April 6, 2007. On September 11, 2008, the CTDEP advised H&H that it had approved H&H's December 28, 2007 Soil Remediation Action Report, as amended, thereby concluding the active remediation of the Sold Parcel. The remaining remediation and monitoring costs for the Sold Parcel are expected to approximate $100. With respect to the Adjacent Parcel, H&H has been conducting an ecological risk assessment and an environmental field investigation in order to assess viable remediation options. The total remediation costs for the Adjacent Parcel cannot be reasonably estimated at this time. Accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of H&H or HNH. | |
In 1986, HHEM entered into an administrative consent order ("ACO") with the New Jersey Department of Environmental Protection ("NJDEP") with regard to certain property that it purchased in 1984 in New Jersey. The ACO involves investigation and remediation activities to be performed with regard to soil and groundwater contamination. Thereafter, in 1998, HHEM and H&H settled a case brought by the local municipality in regard to this site and also settled with certain of its insurance carriers. HHEM is actively remediating the property and continuing to investigate effective methods for achieving compliance with the ACO. A remedial investigation report was filed with the NJDEP in December 2007. By letter dated December 12, 2008, the NJDEP issued its approval with respect to additional investigation and remediation activities discussed in the December 2007 remedial investigation report. HHEM anticipates entering into discussions with the NJDEP to address that agency's potential natural resource damage claims, the ultimate scope and cost of which cannot be estimated at this time. Pursuant to a settlement agreement with the former owner/operator of the site, the responsibility for site investigation and remediation costs, as well as any other costs, as defined in the settlement agreement, related to or arising from environmental contamination on the property (collectively, "Costs") are contractually allocated 75% to the former owner/operator (with separate guaranties by the two joint venture partners of the former owner/operator for 37.5% each) and 25% jointly to HHEM and H&H after the first $1,000. The $1,000 was paid solely by the former owner/operator. As of September 30, 2013, over and above the $1,000, total investigation and remediation costs of approximately $3,300 and $1,000 have been expended by the former owner/operator and HHEM, respectively, in accordance with the settlement agreement. Additionally, HHEM is currently being reimbursed indirectly through insurance coverage for a portion of the Costs for which HHEM is responsible. HHEM believes that there is additional excess insurance coverage, which it intends to pursue as necessary. HHEM anticipates that there will be additional remediation expenses to be incurred once a final remediation plan is agreed upon. There is no assurance that the former owner/operator or guarantors will continue to timely reimburse HHEM for expenditures and/or will be financially capable of fulfilling their obligations under the settlement agreement and the guaranties. The additional Costs cannot be reasonably estimated at this time, and accordingly, there can be no assurance that the resolution of this matter will not be material to the financial position, results of operations or cash flows of HHEM or HNH. | |
In August 2006, H&H received a notice letter from the United States Environmental Protection Agency ("EPA") formally naming H&H as a PRP at a superfund site in Massachusetts ("Superfund Site"). H&H is part of a group of thirteen other PRPs ("PRP Group") that work cooperatively regarding remediation of the Superfund Site. On June 13, 2008, H&H executed a participation agreement, consent decree and settlement trust that all of the other PRPs have signed as well. The PRP Group has both chemical and radiological PRPs. H&H is a chemical PRP; not a radiological PRP. The remediation of radiological contamination at the Superfund Site, under the direction of the Department of Energy, has been completed and a final status survey was submitted to the EPA in August 2012. The final status survey was approved by the EPA, and the PRPs have had access to the Superfund Site since November 2012. Since that time, work on behalf of the chemical PRPs has been on-going and estimates for the final remediation costs were calculated. H&H's total assessed share for the remaining remediation was $2,200, which was paid in August 2013. H&H's financial guarantee for this matter was removed following payment receipt. The remediation is expected to be completed in the second quarter of 2014. There is still a possibility that some radiological contaminated soil may become the responsibility of the chemical PRPs, which could result in an additional, maximum assessment of approximately $200 based on current estimates. In addition, during the excavation process, additional contaminated soil and constituents were found that resulted in increased costs, and similar findings could arise again as remediation activities continue. Because the assessment is an estimate and dependent upon several factors, including actual remediation activities and costs, the Massachusetts Department of Environmental Protection ("MADEP") and EPA oversight costs, and continued collaboration and financial support from the town of Attleboro, the party responsible for the subsequent operations and maintenance activities at the Superfund Site, there can be no assurance that final resolution of this matter will not be material to the financial position, results of operations or cash flows of H&H or HNH. | |
HHEM is continuing to comply with a 1987 consent order from the MADEP to investigate and remediate the soil and groundwater conditions at a commercial/industrial property in Massachusetts. On June 30, 2010, HHEM filed a Response Action Outcome ("RAO") report to close the site since HHEM's licensed site professional concluded that groundwater monitoring demonstrated that the groundwater conditions have stabilized or continue to improve at the site. On June 20, 2013, HHEM received the MADEP's Notice of Audit Findings and Notice of Noncompliance ("Notice"). HHEM and its consultant met with the MADEP on July 29, 2013 to resolve any differences identified in the Notice. As a result of that meeting and subsequent discussions, HHEM will conduct additional sampling, site investigations and install another off-site well. Once the additional work is completed and assessed, HHEM will submit a follow-up response letter to the MADEP in January 2014. The cost of this additional work is estimated at $200. Additional costs could result from these testing activities and final acceptance of the remediation plan by the MADEP, which cannot be reasonably estimated at this time. | |
BNS Sub Environmental Matters | |
On August 12, 2008, a then-subsidiary of BNS (“BNS Sub”) was identified as a PRP by the EPA as an alleged drum reconditioning customer (PRP) of New England Container Corp. (“NECC”). BNS Sub is presently investigating the matter and has joined a group of other alleged NECC drum reconditioning customers. The NECC drum reconditioning PRP's have incurred and will continue to incur costs in the investigation and each PRP has been assessed a pro-rata fee for its cost share of the assessment. BNS Sub believes that it has an adequate environmental liability accrual associated with the site, which is reflected in the remediation estimate discussed above. The liability accrual is part of the Liquidating Trust formed by BNS. | |
On June 4, 2013 BNS LLC was identified by the U.S. Environmental Protection Agency (“EPA”) as a potentially responsible party (“PRP”) as an alleged waste generator that disposed of wastes at the Operable Unit Two of the Peterson/Puritan, Inc. Superfund Site which includes the J.M. Mills Landfill in Cumberland, RI,. BNS LLC is currently investigating the matter and has joined a group of other alleged “Potentially Responsible Parties.” | |
Litigation Matters | |
HNH Litigation Matters | |
In the ordinary course of business, HNH is subject to periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with HNH's historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although HNH cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against it, they do not believe any currently pending legal proceeding to which they are a party will have a material adverse effect on their business, prospects, financial condition, cash flows, results of operations or liquidity. | |
BNS Litigation Matters | |
BNS Sub has been named as a defendant in 1,220 and 1,160 alleged asbestos-related toxic-tort claims as of September 30, 2013 and December 31, 2012, respectively. The claims were filed over a period beginning 1994 through September 30, 2013. In many cases these claims involved more than 100 defendants. Of the claims filed, 1,008 and 926 were dismissed, settled or granted summary judgment and closed as of September 30, 2013 and December 31, 2012, respectively. Of the claims settled, the average settlement was less than $3. There remained 212 and 234 pending asbestos claims as of September 30, 2013 and December 31, 2012, respectively. There can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date of existing claims. | |
BNS Sub has insurance policies covering asbestos-related claims for years beginning 1974 through 1988 with estimated aggregate coverage limits of $183,000, with $2,282 at September 30, 2013 and December 31, 2012 in estimated remaining self insurance retention (deductible). There is evidence of secondary coverage from 1970 to 1973 although there is no assurance that the insurers will recognize that the coverage was in place. Policies issued for BNS Sub beginning in 1989 contained exclusions related to asbestos. Under certain circumstances, some of the settled claims may be reopened. Also, there may be a significant delay in receipt of notification by BNS Sub of the entry of a dismissal or settlement of a claim or the filing of a new claim. BNS Sub believes it has significant defenses to any liability for toxic-tort claims on the merits. None of these toxic-tort claims has gone to trial and, therefore, there can be no assurance that these defenses will prevail. In addition, there can be no assurance that the number of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date of existing claims; and, that BNS Sub will not need to increase significantly its estimated liability for the costs to settle these claims to an amount that could have a material effect on the consolidated financial statements. | |
BNS Sub annually receives retroactive billings or credits from its insurance carriers for any increase or decrease in claims accruals as claims are filed, settled or dismissed, or as estimates of the ultimate settlement and defense costs for the then-existing claims are revised. As of September 30, 2013 and December 31, 2012 BNS Sub has accrued $1,203 and $1,020 relating to the open and active claims against BNS Sub. This accrual represents BNS's best estimate of the likely costs to defend against or settle these claims by BNS Sub beyond the amounts accrued by the insurance carriers and previously funded, through the retroactive billings by BNS Sub. However, there can be no assurance that BNS Sub will not need to take additional charges in connection with the defense, settlement or judgment of these existing claims or that the costs of future claims and the related costs of defense, settlements or judgments will be consistent with the experience to date relating to existing claims. These claims are now being managed by the Liquidating Trust formed by BNS. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On October 10, 2013, the Company, SPH Group LLC, a wholly owned subsidiary of the Company, and the Manager entered into the Fifth Amended and Restated Management Agreement, effective as of May 11, 2012, to clarify the manner in which the annual incentive fee is calculated and paid to the Manager. | |
On October 10, 2013, SPH GP entered into the Fourth Amended and Restated Agreement of Limited Partnership of the Company to reflect certain clarifications, including changes consistent with the revisions to the Fifth Amended and Restated Management Agreement, which include the creation of a new class of partnership securities. | |
On October 10, 2013, iGo, Inc. (“iGo”) entered into a Management Services Agreement (the “Management Services Agreement”) with SP Corporate, effective as of October 1, 2013. Pursuant to the Management Services Agreement, SP Corporate will provide iGo with executive and corporate services. | |
On October 23, 2013 the Company entered into a Credit Agreement (the “Credit Facility”) with PNC Bank, National Association (“PNC”), as administrative agent for the lenders thereunder. The Credit Facility provides for a revolving credit facility with borrowing availability of up to $50,000 which the Company may use for its working capital and investment needs and for the reimbursement of letters of credit. Amounts outstanding under the Credit Facility bear interest at LIBOR plus 1.00%, and are collateralized by first priority security interests of certain of the Company's deposit accounts and publicly traded securities. The Credit Facility contains customary affirmative and negative covenants, including a minimum cash balance covenant, and customary events of default. All amounts outstanding under the Credit Facility are due and payable in full on October 23, 2016. | |
Acquisition by Steel Excel | |
On October 29, 2013, a newly-formed, wholly owned subsidiary of Steel Excel's energy business entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) to acquire substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk”) for $60,000 in cash. Closing of Asset Purchase Agreement is subject to several closing conditions, including that there has been no material adverse effect on the condition of Black Hawk, consent, if necessary, of the lenders under the Energy Credit Agreement, certain employees of Black Hawk accepting employment, and satisfaction of certain employment matters requirements. In connection with the Asset Purchase Agreement, Steel Excel's energy business will execute a guaranty at closing that guarantees the payment obligations, if any, of its newly-formed subsidiary after the closing. |
Quarterly_Financial_Data
Quarterly Financial Data | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||||||||||||||
QUARTERLY FINANCIAL DATA | |||||||||||||||||||||||||||||
The following table reflects the discontinued operations described in Note 3 - "Discontinued Operations" and the measurement period adjustments described in Note 1 - "Nature of the Business and Basis of Presentation". | |||||||||||||||||||||||||||||
Net Income From Continuing Operations Attributable to Common Unit Holders | Net Income Attributable to Common Unit Holders | ||||||||||||||||||||||||||||
Quarter | Revenue | Net Income (Loss) From Continuing Operations | Per Common Unit Basic Attributable to Common Unit Holders | Per Common Unit Diluted | Net Income (Loss) | Per Common Unit Basic | Per Common Unit Diluted | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
First | $ | 163,346 | $ | 45,851 | $ | 1.74 | $ | 1.74 | $ | 45,970 | $ | 1.83 | $ | 1.83 | |||||||||||||||
Second | 201,626 | (1,930 | ) | (0.25 | ) | (0.25 | ) | (7,419 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||||
Third | 183,705 | 7,861 | 0.09 | 0.09 | 3,487 | 0.11 | 0.11 | ||||||||||||||||||||||
Fourth | 162,909 | 655 | (0.13 | ) | (0.13 | ) | (1,020 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||||
$ | 711,586 | $ | 52,437 | $ | 41,018 | ||||||||||||||||||||||||
Nature_of_the_Business_and_Bas1
Nature of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of Consolidation, Policy | ' |
The consolidated financial statements include the consolidated financial results of SPLP, and its subsidiaries WebFinancial Holding Corporation (“WebFinancial” or "WebBank"), Handy & Harman Ltd ("HNH"), BNS Holding, Inc. ("BNS"), the BNS Liquidating Trust, ("BNS Liquidating Trust"), DGT Holdings Corp. ("DGT"), Steel Excel Inc. ("Steel Excel") and SPH Services, Inc. ("SPH Services"). Acquired companies are presented from their dates of acquisition (see Note 2 - "Acquisitions" for information on acquisition activity). DGT’s financial statements are recorded on a two-month lag, and as a result the balance sheet and statement of operations as of and for the three and nine months ended September 30, 2013 includes DGT’s activity for its three and nine months ended July 27, 2013. | |
DGT completed the sale of its RFI subsidiary's ("RFI") Power Conversion assets and operations in the fourth quarter of 2012 and the sale of its Villa subsidiary ("Villa") in the first quarter of 2012. Also, in January 2013, HNH divested substantially all of the assets and existing operations of its Continental Industries ("Continental") business unit, a wholly owned subsidiary of Handy & Harman ("H&H") and in June 2013 HNH divested Canfield Metal Coating Corporation ("CMCC") and discontinued the operations of Indiana Tube de México, S. De R.L. de C.V. ("ITM"). The results and operations of RFI, Villa and HNH's discontinued operations for the three and nine months ended September 30, 2013 and 2012 are presented as discontinued operations in SPLP's consolidated financial statements, through their respective sale dates, (see Note 3 - "Discontinued Operations"). |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Wolverine | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed recognized at the acquisition date on a preliminary basis (in thousands): | ||||||||
Trade and other receivables | $ | 9,491 | ||||||
Inventories | 17,864 | |||||||
Prepaid and other current assets | 90 | |||||||
Property, plant and equipment | 6,096 | |||||||
Goodwill | 14,111 | |||||||
Other intangibles | 13,657 | |||||||
Total assets acquired | 61,309 | |||||||
Trade payables | (1,167 | ) | ||||||
Accrued liabilities | (395 | ) | ||||||
Net assets acquired | $ | 59,747 | ||||||
Steel Excel | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of Consideration Paid | ' | |||||||
The following table summarizes the consideration paid for the controlling interest in Steel Excel: | ||||||||
Consideration Paid | ||||||||
Acquisition-date fair value of previously held equity interest | $ | 137,532 | ||||||
Fair value of SWH transferred to Steel Excel | 68,747 | |||||||
Less: cash received from Steel Excel for SWH | (7,922 | ) | ||||||
Total | $ | 198,357 | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the fair value of the noncontrolling interest in Steel Excel on the Acquisition Date: | ||||||||
Amount | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 41,963 | ||||||
Marketable securities | 217,526 | |||||||
Accounts receivable | 23,435 | |||||||
Prepaid expenses and other current assets | 3,129 | |||||||
Property, plant and equipment | 74,880 | |||||||
Goodwill | 48,468 | |||||||
Identifiable intangible assets | 22,793 | |||||||
Other assets | 4,088 | |||||||
Total assets acquired | $ | 436,282 | ||||||
Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 10,842 | ||||||
Debt | 17,968 | |||||||
Other long-term liabilities | 19,517 | |||||||
Total liabilities assumed | 48,327 | |||||||
Fair value of non-controlling interests | 189,598 | |||||||
Net assets acquired | $ | 198,357 | ||||||
Schedule of Intangible Assets Acquired | ' | |||||||
The valuation of the intangible assets acquired and related amortization periods are as follows: | ||||||||
Amount | Amortization Period (Years) | |||||||
Products and customer relationships | $ | 16,191 | 8 to 10 Years | |||||
Trademarks | 5,890 | 5 to 7 Years | ||||||
Favorable lease | 47 | 2 Years | ||||||
Non-compete agreement | 469 | 5 Years | ||||||
Other | 196 | |||||||
Total identifiable intangible assets | $ | 22,793 | ||||||
HNH | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Business Acquisition, Pro Forma Information | ' | |||||||
The 2013 supplemental pro forma earnings were adjusted to exclude $600 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. 2012 supplemental pro forma earnings were adjusted to include these charges. | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Revenue | $ | 638,445 | $ | 645,436 | ||||
Net (loss) income attributable to common unitholders | (9,868 | ) | 45,136 | |||||
Net (loss) income per common unit – basic and diluted | (0.33 | ) | 1.54 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
Assets and Liabilities of discontinued operations at September 30, 2013 include certain remaining assets and liabilities related to HNH's discontinued operations as well as a building owned by DGT, which is being held for sale. Amounts at December 31, 2012 consist of three of HNH's businesses: Continental, CMCC and ITM. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets of discontinued operations: | ||||||||||||||||
Trade and other receivables | $ | — | $ | 6,372 | ||||||||||||
Inventories | — | 7,097 | ||||||||||||||
Other current assets | 639 | 1,438 | ||||||||||||||
Goodwill | — | 6,041 | ||||||||||||||
Other intangibles, net | — | 11,098 | ||||||||||||||
Property, plant and equipment, net | 3,724 | 13,683 | ||||||||||||||
Other assets | 104 | 121 | ||||||||||||||
Total assets | $ | 4,467 | $ | 45,850 | ||||||||||||
Liabilities of discontinued operations: | ||||||||||||||||
Trade payables and accrued liabilities | $ | 490 | $ | 9,160 | ||||||||||||
Total liabilities | $ | 490 | $ | 9,160 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 (a) | 2012 (b) | 2013 (c) | 2012 (b) | |||||||||||||
Sales | $ | 283 | $ | 23,651 | $ | 20,094 | $ | 77,483 | ||||||||
Net income (loss) | 285 | 1,208 | (715 | ) | 3,347 | |||||||||||
Gain (Loss) after taxes and noncontrolling interests | 218 | 698 | (478 | ) | 1,801 | |||||||||||
Gain on sale of discontinued operations after taxes and noncontrolling interests | 810 | — | 3,231 | 1,331 | ||||||||||||
(a) Includes the operations of ITM through its sale date. | ||||||||||||||||
(b) Includes the operations of Continental, CMCC, ITM, DGT's RFI subsidiary and DGT's Villa subsidiary through their respective sale dates. | ||||||||||||||||
(c) Includes the operations of Continental, CMCC and ITM through their respective sale dates. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||||||||
The Company's portfolio of marketable securities was as follows: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair value | |||||||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||||||
Short-term deposits | $ | 106,903 | $ | — | $ | — | $ | 106,903 | $ | 48,596 | $ | — | $ | — | $ | 48,596 | ||||||||||||||||
Mutual funds | 12,505 | 3,624 | — | 16,129 | 10,368 | 1,452 | — | 11,820 | ||||||||||||||||||||||||
United States government securities | 50,383 | 29 | — | 50,412 | 99,525 | 20 | (68 | ) | 99,477 | |||||||||||||||||||||||
Equity securities | 69,888 | 8,279 | (4,197 | ) | 73,970 | 20,822 | 1,217 | (1,922 | ) | 20,117 | ||||||||||||||||||||||
Commercial paper | 6,297 | 1 | — | 6,298 | 22,292 | 5 | (6 | ) | 22,291 | |||||||||||||||||||||||
Corporate obligations | 23,574 | 855 | (43 | ) | 24,386 | 48,683 | 308 | (277 | ) | 48,714 | ||||||||||||||||||||||
Total marketable securities | 269,550 | 12,788 | (4,240 | ) | 278,098 | 250,286 | 3,002 | (2,273 | ) | 251,015 | ||||||||||||||||||||||
Amounts classified as cash equivalents | (108,603 | ) | — | — | (108,603 | ) | (51,887 | ) | — | — | (51,887 | ) | ||||||||||||||||||||
Amounts classified as marketable securities | $ | 160,947 | $ | 12,788 | $ | (4,240 | ) | $ | 169,495 | $ | 198,399 | $ | 3,002 | $ | (2,273 | ) | $ | 199,128 | ||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in available-for-sale securities as of September 30, 2013, by contractual maturity, were as follows: | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Mature in one year or less | $ | 44,134 | $ | 44,157 | ||||||||||||||||||||||||||||
Mature after one year through three years | 14,285 | 14,435 | ||||||||||||||||||||||||||||||
Mature after three years | 21,834 | 22,504 | ||||||||||||||||||||||||||||||
Total debt securities | 80,253 | 81,096 | ||||||||||||||||||||||||||||||
Securities with no contractual maturities | 189,297 | 197,002 | ||||||||||||||||||||||||||||||
$ | 269,550 | $ | 278,098 | |||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities and Equity Method Investments | ' | |||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term investments as of September 30, 2013 and December 31, 2012. For those investments at fair value, the carrying amount of the investment equals its respective fair value. | ||||||||||||||||||||||||||||||||
Investment Balance | Income (Loss) Recorded in Statement of Operations | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in OCI: | ||||||||||||||||||||||||||||||||
Equity securities - U.S. (1), (2) | ||||||||||||||||||||||||||||||||
Computer Software and Services | $ | 2,312 | $ | 3,824 | ||||||||||||||||||||||||||||
Aerospace/Defense | 67,021 | 38,256 | ||||||||||||||||||||||||||||||
Manufacturing | — | 28,032 | ||||||||||||||||||||||||||||||
Restaurants | 23,511 | 15,012 | ||||||||||||||||||||||||||||||
Other | 566 | 35,704 | ||||||||||||||||||||||||||||||
93,410 | 120,828 | |||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ||||||||||||||||||||||||||||||||
API Group PLC ("API") (1) | 28,942 | 32,678 | $ | 806 | $ | 3,568 | $ | (3,735 | ) | $ | 10,757 | |||||||||||||||||||||
Barbican Group Holdings Limited | — | — | — | 319 | — | 2,108 | ||||||||||||||||||||||||||
122,352 | 153,506 | $ | 806 | $ | 3,887 | $ | (3,735 | ) | $ | 12,865 | ||||||||||||||||||||||
(B) EQUITY METHOD INVESTMENTS | ||||||||||||||||||||||||||||||||
Investments in Associated Companies: | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
At Cost: | Ownership | |||||||||||||||||||||||||||||||
CoSine | 48.6 | % | 46.8 | % | $ | 5,973 | $ | 6,668 | $ | (75 | ) | $ | (59 | ) | $ | (320 | ) | $ | (235 | ) | ||||||||||||
Other (7) | 8,984 | — | (137 | ) | — | (217 | ) | — | ||||||||||||||||||||||||
At Fair Value: | ||||||||||||||||||||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (1) | 27.1 | % | 14.8 | % | 38,309 | — | (5,144 | ) | — | (11,694 | ) | — | ||||||||||||||||||||
SL Industries, Inc. ("SLI") (1) | 24 | % | 24.1 | % | 24,324 | 17,907 | (628 | ) | 1,684 | 6,417 | (1,298 | ) | ||||||||||||||||||||
JPS Industries, Inc. ("JPS") (2) | 39.3 | % | 39.3 | % | 19,706 | — | (3,378 | ) | — | 4,780 | — | |||||||||||||||||||||
Fox & Hound (3) | 50 | % | 50 | % | — | 10,521 | (6,206 | ) | (4,860 | ) | (11,521 | ) | 13,778 | |||||||||||||||||||
Other (3) | 45.9 | % | — | % | 3,490 | — | 114 | — | 114 | — | ||||||||||||||||||||||
Steel Excel | — | — | — | — | — | 13,139 | ||||||||||||||||||||||||||
100,786 | 35,096 | $ | (15,454 | ) | $ | (3,235 | ) | $ | (12,441 | ) | $ | 25,384 | ||||||||||||||||||||
Other Investments at Fair Value - Related Party: | ||||||||||||||||||||||||||||||||
SPII Liquidating Trust - Series B (Barbican) (3) | — | 16 | $ | — | $ | 356 | $ | (16 | ) | $ | 2,385 | |||||||||||||||||||||
SPII Liquidating Trust - Series D ( Fox & Hound)(3) | 508 | 542 | (15 | ) | (26 | ) | (34 | ) | (11,199 | ) | ||||||||||||||||||||||
SPII Liquidating Trust - Series G (SPCA) (3), (4) | 6,194 | 6,016 | 858 | 23 | 178 | 500 | ||||||||||||||||||||||||||
SPII Liquidating Trust - Series H (SPJSF) (3), (5) | 4,539 | 3,891 | 57 | 252 | 648 | 229 | ||||||||||||||||||||||||||
SPII Liquidating Trust - Series I (3), (6) | — | 798 | — | (19 | ) | (34 | ) | (339 | ) | |||||||||||||||||||||||
11,241 | 11,263 | $ | 900 | $ | 586 | $ | 742 | $ | (8,424 | ) | ||||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
ModusLink Warrants (3) | 2,254 | — | $ | (581 | ) | $ | — | $ | (930 | ) | $ | — | ||||||||||||||||||||
Total Long-Term Investments | $ | 236,633 | $ | 199,865 | ||||||||||||||||||||||||||||
(1) Level 1 investment. Equity securities totaling $91,098 and $79,352 were classified as Level 1 investments as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
(2) Level 2 investment. Equity securities totaling $2,312 and $41,476 were classified as Level 2 investments as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
(3) Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." | ||||||||||||||||||||||||||||||||
(4) Steel Partners China Access I L.P. | ||||||||||||||||||||||||||||||||
(5) Steel Partners Japan Strategic Fund, L.P. | ||||||||||||||||||||||||||||||||
(6) Sold in the second quarter of 2013. See Note 12 - "Related Party Transactions" for additional information. | ||||||||||||||||||||||||||||||||
(7) Represents Steel Excel's investments in a sports business and iGo, Inc. of 40% and 44.7%, respectively. | ||||||||||||||||||||||||||||||||
Schedule of Activity of Available-for-sale Securities and Equity Method Investments | ' | |||||||||||||||||||||||||||||||
The following table presents activity for the available-for-sale securities presented in the table above for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in OCI: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 2,782 | $ | 580 | $ | 3,964 | $ | 29,317 | ||||||||||||||||||||||||
Gross gains from sales | $ | 1,149 | $ | 73 | $ | 1,245 | $ | 2,985 | ||||||||||||||||||||||||
Gross losses from sales | — | — | — | — | ||||||||||||||||||||||||||||
Net investment gain | $ | 1,149 | $ | 73 | $ | 1,245 | $ | 2,985 | ||||||||||||||||||||||||
Change in net unrealized holding gains (losses) included in other comprehensive income | $ | (2,158 | ) | $ | 19,732 | $ | 46,234 | $ | 7,007 | |||||||||||||||||||||||
Reclassified out of other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains | $ | 987 | $ | 65 | $ | 14,217 | $ | 3,118 | ||||||||||||||||||||||||
Unrealized losses | — | (828 | ) | (2,632 | ) | (828 | ) | |||||||||||||||||||||||||
Total | $ | 987 | $ | (763 | ) | $ | 11,585 | $ | 2,290 | |||||||||||||||||||||||
Schedule of Unrealized Gains and Losses on Investments | ' | |||||||||||||||||||||||||||||||
The cost basis and unrealized gains and losses related to our available for sale securities are as follows: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Computer Software and Services | $ | 2,312 | $ | — | $ | — | $ | 2,312 | $ | 4,447 | $ | 4 | $ | (627 | ) | $ | 3,824 | |||||||||||||||
Aerospace/Defense | 11,675 | 55,346 | — | 67,021 | 11,675 | 26,581 | — | 38,256 | ||||||||||||||||||||||||
Manufacturing | — | — | — | — | 16,278 | 11,754 | — | 28,032 | ||||||||||||||||||||||||
Restaurants | 5,974 | 17,537 | — | 23,511 | 5,974 | 9,038 | — | 15,012 | ||||||||||||||||||||||||
Other | 575 | — | (9 | ) | 566 | 43,177 | 101 | (7,574 | ) | 35,704 | ||||||||||||||||||||||
$ | 20,536 | $ | 72,883 | $ | (9 | ) | $ | 93,410 | $ | 81,551 | $ | 47,478 | $ | (8,201 | ) | $ | 120,828 | |||||||||||||||
Schedule of Additional Disclosures of Associated Companies | ' | |||||||||||||||||||||||||||||||
The following table presents summarized balance sheet and income statement data for SPLP's associated company investments: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Current assets | $ | 467,457 | $ | 96,280 | ||||||||||||||||||||||||||||
Noncurrent assets | 367,524 | 252,005 | ||||||||||||||||||||||||||||||
Total assets | $ | 834,981 | $ | 348,285 | ||||||||||||||||||||||||||||
Current liabilities | $ | 369,474 | $ | 61,201 | ||||||||||||||||||||||||||||
Noncurrent liabilities | 154,939 | 170,857 | ||||||||||||||||||||||||||||||
Total liabilities | 524,413 | 232,058 | ||||||||||||||||||||||||||||||
Parent equity | 310,568 | 116,227 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 834,981 | $ | 348,285 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Revenue | $ | 290,155 | $ | 112,916 | $ | 984,595 | $ | 369,582 | ||||||||||||||||||||||||
Gross profit | 47,201 | 17,206 | 139,829 | 54,697 | ||||||||||||||||||||||||||||
Loss from continuing operations | (2,675 | ) | (3,541 | ) | (19,596 | ) | (4,748 | ) | ||||||||||||||||||||||||
Net loss after noncontrolling interests | (2,918 | ) | (4,033 | ) | (19,287 | ) | (12,749 | ) | ||||||||||||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||||||||||||||||||
The following tables provide combined summarized data with respect to the other investments - related party accounted for under the equity method, at fair value: | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Total assets | $ | 25,761 | $ | 25,824 | ||||||||||||||||||||||||||||
Total liabilities | (32 | ) | (37 | ) | ||||||||||||||||||||||||||||
Net Asset Value | $ | 25,729 | $ | 25,787 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 2,084 | $ | 1,469 | $ | 1,274 | $ | (19,264 | ) | |||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of September 30, 2013 and December 31, 2012 are summarized by type of inputs applicable to the fair value measurements as follows: | ||||||||||||||||||||||||
30-Sep-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities (a) | $ | 134,463 | $ | 17,171 | $ | 17,861 | $ | 169,495 | ||||||||||||||||
Long-term investments (a) | 182,673 | 22,018 | 16,985 | 221,676 | ||||||||||||||||||||
Investments in certain funds | — | — | 849 | 849 | ||||||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 15,664 | — | — | 15,664 | ||||||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 1,397 | — | — | 1,397 | ||||||||||||||||||||
Total | $ | 334,197 | $ | 39,189 | $ | 35,695 | $ | 409,081 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Financial instruments | $ | — | $ | 24,632 | $ | — | $ | 24,632 | ||||||||||||||||
Interest rate swap agreement | — | (211 | ) | — | (211 | ) | ||||||||||||||||||
Total | $ | — | $ | 24,421 | $ | — | $ | 24,421 | ||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities (a) | $ | 128,123 | $ | 69,222 | $ | 1,783 | $ | 199,128 | ||||||||||||||||
Long-term investments (a) | 112,030 | 59,383 | 21,784 | 193,197 | ||||||||||||||||||||
Investments in certain funds | — | — | 1,021 | 1,021 | ||||||||||||||||||||
Commodity contracts on precious metals and commodity inventories | 127 | — | — | 127 | ||||||||||||||||||||
Total | $ | 240,280 | $ | 128,605 | $ | 24,588 | $ | 393,473 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Financial instruments | $ | — | $ | 24,742 | $ | — | $ | 24,742 | ||||||||||||||||
Derivative features of subordinated notes | — | — | 184 | 184 | ||||||||||||||||||||
Commodity contracts on precious metals and commodity inventories | — | 27 | — | 27 | ||||||||||||||||||||
Total | $ | — | $ | 24,769 | $ | 184 | $ | 24,953 | ||||||||||||||||
(a) For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." In addition. there is approximately $1,700 of other investments included in Cash and cash equivalents that are considered a Level 2 investment. | ||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
Following is a summary of changes in financial assets measured using Level 3 inputs: | ||||||||||||||||||||||||
Three months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Long - Term Investments | ||||||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Other Investments | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 29,561 | $ | 33,643 | $ | — | $ | — | $ | 15,413 | $ | 78,617 | ||||||||||||
Purchases | — | — | — | — | — | — | ||||||||||||||||||
Sales | — | (4,287 | ) | — | — | — | (4,287 | ) | ||||||||||||||||
Unrealized gains | (4,860 | ) | 631 | — | — | 319 | (3,910 | ) | ||||||||||||||||
Unrealized losses | — | (45 | ) | — | — | — | (45 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 24,701 | $ | 29,942 | $ | — | $ | — | $ | 15,732 | $ | 70,375 | ||||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | — | $ | 42,710 | ||||||||||||
Additions - fair value elections in 2013 | — | — | — | — | — | — | ||||||||||||||||||
Purchases | 1,000 | — | — | — | — | 1,000 | ||||||||||||||||||
Sales | — | — | — | (32 | ) | — | (32 | ) | ||||||||||||||||
Realized gain on sale | — | — | — | — | — | — | ||||||||||||||||||
Unrealized gains | 114 | 915 | — | — | — | 1,029 | ||||||||||||||||||
Unrealized losses | (6,206 | ) | (15 | ) | (581 | ) | (2,210 | ) | — | (9,012 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 3,490 | $ | 11,241 | $ | 2,254 | $ | 18,710 | $ | — | $ | 35,695 | ||||||||||||
Nine Months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Long - Term Investments | ||||||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Other Investments | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Balance at December 31, 2011 | $ | — | $ | 42,653 | $ | — | $ | — | $ | 13,623 | $ | 56,276 | ||||||||||||
Purchases | 10,923 | — | — | — | — | 10,923 | ||||||||||||||||||
Sales | — | (4,287 | ) | — | — | — | (4,287 | ) | ||||||||||||||||
Unrealized gains | 13,778 | 3,114 | — | — | 2,109 | 19,001 | ||||||||||||||||||
Unrealized losses | — | (11,538 | ) | — | — | — | (11,538 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 24,701 | $ | 29,942 | $ | — | $ | — | $ | 15,732 | $ | 70,375 | ||||||||||||
Balance at December 31, 2012 | $ | 10,521 | $ | 11,263 | $ | — | $ | 2,804 | $ | — | $ | 24,588 | ||||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | — | 3,065 | ||||||||||||||||||
Purchases | 1,311 | — | 3,184 | 39,332 | — | 43,827 | ||||||||||||||||||
Sales | — | (764 | ) | — | (22,958 | ) | — | (23,722 | ) | |||||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||||||
Unrealized gains | 114 | 826 | — | 186 | — | 1,126 | ||||||||||||||||||
Unrealized losses | (11,521 | ) | (84 | ) | (930 | ) | (2,210 | ) | — | (14,745 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 3,490 | $ | 11,241 | $ | 2,254 | $ | 18,710 | $ | — | $ | 35,695 | ||||||||||||
(a) Unrealized losses are recorded in (Loss) Income of associated companies, net of taxes in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(b) Unrealized gains and losses are recorded in Income (Loss) from other investments-related party in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(c) Unrealized losses are recorded in Other (expense) income in the Consolidated Statement of Operations. | ||||||||||||||||||||||||
(d) Realized gain on sale is recorded in Other (expense) income in the Consolidated Statement of Operations. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative and Other Financial Instrument [Abstract] | ' | ||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||
The foreign currency financial instrument liabilities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Currency | Carrying Amount | Notional Amount | Carrying Amount | Notional Amount | |||||||||||||||
Japanese Yen | $ | 1,532 | ¥150,481 | $ | 1,695 | ¥146,991 | |||||||||||||
Pound Sterling | 23,100 | £14,270 | 23,047 | £14,186 | |||||||||||||||
Total | $ | 24,632 | $ | 24,742 | |||||||||||||||
Change in Financial Instrument Balance | ' | ||||||||||||||||||
Information is summarized below for foreign currency financial liabilities and related restricted cash: | |||||||||||||||||||
Foreign exchange transactions: | September 30, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Balance, beginning of year | $ | 24,742 | $ | 23,736 | |||||||||||||||
Net investment (gains) losses | (274 | ) | 848 | ||||||||||||||||
Receipt of dividends, net of interest expense | 134 | 149 | |||||||||||||||||
Other | 30 | — | |||||||||||||||||
Balance of foreign currency financial instruments liability and related restricted cash, end of period (a) | $ | 24,632 | $ | 24,733 | |||||||||||||||
(a) The financial instruments payable in foreign currencies are entered into with a counterparty and are considered Level 2 measurements. Carrying value approximates fair value. | |||||||||||||||||||
Schedule of Outstanding Forward or Future Contracts with Settlement Dates [Table Text Block] | ' | ||||||||||||||||||
As of September 30, 2013, the Company had the following outstanding future contracts with settlement dates ranging from October to December 2013: | |||||||||||||||||||
Commodity | Amount | Notional Value | |||||||||||||||||
Silver | 760,000 ounces | $ | 16,600 | ||||||||||||||||
Gold | 900 ounces | $ | 1,200 | ||||||||||||||||
Copper | 400,000 pounds | $ | 1,300 | ||||||||||||||||
Tin | 45 metric tons | $ | 1,000 | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||
Fair Value of Derivative Instruments in the Consolidated Balance Sheets: | |||||||||||||||||||
Derivative | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Foreign currency financial instruments (a) | Financial instruments | $ | 24,632 | $ | 24,742 | ||||||||||||||
Commodity contracts (a), (b) | Prepaid and other current assets | $ | 1,397 | $ | (127 | ) | |||||||||||||
Commodity contracts (a) | Other current liabilities | $ | — | $ | 27 | ||||||||||||||
Interest rate swap agreement (a) | Other current liabilities | $ | (211 | ) | $ | — | |||||||||||||
Derivative features of subordinated notes (a) | Long-term debt | $ | — | $ | (184 | ) | |||||||||||||
(a) Carrying amount equals fair value. | |||||||||||||||||||
(b) Includes $961 designated as hedging instruments as of September 30, 2013. | |||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||
Effect of derivative instruments on the Consolidated Statements of Operations: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Derivative | Statement of Operations Location | Gain (loss) | Gain (loss) | Gain (loss) | Gain (loss) | ||||||||||||||
Foreign currency financial instruments (a) | Net investment gains | $ | (1,410 | ) | $ | (682 | ) | $ | 274 | $ | (848 | ) | |||||||
Commodity contracts (a) | Cost of goods sold | (1,543 | ) | — | 1,083 | — | |||||||||||||
Commodity contracts (b) | Realized and unrealized gain on derivatives | (351 | ) | (1,036 | ) | 1,495 | (284 | ) | |||||||||||
Interest rate swap agreements (b) | Interest expense | (161 | ) | — | (265 | ) | — | ||||||||||||
Derivative features of subordinated notes (b) | Realized and unrealized gain on derivatives | — | (98 | ) | (793 | ) | 691 | ||||||||||||
Total derivatives | $ | (3,465 | ) | $ | (1,816 | ) | $ | 1,794 | $ | (441 | ) | ||||||||
(a) Designated as hedging instruments. | |||||||||||||||||||
(b) Not designated as hedging instruments. |
Trade_Other_and_Loans_Receivab1
Trade, Other and Loans Receivable (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||
Trade and Other Receivables | ' | |||||||||||||||||||||||||||||
Trade and Other Receivables | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Trade accounts receivable, net of allowance for | $ | 109,266 | $ | 81,820 | ||||||||||||||||||||||||||
doubtful accounts of $2,422 in 2013 and $2,004 in 2012 | ||||||||||||||||||||||||||||||
Other receivables | 4,993 | 2,194 | ||||||||||||||||||||||||||||
Total | $ | 114,259 | $ | 84,014 | ||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||||
Major classification of WebBank’s loans receivable at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||||||||
Total | Current | Non-current | ||||||||||||||||||||||||||||
September 30, 2013 | % | December 31, 2012 | % | September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||
Commercial – owner occupied | $ | 4,792 | 10 | % | $ | 6,724 | 10 | % | $ | 192 | $ | 198 | $ | 4,600 | $ | 6,526 | ||||||||||||||
Commercial – other | 182 | — | % | 318 | — | % | — | 9 | 182 | 309 | ||||||||||||||||||||
Total real estate loans | 4,974 | 10 | % | 7,042 | 10 | % | 192 | 207 | 4,782 | 6,835 | ||||||||||||||||||||
Commercial and industrial | 29,632 | 58 | % | 9,832 | 15 | % | 998 | 451 | 28,634 | 9,381 | ||||||||||||||||||||
Loans held for sale | 16,817 | 32 | % | 51,505 | 75 | % | 16,817 | 51,505 | — | — | ||||||||||||||||||||
Total loans | 51,423 | 100 | % | 68,379 | 100 | % | 18,007 | 52,163 | 33,416 | 16,216 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||
Deferred fees and discounts | 4 | 21 | 4 | 21 | — | — | ||||||||||||||||||||||||
Allowance for loan losses | (296 | ) | (285 | ) | (296 | ) | (285 | ) | — | — | ||||||||||||||||||||
Total loans receivable, net (a) | $ | 51,131 | $ | 68,115 | $ | 17,715 | $ | 51,899 | $ | 33,416 | $ | 16,216 | ||||||||||||||||||
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, net was $51,333 and $71,111 at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||||||
Changes in the allowance for loan and lease losses are summarized as follows: | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Beginning balance - December 31, 2012 | $ | 187 | $ | 34 | $ | 64 | $ | 285 | ||||||||||||||||||||||
Charge-offs | — | — | (63 | ) | (63 | ) | ||||||||||||||||||||||||
Recoveries | 12 | 33 | 66 | 111 | ||||||||||||||||||||||||||
Provision | (121 | ) | (46 | ) | 130 | (37 | ) | |||||||||||||||||||||||
Ending Balance – September 30, 2013 | $ | 78 | $ | 21 | $ | 197 | $ | 296 | ||||||||||||||||||||||
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 78 | 21 | 197 | 296 | ||||||||||||||||||||||||||
Total | $ | 78 | $ | 21 | $ | 197 | $ | 296 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 2,522 | $ | — | $ | 142 | $ | 2,664 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,270 | 182 | 29,490 | 31,942 | ||||||||||||||||||||||||||
Total | $ | 4,792 | $ | 182 | $ | 29,632 | $ | 34,606 | ||||||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Past Due Loans (Accruing and Nonaccruing) | ' | |||||||||||||||||||||||||||||
Nonaccrual loans are summarized as follows: | ||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 430 | $ | 147 | ||||||||||||||||||||||||||
Total Real Estate Loans | 430 | 147 | ||||||||||||||||||||||||||||
Commercial and Industrial | 110 | 94 | ||||||||||||||||||||||||||||
Total Loans | $ | 540 | $ | 241 | ||||||||||||||||||||||||||
Past due loans (accruing and nonaccruing) are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Current | 30-89 days | 90+ days | Total | Total | Recorded | |||||||||||||||||||||||||
past due | past due | past due (1) | loans | investment | ||||||||||||||||||||||||||
in accruing | ||||||||||||||||||||||||||||||
loans 90+ | ||||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,270 | $ | 419 | $ | 2,103 | $ | 2,522 | $ | 4,792 | $ | 2,092 | ||||||||||||||||||
Commercial - Other | 182 | — | — | — | 182 | — | ||||||||||||||||||||||||
Total Real Estate Loans | 2,452 | 419 | 2,103 | 2,522 | 4,974 | 2,092 | ||||||||||||||||||||||||
Commercial and Industrial | 29,465 | 57 | 110 | 167 | 29,632 | — | ||||||||||||||||||||||||
Total Loans | $ | 31,917 | $ | 476 | $ | 2,213 | $ | 2,689 | $ | 34,606 | $ | 2,092 | ||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Outstanding Loans (Accruing and Nonaccruing) | ' | |||||||||||||||||||||||||||||
Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Pass | Special | Sub- | Doubtful | Total loans | ||||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial - Owner Occupied | 2,269 | — | 2,523 | — | 4,792 | |||||||||||||||||||||||||
Commercial - Other | 182 | — | — | — | 182 | |||||||||||||||||||||||||
Total Real Estate Loans | 2,451 | — | 2,523 | — | 4,974 | |||||||||||||||||||||||||
Commercial and Industrial | 25,785 | 3,705 | 142 | — | 29,632 | |||||||||||||||||||||||||
Total Loans | $ | 28,236 | $ | 3,705 | $ | 2,665 | $ | — | $ | 34,606 | ||||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||||||||
Information on impaired loans is summarized as follows at September 30, 2013: | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
Unpaid principle | with no | with | Total recorded | Related | Average recorded | |||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,734 | $ | 2,523 | $ | — | $ | 2,523 | $ | — | $ | 2,629 | ||||||||||||||||||
Total Real Estate Loans | 2,734 | 2,523 | — | 2,523 | — | 2,629 | ||||||||||||||||||||||||
Commercial and Industrial | 357 | 130 | 12 | 142 | — | — | ||||||||||||||||||||||||
Total Loans | $ | 3,091 | $ | 2,653 | $ | 12 | $ | 2,665 | $ | — | $ | 2,629 | ||||||||||||||||||
(1) $2,196 is guaranteed by the USDA or SBA. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
A summary of inventories is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Finished products | $ | 18,245 | $ | 19,229 | ||||
In – process | 10,644 | 8,344 | ||||||
Raw materials | 15,229 | 14,346 | ||||||
Fine and fabricated precious metal in various stages of completion | 24,745 | 9,599 | ||||||
68,863 | 51,518 | |||||||
Excess of market value over LIFO cost | — | (2,695 | ) | |||||
$ | 68,863 | $ | 48,823 | |||||
Inventory Supplemental Disclosure | ' | |||||||
As of December 31, 2012, H&H’s customer metal consisted of 208,433 ounces of silver, 541 ounces of gold, and 1,399 ounces of palladium. | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Supplemental inventory information: | ||||||||
Precious metals stated at LIFO cost | $ | 9,443 | $ | 5,460 | ||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 14,685 | — | ||||||
Market value per ounce: | ||||||||
Silver | 21.81 | 30.2 | ||||||
Gold | 1,339.00 | 1,675.40 | ||||||
Palladium | 731.3 | 702.85 | ||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
A summary of property, plant and equipment, net is as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 11,203 | $ | 10,059 | ||||
Buildings and improvements | 52,191 | 52,983 | ||||||
Machinery, equipment and other | 158,134 | 143,281 | ||||||
Construction in progress | 12,132 | 10,059 | ||||||
233,660 | 216,382 | |||||||
Accumulated depreciation and amortization | (55,155 | ) | (38,800 | ) | ||||
Net property, plant and equipment | $ | 178,505 | $ | 177,582 | ||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||
Reconciliation of the change in the carrying value of goodwill | ' | ||||||||||||||||||||||
A reconciliation of the change in the carrying value of goodwill by reportable segment is as follows: | |||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||||||||||
Balance at beginning of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | |||||||||||||||
Acquisitions | 14,111 | 6,071 | — | 20,182 | |||||||||||||||||||
Currency translation adjustment | 6 | — | — | 6 | |||||||||||||||||||
Other adjustments (a) | (454 | ) | — | — | (454 | ) | |||||||||||||||||
Balance at end of period | $ | 28,775 | $ | 54,500 | $ | 81 | $ | 83,356 | |||||||||||||||
(a) Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the prior year HNH acquisition of Hickman. For additional information, see Note 2 - "Acquisitions." | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Diversified | Energy | Corporate | Total | ||||||||||||||||||||
Balance at beginning of year | $ | 11,838 | $ | 24,837 | $ | 81 | $ | 36,756 | |||||||||||||||
BNS sale of SWH to Steel Excel | — | (24,836 | ) | — | (24,836 | ) | |||||||||||||||||
Acquisition of Steel Excel | — | 48,468 | — | 48,468 | |||||||||||||||||||
Acquisition of Hickman | 3,267 | — | — | 3,267 | |||||||||||||||||||
Other acquisitions | — | 154 | — | 154 | |||||||||||||||||||
Impairment | — | (192 | ) | — | (192 | ) | |||||||||||||||||
Currency translation adjustment/other | 7 | (2 | ) | — | 5 | ||||||||||||||||||
Balance at end of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | |||||||||||||||
Summary of Intangible Assets | ' | ||||||||||||||||||||||
A summary of intangible assets other than goodwill is summarized as follows: | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Product and customer relationships | $ | 112,014 | $ | 20,606 | 91,408 | $ | 102,756 | $ | 14,664 | $ | 88,092 | ||||||||||||
Trademarks | 28,165 | 3,474 | 24,691 | 23,610 | 2,016 | 21,594 | |||||||||||||||||
Patents and technology | 19,265 | 5,270 | 13,995 | 19,025 | 4,063 | 14,962 | |||||||||||||||||
Other | 2,494 | 1,365 | 1,129 | 2,446 | 1,182 | 1,264 | |||||||||||||||||
$ | 161,938 | $ | 30,715 | 131,223 | $ | 147,837 | $ | 21,925 | $ | 125,912 | |||||||||||||
Bank_Deposits_Tables
Bank Deposits (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Deposit Liabilities | ' | |||||||
A summary of WebBank deposits is as follows: | ||||||||
Time deposits year of maturity: | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
2013 | $ | 4,498 | $ | 25,838 | ||||
2014 | 10,843 | 9,094 | ||||||
2015 | 14,279 | 14,264 | ||||||
2016 | 11,514 | 11,507 | ||||||
Total time deposits | 41,134 | 60,703 | ||||||
Money market deposits | 35,025 | 17,906 | ||||||
Total deposits (a) | $ | 76,159 | $ | 78,609 | ||||
Current | $ | 46,421 | $ | 43,744 | ||||
Long-term | 29,738 | 34,865 | ||||||
Total deposits | $ | 76,159 | $ | 78,609 | ||||
Time deposit accounts under $100 | $ | 38,903 | $ | 53,897 | ||||
Time deposit accounts $100 and over | 2,231 | 6,806 | ||||||
Total time deposits | $ | 41,134 | $ | 60,703 | ||||
(a) The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $77,082 and $79,581 at September 30, 2013 and December 31, 2012, respectively. |
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations(Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt and Capital Lease Obligations | ' | |||||||
Debt and capital lease obligations consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Short term debt: | ||||||||
Foreign | $ | 509 | $ | 778 | ||||
3/4% Convertible Senior Subordinated Notes | 346 | 346 | ||||||
Total short-term debt | 855 | 1,124 | ||||||
Long-term debt - non related party: | ||||||||
Term Loans | 185,844 | 115,000 | ||||||
Revolving Facility | 38,800 | 15,340 | ||||||
10% Subordinated Notes, net of unamortized discount | — | 9,049 | ||||||
Other debt - domestic | 8,359 | 8,597 | ||||||
Foreign loan facilities | 3,096 | 4,713 | ||||||
Total debt to non related party | 236,099 | 152,699 | ||||||
Less portion due within one year | 22,037 | 13,025 | ||||||
Long-term debt to non related party | 214,062 | 139,674 | ||||||
Long-term debt - related party: | ||||||||
10% Subordinated Notes, net of unamortized discount | — | 391 | ||||||
Total long-term debt | 214,062 | 140,065 | ||||||
Total debt | $ | 236,954 | $ | 154,214 | ||||
Capital lease facility | ||||||||
Current portion of capital lease | $ | 937 | $ | 1,039 | ||||
Long-term portion of capital lease | 865 | 1,645 | ||||||
$ | 1,802 | $ | 2,684 | |||||
Pension_Benefit_Plans_Tables
Pension Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
The following table presents the components of pension expense and components of other post-retirement benefit (income) expense for the HNH pension plans included the following: | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 4,639 | $ | 5,503 | $ | 13,954 | $ | 16,238 | ||||||||
Expected return on plan assets | (5,976 | ) | (6,765 | ) | (17,988 | ) | (20,255 | ) | ||||||||
Amortization of actuarial loss | 1,196 | 875 | 3,863 | 2,140 | ||||||||||||
Total | $ | (141 | ) | $ | (387 | ) | $ | (171 | ) | $ | (1,877 | ) |
Capital_and_Accumulated_Other_1
Capital and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Changes, net of tax, in Accumulated other comprehensive loss are as follows: | ||||||||||||||||
Unrealized gain on available-for-sale securities | Cumulative translation adjustment | Change in net pension and other benefit obligations | ||||||||||||||
Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 44,521 | $ | (1,863 | ) | $ | (60,520 | ) | $ | (17,862 | ) | |||||
Current period other comprehensive gain | 44,435 | 952 | 468 | 45,855 | ||||||||||||
Reclassification adjustments, net of tax (a) | (13,257 | ) | (2,566 | ) | — | (15,823 | ) | |||||||||
Balance at September 30, 2013 | $ | 75,699 | $ | (3,477 | ) | $ | (60,052 | ) | $ | 12,170 | ||||||
(a) Includes a reclassification of unrealized gain to Other income of $1,834, a reclassification of net unrealized gain of $10,432 (net of tax of $1,900) to (Loss) Income of associated companies, net of tax and a reclassification of $991 to Net investment (losses) gains. |
Net_Income_Loss_Per_Common_Uni1
Net Income (Loss) Per Common Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following data was used in computing net (loss) income per common unit shown in the consolidated statements of operations: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income from continuing operations | $ | (12,730 | ) | $ | 7,861 | $ | (2,426 | ) | $ | 51,782 | ||||||
Restricted stock expense | — | 31 | — | 93 | ||||||||||||
Net income attributable to noncontrolling interests in consolidated entities | (3,747 | ) | (5,074 | ) | (11,627 | ) | (12,878 | ) | ||||||||
Net (loss) income from continuing operations | (16,477 | ) | 2,818 | (14,053 | ) | 38,997 | ||||||||||
Income from discontinued operations | 2,148 | 1,208 | 5,579 | 5,932 | ||||||||||||
Net income attributable to noncontrolling interests | (1,117 | ) | (508 | ) | (2,825 | ) | (2,798 | ) | ||||||||
1,031 | 700 | 2,754 | 3,134 | |||||||||||||
Net (loss) income attributable to common unitholders | $ | (15,446 | ) | $ | 3,518 | $ | (11,299 | ) | $ | 42,131 | ||||||
Net (loss) income per common unit - basic: | ||||||||||||||||
Net (loss) income from continuing operations | $ | (0.56 | ) | $ | 0.09 | $ | (0.47 | ) | $ | 1.32 | ||||||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | ||||||||||||
Net (loss) income attributable to common unitholders | $ | (0.52 | ) | $ | 0.11 | $ | (0.38 | ) | $ | 1.43 | ||||||
Net (loss) income per common unit – diluted: | ||||||||||||||||
Net (loss) income from continuing operations | $ | (0.56 | ) | $ | 0.09 | $ | (0.47 | ) | $ | 1.32 | ||||||
Net income from discontinued operations | 0.04 | 0.02 | 0.09 | 0.11 | ||||||||||||
Net (loss) income attributable to common unitholders | $ | (0.52 | ) | $ | 0.11 | $ | (0.38 | ) | $ | 1.43 | ||||||
Weighted average common units outstanding - basic | 29,663,204 | 31,814,312 | 30,015,739 | 29,402,343 | ||||||||||||
Unvested restricted stock | — | 27,175 | — | 27,175 | ||||||||||||
Denominator for net income per common unit - diluted (a) | 29,663,204 | 31,841,487 | 30,015,739 | 29,429,518 | ||||||||||||
(a) The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; Approximately 457,548 and 591,294 incentive units, for the three and nine months ended September 30, 2013, respectively. Approximately 77,896 unvested restricted stock units, for the three and nine months ended September 30, 2013. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Segment information is presented below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Diversified industrial | $ | 171,874 | $ | 144,629 | $ | 502,915 | $ | 453,445 | ||||||||
Energy | 31,844 | 34,293 | 87,571 | 65,919 | ||||||||||||
Financial services | 7,162 | 5,384 | 20,742 | 13,519 | ||||||||||||
Corporate and other | (143 | ) | (601 | ) | 2,067 | 15,794 | ||||||||||
Total | $ | 210,737 | $ | 183,705 | $ | 613,295 | $ | 548,677 | ||||||||
Income (Loss) from continuing operations before income taxes: | ||||||||||||||||
Diversified industrial | $ | 10,782 | $ | 10,287 | $ | 50,301 | $ | 32,306 | ||||||||
Energy | 3,007 | 6,208 | 8,463 | 23,470 | ||||||||||||
Financial services | 4,731 | 3,229 | 13,167 | 7,595 | ||||||||||||
Corporate and other | (23,887 | ) | (9,617 | ) | (58,280 | ) | 2,777 | |||||||||
(Loss) Income from continuing operations before income taxes | (5,367 | ) | 10,107 | 13,651 | 66,148 | |||||||||||
Income tax provision | 7,363 | 2,246 | 16,077 | 14,366 | ||||||||||||
Net (loss) income from continuing operations | $ | (12,730 | ) | $ | 7,861 | $ | (2,426 | ) | $ | 51,782 | ||||||
(Loss) Income from equity method investments: | ||||||||||||||||
Diversified industrial | $ | (4,005 | ) | $ | 1,684 | $ | 11,197 | $ | (1,298 | ) | ||||||
Energy | (137 | ) | — | (217 | ) | 13,139 | ||||||||||
Corporate and other | (10,412 | ) | (4,333 | ) | (22,679 | ) | 5,119 | |||||||||
Total | $ | (14,554 | ) | $ | (2,649 | ) | $ | (11,699 | ) | $ | 16,960 | |||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||
The following table reflects the discontinued operations described in Note 3 - "Discontinued Operations" and the measurement period adjustments described in Note 1 - "Nature of the Business and Basis of Presentation". | |||||||||||||||||||||||||||||
Net Income From Continuing Operations Attributable to Common Unit Holders | Net Income Attributable to Common Unit Holders | ||||||||||||||||||||||||||||
Quarter | Revenue | Net Income (Loss) From Continuing Operations | Per Common Unit Basic Attributable to Common Unit Holders | Per Common Unit Diluted | Net Income (Loss) | Per Common Unit Basic | Per Common Unit Diluted | ||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
First | $ | 163,346 | $ | 45,851 | $ | 1.74 | $ | 1.74 | $ | 45,970 | $ | 1.83 | $ | 1.83 | |||||||||||||||
Second | 201,626 | (1,930 | ) | (0.25 | ) | (0.25 | ) | (7,419 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||||
Third | 183,705 | 7,861 | 0.09 | 0.09 | 3,487 | 0.11 | 0.11 | ||||||||||||||||||||||
Fourth | 162,909 | 655 | (0.13 | ) | (0.13 | ) | (1,020 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||||
$ | 711,586 | $ | 52,437 | $ | 41,018 | ||||||||||||||||||||||||
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Income Tax (Expense) Benefit, Reclassification Adjustment | $5,510 |
Acquisitions_Wolverine_Details
Acquisitions Wolverine (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 |
In Thousands, unless otherwise specified | HNH | HNH | Trademarks | Products and Customer Relationships | |||
Wolverine | Wolverine | HNH | HNH | ||||
Wolverine | Wolverine | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | $59,700 | ' | ' |
Working Capital Adjustment | ' | ' | ' | ' | 300 | ' | ' |
Restructuring Reserve | ' | ' | ' | 400 | ' | ' | ' |
Goodwill | 83,356 | 63,622 | 36,756 | ' | 14,111 | ' | ' |
Other intangibles | ' | ' | ' | ' | 13,657 | 4,600 | 9,000 |
Identifiable intangible assets, amortization period (in years) | ' | ' | ' | '20 years | ' | ' | ' |
Net sales | ' | ' | ' | 30,700 | ' | ' | ' |
Operating income | ' | ' | ' | 1,000 | ' | ' | ' |
Intercompany Revenue | ' | ' | ' | $2,000 | ' | ' | ' |
Acquisitions_Wolverine_Fair_va
Acquisitions Wolverine: Fair values assets acquired and liabilities assumed (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 16, 2013 |
In Thousands, unless otherwise specified | HNH | |||
Wolverine | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Trade and other receivables | ' | ' | ' | $9,491 |
Inventories | ' | ' | ' | 17,864 |
Prepaid and other current assets | ' | ' | ' | 90 |
Property, plant and equipment | ' | ' | ' | 6,096 |
Goodwill | 83,356 | 63,622 | 36,756 | 14,111 |
Other intangibles | ' | ' | ' | 13,657 |
Total assets acquired | ' | ' | ' | 61,309 |
Trade payables | ' | ' | ' | -1,167 |
Accrued liabilities | ' | ' | ' | -395 |
Net assets acquired | ' | ' | ' | $59,747 |
Acquisitions_Steel_Excel_Sport
Acquisitions Steel Excel Sports (Details) (Steel Excel Sports [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
acquisition | |
Business Acquisition [Line Items] | ' |
Number of Acquisitions (in acquisitions) | 2 |
Purchase price | $3,250 |
Ruckus Sports LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Ownership percentage (as a percent) | 30.00% |
Acquisitions_Steel_Excel_Detai
Acquisitions Steel Excel (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2011 | 31-May-12 | Sep. 30, 2013 | 31-May-12 | 31-May-12 | 31-May-12 | 31-May-12 |
Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | |||||
SWH | SWH | |||||||||
Common Stock | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price net of cash acquired and debt assumed | ' | ' | ' | ' | ' | ' | ' | $68,747 | ' | ' |
Equity Interest Issued or Issuable, Number of Shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,027,500 | ' |
Acquisition price, portion paid in cash | ' | ' | ' | ' | ' | ' | ' | 7,922 | ' | ' |
Excess of fair value received over carrying value | 20,662 | ' | ' | ' | ' | ' | ' | 26,237 | ' | ' |
Investment owned (in shares) | ' | ' | ' | ' | ' | ' | 6,611,899 | ' | ' | 4,584,399 |
Noncontrolling interest, parent ownership (as a percent) | ' | ' | 42.00% | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.10% |
Goodwill | 83,356 | 63,622 | ' | 36,756 | 48,468 | ' | ' | ' | ' | ' |
Previously held equity and noncontrolling acquisition interest (fair value per share) | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' |
Acquisition-date fair value of previously held equity interest | ' | ' | ' | ' | 137,532 | ' | ' | ' | ' | ' |
Amortization Expense 2013 | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' |
Amortization Expense 2014 | ' | ' | ' | ' | ' | 3,265 | ' | ' | ' | ' |
Amortization Expense 2015 | ' | ' | ' | ' | ' | 2,807 | ' | ' | ' | ' |
Amortization Expense 2016 | ' | ' | ' | ' | ' | 2,186 | ' | ' | ' | ' |
Amortization Expense 2017 | ' | ' | ' | ' | ' | 1,664 | ' | ' | ' | ' |
Amortization Expense Thereafter | ' | ' | ' | ' | ' | $6,052 | ' | ' | ' | ' |
Acquisitions_Steel_Excel_Consi
Acquisitions Steel Excel: Consideration Paid for Controlling Interest (Details) (Steel Excel, USD $) | 31-May-12 |
In Thousands, unless otherwise specified | |
Steel Excel | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' |
Acquisition-date fair value of previously held equity interest | $137,532 |
Fair value of SWH transferred to Steel Excel | 68,747 |
Less: cash received from Steel Excel for SWH | -7,922 |
Total | $198,357 |
Acquisitions_Steel_Excel_Fair_
Acquisitions Steel Excel: Fair values assets acquired and liabilities assumed (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 |
In Thousands, unless otherwise specified | Steel Excel | |||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $41,963 |
Marketable securities | ' | ' | ' | 217,526 |
Accounts receivable | ' | ' | ' | 23,435 |
Prepaid expenses and other current assets | ' | ' | ' | 3,129 |
Property, plant and equipment | ' | ' | ' | 74,880 |
Goodwill | 83,356 | 63,622 | 36,756 | 48,468 |
Indentifiable intangible assets | ' | ' | ' | 22,793 |
Other assets | ' | ' | ' | 4,088 |
Total assets acquired | ' | ' | ' | 436,282 |
Liabilities | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | 10,842 |
Debt | ' | ' | ' | 17,968 |
Other long-term liabilities | ' | ' | ' | 19,517 |
Total liabilities assumed | ' | ' | ' | 48,327 |
Fair value of non-controlling interests | ' | ' | ' | 189,598 |
Net assets acquired | ' | ' | ' | $198,357 |
Acquisitions_Steel_Excel_Intan
Acquisitions Steel Excel: Intangible assets and amortization (Details) (Steel Excel, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | 31-May-12 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | $22,793 |
Products and Customer Relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | 16,191 |
Products and Customer Relationships | Minimum | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identifiable intangible assets, amortization period (in years) | '8 years | ' |
Products and Customer Relationships | Maximum | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identifiable intangible assets, amortization period (in years) | '10 years | ' |
Trademarks | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | 5,890 |
Trademarks | Minimum | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identifiable intangible assets, amortization period (in years) | '5 years | ' |
Trademarks | Maximum | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identifiable intangible assets, amortization period (in years) | '7 years | ' |
Favorable lease | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | 47 |
Identifiable intangible assets, amortization period (in years) | '2 years | ' |
Non-compete Agreement | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | 469 |
Identifiable intangible assets, amortization period (in years) | '5 years | ' |
Other | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indentifiable intangible assets | ' | $196 |
Acquisitions_Zaklad_Details
Acquisitions Zaklad (Details) (HNH, Zaklad, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Nov. 05, 2012 |
HNH | Zaklad | ' |
Business Acquisition [Line Items] | ' |
Ownership interest (as a percent) | 100.00% |
Purchase price | $4,000 |
Acquisitions_WP_Hickman_Compan
Acquisitions W.P Hickman Company (Details) (HNH, Hickman, USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 |
HNH | Hickman | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price | ' | ' | $8,200 |
Business Acquisition, Purchase Price Allocation, Working Capital Adjustment | ' | 300 | ' |
Goodwill, Period Increase (Decrease) | $2,800 | ' | ' |
Acquisitions_Pro_forma_results
Acquisitions Pro forma results (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition [Line Items] | ' | ' |
Net (loss) income per common unit - diluted (in dollars per share) | ($0.33) | $1.54 |
Wolverine and Steel Excel | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition related costs | $600 | ' |
Nonrecurring expense, fair value adjustment | 500 | ' |
Revenue | 638,445 | 645,436 |
Net (loss) income attributable to common unitholders | ($9,868) | $45,136 |
Net (loss) income per common unit - basic (in dollars per share) | ($0.33) | $1.54 |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Assets of discontinued operations: | ' | ' | ' | ' | ' | ||||
Trade and other receivables | $0 | ' | $0 | ' | $6,372 | ||||
Inventories | 0 | ' | 0 | ' | 7,097 | ||||
Other current assets | 639 | ' | 639 | ' | 1,438 | ||||
Goodwill | 0 | ' | 0 | ' | 6,041 | ||||
Other intangibles, net | 0 | ' | 0 | ' | 11,098 | ||||
Property, plant and equipment, net | 3,724 | ' | 3,724 | ' | 13,683 | ||||
Other assets | 104 | ' | 104 | ' | 121 | ||||
Total assets | 4,467 | ' | 4,467 | ' | 45,850 | ||||
Liabilities of discontinued operations: | ' | ' | ' | ' | ' | ||||
Trade payables and accrued liabilities | 490 | ' | 490 | ' | 9,160 | ||||
Total liabilities | 490 | ' | 490 | ' | 9,160 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ||||
Sales | 283 | [1] | 23,651 | [2] | 20,094 | [3] | 77,483 | [2] | ' |
Net income (loss) | 285 | [1] | 1,208 | [2] | -715 | [3] | 3,347 | [2],[4] | ' |
Gain (Loss) after taxes and noncontrolling interests | 218 | [1] | 698 | [2] | -478 | [3] | 1,801 | [2] | ' |
Gain on sale of discontinued operations after taxes and noncontrolling interests | $810 | [1] | $0 | [2] | $3,231 | [3] | $1,331 | [2] | ' |
[1] | Includes the operations of ITM through its sale date. | ||||||||
[2] | Includes the operations of Continental, CMCC, ITM, DGT's RFI subsidiary and DGT's Villa subsidiary through their respective sale dates. | ||||||||
[3] | Includes the operations of Continental, CMCC and ITM through their respective sale dates. | ||||||||
[4] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Discontinued_Operations_HNHs_D
Discontinued Operations HNH’s Discontinued Operations (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Jun. 30, 2013 | Jul. 31, 2013 | Jul. 31, 2013 |
Continental Industries [Member] | Canfield Metal Coating Corporation [Member] | Indiana Tube Mexico [Member] | Segment, Discontinued Operations [Member] | |||
Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Indiana Tube Mexico [Member] | |||
installment | Handy and Harman LTD | |||||
Schedule of Sale of Discontinued Operation [Line Items] | ' | ' | ' | ' | ' | ' |
Sale Price | ' | ' | $37,400 | $9,500 | $3,700 | ' |
Net cash used in investing activities of discontinued operations | -102 | -566 | 3,700 | ' | ' | ' |
Working Capital Adjustment | ' | ' | 100 | 500 | ' | ' |
Number of Installments (in installments) | ' | ' | ' | ' | 2 | ' |
Sales Price Installment | ' | ' | ' | ' | 1,850 | ' |
Restructuring Reserve | ' | ' | ' | ' | ' | 900 |
Foreign Currency Transaction Gain | ' | ' | ' | ' | ' | $2,600 |
Investments_ShortTerm_Investme
Investments Short-Term Investments (Details) (Steel Excel, USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Available for sale securities [Member] | Available for sale securities [Member] | Amounts classified as cash equivalents [Member] | Amounts classified as cash equivalents [Member] | Amounts classified as marketable securities [Member] | Amounts classified as marketable securities [Member] | Short term deposits [Member] | Short term deposits [Member] | Mutual funds [Member] | Mutual funds [Member] | United states government securities [Member] | United states government securities [Member] | Equity securities [Member] | Equity securities [Member] | Commercial paper [Member] | Commercial paper [Member] | Corporate obligations | Corporate obligations | |||
Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | Available for sale securities [Member] | |||||||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | $269,550 | $269,550 | $269,550 | $250,286 | ($108,603) | ($51,887) | $160,947 | $198,399 | $106,903 | $48,596 | $12,505 | $10,368 | $50,383 | $99,525 | $69,888 | $20,822 | $6,297 | $22,292 | $23,574 | $48,683 |
Gross Unrealized Gains | ' | ' | 12,788 | 3,002 | 0 | 0 | 12,788 | 3,002 | 0 | 0 | 3,624 | 1,452 | 29 | 20 | 8,279 | 1,217 | 1 | 5 | 855 | 308 |
Gross Unrealized Losses | ' | ' | -4,240 | -2,273 | 0 | 0 | -4,240 | -2,273 | 0 | 0 | 0 | 0 | 0 | -68 | -4,197 | -1,922 | 0 | -6 | -43 | -277 |
Fair value | 278,098 | 278,098 | 278,098 | 251,015 | -108,603 | -51,887 | 169,495 | 199,128 | 106,903 | 48,596 | 16,129 | 11,820 | 50,412 | 99,477 | 73,970 | 20,117 | 6,298 | 22,291 | 24,386 | 48,714 |
Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature in one year or less | 44,134 | 44,134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature after one year through three years | 14,285 | 14,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature after three years | 21,834 | 21,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt securities | 80,253 | 80,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities with no contractual maturities | 189,297 | 189,297 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | 269,550 | 269,550 | 269,550 | 250,286 | -108,603 | -51,887 | 160,947 | 198,399 | 106,903 | 48,596 | 12,505 | 10,368 | 50,383 | 99,525 | 69,888 | 20,822 | 6,297 | 22,292 | 23,574 | 48,683 |
Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature after one year through three years | 44,157 | 44,157 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature after one year through three years | 14,435 | 14,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mature after three years | 22,504 | 22,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt securities | 81,096 | 81,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities with no contractual maturities | 197,002 | 197,002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | 278,098 | 278,098 | 278,098 | 251,015 | -108,603 | -51,887 | 169,495 | 199,128 | 106,903 | 48,596 | 16,129 | 11,820 | 50,412 | 99,477 | 73,970 | 20,117 | 6,298 | 22,291 | 24,386 | 48,714 |
Sale of Available-for-sale Securities, Sold During the Period | 20,400 | 65,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross gains from sales | $1,863 | $1,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_LongTerm_Investmen
Investments Long-Term Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | |||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ' | ' | ' | ' | ' | ' | |||||
Available-for-sale Securities, Noncurrent | $122,352 | ' | $122,352 | ' | ' | $153,506 | |||||
Marketable Securities, Realized Gain | 806 | 3,887 | -3,735 | 12,865 | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 100,786 | ' | 100,786 | ' | ' | 35,096 | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advances to Affiliates, at Fair Value | 11,241 | ' | 11,241 | ' | ' | 11,263 | |||||
Long-term Investments | 236,633 | ' | 236,633 | ' | ' | 199,865 | |||||
Fair Value Changes Recorded in OCI: | ' | ' | ' | ' | ' | ' | |||||
Unrealized gains | 987 | 65 | 14,217 | 3,118 | ' | ' | |||||
Unrealized losses | 0 | -828 | -2,632 | -828 | ' | ' | |||||
Total | 987 | -763 | 11,585 | 2,290 | ' | ' | |||||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -15,454 | -3,235 | -12,441 | 25,384 | ' | ' | |||||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | 900 | 586 | 742 | -8,424 | [1] | ' | ' | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 91,098 | ' | 91,098 | ' | ' | 79,352 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 2,312 | ' | 2,312 | ' | ' | 41,476 | |||||
SPII Liquidating Trust - Series B [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | [2] | ' | 0 | [2] | ' | ' | 16 | [2] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | 0 | [2] | 356 | [2] | -16 | [2] | 2,385 | [2] | ' | ' | |
SPII Liquidating Trust - Series D [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 508 | [2] | ' | 508 | [2] | ' | ' | 542 | [2] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | -15 | [2] | -26 | [2] | -34 | [2] | -11,199 | [2] | ' | ' | |
SPII Liquidating Trust - Series G [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 6,194 | [2],[3] | ' | 6,194 | [2],[3] | ' | ' | 6,016 | [2],[3] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | 858 | [2],[3] | 23 | [2],[3] | 178 | [2],[3] | 500 | [2],[3] | ' | ' | |
SPII Liquidating Trust - Series H [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,539 | [2],[4] | ' | 4,539 | [2],[4] | ' | ' | 3,891 | [2],[4] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | 57 | [2],[4] | 252 | [2],[4] | 648 | [2],[4] | 229 | [2],[4] | ' | ' | |
SPII Liquidating Trust - Series I [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | [2],[5] | ' | 0 | [2],[5] | ' | ' | 798 | [2],[5] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) from other investments - related party | 0 | [2],[5] | -19 | [2],[5] | -34 | [2],[5] | -339 | [2],[5] | ' | ' | |
API [Member] | ' | ' | ' | ' | ' | ' | |||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ' | ' | ' | ' | ' | ' | |||||
Available-for-sale Securities, Noncurrent | 28,942 | [6] | ' | 28,942 | [6] | ' | ' | 32,678 | [6] | ||
Marketable Securities, Realized Gain | 806 | [6] | 3,568 | [6] | -3,735 | [6] | 10,757 | [6] | ' | ' | |
Barbican [Member] | ' | ' | ' | ' | ' | ' | |||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ' | ' | ' | ' | ' | ' | |||||
Available-for-sale Securities, Noncurrent | 0 | ' | 0 | ' | ' | 0 | |||||
Marketable Securities, Realized Gain | 0 | 319 | 0 | 2,108 | ' | ' | |||||
Cosine [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 5,973 | ' | 5,973 | ' | ' | 6,668 | |||||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -75 | -59 | -320 | -235 | ' | ' | |||||
Ownership percentage (as a percent) | 48.60% | ' | 48.60% | ' | ' | 46.80% | |||||
Other Investments in Associated Companies [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 8,984 | [7] | ' | 8,984 | [7] | ' | ' | 0 | [7] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -137 | [7] | 0 | [7] | -217 | [7] | 0 | [7] | ' | ' | |
Ownership percentage (as a percent) | 40.00% | ' | 40.00% | ' | ' | ' | |||||
iGo, Inc. [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Ownership percentage (as a percent) | 44.70% | ' | 44.70% | ' | ' | ' | |||||
Fox & Hound [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 0 | [2] | ' | 0 | [2] | ' | ' | 10,521 | [2] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -6,206 | [2] | -4,860 | [2] | -11,521 | [2] | 13,778 | [2] | ' | ' | |
Ownership percentage (as a percent) | 50.00% | [2] | ' | 50.00% | [2] | ' | ' | 50.00% | [2] | ||
SLI [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 24,324 | [6] | ' | 24,324 | [6] | ' | ' | 17,907 | [6] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -628 | [6] | 1,684 | [6] | 6,417 | [6] | -1,298 | [6] | ' | ' | |
Ownership percentage (as a percent) | 24.00% | [6] | ' | 24.00% | [6] | ' | ' | 24.10% | [6] | ||
ModusLink [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 38,309 | [6] | ' | 38,309 | [6] | ' | ' | 0 | [6] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -5,144 | [6] | 0 | [6] | -11,694 | [6] | 0 | [6] | ' | ' | |
Ownership percentage (as a percent) | 27.10% | [6] | ' | 27.10% | [6] | ' | 27.10% | 14.80% | [6] | ||
Other Investments at Fair Value - Related Party [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Other Investments, Warrants | 2,254 | [2] | ' | 2,254 | [2] | ' | ' | 0 | [2] | ||
Income (Loss) From Other Investments, Warrants | -581 | [2] | 0 | [2] | -930 | [2] | 0 | [2] | ' | ' | |
JPS Industries [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 19,706 | [8] | ' | 19,706 | [8] | ' | ' | 0 | [8] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | -3,378 | [8] | 0 | [8] | 4,780 | [8] | 0 | [8] | ' | ' | |
Ownership percentage (as a percent) | 39.30% | [8] | ' | 39.30% | [8] | ' | ' | 39.30% | [8] | ||
JL Hyper Fund [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 3,490 | [2] | ' | 3,490 | [2] | ' | ' | 0 | [2] | ||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | 114 | [2] | 0 | [2] | 114 | [2] | 0 | [2] | ' | ' | |
Ownership percentage (as a percent) | 45.90% | [2] | ' | 45.90% | [2] | ' | ' | 0.00% | [2] | ||
Steel Excel | ' | ' | ' | ' | ' | ' | |||||
Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Long-term investments | 0 | ' | 0 | ' | ' | 0 | |||||
Equity Method Investments, Investments in Associated Companies [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Income (Loss) of associated companies, net of taxes | 0 | 0 | 0 | 13,139 | ' | ' | |||||
Available for Sale Securities, Noncurrent [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 93,410 | [6],[8] | ' | 93,410 | [6],[8] | ' | ' | 120,828 | [6],[8] | ||
Fair Value Changes Recorded in OCI: | ' | ' | ' | ' | ' | ' | |||||
Proceeds from sales | 2,782 | 580 | 3,964 | 29,317 | ' | ' | |||||
Gross gains from sales | 1,149 | 73 | 1,245 | 2,985 | ' | ' | |||||
Gross losses from sales | 0 | 0 | 0 | 0 | ' | ' | |||||
Net investment gain | 1,149 | 73 | 1,245 | 2,985 | ' | ' | |||||
Change in net unrealized holding gains (losses) included in other comprehensive income | -2,158 | 19,732 | 46,234 | 7,007 | ' | ' | |||||
Available for Sale Securities, Noncurrent [Member] | Computer Software and Services [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 2,312 | [6],[8] | ' | 2,312 | [6],[8] | ' | ' | 3,824 | [6],[8] | ||
Available for Sale Securities, Noncurrent [Member] | Aerospace/Defense [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 67,021 | [6],[8] | ' | 67,021 | [6],[8] | ' | ' | 38,256 | [6],[8] | ||
Available for Sale Securities, Noncurrent [Member] | Manufacturing [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 0 | [6],[8] | ' | 0 | [6],[8] | ' | ' | 28,032 | [6],[8] | ||
Available for Sale Securities, Noncurrent [Member] | Restaurants [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | 23,511 | [6],[8] | ' | 23,511 | [6],[8] | ' | ' | 15,012 | [6],[8] | ||
Available for Sale Securities, Noncurrent [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | |||||
Investments, All Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | |||||
Fair value | $566 | [6],[8] | ' | $566 | [6],[8] | ' | ' | $35,704 | [6],[8] | ||
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). | ||||||||||
[2] | Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." | ||||||||||
[3] | Steel Partners China Access I L.P. | ||||||||||
[4] | Steel Partners Japan Strategic Fund, L.P. | ||||||||||
[5] | Sold in the second quarter of 2013. See Note 12 - "Related Party Transactions" for additional information. | ||||||||||
[6] | Level 1 investment. Equity securities totaling $91,098 and $79,352 were classified as Level 1 investments as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||
[7] | Represents Steel Excel's investments in a sports business and iGo, Inc. of 40% and 44.7%, respectively. | ||||||||||
[8] | Level 2 investment. Equity securities totaling $2,312 and $41,476 were classified as Level 2 investments as of September 30, 2013 and December 31, 2012, respectively. |
Investments_Other_Comprehensiv
Investments Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||
Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | Available for Sale Securities, Noncurrent [Member] | |||||||||||||||
Computer Software and Services [Member] | Computer Software and Services [Member] | Aerospace/Defense [Member] | Aerospace/Defense [Member] | Manufacturing [Member] | Manufacturing [Member] | Restaurants [Member] | Restaurants [Member] | Other Industry [Member] | Other Industry [Member] | |||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $1,010 | $829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost | ' | ' | 20,536 | 81,551 | 2,312 | 4,447 | 11,675 | 11,675 | 0 | 16,278 | 5,974 | 5,974 | 575 | 43,177 | ||||||||||||
Gross Unrealized Gains | ' | ' | 72,883 | 47,478 | 0 | 4 | 55,346 | 26,581 | 0 | 11,754 | 17,537 | 9,038 | 0 | 101 | ||||||||||||
Gross Unrealized Losses | ' | ' | -9 | -8,201 | 0 | -627 | 0 | 0 | 0 | 0 | 0 | 0 | -9 | -7,574 | ||||||||||||
Fair value | ' | ' | $93,410 | [1],[2] | $120,828 | [1],[2] | $2,312 | [1],[2] | $3,824 | [1],[2] | $67,021 | [1],[2] | $38,256 | [1],[2] | $0 | [1],[2] | $28,032 | [1],[2] | $23,511 | [1],[2] | $15,012 | [1],[2] | $566 | [1],[2] | $35,704 | [1],[2] |
[1] | Level 2 investment. Equity securities totaling $2,312 and $41,476 were classified as Level 2 investments as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
[2] | Level 1 investment. Equity securities totaling $91,098 and $79,352 were classified as Level 1 investments as of September 30, 2013 and December 31, 2012, respectively. |
Investments_Equity_Method_Inve
Investments Equity Method Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 19, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||||||
Cosine [Member] | Cosine [Member] | Cosine [Member] | Cosine [Member] | Cosine [Member] | Fitness Company [Member] | iGo, Inc. [Member] | ModusLink [Member] | ModusLink [Member] | ModusLink [Member] | ModusLink [Member] | JPS Industries [Member] | JPS Industries [Member] | JPS Industries [Member] | JPS Industries [Member] | Fox & Hound [Member] | Fox & Hound [Member] | Fox & Hound [Member] | Steel Excel | Steel Excel | Steel Excel | Japanese Real Estate Partnership [Member] | Japanese Real Estate Partnership [Member] | Japanese Real Estate Partnership [Member] | Japanese Real Estate Partnership [Member] | ||||||||||||||||
member | ||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Capital changes | ' | ' | ' | ' | ' | $12 | $2 | $374 | $51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Quoted Market Value | ' | ' | ' | ' | ' | 9,559 | ' | 9,559 | ' | 9,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Ownership percentage (as a percent) | ' | ' | ' | ' | ' | 48.60% | ' | 48.60% | ' | 46.80% | 40.00% | 44.70% | ' | 27.10% | [1] | 27.10% | 14.80% | [1] | ' | ' | 39.30% | [2] | 39.30% | [2] | ' | 50.00% | [3] | 50.00% | [3] | ' | ' | ' | ' | ' | ' | ' | ||||
Aggregate Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 5,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of Shares Purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Sale of Stock, Price Per Share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Equity Method Investment, Number of shares owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,481,185 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Unrealized Holding Loss on Securities Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of Warrants Purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Exercise Price of Warrants or Rights (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of Board of Directors Committee Members (in members) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Term during which Board Member will serve (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Unrealized gain on available for sale securities, net of tax | -773 | [4] | 19,499 | [4] | 35,348 | [4] | 13,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200 | [1] | 13,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,923 | ' | ' | ' | ' | ' | 311 | ' | ' | ' | ||||||||||
Long-term investments | 100,786 | ' | 100,786 | ' | 35,096 | 5,973 | ' | 5,973 | ' | 6,668 | ' | ' | ' | 38,309 | [1] | ' | 0 | [1] | ' | ' | 19,706 | [2] | 0 | [2] | ' | 0 | [3] | 10,521 | [3] | ' | 0 | 0 | ' | ' | ' | 4,576 | ||||
Other than Temporary Impairment Losses, Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,510 | $581 | ' | ||||||||||
Number of Shares Issued in Transaction (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,227,500 | ' | ' | ' | ' | ' | ' | ||||||||||
Percentage of Ownership after Transaction (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.10% | ' | ' | ' | ' | ' | ||||||||||
[1] | Level 1 investment. Equity securities totaling $91,098 and $79,352 were classified as Level 1 investments as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[2] | Level 2 investment. Equity securities totaling $2,312 and $41,476 were classified as Level 2 investments as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[3] | Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." | |||||||||||||||||||||||||||||||||||||||
[4] | Includes a net tax benefit of $664 and a tax provision of $2,049 for the three months ended September 30, 2013 and 2012, respectively, and includes a net tax provision of $262 and a net tax benefit of $3,843 for the nine months ended September 30, 2013 and 2012, respectively. |
Investments_Additional_Disclos
Investments Additional Disclosures Related to Associated Company Financial Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Investments in associated companies [Member] | Investments in associated companies [Member] | |||||
Summary of balance sheet amounts: | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | $467,457 | $96,280 |
Noncurrent assets | ' | ' | ' | ' | 367,524 | 252,005 |
Total assets | ' | ' | ' | ' | 834,981 | 348,285 |
Current liabilities | ' | ' | ' | ' | 369,474 | 61,201 |
Noncurrent liabilities | ' | ' | ' | ' | 154,939 | 170,857 |
Total liabilities | ' | ' | ' | ' | 524,413 | 232,058 |
Parent equity | ' | ' | ' | ' | 310,568 | 116,227 |
Total liabilities and equity | ' | ' | ' | ' | 834,981 | 348,285 |
Summary income statement amounts: | ' | ' | ' | ' | ' | ' |
Revenue | 290,155 | 112,916 | 984,595 | 369,582 | ' | ' |
Gross profit | 47,201 | 17,206 | 139,829 | 54,697 | ' | ' |
Loss from continuing operations | -2,675 | -3,541 | -19,596 | -4,748 | ' | ' |
Net loss after noncontrolling interests | ($2,918) | ($4,033) | ($19,287) | ($12,749) | ' | ' |
Other_Investments_Related_Part
Other Investments - Related Party (Details) (USD $) | Feb. 11, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ModusLink [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Partnership [Member] | Partnership [Member] | Warrant [Member] |
ModusLink [Member] | |||||||||
Equity Method Investment Summarized Financial Information, Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | $25,761 | ' | $25,761 | ' | $25,824 | ' | ' | ' |
Total liabilities | ' | -32 | ' | -32 | ' | -37 | ' | ' | ' |
Net Asset Value | ' | 25,729 | ' | 25,729 | ' | 25,787 | ' | ' | ' |
Net increase (decrease) in net assets from operations | ' | 2,084 | 1,469 | 1,274 | -19,264 | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants Received (in shares) | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Price (in dollars per share) | $5 | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Expected Term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 6 months |
Expected Volatility Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 67.60% |
Risk Free Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.39% |
Expected Dividend Payments | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cost Method Investments | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' |
Cost Method Investments, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | $24,900 | ' | ' |
Fair_Value_Measurements_Hierar
Fair Value Measurements Hierarchy Table (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Total | $334,197 | $240,280 | ||
Liabilities: | ' | ' | ||
Total | 0 | 0 | ||
Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Total | 39,189 | 128,605 | ||
Liabilities: | ' | ' | ||
Total | 24,421 | 24,769 | ||
Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Total | 35,695 | 24,588 | ||
Liabilities: | ' | ' | ||
Total | 0 | 184 | ||
Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Total | 409,081 | 393,473 | ||
Liabilities: | ' | ' | ||
Total | 24,421 | 24,953 | ||
Cash and Cash Equivalents [Member] | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 1,700 | [1] | ' | |
Marketable securities [Member] | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 134,463 | [1] | 128,123 | [1] |
Marketable securities [Member] | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 17,171 | [1] | 69,222 | [1] |
Marketable securities [Member] | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 17,861 | [1] | 1,783 | [1] |
Marketable securities [Member] | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 169,495 | [1] | 199,128 | [1] |
Long-term investments [Member] | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 182,673 | [1] | 112,030 | [1] |
Long-term investments [Member] | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 22,018 | [1] | 59,383 | [1] |
Long-term investments [Member] | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 16,985 | [1] | 21,784 | [1] |
Long-term investments [Member] | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 221,676 | [1] | 193,197 | [1] |
Non-controlling interests in certain funds | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 0 | 0 | ||
Non-controlling interests in certain funds | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 0 | 0 | ||
Non-controlling interests in certain funds | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 849 | 1,021 | ||
Non-controlling interests in certain funds | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 849 | 1,021 | ||
Precious metal and commodity inventories recorded at fair value [Member] | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 15,664 | ' | ||
Precious metal and commodity inventories recorded at fair value [Member] | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 0 | ' | ||
Precious metal and commodity inventories recorded at fair value [Member] | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 0 | ' | ||
Precious metal and commodity inventories recorded at fair value [Member] | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 15,664 | ' | ||
Commodity contracts on precious metals and commodity inventories [Member] | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | ' | 127 | ||
Commodity contracts on precious metal and commodity inventories | 1,397 | ' | ||
Liabilities: | ' | ' | ||
Derivative features of subordinated notes | ' | 0 | ||
Commodity contracts on precious metals and commodity inventories [Member] | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | ' | 0 | ||
Commodity contracts on precious metal and commodity inventories | 0 | ' | ||
Liabilities: | ' | ' | ||
Derivative features of subordinated notes | ' | 27 | ||
Commodity contracts on precious metals and commodity inventories [Member] | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | ' | 0 | ||
Commodity contracts on precious metal and commodity inventories | 0 | ' | ||
Liabilities: | ' | ' | ||
Derivative features of subordinated notes | ' | 0 | ||
Commodity contracts on precious metals and commodity inventories [Member] | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | ' | 127 | ||
Commodity contracts on precious metal and commodity inventories | 1,397 | ' | ||
Liabilities: | ' | ' | ||
Derivative features of subordinated notes | ' | 27 | ||
Financial instruments [Member] | Level 1 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | 0 | ||
Financial instruments [Member] | Level 2 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 24,632 | 24,742 | ||
Financial instruments [Member] | Level 3 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | 0 | ||
Financial instruments [Member] | Total [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 24,632 | 24,742 | ||
Interest rate swap agreement [Member] | Level 1 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | ' | ||
Interest rate swap agreement [Member] | Level 2 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | -211 | ' | ||
Interest rate swap agreement [Member] | Level 3 | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | ' | ||
Interest rate swap agreement [Member] | Total [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | -211 | ' | ||
Derivative features of subordinated notes [Member] | Level 1 | ' | ' | ||
Liabilities: | ' | ' | ||
Deferred fee liability to related party | ' | 0 | ||
Derivative features of subordinated notes [Member] | Level 2 | ' | ' | ||
Liabilities: | ' | ' | ||
Deferred fee liability to related party | ' | 0 | ||
Derivative features of subordinated notes [Member] | Level 3 | ' | ' | ||
Liabilities: | ' | ' | ||
Deferred fee liability to related party | 0 | 184 | ||
Derivative features of subordinated notes [Member] | Total [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Deferred fee liability to related party | ' | $184 | ||
[1] | For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." In addition. there is approximately $1,700 of other investments included in Cash and cash equivalents that are considered a Level 2 investment. |
Fair_Value_Measurements_Unobse
Fair Value Measurements Unobservable Inputs Reconciliation - Assets (Details) (Fair Value, Measurements, Recurring [Member], Level 3, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | $42,710 | $78,617 | $24,588 | $56,276 | ||||
Additions - fair value elections in 2013 | 0 | ' | 3,065 | ' | ||||
Purchases | 1,000 | 0 | 43,827 | 10,923 | ||||
Sales | -32 | -4,287 | -23,722 | -4,287 | ||||
Realized gain on sale | 0 | ' | 1,556 | ' | ||||
Unrealized gains | 1,029 | -3,910 | 1,126 | 19,001 | ||||
Unrealized losses | -9,012 | -45 | -14,745 | -11,538 | ||||
Balance at end of period | 35,695 | 70,375 | 35,695 | 70,375 | ||||
Investments in Associated Companies [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 8,582 | [1] | 29,561 | [1] | 10,521 | [1] | 0 | [1] |
Additions - fair value elections in 2013 | 0 | [1] | ' | 3,065 | [1] | ' | ||
Purchases | 1,000 | [1] | 0 | [1] | 1,311 | [1] | 10,923 | [1] |
Sales | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Realized gain on sale | 0 | [1] | ' | 0 | [1] | ' | ||
Unrealized gains | 114 | [1] | -4,860 | [1] | 114 | [1] | 13,778 | [1] |
Unrealized losses | -6,206 | [1] | 0 | [1] | -11,521 | [1] | 0 | [1] |
Balance at end of period | 3,490 | [1] | 24,701 | [1] | 3,490 | [1] | 24,701 | [1] |
Other Investments - Related Party [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 10,341 | [2] | 33,643 | [2] | 11,263 | [2] | 42,653 | [2] |
Additions - fair value elections in 2013 | 0 | [2] | ' | 0 | [2] | ' | ||
Purchases | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Sales | 0 | [2] | -4,287 | [2] | -764 | [2] | -4,287 | [2] |
Realized gain on sale | 0 | [2] | ' | 0 | [2] | ' | ||
Unrealized gains | 915 | [2] | 631 | [2] | 826 | [2] | 3,114 | [2] |
Unrealized losses | -15 | [2] | -45 | [2] | -84 | [2] | -11,538 | [2] |
Balance at end of period | 11,241 | [2] | 29,942 | [2] | 11,241 | [2] | 29,942 | [2] |
ModusLink Warrants [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 2,835 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Additions - fair value elections in 2013 | 0 | [3] | ' | 0 | [3] | ' | ||
Purchases | 0 | [3] | 0 | [3] | 3,184 | [3] | 0 | [3] |
Sales | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Realized gain on sale | 0 | [3] | ' | 0 | [3] | ' | ||
Unrealized gains | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Unrealized losses | -581 | [3] | 0 | [3] | -930 | [3] | 0 | [3] |
Balance at end of period | 2,254 | [3] | 0 | [3] | 2,254 | [3] | 0 | [3] |
Marketable Securities and Other [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 20,952 | [4] | 0 | [4] | 2,804 | [4] | 0 | [4] |
Additions - fair value elections in 2013 | 0 | [4] | ' | 0 | [4] | ' | ||
Purchases | 0 | [4] | 0 | [4] | 39,332 | [4] | 0 | [4] |
Sales | -32 | [4] | 0 | [4] | -22,958 | [4] | 0 | [4] |
Realized gain on sale | 0 | [4] | ' | 1,556 | [4] | ' | ||
Unrealized gains | 0 | [4] | 0 | [4] | 186 | [4] | 0 | [4] |
Unrealized losses | -2,210 | [4] | 0 | [4] | -2,210 | 0 | [4] | |
Balance at end of period | 18,710 | [4] | 0 | [4] | 18,710 | [4] | 0 | [4] |
Other Investments [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 0 | 15,413 | 0 | 13,623 | ||||
Additions - fair value elections in 2013 | 0 | ' | 0 | ' | ||||
Purchases | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | ||||
Realized gain on sale | 0 | ' | ' | ' | ||||
Unrealized gains | 0 | 319 | 0 | 2,109 | ||||
Unrealized losses | 0 | 0 | 0 | 0 | ||||
Balance at end of period | $0 | $15,732 | $0 | $15,732 | ||||
[1] | Unrealized losses are recorded in (Loss) Income of associated companies, net of taxes in the Consolidated Statement of Operations. | |||||||
[2] | Unrealized gains and losses are recorded in Income (Loss) from other investments-related party in the Consolidated Statement of Operations. | |||||||
[3] | Unrealized losses are recorded in Other (expense) income in the Consolidated Statement of Operations. | |||||||
[4] | Realized gain on sale is recorded in Other (expense) income in the Consolidated Statement of Operations. |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Jun. 11, 2013 | Nov. 30, 2012 | Jun. 11, 2013 | Jan. 28, 2013 | ||
Deferred Features of Subordinated Note [Member] | Deferred Features of Subordinated Note [Member] | Steel Excel | Three Point Seven Five Percent Unsecured Convertible Subordinated Debt [Member] | Three Point Seven Five Percent Unsecured Convertible Subordinated Debt [Member] | School Specialties [Member] | School Specialties [Member] | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Steel Excel | Steel Excel | Steel Excel | Steel Excel | ||||||
Level 3 | Level 3 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Market Risk Premium (as a percent) | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Available-for-sale Securities, Debt | ' | ' | ' | ' | ' | $9,800 | $6,000 | ' | ' | ||
Available-for-sale Securities, Debt Securities | ' | ' | ' | ' | 11,900 | ' | ' | ' | ' | ||
Financing, Amount Arranged | ' | ' | ' | ' | ' | ' | ' | ' | 21,300 | ||
Shares Received in Exchange for Convertible Debentures (in shares) | ' | ' | ' | ' | ' | ' | ' | 26,457 | ' | ||
Cash Received in Exchange for Investment in Loan | ' | ' | ' | ' | ' | ' | ' | 17,500 | ' | ||
Shares Received in Exchange for Investment in Loan (in shares) | ' | ' | ' | ' | ' | ' | ' | 49,136 | ' | ||
Fair Value of Shares Received (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $109 | ' | ||
Gain on Disposal of Subordinated Debentures | ' | ' | ' | ' | ' | ' | ' | 3,200 | ' | ||
Gain on Diisposal of Loan | ' | ' | ' | ' | ' | ' | ' | 1,600 | ' | ||
Increase (Decrease) in Due to Related Parties | ' | ' | 184 | ' | ' | ' | ' | ' | ' | ||
Deferred fee liability to related party | ' | ' | 0 | 184 | ' | ' | ' | ' | ' | ||
Impaired loan recorded investment | 2,665 | [1] | 2,915 | [1] | ' | ' | ' | ' | ' | ' | ' |
Loans guaranteed | $2,196 | $2,328 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | $2,196 is guaranteed by the USDA or SBA. |
Financial_Instruments_Narrativ
Financial Instruments Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||
In Thousands, unless otherwise specified | WebBank | WebBank | Undisbursed Loan Commitment [Member] | Undisbursed Loan Commitment [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Silver, Ounces | Gold, Ounces | Copper, Pounds [Member] | Copper, Pounds [Member] | Tin, Metric Tons [Member] | Silver, Ounces, Copper Contracts | |||||
Other Current Liabilities [Member] | Other Current Liabilities [Member] | Undisbursed Loan Commitment [Member] | Undisbursed Loan Commitment [Member] | Undisbursed Loan Commitment [Member] | Undisbursed Loan Commitment [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||||||||
WebBank | WebBank | Other Current Assets [Member] | Other Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Assets [Member] | oz | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | |||||||||||||
oz | lb | T | oz | |||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivative, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,600 | $1,200 | $1,300 | ' | $1,000 | ' | |||||
Derivative Assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,397 | [1],[2] | ' | 0 | [1] | 27 | [1] | -961 | [1] | ' | ' | ' | ' | ' | ' | |
Derivative instruments, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Undisbursed loan commitment | 35,506 | 155,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Outstanding forward or future contracts, commodity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 900 | ' | 400,000 | 45 | 570,000 | |||||
Accrual for credit exposure | ' | ' | 460 | 740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Credit Loss Exposure Expense (Benefit) | ' | ' | ' | ' | $146 | $180 | $146 | $256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Carrying amount equals fair value. | |||||||||||||||||||||||
[2] | Includes $961 designated as hedging instruments as of September 30, 2013 |
Financial_Instruments_Foreign_
Financial Instruments Foreign Exchange Summary (Details) (Not Designated as Hedging Instrument [Member], Foreign currency financial instruments [Member]) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Japanese Yen | Japanese Yen | Japanese Yen | Japanese Yen | Pound Sterling | Pound Sterling | Pound Sterling | Pound Sterling | ||
USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | GBP (£) | USD ($) | GBP (£) | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Carrying amount | $24,632 | [1] | $24,742 | $24,733 | [1] | $23,736 | $1,532 | ' | $1,695 | ' | $23,100 | ' | $23,047 | ' |
Notional amount | ' | ' | ' | ' | ' | ¥ 150,481 | ' | ¥ 146,991 | ' | £ 14,270 | ' | £ 14,186 | ||
[1] | The financial instruments payable in foreign currencies are entered into with a counterparty and are considered Level 2 measurements. Carrying value approximates fair value. |
Financial_Instruments_Foreign_1
Financial Instruments Foreign Exchange Rollforward (Details) (Not Designated as Hedging Instrument [Member], Foreign currency financial instruments [Member], USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency financial instruments [Member] | ' | ' | ||
Foreign exchange transactions: | ' | ' | ||
Balance, beginning of year | $24,742 | $23,736 | ||
Net investment (gains) losses | -274 | 848 | ||
Receipt of dividends, net of interest expense | 134 | 149 | ||
Other | 30 | 0 | ||
Balance, end of the year | $24,632 | [1] | $24,733 | [1] |
[1] | The financial instruments payable in foreign currencies are entered into with a counterparty and are considered Level 2 measurements. Carrying value approximates fair value. |
Financial_Instruments_Balance_
Financial Instruments Balance Sheet Location (Details) (Not Designated as Hedging Instrument [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | |||||||
Foreign currency financial instruments [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative instruments, liabilities | ($24,632) | [1] | ($24,742) | ($24,733) | [1] | ($23,736) | |
Foreign currency financial instruments [Member] | Financial Instruments, Current Liabilities [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative Assets | 24,632 | [2] | 24,742 | [2] | ' | ' | |
Commodity contracts [Member] | Other Current Assets [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative instruments, liabilities | ' | -127 | [2],[3] | ' | ' | ||
Derivative Assets | 1,397 | [2],[3] | ' | ' | ' | ||
Commodity contracts [Member] | Other Current Liabilities [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative Assets | 0 | [2] | 27 | [2] | ' | ' | |
Interest Rate Swap [Member] | Other Current Liabilities [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative instruments, liabilities | -211 | [2] | 0 | [2] | ' | ' | |
Derivative features of subordinated notes [Member] | Liabilities, Long-Term Debt [Member] | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | |||
Derivative instruments, liabilities | $0 | [2] | ($184) | [2] | ' | ' | |
[1] | The financial instruments payable in foreign currencies are entered into with a counterparty and are considered Level 2 measurements. Carrying value approximates fair value. | ||||||
[2] | Carrying amount equals fair value. | ||||||
[3] | Includes $961 designated as hedging instruments as of September 30, 2013 |
Financial_Instruments_Income_S
Financial Instruments Income Statement Location (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | ($3,465) | ($1,816) | $1,794 | ($441) | ||||
Designated as Hedging Instrument [Member] | Foreign currency financial instruments [Member] | Net investment (loss) gain | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | -1,410 | [1] | -682 | [1] | 274 | [1] | -848 | [1] |
Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | -1,543 | [1] | 0 | [1] | 1,083 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Realized and unrealized gain (loss) on derivatives [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | -351 | [2] | -1,036 | [2] | 1,495 | [2] | -284 | [2] |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | -161 | [2] | 0 | [2] | -265 | [2] | 0 | [2] |
Not Designated as Hedging Instrument [Member] | Derivative features of subordinated notes [Member] | Realized and unrealized gain (loss) on derivatives [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) | $0 | [2] | ($98) | [2] | ($793) | [2] | $691 | [2] |
[1] | Designated as hedging instruments. | |||||||
[2] | Not designated as hedging instruments. |
Trade_and_Other_Receivables_De
Trade and Other Receivables (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade accounts receivable, net of allowance for doubtful accounts of $2,422 in 2013 and $2,004 in 2012 | $109,266 | $81,820 |
Other receivables | 4,993 | 2,194 |
Total | 114,259 | 84,014 |
Allowance for doubtful accounts | $2,422 | $2,004 |
Trade_Other_and_Loans_Receivab2
Trade, Other and Loans Receivable Loans Receivable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | $51,423 | $68,379 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% | ||
Financing receivable, gross, current | 18,007 | 52,163 | ||
Financing receivable, gross, non-current | 33,416 | 16,216 | ||
Deferred fees and discounts, gross, total | 4 | 21 | ||
Deferred fees and discounts, current | 4 | 21 | ||
Deferred fees and discounts, non-current | 0 | 0 | ||
Allowance for loan losses, total | -296 | -285 | ||
Allowance for Notes, Loans and Financing Receivable, Current | -296 | -285 | ||
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 0 | 0 | ||
Total loans receivable, net | 51,131 | [1] | 68,115 | [1] |
Loans receivable, net, current | 17,715 | [1] | 51,899 | [1] |
Loans receivable, net, noncurrent | 33,416 | [1] | 16,216 | [1] |
Loans Receivable, Net | 51,333 | 71,111 | ||
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 4,974 | 7,042 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 10.00% | 10.00% | ||
Financing receivable, gross, current | 192 | 207 | ||
Financing receivable, gross, non-current | 4,782 | 6,835 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 4,792 | 6,724 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 10.00% | 10.00% | ||
Financing receivable, gross, current | 192 | 198 | ||
Financing receivable, gross, non-current | 4,600 | 6,526 | ||
Allowance for loan losses, total | -78 | -187 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 182 | 318 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 0.00% | 0.00% | ||
Financing receivable, gross, current | 0 | 9 | ||
Financing receivable, gross, non-current | 182 | 309 | ||
Allowance for loan losses, total | -21 | -34 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 29,632 | 9,832 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 58.00% | 15.00% | ||
Financing receivable, gross, current | 998 | 451 | ||
Financing receivable, gross, non-current | 28,634 | 9,381 | ||
Allowance for loan losses, total | -197 | -64 | ||
Commercial Portfolio Segment [Member] | Commercial Loans Held for Sale [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 16,817 | 51,505 | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 32.00% | 75.00% | ||
Financing receivable, gross, current | 16,817 | 51,505 | ||
Financing receivable, gross, non-current | $0 | $0 | ||
[1] | The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of loans receivable, net was $51,333 and $71,111 at September 30, 2013 and December 31, 2012, respectively. |
Trade_Other_and_Loans_Receivab3
Trade, Other and Loans Receivable Allowance for Loan and Lease Losses (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' |
Beginning balance | $285 |
Charge-offs | -63 |
Recoveries | 111 |
Provision | -37 |
Ending balance | 296 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' |
Beginning balance | 187 |
Charge-offs | 0 |
Recoveries | 12 |
Provision | -121 |
Ending balance | 78 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' |
Beginning balance | 34 |
Charge-offs | 0 |
Recoveries | 33 |
Provision | -46 |
Ending balance | 21 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' |
Beginning balance | 64 |
Charge-offs | -63 |
Recoveries | 66 |
Provision | 130 |
Ending balance | $197 |
Minimum | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Historical period for loss rates used in loan grading system | '36 months |
Maximum | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Historical period for loss rates used in loan grading system | '48 months |
Trade_Other_and_Loans_Receivab4
Trade, Other and Loans Receivable Allowance for Loan and Lease Losses and Outstanding Loans (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Receivable [Line Items] | ' | ' | |
Allowance for loan losses, individually evaluated for impairment | $0 | ' | |
Allowance for loan losses, collectively evaluated for impairment | 296 | ' | |
Allowance for loan losses, total | 296 | 285 | |
Outstanding loan balances, individually evaluated for impairment | 2,664 | [1] | ' |
Outstanding loan balances, collectively evaluated for impairment | 31,942 | ' | |
Outstanding loan balances, total | 34,606 | ' | |
Guarantee by USDA or SBA | 2,196 | ' | |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Outstanding loan balances, total | 4,974 | ' | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | |
Allowance for loan losses, collectively evaluated for impairment | 78 | ' | |
Allowance for loan losses, total | 78 | 187 | |
Outstanding loan balances, individually evaluated for impairment | 2,522 | [1] | ' |
Outstanding loan balances, collectively evaluated for impairment | 2,270 | ' | |
Outstanding loan balances, total | 4,792 | ' | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | |
Allowance for loan losses, collectively evaluated for impairment | 21 | ' | |
Allowance for loan losses, total | 21 | 34 | |
Outstanding loan balances, individually evaluated for impairment | 0 | [1] | ' |
Outstanding loan balances, collectively evaluated for impairment | 182 | ' | |
Outstanding loan balances, total | 182 | ' | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Allowance for loan losses, individually evaluated for impairment | 0 | ' | |
Allowance for loan losses, collectively evaluated for impairment | 197 | ' | |
Allowance for loan losses, total | 197 | 64 | |
Outstanding loan balances, individually evaluated for impairment | 142 | [1] | ' |
Outstanding loan balances, collectively evaluated for impairment | 29,490 | ' | |
Outstanding loan balances, total | $29,632 | ' | |
[1] | $2,196 is guaranteed by the USDA or SBA. |
Trade_Other_and_Loans_Receivab5
Trade, Other and Loans Receivable Nonaccrual Loans (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Receivable [Line Items] | ' | ' |
Total loans | $540 | $241 |
Narrative [Abstract] | ' | ' |
Period After Which Loans are Placed on Nonaccrual Status (in days) | '90 days | ' |
Period During Which Borrower has Paid According to the Contractual Terms (in months) | '6 months | ' |
Period During Which Principal or Interest is Due and Unpaid (in days) | '30 days | ' |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | 2,581 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 430 | 147 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | ' |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 430 | 147 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | ' |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 110 | 94 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans equal to greater than 90 days past due | $0 | ' |
Trade_Other_and_Loans_Receivab6
Trade, Other and Loans Receivable Past Due Loans (Accruing and Nonaccruing) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Receivable [Line Items] | ' | ' | |
Current | $31,917 | ' | |
30-89 days past due | 476 | ' | |
Equal to greater than 90 days past due | 2,213 | ' | |
Total past due | 2,689 | [1] | ' |
Outstanding loan balances, total | 34,606 | ' | |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | 2,581 | |
Guarantee by USDA or SBA (1) | 2,196 | ' | |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Current | 2,452 | ' | |
30-89 days past due | 419 | ' | |
Equal to greater than 90 days past due | 2,103 | ' | |
Total past due | 2,522 | [1] | ' |
Outstanding loan balances, total | 4,974 | ' | |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | ' | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Current | 2,270 | ' | |
30-89 days past due | 419 | ' | |
Equal to greater than 90 days past due | 2,103 | ' | |
Total past due | 2,522 | [1] | ' |
Outstanding loan balances, total | 4,792 | ' | |
Recorded investment in accruing loans equal to greater than 90 days past due | 2,092 | ' | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Current | 182 | ' | |
30-89 days past due | 0 | ' | |
Equal to greater than 90 days past due | 0 | ' | |
Total past due | 0 | [1] | ' |
Outstanding loan balances, total | 182 | ' | |
Recorded investment in accruing loans equal to greater than 90 days past due | 0 | ' | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | ' | |
Receivable [Line Items] | ' | ' | |
Current | 29,465 | ' | |
30-89 days past due | 57 | ' | |
Equal to greater than 90 days past due | 110 | ' | |
Total past due | 167 | [1] | ' |
Outstanding loan balances, total | 29,632 | ' | |
Recorded investment in accruing loans equal to greater than 90 days past due | $0 | ' | |
[1] | $2,196 is guaranteed by the USDA or SBA. |
Trade_Other_and_Loans_Receivab7
Trade, Other and Loans Receivable Outstanding Loans (Accruing and Nonaccruing) (Details) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Receivable [Line Items] | ' | |
Total loans | $34,606 | |
Guarantee by USDA or SBA | 2,196 | |
Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 28,236 | |
Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 3,705 | |
Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 2,665 | [1] |
Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 4,974 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 2,451 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 2,523 | [1] |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | [1] |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 4,792 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 2,269 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 2,523 | [1] |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 182 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 182 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | [1] |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial-Other [Member] | Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 29,632 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 25,785 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 3,705 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | 142 | [1] |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ' | |
Receivable [Line Items] | ' | |
Total loans | $0 | |
[1] | $2,196 is guaranteed by the USDA or SBA. |
Trade_Other_and_Loans_Receivab8
Trade, Other and Loans Receivable Impaired Loans (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principal balance | $3,091 | ' | ||
Recorded investment with no allowance | 2,653 | ' | ||
Recorded investment with allowance | 12 | ' | ||
Total recorded investment | 2,665 | [1] | 2,915 | [1] |
Related allowance | 0 | ' | ||
Average recorded investment | 2,629 | ' | ||
Guarantee by USDA or SBA | 2,196 | ' | ||
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principal balance | 2,734 | ' | ||
Recorded investment with no allowance | 2,523 | ' | ||
Recorded investment with allowance | 0 | ' | ||
Total recorded investment | 2,523 | [1] | ' | |
Related allowance | 0 | ' | ||
Average recorded investment | 2,629 | ' | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loans, Commercial, Owner-Occupied [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principal balance | 2,734 | ' | ||
Recorded investment with no allowance | 2,523 | ' | ||
Recorded investment with allowance | 0 | ' | ||
Total recorded investment | 2,523 | [1] | ' | |
Related allowance | 0 | ' | ||
Average recorded investment | 2,629 | ' | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principal balance | 357 | ' | ||
Recorded investment with no allowance | 130 | ' | ||
Recorded investment with allowance | 12 | ' | ||
Total recorded investment | 142 | [1] | ' | |
Related allowance | 0 | ' | ||
Average recorded investment | $0 | ' | ||
[1] | $2,196 is guaranteed by the USDA or SBA. |
Inventories_Summary_of_Invento
Inventories Summary of Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $18,245 | $19,229 |
In – process | 10,644 | 8,344 |
Raw materials | 15,229 | 14,346 |
Fine and fabricated precious metal in various stages of completion | 24,745 | 9,599 |
Inventory, before LIFO reserve | 68,863 | 51,518 |
Excess of market value over LIFO cost | 0 | -2,695 |
Inventory, Net | $68,863 | $48,823 |
Inventories_Narrative_Details
Inventories Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | oz | oz |
Inventory Disclosure [Abstract] | ' | ' |
Market value in excess of LIFO cost | ' | $2,695 |
Customer metal, ounces of silver | 280,832 | 208,433 |
Customer metal, ounces of gold | 553 | 541 |
Customer metal, ounces of palladium | 1,391 | 1,399 |
Inventories_Supplemental_Inven
Inventories Supplemental Inventory Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Precious metals stated at LIFO cost | $9,443 | $5,460 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $14,685 | $0 |
Market value per ounce, Silver (in dollars per ounce) | 21.81 | 30.2 |
Market value per ounce, Gold (in dollars per ounce) | 1,339 | 1,675.40 |
Market value per ounce, Palladium (in dollars per ounce) | 731.3 | 702.85 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $233,660 | ' | $233,660 | ' | $216,382 |
Accumulated depreciation and amortization | -55,155 | ' | -55,155 | ' | -38,800 |
Property, plant and equipment, net | 178,505 | ' | 178,505 | ' | 177,582 |
Depreciation [Abstract] | ' | ' | ' | ' | ' |
Depreciation | 6,048 | 4,865 | 17,491 | 12,219 | ' |
Land [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 11,203 | ' | 11,203 | ' | 10,059 |
Building and Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 52,191 | ' | 52,191 | ' | 52,983 |
Machinery, Equipment and Other [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 158,134 | ' | 158,134 | ' | 143,281 |
Construction in Progress [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $12,132 | ' | $12,132 | ' | $10,059 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 31-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
Steel Excel | Steel Excel | Hickman | Hickman | Other Companies | Other Companies | Diversified | Diversified | Diversified | Diversified | Diversified | Diversified | Diversified | Energy | Energy | Energy | Energy | Energy | Energy | Energy | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | Corporate | |||||||
Steel Excel | Hickman | Hickman | Other Companies | Other Companies | Steel Excel | Hickman | Hickman | Other Companies | Other Companies | Steel Excel | Hickman | Hickman | Other Companies | Other Companies | |||||||||||||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance at beginning of year | $63,622 | $36,756 | ' | $48,468 | ' | ' | ' | ' | $15,112 | $11,838 | ' | ' | ' | ' | ' | $48,429 | $24,837 | ' | ' | ' | ' | ' | $81 | $81 | ' | ' | ' | ' | ' | ||||
BNS sale of SWH to Steel Excel | ' | -24,836 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | -24,836 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ||||
Acquisition | ' | ' | 48,468 | ' | ' | 3,267 | 20,182 | 154 | ' | ' | 0 | ' | 3,267 | 14,111 | 0 | ' | ' | 48,468 | ' | 0 | 6,071 | 154 | ' | ' | 0 | ' | 0 | 0 | 0 | ||||
Impairment | ' | -192 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | -192 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ||||
Currency translation adjustment/other | 6 | 5 | ' | ' | ' | ' | ' | ' | 6 | 7 | ' | ' | ' | ' | ' | 0 | -2 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ||||
Other adjustments | ' | ' | ' | ' | -454 | [1] | ' | ' | ' | ' | ' | ' | -454 | [1] | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | ' | ' |
Balance at end of year | $83,356 | $63,622 | ' | $48,468 | ' | ' | ' | ' | $28,775 | $15,112 | ' | ' | ' | ' | ' | $54,500 | $48,429 | ' | ' | ' | ' | ' | $81 | $81 | ' | ' | ' | ' | ' | ||||
[1] | Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the prior year HNH acquisition of Hickman. For additional information, see Note 2 - "Acquisitions." |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | $161,938 | ' | $161,938 | ' | $147,837 |
Accumulated Amortization | 30,715 | ' | 30,715 | ' | 21,925 |
Net | 131,223 | ' | 131,223 | ' | 125,912 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' |
Trademarks with indefinite lives | 8,020 | ' | 8,020 | ' | 8,020 |
Amortization expense | 3,052 | 3,158 | 8,852 | 7,540 | ' |
Products and Customer Relationships [Member] | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 112,014 | ' | 112,014 | ' | 102,756 |
Accumulated Amortization | 20,606 | ' | 20,606 | ' | 14,664 |
Net | 91,408 | ' | 91,408 | ' | 88,092 |
Trademarks [Member] | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 28,165 | ' | 28,165 | ' | 23,610 |
Accumulated Amortization | 3,474 | ' | 3,474 | ' | 2,016 |
Net | 24,691 | ' | 24,691 | ' | 21,594 |
Patents and Technology [Member] | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 19,265 | ' | 19,265 | ' | 19,025 |
Accumulated Amortization | 5,270 | ' | 5,270 | ' | 4,063 |
Net | 13,995 | ' | 13,995 | ' | 14,962 |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 2,494 | ' | 2,494 | ' | 2,446 |
Accumulated Amortization | 1,365 | ' | 1,365 | ' | 1,182 |
Net | 1,129 | ' | 1,129 | ' | 1,264 |
Wolverine | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' |
Amortization Expense 2013 | 200 | ' | 200 | ' | ' |
Amortization Expense 2015 | 700 | ' | 700 | ' | ' |
Amortization Expense 2014 | 700 | ' | 700 | ' | ' |
Amortization Expense 2016 | 700 | ' | 700 | ' | ' |
Amortization Expense 2017 | 700 | ' | 700 | ' | ' |
Amortization Expense Thereafter | $10,400 | ' | $10,400 | ' | ' |
Bank_Deposits_Deposits_Time_an
Bank Deposits Deposits Time and Money Market (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Time deposits year of maturity: | ' | ' | ||
2013 | $4,498 | $25,838 | ||
2014 | 10,843 | 9,094 | ||
2015 | 14,279 | 14,264 | ||
2016 | 11,514 | 11,507 | ||
Total time deposits | 41,134 | 60,703 | ||
Money market deposits | 35,025 | 17,906 | ||
Total deposits | 76,159 | [1] | 78,609 | [1] |
Deposits [Abstract] | ' | ' | ||
Current | 46,421 | 43,744 | ||
Long-term | 29,738 | 34,865 | ||
Time Deposits [Abstract] | ' | ' | ||
Time deposit accounts under $100 | 38,903 | 53,897 | ||
Time deposit accounts $100 and over | 2,231 | 6,806 | ||
Fair value of deposits | $77,082 | $79,581 | ||
[1] | The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $77,082 and $79,581 at September 30, 2013 and December 31, 2012, respectively. |
Related_Party_Transactions_Man
Related Party Transactions Management Agreement (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Management fee percentage, quartely basis (as a percent) | ' | ' | 1.50% | ' | ' |
Management agreement renewal, term (in years) | ' | ' | '1 year | ' | ' |
Notice period prior to management agreement renewal, period (in days) | ' | ' | '60 days | ' | ' |
Management Fee | Manager of SPH | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Services fees and reimbursable expenses | $2,110 | $2,025 | $6,129 | $5,327 | ' |
Deferred fees payable to related party | 2,110 | ' | 2,110 | ' | 2,097 |
Reimbursable Expenses | Manager of SPH | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Services fees and reimbursable expenses | 211 | 216 | 770 | 968 | ' |
Deferred fees payable to related party | $180 | ' | $180 | ' | $573 |
Related_Party_Transactions_Cor
Related Party Transactions Corporate Services New (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Steel Partners, Ltd | Management Fee | Management Fee | Management Fee | Management Fee | Management Fee | Management Fee | Management Fee | Subsequent Event | |
HNH | Steel Excel | SPLP [Member] | DGT | WebBank | BNS | Related Parties | Management Fee | ||
iGo, Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services fees and reimbursable expenses | ' | $8,885 | $3,600 | $3,000 | $576 | $250 | $204 | $1,599 | $372 |
Gain on Sale of Investments | $764 | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Mut
Related Party Transactions Mutual Secrurities (Details) (Mutual Services, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mutual Services | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services fees and reimbursable expenses | $95 | $83 | $311 | $188 |
Related_Party_Transactions_Oth
Related Party Transactions Other (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | Director | Director | Director | Director | Director | Audit Committee, Chairman | Audit Committee, Chairman | Corporate Governance and Nominating Committee, Chairman | Compensation Committee, Chairman | Steel Partners, Ltd | WebBank | WebBank | Consolidation, Elimination, WebBank | Consolidation, Elimination, WebBank | ||||
SPH Services | Related Parties | Related Parties | Related Parties | Related Parties | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lease payment obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,286 | ' | ' | ' | ' | ||
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,203 | ' | ' | ' | ' | ||
Services fees and reimbursable expenses | ' | ' | 229 | 140 | 627 | 425 | ' | ' | ' | ' | ' | 254 | ' | ' | ' | ' | ||
Collateral held for investment | 30,699 | 30,172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual retainer | ' | ' | 150 | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual retainer, portion paid in cash | ' | ' | 75 | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual retainer, portion paid in restricted common units | ' | ' | 75 | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Board compensation fee, per meeting | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related Party, Annual Service Fee | ' | ' | ' | ' | ' | ' | ' | 60 | 15 | 5 | 5 | ' | ' | ' | ' | ' | ||
Deferred fees payable to related party | ' | ' | 42 | ' | 42 | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deposits | 76,159 | [1] | 78,609 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,601 | 27,559 | ' | ' |
Interest-bearing Deposits in Banks and Other Financial Institutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | ' | ' | ' | ||
Interest Income, Deposits with Financial Institutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 115 | ||
Deposits Eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,570 | ' | ' | ' | ||
Indemnification assets | $116 | $116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of Deposits was $77,082 and $79,581 at September 30, 2013 and December 31, 2012, respectively. |
Related_Party_Transactions_Def
Related Party Transactions Deferred Fee Liability to Related Party (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 15, 2009 | Sep. 30, 2012 | |
WGL Capital Corp | WGL Capital Corp | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | |
Liabilities Assumed | ' | ' | ' | ' | $51,594 | ' | |
Consideration received, in cash | ' | ' | ' | ' | 4,487 | ' | |
Consideration received, in common units (in shares) | ' | ' | ' | ' | 2,725,533 | ' | |
Consideration received, share price per common unit (in dollars per share) | ' | ' | ' | ' | $17.28 | ' | |
Deferred fee liability to related party-increase | $0 | $0 | $0 | $11,448 | [1] | ' | $11,448 |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Related_Party_Transactions_Inv
Related Party Transactions Investment Manager (Details) (Investor Services Fee, WGS Capital, USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investor Services Fee | WGS Capital | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related Party, Annual Service Fee | ' | ' | $50 | ' | ' |
Services fees and reimbursable expenses | 0 | 0 | 0 | 13 | ' |
Deferred fees payable to related party | ' | ' | ' | ' | $0 |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations Long-term and short-term debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | $855 | $1,124 |
Less portion due within one year | 22,037 | 13,025 |
Long-term debt | 214,062 | 140,065 |
Debt, Long-term and Short-term, Combined Amount | 236,954 | 154,214 |
Total - Capital lease facility | 1,802 | 2,684 |
Capital Lease Obligations, Current | 937 | 1,039 |
Capital Lease Obligations, Noncurrent | 865 | 1,645 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | 509 | 778 |
Convertible Subordinated Debt [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | 346 | 346 |
Parent [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 236,099 | 152,699 |
Less portion due within one year | 22,037 | 13,025 |
Long-term debt | 214,062 | 139,674 |
Loans Payable [Member] | Parent [Member] | Senior Notes [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 185,844 | 115,000 |
Loans Payable [Member] | Parent [Member] | First Lien Term Loan [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 38,800 | 15,340 |
Subordinated Debt [Member] | Parent [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 0 | 9,049 |
Subordinated Debt [Member] | Affiliated Entity | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 0 | 391 |
Mortgages [Member] | Parent [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 8,359 | 8,597 |
Foreign Line of Credit [Member] | Parent [Member] | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | $3,096 | $4,713 |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligations Senior Credit Facility (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Nov. 08, 2012 | Sep. 13, 2013 | Nov. 08, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 13, 2013 | Nov. 08, 2012 |
In Thousands, unless otherwise specified | London Interbank Offered Rate (LIBOR) [Member] | U.S. Base Rate [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Loans Payable [Member] | Loans Payable [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||
Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | Handy and Harman LTD | |||||
Senior Notes [Member] | Senior Notes [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | $205,000 | ' | ' | ' | ' | ' | $125,000 | $115,000 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | 90,000 | ' | ' | ' | ' | ' |
Current portion of long-term debt | 22,037 | 13,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | 'LIBOR | 'Base Rate | 'one-month LIBOR | 'one-month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, basis spread on variable rate (as a percent) | ' | ' | 2.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | 3.04% | ' | ' | ' |
Derivative, Fixed Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | 0.60% | 0.57% | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | ' | ' | 5,000 | 56,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount, Next Twelve Months | ' | ' | ' | ' | ' | ' | 100 | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount, Year Two | ' | ' | ' | ' | ' | ' | 200 | 1,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount, Year Three | ' | ' | ' | ' | ' | ' | $200 | $2,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Capital_Lease_Obligat4
Debt and Capital Lease Obligations Subordinated Notes (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 26, 2013 | Dec. 31, 2012 |
Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | |||
Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | ' | ' | ' | 10.00% | 10.00% | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | $31,800 | ' |
Debt Instrument, Redemption Amount as Percentage of Principal Amount (as a percent) | ' | ' | ' | ' | 112.60% | ' |
Long-term Debt | ' | ' | ' | 0 | ' | 391 |
Debt Instrument Irrevocable Deposit | ' | ' | ' | ' | 36,900 | ' |
Loss on early retirement of debt | $1,782 | $0 | $5,700 | ' | ' | ' |
Debt_and_Capital_Lease_Obligat5
Debt and Capital Lease Obligations Steel Excel Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | Jul. 03, 2013 | |
Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Revolving Credit Facility [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Federal Funds Rate [Member] | One-Month LIBOR [Member] | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Through June 15, 2015 [Member] | Through June 30, 2017 [Member] | After June 30, 2017 [Member] | Through December 31, 2016 [Member] | After December 31, 2016 [Member] | Sun Well [Member] | Sun Well [Member] | ||||||
Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Term Loan [Member] | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Revolving Credit Facility [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Partners, Ltd | |||||||
Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Line of Credit [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Steel Excel | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | |||||||||
Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | Energy Credit Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | $67,500 | $80,000 | $70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Borrowing Base of Eligible Accounts Receivable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments of Dividends | ' | ' | ' | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unamortized Debt Issuance Expense | ' | ' | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt Term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Quarterly Maturities | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Base Rate | 'LIBOR | 'Federal Funds Rate | ' one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term debt, basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | 1.50% | 2.50% | ' | 2.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Commitment Fee Percentage (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest Expense | 1,428 | 3,100 | 4,744 | 10,104 | [1] | ' | 700 | 700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | ' | ' | ' | $200 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Covenant, Leverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2.75 | 2.5 | ' | ' | ' | ' | |
Debt Instrument, Covenant, Fixd Charge Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15 | 1.25 | ' | ' | |
Debt Instrument, Covenant, Ownership Percentage Interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 35.00% | |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Debt_and_Capital_Lease_Obligat6
Debt and Capital Lease Obligations Sun Well Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest Expense | $1,428 | $3,100 | $4,744 | $10,104 | [1] |
Loss on early retirement of debt | ' | ' | 1,782 | 0 | |
Revolving Credit Facility [Member] | Steel Excel | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | ' | 5,000 | ' | |
Senior Debt Obligations [Member] | Steel Excel | Term Loan [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Debt Instrument, Face Amount | 20,000 | ' | 20,000 | ' | |
Interest Expense | ' | ' | 300 | ' | |
Loss on early retirement of debt | ' | ' | $500 | ' | |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Debt_and_Capital_Lease_Obligat7
Debt and Capital Lease Obligations Debt Parenthetical (Details) | Sep. 30, 2013 | Mar. 26, 2013 |
Convertible Subordinated Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | 0.75% | ' |
Parent [Member] | Subordinated Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | 10.00% | ' |
Affiliated Entity | Subordinated Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | 10.00% | 10.00% |
Pension_Benefit_Plans_Narrativ
Pension Benefit Plans Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ' | ' | ' | ' |
2013 | $2,800 | ' | $2,800 | ' |
2014 | 22,500 | ' | 22,500 | ' |
2015 | 21,300 | ' | 21,300 | ' |
2016 | 18,200 | ' | 18,200 | ' |
2017 | 17,100 | ' | 17,100 | ' |
After year five | 49,000 | ' | 49,000 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ' | ' | ' | ' |
Other Postretirement Benefit Expense | $400 | $500 | $1,400 | $1,500 |
HNH | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans Disclosure [Line Items] | ' | ' | ' | ' |
Amortization Period for Pension Plan Actuarial Gains (Losses) (in years) | ' | ' | '21 years | ' |
Pension_Benefit_Plans_Componen
Pension Benefit Plans Components of Pension Expense and Other Postretirement Benefit Expense(Details) (HNH, Pension Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
HNH | Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plans Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $4,639 | $5,503 | $13,954 | $16,238 |
Expected return on plan assets | -5,976 | -6,765 | -17,988 | -20,255 |
Amortization of actuarial loss | 1,196 | 875 | 3,863 | 2,140 |
Total | ($141) | ($387) | ($171) | ($1,877) |
Capital_and_Accumulated_Other_2
Capital and Accumulated Other Comprehensive Income (Loss) Common Unit Distributions (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Common units outstanding (in shares) | 29,655,138 | 30,786,100 |
Capital Unit, Class A [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Common units outstanding (in shares) | 22,715,491 | 23,846,453 |
Capital Unit, Class B [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Common units outstanding (in shares) | 6,939,647 | 6,939,647 |
Capital_and_Accumulated_Other_3
Capital and Accumulated Other Comprehensive Income (Loss) Common Units Issuance (Details) (USD $) | 11-May-12 | Apr. 11, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Class B Common Units | Class B Common Units | Director | Director | Director | Director | Director | Director |
Steel Partners II, L.P. | Steel Partners II, L.P. | Steel Partners II, L.P. | Steel Partners II, L.P. | Steel Partners II, L.P. | Steel Partners II, L.P. | |||
Restricted Common Units | Common Unit | Common Unit | Common Unit | Common Unit | Common Unit | |||
Partners' Capital [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Equity compensation, directors, annual | ' | ' | $75 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | 375 |
Common units issuance expense | ' | ' | ' | $104 | $31 | $250 | $93 | ' |
Common units, issued (in shares) | 536,645 | 6,403,002 | ' | ' | ' | ' | ' | ' |
Market price discount applied to common units issued (as a percent) | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Capital_and_Accumulated_Other_4
Capital and Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss, beginning of period | ($17,862) | |
Current period other comprehensive loss | 45,855 | |
Reclassifications, net of tax | -15,823 | [1] |
Accumulated other comprehensive loss, end of period | 12,170 | |
Accumulated Net Unrealized Investment Gain (Loss) | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss, beginning of period | 44,521 | |
Current period other comprehensive loss | 44,435 | |
Reclassifications, net of tax | -13,257 | [1] |
Accumulated other comprehensive loss, end of period | 75,699 | |
Accumulated Translation Adjustment | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss, beginning of period | -1,863 | |
Current period other comprehensive loss | 952 | |
Reclassifications, net of tax | -2,566 | |
Accumulated other comprehensive loss, end of period | -3,477 | |
Accumulated Defined Benefit Plans Adjustment | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | |
Accumulated other comprehensive loss, beginning of period | -60,520 | |
Current period other comprehensive loss | 468 | |
Reclassifications, net of tax | 0 | |
Accumulated other comprehensive loss, end of period | ($60,052) | |
[1] | Includes a reclassification of unrealized gain to Other income of $1,834, a reclassification of net unrealized gain of $10,432 (net of tax of $1,900) to (Loss) Income of associated companies, net of tax and a reclassification of $991 to Net investment (losses) gains. |
Capital_and_Accumulated_Other_5
Capital and Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Loss Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |||||
Reclassification of Unrealized Loss [Member] | Income of Associated Companies [Member] | Net Investment Gains [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reclassification of unrealized gain (loss) | ' | ' | ' | ' | $1,834 | [1] | $10,432 | [1] | $991 | ' | ' | ' | |||
Unrealized gain on available for sale securities, net of tax | -773 | [2] | 19,499 | [2] | 35,348 | [2] | 13,275 | ' | 1,900 | [1] | ' | 0 | 1 | ' | |
Unrealized loss on available-for-sale securities adjustments | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $1 | |||||
[1] | Includes a reclassification of unrealized gain to Other income of $1,834, a reclassification of net unrealized gain of $10,432 (net of tax of $1,900) to (Loss) Income of associated companies, net of tax and a reclassification of $991 to Net investment (losses) gains. | ||||||||||||||
[2] | Includes a net tax benefit of $664 and a tax provision of $2,049 for the three months ended September 30, 2013 and 2012, respectively, and includes a net tax provision of $262 and a net tax benefit of $3,843 for the nine months ended September 30, 2013 and 2012, respectively. |
Capital_and_Accumulated_Other_6
Capital and Accumulated Other Comprehensive Income (Loss) Incentive Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Incentive units granted, percentage of outstanding common units (as a percent) | ' | ' | ' | ' | 100.00% |
Stock or Unit Option Plan Expense | $7,536 | $0 | $14,313 | $0 | ' |
Stock or Unit Option Plan Expense, Incentive Unit Expense (in shares) | ' | ' | 952,947 | ' | ' |
Net_Income_Loss_Per_Common_Uni2
Net Income (Loss) Per Common Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations | ($12,730) | $655 | $7,861 | ($1,930) | $45,851 | ($2,426) | $51,782 | [1] | $52,437 | |||
Restricted stock expense | 0 | ' | 31 | ' | ' | 0 | 93 | ' | ||||
Net income attributable to noncontrolling interests in consolidated entities | -3,747 | ' | -5,074 | ' | ' | -11,627 | -12,878 | [1] | ' | |||
Net (loss) income from continuing operations | -16,477 | ' | 2,818 | ' | ' | -14,053 | 38,997 | ' | ||||
Income from discontinued operations | 2,148 | ' | 1,208 | ' | ' | 5,579 | 5,932 | [1] | ' | |||
Net income attributable to noncontrolling interests | -1,117 | ' | -508 | ' | ' | -2,825 | -2,798 | [1] | ' | |||
(Loss) Net Income from discontinued operations, net of tax, attributable to parent | 1,031 | ' | 700 | ' | ' | 2,754 | 3,134 | ' | ||||
Net (loss) income attributable to common unitholders | ($15,446) | ' | $3,518 | ' | ' | ($11,299) | $42,131 | ' | ||||
Net (loss) income per common unit - basic: (in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations | -0.56 | -0.13 | 0.09 | -0.25 | 1.74 | -0.47 | 1.32 | [1] | ' | |||
Net income from discontinued operations | 0.04 | ' | 0.02 | ' | ' | 0.09 | 0.11 | [1] | ' | |||
Net (loss) income attributable to common unitholders | -0.52 | -0.03 | 0.11 | -0.24 | 1.83 | -0.38 | 1.43 | [1] | ' | |||
Earnings Per Share, Diluted, Two Class Method [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations | -0.56 | -0.13 | 0.09 | -0.25 | 1.74 | -0.47 | 1.32 | [1] | ' | |||
Net income from discontinued operations | 0.04 | ' | 0.02 | ' | ' | 0.09 | 0.11 | [1] | ' | |||
Net (loss) income attributable to common unitholders | -0.52 | -0.03 | 0.11 | -0.24 | 1.83 | -0.38 | 1.43 | [1] | ' | |||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average common units outstanding - basic (in shares) | 29,663,204 | ' | 31,814,312 | ' | ' | 30,015,739 | 29,402,343 | [1] | ' | |||
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unvested restricted stock (in shares) | 0 | ' | 27,175 | ' | ' | 0 | 27,175 | ' | ||||
Denominator for net income per common unit - diluted (in shares) | 29,663,204 | [2] | ' | 31,841,487 | [2] | ' | ' | 30,015,739 | [2] | 29,429,518 | [2] | ' |
Incentive Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 457,548 | ' | ' | ' | ' | 591,294 | ' | ' | ||||
Unvested Restricted Stock Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,896 | ' | ' | ' | ' | 77,896 | ' | ' | ||||
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). | |||||||||||
[2] | The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; Approximately 457,548 and 591,294 incentive units, for the three and nine months ended September 30, 2013, respectively. Approximately 77,896 unvested restricted stock units, for the three and nine months ended September 30, 2013. |
Segment_Information_Segment_De
Segment Information Segment Description (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Diversified Industrial | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | $2,200 | $2,745 | $6,600 | $8,235 |
Energy | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | 900 | 450 | 2,700 | 1,100 |
Financial Services | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | $63 | $63 | $188 | $188 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | $210,737 | $162,909 | $183,705 | $201,626 | $163,346 | $613,295 | $548,677 | [1] | $711,586 |
Income (Loss) from continuing operations before income taxes: | -5,367 | ' | 10,107 | ' | ' | 13,651 | 66,148 | ' | |
Income tax provision | 7,363 | ' | 2,246 | ' | ' | 16,077 | 14,366 | [1] | ' |
Net (loss) income from continuing operations | -12,730 | 655 | 7,861 | -1,930 | 45,851 | -2,426 | 51,782 | [1] | 52,437 |
Total | -14,554 | ' | -2,649 | ' | ' | -11,699 | 16,960 | ' | |
Diversified Industrial | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | 171,874 | ' | 144,629 | ' | ' | 502,915 | 453,445 | ' | |
Income (Loss) from continuing operations before income taxes: | 10,782 | ' | 10,287 | ' | ' | 50,301 | 32,306 | ' | |
Total | -4,005 | ' | 1,684 | ' | ' | 11,197 | -1,298 | ' | |
Energy | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | 31,844 | ' | 34,293 | ' | ' | 87,571 | 65,919 | ' | |
Income (Loss) from continuing operations before income taxes: | 3,007 | ' | 6,208 | ' | ' | 8,463 | 23,470 | ' | |
Total | -137 | ' | 0 | ' | ' | -217 | 13,139 | ' | |
Financial Services | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | 7,162 | ' | 5,384 | ' | ' | 20,742 | 13,519 | ' | |
Income (Loss) from continuing operations before income taxes: | 4,731 | ' | 3,229 | ' | ' | 13,167 | 7,595 | ' | |
Corporate and other | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | -143 | ' | -601 | ' | ' | 2,067 | 15,794 | ' | |
Income (Loss) from continuing operations before income taxes: | -23,887 | ' | -9,617 | ' | ' | -58,280 | 2,777 | ' | |
Total | ($10,412) | ' | ($4,333) | ' | ' | ($22,679) | $5,119 | ' | |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | |
Income tax provision | $7,363 | $2,246 | $16,077 | $14,366 | [1] |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |
Commitments_and_Contingencies_
Commitments and Contingencies Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | HNH | HNH | HHEM [Member] | BNS Subsidiary [Member] | BNS Subsidiary [Member] | BNS Subsidiary [Member] | BNS Subsidiary [Member] | Minimum | Maximum | Sold Parcel [Member] | Former Owner / Operator [Member] | Costs [Member] | Costs [Member] | Costs [Member] | ||
Superfund [Member] | claim | claim | Insurance Claims [Member] | Insurance Claims [Member] | defendant | BNS Subsidiary [Member] | First Joint Venture Partner of Former Owner / Operator [Member] | Hhem and HandH [Member] | HHEM [Member] | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for environmental matters | $3,703 | $7,320 | $2,500 | $200 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Settlements Receivable | ' | ' | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental Exit Costs, Anticipated Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' |
Investigation and remediation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300 | 1,000 |
Ownership Responsibility For Site Investigation and Remediation Costs Percentage Allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 37.50% | 25.00% | ' |
Accrual for Environmental Loss Contingencies, Payments | ' | ' | ' | 2,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' |
Loss Contingency, Total Claims (in number of claims) | ' | ' | ' | ' | ' | 1,220 | 1,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims, litigation matters (in number of claims) | ' | ' | ' | ' | ' | 212 | 234 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, number of defendants (in defendants) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' |
Number of claims, dismissed, settled or granted summary judgement and closed (in claims) | ' | ' | ' | ' | ' | 1,008 | 926 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims settled, average settlement value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Insurance, coverage limit | ' | ' | ' | ' | ' | ' | ' | 183,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance retention | ' | ' | ' | ' | ' | ' | ' | ' | 2,282 | ' | ' | ' | ' | ' | ' | ' |
Accrual relating to open and active claims | ' | ' | ' | ' | ' | ' | ' | $1,020 | $1,203 | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | Oct. 23, 2013 | Oct. 23, 2013 | Oct. 29, 2013 |
In Thousands, unless otherwise specified | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Black Hawk Energy Services, Inc. [Member] |
PNC Bank, National Association [Member] | Credit Agreement [Member] | Steel Excel | |
Subsequent Event | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $50,000 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | 'LIBOR | ' |
Long-term debt, basis spread on variable rate (as a percent) | ' | 1.00% | ' |
Acquisition price, portion paid in cash | ' | ' | $60,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | $210,737 | $162,909 | $183,705 | $201,626 | $163,346 | $613,295 | $548,677 | [1] | $711,586 |
Net Income (Loss) From Continuing Operations | -12,730 | 655 | 7,861 | -1,930 | 45,851 | -2,426 | 51,782 | [1] | 52,437 |
Net (loss) income from continuing operations | -0.56 | -0.13 | 0.09 | -0.25 | 1.74 | -0.47 | 1.32 | [1] | ' |
Net (loss) income from continuing operations | -0.56 | -0.13 | 0.09 | -0.25 | 1.74 | -0.47 | 1.32 | [1] | ' |
Net Income (Loss) | ($15,446) | ($1,020) | $3,487 | ($7,419) | $45,970 | ($11,299) | $42,038 | [1] | $41,018 |
Per Common Unit Basic, Attributable to Common Unit Holders (in dollars per unit) | -0.52 | -0.03 | 0.11 | -0.24 | 1.83 | -0.38 | 1.43 | [1] | ' |
Per Common Unit Diluted, Attributable to Common Unit Holders (in dollars per unit) | -0.52 | -0.03 | 0.11 | -0.24 | 1.83 | -0.38 | 1.43 | [1] | ' |
[1] | Reflects measurement period adjustment related to Steel Excel's acquisition of SWH, Inc. (see Note 1 - "Nature of the Business and Basis of Presentation"). |