Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 03, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STEEL PARTNERS HOLDINGS L.P. | |
Entity Central Index Key | 1,452,857 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,152,976 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 328,339 | $ 185,852 |
Restricted cash | 12,446 | 21,644 |
Marketable securities | 67,290 | 80,842 |
Trade and other receivables - net of allowance for doubtful accounts of $2,863 and $1,945, respectively | 170,236 | 114,215 |
Receivables from related parties | 335 | 1,722 |
Loans receivable, including loans held for sale of $107,318 and $159,592, respectively, net | 115,599 | 164,987 |
Inventories, net | 127,619 | 102,267 |
Prepaid expenses and other current assets | 23,883 | 45,396 |
Assets held for sale | 2,549 | 2,549 |
Total current assets | 848,296 | 719,474 |
Long-term loans receivable, net | 75,100 | 62,036 |
Goodwill | 191,397 | 101,853 |
Other intangible assets, net | 235,737 | 138,963 |
Deferred tax assets | 178,221 | 212,894 |
Other non-current assets | 26,020 | 26,937 |
Property, plant and equipment, net | 263,937 | 255,402 |
Long-term investments | 114,905 | 167,214 |
Total Assets | 1,933,613 | 1,684,773 |
Current liabilities: | ||
Accounts payable | 90,656 | 59,992 |
Accrued liabilities | 69,885 | 60,802 |
Financial instruments | 12,446 | 21,639 |
Deposits | 66,782 | 155,112 |
Deposits | 755 | 704 |
Short-term debt | 1,237 | 1,269 |
Current portion of long-term debt | 3,622 | 2,176 |
Other current liabilities | 15,846 | 19,105 |
Liabilities of discontinued operations | 450 | 450 |
Total current liabilities | 261,679 | 321,249 |
Long-term deposits | 223,134 | 97,060 |
Long-term debt | 418,105 | 235,913 |
Accrued pension liabilities | 263,779 | 276,525 |
Deferred tax liabilities | 2,904 | 4,759 |
Other non-current liabilities | 11,052 | 8,905 |
Total Liabilities | 1,180,653 | 944,411 |
Commitments and Contingencies | ||
Capital: | ||
Partners' Capital common units: 26,152,976 and 26,632,689 issued and outstanding (after deducting 10,558,687 and 10,055,224 units held in treasury, at cost of $164,900 and $157,603), respectively | 636,388 | 612,302 |
Accumulated other comprehensive loss | (50,818) | (54,268) |
Total Partners' Capital | 585,570 | 558,034 |
Noncontrolling interests in consolidated entities | 167,390 | 182,328 |
Total Capital | 752,960 | 740,362 |
Total Liabilities and Capital | $ 1,933,613 | $ 1,684,773 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,863 | $ 1,945 |
Loans held for sale | $ 107,318 | $ 159,592 |
Common units issued (in shares) | 26,152,976 | 26,632,689 |
Common units outstanding (in shares) | 26,152,976 | 26,632,689 |
Common units held in treasury (in shares) | 10,558,687 | 10,055,224 |
Common units held in treasury, at cost | $ 164,900 | $ 157,603 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Diversified industrial net sales | $ 274,327 | $ 224,635 | $ 722,399 | $ 555,888 |
Energy net revenue | 27,154 | 33,480 | 68,868 | 107,975 |
Financial services revenue | 15,368 | 18,226 | 53,777 | 45,886 |
Investment and other income | 164 | 105 | 791 | 609 |
Net investment (losses) gains | 0 | (56) | 0 | 32,267 |
Total revenue | 317,013 | 276,390 | 845,835 | 742,625 |
Costs and expenses: | ||||
Cost of goods sold | 221,876 | 195,384 | 590,814 | 494,502 |
Selling, general and administrative expenses | 73,592 | 57,202 | 198,779 | 168,891 |
Asset impairment charges | 3,057 | 9,202 | 11,527 | 37,540 |
Finance interest expense | 640 | 370 | 1,832 | 959 |
Provision for (recovery of) loan losses | 484 | (69) | 919 | (39) |
Interest expense | 3,025 | 2,347 | 7,390 | 6,520 |
Realized and unrealized loss (gain) on derivatives | 275 | (168) | 814 | (273) |
Other income, net | (972) | (8,011) | (7,220) | (17,073) |
Total costs and expenses | 301,977 | 256,257 | 804,855 | 691,027 |
Income from continuing operations before income taxes, equity method income (loss) and investments held at fair value | 15,036 | 20,133 | 40,980 | 51,598 |
Income tax provision | 8,334 | 13,125 | 18,357 | 24,705 |
Income (loss) from equity method investments and investments held at fair value: | ||||
Income (loss) of associated companies, net of taxes | 5,990 | (21,066) | 2,729 | (17,237) |
Income from other investments - related party | 0 | 0 | 0 | 361 |
Income (loss) from investments held at fair value | 377 | (734) | (80) | 3,152 |
Net income (loss) from continuing operations | 13,069 | (14,792) | 25,272 | 13,169 |
Discontinued operations: | ||||
Income from discontinued operations, net of taxes | 0 | 0 | 0 | 565 |
Gain on sale of discontinued operations, net of taxes | 0 | 195 | 0 | 86,453 |
Net income from discontinued operations | 0 | 195 | 0 | 87,018 |
Net income (loss) | 13,069 | (14,597) | 25,272 | 100,187 |
Net (income) loss attributable to noncontrolling interests in consolidated entities: | ||||
Continuing operations | (2,237) | 4,404 | (3,269) | 9,508 |
Discontinued operations | 0 | (1,950) | 0 | (32,828) |
Net (income) loss attributable to noncontrolling interests in consolidated entities | (2,237) | 2,454 | (3,269) | (23,320) |
Net income (loss) attributable to common unitholders | $ 10,832 | $ (12,143) | $ 22,003 | $ 76,867 |
Net income (loss) per common unit - basic (in dollars per share) | ||||
Net income (loss) from continuing operations (in dollars per share) | $ 0.41 | $ (0.38) | $ 0.83 | $ 0.82 |
Net income from discontinued operations (in dollars per share) | 0 | (0.06) | 0 | 1.97 |
Net income (loss) attributable to common unitholders (in dollars per share) | 0.41 | (0.44) | 0.83 | 2.79 |
Net income (loss) per common unit - diluted (in dollars per share) | ||||
Net income (loss) from continuing operations (in dollars per share) | 0.41 | (0.38) | 0.83 | 0.82 |
Net (loss) income from discontinued operations (in dollars per share) | 0 | (0.06) | 0 | 1.96 |
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.41 | $ (0.44) | $ 0.83 | $ 2.78 |
Weighted-average number of common units outstanding - basic (in shares) | 26,152,976 | 27,226,589 | 26,421,116 | 27,506,890 |
Weighted-average number of common units outstanding - diluted (in shares) | 26,160,965 | 27,226,589 | 26,434,636 | 27,679,474 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 13,069 | $ (14,597) | $ 25,272 | $ 100,187 | |
Other comprehensive (loss) income, net of tax: | |||||
Gross unrealized (losses) gains on available-for-sale securities | (933) | (24,042) | 12,631 | (7,765) | |
Reclassification of unrealized (gains) losses on available-for-sale securities | [1] | (153) | (567) | 553 | (18,176) |
Gross unrealized gains (losses) on derivative financial instruments | 56 | (997) | (2,113) | (986) | |
Currency translation adjustments | (3,349) | (1,998) | (6,516) | (2,165) | |
Change in pension liabilities and other post-retirement benefit obligations | (274) | 0 | 67 | 1,627 | |
Other comprehensive (loss) income | (4,653) | (27,604) | 4,622 | (27,465) | |
Comprehensive income (loss) | 8,416 | (42,201) | 29,894 | 72,722 | |
Comprehensive (income) loss attributable to noncontrolling interests | (2,535) | 5,659 | (4,441) | (28,462) | |
Comprehensive income (loss) attributable to common unitholders | 5,881 | (36,542) | 25,453 | 44,260 | |
Tax provision (benefit) on gross unrealized gains (losses) on available-for-sale securities | 997 | (3,279) | 1,569 | (5,096) | |
Tax (benefit) provision on reclassification of unrealized (gains) losses on available-for-sale securities | (79) | (284) | 323 | 6,434 | |
Tax benefit on foreign currency translation adjustments | (7) | 0 | (467) | 0 | |
Tax provision on change in pension liabilities and other post-retirement benefit obligations | $ 0 | $ 0 | $ 0 | $ 395 | |
[1] | For the three months ended September 30, 2016, unrealized holding gains of $232 were reclassified to Other income, net. For the three months ended September 30, 2015, unrealized holding gains of $567 were reclassified to Other income, net. For the nine months ended September 30, 2016, unrealized holding gains of $594 and unrealized holding losses of $1,470 were reclassified to Other income, net and Asset impairment charges, respectively. For the nine months ended September 30, 2015, unrealized holding losses of $11,487 were reclassified to Other income, net and unrealized holding gains of $29,663 were reclassified to Net investment gains. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Reclassification of unrealized (gains) and losses, net of tax | [1] | $ (153) | $ (567) | $ 553 | $ (18,176) |
Other income, net | |||||
Reclassification of unrealized (gains) and losses, net of tax | $ (232) | $ (567) | (594) | (11,487) | |
Asset impairment charges | |||||
Reclassification of unrealized (gains) and losses, net of tax | $ 1,470 | ||||
Net investment (loss) gain | |||||
Reclassification of unrealized (gains) and losses, net of tax | $ (29,663) | ||||
[1] | For the three months ended September 30, 2016, unrealized holding gains of $232 were reclassified to Other income, net. For the three months ended September 30, 2015, unrealized holding gains of $567 were reclassified to Other income, net. For the nine months ended September 30, 2016, unrealized holding gains of $594 and unrealized holding losses of $1,470 were reclassified to Other income, net and Asset impairment charges, respectively. For the nine months ended September 30, 2015, unrealized holding losses of $11,487 were reclassified to Other income, net and unrealized holding gains of $29,663 were reclassified to Net investment gains. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Capital - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 740,362 | |
Balance at beginning of year (in shares) | 26,632,689 | |
Net income | $ 13,069 | $ 25,272 |
Unrealized gains on available-for-sale securities | 13,184 | |
Unrealized losses derivative financial instruments | (2,113) | |
Currency translation adjustments | (6,516) | |
Changes in post-retirement benefit obligations | 67 | |
Equity compensation - restricted units | 281 | |
Equity compensation - subsidiaries | 2,407 | |
Purchases of SPLP common units | (7,297) | |
Subsidiaries' purchases of their common stock | (12,399) | |
Other, net | (288) | |
Balance at end of year | $ 752,960 | $ 752,960 |
Balance at end of period (in shares) | 26,152,976 | 26,152,976 |
Total Partners' Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 558,034 | |
Net income | 22,003 | |
Unrealized gains on available-for-sale securities | 11,222 | |
Unrealized losses derivative financial instruments | (1,929) | |
Currency translation adjustments | (5,924) | |
Changes in post-retirement benefit obligations | 81 | |
Equity compensation - restricted units | 281 | |
Equity compensation - subsidiaries | 1,546 | |
Purchases of SPLP common units | (7,297) | |
Subsidiaries' purchases of their common stock | 13,573 | |
Other, net | (6,020) | |
Balance at end of year | $ 585,570 | $ 585,570 |
Common Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year (in shares) | 36,687,913 | |
Equity compensation - restricted units (shares) | 23,750 | |
Balance at end of period (in shares) | 36,711,663 | 36,711,663 |
Treasury Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ (157,603) | |
Balance at beginning of year (in shares) | 10,055,224 | |
Purchases of SPLP common units | $ (7,297) | |
Purchases of SPLP common units (shares) | (503,463) | |
Balance at end of year | $ (164,900) | $ (164,900) |
Balance at end of period (in shares) | 10,558,687 | 10,558,687 |
Partners' Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 612,302 | |
Net income | 22,003 | |
Equity compensation - restricted units | 281 | |
Equity compensation - subsidiaries | 1,546 | |
Purchases of SPLP common units | (7,297) | |
Subsidiaries' purchases of their common stock | 13,573 | |
Other, net | (6,020) | |
Balance at end of year | $ 636,388 | 636,388 |
Accumulated Other Comprehensive Income | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | (54,268) | |
Unrealized gains on available-for-sale securities | 11,222 | |
Unrealized losses derivative financial instruments | (1,929) | |
Currency translation adjustments | (5,924) | |
Changes in post-retirement benefit obligations | 81 | |
Balance at end of year | (50,818) | (50,818) |
Non-controlling interests in Consolidated Entities | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | 182,328 | |
Net income | 3,269 | |
Unrealized gains on available-for-sale securities | 1,962 | |
Unrealized losses derivative financial instruments | (184) | |
Currency translation adjustments | (592) | |
Changes in post-retirement benefit obligations | (14) | |
Equity compensation - subsidiaries | 861 | |
Subsidiaries' purchases of their common stock | (25,972) | |
Other, net | 5,732 | |
Balance at end of year | $ 167,390 | $ 167,390 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 25,272 | $ 100,187 |
Net income from discontinued operations | 0 | (87,018) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net investment gains | 0 | (32,267) |
Provision for (recovery of) loan losses | 919 | (39) |
(Income) loss of associated companies, net of taxes | (2,729) | 17,237 |
Income from other investments - related party | 0 | (361) |
Loss (income) from investments held at fair value | 80 | (3,152) |
Deferred income taxes | 9,218 | 6,783 |
Depreciation and amortization | 46,487 | 34,471 |
Stock-based compensation | 3,086 | 7,378 |
Asset impairment charges | 12,936 | 37,540 |
Other | (231) | (7,508) |
Net change in operating assets and liabilities: | ||
Trade and other receivables | (20,512) | (6,863) |
Inventories | 770 | 3,655 |
Prepaid expenses and other current assets | (4,769) | (391) |
Accounts payable, accrued and other current liabilities | (1,184) | (15,029) |
Net decrease (increase) in loans held for sale | 52,275 | (52,248) |
Net cash provided by operating activities of continuing operations | 121,618 | 2,375 |
Net cash used in operating activities of discontinued operations | 0 | (2,266) |
Net cash provided by operating activities | 121,618 | 109 |
Cash flows from investing activities: | ||
Purchases of investments | (21,893) | (28,927) |
Proceeds from sales of investments | 70,114 | 82,667 |
Proceeds from maturities of marketable securities | 3,151 | 58 |
Loan originations, net of collections | 17,866 | (3,473) |
Purchases of property, plant and equipment | (18,733) | (17,037) |
Reclassification of restricted cash | 9,193 | 1,533 |
Proceeds from sale of assets | 10,129 | 9,395 |
Acquisitions, net of cash acquired | (196,546) | (117,226) |
Investments in associated companies | 0 | (7,607) |
Proceeds from sale of discontinued operations | 0 | 155,517 |
Net cash used in investing activities of discontinued operations | 0 | (75) |
Other | (759) | 245 |
Net cash (used in) provided by investing activities | (163,210) | 82,016 |
Cash flows from financing activities: | ||
Proceeds from term loans | 9,839 | 1,433 |
Net revolver borrowings (repayments) | 167,177 | (41,280) |
Net (repayments) borrowings of term loans – foreign | (173) | 79 |
Repayments of term loans – domestic | (1,159) | (10,845) |
Subsidiary's purchases of the Company's common units | 0 | (8,537) |
Purchases of the Company's common units | (7,297) | (1,917) |
Subsidiaries' purchases of their common stock | (20,956) | (6,105) |
Purchase of subsidiary shares from noncontrolling interests | 0 | (93) |
Deferred finance charges | (372) | (404) |
Net increase in deposits | 37,743 | 49,257 |
Other | 152 | (652) |
Net cash provided by (used in) financing activities | 184,954 | (19,064) |
Net change for the period | 143,362 | 63,061 |
Effect of exchange rate changes on cash and cash equivalents | (875) | (549) |
Cash and cash equivalents at beginning of period | 185,852 | 188,983 |
Cash and cash equivalents at end of period | $ 328,339 | $ 251,495 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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 "Company") is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. It owns and operates businesses and has significant interests in companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports. SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Corporate and Other, 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 ("Manager"), pursuant to the terms of an amended and restated management agreement ("Management Agreement") discussed in further detail in Note 16 - "Related Party Transactions." Basis of Presentation The consolidated balance sheet as of December 31, 2015 , which has been derived from audited financial statements, and the unaudited consolidated financial statements included herein have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted in accordance with those rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. This quarterly report on Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2015 . Certain amounts for the prior year have been reclassified to conform to the current year presentation. In the opinion of management, the interim financial statements reflect all normal and recurring adjustments necessary to present fairly the consolidated financial position and the results of operations and changes in cash flows for the interim periods. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience, expected future cash flows and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. During 2015, one of the Company's subsidiaries, Steel Excel Inc. ("Steel Excel"), identified an error related to the manner in which the provision for income taxes had reflected the tax effects related to unrealized gains and losses on available-for-sale securities during 2014 and 2013. As a result, the Company recorded an adjustment to correct the error in the first quarter of 2015 to its tax provision of approximately $3,500 , which is included in the Consolidated Statement of Operations for the nine months ended September 30, 2015 . The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: Ownership as of September 30, 2016 December 31, 2015 BNS Holdings Liquidating Trust ("BNS Liquidating Trust") 84.9 % 84.9 % DGT Holdings Corp. ("DGT") (a) 100.0 % 100.0 % Handy & Harman Ltd. ("HNH") 69.9 % 70.1 % Steel Services, LTD ("Steel Services") 100.0 % 100.0 % Steel Excel 64.2 % 58.3 % WebFinancial Holding Corporation ("WFHC") (b) 91.2 % 90.8 % (a) DGT's financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statements of Operations as of and for the three and nine months ended September 30, 2016 includes DGT's activity as of and for its three and nine months ended July 31, 2016. (b) WFHC owns 100% of WebBank ("WebBank") and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly CoSine Communications, Inc.), which operates through its subsidiary API Group plc ("API"). Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 by one year. The ASU, as amended, is effective for the Company's 2018 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 July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments do not apply to inventory that is measured using the last-in, first-out ("LIFO") cost method. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2017 fiscal year. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior-period financial statements for measurement-period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior-period impact of the adjustment should either be presented separately on the face of the statement of operations or disclosed in the notes. This new guidance is effective for the Company's 2016 fiscal year. The amendments in this ASU will be applied prospectively to adjustments to provisional amounts that occur in 2016 and thereafter. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities , which requires certain equity investments to be measured at fair value with changes in fair value recognized in net income. The new standard also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2018 fiscal year. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. A modified retrospective transition approach is required for capital and operating leases existing at the date of adoption, with certain practical expedients available. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2019 fiscal year. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This new standard simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, among other things. The new standard is effective for the Company's 2017 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade and loan receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In addition, the new standard requires recording credit losses on available-for-sale debt securities through an allowance account. The new standard is effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. The Company is currently evaluating the potential impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard provides guidance to help decrease diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The amendments in ASU No. 2016-15 provide guidance on eight specific cash flow issues. The new standard is effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2016 Acquisitions HNH's Acquisition of EME On September 30, 2016, SL Montevideo Technology, Inc. ("SMTI"), a subsidiary of SL Industries, Inc. ("SLI") (which was acquired by HNH in June 2016 as discussed further below), entered into an asset purchase agreement ("Purchase Agreement") with Hamilton Sundstrand Corporation ("Hamilton"). Pursuant to the Purchase Agreement, SMTI acquired from Hamilton certain assets of its Electromagnetic Enterprise division ("EME") used or useful in the design, development, manufacture, marketing, service, distribution, repair, and sale of electric motors, starters and generators for certain commercial applications, including for use in commercial hybrid electric vehicles and refrigeration and in the aerospace and defense sectors. The acquisition of EME expands SLI's product portfolio and diversifies its customer base. SMTI purchased the acquired net assets for $64,500 in cash and assumption of certain ordinary course business liabilities, subject to adjustments related to working capital at closing and quality of earnings of the acquired business for the period of January 1, 2016 to June 30, 2016, each as provided in the Purchase Agreement. The Purchase Agreement includes a guarantee by Hamilton of a minimum level of product purchases from SMTI by an affiliate of Hamilton for calendar years 2017, 2018, and 2019, in exchange for compliance by SMTI with certain operating covenants. The transaction was financed with additional borrowings under HNH's senior secured revolving credit facility. The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis: Amount Assets: Trade and other receivables $ 4,247 Inventories 3,004 Prepaid expenses and other current assets 28 Property, plant and equipment 1,967 Goodwill 32,686 Other intangible assets 28,820 Total assets acquired 70,752 Liabilities: Accounts payable 3,440 Accrued liabilities 2,812 Total liabilities assumed 6,252 Net assets acquired $ 64,500 The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. The goodwill of $32,686 arising from the acquisition consists largely of the synergies expected from combining the operations of SLI and EME. The goodwill is assigned to the Company's Diversified Industrial segment and is expected to be deductible for income tax purposes. Other intangibles consist solely of customer relationships of $28,820 . These customer relationships have been assigned a useful life of 15 years based on the limited turnover and long-standing relationships EME has with its existing customer base. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation included the customer attrition rate assumed and the expected level of future sales. No net sales or operating income of the acquired business are included in the Consolidated Statement of Operations for the three or nine months ended September 30, 2016 based on the acquisition date. The future results of operations of the acquired business will be reported within the Company's Diversified Industrial segment. API's Acquisition of Hazen Paper Company On July 27, 2016, API acquired Hazen Paper Company's ("Hazen") lamination facility and business in Osgood, Indiana for approximately $14,000 . The acquisition, which is not material to SPLP's operations, is part of API's strategy to focus on brand enhancement solutions for the packaging market, and it enables API to provide a combined foils and laminate offering to customers in the U.S., while giving broader coverage for its global customers. In connection with the Hazen acquisition, the Company has recorded property, plant and equipment, other intangible assets (primarily customer relationships) and goodwill totaling approximately $6,200 , $2,700 and $4,100 , respectively. HNH's Acquisition of SLI On April 6, 2016, HNH entered into a definitive merger agreement with SLI, pursuant to which it commenced a cash tender offer to purchase all of the outstanding shares of SLI's common stock, at a purchase price of $40.00 per share in cash ("Offer"). SLI designs, manufactures and markets power electronics, motion control, power protection, power quality electromagnetic equipment, and custom gears and gearboxes that are used in a variety of medical, commercial and military aerospace, computer, datacom, industrial, architectural and entertainment lighting, and telecom applications. Consummation of the Offer was subject to certain conditions, including the tender of a number of shares that constituted at least (1) a majority of SLI's outstanding shares and (2) 60% of SLI's outstanding shares not owned by HNH or any of its affiliates, as well as other customary conditions. SPLP beneficially owned approximately 25.1% of SLI's outstanding shares. On June 1, 2016, the conditions noted above, as well as all other conditions to the Offer were satisfied, and HNH successfully completed its tender offer through a wholly-owned subsidiary. Pursuant to the terms of the merger agreement, the wholly-owned subsidiary merged with and into SLI, with SLI being the surviving corporation ("SLI Merger"). Upon completion of the SLI Merger, SLI became a wholly-owned subsidiary of HNH. The total merger consideration was approximately $161,985 , excluding related transaction fees and expenses. The merger consideration represents the aggregate cash merger consideration of approximately $122,191 paid by HNH to non-affiliates and the fair value of SPLP's previously held interest in SLI of approximately $39,794 . The funds necessary to consummate the Offer, the SLI Merger and to pay related fees and expenses were financed with additional borrowings under HNH's senior secured revolving credit facility. The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis: Amount Assets: Cash and cash equivalents $ 4,985 Trade and other receivables 32,544 Inventories 25,960 Prepaid expenses and other current assets 8,455 Property, plant and equipment 23,950 Goodwill 54,317 Other intangible assets 87,916 Other non-current assets 825 Total assets acquired 238,952 Liabilities: Accounts payable 18,433 Accrued liabilities 17,308 Long-term debt 9,500 Deferred tax liabilities 26,093 Other non-current liabilities 5,633 Total liabilities assumed 76,967 Net assets acquired $ 161,985 The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. The goodwill of $54,317 arising from the acquisition consists largely of the synergies expected from combining the operations of HNH and SLI. The goodwill is assigned to the Company's Diversified Industrial segment and is not expected to be deductible for income tax purposes. Other intangibles consist primarily of acquired trade names of approximately $14,600 , customer relationships of approximately $59,500 , developed technology and patents of approximately $10,600 and customer order backlog of $3,100 . The customer order backlog is being amortized based on the expected period over which the orders will be fulfilled, ranging from two to eight months. The remaining intangible assets have been assigned useful lives ranging from 10 to 15 years based on the long operating history, broad market recognition and continued demand for the associated brands, and the limited turnover and long-standing relationships SLI has with its existing customer base. The valuations of acquired trade names and developed technology and patents were performed utilizing a relief from royalty method, and significant assumptions used in the valuation included the royalty rate assumed and the expected level of future sales, as well as the rate of technical obsolescence for the developed technology and patents. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation included the customer attrition rate assumed and the expected level of future sales. Included in Accrued liabilities and Other non-current liabilities above is a total of $7,500 for existing and contingent liabilities relating to SLI's environmental matters, which are further discussed in Note 15 - "Commitments and Contingencies." The amount of net sales and operating income of the acquired business included in the Company's Consolidated Statements of Operations for the three months ended September 30, 2016 was approximately $48,300 and $200 . The amount of net sales and operating loss of the acquired business included in the Company's Consolidated Statements of Operations for the nine months ended September 30, 2016 was approximately $60,100 and $3,000 . The operating loss for the nine-month period includes $1,900 of expenses associated with the amortization of the fair value adjustment to acquisition-date inventories. The operating loss for the nine-month period also includes $1,900 of expenses associated with the acceleration of SLI's previously outstanding stock-based compensation awards, which became fully vested on the date of acquisition pursuant to the terms of the merger agreement, and which are included in Selling, general and administrative expenses in the Company's 2016 Consolidated Statements of Operations. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. 2015 Acquisitions HNH's Acquisition of JPS Effective July 2, 2015, HNH completed the acquisition of JPS Industries, Inc. ("JPS") pursuant to an agreement and plan of merger, dated as of May 31, 2015. JPS is a major U.S. manufacturer of mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. At the effective time of the Merger (as defined below), HNH's acquisition subsidiary was merged with and into JPS ("Merger"), with JPS being the surviving corporation in the Merger, and each outstanding share of JPS common stock (other than shares held by HNH and its affiliates, including SPH Group Holdings LLC ("SPH Group Holdings"), a subsidiary of SPLP, and a significant stockholder of JPS), was converted into the right to receive $11.00 in cash. The total merger consideration was $114,493 , which represents the aggregate cash merger consideration of $70,255 and the fair value of SPLP's previously held interest in JPS of $44,238 . The cash consideration was funded by HNH and SPH Group Holdings. SPH Group Holding's funding of the aggregate merger consideration totaled approximately $4,510 , with the remainder funded by HNH, financed through additional borrowings under HNH's senior secured revolving credit facility. As a result of the closing of the Merger, JPS was indirectly owned by both HNH and SPH Group Holdings. Following the expiration of the 20-day period provided in Section 262(d)(2) of the Delaware General Corporation Law for JPS stockholders to exercise appraisal rights in connection with the Merger, and in accordance with an exchange agreement, dated as of May 31, 2015, by and between HNH and SPH Group Holdings, on July 31, 2015, HNH exchanged 1,429,407 shares of HNH's common stock with a value of $48,700 for all shares of JPS common stock held by SPH Group Holdings. As a result of the exchange, HNH owns 100% of JPS. The following table summarizes the assets acquired and liabilities assumed at the acquisition date: Amount Assets: Cash and cash equivalents $ 22 Trade and other receivables 21,201 Inventories 27,126 Prepaid expenses and other current assets 4,961 Property, plant and equipment 45,384 Goodwill 32,162 Other intangible assets 9,120 Deferred tax assets 19,788 Other non-current assets 3,112 Total assets acquired 162,876 Liabilities: Accounts payable 10,674 Accrued liabilities 5,838 Long-term debt 1,500 Accrued pension liabilities 30,367 Other non-current liabilities 4 Total liabilities assumed 48,383 Net assets acquired $ 114,493 The goodwill of $32,162 arising from the acquisition consists largely of the synergies expected from combining the operations of HNH and JPS. The goodwill is assigned to SPLP's Diversified Industrial segment and is not expected to be deductible for income tax purposes. Other intangible assets consist primarily of acquired trade names of approximately $4,300 , customer relationships of approximately $3,100 , and developed technology of approximately $1,700 . These intangible assets have been assigned useful lives ranging from 10 to 15 years based on the long operating history, broad market recognition and continued demand for the associated brands, and the limited turnover and longstanding relationships JPS has with its existing customer base. The valuations of acquired trade names and developed technology were performed utilizing a relief from royalty method, and significant assumptions used in the valuation included the royalty rate assumed and the expected level of future sales, as well as the rate of technical obsolescence for the developed technology. The acquired customer relationships were valued using an excess earnings approach, and significant assumptions used in the valuation included the customer attrition rate assumed and the expected level of future sales. The amount of net sales and operating loss of the acquired business included in the Consolidated Statements of Operations for both the three and nine months ended September 30, 2015 were approximately $28,100 and $2,300 , respectively, which include $3,300 of nonrecurring expense related to the fair value adjustment to acquisition-date inventories. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. CoSine Acquisition On January 20, 2015 ("CoSine Acquisition Date"), the Company entered into a contribution agreement ("Contribution Agreement") with CoSine Communications, Inc. ("CoSine"). Pursuant to the Contribution Agreement, the Company contributed (i) 24,807,203 ordinary shares of API and (ii) 445,456 shares of common stock of Nathan's Famous, Inc. ("Nathan's") to CoSine in exchange for 16,500,000 shares of newly issued CoSine common stock and 12,761 shares of newly issued 7.5% series B non-voting preferred stock, which increased SPLP's ownership of CoSine to approximately 80% . Prior to obtaining a controlling interest, SPLP owned approximately 48% of the outstanding shares of CoSine, and its investment was accounted for under the traditional equity method. As a result of the above transaction, CoSine became a majority-owned, controlled subsidiary and is consolidated with SPLP from the CoSine Acquisition Date. Prior to CoSine's acquisition of API discussed below, CoSine was included in the Corporate and Other segment. Beginning in the second quarter of 2015, CoSine is included in the Diversified Industrial segment. The Contribution Agreement was the first step in a plan for a wholly-owned UK subsidiary of CoSine ("BidCo") to make an offer, which commenced on February 4, 2015, to acquire all of the issued and to be issued shares in API for 60 pence in cash per API share not already owned by BidCo. As a result of the offer, BidCo owned approximately 98% of API as of March 31, 2015, however, CoSine did not obtain control over the operations of API until April 17, 2015 (see the "CoSine's Acquisition of API" section below). As of the CoSine Acquisition Date, the fair value of the Company's previously held equity interest and the noncontrolling interest in CoSine were valued at approximately $2.51 per share. Accordingly, the Company remeasured its previously held equity interest to a fair value of approximately $12,011 , resulting in an investment gain, which was recorded in the first quarter of 2015, of approximately $6,900 and is included in Net investment (losses) gains in the Consolidated Statements of Operations. The consideration paid to acquire the controlling interest in CoSine was $66,239 , which was comprised of $12,011 related to the fair value of the previously held common equity of CoSine, $22,823 for the fair value of the API shares transferred to CoSine and $31,405 for the fair value of the Nathan's shares transferred to CoSine. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the CoSine Acquisition Date, as well as the fair value of the noncontrolling interest in CoSine: Amount Assets: Cash and cash equivalents $ 17,614 Prepaid expenses and other current assets 7 Goodwill 8,295 Long-term investments 54,228 Total assets acquired 80,144 Liabilities: Accounts payable 280 Accrued liabilities 783 Total liabilities assumed 1,063 Fair value of noncontrolling interest 12,842 Net assets acquired $ 66,239 CoSine's Acquisition of API As discussed above, CoSine obtained control over the operations of API on April 17, 2015 ("API Acquisition Date"), at which time API became a consolidated subsidiary of CoSine. API is a manufacturer and distributor of foils, films and laminates used to enhance the visual appeal of products and packaging. API is headquartered in Cheshire, England. The table below details the consideration paid to acquire the controlling interest in API: Fair Value of Consideration Paid Previously held common equity of API $ 22,861 Cash paid for additional API equity 47,866 $ 70,727 The following table summarizes the fair values of the assets acquired and liabilities assumed as of the API Acquisition Date: Amount Assets: Cash and cash equivalents $ 5,424 Trade and other receivables 24,160 Inventories 22,900 Prepaid expenses and other current assets 4,838 Property, plant and equipment 42,238 Goodwill 14,456 Other intangible assets 22,749 Other non-current assets 4,816 Total assets acquired 141,581 Liabilities: Accounts payable 24,556 Accrued liabilities 7,028 Short-term debt 2,104 Long-term debt 22,784 Accrued pension liabilities 11,791 Deferred tax liabilities 2,591 Total liabilities assumed 70,854 Net assets acquired $ 70,727 All of the goodwill is assigned to SPLP's Diversified Industrial segment and is not expected to be deductible for income tax purposes. Other intangible assets consist primarily of acquired trade names of approximately $5,100 and customer relationships of approximately $17,700 . Based on our evaluation, the trade names have been assigned a 10 -year useful life based on the long operating history, broad market recognition and continued demand for the associated brands, and customer relationships have been assigned a 7 -year life based on the expected turnover of API's existing customer base. The valuation of acquired trade names was performed utilizing a relief from royalty method, and significant assumptions used in the valuation included 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 included the customer attrition rate assumed and the expected level of future sales. Pro Forma Results The following unaudited pro forma data is presented for informational purposes only and does not purport to be indicative of the results of future operations or of the results that would have occurred had the JPS and API acquisitions taken place on January 1, 2014 and the SLI and EME acquisitions taken place on January 1, 2015. The information for the nine months ended September 30, 2016 and 2015 is based on historical financial information with respect to the acquisitions and does not include operational or other changes which might have been effected by the Company. The supplemental unaudited pro forma earnings for both periods were adjusted to reflect incremental depreciation and amortization expense based on the fair value adjustments for the acquired property, plant and equipment and intangible assets, which are amortized using the double-declining balance method for customer relationships and the straight line method for other intangibles, over periods principally ranging from 10 to 15 years, except for the customer order backlog, which is amortized over periods ranging from two to eight months. The supplemental unaudited proforma earnings were also adjusted to reflect incremental interest expense on the borrowings made to finance the acquisitions. The supplemental unaudited pro forma earnings exclude a total of $6,900 of acquisition-related costs incurred by HNH, SLI and EME during the nine months ended September 30, 2016 . The 2016 supplemental unaudited pro forma earnings further reflect adjustments to exclude $1,900 of nonrecurring expense related to SLI's amortization of the fair value adjustment to acquisition-date inventories, as well as $1,900 in expense associated with the acceleration of SLI's previously outstanding stock-based compensation awards. The 2015 supplemental unaudited pro forma earnings were adjusted to include both the fair value adjustment to acquisition-date inventories and the expense associated with the acceleration of SLI's previously outstanding stock-based compensation awards. The 2015 supplemental unaudited pro forma earnings also reflect adjustments to exclude a total of $8,700 of acquisition related costs incurred by HNH, JPS, SLI and API during the nine months of 2015 and $4,375 of nonrecurring expense related to JPS's and API's amortization of the fair value adjustment to acquisition-date inventories. Nine Months Ended September 30, 2016 2015 Total revenue $ 979,136 $ 1,069,762 Net income from continuing operations 24,143 11,114 Net income from continuing operations per common unit - basic 0.71 0.71 Net income from continuing operations per common unit - diluted 0.71 0.71 |
Discontinued Operations and Ass
Discontinued Operations and Asset Impairment Charges | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Asset Impairment Charges | DISCONTINUED OPERATIONS AND ASSET IMPAIRMENT CHARGES Discontinued Operations Discontinued operations in 2015 include the operations of Arlon, LLC ("Arlon"), a manufacturer of high performance materials for the printed circuit board industry and silicone rubber-based materials, which was part of SPLP's Diversified Industrial segment. On December 18, 2014, HNH entered into a contract to sell its Arlon business for $157,000 in cash, less transaction fees, subject to a final working capital adjustment and certain potential reductions as provided in the stock purchase agreement, which are reflected in proceeds from sale of discontinued operations in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2015. The closing occurred in January 2015. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenue $ — $ — $ — $ 5,952 Net income from operations — — — 565 Net loss from operations after taxes and noncontrolling interests — (1,887 ) — (3,002 ) Gain on sale of discontinued operations after taxes and noncontrolling interests — 134 — 57,193 Asset Impairment Charges In connection with HNH's continued integration of JPS, HNH approved the closure of JPS' Slater, South Carolina operating facility during the second quarter of 2016 and recorded impairment charges totaling approximately $7,900 associated with the planned closure, including write-downs of $6,600 to property, plant, and equipment and $400 to intangible assets, as well as a $900 inventory write-down, which was recorded in Cost of goods sold in the Company's Consolidated Statements of Operations. Due to improved operational productivity and available capacity at Lucas-Milhaupt facilities, HNH has approved the closure of its Lucas-Milhaupt Gliwice, Poland operating facility as part of its continual focus to optimize infrastructure costs. During the third quarter of 2016, HNH recorded asset impairment charges totaling $3,557 , primarily due to write-downs of $1,500 to property, plant, and equipment and $500 to inventories, associated with the planned closure. The inventory write-down was recorded in Cost of goods sold in the Company's Consolidated Statements of Operations. Sale of API's Security Holographics Business In April 2016, API sold its security holographics business for approximately $8,000 and recorded a gain of approximately $2,800 , which is recorded in Other income, net in the Consolidated Statements of Operations for the nine months ended September 30, 2016. API's security holographics business created custom optical security solutions to protect secure documents and premium products against counterfeit and fraud and it was included in the Company's Diversified Industrial segment. The sale was part of API's strategy to focus on its decorative holographic offerings for the packaging market. The operations of this business were not significant to the consolidated financial statements of SPLP. |
Loans Receivable, Including Loa
Loans Receivable, Including Loans Held For Sale | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable, Including Loans Held For Sale | LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE Major classification of WebBank's loans receivable, including loans held for sale, at September 30, 2016 and December 31, 2015 are as follows: Total Current Non-current September 30, 2016 % December 31, 2015 % September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Loans held for sale $ 107,318 $ 159,592 $ 107,318 $ 159,592 $ — $ — Real estate loans: Commercial – owner occupied $ 952 1 % $ 1,542 2 % 63 97 $ 889 1,445 Commercial – other 267 — % 281 — % — — 267 281 Total real estate loans 1,219 1 % 1,823 2 % 63 97 1,156 1,726 Commercial and industrial 59,937 71 % 66,253 98 % 1,064 5,943 58,873 60,310 Consumer Loans 23,846 28 % — — % 8,775 — 15,071 — Total loans 85,002 100 % 68,076 100 % 9,902 6,040 75,100 62,036 Less: Deferred fees and discounts (11 ) (15 ) (11 ) (15 ) — — Allowance for loan losses (1,610 ) (630 ) (1,610 ) (630 ) — — Total loans receivable, net $ 83,381 $ 67,431 8,281 5,395 75,100 62,036 Loans receivable, including loans held for sale (a) $ 115,599 $ 164,987 $ 75,100 $ 62,036 (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, including loans held for sale, net was $189,879 and $226,541 at September 30, 2016 and December 31, 2015 , respectively. Loans with a carrying value of approximately $57,522 and $63,393 were pledged as collateral for potential borrowings at September 30, 2016 and December 31, 2015 , respectively. WebBank serviced $19,770 in loans for others at September 30, 2016 . The Allowance for Loan Losses ("ALLL") represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. The amount of the ALLL is established by analyzing the portfolio at least quarterly and a provision for or reduction of loan losses is recorded so that the ALLL is at an appropriate level at the balance sheet date. The increase in the ALLL was due to an increase in existing impaired loans and the addition of a loan portfolio of held-to-maturity consumer loans. There have been no other significant changes in the credit quality of loans in the loan portfolio since December 31, 2015 . |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET A summary of Inventories, net is as follows: September 30, 2016 December 31, 2015 Finished products $ 40,991 $ 39,405 In-process 23,467 20,814 Raw materials 44,771 28,893 Fine and fabricated precious metal in various stages of completion 20,188 13,155 129,417 102,267 LIFO reserve (1,798 ) — Total $ 127,619 $ 102,267 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 inven tory at the lower of LIFO cost or market, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. Certain customers and suppliers of HNH choose to do business on a " pool " basis. Such customers or suppliers furnish precious metal to HNH for return in fabricated form or for purchase from or return to the supplier. When the customer's precious metal is returned in fabricated form, the customer is charged a fabrication charge. The value of pooled precious 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 custome r metal replaces the need for HNH to purchase its own inventory. As of September 30, 2016 , customer metal in HNH's custody consisted of 139,450 ounces of silver, 520 ounces of gold and 1,391 ounces of p alladium. September 30, 2016 December 31, 2015 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,946 $ 3,536 Precious metals stated under non-LIFO cost methods, primarily at fair value 13,444 9,619 Market value per ounce: Silver 19.80 13.86 Gold 1,338.65 1,062.25 Palladium 697.00 547.00 |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET A reconciliation of the change in the carrying value of goodwill by reportable segment is as follows: Diversified Industrial Energy Corporate and Other Total Balance at December 31, 2015 Gross goodwill $ 101,772 $ 64,790 $ 81 $ 166,643 Accumulated impairments — (64,790 ) — (64,790 ) Net goodwill 101,772 — 81 101,853 Acquisitions (a) 91,094 — — 91,094 Currency translation adjustment (1,716 ) — — (1,716 ) Other adjustments 166 — — 166 Balance at September 30, 2016 Gross goodwill 191,316 64,790 81 256,187 Accumulated impairments — (64,790 ) — (64,790 ) Net goodwill $ 191,316 $ — $ 81 $ 191,397 (a) Goodwill from acquisitions during 2016 relates to HNH's acquisitions of SLI and EME, as well as API's acquisition of Hazen. The goodwill recorded for these acquisitions is subject to adjustment during the finalization of the purchase price allocations. For additional information, see Note 2 - "Acquisitions." A summary of Other intangible assets, net is as follows: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 222,101 $ 52,286 $ 169,815 $ 134,814 $ 41,153 $ 93,661 Trademarks 51,381 10,762 40,619 38,157 8,361 29,796 Patents and technology 27,815 8,733 19,082 17,010 7,379 9,631 Other 11,632 5,411 6,221 8,480 2,605 5,875 $ 312,929 $ 77,192 $ 235,737 $ 198,461 $ 59,498 $ 138,963 Other intangible assets, net as of September 30, 2016 includes approximately $119,400 in intangible assets, primarily trade names, customer relationships, and developed technology and patents, associated with the SLI, EME and Hazen acquisitions. These balances are subject to adjustment during the finalization of the purchase price allocations for the SLI, EME and Hazen acquisitions. Trademarks with indefinite lives as of September 30, 2016 and December 31, 2015 were $8,020 . Amortization expense related to intangible assets was $9,360 and $4,512 for the three months ended September 30, 2016 and 2015 , respectively, and $18,332 and $11,864 for the nine months ended September 30, 2016 and 2015 , respectively. The increase in amortization expense during 2016 was principally due to the Company's recent acquisitions discussed in Note 2 - "Acquisitions." Future amortization expense of the intangible assets acquired in the SLI and EME acquisitions is expected to total $4,200 for the remainder of 2016, $13,300 , $11,600 , $10,300 , $9,200 , and $62,600 in 2017, 2018, 2019, 2020, and thereafter, respectively. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 , and December 31, 2015 , are classified as available-for-sale securities, with changes in fair value recognized in Partners' Capital as Other comprehensive income (loss), except for other-than-temporary impairments, which are reflected as a reduction of cost and charged to the Consolidated Statement of Operations. 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: September 30, 2016 December 31, 2015 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 $ 66,211 $ — $ — $ 66,211 $ 30,118 $ — $ — $ 30,118 Mutual funds 11,835 3,624 — 15,459 11,835 2,182 — 14,017 Corporate securities 27,335 6,282 (1,041 ) 32,576 41,861 250 (549 ) 41,562 Corporate obligations 19,683 1,915 (2,343 ) 19,255 25,747 98 (582 ) 25,263 Total marketable securities 125,064 11,821 (3,384 ) 133,501 109,561 2,530 (1,131 ) 110,960 Amounts classified as cash equivalents (66,211 ) — — (66,211 ) (30,118 ) — — (30,118 ) Amounts classified as marketable securities $ 58,853 $ 11,821 $ (3,384 ) $ 67,290 $ 79,443 $ 2,530 $ (1,131 ) $ 80,842 Proceeds from sales of marketable securities were $3,100 and $22,800 in the three months ended September 30, 2016 and 2015 , respectively, and were $47,200 and $72,602 in the nine months ended September 30, 2016 and 2015 , respectively. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the Consolidated Statements of Operations, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross realized gains $ 899 $ 2,135 $ 2,902 $ 6,735 Gross realized losses (667 ) (5,528 ) (2,308 ) (6,321 ) Realized gains (losses), net $ 232 $ (3,393 ) $ 594 $ 414 The fair value of marketable securities with unrealized losses at September 30, 2016 , and the duration of time that such losses had been unrealized, were as follows: Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate securities $ 3,367 $ (912 ) $ 695 $ (129 ) $ 4,062 $ (1,041 ) Corporate obligations 15,030 (2,343 ) — — 15,030 (2,343 ) Total $ 18,397 $ (3,255 ) $ 695 $ (129 ) $ 19,092 $ (3,384 ) The fair value of marketable securities with unrealized losses at December 31, 2015 , all of which had unrealized losses for a period of less than twelve months, were as follows: December 31, 2015 Fair Value Gross Unrealized Losses Corporate securities $ 2,283 $ (549 ) Corporate obligations 13,199 (582 ) Total $ 15,482 $ (1,131 ) The gross unrealized losses primarily related to losses on corporate securities and corporate obligations, which primarily consist of investments in equity and debt securities of publicly-traded entities. Based on Steel Excel's evaluation of such securities, it determined that certain unrealized losses represented other-than-temporary impairments. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. Steel Excel recognized asset impairment charges of approximately $1,500 for the nine months ended September 30, 2016 and approximately $7,900 and $30,600 for the three and nine months ended September 30, 2015 , respectively, equal to the cost basis of such securities in excess of their fair values. Steel Excel has determined that there was no indication of other-than-temporary impairments on its other investments with unrealized losses as of September 30, 2016 . This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the entity, and the intent and ability to hold the corporate securities for a period of time sufficient to allow for any anticipated recovery in market value. The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities as of September 30, 2016 , by contractual maturity, were as follows: Cost Estimated Fair Value Debt securities maturing after one year through three years $ 19,683 $ 19,255 Securities with no contractual maturities 105,381 114,246 $ 125,064 $ 133,501 B) Long-Term Investments The following table summarizes the Company's long-term investments as of September 30, 2016 and December 31, 2015 . For those investments at fair value, the carrying amount of the investment equals its respective fair value. Investment Balance Income (Loss) Recorded in the Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, (1) AVAILABLE-FOR-SALE SECURITIES September 30, 2016 December 31, 2015 2016 2015 2016 2015 Fair Value Changes Recorded in Accumulated Other Comprehensive Loss: Equity securities - U.S. (1) Aerospace/Defense $ 73,502 $ 65,474 Other 577 568 Total 74,079 66,042 Fair Value Changes Recorded in the Consolidated Statement of Operations: Equity securities — — $ — $ — $ — $ 4,449 Corporate obligations (2) 3,878 — 340 399 — Total 77,957 66,042 $ 340 $ — $ 399 $ 4,449 (2) EQUITY METHOD Investments in Associated Companies: September 30, 2016 December 31, 2015 At Cost: Ownership WFH LLC (formerly CoSine) (3) 91.2 % 90.8 % — — $ — $ — $ — $ (602 ) Other (4) 3,149 4,166 (126 ) (2,496 ) (164 ) (2,782 ) At Fair Value: ModusLink Global Solutions, Inc. ("MLNK") (1) 29.8 % 31.5 % 26,094 40,862 5,104 (8,389 ) (11,808 ) (12,442 ) SLI (3) 100.0 % 25.1 % — 31,716 — (4,586 ) 8,078 (4,974 ) JPS (3) 100.0 % 100.0 % — — — 402 — 5,831 API Technologies Corp. ("API Tech") — % 20.6 % — 15,779 — (3,888 ) 7,089 457 Aviat Networks, Inc. ("Aviat") (1) 12.7 % 12.9 % 6,227 6,175 1,012 (1,769 ) 51 (2,493 ) Other (5) 43.8 % 43.8 % 1,414 1,931 — (340 ) (517 ) (232 ) 36,884 100,629 $ 5,990 $ (21,066 ) $ 2,729 $ (17,237 ) Other Investments at Fair Value - Related Party: SPII Liquidating Trust - Series G — — $ — $ — $ — $ 447 SPII Liquidating Trust - Series H — — — — — (86 ) — — $ — $ — $ — $ 361 OTHER INVESTMENTS ModusLink Warrants (5) 64 543 $ 37 $ (734 ) $ (479 ) $ (1,297 ) Total Long-Term Investments $ 114,905 $ 167,214 (1) Level 1 investments. (2) Level 2 investment. (3) WFH LLC became a consolidated subsidiary as of the first quarter of 2015, SLI and JPS became consolidated subsidiaries in the second quarter of 2016 and the third quarter of 2015, respectively. For additional information on these acquisitions see Note 2 - "Acquisitions." (4) Represents Steel Excel's investments in iGo, Inc. ("iGo") of 45% and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by API. (5) Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 14 - "Fair Value Measurements." (1) AVAILABLE-FOR-SALE SECURITIES The following table presents activity for the available-for-sale securities presented in the table above for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fair Value Changes Recorded in Accumulated Other Comprehensive Loss: Change in net unrealized holding (losses) gains included in Accumulated other comprehensive loss $ (2,931 ) $ (18,561 ) $ 8,036 $ (8,910 ) Reclassified Out of Accumulated Other Comprehensive Loss: Unrealized gains $ — $ — $ — $ 29,663 Unrealized losses — (50 ) — (50 ) Total $ — $ (50 ) $ — $ 29,613 Fair Value Changes Recorded in Accumulated Other Comprehensive Loss For purposes of determining gross realized gains and losses, the cost of securities sold is based on specific identification. Gross unrealized gains and gross unrealized losses are reported in Accumulated other comprehensive loss ("AOCI") in the Company's Consolidated Balance Sheets. In January 2015, the Company contributed Nathan's, one of its available-for-sale securities, to CoSine in exchange for additional CoSine equity (see Note 2 - "Acquisitions" for additional information). Also, in the nine months of 2015, Cosine sold all 445,456 shares of Nathan's for proceeds of approximately $33,202 and received a special dividend of approximately $5,500 which is included in Other income, net in the Consolidated Statement of Operations for the nine months ended September 30, 2015 . As a result, management determined there to be an other-than-temporary impairment in the stock price and recorded an impairment charge of approximately $5,500 . The cost basis and gross unrealized gains and losses related to our available-for-sale securities, which are classified as long-term investments, are as follows: September 30, 2016 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Aerospace/Defense $ 11,675 $ 61,827 $ — $ 73,502 $ 11,675 $ 53,799 $ — $ 65,474 Other 575 2 — 577 575 — (7 ) 568 $ 12,250 $ 61,829 $ — $ 74,079 $ 12,250 $ 53,799 $ (7 ) $ 66,042 Fair Value Changes Recorded in Consolidated Statement of Operations In the second quarter of 2016, the Company purchased approximately $3,500 of available-for-sale convertible debt securities. These securities are publicly traded and are convertible into common equity of the investee. The Company elected the fair value option to account for these convertible debt securities and, accordingly, changes in fair value are reported in the Company's Consolidated Statements of Operations in Income (loss) from investments held at fair value. Also, prior to its acquisition in the second quarter of 2015, the Company's investment in API was accounted for as an available-for-sale security under the fair value option (see Note 2 - "Acquisitions" for additional information on the acquisition of API). (2) 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 and Other 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 as of September 30, 2016 are as follows: Traditional Equity Method: • Steel Excel has an investment in iGo, a provider of accessories for mobile devices. This investment is being accounted for under the traditional equity method as an associated company. Based on the closing market price of iGo's publicly-traded shares, the fair value of the investment in iGo was approximately $4,100 and $3,900 at September 30, 2016 and December 31, 2015 , respectively. • WFH LLC's API subsidiary has a 50% joint venture in API Optix with IQ Structures s.r.o. API Optix provides development and origination services in the field of micro and nano-scale surface relief technology. The investment, based in Prague, Czech Republic, is being accounted for under the traditional equity method as an associated company. 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. MLNK also issued the Company warrants to purchase an additional 2,000,000 shares at $5.00 per share, which expire in March 2018. • API Tech is a designer and manufacturer of high performance systems, subsystems, modules and components. In April 2016, API Tech consummated a merger pursuant to which holders of its common stock received $2.00 for each share held. Upon consummation of the merger, Steel Excel received $22,900 for its investment in API Tech, and Steel Excel no longer holds an investment in API Tech. • Aviat is a global provider of microwave networking solutions. Prior to being classified as an equity method investment in January 2015, the investment in Aviat was accounted for as an available-for-sale security, and upon the change in classification Steel Excel recognized a loss of approximately $2,800 that had previously been included as a component of AOCI. • The Other investment represents the Company's investment in a Japanese real estate partnership. Associated Company Information The below summary balance sheet amounts are for the nearest practicable period. The below summary operating results 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 derived from unaudited financial statements and may contain a reporting lag. September 30, 2016 December 31, 2015 Summary of balance sheet amounts: Current assets $ 319,891 $ 540,446 Non-current assets 29,054 91,840 Total assets $ 348,945 $ 632,286 Current liabilities $ 194,766 $ 329,201 Non-current liabilities 68,239 98,730 Total liabilities 263,005 427,931 Equity 85,940 204,355 Total liabilities and equity $ 348,945 $ 632,286 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Summary operating results: Revenue $ 101,508 $ 170,404 $ 420,213 $ 589,276 Gross profit 6,477 26,834 34,256 90,361 Loss from continuing operations (19,711 ) (1,279 ) (40,258 ) (7,535 ) Net loss after noncontrolling interests (19,711 ) (1,422 ) (41,464 ) (2,735 ) OTHER INVESTMENTS Steel Excel's other investments at September 30, 2016 , include an investment in a venture capital fund totaling $400 and preferred stock of an investee of $100 , both of which are classified in Other non-current assets in the Company's Consolidated Balance Sheets. In addition, Steel Excel has a promissory note with an amortized cost of $3,000 , which is a reasonable approximation of fair value, classified in Prepaid expenses and other current assets in the Company's Consolidated Balance Sheet as of September 30, 2016 . WebBank has $8,707 and $6,558 of held-to-maturity securities at September 30, 2016 and December 31, 2015 , respectively. WebBank records these securities at amortized cost, and they included in Other non-current assets in the Company's Consolidated Balance Sheets. The dollar value of these securities with expected maturities, which range from three years through ten years, is $8,707 . Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The securities are collateralized by unsecured consumer loans. These securities had an estimated fair value of $8,757 and $6,551 at September 30, 2016 and December 31, 2015 , respectively. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Debt consists of the following: September 30, 2016 December 31, 2015 Short term debt: API - Foreign $ 668 $ 527 HNH - Foreign 569 742 Short-term debt 1,237 1,269 Long-term debt: Steel Excel term loan, net of unamortized debt issuance costs 42,752 42,666 HNH revolving facility 294,994 90,613 SPLP revolving facility 56,947 75,140 API term loans 11,314 2,664 API revolving facilities 7,849 18,793 Other debt - domestic 6,601 6,936 Foreign loan facilities 1,270 1,277 Subtotal 421,727 238,089 Less portion due within one year 3,622 2,176 Long-term debt 418,105 235,913 Total debt $ 422,964 $ 239,358 SPLP Revolving Credit Facility The Company's amended credit facility with PNC Bank, National Association ("PNC Credit Facility") provides for a revolving credit facility with borrowing availability of up to $105,000 . Amounts outstanding under the PNC Credit Facility bear interest at SPLP's option at either LIBOR or the Base Rate, as defined, plus an applicable margin under the loan agreement ( 1.63% and 0.63% , respectively, for LIBOR and Base Rate borrowings as of September 30, 2016 ) and requires a commitment fee to be paid on unused borrowings. The borrowings are collateralized by first priority security interests of certain of the Company's deposit accounts and investments, including investments in majority-owned, consolidated subsidiaries. The pledged collateral as of September 30, 2016 totaled approximately $327,500 . The average interest rate on the PNC Credit Facility was 2.37% as of September 30, 2016 . The PNC Credit Facility 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 PNC Credit Facility are due and payable in full on October 23, 2017. The PNC Credit Facility also includes provisions for the issuance of letters of credit up to $10,000 , with any such issuances reducing total borrowing availability. The Company has an outstanding letter of credit of approximately $892 as of September 30, 2016 . The Company's availability under the PNC Credit Facility was approximately $18,000 as of September 30, 2016 . HNH Debt Senior Credit Facility HNH's amended and restated senior credit facility ("Senior Credit Facility") provided for an up to $365,000 senior secured revolving credit facility, including a $20,000 sublimit for the issuance of letters of credit and a $20,000 sublimit for the issuance of swing loans. On March 23, 2016, HNH entered into an amendment to its Senior Credit Facility to increase the size of the credit facility by $35,000 to an aggregate amount of $400,000 . Borrowings under the Senior Credit Facility bear interest at HNH's option, at either LIBOR or the Base Rate , as defined, plus an applicable margin as set forth in the loan agreement ( 2.25% and 1.25% , respectively, for LIBOR and Base Rate borrowings at September 30, 2016 ), and the revolving facility provides for a commitment fee to be paid on unused borrowings. The weighted-average interest rate on the revolving facility was 3.24% at September 30, 2016 . HNH's availability under the Senior Credit Facility was $75,000 as of September 30, 2016 . The Senior Credit Facility will expire, with all amounts outstanding balances due and payable, on August 29, 2019. The Senior Credit Facility is guaranteed by substantially all existing and thereafter acquired or created domestic wholly-owned subsidiaries and certain foreign wholly-owned subsidiaries of HNH, and obligations under the Senior Credit Facility are collateralized by first priority security interests in and liens upon present and future assets of HNH and these subsidiaries. The Senior Credit Facility restricts HNH's ability to transfer cash or other assets to HNH, subject to certain exceptions including required pension payments to the WHX Corporation Pension Plan. 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. HNH was in compliance with all debt covenants at September 30, 2016 . The increase in the amount outstanding under the Senior Credit Facility during the nine months ended September 30, 2016 was principally attributable to the SLI and EME acquisitions discussed in Note 2 - "Acquisitions." Interest Rate Swap Agreements HNH entered into an interest rate swap agreement in February 2013 to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH received 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. HNH entered into a second interest rate swap agreement in June 2013, also to reduce its exposure to interest rate fluctuations. Under the interest rate swap, HNH received 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. Both agreements expired in February 2016. Master Lease Agreement During the three months ended September 30, 2016, HNH entered into a master lease agreement with TD Equipment Finance, Inc. ("TD Equipment"), which establishes the general terms and conditions for a $10,000 credit facility under which HNH may lease equipment and other property from TD Equipment pursuant to the terms of individual lease schedules. As of September 30, 2016, no leases had been entered into under the master lease agreement. Steel Excel Loans Steel Excel's energy business has a credit agreement, as amended ("Amended Credit Agreement"), that provides for a borrowing capacity of $105,000 , consisting of a $95,000 secured term loan ("Term Loan") and up to $10,000 in revolving loans ("Revolving Loans"), subject to a borrowing base of 85% of the eligible trade receivables. 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, Ltd. ("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 September 30, 2016 of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement was approximately $133,354 . 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 September 30, 2016 , $42,900 was outstanding under the Term Loan and no amount was outstanding under the Revolving Loans. Required principal payments under the Amended Credit Agreement are $0 , $3,303 and $39,643 for the remainder of 2016, 2017 and 2018, respectively. Borrowings under the Amended Credit Agreement bear interest at annual rates of either (i) the Base Rate plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25% . The "Base Rate" is the greatest of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.50% , and (iii) the one-month LIBOR plus 1.00% . The applicable margin for both Base Rate and LIBOR is determined based on the leverage ratio calculated in accordance with the Amended Credit Agreement. LIBOR-based borrowings are available for interest periods of one, three, or six months. In addition, Steel Excel is required to pay commitment fees of between 0.375% and 0.50% per annum on the daily unused amount of the Revolving Loans. The interest rate on the borrowings under the Amended Credit Agreement was 3.00% at September 30, 2016 . API Long-Term Debt Facilities Revolving Facilities API, in the UK, has a multi-currency revolving agreement of £13,500 (approximately $17,500 ) that expires on December 31, 2017. At September 30, 2016 , approximately $5,839 was outstanding under the facility. The interest rate on the borrowings under the UK facility bear interest at LIBOR plus a margin of between 1.50% to 2.40% , and the interest rate was approximately 1.80% at September 30, 2016 . These borrowings are secured by certain UK assets, which totaled approximately $40,000 at September 30, 2016 , and include certain debt covenants, including leverage and interest cover. API was in compliance with all covenants at September 30, 2016 . API also has a revolving facility in the U.S. that expires in June 2018, of up to approximately $4,500 as of September 30, 2016 . At September 30, 2016 , $2,010 was outstanding under the U.S. facility at an interest rate of 3.50% . The interest rate on the borrowings under the U.S facility bear interest at LIBOR plus 3.00% . The U.S. facility is secured by certain inventories and receivables, which totaled approximately $12,300 at September 30, 2016 . The facility was amended in October 2015 to modify and add certain covenants and provisions that were in place until June 30, 2016. Term Loans In the third quarter of 2016, API entered into a term loan in the U.S. totaling approximately $9,000 to partially fund its acquisition of Hazen (see Note 2 - "Acquisitions"). This term loan bears interest at LIBOR plus 3.00% and had an interest rate of 3.50% at September 30, 2016 . In addition, API has certain term loans for equipment for approximately $1,305 and $1,009 at September 30, 2016. These loans had interest rates of 3.50% and 4.30% at September 30, 2016 , respectively, and are secured over the related equipment. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS At September 30, 2016 and December 31, 2015 , financial instrument liabilities and related restricted cash consists primarily of $12,446 and $21,639 , respectively, of short sales of corporate securities. Activity is summarized below for financial instrument liabilities and related restricted cash: September 30, 2016 2015 Balance, beginning of period $ 21,639 $ 21,311 Settlement of short sales of corporate securities (9,199 ) (450 ) Short sales of corporate securities 125 373 Net investment (gains) losses (119 ) (1,063 ) Balance of financial instrument liabilities and related restricted cash, end of period $ 12,446 $ 20,171 Short Sales of Corporate Securities From time to time, Steel Excel enters into short sale transactions on certain corporate securities in which Steel Excel receives proceeds from the sale of such securities and incurs obligations to deliver such securities at a later date. Upon initially entering into such short sale transactions, Steel Excel recognizes a liability equal to the fair value of the obligation, 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 between unrestricted and restricted cash. Foreign Currency Forward Contracts API enters into foreign currency forward contracts to hedge its trade receivables and accounts payable denominated in certain foreign currencies. In addition, API enters into foreign currency forward contracts to hedge the value of its future sales denominated in Euros and the value of its future purchases denominated in USD. These hedges have settlement dates ranging through September 2017. The forward contracts that are used to hedge the risk of foreign exchange movement on its trade receivables and accounts payable are accounted for as fair value hedges. At September 30, 2016 , there were contracts in place to buy Sterling and sell Euros in the amount of €8,743 . 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 are recognized in the Consolidated Statements of Operations. The forward contracts that are used to hedge the value of API's future sales and purchases are accounted for as cash flow hedges. At September 30, 2016 , there were contracts in place to hedge the value of future sales denominated in Euros in the amount of €18,525 and the value of future purchases denominated in USD in the amount of $1,200 . These hedges are fully effective, and, accordingly the changes in fair value are recorded in AOCI and, at maturity, any gain or loss on the forward contract is reclassified from AOCI into the Consolidated Statement of Operations. WebBank - Derivative Financial Instruments WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets in the Company's Consolidated Balance Sheet at September 30, 2016 and are classified within Level 3 in the fair value hierarchy (see Note 14 - "Fair Value Measurements"). At September 30, 2016 , derivatives outstanding mature within 3 to 5 years. Gains and losses resulting from changes in fair value of derivative instruments are accounted for in the Company's Consolidated Statements of Operations in Financial Services revenue. Fair value represents the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date based on a discounted cash flow model for the same or similar instruments. WebBank does not enter into derivative contracts for speculative or trading purposes. Precious Metal and Commodity Inventories HNH's precious metal and commodity inventories are subject to market price fluctuations. HNH enters into commodity futures and forward contracts to mitigate the impact of price fluctuations on its precious and certain non-precious metal inventories that are not subject to fixed-price contracts. HNH's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price changes in these commodities or markets could negatively impact HNH's earnings. The Company does not enter into derivatives or other financial instruments for trading or speculative purposes. As of September 30, 2016 , HNH had the following outstanding forward contracts with settlement dates through October 2016. HNH accounts for these contracts as either fair value hedges or economic hedges. There were no futures contracts outstanding at September 30, 2016 . Commodity Amount Notional Value Silver 752,684 ounces $ 15,100 Gold 400 ounces $ 500 Copper 275,000 pounds $ 600 Tin 45 metric tons $ 900 Fair Value Hedges. Of the total forward contracts outstanding, 557,684 ounces of silver and substantially all of the copper contracts are designated and accounted for as fair value hedges. 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 Company's Consolidated Statement of Operations, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with HNH's precious metal inventory carried at fair value. Economic Hedges. The remaining outstanding forward contracts for silver, and all the contracts for gold and tin, are accounted for as economic hedges. As these derivatives are not designated as accounting hedges, 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 Company's Consolidated Statement of Operations. The economic hedges are associated primarily with HNH's precious metal inventory valued using the LIFO method. The forward contracts were made with a counter party rated A+ by Standard & Poors. 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 contracts, as well as ounces of precious metal held on account by the broker. Debt Agreements As discussed in Note 8 - "Long-Term Debt," HNH entered into two interest rate swap agreements to reduce its exposure to interest rate fluctuations. These derivatives were not designated as accounting hedges under U.S. GAAP; they were accounted for as derivatives with no hedge designation. HNH recorded the gains or losses both from the mark-to-market adjustments and net settlements in interest expense in the Company's Consolidated Statement of Operations as the hedges were intended to offset interest rate movements. The agreements expired in February 2016. The fair value and carrying amount of derivative instruments in the Company's Consolidated Balance Sheets and the effect of derivative instruments on the Company's Consolidated Statements of Operations is shown in the following tables: Derivative Balance Sheet Location September 30, 2016 December 31, 2015 Commodity contracts (a), (b) Prepaid expenses and other current assets $ 148 $ 197 Commodity contracts (c) Prepaid expenses and other current assets 38 18 Interest rate swap agreements (c) Other non-current liabilities — (30 ) Foreign exchange forward contracts (a), (d) (Accrued liabilities)/Prepaid expenses and other current assets (1,941 ) 325 Foreign exchange forward contracts (b) Accrued liabilities (253 ) (30 ) Economic interests in loans (c) Other non-current assets 4,279 — Total derivatives $ 2,271 $ 480 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Derivative Statement of Operations Location Gain (loss) Gain (loss) Gain (loss) Gain (loss) Commodity contracts (a), (b) Cost of goods sold $ (1,152 ) $ 585 $ (3,533 ) $ 564 Commodity contracts (c) Cost of goods sold (85 ) (69 ) (180 ) 209 Commodity contracts (c) Realized and unrealized (loss) gain on derivatives (275 ) 168 (814 ) 273 Interest rate swap agreements (c) Interest expense — (16 ) — (79 ) Foreign exchange forward contracts (a), (d) Revenue/Cost of goods sold (601 ) 771 (844 ) 1,381 Foreign exchange forward contracts (b) Other income, net (369 ) (94 ) (809 ) 17 Economic interests in loans (c) Revenue 2,137 — 4,702 — Total derivatives $ (345 ) $ 1,345 $ (1,478 ) $ 2,365 (a) Designated as hedging instruments as of September 30, 2016 . (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge 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 as part of WebBank's lending arrangements. Those instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheet. The contract amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. At September 30, 2016 and December 31, 2015 , WebBank's undisbursed loan commitments totaled $164,973 and $80,667 , respectively. Commitments to extend credit are agreements to lend to a borrower who meets the lending criteria through one of WebBank's lending agreements, provided there is no violation of any condition established in the contract with the counterparty to the lending arrangement. 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 the credit being extended, the total commitment amounts do not necessarily represent future cash requirements. WebBank evaluates each prospective borrower'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 and WebBank's counterparty. 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 estimates an allowance for potential losses on off-balance sheet contingent credit exposures related to the guaranteed amount of its Small Business Administration ("SBA") and United States Department of Agriculture ("USDA") loans and whether or not the SBA/USDA honors the guarantee. WebBank determines the allowance for these contingent credit exposures based on historical experience and portfolio analysis. The allowance is included with Other non-current liabilities in the Company's Consolidated Balance Sheets, with any related increases or decreases in the reserve included in the Company's Consolidated Statements of Operations. The allowance was $188 at both September 30, 2016 and December 31, 2015 . |
Pension Benefit Plans
Pension Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefit Plans | PENSION BENEFIT PLANS The following table presents the components of pension expense for HNH's pension plans, including the JPS pension plan which was assumed in HNH's acquisition of JPS, and the pension plans of API: Pension Benefits Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ — $ 9 $ — $ 9 Interest cost 5,720 6,404 17,705 16,828 Expected return on plan assets (7,342 ) (7,520 ) (22,184 ) (19,550 ) Administrative costs 314 315 894 504 Amortization of actuarial loss 1,990 1,482 6,240 4,672 Total $ 682 $ 690 $ 2,655 $ 2,463 Beginning January 1, 2016, HNH changed the manner in which the interest cost component of net periodic pension expense is determined. Historically, HNH estimated the interest cost component using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. HNH has elected to use a full yield curve approach in the estimation of this component of benefit expense by applying the specific spot rates along the yield curve used in the determination of the benefit obligation that correlate to the relevant projected cash flows ("spot rate approach"). This change provides a more precise measurement of interest cost. The estimated impact of this change is to reduce forecast annual pension expense in 2016 by approximately $4,800 . Required future pension contributions are determined based upon assumptions such as discount rates on future obligations, assumed rates of return on plan assets and legislative changes. Actual future 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 or other acceleration events. Required minimum pension contributions are as follows: • HNH expects to contribute $3,900 for the remainder of 2016, $34,800 , $41,600 , $38,900 , $35,400 and $96,300 in 2017, 2018, 2019, 2020, and for the five years thereafter, respectively. • API expects to contribute approximately $1,000 per year until 2021. |
Capital and Accumulated Other C
Capital and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital and Accumulated Other Comprehensive Loss | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS As of September 30, 2016 , the Company had 26,152,976 Class A units (regular common units) outstanding. Common Unit Repurchase Program On May 13, 2016, the Board of Directors of SPH GP approved the repurchase of up to an aggregate of $5,000 of the Company's common units ("May 2016 Repurchase Program"). The May 2016 Repurchase Program was fully utilized in May 2016 when the Company purchased 346,163 units for an aggregate price of approximately $5,000 . On June 9, 2016, the Board of Directors of SPH GP approved an additional repurchase of up to an aggregate of $15,000 of the Company's common units ("June 2016 Repurchase Program"). In June 2016, the Company purchased 157,300 units for an aggregate price of approximately $2,200 . Any purchases made under the June 2016 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. The June 2016 Repurchase Program has no termination date. Accumulated Other Comprehensive Loss Changes, net of tax, in Accumulated other comprehensive loss are as follows: Nine Months Ended September 30, 2016 Unrealized gain on available-for-sale securities Unrealized loss on derivative financial instruments Cumulative translation adjustment Change in net pension and other benefit obligations Total Balance at beginning of period $ 50,650 $ (1,415 ) $ (9,596 ) $ (93,907 ) $ (54,268 ) Other comprehensive income (loss), net of tax - before reclassifications (a) 10,882 (1,929 ) (5,924 ) 81 3,110 Reclassification adjustments, net of tax (b) 340 — — — 340 Net other comprehensive income (loss) attributable to common unitholders (c) 11,222 (1,929 ) (5,924 ) 81 3,450 Balance at end of period $ 61,872 $ (3,344 ) $ (15,520 ) $ (93,826 ) $ (50,818 ) (a) Net of a tax provision of approximately $640 . (b) Net of a tax provision of approximately $199 . (c) Amounts do not include the net unrealized gain on available-for-sale securities of $1,962 , the unrealized loss on derivative financial instruments of $184 , cumulative translation adjustment losses of $592 and losses from the change in pension and other post-retirement obligations of $14 , which are attributable to noncontrolling interests. 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 amount accrued is adjusted to reflect the fair value of the Class C common units on each interim calculation date. The expense is recorded in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. There was no incentive unit expense recorded in the three or nine months ended September 30, 2016 . The Company recorded a reduction to incentive unit expense of approximately $1,040 in the three months ended September 30, 2015 and no incentive unit expense was recorded in the nine months ended September 30, 2015 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company recorded tax provisions of $8,334 and $13,125 for the three months ended September 30, 2016 and 2015 , respectively, and $18,357 and $24,705 for the nine months ended September 30, 2016 and 2015 , respectively. The Company's tax provision represents the income tax expense or benefit of its consolidated subsidiaries. The Company's consolidated subsidiaries have recorded deferred tax valuation allowances to the extent that they believe it is more likely than not that the benefits of the deferred tax assets will not be realized in future periods. During the fourth quarter of 2015, WFHC and CoSine entered into a series of transactions whereby CoSine was merged with and into WFH LLC, a newly formed wholly-owned subsidiary of WFHC, which is disregarded for income tax purposes. Also, in the fourth quarter of 2015, the Company recorded a tax benefit in continuing operations of approximately $111,881 associated with the reversal of deferred tax valuation allowances attributable to federal net operating loss carryforwards of approximately $329,600 associated with WFHC, WebBank and the newly merged CoSine business ("WFHC U.S. Consolidated Group") given the resulting change in its judgment about the realizability of the associated deferred tax assets. During the first quarter of 2016, the Company revised its calculation of the expected benefit to be derived from the realizability of federal deferred tax assets of the WFHC U.S. Consolidated Group and recorded an additional tax benefit in continuing operations of approximately $4,182 . In the first quarter of 2015, Steel Excel identified an error related to the manner in which the provision for income taxes had reflected the tax effects related to unrealized gains and losses on available-for-sale securities during 2014 and 2013. As a result, the Company recorded an adjustment to its tax provision of approximately $3,500 in the nine months ended September 30, 2015 . |
Net Income Per Common Unit
Net Income Per Common Unit | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | NET INCOME PER COMMON UNIT The following data was used in computing net income per common unit shown in the Company's Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ 13,069 $ (14,792 ) $ 25,272 $ 13,169 Net (income) loss from continuing operations attributable to noncontrolling interests in consolidated entities (2,237 ) 4,404 (3,269 ) 9,508 Net income (loss) from continuing operations attributable to common unitholders 10,832 (10,388 ) 22,003 22,677 Net income from discontinued operations — 195 — 87,018 Net income from discontinued operations attributable to noncontrolling interests in consolidated entities — (1,950 ) — (32,828 ) Net (loss) income from discontinued operations attributable to common unitholders — (1,755 ) — 54,190 Net income (loss) attributable to common unitholders $ 10,832 $ (12,143 ) $ 22,003 $ 76,867 Net income (loss) per common unit - basic: Net income (loss) from continuing operations $ 0.41 $ (0.38 ) $ 0.83 $ 0.82 Net (loss) income from discontinued operations — (0.06 ) — 1.97 Net income (loss) attributable to common unitholders $ 0.41 $ (0.44 ) $ 0.83 $ 2.79 Net income (loss) per common unit – diluted: Net income (loss) from continuing operations $ 0.41 $ (0.38 ) $ 0.83 $ 0.82 Net (loss) income from discontinued operations — (0.06 ) — 1.96 Net income (loss) attributable to common unitholders $ 0.41 $ (0.44 ) $ 0.83 $ 2.78 Weighted-average common units outstanding - basic 26,152,976 27,226,589 26,421,116 27,506,890 Incentive units — — — 149,502 Unvested restricted units 7,989 — 13,520 23,082 Denominator for net income per common unit - diluted 26,160,965 27,226,589 26,434,636 27,679,474 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of September 30, 2016 and December 31, 2015 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 36,521 $ 2,549 $ 28,220 $ 67,290 Long-term investments (a) 106,400 3,878 1,478 111,756 Investments in certain funds — — 511 511 Precious metal and commodity inventories recorded at fair value 14,099 — — 14,099 Economic interests in loans — — 4,279 4,279 Commodity contracts on precious metal and commodity inventories — 186 — 186 Total $ 157,020 $ 6,613 $ 34,488 $ 198,121 Liabilities: Financial instrument obligations $ 12,446 $ — $ — $ 12,446 Foreign currency forward exchange contracts — 2,194 — 2,194 Total $ 12,446 $ 2,194 $ — $ 14,640 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 47,274 $ 6,143 $ 27,425 $ 80,842 Long-term investments (a) 160,574 — 2,474 163,048 Investments in certain funds — — 555 555 Precious metal and commodity inventories recorded at fair value 10,380 — — 10,380 Commodity contracts on precious metal and commodity inventories — 215 — 215 Foreign currency forward exchange contracts — 325 — 325 Total $ 218,228 $ 6,683 $ 30,454 $ 255,365 Liabilities: Financial instrument obligations $ 21,639 $ — $ — $ 21,639 Interest rate swap agreements — 30 — 30 Foreign currency forward exchange contracts — 30 — 30 Total $ 21,639 $ 60 $ — $ 21,699 (a) For additional detail of the marketable securities and long-term investments see Note 7 - "Investments." There were no transfers of securities among the various measurement input levels during the three and nine months ended September 30, 2016 . Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. Fair value measurements are broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment ("Level 1"). Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures ("Level 2"). Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date ("Level 3"). The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and accounts payable, 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 9 - "Financial Instruments") are reported at fair value. Fair values of these inventories are 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. The interest rate swap agreements were considered Level 2 measurements as the inputs were observable at commonly quoted intervals. These agreements expired in February 2016. Following is a summary of changes in financial assets measured using Level 3 inputs: 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 June 30, 2015 $ 2,271 $ — $ 1,636 $ 35,484 $ 39,391 Sales and cash collections — — — (1,229 ) (1,229 ) Unrealized losses (340 ) — (734 ) (1,737 ) (2,811 ) Balance at September 30, 2015 $ 1,931 $ — $ 902 $ 32,518 $ 35,351 Balance at June 30, 2016 $ 1,414 $ — $ 27 $ 31,213 $ 32,654 Sales and cash collections — — — (1,440 ) (1,440 ) Unrealized gains — — 37 3,237 3,274 Balance at September 30, 2016 $ 1,414 $ — $ 64 $ 33,010 $ 34,488 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, 2014 $ 2,163 $ 9,623 $ 2,199 $ 34,421 $ 48,406 Purchases — — — 5,108 5,108 Sales and cash collections — (9,985 ) — (1,751 ) (11,736 ) Unrealized gains — 484 — — 484 Unrealized losses (232 ) (122 ) (1,297 ) (5,260 ) (6,911 ) Balance at September 30, 2015 $ 1,931 $ — $ 902 $ 32,518 $ 35,351 Balance at December 31, 2015 $ 1,931 $ — $ 543 $ 27,980 $ 30,454 Sales and cash collections — — — (5,273 ) (5,273 ) Unrealized gains — — — 10,303 10,303 Unrealized losses (517 ) — (479 ) (996 ) Balance at September 30, 2016 $ 1,414 $ — $ 64 $ 33,010 $ 34,488 (a) Unrealized gains and 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 were recorded in Income from other investments - related party in the Company's Consolidated Statements of Operations. (c) Unrealized gains and losses are recorded in Income (loss) from investments held at fair value in the Company's Consolidated Statements of Operations. (d) Realized gains and losses on sale are recorded in Other income, net or Revenue in the Company's Consolidated Statements of Operations. Long-Term Investments - Valuation Techniques The Company estimates the value of one of its investments in an associated company primarily using a discounted cash flow method adjusted for additional information related to debt covenants, solvency issues and other related matters. The ModusLink Warrants are valued using the Black-Scholes option pricing model (for additional information see Note 7 - "Investments"). Marketable Securities and Other - Valuation Techniques The Company uses the net asset value included in quarterly statements it receives in arrears from a venture capital fund to determine the fair value of such fund and determines the fair value of certain corporate securities and corporate obligations by incorporating and reviewing prices provided by third-party pricing services based on the specific features of the underlying securities. The fair value of the derivative held by WebBank (see Note 9 - "Financial Instruments") represents the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date and is based on discounted cash flows analyses that consider credit, performance and prepayment. Assets Measured at Fair Value on a Nonrecurring Basis As of September 30, 2016 and December 31, 2015, WebBank has impaired loans with a fair value of $3,997 and $423 that are collateral-dependent, and that were measured at fair value of the collateral less estimated selling costs using Level 3 inputs. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental Matters As discussed in more detail below, certain of the Company's subsidiaries 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 certain of the Company's subsidiaries. The Company accrues costs associated with environmental matters, on an undiscounted basis, when they become probable and reasonably estimable. As of September 30, 2016 and December 31, 2015 , on a consolidated basis, the Company has recorded current liabilities of approximately $5,500 and non-current liabilities of $2,622 , which represent its current estimate of the probable cleanup liabilities, including remediation and legal costs. Expenses relating to these costs, and any recoveries, are included in Selling, general and administrative expenses. 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 liabilities 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. Certain HNH subsidiaries, including its newly acquired subsidiary SLI, 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 remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. HNH recorded current liabilities of approximately $5,500 and non-current liabilities of approximately $1,200 related to estimated environmental remediation costs as of September 30, 2016 . HNH also has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. During the nine months ended September 30, 2015, HNH recorded insurance reimbursements totaling $2,800 for previously incurred remediation costs. No similar reimbursements were recorded during the nine months ended September 30, 2016 . Included among these liabilities, certain HNH 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. Similarly, BNS LLC, a wholly-owned subsidiary of the BNS Liquidating Trust, has been named as a PRP at one previously disclosed site and a then-subsidiary of BNS ("BNS Sub") has been identified as a PRP at another previously disclosed site. Based upon information currently available, BNS Liquidating Trust and BNS Sub do not expect that their respective environmental costs 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 the Company, but there can be no such assurances to this effect. Based upon information currently available, the HNH 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 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 HNH subsidiaries are unable to fund their liabilities, claims could be made against their respective parent companies, including HNH, for payment of such liabilities. The sites where certain HNH subsidiaries have environmental liabilities include the following: HNH has been working with the Connecticut Department of Energy and Environmental Protection ("CTDEEP") with respect to its obligations under a 1989 consent order that applies to a property in Connecticut that HNH sold in 2003 ("Sold Parcel") and an adjacent parcel ("Adjacent Parcel") that together comprise the site of a former HNH manufacturing facility. The remaining remediation, monitoring and regulatory administrative costs for the Sold Parcel are expected to approximate $100 . With respect to the Adjacent Parcel, an ecological risk assessment has been completed and the results, along with proposed clean up goals, were submitted in the second quarter of 2016 to the CTDEEP for their review and approval. The next phase will be a physical investigation of the upland portion of the parcel. A work plan was submitted in the third quarter of 2016 to the CTDEEP for review and approval. That work is expected to start in the fourth quarter of 2016 and is estimated to cost $200 . Investigation of the wetlands portion is not expected to start until the later part of 2017, pending regulatory approvals and setting goals for the entire parcel. 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 HNH. In 1986, Handy & Harman Electronic Materials Corporation ("HHEM"), a subsidiary of HNH, 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. HHEM is actively remediating the property and continuing to investigate effective methods for achieving compliance with the ACO. 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 and 25% jointly to HHEM and HNH, all after having the first $1,000 paid by the former owner/operator. As of September 30, 2016 , total investigation and remediation costs of approximately $5,600 and $1,800 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 has been complying 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. As a result of meetings and subsequent discussions with the MADEP, HHEM conducted additional work that was completed in the third quarter of 2015. HHEM expects to submit a follow-up response report to the MADEP in the fourth quarter of 2016. The cost of the follow up response report and subsequent decommissioning, and any additional costs that could result from the final review of the closure report by the MADEP, are not anticipated to be material. SLI may incur environmental costs in the future as a result of past activities of its former subsidiary, SurfTech, at sites located in Pennsauken, New Jersey ("Pennsauken Site") and in Camden, New Jersey ("Camden Site"). At the Pennsauken Site, SLI reached an agreement with both the United States Department of Justice and the Environmental Protection Agency ("EPA") related to its liability and entered into a Consent Decree which governs the agreement. SLI agreed to perform remediation, which is substantially complete, and to pay a fixed sum for the EPA's past costs. The fixed sum is to be paid in installments, and the final payment of $2,100 is due to be made in the second quarter of 2017. In December 2012, SLI received a demand letter from the office of the Deputy Attorney General of New Jersey ("NJDAG"). The demand is for $1,300 for past and future cleanup costs and $500 for natural resource damages for a total demand of $1,800 . SLI has made a counter-offer to the NJDAG in the amount of $300 , which has been reserved for, and anticipates entering into discussions to address the NJDAG's claims. The final scope and cost of those claims cannot be estimated at this time but is not expected to be outside a range of $300 to $1,800 . With respect to the Camden Site, SLI has reported soil contamination and a groundwater contamination plume emanating from the site. A Remedial Action Workplan ("RAWP") for soils is being developed and is expected to be submitted to the NJDEP in the first quarter of 2017, by the Licensed Site Remediation Professional ("LSRP") for the site. The RAWP for treatment of unsaturated soils is scheduled to be initiated during the first quarter of 2017 with post-remediation rebound testing and slab removal to be conducted in the fourth quarter of 2017. SLI's environmental consultants also implemented an interim remedial action pilot study to treat on-site contaminated groundwater, which consisted of injecting food-grade product, into the groundwater at the down gradient property boundary to create a "bio-barrier." Post-injection groundwater monitoring to assess the bio-barrier's effectiveness was completed. Consistent decreases in target contaminants concentrations in groundwater were observed. In December 2014, a report was submitted to the NJDEP stating sufficient information was obtained from the pilot study to complete the full scale groundwater remedy design. A full scale groundwater bioremediation will be implemented during the fourth quarter of 2017 following the soil remediation mentioned above. A reserve of $1,400 has been established for anticipated costs at this site, but there can be no assurance that there will not be potential additional costs associated with the site which 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 HNH. SLI is currently participating in environmental assessment and cleanup at a commercial facility located in Wayne, New Jersey. Contaminated soil and groundwater has undergone remediation with the NJDEP and LSRP oversight, but contaminants of concern ("COCs") in groundwater and surface water, which extend off-site, remain above applicable NJDEP remediation standards. A soil remedial action plan has been developed to remove the new soil source contamination that continues to impact groundwater. SLI's LSRP completed a supplemental groundwater remedial action, pursuant to a RAWP filed with, and permit approved by, the NJDEP, and a report was filed with the NJDEP in March 2015. SLI's consultants have developed cost estimates for supplemental remedial injections, soil excavation, and additional tests and remedial activities. The LSRP has initiated the preparation of a Remedial Investigation Report, which was sent to the NJDEP in May 2016, and has negotiated off-site access to the adjacent property and installed monitoring wells. Results of the initial samples detected COC's above NJDEP standards. There can no assurance that there will not be potential additional costs associated with the site, which 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 HNH. Litigation Matters BNS Litigation Matters BNS Sub has been named as a defendant in 1,367 alleged asbestos-related toxic-tort claims as of September 30, 2016 . The claims were filed over a period beginning in 1994 through September 30, 2016 . In many cases, these claims involved more than 100 defendants. Of the claims filed, 1,260 were dismissed, settled or granted summary judgment and closed as of September 30, 2016 . Of the claims settled, the average settlement was less than $3 . There remained 107 pending asbestos claims as of September 30, 2016 . 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 $1,543 at September 30, 2016 and December 31, 2015 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. 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 both September 30, 2016 and December 31, 2015 , BNS Sub has accrued $1,422 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. 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. Other Litigation In the ordinary course of our business, we are subject to other 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 our historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against us, we do not believe any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, prospects, financial condition, cash flows, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Management Agreement with SP General Services LLC The Manager receives a fee, pursuant to the terms of 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. In addition, SPLP issued to the Manager partnership profits interests in the form of incentive units, 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 (see Note 11 - "Capital and Accumulated Other Comprehensive Loss" for additional information on the incentive units). 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 Company's independent directors. The Management Fee was $2,172 and $2,148 for the three months ended September 30, 2016 and 2015 , respectively, and $6,387 and $6,188 for the nine months ended September 30, 2016 and 2015 , respectively. The Management Fee is included in Selling, general and administrative expenses in the Company's Consolidated Statements of Operations. There were no unpaid amounts for management fees at September 30, 2016 or December 31, 2015 . 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. Reimbursable expenses incurred by the Manager in connection with its provision of services under the Management Agreement were approximately $859 and $448 for the three months ended September 30, 2016 and 2015 , respectively, and $3,095 and $1,903 for the nine months ended September 30, 2016 and 2015 , respectively. Unpaid amounts for reimbursable expenses were approximately $888 and $695 at September 30, 2016 and December 31, 2015 , respectively, and are included in Payables to related parties in the Company's Consolidated Balance Sheets. In the first quarter of 2015, SPLP issued units to WGL Capital Corp. ("Investment Manager"), an affiliate of the Manager. The units issued were for the final settlement of the additional liability due to the Investment Manager of approximately $1,800 . Corporate Services Steel Services, through Management Services Agreements with its subsidiaries and portfolio 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, operating group management and other similar services. In addition to its servicing agreements with SPLP and its consolidated subsidiaries, Steel Services has management services agreements with other companies considered to be related parties, including NOVT Corporation, Ore Holdings, Inc., J. Howard Inc., Steel Partners, Ltd., iGo and MLNK. In total, Steel Services will charge approximately $3,552 annually to these companies. All amounts billed under these service agreements are classified as a reduction of Selling, general and administrative expenses. Mutual Securities, Inc. Pursuant to the Management Agreement, the Manager is 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, Inc. 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, Inc. The commissions paid by SPLP to Mutual Securities, Inc. were not significant in any period. In addition, Mutual Securities, Inc. is the custodian for a portion of the Company's holdings in MLNK common stock. Other At September 30, 2016 and December 31, 2015 , several related parties and consolidated subsidiaries had deposits totaling $2,788 and $3,135 , respectively, in WebBank. Approximately $722 and $1,298 of these deposits, including interest which was not significant, has been eliminated in consolidation as of September 30, 2016 and December 31, 2015 , respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION SPLP operates through the following segments: Diversified Industrial, Energy, Financial Services, and Corporate and Other, which are managed separately and offer different products and services. For a more complete description of the Company's segments, see "Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Overview." Corporate assets, revenues and overhead expenses are not allocated to the segments. Steel Services provides legal, tax, accounting, treasury, consulting, auditing, administrative, compliance, environmental health and safety, human resources, marketing, investor relations, operating group management and similar services to other affiliated companies. Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $2,900 , $2,000 and $1,175 for the three months ended September 30, 2016 and $2,689 , $2,038 and $563 for the three months ended September 30, 2015 . Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $8,813 , $6,113 and $3,525 for the nine months ended September 30, 2016 and $7,443 , $6,113 and $1,688 for the nine months ended September 30, 2015 . Segment information is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue: Diversified industrial $ 274,327 $ 224,635 $ 722,399 $ 555,888 Energy 27,154 33,480 68,868 107,975 Financial services 15,368 18,226 53,777 45,886 Corporate and other 164 49 791 32,876 Total $ 317,013 $ 276,390 $ 845,835 $ 742,625 Income (loss) from continuing operations before income taxes: Diversified industrial $ 12,646 $ 10,424 $ 37,499 $ 35,846 Energy (3,380 ) (11,171 ) (6,402 ) (34,184 ) Financial services 7,911 12,716 32,018 30,539 Corporate and other 4,226 (13,636 ) (19,486 ) 5,673 Income (loss) from continuing operations before income taxes 21,403 (1,667 ) 43,629 37,874 Income tax provision 8,334 13,125 18,357 24,705 Net income (loss) from continuing operations $ 13,069 $ (14,792 ) $ 25,272 $ 13,169 Income (loss) from equity method investments: Diversified industrial $ — $ (4,184 ) $ 8,078 $ 857 Energy 886 (8,153 ) 6,976 (4,818 ) Corporate and other 5,104 (8,729 ) (12,325 ) (12,915 ) Total $ 5,990 $ (21,066 ) $ 2,729 $ (16,876 ) |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2016 | |
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. In July 2013, the Federal Deposit Insurance Corporation approved the final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks ("Basel III"). Under the final rules, which began for WebBank on January 1, 2015 and are subject to a phase-in period through January 1, 2019, minimum requirements will increase for both the quantity and quality of capital held by WebBank. The rules include a new common equity Tier 1 capital to risk-weighted assets ratio ("CET1 Ratio") of 4.5% and a capital conservation buffer of 2.5% of risk-weighted assets, which when fully phased-in, effectively results in a minimum CET1 Ratio of 7.0% . Basel III raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% when fully phased-in), effectively results in a minimum total capital to risk-weighted assets ratio of 10.5% (with the capital conservation buffer fully phased-in), and requires a minimum leverage ratio of 4.0% . Basel III also makes changes to risk weights for certain assets and off-balance-sheet exposures. WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements, and such amounts are disclosed in the table below: Amount of Capital Required For Capital Minimum Capital Adequacy With To Be Well Capitalized Under Actual Adequacy Purposes Capital Buffer Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2016 Total Capital (to risk-weighted assets) $ 83,287 28.3 % $ 23,569 8.0 % $ 25,410 8.625 % $ 29,461 10.0 % Tier 1 Capital (to risk-weighted assets) $ 81,489 27.7 % $ 17,676 6.0 % $ 19,518 6.625 % $ 23,569 8.0 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 81,489 27.7 % $ 13,257 4.5 % $ 15,099 5.125 % $ 19,150 6.5 % Tier 1 Capital (to average assets) $ 81,489 23.1 % $ 14,137 4.0 % n/a n/a $ 17,672 5.0 % As of December 31, 2015 Total Capital (to risk-weighted assets) $ 65,353 22.7 % $ 23,076 8.0 % n/a n/a $ 28,845 10.0 % Tier 1 Capital (to risk-weighted assets) $ 64,535 22.4 % $ 17,307 6.0 % n/a n/a $ 23,076 8.0 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 64,535 22.4 % $ 12,980 4.5 % n/a n/a $ 18,749 6.5 % Tier 1 Capital (to average assets) $ 64,535 19.7 % $ 13,116 4.0 % n/a n/a $ 16,395 5.0 % 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 ("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 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION A summary of supplemental cash flow information for each of the nine -month periods ending September 30, 2016 and 2015 is presented in the following table: Nine Months Ended September 30, 2016 2015 Cash paid during the period for: Interest $ 8,533 $ 6,744 Taxes $ 20,312 $ 17,051 Non-cash investing activities: Reclassification of investment in associated company to cost of an acquisition $ 39,794 $ 66,239 Reclassification of investment in associated company to investment in consolidated subsidiaries $ — $ 48,748 Reclassification of available-for-sale securities to equity method investment $ — $ 10,858 Partnership interest exchanged for marketable securities $ — $ 25,000 Securities received as distributions from venture capital fund $ 19 $ — Securities received in exchange for financial instrument obligations $ — $ 76 Securities delivered in exchange for settlement of financial instrument obligations $ 9,155 $ 76 Noncontrolling interest acquired in non-monetary exchange $ 194 $ — Non-cash financing activities: Subsidiary restricted stock awards surrendered to satisfy withholding upon vesting $ 101 $ 32 |
Nature of the Business and Ba28
Nature of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Presentation | Basis of Presentation The consolidated balance sheet as of December 31, 2015 , which has been derived from audited financial statements, and the unaudited consolidated financial statements included herein have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted in accordance with those rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. This quarterly report on Form 10-Q should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2015 . Certain amounts for the prior year have been reclassified to conform to the current year presentation. In the opinion of management, the interim financial statements reflect all normal and recurring adjustments necessary to present fairly the consolidated financial position and the results of operations and changes in cash flows for the interim periods. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience, expected future cash flows and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 by one year. The ASU, as amended, is effective for the Company's 2018 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 July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments do not apply to inventory that is measured using the last-in, first-out ("LIFO") cost method. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2017 fiscal year. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement to restate prior-period financial statements for measurement-period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior-period impact of the adjustment should either be presented separately on the face of the statement of operations or disclosed in the notes. This new guidance is effective for the Company's 2016 fiscal year. The amendments in this ASU will be applied prospectively to adjustments to provisional amounts that occur in 2016 and thereafter. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities , which requires certain equity investments to be measured at fair value with changes in fair value recognized in net income. The new standard also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2018 fiscal year. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. A modified retrospective transition approach is required for capital and operating leases existing at the date of adoption, with certain practical expedients available. The Company is currently evaluating the potential impact of this new guidance, which is effective for the Company's 2019 fiscal year. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This new standard simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, among other things. The new standard is effective for the Company's 2017 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade and loan receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize estimated credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In addition, the new standard requires recording credit losses on available-for-sale debt securities through an allowance account. The new standard is effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. The Company is currently evaluating the potential impact of this new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard provides guidance to help decrease diversity in practice in how certain cash receipts and cash payments are classified in the statement of cash flows. The amendments in ASU No. 2016-15 provide guidance on eight specific cash flow issues. The new standard is effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. |
Nature of the Business and Ba29
Nature of the Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements | The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: Ownership as of September 30, 2016 December 31, 2015 BNS Holdings Liquidating Trust ("BNS Liquidating Trust") 84.9 % 84.9 % DGT Holdings Corp. ("DGT") (a) 100.0 % 100.0 % Handy & Harman Ltd. ("HNH") 69.9 % 70.1 % Steel Services, LTD ("Steel Services") 100.0 % 100.0 % Steel Excel 64.2 % 58.3 % WebFinancial Holding Corporation ("WFHC") (b) 91.2 % 90.8 % (a) DGT's financial statements are recorded on a two-month lag, and as a result, the Company's Consolidated Balance Sheet and Consolidated Statements of Operations as of and for the three and nine months ended September 30, 2016 includes DGT's activity as of and for its three and nine months ended July 31, 2016. (b) WFHC owns 100% of WebBank ("WebBank") and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly CoSine Communications, Inc.), which operates through its subsidiary API Group plc ("API"). |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, Consideration Paid | The table below details the consideration paid to acquire the controlling interest in API: Fair Value of Consideration Paid Previously held common equity of API $ 22,861 Cash paid for additional API equity 47,866 $ 70,727 |
Business Acquisition, Pro Forma Information | The 2015 supplemental unaudited pro forma earnings also reflect adjustments to exclude a total of $8,700 of acquisition related costs incurred by HNH, JPS, SLI and API during the nine months of 2015 and $4,375 of nonrecurring expense related to JPS's and API's amortization of the fair value adjustment to acquisition-date inventories. Nine Months Ended September 30, 2016 2015 Total revenue $ 979,136 $ 1,069,762 Net income from continuing operations 24,143 11,114 Net income from continuing operations per common unit - basic 0.71 0.71 Net income from continuing operations per common unit - diluted 0.71 0.71 |
Electromagnetic Enterprise (EME) | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis: Amount Assets: Trade and other receivables $ 4,247 Inventories 3,004 Prepaid expenses and other current assets 28 Property, plant and equipment 1,967 Goodwill 32,686 Other intangible assets 28,820 Total assets acquired 70,752 Liabilities: Accounts payable 3,440 Accrued liabilities 2,812 Total liabilities assumed 6,252 Net assets acquired $ 64,500 |
SLI | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date on a preliminary basis: Amount Assets: Cash and cash equivalents $ 4,985 Trade and other receivables 32,544 Inventories 25,960 Prepaid expenses and other current assets 8,455 Property, plant and equipment 23,950 Goodwill 54,317 Other intangible assets 87,916 Other non-current assets 825 Total assets acquired 238,952 Liabilities: Accounts payable 18,433 Accrued liabilities 17,308 Long-term debt 9,500 Deferred tax liabilities 26,093 Other non-current liabilities 5,633 Total liabilities assumed 76,967 Net assets acquired $ 161,985 |
CoSine | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the CoSine Acquisition Date, as well as the fair value of the noncontrolling interest in CoSine: Amount Assets: Cash and cash equivalents $ 17,614 Prepaid expenses and other current assets 7 Goodwill 8,295 Long-term investments 54,228 Total assets acquired 80,144 Liabilities: Accounts payable 280 Accrued liabilities 783 Total liabilities assumed 1,063 Fair value of noncontrolling interest 12,842 Net assets acquired $ 66,239 |
API | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the API Acquisition Date: Amount Assets: Cash and cash equivalents $ 5,424 Trade and other receivables 24,160 Inventories 22,900 Prepaid expenses and other current assets 4,838 Property, plant and equipment 42,238 Goodwill 14,456 Other intangible assets 22,749 Other non-current assets 4,816 Total assets acquired 141,581 Liabilities: Accounts payable 24,556 Accrued liabilities 7,028 Short-term debt 2,104 Long-term debt 22,784 Accrued pension liabilities 11,791 Deferred tax liabilities 2,591 Total liabilities assumed 70,854 Net assets acquired $ 70,727 |
Handy & Harman Ltd. (HNH) | JPS Industries, Inc. | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the assets acquired and liabilities assumed at the acquisition date: Amount Assets: Cash and cash equivalents $ 22 Trade and other receivables 21,201 Inventories 27,126 Prepaid expenses and other current assets 4,961 Property, plant and equipment 45,384 Goodwill 32,162 Other intangible assets 9,120 Deferred tax assets 19,788 Other non-current assets 3,112 Total assets acquired 162,876 Liabilities: Accounts payable 10,674 Accrued liabilities 5,838 Long-term debt 1,500 Accrued pension liabilities 30,367 Other non-current liabilities 4 Total liabilities assumed 48,383 Net assets acquired $ 114,493 |
Discontinued Operations and A31
Discontinued Operations and Asset Impairment Charges (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenue $ — $ — $ — $ 5,952 Net income from operations — — — 565 Net loss from operations after taxes and noncontrolling interests — (1,887 ) — (3,002 ) Gain on sale of discontinued operations after taxes and noncontrolling interests — 134 — 57,193 |
Loans Receivable, Including L32
Loans Receivable, Including Loans Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Trade and Other Receivables | Major classification of WebBank's loans receivable, including loans held for sale, at September 30, 2016 and December 31, 2015 are as follows: Total Current Non-current September 30, 2016 % December 31, 2015 % September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Loans held for sale $ 107,318 $ 159,592 $ 107,318 $ 159,592 $ — $ — Real estate loans: Commercial – owner occupied $ 952 1 % $ 1,542 2 % 63 97 $ 889 1,445 Commercial – other 267 — % 281 — % — — 267 281 Total real estate loans 1,219 1 % 1,823 2 % 63 97 1,156 1,726 Commercial and industrial 59,937 71 % 66,253 98 % 1,064 5,943 58,873 60,310 Consumer Loans 23,846 28 % — — % 8,775 — 15,071 — Total loans 85,002 100 % 68,076 100 % 9,902 6,040 75,100 62,036 Less: Deferred fees and discounts (11 ) (15 ) (11 ) (15 ) — — Allowance for loan losses (1,610 ) (630 ) (1,610 ) (630 ) — — Total loans receivable, net $ 83,381 $ 67,431 8,281 5,395 75,100 62,036 Loans receivable, including loans held for sale (a) $ 115,599 $ 164,987 $ 75,100 $ 62,036 (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, including loans held for sale, net was $189,879 and $226,541 at September 30, 2016 and December 31, 2015 , respectively. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of Inventories, net is as follows: September 30, 2016 December 31, 2015 Finished products $ 40,991 $ 39,405 In-process 23,467 20,814 Raw materials 44,771 28,893 Fine and fabricated precious metal in various stages of completion 20,188 13,155 129,417 102,267 LIFO reserve (1,798 ) — Total $ 127,619 $ 102,267 |
Inventory Supplemental Disclosure | September 30, 2016 December 31, 2015 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,946 $ 3,536 Precious metals stated under non-LIFO cost methods, primarily at fair value 13,444 9,619 Market value per ounce: Silver 19.80 13.86 Gold 1,338.65 1,062.25 Palladium 697.00 547.00 |
Goodwill and Other Intangible34
Goodwill and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: Diversified Industrial Energy Corporate and Other Total Balance at December 31, 2015 Gross goodwill $ 101,772 $ 64,790 $ 81 $ 166,643 Accumulated impairments — (64,790 ) — (64,790 ) Net goodwill 101,772 — 81 101,853 Acquisitions (a) 91,094 — — 91,094 Currency translation adjustment (1,716 ) — — (1,716 ) Other adjustments 166 — — 166 Balance at September 30, 2016 Gross goodwill 191,316 64,790 81 256,187 Accumulated impairments — (64,790 ) — (64,790 ) Net goodwill $ 191,316 $ — $ 81 $ 191,397 (a) Goodwill from acquisitions during 2016 relates to HNH's acquisitions of SLI and EME, as well as API's acquisition of Hazen. The goodwill recorded for these acquisitions is subject to adjustment during the finalization of the purchase price allocations. For additional information, see Note 2 - "Acquisitions." |
Summary of Intangible Assets | A summary of Other intangible assets, net is as follows: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 222,101 $ 52,286 $ 169,815 $ 134,814 $ 41,153 $ 93,661 Trademarks 51,381 10,762 40,619 38,157 8,361 29,796 Patents and technology 27,815 8,733 19,082 17,010 7,379 9,631 Other 11,632 5,411 6,221 8,480 2,605 5,875 $ 312,929 $ 77,192 $ 235,737 $ 198,461 $ 59,498 $ 138,963 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The Company's portfolio of marketable securities was as follows: September 30, 2016 December 31, 2015 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 $ 66,211 $ — $ — $ 66,211 $ 30,118 $ — $ — $ 30,118 Mutual funds 11,835 3,624 — 15,459 11,835 2,182 — 14,017 Corporate securities 27,335 6,282 (1,041 ) 32,576 41,861 250 (549 ) 41,562 Corporate obligations 19,683 1,915 (2,343 ) 19,255 25,747 98 (582 ) 25,263 Total marketable securities 125,064 11,821 (3,384 ) 133,501 109,561 2,530 (1,131 ) 110,960 Amounts classified as cash equivalents (66,211 ) — — (66,211 ) (30,118 ) — — (30,118 ) Amounts classified as marketable securities $ 58,853 $ 11,821 $ (3,384 ) $ 67,290 $ 79,443 $ 2,530 $ (1,131 ) $ 80,842 |
Unrealized Gain (Loss) on Investments | Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of Other income, net in the Consolidated Statements of Operations, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross realized gains $ 899 $ 2,135 $ 2,902 $ 6,735 Gross realized losses (667 ) (5,528 ) (2,308 ) (6,321 ) Realized gains (losses), net $ 232 $ (3,393 ) $ 594 $ 414 |
Schedule of Unrealized Loss on Investments | The fair value of marketable securities with unrealized losses at September 30, 2016 , and the duration of time that such losses had been unrealized, were as follows: Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate securities $ 3,367 $ (912 ) $ 695 $ (129 ) $ 4,062 $ (1,041 ) Corporate obligations 15,030 (2,343 ) — — 15,030 (2,343 ) Total $ 18,397 $ (3,255 ) $ 695 $ (129 ) $ 19,092 $ (3,384 ) |
Available-for-sale Securities | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities as of September 30, 2016 , by contractual maturity, were as follows: Cost Estimated Fair Value Debt securities maturing after one year through three years $ 19,683 $ 19,255 Securities with no contractual maturities 105,381 114,246 $ 125,064 $ 133,501 |
Schedule of Available-for-sale Securities and Equity Method Investments | The following table summarizes the Company's long-term investments as of September 30, 2016 and December 31, 2015 . For those investments at fair value, the carrying amount of the investment equals its respective fair value. Investment Balance Income (Loss) Recorded in the Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, (1) AVAILABLE-FOR-SALE SECURITIES September 30, 2016 December 31, 2015 2016 2015 2016 2015 Fair Value Changes Recorded in Accumulated Other Comprehensive Loss: Equity securities - U.S. (1) Aerospace/Defense $ 73,502 $ 65,474 Other 577 568 Total 74,079 66,042 Fair Value Changes Recorded in the Consolidated Statement of Operations: Equity securities — — $ — $ — $ — $ 4,449 Corporate obligations (2) 3,878 — 340 399 — Total 77,957 66,042 $ 340 $ — $ 399 $ 4,449 (2) EQUITY METHOD Investments in Associated Companies: September 30, 2016 December 31, 2015 At Cost: Ownership WFH LLC (formerly CoSine) (3) 91.2 % 90.8 % — — $ — $ — $ — $ (602 ) Other (4) 3,149 4,166 (126 ) (2,496 ) (164 ) (2,782 ) At Fair Value: ModusLink Global Solutions, Inc. ("MLNK") (1) 29.8 % 31.5 % 26,094 40,862 5,104 (8,389 ) (11,808 ) (12,442 ) SLI (3) 100.0 % 25.1 % — 31,716 — (4,586 ) 8,078 (4,974 ) JPS (3) 100.0 % 100.0 % — — — 402 — 5,831 API Technologies Corp. ("API Tech") — % 20.6 % — 15,779 — (3,888 ) 7,089 457 Aviat Networks, Inc. ("Aviat") (1) 12.7 % 12.9 % 6,227 6,175 1,012 (1,769 ) 51 (2,493 ) Other (5) 43.8 % 43.8 % 1,414 1,931 — (340 ) (517 ) (232 ) 36,884 100,629 $ 5,990 $ (21,066 ) $ 2,729 $ (17,237 ) Other Investments at Fair Value - Related Party: SPII Liquidating Trust - Series G — — $ — $ — $ — $ 447 SPII Liquidating Trust - Series H — — — — — (86 ) — — $ — $ — $ — $ 361 OTHER INVESTMENTS ModusLink Warrants (5) 64 543 $ 37 $ (734 ) $ (479 ) $ (1,297 ) Total Long-Term Investments $ 114,905 $ 167,214 (1) Level 1 investments. (2) Level 2 investment. (3) WFH LLC became a consolidated subsidiary as of the first quarter of 2015, SLI and JPS became consolidated subsidiaries in the second quarter of 2016 and the third quarter of 2015, respectively. For additional information on these acquisitions see Note 2 - "Acquisitions." (4) Represents Steel Excel's investments in iGo, Inc. ("iGo") of 45% and a 50% investment in API Optix s.r.o ("API Optix"), a joint venture investment held by API. (5) Level 3 investment. For additional information related to the Company's Level 3 investments, see Note 14 - "Fair Value Measurements." |
Schedule of Activity of Available-for-sale Securities and Equity Method Investments | The following table presents activity for the available-for-sale securities presented in the table above for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Fair Value Changes Recorded in Accumulated Other Comprehensive Loss: Change in net unrealized holding (losses) gains included in Accumulated other comprehensive loss $ (2,931 ) $ (18,561 ) $ 8,036 $ (8,910 ) Reclassified Out of Accumulated Other Comprehensive Loss: Unrealized gains $ — $ — $ — $ 29,663 Unrealized losses — (50 ) — (50 ) Total $ — $ (50 ) $ — $ 29,613 |
Schedule of Unrealized Gains and Losses on Investments | The cost basis and gross unrealized gains and losses related to our available-for-sale securities, which are classified as long-term investments, are as follows: September 30, 2016 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Aerospace/Defense $ 11,675 $ 61,827 $ — $ 73,502 $ 11,675 $ 53,799 $ — $ 65,474 Other 575 2 — 577 575 — (7 ) 568 $ 12,250 $ 61,829 $ — $ 74,079 $ 12,250 $ 53,799 $ (7 ) $ 66,042 |
Schedule of Additional Disclosures of Associated Companies | The below summary balance sheet amounts are for the nearest practicable period. The below summary operating results 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 derived from unaudited financial statements and may contain a reporting lag. September 30, 2016 December 31, 2015 Summary of balance sheet amounts: Current assets $ 319,891 $ 540,446 Non-current assets 29,054 91,840 Total assets $ 348,945 $ 632,286 Current liabilities $ 194,766 $ 329,201 Non-current liabilities 68,239 98,730 Total liabilities 263,005 427,931 Equity 85,940 204,355 Total liabilities and equity $ 348,945 $ 632,286 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Summary operating results: Revenue $ 101,508 $ 170,404 $ 420,213 $ 589,276 Gross profit 6,477 26,834 34,256 90,361 Loss from continuing operations (19,711 ) (1,279 ) (40,258 ) (7,535 ) Net loss after noncontrolling interests (19,711 ) (1,422 ) (41,464 ) (2,735 ) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term and Short-term Debt | Debt consists of the following: September 30, 2016 December 31, 2015 Short term debt: API - Foreign $ 668 $ 527 HNH - Foreign 569 742 Short-term debt 1,237 1,269 Long-term debt: Steel Excel term loan, net of unamortized debt issuance costs 42,752 42,666 HNH revolving facility 294,994 90,613 SPLP revolving facility 56,947 75,140 API term loans 11,314 2,664 API revolving facilities 7,849 18,793 Other debt - domestic 6,601 6,936 Foreign loan facilities 1,270 1,277 Subtotal 421,727 238,089 Less portion due within one year 3,622 2,176 Long-term debt 418,105 235,913 Total debt $ 422,964 $ 239,358 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Change in Financial Instrument Balance | Activity is summarized below for financial instrument liabilities and related restricted cash: September 30, 2016 2015 Balance, beginning of period $ 21,639 $ 21,311 Settlement of short sales of corporate securities (9,199 ) (450 ) Short sales of corporate securities 125 373 Net investment (gains) losses (119 ) (1,063 ) Balance of financial instrument liabilities and related restricted cash, end of period $ 12,446 $ 20,171 |
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of September 30, 2016 , HNH had the following outstanding forward contracts with settlement dates through October 2016. HNH accounts for these contracts as either fair value hedges or economic hedges. There were no futures contracts outstanding at September 30, 2016 . Commodity Amount Notional Value Silver 752,684 ounces $ 15,100 Gold 400 ounces $ 500 Copper 275,000 pounds $ 600 Tin 45 metric tons $ 900 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value and carrying amount of derivative instruments in the Company's Consolidated Balance Sheets and the effect of derivative instruments on the Company's Consolidated Statements of Operations is shown in the following tables: Derivative Balance Sheet Location September 30, 2016 December 31, 2015 Commodity contracts (a), (b) Prepaid expenses and other current assets $ 148 $ 197 Commodity contracts (c) Prepaid expenses and other current assets 38 18 Interest rate swap agreements (c) Other non-current liabilities — (30 ) Foreign exchange forward contracts (a), (d) (Accrued liabilities)/Prepaid expenses and other current assets (1,941 ) 325 Foreign exchange forward contracts (b) Accrued liabilities (253 ) (30 ) Economic interests in loans (c) Other non-current assets 4,279 — Total derivatives $ 2,271 $ 480 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Derivative Statement of Operations Location Gain (loss) Gain (loss) Gain (loss) Gain (loss) Commodity contracts (a), (b) Cost of goods sold $ (1,152 ) $ 585 $ (3,533 ) $ 564 Commodity contracts (c) Cost of goods sold (85 ) (69 ) (180 ) 209 Commodity contracts (c) Realized and unrealized (loss) gain on derivatives (275 ) 168 (814 ) 273 Interest rate swap agreements (c) Interest expense — (16 ) — (79 ) Foreign exchange forward contracts (a), (d) Revenue/Cost of goods sold (601 ) 771 (844 ) 1,381 Foreign exchange forward contracts (b) Other income, net (369 ) (94 ) (809 ) 17 Economic interests in loans (c) Revenue 2,137 — 4,702 — Total derivatives $ (345 ) $ 1,345 $ (1,478 ) $ 2,365 (a) Designated as hedging instruments as of September 30, 2016 . (b) Fair value hedge (c) Economic hedge (d) Cash flow hedge |
Pension Benefit Plans (Tables)
Pension Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of pension expense for HNH's pension plans, including the JPS pension plan which was assumed in HNH's acquisition of JPS, and the pension plans of API: Pension Benefits Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ — $ 9 $ — $ 9 Interest cost 5,720 6,404 17,705 16,828 Expected return on plan assets (7,342 ) (7,520 ) (22,184 ) (19,550 ) Administrative costs 314 315 894 504 Amortization of actuarial loss 1,990 1,482 6,240 4,672 Total $ 682 $ 690 $ 2,655 $ 2,463 |
Capital and Accumulated Other39
Capital and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Changes, net of tax, in Accumulated other comprehensive loss are as follows: Nine Months Ended September 30, 2016 Unrealized gain on available-for-sale securities Unrealized loss on derivative financial instruments Cumulative translation adjustment Change in net pension and other benefit obligations Total Balance at beginning of period $ 50,650 $ (1,415 ) $ (9,596 ) $ (93,907 ) $ (54,268 ) Other comprehensive income (loss), net of tax - before reclassifications (a) 10,882 (1,929 ) (5,924 ) 81 3,110 Reclassification adjustments, net of tax (b) 340 — — — 340 Net other comprehensive income (loss) attributable to common unitholders (c) 11,222 (1,929 ) (5,924 ) 81 3,450 Balance at end of period $ 61,872 $ (3,344 ) $ (15,520 ) $ (93,826 ) $ (50,818 ) (a) Net of a tax provision of approximately $640 . (b) Net of a tax provision of approximately $199 . (c) Amounts do not include the net unrealized gain on available-for-sale securities of $1,962 , the unrealized loss on derivative financial instruments of $184 , cumulative translation adjustment losses of $592 and losses from the change in pension and other post-retirement obligations of $14 , which are attributable to noncontrolling interests. |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following data was used in computing net income per common unit shown in the Company's Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ 13,069 $ (14,792 ) $ 25,272 $ 13,169 Net (income) loss from continuing operations attributable to noncontrolling interests in consolidated entities (2,237 ) 4,404 (3,269 ) 9,508 Net income (loss) from continuing operations attributable to common unitholders 10,832 (10,388 ) 22,003 22,677 Net income from discontinued operations — 195 — 87,018 Net income from discontinued operations attributable to noncontrolling interests in consolidated entities — (1,950 ) — (32,828 ) Net (loss) income from discontinued operations attributable to common unitholders — (1,755 ) — 54,190 Net income (loss) attributable to common unitholders $ 10,832 $ (12,143 ) $ 22,003 $ 76,867 Net income (loss) per common unit - basic: Net income (loss) from continuing operations $ 0.41 $ (0.38 ) $ 0.83 $ 0.82 Net (loss) income from discontinued operations — (0.06 ) — 1.97 Net income (loss) attributable to common unitholders $ 0.41 $ (0.44 ) $ 0.83 $ 2.79 Net income (loss) per common unit – diluted: Net income (loss) from continuing operations $ 0.41 $ (0.38 ) $ 0.83 $ 0.82 Net (loss) income from discontinued operations — (0.06 ) — 1.96 Net income (loss) attributable to common unitholders $ 0.41 $ (0.44 ) $ 0.83 $ 2.78 Weighted-average common units outstanding - basic 26,152,976 27,226,589 26,421,116 27,506,890 Incentive units — — — 149,502 Unvested restricted units 7,989 — 13,520 23,082 Denominator for net income per common unit - diluted 26,160,965 27,226,589 26,434,636 27,679,474 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements as of September 30, 2016 and December 31, 2015 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 36,521 $ 2,549 $ 28,220 $ 67,290 Long-term investments (a) 106,400 3,878 1,478 111,756 Investments in certain funds — — 511 511 Precious metal and commodity inventories recorded at fair value 14,099 — — 14,099 Economic interests in loans — — 4,279 4,279 Commodity contracts on precious metal and commodity inventories — 186 — 186 Total $ 157,020 $ 6,613 $ 34,488 $ 198,121 Liabilities: Financial instrument obligations $ 12,446 $ — $ — $ 12,446 Foreign currency forward exchange contracts — 2,194 — 2,194 Total $ 12,446 $ 2,194 $ — $ 14,640 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 47,274 $ 6,143 $ 27,425 $ 80,842 Long-term investments (a) 160,574 — 2,474 163,048 Investments in certain funds — — 555 555 Precious metal and commodity inventories recorded at fair value 10,380 — — 10,380 Commodity contracts on precious metal and commodity inventories — 215 — 215 Foreign currency forward exchange contracts — 325 — 325 Total $ 218,228 $ 6,683 $ 30,454 $ 255,365 Liabilities: Financial instrument obligations $ 21,639 $ — $ — $ 21,639 Interest rate swap agreements — 30 — 30 Foreign currency forward exchange contracts — 30 — 30 Total $ 21,639 $ 60 $ — $ 21,699 (a) For additional detail of the marketable securities and long-term investments see Note 7 - "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: 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 June 30, 2015 $ 2,271 $ — $ 1,636 $ 35,484 $ 39,391 Sales and cash collections — — — (1,229 ) (1,229 ) Unrealized losses (340 ) — (734 ) (1,737 ) (2,811 ) Balance at September 30, 2015 $ 1,931 $ — $ 902 $ 32,518 $ 35,351 Balance at June 30, 2016 $ 1,414 $ — $ 27 $ 31,213 $ 32,654 Sales and cash collections — — — (1,440 ) (1,440 ) Unrealized gains — — 37 3,237 3,274 Balance at September 30, 2016 $ 1,414 $ — $ 64 $ 33,010 $ 34,488 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, 2014 $ 2,163 $ 9,623 $ 2,199 $ 34,421 $ 48,406 Purchases — — — 5,108 5,108 Sales and cash collections — (9,985 ) — (1,751 ) (11,736 ) Unrealized gains — 484 — — 484 Unrealized losses (232 ) (122 ) (1,297 ) (5,260 ) (6,911 ) Balance at September 30, 2015 $ 1,931 $ — $ 902 $ 32,518 $ 35,351 Balance at December 31, 2015 $ 1,931 $ — $ 543 $ 27,980 $ 30,454 Sales and cash collections — — — (5,273 ) (5,273 ) Unrealized gains — — — 10,303 10,303 Unrealized losses (517 ) — (479 ) (996 ) Balance at September 30, 2016 $ 1,414 $ — $ 64 $ 33,010 $ 34,488 (a) Unrealized gains and 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 were recorded in Income from other investments - related party in the Company's Consolidated Statements of Operations. (c) Unrealized gains and losses are recorded in Income (loss) from investments held at fair value in the Company's Consolidated Statements of Operations. (d) Realized gains and losses on sale are recorded in Other income, net or Revenue in the Company's Consolidated Statements of Operations. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenue: Diversified industrial $ 274,327 $ 224,635 $ 722,399 $ 555,888 Energy 27,154 33,480 68,868 107,975 Financial services 15,368 18,226 53,777 45,886 Corporate and other 164 49 791 32,876 Total $ 317,013 $ 276,390 $ 845,835 $ 742,625 Income (loss) from continuing operations before income taxes: Diversified industrial $ 12,646 $ 10,424 $ 37,499 $ 35,846 Energy (3,380 ) (11,171 ) (6,402 ) (34,184 ) Financial services 7,911 12,716 32,018 30,539 Corporate and other 4,226 (13,636 ) (19,486 ) 5,673 Income (loss) from continuing operations before income taxes 21,403 (1,667 ) 43,629 37,874 Income tax provision 8,334 13,125 18,357 24,705 Net income (loss) from continuing operations $ 13,069 $ (14,792 ) $ 25,272 $ 13,169 Income (loss) from equity method investments: Diversified industrial $ — $ (4,184 ) $ 8,078 $ 857 Energy 886 (8,153 ) 6,976 (4,818 ) Corporate and other 5,104 (8,729 ) (12,325 ) (12,915 ) Total $ 5,990 $ (21,066 ) $ 2,729 $ (16,876 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements, and such amounts are disclosed in the table below: Amount of Capital Required For Capital Minimum Capital Adequacy With To Be Well Capitalized Under Actual Adequacy Purposes Capital Buffer Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2016 Total Capital (to risk-weighted assets) $ 83,287 28.3 % $ 23,569 8.0 % $ 25,410 8.625 % $ 29,461 10.0 % Tier 1 Capital (to risk-weighted assets) $ 81,489 27.7 % $ 17,676 6.0 % $ 19,518 6.625 % $ 23,569 8.0 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 81,489 27.7 % $ 13,257 4.5 % $ 15,099 5.125 % $ 19,150 6.5 % Tier 1 Capital (to average assets) $ 81,489 23.1 % $ 14,137 4.0 % n/a n/a $ 17,672 5.0 % As of December 31, 2015 Total Capital (to risk-weighted assets) $ 65,353 22.7 % $ 23,076 8.0 % n/a n/a $ 28,845 10.0 % Tier 1 Capital (to risk-weighted assets) $ 64,535 22.4 % $ 17,307 6.0 % n/a n/a $ 23,076 8.0 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 64,535 22.4 % $ 12,980 4.5 % n/a n/a $ 18,749 6.5 % Tier 1 Capital (to average assets) $ 64,535 19.7 % $ 13,116 4.0 % n/a n/a $ 16,395 5.0 % |
Supplemental Cash Flow Inform44
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | A |
Nature of the Business and Ba45
Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Income tax provision | $ 8,334 | $ 13,125 | $ 18,357 | $ 24,705 | |
BNS Holdings Liquidating Trust (BNS Liquidating Trust) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership (as a percent) | 84.90% | 84.90% | 84.90% | ||
DGT Holdings Corp. (DGT) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership (as a percent) | 100.00% | 100.00% | 100.00% | ||
Handy & Harman Ltd. (HNH) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership (as a percent) | 69.90% | 70.10% | 69.90% | ||
Steel Services, LTD (Steel Services) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership (as a percent) | 100.00% | 100.00% | 100.00% | ||
Steel Excel | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership (as a percent) | 64.20% | 58.30% | 64.20% | ||
Steel Excel | Restatement Adjustment | Income Tax Expense | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Income tax provision | $ 3,500 | ||||
WebFinancial Holding Corporation (WFHC) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Income tax provision | $ (4,182) | $ (111,881) | |||
Ownership (as a percent) | 91.20% | 90.80% | 91.20% | ||
WebBank | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership | 100.00% | ||||
CoSine Communications, Inc. (CoSine) | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ownership | 100.00% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands | Sep. 30, 2016USD ($) | Jul. 27, 2016USD ($) | Apr. 06, 2016USD ($)$ / shares | Jul. 31, 2015USD ($)shares | Jul. 02, 2015USD ($)$ / shares | Apr. 17, 2015USD ($) | Jan. 20, 2015USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Feb. 04, 2015£ / shares | Jan. 19, 2015 |
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | $ 191,397 | $ 191,397 | $ 191,397 | $ 101,853 | |||||||||||
CoSine | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage | 91.20% | 91.20% | 91.20% | 90.80% | |||||||||||
Order backlog | Minimum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life (in years) | 2 months | ||||||||||||||
Order backlog | Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life (in years) | 8 months | ||||||||||||||
Other intangible assets | Minimum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life (in years) | 10 years | ||||||||||||||
Other intangible assets | Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life (in years) | 15 years | ||||||||||||||
Steel Partners Holdings L.P. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage | 25.10% | ||||||||||||||
Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 161,985 | ||||||||||||||
Cash to acquire businesses | $ 122,191 | ||||||||||||||
Equity component | 39,794 | ||||||||||||||
SPH Holdings | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of equity | $ 12,011 | ||||||||||||||
Fair value (in dollars per share) | $ / shares | $ 2.51 | ||||||||||||||
SPH Holdings | CoSine | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage | 48.00% | ||||||||||||||
Electromagnetic Enterprise (EME) | Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 64,500 | ||||||||||||||
Goodwill | $ 32,686 | $ 32,686 | $ 32,686 | ||||||||||||
Useful life | 15 years | ||||||||||||||
Property, plant and equipment | $ 1,967 | 1,967 | 1,967 | ||||||||||||
Contingent liability | 6,252 | 6,252 | 6,252 | ||||||||||||
Other intangible assets | 28,820 | 28,820 | 28,820 | ||||||||||||
Electromagnetic Enterprise (EME) | Handy & Harman Ltd. (HNH) | Customer Relationships | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 28,820 | ||||||||||||||
Hazen Paper | API | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 14,000 | ||||||||||||||
Goodwill | 4,100 | ||||||||||||||
Intangibles acquired | 2,700 | ||||||||||||||
Property, plant and equipment | $ 6,200 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | $ 54,317 | ||||||||||||||
Property, plant and equipment | $ 23,950 | ||||||||||||||
Price per share (per share) | $ / shares | $ 40 | ||||||||||||||
Unowned voting interests acquired | 60.00% | ||||||||||||||
Contingent liability | $ 76,967 | ||||||||||||||
Revenue | 48,300 | 60,100 | |||||||||||||
Operating loss | 200 | 3,000 | |||||||||||||
Accelerated compensation | 1,900 | ||||||||||||||
Other intangible assets | $ 87,916 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Fair Value Adjustment to Inventory | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Operating loss | 1,900 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Minimum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life | 10 years | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life | 15 years | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Trade Names | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | $ 14,600 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Customer Relationships | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 59,500 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Technology-Based Intangible Assets | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 10,600 | ||||||||||||||
SLI | Handy & Harman Ltd. (HNH) | Order backlog | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 3,100 | ||||||||||||||
SL Industries, Inc. (SLI) | Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | 54,317 | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 114,493 | ||||||||||||||
Goodwill | $ 32,162 | 32,162 | $ 32,162 | 32,162 | |||||||||||
Property, plant and equipment | $ 45,384 | ||||||||||||||
Price per share (per share) | $ / shares | $ 11 | ||||||||||||||
Cash to acquire businesses | $ 70,255 | ||||||||||||||
Contingent liability | 48,383 | ||||||||||||||
Revenue | $ 28,100 | 28,100 | |||||||||||||
Operating loss | 2,300 | $ 2,300 | |||||||||||||
Payment to acquire business, shares | shares | 1,429,407 | ||||||||||||||
Value of shares issued | $ 48,700 | ||||||||||||||
Voting interest acquired (as a percent) | 100.00% | ||||||||||||||
Other intangible assets | 9,120 | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Fair Value Adjustment to Inventory | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Operating loss | $ (3,300) | $ 3,300 | |||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Minimum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life | 10 years | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Maximum | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Useful life | 15 years | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Trade Names | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | $ 4,300 | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Customer Relationships | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 3,100 | ||||||||||||||
JPS Industries, Inc. | Handy & Harman Ltd. (HNH) | Technology-Based Intangible Assets | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangibles acquired | 1,700 | ||||||||||||||
JPS Industries, Inc. | SPH Group Holdings LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cash to acquire businesses | 4,510 | ||||||||||||||
Fair value of equity | $ 44,238 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 66,239 | ||||||||||||||
Goodwill | 8,295 | ||||||||||||||
Contingent liability | $ 1,063 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Price per share (per share) | £ / shares | £ 0.60 | ||||||||||||||
Voting interest acquired (as a percent) | 80.00% | ||||||||||||||
Investment gain | $ 6,900 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | Common Stock | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of shares acquired | shares | 16,500,000 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | Preferred Stock | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of shares acquired | shares | 12,761 | ||||||||||||||
Dividend rate (as a percent) | 7.50% | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | API Group plc (API) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Shares contributed | shares | 24,807,203 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | Nathan's Famous, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Shares contributed | shares | 445,456 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | SPH Holdings | Bidco | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage | 98.00% | ||||||||||||||
CoSine Communications, Inc. (CoSine) | API Technologies Corp. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 22,823 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | CoSine Communications, Inc. (CoSine) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | 12,011 | ||||||||||||||
CoSine Communications, Inc. (CoSine) | Nathan's Famous, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | 31,405 | ||||||||||||||
API Group plc (API) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of consideration paid | $ 47,866 | $ 22,861 | $ 70,727 | ||||||||||||
Goodwill | 14,456 | ||||||||||||||
Property, plant and equipment | 42,238 | ||||||||||||||
Contingent liability | 70,854 | ||||||||||||||
Other intangible assets | 22,749 | ||||||||||||||
API Group plc (API) | Trade Names | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Other intangible assets | $ 5,100 | ||||||||||||||
Useful life (in years) | 10 years | ||||||||||||||
API Group plc (API) | Customer Relationships | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Other intangible assets | $ 17,700 | ||||||||||||||
Useful life (in years) | 7 years | ||||||||||||||
Environmental and Other Matters | SLI | Handy & Harman Ltd. (HNH) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Contingent liability | $ 7,500 |
Acquisitions - Allocation of Co
Acquisitions - Allocation of Consideration Paid (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Apr. 06, 2016 | Dec. 31, 2015 | Jul. 02, 2015 | Apr. 17, 2015 | Jan. 20, 2015 |
Assets: | ||||||
Goodwill | $ 191,397 | $ 101,853 | ||||
CoSine Communications, Inc. (CoSine) | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 17,614 | |||||
Prepaid expenses and other current assets | 7 | |||||
Long-term investments | 54,228 | |||||
Goodwill | 8,295 | |||||
Total assets acquired | 80,144 | |||||
Liabilities: | ||||||
Accounts payable | 280 | |||||
Accrued liabilities | 783 | |||||
Total liabilities assumed | 1,063 | |||||
Fair value of noncontrolling interest | 12,842 | |||||
Net assets acquired | $ 66,239 | |||||
API Group plc (API) | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 5,424 | |||||
Trade and other receivables | 24,160 | |||||
Inventories | 22,900 | |||||
Prepaid expenses and other current assets | 4,838 | |||||
Property, plant and equipment | 42,238 | |||||
Goodwill | 14,456 | |||||
Other intangible assets | 22,749 | |||||
Other non-current assets | 4,816 | |||||
Total assets acquired | 141,581 | |||||
Liabilities: | ||||||
Accounts payable | 24,556 | |||||
Accrued liabilities | 7,028 | |||||
Short-term debt | 2,104 | |||||
Long-term debt | 22,784 | |||||
Accrued pension liabilities | 11,791 | |||||
Deferred tax liabilities | 2,591 | |||||
Total liabilities assumed | 70,854 | |||||
Net assets acquired | $ 70,727 | |||||
Handy & Harman Ltd. (HNH) | Electromagnetic Enterprise (EME) | ||||||
Assets: | ||||||
Trade and other receivables | 4,247 | |||||
Inventories | 3,004 | |||||
Prepaid expenses and other current assets | 28 | |||||
Property, plant and equipment | 1,967 | |||||
Goodwill | 32,686 | |||||
Other intangible assets | 28,820 | |||||
Total assets acquired | 70,752 | |||||
Liabilities: | ||||||
Accounts payable | 3,440 | |||||
Accrued liabilities | 2,812 | |||||
Total liabilities assumed | 6,252 | |||||
Net assets acquired | 64,500 | |||||
Handy & Harman Ltd. (HNH) | SLI | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 4,985 | |||||
Trade and other receivables | 32,544 | |||||
Inventories | 25,960 | |||||
Prepaid expenses and other current assets | 8,455 | |||||
Property, plant and equipment | 23,950 | |||||
Goodwill | 54,317 | |||||
Other intangible assets | 87,916 | |||||
Other non-current assets | 825 | |||||
Total assets acquired | 238,952 | |||||
Liabilities: | ||||||
Accounts payable | 18,433 | |||||
Accrued liabilities | 17,308 | |||||
Long-term debt | 9,500 | |||||
Other non-current liabilities | 5,633 | |||||
Deferred tax liabilities | 26,093 | |||||
Total liabilities assumed | 76,967 | |||||
Net assets acquired | $ 161,985 | |||||
Handy & Harman Ltd. (HNH) | JPS Industries, Inc. | ||||||
Assets: | ||||||
Cash and cash equivalents | $ 22 | |||||
Trade and other receivables | 21,201 | |||||
Inventories | 27,126 | |||||
Prepaid expenses and other current assets | 4,961 | |||||
Property, plant and equipment | 45,384 | |||||
Goodwill | $ 32,162 | 32,162 | ||||
Other intangible assets | 9,120 | |||||
Deferred tax assets | 19,788 | |||||
Other non-current assets | 3,112 | |||||
Total assets acquired | 162,876 | |||||
Liabilities: | ||||||
Accounts payable | 10,674 | |||||
Accrued liabilities | 5,838 | |||||
Short-term debt | 1,500 | |||||
Long-term debt | 4 | |||||
Accrued pension liabilities | 30,367 | |||||
Total liabilities assumed | 48,383 | |||||
Net assets acquired | $ 114,493 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to common unitholders | $ 10,832 | $ (12,143) | $ 22,003 | $ 76,867 |
Compensation cost | 1,900 | |||
API Group plc (API) | ||||
Business Acquisition [Line Items] | ||||
Total revenue | 979,136 | 1,069,762 | ||
Net income from continuing operations | $ 24,143 | $ 11,114 | ||
Net income (loss) per common unit - basic (in dollars per share) | $ 0.71 | $ 0.71 | ||
Net income (loss) per common unit - diluted (in dollars per share) | $ 0.71 | $ 0.71 | ||
Minimum | Other intangible assets | ||||
Business Acquisition [Line Items] | ||||
Useful life (in years) | 10 years | |||
Minimum | Order backlog | ||||
Business Acquisition [Line Items] | ||||
Useful life (in years) | 2 months | |||
Maximum | Other intangible assets | ||||
Business Acquisition [Line Items] | ||||
Useful life (in years) | 15 years | |||
Maximum | Order backlog | ||||
Business Acquisition [Line Items] | ||||
Useful life (in years) | 8 months | |||
HNH, JPS, SLI, and API | Acquisition-related costs | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to common unitholders | $ 8,700 | |||
HNH, SLI, and EME | Acquisition-related costs | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to common unitholders | $ 6,900 | |||
SL Industries, Inc. (SLI) | Fair Value Adjustment to Inventory | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to common unitholders | $ 1,900 | |||
JPS and API [Member] | Fair Value Adjustment to Inventory | ||||
Business Acquisition [Line Items] | ||||
Net income (loss) attributable to common unitholders | $ 4,375 |
Discontinued Operations and A49
Discontinued Operations and Asset Impairment Charges (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 18, 2014 | |
Results | |||||||
Total revenue | $ 0 | $ 0 | $ 0 | $ 5,952 | |||
Net income from operations | 0 | 0 | 0 | 565 | |||
Net loss from operations after taxes and noncontrolling interests | 0 | (1,887) | 0 | (3,002) | |||
Gain on sale of discontinued operations after taxes and noncontrolling interests | 0 | $ 134 | 0 | 57,193 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 12,936 | $ 37,540 | |||||
Handy & Harman Ltd. (HNH) | Arlon LLC | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration | $ 157,000 | ||||||
API | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration | $ 8,000 | ||||||
Gain | $ 2,800 | ||||||
JPS Slater, South Carolina operations | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 7,900 | ||||||
JPS Slater, South Carolina operations | Property, plant and equipment | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | 6,600 | ||||||
JPS Slater, South Carolina operations | Inventories | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | 900 | ||||||
JPS Slater, South Carolina operations | Finite-lived intangible assets | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 400 | ||||||
Lucas-Milhaupt Gliwice, Poland operations | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | 3,557 | ||||||
Lucas-Milhaupt Gliwice, Poland operations | Property, plant and equipment | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | 1,500 | ||||||
Lucas-Milhaupt Gliwice, Poland operations | Inventories | Handy & Harman Ltd. (HNH) | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 500 |
Loans Receivable, Including L50
Loans Receivable, Including Loans Held For Sale - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 85,002 | $ 68,076 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% |
Financing receivable, gross, current | $ 9,902 | $ 6,040 |
Financing receivable, gross, non-current | 75,100 | 62,036 |
Deferred fees and discounts, gross, total | (11) | (15) |
Deferred fees and discounts, current | (11) | (15) |
Deferred fees and discounts, non-current | 0 | 0 |
Allowance for loan losses, total | (1,610) | (630) |
Allowance for loan losses, current | (1,610) | (630) |
Allowance for loan losses, non-current | 0 | 0 |
Total loans receivable, net | 83,381 | 67,431 |
Loans receivable, net, current | 8,281 | 5,395 |
Loans receivable, net, noncurrent | 75,100 | 62,036 |
Loans receivable, net | 189,879 | 226,541 |
Loans receivable, including loans held for sale, current | 115,599 | 164,987 |
Loans receivable, including loans held for sale, non-current | 75,100 | 62,036 |
Pledged as collateral | 57,522 | 63,393 |
Loans held for sale | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 107,318 | $ 159,592 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | ||
Financing receivable, gross, current | $ 107,318 | $ 159,592 |
Financing receivable, gross, non-current | 0 | 0 |
Commercial – owner occupied | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 952 | $ 1,542 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 1.00% | 2.00% |
Financing receivable, gross, current | $ 63 | $ 97 |
Financing receivable, gross, non-current | 889 | 1,445 |
Commercial – other | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 267 | $ 281 |
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 | 267 | 281 |
Total real estate loans | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 1,219 | $ 1,823 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 1.00% | 2.00% |
Financing receivable, gross, current | $ 63 | $ 97 |
Financing receivable, gross, non-current | 1,156 | 1,726 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 59,937 | $ 66,253 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 71.00% | 98.00% |
Financing receivable, gross, current | $ 1,064 | $ 5,943 |
Financing receivable, gross, non-current | 58,873 | 60,310 |
Consumer Loans | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 23,846 | $ 0 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 28.00% | 0.00% |
Financing receivable, gross, current | $ 8,775 | $ 0 |
Financing receivable, gross, non-current | 15,071 | $ 0 |
WebBank | ||
Receivable [Line Items] | ||
Servicing asset | $ 19,770 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 40,991 | $ 39,405 |
In-process | 23,467 | 20,814 |
Raw materials | 44,771 | 28,893 |
Fine and fabricated precious metal in various stages of completion | 20,188 | 13,155 |
Inventory, before LIFO reserve | 129,417 | 102,267 |
LIFO reserve | (1,798) | 0 |
Inventory, Net | $ 127,619 | $ 102,267 |
Inventories, Net - Narrative (D
Inventories, Net - Narrative (Details) | Sep. 30, 2016oz |
Inventory Disclosure [Abstract] | |
Customer metal, ounces of silver | 139,450 |
Customer metal, ounces of gold | 520 |
Customer metal, ounces of palladium | 1,391 |
Inventories, Net - Supplemental
Inventories, Net - Supplemental Inventory Information (Details) $ in Thousands | Sep. 30, 2016USD ($)$ / oz | Dec. 31, 2015USD ($)$ / oz |
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 4,946 | $ 3,536 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 13,444 | $ 9,619 |
Market value per ounce, Silver (in dollars per ounce) | 19.80 | 13.86 |
Market value per ounce, Gold (in dollars per ounce) | 1,338.65 | 1,062.25 |
Market value per ounce, Palladium (in dollars per ounce) | 697 | 547 |
Goodwill and Other Intangible54
Goodwill and Other Intangibles, Net - Reconciliation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Gross goodwill | $ 256,187 | $ 166,643 |
Accumulated impairments | (64,790) | (64,790) |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 101,853 | |
Acquisitions | 91,094 | |
Currency translation adjustment | (1,716) | |
Other adjustments | 166 | |
Balance at end of year | 191,397 | |
Diversified Industrial | ||
Goodwill [Line Items] | ||
Gross goodwill | 191,316 | 101,772 |
Accumulated impairments | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 101,772 | |
Acquisitions | 91,094 | |
Currency translation adjustment | (1,716) | |
Other adjustments | 166 | |
Balance at end of year | 191,316 | |
Energy | ||
Goodwill [Line Items] | ||
Gross goodwill | 64,790 | 64,790 |
Accumulated impairments | (64,790) | (64,790) |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 0 | |
Acquisitions | 0 | |
Currency translation adjustment | 0 | |
Other adjustments | 0 | |
Balance at end of year | 0 | |
Corporate and Other | ||
Goodwill [Line Items] | ||
Gross goodwill | 81 | 81 |
Accumulated impairments | 0 | $ 0 |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 81 | |
Acquisitions | 0 | |
Currency translation adjustment | 0 | |
Other adjustments | 0 | |
Balance at end of year | $ 81 |
Goodwill and Other Intangible55
Goodwill and Other Intangibles, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 312,929 | $ 198,461 |
Accumulated Amortization | 77,192 | 59,498 |
Net | 235,737 | 138,963 |
Other intangible assets, net | 235,737 | 138,963 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 222,101 | 134,814 |
Accumulated Amortization | 52,286 | 41,153 |
Net | 169,815 | 93,661 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,381 | 38,157 |
Accumulated Amortization | 10,762 | 8,361 |
Net | 40,619 | 29,796 |
Patents and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,815 | 17,010 |
Accumulated Amortization | 8,733 | 7,379 |
Net | 19,082 | 9,631 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,632 | 8,480 |
Accumulated Amortization | 5,411 | 2,605 |
Net | 6,221 | $ 5,875 |
SL Industries, Inc. (SLI) | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, net | $ 119,400 |
Goodwill and Other Intangible56
Goodwill and Other Intangibles, Net - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Trademarks with indefinite lives | $ 8,020 | $ 8,020 | $ 8,020 | ||
Amortization expense | 9,360 | $ 4,512 | 18,332 | $ 11,864 | |
SL Industries, Inc. (SLI) | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Amortization - remained of the year | 4,200 | 4,200 | |||
Amortization - 2017 | 13,300 | 13,300 | |||
Amortization - 2018 | 11,600 | 11,600 | |||
Amortization - 2019 | 10,300 | 10,300 | |||
Amoritzation - 2020 | 9,200 | 9,200 | |||
Amortization - thereafter | $ 62,600 | $ 62,600 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - Steel Excel - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | $ 125,064 | $ 125,064 | |||
Fair value | 133,501 | 133,501 | |||
Securities sold during the period | 3,100 | $ 22,800 | 47,200 | $ 72,602 | |
Available-for-sale securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 125,064 | 125,064 | $ 109,561 | ||
Gross Unrealized Gains | 11,821 | 11,821 | 2,530 | ||
Gross Unrealized Losses | (3,384) | (3,384) | (1,131) | ||
Fair value | 133,501 | 133,501 | 110,960 | ||
Amounts classified as cash equivalents | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 66,211 | 66,211 | 30,118 | ||
Fair value | 66,211 | 66,211 | 30,118 | ||
Amounts classified as marketable securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 58,853 | 58,853 | 79,443 | ||
Gross Unrealized Gains | 11,821 | 11,821 | 2,530 | ||
Gross Unrealized Losses | (3,384) | (3,384) | (1,131) | ||
Fair value | 67,290 | 67,290 | 80,842 | ||
Short-term deposits | Available-for-sale securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 66,211 | 66,211 | 30,118 | ||
Gross Unrealized Gains | 0 | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | 0 | ||
Fair value | 66,211 | 66,211 | 30,118 | ||
Mutual funds | Available-for-sale securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 11,835 | 11,835 | 11,835 | ||
Gross Unrealized Gains | 3,624 | 3,624 | 2,182 | ||
Gross Unrealized Losses | 0 | 0 | 0 | ||
Fair value | 15,459 | 15,459 | 14,017 | ||
Corporate securities | Available-for-sale securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 27,335 | 27,335 | 41,861 | ||
Gross Unrealized Gains | 6,282 | 6,282 | 250 | ||
Gross Unrealized Losses | (1,041) | (1,041) | (549) | ||
Fair value | 32,576 | 32,576 | 41,562 | ||
Corporate obligations | Available-for-sale securities | |||||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||||
Cost | 19,683 | 19,683 | 25,747 | ||
Gross Unrealized Gains | 1,915 | 1,915 | 98 | ||
Gross Unrealized Losses | (2,343) | (2,343) | (582) | ||
Fair value | $ 19,255 | $ 19,255 | $ 25,263 |
Investments - Gross Realized Ga
Investments - Gross Realized Gains and Losses (Details) - Steel Excel Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | ||||
Gross realized gains | $ 899 | $ 2,135 | $ 2,902 | $ 6,735 |
Gross realized losses | (667) | (5,528) | (2,308) | (6,321) |
Realized gains (losses), net | $ 232 | $ (3,393) | $ 594 | $ 414 |
Investments - Fair Value (Detai
Investments - Fair Value (Details) - Steel Excel Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Less than Twelve Months, Fair Value | $ 18,397 | |||
Gross Unrealized Losses, Less than 12 Months | 3,255 | |||
Twelve Months or Greater, Fair Value | 695 | |||
Gross Unrealized Losses, 12 Months or Greater | 129 | |||
Fair Value | ||||
Total | 19,092 | $ 15,482 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses | (3,384) | (1,131) | ||
Impairment | $ 7,900 | 1,500 | $ 30,600 | |
Corporate securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Less than Twelve Months, Fair Value | 3,367 | |||
Gross Unrealized Losses, Less than 12 Months | 912 | |||
Twelve Months or Greater, Fair Value | 695 | |||
Gross Unrealized Losses, 12 Months or Greater | 129 | |||
Fair Value | ||||
Total | 4,062 | 2,283 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses | (1,041) | (549) | ||
Corporate obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Less than Twelve Months, Fair Value | 15,030 | |||
Gross Unrealized Losses, Less than 12 Months | 2,343 | |||
Twelve Months or Greater, Fair Value | 0 | |||
Gross Unrealized Losses, 12 Months or Greater | 0 | |||
Fair Value | ||||
Total | 15,030 | 13,199 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses | $ (2,343) | $ (582) |
Investments - Amortized Cost an
Investments - Amortized Cost and Estimated Fair Value (Details) - Steel Excel $ in Thousands | Sep. 30, 2016USD ($) |
Cost | |
Debt securities maturing after one year through three years | $ 19,683 |
Securities with no contractual maturities | 105,381 |
Cost | 125,064 |
Estimated Fair Value | |
Debt securities maturing after one year through three years | 19,255 |
Securities with no contractual maturities | 114,246 |
Fair value | $ 133,501 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Equity securities - U.S. | |||||
Investment Balance | $ 77,957 | $ 77,957 | $ 66,042 | ||
Income (Loss) Recorded in the Statement of Operations | 340 | $ 0 | 399 | $ 4,449 | |
Investments in Associated Companies: | |||||
Investment Balance | 36,884 | 36,884 | 100,629 | ||
Income (Loss) Recorded in the Statement of Operations | 5,990 | (21,066) | 2,729 | (17,237) | |
Other Investments at Fair Value - Related Party: | |||||
Investment Balance - Total | 0 | 0 | 0 | ||
Income from other investments - related party | 0 | 0 | 0 | 361 | |
OTHER INVESTMENTS | |||||
Total Long-Term Investments | 114,905 | 114,905 | 167,214 | ||
SPII Liquidating Trust - Series G (SPCA) | |||||
Other Investments at Fair Value - Related Party: | |||||
Investment Balance | 0 | 0 | 0 | ||
Income from other investments - related party | 0 | 0 | 0 | 447 | |
SPII Liquidating Trust - Series H (SPJSF) | |||||
Other Investments at Fair Value - Related Party: | |||||
Investment Balance | 0 | 0 | $ 0 | ||
Income from other investments - related party | $ 0 | 0 | $ 0 | (86) | |
CoSine | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 91.20% | 91.20% | 90.80% | ||
Investment Balance | $ 0 | $ 0 | $ 0 | ||
Income (Loss) Recorded in the Statement of Operations | 0 | 0 | 0 | (602) | |
Other | |||||
Investments in Associated Companies: | |||||
Investment Balance | 3,149 | 3,149 | $ 4,166 | ||
Income (Loss) Recorded in the Statement of Operations | $ (126) | (2,496) | $ (164) | (2,782) | |
ModusLink Global Solutions, Inc. (MLNK) | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 29.80% | 29.80% | 31.50% | ||
Investment Balance | $ 26,094 | $ 26,094 | $ 40,862 | ||
Income (Loss) Recorded in the Statement of Operations | 5,104 | (8,389) | (11,808) | (12,442) | |
OTHER INVESTMENTS | |||||
Investment Balance | 64 | 64 | $ 543 | ||
Income (Loss) Recorded in the Statement of Operations | $ 37 | (734) | $ (479) | (1,297) | |
SL Industries, Inc. (SLI) | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 100.00% | 100.00% | 25.10% | ||
Investment Balance | $ 0 | $ 0 | $ 31,716 | ||
Income (Loss) Recorded in the Statement of Operations | $ 0 | (4,586) | $ 8,078 | (4,974) | |
JPS Industries, Inc. | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 100.00% | 100.00% | 100.00% | ||
Investment Balance | $ 0 | $ 0 | $ 0 | ||
Income (Loss) Recorded in the Statement of Operations | $ 0 | 402 | $ 0 | 5,831 | |
API Technologies Corp. (API Tech) | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 0.00% | 0.00% | 20.60% | ||
Investment Balance | $ 0 | $ 0 | $ 15,779 | ||
Income (Loss) Recorded in the Statement of Operations | $ 0 | (3,888) | $ 7,089 | 457 | |
Aviat Networks, Inc. (Aviat) | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 12.70% | 12.70% | 12.90% | ||
Investment Balance | $ 6,227 | $ 6,227 | $ 6,175 | ||
Income (Loss) Recorded in the Statement of Operations | $ 1,012 | (1,769) | $ 51 | (2,493) | |
Other | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 43.80% | 43.80% | 43.80% | ||
Investment Balance | $ 1,414 | $ 1,414 | $ 1,931 | ||
Income (Loss) Recorded in the Statement of Operations | $ 0 | (340) | $ (517) | (232) | |
Sports | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 45.00% | 45.00% | |||
API Optix s.r.o | |||||
Investments in Associated Companies: | |||||
Ownership percentage | 50.00% | 50.00% | |||
API Group plc (API) | Net investment (loss) gain | |||||
Equity securities - U.S. | |||||
Investment Balance | $ 0 | $ 0 | 0 | ||
Income (Loss) Recorded in the Statement of Operations | 0 | 0 | 0 | 4,449 | |
Corporate Obligations | Net investment (loss) gain | |||||
Equity securities - U.S. | |||||
Investment Balance | 3,878 | 3,878 | 0 | ||
Income (Loss) Recorded in the Statement of Operations | 340 | 399 | $ 0 | ||
Available for Sale Securities, Noncurrent | |||||
Equity securities - U.S. | |||||
Investment Balance | 74,079 | 74,079 | 66,042 | ||
Available for Sale Securities, Noncurrent | Aerospace/Defense | |||||
Equity securities - U.S. | |||||
Investment Balance | 73,502 | 73,502 | 65,474 | ||
Available for Sale Securities, Noncurrent | Other | |||||
Equity securities - U.S. | |||||
Investment Balance | $ 577 | $ 577 | $ 568 |
Investments - Other Comprehensi
Investments - Other Comprehensive Income Changes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Total | [1] | $ (153) | $ (567) | $ 553 | $ (18,176) |
Unrealized gain on available-for-sale securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized gains | 0 | 0 | 0 | 29,663 | |
Unrealized losses | 0 | (50) | 0 | (50) | |
Total | 0 | (50) | 0 | 29,613 | |
Unrealized gain on available-for-sale securities | Available for Sale Securities, Noncurrent | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Change in net unrealized holding (losses) gains included in Accumulated other comprehensive loss | $ (2,931) | $ (18,561) | $ 8,036 | $ (8,910) | |
[1] | For the three months ended September 30, 2016, unrealized holding gains of $232 were reclassified to Other income, net. For the three months ended September 30, 2015, unrealized holding gains of $567 were reclassified to Other income, net. For the nine months ended September 30, 2016, unrealized holding gains of $594 and unrealized holding losses of $1,470 were reclassified to Other income, net and Asset impairment charges, respectively. For the nine months ended September 30, 2015, unrealized holding losses of $11,487 were reclassified to Other income, net and unrealized holding gains of $29,663 were reclassified to Net investment gains. |
Investments - Other Comprehen63
Investments - Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Convertible Debt Securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available for sale securities | $ 3,500 | |||||
Long-term investments | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cost | $ 12,250 | $ 12,250 | ||||
Gross Unrealized Gains | 61,829 | 53,799 | ||||
Gross Unrealized Losses | 0 | (7) | ||||
Fair value | 74,079 | 66,042 | ||||
Long-term investments | Aerospace/Defense | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cost | 11,675 | 11,675 | ||||
Gross Unrealized Gains | 61,827 | 53,799 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Fair value | 73,502 | 65,474 | ||||
Long-term investments | Other | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cost | 575 | 575 | ||||
Gross Unrealized Gains | 2 | 0 | ||||
Gross Unrealized Losses | 0 | (7) | ||||
Fair value | $ 577 | $ 568 | ||||
Nathan's Famous, Inc. | CoSine Communications, Inc. (CoSine) | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Dividend received | 445,456 | |||||
Proceeds from sale of investment | $ 33,202 | |||||
Proceeds from Dividends Received | $ 5,500 | |||||
Impairment | $ 5,500 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2015 | Apr. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
iGo, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Value of investment | $ 4,100 | $ 3,900 | ||
API Optix s.r.o | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50.00% | |||
ModusLink Global Solutions, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of warrants purchased (in shares) | 2,000,000 | |||
Exercise price of warrants or rights (in dollars per share) | $ 5 | |||
API Technologies Corp. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 0.00% | 20.60% | ||
Aviat Networks, Inc. (Aviat) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 12.70% | 12.90% | ||
CoSine | API Optix s.r.o | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50.00% | |||
Steel Excel Inc. | API Technologies Corp. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds (in dollars per share) | $ 2 | |||
Investment proceeds | $ 22,900 | |||
Steel Excel Inc. | Aviat Networks, Inc. (Aviat) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Realized loss reclassification | $ 2,800 |
Investments - Additional Disclo
Investments - Additional Disclosures Related to Associated Company Financial Statements (Details) - Multiple Equity Method Investments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Summary of balance sheet amounts: | |||||
Current assets | $ 319,891 | $ 319,891 | $ 540,446 | ||
Non-current assets | 29,054 | 29,054 | 91,840 | ||
Total assets | 348,945 | 348,945 | 632,286 | ||
Current liabilities | 194,766 | 194,766 | 329,201 | ||
Non-current liabilities | 68,239 | 68,239 | 98,730 | ||
Total liabilities | 263,005 | 263,005 | 427,931 | ||
Equity | 85,940 | 85,940 | 204,355 | ||
Total liabilities and equity | 348,945 | 348,945 | $ 632,286 | ||
Summary operating results: | |||||
Revenue | 101,508 | $ 170,404 | 420,213 | $ 589,276 | |
Gross profit | 6,477 | 26,834 | 34,256 | 90,361 | |
Loss from continuing operations | (19,711) | (1,279) | (40,258) | (7,535) | |
Net loss after noncontrolling interests | $ (19,711) | $ (1,422) | $ (41,464) | $ (2,735) |
Investments - Other Investments
Investments - Other Investments - Related Party (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Steel Excel Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Receivable | $ 3,000 | |
WebBank | ||
Schedule of Equity Method Investments [Line Items] | ||
Held to maturity securities | 8,707 | $ 6,558 |
Maturities between years three and ten | 8,707 | |
Fair value | 8,757 | $ 6,551 |
Venture Capital Funds | Steel Excel Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in venture capital fund | 400 | |
Preferred Stock | Steel Excel Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in venture capital fund | $ 100 | |
Minimum | WebBank | ||
Schedule of Equity Method Investments [Line Items] | ||
Held-to-maturity securities, maturity period | 3 years | |
Maximum | WebBank | ||
Schedule of Equity Method Investments [Line Items] | ||
Held-to-maturity securities, maturity period | 10 years |
Long-term Debt - Long-term and
Long-term Debt - Long-term and Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 1,237 | $ 1,269 |
Total - Long-term debt - non - related parties | 421,727 | 238,089 |
Less portion due within one year | 3,622 | 2,176 |
Long-term debt | 418,105 | 235,913 |
Total debt | 422,964 | 239,358 |
CoSine Communications, Inc. (CoSine) | Foreign Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | 668 | 527 |
HNH | Foreign Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | 569 | 742 |
Loans Payable | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 56,947 | 75,140 |
Loans Payable | CoSine Communications, Inc. (CoSine) | Senior Notes | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 11,314 | 2,664 |
Loans Payable | CoSine Communications, Inc. (CoSine) | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 7,849 | 18,793 |
Loans Payable | Steel Excel Inc. | Senior Notes | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 42,752 | 42,666 |
Loans Payable | HNH | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 294,994 | 90,613 |
Other Domestic Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 6,601 | 6,936 |
Foreign Line of Credit | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | $ 1,270 | $ 1,277 |
Long-term Debt - SPLP Credit Fa
Long-term Debt - SPLP Credit Facility (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
London Interbank Offered Rate (LIBOR) | Credit Agreement | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.63% |
Base Rate | Credit Agreement | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.63% |
PNC Bank, National Association | Letter of Credit | |
Debt Instrument [Line Items] | |
Weighted average rate (as a percent) | 2.37% |
Maximum borrowing capacity | $ 10,000,000 |
Outstanding amount on letter of credit | 892,000 |
PNC Bank, National Association | Line of Credit | |
Debt Instrument [Line Items] | |
Borrowing capacity | 105,000,000 |
Collateral pledged | 327,500,000 |
Availability | $ 18,000,000 |
Long-term Debt - HNH Senior Cre
Long-term Debt - HNH Senior Credit Facility (Details) - HNH - USD ($) | Mar. 23, 2016 | Sep. 30, 2016 | Aug. 29, 2014 | Jun. 30, 2013 | Feb. 28, 2013 |
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | one-month LIBOR | ||||
Derivative, Fixed interest rate (as a percent) | 0.598% | 0.569% | |||
Notional value | $ 5,000,000 | $ 56,400,000 | |||
Decrease 2,013 | 100,000 | 1,100,000 | |||
Decrease 2,014 | 200,000 | 1,800,000 | |||
Decrease 2,015 | $ 200,000 | $ 2,200,000 | |||
London Interbank Offered Rate (LIBOR) | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | LIBOR | ||||
Long-term debt, basis spread on variable rate (as a percent) | 2.25% | ||||
Base Rate | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | Base Rate | ||||
Long-term debt, basis spread on variable rate (as a percent) | 1.25% | ||||
Line of Credit | Senior Debt Obligations | |||||
Debt Instrument [Line Items] | |||||
Term loan | $ 365,000,000 | ||||
Line of Credit | Master Lease Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 10,000,000 | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 400,000,000 | ||||
Increase to borrowing capacity | $ 35,000,000 | ||||
Weighted average rate (as a percent) | 3.24% | ||||
Revolving Credit Facility | Line of Credit | Sublimit for Issuance of Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 20,000,000 | ||||
Revolving Credit Facility | Line of Credit | Sublimit for Issuance of Swing Loans | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 | ||||
Line of Credit | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | $ 75,000,000 |
Long-term Debt - Steel Excel (D
Long-term Debt - Steel Excel (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 421,727,000 | $ 238,089,000 |
Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee | 0.375% | |
Revolving Credit Facility | Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee | 0.50% | |
Revolving Credit Facility | One-Month LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.00% | |
Revolving Credit Facility | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.50% | |
Revolving Credit Facility | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.25% | |
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.50% | |
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Revolving Credit Facility | Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.50% | |
Steel Excel Inc. | Energy Credit Agreement | One-Month LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.00% | |
Steel Excel Inc. | Energy Credit Agreement | Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 42,900,000 | |
Assets pledged as collateral | 133,354,000 | |
Quarterly maturities | 3,300,000 | |
2,016 | 0 | |
2,017 | 3,303,000 | |
2,018 | 39,643,000 | |
Steel Excel Inc. | Energy Credit Agreement | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | 95,000,000 | |
Steel Excel Inc. | Energy Credit Agreement | Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 105,000,000 | |
Maximum borrowing capacity | $ 10,000,000 | |
Borrowing base of eligible accounts receivable | 85.00% |
Long-term Debt - Cosine Long-Te
Long-term Debt - Cosine Long-Term Debt Facilities (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016GBP (£) | |
Revolving Credit Facility | HSBC Bank plc | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 17,500 | £ 13,500,000 |
Remaining borrowing capacity | $ 5,839 | |
Interest rate (as a percent) | 1.80% | 1.80% |
Revolving Credit Facility | HSBC | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 4,500 | |
Remaining borrowing capacity | $ 2,010 | |
Interest rate (as a percent) | 3.50% | 3.50% |
Collateral pledged | $ 12,300 | |
Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 9,000 | |
Interest rate (as a percent) | 3.50% | 3.50% |
Mortage Loan, Second Facility | Mortgages | Handy & Harman Ltd. (HNH) | ||
Debt Instrument [Line Items] | ||
Collateral pledged | $ 40,000 | |
Equipment loan one | Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,305 | |
Equipment loan two | Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,009 | |
Interest rate (as a percent) | 4.30% | 4.30% |
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | HSBC | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.00% | |
London Interbank Offered Rate (LIBOR) | Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.00% | |
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.50% | |
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | HSBC Bank plc | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.50% | |
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | HSBC Bank plc | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.40% |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) € in Thousands, £ in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016USD ($)oz | Sep. 30, 2016EUR (€) | Sep. 30, 2016GBP (£) | Dec. 31, 2015USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Min. maturity | 3 years | |||
Max. maturity | 5 years | |||
Foreign Exchange Contracts and Short Sale of Securities [Member] | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instruments, liabilities | $ 12,446 | $ 21,639 | ||
Silver, Ounces, Copper Contracts | Commodity Contract | Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount | oz | 557,684 | |||
CoSine Communications, Inc. (CoSine) | Foreign Exchange Forward | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Value | £ | £ 8,743 | |||
WebBank | ||||
Derivatives, Fair Value [Line Items] | ||||
Undisbursed loan commitment | $ 164,973 | 80,667 | ||
Undisbursed Loan Commitment | Other current liabilities | WebBank | ||||
Derivatives, Fair Value [Line Items] | ||||
Allowance for potential losses on off-balance sheet credit exposure | 188 | $ 188 | ||
Cash Flow Hedging | CoSine Communications, Inc. (CoSine) | Foreign Exchange Future | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Value | $ 1,200 | € 18,525 |
Financial Instruments - Roll Fo
Financial Instruments - Roll Forward (Details) - Financial Instruments and Restricted Cash - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Balance, beginning of period | $ 21,639 | $ 21,311 |
Settlement of short sales of corporate securities | (9,199) | (450) |
Short sales of corporate securities | 125 | 373 |
Net investment (gains) losses | (119) | (1,063) |
Balance of financial instrument liabilities and related restricted cash, end of period | $ 12,446 | $ 20,171 |
Financial Instruments - Commodi
Financial Instruments - Commodity Contracts (Details) - Commodity $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)ozlbT | |
Silver, Ounces | |
Derivative [Line Items] | |
Amount | oz | 752,684 |
Notional Value | $ 15,100 |
Gold, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 400 |
Notional Value | $ 500 |
Copper, Pounds | |
Derivative [Line Items] | |
Notional Value | $ 600 |
Copper, Pounds | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | lb | 275,000 |
Tin, Metric Tons | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | T | 45 |
Notional Value | $ 900 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ (2,271) | $ (480) |
Foreign Exchange Forward | Designated as Hedging Instrument | (Accrued liabilities)/Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (1,941) | 325 |
Derivative instruments, liabilities | (253) | (30) |
Commodity Contract | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (38) | (18) |
Commodity Contract | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (148) | (197) |
Interest Rate Swap | Not Designated as Hedging Instrument | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, liabilities | 0 | (30) |
Economic interests in loans | Designated as Hedging Instrument | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ (4,279) | $ 0 |
Financial Instruments - Income
Financial Instruments - Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | $ (345) | $ 1,345 | $ (1,478) | $ 2,365 |
Designated as Hedging Instrument | Commodity Contract | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | (1,152) | 585 | (3,533) | 564 |
Designated as Hedging Instrument | Foreign Exchange Forward | Revenue/Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | (601) | 771 | (844) | 1,381 |
Designated as Hedging Instrument | Foreign Exchange Forward | Other income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | (369) | (94) | (809) | 17 |
Designated as Hedging Instrument | Economic interests in loans | Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | 2,137 | 0 | 4,702 | 0 |
Not Designated as Hedging Instrument | Commodity Contract | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | (85) | (69) | (180) | 209 |
Not Designated as Hedging Instrument | Commodity Contract | Realized and unrealized (loss) gain on derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | (275) | 168 | (814) | 273 |
Not Designated as Hedging Instrument | Interest Rate Swap | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) | $ 0 | $ (16) | $ 0 | $ (79) |
Pension Benefit Plans - Compone
Pension Benefit Plans - Components of Pension Expense and Other Postretirement Benefit Expense(Details) - HNH - Pension Plans, Defined Benefit - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plans Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 9 | $ 0 | $ 9 |
Interest cost | 5,720 | 6,404 | 17,705 | 16,828 |
Expected return on plan assets | (7,342) | (7,520) | (22,184) | (19,550) |
Administrative costs | 314 | 315 | 894 | 504 |
Amortization of actuarial loss | 1,990 | 1,482 | 6,240 | 4,672 |
Total | $ 682 | $ 690 | $ 2,655 | $ 2,463 |
Pension Benefit Plans - Narrati
Pension Benefit Plans - Narrative (Details) - Pension Plans, Defined Benefit $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
HNH | |
Defined Benefit Plans Disclosure [Line Items] | |
Change in forecasted annual pension expense | $ 4,800 |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |
Remainder of 2016 | 3,900 |
2,017 | 34,800 |
2,018 | 41,600 |
2,019 | 38,900 |
2,020 | 35,400 |
Five years thereafter | 96,300 |
API | |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |
Annual expected contribution | $ 1,000 |
Capital and Accumulated Other79
Capital and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 09, 2016 | May 31, 2016 | May 13, 2016 | Dec. 31, 2015 | Jan. 02, 2012 | |
Class of Stock [Line Items] | |||||||||||
Common units outstanding (in shares) | 26,152,976 | 26,152,976 | 26,632,689 | ||||||||
Incentive units granted, percentage of outstanding common units (as a percent) | 100.00% | ||||||||||
Unit option plan expense | $ 0 | $ 1,040 | $ 0 | $ 0 | $ 0 | ||||||
Class A | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common units outstanding (in shares) | 26,152,976 | 26,152,976 | |||||||||
Common Units | |||||||||||
Class of Stock [Line Items] | |||||||||||
Authorized amount | $ 15,000 | $ 5,000 | |||||||||
Treasury stock (in shares) | 157,300,000 | 346,163 | |||||||||
Treasury stock repurchased | $ 2,200 | $ 5,000 |
Capital and Accumulated Other80
Capital and Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | $ 740,362 | |||
Other comprehensive (loss) income | $ (4,653) | $ (27,604) | 4,622 | $ (27,465) |
Balance at end of year | 752,960 | 752,960 | ||
Tax | 640 | |||
Tax - reclassification | 199 | |||
Other comprehensive income | (4,653) | $ (27,604) | 4,622 | $ (27,465) |
Unrealized gain on available-for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | 50,650 | |||
Current period other comprehensive loss | 10,882 | |||
Reclassifications, net of tax | 340 | |||
Other comprehensive (loss) income | 11,222 | |||
Balance at end of year | 61,872 | 61,872 | ||
Other comprehensive income | 11,222 | |||
Unrealized loss on derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (1,415) | |||
Current period other comprehensive loss | (1,929) | |||
Reclassifications, net of tax | 0 | |||
Other comprehensive (loss) income | (1,929) | |||
Balance at end of year | (3,344) | (3,344) | ||
Other comprehensive income | (1,929) | |||
Unrealized loss on derivative financial instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive (loss) income | (184) | |||
Other comprehensive income | (184) | |||
Cumulative translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (9,596) | |||
Current period other comprehensive loss | (5,924) | |||
Reclassifications, net of tax | 0 | |||
Other comprehensive (loss) income | (5,924) | |||
Balance at end of year | (15,520) | (15,520) | ||
Other comprehensive income | (5,924) | |||
Change in net pension and other benefit obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (93,907) | |||
Current period other comprehensive loss | 81 | |||
Reclassifications, net of tax | 0 | |||
Other comprehensive (loss) income | 81 | |||
Balance at end of year | (93,826) | (93,826) | ||
Other comprehensive income | 81 | |||
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (54,268) | |||
Current period other comprehensive loss | 3,110 | |||
Reclassifications, net of tax | 340 | |||
Other comprehensive (loss) income | 3,450 | |||
Balance at end of year | $ (50,818) | (50,818) | ||
Other comprehensive income | 3,450 | |||
Unrealized gain on available-for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive (loss) income | 1,962 | |||
Other comprehensive income | 1,962 | |||
Cumulative translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive (loss) income | (592) | |||
Other comprehensive income | (592) | |||
Change in net pension and other benefit obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive (loss) income | 14 | |||
Other comprehensive income | $ 14 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income tax provision | $ 8,334 | $ 13,125 | $ 18,357 | $ 24,705 | |
WebFinancial Holding Corporation | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income tax provision | $ (4,182) | $ (111,881) | |||
Decrease in valuation allowance | $ 329,600 | ||||
Income Tax Expense | Restatement Adjustment | Steel Excel Inc. | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income tax provision | $ 3,500 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income (loss) from continuing operations | $ 13,069 | $ (14,792) | $ 25,272 | $ 13,169 |
Net (income) loss from continuing operations attributable to noncontrolling interests in consolidated entities | (2,237) | 4,404 | (3,269) | 9,508 |
Net income (loss) from continuing operations attributable to common unitholders | 10,832 | (10,388) | 22,003 | 22,677 |
Net income from discontinued operations | 0 | 195 | 0 | 87,018 |
Net income from discontinued operations attributable to noncontrolling interests in consolidated entities | 0 | (1,950) | 0 | (32,828) |
Net (loss) income from discontinued operations attributable to common unitholders | 0 | (1,755) | 0 | 54,190 |
Net income (loss) attributable to common unitholders | $ 10,832 | $ (12,143) | $ 22,003 | $ 76,867 |
Net income (loss) per common unit - basic: | ||||
Net income (loss) from continuing operations (in dollars per share) | $ 0.41 | $ (0.38) | $ 0.83 | $ 0.82 |
Net income from discontinued operations (in dollars per share) | 0 | (0.06) | 0 | 1.97 |
Net income (loss) attributable to common unitholders (in dollars per share) | 0.41 | (0.44) | 0.83 | 2.79 |
Earnings Per Share, Diluted, Two Class Method [Abstract] | ||||
Net income (loss) from continuing operations (in dollars per share) | 0.41 | (0.38) | 0.83 | 0.82 |
Net income from discontinued operations (in dollars per share) | 0 | (0.06) | 0 | 1.96 |
Net income (loss) attributable to common unitholders (in dollars per share) | $ 0.41 | $ (0.44) | $ 0.83 | $ 2.78 |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ||||
Weighted-average common units outstanding - basic (in shares) | 26,152,976 | 27,226,589 | 26,421,116 | 27,506,890 |
Incentive units (in shares) | 0 | 0 | 0 | 149,502 |
Unvested restricted units (in shares) | 7,989 | 0 | 13,520 | 23,082 |
Denominator for net income per common unit - diluted (in shares) | 26,160,965 | 27,226,589 | 26,434,636 | 27,679,474 |
Fair Value Measurements Hierarc
Fair Value Measurements Hierarchy Table (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Total | $ 198,121 | $ 255,365 |
Liabilities: | ||
Total | 14,640 | 21,699 |
Marketable securities | ||
Assets: | ||
Marketable securities | 67,290 | 80,842 |
Long-term investments | ||
Assets: | ||
Long-term investments | 111,756 | 163,048 |
Investments in certain funds | ||
Assets: | ||
Investments in certain funds | 511 | 555 |
Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 14,099 | 10,380 |
Economic interests in loans | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 4,279 | |
Commodity | ||
Assets: | ||
Derivative assets | (186) | (215) |
Foreign currency forward exchange contracts | ||
Liabilities: | ||
Financial instruments | 2,194 | 30 |
Financial instrument obligations | ||
Assets: | ||
Derivative assets | (325) | |
Liabilities: | ||
Financial instruments | 12,446 | 21,639 |
Interest rate swap agreements | ||
Liabilities: | ||
Financial instruments | 30 | |
Level 1 | ||
Assets: | ||
Total | 157,020 | 218,228 |
Liabilities: | ||
Total | 12,446 | 21,639 |
Level 1 | Marketable securities | ||
Assets: | ||
Marketable securities | 36,521 | 47,274 |
Level 1 | Long-term investments | ||
Assets: | ||
Long-term investments | 106,400 | 160,574 |
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 | 14,099 | 10,380 |
Level 1 | Economic interests in loans | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 0 | |
Level 1 | Commodity | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 1 | Foreign currency forward exchange contracts | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 1 | Financial instrument obligations | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Financial instruments | 12,446 | 21,639 |
Level 1 | Interest rate swap agreements | ||
Liabilities: | ||
Financial instruments | 0 | |
Level 2 | ||
Assets: | ||
Total | 6,613 | 6,683 |
Liabilities: | ||
Total | 2,194 | 60 |
Level 2 | Marketable securities | ||
Assets: | ||
Marketable securities | 2,549 | 6,143 |
Level 2 | Long-term investments | ||
Assets: | ||
Long-term investments | 3,878 | 0 |
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 | Economic interests in loans | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 0 | |
Level 2 | Commodity | ||
Assets: | ||
Derivative assets | (186) | (215) |
Level 2 | Foreign currency forward exchange contracts | ||
Liabilities: | ||
Financial instruments | 2,194 | 30 |
Level 2 | Financial instrument obligations | ||
Assets: | ||
Derivative assets | (325) | |
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 2 | Interest rate swap agreements | ||
Liabilities: | ||
Financial instruments | 30 | |
Level 3 | ||
Assets: | ||
Total | 34,488 | 30,454 |
Liabilities: | ||
Total | 0 | 0 |
Level 3 | Marketable securities | ||
Assets: | ||
Marketable securities | 28,220 | 27,425 |
Level 3 | Long-term investments | ||
Assets: | ||
Long-term investments | 1,478 | 2,474 |
Level 3 | Investments in certain funds | ||
Assets: | ||
Investments in certain funds | 511 | 555 |
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 | Economic interests in loans | ||
Assets: | ||
Precious metal and commodity inventories recorded at fair value | 4,279 | |
Level 3 | Commodity | ||
Assets: | ||
Derivative assets | 0 | 0 |
Level 3 | Foreign currency forward exchange contracts | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 3 | Financial instrument obligations | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Financial instruments | $ 0 | 0 |
Level 3 | Interest rate swap agreements | ||
Liabilities: | ||
Financial instruments | $ 0 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs Reconciliation - Assets (Details) - Fair Value, Measurements, Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 32,654 | $ 39,391 | $ 30,454 | $ 48,406 |
Purchases | 5,108 | |||
Sales | (1,440) | (1,229) | (5,273) | (11,736) |
Unrealized gains | 3,274 | 10,303 | 484 | |
Unrealized losses | (2,811) | (996) | (6,911) | |
Balance at end of period | 34,488 | 35,351 | 34,488 | 35,351 |
Investments in Associated Companies | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 1,414 | 2,271 | 1,931 | 2,163 |
Purchases | 0 | |||
Sales | 0 | 0 | 0 | 0 |
Unrealized gains | 0 | 0 | 0 | |
Unrealized losses | (340) | (517) | (232) | |
Balance at end of period | 1,414 | 1,931 | 1,414 | 1,931 |
Other Investments - Related Party | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 9,623 |
Purchases | 0 | |||
Sales | 0 | 0 | 0 | (9,985) |
Unrealized gains | 0 | 0 | 484 | |
Unrealized losses | 0 | 0 | (122) | |
Balance at end of period | 0 | 0 | 0 | 0 |
ModusLink Warrants | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 27 | 1,636 | 543 | 2,199 |
Purchases | 0 | |||
Sales | 0 | 0 | 0 | 0 |
Unrealized gains | 37 | 0 | 0 | |
Unrealized losses | (734) | (479) | (1,297) | |
Balance at end of period | 64 | 902 | 64 | 902 |
Marketable Securities and Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 31,213 | 35,484 | 27,980 | 34,421 |
Purchases | 5,108 | |||
Sales | (1,440) | (1,229) | (5,273) | (1,751) |
Unrealized gains | 3,237 | 10,303 | 0 | |
Unrealized losses | (1,737) | (5,260) | ||
Balance at end of period | $ 33,010 | $ 32,518 | $ 33,010 | $ 32,518 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Level 3 | WebBank | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loan recorded investment | $ 3,997 | $ 423 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($)claimdefendant | Dec. 31, 2012USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||
Current environmental accrual | $ 5,500,000 | $ 6,000,000 | |||
Accrual for environmental matters | 2,622,000 | 2,822,000 | |||
Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 1,200,000 | ||||
Reimbursement | $ 2,800,000 | ||||
BNS Subsidiary | |||||
Loss Contingencies [Line Items] | |||||
Number of claims | claim | 1,367,000 | ||||
Number of claims, dismissed, settled or granted summary judgement and closed (in claims) | claim | 1,260,000 | ||||
Claims, litigation matters (in number of claims) | claim | 107,000 | ||||
BNS Subsidiary | Insurance Claims | |||||
Loss Contingencies [Line Items] | |||||
Insurance, coverage limit | $ 183,000,000 | ||||
Insurance, remaining self insurance coverage limit | 1,543,000 | ||||
Accrual relating to open and active claims | $ 1,422,000 | $ 1,422,000 | |||
Minimum | BNS Subsidiary | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of defendants (in defendants) | defendant | 100,000 | ||||
Maximum | BNS Subsidiary | |||||
Loss Contingencies [Line Items] | |||||
Claims settled, average settlement value | $ 3,000 | ||||
Sold Parcel | Environmental and Other Matters | Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Anticipated cost | 100,000 | ||||
Adjacent Parcel | Environmental and Other Matters | Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Anticipated cost | $ 200,000 | ||||
Costs | Former Owner / Operator | Environmental and Other Matters | |||||
Loss Contingencies [Line Items] | |||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 75.00% | ||||
Costs | Hhem and HandH | |||||
Loss Contingencies [Line Items] | |||||
Investigation and remediation costs | $ 5,600,000 | ||||
Costs | Hhem and HandH | Environmental and Other Matters | |||||
Loss Contingencies [Line Items] | |||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 25.00% | ||||
Payments | $ 1,000,000 | ||||
Investigation and remediation costs | 1,800,000 | ||||
Pennsauken | Scenario, Forecast | SLI | |||||
Loss Contingencies [Line Items] | |||||
Payments | $ 2,100,000 | ||||
Camden | SLI | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | 1,400,000 | ||||
Counteroffer | 300,000 | ||||
Camden | Minimum | SLI | |||||
Loss Contingencies [Line Items] | |||||
Estimate of exposure | $ 300,000 | ||||
Camden | Maximum | SLI | |||||
Loss Contingencies [Line Items] | |||||
Estimate of exposure | $ 1,800,000 | ||||
Camden - Past And Future Expenses | SLI | |||||
Loss Contingencies [Line Items] | |||||
Damages claimed | 1,300,000 | ||||
Natural Resource Damages | SLI | |||||
Loss Contingencies [Line Items] | |||||
Damages claimed | $ 500,000 |
Related Party Transactions - Ma
Related Party Transactions - Management Agreement (Details) - SP General Services LLC - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | |||||
Management Fee | ||||||
Related Party Transaction [Line Items] | ||||||
Services fees and reimbursable expenses | $ 2,172 | $ 2,148 | $ 6,387 | $ 6,188 | ||
Reimbursable Expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Services fees and reimbursable expenses | 859 | $ 448 | 3,095 | $ 1,903 | ||
Deferred fees payable to related party | $ 888 | $ 888 | $ 695 | |||
Related Party Debt | ||||||
Related Party Transaction [Line Items] | ||||||
Settlement of debt | $ 1,800 |
Related Party Transactions - Co
Related Party Transactions - Corporate Services (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Management Fee | Related Parties | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 3,552 |
Related Party Transactions - Ot
Related Party Transactions - Other (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Consolidation, Eliminations | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 722 | $ 1,298 |
WebBank | Related Parties | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 2,788 | $ 3,135 |
Segment Information - Segment D
Segment Information - Segment Description (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Diversified industrial | ||||
Segment Reporting Information [Line Items] | ||||
Management Fees Revenue | $ 2,900 | $ 2,689 | $ 8,813 | $ 7,443 |
Energy | ||||
Segment Reporting Information [Line Items] | ||||
Management Fees Revenue | 2,000 | 2,038 | 6,113 | 6,113 |
Financial services | ||||
Segment Reporting Information [Line Items] | ||||
Management Fees Revenue | $ 1,175 | $ 563 | $ 3,525 | $ 1,688 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenue: | $ 317,013 | $ 276,390 | $ 845,835 | $ 742,625 |
Income (loss) from continuing operations before income taxes: | 21,403 | (1,667) | 43,629 | 37,874 |
Income tax provision | 8,334 | 13,125 | 18,357 | 24,705 |
Net income (loss) from continuing operations | 13,069 | (14,792) | 25,272 | 13,169 |
Total | 5,990 | (21,066) | 2,729 | (16,876) |
Diversified industrial | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 274,327 | 224,635 | 722,399 | 555,888 |
Income (loss) from continuing operations before income taxes: | 12,646 | 10,424 | 37,499 | 35,846 |
Total | 0 | (4,184) | 8,078 | 857 |
Energy | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 27,154 | 33,480 | 68,868 | 107,975 |
Income (loss) from continuing operations before income taxes: | (3,380) | (11,171) | (6,402) | (34,184) |
Total | 886 | (8,153) | 6,976 | (4,818) |
Financial services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 15,368 | 18,226 | 53,777 | 45,886 |
Income (loss) from continuing operations before income taxes: | 7,911 | 12,716 | 32,018 | 30,539 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 164 | 49 | 791 | 32,876 |
Income (loss) from continuing operations before income taxes: | 4,226 | (13,636) | (19,486) | 5,673 |
Total | $ 5,104 | $ (8,729) | $ (12,325) | $ (12,915) |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Total Capital (to risk-weighted assets) | ||
Actual | $ 83,287 | $ 65,353 |
For capital adequacy purposes | 23,569 | 23,076 |
With capital buffer | 25,410 | |
To be well capitalized under prompt corrective provisions | 29,461 | 28,845 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 81,489 | 64,535 |
For capital adequacy purposes | 17,676 | 17,307 |
With capital buffer | 19,518 | |
To be well capitalized under prompt corrective provisions | 23,569 | 23,076 |
Tier 1 Capital (to average assets) | ||
Actual | 81,489 | 64,535 |
For capital adequacy purposes | 14,137 | 13,116 |
To be well capitalized under prompt corrective provisions | $ 17,672 | $ 16,395 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 28.30% | 22.70% |
Total Capital (to risk-weighted assets) For capital adequacy purposes | 8.00% | 8.00% |
Total Capital (to risk-weighted assets) For adequacy with capital buffer | 8.625% | |
Total Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets) Actual | 27.70% | 22.40% |
Tier 1 Capital (to risk-weighted assets) For adequacy purposes | 6.00% | 6.00% |
Tier 1 Capital (to risk-weighted assets) For adequacy with capital buffer | 6.625% | |
Tier 1 Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 8.00% | 8.00% |
Leverage Ratios (as a percent) | ||
Tier 1 Capital (to average assets) Actual | 23.10% | 19.70% |
Tier 1 Capital (to average assets) For capital adequacy purposes | 4.00% | 4.00% |
Tier 1 Capital (to average assets) To be well capitalized under prompt corrective provisions | 5.00% | 5.00% |
Common Equity Tier 1 Capital | ||
Common Equity Tier One Capital | $ 81,489 | $ 64,535 |
Common Equity Tie One Capital To Average Assets | 27.70% | 22.40% |
Common Equity Tier One Capital Required For Capital Adequacy | $ 13,257 | $ 12,980 |
Common Equity Tier One Capital Required For Capital Adequacy To Average Assets | 4.50% | 4.50% |
Common Equity Tier One Capital For Adequacy With Capital Buffer To Risk Weighted Assets | $ 15,099 | |
Common Equity Tier One Capital Required For Adequacy With Capital Buffer To Risk Weighted Assets | 5.125% | |
Common Equity Tier One Capital Required To Be Well Capitalized | $ 19,150 | $ 18,749 |
Common Equity Tier One Capital Required To Be Well Capitalized To Average Assets | 6.50% | 6.50% |
Supplemental Cash Flow Inform93
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 8,533 | $ 6,744 |
Taxes | 20,312 | 17,051 |
Reclassification of investment in associated company to cost of an acquisition | 39,794 | 66,239 |
Reclassification of investment in associated company to investment in consolidated subsidiaries | 0 | 48,748 |
Partnership interest exchanged for marketable securities | 0 | 10,858 |
Partnership interest exchanged for marketable securities | 0 | 25,000 |
Securities received as distributions from venture capital fund | 19 | 0 |
Securities received in exchange for financial instrument obligations | 0 | 76 |
Securities delivered in exchange for settlement of financial instrument obligations | 9,155 | 76 |
Noncontrolling interest acquired in non-monetary exchange | 194 | 0 |
Subsidiary restricted stock awards surrendered to satisfy withholding upon vesting | $ 101 | $ 32 |