Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 25,023,128 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 150.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 148,348 | $ 334,884 |
Restricted cash | 0 | 12,434 |
Marketable securities | 220 | 1,439 |
Trade and other receivables - net of allowance for doubtful accounts of $2,725 and $2,885, respectively | 188,410 | 209,543 |
Receivables from related parties | 2,221 | 425 |
Loans receivable, including loans held for sale of $225,013 and $188,143, respectively, net | 546,908 | 341,890 |
Inventories, net | 167,833 | 158,850 |
Prepaid expenses and other current assets | 36,261 | 32,826 |
Total current assets | 1,090,201 | 1,092,291 |
Long-term loans receivable, net | 196,145 | 164,375 |
Goodwill | 149,626 | 183,945 |
Other intangible assets, net | 158,593 | 183,541 |
Deferred tax assets | 88,645 | 96,040 |
Other non-current assets | 70,666 | 80,356 |
Property, plant and equipment, net | 262,277 | 297,467 |
Operating lease right-of-use assets | 40,365 | |
Long-term investments | 275,836 | 258,044 |
Total Assets | 2,332,354 | 2,356,059 |
Current liabilities: | ||
Accounts payable | 99,844 | 106,261 |
Accrued liabilities | 119,642 | 120,043 |
Financial instruments | 0 | 12,434 |
Deposits | 615,495 | 431,959 |
Payables to related parties | 481 | 248 |
Short-term debt | 3,197 | 3,094 |
Current portion of long-term debt | 14,208 | 799 |
Current portion of preferred unit liability | 39,782 | 0 |
Other current liabilities | 43,172 | 21,943 |
Total current liabilities | 935,821 | 696,781 |
Long-term deposits | 139,222 | 279,352 |
Long-term debt | 391,136 | 478,096 |
Preferred unit liability | 144,247 | 180,340 |
Accrued pension liabilities | 196,077 | 205,770 |
Deferred tax liabilities | 3,614 | 2,225 |
Long-term operating lease liabilities | 31,262 | |
Other non-current liabilities | 14,556 | 20,987 |
Total Liabilities | 1,855,935 | 1,863,551 |
Commitments and Contingencies | ||
Capital: | ||
Partners' capital common units: 25,023,128 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 | 664,035 | 666,031 |
Accumulated other comprehensive loss | (191,422) | (177,244) |
Total Partners' Capital | 472,613 | 488,787 |
Noncontrolling interests in consolidated entities | 3,806 | 3,721 |
Total Capital | 476,419 | 492,508 |
Total Liabilities and Capital | $ 2,332,354 | $ 2,356,059 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,725 | $ 2,885 |
Loans receivable, held for sale | $ 225,013 | $ 188,143 |
Common units issued (in shares) | 25,023,128 | 25,294,003 |
Common units outstanding (in shares) | 25,023,128 | 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 - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | ||
Revenues | $ 1,561,771,000 | $ 1,584,614,000 |
Total revenue | 1,561,771,000 | 1,584,614,000 |
Costs and expenses: | ||
Cost of goods sold | 1,052,241,000 | 1,109,978,000 |
Selling, general and administrative expenses | 356,803,000 | 352,794,000 |
Goodwill impairment charges | 41,853,000 | 0 |
Asset impairment charges | 30,506,000 | 8,108,000 |
Finance interest expense | 16,279,000 | 10,288,000 |
Provision for loan losses | 43,373,000 | 19,058,000 |
Interest expense | 41,409,000 | 39,234,000 |
Realized and unrealized (gains) losses on securities, net | (47,315,000) | 62,586,000 |
Other income, net | (1,139,000) | (8,010,000) |
Total costs and expenses | 1,534,010,000 | 1,594,036,000 |
Income (loss) before income taxes and equity method investments | 27,761,000 | (9,422,000) |
Income tax provision | 15,865,000 | 12,559,000 |
Loss of associated companies, net of taxes | 8,043,000 | 9,509,000 |
Net income | 3,853,000 | (31,490,000) |
Net loss (income) attributable to noncontrolling interests in consolidated entities | 97,000 | (1,114,000) |
Net income (loss) attributable to common unitholders | $ 3,950,000 | $ (32,604,000) |
Net income (loss) per common unit - basic and diluted | ||
Net (loss) income attributable to common unitholders (in dollars per share) | $ 0.16 | $ (1.25) |
Weighted-average number of common units outstanding - basic (in shares) | 24,964,643 | 25,984,185 |
Weighted-average number of common units outstanding - diluted (in shares) | 24,965,209 | 25,984,185 |
Diversified Industrial | ||
Revenue: | ||
Revenues | $ 1,226,365,000 | $ 1,286,665,000 |
Energy Service | ||
Revenue: | ||
Revenues | 163,972,000 | 175,950,000 |
Financial Service | ||
Revenue: | ||
Revenues | $ 171,434,000 | $ 121,999,000 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 3,853 | $ (31,490) |
Other comprehensive (loss) income, net of tax: | ||
Gross unrealized losses on available-for-sale debt securities | 0 | (274) |
Gross unrealized gains (losses) on derivative financial instruments | 263 | (2) |
Currency translation adjustments | (1,690) | (4,733) |
Changes in pension liabilities and other post-retirement benefit obligations | (12,755) | 24,247 |
Other comprehensive (loss) income | (14,182) | 19,238 |
Comprehensive loss | (10,329) | (12,252) |
Comprehensive loss (income) attributable to noncontrolling interests | 97 | (1,100) |
Comprehensive loss attributable to common unitholders | $ (10,232) | $ (13,352) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Capital - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 492,508 | $ 540,172 |
Balance at beginning of year (in shares) | 25,294,003 | |
Net (loss) income | $ 3,853 | (31,490) |
Unrealized (loss) gain on available-for-sale securities | (274) | |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 | |
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |
Unrealized (losses) gains on derivative financial instruments | 263 | (2) |
Currency translation adjustments | (1,690) | (4,733) |
Changes in pension liabilities and post-retirement benefit obligations | (12,755) | 24,247 |
Equity compensation - restricted units | 961 | 529 |
Purchases of SPLP common units | (6,721) | (21,202) |
Purchases of subsidiary shares from noncontrolling interests | (17,891) | |
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334 | |
Other, net | 0 | (216) |
Balance at end of year | $ 476,419 | $ 492,508 |
Balance at end of year (in shares) | 25,023,128 | 25,294,003 |
Parent | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 488,787 | $ 519,239 |
Net (loss) income | 3,950 | (32,604) |
Unrealized (loss) gain on available-for-sale securities | (274) | |
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |
Unrealized (losses) gains on derivative financial instruments | 263 | (28) |
Currency translation adjustments | (1,690) | (4,693) |
Changes in pension liabilities and post-retirement benefit obligations | (12,755) | 24,247 |
Equity compensation - restricted units | 779 | 529 |
Purchases of SPLP common units | (6,721) | (21,202) |
Purchases of subsidiary shares from noncontrolling interests | 2,755 | |
Other, net | 0 | (216) |
Balance at end of year | $ 472,613 | $ 488,787 |
Common Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year (in shares) | 37,436,531 | 37,216,787 |
Equity compensation - incentive units and vesting of restricted units (in shares) | 234,461 | 34,337 |
Purchases of subsidiary shares from noncontrolling interests (in shares) | 185,407 | |
Balance at end of year (in shares) | 37,670,992 | 37,436,531 |
Treasury Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ (192,060) | $ (170,858) |
Balance at beginning of year (in shares) | 12,142,528 | 10,868,367 |
Purchases of SPLP common units | $ (6,721) | $ (21,202) |
Purchases of SPLP common units (in shares) | (505,336) | (1,274,161) |
Balance at end of year | $ (198,781) | $ (192,060) |
Balance at end of year (in shares) | 12,647,864 | 12,142,528 |
Partners' Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 666,031 | $ 623,624 |
Net (loss) income | 3,950 | (32,604) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 91,078 | |
Cumulative effect of adopting ASC 606 relating to revenue recognition | 1,034 | |
Equity compensation - restricted units | 779 | 529 |
Purchases of SPLP common units | (6,721) | (21,202) |
Purchases of subsidiary shares from noncontrolling interests | 3,788 | |
Other, net | (4) | (216) |
Balance at end of year | 664,035 | 666,031 |
Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | (177,244) | (104,385) |
Unrealized (loss) gain on available-for-sale securities | (274) | |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) | |
Unrealized (losses) gains on derivative financial instruments | 263 | (28) |
Currency translation adjustments | (1,690) | (4,693) |
Changes in pension liabilities and post-retirement benefit obligations | (12,755) | 24,247 |
Purchases of subsidiary shares from noncontrolling interests | (1,033) | |
Other, net | 4 | |
Balance at end of year | (191,422) | (177,244) |
Noncontrolling Interests in Consolidated Entities | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | 3,721 | 20,933 |
Net (loss) income | (97) | 1,114 |
Unrealized (losses) gains on derivative financial instruments | 26 | |
Currency translation adjustments | (40) | |
Equity compensation - restricted units | 182 | |
Purchases of subsidiary shares from noncontrolling interests | (20,646) | |
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334 | |
Other, net | 0 | 0 |
Balance at end of year | $ 3,806 | 3,721 |
Previously Reported | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | 567,036 | |
Previously Reported | Parent | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 546,103 | |
Previously Reported | Common Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year (in shares) | 37,216,787 | |
Previously Reported | Treasury Units | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ (170,858) | |
Balance at beginning of year (in shares) | 10,868,367 | |
Previously Reported | Partners' Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ 650,488 | |
Previously Reported | Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | (104,385) | |
Previously Reported | Noncontrolling Interests in Consolidated Entities | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | 20,933 | |
Adjustment For Tax Basis | Restatement Adjustment | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | (26,864) | |
Adjustment For Tax Basis | Restatement Adjustment | Parent | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | (26,864) | |
Adjustment For Tax Basis | Restatement Adjustment | Partners' Capital | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Balance at beginning of year | $ (26,864) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 3,853,000 | $ (31,490,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for loan losses | 43,373,000 | 19,058,000 |
Loss of associated companies, net of taxes | 8,043,000 | 9,509,000 |
Realized and unrealized (gains) losses on securities, net | (47,315,000) | 62,586,000 |
Derivative gains on economic interests in loans | (14,801,000) | (14,757,000) |
Deferred income taxes | 13,038,000 | 3,147,000 |
Depreciation and amortization | 72,266,000 | 80,323,000 |
Non-cash lease expense | 11,177,000 | |
Equity-based compensation | 779,000 | 644,000 |
Goodwill impairment charges | 41,853,000 | 0 |
Asset impairment charges | 30,506,000 | 8,108,000 |
Other | 2,593,000 | 4,466,000 |
Net change in operating assets and liabilities: | ||
Trade and other receivables | 20,694,000 | (19,625,000) |
Inventories | (9,491,000) | (7,415,000) |
Prepaid expenses and other assets | 2,751,000 | (7,851,000) |
Accounts payable, accrued and other liabilities | (30,706,000) | (2,582,000) |
Net increase in loans held for sale | (36,870,000) | (51,370,000) |
Net cash provided by operating activities | 111,743,000 | 52,751,000 |
Cash flows from investing activities: | ||
Purchases of investments | (90,815,000) | (149,505,000) |
Proceeds from sales of investments | 31,576,000 | 50,300,000 |
Proceeds from maturities of investments | 92,049,000 | 42,936,000 |
Loan originations, net of collections | (205,874,000) | (203,885,000) |
Purchases of property, plant and equipment | (43,024,000) | (47,085,000) |
Settlements of short positions, net | (14,611,000) | (3,100,000) |
Proceeds from sales of assets | 1,293,000 | 5,909,000 |
Acquisitions, net of cash acquired | (45,559,000) | (62,683,000) |
Other | 0 | 684,000 |
Net cash used in investing activities | (274,965,000) | (366,429,000) |
Cash flows from financing activities: | ||
Net revolver borrowings | (64,712,000) | |
Net revolver borrowings | 65,315,000 | |
Net repayments of term loans | (7,304,000) | (604,000) |
Proceeds from equipment lease financing | 0 | 1,707,000 |
Purchases of the Company's common units | (6,721,000) | (21,202,000) |
Purchase of subsidiary shares from noncontrolling interests | 0 | (18,068,000) |
Deferred finance charges | (815,000) | (1,280,000) |
Net increase in deposits | 43,406,000 | 200,311,000 |
Other | 0 | 442,000 |
Net cash provided by (used in) financing activities | (36,146,000) | 226,621,000 |
Net change for the period | (199,368,000) | (87,057,000) |
Effect of exchange rate changes on cash and cash equivalents | 398,000 | (9,000) |
Cash, cash equivalents and restricted cash at beginning of period | 347,318,000 | 434,384,000 |
Cash, cash equivalents and restricted cash at end of period | $ 148,348,000 | $ 347,318,000 |
NATURE OF THE BUSINESS AND BASI
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 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 various companies, 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 22 - " 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 21 - " Related Party Transactions ." Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority or wholly-owned subsidiaries. All material inter-company accounts and transactions have been eliminated in consolidation. Certain amounts in the Company's 2018 consolidated statement of cash flows and notes have been reclassified to conform to the comparable 2019 presentation. During the second quarter of 2019, the Company received an Internal Revenue Service ("IRS") adjustment related to the 2015 sale of Arlon, LLC ("Arlon"). The IRS adjustment resulted in a decrease to Arlon's tax basis, which increased the tax gain realized on the sale. The adjustment was for approximately $26,864 , which was recorded as of December 31, 2017 as a decrease to the opening balance of Partners' capital with a corresponding increase to Accrued Liabilities recorded as of December 31, 2018. The estimated liability of $26,864 was made up of federal tax and interest of $24,002 , and state tax and interest of $2,862 . The IRS audit was expanded to include 2016 and 2017, and all years were subsequently agreed and settled for federal tax purposes in late 2019. The Company settled the federal portion of the IRS audit for $21,782 in the fourth quarter of 2019, and recorded a benefit of $2,220 in Income tax provision in the accompanying consolidated statement of operations for the year ended December 31, 2019 . The federal benefit of $2,220 was the difference between the federal estimated liability recorded of $24,002 and the IRS final settlement of $21,782 . The Company anticipates paying the federal and state settlements in 2020. The accompanying notes 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 at December 31, 2017, Loss of associated companies, net of taxes and Net loss for the year ended December 31, 2018 would have increased to losses of $20,717 and $42,698 , respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Preparation of Consolidated Financial Statements The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses, and related disclosure of contingent assets and liabilities during the reporting period. The more significant estimates include: (1) the valuation allowances for trade and other receivables, loans receivable and inventories; (2) the valuation of goodwill, indefinite-lived intangible assets, long-lived assets and associated companies; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of derivatives; (6) post-employment benefit liabilities; (7) estimates and assumptions used in the determination of fair value of certain securities; and (8) estimates of loan losses. Actual results may differ from the estimates used in preparing the consolidated financial statements; and, due to substantial holdings in and/or restrictions on certain investments, the value that may be realized could differ from the estimated fair value. Cash and Cash Equivalents Cash and cash equivalents include cash and deposits in depository institutions and financial institutions, and includes WebBank cash at the Federal Reserve Bank. The Company considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include qualifying money market funds and exclude amounts where availability is restricted by loan agreements or other contractual provisions. Cash equivalents are stated at cost, which approximates market value. Restricted Cash Restricted cash primarily represents cash collateral for certain short sales of corporate securities (see Note 14 - " Financial Instruments " for additional information). Marketable Securities and Long-Term Investments Marketable securities consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Long-term investments consist of equity securities and certain associated company investments. Held-to-maturity securities are classified in Other non-current assets. SPLP determines the appropriate classifications of its investments at the acquisition date and re-evaluates the classifications at each balance sheet date. • Since the Company adopted Accounting Standards Update No. ("ASU") 2016-01 effective January 1, 2018, available-for-sale equity securities are now reported at fair value, with unrealized gains and losses recognized in Realized and unrealized (gains) losses on securities, net in the consolidated statement of operations. • Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income or loss ("AOCI") as a separate component of SPLP's Partners' capital in both 2019 and 2018 . • Associated companies represent equity method investments in companies where our ownership is generally between 20% and 50% of the outstanding equity and the Company has the ability to exercise influence, but not control, over the investee. For equity method investments where the fair value option has been elected, unrealized gains and losses are reported in the Company's consolidated statements of operations as part of Loss of associated companies, net of taxes. For the equity method investments where the fair value option has not been elected, SPLP records the investment at cost and subsequently increases or decreases the investment by its proportionate share of the net income or loss and other comprehensive income or loss of the investee. • Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Dividend and interest income is recognized when earned. Realized gains and losses on marketable securities and long-term investments are included in earnings and are derived using the specific-identification method. Commission expense is recorded as a reduction of sales proceeds on investment sales. Commission expense on purchases is included in the cost of investments on the Company's consolidated balance sheets. Other Than Temporary Impairment If the Company believes a decline in the market value of any available-for-sale debt security, equity method or held-to-maturity security below cost is other than temporary, a loss is charged to earnings, which establishes a new cost basis for the security. Impairment losses are included in Asset impairment charges in the Company's consolidated statements of operations. SPLP's determination of whether a security is other than temporarily impaired incorporates both quantitative and qualitative information. The Company considers a number of factors including, but not limited to, the length of time and the extent to which the fair value has been less than cost, the length of time expected for recovery, the financial condition of the issuer, the reason for the decline in fair value, changes in fair value subsequent to the balance sheet date, the ability and intent to hold investments to maturity, and other factors specific to the individual investment. Specifically, for held-to-maturity securities, the Company considers whether it plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost. The credit component of an other-than-temporary impairment loss is recognized in earnings and the non-credit component is recognized in AOCI in situations where the Company does not intend to sell the security and it is more likely-than-not that the Company will not be required to sell the security prior to recovery. SPLP's assessment involves a high degree of judgment and accordingly, actual results may differ materially from those estimates and judgments. Trade Receivables and Allowance for Doubtful Accounts The Company recognizes bad debt expense through an allowance account using estimates based primarily on management's evaluation of the financial condition of the customer, historical experience, credit quality, whether any amounts are currently past due, the length of time accounts may be past due, previous loss history and management's determination of a customer's current ability to pay its obligations. Trade receivable balances are charged off against the allowance when it is determined that the receivables will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written off. The Company believes that the credit risk with respect to trade receivables is limited due to this credit evaluation process. As of December 31, 2019 , the top 10 of the Company's largest customer balances accounted for 24% of the Company's trade receivables. The Company's allowance for doubtful accounts for trade receivables was $2,725 and $2,885 as of December 31, 2019 and 2018 , respectively. The Company recorded charges of $365 to the allowance offset by recoveries of $525 for the year ended December 31, 2019 and charges of $1,322 to the allowance offset by recoveries of $1,803 for the year ended December 31, 2018 . Loans Receivable, Including Loans Held for Sale WebBank's loan activities include several lending arrangements with companies where it originates credit card and other loans for consumers and small businesses. These loans are classified as Loans receivable and are typically sold after origination. As part of these arrangements, WebBank earns fees that are recorded in non-interest income. Fees earned from these lending arrangements are recorded as fee income. WebBank also purchases participations in commercial and industrial loans through loan syndications. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses ("ALLL"), and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Through a loan program, merchants can borrow a certain percentage of their annual payment volume and are charged a fixed fee for the loan, which targets an annual percentage rate based on the overall credit assessment of the merchant. Loans are repaid through a fixed percentage of the merchant's future payment volume. The fee is fixed at the time the loan is extended. The fixed fee is amortized to interest income based on the amount repaid over the repayment period. We estimate the repayment period based on the merchant's payment processing history. There is no stated interest rate. There is a general requirement that at least 10% of the original amount of the loan plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant's future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. Loans held for sale are carried at the lower of cost or estimated market value in the aggregate. A valuation allowance is recorded when cost exceeds fair value based on our determination at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value and impairments from reductions in carrying value. Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent for commercial loans, 120 days for consumer loans and 180 days for small business loans unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loan Impairment and Allowance for Loan Losses A loan is considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, when appropriate, the loan's observable fair value or the fair value of the collateral (less any selling costs) if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premium or discount), an impairment is recognized by creating or adjusting an existing allocation of the ALLL, or by charging down the loan to its value determined in accordance with U.S. GAAP. The ALLL is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when the uncollectability of a loan or receivable balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The ALLL is evaluated on a regular basis and is based upon a periodic review of the collectability of the amounts due in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard or loss. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience and is adjusted for qualitative factors to cover uncertainties that could affect the estimate of probable losses. The ALLL is increased by charges to income and decreased by charge-offs (net of recoveries). The periodic evaluation of the adequacy of the allowance is based on WebBank's past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the debtor's ability to repay, the estimated value of any underlying collateral and current economic conditions. Inventories Inventories are generally stated at the lower of cost (determined by the first-in, first-out method or average cost method) and net realizable value. Cost is determined by the last-in, first-out ("LIFO") method for certain precious metal inventory held in the U.S., and remaining precious metal inventory is primarily carried at fair value. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. For other inventory, the cost of work in process and finished products comprises the cost of raw materials, direct labor and overhead costs attributable to the production of inventory. Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions, and are adjusted accordingly. If actual market conditions are less favorable than those projected, future write-downs may be required. Goodwill and Other Intangible Assets, Net Goodwill, which is not amortized, represents the difference between the purchase price and the fair value of identifiable net assets acquired in a business combination. We review goodwill for impairment annually in the fourth quarter, and test for impairment during the year if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Examples of such events would include pertinent macroeconomic conditions, industry and market considerations, overall financial performance and other factors. An entity can choose between using the Step 0 approach or the Step 1 approach. For the Step 0 approach, an entity may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the Step 0 assessment for any reporting unit in any period and proceed directly to performing Step 1 of the goodwill impairment test. An entity may resume performing the Step 0 assessment in any subsequent period. For the Step 1 approach, which is a quantitative approach, the Company will calculate the fair value of a reporting unit and compare it to its carrying amount. There are several methods that may be used to estimate a reporting unit's fair value, including the income approach, the market approach and/or the cost approach. The amount of impairment, if any, is determined 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. For 2019 , the Company utilized a qualitative approach for all of its reporting units, except for the packaging business within the Diversified Industrial segment. Based on its qualitative assessment, the Company does not believe that it is more likely than not that the fair value of any of its reporting units tested under this approach is less than its carrying value. As discussed in Note 9 - " Goodwill and Other Intangible Assets, Net ," as a result of declines in customer demand and the performance of the packaging business, which includes the operations of API Group Limited ("API") and Dunmore Corporation in the U.S. and Dunmore Europe GmbH in Germany (collectively, "Dunmore"), and is included in the Diversified Industrial segment, during the third quarter of 2019, the Company determined that it was more likely than not that the fair value of the packaging business was below its carrying amount. 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. As a result, the Company fully impaired the packaging business' goodwill, and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statements of operations for the year ended December 31, 2019 . For 2018 , the Company utilized a qualitative approach for all of its reporting units, except for the packaging business within its Diversified Industrial segment, and there were no goodwill impairment charges recorded as a result of the assessment. For definite-lived intangible assets, the Company evaluates the carrying amount of such assets when circumstances indicate the carrying amount may not be recoverable. Conditions that could have an adverse impact on the cash flows and fair value of the long-lived assets are deteriorating business climate, condition of the asset or plans to dispose of the asset before the end of its useful life. If the assets' carrying amounts exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amounts exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, depending on the level of interdependencies in the Company's operations. For the year ended December 31, 2019 , the Company fully impaired the intangible assets of API of $3,078 . Refer to Note 9 - " Goodwill and Other Intangible Assets, Net " for further discussion. Intangible assets with indefinite lives, which are only within the Diversified Industrial segment, are tested for impairment at least annually, or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Companies can use the same two testing approaches for indefinite-lived intangibles as for goodwill. For 2019 and 2018, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives, except for the packaging business, and the results indicated no impairment. For 2019 and 2018, the packaging business' indefinite lived intangible assets were tested for impairment along with the packaging business' goodwill described above and were determined not to be impaired. Derivatives The Company uses various hedging instruments to reduce the impact of changes in precious metal prices and the effect of foreign currency fluctuations. In accordance with Accounting Standards Codification ("ASC") 815, Derivatives and Hedging , these instruments are recorded as either fair value hedges, economic hedges, cash flow hedges or derivatives with no hedging designation. Precious Metals 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. Fair Value Hedges . The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities, and the change in the fair value of the underlying hedged inventory, are recognized in the Company's consolidated statements of operations, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company's precious metal inventory carried at fair value. Economic Hedges . As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market, and both realized and unrealized gains and losses are recorded in current period earnings in the Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. 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 and the value of its future purchases denominated in other currencies. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's consolidated statements of operations. The forward contracts that are used to hedge the value of the Company's future sales and purchases are accounted for as cash flow hedges in accordance with ASC 815. 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. WebBank - Derivative Financial Instruments WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheet. Gains and losses resulting from changes in fair value of these 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 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. Property, Plant and Equipment, Net Property, plant and equipment is recorded at cost. Depreciation of property, plant and equipment is recorded principally on the straight line method over the estimated useful lives of the assets, which range as follows: machinery and equipment 3 to 15 years and buildings and improvements 10 to 30 years. Leasehold improvements are amortized over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Interest cost is capitalized for qualifying assets during the assets' acquisition period. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized. Gain or loss on dispositions is recorded in Other income, net. Long-Lived Asset Testing The Company estimates the depreciable lives of property, plant and equipment, and depreciates such assets over such lives. The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. If the carrying amounts of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amounts exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, depending on the level of interdependencies in the Company's operations. The Company considers various factors in determining whether an impairment test is necessary, including among other things: a significant or prolonged deterioration in operating results and projected cash flows; significant changes in the extent or manner in which assets are used; technological advances with respect to assets which would potentially render them obsolete; the Company's strategy and capital planning; and the economic climate in the markets it serves. When estimating future cash flows and if necessary, fair value, the Company makes judgments as to the expected utilization of assets and estimated future cash flows related to those assets. The Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and other information available at the time the estimates are made. The Company believes these estimates are reasonable; however, changes in circumstances or conditions could have a significant impact on its estimates, which might result in material impairment charges in the future. As discussed in Note 6 - " Asset Impairment Charges ," during the three months ended December 31, 2019 , as a result of declines in market conditions and customer demand at API, the Company performed a recoverability test as of December 31, 2019 to determine if the carrying amount of API's long-lived assets were recoverable based on their undiscounted cash flows over their future service potential. The testing performed indicated that API's long-lived assets may not be recoverable and accordingly, the fair value of these assets was estimated in order to determine if they were impaired as of December 31, 2019. The Company used both cost and market approaches in determining the fair value of API's long-lived assets. As a result of this testing, the Company determined that the carrying value of API's long-lived assets, primarily machinery and equipment and buildings, exceeded their estimated market value by $ 26,514 . The Company recorded this impairment in Asset impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 2019 . Business Combinations When the Company acquires a business, it allocates the purchase price to the assets acquired, liabilities assumed and any noncontrolling interests based on their fair values at the acquisition date. Significant judgment may be used to determine these fair values including the use of appraisals, discounted cash flow models, market value for similar purchases or other methods applicable to the circumstances. The assumptions and judgments made by the Company when recording business combinations will have an impact on reported results of operations in the future. Revenue Recognition Diversified Industrial and Energy Segments In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and has since issued amendments thereto (collectively referred to herein as "ASC 606"). In January 1, 2018, we adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of the adoption date. The disclosures included herein reflect our accounting policies under ASC 606. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues. Revenue is reported net of any sales or usage-based tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Service revenues are generated primarily by the Energy segment's energy and sports businesses and by the repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants in the Diversified Industrial segment. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. The Company records all shipping and handling fees billed to customers as revenue. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. The Company has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer's level of purchases rise. Rebates are recorded as a reduction of net sales in the Company's consolidated statements of operations. As of December 31, 2019 and 2018 , accrued rebates payable totaled $15,421 and $12,345 , respectively, and are included in Accrued liabilities on the Company's consolidated balance sheets. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and fees earned on loans and investments. Interest income is accrued on the unpaid principal balance, including amortization of premiums and accretion of discounts. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Non-interest income is primarily derived from premiums on the sale of loans, loan servicing fees, origination fees earned on certain loans and fee income on contractual lending arrangements. Concentration of Revenue No single customer accounted for 5% or more of the Company's consolidated revenues in 2019 or 2018 . In 2019 and 2018 , the 10 largest customers accounted for approximately 19% and 19% , respectively, of the Company's consolidated revenues. Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 19 - " Fair Value Measurements "). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurem |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | REVENUES Adoption of ASC 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted ASC 606 for all contracts with customers using the modified retrospective transition method. The Company recognized a net increase of $1,034 to Partners' capital due to the cumulative impact of adopting ASC 606. The impact to Partners' capital was primarily related to the timing of when revenue is recognized. While revenue from most contracts will continue to be recognized at a point-in-time, revenue from other contracts (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment) will be recognized over time. Revenue Recognition Accounting Policies Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company records all shipping and handling fees billed to customers as revenue. The Company has elected to account for shipping and handling activities that are performed after the customer obtains control of a good as activities to fulfill the promise to transfer the good. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. Sales and usage-based taxes are excluded from revenues. The Company does not have any material service-type warranty arrangements. The expected costs associated with the Company's assurance warranties continue to be recognized as expense when the products are sold. The Company does not have any material significant financing arrangements as payment is received shortly after the goods are sold or services are performed. Standalone Selling Price Generally, the Company's sales contracts with customers contain only one performance obligation. In certain circumstances, contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to similar customers or by using the expected cost plus margin approach. The Company's performance obligations are generally part of contracts with customers that have a duration of less than one year, and therefore, the Company has not provided disclosures with respect to remaining performance obligations. Practical Expedients and Exemptions Given the typical duration of the Company's contracts with customers, as noted directly above, is less than one year, in accordance with the standard, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within Selling, general and administrative expenses. For certain of the services that the Company's Diversified Industrial and Energy segments provide, the Company has determined that it has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Company's performance completed to date, and therefore, the Company recognizes revenue in the amount to which the entity has a right to invoice. 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 22 - " Segment Information ." The following table presents the Company's revenues disaggregated by geography for the years ended December 31, 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. Year Ended December 31, 2019 2018 United States $ 1,410,376 $ 1,368,778 Foreign (a) 151,395 215,836 Total revenue $ 1,561,771 $ 1,584,614 (a) Foreign revenues are primarily related to the Company's API business, which is domiciled in the United Kingdom. Diversified Industrial Revenues The Diversified Industrial segment is comprised of manufacturers of engineered niche industrial products. The majority of revenues recognized are for the sale of manufactured goods in the United States. Other revenue recognized is for repair and maintenance services. Customer contracts are generally short-term in nature and are based on individual customer purchase orders. The terms and conditions of the customer purchase orders are dictated by either the Company's standard terms and conditions or by a master service agreement. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Generally, a cost incurred input method is used to determine the timing of revenue recognition for over time arrangements. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues, and these estimates are typically constrained. The Company adjusts its estimate of revenue at the earlier of when the expected value or most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Energy Revenues The Energy segment provides drilling and production services to the oil & gas industry in the United States. The services provided include well completion and recompletion, well maintenance and workover, flow testing, down hole pumping, plug and abatement, well logging and perforating wireline services. Service revenues are recognized in the amount to which the entity has a right to invoice. Consideration for Energy contracts is generally fixed. A portion of Energy revenues are service revenues related to Energy's youth sports business. These service revenues are recognized when services are provided to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. Consideration for the Energy's sports business contracts is generally fixed. Financial Services Revenues WebBank generates revenues through a combination of interest and non-interest income. Interest income is derived from interest and fees earned on loans and investments. Interest income is accrued on the unpaid principal balance, including amortization of premiums and accretion of discounts. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Non-interest income is primarily derived from premiums on the sale of loans, loan servicing fees, origination fees earned on certain loans and fee income on contractual lending arrangements. WebBank's revenue streams are primarily accounted for outside of the scope of ASC 606. 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 sheet. The balances of contract assets as of December 31, 2019 and 2018 were $10,749 and $8,969 , respectively. As of December 31, 2019 and 2018 , the Company's return assets account was not material. Contract Liabilities The Company records deferred revenues when cash payments are received or due in advance of the Company's performance, including amounts which are refundable, which are recorded as contract liabilities. Contract liabilities are classified as Other current liabilities on the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. The balances of contract liabilities as of December 31, 2019 and 2018 were $6,737 and $5,900 , respectively. The increase for the year ended December 31, 2019 was primarily due to deferral of revenue of $22,925 offset by the recognition of $20,591 of unearned revenue. For the year ended December 31, 2019 , the Company recognized revenue for the full amount of the December 31, 2018 contract liability balance. The balance of contract liabilities as of January 1, 2018 was $3,920 . For the year ended December 31, 2018 , the Company recognized revenue of $3,865 that was included in the contract liability balance at the date of adoption. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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. An agreement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. 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: Year Ended December 31, 2019 Operating lease cost $ 13,373 Short-term lease cost $ 771 Finance lease cost: Amortization of right-of-use assets $ 1,190 Interest on lease liabilities 319 Total finance lease cost $ 1,509 Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,811 Operating cash flows from finance leases $ 295 Financing cash flows from finance leases $ 1,525 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,966 Finance leases $ 3,870 Supplemental balance sheet information related to leases is as follows: December 31, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 40,365 Operating lease right-of-use assets Current operating lease liabilities $ 9,989 Other current liabilities Non-current operating lease liabilities 31,262 Long-term operating lease liabilities Total operating lease liabilities $ 41,251 Finance leases Finance lease assets $ 9,325 Property, plant and equipment, net Current finance lease liabilities $ 1,639 Other current liabilities Non-current finance lease liabilities 6,767 Other non-current liabilities Total finance lease liabilities $ 8,406 Weighted-average remaining lease term (years) Operating leases 8.22 Finance leases 5.16 Weighted-average discount rate Operating leases 4.64 % 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 December 31, 2019 , are as follows: Operating Leases Finance Leases 2020 $ 11,346 $ 2,005 2021 9,372 1,921 2022 7,432 1,796 2023 5,145 1,754 2024 3,974 1,258 Thereafter 14,930 809 Total lease payments 52,199 9,543 Present value of current lease liabilities 9,989 1,639 Present value of long-term lease liabilities 31,262 6,767 Total present value of lease liabilities 41,251 8,406 Difference between undiscounted cash flows and discounted cash flows $ 10,948 $ 1,137 |
Leases | LEASES The Company determines if an agreement qualifies as a lease or contains a lease in the period that the agreement is executed. An agreement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used. 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: Year Ended December 31, 2019 Operating lease cost $ 13,373 Short-term lease cost $ 771 Finance lease cost: Amortization of right-of-use assets $ 1,190 Interest on lease liabilities 319 Total finance lease cost $ 1,509 Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,811 Operating cash flows from finance leases $ 295 Financing cash flows from finance leases $ 1,525 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,966 Finance leases $ 3,870 Supplemental balance sheet information related to leases is as follows: December 31, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 40,365 Operating lease right-of-use assets Current operating lease liabilities $ 9,989 Other current liabilities Non-current operating lease liabilities 31,262 Long-term operating lease liabilities Total operating lease liabilities $ 41,251 Finance leases Finance lease assets $ 9,325 Property, plant and equipment, net Current finance lease liabilities $ 1,639 Other current liabilities Non-current finance lease liabilities 6,767 Other non-current liabilities Total finance lease liabilities $ 8,406 Weighted-average remaining lease term (years) Operating leases 8.22 Finance leases 5.16 Weighted-average discount rate Operating leases 4.64 % 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 December 31, 2019 , are as follows: Operating Leases Finance Leases 2020 $ 11,346 $ 2,005 2021 9,372 1,921 2022 7,432 1,796 2023 5,145 1,754 2024 3,974 1,258 Thereafter 14,930 809 Total lease payments 52,199 9,543 Present value of current lease liabilities 9,989 1,639 Present value of long-term lease liabilities 31,262 6,767 Total present value of lease liabilities 41,251 8,406 Difference between undiscounted cash flows and discounted cash flows $ 10,948 $ 1,137 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 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 a potential $1,800 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. Dunmore's performance films business 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 was 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 year ended December 31, 2019 , the Company recorded a reduction of $ 3,562 , with a related reduction of expense in the consolidated statements of operations, to the initial $ 3,800 estimated earn-out liability. In connection with the Dunmore acquisition, the Company 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 consisted largely of the synergies expected from combining the operations of Dunmore and the Company's existing packaging business. Goodwill originally assigned to Dunmore Corporation of $ 7,126 and to Dunmore Europe GmbH of $ 8,283 , was fully impaired during the year ended December 31, 2019 , as part of the impairment of the goodwill of the Company's packaging business. See Note 9 - " Goodwill and Other Intangible Assets, Net " for further discussion. On December 31, 2018, the Company increased its ownership in a former equity investee, iGo, Inc. ("iGo") from 45.8% to 80.2% . For further discussion, see Note 16 - " Capital and Accumulated Other Comprehensive Loss ." |
ASSET IMPAIRMENT CHARGES
ASSET IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSET IMPAIRMENT CHARGES | ASSET IMPAIRMENT CHARGES During the three months ended December 31, 2019 , as a result of declines in market conditions and customer demand at API, which is in the Company's packaging business in its Diversified Industrial segment, the Company performed a recoverability test as of December 31, 2019 to determine if the carrying amount of API's long-lived assets were recoverable based on their undiscounted cash flows over their future service potential. The testing performed indicated that API's long-lived assets may not be recoverable, and accordingly, the fair value of these assets was estimated in order to determine if they were impaired as of December 31, 2019 . The Company used both cost and market approaches in determining the fair value of API's long-lived assets. As a result of this testing, the Company determined that the carrying value of API's long-lived assets, primarily machinery and equipment and buildings, exceeded their estimated market value by $ 26,514 . Also, as described in Note 9 - " Goodwill and Other Intangible Assets, Net ," the Company fully impaired API's intangible assets of $ 3,078 . The Company recorded these impairments in Asset impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 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 remaining long-lived assets, totaling approximately $12,053 in aggregate as of December 31, 2019 , may not be recoverable and may potentially be impaired. Refer to Note 26 - " Subsequent Events " for further discussion of API. The Company recorded additional unrelated non-cash asset impairment charges of $ 914 for the year ended December 31, 2019 . During 2018, the Company recorded non-cash asset impairment charges totaling approximately $8,108 , calculated using the income approach, primarily associated with the loss of acquired customer relationships in the Company's packaging business in its Diversified Industrial segment. |
LOANS RECEIVABLE, INCLUDING LOA
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE | LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE Major classification of WebBank's loans receivable, including loans held for sale, at December 31, 2019 and 2018 are as follows: Total Current Non-current December 31, 2019 % December 31, 2018 % December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Loans held for sale $ 225,013 $ 188,143 $ 225,013 $ 188,143 $ — $ — Commercial real estate loans $ 659 — % $ 632 — % — — 659 $ 632 Commercial and industrial 251,349 45 % 146,758 44 % 233,510 81,507 17,839 65,251 Consumer loans 302,714 55 % 188,391 56 % 125,067 89,899 177,647 98,492 Total loans 554,722 100 % 335,781 100 % 358,577 171,406 196,145 164,375 Less: Allowance for loan losses (36,682 ) (17,659 ) (36,682 ) (17,659 ) — — Total loans receivable, net $ 518,040 $ 318,122 321,895 153,747 196,145 164,375 Loans receivable, including loans held for sale (a) $ 546,908 $ 341,890 $ 196,145 $ 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. The fair value of loans receivable, including loans held for sale, was $759,125 and $510,543 at December 31, 2019 and 2018 , respectively. Loans with a carrying value of approximately $15,737 and $ 56,851 were pledged as collateral for potential borrowings at December 31, 2019 and 2018 , respectively. WebBank serviced $2,898 and $3,044 in loans for others at December 31, 2019 and 2018 , respectively. WebBank sold loans totaling $23,864,975 in 2019 and $21,116,184 in 2018 that were classified as loans held for sale. The sold loans were derecognized from the consolidated balance sheets. Loans classified as loans held for sale primarily consist of credit cards and other consumer and small business loans. The loans are mainly sold to WebBank's partners. Amounts added to loans held for sale during these same periods were $23,905,176 and $21,167,553 , respectively. Allowance for Loan Losses The ALLL represents an estimate of probable and estimable losses inherent in the loan portfolio as of the balance sheet date. Losses are charged to the ALLL when incurred. Generally, commercial loans are charged off or charged down at the point at which they are determined to be uncollectible in whole or in part. Consumer term loans are charged off at 120 days past due and open-end consumer and small and medium business loans are charged off at 180 days past due unless the loan is well secured and in the process of collection. 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 methodologies used to estimate the ALLL depend upon the impairment status and portfolio segment of the loan. Loan groupings are created for each loan class and are then graded against historical and industry loss rates. After applying historic loss experience, the quantitatively derived level of ALLL is reviewed for each segment using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ALLL across the portfolio segments. Primary qualitative factors that may be reflected in the quantitative models include: • Asset quality trends • Risk management and loan administration practices • Portfolio management and controls • Effect of changes in the nature and volume of the portfolio • Changes in lending policies and underwriting policies • Existence and effect of any portfolio concentrations • National economic business conditions and other macroeconomic adjustments • Regional and local economic and business conditions • Data availability and applicability • Industry monitoring • Value of underlying collateral Changes in these factors are reviewed to ensure that changes in the level of the ALLL are consistent with changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ALLL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ALLL. Changes in the ALLL are summarized as follows: Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2017 $ 13 $ 2,800 $ 2,424 $ 5,237 Charge-offs — (2,772 ) (4,549 ) (7,321 ) Recoveries 20 272 393 685 Provision (7 ) 5,865 13,200 19,058 December 31, 2018 26 6,165 11,468 17,659 Charge-offs — (8,667 ) (17,918 ) (26,585 ) Recoveries 22 461 1,752 2,235 Provision (24 ) 12,961 30,436 43,373 December 31, 2019 $ 24 $ 10,920 $ 25,738 $ 36,682 The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows: December 31, 2019 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 12 $ 360 $ — $ 372 Collectively evaluated for impairment 12 10,560 25,738 36,310 Total $ 24 $ 10,920 $ 25,738 $ 36,682 Outstanding loan balances: Individually evaluated for impairment $ 12 $ 2,706 $ — $ 2,718 Collectively evaluated for impairment 647 248,643 302,714 552,004 Total $ 659 $ 251,349 $ 302,714 $ 554,722 December 31, 2018 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 15 $ 109 $ — $ 124 Collectively evaluated for impairment 11 6,056 11,468 17,535 Total $ 26 $ 6,165 $ 11,468 $ 17,659 Outstanding loan balances: Individually evaluated for impairment $ 15 $ 3,851 $ — $ 3,866 Collectively evaluated for impairment 617 142,907 188,391 331,915 Total $ 632 $ 146,758 $ 188,391 $ 335,781 Nonaccrual and Past Due Loans Commercial and industrial loans past due 90 days or more and still accruing interest were $4,962 and $2,387 at December 31, 2019 and 2018 , respectively. Consumer loans past due 90 days or more and still accruing interest were $3,089 and $939 at December 31, 2019 and 2018 , respectively. The Company did not have any nonaccrual loans at December 31, 2019 or 2018 . Past due loans (accruing and nonaccruing) are summarized as follows: December 31, 2019 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual (a) Commercial real estate loans $ 659 $ — $ — $ — $ 659 $ — $ — Commercial and industrial 238,025 8,362 4,962 13,324 251,349 4,962 — Consumer loans 292,394 7,231 3,089 10,320 302,714 3,089 — Total loans $ 531,078 $ 15,593 $ 8,051 $ 23,644 $ 554,722 $ 8,051 $ — December 31, 2018 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual (a) Commercial real estate loans $ 632 $ — $ — $ — $ 632 $ — $ — Commercial and industrial 140,616 3,755 2,387 6,142 146,758 2,387 — Consumer loans 184,502 2,950 939 3,889 188,391 939 — Total loans $ 325,750 $ 6,705 $ 3,326 $ 10,031 $ 335,781 $ 3,326 $ — (a) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. Credit Quality Indicators In addition to the past due and nonaccrual criteria, loans are analyzed using a loan grading system. Generally, internal grades are assigned to commercial loans based on the performance of the loans, financial/statistical models and loan officer judgment. For consumer loans and some commercial and industrial loans, the primary credit quality indicator is payment status. Reviews and grading of loans with unpaid principal balances of $100 or more is performed once per year. Grades follow definitions of Pass, Special Mention, Substandard and Doubtful, which are consistent with published definitions of regulatory risk classifications. The definitions of Pass, Special Mention, Substandard and Doubtful are summarized as follows: • Pass : An asset in this category is a higher quality asset and does not fit any of the other categories described below. The likelihood of loss is considered remote. • Special Mention : An asset in this category has a specific weakness or problem but does not currently present a significant risk of loss or default as to any material term of the loan or financing agreement. • Substandard : An asset in this category has a developing or currently minor weakness or weaknesses that could result in loss or default if deficiencies are not corrected or adverse conditions arise. • Doubtful : An asset in this category has an existing weakness or weaknesses that have developed into a serious risk of significant loss or default with regard to a material term of the financing agreement. Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows: December 31, 2019 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 647 $ — $ 12 $ — $ 659 Commercial and industrial 234,560 14,083 — 2,706 — 251,349 Consumer loans 302,714 — — — — 302,714 Total loans $ 537,274 $ 14,730 $ — $ 2,718 $ — $ 554,722 December 31, 2018 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 617 $ — $ 15 $ — $ 632 Commercial and industrial 79,851 62,317 739 3,851 — 146,758 Consumer loans 188,391 — — — — 188,391 Total loans $ 268,242 $ 62,934 $ 739 $ 3,866 $ — $ 335,781 Impaired Loans Loans are considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. When loans are impaired, an estimate of the amount of the balance that is impaired is made and a specific reserve is assigned to the loan based on the estimated present value of the loan's future cash flows discounted at the loan's effective interest rate, the observable market price of the loan or the fair value of the loan's underlying collateral less the cost to sell. When the impairment is based on the fair value of the loan's underlying collateral, the portion of the balance that is impaired is charged off, such that these loans do not have a specific reserve in the ALLL. Payments received on impaired loans that are accruing are recognized in interest income, according to the contractual loan agreement. WebBank recognized $158 and $122 on impaired loans for the years ended December 31, 2019 and 2018 , respectively. Payments received on impaired loans that are on nonaccrual are not recognized in interest income, but are applied as a reduction to the principal outstanding. Payments are recognized when cash is received. Information on impaired loans is summarized as follows: Recorded Investment December 31, 2019 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 12 $ — $ 12 $ 12 $ 12 $ 14 Commercial and industrial 2,706 — 2,706 2,706 360 2,746 Total loans $ 2,718 $ — $ 2,718 $ 2,718 $ 372 $ 2,760 Recorded Investment December 31, 2018 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 15 $ — $ 15 $ 15 $ 15 $ 16 Commercial and industrial 3,851 — 3,851 3,851 109 3,878 Total loans $ 3,866 $ — $ 3,866 $ 3,866 $ 124 $ 3,894 |
INVENTORIES, NET
INVENTORIES, NET | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | INVENTORIES, NET A summary of Inventories, net is as follows: December 31, 2019 December 31, 2018 Finished products $ 58,741 $ 55,723 In-process 31,378 25,392 Raw materials 51,910 58,569 Fine and fabricated precious metal in various stages of completion 29,202 20,790 171,231 160,474 LIFO reserve (3,398 ) (1,624 ) Total $ 167,833 $ 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 LIFO cost or market, with any adjustments recorded through Cost of goods sold. Remaining precious metal inventory is accounted for primarily at fair value. As of December 31, 2019 and 2018 , the Company had approximately $6,880 and $6,700 of silver under consignment with the Bank of Nova Scotia, respectively, 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. December 31, 2019 December 31, 2018 Supplemental inventory information: Precious metals stated at LIFO cost $ 15,660 $ 9,538 Precious metals stated under non-LIFO cost methods, primarily at fair value 10,144 9,628 Market value per ounce: Silver 17.86 15.51 Gold 1,522.14 1,281.65 Palladium 1,935.19 1,263.00 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET A reconciliation of the change in the carrying value of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance at 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 (1,384 ) — — — (1,384 ) Balance at December 31, 2019: Gross goodwill 206,784 67,143 6,515 81 280,523 Accumulated impairments (66,107 ) (64,790 ) — — (130,897 ) Net goodwill $ 140,677 $ 2,353 $ 6,515 $ 81 $ 149,626 (a) Diversified Industrial - Purchase price adjustments related to the 2018 Dunmore acquisition. See Note 5 - " Acquisitions " for additional information. (b) Financial Services - Goodwill related to the National Partners acquisition. See Note 5 - " Acquisitions " for additional information. (c) As a result of declines in customer demand and the performance of the packaging business, which includes the operations of API and Dunmore, which are included in the Diversified Industrial segment, 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 as of September 30, 2019 and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 2019 . Diversified Industrial Energy Financial Services Corporate and Other Total Balance at December 31, 2017: Gross goodwill $ 193,530 $ 65,548 $ — $ 81 $ 259,159 Accumulated impairments (24,254 ) (64,790 ) — — (89,044 ) Net goodwill 169,276 758 — 81 170,115 Acquisitions (a) 13,006 1,595 — — 14,601 Currency translation adjustments (771 ) — — — (771 ) Balance at 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 (a) Goodwill related to the 2018 Dunmore acquisition and purchase price adjustments related to the 2017 Basin Well Logging Wireline Services, Inc. acquisition in the Energy segment. See Note 5 - " Acquisitions " for additional information on the Company's acquisitions. A summary of Other intangible assets, net is as follows: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 216,428 $ 109,701 $ 106,727 $ 220,709 $ 95,796 $ 124,913 Trademarks, trade names and brand names 51,414 18,469 32,945 54,950 17,923 37,027 Developed technology, patents and patent applications 31,984 17,176 14,808 31,743 14,435 17,308 Other 17,963 13,850 4,113 17,884 13,591 4,293 Total $ 317,789 $ 159,196 $ 158,593 $ 325,286 $ 141,745 $ 183,541 As discussed in Note 6 - " Asset Impairment Charges ," during the fourth quarter of 2019, as a result of declines in the packaging business, the Company assessed API's intangible assets for impairment. As a result of this assessment, it was determined that API's intangible assets were fully impaired as of December 31, 2019 . The impairment of $ 3,078 is included in Asset impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 2019 . Refer to Note 26 - " Subsequent Events " for further discussion of API. Trademarks with indefinite lives as of December 31, 2019 and 2018 were $11,320 and $11,320 , respectively. Amortization expense related to intangible assets was $22,352 and $29,858 for the years ended December 31, 2019 and 2018 , respectively. The estimated amortization expense for each of the five succeeding years and thereafter is as follows: Customer Relationships Trademarks, Trade Names and Brand Names Developed Technology, Patents and Patent Applications Other Total 2020 $ 13,794 $ 1,977 $ 2,497 $ 1,037 $ 19,305 2021 13,822 1,977 2,212 1,053 19,064 2022 11,464 1,971 2,158 590 16,183 2023 10,134 1,941 2,158 353 14,586 2024 9,396 1,941 2,158 238 13,733 Thereafter 48,117 11,818 3,625 842 64,402 Total $ 106,727 $ 21,625 $ 14,808 $ 4,113 $ 147,273 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET A summary of property, plant and equipment, net is as follows: December 31, 2019 December 31, 2018 Land $ 18,244 $ 18,547 Buildings and improvements 83,665 84,639 Machinery, equipment and other 423,909 416,130 Construction in progress 16,543 16,105 542,361 535,421 Accumulated depreciation (280,084 ) (237,954 ) Property, plant and equipment, net $ 262,277 $ 297,467 Depreciation expense was $49,493 and $50,465 for the years ended December 31, 2019 and 2018 , respectively. Refer to Note 6 - " Asset Impairment Charges " for further discussion of the impairment of property, plant and equipment, net. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 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 $220 and $1,439 as of December 31, 2019 and 2018, respectively. Unrealized losses on short-term investments totaled $501 and $3,094 for the years ended December 31, 2019 and 2018, respectively. Realized (Gains) Losses on Investments Proceeds from sales of equity securities were approximately $31,037 and $47,200 in 2019 and 2018 , respectively. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of 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: Year Ended December 31, 2019 2018 Gross realized gains $ 13,687 $ 16,499 Gross realized losses (32,353 ) (5,129 ) Realized (losses) gains, net $ (18,666 ) $ 11,370 Long-Term Investments The following table summarizes the Company's long-term investments as of December 31, 2019 and 2018 : Ownership % Long-Term Investments Balance Loss (Income) Recorded in Statements of Operations December 31, December 31, Year Ended December 31, 2019 2018 2019 2018 2019 2018 Corporate securities (a), (d) $ 186,777 $ 159,841 $ (66,482 ) $ 59,658 Collateralized debt securities $ 855 $ 1,958 $ — $ — STCN convertible notes (b), (e) $ 11,839 $ 14,943 $ 3,104 $ (197 ) STCN preferred stock (c), (e) $ 39,178 $ 39,420 $ 876 $ (4,420 ) Equity method investments: (e) Carried at fair value: STCN common stock 29.4 % 29.6 % 26,547 31,457 $ 4,404 $ 12,320 Aviat Networks, Inc. ("Aviat") 12.4 % 12.4 % 9,417 8,881 $ (341 ) $ 1,287 Other 43.8 % 43.8 % 1,223 1,223 $ — $ — Long-term investments carried at fair value 275,836 257,723 Other equity method investments (e) — 321 $ — $ 519 Total $ 275,836 $ 258,044 (a) Cost basis totaled $58,495 and $ 98,037 at December 31, 2019 and 2018 , respectively, and gross unrealized gains totaled $128,282 and $61,804 at December 31, 2019 and 2018 , respectively. Primarily includ e s the Company's investments in the common stock of $180,357 , or 5.0% , and $4,989 , or 3.0% , of Aerojet Rocketdyne Holdings, Inc. and Babcock & Wilcox Enterprises, Inc., respectively, as of December 31, 2019 and $147,297 , or 5.3% , and $11,702 , or 17.8% , respectively, as of December 31, 2018 . (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 December 31, 2019 and the gross unrealized loss was $3,104 as of December 31, 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 December 31, 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 $35,634 . 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) Loss (income) from these investments is included in Realized and unrealized (gains) losses on securities, net in the consolidated statements of operations. (e) Loss (income) from these investments is included in Loss of associated companies, net of taxes in the consolidated statements of operations. The amount of unrealized gains (losses) that relate to equity securities still held as of December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Net gains (losses) recognized during the period on equity securities $ 47,315 $ (62,586 ) Less: Net (losses) gains recognized during the period on equity securities sold during the period (18,666 ) 11,370 Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period $ 65,981 $ (73,956 ) Equity Method Investments The Company's investments in associated companies are accounted for under the equity method of accounting, primarily using the fair value option. 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 is as follows: • STCN provides supply chain and logistics services to companies in the consumer electronics, communications, computing, medical devices, software and retail industries. STCN also owns IWCO Direct Holdings, Inc. ("IWCO"), a provider of data-driven marketing solutions that offers a full range of services 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 and statement of operations amounts are for STCN as of July 31, 2019 and 2018, and for the years then ended, which are STCN's nearest corresponding full fiscal years to the Company's fiscal years ended December 31, 2019 and 2018 , respectively: 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 2019 2018 Summary operating results: Revenue $ 819,830 $ 645,258 Gross profit 149,730 101,259 Net (loss) income (a) (66,727 ) 36,715 (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 noncurrent 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. December 31, 2019 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 37,896 $ (3 ) $ 37,893 $ 37,896 Contractual maturities within: One year to five years 23,339 Five years to ten years 12,373 After ten years 2,184 Total $ 37,896 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. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
DEPOSITS | DEPOSITS A summary of WebBank deposits is as follows: December 31, 2019 December 31, 2018 Time deposits year of maturity: 2019 $ — $ 310,577 2020 362,224 249,352 2021 109,111 30,000 2022 26,873 — 2023 — — 2024 3,238 — Total time deposits 501,446 589,929 Savings deposits 253,271 121,382 Total deposits (a) $ 754,717 $ 711,311 Current $ 615,495 $ 431,959 Long-term 139,222 279,352 Total deposits $ 754,717 $ 711,311 (a) WebBank has $8,281 of time deposits with balances greater than $250 . The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of deposits was $756,968 and $710,323 at December 31, 2019 and 2018 , respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | DEBT Debt consists of the following: December 31, 2019 December 31, 2018 Short-term debt: Foreign $ 3,197 $ 3,094 Short-term debt 3,197 3,094 Long-term debt: Credit Agreement 399,755 472,495 Other debt - foreign 444 796 Other debt - domestic 5,145 5,604 Subtotal 405,344 478,895 Less portion due within one year 14,208 799 Long-term debt 391,136 478,096 Total debt $ 408,541 $ 481,989 Long-term debt as of December 31, 2019 matures in each of the next five years as follows: Total 2020 2021 2022 2023 2024 Thereafter Long-term debt $ 405,344 $ 14,208 $ 10,309 $ 380,827 $ — $ — $ — As of December 31, 2019 , the Company's credit agreement, as amended ("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 sub-facility for swing line loans and a $50,000 sub-facility for standby letters of credit. The term loan requires quarterly amortization equating to 5.0% per annum. Borrowings under the Credit Agreement bear interest, at the borrower'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 ( 1.25% and 2.25% , respectively, for Base Rate and Euro-Rate borrowings at December 31, 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 4.03% at December 31, 2019 . At December 31, 2019 , letters of credit totaling $10,111 had been issued under the Credit Agreement, including $2,795 of the letters of credit guaranteeing various insurance activities, and $7,316 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 $161,314 as of December 31, 2019 . On December 23, 2019, the Company entered into a fourth amendment to the Credit Agreement to, among other things, permit the Company to repurchase up to 1,600,000 of its 6.0% Series A Preferred Units ("SPLP Preferred Units") on February 6, 2020. 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 December 31, 2019 . |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Derivative and Other Financial Instrument [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS 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. At December 31, 2019 and 2018 , financial instrument liabilities and related restricted cash consisted of $0 and $12,434 , respectively, related to short sales of corporate securities. Full year activity is summarized below for financial instrument liabilities and related restricted cash: December 31, 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 (gains) 2,177 (121 ) Balance, end of period $ — $ 12,434 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 U.S. dollars. These hedges are associated with certain of the Company's operations located in the United Kingdom. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges. 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. 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. At December 31, 2019 , there were no contracts in place to hedge the risk of foreign exchange movement or to hedge the value of future sales denominated in foreign currencies. 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 19 - " Fair Value Measurements "). At December 31, 2019 , outstanding derivatives mature within 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 As of December 31, 2019 , the Company had the following outstanding forward contracts with settlement dates through January 2020 . There were no futures contracts outstanding at December 31, 2019 . Commodity Amount Notional Value Silver 245,600 ounces $ 4,285 Gold 5,126 ounces $ 7,622 Palladium 834 ounces $ 1,560 Copper 250,000 pounds $ 659 Tin 20 metric tons $ 338 Of the total forward contracts outstanding, 13,650 ounces of silver and all the of the copper contracts are designated and accounted for as fair value hedges and are associated primarily with the Company's precious metal inventory carried at fair value. The remaining outstanding forward contracts for silver, and all the contracts for gold, palladium and tin, are accounted for as economic hedges. 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) December 31, Balance Sheet Location 2019 2018 Derivatives designated as ASC 815 hedges Commodity contracts Accrued liabilities $ (46 ) $ (14 ) Foreign exchange forward contracts Accrued liabilities $ — $ (95 ) Derivatives not designated as ASC 815 hedges Foreign exchange forward contracts Accrued liabilities $ — $ (81 ) Commodity contracts Accrued liabilities $ (335 ) $ (145 ) Economic interests in loans Other non-current assets $ 18,633 $ 17,156 The effect of cash flow hedge accounting for foreign currency forward contracts on AOCI for the years ended December 31, 2019 and 2018 are not material. The effects of fair value and cash flow hedge accounting on the consolidated statements of operations for the years ended December 31, 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 years ended December 31, 2019 and 2018 are as follows: Amount of Gain (Loss) Recognized in Income Year Ended December 31, Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income 2019 2018 Commodity contracts Other (expense) income, net $ (1,695 ) $ 379 Foreign exchange forward contracts Revenue/Cost of goods sold 228 241 Economic interests in loans Revenue 14,801 14,559 Total derivatives $ 13,334 $ 15,179 Financial Instruments with Off-Balance Sheet Risk WebBank is a party to financial instruments with off-balance sheet risk. In the normal course of business, these financial instruments include commitments to extend credit in the form of loans as part of WebBank's lending arrangements. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the consolidated balance sheets. The contractual amounts of those instruments reflect the extent of involvement WebBank has in particular classes of financial instruments. At December 31, 2019 and 2018 , WebBank's undisbursed loan commitments totaled $125,861 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 | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan [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 Company's significant pension plans are discussed below. The Company's other pension and post-retirement benefit plans are not significant individually or in the aggregate. Qualified Pension Plans - HNH The Company's subsidiary, Handy & Harman Ltd. ("HNH") and its subsidiary, Handy & Harman ("H&H"), sponsor a defined benefit pension plan, the WHX Pension Plan, covering many of H&H's employees and certain employees of H&H's former subsidiary, Wheeling-Pittsburgh Corporation ("WPC"). The WHX Pension Plan was established in May 1998 as a result of the merger of the former H&H plans, which covered substantially all H&H employees, and the WPC plan. The WPC plan, covering most United Steel Workers of America-represented employees of WPC, was created pursuant to a collective bargaining agreement ratified on August 12, 1997. Prior to that date, benefits were provided through a defined contribution plan, the Wheeling-Pittsburgh Steel Corporation Retirement Security Plan ("RSP Plan"). The assets of the RSP Plan were merged into the WPC plan as of December 1, 1997. Under the terms of the WHX Pension Plan, the benefit formula and provisions for the WPC and H&H participants continued as they were designed under each of the respective plans prior to the merger. The qualified pension benefits under the WHX Pension Plan were frozen as of December 31, 2005 and April 30, 2006 for hourly and salaried non-bargaining participants, respectively, with the exception of a single operating unit. In 2011, the benefits were frozen for the remainder of the participants. WPC employees ceased to be active participants in the WHX Pension Plan effective July 31, 2003, and as a result, such employees no longer accrue benefits under the WHX Pension Plan. HNH's subsidiary, JPS Industries Holdings LLC ("JPS"), sponsors a defined benefit pension plan ("JPS Pension Plan"). Under the JPS Pension Plan, substantially all JPS employees who were employed prior to April 1, 2005 have benefits. The JPS Pension Plan was frozen effective December 31, 2005. Employees no longer earned additional benefits after that date. Benefits earned prior to December 31, 2005 will be paid out to eligible participants following retirement. The JPS Pension Plan was "unfrozen" for employees who were active employees on or after June 1, 2012. This new benefit, calculated based on years of service and a capped average salary, will be added to the amount of any pre-2005 benefit. The JPS Pension Plan was again frozen for all future accruals effective December 31, 2015, although unvested participants may still vest in accrued but unvested benefits. Pension benefits under the WHX Pension Plan are based on years of service and the amount of compensation earned during the participants' employment. However, as noted above, the qualified pension benefits have been frozen for all participants. Pension benefits for the WPC bargained participants include both defined benefit and defined contribution features, since the plan includes the account balances from the RSP Plan. The gross benefit, before offsets, is calculated based on years of service and the benefit multiplier under the plan. The net defined benefit pension plan benefit is the gross amount offset for the benefits payable from the RSP Plan and benefits payable by the Pension Benefit Guaranty Corporation from previously terminated plans. Individual employee accounts established under the RSP Plan are maintained until retirement. Upon retirement, participants who are eligible for the WHX Pension Plan and maintain RSP Plan account balances will normally receive benefits from the WHX Pension Plan. When these participants become eligible for benefits under the WHX Pension Plan, their vested balances in the RSP Plan become assets of the WHX Pension Plan. Although these RSP Plan assets cannot be used to fund any of the net benefit that is the basis for determining the defined benefit plan's net benefit obligation at the end of the year, the Company has included the amount of the RSP Plan accounts of $15,318 and $13,261 on a gross-basis as both assets and liabilities of the plan as of December 31, 2019 and 2018 , respectively. On December 30, 2016, the WHX Pension Plan was split into two plans by spinning off certain plan participants with smaller benefit obligations (which in the aggregate were equal to approximately 3.0% of the assets of the WHX Pension Plan), and assets equal thereto, to a new separate plan, the WHX Pension Plan II. The benefits of participants under the WHX Pension Plan II are equal to their accrued benefits under the benefit formula that was applicable to each participant under the WHX Pension Plan at the time of the plan spin-off. The total benefit liabilities of the two plans after the spin-off were equal to the benefit liabilities of the WHX Pension Plan immediately before the spin-off, and under the applicable spin-off rules, the WHX Pension Plan II was considered fully funded as of the date of the spin-off. Net actuarial losses for the WHX Pension Plan are being amortized over the average future lifetime of the participants, which is expected to be approximately 16 years while the average future lifetime for the WHX Pension Plan II is expected to be approximately 12 years. The JPS Plan is also amortized over the average future lifetime of the population. The Company believes that use of the future lifetime of the participants is appropriate because the plans are inactive. API Plan The Company's subsidiary, API, maintains a pension plan in the United Kingdom ("API Plan"). The API Plan is a defined benefit pension plan providing benefits based on final pensionable earnings, as defined in the API Plan, funded by the payment of contributions to a separately administered trust fund. Benefits under the API Plan were frozen, and the plan was closed to new participants in December 2008. The following table presents the components of pension expense for the HNH and API pension plans: Year Ended December 31, 2019 2018 Interest cost $ 21,819 $ 20,999 Expected return on plan assets (24,078 ) (27,703 ) Amortization of actuarial loss and prior service credit 10,374 9,888 Total $ 8,115 $ 3,184 Pension expense is included in Selling, general and administrative expenses on the consolidated statements of operations. Actuarial assumptions used to develop the components of pension expense were as follows: 2019 2018 Discount rates: WHX Pension Plan 4.10 % 3.45 % WHX Pension Plan II 4.00 % 3.33 % JPS Pension Plan 4.09 % 3.40 % API Pension Plan 2.90 % 2.50 % HNH expected return on assets 6.50 % 6.50 % API expected return on assets 3.36 % 3.80 % The measurement date for plan obligations is December 31. The discount rate is the rate at which the plans' obligations could be effectively settled and is based on high-quality bond yields as of the measurement date. Summarized below is a reconciliation of the funded status for HNH's and API's qualified defined benefit pension plans: HNH Plans API Plan 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at January 1 $ 498,812 $ 601,194 $ 135,612 $ 152,006 Prior service cost — — — 2,634 Interest cost 17,933 17,276 3,886 3,723 Actuarial loss (gain) 49,475 (75,503 ) 14,312 (9,527 ) Benefits paid (40,331 ) (44,155 ) (5,358 ) (5,528 ) Impact of foreign exchange rate — — 3,014 (7,696 ) Benefit obligation at December 31 $ 525,889 $ 498,812 $ 151,466 $ 135,612 Change in plan assets: Fair value of plan assets at January 1 $ 308,489 $ 349,819 $ 125,833 $ 140,634 Actual returns on plan assets 41,499 (29,091 ) 19,971 (2,984 ) Benefits paid (40,331 ) (44,155 ) (5,358 ) (5,528 ) Company contributions 33,447 31,916 894 936 Impact of foreign exchange rate — — 2,554 (7,225 ) Fair value of plan assets at December 31 343,104 308,489 143,894 125,833 Funded status $ (182,785 ) $ (190,323 ) $ (7,572 ) $ (9,779 ) Accumulated benefit obligation ("ABO") for qualified defined benefit pension plans: ABO at January 1 $ 498,812 $ 601,194 $ 135,612 $ 152,006 ABO at December 31 $ 525,889 $ 498,812 $ 151,466 $ 135,612 Amounts recognized on the consolidated balance sheets: Current liability $ — $ — $ — $ — Non-current liability (182,785 ) (190,323 ) (7,572 ) (9,779 ) Total $ (182,785 ) $ (190,323 ) $ (7,572 ) $ (9,779 ) The weighted average assumptions used in the valuations at December 31 were as follows: 2019 2018 Discount rates: WHX Pension Plan 3.06 % 4.10 % WHX Pension Plan II 2.97 % 4.00 % JPS Pension Plan 2.93 % 4.09 % API Pension Plan 2.10 % 2.90 % Pretax amounts included in Accumulated other comprehensive loss at December 31, 2019 and 2018 were as follows: HNH Plans API Plan 2019 2018 2019 2018 Prior service cost $ — $ — $ 2,385 $ 2,475 Net actuarial loss 238,418 220,778 4,459 5,551 Accumulated other comprehensive loss $ 238,418 $ 220,778 $ 6,844 $ 8,026 The pretax amount of actuarial losses included in Accumulated other comprehensive loss at December 31, 2019 that is expected to be recognized in net periodic benefit cost in 2020 is $11,538 . Other pretax changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows: HNH Plans API Plan Pension Benefits Pension Benefits 2019 2018 2019 2018 Current year actuarial (loss) gain $ (27,875 ) $ 23,933 $ 1,479 $ 1,300 Amortization of actuarial loss 10,235 9,888 — — Current year prior service cost — — — (2,634 ) Amortization of prior service credit — — 139 24 Impact of foreign exchange rate — — (436 ) 367 Total recognized in comprehensive (loss) income $ (17,640 ) $ 33,821 $ 1,182 $ (943 ) The actuarial loss in 2019 occurred principally because the discount rates used to measure benefit obligation for the HNH plans decreased in that year. Conversely, the actuarial gain in 2018 occurred principally because the discount rates used to measure benefit obligations for the HNH plans at the end of the fiscal year increased from the prior fiscal year end. In addition, the mortality assumptions were updated to reflect the results of a mortality study conducted in 2018, which also created an actuarial gain. Benefit obligations were in excess of plan assets for each of the pension plans at both December 31, 2019 and 2018 . Additional information for the plans with accumulated benefit obligations in excess of plan assets follows: HNH Plans API Plan 2019 2018 2019 2018 Projected benefit obligation $ 525,889 $ 498,812 $ 151,466 $ 135,612 Accumulated benefit obligation $ 525,889 $ 498,812 $ 151,466 $ 135,612 Fair value of plan assets $ 343,104 $ 308,489 $ 143,894 $ 125,833 In determining the expected long-term rate of return on plan assets, the Company evaluated input from various investment professionals. In addition, the Company considered its historical compound returns, as well as the Company's forward-looking expectations. The Company determines its actuarial assumptions for its pension plans each year to calculate liability information as of December 31, and pension expense or income for the following year. The discount rate assumption is derived from the rate of return on high-quality bonds as of December 31 of each year. The Company's investment policy is to maximize the total rate of return with a view to long-term funding objectives of the pension plans to ensure that funds are available to meet benefit obligations when due. Pension plan assets are diversified to the extent necessary to minimize risk and to achieve an optimal balance between risk and return. There are no target allocations. The HNH plans' assets are diversified as to type of assets, investment strategies employed and number of investment managers used. Investments may include equities, fixed income, cash equivalents, convertible securities and private investment funds. Derivatives may be used as part of the investment strategy. The Company may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with asset allocation guidelines established by the Company. The fair value of pension investments is defined by reference to one of three categories (Level 1, Level 2 or Level 3) based on the reliability of inputs, as such terms are defined in Note 2 - " Summary of Significant Accounting Policies ." HNH's plans' assets at December 31, 2019 and 2018 , by asset category, are as follows: Fair Value Measurements as of December 31, 2019: Assets at Fair Value as of December 31, 2019 Asset Class Level 1 Level 2 Level 3 Total Equity securities: U.S. mid-cap $ 28,729 $ — $ — $ 28,729 U.S. large-cap 91,785 — — 91,785 U.S. small-cap 1,252 — — 1,252 International large-cap 940 — — 940 Fixed income securities 1,823 — — 1,823 Foreign exchange contracts — 78 — 78 Mortgage and other asset-backed securities — 11,870 — 11,870 U.S. Government debt securities — 8,831 — 8,831 Corporate bonds and loans — 33,084 — 33,084 Convertible promissory notes — — 6,702 6,702 Stock warrants — — 643 643 Private company common stock — — 1,050 1,050 Subtotal $ 124,529 $ 53,863 $ 8,395 186,787 Pension assets measured at net asset value (1) Hedge funds: (2) Equity long/short 60,057 Event driven 6,614 Value driven 26,702 Private equity - asset based lending - maritime (3) 5,223 Private equity - value oriented partnership investment fund (4) 6,805 Private equity - growth oriented private companies (8) 11,060 Private equity - revenue based lending (9) 1,259 Funds of funds - long-term capital growth (5) 10,300 Offshore feeder fund - Pan-Asia equity long/short (6) 5,070 Insurance separate account (7) 13,464 Total pension assets measured at net asset value 146,554 Cash and cash equivalents 11,790 Net payables (2,027 ) Total pension assets $ 343,104 Fair Value Measurements as of December 31, 2018: Assets at Fair Value as of December 31, 2018 Asset Class Level 1 Level 2 Level 3 Total Equity securities: U.S. mid-cap $ 24,736 $ — $ — $ 24,736 U.S. large-cap 75,859 — — 75,859 U.S. small-cap 1,099 — — 1,099 International large-cap 918 — — 918 Fixed income securities 2,111 — — 2,111 Foreign exchange contracts — — — — Mortgage and other asset-backed securities — 15,934 — 15,934 U.S. Government debt securities — 10,161 — 10,161 Corporate bonds and loans — 34,117 — 34,117 Convertible promissory notes — — 4,202 4,202 Stock warrants — — 193 193 Private company common stock — — 1,050 1,050 Subtotal $ 104,723 $ 60,212 $ 5,445 170,380 Pension assets measured at net asset value (1) Hedge funds: (2) Equity long/short 50,777 Event driven 27,028 Value driven 18,995 Private equity - asset based lending - maritime (3) 9,498 Private equity - value oriented partnership investment fund (4) 4,102 Funds of funds - long-term capital growth (5) 14,945 Offshore feeder fund - Pan-Asia equity long/short (6) 4,243 Insurance separate account (7) 12,328 Total pension assets measured at net asset value 141,916 Cash and cash equivalents 4,738 Net payables (8,545 ) Total pension assets $ 308,489 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Hedge funds and common trust funds are comprised of shares or units in commingled funds that may not be publicly traded. The underlying assets in these funds are primarily publicly traded equity securities and fixed income securities. (3) The limited partnership is a direct lending private debt fund, which serves as an alternative source of liquidity for the shipping industry. (4) The limited partnership's strategy is to build a concentrated portfolio of 8-10 companies with $100 to $1,000 of equity allocated per investment. Investments will be control positions of minority stakes with significant protections and influence. The strategy will focus on the North American and Asian financial, industrial, energy, consumer and business service sectors. (5) The limited partnership operates as a fund of funds. The underlying assets in this fund are generally expected to be illiquid. The limited partnership's investment strategy is to seek above-average rates of return and long-term capital growth by investing in a broad range of investments, including, but not limited to, global distressed corporate securities, activist equities, value equities, post-reorganizational equities, municipal bonds, high yield bonds, leveraged loans, unsecured debt, collateralized debt obligations, mortgage-backed securities, commercial mortgage-backed securities, direct lending and sovereign debt. (6) The offshore feeder fund's Pan-Asia strategy employs a value-oriented and concentrated approach with a long-term horizon and seeks to build a portfolio of independent long and short positions with access to small/mid-cap opportunities. (7) The JPS Pension Plan holds a deposit administration group annuity contract with an immediate participation guarantee from Transamerica Life Insurance Company ("TFLIC"). The TFLIC contract unconditionally guarantees benefits to certain salaried JPS Pension Plan participants earned through June 30, 1984 in the pension plan of a predecessor employer. The assets deposited under the contract are held in a separate custodial account ("TFLIC Assets"). If the TFLIC Assets decrease to the level of the trigger point (as defined in the contract), which represents the guaranteed benefit obligation representing the accumulated plan benefits as of June 30, 1984, TFLIC has the right to cause annuities to be purchased for the individuals covered by these contract agreements. No annuities have been purchased for the individuals covered by these contract arrangements. (8) The partnership's investment strategy is focused primarily on private growth-oriented companies and value-added investments in lower middle-market high growth industries. It is committed to providing long-term opportunities and investing in both debt and equity. (9) The limited partnership's investment strategy is to achieve superior returns by creating a portfolio of high yield, secured, revenue-based loans to established private companies. The general partner intends to target private companies that generate between $4,000 and $75,000 in annual revenue. API's pension plan's assets at December 31, 2019 and 2018 by asset category, are as follows: Fair Value Measurements as of December 31, 2019: Assets at Fair Value as of December 31, 2019 Asset Class Level 1 Level 2 Level 3 Total Equities $ 49,062 $ — $ — $ 49,062 Bonds — 28,088 — 28,088 Property — 14,702 — 14,702 Liability-driven instrument (1) — 34,855 — 34,855 Private markets — — 12,012 12,012 Cash and cash equivalents 5,175 — — 5,175 Total pension assets $ 54,237 $ 77,645 $ 12,012 $ 143,894 Fair Value Measurements as of December 31, 2018: Assets at Fair Value as of December 31, 2018 Asset Class Level 1 Level 2 Level 3 Total Equities $ 38,814 $ — $ — $ 38,814 Bonds — 13,605 — 13,605 Property — 13,457 — 13,457 Liability-driven instrument (1) — 38,639 — 38,639 Private markets — — 13,824 13,824 Cash and cash equivalents 7,494 — — 7,494 Total pension assets $ 46,308 $ 65,701 $ 13,824 $ 125,833 (1) Represents investments in pooled funds. This is a method of investing whereby a portfolio of assets is built with the objective of moving in-line with liabilities. The assets are typically derivative instruments based on government bonds or instruments called swaps which are exposed to the same liability sensitivities (interest rates and inflation) as the pension liabilities. During 2019, the changes to the HNH plans' Level 3 assets were as follows: Year Ended December 31, 2019 Convertible Promissory Notes Stock Warrants Private Company Common Stock Total Beginning balance as of January 1, 2019 $ 4,202 $ 193 $ 1,050 $ 5,445 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Gains or losses included in changes in net assets — — — — Purchases, issuances, sales and settlements Purchases 2,500 450 — 2,950 Issuances — — — — Sales — — — — Settlements — — — — Ending balance as of December 31, 2019 $ 6,702 $ 643 $ 1,050 $ 8,395 The Company's policy is to recognize transfers in and transfers out of Level 3 as of the date of the event or change in circumstances that caused the transfer. There were no changes to the HNH plans' Level 3 assets during 2018. In 2019, changes in the API Plan's Level 3 net assets consisted of transfers out of $2,401 , a gain of $578 , and foreign currency translation gains of $11 . In 2018, changes in the API Plan's Level 3 net assets consisted of transfers out of $281 , a gain of $1,057 and foreign currency translation losses of $797 . The following tables present the category, fair value, unfunded commitments, redemption frequency and redemption notice period of those assets for which fair value was estimated using the net asset value per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2019 and 2018 : Class Name Description Fair Value December 31, 2019 Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds Global long short feeder fund $ 11,713 $ — Monthly (1) 90 days Hedge funds US long small cap value hedge fund 10,637 — Quarterly (2) 90 days Hedge funds International equity long/short hedge fund 12,331 — Quarterly (3) 90 days (3) Private equity Growth oriented private companies 5,322 — (4) (4) Hedge funds Value driven hedge fund 26,702 — (5) 6 months Fund of Funds Long-term capital growth 10,300 20,581 (6) 95 days Hedge funds Equity long/short hedge funds 11,714 — (7) 60 days Hedge funds Event driven hedge funds 6,614 — (19) (19) Insurance separate account Insurance separate account 13,464 — (8) (8) Private equity Asset-based lending - maritime 5,223 2 (9) (9) Private equity Value oriented partnership investment fund 6,805 6,250 (10) (10) Offshore feeder fund Pan-Asia equity long/short 5,070 (11) 60 days Private equity Revenue-based lending 1,259 6,875 (14) (14) Hedge funds Equity long/short hedge funds 2,424 — Quarterly (13) 60 days Hedge funds Equity long/short hedge funds 4,380 — Quarterly (12) 90 days Hedge funds Equity long/short hedge funds 2,705 — Quarterly (15) 60 days Hedge funds Equity long/short hedge funds 4,153 — Quarterly (16) 90 days Private equity Growth oriented private companies 3,709 1,290 (17) (17) Private equity Growth oriented private companies 2,029 — (18) (18) Class Name Description Fair Value December 31, 2018 Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds Global long short feeder fund $ 9,499 $ — Monthly (1) 90 days Hedge funds US long small cap value hedge fund 9,775 — Quarterly (2) 90 days Hedge funds International equity long/short hedge fund 11,680 — Quarterly (3) 90 days (3) Hedge funds Multi-strategy hedge fund 3,630 1,750 (4) (4) Hedge funds Value driven hedge fund 18,995 — (5) 6 months Fund of funds Long-term capital growth 14,945 22,222 (6) 95 days Hedge funds Equity long/short hedge funds 10,507 — (7) 60 days Hedge funds Event driven hedge funds 27,028 — Monthly 90 days Insurance separate account Insurance separate account 12,328 — (8) (8) Private equity Asset-based lending-maritime 9,498 51 (9) (9) Private equity Value oriented partnership investment fund 4,102 8,500 (10) (10) Offshore feeder fund Pan-Asia equity long/short 4,243 — (11) 60 days Hedge funds Equity long/short hedge funds 3,689 — Quarterly (12) 90 days Hedge funds Equity long/short hedge funds 1,997 — Quarterly (13) 60 days Private equity Revenue-based lending — 7,750 (14) (14) (1) 3 year lock up and 5% redemption fee if under 3 years . Notice for redemption is 90 days prior to expiry of lock up period. Annual limited redemption of 20% per shareholder in any twelve month period, subject to 30 days' notice. (2) Maximum withdrawal is 25% . Can withdraw 100% over 4 consecutive calendar quarters in 25% increments. (3) Redemptions are subject to (i) a rolling thirty-six month holding period and (ii) a one-quarter investor level gate. There is a holdback of 10% upon complete distribution until completion of the audit of the fund for that year, without interest. (4) Limited partnership formed in 2017. Commitment of $5,000 , no right to withdraw. The fund has a four years duration with the option for two additional 1 year extensions. (5) 5 year staggered lockup period. May redeem one-third of the investment on each of December 31, 2020, 2021 and 2022. (6) Each capital commitment is subject to a commitment period of 3 years during which capital may be drawn-down, subject to two 1 -year extensions. During the commitment period, no withdrawals are permitted. Once permitted, withdrawals of available liquidity in underlying investment vehicles are permitted quarterly. The fund-of-funds will not invest in any fund or investment vehicle that has an initial lock-up period of more than 5 years . Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (7) Redeemable annually subject to 3 years rolling, staggered lock up period. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (8) Except for benefit payments to participants and beneficiaries and related expenses, withdrawals are restricted for substantially all of the assets in the account, as defined in the contract. However, a suspension or transfer can be requested with 30 days ' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates. (9) Entered into an agreement effective December 15, 2016 with a commitment of $10,000 . The agreement contains a commitment period of 3 years , subject to an extension of up to one additional year. Voluntary withdrawals are not permitted. Complete distributions will be made after 8 years , subject to an extension of an additional 2 years . (10) Entered into an agreement effective September 8, 2016 for a commitment of $12,500 to a limited partnership private equity fund. $6,250 of capital has been called as of December 31, 2019. Voluntary withdrawals will not be permitted. Complete distributions will be made after 10 years , subject to an extension of an additional 1 year . The agreement provided for loans to the fund, and as of December 31, 2019, a $3,772 loan receivable was outstanding from the fund. Per the loan agreement, a loan exists until the partnership issues a drawdown notice. Upon issuance of a drawdown notice, a capital contribution to the partnership will be deemed to be made and deemed to have repaid the loan to the extent of the capital contribution. (11) 3 year lock up. Optional annual limited redemption of 10% per shareholder, subject to 60 days' notice. 25% Master Fund level gate. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (12) Maximum withdraw is 25% of the net asset value of the relevant class per quarter. (13) Entered into an agreement effective May 21, 2018 for a commitment of $2,000 . 1 year lockup period for each capital contribution. Upon complete redemption, a holdback of 10% is withheld and paid after the fund's financial statement audit. (14) Entered into agreements effective October 31, 2018 which contain a $8,000 commitment with a commitment period between 3 and 4 years . Voluntary withdrawals are not permitted. Complete distributions will be made after 8 to 9 years , subject to two extensions in 1 year increments. On December 18, 2018, capital was called in the amount of $250 and is recorded as cash as of December 31, 2018. (15) Entered into an agreement effective February 1, 2019 for a commitment of $2,000 . Maximum withdrawal is 25% of total capital account per quarter, subject to 60 days notice. Upon complete redemption, staggered percentages will be redeemed over 4 quarters, subject to a holdback of up to 10% withheld and paid after the fund's financial statement audit. (16) Entered into an agreement effective August 2, 2019 for a commitment of $3,000 . Limited Partner has no right to withdraw from the Partnership, in whole or in part, until December 31, 2020. Upon complete redemption, a holdback of up to 5% is withheld and paid after the fund's financial statement audit. (17) Entered into an agreement effective August 15, 2019 for a commitment of $5,000 . Limited Partner has no right to withdraw from the Partnership, in whole or in part, until three years from the date of the subscription. The capital can be withdrawn in the first year after the termination of commitment period, and each third year after such first year. The withdrawal notice must be delivered no more than 120 days and no less than 90 days prior to the start of permitted exit year. (18) Entered into an agreement effective July 17, 2019 for a commitment of $2,000 , no right to withdrawal by the limited partner. The partnership continues until the earliest to occur: (a) election by the General Partner to wind-up and dissolve the partnership, (b) vote of two-thirds in interest of the limited partners within sixty days of the occurrence of an event constituting cause, or (c) withdrawal, bankruptcy or dissolution and commencement of winding up of the General Partner. (19) On October 28, 2019, the general partner provided a written notice of the termination and wind up of the fund. The fund commenced an orderly liquidation of its portfolio and anticipates 1) a cash distribution of approximately 40% of NAV by January 2020, 2) an in-kind distribution of the balance of the redemption proceeds to be concluded by May 2020, and 3) final payments (up to 10% ) will be held and released approximately 10 days after a final liquidation audit. Contributions Employer contributions consist of funds paid from employer assets into a qualified pension trust account. HNH's funding policy is to contribute annually an amount that satisfies the minimum funding standards of the Employee Retirement Income Security Act. API's funding policy is to contribute monthly an amount that satisfies the API Plan's provisions to meet the level of assets needed to pay benefits in accordance with the statutory funding objectives required in the United Kingdom. HNH expects to have required minimum annual contributions for 2020 , 2021 , 2022 , 2023 , 2024 and for the five years thereafter of $35,700 , $33,300 , $32,400 , $25,900 , $15,700 , and $5,600 respectively. API expects to have required minimum annual contributions of $900 for 2020 , 2021 , 2022 and $750 in 2023 . 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. Benefit Payments Estimated future benefit payments for the pension plans over the next ten years are as follows: Years HNH Plans API Plan 2020 $ 41,626 $ 5,553 2021 40,539 5,915 2022 39,419 6,277 2023 38,259 6,666 2024 37,051 7,054 2025-2029 164,694 40,680 |
CAPITAL AND ACCUMULATED OTHER C
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPRENSIVE LOSS As of December 31, 2019 , the Company had 25,023,128 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. The Company has purchased 2,089,177 common units for an aggregate price of approximately $33,881 under the Repurchase Program. 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 6.0% 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 $11,891 and $11,750 to preferred unitholders for the years ended December 31, 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 were able to require the Company to repurchase up to 1,600,000 of the SPLP Preferred Units, in cash on a pro rata basis, on 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. The SPLP Preferred Units have no voting rights, except that holders of the preferred units have certain voting rights in limited circumstances relating to the election of directors following the failure to pay six quarterly distributions. The SPLP Preferred Units are recorded as a non-current liability, including accrued interest expense, on the Company's consolidated balance sheets as of December 31, 2019 and 2018 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 a liability, distributions thereon are recorded as a component of Interest expense in the Company's consolidated statements of operations. As of December 31, 2019 and 2018 , there were 7,927,288 SPLP Preferred Units outstanding. On February 6, 2020 ("Redemption Date"), the Company redeemed 1,600,000 units of the SPLP Preferred Units at a price equal to $25 per unit, plus an amount of $0.22 per unit, equal to any accumulated and unpaid distributions up to, but excluding, the Redemption Date ("Redemption Price"), for a total payment of approximately $40,400 ("Redemption Payment"). WFHC Transactions During 2018, the Company entered into purchase agreements with minority stockholders of its subsidiary, WebFinancial Holding Corporation ("WFHC"), pursuant to which the Company purchased shares of common and preferred stock of WFHC in exchange for aggregate consideration totaling approximately $20,680 , comprised of cash of $13,708 , 185,407 SPLP common units and 186,271 SPLP Preferred Units. As a result of these transactions, the Company owns 100% of WFHC. 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 were accounted for as equity transactions. The carrying amount of the acquired noncontrolling interests were eliminated to reflect the change in SPLP's ownership interest in WFHC, 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. iGo Transaction On December 31, 2018, the Company entered into a contribution agreement with iGo, an equity method investee of the Company, in which the Company contributed its interest in its subsidiary, Kasco LLC ("Kasco"), in exchange for consideration consisting of 5,000,000 newly issued common shares of iGo and the assumption by iGo/Kasco of $15,000 of debt outstanding under the Credit Agreement (see Note 13 - " Debt "). As a result of this transaction, the Company now owns 80.2% of iGo's common stock, and iGo became a consolidated subsidiary. As of both December 31, 2019 and 2018 , iGo's assets and liabilities have been included in the Company's consolidated balance sheet, with a related noncontrolling interest of 19.8% of iGo's common stock. Accumulated Other Comprehensive Loss Changes, net of tax, in AOCI are as follows: Unrealized gain (loss) 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 $ (119 ) $ (18,259 ) $ (177,085 ) $ (104,385 ) Net other comprehensive (loss) income attributable to common unitholders (a) (274 ) (28 ) (4,693 ) 24,247 19,252 Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (b) (91,078 ) — — — (91,078 ) Acquisition of AOCI from noncontrolling interests — (130 ) (524 ) (379 ) (1,033 ) Balance at December 31, 2018 (274 ) (277 ) (23,476 ) (153,217 ) (177,244 ) Net other comprehensive income (loss) attributable to common unitholders (a) — 263 (1,690 ) (12,751 ) (14,178 ) Balance at December 31, 2019 $ (274 ) $ (14 ) $ (25,166 ) $ (165,968 ) $ (191,422 ) (a) Net of tax (benefit) provision of approximately $(4,252) and $8,349 for the years ended December 31, 2019 and 2018 , respectively, principally related to changes in pension liabilities and other post-retirement benefit obligations. (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 Accumulated other comprehensive loss and reclassify them to Partners' capital. 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. The Company recorded $0 and $0 of incentive unit expense for the years ended December 31, 2019 and 2018 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Details of the Company's tax provision (benefit) are as follows: Year Ended December 31, 2019 2018 Income (loss) before income taxes and equity method investments Domestic $ 94,438 $ 169 Foreign (66,677 ) (9,591 ) Total $ 27,761 $ (9,422 ) Income taxes: Current: Federal $ (3,216 ) $ (1,160 ) State 3,751 7,518 Foreign 2,292 3,054 Total income taxes, current 2,827 9,412 Deferred: Federal 12,759 8,723 State (787 ) (3,521 ) Foreign 1,066 (2,055 ) Total income taxes, deferred 13,038 3,147 Income tax provision $ 15,865 $ 12,559 The following is a reconciliation of the income tax provision computed at the federal statutory rate to the provision for income taxes: Year Ended December 31, 2019 2018 Income (loss) before income taxes and equity method investments $ 27,761 $ (9,422 ) Federal income tax provision (benefit) at statutory rate $ 5,830 $ (1,978 ) Loss passed through to common unitholders (a) 7,005 5,794 12,835 3,816 State income taxes, net of federal effect 5,824 1,705 Change in valuation allowance (11,280 ) 6,317 Foreign tax rate differences 5,039 (59 ) Uncertain tax positions 111 150 Federal and state audits (1,723 ) — Impairment-related adjustments 3,031 — Permanent differences and other 2,028 630 Income tax provision $ 15,865 $ 12,559 (a) Represents taxes at statutory rate on losses for which no tax benefit is recognizable by SPLP and certain of its subsidiaries which are taxed as pass-through entities. Such losses are allocable directly to SPLP's unitholders and taxed when realized. As discussed in Note 2 - " Summary of Significant Accounting Policies ," the Company adopted Topic 842 on January 1, 2019. As a result of the adoption of Topic 842, the Company recorded an ROU asset and lease liability of $45,357 and $46,024 , respectively, on January 1, 2019. The Company analyzed the deferred tax implications of adopting Topic 842, and has realized a separate deferred tax asset and liability to account for the change in balances through December 31, 2019. The Tax Cuts and Jobs Act, enacted in 2017, included a provision to tax global intangible low-taxed income ("GILTI") of foreign subsidiaries. The FASB Staff Q&A Topic No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election either to recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. We have elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred. Deferred income taxes result from temporary differences in the financial basis and tax basis of assets and liabilities. The amounts shown on the following table represent the tax effect of temporary differences between the consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards. December 31, 2019 2018 Deferred Tax Assets: Operating loss carryforwards (a) $ 116,458 $ 136,940 Postretirement and postemployment employee benefits 46,039 50,306 Tax credit carryforwards 9,718 12,837 Accrued costs 8,038 4,970 Investment impairments and unrealized losses 5,082 6,282 Inventories 5,004 3,536 Environmental costs 3,166 3,299 Capital loss 13,503 8,459 Allowance for doubtful accounts and loan losses 8,094 4,460 Lease liabilities 8,860 — Other 1,655 1,427 Gross deferred tax assets 225,617 232,516 Deferred Tax Liabilities: Intangible assets (25,897 ) (27,758 ) Fixed assets (26,085 ) (24,542 ) Unrealized gain on investment (18,359 ) (4,388 ) Right of use assets (8,578 ) — Other (1,207 ) (2,715 ) Gross deferred tax liabilities (80,126 ) (59,403 ) Valuation allowance (b) (60,460 ) (79,298 ) Net deferred tax assets $ 85,031 $ 93,815 Classified on the Company's consolidated balance sheets as follows: Deferred tax assets $ 88,645 $ 96,040 Deferred tax liabilities 3,614 2,225 $ 85,031 $ 93,815 (a) The ability for certain subsidiaries to utilize net operating losses and other credit carryforwards may be subject to limitation upon changes in control. (b) Certain subsidiaries of the Company establish valuation allowances when they determine, based on their assessment, that it is more likely than not that certain deferred tax assets will not be fully realized. This assessment is based on, but not limited to, historical operating results, uncertainty in projections of taxable income and other uncertainties that may be specific to a particular business. At December 31, 2019 , the Company's corporate subsidiaries had carryforwards of federal net operating losses ("NOLs") of $334,842 that expire in 2024 through 2037. In addition, there are federal NOLs that can only be utilized by the corporate subsidiaries that generated the prior year losses, commonly called SRLY NOLs, totaling $167,880 , which will expire in 2020 through 2037. The Company has a valuation allowance to reserve its deferred tax asset associated with the SRLY NOLs. The Company has a capital loss carryforward in the amount of $55,499 that expires in 2021 through 2024. In 2019, the Company removed the valuation allowance recorded on the capital loss carryforward as it concluded that it was more likely than not that the Company will be able to realize the capital loss carryforward within the expiration period. The Company's corporate subsidiaries have NOLs in foreign jurisdictions totaling $22,361 for which a valuation allowance to reserve the associated deferred tax asset has been established. There are NOLs in various states in which the subsidiaries operate. The benefit of such NOL's is estimated to be $18,335 and expire in 2020 through 2038. A valuation allowance has been established against a significant portion of the deferred tax asset associated with the state NOLs. The Company's corporate subsidiaries have federal research and development credit carryforwards of $25,529 that expire in 2020 through 2030, and state research and development credit carryforwards of $19,893 for which a significant amount do not expire. The Company has a valuation allowance to reserve a significant portion of its deferred tax assets associated with the credit carryforwards. Unrecognized Tax Benefits U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the consolidated financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position. The change in the amount of unrecognized tax benefits for 2019 and 2018 was as follows: Balance at December 31, 2017 $ 60,728 Additions for tax positions related to current year 977 Additions for tax positions related to prior years 1,413 Payments (543 ) Reductions due to lapsed statutes of limitations and expiration of credits (10,850 ) Balance at December 31, 2018 $ 51,725 Additions for tax positions related to current year 995 Additions for tax positions related to prior years 69 Reductions due to lapsed statutes of limitations and expiration of credits (4,082 ) Balance at December 31, 2019 $ 48,707 The Company's total gross unrecognized tax benefits were $48,707 and $51,725 at December 31, 2019 and 2018 , respectively, of which $43,718 , if recognized, would affect the provision for income taxes. In 2019 , the Company reversed $4,082 of reserves upon the expiration of the statutes of limitations with applicable taxing authorities and the expiration of time for utilizing certain credits for which a full reserve is maintained. As of December 31, 2019 , it is reasonably possible that unrecognized tax benefits may decrease by $202 in the next 12 months due to the expiration of statutes of limitations. The Company recognizes interest and penalties (if applicable) related to uncertain tax positions in its Income tax provision in the consolidated statement of operations. For 2019 and 2018 , the amount of such interest and penalties recognized was not significant. The Company is subject to U.S. federal income tax, as well as income taxes in various domestic states and foreign jurisdictions in which the Company operated or formerly operated in. The Company is generally no longer subject to federal, state or local income tax examinations by tax authorities for any year prior to 2015, except as noted below. However, NOLs generated in prior years are subject to examination and potential adjustment by the taxing authorities upon their utilization in subsequent years' tax returns. As described in Note 1 - " Nature of the Business and Basis of Presentation ," during 2019 the Company received an IRS adjustment related to the 2015 sale of Arlon. The IRS adjustment resulted in a decrease to Arlon's tax basis, which increased the tax gain realized on the sale. The adjustment was for approximately $26,864 , which was recorded as of December 31, 2017 as a decrease to the opening balance of Partners' capital with a corresponding increase to Accrued Liabilities recorded as of December 31, 2018. The estimated liability of $26,864 was made up of federal tax and interest of $24,002 , and state tax and interest of $2,862 . The IRS audit was expanded to include 2016 and 2017, and all years were subsequently agreed and settled for federal tax purposes in late 2019. The Company settled the federal portion of the IRS audit for $21,782 in the fourth quarter of 2019, and recorded a benefit of $2,220 in Income tax provision in the accompanying consolidated statement of operations for the year ended December 31, 2019 . The federal benefit of $2,220 was the difference between the federal estimated liability recorded of $24,002 and the IRS final settlement of $21,782 . The Company anticipates paying the federal and state settlement in 2020. The Company is not currently under tax examination in any foreign jurisdictions. The Company has ongoing state audits in various state tax jurisdictions but has not identified any material adjustments with respect to the state audits, to date. |
NET (LOSS) INCOME PER COMMON UN
NET (LOSS) INCOME PER COMMON UNIT | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
NET (LOSS) INCOME PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT The following data was used in computing net income (loss) per common unit shown in the Company's consolidated statements of operations: December 31, 2019 2018 Net income (loss) $ 3,853 $ (31,490 ) Net loss (income) attributable to noncontrolling interests in consolidated entities 97 (1,114 ) Net income (loss) attributable to common unitholders $ 3,950 $ (32,604 ) Net income (loss) per common unit - basic Net income (loss) attributable to common unitholders $ 0.16 $ (1.25 ) Net income (loss) per common unit – diluted Net income (loss) attributable to common unitholders $ 0.16 $ (1.25 ) Denominator for net income (loss) per common unit - basic 24,964,643 25,984,185 Effect of dilutive securities: Unvested restricted common units 566 — Denominator for net income (loss) per common unit - diluted 24,965,209 25,984,185 For the year ended December 31, 2019 , the diluted per unit calculation does not include 15,086,857 of SPLP Preferred Units, since the impact would have been anti-dilutive. For the year ended December 31, 2018 , the diluted net loss per unit calculation was based on the basic weighted-average units only since the impact of 12,240,672 of SPLP Preferred Units and 24,100 of unvested restricted stock units, would have been anti-dilutive. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of December 31, 2019 and 2018 are summarized by type of inputs applicable to the fair value measurements as follows: December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 170 $ 50 $ — $ 220 Long-term investments (a) 222,178 — 53,658 275,836 Precious metal and commodity inventories recorded at fair value 11,377 — — 11,377 Economic interests in loans — — 18,633 18,633 Warrants — — 2,086 2,086 Total $ 233,725 $ 50 $ 74,377 $ 308,152 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ 381 $ — $ 381 Other precious metal liabilities 11,481 — — 11,481 Total $ 11,481 $ 381 $ — $ 11,862 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 11 - " Investments ." There were no transfers of securities among the various measurement input levels during the years ended December 31, 2019 or 2018 . 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 14 - " 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 9 - " Goodwill and Other Intangible Assets, Net " to the Company's consolidated financial statements, during the year ended December 31, 2019 , the Company recorded goodwill impairment charges of $41,853 in Goodwill impairment charges in the accompanying consolidated statements of operations for the year ended December 31, 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 to 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 financial assets measured using Level 3 inputs: Investments in Associated Companies (a) Marketable Securities and Other (b) Total Assets Balance at December 31, 2017 $ 36,223 $ 25,693 $ 61,916 Purchases — 2,482 2,482 Sales and cash collections — (23,154 ) (23,154 ) Realized gains on sale — 18,704 18,704 Unrealized gains 4,420 145 4,565 Unrealized losses — (2,346 ) (2,346 ) Balance at December 31, 2018 $ 40,643 $ 21,524 $ 62,167 Purchases 14,943 932 15,875 Sales and cash collections — (15,173 ) (15,173 ) Realized gains on sale — 14,853 14,853 Unrealized gains — 1 1 Unrealized losses (3,346 ) — (3,346 ) Balance at December 31, 2019 $ 52,240 $ 22,137 $ 74,377 (a) Unrealized gains and losses are recorded in Loss 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 Revenue in the Company's consolidated statements of operations. Long-Term Investments - Valuation Techniques The Company estimates the value of its investments in STCN preferred stock and the STCN convertible 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 maturity date of the note. The Company estimates the value of another of its investments in an associated company primarily using a discounted cash flow method adjusted for additional information related to debt covenants, solvency issues and other related matters. Marketable Securities and Other - Valuation Techniques The fair value of the derivatives held by WebBank (see Note 14 - " Financial Instruments ") represent the estimated amounts that WebBank would receive or pay to terminate the contracts at the reporting date and is based on discounted cash flows analyses that consider credit, performance and prepayment. Unobservable inputs used in the discounted cash flow analyses are: a constant prepayment rate of 6.77% to 34.98% , a constant default rate of 1.93% to 27.55% and a discount rate of 3.88% to 25.13% . 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 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 | 12 Months Ended |
Dec. 31, 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 accrues costs associated with environmental and litigation matters on an undiscounted basis, when they become probable and reasonably estimable. As of December 31, 2019 , on a consolidated basis, the Company has recorded liabilities of $13,035 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 HNH subsidiaries have existing and contingent liabilities relating to environmental matters, including costs of remediation, capital expenditures, and potential fines and penalties relating to possible violations of national and state environmental laws. Those subsidiaries have remediation expenses on an ongoing basis, although such costs are continually being readjusted based upon the emergence of new techniques and alternative methods. HNH recorded liabilities of approximately $11,286 related to estimated environmental remediation costs as of December 31, 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 at sites and are parties to administrative consent orders in connection with certain properties. Those subsidiaries may be subject to joint and several liabilities imposed by CERCLA on PRPs. Due to the technical and regulatory complexity of remedial activities and the difficulties attendant in identifying PRPs and allocating or determining liability among them, the subsidiaries are unable to reasonably estimate the ultimate cost of compliance with such laws. Based upon information currently available, 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. 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 December 31, 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 had been reimbursed indirectly through insurance coverage for a portion of the costs for which it is responsible. 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. On December 18, 2019, the State of New Jersey ("State") filed a complaint against HHEM, the Company and other non-affiliated corporations related to former operations at this location. The State is seeking unspecified damages, including reimbursement for all cleanup and removal costs and other damages that the State has incurred, including the lost value of, and reasonable assessment costs for, any natural resource injured as a result of the alleged discharge of hazardous substances and pollutants, as well as attorneys' fees and costs. We intend to assert all legal and procedural defenses available. Based upon currently available information, we have determined that a range of potential loss cannot be reasonably estimated at this time. 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. 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 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 $2,500 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 named 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 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 was approved by the court on December 2, 2019. Our insurance carriers 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 operations for the twelve months ended December 31, 2019, which consisted of the legal settlement of $30,000 , reduced by $17,500 of insurance recoveries. The settlement was paid on December 17, 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 December 31, 2019 . In many cases these claims involved more than 100 defendants. There remained approximately 30 pending asbestos claims as of December 31, 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 December 31, 2019 and 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 | 12 Months Ended |
Dec. 31, 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 16 - " 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 $7,781 and $8,119 for the years ended December 31, 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 sheets were $27 and $1 at December 31, 2019 and 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 $6,668 and $4,846 during the years ended December 31, 2019 and 2018 , respectively. Unpaid amounts for reimbursable expenses were approximately $409 and $254 at December 31, 2019 and 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 classified as a reduction of Selling, general and administrative expenses. Mutual Securities, Inc. Pursuant to the Management Agreement, the Manager is responsible for selecting executing brokers. Securities transactions for SPLP are allocated to brokers on the basis of reliability and best price and execution. The Manager has selected Mutual Securities, Inc. as an introducing broker and may direct a substantial portion of the managed entities' trades to such firm, among others. An officer of the Manager and SPH GP is affiliated with Mutual Securities, Inc. The commissions paid by SPLP to Mutual Securities, Inc. were not significant in any period. Other At December 31, 2019 and 2018 , several related parties and consolidated subsidiaries had deposits totaling $1,156 and $1,667 , respectively, at WebBank. Approximately $100 and $616 of these deposits, including interest, which was not significant, have been eliminated in consolidation as of December 31, 2019 and 2018 , respectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 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 21 - " Related Party Transactions ." The Company expects to revise the measurement of its segments during the first quarter of 2020 to reflect the additional allocation of expenses incurred by the Corporate and Other segment in connection with its management services to the Diversified Industrial, Energy and Financial Services segments. The additional allocations will not impact the Company's consolidated results of operations. Steel Services charged the Diversified Industrial, Energy and Financial Services segments $25,181 , $6,962 and $3,712 , respectively, for the year ended December 31, 2019 . For the year ended December 31, 2018 , Steel Services charged the Diversified Industrial, Energy and Financial Services segments $13,269 , $8,150 and $4,700 , respectively, for these services. 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 year ended December 31, 2018 , the Company reclassified interest expense from operating income (loss) from the Diversified Industrial, Energy, and Corporate and Other segments of $ 13,396 , $387 and $25,451 , respectively, to Interest expense in the segment information table presented below. The Company also reclassified net investment gains of $3,057 from the Energy segment to the Corporate and Other segment for the year ended December 31, 2018 . Segment information is presented below: Year Ended December 31, Revenue: 2019 2018 Diversified industrial $ 1,226,365 $ 1,286,665 Energy 163,972 175,950 Financial services 171,434 121,999 Total $ 1,561,771 $ 1,584,614 (Loss) income before interest expense and income taxes: Diversified industrial $ (20,430 ) $ 56,057 Energy (1,850 ) (9,012 ) Financial services 68,560 54,544 Corporate and other 14,847 (81,286 ) Income before interest expense and income taxes 61,127 20,303 Interest expense 41,409 39,234 Income tax provision 15,865 12,559 Net income (loss) $ 3,853 $ (31,490 ) Loss of associated companies, net of taxes (included above): Corporate and other $ (8,043 ) $ (9,509 ) Total $ (8,043 ) $ (9,509 ) Year Ended December 31, 2019 Capital Expenditures Depreciation and Amortization Diversified industrial $ 36,165 $ 54,141 Energy 5,999 17,548 Financial services 710 423 Corporate and other 150 154 Total $ 43,024 $ 72,266 Year Ended December 31, 2018 Capital Expenditures Depreciation and Amortization Diversified industrial $ 39,589 $ 59,582 Energy 7,399 20,214 Financial services 85 397 Corporate and other 12 130 Total $ 47,085 $ 80,323 December 31, 2019 2018 Identifiable Assets Employed: Diversified industrial $ 937,873 $ 1,018,700 Energy 346,954 352,179 Financial services 996,082 924,763 Corporate and other 51,445 60,417 Total $ 2,332,354 $ 2,356,059 The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2019 and 2018 consist of property, plant and equipment, plus approximately $ 5,378 and $5,994 , respectively, of land and buildings from previously operating businesses and other non-operating assets. Such assets are carried at the lower of cost or fair value less cost to sell and are included in Other non-current assets on the Company's consolidated balance sheets as of December 31, 2019 and 2018 . Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company. 2019 2018 Revenue Long-lived Assets Revenue Long-lived Assets Geographic information: United States $ 1,410,376 $ 238,987 $ 1,368,778 $ 260,512 Foreign 151,395 28,668 215,836 42,949 Total $ 1,561,771 $ 267,655 $ 1,584,614 $ 303,461 |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 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. As a result of Basel III becoming fully implemented as of January 1, 2019, WebBank's 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 raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% 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 As of December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets) $ 178,930 19.50 % $ 73,525 8.00 % $ 96,502 10.50 % $ 91,907 10.00 % Tier 1 Capital (to risk-weighted assets) $ 167,131 18.20 % $ 55,144 6.00 % $ 78,121 8.50 % $ 73,525 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 167,131 18.20 % $ 41,358 4.50 % $ 64,335 7.00 % $ 59,739 6.50 % Tier 1 Capital (to average assets) $ 167,131 18.30 % $ 36,489 4.00 % n/a n/a $ 45,611 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows: Year Ended December 31, 2019 2018 Cash and cash equivalents $ 148,348 $ 334,884 Restricted cash — 12,434 Total cash, cash equivalents and restricted cash $ 148,348 $ 347,318 A summary of supplemental cash flow information for the years ending December 31, 2019 and 2018 is presented in the following table: Year Ended December 31, 2019 2018 Cash paid during the period for: Interest $ 51,605 $ 40,773 Taxes 8,947 9,463 Non-cash investing and financing activities: Acquisition of iGo shares in exchange for Kasco equity $ — $ 6,156 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 |
QUARTERLY FINANCIAL DATA (unaud
QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Net Income (Loss) Attributable to Common Unitholders Quarter Revenue Net Income (Loss) Net Income (Loss) Attributable to Common Unitholders Per Common Unit Basic Per Common Unit Diluted 2019 First $ 387,053 $ 15,622 $ 15,678 $ 0.63 $ 0.48 Second 414,203 21,034 21,063 0.84 0.61 Third (a) 396,342 (2,764 ) (2,878 ) (0.12 ) (0.12 ) Fourth (b) 364,173 (30,039 ) (29,913 ) (1.20 ) (1.20 ) $ 1,561,771 $ 3,853 $ 3,950 2018 First $ 366,245 $ (8,851 ) $ (9,078 ) $ (0.35 ) $ (0.35 ) Second 434,437 13,555 13,042 0.50 0.42 Third 405,319 (6,191 ) (6,095 ) (0.23 ) (0.23 ) Fourth (c) 378,613 (30,003 ) (30,473 ) (1.19 ) (1.19 ) $ 1,584,614 $ (31,490 ) $ (32,604 ) (a) The Company recorded goodwill impairment charges of approximately $41,853 in the third quarter of 2019, related to goodwill associated with the Diversified Industrial segment (see Note 9 - " Goodwill and Other Intangible Assets, Net "). (b) The Company recorded asset impairment charges of approximately $ 29,591 in the fourth quarter of 2019, primarily related to long-lived and intangible assets in the Diversified Industrial segment (see Note 6 - " Asset Impairment Charges "). (c) The Company recorded asset impairment charges of approximately $8,108 in the fourth quarter of 2018, primarily related to intangible assets in the Diversified Industrial segment (see Note 6 - " Asset Impairment Charges "). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 31, 2020, the Company announced that API Group Limited and certain of its affiliates commenced administration proceedings in the United Kingdom. The purpose of the administration proceedings is to facilitate an orderly sale or wind-down of its United Kingdom operations, which include API Laminates Limited and API Foils Holdings Limited. In the United States, API Americas Inc. voluntarily filed for Chapter 11 proceedings in Bankruptcy Court on February 2, 2020, in order to facilitate the sale or liquidation of its U.S. assets. The API entities are wholly-owned subsidiaries of the Company and are included in the Diversified Industrial segment. The Company will deconsolidate API on the respective dates noted above as it will no longer hold a controlling financial interest as of those dates. The Company will record a gain or loss as of these dates based on the amount of API's assets, liabilities and amounts included in accumulated other comprehensive loss associated with API at the time of deconsolidation. As of December 31, 2019, API had assets and liabilities of approximately $ 58,490 and $ 109,413 , respectively, currency translation loss associated with API of approximately $10,522 and accumulated other comprehensive loss associated with API's United Kingdom pension of approximately $6,900 . The results of API are expected to be presented as a discontinued operation in future reporting periods. As a result of the administration proceedings and potential asset sales and/or orderly liquidation, as described above, the total amount realized from the sale of API's assets may be less than the carrying value of such assets prior to their deconsolidation by the Company. As of January 31, 2020, API held $ 69,151 of principal loans under the Credit Agreement described in Note 13 - " Debt ." Under the terms of the Credit Agreement, the Company and certain consolidated subsidiaries are guarantors, and accordingly, are responsible for the ultimate repayment of these loans. If the proceeds from the sale of the assets of API are not sufficient to fully repay the loans, the Company will be responsible for any shortfall in their repayment, potentially up to their full outstanding balance of $ 69,151 . In addition, on January 31, 2020, the Company became obligor to API's U.S. pension plans. Accordingly, the Company expects to retain the previously recorded pension obligation liability of approximately $ 5,221 . On February 6, 2020, the Company redeemed 1,600,000 units of the SPLP Preferred Units at a price equal to $25.00 per unit, plus an amount of $0.22 per unit, equal to any accumulated and unpaid distributions up to, but excluding, the Redemption Date, for a total payment of approximately $40,400 . The Company redeemed the SPLP Preferred Units based on its previously-disclosed obligation to repurchase the SPLP Preferred Units by February 7, 2020, the third anniversary of their issuance. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates in Preparation of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses, and related disclosure of contingent assets and liabilities during the reporting period. The more significant estimates include: (1) the valuation allowances for trade and other receivables, loans receivable and inventories; (2) the valuation of goodwill, indefinite-lived intangible assets, long-lived assets and associated companies; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of derivatives; (6) post-employment benefit liabilities; (7) estimates and assumptions used in the determination of fair value of certain securities; and (8) estimates of loan losses. Actual results may differ from the estimates used in preparing the consolidated financial statements; and, due to substantial holdings in and/or restrictions on certain investments, the value that may be realized could differ from the estimated fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and deposits in depository institutions and financial institutions he Company considers all highly liquid debt instruments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include qualifying money market funds and exclude amounts where availability is restricted by loan agreements or other contractual provisions. Cash equivalents are stated at cost, which approximates market value. |
Restricted Cash | Restricted Cash Restricted cash primarily represents cash collateral for certain short sales of corporate securities (see Note 14 - " Financial Instruments " for additional information). |
Marketable Securities and Long-Term Investments | Marketable Securities and Long-Term Investments Marketable securities consist of short-term deposits, corporate debt and equity instruments, and mutual funds. The Company classifies its marketable securities as current assets based on the nature of the securities and their availability for use in current operations. Long-term investments consist of equity securities and certain associated company investments. Held-to-maturity securities are classified in Other non-current assets. SPLP determines the appropriate classifications of its investments at the acquisition date and re-evaluates the classifications at each balance sheet date. • Since the Company adopted Accounting Standards Update No. ("ASU") 2016-01 effective January 1, 2018, available-for-sale equity securities are now reported at fair value, with unrealized gains and losses recognized in Realized and unrealized (gains) losses on securities, net in the consolidated statement of operations. • Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income or loss ("AOCI") as a separate component of SPLP's Partners' capital in both 2019 and 2018 . • Associated companies represent equity method investments in companies where our ownership is generally between 20% and 50% of the outstanding equity and the Company has the ability to exercise influence, but not control, over the investee. For equity method investments where the fair value option has been elected, unrealized gains and losses are reported in the Company's consolidated statements of operations as part of Loss of associated companies, net of taxes. For the equity method investments where the fair value option has not been elected, SPLP records the investment at cost and subsequently increases or decreases the investment by its proportionate share of the net income or loss and other comprehensive income or loss of the investee. • Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Dividend and interest income is recognized when earned. Realized gains and losses on marketable securities and long-term investments are included in earnings and are derived using the specific-identification method. Commission expense is recorded as a reduction of sales proceeds on investment sales. Commission expense on purchases is included in the cost of investments on the Company's consolidated balance sheets. |
Other Than Temporary Impairment | Other Than Temporary Impairment If the Company believes a decline in the market value of any available-for-sale debt security, equity method or held-to-maturity security below cost is other than temporary, a loss is charged to earnings, which establishes a new cost basis for the security. Impairment losses are included in Asset impairment charges in the Company's consolidated statements of operations. SPLP's determination of whether a security is other than temporarily impaired incorporates both quantitative and qualitative information. The Company considers a number of factors including, but not limited to, the length of time and the extent to which the fair value has been less than cost, the length of time expected for recovery, the financial condition of the issuer, the reason for the decline in fair value, changes in fair value subsequent to the balance sheet date, the ability and intent to hold investments to maturity, and other factors specific to the individual investment. Specifically, for held-to-maturity securities, the Company considers whether it plans to sell the security or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost. The credit component of an other-than-temporary impairment loss is recognized in earnings and the non-credit component is recognized in AOCI in situations where the Company does not intend to sell the security and it is more likely-than-not that the Company will not be required to sell the security prior to recovery. SPLP's assessment involves a high degree of judgment and accordingly, actual results may differ materially from those estimates and judgments. |
Trade and Accounts Receivable and Allowance for Doubtful Accounts | Trade Receivables and Allowance for Doubtful Accounts The Company recognizes bad debt expense through an allowance account using estimates based primarily on management's evaluation of the financial condition of the customer, historical experience, credit quality, whether any amounts are currently past due, the length of time accounts may be past due, previous loss history and management's determination of a customer's current ability to pay its obligations. Trade receivable balances are charged off against the allowance when it is determined that the receivables will not be recovered, and payments subsequently received on such receivables are credited to recovery of accounts written off. The Company believes that the credit risk with respect to trade receivables is limited due to this credit evaluation process. |
Loans Receivable, Including Loans Held for Sale / Loan Impairment and Allowance for Loan Losses | Loans Receivable, Including Loans Held for Sale WebBank's loan activities include several lending arrangements with companies where it originates credit card and other loans for consumers and small businesses. These loans are classified as Loans receivable and are typically sold after origination. As part of these arrangements, WebBank earns fees that are recorded in non-interest income. Fees earned from these lending arrangements are recorded as fee income. WebBank also purchases participations in commercial and industrial loans through loan syndications. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses ("ALLL"), and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Through a loan program, merchants can borrow a certain percentage of their annual payment volume and are charged a fixed fee for the loan, which targets an annual percentage rate based on the overall credit assessment of the merchant. Loans are repaid through a fixed percentage of the merchant's future payment volume. The fee is fixed at the time the loan is extended. The fixed fee is amortized to interest income based on the amount repaid over the repayment period. We estimate the repayment period based on the merchant's payment processing history. There is no stated interest rate. There is a general requirement that at least 10% of the original amount of the loan plus the fixed fee must be repaid every 90 days. We calculate the repayment rate of the merchant's future payment volume so that repayment of the loan or advance and fixed fee is expected to generally occur within 9 to 12 months from the date of the loan or advance. Loans held for sale are carried at the lower of cost or estimated market value in the aggregate. A valuation allowance is recorded when cost exceeds fair value based on our determination at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value and impairments from reductions in carrying value. Loans are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent for commercial loans, 120 days for consumer loans and 180 days for small business loans unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loan Impairment and Allowance for Loan Losses A loan is considered impaired when, based on current information and events, it is probable that WebBank will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. When a loan has been identified as being impaired, the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, when appropriate, the loan's observable fair value or the fair value of the collateral (less any selling costs) if the loan is collateral-dependent. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees or costs and unamortized premium or discount), an impairment is recognized by creating or adjusting an existing allocation of the ALLL, or by charging down the loan to its value determined in accordance with U.S. GAAP. The ALLL is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when the uncollectability of a loan or receivable balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The ALLL is evaluated on a regular basis and is based upon a periodic review of the collectability of the amounts due in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard or loss. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience and is adjusted for qualitative factors to cover uncertainties that could affect the estimate of probable losses. The ALLL is increased by charges to income and decreased by charge-offs (net of recoveries). The periodic evaluation of the adequacy of the allowance is based on WebBank's past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the debtor's ability to repay, the estimated value of any underlying collateral and current economic conditions. |
Inventories | Inventories Inventories are generally stated at the lower of cost (determined by the first-in, first-out method or average cost method) and net realizable value. Cost is determined by the last-in, first-out ("LIFO") method for certain precious metal inventory held in the U.S., and remaining precious metal inventory is primarily carried at fair value. For precious metal inventory, no segregation among raw materials, work in process and finished products is practicable. For other inventory, the cost of work in process and finished products comprises the cost of raw materials, direct labor and overhead costs attributable to the production of inventory. Non-precious metal inventories are evaluated for estimated excess and obsolescence based upon assumptions about future demand and market conditions, and are adjusted accordingly. If actual market conditions are less favorable than those projected, future write-downs may be required. |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net Goodwill, which is not amortized, represents the difference between the purchase price and the fair value of identifiable net assets acquired in a business combination. We review goodwill for impairment annually in the fourth quarter, and test for impairment during the year if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Examples of such events would include pertinent macroeconomic conditions, industry and market considerations, overall financial performance and other factors. An entity can choose between using the Step 0 approach or the Step 1 approach. For the Step 0 approach, an entity may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the Step 0 assessment for any reporting unit in any period and proceed directly to performing Step 1 of the goodwill impairment test. An entity may resume performing the Step 0 assessment in any subsequent period. For the Step 1 approach, which is a quantitative approach, the Company will calculate the fair value of a reporting unit and compare it to its carrying amount. There are several methods that may be used to estimate a reporting unit's fair value, including the income approach, the market approach and/or the cost approach. The amount of impairment, if any, is determined 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. For 2019 , the Company utilized a qualitative approach for all of its reporting units, except for the packaging business within the Diversified Industrial segment. Based on its qualitative assessment, the Company does not believe that it is more likely than not that the fair value of any of its reporting units tested under this approach is less than its carrying value. As discussed in Note 9 - " Goodwill and Other Intangible Assets, Net ," as a result of declines in customer demand and the performance of the packaging business, which includes the operations of API Group Limited ("API") and Dunmore Corporation in the U.S. and Dunmore Europe GmbH in Germany (collectively, "Dunmore"), and is included in the Diversified Industrial segment, during the third quarter of 2019, the Company determined that it was more likely than not that the fair value of the packaging business was below its carrying amount. 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. As a result, the Company fully impaired the packaging business' goodwill, and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statements of operations for the year ended December 31, 2019 . For 2018 , the Company utilized a qualitative approach for all of its reporting units, except for the packaging business within its Diversified Industrial segment, and there were no goodwill impairment charges recorded as a result of the assessment. For definite-lived intangible assets, the Company evaluates the carrying amount of such assets when circumstances indicate the carrying amount may not be recoverable. Conditions that could have an adverse impact on the cash flows and fair value of the long-lived assets are deteriorating business climate, condition of the asset or plans to dispose of the asset before the end of its useful life. If the assets' carrying amounts exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amounts exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, depending on the level of interdependencies in the Company's operations. For the year ended December 31, 2019 , the Company fully impaired the intangible assets of API of $3,078 . Refer to Note 9 - " Goodwill and Other Intangible Assets, Net " for further discussion. Intangible assets with indefinite lives, which are only within the Diversified Industrial segment, are tested for impairment at least annually, or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Companies can use the same two testing approaches for indefinite-lived intangibles as for goodwill. For 2019 and 2018, the Company utilized a qualitative approach to assess its intangible assets with indefinite lives, except for the packaging business, and the results indicated no impairment. |
Derivatives | Derivatives The Company uses various hedging instruments to reduce the impact of changes in precious metal prices and the effect of foreign currency fluctuations. In accordance with Accounting Standards Codification ("ASC") 815, Derivatives and Hedging , these instruments are recorded as either fair value hedges, economic hedges, cash flow hedges or derivatives with no hedging designation. Precious Metals 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. Fair Value Hedges . The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities, and the change in the fair value of the underlying hedged inventory, are recognized in the Company's consolidated statements of operations, and such amounts principally offset each other due to the effectiveness of the hedges. The fair value hedges are associated primarily with the Company's precious metal inventory carried at fair value. Economic Hedges . As these derivatives are not designated as accounting hedges under ASC 815, they are accounted for as derivatives with no hedge designation. The derivatives are marked to market, and both realized and unrealized gains and losses are recorded in current period earnings in the Company's consolidated statements of operations. The economic hedges are associated primarily with the Company's precious metal inventory valued using the LIFO method. 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 and the value of its future purchases denominated in other currencies. The forward contracts that are used to hedge the risk of foreign exchange movement on its receivables and payables are accounted for as fair value hedges under ASC 815. The fair values of these derivatives are recognized as derivative assets and liabilities on the Company's consolidated balance sheets. The net change in fair value of the derivative assets and liabilities are recognized in the Company's consolidated statements of operations. The forward contracts that are used to hedge the value of the Company's future sales and purchases are accounted for as cash flow hedges in accordance with ASC 815. 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. WebBank - Derivative Financial Instruments WebBank's derivative financial instruments represent on-going economic interests in loans made after they are sold. These derivatives are carried at fair value on a gross basis in Other non-current assets on the Company's consolidated balance sheet. Gains and losses resulting from changes in fair value of these 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 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. |
Property, Plant and Equipment, Net / Long-Lived Asset Testing | Property, Plant and Equipment, Net Property, plant and equipment is recorded at cost. Depreciation of property, plant and equipment is recorded principally on the straight line method over the estimated useful lives of the assets, which range as follows: machinery and equipment 3 to 15 years and buildings and improvements 10 to 30 years. Leasehold improvements are amortized over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Interest cost is capitalized for qualifying assets during the assets' acquisition period. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized. Gain or loss on dispositions is recorded in Other income, net. Long-Lived Asset Testing The Company estimates the depreciable lives of property, plant and equipment, and depreciates such assets over such lives. The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. If the carrying amounts of the long-lived assets exceed the sum of the undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amounts exceeds their fair values. The Company performs such assessments at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities, which is generally at the plant level, operating company level or the reporting unit level, depending on the level of interdependencies in the Company's operations. The Company considers various factors in determining whether an impairment test is necessary, including among other things: a significant or prolonged deterioration in operating results and projected cash flows; significant changes in the extent or manner in which assets are used; technological advances with respect to assets which would potentially render them obsolete; the Company's strategy and capital planning; and the economic climate in the markets it serves. When estimating future cash flows and if necessary, fair value, the Company makes judgments as to the expected utilization of assets and estimated future cash flows related to those assets. The Company considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and other information available at the time the estimates are made. The Company believes these estimates are reasonable; however, changes in circumstances or conditions could have a significant impact on its estimates, which might result in material impairment charges in the future. As discussed in Note 6 - " Asset Impairment Charges ," during the three months ended December 31, 2019 , as a result of declines in market conditions and customer demand at API, the Company performed a recoverability test as of December 31, 2019 to determine if the carrying amount of API's long-lived assets were recoverable based on their undiscounted cash flows over their future service potential. The testing performed indicated that API's long-lived assets may not be recoverable and accordingly, the fair value of these assets was estimated in order to determine if they were impaired as of December 31, 2019. The Company used both cost and market approaches in determining the fair value of API's long-lived assets. As a result of this testing, the Company determined that the carrying value of API's long-lived assets, primarily machinery and equipment and buildings, exceeded their estimated market value by $ 26,514 . The Company recorded this impairment in Asset impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 2019 . |
Business Combinations | Business Combinations When the Company acquires a business, it allocates the purchase price to the assets acquired, liabilities assumed and any noncontrolling interests based on their fair values at the acquisition date. Significant judgment may be used to determine these fair values including the use of appraisals, discounted cash flow models, market value for similar purchases or other methods applicable to the circumstances. The assumptions and judgments made by the Company when recording business combinations will have an impact on reported results of operations in the future. |
Revenue Recognition | Revenue Recognition Diversified Industrial and Energy Segments In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and has since issued amendments thereto (collectively referred to herein as "ASC 606"). In January 1, 2018, we adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of the adoption date. The disclosures included herein reflect our accounting policies under ASC 606. Diversified Industrial revenues related to product sales are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods. This condition is usually met at a point-in-time when the product has been shipped to the customer, or in certain circumstances when the product has been delivered to the customer, depending on the terms of the contract. However, revenues for certain custom manufactured goods are recognized over time as the customer order is fulfilled (for example, contracts for sale of custom manufactured goods that do not have an alternative use and for which the Company has an enforceable right to payment). Certain customers may receive sales incentives, such as right of return, rebates, volume discounts and early payment discounts, which are accounted for as variable consideration. The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenues. Revenue is reported net of any sales or usage-based tax collected. Cash received from customers prior to shipment of goods, or otherwise not yet earned, is recorded as deferred revenue. Service revenues are generated primarily by the Energy segment's energy and sports businesses and by the repair and maintenance work performed on equipment used at mass merchants, supermarkets and restaurants in the Diversified Industrial segment. Service revenues are primarily recognized in the amount to which the entity has a right to invoice. The Company records all shipping and handling fees billed to customers as revenue. If revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued. The Company has also entered into rebate agreements with certain customers. These programs are typically structured to incentivize the customers to increase their annual purchases from the Company. The rebates are usually calculated as a percentage of the purchase amount, and such percentages may increase as the customer's level of purchases rise. Rebates are recorded as a reduction of net sales in the Company's consolidated statements of operations. As of December 31, 2019 and 2018 , accrued rebates payable totaled $15,421 and $12,345 , respectively, and are included in Accrued liabilities on the Company's consolidated balance sheets. Financial Services Segment WebBank generates revenue through a combination of interest income and non-interest income. Interest income is derived from interest and fees earned on loans and investments. Interest income is accrued on the unpaid principal balance, including amortization of premiums and accretion of discounts. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Non-interest income is primarily derived from premiums on the sale of loans, loan servicing fees, origination fees earned on certain loans and fee income on contractual lending arrangements. |
Concentration of Revenue | Concentration of Revenue No single customer accounted for 5% or more of the Company's consolidated revenues in 2019 or 2018 . |
Fair Value Measurements | Fair Value Measurements The Company measures certain assets and liabilities at fair value (see Note 19 - " Fair Value Measurements "). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values of assets and liabilities are determined based on a three-level measurement input hierarchy. Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date. Level 2 inputs are other than quoted market prices that are observable, either directly or indirectly, for an asset or liability. Level 2 inputs can 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 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. |
Stock-Based Compensation | -Based Compensation The Company accounts for restricted stock units granted to employees and non-employee directors as compensation expense, which is recognized in exchange for the services received. The compensation expense is based on the fair value of the equity instruments on the grant-date and is recognized as an expense over the service period of the recipients. |
Income Taxes | Income Taxes SPLP and certain of its subsidiaries, as limited partnerships, are generally not responsible for federal and state income taxes, and their profits and losses are passed directly to their partners for inclusion in their respective income tax returns. SPLP's subsidiaries that are corporate entities are subject to federal and state income taxes and file corporate income tax returns. SPLP's subsidiaries that are subject to income taxes use the liability method of accounting for such taxes. Under the liability method, deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and deferred tax liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and deferred tax liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Such subsidiaries evaluate the recoverability of deferred tax assets and establish a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. When tax returns are filed, it is highly certain that most positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the Company's consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is provided for and reflected as a liability for unrecognized tax benefits on the Company's consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. SPLP's policy is to record estimated interest and penalties related to the underpayment of income taxes as income tax expense in its consolidated statements of operations. The Company does not release income tax effects from AOCI until the underlying asset or liability to which the income tax relates has been derecognized from the balance sheet or otherwise terminated. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of SPLP's foreign subsidiaries are translated at current exchange rates and related revenues and expenses are translated at average rates of exchange in effect during the year. Resulting cumulative translation adjustments are recorded as a separate component of other comprehensive income or loss. Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity are included in earnings. |
Legal Contingencies | Legal Contingencies The Company provides for legal contingencies when the liability is probable and the amount of the associated loss is reasonably estimable. The Company regularly monitors the progress of legal contingencies and revises the amounts recorded in the period in which a change in estimate occurs. |
Environmental Liabilities | Environmental Liabilities The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remedial feasibility study. Such accruals are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental remediation obligations are not discounted to their present value. Recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. |
New or Recently Adopted Accounting Standards | 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, but did impact goodwill impairment testing in subsequent periods. See Note 9 - " 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 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 14 - " 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 Company adopted ASU 2018-15 on April 1, 2019. The adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards Not Yet Effective 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 November 15, 2019, the FASB issued ASU 2019-10, which amended 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 is based on its most recent smaller reporting company determination date in accordance with SEC regulations as of November 15, 2019. This determination date for the Company was June 28, 2019. As the Company was a smaller reporting company on this date, 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 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 removes specific exceptions to the general principles in Topic 740 in order to reduce the complexity of its application. ASU 2019-12 also improves consistency and simplifies existing guidance by clarifying and amending certain specific areas of Topic 740. The amendments in ASU 2019-12 are effective for the Company's 2021 fiscal year although early adoption is permitted. The Company is currently evaluating the potential impact of this new guidance. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. ASU 2020-01 clarifies the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives, and is expected to reduce diversity in practice and increase comparability of the accounting for these interactions. The amendments in ASU 2020-01 are effective for the Company's 2021 fiscal year, including interim periods. The Company is currently evaluating the potential impact of this new guidance, but management does not expect that the adoption of this standard will have a material impact on the Company's consolidated financial statements. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by geography for the years ended December 31, 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. Year Ended December 31, 2019 2018 United States $ 1,410,376 $ 1,368,778 Foreign (a) 151,395 215,836 Total revenue $ 1,561,771 $ 1,584,614 (a) Foreign revenues are primarily related to the Company's API business, which is domiciled in the United Kingdom. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost are as follows: Year Ended December 31, 2019 Operating lease cost $ 13,373 Short-term lease cost $ 771 Finance lease cost: Amortization of right-of-use assets $ 1,190 Interest on lease liabilities 319 Total finance lease cost $ 1,509 Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,811 Operating cash flows from finance leases $ 295 Financing cash flows from finance leases $ 1,525 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,966 Finance leases $ 3,870 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases is as follows: December 31, 2019 Location on Consolidated Balance Sheet Operating leases Operating lease right-of-use assets $ 40,365 Operating lease right-of-use assets Current operating lease liabilities $ 9,989 Other current liabilities Non-current operating lease liabilities 31,262 Long-term operating lease liabilities Total operating lease liabilities $ 41,251 Finance leases Finance lease assets $ 9,325 Property, plant and equipment, net Current finance lease liabilities $ 1,639 Other current liabilities Non-current finance lease liabilities 6,767 Other non-current liabilities Total finance lease liabilities $ 8,406 Weighted-average remaining lease term (years) Operating leases 8.22 Finance leases 5.16 Weighted-average discount rate Operating leases 4.64 % Finance leases 4.20 % |
Summary of Operating Lease Maturities | 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 December 31, 2019 , are as follows: Operating Leases Finance Leases 2020 $ 11,346 $ 2,005 2021 9,372 1,921 2022 7,432 1,796 2023 5,145 1,754 2024 3,974 1,258 Thereafter 14,930 809 Total lease payments 52,199 9,543 Present value of current lease liabilities 9,989 1,639 Present value of long-term lease liabilities 31,262 6,767 Total present value of lease liabilities 41,251 8,406 Difference between undiscounted cash flows and discounted cash flows $ 10,948 $ 1,137 |
Summary of Finance Lease Maturities | Maturities of lease liabilities after the adoption of Topic 842, as of December 31, 2019 , are as follows: Operating Leases Finance Leases 2020 $ 11,346 $ 2,005 2021 9,372 1,921 2022 7,432 1,796 2023 5,145 1,754 2024 3,974 1,258 Thereafter 14,930 809 Total lease payments 52,199 9,543 Present value of current lease liabilities 9,989 1,639 Present value of long-term lease liabilities 31,262 6,767 Total present value of lease liabilities 41,251 8,406 Difference between undiscounted cash flows and discounted cash flows $ 10,948 $ 1,137 |
LOANS RECEIVABLE, INCLUDING L_2
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable Including Held For Sale | Major classification of WebBank's loans receivable, including loans held for sale, at December 31, 2019 and 2018 are as follows: Total Current Non-current December 31, 2019 % December 31, 2018 % December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Loans held for sale $ 225,013 $ 188,143 $ 225,013 $ 188,143 $ — $ — Commercial real estate loans $ 659 — % $ 632 — % — — 659 $ 632 Commercial and industrial 251,349 45 % 146,758 44 % 233,510 81,507 17,839 65,251 Consumer loans 302,714 55 % 188,391 56 % 125,067 89,899 177,647 98,492 Total loans 554,722 100 % 335,781 100 % 358,577 171,406 196,145 164,375 Less: Allowance for loan losses (36,682 ) (17,659 ) (36,682 ) (17,659 ) — — Total loans receivable, net $ 518,040 $ 318,122 321,895 153,747 196,145 164,375 Loans receivable, including loans held for sale (a) $ 546,908 $ 341,890 $ 196,145 $ 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. The fair value of loans receivable, including loans held for sale, was $759,125 and $510,543 at December 31, 2019 and 2018 , respectively. |
Allowance for Loan and Lease Losses | Changes in the ALLL are summarized as follows: Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total December 31, 2017 $ 13 $ 2,800 $ 2,424 $ 5,237 Charge-offs — (2,772 ) (4,549 ) (7,321 ) Recoveries 20 272 393 685 Provision (7 ) 5,865 13,200 19,058 December 31, 2018 26 6,165 11,468 17,659 Charge-offs — (8,667 ) (17,918 ) (26,585 ) Recoveries 22 461 1,752 2,235 Provision (24 ) 12,961 30,436 43,373 December 31, 2019 $ 24 $ 10,920 $ 25,738 $ 36,682 The ALLL and outstanding loan balances according to the Company's impairment method are summarized as follows: December 31, 2019 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 12 $ 360 $ — $ 372 Collectively evaluated for impairment 12 10,560 25,738 36,310 Total $ 24 $ 10,920 $ 25,738 $ 36,682 Outstanding loan balances: Individually evaluated for impairment $ 12 $ 2,706 $ — $ 2,718 Collectively evaluated for impairment 647 248,643 302,714 552,004 Total $ 659 $ 251,349 $ 302,714 $ 554,722 December 31, 2018 Commercial Real Estate Loans Commercial & Industrial Consumer Loans Total Allowance for loan losses: Individually evaluated for impairment $ 15 $ 109 $ — $ 124 Collectively evaluated for impairment 11 6,056 11,468 17,535 Total $ 26 $ 6,165 $ 11,468 $ 17,659 Outstanding loan balances: Individually evaluated for impairment $ 15 $ 3,851 $ — $ 3,866 Collectively evaluated for impairment 617 142,907 188,391 331,915 Total $ 632 $ 146,758 $ 188,391 $ 335,781 |
Past Due Loans (Accruing and Nonaccruing) | Past due loans (accruing and nonaccruing) are summarized as follows: December 31, 2019 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual (a) Commercial real estate loans $ 659 $ — $ — $ — $ 659 $ — $ — Commercial and industrial 238,025 8,362 4,962 13,324 251,349 4,962 — Consumer loans 292,394 7,231 3,089 10,320 302,714 3,089 — Total loans $ 531,078 $ 15,593 $ 8,051 $ 23,644 $ 554,722 $ 8,051 $ — December 31, 2018 Current 30-89 Days 90+ Days Total Total Loans Recorded Nonaccrual (a) Commercial real estate loans $ 632 $ — $ — $ — $ 632 $ — $ — Commercial and industrial 140,616 3,755 2,387 6,142 146,758 2,387 — Consumer loans 184,502 2,950 939 3,889 188,391 939 — Total loans $ 325,750 $ 6,705 $ 3,326 $ 10,031 $ 335,781 $ 3,326 $ — (a) Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
Outstanding Loans (Accruing and Nonaccruing) | Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality indicators are summarized as follows: December 31, 2019 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 647 $ — $ 12 $ — $ 659 Commercial and industrial 234,560 14,083 — 2,706 — 251,349 Consumer loans 302,714 — — — — 302,714 Total loans $ 537,274 $ 14,730 $ — $ 2,718 $ — $ 554,722 December 31, 2018 Non - Graded Pass Special Sub- Doubtful Total Loans Commercial real estate loans $ — $ 617 $ — $ 15 $ — $ 632 Commercial and industrial 79,851 62,317 739 3,851 — 146,758 Consumer loans 188,391 — — — — 188,391 Total loans $ 268,242 $ 62,934 $ 739 $ 3,866 $ — $ 335,781 |
Impaired Loans | nformation on impaired loans is summarized as follows: Recorded Investment December 31, 2019 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 12 $ — $ 12 $ 12 $ 12 $ 14 Commercial and industrial 2,706 — 2,706 2,706 360 2,746 Total loans $ 2,718 $ — $ 2,718 $ 2,718 $ 372 $ 2,760 Recorded Investment December 31, 2018 Unpaid Principal With No With Total Recorded Related Average Recorded Commercial real estate loans $ 15 $ — $ 15 $ 15 $ 15 $ 16 Commercial and industrial 3,851 — 3,851 3,851 109 3,878 Total loans $ 3,866 $ — $ 3,866 $ 3,866 $ 124 $ 3,894 |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | A summary of Inventories, net is as follows: December 31, 2019 December 31, 2018 Finished products $ 58,741 $ 55,723 In-process 31,378 25,392 Raw materials 51,910 58,569 Fine and fabricated precious metal in various stages of completion 29,202 20,790 171,231 160,474 LIFO reserve (3,398 ) (1,624 ) Total $ 167,833 $ 158,850 |
Inventory Supplemental Disclosure | December 31, 2019 December 31, 2018 Supplemental inventory information: Precious metals stated at LIFO cost $ 15,660 $ 9,538 Precious metals stated under non-LIFO cost methods, primarily at fair value 10,144 9,628 Market value per ounce: Silver 17.86 15.51 Gold 1,522.14 1,281.65 Palladium 1,935.19 1,263.00 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 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 value of goodwill by reportable segment is as follows: Diversified Industrial Energy Financial Services Corporate and Other Total Balance at 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 (1,384 ) — — — (1,384 ) Balance at December 31, 2019: Gross goodwill 206,784 67,143 6,515 81 280,523 Accumulated impairments (66,107 ) (64,790 ) — — (130,897 ) Net goodwill $ 140,677 $ 2,353 $ 6,515 $ 81 $ 149,626 (a) Diversified Industrial - Purchase price adjustments related to the 2018 Dunmore acquisition. See Note 5 - " Acquisitions " for additional information. (b) Financial Services - Goodwill related to the National Partners acquisition. See Note 5 - " Acquisitions " for additional information. (c) As a result of declines in customer demand and the performance of the packaging business, which includes the operations of API and Dunmore, which are included in the Diversified Industrial segment, 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 as of September 30, 2019 and recorded a $41,853 charge in Goodwill impairment charges in the accompanying consolidated statement of operations for the year ended December 31, 2019 . Diversified Industrial Energy Financial Services Corporate and Other Total Balance at December 31, 2017: Gross goodwill $ 193,530 $ 65,548 $ — $ 81 $ 259,159 Accumulated impairments (24,254 ) (64,790 ) — — (89,044 ) Net goodwill 169,276 758 — 81 170,115 Acquisitions (a) 13,006 1,595 — — 14,601 Currency translation adjustments (771 ) — — — (771 ) Balance at 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 (a) Goodwill related to the 2018 Dunmore acquisition and purchase price adjustments related to the 2017 Basin Well Logging Wireline Services, Inc. acquisition in the Energy segment. See Note 5 - " Acquisitions " for additional information on the Company's acquisitions. |
Summary of Intangible Assets | A summary of Other intangible assets, net is as follows: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 216,428 $ 109,701 $ 106,727 $ 220,709 $ 95,796 $ 124,913 Trademarks, trade names and brand names 51,414 18,469 32,945 54,950 17,923 37,027 Developed technology, patents and patent applications 31,984 17,176 14,808 31,743 14,435 17,308 Other 17,963 13,850 4,113 17,884 13,591 4,293 Total $ 317,789 $ 159,196 $ 158,593 $ 325,286 $ 141,745 $ 183,541 |
Schedule of Expected Amortization Expense | The estimated amortization expense for each of the five succeeding years and thereafter is as follows: Customer Relationships Trademarks, Trade Names and Brand Names Developed Technology, Patents and Patent Applications Other Total 2020 $ 13,794 $ 1,977 $ 2,497 $ 1,037 $ 19,305 2021 13,822 1,977 2,212 1,053 19,064 2022 11,464 1,971 2,158 590 16,183 2023 10,134 1,941 2,158 353 14,586 2024 9,396 1,941 2,158 238 13,733 Thereafter 48,117 11,818 3,625 842 64,402 Total $ 106,727 $ 21,625 $ 14,808 $ 4,113 $ 147,273 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of property, plant and equipment, net is as follows: December 31, 2019 December 31, 2018 Land $ 18,244 $ 18,547 Buildings and improvements 83,665 84,639 Machinery, equipment and other 423,909 416,130 Construction in progress 16,543 16,105 542,361 535,421 Accumulated depreciation (280,084 ) (237,954 ) Property, plant and equipment, net $ 262,277 $ 297,467 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Realized 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: Year Ended December 31, 2019 2018 Gross realized gains $ 13,687 $ 16,499 Gross realized losses (32,353 ) (5,129 ) Realized (losses) gains, net $ (18,666 ) $ 11,370 |
Schedule of Long-Term Investments | The following table summarizes the Company's long-term investments as of December 31, 2019 and 2018 : Ownership % Long-Term Investments Balance Loss (Income) Recorded in Statements of Operations December 31, December 31, Year Ended December 31, 2019 2018 2019 2018 2019 2018 Corporate securities (a), (d) $ 186,777 $ 159,841 $ (66,482 ) $ 59,658 Collateralized debt securities $ 855 $ 1,958 $ — $ — STCN convertible notes (b), (e) $ 11,839 $ 14,943 $ 3,104 $ (197 ) STCN preferred stock (c), (e) $ 39,178 $ 39,420 $ 876 $ (4,420 ) Equity method investments: (e) Carried at fair value: STCN common stock 29.4 % 29.6 % 26,547 31,457 $ 4,404 $ 12,320 Aviat Networks, Inc. ("Aviat") 12.4 % 12.4 % 9,417 8,881 $ (341 ) $ 1,287 Other 43.8 % 43.8 % 1,223 1,223 $ — $ — Long-term investments carried at fair value 275,836 257,723 Other equity method investments (e) — 321 $ — $ 519 Total $ 275,836 $ 258,044 (a) Cost basis totaled $58,495 and $ 98,037 at December 31, 2019 and 2018 , respectively, and gross unrealized gains totaled $128,282 and $61,804 at December 31, 2019 and 2018 , respectively. Primarily includ e s the Company's investments in the common stock of $180,357 , or 5.0% , and $4,989 , or 3.0% , of Aerojet Rocketdyne Holdings, Inc. and Babcock & Wilcox Enterprises, Inc., respectively, as of December 31, 2019 and $147,297 , or 5.3% , and $11,702 , or 17.8% , respectively, as of December 31, 2018 . (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 December 31, 2019 and the gross unrealized loss was $3,104 as of December 31, 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 December 31, 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 $35,634 . 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) Loss (income) from these investments is included in Realized and unrealized (gains) losses on securities, net in the consolidated statements of operations. (e) Loss (income) from these investments is included in Loss of associated companies, net of taxes in the consolidated statements of operations. |
Unrealized Gain (Loss) on Investments | The amount of unrealized gains (losses) that relate to equity securities still held as of December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Net gains (losses) recognized during the period on equity securities $ 47,315 $ (62,586 ) Less: Net (losses) gains recognized during the period on equity securities sold during the period (18,666 ) 11,370 Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period $ 65,981 $ (73,956 ) |
Schedule of Additional Disclosures of Associated Companies | The following summary balance sheet and statement of operations amounts are for STCN as of July 31, 2019 and 2018, and for the years then ended, which are STCN's nearest corresponding full fiscal years to the Company's fiscal years ended December 31, 2019 and 2018 , respectively: 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 2019 2018 Summary operating results: Revenue $ 819,830 $ 645,258 Gross profit 149,730 101,259 Net (loss) income (a) (66,727 ) 36,715 (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 Investments | 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. December 31, 2019 Amortized Cost Gross Unrealized Gains (Losses) Estimated Fair Value Carrying Value Collateralized securities $ 37,896 $ (3 ) $ 37,893 $ 37,896 Contractual maturities within: One year to five years 23,339 Five years to ten years 12,373 After ten years 2,184 Total $ 37,896 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 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Summary of WebBank Deposits | A summary of WebBank deposits is as follows: December 31, 2019 December 31, 2018 Time deposits year of maturity: 2019 $ — $ 310,577 2020 362,224 249,352 2021 109,111 30,000 2022 26,873 — 2023 — — 2024 3,238 — Total time deposits 501,446 589,929 Savings deposits 253,271 121,382 Total deposits (a) $ 754,717 $ 711,311 Current $ 615,495 $ 431,959 Long-term 139,222 279,352 Total deposits $ 754,717 $ 711,311 (a) WebBank has $8,281 of time deposits with balances greater than $250 . The carrying value is considered to be representative of fair value because the rates of interest are not significantly different from market interest rates for instruments with similar maturities. The fair value of deposits was $756,968 and $710,323 at December 31, 2019 and 2018 , respectively. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consists of the following: December 31, 2019 December 31, 2018 Short-term debt: Foreign $ 3,197 $ 3,094 Short-term debt 3,197 3,094 Long-term debt: Credit Agreement 399,755 472,495 Other debt - foreign 444 796 Other debt - domestic 5,145 5,604 Subtotal 405,344 478,895 Less portion due within one year 14,208 799 Long-term debt 391,136 478,096 Total debt $ 408,541 $ 481,989 |
Schedule of Maturities of Long-term Debt | Long-term debt as of December 31, 2019 matures in each of the next five years as follows: Total 2020 2021 2022 2023 2024 Thereafter Long-term debt $ 405,344 $ 14,208 $ 10,309 $ 380,827 $ — $ — $ — |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative and Other Financial Instrument [Abstract] | |
Change in Financial Instrument Balance | Full year activity is summarized below for financial instrument liabilities and related restricted cash: December 31, 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 (gains) 2,177 (121 ) Balance, end of period $ — $ 12,434 |
Schedule of Outstanding Forward or Future Contracts with Settlement Dates | As of December 31, 2019 , the Company had the following outstanding forward contracts with settlement dates through January 2020 . There were no futures contracts outstanding at December 31, 2019 . Commodity Amount Notional Value Silver 245,600 ounces $ 4,285 Gold 5,126 ounces $ 7,622 Palladium 834 ounces $ 1,560 Copper 250,000 pounds $ 659 Tin 20 metric tons $ 338 |
Schedule of Derivative Instruments on the Balance Sheets and the Effect of Derivative Instruments in the Statements of Operations | 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) December 31, Balance Sheet Location 2019 2018 Derivatives designated as ASC 815 hedges Commodity contracts Accrued liabilities $ (46 ) $ (14 ) Foreign exchange forward contracts Accrued liabilities $ — $ (95 ) Derivatives not designated as ASC 815 hedges Foreign exchange forward contracts Accrued liabilities $ — $ (81 ) Commodity contracts Accrued liabilities $ (335 ) $ (145 ) Economic interests in loans Other non-current assets $ 18,633 $ 17,156 The effect of cash flow hedge accounting for foreign currency forward contracts on AOCI for the years ended December 31, 2019 and 2018 are not material. The effects of fair value and cash flow hedge accounting on the consolidated statements of operations for the years ended December 31, 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 years ended December 31, 2019 and 2018 are as follows: Amount of Gain (Loss) Recognized in Income Year Ended December 31, Derivatives Not Designated as Hedging Instruments: Location of Gain (Loss) Recognized in Income 2019 2018 Commodity contracts Other (expense) income, net $ (1,695 ) $ 379 Foreign exchange forward contracts Revenue/Cost of goods sold 228 241 Economic interests in loans Revenue 14,801 14,559 Total derivatives $ 13,334 $ 15,179 |
PENSION AND OTHER POST-RETIRE_2
PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of pension expense for the HNH and API pension plans: Year Ended December 31, 2019 2018 Interest cost $ 21,819 $ 20,999 Expected return on plan assets (24,078 ) (27,703 ) Amortization of actuarial loss and prior service credit 10,374 9,888 Total $ 8,115 $ 3,184 |
Schedule of Assumptions Used | Actuarial assumptions used to develop the components of pension expense were as follows: 2019 2018 Discount rates: WHX Pension Plan 4.10 % 3.45 % WHX Pension Plan II 4.00 % 3.33 % JPS Pension Plan 4.09 % 3.40 % API Pension Plan 2.90 % 2.50 % HNH expected return on assets 6.50 % 6.50 % API expected return on assets 3.36 % 3.80 % The weighted average assumptions used in the valuations at December 31 were as follows: 2019 2018 Discount rates: WHX Pension Plan 3.06 % 4.10 % WHX Pension Plan II 2.97 % 4.00 % JPS Pension Plan 2.93 % 4.09 % API Pension Plan 2.10 % 2.90 % |
Schedule of Net Funded Status | Summarized below is a reconciliation of the funded status for HNH's and API's qualified defined benefit pension plans: HNH Plans API Plan 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at January 1 $ 498,812 $ 601,194 $ 135,612 $ 152,006 Prior service cost — — — 2,634 Interest cost 17,933 17,276 3,886 3,723 Actuarial loss (gain) 49,475 (75,503 ) 14,312 (9,527 ) Benefits paid (40,331 ) (44,155 ) (5,358 ) (5,528 ) Impact of foreign exchange rate — — 3,014 (7,696 ) Benefit obligation at December 31 $ 525,889 $ 498,812 $ 151,466 $ 135,612 Change in plan assets: Fair value of plan assets at January 1 $ 308,489 $ 349,819 $ 125,833 $ 140,634 Actual returns on plan assets 41,499 (29,091 ) 19,971 (2,984 ) Benefits paid (40,331 ) (44,155 ) (5,358 ) (5,528 ) Company contributions 33,447 31,916 894 936 Impact of foreign exchange rate — — 2,554 (7,225 ) Fair value of plan assets at December 31 343,104 308,489 143,894 125,833 Funded status $ (182,785 ) $ (190,323 ) $ (7,572 ) $ (9,779 ) Accumulated benefit obligation ("ABO") for qualified defined benefit pension plans: ABO at January 1 $ 498,812 $ 601,194 $ 135,612 $ 152,006 ABO at December 31 $ 525,889 $ 498,812 $ 151,466 $ 135,612 Amounts recognized on the consolidated balance sheets: Current liability $ — $ — $ — $ — Non-current liability (182,785 ) (190,323 ) (7,572 ) (9,779 ) Total $ (182,785 ) $ (190,323 ) $ (7,572 ) $ (9,779 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Pretax amounts included in Accumulated other comprehensive loss at December 31, 2019 and 2018 were as follows: HNH Plans API Plan 2019 2018 2019 2018 Prior service cost $ — $ — $ 2,385 $ 2,475 Net actuarial loss 238,418 220,778 4,459 5,551 Accumulated other comprehensive loss $ 238,418 $ 220,778 $ 6,844 $ 8,026 Additional information for the plans with accumulated benefit obligations in excess of plan assets follows: HNH Plans API Plan 2019 2018 2019 2018 Projected benefit obligation $ 525,889 $ 498,812 $ 151,466 $ 135,612 Accumulated benefit obligation $ 525,889 $ 498,812 $ 151,466 $ 135,612 Fair value of plan assets $ 343,104 $ 308,489 $ 143,894 $ 125,833 Other pretax changes in plan assets and benefit obligations recognized in comprehensive income (loss) are as follows: HNH Plans API Plan Pension Benefits Pension Benefits 2019 2018 2019 2018 Current year actuarial (loss) gain $ (27,875 ) $ 23,933 $ 1,479 $ 1,300 Amortization of actuarial loss 10,235 9,888 — — Current year prior service cost — — — (2,634 ) Amortization of prior service credit — — 139 24 Impact of foreign exchange rate — — (436 ) 367 Total recognized in comprehensive (loss) income $ (17,640 ) $ 33,821 $ 1,182 $ (943 ) |
Schedule of Allocation of Plan Assets | The fair value of pension investments is defined by reference to one of three categories (Level 1, Level 2 or Level 3) based on the reliability of inputs, as such terms are defined in Note 2 - " Summary of Significant Accounting Policies ." HNH's plans' assets at December 31, 2019 and 2018 , by asset category, are as follows: Fair Value Measurements as of December 31, 2019: Assets at Fair Value as of December 31, 2019 Asset Class Level 1 Level 2 Level 3 Total Equity securities: U.S. mid-cap $ 28,729 $ — $ — $ 28,729 U.S. large-cap 91,785 — — 91,785 U.S. small-cap 1,252 — — 1,252 International large-cap 940 — — 940 Fixed income securities 1,823 — — 1,823 Foreign exchange contracts — 78 — 78 Mortgage and other asset-backed securities — 11,870 — 11,870 U.S. Government debt securities — 8,831 — 8,831 Corporate bonds and loans — 33,084 — 33,084 Convertible promissory notes — — 6,702 6,702 Stock warrants — — 643 643 Private company common stock — — 1,050 1,050 Subtotal $ 124,529 $ 53,863 $ 8,395 186,787 Pension assets measured at net asset value (1) Hedge funds: (2) Equity long/short 60,057 Event driven 6,614 Value driven 26,702 Private equity - asset based lending - maritime (3) 5,223 Private equity - value oriented partnership investment fund (4) 6,805 Private equity - growth oriented private companies (8) 11,060 Private equity - revenue based lending (9) 1,259 Funds of funds - long-term capital growth (5) 10,300 Offshore feeder fund - Pan-Asia equity long/short (6) 5,070 Insurance separate account (7) 13,464 Total pension assets measured at net asset value 146,554 Cash and cash equivalents 11,790 Net payables (2,027 ) Total pension assets $ 343,104 Fair Value Measurements as of December 31, 2018: Assets at Fair Value as of December 31, 2018 Asset Class Level 1 Level 2 Level 3 Total Equity securities: U.S. mid-cap $ 24,736 $ — $ — $ 24,736 U.S. large-cap 75,859 — — 75,859 U.S. small-cap 1,099 — — 1,099 International large-cap 918 — — 918 Fixed income securities 2,111 — — 2,111 Foreign exchange contracts — — — — Mortgage and other asset-backed securities — 15,934 — 15,934 U.S. Government debt securities — 10,161 — 10,161 Corporate bonds and loans — 34,117 — 34,117 Convertible promissory notes — — 4,202 4,202 Stock warrants — — 193 193 Private company common stock — — 1,050 1,050 Subtotal $ 104,723 $ 60,212 $ 5,445 170,380 Pension assets measured at net asset value (1) Hedge funds: (2) Equity long/short 50,777 Event driven 27,028 Value driven 18,995 Private equity - asset based lending - maritime (3) 9,498 Private equity - value oriented partnership investment fund (4) 4,102 Funds of funds - long-term capital growth (5) 14,945 Offshore feeder fund - Pan-Asia equity long/short (6) 4,243 Insurance separate account (7) 12,328 Total pension assets measured at net asset value 141,916 Cash and cash equivalents 4,738 Net payables (8,545 ) Total pension assets $ 308,489 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Hedge funds and common trust funds are comprised of shares or units in commingled funds that may not be publicly traded. The underlying assets in these funds are primarily publicly traded equity securities and fixed income securities. (3) The limited partnership is a direct lending private debt fund, which serves as an alternative source of liquidity for the shipping industry. (4) The limited partnership's strategy is to build a concentrated portfolio of 8-10 companies with $100 to $1,000 of equity allocated per investment. Investments will be control positions of minority stakes with significant protections and influence. The strategy will focus on the North American and Asian financial, industrial, energy, consumer and business service sectors. (5) The limited partnership operates as a fund of funds. The underlying assets in this fund are generally expected to be illiquid. The limited partnership's investment strategy is to seek above-average rates of return and long-term capital growth by investing in a broad range of investments, including, but not limited to, global distressed corporate securities, activist equities, value equities, post-reorganizational equities, municipal bonds, high yield bonds, leveraged loans, unsecured debt, collateralized debt obligations, mortgage-backed securities, commercial mortgage-backed securities, direct lending and sovereign debt. (6) The offshore feeder fund's Pan-Asia strategy employs a value-oriented and concentrated approach with a long-term horizon and seeks to build a portfolio of independent long and short positions with access to small/mid-cap opportunities. (7) The JPS Pension Plan holds a deposit administration group annuity contract with an immediate participation guarantee from Transamerica Life Insurance Company ("TFLIC"). The TFLIC contract unconditionally guarantees benefits to certain salaried JPS Pension Plan participants earned through June 30, 1984 in the pension plan of a predecessor employer. The assets deposited under the contract are held in a separate custodial account ("TFLIC Assets"). If the TFLIC Assets decrease to the level of the trigger point (as defined in the contract), which represents the guaranteed benefit obligation representing the accumulated plan benefits as of June 30, 1984, TFLIC has the right to cause annuities to be purchased for the individuals covered by these contract agreements. No annuities have been purchased for the individuals covered by these contract arrangements. (8) The partnership's investment strategy is focused primarily on private growth-oriented companies and value-added investments in lower middle-market high growth industries. It is committed to providing long-term opportunities and investing in both debt and equity. (9) The limited partnership's investment strategy is to achieve superior returns by creating a portfolio of high yield, secured, revenue-based loans to established private companies. The general partner intends to target private companies that generate between $4,000 and $75,000 in annual revenue. API's pension plan's assets at December 31, 2019 and 2018 by asset category, are as follows: Fair Value Measurements as of December 31, 2019: Assets at Fair Value as of December 31, 2019 Asset Class Level 1 Level 2 Level 3 Total Equities $ 49,062 $ — $ — $ 49,062 Bonds — 28,088 — 28,088 Property — 14,702 — 14,702 Liability-driven instrument (1) — 34,855 — 34,855 Private markets — — 12,012 12,012 Cash and cash equivalents 5,175 — — 5,175 Total pension assets $ 54,237 $ 77,645 $ 12,012 $ 143,894 Fair Value Measurements as of December 31, 2018: Assets at Fair Value as of December 31, 2018 Asset Class Level 1 Level 2 Level 3 Total Equities $ 38,814 $ — $ — $ 38,814 Bonds — 13,605 — 13,605 Property — 13,457 — 13,457 Liability-driven instrument (1) — 38,639 — 38,639 Private markets — — 13,824 13,824 Cash and cash equivalents 7,494 — — 7,494 Total pension assets $ 46,308 $ 65,701 $ 13,824 $ 125,833 (1) Represents investments in pooled funds. This is a method of investing whereby a portfolio of assets is built with the objective of moving in-line with liabilities. The assets are typically derivative instruments based on government bonds or instruments called swaps which are exposed to the same liability sensitivities (interest rates and inflation) as the pension liabilities. |
Schedule of Level 3 Defined Benefit Plan Assets Roll Forward | During 2019, the changes to the HNH plans' Level 3 assets were as follows: Year Ended December 31, 2019 Convertible Promissory Notes Stock Warrants Private Company Common Stock Total Beginning balance as of January 1, 2019 $ 4,202 $ 193 $ 1,050 $ 5,445 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Gains or losses included in changes in net assets — — — — Purchases, issuances, sales and settlements Purchases 2,500 450 — 2,950 Issuances — — — — Sales — — — — Settlements — — — — Ending balance as of December 31, 2019 $ 6,702 $ 643 $ 1,050 $ 8,395 |
Schedule of Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets | The following tables present the category, fair value, unfunded commitments, redemption frequency and redemption notice period of those assets for which fair value was estimated using the net asset value per share (or its equivalents), as well as plan assets which have redemption notice periods, as of December 31, 2019 and 2018 : Class Name Description Fair Value December 31, 2019 Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds Global long short feeder fund $ 11,713 $ — Monthly (1) 90 days Hedge funds US long small cap value hedge fund 10,637 — Quarterly (2) 90 days Hedge funds International equity long/short hedge fund 12,331 — Quarterly (3) 90 days (3) Private equity Growth oriented private companies 5,322 — (4) (4) Hedge funds Value driven hedge fund 26,702 — (5) 6 months Fund of Funds Long-term capital growth 10,300 20,581 (6) 95 days Hedge funds Equity long/short hedge funds 11,714 — (7) 60 days Hedge funds Event driven hedge funds 6,614 — (19) (19) Insurance separate account Insurance separate account 13,464 — (8) (8) Private equity Asset-based lending - maritime 5,223 2 (9) (9) Private equity Value oriented partnership investment fund 6,805 6,250 (10) (10) Offshore feeder fund Pan-Asia equity long/short 5,070 (11) 60 days Private equity Revenue-based lending 1,259 6,875 (14) (14) Hedge funds Equity long/short hedge funds 2,424 — Quarterly (13) 60 days Hedge funds Equity long/short hedge funds 4,380 — Quarterly (12) 90 days Hedge funds Equity long/short hedge funds 2,705 — Quarterly (15) 60 days Hedge funds Equity long/short hedge funds 4,153 — Quarterly (16) 90 days Private equity Growth oriented private companies 3,709 1,290 (17) (17) Private equity Growth oriented private companies 2,029 — (18) (18) Class Name Description Fair Value December 31, 2018 Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds Global long short feeder fund $ 9,499 $ — Monthly (1) 90 days Hedge funds US long small cap value hedge fund 9,775 — Quarterly (2) 90 days Hedge funds International equity long/short hedge fund 11,680 — Quarterly (3) 90 days (3) Hedge funds Multi-strategy hedge fund 3,630 1,750 (4) (4) Hedge funds Value driven hedge fund 18,995 — (5) 6 months Fund of funds Long-term capital growth 14,945 22,222 (6) 95 days Hedge funds Equity long/short hedge funds 10,507 — (7) 60 days Hedge funds Event driven hedge funds 27,028 — Monthly 90 days Insurance separate account Insurance separate account 12,328 — (8) (8) Private equity Asset-based lending-maritime 9,498 51 (9) (9) Private equity Value oriented partnership investment fund 4,102 8,500 (10) (10) Offshore feeder fund Pan-Asia equity long/short 4,243 — (11) 60 days Hedge funds Equity long/short hedge funds 3,689 — Quarterly (12) 90 days Hedge funds Equity long/short hedge funds 1,997 — Quarterly (13) 60 days Private equity Revenue-based lending — 7,750 (14) (14) (1) 3 year lock up and 5% redemption fee if under 3 years . Notice for redemption is 90 days prior to expiry of lock up period. Annual limited redemption of 20% per shareholder in any twelve month period, subject to 30 days' notice. (2) Maximum withdrawal is 25% . Can withdraw 100% over 4 consecutive calendar quarters in 25% increments. (3) Redemptions are subject to (i) a rolling thirty-six month holding period and (ii) a one-quarter investor level gate. There is a holdback of 10% upon complete distribution until completion of the audit of the fund for that year, without interest. (4) Limited partnership formed in 2017. Commitment of $5,000 , no right to withdraw. The fund has a four years duration with the option for two additional 1 year extensions. (5) 5 year staggered lockup period. May redeem one-third of the investment on each of December 31, 2020, 2021 and 2022. (6) Each capital commitment is subject to a commitment period of 3 years during which capital may be drawn-down, subject to two 1 -year extensions. During the commitment period, no withdrawals are permitted. Once permitted, withdrawals of available liquidity in underlying investment vehicles are permitted quarterly. The fund-of-funds will not invest in any fund or investment vehicle that has an initial lock-up period of more than 5 years . Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (7) Redeemable annually subject to 3 years rolling, staggered lock up period. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (8) Except for benefit payments to participants and beneficiaries and related expenses, withdrawals are restricted for substantially all of the assets in the account, as defined in the contract. However, a suspension or transfer can be requested with 30 days ' notice. When funds are exhausted either by benefit payments, purchase of annuity contracts or transfer, the related contract terminates. (9) Entered into an agreement effective December 15, 2016 with a commitment of $10,000 . The agreement contains a commitment period of 3 years , subject to an extension of up to one additional year. Voluntary withdrawals are not permitted. Complete distributions will be made after 8 years , subject to an extension of an additional 2 years . (10) Entered into an agreement effective September 8, 2016 for a commitment of $12,500 to a limited partnership private equity fund. $6,250 of capital has been called as of December 31, 2019. Voluntary withdrawals will not be permitted. Complete distributions will be made after 10 years , subject to an extension of an additional 1 year . The agreement provided for loans to the fund, and as of December 31, 2019, a $3,772 loan receivable was outstanding from the fund. Per the loan agreement, a loan exists until the partnership issues a drawdown notice. Upon issuance of a drawdown notice, a capital contribution to the partnership will be deemed to be made and deemed to have repaid the loan to the extent of the capital contribution. (11) 3 year lock up. Optional annual limited redemption of 10% per shareholder, subject to 60 days' notice. 25% Master Fund level gate. Upon complete redemption, a holdback of up to 10% is withheld and paid after the fund's financial statement audit. (12) Maximum withdraw is 25% of the net asset value of the relevant class per quarter. (13) Entered into an agreement effective May 21, 2018 for a commitment of $2,000 . 1 year lockup period for each capital contribution. Upon complete redemption, a holdback of 10% is withheld and paid after the fund's financial statement audit. (14) Entered into agreements effective October 31, 2018 which contain a $8,000 commitment with a commitment period between 3 and 4 years . Voluntary withdrawals are not permitted. Complete distributions will be made after 8 to 9 years , subject to two extensions in 1 year increments. On December 18, 2018, capital was called in the amount of $250 and is recorded as cash as of December 31, 2018. (15) Entered into an agreement effective February 1, 2019 for a commitment of $2,000 . Maximum withdrawal is 25% of total capital account per quarter, subject to 60 days notice. Upon complete redemption, staggered percentages will be redeemed over 4 quarters, subject to a holdback of up to 10% withheld and paid after the fund's financial statement audit. (16) Entered into an agreement effective August 2, 2019 for a commitment of $3,000 . Limited Partner has no right to withdraw from the Partnership, in whole or in part, until December 31, 2020. Upon complete redemption, a holdback of up to 5% is withheld and paid after the fund's financial statement audit. (17) Entered into an agreement effective August 15, 2019 for a commitment of $5,000 . Limited Partner has no right to withdraw from the Partnership, in whole or in part, until three years from the date of the subscription. The capital can be withdrawn in the first year after the termination of commitment period, and each third year after such first year. The withdrawal notice must be delivered no more than 120 days and no less than 90 days prior to the start of permitted exit year. (18) Entered into an agreement effective July 17, 2019 for a commitment of $2,000 , no right to withdrawal by the limited partner. The partnership continues until the earliest to occur: (a) election by the General Partner to wind-up and dissolve the partnership, (b) vote of two-thirds in interest of the limited partners within sixty days of the occurrence of an event constituting cause, or (c) withdrawal, bankruptcy or dissolution and commencement of winding up of the General Partner. (19) On October 28, 2019, the general partner provided a written notice of the termination and wind up of the fund. The fund commenced an orderly liquidation of its portfolio and anticipates 1) a cash distribution of approximately 40% of NAV by January 2020, 2) an in-kind distribution of the balance of the redemption proceeds to be concluded by May 2020, and 3) final payments (up to 10% ) will be held and released approximately 10 days after a final liquidation audit. |
Schedule of Expected Benefit Payments | Estimated future benefit payments for the pension plans over the next ten years are as follows: Years HNH Plans API Plan 2020 $ 41,626 $ 5,553 2021 40,539 5,915 2022 39,419 6,277 2023 38,259 6,666 2024 37,051 7,054 2025-2029 164,694 40,680 |
CAPITAL AND ACCUMULATED OTHER_2
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Changes, net of tax, in AOCI are as follows: Unrealized gain (loss) 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 $ (119 ) $ (18,259 ) $ (177,085 ) $ (104,385 ) Net other comprehensive (loss) income attributable to common unitholders (a) (274 ) (28 ) (4,693 ) 24,247 19,252 Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities (b) (91,078 ) — — — (91,078 ) Acquisition of AOCI from noncontrolling interests — (130 ) (524 ) (379 ) (1,033 ) Balance at December 31, 2018 (274 ) (277 ) (23,476 ) (153,217 ) (177,244 ) Net other comprehensive income (loss) attributable to common unitholders (a) — 263 (1,690 ) (12,751 ) (14,178 ) Balance at December 31, 2019 $ (274 ) $ (14 ) $ (25,166 ) $ (165,968 ) $ (191,422 ) (a) Net of tax (benefit) provision of approximately $(4,252) and $8,349 for the years ended December 31, 2019 and 2018 , respectively, principally related to changes in pension liabilities and other post-retirement benefit obligations. (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 Accumulated other comprehensive loss and reclassify them to Partners' capital. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Details of the Company's tax provision (benefit) are as follows: Year Ended December 31, 2019 2018 Income (loss) before income taxes and equity method investments Domestic $ 94,438 $ 169 Foreign (66,677 ) (9,591 ) Total $ 27,761 $ (9,422 ) Income taxes: Current: Federal $ (3,216 ) $ (1,160 ) State 3,751 7,518 Foreign 2,292 3,054 Total income taxes, current 2,827 9,412 Deferred: Federal 12,759 8,723 State (787 ) (3,521 ) Foreign 1,066 (2,055 ) Total income taxes, deferred 13,038 3,147 Income tax provision $ 15,865 $ 12,559 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the income tax provision computed at the federal statutory rate to the provision for income taxes: Year Ended December 31, 2019 2018 Income (loss) before income taxes and equity method investments $ 27,761 $ (9,422 ) Federal income tax provision (benefit) at statutory rate $ 5,830 $ (1,978 ) Loss passed through to common unitholders (a) 7,005 5,794 12,835 3,816 State income taxes, net of federal effect 5,824 1,705 Change in valuation allowance (11,280 ) 6,317 Foreign tax rate differences 5,039 (59 ) Uncertain tax positions 111 150 Federal and state audits (1,723 ) — Impairment-related adjustments 3,031 — Permanent differences and other 2,028 630 Income tax provision $ 15,865 $ 12,559 (a) Represents taxes at statutory rate on losses for which no tax benefit is recognizable by SPLP and certain of its subsidiaries which are taxed as pass-through entities. Such losses are allocable directly to SPLP's unitholders and taxed when realized. |
Schedule of Deferred Tax Assets and Liabilities | The amounts shown on the following table represent the tax effect of temporary differences between the consolidated tax return basis of assets and liabilities and the corresponding basis for financial reporting, as well as tax credit and operating loss carryforwards. December 31, 2019 2018 Deferred Tax Assets: Operating loss carryforwards (a) $ 116,458 $ 136,940 Postretirement and postemployment employee benefits 46,039 50,306 Tax credit carryforwards 9,718 12,837 Accrued costs 8,038 4,970 Investment impairments and unrealized losses 5,082 6,282 Inventories 5,004 3,536 Environmental costs 3,166 3,299 Capital loss 13,503 8,459 Allowance for doubtful accounts and loan losses 8,094 4,460 Lease liabilities 8,860 — Other 1,655 1,427 Gross deferred tax assets 225,617 232,516 Deferred Tax Liabilities: Intangible assets (25,897 ) (27,758 ) Fixed assets (26,085 ) (24,542 ) Unrealized gain on investment (18,359 ) (4,388 ) Right of use assets (8,578 ) — Other (1,207 ) (2,715 ) Gross deferred tax liabilities (80,126 ) (59,403 ) Valuation allowance (b) (60,460 ) (79,298 ) Net deferred tax assets $ 85,031 $ 93,815 Classified on the Company's consolidated balance sheets as follows: Deferred tax assets $ 88,645 $ 96,040 Deferred tax liabilities 3,614 2,225 $ 85,031 $ 93,815 (a) The ability for certain subsidiaries to utilize net operating losses and other credit carryforwards may be subject to limitation upon changes in control. (b) Certain subsidiaries of the Company establish valuation allowances when they determine, based on their assessment, that it is more likely than not that certain deferred tax assets will not be fully realized. This assessment is based on, but not limited to, historical operating results, uncertainty in projections of taxable income and other uncertainties that may be specific to a particular business. |
Schedule of Unrecognized Tax Benefits Roll Forward | The change in the amount of unrecognized tax benefits for 2019 and 2018 was as follows: Balance at December 31, 2017 $ 60,728 Additions for tax positions related to current year 977 Additions for tax positions related to prior years 1,413 Payments (543 ) Reductions due to lapsed statutes of limitations and expiration of credits (10,850 ) Balance at December 31, 2018 $ 51,725 Additions for tax positions related to current year 995 Additions for tax positions related to prior years 69 Reductions due to lapsed statutes of limitations and expiration of credits (4,082 ) Balance at December 31, 2019 $ 48,707 |
NET (LOSS) INCOME PER COMMON _2
NET (LOSS) INCOME PER COMMON UNIT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss) Income Per Common Unit | The following data was used in computing net income (loss) per common unit shown in the Company's consolidated statements of operations: December 31, 2019 2018 Net income (loss) $ 3,853 $ (31,490 ) Net loss (income) attributable to noncontrolling interests in consolidated entities 97 (1,114 ) Net income (loss) attributable to common unitholders $ 3,950 $ (32,604 ) Net income (loss) per common unit - basic Net income (loss) attributable to common unitholders $ 0.16 $ (1.25 ) Net income (loss) per common unit – diluted Net income (loss) attributable to common unitholders $ 0.16 $ (1.25 ) Denominator for net income (loss) per common unit - basic 24,964,643 25,984,185 Effect of dilutive securities: Unvested restricted common units 566 — Denominator for net income (loss) per common unit - diluted 24,965,209 25,984,185 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Financial assets and liabilities measured at fair value on a recurring basis in the Company's consolidated financial statements as of December 31, 2019 and 2018 are summarized by type of inputs applicable to the fair value measurements as follows: December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Marketable securities (a) $ 170 $ 50 $ — $ 220 Long-term investments (a) 222,178 — 53,658 275,836 Precious metal and commodity inventories recorded at fair value 11,377 — — 11,377 Economic interests in loans — — 18,633 18,633 Warrants — — 2,086 2,086 Total $ 233,725 $ 50 $ 74,377 $ 308,152 Liabilities: Commodity contracts on precious metal and commodity inventories $ — $ 381 $ — $ 381 Other precious metal liabilities 11,481 — — 11,481 Total $ 11,481 $ 381 $ — $ 11,862 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 11 - " Investments ." |
Schedule of Gains Losses By Income Statement Location | Following is a summary of changes in financial assets measured using Level 3 inputs: Investments in Associated Companies (a) Marketable Securities and Other (b) Total Assets Balance at December 31, 2017 $ 36,223 $ 25,693 $ 61,916 Purchases — 2,482 2,482 Sales and cash collections — (23,154 ) (23,154 ) Realized gains on sale — 18,704 18,704 Unrealized gains 4,420 145 4,565 Unrealized losses — (2,346 ) (2,346 ) Balance at December 31, 2018 $ 40,643 $ 21,524 $ 62,167 Purchases 14,943 932 15,875 Sales and cash collections — (15,173 ) (15,173 ) Realized gains on sale — 14,853 14,853 Unrealized gains — 1 1 Unrealized losses (3,346 ) — (3,346 ) Balance at December 31, 2019 $ 52,240 $ 22,137 $ 74,377 (a) Unrealized gains and losses are recorded in Loss 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 Revenue in the Company's consolidated statements of operations. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is presented below: Year Ended December 31, Revenue: 2019 2018 Diversified industrial $ 1,226,365 $ 1,286,665 Energy 163,972 175,950 Financial services 171,434 121,999 Total $ 1,561,771 $ 1,584,614 (Loss) income before interest expense and income taxes: Diversified industrial $ (20,430 ) $ 56,057 Energy (1,850 ) (9,012 ) Financial services 68,560 54,544 Corporate and other 14,847 (81,286 ) Income before interest expense and income taxes 61,127 20,303 Interest expense 41,409 39,234 Income tax provision 15,865 12,559 Net income (loss) $ 3,853 $ (31,490 ) Loss of associated companies, net of taxes (included above): Corporate and other $ (8,043 ) $ (9,509 ) Total $ (8,043 ) $ (9,509 ) Year Ended December 31, 2019 Capital Expenditures Depreciation and Amortization Diversified industrial $ 36,165 $ 54,141 Energy 5,999 17,548 Financial services 710 423 Corporate and other 150 154 Total $ 43,024 $ 72,266 Year Ended December 31, 2018 Capital Expenditures Depreciation and Amortization Diversified industrial $ 39,589 $ 59,582 Energy 7,399 20,214 Financial services 85 397 Corporate and other 12 130 Total $ 47,085 $ 80,323 December 31, 2019 2018 Identifiable Assets Employed: Diversified industrial $ 937,873 $ 1,018,700 Energy 346,954 352,179 Financial services 996,082 924,763 Corporate and other 51,445 60,417 Total $ 2,332,354 $ 2,356,059 |
Schedule of Identifiable Assets Employed | December 31, 2019 2018 Identifiable Assets Employed: Diversified industrial $ 937,873 $ 1,018,700 Energy 346,954 352,179 Financial services 996,082 924,763 Corporate and other 51,445 60,417 Total $ 2,332,354 $ 2,356,059 |
Summary of Revenue by Geographic Areas | The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2019 and 2018 consist of property, plant and equipment, plus approximately $ 5,378 and $5,994 , respectively, of land and buildings from previously operating businesses and other non-operating assets. Such assets are carried at the lower of cost or fair value less cost to sell and are included in Other non-current assets on the Company's consolidated balance sheets as of December 31, 2019 and 2018 . Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company. 2019 2018 Revenue Long-lived Assets Revenue Long-lived Assets Geographic information: United States $ 1,410,376 $ 238,987 $ 1,368,778 $ 260,512 Foreign 151,395 28,668 215,836 42,949 Total $ 1,561,771 $ 267,655 $ 1,584,614 $ 303,461 |
Summary of Long-lived Assets by Geographic Areas | The following table presents geographic revenue and long-lived asset information as of and for the year ended December 31. Foreign revenue is based on the country in which the legal subsidiary generating the revenue is domiciled. Long-lived assets in 2019 and 2018 consist of property, plant and equipment, plus approximately $ 5,378 and $5,994 , respectively, of land and buildings from previously operating businesses and other non-operating assets. Such assets are carried at the lower of cost or fair value less cost to sell and are included in Other non-current assets on the Company's consolidated balance sheets as of December 31, 2019 and 2018 . Neither revenue nor long-lived assets from any single foreign country were material to the consolidated financial statements of the Company. 2019 2018 Revenue Long-lived Assets Revenue Long-lived Assets Geographic information: United States $ 1,410,376 $ 238,987 $ 1,368,778 $ 260,512 Foreign 151,395 28,668 215,836 42,949 Total $ 1,561,771 $ 267,655 $ 1,584,614 $ 303,461 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | WebBank expects that its capital ratios under Basel III will continue to exceed the well capitalized minimum capital requirements, and such amounts are disclosed in the table below: Amount of Capital Required Actual For Capital Adequacy Purposes Minimum Capital Adequacy With Capital Buffer To Be Well Capitalized Under Prompt Corrective Provisions As of December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets) $ 178,930 19.50 % $ 73,525 8.00 % $ 96,502 10.50 % $ 91,907 10.00 % Tier 1 Capital (to risk-weighted assets) $ 167,131 18.20 % $ 55,144 6.00 % $ 78,121 8.50 % $ 73,525 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) $ 167,131 18.20 % $ 41,358 4.50 % $ 64,335 7.00 % $ 59,739 6.50 % Tier 1 Capital (to average assets) $ 167,131 18.30 % $ 36,489 4.00 % n/a n/a $ 45,611 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) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Restricted Cash | The amount of Cash, cash equivalents and restricted cash as of December 31, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows: Year Ended December 31, 2019 2018 Cash and cash equivalents $ 148,348 $ 334,884 Restricted cash — 12,434 Total cash, cash equivalents and restricted cash $ 148,348 $ 347,318 |
Schedule of Cash and Cash Equivalents | The amount of Cash, cash equivalents and restricted cash as of December 31, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows: Year Ended December 31, 2019 2018 Cash and cash equivalents $ 148,348 $ 334,884 Restricted cash — 12,434 Total cash, cash equivalents and restricted cash $ 148,348 $ 347,318 |
Schedule of Cash Flow, Supplemental Disclosures | A summary of supplemental cash flow information for the years ending December 31, 2019 and 2018 is presented in the following table: Year Ended December 31, 2019 2018 Cash paid during the period for: Interest $ 51,605 $ 40,773 Taxes 8,947 9,463 Non-cash investing and financing activities: Acquisition of iGo shares in exchange for Kasco equity $ — $ 6,156 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 |
QUARTERLY FINANCIAL DATA (una_2
QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Net Income (Loss) Attributable to Common Unitholders Quarter Revenue Net Income (Loss) Net Income (Loss) Attributable to Common Unitholders Per Common Unit Basic Per Common Unit Diluted 2019 First $ 387,053 $ 15,622 $ 15,678 $ 0.63 $ 0.48 Second 414,203 21,034 21,063 0.84 0.61 Third (a) 396,342 (2,764 ) (2,878 ) (0.12 ) (0.12 ) Fourth (b) 364,173 (30,039 ) (29,913 ) (1.20 ) (1.20 ) $ 1,561,771 $ 3,853 $ 3,950 2018 First $ 366,245 $ (8,851 ) $ (9,078 ) $ (0.35 ) $ (0.35 ) Second 434,437 13,555 13,042 0.50 0.42 Third 405,319 (6,191 ) (6,095 ) (0.23 ) (0.23 ) Fourth (c) 378,613 (30,003 ) (30,473 ) (1.19 ) (1.19 ) $ 1,584,614 $ (31,490 ) $ (32,604 ) (a) The Company recorded goodwill impairment charges of approximately $41,853 in the third quarter of 2019, related to goodwill associated with the Diversified Industrial segment (see Note 9 - " Goodwill and Other Intangible Assets, Net "). (b) The Company recorded asset impairment charges of approximately $ 29,591 in the fourth quarter of 2019, primarily related to long-lived and intangible assets in the Diversified Industrial segment (see Note 6 - " Asset Impairment Charges "). (c) The Company recorded asset impairment charges of approximately $8,108 in the fourth quarter of 2018, primarily related to intangible assets in the Diversified Industrial segment (see Note 6 - " Asset Impairment Charges "). |
NATURE OF THE BUSINESS AND BA_2
NATURE OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total capital | $ (476,419,000) | $ (492,508,000) | $ (540,172,000) | $ (476,419,000) | $ (492,508,000) | |||||||
Tax settlement | 21,782 | |||||||||||
Loss of associated companies, net of taxes | 8,043,000 | 9,509,000 | ||||||||||
Net income (loss) | (30,039,000) | $ (30,003,000) | $ (2,764,000) | $ 21,034,000 | $ 15,622,000 | $ (6,191,000) | $ 13,555,000 | $ (8,851,000) | 3,853,000 | (31,490,000) | ||
Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Total capital | $ 26,864,000 | |||||||||||
Accrued liabilities | (26,864) | (26,864) | ||||||||||
Steel Connect, Inc (STCN) | Out-Of-Period Adjustment | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Loss of associated companies, net of taxes | 20,717,000 | |||||||||||
Net income (loss) | (42,698,000) | |||||||||||
Federal | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Benefit from settlement | $ 2,220 | $ 2,220 | ||||||||||
Federal | Out-Of-Period Adjustment | Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income tax and interest accrued | 24,002 | 24,002 | ||||||||||
State and Local Jurisdiction | Out-Of-Period Adjustment | Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income tax and interest accrued | $ 2,862 | $ 2,862 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |
Accounting Policies [Line Items] | |||||||
Allowance for doubtful accounts | $ 2,725,000 | $ 2,885,000 | $ 2,725,000 | $ 2,885,000 | |||
Charges | 365,000 | 1,322,000 | |||||
Recoveries | 525 | 1,803,000 | |||||
Goodwill and Other Intangible Assets, Net | |||||||
Goodwill impairment charges | $ 41,853,000 | 41,853,000 | 0 | ||||
Asset impairment charge | 29,591,000 | 8,108,000 | 914,000 | 8,108,000 | |||
Impairment of intangible assets | 0 | 0 | |||||
Property, Plant and Equipment | |||||||
Accrued rebates payable | 15,421,000 | 12,345,000 | 15,421,000 | 12,345,000 | |||
Total capital | 476,419,000 | $ 492,508,000 | 476,419,000 | $ 492,508,000 | $ 540,172,000 | ||
Lease asset | 40,365,000 | 40,365,000 | |||||
Lease liability | $ 41,251,000 | $ 41,251,000 | |||||
Machinery and equipment | Minimum | |||||||
Property, Plant and Equipment | |||||||
Useful lives | 3 years | ||||||
Machinery and equipment | Maximum | |||||||
Property, Plant and Equipment | |||||||
Useful lives | 15 years | ||||||
Buildings and improvements | Minimum | |||||||
Property, Plant and Equipment | |||||||
Useful lives | 10 years | ||||||
Buildings and improvements | Maximum | |||||||
Property, Plant and Equipment | |||||||
Useful lives | 30 years | ||||||
Accounting Standards Update 2016-02 | |||||||
Property, Plant and Equipment | |||||||
Lease asset | $ 45,357,000 | ||||||
Lease liability | $ 46,024,000 | ||||||
Ten Largest Customers | Accounts receivable | Customer concentration risk | |||||||
Concentration of Revenue and Trade Accounts Receivable | |||||||
Concentration risk | 24.00% | ||||||
Ten Largest Customers | Revenues | Customer concentration risk | |||||||
Concentration of Revenue and Trade Accounts Receivable | |||||||
Concentration risk | 19.00% | 19.00% | |||||
Packaging | |||||||
Goodwill and Other Intangible Assets, Net | |||||||
Goodwill impairment charges | $ 41,853,000 | ||||||
API | |||||||
Goodwill and Other Intangible Assets, Net | |||||||
Asset impairment charge | 3,078,000 | ||||||
Property, Plant and Equipment | |||||||
Impairment of long-lived assets | $ 26,514,000 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Contract asset | $ 10,749 | $ 8,969 | |
Contract liability | $ 3,920 | 6,737 | 5,900 |
Increase in contract liability | 22,925 | ||
Revenue recognized | $ 20,591 | $ 3,865 | |
Parent | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Increase in partners' capital | $ 1,034 |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 1,561,771 | $ 1,584,614 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,410,376 | 1,368,778 |
Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 151,395 | $ 215,836 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Remaining lease term | 54 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 13,373 |
Short-term lease cost | 771 |
Finance lease cost: | |
Amortization of right-of-use assets | 1,190 |
Interest on lease liabilities | 319 |
Total finance lease cost | $ 1,509 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 12,811 |
Operating cash flows from finance leases | 295 |
Financing cash flows from finance leases | 1,525 |
Operating leases | 7,966 |
Finance leases | $ 3,870 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating leases | |
Operating lease right-of-use assets | $ 40,365 |
Current operating lease liabilities | 9,989 |
Non-current operating lease liabilities | 31,262 |
Total operating lease liabilities | 41,251 |
Finance leases | |
Finance lease assets | 9,325 |
Current finance lease liabilities | 1,639 |
Non-current finance lease liabilities | 6,767 |
Total finance lease liabilities | $ 8,406 |
Weighted-average remaining lease term | |
Operating leases | 8 years 2 months 19 days |
Finance leases | 5 years 1 month 27 days |
Weighted-average discount rate | |
Operating leases | 4.64% |
Finance leases | 4.20% |
Leases - Future Lease Obligatio
Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 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 | ||
2020 | $ 11,346 | |
2021 | 9,372 | |
2022 | 7,432 | |
2023 | 5,145 | |
2024 | 3,974 | |
Thereafter | 14,930 | |
Total lease payments | 52,199 | |
Operating Lease, Liability, Current | 9,989 | |
Long-term operating lease liabilities | 31,262 | |
Total operating lease liabilities | 41,251 | |
Difference between undiscounted cash flows and discounted cash flows | 10,948 | |
Finance Leases | ||
2020 | 2,005 | |
2021 | 1,921 | |
2022 | 1,796 | |
2023 | 1,754 | |
2024 | 1,258 | |
Thereafter | 809 | |
Total lease payments | 9,543 | |
Present value of current lease liabilities | 1,639 | |
Present value of long-term lease liabilities | 6,767 | |
Total finance lease liabilities | 8,406 | |
Difference between undiscounted cash flows and discounted cash flows | $ 1,137 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Jun. 01, 2018 | Feb. 16, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 149,626 | $ 183,945 | $ 170,115 | ||||
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 | ||||||
Earn-out | 3,800 | ||||||
Other intangibles | 17,300 | ||||||
Goodwill | 15,409 | ||||||
Goodwill expected to be deductible | 7,126 | ||||||
Change in earn-out | $ 3,562 | ||||||
Inventories | 7,700 | ||||||
Property, plant and equipment | 30,600 | ||||||
Goodwill, not tax deductible | 8,283 | ||||||
Maximum | Dunmore Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of consideration paid | 80,000 | ||||||
Customer Relationships | Dunmore Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | 10,100 | ||||||
Useful life | 15 years | ||||||
Trade Names | Dunmore Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | 3,300 | ||||||
Developed Technology | Dunmore Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | 3,300 | ||||||
Useful life | 10 years | ||||||
Order or Production Backlog | Dunmore Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | $ 600 | ||||||
Useful life | 4 months | ||||||
WebBank | National Partners PFco, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of consideration paid | $ 47,725 | ||||||
Loans payable | 10,000 | ||||||
Earn-out | 1,800 | ||||||
Receivables | 37,195 | ||||||
Other intangibles | 2,230 | ||||||
Goodwill | 6,515 | ||||||
Goodwill expected to be deductible | 6,515 | ||||||
WebBank | Agent Relationships | National Partners PFco, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | 1,800 | ||||||
WebBank | Trade Names | National Partners PFco, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles | $ 430 | ||||||
iGo, Inc. | iGo, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 19.80% | 45.80% | 80.20% |
ASSET IMPAIRMENT CHARGES - Narr
ASSET IMPAIRMENT CHARGES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment charge | $ 29,591 | $ 8,108 | $ 914 | $ 8,108 |
Long-lived Assets | 267,655 | $ 303,461 | 267,655 | $ 303,461 |
API | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets | 26,514 | |||
Asset impairment charge | 3,078 | |||
Long-lived Assets | $ 12,053 | $ 12,053 |
LOANS RECEIVABLE, INCLUDING L_3
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans receivable | |||
Loans held for sale | $ 554,722 | $ 335,781 | |
Current | 358,577 | 171,406 | |
Non-current | $ 196,145 | $ 164,375 | |
Percentage of Total Loans Outstanding | |||
Current | 100.00% | 100.00% | |
Allowance for loan losses | |||
Total | $ (36,682) | $ (17,659) | $ (5,237) |
Current | (36,682) | (17,659) | |
Non-current | 0 | 0 | |
Total loans receivable, net | |||
Total | 518,040 | 318,122 | |
Loans receivable, current | 321,895 | 153,747 | |
Loans receivable, non-current | 196,145 | 164,375 | |
Loans receivable, including loans held for sale (a) | |||
Loans receivable, including loans held for sale | 546,908 | 341,890 | |
Loans receivable, including held for sale, noncurrent | 196,145 | 164,375 | |
Pledged as collateral | 15,737 | 56,851 | |
Payments to purchase loans | 23,905,176 | 21,167,553 | |
Loans held for sale | |||
Loans receivable | |||
Loans held for sale | 225,013 | 188,143 | |
Current | 225,013 | 188,143 | |
Non-current | 0 | 0 | |
Commercial real estate loans | |||
Loans receivable | |||
Loans held for sale | 659 | 632 | |
Current | 0 | 0 | |
Non-current | $ 659 | $ 632 | |
Percentage of Total Loans Outstanding | |||
Current | 0.00% | 0.00% | |
Commercial and industrial | |||
Loans receivable | |||
Loans held for sale | $ 251,349 | $ 146,758 | |
Current | 233,510 | 81,507 | |
Non-current | $ 17,839 | $ 65,251 | |
Percentage of Total Loans Outstanding | |||
Current | 45.00% | 44.00% | |
Consumer loans | |||
Loans receivable | |||
Loans held for sale | $ 302,714 | $ 188,391 | |
Current | 125,067 | 89,899 | |
Non-current | $ 177,647 | $ 98,492 | |
Percentage of Total Loans Outstanding | |||
Current | 55.00% | 56.00% | |
WebBank | |||
Loans receivable, including loans held for sale (a) | |||
Servicing asset | $ 2,898 | $ 3,044 | |
Proceeds from loans sold | 23,864,975 | 21,116,184 | |
Fair value | |||
Loans receivable, including loans held for sale (a) | |||
Loans receivable, net | $ 759,125 | $ 510,543 |
LOANS RECEIVABLE, INCLUDING L_4
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Period after which loans are placed on nonaccrual status | 180 days | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 17,659 | $ 5,237 |
Charge-offs | (26,585) | (7,321) |
Recoveries | 2,235 | 685 |
Provision | 43,373 | 19,058 |
Ending balance | 36,682 | 17,659 |
Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 26 | 13 |
Charge-offs | 0 | 0 |
Recoveries | 22 | 20 |
Provision | (24) | (7) |
Ending balance | 24 | 26 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,165 | 2,800 |
Charge-offs | (8,667) | (2,772) |
Recoveries | 461 | 272 |
Provision | 12,961 | 5,865 |
Ending balance | $ 10,920 | 6,165 |
Consumer loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Period after which loans are placed on nonaccrual status | 120 days | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | $ 11,468 | 2,424 |
Charge-offs | (17,918) | (4,549) |
Recoveries | 1,752 | 393 |
Provision | 30,436 | 13,200 |
Ending balance | $ 25,738 | $ 11,468 |
LOANS RECEIVABLE, INCLUDING L_5
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Allowance for Loan and Lease Losses and Outstanding Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | $ 372 | $ 124 | |
Allowance for loan losses, collectively evaluated for impairment | 36,310 | 17,535 | |
Total | 36,682 | 17,659 | $ 5,237 |
Outstanding loan balances, individually evaluated for impairment | 2,718 | 3,866 | |
Outstanding loan balances, collectively evaluated for impairment | 552,004 | 331,915 | |
Total loans | 554,722 | 335,781 | |
Commercial real estate loans | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 12 | 15 | |
Allowance for loan losses, collectively evaluated for impairment | 12 | 11 | |
Total | 24 | 26 | 13 |
Outstanding loan balances, individually evaluated for impairment | 12 | 15 | |
Outstanding loan balances, collectively evaluated for impairment | 647 | 617 | |
Total loans | 659 | 632 | |
Commercial and industrial | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 360 | 109 | |
Allowance for loan losses, collectively evaluated for impairment | 10,560 | 6,056 | |
Total | 10,920 | 6,165 | 2,800 |
Outstanding loan balances, individually evaluated for impairment | 2,706 | 3,851 | |
Outstanding loan balances, collectively evaluated for impairment | 248,643 | 142,907 | |
Total loans | 251,349 | 146,758 | |
Consumer loans | |||
Receivable [Line Items] | |||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses, collectively evaluated for impairment | 25,738 | 11,468 | |
Total | 25,738 | 11,468 | $ 2,424 |
Outstanding loan balances, individually evaluated for impairment | 0 | 0 | |
Outstanding loan balances, collectively evaluated for impairment | 302,714 | 188,391 | |
Total loans | $ 302,714 | $ 188,391 |
LOANS RECEIVABLE, INCLUDING L_6
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Nonaccrual and Past Due Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivable [Line Items] | ||
Current | $ 531,078,000 | $ 325,750,000 |
Total past due | 23,644,000 | 10,031,000 |
Total | 554,722,000 | 335,781,000 |
Recorded investment in accruing loans greater than 90 days past due | 8,051,000 | 3,326,000 |
Nonaccrual loans that are current | 0 | 0 |
Financing receivable unpaid principal balance threshold for evaluation | 100,000 | |
30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 15,593,000 | 6,705,000 |
90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 8,051,000 | 3,326,000 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Current | 659,000 | 632,000 |
Total past due | 0 | 0 |
Total | 659,000 | 632,000 |
Recorded investment in accruing loans greater than 90 days past due | 0 | 0 |
Nonaccrual loans that are current | 0 | 0 |
Commercial real estate loans | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 0 | |
Commercial real estate loans | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 0 | 0 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Period after which loans are reported as past due | 90 days | |
Current | $ 238,025,000 | 140,616,000 |
Total past due | 13,324,000 | 6,142,000 |
Total | 251,349,000 | 146,758,000 |
Recorded investment in accruing loans greater than 90 days past due | 4,962,000 | 2,387,000 |
Nonaccrual loans that are current | 0 | 0 |
Commercial and industrial | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 8,362,000 | 3,755,000 |
Commercial and industrial | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 4,962,000 | 2,387,000 |
Consumer loans | ||
Receivable [Line Items] | ||
Period after which loans are reported as past due | 90 days | |
Current | $ 292,394,000 | 184,502,000 |
Total past due | 10,320,000 | 3,889,000 |
Total | 302,714,000 | 188,391,000 |
Recorded investment in accruing loans greater than 90 days past due | 3,089,000 | 939,000 |
Nonaccrual loans that are current | 0 | 0 |
Consumer loans | 30-89 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | 7,231,000 | 2,950,000 |
Consumer loans | 90 Days Past Due | ||
Receivable [Line Items] | ||
Total past due | $ 3,089,000 | $ 939,000 |
LOANS RECEIVABLE, INCLUDING L_7
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Outstanding Loans (Accruing and Nonaccruing) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivable [Line Items] | ||
Total Loans | $ 554,722 | $ 335,781 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 659 | 632 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 251,349 | 146,758 |
Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 302,714 | 188,391 |
Non-Graded | ||
Receivable [Line Items] | ||
Total Loans | 537,274 | 268,242 |
Non-Graded | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Non-Graded | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 234,560 | 79,851 |
Non-Graded | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 302,714 | 188,391 |
Pass | ||
Receivable [Line Items] | ||
Total Loans | 14,730 | 62,934 |
Pass | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 647 | 617 |
Pass | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 14,083 | 62,317 |
Pass | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Special Mention | ||
Receivable [Line Items] | ||
Total Loans | 0 | 739 |
Special Mention | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Special Mention | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 0 | 739 |
Special Mention | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Sub- standard | ||
Receivable [Line Items] | ||
Total Loans | 2,718 | 3,866 |
Sub- standard | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 12 | 15 |
Sub- standard | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 2,706 | 3,851 |
Sub- standard | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial real estate loans | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Commercial and industrial | ||
Receivable [Line Items] | ||
Total Loans | 0 | 0 |
Doubtful | Consumer loans | ||
Receivable [Line Items] | ||
Total Loans | $ 0 | $ 0 |
LOANS RECEIVABLE, INCLUDING L_8
LOANS RECEIVABLE, INCLUDING LOANS HELD FOR SALE - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivable [Line Items] | ||
Interest on impaired loans | $ 158 | $ 122 |
Unpaid Principal Balance | 2,718 | 3,866 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 2,718 | 3,866 |
Total recorded investment | 2,718 | 3,866 |
Related Allowance | 372 | 124 |
Average Recorded Investment | 2,760 | 3,894 |
Commercial real estate loans | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 12 | 15 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 12 | 15 |
Total recorded investment | 12 | 15 |
Related Allowance | 12 | 15 |
Average Recorded Investment | 14 | 16 |
Commercial and industrial | ||
Receivable [Line Items] | ||
Unpaid Principal Balance | 2,706 | 3,851 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 2,706 | 3,851 |
Total recorded investment | 2,706 | 3,851 |
Related Allowance | 360 | 109 |
Average Recorded Investment | $ 2,746 | $ 3,878 |
INVENTORIES, NET - Summary of I
INVENTORIES, NET - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 58,741 | $ 55,723 |
In-process | 31,378 | 25,392 |
Raw materials | 51,910 | 58,569 |
Fine and fabricated precious metal in various stages of completion | 29,202 | 20,790 |
Inventory, before LIFO reserve | 171,231 | 160,474 |
LIFO reserve | (3,398) | (1,624) |
Total | $ 167,833 | $ 158,850 |
INVENTORIES, NET - Narrative (D
INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory held on consignment, silver | $ 6,880 | $ 6,700 |
INVENTORIES, NET - Supplemental
INVENTORIES, NET - Supplemental Inventory Information (Details) $ in Thousands | Dec. 31, 2019USD ($)$ / oz | Dec. 31, 2018USD ($)$ / oz |
Inventory Disclosure [Abstract] | ||
Precious metals stated at LIFO cost | $ | $ 15,660 | $ 9,538 |
Precious metals stated under non-LIFO cost methods, primarily at fair value | $ | $ 10,144 | $ 9,628 |
Market value per ounce, Silver (in dollars per ounce) | 17.86 | 15.51 |
Market value per ounce, Gold (in dollars per ounce) | 1,522.14 | 1,281.65 |
Market value per ounce, Palladium (in dollars per ounce) | 1,935.19 | 1,263 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Goodwill Roll Forward (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Gross goodwill | $ 280,523,000 | $ 272,989,000 | $ 259,159,000 | |
Accumulated impairments | (130,897,000) | (89,044,000) | (89,044,000) | |
Net goodwill | 149,626,000 | 183,945,000 | 170,115,000 | |
Acquisitions | 8,918,000 | 14,601,000 | ||
Impairments | $ (41,853,000) | (41,853,000) | 0 | |
Currency translation adjustments | (1,384,000) | (771,000) | ||
Diversified Industrial | ||||
Goodwill [Line Items] | ||||
Gross goodwill | 206,784,000 | 205,765,000 | 193,530,000 | |
Accumulated impairments | (66,107,000) | (24,254,000) | (24,254,000) | |
Net goodwill | 140,677,000 | 181,511,000 | 169,276,000 | |
Acquisitions | 2,403,000 | 13,006,000 | ||
Impairments | (41,853,000) | |||
Currency translation adjustments | (1,384,000) | (771,000) | ||
Energy | ||||
Goodwill [Line Items] | ||||
Gross goodwill | 67,143,000 | 67,143,000 | 65,548,000 | |
Accumulated impairments | (64,790,000) | (64,790,000) | (64,790,000) | |
Net goodwill | 2,353,000 | 2,353,000 | 758,000 | |
Acquisitions | 0 | 1,595,000 | ||
Impairments | 0 | |||
Currency translation adjustments | 0 | |||
Financial services | ||||
Goodwill [Line Items] | ||||
Gross goodwill | 6,515,000 | 0 | 0 | |
Accumulated impairments | 0 | 0 | 0 | |
Net goodwill | 6,515,000 | 0 | 0 | |
Acquisitions | 6,515,000 | 0 | ||
Impairments | 0 | |||
Currency translation adjustments | 0 | 0 | ||
Corporate and Other | ||||
Goodwill [Line Items] | ||||
Gross goodwill | 81,000 | 81,000 | 81,000 | |
Accumulated impairments | 0 | 0 | 0 | |
Net goodwill | 81,000 | 81,000 | $ 81,000 | |
Acquisitions | 0 | $ 0 | ||
Impairments | 0 | |||
Currency translation adjustments | $ 0 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Asset impairment charge | $ 29,591 | $ 8,108 | $ 914 | $ 8,108 |
Gross carrying amount, finite and indefinite-lived intangible assets | 317,789 | 325,286 | 317,789 | 325,286 |
Accumulated amortization | 159,196 | 141,745 | 159,196 | 141,745 |
Net, finite-lived intangible assets | 147,273 | 147,273 | ||
Net, finite-lived intangible assets | 158,593 | 183,541 | 158,593 | 183,541 |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Trademarks with indefinite lives | 11,320 | 11,320 | 11,320 | 11,320 |
Amortization expense | 22,352 | 29,858 | ||
Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount, finite-lived intangible assets | 216,428 | 220,709 | 216,428 | 220,709 |
Accumulated amortization | 109,701 | 95,796 | 109,701 | 95,796 |
Net, finite-lived intangible assets | 106,727 | 124,913 | 106,727 | 124,913 |
Trademarks, trade names and brand names | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount, finite and indefinite-lived intangible assets | 51,414 | 54,950 | 51,414 | 54,950 |
Accumulated amortization | 18,469 | 17,923 | 18,469 | 17,923 |
Net, finite-lived intangible assets | 21,625 | 21,625 | ||
Net, finite-lived intangible assets | 32,945 | 37,027 | 32,945 | 37,027 |
Developed technology, patents and patent applications | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount, finite-lived intangible assets | 31,984 | 31,743 | 31,984 | 31,743 |
Accumulated amortization | 17,176 | 14,435 | 17,176 | 14,435 |
Net, finite-lived intangible assets | 14,808 | 17,308 | 14,808 | 17,308 |
Other | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross carrying amount, finite-lived intangible assets | 17,963 | 17,884 | 17,963 | 17,884 |
Accumulated amortization | 13,850 | 13,591 | 13,850 | 13,591 |
Net, finite-lived intangible assets | $ 4,113 | $ 4,293 | 4,113 | $ 4,293 |
API | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Asset impairment charge | $ 3,078 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Estimated Intangible Amortization Expense | ||
2020 | $ 19,305 | |
2021 | 19,064 | |
2022 | 16,183 | |
2023 | 14,586 | |
2024 | 13,733 | |
Thereafter | 64,402 | |
Net, finite-lived intangible assets | 147,273 | |
Customer Relationships | ||
Estimated Intangible Amortization Expense | ||
2020 | 13,794 | |
2021 | 13,822 | |
2022 | 11,464 | |
2023 | 10,134 | |
2024 | 9,396 | |
Thereafter | 48,117 | |
Net, finite-lived intangible assets | 106,727 | $ 124,913 |
Trademarks, Trade Names and Brand Names | ||
Estimated Intangible Amortization Expense | ||
2020 | 1,977 | |
2021 | 1,977 | |
2022 | 1,971 | |
2023 | 1,941 | |
2024 | 1,941 | |
Thereafter | 11,818 | |
Net, finite-lived intangible assets | 21,625 | |
Developed technology, patents and patent applications | ||
Estimated Intangible Amortization Expense | ||
2020 | 2,497 | |
2021 | 2,212 | |
2022 | 2,158 | |
2023 | 2,158 | |
2024 | 2,158 | |
Thereafter | 3,625 | |
Net, finite-lived intangible assets | 14,808 | 17,308 |
Other | ||
Estimated Intangible Amortization Expense | ||
2020 | 1,037 | |
2021 | 1,053 | |
2022 | 590 | |
2023 | 353 | |
2024 | 238 | |
Thereafter | 842 | |
Net, finite-lived intangible assets | $ 4,113 | $ 4,293 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 542,361 | $ 535,421 |
Accumulated depreciation | (280,084) | (237,954) |
Property, plant and equipment, net | 262,277 | 297,467 |
Depreciation | 49,493 | 50,465 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,244 | 18,547 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 83,665 | 84,639 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 423,909 | 416,130 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,543 | $ 16,105 |
INVESTMENTS - Marketable Securi
INVESTMENTS - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities | $ 220 | $ 1,439 |
Unrealized loss | (501) | (3,094) |
Steel Excel | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable securities sold during period | $ 31,037 | $ 47,200 |
INVESTMENTS - Gross Unrealized
INVESTMENTS - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net gains (losses) recognized during the period on equity securities | $ 47,315 | $ (62,586) |
Less: Net (losses) gains recognized during the period on equity securities sold during the period | (18,666) | 11,370 |
Unrealized gains (losses) recognized during the period on equity securities still held at the end of the period | 65,981 | (73,956) |
Steel Excel | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross realized gains | 13,687 | 16,499 |
Gross realized losses | (32,353) | (5,129) |
Realized (losses) gains, net | $ (18,666) | $ 11,370 |
INVESTMENTS - Long-Term Investm
INVESTMENTS - Long-Term Investments (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2019$ / shares | Dec. 15, 2017$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) |
Equity method investments carried at fair value: | |||||
Long-term investments carried at fair value | $ 275,836 | $ 257,723 | |||
Other equity method investments carried at cost [Abstract] | |||||
Total long-term investments balance | 275,836 | 258,044 | |||
Total long-term investment (income) loss recorded in statements of operations | |||||
Steel Connect, Inc (STCN) | |||||
Equity method investments carried at fair value: | |||||
Ownership % | 29.40% | 29.60% | |||
Long-Term Investments Balance | $ 26,547 | $ 31,457 | |||
(Income) Loss Recorded in Statements of Operations | $ 4,404 | $ 12,320 | |||
Aviat Networks, Inc. (Aviat) | |||||
Equity method investments carried at fair value: | |||||
Ownership % | 12.40% | 12.40% | |||
Long-Term Investments Balance | $ 9,417 | $ 8,881 | |||
(Income) Loss Recorded in Statements of Operations | $ (341) | $ 1,287 | |||
Other | |||||
Equity method investments carried at fair value: | |||||
Ownership % | 43.80% | 43.80% | |||
Long-Term Investments Balance | $ 1,223 | $ 1,223 | |||
(Income) Loss Recorded in Statements of Operations | 0 | 0 | |||
Other equity method investments carried at cost | |||||
Equity method investments carried at fair value: | |||||
(Income) Loss Recorded in Statements of Operations | 0 | 519 | |||
Other equity method investments carried at cost [Abstract] | |||||
Long-Term Investments Balance | 0 | 321 | |||
Corporate securities | |||||
Other equity method investments carried at cost [Abstract] | |||||
Available-for-sale cost basis | 58,495 | 98,037 | |||
Gross unrealized gains | 128,282 | 61,804 | |||
Corporate securities | Net investment gains (losses) | |||||
Long-term Investments | |||||
Long-Term Investments Balance | 186,777 | 159,841 | |||
(Income) Loss Recorded in Statements of Operations | (66,482) | 59,658 | |||
Corporate securities | Net investment gains (losses) | Aerojet Rocketdyne Holdings | |||||
Long-term Investments | |||||
Long-Term Investments Balance | $ 180,357 | $ 147,297 | |||
Other equity method investments carried at cost [Abstract] | |||||
Percentage of marketable securities | 5.00% | 5.00% | |||
Corporate securities | Net investment gains (losses) | Babcock and Wilcox Enterprises | |||||
Long-term Investments | |||||
Long-Term Investments Balance | $ 4,989 | $ 11,702 | |||
Other equity method investments carried at cost [Abstract] | |||||
Percentage of marketable securities | 3.00% | 18.00% | |||
Collateralized Debt Obligations | Net investment gains (losses) | |||||
Long-term Investments | |||||
Long-Term Investments Balance | $ 855 | $ 1,958 | |||
(Income) Loss Recorded in Statements of Operations | 0 | 0 | |||
Corporate Obligations | Corporate Obligations | |||||
Other equity method investments carried at cost [Abstract] | |||||
Available-for-sale cost basis | 14,943 | 13 | |||
Gross unrealized losses | $ (3,104) | ||||
Gross unrealized gains | 2 | ||||
Corporate Obligations | Net investment gains (losses) | Steel Connect, Inc (STCN) | |||||
Long-term Investments | |||||
Long-Term Investments Balance | 11,839 | 14,943 | |||
(Income) Loss Recorded in Statements of Operations | 3,104 | (197) | |||
Preferred stock | Steel Connect, Inc (STCN) | |||||
Long-term Investments | |||||
Long-Term Investments Balance | 39,178 | 39,420 | |||
(Income) Loss Recorded in Statements of Operations | $ 876 | $ (4,420) | |||
Other equity method investments carried at cost [Abstract] | |||||
Available-for-sale cost basis | $ 35,634 | ||||
Conversion price (in dollars per share) | $ / shares | $ 1.96 | ||||
Conversion of equity investments, ownership percentage if converted | 49.20% | ||||
Common Stock | Convertible Senior Notes | 7.50% Convertible Senior Note | Steel Connect, Inc (STCN) | |||||
Other equity method investments carried at cost [Abstract] | |||||
Conversion ratio | 0.4213 | ||||
Common Stock | Convertible Senior Notes | 7.50% Convertible Senior Note | Steel Connect, Inc (STCN) | Steel Connect, Inc (STCN) | |||||
Other equity method investments carried at cost [Abstract] | |||||
Conversion price (in dollars per share) | $ / shares | $ 2.37 |
INVESTMENTS - Equity Method Inv
INVESTMENTS - Equity Method Investments (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Aviat Networks, Inc. (Aviat) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 12.40% | 12.40% |
iGo, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method ownership percentage | 80.20% |
INVESTMENTS - Additional Disclo
INVESTMENTS - Additional Disclosures Related to Associated Company Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Balance Sheet Amounts [Abstract] | ||
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 Income Statement Amounts [Abstract] | ||
Revenue | 819,830 | 645,258 |
Gross profit | 149,730 | 101,259 |
Net income (loss) | $ (66,727) | $ 36,715 |
INVESTMENTS - Other Investments
INVESTMENTS - Other Investments (Details) - WebBank - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 37,896 | $ 48,005 |
Gross Unrealized Gains (Losses) | (3) | (119) |
Fair value | 37,893 | 47,886 |
Held-to-maturity securities, maturing between one and five years | 23,339 | 22,866 |
Held-to-maturity securities, maturing in five to ten years | 12,373 | 23,189 |
Held-to-maturity securities, maturing after ten years | $ 2,184 | $ 1,950 |
DEPOSITS - Deposits Time and Mo
DEPOSITS - Deposits Time and Money Market (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
Next 12 months | $ 362,224 | $ 310,577 |
Year two | 109,111 | 249,352 |
Year three | 26,873 | 30,000 |
Year four | 0 | 0 |
Year five | 3,238 | 0 |
Total time deposits | 501,446 | 589,929 |
Savings deposits | 253,271 | 121,382 |
Total deposits | 754,717 | 711,311 |
Deposits [Abstract] | ||
Current | 615,495 | 431,959 |
Long-term | 139,222 | 279,352 |
Time deposits, $250,000 or more | 8,281 | |
Time deposits, under $250,000 | 250 | |
Fair value of deposits | $ 756,968 | $ 710,323 |
LONG-TERM DEBT - Long-term Debt
LONG-TERM DEBT - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short term debt | $ 3,197 | $ 3,094 |
Long-term debt | 405,344 | 478,895 |
Less portion due within one year | 14,208 | 799 |
Long-term debt | 391,136 | 478,096 |
Total debt | 408,541 | 481,989 |
Loans payable | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 399,755 | 472,495 |
Other debt - foreign | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 444 | 796 |
Other debt - domestic | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,145 | 5,604 |
Other debt - foreign | ||
Debt Instrument [Line Items] | ||
Short term debt | $ 3,197 | $ 3,094 |
LONG-TERM DEBT - Long-Term De_2
LONG-TERM DEBT - Long-Term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturity of Long-term Debt | ||
Long-term debt | $ 405,344 | $ 478,895 |
2019 | 14,208 | |
2020 | 10,309 | |
2021 | 380,827 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | $ 0 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 23, 2019 | Nov. 14, 2017 | |
Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | ||
Weighted average interest rate | 4.03% | ||
Remaining borrowing capacity | $ 161,314,000 | ||
Sublimit for swing loans | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 55,000,000 | ||
Standby letters of credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||
Line of credit | 10,111,000 | ||
Letter of credit | |||
Debt Instrument [Line Items] | |||
Line of credit | 2,795,000 | ||
Environmental and other matters | |||
Debt Instrument [Line Items] | |||
Line of credit | 7,316,000 | ||
Term loan | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||
Quarterly amortization percentage | 5.00% | ||
Minimum | Base Rate | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 1.25% | ||
Maximum | Base Rate | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, basis spread on variable rate | 2.25% | ||
Series A Preferred Units | |||
Debt Instrument [Line Items] | |||
Number of shares authorized to be repurchased (in shares) | 1,600,000 | ||
Preferred stock, dividend rate | 6.00% |
FINANCIAL INSTRUMENTS - Activit
FINANCIAL INSTRUMENTS - Activity for Financial Instrument Liabilities and Related Restricted Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Settlement of short sales of corporate securities | $ (14,611) | $ (3,100) |
Not designated as hedging instrument | Foreign instruments and restricted cash | ||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Balance, beginning of period | 12,434 | 15,629 |
Short sales of corporate securities | 0 | 26 |
Net investment losses (gains) | 2,177 | (121) |
Balance, end of period | 0 | 12,434 |
Not designated as hedging instrument | Foreign instruments and restricted cash | Equity contracts | ||
Foreign Currency Financial Liabilities and Related Restricted Cash [Roll Forward] | ||
Settlement of short sales of corporate securities | $ (14,611) | $ (3,100) |
FINANCIAL INSTRUMENTS - Foreign
FINANCIAL INSTRUMENTS - Foreign Currency Exchange Rate Risk (Details) - Designated as Hedging Instrument $ in Thousands | Dec. 31, 2019USD ($)ozlbT |
Silver (ounces) | |
Derivative [Line Items] | |
Amount | oz | 245,600 |
Notional Amount | $ 4,285 |
Gold (ounces) | |
Derivative [Line Items] | |
Amount | oz | 5,126 |
Notional Amount | $ 7,622 |
Palladium (ounces) | |
Derivative [Line Items] | |
Amount | oz | 834 |
Notional Amount | $ 1,560 |
Copper (pounds) | |
Derivative [Line Items] | |
Amount | lb | 250,000 |
Notional Amount | $ 659 |
Tin (metric tons) | |
Derivative [Line Items] | |
Amount | T | 20 |
Notional Amount | $ 338 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)oz | Dec. 31, 2018USD ($) | |
WebBank | ||
Derivative [Line Items] | ||
Undisbursed loan commitment | $ 125,861 | $ 130,697 |
Not designated as hedging instrument | Foreign Exchange Contracts and Short Sale of Securities | ||
Derivative [Line Items] | ||
Derivative instruments, liabilities | $ 0 | $ 12,434 |
Designated as hedging instrument | Silver and Copper (ounces) | ||
Derivative [Line Items] | ||
Derivative notional amount | oz | 13,650 | |
Maximum | WebBank | ||
Derivative [Line Items] | ||
Derivative remaining maturity | 5 years |
FINANCIAL INSTRUMENTS - Balance
FINANCIAL INSTRUMENTS - Balance Sheet and Income Statement Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | $ 13,334 | $ 15,179 |
Designated as hedging instrument | Commodity contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (46) | (14) |
Designated as hedging instrument | Foreign exchange forward contracts | Revenue/Cost of goods sold | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 228 | 241 |
Designated as hedging instrument | Foreign exchange forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | 0 | (95) |
Not designated as hedging instrument | Commodity contracts | Other (expense) income, net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | (1,695) | 379 |
Not designated as hedging instrument | Commodity contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | (335) | (145) |
Not designated as hedging instrument | Foreign exchange forward contracts | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | 0 | (81) |
Not designated as hedging instrument | Economic interest in loans | Revenue | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instruments, gain (loss) recognized in income | 14,801 | 14,559 |
Not designated as hedging instrument | Economic interest in loans | Other non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | $ 18,633 | $ 17,156 |
PENSION AND OTHER POST-RETIRE_3
PENSION AND OTHER POST-RETIREMENT BENEFITS - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 30, 2016plan | |
Defined Benefit Plans Disclosure [Line Items] | ||||
Pretax amount of actuarial losses | $ (11,538) | |||
HNH Plans | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amount of the RSP assets | 343,104 | $ 308,489 | $ 349,819 | |
Actual returns on plan assets | 41,499 | (29,091) | ||
Unfunded status | (182,785) | (190,323) | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
2020 | 35,700 | |||
2021 | 33,300 | |||
2022 | 32,400 | |||
2023 | 25,900 | |||
2024 | 15,700 | |||
Thereafter | 5,600 | |||
RSP Plan | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amount of the RSP assets | $ 15,318 | 13,261 | ||
WHX Pension Plan | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Number of defined benefit plans | plan | 2 | |||
Percentage of plan assets moved in the split | 3.00% | |||
Amortization period | 16 years | |||
WHX Pension Plan II | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amortization period | 12 years | |||
API Plan | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amount of the RSP assets | $ 143,894 | 125,833 | $ 140,634 | |
Actual returns on plan assets | 19,971 | (2,984) | ||
Unfunded status | (7,572) | (9,779) | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||||
2020 | 900 | |||
2021 | 950 | |||
2022 | 950 | |||
2023 | 750 | |||
Level 3 | HNH Plans | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amount of the RSP assets | 8,395 | 5,445 | ||
Level 3 | API Plan | Pension benefits | ||||
Defined Benefit Plans Disclosure [Line Items] | ||||
Amount of the RSP assets | 12,012 | 13,824 | ||
Decrease for assets transferred out of Level 3 | 2,401 | 281 | ||
Actual returns on plan assets | 578 | 1,057 | ||
Foreign currency translation gains (loss) | $ 11 | $ (797) |
PENSION AND OTHER POST-RETIRE_4
PENSION AND OTHER POST-RETIREMENT BENEFITS - Components of Pension Expense and Other Postretirement Benefit Expense (Details) - HNH and API Pension Plans - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans Disclosure [Line Items] | ||
Interest cost | $ 21,819 | $ 20,999 |
Expected return on plan assets | (24,078) | (27,703) |
Amortization of actuarial loss and prior service credit | 10,374 | 9,888 |
Total | $ 8,115 | $ 3,184 |
PENSION AND OTHER POST-RETIRE_5
PENSION AND OTHER POST-RETIREMENT BENEFITS - Actuarial Assumptions Used to Develop Components of Defined Benefit Pension Expense and Other Postretirement Benefit Expense (Details) - Pension Benefits | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
WHX Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.10% | 3.45% |
WHX Pension Plan II | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.00% | 3.33% |
JPS Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 4.09% | 3.40% |
API Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.90% | 2.50% |
Expected return on assets | 3.36% | 3.80% |
HNH Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected return on assets | 6.50% | 6.50% |
PENSION AND OTHER POST-RETIRE_6
PENSION AND OTHER POST-RETIREMENT BENEFITS - Funded Status of HNH's Qualified Defined Benefit Pension Plans and Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
HNH Plans | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | $ 498,812 | $ 601,194 | |
Prior service cost | 0 | 0 | |
Interest cost | 17,933 | 17,276 | |
Actuarial loss (gain) | 49,475 | (75,503) | |
Benefits paid | (40,331) | (44,155) | |
Impact of foreign exchange rate | 0 | 0 | |
Benefit obligation at December 31 | 525,889 | 498,812 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 308,489 | 349,819 | |
Actual returns on plan assets | 41,499 | (29,091) | |
Benefits paid | (40,331) | (44,155) | |
Company contributions | 33,447 | 31,916 | |
Impact of foreign exchange rate | 0 | 0 | |
Fair value of plan assets at December 31 | 343,104 | 308,489 | |
Funded status | (182,785) | (190,323) | |
Accumulated benefit obligation | 525,889 | 498,812 | $ 601,194 |
Current liability | 0 | 0 | |
Non-current liability | (182,785) | (190,323) | |
Total | (182,785) | (190,323) | |
API Plan | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 135,612 | 152,006 | |
Prior service cost | 0 | 2,634 | |
Interest cost | 3,886 | 3,723 | |
Actuarial loss (gain) | 14,312 | (9,527) | |
Benefits paid | (5,358) | (5,528) | |
Impact of foreign exchange rate | 3,014 | (7,696) | |
Benefit obligation at December 31 | 151,466 | 135,612 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 125,833 | 140,634 | |
Actual returns on plan assets | 19,971 | (2,984) | |
Benefits paid | (5,358) | (5,528) | |
Company contributions | 894 | 936 | |
Impact of foreign exchange rate | 2,554 | (7,225) | |
Fair value of plan assets at December 31 | 143,894 | 125,833 | |
Funded status | (7,572) | (9,779) | |
Accumulated benefit obligation | 151,466 | 135,612 | $ 152,006 |
Current liability | 0 | 0 | |
Non-current liability | (7,572) | (9,779) | |
Total | $ (7,572) | $ (9,779) |
PENSION AND OTHER POST-RETIRE_7
PENSION AND OTHER POST-RETIREMENT BENEFITS - Weighted Average Assumptions Used In Valuations (Details) - Pension Benefits | Dec. 31, 2019 | Dec. 31, 2018 |
WHX Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.06% | 4.10% |
WHX Pension Plan II | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.97% | 4.00% |
JPS Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.93% | 4.09% |
API Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 2.10% | 2.90% |
PENSION AND OTHER POST-RETIRE_8
PENSION AND OTHER POST-RETIREMENT BENEFITS - Pretax Amounts Included In Accumulated Other Comprehensive (Loss) Income) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
HNH Plans | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service cost | $ 0 | $ 0 |
Net actuarial loss | 238,418 | 220,778 |
Accumulated other comprehensive loss | 238,418 | 220,778 |
API Plan | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Prior service cost | 2,385 | 2,475 |
Net actuarial loss | 4,459 | 5,551 |
Accumulated other comprehensive loss | $ 6,844 | $ 8,026 |
PENSION AND OTHER POST-RETIRE_9
PENSION AND OTHER POST-RETIREMENT BENEFITS - Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Loss (Details) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
HNH Plans | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Current year actuarial (loss) gain | $ (27,875) | $ 23,933 |
Amortization of actuarial loss | 10,235 | 9,888 |
Current year prior service cost | 0 | 0 |
Amortization of prior service credit | 0 | 0 |
Impact of foreign exchange rate | 0 | 0 |
Total recognized in comprehensive (loss) income | (17,640) | 33,821 |
API Plan | ||
Defined Benefit Plans Disclosure [Line Items] | ||
Current year actuarial (loss) gain | 1,479 | 1,300 |
Amortization of actuarial loss | 0 | 0 |
Current year prior service cost | 0 | (2,634) |
Amortization of prior service credit | 139 | 24 |
Impact of foreign exchange rate | (436) | 367 |
Total recognized in comprehensive (loss) income | $ 1,182 | $ (943) |
PENSION AND OTHER POST-RETIR_10
PENSION AND OTHER POST-RETIREMENT BENEFITS - Additional Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
HNH Plans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | $ 525,889 | $ 498,812 | $ 601,194 |
Accumulated benefit obligation | 525,889 | 498,812 | 601,194 |
Fair value of plan assets | 343,104 | 308,489 | 349,819 |
API Plan | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Projected benefit obligation | 151,466 | 135,612 | 152,006 |
Accumulated benefit obligation | 151,466 | 135,612 | 152,006 |
Fair value of plan assets | $ 143,894 | $ 125,833 | $ 140,634 |
PENSION AND OTHER POST-RETIR_11
PENSION AND OTHER POST-RETIREMENT BENEFITS - HNH Plan's Assets (Details) - HNH Plans - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 343,104 | $ 308,489 | $ 349,819 |
Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 8,395 | 5,445 | |
Level 3 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,702 | 4,202 | |
Level 3 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 643 | 193 | |
Level 3 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 1,050 | |
Recurring | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 343,104 | 308,489 | |
Recurring | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 28,729 | 24,736 | |
Recurring | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 91,785 | 75,859 | |
Recurring | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,252 | 1,099 | |
Recurring | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 940 | 918 | |
Recurring | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,823 | 2,111 | |
Recurring | Foreign exchange contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 78 | 0 | |
Recurring | Mortgage and other asset-backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 11,870 | 15,934 | |
Recurring | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 8,831 | 10,161 | |
Recurring | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 33,084 | 34,117 | |
Recurring | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,702 | 4,202 | |
Recurring | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 643 | 193 | |
Recurring | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 1,050 | |
Recurring | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 186,787 | 170,380 | |
Recurring | Cash and cash equivalents | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 11,790 | 4,738 | |
Recurring | Net payables | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | (2,027) | (8,545) | |
Recurring | Level 1 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 28,729 | 24,736 | |
Recurring | Level 1 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 91,785 | 75,859 | |
Recurring | Level 1 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,252 | 1,099 | |
Recurring | Level 1 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 940 | 918 | |
Recurring | Level 1 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,823 | 2,111 | |
Recurring | Level 1 | Foreign exchange contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Mortgage and other asset-backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 1 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 124,529 | 104,723 | |
Recurring | Level 2 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Foreign exchange contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 78 | 0 | |
Recurring | Level 2 | Mortgage and other asset-backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 11,870 | 15,934 | |
Recurring | Level 2 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 8,831 | 10,161 | |
Recurring | Level 2 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 33,084 | 34,117 | |
Recurring | Level 2 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 2 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 53,863 | 60,212 | |
Recurring | Level 3 | U.S. mid-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. small-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | International large-cap | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Fixed income securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Foreign exchange contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Mortgage and other asset-backed securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. Government debt securities | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Corporate bonds and loans | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Recurring | Level 3 | Convertible promissory note | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,702 | 4,202 | |
Recurring | Level 3 | Stock warrants | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 643 | 193 | |
Recurring | Level 3 | Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,050 | 1,050 | |
Recurring | Level 3 | Subtotal - pension assets subject to leveling | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 8,395 | 5,445 | |
Recurring | Net asset value | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 146,554 | 141,916 | |
Recurring | Net asset value | Equity long/short | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 60,057 | 50,777 | |
Recurring | Net asset value | Event driven | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,614 | 27,028 | |
Recurring | Net asset value | Value driven hedge funds | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 26,702 | 18,995 | |
Recurring | Net asset value | Asset-based lending-maritime | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,223 | 9,498 | |
Recurring | Net asset value | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 6,805 | 4,102 | |
Recurring | Net asset value | Growth oriented private companies | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 11,060 | ||
Recurring | Net asset value | Private equity - revenue based lending | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 1,259 | ||
Recurring | Net asset value | Funds of funds - long-term capital growth | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 10,300 | 14,945 | |
Recurring | Net asset value | Offshore feeder fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,070 | 4,243 | |
Recurring | Net asset value | Insurance separate account | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 13,464 | $ 12,328 | |
Minimum | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Equity investment | 100 | ||
Minimum | Private equity - revenue based lending | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Investments annual revenue | 4,000 | ||
Maximum | Value oriented partnership investment fund | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Equity investment | 1,000 | ||
Maximum | Private equity - revenue based lending | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Investments annual revenue | $ 75,000 |
PENSION AND OTHER POST-RETIR_12
PENSION AND OTHER POST-RETIREMENT BENEFITS - API Pension Plan Assets (Details) - API Plan - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 143,894 | $ 125,833 | $ 140,634 |
Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 54,237 | 46,308 | |
Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 77,645 | 65,701 | |
Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 12,012 | 13,824 | |
Equity contracts | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 49,062 | 38,814 | |
Equity contracts | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 49,062 | 38,814 | |
Equity contracts | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity contracts | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 28,088 | 13,605 | |
Bonds | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Bonds | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 28,088 | 13,605 | |
Bonds | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 14,702 | 13,457 | |
Property | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Property | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 14,702 | 13,457 | |
Property | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Liability driven instrument | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 34,855 | 38,639 | |
Liability driven instrument | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Liability driven instrument | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 34,855 | 38,639 | |
Liability driven instrument | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 12,012 | 13,824 | |
Private company common stock | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Private company common stock | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 12,012 | 13,824 | |
Cash & cash equivalents | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,175 | 7,494 | |
Cash & cash equivalents | Level 1 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 5,175 | 7,494 | |
Cash & cash equivalents | Level 2 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash & cash equivalents | Level 3 | |||
Defined Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
PENSION AND OTHER POST-RETIR_13
PENSION AND OTHER POST-RETIREMENT BENEFITS - Fair Value Measurements of HNH Plan Assets (Details) - HNH Plans - Pension Benefits $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Change in plan assets: | |
Fair value of plan assets at January 1 | $ 308,489 |
Fair value of plan assets at December 31 | 343,104 |
Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 5,445 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 0 |
Purchases | 2,950 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | 8,395 |
Convertible promissory note | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 4,202 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 0 |
Purchases | 2,500 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | 6,702 |
Stock warrants | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 193 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 0 |
Purchases | 450 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | 643 |
Private company common stock | Level 3 | |
Change in plan assets: | |
Fair value of plan assets at January 1 | 1,050 |
Transfers into Level 3 | 0 |
Transfers out of Level 3 | 0 |
Gains or losses included in changes in net assets | 0 |
Purchases | 0 |
Issuances | 0 |
Sales | 0 |
Settlements | 0 |
Fair value of plan assets at December 31 | $ 1,050 |
PENSION AND OTHER POST-RETIR_14
PENSION AND OTHER POST-RETIREMENT BENEFITS - Category, Fair Value, Redemption Frequency and Redemption Notice Period of Assets (Details) - HNH Plans - Pension Benefits $ in Thousands | Dec. 18, 2018USD ($) | May 21, 2018USD ($) | Dec. 31, 2019USD ($)extension | Dec. 31, 2018USD ($) | Aug. 15, 2019USD ($) | Aug. 02, 2019USD ($) | Jul. 17, 2019USD ($) | Feb. 01, 2019USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 15, 2016USD ($) | Sep. 08, 2016USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 343,104 | $ 308,489 | $ 349,819 | |||||||||
Global long short feeder fund | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | 11,713 | 9,499 | ||||||||||
Unfunded commitments | 0 | 0 | ||||||||||
US long small cap value hedge fund | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | 10,637 | 9,775 | ||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||
Redemption Notice Period | 90 days | 90 days | ||||||||||
Withdrawal percentage | 25.00% | |||||||||||
International equity long/short hedge fund | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 12,331 | $ 11,680 | ||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||
Redemption Notice Period | 90 days | 90 days | ||||||||||
Lockup period | 36 months | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Growth oriented private companies | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 5,322 | |||||||||||
Unfunded commitments | $ 0 | |||||||||||
Multi-strategy hedge fund | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 3,630 | |||||||||||
Unfunded commitments | 1,750 | |||||||||||
Contract commitment period | 4 years | |||||||||||
Capital committed | $ 5,000 | |||||||||||
Number of extensions | extension | 2 | |||||||||||
Distribution completion, extension period | 1 year | |||||||||||
Value driven hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 26,702 | 18,995 | ||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||
Redemption Notice Period | 6 months | 6 months | ||||||||||
Lockup period | 5 years | |||||||||||
International large cap | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Redemption Notice Period | 90 days | 90 days | ||||||||||
Lockup period | 3 years | |||||||||||
Redemption fee percentage | 5.00% | |||||||||||
Contract commitment period | 3 years | |||||||||||
Withdrawal percentage | 20.00% | |||||||||||
Redemption notice period | 30 days | |||||||||||
International large cap | Long-term capital growth | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 10,300 | $ 14,945 | ||||||||||
Unfunded commitments | $ 20,581 | $ 22,222 | ||||||||||
Redemption Notice Period | 95 days | 95 days | ||||||||||
Lockup period | 5 years | |||||||||||
Contract commitment period | 3 years | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Number of extensions | extension | 2 | |||||||||||
Contract extension period | 1 year | |||||||||||
Equity long/short hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 11,714 | $ 10,507 | ||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||
Redemption Notice Period | 60 days | 60 days | ||||||||||
Lockup period | 3 years | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Event driven hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 6,614 | $ 27,028 | ||||||||||
Unfunded commitments | 0 | $ 0 | ||||||||||
Redemption Notice Period | 90 days | |||||||||||
Insurance separate account | Insurance separate account | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | 13,464 | $ 12,328 | ||||||||||
Unfunded commitments | $ 0 | 0 | ||||||||||
Contract suspend or transfer period | 30 days | |||||||||||
Asset-based lending-maritime | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 5,223 | 9,498 | ||||||||||
Unfunded commitments | $ 2 | 51 | $ 10,000 | |||||||||
Contract commitment period | 3 years | |||||||||||
Distribution completion, extension period | 2 years | |||||||||||
Contract extension period | 1 year | |||||||||||
Distribution completion period | 8 years | |||||||||||
Value oriented partnership investment fund | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 6,805 | 4,102 | ||||||||||
Unfunded commitments | $ 6,250 | 8,500 | $ 12,500 | |||||||||
Contract extension period | 1 year | |||||||||||
Distribution completion period | 10 years | |||||||||||
Loan receivable outstanding | $ 3,772 | |||||||||||
Capital call | 6,250 | |||||||||||
Pan-Asia equity long/short | Offshore feeder fund | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 5,070 | 4,243 | ||||||||||
Unfunded commitments | $ 0 | |||||||||||
Redemption Notice Period | 60 days | 60 days | ||||||||||
Withdrawal percentage | 10.00% | |||||||||||
Redemption notice period | 60 days | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Master fund level percentage | 25.00% | |||||||||||
Equity long/short hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 4,380 | $ 3,689 | ||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||
Redemption Notice Period | 90 days | 90 days | ||||||||||
Withdrawal percentage | 25.00% | |||||||||||
Equity long/short hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 2,424 | $ 1,997 | ||||||||||
Unfunded commitments | $ 2,000 | $ 0 | $ 0 | |||||||||
Redemption Notice Period | 60 days | 60 days | ||||||||||
Lockup period | 1 year | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Equity long/short hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 2,705 | |||||||||||
Unfunded commitments | $ 0 | $ 2,000 | ||||||||||
Redemption Notice Period | 60 days | |||||||||||
Withdrawal percentage | 25.00% | |||||||||||
Holdback percentage withheld | 10.00% | |||||||||||
Equity long/short hedge funds | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 4,153 | |||||||||||
Unfunded commitments | $ 0 | $ 3,000 | ||||||||||
Redemption Notice Period | 90 days | |||||||||||
Holdback percentage withheld | 5.00% | |||||||||||
Revenue-based lending | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 1,259 | $ 0 | ||||||||||
Unfunded commitments | $ 6,875 | $ 7,750 | $ 8,000 | |||||||||
Number of extensions | extension | 2 | |||||||||||
Distribution completion, extension period | 1 year | |||||||||||
Capital call | $ 250 | |||||||||||
Growth oriented private companies | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Unfunded commitments | $ 5,000 | |||||||||||
Growth oriented private companies | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | $ 3,709 | |||||||||||
Unfunded commitments | 1,290 | |||||||||||
Growth oriented private companies | Hedge funds | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Unfunded commitments | $ 2,000 | |||||||||||
Growth oriented private companies | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Fair value of plan assets | 2,029 | |||||||||||
Unfunded commitments | $ 0 | |||||||||||
Minimum | Revenue-based lending | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Contract commitment period | 3 years | |||||||||||
Distribution completion period | 8 years | |||||||||||
Maximum | Revenue-based lending | Private equity | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||
Contract commitment period | 4 years | |||||||||||
Distribution completion period | 9 years |
PENSION AND OTHER POST-RETIR_15
PENSION AND OTHER POST-RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) - Pension Benefits $ in Thousands | Dec. 31, 2019USD ($) |
HNH Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | $ 41,626 |
2020 | 40,539 |
2021 | 39,419 |
2022 | 38,259 |
2023 | 37,051 |
2024-2028 | 164,694 |
API Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | 5,553 |
2020 | 5,915 |
2021 | 6,277 |
2022 | 6,666 |
2023 | 7,054 |
2024-2028 | $ 40,680 |
CAPITAL AND ACCUMULATED OTHER_3
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Common Unit Repurchase Program (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 07, 2016 | |
Distribution Made to Limited Partner [Line Items] | |||
Common units outstanding (in shares) | 25,023,128 | 25,294,003 | |
Purchases of SPLP common units | $ 20,680 | ||
Common Unit | |||
Distribution Made to Limited Partner [Line Items] | |||
Common units outstanding (in shares) | 25,023,128 | ||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | ||
Purchases of SPLP common units (in shares) | 2,089,177 | ||
Purchases of SPLP common units | $ 33,881 |
CAPITAL AND ACCUMULATED OTHER_4
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Common Units Issuances and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 24, 2018 |
Partners' Capital [Line Items] | ||||
Liquidation preference per share (in dollars per share) | $ 25 | |||
Series A Preferred Units | ||||
Partners' Capital [Line Items] | ||||
Stated rate | 6.00% | |||
Preferred dividend paid | $ 11,891 | $ 11,750 | ||
Conversion term | 9 years | |||
Period prior to redemption for computing average common unit price | 60 days | |||
Settlement amount subject to mandatory redemption (in shares) | 1,600,000 | |||
Preferred units outstanding (in shares) | 7,927,288,000 | |||
2018 Incentive Award Plan | ||||
Partners' Capital [Line Items] | ||||
Shares authorized (in shares) | 500,000 | |||
Shares granted (in shares) | 207,499 | |||
Unearned compensation expense | $ 2,905 | |||
Minimum | ||||
Partners' Capital [Line Items] | ||||
Vesting period | 3 years | |||
Maximum | ||||
Partners' Capital [Line Items] | ||||
Vesting period | 10 years | |||
Subsequent event | Series A Preferred Units | ||||
Partners' Capital [Line Items] | ||||
Shares redeemed (in shares) | 1,600,000 | |||
Additional redemption price per unit (in dollars per share) | $ 0.22 | |||
Redemption payment | $ 40,400 |
CAPITAL AND ACCUMULATED OTHER_5
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2018 | |
Distribution Made to Limited Partner [Line Items] | |||
Units issued in the acquisition of WFHC noncontrolling interests | $ 20,680,000 | ||
Purchases of the Company's common units | 13,708,000 | ||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | 2,334,000 | ||
Long-term debt | $ 405,344,000 | $ 478,895,000 | |
Series A Preferred Units | |||
Distribution Made to Limited Partner [Line Items] | |||
Preferred units outstanding (in shares) | 7,927,288,000 | ||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 186,271 | ||
Common Units | |||
Distribution Made to Limited Partner [Line Items] | |||
Units issued in the acquisition of WFHC noncontrolling interests (in shares) | 185,407 | ||
WFHC | |||
Distribution Made to Limited Partner [Line Items] | |||
Ownership percentage | 100.00% | ||
iGo, Inc. | |||
Distribution Made to Limited Partner [Line Items] | |||
Exchange of subsidiary shares to obtain a controlling interest in former equity-method investee | $ 5,000,000 | ||
Long-term debt | $ 15,000,000 | ||
Equity method ownership percentage | 80.20% | ||
iGo, Inc. | iGo, Inc. | |||
Distribution Made to Limited Partner [Line Items] | |||
Ownership percentage | 19.80% | 45.80% | 80.20% |
CAPITAL AND ACCUMULATED OTHER_6
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | $ 492,508 | $ 540,172 |
Balance at end of year | 476,419 | 492,508 |
Tax | 4,252 | (8,349) |
Unrealized gain on available-for-sale securities, parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (274) | 91,078 |
Net other comprehensive (loss) income attributable to common unitholders | 0 | (274) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) | |
Acquisition of AOCI from noncontrolling interests | 0 | |
Balance at end of year | (274) | (274) |
Unrealized loss on derivative financial instruments, parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (277) | (119) |
Net other comprehensive (loss) income attributable to common unitholders | 263 | (28) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 | |
Acquisition of AOCI from noncontrolling interests | (130) | |
Balance at end of year | (14) | (277) |
Cumulative translation adjustments, parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (23,476) | (18,259) |
Net other comprehensive (loss) income attributable to common unitholders | (1,690) | (4,693) |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 | |
Acquisition of AOCI from noncontrolling interests | (524) | |
Balance at end of year | (25,166) | (23,476) |
Change in net pension and other benefit obligations, parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (153,217) | (177,085) |
Net other comprehensive (loss) income attributable to common unitholders | (12,751) | 24,247 |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | 0 | |
Acquisition of AOCI from noncontrolling interests | (379) | |
Balance at end of year | (165,968) | (153,217) |
Accumulated other comprehensive income (loss), parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (177,244) | (104,385) |
Net other comprehensive (loss) income attributable to common unitholders | (14,178) | 19,252 |
Cumulative effect of adopting ASU 2016-01 relating to net unrealized gains and losses on equity securities | (91,078) | |
Acquisition of AOCI from noncontrolling interests | (1,033) | |
Balance at end of year | $ (191,422) | $ (177,244) |
CAPITAL AND ACCUMULATED OTHER_7
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Incentive Unit Expense and Common Unit Option Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2012 | |
Stockholders' Equity Note [Abstract] | |||
Incentive units granted, percentage of outstanding common units (as a percent) | 100.00% | ||
Incentive unit expense | $ 0 | $ 0 |
INCOME TAXES - Provision for (B
INCOME TAXES - Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) before income taxes and equity method investments | ||
Domestic | $ 94,438 | $ 169 |
Foreign | (66,677) | (9,591) |
Income (loss) before income taxes and equity method investments | 27,761 | (9,422) |
Current: | ||
Federal | (3,216) | (1,160) |
State | 3,751 | 7,518 |
Foreign | 2,292 | 3,054 |
Total income taxes, current | 2,827 | 9,412 |
Deferred: | ||
Federal | 12,759 | 8,723 |
State | (787) | (3,521) |
Foreign | 1,066 | (2,055) |
Total income taxes, deferred | 13,038 | 3,147 |
Income tax provision | $ 15,865 | $ 12,559 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Expense Computed at the Federal Statutory Rate to the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income (loss) before income taxes and equity method investments | $ 27,761 | $ (9,422) |
Federal income tax provision (benefit) at statutory rate | 5,830 | (1,978) |
Loss passed through to common unitholders | 7,005 | 5,794 |
Income tax provision (benefit) at federal statutory income tax rate, including income passed through to common unitholders | 12,835 | 3,816 |
State income taxes, net of federal effect | 5,824 | 1,705 |
Change in valuation allowance | (11,280) | 6,317 |
Foreign tax rate differences | 5,039 | (59) |
Uncertain tax positions | 111 | 150 |
Federal and state audits | (1,723) | 0 |
Impairment-related adjustments | 3,031 | 0 |
Permanent differences and other | 2,028 | 630 |
Income tax provision | $ 15,865 | $ 12,559 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Operating loss carryforwards | $ 116,458 | $ 136,940 |
Postretirement and postemployment employee benefits | 46,039 | 50,306 |
Tax credit carryforwards | 9,718 | 12,837 |
Accrued costs | 8,038 | 4,970 |
Investment impairments and unrealized losses | 5,082 | 6,282 |
Inventories | 5,004 | 3,536 |
Environmental costs | 3,166 | 3,299 |
Capital loss | 13,503 | 8,459 |
Allowance for doubtful accounts and loan losses | 8,094 | 4,460 |
Lease liabilities | 8,860 | |
Other | 1,655 | 1,427 |
Gross deferred tax assets | 225,617 | 232,516 |
Deferred Tax Liabilities: | ||
Intangible assets | (25,897) | (27,758) |
Fixed assets | (26,085) | (24,542) |
Unrealized gain on investment | (18,359) | (4,388) |
Right of use assets | (8,578) | |
Other | (1,207) | (2,715) |
Gross deferred tax liabilities | (80,126) | (59,403) |
Valuation allowance | (60,460) | (79,298) |
Net deferred tax assets | 85,031 | 93,815 |
Deferred tax assets | 88,645 | 96,040 |
Deferred tax liabilities | $ 3,614 | $ 2,225 |
INCOME TAXES - Net Operating Lo
INCOME TAXES - Net Operating Losses (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Capital loss carryforward | $ 13,503,000 | $ 8,459,000 |
Subsidiaries | Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 334,842,000 | |
SRLY operating loss carryforwards | 167,880,000 | |
Capital loss carryforward | 55,499,000 | |
Research and development credit carryforwards | 25,529,000 | |
Subsidiaries | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 18,335,000 | |
Research and development credit carryforwards | 19,893,000 | |
Subsidiaries | Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 22,361,000 |
INCOME TAXES - Change in the Am
INCOME TAXES - Change in the Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 51,725 | $ 60,728 |
Additions for tax positions related to current year | 995 | 977 |
Additions for tax positions acquired | 69 | 1,413 |
Payments | (543) | |
Reductions due to lapsed statute of limitations | (4,082) | (10,850) |
Balance at end of period | $ 48,707 | $ 51,725 |
INCOME TAXES - Uncertain Tax Po
INCOME TAXES - Uncertain Tax Positions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Operating lease right-of-use assets | $ 40,365,000 | $ 40,365,000 | |||
Lease liability | 41,251,000 | 41,251,000 | |||
Unrecognized tax benefits | 48,707,000 | 48,707,000 | $ 51,725,000 | $ 60,728,000 | |
Unrecognized tax benefits that would impact effective tax rate | 43,718,000 | 43,718,000 | |||
Decrease from reversal of reserves | 4,082,000 | ||||
Change in unrecognized tax benefits that is reasonably possible | 202,000 | 202,000 | |||
Tax settlement | 21,782 | ||||
Federal | |||||
Income Tax Contingency [Line Items] | |||||
Settled tax examinations | $ 2,220 | $ 2,220 | |||
Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Tax Contingency [Line Items] | |||||
Accrued liabilities | (26,864) | ||||
Out-Of-Period Adjustment | Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | State and Local Jurisdiction | |||||
Income Tax Contingency [Line Items] | |||||
Income tax and interest accrued | 2,862 | ||||
Out-Of-Period Adjustment | Adjustment For Tax Basis | Arlon LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Federal | |||||
Income Tax Contingency [Line Items] | |||||
Income tax and interest accrued | $ 24,002 | ||||
Accounting Standards Update 2016-02 | |||||
Income Tax Contingency [Line Items] | |||||
Operating lease right-of-use assets | $ 45,357,000 | ||||
Lease liability | $ 46,024,000 |
NET (LOSS) INCOME PER COMMON _3
NET (LOSS) INCOME PER COMMON UNIT - Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||||||||
Net income (loss) | $ (30,039) | $ (30,003) | $ (2,764) | $ 21,034 | $ 15,622 | $ (6,191) | $ 13,555 | $ (8,851) | $ 3,853 | $ (31,490) |
Net loss (income) attributable to noncontrolling interests in consolidated entities | 97 | (1,114) | ||||||||
Net income (loss) attributable to common unitholders | $ 3,950 | $ (32,604) | ||||||||
Net income (loss) per common unit - basic | ||||||||||
Net loss attributable to common unitholders (in dollars per share) | $ 0.16 | $ (1.25) | ||||||||
Denominator for net income (loss) per common unit - basic | ||||||||||
Net income (loss) per common unit - diluted (in dollars per share) | $ 0.16 | $ (1.25) | ||||||||
Weighted-average number of common units outstanding - basic (in shares) | 24,964,643 | 25,984,185 | ||||||||
Unvested restricted common units (in shares) | 566 | 0 | ||||||||
Weighted-average number of common units outstanding - diluted (in shares) | 24,965,209 | 25,984,185 | ||||||||
Series A Preferred Units | ||||||||||
Denominator for net income (loss) per common unit - basic | ||||||||||
Anti-dilutive shares (shares) | 15,086,857 | 12,240,672 | ||||||||
Restricted Stock Units | ||||||||||
Denominator for net income (loss) per common unit - basic | ||||||||||
Anti-dilutive shares (shares) | 24,100 |
FAIR VALUE MEASUREMENTS - Hiera
FAIR VALUE MEASUREMENTS - Hierarchy Table (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | $ 11,481 | $ 8,589 |
Recurring | ||
Assets: | ||
Financial assets | 308,152 | 288,637 |
Liabilities: | ||
Financial liabilities | 11,862 | 21,632 |
Recurring | Marketable securities | ||
Assets: | ||
Financial assets | 220 | 1,439 |
Recurring | Long-term investments | ||
Assets: | ||
Financial assets | 275,836 | 257,723 |
Recurring | Investments in certain funds | ||
Assets: | ||
Financial assets | 422 | |
Recurring | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 11,377 | 9,884 |
Recurring | Economic interests in loans | ||
Assets: | ||
Financial assets | 18,633 | |
Recurring | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 275 | |
Liabilities: | ||
Financial liabilities | 450 | |
Recurring | Warrant | ||
Assets: | ||
Financial assets | 1,738 | |
Recurring | Warrants | ||
Assets: | ||
Financial assets | 2,086 | |
Recurring | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 12,434 | |
Recurring | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 17,156 | |
Liabilities: | ||
Financial liabilities | 381 | 159 |
Recurring | Level 1 | ||
Assets: | ||
Financial assets | 233,725 | 210,899 |
Liabilities: | ||
Financial liabilities | 11,481 | 21,023 |
Recurring | Level 1 | Marketable securities | ||
Assets: | ||
Financial assets | 170 | 836 |
Recurring | Level 1 | Long-term investments | ||
Assets: | ||
Financial assets | 222,178 | 200,179 |
Recurring | Level 1 | Investments in certain funds | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 11,377 | 9,884 |
Recurring | Level 1 | Economic interests in loans | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 0 | |
Recurring | Level 1 | Warrant | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Warrants | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 1 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 12,434 | |
Recurring | Level 1 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 1 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | 11,481 | 8,589 |
Recurring | Level 2 | ||
Assets: | ||
Financial assets | 50 | 15,821 |
Liabilities: | ||
Financial liabilities | 381 | 609 |
Recurring | Level 2 | Marketable securities | ||
Assets: | ||
Financial assets | 50 | 603 |
Recurring | Level 2 | Long-term investments | ||
Assets: | ||
Financial assets | 0 | 14,943 |
Recurring | Level 2 | Investments in certain funds | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 2 | Economic interests in loans | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 275 | |
Liabilities: | ||
Financial liabilities | 450 | |
Recurring | Level 2 | Warrant | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Warrants | ||
Assets: | ||
Financial assets | 0 | |
Recurring | Level 2 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 0 | |
Recurring | Level 2 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 381 | 159 |
Recurring | Level 2 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Recurring | Level 3 | ||
Assets: | ||
Financial assets | 74,377 | 61,917 |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 3 | Marketable securities | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 3 | Long-term investments | ||
Assets: | ||
Financial assets | 53,658 | 42,601 |
Recurring | Level 3 | Investments in certain funds | ||
Assets: | ||
Financial assets | 422 | |
Recurring | Level 3 | Precious metal and commodity inventories recorded at fair value | ||
Assets: | ||
Financial assets | 0 | 0 |
Recurring | Level 3 | Economic interests in loans | ||
Assets: | ||
Financial assets | 18,633 | |
Recurring | Level 3 | Foreign currency forward exchange contracts | ||
Assets: | ||
Financial assets | 0 | |
Liabilities: | ||
Financial liabilities | 0 | |
Recurring | Level 3 | Warrant | ||
Assets: | ||
Financial assets | 1,738 | |
Recurring | Level 3 | Warrants | ||
Assets: | ||
Financial assets | 2,086 | |
Recurring | Level 3 | Financial instrument obligations | ||
Liabilities: | ||
Financial liabilities | 0 | |
Recurring | Level 3 | Commodity contracts on precious metal and commodity inventories | ||
Assets: | ||
Financial assets | 17,156 | |
Liabilities: | ||
Financial liabilities | 0 | 0 |
Recurring | Level 3 | Other precious metal liabilities | ||
Liabilities: | ||
Derivative Liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Reconciliation - Assets (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||
Balance at beginning of period | $ 62,167 | $ 61,916 |
Purchases | 15,875 | 2,482 |
Sales and cash collections | (15,173) | (23,154) |
Realized loss on sale | 14,853 | 18,704 |
Unrealized gains | 1 | 4,565 |
Unrealized losses | (3,346) | (2,346) |
Balance at end of period | 74,377 | 62,167 |
Investments in Associated Companies | ||
Assets | ||
Balance at beginning of period | 40,643 | 36,223 |
Purchases | 14,943 | 0 |
Sales and cash collections | 0 | 0 |
Realized loss on sale | 0 | 0 |
Unrealized gains | 0 | 4,420 |
Unrealized losses | (3,346) | 0 |
Balance at end of period | 52,240 | 40,643 |
Marketable Securities and Other | ||
Assets | ||
Balance at beginning of period | 21,524 | 25,693 |
Purchases | 932 | 2,482 |
Sales and cash collections | (15,173) | (23,154) |
Realized loss on sale | 14,853 | 18,704 |
Unrealized gains | 1 | 145 |
Unrealized losses | 0 | (2,346) |
Balance at end of period | $ 22,137 | $ 21,524 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill impairment charges | $ 41,853,000 | $ 41,853,000 | $ 0 |
Constant Prepayment Rate | Marketable Securities and Other | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.0677 | ||
Constant Prepayment Rate | Marketable Securities and Other | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.3498 | ||
Default Rate | Marketable Securities and Other | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.0193 | ||
Default Rate | Marketable Securities and Other | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.2755 | ||
Discount Rate | Marketable Securities and Other | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.0388 | ||
Discount Rate | Marketable Securities and Other | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement Input | 0.2513 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands | Jul. 09, 2019USD ($) | Apr. 13, 2018USD ($) | Dec. 31, 2019USD ($)claimdefendant | Dec. 31, 2018USD ($) | Sep. 18, 2017USD ($) |
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 13,035 | ||||
Insurance recoveries | 17,500 | ||||
Estimated insurance recoveries | $ 10,000 | ||||
Former owner/operator | SurfTech Sites | |||||
Loss Contingencies [Line Items] | |||||
Responsibility for site investigation and remediation costs (as a percent) | 75.00% | ||||
Investigation and remediation costs | $ 8,500 | ||||
HHEM and HNH | SurfTech Sites | |||||
Loss Contingencies [Line Items] | |||||
Responsibility for site investigation and remediation costs (as a percent) | 25.00% | ||||
Accrual for environmental loss contingencies, payments | $ 1,000 | ||||
HHEM | SurfTech Sites | |||||
Loss Contingencies [Line Items] | |||||
Investigation and remediation costs | 2,700 | ||||
Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 11,286 | ||||
Litigation settlement, amount awarded to other party | $ 30,000 | ||||
BNS Subsidiary | |||||
Loss Contingencies [Line Items] | |||||
Claims, litigation matters (in number of claims) | claim | 30 | ||||
BNS Subsidiary | Insurance claims | |||||
Loss Contingencies [Line Items] | |||||
Accrual relating to open and active claims | $ 1,349 | $ 1,349 | |||
BNS Subsidiary | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of defendants (in defendants) | defendant | 100 | ||||
Environmental and other matters | Adjacent Parcel | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Estimate of loss above accrued liability | $ 2,000 | ||||
Environmental and other matters | Adjacent Parcel | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Estimate of loss above accrued liability | 6,000 | ||||
Costs | HHEM and HNH | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | $ 1,300 | ||||
Costs | Environmental and other matters | HHEM and HNH | |||||
Loss Contingencies [Line Items] | |||||
Responsibility for site investigation and remediation costs (as a percent) | 25.00% | ||||
Camden - past and future expenses | SL Industries, Inc. (SLI) | |||||
Loss Contingencies [Line Items] | |||||
Damages claimed | $ 1,800 | ||||
Camden | SL Industries, Inc. (SLI) | |||||
Loss Contingencies [Line Items] | |||||
Counteroffer | $ 300 | ||||
Camden | SLI | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | 2,500 | ||||
Wayne facility | SLI | |||||
Loss Contingencies [Line Items] | |||||
Accrual for environmental matters | 1,200 | ||||
Selling, General and Administrative Expenses | Handy & Harman Ltd. (HNH) | |||||
Loss Contingencies [Line Items] | |||||
Settlement expense | $ 12,500 | ||||
Steel Connect, Inc (STCN) | Preferred stock | |||||
Loss Contingencies [Line Items] | |||||
Payments to acquire securities | $ 35,000 |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management Agreement (Details) - SP General Services LLC - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Service fee percentage | 1.50% | |
Management agreement renewal, term | 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 | $ 7,781 | $ 8,119 |
Deferred fees payable to related party | 27 | 1 |
Reimbursable Expenses | ||
Related Party Transaction [Line Items] | ||
Services fees and reimbursable expenses | 6,668 | 4,846 |
Deferred fees payable to related party | $ 409 | $ 254 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Corporate Services (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Management fee | Related Parties | |
Related Party Transaction [Line Items] | |
Services fees and reimbursable expenses | $ 4,474 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Deposits | $ 754,717 | $ 711,311 |
WebBank | Related Parties | ||
Related Party Transaction [Line Items] | ||
Deposits | 1,156 | 1,667 |
Consolidation, elimination, WebBank | Related Parties | ||
Related Party Transaction [Line Items] | ||
Deposits | $ 100 | $ 616 |
SEGMENT INFORMATION (Segment De
SEGMENT INFORMATION (Segment Description) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 1,561,771 | $ 1,584,614 |
Interest expense | 41,409 | 39,234 |
Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,226,365 | 1,286,665 |
Interest expense | 13,396 | |
Decrease in operating income (loss) | 13,396 | |
Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 163,972 | 175,950 |
Interest expense | 387 | |
Decrease in operating income (loss) | 387 | |
(Income) Loss Recorded in Statements of Operations | 3,057 | |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Interest expense | 25,451 | |
Decrease in operating income (loss) | 25,451 | |
(Income) Loss Recorded in Statements of Operations | 3,057 | |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 171,434 | 121,999 |
Management fee | Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 25,181 | 13,269 |
Management fee | Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 6,962 | 8,150 |
Management fee | Financial services | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 3,712 | $ 4,700 |
SEGMENT INFORMATION - Segment E
SEGMENT INFORMATION - Segment Eliminations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | $ 1,561,771 | $ 1,584,614 | ||||||||
(Loss) income before interest expense and income taxes: | 61,127 | 20,303 | ||||||||
Interest expense | 41,409 | 39,234 | ||||||||
Income tax provision | 15,865 | 12,559 | ||||||||
Net income from continuing operations | $ (30,039) | $ (30,003) | $ (2,764) | $ 21,034 | $ 15,622 | $ (6,191) | $ 13,555 | $ (8,851) | 3,853 | (31,490) |
Loss of associated companies, net of taxes (included above): | (8,043) | (9,509) | ||||||||
Diversified Industrial | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 1,226,365 | 1,286,665 | ||||||||
(Loss) income before interest expense and income taxes: | (20,430) | 56,057 | ||||||||
Interest expense | 13,396 | |||||||||
Energy | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 163,972 | 175,950 | ||||||||
(Loss) income before interest expense and income taxes: | (1,850) | (9,012) | ||||||||
Interest expense | 387 | |||||||||
Financial services | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 171,434 | 121,999 | ||||||||
(Loss) income before interest expense and income taxes: | 68,560 | 54,544 | ||||||||
Corporate and other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
(Loss) income before interest expense and income taxes: | 14,847 | (81,286) | ||||||||
Loss of associated companies, net of taxes (included above): | $ (8,043) | $ (9,509) |
SEGMENT INFORMATION - Interest
SEGMENT INFORMATION - Interest Expense, Capital Expenditures, Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Capital Expenditures | $ 43,024 | $ 47,085 |
Depreciation and Amortization | 72,266 | 80,323 |
Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 36,165 | 39,589 |
Depreciation and Amortization | 54,141 | 59,582 |
Energy | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 5,999 | 7,399 |
Depreciation and Amortization | 17,548 | 20,214 |
Financial services | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 710 | 85 |
Depreciation and Amortization | 423 | 397 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 150 | 12 |
Depreciation and Amortization | $ 154 | $ 130 |
SEGMENT INFORMATION - Identifia
SEGMENT INFORMATION - Identifiable Assets Employed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 2,332,354 | $ 2,356,059 |
Operating segments | Diversified Industrial | ||
Segment Reporting Information [Line Items] | ||
Assets | 937,873 | 1,018,700 |
Operating segments | Energy | ||
Segment Reporting Information [Line Items] | ||
Assets | 346,954 | 352,179 |
Operating segments | Financial services | ||
Segment Reporting Information [Line Items] | ||
Assets | 996,082 | 924,763 |
Operating segments | Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 51,445 | 60,417 |
Inactive properties | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 5,378 | $ 5,994 |
SEGMENT INFORMATION - Revenue a
SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 1,561,771 | $ 1,584,614 |
Long-lived Assets | 267,655 | 303,461 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 1,410,376 | 1,368,778 |
Long-lived Assets | 238,987 | 260,512 |
Foreign | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 151,395 | 215,836 |
Long-lived Assets | $ 28,668 | $ 42,949 |
REGULATORY MATTERS - Requiremen
REGULATORY MATTERS - Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Common Capital for capital adequacy buffer, percentage | 2.50% | |
Tier 1 Risk Capital required for capital adequacy with buffer, effective results | 7.00% | |
Total Capital (to risk-weighted assets) | ||
Actual | $ 178,930 | $ 151,799 |
For capital adequacy purposes | 73,525 | 53,807 |
Minimum capital adequacy with capital buffer | 96,502 | 66,418 |
To be well capitalized under prompt corrective provisions | 91,907 | 67,258 |
Tier 1 Capital (to risk-weighted assets) | ||
Actual | 167,131 | 143,275 |
For capital adequacy purposes | 55,144 | 40,355 |
Minimum capital adequacy with capital buffer, tier 1 | 78,121 | 52,966 |
To be well capitalized under prompt corrective provisions | 73,525 | 53,807 |
Common Equity Tier 1 Capital (to risk-weighted assets) | ||
Actual | 167,131 | 143,275 |
For capital adequacy purposes | 41,358 | 30,266 |
Minimum capital adequacy with capital buffer, tier 1 | 64,335 | 42,877 |
To be well capitalized under prompt corrective provisions | 59,739 | 43,718 |
Tier 1 Capital (to average assets) | ||
Actual | 167,131 | 143,275 |
For capital adequacy purposes | 36,489 | 31,250 |
To be well capitalized under prompt corrective provisions | $ 45,611 | $ 39,063 |
Risk Based Ratios (as a percent) | ||
Total Capital (to risk-weighted assets) Actual | 19.50% | 22.60% |
Total Capital (to risk-weighted assets) for capital adequacy purposes | 8.00% | 8.00% |
Total Capital (to risk-weighted assets) for capital adequacy with buffer | 10.50% | 9.88% |
Total Capital (to risk-weighted assets) to be well capitalized under prompt corrective provisions | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets) Actual | 18.20% | 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 buffer | 8.50% | 7.88% |
Tier 1 Capital (to risk-weighted assets) to be well capitalized under prompt corrective provisions | 8.00% | 8.00% |
Leverage Ratios (as a percent) | ||
Common Equity Tier 1 Capital (to risk-weighted assets) Actual | 18.20% | 21.30% |
Common Equity Tier 1 Capital (to risk-weighted assets) for capital adequacy | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to risk-weighted assets) for capital with buffer | 7.00% | 6.38% |
Common Equity Tier 1 Capital (to risk-weighted assets) to be well capitalized | 6.50% | 6.50% |
Tier 1 Capital (to average assets) Actual | 18.30% | 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 capital adequacy with 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 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 - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash and cash equivalents | $ 148,348 | $ 334,884 | |
Restricted cash | 0 | 12,434 | |
Total cash, cash equivalents and restricted cash | $ 148,348 | $ 347,318 | $ 434,384 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Non-Cash Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||
Interest | $ 51,605 | $ 40,773 |
Taxes | 8,947 | 9,463 |
Acquisition of iGo shares in exchange for Kasco equity | 0 | 6,156 |
Contingent purchase price (future earn-out) associated with the Dunmore acquisition | 0 | 3,800 |
Common Units | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||
Issuance of SPLP Units to purchase subsidiary shares from noncontrolling interests | 0 | 3,159 |
Preferred Units | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||
Issuance of SPLP Units to purchase subsidiary shares from noncontrolling interests | $ 0 | $ 3,812 |
QUARTERLY FINANCIAL DATA (una_3
QUARTERLY FINANCIAL DATA (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Goodwill impairment charges | $ 41,853,000 | $ 41,853,000 | $ 0 | |||||||||
Revenue | $ 364,173,000 | $ 378,613,000 | $ 396,342,000 | $ 414,203,000 | $ 387,053,000 | $ 405,319,000 | $ 434,437,000 | $ 366,245,000 | 1,561,771,000 | 1,584,614,000 | ||
Net Income (Loss) | (30,039,000) | (30,003,000) | (2,764,000) | 21,034,000 | 15,622,000 | (6,191,000) | 13,555,000 | (8,851,000) | 3,853,000 | (31,490,000) | ||
Net Income (Loss) Attributable to Common Unitholders | $ (29,913,000) | $ (30,473,000) | $ (2,878,000) | $ 21,063,000 | $ 15,678,000 | $ (6,095,000) | $ 13,042,000 | $ (9,078,000) | $ 3,950,000 | $ (32,604,000) | ||
Per Common Unit Basic (in dollars per share) | $ (1.20) | $ (1.19) | $ (0.12) | $ 0.84 | $ 0.63 | $ (0.23) | $ 0.50 | $ (0.35) | $ 0.16 | $ (1.25) | ||
Per Common Unit Diluted (in dollars per share) | $ (1.20) | $ (1.19) | $ (0.12) | $ 0.61 | $ 0.48 | $ (0.23) | $ 0.42 | $ (0.35) | ||||
Asset impairment charge | $ 29,591,000 | $ 8,108,000 | $ 914,000 | $ 8,108,000 |
SUBSEQUENT EVENTS Narrative (De
SUBSEQUENT EVENTS Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2020 |
Subsequent Event [Line Items] | ||||
Assets | $ 2,332,354 | $ 2,356,059 | ||
Liabilities | 1,855,935 | 1,863,551 | ||
Currency translation adjustments | (1,690) | (4,733) | ||
Changes in pension liabilities and other post-retirement benefit obligations | $ (12,755) | $ 24,247 | ||
Liquidation preference per share (in dollars per share) | $ 25 | |||
API | ||||
Subsequent Event [Line Items] | ||||
Assets | $ 58,490 | |||
Liabilities | 109,413 | |||
Currency translation adjustments | (10,522) | |||
Changes in pension liabilities and other post-retirement benefit obligations | $ 6,900 | |||
API | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Projected benefit obligation | $ 5,221 | |||
Term loan | API | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Remaining borrowing capacity | $ 69,151 | |||
Series A Preferred Units | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Shares redeemed (in shares) | 1,600,000 | |||
Additional redemption price per unit (in dollars per share) | $ 0.22 | |||
Redemption payment | $ 40,400 |