Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
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 | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 27,822,050 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $169,505 | $203,980 | ||
Restricted cash | 46,011 | 26,340 | ||
Marketable securities | 157,263 | 178,485 | ||
Trade and other receivables (net of allowance for doubtful accounts of $2,382 in 2014 and $1,981 in 2013) | 139,896 | 102,864 | ||
Receivable from related parties | 791 | 1,050 | ||
Loans receivable, net | 33,725 | [1] | 26,360 | [1] |
Inventories, net | 84,603 | 66,639 | ||
Deferred tax assets - current | 21,896 | 21,722 | ||
Prepaid and other current assets | 18,361 | 16,666 | ||
Assets of discontinued operations | 4,416 | 4,406 | ||
Total current assets | 676,467 | 648,512 | ||
Long-term loans receivable, net | 48,543 | [1] | 49,956 | [1] |
Goodwill | 95,228 | 95,156 | ||
Intangible assets, net | 140,020 | 146,427 | ||
Deferred tax assets - non-current | 30,670 | 33,096 | ||
Other non-current assets | 45,350 | 43,013 | ||
Property, plant and equipment, net | 213,732 | 210,657 | ||
Long-term investments | 305,628 | 295,440 | ||
Total Assets | 1,555,638 | 1,522,257 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 58,790 | 39,524 | ||
Accrued liabilities | 56,400 | 45,329 | ||
Financial instruments | 46,011 | 25,090 | ||
Deposits | 79,560 | 87,319 | ||
Payable to related parties | 967 | 2,572 | ||
Short-term debt | 632 | 650 | ||
Current portion of long-term debt | 27,595 | 26,033 | ||
Deferred tax liabilities - current | 3,168 | 3,045 | ||
Other current liabilities | 5,263 | 4,586 | ||
Liabilities of discontinued operations | 1,000 | 1,138 | ||
Total current liabilities | 279,386 | 235,286 | ||
Long-term deposits | 40,428 | 30,887 | ||
Long-term debt | 261,684 | 223,355 | ||
Accrued pension liability | 136,080 | 143,705 | ||
Deferred tax liabilities - non-current | 5,094 | 3,218 | ||
Other liabilities | 13,141 | 13,146 | ||
Total Liabilities | 735,813 | 649,597 | ||
Commitments and Contingencies | 0 | 0 | ||
Capital: | ' | ' | ||
Partners’ capital common units: 27,822,050 and 31,129,065 issued and outstanding (after deducting 8,680,256 and 5,373,241 held in treasury, at cost of $133,699 and $78,977) at June 30, 2014 and December 31, 2013, respectively | 518,171 | 574,998 | ||
Accumulated other comprehensive income | 50,925 | 41,584 | ||
Total Partners’ Capital | 569,096 | 616,582 | ||
Noncontrolling interests in consolidated entities | 250,729 | 256,078 | ||
Total Capital | 819,825 | 872,660 | ||
Total Liabilities and Capital | $1,555,638 | $1,522,257 | ||
[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 $80,600 and $76,303 at June 30, 2014 and December 31, 2013, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $2,382 | $1,981 |
Common units issued (in shares) | 27,822,050 | 31,129,065 |
Common units outstanding (in shares) | 27,822,050 | 31,129,065 |
Common units held in treasury (in shares) | 8,680,256 | 5,373,241 |
Common units held in treasury, at cost | $133,699 | $78,977 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Revenue | ' | ' | ' | ' | ||||
Diversified industrial net sales | $195,492 | $182,085 | $357,339 | $331,041 | ||||
Energy net sales | 51,924 | 28,762 | 97,083 | 55,113 | ||||
Financial services revenue | 8,023 | 7,271 | 14,989 | 13,580 | ||||
Investment and other income | 141 | 208 | 546 | 429 | ||||
Net investment (losses) gains | -631 | 156 | -791 | 1,781 | ||||
Total revenue | 254,949 | 218,482 | 469,166 | 401,944 | ||||
Costs and expenses | ' | ' | ' | ' | ||||
Cost of goods sold | 174,639 | 151,810 | 325,443 | 275,410 | ||||
Selling, general and administrative expenses | 51,016 | 50,342 | 104,691 | 100,581 | ||||
Impairment charges | 0 | 0 | 0 | 1,510 | ||||
Finance interest expense | 191 | 177 | 362 | 360 | ||||
(Recovery of) provision for loan losses | -64 | 23 | -154 | -30 | ||||
Interest expense, net | 1,245 | 504 | 2,125 | 3,316 | ||||
Realized and unrealized loss (gain) on derivatives | 606 | -1,492 | 466 | -1,053 | ||||
Other (income) expense, net | -642 | 1,269 | -3,523 | 212 | ||||
Total costs and expenses | 226,991 | 202,633 | 429,410 | 380,306 | ||||
Income from continuing operations before income taxes and equity method income (loss) | 27,958 | 15,849 | 39,756 | 21,638 | ||||
Income tax provision | 9,719 | 8,062 | 12,399 | 8,710 | ||||
Income (Loss) from equity method investments and investments held at fair value: | ' | ' | ' | ' | ||||
Income (Loss) of associated companies, net of taxes | 2,275 | 13,381 | -15,983 | 3,013 | ||||
Income (Loss) from other investments - related party | 1,475 | -1,227 | 1,473 | -158 | ||||
(Loss) Income from investments held at fair value | -792 | 4,388 | -3,238 | -4,890 | ||||
Net income from continuing operations | 21,197 | 24,329 | 9,609 | 10,893 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of taxes | 0 | -1,140 | 0 | -1,589 | ||||
(Loss) Gain on sale of discontinued operations, net of taxes | 0 | -1,442 | 42 | 4,431 | ||||
Net (loss) income from discontinued operations | 0 | -2,582 | 42 | 2,842 | ||||
Net income | 21,197 | 21,747 | 9,651 | 13,735 | ||||
Net (income) loss attributable to noncontrolling interests in consolidated entities: | ' | ' | ' | ' | ||||
Continuing operations | -11,402 | -7,079 | -12,540 | -8,345 | ||||
Discontinued operations | 0 | 1,429 | -22 | -1,243 | ||||
Net loss attributable to noncontrolling interests in consolidated entities | -11,402 | -5,650 | -12,562 | -9,588 | ||||
Net income (loss) attributable to common unitholders | $9,795 | $16,097 | ($2,911) | $4,147 | ||||
Net income (loss) per common unit - basic (in dollars per unit) | ' | ' | ' | ' | ||||
Net income (loss) from continuing operations | $0.34 | $0.57 | ($0.10) | $0.08 | ||||
Net (loss) income from discontinued operations | $0 | ($0.04) | $0 | $0.06 | ||||
Net income (loss) attributable to common unitholders | $0.34 | $0.53 | ($0.10) | $0.14 | ||||
Net income (loss) per common unit - diluted (in dollars per unit) | ' | ' | ' | ' | ||||
Net income (loss) from continuing operations | $0.34 | $0.57 | ($0.10) | $0.08 | ||||
Net (loss) income from discontinued operations | $0 | ($0.04) | $0 | $0.06 | ||||
Net income (loss) attributable to common unitholders | $0.34 | $0.53 | ($0.10) | $0.14 | ||||
Weighted average number of common units outstanding - basic (in shares) | 28,739,858 | 30,128,047 | 29,765,843 | 30,194,928 | ||||
Weighted average number of common units outstanding - diluted (in shares) | 28,775,440 | [1] | 30,128,047 | [1] | 29,765,843 | [1] | 30,194,928 | [1] |
[1] | The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; approximately 16,032 incentive units and approximately 35,134 unvested restricted units, for the six months ended June 30, 2014. |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $21,197 | $21,747 | $9,651 | $13,735 | ||||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||||
Unrealized gain on available for sale securities, net of tax | 7,785 | [1] | 14,208 | [1] | 13,564 | [1] | 46,586 | [1] |
Reclassification of realized (gains) and losses | -396 | [2] | -10,276 | [2] | -1,664 | [2] | -10,465 | [2] |
Other comprehensive income (loss), available for sale securities | 7,389 | 3,932 | 11,900 | 36,121 | ||||
Currency translation adjustment | 229 | -107 | -23 | -720 | ||||
Change in post-retirement benefit obligation, net of tax (c) | 0 | [3] | 869 | [3] | 0 | [3] | 869 | [3] |
Other comprehensive income | 7,618 | 4,694 | 11,877 | 36,270 | ||||
Comprehensive income | 28,815 | 26,441 | 21,528 | 50,005 | ||||
Comprehensive income attributable to non-controlling interests | -12,254 | -6,334 | -15,099 | -13,253 | ||||
Comprehensive income attributable to common unit holders | $16,561 | $20,107 | $6,429 | $36,752 | ||||
[1] | Includes a net tax provision of $1,271 and a net tax benefit of $126 for the three months ended June 30, 2014 and 2013, respectively, and includes a net tax provision of $4,035 and $5,145 for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Includes a net tax benefit of $196 and a net tax provision of $474 for the three months ended June 30, 2014 and 2013, respectively, and a net tax benefit of $862 and $1,889 for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[3] | Includes a net tax provision of $580 for the three and six months ended June 30, 2013. |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Tax on unrealized loss on available for sale securities | $1,271 | ($126) | $4,035 | $5,145 | ||||
Reclassification adjustment from AOCI for sale of securities, tax | 196 | -474 | 862 | 1,889 | ||||
Tax provision, change in post-retirement benefit obligation | 580 | ' | ' | 580 | ||||
Reclassification of realized (gains) and losses | -396 | [1] | -10,276 | [1] | -1,664 | [1] | -10,465 | [1] |
Other income | ' | ' | ' | ' | ||||
Reclassification of realized (gains) and losses | -309 | [1],[2] | ' | -1,577 | [1],[2] | -29 | [1],[2] | |
Income (loss) of associated companies | ' | ' | ' | ' | ||||
Reclassification of realized (gains) and losses | ' | -13,226 | [1],[2] | ' | -10,432 | [1],[2] | ||
Net investment (loss) gain | ' | ' | ' | ' | ||||
Reclassification of realized (gains) and losses | -87 | [1],[2] | -4 | [1],[2] | -87 | [1],[2] | -4 | [1],[2] |
Unrealized holding gain (loss) | ' | ' | ' | ' | ||||
Reclassification of realized (gains) and losses | ' | ($2,954) | [1],[2] | ' | ' | |||
[1] | Includes a net tax benefit of $196 and a net tax provision of $474 for the three months ended June 30, 2014 and 2013, respectively, and a net tax benefit of $862 and $1,889 for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Includes a net tax provision of $580 for the three and six months ended June 30, 2013. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $9,651 | $13,735 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Net investment loss (gains) | 791 | -1,781 |
Recovery of loan losses | -154 | -30 |
Loss (income) of associated companies | 15,983 | -3,013 |
(Income) Loss from other investments - related party | -1,473 | 158 |
Loss from investments held at fair value | 3,238 | 4,890 |
Gain on sale of discontinued operations | -42 | -4,431 |
Deferred income taxes | 5,136 | 9,290 |
Non-cash interest and dividend income | 0 | 790 |
Non-cash income from derivatives | -89 | 0 |
Depreciation and amortization | 21,345 | 17,212 |
Loss on early retirement of debt | 0 | 1,319 |
Amortization of debt related costs | 414 | 457 |
Reclassification of net cash settlements on derivative instruments | 554 | -1,843 |
Stock based compensation | 4,343 | 11,154 |
Impairment charges | 0 | 1,510 |
Other | -3,881 | -3,258 |
Net change in operating assets and liabilities: | ' | ' |
Receivables | -37,428 | -24,649 |
Receivables from related parties | 258 | 186 |
Inventories | -18,015 | -1,003 |
Prepaid and other assets | -1,314 | -8,525 |
Accounts payable, accrued and other liabilities | 10,830 | -831 |
Payable to related parties | -1,965 | -65 |
Net (increase) decrease in loans held for sale | -7,587 | 10,937 |
Net cash used in operating activities of discontinued operations | -147 | -5,340 |
Net cash provided by operating activities | 448 | 16,869 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -73,658 | -134,295 |
Proceeds from sales of investments | 97,736 | 68,003 |
Maturities of marketable securities | 4,624 | 122,285 |
Net decrease (increase) in loans and other receivables | 298 | -10,313 |
Purchases of property and equipment | -17,392 | -10,473 |
Reclassification of restricted cash | -20,921 | 423 |
Net cash settlements on derivative instruments | -554 | 1,843 |
Proceeds from sale of assets | 1,976 | 138 |
Acquisitions, net of cash acquired | -517 | -60,639 |
Purchase of subsidiary shares from noncontrolling interests | -3,045 | -869 |
Investments in associated companies | -144 | -31,127 |
Proceeds from sales of discontinued operations | 0 | 41,872 |
Net cash used in investing activities of discontinued operations | 0 | -257 |
Other | -3,000 | 522 |
Net cash used in investing activities | -14,597 | -12,887 |
Cash flows from financing activities: | ' | ' |
Proceeds from term loans | 4,500 | 10,000 |
Repurchases of Subordinated Notes | 0 | -11,323 |
Net revolver borrowings | 46,932 | 53,800 |
Net borrowings of term loans – foreign | 1,818 | -1,739 |
Repayments of term loans | -13,016 | -19,812 |
Subsidiary's purchases of the Company's common units | -5,252 | -8,366 |
Purchases of treasury units | -49,470 | 0 |
Subsidiary purchases of their common stock | -10,274 | -20,724 |
Deferred finance charges | -88 | -349 |
Net change in overdrafts | 1,912 | 1,341 |
Net increase (decrease) in deposits | 1,782 | -265 |
Other | 776 | -617 |
Net cash (used in) provided by financing activities | -20,380 | 1,946 |
Net change for the period | -34,529 | 5,928 |
Effect of exchange rate changes on cash and cash equivalents | 54 | -103 |
Cash and cash equivalents at beginning of period | 203,980 | 198,027 |
Cash and cash equivalents at end of period | 169,505 | 203,852 |
Cash paid during the period for: | ' | ' |
Interest | 5,738 | 6,193 |
Taxes | 6,517 | 9,638 |
Non-cash investing activities: | ' | ' |
Net (increase) decrease in restricted cash from purchase of foreign currency financial instruments | -911 | 1,601 |
Non-cash financing activities [Abstract] | ' | ' |
Reclassification of available-for-sale securities to equity method investment | 27,647 | 0 |
Securities received in exchange for financial instrument obligations | 19,341 | 0 |
Repurchase of common stock by subsidiary not paid | -10,023 | 0 |
Contribution of advances by non-controlling interest of subsidiary | 268 | 0 |
Subsidiary restricted stock awards surrendered to satisfy tax withholding upon vesting | $14 | $0 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Partners Capital (USD $) | Total | Parent | Common Units | Treasury Units | Partners' Capital | Accumulated Other Comprehensive Income | Non-controlling interest in Consolidated Entities |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at beginning of year at Dec. 31, 2013 | $872,660 | $616,582 | ' | ($78,977) | $574,998 | $41,584 | $256,078 |
Balance at beginning of year (in shares) at Dec. 31, 2013 | -31,129,065 | ' | -36,502,306 | -5,373,241 | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | 9,651 | -2,911 | ' | ' | -2,911 | ' | 12,562 |
Unrealized gain on available-for-sale investments | 11,900 | 9,332 | ' | ' | ' | 9,332 | 2,568 |
Currency translation adjustment | -23 | 9 | ' | ' | ' | 9 | ' |
Cumulative translation adjustment attributable to noncontrolling interests | -32 | ' | ' | ' | ' | ' | ' |
Vesting of restricted units | 198 | 198 | ' | ' | 198 | ' | 0 |
Equity compensation- subsidiaries | 3,118 | 1,744 | ' | ' | 1,744 | ' | 1,374 |
Subsidiary's purchases of the Company's common units | -5,252 | -5,252 | ' | -5,252 | -5,252 | ' | ' |
Subsidiary's purchases of the Company's common units (in shares) | ' | ' | ' | -309,335 | ' | ' | ' |
Purchases of treasury units | -49,470 | -49,470 | ' | -49,470 | -49,470 | ' | ' |
Purchases of treasury units (in shares) | ' | ' | ' | -2,997,680 | ' | ' | ' |
Subsidiary purchases of their common stock | -20,297 | -2,150 | ' | ' | -2,150 | ' | -18,147 |
Purchases of subsidiary shares from noncontrolling interests | -3,045 | 958 | ' | ' | 958 | ' | -4,003 |
Other, net | 385 | 56 | ' | ' | 56 | ' | 329 |
Balance at end of year at Jun. 30, 2014 | $819,825 | $569,096 | ' | ($133,699) | $518,171 | $50,925 | $250,729 |
Balance at end of year (in shares) at Jun. 30, 2014 | -27,822,050 | ' | -36,502,306 | -8,680,256 | ' | ' | ' |
NATURE_OF_THE_BUSINESS_AND_BAS
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
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, including diversified industrial products, energy, defense, supply chain management and logistics, banking, food products and services, oilfield services, sports, training, education, and the entertainment and lifestyle industries. | ||||||
The Company works with its businesses to increase corporate value for all stakeholders and shareholders by utilizing Steel Partners Operational Excellence programs, the Steel Partners Purchasing Council, Steel Partners Corporate Services, balance sheet improvements, capital allocation policies and growth initiatives. All of the Company's programs are focused on helping SPLP companies strengthen their competitive advantage and increase their profitability, while enabling them to achieve operational excellence and enhanced customer satisfaction. | ||||||
SPLP operates through its Diversified Industrial, Energy, Financial Services, and Corporate and Other segments, which are managed separately and offer different products and services. For additional details related to the Company's reportable segments see Note 17 – "Segment Information." | ||||||
Steel Partners Holdings GP Inc. (“SPH GP”), a Delaware corporation, is the general partner of SPLP and is wholly-owned by SPLP. The Company is managed by SP General Services LLC (the “Manager”), pursuant to the terms of an amended and restated management agreement (the “Management Agreement”) discussed in further detail in Note 12 – "Related Party Transactions". | ||||||
Basis of Presentation | ||||||
The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: | ||||||
Ownership as of | ||||||
June 30, 2014 | December 31, 2013 | |||||
BNS Liquidating Trust ("BNS Liquidating Trust") | 84.9 | % | 84.9 | % | ||
DGT Holdings Corp. ("DGT") (a) | 82.7 | % | 76.7 | % | ||
Handy & Harman Ltd. ("HNH") | 55.7 | % | 54.9 | % | ||
SPH Services, Inc. ("SPH Services") | 100 | % | 100 | % | ||
Steel Excel Inc. ("Steel Excel") | 57.3 | % | 55.1 | % | ||
WebFinancial Holding Corporation ("WebFinancial") | 100 | % | 100 | % | ||
(a) DGT’s financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statement of Operations as of and for the three and six months ended June 30, 2014 includes DGT’s activity as of and for its three and six months ended April 30, 2014. | ||||||
Acquired companies are presented from their dates of acquisition (see Note 2 – “Acquisitions”). Significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for businesses that have been disposed of are removed from the results of the Company's continuing operations and classified as discontinued operations for each period presented in the Company's consolidated income statement. Similarly, the assets and liabilities of such businesses are reclassified from continuing operations and presented as discontinued operations for each period presented in the Company's Consolidated Balance Sheets. Businesses are reported as discontinued operations when the Company no longer has continuing involvement in their operations and no longer has significant continuing cash flows from their operation (see Note 3 – "Discontinued Operations" for additional information). | ||||||
Certain other prior period amounts have been reclassified to conform to the 2014 presentation. | ||||||
New Accounting Pronouncements | ||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on an organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The ASU is effective for fiscal years beginning after December 15, 2014, with early adoption allowed. | ||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five step process to achieve this core principle. The ASU is effective for the Company's 2017 fiscal year and may be applied either (i) retrospectively to each prior reporting period presented with an election for certain specified practical expedients, or (ii) retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application, with additional disclosure requirements. The Company is evaluating the potential impact of this new guidance, but does not currently anticipate that the application of ASU No. 2014-09 will have a significant effect on its financial condition, results of operations or its cash flows. We have not yet determined the method by which we will adopt the standard in 2017. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
ACQUISITIONS | ' | |||||||||
ACQUISITIONS | ||||||||||
There were no significant acquisitions in the first six months of 2014. | ||||||||||
2013 Acquisitions | ||||||||||
HNH - 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." | ||||||||||
In connection with the acquisition of Wolverine Joining, HNH incurred employee termination charges totaling approximately $400 associated with HNH's integration activities which were primarily recorded and paid in fiscal 2013 and 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: | ||||||||||
Trade and other receivables | $ | 9,491 | ||||||||
Inventories | 17,864 | |||||||||
Prepaid and other current assets | 81 | |||||||||
Property, plant and equipment | 5,549 | |||||||||
Goodwill | 14,767 | |||||||||
Other intangibles | 13,657 | |||||||||
Total assets acquired | 61,409 | |||||||||
Trade payables | (1,167 | ) | ||||||||
Accrued liabilities | (495 | ) | ||||||||
Net assets acquired | $ | 59,747 | ||||||||
The goodwill of $14,767 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. | ||||||||||
HNH - PAM Fastening Technology, Inc. | ||||||||||
On November 7, 2013, HNH, through its indirect subsidiary, OMG, Inc., acquired 100% of the stock of PAM Fastening Technology, Inc. ("PAM") for a cash purchase price of $9,200, net of cash acquired. PAM is a distributor of screw guns, collated screws and hot melt systems to the manufacturing and building industries in North America. The assets acquired and liabilities assumed included net working capital of trade receivables, inventories and trade payables; property, plant and equipment; and intangible assets, primarily trade names and customer relationships, valued at $2,500, $200 and $5,000, respectively. This acquisition provides HNH with an add on product category to its existing fastening system product line. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. In connection with the PAM acquisition, HNH has recorded goodwill totaling approximately $3,500, which is not expected to be deductible for income tax purposes, as well as deferred income tax liabilities associated with the acquired intangible assets of approximately $2,000. | ||||||||||
Steel Excel - Black Hawk Acquisition | ||||||||||
On December 16, 2013, Steel Excel acquired the business and substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk Inc.”), a provider of drilling and production services to the oil and gas industry, for approximately $60,800 in cash, subject to a post-closing working capital adjustment. The fair values recognized in 2013 in connection with this transaction were provisional pending Steel Excel's continued evaluation, including assessing any identifiable intangible assets acquired, and completing a valuation of the tangible and intangible assets. During 2014, Steel Excel recorded adjustments to the initial fair value estimates based on Steel Excel's continued assessment of the fair values of the assets and liabilities acquired, including a preliminary valuation. The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired. | ||||||||||
Previously Reported | Measurement period adjustments | Revised | ||||||||
Accounts receivable | $ | 9,663 | $ | 451 | $ | 10,114 | ||||
Prepaid expenses and other current assets | 208 | 111 | 319 | |||||||
Property and equipment | 30,581 | (493 | ) | 30,088 | ||||||
Intangible assets | — | 12,210 | 12,210 | |||||||
Accounts payable | (1,333 | ) | (251 | ) | (1,584 | ) | ||||
Accrued expenses | (1,756 | ) | (416 | ) | (2,172 | ) | ||||
Total net identifiable assets | 37,363 | 11,612 | 48,975 | |||||||
Goodwill | 23,400 | (11,612 | ) | 11,788 | ||||||
Net assets acquired | $ | 60,763 | $ | — | $ | 60,763 | ||||
The intangible assets acquired represented customer relationships, a trade name, and a non-compete arrangement with | ||||||||||
estimated fair values of $11,300, $800, and $100, respectively. The intangible assets are being amortized over five-year periods. The revised amounts are subject to further revision pending Steel Excel's continued assessment of the fair values of the assets and liabilities acquired, including completion of the valuation and the post-closing working capital adjustment. The Company's Consolidated Balance Sheet at December 31, 2013, has been revised to reflect the measurement period adjustments as if they had been recognized at the acquisition date. The measurement period adjustments did not have a material effect on the Company's Consolidated Statements of Operations for the year ended December 31, 2013. | ||||||||||
Steel Excel - Sports Acquisitions | ||||||||||
During 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. | ||||||||||
Pro Forma Results | ||||||||||
The following unaudited pro forma results of operations for the six months ended June 30, 2013 assumes that the acquisitions of Wolverine and the assets of Black Hawk Inc. 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 $500 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. | ||||||||||
Six Months Ended June 30, | ||||||||||
2013 | ||||||||||
Revenue | $ | 386,017 | ||||||||
Net income attributable to common unitholders | 6,701 | |||||||||
Net income per common unit – basic and diluted | 0.22 | |||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
Assets and Liabilities of discontinued operations at June 30, 2014 and December 31, 2013 include certain assets and liabilities relating to HNH's discontinued operations, a sports business owned by Steel Excel and a building owned by DGT, which is held for sale. | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Assets of discontinued operations: | ||||||||||||||||
Other current assets | $ | 669 | $ | 618 | ||||||||||||
Property, plant and equipment, net | 3,724 | 3,724 | ||||||||||||||
Other assets | 23 | 64 | ||||||||||||||
Total assets | $ | 4,416 | $ | 4,406 | ||||||||||||
Liabilities of discontinued operations: | ||||||||||||||||
Trade payables and accrued liabilities | $ | 1,000 | $ | 1,138 | ||||||||||||
Total liabilities | $ | 1,000 | $ | 1,138 | ||||||||||||
Summary results for our discontinued operations included in the Company's Consolidated Statements of Operations are detailed in the table below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | — | $ | 9,244 | $ | — | $ | 20,425 | ||||||||
Net loss | — | (1,140 | ) | — | (1,589 | ) | ||||||||||
Loss after taxes and noncontrolling interests | — | (360 | ) | (3 | ) | (820 | ) | |||||||||
(Loss) Gain on sale of discontinued operations after taxes and noncontrolling interests | — | (792 | ) | 23 | 2,421 | |||||||||||
Continental Industries | ||||||||||||||||
In January 2013, HNH divested substantially all of the assets and existing operations of its Continental business unit, a wholly owned subsidiary of Handy & Harman ("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 were held in escrow as of June 30, 2014 pending resolution of certain indemnification provisions contained in the sales agreement and are included in Trade and other receivables in the Company's Consolidated Balance Sheets. This escrow balance was released and received in July 2014. 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. 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 were part of SPLP's Diversified Industrial reporting segment. |
INVESTMENTS
INVESTMENTS | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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. These marketable securities as of June 30, 2014, and December 31, 2013, are classified as "available-for-sale" securities, with changes in fair value recognized in stockholders' equity as Other comprehensive income (loss). The 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-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
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 | $ | 74,935 | $ | — | $ | — | $ | 74,935 | $ | 60,909 | $ | — | $ | — | $ | 60,909 | ||||||||||||||||
Mutual funds | 15,722 | 6,012 | — | 21,734 | 15,723 | 5,060 | — | 20,783 | ||||||||||||||||||||||||
United States government securities | — | — | — | — | 50,356 | 23 | — | 50,379 | ||||||||||||||||||||||||
Equity securities | 89,716 | 15,611 | (3,687 | ) | 101,640 | 69,720 | 10,020 | (5,181 | ) | 74,559 | ||||||||||||||||||||||
Commercial paper | — | — | — | — | 1,799 | — | — | 1,799 | ||||||||||||||||||||||||
Corporate obligations | 32,374 | 1,534 | (19 | ) | 33,889 | 31,356 | 885 | (276 | ) | 31,965 | ||||||||||||||||||||||
Total marketable securities | 212,747 | 23,157 | (3,706 | ) | 232,198 | 229,863 | 15,988 | (5,457 | ) | 240,394 | ||||||||||||||||||||||
Amounts classified as cash equivalents | (74,935 | ) | — | — | (74,935 | ) | (61,909 | ) | — | — | (61,909 | ) | ||||||||||||||||||||
Amounts classified as marketable securities | $ | 137,812 | $ | 23,157 | $ | (3,706 | ) | $ | 157,263 | $ | 167,954 | $ | 15,988 | $ | (5,457 | ) | $ | 178,485 | ||||||||||||||
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. The Company has considered all available evidence and determined that the marketable securities in which unrealized losses were recorded in the period ended June 30, 2014 were not deemed to be other-than-temporary. | ||||||||||||||||||||||||||||||||
The Company sold approximately $55,200 and $95,700 of marketable securities in the three and six months ended June 30, 2014, respectively. As a result the Company recorded gross realized gains of $3,196 and gross realized losses of $1,120 for the three months ended June 30, 2014 and gross realized gains of $6,396 and gross realized losses of $1,329 for the six months ended June 30, 2014. These gains and losses are included in Other (income) expense, net on the Company's Consolidated Statements of Operations. The amortized cost and estimated fair value of investments in available-for-sale securities as of June 30, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Mature in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||
Mature after one year through three years | 229 | 236 | ||||||||||||||||||||||||||||||
Mature after three years | 32,146 | 33,653 | ||||||||||||||||||||||||||||||
Total debt securities | 32,375 | 33,889 | ||||||||||||||||||||||||||||||
Securities with no contractual maturities | 180,372 | 198,309 | ||||||||||||||||||||||||||||||
$ | 212,747 | $ | 232,198 | |||||||||||||||||||||||||||||
B) Long-Term Investments | ||||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term investments as of June 30, 2014 and December 31, 2013. 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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||
Equity securities - U.S. (1), (2) | ||||||||||||||||||||||||||||||||
Computer Software and Services | $ | 2,172 | $ | 2,665 | ||||||||||||||||||||||||||||
Aerospace/Defense | 79,857 | 75,341 | ||||||||||||||||||||||||||||||
Restaurants | 24,139 | 22,456 | ||||||||||||||||||||||||||||||
Other | 568 | 558 | ||||||||||||||||||||||||||||||
106,736 | 101,020 | |||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ||||||||||||||||||||||||||||||||
Manufacturing (1) | 30,970 | 30,841 | $ | 159 | $ | 4,599 | $ | 160 | $ | (4,541 | ) | |||||||||||||||||||||
137,706 | 131,861 | $ | 159 | $ | 4,599 | $ | 160 | $ | (4,541 | ) | ||||||||||||||||||||||
(B) EQUITY METHOD INVESTMENTS | ||||||||||||||||||||||||||||||||
Investments in Associated Companies: | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
At Cost: | Ownership | |||||||||||||||||||||||||||||||
CoSine | 48.3 | % | 48.6 | % | 5,720 | 5,876 | $ | (80 | ) | $ | (133 | ) | $ | (206 | ) | $ | (245 | ) | ||||||||||||||
Other (7) | 6,241 | 8,339 | (665 | ) | (80 | ) | (2,098 | ) | (80 | ) | ||||||||||||||||||||||
At Fair Value: | ||||||||||||||||||||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (1) | 26.9 | % | 27.1 | % | 53,418 | 79,972 | (5,182 | ) | (1,403 | ) | (22,460 | ) | (6,549 | ) | ||||||||||||||||||
SL Industries, Inc. ("SLI") (1) | 24.1 | % | 24.1 | % | 29,348 | 26,960 | 4,915 | 6,915 | 2,388 | 7,044 | ||||||||||||||||||||||
JPS Industries, Inc. ("JPS") (2) | 39.1 | % | 39.3 | % | 27,146 | 24,129 | (201 | ) | 8,158 | 3,016 | 8,158 | |||||||||||||||||||||
Fox & Hound (3) | — | % | 50 | % | — | — | — | (76 | ) | — | (5,315 | ) | ||||||||||||||||||||
API Technologies Corp. ("API") (1) | 20.6 | % | — | % | 31,330 | — | 3,539 | — | 3,539 | — | ||||||||||||||||||||||
Other (3) | 43.8 | % | 43.8 | % | 2,080 | 2,243 | (51 | ) | — | (162 | ) | — | ||||||||||||||||||||
155,283 | 147,519 | $ | 2,275 | $ | 13,381 | $ | (15,983 | ) | $ | 3,013 | ||||||||||||||||||||||
Other Investments at Fair Value - Related Party: | ||||||||||||||||||||||||||||||||
SPII Liquidating Trust - Series B (Barbican) (3) | — | — | $ | — | $ | (16 | ) | $ | — | $ | (16 | ) | ||||||||||||||||||||
SPII Liquidating Trust - Series D ( Fox & Hound) (3) | — | 507 | (3 | ) | (5 | ) | (3 | ) | (19 | ) | ||||||||||||||||||||||
SPII Liquidating Trust - Series G (SPCA) (3), (4) | 6,226 | 5,771 | 558 | (799 | ) | 456 | (680 | ) | ||||||||||||||||||||||||
SPII Liquidating Trust - Series H (SPJSF) (3), (5) | 3,979 | 3,950 | 920 | (407 | ) | 1,020 | 591 | |||||||||||||||||||||||||
SPII Liquidating Trust - Series I (3), (6) | — | — | — | — | — | (34 | ) | |||||||||||||||||||||||||
10,205 | 10,228 | $ | 1,475 | $ | (1,227 | ) | $ | 1,473 | $ | (158 | ) | |||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
ModusLink Warrants (3) | 2,434 | 5,832 | $ | (951 | ) | $ | (211 | ) | $ | (3,398 | ) | $ | (349 | ) | ||||||||||||||||||
Total Long-Term Investments | $ | 305,628 | $ | 295,440 | ||||||||||||||||||||||||||||
(1) Level 1 investment. Equity securities totaling $106,736 and $98,355 were classified as Level 1 investments as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
(2) Level 2 investment. Equity securities totaling $0 and $2,665 were classified as Level 2 investments as of June 30, 2014 and December 31, 2013, 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 six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 468 | $ | 1,182 | $ | 468 | $ | 1,182 | ||||||||||||||||||||||||
Gross gains from sales | $ | 31 | $ | 96 | $ | 31 | $ | 96 | ||||||||||||||||||||||||
Gross losses from sales | — | — | — | — | ||||||||||||||||||||||||||||
Net investment gain | $ | 31 | $ | 96 | $ | 31 | $ | 96 | ||||||||||||||||||||||||
Change in net unrealized holding gains (losses) included in Accumulated other comprehensive income | $ | 5,719 | $ | 16,511 | $ | 6,240 | $ | 48,392 | ||||||||||||||||||||||||
Reclassified out of Accumulated other comprehensive income : | ||||||||||||||||||||||||||||||||
Unrealized gains | $ | 86 | $ | 13,230 | $ | 86 | $ | 13,230 | ||||||||||||||||||||||||
Unrealized losses | — | — | — | (2,632 | ) | |||||||||||||||||||||||||||
Total | $ | 86 | $ | 13,230 | $ | 86 | $ | 10,598 | ||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
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 income in the Company's Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The cost basis and unrealized gains and losses related to our available-for-sale securities that are classified as long-term investments are as follows: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Computer Software and Services | $ | 1,874 | $ | 298 | $ | — | $ | 2,172 | $ | 2,312 | $ | 353 | $ | — | $ | 2,665 | ||||||||||||||||
Aerospace/Defense | 11,675 | 68,182 | — | 79,857 | 11,675 | 63,666 | — | 75,341 | ||||||||||||||||||||||||
Restaurants | 5,974 | 18,165 | — | 24,139 | 5,974 | 16,482 | — | 22,456 | ||||||||||||||||||||||||
Other | 575 | — | (7 | ) | 568 | 575 | — | (17 | ) | 558 | ||||||||||||||||||||||
$ | 20,098 | $ | 86,645 | $ | (7 | ) | $ | 106,736 | $ | 20,536 | $ | 80,501 | $ | (17 | ) | $ | 101,020 | |||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||
Available-for-sale securities that are classified as long-term investments also include the Company's investment in a manufacturing company. Changes in the fair value of this company are reported in the Company's Consolidated Statements of Operations as (Loss) Income 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 Company's Consolidated Statements of Operations during 2014 or 2013 follows: | ||||||||||||||||||||||||||||||||
Equity Method | ||||||||||||||||||||||||||||||||
• | CoSine is currently in the business of seeking to acquire one or more business operations. SPLP recorded $49 and $50 as its share of capital changes for the three and six months ended June 30, 2014 and $363 and $362 as its share of capital changes for the three and six months ended June 30, 2013. The aggregate market value of the Company’s interest in CoSine was $9,129 and $9,894 at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
• | Steel Excel has an investment in a sports business and in iGo, a mobile device accessories provider company. These investments are being accounted for under the traditional equity method as associated companies. | |||||||||||||||||||||||||||||||
Equity Method, At Fair Value: | ||||||||||||||||||||||||||||||||
• | MLNK provides supply chain and logistics services to companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. In March 2013, the Company purchased 7,500,000 shares of MLNK common stock. This investment gave the Company and its subsidiaries a combined 27.1% ownership interest in MLNK common stock. | |||||||||||||||||||||||||||||||
As a result, the Company concluded that it had significant influence over the operating and financial policies of MLNK and therefore its investment is subject to the equity method of accounting. SPLP elected the fair value option to account for MLNK in order to more appropriately reflect the value of MLNK in its financial statements, and records 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 Accumulated other comprehensive income and recorded in earnings for the three months ended March 31, 2013. | ||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
• | JPS is a U.S. manufacturer of extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. 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, SPLP concluded that it had significant influence over the operating and financial policies of JPS and therefore its investment was 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. SPLP elected the fair value option to account for JPS in order to more appropriately reflect the value of JPS in its financial statements and records unrealized gains and losses in earnings. | |||||||||||||||||||||||||||||||
• | On December 15, 2013, Fox & Hound filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court approved a plan to sell the assets of Fox & Hound and the sale closed on March 12, 2014. The Company did not receive a distribution at the conclusion of the chapter 11 process. The investment in Fox & Hound was recorded under the equity method at fair value. During the third quarter of 2013 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 reclassified this investment to an associated company. SPLP 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 records 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. In the first quarter of 2013, due to declines observed in this business, the Company recorded an impairment of $1,510, which is included in Asset impairment charges in the Company's Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||
• | In May 2014, Steel Excel increased its holdings of the common stock of API Technologies Corp. (“API”) to 20.6%. API is a designer and manufacturer of high performance systems, subsystems, modules, and components. Effective as of that date the investment in API has been accounted for as an equity method investment using the fair value option. Steel Excel elected the fair value option to account for its investment in API in order to more appropriately reflect the value of API in its financial statements. Prior to such time the investment in API was accounted for as an available-for-sale security, and upon the change in classification the Company recognized a loss of approximately $600 that had previously been included as a component of Accumulated other comprehensive income. | |||||||||||||||||||||||||||||||
Additional Disclosures Related to Associated Company Investments | ||||||||||||||||||||||||||||||||
The below summary balance sheet amounts are for the nearest practicable period. The below summary income statement amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period. This summary data may be unaudited and may contain a lag. | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Current assets | $ | 519,281 | $ | 477,886 | ||||||||||||||||||||||||||||
Noncurrent assets | 158,529 | 179,295 | ||||||||||||||||||||||||||||||
Total assets | $ | 677,810 | $ | 657,181 | ||||||||||||||||||||||||||||
Current liabilities | $ | 226,819 | $ | 269,629 | ||||||||||||||||||||||||||||
Noncurrent liabilities | 126,022 | 77,260 | ||||||||||||||||||||||||||||||
Total liabilities | 352,841 | 346,889 | ||||||||||||||||||||||||||||||
Parent equity | 324,969 | 310,292 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 677,810 | $ | 657,181 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Revenue | $ | 269,715 | $ | 353,939 | $ | 553,114 | $ | 679,151 | ||||||||||||||||||||||||
Gross profit | 40,714 | 50,792 | 87,789 | 90,737 | ||||||||||||||||||||||||||||
Loss from continuing operations | (5,049 | ) | (3,824 | ) | (3,204 | ) | (16,288 | ) | ||||||||||||||||||||||||
Net income (loss) after noncontrolling interests | 2,721 | (1,358 | ) | 5,170 | (14,948 | ) | ||||||||||||||||||||||||||
Other Investments at Fair Value - Related Party | ||||||||||||||||||||||||||||||||
Other investments at fair value - 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. During the second quarter of 2014, the Company received approximately $500 and $1,000 in cash distributions from Trusts D and H, respectively. | ||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Total assets | $ | 23,383 | $ | 23,412 | ||||||||||||||||||||||||||||
Total liabilities | (172 | ) | (34 | ) | ||||||||||||||||||||||||||||
Net Asset Value | $ | 23,211 | $ | 23,378 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 3,246 | $ | (2,708 | ) | $ | 3,254 | $ | (810 | ) | ||||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
In connection with the acquisition of MLNK 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 from investments held at fair value in the Company's Consolidated Statements of Operations. The ModusLink 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 53.6% 2) term of approximately 4 years 3) risk free interest rate of 1.62% based on the U.S. Treasury bill yield, and 4) an expected dividend of $0. | ||||||||||||||||||||||||||||||||
LIMITED PARTNERSHIP INVESTMENT AND PROMISSORY NOTE | ||||||||||||||||||||||||||||||||
Steel Excel also has other investments which include a $25,000 in cost-method investment in a limited partnership that co-invested with other private investment funds in a public company. Such investment had an approximate fair value of $33,000 at June 30, 2014, based on the net asset value included in the monthly statement it receives from the partnership. Steel Excel's other investments at June 30, 2014, also include investments in two venture capital funds totaling $500 and a promissory note with an amortized cost of $3,000, which is a reasonable approximation of fair value at June 30, 2014. These investments are reported as part of Other non-current assets in the Company's Consolidated Balance Sheets. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 are summarized by type of inputs applicable to the fair value measurements as follows: | ||||||||||||||||||||
30-Jun-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities (a) | $ | 110,910 | $ | 14,547 | $ | 31,806 | $ | 157,263 | ||||||||||||
Long-term investments (a) | 278,948 | — | 14,719 | 293,667 | ||||||||||||||||
Investments in certain funds | — | — | 540 | 540 | ||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 16,550 | — | — | 16,550 | ||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 5 | — | — | 5 | ||||||||||||||||
Total | $ | 406,413 | $ | 14,547 | $ | 47,065 | $ | 468,025 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Financial instruments | $ | 20,010 | $ | 26,001 | $ | — | $ | 46,011 | ||||||||||||
Interest rate swap agreement | — | 221 | — | 221 | ||||||||||||||||
Total | $ | 20,010 | $ | 26,222 | $ | — | $ | 46,232 | ||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities (a) | $ | 139,786 | $ | 15,334 | $ | 23,365 | $ | 178,485 | ||||||||||||
Long-term investments (a) | 209,168 | 53,754 | 18,303 | 281,225 | ||||||||||||||||
Investments in certain funds | — | — | 844 | 844 | ||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 14,766 | — | — | 14,766 | ||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 1,620 | — | — | 1,620 | ||||||||||||||||
Total | $ | 365,340 | $ | 69,088 | $ | 42,512 | $ | 476,940 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Financial instruments | $ | — | $ | 25,090 | $ | — | $ | 25,090 | ||||||||||||
Interest rate swap agreement | — | 214 | — | 214 | ||||||||||||||||
Total | $ | — | $ | 25,304 | $ | — | $ | 25,304 | ||||||||||||
(a) For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." | ||||||||||||||||||||
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. For certain marketable securities, net asset value is used which is included in quarterly statements received in arrears from two venture capital funds to determine the fair value of such funds. The fair value of certain other marketable securities are determined by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. | ||||||||||||||||||||
During the six months ended June 30, 2014, investments with a fair value of $58,666 were transferred from Level 2 to Level 1 based upon a change in trading volume. | ||||||||||||||||||||
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. | ||||||||||||||||||||
Interest rate swap agreements associated with HNH's senior credit facility are considered Level 2 measurements as the inputs are observable at commonly quoted intervals. Prior to the redemption of the Subordinated Notes and related Warrants, the embedded derivative features of the Subordinated Notes and Warrants (see Note 13 – "Debt and Capital Lease Obligations") were valued at fair value on a recurring basis and were considered Level 3 measurements. | ||||||||||||||||||||
Following is a summary of changes in financial assets measured using Level 3 inputs: | ||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Balance at March 31, 2013 | $ | 5,282 | $ | 12,332 | $ | 3,046 | $ | 22,746 | $ | 43,406 | ||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | 3,065 | |||||||||||||||
Purchases | 311 | — | — | 19,432 | 19,743 | |||||||||||||||
Sales | — | (764 | ) | — | (22,926 | ) | (23,690 | ) | ||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||
Unrealized gains | — | — | — | 144 | 144 | |||||||||||||||
Unrealized losses | (76 | ) | (1,227 | ) | (211 | ) | — | (1,514 | ) | |||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | 42,710 | ||||||||||
Balance at March 31, 2014 | $ | 2,131 | $ | 10,226 | $ | 3,385 | $ | 30,391 | $ | 46,133 | ||||||||||
Purchases | — | — | — | 5,239 | 5,239 | |||||||||||||||
Sales | — | (1,496 | ) | — | (2,758 | ) | (4,254 | ) | ||||||||||||
Realized loss on sale | — | — | — | (129 | ) | (129 | ) | |||||||||||||
Unrealized gains | — | 1,478 | — | — | 1,478 | |||||||||||||||
Unrealized losses | (51 | ) | (3 | ) | (951 | ) | (397 | ) | (1,402 | ) | ||||||||||
Balance at June 30, 2014 | $ | 2,080 | $ | 10,205 | $ | 2,434 | $ | 32,346 | $ | 47,065 | ||||||||||
Long - Term Investments | ||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 10,521 | $ | 11,263 | $ | — | $ | 2,804 | $ | 24,588 | ||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | 3,065 | |||||||||||||||
Purchases | 311 | — | 3,184 | 39,332 | 42,827 | |||||||||||||||
Sales | — | (764 | ) | — | (22,926 | ) | (23,690 | ) | ||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||
Unrealized gains | — | 592 | — | 186 | 778 | |||||||||||||||
Unrealized losses | (5,315 | ) | (750 | ) | (349 | ) | — | (6,414 | ) | |||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | 42,710 | ||||||||||
Balance at December 31, 2013 | $ | 2,243 | $ | 10,228 | $ | 5,832 | $ | 24,209 | $ | 42,512 | ||||||||||
Purchases | — | — | — | 10,538 | 10,538 | |||||||||||||||
Sales | — | (1,496 | ) | — | (4,732 | ) | (6,228 | ) | ||||||||||||
Realized loss on sale | — | — | — | (129 | ) | (129 | ) | |||||||||||||
Unrealized gains | — | 1,476 | — | 2,460 | 3,936 | |||||||||||||||
Unrealized losses | (163 | ) | (3 | ) | (3,398 | ) | — | (3,564 | ) | |||||||||||
Balance at June 30, 2014 | $ | 2,080 | $ | 10,205 | $ | 2,434 | $ | 32,346 | $ | 47,065 | ||||||||||
(a) Unrealized losses are recorded in Income (Loss) of associated companies, net of taxes in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(b) Unrealized gains and losses are recorded in (Loss) Income from other investments-related party in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(c) Unrealized gains and losses are recorded in (Loss) Income from investments held at fair value in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(d) Realized gains on sale are recorded in Other (income) expense, net in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
Long-Term Investments - Valuation Techniques | ||||||||||||||||||||
The Company primarily uses three valuation methods to estimate the fair value of its Level 3 investments. The Company estimated the value of its investments in associated companies primarily using a discounted cash flow method adjusted for additional information related to debt covenants, solvency issues, etc. The Company estimates the value of Other investments - related party, which represents 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"). | ||||||||||||||||||||
Level 3 Liabilities | ||||||||||||||||||||
During the six months ended June 30, 2013, the Company recognized a $184 decrease in fair value for the derivative features of the HNH Subordinated notes. As of June 30, 2014 and December 31, 2013, the Company did not hold 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 in 2014 and 2013 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. | ||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, WebBank has impaired loans of $515, of which $95 is guaranteed by the USDA or SBA and $2,564, of which $2,196 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 | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||
FINANCIAL INSTRUMENTS | |||||||||||||||||||
Financial instrument liabilities and related restricted cash consist of the following: | |||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||
Foreign currency financial instruments | $ | 26,001 | $ | 25,090 | |||||||||||||||
Short sales of corporate securities | 20,010 | — | |||||||||||||||||
$ | 46,011 | $ | 25,090 | ||||||||||||||||
Activity is summarized below for financial instrument liabilities and related restricted cash: | |||||||||||||||||||
June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance, beginning of period | $ | 25,090 | $ | 24,742 | |||||||||||||||
Short sales of corporate securities | 19,341 | — | |||||||||||||||||
Net investment losses (gains) | 1,492 | (1,684 | ) | ||||||||||||||||
Receipt of dividends, net of interest expense | 88 | 83 | |||||||||||||||||
Balance of financial instrument liabilities and related restricted cash, end of period | $ | 46,011 | $ | 23,141 | |||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||
Financial instruments include $26,001 and $25,090 at June 30, 2014 and December 31, 2013, 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 Company's Consolidated Statements of Operations included in Net investment (losses) gains. The liabilities are not designated as hedging instruments. Additional details related to the foreign currency financial instrument liabilities at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Currency | Carrying Amount | Notional Amount | Carrying Amount | Notional Amount | |||||||||||||||
Japanese Yen | $ | 1,431 | ¥145,000 | $ | 1,374 | ¥144,717 | |||||||||||||
Pound Sterling | 24,570 | £14,363 | 23,716 | £14,311 | |||||||||||||||
Total | $ | 26,001 | $ | 25,090 | |||||||||||||||
(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. | |||||||||||||||||||
Short Sales of Corporate Securities | |||||||||||||||||||
In 2014, Steel Excel entered into short sale transactions on certain corporate securities in which Steel Excel received proceeds from the sale of such securities and incurred obligations to deliver such securities at a later date. Upon initially entering into such short sale transactions Steel Excel recognized obligations totaling approximately $19,341, with a comparable amount of cash and cash equivalents reclassified as restricted cash. Subsequent changes in the fair value of such obligations, determined based on the closing market price of the securities, are recognized currently as gains or losses, with a comparable adjustment made to the amount of the restricted cash. As of June 30, 2014, obligations for such transactions totaled approximately $20,010, which are reported as Financial instruments with a comparable amount reported as Restricted cash in the Company's Consolidated Balance Sheet. For the three and six months ended June 30, 2014, the Company incurred losses totaling approximately $669, which are included as a component of Other (income) expense, net. | |||||||||||||||||||
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 June 30, 2014, HNH had the following outstanding future contracts with settlement dates ranging from | |||||||||||||||||||
August to September 2014. There were no forward contracts outstanding at June 30, 2014. | |||||||||||||||||||
Commodity | Amount | Notional Value | |||||||||||||||||
Silver | 985,000 ounces | $ | 20,800 | ||||||||||||||||
Gold | 1,400 ounces | $ | 1,800 | ||||||||||||||||
Copper | 275,000 pounds | $ | 900 | ||||||||||||||||
Tin | 60 metric tons | $ | 1,300 | ||||||||||||||||
H&H accounts for these contracts as either fair value hedges or economic hedges under the guidance in ASC 815, Derivatives and Hedging. | |||||||||||||||||||
Fair Value Hedges. Of the total futures contracts outstanding, 610,000 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 Company's Consolidated Balance Sheets. 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," Handy & Harman Group Ltd. ("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. HNH 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, HNH 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 Company's Consolidated Balance Sheets: | |||||||||||||||||||
Derivative | Balance Sheet Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||
Foreign currency financial instruments (a) | Financial instruments | $ | (26,001 | ) | $ | (25,090 | ) | ||||||||||||
Commodity contracts (a), (b) | Prepaid and other current assets | $ | 21 | $ | 1,778 | ||||||||||||||
Commodity contracts (a) | Accrued liabilities | $ | (16 | ) | $ | (158 | ) | ||||||||||||
Interest rate swap agreements (a) | Other current liabilities | $ | (221 | ) | $ | (214 | ) | ||||||||||||
(a) Carrying amount equals fair value. | |||||||||||||||||||
(b) Designated as hedging instruments as of June 30, 2014. | |||||||||||||||||||
Effect of derivative instruments on the Company's Consolidated Statements of Operations: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative | Statement of Operations Location | Gain (loss) | Gain (loss) | Gain (loss) | Gain (loss) | ||||||||||||||
Foreign currency financial instruments | Net investment (losses) gains | $ | 663 | $ | 59 | $ | 823 | $ | 1,684 | ||||||||||
Commodity contracts (a) | Cost of goods sold | (783 | ) | (120 | ) | (909 | ) | (120 | ) | ||||||||||
Commodity contracts | Realized and unrealized loss (gain) on derivatives | (606 | ) | 1,492 | (466 | ) | 1,846 | ||||||||||||
Interest rate swap agreements | Interest expense, net | (80 | ) | 173 | (125 | ) | (104 | ) | |||||||||||
Derivative features of subordinated notes | Realized and unrealized loss (gain) on derivatives | — | — | — | (793 | ) | |||||||||||||
Total derivatives | $ | (806 | ) | $ | 1,604 | $ | (677 | ) | $ | 2,513 | |||||||||
(a) Designated as hedging instruments as of June 30, 2014. | |||||||||||||||||||
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 Company's Consolidated Balance Sheets. The contract amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. | |||||||||||||||||||
At June 30, 2014 and December 31, 2013, WebBank’s undisbursed loan commitments totaled $31,648 and $28,011, 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 $236 and $465 at June 30, 2014 and December 31, 2013, respectively, and is included within Other current liabilities in the Company's Consolidated Balance Sheets. Increases or decreases in the allowance are included in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. The amount included in Selling, general and administrative expenses for credit losses on off-balance sheet contingent credit exposure was a benefit of $202 and $37 for the three months ended June 30, 2014 and 2013, respectively, and a benefit of $202 and $35 for the six months ended June 30, 2014 and 2013, respectively. |
TRADE_OTHER_AND_LOANS_RECEIVAB
TRADE, OTHER AND LOANS RECEIVABLE | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||
Trade, Other and Loans Receivable | ' | |||||||||||||||||||||||||||||
TRADE, OTHER AND LOANS RECEIVABLE | ||||||||||||||||||||||||||||||
Trade and Other Receivables | ||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Trade accounts receivables net of allowance for | $ | 134,601 | $ | 97,187 | ||||||||||||||||||||||||||
doubtful accounts of $2,382 in 2014 and $1,981 in 2013 | ||||||||||||||||||||||||||||||
Other receivables | 5,295 | 5,677 | ||||||||||||||||||||||||||||
Total | $ | 139,896 | $ | 102,864 | ||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||||
Major classification of WebBank’s loans receivable at June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||
Total | Current | Non-current | ||||||||||||||||||||||||||||
June 30, 2014 | % | December 31, 2013 | % | June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||
Commercial – owner occupied | $ | 1,700 | 2 | % | $ | 4,671 | 6 | % | $ | 93 | $ | 197 | $ | 1,607 | $ | 4,474 | ||||||||||||||
Commercial – other | 261 | — | % | 242 | — | % | — | — | 261 | 242 | ||||||||||||||||||||
Total real estate loans | 1,961 | 2 | % | 4,913 | 6 | % | 93 | 197 | 1,868 | 4,716 | ||||||||||||||||||||
Commercial and industrial | 47,956 | 58 | % | 46,702 | 61 | % | 1,281 | 1,462 | 46,675 | 45,240 | ||||||||||||||||||||
Loans held for sale | 32,713 | 40 | % | 25,125 | 33 | % | 32,713 | 25,125 | — | — | ||||||||||||||||||||
Total loans | 82,630 | 100 | % | 76,740 | 100 | % | 34,087 | 26,784 | 48,543 | 49,956 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||
Allowance for loan losses | (362 | ) | (424 | ) | (362 | ) | (424 | ) | — | — | ||||||||||||||||||||
Total loans receivable, net (a) | $ | 82,268 | $ | 76,316 | $ | 33,725 | $ | 26,360 | $ | 48,543 | $ | 49,956 | ||||||||||||||||||
(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 $80,600 and $76,303 at June 30, 2014 and December 31, 2013, 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 and commercial real estate segments, 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. | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
31-Dec-12 | $ | 187 | $ | 34 | $ | 64 | $ | 285 | ||||||||||||||||||||||
Charge-offs | — | — | (64 | ) | (64 | ) | ||||||||||||||||||||||||
Recoveries | 22 | 44 | 217 | 283 | ||||||||||||||||||||||||||
Provision | (132 | ) | (50 | ) | 102 | (80 | ) | |||||||||||||||||||||||
31-Dec-13 | 77 | 28 | 319 | $ | 424 | |||||||||||||||||||||||||
Charge-offs | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Recoveries | 63 | 18 | 14 | 95 | ||||||||||||||||||||||||||
Provision | (106 | ) | (16 | ) | (32 | ) | (154 | ) | ||||||||||||||||||||||
30-Jun-14 | $ | 34 | $ | 30 | $ | 298 | $ | 362 | ||||||||||||||||||||||
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, 2014 | Real Estate | |||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 34 | 30 | 298 | 362 | ||||||||||||||||||||||||||
Total | $ | 34 | $ | 30 | $ | 298 | $ | 362 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 385 | $ | — | $ | 130 | $ | 515 | ||||||||||||||||||||||
Collectively evaluated for impairment | 1,315 | 261 | 47,826 | 49,402 | ||||||||||||||||||||||||||
Total | $ | 1,700 | $ | 261 | $ | 47,956 | $ | 49,917 | ||||||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
December 31, 2013 | Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 77 | 28 | 319 | 424 | ||||||||||||||||||||||||||
Total | $ | 77 | $ | 28 | $ | 319 | $ | 424 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 2,426 | $ | — | $ | 138 | $ | 2,564 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,245 | 242 | 46,564 | 49,051 | ||||||||||||||||||||||||||
Total | $ | 4,671 | $ | 242 | $ | 46,702 | $ | 51,615 | ||||||||||||||||||||||
(1) $2,121 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 $0 at June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||
Nonaccrual loans are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 385 | $ | 402 | ||||||||||||||||||||||||||
Total Real Estate Loans | 385 | 402 | ||||||||||||||||||||||||||||
Commercial and Industrial | 106 | 109 | ||||||||||||||||||||||||||||
Total Loans | $ | 491 | $ | 511 | ||||||||||||||||||||||||||
Past due loans (accruing and nonaccruing) are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, 2014 | Current | 30-89 days | 90+ days | Total | Total | Recorded | Nonaccrual | |||||||||||||||||||||||
past due | past due | past due (2) | loans | investment | loans | |||||||||||||||||||||||||
in accruing | that are | |||||||||||||||||||||||||||||
loans 90+ | current (1) | |||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 1,697 | $ | — | $ | 3 | $ | 3 | $ | 1,700 | $ | — | $ | — | ||||||||||||||||
Commercial - Other | 261 | — | — | — | 261 | — | — | |||||||||||||||||||||||
Total Real Estate Loans | 1,958 | — | 3 | 3 | 1,961 | — | — | |||||||||||||||||||||||
Commercial and Industrial | 47,792 | 58 | 106 | 164 | 47,956 | — | 382 | |||||||||||||||||||||||
Total Loans | $ | 49,750 | $ | 58 | $ | 109 | $ | 167 | $ | 49,917 | $ | — | $ | 382 | ||||||||||||||||
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. | ||||||||||||||||||||||||||||||
(2) $90 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
December 31, 2013 | Current | 30-89 days | 90+ days | Total | Total | Recorded | Nonaccrual | |||||||||||||||||||||||
past due | past due | past due (2) | loans | investment | loans | |||||||||||||||||||||||||
in accruing | that are | |||||||||||||||||||||||||||||
loans 90+ | current (1) | |||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 4,668 | $ | — | $ | 3 | $ | 3 | $ | 4,671 | $ | — | $ | 399 | ||||||||||||||||
Commercial - Other | 242 | — | — | — | 242 | — | — | |||||||||||||||||||||||
Total Real Estate Loans | 4,910 | — | 3 | 3 | 4,913 | — | 399 | |||||||||||||||||||||||
Commercial and Industrial | 46,536 | 57 | 109 | 166 | 46,702 | — | — | |||||||||||||||||||||||
Total Loans | $ | 51,446 | $ | 57 | $ | 112 | $ | 169 | $ | 51,615 | $ | — | $ | 399 | ||||||||||||||||
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. | ||||||||||||||||||||||||||||||
(2) $90 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 financial/statistical models and loan officer judgment. The Company reviews and grades all loans with unpaid principal balances of $100 or more once per year. 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: | ||||||||||||||||||||||||||||||
June 30, 2014 | Pass | Special | Sub- | Doubtful | Total loans | |||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial - Owner Occupied | 1,315 | — | 385 | — | 1,700 | |||||||||||||||||||||||||
Commercial - Other | 261 | — | — | — | 261 | |||||||||||||||||||||||||
Total Real Estate Loans | 1,576 | — | 385 | — | 1,961 | |||||||||||||||||||||||||
Commercial and Industrial | 47,772 | 54 | 130 | — | 47,956 | |||||||||||||||||||||||||
Total Loans | $ | 49,348 | $ | 54 | $ | 515 | $ | — | $ | 49,917 | ||||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
December 31, 2013 | Pass | Special | Sub- | Doubtful | Total loans | |||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | 2,246 | $ | — | $ | 2,425 | $ | — | $ | 4,671 | ||||||||||||||||||||
Commercial - Owner Occupied | 242 | — | — | — | 242 | |||||||||||||||||||||||||
Commercial - Other | — | — | — | — | — | |||||||||||||||||||||||||
Total Real Estate Loans | 2,488 | — | 2,425 | — | 4,913 | |||||||||||||||||||||||||
Commercial and Industrial | 44,176 | 2,387 | 139 | — | 46,702 | |||||||||||||||||||||||||
Total Loans | $ | 46,664 | $ | 2,387 | $ | 2,564 | $ | — | $ | 51,615 | ||||||||||||||||||||
(1) $2,121 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: | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
June 30, 2014 | Unpaid principle | with no | with | Total recorded | Related | Average recorded | ||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 442 | $ | 385 | $ | — | $ | 385 | $ | — | $ | 1,121 | ||||||||||||||||||
Total Real Estate Loans | 442 | 385 | — | 385 | — | 1,121 | ||||||||||||||||||||||||
Commercial and Industrial | 314 | 124 | 6 | 130 | — | 133 | ||||||||||||||||||||||||
Total Loans | $ | 756 | $ | 509 | $ | 6 | $ | 515 | $ | — | $ | 1,254 | ||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
December 31, 2013 | Unpaid principle | with no | with | Total recorded | Related | Average recorded | ||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,626 | $ | 2,425 | $ | — | $ | 2,425 | $ | — | $ | 2,555 | ||||||||||||||||||
Total Real Estate Loans | 2,626 | 2,425 | — | 2,425 | — | 2,555 | ||||||||||||||||||||||||
Commercial and Industrial | 354 | 129 | 10 | 139 | — | 150 | ||||||||||||||||||||||||
Total Loans | $ | 2,980 | $ | 2,554 | $ | 10 | $ | 2,564 | $ | — | $ | 2,705 | ||||||||||||||||||
(1)$2,196 is guaranteed by the USDA or SBA. |
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
A summary of inventories is as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Finished products | $ | 24,544 | $ | 21,887 | ||||
In-process | 13,631 | 9,840 | ||||||
Raw materials | 16,971 | 15,246 | ||||||
Fine and fabricated precious metal in various stages of completion | 30,558 | 19,802 | ||||||
85,704 | 66,775 | |||||||
Excess of market value over LIFO cost | (1,101 | ) | (136 | ) | ||||
$ | 84,603 | $ | 66,639 | |||||
Fine and Fabricated Precious Metal Inventory | ||||||||
In order to produce certain of its products, HNH purchases, maintains and utilizes precious metal inventory. HNH records certain precious metal inventory at the lower of last-in, first-out ("LIFO") cost or market, with any adjustments recorded through cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. The market value of the precious metal inventory exceeded LIFO cost by $1,101 and $136 as of June 30, 2014 and December 31, 2013, respectively. | ||||||||
Certain customers and suppliers of HNH choose to do business on a “pool” basis, and furnish precious metal to HNH 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 Consolidated Balance Sheets. To the extent HNH is able to utilize customer precious metal in its production process, such customer metals replaces the need for HNH to purchase its own inventory. As of June 30, 2014, H&H’s customer metal consisted of 172,058 ounces of silver, 543 ounces of gold, and 1,391 | ||||||||
ounces of palladium. As of December 31, 2013, H&H’s customer metal consisted of 247,103 ounces of silver, 576 ounces of gold, and 1,392 ounces of palladium. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Supplemental inventory information: | ||||||||
Precious metals stated at LIFO cost | $ | 13,884 | $ | 5,978 | ||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 15,573 | 13,687 | ||||||
Market value per ounce: | ||||||||
Silver | 21.12 | 19.49 | ||||||
Gold | 1,317.50 | 1,201.50 | ||||||
Palladium | 839 | 711 | ||||||
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 11,999 | $ | 12,002 | ||||
Buildings and improvements | 60,063 | 58,417 | ||||||
Machinery, equipment and other | 207,372 | 192,617 | ||||||
Construction in progress | 9,160 | 8,615 | ||||||
288,594 | 271,651 | |||||||
Accumulated depreciation and amortization | (74,862 | ) | (60,994 | ) | ||||
Net property, plant and equipment | $ | 213,732 | $ | 210,657 | ||||
Depreciation expense was $7,018 and $5,676 for the three months ended June 30, 2014 and 2013, respectively, and $13,931 and $11,411 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||
Property, Plant and Equipment as of December 31, 2013, has been revised to reflect measurement period | ||||||||
adjustments identified during the six months ended June 30, 2014, related to Steel Excel's acquisition of the assets of Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 2 – "Acquisitions" for additional information). |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
A reconciliation of the change in the carrying value of goodwill by reportable segment is as follows: | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Diversified | Energy | Corporate | Total | |||||||||||||||||||||
Balance at beginning of year | $ | 32,841 | $ | 62,234 | $ | 81 | $ | 95,156 | ||||||||||||||||
Acquisitions | — | — | — | — | ||||||||||||||||||||
Currency translation adjustment | (4 | ) | — | — | (4 | ) | ||||||||||||||||||
Other adjustments | 76 | — | — | 76 | ||||||||||||||||||||
Balance at end of period | $ | 32,913 | $ | 62,234 | $ | 81 | $ | 95,228 | ||||||||||||||||
Goodwill in the Energy segment at December 31, 2013, has been revised to reflect measurement period | ||||||||||||||||||||||||
adjustments identified during the six months ended June 30, 2014, related to Steel Excel's acquisition of the assets of Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 2 – "Acquisitions" for additional information). | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Diversified | Energy | Corporate | Total | |||||||||||||||||||||
Balance at beginning of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | ||||||||||||||||
Acquisitions | 18,169 | 17,382 | — | 35,551 | ||||||||||||||||||||
Impairment (a) | — | (3,577 | ) | — | (3,577 | ) | ||||||||||||||||||
Currency translation adjustment | 14 | — | — | 14 | ||||||||||||||||||||
Other adjustments (b) | (454 | ) | — | — | (454 | ) | ||||||||||||||||||
Balance at end of year | $ | 32,841 | $ | 62,234 | $ | 81 | $ | 95,156 | ||||||||||||||||
(a) Represents an impairment related to one of Steel Excel's sports businesses. | ||||||||||||||||||||||||
(b) Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the HNH acquisition of Hickman. | ||||||||||||||||||||||||
A summary of intangible assets other than goodwill is summarized as follows: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Product and customer relationships | $ | 129,589 | $ | 28,184 | $ | 101,405 | $ | 128,754 | $ | 22,816 | $ | 105,938 | ||||||||||||
Trademarks | 29,693 | 5,032 | 24,661 | 29,675 | 3,978 | 25,697 | ||||||||||||||||||
Patents and technology | 19,465 | 6,409 | 13,056 | 19,338 | 5,635 | 13,703 | ||||||||||||||||||
Other | 2,629 | 1,731 | 898 | 2,636 | 1,547 | 1,089 | ||||||||||||||||||
$ | 181,376 | $ | 41,356 | $ | 140,020 | $ | 180,403 | $ | 33,976 | $ | 146,427 | |||||||||||||
Trademarks with indefinite lives as of June 30, 2014 and December 31, 2013 were $8,020. Amortization expense related to intangible assets was $3,652 and $3,022 for the three months ended June 30, 2014 and 2013, respectively, and $7,414 and $5,800 for the six months ended June 30, 2014 and 2013, respectively. Amortization expense is expected to be $7,305, $14,217, $13,641, $12,528, $11,664 and $72,645 for the remainder of 2014, 2015, 2016, 2017, 2018 and thereafter, respectively. | ||||||||||||||||||||||||
Certain intangible asset amounts at December 31, 2013, have been revised to reflect measurement period adjustments identified during the six months ended June 30, 2014, related to Steel Excel's acquisition of the assets of Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 2 – "Acquisitions" for additional information). |
BANK_DEPOSITS
BANK DEPOSITS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
BANK DEPOSITS | ' | |||||||
BANK DEPOSITS | ||||||||
A summary of WebBank deposits is as follows: | ||||||||
Time deposits year of maturity: | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
2014 | $ | 14,360 | $ | 47,372 | ||||
2015 | 15,530 | 14,284 | ||||||
2016 | 28,616 | 13,625 | ||||||
2017 | 5,225 | — | ||||||
Total time deposits | 63,731 | 75,281 | ||||||
Money market deposits | 56,257 | 42,925 | ||||||
Total deposits (a) | $ | 119,988 | $ | 118,206 | ||||
Current | $ | 79,560 | $ | 87,319 | ||||
Long-term | 40,428 | 30,887 | ||||||
Total deposits | $ | 119,988 | $ | 118,206 | ||||
Time deposit accounts under $100 | $ | 52,467 | $ | 63,515 | ||||
Time deposit accounts $100 and over | 11,264 | 11,766 | ||||||
Total time deposits | $ | 63,731 | $ | 75,281 | ||||
(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 $120,567 and $118,698 at June 30, 2014 and December 31, 2013, respectively. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Management Agreement with SP General Services LLC | |
The Manager earns a fee, pursuant to the terms of an amended and restated management agreement, (the “Management Agreement”) at an annual rate of 1.5% of total SPLP Partners' capital ("Management Fee"), payable on the first day of each quarter and subject to quarterly adjustment. The Management Agreement is automatically renewed each December 31 for successive one-year terms unless otherwise determined at least 60 days prior to each renewal date by a majority of the independent directors. For the three months ended June 30, 2014 and 2013, the Manager earned a Management Fee of $2,257 and $2,041, respectively, and for the six months ended June 30, 2014 and 2013, the Manager earned a Management Fee of $4,569 and $4,018, respectively. The Management Fee is included in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. Unpaid amounts for management fees included in Payable to related parties were $0 and $2,049 at June 30, 2014 and December 31, 2013, respectively. | |
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. The Manager incurred approximately $326 and $344 of reimbursable expenses during the three months ended June 30, 2014 and 2013, respectively, and $1,345 and $559 for the six months ended June 30, 2014 and 2013, respectively, in connection with its provision of services under the Management Agreement. Unpaid amounts for reimbursable expenses were approximately $931 and $477 at June 30, 2014 and December 31, 2013, respectively, and are included in Payable to related parties. | |
Corporate Services | |
On January 1, 2012, SPH Services, a 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 Steel Partners LLC, 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. Annual amounts to be billed to these companies are $8,885, $8,000, $3,000, $476, $250 and $204, respectively, and are eliminated in consolidation. | |
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., J. Howard Inc., SL Industries, Inc., Steel Partners, Ltd. and iGo, Inc. In total, SP Corporate will charge approximately $1,721 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 $100 and $94 for the three months ended June 30, 2014 and 2013, respectively, and $230 and $216 for the six months ended June 30, 2014 and 2013, respectively. Such commissions are included in Net investment gains (losses) in the Company's 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 | |
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 $31,088 and $28,515 at June 30, 2014 and December 31, 2013, 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 Sheets. For the three and six months ended June 30, 2014 and 2013, 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 $60 (effective May 1, 2013), $5 and $5 annually, respectively. For the three months ended June 30, 2014 and 2013 non-management directors’ fees expensed were $236 and $197, respectively, and $446 and $398 for the six months ended June 30, 2014 and 2013, respectively. Unpaid non-management directors’ fees are included in Payable to related parties and were $37 and $46 at June 30, 2014 and December 31, 2013, respectively. | |
At June 30, 2014 and December 31, 2013, several related parties and consolidated subsidiaries had deposits totaling $19,016 and $19,229, respectively, in WebBank. $16,737 and $17,195 of these deposits have been eliminated in consolidation as of June 30, 2014 and December 31, 2013, respectively. Deposits held at WebBank earned $26 and $39 in interest for the three months ended June 30, 2014 and 2013, respectively, and $53 and $86 for the six months ended June 30, 2014 and 2013, respectively. $22 and $39 of this interest has been eliminated in consolidation for the three months ended June 30, 2014 and 2013, respectively, and $46 and $81 has been eliminated in consolidation for the six months ended June 30, 2014 and 2013, respectively. | |
SPLP has an estimated liability of $116 as of June 30, 2014 and December 31, 2013 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 in Receivable from related parties in the Company's Consolidated Balance Sheets. |
DEBT_AND_CAPITAL_LEASE_OBLIGAT
DEBT AND CAPITAL LEASE OBLIGATIONS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT AND CAPITAL LEASE OBLIGATIONS | ' | |||||||
DEBT AND CAPITAL LEASE OBLIGATIONS | ||||||||
Debt and capital lease obligations consists of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Short term debt: | ||||||||
Foreign | $ | 632 | $ | 304 | ||||
3/4% Convertible Senior Subordinated Notes | — | 346 | ||||||
Short-term debt | 632 | 650 | ||||||
Long-term debt: | ||||||||
Term Loans | 195,643 | 208,500 | ||||||
Revolving Facilities | 82,382 | 30,950 | ||||||
Other debt - domestic | 8,119 | 8,280 | ||||||
Foreign loan facilities | 3,135 | 1,658 | ||||||
Subtotal | 289,279 | 249,388 | ||||||
Less portion due within one year | 27,595 | 26,033 | ||||||
Long-term debt | 261,684 | 223,355 | ||||||
Total debt | $ | 289,911 | $ | 250,038 | ||||
Capital lease facility | ||||||||
Current portion of capital lease | $ | 705 | $ | 953 | ||||
Long-term portion of capital lease | 545 | 734 | ||||||
$ | 1,250 | $ | 1,687 | |||||
SPLP Credit Facility | ||||||||
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 also includes provisions for the issuance of letters of credit up to $10,000, with any such issuances reducing total borrowing availability. There were no letters of credit outstanding at June 30, 2014. The Credit Facility provides for a commitment fee to be paid on unused borrowings and also contains customary affirmative and negative covenants, including a minimum cash balance covenant, restrictions against the payment of dividends and customary events of default. Any amounts outstanding under the Credit Facility are due and payable in full on October 23, 2016. In April 2014, the Company borrowed $47,500 under the Credit Facility in connection with a tender offer for its common units (see Note 15 – "Capital and Accumulated Other Comprehensive Income"). The Amount outstanding under the Credit Facility was $36,582 as of June 30, 2014. | ||||||||
HNH Debt | ||||||||
Senior Credit Facility | ||||||||
H&H Group, a wholly owned subsidiary of HNH, entered into a senior secured credit facility, as amended, consisting of a revolving credit facility ("Revolving Facility") in an aggregate principal amount not to exceed $160,000 and a term loan ("Senior Term Loan") (collectively, "Senior Credit Facility"). The Revolving Facility provides for a commitment fee to be paid on unused borrowings, and usage under the Revolving Facility is governed by a defined Borrowing Base. The Senior Term Loan requires quarterly principal payments of $3,100, $3,900, $3,900 and $3,900 in 2014, 2015, 2016 and 2017, respectively. | ||||||||
The Senior Credit Facility will expire, with remaining outstanding balances due and payable, on November 8, 2017. The Senior Credit Facility is guaranteed by substantially all existing and thereafter acquired or created domestic and Canadian wholly-owned subsidiaries of H&H Group, which approximated $404,000 at June 30, 2014. 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 (2.50% and 1.50%, respectively, for LIBOR and Base Rate borrowings at June 30, 2014). The Senior Credit 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 2.67% and 3.16%, respectively, at June 30, 2014, and HNH was in compliance with all debt covenants at June 30, 2014. | ||||||||
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. | ||||||||
WHX CS Loan | ||||||||
On June 3, 2014, WHX CS Corp. ("WHX CS"), a wholly-owned subsidiary of HNH, entered into a credit agreement ("WHX CS Loan"), which provides for a term loan facility with borrowing availability of up to a maximum aggregate principal amount of $15,000. Obligations under the WHX CS Loan are collateralized by a first priority security interest in and lien upon HNH's investment in the common stock of ModusLink (see Note 4 – "Investments"), and WHX CS's obligations under this agreement are guaranteed by H&H Group. | ||||||||
The amounts outstanding under the WHX CS Loan bear interest at LIBOR plus 1.25%, subject to downward adjustment based on a quarterly evaluation of the trading price of ModusLink common stock. The weighted-average interest rate on the WHX CS Loan was 1.41% at June 30, 2014. Availability under the WHX CS Loan is equal to 50% of the value of HNH's investment in ModusLink common stock. Draw-downs are available for a period of up to twelve months after closing. Amounts advanced and repaid under the agreement may not be re-borrowed. At the end of the draw-down period, the principal drawn will be converted into a two year term loan with a five year amortization and associated quarterly principal payments. All amounts outstanding under the WHX CS Loan are due and payable in full on June 3, 2017. The WHX CS Loan contains certain affirmative and negative covenants, and HNH was in compliance with all debt covenants at June 30, 2014. | ||||||||
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. Approximately $25,000 of this deposit related to SPLP's holdings of the Subordinated Notes. SPLP received the proceeds on April 26, 2013. 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 | ||||||||
In 2013, Steel Excel's energy business entered into a credit agreement (the “Amended Credit Agreement”) with Wells Fargo Bank National Association, RBS Citizens, N.A., and Comerica Bank that provided for a borrowing capacity of $105,000 consisting of a $95,000 secured term loan (the “Term Loan”) 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 Amended Credit Agreement are collateralized by substantially all the assets of Steel Energy Ltd. ("Steel Energy") and its wholly-owned subsidiaries Sun Well Service, Inc. ("Sun Well"), Rogue Pressure Services, LLC ("Rogue") and Black Hawk Energy Services Ltd. ("Black Hawk Ltd."), and a pledge of all of the issued and outstanding shares of capital stock of Sun Well, Rogue and Black Hawk Ltd. Borrowings under the amended credit agreement are fully guaranteed by Sun Well, Rogue and Black Hawk Ltd. The carrying value as of June 30, 2014 of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement was approximately $180,200. | ||||||||
The Amended Credit Agreement has a term that runs through July 2018, with the Term Loan amortizing in quarterly installments of $3,300 and a balloon payment due on the maturity date. At June 30, 2014, $85,900 was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Principal payments under the Amended Credit Agreement are $6,607, $13,214, $13,214, $13,214 and $39,644 for the remainder of 2014, 2015, 2016, 2017 and 2018, respectively. | ||||||||
The interest rate on the borrowings under the Amended Credit Agreement was 3.0% at June 30, 2014. For the three months ended June 30, 2014, Steel Excel incurred interest expense of $800 in connection with the Amended Credit Agreement, consisting of $700 in interest on the Term Loans and $100 of amortization of deferred financing fees. For the six months ended June 30, 2014, Steel Excel incurred interest expense of $1,700 in connection with the Amended Credit Agreement, consisting of $1,400 in interest on the Term Loans and $300 of amortization of deferred financing fees. Steel Excel was in compliance with all financial covenants of the Amended Credit Agreement as of June 30, 2014. | ||||||||
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. |
PENSION_BENEFIT_PLANS
PENSION BENEFIT PLANS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 5,288 | $ | 4,672 | $ | 10,576 | $ | 9,316 | ||||||||
Expected return on plan assets | (6,067 | ) | (6,034 | ) | (12,134 | ) | (12,013 | ) | ||||||||
Amortization of actuarial loss | 581 | 1,438 | 1,162 | 2,668 | ||||||||||||
Total | $ | (198 | ) | $ | 76 | $ | (396 | ) | $ | (29 | ) | |||||
HNH expects to have required minimum contributions to the WHX Pension Plan of $16,900 for the remainder of 2014, $21,400, $16,800, $15,500, $13,700 and $27,200 in 2015, 2016, 2017, 2018 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 $600 and $400 for the three months ended June 30, 2014 and 2013, respectively, and $1,100 and $1,000 for the six months ended June 30, 2014 and 2013, respectively. |
CAPITAL_AND_ACCUMULATED_OTHER_
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||||||
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
At December 31, 2013 there were 22,647,345 Class A units, 6,939,647 Class B units and 1,542,073 Class C units outstanding. As a result of the tender offer, described in further detail below, the capital accounts of the Company's common units were aligned with each of the previously issued Class B and Class C units. Accordingly, the outstanding Class B and Class C units were automatically converted to common units on May 1, 2014. As of June 30, 2014 there are 27,822,050 common units outstanding. | ||||||||||||||||
Tender Offer for SPLP Units | ||||||||||||||||
On March 25, 2014, the Company commenced a modified "Dutch Auction" tender offer (the "Offer") to purchase for cash up to $49,000 in value of its common units, no par value, at a price per unit of not less than $16.50 nor greater than $17.50 per unit, which expired on April 23, 2014. | ||||||||||||||||
The modified Dutch Auction allowed SPLP's unitholders to tender their units at a price within the specified range of not less than $16.50 nor greater than $17.50 per unit. Based on the number of units tendered and the prices specified by the tendering unitholders, SPLP selected a single price per unit of $16.50 (the "Purchase Price") that enabled it to purchase approximately $49,000 in value of its common units pursuant to the Offer. All units accepted in the Offer were purchased at the same price per unit even if a unitholder tendered at a lower price. At the Purchase Price selected by SPLP of $16.50 per unit, SPLP purchased 2,969,696 common units. The Company funded the Offer with $1,500 cash on hand and $47,500 of borrowings under its existing credit facility with PNC (see Note 13 – "Debt and Capital Lease Obligations"). | ||||||||||||||||
Common Unit Repurchase Program | ||||||||||||||||
On December 24, 2013, the Board of Directors of the general partner of the Company, approved the repurchase of up to an aggregate of $5,000 of the Company's common units (the “Repurchase Program”). Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company has entered into a Stock Purchase Plan which expired on March 26, 2014. The Repurchase Program has no termination date. In total, the Company has purchased 33,999 units for a total purchase price of approximately $576 under the repurchase program. | ||||||||||||||||
Common Units Issuance - Directors | ||||||||||||||||
In 2013, 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 2013, 2012 and 2011. Total expense for the restricted units issued was approximately $104 and $63 for the three months ended June 30, 2014 and 2013, respectively, and $198 and $146 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
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 | ||||||||||||||||
Changes, net of tax, in Accumulated other comprehensive income are as follows: | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Unrealized gain on available-for-sale securities | Cumulative translation adjustment | Change in net pension and other benefit obligations | Total | |||||||||||||
Balance at beginning of period | $ | 83,943 | $ | (3,367 | ) | $ | (38,992 | ) | $ | 41,584 | ||||||
Other comprehensive income, net of tax - before reclassifications (a) | 10,206 | 9 | — | 10,215 | ||||||||||||
Reclassification adjustments, net of tax (b) | (874 | ) | — | — | (874 | ) | ||||||||||
Net other comprehensive income attributable to common unit holders (c) | 9,332 | 9 | — | 9,341 | ||||||||||||
Balance at end of period | $ | 93,275 | $ | (3,358 | ) | $ | (38,992 | ) | $ | 50,925 | ||||||
(a) Net of tax a tax provision of $2,235. | ||||||||||||||||
(b) Net of tax a tax benefit of $478. | ||||||||||||||||
(c) Amounts do not include unrealized gain on available-for-sale securities of $2,568 and cumulative translation adjustment loss of $32 attributable to noncontrolling interests. | ||||||||||||||||
At June 30, 2014 and December 31, 2013, Accumulated other comprehensive income includes amounts for these companies of $2 and $2, respectively, for unrealized gains on available-for-sale securities. | ||||||||||||||||
For the three months ended June 30, 2014 and 2013, the impact on comprehensive income related to companies accounted for under the traditional equity method was $1 and $0, respectively. For the six months ended June 30, 2014 and 2013, the impact on comprehensive income related to companies accounted for under the traditional equity method was $0 and $1 respectively. | ||||||||||||||||
Noncontrolling Interests in Consolidated Entities | ||||||||||||||||
Noncontrolling interests in consolidated entities at June 30, 2014 and December 31, 2013 represent the interests held by the noncontrolling shareholders of HNH, Steel Excel, DGT and the BNS Liquidating Trust. | ||||||||||||||||
Incentive Unit Expense | ||||||||||||||||
Effective January 1, 2012, SPLP issued to the Manager partnership profits interests in the form of incentive units, a portion of which will be classified as Class C common units of SPLP upon the attainment of certain specified performance goals by SPLP which are determined as of the last day of each fiscal year. If the performance goals are not met for a fiscal year, no portion of the incentive units will be classified as Class C common units for that year. The number of outstanding incentive units is equal to 100% of the common units outstanding, including common units held by non-wholly owned subsidiaries. The performance goals and expense related to the classification of a portion of the incentive units as Class C units is measured on an annual basis, but is accrued on a quarterly basis. Accordingly, the expense accrued is adjusted to reflect the fair value of the Class C common units on each interim calculation date. In the event the cumulative incentive unit expense calculated quarterly or for the full year is an amount less than the total previously accrued, the Company would record a negative incentive unit expense in the quarter when such over accrual is determined. The expense is recorded in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. For the three months ended June 30, 2014 and 2013, the Company recorded a reduction of SG&A expenses from the incentive unit calculation of approximately $544 and incentive unit expense of approximately $2,343, respectively. The Company recorded incentive unit expense of $0 and $6,774 for the six months ended June 30, 2014 and 2013, respectively. |
NET_INCOME_LOSS_PER_COMMON_UNI
NET INCOME (LOSS) PER COMMON UNIT | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
NET INCOME (LOSS) PER COMMON UNIT | ' | |||||||||||||||
NET INCOME (LOSS) PER COMMON UNIT | ||||||||||||||||
The following data was used in computing net income (loss) per common unit shown in the Company's Consolidated Statements of Operations: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income from continuing operations | $ | 21,197 | $ | 24,329 | $ | 9,609 | $ | 10,893 | ||||||||
Net income from continuing operations attributable to noncontrolling interests in consolidated entities | (11,402 | ) | (7,079 | ) | (12,540 | ) | (8,345 | ) | ||||||||
Net income (loss) from continuing operations attributable to common unit holders | 9,795 | 17,250 | (2,931 | ) | 2,548 | |||||||||||
(Loss) Income from discontinued operations | — | (2,582 | ) | 42 | 2,842 | |||||||||||
Net income (loss) from discontinued operations attributable to noncontrolling interests in consolidated entities | — | 1,429 | (22 | ) | (1,243 | ) | ||||||||||
Net (income) loss from discontinued operations attributable to common unit holders | — | (1,153 | ) | 20 | 1,599 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 9,795 | $ | 16,097 | $ | (2,911 | ) | $ | 4,147 | |||||||
Net income (loss) per common unit - basic: | ||||||||||||||||
Net income (loss) from continuing operations | $ | 0.34 | $ | 0.57 | $ | (0.10 | ) | $ | 0.08 | |||||||
Net (loss) income from discontinued operations | — | (0.04 | ) | — | 0.06 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 0.34 | $ | 0.53 | $ | (0.10 | ) | $ | 0.14 | |||||||
Net income (loss) per common unit – diluted: | ||||||||||||||||
Net income (loss) from continuing operations | $ | 0.34 | $ | 0.57 | $ | (0.10 | ) | $ | 0.08 | |||||||
Net (loss) income from discontinued operations | — | (0.04 | ) | — | 0.06 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 0.34 | $ | 0.53 | $ | (0.10 | ) | $ | 0.14 | |||||||
Weighted average common units outstanding - basic | 28,739,858 | 30,128,047 | 29,765,843 | 30,194,928 | ||||||||||||
Unvested restricted units | 35,582 | — | — | — | ||||||||||||
Denominator for net income per common unit - diluted (a) | 28,775,440 | 30,128,047 | 29,765,843 | 30,194,928 | ||||||||||||
(a) The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; approximately 16,032 incentive units and approximately 35,134 unvested restricted units, for the six months ended June 30, 2014. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The following table presents the composition of our segments, which include the operations of our consolidated subsidiaries, as well as income or loss from equity method investments and other investments. Our segments are managed separately and offer different products and services. | ||||||||||||||||
Diversified Industrial | Energy | Financial Services | Corporate and Other | |||||||||||||
Handy & Harman Ltd. ("HNH") (1) | Steel Excel Inc. ("Steel Excel") (1) | WebBank (1) | SPH Services, Inc. ("SPH Services") (1) | |||||||||||||
SL Industries, Inc. ("SLI") (2) | DGT Holdings Corp. ("DGT") (1) | |||||||||||||||
JPS Industries, Inc. ("JPS") (2) | BNS Holdings Liquidating Trust ("BNS Liquidating Trust") (1) | |||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (2) | ||||||||||||||||
CoSine Communications, Inc. ("CoSine")(2) | ||||||||||||||||
SPII Liquidating Trust (2) | ||||||||||||||||
Other Investments (3) | ||||||||||||||||
-1 | Consolidated subsidiary | |||||||||||||||
-2 | Equity method investment | |||||||||||||||
(3) Other investments classified in Corporate and Other include various investments in available-for-sale securities in the Computer Software and Services, Aerospace/Defense, and Restaurant industries. | ||||||||||||||||
Diversified Industrial | ||||||||||||||||
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. | ||||||||||||||||
Energy | ||||||||||||||||
Steel Excel's Energy business provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., Steel Excel focuses on providing event-based sports and entertainment services and other health-related services, including baseball facility services, baseball and soccer camps and leagues, and strength and conditioning services. Steel Excel also continues to identify other new business acquisition opportunities. The operations of Steel Sports are not considered material and are included in the Energy segment. | ||||||||||||||||
Financial Services | ||||||||||||||||
The Financial Services segment primarily consists of our wholly owned subsidiary WebFinancial Holding Corporation, which conducts financial operations through its wholly-owned subsidiary, WebBank. WebBank operates in niche banking markets and provides commercial and consumer loans and services. WebBank’s deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") up to current limits, and the bank is examined and regulated by the FDIC and Utah Department of Financial Institutions. | ||||||||||||||||
Corporate and Other | ||||||||||||||||
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. See Note 4 – "Investments" for additional information on the equity method investments and other investments classified within this segment. | ||||||||||||||||
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, $2,000, and $62, for the three months ended June 30, 2014 and approximately $2,200, $900 and $63, for the three months ended June 30, 2013. SPH Services charged the Diversified Industrial, Energy and Financial Services segments approximately $4,400, $4,000, and $125, for the six months ended June 30, 2014 and approximately $4,400, $1,800 and $125, for the six months ended June 30, 2013. | ||||||||||||||||
DGT's operations currently consist of a real estate business from rental buildings retained from the sale of its Power Conversion business on August 16, 2012 and the sale of its Medical Systems Group on November 3, 2011. Continuing operations consist of the real estate business, investments, and general and administrative expenses. | ||||||||||||||||
Segment information is presented below: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Diversified industrial | $ | 195,492 | $ | 182,085 | $ | 357,339 | $ | 331,041 | ||||||||
Energy | 51,924 | 28,762 | 97,083 | 55,113 | ||||||||||||
Financial services | 8,023 | 7,271 | 14,989 | 13,580 | ||||||||||||
Corporate and other | (490 | ) | 364 | (245 | ) | 2,210 | ||||||||||
Total | $ | 254,949 | $ | 218,482 | $ | 469,166 | $ | 401,944 | ||||||||
Income (Loss) from continuing operations before income taxes: | ||||||||||||||||
Diversified industrial | $ | 25,815 | $ | 31,691 | $ | 34,870 | $ | 39,519 | ||||||||
Energy | 9,183 | 2,349 | 12,576 | 6,041 | ||||||||||||
Financial services | 5,172 | 4,680 | 9,250 | 8,436 | ||||||||||||
Corporate and other | (9,254 | ) | (6,329 | ) | (34,688 | ) | (34,393 | ) | ||||||||
Income from continuing operations before income taxes | 30,916 | 32,391 | 22,008 | 19,603 | ||||||||||||
Income tax provision | 9,719 | 8,062 | 12,399 | 8,710 | ||||||||||||
Net income from continuing operations | $ | 21,197 | $ | 24,329 | $ | 9,609 | $ | 10,893 | ||||||||
Income (Loss) from equity method investments: | ||||||||||||||||
Diversified industrial | $ | 4,714 | $ | 15,073 | $ | 5,404 | $ | 15,202 | ||||||||
Energy | 2,874 | (80 | ) | 1,441 | (80 | ) | ||||||||||
Corporate and other | (3,838 | ) | (2,839 | ) | (21,355 | ) | (12,267 | ) | ||||||||
Total | $ | 3,750 | $ | 12,154 | $ | (14,510 | ) | $ | 2,855 | |||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
For the three months ended June 30, 2014 and 2013, the Company recorded a tax provision of $9,719 and $8,062, respectively. For the six months ended June 30, 2014 and 2013, the Company recorded a tax provision of $12,399 and $8,710, respectively. The Company’s tax provision represents the income tax expense or benefit of its consolidated subsidiaries. The difference between the effective tax rate and statutory federal rate of 35% is principally due to changes in the valuation allowances, various permanent differences included in the provisions of our subsidiaries, and partnership income not subject to taxation. 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 | 6 Months Ended |
Jun. 30, 2014 | |
Regulatory Matters [Abstract] | ' |
REGULATORY MATTERS | ' |
REGULATORY MATTERS | |
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 June 30, 2014, WebBank exceeded all the capital adequacy requirements to which it is subject. | |
As of June 30, 2014, 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. | |
SPLP | |
The Company historically has conducted its business, and continues to conduct its business and operations, in such a manner so as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Act”). | |
Under the Act, the Company is required to meet certain qualitative tests related to the Company’s assets and/or income, and to refrain from trading for short-term speculative purposes. The Company has taken actions, including liquidating certain of our assets and acquiring additional interests in existing or new subsidiaries or controlled companies, to comply with these tests, or a relevant exception. Also, since the Company operates as a diversified holding company engaged in a variety of operating businesses, we do not believe we are primarily engaged in an investment company type business, nor do we propose to primarily engage in such a business. | |
If we were deemed to be an investment company under the Investment Company Act, we may need to further adjust our business strategy and assets, including divesting certain desirable assets immediately to fall outside of the definition or within an exemption, to register as an investment company or to cease operations. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014, and December 31, 2013, on a consolidated basis, the Company has accrued $3,503 and $4,603, 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 $2,100 accrued related to estimated environmental remediation costs as of June 30, 2014. HNH also has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. | |
In addition, certain H&H Group subsidiaries 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. | |
Based upon information currently available, however, the H&H Group subsidiaries do not expect that 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. | |
Among the sites where certain H&H Group subsidiaries may have more substantial 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, Handy & Harman Electronic Materials Corporation ("HHEM"), a subsidiary of H&H, 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 June 30, 2014, over and above the $1,000, total investigation and remediation costs of approximately $4,300 and $1,400 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 final 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. | |
HHEM is continuing to comply with a 1987 consent order from the Massachusetts Department of Environmental Protection ("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 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, testing, site investigations and install additional off-site wells. The additional work and a follow-up response report to the MADEP are expected to be completed in the second half of 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 June 4, 2013 BNS LLC was identified by the U.S. Environmental Protection Agency (“EPA”) as a 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, Rhode Island. BNS LLC is currently investigating the matter. BNS LLC joined a PRP group associated with this site, and believes at this time that it has an adequate accrual associated with the matter. The accrual is part of the BNS Liquidating Trust. | |
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 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. This PRP group has agreed with the EPA to perform test sampling and analysis of a targeted portion of the site. The NECC drum reconditioning PRPs 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. The liability accrual is part of the Liquidating Trust formed by BNS. | |
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 1,286 and 1,234 alleged asbestos-related toxic-tort claims as of June 30, 2014 and December 31, 2013, 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, 1,067 and 1,053 were dismissed, settled or granted summary judgment and closed as of June 30, 2014 and December 31, 2013, respectively. Of the claims settled, the average settlement was less than $3. There remained 191 and 211 pending asbestos claims as of June 30, 2014 and December 31, 2013, 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 $2,082 at June 30, 2014 and December 31, 2013 in estimated remaining self insurance retention (deductible). There is secondary evidence of 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 June 30, 2014 and December 31, 2013 BNS Sub has accrued $1,403 relating to the open and active claims against BNS Sub. This accrual represents the Company’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 | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On August 5, 2014, H&H Group and certain subsidiaries entered into an amendment to its credit agreement, dated as of November 8, 2012, as amended, with PNC in its capacities as administrative agent and collateral agent for the lenders thereunder, to, among other things, permit PNC to extend to H&H Group a new $40,000 term loan and permit H&H Group to make a distribution to HNH of up to $80,000. | |
On August 6, 2014 HNH announced that its Board of Directors has authorized a tender offer (the “HNH Offer”) to purchase for cash up to $60,000 in value of shares of its common stock, par value $0.01 per share, at a price of $24.00 per share. The closing price of HNH’s common stock on August 6, 2014 was $22.56. HNH commenced the HNH Offer on August 7, 2014 and expects the HNH Offer will expire at 5:00 P.M., Eastern Time, on September 5, 2014, unless extended or withdrawn. HNH intends to fund the HNH Offer with cash on hand. Financing is not a condition to the HNH Offer. |
NATURE_OF_THE_BUSINESS_AND_BAS1
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||
Basis Presentation | ' | |||||
Basis of Presentation | ||||||
The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: | ||||||
Ownership as of | ||||||
June 30, 2014 | December 31, 2013 | |||||
BNS Liquidating Trust ("BNS Liquidating Trust") | 84.9 | % | 84.9 | % | ||
DGT Holdings Corp. ("DGT") (a) | 82.7 | % | 76.7 | % | ||
Handy & Harman Ltd. ("HNH") | 55.7 | % | 54.9 | % | ||
SPH Services, Inc. ("SPH Services") | 100 | % | 100 | % | ||
Steel Excel Inc. ("Steel Excel") | 57.3 | % | 55.1 | % | ||
WebFinancial Holding Corporation ("WebFinancial") | 100 | % | 100 | % | ||
(a) DGT’s financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statement of Operations as of and for the three and six months ended June 30, 2014 includes DGT’s activity as of and for its three and six months ended April 30, 2014. | ||||||
Acquired companies are presented from their dates of acquisition (see Note 2 – “Acquisitions”). Significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for businesses that have been disposed of are removed from the results of the Company's continuing operations and classified as discontinued operations for each period presented in the Company's consolidated income statement. Similarly, the assets and liabilities of such businesses are reclassified from continuing operations and presented as discontinued operations for each period presented in the Company's Consolidated Balance Sheets. Businesses are reported as discontinued operations when the Company no longer has continuing involvement in their operations and no longer has significant continuing cash flows from their operation (see Note 3 – "Discontinued Operations" for additional information). | ||||||
New Accounting Pronouncements | ' | |||||
New Accounting Pronouncements | ||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on an organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The ASU is effective for fiscal years beginning after December 15, 2014, with early adoption allowed. | ||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and the guidance defines a five step process to achieve this core principle. The ASU is effective for the Company's 2017 fiscal year and may be applied either (i) retrospectively to each prior reporting period presented with an election for certain specified practical expedients, or (ii) retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application, with additional disclosure requirements. The Company is evaluating the potential impact of this new guidance, but does not currently anticipate that the application of ASU No. 2014-09 will have a significant effect on its financial condition, results of operations or its cash flows. We have not yet determined the method by which we will adopt the standard in 2017. |
NATURE_OF_THE_BUSINESS_AND_BAS2
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||
Basis of Presentation | ' | |||||
The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: | ||||||
Ownership as of | ||||||
June 30, 2014 | December 31, 2013 | |||||
BNS Liquidating Trust ("BNS Liquidating Trust") | 84.9 | % | 84.9 | % | ||
DGT Holdings Corp. ("DGT") (a) | 82.7 | % | 76.7 | % | ||
Handy & Harman Ltd. ("HNH") | 55.7 | % | 54.9 | % | ||
SPH Services, Inc. ("SPH Services") | 100 | % | 100 | % | ||
Steel Excel Inc. ("Steel Excel") | 57.3 | % | 55.1 | % | ||
WebFinancial Holding Corporation ("WebFinancial") | 100 | % | 100 | % | ||
(a) DGT’s financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statement of Operations as of and for the three and six months ended June 30, 2014 includes DGT’s activity as of and for its three and six months ended April 30, 2014. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
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: | ||||||||||
Trade and other receivables | $ | 9,491 | ||||||||
Inventories | 17,864 | |||||||||
Prepaid and other current assets | 81 | |||||||||
Property, plant and equipment | 5,549 | |||||||||
Goodwill | 14,767 | |||||||||
Other intangibles | 13,657 | |||||||||
Total assets acquired | 61,409 | |||||||||
Trade payables | (1,167 | ) | ||||||||
Accrued liabilities | (495 | ) | ||||||||
Net assets acquired | $ | 59,747 | ||||||||
The following table summarizes the provisional fair values previously reported, the measurement period adjustments recognized in 2014, and the revised fair values of the assets and liabilities acquired. | ||||||||||
Previously Reported | Measurement period adjustments | Revised | ||||||||
Accounts receivable | $ | 9,663 | $ | 451 | $ | 10,114 | ||||
Prepaid expenses and other current assets | 208 | 111 | 319 | |||||||
Property and equipment | 30,581 | (493 | ) | 30,088 | ||||||
Intangible assets | — | 12,210 | 12,210 | |||||||
Accounts payable | (1,333 | ) | (251 | ) | (1,584 | ) | ||||
Accrued expenses | (1,756 | ) | (416 | ) | (2,172 | ) | ||||
Total net identifiable assets | 37,363 | 11,612 | 48,975 | |||||||
Goodwill | 23,400 | (11,612 | ) | 11,788 | ||||||
Net assets acquired | $ | 60,763 | $ | — | $ | 60,763 | ||||
Business Acquisition, Pro Forma Information | ' | |||||||||
The 2013 supplemental pro forma earnings were adjusted to exclude $500 of acquisition-related costs incurred in 2013 and $500 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. | ||||||||||
Six Months Ended June 30, | ||||||||||
2013 | ||||||||||
Revenue | $ | 386,017 | ||||||||
Net income attributable to common unitholders | 6,701 | |||||||||
Net income per common unit – basic and diluted | 0.22 | |||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
Summary results for our discontinued operations included in the Company's Consolidated Statements of Operations are detailed in the table below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | — | $ | 9,244 | $ | — | $ | 20,425 | ||||||||
Net loss | — | (1,140 | ) | — | (1,589 | ) | ||||||||||
Loss after taxes and noncontrolling interests | — | (360 | ) | (3 | ) | (820 | ) | |||||||||
(Loss) Gain on sale of discontinued operations after taxes and noncontrolling interests | — | (792 | ) | 23 | 2,421 | |||||||||||
Assets and Liabilities of discontinued operations at June 30, 2014 and December 31, 2013 include certain assets and liabilities relating to HNH's discontinued operations, a sports business owned by Steel Excel and a building owned by DGT, which is held for sale. | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Assets of discontinued operations: | ||||||||||||||||
Other current assets | $ | 669 | $ | 618 | ||||||||||||
Property, plant and equipment, net | 3,724 | 3,724 | ||||||||||||||
Other assets | 23 | 64 | ||||||||||||||
Total assets | $ | 4,416 | $ | 4,406 | ||||||||||||
Liabilities of discontinued operations: | ||||||||||||||||
Trade payables and accrued liabilities | $ | 1,000 | $ | 1,138 | ||||||||||||
Total liabilities | $ | 1,000 | $ | 1,138 | ||||||||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||||||||
The Company's portfolio of marketable securities was as follows: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
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 | $ | 74,935 | $ | — | $ | — | $ | 74,935 | $ | 60,909 | $ | — | $ | — | $ | 60,909 | ||||||||||||||||
Mutual funds | 15,722 | 6,012 | — | 21,734 | 15,723 | 5,060 | — | 20,783 | ||||||||||||||||||||||||
United States government securities | — | — | — | — | 50,356 | 23 | — | 50,379 | ||||||||||||||||||||||||
Equity securities | 89,716 | 15,611 | (3,687 | ) | 101,640 | 69,720 | 10,020 | (5,181 | ) | 74,559 | ||||||||||||||||||||||
Commercial paper | — | — | — | — | 1,799 | — | — | 1,799 | ||||||||||||||||||||||||
Corporate obligations | 32,374 | 1,534 | (19 | ) | 33,889 | 31,356 | 885 | (276 | ) | 31,965 | ||||||||||||||||||||||
Total marketable securities | 212,747 | 23,157 | (3,706 | ) | 232,198 | 229,863 | 15,988 | (5,457 | ) | 240,394 | ||||||||||||||||||||||
Amounts classified as cash equivalents | (74,935 | ) | — | — | (74,935 | ) | (61,909 | ) | — | — | (61,909 | ) | ||||||||||||||||||||
Amounts classified as marketable securities | $ | 137,812 | $ | 23,157 | $ | (3,706 | ) | $ | 157,263 | $ | 167,954 | $ | 15,988 | $ | (5,457 | ) | $ | 178,485 | ||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investments in available-for-sale securities as of June 30, 2014, by contractual maturity, were as follows: | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Mature in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||
Mature after one year through three years | 229 | 236 | ||||||||||||||||||||||||||||||
Mature after three years | 32,146 | 33,653 | ||||||||||||||||||||||||||||||
Total debt securities | 32,375 | 33,889 | ||||||||||||||||||||||||||||||
Securities with no contractual maturities | 180,372 | 198,309 | ||||||||||||||||||||||||||||||
$ | 212,747 | $ | 232,198 | |||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities and Equity Method Investments | ' | |||||||||||||||||||||||||||||||
The following table summarizes the Company's long-term investments as of June 30, 2014 and December 31, 2013. 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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||
Equity securities - U.S. (1), (2) | ||||||||||||||||||||||||||||||||
Computer Software and Services | $ | 2,172 | $ | 2,665 | ||||||||||||||||||||||||||||
Aerospace/Defense | 79,857 | 75,341 | ||||||||||||||||||||||||||||||
Restaurants | 24,139 | 22,456 | ||||||||||||||||||||||||||||||
Other | 568 | 558 | ||||||||||||||||||||||||||||||
106,736 | 101,020 | |||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Consolidated Statement of Operations: | ||||||||||||||||||||||||||||||||
Manufacturing (1) | 30,970 | 30,841 | $ | 159 | $ | 4,599 | $ | 160 | $ | (4,541 | ) | |||||||||||||||||||||
137,706 | 131,861 | $ | 159 | $ | 4,599 | $ | 160 | $ | (4,541 | ) | ||||||||||||||||||||||
(B) EQUITY METHOD INVESTMENTS | ||||||||||||||||||||||||||||||||
Investments in Associated Companies: | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
At Cost: | Ownership | |||||||||||||||||||||||||||||||
CoSine | 48.3 | % | 48.6 | % | 5,720 | 5,876 | $ | (80 | ) | $ | (133 | ) | $ | (206 | ) | $ | (245 | ) | ||||||||||||||
Other (7) | 6,241 | 8,339 | (665 | ) | (80 | ) | (2,098 | ) | (80 | ) | ||||||||||||||||||||||
At Fair Value: | ||||||||||||||||||||||||||||||||
ModusLink Global Solutions, Inc. ("MLNK") (1) | 26.9 | % | 27.1 | % | 53,418 | 79,972 | (5,182 | ) | (1,403 | ) | (22,460 | ) | (6,549 | ) | ||||||||||||||||||
SL Industries, Inc. ("SLI") (1) | 24.1 | % | 24.1 | % | 29,348 | 26,960 | 4,915 | 6,915 | 2,388 | 7,044 | ||||||||||||||||||||||
JPS Industries, Inc. ("JPS") (2) | 39.1 | % | 39.3 | % | 27,146 | 24,129 | (201 | ) | 8,158 | 3,016 | 8,158 | |||||||||||||||||||||
Fox & Hound (3) | — | % | 50 | % | — | — | — | (76 | ) | — | (5,315 | ) | ||||||||||||||||||||
API Technologies Corp. ("API") (1) | 20.6 | % | — | % | 31,330 | — | 3,539 | — | 3,539 | — | ||||||||||||||||||||||
Other (3) | 43.8 | % | 43.8 | % | 2,080 | 2,243 | (51 | ) | — | (162 | ) | — | ||||||||||||||||||||
155,283 | 147,519 | $ | 2,275 | $ | 13,381 | $ | (15,983 | ) | $ | 3,013 | ||||||||||||||||||||||
Other Investments at Fair Value - Related Party: | ||||||||||||||||||||||||||||||||
SPII Liquidating Trust - Series B (Barbican) (3) | — | — | $ | — | $ | (16 | ) | $ | — | $ | (16 | ) | ||||||||||||||||||||
SPII Liquidating Trust - Series D ( Fox & Hound) (3) | — | 507 | (3 | ) | (5 | ) | (3 | ) | (19 | ) | ||||||||||||||||||||||
SPII Liquidating Trust - Series G (SPCA) (3), (4) | 6,226 | 5,771 | 558 | (799 | ) | 456 | (680 | ) | ||||||||||||||||||||||||
SPII Liquidating Trust - Series H (SPJSF) (3), (5) | 3,979 | 3,950 | 920 | (407 | ) | 1,020 | 591 | |||||||||||||||||||||||||
SPII Liquidating Trust - Series I (3), (6) | — | — | — | — | — | (34 | ) | |||||||||||||||||||||||||
10,205 | 10,228 | $ | 1,475 | $ | (1,227 | ) | $ | 1,473 | $ | (158 | ) | |||||||||||||||||||||
(C) OTHER INVESTMENTS | ||||||||||||||||||||||||||||||||
ModusLink Warrants (3) | 2,434 | 5,832 | $ | (951 | ) | $ | (211 | ) | $ | (3,398 | ) | $ | (349 | ) | ||||||||||||||||||
Total Long-Term Investments | $ | 305,628 | $ | 295,440 | ||||||||||||||||||||||||||||
(1) Level 1 investment. Equity securities totaling $106,736 and $98,355 were classified as Level 1 investments as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
(2) Level 2 investment. Equity securities totaling $0 and $2,665 were classified as Level 2 investments as of June 30, 2014 and December 31, 2013, 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 six months ended June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(A) AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||||||||||||||
Fair Value Changes Recorded in Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 468 | $ | 1,182 | $ | 468 | $ | 1,182 | ||||||||||||||||||||||||
Gross gains from sales | $ | 31 | $ | 96 | $ | 31 | $ | 96 | ||||||||||||||||||||||||
Gross losses from sales | — | — | — | — | ||||||||||||||||||||||||||||
Net investment gain | $ | 31 | $ | 96 | $ | 31 | $ | 96 | ||||||||||||||||||||||||
Change in net unrealized holding gains (losses) included in Accumulated other comprehensive income | $ | 5,719 | $ | 16,511 | $ | 6,240 | $ | 48,392 | ||||||||||||||||||||||||
Reclassified out of Accumulated other comprehensive income : | ||||||||||||||||||||||||||||||||
Unrealized gains | $ | 86 | $ | 13,230 | $ | 86 | $ | 13,230 | ||||||||||||||||||||||||
Unrealized losses | — | — | — | (2,632 | ) | |||||||||||||||||||||||||||
Total | $ | 86 | $ | 13,230 | $ | 86 | $ | 10,598 | ||||||||||||||||||||||||
Schedule of Unrealized Gains and Losses on Investments | ' | |||||||||||||||||||||||||||||||
The cost basis and unrealized gains and losses related to our available-for-sale securities that are classified as long-term investments are as follows: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Computer Software and Services | $ | 1,874 | $ | 298 | $ | — | $ | 2,172 | $ | 2,312 | $ | 353 | $ | — | $ | 2,665 | ||||||||||||||||
Aerospace/Defense | 11,675 | 68,182 | — | 79,857 | 11,675 | 63,666 | — | 75,341 | ||||||||||||||||||||||||
Restaurants | 5,974 | 18,165 | — | 24,139 | 5,974 | 16,482 | — | 22,456 | ||||||||||||||||||||||||
Other | 575 | — | (7 | ) | 568 | 575 | — | (17 | ) | 558 | ||||||||||||||||||||||
$ | 20,098 | $ | 86,645 | $ | (7 | ) | $ | 106,736 | $ | 20,536 | $ | 80,501 | $ | (17 | ) | $ | 101,020 | |||||||||||||||
Schedule of Additional Disclosures of Associated Companies | ' | |||||||||||||||||||||||||||||||
This summary data may be unaudited and may contain a lag. | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Current assets | $ | 519,281 | $ | 477,886 | ||||||||||||||||||||||||||||
Noncurrent assets | 158,529 | 179,295 | ||||||||||||||||||||||||||||||
Total assets | $ | 677,810 | $ | 657,181 | ||||||||||||||||||||||||||||
Current liabilities | $ | 226,819 | $ | 269,629 | ||||||||||||||||||||||||||||
Noncurrent liabilities | 126,022 | 77,260 | ||||||||||||||||||||||||||||||
Total liabilities | 352,841 | 346,889 | ||||||||||||||||||||||||||||||
Parent equity | 324,969 | 310,292 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 677,810 | $ | 657,181 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Revenue | $ | 269,715 | $ | 353,939 | $ | 553,114 | $ | 679,151 | ||||||||||||||||||||||||
Gross profit | 40,714 | 50,792 | 87,789 | 90,737 | ||||||||||||||||||||||||||||
Loss from continuing operations | (5,049 | ) | (3,824 | ) | (3,204 | ) | (16,288 | ) | ||||||||||||||||||||||||
Net income (loss) after noncontrolling interests | 2,721 | (1,358 | ) | 5,170 | (14,948 | ) | ||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Summary of balance sheet amounts: | ||||||||||||||||||||||||||||||||
Total assets | $ | 23,383 | $ | 23,412 | ||||||||||||||||||||||||||||
Total liabilities | (172 | ) | (34 | ) | ||||||||||||||||||||||||||||
Net Asset Value | $ | 23,211 | $ | 23,378 | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Summary income statement amounts: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 3,246 | $ | (2,708 | ) | $ | 3,254 | $ | (810 | ) | ||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 are summarized by type of inputs applicable to the fair value measurements as follows: | ||||||||||||||||||||
30-Jun-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities (a) | $ | 110,910 | $ | 14,547 | $ | 31,806 | $ | 157,263 | ||||||||||||
Long-term investments (a) | 278,948 | — | 14,719 | 293,667 | ||||||||||||||||
Investments in certain funds | — | — | 540 | 540 | ||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 16,550 | — | — | 16,550 | ||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 5 | — | — | 5 | ||||||||||||||||
Total | $ | 406,413 | $ | 14,547 | $ | 47,065 | $ | 468,025 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Financial instruments | $ | 20,010 | $ | 26,001 | $ | — | $ | 46,011 | ||||||||||||
Interest rate swap agreement | — | 221 | — | 221 | ||||||||||||||||
Total | $ | 20,010 | $ | 26,222 | $ | — | $ | 46,232 | ||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities (a) | $ | 139,786 | $ | 15,334 | $ | 23,365 | $ | 178,485 | ||||||||||||
Long-term investments (a) | 209,168 | 53,754 | 18,303 | 281,225 | ||||||||||||||||
Investments in certain funds | — | — | 844 | 844 | ||||||||||||||||
Precious metal and commodity inventories recorded at fair value | 14,766 | — | — | 14,766 | ||||||||||||||||
Commodity contracts on precious metal and commodity inventories | 1,620 | — | — | 1,620 | ||||||||||||||||
Total | $ | 365,340 | $ | 69,088 | $ | 42,512 | $ | 476,940 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Financial instruments | $ | — | $ | 25,090 | $ | — | $ | 25,090 | ||||||||||||
Interest rate swap agreement | — | 214 | — | 214 | ||||||||||||||||
Total | $ | — | $ | 25,304 | $ | — | $ | 25,304 | ||||||||||||
(a) For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||
Following is a summary of changes in financial assets measured using Level 3 inputs: | ||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Balance at March 31, 2013 | $ | 5,282 | $ | 12,332 | $ | 3,046 | $ | 22,746 | $ | 43,406 | ||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | 3,065 | |||||||||||||||
Purchases | 311 | — | — | 19,432 | 19,743 | |||||||||||||||
Sales | — | (764 | ) | — | (22,926 | ) | (23,690 | ) | ||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||
Unrealized gains | — | — | — | 144 | 144 | |||||||||||||||
Unrealized losses | (76 | ) | (1,227 | ) | (211 | ) | — | (1,514 | ) | |||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | 42,710 | ||||||||||
Balance at March 31, 2014 | $ | 2,131 | $ | 10,226 | $ | 3,385 | $ | 30,391 | $ | 46,133 | ||||||||||
Purchases | — | — | — | 5,239 | 5,239 | |||||||||||||||
Sales | — | (1,496 | ) | — | (2,758 | ) | (4,254 | ) | ||||||||||||
Realized loss on sale | — | — | — | (129 | ) | (129 | ) | |||||||||||||
Unrealized gains | — | 1,478 | — | — | 1,478 | |||||||||||||||
Unrealized losses | (51 | ) | (3 | ) | (951 | ) | (397 | ) | (1,402 | ) | ||||||||||
Balance at June 30, 2014 | $ | 2,080 | $ | 10,205 | $ | 2,434 | $ | 32,346 | $ | 47,065 | ||||||||||
Long - Term Investments | ||||||||||||||||||||
Investments in Associated Companies (a) | Other Investments - Related Party (b) | ModusLink Warrants (c) | Marketable Securities and Other (d) | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 10,521 | $ | 11,263 | $ | — | $ | 2,804 | $ | 24,588 | ||||||||||
Additions - fair value elections in 2013 | 3,065 | — | — | — | 3,065 | |||||||||||||||
Purchases | 311 | — | 3,184 | 39,332 | 42,827 | |||||||||||||||
Sales | — | (764 | ) | — | (22,926 | ) | (23,690 | ) | ||||||||||||
Realized gain on sale | — | — | — | 1,556 | 1,556 | |||||||||||||||
Unrealized gains | — | 592 | — | 186 | 778 | |||||||||||||||
Unrealized losses | (5,315 | ) | (750 | ) | (349 | ) | — | (6,414 | ) | |||||||||||
Balance at June 30, 2013 | $ | 8,582 | $ | 10,341 | $ | 2,835 | $ | 20,952 | $ | 42,710 | ||||||||||
Balance at December 31, 2013 | $ | 2,243 | $ | 10,228 | $ | 5,832 | $ | 24,209 | $ | 42,512 | ||||||||||
Purchases | — | — | — | 10,538 | 10,538 | |||||||||||||||
Sales | — | (1,496 | ) | — | (4,732 | ) | (6,228 | ) | ||||||||||||
Realized loss on sale | — | — | — | (129 | ) | (129 | ) | |||||||||||||
Unrealized gains | — | 1,476 | — | 2,460 | 3,936 | |||||||||||||||
Unrealized losses | (163 | ) | (3 | ) | (3,398 | ) | — | (3,564 | ) | |||||||||||
Balance at June 30, 2014 | $ | 2,080 | $ | 10,205 | $ | 2,434 | $ | 32,346 | $ | 47,065 | ||||||||||
(a) Unrealized losses are recorded in Income (Loss) of associated companies, net of taxes in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(b) Unrealized gains and losses are recorded in (Loss) Income from other investments-related party in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(c) Unrealized gains and losses are recorded in (Loss) Income from investments held at fair value in the Company's Consolidated Statements of Operations. | ||||||||||||||||||||
(d) Realized gains on sale are recorded in Other (income) expense, net in the Company's Consolidated Statements of Operations. |
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||
Financial instrument liabilities and related restricted cash consist of the following: | |||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||
Foreign currency financial instruments | $ | 26,001 | $ | 25,090 | |||||||||||||||
Short sales of corporate securities | 20,010 | — | |||||||||||||||||
$ | 46,011 | $ | 25,090 | ||||||||||||||||
The liabilities are not designated as hedging instruments. Additional details related to the foreign currency financial instrument liabilities at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Currency | Carrying Amount | Notional Amount | Carrying Amount | Notional Amount | |||||||||||||||
Japanese Yen | $ | 1,431 | ¥145,000 | $ | 1,374 | ¥144,717 | |||||||||||||
Pound Sterling | 24,570 | £14,363 | 23,716 | £14,311 | |||||||||||||||
Total | $ | 26,001 | $ | 25,090 | |||||||||||||||
(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. | |||||||||||||||||||
Change in Financial Instrument Balance | ' | ||||||||||||||||||
Activity is summarized below for financial instrument liabilities and related restricted cash: | |||||||||||||||||||
June 30, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance, beginning of period | $ | 25,090 | $ | 24,742 | |||||||||||||||
Short sales of corporate securities | 19,341 | — | |||||||||||||||||
Net investment losses (gains) | 1,492 | (1,684 | ) | ||||||||||||||||
Receipt of dividends, net of interest expense | 88 | 83 | |||||||||||||||||
Balance of financial instrument liabilities and related restricted cash, end of period | $ | 46,011 | $ | 23,141 | |||||||||||||||
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | ' | ||||||||||||||||||
As of June 30, 2014, HNH had the following outstanding future contracts with settlement dates ranging from | |||||||||||||||||||
August to September 2014. There were no forward contracts outstanding at June 30, 2014. | |||||||||||||||||||
Commodity | Amount | Notional Value | |||||||||||||||||
Silver | 985,000 ounces | $ | 20,800 | ||||||||||||||||
Gold | 1,400 ounces | $ | 1,800 | ||||||||||||||||
Copper | 275,000 pounds | $ | 900 | ||||||||||||||||
Tin | 60 metric tons | $ | 1,300 | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||
Fair Value of Derivative Instruments in the Company's Consolidated Balance Sheets: | |||||||||||||||||||
Derivative | Balance Sheet Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||
Foreign currency financial instruments (a) | Financial instruments | $ | (26,001 | ) | $ | (25,090 | ) | ||||||||||||
Commodity contracts (a), (b) | Prepaid and other current assets | $ | 21 | $ | 1,778 | ||||||||||||||
Commodity contracts (a) | Accrued liabilities | $ | (16 | ) | $ | (158 | ) | ||||||||||||
Interest rate swap agreements (a) | Other current liabilities | $ | (221 | ) | $ | (214 | ) | ||||||||||||
(a) Carrying amount equals fair value. | |||||||||||||||||||
(b) Designated as hedging instruments as of June 30, 2014. | |||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||
Effect of derivative instruments on the Company's Consolidated Statements of Operations: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Derivative | Statement of Operations Location | Gain (loss) | Gain (loss) | Gain (loss) | Gain (loss) | ||||||||||||||
Foreign currency financial instruments | Net investment (losses) gains | $ | 663 | $ | 59 | $ | 823 | $ | 1,684 | ||||||||||
Commodity contracts (a) | Cost of goods sold | (783 | ) | (120 | ) | (909 | ) | (120 | ) | ||||||||||
Commodity contracts | Realized and unrealized loss (gain) on derivatives | (606 | ) | 1,492 | (466 | ) | 1,846 | ||||||||||||
Interest rate swap agreements | Interest expense, net | (80 | ) | 173 | (125 | ) | (104 | ) | |||||||||||
Derivative features of subordinated notes | Realized and unrealized loss (gain) on derivatives | — | — | — | (793 | ) | |||||||||||||
Total derivatives | $ | (806 | ) | $ | 1,604 | $ | (677 | ) | $ | 2,513 | |||||||||
(a) Designated as hedging instruments as of June 30, 2014. |
TRADE_OTHER_AND_LOANS_RECEIVAB1
TRADE, OTHER AND LOANS RECEIVABLE (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||
Trade and Other Receivables | ' | |||||||||||||||||||||||||||||
Trade and Other Receivables | ||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Trade accounts receivables net of allowance for | $ | 134,601 | $ | 97,187 | ||||||||||||||||||||||||||
doubtful accounts of $2,382 in 2014 and $1,981 in 2013 | ||||||||||||||||||||||||||||||
Other receivables | 5,295 | 5,677 | ||||||||||||||||||||||||||||
Total | $ | 139,896 | $ | 102,864 | ||||||||||||||||||||||||||
Loans Receivable | ||||||||||||||||||||||||||||||
Major classification of WebBank’s loans receivable at June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||
Total | Current | Non-current | ||||||||||||||||||||||||||||
June 30, 2014 | % | December 31, 2013 | % | June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||
Commercial – owner occupied | $ | 1,700 | 2 | % | $ | 4,671 | 6 | % | $ | 93 | $ | 197 | $ | 1,607 | $ | 4,474 | ||||||||||||||
Commercial – other | 261 | — | % | 242 | — | % | — | — | 261 | 242 | ||||||||||||||||||||
Total real estate loans | 1,961 | 2 | % | 4,913 | 6 | % | 93 | 197 | 1,868 | 4,716 | ||||||||||||||||||||
Commercial and industrial | 47,956 | 58 | % | 46,702 | 61 | % | 1,281 | 1,462 | 46,675 | 45,240 | ||||||||||||||||||||
Loans held for sale | 32,713 | 40 | % | 25,125 | 33 | % | 32,713 | 25,125 | — | — | ||||||||||||||||||||
Total loans | 82,630 | 100 | % | 76,740 | 100 | % | 34,087 | 26,784 | 48,543 | 49,956 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||
Allowance for loan losses | (362 | ) | (424 | ) | (362 | ) | (424 | ) | — | — | ||||||||||||||||||||
Total loans receivable, net (a) | $ | 82,268 | $ | 76,316 | $ | 33,725 | $ | 26,360 | $ | 48,543 | $ | 49,956 | ||||||||||||||||||
(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 $80,600 and $76,303 at June 30, 2014 and December 31, 2013, 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 | |||||||||||||||||||||||||||
31-Dec-12 | $ | 187 | $ | 34 | $ | 64 | $ | 285 | ||||||||||||||||||||||
Charge-offs | — | — | (64 | ) | (64 | ) | ||||||||||||||||||||||||
Recoveries | 22 | 44 | 217 | 283 | ||||||||||||||||||||||||||
Provision | (132 | ) | (50 | ) | 102 | (80 | ) | |||||||||||||||||||||||
31-Dec-13 | 77 | 28 | 319 | $ | 424 | |||||||||||||||||||||||||
Charge-offs | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Recoveries | 63 | 18 | 14 | 95 | ||||||||||||||||||||||||||
Provision | (106 | ) | (16 | ) | (32 | ) | (154 | ) | ||||||||||||||||||||||
30-Jun-14 | $ | 34 | $ | 30 | $ | 298 | $ | 362 | ||||||||||||||||||||||
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, 2014 | Real Estate | |||||||||||||||||||||||||||||
Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 34 | 30 | 298 | 362 | ||||||||||||||||||||||||||
Total | $ | 34 | $ | 30 | $ | 298 | $ | 362 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 385 | $ | — | $ | 130 | $ | 515 | ||||||||||||||||||||||
Collectively evaluated for impairment | 1,315 | 261 | 47,826 | 49,402 | ||||||||||||||||||||||||||
Total | $ | 1,700 | $ | 261 | $ | 47,956 | $ | 49,917 | ||||||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||
December 31, 2013 | Commercial - Owner Occupied | Commercial - Other | Commercial & Industrial | Total | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Collectively evaluated for impairment | 77 | 28 | 319 | 424 | ||||||||||||||||||||||||||
Total | $ | 77 | $ | 28 | $ | 319 | $ | 424 | ||||||||||||||||||||||
Outstanding Loan balances: | ||||||||||||||||||||||||||||||
Individually evaluated for impairment (1) | $ | 2,426 | $ | — | $ | 138 | $ | 2,564 | ||||||||||||||||||||||
Collectively evaluated for impairment | 2,245 | 242 | 46,564 | 49,051 | ||||||||||||||||||||||||||
Total | $ | 4,671 | $ | 242 | $ | 46,702 | $ | 51,615 | ||||||||||||||||||||||
(1) $2,121 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Past Due Loans (Accruing and Nonaccruing) | ' | |||||||||||||||||||||||||||||
Nonaccrual loans are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 385 | $ | 402 | ||||||||||||||||||||||||||
Total Real Estate Loans | 385 | 402 | ||||||||||||||||||||||||||||
Commercial and Industrial | 106 | 109 | ||||||||||||||||||||||||||||
Total Loans | $ | 491 | $ | 511 | ||||||||||||||||||||||||||
Past due loans (accruing and nonaccruing) are summarized as follows: | ||||||||||||||||||||||||||||||
June 30, 2014 | Current | 30-89 days | 90+ days | Total | Total | Recorded | Nonaccrual | |||||||||||||||||||||||
past due | past due | past due (2) | loans | investment | loans | |||||||||||||||||||||||||
in accruing | that are | |||||||||||||||||||||||||||||
loans 90+ | current (1) | |||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 1,697 | $ | — | $ | 3 | $ | 3 | $ | 1,700 | $ | — | $ | — | ||||||||||||||||
Commercial - Other | 261 | — | — | — | 261 | — | — | |||||||||||||||||||||||
Total Real Estate Loans | 1,958 | — | 3 | 3 | 1,961 | — | — | |||||||||||||||||||||||
Commercial and Industrial | 47,792 | 58 | 106 | 164 | 47,956 | — | 382 | |||||||||||||||||||||||
Total Loans | $ | 49,750 | $ | 58 | $ | 109 | $ | 167 | $ | 49,917 | $ | — | $ | 382 | ||||||||||||||||
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. | ||||||||||||||||||||||||||||||
(2) $90 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
December 31, 2013 | Current | 30-89 days | 90+ days | Total | Total | Recorded | Nonaccrual | |||||||||||||||||||||||
past due | past due | past due (2) | loans | investment | loans | |||||||||||||||||||||||||
in accruing | that are | |||||||||||||||||||||||||||||
loans 90+ | current (1) | |||||||||||||||||||||||||||||
days past due | ||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 4,668 | $ | — | $ | 3 | $ | 3 | $ | 4,671 | $ | — | $ | 399 | ||||||||||||||||
Commercial - Other | 242 | — | — | — | 242 | — | — | |||||||||||||||||||||||
Total Real Estate Loans | 4,910 | — | 3 | 3 | 4,913 | — | 399 | |||||||||||||||||||||||
Commercial and Industrial | 46,536 | 57 | 109 | 166 | 46,702 | — | — | |||||||||||||||||||||||
Total Loans | $ | 51,446 | $ | 57 | $ | 112 | $ | 169 | $ | 51,615 | $ | — | $ | 399 | ||||||||||||||||
(1) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. | ||||||||||||||||||||||||||||||
(2) $90 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: | ||||||||||||||||||||||||||||||
June 30, 2014 | Pass | Special | Sub- | Doubtful | Total loans | |||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Commercial - Owner Occupied | 1,315 | — | 385 | — | 1,700 | |||||||||||||||||||||||||
Commercial - Other | 261 | — | — | — | 261 | |||||||||||||||||||||||||
Total Real Estate Loans | 1,576 | — | 385 | — | 1,961 | |||||||||||||||||||||||||
Commercial and Industrial | 47,772 | 54 | 130 | — | 47,956 | |||||||||||||||||||||||||
Total Loans | $ | 49,348 | $ | 54 | $ | 515 | $ | — | $ | 49,917 | ||||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
December 31, 2013 | Pass | Special | Sub- | Doubtful | Total loans | |||||||||||||||||||||||||
Mention | standard (1) | |||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Construction | $ | 2,246 | $ | — | $ | 2,425 | $ | — | $ | 4,671 | ||||||||||||||||||||
Commercial - Owner Occupied | 242 | — | — | — | 242 | |||||||||||||||||||||||||
Commercial - Other | — | — | — | — | — | |||||||||||||||||||||||||
Total Real Estate Loans | 2,488 | — | 2,425 | — | 4,913 | |||||||||||||||||||||||||
Commercial and Industrial | 44,176 | 2,387 | 139 | — | 46,702 | |||||||||||||||||||||||||
Total Loans | $ | 46,664 | $ | 2,387 | $ | 2,564 | $ | — | $ | 51,615 | ||||||||||||||||||||
(1) $2,121 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Impaired Loans | ' | |||||||||||||||||||||||||||||
Information on impaired loans is summarized as follows: | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
June 30, 2014 | Unpaid principle | with no | with | Total recorded | Related | Average recorded | ||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 442 | $ | 385 | $ | — | $ | 385 | $ | — | $ | 1,121 | ||||||||||||||||||
Total Real Estate Loans | 442 | 385 | — | 385 | — | 1,121 | ||||||||||||||||||||||||
Commercial and Industrial | 314 | 124 | 6 | 130 | — | 133 | ||||||||||||||||||||||||
Total Loans | $ | 756 | $ | 509 | $ | 6 | $ | 515 | $ | — | $ | 1,254 | ||||||||||||||||||
(1) $95 is guaranteed by the USDA or SBA. | ||||||||||||||||||||||||||||||
Recorded investment | ||||||||||||||||||||||||||||||
December 31, 2013 | Unpaid principle | with no | with | Total recorded | Related | Average recorded | ||||||||||||||||||||||||
balance | allowance | allowance | investment (1) | Allowance | investment | |||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||
Commercial - Owner Occupied | $ | 2,626 | $ | 2,425 | $ | — | $ | 2,425 | $ | — | $ | 2,555 | ||||||||||||||||||
Total Real Estate Loans | 2,626 | 2,425 | — | 2,425 | — | 2,555 | ||||||||||||||||||||||||
Commercial and Industrial | 354 | 129 | 10 | 139 | — | 150 | ||||||||||||||||||||||||
Total Loans | $ | 2,980 | $ | 2,554 | $ | 10 | $ | 2,564 | $ | — | $ | 2,705 | ||||||||||||||||||
(1)$2,196 is guaranteed by the USDA or SBA. |
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
A summary of inventories is as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Finished products | $ | 24,544 | $ | 21,887 | ||||
In-process | 13,631 | 9,840 | ||||||
Raw materials | 16,971 | 15,246 | ||||||
Fine and fabricated precious metal in various stages of completion | 30,558 | 19,802 | ||||||
85,704 | 66,775 | |||||||
Excess of market value over LIFO cost | (1,101 | ) | (136 | ) | ||||
$ | 84,603 | $ | 66,639 | |||||
Inventory Supplemental Disclosure | ' | |||||||
ounces of palladium. As of December 31, 2013, H&H’s customer metal consisted of 247,103 ounces of silver, 576 ounces of gold, and 1,392 ounces of palladium. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Supplemental inventory information: | ||||||||
Precious metals stated at LIFO cost | $ | 13,884 | $ | 5,978 | ||||
Precious metals stated under non-LIFO cost methods, primarily at fair value | 15,573 | 13,687 | ||||||
Market value per ounce: | ||||||||
Silver | 21.12 | 19.49 | ||||||
Gold | 1,317.50 | 1,201.50 | ||||||
Palladium | 839 | 711 | ||||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
A summary of property, plant and equipment, net is as follows: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 11,999 | $ | 12,002 | ||||
Buildings and improvements | 60,063 | 58,417 | ||||||
Machinery, equipment and other | 207,372 | 192,617 | ||||||
Construction in progress | 9,160 | 8,615 | ||||||
288,594 | 271,651 | |||||||
Accumulated depreciation and amortization | (74,862 | ) | (60,994 | ) | ||||
Net property, plant and equipment | $ | 213,732 | $ | 210,657 | ||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Diversified | Energy | Corporate | Total | |||||||||||||||||||||
Balance at beginning of year | $ | 32,841 | $ | 62,234 | $ | 81 | $ | 95,156 | ||||||||||||||||
Acquisitions | — | — | — | — | ||||||||||||||||||||
Currency translation adjustment | (4 | ) | — | — | (4 | ) | ||||||||||||||||||
Other adjustments | 76 | — | — | 76 | ||||||||||||||||||||
Balance at end of period | $ | 32,913 | $ | 62,234 | $ | 81 | $ | 95,228 | ||||||||||||||||
Goodwill in the Energy segment at December 31, 2013, has been revised to reflect measurement period | ||||||||||||||||||||||||
adjustments identified during the six months ended June 30, 2014, related to Steel Excel's acquisition of the assets of Black Hawk Inc. as if they had been recognized at the acquisition date (see Note 2 – "Acquisitions" for additional information). | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Diversified | Energy | Corporate | Total | |||||||||||||||||||||
Balance at beginning of year | $ | 15,112 | $ | 48,429 | $ | 81 | $ | 63,622 | ||||||||||||||||
Acquisitions | 18,169 | 17,382 | — | 35,551 | ||||||||||||||||||||
Impairment (a) | — | (3,577 | ) | — | (3,577 | ) | ||||||||||||||||||
Currency translation adjustment | 14 | — | — | 14 | ||||||||||||||||||||
Other adjustments (b) | (454 | ) | — | — | (454 | ) | ||||||||||||||||||
Balance at end of year | $ | 32,841 | $ | 62,234 | $ | 81 | $ | 95,156 | ||||||||||||||||
(a) Represents an impairment related to one of Steel Excel's sports businesses. | ||||||||||||||||||||||||
(b) Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the HNH acquisition of Hickman. | ||||||||||||||||||||||||
Summary of Intangible Assets | ' | |||||||||||||||||||||||
A summary of intangible assets other than goodwill is summarized as follows: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Product and customer relationships | $ | 129,589 | $ | 28,184 | $ | 101,405 | $ | 128,754 | $ | 22,816 | $ | 105,938 | ||||||||||||
Trademarks | 29,693 | 5,032 | 24,661 | 29,675 | 3,978 | 25,697 | ||||||||||||||||||
Patents and technology | 19,465 | 6,409 | 13,056 | 19,338 | 5,635 | 13,703 | ||||||||||||||||||
Other | 2,629 | 1,731 | 898 | 2,636 | 1,547 | 1,089 | ||||||||||||||||||
$ | 181,376 | $ | 41,356 | $ | 140,020 | $ | 180,403 | $ | 33,976 | $ | 146,427 | |||||||||||||
BANK_DEPOSITS_Tables
BANK DEPOSITS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Deposit Liabilities | ' | |||||||
A summary of WebBank deposits is as follows: | ||||||||
Time deposits year of maturity: | June 30, | December 31, | ||||||
2014 | 2013 | |||||||
2014 | $ | 14,360 | $ | 47,372 | ||||
2015 | 15,530 | 14,284 | ||||||
2016 | 28,616 | 13,625 | ||||||
2017 | 5,225 | — | ||||||
Total time deposits | 63,731 | 75,281 | ||||||
Money market deposits | 56,257 | 42,925 | ||||||
Total deposits (a) | $ | 119,988 | $ | 118,206 | ||||
Current | $ | 79,560 | $ | 87,319 | ||||
Long-term | 40,428 | 30,887 | ||||||
Total deposits | $ | 119,988 | $ | 118,206 | ||||
Time deposit accounts under $100 | $ | 52,467 | $ | 63,515 | ||||
Time deposit accounts $100 and over | 11,264 | 11,766 | ||||||
Total time deposits | $ | 63,731 | $ | 75,281 | ||||
(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 $120,567 and $118,698 at June 30, 2014 and December 31, 2013, respectively. |
DEBT_AND_CAPITAL_LEASE_OBLIGAT1
DEBT AND CAPITAL LEASE OBLIGATIONS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt and Capital Lease Obligations | ' | |||||||
Debt and capital lease obligations consists of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Short term debt: | ||||||||
Foreign | $ | 632 | $ | 304 | ||||
3/4% Convertible Senior Subordinated Notes | — | 346 | ||||||
Short-term debt | 632 | 650 | ||||||
Long-term debt: | ||||||||
Term Loans | 195,643 | 208,500 | ||||||
Revolving Facilities | 82,382 | 30,950 | ||||||
Other debt - domestic | 8,119 | 8,280 | ||||||
Foreign loan facilities | 3,135 | 1,658 | ||||||
Subtotal | 289,279 | 249,388 | ||||||
Less portion due within one year | 27,595 | 26,033 | ||||||
Long-term debt | 261,684 | 223,355 | ||||||
Total debt | $ | 289,911 | $ | 250,038 | ||||
Capital lease facility | ||||||||
Current portion of capital lease | $ | 705 | $ | 953 | ||||
Long-term portion of capital lease | 545 | 734 | ||||||
$ | 1,250 | $ | 1,687 | |||||
PENSION_BENEFIT_PLANS_Tables
PENSION BENEFIT PLANS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 5,288 | $ | 4,672 | $ | 10,576 | $ | 9,316 | ||||||||
Expected return on plan assets | (6,067 | ) | (6,034 | ) | (12,134 | ) | (12,013 | ) | ||||||||
Amortization of actuarial loss | 581 | 1,438 | 1,162 | 2,668 | ||||||||||||
Total | $ | (198 | ) | $ | 76 | $ | (396 | ) | $ | (29 | ) | |||||
CAPITAL_AND_ACCUMULATED_OTHER_1
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Changes, net of tax, in Accumulated other comprehensive income are as follows: | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Unrealized gain on available-for-sale securities | Cumulative translation adjustment | Change in net pension and other benefit obligations | Total | |||||||||||||
Balance at beginning of period | $ | 83,943 | $ | (3,367 | ) | $ | (38,992 | ) | $ | 41,584 | ||||||
Other comprehensive income, net of tax - before reclassifications (a) | 10,206 | 9 | — | 10,215 | ||||||||||||
Reclassification adjustments, net of tax (b) | (874 | ) | — | — | (874 | ) | ||||||||||
Net other comprehensive income attributable to common unit holders (c) | 9,332 | 9 | — | 9,341 | ||||||||||||
Balance at end of period | $ | 93,275 | $ | (3,358 | ) | $ | (38,992 | ) | $ | 50,925 | ||||||
(a) Net of tax a tax provision of $2,235. | ||||||||||||||||
(b) Net of tax a tax benefit of $478. | ||||||||||||||||
(c) Amounts do not include unrealized gain on available-for-sale securities of $2,568 and cumulative translation adjustment loss of $32 attributable to noncontrolling interests. |
NET_INCOME_LOSS_PER_COMMON_UNI1
NET INCOME (LOSS) PER COMMON UNIT (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following data was used in computing net income (loss) per common unit shown in the Company's Consolidated Statements of Operations: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income from continuing operations | $ | 21,197 | $ | 24,329 | $ | 9,609 | $ | 10,893 | ||||||||
Net income from continuing operations attributable to noncontrolling interests in consolidated entities | (11,402 | ) | (7,079 | ) | (12,540 | ) | (8,345 | ) | ||||||||
Net income (loss) from continuing operations attributable to common unit holders | 9,795 | 17,250 | (2,931 | ) | 2,548 | |||||||||||
(Loss) Income from discontinued operations | — | (2,582 | ) | 42 | 2,842 | |||||||||||
Net income (loss) from discontinued operations attributable to noncontrolling interests in consolidated entities | — | 1,429 | (22 | ) | (1,243 | ) | ||||||||||
Net (income) loss from discontinued operations attributable to common unit holders | — | (1,153 | ) | 20 | 1,599 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 9,795 | $ | 16,097 | $ | (2,911 | ) | $ | 4,147 | |||||||
Net income (loss) per common unit - basic: | ||||||||||||||||
Net income (loss) from continuing operations | $ | 0.34 | $ | 0.57 | $ | (0.10 | ) | $ | 0.08 | |||||||
Net (loss) income from discontinued operations | — | (0.04 | ) | — | 0.06 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 0.34 | $ | 0.53 | $ | (0.10 | ) | $ | 0.14 | |||||||
Net income (loss) per common unit – diluted: | ||||||||||||||||
Net income (loss) from continuing operations | $ | 0.34 | $ | 0.57 | $ | (0.10 | ) | $ | 0.08 | |||||||
Net (loss) income from discontinued operations | — | (0.04 | ) | — | 0.06 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 0.34 | $ | 0.53 | $ | (0.10 | ) | $ | 0.14 | |||||||
Weighted average common units outstanding - basic | 28,739,858 | 30,128,047 | 29,765,843 | 30,194,928 | ||||||||||||
Unvested restricted units | 35,582 | — | — | — | ||||||||||||
Denominator for net income per common unit - diluted (a) | 28,775,440 | 30,128,047 | 29,765,843 | 30,194,928 | ||||||||||||
(a) The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; approximately 16,032 incentive units and approximately 35,134 unvested restricted units, for the six months ended June 30, 2014. |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Segment information is presented below: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Diversified industrial | $ | 195,492 | $ | 182,085 | $ | 357,339 | $ | 331,041 | ||||||||
Energy | 51,924 | 28,762 | 97,083 | 55,113 | ||||||||||||
Financial services | 8,023 | 7,271 | 14,989 | 13,580 | ||||||||||||
Corporate and other | (490 | ) | 364 | (245 | ) | 2,210 | ||||||||||
Total | $ | 254,949 | $ | 218,482 | $ | 469,166 | $ | 401,944 | ||||||||
Income (Loss) from continuing operations before income taxes: | ||||||||||||||||
Diversified industrial | $ | 25,815 | $ | 31,691 | $ | 34,870 | $ | 39,519 | ||||||||
Energy | 9,183 | 2,349 | 12,576 | 6,041 | ||||||||||||
Financial services | 5,172 | 4,680 | 9,250 | 8,436 | ||||||||||||
Corporate and other | (9,254 | ) | (6,329 | ) | (34,688 | ) | (34,393 | ) | ||||||||
Income from continuing operations before income taxes | 30,916 | 32,391 | 22,008 | 19,603 | ||||||||||||
Income tax provision | 9,719 | 8,062 | 12,399 | 8,710 | ||||||||||||
Net income from continuing operations | $ | 21,197 | $ | 24,329 | $ | 9,609 | $ | 10,893 | ||||||||
Income (Loss) from equity method investments: | ||||||||||||||||
Diversified industrial | $ | 4,714 | $ | 15,073 | $ | 5,404 | $ | 15,202 | ||||||||
Energy | 2,874 | (80 | ) | 1,441 | (80 | ) | ||||||||||
Corporate and other | (3,838 | ) | (2,839 | ) | (21,355 | ) | (12,267 | ) | ||||||||
Total | $ | 3,750 | $ | 12,154 | $ | (14,510 | ) | $ | 2,855 | |||||||
NATURE_OF_THE_BUSINESS_AND_BAS3
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | Jun. 30, 2014 | Dec. 31, 2013 | ||
BNS Liquidating Trust (BNS Liquidating Trust) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 84.90% | 84.90% | ||
DGT Holdings Corp. (DGT) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 82.70% | [1] | 76.70% | [1] |
Handy & Harman Ltd. (HNH) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 55.70% | 54.90% | ||
SPH Services, Inc. (SPH Services) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 100.00% | 100.00% | ||
Steel Excel Inc. (Steel Excel) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 57.30% | 55.10% | ||
WebFinancial Holding Corporation (WebFinancial) | ' | ' | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ||
Ownership (as a percent) | 100.00% | 100.00% | ||
[1] | DGT’s financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statement of Operations as of and for the three and six months ended June 30, 2014 includes DGT’s activity as of and for its three and six months ended April 30, 2014. |
ACQUISITIONS_2013_HNH_Wolverin
ACQUISITIONS 2013 - HNH - Wolverine Joining Technologies, LLC - Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 16, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 16, 2013 | Apr. 16, 2013 |
In Thousands, unless otherwise specified | HNH | HNH | HNH | HNH | HNH | |||
Wolverine | Wolverine | Wolverine | Wolverine | Wolverine | ||||
Trademarks | Customer Relationships | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $59,700 | ' | ' | ' | ' |
Working capital adjustment | ' | ' | ' | 300 | ' | ' | ' | ' |
Termination charges | ' | ' | ' | ' | ' | 400 | ' | ' |
Goodwill | 95,228 | 95,156 | 63,622 | 14,767 | ' | ' | ' | ' |
Other intangibles | ' | ' | ' | $13,657 | ' | ' | $4,600 | $9,000 |
Identifiable intangible assets, amortization period (in years) | ' | ' | ' | ' | '20 years | ' | ' | ' |
ACQUISITIONS_2013_HNH_Wolverin1
ACQUISITIONS 2013 - HNH - Wolverine Joining Technologies, LLC - Assets Acquired and Liabilities Assumed (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 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 | ' | ' | ' | 81 |
Property, plant and equipment | ' | ' | ' | 5,549 |
Goodwill | 95,228 | 95,156 | 63,622 | 14,767 |
Other intangibles | ' | ' | ' | 13,657 |
Total assets acquired | ' | ' | ' | 61,409 |
Trade payables | ' | ' | ' | -1,167 |
Accrued liabilities | ' | ' | ' | -495 |
Net assets acquired | ' | ' | ' | $59,747 |
ACQUISITIONS_2013_HNH_PAM_Fast
ACQUISITIONS 2013 - HNH - PAM Fastening Technology, Inc. - Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 07, 2013 | Nov. 07, 2013 |
In Thousands, unless otherwise specified | HNH | HNH | |||
PAM | PAM | ||||
Trade Names and Customer Relationships | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Voting interests acquired (as a percent) | ' | ' | ' | 100.00% | ' |
Purchase price | ' | ' | ' | $9,200 | ' |
Working capital | ' | ' | ' | 2,500 | ' |
Property, plant and equipment | ' | ' | ' | 200 | ' |
Intangible assets | ' | ' | ' | ' | 5,000 |
Goodwill | 95,228 | 95,156 | 63,622 | 3,500 | ' |
Deferred tax liabilities | ' | ' | ' | $2,000 | ' |
ACQUISITIONS_2013_Steel_Excel_
ACQUISITIONS 2013 - Steel Excel - Black Hawk Acquisition - Narrative (Details) (Steel Excel Inc., Black Hawk, USD $) | 0 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 16, 2013 | Jun. 30, 2014 | Dec. 16, 2013 | Dec. 16, 2013 | Jun. 30, 2014 | Dec. 16, 2013 |
Customer Relationships | Trademarks | Non-compete arrangement | Non-compete arrangement | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase price | $60,800 | ' | ' | ' | ' | ' |
Intangible assets | $0 | $12,210 | $11,300 | $800 | ' | $0 |
Identifiable intangible assets, amortization period (in years) | ' | ' | ' | ' | '5 years | ' |
ACQUISITIONS_2013_Steel_Excel_1
ACQUISITIONS 2013 - Steel Excel - Black Hawk Acquisition - Assets Acquired and Liabilities Assumed (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 16, 2013 |
In Thousands, unless otherwise specified | Steel Excel Inc. | Steel Excel Inc. | |||
Black Hawk | Black Hawk | ||||
Fair Value | ' | ' | ' | ' | ' |
Trade and other receivables | ' | ' | ' | $10,114 | $9,663 |
Prepaid and other current assets | ' | ' | ' | 319 | 208 |
Property, plant and equipment | ' | ' | ' | 30,088 | 30,581 |
Intangible assets | ' | ' | ' | 12,210 | 0 |
Trade payables | ' | ' | ' | -1,584 | -1,333 |
Accrued liabilities | ' | ' | ' | -2,172 | -1,756 |
Total net identifiable assets | ' | ' | ' | 48,975 | 37,363 |
Goodwill | 95,228 | 95,156 | 63,622 | 11,788 | 23,400 |
Net assets acquired | ' | ' | ' | 60,763 | 60,763 |
Measurement period adjustments | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 451 | ' |
Prepaid expenses and other current assets | ' | ' | ' | 111 | ' |
Property and equipment | ' | ' | ' | -493 | ' |
Intangible assets | ' | ' | ' | 12,210 | ' |
Accounts payable | ' | ' | ' | -251 | ' |
Accrued expenses | ' | ' | ' | -416 | ' |
Total net identifiable assets | ' | ' | ' | 11,612 | ' |
Goodwill | ' | ' | ' | -11,612 | ' |
Net assets acquired | ' | ' | ' | $0 | ' |
ACQUISITIONS_2013_Steel_Excel_2
ACQUISITIONS 2013 - Steel Excel - Sports Acquisitions (Details) (Steel Excel Inc. (Steel Excel), Sports Acquisitions, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
acquisition | |
Steel Excel Inc. (Steel Excel) | Sports Acquisitions | ' |
Business Acquisition [Line Items] | ' |
Number of acquisitions | 2 |
Purchase price | $3,250 |
Ownership percentage (as a percent) | 30.00% |
ACQUISITIONS_Pro_forma_results
ACQUISITIONS Pro forma results (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 |
Business Combinations [Abstract] | ' |
Acquisition related costs | $500 |
Fair value adjustment to inventory | 500 |
Revenue | 386,017 |
Net income attributable to common unitholders | $6,701 |
Net income per common unit - basic (in dollars per share) | $0.22 |
Net income per common unit - diluted (in dollars per share) | $0.22 |
DISCONTINUED_OPERATIONS_Assets
DISCONTINUED OPERATIONS Assets and Liabilities (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Assets of discontinued operations: | ' | ' | ' | ' | ' |
Other current assets | $669 | ' | $669 | ' | $618 |
Property, plant and equipment, net | 3,724 | ' | 3,724 | ' | 3,724 |
Other assets | 23 | ' | 23 | ' | 64 |
Total assets | 4,416 | ' | 4,416 | ' | 4,406 |
Liabilities of discontinued operations: | ' | ' | ' | ' | ' |
Trade payables and accrued liabilities | 1,000 | ' | 1,000 | ' | 1,138 |
Total liabilities | 1,000 | ' | 1,000 | ' | 1,138 |
Results | ' | ' | ' | ' | ' |
Sales | 0 | 9,244 | 0 | 20,425 | ' |
Net loss | 0 | -1,140 | 0 | -1,589 | ' |
Loss after taxes and noncontrolling interests | 0 | -360 | -3 | -820 | ' |
(Loss) Gain on sale of discontinued operations after taxes and noncontrolling interests | $0 | ($792) | $23 | $2,421 | ' |
DISCONTINUED_OPERATIONS_HNHs_D
DISCONTINUED OPERATIONS HNH’s Discontinued Operations (Details) (HNH, USD $) | 1 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2013 |
Continental Industries | Continental Industries | Canfield Metal Coating Corporation | Indiana Tube Mexico | |
Schedule of Sale of Discontinued Operation [Line Items] | ' | ' | ' | ' |
Sale price | $37,400 | ' | $9,500 | $3,700 |
Working capital adjustment | 100 | ' | 500 | ' |
Net cash used in investing activities of discontinued operations | ' | $3,700 | ' | ' |
INVESTMENTS_ShortTerm_Investme
INVESTMENTS Short-Term Investments (Details) (Steel Excel, USD $) | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Available for sale securities | Available for sale securities | Amounts classified as cash equivalents | Amounts classified as cash equivalents | Amounts classified as marketable securities | Amounts classified as marketable securities | Short-term deposits | Short-term deposits | Mutual funds | Mutual funds | United States government securities | United States government securities | Equity securities | Equity securities | Commercial paper | Commercial paper | Corporate obligations | Corporate obligations | |||
Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | Available for sale securities | |||||||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | ($212,747) | ($212,747) | ($212,747) | ($229,863) | ($74,935) | ($61,909) | ($137,812) | ($167,954) | ($74,935) | ($60,909) | ($15,722) | ($15,723) | $0 | ($50,356) | ($89,716) | ($69,720) | $0 | ($1,799) | ($32,374) | ($31,356) |
Gross Unrealized Gains | ' | ' | 23,157 | 15,988 | ' | ' | 23,157 | 15,988 | 0 | 0 | 6,012 | 5,060 | 0 | 23 | 15,611 | 10,020 | 0 | 0 | 1,534 | 885 |
Gross Unrealized Losses | ' | ' | -3,706 | -5,457 | ' | ' | -3,706 | -5,457 | 0 | 0 | 0 | 0 | 0 | 0 | -3,687 | -5,181 | 0 | 0 | -19 | -276 |
Fair value | -232,198 | -232,198 | -232,198 | -240,394 | -74,935 | -61,909 | -157,263 | -178,485 | -74,935 | -60,909 | -21,734 | -20,783 | 0 | -50,379 | -101,640 | -74,559 | 0 | -1,799 | -33,889 | -31,965 |
Securities sold during the period | 55,200 | 95,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross gains from sales | 3,196 | 6,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross losses from sales | $1,120 | $1,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INVESTMENTS_Amortized_Cost_and
INVESTMENTS Amortized Cost and Estimated Fair Value (Details) (Steel Excel, USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Steel Excel | ' |
Cost | ' |
Mature in one year or less | $0 |
Mature after one year through three years | 229 |
Mature after three years | 32,146 |
Total debt securities | 32,375 |
Securities with no contractual maturities | 180,372 |
Cost | 212,747 |
Estimated Fair Value | ' |
Mature in one year or less | 0 |
Mature after one year through three years | 236 |
Mature after three years | 33,653 |
Total debt securities | 33,889 |
Securities with no contractual maturities | 198,309 |
Fair value | $232,198 |
INVESTMENTS_LongTerm_Investmen
INVESTMENTS Long-Term Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 31-May-14 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | SPII Liquidating Trust - Series B (Barbican) | SPII Liquidating Trust - Series B (Barbican) | SPII Liquidating Trust - Series B (Barbican) | SPII Liquidating Trust - Series B (Barbican) | SPII Liquidating Trust - Series B (Barbican) | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series G (SPCA) | SPII Liquidating Trust - Series G (SPCA) | SPII Liquidating Trust - Series G (SPCA) | SPII Liquidating Trust - Series G (SPCA) | SPII Liquidating Trust - Series G (SPCA) | SPII Liquidating Trust - Series H (SPJSF) | SPII Liquidating Trust - Series H (SPJSF) | SPII Liquidating Trust - Series H (SPJSF) | SPII Liquidating Trust - Series H (SPJSF) | SPII Liquidating Trust - Series H (SPJSF) | SPII Liquidating Trust - Series I | SPII Liquidating Trust - Series I | SPII Liquidating Trust - Series I | SPII Liquidating Trust - Series I | SPII Liquidating Trust - Series I | CoSine | CoSine | CoSine | CoSine | CoSine | Other | Other | Other | Other | Other | ModusLink Global Solutions, Inc. (MLNK) | ModusLink Global Solutions, Inc. (MLNK) | ModusLink Global Solutions, Inc. (MLNK) | ModusLink Global Solutions, Inc. (MLNK) | ModusLink Global Solutions, Inc. (MLNK) | ModusLink Global Solutions, Inc. (MLNK) | SL Industries, Inc. (SLI) | SL Industries, Inc. (SLI) | SL Industries, Inc. (SLI) | SL Industries, Inc. (SLI) | SL Industries, Inc. (SLI) | JPS Industries, Inc. | JPS Industries, Inc. | JPS Industries, Inc. | JPS Industries, Inc. | JPS Industries, Inc. | Fox & Hound | Fox & Hound | Fox & Hound | Fox & Hound | Fox & Hound | API Technologies Corp. (API) | API Technologies Corp. (API) | API Technologies Corp. (API) | API Technologies Corp. (API) | API Technologies Corp. (API) | API Technologies Corp. (API) | Other | Other | Other | Other | Other | iGo, Inc. | Manufacturing | Manufacturing | Manufacturing | Manufacturing | Manufacturing | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | Available for Sale Securities, Noncurrent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | Net investment (losses) gains | Net investment (losses) gains | Net investment (losses) gains | Net investment (losses) gains | Net investment (losses) gains | Computer Software and Services | Computer Software and Services | Aerospace/Defense | Aerospace/Defense | Restaurants | Restaurants | Other | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities - U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance | ' | ' | ' | ' | ' | $106,736 | $98,355 | $0 | $2,665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $106,736 | [1],[2] | $101,020 | [1],[2] | $2,172 | [1],[2] | $2,665 | [1],[2] | $79,857 | [1],[2] | $75,341 | [1],[2] | $24,139 | [1],[2] | $22,456 | [1],[2] | $568 | [1],[2] | $558 | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance | 137,706 | ' | 137,706 | ' | 131,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,970 | [1] | ' | 30,970 | [1] | ' | 30,841 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Recorded in Statement of Operations | 159 | 4,599 | 160 | -4,541 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159 | [1] | 4,599 | [1] | 160 | [1] | -4,541 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Associated Companies: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.30% | ' | 48.30% | ' | 48.60% | 40.00% | ' | 40.00% | ' | 43.80% | [3] | 26.90% | [1] | ' | 26.90% | [1] | ' | 27.10% | [1] | 27.10% | 24.10% | [1] | ' | 24.10% | [1] | ' | 24.10% | [1] | 39.10% | [2] | ' | 39.10% | [2] | ' | 39.30% | [2] | 0.00% | [3] | ' | 0.00% | [3] | ' | 50.00% | [3] | 20.60% | [3] | ' | 20.60% | [3] | ' | 20.60% | 0.00% | [3] | 43.80% | [3] | ' | 43.80% | [3] | ' | 43.80% | [3] | 44.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance | 155,283 | ' | 155,283 | ' | 147,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,720 | ' | 5,720 | ' | 5,876 | 6,241 | [4] | ' | 6,241 | [4] | ' | 8,339 | [4] | 53,418 | [1] | ' | 53,418 | [1] | ' | 79,972 | [1] | ' | 29,348 | [1] | ' | 29,348 | [1] | ' | 26,960 | [1] | 27,146 | [2] | ' | 27,146 | [2] | ' | 24,129 | [2] | 0 | [3] | ' | 0 | [3] | ' | 0 | [3] | 31,330 | [3] | ' | 31,330 | [3] | ' | ' | 0 | [3] | 2,080 | [3] | ' | 2,080 | [3] | ' | 2,243 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Recorded in Statement of Operations | 2,275 | 13,381 | -15,983 | 3,013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80 | -133 | -206 | -245 | ' | -665 | [4] | -80 | [4] | -2,098 | [4] | -80 | [4] | ' | -5,182 | [1] | -1,403 | [1] | -22,460 | [1] | -6,549 | [1] | ' | ' | 4,915 | [1] | 6,915 | [1] | 2,388 | [1] | 7,044 | [1] | ' | -201 | [2] | 8,158 | [2] | 3,016 | [2] | 8,158 | [2] | ' | 0 | [3] | -76 | [3] | 0 | [3] | -5,315 | [3] | ' | 3,539 | [3] | 0 | [3] | 3,539 | [3] | 0 | [3] | ' | ' | -51 | [3] | 0 | [3] | -162 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Other Investments at Fair Value - Related Party: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | ' | 0 | [3] | ' | 0 | [3] | 0 | [3] | ' | 0 | [3] | ' | 507 | [3] | 6,226 | [3],[5] | ' | 6,226 | [3],[5] | ' | 5,771 | [3],[5] | 3,979 | [3],[6] | ' | 3,979 | [3],[6] | ' | 3,950 | [3],[6] | 0 | [3],[7] | ' | 0 | [3],[7] | ' | 0 | [3],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance - Total | 10,205 | ' | 10,205 | ' | 10,228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from other investments - related party | 1,475 | -1,227 | 1,473 | -158 | ' | ' | ' | ' | ' | 0 | [3] | -16 | [3] | 0 | [3] | -16 | [3] | ' | -3 | [3] | -5 | [3] | -3 | [3] | -19 | [3] | ' | 558 | [3],[5] | -799 | [3],[5] | 456 | [3],[5] | -680 | [3],[5] | ' | 920 | [3],[6] | -407 | [3],[6] | 1,020 | [3],[6] | 591 | [3],[6] | ' | 0 | [3],[7] | 0 | [3],[7] | 0 | [3],[7] | -34 | [3],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(C) OTHER INVESTMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434 | [3] | ' | 2,434 | [3] | ' | 5,832 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Recorded in Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -951 | [3] | -211 | [3] | -3,398 | [3] | -349 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-Term Investments | $305,628 | ' | $305,628 | ' | $295,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Level 1 investment. Equity securities totaling $106,736 and $98,355 were classified as Level 1 investments as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Level 2 investment. Equity securities totaling $0 and $2,665 were classified as Level 2 investments as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Represents Steel Excel's investments in a sports business and iGo, Inc. of 40% and 44.7%, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Steel Partners China Access I L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Steel Partners Japan Strategic Fund, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Sold in the second quarter of 2013. See Note 12 – "Related Party Transactions" for additional information. |
INVESTMENTS_Other_Comprehensiv
INVESTMENTS Other Comprehensive Income Changes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Unrealized gains | $86 | $13,230 | $86 | $13,230 |
Unrealized losses | 0 | 0 | 0 | -2,632 |
Total | 86 | 13,230 | 86 | 10,598 |
Available for Sale Securities, Noncurrent | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from sales | 468 | 1,182 | 468 | 1,182 |
Gross gains from sales | 31 | 96 | 31 | 96 |
Gross losses from sales | 0 | 0 | 0 | 0 |
Net investment gain | 31 | 96 | 31 | 96 |
Change in net unrealized holding gains (losses) included in Accumulated other comprehensive income | $5,719 | $16,511 | $6,240 | $48,392 |
INVESTMENTS_Other_Comprehensiv1
INVESTMENTS Other Comprehensive Income (Details) (Available for Sale Securities, Noncurrent, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | $20,098 | $20,536 | ||
Gross Unrealized Gains | 86,645 | 80,501 | ||
Gross Unrealized Losses | -7 | -17 | ||
Fair value | 106,736 | [1],[2] | 101,020 | [1],[2] |
Computer Software and Services | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 1,874 | 2,312 | ||
Gross Unrealized Gains | 298 | 353 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair value | 2,172 | [1],[2] | 2,665 | [1],[2] |
Aerospace/Defense | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 11,675 | 11,675 | ||
Gross Unrealized Gains | 68,182 | 63,666 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair value | 79,857 | [1],[2] | 75,341 | [1],[2] |
Restaurants | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 5,974 | 5,974 | ||
Gross Unrealized Gains | 18,165 | 16,482 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair value | 24,139 | [1],[2] | 22,456 | [1],[2] |
Other | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Cost | 575 | 575 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | -7 | -17 | ||
Fair value | $568 | [1],[2] | $558 | [1],[2] |
[1] | Level 1 investment. Equity securities totaling $106,736 and $98,355 were classified as Level 1 investments as of June 30, 2014 and December 31, 2013, respectively. | |||
[2] | Level 2 investment. Equity securities totaling $0 and $2,665 were classified as Level 2 investments as of June 30, 2014 and December 31, 2013, respectively. |
INVESTMENTS_Equity_Method_Inve
INVESTMENTS Equity Method Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Dec. 31, 2013 | ||||||
CoSine | CoSine | CoSine | CoSine | CoSine | ModusLink | ModusLink | ModusLink | ModusLink | JPS Industries | JPS Industries | JPS Industries | Japanese Real Estate Partnership | API Technologies Corp. (API) | API Technologies Corp. (API) | API Technologies Corp. (API) | |||||||
member | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Capital changes | $49 | $363 | $50 | $362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate market value | 9,129 | ' | 9,129 | ' | 9,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of shares purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ||||||
Ownership percentage (as a percent) | 48.30% | ' | 48.30% | ' | 48.60% | ' | 26.90% | [1] | 27.10% | [1] | 27.10% | ' | 39.10% | [2] | 39.30% | [2] | ' | 20.60% | [3] | 20.60% | 0.00% | [3] |
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 | ' | ' | ' | ' | ' | ' | ||||||
Other than temporary impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,510 | ' | ' | ' | ||||||
Loss recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600 | ' | ' | ||||||
[1] | Level 1 investment. Equity securities totaling $106,736 and $98,355 were classified as Level 1 investments as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
[2] | Level 2 investment. Equity securities totaling $0 and $2,665 were classified as Level 2 investments as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
[3] | Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 5 - "Fair Value Measurements." |
INVESTMENTS_Additional_Disclos
INVESTMENTS Additional Disclosures Related to Associated Company Financial Statements (Details) (Investments in associated companies, USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Investments in associated companies | ' | ' | ' | ' | ' |
Summary of balance sheet amounts: | ' | ' | ' | ' | ' |
Current assets | $519,281 | ' | $519,281 | ' | $477,886 |
Noncurrent assets | 158,529 | ' | 158,529 | ' | 179,295 |
Total assets | 677,810 | ' | 677,810 | ' | 657,181 |
Current liabilities | 226,819 | ' | 226,819 | ' | 269,629 |
Noncurrent liabilities | 126,022 | ' | 126,022 | ' | 77,260 |
Total liabilities | 352,841 | ' | 352,841 | ' | 346,889 |
Parent equity | 324,969 | ' | 324,969 | ' | 310,292 |
Total liabilities and equity | 677,810 | ' | 677,810 | ' | 657,181 |
Summary income statement amounts: | ' | ' | ' | ' | ' |
Revenue | 269,715 | 353,939 | 553,114 | 679,151 | ' |
Gross profit | 40,714 | 50,792 | 87,789 | 90,737 | ' |
Loss from continuing operations | -5,049 | -3,824 | -3,204 | -16,288 | ' |
Net income (loss) after noncontrolling interests | $2,721 | ($1,358) | $5,170 | ($14,948) | ' |
INVESTMENTS_Other_Investments_
INVESTMENTS Other Investments - Related Party (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Steel Excel Inc. (Steel Excel) | Related Party | Related Party | Related Party | Related Party | Related Party | ModusLink | Partnership | Venture Capital Funds | Warrant | SPII Liquidating Trust - Series D ( Fox & Hound) | SPII Liquidating Trust - Series H (SPJSF) | |||
investments | Steel Excel Inc. (Steel Excel) | Steel Excel Inc. (Steel Excel) | ModusLink | |||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $1,000,000 |
Equity Method Investment Summarized Financial Information, Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | 23,383,000 | ' | 23,383,000 | ' | 23,412,000 | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | -172,000 | ' | -172,000 | ' | -34,000 | ' | ' | ' | ' | ' | ' |
Net Asset Value | ' | ' | ' | 23,211,000 | ' | 23,211,000 | ' | 23,378,000 | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in net assets from operations | ' | ' | ' | 3,246,000 | -2,708,000 | 3,254,000 | -810,000 | ' | ' | ' | ' | ' | ' | ' |
Number of warrants received (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Warrants price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' |
Award vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Expected volatility rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.60% | ' | ' |
Expected term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 0 months | ' | ' |
Risk free interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.62% | ' | ' |
Expected dividend payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Cost method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' |
Cost method investments fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' |
Number of investments in venture capital funds | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Receivable | $49,917,000 | $51,615,000 | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Hierar
FAIR VALUE MEASUREMENTS Hierarchy Table (Details) (Fair Value, Measurements, Recurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Total | $406,413 | $365,340 | ||
Liabilities: | ' | ' | ||
Total | 20,010 | 0 | ||
Level 1 | Marketable securities | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 110,910 | [1] | 139,786 | [1] |
Level 1 | Long-term investments | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 278,948 | [1] | 209,168 | [1] |
Level 1 | Investments in certain funds | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 0 | 0 | ||
Level 1 | Precious metal and commodity inventories recorded at fair value | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 16,550 | 14,766 | ||
Level 1 | Commodity contracts on precious metal and commodity inventories | ' | ' | ||
Assets: | ' | ' | ||
Commodity contracts on precious metal and commodity inventories | 5 | 1,620 | ||
Level 1 | Financial instruments | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 20,010 | 0 | ||
Level 1 | Interest rate swap agreement | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | 0 | ||
Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Total | 14,547 | 69,088 | ||
Liabilities: | ' | ' | ||
Total | 26,222 | 25,304 | ||
Level 2 | Marketable securities | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 14,547 | [1] | 15,334 | [1] |
Level 2 | Long-term investments | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 0 | [1] | 53,754 | [1] |
Level 2 | Investments in certain funds | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 0 | 0 | ||
Level 2 | Precious metal and commodity inventories recorded at fair value | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 0 | 0 | ||
Level 2 | Commodity contracts on precious metal and commodity inventories | ' | ' | ||
Assets: | ' | ' | ||
Commodity contracts on precious metal and commodity inventories | 0 | 0 | ||
Level 2 | Financial instruments | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 26,001 | 25,090 | ||
Level 2 | Interest rate swap agreement | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 221 | 214 | ||
Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Total | 47,065 | 42,512 | ||
Liabilities: | ' | ' | ||
Total | 0 | 0 | ||
Level 3 | Marketable securities | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 31,806 | [1] | 23,365 | [1] |
Level 3 | Long-term investments | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 14,719 | [1] | 18,303 | [1] |
Level 3 | Investments in certain funds | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 540 | 844 | ||
Level 3 | Precious metal and commodity inventories recorded at fair value | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 0 | 0 | ||
Level 3 | Commodity contracts on precious metal and commodity inventories | ' | ' | ||
Assets: | ' | ' | ||
Commodity contracts on precious metal and commodity inventories | 0 | 0 | ||
Level 3 | Financial instruments | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | 0 | ||
Level 3 | Interest rate swap agreement | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 0 | 0 | ||
Total | ' | ' | ||
Assets: | ' | ' | ||
Total | 468,025 | 476,940 | ||
Liabilities: | ' | ' | ||
Total | 46,232 | 25,304 | ||
Total | Marketable securities | ' | ' | ||
Assets: | ' | ' | ||
Marketable securities | 157,263 | [1] | 178,485 | [1] |
Total | Long-term investments | ' | ' | ||
Assets: | ' | ' | ||
Long-term investments | 293,667 | [1] | 281,225 | [1] |
Total | Investments in certain funds | ' | ' | ||
Assets: | ' | ' | ||
Investments in certain funds | 540 | 844 | ||
Total | Precious metal and commodity inventories recorded at fair value | ' | ' | ||
Assets: | ' | ' | ||
Precious metal and commodity inventories recorded at fair value | 16,550 | 14,766 | ||
Total | Commodity contracts on precious metal and commodity inventories | ' | ' | ||
Assets: | ' | ' | ||
Commodity contracts on precious metal and commodity inventories | 5 | 1,620 | ||
Total | Financial instruments | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | 46,011 | 25,090 | ||
Total | Interest rate swap agreement | ' | ' | ||
Liabilities: | ' | ' | ||
Financial instruments | $221 | $214 | ||
[1] | For additional detail of the marketable securities and long-term investments see Note 4 - "Investments." |
FAIR_VALUE_MEASUREMENTS_Unobse
FAIR VALUE MEASUREMENTS Unobservable Inputs Reconciliation - Assets (Details) (Fair Value, Measurements, Recurring, Level 3, USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | $46,133 | $43,406 | $42,512 | $24,588 | ||||
Additions - fair value elections in 2013 | ' | 3,065 | ' | 3,065 | ||||
Purchases | 5,239 | 19,743 | 10,538 | 42,827 | ||||
Sales | -4,254 | -23,690 | -6,228 | -23,690 | ||||
Realized gain (loss) on sale | -129 | [1] | 1,556 | [1] | -129 | [1] | 1,556 | [1] |
Unrealized gains | 1,478 | 144 | 3,936 | 778 | ||||
Unrealized losses | -1,402 | -1,514 | -3,564 | -6,414 | ||||
Balance at end of period | 47,065 | 42,710 | 47,065 | 42,710 | ||||
Investments in Associated Companies | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 2,131 | [2] | 5,282 | [2] | 2,243 | [2] | 10,521 | [2] |
Additions - fair value elections in 2013 | ' | 3,065 | [2] | ' | 3,065 | [2] | ||
Purchases | 0 | [2] | 311 | [2] | 0 | [2] | 311 | [2] |
Sales | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Realized gain (loss) on sale | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Unrealized gains | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Unrealized losses | -51 | [2] | -76 | [2] | -163 | [2] | -5,315 | [2] |
Balance at end of period | 2,080 | [2] | 8,582 | [2] | 2,080 | [2] | 8,582 | [2] |
Other Investments - Related Party | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 10,226 | [3] | 12,332 | [3] | 10,228 | [3] | 11,263 | [3] |
Additions - fair value elections in 2013 | ' | 0 | [3] | ' | 0 | [3] | ||
Purchases | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Sales | -1,496 | [3] | -764 | [3] | -1,496 | [3] | -764 | [3] |
Realized gain (loss) on sale | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Unrealized gains | 1,478 | [3] | 0 | [3] | 1,476 | [3] | 592 | [3] |
Unrealized losses | -3 | [3] | -1,227 | [3] | -3 | [3] | -750 | [3] |
Balance at end of period | 10,205 | [3] | 10,341 | [3] | 10,205 | [3] | 10,341 | [3] |
ModusLink Warrants | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 3,385 | [4] | 3,046 | [4] | 5,832 | [4] | 0 | [4] |
Additions - fair value elections in 2013 | ' | 0 | [4] | ' | 0 | [4] | ||
Purchases | 0 | [4] | 0 | [4] | 0 | [4] | 3,184 | [4] |
Sales | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Realized gain (loss) on sale | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized gains | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized losses | -951 | [4] | -211 | [4] | -3,398 | [4] | -349 | [4] |
Balance at end of period | 2,434 | [4] | 2,835 | [4] | 2,434 | [4] | 2,835 | [4] |
Marketable Securities and Other | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | 30,391 | [1] | 22,746 | [1] | 24,209 | [1] | 2,804 | [1] |
Additions - fair value elections in 2013 | ' | 0 | [1] | ' | 0 | [1] | ||
Purchases | 5,239 | [1] | 19,432 | [1] | 10,538 | [1] | 39,332 | [1] |
Sales | -2,758 | [1] | -22,926 | [1] | -4,732 | [1] | -22,926 | [1] |
Realized gain (loss) on sale | -129 | [1] | 1,556 | [1] | -129 | [1] | 1,556 | [1] |
Unrealized gains | 0 | [1] | 144 | [1] | 2,460 | [1] | 186 | [1] |
Unrealized losses | -397 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at end of period | $32,346 | [1] | $20,952 | [1] | $32,346 | [1] | $20,952 | [1] |
[1] | Realized gains on sale are recorded in Other (income) expense, net in the Company's Consolidated Statements of Operations. | |||||||
[2] | Unrealized losses are recorded in Income (Loss) of associated companies, net of taxes in the Company's Consolidated Statements of Operations. | |||||||
[3] | Unrealized gains and losses are recorded in (Loss) Income from other investments-related party in the Company's Consolidated Statements of Operations. | |||||||
[4] | Unrealized gains and losses are recorded in (Loss) Income from investments held at fair value in the Company's Consolidated Statements of Operations. |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | Deferred Features of Subordinated Note [Member] | ||||
Fair Value, Measurements, Recurring | |||||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Investments transferred from level 2 to level 1 | $58,666 | ' | ' | ||
Decrease in Due to Related Parties | ' | ' | 184 | ||
Impaired loan recorded investment | 515 | [1] | 2,564 | [1],[2] | ' |
Loans guaranteed | $95 | $2,196 | ' | ||
[1] | $95 is guaranteed by the USDA or SBA. | ||||
[2] | $2,196 is guaranteed by the USDA or SBA. |
FINANCIAL_INSTRUMENTS_Financia
FINANCIAL INSTRUMENTS Financial Instrument Liabilities and Related Restricted Cash (Details) (Not Designated as Hedging Instrument, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Contracts and Restricted Cash | ' | ' |
Derivative [Line Items] | ' | ' |
Financial instruments | $46,011 | $25,090 |
Foreign Exchange Contract | ' | ' |
Derivative [Line Items] | ' | ' |
Financial instruments | 26,001 | 25,090 |
Short Sale of Securities | ' | ' |
Derivative [Line Items] | ' | ' |
Financial instruments | $20,010 | $0 |
FINANCIAL_INSTRUMENTS_Activity
FINANCIAL INSTRUMENTS Activity for financial instrument liabilities and related restricted cash (Details) (Not Designated as Hedging Instrument, Financial Instruments and Restricted Cash, USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Not Designated as Hedging Instrument | Financial Instruments and Restricted Cash | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Liability | $25,090 | $24,742 |
Short sales of corporate securities | 19,341 | 0 |
Net investment losses (gains) | 1,492 | -1,684 |
Receipt of dividends, net of interest expense | 88 | 83 |
Derivative Liability | $46,011 | $23,141 |
FINANCIAL_INSTRUMENTS_Narrativ
FINANCIAL INSTRUMENTS Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
WebBank | WebBank | Undisbursed Loan Commitment | Undisbursed Loan Commitment | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | |||
Other current liabilities | Other current liabilities | Undisbursed Loan Commitment | Undisbursed Loan Commitment | Undisbursed Loan Commitment | Undisbursed Loan Commitment | Foreign Exchange Contract | Foreign Exchange Contract | Short Sale of Securities | Commodity Contract | |||||
WebBank | WebBank | Silver, Ounces, Copper Contracts | ||||||||||||
oz | ||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 610,000 |
Undisbursed loan commitment | ' | ' | $31,648 | $28,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for contingent credit exposure | ' | ' | ' | ' | 236 | 465 | ' | ' | ' | ' | ' | ' | ' | ' |
Short sales of corporate securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,341 | ' | ' | ' |
Credit loss (benefit) | ' | ' | ' | ' | ' | ' | 202 | 37 | 202 | 35 | ' | ' | ' | ' |
Derivative Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,001 | 25,090 | 20,010 | ' |
Gain (Loss) on Short Sale of Corporate Securities | $669 | $669 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_Foreign_
FINANCIAL INSTRUMENTS Foreign Exchange Summary (Details) (Not Designated as Hedging Instrument, Foreign Exchange Contract) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||
USD ($) | 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 | $26,001,000 | $25,090,000 | $1,431,000 | [1] | ' | $1,374,000 | [1] | ' | $24,570,000 | [1] | ' | $23,716,000 | [1] | ' | ||||
Notional Amount | ' | ' | ' | 145,000,000 | [1] | ' | 144,717,000 | [1] | ' | 14,363,000 | [1] | ' | 14,311,000 | [1] | ||||
Derivative Assets | $26,001,000 | $25,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[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_Commodit
FINANCIAL INSTRUMENTS Commodity Contracts (Details) (Commodity, USD $) | Jun. 30, 2014 |
oz | |
Silver, Ounces | ' |
Derivative [Line Items] | ' |
Amount | 985,000 |
Notional Value | $20,800,000 |
Gold, Ounces | Not Designated as Hedging Instrument | ' |
Derivative [Line Items] | ' |
Amount | 1,400 |
Notional Value | 1,800,000 |
Copper, Pounds | ' |
Derivative [Line Items] | ' |
Notional Value | 900,000 |
Copper, Pounds | Not Designated as Hedging Instrument | ' |
Derivative [Line Items] | ' |
Amount | 275,000 |
Tin, Metric Tons | Not Designated as Hedging Instrument | ' |
Derivative [Line Items] | ' |
Amount | 60 |
Notional Value | $1,300,000 |
FINANCIAL_INSTRUMENTS_Balance_
FINANCIAL INSTRUMENTS Balance Sheet Location (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Foreign currency financial instruments | Not Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Assets | $26,001 | $25,090 | ||
Derivative instruments, liabilities | -26,001 | -25,090 | ||
Foreign currency financial instruments | Not Designated as Hedging Instrument | Financial instruments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative instruments, liabilities | -26,001 | [1] | -25,090 | [1] |
Commodity Contract | Not Designated as Hedging Instrument | Accrued liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative instruments, liabilities | -16 | [1] | -158 | [1] |
Commodity Contract | Designated as Hedging Instrument | Prepaid and other current assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Assets | 21 | [1],[2] | 1,778 | [1],[2] |
Interest rate swap agreements | Not Designated as Hedging Instrument | Other current liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative instruments, liabilities | ($221) | [1] | ($214) | [1] |
[1] | Carrying amount equals fair value. | |||
[2] | Designated as hedging instruments as of June 30, 2014 |
FINANCIAL_INSTRUMENTS_Income_S
FINANCIAL INSTRUMENTS Income Statement Location (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||||||||
Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Derivative features of subordinated notes | Derivative features of subordinated notes | Derivative features of subordinated notes | Derivative features of subordinated notes | |||||||||
Net investment (losses) gains | Net investment (losses) gains | Net investment (losses) gains | Net investment (losses) gains | Cost of goods sold | Cost of goods sold | Cost of goods sold | Cost of goods sold | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | Interest expense, net | Interest expense, net | Interest expense, net | Interest expense, net | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | Realized and unrealized loss (gain) on derivatives | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (loss) | ($806) | $1,604 | ($677) | $2,513 | ' | ' | $663 | $59 | $823 | $1,684 | ($783) | [1] | ($120) | [1] | ($909) | [1] | ($120) | [1] | ($606) | $1,492 | ($466) | $1,846 | ($80) | $173 | ($125) | ($104) | $0 | $0 | $0 | ($793) |
Designated as a hedging instrument | ' | ' | ' | ' | $26,001 | $25,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Designated as hedging instruments as of June 30, 2014. |
Trade_and_Other_Receivables_De
Trade and Other Receivables (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Trade accounts receivables net of allowance for doubtful accounts of $2,382 in 2014 and $1,981 in 2013 | $134,601 | $97,187 |
Other receivables | 5,295 | 5,677 |
Total | 139,896 | 102,864 |
Allowance for doubtful accounts | $2,382 | $1,981 |
TRADE_OTHER_AND_LOANS_RECEIVAB2
TRADE, OTHER AND LOANS RECEIVABLE Loans Receivable (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | $82,630 | $76,740 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% | ' | ||
Financing receivable, gross, current | 34,087 | 26,784 | ' | ||
Financing receivable, gross, non-current | 48,543 | 49,956 | ' | ||
Allowance for loan losses, total | -362 | -424 | ' | ||
Allowance for Notes, Loans and Financing Receivable, Current | -362 | -424 | ' | ||
Allowance for Notes, Loans and Financing Receivable, Noncurrent | 0 | 0 | ' | ||
Total loans receivable, net | 82,268 | [1] | 76,316 | [1] | ' |
Loans receivable, net, current | 33,725 | [1] | 26,360 | [1] | ' |
Loans receivable, net, noncurrent | 48,543 | [1] | 49,956 | [1] | ' |
Loans Receivable, Net | 80,600 | 76,303 | ' | ||
Commercial – owner occupied | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 1,700 | 4,671 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 2.00% | 6.00% | ' | ||
Financing receivable, gross, current | 93 | 197 | ' | ||
Financing receivable, gross, non-current | 1,607 | 4,474 | ' | ||
Allowance for loan losses, total | -34 | -77 | -187 | ||
Commercial – other | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 261 | 242 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 0.00% | 0.00% | ' | ||
Financing receivable, gross, current | 0 | 0 | ' | ||
Financing receivable, gross, non-current | 261 | 242 | ' | ||
Allowance for loan losses, total | -30 | -28 | -34 | ||
Total real estate loans | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 1,961 | 4,913 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 2.00% | 6.00% | ' | ||
Financing receivable, gross, current | 93 | 197 | ' | ||
Financing receivable, gross, non-current | 1,868 | 4,716 | ' | ||
Commercial and industrial | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 47,956 | 46,702 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 58.00% | 61.00% | ' | ||
Financing receivable, gross, current | 1,281 | 1,462 | ' | ||
Financing receivable, gross, non-current | 46,675 | 45,240 | ' | ||
Allowance for loan losses, total | -298 | -319 | -64 | ||
Loans held for sale | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Financing receivable, including loans held for sale, gross, total | 32,713 | 25,125 | ' | ||
Financing receivable, ratio to total, including loans held for sale (as a percent) | 40.00% | 33.00% | ' | ||
Financing receivable, gross, current | 32,713 | 25,125 | ' | ||
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 $80,600 and $76,303 at June 30, 2014 and December 31, 2013, respectively. |
TRADE_OTHER_AND_LOANS_RECEIVAB3
TRADE, OTHER AND LOANS RECEIVABLE Allowance for Loan and Lease Losses (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Commercial – owner occupied | Commercial – owner occupied | Commercial – other | Commercial – other | Commercial and industrial | Commercial and industrial | Financing Receivable Loans Total | Financing Receivable Loans Total | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $424 | ' | $77 | $187 | $28 | $34 | $319 | $64 | $424 | $285 |
Charge-offs | ' | ' | 0 | 0 | 0 | 0 | -3 | -64 | -3 | -64 |
Recoveries | 154 | 30 | 63 | 22 | 18 | 44 | 14 | 217 | 95 | 283 |
Provision | ' | ' | -106 | -132 | -16 | -50 | -32 | 102 | -154 | -80 |
Ending balance | $362 | ' | $34 | $77 | $30 | $28 | $298 | $319 | $362 | $424 |
TRADE_OTHER_AND_LOANS_RECEIVAB4
TRADE, OTHER AND LOANS RECEIVABLE Allowance for Loan and Lease Losses and Outstanding Loans (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Receivable [Line Items] | ' | ' | ' | ||
Allowance for loan losses, individually evaluated for impairment | $0 | $0 | ' | ||
Allowance for loan losses, collectively evaluated for impairment | 362 | 424 | ' | ||
Allowance for loan losses, total | 362 | 424 | ' | ||
Outstanding loan balances, individually evaluated for impairment | 515 | [1] | 2,564 | [2] | ' |
Outstanding loan balances, collectively evaluated for impairment | 49,402 | 49,051 | ' | ||
Total loans | 49,917 | 51,615 | ' | ||
Guarantee by USDA or SBA | 95 | 2,121 | ' | ||
Commercial – owner occupied | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ' | ||
Allowance for loan losses, collectively evaluated for impairment | 34 | 77 | ' | ||
Allowance for loan losses, total | 34 | 77 | 187 | ||
Outstanding loan balances, individually evaluated for impairment | 385 | [1] | 2,426 | [2] | ' |
Outstanding loan balances, collectively evaluated for impairment | 1,315 | 2,245 | ' | ||
Total loans | 1,700 | 4,671 | ' | ||
Commercial – other | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ' | ||
Allowance for loan losses, collectively evaluated for impairment | 30 | 28 | ' | ||
Allowance for loan losses, total | 30 | 28 | 34 | ||
Outstanding loan balances, individually evaluated for impairment | 0 | [1] | 0 | [2] | ' |
Outstanding loan balances, collectively evaluated for impairment | 261 | 242 | ' | ||
Total loans | 261 | 242 | ' | ||
Commercial and industrial | ' | ' | ' | ||
Receivable [Line Items] | ' | ' | ' | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ' | ||
Allowance for loan losses, collectively evaluated for impairment | 298 | 319 | ' | ||
Allowance for loan losses, total | 298 | 319 | 64 | ||
Outstanding loan balances, individually evaluated for impairment | 130 | [1] | 138 | [2] | ' |
Outstanding loan balances, collectively evaluated for impairment | 47,826 | 46,564 | ' | ||
Total loans | $47,956 | $46,702 | ' | ||
[1] | $95 is guaranteed by the USDA or SBA. | ||||
[2] | $2,121 is guaranteed by the USDA or SBA. |
TRADE_OTHER_AND_LOANS_RECEIVAB5
TRADE, OTHER AND LOANS RECEIVABLE Nonaccrual Loans (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Receivable [Line Items] | ' | ' |
Total loans | $491 | $511 |
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 90 days past due | 0 | 0 |
Total real estate loans | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 385 | 402 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans 90 days past due | 0 | 0 |
Commercial – owner occupied | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 385 | 402 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans 90 days past due | 0 | 0 |
Commercial and industrial | ' | ' |
Receivable [Line Items] | ' | ' |
Total loans | 106 | 109 |
Narrative [Abstract] | ' | ' |
Recorded investment in accruing loans 90 days past due | $0 | $0 |
TRADE_OTHER_AND_LOANS_RECEIVAB6
TRADE, OTHER AND LOANS RECEIVABLE Past Due Loans (Accruing and Nonaccruing) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivable [Line Items] | ' | ' | ||
Current | $49,750 | $51,446 | ||
30-89 days past due | 58 | 57 | ||
90 days past due | 109 | 112 | ||
Total past due | 167 | [1] | 169 | [2] |
Total loans | 49,917 | 51,615 | ||
Recorded investment in accruing loans 90 days past due | 0 | 0 | ||
Nonaccrual loans that are current | 382 | [3] | 399 | [3] |
Guarantee by USDA or SBA | 90 | 90 | ||
Commercial – owner occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Current | 1,697 | 4,668 | ||
30-89 days past due | 0 | 0 | ||
90 days past due | 3 | 3 | ||
Total past due | 3 | [1] | 3 | [2] |
Total loans | 1,700 | 4,671 | ||
Recorded investment in accruing loans 90 days past due | 0 | 0 | ||
Nonaccrual loans that are current | 0 | [3] | 399 | [3] |
Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Current | 261 | 242 | ||
30-89 days past due | 0 | 0 | ||
90 days past due | 0 | 0 | ||
Total past due | 0 | [1] | 0 | [2] |
Total loans | 261 | 242 | ||
Recorded investment in accruing loans 90 days past due | 0 | 0 | ||
Nonaccrual loans that are current | 0 | [3] | 0 | [3] |
Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Current | 1,958 | 4,910 | ||
30-89 days past due | 0 | 0 | ||
90 days past due | 3 | 3 | ||
Total past due | 3 | [1] | 3 | [2] |
Total loans | 1,961 | 4,913 | ||
Recorded investment in accruing loans 90 days past due | 0 | 0 | ||
Nonaccrual loans that are current | 0 | [3] | 399 | [3] |
Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Current | 47,792 | 46,536 | ||
30-89 days past due | 58 | 57 | ||
90 days past due | 106 | 109 | ||
Total past due | 164 | [1] | 166 | [2] |
Total loans | 47,956 | 46,702 | ||
Recorded investment in accruing loans 90 days past due | 0 | 0 | ||
Nonaccrual loans that are current | $382 | [3] | $0 | [3] |
[1] | $90 is guaranteed by the USDA or SBA. | |||
[2] | is guaranteed by the USDA or SBA. | |||
[3] | Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
TRADE_OTHER_AND_LOANS_RECEIVAB7
TRADE, OTHER AND LOANS RECEIVABLE Outstanding Loans (Accruing and Nonaccruing) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivable [Line Items] | ' | ' | ||
Total loans | $49,917 | $51,615 | ||
Guaranteed by USDA or SBA | 95 | 2,121 | ||
Construction | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 4,671 | ||
Commercial - Owner Occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 1,700 | 242 | ||
Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 261 | 0 | ||
Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 1,961 | 4,913 | ||
Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 47,956 | 46,702 | ||
Pass | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 49,348 | 46,664 | ||
Pass | Construction | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 2,246 | ||
Pass | Commercial - Owner Occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 1,315 | 242 | ||
Pass | Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 261 | 0 | ||
Pass | Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 1,576 | 2,488 | ||
Pass | Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 47,772 | 44,176 | ||
Special Mention | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 54 | 2,387 | ||
Special Mention | Construction | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Special Mention | Commercial - Owner Occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Special Mention | Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Special Mention | Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Special Mention | Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 54 | 2,387 | ||
Sub- standard | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 515 | [1] | 2,564 | [2] |
Sub- standard | Construction | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | [1] | 2,425 | [2] |
Sub- standard | Commercial - Owner Occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 385 | [1] | 0 | [2] |
Sub- standard | Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | [1] | 0 | [2] |
Sub- standard | Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 385 | [1] | 2,425 | [2] |
Sub- standard | Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 130 | [1] | 139 | [2] |
Doubtful | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Doubtful | Construction | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Doubtful | Commercial - Owner Occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Doubtful | Commercial – other | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Doubtful | Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | 0 | 0 | ||
Doubtful | Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Total loans | $0 | $0 | ||
[1] | $95 is guaranteed by the USDA or SBA. | |||
[2] | $2,121 is guaranteed by the USDA or SBA. |
TRADE_OTHER_AND_LOANS_RECEIVAB8
TRADE, OTHER AND LOANS RECEIVABLE Impaired Loans (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principle balance | $756 | $2,980 | ||
Recorded investment with no allowance | 509 | 2,554 | ||
Recorded investment with allowance | 6 | 10 | ||
Total recorded investment | 515 | [1] | 2,564 | [1],[2] |
Related Allowance | 0 | 0 | ||
Average recorded investment | 1,254 | 2,705 | ||
Guaranteed by USDA or SBA | 95 | 2,196 | ||
Commercial – owner occupied | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principle balance | 442 | 2,626 | ||
Recorded investment with no allowance | 385 | 2,425 | ||
Recorded investment with allowance | 0 | 0 | ||
Total recorded investment | 385 | [1] | 2,425 | [2] |
Related Allowance | 0 | 0 | ||
Average recorded investment | 1,121 | 2,555 | ||
Total real estate loans | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principle balance | 442 | 2,626 | ||
Recorded investment with no allowance | 385 | 2,425 | ||
Recorded investment with allowance | 0 | 0 | ||
Total recorded investment | 385 | [1] | 2,425 | [2] |
Related Allowance | 0 | 0 | ||
Average recorded investment | 1,121 | 2,555 | ||
Commercial and industrial | ' | ' | ||
Receivable [Line Items] | ' | ' | ||
Unpaid principle balance | 314 | 354 | ||
Recorded investment with no allowance | 124 | 129 | ||
Recorded investment with allowance | 6 | 10 | ||
Total recorded investment | 130 | [1] | 139 | [2] |
Related Allowance | 0 | 0 | ||
Average recorded investment | $133 | $150 | ||
[1] | $95 is guaranteed by the USDA or SBA. | |||
[2] | $2,196 is guaranteed by the USDA or SBA. |
INVENTORIES_Summary_of_Invento
INVENTORIES Summary of Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $24,544 | $21,887 |
In-process | 13,631 | 9,840 |
Raw materials | 16,971 | 15,246 |
Fine and fabricated precious metal in various stages of completion | 30,558 | 19,802 |
Inventory, before LIFO reserve | 85,704 | 66,775 |
Excess of market value over LIFO cost | -1,101 | -136 |
Inventory, Net | $84,603 | $66,639 |
INVENTORIES_Inventories_Narrat
INVENTORIES Inventories Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | oz | oz |
Inventory Disclosure [Abstract] | ' | ' |
Market value in excess of LIFO cost | $1,101 | $136 |
Customer metal, ounces of silver | 172,058 | 247,103 |
Customer metal, ounces of gold | 543 | 576 |
Customer metal, ounces of palladium | 1,391 | 1,392 |
INVENTORIES_Supplemental_Inven
INVENTORIES Supplemental Inventory Information (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Precious metals stated at LIFO cost | $13,884 | $5,978 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $15,573 | $13,687 |
Market value per ounce, Silver (in dollars per ounce) | 21.12 | 19.49 |
Market value per ounce, Gold (in dollars per ounce) | 1,317.50 | 1,201.50 |
Market value per ounce, Palladium (in dollars per ounce) | 839 | 711 |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $288,594 | ' | $288,594 | ' | $271,651 |
Accumulated depreciation and amortization | -74,862 | ' | -74,862 | ' | -60,994 |
Net property, plant and equipment | 213,732 | ' | 213,732 | ' | 210,657 |
Depreciation [Abstract] | ' | ' | ' | ' | ' |
Depreciation | 7,018 | 5,676 | 13,931 | 11,411 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 11,999 | ' | 11,999 | ' | 12,002 |
Buildings and improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 60,063 | ' | 60,063 | ' | 58,417 |
Machinery, equipment and other | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 207,372 | ' | 207,372 | ' | 192,617 |
Construction in progress | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $9,160 | ' | $9,160 | ' | $8,615 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS Roll Forward (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ' | ' | |
Balance at beginning of year | $95,156 | $63,622 | |
Acquisitions | 0 | 35,551 | |
Impairment | ' | -3,577 | [1] |
Currency translation adjustment | -4 | 14 | |
Other adjustments | 76 | -454 | [2] |
Balance at end of year | 95,228 | 95,156 | |
Diversified | ' | ' | |
Goodwill [Roll Forward] | ' | ' | |
Balance at beginning of year | 32,841 | 15,112 | |
Acquisitions | 0 | 18,169 | |
Impairment | ' | 0 | [1] |
Currency translation adjustment | -4 | 14 | |
Other adjustments | 76 | -454 | [2] |
Balance at end of year | 32,913 | 32,841 | |
Energy | ' | ' | |
Goodwill [Roll Forward] | ' | ' | |
Balance at beginning of year | 62,234 | 48,429 | |
Acquisitions | 0 | 17,382 | |
Impairment | ' | -3,577 | [1] |
Currency translation adjustment | 0 | 0 | |
Other adjustments | 0 | 0 | [2] |
Balance at end of year | 62,234 | 62,234 | |
Corporate | ' | ' | |
Goodwill [Roll Forward] | ' | ' | |
Balance at beginning of year | 81 | 81 | |
Acquisitions | 0 | 0 | |
Impairment | ' | 0 | [1] |
Currency translation adjustment | 0 | 0 | |
Other adjustments | 0 | 0 | [2] |
Balance at end of year | $81 | $81 | |
[1] | Represents an impairment related to one of Steel Excel's sports businesses. | ||
[2] | Represents final purchase price allocation adjustments, including a final working capital adjustment, associated with the HNH acquisition of Hickman. |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS Summary (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | $181,376 | ' | $181,376 | ' | $180,403 |
Accumulated Amortization | 41,356 | ' | 41,356 | ' | 33,976 |
Net | 140,020 | ' | 140,020 | ' | 146,427 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' |
Trademarks with indefinite lives | 8,020 | ' | 8,020 | ' | 8,020 |
Amortization expense | 3,652 | 3,022 | 7,414 | 5,800 | ' |
Amortization Expense 2014 | 7,305 | ' | 7,305 | ' | ' |
Amortization Expense 2015 | 14,217 | ' | 14,217 | ' | ' |
Amortization Expense 2016 | 13,641 | ' | 13,641 | ' | ' |
Amortization Expense 2017 | 12,528 | ' | 12,528 | ' | ' |
Amortization Expense 2018 | 11,664 | ' | 11,664 | ' | ' |
Amortization Expense Thereafter | 72,645 | ' | 72,645 | ' | ' |
Product and customer relationships | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 129,589 | ' | 129,589 | ' | 128,754 |
Accumulated Amortization | 28,184 | ' | 28,184 | ' | 22,816 |
Net | 101,405 | ' | 101,405 | ' | 105,938 |
Trademarks | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 29,693 | ' | 29,693 | ' | 29,675 |
Accumulated Amortization | 5,032 | ' | 5,032 | ' | 3,978 |
Net | 24,661 | ' | 24,661 | ' | 25,697 |
Patents and technology | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 19,465 | ' | 19,465 | ' | 19,338 |
Accumulated Amortization | 6,409 | ' | 6,409 | ' | 5,635 |
Net | 13,056 | ' | 13,056 | ' | 13,703 |
Other | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Carrying Amount | 2,629 | ' | 2,629 | ' | 2,636 |
Accumulated Amortization | 1,731 | ' | 1,731 | ' | 1,547 |
Net | $898 | ' | $898 | ' | $1,089 |
BANK_DEPOSITS_Deposits_Time_an
BANK DEPOSITS Deposits Time and Money Market (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Time deposits year of maturity: | ' | ' | ||
2014 | $14,360 | $47,372 | ||
2015 | 15,530 | 14,284 | ||
2016 | 28,616 | 13,625 | ||
2017 | 5,225 | 0 | ||
Total time deposits | 63,731 | 75,281 | ||
Money market deposits | 56,257 | 42,925 | ||
Total deposits | 119,988 | [1] | 118,206 | [1] |
Deposits [Abstract] | ' | ' | ||
Current | 79,560 | 87,319 | ||
Long-term | 40,428 | 30,887 | ||
Time Deposits [Abstract] | ' | ' | ||
Time deposit accounts under $100 | 52,467 | 63,515 | ||
Time deposit accounts $100 and over | 11,264 | 11,766 | ||
Fair value of deposits | $120,567 | $118,698 | ||
[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 $120,567 and $118,698 at June 30, 2014 and December 31, 2013, respectively. |
RELATED_PARTY_TRANSACTIONS_Man
RELATED PARTY TRANSACTIONS Management Agreement (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Management fee percentage, quarterly 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 | ' | ' |
Manager of SPH | Management Fee | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Services fees and reimbursable expenses | $2,257 | $2,041 | $4,569 | $4,018 | ' |
Deferred fees payable to related party | 0 | ' | 0 | ' | 2,049 |
Manager of SPH | Reimbursable Expenses | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Services fees and reimbursable expenses | 326 | 344 | 1,345 | 559 | ' |
Deferred fees payable to related party | $931 | ' | $931 | ' | $477 |
RELATED_PARTY_TRANSACTIONS_Cor
RELATED PARTY TRANSACTIONS Corporate Services (Details) (Management Fee, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
HNH | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | $8,885 |
Steel Excel | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | 8,000 |
SPLP | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | 3,000 |
DGT | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | 476 |
WebBank | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | 250 |
BNS | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | 204 |
Related Parties | ' |
Related Party Transaction [Line Items] | ' |
Services fees and reimbursable expenses | $1,721 |
RELATED_PARTY_TRANSACTIONS_Mut
RELATED PARTY TRANSACTIONS Mutual Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
SPII Liquidating Trust | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Other Investments | ' | $764 | ' | ' |
Mutual Services | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Services fees and reimbursable expenses | $100 | $94 | $230 | $216 |
RELATED_PARTY_TRANSACTIONS_Oth
RELATED PARTY TRANSACTIONS Other (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Collateral held for investment | $31,088 | ' | $31,088 | ' | $28,515 | |||
Deposits | 119,988 | [1] | ' | 119,988 | [1] | ' | 118,206 | [1] |
Indemnification assets | 116 | ' | 116 | ' | 116 | |||
Director | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
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 | ' | ' | |||
Services fees and reimbursable expenses | 236 | 197 | 446 | 398 | ' | |||
Deferred fees payable to related party | 37 | ' | 37 | ' | 46 | |||
Audit Committee, Chairman | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Related Party, Annual Service Fee | ' | ' | 60 | ' | ' | |||
Corporate Governance and Nominating Committee, Chairman | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Related Party, Annual Service Fee | ' | ' | 5 | ' | ' | |||
Compensation Committee, Chairman | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Related Party, Annual Service Fee | ' | ' | 5 | ' | ' | |||
Consolidation, Eliminations | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Deposits | 16,737 | ' | 16,737 | ' | 17,195 | |||
WebBank | Related Parties | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Deposits | 19,016 | ' | 19,016 | ' | 19,229 | |||
Interest Income, Deposits with Financial Institutions | 26 | 39 | 53 | 86 | ' | |||
Consolidation, Elimination, WebBank | Related Parties | ' | ' | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||
Interest Income, Deposits with Financial Institutions | $22 | $39 | $46 | $81 | ' | |||
[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 $120,567 and $118,698 at June 30, 2014 and December 31, 2013, respectively. |
DEBT_AND_CAPITAL_LEASE_OBLIGAT2
DEBT AND CAPITAL LEASE OBLIGATIONS Long-term and short-term debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | $632,000 | $650,000 |
Less portion due within one year | 27,595,000 | 26,033,000 |
Long-term debt | 261,684,000 | 223,355,000 |
Total debt | 289,911,000 | 250,038,000 |
Current portion of capital lease | 705,000 | 953,000 |
Long-term portion of capital lease | 545,000 | 734,000 |
Capital lease facility | 1,250,000 | 1,687,000 |
Parent | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 289,279,000 | 249,388,000 |
Less portion due within one year | 27,595,000 | 26,033,000 |
Long-term debt | 261,684,000 | 223,355,000 |
Parent | Loans Payable | Senior Notes | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 195,643,000 | 208,500,000 |
Parent | Loans Payable | First Lien Term Loan | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 82,382,000 | 30,950,000 |
Parent | Mortgages | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 8,119,000 | 8,280,000 |
Parent | Foreign Line of Credit | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Total - Long-term debt - non - related parties | 3,135,000 | 1,658,000 |
Collateralized Mortgage Backed Securities | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | 632,000 | 304,000 |
Convertible Subordinated Debt | ' | ' |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ' | ' |
Short-term debt | $0 | $346,000 |
DEBT_AND_CAPITAL_LEASE_OBLIGAT3
DEBT AND CAPITAL LEASE OBLIGATIONS Debt Parenthetical (Details) (Convertible Subordinated Debt) | Jun. 30, 2014 |
Convertible Subordinated Debt | ' |
Debt Instrument [Line Items] | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | 0.75% |
DEBT_AND_CAPITAL_LEASE_OBLIGAT4
DEBT AND CAPITAL LEASE OBLIGATIONS SPLP Credit Facility (Details) (Line of Credit, Line of Credit, USD $) | Jun. 30, 2014 | Apr. 30, 2014 | Oct. 23, 2013 | Oct. 23, 2013 | Oct. 23, 2013 |
Letter of Credit | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $50,000,000 | $10,000,000 | ' |
Description of variable rate basis | ' | ' | ' | ' | 'LIBOR |
Basis spread on variable rate (as a percent) | ' | ' | ' | ' | 1.00% |
Amount outstanding | $36,582,000 | $47,500,000 | ' | ' | ' |
DEBT_AND_CAPITAL_LEASE_OBLIGAT5
DEBT AND CAPITAL LEASE OBLIGATIONS HNH Senior Credit Facility (Details) (Handy & Harman Ltd. (HNH), USD $) | 1 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | London Interbank Offered Rate (LIBOR) | U.S. Base Rate | Revolving Credit Facility | Revolving Credit Facility | Loans Payable | |
Senior Notes | Senior Notes | Senior Debt Obligations | Senior Notes | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $160,000,000 | ' |
Quarterly principal payments 2014 | ' | ' | ' | ' | ' | ' | ' | 3,100,000 |
Quarterly principal payments 2015 | ' | ' | ' | ' | ' | ' | ' | 3,900,000 |
Quarterly principal payments 2016 | ' | ' | ' | ' | ' | ' | ' | 3,900,000 |
Quarterly principal payments 2017 | ' | ' | ' | ' | ' | ' | ' | 3,900,000 |
Subsidiaries offered as collateral | ' | ' | ' | ' | ' | ' | 404,000,000 | ' |
Description of variable rate basis | 'one-month LIBOR | 'one-month | ' | 'LIBOR | 'Base Rate | ' | ' | ' |
Long-term debt, basis spread on variable rate (as a percent) | ' | ' | ' | 2.50% | 1.50% | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | 3.16% | 2.67% | ' |
Derivative, Fixed interest rate (as a percent) | ' | 0.57% | 0.60% | ' | ' | ' | ' | ' |
Notional value | ' | 56,400,000 | 5,000,000 | ' | ' | ' | ' | ' |
Decrease 2014 | ' | 1,100,000 | 100,000 | ' | ' | ' | ' | ' |
Decrease 2015 | ' | 1,800,000 | 200,000 | ' | ' | ' | ' | ' |
Decrease 2016 | ' | $2,200,000 | $200,000 | ' | ' | ' | ' | ' |
DEBT_AND_CAPITAL_LEASE_OBLIGAT6
DEBT AND CAPITAL LEASE OBLIGATIONS WHX CS Loan (Details) (HNH, Secured Debt [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 03, 2014 | |
HNH | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | ' | $15,000,000 |
Description of variable rate basis | 'LIBOR | ' |
Long-term debt, basis spread on variable rate (as a percent) | 1.25% | ' |
Weighted average interest rate (as a percent) | 1.41% | ' |
Percentage of investment available under loan | 50.00% | ' |
Draw-down term (in months) | '12 months | ' |
Term (in years) | '2 years | ' |
Remaining discount amortization period (in years) | '5 years | ' |
DEBT_AND_CAPITAL_LEASE_OBLIGAT7
DEBT AND CAPITAL LEASE OBLIGATIONS Subordinated Notes (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Apr. 25, 2013 | Mar. 26, 2013 | Mar. 26, 2013 | |
Subordinated Debt | Subordinated Debt | Subordinated Debt | Subordinated Debt | |||
Affiliated Entity | Affiliated Entity | Affiliated Entity | SPLP | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Subordinated Notes, interest rate, stated percentage (as a percent) | ' | ' | ' | ' | 10.00% | ' |
Repurchase amount | ' | ' | ' | $31,800,000 | ' | ' |
Redemption amount as percentage of principal amount (as a percent) | ' | ' | ' | 112.60% | ' | ' |
Irrevocable deposit | ' | ' | ' | ' | 36,900,000 | 25,000,000 |
Loss on early retirement of debt | $0 | $1,319,000 | $5,700,000 | ' | ' | ' |
DEBT_AND_CAPITAL_LEASE_OBLIGAT8
DEBT AND CAPITAL LEASE OBLIGATIONS Steel Excel Debt (Details) (Steel Excel, Amended Credit Agreement, USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Long-term Debt | Term Loan | Term Loan | Revolving Credit Facility | |||
Line of Credit | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | $105,000,000 | $85,900,000 | $95,000,000 | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | 10,000,000 |
Borrowing base (as a percent) | ' | ' | ' | ' | ' | 85.00% |
Assets pledged as collateral | 180,200,000 | 180,200,000 | ' | ' | ' | ' |
Installments | ' | 3,300,000 | ' | ' | ' | ' |
Principal payments 2014 | 6,607,000 | 6,607,000 | ' | ' | ' | ' |
Principal payments 2015 | 13,214,000 | 13,214,000 | ' | ' | ' | ' |
Principal payments 2016 | 13,214,000 | 13,214,000 | ' | ' | ' | ' |
Principal payments 2017 | 13,214,000 | 13,214,000 | ' | ' | ' | ' |
Principal payments 2018 | 39,644,000 | 39,644,000 | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | 3.00% | 3.00% | ' | ' | ' | ' |
Interest Expense | 800,000 | 1,700,000 | ' | ' | ' | ' |
Interest expense, debt | 700,000 | 1,400,000 | ' | ' | ' | ' |
Deferred financing fees | $100,000 | $300,000 | ' | ' | ' | ' |
DEBT_AND_CAPITAL_LEASE_OBLIGAT9
DEBT AND CAPITAL LEASE OBLIGATIONS Sun Well Debt (Details) (Sun Well, USD $) | Jun. 30, 2014 |
Revolving Credit Facility | ' |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | $5,000,000 |
Senior Debt Obligations | Term Loan | ' |
Debt Instrument [Line Items] | ' |
Term loan | $20,000,000 |
PENSION_BENEFIT_PLANS_Componen
PENSION BENEFIT PLANS Components of Pension Expense and Other Postretirement Benefit Expense(Details) (HNH, Pension Plans, Defined Benefit, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
HNH | Pension Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $5,288 | $4,672 | $10,576 | $9,316 |
Expected return on plan assets | -6,067 | -6,034 | -12,134 | -12,013 |
Amortization of actuarial loss | 581 | 1,438 | 1,162 | 2,668 |
Total | ($198) | $76 | ($396) | ($29) |
PENSION_BENEFIT_PLANS_Narrativ
PENSION BENEFIT PLANS Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ' | ' | ' | ' |
2014 | ' | ' | $16,900 | ' |
2015 | ' | ' | 21,400 | ' |
2016 | 16,800 | ' | 16,800 | ' |
2017 | 15,500 | ' | 15,500 | ' |
2018 | 13,700 | ' | 13,700 | ' |
After year five | 27,200 | ' | 27,200 | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | ' | ' | ' | ' |
Aggregate expense | $600 | $400 | $1,100 | $1,000 |
CAPITAL_AND_ACCUMULATED_OTHER_2
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Capital Units Outstanding (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Common units outstanding (in shares) | 27,822,050 | 31,129,065 |
Capital Unit, Class A | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common units outstanding (in shares) | ' | 22,647,345 |
Capital Unit, Class B | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common units outstanding (in shares) | ' | 6,939,647 |
Capital Units, Class C | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common units outstanding (in shares) | ' | 1,542,073 |
CAPITAL_AND_ACCUMULATED_OTHER_3
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Tender Offer for SPLP Units (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 25, 2014 | Mar. 25, 2014 | Mar. 25, 2014 | Mar. 25, 2014 |
Common Units | Common Units | Minimum | Maximum | |||
Common Units | Common Units | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Repurchase of capital units, tender offer | ' | ' | ' | $49,000 | ' | ' |
Tender offer (per share) | ' | ' | ' | ' | $16.50 | $17.50 |
Purchases of treasury units (in shares) | ' | ' | 2,969,696 | ' | ' | ' |
Cash paid | 10,274 | 20,724 | 1,500 | ' | ' | ' |
Liabilities incurred | ' | ' | $47,500 | ' | ' | ' |
CAPITAL_AND_ACCUMULATED_OTHER_4
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Common Unit Repurchase Program (Details) (Common Units, USD $) | 0 Months Ended | ||
Mar. 25, 2014 | Dec. 24, 2013 | Jun. 30, 2014 | |
Common Units | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Authorized amount | ' | $5,000,000 | ' |
Purchases of treasury units (in shares) | 2,969,696 | ' | ' |
Treasury stock (in shares) | ' | ' | 33,999 |
Treasury stock repurchased to date | ' | ' | $576,000 |
CAPITAL_AND_ACCUMULATED_OTHER_5
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Common Units Issuance - Directors (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted units | ' | ' | $198 | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | '3 years | ' | ' | ' | ' |
Vesting percentage | ' | ' | 33.33% | ' | ' | ' | ' |
Director | Steel Partners II, L.P. | Restricted Common Units | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted units | ' | ' | ' | ' | 75 | 75 | 75 |
Director | Steel Partners II, L.P. | Common Unit | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock issued net of forfeitures | ' | ' | ' | ' | 375 | 375 | 375 |
Common units issuance expense | $104 | $63 | $198 | $146 | ' | ' | ' |
CAPITAL_AND_ACCUMULATED_OTHER_6
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||
Equity Method Investee | Equity Method Investee | Common Unitholders | Common Unitholders | Common Unitholders | Common Unitholders | |||||||||||||
Unrealized gain on available-for-sale securities | Cumulative translation adjustment | Change in net pension and other benefit obligations | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated other comprehensive loss, beginning of period | ' | ' | $41,584 | ' | ' | ' | $41,584 | $83,943 | ($3,367) | ($38,992) | ||||||||
Current period other comprehensive loss | ' | ' | ' | ' | ' | ' | 10,215 | [1] | 10,206 | [1] | 9 | [1] | 0 | [1] | ||||
Reclassifications, net of tax | ' | ' | ' | ' | ' | ' | -874 | [2] | -874 | [2] | 0 | [2] | 0 | [2] | ||||
Other comprehensive income | 7,618 | 4,694 | 11,877 | 36,270 | ' | ' | 9,341 | [3] | 9,332 | [3] | 9 | [3] | 0 | [3] | ||||
Accumulated other comprehensive loss, end of period | 50,925 | ' | 50,925 | ' | ' | ' | 50,925 | 93,275 | -3,358 | -38,992 | ||||||||
Before reclassifications net of tax | ' | ' | -2,235 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Reclassification adjustment net of tax | ' | ' | 478 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 7,389 | 3,932 | 11,900 | 36,121 | ' | ' | ' | ' | ' | ' | ||||||||
Unrealized gain on available for sale securities, net of tax | 7,785 | [4] | 14,208 | [4] | 13,564 | [4] | 46,586 | [4] | ' | ' | ' | ' | ' | ' | ||||
Cumulative translation adjustment attributable to noncontrolling interests | ' | ' | -32 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unrealized loss on available-for-sale securities adjustments | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ||||||||
Equity method investments impact on OCI | $1 | $0 | $0 | $1 | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Net of tax a tax provision of $2,235. | |||||||||||||||||
[2] | Net of tax a tax benefit of $478. | |||||||||||||||||
[3] | Amounts do not include unrealized gain on available-for-sale securities of $2,568 and cumulative translation adjustment loss of $32 attributable to noncontrolling interests. | |||||||||||||||||
[4] | Includes a net tax provision of $1,271 and a net tax benefit of $126 for the three months ended June 30, 2014 and 2013, respectively, and includes a net tax provision of $4,035 and $5,145 for the six months ended June 30, 2014 and 2013, respectively. |
CAPITAL_AND_ACCUMULATED_OTHER_7
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME Incentive Unit Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 02, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Incentive units granted, percentage of outstanding common units (as a percent) | ' | ' | ' | ' | 100.00% |
Unit option plan expense | $544 | $2,343 | $0 | $6,774 | ' |
NET_INCOME_LOSS_PER_COMMON_UNI2
NET INCOME (LOSS) PER COMMON UNIT (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ' | ' | ' | ' | ||||
Net income from continuing operations | $21,197 | $24,329 | $9,609 | $10,893 | ||||
Net income from continuing operations attributable to noncontrolling interests in consolidated entities | -11,402 | -7,079 | -12,540 | -8,345 | ||||
Net income (loss) from continuing operations attributable to common unit holders | 9,795 | 17,250 | -2,931 | 2,548 | ||||
(Loss) Income from discontinued operations | 0 | -2,582 | 42 | 2,842 | ||||
Net income (loss) from discontinued operations attributable to noncontrolling interests in consolidated entities | 0 | 1,429 | -22 | -1,243 | ||||
Net (income) loss from discontinued operations attributable to common unit holders | 0 | -1,153 | 20 | 1,599 | ||||
Net income (loss) attributable to common unitholders | $9,795 | $16,097 | ($2,911) | $4,147 | ||||
Net income (loss) per common unit - basic: (in dollars per unit) | ' | ' | ' | ' | ||||
Net income (loss) from continuing operations | $0.34 | $0.57 | ($0.10) | $0.08 | ||||
Net (loss) income from discontinued operations | $0 | ($0.04) | $0 | $0.06 | ||||
Net income (loss) attributable to common unitholders | $0.34 | $0.53 | ($0.10) | $0.14 | ||||
Earnings Per Share, Diluted, Two Class Method [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) from continuing operations | $0.34 | $0.57 | ($0.10) | $0.08 | ||||
Net (loss) income from discontinued operations | $0 | ($0.04) | $0 | $0.06 | ||||
Net income (loss) attributable to common unitholders | $0.34 | $0.53 | ($0.10) | $0.14 | ||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | ||||
Weighted average common units outstanding - basic (in shares) | 28,739,858 | 30,128,047 | 29,765,843 | 30,194,928 | ||||
Unvested restricted units (in shares) | 35,582 | 0 | 0 | 0 | ||||
Denominator for net income per common unit - diluted (in shares) | 28,775,440 | [1] | 30,128,047 | [1] | 29,765,843 | [1] | 30,194,928 | [1] |
Incentive Units | ' | ' | ' | ' | ||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 16,032 | ' | ||||
Unvested Restricted Stock Units | ' | ' | ' | ' | ||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | 35,134 | ||||
[1] | The following were excluded from the diluted per unit calculation as their impact would have been anti-dilutive; approximately 16,032 incentive units and approximately 35,134 unvested restricted units, for the six months ended June 30, 2014. |
SEGMENT_INFORMATION_Segment_De
SEGMENT INFORMATION Segment Description (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Diversified industrial | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management Fees Revenue | $2,200 | $2,200 | $4,400 | $4,400 |
Energy | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management Fees Revenue | 2,000 | 900 | 4,000 | 1,800 |
Financial services | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Management Fees Revenue | $62 | $63 | $125 | $125 |
SEGMENT_INFORMATION_Informatio
SEGMENT INFORMATION Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue: | $254,949 | $218,482 | $469,166 | $401,944 |
Income (Loss) from continuing operations before income taxes: | 30,916 | 32,391 | 22,008 | 19,603 |
Income tax provision | 9,719 | 8,062 | 12,399 | 8,710 |
Net income from continuing operations | 21,197 | 24,329 | 9,609 | 10,893 |
Total | 3,750 | 12,154 | -14,510 | 2,855 |
Diversified industrial | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue: | 195,492 | 182,085 | 357,339 | 331,041 |
Income (Loss) from continuing operations before income taxes: | 25,815 | 31,691 | 34,870 | 39,519 |
Total | 4,714 | 15,073 | 5,404 | 15,202 |
Energy | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue: | 51,924 | 28,762 | 97,083 | 55,113 |
Income (Loss) from continuing operations before income taxes: | 9,183 | 2,349 | 12,576 | 6,041 |
Total | 2,874 | -80 | 1,441 | -80 |
Financial services | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue: | 8,023 | 7,271 | 14,989 | 13,580 |
Income (Loss) from continuing operations before income taxes: | 5,172 | 4,680 | 9,250 | 8,436 |
Corporate and other | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue: | -490 | 364 | -245 | 2,210 |
Income (Loss) from continuing operations before income taxes: | -9,254 | -6,329 | -34,688 | -34,393 |
Total | ($3,838) | ($2,839) | ($21,355) | ($12,267) |
INCOME_TAXES_Narrative_Details
INCOME TAXES Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax provision | $9,719 | $8,062 | $12,399 | $8,710 |
Federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
HNH | HHEM | BNS Subsidiary | BNS Subsidiary | BNS Subsidiary | BNS Subsidiary | Minimum | Maximum | Former Owner / Operator | Costs | Costs | Costs | Sold Parcel | |||
claim | claim | Insurance Claims | Insurance Claims | defendant | BNS Subsidiary | First Joint Venture Partner of Former Owner / Operator | Hhem and HandH | HHEM | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual for environmental matters | $3,503,000 | $4,603,000 | $2,100,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anticipated cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Investigation and remediation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 1,400,000 | ' |
Ownership responsibility for site investigation and remediation costs percentage allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 37.50% | 25.00% | ' | ' |
Accrual for environmental loss contingencies, payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Total claims (in number of claims) | ' | ' | ' | ' | 1,286 | 1,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims, litigation matters (in number of claims) | ' | ' | ' | ' | 191 | 211 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defendants (in defendants) | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' |
Number of claims, dismissed, settled or granted summary judgement and closed (in claims) | ' | ' | ' | ' | 1,067 | 1,053 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claims settled, average settlement value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' |
Insurance, coverage limit | ' | ' | ' | ' | ' | ' | 183,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance retention | ' | ' | ' | ' | ' | ' | ' | 2,082,000 | ' | ' | ' | ' | ' | ' | ' |
Accrual relating to open and active claims | ' | ' | ' | ' | ' | ' | $1,403,000 | $1,403,000 | ' | ' | ' | ' | ' | ' | ' |
SUBSEQUENT_EVENTS_Subsequent_E
SUBSEQUENT EVENTS Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | ||
Aug. 06, 2014 | Aug. 06, 2014 | Aug. 05, 2014 | |
Loans Payable | Senior Notes | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Long-term Debt | ' | ' | $40,000,000 |
HNH | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Distribution payable | ' | ' | 80,000,000 |
Cash purchase price | $60,000,000 | ' | ' |
Par value (in dollars per share) | ' | $0.01 | ' |
Purchase price (in dollars per share) | ' | $24 | ' |
Closing price (in dollars per share) | ' | $22.56 | ' |