Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 11, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STEEL PARTNERS HOLDINGS L.P. | |
Entity Central Index Key | 0001452857 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 25,011,142 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 112,133 | $ 334,884 |
Restricted cash | 0 | 12,434 |
Marketable securities | 1,097 | 1,439 |
Trade and other receivables - net of allowance for doubtful accounts of $2,890 and $2,885, respectively | 235,340 | 209,543 |
Receivables from related parties | 1,019 | 425 |
Loans receivable, including loans held for sale of $230,336 and $188,143, respectively, net | 489,133 | 341,890 |
Inventories, net | 160,709 | 158,850 |
Prepaid expenses and other current assets | 40,407 | 32,826 |
Total current assets | 1,039,838 | 1,092,291 |
Long-term loans receivable, net | 200,721 | 164,375 |
Goodwill | 149,624 | 183,945 |
Other intangible assets, net | 167,133 | 183,541 |
Deferred tax assets | 69,789 | 96,040 |
Other non-current assets | 76,575 | 80,356 |
Property, plant and equipment, net | 288,125 | 297,467 |
Operating lease right-of-use assets | 42,402 | |
Long-term investments | 311,511 | 258,044 |
Total Assets | 2,345,718 | 2,356,059 |
Current liabilities: | ||
Accounts payable | 107,088 | 106,261 |
Accrued liabilities | 153,863 | 120,043 |
Financial instruments | 0 | 12,434 |
Deposits | 643,694 | 431,959 |
Payables to related parties | 1,531 | 248 |
Short-term debt | 4,678 | 3,094 |
Current portion of long-term debt | 10,732 | 799 |
Current portion of preferred unit liability | 38,898 | 0 |
Other current liabilities | 30,320 | 21,943 |
Total current liabilities | 990,804 | 696,781 |
Long-term deposits | 54,211 | 279,352 |
Long-term debt | 403,367 | 478,096 |
Preferred unit liability | 144,805 | 180,340 |
Accrued pension liabilities | 183,353 | 205,770 |
Deferred tax liabilities | 3,108 | 2,225 |
Long-term operating lease liabilities | 33,090 | |
Other non-current liabilities | 15,297 | 20,987 |
Total Liabilities | 1,828,035 | 1,863,551 |
Commitments and Contingencies | ||
Capital: | ||
Partners' capital common units: 25,011,142 and 25,294,003 issued and outstanding (after deducting 12,647,864 and 12,142,528 units held in treasury, at cost of $198,781 and $192,060), respectively | 693,908 | 666,031 |
Accumulated other comprehensive loss | (179,975) | (177,244) |
Total Partners' Capital | 513,933 | 488,787 |
Noncontrolling interests in consolidated entities | 3,750 | 3,721 |
Total Capital | 517,683 | 492,508 |
Total Liabilities and Capital | $ 2,345,718 | $ 2,356,059 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,890 | $ 2,885 |
Loans held for sale | $ 230,336 | $ 188,143 |
Common units issued (in shares) | 25,011,142 | 25,294,003 |
Common units outstanding (in shares) | 25,011,142 | 25,294,003 |
Common units held in treasury (in shares) | 12,647,864 | 12,142,528 |
Common units held in treasury, at cost | $ 198,781 | $ 192,060 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue: | ||||
Total revenue | $ 396,342 | $ 405,319 | $ 1,197,598 | $ 1,206,001 |
Costs and expenses: | ||||
Cost of goods sold | 263,598 | 284,599 | 809,289 | 845,718 |
Selling, general and administrative expenses | 82,309 | 89,135 | 273,018 | 265,700 |
Goodwill impairment charges | 41,853 | 0 | 41,853 | 0 |
Asset impairment charges | 725 | 0 | 915 | 0 |
Finance interest expense | 4,568 | 2,889 | 12,693 | 6,999 |
Provision for loan losses | 11,230 | 6,037 | 32,415 | 13,060 |
Interest expense | 10,323 | 10,615 | 32,086 | 28,314 |
Realized and unrealized (gains) losses on securities, net | (30,234) | 22,416 | (68,720) | 48,029 |
Other (income) expense, net | (795) | (2,686) | (788) | (4,231) |
Total costs and expenses | 383,577 | 413,005 | 1,132,761 | 1,203,589 |
Income (loss) before income taxes and equity method investments | 12,765 | (7,686) | 64,837 | 2,412 |
Income tax provision | 13,674 | 104 | 31,353 | 9,040 |
Loss (income) of associated companies, net of taxes | 1,855 | (1,599) | (408) | (5,141) |
Net (loss) income | (2,764) | (6,191) | 33,892 | (1,487) |
Net (income) loss attributable to noncontrolling interests in consolidated entities | (114) | 96 | (29) | (644) |
Net (loss) income attributable to common unitholders | $ (2,878) | $ (6,095) | $ 33,863 | $ (2,131) |
Net (loss) income per common unit - basic | ||||
Net (loss) income attributable to common unitholders (in dollars per share) | $ (0.12) | $ (0.23) | $ 1.36 | $ (0.08) |
Net (loss) income per common unit - diluted | ||||
Net (loss) income attributable to common unitholders (in dollars per share) | $ (0.12) | $ (0.23) | $ 1.08 | $ (0.08) |
Weighted-average number of common units outstanding - basic (in shares) | 25,011,142 | 26,020,617 | 24,947,814 | 26,143,056 |
Weighted-average number of common units outstanding - diluted (in shares) | 25,011,142 | 26,020,617 | 39,604,813 | 26,143,056 |
Diversified industrial net sales | ||||
Revenue: | ||||
Total revenue | $ 306,382 | $ 322,571 | $ 947,080 | $ 988,587 |
Energy net revenue | ||||
Revenue: | ||||
Total revenue | 44,147 | 50,343 | 126,665 | 134,008 |
Financial services revenue | ||||
Revenue: | ||||
Total revenue | $ 45,813 | $ 32,405 | $ 123,853 | $ 83,406 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (2,764) | $ (6,191) | $ 33,892 | $ (1,487) |
Other comprehensive income (loss), net of tax: | ||||
Gross unrealized gains (losses) on derivative financial instruments | 71 | (282) | 164 | 18 |
Currency translation adjustments | (2,401) | (110) | (2,895) | (893) |
Other comprehensive loss | (2,330) | (392) | (2,731) | (875) |
Comprehensive (loss) income | (5,094) | (6,583) | 31,161 | (2,362) |
Comprehensive (income) loss attributable to noncontrolling interests | (114) | 91 | (29) | (630) |
Comprehensive (loss) income attributable to common unitholders | $ (5,208) | $ (6,492) | $ 31,132 | $ (2,992) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Capital (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 25,294,003 | 25,294,003 | ||||||
Balance at beginning of year | $ 522,411 | $ 503,394 | $ 492,508 | $ 528,435 | $ 531,711 | $ 540,172 | $ 492,508 | $ 540,172 |
Net income (loss) | (2,764) | 21,034 | 15,622 | (6,191) | 13,555 | (8,851) | $ 33,892 | (1,487) |
Unrealized gains on derivative financial instruments | 71 | (425) | 518 | (282) | 115 | 185 | ||
Currency translation adjustments | (2,401) | (1,797) | 1,303 | (110) | (4,087) | 3,304 | ||
Equity compensation - restricted units | 243 | 227 | 164 | 137 | 221 | 149 | ||
Purchases of SPLP common units | (6,721) | (6,978) | (3,065) | (3,595) | ||||
Other, net | $ 123 | (22) | (35) | 104 | (286) | |||
Purchases of subsidiary shares from noncontrolling interests | (7,371) | (13,278) | (401) | |||||
Units issued in the acquisition of WFHC noncontrolling interests | 3,159 | |||||||
Balance at end of period (in shares) | 25,011,142 | 25,011,142 | ||||||
Balance at end of year | $ 517,683 | 522,411 | 503,394 | 507,605 | 528,435 | 531,711 | $ 517,683 | 507,605 |
Total Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 518,775 | 499,729 | 488,787 | 521,686 | 509,991 | 519,239 | 488,787 | 519,239 |
Net income (loss) | (2,878) | 21,063 | 15,678 | (6,095) | 13,042 | (9,078) | ||
Unrealized gains on derivative financial instruments | 71 | (425) | 518 | (282) | 104 | 170 | ||
Currency translation adjustments | (2,401) | (1,797) | 1,303 | (110) | (3,841) | 3,098 | ||
Equity compensation - restricted units | 243 | 227 | 164 | 137 | 221 | 149 | ||
Purchases of SPLP common units | (6,721) | (6,978) | (3,065) | (3,595) | ||||
Other, net | 123 | (22) | (40) | 109 | (286) | |||
Purchases of subsidiary shares from noncontrolling interests | (1,630) | 1,966 | (740) | |||||
Units issued in the acquisition of WFHC noncontrolling interests | 3,159 | |||||||
Balance at end of year | $ 513,933 | $ 518,775 | $ 499,729 | $ 506,688 | $ 521,686 | $ 509,991 | $ 513,933 | $ 506,688 |
Common Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 37,659,006 | 37,606,531 | 37,436,531 | 37,424,545 | 37,216,787 | 37,216,787 | 37,436,531 | 37,216,787 |
Equity compensation - restricted units (in shares) | 52,475 | 170,000 | 22,351 | |||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 185,407 | |||||||
Balance at end of period (in shares) | 37,659,006 | 37,659,006 | 37,606,531 | 37,424,545 | 37,424,545 | 37,216,787 | 37,659,006 | 37,424,545 |
Treasury Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 12,647,864 | 12,647,864 | 12,142,528 | 11,232,082 | 11,052,644 | 10,868,367 | 12,142,528 | 10,868,367 |
Balance at beginning of year | $ (198,781) | $ (198,781) | $ (192,060) | $ (177,518) | $ (174,453) | $ (170,858) | $ (192,060) | $ (170,858) |
Purchases of SPLP common units (in shares) | (505,336) | (410,062) | (179,438) | (184,277) | ||||
Purchases of SPLP common units | $ (6,721) | $ (6,978) | $ (3,065) | $ (3,595) | ||||
Balance at end of period (in shares) | 12,647,864 | 12,647,864 | 12,647,864 | 11,642,144 | 11,232,082 | 11,052,644 | 12,647,864 | 11,642,144 |
Balance at end of year | $ (198,781) | $ (198,781) | $ (198,781) | $ (184,496) | $ (177,518) | $ (174,453) | $ (198,781) | $ (184,496) |
Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 696,420 | 675,152 | 666,031 | 719,970 | 703,968 | 625,406 | 666,031 | 625,406 |
Net income (loss) | (2,878) | 21,063 | 15,678 | (6,095) | 13,042 | (9,078) | ||
Equity compensation - restricted units | 243 | 227 | 164 | 137 | 221 | 149 | ||
Purchases of SPLP common units | (6,721) | (6,978) | (3,065) | (3,595) | ||||
Other, net | 123 | (22) | (35) | 104 | (286) | |||
Purchases of subsidiary shares from noncontrolling interests | (1,172) | 2,541 | (740) | |||||
Units issued in the acquisition of WFHC noncontrolling interests | 3,159 | |||||||
Balance at end of year | 693,908 | 696,420 | 675,152 | 705,827 | 719,970 | 703,968 | 693,908 | 705,827 |
Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | (177,645) | (175,423) | (177,244) | (198,284) | (193,977) | (106,167) | (177,244) | (106,167) |
Unrealized gains on derivative financial instruments | 71 | (425) | 518 | (282) | 104 | 170 | ||
Currency translation adjustments | (2,401) | (1,797) | 1,303 | (110) | (3,841) | 3,098 | ||
Other, net | (5) | 5 | ||||||
Purchases of subsidiary shares from noncontrolling interests | (458) | (575) | ||||||
Balance at end of year | (179,975) | (177,645) | (175,423) | (199,139) | (198,284) | (193,977) | (179,975) | (199,139) |
Noncontrolling Interests in Consolidated Entities | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 3,636 | 3,665 | 3,721 | 6,749 | 21,720 | 20,933 | 3,721 | 20,933 |
Net income (loss) | 114 | (29) | (56) | (96) | 513 | 227 | ||
Unrealized gains on derivative financial instruments | 0 | 11 | 15 | |||||
Currency translation adjustments | 0 | (246) | 206 | |||||
Other, net | 5 | (5) | ||||||
Purchases of subsidiary shares from noncontrolling interests | (5,741) | (15,244) | 339 | |||||
Balance at end of year | $ 3,750 | $ 3,636 | $ 3,665 | $ 917 | $ 6,749 | 21,720 | $ 3,750 | 917 |
Accounting Standards Update 2016-01 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 | |||||||
Accounting Standards Update 2016-01 | Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 91,078 | |||||||
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) | |||||||
Accounting Standards Update 2014-09 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |||||||
Accounting Standards Update 2014-09 | Total Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |||||||
Accounting Standards Update 2014-09 | Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |||||||
Previously Reported | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 567,036 | 567,036 | ||||||
Previously Reported | Total Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | $ 546,103 | $ 546,103 | ||||||
Previously Reported | Common Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 37,216,787 | 37,216,787 | ||||||
Previously Reported | Treasury Units | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year (in shares) | 10,868,367 | 10,868,367 | ||||||
Balance at beginning of year | $ (170,858) | $ (170,858) | ||||||
Previously Reported | Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 652,270 | 652,270 | ||||||
Previously Reported | Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | (106,167) | (106,167) | ||||||
Previously Reported | Noncontrolling Interests in Consolidated Entities | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | 20,933 | 20,933 | ||||||
Adjustment For Tax Basis | Restatement Adjustment | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | (26,864) | (26,864) | ||||||
Adjustment For Tax Basis | Restatement Adjustment | Total Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | (26,864) | (26,864) | ||||||
Adjustment For Tax Basis | Restatement Adjustment | Partners' Capital | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Balance at beginning of year | $ (26,864) | $ (26,864) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 33,892 | $ (1,487) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for loan losses | 32,415 | 13,060 |
Income of associated companies, net of taxes | (408) | (5,141) |
Realized and unrealized (gains) losses on securities, net | (68,720) | 48,029 |
Derivative gains on economic interests in loans | (10,746) | (11,088) |
Deferred income taxes | 27,197 | 3,375 |
Depreciation and amortization | 53,755 | 59,932 |
Non-cash lease expense | 8,594 | |
Equity-based compensation | 634 | 507 |
Goodwill impairment charges | 41,853 | 0 |
Other | 2,761 | 3,959 |
Net change in operating assets and liabilities: | ||
Trade and other receivables | (26,567) | (28,771) |
Inventories | (2,070) | (12,582) |
Prepaid expenses and other assets | (2,713) | 578 |
Accounts payable, accrued and other liabilities | 6,816 | (8,965) |
Net increase in loans held for sale | (42,193) | (23,740) |
Net cash provided by operating activities | 54,500 | 37,666 |
Cash flows from investing activities: | ||
Purchases of investments | (79,731) | (131,007) |
Proceeds from sales of investments | 25,951 | 46,027 |
Proceeds from maturities of investments | 73,745 | 29,792 |
Loan originations, net of collections | (136,614) | (155,244) |
Purchases of property, plant and equipment | (29,108) | (33,597) |
Proceeds from sales of assets | 267 | 4,677 |
Settlement of short sales of corporate securities | (14,611) | 0 |
Acquisitions, net of cash acquired | (45,559) | (68,315) |
Other | 0 | 695 |
Net cash used in investing activities | (205,660) | (306,972) |
Cash flows from financing activities: | ||
Net revolver (repayments) borrowings | (58,173) | |
Net revolver (repayments) borrowings | 67,569 | |
Net repayments of term loans | (5,225) | (1,371) |
Proceeds from equipment lease financing | 0 | 791 |
Purchases of the Company's common units | (6,721) | (13,638) |
Purchase of subsidiary shares from noncontrolling interests | 0 | (18,068) |
Deferred finance charges | (815) | (1,054) |
Net (decrease) increase in deposits | (13,407) | 105,098 |
Other | 0 | (429) |
Net cash (used in) provided by financing activities | (84,341) | 138,898 |
Net change for the period | (235,501) | (130,408) |
Effect of exchange rate changes on cash and cash equivalents | 316 | (496) |
Cash, cash equivalents and restricted cash at beginning of period | 347,318 | 434,384 |
Cash, cash equivalents and restricted cash at end of period | $ 112,133 | $ 303,480 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 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, direct marketing, 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 18 - " 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 17 - " Related Party Transactions ." Basis of Presentation The accompanying unaudited consolidated financial statements as of September 30, 2019 and for the three and nine month periods ended September 30, 2019 and 2018 , which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2018 , from which the consolidated balance sheet as of December 31, 2018 has been derived. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles, but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Certain reclassifications have been made to the prior period financial statements and notes to conform to the current period presentation. During the second quarter of 2019, the Company became aware of a misstatement related to its January 2015 sale of Arlon, LLC, whereby the tax basis of Arlon, LLC at the time of sale was calculated incorrectly. The misstatement was discovered in connection with an Internal Revenue Service ("IRS") examination of the Company's 2015 income tax filing. The accompanying consolidated statements of changes in capital have been adjusted to decrease the opening balance of Partners' capital as of December 31, 2017 by $26,864 , with a corresponding increase to Accrued liabilities at December 31, 2018. The adjustment includes the IRS' expected assessment for this matter, as well as associated state taxes and interest. The Company also recorded related interest expense within our Income tax provision of $1,456 as an out-of-period adjustment in the accompanying consolidated statement of income for the nine months ended September 30, 2019. During the third quarter of 2019, following additional discussions with the IRS related to this matter, the Company reduced its Accrued liabilities by $4,294 with a corresponding adjustment to reduce the income tax provision by this amount. The Company continues to discuss this matter with the IRS. The accompanying footnotes affected by the correction of this misstatement have been revised, and the correction of this misstatement had no effect on the Company's consolidated statements of cash flows. During the first quarter of 2018, the Company corrected an out-of-period misstatement related to the increase in the fair value of the Company's investment in Steel Connect, Inc. ("STCN") preferred stock for the period from December 15, 2017 to December 31, 2017. Had this correction been recorded as of December 31, 2017, Income of associated companies, net of taxes and Net loss for the nine months ended September 30, 2018 would have been changed to losses of $6,067 and $12,695 , respectively. Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. ("ASU") 2016-02, Leases (Topic 842) . Topic 842 is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. 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 are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. The Company adopted Topic 842 as of January 1, 2019 using the alternative modified transition approach. The Company elected to use the package of practical expedients permitted under the transition guidance, including carryforward of our historical lease classification, no reassessment of whether an expired or existing contract contains an embedded lease, no reassessment of initial direct costs for any leases that existed prior to the date of adoption of the new standard, and to consolidate lease and non-lease components. As a result of the adoption of Topic 842, we recorded a ROU asset and lease liability of $45,357 and $46,024 , respectively, on January 1, 2019. The Company did not record a cumulative effect adjustment to the opening balance of Partners' capital upon the adoption of Topic 842. For additional information, see Note 3 - " Leases ." In January 2017, the FASB issued ASU 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 Company has elected to early adopt this standard as of January 1, 2019. The new standard did not have a material impact on the Company's consolidated financial statements upon adoption, although during the three months ended September 30, 2019 , the goodwill of the Company's packaging business was fully impaired. See Note 7 - " Goodwill and Other Intangible Assets, Net " for further discussion. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The Company adopted ASU 2017-12 on January 1, 2019. The new standard includes amendments to enhance presentation and disclosures, including eliminating the separate measurement and reporting of hedge ineffectiveness, generally requiring the entire effect of the hedging instrument and hedged item to be presented in the same income statement line item. Amendments in the new standard to reduce the complexity of applying certain aspects of hedge accounting include giving entities additional time to complete certain aspects of their hedge documentation, expanding the nature of hedging relationships that can be subsequently assessed for hedge effectiveness on a qualitative basis, if elected, and simplifying the application of the critical terms match and shortcut methods. Certain aspects of the new standard are applied on a modified retrospective basis including recording a cumulative-effect adjustment in the opening balance of retained earnings for cash flow and net investment hedges, to eliminate the separate measurement of ineffectiveness, if any, to accumulated other comprehensive income or loss ("AOCI") with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year of adoption. The amended presentation and disclosure guidance is required on a prospective basis. The standard also provides a number of one-time transition elections that entities may choose to apply to certain existing hedging relationships without having to de-designate and re-designate the hedging relationship. The Company has elected to continue recording amounts excluded from the assessment of hedge effectiveness in earnings rather than using an amortization approach. For additional details on the Company's derivatives and hedging activities, see Note 10 - " Financial Instruments ." In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new standard provides financial statement preparers with an option to reclassify any stranded tax effects resulting from the Federal Tax Cuts and Jobs Act from AOCI to retained earnings. The amendments in ASU 2018-02 are effective beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 on January 1, 2019 and elected not to reclassify stranded tax effects. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This new standard provides guidance on how to account for share-based payment transactions with nonemployees in which a grantor acquires goods or services to be used or consumed in the grantor's own operations by issuing equity-based payment awards. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2018-07 on January 1, 2019. The adoption did not have an impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in ASU 2018-15 are effective for the Company's 2020 fiscal year. The Company adopted ASU 2018-15 on April 1, 2019. The adoption did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This 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 over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, that are within the scope of Subtopic 326-20, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The new standards were to be effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. On October 16, 2019, the FASB voted to issue a final ASU that would amend the effective date of Topic 326 for smaller reporting companies until January 1, 2023. A company's determination about whether it is eligible to be a smaller reporting company would be based on its most recent filing determination in accordance with SEC regulations as of the date the final ASU becomes final. The Company currently meets the SEC definition of a smaller reporting company and believes it will do so as of the date the ASU becomes final. Therefore, the Company believes it will not be required to adopt Topic 326 until January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses ("ALLL"). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements. The amendments in ASU 2018-13 are effective for the Company's 2020 fiscal year, except that the standard permits an entity to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until the effective date. Because ASU 2018-13 affects disclosure only, management does not expect that the full adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension and other post-retirement plans. The amendments in ASU 2018-14 are effective for the Company's 2021 fiscal year. Because ASU 2018-14 affects disclosure only, management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES Disaggregation of Revenues Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - " Segment Information ." The following table presents the Company's revenues disaggregated by geography for the three and nine months ended September 30, 2019 and 2018 . The Company's revenues are primarily derived domestically. Foreign revenues are based on the country in which the legal subsidiary generating the revenue is domiciled. Revenue from any single foreign country was not material to the Company's consolidated financial statements. Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 359,534 $ 353,953 $ 1,079,273 $ 1,036,473 Foreign (a) 36,808 51,366 118,325 169,528 Total revenue $ 396,342 $ 405,319 $ 1,197,598 $ 1,206,001 (a) Foreign revenues are primarily related to the Company's API Group plc ("API") and Dunmore Europe GmbH businesses, which are domiciled in the United Kingdom and Germany, respectively. Contract Balances Differences in the timing of revenue recognition, billings and cash collections result in billed trade receivables, unbilled receivables (contract assets) and deferred revenue (contract liabilities) on the consolidated balance sheets. Contract Assets Unbilled receivables arise when the timing of billings to customers differs from the timing of revenue recognition, such as when the Company recognizes revenue over time before a customer can be billed. Contract assets are classified as Prepaid expenses and other current assets on the consolidated balance sheets. As of September 30, 2019 and December 31, 2018 , the contract asset balance was $9,142 and $8,969 , respectively. Contract Liabilities The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts that are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheets, based on the timing of when the Company expects to recognize revenue. As of September 30, 2019 and December 31, 2018 , the contract liability was $4,381 and $5,900 , respectively. The decrease in the nine months ended September 30, 2019 was primarily due to deferral of revenue of $14,940 offset by the recognition of $14,962 of unearned revenue. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company determines if an agreement qualifies as a lease or contains a lease in the period that the agreement is executed. ROU assets represent our right to use an underlying asset for the entirety of the lease term. Lease liabilities represent the Company's obligation to make payments over the life of the lease. A ROU asset and a lease liability are recognized at commencement of the lease based on the present value of the lease payments over the life of the lease. Since the interest rate implicit in a lease is generally not readily determinable, we use an incremental borrowing rate to determine the present value of the lease payments. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar lease term to obtain an asset of similar value. Our lease terms may include options to extend or terminate the lease when the Company is reasonably certain that we will exercise that option. Initial direct costs are included as part of the ROU asset upon commencement of the lease. The Company has applied the practical expedient available for lessees in which lease and non-lease components are accounted for as a single lease component for all of our asset classes. We also elected the practical expedient to exclude short-term leases (leases with original terms of 12 months or less) from our ROU asset and lease liability accounts. The Company has operating and finance leases for operating plants, warehouses, corporate offices, housing facilities, vehicles and equipment. Our leases have remaining lease terms of up to 54 years. The components of lease cost are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 2,799 $ 9,466 Short-term lease cost $ 126 $ 657 Finance lease cost: Amortization of right-of-use assets $ 336 $ 856 Interest on lease liabilities 97 225 Total finance lease cost $ 433 $ 1,081 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,832 Operating cash flows from finance leases $ 225 Financing cash flows from finance leases $ 1,089 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,301 Finance leases $ 3,817 Supplemental balance sheet information related to leases is as follows: September 30, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 42,402 Operating lease right-of-use assets Current operating lease liabilities $ 10,231 Other current liabilities Non-current operating lease liabilities 33,090 Long-term operating lease liabilities Total operating lease liabilities $ 43,321 Finance leases Finance lease assets $ 9,622 Property, plant and equipment, net Current finance lease liabilities $ 1,721 Other current liabilities Non-current finance lease liabilities 7,273 Other non-current liabilities Total finance lease liabilities $ 8,994 Weighted-average remaining lease term Operating leases 8.10 years Finance leases 5.39 years Weighted-average discount rate Operating leases 4.60 % Finance leases 4.20 % Future minimum operating lease obligations prior to the adoption of Topic 842, as of December 31, 2018 , were as follows: Payments Due by Period Amount 2019 $ 14,280 2020 11,131 2021 8,975 2022 6,174 2023 3,863 Thereafter 17,867 Total $ 62,290 Maturities of lease liabilities after the adoption of Topic 842, as of September 30, 2019 , are as follows: Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 4,066 $ 523 2020 13,249 1,985 2021 9,483 1,902 2022 7,418 1,781 2023 5,182 1,754 Thereafter 16,785 2,067 Total lease payments 56,183 10,012 Present value of current lease liabilities 10,231 1,721 Present value of long-term lease liabilities 33,090 7,273 Total present value of lease liabilities 43,321 8,994 Difference between undiscounted cash flows and discounted cash flows $ 12,862 $ 1,018 |
Leases | LEASES The Company determines if an agreement qualifies as a lease or contains a lease in the period that the agreement is executed. ROU assets represent our right to use an underlying asset for the entirety of the lease term. Lease liabilities represent the Company's obligation to make payments over the life of the lease. A ROU asset and a lease liability are recognized at commencement of the lease based on the present value of the lease payments over the life of the lease. Since the interest rate implicit in a lease is generally not readily determinable, we use an incremental borrowing rate to determine the present value of the lease payments. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar lease term to obtain an asset of similar value. Our lease terms may include options to extend or terminate the lease when the Company is reasonably certain that we will exercise that option. Initial direct costs are included as part of the ROU asset upon commencement of the lease. The Company has applied the practical expedient available for lessees in which lease and non-lease components are accounted for as a single lease component for all of our asset classes. We also elected the practical expedient to exclude short-term leases (leases with original terms of 12 months or less) from our ROU asset and lease liability accounts. The Company has operating and finance leases for operating plants, warehouses, corporate offices, housing facilities, vehicles and equipment. Our leases have remaining lease terms of up to 54 years. The components of lease cost are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 2,799 $ 9,466 Short-term lease cost $ 126 $ 657 Finance lease cost: Amortization of right-of-use assets $ 336 $ 856 Interest on lease liabilities 97 225 Total finance lease cost $ 433 $ 1,081 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,832 Operating cash flows from finance leases $ 225 Financing cash flows from finance leases $ 1,089 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,301 Finance leases $ 3,817 Supplemental balance sheet information related to leases is as follows: September 30, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 42,402 Operating lease right-of-use assets Current operating lease liabilities $ 10,231 Other current liabilities Non-current operating lease liabilities 33,090 Long-term operating lease liabilities Total operating lease liabilities $ 43,321 Finance leases Finance lease assets $ 9,622 Property, plant and equipment, net Current finance lease liabilities $ 1,721 Other current liabilities Non-current finance lease liabilities 7,273 Other non-current liabilities Total finance lease liabilities $ 8,994 Weighted-average remaining lease term Operating leases 8.10 years Finance leases 5.39 years Weighted-average discount rate Operating leases 4.60 % Finance leases 4.20 % Future minimum operating lease obligations prior to the adoption of Topic 842, as of December 31, 2018 , were as follows: Payments Due by Period Amount 2019 $ 14,280 2020 11,131 2021 8,975 2022 6,174 2023 3,863 Thereafter 17,867 Total $ 62,290 Maturities of lease liabilities after the adoption of Topic 842, as of September 30, 2019 , are as follows: Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 4,066 $ 523 2020 13,249 1,985 2021 9,483 1,902 2022 7,418 1,781 2023 5,182 1,754 Thereafter 16,785 2,067 Total lease payments 56,183 10,012 Present value of current lease liabilities 10,231 1,721 Present value of long-term lease liabilities 33,090 7,273 Total present value of lease liabilities 43,321 8,994 Difference between undiscounted cash flows and discounted cash flows $ 12,862 $ 1,018 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2019 Acquisition On April 1, 2019, the Company, through its wholly-owned subsidiary, WebBank, completed the acquisition of National Partners PFco, LLC ("National Partners"), located in Denver, Colorado, for consideration of $47,725 , which includes assumed debt, including debt with a third-party that WebBank had a preexisting $10,000 participation, and is subject to an earn-out based on future performance through June 30, 2020, as provided in the purchase agreement. National Partners provides commercial premium finance solutions for national insurance brokerages, independent insurance agencies and insureds in key markets throughout the United States. National Partners is included with WebBank in the Company's Financial Services segment. In connection with the acquisition, the Company recorded receivables, other intangible assets and goodwill associated with the acquisition, totaling approximately $ 37,195 , $2,230 and $6,515 , respectively, as well as other assets and liabilities. Other intangible assets consist of agent relationships of $1,800 and trade names of $430 . The goodwill from the acquisition consists largely of the synergies expected from combining the operations of the two businesses. The goodwill of $6,515 is expected to be deductible for income tax purposes. The preliminary purchase price allocation is subject to finalization of valuations of certain acquired assets and liabilities. 2018 Acquisitions On June 1, 2018, the Company completed the acquisition of PST Group, Inc. ("PST") located in Muskego, Wisconsin for approximately $4,620 . PST manufactures precision-engineered threaded components and custom ball screw assemblies, providing linear motion and power transmission solutions across a range of industries. PST is included in the Company's Diversified Industrial segment. On February 16, 2018, the Company completed the acquisition of certain assets and liabilities of Dunmore Corporation in the U.S. and the share purchase of Dunmore Europe GmbH in Germany (collectively, "Dunmore"). Dunmore manufactures and distributes coated, laminated and metallized films for engineered applications in the imaging, aerospace, insulation and solar photo-voltaic markets and also provides products for custom and special applications. Dunmore reports into the Company's packaging business in its Diversified Industrial segment. The Dunmore purchase price of $69,604 included assumed debt and is subject to an earn-out based on earnings during the period from January 1, 2018 through December 31, 2019, as provided in the purchase agreement. In no case will the purchase price, including the potential earn-out, exceed $80,000 . During the three months ended September 30, 2019, the Company recorded a reduction of $3,500 to the amount of the initial estimated earn-out liability, with a related reduction of expense in the consolidated statements of operations. In connection with the Dunmore acquisition, the Company had recorded inventories, property, plant and equipment, other intangible assets and goodwill totaling approximately $7,700 , $30,600 , $17,300 and $15,409 , respectively, as well as other assets and liabilities. Other intangible assets consist of customer relationships of $10,100 , trade names of $3,300 , developed technology of $3,300 and customer order backlog of $600 . The expected useful lives are 15 years for customer relationships, indefinite for trade names and 10 years for developed technology. The customer order backlog was amortized based on the expected period over which the orders were fulfilled of four months. The goodwill from the Dunmore acquisition consists largely of the synergies expected from combining the operations of Dunmore and the Company's existing packaging business. The goodwill assigned to Dunmore Corporation of $7,126 is expected to be deductible for income tax purposes, while the goodwill assigned to Dunmore Europe GmbH of $8,283 is not tax deductible. During the three months ended September 30, 2019 , the goodwill of the Company's packaging business, including the goodwill of Dunmore, was fully impaired. See Note 7 - " Goodwill and Other Intangible Assets, Net " for further discussion. |
Loans Receivable, Including Loa
Loans Receivable, Including Loans Held For Sale | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable, Including Loans Held For Sale | LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE Major classifications of loans receivable, including loans held for sale, held by WebBank, as of September 30, 2019 and December 31, 2018 are as follows: Total Current Non-current September 30, 2019 % December 31, 2018 % September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Loans held for sale $ 230,336 $ 188,143 $ 230,336 $ 188,143 $ — $ — Commercial real estate loans $ 612 — % $ 632 — % — — 612 632 Commercial and industrial 202,965 41 % 146,758 44 % 178,175 81,507 24,790 65,251 Consumer loans 289,845 59 % 188,391 56 % 114,526 89,899 175,319 98,492 Total loans 493,422 100 % 335,781 100 % 292,701 171,406 200,721 164,375 Less: Allowance for loan losses (33,904 ) (17,659 ) (33,904 ) (17,659 ) — — Total loans receivable, net $ 459,518 $ 318,122 258,797 153,747 200,721 164,375 Loans receivable, including loans held for sale (a) $ 489,133 $ 341,890 $ 200,721 $ 164,375 (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. Loans with a carrying value of approximately $31,158 and $56,581 were pledged as collateral for potential borrowings as of September 30, 2019 and December 31, 2018 , respectively. WebBank serviced $2,913 and $3,044 in loans for others as of September 30, 2019 and December 31, 2018 , respectively. WebBank sold loans classified as loans held for sale of $17,710,442 and $14,929,832 during the nine months ended September 30, 2019 and 2018 , respectively. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of consumer and small business loans. Amounts added to loans held for sale during the nine months ended September 30, 2019 and 2018 were $17,752,636 and $14,953,571 , respectively. The 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 primarily due to an increase in the 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, 2018 . |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | INVENTORIES, NET A summary of Inventories, net is as follows: September 30, 2019 December 31, 2018 Finished products $ 51,979 $ 55,723 In-process 30,582 25,392 Raw materials 57,666 58,569 Fine and fabricated precious metal in various stages of completion 23,305 20,790 163,532 160,474 LIFO reserve (2,823 ) (1,624 ) Total $ 160,709 $ 158,850 Fine and Fabricated Precious Metal Inventory In order to produce certain of its products, the Company purchases, maintains and utilizes precious metal inventory. The Company records certain precious metal inven tory at the lower of last-in-first-out ("LIFO") cost or market value, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. The Company obtains certain precious metals under a fee consignment agreement with the Bank of Nova Scotia ("ScotiaBank"). As of September 30, 2019 and December 31, 2018 , the Company had approximately $ 7,400 and $6,700 , respectively, of silver under consignment with ScotiaBank, which are recorded at fair value in Inventories, net with a corresponding liability for the same amount included in Accounts payable on the Company's consolidated balance sheets. Fees charged under the consignment agreement are recorded in Interest expense in the Company's consolidated statements of operations. September 30, 2019 December 31, 2018 Supplemental inventory information: Precious metals stated at LIFO cost $ 8,414 $ 9,538 Precious metals stated under non-LIFO cost methods $ 12,068 $ 9,628 Market value per ounce: Silver $ 17.59 $ 15.51 Gold $ 1,502.33 $ 1,281.65 Palladium $ 1,674.61 $ 1,263.00 |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 2019 | |
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 amount of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance as of December 31, 2018 Gross goodwill $ 205,765 $ 67,143 $ — $ 81 $ 272,989 Accumulated impairments (24,254 ) (64,790 ) — — (89,044 ) Net goodwill 181,511 2,353 — 81 183,945 Acquisitions (a), (b) 2,403 — 6,515 — 8,918 Impairments (c) (41,853 ) — — — (41,853 ) Currency translation adjustments (1,386 ) — — — (1,386 ) Balance as of September 30, 2019 Gross goodwill 206,782 67,143 6,515 81 280,521 Accumulated impairments (66,107 ) (64,790 ) — — (130,897 ) Net goodwill $ 140,675 $ 2,353 $ 6,515 $ 81 $ 149,624 (a) Diversified Industrial - Purchase price adjustments related to the 2018 Dunmore acquisition. See Note 4 - " Acquisitions " for additional information. (b) Financial Services - Goodwill related to the National Partners acquisition. See Note 4 - " Acquisitions " for additional information. (c) As a result of declines in customer demand and in the performance of the packaging business, which includes the operations of API and Dunmore, the Company determined that it was more likely than not that the fair value of the packaging business was below its carrying amount as of September 30, 2019 . Accordingly, the Company performed an assessment using a discounted cash flow method with consideration of market comparisons, and determined that the fair value of the packaging business was less than its carrying amount. The Company fully impaired the packaging business' goodwill, included in the Diversified Industrial segment, as of September 30, 2019 and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2019 . A summary of Other intangible assets, net is as follows: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 219,363 $ 106,828 $ 112,535 $ 220,709 $ 95,796 $ 124,913 Trademarks, trade names and brand names 55,217 19,556 35,661 54,950 17,923 37,027 Developed technology, patents and patent applications 31,883 16,234 15,649 31,743 14,435 17,308 Other 17,961 14,673 3,288 17,884 13,591 4,293 Total $ 324,424 $ 157,291 $ 167,133 $ 325,286 $ 141,745 $ 183,541 Trademarks with indefinite lives as of both September 30, 2019 and December 31, 2018 were $11,320 . Amortization expense related to intangible assets was $5,644 and $7,591 for the three months ended September 30, 2019 and 2018 , respectively, and $16,748 and $22,764 for the nine months ended September 30, 2019 and 2018, respectively. During the three months ended September 30, 2019 , as a result of declines in market conditions and customer demand at API, the Company performed a recoverability test as of September 30, 2019 to determine if the carrying amount of API's long-lived and other intangible assets were recoverable based on their undiscounted cash flows over their future service potential. The testing performed indicated that the undiscounted cash flows exceeded the carrying amount of these assets and were therefore recoverable as of September 30, 2019 . Further declines in market conditions, customer demand or other potential changes in operations at API in future periods may increase the risk that API's long-lived and other intangible assets, totaling approximately $ 47,758 in aggregate as of September 30, 2019 , are not recoverable and may potentially be impaired. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS Short-Term Investments The Company's short-term investments primarily consist of its marketable securities portfolio. The classification of marketable securities as a current asset is based on the intended holding period and realizability of the investments. The investments are carried at fair value and totaled $1,097 and $1,439 as of September 30, 2019 and December 31, 2018 , respectively. Unrealized gains (losses) on short-term investments for the three months ended September 30, 2019 and 2018 totaled $(342) and $(778) , respectively, and for the nine months ended September 30, 2019 and 2018 totaled $(342) and $(13,338) , respectively. Realized Gains (Losses) on Investments Proceeds from sales of equity securities were $25,400 and $0 in the three months ended September 30, 2019 and 2018 , respectively, and $25,400 and $46,027 in the nine months ended September 30, 2019 and 2018 , respectively. The Company determines gains and losses from sales of equity securities based on specific identification of the securities sold. Gross realized gains and losses from sales of equity securities, which are reported as a component of Realized and unrealized (gains) losses on securities, net in the Company's consolidated statements of operations, were as follows: Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 Gross realized gains $ 13,687 $ — $ 13,687 $ 16,090 Gross realized losses (7,996 ) — (7,996 ) (5,129 ) Realized gains, net $ 5,691 $ — $ 5,691 $ 10,961 Long-Term Investments The following table summarizes the Company's long-term investments as of September 30, 2019 and December 31, 2018 . Ownership % Long-Term Investments Balance (Income) Loss Recorded in the Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 2019 2018 2019 2018 Corporate securities (a), (d) $ 213,340 $ 159,841 $ (24,885 ) $ 21,638 $ (63,371 ) $ 45,652 Collateralized debt securities 1,251 1,958 $ — $ — $ — $ — STCN convertible notes (b), (e) 13,191 14,943 $ 246 $ — $ 1,752 $ 42 STCN preferred stock (c), (e) 41,538 39,420 $ 456 $ (2,424 ) $ (1,612 ) $ (10,700 ) Equity method investments: (e) Carried at fair value: STCN common stock 29.4 % 29.6 % 31,819 31,457 $ 1,128 $ 486 $ (346 ) $ 5,835 Aviat Networks, Inc. ("Aviat") 12.5 % 12.4 % 9,149 8,881 $ 25 $ 131 $ (202 ) $ (571 ) Other 43.8 % 43.8 % 1,223 1,223 $ — $ — $ — $ — Long-term investments carried at fair value 311,511 257,723 Other equity method investments — 321 $ — $ 209 $ — $ 253 Total $ 311,511 $ 258,044 (a) Cost basis totaled $88,165 and $98,037 as of September 30, 2019 and December 31, 2018 , respectively, and gross unrealized gains totaled $125,175 and $61,804 as of September 30, 2019 and December 31, 2018 , respectively. (b) Represents investment in STCN convertible notes. The convertible notes outstanding as of December 31, 2018 matured on March 1, 2019. The Company entered into a new convertible note with STCN ("New Note") on February 28, 2019, which matures on March 1, 2024. The cost basis of the New Note totaled $14,943 as of September 30, 2019 and the gross unrealized loss was $1,752 as of September 30, 2019 . The New Note is convertible into shares of STCN's common stock at an initial conversion rate of 421.2655 shares of common stock per $1,000 principal amount of the New Note (which is equivalent to an initial conversion price of approximately $2.37 per share), subject to adjustment upon the occurrence of certain events. The cost basis of the Company's prior investment was $13,262 as of December 31, 2018 and gross unrealized gains totaled $1,681 as of December 31, 2018 . 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. The New Notes, if converted as of September 30, 2019 , when combined with STCN common and preferred shares, also if converted, owned by the Company, would result in the Company having a direct interest of approximately 49.2 % of STCN's outstanding shares. (c) Represents investment in shares of STCN preferred stock with a cost basis of $35,508 . Each share of preferred stock can be converted into shares of STCN's common stock at an initial conversion price equal to $1.96 per share, subject to adjustment upon the occurrence of certain events. 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. (d) (Income) loss from these investments is included in Realized and unrealized (gains) losses on securities, net in the consolidated statements of operations. (e) (Income) loss from these investments is included in Loss (income) of associated companies, net of taxes in the consolidated statements of operations. The amount of unrealized gains (losses) for the three and nine months ended September 30, 2019 and 2018 that relate to equity securities still held as of September 30, 2019 and 2018 , respectively, was as follows: Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity securities $ 30,234 $ (22,416 ) $ 68,720 $ (48,029 ) Less: Net gains recognized during the period on equity securities sold during the period 5,691 — 5,691 10,961 Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period $ 24,543 $ (22,416 ) $ 63,029 $ (58,990 ) Equity Method Investments The Company's investments in associated companies are eligible to be accounted for under the equity method of accounting; however, the Company has elected the fair value option for most of these investments. Associated companies are included in the Corporate and Other segment. Certain associated companies have a fiscal year end that differs from December 31. Additional information for SPLP's significant investments in associated companies follows: • STCN is a supply chain business process management company serving clients in markets such as consumer electronics, communications, computing, medical devices, software and retail. STCN also owns IWCO Direct Holdings, Inc. ("IWCO"), which delivers data-driven marketing solutions for its customers, including strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. • Aviat designs, manufactures and sells a range of wireless networking solutions and services to mobile and fixed telephone service providers, private network operators, government agencies, transportation and utility companies, public safety agencies and broadcast system operators across the globe. The following summary balance sheet amounts are for STCN as of July 31, 2019 and July 31, 2018, respectively, and the statement of income amounts are for the three and nine months ended July 31, 2019 and 2018, respectively, which are both STCN's nearest corresponding fiscal quarters to the Company's fiscal quarters ended September 30, 2019 and 2018 : (Unaudited) 2019 2018 Summary of balance sheet amounts: Current assets $ 213,324 $ 264,281 Non-current assets 518,239 562,769 Total assets $ 731,563 $ 827,050 Current liabilities $ 256,850 $ 290,612 Non-current liabilities 386,835 393,618 Total liabilities 643,685 684,230 Contingently redeemable preferred stock 35,186 35,192 Equity 52,692 107,628 Total liabilities and equity $ 731,563 $ 827,050 Three Months Ended Nine Months Ended (Unaudited) 2019 2018 2019 2018 Summary operating results: (a) Net revenue $ 204,471 $ 195,077 $ 604,697 $ 542,736 Gross profit $ 37,126 $ 37,357 $ 111,530 $ 92,185 Net (loss) income (a) $ (37,982 ) $ (7,533 ) $ (59,362 ) $ 41,952 (a) Net income in the 2018 period was favorably impacted by an income tax benefit related to STCN's acquisition of IWCO in December 2017. Other Investments WebBank has held-to-maturity ("HTM") debt securities which are carried at amortized cost and included in Other non-current assets on the Company's consolidated balance sheets. The amount and contractual maturities of HTM debt securities are noted in the table below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans. September 30, 2019 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 44,152 $ 69 $ 44,221 $ 44,152 Contractual maturities within: One year to five years 31,929 Five years to ten years 10,588 After ten years 1,635 Total $ 44,152 December 31, 2018 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 48,005 $ (119 ) $ 47,886 $ 48,005 Contractual maturities within: One year to five years 22,866 Five years to ten years 23,189 After ten years 1,950 Total $ 48,005 WebBank regularly evaluates each HTM debt security whose value has declined below amortized cost to assess whether the decline in fair value is other-than-temporary. If there is an other-than-temporary impairment in the fair value of any individual security classified as HTM, WebBank writes down the security to fair value with a corresponding credit loss portion charged to earnings, and the non-credit portion charged to AOCI. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt consists of the following: September 30, 2019 December 31, 2018 Short term debt: Foreign $ 4,678 $ 3,094 Short-term debt 4,678 3,094 Long-term debt: Credit Agreement 408,236 472,495 Other debt - foreign 603 796 Other debt - domestic 5,260 5,604 Subtotal 414,099 478,895 Less: portion due within one year 10,732 799 Long-term debt 403,367 478,096 Total debt $ 418,777 $ 481,989 Long-term debt as of September 30, 2019 matures in each of the next five years as follows: Total 2019 2020 2021 2022 2023 Thereafter Long-term debt (a) $ 414,099 $ 2,951 $ 14,234 $ 10,106 $ 386,808 $ — $ — (a) As of September 30, 2019 , long term debt of $10,732 is expected to mature over the following twelve months. On January 31, 2019, the Company entered into an amendment to its senior secured revolving credit facility ("Credit Agreement") to allow the Company to (i) convert $200,000 of the revolving credit commitments into a term loan with quarterly amortization equating to 5.0% per annum, (ii) amend certain defined leverage ratios under the Credit Agreement, increasing allowable leverage by 0.25 "turns" on a permanent basis through the maturity of the Credit Agreement, (iii) eliminate certain previously allowed investments, which would have reduced collateral available to the Company's lenders and (iv) make certain administrative changes. Accordingly, as of September 30, 2019 , the Company's Credit Agreement includes a revolving credit facility in an aggregate principal amount not to exceed $500,000 and a $200,000 term loan. The Credit Agreement covers substantially all of the Company's subsidiaries, with the exception of WebBank, and includes a $55,000 subfacility for swing line loans and a $50,000 subfacility for standby letters of credit. Borrowings under the Credit Agreement bear interest, at the Company's option, at annual rates of either the Base Rate or the Euro-Rate, as defined, plus an applicable margin as set forth in the Credit Agreement ( 1.50% and 2.50% , respectively, for Base Rate and Euro-Rate borrowings as of September 30, 2019 ), and the Credit Agreement provides for a commitment fee to be paid on unused borrowings. The weighted-average interest rate on the Credit Agreement was 4.65% as of September 30, 2019 . As of September 30, 2019 , letters of credit totaling $10,096 had been issued under the Credit Agreement, including $2,795 of the letters of credit guaranteeing various insurance activities, and $7,301 for environmental and other matters. The Credit Agreement permits SPLP, the parent, to fund the dividends on its preferred units and its routine corporate expenses. The Company's total availability under the Credit Agreement, which is based upon earnings and certain covenants as described in the Credit Agreement, was approximately $108,900 as of September 30, 2019 . On November 14, 2022, the Credit Agreement will expire and all outstanding amounts will be due and payable. The Credit Agreement is gu aranteed by substantially all existing and thereafter acquired assets of the borrowers and the guarantors, as defined in the agreement, and a pledge of all of the issued and outstanding shares of capital stock of each of the borrowers' and guarantors' subsidiaries, and is fully guaranteed by the guarantors. The Credit Agreement 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 Interest Coverage, as defined. The Company was in compliance with all financial covenants as of September 30, 2019 . |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS As of September 30, 2019 and December 31, 2018 , financial instrument liabilities and related restricted cash consisted of $0 and $12,434 , respectively, related to short sales of corporate securities. Year-to-date activity is summarized below for financial instrument liabilities and related restricted cash: September 30, 2019 2018 Balance, beginning of period $ 12,434 $ 15,629 Settlement of short sales of corporate securities (14,611 ) (3,100 ) Short sales of corporate securities — 26 Net investment losses 2,177 1,909 Balance, end of period $ — $ 14,464 Short Sales of Corporate Securities From time to time, the Company enters into short sale transactions on certain corporate securities in which it 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, the Company 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 as gains or losses in the consolidated statements of operations, with a comparable adjustment made between unrestricted and restricted cash. During the nine months ended September 30, 2019 , the Company settled its short positions. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts to hedge certain of its receivables and payables denominated in other currencies. In addition, the Company enters into foreign currency forward contracts to hedge the value of certain of its future sales denominated in Euros and the value of certain of its future purchases denominated in USD. These hedges are associated with certain of the Company's operations located in the United Kingdom and have settlement dates ranging through December 2019. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as economic hedges. As of September 30, 2019 , there were contracts in place to buy Sterling and sell Euros in the amount of €13,125 . The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net changes 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 the Company's future sales and purchases are accounted for as cash flow hedges. As of September 30, 2019 , there were contracts in place to hedge the value of future sales denominated in Euros in the amount of €3,100 . These hedges are fully effective, and, accordingly, the changes in fair value are recorded in AOCI and, at maturity, any gain or loss on the forward contract is reclassified from AOCI into the Company's consolidated statements of operations. There were no contracts in place as of September 30, 2019 to hedge future purchases denominated in USD. WebBank - Economic Interests in Loans 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 and are classified within Level 3 in the fair value hierarchy (see Note 15 - " Fair Value Measurements "). As of September 30, 2019 , outstanding derivatives mature within 3 to 5 years. Gains and losses resulting from changes in the fair value of derivative instruments are accounted for in the Company's consolidated statements of operations in Financial services revenue. Fair value represents the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date based on a discounted cash flow model for the same or similar instruments. WebBank does not enter into derivative contracts for speculative or trading purposes. Precious Metal and Commodity Inventories The Company's precious metal and commodity inventories are subject to market price fluctuations. The Company 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. The Company's hedging strategy is designed to protect it against normal volatility; therefore, abnormal price changes in these commodities or markets could negatively impact the Company's earnings. As of September 30, 2019 , the Company had the following outstanding forward contracts with settlement dates through October 2019. There were no futures contracts outstanding as of September 30, 2019 . Commodity Amount Notional Value Silver 318,757 ounces $ 5,722 Gold 1,889 ounces $ 2,849 Palladium 472 ounces $ 773 Copper 275,000 pounds $ 696 Tin 15 metric tons $ 245 Fair Value Hedges. Certain forward contracts are accounted for as fair value hedges under Accounting Standards Codification ("ASC") 815 for the Company's precious metal inventory carried at fair value. These contracts hedge 13,650 ounces of silver and a majority of the Company's ounces of copper. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net changes in fair value of the derivative assets and liabilities, and the changes 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. Economic Hedges. The remaining outstanding forward contracts for silver, and all the contracts for gold, palladium and tin, are accounted for as economic hedges. As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market with gains and losses recorded in earnings in the Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. The forward contracts were made with a counterparty rated Aa2 by Moody's. Accordingly, the Company has determined that there is minimal credit risk of default. The Company 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. The Company maintains collateral on account with the third-party broker which varies in amount depending on the value of open contracts. The fair value and carrying amount of derivative instruments on the Company's consolidated balance sheets are as follows: Fair Value of Derivative Assets (Liabilities) September 30, 2019 December 31, 2018 Location on Consolidated Balance Sheet Fair Value Location on Consolidated Balance Sheet Fair Value Derivatives designated as ASC 815 hedges Foreign exchange contracts Prepaid and other current assets $ 52 Accrued liabilities $ (95 ) Commodity contracts Accrued liabilities $ (10 ) Accrued liabilities $ (14 ) Derivatives not designated as ASC 815 hedges Foreign exchange contracts Prepaid and other current assets $ 192 Accrued liabilities $ (81 ) Commodity contracts Prepaid and other current assets $ 106 Accrued liabilities $ (145 ) Economic interests in loans Other non-current assets $ 18,162 Other non-current assets $ 17,156 The effect of cash flow hedge accounting for foreign currency forward contracts on AOCI for the three and nine months ended September 30, 2019 and 2018 is as follows: Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Recognized in AOCI on Derivatives Total Change in AOCI for the Period Three Months Ended Three Months Ended Three Months Ended 2019 2018 2019 2018 2019 2018 Diversified industrial net sales $ — $ 70 $ 71 $ (212 ) $ 71 $ (282 ) Nine Months Ended Nine Months Ended Nine Months Ended 2019 2018 2019 2018 2019 2018 Diversified industrial net sales $ 106 $ 131 $ 270 $ 149 $ 164 $ 18 The effects of fair value and cash flow hedge accounting on the consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 are not material. The effects of derivatives not designated as ASC 815 hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 are as follows: Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended 2019 2018 2019 2018 Foreign exchange forward contracts Other income (expense), net $ 55 $ 674 $ (82 ) $ 1,265 Commodity contracts Other income (expense), net (745 ) 49 (1,181 ) 92 Economic interests in loans Financial services revenue 4,069 3,676 10,746 11,040 Call options Other income (expense), net — — — 250 Put options Other income (expense), net — — — (3 ) Total $ 3,379 $ 4,399 $ 9,483 $ 12,644 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 amounts recognized on the consolidated balance sheets. The contractual amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. As of September 30, 2019 and December 31, 2018 , WebBank's undisbursed loan commitments totaled $114,864 and $130,697 , 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. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | PENSION AND OTHER POST-RETIREMENT BENEFITS The Company maintains several qualified and non-qualified pension plans and other post-retirement benefit plans. The following table presents the components of pension expense for the Company's significant pension plans. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Interest cost $ 5,529 $ 5,158 $ 16,473 $ 15,887 Expected return on plan assets (6,100 ) (6,965 ) (18,332 ) (20,992 ) Amortization of actuarial loss 2,738 2,116 7,768 7,194 Total $ 2,167 $ 309 $ 5,909 $ 2,089 Pension expense is included in Selling, general and administrative expenses in the consolidated statements of operations. Required future pension contributions are estimated 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. The Company's expected future minimum pension contributions to its significant pension plans are $6,600 for the remainder of 2019, and $35,600 , $34,900 , $37,600 , $29,400 and $23,700 in 2020, 2021, 2022, 2023 and for the five years thereafter, respectively. |
Capital and Accumulated Other C
Capital and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capital and Accumulated Other Comprehensive Loss | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS As of September 30, 2019 , the Company had 25,011,142 Class A units (regular common units) outstanding. Common Unit Repurchase Program The Board of Directors of SPH GP has approved the repurchase of up to an aggregate of 3,000,000 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. The Repurchase Program has no termination date. During the first nine months of 2019 , the Company purchased 505,336 units for an aggregate price of approximately $6,721 . Incentive Award Plan On May 24, 2018, the Company's unitholders approved the adoption of the Company's 2018 Incentive Award Plan ("2018 Plan"). The 2018 Plan provides equity-based compensation through the grant of options to purchase the Company's limited partnership units, unit appreciation rights, restricted units, phantom units, substitute awards, performance awards, other unit-based awards, and includes, as appropriate, any tandem distribution equivalent rights granted with respect to an award (collectively, "LP Units"). The 2018 Plan allows for issuance of up to 500,000 LP Units. In 2019, 207,499 restricted units were granted under the 2018 Plan. Such units were valued based upon the market value of the Company's LP Units on the date of grant, and collectively represent approximately $2,905 of unearned compensation that will be recognized as expense ratably over the vesting period of the units. The grants have vesting periods that range from three to ten years from the date of grant. Preferred Units The Company's 6.0% Series A preferred units, no par value ("SPLP Preferred Units") entitle the holders to a cumulative quarterly cash or in-kind (or a combination thereof) distribution. The Company declared cash distributions of approximately $8,918 and $8,800 to preferred unitholders for the nine months ended September 30, 2019 and 2018 , respectively. The SPLP Preferred Units have a term of nine years and are redeemable at any time at the Company's option at a $25 liquidation value per unit, 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 1,600,000 of the SPLP Preferred Units, in cash on a pro rata basis, upon the third anniversary of the original issuance date of February 7, 2017, reduced by any preferred units called for redemption by the Company, in cash on a pro rata basis, prior to that time. This contingent redemption of preferred units in February 2020 comprises the Current portion of preferred unit liability on the Company's consolidated balance sheet as of September 30, 2019 . 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 liabilities, including accrued interest expense, on the Company's consolidated balance sheets 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. Because the SPLP Preferred Units are classified as liabilities, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of September 30, 2019 , there were 7,927,288 SPLP Preferred Units outstanding. Purchase of Noncontrolling Interest During 2018, the Company entered into purchase agreements with the minority stockholders of its subsidiary, WebFinancial Holding Corporation ("WFHC"), pursuant to which the Company purchased shares of common stock and preferred stock of WFHC in exchange for aggregate consideration totaling $20,680 , comprised of cash of $13,708 , 185,407 common units of SPLP and 186,271 SPLP Preferred Units. 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 acquired noncontrolling interest was eliminated to reflect the change in SPLP's ownership interest, and the difference between the fair value of the consideration paid and the amount by which the noncontrolling interest was adjusted was recognized in Partners' capital. As a result of these transactions, the Company now owns 100% of WFHC. Accumulated Other Comprehensive Loss Changes, net of tax, in AOCI are as follows: Unrealized loss on available-for-sale debt securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2018 $ (274 ) $ (277 ) $ (23,476 ) $ (153,217 ) $ (177,244 ) Net other comprehensive income attributable to common unitholders — 518 1,303 — 1,821 Balance at March 31, 2019 (274 ) 241 (22,173 ) (153,217 ) (175,423 ) Net other comprehensive loss attributable to common unitholders — (425 ) (1,797 ) — (2,222 ) Balance at June 30, 2019 (274 ) (184 ) (23,970 ) (153,217 ) (177,645 ) Net other comprehensive income (loss) attributable to common unitholders — 71 (2,401 ) — (2,330 ) Balance at September 30, 2019 $ (274 ) $ (113 ) $ (26,371 ) $ (153,217 ) $ (179,975 ) Unrealized gain on available-for-sale securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2017 $ 91,078 $ (1,901 ) $ (18,259 ) $ (177,085 ) $ (106,167 ) Net other comprehensive income attributable to common unitholders (a) — 170 3,098 — 3,268 Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (b) (91,078 ) — — — (91,078 ) Balance at March 31, 2018 — (1,731 ) (15,161 ) (177,085 ) (193,977 ) Net other comprehensive income (loss) attributable to common unitholders (c) — 104 (3,841 ) 5 (3,732 ) Acquisition of AOCI from noncontrolling interests — (72 ) (290 ) (213 ) (575 ) Balance at June 30, 2018 — (1,699 ) (19,292 ) (177,293 ) (198,284 ) Net other comprehensive loss attributable to common unitholders — (282 ) (110 ) (5 ) (397 ) Acquisition of AOCI from noncontrolling interests — (58 ) (234 ) (166 ) (458 ) Balance at September 30, 2018 $ — $ (2,039 ) $ (19,636 ) $ (177,464 ) $ (199,139 ) (a) Does not include the net unrealized gain on derivative financial instruments of $15 and cumulative translation adjustments of $206 which are attributable to noncontrolling interests. (b) Effective January 1, 2018 upon adoption of ASU 2016-01, a cumulative effect reclassification adjustment was made to remove the net unrealized gains and losses on equity securities from AOCI and reclassify them to Partners' capital. (c) Does not include the net unrealized gain on derivative financial instruments of $11 , cumulative translation adjustment of $(246) and the change in net pension and other post-retirement benefit obligations of $(5) 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 expense accrued is adjusted to reflect the fair value of the Class C common units on each interim calculation date. In the event the cumulative incentive unit expense calculated quarterly or for the full year is an amount less than the total previously accrued, the Company records a negative incentive unit expense in the quarter when such over accrual is determined. The expense is recorded in Selling, general and administrative expenses in the Company's consolidated statements of operations. No incentive unit expense was recorded in the three and nine months ended September 30, 2019 and 2018 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company recorded tax provisions of $13,674 and $104 for the three months ended September 30, 2019 and 2018 , respectively, and $31,353 and $9,040 for the nine months ended September 30, 2019 and 2018 , respectively. The Company's tax provision represents the income tax expense or benefit of its consolidated subsidiaries that are taxable entities. Significant differences between the statutory rate and the effective tax rate include partnership losses and goodwill impairment charges for which no tax benefit is recognized. 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 certain deferred tax assets will not be realized in future periods. During the three months ended September 30, 2018 , the Company finalized its calculation of the repatriation tax that had been enacted under the U.S. Tax Cuts and Jobs Act in December 2017, and recorded a decrease of approximately $ 1,975 in the provisional liability that it had previously recorded. |
Net (Loss) Income Per Common Un
Net (Loss) Income Per Common Unit | 9 Months Ended |
Sep. 30, 2019 | |
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 Nine Months Ended 2019 2018 2019 2018 Net (loss) income $ (2,764 ) $ (6,191 ) $ 33,892 $ (1,487 ) Net (income) loss attributable to noncontrolling interests in consolidated entities (114 ) 96 (29 ) (644 ) Net (loss) income attributable to common unitholders (2,878 ) (6,095 ) 33,863 (2,131 ) Effect of dilutive securities: Interest expense from SPLP Preferred Units (a), (b) — — 8,918 — Net (loss) income attributable to common unitholders – assuming dilution $ (2,878 ) $ (6,095 ) $ 42,781 $ (2,131 ) Net (loss) income per common unit – basic Net (loss) income attributable to common unitholders $ (0.12 ) $ (0.23 ) $ 1.36 $ (0.08 ) Net (loss) income per common unit – diluted Net (loss) income attributable to common unitholders $ (0.12 ) $ (0.23 ) $ 1.08 $ (0.08 ) Denominator for net (loss) income per common unit – basic 25,011,142 26,020,617 24,947,814 26,143,056 Effect of dilutive securities: Unvested restricted common units — — 755 — SPLP Preferred Units (a) — — 14,656,244 — Denominator for net (loss) income per common unit – diluted (a), (b) 25,011,142 26,020,617 39,604,813 26,143,056 (a) Assumes the SPLP Preferred Units were redeemed in common units as described in Note 12 - " Capital and Accumulated Other Comprehensive Loss ." (b) For the three months ended September 30, 2019 , the diluted per unit calculation does not include 15,482,984 of SPLP Preferred Units and 1,885 unvested restricted common units since the impact would have been anti-dilutive. For the three and nine months ended September 30, 2018 , the diluted per unit calculation does not include 25,619 and 31,402 unvested restricted common units, respectively, and 11,867,198 and 11,390,991 of SPLP Preferred Units, respectively, since the impact would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of September 30, 2019 and December 31, 2018 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 977 $ 120 $ 1,097 Long-term investments (a) 254,308 — 57,203 311,511 Precious metal and commodity inventories recorded at fair value 11,963 — — 11,963 Economic interests in loans — — 18,162 18,162 Commodity contracts on precious metal and commodity inventories — 106 — 106 Foreign currency forward exchange contracts — 244 — 244 Warrants — — 1,753 1,753 Total $ 267,248 $ 470 $ 77,118 $ 344,836 Liabilities: Commodity contracts on precious metal and commodity inventories — 10 — 10 Other precious metal liabilities 11,127 — — 11,127 Total $ 11,127 $ 10 $ — $ 11,137 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 836 $ 603 $ — $ 1,439 Long-term investments (a) 200,179 14,943 42,601 257,723 Investments in certain funds — — 422 422 Precious metal and commodity inventories recorded at fair value 9,884 — — 9,884 Economic interests in loans — — 17,156 17,156 Foreign currency forward exchange contracts — 275 — 275 Warrants — — 1,738 1,738 Total $ 210,899 $ 15,821 $ 61,917 $ 288,637 Liabilities: Financial instrument obligations $ 12,434 $ — $ — $ 12,434 Commodity contracts on precious metal and commodity inventories — 159 — 159 Other precious metal liabilities 8,589 — — 8,589 Foreign currency forward exchange contracts — 450 — 450 Total $ 21,023 $ 609 $ — $ 21,632 (a) For additional detail of the marketable securities and long-term investments see Note 8 - " Investments ." There were no transfers of securities among the various measurement input levels during the three and nine months ended September 30, 2019 . 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 as of the measurement date ("Level 1"). Level 2 inputs may include quoted prices in active markets for similar assets or liabilities, quoted prices in a market that is not active for identical assets or liabilities, or other inputs that can be corroborated by observable market data ("Level 2"). Level 3 inputs are unobservable for the asset or liability when there is little, if any, market activity for the asset or liability. Level 3 inputs are based on the best information available and may include data developed by the Company ("Level 3"). The fair value of the Company's financial instruments, such as cash and cash equivalents, trade and other receivables and accounts payable, approximates 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 the Company's fair value hedges (see Note 10 - " 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 the Company 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. As discussed in Note 7 " Goodwill and Other Intangible Assets, Net " to the Company's consolidated financial statements, during the three months ended September 30, 2019 , the Company recorded goodwill impairment charges of $41,853 in Goodwill impairment charges in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2019 related to the Company's packaging business. The goodwill impairment was determined by measuring and comparing the fair value of the packaging business, using an income and market approach, to its carrying amount. The valuation of the Company's packaging business was a nonrecurring fair value measurement and was classified as a Level 3 measurement due the degree of unobservable inputs in the valuation. Such inputs included estimates of the amount and timing of expected future cash flows and assumptions in determining risk-adjusted discount rates. Changes in these unobservable inputs might have resulted in a higher or lower fair value measurement. Following is a summary of changes in assets measured using Level 3 inputs: Investments in Associated Companies (a) Marketable Securities and Other (b) Total Balance as of December 31, 2018 $ 40,643 $ 21,274 $ 61,917 Purchases 14,943 — 14,943 Sales and cash collections — (10,869 ) (10,869 ) Realized gains — 10,761 10,761 Unrealized gains 2,118 — 2,118 Unrealized losses (1,752 ) — (1,752 ) Balance as of September 30, 2019 $ 55,952 $ 21,166 $ 77,118 Balance as of December 31, 2017 $ 36,223 $ 25,693 $ 61,916 Purchases — 250 250 Sales and cash collections — (20,096 ) (20,096 ) Realized gains — 11,584 11,584 Unrealized gains 10,700 3,895 14,595 Unrealized losses — (3,713 ) (3,713 ) Balance as of September 30, 2018 $ 46,923 $ 17,613 $ 64,536 (a) Unrealized gains and losses are recorded in Loss (income) of associated companies, net of taxes in the Company's consolidated statements of operations. (b) Realized and unrealized gains and losses are recorded in Realized and unrealized (gains) losses on securities, net or Financial services revenue in the Company's consolidated statements of operations. Long-Term Investments - Valuation Techniques The Company estimates the value of its investments in STCN convertible preferred stock and the New Note using a Monte Carlo simulation. Key inputs in these valuations include the trading price and volatility of STCN's common stock, the risk-free rate of return, as well as the dividend rate, conversion price, redemption date of the preferred stock and the maturity date of the note. Marketable Securities and Other - Valuation Techniques The Company 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 10 - " 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 flow analyses that consider credit, performance and prepayment. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 7.09% to 35.38% , a constant default rate of 1.64% to 27.55% and a discount rate of 3.31% to 27.24% . Assets Measured at Fair Value on a Nonrecurring Basis The Company's non-financial assets and liabilities measured at fair value on a non-recurring basis, when required, include goodwill and other intangible assets, any assets and liabilities acquired in a business combination, or its long-lived assets written down to fair value. To measure fair value for such assets and liabilities, the Company uses techniques including an income approach, a market approach and/or appraisals (Level 3 inputs). The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to an asset or liability and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis ("DCF") require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates and the amount and timing of expected future cash flows. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in the DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from analysis of peer companies and consider the industry weighted-average return on debt and equity from a market participant perspective. A market approach values a business by considering the prices at which shares of capital stock, or related underlying assets, of reasonably comparable companies are trading in the public market or the transaction price at which similar companies have been acquired. If comparable companies are not available, the market approach is not used. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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 litigation matters. 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 loss, an estimated range of possible loss is 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. The Company typically accrues costs associated with environmental and litigation matters on an undiscounted basis, when they become probable and reasonably estimable. As of September 30, 2019 , on a consolidated basis, the Company has recorded liabilities of $42,993 in Accrued liabilities on the consolidated balance sheet, which represent the current estimate of environmental remediation liabilities as well as reserves related to the litigation matters discussed below. Expenses relating to these costs, and any recoveries, are included in Selling, general and administrative expenses 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. Estimates of the Company's liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Environmental Matters Certain subsidiaries of the Company's Handy & Harman Ltd. subsidiary ("HNH") 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 liabilities of approximately $11,244 related to estimated environmental remediation costs as of September 30, 2019 . HNH may have insurance coverage available for certain of these matters. 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, and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. Based upon information currently available, 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 the Company, but there can be no such assurances. The Company 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 a HNH subsidiary is unable to fund its liabilities, claims could be made against its respective parent companies 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 former HNH manufacturing facility. An ecological risk assessment was submitted in the second quarter of 2016 to the CTDEEP for their review and approval. An upland work plan to investigate the upland portion of the parcel was approved by the CTDEEP in March 2018 and has now been completed. Additional upland investigatory work could be required dependent upon CTDEEP requirements. Investigation of the wetlands portion is expected to start in 2020, due to regulatory delays and setting of mutually-agreeable cleanup goals for the entire parcel. The total remediation costs for the site cannot be reasonably estimated at this time. Based on the current stage of the investigation at this time, the Company estimates that it is reasonably possible that it may incur aggregate losses over a period of several years, above its accrued liability, 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 or the Company. 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 is 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 timing and 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 and other related costs are contractually allocated 75% to the former owner/operator and 25% jointly to HHEM and HNH, all after having the first $1,000 paid by the former owner/operator. As of September 30, 2019 , total investigation and remediation costs of approximately $8,500 and $2,700 have been expended by the former owner/operator and HHEM, respectively, in accordance with the settlement agreement. Additionally, HHEM was reimbursed indirectly through insurance coverage for a portion of the costs for which it is responsible, and HHEM believes that there is additional excess insurance coverage, which it is currently pursuing. 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. There is no assurance that there will be any additional insurance reimbursement. A reserve of approximately $1,300 has been established for HHEM's expected 25% share of anticipated costs at this site, which is based upon the recent selection of a final remedy, on-going operations and maintenance, additional investigations and monitored natural attenuation testing over the next 30 years. 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, HNH or the Company. HNH's subsidiary, SL Industries, Inc. ("SLI"), may incur environmental costs in the future as a result of the past activities of its former subsidiary, SL Surface Technologies, Inc. ("SurfTech"), in Pennsauken, New Jersey ("Pennsauken Site"), in Camden, New Jersey and at its former subsidiary, SGL Printed Circuits in Wayne, New Jersey. At the Pennsauken Site, in 2013, SLI entered into a consent decree with both the U.S. Department of Justice and the U.S. Environmental Protection Agency ("EPA") and has since completed the remediation required by the consent decree and has paid the EPA a fixed sum for its past oversight costs. Separate from the consent decree, in December 2012, the NJDEP made a settlement demand of $1,800 for past and future cleanup and removal costs and natural resource damages ("NRD"). To avoid the time and expense of litigating the matter, SLI offered to pay approximately $300 to fully resolve the claim presented by the State of New Jersey ("State"). SLI's settlement offer was rejected. On December 6, 2018, the State filed a complaint against SLI related to its operations at the Pennsauken Site. The State is seeking treble damages and attorneys' fees, NRD for loss of use of groundwater, as well as a request for relief that SLI pay all cleanup and removal costs that the State has incurred and will incur at the Pennsauken Site. The State did not specifically identify its alleged damages in the complaint. SLI intends to assert all legal and procedural defenses available to it. Based upon currently available information, we have determined that a range of potential loss can no longer 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, HNH or the Company. SLI reported soil contamination and a groundwater contamination in 2003 from the SurfTech site located in Camden, New Jersey. Substantial investigation and remediation work have been completed under the direction of the licensed site remediation professional ("LSRP") for the site. Additional soil excavation and chemical treatment are expected to begin in the fourth quarter of 2019 or early 2020. Post-remediation groundwater monitoring will be conducted and a full-scale groundwater bioremediation is expected to be implemented following completion of the remediation. A reserve of $2,600 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, HNH or the Company. SLI is currently participating in environmental assessment and cleanup at a commercial facility located in Wayne, New Jersey. Contaminated soil and groundwater have undergone remediation with the NJDEP and LSRP oversight, but contaminants of concern in groundwater and surface water, which extend off-site, remain above applicable NJDEP remediation standards. A reserve of approximately $1,200 has been established for anticipated costs, 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, HNH or the Company. Litigation Matters On December 8, 2017, a stockholder class action, captioned Sciabacucchi v. DeMarco, et al., was filed in the Court of Chancery of the State of Delaware by a purported former stockholder of HNH challenging the Company's acquisition, through a subsidiary, of all of the outstanding shares of common stock of HNH not already owned by the Company or any of its affiliates. The action names as defendants the former members of the HNH board of directors, the Company and SPH GP, and alleges, among other things, that the defendants breached their fiduciary duties to the former public stockholders of HNH in connection with the aforementioned acquisition. The complaint sought, among other relief, unspecified monetary damages, attorneys' fees and costs. On July 9, 2019, the Company entered into a settlement of the case, solely to avoid the substantial burden, expense, inconvenience and distraction of continued litigation and to resolve each of the plaintiff's claims as against the defendant parties. In the settlement, the defendants agreed to pay the plaintiff class $30,000 , but denied that they engaged in any wrongdoing or committed any violation of law or breach of duty and stated that they believe they acted properly, in good faith, and in a manner consistent with their legal duties. The settlement is subject to court approval. Our insurance carriers have agreed to contribute an aggregate of $17,500 toward the settlement amount. The Company recorded a charge of $12,500 in Selling, general and administrative expenses in the consolidated statement of income for the nine months ended September 30, 2019 , which consisted of the legal settlement of $30,000 (included in Accrued liabilities at September 30, 2019 ), reduced by $17,500 of insurance recoveries (included in Trade and other receivables) at September 30, 2019 . The Company made a demand of an aggregate of $10,000 in further contributions from two insurance carriers, which the carriers declined, and we are pursuing claims in court to endeavor to recover this sum, although there can be no assurance as to the outcome of this litigation. On April 13, 2018, a purported shareholder of STCN, Donald Reith, filed a verified complaint, Reith v. Lichtenstein, et al., 2018-0277 (Del. Ch.) in the Delaware Court of Chancery. The plaintiff seeks to assert claims against the Company and certain of its affiliates and against the members of STCN's board of directors in connection with the acquisition of $35,000 of STCN's Series C Preferred Stock by an affiliate of the Company and equity grants made to three individual defendants. The complaint includes claims for breach of fiduciary duty as STCN directors against all the individual defendants; claims for aiding and abetting breach of fiduciary duty against the Company; a claim for breach of fiduciary duty as controlling stockholder against the Company; and a derivative claim for unjust enrichment against the Company and the three individuals who received equity grants. The complaint demands damages in an unspecified amount for STCN and its stockholders, together with rescission, disgorgement and other equitable relief. The defendants moved to dismiss the complaint for failure to plead demand futility and failure to state a claim. On June 28, 2019, the Court of Chancery issued an opinion denying in substantial part the motion. The Company will continue to vigorously defend itself against these claims; however, the outcome of this matter is uncertain. A subsidiary of BNS Holdings Liquidating Trust ("BNS Sub") has been named as a defendant in multiple alleged asbestos-related toxic-tort claims filed over a period beginning in 1994 through September 30, 2019 . In many cases these claims involved more than 100 defendants. Of the claims settled, the average settlement was less than $3 . There remained approximately 30 pending asbestos claims as of September 30, 2019 . 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 has insurance policies covering asbestos-related claims for years beginning 1974 through 1988. 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 costs for the then-existing claims are revised. As of both September 30, 2019 and December 31, 2018 , BNS Sub has accrued $1,349 relating to the open and active claims against BNS Sub. This accrual includes the amount of unpaid retroactive billings submitted to the Company by the insurance carriers and also the Company's best estimate of the likely costs for BNS Sub to settle these claims outside the amounts funded by insurance. 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 significantly increase its estimated liability for the costs to settle these claims to an amount that could have a material effect on the consolidated financial statements. In the ordinary course of our business, we are subject to other periodic lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes, employment, environmental, health and safety matters, as well as claims associated with our historical acquisitions and divestitures. There is insurance coverage available for many of the foregoing actions. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations, claims and proceedings asserted against us, we do not believe any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, prospects, financial condition, cash flows, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Management Agreement with SP General Services LLC SPLP is managed by the Manager, pursuant to the terms of the Management Agreement, which receives a fee at an annual rate of 1.5% of total Partners' capital ("Management Fee"), payable on the first day of each quarter and subject to quarterly adjustment. In addition, SPLP may issue 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 12 - " 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 $1,945 and $2,057 for the three months ended September 30, 2019 and 2018 , respectively, and $5,854 and $6,118 for the nine months ended September 30, 2019 and 2018 , respectively. The Management Fee is included in Selling, general and administrative expenses in the Company's consolidated statements of operations. Unpaid amounts for management fees included in Payables to related parties on the Company's consolidated balance sheet was $45 and $1 as of September 30, 2019 and December 31, 2018 , 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 $1,539 and $1,545 for the three months ended September 30, 2019 and 2018 , respectively, and $5,108 and $4,532 for the nine months ended September 30, 2019 and 2018, respectively. Unpaid amounts for reimbursable expenses were approximately $1,531 and $254 as of September 30, 2019 and December 31, 2018 , respectively, and are included in Payables to related parties on the Company's consolidated balance sheets. Corporate Services The Company's subsidiary, Steel Services Ltd ("Steel Services"), through management services agreements with its subsidiaries and portfolio companies, provides services, which include assignment of C-Level management personnel, 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, which are eliminated in consolidation, Steel Services has management services agreements with other companies considered to be related parties, including J. Howard Inc., Steel Partners, Ltd. and affiliates, and STCN. In total, Steel Services currently charges approximately $4,474 annually to these companies. All amounts billed under these service agreements are recorded as a reduction of Selling, general and administrative expenses. Mutual Securities, Inc. Pursuant to the Management Agreement, the Manager is responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability, and best price and execution. The Manager has selected Mutual Securities, Inc. as an introducing broker and may direct a substantial portion of the managed entities' trades to such firm, among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities, Inc. The commissions paid by SPLP to Mutual Securities, Inc. were not significant in any period. Other As of September 30, 2019 and December 31, 2018 , several related parties and consolidated subsidiaries had deposits totaling $1,162 and $1,667 , respectively, at WebBank. Approximately $99 and $616 of these deposits, including interest which was not significant, have been eliminated in consolidation as of September 30, 2019 and December 31, 2018 , respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
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. The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products, including joining materials, tubing, building materials, performance materials, electrical products, cutting replacement products and services, and packaging businesses. The Energy segment provides drilling and production services to the oil & gas industry and owns a youth sports business. The Financial Services segment consists primarily of the operations of WebBank, a Utah chartered industrial bank, which engages in a full range of banking activities. The Corporate and Other segment consists of several consolidated subsidiaries, including Steel Services, equity method and other investments, and cash and cash equivalents. Its income or loss includes certain unallocated general corporate expenses. Steel Services has management services agreements with our consolidated subsidiaries and other related companies as further discussed in Note 17 - " Related Party Transactions ." Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $6,295 , $1,740 and $947 , respectively, for the three months ended September 30, 2019 and $3,300 , $2,100 and $1,175 , respectively, for the three months ended September 30, 2018 . Steel Services charged the Diversified Industrial, Energy and Financial Services segments approximately $18,886 , $5,221 and $2,842 , respectively, for the nine months ended September 30, 2019 and $10,000 , $6,300 and $3,525 , respectively, for the nine months ended September 30, 2018 . These service fees are reflected as expenses in the segment income (loss) below, but are eliminated in consolidation. During the first quarter of 2019, the Company changed the measurement methods used to determine reported segment profit or loss. The 2018 financial information has been recast to reflect these changes on a comparable basis. Accordingly, for the three months ended September 30, 2018 , the Company reclassified interest expense from operating income (loss) from the Diversified Industrial, Energy, and Corporate and Other segments of $3,506 , $37 and $7,072 , respectively, to Interest expense in the segment information table presented below. For the nine months ended September 30, 2018 , the Company reclassified interest expense from operating income (loss) from the Diversified Industrial, Energy, and Corporate and Other segments of $9,719 , $345 and $18,250 , respectively, to Interest expense. The Company also reclassified net investment gains of $1,472 and $1,414 from the Energy segment to the Corporate and Other segment for the three and nine months ended September 30, 2018 , respectively. Segment information is presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Revenue: Diversified industrial net sales $ 306,382 $ 322,571 $ 947,080 $ 988,587 Energy net revenue 44,147 50,343 126,665 134,008 Financial services revenue 45,813 32,405 123,853 83,406 Total revenue $ 396,342 $ 405,319 $ 1,197,598 $ 1,206,001 Income (loss) before interest expense and income taxes: Diversified industrial $ (26,536 ) $ 14,274 $ 2,855 $ 57,978 Energy 1,378 (1,144 ) 800 (5,748 ) Financial services 20,230 13,923 47,394 35,533 Corporate and other 26,161 (22,525 ) 46,282 (51,896 ) Income before interest expense and income taxes 21,233 4,528 97,331 35,867 Interest expense 10,323 10,615 32,086 28,314 Income tax provision 13,674 104 31,353 9,040 Net (loss) income $ (2,764 ) $ (6,191 ) $ 33,892 $ (1,487 ) Loss (income) of associated companies, net of taxes: Corporate and other $ 1,855 $ (1,599 ) $ (408 ) $ (5,141 ) Total $ 1,855 $ (1,599 ) $ (408 ) $ (5,141 ) Segment depreciation and amortization: Diversified industrial $ 13,904 $ 16,370 $ 40,158 $ 44,320 Energy 4,309 5,107 13,174 15,212 Financial services 110 102 309 303 Corporate and other 41 32 114 97 Total depreciation and amortization $ 18,364 $ 21,611 $ 53,755 $ 59,932 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2019 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 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 have been fully implemented as of January 1, 2019, minimum requirements increased 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 as fully phased-in, effectively results in a minimum CET1 Ratio of 7.0% . Basel III raised 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% as 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 made 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 September 30, 2019 Total Capital (to risk-weighted assets) $ 167,376 19.60 % $ 68,310 8.00 % $ 89,656 10.50 % $ 85,387 10.00 % Tier 1 Capital (to risk-weighted assets) $ 156,414 18.30 % $ 51,232 6.00 % $ 72,579 8.50 % $ 68,310 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 156,414 18.30 % $ 38,424 4.50 % $ 59,771 7.00 % $ 55,502 6.50 % Tier 1 Capital (to average assets) $ 156,414 17.40 % $ 35,995 4.00 % n/a n/a $ 44,994 5.00 % As of December 31, 2018 Total Capital (to risk-weighted assets) $ 151,799 22.60 % $ 53,807 8.00 % $ 66,418 9.88 % $ 67,258 10.00 % Tier 1 Capital (to risk-weighted assets) $ 143,275 21.30 % $ 40,355 6.00 % $ 52,966 7.88 % $ 53,807 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 143,275 21.30 % $ 30,266 4.50 % $ 42,877 6.38 % $ 43,718 6.50 % Tier 1 Capital (to average assets) $ 143,275 18.30 % $ 31,250 4.00 % n/a n/a $ 39,063 5.00 % |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The amount of Cash, cash equivalents and restricted cash as of September 30, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows: September 30, 2019 2018 Cash and cash equivalents $ 112,133 $ 289,016 Restricted cash — 14,464 Total cash, cash equivalents and restricted cash $ 112,133 $ 303,480 A summary of supplemental cash flow information for the nine months ended September 30, 2019 and 2018 is presented in the following table: Nine Months Ended September 30, 2019 2018 Cash paid during the period for: Interest $ 25,748 $ 30,051 Taxes $ 7,814 $ 5,232 Non-cash investing and financing activities: Contingent purchase price (future earn-out) associated with the Dunmore acquisition $ — $ 3,800 Issuance of SPLP common units to purchase subsidiary shares from noncontrolling interests $ — $ 3,159 Issuance of SPLP Preferred Units to purchase subsidiary shares from noncontrolling interests $ — $ 3,812 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements as of September 30, 2019 and for the three and nine month periods ended September 30, 2019 and 2018 , which have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods, include the accounts of the Company and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected herein. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements on Form 10-K for the year ended December 31, 2018 , from which the consolidated balance sheet as of December 31, 2018 has been derived. Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles, but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the consolidated financial statements and the related footnote disclosures. While management uses its best judgment, actual results may differ from those estimates. Certain reclassifications have been made to the prior period financial statements and notes to conform to the current period presentation. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. ("ASU") 2016-02, Leases (Topic 842) . Topic 842 is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. 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 are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. The Company adopted Topic 842 as of January 1, 2019 using the alternative modified transition approach. The Company elected to use the package of practical expedients permitted under the transition guidance, including carryforward of our historical lease classification, no reassessment of whether an expired or existing contract contains an embedded lease, no reassessment of initial direct costs for any leases that existed prior to the date of adoption of the new standard, and to consolidate lease and non-lease components. As a result of the adoption of Topic 842, we recorded a ROU asset and lease liability of $45,357 and $46,024 , respectively, on January 1, 2019. The Company did not record a cumulative effect adjustment to the opening balance of Partners' capital upon the adoption of Topic 842. For additional information, see Note 3 - " Leases ." In January 2017, the FASB issued ASU 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 Company has elected to early adopt this standard as of January 1, 2019. The new standard did not have a material impact on the Company's consolidated financial statements upon adoption, although during the three months ended September 30, 2019 , the goodwill of the Company's packaging business was fully impaired. See Note 7 - " Goodwill and Other Intangible Assets, Net " for further discussion. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The Company adopted ASU 2017-12 on January 1, 2019. The new standard includes amendments to enhance presentation and disclosures, including eliminating the separate measurement and reporting of hedge ineffectiveness, generally requiring the entire effect of the hedging instrument and hedged item to be presented in the same income statement line item. Amendments in the new standard to reduce the complexity of applying certain aspects of hedge accounting include giving entities additional time to complete certain aspects of their hedge documentation, expanding the nature of hedging relationships that can be subsequently assessed for hedge effectiveness on a qualitative basis, if elected, and simplifying the application of the critical terms match and shortcut methods. Certain aspects of the new standard are applied on a modified retrospective basis including recording a cumulative-effect adjustment in the opening balance of retained earnings for cash flow and net investment hedges, to eliminate the separate measurement of ineffectiveness, if any, to accumulated other comprehensive income or loss ("AOCI") with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year of adoption. The amended presentation and disclosure guidance is required on a prospective basis. The standard also provides a number of one-time transition elections that entities may choose to apply to certain existing hedging relationships without having to de-designate and re-designate the hedging relationship. The Company has elected to continue recording amounts excluded from the assessment of hedge effectiveness in earnings rather than using an amortization approach. For additional details on the Company's derivatives and hedging activities, see Note 10 - " Financial Instruments ." In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new standard provides financial statement preparers with an option to reclassify any stranded tax effects resulting from the Federal Tax Cuts and Jobs Act from AOCI to retained earnings. The amendments in ASU 2018-02 are effective beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 on January 1, 2019 and elected not to reclassify stranded tax effects. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This new standard provides guidance on how to account for share-based payment transactions with nonemployees in which a grantor acquires goods or services to be used or consumed in the grantor's own operations by issuing equity-based payment awards. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2018-07 on January 1, 2019. The adoption did not have an impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The amendments in ASU 2018-15 are effective for the Company's 2020 fiscal year. The Company adopted ASU 2018-15 on April 1, 2019. The adoption did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This 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 over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-05 provides entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, that are within the scope of Subtopic 326-20, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The new standards were to be effective for the Company's 2020 fiscal year with early adoption permitted for all entities in fiscal years beginning after December 15, 2018. On October 16, 2019, the FASB voted to issue a final ASU that would amend the effective date of Topic 326 for smaller reporting companies until January 1, 2023. A company's determination about whether it is eligible to be a smaller reporting company would be based on its most recent filing determination in accordance with SEC regulations as of the date the final ASU becomes final. The Company currently meets the SEC definition of a smaller reporting company and believes it will do so as of the date the ASU becomes final. Therefore, the Company believes it will not be required to adopt Topic 326 until January 1, 2023. The Company is currently evaluating the potential impact of this new guidance; however, it expects that it could have a significant impact on the Company's allowance for loan losses ("ALLL"). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements. The amendments in ASU 2018-13 are effective for the Company's 2020 fiscal year, except that the standard permits an entity to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until the effective date. Because ASU 2018-13 affects disclosure only, management does not expect that the full adoption of this standard will have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 modifies the disclosure requirements for employers that sponsor defined benefit pension and other post-retirement plans. The amendments in ASU 2018-14 are effective for the Company's 2021 fiscal year. Because ASU 2018-14 affects disclosure only, management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements. |
Disaggregation of Revenues | Disaggregation of Revenues Revenues are disaggregated at the Company's segment level since the segment categories depict how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For additional details related to the Company's reportable segments, see Note 18 - " Segment Information ." |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue from any single foreign country was not material to the Company's consolidated financial statements. Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 United States $ 359,534 $ 353,953 $ 1,079,273 $ 1,036,473 Foreign (a) 36,808 51,366 118,325 169,528 Total revenue $ 396,342 $ 405,319 $ 1,197,598 $ 1,206,001 (a) Foreign revenues are primarily related to the Company's API Group plc ("API") and Dunmore Europe GmbH businesses, which are domiciled in the United Kingdom and Germany, respectively. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost are as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 2,799 $ 9,466 Short-term lease cost $ 126 $ 657 Finance lease cost: Amortization of right-of-use assets $ 336 $ 856 Interest on lease liabilities 97 225 Total finance lease cost $ 433 $ 1,081 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,832 Operating cash flows from finance leases $ 225 Financing cash flows from finance leases $ 1,089 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,301 Finance leases $ 3,817 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases is as follows: September 30, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 42,402 Operating lease right-of-use assets Current operating lease liabilities $ 10,231 Other current liabilities Non-current operating lease liabilities 33,090 Long-term operating lease liabilities Total operating lease liabilities $ 43,321 Finance leases Finance lease assets $ 9,622 Property, plant and equipment, net Current finance lease liabilities $ 1,721 Other current liabilities Non-current finance lease liabilities 7,273 Other non-current liabilities Total finance lease liabilities $ 8,994 Weighted-average remaining lease term Operating leases 8.10 years Finance leases 5.39 years Weighted-average discount rate Operating leases 4.60 % Finance leases 4.20 % |
Summary of Operating Lease Maturities | Maturities of lease liabilities after the adoption of Topic 842, as of September 30, 2019 , are as follows: Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 4,066 $ 523 2020 13,249 1,985 2021 9,483 1,902 2022 7,418 1,781 2023 5,182 1,754 Thereafter 16,785 2,067 Total lease payments 56,183 10,012 Present value of current lease liabilities 10,231 1,721 Present value of long-term lease liabilities 33,090 7,273 Total present value of lease liabilities 43,321 8,994 Difference between undiscounted cash flows and discounted cash flows $ 12,862 $ 1,018 Future minimum operating lease obligations prior to the adoption of Topic 842, as of December 31, 2018 , were as follows: Payments Due by Period Amount 2019 $ 14,280 2020 11,131 2021 8,975 2022 6,174 2023 3,863 Thereafter 17,867 Total $ 62,290 |
Summary of Finance Lease Maturities | Maturities of lease liabilities after the adoption of Topic 842, as of September 30, 2019 , are as follows: Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 4,066 $ 523 2020 13,249 1,985 2021 9,483 1,902 2022 7,418 1,781 2023 5,182 1,754 Thereafter 16,785 2,067 Total lease payments 56,183 10,012 Present value of current lease liabilities 10,231 1,721 Present value of long-term lease liabilities 33,090 7,273 Total present value of lease liabilities 43,321 8,994 Difference between undiscounted cash flows and discounted cash flows $ 12,862 $ 1,018 |
Loans Receivable, Including L_2
Loans Receivable, Including Loans Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Trade and Other Receivables | Major classifications of loans receivable, including loans held for sale, held by WebBank, as of September 30, 2019 and December 31, 2018 are as follows: Total Current Non-current September 30, 2019 % December 31, 2018 % September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Loans held for sale $ 230,336 $ 188,143 $ 230,336 $ 188,143 $ — $ — Commercial real estate loans $ 612 — % $ 632 — % — — 612 632 Commercial and industrial 202,965 41 % 146,758 44 % 178,175 81,507 24,790 65,251 Consumer loans 289,845 59 % 188,391 56 % 114,526 89,899 175,319 98,492 Total loans 493,422 100 % 335,781 100 % 292,701 171,406 200,721 164,375 Less: Allowance for loan losses (33,904 ) (17,659 ) (33,904 ) (17,659 ) — — Total loans receivable, net $ 459,518 $ 318,122 258,797 153,747 200,721 164,375 Loans receivable, including loans held for sale (a) $ 489,133 $ 341,890 $ 200,721 $ 164,375 (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. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of Inventories, net is as follows: September 30, 2019 December 31, 2018 Finished products $ 51,979 $ 55,723 In-process 30,582 25,392 Raw materials 57,666 58,569 Fine and fabricated precious metal in various stages of completion 23,305 20,790 163,532 160,474 LIFO reserve (2,823 ) (1,624 ) Total $ 160,709 $ 158,850 |
Inventory Supplemental Disclosure | September 30, 2019 December 31, 2018 Supplemental inventory information: Precious metals stated at LIFO cost $ 8,414 $ 9,538 Precious metals stated under non-LIFO cost methods $ 12,068 $ 9,628 Market value per ounce: Silver $ 17.59 $ 15.51 Gold $ 1,502.33 $ 1,281.65 Palladium $ 1,674.61 $ 1,263.00 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in the carrying value of goodwill | A reconciliation of the change in the carrying amount of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance as of December 31, 2018 Gross goodwill $ 205,765 $ 67,143 $ — $ 81 $ 272,989 Accumulated impairments (24,254 ) (64,790 ) — — (89,044 ) Net goodwill 181,511 2,353 — 81 183,945 Acquisitions (a), (b) 2,403 — 6,515 — 8,918 Impairments (c) (41,853 ) — — — (41,853 ) Currency translation adjustments (1,386 ) — — — (1,386 ) Balance as of September 30, 2019 Gross goodwill 206,782 67,143 6,515 81 280,521 Accumulated impairments (66,107 ) (64,790 ) — — (130,897 ) Net goodwill $ 140,675 $ 2,353 $ 6,515 $ 81 $ 149,624 (a) Diversified Industrial - Purchase price adjustments related to the 2018 Dunmore acquisition. See Note 4 - " Acquisitions " for additional information. (b) Financial Services - Goodwill related to the National Partners acquisition. See Note 4 - " Acquisitions " for additional information. (c) As a result of declines in customer demand and in the performance of the packaging business, which includes the operations of API and Dunmore, the Company determined that it was more likely than not that the fair value of the packaging business was below its carrying amount as of September 30, 2019 . Accordingly, the Company performed an assessment using a discounted cash flow method with consideration of market comparisons, and determined that the fair value of the packaging business was less than its carrying amount. The Company fully impaired the packaging business' goodwill, included in the Diversified Industrial segment, as of September 30, 2019 and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2019 . |
Summary of Intangible Assets | A summary of Other intangible assets, net is as follows: September 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 219,363 $ 106,828 $ 112,535 $ 220,709 $ 95,796 $ 124,913 Trademarks, trade names and brand names 55,217 19,556 35,661 54,950 17,923 37,027 Developed technology, patents and patent applications 31,883 16,234 15,649 31,743 14,435 17,308 Other 17,961 14,673 3,288 17,884 13,591 4,293 Total $ 324,424 $ 157,291 $ 167,133 $ 325,286 $ 141,745 $ 183,541 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | Gross realized gains and losses from sales of equity securities, which are reported as a component of Realized and unrealized (gains) losses on securities, net in the Company's consolidated statements of operations, were as follows: Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 Gross realized gains $ 13,687 $ — $ 13,687 $ 16,090 Gross realized losses (7,996 ) — (7,996 ) (5,129 ) Realized gains, net $ 5,691 $ — $ 5,691 $ 10,961 The amount of unrealized gains (losses) for the three and nine months ended September 30, 2019 and 2018 that relate to equity securities still held as of September 30, 2019 and 2018 , respectively, was as follows: Three Months Ended Nine Months Ended September 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity securities $ 30,234 $ (22,416 ) $ 68,720 $ (48,029 ) Less: Net gains recognized during the period on equity securities sold during the period 5,691 — 5,691 10,961 Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period $ 24,543 $ (22,416 ) $ 63,029 $ (58,990 ) |
Schedule of Available-for-sale Securities and Equity Method Investments | The following table summarizes the Company's long-term investments as of September 30, 2019 and December 31, 2018 . Ownership % Long-Term Investments Balance (Income) Loss Recorded in the Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 2019 2018 2019 2018 Corporate securities (a), (d) $ 213,340 $ 159,841 $ (24,885 ) $ 21,638 $ (63,371 ) $ 45,652 Collateralized debt securities 1,251 1,958 $ — $ — $ — $ — STCN convertible notes (b), (e) 13,191 14,943 $ 246 $ — $ 1,752 $ 42 STCN preferred stock (c), (e) 41,538 39,420 $ 456 $ (2,424 ) $ (1,612 ) $ (10,700 ) Equity method investments: (e) Carried at fair value: STCN common stock 29.4 % 29.6 % 31,819 31,457 $ 1,128 $ 486 $ (346 ) $ 5,835 Aviat Networks, Inc. ("Aviat") 12.5 % 12.4 % 9,149 8,881 $ 25 $ 131 $ (202 ) $ (571 ) Other 43.8 % 43.8 % 1,223 1,223 $ — $ — $ — $ — Long-term investments carried at fair value 311,511 257,723 Other equity method investments — 321 $ — $ 209 $ — $ 253 Total $ 311,511 $ 258,044 (a) Cost basis totaled $88,165 and $98,037 as of September 30, 2019 and December 31, 2018 , respectively, and gross unrealized gains totaled $125,175 and $61,804 as of September 30, 2019 and December 31, 2018 , respectively. (b) Represents investment in STCN convertible notes. The convertible notes outstanding as of December 31, 2018 matured on March 1, 2019. The Company entered into a new convertible note with STCN ("New Note") on February 28, 2019, which matures on March 1, 2024. The cost basis of the New Note totaled $14,943 as of September 30, 2019 and the gross unrealized loss was $1,752 as of September 30, 2019 . The New Note is convertible into shares of STCN's common stock at an initial conversion rate of 421.2655 shares of common stock per $1,000 principal amount of the New Note (which is equivalent to an initial conversion price of approximately $2.37 per share), subject to adjustment upon the occurrence of certain events. The cost basis of the Company's prior investment was $13,262 as of December 31, 2018 and gross unrealized gains totaled $1,681 as of December 31, 2018 . 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. The New Notes, if converted as of September 30, 2019 , when combined with STCN common and preferred shares, also if converted, owned by the Company, would result in the Company having a direct interest of approximately 49.2 % of STCN's outstanding shares. (c) Represents investment in shares of STCN preferred stock with a cost basis of $35,508 . Each share of preferred stock can be converted into shares of STCN's common stock at an initial conversion price equal to $1.96 per share, subject to adjustment upon the occurrence of certain events. 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. (d) (Income) loss from these investments is included in Realized and unrealized (gains) losses on securities, net in the consolidated statements of operations. (e) (Income) loss from these investments is included in Loss (income) of associated companies, net of taxes in the consolidated statements of |
Schedule of Additional Disclosures of Associated Companies | The following summary balance sheet amounts are for STCN as of July 31, 2019 and July 31, 2018, respectively, and the statement of income amounts are for the three and nine months ended July 31, 2019 and 2018, respectively, which are both STCN's nearest corresponding fiscal quarters to the Company's fiscal quarters ended September 30, 2019 and 2018 : (Unaudited) 2019 2018 Summary of balance sheet amounts: Current assets $ 213,324 $ 264,281 Non-current assets 518,239 562,769 Total assets $ 731,563 $ 827,050 Current liabilities $ 256,850 $ 290,612 Non-current liabilities 386,835 393,618 Total liabilities 643,685 684,230 Contingently redeemable preferred stock 35,186 35,192 Equity 52,692 107,628 Total liabilities and equity $ 731,563 $ 827,050 Three Months Ended Nine Months Ended (Unaudited) 2019 2018 2019 2018 Summary operating results: (a) Net revenue $ 204,471 $ 195,077 $ 604,697 $ 542,736 Gross profit $ 37,126 $ 37,357 $ 111,530 $ 92,185 Net (loss) income (a) $ (37,982 ) $ (7,533 ) $ (59,362 ) $ 41,952 (a) Net income in the 2018 period was favorably impacted by an income tax benefit related to STCN's acquisition of IWCO in December 2017. |
Schedule of Held-to-Maturity Securities | The amount and contractual maturities of HTM debt securities are noted in the table below. Actual maturities may differ from expected or contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. The securities are collateralized by unsecured consumer loans. September 30, 2019 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 44,152 $ 69 $ 44,221 $ 44,152 Contractual maturities within: One year to five years 31,929 Five years to ten years 10,588 After ten years 1,635 Total $ 44,152 December 31, 2018 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 48,005 $ (119 ) $ 47,886 $ 48,005 Contractual maturities within: One year to five years 22,866 Five years to ten years 23,189 After ten years 1,950 Total $ 48,005 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term and Short-term Debt | Debt consists of the following: September 30, 2019 December 31, 2018 Short term debt: Foreign $ 4,678 $ 3,094 Short-term debt 4,678 3,094 Long-term debt: Credit Agreement 408,236 472,495 Other debt - foreign 603 796 Other debt - domestic 5,260 5,604 Subtotal 414,099 478,895 Less: portion due within one year 10,732 799 Long-term debt 403,367 478,096 Total debt $ 418,777 $ 481,989 |
Schedule of Maturities of Long-term Debt | Long-term debt as of September 30, 2019 matures in each of the next five years as follows: Total 2019 2020 2021 2022 2023 Thereafter Long-term debt (a) $ 414,099 $ 2,951 $ 14,234 $ 10,106 $ 386,808 $ — $ — (a) As of September 30, 2019 , long term debt of $10,732 is expected to mature over the following twelve months. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Change in Financial Instrument Balance | Year-to-date activity is summarized below for financial instrument liabilities and related restricted cash: September 30, 2019 2018 Balance, beginning of period $ 12,434 $ 15,629 Settlement of short sales of corporate securities (14,611 ) (3,100 ) Short sales of corporate securities — 26 Net investment losses 2,177 1,909 Balance, end of period $ — $ 14,464 |
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of September 30, 2019 , the Company had the following outstanding forward contracts with settlement dates through October 2019. There were no futures contracts outstanding as of September 30, 2019 . Commodity Amount Notional Value Silver 318,757 ounces $ 5,722 Gold 1,889 ounces $ 2,849 Palladium 472 ounces $ 773 Copper 275,000 pounds $ 696 Tin 15 metric tons $ 245 |
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 are as follows: Fair Value of Derivative Assets (Liabilities) September 30, 2019 December 31, 2018 Location on Consolidated Balance Sheet Fair Value Location on Consolidated Balance Sheet Fair Value Derivatives designated as ASC 815 hedges Foreign exchange contracts Prepaid and other current assets $ 52 Accrued liabilities $ (95 ) Commodity contracts Accrued liabilities $ (10 ) Accrued liabilities $ (14 ) Derivatives not designated as ASC 815 hedges Foreign exchange contracts Prepaid and other current assets $ 192 Accrued liabilities $ (81 ) Commodity contracts Prepaid and other current assets $ 106 Accrued liabilities $ (145 ) Economic interests in loans Other non-current assets $ 18,162 Other non-current assets $ 17,156 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of cash flow hedge accounting for foreign currency forward contracts on AOCI for the three and nine months ended September 30, 2019 and 2018 is as follows: Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Recognized in AOCI on Derivatives Total Change in AOCI for the Period Three Months Ended Three Months Ended Three Months Ended 2019 2018 2019 2018 2019 2018 Diversified industrial net sales $ — $ 70 $ 71 $ (212 ) $ 71 $ (282 ) Nine Months Ended Nine Months Ended Nine Months Ended 2019 2018 2019 2018 2019 2018 Diversified industrial net sales $ 106 $ 131 $ 270 $ 149 $ 164 $ 18 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effects of derivatives not designated as ASC 815 hedging instruments on the consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 are as follows: Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized in Income Three Months Ended Nine Months Ended 2019 2018 2019 2018 Foreign exchange forward contracts Other income (expense), net $ 55 $ 674 $ (82 ) $ 1,265 Commodity contracts Other income (expense), net (745 ) 49 (1,181 ) 92 Economic interests in loans Financial services revenue 4,069 3,676 10,746 11,040 Call options Other income (expense), net — — — 250 Put options Other income (expense), net — — — (3 ) Total $ 3,379 $ 4,399 $ 9,483 $ 12,644 |
Pension Benefit Plans (Tables)
Pension Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of pension expense for the Company's significant pension plans. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Interest cost $ 5,529 $ 5,158 $ 16,473 $ 15,887 Expected return on plan assets (6,100 ) (6,965 ) (18,332 ) (20,992 ) Amortization of actuarial loss 2,738 2,116 7,768 7,194 Total $ 2,167 $ 309 $ 5,909 $ 2,089 |
Capital and Accumulated Other_2
Capital and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Changes, net of tax, in AOCI are as follows: Unrealized loss on available-for-sale debt securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2018 $ (274 ) $ (277 ) $ (23,476 ) $ (153,217 ) $ (177,244 ) Net other comprehensive income attributable to common unitholders — 518 1,303 — 1,821 Balance at March 31, 2019 (274 ) 241 (22,173 ) (153,217 ) (175,423 ) Net other comprehensive loss attributable to common unitholders — (425 ) (1,797 ) — (2,222 ) Balance at June 30, 2019 (274 ) (184 ) (23,970 ) (153,217 ) (177,645 ) Net other comprehensive income (loss) attributable to common unitholders — 71 (2,401 ) — (2,330 ) Balance at September 30, 2019 $ (274 ) $ (113 ) $ (26,371 ) $ (153,217 ) $ (179,975 ) Unrealized gain on available-for-sale securities Unrealized (loss) gain on derivative financial instruments Cumulative translation adjustments Change in net pension and other benefit obligations Total Balance at December 31, 2017 $ 91,078 $ (1,901 ) $ (18,259 ) $ (177,085 ) $ (106,167 ) Net other comprehensive income attributable to common unitholders (a) — 170 3,098 — 3,268 Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (b) (91,078 ) — — — (91,078 ) Balance at March 31, 2018 — (1,731 ) (15,161 ) (177,085 ) (193,977 ) Net other comprehensive income (loss) attributable to common unitholders (c) — 104 (3,841 ) 5 (3,732 ) Acquisition of AOCI from noncontrolling interests — (72 ) (290 ) (213 ) (575 ) Balance at June 30, 2018 — (1,699 ) (19,292 ) (177,293 ) (198,284 ) Net other comprehensive loss attributable to common unitholders — (282 ) (110 ) (5 ) (397 ) Acquisition of AOCI from noncontrolling interests — (58 ) (234 ) (166 ) (458 ) Balance at September 30, 2018 $ — $ (2,039 ) $ (19,636 ) $ (177,464 ) $ (199,139 ) (a) Does not include the net unrealized gain on derivative financial instruments of $15 and cumulative translation adjustments of $206 which are attributable to noncontrolling interests. (b) Effective January 1, 2018 upon adoption of ASU 2016-01, a cumulative effect reclassification adjustment was made to remove the net unrealized gains and losses on equity securities from AOCI and reclassify them to Partners' capital. |
Net (Loss) Income Per Common _2
Net (Loss) Income Per Common Unit (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Nine Months Ended 2019 2018 2019 2018 Net (loss) income $ (2,764 ) $ (6,191 ) $ 33,892 $ (1,487 ) Net (income) loss attributable to noncontrolling interests in consolidated entities (114 ) 96 (29 ) (644 ) Net (loss) income attributable to common unitholders (2,878 ) (6,095 ) 33,863 (2,131 ) Effect of dilutive securities: Interest expense from SPLP Preferred Units (a), (b) — — 8,918 — Net (loss) income attributable to common unitholders – assuming dilution $ (2,878 ) $ (6,095 ) $ 42,781 $ (2,131 ) Net (loss) income per common unit – basic Net (loss) income attributable to common unitholders $ (0.12 ) $ (0.23 ) $ 1.36 $ (0.08 ) Net (loss) income per common unit – diluted Net (loss) income attributable to common unitholders $ (0.12 ) $ (0.23 ) $ 1.08 $ (0.08 ) Denominator for net (loss) income per common unit – basic 25,011,142 26,020,617 24,947,814 26,143,056 Effect of dilutive securities: Unvested restricted common units — — 755 — SPLP Preferred Units (a) — — 14,656,244 — Denominator for net (loss) income per common unit – diluted (a), (b) 25,011,142 26,020,617 39,604,813 26,143,056 (a) Assumes the SPLP Preferred Units were redeemed in common units as described in Note 12 - " Capital and Accumulated Other Comprehensive Loss ." (b) For the three months ended September 30, 2019 , the diluted per unit calculation does not include 15,482,984 of SPLP Preferred Units and 1,885 unvested restricted common units since the impact would have been anti-dilutive. For the three and nine months ended September 30, 2018 , the diluted per unit calculation does not include 25,619 and 31,402 unvested restricted common units, respectively, and 11,867,198 and 11,390,991 of SPLP Preferred Units, respectively, since the impact would have been anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of September 30, 2019 and December 31, 2018 are summarized by type of inputs applicable to the fair value measurements as follows: September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 977 $ 120 $ 1,097 Long-term investments (a) 254,308 — 57,203 311,511 Precious metal and commodity inventories recorded at fair value 11,963 — — 11,963 Economic interests in loans — — 18,162 18,162 Commodity contracts on precious metal and commodity inventories — 106 — 106 Foreign currency forward exchange contracts — 244 — 244 Warrants — — 1,753 1,753 Total $ 267,248 $ 470 $ 77,118 $ 344,836 Liabilities: Commodity contracts on precious metal and commodity inventories — 10 — 10 Other precious metal liabilities 11,127 — — 11,127 Total $ 11,127 $ 10 $ — $ 11,137 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 836 $ 603 $ — $ 1,439 Long-term investments (a) 200,179 14,943 42,601 257,723 Investments in certain funds — — 422 422 Precious metal and commodity inventories recorded at fair value 9,884 — — 9,884 Economic interests in loans — — 17,156 17,156 Foreign currency forward exchange contracts — 275 — 275 Warrants — — 1,738 1,738 Total $ 210,899 $ 15,821 $ 61,917 $ 288,637 Liabilities: Financial instrument obligations $ 12,434 $ — $ — $ 12,434 Commodity contracts on precious metal and commodity inventories — 159 — 159 Other precious metal liabilities 8,589 — — 8,589 Foreign currency forward exchange contracts — 450 — 450 Total $ 21,023 $ 609 $ — $ 21,632 (a) For additional detail of the marketable securities and long-term investments see Note 8 - " Investments ." |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Following is a summary of changes in assets measured using Level 3 inputs: Investments in Associated Companies (a) Marketable Securities and Other (b) Total Balance as of December 31, 2018 $ 40,643 $ 21,274 $ 61,917 Purchases 14,943 — 14,943 Sales and cash collections — (10,869 ) (10,869 ) Realized gains — 10,761 10,761 Unrealized gains 2,118 — 2,118 Unrealized losses (1,752 ) — (1,752 ) Balance as of September 30, 2019 $ 55,952 $ 21,166 $ 77,118 Balance as of December 31, 2017 $ 36,223 $ 25,693 $ 61,916 Purchases — 250 250 Sales and cash collections — (20,096 ) (20,096 ) Realized gains — 11,584 11,584 Unrealized gains 10,700 3,895 14,595 Unrealized losses — (3,713 ) (3,713 ) Balance as of September 30, 2018 $ 46,923 $ 17,613 $ 64,536 (a) Unrealized gains and losses are recorded in Loss (income) of associated companies, net of taxes in the Company's consolidated statements of operations. (b) Realized and unrealized gains and losses are recorded in Realized and unrealized (gains) losses on securities, net or Financial services revenue in the Company's consolidated statements of operations. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Revenue: Diversified industrial net sales $ 306,382 $ 322,571 $ 947,080 $ 988,587 Energy net revenue 44,147 50,343 126,665 134,008 Financial services revenue 45,813 32,405 123,853 83,406 Total revenue $ 396,342 $ 405,319 $ 1,197,598 $ 1,206,001 Income (loss) before interest expense and income taxes: Diversified industrial $ (26,536 ) $ 14,274 $ 2,855 $ 57,978 Energy 1,378 (1,144 ) 800 (5,748 ) Financial services 20,230 13,923 47,394 35,533 Corporate and other 26,161 (22,525 ) 46,282 (51,896 ) Income before interest expense and income taxes 21,233 4,528 97,331 35,867 Interest expense 10,323 10,615 32,086 28,314 Income tax provision 13,674 104 31,353 9,040 Net (loss) income $ (2,764 ) $ (6,191 ) $ 33,892 $ (1,487 ) Loss (income) of associated companies, net of taxes: Corporate and other $ 1,855 $ (1,599 ) $ (408 ) $ (5,141 ) Total $ 1,855 $ (1,599 ) $ (408 ) $ (5,141 ) Segment depreciation and amortization: Diversified industrial $ 13,904 $ 16,370 $ 40,158 $ 44,320 Energy 4,309 5,107 13,174 15,212 Financial services 110 102 309 303 Corporate and other 41 32 114 97 Total depreciation and amortization $ 18,364 $ 21,611 $ 53,755 $ 59,932 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | 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 September 30, 2019 Total Capital (to risk-weighted assets) $ 167,376 19.60 % $ 68,310 8.00 % $ 89,656 10.50 % $ 85,387 10.00 % Tier 1 Capital (to risk-weighted assets) $ 156,414 18.30 % $ 51,232 6.00 % $ 72,579 8.50 % $ 68,310 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 156,414 18.30 % $ 38,424 4.50 % $ 59,771 7.00 % $ 55,502 6.50 % Tier 1 Capital (to average assets) $ 156,414 17.40 % $ 35,995 4.00 % n/a n/a $ 44,994 5.00 % As of December 31, 2018 Total Capital (to risk-weighted assets) $ 151,799 22.60 % $ 53,807 8.00 % $ 66,418 9.88 % $ 67,258 10.00 % Tier 1 Capital (to risk-weighted assets) $ 143,275 21.30 % $ 40,355 6.00 % $ 52,966 7.88 % $ 53,807 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 143,275 21.30 % $ 30,266 4.50 % $ 42,877 6.38 % $ 43,718 6.50 % Tier 1 Capital (to average assets) $ 143,275 18.30 % $ 31,250 4.00 % n/a n/a $ 39,063 5.00 % |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Restrictions on Cash and Cash Equivalents | The amount of Cash, cash equivalents and restricted cash as of September 30, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows: September 30, 2019 2018 Cash and cash equivalents $ 112,133 $ 289,016 Restricted cash — 14,464 Total cash, cash equivalents and restricted cash $ 112,133 $ 303,480 |
Schedule of Cash Flow, Supplemental Disclosures | A summary of supplemental cash flow information for the nine months ended September 30, 2019 and 2018 is presented in the following table: Nine Months Ended September 30, 2019 2018 Cash paid during the period for: Interest $ 25,748 $ 30,051 Taxes $ 7,814 $ 5,232 Non-cash investing and financing activities: Contingent purchase price (future earn-out) associated with the Dunmore acquisition $ — $ 3,800 Issuance of SPLP common units to purchase subsidiary shares from noncontrolling interests $ — $ 3,159 Issuance of SPLP Preferred Units to purchase subsidiary shares from noncontrolling interests $ — $ 3,812 |
Nature of the Business and Ba_3
Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Decrease in partner's capital | $ (517,683) | $ (507,605) | $ (517,683) | $ (507,605) | $ (522,411) | $ (503,394) | $ (492,508) | $ (528,435) | $ (531,711) | $ (540,172) | |
Income tax provision | 13,674 | 104 | 31,353 | 9,040 | |||||||
Income of associated companies, net of taxes | 1,855 | (1,599) | (408) | (5,141) | |||||||
Net (loss) income | (2,764) | $ (6,191) | 33,892 | (1,487) | |||||||
Increase (decrease) in accrued liabilities | 153,863 | 153,863 | $ 120,043 | ||||||||
Operating lease right-of-use assets | 42,402 | 42,402 | |||||||||
Operating lease liability | 43,321 | 43,321 | |||||||||
Accounting Standards Update 2016-02 | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Operating lease right-of-use assets | 45,357 | 45,357 | |||||||||
Operating lease liability | 46,024 | 46,024 | |||||||||
Adjustment For Tax Basis | Disposed of by Sale, Not Discontinued Operations | Arlon LLC | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Decrease in partner's capital | $ 26,864 | ||||||||||
Income tax provision | (4,294) | ||||||||||
Increase (decrease) in accrued liabilities | $ (4,294) | $ (4,294) | $ 26,864 | ||||||||
Adjustment For Tax Basis | Disposed of by Sale, Not Discontinued Operations | Arlon LLC | Out-of-Period Adjustment | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Income tax provision | 1,456 | ||||||||||
Steel Connect, Inc (STCN) | Out-of-Period Adjustment | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Income of associated companies, net of taxes | 6,067 | ||||||||||
Net (loss) income | $ (12,695) |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 396,342 | $ 405,319 | $ 1,197,598 | $ 1,206,001 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 359,534 | 353,953 | 1,079,273 | 1,036,473 |
Foreign | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 36,808 | $ 51,366 | $ 118,325 | $ 169,528 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract asset | $ 9,142 | $ 8,969 |
Contract liability | 4,381 | $ 5,900 |
Increase in contract liability | 14,940 | |
Revenue recognized | $ 14,962 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Remaining lease term | 54 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,799 | $ 9,466 |
Short-term lease cost | 126 | 657 |
Finance lease cost: | ||
Amortization of right-of-use assets | 336 | 856 |
Interest on lease liabilities | 97 | 225 |
Total finance lease cost | $ 433 | $ 1,081 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 9,832 |
Operating cash flows from finance leases | 225 |
Financing cash flows from finance leases | 1,089 |
Operating leases | 7,301 |
Finance leases | $ 3,817 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating leases | |
Operating lease right-of-use assets | $ 42,402 |
Current operating lease liabilities | 10,231 |
Non-current operating lease liabilities | 33,090 |
Total operating lease liabilities | 43,321 |
Finance leases | |
Finance lease assets | 9,622 |
Current finance lease liabilities | 1,721 |
Non-current finance lease liabilities | 7,273 |
Total finance lease liabilities | $ 8,994 |
Weighted-average remaining lease term | |
Operating leases | 8 years 1 month 6 days |
Finance leases | 5 years 4 months 20 days |
Weighted-average discount rate | |
Operating leases | 4.60% |
Finance leases | 4.20% |
Leases - Future Lease Obligatio
Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 14,280 | |
2020 | 11,131 | |
2021 | 8,975 | |
2022 | 6,174 | |
2023 | 3,863 | |
Thereafter | 17,867 | |
Total | $ 62,290 | |
Operating Leases | ||
2019 (excluding the three months ended March 31, 2019) | $ 4,066 | |
2020 | 13,249 | |
2021 | 9,483 | |
2022 | 7,418 | |
2023 | 5,182 | |
Thereafter | 16,785 | |
Total lease payments | 56,183 | |
Operating Lease, Liability, Current | 10,231 | |
Long-term operating lease liabilities | 33,090 | |
Total operating lease liabilities | 43,321 | |
Difference between undiscounted cash flows and discounted cash flows | 12,862 | |
Finance Leases | ||
2019 (excluding the three months ended March 31, 2019) | 523 | |
2020 | 1,985 | |
2021 | 1,902 | |
2022 | 1,781 | |
2023 | 1,754 | |
Thereafter | 2,067 | |
Total lease payments | 10,012 | |
Present value of current lease liabilities | 1,721 | |
Present value of long-term lease liabilities | 7,273 | |
Total finance lease liabilities | 8,994 | |
Difference between undiscounted cash flows and discounted cash flows | $ 1,018 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Jun. 01, 2018 | Feb. 16, 2018 | Sep. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 149,624 | $ 183,945 | |||
PST Group Inc. | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration paid | $ 4,620 | ||||
Dunmore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration paid | $ 69,604 | ||||
Intangible assets | 17,300 | ||||
Goodwill | 15,409 | ||||
Goodwill expected to be deductible for tax purposes | 7,126 | ||||
Inventories | 7,700 | ||||
Property, plant and equipment | 30,600 | ||||
Goodwill, not tax deductible | 8,283 | ||||
Dunmore Acquisition | Maximum | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration paid | 80,000 | ||||
Decrease in earn-out liability | $ 3,500 | ||||
Trade Names | Dunmore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 3,300 | ||||
Developed Technology Rights | Dunmore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 3,300 | ||||
Useful life | 10 years | ||||
Customer Relationships | Dunmore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 10,100 | ||||
Useful life | 15 years | ||||
Order or Production Backlog | Dunmore Acquisition | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 600 | ||||
Useful life | 4 months | ||||
WebBank | National Partners | |||||
Business Acquisition [Line Items] | |||||
Fair value of consideration paid | $ 47,725 | ||||
Loans payable | 10,000 | ||||
Receivables | 37,195 | ||||
Intangible assets | 2,230 | ||||
Goodwill | 6,515 | ||||
Goodwill expected to be deductible for tax purposes | 6,515 | ||||
WebBank | Agent Relationships | National Partners | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 1,800 | ||||
WebBank | Trade Names | National Partners | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 430 |
Loans Receivable, Including L_3
Loans Receivable, Including Loans Held For Sale - Loans Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Receivable [Line Items] | |||
Financing receivable, including loans held for sale, gross, total | $ 493,422 | $ 335,781 | |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 100.00% | 100.00% | |
Financing receivable, gross, current | $ 292,701 | $ 171,406 | |
Financing receivable, gross, non-current | 200,721 | 164,375 | |
Allowance for loan losses, total | (33,904) | (17,659) | |
Allowance for loan losses, current | (33,904) | (17,659) | |
Allowance for loan losses, non-current | 0 | 0 | |
Total loans receivable, net | 459,518 | 318,122 | |
Loans receivable, net, current | 258,797 | 153,747 | |
Loans receivable, net, noncurrent | 200,721 | 164,375 | |
Loans receivable, including loans held for sale, current | 489,133 | 341,890 | |
Loans receivable, including loans held for sale, non-current | 200,721 | 164,375 | |
Pledged as collateral | 31,158 | 56,581 | |
Increase in loans held for sale | 17,752,636 | $ 14,953,571 | |
Loans held for sale | |||
Receivable [Line Items] | |||
Financing receivable, including loans held for sale, gross, total | $ 230,336 | $ 188,143 | |
Financing receivable, ratio to total, including loans held for sale (as a percent) | |||
Financing receivable, gross, current | $ 230,336 | $ 188,143 | |
Financing receivable, gross, non-current | 0 | 0 | |
Commercial real estate loans | |||
Receivable [Line Items] | |||
Financing receivable, including loans held for sale, gross, total | $ 612 | $ 632 | |
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 | 612 | 632 | |
Commercial and industrial | |||
Receivable [Line Items] | |||
Financing receivable, including loans held for sale, gross, total | $ 202,965 | $ 146,758 | |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 41.00% | 44.00% | |
Financing receivable, gross, current | $ 178,175 | $ 81,507 | |
Financing receivable, gross, non-current | 24,790 | 65,251 | |
Consumer loans | |||
Receivable [Line Items] | |||
Financing receivable, including loans held for sale, gross, total | $ 289,845 | $ 188,391 | |
Financing receivable, ratio to total, including loans held for sale (as a percent) | 59.00% | 56.00% | |
Financing receivable, gross, current | $ 114,526 | $ 89,899 | |
Financing receivable, gross, non-current | 175,319 | 98,492 | |
WebBank | |||
Receivable [Line Items] | |||
Servicing asset | 2,913 | $ 3,044 | |
Proceeds from loans held for sale | $ 17,710,442 | $ 14,929,832 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 51,979 | $ 55,723 |
In-process | 30,582 | 25,392 |
Raw materials | 57,666 | 58,569 |
Fine and fabricated precious metal in various stages of completion | 23,305 | 20,790 |
Inventory, before LIFO reserve | 163,532 | 160,474 |
LIFO reserve | (2,823) | (1,624) |
Inventory, Net | $ 160,709 | $ 158,850 |
Inventories, Net - Narrative (D
Inventories, Net - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Bank of Nova Scotia | Consignment Agreement | Silver | ||
Inventory [Line Items] | ||
Merchandise under consignment | $ 7,400 | $ 6,700 |
Inventories, Net - Supplemental
Inventories, Net - Supplemental Inventory Information (Details) $ in Thousands | Sep. 30, 2019USD ($)$ / oz | Dec. 31, 2018USD ($)$ / oz |
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 8,414 | $ 9,538 |
Precious metals stated under non-LIFO cost methods | $ | $ 12,068 | $ 9,628 |
Market value per ounce, Silver (in dollars per ounce) | 17.59 | 15.51 |
Market value per ounce, Gold (in dollars per ounce) | 1,502.33 | 1,281.65 |
Market value per ounce, Palladium (in dollars per ounce) | 1,674.61 | 1,263 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles, Net - Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||||
Gross goodwill | $ 280,521 | $ 280,521 | $ 272,989 | ||
Accumulated impairments | (130,897) | (130,897) | (89,044) | ||
Net goodwill | 149,624 | 149,624 | 183,945 | ||
Acquisitions | 8,918 | ||||
Currency translation adjustment | (1,386) | ||||
Goodwill impairment charges | (41,853) | $ 0 | (41,853) | $ 0 | |
Diversified Industrial | |||||
Goodwill [Line Items] | |||||
Gross goodwill | 206,782 | 206,782 | 205,765 | ||
Accumulated impairments | (66,107) | (66,107) | (24,254) | ||
Net goodwill | 140,675 | 140,675 | 181,511 | ||
Acquisitions | 2,403 | ||||
Currency translation adjustment | (1,386) | ||||
Goodwill impairment charges | (41,853) | ||||
Energy net revenue | |||||
Goodwill [Line Items] | |||||
Gross goodwill | 67,143 | 67,143 | 67,143 | ||
Accumulated impairments | (64,790) | (64,790) | (64,790) | ||
Net goodwill | 2,353 | 2,353 | 2,353 | ||
Acquisitions | 0 | ||||
Currency translation adjustment | 0 | ||||
Goodwill impairment charges | 0 | ||||
Financial Services | |||||
Goodwill [Line Items] | |||||
Gross goodwill | 6,515 | 6,515 | 0 | ||
Accumulated impairments | 0 | 0 | 0 | ||
Net goodwill | 6,515 | 6,515 | 0 | ||
Acquisitions | 6,515 | ||||
Currency translation adjustment | 0 | ||||
Goodwill impairment charges | 0 | ||||
Corporate and Other | |||||
Goodwill [Line Items] | |||||
Gross goodwill | 81 | 81 | 81 | ||
Accumulated impairments | 0 | 0 | 0 | ||
Net goodwill | $ 81 | 81 | $ 81 | ||
Acquisitions | 0 | ||||
Currency translation adjustment | 0 | ||||
Goodwill impairment charges | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 324,424 | $ 325,286 |
Accumulated Amortization | 157,291 | 141,745 |
Net | 167,133 | 183,541 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 219,363 | 220,709 |
Accumulated Amortization | 106,828 | 95,796 |
Net | 112,535 | 124,913 |
Trademarks, trade names and brand names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 55,217 | 54,950 |
Accumulated Amortization | 19,556 | 17,923 |
Net | 35,661 | 37,027 |
Developed technology, patents and patent applications | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31,883 | 31,743 |
Accumulated Amortization | 16,234 | 14,435 |
Net | 15,649 | 17,308 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,961 | 17,884 |
Accumulated Amortization | 14,673 | 13,591 |
Net | $ 3,288 | $ 4,293 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Trademarks with indefinite lives | $ 11,320 | $ 11,320 | $ 11,320 | ||
Amortization expense | 5,644 | $ 7,591 | 16,748 | $ 22,764 | |
Intangible assets | 167,133 | 167,133 | 183,541 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 112,535 | 112,535 | 124,913 | ||
Trademarks, trade names and brand names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 35,661 | 35,661 | $ 37,027 | ||
API | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | $ 47,758 | $ 47,758 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Marketable securities | $ 1,097 | $ 1,097 | $ 1,439 | ||
Unrealized gain (loss) | $ (342) | $ (778) | (342) | $ (13,338) | |
Steel Excel | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities sold during the period | $ 0 | $ 25,400 | $ 46,027 |
Investments - Gross Realized Ga
Investments - Gross Realized Gains and Losses (Details) - Steel Excel Inc. - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) on Securities [Line Items] | ||||
Gross realized gains | $ 13,687 | $ 0 | $ 13,687 | $ 16,090 |
Gross realized losses | (7,996) | 0 | (7,996) | (5,129) |
Realized gains, net | $ 5,691 | $ 0 | $ 5,691 | $ 10,961 |
Investments - Long-Term Investm
Investments - Long-Term Investments (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2019$ / shares | Dec. 15, 2017$ / shares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Investments in Associated Companies: | |||||||
Long-Term Investments Balance | $ 311,511 | $ 311,511 | $ 257,723 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | |||||||
Carried at cost: | |||||||
Total | $ 311,511 | $ 311,511 | $ 258,044 | ||||
Steel Connect, Inc (STCN) | |||||||
Investments in Associated Companies: | |||||||
Ownership percentage | 29.40% | 29.40% | 29.60% | ||||
Long-Term Investments Balance | $ 31,819 | $ 31,819 | $ 31,457 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | $ 1,128 | 486 | $ (346) | 5,835 | |||
Aviat Networks, Inc. (Aviat) | |||||||
Investments in Associated Companies: | |||||||
Ownership percentage | 12.50% | 12.50% | 12.40% | ||||
Long-Term Investments Balance | $ 9,149 | $ 9,149 | $ 8,881 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | $ 25 | 131 | $ (202) | (571) | |||
Other | |||||||
Investments in Associated Companies: | |||||||
Ownership percentage | 43.80% | 43.80% | 43.80% | ||||
Long-Term Investments Balance | $ 1,223 | $ 1,223 | $ 1,223 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | 0 | 0 | 0 | 0 | |||
Other equity method investments | |||||||
Investments in Associated Companies: | |||||||
Long-Term Investments Balance | 0 | 0 | 321 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | 0 | 209 | 0 | 253 | |||
Corporate securities | |||||||
Carried at cost: | |||||||
Cost | 88,165 | 88,165 | |||||
Corporate securities | API Group plc (API) | |||||||
Carried at cost: | |||||||
Cost | 98,037 | ||||||
Gross Unrealized Gains | 125,175 | 125,175 | 61,804 | ||||
Corporate securities | Net investment (loss) gain | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 213,340 | 213,340 | 159,841 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | (24,885) | 21,638 | (63,371) | 45,652 | |||
Collateralized debt securities | Net investment (loss) gain | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 1,251 | 1,251 | 1,958 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | 0 | 0 | 0 | 0 | |||
Convertible notes | Steel Connect, Inc (STCN) | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 13,191 | 13,191 | 14,943 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | 246 | 0 | 1,752 | 42 | |||
Corporate obligations | Corporate obligations | |||||||
Carried at cost: | |||||||
Cost | 14,943 | 14,943 | 13,262 | ||||
Gross Unrealized Gains | 1,681 | ||||||
Gross unrealized loss | 1,752 | 1,752 | |||||
Preferred stock | Steel Connect, Inc (STCN) | |||||||
Equity securities - U.S. | |||||||
Long-Term Investments Balance | 41,538 | 41,538 | $ 39,420 | ||||
(Income) Loss Recorded in the Consolidated Statements of Operations | 456 | $ (2,424) | (1,612) | $ (10,700) | |||
Carried at cost: | |||||||
Cost | $ 35,508 | $ 35,508 | |||||
Debt conversion price (in dollars per share) | $ / shares | $ 1.96 | ||||||
Ownership percentage if converted | 49.20% | ||||||
Senior Notes | Convertible Senior Note Due 2024 | Common Stock | Steel Connect, Inc (STCN) | |||||||
Carried at cost: | |||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4213 | ||||||
Senior Notes | Steel Connect, Inc (STCN) | Convertible Senior Note Due 2024 | Common Stock | Steel Connect, Inc (STCN) | |||||||
Carried at cost: | |||||||
Debt conversion price (in dollars per share) | $ / shares | $ 2.37 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains (losses) recognized during the period on equity securities | $ 30,234 | $ (22,416) | $ 68,720 | $ (48,029) |
Less: Net gains recognized during the period on equity securities sold during the period | 5,691 | 0 | 5,691 | 10,961 |
Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period | $ 24,543 | $ (22,416) | $ 63,029 | $ (58,990) |
Investments - Additional Disclo
Investments - Additional Disclosures Related to Associated Company Financial Statements (Details) - Multiple equity method investments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Summary of balance sheet amounts: | ||||||
Current assets | $ 213,324 | $ 264,281 | ||||
Non-current assets | 518,239 | 562,769 | ||||
Total assets | 731,563 | 827,050 | ||||
Current liabilities | 256,850 | 290,612 | ||||
Non-current liabilities | 386,835 | 393,618 | ||||
Total liabilities | 643,685 | 684,230 | ||||
Contingently redeemable preferred stock | 35,186 | 35,192 | ||||
Equity | 52,692 | 107,628 | ||||
Total liabilities and equity | $ 731,563 | $ 827,050 | ||||
Summary operating results: (a) | ||||||
Net revenue | $ 204,471 | $ 195,077 | $ 604,697 | $ 542,736 | ||
Gross profit | 37,126 | 37,357 | 111,530 | 92,185 | ||
Net (loss) income (a) | $ (37,982) | $ (7,533) | $ (59,362) | $ 41,952 |
Investments - Other Investments
Investments - Other Investments - Related Party (Details) - WebBank - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Held to maturity securities | $ 44,152 | $ 48,005 |
Gross unrealized gain | 69 | |
Gross unrealized loss | (119) | |
Fair value | 44,221 | 47,886 |
Maturities held one through five years | 31,929 | 22,866 |
Maturities between years five and ten | 10,588 | 23,189 |
Maturities, after ten years | $ 1,635 | $ 1,950 |
Debt - Long-term and Short-term
Debt - Long-term and Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 4,678 | $ 3,094 |
Total | 414,099 | 478,895 |
Less: portion due within one year | 10,732 | 799 |
Long-term debt | 403,367 | 478,096 |
Total debt | 418,777 | 481,989 |
Loans Payable | Revolving Credit Facility | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 408,236 | 472,495 |
Loans Payable | Revolving Credit Facility | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 603 | 796 |
Other Domestic Debt | Handy & Harman Ltd. (HNH) | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Total | 5,260 | 5,604 |
Foreign Debt | ||
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Short-term debt | $ 4,678 | $ 3,094 |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Current portion of long-term debt | $ 10,732 | $ 799 |
Total | 414,099 | $ 478,895 |
2019 | 2,951 | |
2020 | 14,234 | |
2021 | 10,106 | |
2022 | 386,808 | |
2023 | 0 | |
Thereafter | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2017 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Weighted average interest rate | 4.65% | |
Remaining borrowing capacity | $ 108,900,000 | |
Revolving Credit Facility | Minimum | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Revolving Credit Facility | Maximum | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 200,000 | |
Amortization percentage | 5.00% | |
Sublimit for Issuance of Swing Loans | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 55,000,000 | |
Standby Letters of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 50,000,000 | |
Line of credit | $ 10,096,000 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit | 2,795,000 | |
Environmental and Other Matters | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 7,301,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) € in Thousands, £ in Thousands, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2019USD ($)oz | Sep. 30, 2018USD ($) | Sep. 30, 2019EUR (€) | Sep. 30, 2019GBP (£) | Dec. 31, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||||
Payments for purchased put option | $ 14,611 | $ 0 | |||
Foreign Exchange Contracts and Short Sale of Securities | Not Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative liabilities | $ 0 | $ 12,434 | |||
Silver, Ounces, Copper Contracts | Commodity contracts | Designated as Hedging Instrument | |||||
Derivatives, Fair Value [Line Items] | |||||
Amount | oz | 13,650 | ||||
CoSine Communications, Inc. (CoSine) | Foreign exchange forward contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | £ | £ 13,125 | ||||
WebBank | |||||
Derivatives, Fair Value [Line Items] | |||||
Undisbursed loan commitment | $ 114,864 | $ 130,697 | |||
Cash Flow Hedging | CoSine Communications, Inc. (CoSine) | Foreign Exchange Future | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | € | € 3,100 | ||||
Minimum | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, remaining maturity | 3 years | ||||
Maximum | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, remaining maturity | 5 years |
Financial Instruments - Roll Fo
Financial Instruments - Roll Forward (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Settlement of short sales of corporate securities | $ (14,611) | $ 0 |
Financial Instruments and Restricted Cash | Not Designated as Hedging Instrument | ||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Balance, beginning of period | 12,434 | 15,629 |
Settlement of short sales of corporate securities | (14,611) | (3,100) |
Short sales of corporate securities | 0 | 26 |
Net investment losses | 2,177 | 1,909 |
Balance, end of period | $ 0 | $ 14,464 |
Financial Instruments - Commodi
Financial Instruments - Commodity Contracts (Details) - Commodity $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)ozlbT | |
Silver, Ounces | |
Derivative [Line Items] | |
Amount | oz | 318,757 |
Notional Value | $ 5,722 |
Gold, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 1,889 |
Notional Value | $ 2,849 |
Palladium, Ounces | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | oz | 472 |
Notional Value | $ 773 |
Copper, Pounds | |
Derivative [Line Items] | |
Notional Value | $ 696 |
Copper, Pounds | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | lb | 275,000 |
Tin, Metric Tons | Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Amount | T | 15 |
Notional Value | $ 245 |
Financial Instruments - Balance
Financial Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Foreign exchange forward contracts | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (95) | |
Foreign exchange forward contracts | Designated as Hedging Instrument | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 52 | |
Foreign exchange forward contracts | Not Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (81) | |
Foreign exchange forward contracts | Not Designated as Hedging Instrument | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 192 | |
Commodity contracts | Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (10) | (14) |
Commodity contracts | Not Designated as Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (145) | |
Commodity contracts | Not Designated as Hedging Instrument | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 106 | |
Economic interests in loans | Not Designated as Hedging Instrument | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 18,162 | |
Derivative liabilities | $ 17,156 |
Financial Instruments - Cash Fl
Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ (2,764) | $ 21,034 | $ 15,622 | $ (6,191) | $ 13,555 | $ (8,851) | $ 33,892 | $ (1,487) |
Amount of Gain (Loss) Recognized in AOCI on Derivatives | 396,342 | 405,319 | 1,197,598 | 1,206,001 | ||||
Net (loss) income | (2,764) | (6,191) | 33,892 | (1,487) | ||||
Diversified Industrial | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | 306,382 | 322,571 | 947,080 | 988,587 | ||||
Diversified Industrial | Amount of Gain (Loss) Reclassified from AOCI into Income | Foreign exchange forward contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | 71 | (212) | 270 | 149 | ||||
Net (loss) income | 71 | (282) | 164 | 18 | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Foreign exchange forward contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 0 | $ 70 | $ 106 | $ 131 |
Financial Instruments - Income
Financial Instruments - Income Statement Location (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | $ 3,379 | $ 4,399 | $ 9,483 | $ 12,644 |
Foreign exchange forward contracts | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | 55 | 674 | (82) | 1,265 |
Commodity contracts | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | (745) | 49 | (1,181) | 92 |
Economic interests in loans | Financial services revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | 4,069 | 3,676 | 10,746 | 11,040 |
Short call options | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | 0 | 0 | 0 | 250 |
Put options | Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | $ 0 | $ 0 | $ 0 | $ (3) |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits - Components of Pension Expense and Other Postretirement Benefit Expense (Details) - Pension Plans, Defined Benefit - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plans Disclosure [Line Items] | ||||
Interest cost | $ 5,529 | $ 5,158 | $ 16,473 | $ 15,887 |
Expected return on plan assets | (6,100) | (6,965) | (18,332) | (20,992) |
Amortization of actuarial loss | 2,738 | 2,116 | 7,768 | 7,194 |
Total | $ 2,167 | $ 309 | $ 5,909 | $ 2,089 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Narrative (Details) - Pension Plans, Defined Benefit $ in Thousands | Sep. 30, 2019USD ($) |
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |
Remainder of 2019 | $ 6,600 |
2020 | 35,600 |
2021 | 34,900 |
2022 | 37,600 |
2023 | 29,400 |
Thereafter | $ 23,700 |
Capital and Accumulated Other_3
Capital and Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | May 24, 2018 | Dec. 07, 2016 | Jan. 02, 2012 | |
Class of Stock [Line Items] | ||||||
Common units outstanding (in shares) | 25,011,142 | 25,294,003 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||
Units issued in acquisition of WFHC noncontrolling interests | $ 20,680,000 | |||||
Purchases of the Company's common units | $ 6,721,000 | $ 13,638,000 | $ 13,708,000 | |||
Incentive units granted, percentage of outstanding common units | 100.00% | |||||
Class A | ||||||
Class of Stock [Line Items] | ||||||
Common units outstanding (in shares) | 25,011,142 | |||||
Common Units | ||||||
Class of Stock [Line Items] | ||||||
Authorized amount | $ 3,000,000 | |||||
Treasury stock (in shares) | 505,336 | |||||
Treasury stock repurchased | $ 6,721,000 | |||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 185,407 | |||||
Series A Preferred Units | ||||||
Class of Stock [Line Items] | ||||||
Stated interest rate | 6.00% | |||||
Preferred unit dividend | $ 8,918,000 | $ 8,800,000 | ||||
Debt Instrument, Term | 9 years | |||||
Repurchase period in force | 60 days | |||||
Financial instruments subject to mandatory redemption, settlement terms, maximum number of shares | 1,600,000 | |||||
Preferred units outstanding | 7,927,288 | |||||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 186,271 | |||||
2018 Incentive Award Plan | ||||||
Class of Stock [Line Items] | ||||||
Shares authorized | 500,000 | |||||
Shares granted (in shares) | 207,499 | |||||
Unearned compensation expense | $ 2,905,000 | |||||
Minimum | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 3 years | |||||
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Vesting period | 10 years | |||||
WebFinancial Holding Corporation | Steel Partners Holdings L.P. | WebFinancial Holding Corporation | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage of subsidiary | 100.00% |
Capital and Accumulated Other_4
Capital and Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | $ 522,411 | $ 503,394 | $ 492,508 | $ 528,435 | $ 531,711 | $ 540,172 | $ 492,508 | $ 540,172 |
Other comprehensive income (loss) | (2,330) | (392) | (2,731) | (875) | ||||
Balance at end of year | 517,683 | 522,411 | 503,394 | 507,605 | 528,435 | 531,711 | 517,683 | 507,605 |
Unrealized loss on available-for-sale debt securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (274) | (274) | (274) | 0 | 0 | 91,078 | (274) | 91,078 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | ||
Cumulative effect of adopting ASC 2016-01 relating to net unrealized gains/losses on equity securities | (91,078) | |||||||
Acquisition of AOCI from noncontrolling interests | 0 | 0 | ||||||
Balance at end of year | (274) | (274) | (274) | 0 | 0 | 0 | (274) | 0 |
Unrealized (loss) gain on derivative financial instruments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (184) | 241 | (277) | (1,699) | (1,731) | (1,901) | (277) | (1,901) |
Other comprehensive income (loss) | 71 | (425) | 518 | (282) | 104 | 170 | ||
Cumulative effect of adopting ASC 2016-01 relating to net unrealized gains/losses on equity securities | 0 | |||||||
Acquisition of AOCI from noncontrolling interests | (58) | (72) | ||||||
Balance at end of year | (113) | (184) | 241 | (2,039) | (1,699) | (1,731) | (113) | (2,039) |
Cumulative translation adjustments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (23,970) | (22,173) | (23,476) | (19,292) | (15,161) | (18,259) | (23,476) | (18,259) |
Other comprehensive income (loss) | (2,401) | (1,797) | 1,303 | (110) | (3,841) | 3,098 | ||
Cumulative effect of adopting ASC 2016-01 relating to net unrealized gains/losses on equity securities | 0 | |||||||
Acquisition of AOCI from noncontrolling interests | (234) | (290) | ||||||
Balance at end of year | (26,371) | (23,970) | (22,173) | (19,636) | (19,292) | (15,161) | (26,371) | (19,636) |
Change in net pension and other benefit obligations | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (153,217) | (153,217) | (153,217) | (177,293) | (177,085) | (177,085) | (153,217) | (177,085) |
Other comprehensive income (loss) | 0 | 0 | 0 | (5) | 5 | 0 | ||
Cumulative effect of adopting ASC 2016-01 relating to net unrealized gains/losses on equity securities | 0 | |||||||
Acquisition of AOCI from noncontrolling interests | (166) | (213) | ||||||
Balance at end of year | (153,217) | (153,217) | (153,217) | (177,464) | (177,293) | (177,085) | (153,217) | (177,464) |
Total | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Balance at beginning of year | (177,645) | (175,423) | (177,244) | (198,284) | (193,977) | (106,167) | (177,244) | (106,167) |
Other comprehensive income (loss) | (2,330) | (2,222) | 1,821 | (397) | (3,732) | 3,268 | ||
Cumulative effect of adopting ASC 2016-01 relating to net unrealized gains/losses on equity securities | (91,078) | |||||||
Acquisition of AOCI from noncontrolling interests | (458) | (575) | ||||||
Balance at end of year | $ (179,975) | $ (177,645) | $ (175,423) | (199,139) | $ (198,284) | (193,977) | $ (179,975) | $ (199,139) |
Unrealized loss on derivative financial instruments (NCI) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Acquisition of AOCI from noncontrolling interests | 11 | 15 | ||||||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Acquisition of AOCI from noncontrolling interests | (246) | $ 206 | ||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Acquisition of AOCI from noncontrolling interests | $ (5) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 13,674 | $ 104 | $ 31,353 | $ 9,040 |
Decrease in provisional liability due to repatriation tax | $ 1,975 |
Net (Loss) Income Per Common _3
Net (Loss) Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net (loss) income | $ (2,764) | $ (6,191) | $ 33,892 | $ (1,487) |
Net (income) loss attributable to noncontrolling interests in consolidated entities | (114) | 96 | (29) | (644) |
Net (loss) income attributable to common unitholders | (2,878) | (6,095) | 33,863 | (2,131) |
Interest expense form SPLP Preferred Units | 0 | 0 | 8,918 | 0 |
Net (loss) income attributable to common unitholders – assuming dilution | $ (2,878) | $ (6,095) | $ 42,781 | $ (2,131) |
Net (loss) income per common unit – basic | ||||
Net (loss) income attributable to common unitholders (in dollar per share) | $ (0.12) | $ (0.23) | $ 1.36 | $ (0.08) |
Net (loss) income per common unit – diluted | ||||
Net (loss) income attributable to common unitholders (in dollars per share) | $ (0.12) | $ (0.23) | $ 1.08 | $ (0.08) |
Denominator for net income (loss) per common unit - basic (in shares) | 25,011,142 | 26,020,617 | 24,947,814 | 26,143,056 |
Effect of dilutive securities: | ||||
Unvested restricted common units (in shares) | 0 | 0 | 755 | 0 |
SPLP Preferred Units (in shares) | 0 | 0 | 14,656,244 | 0 |
Denominator for net income per common unit - diluted (in shares) | 25,011,142 | 26,020,617 | 39,604,813 | 26,143,056 |
Preferred Units | ||||
Effect of dilutive securities: | ||||
Antidilutive units excluded from computation of earnings per share (in shares) | 15,482,984 | 11,867,198 | 11,390,991 | |
Restricted Stock Units (RSUs) | ||||
Effect of dilutive securities: | ||||
Antidilutive units excluded from computation of earnings per share (in shares) | 1,885 | 25,619 | 31,402 |
Fair Value Measurements - Hiera
Fair Value Measurements - Hierarchy Table (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Warrants | ||
Assets: | ||
Derivative asset total | $ 1,738 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative asset total | $ 344,836 | 288,637 |
Liabilities: | ||
Total | 11,137 | 21,632 |
Fair Value, Measurements, Recurring | Marketable securities | ||
Assets: | ||
Derivative asset total | 1,097 | 1,439 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Assets: | ||
Derivative asset total | 311,511 | 257,723 |
Fair Value, Measurements, Recurring | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 422 | |
Fair Value, Measurements, Recurring | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 11,963 | 9,884 |
Fair Value, Measurements, Recurring | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 18,162 | 17,156 |
Fair Value, Measurements, Recurring | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 106 | |
Liabilities: | ||
Financial instruments | 10 | 159 |
Fair Value, Measurements, Recurring | Warrants | ||
Assets: | ||
Derivative asset total | 1,753 | |
Fair Value, Measurements, Recurring | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 12,434 | |
Fair Value, Measurements, Recurring | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments | 11,127 | 8,589 |
Fair Value, Measurements, Recurring | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 244 | 275 |
Liabilities: | ||
Financial instruments | 450 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Derivative asset total | 267,248 | 210,899 |
Liabilities: | ||
Total | 11,127 | 21,023 |
Fair Value, Measurements, Recurring | Level 1 | Marketable securities | ||
Assets: | ||
Derivative asset total | 977 | 836 |
Fair Value, Measurements, Recurring | Level 1 | Long-term investments | ||
Assets: | ||
Derivative asset total | 254,308 | 200,179 |
Fair Value, Measurements, Recurring | Level 1 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 11,963 | 9,884 |
Fair Value, Measurements, Recurring | Level 1 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 0 | |
Liabilities: | ||
Financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Warrants | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 12,434 | |
Fair Value, Measurements, Recurring | Level 1 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments | 11,127 | 8,589 |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Liabilities: | ||
Financial instruments | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Derivative asset total | 470 | 15,821 |
Liabilities: | ||
Total | 10 | 609 |
Fair Value, Measurements, Recurring | Level 2 | Marketable securities | ||
Assets: | ||
Derivative asset total | 120 | 603 |
Fair Value, Measurements, Recurring | Level 2 | Long-term investments | ||
Assets: | ||
Derivative asset total | 0 | 14,943 |
Fair Value, Measurements, Recurring | Level 2 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 106 | |
Liabilities: | ||
Financial instruments | 10 | 159 |
Fair Value, Measurements, Recurring | Level 2 | Warrants | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | 244 | 275 |
Liabilities: | ||
Financial instruments | 450 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Derivative asset total | 77,118 | 61,917 |
Liabilities: | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Marketable securities | ||
Assets: | ||
Derivative asset total | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Long-term investments | ||
Assets: | ||
Derivative asset total | 57,203 | 42,601 |
Fair Value, Measurements, Recurring | Level 3 | Investments in certain funds | ||
Assets: | ||
Derivative asset total | 422 | |
Fair Value, Measurements, Recurring | Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Derivative asset total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Economic interests in loans | ||
Assets: | ||
Derivative asset total | 18,162 | 17,156 |
Fair Value, Measurements, Recurring | Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Derivative asset total | 0 | |
Liabilities: | ||
Financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Warrants | ||
Assets: | ||
Derivative asset total | 1,753 | 1,738 |
Fair Value, Measurements, Recurring | Level 3 | Financial instrument obligations | ||
Liabilities: | ||
Financial instruments | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Other precious metal liabilities | ||
Liabilities: | ||
Financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency forward exchange contracts | ||
Assets: | ||
Derivative asset total | $ 0 | 0 |
Liabilities: | ||
Financial instruments | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill impairment charges | $ 41,853 | $ 0 | $ 41,853 | $ 0 |
Constant prepayment rate | Securities (Assets) | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.0709 | 0.0709 | ||
Constant prepayment rate | Securities (Assets) | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.3538 | 0.3538 | ||
Default rate | Securities (Assets) | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.0164 | 0.0164 | ||
Default rate | Securities (Assets) | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.2755 | 0.2755 | ||
Discount rate | Securities (Assets) | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.0331 | 0.0331 | ||
Discount rate | Securities (Assets) | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 0.2724 | 0.2724 | ||
Diversified Industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill impairment charges | $ 41,853 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs Reconciliation - Assets (Details) - Fair Value, Measurements, Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 61,917 | $ 61,916 | ||
Purchases | 14,943 | 250 | ||
Sales and cash collections | $ (10,869) | $ (20,096) | ||
Realized gains | 10,761 | 11,584 | ||
Unrealized gains | 2,118 | 14,595 | ||
Unrealized losses | (1,752) | (3,713) | ||
Balance at end of period | 77,118 | 64,536 | 77,118 | 64,536 |
Investments in Associated Companies | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 40,643 | 36,223 | ||
Purchases | 14,943 | 0 | ||
Sales and cash collections | 0 | 0 | ||
Realized gains | 0 | 0 | ||
Unrealized gains | 2,118 | 10,700 | ||
Unrealized losses | (1,752) | 0 | ||
Balance at end of period | 55,952 | 46,923 | 55,952 | 46,923 |
Marketable Securities and Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 21,274 | 25,693 | ||
Purchases | 0 | 250 | ||
Sales and cash collections | (10,869) | (20,096) | ||
Realized gains | 10,761 | 11,584 | ||
Unrealized gains | 0 | 3,895 | ||
Unrealized losses | 0 | (3,713) | ||
Balance at end of period | $ 21,166 | $ 17,613 | $ 21,166 | $ 17,613 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | Jul. 09, 2019USD ($) | Apr. 13, 2018USD ($) | Feb. 28, 2017USD ($) | Sep. 30, 2019USD ($)claim | Sep. 30, 2019USD ($)claimdefendant | Dec. 31, 2018USD ($) | Sep. 18, 2017USD ($) |
Loss Contingencies [Line Items] | |||||||
Accrual for environmental matters | $ 42,993,000 | $ 42,993,000 | |||||
Insurance recoveries | 17,500,000 | ||||||
Estimated insurance recoveries | 10,000,000 | 10,000,000 | |||||
Handy & Harman Ltd. (HNH) | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for environmental matters | 11,244,000 | $ 11,244,000 | |||||
Settlement amount | $ 30,000,000 | $ 30,000,000 | |||||
BNS Subsidiary | |||||||
Loss Contingencies [Line Items] | |||||||
Claims, litigation matters (in number of claims) | claim | 30,000 | 30,000 | |||||
BNS Subsidiary | Insurance Claims | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual relating to open and active claims | $ 1,349,000 | $ 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 | ||||||
Adjacent Parcel | Environmental and Other Matters | Minimum | Handy & Harman Ltd. (HNH) | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental exit costs, additional loss | $ 2,000,000 | ||||||
Adjacent Parcel | Environmental and Other Matters | Maximum | Handy & Harman Ltd. (HNH) | |||||||
Loss Contingencies [Line Items] | |||||||
Environmental exit costs, additional loss | $ 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% | 75.00% | |||||
Costs | Hhem and HandH | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for environmental matters | $ 1,300,000 | $ 1,300,000 | |||||
Investigation and remediation costs | $ 8,500,000 | ||||||
Costs | Hhem and HandH | Environmental and Other Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Ownership responsibility for site investigation and remediation costs percentage allocation | 25.00% | 25.00% | |||||
Payments | $ 1,000,000 | ||||||
Investigation and remediation costs | 2,700,000 | ||||||
Camden | SLI | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for environmental matters | $ 2,600,000 | 2,600,000 | |||||
Counteroffer | 300,000 | ||||||
Camden - Past And Future Expenses | SLI | |||||||
Loss Contingencies [Line Items] | |||||||
Damages claimed | $ 1,800,000 | ||||||
Wayne facility | SLI | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual for environmental matters | $ 1,200,000 | 1,200,000 | |||||
Selling, General and Administrative Expenses | Handy & Harman Ltd. (HNH) | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement expense | $ 12,500,000 | ||||||
Preferred stock | Steel Connect, Inc (STCN) | |||||||
Loss Contingencies [Line Items] | |||||||
Stock acquired | $ 35,000,000 |
Related Party Transactions - Ma
Related Party Transactions - Management Agreement (Details) - SP General Services LLC - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Management fee percentage, quarterly basis (as a percent) | 1.50% | ||||
Management agreement renewal, term (in years) | 1 year | ||||
Notice period prior to management agreement renewal, period (in days) | 60 days | ||||
Management Fee | |||||
Related Party Transaction [Line Items] | |||||
Services fees and reimbursable expenses | $ 1,945 | $ 2,057 | $ 5,854 | $ 6,118 | |
Unpaid amount for management fee | 45 | 45 | $ 1 | ||
Reimbursable Expenses | |||||
Related Party Transaction [Line Items] | |||||
Services fees and reimbursable expenses | 1,539 | $ 1,545 | 5,108 | $ 4,532 | |
Deferred fees payable to related party | $ 1,531 | $ 1,531 | $ 254 |
Related Party Transactions - Co
Related Party Transactions - Corporate Services (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Related Parties | Management Fee | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 4,474 |
Related Party Transactions - Ot
Related Party Transactions - Other (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Consolidation, eliminations | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 99 | $ 616 |
Related Parties | WebBank | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 1,162 | $ 1,667 |
Segment Information - Segment D
Segment Information - Segment Description (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 396,342 | $ 405,319 | $ 1,197,598 | $ 1,206,001 |
Increase in interest expense | 10,323 | 10,615 | 32,086 | 28,314 |
Reclassification of net investment gains (losses) | ||||
Diversified industrial net sales | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in operating income (loss) | 3,506 | 9,719 | ||
Increase in interest expense | 3,506 | 9,719 | ||
Energy net revenue | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in operating income (loss) | 37 | 345 | ||
Increase in interest expense | 37 | 345 | ||
Reclassification of net investment gains (losses) | 1,472 | 1,414 | ||
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Decrease in operating income (loss) | 7,072 | 18,250 | ||
Increase in interest expense | 7,072 | 18,250 | ||
Reclassification of net investment gains (losses) | 1,472 | 1,414 | ||
Management Fee | Diversified industrial net sales | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 6,295 | 3,300 | 18,886 | 10,000 |
Management Fee | Energy net revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,740 | 2,100 | 5,221 | 6,300 |
Management Fee | Financial services revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 947 | $ 1,175 | $ 2,842 | $ 3,525 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue: | $ 396,342 | $ 405,319 | $ 1,197,598 | $ 1,206,001 |
Income (loss) before interest expense and income taxes: | 21,233 | 4,528 | 97,331 | 35,867 |
Interest expense | 10,323 | 10,615 | 32,086 | 28,314 |
Income tax provision | 13,674 | 104 | 31,353 | 9,040 |
Net (loss) income | (2,764) | (6,191) | 33,892 | (1,487) |
Total | 1,855 | (1,599) | (408) | (5,141) |
Depreciation and amortization | 18,364 | 21,611 | 53,755 | 59,932 |
Diversified industrial net sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 306,382 | 322,571 | 947,080 | 988,587 |
Income (loss) before interest expense and income taxes: | (26,536) | 14,274 | 2,855 | 57,978 |
Interest expense | 3,506 | 9,719 | ||
Depreciation and amortization | 13,904 | 16,370 | 40,158 | 44,320 |
Energy net revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 44,147 | 50,343 | 126,665 | 134,008 |
Income (loss) before interest expense and income taxes: | 1,378 | (1,144) | 800 | (5,748) |
Interest expense | 37 | 345 | ||
Depreciation and amortization | 4,309 | 5,107 | 13,174 | 15,212 |
Financial services revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 45,813 | 32,405 | 123,853 | 83,406 |
Income (loss) before interest expense and income taxes: | 20,230 | 13,923 | 47,394 | 35,533 |
Depreciation and amortization | 110 | 102 | 309 | 303 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) before interest expense and income taxes: | 26,161 | (22,525) | 46,282 | (51,896) |
Total | 1,855 | (1,599) | (408) | (5,141) |
Depreciation and amortization | $ 41 | $ 32 | $ 114 | $ 97 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
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 | $ 167,376 | $ 151,799 |
For capital adequacy purposes | 68,310 | 53,807 |
With capital buffer | 89,656 | 66,418 |
To be well capitalized under prompt corrective provisions | 85,387 | 67,258 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 156,414 | 143,275 |
For capital adequacy purposes | 51,232 | 40,355 |
With capital buffer | 72,579 | 52,966 |
To be well capitalized under prompt corrective provisions | 68,310 | 53,807 |
Tier 1 Capital (to average assets) | ||
Actual | 156,414 | 143,275 |
For capital adequacy purposes | 35,995 | 31,250 |
To be well capitalized under prompt corrective provisions | $ 44,994 | $ 39,063 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 19.60% | 22.60% |
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 | 10.50% | 9.88% |
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 | 18.30% | 21.30% |
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 | 8.50% | 7.88% |
Tier 1 Capital (to risk-weighted assets) To be well capitalized under prompt corrective provisions | 8.00% | 8.00% |
Tier One Common Equity | $ 156,414 | $ 143,275 |
Tier One Common Capital For Capital Adequacy | 38,424 | 30,266 |
Tier One Common Capital To Be Well Capitalized | $ 55,502 | $ 43,718 |
Common Equity Tier 1 Capital | ||
Common Equity Tier One Capital to Risk Weighted Assets | 18.30% | 21.30% |
Common Equity Tier One Capital For Adequacy With Capital Buffer To Risk Weighted Assets | $ 59,771 | $ 42,877 |
Common Equity Tier One Capital Required For Adequacy With Capital Buffer To Risk Weighted Assets | 7.00% | 6.38% |
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 | 17.40% | 18.30% |
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 Inform_3
Supplemental Cash Flow Information - Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 112,133 | $ 334,884 | $ 289,016 | |
Restricted cash | 0 | 12,434 | 14,464 | |
Total cash, cash equivalents and restricted cash | $ 112,133 | $ 347,318 | $ 303,480 | $ 434,384 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest | $ 25,748 | $ 30,051 |
Taxes | 7,814 | 5,232 |
Noncash Investing and Financing Items [Abstract] | ||
Contingent purchase price (future earn-out) associated with the Dunmore acquisition | 0 | 3,800 |
Common Units | ||
Noncash Investing and Financing Items [Abstract] | ||
Issuance of units | 0 | 3,159 |
Preferred Units | ||
Noncash Investing and Financing Items [Abstract] | ||
Issuance of units | $ 0 | $ 3,812 |