Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,056,449 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 382,339 | $ 450,128 |
Restricted cash | 13,513 | 12,640 |
Marketable securities | 59,979 | 53,650 |
Trade and other receivables - net of allowance for doubtful accounts of $3,529 and $3,040, respectively | 185,558 | 162,883 |
Receivables from related parties | 314 | 328 |
Loans receivable, including loans held for sale of $105,490 and $80,692, respectively, net | 114,471 | 91,260 |
Inventories, net | 129,283 | 119,205 |
Prepaid expenses and other current assets | 23,877 | 17,638 |
Assets held for sale | 2,549 | 7,779 |
Total current assets | 911,883 | 915,511 |
Long-term loans receivable, net | 61,972 | 62,188 |
Goodwill | 167,420 | 167,423 |
Other intangible assets, net | 219,452 | 227,212 |
Deferred tax assets | 179,544 | 182,605 |
Other non-current assets | 36,560 | 30,698 |
Property, plant and equipment, net | 254,139 | 261,412 |
Long-term investments | 143,413 | 120,066 |
Total Assets | 1,974,383 | 1,967,115 |
Current liabilities: | ||
Accounts payable | 96,163 | 89,308 |
Accrued liabilities | 71,504 | 81,509 |
Financial instruments | 13,513 | 12,640 |
Deposits | 174,211 | 196,944 |
Deposits | 1,292 | 1,066 |
Short-term debt | 1,322 | 1,385 |
Current portion of long-term debt | 52,236 | 62,928 |
Other current liabilities | 18,008 | 19,536 |
Liabilities of discontinued operations | 450 | 450 |
Total current liabilities | 428,699 | 465,766 |
Long-term deposits | 176,493 | 168,661 |
Long-term debt | 345,540 | 330,126 |
Preferred unit liability | 63,672 | 0 |
Accrued pension liabilities | 281,690 | 284,901 |
Deferred tax liabilities | 3,652 | 3,729 |
Other non-current liabilities | 15,112 | 9,674 |
Total Liabilities | 1,314,858 | 1,262,857 |
Commitments and Contingencies | ||
Capital: | ||
Partners' capital common units: 26,083,971 and 26,152,976 issued and outstanding (after deducting 10,627,692 and 10,558,687 units held in treasury, at cost of $166,206 and $164,900), respectively | 638,582 | 617,502 |
Accumulated other comprehensive loss | (49,626) | (68,761) |
Total partners' capital | 588,956 | 548,741 |
Noncontrolling interests in consolidated entities | 70,569 | 155,517 |
Total Capital | 659,525 | 704,258 |
Total Liabilities and Capital | $ 1,974,383 | $ 1,967,115 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,529 | $ 3,040 |
Loans held for sale | $ 105,490 | $ 80,692 |
Common units issued (in shares) | 26,083,971 | 26,152,976 |
Common units outstanding (in shares) | 26,083,971 | 26,152,976 |
Common units held in treasury (in shares) | 10,627,692 | 10,558,687 |
Common units held in treasury, at cost | $ 166,206 | $ 164,900 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
Diversified industrial net sales | $ 280,214 | $ 206,600 |
Energy net revenue | 27,316 | 19,999 |
Financial services revenue | 15,789 | 20,194 |
Total revenue | 323,319 | 246,793 |
Costs and expenses: | ||
Cost of goods sold | 228,613 | 170,923 |
Selling, general and administrative expenses | 90,522 | 61,305 |
Asset impairment charges | 0 | 1,470 |
Finance interest expense | 881 | 529 |
Provision for loan losses | 123 | 238 |
Interest expense | 4,406 | 2,033 |
Realized and unrealized loss on derivatives | 360 | 123 |
Other expenses (income), net | 968 | (1,345) |
Total costs and expenses | 325,873 | 235,276 |
(Loss) income before income taxes, equity method (income) loss and other investments held at fair value | (2,554) | 11,517 |
Income tax provision | 6,846 | 3,735 |
(Income) loss of associated companies and other investments held at fair value, net of taxes | (6,302) | 5,438 |
Net (loss) income | (3,098) | 2,344 |
Net income attributable to noncontrolling interests in consolidated entities | (984) | (382) |
Net (loss) income attributable to common unitholders | $ (4,082) | $ 1,962 |
Net income (loss) per common unit - basic (in dollars per share) | ||
Net income (loss) from continuing operations (in dollars per share) | $ (0.16) | $ 0.07 |
Weighted-average number of common units outstanding - basic (in shares) | 26,145,711 | 26,632,689 |
Weighted-average number of common units outstanding - diluted (in shares) | 26,145,711 | 26,645,083 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (3,098) | $ 2,344 | |
Other comprehensive income (loss), net of tax: | |||
Gross unrealized gains on available-for-sale securities | 17,696 | 5,801 | |
Reclassification of unrealized (gains) losses on available-for-sale securities | [1] | 135 | 1,011 |
Gross unrealized gains (losses) on derivative financial instruments | 307 | (1,364) | |
Currency translation adjustments | 1,227 | (2,269) | |
Change in pension liabilities and other post-retirement benefit obligations | 0 | 180 | |
Other comprehensive income | 19,365 | 3,359 | |
Comprehensive income | 16,267 | 5,703 | |
Comprehensive income attributable to noncontrolling interests | (2,064) | (1,627) | |
Comprehensive income attributable to common unitholders | 14,203 | 4,076 | |
Tax provision on gross unrealized gains on available-for-sale securities | 3,384 | 986 | |
Tax provision on reclassification of unrealized losses on available-for-sale securities | 80 | 578 | |
Tax provision on foreign currency translation adjustments | $ 8 | $ 0 | |
[1] | For the three months ended March 31, 2017, unrealized holding losses of $215 were reclassified to Other expenses (income), net. For the three months ended March 31, 2016, unrealized holding losses of $1,470 and $119 were reclassified to Asset impairment charges and Other expenses (income), net, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reclassification of unrealized (gains) and losses, net of tax | [1] | $ 135 | $ 1,011 |
Other (income) expense | |||
Reclassification of unrealized (gains) and losses, net of tax | $ (215) | (119) | |
Asset impairment charges | |||
Reclassification of unrealized (gains) and losses, net of tax | $ (1,470) | ||
[1] | For the three months ended March 31, 2017, unrealized holding losses of $215 were reclassified to Other expenses (income), net. For the three months ended March 31, 2016, unrealized holding losses of $1,470 and $119 were reclassified to Asset impairment charges and Other expenses (income), net, respectively. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Capital $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | $ 704,258 |
Balance at beginning of year (in shares) | shares | 26,152,976 |
Net loss | $ (3,098) |
Unrealized gains on available-for-sale securities | 17,831 |
Unrealized gains derivative financial instruments | 307 |
Currency translation adjustments | 1,227 |
Equity compensation - incentive units and vesting of restricted units | 5,282 |
Equity compensation - subsidiaries | 675 |
Purchases of SPLP common units | (1,306) |
Purchases of subsidiary shares from noncontrolling interests | (65,589) |
Other, net | (62) |
Balance at end of year | $ 659,525 |
Balance at end of period (in shares) | shares | 26,083,971 |
Total Partners' Capital | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | $ 548,741 |
Net loss | (4,082) |
Unrealized gains on available-for-sale securities | 17,020 |
Unrealized gains derivative financial instruments | 280 |
Currency translation adjustments | 987 |
Equity compensation - incentive units and vesting of restricted units | 5,282 |
Equity compensation - subsidiaries | 425 |
Purchases of SPLP common units | (1,306) |
Purchases of subsidiary shares from noncontrolling interests | 21,497 |
Other, net | 112 |
Balance at end of year | $ 588,956 |
Common Units | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year (in shares) | shares | 36,711,663 |
Equity compensation - restricted units (shares) | shares | 0 |
Balance at end of period (in shares) | shares | 36,711,663 |
Treasury Units | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | $ (164,900) |
Balance at beginning of year (in shares) | shares | 10,558,687 |
Purchases of SPLP common units | $ (1,306) |
Purchases of SPLP common units (shares) | shares | (69,005) |
Balance at end of year | $ (166,206) |
Balance at end of period (in shares) | shares | 10,627,692 |
Partners' Capital | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | $ 617,502 |
Net loss | (4,082) |
Equity compensation - incentive units and vesting of restricted units | 5,282 |
Equity compensation - subsidiaries | 425 |
Purchases of SPLP common units | (1,306) |
Purchases of subsidiary shares from noncontrolling interests | 20,649 |
Other, net | 112 |
Balance at end of year | 638,582 |
Accumulated Other Comprehensive Income | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | (68,761) |
Unrealized gains on available-for-sale securities | 17,020 |
Unrealized gains derivative financial instruments | 280 |
Currency translation adjustments | 987 |
Purchases of subsidiary shares from noncontrolling interests | 848 |
Balance at end of year | (49,626) |
Non-controlling interests in Consolidated Entities | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |
Balance at beginning of year | 155,517 |
Net loss | 984 |
Unrealized gains on available-for-sale securities | 811 |
Unrealized gains derivative financial instruments | 27 |
Currency translation adjustments | 240 |
Equity compensation - subsidiaries | 250 |
Purchases of subsidiary shares from noncontrolling interests | (87,086) |
Other, net | (174) |
Balance at end of year | $ 70,569 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (3,098) | $ 2,344 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Provision for loan losses | 123 | 238 |
(Income) loss of associated companies and other investments held at fair value, net of taxes | (6,302) | 5,438 |
Deferred income taxes | (1,118) | 648 |
Depreciation and amortization | 18,280 | 13,464 |
Stock-based compensation | 6,327 | 1,391 |
Asset impairment charges | 0 | 1,470 |
Other | 2,152 | (123) |
Net change in operating assets and liabilities: | ||
Trade and other receivables | (24,559) | (19,879) |
Inventories | (10,358) | (6,681) |
Prepaid expenses and other current assets | (3,040) | 625 |
Accounts payable, accrued and other current liabilities | (4,937) | 3,392 |
Net increase in loans held for sale | (24,799) | (81,139) |
Net cash used in operating activities | (51,329) | (78,812) |
Cash flows from investing activities: | ||
Purchases of investments | (10,139) | (14,989) |
Proceeds from sales of investments | 1,458 | 31,497 |
Proceeds from maturities of marketable securities | 3,428 | 787 |
Loan originations, net of collections | (6,488) | (1,255) |
Purchases of property, plant and equipment | (8,899) | (6,339) |
Reclassification of restricted cash | (873) | 10,214 |
Proceeds from sales of assets | 14,483 | 1,456 |
Acquisitions, net of cash acquired | 2,246 | 0 |
Proceeds from divestitures | 1,975 | 0 |
Other | (289) | (82) |
Net cash (used in) provided by investing activities | (3,098) | 21,289 |
Cash flows from financing activities: | ||
Net revolver borrowings (repayments) | 5,773 | (6,777) |
Repayments of term loans – domestic | (248) | (450) |
Net (repayments) borrowings of term loans – foreign | (1,090) | 7 |
Proceeds from equipment lease financing | 5,377 | 0 |
Purchases of the Company's common units | (1,306) | 0 |
Subsidiaries' purchases of their common stock | 0 | (14,268) |
Purchase of subsidiary shares from noncontrolling interests | (2,086) | 0 |
Common unit dividend payment | (3,923) | 0 |
Net (decrease) increase in deposits | (14,900) | 51,388 |
Other | (1,484) | (3,680) |
Net cash (used in) provided by financing activities | (13,887) | 26,220 |
Net change for the period | (68,314) | (31,303) |
Effect of exchange rate changes on cash and cash equivalents | 525 | (243) |
Cash and cash equivalents at beginning of period | 450,128 | 185,852 |
Cash and cash equivalents at end of period | $ 382,339 | $ 154,306 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 , 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, 2016 . 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 months ended March 31, 2017 are not necessarily indicative of the operating results for the full year. The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries, which include the following: Ownership as of March 31, 2017 December 31, 2016 BNS Holdings Liquidating Trust ("BNS Liquidating Trust") 84.9 % 84.9 % DGT Holdings Corp. ("DGT") (a) 100.0 % 100.0 % Handy & Harman Ltd. ("HNH") 70.0 % 69.9 % Steel Services Ltd ("Steel Services") 100.0 % 100.0 % Steel Excel Inc. ("Steel Excel") (b) 100.0 % 64.2 % WebFinancial Holding Corporation ("WFHC") (c) 91.2 % 91.2 % (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 months ended March 31, 2017 include DGT's activity as of and for its three months ended January 31, 2017. (b) The Company acquired the remaining noncontrolling interest in Steel Excel during the first quarter of 2017. See Note 11 - "Capital and Accumulated Other Comprehensive Loss" for additional information. (c) WFHC owns 100% of WebBank and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly CoSine Communications, Inc. ("CoSine")), which operates through its subsidiary API Group plc ("API"). On March 3, 2017, the Company submitted a proposal to the independent members of the board of directors of HNH to acquire all of the outstanding shares of common stock of HNH not owned by the Company or its subsidiaries for a price of $29.00 per share, or approximately $106,200 of value based on HNH's shares outstanding as of March 31, 2017. The Company's proposal contemplates that HNH's stockholders (other than the Company and its subsidiaries) would receive in total approximately $106,200 in liquidation preference of SPLP's 6.0% Series A preferred units that currently trade on the New York Stock Exchange. The independent members of HNH's board of directors are currently assessing this proposal. New or Recently Adopted 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 continuing to evaluate the impact of this guidance and the transition alternatives on its consolidated financial statements and, therefore, cannot reasonably estimate the impact that adoption will have on its financial condition, results of operations or cash flows. 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. On January 1, 2017, the Company began applying the inventory measurement provisions of the new ASU, and such provisions did not have and are not expected to have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10) , which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities or trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income or loss. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU No. 2016-01 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU No. 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2016-01. 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 statements 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 in the statement of cash flows, among other things. The new standard is effective for the Company's 2017 fiscal year, and the Company has adopted its provisions as of January 1, 2017. The impacts of certain amendments in ASU No. 2016-09, such as those related to the treatment of tax windfalls from stock-based compensation that are included in net operating loss carryforwards and elections made for accounting for forfeitures, are required to be adopted on a modified retrospective basis through a cumulative-effect adjustment to partners' capital. Upon adoption, on January 1, 2017, the Company recorded a deferred tax asset of approximately $4,600 and a corresponding valuation allowance resulting in no net impact on Partners' capital. In addition, the Company elected to continue to estimate forfeitures under its current policy, therefore, there was no modified retrospective adjustment required for accounting for forfeitures upon adoption. The other provisions of ASU No. 2016-09, such as classification of certain items in the statement of cash flows, are being applied in 2017, with reclassification of prior period amounts where applicable. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement 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 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. 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. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 320): Restricted Cash. This new standard provides guidance on the classification of restricted cash in the statement of cash flows. The amendments in ASU No. 2016-18 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard provides guidance to help determine more clearly what is a business acquisition, as opposed to an asset acquisition. The amendments provide a screen to help determine when a set of components is a business by reducing the number of transactions in an acquisition that need to be evaluated. The new standard states that to classify the acquisition of assets as a business, there must be an input and a substantive process that jointly contribute to the ability to create outputs, with outputs being defined as the key elements of the business. If all of the fair value of the assets acquired are concentrated in a single asset group, this would not qualify as a business. The amendments in ASU No. 2017-01 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This new standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. The amendments in ASU No. 2017-04 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This new standard requires the components of net benefit cost to be disaggregated within the statement of operations, with service cost being included in the same line item as other compensation costs, and any other components being presented outside of operating income. The amendments in ASU No. 2017-07 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this guidance. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2017 Acquisitions There were no acquisitions in the first quarter of 2017. 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 expanded SLI's product portfolio and diversified its customer base. SMTI purchased the acquired net assets for approximately $60,329 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, including a reduction of approximately $2,200 received during the three months ended March 31, 2017. 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 $ 4,249 Inventories 3,047 Prepaid expenses and other current assets 265 Property, plant and equipment 2,321 Goodwill 30,995 Other intangible assets 28,370 Total assets acquired 69,247 Liabilities: Accounts payable 6,036 Accrued liabilities 2,882 Total liabilities assumed 8,918 Net assets acquired $ 60,329 The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. The goodwill of $30,995 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 consists of customer relationships of approximately $27,200 and customer order backlog of approximately $1,200 . The customer order backlog was amortized based on the expected period over which the orders were fulfilled of 4 months. The 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. The amount of net sales and operating income of the acquired business included in the Company's consolidated statement of operations for the three months ended March 31, 2017 was approximately $16,500 and $1,300 , respectively. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. API's Acquisitions of Amsterdam Metalized Products B.V. and Hazen Paper Company On December 1, 2016, API acquired the manufacturing assets and business of Amsterdam Metallized Products B.V. ("AMP") in the Netherlands for approximately $7,800 . AMP is a leading global provider of packaging technologies for brand enhancement. The acquisition, which is not material to SPLP's operations, is part of API's strategy to further strengthen its brand enhancement mission of utilizing high-end material substrates for luxury packaging and other niche markets, adding new products to API's offerings and providing an entry point into new packaging sectors. In connection with the AMP acquisition, the Company has recorded inventories, property, plant and equipment, other intangible assets (primarily customer relationships) and goodwill totaling approximately $1,500 , $1,900 , $1,400 and $3,000 , respectively, on a preliminary basis. 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, was 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 inventories, property, plant and equipment, other intangible assets (primarily customer relationships) and goodwill totaling approximately $1,000 , $6,200 , $2,700 and $4,100 , respectively, on a preliminary basis. 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 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 at the time of the Offer. 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 , which represented the Company's previously held equity interest at a value of $40.00 per share. 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 32,680 Inventories 24,088 Prepaid expenses and other current assets 8,254 Property, plant and equipment 23,950 Goodwill 53,573 Other intangible assets 92,326 Other non-current assets 257 Total assets acquired 240,113 Liabilities: Accounts payable 18,433 Accrued liabilities 18,444 Long-term debt 9,500 Deferred tax liabilities 25,969 Other non-current liabilities 5,782 Total liabilities assumed 78,128 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 $53,573 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 $14,700 , customer relationships of approximately $59,900 , developed technology and patents of approximately $10,700 and customer order backlog of approximately $6,900 . The customer order backlog was amortized based on the expected period over which the orders were 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 $8,100 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 statement of operations for the three months ended March 31, 2017 was approximately $44,900 and $2,300 , respectively. The results of operations of the acquired business are reported within the Company's Diversified Industrial segment. Pro Forma Disclosures Unaudited pro forma revenue and net income attributable to common unitholders of the combined entities is presented below as if SLI and EME had both been acquired January 1, 2015. Three Months Ended March 31, 2016 Total revenue $ 312,874 Net income attributable to common unitholders $ 1,005 Net income attributable to common unit holders per common unit - basic and diluted $ 0.04 This 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 SLI and EME acquisitions taken place on January 1, 2015. The information 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 unaudited pro forma earnings reflect incremental depreciation and amortization expense based on the fair value adjustments for the acquired property, plant and equipment and intangible assets, which are principally 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. The unaudited proforma earnings were also adjusted to reflect incremental interest expense on the borrowings made to finance the acquisitions, and to exclude acquisition-related costs incurred by both the Company and the acquired entities during the period presented. |
Divestitures and Asset Impairme
Divestitures and Asset Impairment Charges | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Asset Impairment Charges | DIVESTITURES AND ASSET IMPAIRMENT CHARGES Divestitures In the first quarter of 2017, API sold a facility in Rahway, N.J. for approximately $7,500 . As a result of the sale, the Company recorded a gain of approximately $200 , which is recorded in Other expenses (income), net in the Company's consolidated statements of operations. Also, in January 2017, HNH sold its Micro-Tube Fabricators, Inc. business ("MTF") for approximately $2,500 and recorded a loss on sale of $400 , which is included in Other expenses (income), net in the Company's consolidated statements of operations. MTF specialized in the production of precision fabricated tubular components produced for medical device, aerospace, aircraft, automotive and electronic applications. The price was payable $2,000 in cash at closing and a $500 subordinated promissory note to HNH bearing 5% interest annually. Half the note will be paid to HNH 6-months after closing and the remainder paid 1-year after closing. In addition, HNH may receive up to $1,000 of additional contingent consideration if certain sales volume milestones are met between the sale date and December 31, 2019. The operations of MTF were not significant to the Company's consolidated financial statements. Asset Impairment Charges In the three months ended March 31, 2016, Steel Excel recorded non-cash asset impairment charges of $1,470 related to other-than-temporary impairments on certain investments. This determination was based on several factors, including adverse changes in the market conditions and economic environments in which the entities operate. For additional information, see Note 7 - "Investments." |
Loans Receivable, Including Loa
Loans Receivable, Including Loans Held For Sale | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 are as follows: Total Current Non-current March 31, 2017 % December 31, 2016 % March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Loans held for sale $ 105,490 $ 80,692 $ 105,490 $ 80,692 $ — $ — Real estate loans: Commercial – owner occupied $ 593 1 % $ 604 1 % 37 43 556 561 Commercial – other 286 — % 266 — % — — 286 266 Total real estate loans 879 1 % 870 1 % 37 43 842 827 Commercial and industrial 50,820 70 % 50,564 68 % 1,736 3,059 49,084 47,505 Consumer loans 20,810 29 % 22,805 31 % 8,764 8,949 12,046 13,856 Total loans 72,509 100 % 74,239 100 % 10,537 12,051 61,972 62,188 Less: Allowance for loan losses (1,556 ) (1,483 ) (1,556 ) (1,483 ) — — Total loans receivable, net $ 70,953 $ 72,756 8,981 10,568 61,972 62,188 Loans receivable, including loans held for sale (a) $ 114,471 $ 91,260 $ 61,972 $ 62,188 (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 $176,440 and $153,488 at March 31, 2017 and December 31, 2016 , respectively. Commercial and industrial loans include unamortized premiums of $2 and unaccreted discounts of $ 422 at March 31, 2017. Consumer loans include unaccreted discounts of $198 at March 31, 2017. Loans with a carrying value of approximately $48,030 and $47,237 were pledged as collateral for potential borrowings at March 31, 2017 and December 31, 2016 , respectively. WebBank serviced $3,609 in loans for others at March 31, 2017 . 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, 2016 . |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET A summary of Inventories, net is as follows: March 31, 2017 December 31, 2016 Finished products $ 45,191 $ 42,824 In-process 24,013 19,160 Raw materials 43,512 42,881 Fine and fabricated precious metal in various stages of completion 17,848 15,019 130,564 119,884 LIFO reserve (1,281 ) (679 ) Total $ 129,283 $ 119,205 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 of its 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 and 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 this customer metal is not included on the Company's consolidated balance sheets. To the extent HNH is able to utilize customer precious metal in its production processes, such custome r metal replaces the need for HNH to purchase its own inventory. As of March 31, 2017 , customer metal in HNH's custody consisted of 138,686 ounces of silver, 517 ounces of gold and 1,391 ounces of p alladium. March 31, 2017 December 31, 2016 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,854 $ 5,001 Precious metals stated under non-LIFO cost methods, primarily at fair value $ 11,713 $ 9,339 Market value per ounce: Silver $ 18.21 $ 16.05 Gold $ 1,244.85 $ 1,159.10 Palladium $ 798.00 $ 676.00 |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 3 Months Ended |
Mar. 31, 2017 | |
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 Corporate and Other Total Balance at December 31, 2016 Gross goodwill $ 167,342 $ 81 $ 167,423 Accumulated impairments — — — Net goodwill 167,342 81 167,423 Acquisitions — — — Impairments — — — Currency translation adjustments 216 — 216 Other adjustments (219 ) — (219 ) Balance at March 31, 2017 Gross goodwill 167,339 81 167,420 Accumulated impairments — — — Net goodwill $ 167,339 $ 81 $ 167,420 A summary of Other intangible assets, net is as follows: March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 221,102 $ 63,757 $ 157,345 $ 220,890 $ 57,978 $ 162,912 Trademarks 51,861 12,655 39,206 51,717 11,682 40,035 Patents and technology 28,038 9,934 18,104 27,947 9,332 18,615 Other 16,141 11,344 4,797 16,652 11,002 5,650 $ 317,142 $ 97,690 $ 219,452 $ 317,206 $ 89,994 $ 227,212 Other intangible assets, net as of March 31, 2017 includes approximately $125,000 in intangible assets, primarily trade names, customer relationships, developed technology, patents and customer order backlog, associated with the SLI, EME, Hazen and AMP acquisitions. These balances are subject to adjustment during the finalization of the purchase price allocations for each of these acquisitions. Trademarks with indefinite lives as of both March 31, 2017 and December 31, 2016 were $8,020 . Amortization expense related to intangible assets was $8,119 and $4,324 for the three months ended March 31, 2017 and 2016 , respectively. The increase in amortization expense during 2017 was principally due to the Company's recent acquisitions discussed in Note 2 - "Acquisitions." |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS 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 March 31, 2017 , and December 31, 2016 , 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 statements of operations. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investments. The Company's portfolio of marketable securities was as follows: March 31, 2017 December 31, 2016 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 $ 70,489 $ — $ — $ 70,489 $ 73,270 $ — $ — $ 73,270 Mutual funds 11,997 3,392 — 15,389 11,997 2,279 — 14,276 Corporate securities 18,721 7,453 (262 ) 25,912 17,516 4,586 (586 ) 21,516 Corporate obligations 16,740 1,938 — 18,678 17,232 734 (108 ) 17,858 Total marketable securities 117,947 12,783 (262 ) 130,468 120,015 7,599 (694 ) 126,920 Amounts classified as cash equivalents (70,489 ) — — (70,489 ) (73,270 ) — — (73,270 ) Amounts classified as marketable securities $ 47,458 $ 12,783 $ (262 ) $ 59,979 $ 46,745 $ 7,599 $ (694 ) $ 53,650 Proceeds from sales of marketable securities were $1,200 and $31,500 in the three months ended March 31, 2017 and 2016 , 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 expenses (income), net in the Company's consolidated statements of operations, were as follows: Three Months Ended March 31, 2017 2016 Gross realized gains $ 12 $ 65 Gross realized losses (227 ) (1,393 ) Realized losses, net $ (215 ) $ (1,328 ) The fair value of marketable securities with unrealized losses at March 31, 2017 , 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 $ 1,034 $ (116 ) $ 594 $ (146 ) $ 1,628 $ (262 ) Total $ 1,034 $ (116 ) $ 594 $ (146 ) $ 1,628 $ (262 ) The fair value of marketable securities with unrealized losses at December 31, 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 $ 2,316 $ (384 ) $ 662 $ (202 ) $ 2,978 $ (586 ) Corporate obligations 12,481 (108 ) — — 12,481 (108 ) Total $ 14,797 $ (492 ) $ 662 $ (202 ) $ 15,459 $ (694 ) 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 the Company's evaluation of similar securities in the first quarter of 2016, 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. The Company recognized asset impairment charges of approximately $1,470 for the three months ended March 31, 2016 , equal to the cost basis of such securities in excess of their fair values. The Company has determined that there was no indication of other-than-temporary impairments on its investments with unrealized losses as of March 31, 2017 . 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 entities, 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 March 31, 2017 , by contractual maturity, were as follows: Cost Estimated Fair Value Debt securities maturing after one year through three years $ 16,740 $ 18,678 Securities with no contractual maturities 101,207 111,790 $ 117,947 $ 130,468 Long-Term Investments The following table summarizes the Company's long-term investments as of March 31, 2017 and December 31, 2016 . For those investments at fair value, the carrying amount of the investment equals its respective fair value. Ownership % Long-Term Investments Balance (Income) Loss Recorded in the Consolidated Statements of Operations Three Months Ended March 31, March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 2017 2016 Corporate securities (1) $ 91,587 $ 75,608 $ — $ — Corporate obligations (2) 4,719 4,350 (369 ) — ModusLink Global Solutions, Inc. ("MLNK") warrants 32 19 (12 ) 467 Equity method investments: Carried at fair value: ModusLink Global Solutions, Inc. 32.7 % 32.9 % 32,729 26,547 (5,122 ) 12,748 Aviat Networks, Inc. ("Aviat") 12.7 % 12.7 % 10,094 9,269 (825 ) 465 Other 43.8 % 43.8 % 1,223 1,223 — 642 SL Industries, Inc. 100.0 % 100.0 % — — — (2,109 ) API Technologies Corp. ("API Tech") — % — % — — — (6,746 ) Long-term investments carried at fair value 140,384 117,016 Carried at cost: Other equity method investments (3) 3,029 3,050 26 (29 ) Total $ 143,413 $ 120,066 $ (6,302 ) $ 5,438 (1) Represents available-for-sale securities at March 31, 2017 and December 31, 2016. Cost basis totaled $12,550 at March 31, 2017 and $12,250 at December 31, 2016 and gross unrealized gains totaled $79,037 and $63,358 at March 31, 2017 and December 31, 2016, respectively. (2) Cost basis totaled $3,480 at both March 31, 2017 and December 31, 2016 and gross unrealized gains totaled $1,239 and $870 at March 31, 2017 and December 31, 2016, respectively. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment. (3) 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. Equity Method Investments The Company's investments in associated companies are accounted for under the equity method of accounting. 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 March 31, 2017 are as follows: Equity Method, Carried At Fair Value: • MLNK provides supply chain and logistics services to companies in consumer electronics, communications, computing, medical devices, software 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. • Aviat is a global provider of microwave networking solutions. • The Other investment represents the Company's investment in a Japanese real estate partnership. • SLI, which was previously classified as an equity method investment, was acquired by HNH in 2016. • 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. Equity Method, Carried At Cost: • 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. Based on the closing market price of iGo's publicly-traded shares, the fair value of the investment in iGo was approximately $3,600 and $3,900 at March 31, 2017 and December 31, 2016 , 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. The below summary balance sheet and statement of operations amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period to the Company's fiscal period. March 31, 2017 December 31, 2016 Summary of balance sheet amounts: Current assets $ 285,692 $ 317,014 Non-current assets 26,506 28,169 Total assets $ 312,198 $ 345,183 Current liabilities $ 171,887 $ 200,966 Non-current liabilities 66,815 67,483 Total liabilities 238,702 268,449 Equity 73,496 76,734 Total liabilities and equity $ 312,198 $ 345,183 Three Months Ended March 31, 2017 2016 Summary operating results: Net revenue $ 117,568 $ 172,750 Gross profit $ 11,198 $ 22,833 Net loss $ (2,906 ) $ (10,500 ) Other Investments WebBank had $15,130 and $11,558 of held-to-maturity securities at March 31, 2017 and December 31, 2016 , respectively. WebBank records these securities at amortized cost, and they included in Other non-current assets on the Company's consolidated balance sheets. The dollar value of these securities with maturities less than five years is $618 , after five years through ten years, is $13,554 and after ten years is $958 . 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 $15,152 and $11,556 at March 31, 2017 and December 31, 2016 , respectively. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Debt consists of the following: March 31, 2017 December 31, 2016 Short term debt: API - foreign $ 761 $ 832 HNH - foreign 561 553 Short-term debt 1,322 1,385 Long-term debt: SPLP revolving facility 48,749 58,651 HNH revolving facilities 282,012 267,224 HNH other debt - domestic 6,387 6,493 HNH foreign loan facilities — 1,019 Steel Excel term loan, net of unamortized debt issuance costs 36,219 36,195 API revolving facilities 13,388 12,330 API term loans 11,021 11,142 Subtotal 397,776 393,054 Less portion due within one year 52,236 62,928 Long-term debt 345,540 330,126 Total debt $ 399,098 $ 394,439 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 March 31, 2017 ) 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 March 31, 2017 totaled approximately $324,000 . The average interest rate on the PNC Credit Facility was 2.90% as of March 31, 2017 . The PNC Credit Facility also contains customary affirmative and negative covenants, including a minimum cash balance covenant and customary events of default. Any amounts outstanding under the PNC Credit Facility are due and payable in full on October 23, 2017, and accordingly, the total amount outstanding is classified in Current portion of long-term debt on the Company's consolidated balance sheets as of March 31, 2017 and December 31, 2016. 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's availability under the PNC Credit Facility was approximately $27,500 as of March 31, 2017 . HNH Debt Senior Credit Facility HNH's amended and restated senior credit agreement ("Senior Credit Facility") provides for an up to $400,000 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. 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 March 31, 2017 ), 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 3.23% at March 31, 2017 . HNH's availability under the Senior Credit Facility was $48,800 as of March 31, 2017 . The Senior Credit Facility will expire, with all amounts outstanding 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 these subsidiaries. The Senior Credit Facility restricts these subsidiaries' ability to transfer cash or other assets to HNH, the parent company, subject to certain exceptions, including required pension payments to the WHX Corporation Pension Plan and the WHX Pension Plan II. 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 March 31, 2017 . Master Lease Agreement In 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 March 31, 2017 , $5,400 was outstanding under the master lease agreement. No leases had been entered into as of December 31, 2016 under the agreement. Steel Excel Credit Agreement 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 March 31, 2017 of the assets pledged as collateral by Steel Energy and its subsidiaries under the Amended Credit Agreement was approximately $123,867 . 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. As a result of Term Loan prepayments made by Steel Excel in prior periods, no quarterly installment payments are due until 2018. Steel Excel only has an amount outstanding under the Term Loan at March 31, 2017 . Borrowings under the Amended Credit Agreement bear interest at annual rates of either (i) the Base Rate, as defined, plus an applicable margin of 1.50% to 2.25% or (ii) LIBOR plus an applicable margin of 2.50% to 3.25% . 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 3.70% at March 31, 2017 . API Long-Term Debt Facilities Revolving Facilities API, in the UK, has a multi-currency revolving agreement of £13,500 (approximately $16,700 ) that expires on June 30, 2018 ("UK Facility"). At March 31, 2017 , approximately $13,388 was outstanding under the UK Facility. 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 1.97% at March 31, 2017 . These borrowings are secured by certain UK assets, which totaled approximately $44,800 at March 31, 2017 , and include certain debt covenants, including leverage and interest coverage. API was in compliance with all covenants at March 31, 2017 . API also has a revolving facility in the U.S. that expires in June 2018 ("U.S. Facility"), with availability of up to approximately $5,400 as of March 31, 2017 . There was no amount outstanding under the U.S. Facility at March 31, 2017 . 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 $29,500 at March 31, 2017 . API received a temporary waiver after failing to meet one of the debt covenants under this facility as of December 31, 2016. The facility was amended in February 2017 to modify and add certain covenants and provisions that will be in place until June 30, 2018. 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 3.98% at March 31, 2017 . In addition, API has certain term loans for equipment for approximately $1,200 and $800 at March 31, 2017 . These loans had interest rates of 3.79% and 4.26% at March 31, 2017 , respectively, and are secured over the related equipment. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS At March 31, 2017 and December 31, 2016 , financial instrument obligations and related restricted cash consist primarily of $13,513 and $12,640 , respectively, of short sales of corporate securities. Activity is summarized below for financial instrument liabilities and related restricted cash: March 31, 2017 2016 Balance, beginning of period $ 12,640 $ 21,639 Settlement of short sales of corporate securities (23 ) (9,176 ) Short sales of corporate securities 48 76 Net investment losses (gains) 848 (1,114 ) Balance of financial instrument liabilities and related restricted cash, end of period $ 13,513 $ 11,425 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 receivables and payables denominated in other 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 December 2017. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges. At March 31, 2017 , there were contracts in place to buy Sterling and sell Euros in the amount of €8,250 . The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's 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 March 31, 2017 , there were contracts in place to hedge the value of future sales denominated in Euros in the amount of €8,700 and the value of future purchases denominated in USD in the amount of $1,125 . These hedges are fully effective, and, accordingly the changes in fair value are recorded in accumulated other comprehensive income ("AOCI") and, at maturity, any gain or loss on the forward contract is reclassified from AOCI into the Company's consolidated statements 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 on the Company's consolidated balance sheets at March 31, 2017 and are classified within Level 3 in the fair value hierarchy (see Note 14 - "Fair Value Measurements"). At March 31, 2017 , 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. Call and Put Options During the quarter ended March 31, 2017 , the Company sold call options for proceeds of approximately $230 and purchased put options totaling $783 related to an exchange traded index fund. The options are traded in active markets, and accordingly, the Company records the fair value of the options through the use of quoted prices and records any changes in fair value in the consolidated statements of operations in Other expenses (income), net. These derivative financial instruments are classified within Level 1 in the fair value hierarchy. 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. As of March 31, 2017 , HNH had the following outstanding forward contracts with settlement dates through April 2017. There were no futures contracts outstanding at March 31, 2017 . Commodity Amount Notional Value Silver 658,710 ounces $ 12,000 Gold 600 ounces $ 700 Copper 375,000 pounds $ 900 Tin 30 metric tons $ 600 Fair Value Hedges. Of the total forward contracts outstanding, 523,710 ounces of silver and substantially all 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 on 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 statements 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 statements 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 counterparty 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 with the assistance of brokers 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. The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets and the effect of derivative instruments in the Company's consolidated statements of operations are shown in the following tables: Derivative Balance Sheet Location March 31, 2017 December 31, 2016 Commodity contracts (a), (b) Accrued liabilities $ (54 ) $ (111 ) Commodity contracts (c) (Accrued liabilities)/Prepaid expenses and other current assets (58 ) 3 Foreign exchange forward contracts (a), (d) Accrued liabilities (538 ) (872 ) Foreign exchange forward contracts (a), (b) Accrued liabilities (4 ) (76 ) Foreign exchange forward contracts (a), (d) Prepaid expenses and other current assets 35 — Economic interests in loans (c) Other non-current assets 8,028 6,162 Call options Other current liabilities (182 ) — Put options Prepaid expenses and other current assets 449 — Total derivatives $ 7,676 $ 5,106 Three Months Ended March 31, 2017 2016 Derivative Statement of Operations Location Gain (Loss) Gain (Loss) Commodity contracts (a), (b) Cost of goods sold $ (1,183 ) $ (978 ) Commodity contracts (c) Cost of goods sold 95 (24 ) Commodity contracts (c) Realized and unrealized loss on derivatives (360 ) (123 ) Foreign exchange forward contracts (a), (d) Revenue/Cost of goods sold (405 ) 108 Foreign exchange forward contracts (a), (b) Other expenses (income), net (11 ) (196 ) Economic interests in loans (c) Revenue 2,497 — Call options Other expenses (income), net 48 — Put options Other expenses (income), net (334 ) — Total derivatives $ 347 $ (1,213 ) (a) Designated as hedging instruments. (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 consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. At March 31, 2017 and December 31, 2016 , WebBank's undisbursed loan commitments totaled $143,523 and $184,784 , 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 on 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 March 31, 2017 and December 31, 2016 . |
Pension Benefit Plans
Pension Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefit Plans | PENSION BENEFIT PLANS The following table presents the components of pension expense for HNH's and API's pension plans: Three Months Ended March 31, 2017 2016 Service cost $ — $ 14 Interest cost 5,453 6,083 Expected return on plan assets (6,482 ) (7,514 ) Administrative costs 313 268 Amortization of actuarial loss 2,288 2,125 Total $ 1,572 $ 976 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 $29,700 for the remainder of 2017, and $31,100 , $39,900 , $36,000 , $32,700 and $80,600 in 2018, 2019, 2020, 2021 and for the five years thereafter, respectively. • API expects to contribute approximately $870 per year until 2021. |
Capital and Accumulated Other C
Capital and Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Capital and Accumulated Other Comprehensive Loss | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS As of March 31, 2017 , the Company had 26,083,971 Class A units (regular common units) outstanding. Common Unit Repurchase Program On December 7, 2016, the Board of Directors of SPH GP approved the repurchase of up to an aggregate of 2,000,000 of the Company's common units ("Repurchase Program"). The Repurchase Program supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company may enter into a stock purchase plan, and the Repurchase Program has no termination date. During the first quarter of 2017, the Company purchased 69,005 units for an aggregate price of approximately $1,306 . Common Unit Dividend On January 13, 2017, the Company paid dividends of approximately $3,923 to common unitholders of record as of January 3, 2017, excluding a consolidated affiliate. This amount was included in Accrued liabilities on the Company's consolidated balance sheet as of December 31, 2016. This special one-time cash dividend of $0.15 per common unit was declared on December 22, 2016. Any future determination to declare dividends on its common units will remain at the discretion of the Company's Board of Directors and will be dependent upon a number of factors, including the Company's results of operations, cash flows, financial position and capital requirements, among others. Steel Excel Transaction On December 23, 2016, the Company entered into an Amended Agreement and Plan of Merger with a subsidiary of the Company and Steel Excel to make a tender offer to purchase any and all of the outstanding shares of common stock of Steel Excel not already owned by the Company or any of its affiliates. In exchange for each share of Steel Excel common stock, the Company offered 0.712 of new 6.0% Series A preferred units, no par value ("SPLP Preferred Units"). The offer commenced on January 9, 2017 and expired on February 6, 2017. As a result of the completion of the offer, the Company issued approximately 2,500,000 SPLP Preferred Units with a fair value and liquidation value of $25.00 per SPLP Preferred Unit, or approximately $63,500 , to Steel Excel shareholders and paid approximately $2,100 in cash for any remaining unvested restricted shares of Steel Excel. As a result, the Company now owns 100% of Steel Excel. The SPLP Preferred Units entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution, which is recorded as a component of interest expense in the Company's consolidated statement of operations. On March 15, 2017, the Company paid a cash distribution of approximately $380 to preferred unitholders of record as of March 1, 2017. The SPLP Preferred Units have a term of nine years and are redeemable at any time at the Company's option at the liquidation value, plus any accrued and unpaid distributions (payable in cash or SPLP common units, or a combination of both, at the Company's discretion). If redeemed in common units, the number of common units to be issued will be equal to the liquidation value per unit divided by the volume weighted-average price of the common units for 60 days prior to the redemption. In addition, the holders can require the Company to repurchase up to 525,000 of the SPLP Preferred Units, in cash on a pro rata basis, on the third anniversary of the original issuance date, reduced by any preferred units called for redemption by the Company, in cash on a pro rata basis, prior to that time. The SPLP Preferred Units have no voting rights, except that holders of the preferred units have certain voting rights in limited circumstances relating to the election of directors following the failure to pay six quarterly distributions. The SPLP Preferred Units are recorded as a long-term liability on the Company's consolidated balance sheet as of March 31, 2017 because they have an unconditional obligation to be redeemed for cash or by issuing a variable number of SPLP common units for a monetary value that is fixed and known at inception. In accordance with the accounting standard on consolidation, changes in a parent's ownership interest where the parent retains a controlling financial interest in its subsidiary are accounted for as equity transactions. The carrying amount of the noncontrolling interest in Steel Excel has been eliminated to reflect the change in SPLP's ownership interest in Steel Excel, and the difference between the fair value of the consideration paid to the noncontrolling interest holders of Steel Excel and the amount by which the noncontrolling interest was adjusted has been recognized in Partners' capital. Accumulated Other Comprehensive Loss Changes, net of tax, in Accumulated other comprehensive loss are as follows: Three Months Ended March 31, 2017 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 $ 62,527 $ (2,470 ) $ (19,548 ) $ (109,270 ) $ (68,761 ) Other comprehensive income, net of tax - before reclassifications (a) 16,933 280 987 — 18,200 Reclassification adjustments, net of tax (b) 87 — — — 87 Net other comprehensive income attributable to common unitholders (c) 17,020 280 987 — 18,287 Other changes 848 — — — 848 Balance at end of period $ 80,395 $ (2,190 ) $ (18,561 ) $ (109,270 ) $ (49,626 ) (a) Net of a tax provision of approximately $2,172 . (b) Net of a tax provision of approximately $51 . (c) Amounts do not include the net unrealized gain on available-for-sale securities of $811 , the unrealized loss on derivative financial instruments of $27 and cumulative translation adjustment losses of $240 , 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 ("SG&A") in the Company's consolidated statements of operations. The Company recorded approximately $5,114 of incentive unit expense in the three months ended March 31, 2017 . There was no incentive unit expense recorded in the three months ended March 31, 2016. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company recorded tax provisions of $6,846 and $3,735 for the three months ended March 31, 2017 and 2016 , 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 of approximately $4,182 . |
Net (Loss) Income Per Common Un
Net (Loss) Income Per Common Unit | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Common Unit | NET (LOSS) INCOME PER COMMON UNIT The following data was used in computing net (loss) income per common unit shown in the Company's consolidated statements of operations: Three Months Ended March 31, 2017 2016 Net (loss) income $ (3,098 ) $ 2,344 Net income attributable to noncontrolling interests in consolidated entities (984 ) (382 ) Net (loss) income attributable to common unitholders $ (4,082 ) $ 1,962 Basic and diluted net (loss) income per common unit: Net (loss) income attributable to common unitholders $ (0.16 ) $ 0.07 Denominator for net (loss) income per common unit - basic 26,145,711 26,632,689 Effect of dilutive securities: Unvested restricted common units — 12,394 Denominator for net (loss) income per common unit - diluted (a) 26,145,711 26,645,083 (a) For the three months ended March 31, 2017 , the diluted per unit calculation was based on the basic weighted-average units only since the impact of 266,342 incentive units, 41,085 unvested restricted common units, and 1,910,964 preferred units would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of March 31, 2017 and December 31, 2016 are summarized by type of inputs applicable to the fair value measurements as follows: March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 28,528 $ 5,462 $ 25,989 $ 59,979 Long-term investments (a) 134,410 4,719 1,255 140,384 Investments in certain funds — — 472 472 Precious metal and commodity inventories recorded at fair value 12,556 — — 12,556 Economic interests in loans — — 8,028 8,028 Long put options 449 — — 449 Foreign currency forward exchange contracts — 114 — 114 Total $ 175,943 $ 10,295 $ 35,744 $ 221,982 Liabilities: Financial instrument obligations $ 13,513 $ — $ — $ 13,513 Short call options 182 — — 182 Commodity contracts on precious metal and commodity inventories — 112 — 112 Foreign currency forward exchange contracts — 621 — 621 Total $ 13,695 $ 733 $ — $ 14,428 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 25,498 $ 3,994 $ 24,158 $ 53,650 Long-term investments (a) 111,424 4,350 1,242 117,016 Investments in certain funds — — 469 469 Precious metal and commodity inventories recorded at fair value 10,143 — — 10,143 Economic interests in loans — — 6,162 6,162 Foreign currency forward exchange contracts — 92 — 92 Total $ 147,065 $ 8,436 $ 32,031 $ 187,532 Liabilities: Financial instrument obligations $ 12,640 $ — $ — $ 12,640 Commodity contracts on precious metal and commodity inventories — 108 — 108 Foreign currency forward exchange contracts — 1,040 — 1,040 Total $ 12,640 $ 1,148 $ — $ 13,788 (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 months ended March 31, 2017 . 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 forward contracts, are also valued at fair value. The futures contracts are Level 1 measurements since they are traded on a commodity exchange. The forward contracts are entered into with a counterparty and are considered Level 2 measurements. Following is a summary of changes in financial assets measured using Level 3 inputs: Long-Term Investments Investments in Associated Companies (a) ModusLink Warrants (a) Marketable Securities and Other (b) Total Assets Balance at December 31, 2015 $ 1,931 $ 543 $ 27,980 $ 30,454 Sales and cash collections — — (3,634 ) (3,634 ) Unrealized gains — — 2,654 2,654 Unrealized losses (642 ) (467 ) — (1,109 ) Balance at March 31, 2016 $ 1,289 $ 76 $ 27,000 $ 28,365 Balance at December 31, 2016 $ 1,223 $ 19 $ 30,789 $ 32,031 Sales and cash collections — — (1,249 ) (1,249 ) Realized gains — — 2,497 2,497 Unrealized gains — 13 2,452 2,465 Balance at March 31, 2017 $ 1,223 $ 32 $ 34,489 $ 35,744 (a) Unrealized gains and losses are recorded in (Income) loss of associated companies and other investments held at fair value, net of taxes in the Company's consolidated statements of operations. (b) Realized gains and losses on sale are recorded in Other expenses (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. 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 derivatives held by WebBank (see Note 9 - "Financial Instruments") represent 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. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 7.28% to 28.99% , a constant default rate of 1.74% to 17.86% and a discount rate of 5.25% to 18.32% . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental and Litigation 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 and as defendants in certain legal proceedings. Most such legal proceedings and environmental investigations involve unspecified amounts of potential damage claims or awards, are in an initial procedural phase, involve significant uncertainty as to the outcome, or involve significant factual issues that need to be resolved, such that it is not possible for the Company to estimate a range of possible loss. For matters that have progressed sufficiently through the investigative process such that the Company is able to reasonably estimate a range of possible losses, an estimated range of possible loss will be provided, in excess of the accrued liability (if any) for such matters. Any estimated range is or will be based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Company’s maximum possible loss exposure. The circumstances of such legal proceedings and environmental investigations will change from time to time, and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Company. The environmental 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. As of March 31, 2017 , on a consolidated basis, the Company has accrued liabilities of approximately $11,049 , which represent the current estimate of the probable cleanup liabilities, including remediation and legal costs and litigation reserves. Expenses relating to these costs, and any recoveries, are included in SG&A in the Company's consolidated statements of operations. In addition, the Company has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. Environmental Matters Certain HNH subsidiaries have existing and contingent liabilities relating to environmental matters, including costs of remediation, capital expenditures, 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 $8,900 related to estimated environmental remediation costs as of March 31, 2017 . HNH also has insurance coverage available for several of these matters and believes that excess insurance coverage may be available as well. No insurance reimbursements were recorded during the three months ended March 31, 2017 or 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, except to the extent specifically identified below, the subsidiaries are generally 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. The CTDEEP provided comments on February 28, 2017, and HNH is negotiating a final work plan which is expected to start in the first half of 2017 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 agreement on wetlands remediation goals. Based on the current stage of the investigation at this site at this time, HNH estimates that it is reasonably possible that it may incur aggregate losses over a period of several years, above its current accrued liability for this site, in a range of $2,000 to $6,000 . Due to the uncertainties, 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 March 31, 2017 , total investigation and remediation costs of approximately $5,900 and $1,900 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, although that policy is about to be exhausted. 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. Based on the current stage of the investigation at this site at this time, HNH estimates that it is reasonably possible that they may incur aggregate losses over a period of years, above its current accrued liability for this site, in a range of $100 to $3,000 , of which it expects to pay a 25% share. Due to the uncertainties, 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. 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 U.S. 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, the NJDEP served SLI with a settlement demand of $1,800 for alleged past and future costs, as well as alleged natural resource damages related to the Pennsauken Site. Although SLI believes that it has meritorious defenses to any claim for costs and natural resource damages, to avoid the time and expense of litigating the matter, on February 13, 2013, SLI offered to pay the State of New Jersey $300 to fully resolve the claim. On June 29, 2015, the State of New Jersey rejected SLI's counteroffer. No subsequent discussions have been had. The final scope and cost of this claim cannot be estimated at this time. 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 second 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 second quarter of 2017 with post-remediation rebound testing and slab removal to be conducted in the first quarter of 2018. 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 SLI or 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 prepared a Remedial Investigation Report, which was sent to the NJDEP in May 2016. Off-site access to the adjacent property has been negotiated and monitoring wells have been installed. Results of the initial samples detected COCs above the NJDEP standards. 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. Litigation Matters BNS Litigation Matters BNS Sub has been named as a defendant in 1,371 alleged asbestos-related toxic-tort claims as of March 31, 2017 . The claims were filed over a period beginning in 1994 through March 31, 2017 . In many cases these claims involved more than 100 defendants. Of the claims filed, 1,316 were dismissed, settled or granted summary judgment and closed as of March 31, 2017 . Of the claims settled, the average settlement was less than $3 . There remained 55 pending asbestos claims as of March 31, 2017 . 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 both March 31, 2017 and December 31, 2016 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 March 31, 2017 and December 31, 2016 , BNS Sub has accrued $1,349 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 $2,058 and $2,093 for the three months ended March 31, 2017 and 2016 , respectively. The Management Fee is included in SG&A in the Company's consolidated statements of operations. Unpaid amounts for management fees included in Payables to related parties on the Company's consolidated balance sheets were $58 and $0 at March 31, 2017 and December 31, 2016 , respectively. SPLP will bear (or reimburse the Manager with respect to) all its reasonable costs and expenses of the managed entities, the Manager, SPH GP or their affiliates, including but not limited to: legal, tax, accounting, auditing, consulting, administrative, compliance, investor relations costs related to being a public entity rendered for SPLP or SPH GP, as well as expenses incurred by the Manager and SPH GP which are reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement and certain other expenses incurred by managers, officers, employees and agents of the Manager or its affiliates on behalf of SPLP. Reimbursable expenses incurred by the Manager in connection with its provision of services under the Management Agreement were approximately $1,264 and $619 for the three months ended March 31, 2017 and 2016 , respectively. Unpaid amounts for reimbursable expenses were approximately $1,220 and $1,031 at March 31, 2017 and December 31, 2016 , respectively, and are included in Payables to related parties on the Company's consolidated balance sheets. 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, MLNK and Aerojet Rocketdyne Holdings, Inc. In total, Steel Services will charge approximately $3,672 annually to these companies. All amounts billed under these service agreements are classified as a reduction within SG&A. 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 March 31, 2017 and December 31, 2016 , several related parties and consolidated subsidiaries had deposits totaling $2,797 and $2,786 , respectively, at WebBank. Approximately $725 and $718 of these deposits, including interest which was not significant, has been eliminated in consolidation as of March 31, 2017 and December 31, 2016 , respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
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 and overhead expenses are not allocated to the segments. Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $2,900 , $2,000 and $1,175 for the three months ended March 31, 2017 and 2016 . These amounts are eliminated in consolidation. Segment information is presented below: Three Months Ended March 31, 2017 2016 Revenue: Diversified industrial $ 280,214 $ 206,600 Energy 27,316 19,999 Financial services 15,789 20,194 Total $ 323,319 $ 246,793 Income (loss) before income taxes: Diversified industrial $ 7,946 $ 12,409 Energy (7,777 ) (3,024 ) Financial services 7,623 12,868 Corporate and other (4,044 ) (16,174 ) Income before income taxes 3,748 6,079 Income tax provision 6,846 3,735 Net (loss) income $ (3,098 ) $ 2,344 Income (loss) of associated companies and other investments held at fair value, net of taxes: Diversified industrial $ — $ 2,109 Energy 799 6,310 Corporate and other 5,503 (13,857 ) Total $ 6,302 $ (5,438 ) |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 Actual For Capital Adequacy Purposes Minimum Capital Adequacy With Capital Buffer To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017 Total Capital (to risk-weighted assets) $ 93,555 34.40 % $ 21,735 8.00 % $ 25,131 9.25 % $ 27,168 10.00 % Tier 1 Capital (to risk-weighted assets) $ 91,811 33.80 % $ 16,301 6.00 % $ 19,697 7.25 % $ 21,735 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 91,811 33.80 % $ 12,226 4.50 % $ 15,622 5.75 % $ 17,659 6.50 % Tier 1 Capital (to average assets) $ 91,811 21.10 % $ 17,415 4.00 % n/a n/a $ 21,769 5.00 % As of December 31, 2016 Total Capital (to risk-weighted assets) $ 90,369 33.90 % $ 21,320 8.00 % $ 22,985 8.63 % $ 26,649 10.00 % Tier 1 Capital (to risk-weighted assets) $ 88,698 33.30 % $ 15,990 6.00 % $ 17,655 6.63 % $ 21,320 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 88,698 33.30 % $ 11,992 4.50 % $ 13,658 5.13 % $ 17,322 6.50 % Tier 1 Capital (to average assets) $ 88,698 22.20 % $ 15,956 4.00 % n/a n/a $ 19,944 5.00 % 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 | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION A summary of supplemental cash flow information for each of the three -month periods ending March 31, 2017 and 2016 is presented in the following table: Three Months Ended March 31, 2017 2016 Cash paid during the period for: Interest $ 4,055 $ 1,929 Taxes $ 2,201 $ 4,316 Non-cash investing activities: Securities received in exchange for financial instrument obligations $ — $ 9,155 Noncontrolling interest acquired in non-monetary exchange $ — $ 194 Non-cash financing activities: Issuance of SPLP Preferred Units to purchase subsidiary shares from noncontrolling interests $ 63,503 $ — |
Other Expenses (Income), Net
Other Expenses (Income), Net | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expenses (Income), Net | OTHER EXPENSES (INCOME), NET Other expenses (income), net consists of the following: Three Months Ended March 31, 2017 2016 Investment income $ (297 ) $ (930 ) Realized losses on sales of marketable securities, net 215 1,328 Realized loss (gain) on financial instrument obligations 848 (1,114 ) Other, net 202 (629 ) $ 968 $ (1,345 ) |
Nature of the Business and Ba29
Nature of the Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Presentation | Basis of Presentation The consolidated balance sheet as of December 31, 2016 , 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, 2016 . 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 months ended March 31, 2017 are not necessarily indicative of the operating results for the full year. |
New Accounting Pronouncements | New or Recently Adopted 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 continuing to evaluate the impact of this guidance and the transition alternatives on its consolidated financial statements and, therefore, cannot reasonably estimate the impact that adoption will have on its financial condition, results of operations or cash flows. 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. On January 1, 2017, the Company began applying the inventory measurement provisions of the new ASU, and such provisions did not have and are not expected to have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10) , which eliminates the requirement to classify equity securities with readily determinable market values as either available-for-sale securities or trading securities, and requires that equity investments, other than those accounted for under the traditional equity method of accounting, be measured at their fair value with changes in fair value recognized in net income or loss. Equity investments that do not have readily determinable market values may be measured at cost, subject to an assessment for impairment. ASU No. 2016-01 also requires enhanced disclosures about such equity investments. ASU No. 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption prohibited. Upon adoption, a reporting entity should apply the provisions of ASU No. 2016-01 by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is evaluating the potential impact on its consolidated financial statements of adopting ASU No. 2016-01. 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 statements 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 in the statement of cash flows, among other things. The new standard is effective for the Company's 2017 fiscal year, and the Company has adopted its provisions as of January 1, 2017. The impacts of certain amendments in ASU No. 2016-09, such as those related to the treatment of tax windfalls from stock-based compensation that are included in net operating loss carryforwards and elections made for accounting for forfeitures, are required to be adopted on a modified retrospective basis through a cumulative-effect adjustment to partners' capital. Upon adoption, on January 1, 2017, the Company recorded a deferred tax asset of approximately $4,600 and a corresponding valuation allowance resulting in no net impact on Partners' capital. In addition, the Company elected to continue to estimate forfeitures under its current policy, therefore, there was no modified retrospective adjustment required for accounting for forfeitures upon adoption. The other provisions of ASU No. 2016-09, such as classification of certain items in the statement of cash flows, are being applied in 2017, with reclassification of prior period amounts where applicable. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement 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 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. 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. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 320): Restricted Cash. This new standard provides guidance on the classification of restricted cash in the statement of cash flows. The amendments in ASU No. 2016-18 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard provides guidance to help determine more clearly what is a business acquisition, as opposed to an asset acquisition. The amendments provide a screen to help determine when a set of components is a business by reducing the number of transactions in an acquisition that need to be evaluated. The new standard states that to classify the acquisition of assets as a business, there must be an input and a substantive process that jointly contribute to the ability to create outputs, with outputs being defined as the key elements of the business. If all of the fair value of the assets acquired are concentrated in a single asset group, this would not qualify as a business. The amendments in ASU No. 2017-01 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This new standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. The amendments in ASU No. 2017-04 are effective for the Company's 2020 fiscal year. The Company is currently evaluating the potential impact of this new guidance. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This new standard requires the components of net benefit cost to be disaggregated within the statement of operations, with service cost being included in the same line item as other compensation costs, and any other components being presented outside of operating income. The amendments in ASU No. 2017-07 are effective for the Company's 2018 fiscal year. The Company is currently evaluating the potential impact of this guidance. |
Nature of the Business and Ba30
Nature of the Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 December 31, 2016 BNS Holdings Liquidating Trust ("BNS Liquidating Trust") 84.9 % 84.9 % DGT Holdings Corp. ("DGT") (a) 100.0 % 100.0 % Handy & Harman Ltd. ("HNH") 70.0 % 69.9 % Steel Services Ltd ("Steel Services") 100.0 % 100.0 % Steel Excel Inc. ("Steel Excel") (b) 100.0 % 64.2 % WebFinancial Holding Corporation ("WFHC") (c) 91.2 % 91.2 % (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 months ended March 31, 2017 include DGT's activity as of and for its three months ended January 31, 2017. (b) The Company acquired the remaining noncontrolling interest in Steel Excel during the first quarter of 2017. See Note 11 - "Capital and Accumulated Other Comprehensive Loss" for additional information. (c) WFHC owns 100% of WebBank and 100% of WebFinancial Holding LLC ("WFH LLC") (formerly CoSine Communications, Inc. ("CoSine")), which operates through its subsidiary API Group plc ("API"). |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | Three Months Ended March 31, 2016 Total revenue $ 312,874 Net income attributable to common unitholders $ 1,005 Net income attributable to common unit holders per common unit - basic and diluted $ 0.04 |
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 $ 4,249 Inventories 3,047 Prepaid expenses and other current assets 265 Property, plant and equipment 2,321 Goodwill 30,995 Other intangible assets 28,370 Total assets acquired 69,247 Liabilities: Accounts payable 6,036 Accrued liabilities 2,882 Total liabilities assumed 8,918 Net assets acquired $ 60,329 |
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 32,680 Inventories 24,088 Prepaid expenses and other current assets 8,254 Property, plant and equipment 23,950 Goodwill 53,573 Other intangible assets 92,326 Other non-current assets 257 Total assets acquired 240,113 Liabilities: Accounts payable 18,433 Accrued liabilities 18,444 Long-term debt 9,500 Deferred tax liabilities 25,969 Other non-current liabilities 5,782 Total liabilities assumed 78,128 Net assets acquired $ 161,985 |
Loans Receivable, Including L32
Loans Receivable, Including Loans Held For Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Trade and Other Receivables | Major classification of WebBank's loans receivable, including loans held for sale, at March 31, 2017 and December 31, 2016 are as follows: Total Current Non-current March 31, 2017 % December 31, 2016 % March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Loans held for sale $ 105,490 $ 80,692 $ 105,490 $ 80,692 $ — $ — Real estate loans: Commercial – owner occupied $ 593 1 % $ 604 1 % 37 43 556 561 Commercial – other 286 — % 266 — % — — 286 266 Total real estate loans 879 1 % 870 1 % 37 43 842 827 Commercial and industrial 50,820 70 % 50,564 68 % 1,736 3,059 49,084 47,505 Consumer loans 20,810 29 % 22,805 31 % 8,764 8,949 12,046 13,856 Total loans 72,509 100 % 74,239 100 % 10,537 12,051 61,972 62,188 Less: Allowance for loan losses (1,556 ) (1,483 ) (1,556 ) (1,483 ) — — Total loans receivable, net $ 70,953 $ 72,756 8,981 10,568 61,972 62,188 Loans receivable, including loans held for sale (a) $ 114,471 $ 91,260 $ 61,972 $ 62,188 (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 $176,440 and $153,488 at March 31, 2017 and December 31, 2016 , respectively. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of Inventories, net is as follows: March 31, 2017 December 31, 2016 Finished products $ 45,191 $ 42,824 In-process 24,013 19,160 Raw materials 43,512 42,881 Fine and fabricated precious metal in various stages of completion 17,848 15,019 130,564 119,884 LIFO reserve (1,281 ) (679 ) Total $ 129,283 $ 119,205 |
Inventory Supplemental Disclosure | March 31, 2017 December 31, 2016 Supplemental inventory information: Precious metals stated at LIFO cost $ 4,854 $ 5,001 Precious metals stated under non-LIFO cost methods, primarily at fair value $ 11,713 $ 9,339 Market value per ounce: Silver $ 18.21 $ 16.05 Gold $ 1,244.85 $ 1,159.10 Palladium $ 798.00 $ 676.00 |
Goodwill and Other Intangible34
Goodwill and Other Intangibles, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Corporate and Other Total Balance at December 31, 2016 Gross goodwill $ 167,342 $ 81 $ 167,423 Accumulated impairments — — — Net goodwill 167,342 81 167,423 Acquisitions — — — Impairments — — — Currency translation adjustments 216 — 216 Other adjustments (219 ) — (219 ) Balance at March 31, 2017 Gross goodwill 167,339 81 167,420 Accumulated impairments — — — Net goodwill $ 167,339 $ 81 $ 167,420 |
Summary of Intangible Assets | A summary of Other intangible assets, net is as follows: March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 221,102 $ 63,757 $ 157,345 $ 220,890 $ 57,978 $ 162,912 Trademarks 51,861 12,655 39,206 51,717 11,682 40,035 Patents and technology 28,038 9,934 18,104 27,947 9,332 18,615 Other 16,141 11,344 4,797 16,652 11,002 5,650 $ 317,142 $ 97,690 $ 219,452 $ 317,206 $ 89,994 $ 227,212 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The Company's portfolio of marketable securities was as follows: March 31, 2017 December 31, 2016 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 $ 70,489 $ — $ — $ 70,489 $ 73,270 $ — $ — $ 73,270 Mutual funds 11,997 3,392 — 15,389 11,997 2,279 — 14,276 Corporate securities 18,721 7,453 (262 ) 25,912 17,516 4,586 (586 ) 21,516 Corporate obligations 16,740 1,938 — 18,678 17,232 734 (108 ) 17,858 Total marketable securities 117,947 12,783 (262 ) 130,468 120,015 7,599 (694 ) 126,920 Amounts classified as cash equivalents (70,489 ) — — (70,489 ) (73,270 ) — — (73,270 ) Amounts classified as marketable securities $ 47,458 $ 12,783 $ (262 ) $ 59,979 $ 46,745 $ 7,599 $ (694 ) $ 53,650 |
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 expenses (income), net in the Company's consolidated statements of operations, were as follows: Three Months Ended March 31, 2017 2016 Gross realized gains $ 12 $ 65 Gross realized losses (227 ) (1,393 ) Realized losses, net $ (215 ) $ (1,328 ) |
Schedule of Unrealized Loss on Investments | The fair value of marketable securities with unrealized losses at March 31, 2017 , 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 $ 1,034 $ (116 ) $ 594 $ (146 ) $ 1,628 $ (262 ) Total $ 1,034 $ (116 ) $ 594 $ (146 ) $ 1,628 $ (262 ) The fair value of marketable securities with unrealized losses at December 31, 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 $ 2,316 $ (384 ) $ 662 $ (202 ) $ 2,978 $ (586 ) Corporate obligations 12,481 (108 ) — — 12,481 (108 ) Total $ 14,797 $ (492 ) $ 662 $ (202 ) $ 15,459 $ (694 ) |
Available-for-sale Securities | The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities as of March 31, 2017 , by contractual maturity, were as follows: Cost Estimated Fair Value Debt securities maturing after one year through three years $ 16,740 $ 18,678 Securities with no contractual maturities 101,207 111,790 $ 117,947 $ 130,468 |
Schedule of Available-for-sale Securities and Equity Method Investments | The following table summarizes the Company's long-term investments as of March 31, 2017 and December 31, 2016 . For those investments at fair value, the carrying amount of the investment equals its respective fair value. Ownership % Long-Term Investments Balance (Income) Loss Recorded in the Consolidated Statements of Operations Three Months Ended March 31, March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 2017 2016 Corporate securities (1) $ 91,587 $ 75,608 $ — $ — Corporate obligations (2) 4,719 4,350 (369 ) — ModusLink Global Solutions, Inc. ("MLNK") warrants 32 19 (12 ) 467 Equity method investments: Carried at fair value: ModusLink Global Solutions, Inc. 32.7 % 32.9 % 32,729 26,547 (5,122 ) 12,748 Aviat Networks, Inc. ("Aviat") 12.7 % 12.7 % 10,094 9,269 (825 ) 465 Other 43.8 % 43.8 % 1,223 1,223 — 642 SL Industries, Inc. 100.0 % 100.0 % — — — (2,109 ) API Technologies Corp. ("API Tech") — % — % — — — (6,746 ) Long-term investments carried at fair value 140,384 117,016 Carried at cost: Other equity method investments (3) 3,029 3,050 26 (29 ) Total $ 143,413 $ 120,066 $ (6,302 ) $ 5,438 (1) Represents available-for-sale securities at March 31, 2017 and December 31, 2016. Cost basis totaled $12,550 at March 31, 2017 and $12,250 at December 31, 2016 and gross unrealized gains totaled $79,037 and $63,358 at March 31, 2017 and December 31, 2016, respectively. (2) Cost basis totaled $3,480 at both March 31, 2017 and December 31, 2016 and gross unrealized gains totaled $1,239 and $870 at March 31, 2017 and December 31, 2016, respectively. Changes in fair value are recorded in the Company's consolidated statements of operations as the Company elected the fair value option to account for this investment. (3) 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. |
Schedule of Additional Disclosures of Associated Companies | The below summary balance sheet and statement of operations amounts include results for associated companies for the periods in which they were accounted for as an associated company, or the nearest practicable corresponding period to the Company's fiscal period. March 31, 2017 December 31, 2016 Summary of balance sheet amounts: Current assets $ 285,692 $ 317,014 Non-current assets 26,506 28,169 Total assets $ 312,198 $ 345,183 Current liabilities $ 171,887 $ 200,966 Non-current liabilities 66,815 67,483 Total liabilities 238,702 268,449 Equity 73,496 76,734 Total liabilities and equity $ 312,198 $ 345,183 Three Months Ended March 31, 2017 2016 Summary operating results: Net revenue $ 117,568 $ 172,750 Gross profit $ 11,198 $ 22,833 Net loss $ (2,906 ) $ (10,500 ) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term and Short-term Debt | Debt consists of the following: March 31, 2017 December 31, 2016 Short term debt: API - foreign $ 761 $ 832 HNH - foreign 561 553 Short-term debt 1,322 1,385 Long-term debt: SPLP revolving facility 48,749 58,651 HNH revolving facilities 282,012 267,224 HNH other debt - domestic 6,387 6,493 HNH foreign loan facilities — 1,019 Steel Excel term loan, net of unamortized debt issuance costs 36,219 36,195 API revolving facilities 13,388 12,330 API term loans 11,021 11,142 Subtotal 397,776 393,054 Less portion due within one year 52,236 62,928 Long-term debt 345,540 330,126 Total debt $ 399,098 $ 394,439 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Change in Financial Instrument Balance | Activity is summarized below for financial instrument liabilities and related restricted cash: March 31, 2017 2016 Balance, beginning of period $ 12,640 $ 21,639 Settlement of short sales of corporate securities (23 ) (9,176 ) Short sales of corporate securities 48 76 Net investment losses (gains) 848 (1,114 ) Balance of financial instrument liabilities and related restricted cash, end of period $ 13,513 $ 11,425 |
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of March 31, 2017 , HNH had the following outstanding forward contracts with settlement dates through April 2017. There were no futures contracts outstanding at March 31, 2017 . Commodity Amount Notional Value Silver 658,710 ounces $ 12,000 Gold 600 ounces $ 700 Copper 375,000 pounds $ 900 Tin 30 metric tons $ 600 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets and the effect of derivative instruments in the Company's consolidated statements of operations are shown in the following tables: Derivative Balance Sheet Location March 31, 2017 December 31, 2016 Commodity contracts (a), (b) Accrued liabilities $ (54 ) $ (111 ) Commodity contracts (c) (Accrued liabilities)/Prepaid expenses and other current assets (58 ) 3 Foreign exchange forward contracts (a), (d) Accrued liabilities (538 ) (872 ) Foreign exchange forward contracts (a), (b) Accrued liabilities (4 ) (76 ) Foreign exchange forward contracts (a), (d) Prepaid expenses and other current assets 35 — Economic interests in loans (c) Other non-current assets 8,028 6,162 Call options Other current liabilities (182 ) — Put options Prepaid expenses and other current assets 449 — Total derivatives $ 7,676 $ 5,106 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Three Months Ended March 31, 2017 2016 Derivative Statement of Operations Location Gain (Loss) Gain (Loss) Commodity contracts (a), (b) Cost of goods sold $ (1,183 ) $ (978 ) Commodity contracts (c) Cost of goods sold 95 (24 ) Commodity contracts (c) Realized and unrealized loss on derivatives (360 ) (123 ) Foreign exchange forward contracts (a), (d) Revenue/Cost of goods sold (405 ) 108 Foreign exchange forward contracts (a), (b) Other expenses (income), net (11 ) (196 ) Economic interests in loans (c) Revenue 2,497 — Call options Other expenses (income), net 48 — Put options Other expenses (income), net (334 ) — Total derivatives $ 347 $ (1,213 ) (a) Designated as hedging instruments. (b) Fair value hedge. (c) Economic hedge. (d) Cash flow hedge |
Pension Benefit Plans (Tables)
Pension Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of pension expense for HNH's and API's pension plans: Three Months Ended March 31, 2017 2016 Service cost $ — $ 14 Interest cost 5,453 6,083 Expected return on plan assets (6,482 ) (7,514 ) Administrative costs 313 268 Amortization of actuarial loss 2,288 2,125 Total $ 1,572 $ 976 |
Capital and Accumulated Other39
Capital and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Changes, net of tax, in Accumulated other comprehensive loss are as follows: Three Months Ended March 31, 2017 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 $ 62,527 $ (2,470 ) $ (19,548 ) $ (109,270 ) $ (68,761 ) Other comprehensive income, net of tax - before reclassifications (a) 16,933 280 987 — 18,200 Reclassification adjustments, net of tax (b) 87 — — — 87 Net other comprehensive income attributable to common unitholders (c) 17,020 280 987 — 18,287 Other changes 848 — — — 848 Balance at end of period $ 80,395 $ (2,190 ) $ (18,561 ) $ (109,270 ) $ (49,626 ) (a) Net of a tax provision of approximately $2,172 . (b) Net of a tax provision of approximately $51 . (c) Amounts do not include the net unrealized gain on available-for-sale securities of $811 , the unrealized loss on derivative financial instruments of $27 and cumulative translation adjustment losses of $240 , which are attributable to noncontrolling interests. |
Net (Loss) Income Per Common 40
Net (Loss) Income Per Common Unit (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following data was used in computing net (loss) income per common unit shown in the Company's consolidated statements of operations: Three Months Ended March 31, 2017 2016 Net (loss) income $ (3,098 ) $ 2,344 Net income attributable to noncontrolling interests in consolidated entities (984 ) (382 ) Net (loss) income attributable to common unitholders $ (4,082 ) $ 1,962 Basic and diluted net (loss) income per common unit: Net (loss) income attributable to common unitholders $ (0.16 ) $ 0.07 Denominator for net (loss) income per common unit - basic 26,145,711 26,632,689 Effect of dilutive securities: Unvested restricted common units — 12,394 Denominator for net (loss) income per common unit - diluted (a) 26,145,711 26,645,083 (a) For the three months ended March 31, 2017 , the diluted per unit calculation was based on the basic weighted-average units only since the impact of 266,342 incentive units, 41,085 unvested restricted common units, and 1,910,964 preferred units would have been anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of March 31, 2017 and December 31, 2016 are summarized by type of inputs applicable to the fair value measurements as follows: March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 28,528 $ 5,462 $ 25,989 $ 59,979 Long-term investments (a) 134,410 4,719 1,255 140,384 Investments in certain funds — — 472 472 Precious metal and commodity inventories recorded at fair value 12,556 — — 12,556 Economic interests in loans — — 8,028 8,028 Long put options 449 — — 449 Foreign currency forward exchange contracts — 114 — 114 Total $ 175,943 $ 10,295 $ 35,744 $ 221,982 Liabilities: Financial instrument obligations $ 13,513 $ — $ — $ 13,513 Short call options 182 — — 182 Commodity contracts on precious metal and commodity inventories — 112 — 112 Foreign currency forward exchange contracts — 621 — 621 Total $ 13,695 $ 733 $ — $ 14,428 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 25,498 $ 3,994 $ 24,158 $ 53,650 Long-term investments (a) 111,424 4,350 1,242 117,016 Investments in certain funds — — 469 469 Precious metal and commodity inventories recorded at fair value 10,143 — — 10,143 Economic interests in loans — — 6,162 6,162 Foreign currency forward exchange contracts — 92 — 92 Total $ 147,065 $ 8,436 $ 32,031 $ 187,532 Liabilities: Financial instrument obligations $ 12,640 $ — $ — $ 12,640 Commodity contracts on precious metal and commodity inventories — 108 — 108 Foreign currency forward exchange contracts — 1,040 — 1,040 Total $ 12,640 $ 1,148 $ — $ 13,788 (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) ModusLink Warrants (a) Marketable Securities and Other (b) Total Assets Balance at December 31, 2015 $ 1,931 $ 543 $ 27,980 $ 30,454 Sales and cash collections — — (3,634 ) (3,634 ) Unrealized gains — — 2,654 2,654 Unrealized losses (642 ) (467 ) — (1,109 ) Balance at March 31, 2016 $ 1,289 $ 76 $ 27,000 $ 28,365 Balance at December 31, 2016 $ 1,223 $ 19 $ 30,789 $ 32,031 Sales and cash collections — — (1,249 ) (1,249 ) Realized gains — — 2,497 2,497 Unrealized gains — 13 2,452 2,465 Balance at March 31, 2017 $ 1,223 $ 32 $ 34,489 $ 35,744 (a) Unrealized gains and losses are recorded in (Income) loss of associated companies and other investments held at fair value, net of taxes in the Company's consolidated statements of operations. (b) Realized gains and losses on sale are recorded in Other expenses (income), net or Revenue in the Company's consolidated statements of operations. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is presented below: Three Months Ended March 31, 2017 2016 Revenue: Diversified industrial $ 280,214 $ 206,600 Energy 27,316 19,999 Financial services 15,789 20,194 Total $ 323,319 $ 246,793 Income (loss) before income taxes: Diversified industrial $ 7,946 $ 12,409 Energy (7,777 ) (3,024 ) Financial services 7,623 12,868 Corporate and other (4,044 ) (16,174 ) Income before income taxes 3,748 6,079 Income tax provision 6,846 3,735 Net (loss) income $ (3,098 ) $ 2,344 Income (loss) of associated companies and other investments held at fair value, net of taxes: Diversified industrial $ — $ 2,109 Energy 799 6,310 Corporate and other 5,503 (13,857 ) Total $ 6,302 $ (5,438 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Actual For Capital Adequacy Purposes Minimum Capital Adequacy With Capital Buffer To Be Well Capitalized Under Prompt Corrective Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of March 31, 2017 Total Capital (to risk-weighted assets) $ 93,555 34.40 % $ 21,735 8.00 % $ 25,131 9.25 % $ 27,168 10.00 % Tier 1 Capital (to risk-weighted assets) $ 91,811 33.80 % $ 16,301 6.00 % $ 19,697 7.25 % $ 21,735 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 91,811 33.80 % $ 12,226 4.50 % $ 15,622 5.75 % $ 17,659 6.50 % Tier 1 Capital (to average assets) $ 91,811 21.10 % $ 17,415 4.00 % n/a n/a $ 21,769 5.00 % As of December 31, 2016 Total Capital (to risk-weighted assets) $ 90,369 33.90 % $ 21,320 8.00 % $ 22,985 8.63 % $ 26,649 10.00 % Tier 1 Capital (to risk-weighted assets) $ 88,698 33.30 % $ 15,990 6.00 % $ 17,655 6.63 % $ 21,320 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 88,698 33.30 % $ 11,992 4.50 % $ 13,658 5.13 % $ 17,322 6.50 % Tier 1 Capital (to average assets) $ 88,698 22.20 % $ 15,956 4.00 % n/a n/a $ 19,944 5.00 % |
Supplemental Cash Flow Inform44
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | A |
Other Expenses (Income), Net (T
Other Expenses (Income), Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Expense) Income, Net | Other expenses (income), net consists of the following: Three Months Ended March 31, 2017 2016 Investment income $ (297 ) $ (930 ) Realized losses on sales of marketable securities, net 215 1,328 Realized loss (gain) on financial instrument obligations 848 (1,114 ) Other, net 202 (629 ) $ 968 $ (1,345 ) |
Nature of the Business and Ba46
Nature of the Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 03, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
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% | |
DGT Holdings Corp. (DGT) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership (as a percent) | 100.00% | 100.00% | |
Handy & Harman Ltd. (HNH) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership (as a percent) | 70.00% | 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% | |
Steel Excel Inc. (Steel Excel) (b) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership (as a percent) | 100.00% | 64.20% | |
WebFinancial Holding Corporation (WFHC) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership (as a percent) | 91.20% | 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% | ||
Handy & Harman Ltd. (HNH) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Price per share authorized to be repurchased (in dollars per share) | $ 29 | ||
Repurchase program shares authorized amount (in shares) | $ 106,200 | ||
Series A Preferred Stock | Handy & Harman Ltd. (HNH) | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Stock liquidation value | $ 106,200 | ||
Dividend rate (as a percent) | 6.00% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2016 | Sep. 30, 2016 | Jul. 27, 2016 | Apr. 06, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 167,420 | $ 167,423 | |||||
Customer Relationships | Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Useful life | 10 years | ||||||
Customer Relationships | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Useful life | 15 years | ||||||
Steel Partners Holdings L.P. | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 25.10% | ||||||
Steel Partners Holdings L.P. | SLI | |||||||
Business Acquisition [Line Items] | |||||||
Fair value (in dollars per share) | $ 40 | ||||||
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 | ||||||
Electromagnetic Enterprise (EME) | Handy & Harman Ltd. (HNH) | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of consideration paid | $ 60,329 | ||||||
Reduction of purchase price per agreement | $ 2,200 | ||||||
Goodwill | 30,995 | $ 30,995 | |||||
Total revenue | 16,500 | ||||||
Operating income | $ 1,300 | ||||||
Inventories | 3,047 | 3,047 | |||||
Property, plant and equipment | 2,321 | 2,321 | |||||
Contingent liability | 8,918 | 8,918 | |||||
Electromagnetic Enterprise (EME) | Handy & Harman Ltd. (HNH) | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles acquired | $ 27,200 | ||||||
Useful life | 15 years | ||||||
Electromagnetic Enterprise (EME) | Handy & Harman Ltd. (HNH) | Order backlog | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles | $ 1,200 | 1,200 | |||||
Useful life | 4 months | ||||||
Amsterdam Metallized Products B.V. (AMP) | API | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of consideration paid | $ 7,800 | ||||||
Goodwill | 3,000 | ||||||
Intangibles acquired | 1,400 | ||||||
Inventories | 1,500 | ||||||
Property, plant and equipment | $ 1,900 | ||||||
Hazen Paper | API | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of consideration paid | $ 14,000 | ||||||
Goodwill | 4,100 | ||||||
Intangibles acquired | 2,700 | ||||||
Inventories | 1,000 | ||||||
Property, plant and equipment | $ 6,200 | ||||||
SLI | Handy & Harman Ltd. (HNH) | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 53,573 | ||||||
Inventories | 24,088 | ||||||
Property, plant and equipment | $ 23,950 | ||||||
Price per share (per share) | $ 40 | ||||||
Unowned voting interests acquired | 60.00% | ||||||
Contingent liability | $ 78,128 | ||||||
Revenue | 44,900 | ||||||
Operating loss | $ 2,300 | ||||||
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) | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles acquired | $ 59,900 | ||||||
SLI | Handy & Harman Ltd. (HNH) | Order backlog | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles acquired | 6,900 | ||||||
SLI | Handy & Harman Ltd. (HNH) | Trade Names | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles acquired | 14,700 | ||||||
SLI | Handy & Harman Ltd. (HNH) | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangibles acquired | 10,700 | ||||||
SL Industries, Inc. (SLI) | Handy & Harman Ltd. (HNH) | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 53,573 | ||||||
Environmental and Other Matters | SLI | Handy & Harman Ltd. (HNH) | |||||||
Business Acquisition [Line Items] | |||||||
Contingent liability | $ 8,100 |
Acquisitions - Allocation of Co
Acquisitions - Allocation of Consideration Paid (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Apr. 06, 2016 |
Assets: | ||||
Goodwill | $ 167,420 | $ 167,423 | ||
Handy & Harman Ltd. (HNH) | Electromagnetic Enterprise (EME) | ||||
Assets: | ||||
Trade and other receivables | $ 4,249 | |||
Inventories | 3,047 | |||
Prepaid expenses and other current assets | 265 | |||
Property, plant and equipment | 2,321 | |||
Goodwill | 30,995 | |||
Other intangible assets | 28,370 | |||
Total assets acquired | 69,247 | |||
Liabilities: | ||||
Accounts payable | 6,036 | |||
Accrued liabilities | 2,882 | |||
Total liabilities assumed | 8,918 | |||
Net assets acquired | $ 60,329 | |||
Handy & Harman Ltd. (HNH) | SLI | ||||
Assets: | ||||
Cash and cash equivalents | $ 4,985 | |||
Trade and other receivables | 32,680 | |||
Inventories | 24,088 | |||
Prepaid expenses and other current assets | 8,254 | |||
Property, plant and equipment | 23,950 | |||
Goodwill | 53,573 | |||
Other intangible assets | 92,326 | |||
Other non-current assets | 257 | |||
Total assets acquired | 240,113 | |||
Liabilities: | ||||
Accounts payable | 18,433 | |||
Accrued liabilities | 18,444 | |||
Long-term debt | 9,500 | |||
Other non-current liabilities | 5,782 | |||
Deferred tax liabilities | 25,969 | |||
Total liabilities assumed | 78,128 | |||
Net assets acquired | $ 161,985 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
SLI and EME | ||
Business Acquisition [Line Items] | ||
Total revenue | $ 312,874 | |
Net income attributable to common unitholders | $ 1,005 | |
Net income (loss) per common unit - basic (in dollars per share) | $ 0.04 | |
Minimum | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Useful life | 10 years | |
Maximum | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Useful life | 15 years |
Divestitures and Asset Impair50
Divestitures and Asset Impairment Charges (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from divestitures | $ 1,975 | $ 0 | |
Steel Excel | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Asset impairment charges | 1,470 | ||
Disposed of by Sale, Not Discontinued Operations | Rabway, NJ. facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on disposal | (200) | ||
API | Disposed of by Sale, Not Discontinued Operations | Rabway, NJ. facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | $ 7,500 | ||
Handy & Harman Ltd. (HNH) | Disposed of by Sale, Not Discontinued Operations | Micro-Tube Fabricators, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | $ 2,500 | ||
Gain (loss) on disposal | 400 | ||
Range of outcomes, high value | 1,000 | ||
Handy & Harman Ltd. (HNH) | Divestiture, cash receivable | Disposed of by Sale, Not Discontinued Operations | Micro-Tube Fabricators, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from divestitures | 2,000 | ||
Handy & Harman Ltd. (HNH) | Subordinated Promissory Note Receivable | Disposed of by Sale, Not Discontinued Operations | Micro-Tube Fabricators, Inc | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | $ 500 | ||
Note receivable, interest rate, stated percentage | 5.00% |
Loans Receivable, Including L51
Loans Receivable, Including Loans Held For Sale - Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 72,509 | $ 74,239 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% |
Financing receivable, gross, current | $ 10,537 | $ 12,051 |
Financing receivable, gross, non-current | 61,972 | 62,188 |
Allowance for loan losses, total | (1,556) | (1,483) |
Allowance for loan losses, current | (1,556) | (1,483) |
Allowance for loan losses, non-current | 0 | 0 |
Total loans receivable, net | 70,953 | 72,756 |
Loans receivable, net, current | 8,981 | 10,568 |
Loans receivable, net, noncurrent | 61,972 | 62,188 |
Loans receivable, net | 176,440 | 153,488 |
Loans receivable, including loans held for sale, current | 114,471 | 91,260 |
Loans receivable, including loans held for sale, non-current | 61,972 | 62,188 |
Pledged as collateral | 48,030 | 47,237 |
Loans held for sale | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 105,490 | $ 80,692 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | ||
Financing receivable, gross, current | $ 105,490 | $ 80,692 |
Financing receivable, gross, non-current | 0 | 0 |
Commercial – owner occupied | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 593 | $ 604 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 1.00% | 1.00% |
Financing receivable, gross, current | $ 37 | $ 43 |
Financing receivable, gross, non-current | 556 | 561 |
Commercial – other | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 286 | $ 266 |
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 | 286 | 266 |
Total real estate loans | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 879 | $ 870 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 1.00% | 1.00% |
Financing receivable, gross, current | $ 37 | $ 43 |
Financing receivable, gross, non-current | 842 | 827 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 50,820 | $ 50,564 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 70.00% | 68.00% |
Financing receivable, gross, current | $ 1,736 | $ 3,059 |
Financing receivable, gross, non-current | 49,084 | 47,505 |
Consumer loans | ||
Receivable [Line Items] | ||
Financing receivable, including loans held for sale, gross, total | $ 20,810 | $ 22,805 |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 29.00% | 31.00% |
Financing receivable, gross, current | $ 8,764 | $ 8,949 |
Financing receivable, gross, non-current | 12,046 | $ 13,856 |
Unamortized discount | 198 | |
Commercial and industrial portfolio segment | ||
Receivable [Line Items] | ||
Unamortized premium | 2 | |
Unamortized discount | 422 | |
WebBank | ||
Receivable [Line Items] | ||
Servicing asset | $ 3,609 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 45,191 | $ 42,824 |
In-process | 24,013 | 19,160 |
Raw materials | 43,512 | 42,881 |
Fine and fabricated precious metal in various stages of completion | 17,848 | 15,019 |
Inventory, before LIFO reserve | 130,564 | 119,884 |
LIFO reserve | (1,281) | (679) |
Inventory, Net | $ 129,283 | $ 119,205 |
Inventories, Net - Narrative (D
Inventories, Net - Narrative (Details) | Mar. 31, 2017oz |
Inventory Disclosure [Abstract] | |
Customer metal, ounces of silver | 138,686 |
Customer metal, ounces of gold | 517 |
Customer metal, ounces of palladium | 1,391 |
Inventories, Net - Supplemental
Inventories, Net - Supplemental Inventory Information (Details) $ in Thousands | Mar. 31, 2017USD ($)$ / oz | Dec. 31, 2016USD ($)$ / oz |
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 4,854 | $ 5,001 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 11,713 | $ 9,339 |
Market value per ounce, Silver (in dollars per ounce) | 18.21 | 16.05 |
Market value per ounce, Gold (in dollars per ounce) | 1,244.85 | 1,159.10 |
Market value per ounce, Palladium (in dollars per ounce) | 798 | 676 |
Goodwill and Other Intangible55
Goodwill and Other Intangibles, Net - Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Gross goodwill | $ 167,420 | $ 167,423 |
Accumulated impairments | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 167,423 | |
Acquisitions | 0 | |
Impairments | 0 | |
Currency translation adjustment | 216 | |
Other adjustments | (219) | |
Balance at end of year | 167,420 | |
Diversified Industrial | ||
Goodwill [Line Items] | ||
Gross goodwill | 167,339 | 167,342 |
Accumulated impairments | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance at beginning of year | 167,342 | |
Acquisitions | 0 | |
Impairments | 0 | |
Currency translation adjustment | 216 | |
Other adjustments | (219) | |
Balance at end of year | 167,339 | |
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 | |
Impairments | 0 | |
Currency translation adjustment | 0 | |
Other adjustments | 0 | |
Balance at end of year | $ 81 |
Goodwill and Other Intangible56
Goodwill and Other Intangibles, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 317,142 | $ 317,206 |
Accumulated Amortization | 97,690 | 89,994 |
Net | 219,452 | 227,212 |
Other intangible assets, net | 219,452 | 227,212 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 221,102 | 220,890 |
Accumulated Amortization | 63,757 | 57,978 |
Net | 157,345 | 162,912 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,861 | 51,717 |
Accumulated Amortization | 12,655 | 11,682 |
Net | 39,206 | 40,035 |
Patents and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,038 | 27,947 |
Accumulated Amortization | 9,934 | 9,332 |
Net | 18,104 | 18,615 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,141 | 16,652 |
Accumulated Amortization | 11,344 | 11,002 |
Net | 4,797 | $ 5,650 |
SLI, EME, Hazen, and AMP | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, net | $ 125,000 |
Goodwill and Other Intangible57
Goodwill and Other Intangibles, Net - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Trademarks with indefinite lives | $ 8,020 | $ 8,020 | |
Amortization expense | $ 8,119 | $ 4,324 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - Steel Excel - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | $ 117,947 | ||
Fair value | 130,468 | ||
Securities sold during the period | 1,200 | $ 31,500 | |
Available-for-sale securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 117,947 | $ 120,015 | |
Gross Unrealized Gains | 12,783 | 7,599 | |
Gross Unrealized Losses | (262) | (694) | |
Fair value | 130,468 | 126,920 | |
Amounts classified as cash equivalents | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 70,489 | 73,270 | |
Fair value | 70,489 | 73,270 | |
Amounts classified as marketable securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 47,458 | 46,745 | |
Gross Unrealized Gains | 12,783 | 7,599 | |
Gross Unrealized Losses | (262) | (694) | |
Fair value | 59,979 | 53,650 | |
Short-term deposits | Available-for-sale securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 70,489 | 73,270 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair value | 70,489 | 73,270 | |
Mutual funds | Available-for-sale securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 11,997 | 11,997 | |
Gross Unrealized Gains | 3,392 | 2,279 | |
Gross Unrealized Losses | 0 | 0 | |
Fair value | 15,389 | 14,276 | |
Corporate securities | Available-for-sale securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 18,721 | 17,516 | |
Gross Unrealized Gains | 7,453 | 4,586 | |
Gross Unrealized Losses | (262) | (586) | |
Fair value | 25,912 | 21,516 | |
Corporate obligations | Available-for-sale securities | |||
Marketable Securities, Cost to Fair Value Reconciliation [Abstract] | |||
Cost | 16,740 | 17,232 | |
Gross Unrealized Gains | 1,938 | 734 | |
Gross Unrealized Losses | 0 | (108) | |
Fair value | $ 18,678 | $ 17,858 |
Investments - Gross Realized Ga
Investments - Gross Realized Gains and Losses (Details) - Steel Excel Inc. - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Gross realized gains | $ 12 | $ 65 |
Gross realized losses | (227) | (1,393) |
Realized losses, net | $ (215) | $ (1,328) |
Investments - Fair Value (Detai
Investments - Fair Value (Details) - Steel Excel Inc. - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 1,034 | $ 14,797 |
Gross Unrealized Losses, Less than 12 Months | (116) | (492) |
Twelve Months or Greater, Fair Value | 594 | 662 |
Gross Unrealized Losses, 12 Months or Greater | (146) | (202) |
Fair Value | ||
Total | 1,628 | 15,459 |
Gross Unrealized Losses | ||
Gross Unrealized Losses | (262) | (694) |
Impairment | 1,470 | |
Corporate securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,034 | 2,316 |
Gross Unrealized Losses, Less than 12 Months | (116) | (384) |
Twelve Months or Greater, Fair Value | 594 | 662 |
Gross Unrealized Losses, 12 Months or Greater | (146) | (202) |
Fair Value | ||
Total | 1,628 | 2,978 |
Gross Unrealized Losses | ||
Gross Unrealized Losses | $ (262) | (586) |
Corporate obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 12,481 | |
Gross Unrealized Losses, Less than 12 Months | (108) | |
Twelve Months or Greater, Fair Value | 0 | |
Gross Unrealized Losses, 12 Months or Greater | 0 | |
Fair Value | ||
Total | 12,481 | |
Gross Unrealized Losses | ||
Gross Unrealized Losses | $ (108) |
Investments - Amortized Cost an
Investments - Amortized Cost and Estimated Fair Value (Details) - Steel Excel $ in Thousands | Mar. 31, 2017USD ($) |
Cost | |
Debt securities maturing after one year through three years | $ 16,740 |
Securities with no contractual maturities | 101,207 |
Cost | 117,947 |
Estimated Fair Value | |
Debt securities maturing after one year through three years | 18,678 |
Securities with no contractual maturities | 111,790 |
Fair value | $ 130,468 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Equity securities - U.S. | |||
(Income) Loss Recorded in the Consolidated Statements of Operations | $ (215) | $ (1,328) | |
Investments in Associated Companies: | |||
Long-Term Investments Balance | 140,384 | 117,016 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | (6,302) | $ 5,438 | |
Carried at cost: | |||
Total | 143,413 | 120,066 | |
ModusLink Global Solutions, Inc. (MLNK) | |||
Equity securities - U.S. | |||
Long-Term Investments Balance | $ 32 | $ 19 | |
Investments in Associated Companies: | |||
Ownership percentage | 32.70% | 32.90% | |
Long-Term Investments Balance | $ 32,729 | $ 26,547 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | (5,122) | 12,748 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ (12) | 467 | |
Aviat Networks, Inc. (Aviat) | |||
Investments in Associated Companies: | |||
Ownership percentage | 12.70% | 12.70% | |
Long-Term Investments Balance | $ 10,094 | $ 9,269 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ (825) | 465 | |
Other | |||
Investments in Associated Companies: | |||
Ownership percentage | 43.80% | 43.80% | |
Long-Term Investments Balance | $ 1,223 | $ 1,223 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ 0 | 642 | |
SL Industries, Inc. (SLI) | |||
Investments in Associated Companies: | |||
Ownership percentage | 100.00% | 100.00% | |
Long-Term Investments Balance | $ 0 | $ 0 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ 0 | (2,109) | |
API Technologies Corp. (API Tech) | |||
Investments in Associated Companies: | |||
Ownership percentage | 0.00% | 0.00% | |
Long-Term Investments Balance | $ 0 | $ 0 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | 0 | (6,746) | |
Other equity method investments | |||
Investments in Associated Companies: | |||
Long-Term Investments Balance | 3,029 | 3,050 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ 26 | (29) | |
iGo, Inc. | |||
Investments in Associated Companies: | |||
Ownership percentage | 45.00% | ||
Long-Term Investments Balance | $ 3,600 | 3,900 | |
API Optix s.r.o | |||
Investments in Associated Companies: | |||
Ownership percentage | 50.00% | ||
Corporate securities | API Group plc (API) | |||
Carried at cost: | |||
Cost Basis | $ 12,550 | 12,250 | |
Gross Unrealized Gains | 79,037 | 63,358 | |
Corporate securities | API Group plc (API) | Net investment (loss) gain | |||
Equity securities - U.S. | |||
Long-Term Investments Balance | 91,587 | 75,608 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | 0 | 0 | |
Corporate obligations | API Group plc (API) | |||
Carried at cost: | |||
Cost Basis | 3,480 | ||
Gross Unrealized Gains | 1,239 | 870 | |
Corporate obligations | API Group plc (API) | Net investment (loss) gain | |||
Equity securities - U.S. | |||
Long-Term Investments Balance | 4,719 | $ 4,350 | |
(Income) Loss Recorded in the Consolidated Statements of Operations | $ (369) | $ 0 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||
Apr. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
iGo, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 45.00% | ||
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% | 0.00% | |
Aviat Networks, Inc. (Aviat) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 12.70% | 12.70% | |
Steel Excel Inc. | API Technologies Corp. | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds (in dollars per share) | $ 2 | ||
Investment proceeds | $ 22,900 |
Investments - Additional Disclo
Investments - Additional Disclosures Related to Associated Company Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 140,384 | $ 117,016 | |
iGo, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 3,600 | 3,900 | |
Ownership percentage | 45.00% | ||
API Optix s.r.o | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50.00% | ||
Multiple equity method investments | |||
Summary of balance sheet amounts: | |||
Current assets | $ 285,692 | 317,014 | |
Non-current assets | 26,506 | 28,169 | |
Total assets | 312,198 | 345,183 | |
Current liabilities | 171,887 | 200,966 | |
Non-current liabilities | 66,815 | 67,483 | |
Total liabilities | 238,702 | 268,449 | |
Equity | 73,496 | 76,734 | |
Total liabilities and equity | 312,198 | $ 345,183 | |
Summary operating results: | |||
Net revenue | 117,568 | $ 172,750 | |
Gross profit | 11,198 | 22,833 | |
Net loss | $ (2,906) | $ (10,500) |
Investments - Other Investments
Investments - Other Investments - Related Party (Details) - WebBank - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Held to maturity securities | $ 15,130 | $ 11,558 |
Maturities held one through five years | 618 | |
Maturities between years five and ten | 13,554 | |
Maturities, after ten years | 958 | |
Fair value | $ 15,152 | $ 11,556 |
Long-term Debt - Long-term and
Long-term Debt - Long-term and Short-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 1,322 | $ 1,385 |
Total - Long-term debt - non - related parties | 397,776 | 393,054 |
Less portion due within one year | 52,236 | 62,928 |
Long-term debt | 345,540 | 330,126 |
Total debt | 399,098 | 394,439 |
Foreign Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | 561 | 553 |
API | Foreign Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | 761 | 832 |
Loans Payable | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 48,749 | 58,651 |
Loans Payable | API | Senior Notes | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 11,021 | 11,142 |
Loans Payable | API | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 13,388 | 12,330 |
Loans Payable | Steel Excel Inc. | Senior Notes | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 36,219 | 36,195 |
Loans Payable | Handy & Harman Ltd. (HNH) | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 282,012 | 267,224 |
Other Domestic Debt | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | 6,387 | 6,493 |
Foreign Line of Credit | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total - Long-term debt - non - related parties | $ 0 | $ 1,019 |
Long-term Debt - SPLP Credit Fa
Long-term Debt - SPLP Credit Facility (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
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) | 2.90% |
Maximum borrowing capacity | $ 10,000,000 |
PNC Bank, National Association | Line of Credit | |
Debt Instrument [Line Items] | |
Borrowing capacity | 105,000,000 |
Collateral pledged | 324,000,000 |
Availability | $ 27,500,000 |
Long-term Debt - HNH Senior Cre
Long-term Debt - HNH Senior Credit Facility (Details) - HNH - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Aug. 29, 2014 | |
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 | $ 400,000,000 | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average rate (as a percent) | 3.23% | |
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 | $ 48,800,000 |
Long-term Debt - Steel Excel (D
Long-term Debt - Steel Excel (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 397,776,000 | $ 393,054,000 |
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 | 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% | |
Handy & Harman Ltd. (HNH) | Master Lease Agreement | Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 10,000,000 | |
Credit facility outstanding | $ 5,400,000 | |
Steel Excel Inc. | Energy Credit Agreement | One-Month LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.70% | |
Steel Excel Inc. | Energy Credit Agreement | Long-term Debt | ||
Debt Instrument [Line Items] | ||
Assets pledged as collateral | $ 123,867,000 | |
Quarterly maturities | 3,300,000 | |
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] | ||
Maximum borrowing capacity | 10,000,000 | |
Long-term debt | $ 105,000,000 | |
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 | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | |
Revolving Credit Facility | HSBC Bank plc | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 16,700 | £ 13,500,000 |
Remaining borrowing capacity | $ 13,388 | |
Interest rate (as a percent) | 1.97% | 1.97% |
Revolving Credit Facility | HSBC | CoSine Communications, Inc. and API Group plc | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 5,400 | |
Collateral pledged | 29,500 | |
Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 9,000 | |
Interest rate (as a percent) | 3.98% | 3.98% |
Mortage Loan, Second Facility | Mortgages | Handy & Harman Ltd. (HNH) | ||
Debt Instrument [Line Items] | ||
Collateral pledged | $ 44,800 | |
Equipment loan one | Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,200 | |
Interest rate (as a percent) | 3.79% | 3.79% |
Equipment loan two | Term Loan | API Group plc (API) | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 800 | |
Interest rate (as a percent) | 4.26% | 4.26% |
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 | 3 Months Ended | |||
Mar. 31, 2017USD ($)oz | Mar. 31, 2017EUR (€) | Mar. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Min. maturity | 3 years | |||
Max. maturity | 5 years | |||
Foreign Exchange Contracts and Short Sale of Securities | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities | $ 13,513 | $ 12,640 | ||
Silver, Ounces, Copper Contracts | Commodity Contract | Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount | oz | 523,710 | |||
CoSine Communications, Inc. (CoSine) | Foreign Exchange Forward | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Value | £ | £ 8,250 | |||
WebBank | ||||
Derivatives, Fair Value [Line Items] | ||||
Undisbursed loan commitment | $ 143,523 | 184,784 | ||
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 | 1,125 | € 8,700 | ||
Call Option | ||||
Derivatives, Fair Value [Line Items] | ||||
Proceeds from call option investment | 230 | |||
Put Option | ||||
Derivatives, Fair Value [Line Items] | ||||
Payments for purchased put option | $ 783 |
Financial Instruments - Roll Fo
Financial Instruments - Roll Forward (Details) - Financial Instruments and Restricted Cash - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Balance, beginning of period | $ 12,640 | $ 21,639 |
Settlement of short sales of corporate securities | (23) | (9,176) |
Short sales of corporate securities | 48 | 76 |
Net investment losses (gains) | 848 | (1,114) |
Balance of financial instrument liabilities and related restricted cash, end of period | $ 13,513 | $ 11,425 |
Financial Instruments - Commodi
Financial Instruments - Commodity Contracts (Details) - Commodity $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)ozlbT | |
Silver, Ounces | |
Derivative [Line Items] | |
Amount | oz | 658,710 |
Notional Value | $ 12,000 |
Gold, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 600 |
Notional Value | $ 700 |
Copper, Pounds | |
Derivative [Line Items] | |
Notional Value | $ 900 |
Copper, Pounds | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | lb | 375,000 |
Tin, Metric Tons | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | T | 30 |
Notional Value | $ 600 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 7,676 | $ 5,106 |
Foreign Exchange Forward | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (35) | 0 |
Commodity Contract | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 58 | (3) |
Commodity Contract | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 54 | 111 |
Economic interests in loans | Designated as Hedging Instrument | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8,028 | 6,162 |
Call Option | Designated as Hedging Instrument | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (182) | 0 |
Put Option | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 449 | 0 |
Cash Flow Hedging | Foreign Exchange Forward | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (538) | (872) |
Fair Value Hedging | Foreign Exchange Forward | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (4) | $ (76) |
Financial Instruments - Income
Financial Instruments - Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | $ 347 | $ (1,213) |
Designated as Hedging Instrument | Commodity Contract | Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | (1,183) | (978) |
Designated as Hedging Instrument | Foreign Exchange Forward | Revenue/Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | (405) | 108 |
Designated as Hedging Instrument | Foreign Exchange Forward | Other expenses (income), net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | (11) | (196) |
Designated as Hedging Instrument | Economic interests in loans | Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | 2,497 | 0 |
Designated as Hedging Instrument | Call Option | Other Nonoperating Income (Expense) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | 48 | 0 |
Designated as Hedging Instrument | Put Option | Other Nonoperating Income (Expense) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | (334) | 0 |
Not Designated as Hedging Instrument | Commodity Contract | Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | 95 | (24) |
Not Designated as Hedging Instrument | Commodity Contract | Realized and unrealized loss on derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | $ (360) | $ (123) |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plans Disclosure [Line Items] | ||
Service cost | $ 0 | $ 14 |
Interest cost | 5,453 | 6,083 |
Expected return on plan assets | (6,482) | (7,514) |
Administrative costs | 313 | 268 |
Amortization of actuarial loss | 2,288 | 2,125 |
Total | $ 1,572 | $ 976 |
Pension Benefit Plans - Narrati
Pension Benefit Plans - Narrative (Details) - Pension Plans, Defined Benefit $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
HNH | |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |
Remainder of 2016 | $ 29,700 |
2,017 | 31,100 |
2,018 | 39,900 |
2,019 | 36,000 |
2,020 | 32,700 |
Five years thereafter | 80,600 |
API | |
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |
Annual expected contribution | $ 870 |
Capital and Accumulated Other78
Capital and Accumulated Other Comprehensive Loss - Narrative (Details) | Mar. 15, 2017USD ($)shares | Jan. 13, 2017USD ($) | Dec. 23, 2016 | Dec. 22, 2016$ / shares | Feb. 06, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2016shares | May 31, 2016shares | May 13, 2016USD ($) | Jan. 02, 2012 |
Class of Stock [Line Items] | |||||||||||
Common units outstanding (in shares) | shares | 26,083,971 | 26,152,976 | |||||||||
Dividends paid | $ 3,923,000 | ||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.15 | ||||||||||
Purchase of subsidiary shares from noncontrolling interests | $ 2,100,000 | $ 2,086,000 | $ 0 | ||||||||
Preferred unit dividend | $ 380,000 | ||||||||||
Repurchase period in force | 60 days | ||||||||||
Number of shares authorized to be repurchased (in shares) | shares | 525,000 | ||||||||||
Incentive units granted, percentage of outstanding common units (as a percent) | 100.00% | ||||||||||
Unit option plan expense | $ 5,114,000 | $ 0 | |||||||||
Class A | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common units outstanding (in shares) | shares | 26,083,971 | ||||||||||
Common Units | |||||||||||
Class of Stock [Line Items] | |||||||||||
Authorized amount | $ 2,000,000 | ||||||||||
Treasury stock (in shares) | shares | 69,005 | ||||||||||
Treasury stock repurchased | $ 1,306,000 | ||||||||||
Series A Preferred Units | |||||||||||
Class of Stock [Line Items] | |||||||||||
Exchange ratio for units offered | 0.712 | ||||||||||
Dividend rate (as a percent) | 6.00% | ||||||||||
Units converted (in shares) | shares | 2,500,000 | ||||||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | ||||||||||
Exchanges and conversions | $ 63,500,000 | ||||||||||
Steel Excel | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cumulative percentage ownership | 100.00% |
Capital and Accumulated Other79
Capital and Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | $ 704,258 | |
Other comprehensive income | 19,365 | $ 3,359 |
Balance at end of year | 659,525 | |
Tax | 2,172 | |
Tax - reclassification | 51 | |
Other comprehensive income | 19,365 | $ 3,359 |
Unrealized gain on available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | 62,527 | |
Current period other comprehensive loss | 16,933 | |
Reclassifications, net of tax | 87 | |
Other comprehensive income | 17,020 | |
Other changes | 848 | |
Balance at end of year | 80,395 | |
Other comprehensive income | 17,020 | |
Unrealized loss on derivative financial instruments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (2,470) | |
Current period other comprehensive loss | 280 | |
Reclassifications, net of tax | 0 | |
Other comprehensive income | 280 | |
Other changes | 0 | |
Balance at end of year | (2,190) | |
Other comprehensive income | 280 | |
Unrealized loss on derivative financial instruments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income | (27) | |
Other comprehensive income | (27) | |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (19,548) | |
Current period other comprehensive loss | 987 | |
Reclassifications, net of tax | 0 | |
Other comprehensive income | 987 | |
Other changes | 0 | |
Balance at end of year | (18,561) | |
Other comprehensive income | 987 | |
Change in net pension and other benefit obligations | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (109,270) | |
Current period other comprehensive loss | 0 | |
Reclassifications, net of tax | 0 | |
Other comprehensive income | 0 | |
Other changes | 0 | |
Balance at end of year | (109,270) | |
Other comprehensive income | 0 | |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (68,761) | |
Current period other comprehensive loss | 18,200 | |
Reclassifications, net of tax | 87 | |
Other comprehensive income | 18,287 | |
Other changes | 848 | |
Balance at end of year | (49,626) | |
Other comprehensive income | 18,287 | |
Unrealized gain on available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income | 811 | |
Other comprehensive income | 811 | |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income | (240) | |
Other comprehensive income | $ (240) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax provision | $ 6,846 | $ 3,735 | |
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 |
Net (Loss) Income Per Common 81
Net (Loss) Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2014 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||
Net (loss) income | $ (3,098) | $ 2,344 | |
Net income attributable to noncontrolling interests in consolidated entities | (984) | (382) | |
Net (loss) income attributable to common unitholders | $ (4,082) | $ 1,962 | |
Basic and diluted net (loss) income per common unit: | |||
Net (loss) income attributable to common unitholders (in dollars per share) | $ (0.16) | $ 0.07 | |
Weighted-average common units outstanding - basic (in shares) | 26,145,711 | 26,632,689 | |
Effect of dilutive securities: | |||
Unvested restricted units (in shares) | 0 | 12,394 | |
Denominator for net income per common unit - diluted (in shares) | 26,145,711 | 26,645,083 | |
Incentive Units | |||
Effect of dilutive securities: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 266,342 | ||
Restricted Stock Units (RSUs) | |||
Effect of dilutive securities: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 41,085 | ||
Preferred Stock | |||
Effect of dilutive securities: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,910,964 |
Fair Value Measurements Hierarc
Fair Value Measurements Hierarchy Table (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivative asset total | $ 221,982 | $ 187,532 |
Liabilities: | ||
Total | 14,428 | 13,788 |
Marketable securities | ||
Assets: | ||
Derivative asset total | 59,979 | 53,650 |
Long-term investments | ||
Assets: | ||
Derivative asset total | 140,384 | 117,016 |
Investments in certain funds | ||
Assets: | ||
Derivative asset total | 472 | 469 |
Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 12,556 | 10,143 |
Economic interests in loans | ||
Assets: | ||
Derivative asset total | 8,028 | 6,162 |
Put Option | ||
Assets: | ||
Derivative asset total | 449 | |
Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 114 | 92 |
Liabilities: | ||
Financial instruments | 621 | 1,040 |
Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 13,513 | 12,640 |
Call Option | ||
Liabilities: | ||
Financial instruments | 182 | |
Commodity contracts on precious metal and commodity inventories | ||
Liabilities: | ||
Financial instruments | 112 | 108 |
Level 1 | ||
Assets: | ||
Derivative asset total | 175,943 | 147,065 |
Liabilities: | ||
Total | 13,695 | 12,640 |
Level 1 | Marketable securities | ||
Assets: | ||
Derivative asset total | 28,528 | 25,498 |
Level 1 | Long-term investments | ||
Assets: | ||
Derivative asset total | 134,410 | 111,424 |
Level 1 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 12,556 | 10,143 |
Level 1 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 1 | Put Option | ||
Assets: | ||
Derivative asset total | 449 | |
Level 1 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 1 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 13,513 | 12,640 |
Level 1 | Call Option | ||
Liabilities: | ||
Financial instruments | 182 | |
Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 2 | ||
Assets: | ||
Derivative asset total | 10,295 | 8,436 |
Liabilities: | ||
Total | 733 | 1,148 |
Level 2 | Marketable securities | ||
Assets: | ||
Derivative asset total | 5,462 | 3,994 |
Level 2 | Long-term investments | ||
Assets: | ||
Derivative asset total | 4,719 | 4,350 |
Level 2 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 2 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 2 | Put Option | ||
Assets: | ||
Derivative asset total | 0 | |
Level 2 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 114 | 92 |
Liabilities: | ||
Financial instruments | 621 | 1,040 |
Level 2 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 2 | Call Option | ||
Liabilities: | ||
Financial instruments | 0 | |
Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Liabilities: | ||
Financial instruments | 112 | 108 |
Level 3 | ||
Assets: | ||
Derivative asset total | 35,744 | 32,031 |
Liabilities: | ||
Total | 0 | 0 |
Level 3 | Marketable securities | ||
Assets: | ||
Derivative asset total | 25,989 | 24,158 |
Level 3 | Long-term investments | ||
Assets: | ||
Derivative asset total | 1,255 | 1,242 |
Level 3 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 472 | 469 |
Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Level 3 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 8,028 | 6,162 |
Level 3 | Put Option | ||
Assets: | ||
Derivative asset total | 0 | |
Level 3 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 3 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Level 3 | Call Option | ||
Liabilities: | ||
Financial instruments | 0 | |
Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Liabilities: | ||
Financial instruments | $ 0 | $ 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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 32,031 | $ 30,454 |
Sales and cash collections | (1,249) | (3,634) |
Realized gains | (2,497) | |
Unrealized gains | 2,465 | 2,654 |
Unrealized losses | (1,109) | |
Balance at end of period | 35,744 | 28,365 |
Investments in Associated Companies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 1,223 | 1,931 |
Sales and cash collections | 0 | 0 |
Realized gains | 0 | |
Unrealized gains | 0 | 0 |
Unrealized losses | (642) | |
Balance at end of period | 1,223 | 1,289 |
ModusLink Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 19 | 543 |
Sales and cash collections | 0 | 0 |
Realized gains | 0 | |
Unrealized gains | 13 | 0 |
Unrealized losses | (467) | |
Balance at end of period | 32 | 76 |
Marketable Securities and Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 30,789 | 27,980 |
Sales and cash collections | (1,249) | (3,634) |
Realized gains | (2,497) | |
Unrealized gains | 2,452 | 2,654 |
Unrealized losses | 0 | |
Balance at end of period | $ 34,489 | $ 27,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Securities (Assets) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Prepayment rate | 7.28% |
Probability of default percent | 1.74% |
Discount rate | 5.25% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Prepayment rate | 28.99% |
Probability of default percent | 17.86% |
Discount rate | 18.32% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | Feb. 28, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)claimdefendant | Dec. 31, 2016USD ($) | Dec. 31, 2012USD ($) |
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 11,049,000 | ||||
Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 8,900,000 | ||||
BNS Subsidiary | |||||
Loss Contingencies [Line Items] | |||||
Number of claims | claim | 1,371,000 | ||||
Number of claims, dismissed, settled or granted summary judgement and closed (in claims) | claim | 1,316,000 | ||||
Claims, litigation matters (in number of claims) | claim | 55,000 | ||||
BNS Subsidiary | Insurance Claims | |||||
Loss Contingencies [Line Items] | |||||
Insurance, coverage limit | $ 183,000,000 | $ 183,000,000 | |||
Insurance, remaining self insurance coverage limit | 1,543,000 | 1,543,000 | |||
Accrual relating to open and active claims | $ 1,349,000 | $ 1,349,000 | |||
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] | |||||
Reasonably possible additional losses, low estimate | $ 2,000,000 | ||||
Reasonably possible additional losses, high estimate | $ 6,000,000 | ||||
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 | $ 5,900,000 | ||||
Costs | Hhem and HandH | Environmental and Other Matters | |||||
Loss Contingencies [Line Items] | |||||
Reasonably possible additional losses, low estimate | 100,000 | ||||
Reasonably possible additional losses, high estimate | $ 3,000,000 | ||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 25.00% | ||||
Payments | $ 1,000,000 | ||||
Investigation and remediation costs | 1,900,000 | ||||
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 - Past And Future Expenses | SLI | |||||
Loss Contingencies [Line Items] | |||||
Damages claimed | $ 1,800,000 | ||||
Subsequent event | Adjacent Parcel | Environmental and Other Matters | Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Anticipated cost | $ 200,000 |
Related Party Transactions - Ma
Related Party Transactions - Management Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
SP General Services LLC | |||
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 | ||
SP General Services LLC | Management Fee | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | $ 2,058 | $ 2,093 | |
Unpaid amount for management fee | 58 | $ 0 | |
SP General Services LLC | Reimbursable Expenses | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | 1,264 | $ 619 | |
Deferred fees payable to related party | 1,220 | $ 1,031 | |
Related Parties | Management Fee | |||
Related Party Transaction [Line Items] | |||
Services fees and reimbursable expenses | $ 3,672 |
Related Party Transactions - Ot
Related Party Transactions - Other (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Consolidation, Eliminations | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 725 | $ 718 |
Related Parties | WebBank | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 2,797 | $ 2,786 |
Segment Information - Segment D
Segment Information - Segment Description (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Diversified industrial | |
Segment Reporting Information [Line Items] | |
Management Fees Revenue | $ 2,900 |
Energy | |
Segment Reporting Information [Line Items] | |
Management Fees Revenue | 2,000 |
Financial services | |
Segment Reporting Information [Line Items] | |
Management Fees Revenue | $ 1,175 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenue: | $ 323,319 | $ 246,793 |
Income (loss) before income taxes: | 3,748 | 6,079 |
Income tax provision | 6,846 | 3,735 |
Net (loss) income | (3,098) | 2,344 |
Total | 6,302 | (5,438) |
Diversified industrial | ||
Segment Reporting Information [Line Items] | ||
Revenue: | 280,214 | 206,600 |
Income (loss) before income taxes: | 7,946 | 12,409 |
Total | 0 | 2,109 |
Energy | ||
Segment Reporting Information [Line Items] | ||
Revenue: | 27,316 | 19,999 |
Income (loss) before income taxes: | (7,777) | (3,024) |
Total | 799 | 6,310 |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Revenue: | 15,789 | 20,194 |
Income (loss) before income taxes: | 7,623 | 12,868 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes: | (4,044) | (16,174) |
Total | $ 5,503 | $ (13,857) |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Capital for Capital Adequacy, Capital Buffer To Risk Weighted Assets | 2.50% | |
Common Equity Tier One Capital Required for Capital Adequacy with Buffer to Risk Weighted Assets, when Fully Phased-in | 7.00% | |
Total Capital (to risk-weighted assets) | ||
Actual | $ 93,555 | $ 90,369 |
For capital adequacy purposes | 21,735 | 21,320 |
With capital buffer | 25,131 | 22,985 |
To be well capitalized under prompt corrective provisions | 27,168 | 26,649 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 91,811 | 88,698 |
For capital adequacy purposes | 16,301 | 15,990 |
With capital buffer | 19,697 | 17,655 |
To be well capitalized under prompt corrective provisions | 21,735 | 21,320 |
Tier 1 Capital (to average assets) | ||
Actual | 91,811 | 88,698 |
For capital adequacy purposes | 17,415 | 15,956 |
To be well capitalized under prompt corrective provisions | $ 21,769 | $ 19,944 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 34.40% | 33.90% |
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 | 9.25% | 8.63% |
Total Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 10.00% | 10.00% |
Common Equity Tier One Capital Required For Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier 1 Capital (to risk-weighted assets) Actual | 33.80% | 33.30% |
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 | 7.25% | 6.63% |
Tier 1 Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 8.00% | 8.00% |
Tier One Common Equity | $ 91,811 | $ 88,698 |
Tier One Common Capital For Capital Adequacy | 12,226 | 11,992 |
Tier One Common Capital To Be Well Capitalized | $ 17,659 | $ 17,322 |
Common Equity Tier 1 Capital | ||
Common Equity Tier One Capital to Risk Weighted Assets | 33.80% | 33.30% |
Common Equity Tier One Capital For Adequacy With Capital Buffer To Risk Weighted Assets | $ 15,622 | $ 13,658 |
Common Equity Tier One Capital Required For Adequacy With Capital Buffer To Risk Weighted Assets | 5.75% | 5.13% |
Common Equity Tier One Capital Required to be Well-Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Leverage Ratios (as a percent) | ||
Tier 1 Capital (to average assets) Actual | 21.10% | 22.20% |
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% |
Minimum | ||
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) For adequacy with capital buffer | 10.50% | |
Tier 1 Capital (to risk-weighted assets) For adequacy purposes | 4.00% | |
Tier 1 Capital (to risk-weighted assets) For adequacy with capital buffer | 8.50% | |
Maximum | ||
Risk Based Ratios (as a percent) | ||
Tier 1 Capital (to risk-weighted assets) For adequacy purposes | 6.00% |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $ 4,055 | $ 1,929 |
Taxes | 2,201 | 4,316 |
Securities received in exchange for financial instrument obligations | 0 | 9,155 |
Noncontrolling interest acquired in non-monetary exchange | 0 | 194 |
Issuance of SPLP Preferred Units to purchase subsidiary shares from noncontrolling interests | $ 63,503 | $ 0 |
Other Expenses (Income), Net (D
Other Expenses (Income), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Investment income | $ (297) | $ (930) | |
Realized losses on sales of marketable securities, net | 215 | 1,328 | |
Realized loss (gain) on financial instrument obligations | 848 | (1,114) | |
Other, net | 202 | (629) | |
Other (expense) income, net | $ 968 | $ (1,345) | $ (1,345) |